Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 23, 2024 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 604,800,000 | ||
Entity Common Stock, Shares Outstanding | 38,404,043 | ||
Auditor Firm ID | 173 | ||
Auditor Name | Crowe LLP | ||
Auditor Location | Livingston, New Jersey | ||
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, no par value | ||
Trading Symbol | CNOB | ||
Security Exchange Name | NASDAQ |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 61,421 | $ 61,629 |
Interest-bearing deposits with banks | 181,293 | 206,686 |
Cash and cash equivalents | 242,714 | 268,315 |
Investment securities | 617,162 | 634,884 |
Equity securities | 18,564 | 15,811 |
Loans held-for-sale | 0 | 13,772 |
Loans receivable | 8,345,145 | 8,099,689 |
Less: Allowance for credit losses - loans | 81,974 | 90,513 |
Net loans receivable | 8,263,171 | 8,009,176 |
Investment in restricted stock, at cost | 51,457 | 46,604 |
Bank premises and equipment, net | 30,779 | 27,800 |
Accrued interest receivable | 49,108 | 46,062 |
Bank owned life insurance | 237,644 | 231,328 |
Right of use operating lease assets | 12,007 | 10,179 |
Other real estate owned | 0 | 264 |
Goodwill | 208,372 | 208,372 |
Core deposit intangibles | 5,874 | 7,312 |
Other assets | 118,751 | 125,069 |
Total assets | 9,855,603 | 9,644,948 |
Deposits: | ||
Noninterest-bearing | 1,259,364 | 1,501,614 |
Interest-bearing | 6,276,838 | 5,855,008 |
Total deposits | 7,536,202 | 7,356,622 |
Borrowings | 933,579 | 857,622 |
Subordinated debentures, net of debt issuance costs | 79,439 | 153,255 |
Operating lease liabilities | 13,171 | 11,397 |
Other liabilities | 76,592 | 87,301 |
Total liabilities | 8,638,983 | 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 December 31, 2023 and as of December 31, 2022; outstanding 115,000 shares as of December 31, 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 December 31, 2023 and 41,942,149 shares as of December 31, 2022; outstanding 38,519,770 shares as of December 31, 2023 and 39,243,123 as of December 31, 2022 | 586,946 | 586,946 |
Additional paid-in capital | 33,182 | 30,126 |
Retained earnings | 590,970 | 535,915 |
Treasury stock, at cost 3,603,178 shares as of December 31, 2023 and 2,699,026 shares as of December 31, 2022 | (70,296) | (52,799) |
Accumulated other comprehensive loss | (35,109) | (32,364) |
Total stockholders’ equity | 1,216,620 | 1,178,751 |
Total liabilities and stockholders’ equity | $ 9,855,603 | $ 9,644,948 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parentheticals) - $ / shares | Dec. 31, 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) | 38,519,770 | 39,243,123 |
Treasury Stock, Common, Shares (in shares) | 3,603,178 | 2,699,026 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest and fees on loans | $ 453,992 | $ 352,993 | $ 293,546 |
Interest and dividends on investment securities: | |||
Taxable | 16,666 | 12,712 | 4,413 |
Tax-exempt | 4,641 | 3,893 | 2,403 |
Dividends | 3,662 | 1,655 | 971 |
Interest on federal funds sold and other short-term investments | 11,104 | 2,493 | 405 |
Total interest income | 490,065 | 373,746 | 301,738 |
Interest expense: | |||
Deposits | 206,176 | 50,561 | 24,768 |
Borrowings | 28,783 | 21,066 | 14,092 |
Total interest expense | 234,959 | 71,627 | 38,860 |
Net interest income | 255,106 | 302,119 | 262,878 |
Provision for (reversal of) credit losses | 8,200 | 17,750 | (5,500) |
Net interest income after provision for credit losses | 246,906 | 284,369 | 268,378 |
Noninterest income: | |||
Deposit, loan and other income | 6,098 | 7,472 | 6,617 |
Income on bank owned life insurance | 6,316 | 5,597 | 4,771 |
Net gains on sale of loans held-for-sale | 1,704 | 1,695 | 3,807 |
Gain on sale of branches | 0 | 0 | 674 |
Net losses on equity securities | (117) | (1,521) | (373) |
Net gains on sale/redemption of investment securities | 0 | 0 | 195 |
Total noninterest income | 14,001 | 13,243 | 15,691 |
Noninterest expense: | |||
Salaries and employee benefits | 88,325 | 81,289 | 64,341 |
Occupancy and equipment | 10,884 | 9,865 | 11,638 |
FDIC insurance | 8,365 | 2,881 | 2,665 |
Professional and consulting | 7,547 | 8,053 | 8,286 |
Marketing and advertising | 1,965 | 1,692 | 1,318 |
Information technology and communications | 14,340 | 11,108 | 11,267 |
Amortization of core deposit intangible | 1,438 | 1,685 | 1,981 |
Net periodic pension income | (102) | (572) | (269) |
Increase in value of acquisition price | 0 | 1,516 | 0 |
Other expenses | 11,187 | 8,871 | 7,784 |
Total noninterest expenses | 143,949 | 126,388 | 109,011 |
Income before income tax expense | 116,958 | 171,224 | 175,058 |
Income tax expense | 29,955 | 46,013 | 44,705 |
Net income | 87,003 | 125,211 | 130,353 |
Preferred dividends | 6,036 | 6,037 | 1,717 |
Net income available to common stockholders | $ 80,967 | $ 119,174 | $ 128,636 |
Earnings per common share: | |||
Basic (in dollars per share) | $ 2.08 | $ 3.03 | $ 3.24 |
Diluted (in dollars per share) | $ 2.07 | $ 3.01 | $ 3.22 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 87,003 | $ 125,211 | $ 130,353 |
Other comprehensive income: | |||
Unrealized holding gains (losses) on available-for-sale securities arising during the period | 5,715 | (86,240) | (11,109) |
Tax effect | (1,775) | 24,949 | 2,914 |
Net of tax | 3,940 | (61,291) | (8,195) |
Reclassification adjustment for realized gains included in net income | 0 | 0 | (195) |
Tax effect | 0 | 0 | 48 |
Net of tax | 0 | 0 | (147) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 9,431 | 46,181 | 3,593 |
Tax effect | (2,837) | (13,960) | (1,012) |
Net of tax | 6,594 | 32,221 | 2,581 |
Reclassification adjustment for (gains) losses arising during this period | (20,230) | (3,243) | 1,873 |
Tax effect | 6,086 | 976 | (528) |
Net of tax | (14,144) | (2,267) | 1,345 |
Unrealized pension plan gains before reclassifications | 941 | 343 | 0 |
Tax effect | (283) | (12) | 0 |
Net of tax | 658 | 331 | 0 |
Reclassification adjustment for realized losses included in net income | 296 | 66 | 299 |
Tax effect | (89) | (20) | (84) |
Net of tax | 207 | 46 | 215 |
Total other comprehensive loss | (2,745) | (30,960) | (4,201) |
Total comprehensive income | $ 84,258 | $ 94,251 | $ 126,152 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Preferred Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Treasury Stock, Common [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Preferred Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Treasury Stock, Common [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | 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] | Restricted Stock Units (RSUs) [Member] Preferred Stock [Member] | Restricted Stock Units (RSUs) [Member] Common Stock [Member] | Restricted Stock Units (RSUs) [Member] Additional Paid-in Capital [Member] | Restricted Stock Units (RSUs) [Member] Retained Earnings [Member] | Restricted Stock Units (RSUs) [Member] Treasury Stock, Common [Member] | Restricted Stock Units (RSUs) [Member] AOCI Attributable to Parent [Member] | Restricted Stock Units (RSUs) [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, 2020 | $ 0 | $ 0 | $ 0 | $ (2,925) | $ 0 | $ 0 | $ (2,925) | $ 0 | $ 586,946 | $ 23,887 | $ 329,026 | $ (30,271) | $ 2,797 | $ 912,385 | $ 0 | $ 586,946 | $ 23,887 | $ 331,951 | $ (30,271) | $ 2,797 | $ 915,310 | ||||||||||||||
Net income | 0 | 0 | 0 | 130,353 | 0 | 0 | 130,353 | ||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | 0 | (4,201) | (4,201) | ||||||||||||||||||||||||||||
Cash dividends declared on preferred stock | 0 | 0 | 0 | (1,717) | 0 | 0 | (1,717) | ||||||||||||||||||||||||||||
Cash dividends declared on common stock | 0 | 0 | 0 | (17,493) | 0 | 0 | (17,493) | ||||||||||||||||||||||||||||
Exercise of stock options | 0 | 0 | 106 | 0 | 0 | 0 | 106 | ||||||||||||||||||||||||||||
Restricted stock grants, net of forfeitures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Stock grants | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Net shares issued in satisfaction of units earned | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Share redemption for tax withholdings on performance units and deferred stock units earned | 0 | 0 | (1,283) | 0 | 0 | 0 | (1,283) | ||||||||||||||||||||||||||||
Repurchase of stock | 0 | 0 | 0 | 0 | (9,401) | 0 | (9,401) | ||||||||||||||||||||||||||||
Proceeds from preferred stock issuance, net of costs | 110,927 | 0 | 0 | 0 | 0 | 0 | 110,927 | ||||||||||||||||||||||||||||
Stock-based compensation expense | 0 | 0 | 4,536 | 0 | 0 | 0 | 4,536 | ||||||||||||||||||||||||||||
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 | 125,211 | 0 | 0 | 125,211 | ||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | 0 | (30,960) | (30,960) | ||||||||||||||||||||||||||||
Cash dividends declared on preferred stock | 0 | 0 | 0 | (6,037) | 0 | 0 | (6,037) | ||||||||||||||||||||||||||||
Cash dividends declared on common stock | 0 | 0 | 0 | (23,428) | 0 | 0 | (23,428) | ||||||||||||||||||||||||||||
Exercise of stock options | 0 | 0 | 124 | 0 | 0 | 0 | 124 | ||||||||||||||||||||||||||||
Restricted stock grants, net of forfeitures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Stock grants | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Net shares issued in satisfaction of units earned | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 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) | ||||||||||||||||||||||||||||
Repurchase of stock | 0 | 0 | 0 | 0 | (13,127) | 0 | (13,127) | ||||||||||||||||||||||||||||
Stock-based compensation expense | 0 | 0 | 4,889 | 0 | 0 | 0 | 4,889 | ||||||||||||||||||||||||||||
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 | 87,003 | 0 | 0 | 87,003 | ||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | 0 | (2,745) | (2,745) | ||||||||||||||||||||||||||||
Cash dividends declared on preferred stock | 0 | 0 | 0 | (6,036) | 0 | 0 | (6,036) | ||||||||||||||||||||||||||||
Cash dividends declared on common stock | 0 | 0 | 0 | (25,912) | 0 | 0 | (25,912) | ||||||||||||||||||||||||||||
Exercise of stock options | 0 | 0 | 96 | 0 | 0 | 0 | 96 | ||||||||||||||||||||||||||||
Restricted stock grants, net of forfeitures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Stock grants | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Net shares issued in satisfaction of units earned | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||||
Share redemption for tax withholdings on performance units and deferred stock units earned | 0 | 0 | (1,900) | 0 | 0 | 0 | (1,900) | ||||||||||||||||||||||||||||
Repurchase of stock | 0 | 0 | 0 | 0 | (17,497) | 0 | (17,497) | ||||||||||||||||||||||||||||
Stock-based compensation expense | 0 | 0 | 4,860 | 0 | 0 | 0 | 4,860 | ||||||||||||||||||||||||||||
Balance at Dec. 31, 2023 | $ 110,927 | $ 586,946 | $ 33,182 | $ 590,970 | $ (70,296) | $ (35,109) | $ 1,216,620 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Performance Shares [Member] | |||
Net shares issued in satisfaction of units earned, shares (in shares) | 52,353 | 22,350 | 34,458 |
Restricted Stock Units (RSUs) [Member] | |||
Net shares issued in satisfaction of units earned, shares (in shares) | 36,006 | 31,183 | |
Cash dividend declared on preferred stock, per share (in dollars per share) | $ 1.3125 | $ 1.3125 | $ 0.371875 |
Cash dividends declared on common stock, per share (in dollars per share) | $ 0.665 | $ 0.595 | $ 0.48 |
Exercise of options, shares (in shares) | 7,388 | 15,086 | 14,247 |
Restricted stock grants, shares (in shares) | 84,057 | 53,169 | 44,836 |
Stock grants, shares (in shares) | 995 | 153 | 4,981 |
Net shares issued in satisfaction of units earned, shares (in shares) | 14,711 | ||
Repurchase of treasury stock, shares (in shares) | 904,152 | 447,108 | 330,541 |
Proceeds from preferred stock issuance, net of costs, shares (in shares) | 115,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Net income | $ 87,003 | $ 125,211 | $ 130,353 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of premises and equipment | 4,503 | 3,863 | 3,757 |
Provision for (reversal of) credit losses | 8,200 | 17,750 | (5,500) |
Amortization of intangibles | 1,438 | 1,685 | 1,981 |
Net accretion of loans | (1,904) | (3,178) | (5,350) |
Accretion on bank premises | (49) | (49) | (73) |
Accretion on deposits | (279) | (777) | (2,224) |
Amortization (accretion) on borrowings | 21 | 40 | (36) |
Net deferred income tax expense (benefit) | 4,135 | (403) | 16 |
Stock-based compensation | 4,860 | 4,889 | 4,536 |
Gains on sales/redemptions of investment securities, net | 0 | 0 | (195) |
Change in fair value of equity securities, net | 117 | 1,521 | 373 |
Gain on sale of loans held-for-sale, net | (1,704) | (1,695) | (3,807) |
Gain on sale of branches | 0 | 0 | (674) |
Net losses on disposition of other fixed assets | 0 | 22 | 65 |
Gain (loss) on sale of other real estate owned | 22 | 6 | (18) |
Loans originated for resale | (26,153) | (21,128) | (51,669) |
Proceeds from sale of loans held-for-sale | 36,645 | 28,341 | 72,233 |
Increase in cash surrender value of bank owned life insurance | (6,316) | (5,597) | (4,771) |
Amortization of premiums and accretion of discounts on investments securities, net | 1,030 | 2,155 | 5,966 |
Amortization of subordinated debt issuance costs | 1,184 | 304 | 303 |
(Increase) decrease in accrued interest receivable | (3,046) | (11,910) | 1,165 |
Net change in operating leases | (54) | (182) | (769) |
(Increase) decrease in other assets | (7,514) | (12,413) | 46,086 |
Increase (decrease) in other liabilities | (9,248) | 48,322 | 10,526 |
Net cash provided by operating activities | 92,891 | 176,777 | 202,273 |
Cash flows from investing activities | |||
Purchases | (42,143) | (339,059) | (349,500) |
Maturities, calls and principal repayments | 64,550 | 150,287 | 285,873 |
Net (purchases)/redemptions of restricted investment in bank stocks | (4,853) | (18,778) | (2,727) |
Purchases of equity securities | (2,870) | (3,538) | (780) |
Loans held-for-sale payments | 25 | 54 | 38 |
Net increase in loans | (255,556) | (1,292,938) | (596,389) |
Cash flow hedge premium payment | 0 | (6,965) | 0 |
Purchases of premises and equipment | (7,433) | (3,301) | (2,783) |
Purchases of bank owned life insurance | 0 | (30,000) | (25,000) |
Proceeds from disposition of fixed assets | 0 | 697 | 113 |
Proceeds from sale of branches | 0 | 0 | 974 |
Proceeds from sale of other real estate owned | 242 | 309 | 321 |
Net cash used in investing activities | (248,038) | (1,543,232) | (689,860) |
Cash flows from financing activities | |||
Net increase in deposits | 179,859 | 1,024,446 | 375,953 |
Repayment of subordinated debt | (75,000) | 0 | (50,000) |
Advances of Federal Holme Loan Bank ("FHLB") borrowings | 2,946,500 | 4,203,181 | 340,000 |
Repayments of FHLB borrowings | (2,870,564) | (3,813,792) | (297,725) |
Cash dividends paid on preferred stock | (6,036) | (6,037) | (1,717) |
Cash dividends paid on common stock | (25,912) | (23,428) | (17,493) |
Proceeds from preferred stock offering | 0 | 0 | 110,927 |
Purchase of treasury stock | (17,497) | (13,127) | (9,401) |
Proceeds from exercise of stock options | 96 | 124 | 106 |
Share redemption for tax withholdings on performance units and deferred stock units earned | (1,900) | (2,133) | (1,283) |
Net cash provided by financing activities | 129,546 | 1,369,234 | 449,367 |
Net change in cash and cash equivalents | (25,601) | 2,779 | (38,220) |
Cash and cash equivalents at beginning of period | 268,315 | 265,536 | 303,756 |
Cash and cash equivalents at end of period | 242,714 | 268,315 | 265,536 |
Supplemental disclosures of cash flow information: | |||
Interest paid | 230,806 | 67,850 | 41,787 |
Income taxes paid | 31,647 | 49,234 | 45,431 |
Supplemental disclosures of noncash investing activities: | |||
Transfer of loans to other real estate owned | 0 | 579 | 304 |
Transfer of loans held-for-sale to loans held-for-investment | 16,156 | 8,043 | 4,293 |
Transfer of loans held-for-investment to loans held-for-sale | $ 11,197 | $ 27,137 | $ 16,628 |
Note 1a - Nature of Operations,
Note 1a - Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1a Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies 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 Principals 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 Recent events impacting the financial services industry, including the failures of Silicon Valley Bank, Signature Bank and First Republic Bank, have resulted in increased volatility and reduced valuations of equity and other securities of banks in the capital markets. In addition, the Federal Reserve, in order to combat inflation, has employed quantitative tightening in order to reduce the size of its balance sheet, resulting in increased competition and costs for bank deposits and an increased risk of an economic recession. These recent events have, and could continue to, increase competition for deposits and adversely impact the market price and volatility of the Company’s common stock. The United States economy is currently experiencing a level of price inflation not 1970’s 1980’s. may Cash and Cash Equivalents Cash and cash equivalents include cash, deposits with other financial institutions with maturities of less than 90 Investment Securities Effective January 1, 2021, 320 10 05. 1 2 3 not two may Investment securities are adjusted for amortization of premiums and accretion of discounts as adjustments to interest income, which are recognized on a level yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Investment securities gains or losses are determined using the specific identification method. Securities available-for-sale are carried at fair value, with unrealized holding gains and losses reported in comprehensive income, net of tax. Interest income includes amortization of purchase premiums or discounts. Premiums and discounts on securities are generally amortized using the level-yield method without estimating prepayments, except for mortgage-backed securities, where prepayment rates are estimated. Premiums on callable investment securities are amortized to their earliest call date. Gains and losses on sales of securities are recorded on the trade date and determined using the specific identification method. For available-for-sale investment securities which are in an unrealized loss position, the Company will first not, not not zero no Equity Securities The Company’s investments in equity securities are recorded at fair value, with unrealized gains and losses included in earnings. Loans Held-for-Sale Residential mortgage loans, originated and intended for sale in the secondary market, are carried at the lower of aggregate cost or estimated fair value as determined by outstanding commitments from investors. For these loans originated and intended for sale, gains and losses on loan sales (sale proceeds minus carrying value) are recorded in other income and direct loan origination costs and fees are deferred at origination of the loan and are recognized in other income upon sale of the loan. Other loans held-for-sale are carried at the lower of aggregate cost or estimated fair value. Fair value on these loans is determined based on the terms of the loan, such as interest rate, maturity date, and reset term, as well as sales of similar assets. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, purchase premium and discounts and an allowance for credit losses. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Loan segments are defined as a group of loans, which share similar initial measurement attributes, risk characteristics, and methods for monitoring and assessing credit risk. Management has determined that the Company has five segments of loans: commercial, commercial real estate, commercial construction, residential real estate (including home equity) and consumer. Loans that are 90 days past due are placed on nonaccrual and previously accrued interest is reversed and charged against interest income unless the loans are both well-secured and in the process of collection. Past due status is based on the contractual terms of the loan. In certain cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans include both smaller balance homogeneous loans that are collectively evaluated for credit losses and loans individually analyzed for credit losses. All interest accrued but not The policy of the Company is to grant commercial, residential and consumer loans to residents and businesses within the market-areas served by its offices in New Jersey, New York and Florida. The borrowers’ abilities to repay their obligations are dependent upon various factors including the borrowers’ income and net worth, cash flows generated by the borrowers’ underlying collateral, value of the underlying collateral, and priority of the lender’s lien on the property. Such factors are dependent upon various economic conditions and individual circumstances beyond the control of the Company. The Company is therefore subject to risk of loss. The Company believes its lending policies and procedures adequately minimize the potential exposure to such risks and that adequate provisions for credit losses are provided for all known and inherent risks. Collateral and/or personal guarantees are required for a large majority of the Company’s loans. Allowance for Credit Losses The allowance for credit losses is an estimate of current expected credit losses considering available information relevant to assessing collectability of cash flows over the contractual term of the financial assets necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The measurement of expected credit losses is applicable to loans receivable and investment securities measured at amortized cost. It also applies to off-balance sheet credit exposures such as loan commitments and unused lines of credit. Loan losses are charged against the allowance for credit losses when the Company believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance for credit losses. The allowance is established through a provision for credit losses that is charged against income. The methodology for determining the allowance for credit losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded allowance for credit losses. The expected credit loss for unfunded loan commitments is reported on the consolidated statement of financial condition in other liabilities. For financial assets, the allowance for credit losses is a valuation account that is deducted from, or added to, the amortized cost basis of the financial assets to present the net amount expected to be collected on the financial assets. The Company's methodology to estimate the allowance for credit losses has two not Information relevant to establishing an estimate of current expected credit losses includes historical credit loss experience on financial assets with similar risk characteristics, current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the financial assets. The Company reports in net income (as a credit loss expense) the amount necessary to adjust the allowance for credit losses and liabilities for credit losses on off-balance-sheet credit exposures for the current estimate of expected credit losses. Expected credit losses of financial assets are measured on a collective (pool) basis when similar risk characteristic(s) exist. If the Company determines that a financial asset does not may one not 1 2 3 4 5 6 7 8 9 10 The Company’s quantitative analysis also considers relevant available information from internal and external sources related to past events and current conditions, as well as the incorporation of reasonable and supportable forecasts. The Company evaluates a variety of factors including third Included in the allowance for credit losses are qualitative reserves to cover losses that are expected but, in the Company’s assessment, may not may The Bank evaluates individual instruments for expected credit losses when those instruments do not Nonaccrual loans that are $250,000 or higher and all purchased credit-deteriorated ("PCD") loans are individually analyzed. For loans designated as nonaccrual with balances of less than $250,000, these loans are collectively evaluated, and, accordingly, are not not For collateral dependent loans, when it is determined that a foreclosure is probable, the allowance for credit losses is determined on a loan level basis using the fair value of the collateral as of the reporting date, less estimated disposition costs (“net fair value”), which will ensure that the credit loss is not not Purchased Credit-Deteriorated Loans Loans acquired in a business combination that have experienced a more-than-significant deterioration in credit quality since origination are considered PCD loans. The Company evaluates acquired loans for deterioration in credit quality based on any of, but not 1 2 3 4 5 no 2016 13 PCD loans that met the criteria for nonaccrual may may no may Derivatives Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no no no no When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as noninterest income. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. Restricted Stock The Bank is a member of the Federal Home Loan Bank (“FHLB”) of New York. Members are required to own a certain amount of stock based on the level of borrowings and other factors and may Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not Premises and Equipment Land is carried at cost and premises and equipment are stated at cost less accumulated depreciation. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 4 to 30 years. Leasehold improvements are depreciated using the straight-line method over the terms of the respective leases, or the estimated useful lives of the improvements, whichever is shorter. Furniture, fixtures and equipment are depreciated using the straight-line method with useful lives ranging from 3 to 10 years. Leases Leases are classified as operating or finance leases at the lease commencement date. Lease expense for operating leases and short-term leases is recognized on a straight-line basis over the lease team. The Company includes lease extension and termination options in the lease term if, after considering relevant economic factors, it is reasonably certain the Company will exercise the option. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of the lease payments over the lease term. The Company uses its incremental borrowing rate at lease commencement to calculate the present value of lease payments when the rate implicit in a lease is not not 12 Other Real Estate Owned Other real estate owned (“OREO”), representing property acquired through foreclosure and held-for-sale, is initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequently, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Costs relating to holding the assets are charged to expenses. Employee Benefit Plans The Company has a noncontributory pension plan that covered all eligible employees up until September 30, 2007, September 30, 2007 1974. The Company accounts for its defined benefit pension plan in accordance with FASB ASC 715 30. 715 30 715 30 The Company maintains a 401 401 Stock-Based Compensation Stock compensation accounting guidance (FASB ASC 718, Stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees’ service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. See Note 18 Treasury Stock Subject to certain regulatory limitations applicable to the Parent Corporation, treasury stock purchases may December 31, 2023 December 31, 2022, On August 16, 2022, 117 169, 4501 In general, and before considering exceptions, the amount of the excise tax is equal to 1% 1 2 December 31, 2022. not 275 6 On December 27, 2022, 2023 2, 3 December 31, 2022, December 31, 2022. December 31, 2023, Goodwill Goodwill arises from business combinations and is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not December 31 December 31, 2023, 2022 2021 Other Intangible Assets Other intangible assets consist of core deposit intangibles arising from business combinations that are amortized over their estimated useful lives to their estimated residual value. Comprehensive Income Total comprehensive income includes all changes in equity during a period from transactions and other events and circumstances from nonowner sources. The Company’s other comprehensive income (loss) is comprised of unrealized holding gains and losses on securities available-for-sale, unrecognized actuarial gains and losses of the Company’s defined benefit pension plan and unrealized gains and losses on cash flow hedges, net of taxes. Restrictions on Cash Cash on hand or on deposit with the Federal Reserve Bank is required to meet regulatory reserve and clearing requirements. Dividend Restriction Banking regulations require maintaining certain capital levels and may Fair Value of Financial Instruments The fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. Bank Owned Life Insurance The Company invests in Bank Owned Life Insurance (“BOLI”) to help offset the cost of employee benefits. The change in the cash surrender value of the BOLI is recorded as a component of noninterest income. Income Taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” 50% not not” no Advertising Costs The Company recognizes its marketing and advertising costs as incurred. Reclassifications Certain reclassifications have been made in the consolidated financial statements and footnotes for 2022 and 2021 to conform to the classifications presented in 2023 . Such reclassifications had no Note 1b Authoritative Accounting Guidance Adoption of New Accounting Standards In June 2022, 2022 03, 820 2022 03” 2022 03 not not 2022 03 January 1, 2024 not In March 2022, 2022 02, 326 2022 02” 2022 02 310 40, 2016 13, 326 2016 13” 2022 02 326 20, 2022 02 January 1, 2023 not Newly Issued, But Not In December 2023, 2023 09, 740 1 2 5% 1 2 5% 1 2 2023 09 January 1, 2025. 2023 09 |
Note 2 - Earnings Per Common Sh
Note 2 - Earnings Per Common Share | 12 Months Ended |
Dec. 31, 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 Years Ended December 31, 2023 2022 2021 (in thousands, except per share amounts) Net income available to common stockholders $ 80,967 $ 119,174 $ 128,636 Earnings allocated to participating securities (216 ) (287 ) (313 ) Income attributable to common stock $ 80,751 $ 118,887 $ 128,323 Weighted average common shares outstanding, including participating securities 38,913 39,355 39,723 Weighted average participating securities (104 ) (95 ) (97 ) Weighted average common shares outstanding 38,809 39,260 39,626 Incremental shares from assumed conversions of options, deferred stock units, performance units and restricted stock 153 216 260 Weighted average common and equivalent shares outstanding 38,962 39,476 39,886 Earnings per common share: Basic $ 2.08 $ 3.03 $ 3.24 Diluted 2.07 3.01 3.22 There were no December 31, 2023, 2022 2021 |
Note 3 - Investment Securities
Note 3 - Investment Securities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3 Investment Securities The Company’s investment securities are classified as available-for-sale as of December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 20 The following tables present information related to the Company’s portfolio of investment securities available-for-sale as of December 31, 2023 2022 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (dollars in thousands) December 31, 2023 Investment securities available-for-sale Federal agency obligations $ 55,898 $ 189 $ (10,761 ) $ 45,326 Residential mortgage pass-through securities 462,004 620 (51,433 ) 411,191 Commercial mortgage pass-through securities 25,240 - (3,676 ) 21,564 Obligations of U.S. states and political subdivisions 148,795 415 (16,505 ) 132,705 Corporate bonds and notes 5,000 - (27 ) 4,973 Asset-backed securities 1,260 - (22 ) 1,238 Other securities 165 - - 165 Total investment securities available-for-sale $ 698,362 $ 1,224 $ (82,424 ) $ 617,162 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (dollars in thousands) 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 $358 million and $157 million as of December 31, 2023 December 31, 2022, December 31, 2023, December 31, 2022, one 10% The following table presents information for investment securities available-for-sale as of December 31, 2023 not December 31, 2023 Amortized Fair Cost Value (dollars in thousands) Investment securities available-for-sale: Due in one year or less $ 2,000 $ 1,980 Due after one year through five years 6,389 6,379 Due after five years through ten years 1,851 1,857 Due after ten years 200,713 174,026 Residential mortgage pass-through securities 462,004 411,191 Commercial mortgage pass-through securities 25,240 21,564 Other securities 165 165 Total investment securities available-for-sale $ 698,362 $ 617,162 Gross gains and losses from the sales and redemptions of investment securities for the years ended December 31, 2023, 2022 2021 Years Ended December 31, 2023 2022 2021 (dollars in thousands) Proceeds $ - $ - $ 5,185 Gross gains on sale/redemption of investment securities $ - $ - $ 195 Gross losses on sale/redemption of investment securities - - - Net gains on sales/redemptions of investment securities - - 195 Tax provision on net gains - - (48 ) Net gains on sale/redemption of investment securities, after tax $ - $ - $ 147 Impairment Analysis of Available-for-Sale Debt Securities The following tables indicate gross unrealized losses for which an ACL has not December 31, 2023 December 31, 2022 December 31, 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 obligation $ 40,779 $ (10,761 ) $ 1,689 $ (65 ) $ 39,090 $ (10,696 ) Residential mortgage pass-through securities 382,042 (51,433 ) 4,138 (51 ) 377,904 (51,382 ) Commercial mortgage pass-through securities 21,565 (3,676 ) - - 21,565 (3,676 ) Obligations of U.S. states and political subdivisions 101,189 (16,505 ) 1,340 (7 ) 99,849 (16,498 ) Corporate bonds and notes 4,973 (27 ) 2,993 (7 ) 1,980 (20 ) Asset-backed securities 1,238 (22 ) - - 1,238 (22 ) Total temporarily impaired securities $ 551,786 $ (82,424 ) $ 10,160 $ (130 ) $ 541,626 $ (82,294 ) 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 obligation $ 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 ) On January 1, 2021, 2016 13 not 1 not December 31, 2023 December 31, 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 December 31, 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 - Loans and the Allowanc
Note 4 - Loans and the Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4 Loans and the Allowance for Credit Losses Loans Receivable: December 31, 2023 December 31, 2022 2023 2022 (dollars in thousands) Commercial (1) $ 1,578,730 $ 1,472,734 Commercial real estate 5,895,545 5,795,228 Commercial construction 620,496 574,139 Residential real estate 256,041 264,748 Consumer 1,029 2,312 Gross loans 8,351,841 8,109,161 Net deferred fees (6,696 ) (9,472 ) Loans receivable $ 8,345,145 $ 8,099,689 ( 1 December 31, 2023 December 31, 2022, As of December 31, 2023 2022 2023, • The repayment of commercial loans is generally dependent on the creditworthiness and cash flow of borrowers, and if applicable, guarantors, which may not may • Payment on commercial real estate is driven principally by operating results of the managed properties or underlying business and secondarily by the sale or refinance of such properties. Both primary and secondary sources of repayment, and value of the properties in liquidation, may • Properties underlying construction, land and land development loans often do not • The ability of borrowers to service debt in the residential and consumer loan portfolios is generally subject to personal income which may first second may • The Company considers loan classes and loan segments to be one Loans Held-For-Sale December 31, 2023 December 31, 2022 2023 2022 (dollars in thousands) Commercial $ - $ 13,473 Residential real estate - 299 Total carrying amount $ - $ 13,772 Loans Receivable on Nonaccrual Status December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022: December 31, 2023 Nonaccrual loans with ACL Nonaccrual loans without ACL Total Nonaccrual loans (dollars in thousands) Commercial $ 1,763 $ 11,064 $ 12,827 Commercial real estate 8,013 28,179 36,192 Residential real estate 1,033 2,472 3,505 Total $ 10,809 $ 41,715 $ 52,524 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 loans that are collectively evaluated and individually analyzed. 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. As of December 31, 2023 Term loans amortized cost basis by origination year Revolving Total 2023 2022 2021 2020 2019 Prior Loans Gross Loans Commercial Pass $ 178,582 $ 252,151 $ 265,705 $ 38,909 $ 13,726 $ 112,145 $ 684,779 $ 1,545,997 Special mention - 10,620 - - 562 3,417 3,199 17,798 Substandard 250 439 241 1 612 11,695 1,697 14,935 Doubtful - - - - - - - - Total Commercial $ 178,832 $ 263,210 $ 265,946 $ 38,910 $ 14,900 $ 127,257 $ 689,675 $ 1,578,730 Commercial real estate Pass $ 248,660 $ 1,561,841 $ 1,585,109 $ 352,445 $ 353,391 $ 1,232,240 $ 497,588 $ 5,831,274 Special mention - - - - - 24,202 - 24,202 Substandard - - 1,888 - 1,255 20,141 16,785 40,069 Doubtful - - - - - - - - Total Commercial real estate $ 248,660 $ 1,561,841 $ 1,586,997 $ 352,445 $ 354,646 $ 1,276,583 $ 514,373 $ 5,895,545 Commercial construction Pass $ 582 $ 5,463 $ 15,645 $ 6,236 $ - $ - $ 583,870 $ 611,796 Special mention - - - - - - 8,700 8,700 Substandard - - - - - - - - Doubtful - - - - - - - - Total Commercial construction $ 582 $ 5,463 $ 15,645 $ 6,236 $ - $ - $ 592,570 $ 620,496 Residential real estate Pass $ 15,455 $ 42,830 $ 21,987 $ 21,704 $ 19,896 $ 91,114 $ 36,082 $ 249,068 Special mention - - - - - 651 2,817 3,468 Substandard - - 555 - - 2,144 806 3,505 Doubtful - - - - - - - - Total Residential real estate $ 15,455 $ 42,830 $ 22,542 $ 21,704 $ 19,896 $ 93,909 $ 39,705 $ 256,041 Consumer Pass $ 849 $ 83 $ - $ 5 $ - $ - $ 92 $ 1,029 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total Consumer $ 849 $ 83 $ - $ 5 $ - $ - $ 92 $ 1,029 Total Pass $ 444,128 $ 1,862,368 $ 1,888,446 $ 419,299 $ 387,013 $ 1,435,499 $ 1,802,411 $ 8,239,164 Special mention - 10,620 - - 562 28,270 14,716 54,168 Substandard 250 439 2,684 1 1,867 33,980 19,288 58,509 Doubtful - - - - - - - - Grand Total $ 444,378 $ 1,873,427 $ 1,891,130 $ 419,300 $ 389,442 $ 1,497,749 $ 1,836,415 $ 8,351,841 As of December 31, 2022, Term loans amortized cost basis by origination year Revolving Total 2022 2021 2020 2019 2018 Prior Loans 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 As of December 31, 2023, Term Loans 2023 2022 2021 2020 2019 Prior Revolving Loans Total Commercial Current period gross write-off $ 54 $ 3,397 $ - $ - $ 280 $ 11,094 $ 63 $ 14,888 Commercial real estate Current period gross write-off $ - $ - $ - $ - $ - $ 2,142 $ - $ 2,142 Commercial construction Current period gross write-off $ - $ - $ - $ - $ - $ - $ - $ - Residential real estate Current period gross write-off $ - $ - $ - $ - $ - $ - $ 18 $ 18 Consumer Current period gross write-off $ - $ - $ - $ - $ - $ - $ 1 $ 1 Total Current period gross write-off $ 54 $ 3,397 $ - $ - $ 280 $ 13,236 $ 82 $ 17,049 Collateral Dependent Loans December 31, 2023 2022: December 31, 2023 Real Estate Other Total (dollars in thousands) Commercial $ 4,949 $ 10,387 $ 15,336 Commercial real estate 39,986 - 39,986 Commercial construction 8,700 - 8,700 Residential real estate 5,941 - 5,941 Total $ 59,576 $ 10,387 $ 69,963 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 December 31, 2023 December 31, 2022 December 31, 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 Commercial $ 555 $ - $ - $ 12,827 $ 13,382 $ 1,565,348 $ 1,578,730 Commercial real estate 527 - - 36,192 36,719 5,858,826 5,895,545 Commercial construction - 23,600 - - 23,600 596,896 620,496 Residential real estate 275 226 - 3,505 4,006 252,035 256,041 Consumer - - - - - 1,029 1,029 Total $ 1,357 $ 23,826 $ - $ 52,524 $ 77,707 $ 8,274,134 $ 8,351,841 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 Total Loans Receivable 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 90 The following tables detail the amount of gross loans that are individually analyzed, collectively evaluated, and loans acquired with deteriorated quality, and the related portion of the allowance for credit losses for loans that are allocated to each loan portfolio segment. December 31, 2023 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Allowance for credit losses - loans Individually analyzed $ - $ 941 $ - $ - $ - $ 941 Collectively evaluated 20,215 51,337 4,739 4,320 5 80,616 Acquired with deteriorated credit quality 417 - - - - 417 Total $ 20,632 $ 52,278 $ 4,739 $ 4,320 $ 5 $ 81,974 Gross loans Individually analyzed $ 15,336 $ 39,986 $ 8,700 $ 5,941 $ - $ 69,963 Collectively evaluated 1,562,910 5,855,559 611,796 250,100 1,029 8,281,394 Acquired with deteriorated credit quality 484 - - - - 484 Total $ 1,578,730 $ 5,895,545 $ 620,496 $ 256,041 $ 1,029 $ 8,351,841 December 31, 2022 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Allowance for credit losses - loans Individually analyzed $ 7,426 $ 1,003 $ - $ 50 $ - $ 8,479 Collectively evaluated 19,319 50,818 3,718 4,093 7 77,955 Acquired with deteriorated credit quality 2,158 1,921 - - - 4,079 Total $ 28,903 $ 53,742 $ 3,718 $ 4,143 $ 7 $ 90,513 Gross loans Individually analyzed $ 30,994 $ 46,886 $ 8,232 $ 5,864 $ - $ 91,976 Collectively evaluated 1,436,866 5,742,751 565,907 258,884 2,312 8,006,720 Acquired with deteriorated credit quality 4,874 5,591 - - - 10,465 Total $ 1,472,734 $ 5,795,228 $ 574,139 $ 264,748 $ 2,312 $ 8,109,161 A summary of the activity in the allowance for credit losses for loans by loan segment is as follows: Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Balance as of January 1, 2023 $ 28,903 $ 53,742 $ 3,718 $ 4,143 $ 7 $ 90,513 Charge-offs (14,888 ) (2,142 ) - (18 ) (1 ) (17,049 ) Recoveries 10 - - 68 8 86 Provision for (reversal) of credit losses 6,607 678 1,021 127 (9 ) 8,424 Balance as of December 31, 2023 $ 20,632 $ 52,278 $ 4,739 $ 4,320 $ 5 $ 81,974 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Balance as of January 1, 2022 $ 25,969 $ 45,589 $ 3,580 $ 3,628 $ 7 $ 78,773 Charge-offs (2,612 ) (2,819 ) - (9 ) (3 ) (5,443 ) Recoveries 54 - - 63 - 117 Provision for credit losses 5,492 10,972 138 461 3 17,066 Balance as of December 31, 2022 $ 28,903 $ 53,742 $ 3,718 $ 4,143 $ 7 $ 90,513 On January 1, 2021, not not Commercial Commercial real estate Commercial construction Residential real estate Consumer Unallocated Total (dollars in thousands) Balance as of January 1, 2021 $ 28,443 $ 39,330 $ 8,194 $ 2,687 $ 4 $ 568 $ 79,226 Day 1 Adjustment CECL (4,225 ) 9,605 (961 ) 2,697 9 (568 ) 6,557 Balance as of January 1, 2021 24,218 48,935 7,233 5,384 13 - 85,783 Charge-offs (382 ) (1,780 ) - (235 ) - - (2,397 ) Recoveries 289 85 - 20 11 - 405 Provision for (reversal of) credit losses 1,844 (1,651 ) (3,653 ) (1,541 ) (17 ) - (5,018 ) Balance as of December 31, 2021 $ 25,969 $ 45,589 $ 3,580 $ 3,628 $ 7 $ - $ 78,773 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 and the percentage of the amortized cost basis of loans that were modified to borrowers experiencing financial difficulty as compared to the gross loans of the relevant loan segment. The total percentage represents the total modified loans as compared to the total gross loans balance as of December 31, 2023. Twelve Months Ended December 31, 2023 Term Extension Payment Deferral Interest Rate Reduction Total % of Portfolio Loan Segment (dollars in thousands) Commercial $ 34 $ 10,283 $ - $ 10,317 0.65 % Commercial real estate 209 - 7,272 7,481 0.13 Total $ 243 $ 10,283 $ 7,272 $ 17,798 0.21 % The above table consists of loans that added a weighted average of 13 years to the maturity of the modified loans with term extensions, which did not six The following table presents the performance of loans that have been modified in the last twelve December 31, 2023 Current Past Due 30-89 Days Past Due 90 Days or More (dollars in thousands) Commercial $ 10,317 $ - $ - Commercial real estate 7,481 - - There were no loans to borrowers experiencing financial difficulty that had a payment default during the twelve December 31, 2023 twelve 90 Allowance for Credit Losses for Unfunded Commitments The Company has recorded an ACL for unfunded credit commitments, which is recorded in other liabilities. The provision is recorded within the (reversal of) provision for credit losses on the Company’s income statement. The following table presents the allowance for credit losses for unfunded commitments for the year ended December 31, 2023 2022 2023 2022 Balance as of beginning of period $ 3,035 $ 2,351 (Reversal of) provision for credit losses - unfunded commitments (224 ) 684 Balance as of end of period $ 2,811 $ 3,035 Components of (Reversal of) Provision for Credit Losses The following table summarizes the provision for (reversal of) provision for credit losses for the year ended December 31, 2023 2022 2023 2022 Provision for credit losses – loans $ 8,424 $ 17,066 (Reversal of) provision for credit losses - unfunded commitments (224 ) 684 Provision for credit losses $ 8,200 $ 17,750 |
Note 5 - Premises and Equipment
Note 5 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5 Premises and Equipment Premises and equipment are summarized as of December 31, 2023 2022 Estimated Useful Life (Years) 2023 2022 (dollars in thousands) Land - $ 6,732 $ 6,732 Buildings 10 25 11,043 9,797 Furniture, fixtures and equipment 3 7 28,548 24,830 Leasehold improvements 10 20 27,633 25,164 Subtotal 73,956 66,523 Less: accumulated depreciation, amortization and fair value adjustments 43,177 38,723 Total premises and equipment, net $ 30,779 $ 27,800 Depreciation and amortization expense of premises and equipment was $4.5 million, $3.9 million and $3.8 million for 2023 2022 2021 Finance Leases 2028. December 31, 2023, December 31, 2023, The Company has included this lease in premises and equipment as follows December 31, 2023 2022: 2023 2022 (dollars in thousands) Finance lease $ 3,423 $ 3,423 Less: accumulated amortization 2,567 2,395 $ 856 $ 1,028 The following is a schedule by year of future minimum lease payments under the finance lease, together with the present value of net minimum lease payments as of December 31, 2023 2024 $ 353 2025 353 2026 353 2027 353 2028 322 Total minimum lease payments 1,734 Less amount representing interest 228 Present value of net minimum lease payments $ 1,506 The Company leases certain premises and equipment under operating leases. As of December 31, 2023 December 31, 2023 December 31, 2023 A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows: December 31, 2023 (dollars in thousands) Lease payments due: Less than 1 year $ 3,046 1 year through less than 2 years 2,683 2 years through less than 3 years 2,591 3 years through less than 4 years 1,924 4 years through 5 years 1,421 After 5 years 3,243 Total undiscounted cash flows 14,908 Impact of discounting (1,737 ) Total lease liability $ 13,171 |
Note 6 - Goodwill and Other Int
Note 6 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6 Goodwill and Other Intangible Assets A goodwill impairment test is required under ASC 350, No. 2011 08, zero zero first not 50% zero not no Due to recent declines in bank stock prices and events impacting the banking industry, the Company performed a quantitative impairment analysis as of December 31, 2023. 50% 50% Based upon management’s review through December 31, 2023 not 350 zero no Goodwill The change in goodwill during the year is as follows: 2023 2022 (dollars in thousands) Balance, January 1 $ 208,372 $ 208,372 Acquired goodwill - - Impairment - - Balance, December 31 $ 208,372 $ 208,372 Acquired Intangible Assets The table below provides information regarding the carrying amounts and accumulated amortization of total amortized intangible assets as of the dates set forth below. Gross Net Carrying Accumulated Carrying Amount Amortization Amount (dollars in thousands) Core deposit intangibles December 31, 2023 $ 18,515 $ (12,641 ) $ 5,874 Core deposit intangibles December 31, 2022 $ 18,515 $ (11,203 ) $ 7,312 Aggregate amortization expense was approximately $1.4 million, $1.7 million and $2.0 million for 2023 2022 2021 five 2024 $ 1,235 2025 1,116 2026 1,050 2027 989 2028 930 |
Note 7 - Deposits
Note 7 - Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 7 Deposits Time Deposits As of December 31, 2023 2022 December 31, 2023 2022 December 31, 2023 2024 $ 2,131,378 2025 181,578 2026 179,678 2027 36,034 2028 3,879 Time deposits (before net discount) $ 2,532,547 Fair value net discount (1,175 ) Total time deposits (after net discount) $ 2,531,372 The amount of time deposits with balances in excess of $250,000 December 31, 2023 2022 |
Note 8 - FHLB Borrowings
Note 8 - FHLB Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Federal Home Loan Bank, Advances [Text Block] | Note 8 FHLB Borrowings The Company’s FHLB borrowings and weighted average interest rates are summarized below: December 31, 2023 December 31, 2022 Amount Rate Amount Rate (dollars in thousands) By remaining period to maturity: Less than 1 year $ 881,000 5.57 % $ 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 293 2.85 2,050 2.23 4 years through 5 years 25,000 4.18 326 2.85 After 5 Years 294 2.96 326 2.96 FHLB borrowings (before discount) 933,637 5.41 % 857,702 4.32 % Fair value discount (58 ) (80 ) FHLB borrowings (after discount) $ 933,579 $ 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 have fixed rates. The advances as of December 31, 2023 December 31, 2023 |
Note 9 - Subordinated Debenture
Note 9 - Subordinated Debentures | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | Note 9 Subordinated Debentures During 2003, December 19, 2003, January 23, 2034. three June 30, 2023 July 3, 2023 three December 31, 2023 not not 810 10. The following table summarizes the mandatory redeemable trust preferred securities of the Company’s Statutory Trust II as of December 31, 2023 December 31, 2022 As of December 31, 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 LIBOR + 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. During June 2015, “2015 December 31, 2020, 2015 July 1, 2025, three December 31, 2020, 2015 2015 January 1, 2021. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10 Income Taxes The current and deferred amounts of income tax expense for 2023 2022 2021 2023 2022 2021 Current: Federal $ 16,185 $ 33,169 $ 32,364 State 9,635 13,247 12,325 Subtotal 25,820 46,416 44,689 Deferred: Federal 2,903 (3,353 ) (110 ) State 1,232 2,950 126 Subtotal 4,135 (403 ) 16 Income tax expense $ 29,955 $ 46,013 $ 44,705 Actual income tax expense differs from the tax computed based on pre-tax income and the applicable statutory federal tax rate for the following reasons (dollars in thousands) December 31, 2023 2022 2021 Income before income tax expense $ 116,958 $ 171,224 $ 175,058 Federal statutory rate 21 % 21 % 21 % Computed “expected” Federal income tax expense 24,561 35,957 36,762 State tax, net of federal tax benefit 9,404 13,314 9,127 162M adjustment 779 777 - Bank owned life insurance (1,326 ) (1,175 ) (1,001 ) Tax-exempt interest and dividends (2,514 ) (1,969 ) (1,405 ) Tax benefits from stock-based compensation (66 ) (417 ) (261 ) Other, net (883 ) (474 ) 1,483 Income tax expense $ 29,955 $ 46,013 $ 44,705 The tax effects of temporary differences that give rise to significant portions of the deferred tax asset and deferred tax liability as of December 31, 2023 2022 2023 2022 (dollars in thousands) Deferred tax assets Allowance for credit losses $ 23,973 $ 26,901 Depreciation 65 - Pension actuarial losses 897 1,269 New Jersey net operating loss 1,187 156 Deferred compensation 5,240 3,784 Unrealized losses on available-for-sale securities 23,365 25,141 Deferred loan costs, net of fees 1,628 2,664 Finance lease 192 212 Nonaccrual interest 111 168 Operating lease liability 3,897 3,424 Other 1,887 4,172 Total deferred tax assets $ 62,442 $ 67,891 Deferred tax liabilities Employee benefit plans $ (2,439 ) $ (2,452 ) Purchase accounting (1,660 ) (1,458 ) Depreciation - (381 ) Prepaid expenses (1,386 ) (1,011 ) Unrealized gains on derivatives (10,676 ) (13,704 ) Right of use asset (3,545 ) (3,059 ) Other (1,664 ) (1,681 ) Total deferred tax liabilities (21,370 ) (23,746 ) Net deferred tax assets $ 41,072 $ 44,145 In assessing the realization of deferred tax assets, management considers whether it is more likely than not not 2023 2022, not not twelve The Company’s federal income tax returns are open and subject to examination from the 2020 2019 As of December 31, 2023, December 31, 2040. |
Note 11 - Preferred Stock
Note 11 - Preferred Stock | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | Note 11 Preferred Stock On August 19, 2021, 1/40th |
Note 12 - Commitments, Continge
Note 12 - Commitments, Contingencies, and Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 12 Commitments, Contingencies and Concentrations of Credit Risk In the normal course of business, the Company has outstanding commitments and contingent liabilities, such as standby and commercial letters of credit, unused portions of lines of credit and commitments to extend various types of credit. Commitments to extend credit and standby letters of credit generally do not one These financial instruments involve, to varying degrees, elements of credit risk in excess of the amounts recognized in the consolidated financial statements. The commitment or contract amount of these financial instruments is an indicator of the Company’s level of involvement in each type of instrument as well as the exposure to credit loss in the event of nonperformance by the other party to the financial instrument. The Company controls the credit risk of these financial instruments through credit approvals, limits and monitoring procedures. To minimize potential credit risk, the Company generally requires collateral and other credit-related terms and conditions from the client. In the opinion of management, the financial condition of the Company will not The following table provides a summary of financial instruments with off-balance sheet risk as of December 31, 2023 2022 2023 2022 (dollars in thousands) Commitments under commercial loans and lines of credit $ 723,228 $ 662,515 Home equity and other revolving lines of credit 48,786 54,302 Outstanding commercial mortgage loan commitments 370,574 433,034 Standby letters of credit 23,562 20,770 Overdraft protection lines 829 905 Total $ 1,166,979 $ 1,171,526 The Company is subject to claims and lawsuits that arise in the ordinary course of business. Based upon the information currently available in connection with such claims, it is the opinion of management that the disposition or ultimate determination of such claims will not |
Note 13 - Transactions with Exe
Note 13 - Transactions with Executive Officers, Directors, and Principle Stockholders | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 13 Transactions with Executive Officers, Directors and Principal Stockholders Loans to principal officers, directors, and their affiliates during the years ended December 31, 2023 2022 2023 2022 (dollars in thousands) Balance, January 1 $ 16,266 $ 17,616 Originations and drawdowns 9,801 1,200 Repayments (5,744 ) (2,550 ) Balance, December 31 $ 20,323 $ 16,266 Deposits from principal officers, directors, and their affiliates as of December 31, 2023 2022 The Company has had, and may one not |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity and Regulatory Requirements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | Note 14 Stockholders Equity and Regulatory Requirements Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. The accumulated other comprehensive gain or loss on securities and derivatives is not December 31, 2023 Prompt corrective action regulations provide five not December 31, 2023 2022 no The following is a summary of the Bank’s and the Parent Corporation’s actual capital amounts and ratios as of December 31, 2023 2022 For Classification Under Corrective Minimum Action Plan Capital Adequacy as Well Capitalized Amount Ratio Amount Ratio Amount Ratio The Bank (dollars in thousands) December 31, 2023 Leverage (Tier 1) capital $ 1,074,204 11.20 % $ 383,619 4.00 % $ 479,524 5.00 % Risk-Based Capital: CET 1 $ 1,074,204 12.31 $ 392,643 4.50 $ 567,151 6.50 Tier 1 1,074,204 12.31 523,524 6.00 698,032 8.00 Total 1,158,572 13.28 698,032 8.00 872,540 10.00 December 31, 2022 Leverage (Tier 1) capital $ 996,013 10.64 % $ 374,553 4.00 % $ 468,191 5.00 % Risk-Based Capital: CET 1 $ 996,013 11.60 $ 386,289 4.50 $ 557,972 6.50 Tier 1 996,013 11.60 515,051 6.00 686,735 8.00 Total 1,117,733 13.02 686,735 8.00 858,419 10.00 Minimum Capital For Classification Adequacy as Well Capitalized Amount Ratio Amount Ratio Amount Ratio The Company (dollars in thousands) December 31, 2023 Leverage (Tier 1) capital $ 1,042,481 10.86 % $ 383,900 4.00 % N/A N/A Risk-Based Capital: CET 1 $ 926,399 10.62 $ 392,650 4.50 N/A N/A Tier 1 1,042,481 11.95 523,533 6.00 N/A N/A Total 1,201,849 13.77 698,044 8.00 N/A N/A December 31, 2022 Leverage (Tier 1) capital $ 1,000,577 10.68 % $ 374,729 4.00 % N/A N/A Risk-Based Capital: CET 1 $ 884,495 10.30 $ 386,295 4.50 N/A N/A Tier 1 1,000,577 11.66 515,061 6.00 N/A N/A Total 1,240,047 14.45 686,748 8.00 N/A N/A As of December 31, 2023 |
Note 15 - Comprehensive Income
Note 15 - Comprehensive Income | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 15 Comprehensive Income Total comprehensive 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 and 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) income for the periods presented: Affected Line Item in the Details about Accumulated Other Amounts Reclassified from Accumulated Consolidated Comprehensive Income (Loss) Components Other Comprehensive Income (Loss) Statements of Income For the Year Ended December 31, (dollars in thousands) 2023 2022 2021 Sale of investment securities available-for-sale $ - $ - $ 195 Net gains on sale of investment securities - - (48 ) Income tax expense - - 147 Net interest income (expense) on derivatives 20,230 3,243 (1,873 ) Interest income (expense) (6,086 ) (976 ) 528 Income tax (benefit) expense 14,144 2,267 (1,345 ) Amortization of pension plan net actuarial losses (296 ) (66 ) (299 ) Salaries and employee benefits 89 20 84 Income tax benefit (207 ) (46 ) (215 ) Total reclassification $ 13,937 $ 2,221 $ (1,413 ) Accumulated other comprehensive loss as of December 31, 2023 2022 2023 2022 (dollars in thousands) Investment securities available-for-sale, net of tax $ (57,835 ) $ (61,775 ) Derivatives, net of tax 24,810 32,360 Defined benefit pension, net of tax (2,084 ) (2,949 ) Total $ (35,109 ) $ (32,364 ) |
Note 16 - Pension and Other Ben
Note 16 - Pension and Other Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 16 Pension and Other Benefits Defined Benefit Plans The Company maintains a frozen, noncontributory pension plan covering employees of the Company prior to the merger with Legacy ConnectOne. The benefits are based on years of service and the employee’s compensation over the prior five ten 401 may 65 44% 5 The following table sets forth changes in projected benefit obligation, changes in fair value of plan assets, funded status, and amounts recognized in the consolidated statements of condition for the Company’s pension plans as of December 31, 2023 2022 2023 2022 (dollars in thousands) Change in Benefit Obligation: Projected benefit obligation as of January 1, $ 9,317 $ 14,644 Interest cost 441 311 Actuarial (gain) loss 251 (4,657 ) Benefits paid (674 ) (981 ) Projected benefit obligation as of December 31, $ 9,335 $ 9,317 Change in Plan Assets: Fair value of plan assets as of January 1, $ 13,257 $ 17,604 Actual return on plan assets 2,031 (3,366 ) Benefits paid (674 ) (981 ) Fair value of plan assets as of December 31, $ 14,614 $ 13,257 Funded status $ 5,279 $ 3,940 The accumulated benefit obligation was $9.3 million for both years ended December 31, 2023 2022 Amounts recognized as a component of accumulated other comprehensive loss as of the periods presented that have not December 31, 2023, 2024. As of December 31, 2023 2022 (dollars in thousands) Net actuarial loss recognized in accumulated other comprehensive income (pre-tax) $ 2,981 $ 4,219 The pre-tax, net periodic pension expense (income) and other comprehensive income for the years ended December 31, 2023 2022 2021 2023 2022 2021 (dollars in thousands) Interest cost $ 440 $ 311 $ 284 Expected return on plan assets (838 ) (949 ) (852 ) Net amortization 296 66 299 Total net periodic pension income $ (102 ) $ (572 ) $ (269 ) Total unrealized gain recognized in other comprehensive income (941 ) (343 ) - Realized losses included in net income (296 ) (66 ) (299 ) Total recognized in net periodic pension income and other comprehensive income $ (1,339 ) $ (981 ) $ (568 ) The following table presents the weighted average assumptions used to determine the pension benefit obligations as of December 31, 2023 2022 Discount rate 4.72 % 4.92 % Rate of compensation increase N/A N/A The following table presents the weighted average assumptions used to determine net periodic pension cost for the following three 2024 2023 2022 Discount rate 4.72 % 4.92 % 2.57 % Expected long-term return on plan assets 6.00 % 6.50 % 5.50 % Rate of compensation increase N/A N/A N/A The process of determining the overall expected long-term rate of return on plan assets begins with a review of appropriate investment data, including current yields on fixed income securities, historical investment data, historical plan performance and forecasts of inflation and future total returns for the various asset classes. This data forms the basis for the construction of a best-estimate range of real investment returns for each asset class. A weighted average real-return range is computed reflecting the plan’s expected asset mix, and that range, when combined with an expected inflation range, produces an overall best-estimate expected return range. Specific factors such as the plan’s investment policy, reinvestment risk and investment volatility are taken into consideration during the construction of the best estimate real return range, as well as in the selection of the final return assumption from within the range. Plan Assets The general investment policy of the Pension Trust is for the fund to experience growth in assets that will allow the market value to exceed the value of benefit obligations over time. The Company’s pension plan asset allocation as of December 31, 2023 2022 Weighted Average % of Plan % of Plan Expected Assets – Assets – Long-Term Target Year Ended Year Ended Rate of Allocation 2023 2022 Return Equity Securities Domestic 56 % 66 % 58 % 3.4 % International 9 4 4 0.8 Debt and/or fixed income securities 33 28 35 1.7 Cash and other alternative investments, including real estate funds, commodity funds, hedge funds and equity structured notes 2 2 3 0.1 Total 100 % 100 % 100 % 6.0 % The fair values of the Company’s pension plan assets as of December 31, 2023 2022 December 31, 2023 Fair Value Measurements at Reporting Date Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Asset Class (Level 1) (Level 2) (Level 3) (dollars in thousands) Cash $ 201 $ 201 $ - $ - Equity securities: U.S. companies 9,647 9,647 - - International companies 654 654 - - Debt and/or fixed income securities 4,012 4,012 - - Commodity funds 62 62 - - Real estate funds 38 38 - - Total $ 14,614 $ 14,614 $ - $ - December 31, 2022 Fair Value Measurements at Reporting Date Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Asset Class (Level 1) (Level 2) (Level 3) (dollars in thousands) Cash $ 262 $ 262 $ - $ - Equity securities: U.S. companies 7,611 7,611 - - International companies 569 569 - - Debt and/or fixed income securities 4,684 4,684 - - Commodity funds 95 95 - - Real estate funds 36 36 - - Total $ 13,257 $ 13,257 $ - $ - Fair Value of Plan Assets The Company used the following valuation methods and assumptions to estimate the fair value of assets held by the plan (for further information on fair value methods, see Note 20 Equity securities and real estate funds 1 not 2 Debt and fixed income securities 1 2 not not 2 not 3 The investment manager is not Cash Flows Contributions The Bank does not 2024. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, for the following years are as follows (dollars in thousands): 2024 $ 709 2025 707 2026 710 2027 752 2028 752 2029 - 2033 3,598 401 The Company maintains a 401 2014 401 6% 2018, 401 5% 2023 2022 2021 Supplemental Executive Retirement Plan ( SERP ) During 2019 2022, December 31, 2023, December 31, 2022 December 31, 2021, |
Note 17 - Stock Based Compensat
Note 17 - Stock Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 17 Stock Based Compensation The Company’s stockholders approved the 2017 May 23, 2017. December 31, 2023. 2023 may December 31, 2023 Restricted stock, options and deferred stock units typically have a three one one third ten may three 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 December 31, 2023, 2022 2021 Activity under the Company’s options for the year ended December 31, 2023 Weighted- Average Weighted- Remaining Number of Average Contractual Stock Exercise Term Aggregate Options Price (in years) Intrinsic Value Outstanding as of December 31, 2022 8,680 $ 12.95 $ - Granted - - - Exercised (7,388 ) 12.73 - Forfeited/cancelled/expired (1,292 ) 14 - Outstanding as of December 31, 2023 - - - $ - Exercisable as of December 31, 2023 - $ - - $ - The aggregate intrinsic value of outstanding and exercisable options above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on December 31, 2023 December 31, 2023 Activity under the Company’s restricted shares for year ended December 31, 2023 Weighted- Average Nonvested Grant Date Shares Fair Value Nonvested as of December 31, 2022 85,931 $ 26.20 Granted 93,147 16.19 Vested (54,183 ) 27.59 Cancelled/netted (9,090 ) 21.76 Nonvested December 31, 2023 115,805 $ 17.85 As of December 31, 2023 A summary of the status of unearned performance unit awards and the change during the period is presented in the table below: Weighted Average Grant Units Units Date Fair (expected) (maximum) 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 December 31, 2023 164,231 233,087 $ 23.06 As of December 31, 2023, December 31, 2023, December 31, 2023, December 31, 2023 December 31, 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: Weighted Average Grant Units Date Fair (expected) Value Unearned as of December 31, 2022 120,035 $ 23.84 Awarded 146,857 18.98 Vested shares (78,544 ) 18.91 Unearned as of December 31, 2023 188,348 $ 22.11 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 year ended December 31, 2023, December 31, 2023 December 31, 2023, not |
Note 18 - Dividends and Other R
Note 18 - Dividends and Other Restrictions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Restrictions on Dividends, Loans and Advances [Text Block] | Note 18 Dividends and Other Restrictions Certain restrictions, including capital requirements, exist on the availability of undistributed net profits of the Bank for the future payment of dividends to the Parent Corporation. A dividend may not December 31, 2023 |
Note 19 - Derivatives
Note 19 - Derivatives | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 19 Derivatives As part of our overall asset liability management and 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 one October 1, 2022 October 2027 one November 2022 November 2027. $225 No Interest (income) expense recorded on these swap and cap transactions totaled approximately $(20.2) million, $(3.3) million, and $1.9 million during 2023, 2022, 2021 The following table presents the net gains (losses), recorded in accumulated other comprehensive income and the Consolidated Statements of Income relating to the cash flow derivative instruments for the years ended December 31, 2023 2022: 2023 Amount of gain Amount of (gain) Amount of gain (loss) (loss) recognized loss reclassified recognized in other in OCI (Effective from OCI to Noninterest income (dollars in thousands) Portion) interest expense (Ineffective Portion) Interest rate contracts $ 9,431 $ (20,230 ) $ - 2022 Amount of gain Amount of (gain) Amount of gain (loss) (loss) recognized loss reclassified recognized in other in OCI (Effective from OCI to Noninterest income (dollars in thousands) Portion) interest expense (Ineffective Portion) Interest rate contracts $ 46,282 $ (3,343 ) $ - The following table reflects the cash flow hedges included in the Consolidated Statements of Condition as of December 31, 2023 December 31, 2022 2023 2022 Notional Notional (dollars in thousands) Amount Fair Value Amount Fair Value Included in other assets/(liabilities): Interest rate contracts $ 950,000 $ 43,805 $ 950,000 $ 56,797 There were no net gains (losses) recorded in accumulated other comprehensive income or in the Consolidated Statement of Income relating to cash flow derivative instruments for the years ended December 31, 2023 December 31, 2022 |
Note 20 - Fair Value Measuremen
Note 20 - Fair Value Measurements and Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 20 Fair Value Measurements and Fair Value of Financial Instruments 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. FASB ASC 820 10 05 three FASB ASC 820 10 65 820 10 05 not FASB ASC 820 10 05 1 3 three 820 10 05 Level 1: Level 2: Level 3: 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 December 31, 2023 December 31, 2022 Securities Available-for-Sale: 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 December 31, 2023 December 31, 2022 December 31, 2023 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total Fair Value (Level 1) (Level 2) (Level 3) (dollars in thousands) Recurring fair value measurements: Assets Investment securities: Available-for-sale: Federal agency obligations $ 45,326 $ - $ 45,326 $ - Residential mortgage pass-through securities 411,191 - 411,191 - Commercial mortgage pass-through securities 21,564 - 21,564 - Obligations of U.S. states and political subdivision 132,705 - 125,583 7,122 Corporate bonds and notes 4,973 - 4,973 - Asset-backed securities 1,238 - 1,238 - Certificates of deposit - - - - Other securities 165 165 - - Total available-for-sale $ 617,162 $ 165 $ 609,875 $ 7,122 Equity securities 18,564 9,867 8,697 - Derivatives - interest rate contracts 43,805 - 43,805 - Total assets $ 679,531 $ 10,032 $ 662,377 $ 7,122 There were no 1 2 December 31, 2023 2022 December 31, 2022 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total Fair Value (Level 1) (Level 2) (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 - Certificates of deposit - - - - Other securities 242 242 - - Total available-for-sale $ 634,884 $ 242 $ 627,293 $ 7,349 Equity securities 15,811 9,733 6,078 - Derivatives - interest rate contracts 56,797 - 56,797 - Total assets $ 707,492 $ 9,975 $ 690,168 $ 7,349 Assets Measured at Fair Value on a Non-Recurring Basis The Company may December 31, 2023 December 31, 2022 Collateral Dependent Loans: The Company may not 3 not 3 For assets measured at fair value on a nonrecurring basis, the fair value measurements as of December 31, 2023 December 31, 2022 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs 2023 (Level 1) (Level 2) (Level 3) Assets measured at fair value on a nonrecurring basis: (dollars in thousands) Collateral dependent loans: Commercial $ 657 $ - $ - $ 657 Commercial real estate 7,005 - - 7,005 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs 2022 (Level 1) (Level 2) (Level 3) Assets measured at fair value on a nonrecurring basis: (dollars in thousands) Collateral dependent loans: Commercial $ 14,550 $ - $ - $ 14,550 Commercial real estate 17,264 - - 17,264 Residential real estate 1,392 - - 1,392 Collateral dependent loans - December 31, 2023 Collateral dependent loans 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 December 31, 2023 December 31, 2022 Municipal Securities (dollars in thousands) Beginning balance, January 1, 2023 $ 7,349 Principal paydowns (272 ) Changes in unrealized gain (loss) 45 Ending balance, December 31, 2023 $ 7,122 Municipal Securities (dollars in thousands) Beginning balance, January 1, 2022 $ 8,565 Principal paydowns (287 ) Changes in unrealized gain (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 December 31, 2023 December 31, 2022 3 December 31, 2023 Valuation Unobservable Fair Value Techniques Input Range Securities available-for-sale: (dollars in thousands) Municipal securities $ 7,122 Discounted cash flows Discount rate 4.3 % December 31, 2022 Valuation Unobservable Fair Value Techniques Input Range Securities available-for-sale: (dollars in thousands) Municipal securities $ 7,349 Discounted cash flows Discount rate 4.3 % Non-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 non-recurring basis for the periods presented. The tables below provide quantitative information about significant unobservable inputs used in fair value measurements within Level 3 December 31, 2023 Valuation Unobservable (dollars in thousands) Fair Value Techniques Input Range (weighed average) Commercial loans $ 657 Appraisals of collateral Adjustment for comparable sales -7.5% to +25% (+.1%) Commercial real estate loans 7,005 Appraisals of collateral Adjustment for comparable sales -15% to +0% (-10.3%) December 31, 2022 Valuation Unobservable (dollars in thousands) Fair Value Techniques Input Range (weighed 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 Adjustment for comparable sales -10% to +13% (+3%) Commercial real estate loans 17,264 Appraisals of collateral Adjustment for comparable sales -20% to +0% (-15%) Residential real estate loans 1,392 Appraisals of collateral Adjustment for comparable sales +21% to +39% (22%) Fair Value of Financial Instruments FASB ASC 825 10 825 10. not Fair values for financial instruments must be estimated by management using techniques such as discounted cash flow analysis and comparison to similar instruments. These estimates are highly subjective and require judgments regarding significant matters, such as the amount and timing of future cash flows and the selection of discount rates that appropriately reflect market and credit risks. Changes in these judgments often have a material effect on the fair value estimates. Since these estimates are made as of a specific point in time, they are susceptible to material near-term changes. Fair values disclosed in accordance with ASC Topic 825 not Cash and cash equivalents. FHLB stock. not Loans. e.g., 3 Deposits. no Term Borrowings and Subordinated Debentures Accrued Interest Receivable/Payable. 2 3 The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of December 31, 2023 December 31, 2022 Fair Value Measurements Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Fair Assets Inputs Inputs Amount Value (Level 1) (Level 2) (Level 3) (dollars in thousands) December 31, 2023 Financial assets: Cash and due from banks $ 242,714 $ 242,714 $ 242,714 $ - $ - Investment securities available-for-sale 617,162 617,162 165 609,875 7,122 Restricted investment in bank stocks 51,457 n/a n/a n/a n/a Equity securities 18,564 18,564 9,867 8,697 - Net loans 8,263,171 8,001,504 - - 8,001,504 Derivatives - interest rate contracts 43,805 43,805 - 43,805 - Accrued interest receivable 49,108 49,108 - 5,387 43,721 Financial liabilities: Noninterest-bearing deposits 1,259,364 1,259,364 1,259,364 - - Interest-bearing deposits 6,276,838 6,256,444 3,745,467 2,510,977 - Borrowings 933,579 932,081 - 932,081 - Subordinated debentures 79,439 77,952 - 77,952 - Accrued interest payable 10,152 10,152 - 10,152 - 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, considering 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 21 - Parent Corporation On
Note 21 - Parent Corporation Only Financial Statements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 21 Parent Corporation Only Financial Statements The Parent Corporation operates its wholly-owned subsidiary, the Bank. The earnings of this subsidiary are recognized by the Parent Corporation using the equity method of accounting. Accordingly, earnings are recorded as increases in the Parent Corporation’s investment in the subsidiaries and dividends paid reduce the investment in the subsidiaries. The ability of the Parent Corporation to pay dividends will largely depend upon the dividends paid to it by the Bank. Dividends payable by the Bank to the Parent Corporation are restricted under supervisory regulations (see Note 18 Condensed financial statements of the Parent Corporation only are as follows: Condensed Statements of Condition As of December 31, 2023 2022 (dollars in thousands) ASSETS Cash and cash equivalents $ 35,885 $ 117,162 Investment in subsidiaries 1,253,497 1,179,342 Investment securities 156 32,405 Equity securities 6,957 4,218 Other assets - 699 Total assets $ 1,296,495 $ 1,333,826 LIABILITIES AND STOCKHOLDERS’ EQUITY Other liabilities 436 1,820 Subordinated debentures, net 79,439 153,255 Stockholders’ equity 1,216,620 1,178,751 Total liabilities and stockholders’ equity $ 1,296,495 $ 1,333,826 Condensed Statements of Income For Years Ended December 31, 2023 2022 2021 (dollars in thousands) Income: Dividend income from subsidiaries $ 50,725 $ 36,475 $ 24,071 Other income 946 1,638 1,627 Total Income 51,671 38,113 25,698 Expenses (6,359 ) (8,928 ) (8,741 ) Income before equity in undistributed earnings of subsidiaries 45,312 29,185 16,957 Equity in undistributed earnings of subsidiaries 41,691 96,026 113,396 Net Income 87,003 125,211 130,353 Preferred dividends 6,036 6,037 1,717 Net income available to common stockholders $ 80,967 $ 119,174 $ 128,636 Condensed Statements of Cash Flows For Years Ended December 31 2023 2022 2021 (dollars in thousands) Cash flows from operating activities: Net income $ 87,003 $ 125,211 $ 130,353 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary (41,691 ) (96,026 ) (113,396 ) Loss on equity securities, net 131 45 55 Amortization of subordinated debt issuance costs 1,184 304 303 Decrease in other assets 699 - 50,590 Decrease in other liabilities (1,384 ) (14 ) (287 ) Net cash provided by operating activities 45,942 29,520 67,618 Cash flows from investing activities: Payments for investments and advances in subsidiaries (32,250 ) - - Repayment of investments and advances in subsidiaries 32,250 - - Purchases of equity securities (2,870 ) (3,538 ) (780 ) Net cash used in investing activities (2,870 ) (3,538 ) (780 ) Cash flows from financing activities: Repayment of subordinated debt (75,000 ) - (50,000 ) Cash dividends paid on preferred stock (6,036 ) (6,037 ) (1,717 ) Cash dividends paid on common stock (25,912 ) (23,428 ) (17,493 ) Purchase of treasury stock (17,497 ) (13,127 ) (9,401 ) Proceeds from preferred stock offering - - 110,927 Proceeds from exercise of stock options 96 124 106 Net cash (used in) provided by financing activities (124,349 ) (42,468 ) 32,422 (Increase) decrease in cash and cash equivalents (81,277 ) (16,486 ) 99,260 Cash and cash equivalents as of January 1, 117,162 133,648 34,388 Cash and cash equivalents as of December 31, $ 35,885 $ 117,162 $ 133,648 |
Note 22 - Quarterly Financial I
Note 22 - Quarterly Financial Information of ConnectOne Bancorp, Inc. (Unaudited) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | Note 22 Quarterly Financial Information of ConnectOne Bancorp, Inc. (unaudited) 2023 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter (dollars in thousands, except per share data) Total interest income $ 128,957 $ 123,686 $ 121,325 $ 116,097 Total interest expense 67,135 61,329 57,482 49,013 Net interest income 61,822 62,357 63,843 67,084 Provision for credit losses 2,700 1,500 3,000 1,000 Total other income 4,209 3,562 3,438 2,792 Other expenses 37,845 35,784 35,450 34,870 Income before income taxes 25,486 28,635 28,831 34,006 Income tax expense 6,213 7,228 7,437 9,077 Net income 19,273 21,407 21,394 24,929 Preferred dividends 1,509 1,509 1,509 1,509 Net income available to common stockholders $ 17,764 $ 19,898 $ 19,885 $ 23,420 Earnings per share: Basic $ 0.46 $ 0.51 $ 0.51 $ 0.60 Diluted 0.46 0.51 0.51 0.59 2022 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter (dollars in thousands, except per share data) Total interest income $ 112,469 $ 96,980 $ 85,356 $ 78,941 Total interest expense 34,460 18,819 9,765 8,583 Net interest income 78,009 78,161 75,591 70,358 Provision for credit losses 3,300 10,000 3,000 1,450 Total other income, net of securities gains 3,508 3,322 3,359 3,054 Other expenses 33,312 32,143 31,703 29,230 Income before income taxes 44,905 39,340 44,247 42,732 Income tax expense 12,348 10,425 11,889 11,351 Net income 32,557 28,915 32,358 31,381 Preferred dividends 1,510 1,509 1,509 1,509 Net income available to common stockholders $ 31,047 $ 27,406 $ 30,849 $ 29,872 Earnings per share: Basic $ 0.79 $ 0.70 $ 0.78 $ 0.76 Diluted 0.79 0.70 0.78 0.75 Note: Due to rounding, quarterly earnings per share for 2022 not |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. None. |
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) | 12 Months Ended |
Dec. 31, 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 |
Consolidation, Policy [Policy Text Block] | Basis of Presentation and Principals 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 Recent events impacting the financial services industry, including the failures of Silicon Valley Bank, Signature Bank and First Republic Bank, have resulted in increased volatility and reduced valuations of equity and other securities of banks in the capital markets. In addition, the Federal Reserve, in order to combat inflation, has employed quantitative tightening in order to reduce the size of its balance sheet, resulting in increased competition and costs for bank deposits and an increased risk of an economic recession. These recent events have, and could continue to, increase competition for deposits and adversely impact the market price and volatility of the Company’s common stock. The United States economy is currently experiencing a level of price inflation not 1970’s 1980’s. may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include cash, deposits with other financial institutions with maturities of less than 90 |
Investment, Policy [Policy Text Block] | Investment Securities Effective January 1, 2021, 320 10 05. 1 2 3 not two may Investment securities are adjusted for amortization of premiums and accretion of discounts as adjustments to interest income, which are recognized on a level yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Investment securities gains or losses are determined using the specific identification method. Securities available-for-sale are carried at fair value, with unrealized holding gains and losses reported in comprehensive income, net of tax. Interest income includes amortization of purchase premiums or discounts. Premiums and discounts on securities are generally amortized using the level-yield method without estimating prepayments, except for mortgage-backed securities, where prepayment rates are estimated. Premiums on callable investment securities are amortized to their earliest call date. Gains and losses on sales of securities are recorded on the trade date and determined using the specific identification method. For available-for-sale investment securities which are in an unrealized loss position, the Company will first not, not not zero no |
Stockholders' Equity, Policy [Policy Text Block] | Equity Securities The Company’s investments in equity securities are recorded at fair value, with unrealized gains and losses included in earnings. |
Financing Receivable, Held-for-Sale [Policy Text Block] | Loans Held-for-Sale Residential mortgage loans, originated and intended for sale in the secondary market, are carried at the lower of aggregate cost or estimated fair value as determined by outstanding commitments from investors. For these loans originated and intended for sale, gains and losses on loan sales (sale proceeds minus carrying value) are recorded in other income and direct loan origination costs and fees are deferred at origination of the loan and are recognized in other income upon sale of the loan. Other loans held-for-sale are carried at the lower of aggregate cost or estimated fair value. Fair value on these loans is determined based on the terms of the loan, such as interest rate, maturity date, and reset term, as well as sales of similar assets. |
Policy Loans Receivable, Policy [Policy Text Block] | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, purchase premium and discounts and an allowance for credit losses. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Loan segments are defined as a group of loans, which share similar initial measurement attributes, risk characteristics, and methods for monitoring and assessing credit risk. Management has determined that the Company has five segments of loans: commercial, commercial real estate, commercial construction, residential real estate (including home equity) and consumer. Loans that are 90 days past due are placed on nonaccrual and previously accrued interest is reversed and charged against interest income unless the loans are both well-secured and in the process of collection. Past due status is based on the contractual terms of the loan. In certain cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans include both smaller balance homogeneous loans that are collectively evaluated for credit losses and loans individually analyzed for credit losses. All interest accrued but not The policy of the Company is to grant commercial, residential and consumer loans to residents and businesses within the market-areas served by its offices in New Jersey, New York and Florida. The borrowers’ abilities to repay their obligations are dependent upon various factors including the borrowers’ income and net worth, cash flows generated by the borrowers’ underlying collateral, value of the underlying collateral, and priority of the lender’s lien on the property. Such factors are dependent upon various economic conditions and individual circumstances beyond the control of the Company. The Company is therefore subject to risk of loss. The Company believes its lending policies and procedures adequately minimize the potential exposure to such risks and that adequate provisions for credit losses are provided for all known and inherent risks. Collateral and/or personal guarantees are required for a large majority of the Company’s loans. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Credit Losses The allowance for credit losses is an estimate of current expected credit losses considering available information relevant to assessing collectability of cash flows over the contractual term of the financial assets necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The measurement of expected credit losses is applicable to loans receivable and investment securities measured at amortized cost. It also applies to off-balance sheet credit exposures such as loan commitments and unused lines of credit. Loan losses are charged against the allowance for credit losses when the Company believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance for credit losses. The allowance is established through a provision for credit losses that is charged against income. The methodology for determining the allowance for credit losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded allowance for credit losses. The expected credit loss for unfunded loan commitments is reported on the consolidated statement of financial condition in other liabilities. For financial assets, the allowance for credit losses is a valuation account that is deducted from, or added to, the amortized cost basis of the financial assets to present the net amount expected to be collected on the financial assets. The Company's methodology to estimate the allowance for credit losses has two not Information relevant to establishing an estimate of current expected credit losses includes historical credit loss experience on financial assets with similar risk characteristics, current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the financial assets. The Company reports in net income (as a credit loss expense) the amount necessary to adjust the allowance for credit losses and liabilities for credit losses on off-balance-sheet credit exposures for the current estimate of expected credit losses. Expected credit losses of financial assets are measured on a collective (pool) basis when similar risk characteristic(s) exist. If the Company determines that a financial asset does not may one not 1 2 3 4 5 6 7 8 9 10 The Company’s quantitative analysis also considers relevant available information from internal and external sources related to past events and current conditions, as well as the incorporation of reasonable and supportable forecasts. The Company evaluates a variety of factors including third Included in the allowance for credit losses are qualitative reserves to cover losses that are expected but, in the Company’s assessment, may not may The Bank evaluates individual instruments for expected credit losses when those instruments do not Nonaccrual loans that are $250,000 or higher and all purchased credit-deteriorated ("PCD") loans are individually analyzed. For loans designated as nonaccrual with balances of less than $250,000, these loans are collectively evaluated, and, accordingly, are not not For collateral dependent loans, when it is determined that a foreclosure is probable, the allowance for credit losses is determined on a loan level basis using the fair value of the collateral as of the reporting date, less estimated disposition costs (“net fair value”), which will ensure that the credit loss is not not |
Impaired Financing Receivable [Policy Text Block] | Purchased Credit-Deteriorated Loans Loans acquired in a business combination that have experienced a more-than-significant deterioration in credit quality since origination are considered PCD loans. The Company evaluates acquired loans for deterioration in credit quality based on any of, but not 1 2 3 4 5 no 2016 13 PCD loans that met the criteria for nonaccrual may may no may |
Derivatives, Policy [Policy Text Block] | Derivatives Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no no no no When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as noninterest income. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. |
Restricted Stock [Policy Text Block] | Restricted Stock The Bank is a member of the Federal Home Loan Bank (“FHLB”) of New York. Members are required to own a certain amount of stock based on the level of borrowings and other factors and may |
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Land is carried at cost and premises and equipment are stated at cost less accumulated depreciation. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 4 to 30 years. Leasehold improvements are depreciated using the straight-line method over the terms of the respective leases, or the estimated useful lives of the improvements, whichever is shorter. Furniture, fixtures and equipment are depreciated using the straight-line method with useful lives ranging from 3 to 10 years. |
Lessee, Leases [Policy Text Block] | Leases Leases are classified as operating or finance leases at the lease commencement date. Lease expense for operating leases and short-term leases is recognized on a straight-line basis over the lease team. The Company includes lease extension and termination options in the lease term if, after considering relevant economic factors, it is reasonably certain the Company will exercise the option. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of the lease payments over the lease term. The Company uses its incremental borrowing rate at lease commencement to calculate the present value of lease payments when the rate implicit in a lease is not not 12 |
Financing Receivable, Held-for-Investment, Foreclosed Asset [Policy Text Block] | Other Real Estate Owned Other real estate owned (“OREO”), representing property acquired through foreclosure and held-for-sale, is initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequently, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Costs relating to holding the assets are charged to expenses. |
Postemployment Benefit Plans, Policy [Policy Text Block] | Employee Benefit Plans The Company has a noncontributory pension plan that covered all eligible employees up until September 30, 2007, September 30, 2007 1974. The Company accounts for its defined benefit pension plan in accordance with FASB ASC 715 30. 715 30 715 30 The Company maintains a 401 401 |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation Stock compensation accounting guidance (FASB ASC 718, Stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees’ service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. See Note 18 |
Treasury Stock [Policy Text Block] | Treasury Stock Subject to certain regulatory limitations applicable to the Parent Corporation, treasury stock purchases may December 31, 2023 December 31, 2022, On August 16, 2022, 117 169, 4501 In general, and before considering exceptions, the amount of the excise tax is equal to 1% 1 2 December 31, 2022. not 275 6 On December 27, 2022, 2023 2, 3 December 31, 2022, December 31, 2022. December 31, 2023, |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill arises from business combinations and is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not December 31 December 31, 2023, 2022 2021 |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Other Intangible Assets Other intangible assets consist of core deposit intangibles arising from business combinations that are amortized over their estimated useful lives to their estimated residual value. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Total comprehensive income includes all changes in equity during a period from transactions and other events and circumstances from nonowner sources. The Company’s other comprehensive income (loss) is comprised of unrealized holding gains and losses on securities available-for-sale, unrecognized actuarial gains and losses of the Company’s defined benefit pension plan and unrealized gains and losses on cash flow hedges, net of taxes. |
Restrictions on Cash [Policy Text Block] | Restrictions on Cash Cash on hand or on deposit with the Federal Reserve Bank is required to meet regulatory reserve and clearing requirements. |
Policyholders' Dividend [Policy Text Block] | Dividend Restriction Banking regulations require maintaining certain capital levels and may |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. |
Life Settlement Contracts, Policy [Policy Text Block] | Bank Owned Life Insurance The Company invests in Bank Owned Life Insurance (“BOLI”) to help offset the cost of employee benefits. The change in the cash surrender value of the BOLI is recorded as a component of noninterest income. |
Income Tax, Policy [Policy Text Block] | Income Taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” 50% not not” no |
Advertising Cost [Policy Text Block] | Advertising Costs The Company recognizes its marketing and advertising costs as incurred. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain reclassifications have been made in the consolidated financial statements and footnotes for 2022 and 2021 to conform to the classifications presented in 2023 . Such reclassifications had no |
New Accounting Pronouncements, Policy [Policy Text Block] | Note 1b Authoritative Accounting Guidance Adoption of New Accounting Standards In June 2022, 2022 03, 820 2022 03” 2022 03 not not 2022 03 January 1, 2024 not In March 2022, 2022 02, 326 2022 02” 2022 02 310 40, 2016 13, 326 2016 13” 2022 02 326 20, 2022 02 January 1, 2023 not Newly Issued, But Not In December 2023, 2023 09, 740 1 2 5% 1 2 5% 1 2 2023 09 January 1, 2025. 2023 09 |
Note 2 - Earnings Per Common _2
Note 2 - Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended December 31, 2023 2022 2021 (in thousands, except per share amounts) Net income available to common stockholders $ 80,967 $ 119,174 $ 128,636 Earnings allocated to participating securities (216 ) (287 ) (313 ) Income attributable to common stock $ 80,751 $ 118,887 $ 128,323 Weighted average common shares outstanding, including participating securities 38,913 39,355 39,723 Weighted average participating securities (104 ) (95 ) (97 ) Weighted average common shares outstanding 38,809 39,260 39,626 Incremental shares from assumed conversions of options, deferred stock units, performance units and restricted stock 153 216 260 Weighted average common and equivalent shares outstanding 38,962 39,476 39,886 Earnings per common share: Basic $ 2.08 $ 3.03 $ 3.24 Diluted 2.07 3.01 3.22 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (dollars in thousands) December 31, 2023 Investment securities available-for-sale Federal agency obligations $ 55,898 $ 189 $ (10,761 ) $ 45,326 Residential mortgage pass-through securities 462,004 620 (51,433 ) 411,191 Commercial mortgage pass-through securities 25,240 - (3,676 ) 21,564 Obligations of U.S. states and political subdivisions 148,795 415 (16,505 ) 132,705 Corporate bonds and notes 5,000 - (27 ) 4,973 Asset-backed securities 1,260 - (22 ) 1,238 Other securities 165 - - 165 Total investment securities available-for-sale $ 698,362 $ 1,224 $ (82,424 ) $ 617,162 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (dollars in thousands) 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] | December 31, 2023 Amortized Fair Cost Value (dollars in thousands) Investment securities available-for-sale: Due in one year or less $ 2,000 $ 1,980 Due after one year through five years 6,389 6,379 Due after five years through ten years 1,851 1,857 Due after ten years 200,713 174,026 Residential mortgage pass-through securities 462,004 411,191 Commercial mortgage pass-through securities 25,240 21,564 Other securities 165 165 Total investment securities available-for-sale $ 698,362 $ 617,162 |
Schedule of Realized Gain (Loss) [Table Text Block] | Years Ended December 31, 2023 2022 2021 (dollars in thousands) Proceeds $ - $ - $ 5,185 Gross gains on sale/redemption of investment securities $ - $ - $ 195 Gross losses on sale/redemption of investment securities - - - Net gains on sales/redemptions of investment securities - - 195 Tax provision on net gains - - (48 ) Net gains on sale/redemption of investment securities, after tax $ - $ - $ 147 |
Unrealized Gain (Loss) on Investments [Table Text Block] | December 31, 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 obligation $ 40,779 $ (10,761 ) $ 1,689 $ (65 ) $ 39,090 $ (10,696 ) Residential mortgage pass-through securities 382,042 (51,433 ) 4,138 (51 ) 377,904 (51,382 ) Commercial mortgage pass-through securities 21,565 (3,676 ) - - 21,565 (3,676 ) Obligations of U.S. states and political subdivisions 101,189 (16,505 ) 1,340 (7 ) 99,849 (16,498 ) Corporate bonds and notes 4,973 (27 ) 2,993 (7 ) 1,980 (20 ) Asset-backed securities 1,238 (22 ) - - 1,238 (22 ) Total temporarily impaired securities $ 551,786 $ (82,424 ) $ 10,160 $ (130 ) $ 541,626 $ (82,294 ) 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 obligation $ 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 - Loans and the Allowa_2
Note 4 - Loans and the Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2023 2022 (dollars in thousands) Commercial (1) $ 1,578,730 $ 1,472,734 Commercial real estate 5,895,545 5,795,228 Commercial construction 620,496 574,139 Residential real estate 256,041 264,748 Consumer 1,029 2,312 Gross loans 8,351,841 8,109,161 Net deferred fees (6,696 ) (9,472 ) Loans receivable $ 8,345,145 $ 8,099,689 |
Schedule of Loans Held-for-sale [Table Text Block] | 2023 2022 (dollars in thousands) Commercial $ - $ 13,473 Residential real estate - 299 Total carrying amount $ - $ 13,772 |
Financing Receivable, Nonaccrual [Table Text Block] | December 31, 2023 Nonaccrual loans with ACL Nonaccrual loans without ACL Total Nonaccrual loans (dollars in thousands) Commercial $ 1,763 $ 11,064 $ 12,827 Commercial real estate 8,013 28,179 36,192 Residential real estate 1,033 2,472 3,505 Total $ 10,809 $ 41,715 $ 52,524 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 Revolving Total 2023 2022 2021 2020 2019 Prior Loans Gross Loans Commercial Pass $ 178,582 $ 252,151 $ 265,705 $ 38,909 $ 13,726 $ 112,145 $ 684,779 $ 1,545,997 Special mention - 10,620 - - 562 3,417 3,199 17,798 Substandard 250 439 241 1 612 11,695 1,697 14,935 Doubtful - - - - - - - - Total Commercial $ 178,832 $ 263,210 $ 265,946 $ 38,910 $ 14,900 $ 127,257 $ 689,675 $ 1,578,730 Commercial real estate Pass $ 248,660 $ 1,561,841 $ 1,585,109 $ 352,445 $ 353,391 $ 1,232,240 $ 497,588 $ 5,831,274 Special mention - - - - - 24,202 - 24,202 Substandard - - 1,888 - 1,255 20,141 16,785 40,069 Doubtful - - - - - - - - Total Commercial real estate $ 248,660 $ 1,561,841 $ 1,586,997 $ 352,445 $ 354,646 $ 1,276,583 $ 514,373 $ 5,895,545 Commercial construction Pass $ 582 $ 5,463 $ 15,645 $ 6,236 $ - $ - $ 583,870 $ 611,796 Special mention - - - - - - 8,700 8,700 Substandard - - - - - - - - Doubtful - - - - - - - - Total Commercial construction $ 582 $ 5,463 $ 15,645 $ 6,236 $ - $ - $ 592,570 $ 620,496 Residential real estate Pass $ 15,455 $ 42,830 $ 21,987 $ 21,704 $ 19,896 $ 91,114 $ 36,082 $ 249,068 Special mention - - - - - 651 2,817 3,468 Substandard - - 555 - - 2,144 806 3,505 Doubtful - - - - - - - - Total Residential real estate $ 15,455 $ 42,830 $ 22,542 $ 21,704 $ 19,896 $ 93,909 $ 39,705 $ 256,041 Consumer Pass $ 849 $ 83 $ - $ 5 $ - $ - $ 92 $ 1,029 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total Consumer $ 849 $ 83 $ - $ 5 $ - $ - $ 92 $ 1,029 Total Pass $ 444,128 $ 1,862,368 $ 1,888,446 $ 419,299 $ 387,013 $ 1,435,499 $ 1,802,411 $ 8,239,164 Special mention - 10,620 - - 562 28,270 14,716 54,168 Substandard 250 439 2,684 1 1,867 33,980 19,288 58,509 Doubtful - - - - - - - - Grand Total $ 444,378 $ 1,873,427 $ 1,891,130 $ 419,300 $ 389,442 $ 1,497,749 $ 1,836,415 $ 8,351,841 Term loans amortized cost basis by origination year Revolving Total 2022 2021 2020 2019 2018 Prior Loans 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 Term Loans 2023 2022 2021 2020 2019 Prior Revolving Loans Total Commercial Current period gross write-off $ 54 $ 3,397 $ - $ - $ 280 $ 11,094 $ 63 $ 14,888 Commercial real estate Current period gross write-off $ - $ - $ - $ - $ - $ 2,142 $ - $ 2,142 Commercial construction Current period gross write-off $ - $ - $ - $ - $ - $ - $ - $ - Residential real estate Current period gross write-off $ - $ - $ - $ - $ - $ - $ 18 $ 18 Consumer Current period gross write-off $ - $ - $ - $ - $ - $ - $ 1 $ 1 Total Current period gross write-off $ 54 $ 3,397 $ - $ - $ 280 $ 13,236 $ 82 $ 17,049 |
Financing Receivable, Collateral Dependent [Table Text Block] | December 31, 2023 Real Estate Other Total (dollars in thousands) Commercial $ 4,949 $ 10,387 $ 15,336 Commercial real estate 39,986 - 39,986 Commercial construction 8,700 - 8,700 Residential real estate 5,941 - 5,941 Total $ 59,576 $ 10,387 $ 69,963 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] | December 31, 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 Commercial $ 555 $ - $ - $ 12,827 $ 13,382 $ 1,565,348 $ 1,578,730 Commercial real estate 527 - - 36,192 36,719 5,858,826 5,895,545 Commercial construction - 23,600 - - 23,600 596,896 620,496 Residential real estate 275 226 - 3,505 4,006 252,035 256,041 Consumer - - - - - 1,029 1,029 Total $ 1,357 $ 23,826 $ - $ 52,524 $ 77,707 $ 8,274,134 $ 8,351,841 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 Total Loans Receivable 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] | December 31, 2023 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Allowance for credit losses - loans Individually analyzed $ - $ 941 $ - $ - $ - $ 941 Collectively evaluated 20,215 51,337 4,739 4,320 5 80,616 Acquired with deteriorated credit quality 417 - - - - 417 Total $ 20,632 $ 52,278 $ 4,739 $ 4,320 $ 5 $ 81,974 Gross loans Individually analyzed $ 15,336 $ 39,986 $ 8,700 $ 5,941 $ - $ 69,963 Collectively evaluated 1,562,910 5,855,559 611,796 250,100 1,029 8,281,394 Acquired with deteriorated credit quality 484 - - - - 484 Total $ 1,578,730 $ 5,895,545 $ 620,496 $ 256,041 $ 1,029 $ 8,351,841 December 31, 2022 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Allowance for credit losses - loans Individually analyzed $ 7,426 $ 1,003 $ - $ 50 $ - $ 8,479 Collectively evaluated 19,319 50,818 3,718 4,093 7 77,955 Acquired with deteriorated credit quality 2,158 1,921 - - - 4,079 Total $ 28,903 $ 53,742 $ 3,718 $ 4,143 $ 7 $ 90,513 Gross loans Individually analyzed $ 30,994 $ 46,886 $ 8,232 $ 5,864 $ - $ 91,976 Collectively evaluated 1,436,866 5,742,751 565,907 258,884 2,312 8,006,720 Acquired with deteriorated credit quality 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] | Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Balance as of January 1, 2023 $ 28,903 $ 53,742 $ 3,718 $ 4,143 $ 7 $ 90,513 Charge-offs (14,888 ) (2,142 ) - (18 ) (1 ) (17,049 ) Recoveries 10 - - 68 8 86 Provision for (reversal) of credit losses 6,607 678 1,021 127 (9 ) 8,424 Balance as of December 31, 2023 $ 20,632 $ 52,278 $ 4,739 $ 4,320 $ 5 $ 81,974 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Balance as of January 1, 2022 $ 25,969 $ 45,589 $ 3,580 $ 3,628 $ 7 $ 78,773 Charge-offs (2,612 ) (2,819 ) - (9 ) (3 ) (5,443 ) Recoveries 54 - - 63 - 117 Provision for credit losses 5,492 10,972 138 461 3 17,066 Balance as of December 31, 2022 $ 28,903 $ 53,742 $ 3,718 $ 4,143 $ 7 $ 90,513 Commercial Commercial real estate Commercial construction Residential real estate Consumer Unallocated Total (dollars in thousands) Balance as of January 1, 2021 $ 28,443 $ 39,330 $ 8,194 $ 2,687 $ 4 $ 568 $ 79,226 Day 1 Adjustment CECL (4,225 ) 9,605 (961 ) 2,697 9 (568 ) 6,557 Balance as of January 1, 2021 24,218 48,935 7,233 5,384 13 - 85,783 Charge-offs (382 ) (1,780 ) - (235 ) - - (2,397 ) Recoveries 289 85 - 20 11 - 405 Provision for (reversal of) credit losses 1,844 (1,651 ) (3,653 ) (1,541 ) (17 ) - (5,018 ) Balance as of December 31, 2021 $ 25,969 $ 45,589 $ 3,580 $ 3,628 $ 7 $ - $ 78,773 |
Financing Receivable, Modified [Table Text Block] | Twelve Months Ended December 31, 2023 Term Extension Payment Deferral Interest Rate Reduction Total % of Portfolio Loan Segment (dollars in thousands) Commercial $ 34 $ 10,283 $ - $ 10,317 0.65 % Commercial real estate 209 - 7,272 7,481 0.13 Total $ 243 $ 10,283 $ 7,272 $ 17,798 0.21 % |
Financing Receivable, Modified, Past Due [Table Text Block] | December 31, 2023 Current Past Due 30-89 Days Past Due 90 Days or More (dollars in thousands) Commercial $ 10,317 $ - $ - Commercial real estate 7,481 - - |
Schedule of Allowance for Credit Losses on Unfunded Commitments [Table Text Block] | 2023 2022 Balance as of beginning of period $ 3,035 $ 2,351 (Reversal of) provision for credit losses - unfunded commitments (224 ) 684 Balance as of end of period $ 2,811 $ 3,035 |
Schedule of Provision for (Reversal of) Credit Losses [Table Text Block] | 2023 2022 Provision for credit losses – loans $ 8,424 $ 17,066 (Reversal of) provision for credit losses - unfunded commitments (224 ) 684 Provision for credit losses $ 8,200 $ 17,750 |
Note 5 - Premises and Equipme_2
Note 5 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Estimated Useful Life (Years) 2023 2022 (dollars in thousands) Land - $ 6,732 $ 6,732 Buildings 10 25 11,043 9,797 Furniture, fixtures and equipment 3 7 28,548 24,830 Leasehold improvements 10 20 27,633 25,164 Subtotal 73,956 66,523 Less: accumulated depreciation, amortization and fair value adjustments 43,177 38,723 Total premises and equipment, net $ 30,779 $ 27,800 |
Schedule of Capital Lease In Premises and Equipment [Table Text Block] | 2023 2022 (dollars in thousands) Finance lease $ 3,423 $ 3,423 Less: accumulated amortization 2,567 2,395 $ 856 $ 1,028 |
Finance Lease, Liability, to be Paid, Maturity [Table Text Block] | 2024 $ 353 2025 353 2026 353 2027 353 2028 322 Total minimum lease payments 1,734 Less amount representing interest 228 Present value of net minimum lease payments $ 1,506 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | December 31, 2023 (dollars in thousands) Lease payments due: Less than 1 year $ 3,046 1 year through less than 2 years 2,683 2 years through less than 3 years 2,591 3 years through less than 4 years 1,924 4 years through 5 years 1,421 After 5 years 3,243 Total undiscounted cash flows 14,908 Impact of discounting (1,737 ) Total lease liability $ 13,171 |
Note 6 - Goodwill and Other I_2
Note 6 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | 2023 2022 (dollars in thousands) Balance, January 1 $ 208,372 $ 208,372 Acquired goodwill - - Impairment - - Balance, December 31 $ 208,372 $ 208,372 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Gross Net Carrying Accumulated Carrying Amount Amortization Amount (dollars in thousands) Core deposit intangibles December 31, 2023 $ 18,515 $ (12,641 ) $ 5,874 Core deposit intangibles December 31, 2022 $ 18,515 $ (11,203 ) $ 7,312 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2024 $ 1,235 2025 1,116 2026 1,050 2027 989 2028 930 |
Note 7 - Deposits (Tables)
Note 7 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule Of Time Deposits [Table Text Block] | 2024 $ 2,131,378 2025 181,578 2026 179,678 2027 36,034 2028 3,879 Time deposits (before net discount) $ 2,532,547 Fair value net discount (1,175 ) Total time deposits (after net discount) $ 2,531,372 |
Note 8 - FHLB Borrowings (Table
Note 8 - FHLB Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | December 31, 2023 December 31, 2022 Amount Rate Amount Rate (dollars in thousands) By remaining period to maturity: Less than 1 year $ 881,000 5.57 % $ 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 293 2.85 2,050 2.23 4 years through 5 years 25,000 4.18 326 2.85 After 5 Years 294 2.96 326 2.96 FHLB borrowings (before discount) 933,637 5.41 % 857,702 4.32 % Fair value discount (58 ) (80 ) FHLB borrowings (after discount) $ 933,579 $ 857,622 |
Note 9 - Subordinated Debentu_2
Note 9 - Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | As of December 31, 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 LIBOR + 285 Basis Points 1/23/2034 1/23/2009 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2023 2022 2021 Current: Federal $ 16,185 $ 33,169 $ 32,364 State 9,635 13,247 12,325 Subtotal 25,820 46,416 44,689 Deferred: Federal 2,903 (3,353 ) (110 ) State 1,232 2,950 126 Subtotal 4,135 (403 ) 16 Income tax expense $ 29,955 $ 46,013 $ 44,705 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2023 2022 2021 Income before income tax expense $ 116,958 $ 171,224 $ 175,058 Federal statutory rate 21 % 21 % 21 % Computed “expected” Federal income tax expense 24,561 35,957 36,762 State tax, net of federal tax benefit 9,404 13,314 9,127 162M adjustment 779 777 - Bank owned life insurance (1,326 ) (1,175 ) (1,001 ) Tax-exempt interest and dividends (2,514 ) (1,969 ) (1,405 ) Tax benefits from stock-based compensation (66 ) (417 ) (261 ) Other, net (883 ) (474 ) 1,483 Income tax expense $ 29,955 $ 46,013 $ 44,705 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2023 2022 (dollars in thousands) Deferred tax assets Allowance for credit losses $ 23,973 $ 26,901 Depreciation 65 - Pension actuarial losses 897 1,269 New Jersey net operating loss 1,187 156 Deferred compensation 5,240 3,784 Unrealized losses on available-for-sale securities 23,365 25,141 Deferred loan costs, net of fees 1,628 2,664 Finance lease 192 212 Nonaccrual interest 111 168 Operating lease liability 3,897 3,424 Other 1,887 4,172 Total deferred tax assets $ 62,442 $ 67,891 Deferred tax liabilities Employee benefit plans $ (2,439 ) $ (2,452 ) Purchase accounting (1,660 ) (1,458 ) Depreciation - (381 ) Prepaid expenses (1,386 ) (1,011 ) Unrealized gains on derivatives (10,676 ) (13,704 ) Right of use asset (3,545 ) (3,059 ) Other (1,664 ) (1,681 ) Total deferred tax liabilities (21,370 ) (23,746 ) Net deferred tax assets $ 41,072 $ 44,145 |
Note 12 - Commitments, Contin_2
Note 12 - Commitments, Contingencies, and Concentrations of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | 2023 2022 (dollars in thousands) Commitments under commercial loans and lines of credit $ 723,228 $ 662,515 Home equity and other revolving lines of credit 48,786 54,302 Outstanding commercial mortgage loan commitments 370,574 433,034 Standby letters of credit 23,562 20,770 Overdraft protection lines 829 905 Total $ 1,166,979 $ 1,171,526 |
Note 13 - Transactions with E_2
Note 13 - Transactions with Executive Officers, Directors, and Principle Stockholders (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | 2023 2022 (dollars in thousands) Balance, January 1 $ 16,266 $ 17,616 Originations and drawdowns 9,801 1,200 Repayments (5,744 ) (2,550 ) Balance, December 31 $ 20,323 $ 16,266 |
Note 14 - Stockholders' Equit_2
Note 14 - Stockholders' Equity and Regulatory Requirements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | For Classification Under Corrective Minimum Action Plan Capital Adequacy as Well Capitalized Amount Ratio Amount Ratio Amount Ratio The Bank (dollars in thousands) December 31, 2023 Leverage (Tier 1) capital $ 1,074,204 11.20 % $ 383,619 4.00 % $ 479,524 5.00 % Risk-Based Capital: CET 1 $ 1,074,204 12.31 $ 392,643 4.50 $ 567,151 6.50 Tier 1 1,074,204 12.31 523,524 6.00 698,032 8.00 Total 1,158,572 13.28 698,032 8.00 872,540 10.00 December 31, 2022 Leverage (Tier 1) capital $ 996,013 10.64 % $ 374,553 4.00 % $ 468,191 5.00 % Risk-Based Capital: CET 1 $ 996,013 11.60 $ 386,289 4.50 $ 557,972 6.50 Tier 1 996,013 11.60 515,051 6.00 686,735 8.00 Total 1,117,733 13.02 686,735 8.00 858,419 10.00 Minimum Capital For Classification Adequacy as Well Capitalized Amount Ratio Amount Ratio Amount Ratio The Company (dollars in thousands) December 31, 2023 Leverage (Tier 1) capital $ 1,042,481 10.86 % $ 383,900 4.00 % N/A N/A Risk-Based Capital: CET 1 $ 926,399 10.62 $ 392,650 4.50 N/A N/A Tier 1 1,042,481 11.95 523,533 6.00 N/A N/A Total 1,201,849 13.77 698,044 8.00 N/A N/A December 31, 2022 Leverage (Tier 1) capital $ 1,000,577 10.68 % $ 374,729 4.00 % N/A N/A Risk-Based Capital: CET 1 $ 884,495 10.30 $ 386,295 4.50 N/A N/A Tier 1 1,000,577 11.66 515,061 6.00 N/A N/A Total 1,240,047 14.45 686,748 8.00 N/A N/A |
Note 15 - Comprehensive Income
Note 15 - Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Affected Line Item in the Details about Accumulated Other Amounts Reclassified from Accumulated Consolidated Comprehensive Income (Loss) Components Other Comprehensive Income (Loss) Statements of Income For the Year Ended December 31, (dollars in thousands) 2023 2022 2021 Sale of investment securities available-for-sale $ - $ - $ 195 Net gains on sale of investment securities - - (48 ) Income tax expense - - 147 Net interest income (expense) on derivatives 20,230 3,243 (1,873 ) Interest income (expense) (6,086 ) (976 ) 528 Income tax (benefit) expense 14,144 2,267 (1,345 ) Amortization of pension plan net actuarial losses (296 ) (66 ) (299 ) Salaries and employee benefits 89 20 84 Income tax benefit (207 ) (46 ) (215 ) Total reclassification $ 13,937 $ 2,221 $ (1,413 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2023 2022 (dollars in thousands) Investment securities available-for-sale, net of tax $ (57,835 ) $ (61,775 ) Derivatives, net of tax 24,810 32,360 Defined benefit pension, net of tax (2,084 ) (2,949 ) Total $ (35,109 ) $ (32,364 ) |
Note 16 - Pension and Other B_2
Note 16 - Pension and Other Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | 2023 2022 (dollars in thousands) Change in Benefit Obligation: Projected benefit obligation as of January 1, $ 9,317 $ 14,644 Interest cost 441 311 Actuarial (gain) loss 251 (4,657 ) Benefits paid (674 ) (981 ) Projected benefit obligation as of December 31, $ 9,335 $ 9,317 Change in Plan Assets: Fair value of plan assets as of January 1, $ 13,257 $ 17,604 Actual return on plan assets 2,031 (3,366 ) Benefits paid (674 ) (981 ) Fair value of plan assets as of December 31, $ 14,614 $ 13,257 Funded status $ 5,279 $ 3,940 |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | As of December 31, 2023 2022 (dollars in thousands) Net actuarial loss recognized in accumulated other comprehensive income (pre-tax) $ 2,981 $ 4,219 |
Schedule of Net Benefit Costs [Table Text Block] | 2023 2022 2021 (dollars in thousands) Interest cost $ 440 $ 311 $ 284 Expected return on plan assets (838 ) (949 ) (852 ) Net amortization 296 66 299 Total net periodic pension income $ (102 ) $ (572 ) $ (269 ) Total unrealized gain recognized in other comprehensive income (941 ) (343 ) - Realized losses included in net income (296 ) (66 ) (299 ) Total recognized in net periodic pension income and other comprehensive income $ (1,339 ) $ (981 ) $ (568 ) |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block] | 2023 2022 Discount rate 4.72 % 4.92 % Rate of compensation increase N/A N/A 2024 2023 2022 Discount rate 4.72 % 4.92 % 2.57 % Expected long-term return on plan assets 6.00 % 6.50 % 5.50 % Rate of compensation increase N/A N/A N/A |
Schedule of Allocation of Plan Assets [Table Text Block] | Weighted Average % of Plan % of Plan Expected Assets – Assets – Long-Term Target Year Ended Year Ended Rate of Allocation 2023 2022 Return Equity Securities Domestic 56 % 66 % 58 % 3.4 % International 9 4 4 0.8 Debt and/or fixed income securities 33 28 35 1.7 Cash and other alternative investments, including real estate funds, commodity funds, hedge funds and equity structured notes 2 2 3 0.1 Total 100 % 100 % 100 % 6.0 % |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | December 31, 2023 Fair Value Measurements at Reporting Date Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Asset Class (Level 1) (Level 2) (Level 3) (dollars in thousands) Cash $ 201 $ 201 $ - $ - Equity securities: U.S. companies 9,647 9,647 - - International companies 654 654 - - Debt and/or fixed income securities 4,012 4,012 - - Commodity funds 62 62 - - Real estate funds 38 38 - - Total $ 14,614 $ 14,614 $ - $ - December 31, 2022 Fair Value Measurements at Reporting Date Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Asset Class (Level 1) (Level 2) (Level 3) (dollars in thousands) Cash $ 262 $ 262 $ - $ - Equity securities: U.S. companies 7,611 7,611 - - International companies 569 569 - - Debt and/or fixed income securities 4,684 4,684 - - Commodity funds 95 95 - - Real estate funds 36 36 - - Total $ 13,257 $ 13,257 $ - $ - |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | 2024 $ 709 2025 707 2026 710 2027 752 2028 752 2029 - 2033 3,598 |
Note 17 - Stock Based Compens_2
Note 17 - Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted- Average Weighted- Remaining Number of Average Contractual Stock Exercise Term Aggregate Options Price (in years) Intrinsic Value Outstanding as of December 31, 2022 8,680 $ 12.95 $ - Granted - - - Exercised (7,388 ) 12.73 - Forfeited/cancelled/expired (1,292 ) 14 - Outstanding as of December 31, 2023 - - - $ - Exercisable as of December 31, 2023 - $ - - $ - |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Weighted- Average Nonvested Grant Date Shares Fair Value Nonvested as of December 31, 2022 85,931 $ 26.20 Granted 93,147 16.19 Vested (54,183 ) 27.59 Cancelled/netted (9,090 ) 21.76 Nonvested December 31, 2023 115,805 $ 17.85 |
Schedule of Nonvested Performance-Based Units Activity [Table Text Block] | Weighted Average Grant Units Units Date Fair (expected) (maximum) 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 December 31, 2023 164,231 233,087 $ 23.06 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted Average Grant Units Date Fair (expected) Value Unearned as of December 31, 2022 120,035 $ 23.84 Awarded 146,857 18.98 Vested shares (78,544 ) 18.91 Unearned as of December 31, 2023 188,348 $ 22.11 |
Note 19 - Derivatives (Tables)
Note 19 - Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2023 Amount of gain Amount of (gain) Amount of gain (loss) (loss) recognized loss reclassified recognized in other in OCI (Effective from OCI to Noninterest income (dollars in thousands) Portion) interest expense (Ineffective Portion) Interest rate contracts $ 9,431 $ (20,230 ) $ - 2022 Amount of gain Amount of (gain) Amount of gain (loss) (loss) recognized loss reclassified recognized in other in OCI (Effective from OCI to Noninterest income (dollars in thousands) Portion) interest expense (Ineffective Portion) Interest rate contracts $ 46,282 $ (3,343 ) $ - |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | 2023 2022 Notional Notional (dollars in thousands) Amount Fair Value Amount Fair Value Included in other assets/(liabilities): Interest rate contracts $ 950,000 $ 43,805 $ 950,000 $ 56,797 |
Note 20 - Fair Value Measurem_2
Note 20 - Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2023 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total Fair Value (Level 1) (Level 2) (Level 3) (dollars in thousands) Recurring fair value measurements: Assets Investment securities: Available-for-sale: Federal agency obligations $ 45,326 $ - $ 45,326 $ - Residential mortgage pass-through securities 411,191 - 411,191 - Commercial mortgage pass-through securities 21,564 - 21,564 - Obligations of U.S. states and political subdivision 132,705 - 125,583 7,122 Corporate bonds and notes 4,973 - 4,973 - Asset-backed securities 1,238 - 1,238 - Certificates of deposit - - - - Other securities 165 165 - - Total available-for-sale $ 617,162 $ 165 $ 609,875 $ 7,122 Equity securities 18,564 9,867 8,697 - Derivatives - interest rate contracts 43,805 - 43,805 - Total assets $ 679,531 $ 10,032 $ 662,377 $ 7,122 December 31, 2022 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total Fair Value (Level 1) (Level 2) (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 - Certificates of deposit - - - - Other securities 242 242 - - Total available-for-sale $ 634,884 $ 242 $ 627,293 $ 7,349 Equity securities 15,811 9,733 6,078 - Derivatives - interest rate contracts 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 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs 2023 (Level 1) (Level 2) (Level 3) Assets measured at fair value on a nonrecurring basis: (dollars in thousands) Collateral dependent loans: Commercial $ 657 $ - $ - $ 657 Commercial real estate 7,005 - - 7,005 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs 2022 (Level 1) (Level 2) (Level 3) Assets measured at fair value on a nonrecurring basis: (dollars in thousands) Collateral dependent loans: 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, January 1, 2023 $ 7,349 Principal paydowns (272 ) Changes in unrealized gain (loss) 45 Ending balance, December 31, 2023 $ 7,122 Municipal Securities (dollars in thousands) Beginning balance, January 1, 2022 $ 8,565 Principal paydowns (287 ) Changes in unrealized gain (loss) (929 ) Ending balance, December 31, 2022 $ 7,349 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | December 31, 2023 Valuation Unobservable Fair Value Techniques Input Range Securities available-for-sale: (dollars in thousands) Municipal securities $ 7,122 Discounted cash flows Discount rate 4.3 % December 31, 2022 Valuation Unobservable Fair Value Techniques Input Range 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] | December 31, 2023 Valuation Unobservable (dollars in thousands) Fair Value Techniques Input Range (weighed average) Commercial loans $ 657 Appraisals of collateral Adjustment for comparable sales -7.5% to +25% (+.1%) Commercial real estate loans 7,005 Appraisals of collateral Adjustment for comparable sales -15% to +0% (-10.3%) December 31, 2022 Valuation Unobservable (dollars in thousands) Fair Value Techniques Input Range (weighed 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 Adjustment for comparable sales -10% to +13% (+3%) Commercial real estate loans 17,264 Appraisals of collateral Adjustment for comparable sales -20% to +0% (-15%) Residential real estate loans 1,392 Appraisals of collateral Adjustment for comparable sales +21% to +39% (22%) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Fair Assets Inputs Inputs Amount Value (Level 1) (Level 2) (Level 3) (dollars in thousands) December 31, 2023 Financial assets: Cash and due from banks $ 242,714 $ 242,714 $ 242,714 $ - $ - Investment securities available-for-sale 617,162 617,162 165 609,875 7,122 Restricted investment in bank stocks 51,457 n/a n/a n/a n/a Equity securities 18,564 18,564 9,867 8,697 - Net loans 8,263,171 8,001,504 - - 8,001,504 Derivatives - interest rate contracts 43,805 43,805 - 43,805 - Accrued interest receivable 49,108 49,108 - 5,387 43,721 Financial liabilities: Noninterest-bearing deposits 1,259,364 1,259,364 1,259,364 - - Interest-bearing deposits 6,276,838 6,256,444 3,745,467 2,510,977 - Borrowings 933,579 932,081 - 932,081 - Subordinated debentures 79,439 77,952 - 77,952 - Accrued interest payable 10,152 10,152 - 10,152 - 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 21 - Parent Corporation _2
Note 21 - Parent Corporation Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | Condensed Statements of Condition As of December 31, 2023 2022 (dollars in thousands) ASSETS Cash and cash equivalents $ 35,885 $ 117,162 Investment in subsidiaries 1,253,497 1,179,342 Investment securities 156 32,405 Equity securities 6,957 4,218 Other assets - 699 Total assets $ 1,296,495 $ 1,333,826 LIABILITIES AND STOCKHOLDERS’ EQUITY Other liabilities 436 1,820 Subordinated debentures, net 79,439 153,255 Stockholders’ equity 1,216,620 1,178,751 Total liabilities and stockholders’ equity $ 1,296,495 $ 1,333,826 |
Condensed Income Statement [Table Text Block] | Condensed Statements of Income For Years Ended December 31, 2023 2022 2021 (dollars in thousands) Income: Dividend income from subsidiaries $ 50,725 $ 36,475 $ 24,071 Other income 946 1,638 1,627 Total Income 51,671 38,113 25,698 Expenses (6,359 ) (8,928 ) (8,741 ) Income before equity in undistributed earnings of subsidiaries 45,312 29,185 16,957 Equity in undistributed earnings of subsidiaries 41,691 96,026 113,396 Net Income 87,003 125,211 130,353 Preferred dividends 6,036 6,037 1,717 Net income available to common stockholders $ 80,967 $ 119,174 $ 128,636 |
Condensed Cash Flow Statement [Table Text Block] | Condensed Statements of Cash Flows For Years Ended December 31 2023 2022 2021 (dollars in thousands) Cash flows from operating activities: Net income $ 87,003 $ 125,211 $ 130,353 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary (41,691 ) (96,026 ) (113,396 ) Loss on equity securities, net 131 45 55 Amortization of subordinated debt issuance costs 1,184 304 303 Decrease in other assets 699 - 50,590 Decrease in other liabilities (1,384 ) (14 ) (287 ) Net cash provided by operating activities 45,942 29,520 67,618 Cash flows from investing activities: Payments for investments and advances in subsidiaries (32,250 ) - - Repayment of investments and advances in subsidiaries 32,250 - - Purchases of equity securities (2,870 ) (3,538 ) (780 ) Net cash used in investing activities (2,870 ) (3,538 ) (780 ) Cash flows from financing activities: Repayment of subordinated debt (75,000 ) - (50,000 ) Cash dividends paid on preferred stock (6,036 ) (6,037 ) (1,717 ) Cash dividends paid on common stock (25,912 ) (23,428 ) (17,493 ) Purchase of treasury stock (17,497 ) (13,127 ) (9,401 ) Proceeds from preferred stock offering - - 110,927 Proceeds from exercise of stock options 96 124 106 Net cash (used in) provided by financing activities (124,349 ) (42,468 ) 32,422 (Increase) decrease in cash and cash equivalents (81,277 ) (16,486 ) 99,260 Cash and cash equivalents as of January 1, 117,162 133,648 34,388 Cash and cash equivalents as of December 31, $ 35,885 $ 117,162 $ 133,648 |
Note 22 - Quarterly Financial_2
Note 22 - Quarterly Financial Information of ConnectOne Bancorp, Inc. (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2023 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter (dollars in thousands, except per share data) Total interest income $ 128,957 $ 123,686 $ 121,325 $ 116,097 Total interest expense 67,135 61,329 57,482 49,013 Net interest income 61,822 62,357 63,843 67,084 Provision for credit losses 2,700 1,500 3,000 1,000 Total other income 4,209 3,562 3,438 2,792 Other expenses 37,845 35,784 35,450 34,870 Income before income taxes 25,486 28,635 28,831 34,006 Income tax expense 6,213 7,228 7,437 9,077 Net income 19,273 21,407 21,394 24,929 Preferred dividends 1,509 1,509 1,509 1,509 Net income available to common stockholders $ 17,764 $ 19,898 $ 19,885 $ 23,420 Earnings per share: Basic $ 0.46 $ 0.51 $ 0.51 $ 0.60 Diluted 0.46 0.51 0.51 0.59 2022 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter (dollars in thousands, except per share data) Total interest income $ 112,469 $ 96,980 $ 85,356 $ 78,941 Total interest expense 34,460 18,819 9,765 8,583 Net interest income 78,009 78,161 75,591 70,358 Provision for credit losses 3,300 10,000 3,000 1,450 Total other income, net of securities gains 3,508 3,322 3,359 3,054 Other expenses 33,312 32,143 31,703 29,230 Income before income taxes 44,905 39,340 44,247 42,732 Income tax expense 12,348 10,425 11,889 11,351 Net income 32,557 28,915 32,358 31,381 Preferred dividends 1,510 1,509 1,509 1,509 Net income available to common stockholders $ 31,047 $ 27,406 $ 30,849 $ 29,872 Earnings per share: Basic $ 0.79 $ 0.70 $ 0.78 $ 0.76 Diluted 0.79 0.70 0.78 0.75 |
Note 1a - Nature of Operation_2
Note 1a - Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | |
Number of Operating Segments | 5 | ||
Non Accrual Contractual Due (Day) | 90 days | ||
Financing Receivable, Individually Evaluated for Impairment | $ 69,963,000 | $ 91,976,000 | |
Stock Repurchase Program, Repurchased, Shares (in shares) | shares | 904,152 | 447,108 | |
Accrued Excise Tax Through Equity | $ 200,000 | ||
Goodwill, Impairment Loss | 0 | $ 0 | $ 0 |
Minimum [Member] | |||
Financing Receivable, Individually Evaluated for Impairment | $ 250,000 | ||
Minimum [Member] | Land, Buildings and Improvements [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 4 years | ||
Minimum [Member] | Furniture Fixtures and Equipment [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Minimum [Member] | Nonaccrual Loans [Member] | |||
Financing Receivable, Individually Evaluated for Impairment | $ 250,000 | ||
Maximum [Member] | Land, Buildings and Improvements [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 30 years | ||
Maximum [Member] | Furniture Fixtures and Equipment [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Note 2 - Earnings Per Common _3
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 | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income available to common stockholders | $ 17,764 | $ 19,898 | $ 19,885 | $ 23,420 | $ 31,047 | $ 27,406 | $ 30,849 | $ 29,872 | $ 80,967 | $ 119,174 | $ 128,636 |
Earnings allocated to participating securities | (216) | (287) | (313) | ||||||||
Income attributable to common stock | $ 80,751 | $ 118,887 | $ 128,323 | ||||||||
Weighted average common shares outstanding, including participating securities (in shares) | 38,913 | 39,355 | 39,723 | ||||||||
Weighted average participating securities (in shares) | (104) | (95) | (97) | ||||||||
Weighted average common shares outstanding (in shares) | 38,809 | 39,260 | 39,626 | ||||||||
Incremental shares from assumed conversions of options, deferred stock units, performance units and restricted stock (in shares) | 153 | 216 | 260 | ||||||||
Weighted average common and equivalent shares outstanding (in shares) | 38,962 | 39,476 | 39,886 | ||||||||
Earnings per common share: | |||||||||||
Basic (in dollars per share) | $ 0.46 | $ 0.51 | $ 0.51 | $ 0.6 | $ 0.79 | $ 0.7 | $ 0.78 | $ 0.76 | $ 2.08 | $ 3.03 | $ 3.24 |
Diluted (in dollars per share) | $ 0.46 | $ 0.51 | $ 0.51 | $ 0.59 | $ 0.79 | $ 0.7 | $ 0.78 | $ 0.75 | $ 2.07 | $ 3.01 | $ 3.22 |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities (Details Textual) Pure in Thousands, $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Debt Securities, Available-for-sale, Holding Greater than 10 Percent of Equity | 0 | 0 |
Accrued Investment Income Receivable | $ 2,300 | $ 2,400 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | |
Asset Pledged as Collateral [Member] | ||
Debt Securities, Available-for-Sale, Restricted | $ 358,000 | $ 157,000 |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Portfolio of Securities Available-for-sale (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized cost | $ 698,362 | $ 721,799 |
Gross unrealized gains | 1,224 | 289 |
Gross unrealized losses | (82,424) | (87,204) |
Securities available-for-sale | 617,162 | 634,884 |
US Government Agencies Debt Securities [Member] | ||
Amortized cost | 55,898 | 54,889 |
Gross unrealized gains | 189 | 0 |
Gross unrealized losses | (10,761) | (10,439) |
Securities available-for-sale | 45,326 | 44,450 |
Residential Mortgage-Backed Securities [Member] | ||
Amortized cost | 462,004 | 475,263 |
Gross unrealized gains | 620 | 178 |
Gross unrealized losses | (51,433) | (57,863) |
Securities available-for-sale | 411,191 | 417,578 |
Commercial Mortgage-Backed Securities [Member] | ||
Amortized cost | 25,240 | 25,485 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (3,676) | (4,381) |
Securities available-for-sale | 21,564 | 21,104 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized cost | 148,795 | 157,247 |
Gross unrealized gains | 415 | 111 |
Gross unrealized losses | (16,505) | (14,462) |
Securities available-for-sale | 132,705 | 142,896 |
Corporate Debt Securities [Member] | ||
Amortized cost | 5,000 | 7,000 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (27) | (26) |
Securities available-for-sale | 4,973 | 6,974 |
Asset-Backed Securities [Member] | ||
Amortized cost | 1,260 | 1,673 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (22) | (33) |
Securities available-for-sale | 1,238 | 1,640 |
Other Debt Obligations [Member] | ||
Amortized cost | 165 | 242 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Securities available-for-sale | $ 165 | $ 242 |
Note 3 - Investment Securitie_4
Note 3 - Investment Securities - Scheduled Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Due in one year or less, amortized cost | $ 2,000 | |
Due in one year or less, fair value | 1,980 | |
Due after one year through five years, amortized cost | 6,389 | |
Due after one year through five years, fair value | 6,379 | |
Due after five years through ten years, amortized cost | 1,851 | |
Due after five years through ten years, fair value | 1,857 | |
Due after ten years, amortized cost | 200,713 | |
Due after ten years, fair value | 174,026 | |
Total investment securities available-for-sale, amortized cost | 698,362 | $ 721,799 |
Investment securities | 617,162 | 634,884 |
Residential Mortgage-Backed Securities [Member] | ||
Securities available-for-sale, without single maturity date, amortized cost | 462,004 | |
Securities available-for-sale, without single maturity date, fair value | 411,191 | |
Total investment securities available-for-sale, amortized cost | 462,004 | 475,263 |
Investment securities | 411,191 | 417,578 |
Commercial Mortgage-Backed Securities [Member] | ||
Securities available-for-sale, without single maturity date, amortized cost | 25,240 | |
Securities available-for-sale, without single maturity date, fair value | 21,564 | |
Total investment securities available-for-sale, amortized cost | 25,240 | 25,485 |
Investment securities | 21,564 | 21,104 |
Other Debt Obligations [Member] | ||
Securities available-for-sale, without single maturity date, amortized cost | 165 | |
Securities available-for-sale, without single maturity date, fair value | 165 | |
Total investment securities available-for-sale, amortized cost | 165 | 242 |
Investment securities | $ 165 | $ 242 |
Note 3 - Investment Securitie_5
Note 3 - Investment Securities - Gross Gains and Losses from Sales and Redemptions of Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Proceeds | $ 0 | $ 0 | $ 5,185 |
Gross gains on sale/redemption of investment securities | 0 | 0 | 195 |
Gross losses on sale/redemption of investment securities | 0 | 0 | 0 |
Net gains on sales/redemptions of investment securities | 0 | 0 | 195 |
Tax provision on net gains | 0 | 0 | (48) |
Net gains on sale/redemption of investment securities, after tax | $ 0 | $ 0 | $ 147 |
Note 3 - Investment Securitie_6
Note 3 - Investment Securities - Securities in an Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Temporarily impaired securities, fair value | $ 551,786 | $ 608,473 |
Temporarily impaired securities, unrealized losses | (82,424) | (87,204) |
Temporarily impaired securities, fair value, less than 12 months | 10,160 | 307,425 |
Temporarily impaired securities, unrealized losses, less than 12 months | (130) | (21,450) |
Temporarily impaired securities, fair value, 12 months or longer | 541,626 | 301,048 |
Temporarily impaired securities, unrealized losses, 12 months or longer | (82,294) | (65,754) |
US Government Agencies Debt Securities [Member] | ||
Temporarily impaired securities, fair value | 40,779 | 44,451 |
Temporarily impaired securities, unrealized losses | (10,761) | (10,439) |
Temporarily impaired securities, fair value, less than 12 months | 1,689 | 20,517 |
Temporarily impaired securities, unrealized losses, less than 12 months | (65) | (1,831) |
Temporarily impaired securities, fair value, 12 months or longer | 39,090 | 23,934 |
Temporarily impaired securities, unrealized losses, 12 months or longer | (10,696) | (8,608) |
Residential Mortgage-Backed Securities [Member] | ||
Temporarily impaired securities, fair value | 382,042 | 403,039 |
Temporarily impaired securities, unrealized losses | (51,433) | (57,863) |
Temporarily impaired securities, fair value, less than 12 months | 4,138 | 218,918 |
Temporarily impaired securities, unrealized losses, less than 12 months | (51) | (13,869) |
Temporarily impaired securities, fair value, 12 months or longer | 377,904 | 184,121 |
Temporarily impaired securities, unrealized losses, 12 months or longer | (51,382) | (43,994) |
Commercial Mortgage-Backed Securities [Member] | ||
Temporarily impaired securities, fair value | 21,565 | 21,105 |
Temporarily impaired securities, unrealized losses | (3,676) | (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 | 21,565 | 6,582 |
Temporarily impaired securities, unrealized losses, 12 months or longer | (3,676) | (2,077) |
US States and Political Subdivisions Debt Securities [Member] | ||
Temporarily impaired securities, fair value | 101,189 | 133,265 |
Temporarily impaired securities, unrealized losses | (16,505) | (14,462) |
Temporarily impaired securities, fair value, less than 12 months | 1,340 | 47,446 |
Temporarily impaired securities, unrealized losses, less than 12 months | (7) | (3,404) |
Temporarily impaired securities, fair value, 12 months or longer | 99,849 | 85,819 |
Temporarily impaired securities, unrealized losses, 12 months or longer | (16,498) | (11,058) |
Corporate Debt Securities [Member] | ||
Temporarily impaired securities, fair value | 4,973 | 4,973 |
Temporarily impaired securities, unrealized losses | (27) | (26) |
Temporarily impaired securities, fair value, less than 12 months | 2,993 | 4,973 |
Temporarily impaired securities, unrealized losses, less than 12 months | (7) | (26) |
Temporarily impaired securities, fair value, 12 months or longer | 1,980 | 0 |
Temporarily impaired securities, unrealized losses, 12 months or longer | (20) | 0 |
Asset-Backed Securities [Member] | ||
Temporarily impaired securities, fair value | 1,238 | 1,640 |
Temporarily impaired securities, unrealized losses | (22) | (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 | 1,238 | 592 |
Temporarily impaired securities, unrealized losses, 12 months or longer | $ (22) | $ (17) |
Note 4 - Loans and the Allowa_3
Note 4 - Loans and the Allowance for Credit Losses (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 8,351,841 | $ 8,109,161 | |
Financing Receivable, after Allowance for Credit Loss | $ 8,263,171 | 8,009,176 | |
Allowance for Loan Losses Included in Unallocated | $ 6,600 | ||
Financing Receivable, Modified, Weighted Average Term Increase from Modification (Year) | 13 years | ||
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 1.90% | ||
Financing Receivable, Modified, Subsequent Default, Number of Contracts | 0 | ||
Asset Pledged as Collateral [Member] | Federal Home Loan Bank Advances [Member] | |||
Financing Receivable, after Allowance for Credit Loss | $ 5,800,000 | 2,700,000 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 1,578,730 | 1,472,734 | |
Commercial Portfolio Segment [Member] | Paycheck Protection Program CARES Act [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 9,000 | $ 11,000 |
Note 4 - Loans and the Allowa_4
Note 4 - Loans and the Allowance for Credit Losses - Composition of Loan Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 8,351,841 | $ 8,109,161 |
Net deferred fees | (6,696) | (9,472) |
Loans receivable | 8,345,145 | 8,099,689 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 1,578,730 | 1,472,734 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 5,895,545 | 5,795,228 |
Commercial Construction Portfolio Segment [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 620,496 | 574,139 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 256,041 | 264,748 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 1,029 | $ 2,312 |
Note 4 - Loans and the Allowa_5
Note 4 - Loans and the Allowance for Credit Losses - Composition of Loans Held-for-sale (Details) - USD ($) $ in Thousands | Dec. 31, 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 4 - Loans and the Allowa_6
Note 4 - Loans and the Allowance for Credit Losses - Loans Receivable on Nonaccrual Status (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Nonaccrual loans with ACL | $ 10,809 | $ 34,336 |
Nonaccrual loans without ACL | 41,715 | 10,118 |
Total Nonaccrual loans | 52,524 | 44,454 |
Commercial Portfolio Segment [Member] | ||
Nonaccrual loans with ACL | 1,763 | 23,512 |
Nonaccrual loans without ACL | 11,064 | 1,745 |
Total Nonaccrual loans | 12,827 | 25,257 |
Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccrual loans with ACL | 8,013 | 10,220 |
Nonaccrual loans without ACL | 28,179 | 6,597 |
Total Nonaccrual loans | 36,192 | 16,817 |
Residential Portfolio Segment [Member] | ||
Nonaccrual loans with ACL | 1,033 | 604 |
Nonaccrual loans without ACL | 2,472 | 1,776 |
Total Nonaccrual loans | $ 3,505 | $ 2,380 |
Note 4 - Loans and the Allowa_7
Note 4 - Loans and the Allowance for Credit Losses - Loans by Origination and Risk Designation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Originated Current Fiscal Year | $ 444,378 | $ 1,940,802 | |
Originated One Year Prior | 1,873,427 | 1,948,742 | |
Originated Two Years Prior | 1,891,130 | 462,092 | |
Originated Three Years Prior | 419,300 | 417,698 | |
Originated Four Years Prior | 389,442 | 479,498 | |
Originated Five or More Years Prior | 1,497,749 | 1,289,624 | |
Revolving Loans | 1,836,415 | 1,570,705 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 8,351,841 | 8,109,161 | |
Gross write-off, current year | 54 | ||
Gross write-off, one year prior | 3,397 | ||
Gross write-off, two years prior | 0 | ||
Gross write-off, three years prior | 0 | ||
Gross write-off, four years prior | 280 | ||
Gross write-off, five years prior | 13,236 | ||
Gross write-off, revolving | 82 | ||
Gross write-off | 17,049 | 5,443 | $ 2,397 |
Pass [Member] | |||
Originated Current Fiscal Year | 444,128 | 1,930,147 | |
Originated One Year Prior | 1,862,368 | 1,946,667 | |
Originated Two Years Prior | 1,888,446 | 462,077 | |
Originated Three Years Prior | 419,299 | 408,820 | |
Originated Four Years Prior | 387,013 | 449,120 | |
Originated Five or More Years Prior | 1,435,499 | 1,194,037 | |
Revolving Loans | 1,802,411 | 1,535,858 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 8,239,164 | 7,926,726 | |
Special Mention [Member] | |||
Originated Current Fiscal Year | 0 | 3,040 | |
Originated One Year Prior | 10,620 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 583 | |
Originated Four Years Prior | 562 | 26 | |
Originated Five or More Years Prior | 28,270 | 46,325 | |
Revolving Loans | 14,716 | 12,131 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 54,168 | 62,105 | |
Substandard [Member] | |||
Originated Current Fiscal Year | 250 | 7,615 | |
Originated One Year Prior | 439 | 2,075 | |
Originated Two Years Prior | 2,684 | 15 | |
Originated Three Years Prior | 1 | 8,295 | |
Originated Four Years Prior | 1,867 | 30,352 | |
Originated Five or More Years Prior | 33,980 | 49,262 | |
Revolving Loans | 19,288 | 22,716 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 58,509 | 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 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||
Originated Current Fiscal Year | 178,832 | 309,251 | |
Originated One Year Prior | 263,210 | 305,867 | |
Originated Two Years Prior | 265,946 | 47,967 | |
Originated Three Years Prior | 38,910 | 30,529 | |
Originated Four Years Prior | 14,900 | 64,190 | |
Originated Five or More Years Prior | 127,257 | 158,886 | |
Revolving Loans | 689,675 | 556,044 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 1,578,730 | 1,472,734 | |
Gross write-off, current year | 54 | ||
Gross write-off, one year prior | 3,397 | ||
Gross write-off, two years prior | 0 | ||
Gross write-off, three years prior | 0 | ||
Gross write-off, four years prior | 280 | ||
Gross write-off, five years prior | 11,094 | ||
Gross write-off, revolving | 63 | ||
Gross write-off | 14,888 | 2,612 | 382 |
Commercial Portfolio Segment [Member] | Pass [Member] | |||
Originated Current Fiscal Year | 178,582 | 301,636 | |
Originated One Year Prior | 252,151 | 305,721 | |
Originated Two Years Prior | 265,705 | 47,952 | |
Originated Three Years Prior | 38,909 | 28,177 | |
Originated Four Years Prior | 13,726 | 52,950 | |
Originated Five or More Years Prior | 112,145 | 127,739 | |
Revolving Loans | 684,779 | 550,483 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 1,545,997 | 1,414,658 | |
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 10,620 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 583 | |
Originated Four Years Prior | 562 | 26 | |
Originated Five or More Years Prior | 3,417 | 8,551 | |
Revolving Loans | 3,199 | 3,292 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 17,798 | 12,452 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Originated Current Fiscal Year | 250 | 7,615 | |
Originated One Year Prior | 439 | 146 | |
Originated Two Years Prior | 241 | 15 | |
Originated Three Years Prior | 1 | 1,769 | |
Originated Four Years Prior | 612 | 11,214 | |
Originated Five or More Years Prior | 11,695 | 22,596 | |
Revolving Loans | 1,697 | 2,269 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 14,935 | 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 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Originated Current Fiscal Year | 248,660 | 1,574,791 | |
Originated One Year Prior | 1,561,841 | 1,609,952 | |
Originated Two Years Prior | 1,586,997 | 382,987 | |
Originated Three Years Prior | 352,445 | 365,104 | |
Originated Four Years Prior | 354,646 | 395,024 | |
Originated Five or More Years Prior | 1,276,583 | 1,049,043 | |
Revolving Loans | 514,373 | 418,327 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 5,895,545 | 5,795,228 | |
Gross write-off, current year | 0 | ||
Gross write-off, one year prior | 0 | ||
Gross write-off, two years prior | 0 | ||
Gross write-off, three years prior | 0 | ||
Gross write-off, four years prior | 0 | ||
Gross write-off, five years prior | 2,142 | ||
Gross write-off, revolving | 0 | ||
Gross write-off | 2,142 | 2,819 | 1,780 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Originated Current Fiscal Year | 248,660 | 1,571,751 | |
Originated One Year Prior | 1,561,841 | 1,608,023 | |
Originated Two Years Prior | 1,585,109 | 382,987 | |
Originated Three Years Prior | 352,445 | 358,578 | |
Originated Four Years Prior | 353,391 | 375,886 | |
Originated Five or More Years Prior | 1,232,240 | 987,982 | |
Revolving Loans | 497,588 | 401,365 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 5,831,274 | 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 | 24,202 | 37,774 | |
Revolving Loans | 0 | 8,839 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 24,202 | 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 | 1,888 | 0 | |
Originated Three Years Prior | 0 | 6,526 | |
Originated Four Years Prior | 1,255 | 19,138 | |
Originated Five or More Years Prior | 20,141 | 23,287 | |
Revolving Loans | 16,785 | 8,123 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 40,069 | 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 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 0 | 0 | |
Commercial Construction Portfolio Segment [Member] | |||
Originated Current Fiscal Year | 582 | 8,615 | |
Originated One Year Prior | 5,463 | 7,605 | |
Originated Two Years Prior | 15,645 | 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 | 592,570 | 550,691 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 620,496 | 574,139 | |
Gross write-off, current year | 0 | ||
Gross write-off, one year prior | 0 | ||
Gross write-off, two years prior | 0 | ||
Gross write-off, three years prior | 0 | ||
Gross write-off, four years prior | 0 | ||
Gross write-off, five years prior | 0 | ||
Gross write-off, revolving | 0 | ||
Gross write-off | 0 | 0 | 0 |
Commercial Construction Portfolio Segment [Member] | Pass [Member] | |||
Originated Current Fiscal Year | 582 | 8,615 | |
Originated One Year Prior | 5,463 | 7,605 | |
Originated Two Years Prior | 15,645 | 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 | 583,870 | 542,460 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 611,796 | 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 | 8,700 | 0 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 8,700 | 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 | 0 | 8,231 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 0 | 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 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 0 | 0 | |
Residential Portfolio Segment [Member] | |||
Originated Current Fiscal Year | 15,455 | 45,926 | |
Originated One Year Prior | 42,830 | 25,318 | |
Originated Two Years Prior | 22,542 | 24,409 | |
Originated Three Years Prior | 21,704 | 21,557 | |
Originated Four Years Prior | 19,896 | 20,284 | |
Originated Five or More Years Prior | 93,909 | 81,693 | |
Revolving Loans | 39,705 | 45,561 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 256,041 | 264,748 | |
Gross write-off, current year | 0 | ||
Gross write-off, one year prior | 0 | ||
Gross write-off, two years prior | 0 | ||
Gross write-off, three years prior | 0 | ||
Gross write-off, four years prior | 0 | ||
Gross write-off, five years prior | 0 | ||
Gross write-off, revolving | 18 | ||
Gross write-off | 18 | 9 | 235 |
Residential Portfolio Segment [Member] | Pass [Member] | |||
Originated Current Fiscal Year | 15,455 | 45,926 | |
Originated One Year Prior | 42,830 | 25,318 | |
Originated Two Years Prior | 21,987 | 24,409 | |
Originated Three Years Prior | 21,704 | 21,557 | |
Originated Four Years Prior | 19,896 | 20,284 | |
Originated Five or More Years Prior | 91,114 | 78,314 | |
Revolving Loans | 36,082 | 41,468 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 249,068 | 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 | 651 | 0 | |
Revolving Loans | 2,817 | 0 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 3,468 | 0 | |
Residential Portfolio Segment [Member] | Substandard [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 555 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 2,144 | 3,379 | |
Revolving Loans | 806 | 4,093 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 3,505 | 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 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Originated Current Fiscal Year | 849 | 2,219 | |
Originated One Year Prior | 83 | 0 | |
Originated Two Years Prior | 0 | 9 | |
Originated Three Years Prior | 5 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 0 | 2 | |
Revolving Loans | 92 | 82 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 1,029 | 2,312 | |
Gross write-off, current year | 0 | ||
Gross write-off, one year prior | 0 | ||
Gross write-off, two years prior | 0 | ||
Gross write-off, three years prior | 0 | ||
Gross write-off, four years prior | 0 | ||
Gross write-off, five years prior | 0 | ||
Gross write-off, revolving | 1 | ||
Gross write-off | 1 | 3 | $ 0 |
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Originated Current Fiscal Year | 849 | 2,219 | |
Originated One Year Prior | 83 | 0 | |
Originated Two Years Prior | 0 | 9 | |
Originated Three Years Prior | 5 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 0 | 2 | |
Revolving Loans | 92 | 82 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 1,029 | 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 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 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 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 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 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 0 | $ 0 |
Note 4 - Loans and the Allowa_8
Note 4 - Loans and the Allowance for Credit Losses - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 8,351,841 | $ 8,109,161 |
Real Estate [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 59,576 | 71,925 |
Other Collateral Pledged [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 10,387 | 22,517 |
Collateral Pledged [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 69,963 | 94,442 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 1,578,730 | 1,472,734 |
Commercial Portfolio Segment [Member] | Real Estate [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 4,949 | 5,352 |
Commercial Portfolio Segment [Member] | Other Collateral Pledged [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 10,387 | 22,517 |
Commercial Portfolio Segment [Member] | Collateral Pledged [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 15,336 | 27,869 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 5,895,545 | 5,795,228 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 39,986 | 52,477 |
Commercial Real Estate Portfolio Segment [Member] | Other Collateral Pledged [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Collateral Pledged [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 39,986 | 52,477 |
Commercial Construction Portfolio Segment [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 620,496 | 574,139 |
Commercial Construction Portfolio Segment [Member] | Real Estate [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 8,700 | 8,232 |
Commercial Construction Portfolio Segment [Member] | Other Collateral Pledged [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 0 | 0 |
Commercial Construction Portfolio Segment [Member] | Collateral Pledged [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 8,700 | 8,232 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 256,041 | 264,748 |
Residential Portfolio Segment [Member] | Real Estate [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 5,941 | 5,864 |
Residential Portfolio Segment [Member] | Other Collateral Pledged [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 0 | 0 |
Residential Portfolio Segment [Member] | Collateral Pledged [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 5,941 | $ 5,864 |
Note 4 - Loans and the Allowa_9
Note 4 - Loans and the Allowance for Credit Losses - Analysis of Aging of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 8,351,841 | $ 8,109,161 |
Nonaccrual | 52,524 | 44,454 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 1,357 | 1,965 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 23,826 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 0 | 5,591 |
Financial Asset, Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 77,707 | 52,010 |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 8,274,134 | 8,057,151 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 1,578,730 | 1,472,734 |
Nonaccrual | 12,827 | 25,257 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 555 | 306 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 13,382 | 25,563 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 1,565,348 | 1,447,171 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 5,895,545 | 5,795,228 |
Nonaccrual | 36,192 | 16,817 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 527 | 90 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 0 | 5,591 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 36,719 | 22,498 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 5,858,826 | 5,772,730 |
Commercial Construction Portfolio Segment [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 620,496 | 574,139 |
Nonaccrual | 0 | 0 |
Commercial Construction Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 0 | 0 |
Commercial Construction Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 23,600 | 0 |
Commercial Construction Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 0 | 0 |
Commercial Construction Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 23,600 | 0 |
Commercial Construction Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 596,896 | 574,139 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 256,041 | 264,748 |
Nonaccrual | 3,505 | 2,380 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 275 | 1,569 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 226 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 4,006 | 3,949 |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 252,035 | 260,799 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 1,029 | 2,312 |
Nonaccrual | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 1,029 | $ 2,312 |
Note 4 - Loans and the Allow_10
Note 4 - Loans and the Allowance for Credit Losses - Impairment Evaluation on Loans and Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Individually analyzed | $ 941 | $ 8,479 | ||
Collectively evaluated | 80,616 | 77,955 | ||
Total | 81,974 | 90,513 | $ 78,773 | $ 79,226 |
Financing Receivable, Individually Evaluated for Impairment | 69,963 | 91,976 | ||
Collectively evaluated | 8,281,394 | 8,006,720 | ||
Total | 8,351,841 | 8,109,161 | ||
Financial Asset Acquired with Credit Deterioration [Member] | ||||
Individually analyzed | 417 | 4,079 | ||
Financing Receivable, Individually Evaluated for Impairment | 484 | 10,465 | ||
Commercial Portfolio Segment [Member] | ||||
Individually analyzed | 0 | 7,426 | ||
Collectively evaluated | 20,215 | 19,319 | ||
Total | 20,632 | 28,903 | 25,969 | 28,443 |
Financing Receivable, Individually Evaluated for Impairment | 15,336 | 30,994 | ||
Collectively evaluated | 1,562,910 | 1,436,866 | ||
Total | 1,578,730 | 1,472,734 | ||
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Individually analyzed | 417 | 2,158 | ||
Financing Receivable, Individually Evaluated for Impairment | 484 | 4,874 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Individually analyzed | 941 | 1,003 | ||
Collectively evaluated | 51,337 | 50,818 | ||
Total | 52,278 | 53,742 | 45,589 | 39,330 |
Financing Receivable, Individually Evaluated for Impairment | 39,986 | 46,886 | ||
Collectively evaluated | 5,855,559 | 5,742,751 | ||
Total | 5,895,545 | 5,795,228 | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Individually analyzed | 0 | 1,921 | ||
Financing Receivable, Individually Evaluated for Impairment | 0 | 5,591 | ||
Commercial Construction Portfolio Segment [Member] | ||||
Individually analyzed | 0 | 0 | ||
Collectively evaluated | 4,739 | 3,718 | ||
Total | 4,739 | 3,718 | 3,580 | 8,194 |
Financing Receivable, Individually Evaluated for Impairment | 8,700 | 8,232 | ||
Collectively evaluated | 611,796 | 565,907 | ||
Total | 620,496 | 574,139 | ||
Commercial Construction Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Individually analyzed | 0 | 0 | ||
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||
Residential Portfolio Segment [Member] | ||||
Individually analyzed | 0 | 50 | ||
Collectively evaluated | 4,320 | 4,093 | ||
Total | 4,320 | 4,143 | 3,628 | 2,687 |
Financing Receivable, Individually Evaluated for Impairment | 5,941 | 5,864 | ||
Collectively evaluated | 250,100 | 258,884 | ||
Total | 256,041 | 264,748 | ||
Residential Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Individually analyzed | 0 | 0 | ||
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||
Consumer Portfolio Segment [Member] | ||||
Individually analyzed | 0 | 0 | ||
Collectively evaluated | 5 | 7 | ||
Total | 5 | 7 | $ 7 | $ 4 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||
Collectively evaluated | 1,029 | 2,312 | ||
Total | 1,029 | 2,312 | ||
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Individually analyzed | 0 | 0 | ||
Financing Receivable, Individually Evaluated for Impairment | $ 0 | $ 0 |
Note 4 - Loans and the Allow_11
Note 4 - Loans and the Allowance for Credit Losses - Activity in the ACL for Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance | $ 90,513 | $ 78,773 | $ 90,513 | $ 78,773 | $ 79,226 | ||||||
Charge-offs | (17,049) | (5,443) | (2,397) | ||||||||
Recoveries | 86 | 117 | 405 | ||||||||
Provision for (reversal) of credit losses | $ 2,700 | $ 1,500 | $ 3,000 | 1,000 | $ 3,300 | $ 10,000 | $ 3,000 | 1,450 | 8,424 | 17,066 | (5,018) |
Balance | 81,974 | 90,513 | 81,974 | 90,513 | 78,773 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||||
Balance | 6,557 | ||||||||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||||||||
Balance | 85,783 | ||||||||||
Commercial Portfolio Segment [Member] | |||||||||||
Balance | 28,903 | 25,969 | 28,903 | 25,969 | 28,443 | ||||||
Charge-offs | (14,888) | (2,612) | (382) | ||||||||
Recoveries | 10 | 54 | 289 | ||||||||
Provision for (reversal) of credit losses | 6,607 | 5,492 | 1,844 | ||||||||
Balance | 20,632 | 28,903 | 20,632 | 28,903 | 25,969 | ||||||
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||||
Balance | (4,225) | ||||||||||
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||||||||
Balance | 24,218 | ||||||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||||
Balance | 53,742 | 45,589 | 53,742 | 45,589 | 39,330 | ||||||
Charge-offs | (2,142) | (2,819) | (1,780) | ||||||||
Recoveries | 0 | 0 | 85 | ||||||||
Provision for (reversal) of credit losses | 678 | 10,972 | (1,651) | ||||||||
Balance | 52,278 | 53,742 | 52,278 | 53,742 | 45,589 | ||||||
Commercial Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||||
Balance | 9,605 | ||||||||||
Commercial Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||||||||
Balance | 48,935 | ||||||||||
Commercial Construction Portfolio Segment [Member] | |||||||||||
Balance | 3,718 | 3,580 | 3,718 | 3,580 | 8,194 | ||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Recoveries | 0 | 0 | 0 | ||||||||
Provision for (reversal) of credit losses | 1,021 | 138 | (3,653) | ||||||||
Balance | 4,739 | 3,718 | 4,739 | 3,718 | 3,580 | ||||||
Commercial Construction Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||||
Balance | (961) | ||||||||||
Commercial Construction Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||||||||
Balance | 7,233 | ||||||||||
Residential Portfolio Segment [Member] | |||||||||||
Balance | 4,143 | 3,628 | 4,143 | 3,628 | 2,687 | ||||||
Charge-offs | (18) | (9) | (235) | ||||||||
Recoveries | 68 | 63 | 20 | ||||||||
Provision for (reversal) of credit losses | 127 | 461 | (1,541) | ||||||||
Balance | 4,320 | 4,143 | 4,320 | 4,143 | 3,628 | ||||||
Residential Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||||
Balance | 2,697 | ||||||||||
Residential Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||||||||
Balance | 5,384 | ||||||||||
Consumer Portfolio Segment [Member] | |||||||||||
Balance | $ 7 | 7 | 7 | 7 | 4 | ||||||
Charge-offs | (1) | (3) | 0 | ||||||||
Recoveries | 8 | 0 | 11 | ||||||||
Provision for (reversal) of credit losses | (9) | 3 | (17) | ||||||||
Balance | $ 5 | $ 7 | $ 5 | 7 | 7 | ||||||
Consumer Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||||
Balance | 9 | ||||||||||
Consumer Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||||||||
Balance | 13 | ||||||||||
Unallocated Financing Receivables [Member] | |||||||||||
Balance | $ 0 | $ 0 | 568 | ||||||||
Charge-offs | 0 | ||||||||||
Recoveries | 0 | ||||||||||
Provision for (reversal) of credit losses | 0 | ||||||||||
Balance | 0 | ||||||||||
Unallocated Financing Receivables [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||||
Balance | (568) | ||||||||||
Unallocated Financing Receivables [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||||||||
Balance | $ 0 |
Note 4 - Loans and the Allow_12
Note 4 - Loans and the Allowance for Credit Losses - Amortized Cost of of the Modified Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Modified | $ 17,798 |
Modified, percentage | 0.21% |
Modified, percentage | 0.21% |
Extended Maturity [Member] | |
Modified | $ 243 |
Payment Deferral [Member] | |
Modified | 10,283 |
Contractual Interest Rate Reduction [Member] | |
Modified | 7,272 |
Commercial Portfolio Segment [Member] | |
Modified | $ 10,317 |
Modified, percentage | 0.65% |
Modified, percentage | 0.65% |
Commercial Portfolio Segment [Member] | Extended Maturity [Member] | |
Modified | $ 34 |
Commercial Portfolio Segment [Member] | Payment Deferral [Member] | |
Modified | 10,283 |
Commercial Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | |
Modified | 0 |
Commercial Real Estate Portfolio Segment [Member] | |
Modified | $ 7,481 |
Modified, percentage | 0.13% |
Modified, percentage | 0.13% |
Commercial Real Estate Portfolio Segment [Member] | Extended Maturity [Member] | |
Modified | $ 209 |
Commercial Real Estate Portfolio Segment [Member] | Payment Deferral [Member] | |
Modified | 0 |
Commercial Real Estate Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | |
Modified | $ 7,272 |
Note 4 - Loans and the Allow_13
Note 4 - Loans and the Allowance for Credit Losses - Aging of Modified Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Modified | $ 17,798 |
Commercial Portfolio Segment [Member] | |
Modified | 10,317 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |
Modified | 10,317 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | |
Modified | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |
Modified | 0 |
Commercial Real Estate Portfolio Segment [Member] | |
Modified | 7,481 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |
Modified | 7,481 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | |
Modified | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |
Modified | $ 0 |
Note 4 - Loans and the Allow_14
Note 4 - Loans and the Allowance for Credit Losses - Rollforward of Allowance for Credit Losses for Unfunded Commitments (Details) - Unfunded Loan Commitment [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance as of beginning of period | $ 3,035 | $ 2,351 |
(Reversal of) provision for credit losses - unfunded commitments | (224) | 684 |
Balance as of end of period | $ 2,811 | $ 3,035 |
Note 4 - Loans and the Allow_15
Note 4 - Loans and the Allowance for Credit Losses - Summary of (Reversal of) Provision for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Provision for credit losses – loans | $ 2,700 | $ 1,500 | $ 3,000 | $ 1,000 | $ 3,300 | $ 10,000 | $ 3,000 | $ 1,450 | $ 8,424 | $ 17,066 | $ (5,018) |
Provision for (reversal of) credit losses | 8,200 | 17,750 | $ (5,500) | ||||||||
Unfunded Loan Commitment [Member] | |||||||||||
(Reversal of) provision for credit losses - unfunded commitments | $ (224) | $ 684 |
Note 5 - Premises and Equipme_3
Note 5 - Premises and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation | $ 4,503 | $ 3,863 | $ 3,757 |
Finance Lease, Weighted Average Remaining Lease Term (Year) | 4 years 10 months 24 days | ||
Finance Lease, Weighted Average Discount Rate, Percent | 6% | ||
Finance Lease, Cost | $ 300 | ||
Operating Lease, Liability | 13,171 | $ 11,397 | |
Operating Lease, Right-of-Use Asset | $ 12,007 | $ 10,179 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 6 years 3 months 18 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.50% | ||
Lease, Cost | $ 4,000 |
Note 5 - Premises and Equipme_4
Note 5 - Premises and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment, Gross | $ 73,956 | $ 66,523 |
Less: accumulated depreciation, amortization and fair value adjustments | 43,177 | 38,723 |
Bank premises and equipment, net | 30,779 | 27,800 |
Land [Member] | ||
Property, Plant and Equipment, Gross | 6,732 | 6,732 |
Building [Member] | ||
Property, Plant and Equipment, Gross | $ 11,043 | 9,797 |
Building [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 10 years | |
Building [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 25 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment, Gross | $ 28,548 | 24,830 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 7 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment, Gross | $ 27,633 | $ 25,164 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 10 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 20 years |
Note 5 - Premises and Equipme_5
Note 5 - Premises and Equipment - Schedule of Capital Lease in Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finance lease | $ 3,423 | $ 3,423 |
Less: accumulated amortization | 2,567 | 2,395 |
Capital Lease in Premises and Equipment, Net | $ 856 | $ 1,028 |
Note 5 - Premises and Equipme_6
Note 5 - Premises and Equipment - Schedule of Future Minimum Lease Payments for Finance Leases (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 353 |
2025 | 353 |
2026 | 353 |
2027 | 353 |
2028 | 322 |
Total minimum lease payments | 1,734 |
Less amount representing interest | 228 |
Borrowings [Member] | |
Present value of net minimum lease payments | $ 1,506 |
Note 5 - Premises and Equipme_7
Note 5 - Premises and Equipment - Schedule of Future Minimum Rental Payments for Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Less than 1 year | $ 3,046 | |
1 year through less than 2 years | 2,683 | |
2 years through less than 3 years | 2,591 | |
3 years through less than 4 years | 1,924 | |
4 years through 5 years | 1,421 | |
After 5 years | 3,243 | |
Total undiscounted cash flows | 14,908 | |
Impact of discounting | (1,737) | |
Operating lease liabilities | $ 13,171 | $ 11,397 |
Note 6 - Goodwill and Other I_3
Note 6 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 |
Amortization of Intangible Assets | $ 1,438 | $ 1,685 | $ 1,981 |
Note 6 - Goodwill and Other I_4
Note 6 - Goodwill and Other Intangible Assets - Schedule of Change in Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 208,372 | $ 208,372 |
Acquired goodwill | 0 | 0 |
Balance | $ 208,372 | $ 208,372 |
Note 6 - Goodwill and Other I_5
Note 6 - Goodwill and Other Intangible Assets - Intangible Assets (Details) - Core Deposits [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Gross | $ 18,515 | $ 18,515 |
Finite-Lived Intangible Assets, Accumulated Amortization | (12,641) | (11,203) |
Finite-Lived Intangible Assets, Net | $ 5,874 | $ 7,312 |
Note 6 - Goodwill and Other I_6
Note 6 - Goodwill and Other Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 1,235 |
2025 | 1,116 |
2026 | 1,050 |
2027 | 989 |
2028 | $ 930 |
Note 7 - Deposits (Details Text
Note 7 - Deposits (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Time Deposits | $ 2,531,372 | $ 2,400,000 |
Deposits Received for Securities Loaned, at Carrying Value | 916,800 | 934,900 |
Time Deposit Liability, above US Insurance Limit | $ 643,400 | $ 591,800 |
Note 7 - Deposits - Schedule of
Note 7 - Deposits - Schedule of Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 2,131,378 | |
2025 | 181,578 | |
2026 | 179,678 | |
2027 | 36,034 | |
2028 | 3,879 | |
Time deposits (before net discount) | 2,532,547 | |
Fair value net discount | (1,175) | |
Total time deposits (after net discount) | $ 2,531,372 | $ 2,400,000 |
Note 8 - FHLB Borrowings (Detai
Note 8 - FHLB Borrowings (Details Textual) $ in Billions | Dec. 31, 2023 USD ($) |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 4.1 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged, Net of Over Pledged | 2.7 |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | $ 1.3 |
Note 8 - FHLB Borrowings - FHLB
Note 8 - FHLB Borrowings - FHLB Borrowings and Weighted Average Interest Rates (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Less than 1 year, amount | $ 881,000 | $ 830,000 |
Less than 1 year, rate | 5.57% | 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 | 2.23% | 1% |
3 years through less than 4 years, amount | $ 293 | $ 2,050 |
3 years through less than 4 years | 2.85% | 2.23% |
4 years through 5 years, amount | $ 25,000 | $ 326 |
4 years through 5 years, rate | 4.18% | 2.85% |
After 5 years, amount | $ 294 | $ 326 |
After 5 years, rate | 2.96% | 2.96% |
FHLB borrowings (before discount) | $ 933,637 | $ 857,702 |
FHLB borrowings (before discount) | 5.41% | 4.32% |
Fair value discount | $ (58) | $ (80) |
Borrowings | $ 933,579 | $ 857,622 |
Note 9 - Subordinated Debentu_3
Note 9 - Subordinated Debentures (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Jun. 10, 2020 | Jan. 11, 2018 | Jun. 30, 2015 | Dec. 31, 2003 | Dec. 31, 2023 | Dec. 31, 2022 | May 01, 2023 | Dec. 19, 2003 | |
Subordinated Debt [Member] | The 2020 Notes [Member] | ||||||||
Debt Instrument, Face Amount | $ 75 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||||||
Subordinated Debt [Member] | The Notes [Member] | ||||||||
Debt Instrument, Face Amount | $ 75 | $ 50 | ||||||
Subordinated Debt [Member] | LIBOR - London Interbank Offered Rate [Member] | The Notes [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.84% | 3.93% | ||||||
Debt Instrument, Interest Rate During Period | 4.16% | |||||||
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 | |||||||
Center Bancorp Statutory Trust II [Member] | Subordinated Debt [Member] | ||||||||
Debt Instrument, Face Amount | $ 5,000 | $ 5,000 | $ 5 | |||||
Proceeds from Issuance of Debt | $ 5.2 | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 8.50% | |||||||
Center Bancorp Statutory Trust II [Member] | Subordinated Debt [Member] | LIBOR - London Interbank Offered Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.85% | 2.85% | ||||||
Center Bancorp Statutory Trust II [Member] | Subordinated Debt [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.85% | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.85% | 0.26161% |
Note 9 - Subordinated Debentu_4
Note 9 - Subordinated Debentures - Summary of Mandatory Redeemable Trust Preferred Securities (Details) - Center Bancorp Statutory Trust II [Member] - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2003 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 19, 2003 | |
Securities issued | $ 5 | |||
Subordinated Debt [Member] | ||||
Securities issued | $ 5,000 | $ 5,000 | $ 5 | |
Liquidation value (in dollars per share) | $ 1,000 | $ 1,000 | ||
Maturity | Jan. 23, 2034 | Jan. 23, 2034 | ||
Redeemable by issuer beginning | Jan. 23, 2009 | Jan. 23, 2009 | ||
Subordinated Debt [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||
Coupon rate | 2.85% | |||
Subordinated Debt [Member] | LIBOR - London Interbank Offered Rate [Member] | ||||
Coupon rate | 2.85% | 2.85% |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Unrecognized Tax Benefits, Ending Balance | $ 0 |
Domestic Tax Authority [Member] | |
Open Tax Year | 2020 2021 2022 2023 |
State and Local Jurisdiction [Member] | |
Open Tax Year | 2019 2020 2021 2022 |
Operating Loss Carryforwards | $ 13,100 |
Note 10 - Income Taxes - Schedu
Note 10 - Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||||||||||
Federal, current | $ 16,185 | $ 33,169 | $ 32,364 | ||||||||
State, current | 9,635 | 13,247 | 12,325 | ||||||||
Subtotal, current | 25,820 | 46,416 | 44,689 | ||||||||
Deferred: | |||||||||||
Federal, deferred | 2,903 | (3,353) | (110) | ||||||||
State, deferred | 1,232 | 2,950 | 126 | ||||||||
Subtotal, deferred | 4,135 | (403) | 16 | ||||||||
Income tax expense | $ 6,213 | $ 7,228 | $ 7,437 | $ 9,077 | $ 12,348 | $ 10,425 | $ 11,889 | $ 11,351 | $ 29,955 | $ 46,013 | $ 44,705 |
Note 10 - Income Taxes - Sche_2
Note 10 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income before income tax expense | $ 25,486 | $ 28,635 | $ 28,831 | $ 34,006 | $ 44,905 | $ 39,340 | $ 44,247 | $ 42,732 | $ 116,958 | $ 171,224 | $ 175,058 |
Federal statutory rate | 21% | 21% | 21% | ||||||||
Computed “expected” Federal income tax expense | $ 24,561 | $ 35,957 | $ 36,762 | ||||||||
State tax, net of federal tax benefit | 9,404 | 13,314 | 9,127 | ||||||||
162M adjustment | 779 | 777 | 0 | ||||||||
Bank owned life insurance | (1,326) | (1,175) | (1,001) | ||||||||
Tax-exempt interest and dividends | (2,514) | (1,969) | (1,405) | ||||||||
Tax benefits from stock-based compensation | (66) | (417) | (261) | ||||||||
Other, net | (883) | (474) | 1,483 | ||||||||
Income tax expense | $ 6,213 | $ 7,228 | $ 7,437 | $ 9,077 | $ 12,348 | $ 10,425 | $ 11,889 | $ 11,351 | $ 29,955 | $ 46,013 | $ 44,705 |
Note 10 - Income Taxes - Sche_3
Note 10 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets | ||
Allowance for credit losses | $ 23,973 | $ 26,901 |
Depreciation | 65 | 0 |
Pension actuarial losses | 897 | 1,269 |
New Jersey net operating loss | 1,187 | 156 |
Deferred compensation | 5,240 | 3,784 |
Unrealized losses on available-for-sale securities | 23,365 | 25,141 |
Deferred loan costs, net of fees | 1,628 | 2,664 |
Finance lease | 192 | 212 |
Nonaccrual interest | 111 | 168 |
Operating lease liability | 3,897 | 3,424 |
Other | 1,887 | 4,172 |
Total deferred tax assets | 62,442 | 67,891 |
Deferred tax liabilities | ||
Employee benefit plans | (2,439) | (2,452) |
Purchase accounting | (1,660) | (1,458) |
Depreciation | 0 | (381) |
Prepaid expenses | (1,386) | (1,011) |
Unrealized gains on derivatives | (10,676) | (13,704) |
Right of use asset | (3,545) | (3,059) |
Other | (1,664) | (1,681) |
Total deferred tax liabilities | (21,370) | (23,746) |
Net deferred tax assets | $ 41,072 | $ 44,145 |
Note 11 - Preferred Stock (Deta
Note 11 - Preferred Stock (Details Textual) $ / shares in Thousands | 12 Months Ended | |||
Aug. 19, 2021 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) shares | |
Stock Issued During Period, Shares, New Issues (in shares) | shares | 995 | 153 | 4,981 | |
Stock Issued During Period, Value, New Issues | $ 0 | $ 0 | $ 0 | |
Preferred Stock, No Par Value (in dollars per share) | $ / shares | $ 0 | $ 0 | ||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 0 | $ 0 | $ 110,927,000 | |
Series A Preferred Stock [Member] | ||||
Preferred Stock, Dividend Rate, Percentage | 5.25% | |||
Preferred Stock, No Par Value (in dollars per share) | $ / shares | $ 0 | |||
Preferred Stock, Liquidation Preference, Value | $ 1,000 | |||
Series A Preferred Stock [Member] | Underwritten Public Offering [Member] | ||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 115,000 | |||
Stock Issued During Period, Value, New Issues | $ 115,000,000 | |||
Depositary Shares, Interest in Preferred Stock | 0.025 | |||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 110,900,000 |
Note 12 - Commitments, Contin_3
Note 12 - Commitments, Contingencies and Concentrations of Credit Risk - Summary of Off-balance Sheet Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Off-balance sheet risk | $ 1,166,979 | $ 1,171,526 |
Commitments to Extend Credit [Member] | ||
Off-balance sheet risk | 723,228 | 662,515 |
Home Equity Line of Credit [Member] | ||
Off-balance sheet risk | 48,786 | 54,302 |
Outstanding Commercial Mortgage Loan Commitments [Member] | ||
Off-balance sheet risk | 370,574 | 433,034 |
Standby Letters of Credit [Member] | ||
Off-balance sheet risk | 23,562 | 20,770 |
Overdraft Protection Lines [Member] | ||
Off-balance sheet risk | $ 829 | $ 905 |
Note 13 - Transactions with E_3
Note 13 - Transactions with Executive Officers, Directors, and Principle Stockholders (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Principal Officers, Directors, and Their Affiliates [Member] | Deposits [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 32.3 | $ 49.7 |
Note 13 - Transactions with E_4
Note 13 - Transactions with Executive Officers, Directors, and Principle Stockholders - Schedule of Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance, January 1 | $ 16,266 | $ 17,616 |
Originations and drawdowns | 9,801 | 1,200 |
Repayments | (5,744) | (2,550) |
Balance, December 31 | $ 20,323 | $ 16,266 |
Note 14 - Stockholders' Equit_3
Note 14 - Stockholders' Equity and Regulatory Requirements (Details Textual) | Dec. 31, 2023 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets, Percentage | 3.27% |
Total Risk Based Capital Ratio | 2.78% |
Note 14 - Stockholders' Equit_4
Note 14 - Stockholders' Equity and Regulatory Requirements - Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Union Center National Bank [Member] | ||
Leverage (Tier 1) capital | $ 1,074,204 | $ 996,013 |
Leverage (Tier 1) capital, ratio | 0.112 | 0.1064 |
Leverage (Tier 1) capital, capital adequacy | $ 383,619 | $ 374,553 |
Leverage (Tier 1) capital, capital adequacy, ratio | 0.04 | 0.04 |
Leverage (Tier 1) capital, well capitalized | $ 479,524 | $ 468,191 |
Leverage (Tier 1) capital, well capitalized, ratio | 0.05 | 0.05 |
CET one risk based capital | $ 1,074,204 | $ 996,013 |
CET one risk based capital, ratio | 0.1231 | 0.116 |
CET one risk based capital, capital adequacy | $ 392,643 | $ 386,289 |
CET one risk based capital, capital adequacy, ratio | 0.045 | 0.045 |
CET one risk based capital, well capitalized | $ 567,151 | $ 557,972 |
CET one risk based capital, well capitalized, ratio | 0.065 | 0.065 |
Tier 1, risk based capital | $ 1,074,204 | $ 996,013 |
Tier 1, risk based capital, ratio | 0.1231 | 0.116 |
Tier 1, risk based capital, capital adequacy | $ 523,524 | $ 515,051 |
Tier 1, risk based capital, capital adequacy, ratio | 0.06 | 0.06 |
Tier 1, risk based capital, well capitalized | $ 698,032 | $ 686,735 |
Tier 1, risk based capital, well capitalized, ratio | 0.08 | 0.08 |
Total capital | $ 1,158,572 | $ 1,117,733 |
Total capital, ratio | 0.1328 | 0.1302 |
Total capital, capital adequacy | $ 698,032 | $ 686,735 |
Total capital, capital adequacy, ratio | 0.08 | 0.08 |
Total capital, well capitalized | $ 872,540 | $ 858,419 |
Total capital, well capitalized, ratio | 0.10 | 0.10 |
Parent Company [Member] | ||
Leverage (Tier 1) capital | $ 1,042,481 | $ 1,000,577 |
Leverage (Tier 1) capital, ratio | 0.1086 | 0.1068 |
Leverage (Tier 1) capital, capital adequacy | $ 383,900 | $ 374,729 |
Leverage (Tier 1) capital, capital adequacy, ratio | 0.04 | 0.04 |
CET one risk based capital | $ 926,399 | $ 884,495 |
CET one risk based capital, ratio | 0.1062 | 0.103 |
CET one risk based capital, capital adequacy | $ 392,650 | $ 386,295 |
CET one risk based capital, capital adequacy, ratio | 0.045 | 0.045 |
Tier 1, risk based capital | $ 1,042,481 | $ 1,000,577 |
Tier 1, risk based capital, ratio | 0.1195 | 0.1166 |
Tier 1, risk based capital, capital adequacy | $ 523,533 | $ 515,061 |
Tier 1, risk based capital, capital adequacy, ratio | 0.06 | 0.06 |
Total capital | $ 1,201,849 | $ 1,240,047 |
Total capital, ratio | 0.1377 | 0.1445 |
Total capital, capital adequacy | $ 698,044 | $ 686,748 |
Total capital, capital adequacy, ratio | 0.08 | 0.08 |
Note 15 - Comprehensive Incom_2
Note 15 - Comprehensive Income - Reclassification out of Accumulated Other Comprehensive (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net gains on sale of investment securities | $ 0 | $ 0 | $ 195 | ||||||||
Income tax benefit | $ 6,213 | $ 7,228 | $ 7,437 | $ 9,077 | $ 12,348 | $ 10,425 | $ 11,889 | $ 11,351 | 29,955 | 46,013 | 44,705 |
Net income | 19,273 | 21,407 | 21,394 | 24,929 | 32,557 | 28,915 | 32,358 | 31,381 | 87,003 | 125,211 | 130,353 |
Interest income (expense) | $ 67,135 | $ 61,329 | $ 57,482 | $ 49,013 | $ 34,460 | $ 18,819 | $ 9,765 | $ 8,583 | 234,959 | 71,627 | 38,860 |
Salaries and employee benefits | 88,325 | 81,289 | 64,341 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Net income | 13,937 | 2,221 | (1,413) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||||||||||
Net gains on sale of investment securities | 0 | 0 | 195 | ||||||||
Income tax benefit | 0 | 0 | (48) | ||||||||
Net income | 0 | 0 | 147 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||||||||||
Income tax benefit | (6,086) | (976) | 528 | ||||||||
Net income | 14,144 | 2,267 | (1,345) | ||||||||
Interest income (expense) | 20,230 | 3,243 | (1,873) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||||||||
Income tax benefit | 89 | 20 | 84 | ||||||||
Net income | (207) | (46) | (215) | ||||||||
Salaries and employee benefits | $ (296) | $ (66) | $ (299) |
Note 15 - Comprehensive Incom_3
Note 15 - Comprehensive Income - Accumulated Other Comprehensive (Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Balance | $ 1,216,620 | $ 1,178,751 | $ 1,124,212 | $ 915,310 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||||
Balance | (57,835) | (61,775) | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Balance | 24,810 | 32,360 | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Balance | (2,084) | (2,949) | ||
AOCI Attributable to Parent [Member] | ||||
Balance | $ (35,109) | $ (32,364) | $ (1,404) | $ 2,797 |
Note 16 - Pension and Other B_3
Note 16 - Pension and Other Benefits (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2018 | Dec. 31, 2014 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | $ 658 | $ 331 | $ 0 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 2,600 | ||||
The 401(k) Plan [Member] | |||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100% | 50% | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 2,200 | 1,600 | |||
Pension Plan [Member] | |||||
Defined Benefit Plan, Accumulated Benefit Obligation | 9,300 | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 200 | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | 0 | ||||
Supplemental Employee Retirement Plan [Member] | |||||
Pension Cost (Reversal of Cost) | $ 400 | $ 1,400 | $ 1,000 |
Note 16 - Pension and Other B_4
Note 16 - Pension and Other Benefits - Schedule of Changes in Projected Benefit Obligations (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Projected benefit obligation | $ 9,317 | $ 14,644 | |
Interest cost | 441 | 311 | $ 284 |
Actuarial (gain) loss | 251 | (4,657) | |
Benefits paid | (674) | (981) | |
Projected benefit obligation | 9,335 | 9,317 | 14,644 |
Fair value of plan assets | 13,257 | 17,604 | |
Actual return on plan assets | 2,031 | (3,366) | |
Benefits paid | (674) | (981) | |
Fair value of plan assets | 14,614 | 13,257 | $ 17,604 |
Funded status | $ 5,279 | $ 3,940 |
Note 16 - Pension and Other B_5
Note 16 - Pension and Other Benefits - Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Pension Plan [Member] | ||
Net actuarial loss recognized in accumulated other comprehensive income (pre-tax) | $ 2,981 | $ 4,219 |
Note 16 - Pension and Other B_6
Note 16 - Pension and Other Benefits - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Total unrealized gain recognized in other comprehensive income | $ (941) | $ (343) | $ 0 |
Pension Plan [Member] | |||
Interest cost | 441 | 311 | 284 |
Expected return on plan assets | (838) | (949) | (852) |
Net amortization | 296 | 66 | 299 |
Total net periodic pension income | (102) | (572) | (269) |
Realized losses included in net income | (296) | (66) | (299) |
Total recognized in net periodic pension income and other comprehensive income | $ (1,339) | $ (981) | $ (568) |
Note 16 - Pension and Other B_7
Note 16 - Pension and Other Benefits - Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - Pension Plan [Member] | 12 Months Ended | ||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Discount rate | 4.72% | 4.92% | |
Discount rate | 4.92% | 2.57% | |
Expected long-term return on plan assets | 6.50% | 5.50% | |
Forecast [Member] | |||
Discount rate | 4.72% | ||
Expected long-term return on plan assets | 6% |
Note 16 - Pension and Other B_8
Note 16 - Pension and Other Benefits - Schedule of Allocation of Plan Assets (Details) - Pension Plan [Member] | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Target Allocation | 100% | |
Actual Allocation | 100% | 100% |
Expected long-term return on plan assets | 6.50% | 5.50% |
Defined Benefit Plan, Equity Securities, US [Member] | ||
Target Allocation | 56% | |
Actual Allocation | 66% | 58% |
Expected long-term return on plan assets | 3.40% | |
Defined Benefit Plan, Equity Securities, Non-US [Member] | ||
Target Allocation | 9% | |
Actual Allocation | 4% | 4% |
Expected long-term return on plan assets | 0.80% | |
Debt And/Or Fixed Income Securities [Member] | ||
Target Allocation | 33% | |
Actual Allocation | 28% | 35% |
Expected long-term return on plan assets | 1.70% | |
Cash and Other Alternative Investments [Member] | ||
Target Allocation | 2% | |
Actual Allocation | 2% | 3% |
Expected long-term return on plan assets | 0.10% |
Note 16 - Pension and Other B_9
Note 16 - Pension and Other Benefits - Schedule of Changes in Fair Value of Plan Assets (Details) - Pension Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Fair value | $ 14,614 | $ 13,257 | $ 17,604 |
Fair Value, Inputs, Level 1 [Member] | |||
Fair value | 14,614 | 13,257 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair value | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair value | 0 | 0 | |
Defined Benefit Plan, Cash [Member] | |||
Fair value | 201 | 262 | |
Defined Benefit Plan, Cash [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value | 201 | 262 | |
Defined Benefit Plan, Cash [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value | 0 | 0 | |
Defined Benefit Plan, Cash [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value | 0 | 0 | |
Defined Benefit Plan, Equity Securities, US [Member] | |||
Fair value | 9,647 | 7,611 | |
Defined Benefit Plan, Equity Securities, US [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value | 9,647 | 7,611 | |
Defined Benefit Plan, Equity Securities, US [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value | 0 | 0 | |
Defined Benefit Plan, Equity Securities, US [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value | 0 | 0 | |
Defined Benefit Plan, Equity Securities, Non-US [Member] | |||
Fair value | 654 | 569 | |
Defined Benefit Plan, Equity Securities, Non-US [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value | 654 | 569 | |
Defined Benefit Plan, Equity Securities, Non-US [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value | 0 | 0 | |
Defined Benefit Plan, Equity Securities, Non-US [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value | 0 | 0 | |
Cash and Other Alternative Investments [Member] | |||
Fair value | 4,012 | 4,684 | |
Cash and Other Alternative Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value | 4,012 | 4,684 | |
Cash and Other Alternative Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value | 0 | 0 | |
Cash and Other Alternative Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value | 0 | 0 | |
Commodity Funds [Member] | |||
Fair value | 62 | 95 | |
Commodity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value | 62 | 95 | |
Commodity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value | 0 | 0 | |
Commodity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value | 0 | 0 | |
Defined Benefit Plan, Real Estate [Member] | |||
Fair value | 38 | 36 | |
Defined Benefit Plan, Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value | 38 | 36 | |
Defined Benefit Plan, Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value | 0 | 0 | |
Defined Benefit Plan, Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value | $ 0 | $ 0 |
Note 16 - Pension and Other _10
Note 16 - Pension and Other Benefits - Schedule of Defined Benefit Plans Disclosures (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 709 |
2025 | 707 |
2026 | 710 |
2027 | 752 |
2028 | 752 |
2029-2033 | $ 3,598 |
Note 17 - Stock Based Compens_3
Note 17 - Stock Based Compensation (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |||
May 23, 2017 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement, Expense | $ 4.9 | $ 4.9 | $ 4.5 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 0.7 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 1 month 6 days | |||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares) | 14,711 | |||
Performance Shares [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1.4 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 12 days | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Expected toVested (in shares) | 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 | |||
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 | 34,458 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1.5 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 4 months 24 days | |||
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 | 31,183 | ||
The 2017 Equity Compensation Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 750,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 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 17 - Stock Based Compens_4
Note 17 - Stock Based Compensation - Activity in Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Outstanding, number of stock options (in shares) | 8,680 | ||
Outstanding, weighted-average exercise price (in dollars per share) | $ 12.95 | ||
Granted, number of stock options (in shares) | 0 | ||
Granted, weighted-average exercise price (in dollars per share) | $ 0 | ||
Exercised, number of stock options (in shares) | (7,388) | (15,086) | (14,247) |
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 | ||
Outstanding, number of stock options (in shares) | 0 | 8,680 | |
Outstanding, weighted-average exercise price (in dollars per share) | $ 0 | $ 12.95 | |
Outstanding, aggregate intrinsic value | $ 0 | ||
Exercisable, number of stock options (in shares) | 0 | ||
Exercisable, weighted-average exercise price (in dollars per share) | $ 0 | ||
Exercisable, aggregate intrinsic value | $ 0 |
Note 17 - Stock Based Compens_5
Note 17 - Stock Based Compensation - Activity in Restricted Shares (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 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 | (54,183) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 27.59 |
Cancelled/netted, shares (in shares) | shares | (9,090) |
Cancelled/netted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 21.76 |
Nonvested, shares (in shares) | shares | 115,805 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.85 |
Note 17 - Stock Based Compens_6
Note 17 - Stock Based Compensation - Summary of Unearned Performance Unit Awards (Details) - Performance Shares [Member] | 12 Months Ended |
Dec. 31, 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 17 - Stock Based Compens_7
Note 17 - Stock Based Compensation - Summary of Unearned Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 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 | $ 18.98 |
Vested shares, units (in shares) | shares | (78,544) |
Vested shares, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.91 |
Nonvested, shares (in shares) | shares | 188,348 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 22.11 |
Note 18 - Dividends and Other_2
Note 18 - Dividends and Other Restrictions (Details Textual) $ in Millions | Dec. 31, 2023 USD ($) |
Amount Available for Dividend Distribution without Affecting Capital Adequacy Requirements | $ 286 |
Note 19 - Derivatives (Details
Note 19 - Derivatives (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Nov. 30, 2022 USD ($) | Oct. 01, 2022 USD ($) | |
Interest Income (Expense), Net | $ 61,822 | $ 62,357 | $ 63,843 | $ 67,084 | $ 78,009 | $ 78,161 | $ 75,591 | $ 70,358 | $ 255,106 | $ 302,119 | $ 262,878 | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 9,431 | 46,181 | $ 3,593 | ||||||||||
AOCI Attributable to Parent [Member] | |||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 0 | $ 0 | |||||||||||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||||||||||||
Derivative, Number of Instruments Held | 11 | 11 | 11 | ||||||||||
Derivative Liability, Notional Amount | $ 500,000 | $ 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% | 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% | 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 | $ 20,200 | $ 3,300 | $ (1,900) | ||||||||||
Interest Rate Cap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Long [Member] | |||||||||||||
Derivative Liability, Notional Amount | $ 225,000 | $ 225,000 |
Note 19 - Derivatives - Net Los
Note 19 - Derivatives - Net Losses Recorded in Other Comprehensive Income (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative, amount of gain (loss) recognized in OCI | $ 9,431 | $ 46,282 |
Derivative, amount of gain (loss) reclassified from OCI to interest income | (20,230) | (3,343) |
Derivative, Amount of gain recognized in other Noninterest income | $ 0 | $ 0 |
Note 19 - Derivatives - Cash Fl
Note 19 - 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 | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative, notional amount | $ 950,000 | $ 950,000 |
Derivative, fair value | $ 43,805 | $ 56,797 |
Note 20 - Fair Value Measurem_3
Note 20 - Fair Value Measurements and Fair Value of Financial Instruments (Details Textual) - Collateral Pledged [Member] - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment 1 | $ 7.7 | $ 43.8 |
Impaired Financing Receivable, Related Allowance 1 | $ 1.4 | $ 10.5 |
Note 20 - Fair Value Measurem_4
Note 20 - Fair Value Measurements and Fair Value of Financial Instruments - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Securities available-for-sale | $ 617,162 | $ 634,884 |
Fair Value, Recurring [Member] | ||
Securities available-for-sale | 617,162 | 634,884 |
Equity securities | 18,564 | 15,811 |
Derivatives - interest rate contracts | 43,805 | 56,797 |
Total assets | 679,531 | 707,492 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 165 | 242 |
Equity securities | 9,867 | 9,733 |
Derivatives - interest rate contracts | 0 | 0 |
Total assets | 10,032 | 9,975 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 609,875 | 627,293 |
Equity securities | 8,697 | 6,078 |
Derivatives - interest rate contracts | 43,805 | 56,797 |
Total assets | 662,377 | 690,168 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 7,122 | 7,349 |
Equity securities | 0 | 0 |
Derivatives - interest rate contracts | 0 | 0 |
Total assets | 7,122 | 7,349 |
US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale | 45,326 | 44,450 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 45,326 | 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 | 45,326 | 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 | 411,191 | 417,578 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 411,191 | 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 | 411,191 | 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 | 21,564 | 21,104 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 21,564 | 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 | 21,564 | 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 | 132,705 | 142,896 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 132,705 | 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 | 125,583 | 135,547 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 7,122 | 7,349 |
Corporate Debt Securities [Member] | ||
Securities available-for-sale | 4,973 | 6,974 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 4,973 | 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 | 4,973 | 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 | 1,238 | 1,640 |
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 1,238 | 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 | 1,238 | 1,640 |
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Certificates of Deposit [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 0 | 0 |
Certificates of Deposit [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Certificates of Deposit [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 0 | 0 |
Certificates of Deposit [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 | 165 | 242 |
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 165 | 242 |
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 165 | 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 20 - Fair Value Measurem_5
Note 20 - Fair Value Measurements and Fair Value of Financial Instruments - Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commercial Portfolio Segment [Member] | ||
Collateral dependent loans | $ 657 | $ 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 | 657 | 14,550 |
Commercial Real Estate Portfolio Segment [Member] | ||
Collateral dependent loans | 7,005 | 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 | $ 7,005 | 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 20 - Fair Value Measurem_6
Note 20 - 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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Beginning | $ 7,349 | $ 8,565 |
Principal paydowns | (272) | (287) |
Changes in unrealized gain (loss) | 45 | (929) |
Beginning | $ 7,122 | $ 7,349 |
Note 20 - Fair Value Measurem_7
Note 20 - Fair Value Measurements and Fair Value of Financial Instruments - Quantitative Information About Significant Unobservable Inputs (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Securities available-for-sale | $ 617,162 | $ 634,884 |
Fair Value, Recurring [Member] | ||
Securities available-for-sale | 617,162 | 634,884 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 7,122 | 7,349 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale | 132,705 | 142,896 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 132,705 | 142,896 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | $ 7,122 | $ 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 | 0.043 | 0.043 |
Note 20 - Fair Value Measurem_8
Note 20 - 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 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Commercial Portfolio Segment [Member] | ||
Collateral dependent loans, fair value | $ 657 | $ 14,550 |
Commercial Real Estate Portfolio Segment [Member] | ||
Collateral dependent loans, fair value | 7,005 | 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 | 657 | 14,550 |
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 | $ 657 | $ 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 Portfolio Segment [Member] | Average Transfer Price as Price to Unpaid Principal Balance [Member] | Valuation, Market Approach [Member] | ||
Collateral dependent loans, fair value | $ 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 | 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 | 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 | |
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Collateral dependent loans, fair value | $ 7,005 | $ 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 | $ 7,005 | $ 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 | 0 | 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 | (10.3) | (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 20 - Fair Value Measurem_9
Note 20 - Fair Value Measurements and Fair Value of Financial Instruments - Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Securities available-for-sale | $ 617,162 | $ 634,884 |
Reported Value Measurement [Member] | ||
Cash and due from banks | 242,714 | 268,315 |
Securities available-for-sale | 617,162 | 634,884 |
Restricted investment in bank stocks | 51,457 | 46,604 |
Equity securities | 18,564 | 15,811 |
Net loans | 8,263,171 | 8,009,176 |
Derivatives - interest rate contracts | 43,805 | 56,797 |
Accrued interest receivable | 49,108 | 46,062 |
Noninterest-bearing deposits | 1,259,364 | 1,501,614 |
Interest-bearing deposits | 6,276,838 | 5,855,008 |
Borrowings | 933,579 | 857,622 |
Subordinated debentures | 79,439 | 153,255 |
Accrued interest payable | 10,152 | 6,925 |
Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 242,714 | 268,315 |
Securities available-for-sale | 617,162 | 634,884 |
Equity securities | 18,564 | 15,811 |
Net loans | 8,001,504 | 7,723,378 |
Derivatives - interest rate contracts | 43,805 | 56,797 |
Accrued interest receivable | 49,108 | 46,062 |
Noninterest-bearing deposits | 1,259,364 | 1,501,614 |
Interest-bearing deposits | 6,256,444 | 5,811,291 |
Borrowings | 932,081 | 854,698 |
Subordinated debentures | 77,952 | 153,581 |
Accrued interest payable | 10,152 | 6,925 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 242,714 | 268,315 |
Securities available-for-sale | 165 | 242 |
Equity securities | 9,867 | 9,733 |
Net loans | 0 | 0 |
Derivatives - interest rate contracts | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Noninterest-bearing deposits | 1,259,364 | 1,501,614 |
Interest-bearing deposits | 3,745,467 | 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 | 609,875 | 627,293 |
Equity securities | 8,697 | 6,078 |
Net loans | 0 | 0 |
Derivatives - interest rate contracts | 43,805 | 56,797 |
Accrued interest receivable | 5,387 | 4,685 |
Noninterest-bearing deposits | 0 | 0 |
Interest-bearing deposits | 2,510,977 | 2,350,473 |
Borrowings | 932,081 | 854,698 |
Subordinated debentures | 77,952 | 153,581 |
Accrued interest payable | 10,152 | 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 | 7,122 | 7,349 |
Equity securities | 0 | 0 |
Net loans | 8,001,504 | 7,723,378 |
Derivatives - interest rate contracts | 0 | 0 |
Accrued interest receivable | 43,721 | 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 21 - Parent Corporation _3
Note 21 - Parent Corporation Only Financial Statements - Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||||
Cash and due from banks | $ 61,421 | $ 61,629 | ||
Investment securities | 617,162 | 634,884 | ||
Equity securities | 18,564 | 15,811 | ||
Other assets | 118,751 | 125,069 | ||
Total assets | 9,855,603 | 9,644,948 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Other liabilities | 76,592 | 87,301 | ||
Subordinated debentures, net of debt issuance costs | 79,439 | 153,255 | ||
Balance | 1,216,620 | 1,178,751 | $ 1,124,212 | $ 915,310 |
Total liabilities and stockholders’ equity | 9,855,603 | 9,644,948 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash and due from banks | 35,885 | 117,162 | ||
Investment in subsidiaries | 1,253,497 | 1,179,342 | ||
Investment securities | 156 | 32,405 | ||
Equity securities | 6,957 | 4,218 | ||
Other assets | 0 | 699 | ||
Total assets | 1,296,495 | 1,333,826 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Other liabilities | 436 | 1,820 | ||
Subordinated debentures, net of debt issuance costs | 79,439 | 153,255 | ||
Balance | 1,216,620 | 1,178,751 | ||
Total liabilities and stockholders’ equity | $ 1,296,495 | $ 1,333,826 |
Note 21 - Parent Corporation _4
Note 21 - Parent Corporation Only Financial Statements - Condensed Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Dividends | $ 3,662 | $ 1,655 | $ 971 | ||||||||
Net income | $ 19,273 | $ 21,407 | $ 21,394 | $ 24,929 | $ 32,557 | $ 28,915 | $ 32,358 | $ 31,381 | 87,003 | 125,211 | 130,353 |
Preferred dividends | 1,509 | 1,509 | 1,509 | 1,509 | 1,510 | 1,509 | 1,509 | 1,509 | 6,036 | 6,037 | 1,717 |
Net income available to common stockholders | $ 17,764 | $ 19,898 | $ 19,885 | $ 23,420 | $ 31,047 | $ 27,406 | $ 30,849 | $ 29,872 | 80,967 | 119,174 | 128,636 |
Parent Company [Member] | |||||||||||
Dividends | 50,725 | 36,475 | 24,071 | ||||||||
Other income | 946 | 1,638 | 1,627 | ||||||||
Total Income | 51,671 | 38,113 | 25,698 | ||||||||
Expenses | (6,359) | (8,928) | (8,741) | ||||||||
Income before equity in undistributed earnings of subsidiaries | 45,312 | 29,185 | 16,957 | ||||||||
Equity in undistributed earnings of subsidiaries | 41,691 | 96,026 | 113,396 | ||||||||
Net income | 87,003 | 125,211 | 130,353 | ||||||||
Preferred dividends | 6,036 | 6,037 | 1,717 | ||||||||
Net income available to common stockholders | $ 80,967 | $ 119,174 | $ 128,636 |
Note 21 - Parent Corporation _5
Note 21 - Parent Corporation Only Financial Statements - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 19,273 | $ 21,407 | $ 21,394 | $ 24,929 | $ 32,557 | $ 28,915 | $ 32,358 | $ 31,381 | $ 87,003 | $ 125,211 | $ 130,353 |
Loss on equity securities, net | 117 | 1,521 | 373 | ||||||||
Amortization of subordinated debt issuance costs | 1,184 | 304 | 303 | ||||||||
Decrease in other assets | (7,514) | (12,413) | 46,086 | ||||||||
Decrease in other liabilities | (9,248) | 48,322 | 10,526 | ||||||||
Net cash provided by (used in) operating activities | 92,891 | 176,777 | 202,273 | ||||||||
Net cash used in investing activities | (248,038) | (1,543,232) | (689,860) | ||||||||
Cash dividends paid on preferred stock | (6,036) | (6,037) | (1,717) | ||||||||
Cash dividends paid on common stock | (25,912) | (23,428) | (17,493) | ||||||||
Proceeds from preferred stock offering | 0 | 0 | 110,927 | ||||||||
Proceeds from exercise of stock options | 96 | 124 | 106 | ||||||||
Net cash (used in) provided by financing activities | 129,546 | 1,369,234 | 449,367 | ||||||||
(Increase) decrease in cash and cash equivalents | (25,601) | 2,779 | (38,220) | ||||||||
Cash and cash equivalents at beginning of period | 268,315 | 265,536 | 268,315 | 265,536 | 303,756 | ||||||
Cash and cash equivalents at end of period | 242,714 | 268,315 | 242,714 | 268,315 | 265,536 | ||||||
Parent Company [Member] | |||||||||||
Net income | 87,003 | 125,211 | 130,353 | ||||||||
Equity in undistributed earnings of subsidiary | (41,691) | (96,026) | (113,396) | ||||||||
Loss on equity securities, net | 131 | 45 | 55 | ||||||||
Amortization of subordinated debt issuance costs | 1,184 | 304 | 303 | ||||||||
Decrease in other assets | 699 | 0 | 50,590 | ||||||||
Decrease in other liabilities | (1,384) | (14) | (287) | ||||||||
Net cash provided by (used in) operating activities | 45,942 | 29,520 | 67,618 | ||||||||
Payments for investments and advances in subsidiaries | (32,250) | 0 | 0 | ||||||||
Repayment of investments and advances in subsidiaries | 32,250 | 0 | 0 | ||||||||
Purchases of equity securities | (2,870) | (3,538) | (780) | ||||||||
Net cash used in investing activities | (2,870) | (3,538) | (780) | ||||||||
Repayment of subordinated debt | (75,000) | 0 | (50,000) | ||||||||
Cash dividends paid on preferred stock | (6,036) | (6,037) | (1,717) | ||||||||
Cash dividends paid on common stock | (25,912) | (23,428) | (17,493) | ||||||||
Purchase of treasury stock | (17,497) | (13,127) | (9,401) | ||||||||
Proceeds from preferred stock offering | 0 | 0 | 110,927 | ||||||||
Proceeds from exercise of stock options | 96 | 124 | 106 | ||||||||
Net cash (used in) provided by financing activities | (124,349) | (42,468) | 32,422 | ||||||||
(Increase) decrease in cash and cash equivalents | (81,277) | (16,486) | 99,260 | ||||||||
Cash and cash equivalents at beginning of period | $ 117,162 | $ 133,648 | 117,162 | 133,648 | 34,388 | ||||||
Cash and cash equivalents at end of period | $ 35,885 | $ 117,162 | $ 35,885 | $ 117,162 | $ 133,648 |
Note 22 - Quarterly Financial_3
Note 22 - Quarterly Financial Information of ConnectOne Bancorp, Inc. (Unaudited) - Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Total interest income | $ 128,957 | $ 123,686 | $ 121,325 | $ 116,097 | $ 112,469 | $ 96,980 | $ 85,356 | $ 78,941 | $ 490,065 | $ 373,746 | $ 301,738 |
Total interest expense | 67,135 | 61,329 | 57,482 | 49,013 | 34,460 | 18,819 | 9,765 | 8,583 | 234,959 | 71,627 | 38,860 |
Net interest income | 61,822 | 62,357 | 63,843 | 67,084 | 78,009 | 78,161 | 75,591 | 70,358 | 255,106 | 302,119 | 262,878 |
Provision for (reversal) of credit losses | 2,700 | 1,500 | 3,000 | 1,000 | 3,300 | 10,000 | 3,000 | 1,450 | 8,424 | 17,066 | (5,018) |
Total other income | 4,209 | 3,562 | 3,438 | 2,792 | 3,508 | 3,322 | 3,359 | 3,054 | |||
Other expenses | 37,845 | 35,784 | 35,450 | 34,870 | 33,312 | 32,143 | 31,703 | 29,230 | |||
Income before income tax expense | 25,486 | 28,635 | 28,831 | 34,006 | 44,905 | 39,340 | 44,247 | 42,732 | 116,958 | 171,224 | 175,058 |
Income tax expense | 6,213 | 7,228 | 7,437 | 9,077 | 12,348 | 10,425 | 11,889 | 11,351 | 29,955 | 46,013 | 44,705 |
Net income | 19,273 | 21,407 | 21,394 | 24,929 | 32,557 | 28,915 | 32,358 | 31,381 | 87,003 | 125,211 | 130,353 |
Preferred dividends | 1,509 | 1,509 | 1,509 | 1,509 | 1,510 | 1,509 | 1,509 | 1,509 | 6,036 | 6,037 | 1,717 |
Net income available to common stockholders | $ 17,764 | $ 19,898 | $ 19,885 | $ 23,420 | $ 31,047 | $ 27,406 | $ 30,849 | $ 29,872 | $ 80,967 | $ 119,174 | $ 128,636 |
Basic (in dollars per share) | $ 0.46 | $ 0.51 | $ 0.51 | $ 0.6 | $ 0.79 | $ 0.7 | $ 0.78 | $ 0.76 | $ 2.08 | $ 3.03 | $ 3.24 |
Diluted (in dollars per share) | $ 0.46 | $ 0.51 | $ 0.51 | $ 0.59 | $ 0.79 | $ 0.7 | $ 0.78 | $ 0.75 | $ 2.07 | $ 3.01 | $ 3.22 |