Indiana | 35-1068133 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
100 North Michigan Street | |||||||||||
South Bend, | IN | 46601 | |||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock - without par value | SRCE | The NASDAQ Stock Market LLC |
Large accelerated filer | x | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ |
Page | ||||||||
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 86,742 | $ | 84,703 | Cash and due from banks | $ | 75,729 | $ | 84,703 | ||||||||||||
Federal funds sold and interest bearing deposits with other banks | Federal funds sold and interest bearing deposits with other banks | 25,933 | 38,094 | Federal funds sold and interest bearing deposits with other banks | 35,406 | 38,094 | ||||||||||||||||
Investment securities available-for-sale | Investment securities available-for-sale | 1,661,405 | 1,775,128 | Investment securities available-for-sale | 1,605,242 | 1,775,128 | ||||||||||||||||
Other investments | Other investments | 25,320 | 25,293 | Other investments | 25,075 | 25,293 | ||||||||||||||||
Mortgages held for sale | Mortgages held for sale | 2,321 | 3,914 | Mortgages held for sale | 3,118 | 3,914 | ||||||||||||||||
Loans and leases, net of unearned discount: | Loans and leases, net of unearned discount: | Loans and leases, net of unearned discount: | ||||||||||||||||||||
Commercial and agricultural | Commercial and agricultural | 797,188 | 812,031 | Commercial and agricultural | 763,051 | 812,031 | ||||||||||||||||
Solar | Solar | 376,905 | 381,163 | Solar | 364,949 | 381,163 | ||||||||||||||||
Auto and light truck | Auto and light truck | 901,054 | 808,117 | Auto and light truck | 901,484 | 808,117 | ||||||||||||||||
Medium and heavy duty truck | Medium and heavy duty truck | 319,634 | 313,862 | Medium and heavy duty truck | 323,202 | 313,862 | ||||||||||||||||
Aircraft | Aircraft | 1,060,340 | 1,077,722 | Aircraft | 1,079,581 | 1,077,722 | ||||||||||||||||
Construction equipment | Construction equipment | 1,012,969 | 938,503 | Construction equipment | 1,062,097 | 938,503 | ||||||||||||||||
Commercial real estate | Commercial real estate | 985,323 | 943,745 | Commercial real estate | 1,088,199 | 943,745 | ||||||||||||||||
Residential real estate and home equity | Residential real estate and home equity | 617,495 | 584,737 | Residential real estate and home equity | 627,515 | 584,737 | ||||||||||||||||
Consumer | Consumer | 144,435 | 151,282 | Consumer | 143,570 | 151,282 | ||||||||||||||||
Total loans and leases | Total loans and leases | 6,215,343 | 6,011,162 | Total loans and leases | 6,353,648 | 6,011,162 | ||||||||||||||||
Allowance for loan and lease losses | Allowance for loan and lease losses | (143,542) | (139,268) | Allowance for loan and lease losses | (144,074) | (139,268) | ||||||||||||||||
Net loans and leases | Net loans and leases | 6,071,801 | 5,871,894 | Net loans and leases | 6,209,574 | 5,871,894 | ||||||||||||||||
Equipment owned under operating leases, net | Equipment owned under operating leases, net | 26,582 | 31,700 | Equipment owned under operating leases, net | 24,096 | 31,700 | ||||||||||||||||
Net premises and equipment | Net premises and equipment | 44,089 | 44,773 | Net premises and equipment | 43,951 | 44,773 | ||||||||||||||||
Goodwill and intangible assets | Goodwill and intangible assets | 83,897 | 83,907 | Goodwill and intangible assets | 83,921 | 83,907 | ||||||||||||||||
Accrued income and other assets | Accrued income and other assets | 386,728 | 380,010 | Accrued income and other assets | 418,946 | 380,010 | ||||||||||||||||
Total assets | Total assets | $ | 8,414,818 | $ | 8,339,416 | Total assets | $ | 8,525,058 | $ | 8,339,416 | ||||||||||||
LIABILITIES | LIABILITIES | LIABILITIES | ||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | $ | 1,721,947 | $ | 1,998,151 | Noninterest-bearing demand | $ | 1,680,725 | $ | 1,998,151 | ||||||||||||
Interest-bearing deposits: | Interest-bearing deposits: | Interest-bearing deposits: | ||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | 2,528,231 | 2,591,464 | Interest-bearing demand | 2,416,864 | 2,591,464 | ||||||||||||||||
Savings | Savings | 1,163,166 | 1,198,191 | Savings | 1,180,837 | 1,198,191 | ||||||||||||||||
Time | Time | 1,563,174 | 1,140,459 | Time | 1,689,066 | 1,140,459 | ||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 5,254,571 | 4,930,114 | Total interest-bearing deposits | 5,286,767 | 4,930,114 | ||||||||||||||||
Total deposits | Total deposits | 6,976,518 | 6,928,265 | Total deposits | 6,967,492 | 6,928,265 | ||||||||||||||||
Short-term borrowings: | Short-term borrowings: | Short-term borrowings: | ||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | Federal funds purchased and securities sold under agreements to repurchase | 69,308 | 141,432 | Federal funds purchased and securities sold under agreements to repurchase | 48,335 | 141,432 | ||||||||||||||||
Other short-term borrowings | Other short-term borrowings | 118,377 | 74,097 | Other short-term borrowings | 223,757 | 74,097 | ||||||||||||||||
Total short-term borrowings | Total short-term borrowings | 187,685 | 215,529 | Total short-term borrowings | 272,092 | 215,529 | ||||||||||||||||
Long-term debt and mandatorily redeemable securities | Long-term debt and mandatorily redeemable securities | 46,649 | 46,555 | Long-term debt and mandatorily redeemable securities | 46,533 | 46,555 | ||||||||||||||||
Subordinated notes | Subordinated notes | 58,764 | 58,764 | Subordinated notes | 58,764 | 58,764 | ||||||||||||||||
Accrued expenses and other liabilities | Accrued expenses and other liabilities | 165,115 | 166,537 | Accrued expenses and other liabilities | 197,180 | 166,537 | ||||||||||||||||
Total liabilities | Total liabilities | 7,434,731 | 7,415,650 | Total liabilities | 7,542,061 | 7,415,650 | ||||||||||||||||
SHAREHOLDERS’ EQUITY | SHAREHOLDERS’ EQUITY | SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Preferred stock; no par value | Preferred stock; no par value | Preferred stock; no par value | ||||||||||||||||||||
Authorized 10,000,000 shares; none issued or outstanding | Authorized 10,000,000 shares; none issued or outstanding | — | — | Authorized 10,000,000 shares; none issued or outstanding | — | — | ||||||||||||||||
Common stock; no par value | Common stock; no par value | Common stock; no par value | ||||||||||||||||||||
Authorized 40,000,000 shares; issued 28,205,674 at June 30, 2023 and December 31, 2022 | 436,538 | 436,538 | ||||||||||||||||||||
Authorized 40,000,000 shares; issued 28,205,674 at September 30, 2023 and December 31, 2022 | Authorized 40,000,000 shares; issued 28,205,674 at September 30, 2023 and December 31, 2022 | 436,538 | 436,538 | |||||||||||||||||||
Retained earnings | Retained earnings | 744,442 | 694,862 | Retained earnings | 769,603 | 694,862 | ||||||||||||||||
Cost of common stock in treasury (3,523,113 shares at June 30, 2023 and 3,543,388 shares at December 31, 2022) | (120,410) | (119,642) | ||||||||||||||||||||
Cost of common stock in treasury (3,776,591 shares at September 30, 2023 and 3,543,388 shares at December 31, 2022) | Cost of common stock in treasury (3,776,591 shares at September 30, 2023 and 3,543,388 shares at December 31, 2022) | (130,579) | (119,642) | |||||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (139,550) | (147,690) | Accumulated other comprehensive loss | (151,312) | (147,690) | ||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 921,020 | 864,068 | Total shareholders’ equity | 924,250 | 864,068 | ||||||||||||||||
Noncontrolling interests | Noncontrolling interests | 59,067 | $ | 59,698 | Noncontrolling interests | 58,747 | 59,698 | |||||||||||||||
Total equity | Total equity | 980,087 | 923,766 | Total equity | 982,997 | 923,766 | ||||||||||||||||
Total liabilities and equity | Total liabilities and equity | $ | 8,414,818 | $ | 8,339,416 | Total liabilities and equity | $ | 8,525,058 | $ | 8,339,416 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Interest income: | Interest income: | Interest income: | ||||||||||||||||||||||||||||||||||||||||||||
Loans and leases | Loans and leases | $ | 93,300 | $ | 60,415 | $ | 179,989 | $ | 115,623 | Loans and leases | $ | 100,206 | $ | 69,027 | $ | 280,195 | $ | 184,650 | ||||||||||||||||||||||||||||
Investment securities, taxable | Investment securities, taxable | 5,946 | 6,289 | 12,594 | 12,633 | Investment securities, taxable | 5,918 | 6,691 | 18,512 | 19,324 | ||||||||||||||||||||||||||||||||||||
Investment securities, tax-exempt | Investment securities, tax-exempt | 330 | 157 | 812 | 291 | Investment securities, tax-exempt | 319 | 339 | 1,131 | 630 | ||||||||||||||||||||||||||||||||||||
Other | Other | 978 | 1,168 | 1,615 | 1,531 | Other | 883 | 421 | 2,498 | 1,952 | ||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 100,554 | 68,029 | 195,010 | 130,078 | Total interest income | 107,326 | 76,478 | 302,336 | 206,556 | ||||||||||||||||||||||||||||||||||||
Interest expense: | Interest expense: | Interest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 28,870 | 3,553 | 50,133 | 5,929 | Deposits | 34,405 | 6,556 | 84,538 | 12,485 | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 1,625 | 23 | 3,018 | 47 | Short-term borrowings | 2,136 | 380 | 5,154 | 427 | ||||||||||||||||||||||||||||||||||||
Subordinated notes | Subordinated notes | 1,028 | 851 | 2,048 | 1,674 | Subordinated notes | 1,060 | 904 | 3,108 | 2,578 | ||||||||||||||||||||||||||||||||||||
Long-term debt and mandatorily redeemable securities | Long-term debt and mandatorily redeemable securities | 515 | 140 | 1,730 | (652) | Long-term debt and mandatorily redeemable securities | 489 | (296) | 2,219 | (948) | ||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 32,038 | 4,567 | 56,929 | 6,998 | Total interest expense | 38,090 | 7,544 | 95,019 | 14,542 | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 68,516 | 63,462 | 138,081 | 123,080 | Net interest income | 69,236 | 68,934 | 207,317 | 192,014 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 47 | 2,503 | 3,096 | 4,736 | Provision for credit losses | 859 | 3,167 | 3,955 | 7,903 | ||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 68,469 | 60,959 | 134,985 | 118,344 | Net interest income after provision for credit losses | 68,377 | 65,767 | 203,362 | 184,111 | ||||||||||||||||||||||||||||||||||||
Noninterest income: | Noninterest income: | Noninterest income: | ||||||||||||||||||||||||||||||||||||||||||||
Trust and wealth advisory | Trust and wealth advisory | 6,467 | 6,087 | 12,146 | 12,001 | Trust and wealth advisory | 5,648 | 5,498 | 17,794 | 17,499 | ||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 3,118 | 2,942 | 6,121 | 5,734 | Service charges on deposit accounts | 3,297 | 3,240 | 9,418 | 8,974 | ||||||||||||||||||||||||||||||||||||
Debit card | Debit card | 4,701 | 4,561 | 9,208 | 8,755 | Debit card | 4,377 | 4,628 | 13,585 | 13,383 | ||||||||||||||||||||||||||||||||||||
Mortgage banking | Mortgage banking | 926 | 1,062 | 1,728 | 2,439 | Mortgage banking | 971 | 864 | 2,699 | 3,303 | ||||||||||||||||||||||||||||||||||||
Insurance commissions | Insurance commissions | 1,641 | 1,568 | 3,670 | 3,473 | Insurance commissions | 1,714 | 1,695 | 5,384 | 5,168 | ||||||||||||||||||||||||||||||||||||
Equipment rental | Equipment rental | 2,326 | 3,295 | 4,829 | 6,957 | Equipment rental | 2,101 | 2,761 | 6,930 | 9,718 | ||||||||||||||||||||||||||||||||||||
Losses on investment securities available-for-sale | Losses on investment securities available-for-sale | — | — | (44) | — | Losses on investment securities available-for-sale | — | — | (44) | — | ||||||||||||||||||||||||||||||||||||
Other | Other | 3,590 | 3,315 | 8,434 | 6,616 | Other | 6,347 | 3,321 | 14,781 | 9,937 | ||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 22,769 | 22,830 | 46,092 | 45,975 | Total noninterest income | 24,455 | 22,007 | 70,547 | 67,982 | ||||||||||||||||||||||||||||||||||||
Noninterest expense: | Noninterest expense: | Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 28,236 | 25,562 | 56,833 | 51,029 | Salaries and employee benefits | 28,866 | 26,386 | 85,699 | 77,415 | ||||||||||||||||||||||||||||||||||||
Net occupancy | Net occupancy | 2,676 | 2,524 | 5,298 | 5,335 | Net occupancy | 2,867 | 2,582 | 8,165 | 7,917 | ||||||||||||||||||||||||||||||||||||
Furniture and equipment | Furniture and equipment | 1,414 | 1,384 | 2,721 | 2,679 | Furniture and equipment | 1,217 | 1,372 | 3,938 | 4,051 | ||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 6,268 | 5,402 | 12,425 | 10,610 | Data processing | 6,289 | 5,802 | 18,714 | 16,412 | ||||||||||||||||||||||||||||||||||||
Depreciation – leased equipment | Depreciation – leased equipment | 1,876 | 2,664 | 3,898 | 5,679 | Depreciation – leased equipment | 1,672 | 2,233 | 5,570 | 7,912 | ||||||||||||||||||||||||||||||||||||
Professional fees | Professional fees | 1,704 | 2,094 | 2,386 | 3,702 | Professional fees | 1,763 | 1,539 | 4,149 | 5,241 | ||||||||||||||||||||||||||||||||||||
FDIC and other insurance | FDIC and other insurance | 1,344 | 893 | 2,704 | 1,743 | FDIC and other insurance | 1,598 | 939 | 4,302 | 2,682 | ||||||||||||||||||||||||||||||||||||
Business development and marketing | Business development and marketing | 1,649 | 1,669 | 3,621 | 2,937 | Business development and marketing | 1,201 | 1,415 | 4,822 | 4,352 | ||||||||||||||||||||||||||||||||||||
Other | Other | 3,998 | 3,463 | 8,700 | 7,277 | Other | 4,693 | 3,063 | 13,393 | 10,340 | ||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 49,165 | 45,655 | 98,586 | 90,991 | Total noninterest expense | 50,166 | 45,331 | 148,752 | 136,322 | ||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 42,073 | 38,134 | 82,491 | 73,328 | Income before income taxes | 42,666 | 42,443 | 125,157 | 115,771 | ||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 9,626 | 8,804 | 18,913 | 16,597 | Income tax expense | 9,727 | 9,698 | 28,640 | 26,295 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | 32,447 | 29,330 | 63,578 | 56,731 | Net income | 32,939 | 32,745 | 96,517 | 89,476 | ||||||||||||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | Net (income) loss attributable to noncontrolling interests | (12) | (16) | (19) | (27) | Net (income) loss attributable to noncontrolling interests | — | (8) | (19) | (35) | ||||||||||||||||||||||||||||||||||||
Net income available to common shareholders | Net income available to common shareholders | $ | 32,435 | $ | 29,314 | $ | 63,559 | $ | 56,704 | Net income available to common shareholders | $ | 32,939 | $ | 32,737 | $ | 96,498 | $ | 89,441 | ||||||||||||||||||||||||||||
Per common share: | Per common share: | Per common share: | ||||||||||||||||||||||||||||||||||||||||||||
Basic net income per common share | Basic net income per common share | $ | 1.30 | $ | 1.18 | $ | 2.55 | $ | 2.28 | Basic net income per common share | $ | 1.32 | $ | 1.32 | $ | 3.87 | $ | 3.59 | ||||||||||||||||||||||||||||
Diluted net income per common share | Diluted net income per common share | $ | 1.30 | $ | 1.18 | $ | 2.55 | $ | 2.28 | Diluted net income per common share | $ | 1.32 | $ | 1.32 | $ | 3.87 | $ | 3.59 | ||||||||||||||||||||||||||||
Cash dividends | Cash dividends | $ | 0.32 | $ | 0.31 | $ | 0.64 | $ | 0.62 | Cash dividends | $ | 0.32 | $ | 0.32 | $ | 0.96 | $ | 0.94 | ||||||||||||||||||||||||||||
Basic weighted average common shares outstanding | Basic weighted average common shares outstanding | 24,686,435 | 24,691,747 | 24,686,760 | 24,717,625 | Basic weighted average common shares outstanding | 24,660,508 | 24,656,736 | 24,677,914 | 24,697,106 | ||||||||||||||||||||||||||||||||||||
Diluted weighted average common shares outstanding | Diluted weighted average common shares outstanding | 24,686,435 | 24,691,747 | 24,686,760 | 24,717,625 | Diluted weighted average common shares outstanding | 24,660,508 | 24,656,736 | 24,677,914 | 24,697,106 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 32,447 | $ | 29,330 | $ | 63,578 | $ | 56,731 | Net income | $ | 32,939 | $ | 32,745 | $ | 96,517 | $ | 89,476 | ||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized (depreciation) appreciation of available-for-sale securities | Unrealized (depreciation) appreciation of available-for-sale securities | (15,813) | (34,692) | 10,663 | (127,786) | Unrealized (depreciation) appreciation of available-for-sale securities | (15,287) | (72,275) | (4,624) | (200,061) | ||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized losses included in net income | Reclassification adjustment for realized losses included in net income | — | — | 44 | — | Reclassification adjustment for realized losses included in net income | — | — | 44 | — | ||||||||||||||||||||||||||||||||||||
Income tax effect | Income tax effect | 3,728 | 8,218 | (2,567) | 30,636 | Income tax effect | 3,525 | 17,009 | 958 | 47,645 | ||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | Other comprehensive (loss) income, net of tax | (12,085) | (26,474) | 8,140 | (97,150) | Other comprehensive (loss) income, net of tax | (11,762) | (55,266) | (3,622) | (152,416) | ||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | 20,362 | 2,856 | $ | 71,718 | $ | (40,419) | Comprehensive income (loss) | 21,177 | (22,521) | 92,895 | (62,940) | ||||||||||||||||||||||||||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | Comprehensive (income) loss attributable to noncontrolling interests | (12) | (16) | (19) | (27) | Comprehensive (income) loss attributable to noncontrolling interests | — | (8) | (19) | (35) | ||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) available to common shareholders | Comprehensive income (loss) available to common shareholders | $ | 20,350 | $ | 2,840 | $ | 71,699 | $ | (40,446) | Comprehensive income (loss) available to common shareholders | $ | 21,177 | $ | (22,529) | $ | 92,876 | $ | (62,975) |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Retained Earnings | Cost of Common Stock in Treasury | Accumulated Other Comprehensive Income (Loss), Net | Total Shareholders’ Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2022 | $ | — | $ | 436,538 | $ | 624,503 | $ | (115,654) | $ | (80,537) | $ | 864,850 | $ | 54,620 | $ | 919,470 | |||||||||||||||||||||||||||||||
Net income | — | — | 29,314 | — | — | 29,314 | 16 | 29,330 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (26,474) | (26,474) | — | (26,474) | |||||||||||||||||||||||||||||||||||||||
Issuance of 22,272 common shares under stock based compensation awards | — | — | 474 | 439 | — | 913 | — | 913 | |||||||||||||||||||||||||||||||||||||||
Cost of 104,400 shares of common stock acquired for treasury | — | — | — | (4,661) | — | (4,661) | — | (4,661) | |||||||||||||||||||||||||||||||||||||||
Common stock dividend ($0.31 per share) | — | — | (7,691) | — | — | (7,691) | — | (7,691) | |||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (220) | (220) | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | — | $ | 436,538 | $ | 646,600 | $ | (119,876) | $ | (107,011) | $ | 856,251 | $ | 54,416 | $ | 910,667 | |||||||||||||||||||||||||||||||
Balance at April 1, 2023 | $ | — | $ | 436,538 | $ | 719,495 | $ | (119,409) | $ | (127,465) | $ | 909,159 | $ | 59,285 | $ | 968,444 | |||||||||||||||||||||||||||||||
Net income | — | — | 32,435 | — | — | 32,435 | 12 | 32,447 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (12,085) | (12,085) | — | (12,085) | |||||||||||||||||||||||||||||||||||||||
Issuance of 20,285 common shares under stock based compensation awards | — | — | 448 | 410 | — | 858 | — | 858 | |||||||||||||||||||||||||||||||||||||||
Cost of 33,276 shares of common stock acquired for treasury | — | — | — | (1,411) | — | (1,411) | — | (1,411) | |||||||||||||||||||||||||||||||||||||||
Common stock dividend ($0.32 per share) | — | — | (7,936) | — | — | (7,936) | — | (7,936) | |||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (230) | (230) | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | — | $ | 436,538 | $ | 744,442 | $ | (120,410) | $ | (139,550) | $ | 921,020 | $ | 59,067 | $ | 980,087 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Retained Earnings | Cost of Common Stock in Treasury | Accumulated Other Comprehensive Income (Loss), Net | Total Shareholders’ Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||
Balance at July 1, 2022 | $ | — | $ | 436,538 | $ | 646,600 | $ | (119,876) | $ | (107,011) | $ | 856,251 | $ | 54,416 | $ | 910,667 | |||||||||||||||||||||||||||||||
Net income | — | — | 32,737 | — | — | 32,737 | 8 | 32,745 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (55,266) | (55,266) | — | (55,266) | |||||||||||||||||||||||||||||||||||||||
Issuance of 6,771 common shares under stock based compensation awards | — | — | 118 | 133 | — | 251 | — | 251 | |||||||||||||||||||||||||||||||||||||||
Cost of 0 shares of common stock acquired for treasury | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Common stock dividend ($0.32 per share) | — | — | (7,914) | — | — | (7,914) | — | (7,914) | |||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | 6,073 | 6,073 | |||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (196) | (196) | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | — | $ | 436,538 | $ | 671,541 | $ | (119,743) | $ | (162,277) | $ | 826,059 | $ | 60,301 | $ | 886,360 | |||||||||||||||||||||||||||||||
Balance at July 1, 2023 | $ | — | $ | 436,538 | $ | 744,442 | $ | (120,410) | $ | (139,550) | $ | 921,020 | $ | 59,067 | $ | 980,087 | |||||||||||||||||||||||||||||||
Net income | — | — | 32,939 | — | — | 32,939 | — | 32,939 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (11,762) | (11,762) | — | (11,762) | |||||||||||||||||||||||||||||||||||||||
Issuance of 7,409 common shares under stock based compensation awards | — | — | 156 | 124 | — | 280 | — | 280 | |||||||||||||||||||||||||||||||||||||||
Cost of 260,887 shares of common stock acquired for treasury | — | — | — | (10,293) | — | (10,293) | — | (10,293) | |||||||||||||||||||||||||||||||||||||||
Common stock dividend ($0.32 per share) | — | — | (7,934) | — | — | (7,934) | — | (7,934) | |||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (320) | (320) | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | $ | — | $ | 436,538 | $ | 769,603 | $ | (130,579) | $ | (151,312) | $ | 924,250 | $ | 58,747 | $ | 982,997 |
Six Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Retained Earnings | Cost of Common Stock in Treasury | Accumulated Other Comprehensive Income (Loss), Net | Total Shareholders’ Equity | Noncontrolling Interests | Total Equity | Preferred Stock | Common Stock | Retained Earnings | Cost of Common Stock in Treasury | Accumulated Other Comprehensive Income (Loss), Net | Total Shareholders’ Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | Balance at January 1, 2022 | $ | — | $ | 436,538 | $ | 603,787 | $ | (114,209) | $ | (9,861) | $ | 916,255 | $ | 53,209 | $ | 969,464 | Balance at January 1, 2022 | $ | — | $ | 436,538 | $ | 603,787 | $ | (114,209) | $ | (9,861) | $ | 916,255 | $ | 53,209 | $ | 969,464 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 56,704 | — | — | 56,704 | 27 | 56,731 | Net income | — | — | 89,441 | — | — | 89,441 | 35 | 89,476 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | — | (97,150) | (97,150) | — | (97,150) | Other comprehensive loss | — | — | — | — | (152,416) | (152,416) | — | (152,416) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 60,714 common shares under stock based compensation awards | — | — | 1,498 | 1,169 | — | 2,667 | — | 2,667 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 67,485 common shares under stock based compensation awards | Issuance of 67,485 common shares under stock based compensation awards | — | — | 1,616 | 1,302 | — | 2,918 | — | 2,918 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of 149,819 shares of common stock acquired for treasury | Cost of 149,819 shares of common stock acquired for treasury | — | — | — | (6,836) | — | (6,836) | — | (6,836) | Cost of 149,819 shares of common stock acquired for treasury | — | — | — | (6,836) | — | (6,836) | — | (6,836) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividend ($0.62 per share) | — | — | (15,389) | — | — | (15,389) | — | (15,389) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividend ($0.94 per share) | Common stock dividend ($0.94 per share) | — | — | (23,303) | — | — | (23,303) | — | (23,303) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | Contributions from noncontrolling interests | — | — | — | — | — | — | 1,627 | 1,627 | Contributions from noncontrolling interests | — | — | — | — | — | — | 7,700 | 7,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | Distributions to noncontrolling interests | — | — | — | — | — | — | (447) | (447) | Distributions to noncontrolling interests | — | — | — | — | — | — | (643) | (643) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | — | $ | 436,538 | $ | 646,600 | $ | (119,876) | $ | (107,011) | $ | 856,251 | $ | 54,416 | 910,667 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | $ | — | $ | 436,538 | $ | 671,541 | $ | (119,743) | $ | (162,277) | $ | 826,059 | $ | 60,301 | 886,360 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2023 | Balance at January 1, 2023 | $ | — | $ | 436,538 | $ | 694,862 | $ | (119,642) | $ | (147,690) | $ | 864,068 | $ | 59,698 | $ | 923,766 | Balance at January 1, 2023 | $ | — | $ | 436,538 | $ | 694,862 | $ | (119,642) | $ | (147,690) | $ | 864,068 | $ | 59,698 | $ | 923,766 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 63,559 | — | — | 63,559 | 19 | 63,578 | Net income | — | — | 96,498 | — | — | 96,498 | 19 | 96,517 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 8,140 | 8,140 | — | 8,140 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 69,910 common shares under stock based compensation awards | — | — | 1,874 | 1,409 | — | 3,283 | — | 3,283 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of 49,635 shares of common stock acquired for treasury | — | — | — | (2,177) | — | (2,177) | — | (2,177) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividend ($0.64 per share) | — | — | (15,853) | — | — | (15,853) | — | (15,853) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | — | (3,622) | (3,622) | — | (3,622) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 77,319 common shares under stock based compensation awards | Issuance of 77,319 common shares under stock based compensation awards | — | — | 2,030 | 1,533 | — | 3,563 | — | 3,563 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of 310,522 shares of common stock acquired for treasury | Cost of 310,522 shares of common stock acquired for treasury | — | — | — | (12,470) | — | (12,470) | — | (12,470) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividend ($0.96 per share) | Common stock dividend ($0.96 per share) | — | — | (23,787) | — | — | (23,787) | — | (23,787) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | Distributions to noncontrolling interests | — | — | — | — | — | — | (650) | (650) | Distributions to noncontrolling interests | — | — | — | — | — | — | (970) | (970) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | — | $ | 436,538 | $ | 744,442 | $ | (120,410) | $ | (139,550) | $ | 921,020 | $ | 59,067 | $ | 980,087 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | Balance at September 30, 2023 | $ | — | $ | 436,538 | $ | 769,603 | $ | (130,579) | $ | (151,312) | $ | 924,250 | $ | 58,747 | $ | 982,997 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Operating activities: | Operating activities: | Operating activities: | ||||||||||||||||||||
Net income | Net income | $ | 63,578 | $ | 56,731 | Net income | $ | 96,517 | $ | 89,476 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 3,096 | 4,736 | Provision for credit losses | 3,955 | 7,903 | ||||||||||||||||
Depreciation of premises and equipment | Depreciation of premises and equipment | 2,307 | 2,322 | Depreciation of premises and equipment | 3,421 | 3,452 | ||||||||||||||||
Depreciation of equipment owned and leased to others | Depreciation of equipment owned and leased to others | 3,898 | 5,679 | Depreciation of equipment owned and leased to others | 5,570 | 7,912 | ||||||||||||||||
Stock-based compensation | Stock-based compensation | 2,240 | 1,619 | Stock-based compensation | 3,408 | 2,510 | ||||||||||||||||
Amortization of investment securities premiums and accretion of discounts, net | Amortization of investment securities premiums and accretion of discounts, net | 2,062 | 2,110 | Amortization of investment securities premiums and accretion of discounts, net | 3,116 | 3,098 | ||||||||||||||||
Amortization of mortgage servicing rights | Amortization of mortgage servicing rights | 435 | 736 | Amortization of mortgage servicing rights | 652 | 1,033 | ||||||||||||||||
Amortization of right of use assets | Amortization of right of use assets | 1,554 | 1,577 | Amortization of right of use assets | 2,319 | 2,369 | ||||||||||||||||
Deferred income taxes | Deferred income taxes | (4,100) | (3,259) | Deferred income taxes | (5,613) | (5,428) | ||||||||||||||||
Losses on investment securities available-for-sale | Losses on investment securities available-for-sale | 44 | — | Losses on investment securities available-for-sale | 44 | — | ||||||||||||||||
Originations of loans held for sale, net of principal collected | Originations of loans held for sale, net of principal collected | (19,345) | (55,752) | Originations of loans held for sale, net of principal collected | (33,843) | (73,718) | ||||||||||||||||
Proceeds from the sales of loans held for sale | Proceeds from the sales of loans held for sale | 21,571 | 64,533 | Proceeds from the sales of loans held for sale | 35,673 | 85,206 | ||||||||||||||||
Net gain on sale of loans held for sale | Net gain on sale of loans held for sale | (633) | (1,022) | Net gain on sale of loans held for sale | (1,034) | (1,262) | ||||||||||||||||
Net gain on sale of other real estate and repossessions | Net gain on sale of other real estate and repossessions | (103) | (269) | Net gain on sale of other real estate and repossessions | (111) | (267) | ||||||||||||||||
Change in interest receivable | Change in interest receivable | (397) | (377) | Change in interest receivable | (3,373) | (2,866) | ||||||||||||||||
Change in interest payable | Change in interest payable | 14,216 | 409 | Change in interest payable | 23,031 | 1,249 | ||||||||||||||||
Change in other assets | Change in other assets | (1,078) | (729) | Change in other assets | 1,233 | 10,049 | ||||||||||||||||
Change in other liabilities | Change in other liabilities | 2,899 | 9,788 | Change in other liabilities | 11,740 | 3,650 | ||||||||||||||||
Other | Other | (617) | (1,879) | Other | (2,919) | (2,623) | ||||||||||||||||
Net change in operating activities | Net change in operating activities | 91,627 | 86,953 | Net change in operating activities | 143,786 | 131,743 | ||||||||||||||||
Investing activities: | Investing activities: | Investing activities: | ||||||||||||||||||||
Proceeds from sales of investment securities available-for-sale | Proceeds from sales of investment securities available-for-sale | 64,928 | — | Proceeds from sales of investment securities available-for-sale | 64,928 | — | ||||||||||||||||
Proceeds from maturities and paydowns of investment securities available-for-sale | Proceeds from maturities and paydowns of investment securities available-for-sale | 60,396 | 102,979 | Proceeds from maturities and paydowns of investment securities available-for-sale | 100,218 | 162,766 | ||||||||||||||||
Purchases of investment securities available-for-sale | Purchases of investment securities available-for-sale | (3,000) | (206,223) | Purchases of investment securities available-for-sale | (3,000) | (304,078) | ||||||||||||||||
Net change in partnership investments | Net change in partnership investments | (18,770) | (10,081) | Net change in partnership investments | (29,908) | (16,917) | ||||||||||||||||
Net change in other investments | Net change in other investments | (27) | 1,651 | Net change in other investments | 218 | 1,651 | ||||||||||||||||
Loans sold or participated to others | Loans sold or participated to others | 36,385 | 10,223 | Loans sold or participated to others | 37,750 | 35,252 | ||||||||||||||||
Proceeds from principal payments on direct finance leases | Proceeds from principal payments on direct finance leases | 28,659 | 21,358 | Proceeds from principal payments on direct finance leases | 46,841 | 48,610 | ||||||||||||||||
Net change in loans and leases | Net change in loans and leases | (269,172) | (237,225) | Net change in loans and leases | (427,933) | (500,707) | ||||||||||||||||
Net change in equipment owned under operating leases | Net change in equipment owned under operating leases | 1,220 | 6,175 | Net change in equipment owned under operating leases | 2,034 | 7,557 | ||||||||||||||||
Purchases of premises and equipment | Purchases of premises and equipment | (1,625) | (552) | Purchases of premises and equipment | (2,608) | (1,269) | ||||||||||||||||
Proceeds from disposal of premises and equipment | Proceeds from disposal of premises and equipment | 3 | 18 | Proceeds from disposal of premises and equipment | 9 | 18 | ||||||||||||||||
Purchases of bank owned life insurance policies | Purchases of bank owned life insurance policies | — | (10,000) | Purchases of bank owned life insurance policies | — | (10,000) | ||||||||||||||||
Proceeds from sales of other real estate and repossessions | Proceeds from sales of other real estate and repossessions | 963 | 2,305 | Proceeds from sales of other real estate and repossessions | 1,443 | 2,421 | ||||||||||||||||
Net change in investing activities | Net change in investing activities | (100,040) | (319,372) | Net change in investing activities | (210,008) | (574,696) | ||||||||||||||||
Financing activities: | Financing activities: | Financing activities: | ||||||||||||||||||||
Net change in demand deposits and savings accounts | Net change in demand deposits and savings accounts | (374,462) | 165,019 | Net change in demand deposits and savings accounts | (509,380) | 47,392 | ||||||||||||||||
Net change in time deposits | Net change in time deposits | 422,715 | (99,188) | Net change in time deposits | 548,607 | (105,226) | ||||||||||||||||
Net change in short-term borrowings | Net change in short-term borrowings | (27,844) | (32,188) | Net change in short-term borrowings | 56,563 | 140,435 | ||||||||||||||||
Payments on long-term debt | Payments on long-term debt | (3,055) | (23,414) | Payments on long-term debt | (3,383) | (23,740) | ||||||||||||||||
Stock issued under stock purchase plans | Stock issued under stock purchase plans | 77 | 252 | Stock issued under stock purchase plans | 77 | 252 | ||||||||||||||||
Acquisition of treasury stock | Acquisition of treasury stock | (2,177) | (6,836) | Acquisition of treasury stock | (12,470) | (6,836) | ||||||||||||||||
Net (distributions to) contributions from noncontrolling interests | Net (distributions to) contributions from noncontrolling interests | (650) | 1,180 | Net (distributions to) contributions from noncontrolling interests | (970) | 7,057 | ||||||||||||||||
Cash dividends paid on common stock | Cash dividends paid on common stock | (16,313) | (15,830) | Cash dividends paid on common stock | (24,484) | (23,964) | ||||||||||||||||
Net change in financing activities | Net change in financing activities | (1,709) | (11,005) | Net change in financing activities | 54,560 | 35,370 | ||||||||||||||||
Net change in cash and cash equivalents | Net change in cash and cash equivalents | (10,122) | (243,424) | Net change in cash and cash equivalents | (11,662) | (407,583) | ||||||||||||||||
Cash and cash equivalents, beginning of year | Cash and cash equivalents, beginning of year | 122,797 | 525,187 | Cash and cash equivalents, beginning of year | 122,797 | 525,187 | ||||||||||||||||
Cash and cash equivalents, end of period | Cash and cash equivalents, end of period | $ | 112,675 | $ | 281,763 | Cash and cash equivalents, end of period | $ | 111,135 | $ | 117,604 | ||||||||||||
Supplemental Information: | Supplemental Information: | Supplemental Information: | ||||||||||||||||||||
Non-cash transactions: | Non-cash transactions: | Non-cash transactions: | ||||||||||||||||||||
Loans transferred to other real estate and repossessed assets | Loans transferred to other real estate and repossessed assets | $ | 668 | $ | 1,279 | Loans transferred to other real estate and repossessed assets | $ | 1,251 | $ | 1,322 | ||||||||||||
Common stock matching contribution to Employee Stock Ownership and Profit Sharing Plan | Common stock matching contribution to Employee Stock Ownership and Profit Sharing Plan | 1,753 | 683 | Common stock matching contribution to Employee Stock Ownership and Profit Sharing Plan | 1,753 | 683 | ||||||||||||||||
Right of use assets obtained in exchange for lease obligations | Right of use assets obtained in exchange for lease obligations | 2,710 | 561 | Right of use assets obtained in exchange for lease obligations | 3,774 | 846 |
(Dollars in thousands) | (Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | (Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and Federal agencies securities | U.S. Treasury and Federal agencies securities | $ | 1,043,977 | $ | — | $ | (84,699) | $ | 959,278 | U.S. Treasury and Federal agencies securities | $ | 1,028,272 | $ | — | $ | (81,310) | $ | 946,962 | ||||||||||||||||||||||||||||||||||
U.S. States and political subdivisions securities | U.S. States and political subdivisions securities | 110,145 | 141 | (7,375) | 102,911 | U.S. States and political subdivisions securities | 106,089 | — | (9,105) | 96,984 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities — Federal agencies | Mortgage-backed securities — Federal agencies | 681,552 | 3 | (91,120) | 590,435 | Mortgage-backed securities — Federal agencies | 660,447 | — | (107,984) | 552,463 | ||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 8,467 | — | (266) | 8,201 | Corporate debt securities | 8,457 | — | (206) | 8,251 | ||||||||||||||||||||||||||||||||||||||||||
Foreign government and other securities | Foreign government and other securities | 600 | — | (20) | 580 | Foreign government and other securities | 600 | — | (18) | 582 | ||||||||||||||||||||||||||||||||||||||||||
Total debt securities available-for-sale | Total debt securities available-for-sale | $ | 1,844,741 | $ | 144 | $ | (183,480) | $ | 1,661,405 | Total debt securities available-for-sale | $ | 1,803,865 | $ | — | $ | (198,623) | $ | 1,605,242 | ||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and Federal agencies securities | U.S. Treasury and Federal agencies securities | $ | 1,090,743 | $ | — | $ | (92,145) | $ | 998,598 | U.S. Treasury and Federal agencies securities | $ | 1,090,743 | $ | — | $ | (92,145) | $ | 998,598 | ||||||||||||||||||||||||||||||||||
U.S. States and political subdivisions securities | U.S. States and political subdivisions securities | 130,670 | 591 | (8,499) | 122,762 | U.S. States and political subdivisions securities | 130,670 | 591 | (8,499) | 122,762 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities — Federal agencies | Mortgage-backed securities — Federal agencies | 730,672 | 60 | (93,674) | 637,058 | Mortgage-backed securities — Federal agencies | 730,672 | 60 | (93,674) | 637,058 | ||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 16,486 | — | (355) | 16,131 | Corporate debt securities | 16,486 | — | (355) | 16,131 | ||||||||||||||||||||||||||||||||||||||||||
Foreign government and other securities | Foreign government and other securities | 600 | — | (21) | 579 | Foreign government and other securities | 600 | — | (21) | 579 | ||||||||||||||||||||||||||||||||||||||||||
Total debt securities available-for-sale | Total debt securities available-for-sale | $ | 1,969,171 | $ | 651 | $ | (194,694) | $ | 1,775,128 | Total debt securities available-for-sale | $ | 1,969,171 | $ | 651 | $ | (194,694) | $ | 1,775,128 |
(Dollars in thousands) | (Dollars in thousands) | Amortized Cost | Fair Value | (Dollars in thousands) | Amortized Cost | Fair Value | ||||||||||||||||||||||
Due in one year or less | Due in one year or less | $ | 123,846 | $ | 121,030 | Due in one year or less | $ | 193,901 | $ | 188,714 | ||||||||||||||||||
Due after one year through five years | Due after one year through five years | 1,001,283 | 914,043 | Due after one year through five years | 916,116 | 833,950 | ||||||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 15,333 | 13,272 | Due after five years through ten years | 12,827 | 11,068 | ||||||||||||||||||||||
Due after ten years | Due after ten years | 22,727 | 22,625 | Due after ten years | 20,574 | 19,047 | ||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 681,552 | 590,435 | Mortgage-backed securities | 660,447 | 552,463 | ||||||||||||||||||||||
Total debt securities available-for-sale | Total debt securities available-for-sale | $ | 1,844,741 | $ | 1,661,405 | Total debt securities available-for-sale | $ | 1,803,865 | $ | 1,605,242 |
Less than 12 Months | 12 months or Longer | Total | Less than 12 Months | 12 months or Longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | (Dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and Federal agencies securities | U.S. Treasury and Federal agencies securities | $ | 14,317 | $ | (474) | $ | 944,961 | $ | (84,225) | $ | 959,278 | $ | (84,699) | U.S. Treasury and Federal agencies securities | $ | — | $ | — | $ | 946,962 | $ | (81,310) | $ | 946,962 | $ | (81,310) | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. States and political subdivisions securities | U.S. States and political subdivisions securities | 21,967 | (277) | 63,862 | (7,098) | 85,829 | (7,375) | U.S. States and political subdivisions securities | 23,888 | (1,278) | 73,096 | (7,827) | 96,984 | (9,105) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - Federal agencies | Mortgage-backed securities - Federal agencies | 82,096 | (3,993) | 506,019 | (87,127) | 588,115 | (91,120) | Mortgage-backed securities - Federal agencies | 13,010 | (479) | 539,453 | (107,505) | 552,463 | (107,984) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | — | — | 8,201 | (266) | 8,201 | (266) | Corporate debt securities | — | — | 8,251 | (206) | 8,251 | (206) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign government and other securities | Foreign government and other securities | — | — | 580 | (20) | 580 | (20) | Foreign government and other securities | — | — | 582 | (18) | 582 | (18) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities available-for-sale | Total debt securities available-for-sale | $ | 118,380 | $ | (4,744) | $ | 1,523,623 | $ | (178,736) | $ | 1,642,003 | $ | (183,480) | Total debt securities available-for-sale | $ | 36,898 | $ | (1,757) | $ | 1,568,344 | $ | (196,866) | $ | 1,605,242 | $ | (198,623) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and Federal agencies securities | U.S. Treasury and Federal agencies securities | $ | 164,481 | $ | (6,299) | $ | 834,117 | $ | (85,846) | $ | 998,598 | $ | (92,145) | U.S. Treasury and Federal agencies securities | $ | 164,481 | $ | (6,299) | $ | 834,117 | $ | (85,846) | $ | 998,598 | $ | (92,145) | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. States and political subdivisions securities | U.S. States and political subdivisions securities | 57,592 | (2,126) | 38,834 | (6,373) | 96,426 | (8,499) | U.S. States and political subdivisions securities | 57,592 | (2,126) | 38,834 | (6,373) | 96,426 | (8,499) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - Federal agencies | Mortgage-backed securities - Federal agencies | 198,469 | (13,482) | 426,989 | (80,192) | 625,458 | (93,674) | Mortgage-backed securities - Federal agencies | 198,469 | (13,482) | 426,989 | (80,192) | 625,458 | (93,674) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 16,132 | (355) | — | — | 16,132 | (355) | Corporate debt securities | 16,132 | (355) | — | — | 16,132 | (355) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign government and other securities | Foreign government and other securities | 484 | (16) | 95 | (5) | 579 | (21) | Foreign government and other securities | 484 | (16) | 95 | (5) | 579 | (21) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities available-for-sale | Total debt securities available-for-sale | $ | 437,158 | $ | (22,278) | $ | 1,300,035 | $ | (172,416) | $ | 1,737,193 | $ | (194,694) | Total debt securities available-for-sale | $ | 437,158 | $ | (22,278) | $ | 1,300,035 | $ | (172,416) | $ | 1,737,193 | $ | (194,694) |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | (Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
Gross realized gains | Gross realized gains | $ | — | $ | — | $ | 1,286 | $ | — | Gross realized gains | $ | — | $ | — | $ | 1,286 | $ | — | ||||||||||||||||||||||||||||||||||
Gross realized losses | Gross realized losses | — | — | (1,330) | — | Gross realized losses | — | — | (1,330) | — | ||||||||||||||||||||||||||||||||||||||||||
Net realized losses | Net realized losses | $ | — | $ | — | $ | (44) | $ | — | Net realized losses | $ | — | $ | — | $ | (44) | $ | — |
Term Loans and Leases by Origination Year | Term Loans and Leases by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total | (Dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total | ||||||||||||||||||||||||||||||||||||||
Commercial and agricultural | Commercial and agricultural | Commercial and agricultural | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-6 | Grades 1-6 | $ | 92,693 | $ | 136,814 | $ | 85,344 | $ | 49,138 | $ | 26,652 | $ | 20,633 | $ | 355,974 | $ | — | $ | 767,248 | Grades 1-6 | $ | 124,559 | $ | 127,855 | $ | 76,034 | $ | 43,890 | $ | 24,025 | $ | 18,156 | $ | 316,644 | $ | — | $ | 731,163 | ||||||||||||||||||||
Grades 7-12 | Grades 7-12 | 3,794 | 2,647 | 6,149 | 125 | 1,383 | 964 | 14,878 | — | 29,940 | Grades 7-12 | 4,203 | 2,304 | 6,341 | 494 | 1,162 | 677 | 16,707 | — | 31,888 | ||||||||||||||||||||||||||||||||||||||
Total commercial and agricultural | Total commercial and agricultural | 96,487 | 139,461 | 91,493 | 49,263 | 28,035 | 21,597 | 370,852 | — | 797,188 | Total commercial and agricultural | 128,762 | 130,159 | 82,375 | 44,384 | 25,187 | 18,833 | 333,351 | — | 763,051 | ||||||||||||||||||||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | — | 410 | — | 17 | 4 | — | 141 | — | 572 | Current period gross charge-offs | 455 | 411 | — | 17 | 4 | — | 1,946 | — | 2,833 | ||||||||||||||||||||||||||||||||||||||
Solar | Solar | Solar | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-6 | Grades 1-6 | 60,419 | 62,735 | 100,991 | 32,520 | 71,288 | 38,212 | — | — | 366,165 | Grades 1-6 | 129,390 | 24,436 | 89,699 | 30,775 | 57,010 | 26,392 | — | — | 357,702 | ||||||||||||||||||||||||||||||||||||||
Grades 7-12 | Grades 7-12 | — | — | — | 1,063 | 5,559 | 4,118 | — | — | 10,740 | Grades 7-12 | — | — | — | 1,054 | 5,513 | 680 | — | — | 7,247 | ||||||||||||||||||||||||||||||||||||||
Total solar | Total solar | 60,419 | 62,735 | 100,991 | 33,583 | 76,847 | 42,330 | — | — | 376,905 | Total solar | 129,390 | 24,436 | 89,699 | 31,829 | 62,523 | 27,072 | — | — | 364,949 | ||||||||||||||||||||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | — | — | — | — | — | — | — | — | — | Current period gross charge-offs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Auto and light truck | Auto and light truck | Auto and light truck | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-6 | Grades 1-6 | 339,177 | 381,682 | 103,261 | 38,051 | 21,822 | 9,331 | — | — | 893,324 | Grades 1-6 | 471,833 | 290,946 | 75,619 | 30,020 | 17,041 | 6,856 | — | — | 892,315 | ||||||||||||||||||||||||||||||||||||||
Grades 7-12 | Grades 7-12 | 6 | 1,365 | 384 | 3,636 | 1,008 | 1,331 | — | — | 7,730 | Grades 7-12 | 1,033 | 2,471 | 789 | 3,116 | 817 | 943 | — | — | 9,169 | ||||||||||||||||||||||||||||||||||||||
Total auto and light truck | Total auto and light truck | 339,183 | 383,047 | 103,645 | 41,687 | 22,830 | 10,662 | — | — | 901,054 | Total auto and light truck | 472,866 | 293,417 | 76,408 | 33,136 | 17,858 | 7,799 | — | — | 901,484 | ||||||||||||||||||||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | — | — | 25 | 5 | 19 | 63 | — | — | 112 | Current period gross charge-offs | — | 140 | 75 | 4 | 19 | 63 | — | — | 301 | ||||||||||||||||||||||||||||||||||||||
Medium and heavy duty truck | Medium and heavy duty truck | Medium and heavy duty truck | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-6 | Grades 1-6 | 60,076 | 140,322 | 55,507 | 32,536 | 23,782 | 7,411 | — | — | 319,634 | Grades 1-6 | 86,301 | 132,020 | 50,345 | 28,630 | 20,275 | 5,631 | — | — | 323,202 | ||||||||||||||||||||||||||||||||||||||
Grades 7-12 | Grades 7-12 | — | — | — | — | — | — | — | — | — | Grades 7-12 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total medium and heavy duty truck | Total medium and heavy duty truck | 60,076 | 140,322 | 55,507 | 32,536 | 23,782 | 7,411 | — | — | 319,634 | Total medium and heavy duty truck | 86,301 | 132,020 | 50,345 | 28,630 | 20,275 | 5,631 | — | — | 323,202 | ||||||||||||||||||||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | — | — | — | — | — | — | — | — | — | Current period gross charge-offs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Aircraft | Aircraft | Aircraft | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-6 | Grades 1-6 | 83,575 | 403,096 | 237,935 | 193,455 | 51,102 | 50,186 | 7,423 | — | 1,026,772 | Grades 1-6 | 166,133 | 389,870 | 214,169 | 179,737 | 49,474 | 41,619 | 5,776 | — | 1,046,778 | ||||||||||||||||||||||||||||||||||||||
Grades 7-12 | Grades 7-12 | 2,305 | 9,861 | 8,689 | 5,356 | — | 7,357 | — | — | 33,568 | Grades 7-12 | 4,310 | 9,677 | 7,161 | 4,819 | — | 6,836 | — | — | 32,803 | ||||||||||||||||||||||||||||||||||||||
Total aircraft | Total aircraft | 85,880 | 412,957 | 246,624 | 198,811 | 51,102 | 57,543 | 7,423 | — | 1,060,340 | Total aircraft | 170,443 | 399,547 | 221,330 | 184,556 | 49,474 | 48,455 | 5,776 | — | 1,079,581 | ||||||||||||||||||||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | — | — | — | — | — | — | — | — | — | Current period gross charge-offs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Construction equipment | Construction equipment | Construction equipment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-6 | Grades 1-6 | 239,170 | 408,000 | 169,531 | 85,502 | 43,478 | 12,753 | 18,499 | 2,659 | 979,592 | Grades 1-6 | 370,642 | 372,029 | 149,279 | 74,922 | 36,373 | 10,066 | 22,795 | 2,418 | 1,038,524 | ||||||||||||||||||||||||||||||||||||||
Grades 7-12 | Grades 7-12 | 4,955 | 19,125 | 2,696 | 1,221 | 1,259 | 73 | 136 | 3,912 | 33,377 | Grades 7-12 | 4,689 | 16,805 | 1,180 | 568 | 154 | 41 | — | 136 | 23,573 | ||||||||||||||||||||||||||||||||||||||
Total construction equipment | Total construction equipment | 244,125 | 427,125 | 172,227 | 86,723 | 44,737 | 12,826 | 18,635 | 6,571 | 1,012,969 | Total construction equipment | 375,331 | 388,834 | 150,459 | 75,490 | 36,527 | 10,107 | 22,795 | 2,554 | 1,062,097 | ||||||||||||||||||||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | — | 44 | 1 | — | — | — | — | — | 45 | Current period gross charge-offs | — | 44 | 1 | — | — | — | — | — | 45 | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-6 | Grades 1-6 | 125,722 | 250,685 | 159,142 | 109,824 | 92,997 | 229,221 | 321 | — | 967,912 | Grades 1-6 | 252,567 | 252,121 | 154,744 | 109,181 | 90,192 | 202,871 | 292 | — | 1,061,968 | ||||||||||||||||||||||||||||||||||||||
Grades 7-12 | Grades 7-12 | 37 | 1,656 | 1,602 | 7,920 | 4,827 | 1,369 | — | — | 17,411 | Grades 7-12 | 144 | 2,747 | 856 | 5,752 | 4,602 | 12,130 | — | — | 26,231 | ||||||||||||||||||||||||||||||||||||||
Total commercial real estate | Total commercial real estate | 125,759 | 252,341 | 160,744 | 117,744 | 97,824 | 230,590 | 321 | — | 985,323 | Total commercial real estate | 252,711 | 254,868 | 155,600 | 114,933 | 94,794 | 215,001 | 292 | — | 1,088,199 | ||||||||||||||||||||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | — | 39 | — | — | 179 | — | — | — | 218 | Current period gross charge-offs | — | 39 | — | — | 179 | — | — | — | 218 | ||||||||||||||||||||||||||||||||||||||
Residential real estate and home equity | Residential real estate and home equity | Residential real estate and home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | Performing | 51,492 | 113,812 | 95,910 | 93,079 | 31,885 | 79,994 | 145,455 | 4,462 | 616,089 | Performing | 67,545 | 112,070 | 92,751 | 89,539 | 31,394 | 75,909 | 151,550 | 5,121 | 625,879 | ||||||||||||||||||||||||||||||||||||||
Nonperforming | Nonperforming | — | — | — | — | 414 | 690 | 221 | 81 | 1,406 | Nonperforming | — | 84 | 74 | — | 414 | 632 | 356 | 76 | 1,636 | ||||||||||||||||||||||||||||||||||||||
Total residential real estate and home equity | Total residential real estate and home equity | 51,492 | 113,812 | 95,910 | 93,079 | 32,299 | 80,684 | 145,676 | 4,543 | 617,495 | Total residential real estate and home equity | 67,545 | 112,154 | 92,825 | 89,539 | 31,808 | 76,541 | 151,906 | 5,197 | 627,515 | ||||||||||||||||||||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | — | — | — | — | — | 9 | 1 | — | 10 | Current period gross charge-offs | — | — | — | — | — | 54 | 1 | — | 55 | ||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | Performing | 29,929 | 60,766 | 26,343 | 8,996 | 4,571 | 1,883 | 11,644 | — | 144,132 | Performing | 43,514 | 53,780 | 22,705 | 7,552 | 3,441 | 1,346 | 10,841 | — | 143,179 | ||||||||||||||||||||||||||||||||||||||
Nonperforming | Nonperforming | — | 144 | 34 | 61 | 51 | 13 | — | — | 303 | Nonperforming | — | 173 | 120 | 49 | 42 | 7 | — | — | 391 | ||||||||||||||||||||||||||||||||||||||
Total consumer | Total consumer | 29,929 | 60,910 | 26,377 | 9,057 | 4,622 | 1,896 | 11,644 | — | 144,435 | Total consumer | 43,514 | 53,953 | 22,825 | 7,601 | 3,483 | 1,353 | 10,841 | — | 143,570 | ||||||||||||||||||||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | $ | 211 | $ | 274 | $ | 81 | $ | 9 | $ | 5 | $ | — | $ | 16 | $ | — | $ | 596 | Current period gross charge-offs | $ | 353 | $ | 374 | $ | 90 | $ | 26 | $ | 13 | $ | 3 | $ | 20 | $ | — | $ | 879 |
Term Loans and Leases by Origination Year | Term Loans and Leases by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total | (Dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total | ||||||||||||||||||||||||||||||||||||||
Commercial and agricultural | Commercial and agricultural | Commercial and agricultural | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-6 | Grades 1-6 | $ | 159,317 | $ | 107,232 | $ | 71,365 | $ | 35,874 | $ | 17,192 | $ | 13,860 | $ | 370,553 | $ | — | $ | 775,393 | Grades 1-6 | $ | 159,317 | $ | 107,232 | $ | 71,365 | $ | 35,874 | $ | 17,192 | $ | 13,860 | $ | 370,553 | $ | — | $ | 775,393 | ||||||||||||||||||||
Grades 7-12 | Grades 7-12 | 4,491 | 5,934 | 60 | 2,094 | 1,644 | 1,040 | 21,375 | — | 36,638 | Grades 7-12 | 4,491 | 5,934 | 60 | 2,094 | 1,644 | 1,040 | 21,375 | — | 36,638 | ||||||||||||||||||||||||||||||||||||||
Total commercial and agricultural | Total commercial and agricultural | 163,808 | 113,166 | 71,425 | 37,968 | 18,836 | 14,900 | 391,928 | — | 812,031 | Total commercial and agricultural | 163,808 | 113,166 | 71,425 | 37,968 | 18,836 | 14,900 | 391,928 | — | 812,031 | ||||||||||||||||||||||||||||||||||||||
Solar | Solar | Solar | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-6 | Grades 1-6 | 109,393 | 113,276 | 35,660 | 72,652 | 18,518 | 20,654 | — | — | 370,153 | Grades 1-6 | 109,393 | 113,276 | 35,660 | 72,652 | 18,518 | 20,654 | — | — | 370,153 | ||||||||||||||||||||||||||||||||||||||
Grades 7-12 | Grades 7-12 | — | — | 1,091 | 5,678 | 701 | 3,540 | — | — | 11,010 | Grades 7-12 | — | — | 1,091 | 5,678 | 701 | 3,540 | — | — | 11,010 | ||||||||||||||||||||||||||||||||||||||
Total solar | Total solar | 109,393 | 113,276 | 36,751 | 78,330 | 19,219 | 24,194 | — | — | 381,163 | Total solar | 109,393 | 113,276 | 36,751 | 78,330 | 19,219 | 24,194 | — | — | 381,163 | ||||||||||||||||||||||||||||||||||||||
Auto and light truck | Auto and light truck | Auto and light truck | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-6 | Grades 1-6 | 521,399 | 155,508 | 62,063 | 32,975 | 10,946 | 3,476 | — | — | 786,367 | Grades 1-6 | 521,399 | 155,508 | 62,063 | 32,975 | 10,946 | 3,476 | — | — | 786,367 | ||||||||||||||||||||||||||||||||||||||
Grades 7-12 | Grades 7-12 | 5,972 | 3,366 | 5,836 | 2,836 | 1,792 | 1,948 | — | — | 21,750 | Grades 7-12 | 5,972 | 3,366 | 5,836 | 2,836 | 1,792 | 1,948 | — | — | 21,750 | ||||||||||||||||||||||||||||||||||||||
Total auto and light truck | Total auto and light truck | 527,371 | 158,874 | 67,899 | 35,811 | 12,738 | 5,424 | — | — | 808,117 | Total auto and light truck | 527,371 | 158,874 | 67,899 | 35,811 | 12,738 | 5,424 | — | — | 808,117 | ||||||||||||||||||||||||||||||||||||||
Medium and heavy duty truck | Medium and heavy duty truck | Medium and heavy duty truck | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-6 | Grades 1-6 | 158,296 | 66,533 | 43,711 | 31,980 | 10,053 | 3,274 | — | — | 313,847 | Grades 1-6 | 158,296 | 66,533 | 43,711 | 31,980 | 10,053 | 3,274 | — | — | 313,847 | ||||||||||||||||||||||||||||||||||||||
Grades 7-12 | Grades 7-12 | — | — | — | — | — | 15 | — | — | 15 | Grades 7-12 | — | — | — | — | — | 15 | — | — | 15 | ||||||||||||||||||||||||||||||||||||||
Total medium and heavy duty truck | Total medium and heavy duty truck | 158,296 | 66,533 | 43,711 | 31,980 | 10,053 | 3,289 | — | — | 313,862 | Total medium and heavy duty truck | 158,296 | 66,533 | 43,711 | 31,980 | 10,053 | 3,289 | — | — | 313,862 | ||||||||||||||||||||||||||||||||||||||
Aircraft | Aircraft | Aircraft | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-6 | Grades 1-6 | 438,481 | 273,726 | 213,661 | 57,379 | 31,085 | 35,012 | 3,687 | — | 1,053,031 | Grades 1-6 | 438,481 | 273,726 | 213,661 | 57,379 | 31,085 | 35,012 | 3,687 | — | 1,053,031 | ||||||||||||||||||||||||||||||||||||||
Grades 7-12 | Grades 7-12 | 12,962 | 4,253 | 6,190 | — | — | 1,286 | — | — | 24,691 | Grades 7-12 | 12,962 | 4,253 | 6,190 | — | — | 1,286 | — | — | 24,691 | ||||||||||||||||||||||||||||||||||||||
Total aircraft | Total aircraft | 451,443 | 277,979 | 219,851 | 57,379 | 31,085 | 36,298 | 3,687 | — | 1,077,722 | Total aircraft | 451,443 | 277,979 | 219,851 | 57,379 | 31,085 | 36,298 | 3,687 | — | 1,077,722 | ||||||||||||||||||||||||||||||||||||||
Construction equipment | Construction equipment | Construction equipment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-6 | Grades 1-6 | 475,854 | 213,349 | 106,409 | 59,204 | 17,834 | 4,593 | 23,310 | 2,754 | 903,307 | Grades 1-6 | 475,854 | 213,349 | 106,409 | 59,204 | 17,834 | 4,593 | 23,310 | 2,754 | 903,307 | ||||||||||||||||||||||||||||||||||||||
Grades 7-12 | Grades 7-12 | 20,709 | 7,757 | 2,483 | 1,878 | 313 | 32 | 583 | 1,441 | 35,196 | Grades 7-12 | 20,709 | 7,757 | 2,483 | 1,878 | 313 | 32 | 583 | 1,441 | 35,196 | ||||||||||||||||||||||||||||||||||||||
Total construction equipment | Total construction equipment | 496,563 | 221,106 | 108,892 | 61,082 | 18,147 | 4,625 | 23,893 | 4,195 | 938,503 | Total construction equipment | 496,563 | 221,106 | 108,892 | 61,082 | 18,147 | 4,625 | 23,893 | 4,195 | 938,503 | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-6 | Grades 1-6 | 271,526 | 164,173 | 121,685 | 97,470 | 102,271 | 168,391 | 251 | — | 925,767 | Grades 1-6 | 271,526 | 164,173 | 121,685 | 97,470 | 102,271 | 168,391 | 251 | — | 925,767 | ||||||||||||||||||||||||||||||||||||||
Grades 7-12 | Grades 7-12 | 1,532 | 1,716 | 7,824 | 5,789 | 47 | 1,070 | — | — | 17,978 | Grades 7-12 | 1,532 | 1,716 | 7,824 | 5,789 | 47 | 1,070 | — | — | 17,978 | ||||||||||||||||||||||||||||||||||||||
Total commercial real estate | Total commercial real estate | 273,058 | 165,889 | 129,509 | 103,259 | 102,318 | 169,461 | 251 | — | 943,745 | Total commercial real estate | 273,058 | 165,889 | 129,509 | 103,259 | 102,318 | 169,461 | 251 | — | 943,745 | ||||||||||||||||||||||||||||||||||||||
Residential real estate and home equity | Residential real estate and home equity | Residential real estate and home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | Performing | 115,154 | 100,690 | 97,205 | 34,498 | 6,864 | 81,653 | 142,724 | 4,115 | 582,903 | Performing | 115,154 | 100,690 | 97,205 | 34,498 | 6,864 | 81,653 | 142,724 | 4,115 | 582,903 | ||||||||||||||||||||||||||||||||||||||
Nonperforming | Nonperforming | — | 131 | 693 | — | — | 725 | 180 | 105 | 1,834 | Nonperforming | — | 131 | 693 | — | — | 725 | 180 | 105 | 1,834 | ||||||||||||||||||||||||||||||||||||||
Total residential real estate and home equity | Total residential real estate and home equity | 115,154 | 100,821 | 97,898 | 34,498 | 6,864 | 82,378 | 142,904 | 4,220 | 584,737 | Total residential real estate and home equity | 115,154 | 100,821 | 97,898 | 34,498 | 6,864 | 82,378 | 142,904 | 4,220 | 584,737 | ||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | Performing | 74,258 | 34,619 | 12,924 | 7,375 | 2,977 | 692 | 18,098 | — | 150,943 | Performing | 74,258 | 34,619 | 12,924 | 7,375 | 2,977 | 692 | 18,098 | — | 150,943 | ||||||||||||||||||||||||||||||||||||||
Nonperforming | Nonperforming | 148 | 65 | 49 | 53 | 12 | 12 | — | — | 339 | Nonperforming | 148 | 65 | 49 | 53 | 12 | 12 | — | — | 339 | ||||||||||||||||||||||||||||||||||||||
Total consumer | Total consumer | 74,406 | 34,684 | 12,973 | 7,428 | 2,989 | 704 | 18,098 | — | 151,282 | Total consumer | $ | 74,406 | $ | 34,684 | $ | 12,973 | $ | 7,428 | $ | 2,989 | $ | 704 | $ | 18,098 | $ | — | $ | 151,282 |
(Dollars in thousands) | (Dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due and Accruing | Total Accruing Loans | Nonaccrual | Total Financing Receivables | (Dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due and Accruing | Total Accruing Loans | Nonaccrual | Total Financing Receivables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and agricultural | Commercial and agricultural | $ | 788,349 | $ | 158 | $ | — | $ | — | $ | 788,507 | $ | 8,681 | $ | 797,188 | Commercial and agricultural | $ | 756,225 | $ | 572 | $ | — | $ | — | $ | 756,797 | $ | 6,254 | $ | 763,051 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Solar | Solar | 376,905 | — | — | — | 376,905 | — | 376,905 | Solar | 364,949 | — | — | — | 364,949 | — | 364,949 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Auto and light truck | Auto and light truck | 894,576 | 812 | — | — | 895,388 | 5,666 | 901,054 | Auto and light truck | 895,298 | 1,115 | 12 | — | 896,425 | 5,059 | 901,484 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Medium and heavy duty truck | Medium and heavy duty truck | 319,634 | — | — | — | 319,634 | — | 319,634 | Medium and heavy duty truck | 323,202 | — | — | — | 323,202 | — | 323,202 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aircraft | Aircraft | 1,059,386 | — | 688 | — | 1,060,074 | 266 | 1,060,340 | Aircraft | 1,079,135 | — | 446 | — | 1,079,581 | — | 1,079,581 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction equipment | Construction equipment | 1,011,305 | 357 | — | — | 1,011,662 | 1,307 | 1,012,969 | Construction equipment | 1,059,212 | 2,270 | — | — | 1,061,482 | 615 | 1,062,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 982,344 | 71 | — | — | 982,415 | 2,908 | 985,323 | Commercial real estate | 1,085,383 | — | — | — | 1,085,383 | 2,816 | 1,088,199 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate and home equity | Residential real estate and home equity | 615,430 | 534 | 125 | 52 | 616,141 | 1,354 | 617,495 | Residential real estate and home equity | 624,675 | 811 | 393 | 111 | 625,990 | 1,525 | 627,515 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 143,365 | 590 | 177 | 4 | 144,136 | 299 | 144,435 | Consumer | 142,550 | 562 | 67 | 43 | 143,222 | 348 | 143,570 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 6,191,294 | $ | 2,522 | $ | 990 | $ | 56 | $ | 6,194,862 | $ | 20,481 | $ | 6,215,343 | Total | $ | 6,330,629 | $ | 5,330 | $ | 918 | $ | 154 | $ | 6,337,031 | $ | 16,617 | $ | 6,353,648 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and agricultural | Commercial and agricultural | $ | 810,223 | $ | 944 | $ | — | $ | — | $ | 811,167 | $ | 864 | $ | 812,031 | Commercial and agricultural | $ | 810,223 | $ | 944 | $ | — | $ | — | $ | 811,167 | $ | 864 | $ | 812,031 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Solar | Solar | 381,163 | — | — | — | 381,163 | — | 381,163 | Solar | 381,163 | — | — | — | 381,163 | — | 381,163 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Auto and light truck | Auto and light truck | 793,610 | 353 | 1 | — | 793,964 | 14,153 | 808,117 | Auto and light truck | 793,610 | 353 | 1 | — | 793,964 | 14,153 | 808,117 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Medium and heavy duty truck | Medium and heavy duty truck | 313,845 | — | 2 | — | 313,847 | 15 | 313,862 | Medium and heavy duty truck | 313,845 | — | 2 | — | 313,847 | 15 | 313,862 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aircraft | Aircraft | 1,075,865 | 223 | 1,063 | — | 1,077,151 | 571 | 1,077,722 | Aircraft | 1,075,865 | 223 | 1,063 | — | 1,077,151 | 571 | 1,077,722 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction equipment | Construction equipment | 932,603 | 431 | — | — | 933,034 | 5,469 | 938,503 | Construction equipment | 932,603 | 431 | — | — | 933,034 | 5,469 | 938,503 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 940,516 | — | — | — | 940,516 | 3,229 | 943,745 | Commercial real estate | 940,516 | — | — | — | 940,516 | 3,229 | 943,745 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate and home equity | Residential real estate and home equity | 582,053 | 562 | 288 | 49 | 582,952 | 1,785 | 584,737 | Residential real estate and home equity | 582,053 | 562 | 288 | 49 | 582,952 | 1,785 | 584,737 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 150,328 | 416 | 199 | 5 | 150,948 | 334 | 151,282 | Consumer | 150,328 | 416 | 199 | 5 | 150,948 | 334 | 151,282 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 5,980,206 | $ | 2,929 | $ | 1,553 | $ | 54 | $ | 5,984,742 | $ | 26,420 | $ | 6,011,162 | Total | $ | 5,980,206 | $ | 2,929 | $ | 1,553 | $ | 54 | $ | 5,984,742 | $ | 26,420 | $ | 6,011,162 |
(Dollars in thousands) | Payment Delay | Term Extension | Interest Rate Reduction | Combination Term Extension and Interest Rate Reduction | % of Total Segment Financing Receivables | ||||||||||||
Commercial and agricultural | $ | 3,985 | $ | — | $ | — | $ | — | 0.50 | % | |||||||
Construction equipment | — | 2,126 | — | — | 0.21 | ||||||||||||
Commercial real estate | 318 | — | — | — | 0.03 | ||||||||||||
Total | $ | 4,303 | $ | 2,126 | $ | — | $ | — | 0.10 | % |
(Dollars in thousands) | Payment Delay | Term Extension | Interest Rate Reduction | Combination Payment Delay and Term Extension | % of Total Segment Financing Receivables | ||||||||||||
Commercial and agricultural | $ | 196 | $ | — | $ | — | $ | 500 | 0.09 | % | |||||||
Total | $ | 196 | $ | — | $ | — | $ | 500 | 0.01 | % |
(Dollars in thousands) | (Dollars in thousands) | Payment Delay | Term Extension | Interest Rate Reduction | Combination Term Extension and Interest Rate Reduction | % of Total Segment Financing Receivables | (Dollars in thousands) | Payment Delay | Term Extension | Interest Rate Reduction | Combination Payment Delay and Term Extension | % of Total Segment Financing Receivables | ||||||||||||||||||||||
Commercial and agricultural | Commercial and agricultural | $ | 3,985 | $ | 543 | $ | — | $ | — | 0.57 | % | Commercial and agricultural | $ | 3,360 | $ | 125 | $ | — | $ | 1,312 | 0.63 | % | ||||||||||||
Construction equipment | Construction equipment | — | 6,038 | — | — | 0.60 | Construction equipment | — | 1,809 | — | — | 0.17 | ||||||||||||||||||||||
Commercial real estate | Commercial real estate | 318 | — | 479 | — | 0.08 | Commercial real estate | 296 | — | 451 | — | 0.07 | ||||||||||||||||||||||
Total | Total | $ | 4,303 | $ | 6,581 | $ | 479 | $ | — | 0.18 | % | Total | $ | 3,656 | $ | 1,934 | $ | 451 | $ | 1,312 | 0.12 | % |
(Dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Total Past Due | ||||||||||||
Commercial and agricultural | $ | 3,985 | $ | — | $ | — | $ | — | $ | — | |||||||
Construction equipment | 2,126 | — | — | — | — | ||||||||||||
Commercial real estate | — | — | — | 318 | 318 | ||||||||||||
Total | $ | 6,111 | $ | — | $ | — | $ | 318 | $ | 318 |
(Dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Total Past Due | ||||||||||||
Commercial and agricultural | $ | 696 | $ | — | $ | — | $ | — | $ | — | |||||||
Total | $ | 696 | $ | — | $ | — | $ | — | $ | — |
(Dollars in thousands) | (Dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Total Past Due | (Dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Total Past Due | ||||||||||||||||||||||
Commercial and agricultural | Commercial and agricultural | $ | 3,985 | $ | 120 | $ | 423 | $ | — | $ | 543 | Commercial and agricultural | $ | 1,633 | $ | — | $ | — | $ | 3,164 | $ | 3,164 | ||||||||||||
Construction equipment | Construction equipment | 6,038 | — | — | — | — | Construction equipment | 1,809 | — | — | — | — | ||||||||||||||||||||||
Commercial real estate | Commercial real estate | 479 | — | — | 318 | 318 | Commercial real estate | 747 | — | — | — | — | ||||||||||||||||||||||
Total | Total | $ | 10,502 | $ | 120 | $ | 423 | $ | 318 | $ | 861 | Total | $ | 4,189 | $ | — | $ | — | $ | 3,164 | $ | 3,164 |
Weighted- Average Term Extension (in months) | Weighted- Average Payment Delay (in months) | Weighted- Average Payment Delay (in months) | Combination Weighted-Average Payment Delay and Term Extension (in months) | ||||||||||||||||||||||
Commercial and agricultural | Commercial and agricultural | 61 | 6 | Commercial and agricultural | 6 | 13 | |||||||||||||||||||
Construction equipment | 5 | 0 | |||||||||||||||||||||||
Total | Total | 21 | 6 | Total | 6 | 13 |
Weighted- Average Interest Rate Reduction | Weighted- Average Term Extension (in months) | Weighted- Average Payment Delay (in months) | |||||||||
Commercial and agricultural | — | % | 33 | 6 | |||||||
Construction equipment | — | % | 5 | 0 | |||||||
Commercial real estate | 3.00 | % | 0 | 0 | |||||||
Total | 3.00 | % | 11 | 6 |
Weighted- Average Interest Rate Reduction | Weighted- Average Term Extension (in months) | Weighted- Average Payment Delay (in months) | Combination Weighted-Average Payment Delay and Term Extension (in months) | |||||||||||
Commercial and agricultural | — | % | 3 | 6 | 44 | |||||||||
Construction equipment | — | % | 5 | 0 | 0 | |||||||||
Commercial real estate | 3.00 | % | 0 | 3 | 0 | |||||||||
Total | 3.00 | % | 4 | 6 | 44 |
(Dollars in thousands) | December 31, 2022 | |||||||||||||
Performing TDRs | $ | — | ||||||||||||
Nonperforming TDRs | 3,640 | |||||||||||||
Total TDRs | $ | 3,640 |
(Dollars in thousands) | Commercial and agricultural | Solar | Auto and light truck | Medium and heavy duty truck | Aircraft | Construction equipment | Commercial real estate | Residential real estate and home equity | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 16,637 | $ | 6,308 | $ | 17,173 | $ | 7,556 | $ | 40,571 | $ | 26,105 | $ | 20,356 | $ | 6,767 | $ | 2,069 | $ | 143,542 | ||||||||||||||||||||||||||||||||||||||||||
Charge-offs | 2,261 | — | 189 | — | — | — | — | 45 | 283 | 2,778 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 20 | — | 1,825 | — | 243 | 284 | — | 1 | 78 | 2,451 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | 2,241 | — | (1,636) | — | (243) | (284) | — | 44 | 205 | 327 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (recovery of provision) | 573 | (203) | (2,471) | 155 | (354) | 506 | 2,288 | 168 | 197 | 859 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 14,969 | $ | 6,105 | $ | 16,338 | $ | 7,711 | $ | 40,460 | $ | 26,895 | $ | 22,644 | $ | 6,891 | $ | 2,061 | $ | 144,074 | ||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 16,110 | $ | 6,652 | $ | 19,057 | $ | 6,709 | $ | 36,987 | $ | 21,171 | $ | 18,416 | $ | 5,779 | $ | 1,984 | $ | 132,865 | ||||||||||||||||||||||||||||||||||||||||||
Charge-offs | 414 | — | 66 | — | — | — | — | 17 | 223 | 720 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 39 | — | 91 | — | 176 | 11 | 17 | 1 | 89 | 424 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | 375 | — | (25) | — | (176) | (11) | (17) | 16 | 134 | 296 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (recovery of provision) | 412 | 142 | (85) | 304 | 132 | 1,667 | 57 | 306 | 232 | 3,167 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 16,147 | $ | 6,794 | $ | 18,997 | $ | 7,013 | $ | 37,295 | $ | 22,849 | $ | 18,490 | $ | 6,069 | $ | 2,082 | $ | 135,736 |
(Dollars in thousands) | Commercial and agricultural | Solar | Auto and light truck | Medium and heavy duty truck | Aircraft | Construction equipment | Commercial real estate | Residential real estate and home equity | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 16,087 | $ | 6,288 | $ | 18,558 | $ | 7,829 | $ | 40,133 | $ | 25,579 | $ | 19,300 | $ | 6,621 | $ | 2,116 | $ | 142,511 | ||||||||||||||||||||||||||||||||||||||||||
Charge-offs | 8 | — | — | — | — | 44 | 179 | 9 | 272 | 512 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 17 | — | 1,048 | — | 277 | 7 | 3 | 93 | 51 | 1,496 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | (9) | — | (1,048) | — | (277) | 37 | 176 | (84) | 221 | (984) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (recovery of provision) | 541 | 20 | (2,433) | (273) | 161 | 563 | 1,232 | 62 | 174 | 47 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 16,637 | $ | 6,308 | $ | 17,173 | $ | 7,556 | $ | 40,571 | $ | 26,105 | $ | 20,356 | $ | 6,767 | $ | 2,069 | $ | 143,542 | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 15,598 | $ | 6,417 | $ | 19,521 | $ | 6,049 | $ | 35,968 | $ | 20,041 | $ | 19,246 | $ | 5,218 | $ | 1,901 | $ | 129,959 | ||||||||||||||||||||||||||||||||||||||||||
Charge-offs | 39 | — | 32 | — | — | — | — | 6 | 157 | 234 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 3 | — | 56 | — | 161 | — | 26 | 127 | 264 | 637 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | 36 | — | (24) | — | (161) | — | (26) | (121) | (107) | (403) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (recovery of provision) | 548 | 235 | (488) | 660 | 858 | 1,130 | (856) | 440 | (24) | 2,503 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 16,110 | $ | 6,652 | $ | 19,057 | $ | 6,709 | $ | 36,987 | $ | 21,171 | $ | 18,416 | $ | 5,779 | $ | 1,984 | $ | 132,865 |
(Dollars in thousands) | (Dollars in thousands) | Commercial and agricultural | Solar | Auto and light truck | Medium and heavy duty truck | Aircraft | Construction equipment | Commercial real estate | Residential real estate and home equity | Consumer | Total | (Dollars in thousands) | Commercial and agricultural | Solar | Auto and light truck | Medium and heavy duty truck | Aircraft | Construction equipment | Commercial real estate | Residential real estate and home equity | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 14,635 | $ | 7,217 | $ | 18,634 | $ | 7,566 | $ | 41,093 | $ | 24,039 | $ | 17,431 | $ | 6,478 | $ | 2,175 | $ | 139,268 | Balance, beginning of period | $ | 14,635 | $ | 7,217 | $ | 18,634 | $ | 7,566 | $ | 41,093 | $ | 24,039 | $ | 17,431 | $ | 6,478 | $ | 2,175 | $ | 139,268 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | 572 | — | 112 | — | — | 45 | 218 | 10 | 596 | 1,553 | Charge-offs | 2,833 | — | 301 | — | — | 45 | 218 | 55 | 879 | 4,331 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 189 | — | 1,589 | — | 503 | 7 | 6 | 326 | 111 | 2,731 | Recoveries | 209 | — | 3,414 | — | 746 | 291 | 6 | 327 | 189 | 5,182 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | Net charge-offs (recoveries) | 383 | — | (1,477) | — | (503) | 38 | 212 | (316) | 485 | (1,178) | Net charge-offs (recoveries) | 2,624 | — | (3,113) | — | (746) | (246) | 212 | (272) | 690 | (851) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (recovery of provision) | Provision (recovery of provision) | 2,385 | (909) | (2,938) | (10) | (1,025) | 2,104 | 3,137 | (27) | 379 | 3,096 | Provision (recovery of provision) | 2,958 | (1,112) | (5,409) | 145 | (1,379) | 2,610 | 5,425 | 141 | 576 | 3,955 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 16,637 | $ | 6,308 | $ | 17,173 | $ | 7,556 | $ | 40,571 | $ | 26,105 | $ | 20,356 | $ | 6,767 | $ | 2,069 | $ | 143,542 | Balance, end of period | $ | 14,969 | $ | 6,105 | $ | 16,338 | $ | 7,711 | $ | 40,460 | $ | 26,895 | $ | 22,644 | $ | 6,891 | $ | 2,061 | $ | 144,074 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 15,409 | $ | 6,585 | $ | 19,624 | $ | 6,015 | $ | 33,628 | $ | 19,673 | $ | 19,691 | $ | 5,084 | $ | 1,783 | $ | 127,492 | Balance, beginning of period | $ | 15,409 | $ | 6,585 | $ | 19,624 | $ | 6,015 | $ | 33,628 | $ | 19,673 | $ | 19,691 | $ | 5,084 | $ | 1,783 | $ | 127,492 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | 39 | — | 32 | — | — | 48 | — | 10 | 322 | 451 | Charge-offs | 453 | — | 98 | — | — | 48 | — | 27 | 545 | 1,171 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 7 | — | 121 | — | 477 | — | 26 | 128 | 329 | 1,088 | Recoveries | 46 | — | 212 | — | 653 | 11 | 43 | 129 | 418 | 1,512 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | Net charge-offs (recoveries) | 32 | — | (89) | — | (477) | 48 | (26) | (118) | (7) | (637) | Net charge-offs (recoveries) | 407 | — | (114) | — | (653) | 37 | (43) | (102) | 127 | (341) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (recovery of provision) | Provision (recovery of provision) | 733 | 67 | (656) | 694 | 2,882 | 1,546 | (1,301) | 577 | 194 | 4,736 | Provision (recovery of provision) | 1,145 | 209 | (741) | 998 | 3,014 | 3,213 | (1,244) | 883 | 426 | 7,903 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 16,110 | $ | 6,652 | $ | 19,057 | $ | 6,709 | $ | 36,987 | $ | 21,171 | $ | 18,416 | $ | 5,779 | $ | 1,984 | $ | 132,865 | Balance, end of period | $ | 16,147 | $ | 6,794 | $ | 18,997 | $ | 7,013 | $ | 37,295 | $ | 22,849 | $ | 18,490 | $ | 6,069 | $ | 2,082 | $ | 135,736 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | (Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 6,651 | $ | 4,924 | $ | 5,616 | $ | 4,196 | Balance, beginning of period | $ | 7,370 | $ | 5,497 | $ | 5,616 | $ | 4,196 | ||||||||||||||||||||||||||||
Provision | 719 | 573 | 1,754 | 1,301 | ||||||||||||||||||||||||||||||||||||||||||
Provision (recovery of provision) | Provision (recovery of provision) | 649 | (281) | 2,403 | 1,020 | |||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 7,370 | $ | 5,497 | $ | 7,370 | $ | 5,497 | Balance, end of period | $ | 8,019 | $ | 5,216 | $ | 8,019 | $ | 5,216 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Direct finance leases: | |||||||||||||||||||||||
Interest income on lease receivable | $ | 3,234 | $ | 1,929 | $ | 6,355 | $ | 3,710 | |||||||||||||||
Operating leases: | |||||||||||||||||||||||
Income related to lease payments | $ | 2,326 | $ | 3,295 | $ | 4,829 | $ | 6,957 | |||||||||||||||
Depreciation expense | 1,876 | 2,664 | 3,898 | 5,679 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Direct finance leases: | |||||||||||||||||||||||
Interest income on lease receivable | $ | 3,584 | $ | 2,402 | $ | 9,939 | $ | 6,112 | |||||||||||||||
Operating leases: | |||||||||||||||||||||||
Income related to lease payments | $ | 2,101 | $ | 2,761 | $ | 6,930 | $ | 9,718 | |||||||||||||||
Depreciation expense | 1,672 | 2,233 | 5,570 | 7,912 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | (Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights: | Mortgage servicing rights: | Mortgage servicing rights: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 4,007 | $ | 4,625 | $ | 4,137 | $ | 4,671 | Balance at beginning of period | $ | 3,874 | $ | 4,443 | $ | 4,137 | $ | 4,671 | ||||||||||||||||||||||||||||||||||
Additions | Additions | 81 | 173 | 172 | 508 | Additions | 119 | 152 | 291 | 660 | ||||||||||||||||||||||||||||||||||||||||||
Amortization | Amortization | (214) | (355) | (435) | (736) | Amortization | (217) | (297) | (652) | (1,033) | ||||||||||||||||||||||||||||||||||||||||||
Carrying value before valuation allowance at end of period | Carrying value before valuation allowance at end of period | 3,874 | 4,443 | 3,874 | 4,443 | Carrying value before valuation allowance at end of period | 3,776 | 4,298 | 3,776 | 4,298 | ||||||||||||||||||||||||||||||||||||||||||
Valuation allowance: | Valuation allowance: | Valuation allowance: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | — | — | — | — | Balance at beginning of period | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Impairment recoveries | Impairment recoveries | — | — | — | — | Impairment recoveries | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | — | $ | — | $ | — | $ | — | Balance at end of period | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Net carrying value of mortgage servicing rights at end of period | Net carrying value of mortgage servicing rights at end of period | $ | 3,874 | $ | 4,443 | $ | 3,874 | $ | 4,443 | Net carrying value of mortgage servicing rights at end of period | $ | 3,776 | $ | 4,298 | $ | 3,776 | $ | 4,298 | ||||||||||||||||||||||||||||||||||
Fair value of mortgage servicing rights at end of period | Fair value of mortgage servicing rights at end of period | $ | 8,217 | $ | 6,784 | $ | 8,217 | $ | 6,784 | Fair value of mortgage servicing rights at end of period | $ | 8,029 | $ | 7,493 | $ | 8,029 | $ | 7,493 |
(Dollars in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||
Amounts of commitments: | ||||||||||||||
Loan commitments to extend credit | $ | 1,355,306 | $ | 1,234,866 | ||||||||||
Standby letters of credit | $ | 16,555 | $ | 18,055 | ||||||||||
Commercial and similar letters of credit | $ | 3,201 | $ | 2,368 |
(Dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||
Amounts of commitments: | ||||||||||||||
Loan commitments to extend credit | $ | 1,450,666 | $ | 1,234,866 | ||||||||||
Standby letters of credit | $ | 18,111 | $ | 18,055 | ||||||||||
Commercial and similar letters of credit | $ | 2,724 | $ | 2,368 |
Asset derivatives | Liability derivatives | Asset derivatives | Liability derivatives | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Notional or contractual amount | Statement of Financial Condition classification | Fair value | Statement of Financial Condition classification | Fair value | (Dollars in thousands) | Notional or contractual amount | Statement of Financial Condition classification | Fair value | Statement of Financial Condition classification | Fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap contracts | Interest rate swap contracts | $ | 916,334 | Other assets | $ | 24,843 | Other liabilities | $ | 25,311 | Interest rate swap contracts | $ | 950,362 | Other assets | $ | 27,021 | Other liabilities | $ | 27,531 | ||||||||||||||||||||||||||||||||||||||||||||||
Loan commitments | Loan commitments | 5,342 | Mortgages held for sale | 157 | N/A | — | Loan commitments | 4,388 | Mortgages held for sale | 143 | N/A | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward contracts - mortgage loan | Forward contracts - mortgage loan | 5,250 | Mortgages held for sale | 28 | N/A | — | Forward contracts - mortgage loan | 6,250 | Mortgages held for sale | 36 | N/A | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 926,926 | $ | 25,028 | $ | 25,311 | Total | $ | 961,000 | $ | 27,200 | $ | 27,531 | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap contracts | Interest rate swap contracts | $ | 881,600 | Other assets | $ | 24,838 | Other liabilities | $ | 25,307 | Interest rate swap contracts | $ | 881,600 | Other assets | $ | 24,838 | Other liabilities | $ | 25,307 | ||||||||||||||||||||||||||||||||||||||||||||||
Loan commitments | Loan commitments | 2,638 | Mortgages held for sale | 67 | N/A | — | Loan commitments | 2,638 | Mortgages held for sale | 67 | N/A | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward contracts - mortgage loan | Forward contracts - mortgage loan | 3,750 | Mortgages held for sale | 24 | N/A | — | Forward contracts - mortgage loan | 3,750 | Mortgages held for sale | 24 | N/A | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 887,988 | $ | 24,929 | $ | 25,307 | Total | $ | 887,988 | $ | 24,929 | $ | 25,307 |
Gain (loss) | Gain (loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Statement of Income classification | 2023 | 2022 | 2023 | 2022 | (Dollars in thousands) | Statement of Income classification | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap contracts | Interest rate swap contracts | Other expense | $ | (98) | $ | (54) | $ | 1 | $ | 183 | Interest rate swap contracts | Other expense | $ | (42) | $ | (252) | $ | (41) | $ | (69) | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap contracts | Interest rate swap contracts | Other income | 96 | — | 291 | — | Interest rate swap contracts | Other income | 475 | 83 | 766 | 83 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan commitments | Loan commitments | Mortgage banking | 65 | (62) | 90 | (227) | Loan commitments | Mortgage banking | (14) | (197) | 76 | (424) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward contracts - mortgage loan | Forward contracts - mortgage loan | Mortgage banking | 44 | (201) | 4 | 10 | Forward contracts - mortgage loan | Mortgage banking | 8 | 83 | 12 | 93 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 107 | $ | (317) | $ | 386 | $ | (34) | Total | $ | 427 | $ | (283) | $ | 813 | $ | (317) |
Gross Amounts Not Offset in the Statement of Financial Condition | Gross Amounts Not Offset in the Statement of Financial Condition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Condition | Net Amounts of Assets Presented in the Statement of Financial Condition | Financial Instruments | Cash Collateral Received | Net Amount | (Dollars in thousands) | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Condition | Net Amounts of Assets Presented in the Statement of Financial Condition | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Interest rate swaps | $ | 24,843 | $ | — | $ | 24,843 | $ | — | $ | 23,345 | $ | 1,498 | Interest rate swaps | $ | 27,021 | $ | — | $ | 27,021 | $ | — | $ | 28,555 | $ | (1,534) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Interest rate swaps | $ | 24,838 | $ | — | $ | 24,838 | $ | — | $ | 25,295 | $ | (457) | Interest rate swaps | $ | 24,838 | $ | — | $ | 24,838 | $ | — | $ | 25,295 | $ | (457) |
Gross Amounts Not Offset in the Statement of Financial Condition | Gross Amounts Not Offset in the Statement of Financial Condition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Condition | Net Amounts of Liabilities Presented in the Statement of Financial Condition | Financial Instruments | Cash Collateral Pledged | Net Amount | (Dollars in thousands) | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Condition | Net Amounts of Liabilities Presented in the Statement of Financial Condition | Financial Instruments | Cash Collateral Pledged | Net Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Interest rate swaps | $ | 25,311 | $ | — | $ | 25,311 | $ | — | $ | — | $ | 25,311 | Interest rate swaps | $ | 27,531 | $ | — | $ | 27,531 | $ | — | $ | — | $ | 27,531 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase agreements | Repurchase agreements | 69,308 | — | 69,308 | 69,308 | — | — | Repurchase agreements | 48,335 | — | 48,335 | 48,335 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 94,619 | $ | — | $ | 94,619 | $ | 69,308 | $ | — | $ | 25,311 | Total | $ | 75,866 | $ | — | $ | 75,866 | $ | 48,335 | $ | — | $ | 27,531 | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Interest rate swaps | $ | 25,307 | $ | — | $ | 25,307 | $ | — | $ | — | $ | 25,307 | Interest rate swaps | $ | 25,307 | $ | — | $ | 25,307 | $ | — | $ | — | $ | 25,307 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase agreements | Repurchase agreements | 141,432 | — | 141,432 | 141,432 | — | — | Repurchase agreements | 141,432 | — | 141,432 | 141,432 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 166,739 | $ | — | $ | 166,739 | $ | 141,432 | $ | — | $ | 25,307 | Total | $ | 166,739 | $ | — | $ | 166,739 | $ | 141,432 | $ | — | $ | 25,307 |
(Dollars in thousands) | (Dollars in thousands) | June 30, 2023 | December 31, 2022 | (Dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Investment carrying amount | Investment carrying amount | $ | 59,130 | $ | 70,887 | Investment carrying amount | $ | 84,818 | $ | 70,887 | ||||||||||||
Unfunded capital and other commitments | Unfunded capital and other commitments | 61,761 | 64,520 | Unfunded capital and other commitments | 76,505 | 64,520 | ||||||||||||||||
Maximum exposure to loss | Maximum exposure to loss | 54,632 | 45,020 | Maximum exposure to loss | 65,643 | 45,020 |
(Dollars in thousands) | (Dollars in thousands) | Amount of Subordinated Notes | Interest Rate | Maturity Date | (Dollars in thousands) | Amount of Subordinated Notes | Interest Rate | Maturity Date | ||||||||||||||||||||||||||||||||
June 2007 issuance (1) | June 2007 issuance (1) | $ | 41,238 | 7.22 | % | 6/15/2037 | June 2007 issuance (1) | $ | 41,238 | 7.22 | % | 6/15/2037 | ||||||||||||||||||||||||||||
August 2007 issuance (2) | August 2007 issuance (2) | 17,526 | 7.03 | % | 9/15/2037 | August 2007 issuance (2) | 17,526 | 7.15 | % | 9/15/2037 | ||||||||||||||||||||||||||||||
Total | Total | $ | 58,764 | Total | $ | 58,764 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands - except per share amounts) | (Dollars in thousands - except per share amounts) | 2023 | 2022 | 2023 | 2022 | (Dollars in thousands - except per share amounts) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
Distributed earnings allocated to common stock | Distributed earnings allocated to common stock | $ | 7,902 | $ | 7,668 | $ | 15,794 | $ | 15,340 | Distributed earnings allocated to common stock | $ | 7,900 | $ | 7,890 | $ | 23,694 | $ | 23,230 | ||||||||||||||||||||||||||||||||||
Undistributed earnings allocated to common stock | Undistributed earnings allocated to common stock | 24,210 | 21,402 | 47,187 | 40,918 | Undistributed earnings allocated to common stock | 24,707 | 24,571 | 71,894 | 65,489 | ||||||||||||||||||||||||||||||||||||||||||
Net earnings allocated to common stock | Net earnings allocated to common stock | 32,112 | 29,070 | 62,981 | 56,258 | Net earnings allocated to common stock | 32,607 | 32,461 | 95,588 | 88,719 | ||||||||||||||||||||||||||||||||||||||||||
Net earnings allocated to participating securities | Net earnings allocated to participating securities | 323 | 244 | 578 | 446 | Net earnings allocated to participating securities | 332 | 276 | 910 | 722 | ||||||||||||||||||||||||||||||||||||||||||
Net income allocated to common stock and participating securities | Net income allocated to common stock and participating securities | $ | 32,435 | $ | 29,314 | $ | 63,559 | $ | 56,704 | Net income allocated to common stock and participating securities | $ | 32,939 | $ | 32,737 | $ | 96,498 | $ | 89,441 | ||||||||||||||||||||||||||||||||||
Weighted average shares outstanding for basic earnings per common share | Weighted average shares outstanding for basic earnings per common share | 24,686,435 | 24,691,747 | 24,686,760 | 24,717,625 | Weighted average shares outstanding for basic earnings per common share | 24,660,508 | 24,656,736 | 24,677,914 | 24,697,106 | ||||||||||||||||||||||||||||||||||||||||||
Dilutive effect of stock compensation | Dilutive effect of stock compensation | — | — | — | — | Dilutive effect of stock compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding for diluted earnings per common share | Weighted average shares outstanding for diluted earnings per common share | 24,686,435 | 24,691,747 | 24,686,760 | 24,717,625 | Weighted average shares outstanding for diluted earnings per common share | 24,660,508 | 24,656,736 | 24,677,914 | 24,697,106 | ||||||||||||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 1.30 | $ | 1.18 | $ | 2.55 | $ | 2.28 | Basic earnings per common share | $ | 1.32 | $ | 1.32 | $ | 3.87 | $ | 3.59 | ||||||||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 1.30 | $ | 1.18 | $ | 2.55 | $ | 2.28 | Diluted earnings per common share | $ | 1.32 | $ | 1.32 | $ | 3.87 | $ | 3.59 |
Three Months Ended June 30, | Six Months Ended June 30, | Affected Line Item in the Statements of Income | Three Months Ended September 30, | Nine Months Ended September 30, | Affected Line Item in the Statements of Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | (Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized losses included in net income | Realized losses included in net income | $ | — | $ | — | $ | (44) | $ | — | Losses on investment securities available-for-sale | Realized losses included in net income | $ | — | $ | — | $ | (44) | $ | — | Losses on investment securities available-for-sale | ||||||||||||||||||||||||||||||||||||||||||||
— | — | (44) | — | Income before income taxes | — | — | (44) | — | Income before income taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax effect | Tax effect | — | — | 10 | — | Income tax expense | Tax effect | — | — | 10 | — | Income tax expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net of tax | Net of tax | $ | — | $ | — | $ | (34) | $ | — | Net income | Net of tax | $ | — | $ | — | $ | (34) | $ | — | Net income |
(Dollars in thousands) | (Dollars in thousands) | Fair value carrying amount | Aggregate unpaid principal | Excess of fair value carrying amount over (under) unpaid principal | (Dollars in thousands) | Fair value carrying amount | Aggregate unpaid principal | Excess of fair value carrying amount over (under) unpaid principal | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages held for sale reported at fair value | Mortgages held for sale reported at fair value | $ | 2,321 | $ | 2,080 | $ | 241 | (1) | Mortgages held for sale reported at fair value | $ | 3,118 | $ | 2,863 | $ | 255 | (1) | ||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages held for sale reported at fair value | Mortgages held for sale reported at fair value | $ | 3,914 | $ | 3,766 | $ | 148 | (1) | Mortgages held for sale reported at fair value | $ | 3,914 | $ | 3,766 | $ | 148 | (1) |
(Dollars in thousands) | (Dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | (Dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available-for-sale: | Investment securities available-for-sale: | Investment securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and Federal agencies securities | U.S. Treasury and Federal agencies securities | $ | 543,221 | $ | 416,057 | $ | — | $ | 959,278 | U.S. Treasury and Federal agencies securities | $ | 539,836 | $ | 407,126 | $ | — | $ | 946,962 | ||||||||||||||||||||||||||||||||||
U.S. States and political subdivisions securities | U.S. States and political subdivisions securities | — | 98,662 | 4,249 | 102,911 | U.S. States and political subdivisions securities | — | 92,846 | 4,138 | 96,984 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities — Federal agencies | Mortgage-backed securities — Federal agencies | — | 590,435 | — | 590,435 | Mortgage-backed securities — Federal agencies | — | 552,463 | — | 552,463 | ||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | — | 8,201 | — | 8,201 | Corporate debt securities | — | 8,251 | — | 8,251 | ||||||||||||||||||||||||||||||||||||||||||
Foreign government and other securities | Foreign government and other securities | — | 580 | — | 580 | Foreign government and other securities | — | 582 | — | 582 | ||||||||||||||||||||||||||||||||||||||||||
Total debt securities available-for-sale | Total debt securities available-for-sale | 543,221 | 1,113,935 | 4,249 | 1,661,405 | Total debt securities available-for-sale | 539,836 | 1,061,268 | 4,138 | 1,605,242 | ||||||||||||||||||||||||||||||||||||||||||
Mortgages held for sale | Mortgages held for sale | — | 2,321 | — | 2,321 | Mortgages held for sale | — | 3,118 | — | 3,118 | ||||||||||||||||||||||||||||||||||||||||||
Accrued income and other assets (interest rate swap agreements) | Accrued income and other assets (interest rate swap agreements) | — | 24,843 | — | 24,843 | Accrued income and other assets (interest rate swap agreements) | — | 27,021 | — | 27,021 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 543,221 | $ | 1,141,099 | $ | 4,249 | $ | 1,688,569 | Total | $ | 539,836 | $ | 1,091,407 | $ | 4,138 | $ | 1,635,381 | ||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities (interest rate swap agreements) | Accrued expenses and other liabilities (interest rate swap agreements) | $ | — | $ | 25,311 | $ | — | $ | 25,311 | Accrued expenses and other liabilities (interest rate swap agreements) | $ | — | $ | 27,531 | $ | — | $ | 27,531 | ||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | 25,311 | $ | — | $ | 25,311 | Total | $ | — | $ | 27,531 | $ | — | $ | 27,531 | ||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available-for-sale: | Investment securities available-for-sale: | Investment securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and Federal agencies securities | U.S. Treasury and Federal agencies securities | $ | 573,679 | $ | 424,919 | $ | — | $ | 998,598 | U.S. Treasury and Federal agencies securities | $ | 573,679 | $ | 424,919 | $ | — | $ | 998,598 | ||||||||||||||||||||||||||||||||||
U.S. States and political subdivisions securities | U.S. States and political subdivisions securities | — | 121,298 | 1,464 | 122,762 | U.S. States and political subdivisions securities | — | 121,298 | 1,464 | 122,762 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities — Federal agencies | Mortgage-backed securities — Federal agencies | — | 637,058 | — | 637,058 | Mortgage-backed securities — Federal agencies | — | 637,058 | — | 637,058 | ||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | — | 16,131 | — | 16,131 | Corporate debt securities | — | 16,131 | — | 16,131 | ||||||||||||||||||||||||||||||||||||||||||
Foreign government and other securities | Foreign government and other securities | — | 579 | — | 579 | Foreign government and other securities | — | 579 | — | 579 | ||||||||||||||||||||||||||||||||||||||||||
Total debt securities available-for-sale | Total debt securities available-for-sale | 573,679 | 1,199,985 | 1,464 | 1,775,128 | Total debt securities available-for-sale | 573,679 | 1,199,985 | 1,464 | 1,775,128 | ||||||||||||||||||||||||||||||||||||||||||
Mortgages held for sale | Mortgages held for sale | — | 3,914 | — | 3,914 | Mortgages held for sale | — | 3,914 | — | 3,914 | ||||||||||||||||||||||||||||||||||||||||||
Accrued income and other assets (interest rate swap agreements) | Accrued income and other assets (interest rate swap agreements) | — | 24,838 | — | 24,838 | Accrued income and other assets (interest rate swap agreements) | — | 24,838 | — | 24,838 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 573,679 | $ | 1,228,737 | $ | 1,464 | $ | 1,803,880 | Total | $ | 573,679 | $ | 1,228,737 | $ | 1,464 | $ | 1,803,880 | ||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities (interest rate swap agreements) | Accrued expenses and other liabilities (interest rate swap agreements) | $ | — | $ | 25,307 | $ | — | $ | 25,307 | Accrued expenses and other liabilities (interest rate swap agreements) | $ | — | $ | 25,307 | $ | — | $ | 25,307 | ||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | 25,307 | $ | — | $ | 25,307 | Total | $ | — | $ | 25,307 | $ | — | $ | 25,307 |
(Dollars in thousands) | U.S. States and political subdivisions securities | |||||||||||||||||||
Beginning balance | $ | |||||||||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||||
Included in earnings | — | |||||||||||||||||||
Included in other comprehensive income (loss) | ||||||||||||||||||||
Purchases | — | |||||||||||||||||||
Issuances | — | |||||||||||||||||||
Sales | — | |||||||||||||||||||
Settlements | — | |||||||||||||||||||
Maturities | ||||||||||||||||||||
Transfers into Level 3 | — | |||||||||||||||||||
Transfers out of Level 3 | — | |||||||||||||||||||
Ending balance | $ | |||||||||||||||||||
Beginning balance | $ | |||||||||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||||
Included in earnings | — | |||||||||||||||||||
Included in other comprehensive income (loss) | ||||||||||||||||||||
Purchases | — | |||||||||||||||||||
Issuances | — | |||||||||||||||||||
Sales | — | |||||||||||||||||||
Settlements | — | |||||||||||||||||||
Maturities | ||||||||||||||||||||
Transfers into Level 3 | — | |||||||||||||||||||
Transfers out of Level 3 | — | |||||||||||||||||||
Ending balance | $ |
(Dollars in thousands) | (Dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Inputs | Range of Inputs | Weighted Average | (Dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Inputs | Range of Inputs | Weighted Average | ||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities available-for sale | Debt securities available-for sale | Debt securities available-for sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct placement municipal securities | Direct placement municipal securities | $ | 4,249 | Discounted cash flows | Credit spread assumption | 0.20% - 4.93% | 4.75 | % | Direct placement municipal securities | $ | 4,138 | Discounted cash flows | Credit spread assumption | 4.87% - 6.82% | 6.37 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities available-for sale | Debt securities available-for sale | Debt securities available-for sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct placement municipal securities | Direct placement municipal securities | $ | 1,464 | Discounted cash flows | Credit spread assumption | 0.22% - 4.09% | 3.49 | % | Direct placement municipal securities | $ | 1,464 | Discounted cash flows | Credit spread assumption | 0.22% - 4.09% | 3.49 | % |
(Dollars in thousands) | (Dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | (Dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Collateral-dependent impaired loans | Collateral-dependent impaired loans | $ | — | $ | — | $ | 6,440 | $ | 6,440 | Collateral-dependent impaired loans | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Accrued income and other assets (mortgage servicing rights) | Accrued income and other assets (mortgage servicing rights) | — | — | 3,874 | 3,874 | Accrued income and other assets (mortgage servicing rights) | — | — | 3,776 | 3,776 | ||||||||||||||||||||||||||||||||||||||||||
Accrued income and other assets (repossessions) | Accrued income and other assets (repossessions) | — | — | 47 | 47 | Accrued income and other assets (repossessions) | — | — | 233 | 233 | ||||||||||||||||||||||||||||||||||||||||||
Accrued income and other assets (other real estate) | Accrued income and other assets (other real estate) | — | — | 193 | 193 | Accrued income and other assets (other real estate) | — | — | 117 | 117 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | — | $ | 10,554 | $ | 10,554 | Total | $ | — | $ | — | $ | 4,126 | $ | 4,126 | ||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Collateral-dependent impaired loans | Collateral-dependent impaired loans | $ | — | $ | — | $ | — | $ | — | Collateral-dependent impaired loans | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Accrued income and other assets (mortgage servicing rights) | Accrued income and other assets (mortgage servicing rights) | — | — | 4,137 | 4,137 | Accrued income and other assets (mortgage servicing rights) | — | — | 4,137 | 4,137 | ||||||||||||||||||||||||||||||||||||||||||
Accrued income and other assets (repossessions) | Accrued income and other assets (repossessions) | — | — | 327 | 327 | Accrued income and other assets (repossessions) | — | — | 327 | 327 | ||||||||||||||||||||||||||||||||||||||||||
Accrued income and other assets (other real estate) | Accrued income and other assets (other real estate) | — | — | 104 | 104 | Accrued income and other assets (other real estate) | — | — | 104 | 104 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | — | $ | 4,568 | $ | 4,568 | Total | $ | — | $ | — | $ | 4,568 | $ | 4,568 |
(Dollars in thousands) | (Dollars in thousands) | Carrying Value | Fair Value | Valuation Methodology | Unobservable Inputs | Range of Inputs | Weighted Average | (Dollars in thousands) | Carrying Value | Fair Value | Valuation Methodology | Unobservable Inputs | Range of Inputs | Weighted Average | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateral-dependent impaired loans | Collateral-dependent impaired loans | $ | 6,440 | $ | 6,440 | Collateral based measurements including appraisals, trade publications, and auction values | Discount for lack of marketability and current conditions | 20% - 63% | 45.7 | % | Collateral-dependent impaired loans | $ | — | $ | — | Collateral based measurements including appraisals, trade publications, and auction values | Discount for lack of marketability and current conditions | 0% - 0% | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | 3,874 | 8,217 | Discounted cash flows | Constant prepayment rate (CPR) | 5.5% - 29.0% | 7.7 | % | Mortgage servicing rights | 3,776 | 8,029 | Discounted cash flows | Constant prepayment rate (CPR) | 5.4% - 14.6% | 7.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate | 11.6% - 14.4% | 11.8 | % | Discount rate | 11.8% - 13.8% | 11.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repossessions | Repossessions | 47 | 49 | Appraisals, trade publications and auction values | Discount for lack of marketability | 0% - 11% | 4 | % | Repossessions | 233 | 234 | Appraisals, trade publications and auction values | Discount for lack of marketability | 0% - 4% | 0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate | Other real estate | 193 | 202 | Appraisals | Discount for lack of marketability | 0% - 11% | 5 | % | Other real estate | 117 | 117 | Appraisals | Discount for lack of marketability | 0% - 0% | 0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateral-dependent impaired loans | Collateral-dependent impaired loans | $ | — | $ | — | Collateral based measurements including appraisals, trade publications, and auction values | Discount for lack of marketability and current conditions | 0% - 0% | 0.0 | % | Collateral-dependent impaired loans | $ | — | $ | — | Collateral based measurements including appraisals, trade publications, and auction values | Discount for lack of marketability and current conditions | 0% - 0% | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | 4,137 | 8,007 | Discounted cash flows | Constant prepayment rate (CPR) | 7.6% - 9.6% | 8.2 | % | Mortgage servicing rights | 4,137 | 8,007 | Discounted cash flows | Constant prepayment rate (CPR) | 7.6% - 9.6% | 8.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate | 11.4% - 14.2% | 11.5 | % | Discount rate | 11.4% - 14.2% | 11.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repossessions | Repossessions | 327 | 370 | Appraisals, trade publications and auction values | Discount for lack of marketability | 2% - 9% | 7 | % | Repossessions | 327 | 370 | Appraisals, trade publications and auction values | Discount for lack of marketability | 2% - 9% | 7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate | Other real estate | 104 | 104 | Appraisals | Discount for lack of marketability | 0% - 0% | 0 | % | Other real estate | 104 | 104 | Appraisals | Discount for lack of marketability | 0% - 0% | 0 | % |
(Dollars in thousands) | (Dollars in thousands) | Carrying or Contract Value | Fair Value | Level 1 | Level 2 | Level 3 | (Dollars in thousands) | Carrying or Contract Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 86,742 | $ | 86,742 | $ | 86,742 | $ | — | $ | — | Cash and due from banks | $ | 75,729 | $ | 75,729 | $ | 75,729 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and interest bearing deposits with other banks | Federal funds sold and interest bearing deposits with other banks | 25,933 | 25,933 | 25,933 | — | — | Federal funds sold and interest bearing deposits with other banks | 35,406 | 35,406 | 35,406 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities, available-for-sale | Investment securities, available-for-sale | 1,661,405 | 1,661,405 | 543,221 | 1,113,935 | 4,249 | Investment securities, available-for-sale | 1,605,242 | 1,605,242 | 539,836 | 1,061,268 | 4,138 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | Other investments | 25,320 | 25,320 | 25,320 | — | — | Other investments | 25,075 | 25,075 | 25,075 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages held for sale | Mortgages held for sale | 2,321 | 2,321 | — | 2,321 | — | Mortgages held for sale | 3,118 | 3,118 | — | 3,118 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases, net of allowance for loan and lease losses | Loans and leases, net of allowance for loan and lease losses | 6,071,801 | 5,854,883 | — | — | 5,854,883 | Loans and leases, net of allowance for loan and lease losses | 6,209,574 | 5,980,435 | — | — | 5,980,435 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | 3,874 | 8,217 | — | — | 8,217 | Mortgage servicing rights | 3,776 | 8,029 | — | — | 8,029 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 25,144 | 25,144 | — | 25,144 | — | Accrued interest receivable | 28,120 | 28,120 | — | 28,120 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Interest rate swaps | 24,843 | 24,843 | — | 24,843 | — | Interest rate swaps | 27,021 | 27,021 | — | 27,021 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | $ | 6,976,518 | $ | 6,960,416 | $ | 5,413,344 | $ | 1,547,072 | $ | — | Deposits | $ | 6,967,492 | $ | 6,954,179 | $ | 5,278,426 | $ | 1,675,753 | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 187,685 | 187,685 | 68,004 | 119,681 | — | Short-term borrowings | 272,092 | 272,092 | 48,505 | 223,587 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt and mandatorily redeemable securities | Long-term debt and mandatorily redeemable securities | 46,649 | 45,381 | — | 45,381 | — | Long-term debt and mandatorily redeemable securities | 46,533 | 45,386 | — | 45,386 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated notes | Subordinated notes | 58,764 | 50,327 | — | 50,327 | — | Subordinated notes | 58,764 | 50,889 | — | 50,889 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 20,215 | 20,215 | — | 20,215 | — | Accrued interest payable | 29,030 | 29,030 | — | 29,030 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Interest rate swaps | 25,311 | 25,311 | — | 25,311 | — | Interest rate swaps | 27,531 | 27,531 | — | 27,531 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Off-balance-sheet instruments * | Off-balance-sheet instruments * | — | 94 | — | 94 | — | Off-balance-sheet instruments * | — | 144 | — | 144 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 84,703 | $ | 84,703 | $ | 84,703 | $ | — | $ | — | Cash and due from banks | $ | 84,703 | $ | 84,703 | $ | 84,703 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and interest bearing deposits with other banks | Federal funds sold and interest bearing deposits with other banks | 38,094 | 38,094 | 38,094 | — | — | Federal funds sold and interest bearing deposits with other banks | 38,094 | 38,094 | 38,094 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities, available-for-sale | Investment securities, available-for-sale | 1,775,128 | 1,775,128 | 573,679 | 1,199,985 | 1,464 | Investment securities, available-for-sale | 1,775,128 | 1,775,128 | 573,679 | 1,199,985 | 1,464 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | Other investments | 25,293 | 25,293 | 25,293 | — | — | Other investments | 25,293 | 25,293 | 25,293 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages held for sale | Mortgages held for sale | 3,914 | 3,914 | — | 3,914 | — | Mortgages held for sale | 3,914 | 3,914 | — | 3,914 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases, net of allowance for loan and lease losses | Loans and leases, net of allowance for loan and lease losses | 5,871,894 | 5,712,972 | — | — | 5,712,972 | Loans and leases, net of allowance for loan and lease losses | 5,871,894 | 5,712,972 | — | — | 5,712,972 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | 4,137 | 8,007 | — | — | 8,007 | Mortgage servicing rights | 4,137 | 8,007 | — | — | 8,007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 24,747 | 24,747 | — | 24,747 | — | Accrued interest receivable | 24,747 | 24,747 | — | 24,747 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Interest rate swaps | 24,838 | 24,838 | — | 24,838 | — | Interest rate swaps | 24,838 | 24,838 | — | 24,838 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | $ | 6,928,265 | $ | 6,909,392 | $ | 5,787,806 | $ | 1,121,586 | $ | — | Deposits | $ | 6,928,265 | $ | 6,909,392 | $ | 5,787,806 | $ | 1,121,586 | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 215,529 | 215,529 | 139,079 | 76,450 | — | Short-term borrowings | 215,529 | 215,529 | 139,079 | 76,450 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt and mandatorily redeemable securities | Long-term debt and mandatorily redeemable securities | 46,555 | 45,111 | — | 45,111 | — | Long-term debt and mandatorily redeemable securities | 46,555 | 45,111 | — | 45,111 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated notes | Subordinated notes | 58,764 | 51,398 | — | 51,398 | — | Subordinated notes | 58,764 | 51,398 | — | 51,398 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 5,999 | 5,999 | — | 5,999 | — | Accrued interest payable | 5,999 | 5,999 | — | 5,999 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Interest rate swaps | 25,307 | 25,307 | — | 25,307 | — | Interest rate swaps | 25,307 | 25,307 | — | 25,307 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Off-balance-sheet instruments * | Off-balance-sheet instruments * | — | 108 | — | 108 | — | Off-balance-sheet instruments * | — | 108 | — | 108 | — |
(Dollars in thousands) | (Dollars in thousands) | June 30, 2023 | December 31, 2022 | (Dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Accrued income and other assets: | Accrued income and other assets: | Accrued income and other assets: | ||||||||||||||||||||||||||
Bank owned life insurance cash surrender value | Bank owned life insurance cash surrender value | $ | 83,658 | $ | 83,046 | Bank owned life insurance cash surrender value | $ | 83,748 | $ | 83,046 | ||||||||||||||||||
Operating lease right of use assets | Operating lease right of use assets | 22,072 | 20,916 | Operating lease right of use assets | 22,369 | 20,916 | ||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 25,144 | 24,747 | Accrued interest receivable | 28,120 | 24,747 | ||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | 3,874 | 4,137 | Mortgage servicing rights | 3,776 | 4,137 | ||||||||||||||||||||||
Other real estate | Other real estate | 193 | 104 | Other real estate | 117 | 104 | ||||||||||||||||||||||
Repossessions | Repossessions | 47 | 327 | Repossessions | 233 | 327 | ||||||||||||||||||||||
Partnership investments carrying amount | Partnership investments carrying amount | 124,670 | 137,149 | Partnership investments carrying amount | 150,003 | 137,149 | ||||||||||||||||||||||
All other assets | All other assets | 127,070 | 109,584 | All other assets | 130,580 | 109,584 | ||||||||||||||||||||||
Total accrued income and other assets | Total accrued income and other assets | $ | 386,728 | $ | 380,010 | Total accrued income and other assets | $ | 418,946 | $ | 380,010 |
Actual | Minimum Capital Adequacy | Minimum Capital Adequacy with Capital Buffer | To Be Well Capitalized Under Prompt Corrective Action Provisions | Actual | Minimum Capital Adequacy | Minimum Capital Adequacy with Capital Buffer | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | (Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | Total Capital (to Risk-Weighted Assets): | Total Capital (to Risk-Weighted Assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Source Corporation | 1st Source Corporation | $ | 1,188,132 | 16.46 | % | $ | 577,491 | 8.00 | % | $ | 757,957 | 10.50 | % | $ | 721,864 | 10.00 | % | 1st Source Corporation | $ | 1,206,065 | 16.12 | % | $ | 598,617 | 8.00 | % | $ | 785,685 | 10.50 | % | $ | 748,271 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Source Bank | 1st Source Bank | 1,103,731 | 15.29 | 577,474 | 8.00 | 757,934 | 10.50 | 721,842 | 10.00 | 1st Source Bank | 1,128,349 | 15.09 | 598,370 | 8.00 | 785,361 | 10.50 | 747,963 | 10.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets): | Tier 1 Capital (to Risk-Weighted Assets): | Tier 1 Capital (to Risk-Weighted Assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Source Corporation | 1st Source Corporation | 1,097,150 | 15.20 | 433,119 | 6.00 | 613,585 | 8.50 | 577,491 | 8.00 | 1st Source Corporation | 1,111,808 | 14.86 | 448,963 | 6.00 | 636,031 | 8.50 | 598,617 | 8.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Source Bank | 1st Source Bank | 1,012,752 | 14.03 | 433,105 | 6.00 | 613,566 | 8.50 | 577,474 | 8.00 | 1st Source Bank | 1,034,130 | 13.83 | 448,778 | 6.00 | 635,769 | 8.50 | 598,370 | 8.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital (to Risk-Weighted Assets): | Common Equity Tier 1 Capital (to Risk-Weighted Assets): | Common Equity Tier 1 Capital (to Risk-Weighted Assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Source Corporation | 1st Source Corporation | 981,083 | 13.59 | 324,839 | 4.50 | 505,305 | 7.00 | 469,212 | 6.50 | 1st Source Corporation | 996,061 | 13.31 | 336,722 | 4.50 | 523,790 | 7.00 | 486,376 | 6.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Source Bank | 1st Source Bank | 953,685 | 13.21 | 324,829 | 4.50 | 505,289 | 7.00 | 469,197 | 6.50 | 1st Source Bank | 975,383 | 13.04 | 336,583 | 4.50 | 523,574 | 7.00 | 486,176 | 6.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 Capital (to Average Assets): | Tier 1 Capital (to Average Assets): | Tier 1 Capital (to Average Assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Source Corporation | 1st Source Corporation | 1,097,150 | 12.95 | 338,871 | 4.00 | N/A | N/A | 423,589 | 5.00 | 1st Source Corporation | 1,111,808 | 13.02 | 341,657 | 4.00 | N/A | N/A | 427,071 | 5.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Source Bank | 1st Source Bank | 1,012,752 | 11.96 | 338,751 | 4.00 | N/A | N/A | 423,439 | 5.00 | 1st Source Bank | 1,034,130 | 12.11 | 341,541 | 4.00 | N/A | N/A | 426,927 | 5.00 |
(Dollars in thousands) | Available | ||||||||||
Internal Sources | |||||||||||
Unencumbered securities | $ | ||||||||||
External Sources | |||||||||||
FHLB advances(1) | |||||||||||
FRB borrowings(2) | |||||||||||
Fed funds purchased(3) | 220,000 | ||||||||||
Brokered deposits(4) | |||||||||||
Listing services deposits(4) | |||||||||||
Total liquidity | $ | ||||||||||
% of Total deposits net brokered and listing services certificates of deposit | % | ||||||||||
(1) Availability is shown net of required stock purchases under the FHLB activity-based stock ownership requirement, which is currently 4.50%, and may vary | |||||||||||
(2) Includes access to discount window and Bank Term Funding Program | |||||||||||
(3) Availability contingent on correspondent bank approvals at time of borrowing | |||||||||||
(4) Availability contingent on internal borrowing guidelines |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | March 31, 2023 | June 30, 2022 | September 30, 2023 | June 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Average Balance | Interest Income/Expense | Yield/ Rate | Average Balance | Interest Income/Expense | Yield/ Rate | Average Balance | Interest Income/Expense | Yield/ Rate | (Dollars in thousands) | Average Balance | Interest Income/Expense | Yield/ Rate | Average Balance | Interest Income/Expense | Yield/ Rate | Average Balance | Interest Income/Expense | Yield/ Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available-for-sale: | Investment securities available-for-sale: | Investment securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | $ | 1,655,790 | $ | 5,946 | 1.44 | % | $ | 1,711,177 | $ | 6,648 | 1.58 | % | $ | 1,805,044 | $ | 6,289 | 1.40 | % | Taxable | $ | 1,605,912 | $ | 5,918 | 1.46 | % | $ | 1,655,790 | $ | 5,946 | 1.44 | % | $ | 1,816,138 | $ | 6,691 | 1.46 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax exempt(1) | Tax exempt(1) | 41,909 | 411 | 3.93 | % | 57,444 | 605 | 4.27 | % | 30,930 | 195 | 2.53 | % | Tax exempt(1) | 39,994 | 397 | 3.94 | % | 41,909 | 411 | 3.93 | % | 47,841 | 426 | 3.53 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages held for sale | Mortgages held for sale | 1,879 | 28 | 5.98 | % | 2,410 | 32 | 5.38 | % | 4,889 | 52 | 4.27 | % | Mortgages held for sale | 3,169 | 54 | 6.76 | % | 1,879 | 28 | 5.98 | % | 4,272 | 58 | 5.39 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases, net of unearned discount(1) | Loans and leases, net of unearned discount(1) | 6,141,157 | 93,370 | 6.10 | % | 6,036,203 | 86,760 | 5.83 | % | 5,467,808 | 60,448 | 4.43 | % | Loans and leases, net of unearned discount(1) | 6,245,883 | 100,244 | 6.37 | % | 6,141,157 | 93,370 | 6.10 | % | 5,627,718 | 69,064 | 4.87 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | Other investments | 80,793 | 978 | 4.86 | % | 57,361 | 637 | 4.50 | % | 376,960 | 1,168 | 1.24 | % | Other investments | 68,579 | 883 | 5.11 | % | 80,793 | 978 | 4.86 | % | 119,624 | 421 | 1.40 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets(1) | Total earning assets(1) | 7,921,528 | 100,733 | 5.10 | % | 7,864,595 | 94,682 | 4.88 | % | 7,685,631 | 68,152 | 3.56 | % | Total earning assets(1) | 7,963,537 | 107,496 | 5.36 | % | 7,921,528 | 100,733 | 5.10 | % | 7,615,593 | 76,660 | 3.99 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | 72,880 | 71,921 | 90,101 | Cash and due from banks | 68,640 | 72,880 | 74,329 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses | Allowance for loan and lease losses | (144,337) | (141,054) | (132,020) | Allowance for loan and lease losses | (145,197) | (144,337) | (133,989) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 512,237 | 527,969 | 448,604 | Other assets | 530,411 | 512,237 | 463,171 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 8,362,308 | $ | 8,323,431 | $ | 8,092,316 | Total assets | $ | 8,417,391 | $ | 8,362,308 | $ | 8,019,104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | $ | 5,192,206 | $ | 28,870 | 2.23 | % | $ | 4,988,093 | $ | 21,263 | 1.73 | % | $ | 4,753,331 | $ | 3,553 | 0.30 | % | Interest-bearing deposits | $ | 5,247,332 | $ | 34,405 | 2.60 | % | $ | 5,192,206 | $ | 28,870 | 2.23 | % | $ | 4,634,092 | $ | 6,556 | 0.56 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings: | Short-term borrowings: | Short-term borrowings: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 69,301 | 32 | 0.19 | % | 134,501 | 40 | 0.12 | % | 176,994 | 23 | 0.05 | % | Securities sold under agreements to repurchase | 60,736 | 35 | 0.23 | % | 69,301 | 32 | 0.19 | % | 159,345 | 21 | 0.05 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other short-term borrowings | Other short-term borrowings | 129,230 | 1,593 | 4.94 | % | 118,760 | 1,353 | 4.62 | % | 5,394 | — | — | % | Other short-term borrowings | 153,523 | 2,101 | 5.43 | % | 129,230 | 1,593 | 4.94 | % | 57,609 | 359 | 2.47 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated notes | Subordinated notes | 58,764 | 1,028 | 7.02 | % | 58,764 | 1,020 | 7.04 | % | 58,764 | 851 | 5.81 | % | Subordinated notes | 58,764 | 1,060 | 7.16 | % | 58,764 | 1,028 | 7.02 | % | 58,764 | 904 | 6.10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt and mandatorily redeemable securities | Long-term debt and mandatorily redeemable securities | 46,611 | 515 | 4.43 | % | 45,380 | 1,215 | 10.86 | % | 54,662 | 140 | 1.03 | % | Long-term debt and mandatorily redeemable securities | 46,519 | 489 | 4.17 | % | 46,611 | 515 | 4.43 | % | 48,399 | (296) | (2.43) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 5,496,112 | 32,038 | 2.34 | % | 5,345,498 | 24,891 | 1.89 | % | 5,049,145 | 4,567 | 0.36 | % | Total interest-bearing liabilities | 5,566,874 | 38,090 | 2.71 | % | 5,496,112 | 32,038 | 2.34 | % | 4,958,209 | 7,544 | 0.60 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | Noninterest-bearing deposits | 1,746,876 | 1,880,913 | 2,042,462 | Noninterest-bearing deposits | 1,702,773 | 1,746,876 | 2,039,147 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 133,914 | 147,141 | 84,995 | Other liabilities | 148,192 | 133,914 | 90,336 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 926,157 | 890,294 | 861,134 | Shareholders’ equity | 940,544 | 926,157 | 873,209 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | Noncontrolling interests | 59,249 | 59,585 | 54,580 | Noncontrolling interests | 59,008 | 59,249 | 58,203 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | Total liabilities and equity | $ | 8,362,308 | $ | 8,323,431 | $ | 8,092,316 | Total liabilities and equity | $ | 8,417,391 | $ | 8,362,308 | $ | 8,019,104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Fully tax-equivalent adjustments | Less: Fully tax-equivalent adjustments | (179) | (226) | (123) | Less: Fully tax-equivalent adjustments | (170) | (179) | (182) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/margin (GAAP-derived)(1) | Net interest income/margin (GAAP-derived)(1) | $ | 68,516 | 3.47 | % | $ | 69,565 | 3.59 | % | $ | 63,462 | 3.31 | % | Net interest income/margin (GAAP-derived)(1) | $ | 69,236 | 3.45 | % | $ | 68,516 | 3.47 | % | $ | 68,934 | 3.59 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fully tax-equivalent adjustments | Fully tax-equivalent adjustments | 179 | 226 | 123 | Fully tax-equivalent adjustments | 170 | 179 | 182 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/margin - FTE(1) | Net interest income/margin - FTE(1) | $ | 68,695 | 3.48 | % | $ | 69,791 | 3.60 | % | $ | 63,585 | 3.32 | % | Net interest income/margin - FTE(1) | $ | 69,406 | 3.46 | % | $ | 68,695 | 3.48 | % | $ | 69,116 | 3.60 | % | (1) See “Reconciliation of Non-GAAP Financial Measures” at the end of this section for additional information on this performance measure/ratio. |
Six Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Average Balance | Interest Income/Expense | Yield/ Rate | Average Balance | Interest Income/Expense | Yield/ Rate | (Dollars in thousands) | Average Balance | Interest Income/Expense | Yield/ Rate | Average Balance | Interest Income/Expense | Yield/ Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available-for-sale: | Investment securities available-for-sale: | Investment securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | $ | 1,683,330 | $ | 12,594 | 1.51 | % | $ | 1,831,156 | $ | 12,633 | 1.39 | % | Taxable | $ | 1,657,241 | $ | 18,512 | 1.49 | % | $ | 1,826,095 | $ | 19,324 | 1.41 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tax exempt(1) | Tax exempt(1) | 49,634 | 1,016 | 4.13 | % | 30,218 | 360 | 2.40 | % | Tax exempt(1) | 46,385 | 1,413 | 4.07 | % | 36,157 | 786 | 2.91 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages held for sale | Mortgages held for sale | 2,143 | 60 | 5.65 | % | 6,829 | 119 | 3.51 | % | Mortgages held for sale | 2,489 | 114 | 6.12 | % | 5,967 | 177 | 3.97 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases, net of unearned discount(1) | Loans and leases, net of unearned discount(1) | 6,088,970 | 180,130 | 5.97 | % | 5,396,472 | 115,666 | 4.32 | % | Loans and leases, net of unearned discount(1) | 6,141,849 | 280,374 | 6.10 | % | 5,474,401 | 184,730 | 4.51 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | Other investments | 69,141 | 1,615 | 4.71 | % | 388,445 | 1,531 | 0.79 | % | Other investments | 69,799 | 2,498 | 4.78 | % | 302,844 | 1,952 | 0.86 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets(1) | Total earning assets(1) | 7,893,218 | 195,415 | 4.99 | % | 7,653,120 | 130,309 | 3.43 | % | Total earning assets(1) | 7,917,763 | 302,911 | 5.11 | % | 7,645,464 | 206,969 | 3.62 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | 72,403 | 83,618 | Cash and due from banks | 70,288 | 75,497 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses | Allowance for loan and lease losses | (142,705) | (130,343) | Allowance for loan and lease losses | (143,545) | (131,572) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 520,061 | 444,363 | Other assets | 523,548 | 450,701 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 8,342,977 | $ | 8,050,758 | Total assets | $ | 8,368,054 | $ | 8,040,090 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | $ | 5,090,713 | $ | 50,133 | 1.99 | % | $ | 4,670,746 | $ | 5,929 | 0.26 | % | Interest-bearing deposits | $ | 5,143,493 | $ | 84,538 | 2.20 | % | $ | 4,658,394 | $ | 12,485 | 0.36 | % | ||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings: | Short-term borrowings: | Short-term borrowings: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 101,721 | 72 | 0.14 | % | 184,509 | 46 | 0.05 | % | Securities sold under agreements to repurchase | 87,909 | 107 | 0.16 | % | 176,029 | 67 | 0.05 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other short-term borrowings | Other short-term borrowings | 124,024 | 2,946 | 4.79 | % | 5,383 | 1 | 0.04 | % | Other short-term borrowings | 133,965 | 5,047 | 5.04 | % | 22,983 | 360 | 2.09 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated notes | Subordinated notes | 58,764 | 2,048 | 7.03 | % | 58,764 | 1,674 | 5.74 | % | Subordinated notes | 58,764 | 3,108 | 7.07 | % | 58,764 | 2,578 | 5.87 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt and mandatorily redeemable securities | Long-term debt and mandatorily redeemable securities | 45,999 | 1,730 | 7.58 | % | 62,273 | (652) | (2.11) | % | Long-term debt and mandatorily redeemable securities | 46,174 | 2,219 | 6.43 | % | 57,597 | (948) | (2.20) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 5,421,221 | 56,929 | 2.12 | % | 4,981,675 | 6,998 | 0.28 | % | Total interest-bearing liabilities | 5,470,305 | 95,019 | 2.32 | % | 4,973,767 | 14,542 | 0.39 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | Noninterest-bearing deposits | 1,813,524 | 2,036,080 | Noninterest-bearing deposits | 1,776,202 | 2,037,113 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 140,490 | 93,202 | Other liabilities | 143,086 | 92,236 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 908,325 | 885,826 | Shareholders’ equity | 919,182 | 881,574 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | Noncontrolling interests | 59,417 | 53,975 | Noncontrolling interests | 59,279 | 55,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | Total liabilities and equity | $ | 8,342,977 | $ | 8,050,758 | Total liabilities and equity | $ | 8,368,054 | $ | 8,040,090 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Fully tax-equivalent adjustments | Less: Fully tax-equivalent adjustments | (405) | (231) | Less: Fully tax-equivalent adjustments | (575) | (413) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/margin (GAAP-derived)(1) | Net interest income/margin (GAAP-derived)(1) | $ | 138,081 | 3.53 | % | $ | 123,080 | 3.24 | % | Net interest income/margin (GAAP-derived)(1) | $ | 207,317 | 3.50 | % | $ | 192,014 | 3.36 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fully tax-equivalent adjustments | Fully tax-equivalent adjustments | 405 | 231 | Fully tax-equivalent adjustments | 575 | 413 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/margin - FTE(1) | Net interest income/margin - FTE(1) | $ | 138,486 | 3.54 | % | $ | 123,311 | 3.25 | % | Net interest income/margin - FTE(1) | $ | 207,892 | 3.51 | % | $ | 192,427 | 3.37 | % | (1) See “Reconciliation of Non-GAAP Financial Measures” at the end of this section for additional information on this performance measure/ratio. |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | September 30, | June 30, | September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | (Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Calculation of Net Interest Margin | Calculation of Net Interest Margin | Calculation of Net Interest Margin | |||||||||||||||||||||||||||||||||||||||||||||||
(A) | (A) | Interest income (GAAP) | $ | 100,554 | $ | 94,456 | $ | 68,029 | $ | 195,010 | $ | 130,078 | (A) | Interest income (GAAP) | $ | 107,326 | $ | 100,554 | $ | 76,478 | $ | 302,336 | $ | 206,556 | |||||||||||||||||||||||||
Fully tax-equivalent adjustments: | Fully tax-equivalent adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||
(B) | (B) | - Loans and leases | 98 | 103 | 85 | 201 | 162 | (B) | - Loans and leases | 92 | 98 | 95 | 293 | 257 | |||||||||||||||||||||||||||||||||||
(C) | (C) | - Tax-exempt investment securities | 81 | 123 | 38 | 204 | 69 | (C) | - Tax-exempt investment securities | 78 | 81 | 87 | 282 | 156 | |||||||||||||||||||||||||||||||||||
(D) | (D) | Interest income - FTE (A+B+C) | 100,733 | 94,682 | 68,152 | 195,415 | 130,309 | (D) | Interest income - FTE (A+B+C) | 107,496 | 100,733 | 76,660 | 302,911 | 206,969 | |||||||||||||||||||||||||||||||||||
(E) | (E) | Interest expense (GAAP) | 32,038 | 24,891 | 4,567 | 56,929 | 6,998 | (E) | Interest expense (GAAP) | 38,090 | 32,038 | 7,544 | 95,019 | 14,542 | |||||||||||||||||||||||||||||||||||
(F) | (F) | Net interest income (GAAP) (A–E) | 68,516 | 69,565 | 63,462 | 138,081 | 123,080 | (F) | Net interest income (GAAP) (A–E) | 69,236 | 68,516 | 68,934 | 207,317 | 192,014 | |||||||||||||||||||||||||||||||||||
(G) | (G) | Net interest income - FTE (D–E) | 68,695 | 69,791 | 63,585 | 138,486 | 123,311 | (G) | Net interest income - FTE (D–E) | 69,406 | 68,695 | 69,116 | 207,892 | 192,427 | |||||||||||||||||||||||||||||||||||
(H) | (H) | Annualization factor | 4.011 | 4.056 | 4.011 | 2.017 | 2.017 | (H) | Annualization factor | 3.967 | 4.011 | 3.967 | 1.337 | 1.337 | |||||||||||||||||||||||||||||||||||
(I) | (I) | Total earning assets | $ | 7,921,528 | $ | 7,864,595 | $ | 7,685,631 | $ | 7,893,218 | $ | 7,653,120 | (I) | Total earning assets | $ | 7,963,537 | $ | 7,921,528 | $ | 7,615,593 | $ | 7,917,763 | $ | 7,645,464 | |||||||||||||||||||||||||
Net interest margin (GAAP-derived) (F*H)/I | 3.47 | % | 3.59 | % | 3.31 | % | 3.53 | % | 3.24 | % | Net interest margin (GAAP-derived) (F*H)/I | 3.45 | % | 3.47 | % | 3.59 | % | 3.50 | % | 3.36 | % | ||||||||||||||||||||||||||||
Net interest margin - FTE (G*H)/I | 3.48 | % | 3.60 | % | 3.32 | % | 3.54 | % | 3.25 | % | Net interest margin - FTE (G*H)/I | 3.46 | % | 3.48 | % | 3.60 | % | 3.51 | % | 3.37 | % |
(Dollars in thousands) | (Dollars in thousands) | June 30, 2023 | December 31, 2022 | June 30, 2022 | (Dollars in thousands) | September 30, 2023 | December 31, 2022 | September 30, 2022 | ||||||||||||||||||||||||||||||||
Loans and leases past due 90 days or more | Loans and leases past due 90 days or more | $ | 56 | $ | 54 | $ | 50 | Loans and leases past due 90 days or more | $ | 154 | $ | 54 | $ | 165 | ||||||||||||||||||||||||||
Nonaccrual loans and leases | Nonaccrual loans and leases | 20,481 | 26,420 | 33,490 | Nonaccrual loans and leases | 16,617 | 26,420 | 27,813 | ||||||||||||||||||||||||||||||||
Other real estate | Other real estate | 193 | 104 | — | Other real estate | 117 | 104 | — | ||||||||||||||||||||||||||||||||
Repossessions | Repossessions | 47 | 327 | 102 | Repossessions | 233 | 327 | 26 | ||||||||||||||||||||||||||||||||
Equipment owned under operating leases | Equipment owned under operating leases | — | 22 | 43 | Equipment owned under operating leases | — | 22 | 1 | ||||||||||||||||||||||||||||||||
Total nonperforming assets | Total nonperforming assets | $ | 20,777 | $ | 26,927 | $ | 33,685 | Total nonperforming assets | $ | 17,121 | $ | 26,927 | $ | 28,005 |
(Dollars in thousands) | (Dollars in thousands) | June 30, 2023 | December 31, 2022 | June 30, 2022 | (Dollars in thousands) | September 30, 2023 | December 31, 2022 | September 30, 2022 | ||||||||||||||||||||||||||||||||
Commercial and agricultural | Commercial and agricultural | $ | 8 | $ | — | $ | — | Commercial and agricultural | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Solar | Solar | — | — | — | Solar | — | — | — | ||||||||||||||||||||||||||||||||
Auto and light truck | Auto and light truck | 22 | 311 | 26 | Auto and light truck | 213 | 311 | 26 | ||||||||||||||||||||||||||||||||
Medium and heavy duty truck | Medium and heavy duty truck | — | — | — | Medium and heavy duty truck | — | — | — | ||||||||||||||||||||||||||||||||
Aircraft | Aircraft | — | — | — | Aircraft | — | — | — | ||||||||||||||||||||||||||||||||
Construction equipment | Construction equipment | — | — | — | Construction equipment | — | — | — | ||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | — | — | — | Commercial real estate | — | — | — | ||||||||||||||||||||||||||||||||
Residential real estate and home equity | Residential real estate and home equity | 193 | 104 | — | Residential real estate and home equity | 117 | 104 | — | ||||||||||||||||||||||||||||||||
Consumer | Consumer | 17 | 16 | 76 | Consumer | 20 | 16 | — | ||||||||||||||||||||||||||||||||
Total | Total | $ | 240 | $ | 431 | $ | 102 | Total | $ | 350 | $ | 431 | $ | 26 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 2023 | 2022 | $ Change | % Change | 2023 | 2022 | $ Change | % Change | (Dollars in thousands) | 2023 | 2022 | $ Change | % Change | 2023 | 2022 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income: | Noninterest income: | Noninterest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust and wealth advisory | Trust and wealth advisory | $ | 6,467 | $ | 6,087 | 380 | 6.24 | % | $ | 12,146 | $ | 12,001 | 145 | 1.21 | % | Trust and wealth advisory | $ | 5,648 | $ | 5,498 | 150 | 2.73 | % | $ | 17,794 | $ | 17,499 | 295 | 1.69 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 3,118 | 2,942 | 176 | 5.98 | % | 6,121 | 5,734 | 387 | 6.75 | % | Service charges on deposit accounts | 3,297 | 3,240 | 57 | 1.76 | % | 9,418 | 8,974 | 444 | 4.95 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debit card | Debit card | 4,701 | 4,561 | 140 | 3.07 | % | 9,208 | 8,755 | 453 | 5.17 | % | Debit card | 4,377 | 4,628 | (251) | (5.42) | % | 13,585 | 13,383 | 202 | 1.51 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking | Mortgage banking | 926 | 1,062 | (136) | (12.81) | % | 1,728 | 2,439 | (711) | (29.15) | % | Mortgage banking | 971 | 864 | 107 | 12.38 | % | 2,699 | 3,303 | (604) | (18.29) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance commissions | Insurance commissions | 1,641 | 1,568 | 73 | 4.66 | % | 3,670 | 3,473 | 197 | 5.67 | % | Insurance commissions | 1,714 | 1,695 | 19 | 1.12 | % | 5,384 | 5,168 | 216 | 4.18 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment rental | Equipment rental | 2,326 | 3,295 | (969) | (29.41) | % | 4,829 | 6,957 | (2,128) | (30.59) | % | Equipment rental | 2,101 | 2,761 | (660) | (23.90) | % | 6,930 | 9,718 | (2,788) | (28.69) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Losses on investment securities available-for-sale | Losses on investment securities available-for-sale | — | — | — | NM | (44) | — | (44) | NM | Losses on investment securities available-for-sale | — | — | — | — | (44) | — | (44) | NM | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 3,590 | 3,315 | 275 | 8.30 | % | 8,434 | 6,616 | 1,818 | 27.48 | % | Other | 6,347 | 3,321 | 3,026 | 91.12 | % | 14,781 | 9,937 | 4,844 | 48.75 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | $ | 22,769 | $ | 22,830 | (61) | (0.27) | % | $ | 46,092 | $ | 45,975 | 117 | 0.25 | % | Total noninterest income | $ | 24,455 | $ | 22,007 | 2,448 | 11.12 | % | $ | 70,547 | $ | 67,982 | 2,565 | 3.77 | % |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 2023 | 2022 | $ Change | % Change | 2023 | 2022 | $ Change | % Change | (Dollars in thousands) | 2023 | 2022 | $ Change | % Change | 2023 | 2022 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense: | Noninterest expense: | Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | $ | 28,236 | $ | 25,562 | 2,674 | 10.46 | % | $ | 56,833 | $ | 51,029 | 5,804 | 11.37 | % | Salaries and employee benefits | $ | 28,866 | $ | 26,386 | 2,480 | 9.40 | % | $ | 85,699 | $ | 77,415 | 8,284 | 10.70 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net occupancy | Net occupancy | 2,676 | 2,524 | 152 | 6.02 | % | 5,298 | 5,335 | (37) | (0.69) | % | Net occupancy | 2,867 | 2,582 | 285 | 11.04 | % | 8,165 | 7,917 | 248 | 3.13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Furniture and equipment | Furniture and equipment | 1,414 | 1,384 | 30 | 2.17 | % | 2,721 | 2,679 | 42 | 1.57 | % | Furniture and equipment | 1,217 | 1,372 | (155) | (11.30) | % | 3,938 | 4,051 | (113) | (2.79) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 6,268 | 5,402 | 866 | 16.03 | % | 12,425 | 10,610 | 1,815 | 17.11 | % | Data processing | 6,289 | 5,802 | 487 | 8.39 | % | 18,714 | 16,412 | 2,302 | 14.03 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation – leased equipment | Depreciation – leased equipment | 1,876 | 2,664 | (788) | (29.58) | % | 3,898 | 5,679 | (1,781) | (31.36) | % | Depreciation – leased equipment | 1,672 | 2,233 | (561) | (25.12) | % | 5,570 | 7,912 | (2,342) | (29.60) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional fees | Professional fees | 1,704 | 2,094 | (390) | (18.62) | % | 2,386 | 3,702 | (1,316) | (35.55) | % | Professional fees | 1,763 | 1,539 | 224 | 14.55 | % | 4,149 | 5,241 | (1,092) | (20.84) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FDIC and other insurance | FDIC and other insurance | 1,344 | 893 | 451 | 50.50 | % | 2,704 | 1,743 | 961 | 55.13 | % | FDIC and other insurance | 1,598 | 939 | 659 | 70.18 | % | 4,302 | 2,682 | 1,620 | 60.40 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business development and marketing | Business development and marketing | 1,649 | 1,669 | (20) | (1.20) | % | 3,621 | 2,937 | 684 | 23.29 | % | Business development and marketing | 1,201 | 1,415 | (214) | (15.12) | % | 4,822 | 4,352 | 470 | 10.80 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 3,998 | 3,463 | 535 | 15.45 | % | 8,700 | 7,277 | 1,423 | 19.55 | % | Other | 4,693 | 3,063 | 1,630 | 53.22 | % | 13,393 | 10,340 | 3,053 | 29.53 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | $ | 49,165 | $ | 45,655 | 3,510 | 7.69 | % | $ | 98,586 | $ | 90,991 | 7,595 | 8.35 | % | Total noninterest expense | $ | 50,166 | $ | 45,331 | 4,835 | 10.67 | % | $ | 148,752 | $ | 136,322 | 12,430 | 9.12 | % |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs* | Maximum Number (or Approximate Dollar Value) of Shares that may yet be Purchased Under the Plans or Programs | ||||||||||||||||||||||
April 01 - 30, 2023 | — | $ | — | — | 1,559,906 | |||||||||||||||||||||
May 01 - 31, 2023 | 33,276 | 42.42 | 33,276 | 1,526,630 | ||||||||||||||||||||||
June 01 - 30, 2023 | — | — | — | 1,526,630 |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs* | Maximum Number (or Approximate Dollar Value) of Shares that may yet be Purchased Under the Plans or Programs | ||||||||||||||||||||||
July 01 - 31, 2023 | — | $ | — | — | 526,630 | |||||||||||||||||||||
August 01 - 31, 2023 | — | — | — | 526,630 | ||||||||||||||||||||||
September 01 - 30, 2023 | 260,887 | 39.45 | 260,887 | 265,743 |
101.INS | 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 | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Extension Labels Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101) |
1st Source Corporation | |||||||||||
DATE | /s/ CHRISTOPHER J. MURPHY III | ||||||||||
Christopher J. Murphy III Chairman of the Board, President and CEO | |||||||||||
DATE | /s/ BRETT A. BAUER | ||||||||||
Brett A. Bauer Treasurer and Chief Financial Officer Principal Accounting Officer |