☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
New Jersey | 22-2953275 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of Each Class | Trading Symbol | Name of exchange on which registered | ||||||||||||
Common Stock, no par value | LBAI | The Nasdaq Stock Market |
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Change in Control Act Under the Change in Bank Control Act, no person (including a company or other business entity) may acquire “control” of a bank or bank holding company, unless the appropriate federal agency has been given 60 days’ prior written notice and has not issued a notice disapproving the proposed acquisition. The agency takes, into consideration certain factors, including the competence, experience, integrity and financial resources of the acquirer and the competitive effects of the acquisition. Control, as defined under federal law, means ownership, control of or holding irrevocable proxies representing more than 25% of any class of voting stock, control in any manner of the election of a majority of the institution’s directors, or a determination by the regulator that the acquirer has the power, directly or indirectly, to exercise a controlling influence over the management or policies of the institution. There is a presumption of control upon the acquisition of 10% or more of a class of voting stock under certain circumstances, such as where the company involved has its shares registered under the Securities Exchange Act of 1934. Any “company”, as defined in the Bank Holding Company Act of 1956, would be required to receive the prior approval of the Federal Reserve Board to acquire “control” of the company or Bank, as defined in that statute and Federal Reserve Board regulations, and would then be regulated as a bank holding company. New Jersey law specifies similar prior approval requirements by the New Jersey Department of Banking and Insurance for acquisitions of New Jersey banks or holding companies. |
Age 65 | ||||
Age 59 | ||||
Age 50 | ||||
Age 52 | ||||
Company/Market/Peer Group | 12/31/2015 | 12/31/2016 | 12/31/2017 | 12/31/2018 | 12/31/2019 | 12/31/2020 | ||||||||||||||||||||||||||||||||
Lakeland Bancorp, Inc. | $ | 100.00 | $ | 170.99 | $ | 172.28 | $ | 135.72 | $ | 164.14 | $ | 125.13 | ||||||||||||||||||||||||||
NASDAQ Market Index | 100.00 | 108.87 | 141.14 | 137.13 | 187.45 | 271.64 | ||||||||||||||||||||||||||||||||
Regional Northeast Banks | 100.00 | 139.00 | 145.53 | 127.03 | 153.64 | 123.56 |
Company/Market/Peer Group | 12/31/2014 | 12/31/2015 | 12/31/2016 | 12/31/2017 | 12/31/2018 | 12/31/2019 | ||||||||||||||||||
Lakeland Bancorp, Inc. | $ | 100.00 | $ | 103.90 | $ | 177.66 | $ | 178.99 | $ | 141.01 | $ | 170.54 | ||||||||||||
NASDAQ Market Index | 100.00 | 106.96 | 116.45 | 150.96 | 146.67 | 200.50 | ||||||||||||||||||
Regional Northeast Banks | 100.00 | 104.61 | 145.41 | 152.23 | 132.88 | 160.72 |
Period | Total Number of Shares (or Units) Purchased (1) | Weighted Average Price Paid per Share (or Unit) | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
October 1 to October 31, | — | $ | — | — | ||||||||||||||||||||||
November 1 to November 30, | — | — | — | |||||||||||||||||||||||
December 1 to December 31, | — | — | — |
At or for the Years Ended December 31, | ||||||||||||||||||||||||||||||||
(in thousands, except per share data) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
Income Statement | ||||||||||||||||||||||||||||||||
Interest income | $ | 248,842 | $ | 256,487 | $ | 213,121 | $ | 190,204 | $ | 163,296 | ||||||||||||||||||||||
Interest expense | 41,155 | 60,453 | 39,562 | 24,966 | 17,647 | |||||||||||||||||||||||||||
Net interest income | 207,687 | 196,034 | 173,559 | 165,238 | 145,649 | |||||||||||||||||||||||||||
Provision for credit losses/Provision for loan losses | 27,222 | 2,130 | 4,413 | 6,090 | 4,223 | |||||||||||||||||||||||||||
Noninterest income excluding gains on investment securities and gain (loss) on equity securities | 26,449 | 26,300 | 22,893 | 22,911 | 20,960 | |||||||||||||||||||||||||||
Gains on sales of investment securities | 1,213 | — | — | 2,524 | 370 | |||||||||||||||||||||||||||
(Loss) gain on equity securities | (552) | 496 | (583) | — | — | |||||||||||||||||||||||||||
Merger-related expenses | — | 3,178 | 464 | — | 4,103 | |||||||||||||||||||||||||||
Long-term debt prepayment fee | 4,133 | — | — | 2,828 | — | |||||||||||||||||||||||||||
Noninterest expenses | 128,665 | 123,578 | 110,703 | 101,706 | 95,814 | |||||||||||||||||||||||||||
Income before income taxes | 74,777 | 93,944 | 80,289 | 80,049 | 62,839 | |||||||||||||||||||||||||||
Income tax provision | 17,259 | 23,272 | 16,888 | 27,469 | 21,321 | |||||||||||||||||||||||||||
Net income | $ | 57,518 | $ | 70,672 | $ | 63,401 | $ | 52,580 | $ | 41,518 | ||||||||||||||||||||||
Per-Share Data | ||||||||||||||||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||||||||
Basic | 50,540 | 50,477 | 47,578 | 47,438 | 42,912 | |||||||||||||||||||||||||||
Diluted | 50,650 | 50,642 | 47,766 | 47,674 | 43,114 | |||||||||||||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||||||||||
Basic | $ | 1.13 | $ | 1.39 | $ | 1.32 | $ | 1.10 | $ | 0.96 | ||||||||||||||||||||||
Diluted | $ | 1.13 | $ | 1.38 | $ | 1.32 | $ | 1.09 | $ | 0.95 | ||||||||||||||||||||||
Cash dividend per common share | $ | 0.50 | $ | 0.49 | $ | 0.45 | $ | 0.40 | $ | 0.37 | ||||||||||||||||||||||
Book value per common share | $ | 15.13 | $ | 14.36 | $ | 13.14 | $ | 12.31 | $ | 11.65 | ||||||||||||||||||||||
Tangible book value per common share (1) | $ | 11.97 | $ | 11.18 | $ | 10.22 | $ | 9.38 | $ | 8.70 | ||||||||||||||||||||||
Balance Sheet | ||||||||||||||||||||||||||||||||
Investment securities available for sale and other (4) | $ | 882,419 | $ | 794,878 | $ | 667,840 | $ | 658,711 | $ | 621,803 | ||||||||||||||||||||||
Investment securities held to maturity | 90,766 | 123,975 | 153,646 | 139,685 | 147,614 | |||||||||||||||||||||||||||
Loans, net of deferred fees | 6,021,232 | 5,137,823 | 4,456,733 | 4,152,720 | 3,870,598 | |||||||||||||||||||||||||||
Goodwill and other identifiable intangible assets | 159,565 | 160,591 | 138,201 | 138,795 | 139,091 | |||||||||||||||||||||||||||
Total assets | 7,664,297 | 6,711,236 | 5,806,093 | 5,405,639 | 5,093,131 | |||||||||||||||||||||||||||
Total deposits | 6,455,783 | 5,293,779 | 4,620,670 | 4,368,748 | 4,092,835 | |||||||||||||||||||||||||||
Total core deposits (2) | 5,377,527 | 4,422,975 | 3,863,632 | 3,631,320 | 3,547,927 | |||||||||||||||||||||||||||
Term borrowings | 143,257 | 284,036 | 286,145 | 296,913 | 365,650 | |||||||||||||||||||||||||||
Total stockholders’ equity | 763,784 | 725,263 | 623,739 | 583,122 | 550,044 | |||||||||||||||||||||||||||
Performance Ratios | ||||||||||||||||||||||||||||||||
Return on average assets | 0.80 | % | 1.12 | % | 1.15 | % | 1.00 | % | 0.90 | % | ||||||||||||||||||||||
Return on average tangible common equity (1) | 9.86 | % | 13.16 | % | 13.78 | % | 12.24 | % | 12.19 | % | ||||||||||||||||||||||
Return on average equity | 7.74 | % | 10.14 | % | 10.59 | % | 9.25 | % | 8.75 | % | ||||||||||||||||||||||
Efficiency ratio (1)(3) | 54.54 | % | 54.83 | % | 56.09 | % | 53.40 | % | 56.74 | % | ||||||||||||||||||||||
Net interest margin (tax equivalent basis) | 3.09 | % | 3.33 | % | 3.36 | % | 3.38 | % | 3.41 | % | ||||||||||||||||||||||
Loans to deposits | 93.27 | % | 97.05 | % | 96.45 | % | 95.06 | % | 94.57 | % | ||||||||||||||||||||||
Capital Ratios | ||||||||||||||||||||||||||||||||
Common equity to asset ratio | 9.97 | % | 10.81 | % | 10.74 | % | 10.79 | % | 10.80 | % | ||||||||||||||||||||||
Tangible common equity to tangible assets (1) | 8.05 | % | 8.62 | % | 8.57 | % | 8.44 | % | 8.30 | % | ||||||||||||||||||||||
Tier 1 leverage ratio | 8.37 | % | 9.41 | % | 9.39 | % | 9.12 | % | 9.07 | % | ||||||||||||||||||||||
Tier 1 risk-based capital ratio | 10.22 | % | 11.02 | % | 11.27 | % | 10.87 | % | 10.85 | % | ||||||||||||||||||||||
Total risk-based capital ratio | 12.84 | % | 13.40 | % | 13.71 | % | 13.40 | % | 13.48 | % | ||||||||||||||||||||||
CET1 ratio | 9.73 | % | 10.46 | % | 10.62 | % | 10.18 | % | 10.11 | % |
At or for the Years Ended December 31, | ||||||||||||||||||||
(in thousands, except per share data) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Income Statement | ||||||||||||||||||||
Interest income | $ | 256,487 | $ | 213,121 | $ | 190,204 | $ | 163,296 | $ | 127,514 | ||||||||||
Interest expense | 60,453 | 39,562 | 24,966 | 17,647 | 10,874 | |||||||||||||||
Net interest income | 196,034 | 173,559 | 165,238 | 145,649 | 116,640 | |||||||||||||||
Provision for loan losses | 2,130 | 4,413 | 6,090 | 4,223 | 1,942 | |||||||||||||||
Noninterest income excluding gains on investment securities and gain on debt extinguishment | 26,300 | 22,893 | 22,911 | 20,960 | 19,090 | |||||||||||||||
Gains on sales of investment securities | — | — | 2,524 | 370 | 241 | |||||||||||||||
Gain (loss) on equity securities | 496 | (583 | ) | — | — | — | ||||||||||||||
Gain on early debt extinguishment | — | — | — | — | 1,830 | |||||||||||||||
Merger related expenses | 3,178 | 464 | — | 4,103 | 1,152 | |||||||||||||||
Long-term debt prepayment fee | — | — | 2,828 | — | 2,407 | |||||||||||||||
Noninterest expenses | 123,578 | 110,703 | 101,706 | 95,814 | 83,652 | |||||||||||||||
Income before income taxes | 93,944 | 80,289 | 80,049 | 62,839 | 48,648 | |||||||||||||||
Income tax provision | 23,272 | 16,888 | 27,469 | 21,321 | 16,167 | |||||||||||||||
Net income | $ | 70,672 | $ | 63,401 | $ | 52,580 | $ | 41,518 | $ | 32,481 | ||||||||||
Per-Share Data | ||||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||
Basic | 50,477 | 47,578 | 47,438 | 42,912 | 37,844 | |||||||||||||||
Diluted | 50,642 | 47,766 | 47,674 | 43,114 | 37,993 | |||||||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $ | 1.39 | $ | 1.32 | $ | 1.10 | $ | 0.96 | $ | 0.85 | ||||||||||
Diluted | $ | 1.38 | $ | 1.32 | $ | 1.09 | $ | 0.95 | $ | 0.85 | ||||||||||
Cash dividend per common share | $ | 0.49 | $ | 0.45 | $ | 0.40 | $ | 0.37 | $ | 0.33 | ||||||||||
Book value per common share | $ | 14.36 | $ | 13.14 | $ | 12.31 | $ | 11.65 | $ | 10.57 | ||||||||||
Tangible book value per common share (1) | $ | 11.18 | $ | 10.22 | $ | 9.38 | $ | 8.70 | $ | 7.62 | ||||||||||
Balance Sheet | ||||||||||||||||||||
Investment securities available for sale and other (4) | $ | 794,878 | $ | 667,840 | $ | 658,711 | $ | 621,803 | $ | 456,436 | ||||||||||
Investment securities held to maturity | 123,975 | 153,646 | 139,685 | 147,614 | 116,740 | |||||||||||||||
Loans, net of deferred fees | 5,137,823 | 4,456,733 | 4,152,720 | 3,870,598 | 2,965,200 | |||||||||||||||
Goodwill and other identifiable intangible assets | 160,591 | 138,201 | 138,795 | 139,091 | 111,519 | |||||||||||||||
Total assets | 6,711,236 | 5,806,093 | 5,405,639 | 5,093,131 | 3,869,550 | |||||||||||||||
Total deposits | 5,293,779 | 4,620,670 | 4,368,748 | 4,092,835 | 2,995,572 | |||||||||||||||
Total core deposits (2) | 4,422,975 | 3,863,632 | 3,631,320 | 3,547,927 | 2,652,251 | |||||||||||||||
Term borrowings | 284,036 | 286,145 | 296,913 | 365,650 | 303,143 | |||||||||||||||
Total stockholders’ equity | 725,263 | 623,739 | 583,122 | 550,044 | 400,516 | |||||||||||||||
Performance Ratios | ||||||||||||||||||||
Return on average assets | 1.12 | % | 1.15 | % | 1.00 | % | 0.90 | % | 0.89 | % | ||||||||||
Return on average tangible common equity (1) | 13.16 | % | 13.78 | % | 12.24 | % | 12.19 | % | 11.58 | % | ||||||||||
Return on average equity | 10.14 | % | 10.59 | % | 9.25 | % | 8.75 | % | 8.28 | % | ||||||||||
Efficiency ratio (1)(3) | 54.83 | % | 56.09 | % | 53.40 | % | 56.74 | % | 60.94 | % | ||||||||||
Net interest margin (tax equivalent basis) | 3.33 | % | 3.36 | % | 3.38 | % | 3.41 | % | 3.47 | % | ||||||||||
Loans to deposits | 97.05 | % | 96.45 | % | 95.06 | % | 94.57 | % | 98.99 | % | ||||||||||
Capital Ratios | ||||||||||||||||||||
Common equity to asset ratio | 10.81 | % | 10.74 | % | 10.79 | % | 10.80 | % | 10.35 | % | ||||||||||
Tangible common equity to tangible assets (1) | 8.62 | % | 8.57 | % | 8.44 | % | 8.30 | % | 7.69 | % | ||||||||||
Tier 1 leverage ratio | 9.41 | % | 9.39 | % | 9.12 | % | 9.07 | % | 8.70 | % | ||||||||||
Tier 1 risk-based capital ratio | 11.02 | % | 11.27 | % | 10.87 | % | 10.85 | % | 10.53 | % | ||||||||||
Total risk-based capital ratio | 13.40 | % | 13.71 | % | 13.40 | % | 13.48 | % | 11.61 | % | ||||||||||
CET1 ratio | 10.46 | % | 10.62 | % | 10.18 | % | 10.11 | % | 9.54% |
•2020 financial results were adversely impacted by an elevated provision for credit losses of $27.2 million, compared to a provision for loan losses of $2.1 million for 2019. • |
2019 vs. 2018 | 2018 vs. 2017 | |||||||||||||||||||||||
Increase (Decrease) Due to Change in: | Total Change | Increase (Decrease) Due to Change in: | Total Change | |||||||||||||||||||||
(in thousands) | Volume | Rate | Volume | Rate | ||||||||||||||||||||
INTEREST INCOME | ||||||||||||||||||||||||
Loans | $ | 30,622 | $ | 9,770 | $ | 40,392 | $ | 11,420 | $ | 9,381 | $ | 20,801 | ||||||||||||
Taxable investment securities and other | 1,488 | 1,524 | 3,012 | 655 | 1,068 | 1,723 | ||||||||||||||||||
Tax-exempt investment securities | (277 | ) | 25 | (252 | ) | (657 | ) | (249 | ) | (906 | ) | |||||||||||||
Federal funds sold | 114 | 47 | 161 | (85 | ) | 764 | 679 | |||||||||||||||||
Total interest income | 31,947 | 11,366 | 43,313 | 11,333 | 10,964 | 22,297 | ||||||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||||||
Savings deposits | 7 | 35 | 42 | 2 | 15 | 17 | ||||||||||||||||||
Interest-bearing transaction accounts | 3,191 | 9,255 | 12,446 | 279 | 8,246 | 8,525 | ||||||||||||||||||
Time deposits | 2,396 | 3,744 | 6,140 | 1,782 | 3,696 | 5,478 | ||||||||||||||||||
Borrowings | 1,233 | 1,030 | 2,263 | (377 | ) | 953 | 576 | |||||||||||||||||
Total interest expense | 6,827 | 14,064 | 20,891 | 1,686 | 12,910 | 14,596 | ||||||||||||||||||
NET INTEREST INCOME | $ | 25,120 | $ | (2,698 | ) | $ | 22,422 | $ | 9,647 | $ | (1,946 | ) | $ | 7,701 |
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (1) | $ | 5,626,273 | $ | 229,036 | 4.07 | % | $ | 4,938,298 | $ | 233,535 | 4.73 | % | $ | 4,283,401 | $ | 193,143 | 4.51 | % | ||||||||||||||||||||||||||||||||||||||
Taxable investment securities and other | 808,629 | 17,811 | 2.20 | % | 799,103 | 19,722 | 2.47 | % | 736,241 | 16,710 | 2.27 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt securities | 80,594 | 2,085 | 2.59 | % | 70,271 | 1,911 | 2.72 | % | 80,456 | 2,163 | 2.69 | % | ||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold (2) | 220,329 | 348 | 0.16 | % | 87,997 | 1,720 | 1.95 | % | 82,096 | 1,559 | 1.90 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 6,735,825 | 249,280 | 3.70 | % | 5,895,669 | 256,888 | 4.36 | % | 5,182,194 | 213,575 | 4.12 | % | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | (61,898) | (39,840) | (36,804) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 534,439 | 466,825 | 383,524 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 7,208,366 | $ | 6,322,654 | $ | 5,528,914 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | $ | 535,754 | $ | 325 | 0.06 | % | $ | 500,650 | $ | 335 | 0.07 | % | $ | 489,742 | $ | 293 | 0.06 | % | ||||||||||||||||||||||||||||||||||||||
Interest-bearing transaction accounts | 3,035,626 | 17,396 | 0.57 | % | 2,653,404 | 31,157 | 1.17 | % | 2,301,065 | 18,711 | 0.81 | % | ||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 1,064,187 | 14,338 | 1.35 | % | 922,412 | 17,756 | 1.92 | % | 778,180 | 11,616 | 1.49 | % | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 336,425 | 9,096 | 2.66 | % | 385,365 | 11,205 | 2.87 | % | 340,414 | 8,942 | 2.63 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 4,971,992 | 41,155 | 0.83 | % | 4,461,831 | 60,453 | 1.35 | % | 3,909,401 | 39,562 | 1.01 | % | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | 1,362,918 | 1,092,827 | 984,445 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 130,231 | 70,959 | 36,541 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 743,225 | 697,037 | 598,527 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 7,208,366 | $ | 6,322,654 | $ | 5,528,914 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/spread | 208,125 | 2.87 | % | 196,435 | 3.00 | % | 174,013 | 3.11 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Tax equivalent basis adjustment | 438 | 401 | 454 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income | $ | 207,687 | $ | 196,034 | $ | 173,559 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Margin (3) | 3.09 | % | 3.33 | % | 3.36 | % |
2020 vs. 2019 | 2019 vs. 2018 | |||||||||||||||||||||||||||||||||||||
Increase (Decrease) Due to Change in: | Total Change | Increase (Decrease) Due to Change in: | Total Change | |||||||||||||||||||||||||||||||||||
(in thousands) | Volume | Rate | Volume | Rate | ||||||||||||||||||||||||||||||||||
Interest Income | ||||||||||||||||||||||||||||||||||||||
Loans | $ | 30,269 | $ | (34,768) | $ | (4,499) | $ | 30,622 | $ | 9,770 | $ | 40,392 | ||||||||||||||||||||||||||
Taxable investment securities and other | 233 | (2,144) | (1,911) | 1,488 | 1,524 | 3,012 | ||||||||||||||||||||||||||||||||
Tax-exempt investment securities | 270 | (96) | 174 | (277) | 25 | (252) | ||||||||||||||||||||||||||||||||
Federal funds sold | 1,111 | (2,483) | (1,372) | 114 | 47 | 161 | ||||||||||||||||||||||||||||||||
Total interest income | 31,883 | (39,491) | (7,608) | 31,947 | 11,366 | 43,313 | ||||||||||||||||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||||||||||||||||
Savings deposits | 30 | (40) | (10) | 7 | 35 | 42 | ||||||||||||||||||||||||||||||||
Interest-bearing transaction accounts | 5,388 | (19,149) | (13,761) | 3,191 | 9,255 | 12,446 | ||||||||||||||||||||||||||||||||
Time deposits | 3,589 | (7,007) | (3,418) | 2,396 | 3,744 | 6,140 | ||||||||||||||||||||||||||||||||
Borrowings | (1,343) | (766) | (2,109) | 1,233 | 1,030 | 2,263 | ||||||||||||||||||||||||||||||||
Total interest expense | 7,664 | (26,962) | (19,298) | 6,827 | 14,064 | 20,891 | ||||||||||||||||||||||||||||||||
Net Interest Income | $ | 24,219 | $ | (12,529) | $ | 11,690 | $ | 25,120 | $ | (2,698) | $ | 22,422 |
2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | ||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||
Loans (1) | $ | 4,938,298 | $ | 233,535 | 4.73 | % | $ | 4,283,401 | $ | 193,143 | 4.51 | % | $ | 4,024,257 | $ | 172,342 | 4.28 | % | |||||||||||||||
Taxable investment securities and other | 799,103 | 19,722 | 2.47 | % | 736,241 | 16,710 | 2.27 | % | 706,167 | 14,987 | 2.12 | % | |||||||||||||||||||||
Tax-exempt securities | 70,271 | 1,911 | 2.72 | % | 80,456 | 2,163 | 2.69 | % | 104,267 | 3,069 | 2.94 | % | |||||||||||||||||||||
Federal funds sold (2) | 87,997 | 1,720 | 1.95 | % | 82,096 | 1,559 | 1.90 | % | 92,295 | 880 | 0.95 | % | |||||||||||||||||||||
Total interest-earning assets | 5,895,669 | 256,888 | 4.36 | % | 5,182,194 | 213,575 | 4.12 | % | 4,926,986 | 191,278 | 3.88 | % | |||||||||||||||||||||
Noninterest-earning assets: | |||||||||||||||||||||||||||||||||
Allowance for loan losses | (39,840 | ) | (36,804 | ) | (33,148 | ) | |||||||||||||||||||||||||||
Other assets | 466,825 | 383,524 | 373,723 | ||||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 6,322,654 | $ | 5,528,914 | $ | 5,267,561 | |||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS EQUITY | |||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||
Savings accounts | $ | 500,650 | $ | 335 | 0.07 | % | $ | 489,742 | $ | 293 | 0.06 | % | $ | 486,821 | $ | 276 | 0.06 | % | |||||||||||||||
Interest-bearing transaction accounts | 2,653,404 | 31,157 | 1.17 | % | 2,301,065 | 18,711 | 0.81 | % | 2,241,259 | 10,186 | 0.45 | % | |||||||||||||||||||||
Time deposits | 922,412 | 17,756 | 1.92 | % | 778,180 | 11,616 | 1.49 | % | 623,257 | 6,138 | 0.98 | % | |||||||||||||||||||||
Borrowings | 385,365 | 11,205 | 2.87 | % | 340,414 | 8,942 | 2.63 | % | 357,978 | 8,366 | 2.34 | % | |||||||||||||||||||||
Total interest-bearing liabilities | 4,461,831 | 60,453 | 1.35 | % | 3,909,401 | 39,562 | 1.01 | % | 3,709,315 | 24,966 | 0.67 | % | |||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||
Demand deposits | 1,092,827 | 984,445 | 959,298 | ||||||||||||||||||||||||||||||
Other liabilities | 70,959 | 36,541 | 30,268 | ||||||||||||||||||||||||||||||
Stockholders’ equity | 697,037 | 598,527 | 568,680 | ||||||||||||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 6,322,654 | $ | 5,528,914 | $ | 5,267,561 | |||||||||||||||||||||||||||
Net interest income/spread | 196,435 | 3.00 | % | 174,013 | 3.11 | % | 166,312 | 3.21 | % | ||||||||||||||||||||||||
Tax equivalent basis adjustment | 401 | 454 | 1,074 | ||||||||||||||||||||||||||||||
NET INTEREST INCOME | $ | 196,034 | $ | 173,559 | $ | 165,238 | |||||||||||||||||||||||||||
Net interest margin (3) | 3.33 | % | 3.36 | % | 3.38 | % |
Net interest |
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||
Calculation of Efficiency Ratio (a Non-GAAP Measure) | |||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | $ | 132,798 | $ | 126,756 | $ | 111,167 | $ | 104,534 | $ | 99,917 | |||||||||||||||||||||||||||||||
Amortization of core deposit intangibles | (1,025) | (1,182) | (594) | (654) | (734) | ||||||||||||||||||||||||||||||||||||
Merger related expenses | — | (3,178) | (464) | — | (4,103) | ||||||||||||||||||||||||||||||||||||
Long-term debt prepayment fee | (4,133) | — | — | (2,828) | — | ||||||||||||||||||||||||||||||||||||
Noninterest expense, as adjusted | $ | 127,640 | $ | 122,396 | $ | 110,109 | $ | 101,052 | $ | 95,080 | |||||||||||||||||||||||||||||||
Net interest income | $ | 207,687 | $ | 196,034 | $ | 173,559 | $ | 165,238 | $ | 145,649 | |||||||||||||||||||||||||||||||
Noninterest income | 27,110 | 26,796 | 22,310 | 25,435 | 21,330 | ||||||||||||||||||||||||||||||||||||
Total revenue | 234,797 | 222,830 | 195,869 | 190,673 | 166,979 | ||||||||||||||||||||||||||||||||||||
Tax-equivalent adjustment on municipal securities | 438 | 401 | 454 | 1,074 | 962 | ||||||||||||||||||||||||||||||||||||
Gains on sales of investment securities and debt extinguishment | (1,213) | — | — | (2,524) | (370) | ||||||||||||||||||||||||||||||||||||
Total revenue, as adjusted | $ | 234,022 | $ | 223,231 | $ | 196,323 | $ | 189,223 | $ | 167,571 | |||||||||||||||||||||||||||||||
Efficiency ratio (Non-GAAP) | 54.54 | % | 54.83 | % | 56.09 | % | 53.40 | % | 56.74 | % |
For the Year Ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Calculation of Efficiency Ratio (a Non-GAAP Measure) | ||||||||||||||||||||
Total noninterest expense | $ | 126,756 | $ | 111,167 | $ | 104,534 | $ | 99,917 | $ | 87,211 | ||||||||||
Less: | ||||||||||||||||||||
Amortization of core deposit intangibles | (1,182 | ) | (594 | ) | (654 | ) | (734 | ) | (415 | ) | ||||||||||
Merger related expenses | (3,178 | ) | (464 | ) | — | (4,103 | ) | (1,152 | ) | |||||||||||
Long-term debt prepayment fee | — | — | (2,828 | ) | — | (2,407 | ) | |||||||||||||
Noninterest expense, as adjusted | $ | 122,396 | $ | 110,109 | $ | 101,052 | $ | 95,080 | $ | 83,237 | ||||||||||
Net interest income | $ | 196,034 | $ | 173,559 | $ | 165,238 | $ | 145,649 | $ | 116,640 | ||||||||||
Noninterest income | 26,796 | 22,310 | 25,435 | 21,330 | 21,161 | |||||||||||||||
Total revenue | 222,830 | 195,869 | 190,673 | 166,979 | 137,801 | |||||||||||||||
Plus: Tax-equivalent adjustment on municipal securities | 401 | 454 | 1,074 | 962 | 857 | |||||||||||||||
Less: Gains on sales of investment securities and debt extinguishment | — | — | (2,524 | ) | (370 | ) | (2,071 | ) | ||||||||||||
Total revenue, as adjusted | $ | 223,231 | $ | 196,323 | $ | 189,223 | $ | 167,571 | $ | 136,587 | ||||||||||
Efficiency ratio (Non-GAAP) | 54.83 | % | 56.09 | % | 53.40 | % | 56.74 | % | 60.94 | % |
(in thousands) | December 31, 2020 | |||||||
Non-owner occupied commercial (1) | $ | 2,398,946 | ||||||
Owner occupied commercial (1) | 827,092 | |||||||
Multifamily (1) | 813,225 | |||||||
Non-owner occupied residential (1) | 200,229 | |||||||
Commercial, industrial and other | 718,189 | |||||||
Construction | 266,883 | |||||||
Equipment finance | 116,690 | |||||||
Residential mortgage | 377,380 | |||||||
Consumer | 302,598 | |||||||
Total loans | 6,021,232 |
December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | (in thousands) | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||||||
Commercial, secured by real estate | $ | 3,589,593 | $ | 3,057,779 | $ | 2,831,184 | $ | 2,556,601 | $ | 1,761,589 | Commercial, secured by real estate | $ | 3,589,593 | $ | 3,057,779 | $ | 2,831,184 | $ | 2,556,601 | |||||||||||||||||||||||||||||||||
Commercial, industrial and other | 431,934 | 336,735 | 340,400 | 350,228 | 307,044 | Commercial, industrial and other | 431,934 | 336,735 | 340,400 | 350,228 | ||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | 335,169 | 319,545 | 264,908 | 211,109 | |||||||||||||||||||||||||||||||||||||||||||||||
Equipment finance | 111,076 | 87,925 | 75,039 | 67,016 | 56,660 | Equipment finance | 111,076 | 87,925 | 75,039 | 67,016 | ||||||||||||||||||||||||||||||||||||||||||
Real estate - residential mortgage | 335,191 | 329,854 | 322,880 | 349,581 | 389,692 | |||||||||||||||||||||||||||||||||||||||||||||||
Real estate - construction | 335,169 | 319,545 | 264,908 | 211,109 | 118,070 | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity and consumer | 337,977 | 328,609 | 322,269 | 339,360 | 334,891 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | 335,191 | 329,854 | 322,880 | 349,581 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 337,977 | 328,609 | 322,269 | 339,360 | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans | 5,140,940 | 4,460,447 | 4,156,680 | 3,873,895 | 2,967,946 | Total loans | 5,140,940 | 4,460,447 | 4,156,680 | 3,873,895 | ||||||||||||||||||||||||||||||||||||||||||
Deferred fees | (3,117 | ) | (3,714 | ) | (3,960 | ) | (3,297 | ) | (2,746 | ) | ||||||||||||||||||||||||||||||||||||||||||
Deferred fees (2) | Deferred fees (2) | (3,117) | (3,714) | (3,960) | (3,297) | |||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | $ | 5,137,823 | $ | 4,456,733 | $ | 4,152,720 | $ | 3,870,598 | $ | 2,965,200 | Loans, net | $ | 5,137,823 | $ | 4,456,733 | $ | 4,152,720 | $ | 3,870,598 |
(in thousands) | Within One Year | After One but Within Five Years | After Five Years | Total | ||||||||||||
Commercial, secured by real estate | $ | 212,023 | $ | 729,850 | $ | 2,647,720 | $ | 3,589,593 | ||||||||
Commercial, industrial and other | 195,559 | 137,016 | 99,359 | 431,934 | ||||||||||||
Real estate - construction | 121,159 | 77,832 | 136,178 | 335,169 | ||||||||||||
Total commercial loans | $ | 528,741 | $ | 944,698 | $ | 2,883,257 | $ | 4,356,696 | ||||||||
Predetermined rates | $ | 117,766 | $ | 676,775 | $ | 292,143 | $ | 1,086,684 | ||||||||
Floating or adjustable rates | 410,975 | 267,923 | 2,591,114 | 3,270,012 | ||||||||||||
Total commercial loans | $ | 528,741 | $ | 944,698 | $ | 2,883,257 | $ | 4,356,696 |
(in thousands) | Within One Year | After One but Within Five Years | After Five Years | Total | ||||||||||||||||||||||
Non-owner occupied commercial | $ | 112,800 | $ | 569,836 | $ | 1,716,310 | $ | 2,398,946 | ||||||||||||||||||
Owner occupied commercial | 58,020 | 221,306 | 547,766 | $ | 827,092 | |||||||||||||||||||||
Multifamily | 28,378 | 165,404 | 619,443 | $ | 813,225 | |||||||||||||||||||||
Non-owner occupied residential | 18,534 | 34,597 | 147,098 | $ | 200,229 | |||||||||||||||||||||
Commercial, industrial and other | 205,813 | 423,757 | 88,619 | 718,189 | ||||||||||||||||||||||
Construction | 98,057 | 67,969 | 100,857 | 266,883 | ||||||||||||||||||||||
Total commercial loans | $ | 521,602 | $ | 1,482,869 | $ | 3,220,093 | $ | 5,224,564 | ||||||||||||||||||
Predetermined rates | $ | 135,607 | $ | 1,071,125 | $ | 273,748 | $ | 1,480,480 | ||||||||||||||||||
Floating or adjustable rates | 385,995 | 411,744 | 2,946,345 | 3,744,084 | ||||||||||||||||||||||
Total commercial loans | $ | 521,602 | $ | 1,482,869 | $ | 3,220,093 | $ | 5,224,564 |
(dollars in thousands) | December 31, 2020 | |||||||
Non-owner occupied commercial (1) | $ | 16,537 | ||||||
Owner occupied commercial (1) | 14,271 | |||||||
Multifamily (1) | 626 | |||||||
Non-owner occupied residential (1) | 2,217 | |||||||
Commercial, industrial and other | 2,633 | |||||||
Construction | 1,440 | |||||||
Equipment finance | 327 | |||||||
Residential mortgage | 2,469 | |||||||
Consumer | 2,243 | |||||||
Total non-accrual loans (2) | 42,763 | |||||||
Other real estate and other repossessed assets | — | |||||||
Total non-performing assets | $ | 42,763 | ||||||
Non-performing assets as a percentage of total assets | 0.56 | % | ||||||
Loans past due 90 days or more and still accruing | $ | 1 | ||||||
Troubled debt restructurings, still accruing | $ | 3,857 |
December 31, | ||||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Commercial, secured by real estate | $ | 12,314 | $ | 7,192 | $ | 5,890 | $ | 10,413 | $ | 10,446 | ||||||||||
Commercial, industrial and other | 1,539 | 1,019 | 184 | 167 | 103 | |||||||||||||||
Equipment finance | 284 | 501 | 144 | 153 | 316 | |||||||||||||||
Real estate - residential mortgage | 3,428 | 1,986 | 3,860 | 6,048 | 8,664 | |||||||||||||||
Real estate - construction | 967 | — | 1,472 | 1,472 | — | |||||||||||||||
Home equity and consumer | 2,606 | 1,432 | 2,105 | 2,151 | 3,167 | |||||||||||||||
Total non-accrual loans | 21,138 | 12,130 | 13,655 | 20,404 | 22,696 | |||||||||||||||
Other real estate and other repossessed assets | 563 | 830 | 843 | 1,072 | 983 | |||||||||||||||
Total non-performing assets | $ | 21,701 | $ | 12,960 | $ | 14,498 | $ | 21,476 | $ | 23,679 | ||||||||||
Non-performing assets as a percentage of total assets | 0.32 | % | 0.22 | % | 0.27 | % | 0.42 | % | 0.61 | % | ||||||||||
Loans past due 90 days or more and still accruing | $ | — | $ | — | $ | 200 | $ | 10 | $ | 331 | ||||||||||
Troubled debt restructurings, still accruing | $ | 5,650 | $ | 9,293 | $ | 11,462 | $ | 8,802 | $ | 10,108 |
December 31, | ||||||||||||||||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||
Commercial, secured by real estate | $ | 12,314 | $ | 7,192 | $ | 5,890 | $ | 10,413 | ||||||||||||||||||||||||
Commercial, industrial and other | 1,539 | 1,019 | 184 | 167 | ||||||||||||||||||||||||||||
Construction | 967 | — | 1,472 | 1,472 | ||||||||||||||||||||||||||||
Equipment finance | 284 | 501 | 144 | 153 | ||||||||||||||||||||||||||||
Residential mortgage | 3,428 | 1,986 | 3,860 | 6,048 | ||||||||||||||||||||||||||||
Consumer | 2,606 | 1,432 | 2,105 | 2,151 | ||||||||||||||||||||||||||||
Total non-accrual loans (3) | 21,138 | 12,130 | 13,655 | 20,404 | ||||||||||||||||||||||||||||
Other real estate and other repossessed assets | 563 | 830 | 843 | 1,072 | ||||||||||||||||||||||||||||
Total non-performing assets | $ | 21,701 | $ | 12,960 | $ | 14,498 | $ | 21,476 | ||||||||||||||||||||||||
Non-performing assets as a percentage of total assets | 0.32 | % | 0.22 | % | 0.27 | % | 0.42 | % | ||||||||||||||||||||||||
Loans past due 90 days or more and still accruing | $ | — | $ | — | $ | 200 | $ | 10 | ||||||||||||||||||||||||
Troubled debt restructurings, still accruing | $ | 5,650 | $ | 9,293 | $ | 11,462 | $ | 8,802 |
Years Ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Allowance balance, beginning of the year | $ | 37,688 | $ | 35,455 | $ | 31,245 | $ | 30,874 | $ | 30,684 | ||||||||||
Loans charged off: | ||||||||||||||||||||
Commercial, secured by real estate | (544 | ) | (421 | ) | (762 | ) | (410 | ) | (1,821 | ) | ||||||||||
Commercial, industrial and other | (645 | ) | (1,452 | ) | (477 | ) | (796 | ) | (205 | ) | ||||||||||
Equipment finance | (414 | ) | (507 | ) | (305 | ) | (366 | ) | (548 | ) | ||||||||||
Real estate - residential mortgage | (50 | ) | (131 | ) | (441 | ) | (1,103 | ) | (375 | ) | ||||||||||
Real estate - construction | — | (248 | ) | (609 | ) | — | (20 | ) | ||||||||||||
Home equity and consumer | (283 | ) | (588 | ) | (852 | ) | (1,980 | ) | (1,511 | ) | ||||||||||
Total loans charged off | (1,936 | ) | (3,347 | ) | (3,446 | ) | (4,655 | ) | (4,480 | ) | ||||||||||
Recoveries: | ||||||||||||||||||||
Commercial, secured by real estate | 251 | 468 | 396 | 297 | 2,221 | |||||||||||||||
Commercial, industrial and other | 1,100 | 317 | 172 | 202 | 183 | |||||||||||||||
Equipment finance | 332 | 23 | 59 | 31 | 26 | |||||||||||||||
Real estate - residential mortgage | 66 | 10 | 5 | 8 | 63 | |||||||||||||||
Real estate - construction | 126 | 17 | 31 | 18 | 106 | |||||||||||||||
Home equity and consumer | 246 | 332 | 903 | 247 | 129 | |||||||||||||||
Total recoveries | 2,121 | 1,167 | 1,566 | 803 | 2,728 | |||||||||||||||
Net recoveries (charge-offs) | 185 | (2,180 | ) | (1,880 | ) | (3,852 | ) | (1,752 | ) | |||||||||||
Provision for loan losses | 2,130 | 4,413 | 6,090 | 4,223 | 1,942 | |||||||||||||||
Allowance balance, end of year | $ | 40,003 | $ | 37,688 | $ | 35,455 | $ | 31,245 | $ | 30,874 | ||||||||||
Net charge-offs as a percentage of average loans outstanding | — | % | 0.05 | % | 0.05 | % | 0.11 | % | 0.06 | % | ||||||||||
Allowance as a percentage of year-end total loans outstanding | 0.78 | % | 0.84 | % | 0.85 | % | 0.81 | % | 1.04 | % | ||||||||||
Allowance as a percent of non-accrual loans | 189.25 | % | 310.70 | % | 259.65 | % | 153.13 | % | 136.03 | % |
Years Ended December 31, | ||||||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
Allowance balance, beginning of the year | $ | 40,003 | $ | 37,688 | $ | 35,455 | $ | 31,245 | $ | 30,874 | ||||||||||||||||||||||
Impact of adopting ASU 2016-13 ("CECL") | 6,656 | — | — | — | — | |||||||||||||||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||||||
Commercial, secured by real estate | (422) | (544) | (421) | (762) | (410) | |||||||||||||||||||||||||||
Commercial, industrial and other | (814) | (645) | (1,452) | (477) | (796) | |||||||||||||||||||||||||||
Construction | (77) | — | (248) | (609) | — | |||||||||||||||||||||||||||
Equipment finance | (284) | (414) | (507) | (305) | (366) | |||||||||||||||||||||||||||
Residential mortgage | (116) | (50) | (131) | (441) | (1,103) | |||||||||||||||||||||||||||
Consumer | (340) | (283) | (588) | (852) | (1,980) | |||||||||||||||||||||||||||
Total loans charged off | (2,053) | (1,936) | (3,347) | (3,446) | (4,655) | |||||||||||||||||||||||||||
Recoveries: | ||||||||||||||||||||||||||||||||
Commercial, secured by real estate | 72 | 251 | 468 | 396 | 297 | |||||||||||||||||||||||||||
Commercial, industrial and other | 207 | 1,100 | 317 | 172 | 202 | |||||||||||||||||||||||||||
Construction | 100 | 126 | 17 | 31 | 18 | |||||||||||||||||||||||||||
Equipment finance | 65 | 332 | 23 | 59 | 31 | |||||||||||||||||||||||||||
Residential mortgage | 21 | 66 | 10 | 5 | 8 | |||||||||||||||||||||||||||
Consumer | 76 | 246 | 332 | 903 | 247 | |||||||||||||||||||||||||||
Total recoveries | 541 | 2,121 | 1,167 | 1,566 | 803 | |||||||||||||||||||||||||||
Net (charge-offs) recoveries | (1,512) | 185 | (2,180) | (1,880) | (3,852) | |||||||||||||||||||||||||||
Provision for credit losses on loans | 25,977 | 2,130 | 4,413 | 6,090 | 4,223 | |||||||||||||||||||||||||||
Allowance balance, end of year | $ | 71,124 | $ | 40,003 | $ | 37,688 | $ | 35,455 | $ | 31,245 | ||||||||||||||||||||||
Net charge-offs as a percentage of average loans outstanding | 0.03 | % | — | % | 0.05 | % | 0.05 | % | 0.11 | % | ||||||||||||||||||||||
Allowance for credit losses on loans as a percentage of year-end total loans outstanding | 1.18 | % | 0.78 | % | 0.84 | % | 0.85 | % | 0.81 | % | ||||||||||||||||||||||
Allowance for credit losses on loans as a percent of non-accrual loans | 166.32 | % | 189.25 | % | 310.70 | % | 259.65 | % | 153.13 | % |
December 31, 2020 | ||||||||||||||
(dollars in thousands) | Allowance | % of Loans in Each Category | ||||||||||||
Non-owner occupied commercial (1) | $ | 25,910 | 39.9 | % | ||||||||||
Owner occupied commercial (1) | 3,955 | 13.7 | % | |||||||||||
Multifamily (1) | 7,253 | 13.5 | % | |||||||||||
Non-owner occupied residential (1) | 3,321 | 3.3 | % | |||||||||||
Commercial, industrial and other | 13,665 | 11.9 | % | |||||||||||
Construction | 786 | 4.4 | % | |||||||||||
Equipment finance | 6,552 | 1.9 | % | |||||||||||
Residential mortgage | 3,623 | 6.4 | % | |||||||||||
Consumer | 6,059 | 5.0 | % | |||||||||||
Total | $ | 71,124 | 100.0 | % |
December 31, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
Allowance | % of Loans in Each Category | Allowance | % of Loans in Each Category | Allowance | % of Loans in Each Category | Allowance | % of Loans in Each Category | Allowance | % of Loans in Each Category | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Commercial, secured by real estate | $ | 28,950 | 69.8 | % | $ | 27,881 | 68.5 | % | $ | 25,704 | 68.0 | % | $ | 21,223 | 66.1 | % | $ | 20,223 | 59.4 | % | |||||||||||||||
Commercial, industrial and other | 3,289 | 8.4 | % | 1,742 | 7.5 | % | 2,313 | 8.2 | % | 1,723 | 9.0 | % | 2,637 | 10.3 | % | ||||||||||||||||||||
Equipment finance | 957 | 2.2 | % | 987 | 2.0 | % | 630 | 1.8 | % | 548 | 1.7 | % | 460 | 1.9 | % | ||||||||||||||||||||
Real estate - residential mortgage | 1,725 | 6.5 | % | 1,566 | 7.4 | % | 1,557 | 7.8 | % | 1,964 | 9.0 | % | 2,588 | 13.1 | % | ||||||||||||||||||||
Real estate - construction | 2,672 | 6.5 | % | 3,015 | 7.2 | % | 2,731 | 6.4 | % | 2,352 | 5.4 | % | 1,591 | 4.0 | % | ||||||||||||||||||||
Home equity and consumer | 2,410 | 6.6 | % | 2,497 | 7.4 | % | 2,520 | 7.8 | % | 3,435 | 8.8 | % | 3,375 | 11.3 | % | ||||||||||||||||||||
$ | 40,003 | 100.0 | % | $ | 37,688 | 100.0 | % | $ | 35,455 | 100.0 | % | $ | 31,245 | 100.0 | % | $ | 30,874 | 100.0 | % |
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Allowance | % of Loans in Each Category | Allowance | % of Loans in Each Category | Allowance | % of Loans in Each Category | Allowance | % of Loans in Each Category | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, secured by real estate | $ | 28,950 | 69.8 | % | $ | 27,881 | 68.5 | % | $ | 25,704 | 68.0 | % | $ | 21,223 | 66.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | 3,289 | 8.4 | % | 1,742 | 7.5 | % | 2,313 | 8.2 | % | 1,723 | 9.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 2,672 | 6.5 | % | 3,015 | 7.2 | % | 2,731 | 6.4 | % | 2,352 | 5.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment finance | 957 | 2.2 | % | 987 | 2.0 | % | 630 | 1.8 | % | 548 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 1,725 | 6.5 | % | 1,566 | 7.4 | % | 1,557 | 7.8 | % | 1,964 | 9.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 2,410 | 6.6 | % | 2,497 | 7.4 | % | 2,520 | 7.8 | % | 3,435 | 8.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 40,003 | 100.0 | % | $ | 37,688 | 100.0 | % | $ | 35,455 | 100.0 | % | $ | 31,245 | 100.0 | % |
December 31, | December 31, | |||||||||||||||||||||||||||||||
(in thousands) | 2019 | 2018 | 2017 | (in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | $ | 166,982 | $ | 173,952 | $ | 180,670 | U.S. Treasury and U.S. government agencies | $ | 90,567 | $ | 166,982 | $ | 173,952 | |||||||||||||||||||
Mortgage-backed securities, residential | 578,108 | 502,003 | 469,245 | Mortgage-backed securities, residential | 267,432 | 272,674 | 210,062 | |||||||||||||||||||||||||
Collateralized mortgage obligations, residential | Collateralized mortgage obligations, residential | 223,628 | 305,434 | 291,941 | ||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | 50,935 | 22,803 | 12,034 | Mortgage-backed securities, multifamily | 2,649 | 4,710 | 1,853 | |||||||||||||||||||||||||
Collateralized mortgage obligations, multifamily | Collateralized mortgage obligations, multifamily | 41,535 | 46,225 | 20,950 | ||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 40,690 | — | — | ||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 72,182 | 83,414 | 94,638 | Obligations of states and political subdivisions | 244,340 | 72,182 | 83,414 | |||||||||||||||||||||||||
Debt securities | 11,668 | 10,092 | 11,144 | Debt securities | 35,671 | 11,668 | 10,092 | |||||||||||||||||||||||||
$ | 879,875 | $ | 792,264 | $ | 767,731 | |||||||||||||||||||||||||||
Total | Total | $ | 946,512 | $ | 879,875 | $ | 792,264 |
(dollars in thousands) | Within One Year | Over One but Within Five Years | Over Five but Within Ten Years | After Ten Years | Total | |||||||||||||||||||||||||||
Available for Sale | ||||||||||||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | ||||||||||||||||||||||||||||||||
Amount | $ | 8,103 | $ | 29,473 | $ | 10,667 | $ | 16,759 | $ | 65,002 | ||||||||||||||||||||||
Yield | 2.13 | % | 1.93 | % | 2.13 | % | 1.50 | % | 1.88 | % | ||||||||||||||||||||||
Mortgage-backed securities, residential | ||||||||||||||||||||||||||||||||
Amount | 12 | 2,360 | 18,019 | 207,765 | 228,156 | |||||||||||||||||||||||||||
Yield | 2.27 | % | 2.23 | % | 2.20 | % | 1.98 | % | 2.00 | % | ||||||||||||||||||||||
Collateralized mortgage obligations, residential | ||||||||||||||||||||||||||||||||
Amount | 3 | 1,963 | 13,165 | 193,907 | 209,038 | |||||||||||||||||||||||||||
Yield | 5.62 | % | 2.95 | % | 1.17 | % | 1.79 | % | 1.76 | % | ||||||||||||||||||||||
Mortgage-backed securities, multifamily | ||||||||||||||||||||||||||||||||
Amount | — | — | — | 1,944 | 1,944 | |||||||||||||||||||||||||||
Yield | — | % | — | % | — | % | 1.35 | % | 1.35 | % | ||||||||||||||||||||||
Collateralized mortgage obligations, multifamily | ||||||||||||||||||||||||||||||||
Amount | — | 11,644 | 4,285 | 25,606 | 41,535 | |||||||||||||||||||||||||||
Yield | — | % | 2.67 | % | 2.04 | % | 2.69 | % | 2.62 | % | ||||||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||||||||
Amount | — | — | — | 40,690 | 40,690 | |||||||||||||||||||||||||||
Yield | — | % | — | % | — | % | 0.90 | % | 0.90 | % | ||||||||||||||||||||||
Obligations of states and political subdivisions | ||||||||||||||||||||||||||||||||
Amount | 5,500 | 30,976 | 12,504 | 184,730 | 233,710 | |||||||||||||||||||||||||||
Yield | 2.29 | % | 2.04 | % | 2.28 | % | 2.21 | % | 2.19 | % | ||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||
Amount | — | 4,060 | 31,611 | — | 35,671 | |||||||||||||||||||||||||||
Yield | — | % | 2.40 | % | 4.59 | % | — | % | 4.34 | % | ||||||||||||||||||||||
Total securities | ||||||||||||||||||||||||||||||||
Amount | $ | 13,618 | $ | 80,476 | $ | 90,251 | $ | 671,401 | $ | 855,746 | ||||||||||||||||||||||
Yield | 2.19 | % | 2.14 | % | 2.88 | % | 1.94 | % | 2.06 | % |
(dollars in thousands) | Within One Year | Over One but Within Five Years | Over Five but Within Ten Years | After Ten Years | Total | |||||||||||||||
Available for Sale | ||||||||||||||||||||
U.S. Treasury and U.S. government agencies | ||||||||||||||||||||
Amount | $ | 23,516 | $ | 74,638 | $ | 22,439 | $ | 15,054 | $ | 135,647 | ||||||||||
Yield | 1.74 | % | 1.91 | % | 2.99 | % | 2.92 | % | 2.17 | % | ||||||||||
Mortgage-backed securities, residential | ||||||||||||||||||||
Amount | 3 | 5,218 | 64,308 | 432,350 | 501,879 | |||||||||||||||
Yield | 5.62 | % | 2.32 | % | 2.15 | % | 2.45 | % | 2.41 | % | ||||||||||
Mortgage-backed securities, multifamily | ||||||||||||||||||||
Amount | 4,878 | 14,289 | — | 30,018 | 49,185 | |||||||||||||||
Yield | 1.73 | % | 2.80 | % | — | % | 2.94 | % | 2.78 | % | ||||||||||
Obligations of states and political subdivisions | ||||||||||||||||||||
Amount | 6,270 | 31,973 | 21,778 | — | 60,021 | |||||||||||||||
Yield | 2.65 | % | 2.07 | % | 2.17 | % | — | % | 2.17 | % | ||||||||||
Debt securities | ||||||||||||||||||||
Amount | — | — | 9,168 | — | 9,168 | |||||||||||||||
Yield | — | % | — | % | 6.25 | % | — | % | 6.25 | % | ||||||||||
Total securities | ||||||||||||||||||||
Amount | $ | 34,667 | $ | 126,118 | $ | 117,693 | $ | 477,422 | $ | 755,900 | ||||||||||
Yield | 1.91 | % | 2.07 | % | 2.63 | % | 2.50 | % | 2.42 | % |
(dollars in thousands) | Within One Year | Over One but Within Five Years | Over Five but Within Ten Years | After Ten Years | Total | (dollars in thousands) | Within One Year | Over One but Within Five Years | Over Five but Within Ten Years | After Ten Years | Total | |||||||||||||||||||||||||||||||||||||||||
Held to Maturity | Held to Maturity | |||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | U.S. Treasury and U.S. government agencies | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | $ | 5,104 | $ | 23,030 | $ | 3,201 | $ | — | $ | 31,335 | Amount | $ | 5,993 | $ | 17,043 | $ | 2,529 | $ | — | $ | 25,565 | |||||||||||||||||||||||||||||||
Yield | 1.60 | % | 2.04 | % | 3.38 | % | — | % | 2.11 | % | Yield | 2.17 | % | 2.00 | % | 1.91 | % | — | % | 2.03 | % | |||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | Mortgage-backed securities, residential | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | — | 116 | 1,759 | 74,354 | 76,229 | Amount | — | 79 | 11 | 39,186 | 39,276 | |||||||||||||||||||||||||||||||||||||||||
Yield | — | % | 5.03 | % | 2.17 | % | 2.44 | % | 2.44 | % | Yield | — | % | 5.07 | % | 5.88 | % | 1.81 | % | 1.82 | % | |||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | Collateralized mortgage obligations, residential | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Amount | — | 1 | 1,353 | 13,236 | 14,590 | ||||||||||||||||||||||||||||||||||||||||||||||
Yield | Yield | — | % | 0.86 | % | 2.21 | % | 1.79 | % | 2.30 | % | |||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | Mortgage-backed securities, multifamily | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | 999 | — | 751 | — | 1,750 | Amount | — | — | 705 | — | 705 | |||||||||||||||||||||||||||||||||||||||||
Yield | 2.33 | % | — | % | — | % | — | % | 1.33 | % | Yield | — | % | — | % | 2.39 | % | — | % | 2.39 | % | |||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | 2,217 | 8,072 | 1,114 | 758 | 12,161 | Amount | 3,029 | 4,492 | 601 | 2,508 | 10,630 | |||||||||||||||||||||||||||||||||||||||||
Yield | 2.26 | % | 2.04 | % | 2.21 | % | 2.00 | % | 2.09 | % | Yield | 1.88 | % | 2.02 | % | 2.60 | % | 2.21 | % | 2.06 | % | |||||||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | — | — | 2,500 | — | 2,500 | |||||||||||||||||||||||||||||||||||||||||||||||
Yield | — | % | — | % | 6.25 | % | — | % | 6.25 | % | ||||||||||||||||||||||||||||||||||||||||||
Total securities | Total securities | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | $ | 8,320 | $ | 31,218 | $ | 9,325 | $ | 75,112 | $ | 123,975 | Amount | $ | 9,022 | $ | 21,615 | $ | 5,199 | $ | 54,930 | $ | 90,766 | |||||||||||||||||||||||||||||||
Yield | 1.86 | % | 2.05 | % | 3.51 | % | 2.43 | % | 2.38 | % | Yield | 2.07 | % | 2.02 | % | 2.14 | % | 1.95 | % | 1.99 | % |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Average Rate | Average Balance | Average Rate | Average Balance | Average Rate | ||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | $ | 1,362,918 | — | % | $ | 1,092,827 | — | % | $ | 984,445 | — | % | ||||||||||||||||||||||||||
Interest-bearing transaction accounts | 3,035,626 | 0.57 | % | 2,653,404 | 1.17 | % | 2,301,065 | 0.81 | % | |||||||||||||||||||||||||||||
Savings | 535,754 | 0.06 | % | 500,650 | 0.07 | % | 489,742 | 0.06 | % | |||||||||||||||||||||||||||||
Time deposits | 1,064,187 | 1.35 | % | 922,412 | 1.92 | % | 778,180 | 1.49 | % | |||||||||||||||||||||||||||||
Total | $ | 5,998,485 | 0.53 | % | $ | 5,169,293 | 0.95 | % | $ | 4,553,432 | 0.67 | % |
Year Ended December 31, | |||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||
(dollars in thousands) | Average Balance | Average Rate | Average Balance | Average Rate | Average Balance | Average Rate | |||||||||||||||
Noninterest-bearing demand deposits | $ | 1,092,827 | — | % | $ | 984,445 | — | % | $ | 959,298 | — | % | |||||||||
Interest-bearing transaction accounts | 2,653,404 | 1.17 | % | 2,301,065 | 0.81 | % | 2,241,259 | 0.45 | % | ||||||||||||
Savings | 500,650 | 0.07 | % | 489,742 | 0.06 | % | 486,821 | 0.06 | % | ||||||||||||
Time deposits | 922,412 | 1.92 | % | 778,180 | 1.49 | % | 623,257 | 0.98 | % | ||||||||||||
Total | $ | 5,169,293 | 0.95 | % | $ | 4,553,432 | 0.67 | % | $ | 4,310,635 | 0.38 | % |
(in thousands) | |||||
Within 3 months | $ | 88,004 | |||
Over 3 through 6 months | 48,063 | ||||
Over 6 through 12 months | 38,361 | ||||
Over 12 months | 8,772 | ||||
Total | $ | 183,200 |
(in thousands) | |||
Within 3 months | $ | 81,861 | |
Over 3 through 6 months | 60,350 | ||
Over 6 through 12 months | 54,577 | ||
Over 12 months | 21,872 | ||
Total | $ | 218,660 |
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Federal Funds Purchased | |||||||||||||||||
Balance at December 31, | $ | 100,000 | $ | 284,983 | $ | 192,064 | |||||||||||
Weighted average interest rate at December 31, | 0.34 | % | 1.85 | % | 2.88 | % | |||||||||||
Average daily balance during the year | $ | 40,536 | $ | 52,421 | $ | 21,338 | |||||||||||
Weighted average interest rate during the year | 1.11 | % | 2.56 | % | 2.03 | % | |||||||||||
Maximum amount outstanding at any month-end during the year | $ | 385,000 | $ | 385,000 | $ | 214,165 |
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Securities Sold Under Agreements to Repurchase | |||||||||||||||||
Balance at December 31, | $ | 69,560 | $ | 43,675 | $ | 41,841 | |||||||||||
Weighted average interest rate at December 31, | 0.11 | % | 0.33 | % | 0.26 | % | |||||||||||
Average daily balance during the year | $ | 51,889 | $ | 42,615 | $ | 32,435 | |||||||||||
Weighted average interest rate during the year | 0.21 | % | 0.30 | % | 0.12 | % | |||||||||||
Maximum amount outstanding at any month-end during the year | $ | 71,694 | $ | 49,669 | $ | 50,526 |
(dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Federal Funds Purchased | |||||||||||
Balance at December 31, | $ | 284,983 | $ | 192,064 | $ | 80,000 | |||||
Weighted average interest rate at December 31, | 1.85 | % | 2.88 | % | 1.71 | % | |||||
Average daily balance during the year | $ | 52,421 | $ | 21,338 | $ | 13,264 | |||||
Weighted average interest rate during the year | 2.56 | % | 2.03 | % | 1.42 | % | |||||
Maximum amount outstanding at any month-end during the year | $ | 385,000 | $ | 214,165 | $ | 168,784 |
(dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Securities Sold Under Agreements to Repurchase | |||||||||||
Balance at December 31, | $ | 43,675 | $ | 41,841 | $ | 44,936 | |||||
Weighted average interest rate at December 31, | 0.33 | % | 0.26 | % | 0.02 | % | |||||
Average daily balance during the year | $ | 42,615 | $ | 32,435 | $ | 28,480 | |||||
Weighted average interest rate during the year | 0.30 | % | 0.12 | % | 0.03 | % | |||||
Maximum amount outstanding at any month-end during the year | $ | 49,669 | $ | 50,526 | $ | 44,936 |
Payment Due Period | ||||||||||||||||||||||||||||||||
(in thousands) | Total | Within One Year | After One but Within Three Years | After Three but Within Five Years | After Five Years | |||||||||||||||||||||||||||
Minimum annual rentals or noncancellable operating leases | $ | 21,759 | $ | 3,322 | $ | 5,399 | $ | 4,345 | $ | 8,693 | ||||||||||||||||||||||
Benefit plan commitments | 4,918 | 397 | 818 | 749 | 2,954 | |||||||||||||||||||||||||||
Remaining contractual maturities of time deposits | 1,078,256 | 875,069 | 194,057 | 9,130 | — | |||||||||||||||||||||||||||
Subordinated debentures | 118,258 | — | — | 12,960 | 105,298 | |||||||||||||||||||||||||||
Loan commitments and lines of credit | 1,107,279 | 824,106 | 133,595 | 17,556 | 132,022 | |||||||||||||||||||||||||||
Other borrowings | 25,000 | — | — | 25,000 | — | |||||||||||||||||||||||||||
Interest on other borrowings (1) | 38,398 | 5,850 | 11,669 | 10,732 | 10,147 | |||||||||||||||||||||||||||
Standby letters of credit | 15,686 | 15,076 | 530 | 80 | — | |||||||||||||||||||||||||||
Total | $ | 2,409,554 | $ | 1,723,820 | $ | 346,068 | $ | 80,552 | $ | 259,114 |
Payment Due Period | ||||||||||||||||||||
(in thousands) | Total | Within One Year | After One but Within Three Years | After Three but Within Five Years | After Five Years | |||||||||||||||
Minimum annual rentals or noncancellable operating leases | $ | 24,010 | $ | 3,300 | $ | 5,683 | $ | 4,465 | $ | 10,562 | ||||||||||
Benefit plan commitments | 5,314 | 397 | 793 | 798 | 3,326 | |||||||||||||||
Remaining contractual maturities of time deposits | 870,804 | 715,060 | 146,178 | 9,478 | 88 | |||||||||||||||
Subordinated debentures | 118,220 | — | — | 5,335 | 112,885 | |||||||||||||||
Loan commitments and lines of credit | 1,086,522 | 753,101 | 150,143 | 81,705 | 101,573 | |||||||||||||||
Other borrowings | 165,816 | 55,881 | 85,498 | 24,437 | — | |||||||||||||||
Interest on other borrowings (1) | 58,529 | 9,436 | 15,816 | 12,451 | 20,826 | |||||||||||||||
Standby letters of credit | 17,204 | 16,909 | 215 | 80 | — | |||||||||||||||
Total | $ | 2,346,419 | $ | 1,554,084 | $ | 404,326 | $ | 138,749 | $ | 249,260 |
Changes in Interest Rates | ||||||
Rate Ramp | +200 bp | -200 bp | ||||
Asset/Liability Policy limit | (5.0 | )% | (5.0 | )% | ||
December 31, 2019 | (0.6 | )% | (0.7 | )% | ||
December 31, 2018 | (1.5 | )% | (0.7 | )% |
Changes in Interest Rates | ||||||||||||||
Rate Ramp | +200 bp | -100 bp | ||||||||||||
Asset/Liability Policy limit | (5.0) | % | (5.0) | % | ||||||||||
December 31, 2020 | 0.2 | % | 1.4 | % | ||||||||||
December 31, 2019 | (0.6) | % | (0.7) | % |
Changes in Interest Rates | Changes in Interest Rates | ||||||||||||||||||||||||||||||||||||||||
Rate Shock | +300 bp | +200 bp | +100 bp | -100 bp | -200 bp | Rate Shock | +300 bp | +200 bp | +100 bp | -100 bp | |||||||||||||||||||||||||||||||
Asset/Liability Policy limit | (15.0 | )% | (10.0 | )% | (5.0 | )% | (5.0 | )% | (10.0 | )% | Asset/Liability Policy limit | (15.0) | % | (10.0) | % | (5.0) | % | (5.0) | % | ||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | 0.5 | % | 0.4 | % | 0.6 | % | 1.5 | % | ||||||||||||||||||||||||||||||||
December 31, 2019 | 2.4 | % | 1.7 | % | 1.1 | % | (3.3 | )% | (4.6 | )% | December 31, 2019 | 2.4 | % | 1.7 | % | 1.1 | % | (3.3) | % | ||||||||||||||||||||||
December 31, 2018 | 0.6 | % | 0.4 | % | 0.3 | % | (2.5 | )% | (8.0 | )% |
Changes in Interest Rates | Changes in Interest Rates | ||||||||||||||||||||||||||||||||||||||||
Rate Shock | +300 bp | +200 bp | +100 bp | -100 bp | -200 bp | Rate Shock | +300 bp | +200 bp | +100 bp | -100 bp | |||||||||||||||||||||||||||||||
Asset/Liability Policy limit | (25.0 | )% | (20.0 | )% | (10.0 | )% | (10.0 | )% | (20.0 | )% | Asset/Liability Policy limit | (25.0) | % | (20.0) | % | (10.0) | % | (10.0) | % | ||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | 0.3 | % | 1.5 | % | 2.8 | % | (10.1) | % | ||||||||||||||||||||||||||||||||
December 31, 2019 | (4.8 | )% | (2.8 | )% | (0.9 | )% | (1.2 | )% | (5.2 | )% | December 31, 2019 | (4.8) | % | (2.8) | % | (0.9) | % | (1.2) | % | ||||||||||||||||||||||
December 31, 2018 | (5.2 | )% | (3.3 | )% | (1.4 | )% | (0.2 | )% | (1.5 | )% |
Tier 1 Capital to Total Average Assets Ratio December 31, | Common Equity Tier 1 to Risk-Weighted Assets Ratio December 31, | Tier 1 Capital to Risk-Weighted Assets Ratio December 31, | Total Capital to Risk-Weighted Assets Ratio December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
Capital Ratios | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||
Company | 8.37 | % | 9.41 | % | 9.73 | % | 10.46 | % | 10.22 | % | 11.02 | % | 12.84 | % | 13.40 | % | ||||||||||||||||||||||||||||||||||
Lakeland | 9.04 | % | 10.16 | % | 11.03 | % | 11.89 | % | 11.03 | % | 11.89 | % | 12.22 | % | 12.67 | % | ||||||||||||||||||||||||||||||||||
Required capital ratios including conservation buffer | 4.00 | % | 4.00 | % | 7.00 | % | 7.00 | % | 8.50 | % | 8.50 | % | 10.50 | % | 10.50 | % | ||||||||||||||||||||||||||||||||||
“Well capitalized” institution under FDIC regulations | 5.00 | % | 5.00 | % | 6.50 | % | 6.50 | % | 8.00 | % | 8.00 | % | 10.00 | % | 10.00 | % |
Tier 1 Capital to Total Average Assets Ratio December 31, | Common Equity Tier 1 to Risk-Weighted Assets Ratio December 31, | Tier 1 Capital to Risk-Weighted Assets Ratio December 31, | Total Capital to Risk-Weighted Assets Ratio December 31, | |||||||||||||||||||||
Capital Ratios | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||
Company | 9.41 | % | 9.39 | % | 10.46 | % | 10.62 | % | 11.02 | % | 11.27 | % | 13.40 | % | 13.71 | % | ||||||||
Lakeland | 10.16 | % | 10.17 | % | 11.89 | % | 12.20 | % | 11.89 | % | 12.20 | % | 12.67 | % | 13.06 | % | ||||||||
Required capital ratios including conservation buffer | 4.00 | % | 4.00 | % | 7.00 | % | 6.38 | % | 8.50 | % | 7.88 | % | 10.50 | % | 9.88 | % | ||||||||
“Well capitalized” institution under FDIC regulations | 5.00 | % | 5.00 | % | 6.50 | % | 6.50 | % | 8.00 | % | 8.00 | % | 10.00 | % | 10.00 | % |
December 31, | ||||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
Total common stockholders’ equity at end of period - GAAP | $ | 763,784 | $ | 725,263 | $ | 623,739 | $ | 583,122 | $ | 550,044 | ||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
Goodwill | 156,277 | 156,277 | 136,433 | 136,433 | 135,747 | |||||||||||||||||||||||||||
Other identifiable intangible assets, net | 3,288 | 4,314 | 1,768 | 2,362 | 3,344 | |||||||||||||||||||||||||||
Total tangible common stockholders’ equity at end of period - Non-GAAP | $ | 604,219 | $ | 564,672 | $ | 485,538 | $ | 444,327 | $ | 410,953 | ||||||||||||||||||||||
Shares outstanding at end of period | 50,480 | 50,498 | 47,486 | 47,354 | 47,223 | |||||||||||||||||||||||||||
Book value per share - GAAP | $ | 15.13 | $ | 14.36 | $ | 13.14 | $ | 12.31 | $ | 11.65 | ||||||||||||||||||||||
Tangible book value per share - Non-GAAP | $ | 11.97 | $ | 11.18 | $ | 10.22 | $ | 9.38 | $ | 8.70 |
December 31, | ||||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Total common stockholders’ equity at end of period - GAAP | $ | 725,263 | $ | 623,739 | $ | 583,122 | $ | 550,044 | $ | 400,516 | ||||||||||
Less: | ||||||||||||||||||||
Goodwill | 156,277 | 136,433 | 136,433 | 135,747 | 109,974 | |||||||||||||||
Other identifiable intangible assets, net | 4,314 | 1,768 | 2,362 | 3,344 | 1,545 | |||||||||||||||
Total tangible common stockholders’ equity at end of period - Non-GAAP | $ | 564,672 | $ | 485,538 | $ | 444,327 | $ | 410,953 | $ | 288,997 | ||||||||||
Shares outstanding at end of period | 50,498 | 47,486 | 47,354 | 47,223 | 37,906 | |||||||||||||||
Book value per share - GAAP | $ | 14.36 | $ | 13.14 | $ | 12.31 | $ | 11.65 | $ | 10.57 | ||||||||||
Tangible book value per share - Non-GAAP | $ | 11.18 | $ | 10.22 | $ | 9.38 | $ | 8.70 | $ | 7.62 |
December 31, | ||||||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
Total tangible common stockholders’ equity at end of period - Non-GAAP | $ | 604,219 | $ | 564,672 | $ | 485,538 | $ | 444,327 | $ | 410,953 | ||||||||||||||||||||||
Total assets at end of period - GAAP | $ | 7,664,297 | $ | 6,711,236 | $ | 5,806,093 | $ | 5,405,639 | $ | 5,093,131 | ||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
Goodwill | 156,277 | 156,277 | 136,433 | 136,433 | 135,747 | |||||||||||||||||||||||||||
Other identifiable intangible assets, net | 3,288 | 4,314 | 1,768 | 2,362 | 3,344 | |||||||||||||||||||||||||||
Total tangible assets at end of period - Non-GAAP | $ | 7,504,732 | $ | 6,550,645 | $ | 5,667,892 | $ | 5,266,844 | $ | 4,954,040 | ||||||||||||||||||||||
Common equity to assets - GAAP | 9.97 | % | 10.81 | % | 10.74 | % | 10.79 | % | 10.80 | % | ||||||||||||||||||||||
Tangible common equity to tangible assets - Non-GAAP | 8.05 | % | 8.62 | % | 8.57 | % | 8.44 | % | 8.30 | % |
December 31, | ||||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Total tangible common stockholders’ equity at end of period - Non-GAAP | $ | 564,672 | $ | 485,538 | $ | 444,327 | $ | 410,953 | $ | 288,997 | ||||||||||
Total assets at end of period - GAAP | $ | 6,711,236 | $ | 5,806,093 | $ | 5,405,639 | $ | 5,093,131 | $ | 3,869,550 | ||||||||||
Less: | ||||||||||||||||||||
Goodwill | 156,277 | 136,433 | 136,433 | 135,747 | 109,974 | |||||||||||||||
Other identifiable intangible assets, net | 4,314 | 1,768 | 2,362 | 3,344 | 1,545 | |||||||||||||||
Total tangible assets at end of period - Non-GAAP | $ | 6,550,645 | $ | 5,667,892 | $ | 5,266,844 | $ | 4,954,040 | $ | 3,758,031 | ||||||||||
Common equity to assets - GAAP | 10.81 | % | 10.74 | % | 10.79 | % | 10.80 | % | 10.35 | % | ||||||||||
Tangible common equity to tangible assets - Non-GAAP | 8.62 | % | 8.57 | % | 8.44 | % | 8.30 | % | 7.69 | % | ||||||||||
Calculation of Return on Average Tangible Common Equity | ||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Net income - GAAP | $ | 70,672 | $ | 63,401 | $ | 52,580 | $ | 41,518 | $ | 32,481 | ||||||||||
Total average common stockholders’ equity - GAAP | $ | 697,037 | $ | 598,527 | $ | 568,680 | $ | 474,540 | $ | 392,221 | ||||||||||
Less: | ||||||||||||||||||||
Average goodwill | 154,971 | 136,433 | 136,095 | 130,689 | 109,974 | |||||||||||||||
Average other identifiable intangible assets, net | 4,883 | 2,064 | 2,847 | 3,225 | 1,759 | |||||||||||||||
Total average tangible common stockholders’ equity - Non-GAAP | $ | 537,183 | $ | 460,030 | $ | 429,738 | $ | 340,626 | $ | 280,488 | ||||||||||
Return on average common stockholders’ equity - GAAP | 10.14 | % | 10.59 | % | 9.25 | % | 8.75 | % | 8.28 | % | ||||||||||
Return on average tangible common stockholders’ equity - Non-GAAP | 13.16 | % | 13.78 | % | 12.24 | % | 12.19 | % | 11.58 | % |
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
Net income - GAAP | $ | 57,518 | $ | 70,672 | $ | 63,401 | $ | 52,580 | $ | 41,518 | ||||||||||||||||||||||
Total average common stockholders’ equity - GAAP | $ | 743,225 | $ | 697,037 | $ | 598,527 | $ | 568,680 | $ | 474,540 | ||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
Average goodwill | 156,277 | 154,971 | 136,433 | 136,095 | 130,689 | |||||||||||||||||||||||||||
Average other identifiable intangible assets, net | 3,816 | 4,883 | 2,064 | 2,847 | 3,225 | |||||||||||||||||||||||||||
Total average tangible common stockholders’ equity - Non-GAAP | $ | 583,132 | $ | 537,183 | $ | 460,030 | $ | 429,738 | $ | 340,626 | ||||||||||||||||||||||
Return on average common stockholders’ equity - GAAP | 7.74 | % | 10.14 | % | 10.59 | % | 9.25 | % | 8.75 | % | ||||||||||||||||||||||
Return on average tangible common stockholders’ equity - Non-GAAP | 9.86 | % | 13.16 | % | 13.78 | % | 12.24 | % | 12.19 | % |
Reconciliation of Net Income | ||||||||
For the Year Ended December 31, | ||||||||
(in thousands, except per share data) | 2019 | 2018 | ||||||
Net income - GAAP | $ | 70,672 | $ | 63,401 | ||||
NON-ROUTINE TRANSACTIONS, NET OF TAX | ||||||||
Tax deductible merger-related expenses | 1,878 | 84 | ||||||
Non-tax deductible merger-related expenses | 491 | 345 | ||||||
Net effect of non-routine transactions | 2,369 | 429 | ||||||
Net income available to common shareholders excluding non-routine transactions | 73,041 | 63,830 | ||||||
Less: Earnings allocated to participating securities | (596 | ) | (582 | ) | ||||
Net Income, excluding non-routine transactions | $ | 72,445 | $ | 63,248 | ||||
Weighted average shares - Basic | 50,477 | 47,578 | ||||||
Weighted average shares - Diluted | 50,642 | 47,766 | ||||||
Basic earnings per share - GAAP | $ | 1.39 | $ | 1.32 | ||||
Diluted earnings per share - GAAP | $ | 1.38 | $ | 1.32 | ||||
Basic earnings per share, adjusted for non-routine transactions | $ | 1.44 | $ | 1.33 | ||||
Diluted earnings per share, adjusted for non-routine transactions (Core EPS) | $ | 1.43 | $ | 1.32 | ||||
Return on average assets - GAAP | 1.12 | % | 1.15 | % | ||||
Return on average assets, adjusted for non-routine transactions | 1.16 | % | 1.15 | % | ||||
Return on average common stockholders' equity - GAAP | 10.14 | % | 10.59 | % | ||||
Return on average common stockholders' equity, adjusted for non-routine transactions | 10.48 | % | 10.66 | % | ||||
Return on average tangible common stockholders' equity - Non-GAAP | 13.16 | % | 13.78 | % | ||||
Return on average tangible common stockholders' equity - Non-GAAP, adjusted for non-routine transactions | 13.60 | % | 13.88 | % |
Quarter Ended | ||||||||||||||||||||||||||
(in thousands, except per share amounts) | March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | ||||||||||||||||||||||
Total interest income | $ | 63,577 | $ | 60,973 | $ | 61,433 | $ | 62,859 | ||||||||||||||||||
Total interest expense | 13,678 | 10,454 | 9,299 | 7,724 | ||||||||||||||||||||||
Net interest income | 49,899 | 50,519 | 52,134 | 55,135 | ||||||||||||||||||||||
Provision for credit losses (1) | 9,223 | 9,000 | 8,000 | 789 | ||||||||||||||||||||||
Noninterest income (excluding investment securities gains) | 7,669 | 5,481 | 6,773 | 5,974 | ||||||||||||||||||||||
Gains on investment securities, net | 342 | — | — | 871 | ||||||||||||||||||||||
Long-term debt prepayment fees | 356 | — | — | 3,777 | ||||||||||||||||||||||
Core deposit intangible amortization | 265 | 261 | 250 | 249 | ||||||||||||||||||||||
Noninterest expense | 31,883 | 31,201 | 31,847 | 32,919 | ||||||||||||||||||||||
Income before taxes | 16,183 | 15,538 | 18,810 | 24,246 | ||||||||||||||||||||||
Income taxes | 3,791 | 3,687 | 4,383 | 5,398 | ||||||||||||||||||||||
Net income | $ | 12,392 | $ | 11,851 | $ | 14,427 | $ | 18,848 | ||||||||||||||||||
Earnings per share of common stock | ||||||||||||||||||||||||||
Basic | $ | 0.24 | $ | 0.23 | $ | 0.28 | $ | 0.37 | ||||||||||||||||||
Diluted | $ | 0.24 | $ | 0.23 | $ | 0.28 | $ | 0.37 |
Quarter Ended | ||||||||||||||||||||||||||
(in thousands, except per share amounts) | March 31, 2019 | June 30, 2019 | September 30, 2019 | December 31, 2019 | ||||||||||||||||||||||
Total interest income | $ | 63,177 | $ | 64,848 | $ | 64,626 | $ | 63,836 | ||||||||||||||||||
Total interest expense | 14,571 | 15,650 | 15,944 | 14,288 | ||||||||||||||||||||||
Net interest income | 48,606 | 49,198 | 48,682 | 49,548 | ||||||||||||||||||||||
Provision for loan losses | 508 | — | 536 | 1,086 | ||||||||||||||||||||||
Noninterest income | 5,723 | 6,389 | 6,700 | 7,984 | ||||||||||||||||||||||
Merger related expenses | 2,860 | 318 | — | — | ||||||||||||||||||||||
Core deposit intangible amortization | 304 | 301 | 288 | 289 | ||||||||||||||||||||||
Noninterest expense | 30,820 | 31,067 | 29,275 | 31,234 | ||||||||||||||||||||||
Income before taxes | 19,837 | 23,901 | 25,283 | 24,923 | ||||||||||||||||||||||
Income taxes | 4,211 | 6,444 | 6,409 | 6,208 | ||||||||||||||||||||||
Net income | $ | 15,626 | $ | 17,457 | $ | 18,874 | $ | 18,715 | ||||||||||||||||||
Earnings per share of common stock | ||||||||||||||||||||||||||
Basic | $ | 0.31 | $ | 0.34 | $ | 0.37 | $ | 0.37 | ||||||||||||||||||
Diluted | $ | 0.31 | $ | 0.34 | $ | 0.37 | $ | 0.37 |
Quarter Ended | ||||||||||||||||
(in thousands, except per share amounts | March 31, 2019 | June 30, 2019 | September 30, 2019 | December 31, 2019 | ||||||||||||
Total interest income | $ | 63,177 | $ | 64,848 | $ | 64,626 | $ | 63,836 | ||||||||
Total interest expense | 14,571 | 15,650 | 15,944 | 14,288 | ||||||||||||
Net interest income | 48,606 | 49,198 | 48,682 | 49,548 | ||||||||||||
Provision for loan losses | 508 | — | 536 | 1,086 | ||||||||||||
Noninterest income | 5,723 | 6,389 | 6,700 | 7,984 | ||||||||||||
Merger related expenses | 2,860 | 318 | — | — | ||||||||||||
Core deposit intangible amortization | 304 | 301 | 288 | 289 | ||||||||||||
Noninterest expense | 30,820 | 31,067 | 29,275 | 31,234 | ||||||||||||
Income before taxes | 19,837 | 23,901 | 25,283 | 24,923 | ||||||||||||
Income taxes | 4,211 | 6,444 | 6,409 | 6,208 | ||||||||||||
Net income | $ | 15,626 | $ | 17,457 | $ | 18,874 | $ | 18,715 | ||||||||
Earnings per share of common stock | ||||||||||||||||
Basic | $ | 0.31 | $ | 0.34 | $ | 0.37 | $ | 0.37 | ||||||||
Diluted | 0.31 | $ | 0.34 | 0.37 | 0.37 |
Quarter Ended | ||||||||||||||||
(in thousands, except per share amounts | March 31, 2018 | June 30, 2018 | September 30, 2018 | December 31, 2018 | ||||||||||||
Total interest income | $ | 50,145 | $ | 52,260 | $ | 54,282 | $ | 56,434 | ||||||||
Total interest expense | 7,909 | 8,767 | 10,658 | 12,228 | ||||||||||||
Net interest income | 42,236 | 43,493 | 43,624 | 44,206 | ||||||||||||
Provision for loan losses | 1,284 | 1,492 | 1,046 | 591 | ||||||||||||
Noninterest income | 5,334 | 5,709 | 5,639 | 5,628 | ||||||||||||
Merger related expenses | — | — | — | 464 | ||||||||||||
Core deposit intangible amortization | 157 | 153 | 142 | 142 | ||||||||||||
Noninterest expense | 26,980 | 27,421 | 27,651 | 28,057 | ||||||||||||
Income before taxes | 19,149 | 20,136 | 20,424 | 20,580 | ||||||||||||
Income taxes | 3,894 | 4,298 | 3,666 | 5,030 | ||||||||||||
Net income | $ | 15,255 | $ | 15,838 | $ | 16,758 | $ | 15,550 | ||||||||
Earnings per share of common stock | ||||||||||||||||
Basic | $ | 0.32 | $ | 0.33 | $ | 0.35 | $ | 0.32 | ||||||||
Diluted | 0.32 | $ | 0.33 | 0.35 | 0.32 |
December 31, | December 31, | |||||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | (dollars in thousands) | 2020 | 2019 | |||||||||||||||||
ASSETS | ||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||
Cash | $ | 275,794 | $ | 205,199 | Cash | $ | 262,327 | $ | 275,794 | |||||||||||||
Interest-bearing deposits due from banks | 6,577 | 3,400 | Interest-bearing deposits due from banks | 7,763 | 6,577 | |||||||||||||||||
Total cash and cash equivalents | 282,371 | 208,599 | Total cash and cash equivalents | 270,090 | 282,371 | |||||||||||||||||
Investment securities, available for sale, at fair value | 755,900 | 638,618 | ||||||||||||||||||||
Investment securities, available for sale, at estimated fair value (allowance for credit losses of $2 at December 31, 2020) | Investment securities, available for sale, at estimated fair value (allowance for credit losses of $2 at December 31, 2020) | 855,746 | 755,900 | |||||||||||||||||||
Investment securities, held to maturity (estimated fair value of $93,868 at December 31, 2020 and $124,904 at December 31, 2019 and no allowance for credit losses at December 31, 2020) | Investment securities, held to maturity (estimated fair value of $93,868 at December 31, 2020 and $124,904 at December 31, 2019 and no allowance for credit losses at December 31, 2020) | 90,766 | 123,975 | |||||||||||||||||||
Equity securities, at fair value | 16,473 | 15,921 | Equity securities, at fair value | 14,694 | 16,473 | |||||||||||||||||
Investment securities, held to maturity, at amortized cost with fair value of $124,904 at December 31, 2019 and $150,932 at December 31, 2018 | 123,975 | 153,646 | ||||||||||||||||||||
Federal Home Loan Bank and other membership stock, at cost | 22,505 | 13,301 | Federal Home Loan Bank and other membership stock, at cost | 11,979 | 22,505 | |||||||||||||||||
Loans held for sale | 1,743 | 1,113 | Loans held for sale | 1,335 | 1,743 | |||||||||||||||||
Loans, net of deferred fees | 5,137,823 | 4,456,733 | Loans, net of deferred fees | 6,021,232 | 5,137,823 | |||||||||||||||||
Allowance for loan losses | (40,003 | ) | (37,688 | ) | ||||||||||||||||||
Net loans | 5,097,820 | 4,419,045 | ||||||||||||||||||||
Less: Allowance for credit losses | Less: Allowance for credit losses | 71,124 | 40,003 | |||||||||||||||||||
Total loans, net | Total loans, net | 5,950,108 | 5,097,820 | |||||||||||||||||||
Premises and equipment, net | 47,608 | 49,175 | Premises and equipment, net | 48,495 | 47,608 | |||||||||||||||||
Operating lease right-of-use assets | 18,282 | — | Operating lease right-of-use assets | 16,772 | 18,282 | |||||||||||||||||
Accrued interest receivable | 16,832 | 16,114 | Accrued interest receivable | 19,339 | 16,832 | |||||||||||||||||
Goodwill | 156,277 | 136,433 | Goodwill | 156,277 | 156,277 | |||||||||||||||||
Other identifiable intangible assets | 4,314 | 1,768 | Other identifiable intangible assets | 3,288 | 4,314 | |||||||||||||||||
Bank owned life insurance | 112,392 | 110,052 | Bank owned life insurance | 115,115 | 112,392 | |||||||||||||||||
Other assets | 54,744 | 42,308 | Other assets | 110,293 | 54,744 | |||||||||||||||||
TOTAL ASSETS | $ | 6,711,236 | $ | 5,806,093 | ||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||
Noninterest-bearing | $ | 1,124,121 | $ | 950,218 | ||||||||||||||||||
Savings and interest-bearing transaction accounts | 3,298,854 | 2,913,414 | ||||||||||||||||||||
Time deposits $250 thousand and under | 652,144 | 589,737 | ||||||||||||||||||||
Time deposits over $250 thousand | 218,660 | 167,301 | ||||||||||||||||||||
Total deposits | 5,293,779 | 4,620,670 | ||||||||||||||||||||
Total Assets | Total Assets | $ | 7,664,297 | $ | 6,711,236 | |||||||||||||||||
Liabilities and Stockholders' Equity | Liabilities and Stockholders' Equity | |||||||||||||||||||||
Liabilities | Liabilities | |||||||||||||||||||||
Deposits | Deposits | $ | 6,455,783 | $ | 5,293,779 | |||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 328,658 | 233,905 | Federal funds purchased and securities sold under agreements to repurchase | 169,560 | 328,658 | |||||||||||||||||
Other borrowings | 165,816 | 181,118 | Other borrowings | 25,000 | 165,816 | |||||||||||||||||
Subordinated debentures | 118,220 | 105,027 | Subordinated debentures | 118,257 | 118,220 | |||||||||||||||||
Operating lease liabilities | 19,814 | — | Operating lease liabilities | 18,183 | 19,814 | |||||||||||||||||
Other liabilities | 59,686 | 41,634 | Other liabilities | 113,730 | 59,686 | |||||||||||||||||
TOTAL LIABILITIES | 5,985,973 | 5,182,354 | ||||||||||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||||
Common stock, no par value; authorized 100,000,000 shares; issued shares, 50,498,410 at December 31, 2019 and 47,486,250 at December 31, 2018 | 560,263 | 514,703 | ||||||||||||||||||||
Total Liabilities | Total Liabilities | 6,900,513 | 5,985,973 | |||||||||||||||||||
Stockholders’ Equity | Stockholders’ Equity | |||||||||||||||||||||
Common stock, 0 par value; authorized 100,000,000 shares; issued 50,610,681 shares and outstanding 50,479,646 shares at December 31, 2020 and issued and outstanding 50,498,410 shares at December 31, 2019 | Common stock, 0 par value; authorized 100,000,000 shares; issued 50,610,681 shares and outstanding 50,479,646 shares at December 31, 2020 and issued and outstanding 50,498,410 shares at December 31, 2019 | 562,421 | 560,263 | |||||||||||||||||||
Retained earnings | 162,752 | 116,874 | Retained earnings | 191,418 | 162,752 | |||||||||||||||||
Accumulated other comprehensive gain (loss) | 2,248 | (7,838 | ) | |||||||||||||||||||
TOTAL STOCKHOLDERS’ EQUITY | 725,263 | 623,739 | ||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 6,711,236 | $ | 5,806,093 | ||||||||||||||||||
Treasury shares, at cost, 131,035 shares at December 31, 2020 and 0 shares at December 31, 2019 | Treasury shares, at cost, 131,035 shares at December 31, 2020 and 0 shares at December 31, 2019 | (1,452) | 0 | |||||||||||||||||||
Accumulated other comprehensive gain | Accumulated other comprehensive gain | 11,397 | 2,248 | |||||||||||||||||||
Total Stockholders’ Equity | Total Stockholders’ Equity | 763,784 | 725,263 | |||||||||||||||||||
Total Liabilities and Stockholders’ Equity | Total Liabilities and Stockholders’ Equity | $ | 7,664,297 | $ | 6,711,236 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||
(in thousands, except per share data) | 2019 | 2018 | 2017 | (in thousands, except per share data) | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
INTEREST INCOME | ||||||||||||||||||||||||||||||||
Interest Income | Interest Income | |||||||||||||||||||||||||||||||
Loans and fees | $ | 233,535 | $ | 193,143 | $ | 172,342 | Loans and fees | $ | 229,036 | $ | 233,535 | $ | 193,143 | |||||||||||||||||||
Federal funds sold and interest-bearing deposits with banks | 1,720 | 1,559 | 880 | Federal funds sold and interest-bearing deposits with banks | 348 | 1,720 | 1,559 | |||||||||||||||||||||||||
Taxable investment securities and other | 19,722 | 16,710 | 14,987 | Taxable investment securities and other | 17,811 | 19,722 | 16,710 | |||||||||||||||||||||||||
Tax-exempt investment securities | 1,510 | 1,709 | 1,995 | Tax-exempt investment securities | 1,647 | 1,510 | 1,709 | |||||||||||||||||||||||||
TOTAL INTEREST INCOME | 256,487 | 213,121 | 190,204 | |||||||||||||||||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||||||||||||||
Total Interest Income | Total Interest Income | 248,842 | 256,487 | 213,121 | ||||||||||||||||||||||||||||
Interest Expense | Interest Expense | |||||||||||||||||||||||||||||||
Deposits | 49,248 | 30,620 | 16,600 | Deposits | 32,059 | 49,248 | 30,620 | |||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 1,471 | 471 | 198 | Federal funds purchased and securities sold under agreements to repurchase | 556 | 1,471 | 471 | |||||||||||||||||||||||||
Other borrowings | 9,734 | 8,471 | 8,168 | Other borrowings | 8,540 | 9,734 | 8,471 | |||||||||||||||||||||||||
TOTAL INTEREST EXPENSE | 60,453 | 39,562 | 24,966 | |||||||||||||||||||||||||||||
NET INTEREST INCOME | 196,034 | 173,559 | 165,238 | |||||||||||||||||||||||||||||
Provision for loan losses | 2,130 | 4,413 | 6,090 | |||||||||||||||||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 193,904 | 169,146 | 159,148 | |||||||||||||||||||||||||||||
NONINTEREST INCOME | ||||||||||||||||||||||||||||||||
Total Interest Expense | Total Interest Expense | 41,155 | 60,453 | 39,562 | ||||||||||||||||||||||||||||
Net Interest Income | Net Interest Income | 207,687 | 196,034 | 173,559 | ||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 27,222 | 2,130 | 4,413 | ||||||||||||||||||||||||||||
Net Interest Income after Provision for Credit Losses | Net Interest Income after Provision for Credit Losses | 180,465 | 193,904 | 169,146 | ||||||||||||||||||||||||||||
Noninterest Income | Noninterest Income | |||||||||||||||||||||||||||||||
Service charges on deposit accounts | 11,205 | 10,584 | 10,740 | Service charges on deposit accounts | 9,148 | 11,205 | 10,584 | |||||||||||||||||||||||||
Commissions and fees | 6,230 | 5,542 | 4,858 | Commissions and fees | 5,868 | 6,230 | 5,542 | |||||||||||||||||||||||||
Income on bank owned life insurance | 2,740 | 3,256 | 2,354 | Income on bank owned life insurance | 2,657 | 2,740 | 3,256 | |||||||||||||||||||||||||
Gain (loss) on equity securities | 496 | (583 | ) | — | ||||||||||||||||||||||||||||
(Loss) gain on equity securities | (Loss) gain on equity securities | (552) | 496 | (583) | ||||||||||||||||||||||||||||
Gains on sales of loans | 1,660 | 1,329 | 1,836 | Gains on sales of loans | 3,322 | 1,660 | 1,329 | |||||||||||||||||||||||||
Gain on sales and calls of investment securities, net | — | — | 2,524 | Gain on sales and calls of investment securities, net | 1,213 | 0 | 0 | |||||||||||||||||||||||||
Swap income | 3,231 | 1,992 | 982 | Swap income | 4,719 | 3,231 | 1,992 | |||||||||||||||||||||||||
Other income | 1,234 | 190 | 2,141 | Other income | 735 | 1,234 | 190 | |||||||||||||||||||||||||
TOTAL NONINTEREST INCOME | 26,796 | 22,310 | 25,435 | |||||||||||||||||||||||||||||
NONINTEREST EXPENSE | ||||||||||||||||||||||||||||||||
Total Noninterest Income | Total Noninterest Income | 27,110 | 26,796 | 22,310 | ||||||||||||||||||||||||||||
Noninterest Expense | Noninterest Expense | |||||||||||||||||||||||||||||||
Salaries and employee benefits | 77,287 | 68,595 | 61,166 | Salaries and employee benefits | 80,399 | 77,287 | 68,595 | |||||||||||||||||||||||||
Net occupancy expense | 11,029 | 10,155 | 10,243 | Net occupancy expense | 10,596 | 11,029 | 10,155 | |||||||||||||||||||||||||
Furniture and equipment | 8,681 | 8,297 | 8,269 | Furniture and equipment | 11,275 | 8,681 | 8,297 | |||||||||||||||||||||||||
FDIC insurance expense | 431 | 1,608 | 1,577 | FDIC insurance expense | 2,123 | 431 | 1,608 | |||||||||||||||||||||||||
Stationery, supplies and postage | 1,599 | 1,625 | 1,797 | Stationery, supplies and postage | 1,677 | 1,599 | 1,625 | |||||||||||||||||||||||||
Marketing expense | 1,945 | 1,437 | 1,675 | Marketing expense | 1,253 | 1,945 | 1,437 | |||||||||||||||||||||||||
Data processing expense | 4,913 | 3,609 | 1,993 | Data processing expense | 4,964 | 4,913 | 3,609 | |||||||||||||||||||||||||
Telecommunications expense | 1,943 | 1,769 | 1,607 | Telecommunications expense | 1,875 | 1,943 | 1,769 | |||||||||||||||||||||||||
ATM and debit card expense | 2,377 | 2,195 | 2,051 | ATM and debit card expense | 2,331 | 2,377 | 2,195 | |||||||||||||||||||||||||
Core deposit intangible amortization | 1,182 | 594 | 654 | Core deposit intangible amortization | 1,025 | 1,182 | 594 | |||||||||||||||||||||||||
Other real estate and repossessed asset expense | 256 | 158 | 181 | Other real estate and repossessed asset expense | 53 | 256 | 158 | |||||||||||||||||||||||||
Long-term debt prepayment fee | — | — | 2,828 | Long-term debt prepayment fee | 4,133 | 0 | 0 | |||||||||||||||||||||||||
Merger related expenses | 3,178 | 464 | — | Merger related expenses | 0 | 3,178 | 464 | |||||||||||||||||||||||||
Other expenses | 11,935 | 10,661 | 10,493 | Other expenses | 11,094 | 11,935 | 10,661 | |||||||||||||||||||||||||
TOTAL NONINTEREST EXPENSE | 126,756 | 111,167 | 104,534 | |||||||||||||||||||||||||||||
Total Noninterest Expense | Total Noninterest Expense | 132,798 | 126,756 | 111,167 | ||||||||||||||||||||||||||||
Income before provision for income taxes | 93,944 | 80,289 | 80,049 | Income before provision for income taxes | 74,777 | 93,944 | 80,289 | |||||||||||||||||||||||||
Provision for income taxes | 23,272 | 16,888 | 27,469 | Provision for income taxes | 17,259 | 23,272 | 16,888 | |||||||||||||||||||||||||
NET INCOME | $ | 70,672 | $ | 63,401 | $ | 52,580 | ||||||||||||||||||||||||||
PER SHARE OF COMMON STOCK: | ||||||||||||||||||||||||||||||||
Net Income | Net Income | $ | 57,518 | $ | 70,672 | $ | 63,401 | |||||||||||||||||||||||||
Per Share of Common Stock | Per Share of Common Stock | |||||||||||||||||||||||||||||||
Basic earnings | $ | 1.39 | $ | 1.32 | $ | 1.10 | Basic earnings | $ | 1.13 | $ | 1.39 | $ | 1.32 | |||||||||||||||||||
Diluted earnings | $ | 1.38 | $ | 1.32 | $ | 1.09 | Diluted earnings | $ | 1.13 | $ | 1.38 | $ | 1.32 | |||||||||||||||||||
Cash dividends paid | $ | 0.49 | $ | 0.45 | $ | 0.40 | Cash dividends paid | $ | 0.50 | $ | 0.49 | $ | 0.45 |
For the Years Ended December 31, | For the Years Ended December 31, | |||||||||||||||||||||||||||||||
(in thousands) | 2019 | 2018 | 2017 | (in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
NET INCOME | $ | 70,672 | $ | 63,401 | $ | 52,580 | ||||||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||||||||||||||||||||||||||||||||
Net Income | Net Income | $ | 57,518 | $ | 70,672 | $ | 63,401 | |||||||||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax: | Other Comprehensive Income (Loss), Net of Tax: | |||||||||||||||||||||||||||||||
Unrealized gains (losses) on securities available for sale | 10,718 | (3,507 | ) | (903 | ) | Unrealized gains (losses) on securities available for sale | 10,338 | 10,718 | (3,507) | |||||||||||||||||||||||
Reclassification for securities gains included in net income | — | — | (1,640 | ) | Reclassification for securities gains included in net income | (872) | 0 | 0 | ||||||||||||||||||||||||
Unrealized (losses) gains on derivatives | (586 | ) | 41 | 37 | Unrealized (losses) gains on derivatives | (292) | (586) | 41 | ||||||||||||||||||||||||
Change in pension liability, net | (46 | ) | 20 | (16 | ) | Change in pension liability, net | (25) | (46) | 20 | |||||||||||||||||||||||
Other comprehensive income (loss) | 10,086 | (3,446 | ) | (2,522 | ) | Other comprehensive income (loss) | 9,149 | 10,086 | (3,446) | |||||||||||||||||||||||
TOTAL COMPREHENSIVE INCOME | $ | 80,758 | $ | 59,955 | $ | 50,058 | ||||||||||||||||||||||||||
Total Comprehensive Income | Total Comprehensive Income | $ | 66,667 | $ | 80,758 | $ | 59,955 |
(in thousands) | (in thousands) | Common Stock | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2018 | Balance at January 1, 2018 | $ | 512,734 | $ | 72,737 | $ | 0 | $ | (2,349) | $ | 583,122 | |||||||||||||||||||||||||||||||||||||
Cumulative adjustment for adoption of ASU 2016-01 | Cumulative adjustment for adoption of ASU 2016-01 | — | 2,043 | — | (2,043) | — | ||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | 63,401 | — | — | 63,401 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | — | — | — | (3,446) | (3,446) | ||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Common Stock | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||||||||||||||||||
At January 1, 2017 | $ | 510,861 | $ | 38,590 | $ | 593 | $ | 550,044 | ||||||||||||||||||||||||||||||||||||||||
Net income | — | 52,580 | — | 52,580 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | (2,522 | ) | (2,522 | ) | ||||||||||||||||||||||||||||||||||||||||||
Adjustment related to implementation of ASU 2018-02 | — | 420 | (420 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 2,325 | — | — | 2,325 | Stock based compensation | 2,425 | — | — | — | 2,425 | ||||||||||||||||||||||||||||||||||||||
Retirement of restricted stock | (773 | ) | — | — | (773 | ) | Retirement of restricted stock | (763) | — | — | — | (763) | ||||||||||||||||||||||||||||||||||||
Exercise of stock options | 321 | — | — | 321 | Exercise of stock options | 307 | — | — | — | 307 | ||||||||||||||||||||||||||||||||||||||
Cash dividends, common stock | — | (18,853 | ) | — | (18,853 | ) | ||||||||||||||||||||||||||||||||||||||||||
At December 31, 2017 | $ | 512,734 | $ | 72,737 | $ | (2,349 | ) | $ | 583,122 | |||||||||||||||||||||||||||||||||||||||
Cumulative adjustment for adoption of ASU 2016-01 | — | 2,043 | (2,043 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
January 1, 2018, as adjusted | 512,734 | 74,780 | (4,392 | ) | 583,122 | |||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock | Cash dividends on common stock | — | (21,307) | — | — | (21,307) | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | Balance at December 31, 2018 | $ | 514,703 | $ | 116,874 | $ | 0 | $ | (7,838) | $ | 623,739 | |||||||||||||||||||||||||||||||||||||
Cumulative adjustment for adoption of ASU 842 | Cumulative adjustment for adoption of ASU 842 | — | 125 | — | — | 125 | ||||||||||||||||||||||||||||||||||||||||||
Net income | — | 63,401 | — | 63,401 | Net income | — | 70,672 | — | — | 70,672 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | (3,446 | ) | (3,446 | ) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive gain, net of tax | Other comprehensive gain, net of tax | — | — | — | 10,086 | 10,086 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of stock for Highlands acquisition | Issuance of stock for Highlands acquisition | 43,417 | — | — | — | 43,417 | ||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 2,425 | — | — | 2,425 | Stock based compensation | 2,545 | — | — | — | 2,545 | ||||||||||||||||||||||||||||||||||||||
Retirement of restricted stock | (763 | ) | — | — | (763 | ) | Retirement of restricted stock | (715) | — | — | — | (715) | ||||||||||||||||||||||||||||||||||||
Exercise of stock options | 307 | — | — | 307 | Exercise of stock options | 313 | — | — | — | 313 | ||||||||||||||||||||||||||||||||||||||
Cash dividends, common stock | — | (21,307 | ) | — | (21,307 | ) | ||||||||||||||||||||||||||||||||||||||||||
At December 31, 2018 | $ | 514,703 | $ | 116,874 | $ | (7,838 | ) | $ | 623,739 | |||||||||||||||||||||||||||||||||||||||
Cumulative adjustment for adoption of ASU 842 | — | 125 | — | 125 | ||||||||||||||||||||||||||||||||||||||||||||
January 1, 2019 as adjusted | $ | 514,703 | $ | 116,999 | $ | (7,838 | ) | $ | 623,864 | |||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock | Cash dividends on common stock | — | (24,919) | — | — | (24,919) | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | Balance at December 31, 2019 | $ | 560,263 | $ | 162,752 | $ | 0 | $ | 2,248 | $ | 725,263 | |||||||||||||||||||||||||||||||||||||
Cumulative adjustment for adoption of ASU 2016-13 | Cumulative adjustment for adoption of ASU 2016-13 | — | (3,395) | — | — | (3,395) | ||||||||||||||||||||||||||||||||||||||||||
Net income | — | 70,672 | — | 70,672 | Net income | — | 57,518 | — | — | 57,518 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | 10,086 | 10,086 | Other comprehensive income, net of tax | — | — | — | 9,149 | 9,149 | ||||||||||||||||||||||||||||||||||||||
Treasury stock | Treasury stock | — | — | (1,452) | — | (1,452) | ||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 2,545 | — | — | 2,545 | Stock based compensation | 2,659 | — | — | — | 2,659 | ||||||||||||||||||||||||||||||||||||||
Issuance of stock for Highlands acquisition | 43,417 | — | — | 43,417 | ||||||||||||||||||||||||||||||||||||||||||||
Retirement of restricted stock | (715 | ) | — | — | (715 | ) | Retirement of restricted stock | (501) | — | — | — | (501) | ||||||||||||||||||||||||||||||||||||
Exercise of stock options | 313 | — | — | 313 | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends, common stock | — | (24,919 | ) | — | (24,919 | ) | ||||||||||||||||||||||||||||||||||||||||||
At December 31, 2019 | $ | 560,263 | $ | 162,752 | $ | 2,248 | $ | 725,263 | ||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock | Cash dividends on common stock | — | (25,457) | — | — | (25,457) | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | Balance at December 31, 2020 | $ | 562,421 | $ | 191,418 | $ | (1,452) | $ | 11,397 | $ | 763,784 |
Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||
Net income | $ | 57,518 | $ | 70,672 | $ | 63,401 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Net (accretion) amortization of premiums, discounts and deferred loan fees and costs | (728) | 3,660 | 4,153 | |||||||||||||||||
Depreciation and amortization | 3,858 | 1,645 | 5,555 | |||||||||||||||||
Amortization of intangible assets | 1,025 | 1,182 | 594 | |||||||||||||||||
Amortization of operating lease right-of-use assets | 2,668 | 2,592 | — | |||||||||||||||||
Provision for credit losses | 27,222 | 2,130 | 4,413 | |||||||||||||||||
Stock based compensation | 2,659 | 2,545 | 2,425 | |||||||||||||||||
Loans originated for sale | (113,203) | (57,605) | (49,748) | |||||||||||||||||
Proceeds from sales of loans held for sale | 116,933 | 59,748 | 50,420 | |||||||||||||||||
Gains on sales of securities | (1,213) | 0 | 0 | |||||||||||||||||
Gains on sales of loans held for sale | (3,322) | (1,660) | (1,329) | |||||||||||||||||
Gains on proceeds from bank owned life insurance policies | 0 | 0 | (421) | |||||||||||||||||
Change in market value of equity securities | 552 | (496) | 583 | |||||||||||||||||
(Gains) losses on other real estate and other repossessed assets | (88) | 72 | (338) | |||||||||||||||||
Loss on sale of premises and equipment | 77 | 497 | 561 | |||||||||||||||||
Long-term debt prepayment penalty | 4,133 | 0 | 0 | |||||||||||||||||
Deferred tax (benefit) expense | (6,763) | 2,854 | (13,571) | |||||||||||||||||
Excess tax (deficiencies) benefits | (132) | 189 | 318 | |||||||||||||||||
(Increase) decrease in other assets | (56,639) | (15,986) | 2,679 | |||||||||||||||||
Increase in other liabilities | 50,434 | 15,092 | 9,743 | |||||||||||||||||
Net Cash Provided by Operating Activities | 84,991 | 87,131 | 79,438 | |||||||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Net cash acquired in acquisitions | 0 | 13,454 | 0 | |||||||||||||||||
Proceeds from repayments and maturities of available for sale securities | 700,409 | 147,130 | 91,833 | |||||||||||||||||
Proceeds from repayments and maturities of held to maturity securities | 38,941 | 31,457 | 26,083 | |||||||||||||||||
Proceeds from sales of equity securities | 4,148 | 1,287 | 2,155 | |||||||||||||||||
Proceeds from sales of available for sale securities | 130,912 | 0 | 0 | |||||||||||||||||
Purchase of available for sale securities | (921,343) | (211,503) | (110,370) | |||||||||||||||||
Purchase of held to maturity securities | (6,377) | (21,453) | (40,753) | |||||||||||||||||
Purchase of equity securities | (2,772) | (1,343) | (570) | |||||||||||||||||
Proceeds from redemptions of Federal Home Loan Bank stock | 106,808 | 95,643 | 6,799 | |||||||||||||||||
Purchases of Federal Home Loan Bank stock | (96,282) | (103,080) | (7,524) | |||||||||||||||||
Death benefit proceeds from bank owned life insurance policy | 0 | 121 | 755 | |||||||||||||||||
Net increase in loans | (876,021) | (252,441) | (310,256) | |||||||||||||||||
Proceeds from dispositions and sales of bank premises and equipment | 50 | 1,827 | 697 | |||||||||||||||||
Purchases of premises and equipment | (7,539) | (5,936) | (5,523) | |||||||||||||||||
Proceeds from sales of other real estate and other repossessed assets | 1,044 | 860 | 4,116 | |||||||||||||||||
Net Cash Used in Investing Activities: | (928,022) | (303,977) | (342,558) | |||||||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Net increase in deposits | 1,162,206 | 264,279 | 252,329 | |||||||||||||||||
(Decrease) increase in federal funds purchased and securities sold under agreements to repurchase | (159,098) | 94,753 | 108,969 | |||||||||||||||||
Proceeds from other borrowings | 25,000 | 46,260 | 60,003 | |||||||||||||||||
Repayments of other borrowings | (169,948) | (89,353) | (70,752) | |||||||||||||||||
Purchase of treasury stock | (1,452) | 0 | 0 | |||||||||||||||||
Exercise of stock options | 0 | 313 | 307 | |||||||||||||||||
Retirement of restricted stock | (501) | (715) | (763) | |||||||||||||||||
Dividends paid | (25,457) | (24,919) | (21,307) | |||||||||||||||||
Net Cash Provided by Financing Activities: | 830,750 | 290,618 | 328,786 | |||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (12,281) | 73,772 | 65,666 | |||||||||||||||||
Cash and cash equivalents, beginning of year | 282,371 | 208,599 | 142,933 | |||||||||||||||||
Cash and cash equivalents, end of year | $ | 270,090 | $ | 282,371 | $ | 208,599 |
Years Ended December 31, | ||||||||||||
(in thousands) | 2019 | 2018 | 2017 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net income | $ | 70,672 | $ | 63,401 | $ | 52,580 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Net amortization of premiums, discounts and deferred loan fees and costs | 3,660 | 4,153 | 5,153 | |||||||||
Depreciation and amortization | 1,645 | 5,555 | 4,536 | |||||||||
Amortization of intangible assets | 1,182 | 594 | 654 | |||||||||
Amortization of operating lease right-of-use assets | 2,592 | — | — | |||||||||
Provision for loan losses | 2,130 | 4,413 | 6,090 | |||||||||
Stock based compensation | 2,545 | 2,425 | 2,325 | |||||||||
Loans originated for sale | (57,605 | ) | (49,748 | ) | (60,783 | ) | ||||||
Proceeds from sales of loans held for sale | 59,748 | 50,420 | 63,905 | |||||||||
Gains on sales of securities | — | — | (2,524 | ) | ||||||||
Gains on sales of loans held for sale | (1,660 | ) | (1,329 | ) | (1,836 | ) | ||||||
Gains on proceeds from bank owned life insurance policies | — | (421 | ) | (109 | ) | |||||||
Change in market value of equity securities | (496 | ) | 583 | — | ||||||||
Losses (gains) on other real estate and other repossessed assets | 72 | (338 | ) | (646 | ) | |||||||
Loss (gain) on sale of premises and equipment | 497 | 561 | (838 | ) | ||||||||
Long-term debt prepayment penalty | — | — | 2,828 | |||||||||
Deferred tax expense (benefit) | 2,854 | (13,571 | ) | 16,904 | ||||||||
Excess tax benefits | 189 | 318 | 587 | |||||||||
(Increase) decrease in other assets | (15,986 | ) | 2,679 | (25,065 | ) | |||||||
Increase in other liabilities | 15,092 | 9,743 | 3,705 | |||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 87,131 | 79,438 | 67,466 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Net cash acquired in acquisitions | 13,454 | — | — | |||||||||
Proceeds from repayments and maturities of available for sale securities | 147,130 | 91,833 | 91,314 | |||||||||
Proceeds from repayments and maturities of held to maturity securities | 31,457 | 26,083 | 43,218 | |||||||||
Proceeds from sales of equity securities | 1,287 | 2,155 | — | |||||||||
Proceeds from sales of available for sale securities | — | — | 4,500 | |||||||||
Purchase of available for sale securities | (211,503 | ) | (110,370 | ) | (140,258 | ) | ||||||
Purchase of held to maturity securities | (21,453 | ) | (40,753 | ) | (35,841 | ) | ||||||
Purchase of equity securities | (1,343 | ) | (570 | ) | (307 | ) | ||||||
Proceeds from redemptions of Federal Home Loan Bank stock | 95,643 | 6,799 | 13,497 | |||||||||
Purchases of Federal Home Loan Bank stock | (103,080 | ) | (7,524 | ) | (10,974 | ) | ||||||
Purchase of bank owned life insurance | — | — | (33,000 | ) | ||||||||
Death benefit proceeds from bank owned life insurance policy | 121 | 755 | 312 | |||||||||
Net increase in loans | (252,441 | ) | (310,256 | ) | (289,914 | ) | ||||||
Proceeds from dispositions and sales of bank premises and equipment | 1,827 | 697 | 1,638 | |||||||||
Purchases of premises and equipment | (5,936 | ) | (5,523 | ) | (3,972 | ) | ||||||
Proceeds from sales of other real estate and other repossessed assets | 860 | 4,116 | 4,638 | |||||||||
NET CASH USED IN INVESTING ACTIVITIES | (303,977 | ) | (342,558 | ) | (355,149 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Net increase in deposits | 264,279 | 252,329 | 276,537 | |||||||||
Increase in federal funds purchased and securities sold under agreements to repurchase | 94,753 | 108,969 | 68,582 | |||||||||
Proceeds from other borrowings | 46,260 | 60,003 | 306,184 | |||||||||
Repayments of other borrowings | (89,353 | ) | (70,752 | ) | (377,183 | ) | ||||||
Exercise of stock options | 313 | 307 | 321 | |||||||||
Retirement of restricted stock | (715 | ) | (763 | ) | (773 | ) | ||||||
Dividends paid | (24,919 | ) | (21,307 | ) | (18,853 | ) | ||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 290,618 | 328,786 | 254,815 | |||||||||
Net increase (decrease) in cash and cash equivalents | 73,772 | 65,666 | (32,868 | ) | ||||||||
Cash and cash equivalents, beginning of year | 208,599 | 142,933 | 175,801 | |||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 282,371 | $ | 208,599 | $ | 142,933 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||
(in thousands) | 2019 | 2018 | 2017 | (in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Supplemental schedule of non-cash investing and financing activities: | Supplemental schedule of non-cash investing and financing activities: | |||||||||||||||||||||||||||||||
Cash paid during the period for income taxes | $ | 15,944 | $ | 18,614 | $ | 27,423 | Cash paid during the period for income taxes | $ | 22,486 | $ | 15,944 | $ | 18,614 | |||||||||||||||||||
Cash paid during the period for interest | 59,949 | 38,679 | 24,571 | Cash paid during the period for interest | 42,600 | 59,949 | 38,679 | |||||||||||||||||||||||||
Transfer of loans into other repossessed assets and other real estate owned | 665 | 3,765 | 3,763 | |||||||||||||||||||||||||||||
Transfer of loans into other real estate owned | Transfer of loans into other real estate owned | 393 | 665 | 3,765 | ||||||||||||||||||||||||||||
Initial recognition of operating lease right-of-use assets | 18,651 | Initial recognition of operating lease right-of-use assets | — | 18,651 | — | |||||||||||||||||||||||||||
Initial recognition of operating lease liabilities | 20,203 | Initial recognition of operating lease liabilities | — | 20,203 | — | |||||||||||||||||||||||||||
Right-of-use assets obtained in exchange for new lease liabilities | Right-of-use assets obtained in exchange for new lease liabilities | 1,159 | 1,748 | — | ||||||||||||||||||||||||||||
Acquisitions: | Acquisitions: | |||||||||||||||||||||||||||||||
Non-cash assets acquired: | Non-cash assets acquired: | |||||||||||||||||||||||||||||||
Federal Home Loan Bank stock | 1,767 | — | — | Federal Home Loan Bank stock | 0 | 1,767 | 0 | |||||||||||||||||||||||||
Investment securities | 22,734 | — | — | Investment securities | 0 | 22,734 | 0 | |||||||||||||||||||||||||
Loans, including loans held for sale | 426,118 | — | — | Loans, including loans held for sale | 0 | 426,118 | 0 | |||||||||||||||||||||||||
Goodwill and other intangible assets, net | 23,125 | — | — | Goodwill and other intangible assets, net | 0 | 23,125 | 0 | |||||||||||||||||||||||||
Other assets | 9,304 | — | — | Other assets | 0 | 9,304 | 0 | |||||||||||||||||||||||||
Total non-cash assets acquired | 483,048 | — | — | Total non-cash assets acquired | 0 | 483,048 | 0 | |||||||||||||||||||||||||
Liabilities assumed: | Liabilities assumed: | |||||||||||||||||||||||||||||||
Deposits | 409,638 | — | — | Deposits | 0 | 409,638 | 0 | |||||||||||||||||||||||||
Other borrowings | 40,957 | — | — | Other borrowings | 0 | 40,957 | 0 | |||||||||||||||||||||||||
Other liabilities | 2,490 | — | — | Other liabilities | 0 | 2,490 | 0 | |||||||||||||||||||||||||
Total liabilities assumed | 453,085 | — | — | Total liabilities assumed | 0 | 453,085 | 0 | |||||||||||||||||||||||||
Common stock issued for acquisitions | $ | 43,417 | — | — | Common stock issued for acquisitions | 0 | 43,417 | 0 |
(in thousands) | |||||
Assets Acquired | |||||
Cash and cash equivalents | $ | 13,454 | |||
Investment securities, available for sale | 21,234 | ||||
Investment securities, held to maturity | 1,500 | ||||
Federal Home Loan Bank stock | 1,767 | ||||
Loans held for sale | 1,113 | ||||
Loans | 425,005 | ||||
Premises and equipment | 2,613 | ||||
Goodwill | 19,844 | ||||
Identifiable intangible assets | 3,728 | ||||
Accrued interest receivable and other assets | 6,244 | ||||
Total assets acquired | 496,502 | ||||
Liabilities assumed | |||||
Deposits | (409,638) | ||||
Other borrowings | (27,800) | ||||
Subordinated debt | (13,157) | ||||
Other liabilities | (2,490) | ||||
Total liabilities assumed | (453,085) | ||||
Net assets acquired | $ | 43,417 |
(in thousands) | |||
Assets Acquired | |||
Cash and cash equivalents | $ | 13,454 | |
Investment securities, available for sale | 21,234 | ||
Investment securities, held to maturity | 1,500 | ||
Federal Home Loan Bank stock | 1,767 | ||
Loans held for sale | 1,113 | ||
Loans | 425,005 | ||
Premises and equipment | 2,613 | ||
Goodwill | 19,844 | ||
Identifiable intangible assets | 3,728 | ||
Accrued interest receivable and other assets | 6,244 | ||
Total assets acquired | 496,502 | ||
Liabilities assumed | |||
Deposits | (409,638 | ) | |
Other borrowings | (27,800 | ) | |
Subordinated debt | (13,157 | ) | |
Other liabilities | (2,490 | ) | |
Total liabilities assumed | (453,085 | ) | |
Net assets acquired | $ | 43,417 |
(in thousands) | ||||
Contractually required principal and interest at acquisition | $ | 22,363 | ||
Contractual cash flows not expected to be collected (non-accretable difference) | 7,129 | |||
Expected cash flows at acquisition | 15,234 | |||
Interest component of expected cash flows (accretable difference) | 1,431 | |||
Fair value of acquired loans | $ | 13,803 |
Year Ended December 31, 2020 | Income (Numerator) | Shares (Denominator) | Per Share Amount | |||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||
Basic earnings per share | ||||||||||||||||||||
Net income available to common shareholders | $ | 57,518 | 50,540 | $ | 1.14 | |||||||||||||||
Less: earnings allocated to participating securities | 511 | 0 | 0.01 | |||||||||||||||||
Net income available to common shareholders | 57,007 | 50,540 | 1.13 | |||||||||||||||||
Effect of dilutive securities | ||||||||||||||||||||
Stock options and restricted stock | 0 | 110 | 0 | |||||||||||||||||
Diluted earnings per share | ||||||||||||||||||||
Net income available to common shareholders plus assumed conversions | $ | 57,007 | 50,650 | $ | 1.13 |
Year Ended December 31, 2019 | Income (Numerator) | Shares (Denominator) | Per Share Amount | ||||||||
(in thousands, except per share amounts) | |||||||||||
Basic earnings per share | |||||||||||
Net income available to common shareholders | $ | 70,672 | 50,477 | $ | 1.40 | ||||||
Less: earnings allocated to participating securities | (596 | ) | — | (0.01 | ) | ||||||
Net income available to common shareholders | 70,076 | 50,477 | 1.39 | ||||||||
Effect of dilutive securities | |||||||||||
Stock options and restricted stock | — | 165 | (0.01 | ) | |||||||
Diluted earnings per share | |||||||||||
Net income available to common shareholders plus assumed conversions | $ | 70,076 | 50,642 | $ | 1.38 |
Year Ended December 31, 2019 | Income (Numerator) | Shares (Denominator) | Per Share Amount | |||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||
Basic earnings per share | ||||||||||||||||||||
Net income available to common shareholders | $ | 70,672 | 50,477 | $ | 1.40 | |||||||||||||||
Less: earnings allocated to participating securities | 596 | 0 | 0.01 | |||||||||||||||||
Net income available to common shareholders | 70,076 | 50,477 | 1.39 | |||||||||||||||||
Effect of dilutive securities | ||||||||||||||||||||
Stock options and restricted stock | 0 | 165 | (0.01) | |||||||||||||||||
Diluted earnings per share | ||||||||||||||||||||
Net income available to common shareholders plus assumed conversions | $ | 70,076 | 50,642 | $ | 1.38 |
Year Ended December 31, 2018 | Income (Numerator) | Shares (Denominator) | Per Share Amount | ||||||||
(in thousands, except per share amounts) | |||||||||||
Basic earnings per share | |||||||||||
Net income available to common shareholders | $ | 63,401 | 47,578 | $ | 1.33 | ||||||
Less: earnings allocated to participating securities | (582 | ) | — | (0.01 | ) | ||||||
Net income available to common shareholders | 62,819 | 47,578 | 1.32 | ||||||||
Effect of dilutive securities | |||||||||||
Stock options and restricted stock | — | 188 | — | ||||||||
Diluted earnings per share | |||||||||||
Net income available to common shareholders plus assumed conversions | $ | 62,819 | 47,766 | $ | 1.32 |
Year Ended December 31, 2017 | Income (Numerator) | Shares (Denominator) | Per Share Amount | ||||||||
(in thousands, except per share amounts) | |||||||||||
Basic earnings per share | |||||||||||
Net income available to common shareholders | $ | 52,580 | 47,438 | $ | 1.11 | ||||||
Less: earnings allocated to participating securities | (480 | ) | — | (0.01 | ) | ||||||
Net income available to common shareholders | 52,100 | 47,438 | 1.10 | ||||||||
Effect of dilutive securities | |||||||||||
Stock options and restricted stock | — | 236 | (0.01 | ) | |||||||
Diluted earnings per share | |||||||||||
Net income available to common shareholders plus assumed conversions | $ | 52,100 | 47,674 | $ | 1.09 |
Year Ended December 31, 2018 | Income (Numerator) | Shares (Denominator) | Per Share Amount | |||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||
Basic earnings per share | ||||||||||||||||||||
Net income available to common shareholders | $ | 63,401 | 47,578 | $ | 1.33 | |||||||||||||||
Less: earnings allocated to participating securities | 582 | 0 | 0.01 | |||||||||||||||||
Net income available to common shareholders | 62,819 | 47,578 | 1.32 | |||||||||||||||||
Effect of dilutive securities | ||||||||||||||||||||
Stock options and restricted stock | 0 | 188 | 0 | |||||||||||||||||
Diluted earnings per share | ||||||||||||||||||||
Net income available to common shareholders plus assumed conversions | $ | 62,819 | 47,766 | $ | 1.32 |
December 31, 2020 | ||||||||||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | $ | 63,868 | $ | 1,447 | $ | (313) | $ | 0 | $ | 65,002 | ||||||||||||||||||||||
Mortgage-backed securities, residential | 224,978 | 3,718 | (540) | 0 | 228,156 | |||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | 204,093 | 4,967 | (22) | 0 | 209,038 | |||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | 1,944 | 0 | 0 | 0 | 1,944 | |||||||||||||||||||||||||||
Collateralized mortgage obligations, multifamily | 39,628 | 1,909 | (2) | 0 | 41,535 | |||||||||||||||||||||||||||
Asset-backed securities | 40,915 | 0 | (225) | 0 | 40,690 | |||||||||||||||||||||||||||
Obligations of states and political subdivisions | 228,790 | 5,149 | (228) | (1) | 233,710 | |||||||||||||||||||||||||||
Debt securities | 35,056 | 616 | 0 | (1) | 35,671 | |||||||||||||||||||||||||||
Total | $ | 839,272 | $ | 17,806 | $ | (1,330) | $ | (2) | $ | 855,746 |
December 31, 2019 | ||||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | $ | 135,361 | $ | 722 | $ | (436) | $ | 135,647 | ||||||||||||||||||
Mortgage-backed securities, residential | 224,679 | 752 | (839) | 224,592 | ||||||||||||||||||||||
Collateralized mortgage obligations, residential | 275,566 | 2,433 | (712) | 277,287 | ||||||||||||||||||||||
Mortgage-backed securities, multifamily | 2,901 | 59 | 0 | 2,960 | ||||||||||||||||||||||
Collateralized mortgage obligations, multifamily | 45,774 | 574 | (123) | 46,225 | ||||||||||||||||||||||
Obligations of states and political subdivisions | 58,979 | 1,077 | (35) | 60,021 | ||||||||||||||||||||||
Debt securities | 9,000 | 168 | 0 | 9,168 | ||||||||||||||||||||||
Total | $ | 752,260 | $ | 5,785 | $ | (2,145) | $ | 755,900 |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||||||||||
U.S. government agencies | $ | 25,565 | $ | 779 | $ | 0 | $ | 0 | $ | 26,344 | ||||||||||||||||||||||||||||
Mortgage-backed securities, residential | 39,276 | 1,469 | (12) | 0 | 40,733 | |||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | 14,590 | 532 | 0 | 0 | 15,122 | |||||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | 705 | 54 | 0 | 0 | 759 | |||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 10,630 | 280 | 0 | 0 | 10,910 | |||||||||||||||||||||||||||||||||
Total | $ | 90,766 | $ | 3,114 | $ | (12) | $ | 0 | $ | 93,868 |
December 31, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||
AVAILABLE FOR SALE | ||||||||||||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | $ | 135,361 | $ | 722 | $ | (436 | ) | $ | 135,647 | $ | 143,495 | $ | — | $ | (2,568 | ) | $ | 140,927 | ||||||||||||||
Mortgage-backed securities, residential | 500,245 | 3,185 | (1,551 | ) | 501,879 | 434,208 | 779 | (8,843 | ) | 426,144 | ||||||||||||||||||||||
Mortgage-backed securities, multifamily | 48,675 | 633 | (123 | ) | 49,185 | 21,087 | 67 | (204 | ) | 20,950 | ||||||||||||||||||||||
Obligations of states and political subdivisions | 58,979 | 1,077 | (35 | ) | 60,021 | 45,951 | 140 | (586 | ) | 45,505 | ||||||||||||||||||||||
Debt securities | 9,000 | 168 | — | 9,168 | 5,000 | 92 | — | 5,092 | ||||||||||||||||||||||||
Total | $ | 752,260 | $ | 5,785 | $ | (2,145 | ) | $ | 755,900 | $ | 649,741 | $ | 1,078 | $ | (12,201 | ) | $ | 638,618 |
December 31, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||
HELD TO MATURITY | ||||||||||||||||||||||||||||||||
U.S. government agencies | $ | 31,335 | $ | 182 | $ | (8 | ) | $ | 31,509 | $ | 33,025 | $ | — | $ | (677 | ) | $ | 32,348 | ||||||||||||||
Mortgage-backed securities, residential | 76,229 | 734 | (176 | ) | 76,787 | 75,859 | 169 | (1,838 | ) | 74,190 | ||||||||||||||||||||||
Mortgage-backed securities, multifamily | 1,750 | 4 | (2 | ) | 1,752 | 1,853 | — | (35 | ) | 1,818 | ||||||||||||||||||||||
Obligations of states and political subdivisions | 12,161 | 195 | — | 12,356 | 37,909 | 113 | (328 | ) | 37,694 | |||||||||||||||||||||||
Debt securities | 2,500 | — | — | 2,500 | 5,000 | — | (118 | ) | 4,882 | |||||||||||||||||||||||
Total | $ | 123,975 | $ | 1,115 | $ | (186 | ) | $ | 124,904 | $ | 153,646 | $ | 282 | $ | (2,996 | ) | $ | 150,932 |
December 31, 2019 | ||||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||
U.S. government agencies | $ | 31,335 | $ | 182 | $ | (8) | $ | 31,509 | ||||||||||||||||||
Mortgage-backed securities, residential | 48,082 | 562 | (121) | 48,523 | ||||||||||||||||||||||
Collateralized mortgage obligations, residential | 28,147 | 172 | (55) | 28,264 | ||||||||||||||||||||||
Mortgage-backed securities, multifamily | 1,750 | 4 | (2) | 1,752 | ||||||||||||||||||||||
Obligations of states and political subdivisions | 12,161 | 195 | 0 | 12,356 | ||||||||||||||||||||||
Debt securities | 2,500 | 0 | 0 | 2,500 | ||||||||||||||||||||||
Total | $ | 123,975 | $ | 1,115 | $ | (186) | $ | 124,904 |
Available for Sale | Held to Maturity | |||||||||||||||
(in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Due in one year or less | $ | 29,733 | $ | 29,786 | $ | 7,321 | $ | 7,328 | ||||||||
Due after one year through five years | 105,745 | 106,611 | 31,102 | 31,425 | ||||||||||||
Due after five years through ten years | 52,534 | 53,385 | 6,815 | 6,852 | ||||||||||||
Due after ten years | 15,328 | 15,054 | 758 | 760 | ||||||||||||
203,340 | 204,836 | 45,996 | 46,365 | |||||||||||||
Mortgage-backed securities | 548,920 | 551,064 | 77,979 | 78,539 | ||||||||||||
Total securities | $ | 752,260 | $ | 755,900 | $ | 123,975 | $ | 124,904 |
Available for Sale | Held to Maturity | ||||||||||||||||||||||
(in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
Due in one year or less | $ | 13,410 | $ | 13,603 | $ | 9,022 | $ | 9,078 | |||||||||||||||
Due after one year through five years | 62,626 | 64,509 | 21,535 | 22,440 | |||||||||||||||||||
Due after five years through ten years | 53,139 | 54,782 | 3,130 | 3,193 | |||||||||||||||||||
Due after ten years | 198,539 | 201,489 | 2,508 | 2,543 | |||||||||||||||||||
327,714 | 334,383 | 36,195 | 37,254 | ||||||||||||||||||||
Mortgage-backed and asset-backed securities | 511,558 | 521,363 | 54,571 | 56,614 | |||||||||||||||||||
Total | $ | 839,272 | $ | 855,746 | $ | 90,766 | $ | 93,868 |
Years Ended December 31, | ||||||||||||
(in thousands) | 2019 | 2018 | 2017 | |||||||||
Sale proceeds | $ | — | $ | — | $ | 4,500 | ||||||
Gross gains | — | — | 2,539 | |||||||||
Gross losses | — | — | (15 | ) |
(in thousands) | AAA | AA | Total | |||||||||||||||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | $ | 25,565 | $ | 0 | $ | 25,565 | ||||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | 39,276 | 0 | 39,276 | |||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | 14,590 | 0 | 14,590 | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | 705 | 0 | 705 | |||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 2,959 | 7,671 | 10,630 | |||||||||||||||||||||||||||||||||||
Total | $ | 83,095 | $ | 7,671 | $ | 90,766 |
December 31, 2020 | Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||
AVAILABLE FOR SALE | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | $ | 4,966 | $ | 29 | $ | 17,652 | $ | 284 | 6 | $ | 22,618 | $ | 313 | ||||||||||||||||||||||||||||
Mortgage-backed securities, residential | 84,137 | 471 | 5,656 | 69 | 30 | 89,793 | 540 | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | 23,858 | 22 | 0 | 0 | 7 | 23,858 | 22 | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | 1,943 | 0 | 0 | 0 | 1 | 1,943 | 0 | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, multifamily | 2,527 | 2 | 0 | 0 | 1 | 2,527 | 2 | ||||||||||||||||||||||||||||||||||
Asset-backed securities | 40,690 | 225 | 0 | 0 | 6 | 40,690 | 225 | ||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 15,901 | 228 | 0 | 0 | 10 | 15,901 | 228 | ||||||||||||||||||||||||||||||||||
Total | $ | 174,022 | $ | 977 | $ | 23,308 | $ | 353 | $ | 61 | $ | 197,330 | $ | 1,330 | |||||||||||||||||||||||||||
HELD TO MATURITY | |||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | 2,561 | 12 | 0 | 0 | 4 | 2,561 | 12 | ||||||||||||||||||||||||||||||||||
Total | $ | 2,561 | $ | 12 | $ | 0 | $ | 0 | $ | 4 | $ | 2,561 | $ | 12 |
December 31, 2019 | Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | ||||||||||||||||||||
AVAILABLE FOR SALE | |||||||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | $ | 11,625 | $ | 39 | $ | 41,617 | $ | 397 | 11 | $ | 53,242 | $ | 436 | ||||||||||||||
Mortgage-backed securities, residential | 125,782 | 561 | 99,489 | 990 | 86 | 225,271 | 1,551 | ||||||||||||||||||||
Mortgage-backed securities, multifamily | 7,651 | 118 | 4,878 | 5 | 3 | 12,529 | 123 | ||||||||||||||||||||
Obligations of states and political subdivisions | 373 | 2 | 6,559 | 33 | 5 | 6,932 | 35 | ||||||||||||||||||||
Total | $ | 145,431 | $ | 720 | $ | 152,543 | $ | 1,425 | 105 | $ | 297,974 | $ | 2,145 | ||||||||||||||
HELD TO MATURITY | |||||||||||||||||||||||||||
U.S. government agencies | $ | 3,195 | $ | 6 | $ | 5,102 | $ | 2 | 2 | $ | 8,297 | $ | 8 | ||||||||||||||
Mortgage-backed securities, residential | 12,462 | 46 | 10,592 | 130 | 16 | 23,054 | 176 | ||||||||||||||||||||
Mortgage-backed securities, multifamily | — | — | 998 | 2 | 1 | 998 | 2 | ||||||||||||||||||||
Total | $ | 15,657 | $ | 52 | $ | 16,692 | $ | 134 | 19 | $ | 32,349 | $ | 186 |
December 31, 2018 | Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Number of securities | Fair Value | Unrealized Losses | ||||||||||||||||||||
AVAILABLE FOR SALE | |||||||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | $ | 20,588 | $ | 216 | $ | 120,338 | $ | 2,352 | 27 | $ | 140,926 | $ | 2,568 | ||||||||||||||
Mortgage-backed securities, residential | 10,119 | 58 | 316,851 | 8,785 | 139 | 326,970 | 8,843 | ||||||||||||||||||||
Mortgage-backed securities, multifamily | 1,977 | 2 | 12,911 | 202 | 4 | 14,888 | 204 | ||||||||||||||||||||
Obligations of states and political subdivisions | 1,289 | 2 | 26,522 | 584 | 50 | 27,811 | 586 | ||||||||||||||||||||
Total | $ | 33,973 | $ | 278 | $ | 476,622 | $ | 11,923 | 220 | $ | 510,595 | $ | 12,201 | ||||||||||||||
HELD TO MATURITY | |||||||||||||||||||||||||||
U.S. government agencies | $ | — | $ | — | $ | 32,348 | $ | 677 | 6 | $ | 32,348 | $ | 677 | ||||||||||||||
Mortgage-backed securities, residential | 8,325 | 59 | 53,761 | 1,779 | 36 | 62,086 | 1,838 | ||||||||||||||||||||
Mortgage-backed securities, multifamily | — | — | 1,818 | 35 | 2 | 1,818 | 35 | ||||||||||||||||||||
Obligations of states and political subdivisions | 1,764 | 8 | 15,580 | 320 | 27 | 17,344 | 328 | ||||||||||||||||||||
Debt securities | 3,882 | 118 | — | — | 1 | 3,882 | 118 | ||||||||||||||||||||
Total | $ | 13,971 | $ | 185 | $ | 103,507 | $ | 2,811 | 72 | $ | 117,478 | $ | 2,996 |
December 31, 2019 | Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||
AVAILABLE FOR SALE | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | $ | 11,625 | $ | 39 | $ | 41,617 | $ | 397 | 11 | $ | 53,242 | $ | 436 | ||||||||||||||||||||||||||||
Mortgage-backed securities, residential | 67,039 | 313 | 64,509 | 526 | 48 | 131,548 | 839 | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | 58,743 | 248 | 34,980 | 464 | 38 | 93,723 | 712 | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, multifamily | 7,651 | 118 | 4,878 | 5 | 3 | 12,529 | 123 | ||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 373 | 2 | 6,559 | 33 | 5 | 6,932 | 35 | ||||||||||||||||||||||||||||||||||
Total | $ | 145,431 | $ | 720 | $ | 152,543 | $ | 1,425 | 105 | $ | 297,974 | $ | 2,145 | ||||||||||||||||||||||||||||
HELD TO MATURITY | |||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | $ | 3,195 | $ | 6 | $ | 5,102 | $ | 2 | 2 | $ | 8,297 | $ | 8 | ||||||||||||||||||||||||||||
Mortgage-backed securities, residential | 5,379 | 20 | 8,060 | 101 | 10 | 13,439 | 121 | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | 7,083 | 26 | 2,532 | 29 | 6 | 9,615 | 55 | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | 0 | 0 | 998 | 2 | 1 | 998 | 2 | ||||||||||||||||||||||||||||||||||
Total | $ | 15,657 | $ | 52 | $ | 16,692 | $ | 134 | 19 | $ | 32,349 | $ | 186 |
(in thousands) | December 31, 2020 | |||||||
Non-owner occupied commercial | $ | 2,398,946 | ||||||
Owner occupied commercial | 827,092 | |||||||
Multifamily | 813,225 | |||||||
Non-owner occupied residential | 200,229 | |||||||
Total commercial, secured by real estate | 4,239,492 | |||||||
Commercial, industrial and other | 718,189 | |||||||
Construction | 266,883 | |||||||
Equipment finance | 116,690 | |||||||
Residential mortgage | 377,380 | |||||||
Consumer | 302,598 | |||||||
Total | $ | 6,021,232 | ||||||
December 31, | ||||||||
(in thousands) | 2019 | 2018 | ||||||
Commercial, secured by real estate | $ | 3,589,593 | $ | 3,057,779 | ||||
Commercial, industrial and other | 431,934 | 336,735 | ||||||
Equipment finance | 111,076 | 87,925 | ||||||
Real estate - residential mortgage | 335,191 | 329,854 | ||||||
Real estate - construction | 335,169 | 319,545 | ||||||
Home equity and consumer | 337,977 | 328,609 | ||||||
Total loans | 5,140,940 | 4,460,447 | ||||||
Less deferred fees | (3,117 | ) | (3,714 | ) | ||||
Loans, net of deferred fees | $ | 5,137,823 | $ | 4,456,733 |
(in thousands) | December 31, 2019 | |||||||
Commercial, secured by real estate | $ | 3,589,593 | ||||||
Commercial, industrial and other | 431,934 | |||||||
Construction | 335,169 | |||||||
Equipment finance | 111,076 | |||||||
Residential mortgage | 335,191 | |||||||
Consumer | 337,977 | |||||||
Total loans | 5,140,940 | |||||||
Net deferred fees | (3,117) | |||||||
Loans, net of deferred fees | $ | 5,137,823 |
December 31, | |||||||
(in thousands) | 2019 | 2018 | |||||
Acquisition | |||||||
Highlands | $ | 8,194 | $ | — | |||
Pascack Community Bank | 113 | 157 | |||||
Harmony Bank | 441 | 495 | |||||
Total | $ | 8,748 | $ | 652 |
Years Ended December 31, | ||||||||
(in thousands) | 2019 | 2018 | ||||||
Balance, beginning of period | $ | 81 | $ | 129 | ||||
Acquisitions | 1,431 | — | ||||||
Accretion | (1,236 | ) | (182 | ) | ||||
Net reclassification non-accretable difference | 87 | 134 | ||||||
Balance, end of period | $ | 363 | $ | 81 |
At December 31, | ||||||||
(in thousands) | 2019 | 2018 | ||||||
Commercial, secured by real estate | $ | 12,314 | $ | 7,192 | ||||
Commercial, industrial and other | 1,539 | 1,019 | ||||||
Equipment finance | 284 | 501 | ||||||
Real estate - residential mortgage | 3,428 | 1,986 | ||||||
Real estate - construction | 967 | — | ||||||
Home equity and consumer | 2,606 | 1,432 | ||||||
Total non-accrual loans | 21,138 | 12,130 | ||||||
Other real estate and other repossessed assets | 563 | 830 | ||||||
Total non-performing assets | $ | 21,701 | $ | 12,960 | ||||
Troubled debt restructurings, still accruing | $ | 5,650 | $ | 9,293 |
December 31, 2019 | 30-59 Days Past Due | 60-89 Days Past Due | Greater Than 89 Days | Total Past Due | Current | Total Loans | Recorded Investment Greater than 89 Days and Still Accruing | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Commercial, secured by real estate | $ | 3,578 | $ | 1,200 | $ | 9,702 | $ | 14,480 | $ | 3,569,008 | $ | 3,583,488 | $ | — | ||||||||||||||
Commercial, industrial and other | 353 | 71 | 1,064 | 1,488 | 429,502 | 430,990 | — | |||||||||||||||||||||
Equipment finance | 166 | 80 | 284 | 530 | 110,546 | 111,076 | — | |||||||||||||||||||||
Real estate - residential mortgage | 1,138 | 251 | 2,075 | 3,464 | 331,337 | 334,801 | — | |||||||||||||||||||||
Real estate - construction | — | — | 967 | 967 | 333,418 | 334,385 | — | |||||||||||||||||||||
Home equity and consumer | 1,573 | 287 | 1,533 | 3,393 | 334,059 | 337,452 | — | |||||||||||||||||||||
$ | 6,808 | $ | 1,889 | $ | 15,625 | $ | 24,322 | $ | 5,107,870 | $ | 5,132,192 | $ | — |
December 31, 2018 | 30-59 Days Past Due | 60-89 Days Past Due | Greater Than 89 Days | Total Past Due | Current | Total Loans | Recorded Investment Greater than 89 Days and Still Accruing | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Commercial, secured by real estate | $ | 1,477 | $ | 639 | $ | 2,080 | $ | 4,196 | $ | 3,052,931 | $ | 3,057,127 | $ | — | ||||||||||||||
Commercial, industrial and other | 173 | 243 | 750 | 1,166 | 335,569 | 336,735 | — | |||||||||||||||||||||
Equipment finance | 533 | 13 | 501 | 1,047 | 86,878 | 87,925 | — | |||||||||||||||||||||
Real estate - residential mortgage | 743 | 111 | 1,776 | 2,630 | 327,224 | 329,854 | — | |||||||||||||||||||||
Real estate - construction | — | — | — | — | 319,545 | 319,545 | — | |||||||||||||||||||||
Home equity and consumer | 1,917 | 216 | 850 | 2,983 | 325,626 | 328,609 | — | |||||||||||||||||||||
$ | 4,843 | $ | 1,222 | $ | 5,957 | $ | 12,022 | $ | 4,447,773 | $ | 4,459,795 | $ | — |
December 31, 2019 | Recorded Investment in Impaired Loans | Contractual Unpaid Principal Balance | Related Allowance | Interest Income Recognized | Average Investment in Impaired Loans | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Loans without related allowance: | ||||||||||||||||||||
Commercial, secured by real estate | $ | 12,478 | $ | 12,630 | $ | — | $ | 164 | $ | 10,386 | ||||||||||
Commercial, industrial and other | 1,391 | 1,381 | — | 16 | 1,334 | |||||||||||||||
Equipment finance | — | — | — | — | — | |||||||||||||||
Real estate - residential mortgage | 803 | 815 | — | — | 233 | |||||||||||||||
Real estate - construction | 1,663 | 1,661 | — | 2 | 82 | |||||||||||||||
Home equity and consumer | — | — | — | — | — | |||||||||||||||
Loans with related allowance: | ||||||||||||||||||||
Commercial, secured by real estate | 3,470 | 3,706 | 228 | 190 | 4,554 | |||||||||||||||
Commercial, industrial and other | 113 | 113 | 5 | 6 | 113 | |||||||||||||||
Equipment finance | 23 | 23 | 10 | — | 21 | |||||||||||||||
Real estate - residential mortgage | 1,512 | 1,682 | 104 | 19 | 926 | |||||||||||||||
Real estate - construction | — | — | — | — | — | |||||||||||||||
Home equity and consumer | 671 | 765 | 5 | 29 | 693 | |||||||||||||||
Total: | ||||||||||||||||||||
Commercial, secured by real estate | $ | 15,948 | $ | 16,336 | $ | 228 | $ | 354 | $ | 14,940 | ||||||||||
Commercial, industrial and other | 1,504 | 1,494 | 5 | 22 | 1,447 | |||||||||||||||
Equipment finance | 23 | 23 | 10 | — | 21 | |||||||||||||||
Real estate - residential mortgage | 2,315 | 2,497 | 104 | 19 | 1,159 | |||||||||||||||
Real estate - construction | 1,663 | 1,661 | — | 2 | 82 | |||||||||||||||
Home equity and consumer | 671 | 765 | 5 | 29 | 693 | |||||||||||||||
$ | 22,124 | $ | 22,776 | $ | 352 | $ | 426 | $ | 18,342 |
December 31, 2018 | Recorded Investment in Impaired Loans | Contractual Unpaid Principal Balance | Related Allowance | Interest Income Recognized | Average Investment in Impaired Loans | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Loans without related allowance: | ||||||||||||||||||||
Commercial, secured by real estate | $ | 9,284 | $ | 9,829 | $ | — | $ | 188 | $ | 7,369 | ||||||||||
Commercial, industrial and other | 1,151 | 1,449 | — | 19 | 1,834 | |||||||||||||||
Equipment finance | 301 | 597 | — | — | 376 | |||||||||||||||
Real estate - residential mortgage | — | — | — | 4 | 242 | |||||||||||||||
Real estate - construction | — | — | — | — | 726 | |||||||||||||||
Home equity and consumer | — | — | — | — | — | |||||||||||||||
Loans with related allowance: | ||||||||||||||||||||
Commercial, secured by real estate | 7,270 | 7,597 | 307 | 317 | 7,594 | |||||||||||||||
Commercial, industrial and other | 209 | 209 | 7 | 12 | 209 | |||||||||||||||
Equipment finance | 30 | 30 | 14 | — | 19 | |||||||||||||||
Real estate - residential mortgage | 730 | 884 | 4 | 20 | 745 | |||||||||||||||
Real estate - construction | — | — | — | — | — | |||||||||||||||
Home equity and consumer | 727 | 765 | 6 | 32 | 898 | |||||||||||||||
Total: | ||||||||||||||||||||
Commercial, secured by real estate | $ | 16,554 | $ | 17,426 | $ | 307 | $ | 505 | $ | 14,963 | ||||||||||
Commercial, industrial and other | 1,360 | 1,658 | 7 | 31 | 2,043 | |||||||||||||||
Equipment finance | 331 | 627 | 14 | — | 395 | |||||||||||||||
Real estate - residential mortgage | 730 | 884 | 4 | 24 | 987 | |||||||||||||||
Real estate - construction | — | — | — | — | 726 | |||||||||||||||
Home equity and consumer | 727 | 765 | 6 | 32 | 898 | |||||||||||||||
$ | 19,702 | $ | 21,360 | $ | 338 | $ | 592 | $ | 20,012 |
December 31, 2017 | Recorded Investment in Impaired Loans | Contractual Unpaid Principal Balance | Related Allowance | Interest Income Recognized | Average Investment in Impaired Loans | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Loans without related allowance: | ||||||||||||||||||||
Commercial, secured by real estate | $ | 12,155 | $ | 12,497 | $ | — | $ | 366 | $ | 12,774 | ||||||||||
Commercial, industrial and other | 618 | 618 | — | 25 | 618 | |||||||||||||||
Equipment finance | — | — | — | — | — | |||||||||||||||
Real estate - residential mortgage | 963 | 980 | — | 15 | 996 | |||||||||||||||
Real estate - construction | 1,471 | 1,471 | — | — | 1,471 | |||||||||||||||
Home equity and consumer | — | — | — | — | 6 | |||||||||||||||
Loans with related allowance: | ||||||||||||||||||||
Commercial, secured by real estate | 5,381 | 5,721 | 454 | 206 | 5,029 | |||||||||||||||
Commercial, industrial and other | 164 | 164 | 9 | 14 | 283 | |||||||||||||||
Equipment finance | 65 | 65 | 30 | — | 29 | |||||||||||||||
Real estate - residential mortgage | 781 | 919 | 4 | 27 | 940 | |||||||||||||||
Real estate - construction | — | — | — | — | — | |||||||||||||||
Home equity and consumer | 993 | 1,026 | 8 | 52 | 1,090 | |||||||||||||||
Total: | ||||||||||||||||||||
Commercial, secured by real estate | $ | 17,536 | $ | 18,218 | $ | 454 | $ | 572 | $ | 17,803 | ||||||||||
Commercial, industrial and other | 782 | 782 | 9 | 39 | 901 | |||||||||||||||
Equipment finance | 65 | 65 | 30 | — | 29 | |||||||||||||||
Real estate - residential mortgage | 1,744 | 1,899 | 4 | 42 | 1,936 | |||||||||||||||
Real estate - construction | 1,471 | 1,471 | — | — | 1,471 | |||||||||||||||
Home equity and consumer | 993 | 1,026 | 8 | 52 | 1,096 | |||||||||||||||
$ | 22,591 | $ | 23,461 | $ | 505 | $ | 705 | $ | 23,236 |
Term Loans by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Pre-2016 | Revolving Loans | Revolving to Term | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 570,665 | $ | 376,681 | $ | 217,931 | $ | 251,751 | $ | 187,605 | $ | 509,573 | $ | 50,071 | $ | 2,246 | $ | 2,166,523 | ||||||||||||||||||||||||||||||||||||||
Watch | 770 | 638 | 8,498 | 5,936 | 19,579 | 47,680 | 315 | 0 | 83,416 | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 3,400 | 3,131 | 8,377 | 9,115 | 19,936 | 7,894 | 2,895 | 0 | 54,748 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 2,809 | 15,903 | 14,844 | 60,703 | 0 | 0 | 94,259 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | 574,835 | 380,450 | 237,615 | 282,705 | 241,964 | 625,850 | 53,281 | 2,246 | 2,398,946 | |||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 116,512 | 76,224 | 80,244 | 81,215 | 62,118 | 245,330 | 11,072 | 179 | 672,894 | |||||||||||||||||||||||||||||||||||||||||||||||
Watch | 11,347 | 22,932 | 411 | 3,651 | 8,038 | 23,612 | 673 | 0 | 70,664 | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 0 | 2,218 | 929 | 113 | 4,317 | 38,638 | 0 | 0 | 46,215 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 434 | 16 | 3,038 | 641 | 5,770 | 27,376 | 44 | 0 | 37,319 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | 128,293 | 101,390 | 84,622 | 85,620 | 80,243 | 334,956 | 11,789 | 179 | 827,092 | |||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 251,708 | 59,694 | 85,748 | 93,368 | 117,155 | 145,786 | 21,713 | 0 | 775,172 | |||||||||||||||||||||||||||||||||||||||||||||||
Watch | 0 | 0 | 600 | 0 | 0 | 8,472 | 0 | 0 | 9,072 | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 9,781 | 0 | 0 | 2,399 | 0 | 1,124 | 0 | 0 | 13,304 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 5,481 | 0 | 0 | 9,512 | 684 | 0 | 0 | 15,677 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | 261,489 | 65,175 | 86,348 | 95,767 | 126,667 | 156,066 | 21,713 | 0 | 813,225 | |||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 23,506 | 24,378 | 27,752 | 24,344 | 21,488 | 53,200 | 8,180 | 171 | 183,019 | |||||||||||||||||||||||||||||||||||||||||||||||
Watch | 0 | 300 | 0 | 1,174 | 0 | 5,757 | 0 | 0 | 7,231 | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 0 | 496 | 1,199 | 392 | 293 | 656 | 655 | 0 | 3,691 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 876 | 512 | 1,200 | 1,295 | 692 | 1,713 | 0 | 0 | 6,288 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | 24,382 | 25,686 | 30,151 | 27,205 | 22,473 | 61,326 | 8,835 | 171 | 200,229 | |||||||||||||||||||||||||||||||||||||||||||||||
Term Loans by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Pre-2016 | Revolving Loans | Revolving to Term | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 299,091 | 84,917 | 16,245 | 7,216 | 18,358 | 41,900 | 208,519 | 531 | 676,777 | |||||||||||||||||||||||||||||||||||||||||||||||
Watch | 287 | 3,701 | 156 | 1,643 | 301 | 369 | 2,324 | 0 | 8,781 | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 0 | 0 | 884 | 764 | 2,275 | 0 | 4,727 | 0 | 8,650 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 7,177 | 50 | 3,559 | 1,547 | 1,497 | 729 | 9,422 | 0 | 23,981 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | 306,555 | 88,668 | 20,844 | 11,170 | 22,431 | 42,998 | 224,992 | 531 | 718,189 | |||||||||||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 56,734 | 77,117 | 69,627 | 29,303 | 7,681 | 328 | 2,190 | 0 | 242,980 | |||||||||||||||||||||||||||||||||||||||||||||||
Watch | 0 | 0 | 2,183 | 11,959 | 0 | 0 | 0 | 0 | 14,142 | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 0 | 0 | 0 | 8,321 | 0 | 0 | 0 | 0 | 8,321 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 206 | 719 | 515 | 0 | 0 | 1,440 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | 56,734 | 77,117 | 71,810 | 49,789 | 8,400 | 843 | 2,190 | 0 | 266,883 | |||||||||||||||||||||||||||||||||||||||||||||||
Equipment finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 41,528 | 41,717 | 20,697 | 8,834 | 3,162 | 426 | 0 | 0 | 116,364 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 98 | 88 | 74 | 64 | 2 | 0 | 0 | 326 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | 41,528 | 41,815 | 20,785 | 8,908 | 3,226 | 428 | 0 | 0 | 116,690 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 127,336 | 43,910 | 34,252 | 17,548 | 12,108 | 139,616 | 0 | 0 | 374,770 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 52 | 233 | 1,015 | 0 | 1,310 | 0 | 0 | 2,610 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | 127,336 | 43,962 | 34,485 | 18,563 | 12,108 | 140,926 | 0 | 0 | 377,380 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 15,999 | 9,844 | 7,490 | 5,333 | 4,632 | 31,861 | 224,549 | 166 | 299,874 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 33 | 57 | 31 | 2 | 0 | 2,208 | 263 | 130 | 2,724 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | 16,032 | 9,901 | 7,521 | 5,335 | 4,632 | 34,069 | 224,812 | 296 | 302,598 | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 1,537,184 | $ | 834,164 | $ | 594,181 | $ | 585,062 | $ | 522,144 | $ | 1,397,462 | $ | 547,612 | $ | 3,423 | $ | 6,021,232 |
(in thousands) | Commercial, Secured by Real Estate | Commercial, Industrial and Other | Construction | Total Commercial Loans | ||||||||||||||||||||||
Risk Rating | ||||||||||||||||||||||||||
1 | $ | 0 | $ | 898 | $ | 0 | $ | 898 | ||||||||||||||||||
2 | 0 | 17,988 | 0 | 17,988 | ||||||||||||||||||||||
3 | 74,072 | 39,112 | 0 | 113,184 | ||||||||||||||||||||||
4 | 965,825 | 107,376 | 17,941 | 1,091,142 | ||||||||||||||||||||||
5 | 2,332,863 | 215,975 | 307,824 | 2,856,662 | ||||||||||||||||||||||
5W - Watch | 100,347 | 30,192 | 6,959 | 137,498 | ||||||||||||||||||||||
6 - Other assets especially mentioned | 55,438 | 11,328 | 0 | 66,766 | ||||||||||||||||||||||
7 - Substandard | 61,048 | 9,065 | 2,445 | 72,558 | ||||||||||||||||||||||
Total | $ | 3,589,593 | $ | 431,934 | $ | 335,169 | $ | 4,356,696 |
December 31, 2019 | Commercial, Secured by Real Estate | Commercial, Industrial and Other | ||||||||||||||
(in thousands) | Real Estate - Construction | Total Commercial Loans | ||||||||||||||
RISK RATING | ||||||||||||||||
1 | $ | — | $ | 898 | $ | — | $ | 898 | ||||||||
2 | — | 17,988 | — | 17,988 | ||||||||||||
3 | 74,072 | 39,112 | — | 113,184 | ||||||||||||
4 | 965,825 | 107,376 | 17,941 | 1,091,142 | ||||||||||||
5 | 2,332,863 | 215,975 | 307,824 | 2,856,662 | ||||||||||||
5W - Watch | 100,347 | 30,192 | 6,959 | 137,498 | ||||||||||||
6 - Other assets especially mentioned | 55,438 | 11,328 | — | 66,766 | ||||||||||||
7 - Substandard | 61,048 | 9,065 | 2,445 | 72,558 | ||||||||||||
8 - Doubtful | — | — | — | — | ||||||||||||
9 - Loss | — | — | — | — | ||||||||||||
Total | $ | 3,589,593 | $ | 431,934 | $ | 335,169 | $ | 4,356,696 |
December 31, 2018 | Commercial, Secured by Real Estate | Commercial, Industrial and Other | Total Commercial Loans | |||||||||||||
(in thousands) | Real Estate - Construction | |||||||||||||||
RISK RATING | ||||||||||||||||
1 | $ | — | $ | 1,119 | $ | — | $ | 1,119 | ||||||||
2 | — | 18,462 | — | 18,462 | ||||||||||||
3 | 69,995 | 36,367 | — | 106,362 | ||||||||||||
4 | 933,577 | 91,145 | 17,375 | 1,042,097 | ||||||||||||
5 | 1,910,423 | 168,474 | 297,625 | 2,376,522 | ||||||||||||
5W - Watch | 61,626 | 7,798 | 3,493 | 72,917 | ||||||||||||
6 - Other assets especially mentioned | 38,844 | 2,033 | — | 40,877 | ||||||||||||
7 - Substandard | 43,314 | 11,337 | 1,052 | 55,703 | ||||||||||||
8 - Doubtful | — | — | — | — | ||||||||||||
9 - Loss | — | — | — | — | ||||||||||||
Total | $ | 3,057,779 | $ | 336,735 | $ | 319,545 | $ | 3,714,059 |
Past Due | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Current | 30 - 59 Days | 60 - 89 Days | Greater than 89 days | Total | Total Loans | ||||||||||||||||||||||||||||||||||||||
Commercial, secured by real estate: | ||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial | $ | 2,384,233 | $ | 1,256 | $ | 306 | $ | 13,151 | $ | 14,713 | $ | 2,398,946 | ||||||||||||||||||||||||||||||||
Owner occupied commercial | 811,408 | 2,759 | 350 | 12,575 | 15,684 | 827,092 | ||||||||||||||||||||||||||||||||||||||
Multifamily | 812,597 | 208 | 0 | 420 | 628 | 813,225 | ||||||||||||||||||||||||||||||||||||||
Non-owner occupied residential | 197,802 | 482 | 294 | 1,651 | 2,427 | 200,229 | ||||||||||||||||||||||||||||||||||||||
Total commercial, secured by real estate | 4,206,040 | 4,705 | 950 | 27,797 | 33,452 | 4,239,492 | ||||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | 716,337 | 125 | 0 | 1,727 | 1,852 | 718,189 | ||||||||||||||||||||||||||||||||||||||
Construction | 265,649 | 0 | 0 | 1,234 | 1,234 | 266,883 | ||||||||||||||||||||||||||||||||||||||
Equipment finance | 115,124 | 1,338 | 98 | 130 | 1,566 | 116,690 | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | 374,370 | 1,046 | 156 | 1,808 | 3,010 | 377,380 | ||||||||||||||||||||||||||||||||||||||
Consumer | 300,127 | 1,041 | 73 | 1,357 | 2,471 | 302,598 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 5,977,647 | $ | 8,255 | $ | 1,277 | $ | 34,053 | $ | 43,585 | $ | 6,021,232 |
Past Due | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Current | 30-59 Days | 60-89 Days | Greater than 89 days | Total | Total Loans | ||||||||||||||||||||||||||||||||||||||
Commercial, secured by real estate | $ | 3,569,008 | $ | 3,578 | $ | 1,200 | $ | 9,702 | $ | 14,480 | $ | 3,583,488 | ||||||||||||||||||||||||||||||||
Commercial, industrial and other | 429,502 | 353 | 71 | 1,064 | 1,488 | 430,990 | ||||||||||||||||||||||||||||||||||||||
Construction | 333,418 | 0 | 0 | 967 | 967 | 334,385 | ||||||||||||||||||||||||||||||||||||||
Equipment financing | 110,546 | 166 | 80 | 284 | 530 | 111,076 | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | 331,337 | 1,138 | 251 | 2,075 | 3,464 | 334,801 | ||||||||||||||||||||||||||||||||||||||
Consumer | 334,059 | 1,573 | 287 | 1,533 | 3,393 | 337,452 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 5,107,870 | $ | 6,808 | $ | 1,889 | $ | 15,625 | $ | 24,322 | $ | 5,132,192 |
(in thousands) | Non-accrual | Interest Income Recognized on Non-accrual Loans | Amortized Cost Basis of Loans >= 90 days Past due but still accruing | Amortized Cost Basis of Non-accrual Loans without Related Allowance | ||||||||||||||||||||||
Non-owner occupied commercial | $ | 16,537 | $ | 0 | $ | 0 | $ | 14,719 | ||||||||||||||||||
Owner occupied commercial | 14,271 | 0 | 0 | 12,371 | ||||||||||||||||||||||
Multifamily | 626 | 0 | 0 | 0 | ||||||||||||||||||||||
Non-owner occupied residential | 2,217 | 0 | 0 | 1,580 | ||||||||||||||||||||||
Commercial, industrial and other | 2,633 | 0 | 0 | 1,418 | ||||||||||||||||||||||
Construction | 1,440 | 0 | 0 | 1,234 | ||||||||||||||||||||||
Equipment finance | 327 | 0 | 0 | 0 | ||||||||||||||||||||||
Residential mortgage | 2,469 | 0 | 0 | 1,015 | ||||||||||||||||||||||
Consumer | 2,243 | 0 | 1 | 0 | ||||||||||||||||||||||
Total | $ | 42,763 | $ | 0 | $ | 1 | $ | 32,337 |
(in thousands) | December 31, 2019 | |||||||
Commercial, secured by real estate | $ | 12,314 | ||||||
Commercial, industrial and other | 1,539 | |||||||
Construction | 967 | |||||||
Equipment finance | 284 | |||||||
Residential mortgage | 3,428 | |||||||
Consumer | 2,606 | |||||||
Total non-accrual loans | $ | 21,138 |
December 31, 2019 | Recorded Investment in Impaired Loans | Contractual Unpaid Principal Balance | Related Allowance | Interest Income Recognized | Average Investment in Impaired Loans | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Loans without related allowance: | ||||||||||||||||||||||||||||||||
Commercial, secured by real estate | $ | 12,478 | $ | 12,630 | $ | — | $ | 164 | $ | 10,386 | ||||||||||||||||||||||
Commercial, industrial and other | 1,391 | 1,381 | — | 16 | 1,334 | |||||||||||||||||||||||||||
Construction | 1,663 | 1,661 | — | 2 | 82 | |||||||||||||||||||||||||||
Equipment finance | 0 | 0 | — | 0 | 0 | |||||||||||||||||||||||||||
Residential mortgage | 803 | 815 | — | 0 | 233 | |||||||||||||||||||||||||||
Consumer | 0 | 0 | — | 0 | 0 | |||||||||||||||||||||||||||
Loans with related allowance: | ||||||||||||||||||||||||||||||||
Commercial, secured by real estate | 3,470 | 3,706 | 228 | 190 | 4,554 | |||||||||||||||||||||||||||
Commercial, industrial and other | 113 | 113 | 5 | 6 | 113 | |||||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Equipment finance | 23 | 23 | 10 | 0 | 21 | |||||||||||||||||||||||||||
Residential mortgage | 1,512 | 1,682 | 104 | 19 | 926 | |||||||||||||||||||||||||||
Consumer | 671 | 765 | 5 | 29 | 693 | |||||||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||
Commercial, secured by real estate | $ | 15,948 | $ | 16,336 | $ | 228 | $ | 354 | $ | 14,940 | ||||||||||||||||||||||
Commercial, industrial and other | 1,504 | 1,494 | 5 | 22 | 1,447 | |||||||||||||||||||||||||||
Construction | 1,663 | 1,661 | 0 | 2 | 82 | |||||||||||||||||||||||||||
Equipment finance | 23 | 23 | 10 | 0 | 21 | |||||||||||||||||||||||||||
Residential mortgage | 2,315 | 2,497 | 104 | 19 | 1,159 | |||||||||||||||||||||||||||
Consumer | 671 | 765 | 5 | 29 | 693 | |||||||||||||||||||||||||||
$ | 22,124 | $ | 22,776 | $ | 352 | $ | 426 | $ | 18,342 |
December 31, 2019 | Commercial, Secured by Real Estate | Commercial, Industrial and Other | Equipment Finance | Real Estate - Residential Mortgage | Real Estate - Construction | Home Equity and Consumer | Total | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Beginning balance | $ | 27,881 | $ | 1,742 | $ | 987 | $ | 1,566 | $ | 3,015 | $ | 2,497 | $ | 37,688 | ||||||||||||||
Charge-offs | (544 | ) | (645 | ) | (414 | ) | (50 | ) | — | (283 | ) | (1,936 | ) | |||||||||||||||
Recoveries | 251 | 1,100 | 332 | 66 | 126 | 246 | 2,121 | |||||||||||||||||||||
Provision | 1,362 | 1,092 | 52 | 143 | (469 | ) | (50 | ) | 2,130 | |||||||||||||||||||
Ending balance | $ | 28,950 | $ | 3,289 | $ | 957 | $ | 1,725 | $ | 2,672 | $ | 2,410 | $ | 40,003 | ||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||||||
Ending balance: Individually evaluated for impairment | $ | 228 | $ | 5 | $ | 10 | $ | 104 | $ | — | $ | 5 | $ | 352 | ||||||||||||||
Ending balance: Collectively evaluated for impairment | 28,722 | 3,284 | 947 | 1,621 | 2,672 | 2,405 | 39,651 | |||||||||||||||||||||
Ending balance | $ | 28,950 | $ | 3,289 | $ | 957 | $ | 1,725 | $ | 2,672 | $ | 2,410 | $ | 40,003 | ||||||||||||||
Loans | ||||||||||||||||||||||||||||
Ending balance: Individually evaluated for impairment | $ | 15,948 | $ | 1,504 | $ | 23 | $ | 2,315 | $ | 1,663 | $ | 671 | $ | 22,124 | ||||||||||||||
Ending balance: Collectively evaluated for impairment | 3,567,540 | 429,486 | 111,053 | 332,486 | 332,722 | 336,781 | 5,110,068 | |||||||||||||||||||||
Ending balance: Loans acquired with deteriorated credit quality | 6,105 | 944 | — | 390 | 784 | 525 | 8,748 | |||||||||||||||||||||
Ending balance (1) | $ | 3,589,593 | $ | 431,934 | $ | 111,076 | $ | 335,191 | $ | 335,169 | $ | 337,977 | $ | 5,140,940 |
December 31, 2018 | Commercial, Secured by Real Estate | Commercial, Industrial and Other | Equipment Finance | Real Estate - Residential Mortgage | Real Estate - Construction | Home Equity and Consumer | Total | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Beginning balance | $ | 25,704 | $ | 2,313 | $ | 630 | $ | 1,557 | $ | 2,731 | $ | 2,520 | $ | 35,455 | ||||||||||||||
Charge-offs | (421 | ) | (1,452 | ) | (507 | ) | (131 | ) | (248 | ) | (588 | ) | (3,347 | ) | ||||||||||||||
Recoveries | 468 | 317 | 23 | 10 | 17 | 332 | 1,167 | |||||||||||||||||||||
Provision | 2,130 | 564 | 841 | 130 | 515 | 233 | 4,413 | |||||||||||||||||||||
Ending balance | $ | 27,881 | $ | 1,742 | $ | 987 | $ | 1,566 | $ | 3,015 | $ | 2,497 | $ | 37,688 | ||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||||||
Ending balance: Individually evaluated for impairment | $ | 307 | $ | 7 | $ | 14 | $ | 4 | $ | — | $ | 6 | $ | 338 | ||||||||||||||
Ending balance: Collectively evaluated for impairment | 27,574 | 1,735 | 973 | 1,562 | 3,015 | 2,491 | 37,350 | |||||||||||||||||||||
Ending balance | $ | 27,881 | $ | 1,742 | $ | 987 | $ | 1,566 | $ | 3,015 | $ | 2,497 | $ | 37,688 | ||||||||||||||
Loans | ||||||||||||||||||||||||||||
Ending balance: Individually evaluated for impairment | $ | 16,554 | $ | 1,360 | $ | 331 | $ | 730 | $ | — | $ | 727 | $ | 19,702 | ||||||||||||||
Ending balance: Collectively evaluated for impairment | 3,040,573 | 335,375 | 87,594 | 329,124 | 319,545 | 327,882 | 4,440,093 | |||||||||||||||||||||
Ending balance: Loans acquired with deteriorated credit quality | 652 | — | — | — | — | — | 652 | |||||||||||||||||||||
Ending balance (1) | $ | 3,057,779 | $ | 336,735 | $ | 87,925 | $ | 329,854 | $ | 319,545 | $ | 328,609 | $ | 4,460,447 |
December 31, 2018 | Recorded Investment in Impaired Loans | Contractual Unpaid Principal Balance | Related Allowance | Interest Income Recognized | Average Investment in Impaired Loans | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Loans without related allowance: | ||||||||||||||||||||||||||||||||
Commercial, secured by real estate | $ | 9,284 | $ | 9,829 | $ | — | $ | 188 | $ | 7,369 | ||||||||||||||||||||||
Commercial, industrial and other | 1,151 | 1,449 | — | 19 | 1,834 | |||||||||||||||||||||||||||
Construction | 0 | 0 | — | 0 | 726 | |||||||||||||||||||||||||||
Equipment finance | 301 | 597 | — | 0 | 376 | |||||||||||||||||||||||||||
Residential mortgage | 0 | 0 | — | 4 | 242 | |||||||||||||||||||||||||||
Consumer | 0 | 0 | — | 0 | 0 | |||||||||||||||||||||||||||
Loans with related allowance: | ||||||||||||||||||||||||||||||||
Commercial, secured by real estate | 7,270 | 7,597 | 307 | 317 | 7,594 | |||||||||||||||||||||||||||
Commercial, industrial and other | 209 | 209 | 7 | 12 | 209 | |||||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Equipment finance | 30 | 30 | 14 | 0 | 19 | |||||||||||||||||||||||||||
Residential mortgage | 730 | 884 | 4 | 20 | 745 | |||||||||||||||||||||||||||
Consumer | 727 | 765 | 6 | 32 | 898 | |||||||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||
Commercial, secured by real estate | $ | 16,554 | $ | 17,426 | $ | 307 | $ | 505 | $ | 14,963 | ||||||||||||||||||||||
Commercial, industrial and other | 1,360 | 1,658 | 7 | 31 | 2,043 | |||||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 0 | 726 | |||||||||||||||||||||||||||
Equipment finance | 331 | 627 | 14 | 0 | 395 | |||||||||||||||||||||||||||
Residential mortgage | 730 | 884 | 4 | 24 | 987 | |||||||||||||||||||||||||||
Consumer | 727 | 765 | 6 | 32 | 898 | |||||||||||||||||||||||||||
$ | 19,702 | $ | 21,360 | $ | 338 | $ | 592 | $ | 20,012 |
For the Year Ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of Contracts | Pre- Modification Outstanding Recorded Investment | Post- Modification Outstanding Recorded Investment | |||||||||||||||||||||||||||||||||||
Real estate - construction | 1 | 694 | 694 | |||||||||||||||||||||||||||||||||||
Home equity and consumer | 2 | 83 | 83 | |||||||||||||||||||||||||||||||||||
Total | 3 | $ | 777 | $ | 777 |
For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | |||||||||||||||||||||
(dollars in thousands) | Number of Contracts | Pre- Modification Outstanding Recorded Investment | Post- Modification Outstanding Recorded Investment | Number of Contracts | Pre- Modification Outstanding Recorded Investment | Post- Modification Outstanding Recorded Investment | ||||||||||||||||
Commercial, secured by real estate | — | $ | — | $ | — | 5 | $ | 3,348 | $ | 3,348 | ||||||||||||
Commercial, industrial and other | — | — | — | 1 | 950 | 950 | ||||||||||||||||
Equipment finance | — | — | — | 1 | 15 | 15 | ||||||||||||||||
Real estate - construction | 1 | 694 | 694 | — | — | — | ||||||||||||||||
Home equity and consumer | 2 | 83 | 83 | — | — | — | ||||||||||||||||
3 | $ | 777 | $ | 777 | 7 | $ | 4,313 | $ | 4,313 |
For the Year Ended December 31, 2020 | For the Year Ended December 31, 2019 | |||||||||||||||||||||||||
(dollars in thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||||||||||||
Consumer | 0 | 0 | 2 | 83 | ||||||||||||||||||||||
For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | |||||||||||||
(dollars in thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||
Commercial, secured by real estate | — | $ | — | 1 | $ | 171 | ||||||||
Home equity and consumer | 2 | 83 | — | — | ||||||||||
2 | $ | 83 | 1 | $ | 171 |
(in thousands) | December 31, 2019 | ||||
Acquisition | |||||
Highlands | $ | 8,194 | |||
Pascack Community Bank | 113 | ||||
Harmony Bank | 441 | ||||
Total | $ | 8,748 |
(in thousands) | 2019 | |||||||||||||
Balance, beginning of period | $ | 81 | ||||||||||||
Acquisitions | 1,431 | |||||||||||||
Accretion | (1,236) | |||||||||||||
Net reclassification non-accretable difference | 87 | |||||||||||||
Balance, end of period | $ | 363 |
(in thousands) | |||
2020 | $ | 36,290 | |
2021 | 30,448 | ||
2022 | 23,029 | ||
2023 | 14,767 | ||
2024 | 5,616 | ||
Thereafter | 926 | ||
$ | 111,076 |
(in thousands) | |||||
2021 | $ | 38,605 | |||
2022 | 32,001 | ||||
2023 | 24,379 | ||||
2024 | 15,295 | ||||
2025 | 5,378 | ||||
Thereafter | 1,032 | ||||
$ | 116,690 |
(in thousands) | 2020 | 2019 | ||||||||||||
Balance at beginning of the period | $ | 40,003 | $ | 37,688 | ||||||||||
Impact of adopting ASU 2016-13 | 6,656 | 0 | ||||||||||||
Charge-offs | (2,053) | (1,936) | ||||||||||||
Recoveries | 541 | 2,121 | ||||||||||||
Net (charge-offs) recoveries | (1,512) | 185 | ||||||||||||
Provision for credit loss - loans | 25,977 | 2,130 | ||||||||||||
Balance at end of the period | $ | 71,124 | $ | 40,003 |
(in thousands) | Balance at 12/31/2019 | Impact of adopting ASU 2016-13 | Charge-offs | Recoveries | Provision for Credit Loss - Loans | Balance at 12/31/2020 | ||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial | $ | 0 | $ | 17,027 | $ | (53) | $ | 29 | $ | 8,907 | $ | 25,910 | ||||||||||||||||||||||||||||||||
Owner occupied commercial | 0 | 3,080 | (369) | 21 | 1,223 | 3,955 | ||||||||||||||||||||||||||||||||||||||
Multifamily | 0 | 3,717 | 0 | 0 | 3,536 | 7,253 | ||||||||||||||||||||||||||||||||||||||
Non-owner occupied residential | 0 | 2,801 | 0 | 22 | 498 | 3,321 | ||||||||||||||||||||||||||||||||||||||
Commercial, secured by real estate (1) | 28,950 | (28,950) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | 3,289 | 2,850 | (814) | 207 | 8,133 | 13,665 | ||||||||||||||||||||||||||||||||||||||
Construction | 2,672 | (2,396) | (77) | 100 | 487 | 786 | ||||||||||||||||||||||||||||||||||||||
Equipment finance | 957 | 2,481 | (284) | 65 | 3,333 | 6,552 | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | 1,725 | 1,217 | (116) | 21 | 776 | 3,623 | ||||||||||||||||||||||||||||||||||||||
Consumer | 2,410 | 4,829 | (340) | 76 | (916) | 6,059 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 40,003 | $ | 6,656 | $ | (2,053) | $ | 541 | $ | 25,977 | $ | 71,124 |
(in thousands) | Balance at 12/31/2018 | Charge-offs | Recoveries | Provision for Loan Loss | Balance at 12/31/2019 | |||||||||||||||||||||||||||||||||||||||
Commercial, secured by real estate | $ | 27,881 | $ | (544) | $ | 251 | $ | 1,362 | $ | 28,950 | ||||||||||||||||||||||||||||||||||
Commercial, industrial and other | 1,742 | (645) | 1,100 | 1,092 | 3,289�� | |||||||||||||||||||||||||||||||||||||||
Construction | 3,015 | 0 | 126 | (469) | 2,672 | |||||||||||||||||||||||||||||||||||||||
Equipment finance | 987 | (414) | 332 | 52 | 957 | |||||||||||||||||||||||||||||||||||||||
Residential mortgage | 1,566 | (50) | 66 | 143 | 1,725 | |||||||||||||||||||||||||||||||||||||||
Consumer | 2,497 | (283) | 246 | (50) | 2,410 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 37,688 | $ | (1,936) | $ | 2,121 | $ | 2,130 | $ | 40,003 |
December 31, 2020 | Loans | Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Individually evaluated | Collectively evaluated | Acquired with deteriorated credit quality | Total | Individually evaluated | Collectively evaluated | Total | |||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial | $ | 12,112 | $ | 2,382,717 | $ | 4,117 | $ | 2,398,946 | $ | 355 | $ | 25,555 | $ | 25,910 | ||||||||||||||||||||||||||||||
Owner occupied commercial | 16,547 | 809,935 | 610 | 827,092 | 96 | 3,859 | 3,955 | |||||||||||||||||||||||||||||||||||||
Multifamily | 0 | 813,225 | 0 | 813,225 | 0 | 7,253 | 7,253 | |||||||||||||||||||||||||||||||||||||
Non-owner occupied residential | 1,459 | 198,334 | 436 | 200,229 | 43 | 3,278 | 3,321 | |||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | 1,596 | 715,129 | 1,464 | 718,189 | 830 | 12,835 | 13,665 | |||||||||||||||||||||||||||||||||||||
Construction | 515 | 265,649 | 719 | 266,883 | 0 | 786 | 786 | |||||||||||||||||||||||||||||||||||||
Equipment finance | 0 | 116,690 | 0 | 116,690 | 0 | 6,552 | 6,552 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 1,490 | 375,482 | 408 | 377,380 | 0 | 3,623 | 3,623 | |||||||||||||||||||||||||||||||||||||
Consumer | 0 | 302,099 | 499 | 302,598 | 31 | 6,028 | 6,059 | |||||||||||||||||||||||||||||||||||||
Total loans | $ | 33,719 | $ | 5,979,260 | $ | 8,253 | $ | 6,021,232 | $ | 1,355 | $ | 69,769 | $ | 71,124 |
December 31, 2019 | Loans | Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Individually evaluated for impairment | Collectively evaluated for impairment | Acquired with deteriorated credit quality | Total | Individually evaluated for impairment | Collectively evaluated for impairment | Total | |||||||||||||||||||||||||||||||||||||||||||
Commercial, secured by real estate | $ | 15,948 | $ | 3,567,540 | $ | 6,105 | 3,589,593 | $ | 228 | $ | 28,722 | $ | 28,950 | |||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | 1,504 | 429,486 | 944 | 431,934 | 5 | 3,284 | 3,289 | |||||||||||||||||||||||||||||||||||||||||||
Construction | 1,663 | 332,722 | 784 | 335,169 | 0 | 2,672 | 2,672 | |||||||||||||||||||||||||||||||||||||||||||
Equipment finance | 23 | 111,053 | 0 | 111,076 | 10 | 947 | 957 | |||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 2,315 | 332,486 | 390 | 335,191 | 104 | 1,621 | 1,725 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | 671 | 336,781 | 525 | 337,977 | 5 | 2,405 | 2,410 | |||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 22,124 | $ | 5,110,068 | $ | 8,748 | $ | 5,140,940 | $ | 352 | $ | 39,651 | $ | 40,003 |
(in thousands) | Available for Sale | Held to Maturity | Total | |||||||||||||||||
Beginning balance | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||
Impact of adoption of ASU 2016-13 | 0 | 30 | 30 | |||||||||||||||||
Provision for credit loss - securities | 2 | (30) | (28) | |||||||||||||||||
Ending balance | $ | 2 | $ | 0 | $ | 2 |
Balance at beginning of the period | $ | 1,778 | ||||||
Impact of adopting ASU 2016-13 | (498) | |||||||
Provision for credit loss - off-balance sheet exposures | 1,273 | |||||||
Balance at end of the period | $ | 2,553 |
Estimated | December 31, | |||||||||
Useful Lives | 2019 | 2018 | ||||||||
(in thousands) | ||||||||||
Land | Indefinite | $ | 10,356 | $ | 10,471 | |||||
Buildings and building improvements | 10 to 50 years | 42,481 | 47,006 | |||||||
Leasehold improvements | 10 to 25 years | 14,260 | 12,880 | |||||||
Furniture, fixtures and equipment | 2 to 30 years | 31,728 | 27,858 | |||||||
98,825 | 98,215 | |||||||||
Less accumulated depreciation and amortization | 51,217 | 49,040 | ||||||||
$ | 47,608 | $ | 49,175 |
Estimated | December 31, | |||||||||||||||||||
(in thousands) | Useful Lives | 2020 | 2019 | |||||||||||||||||
Land | Indefinite | $ | 9,926 | $ | 10,356 | |||||||||||||||
Buildings and building improvements | 10 to 50 years | 44,312 | 42,481 | |||||||||||||||||
Leasehold improvements | 10 to 25 years | 14,017 | 14,260 | |||||||||||||||||
Furniture, fixtures and equipment | 2 to 30 years | 35,046 | 31,728 | |||||||||||||||||
103,301 | 98,825 | |||||||||||||||||||
Less accumulated depreciation and amortization | 54,806 | 51,217 | ||||||||||||||||||
$ | 48,495 | $ | 47,608 |
(in thousands) | Year Ended December 31, 2019 | |||
Operating lease cost | $ | 3,293 | ||
Short-term lease cost | — | |||
Variable lease cost | 133 | |||
Sublease income | (122 | ) | ||
Net lease cost | $ | 3,304 |
(in thousands) | 2020 | 2019 | ||||||||||||
Operating lease cost | $ | 3,312 | $ | 3,293 | ||||||||||
Short-term lease cost | 0 | 0 | ||||||||||||
Variable lease cost | 90 | 133 | ||||||||||||
Sublease income | (122) | (122) | ||||||||||||
Net lease cost | $ | 3,280 | $ | 3,304 |
(in thousands) | |||
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ | 2,654 | |
Right-of-use asset obtained in exchange for new operating lease liabilities | 1,748 |
(in thousands) | 2020 | 2019 | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases | $ | 2,790 | $ | 2,654 | ||||||||||
Right-of-use asset obtained in exchange for new operating lease liabilities | 1,159 | 1,748 |
(in thousands) | ||||||||
Within one year | $ | 3,322 | ||||||
After one year but within three years | 5,399 | |||||||
After three years but within five years | 4,345 | |||||||
After 5 years | 8,693 | |||||||
Total undiscounted cash flows | 21,759 | |||||||
Discount on cash flows | (3,576) | |||||||
Total lease liability | $ | 18,183 |
(in thousands) | ||||
Within one year | $ | 3,300 | ||
After one year but within two years | 3,057 | |||
After two years but within three years | 2,626 | |||
After three years but within four years | 2,291 | |||
After four years but within five years | 2,174 | |||
After 5 years | 10,562 | |||
Total undiscounted cash flows | 24,010 | |||
Discount on cash flows | (4,196 | ) | ||
Total lease liability | $ | 19,814 |
(dollars in thousands) | December 31, 2019 | December 31, 2018 | ||||||||||||
Noninterest-bearing demand | $ | 1,124,121 | 21.23 | % | $ | 950,218 | 20.56 | % | ||||||
Interest-bearing checking | 1,797,504 | 33.96 | % | 1,711,507 | 37.04 | % | ||||||||
Money market | 1,003,149 | 18.95 | % | 715,620 | 15.49 | % | ||||||||
Savings | 498,201 | 9.41 | % | 486,287 | 10.52 | % | ||||||||
Certificates of deposit | 870,804 | 16.45 | % | 757,038 | 16.39 | % | ||||||||
Total Deposits | $ | 5,293,779 | 100.00 | % | $ | 4,620,670 | 100.00 | % |
(dollars in thousands) | December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||
Noninterest-bearing demand | $ | 1,510,224 | 23.4 | % | $ | 1,124,121 | 21.2 | % | ||||||||||||||||||
Interest-bearing checking | 2,057,052 | 31.9 | % | 1,797,504 | 34.0 | % | ||||||||||||||||||||
Money market | 1,225,890 | 19.0 | % | 1,003,149 | 19.0 | % | ||||||||||||||||||||
Savings | 584,361 | 9.1 | % | 498,201 | 9.4 | % | ||||||||||||||||||||
Certificates of deposit $250 thousand and under | 895,056 | 13.8 | % | 652,144 | 12.3 | % | ||||||||||||||||||||
Certificates of deposit over $250 thousand | 183,200 | 2.8 | % | 218,660 | 4.1 | % | ||||||||||||||||||||
Total deposits | $ | 6,455,783 | 100.0 | % | $ | 5,293,779 | 100.0 | % |
(in thousands) | |||
2020 | $ | 715,061 | |
2021 | 103,285 | ||
2022 | 42,891 | ||
2023 | 8,215 | ||
2024 | 1,264 | ||
2025 | 88 | ||
$ | 870,804 |
(in thousands) | |||||
2021 | $ | 875,066 | |||
2022 | 150,286 | ||||
2023 | 43,774 | ||||
2024 | 7,792 | ||||
2025 | 1,338 | ||||
Total | $ | 1,078,256 |
(in thousands) | |||
2020 | $ | 55,881 | |
2021 | 44,972 | ||
2022 | 40,526 | ||
2023 | 24,437 | ||
$ | 165,816 |
Years Ended December 31, | ||||||||||||
(in thousands) | 2019 | 2018 | 2017 | |||||||||
Current tax provision | $ | 20,418 | $ | 30,459 | $ | 10,565 | ||||||
Deferred tax expense (benefit) | 2,854 | (13,571 | ) | 16,904 | ||||||||
Total provision for income taxes | $ | 23,272 | $ | 16,888 | $ | 27,469 |
Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Current tax provision | $ | 24,022 | $ | 20,418 | $ | 30,459 | ||||||||||||||
Deferred tax (benefit) expense | (6,763) | 2,854 | (13,571) | |||||||||||||||||
Total provision for income taxes | $ | 17,259 | $ | 23,272 | $ | 16,888 |
Years Ended December 31, | ||||||||||||
(in thousands) | 2019 | 2018 | 2017 | |||||||||
Federal income tax, at statutory rates | $ | 19,728 | $ | 16,861 | $ | 28,017 | ||||||
Increase (deduction) in taxes resulting from: | ||||||||||||
Tax-exempt income | (952 | ) | (1,096 | ) | (1,652 | ) | ||||||
Excise tax on real estate investment trust ("REIT") dividend | — | — | 1,945 | |||||||||
Adjustment to net deferred tax asset for Tax Cuts and Jobs Act | — | — | (1,343 | ) | ||||||||
State income tax, net of federal income tax effect | 4,322 | 1,880 | 931 | |||||||||
Adjustment to net deferred tax asset for change in NJ tax law | — | (943 | ) | — | ||||||||
Excess tax benefits from employee share-based payments | (189 | ) | (318 | ) | (587 | ) | ||||||
Other, net | 363 | 504 | 158 | |||||||||
Provision for income taxes | $ | 23,272 | $ | 16,888 | $ | 27,469 |
Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Federal income tax, at statutory rates | $ | 15,703 | $ | 19,728 | $ | 16,861 | ||||||||||||||
Increase (deduction) in taxes resulting from: | ||||||||||||||||||||
Tax-exempt income | (961) | (952) | (1,096) | |||||||||||||||||
State income tax, net of federal income tax effect | 2,178 | 4,322 | 1,880 | |||||||||||||||||
Adjustment to net deferred tax asset for change in NJ tax law | 0 | 0 | (943) | |||||||||||||||||
Excess tax expense (benefits) from employee share-based payments | 132 | (189) | (318) | |||||||||||||||||
Other, net | 207 | 363 | 504 | |||||||||||||||||
Provision for income taxes | $ | 17,259 | $ | 23,272 | $ | 16,888 |
December 31, | ||||||||
(in thousands) | 2019 | 2018 | ||||||
Deferred tax assets: | ||||||||
Allowance for loan losses | $ | 11,937 | $ | 11,651 | ||||
Stock based compensation plans | 958 | 865 | ||||||
Purchase accounting fair market value adjustments | 3,632 | 1,192 | ||||||
Non-accrued interest | 381 | 256 | ||||||
Deferred compensation | 2,444 | 2,142 | ||||||
Depreciation and amortization | — | 630 | ||||||
Other-than-temporary impairment loss on investment securities | 41 | 59 | ||||||
Federal net operating loss carryforward | 875 | — | ||||||
Unrealized loss on pension plans | 2 | — | ||||||
Unrealized losses on securities available for sale | — | 3,162 | ||||||
Other, net | 594 | 585 | ||||||
Gross deferred tax assets | 20,864 | 20,542 | ||||||
Deferred tax liabilities: | ||||||||
Core deposit intangible from acquired companies | 1,235 | 516 | ||||||
Undistributed income from subsidiary not consolidated for tax return purposes (REIT) | 678 | 149 | ||||||
Deferred loan costs | 1,461 | 1,418 | ||||||
Depreciation and amortization | 750 | — | ||||||
Prepaid expenses | 443 | 459 | ||||||
Deferred gain on securities | 162 | 166 | ||||||
Unfunded pension benefits | — | 17 | ||||||
Loss on equity securities | 65 | 36 | ||||||
Unrealized gain on investment securities | 884 | — | ||||||
Unrealized gains on hedging derivative | 80 | 322 | ||||||
Other | 301 | 270 | ||||||
Gross deferred tax liabilities | 6,059 | 3,353 | ||||||
Net deferred tax assets | $ | 14,805 | $ | 17,189 |
December 31, | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Deferred tax assets: | ||||||||||||||
Allowance for credit losses/Allowance for loan losses | $ | 21,300 | $ | 11,937 | ||||||||||
Stock based compensation plans | 985 | 958 | ||||||||||||
Purchase accounting fair market value adjustments | 2,174 | 3,632 | ||||||||||||
Non-accrued interest | 664 | 381 | ||||||||||||
Deferred compensation | 2,570 | 2,444 | ||||||||||||
Loss on equity securities | 50 | 0 | ||||||||||||
Other-than-temporary impairment loss on investment securities | 0 | 41 | ||||||||||||
Federal net operating loss carryforward | 875 | 875 | ||||||||||||
Unrealized loss on pension plans | 13 | 2 | ||||||||||||
Unrealized loss on derivatives | 42 | 0 | ||||||||||||
Other, net | 508 | 594 | ||||||||||||
Gross deferred tax assets | 29,181 | 20,864 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||
Core deposit intangible from acquired companies | 852 | 1,235 | ||||||||||||
Undistributed income from subsidiary not consolidated for tax return purposes (REIT) | 852 | 678 | ||||||||||||
Deferred loan costs | 1,822 | 1,461 | ||||||||||||
Depreciation and amortization | 793 | 750 | ||||||||||||
Prepaid expenses | 578 | 443 | ||||||||||||
Deferred gain on securities | 0 | 162 | ||||||||||||
Loss on equity securities | 0 | 65 | ||||||||||||
Unrealized gain on investment securities | 4,746 | 884 | ||||||||||||
Unrealized gains on hedging derivative | 0 | 80 | ||||||||||||
Other | 260 | 301 | ||||||||||||
Gross deferred tax liabilities | 9,903 | 6,059 | ||||||||||||
Net deferred tax assets | $ | 19,278 | $ | 14,805 |
December 31, | ||||||||
(in thousands) | 2019 | 2018 | ||||||
Accrued plan cost included in other liabilities | $ | 646 | $ | 604 | ||||
Amount not recognized as component of net postretirement benefit cost | ||||||||
Recognized in accumulated other comprehensive income | ||||||||
Net actuarial loss (gain) | $ | 64 | $ | (29 | ) | |||
Unrecognized prior service cost | — | — | ||||||
Amounts not recognized as a component of net postretirement benefit | $ | 64 | $ | (29 | ) |
December 31, | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Accrued plan cost included in other liabilities | $ | 655 | $ | 646 | ||||||||||
Amount not recognized as component of net postretirement benefit cost | ||||||||||||||
Recognized in accumulated other comprehensive income | ||||||||||||||
Net actuarial loss | $ | 36 | $ | 64 | ||||||||||
Amounts not recognized as a component of net postretirement benefit | $ | 36 | $ | 64 |
Years Ended December 31, | ||||||||||||
(in thousands) | 2019 | 2018 | 2017 | |||||||||
Service cost | $ | 14 | $ | 15 | $ | 21 | ||||||
Interest cost | 22 | 20 | 23 | |||||||||
Amortization of prior service cost | — | — | 3 | |||||||||
Amortization of gain | (2 | ) | — | — | ||||||||
$ | 34 | $ | 35 | $ | 47 |
Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Service cost | $ | 18 | $ | 14 | $ | 15 | ||||||||||||||
Interest cost | 17 | 22 | 20 | |||||||||||||||||
Amortization of gain | 0 | (2) | 0 | |||||||||||||||||
$ | 35 | $ | 34 | $ | 35 |
(in thousands) | |||
2020 | $ | 63 | |
2021 | 37 | ||
2022 | 38 | ||
2023 | 38 | ||
2024 | 52 | ||
2025-2029 | 210 |
(in thousands) | |||||
2021 | $ | 37 | |||
2022 | 38 | ||||
2023 | 38 | ||||
2024 | 52 | ||||
2025 | 53 | ||||
2026-2030 | 200 |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in Years) | Aggregate Intrinsic Value | ||||||||||
Outstanding, beginning of year | 67,488 | $ | 8.28 | 2.86 | $ | 440,483 | |||||||
Exercised | (35,782 | ) | 8.75 | ||||||||||
Outstanding, end of year | 31,706 | $ | 7.76 | 0.58 | $ | 305,120 | |||||||
Options exercisable at year-end | 31,706 | $ | 7.76 | 0.58 | $ | 305,120 |
Number of Shares | Weighted Average Price | |||||||||||||
Outstanding, beginning of year | 13,110 | $ | 15.93 | |||||||||||
Granted | 23,852 | 14.78 | ||||||||||||
Vested | (13,052) | 15.96 | ||||||||||||
Outstanding, end of year | 23,910 | $ | 14.77 |
Number of Shares | Weighted Average Price | ||||||
Outstanding, beginning of year | 11,701 | $ | 20.18 | ||||
Granted | 13,052 | 15.96 | |||||
Vested | (11,643 | ) | 20.24 | ||||
Outstanding, end of year | 13,110 | $ | 15.93 |
Number of RSUs | Weighted Average Price | ||||||
Outstanding, beginning of year | 299,347 | $ | 16.60 | ||||
Granted | 149,559 | 16.54 | |||||
Vested | (138,578 | ) | 13.12 | ||||
Forfeited | (9,699 | ) | 18.02 | ||||
Outstanding, end of year | 300,629 | $ | 18.13 |
Number of RSUs | Weighted Average Price | |||||||||||||
Outstanding, beginning of year | 300,629 | $ | 18.13 | |||||||||||
Granted | 176,869 | 15.34 | ||||||||||||
Vested | (94,432) | 18.84 | ||||||||||||
Forfeited | (10,514) | 17.82 | ||||||||||||
Outstanding, end of year | 372,552 | $ | 16.63 |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in Years) | Aggregate Intrinsic Value | |||||||||||||||||||||||
Outstanding, beginning of year | 31,706 | $ | 7.76 | 0.58 | $ | 305,120 | ||||||||||||||||||||
Expired | (28,942) | 7.83 | ||||||||||||||||||||||||
Outstanding, end of year | 2,764 | $ | 6.94 | 1.07 | $ | 15,934 | ||||||||||||||||||||
Options exercisable at year-end | 2,764 | $ | 6.94 | 1.07 | $ | 15,934 |
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Deposit Related Fees and Charges | |||||||||||||||||
Debit card interchange income | $ | 5,431 | $ | 5,719 | $ | 5,150 | |||||||||||
Overdraft charges | 2,582 | 4,052 | 3,938 | ||||||||||||||
ATM service charges | 522 | 826 | 830 | ||||||||||||||
Demand deposit fees and charges | 540 | 501 | 540 | ||||||||||||||
Savings service charges | 73 | 107 | 126 | ||||||||||||||
Total | 9,148 | 11,205 | 10,584 | ||||||||||||||
Commissions and Fees | |||||||||||||||||
Loan fees | 1,227 | 1,510 | 1,264 | ||||||||||||||
Wire transfer charges | 1,412 | 1,223 | 1,093 | ||||||||||||||
Investment services income | 1,630 | 1,651 | 1,314 | ||||||||||||||
Merchant fees | 833 | 813 | 784 | ||||||||||||||
Commissions from sales of checks | 292 | 407 | 434 | ||||||||||||||
Safe deposit income | 345 | 364 | 371 | ||||||||||||||
Other income | 181 | 250 | 264 | ||||||||||||||
Total | 5,920 | 6,218 | 5,524 | ||||||||||||||
Gains on Sale of Loans | 3,322 | 1,660 | 1,329 | ||||||||||||||
Other Income | |||||||||||||||||
Gains on customer swap transactions | 4,719 | 3,231 | 1,992 | ||||||||||||||
Title insurance income | 177 | 183 | 195 | ||||||||||||||
Other income | 438 | 1,463 | 295 | ||||||||||||||
Total | 5,334 | 4,877 | 2,482 | ||||||||||||||
Revenue not from contracts with customers | 3,386 | 2,836 | 2,391 | ||||||||||||||
Total Noninterest Income | $ | 27,110 | $ | 26,796 | $ | 22,310 | |||||||||||
Timing of Revenue Recognition | |||||||||||||||||
Products and services transferred at a point in time | $ | 23,649 | $ | 23,885 | $ | 19,844 | |||||||||||
Products and services transferred over time | 75 | 75 | 75 | ||||||||||||||
Revenue not from contracts with customers | 3,386 | 2,836 | 2,391 | ||||||||||||||
Total Noninterest Income | $ | 27,110 | $ | 26,796 | $ | 22,310 |
(in thousands) | 2019 | 2018 | 2017 | ||||||||
Deposit Related Fees and Charges | |||||||||||
Debit card interchange income | $ | 5,719 | $ | 5,150 | $ | 4,474 | |||||
Overdraft charges | 4,052 | 3,938 | 4,656 | ||||||||
ATM service charges | 826 | 830 | 808 | ||||||||
Demand deposit fees and charges | 501 | 540 | 679 | ||||||||
Savings service charges | 107 | 126 | 123 | ||||||||
Total | 11,205 | 10,584 | 10,740 | ||||||||
Commissions and Fees | |||||||||||
Loan fees | 1,510 | 1,264 | 1,136 | ||||||||
Wire transfer charges | 1,223 | 1,093 | 1,005 | ||||||||
Investment services income | 1,651 | 1,314 | 1,045 | ||||||||
Merchant fees | 813 | 784 | 718 | ||||||||
Commissions from sales of checks | 407 | 434 | 457 | ||||||||
Safe deposit income | 364 | 371 | 269 | ||||||||
Other income | 250 | 264 | 202 | ||||||||
Total | 6,218 | 5,524 | 4,832 | ||||||||
Gains on Sale of Loans | 1,660 | 1,329 | 1,836 | ||||||||
Other Income | |||||||||||
Gains on customer swap transactions | 3,231 | 1,992 | 982 | ||||||||
Title insurance income | 183 | 195 | 200 | ||||||||
Other income | 1,463 | 295 | 518 | ||||||||
Total | 4,877 | 2,482 | 1,700 | ||||||||
Revenue not from contracts with customers | 2,836 | 2,391 | 6,327 | ||||||||
Total Noninterest Income | $ | 26,796 | $ | 22,310 | $ | 25,435 | |||||
Timing of Revenue Recognition | |||||||||||
Products and services transferred at a point in time | $ | 23,885 | $ | 19,844 | $ | 19,040 | |||||
Products and services transferred over time | 75 | 75 | 68 | ||||||||
Revenue not from contracts with customers | 2,836 | 2,391 | 6,327 | ||||||||
Total Noninterest Income | $ | 26,796 | $ | 22,310 | $ | 25,435 |
Year Ended December 31, 2019 | Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||
(in thousands) | Before Tax Amount | Tax Benefit (Expense) | Net of Tax Amount | (in thousands) | Before Tax Amount | Tax Benefit (Expense) | Net of Tax Amount | |||||||||||||||||||||||||
Unrealized holding gains on securities available for sale arising during the period | $ | 14,763 | $ | (4,045 | ) | $ | 10,718 | Unrealized holding gains on securities available for sale arising during the period | $ | 14,049 | $ | (3,711) | $ | 10,338 | ||||||||||||||||||
Reclassification adjustment for securities gains included in net income | Reclassification adjustment for securities gains included in net income | (1,213) | 341 | (872) | ||||||||||||||||||||||||||||
Net unrealized gains on securities available for sale | Net unrealized gains on securities available for sale | 12,836 | (3,370) | 9,466 | ||||||||||||||||||||||||||||
Unrealized losses on derivatives | (828 | ) | 242 | (586 | ) | Unrealized losses on derivatives | (413) | 121 | (292) | |||||||||||||||||||||||
Change in pension liability, net | (64 | ) | 18 | (46 | ) | Change in pension liability, net | (36) | 11 | (25) | |||||||||||||||||||||||
Other comprehensive income | $ | 13,871 | $ | (3,785 | ) | $ | 10,086 | Other comprehensive income | $ | 12,387 | $ | (3,238) | $ | 9,149 |
Year Ended December 31, 2018 | ||||||||||||
(in thousands) | Before Tax Amount | Tax Benefit (Expense) | Net of Tax Amount | |||||||||
Unrealized holding gains on securities available for sale arising during the period | $ | (4,241 | ) | $ | 734 | $ | (3,507 | ) | ||||
Unrealized gains on derivatives | 9 | 32 | 41 | |||||||||
Change in pension liability, net | 29 | (9 | ) | 20 | ||||||||
Other comprehensive loss | $ | (4,203 | ) | $ | 757 | $ | (3,446 | ) |
Year Ended December 31, 2017 | ||||||||||||
(in thousands) | Before Tax Amount | Tax Benefit (Expense) | Net of Tax Amount | |||||||||
Unrealized losses on securities available for sale | ||||||||||||
Unrealized holding losses arising during period | $ | (1,406 | ) | $ | 503 | $ | (903 | ) | ||||
Reclassification adjustment for securities gains included in net income | (2,524 | ) | 884 | (1,640 | ) | |||||||
Net unrealized losses on available for sale securities | (3,930 | ) | 1,387 | (2,543 | ) | |||||||
Unrealized gains on derivatives | 57 | (20 | ) | 37 | ||||||||
Change in pension liability, net | (27 | ) | 11 | (16 | ) | |||||||
Other comprehensive loss | $ | (3,900 | ) | $ | 1,378 | $ | (2,522 | ) |
Year Ended December 31, 2019 | ||||||||||||||||||||
(in thousands) | Before Tax Amount | Tax Benefit (Expense) | Net of Tax Amount | |||||||||||||||||
Unrealized holding gains on securities available for sale arising during the period | 14,763 | (4,045) | 10,718 | |||||||||||||||||
Unrealized losses on derivatives | (828) | 242 | (586) | |||||||||||||||||
Change in pension liability, net | (64) | 18 | (46) | |||||||||||||||||
Other comprehensive income | $ | 13,871 | $ | (3,785) | $ | 10,086 |
Year Ended December 31, 2018 | ||||||||||||||||||||
(in thousands) | Before Tax Amount | Tax Benefit (Expense) | Net of Tax Amount | |||||||||||||||||
Unrealized holding losses on securities available for sale arising during the period | (4,241) | 734 | (3,507) | |||||||||||||||||
Unrealized gains on derivatives | 9 | 32 | 41 | |||||||||||||||||
Change in pension liability, net | 29 | (9) | 20 | |||||||||||||||||
Other comprehensive loss | $ | (4,203) | $ | 757 | $ | (3,446) |
(in thousands, net of tax) | Unrealized Gains (Losses) on Available- for-Sale Securities | Unrealized Gains (Losses) on Derivatives | Pension Items | Total | ||||||||||||
Balance at of January 1, 2017 | $ | (117 | ) | $ | 672 | $ | 38 | $ | 593 | |||||||
Other comprehensive income (loss) before classifications | (903 | ) | 37 | (16 | ) | (882 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | (1,640 | ) | — | — | (1,640 | ) | ||||||||||
Net current period other comprehensive income (loss) | (2,543 | ) | 37 | (16 | ) | (2,522 | ) | |||||||||
Adjustment for implementation of ASU 2018-02 | (572 | ) | 153 | (1 | ) | (420 | ) | |||||||||
Balance at December 31, 2017 | $ | (3,232 | ) | $ | 862 | $ | 21 | $ | (2,349 | ) | ||||||
Adjustment for implementation of ASU 2016-01 | (2,043 | ) | — | — | (2,043 | ) | ||||||||||
Adjusted balance as of January 1, 2018 | (5,275 | ) | 862 | 21 | (4,392 | ) | ||||||||||
Net current period other comprehensive income (loss) | (3,507 | ) | 41 | 20 | (3,446 | ) | ||||||||||
Balance at December 31, 2018 | $ | (8,782 | ) | $ | 903 | $ | 41 | $ | (7,838 | ) | ||||||
Net current period other comprehensive income (loss) | 10,718 | (586 | ) | (46 | ) | 10,086 | ||||||||||
Balance at December 31, 2019 | $ | 1,936 | $ | 317 | $ | (5 | ) | $ | 2,248 |
(in thousands) | Unrealized Gains (Losses) on Available- for-Sale Securities | Unrealized Gains (Losses) on Derivatives | Pension Items | Total | ||||||||||||||||||||||
Balance at January 1, 2018 | $ | (3,232) | $ | 862 | $ | 21 | $ | (2,349) | ||||||||||||||||||
Adjustment for implementation of ASU 2016-01 | (2,043) | 0 | 0 | (2,043) | ||||||||||||||||||||||
Adjusted balance as of January 1, 2018 | (5,275) | 862 | 21 | (4,392) | ||||||||||||||||||||||
Net current period other comprehensive income (loss) | (3,507) | 41 | 20 | (3,446) | ||||||||||||||||||||||
Balance at December 31, 2018 | $ | (8,782) | $ | 903 | $ | 41 | $ | (7,838) | ||||||||||||||||||
Net current period other comprehensive income (loss) | 10,718 | (586) | (46) | 10,086 | ||||||||||||||||||||||
Balance at December 31, 2019 | $ | 1,936 | $ | 317 | $ | (5) | $ | 2,248 | ||||||||||||||||||
Other comprehensive income (loss) before classifications | 10,338 | (292) | (25) | 10,021 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (872) | 0 | 0 | (872) | ||||||||||||||||||||||
Net current period other comprehensive income (loss) | 9,466 | (292) | (25) | 9,149 | ||||||||||||||||||||||
Balance at December 31, 2020 | $ | 11,402 | $ | 25 | $ | (30) | $ | 11,397 |
December 31, 2020 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Investment securities, available for sale | ||||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 9,392 | $ | 55,610 | $ | 0 | $ | 65,002 | ||||||||||||||||||
Mortgage-backed securities | 0 | 230,100 | 0 | 230,100 | ||||||||||||||||||||||
Collateralized mortgage obligations | 0 | 250,573 | 0 | 250,573 | ||||||||||||||||||||||
Asset-backed securities | 0 | 40,690 | 0 | 40,690 | ||||||||||||||||||||||
Obligations of states and political subdivisions | 0 | 233,710 | 0 | 233,710 | ||||||||||||||||||||||
Corporate debt securities | 0 | 35,671 | 0 | 35,671 | ||||||||||||||||||||||
Total securities available for sale | 9,392 | 846,354 | 0 | 855,746 | ||||||||||||||||||||||
Equity securities, at fair value | 0 | 14,694 | 0 | 14,694 | ||||||||||||||||||||||
Derivative assets | 0 | 80,734 | 0 | 80,734 | ||||||||||||||||||||||
Total Assets | $ | 9,392 | $ | 941,782 | $ | 0 | $ | 951,174 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Derivative liabilities | $ | 0 | $ | 80,877 | $ | 0 | $ | 80,877 | ||||||||||||||||||
Total Liabilities | $ | 0 | $ | 80,877 | $ | 0 | $ | 80,877 |
December 31, 2019 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value | ||||||||||||
(in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Investment securities, available for sale | ||||||||||||||||
U.S. Treasury and government agencies | $ | 12,580 | $ | 123,067 | $ | — | $ | 135,647 | ||||||||
Mortgage-backed securities | — | 551,064 | — | 551,064 | ||||||||||||
Obligations of states and political subdivisions | — | 60,021 | — | 60,021 | ||||||||||||
Corporate debt securities | — | 9,168 | — | 9,168 | ||||||||||||
Total securities available for sale | 12,580 | 743,320 | — | 755,900 | ||||||||||||
Equity securities, at fair value | 1,735 | 14,738 | — | 16,473 | ||||||||||||
Derivative assets | — | 27,123 | — | 27,123 | ||||||||||||
Total Assets | $ | 14,315 | $ | 785,181 | $ | — | $ | 799,496 | ||||||||
Liabilities: | ||||||||||||||||
Derivative liabilities | $ | — | $ | 26,852 | $ | — | $ | 26,852 | ||||||||
Total Liabilities | $ | — | $ | 26,852 | $ | — | $ | 26,852 |
December 31, 2018 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value | ||||||||||||
(in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Investment securities, available for sale | ||||||||||||||||
U.S. Treasury and government agencies | $ | 4,920 | $ | 136,007 | $ | — | $ | 140,927 | ||||||||
Mortgage-backed securities | — | 447,094 | — | 447,094 | ||||||||||||
Obligations of states and political subdivisions | — | 45,505 | — | 45,505 | ||||||||||||
Corporate debt securities | — | 5,092 | — | 5,092 | ||||||||||||
Total securities available for sale | 4,920 | 633,698 | — | 638,618 | ||||||||||||
Equity securities, at fair value | 2,731 | 13,190 | — | 15,921 | ||||||||||||
Derivative assets | — | 12,135 | — | 12,135 | ||||||||||||
Total Assets | $ | 7,651 | $ | 659,023 | $ | — | $ | 666,674 | ||||||||
Liabilities: | ||||||||||||||||
Derivative liabilities | $ | — | $ | 11,036 | $ | — | $ | 11,036 | ||||||||
Total Liabilities | $ | — | $ | 11,036 | $ | — | $ | 11,036 |
December 31, 2019 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Investment securities, available for sale | ||||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 12,580 | $ | 123,067 | $ | 0 | $ | 135,647 | ||||||||||||||||||
Mortgage-backed securities | 0 | 227,552 | 0 | 227,552 | ||||||||||||||||||||||
Collateralized mortgage obligations | 0 | 323,512 | 0 | 323,512 | ||||||||||||||||||||||
Obligations of states and political subdivisions | 0 | 60,021 | 0 | 60,021 | ||||||||||||||||||||||
Corporate debt securities | 0 | 9,168 | 0 | 9,168 | ||||||||||||||||||||||
Total securities available for sale | 12,580 | 743,320 | 0 | 755,900 | ||||||||||||||||||||||
Equity securities, at fair value | 1,735 | 14,738 | 0 | 16,473 | ||||||||||||||||||||||
Derivative assets | 0 | 27,123 | 0 | 27,123 | ||||||||||||||||||||||
Total Assets | $ | 14,315 | $ | 785,181 | $ | 0 | $ | 799,496 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Derivative liabilities | $ | 0 | $ | 26,852 | $ | 0 | $ | 26,852 | ||||||||||||||||||
Total Liabilities | $ | 0 | $ | 26,852 | $ | 0 | $ | 26,852 |
December 31, 2019 | (Level 1) | (Level 2) | (Level 3) | Total Fair Value | ||||||||||||
(in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 5,789 | $ | 5,789 | ||||||||
Loans held for sale | — | 1,743 | — | 1,743 | ||||||||||||
Other real estate owned and other repossessed assets | — | — | 563 | 563 |
December 31, 2018 | (Level 1) | (Level 2) | (Level 3) | Total Fair Value | ||||||||||||
(in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 8,966 | $ | 8,966 | ||||||||
Loans held for sale | — | 1,113 | — | 1,113 | ||||||||||||
Other real estate owned and other repossessed assets | — | — | 830 | 830 |
December 31, 2020 | (Level 1) | (Level 2) | (Level 3) | Total Fair Value | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Individually evaluated loans | $ | 0 | $ | 0 | $ | 2,417 | $ | 2,417 | ||||||||||||||||||
Loans held for sale | 0 | 1,335 | 0 | 1,335 | ||||||||||||||||||||||
December 31, 2019 | (Level 1) | (Level 2) | (Level 3) | Total Fair Value | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Impaired loans | $ | 0 | $ | 0 | $ | 5,789 | $ | 5,789 | ||||||||||||||||||
Loans held for sale | 0 | 1,743 | 0 | 1,743 | ||||||||||||||||||||||
Other real estate owned and other repossessed assets | 0 | 0 | 563 | 563 |
December 31, 2020 | Carrying Value | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||
Investment securities held to maturity | $ | 90,766 | $ | 93,868 | $ | 0 | $ | 93,868 | $ | 0 | ||||||||||||||||||||||
Federal Home Loan and other membership bank stock | 11,979 | 11,979 | 0 | 11,979 | 0 | |||||||||||||||||||||||||||
Loans, net | 5,950,108 | 5,939,413 | 0 | 0 | 5,939,413 | |||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||
Certificates of deposit | 1,078,256 | 1,077,620 | 0 | 1,077,620 | 0 | |||||||||||||||||||||||||||
Other borrowings | 25,000 | 25,206 | 0 | 25,206 | 0 | |||||||||||||||||||||||||||
Subordinated debentures | 118,257 | 118,208 | 0 | 0 | 118,208 |
December 31, 2019 | Carrying Value | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Investment securities held to maturity | $ | 123,975 | $ | 124,904 | $ | — | $ | 121,503 | $ | 3,401 | ||||||||||
Federal Home Loan and other membership bank stock | 22,505 | 22,505 | — | 22,505 | — | |||||||||||||||
Loans, net | 5,097,820 | 5,194,065 | — | — | 5,194,065 | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Certificates of deposit | 870,804 | 871,418 | — | 871,418 | — | |||||||||||||||
Other borrowings | 165,816 | 166,505 | — | 166,505 | — | |||||||||||||||
Subordinated debentures | 118,220 | 117,992 | — | — | 117,992 |
December 31, 2018 | Carrying Value | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Investment securities held to maturity | $ | 153,646 | $ | 150,932 | $ | — | $ | 143,913 | $ | 7,019 | ||||||||||
Federal Home Loan and other membership bank stock | 13,301 | 13,301 | — | 13,301 | — | |||||||||||||||
Loans, net | 4,419,045 | 4,341,477 | — | — | 4,341,477 | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Certificates of deposit | 757,038 | 750,801 | — | 750,801 | — | |||||||||||||||
Other borrowings | 181,118 | 176,921 | — | 176,921 | — | |||||||||||||||
Subordinated debentures | 105,027 | 102,497 | — | — | 102,497 |
December 31, 2019 | Carrying Value | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||
Investment securities held to maturity | $ | 123,975 | $ | 124,904 | $ | 0 | $ | 121,503 | $ | 3,401 | ||||||||||||||||||||||
Federal Home Loan and other membership bank stock | 22,505 | 22,505 | 0 | 22,505 | 0 | |||||||||||||||||||||||||||
Loans, net | 5,097,820 | 5,194,065 | 0 | 0 | 5,194,065 | |||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||
Certificates of deposit | 870,804 | 871,418 | 0 | 871,418 | 0 | |||||||||||||||||||||||||||
Other borrowings | 165,816 | 166,505 | 0 | 166,505 | 0 | |||||||||||||||||||||||||||
Subordinated debentures | 118,220 | 117,992 | 0 | 0 | 117,992 |
December 31, 2020 | Notional Amount | Average Maturity (Years) | Weighted Average Rate Fixed | Weighted Average Variable Rate | Fair Value | |||||||||||||||||||||||||||
Classified in Other Assets: | ||||||||||||||||||||||||||||||||
Third party interest rate swaps | $ | 73,075 | 9.5 | 3.20 | % | 1 Mo. LIBOR +2.55 | $ | 503 | ||||||||||||||||||||||||
Customer interest rate swaps | 907,069 | 8.7 | 3.79 | % | 1 Mo. LIBOR + 1.99 | 80,231 | ||||||||||||||||||||||||||
Classified in Other Liabilities: | ||||||||||||||||||||||||||||||||
Customer interest rate swaps | $ | 73,075 | 9.5 | 3.20 | % | 1 Mo. LIBOR + 2.55 | $ | (503) | ||||||||||||||||||||||||
Third party interest rate swaps | 907,069 | 8.7 | 3.79 | % | 1 Mo. LIBOR + 1.99 | (80,231) | ||||||||||||||||||||||||||
Interest rate swap (cash flow hedge) | 30,000 | 0.5 | 1.10 | % | 3 Mo. LIBOR | (143) |
December 31, 2019 | Notional Amount | Average Maturity (Years) | Weighted Average Rate Fixed | Weighted Average Variable Rate | Fair Value | ||||||||||
Classified in Other Assets: | |||||||||||||||
Third party interest rate swaps | $ | 85,796 | 9.0 | 3.51 | % | 1 Mo. LIBOR + 1.95 | $ | 947 | |||||||
Customer interest rate swaps | 473,273 | 9.9 | 4.32 | % | 1 Mo. LIBOR + 1.93 | 25,905 | |||||||||
Interest rate swap (cash flow hedge) | 30,000 | 1.5 | 1.10 | % | 3 Mo. LIBOR | 271 | |||||||||
Classified in Other Liabilities: | |||||||||||||||
Customer interest rate swaps | $ | 85,796 | 9.0 | 3.51 | % | 1 Mo. LIBOR + 1.95 | $ | (947 | ) | ||||||
Third party interest rate swaps | 473,273 | 9.9 | 4.32 | % | 1 Mo. LIBOR + 1.93 | (25,905 | ) |
December 31, 2018 | Notional Amount | Average Maturity (Years) | Weighted Average Rate Fixed | Weighted Average Variable Rate | Fair Value | ||||||||||
Classified in Other Assets: | |||||||||||||||
3rd Party interest rate swaps | $ | 153,909 | 8.3 | 4.10 | % | 1 Mo. LIBOR + 2.13 | $ | 5,329 | |||||||
Customer interest rate swaps | 164,427 | 12.0 | 5.04 | % | 1 Mo. LIBOR + 2.05 | 5,707 | |||||||||
Interest rate swap (cash flow hedge) | 30,000 | 2.5 | 1.10 | % | 3 Mo. LIBOR | 1,099 | |||||||||
Classified in Other Liabilities: | |||||||||||||||
Customer interest rate swaps | $ | 153,909 | 8.3 | 4.10 | % | 1 Mo. LIBOR + 2.13 | $ | (5,329 | ) | ||||||
3rd party interest rate swaps | 164,427 | 12.0 | 5.04 | % | 1 Mo. LIBOR + 2.05 | (5,707 | ) |
December 31, 2019 | Notional Amount | Average Maturity (Years) | Weighted Average Rate Fixed | Weighted Average Variable Rate | Fair Value | |||||||||||||||||||||||||||
Classified in Other Assets: | ||||||||||||||||||||||||||||||||
3rd Party interest rate swaps | $ | 85,796 | 9.0 | 3.51 | % | 1 Mo. LIBOR + 1.95 | $ | 947 | ||||||||||||||||||||||||
Customer interest rate swaps | 473,273 | 9.9 | 4.32 | % | 1 Mo. LIBOR + 1.93 | 25,905 | ||||||||||||||||||||||||||
Interest rate swap (cash flow hedge) | 30,000 | 1.5 | 1.10 | % | 3 Mo. LIBOR | 271 | ||||||||||||||||||||||||||
Classified in Other Liabilities: | ||||||||||||||||||||||||||||||||
Customer interest rate swaps | $ | 85,796 | 9.0 | 3.51 | % | 1 Mo. LIBOR + 1.95 | $ | (947) | ||||||||||||||||||||||||
3rd party interest rate swaps | 473,273 | 9.9 | 4.32 | % | 1 Mo. LIBOR + 1.93 | (25,905) | ||||||||||||||||||||||||||
(dollars in thousands) | Actual | For Capital Adequacy Purposes with Capital Conservation Buffer | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Company | $ | 783,107 | 12.84 | % | > | $ | 640,632 | > 10.50% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
Lakeland | 745,276 | 12.22 | % | 640,416 | 10.50 | % | > | $ | 609,920 | > 10.00% | ||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Company | $ | 623,644 | 10.22 | % | > | $ | 518,607 | > 8.50% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
Lakeland | 672,832 | 11.03 | % | 518,432 | 8.50 | % | > | $ | 487,936 | > 8.00% | ||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Company | $ | 593,644 | 9.73 | % | > | $ | 427,088 | > 7.00% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
Lakeland | 672,832 | 11.03 | % | 426,944 | 7.00 | % | > | $ | 396,448 | > 6.50% | ||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to average assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Company | $ | 623,644 | 8.37 | % | > | $ | 298,096 | > 4.00% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
Lakeland | 672,832 | 9.04 | % | 297,748 | 4.00 | % | > | $ | 372,185 | > 5.00% |
(dollars in thousands) | Actual | For Capital Adequacy Purposes with Capital Conservation Buffer | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||
December 31, 2019 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
Total capital (to risk-weighted assets) | ||||||||||||||||||||||||
Company | $ | 721,741 | 13.40 | % | > | $ | 565,504 | > 10.50% | N/A | N/A | ||||||||||||||
Lakeland | 681,689 | 12.67 | % | 564,981 | 10.50 | % | > | $ | 538,077 | > 10.00% | ||||||||||||||
Tier 1 capital (to risk-weighted assets) | ||||||||||||||||||||||||
Company | $ | 593,539 | 11.02 | % | > | $ | 457,789 | > 8.50% | N/A | N/A | ||||||||||||||
Lakeland | 639,908 | 11.89 | % | 457,365 | 8.50 | % | > | $ | 430,462 | > 8.00% | ||||||||||||||
Common equity Tier 1 capital (to risk-weighted assets) | ||||||||||||||||||||||||
Company | $ | 563,539 | 10.46 | % | > | $ | 377,003 | > 7.00% | N/A | N/A | ||||||||||||||
Lakeland | 639,908 | 11.89 | % | 376,654 | 7.00 | % | > | $ | 349,750 | > 6.50% | ||||||||||||||
Tier 1 capital (to average assets) | ||||||||||||||||||||||||
Company | $ | 593,539 | 9.41 | % | > | $ | 252,234 | > 4.00% | N/A | N/A | ||||||||||||||
Lakeland | 639,908 | 10.16 | % | 252,039 | 4.00 | % | > | $ | 315,048 | > 5.00% |
(dollars in thousands) | Actual | For Capital Adequacy Purposes with Capital Conservation Buffer | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||
December 31, 2018 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
Total capital (to risk-weighted assets) | ||||||||||||||||||||||||
Company | $ | 637,377 | 13.71 | % | > | $ | 458,952 | > 9.875% | N/A | N/A | ||||||||||||||
Lakeland | 605,560 | 13.06 | % | 457,912 | 9.875 | % | > | $ | 463,708 | > 10.00% | ||||||||||||||
Tier 1 capital (to risk-weighted assets) | ||||||||||||||||||||||||
Company | $ | 523,577 | 11.27 | % | > | $ | 366,000 | > 7.875% | N/A | N/A | ||||||||||||||
Lakeland | 565,549 | 12.20 | % | 365,170 | 7.875 | % | > | $ | 370,967 | > 8.00% | ||||||||||||||
Common equity Tier 1 capital (to risk-weighted assets) | ||||||||||||||||||||||||
Company | $ | 493,577 | 10.62 | % | > | $ | 296,285 | > 6.375% | N/A | N/A | ||||||||||||||
Lakeland | 565,549 | 12.20 | % | 295,614 | 6.375 | % | > | $ | 301,410 | > 6.50% | ||||||||||||||
Tier 1 capital (to average assets) | ||||||||||||||||||||||||
Company | $ | 523,577 | 9.39 | % | > | $ | 222,982 | > 4.00% | N/A | N/A | ||||||||||||||
Lakeland | 565,549 | 10.17 | % | 222,539 | 4.00 | % | > | $ | 278,173 | > 5.00% |
(dollars in thousands) | Actual | For Capital Adequacy Purposes with Capital Conservation Buffer | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Company | $ | 721,741 | 13.40 | % | > | $ | 565,504 | > 10.50% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
Lakeland | 681,689 | 12.67 | % | 564,981 | 10.50 | % | > | $ | 538,077 | > 10.00% | ||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Company | $ | 593,539 | 11.02 | % | > | $ | 457,789 | > 8.50% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
Lakeland | 639,908 | 11.89 | % | 457,365 | 8.50 | % | > | $ | 430,462 | > 8.00% | ||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Company | $ | 563,539 | 10.46 | % | > | $ | 377,003 | > 7.00% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
Lakeland | 639,908 | 11.89 | % | 376,654 | 7.00 | % | > | $ | 349,750 | > 6.50% | ||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to average assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Company | $ | 593,539 | 9.41 | % | > | $ | 252,234 | > 4.00% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
Lakeland | 639,908 | 10.16 | % | 252,039 | 4.00 | % | > | $ | 315,048 | > 5.00% |
(in thousands) | ||||||||
2021 | $ | 868 | ||||||
2022 | 711 | |||||||
2023 | 554 | |||||||
2024 | 425 | |||||||
2025 | 317 |
(in thousands) | ||||
2020 | $ | 1,025 | ||
2021 | 868 | |||
2022 | 711 | |||
2023 | 554 | |||
2024 | 425 |
December 31, | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Assets | ||||||||||||||
Cash and due from banks | $ | 28,366 | $ | 29,981 | ||||||||||
Equity securities | 0 | 1,735 | ||||||||||||
Investment securities, held to maturity | 0 | 1,000 | ||||||||||||
Investment in subsidiaries | 843,711 | 802,079 | ||||||||||||
Other assets | 11,274 | 9,828 | ||||||||||||
Total Assets | $ | 883,351 | $ | 844,623 | ||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Other liabilities | $ | 1,310 | $ | 1,140 | ||||||||||
Subordinated debentures | 118,257 | 118,220 | ||||||||||||
Total stockholders’ equity | 763,784 | 725,263 | ||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 883,351 | $ | 844,623 |
Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Income | ||||||||||||||||||||
Dividends from subsidiaries | $ | 29,961 | $ | 36,905 | $ | 30,589 | ||||||||||||||
Other income (loss) | (486) | 408 | (125) | |||||||||||||||||
Total Income | 29,475 | 37,313 | 30,464 | |||||||||||||||||
Expense | ||||||||||||||||||||
Interest on subordinated debentures | 5,968 | 5,983 | 5,141 | |||||||||||||||||
Noninterest expenses | 549 | 464 | 506 | |||||||||||||||||
Total Expense | 6,517 | 6,447 | 5,647 | |||||||||||||||||
Income before benefit for income taxes | 22,958 | 30,866 | 24,817 | |||||||||||||||||
Income taxes benefit | (1,645) | (1,646) | (1,130) | |||||||||||||||||
Income before equity in undistributed income of subsidiaries | 24,603 | 32,512 | 25,947 | |||||||||||||||||
Equity in undistributed income of subsidiaries | 32,915 | 38,160 | 37,454 | |||||||||||||||||
Net Income Available to Common Shareholders | $ | 57,518 | $ | 70,672 | $ | 63,401 |
December 31, | ||||||||
(in thousands) | 2019 | 2018 | ||||||
ASSETS | ||||||||
Cash and due from banks | $ | 29,981 | $ | 23,285 | ||||
Equity securities | 1,735 | 2,743 | ||||||
Investment securities, held to maturity | 1,000 | 1,000 | ||||||
Investment in subsidiaries | 802,079 | 695,571 | ||||||
Other assets | 9,828 | 7,182 | ||||||
TOTAL ASSETS | $ | 844,623 | $ | 729,781 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Other liabilities | $ | 1,140 | $ | 1,015 | ||||
Subordinated debentures | 118,220 | 105,027 | ||||||
Total stockholders’ equity | 725,263 | 623,739 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 844,623 | $ | 729,781 |
Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Cash Flows from Operating Activities | ||||||||||||||||||||
Net income | $ | 57,518 | $ | 70,672 | $ | 63,401 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Gain on sale of equity securities | (149) | 0 | 0 | |||||||||||||||||
Amortization of subordinated debt costs | 37 | 36 | 125 | |||||||||||||||||
Provision for credit losses | (12) | 0 | 0 | |||||||||||||||||
Change in market value of equity securities | 786 | (197) | 338 | |||||||||||||||||
Excess tax (deficiency) benefits | (132) | 189 | 318 | |||||||||||||||||
Increase in other assets | (1,462) | (1,873) | (1,446) | |||||||||||||||||
Increase (decrease) in other liabilities | 25 | 121 | (6) | |||||||||||||||||
Equity in undistributed income of subsidiaries | (32,915) | (38,160) | (37,454) | |||||||||||||||||
Net Cash Provided by Operating Activities | 23,696 | 30,788 | 25,276 | |||||||||||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Purchases of equity securities | (49) | (82) | (78) | |||||||||||||||||
Proceeds from maturity of held to maturity securities | 1,000 | 0 | 0 | |||||||||||||||||
Proceeds from sale of equity securities | 1,148 | 1,287 | 2,155 | |||||||||||||||||
Net cash received from business acquisition | 0 | 24 | 0 | |||||||||||||||||
Net Cash Provided by Investing Activities | 2,099 | 1,229 | 2,077 | |||||||||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Cash dividends paid on common stock | (25,457) | (24,919) | (21,307) | |||||||||||||||||
Purchase of treasury stock | (1,452) | 0 | 0 | |||||||||||||||||
Retirement of restricted stock | (501) | (715) | (763) | |||||||||||||||||
Exercise of stock options | 0 | 313 | 307 | |||||||||||||||||
Net Cash Used in Financing Activities | (27,410) | (25,321) | (21,763) | |||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (1,615) | 6,696 | 5,590 | |||||||||||||||||
Cash and cash equivalents, beginning of year | 29,981 | 23,285 | 17,695 | |||||||||||||||||
Cash and Cash Equivalents, End of Year | $ | 28,366 | $ | 29,981 | $ | 23,285 |
Years Ended December 31, | ||||||||||||
(in thousands) | 2019 | 2018 | 2017 | |||||||||
INCOME | ||||||||||||
Dividends from subsidiaries | $ | 36,905 | $ | 30,589 | $ | 26,665 | ||||||
Other income (loss) | 408 | (125 | ) | 2,750 | ||||||||
TOTAL INCOME | 37,313 | 30,464 | 29,415 | |||||||||
EXPENSE | ||||||||||||
Interest on subordinated debentures | 5,983 | 5,141 | 5,091 | |||||||||
Noninterest expenses | 464 | 506 | 377 | |||||||||
TOTAL EXPENSE | 6,447 | 5,647 | 5,468 | |||||||||
Income before benefit for income taxes | 30,866 | 24,817 | 23,947 | |||||||||
Income taxes benefit | (1,646 | ) | (1,130 | ) | (2,018 | ) | ||||||
Income before equity in undistributed income of subsidiaries | 32,512 | 25,947 | 25,965 | |||||||||
Equity in undistributed income of subsidiaries | 38,160 | 37,454 | 26,615 | |||||||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ | 70,672 | $ | 63,401 | $ | 52,580 |
Years Ended December 31, | ||||||||||||
(in thousands) | 2019 | 2018 | 2017 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||
Net income | $ | 70,672 | $ | 63,401 | $ | 52,580 | ||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
Gain on securities | — | — | (2,539 | ) | ||||||||
Amortization of subordinated debt costs | 36 | 125 | 118 | |||||||||
Change in market value of equity securities | (197 | ) | 338 | — | ||||||||
Excess tax benefits | 189 | 318 | 587 | |||||||||
Increase in other assets | (1,873 | ) | (1,446 | ) | (1,927 | ) | ||||||
Increase (decrease) in other liabilities | 121 | (6 | ) | (17 | ) | |||||||
Equity in undistributed income of subsidiaries | (38,160 | ) | (37,454 | ) | (26,615 | ) | ||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 30,788 | 25,276 | 22,187 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||
Purchases of available for sale securities | — | — | (79 | ) | ||||||||
Purchases of equity securities | (82 | ) | (78 | ) | — | |||||||
Proceeds from sale of available for sale securities | — | — | 3,217 | |||||||||
Proceeds from sale of equity securities | 1,287 | 2,155 | — | |||||||||
Net cash received from business acquisition | 24 | — | — | |||||||||
NET CASH PROVIDED BY INVESTING ACTIVITIES | 1,229 | 2,077 | 3,138 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||
Cash dividends paid on common stock | (24,919 | ) | (21,307 | ) | (18,853 | ) | ||||||
Retirement of restricted stock | (715 | ) | (763 | ) | (773 | ) | ||||||
Exercise of stock options | 313 | 307 | 321 | |||||||||
NET CASH USED IN FINANCING ACTIVITIES | (25,321 | ) | (21,763 | ) | (19,305 | ) | ||||||
Net increase in cash and cash equivalents | 6,696 | 5,590 | 6,020 | |||||||||
Cash and cash equivalents, beginning of year | 23,285 | 17,695 | 11,675 | |||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 29,981 | $ | 23,285 | $ | 17,695 |
Plan Category | (a) Number Of Securities To Be Issued Upon Exercise Of Outstanding Options, Warrants and Rights | (b) Weighted-Average Exercise Price Of Outstanding Options, Warrants and Rights | (c) Number Of Securities Remaining Available For Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected In Column (a)) | Plan Category | (a) Number Of Securities To Be Issued Upon Exercise Of Outstanding Options, Warrants and Rights | (b) Weighted-Average Exercise Price Of Outstanding Options, Warrants and Rights | (c) Number Of Securities Remaining Available For Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected In Column (a)) | |||||||||||||||||||||||
Equity Compensation Plans Approved by Shareholders | 342,681 | $ | 7.84 | 1,829,259 | Equity Compensation Plans Approved by Shareholders | 396,462 | $ | — | 1,626,974 | |||||||||||||||||||||
Equity Compensation Plans Not Approved by Shareholders | — | — | — | Equity Compensation Plans Not Approved by Shareholders | — | — | — | |||||||||||||||||||||||
TOTAL | 342,681 | $ | 7.84 | 1,829,259 | TOTAL | 396,462 | $ | — | 1,626,974 |
3.1 | |||||
3.2 | |||||
4.1 | |||||
4.2 | |||||
4.3 | |||||
10.1+ | |||||
10.2+ | |||||
10.3+ | |||||
10.4+ | |||||
10.5+ | |||||
10.8+ | |||||
10.9+ | |||||
10.10+ | |||||
10.12+ | |||||
10.13+ |
10.14+ | |||||
10.20+ | |||||
10.21+ | |||||
10.22+ | |||||
10.23 | |||||
21.1 | |||||
23.1 | |||||
24.1 | |||||
31.1 | |||||
31.2 | |||||
32.1 |
101.INS | Inline XBRL Instance Document (The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document) | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibits 101) |
LAKELAND BANCORP, INC. | |||||||||||||||||||||||||
Dated: | March | By: | /s/ Thomas J. Shara | ||||||||||||||||||||||
Thomas J. Shara | |||||||||||||||||||||||||
President and Chief Executive Officer |
Signature | Capacity | Date | ||||||||||||
/s/ Bruce D. Bohuny* | Director | March 8, 2021 | ||||||||||||
Bruce D. Bohuny | ||||||||||||||
/s/ Mary Ann Deacon* | Chairman | March 8, 2021 | ||||||||||||
Mary Ann Deacon | ||||||||||||||
/s/ Brian M. Flynn* | Director | March 8, 2021 | ||||||||||||
Brian M. Flynn | ||||||||||||||
/s/ Mark J. Fredericks* | Director | March 8, 2021 | ||||||||||||
Mark J. Fredericks | ||||||||||||||
/s/ Brian Gragnolati* | Director | March 8, 2021 | ||||||||||||
Brian Gragnolati | ||||||||||||||
/s/ James E. Hanson II* | Director | March 8, 2021 | ||||||||||||
James E. Hanson II | ||||||||||||||
/s/ Janeth C. Hendershot* | Director | March 8, 2021 | ||||||||||||
Janeth C. Hendershot | ||||||||||||||
/s/ Lawrence R. Inserra, Jr.* | Director | March 8, 2021 | ||||||||||||
Lawrence R. Inserra, Jr. | ||||||||||||||
/s/ Robert E. McCracken* | Director | March 8, 2021 | ||||||||||||
Robert E. McCracken | ||||||||||||||
/s/ Robert B. Nicholson, III* | Director | March 8, 2021 | ||||||||||||
Robert B. Nicholson, III |
Signature | Capacity | Date | ||||||||||||
/s/ Thomas J. Shara | Director, President and Chief Executive Officer (Principal Executive Officer) | March 8, 2021 | ||||||||||||
Thomas J. Shara | ||||||||||||||
/s/ Thomas Splaine | Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | March | ||||||||||||
Thomas Splaine |
*By: | /s/ Thomas J. Shara | March | ||||||||||||||||||
Thomas J. Shara Attorney-in-Fact |