QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the quarterly period ended | |
Or | |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from _____________ to _____________ | |
Kentucky | 61-0979818 |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
346 North Mayo Trail P.O. Box 2947 Pikeville, Kentucky | 41502 |
(Address of principal executive offices) | (Zip code) |
(606) 432-1414 |
(Registrant’s telephone number) |
Securities registered pursuant to Section 12(b) of the Act: |
Common Stock (Title of class) |
CTBI | The NASDAQ Global Select Market |
(Trading symbol) | (Name of exchange on which registered) |
Yes ☑ | No |
Yes ☑ | No |
Large | Accelerated Filer ☑ | Non-accelerated |
Smaller | Emerging |
Yes ☐ | No ☑ |
(dollars in thousands) | (unaudited) September 30 2017 | December 31 2016 | (unaudited) March 31 2024 | December 31 2023 | ||||||||||||
Assets: | ||||||||||||||||
Cash and due from banks | $ | 48,738 | $ | 48,603 | $ | 55,841 | $ | 58,833 | ||||||||
Interest bearing deposits | 107,178 | 95,586 | 237,457 | 212,567 | ||||||||||||
Federal funds sold | 10,500 | 527 | ||||||||||||||
Cash and cash equivalents | 166,416 | 144,716 | 293,298 | 271,400 | ||||||||||||
Certificates of deposit in other banks | 11,270 | 980 | 245 | 245 | ||||||||||||
Securities available-for-sale at fair value (amortized cost of $604,413 and $608,939, respectively) | 603,033 | 605,394 | ||||||||||||||
Securities held-to-maturity at amortized cost (fair value of $858 and $867, respectively) | 858 | 866 | ||||||||||||||
Debt securities available-for-sale at fair value (amortized cost of $1,253,750 and $1,301,244, respectively) | 1,111,505 | 1,163,724 | ||||||||||||||
Equity securities at fair value | 3,529 | 3,158 | ||||||||||||||
Loans held for sale | 1,605 | 1,244 | 57 | 152 | ||||||||||||
Loans | 3,113,421 | 2,938,371 | 4,161,175 | 4,050,906 | ||||||||||||
Allowance for loan and lease losses | (36,391 | ) | (35,933 | ) | ||||||||||||
Allowance for credit losses | (50,571 | ) | (49,543 | ) | ||||||||||||
Net loans | 3,077,030 | 2,902,438 | 4,110,604 | 4,001,363 | ||||||||||||
Premises and equipment, net | 46,572 | 47,940 | 46,595 | 45,311 | ||||||||||||
Operating right-of-use assets | 12,433 | 12,607 | ||||||||||||||
Finance right-of-use assets | 3,067 | 3,096 | ||||||||||||||
Federal Home Loan Bank stock | 17,927 | 17,927 | 4,440 | 4,712 | ||||||||||||
Federal Reserve Bank stock | 4,887 | 4,887 | 4,887 | 4,887 | ||||||||||||
Goodwill | 65,490 | 65,490 | 65,490 | 65,490 | ||||||||||||
Core deposit intangible (net of accumulated amortization of $8,602 and $8,483, respectively) | 14 | 133 | ||||||||||||||
Bank owned life insurance | 64,998 | 63,881 | 101,178 | 101,461 | ||||||||||||
Mortgage servicing rights | 3,283 | 3,433 | 7,792 | 7,665 | ||||||||||||
Other real estate owned | 32,048 | 35,856 | 1,266 | 1,616 | ||||||||||||
Deferred tax asset | 29,917 | 28,141 | ||||||||||||||
Accrued interest receivable | 23,532 | 23,575 | ||||||||||||||
Other assets | 40,464 | 36,984 | 30,420 | 31,093 | ||||||||||||
Total assets | $ | 4,135,895 | $ | 3,932,169 | $ | 5,850,255 | $ | 5,769,696 | ||||||||
Liabilities and shareholders’ equity: | ||||||||||||||||
Deposits: | ||||||||||||||||
Noninterest bearing | $ | 786,856 | $ | 767,918 | $ | 1,274,583 | $ | 1,260,690 | ||||||||
Interest bearing | 2,413,510 | 2,313,390 | 3,509,687 | 3,463,932 | ||||||||||||
Total deposits | 3,200,366 | 3,081,308 | 4,784,270 | 4,724,622 | ||||||||||||
Repurchase agreements | 260,007 | 251,065 | 234,671 | 225,245 | ||||||||||||
Federal funds purchased | 8,196 | 4,816 | 500 | 500 | ||||||||||||
Advances from Federal Home Loan Bank | 50,869 | 944 | 329 | 334 | ||||||||||||
Long-term debt | 59,341 | 61,341 | 64,185 | 64,241 | ||||||||||||
Deferred taxes | 8,716 | 7,836 | ||||||||||||||
Operating lease liability | 12,771 | 12,958 | ||||||||||||||
Finance lease liability | 3,437 | 3,435 | ||||||||||||||
Accrued interest payable | 9,365 | 7,389 | ||||||||||||||
Other liabilities | 25,471 | 24,244 | 33,003 | 28,764 | ||||||||||||
Total liabilities | 3,612,966 | 3,431,554 | 5,142,531 | 5,067,488 | ||||||||||||
Shareholders’ equity: | ||||||||||||||||
Preferred stock, 300,000 shares authorized and unissued | - | - | - | - | ||||||||||||
Common stock, $5 par value, shares authorized 25,000,000; shares outstanding 2017 – 17,677,977; 2016 – 17,628,695 | 88,390 | 88,144 | ||||||||||||||
Common stock, $5.00 par value, shares authorized 25,000,000; shares issued and outstanding 2024 – 18,019,349; 2023 – 17,999,840 | 90,096 | 89,999 | ||||||||||||||
Capital surplus | 220,875 | 219,697 | 231,626 | 231,130 | ||||||||||||
Retained earnings | 214,561 | 195,078 | 492,869 | 484,400 | ||||||||||||
Accumulated other comprehensive loss, net of tax | (897 | ) | (2,304 | ) | (106,867 | ) | (103,321 | ) | ||||||||
Total shareholders’ equity | 522,929 | 500,615 | 707,724 | 702,208 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 4,135,895 | $ | 3,932,169 | $ | 5,850,255 | $ | 5,769,696 |
Three Months Ended | Nine Months Ended | Three Months Ended | ||||||||||||||||||||||
September 30 | September 30 | March 31 | ||||||||||||||||||||||
(in thousands except per share data) | 2017 | 2016 | 2017 | 2016 | 2024 | 2023 | ||||||||||||||||||
Interest income: | ||||||||||||||||||||||||
Interest and fees on loans, including loans held for sale | $ | 36,288 | $ | 33,593 | $ | 104,643 | $ | 100,172 | $ | 64,716 | $ | 51,947 | ||||||||||||
Interest and dividends on securities | ||||||||||||||||||||||||
Taxable | 2,198 | 2,030 | 6,458 | 6,188 | 6,730 | 6,758 | ||||||||||||||||||
Tax exempt | 741 | 653 | 2,211 | 2,003 | 659 | 682 | ||||||||||||||||||
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock | 308 | 251 | 867 | 757 | 209 | 174 | ||||||||||||||||||
Interest on Federal Reserve Bank deposits | 2,591 | 1,350 | ||||||||||||||||||||||
Other, including interest on federal funds sold | 309 | 152 | 844 | 460 | 97 | 84 | ||||||||||||||||||
Total interest income | 39,844 | 36,679 | 115,023 | 109,580 | 75,002 | 60,995 | ||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||
Interest on deposits | 3,754 | 2,799 | 9,876 | 8,047 | 27,676 | 14,391 | ||||||||||||||||||
Interest on repurchase agreements | 466 | 288 | 1,215 | 836 | ||||||||||||||||||||
Interest on repurchase agreements and federal funds purchased | 2,575 | 1,616 | ||||||||||||||||||||||
Interest on advances from Federal Home Loan Bank | 226 | 3 | 394 | 51 | 0 | 43 | ||||||||||||||||||
Interest on long-term debt | 428 | 362 | 1,238 | 1,036 | 1,160 | 1,029 | ||||||||||||||||||
Total interest expense | 4,874 | 3,452 | 12,723 | 9,970 | 31,411 | 17,079 | ||||||||||||||||||
Net interest income | 34,970 | 33,227 | 102,300 | 99,610 | 43,591 | 43,916 | ||||||||||||||||||
Provision for loan losses | 666 | 2,191 | 4,659 | 5,829 | ||||||||||||||||||||
Net interest income after provision for loan losses | 34,304 | 31,036 | 97,641 | 93,781 | ||||||||||||||||||||
Provision for credit losses | 2,656 | 1,116 | ||||||||||||||||||||||
Net interest income after provision for credit losses | 40,935 | 42,800 | ||||||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||
Service charges on deposit accounts | 6,499 | 6,563 | 18,658 | 18,680 | ||||||||||||||||||||
Deposit related fees | 7,011 | 7,287 | ||||||||||||||||||||||
Gains on sales of loans, net | 390 | 595 | 897 | 1,357 | 45 | 121 | ||||||||||||||||||
Trust and wealth management income | 2,534 | 2,440 | 7,769 | 7,111 | 3,517 | 3,079 | ||||||||||||||||||
Loan related fees | 792 | 1,260 | 2,570 | 2,610 | 1,352 | 845 | ||||||||||||||||||
Bank owned life insurance | 583 | 560 | 1,633 | 1,628 | 1,292 | 858 | ||||||||||||||||||
Brokerage revenue | 297 | 387 | 1,032 | 1,067 | 490 | 348 | ||||||||||||||||||
Securities gains | 48 | 458 | 58 | 522 | 371 | 218 | ||||||||||||||||||
Other noninterest income | 1,059 | 923 | 3,475 | 2,951 | 1,056 | 926 | ||||||||||||||||||
Total noninterest income | 12,202 | 13,186 | 36,092 | 35,926 | 15,134 | 13,682 | ||||||||||||||||||
Noninterest expense: | ||||||||||||||||||||||||
Officer salaries and employee benefits | 2,933 | 3,090 | 8,860 | 9,147 | 4,241 | 4,152 | ||||||||||||||||||
Other salaries and employee benefits | 11,146 | 11,126 | 34,187 | 33,524 | 15,881 | 14,756 | ||||||||||||||||||
Occupancy, net | 2,043 | 2,012 | 6,042 | 6,035 | 2,378 | 2,302 | ||||||||||||||||||
Equipment | 741 | 733 | 2,275 | 2,177 | 650 | 726 | ||||||||||||||||||
Data processing | 1,772 | 1,601 | 5,318 | 4,729 | 2,518 | 2,303 | ||||||||||||||||||
Bank franchise tax | 1,205 | 1,492 | 4,246 | 4,291 | 424 | 419 | ||||||||||||||||||
Legal fees | 429 | 455 | 1,256 | 1,437 | 218 | 268 | ||||||||||||||||||
Professional fees | 478 | 473 | 1,525 | 1,395 | 614 | 548 | ||||||||||||||||||
Advertising and marketing | 705 | 674 | 2,098 | 1,883 | 577 | 820 | ||||||||||||||||||
FDIC insurance | 316 | 469 | 923 | 1,628 | 642 | 606 | ||||||||||||||||||
Other real estate owned provision and expense | 1,313 | 873 | 4,056 | 1,892 | ||||||||||||||||||||
Repossession expense | 269 | 272 | 697 | 911 | 226 | 231 | ||||||||||||||||||
Amortization of limited partnership investments | 605 | 546 | 1,814 | 2,078 | ||||||||||||||||||||
Other noninterest expense | 2,977 | 2,871 | 8,845 | 8,994 | 3,851 | 4,759 | ||||||||||||||||||
Total noninterest expense | 26,932 | 26,687 | 82,142 | 80,121 | 32,220 | 31,890 | ||||||||||||||||||
Income before income taxes | 19,574 | 17,535 | 51,591 | 49,586 | 23,849 | 24,592 | ||||||||||||||||||
Income taxes | 5,811 | 5,223 | 15,010 | 14,106 | 5,170 | 5,279 | ||||||||||||||||||
Net income | 13,763 | 12,312 | 36,581 | 35,480 | 18,679 | 19,313 | ||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Unrealized holding gains (losses) on securities available-for-sale: | ||||||||||||||||||||||||
Other comprehensive gain (loss): | ||||||||||||||||||||||||
Unrealized holding gains (losses) on debt securities available-for-sale: | ||||||||||||||||||||||||
Unrealized holding gains (losses) arising during the period | (522 | ) | (2,374 | ) | 2,223 | 5,750 | (4,725 | ) | 24,716 | |||||||||||||||
Less: Reclassification adjustments for realized gains included in net income | 48 | 458 | 58 | 522 | 0 | 4 | ||||||||||||||||||
Tax expense (benefit) | (199 | ) | (991 | ) | 758 | 1,830 | (1,179 | ) | 7,997 | |||||||||||||||
Other comprehensive income (loss), net of tax | (371 | ) | (1,841 | ) | 1,407 | 3,398 | ||||||||||||||||||
Other comprehensive gain (loss), net of tax | (3,546 | ) | 16,715 | |||||||||||||||||||||
Comprehensive income | $ | 13,392 | $ | 10,471 | $ | 37,988 | $ | 38,878 | $ | 15,133 | $ | 36,028 | ||||||||||||
Basic earnings per share | $ | 0.78 | $ | 0.70 | $ | 2.08 | $ | 2.02 | $ | 1.04 | $ | 1.08 | ||||||||||||
Diluted earnings per share | $ | 0.78 | $ | 0.70 | $ | 2.07 | $ | 2.02 | $ | 1.04 | $ | 1.08 | ||||||||||||
Weighted average shares outstanding-basic | 17,633 | 17,554 | 17,625 | 17,532 | 17,926 | 17,872 | ||||||||||||||||||
Weighted average shares outstanding-diluted | 17,653 | 17,569 | 17,645 | 17,548 | 17,943 | 17,884 | ||||||||||||||||||
Dividends declared per share | $ | 0.33 | $ | 0.32 | $ | 0.97 | $ | 0.94 |
(in thousands) | Amortized Cost | Gross Unrealized Losses | Fair Value | |||||||||
Less Than 12 Months | ||||||||||||
U.S. Treasury and government agencies | $ | 158,732 | $ | (716 | ) | $ | 158,016 | |||||
State and political subdivisions | 53,491 | (1,780 | ) | 51,711 | ||||||||
U.S. government sponsored agency mortgage-backed securities | 135,939 | (2,646 | ) | 133,293 | ||||||||
Total debt securities | 348,162 | (5,142 | ) | 343,020 | ||||||||
CRA investment funds | 17,500 | (444 | ) | 17,056 | ||||||||
Total <12 months temporarily impaired AFS securities | 365,662 | (5,586 | ) | 360,076 | ||||||||
12 Months or More | ||||||||||||
U.S. Treasury and government agencies | 1,880 | (27 | ) | 1,853 | ||||||||
State and political subdivisions | 751 | (12 | ) | 739 | ||||||||
U.S. government sponsored agency mortgage-backed securities | 31,132 | (880 | ) | 30,252 | ||||||||
Total debt securities | 33,763 | (919 | ) | 32,844 | ||||||||
CRA investment funds | 5,000 | (274 | ) | 4,726 | ||||||||
Total ≥12 months temporarily impaired AFS securities | 38,763 | (1,193 | ) | 37,570 | ||||||||
Total | ||||||||||||
U.S. Treasury and government agencies | 160,612 | (743 | ) | 159,869 | ||||||||
State and political subdivisions | 54,242 | (1,792 | ) | 52,450 | ||||||||
U.S. government sponsored agency mortgage-backed securities | 167,071 | (3,526 | ) | 163,545 | ||||||||
Total debt securities | 381,925 | (6,061 | ) | 375,864 | ||||||||
CRA investment funds | 22,500 | (718 | ) | 21,782 | ||||||||
Total temporarily impaired AFS securities | $ | 404,425 | $ | (6,779 | ) | $ | 397,646 |
(in thousands) | September 30 2017 | December 31 2016 | ||||||
Commercial construction | $ | 74,282 | $ | 66,998 | ||||
Commercial secured by real estate | 1,197,604 | 1,085,428 | ||||||
Equipment lease financing | 3,290 | 5,512 | ||||||
Commercial other | 339,337 | 350,159 | ||||||
Real estate construction | 64,441 | 57,966 | ||||||
Real estate mortgage | 712,237 | 702,969 | ||||||
Home equity | 96,755 | 91,511 | ||||||
Consumer direct | 137,657 | 133,093 | ||||||
Consumer indirect | 487,818 | 444,735 | ||||||
Total loans | $ | 3,113,421 | $ | 2,938,371 |
(in thousands) | March 31 2024 | December 31 2023 | ||||||
Hotel/motel | $ | 416,759 | $ | 395,765 | ||||
Commercial real estate residential | 456,585 | 417,943 | ||||||
Commercial real estate nonresidential | 813,904 | 778,637 | ||||||
Dealer floorplans | 77,221 | 70,308 | ||||||
Commercial other | 320,701 | 321,082 | ||||||
Commercial loans | 2,085,170 | 1,983,735 | ||||||
Real estate mortgage | 955,616 | 937,524 | ||||||
Home equity lines | 151,577 | 147,036 | ||||||
Residential loans | 1,107,193 | 1,084,560 | ||||||
Consumer direct | 155,807 | 159,106 | ||||||
Consumer indirect | 813,005 | 823,505 | ||||||
Consumer loans | 968,812 | 982,611 | ||||||
Loans and lease financing | $ | 4,161,175 | $ | 4,050,906 |
Three Months Ended March 31, 2024 | ||||||||||||||||||||
(in thousands) | Beginning Balance | Provision Charged to Expense | Losses Charged Off | Recoveries | Ending Balance | |||||||||||||||
ACL | ||||||||||||||||||||
Hotel/motel | $ | 4,592 | $ | 348 | $ | 0 | $ | 0 | $ | 4,940 | ||||||||||
Commercial real estate residential | 4,285 | (161 | ) | 0 | 4 | 4,128 | ||||||||||||||
Commercial real estate nonresidential | 7,560 | 615 | 0 | 3 | 8,178 | |||||||||||||||
Dealer floorplans | 659 | 62 | 0 | 0 | 721 | |||||||||||||||
Commercial other | 3,760 | 114 | (167 | ) | 92 | 3,799 | ||||||||||||||
Real estate mortgage | 10,197 | 141 | (27 | ) | 14 | 10,325 | ||||||||||||||
Home equity | 1,367 | (65 | ) | 0 | 2 | 1,304 | ||||||||||||||
Consumer direct | 3,261 | 803 | (533 | ) | 40 | 3,571 | ||||||||||||||
Consumer indirect | 13,862 | 799 | (1,940 | ) | 884 | 13,605 | ||||||||||||||
Total | $ | 49,543 | $ | 2,656 | $ | (2,667 | ) | $ | 1,039 | $ | 50,571 |
Year Ended December 31, 2023 | ||||||||||||||||||||
(in thousands) | Beginning Balance | Provision Charged to Expense | Losses Charged Off | Recoveries | Ending Balance | |||||||||||||||
ACL | ||||||||||||||||||||
Hotel/motel | $ | 5,171 | $ | (579 | ) | $ | 0 | $ | 0 | $ | 4,592 | |||||||||
Commercial real estate residential | 4,894 | (706 | ) | (28 | ) | 125 | 4,285 | |||||||||||||
Commercial real estate nonresidential | 9,419 | (2,252 | ) | (294 | ) | 687 | 7,560 | |||||||||||||
Dealer floorplans | 1,776 | (1,117 | ) | 0 | 0 | 659 | ||||||||||||||
Commercial other | 5,285 | (91 | ) | (1,900 | ) | 466 | 3,760 | |||||||||||||
Real estate mortgage | 7,932 | 2,364 | (140 | ) | 41 | 10,197 | ||||||||||||||
Home equity | 1,106 | 278 | (23 | ) | 6 | 1,367 | ||||||||||||||
Consumer direct | 1,694 | 1,804 | (541 | ) | 304 | 3,261 | ||||||||||||||
Consumer indirect | 8,704 | 7,110 | (5,333 | ) | 3,381 | 13,862 | ||||||||||||||
Total | $ | 45,981 | $ | 6,811 | $ | (8,259 | ) | $ | 5,010 | $ | 49,543 |
Three Months Ended March 31, 2023 | ||||||||||||||||||||
(in thousands) | Beginning Balance | Provision Charged to Expense | Losses Charged Off | Recoveries | Ending Balance | |||||||||||||||
ACL | ||||||||||||||||||||
Hotel/motel | $ | 5,171 | $ | 116 | $ | 0 | $ | 0 | $ | 5,287 | ||||||||||
Commercial real estate residential | 4,894 | 186 | 0 | 77 | 5,157 | |||||||||||||||
Commercial real estate nonresidential | 9,419 | (553 | ) | 0 | 144 | 9,010 | ||||||||||||||
Dealer floorplans | 1,776 | (82 | ) | 0 | 0 | 1,694 | ||||||||||||||
Commercial other | 5,285 | (416 | ) | (187 | ) | 100 | 4,782 | |||||||||||||
Real estate mortgage | 7,932 | 21 | (40 | ) | 4 | 7,917 | ||||||||||||||
Home equity | 1,106 | (64 | ) | 0 | 2 | 1,044 | ||||||||||||||
Consumer direct | 1,694 | 105 | (156 | ) | 103 | 1,746 | ||||||||||||||
Consumer indirect | 8,704 | 1,803 | (1,382 | ) | 921 | 10,046 | ||||||||||||||
Total | $ | 45,981 | $ | 1,116 | $ | (1,765 | ) | $ | 1,351 | $ | 46,683 |
• | Changes in delinquency trends by loan segment |
• | Changes in international, national, regional, and local conditions |
• | The effect of other external factors (i.e. competition, legal and regulatory requirements) on the level of estimated credit losses |
• | The existence and effect of any concentrations of credit and changes in the levels of such concentrations |
• | A supervision and administration allocation based on CTBI’s loan review process |
• | Exceptions in lending policies and procedures as measured by quarterly loan portfolio exceptions reports |
• | Changes in the nature and volume of the portfolio and terms of loans |
• | Changes in the experience, depth, and ability of lending management |
(in thousands) | September 30 2017 | December 31 2016 | ||||||
Commercial: | ||||||||
Commercial construction | $ | 1,311 | $ | 1,912 | ||||
Commercial secured by real estate | 7,879 | 6,326 | ||||||
Commercial other | 1,070 | 1,559 | ||||||
Residential: | ||||||||
Real estate construction | 1,062 | 11 | ||||||
Real estate mortgage | 7,915 | 6,260 | ||||||
Home equity | 561 | 555 | ||||||
Total nonaccrual loans | $ | 19,798 | $ | 16,623 |
March 31, 2024 | ||||||||||||||||
(in thousands) | Nonaccrual Loans with No ACL | Nonaccrual Loans with ACL | 90+ and Still Accruing | Total Nonperforming Loans | ||||||||||||
Hotel/motel | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
Commercial real estate residential | 0 | 283 | 1,458 | 1,741 | ||||||||||||
Commercial real estate nonresidential | 0 | 632 | 2,136 | 2,768 | ||||||||||||
Commercial other | 232 | 398 | 748 | 1,378 | ||||||||||||
Total commercial loans | 232 | 1,313 | 4,342 | 5,887 | ||||||||||||
Real estate mortgage | 0 | 2,149 | 5,853 | 8,002 | ||||||||||||
Home equity lines | 0 | 157 | 588 | 745 | ||||||||||||
Total residential loans | 0 | 2,306 | 6,441 | 8,747 | ||||||||||||
Consumer direct | 0 | 451 | 48 | 499 | ||||||||||||
Consumer indirect | 0 | 0 | 719 | 719 | ||||||||||||
Total consumer loans | 0 | 451 | 767 | 1,218 | ||||||||||||
Loans and lease financing | $ | 232 | $ | 4,070 | $ | 11,550 | $ | 15,852 |
December 31, 2023 | ||||||||||||||||
(in thousands) | Nonaccrual Loans with No ACL | Nonaccrual Loans with ACL | 90+ and Still Accruing | Total Nonperforming Loans | ||||||||||||
Hotel/motel | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
Commercial real estate residential | 0 | 498 | 1,059 | 1,557 | ||||||||||||
Commercial real estate nonresidential | 0 | 680 | 2,270 | 2,950 | ||||||||||||
Dealer floorplans | 0 | 0 | 0 | 0 | ||||||||||||
Commercial other | 236 | 452 | 162 | 850 | ||||||||||||
Total commercial loans | 236 | 1,630 | 3,491 | 5,357 | ||||||||||||
Real estate mortgage | 0 | 1,996 | 5,302 | 7,298 | ||||||||||||
Home equity lines | 0 | 186 | 557 | 743 | ||||||||||||
Total residential loans | 0 | 2,182 | 5,859 | 8,041 | ||||||||||||
Consumer direct | 0 | 0 | 15 | 15 | ||||||||||||
Consumer indirect | 0 | 0 | 555 | 555 | ||||||||||||
Total consumer loans | 0 | 0 | 570 | 570 | ||||||||||||
Loans and lease financing | $ | 236 | $ | 3,812 | $ | 9,920 | $ | 13,968 |
September 30, 2017 | ||||||||||||||||||||||||||||
(in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Total Past Due | Current | Total Loans | 90+ and Accruing* | |||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||
Commercial construction | $ | 69 | $ | 42 | $ | 1,311 | $ | 1,422 | $ | 72,860 | $ | 74,282 | $ | 0 | ||||||||||||||
Commercial secured by real estate | 3,549 | 1,287 | 8,316 | 13,152 | 1,184,452 | 1,197,604 | 1,518 | |||||||||||||||||||||
Equipment lease financing | 0 | 0 | 0 | 0 | 3,290 | 3,290 | 0 | |||||||||||||||||||||
Commercial other | 773 | 203 | 1,134 | 2,110 | 337,227 | 339,337 | 307 | |||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||
Real estate construction | 144 | 382 | 344 | 870 | 63,571 | 64,441 | 155 | |||||||||||||||||||||
Real estate mortgage | 1,005 | 5,205 | 13,646 | 19,856 | 692,381 | 712,237 | 7,389 | |||||||||||||||||||||
Home equity | 685 | 250 | 756 | 1,691 | 95,064 | 96,755 | 333 | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Consumer direct | 810 | 152 | 156 | 1,118 | 136,539 | 137,657 | 156 | |||||||||||||||||||||
Consumer indirect | 3,570 | 927 | 364 | 4,861 | 482,957 | 487,818 | 364 | |||||||||||||||||||||
Total | $ | 10,605 | $ | 8,448 | $ | 26,027 | $ | 45,080 | $ | 3,068,341 | $ | 3,113,421 | $ | 10,222 |
December 31, 2016 | ||||||||||||||||||||||||||||
(in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Total Past Due | Current | Total Loans | 90+ and Accruing* | |||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||
Commercial construction | $ | 22 | $ | 0 | $ | 1,940 | $ | 1,962 | $ | 65,036 | $ | 66,998 | $ | 28 | ||||||||||||||
Commercial secured by real estate | 2,033 | 478 | 8,847 | 11,358 | 1,074,070 | 1,085,428 | 3,015 | |||||||||||||||||||||
Equipment lease financing | 0 | 0 | 0 | 0 | 5,512 | 5,512 | 0 | |||||||||||||||||||||
Commercial other | 997 | 122 | 1,235 | 2,354 | 347,805 | 350,159 | 141 | |||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||
Real estate construction | 707 | 42 | 152 | 901 | 57,065 | 57,966 | 152 | |||||||||||||||||||||
Real estate mortgage | 1,493 | 5,278 | 10,695 | 17,466 | 685,503 | 702,969 | 6,295 | |||||||||||||||||||||
Home equity | 829 | 288 | 905 | 2,022 | 89,489 | 91,511 | 467 | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Consumer direct | 873 | 265 | 68 | 1,206 | 131,887 | 133,093 | 68 | |||||||||||||||||||||
Consumer indirect | 3,288 | 851 | 681 | 4,820 | 439,915 | 444,735 | 681 | |||||||||||||||||||||
Total | $ | 10,242 | $ | 7,324 | $ | 24,523 | $ | 42,089 | $ | 2,896,282 | $ | 2,938,371 | $ | 10,847 |
March 31, 2024 | ||||||||||||||||||||||||
(in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Total Past Due | Current | Total Loans | ||||||||||||||||||
Hotel/motel | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 416,759 | $ | 416,759 | ||||||||||||
Commercial real estate residential | 406 | 0 | 1,741 | 2,147 | 454,438 | 456,585 | ||||||||||||||||||
Commercial real estate nonresidential | 1,295 | 757 | 2,490 | 4,542 | 809,362 | 813,904 | ||||||||||||||||||
Dealer floorplans | 0 | 0 | 0 | 0 | 77,221 | 77,221 | ||||||||||||||||||
Commercial other | 317 | 172 | 1,201 | 1,690 | 319,011 | 320,701 | ||||||||||||||||||
Total commercial loans | 2,018 | 929 | 5,432 | 8,379 | 2,076,791 | 2,085,170 | ||||||||||||||||||
Real estate mortgage | 894 | 2,471 | 6,801 | 10,166 | 945,450 | 955,616 | ||||||||||||||||||
Home equity lines | 749 | 317 | 719 | 1,785 | 149,792 | 151,577 | ||||||||||||||||||
Total residential loans | 1,643 | 2,788 | 7,520 | 11,951 | 1,095,242 | 1,107,193 | ||||||||||||||||||
Consumer direct | 623 | 168 | 499 | 1,290 | 154,517 | 155,807 | ||||||||||||||||||
Consumer indirect | 3,596 | 831 | 719 | 5,146 | 807,859 | 813,005 | ||||||||||||||||||
Total consumer loans | 4,219 | 999 | 1,218 | 6,436 | 962,376 | 968,812 | ||||||||||||||||||
Loans and lease financing | $ | 7,880 | $ | 4,716 | $ | 14,170 | $ | 26,766 | $ | 4,134,409 | $ | 4,161,175 |
December 31, 2023 | ||||||||||||||||||||||||
(in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Total Past Due | Current | Total Loans | ||||||||||||||||||
Hotel/motel | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 395,765 | $ | 395,765 | ||||||||||||
Commercial real estate residential | 1,047 | 275 | 1,525 | 2,847 | 415,096 | 417,943 | ||||||||||||||||||
Commercial real estate nonresidential | 549 | 332 | 2,619 | 3,500 | 775,137 | 778,637 | ||||||||||||||||||
Dealer floorplans | 0 | 0 | 0 | 0 | 70,308 | 70,308 | ||||||||||||||||||
Commercial other | 663 | 494 | 641 | 1,798 | 319,284 | 321,082 | ||||||||||||||||||
Total commercial loans | 2,259 | 1,101 | 4,785 | 8,145 | 1,975,590 | 1,983,735 | ||||||||||||||||||
Real estate mortgage | 1,323 | 3,455 | 6,168 | 10,946 | 926,578 | 937,524 | ||||||||||||||||||
Home equity lines | 911 | 273 | 707 | 1,891 | 145,145 | 147,036 | ||||||||||||||||||
Total residential loans | 2,234 | 3,728 | 6,875 | 12,837 | 1,071,723 | 1,084,560 | ||||||||||||||||||
Consumer direct | 1,013 | 118 | 15 | 1,146 | 157,960 | 159,106 | ||||||||||||||||||
Consumer indirect | 4,550 | 1,029 | 555 | 6,134 | 817,371 | 823,505 | ||||||||||||||||||
Total consumer loans | 5,563 | 1,147 | 570 | 7,280 | 975,331 | 982,611 | ||||||||||||||||||
Loans and lease financing | $ | 10,056 | $ | 5,976 | $ | 12,230 | $ | 28,262 | $ | 4,022,644 | $ | 4,050,906 |
➢ | Pass grades include investment grade, low risk, moderate risk, and acceptable risk loans. The loans range from loans that have no chance of resulting in a loss to loans that have a limited chance of resulting in a loss. Customers in this grade have excellent to fair credit ratings. The cash flows are adequate to meet required debt repayments. |
➢ | Watch graded loans are loans that warrant extra management attention but are not currently criticized. Loans on the watch list may be potential troubled credits or may warrant “watch” status for a reason not directly related to the asset quality of the credit. The watch grade is a management tool to identify credits which may be candidates for future classification or may temporarily warrant extra management monitoring. |
➢ | Other assets especially mentioned (OAEM) reflects loans that are currently protected but are potentially weak. These loans constitute an undue and unwarranted credit risk but not to the point of justifying a classification of substandard. The credit risk may be relatively minor yet constitute an unwarranted risk in light of circumstances surrounding a specific asset. Loans in this grade display potential weaknesses which may, if unchecked or uncorrected, inadequately protect CTBI’s credit position at some future date. The loans may be adversely affected by economic or market conditions. |
➢ | Substandard grading indicates that the loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged. These loans have a well-defined weakness or weaknesses that jeopardize the orderly liquidation of the debt with the distinct possibility that CTBI will sustain some loss if the deficiencies are not corrected. |
➢ | Doubtful graded loans have the weaknesses inherent in the substandard grading with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The probability of loss is extremely high, but because of certain important and reasonably specific pending factors which may work to CTBI’s advantage or strengthen the asset(s), its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral, and refinancing plans. |
(in thousands) | Commercial Construction | Commercial Secured by Real Estate | Equipment Leases | Commercial Other | Total | |||||||||||||||
September 30, 2017 | ||||||||||||||||||||
Pass | $ | 64,983 | $ | 1,059,574 | $ | 3,229 | $ | 292,574 | $ | 1,420,360 | ||||||||||
Watch | 3,566 | 67,065 | 0 | 31,270 | 101,901 | |||||||||||||||
OAEM | 1,657 | 21,676 | 61 | 2,056 | 25,450 | |||||||||||||||
Substandard | 3,898 | 49,072 | 0 | 13,078 | 66,048 | |||||||||||||||
Doubtful | 178 | 217 | 0 | 359 | 754 | |||||||||||||||
Total | $ | 74,282 | $ | 1,197,604 | $ | 3,290 | $ | 339,337 | $ | 1,614,513 | ||||||||||
December 31, 2016 | ||||||||||||||||||||
Pass | $ | 55,315 | $ | 975,383 | $ | 5,206 | $ | 299,301 | $ | 1,335,205 | ||||||||||
Watch | 3,366 | 51,932 | 137 | 32,780 | 88,215 | |||||||||||||||
OAEM | 2,535 | 25,772 | 169 | 7,913 | 36,389 | |||||||||||||||
Substandard | 5,592 | 31,945 | 0 | 9,599 | 47,136 | |||||||||||||||
Doubtful | 190 | 396 | 0 | 566 | 1,152 | |||||||||||||||
Total | $ | 66,998 | $ | 1,085,428 | $ | 5,512 | $ | 350,159 | $ | 1,508,097 |
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||
(in thousands) March 31 | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans | Total | ||||||||||||||||||||||||
Hotel/motel | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | $ | 23,157 | $ | 75,614 | $ | 148,082 | $ | 27,789 | $ | 17,576 | $ | 81,081 | $ | 5,146 | $ | 378,445 | ||||||||||||||||
Watch | 0 | 11,494 | 2,801 | 6,745 | 4,566 | 4,925 | 0 | 30,531 | ||||||||||||||||||||||||
OAEM | 0 | 0 | 3,982 | 0 | 0 | 1,954 | 0 | 5,936 | ||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 1,847 | 0 | 1,847 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total hotel/motel | 23,157 | 87,108 | 154,865 | 34,534 | 22,142 | 89,807 | 5,146 | 416,759 | ||||||||||||||||||||||||
Commercial real estate residential | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | 53,504 | 100,676 | 88,387 | 96,851 | 30,029 | 44,984 | 15,866 | 430,297 | ||||||||||||||||||||||||
Watch | 91 | 2,211 | 3,661 | 425 | 1,422 | 6,830 | 177 | 14,817 | ||||||||||||||||||||||||
OAEM | 0 | 0 | 0 | 0 | 0 | 62 | 0 | 62 | ||||||||||||||||||||||||
Substandard | 0 | 995 | 414 | 4,188 | 734 | 4,936 | 142 | 11,409 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total commercial real estate residential | 53,595 | 103,882 | 92,462 | 101,464 | 32,185 | 56,812 | 16,185 | 456,585 | ||||||||||||||||||||||||
Commercial real estate nonresidential | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | 50,150 | 152,323 | 135,583 | 133,424 | 66,865 | 190,555 | 32,112 | 761,012 | ||||||||||||||||||||||||
Watch | 0 | 548 | 3,643 | 6,249 | 2,298 | 7,637 | 338 | 20,713 | ||||||||||||||||||||||||
OAEM | 0 | 0 | 15 | 0 | 7,255 | 1,459 | 0 | 8,729 | ||||||||||||||||||||||||
Substandard | 470 | 4,341 | 1,594 | 2,523 | 4,480 | 9,966 | 74 | 23,448 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 2 | ||||||||||||||||||||||||
Total commercial real estate nonresidential | 50,620 | 157,212 | 140,835 | 142,196 | 80,898 | 209,619 | 32,524 | 813,904 | ||||||||||||||||||||||||
Dealer floorplans | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | 0 | 0 | 0 | 0 | 0 | 0 | 76,789 | 76,789 | ||||||||||||||||||||||||
Watch | 0 | 0 | 0 | 0 | 0 | 0 | 432 | 432 | ||||||||||||||||||||||||
OAEM | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total dealer floorplans | 0 | 0 | 0 | 0 | 0 | 0 | 77,221 | 77,221 | ||||||||||||||||||||||||
Commercial other | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | 25,705 | 57,125 | 45,270 | 38,679 | 28,943 | 23,401 | 80,907 | 300,030 | ||||||||||||||||||||||||
Watch | 457 | 700 | 620 | 291 | 119 | 837 | 6,065 | 9,089 | ||||||||||||||||||||||||
OAEM | 0 | 28 | 0 | 0 | 0 | 0 | 30 | 58 | ||||||||||||||||||||||||
Substandard | 1,584 | 4,579 | 2,552 | 538 | 862 | 253 | 1,006 | 11,374 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 117 | 33 | 0 | 0 | 0 | 150 | ||||||||||||||||||||||||
Total commercial other | 27,746 | 62,432 | 48,559 | 39,541 | 29,924 | 24,491 | 88,008 | 320,701 | ||||||||||||||||||||||||
Commercial other current period gross charge-offs | (145 | ) | 0 | (20 | ) | 0 | (2 | ) | 0 | 0 | (167 | ) | ||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | 152,516 | 385,738 | 417,322 | 296,743 | 143,413 | 340,021 | 210,820 | 1,946,573 | ||||||||||||||||||||||||
Watch | 548 | 14,953 | 10,725 | 13,710 | 8,405 | 20,229 | 7,012 | 75,582 | ||||||||||||||||||||||||
OAEM | 0 | 28 | 3,997 | 0 | 7,255 | 3,475 | 30 | 14,785 | ||||||||||||||||||||||||
Substandard | 2,054 | 9,915 | 4,560 | 7,249 | 6,076 | 17,002 | 1,222 | 48,078 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 117 | 33 | 0 | 2 | 0 | 152 | ||||||||||||||||||||||||
Total commercial loans | $ | 155,118 | $ | 410,634 | $ | 436,721 | $ | 317,735 | $ | 165,149 | $ | 380,729 | $ | 219,084 | $ | 2,085,170 | ||||||||||||||||
Total commercial loans current period gross charge-offs | $ | (145 | ) | $ | 0 | $ | (20 | ) | $ | 0 | $ | (2 | ) | $ | 0 | $ | 0 | $ | (167 | ) |
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||
(in thousands) December 31 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Total | ||||||||||||||||||||||||
Hotel/motel | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | $ | 79,651 | $ | 144,826 | $ | 28,011 | $ | 17,664 | $ | 40,873 | $ | 42,030 | $ | 4,042 | $ | 357,097 | ||||||||||||||||
Watch | 11,569 | 2,826 | 6,835 | 4,623 | 3,361 | 1,648 | 0 | 30,862 | ||||||||||||||||||||||||
OAEM | 0 | 3,982 | 0 | 0 | 0 | 1,954 | 0 | 5,936 | ||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 1,118 | 0 | 1,118 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 752 | 0 | 752 | ||||||||||||||||||||||||
Total hotel/motel | 91,220 | 151,634 | 34,846 | 22,287 | 44,234 | 47,502 | 4,042 | 395,765 | ||||||||||||||||||||||||
Commercial real estate residential | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | 109,304 | 89,119 | 98,896 | 30,972 | 11,908 | 36,964 | 14,700 | 391,863 | ||||||||||||||||||||||||
Watch | 2,317 | 2,131 | 473 | 1,395 | 721 | 6,359 | 124 | 13,520 | ||||||||||||||||||||||||
OAEM | 0 | 0 | 0 | 0 | 0 | 63 | 0 | 63 | ||||||||||||||||||||||||
Substandard | 760 | 854 | 4,532 | 834 | 285 | 5,232 | 0 | 12,497 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total commercial real estate residential | 112,381 | 92,104 | 103,901 | 33,201 | 12,914 | 48,618 | 14,824 | 417,943 | ||||||||||||||||||||||||
Commercial real estate residential current period gross charge-offs | 0 | 0 | (28 | ) | 0 | 0 | 0 | 0 | (28 | ) | ||||||||||||||||||||||
Commercial real estate nonresidential | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | 149,633 | 142,580 | 136,090 | 68,240 | 55,850 | 140,074 | 31,536 | 724,003 | ||||||||||||||||||||||||
Watch | 552 | 3,664 | 6,305 | 2,347 | 1,938 | 6,003 | 354 | 21,163 | ||||||||||||||||||||||||
OAEM | 2,375 | 15 | 0 | 7,255 | 0 | 1,486 | 0 | 11,131 | ||||||||||||||||||||||||
Substandard | 2,520 | 1,598 | 2,538 | 4,472 | 2,000 | 9,199 | 0 | 22,327 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 13 | 0 | 13 | ||||||||||||||||||||||||
Total commercial real estate nonresidential | 155,080 | 147,857 | 144,933 | 82,314 | 59,788 | 156,775 | 31,890 | 778,637 | ||||||||||||||||||||||||
Commercial real estate nonresidential current period gross charge-offs | 0 | 0 | (7 | ) | 0 | 0 | (287 | ) | 0 | (294 | ) | |||||||||||||||||||||
Dealer floorplans | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | 0 | 0 | 0 | 0 | 0 | 0 | 70,308 | 70,308 | ||||||||||||||||||||||||
Watch | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
OAEM | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total dealer floorplans | 0 | 0 | 0 | 0 | 0 | 0 | 70,308 | 70,308 | ||||||||||||||||||||||||
Commercial other | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | 73,115 | 47,575 | 40,448 | 30,033 | 4,780 | 22,588 | 81,791 | 300,330 | ||||||||||||||||||||||||
Watch | 1,138 | 1,109 | 569 | 126 | 239 | 635 | 5,877 | 9,693 | ||||||||||||||||||||||||
OAEM | 29 | 0 | 0 | 0 | 0 | 0 | 30 | 59 | ||||||||||||||||||||||||
Substandard | 4,921 | 3,581 | 381 | 890 | 211 | 403 | 613 | 11,000 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total commercial other | 79,203 | 52,265 | 41,398 | 31,049 | 5,230 | 23,626 | 88,311 | 321,082 | ||||||||||||||||||||||||
Commercial other current period gross charge-offs | (725 | ) | (710 | ) | (302 | ) | (27 | ) | (90 | ) | (46 | ) | 0 | (1,900 | ) | |||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | 411,703 | 424,100 | 303,445 | 146,909 | 113,411 | 241,655 | 202,377 | 1,843,600 | ||||||||||||||||||||||||
Watch | 15,576 | 9,730 | 14,182 | 8,491 | 6,259 | 14,645 | 6,355 | 75,238 | ||||||||||||||||||||||||
OAEM | 2,404 | 3,997 | 0 | 7,255 | 0 | 3,503 | 30 | 17,189 | ||||||||||||||||||||||||
Substandard | 8,201 | 6,033 | 7,451 | 6,196 | 2,496 | 15,952 | 613 | 46,942 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 766 | 0 | 766 | ||||||||||||||||||||||||
Total commercial loans | $ | 437,884 | $ | 443,860 | $ | 325,078 | $ | 168,851 | $ | 122,166 | $ | 276,521 | $ | 209,375 | $ | 1,983,735 | ||||||||||||||||
Total commercial loans current period gross charge-offs | $ | (725 | ) | $ | (710 | ) | $ | (337 | ) | $ | (27 | ) | $ | (90 | ) | $ | (333 | ) | $ | 0 | $ | (2,222 | ) |
(in thousands) | Real Estate Construction | Real Estate Mortgage | Home Equity | Consumer Direct | Consumer Indirect | Total | ||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||||||
Performing | $ | 63,224 | $ | 696,933 | $ | 95,861 | $ | 137,501 | $ | 487,454 | $ | 1,480,973 | ||||||||||||
Nonperforming (1) | 1,217 | 15,304 | 894 | 156 | 364 | 17,935 | ||||||||||||||||||
Total | $ | 64,441 | $ | 712,237 | $ | 96,755 | $ | 137,657 | $ | 487,818 | $ | 1,498,908 | ||||||||||||
December 31, 2016 | ||||||||||||||||||||||||
Performing | $ | 57,803 | $ | 690,414 | $ | 90,489 | $ | 133,025 | $ | 444,054 | $ | 1,415,785 | ||||||||||||
Nonperforming (1) | 163 | 12,555 | 1,022 | 68 | 681 | 14,489 | ||||||||||||||||||
Total | $ | 57,966 | $ | 702,969 | $ | 91,511 | $ | 133,093 | $ | 444,735 | $ | 1,430,274 |
(in thousands) | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||
March 31 | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans | Total | ||||||||||||||||||||||||
Home equity lines | ||||||||||||||||||||||||||||||||
Performing | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 7,846 | $ | 142,986 | $ | 150,832 | ||||||||||||||||
Nonperforming | 0 | 0 | 0 | 0 | 0 | 471 | 274 | 745 | ||||||||||||||||||||||||
Total home equity lines | 0 | 0 | 0 | 0 | 0 | 8,317 | 143,260 | 151,577 | ||||||||||||||||||||||||
Mortgage loans | ||||||||||||||||||||||||||||||||
Performing | 35,865 | 207,193 | 154,086 | 156,133 | 116,396 | 277,941 | 0 | 947,614 | ||||||||||||||||||||||||
Nonperforming | 0 | 29 | 469 | 188 | 192 | 7,124 | 0 | 8,002 | ||||||||||||||||||||||||
Total mortgage loans | 35,865 | 207,222 | 154,555 | 156,321 | 116,588 | 285,065 | 0 | 955,616 | ||||||||||||||||||||||||
Mortgage loans current period gross charge-offs | 0 | 0 | 0 | 0 | 0 | (27 | ) | 0 | (27 | ) | ||||||||||||||||||||||
Residential loans | ||||||||||||||||||||||||||||||||
Performing | 35,865 | 207,193 | 154,086 | 156,133 | 116,396 | 285,787 | 142,986 | 1,098,446 | ||||||||||||||||||||||||
Nonperforming | 0 | 29 | 469 | 188 | 192 | 7,595 | 274 | 8,747 | ||||||||||||||||||||||||
Total residential loans | $ | 35,865 | $ | 207,222 | $ | 154,555 | $ | 156,321 | $ | 116,588 | $ | 293,382 | $ | 143,260 | $ | 1,107,193 | ||||||||||||||||
Total residential loans current period gross charge-offs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | (27 | ) | $ | 0 | $ | (27 | ) | ||||||||||||||
Consumer direct loans | ||||||||||||||||||||||||||||||||
Performing | $ | 14,253 | $ | 54,867 | $ | 30,487 | $ | 24,055 | $ | 14,354 | $ | 17,292 | $ | 0 | $ | 155,308 | ||||||||||||||||
Nonperforming | 0 | 44 | 451 | 0 | 4 | 0 | 0 | 499 | ||||||||||||||||||||||||
Total consumer direct loans | 14,253 | 54,911 | 30,938 | 24,055 | 14,358 | 17,292 | 0 | 155,807 | ||||||||||||||||||||||||
Total consumer direct loans current period gross charge-offs | 0 | (24 | ) | (470 | ) | (14 | ) | (7 | ) | (18 | ) | 0 | (533 | ) | ||||||||||||||||||
Consumer indirect loans | ||||||||||||||||||||||||||||||||
Performing | 72,500 | 329,063 | 227,378 | 97,397 | 59,720 | 26,228 | 0 | 812,286 | ||||||||||||||||||||||||
Nonperforming | 0 | 316 | 249 | 110 | 3 | 41 | 0 | 719 | ||||||||||||||||||||||||
Total consumer indirect loans | 72,500 | 329,379 | 227,627 | 97,507 | 59,723 | 26,269 | 0 | 813,005 | ||||||||||||||||||||||||
Total consumer indirect loans current period gross charge-offs | 0 | (577 | ) | (743 | ) | (442 | ) | (79 | ) | (99 | ) | 0 | (1,940 | ) | ||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||||||
Performing | 86,753 | 383,930 | 257,865 | 121,452 | 74,074 | 43,520 | 0 | 967,594 | ||||||||||||||||||||||||
Nonperforming | 0 | 360 | 700 | 110 | 7 | 41 | 0 | 1,218 | ||||||||||||||||||||||||
Total consumer loans | $ | 86,753 | $ | 384,290 | $ | 258,565 | $ | 121,562 | $ | 74,081 | $ | 43,561 | $ | 0 | $ | 968,812 | ||||||||||||||||
Total consumer loans current period gross charge-offs | $ | 0 | $ | (601 | ) | $ | (1,213 | ) | $ | (456 | ) | $ | (86 | ) | $ | (117 | ) | $ | 0 | $ | (2,473 | ) |
(in thousands) | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||
December 31 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Total | ||||||||||||||||||||||||
Home equity lines | ||||||||||||||||||||||||||||||||
Performing | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 7,630 | $ | 138,663 | $ | 146,293 | ||||||||||||||||
Nonperforming | 0 | 0 | 0 | 0 | 0 | 442 | 301 | 743 | ||||||||||||||||||||||||
Total home equity lines | 0 | 0 | 0 | 0 | 0 | 8,072 | 138,964 | 147,036 | ||||||||||||||||||||||||
Home equity lines current period gross charge-offs | 0 | 0 | 0 | 0 | 0 | (23 | ) | 0 | (23 | ) | ||||||||||||||||||||||
Mortgage loans | ||||||||||||||||||||||||||||||||
Performing | 200,442 | 162,407 | 159,857 | 119,772 | 56,601 | 231,147 | 0 | 930,226 | ||||||||||||||||||||||||
Nonperforming | 0 | 200 | 151 | 192 | 533 | 6,222 | 0 | 7,298 | ||||||||||||||||||||||||
Total mortgage loans | 200,442 | 162,607 | 160,008 | 119,964 | 57,134 | 237,369 | 0 | 937,524 | ||||||||||||||||||||||||
Mortgage loans current period gross charge-offs | 0 | 0 | (47 | ) | 0 | (40 | ) | (53 | ) | 0 | (140 | ) | ||||||||||||||||||||
Residential loans | ||||||||||||||||||||||||||||||||
Performing | 200,442 | 162,407 | 159,857 | 119,772 | 56,601 | 238,777 | 138,663 | 1,076,519 | ||||||||||||||||||||||||
Nonperforming | 0 | 200 | 151 | 192 | 533 | 6,664 | 301 | 8,041 | ||||||||||||||||||||||||
Total residential loans | $ | 200,442 | $ | 162,607 | $ | 160,008 | $ | 119,964 | $ | 57,134 | $ | 245,441 | $ | 138,964 | $ | 1,084,560 | ||||||||||||||||
Total residential loans current period gross charge-offs | $ | 0 | $ | 0 | $ | (47 | ) | $ | 0 | $ | (40 | ) | $ | (76 | ) | $ | 0 | $ | (163 | ) | ||||||||||||
Consumer direct loans | ||||||||||||||||||||||||||||||||
Performing | $ | 63,686 | $ | 34,722 | $ | 26,250 | $ | 15,560 | $ | 6,951 | $ | 11,922 | $ | 0 | $ | 159,091 | ||||||||||||||||
Nonperforming | 0 | 4 | 11 | 0 | 0 | 0 | 0 | 15 | ||||||||||||||||||||||||
Total consumer direct loans | 63,686 | 34,726 | 26,261 | 15,560 | 6,951 | 11,922 | 0 | 159,106 | ||||||||||||||||||||||||
Total consumer direct loans current period gross charge-offs | (65 | ) | (263 | ) | (129 | ) | (37 | ) | (27 | ) | (20 | ) | 0 | (541 | ) | |||||||||||||||||
Consumer indirect loans | ||||||||||||||||||||||||||||||||
Performing | 359,049 | 251,086 | 109,231 | 69,319 | 23,767 | 10,498 | 0 | 822,950 | ||||||||||||||||||||||||
Nonperforming | 133 | 223 | 157 | 11 | 22 | 9 | 0 | 555 | ||||||||||||||||||||||||
Total consumer indirect loans | 359,182 | 251,309 | 109,388 | 69,330 | 23,789 | 10,507 | 0 | 823,505 | ||||||||||||||||||||||||
Total consumer indirect loans current period gross charge-offs | (541 | ) | (2,320 | ) | (1,688 | ) | (492 | ) | (121 | ) | (171 | ) | 0 | (5,333 | ) | |||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||||||
Performing | 422,735 | 285,808 | 135,481 | 84,879 | 30,718 | 22,420 | 0 | 982,041 | ||||||||||||||||||||||||
Nonperforming | 133 | 227 | 168 | 11 | 22 | 9 | 0 | 570 | ||||||||||||||||||||||||
Total consumer loans | $ | 422,868 | $ | 286,035 | $ | 135,649 | $ | 84,890 | $ | 30,740 | $ | 22,429 | $ | 0 | $ | 982,611 | ||||||||||||||||
Total consumer loans current period gross charge-offs | $ | (606 | ) | $ | (2,583 | ) | $ | (1,817 | ) | $ | (529 | ) | $ | (148 | ) | $ | (191 | ) | $ | 0 | $ | (5,874 | ) |
March 31, 2024 | ||||||||||||
(in thousands) | Number of Loans | Recorded Investment | Specific Reserve | |||||||||
Hotel/motel | 3 | $ | 6,798 | $ | 0 | |||||||
Commercial real estate residential | 2 | 4,530 | 0 | |||||||||
Commercial real estate nonresidential | 9 | 21,549 | 325 | |||||||||
Commercial other | 2 | 5,265 | 0 | |||||||||
Total collateral dependent loans | 16 | $ | 38,142 | $ | 325 |
December 31, 2023 | ||||||||||||
(in thousands) | Number of Loans | Recorded Investment | Specific Reserve | |||||||||
Hotel/motel | 3 | $ | 6,810 | $ | 0 | |||||||
Commercial real estate residential | 2 | 5,080 | 0 | |||||||||
Commercial real estate nonresidential | 9 | 21,637 | 250 | |||||||||
Commercial other | 2 | 5,658 | 0 | |||||||||
Total collateral dependent loans | 16 | $ | 39,185 | $ | 250 |
March 31, 2023 | ||||||||||||
(in thousands) | Number of Loans | Recorded Investment | Specific Reserve | |||||||||
Hotel/motel | 2 | $ | 8,193 | $ | 0 | |||||||
Commercial real estate residential | 3 | 6,380 | 0 | |||||||||
Commercial real estate nonresidential | 6 | 11,712 | 0 | |||||||||
Commercial other | 2 | 8,043 | 0 | |||||||||
Total collateral dependent loans | 13 | $ | 34,328 | $ | 0 |
September 30, 2017 | ||||||||||||
(in thousands) | Recorded Balance | Unpaid Contractual Principal Balance | Specific Allowance | |||||||||
Loans without a specific valuation allowance: | ||||||||||||
Commercial construction | $ | 4,613 | $ | 4,621 | $ | 0 | ||||||
Commercial secured by real estate | 25,322 | 25,916 | 0 | |||||||||
Commercial other | 9,994 | 11,804 | 0 | |||||||||
Real estate construction | 873 | 873 | 0 | |||||||||
Real estate mortgage | 1,196 | 1,196 | 0 | |||||||||
Loans with a specific valuation allowance: | ||||||||||||
Commercial construction | 153 | 174 | 25 | |||||||||
Commercial secured by real estate | 3,918 | 5,023 | 1,301 | |||||||||
Commercial other | 130 | 133 | 65 | |||||||||
Totals: | ||||||||||||
Commercial construction | 4,766 | 4,795 | 25 | |||||||||
Commercial secured by real estate | 29,240 | 30,939 | 1,301 | |||||||||
Commercial other | 10,124 | 11,937 | 65 | |||||||||
Real estate construction | 873 | 873 | 0 | |||||||||
Real estate mortgage | 1,196 | 1,196 | 0 | |||||||||
Total | $ | 46,199 | $ | 49,740 | $ | 1,391 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, 2017 | September 30, 2017 | |||||||||||||||
(in thousands) | Average Investment in Impaired Loans | *Interest Income Recognized | Average Investment in Impaired Loans | *Interest Income Recognized | ||||||||||||
Loans without a specific valuation allowance: | ||||||||||||||||
Commercial construction | $ | 4,662 | $ | 50 | $ | 4,955 | $ | 136 | ||||||||
Commercial secured by real estate | 25,452 | 276 | 27,318 | 980 | ||||||||||||
Equipment lease financing | 0 | 0 | 45 | 0 | ||||||||||||
Commercial other | 10,191 | 123 | 10,717 | 396 | ||||||||||||
Real estate construction | 860 | 0 | 569 | 0 | ||||||||||||
Real estate mortgage | 1,197 | 8 | 1,601 | 30 | ||||||||||||
Loans with a specific valuation allowance: | ||||||||||||||||
Commercial construction | 153 | 0 | 156 | 0 | ||||||||||||
Commercial secured by real estate | 3,984 | 3 | 4,236 | 8 | ||||||||||||
Commercial other | 130 | 0 | 87 | 0 | ||||||||||||
Totals: | ||||||||||||||||
Commercial construction | 4,815 | 50 | 5,111 | 136 | ||||||||||||
Commercial secured by real estate | 29,436 | 279 | 31,554 | 988 | ||||||||||||
Equipment lease financing | 0 | 0 | 45 | 0 | ||||||||||||
Commercial other | 10,321 | 123 | 10,804 | 396 | ||||||||||||
Real estate construction | 860 | 0 | 569 | 0 | ||||||||||||
Real estate mortgage | 1,197 | 8 | 1,601 | 30 | ||||||||||||
Total | $ | 46,629 | $ | 460 | $ | 49,684 | $ | 1,550 |
December 31, 2016 | ||||||||||||||||||||
(in thousands) | Recorded Balance | Unpaid Contractual Principal Balance | Specific Allowance | Average Investment in Impaired Loans | *Interest Income Recognized | |||||||||||||||
Loans without a specific valuation allowance: | ||||||||||||||||||||
Commercial construction | $ | 4,102 | $ | 4,123 | $ | 0 | $ | 4,367 | $ | 218 | ||||||||||
Commercial secured by real estate | 29,025 | 29,594 | 0 | 31,136 | 1,609 | |||||||||||||||
Commercial other | 11,215 | 13,155 | 0 | 11,561 | 632 | |||||||||||||||
Real estate mortgage | 1,483 | 1,483 | 0 | 1,691 | 52 | |||||||||||||||
Loans with a specific valuation allowance: | ||||||||||||||||||||
Commercial construction | 1,507 | 1,509 | 213 | 2,290 | 0 | |||||||||||||||
Commercial secured by real estate | 4,731 | 5,885 | 1,035 | 4,151 | 19 | |||||||||||||||
Commercial other | 139 | 139 | 65 | 483 | 0 | |||||||||||||||
Totals: | ||||||||||||||||||||
Commercial construction | 5,609 | 5,632 | 213 | 6,657 | 218 | |||||||||||||||
Commercial secured by real estate | 33,756 | 35,479 | 1,035 | 35,287 | 1,628 | |||||||||||||||
Commercial other | 11,354 | 13,294 | 65 | 12,044 | 632 | |||||||||||||||
Real estate mortgage | 1,483 | 1,483 | 0 | 1,691 | 52 | |||||||||||||||
Total | $ | 52,202 | $ | 55,888 | $ | 1,313 | $ | 55,679 | $ | 2,530 |
September 30, 2016 | ||||||||||||
(in thousands) | Recorded Balance | Unpaid Contractual Principal Balance | Specific Allowance | |||||||||
Loans without a specific valuation allowance: | ||||||||||||
Commercial construction | $ | 4,270 | $ | 4,293 | $ | 0 | ||||||
Commercial secured by real estate | 32,311 | 33,004 | 0 | |||||||||
Commercial other | 11,382 | 13,191 | 0 | |||||||||
Real estate mortgage | 1,489 | 1,489 | 0 | |||||||||
Loans with a specific valuation allowance: | ||||||||||||
Commercial construction | 1,668 | 1,670 | 212 | |||||||||
Commercial secured by real estate | 3,537 | 4,688 | 747 | |||||||||
Commercial other | 388 | 408 | 190 | |||||||||
Totals: | ||||||||||||
Commercial construction | 5,938 | 5,963 | 212 | |||||||||
Commercial secured by real estate | 35,848 | 37,692 | 747 | |||||||||
Commercial other | 11,770 | 13,599 | 190 | |||||||||
Real estate mortgage | 1,489 | 1,489 | 0 | |||||||||
Total | $ | 55,045 | $ | 58,743 | $ | 1,149 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, 2016 | September 30, 2016 | |||||||||||||||
(in thousands) | Average Investment in Impaired Loans | *Interest Income Recognized | Average Investment in Impaired Loans | *Interest Income Recognized | ||||||||||||
Loans without a specific valuation allowance: | ||||||||||||||||
Commercial construction | $ | 4,299 | $ | 63 | $ | 4,450 | $ | 168 | ||||||||
Commercial secured by real estate | 32,534 | 390 | 31,795 | 1,164 | ||||||||||||
Commercial other | 11,497 | 153 | 11,564 | 470 | ||||||||||||
Real estate mortgage | 1,492 | 15 | 1,759 | 45 | ||||||||||||
Loans with a specific valuation allowance: | ||||||||||||||||
Commercial construction | 1,798 | 0 | 2,524 | 0 | ||||||||||||
Commercial secured by real estate | 3,547 | 1 | 3,957 | 19 | ||||||||||||
Commercial other | 405 | 0 | 597 | 0 | ||||||||||||
Totals: | ||||||||||||||||
Commercial construction | 6,097 | 63 | 6,974 | 168 | ||||||||||||
Commercial secured by real estate | 36,081 | 391 | 35,752 | 1,183 | ||||||||||||
Commercial other | 11,902 | 153 | 12,161 | 470 | ||||||||||||
Real estate mortgage | 1,492 | 15 | 1,759 | 45 | ||||||||||||
Total | $ | 55,572 | $ | 622 | $ | 56,646 | $ | 1,866 |
Amortized Cost at March 31, 2024 | ||||||||||||||||
(in thousands) | Interest Rate Reduction | % of total | Term Extension | % of total | ||||||||||||
Hotel/motel | $ | 0 | 0.00 | % | $ | 0 | 0.00 | % | ||||||||
Commercial real estate residential | 0 | 0.00 | 65 | 0.01 | ||||||||||||
Commercial real estate nonresidential | 0 | 0.00 | 0 | 0.00 | ||||||||||||
Dealer floorplans | 0 | 0.00 | 0 | 0.00 | ||||||||||||
Commercial other | 0 | 0.00 | 1,517 | 0.47 | ||||||||||||
Commercial loans | 0 | 0.00 | 1,582 | 0.08 | ||||||||||||
Real estate mortgage | 189 | 0.02 | 2,782 | 0.29 | ||||||||||||
Home equity lines | 0 | 0.00 | 32 | 0.02 | ||||||||||||
Residential loans | 189 | 0.02 | 2,814 | 0.25 | ||||||||||||
Consumer direct | 0 | 0.00 | 38 | 0.02 | ||||||||||||
Consumer indirect | 0 | 0.00 | 269 | 0.03 | ||||||||||||
Consumer loans | 0 | 0.00 | 307 | 0.03 | ||||||||||||
Loans and lease financing | $ | 189 | 0.00 | % | $ | 4,703 | 0.11 | % | ||||||||
Amortized Cost at March 31, 2024 | ||||||||||||||||
(in thousands) | Combination – Term Extension and Interest Rate Reduction | % of total | Payment Change | % of total | ||||||||||||
Hotel/motel | $ | 0 | 0.00 | % | $ | 0 | 0.00 | % | ||||||||
Commercial real estate residential | 15 | 0.00 | 0 | 0.00 | ||||||||||||
Commercial real estate nonresidential | 28 | 0.00 | 11 | 0.00 | ||||||||||||
Dealer floorplans | 0 | 0.00 | 0 | 0.00 | ||||||||||||
Commercial other | 0 | 0.00 | 858 | 0.27 | ||||||||||||
Commercial loans | 43 | 0.00 | 869 | 0.04 | ||||||||||||
Real estate mortgage | 278 | 0.03 | 0 | 0.00 | ||||||||||||
Home equity lines | 39 | 0.03 | 0 | 0.00 | ||||||||||||
Residential loans | 317 | 0.03 | 0 | 0.00 | ||||||||||||
Consumer direct | 0 | 0.00 | 0 | 0.00 | ||||||||||||
Consumer indirect | 0 | 0.00 | 25 | 0.00 | ||||||||||||
Consumer loans | 0 | 0.00 | 25 | 0.00 | ||||||||||||
Loans and lease financing | $ | 360 | 0.01 | % | $ | 894 | 0.02 | % |
Interest Rate Reduction | Term Extension | |||||||||||||||
(in thousands) | Amortized Cost at March 31, 2023 | % of total | Amortized Cost at March 31, 2023 | % of total | ||||||||||||
Hotel/motel | $ | 0 | 0.00 | % | $ | 0 | 0.00 | % | ||||||||
Commercial real estate residential | 358 | 0.09 | 1,369 | 0.36 | ||||||||||||
Commercial real estate nonresidential | 4,506 | 0.60 | 4,715 | 0.63 | ||||||||||||
Dealer floorplans | 0 | 0.00 | 0 | 0.00 | ||||||||||||
Commercial other | 0 | 0.00 | 963 | 0.30 | ||||||||||||
Commercial loans | 4,864 | 0.26 | 7,047 | 0.38 | ||||||||||||
Real estate mortgage | 59 | 0.01 | 2,446 | 0.29 | ||||||||||||
Home equity lines | 0 | 0.00 | 55 | 0.04 | ||||||||||||
Residential loans | 59 | 0.01 | 2,501 | 0.26 | ||||||||||||
Consumer direct | 0 | 0.00 | 178 | 0.11 | ||||||||||||
Consumer indirect | 0 | 0.00 | 396 | 0.05 | ||||||||||||
Consumer loans | 0 | 0.00 | 574 | 0.06 | ||||||||||||
Loans and lease financing | $ | 4,923 | 0.13 | % | $ | 10,122 | 0.27 | % |
Combination – Term Extension and Interest Rate Reduction | Payment Change | |||||||||||||||
(in thousands) | Amortized Cost at March 31, 2023 | % of total | Amortized Cost at March 31, 2023 | % of total | ||||||||||||
Hotel/motel | $ | 0 | 0.00 | % | $ | 0 | 0.00 | % | ||||||||
Commercial real estate residential | 45 | 0.01 | 0 | 0.00 | ||||||||||||
Commercial real estate nonresidential | 0 | 0.00 | 0 | 0.00 | ||||||||||||
Dealer floorplans | 0 | 0.00 | 0 | 0.00 | ||||||||||||
Commercial other | 0 | 0.00 | 111 | 0.04 | ||||||||||||
Commercial loans | 45 | 0.00 | 111 | 0.01 | ||||||||||||
Real estate mortgage | 217 | 0.03 | 0 | 0.00 | ||||||||||||
Home equity lines | 35 | 0.03 | 60 | 0.05 | ||||||||||||
Residential loans | 252 | 0.03 | 60 | 0.01 | ||||||||||||
Consumer direct | 0 | 0.00 | 21 | 0.01 | ||||||||||||
Consumer indirect | 0 | 0.00 | 0 | 0.00 | ||||||||||||
Consumer loans | 0 | 0.00 | 21 | 0.00 | ||||||||||||
Loans and lease financing | $ | 297 | 0.01 | % | $ | 192 | 0.01 | % |
Interest Rate Reduction | Term Extension | |||
Loan Type | Financial Impact | Financial Impact | ||
Hotel/motel | ||||
Commercial real estate residential | Added a weighted-average 0.3 years to life of the loans | |||
Commercial real estate nonresidential | ||||
Dealer floorplans | ||||
Commercial other | Added a weighted-average 0.5 years to life of the loans | |||
Real estate mortgage | Reduced weighted-average contractual interest rate from 9.8% to 5.0% | Added a weighted-average 0.4 years to life of the loans | ||
Home equity lines | Added a weighted-average 0.5 years to life of the loans | |||
Consumer direct | Added a weighted-average 0.1 years to life of the loans | |||
Consumer indirect | Added a weighted-average 0.1 years to life of the loans |
Combination – Term Extension and Interest Rate Reduction | Payment Changes | |||
Loan Type | Financial Impact | Financial Impact | ||
Hotel/motel | ||||
Commercial real estate residential | Weighted-average contractual interest rate remained at 8.5% and increased the weighted-average life by 4.0 years | |||
Commercial real estate nonresidential | Weighted-average contractual interest rate remained at 6.0% and increased the weighted-average life by 10.3 years | Provided payment changes that will be added to the end of the original loan term. | ||
Dealer floorplans | ||||
Commercial other | Provided payment changes that will be added to the end of the original loan term. | |||
Real estate mortgage | Reduced weighted-average contractual interest rate from 5.3% to 5.2% and increased the weighted-average life by 5 years | |||
Home equity lines | Reduced weighted-average contractual interest rate from 10.0% to 8.5% and increased the weighted-average life by 17.7 years | |||
Consumer direct | ||||
Consumer indirect | Provided payment changes that will be added to the end of the original loan term. |
Three Months Ended September 30, 2017 | ||||||||||||||||||||
(in thousands) | Number of Loans | Term Modification | Rate Modification | Combination | Post-Modification Outstanding Balance | |||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial secured by real estate | 6 | $ | 295 | $ | 0 | $ | 0 | $ | 295 | |||||||||||
Commercial other | 1 | 102 | 0 | 0 | 102 | |||||||||||||||
Total troubled debt restructurings | 7 | $ | 397 | $ | 0 | $ | 0 | $ | 397 |
Nine Months Ended September 30, 2017 | ||||||||||||||||||||
(in thousands) | Number of Loans | Term Modification | Rate Modification | Combination | Post-Modification Outstanding Balance | |||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial construction | 2 | $ | 0 | $ | 0 | $ | 114 | $ | 114 | |||||||||||
Commercial secured by real estate | 11 | 874 | 0 | 192 | 1,066 | |||||||||||||||
Commercial other | 10 | 237 | 0 | 136 | 373 | |||||||||||||||
Residential: | ||||||||||||||||||||
Real estate construction | 1 | 846 | 0 | 0 | 846 | |||||||||||||||
Real estate mortgage | 1 | 323 | 0 | 0 | 323 | |||||||||||||||
Total troubled debt restructurings | 25 | $ | 2,280 | $ | 0 | $ | 442 | $ | 2,722 |
Three Months Ended September 30, 2016 | ||||||||||||||||||||
(in thousands) | Number of Loans | Term Modification | Rate Modification | Combination | Post-Modification Outstanding Balance | |||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial secured by real estate | 2 | $ | 152 | $ | 0 | $ | 0 | $ | 152 | |||||||||||
Total troubled debt restructurings | 2 | $ | 152 | $ | 0 | $ | 0 | $ | 152 |
Nine Months Ended September 30, 2016 | ||||||||||||||||||||
(in thousands) | Number of Loans | Term Modification | Rate Modification | Combination | Post-Modification Outstanding Balance | |||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial construction | 5 | $ | 1,408 | $ | 0 | $ | 0 | $ | 1,408 | |||||||||||
Commercial secured by real estate | 23 | 5,761 | 0 | 580 | 6,341 | |||||||||||||||
Commercial other | 16 | 5,041 | 0 | 0 | 5,041 | |||||||||||||||
Residential: | ||||||||||||||||||||
Real estate mortgage | 1 | 0 | 0 | 280 | 280 | |||||||||||||||
Total troubled debt restructurings | 45 | $ | 12,210 | $ | 0 | $ | 860 | $ | 13,070 |
Year Ended December 31, 2016 | ||||||||||||||||||||
(in thousands) | Number of Loans | Term Modification | Rate Modification | Combination | Post-Modification Outstanding Balance | |||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial construction | 1 | $ | 1,288 | $ | 0 | $ | 0 | $ | 1,288 | |||||||||||
Commercial secured by real estate | 27 | 8,827 | 0 | 581 | 9,408 | |||||||||||||||
Commercial other | 14 | 5,088 | 0 | 87 | 5,175 | |||||||||||||||
Residential: | ||||||||||||||||||||
Real estate mortgage | 1 | 0 | 0 | 281 | 281 | |||||||||||||||
Total troubled debt restructurings | 43 | $ | 15,203 | $ | 0 | $ | 949 | $ | 16,152 |
Loan Type | Interest Rate Reduction Financial Impact | Term Extension Financial Impact | ||
Hotel/motel | ||||
Commercial real estate residential | Reduced weighted-average contractual interest rate from 9.6% to 8.0% | The weighted-average term was not increased with the changes to this portfolio | ||
Commercial real estate nonresidential | Reduced weighted-average contractual interest rate from 9.5% to 7.5% | The weighted-average term was not increased with the changes to this portfolio | ||
Dealer floorplans | ||||
Commercial other | Added a weighted-average 1.8 years to life of the loans, which reduced monthly payment amounts to the borrower | |||
Real estate mortgage | Changed from an adjustable rate to a fixed rate mortgage maintaining the contractual interest rate of 3.0% | Added a weighted-average 2.3 years to life of the loans, which reduced monthly payment amounts to the borrower | ||
Home equity lines | Added a weighted-average 6.67 years to life of the loans, which reduced monthly payment amounts to the borrower | |||
Consumer direct | Added a weighted-average 0.2 years to the life of the loans | |||
Consumer indirect | Added a weighted-average 0.3 years to the life of the loans |
Loan Type | Combination – Term Extension and Interest Rate Reduction Financial Impact | Payment Changes Financial Impact | ||
Hotel/motel | ||||
Commercial real estate residential | Reduced weighted-average contractual interest rate from 10.8% to 6.5% and increased the weighted-average life by 0.3 years | |||
Commercial real estate nonresidential | ||||
Dealer floorplans | ||||
Commercial other | Provided payment changes that will be added to the end of the original loan term | |||
Real estate mortgage | Reduced weighted-average contractual interest rate from 7.4% to 6.1% and increased the weighted-average life by 12.9 years | |||
Home equity lines | While the weighted-average contractual interest rate did not change materially from 7.7%, the weighted-average life increased by 5.0 years | Provided payment changes that will be added to the end of the original loan term | ||
Consumer direct | Provided payment changes that will be added to the end of the original loan term | |||
Consumer indirect |
Past Due Status (Amortized Cost Basis) | ||||||||||||||||
(in thousands) | Current | 30-89 Days | 90+ Days | Nonaccrual | ||||||||||||
Hotel/motel | $ | 1,955 | $ | 0 | $ | 0 | $ | 0 | ||||||||
Commercial real estate residential | 624 | 0 | 412 | 0 | ||||||||||||
Commercial real estate nonresidential | 1,606 | 0 | 28 | 0 | ||||||||||||
Dealer floorplans | 0 | 0 | 0 | 0 | ||||||||||||
Commercial other | 5,961 | 135 | 389 | 75 | ||||||||||||
Real estate mortgage | 6,145 | 418 | 380 | 365 | ||||||||||||
Home equity lines | 423 | 0 | 0 | 0 | ||||||||||||
Consumer direct | 64 | 14 | 0 | 0 | ||||||||||||
Consumer indirect | 346 | 3 | 0 | 0 | ||||||||||||
Total | $ | 17,124 | $ | 570 | $ | 1,209 | $ | 440 |
(in thousands) | Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||||||||||
Number of Loans | Recorded Balance | Number of Loans | Recorded Balance | |||||||||||||
Commercial: | ||||||||||||||||
Commercial secured by real estate | 2 | $ | 961 | 2 | $ | 961 | ||||||||||
Residential: | ||||||||||||||||
Real estate construction | 1 | 846 | 1 | 846 | ||||||||||||
Total defaulted restructured loans | 3 | $ | 1,807 | 3 | $ | 1,807 |
(in thousands) | Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2016 | ||||||||||||||
Number of Loans | Recorded Balance | Number of Loans | Recorded Balance | |||||||||||||
Commercial: | ||||||||||||||||
Commercial secured by real estate | 1 | $ | 1,446 | 2 | $ | 1,956 | ||||||||||
Commercial other | 1 | 14 | 2 | 372 | ||||||||||||
Total defaulted restructured loans | 2 | $ | 1,460 | 4 | $ | 2,328 |
Three Months Ended March 31, 2024 | ||||||||
(in thousands) | Number of Loans | Recorded Balance | ||||||
Commercial: | ||||||||
Commercial other | 4 | $ | 422 | |||||
Commercial real estate residential | 2 | 412 | ||||||
Real estate mortgage | 3 | 197 | ||||||
Total defaulted restructured loans | 9 | $ | 1,031 |
Three Months Ended September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial Construction | Commercial Secured by Real Estate | Equipment Lease Financing | Commercial Other | Real Estate Construction | Real Estate Mortgage | Home Equity | Consumer Direct | Consumer Indirect | Total | ||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 669 | $ | 15,299 | $ | 33 | $ | 4,993 | $ | 581 | $ | 5,662 | $ | 747 | $ | 1,866 | $ | 7,283 | $ | 37,133 | ||||||||||||||||||||
Provision charged to expense | (19 | ) | (1 | ) | (14 | ) | 210 | 49 | 276 | 113 | 47 | 5 | 666 | |||||||||||||||||||||||||||
Losses charged off | (6 | ) | (249 | ) | 0 | (549 | ) | 0 | (158 | ) | (53 | ) | (166 | ) | (1,262 | ) | (2,443 | ) | ||||||||||||||||||||||
Recoveries | 28 | 53 | 0 | 308 | 0 | 6 | 0 | 110 | 530 | 1,035 | ||||||||||||||||||||||||||||||
Ending balance | $ | 672 | $ | 15,102 | $ | 19 | $ | 4,962 | $ | 630 | $ | 5,786 | $ | 807 | $ | 1,857 | $ | 6,556 | $ | 36,391 | ||||||||||||||||||||
Ending balance: | ||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 25 | $ | 1,301 | $ | 0 | $ | 65 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1,391 | ||||||||||||||||||||
Collectively evaluated for impairment | $ | 647 | $ | 13,801 | $ | 19 | $ | 4,897 | $ | 630 | $ | 5,786 | $ | 807 | $ | 1,857 | $ | 6,556 | $ | 35,000 | ||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||||||
Ending balance: | ||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,766 | $ | 29,240 | $ | 0 | $ | 10,124 | $ | 873 | $ | 1,196 | $ | 0 | $ | 0 | $ | 0 | $ | 46,199 | ||||||||||||||||||||
Collectively evaluated for impairment | $ | 69,516 | $ | 1,168,364 | $ | 3,290 | $ | 329,213 | $ | 63,568 | $ | 711,041 | $ | 96,755 | $ | 137,657 | $ | 487,818 | $ | 3,067,222 |
Nine Months Ended September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial Construction | Commercial Secured by Real Estate | Equipment Lease Financing | Commercial Other | Real Estate Construction | Real Estate Mortgage | Home Equity | Consumer Direct | Consumer Indirect | Total | ||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 884 | $ | 14,191 | $ | 42 | $ | 4,656 | $ | 629 | $ | 6,027 | $ | 774 | $ | 1,885 | $ | 6,845 | $ | 35,933 | ||||||||||||||||||||
Provision charged to expense | (239 | ) | 1,622 | (23 | ) | 1,229 | 0 | 1 | 87 | 243 | 1,739 | 4,659 | ||||||||||||||||||||||||||||
Losses charged off | (10 | ) | (776 | ) | 0 | (1,386 | ) | 0 | (321 | ) | (57 | ) | (675 | ) | (3,898 | ) | (7,123 | ) | ||||||||||||||||||||||
Recoveries | 37 | 65 | 0 | 463 | 1 | 79 | 3 | 404 | 1,870 | 2,922 | ||||||||||||||||||||||||||||||
Ending balance | $ | 672 | $ | 15,102 | $ | 19 | $ | 4,962 | $ | 630 | $ | 5,786 | $ | 807 | $ | 1,857 | $ | 6,556 | $ | 36,391 | ||||||||||||||||||||
Ending balance: | ||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 25 | $ | 1,301 | $ | 0 | $ | 65 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1,391 | ||||||||||||||||||||
Collectively evaluated for impairment | $ | 647 | $ | 13,801 | $ | 19 | $ | 4,897 | $ | 630 | $ | 5,786 | $ | 807 | $ | 1,857 | $ | 6,556 | $ | 35,000 | ||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||||||
Ending balance: | ||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,766 | $ | 29,240 | $ | 0 | $ | 10,124 | $ | 873 | $ | 1,196 | $ | 0 | $ | 0 | $ | 0 | $ | 46,199 | ||||||||||||||||||||
Collectively evaluated for impairment | $ | 69,516 | $ | 1,168,364 | $ | 3,290 | $ | 329,213 | $ | 63,568 | $ | 711,041 | $ | 96,755 | $ | 137,657 | $ | 487,818 | $ | 3,067,222 |
Three Months Ended September 30, 2016 | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial Construction | Commercial Secured by Real Estate | Equipment Lease Financing | Commercial Other | Real Estate Construction | Real Estate Mortgage | Home Equity | Consumer Direct | Consumer Indirect | Total | ||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,437 | $ | 14,438 | $ | 94 | $ | 4,430 | $ | 558 | $ | 6,372 | $ | 819 | $ | 1,634 | $ | 5,915 | $ | 35,697 | ||||||||||||||||||||
Provision charged to expense | 54 | 585 | (28 | ) | 185 | 8 | 330 | 3 | 170 | 884 | 2,191 | |||||||||||||||||||||||||||||
Losses charged off | (79 | ) | (319 | ) | 0 | (622 | ) | (61 | ) | (366 | ) | 0 | (204 | ) | (1,311 | ) | (2,962 | ) | ||||||||||||||||||||||
Recoveries | 18 | 78 | 0 | 92 | 4 | 8 | 2 | 111 | 562 | 875 | ||||||||||||||||||||||||||||||
Ending balance | $ | 1,430 | $ | 14,782 | $ | 66 | $ | 4,085 | $ | 509 | $ | 6,344 | $ | 824 | $ | 1,711 | $ | 6,050 | $ | 35,801 | ||||||||||||||||||||
Ending balance: | ||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 212 | $ | 747 | $ | 0 | $ | 190 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1,149 | ||||||||||||||||||||
Collectively evaluated for impairment | $ | 1,218 | $ | 14,035 | $ | 66 | $ | 3,895 | $ | 509 | $ | 6,344 | $ | 824 | $ | 1,711 | $ | 6,050 | $ | 34,652 | ||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||||||
Ending balance: | ||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 5,938 | $ | 35,848 | $ | 0 | $ | 11,770 | $ | 0 | $ | 1,489 | $ | 0 | $ | 0 | $ | 0 | $ | 55,045 | ||||||||||||||||||||
Collectively evaluated for impairment | $ | 62,337 | $ | 1,047,792 | $ | 6,242 | $ | 343,214 | $ | 55,412 | $ | 704,539 | $ | 89,467 | $ | 131,815 | $ | 435,436 | $ | 2,876,254 |
Nine Months Ended September 30, 2016 | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial Construction | Commercial Secured by Real Estate | Equipment Lease Financing | Commercial Other | Real Estate Construction | Real Estate Mortgage | Home Equity | Consumer Direct | Consumer Indirect | Total | ||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 2,199 | $ | 14,434 | $ | 79 | $ | 4,225 | $ | 550 | $ | 6,678 | $ | 839 | $ | 1,594 | $ | 5,496 | $ | 36,094 | ||||||||||||||||||||
Provision charged to expense | (701 | ) | 1,726 | (13 | ) | 1,156 | 144 | 440 | (1 | ) | 669 | 2,409 | 5,829 | |||||||||||||||||||||||||||
Losses charged off | (94 | ) | (1,505 | ) | 0 | (1,667 | ) | (192 | ) | (849 | ) | (21 | ) | (893 | ) | (3,508 | ) | (8,729 | ) | |||||||||||||||||||||
Recoveries | 26 | 127 | 0 | 371 | 7 | 75 | 7 | 341 | 1,653 | 2,607 | ||||||||||||||||||||||||||||||
Ending balance | $ | 1,430 | $ | 14,782 | $ | 66 | $ | 4,085 | $ | 509 | $ | 6,344 | $ | 824 | $ | 1,711 | $ | 6,050 | $ | 35,801 | ||||||||||||||||||||
Ending balance: | ||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 212 | $ | 747 | $ | 0 | $ | 190 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1,149 | ||||||||||||||||||||
Collectively evaluated for impairment | $ | 1,218 | $ | 14,035 | $ | 66 | $ | 3,895 | $ | 509 | $ | 6,344 | $ | 824 | $ | 1,711 | $ | 6,050 | $ | 34,652 | ||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||||||
Ending balance: | ||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 5,938 | $ | 35,848 | $ | 0 | $ | 11,770 | $ | 0 | $ | 1,489 | $ | 0 | $ | 0 | $ | 0 | $ | 55,045 | ||||||||||||||||||||
Collectively evaluated for impairment | $ | 62,337 | $ | 1,047,792 | $ | 6,242 | $ | 343,214 | $ | 55,412 | $ | 704,539 | $ | 89,467 | $ | 131,815 | $ | 435,436 | $ | 2,876,254 |
December 31, 2016 | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial Construction | Commercial Secured by Real Estate | Equipment Lease Financing | Commercial Other | Real Estate Construction | Real Estate Mortgage | Home Equity | Consumer Direct | Consumer Indirect | Total | ||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 2,199 | $ | 14,434 | $ | 79 | $ | 4,225 | $ | 550 | $ | 6,678 | $ | 839 | $ | 1,594 | $ | 5,496 | $ | 36,094 | ||||||||||||||||||||
Provision charged to expense | (1,035 | ) | 1,220 | (37 | ) | 2,128 | 264 | 291 | (20 | ) | 912 | 4,149 | 7,872 | |||||||||||||||||||||||||||
Losses charged off | (316 | ) | (1,641 | ) | 0 | (2,136 | ) | (192 | ) | (1,043 | ) | (54 | ) | (1,236 | ) | (5,050 | ) | (11,668 | ) | |||||||||||||||||||||
Recoveries | 36 | 178 | 0 | 439 | 7 | 101 | 9 | 615 | 2,250 | 3,635 | ||||||||||||||||||||||||||||||
Ending balance | $ | 884 | $ | 14,191 | $ | 42 | $ | 4,656 | $ | 629 | $ | 6,027 | $ | 774 | $ | 1,885 | $ | 6,845 | $ | 35,933 | ||||||||||||||||||||
Ending balance: | ||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 213 | $ | 1,035 | $ | 0 | $ | 65 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1,313 | ||||||||||||||||||||
Collectively evaluated for impairment | $ | 671 | $ | 13,156 | $ | 42 | $ | 4,591 | $ | 629 | $ | 6,027 | $ | 774 | $ | 1,885 | $ | 6,845 | $ | 34,620 | ||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||||||
Ending balance: | ||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 5,609 | $ | 33,756 | $ | 0 | $ | 11,354 | $ | 0 | $ | 1,483 | $ | 0 | $ | 0 | $ | 0 | $ | 52,202 | ||||||||||||||||||||
Collectively evaluated for impairment | $ | 61,389 | $ | 1,051,672 | $ | 5,512 | $ | 338,805 | $ | 57,966 | $ | 701,486 | $ | 91,511 | $ | 133,093 | $ | 444,735 | $ | 2,886,169 |
Three Months Ended | Nine Months Ended | Three Months Ended | ||||||||||||||||||||||
September 30 | September 30 | March 31 | ||||||||||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | 2024 | 2023 | ||||||||||||||||||
Beginning balance of other real estate owned | $ | 32,785 | $ | 37,740 | $ | 35,856 | $ | 40,674 | $ | 1,616 | $ | 3,671 | ||||||||||||
New assets acquired | 2,722 | 1,008 | 4,303 | 4,300 | 31 | 51 | ||||||||||||||||||
Capitalized costs | 0 | 0 | 0 | 0 | 12 | 0 | ||||||||||||||||||
Fair value adjustments | (884 | ) | (408 | ) | (2,871 | ) | (632 | ) | (42 | ) | (81 | ) | ||||||||||||
Sale of assets | (2,575 | ) | (675 | ) | (5,240 | ) | (6,677 | ) | (351 | ) | (865 | ) | ||||||||||||
Ending balance of other real estate owned | $ | 32,048 | $ | 37,665 | $ | 32,048 | $ | 37,665 | $ | 1,266 | $ | 2,776 |
(in thousands) | September 30 2017 | December 31 2016 | March 31 2024 | December 31 2023 | ||||||||||||
1-4 family | $ | 5,117 | $ | 6,210 | $ | 492 | $ | 827 | ||||||||
Agricultural/farmland | 68 | 93 | ||||||||||||||
Construction/land development/other | 16,620 | 20,778 | 369 | 383 | ||||||||||||
Multifamily | 176 | 270 | ||||||||||||||
Non-farm/non-residential | 10,067 | 8,505 | 405 | 406 | ||||||||||||
Total foreclosed properties | $ | 32,048 | $ | 35,856 | $ | 1,266 | $ | 1,616 |
September 30, 2017 | March 31, 2024 | |||||||||||||||||||||||||||||||||||||||
Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements | |||||||||||||||||||||||||||||||||||||||
(in thousands) | Overnight and Continuous | Up to 30 days | 30-90 days | Greater Than 90 days | Total | Overnight and Continuous | Up to 30 days | 30-90 days | Greater Than 90 days | Total | ||||||||||||||||||||||||||||||
Repurchase agreements and repurchase-to-maturity transactions: | ||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 31,171 | $ | 56,126 | $ | 0 | $ | 26,488 | $ | 113,785 | $ | 22,889 | $ | 0 | $ | 22,000 | $ | 4,673 | $ | 49,562 | ||||||||||||||||||||
State and political subdivisions | 63,611 | 4,573 | 610 | 6,919 | 75,713 | 103,406 | 0 | 0 | 11,072 | 114,478 | ||||||||||||||||||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 21,630 | 36,301 | 116 | 12,462 | 70,509 | 18,425 | 0 | 0 | 48,209 | 66,634 | ||||||||||||||||||||||||||||||
Asset-backed securities | 3,997 | 0 | 0 | 0 | 3,997 | |||||||||||||||||||||||||||||||||||
Total | $ | 116,412 | $ | 97,000 | $ | 726 | $ | 45,869 | $ | 260,007 | $ | 148,717 | $ | 0 | $ | 22,000 | $ | 63,954 | $ | 234,671 |
December 31, 2016 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||||
Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements | |||||||||||||||||||||||||||||||||||||||
(in thousands) | Overnight and Continuous | Up to 30 days | 30-90 days | Greater Than 90 days | Total | Overnight and Continuous | Up to 30 days | 30-90 days | Greater Than 90 days | Total | ||||||||||||||||||||||||||||||
Repurchase agreements and repurchase-to-maturity transactions: | ||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 17,249 | $ | 0 | $ | 14,349 | $ | 73,076 | $ | 104,674 | $ | 21,156 | $ | 19 | $ | 1,817 | $ | 23,640 | $ | 46,632 | ||||||||||||||||||||
State and political subdivisions | 55,354 | 0 | 1,998 | 10,272 | 67,624 | 98,053 | 481 | 5,962 | 3,219 | 107,715 | ||||||||||||||||||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 23,386 | 0 | 8,003 | 47,378 | 78,767 | 17,538 | 0 | 41,521 | 9,269 | 68,328 | ||||||||||||||||||||||||||||||
Asset-backed securities | 2,570 | 0 | 0 | 0 | 2,570 | |||||||||||||||||||||||||||||||||||
Total | $ | 95,989 | $ | 0 | $ | 24,350 | $ | 130,726 | $ | 251,065 | $ | 139,317 | $ | 500 | $ | 49,300 | $ | 36,128 | $ | 225,245 |
Fair Value Measurements at September 30, 2017 Using | Fair Value Measurements at March 31, 2024 Using | |||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Assets measured – recurring basis | ||||||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 217,858 | $ | 65,093 | $ | 152,765 | $ | 0 | $ | 340,501 | $ | 323,332 | $ | 17,169 | $ | 0 | ||||||||||||||||
State and political subdivisions | 136,657 | 0 | 136,657 | 0 | 261,430 | 0 | 261,430 | 0 | ||||||||||||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 223,998 | 0 | 223,998 | 0 | ||||||||||||||||||||||||||||
CRA investment funds | 24,520 | 24,520 | 0 | 0 | ||||||||||||||||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 436,376 | 0 | 436,376 | 0 | ||||||||||||||||||||||||||||
Asset-backed securities | 73,198 | 0 | 73,198 | 0 | ||||||||||||||||||||||||||||
Equity securities at fair value | 3,529 | 0 | 0 | 3,529 | ||||||||||||||||||||||||||||
Mortgage servicing rights | 3,283 | 0 | 0 | 3,283 | 7,792 | 0 | 0 | 7,792 |
Fair Value Measurements at December 31, 2016 Using | ||||||||||||||||
(in thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets measured – recurring basis | ||||||||||||||||
Available-for-sale securities: | ||||||||||||||||
U.S. Treasury and government agencies | $ | 222,464 | $ | 44,934 | $ | 177,530 | $ | 0 | ||||||||
State and political subdivisions | 133,516 | 0 | 133,516 | 0 | ||||||||||||
U.S. government sponsored agency mortgage-backed securities | 225,056 | 0 | 225,056 | 0 | ||||||||||||
CRA investment funds | 24,358 | 24,358 | 0 | 0 | ||||||||||||
Mortgage servicing rights | 3,433 | 0 | 0 | 3,433 |
Fair Value Measurements at December 31, 2023 Using | ||||||||||||||||
(in thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets measured – recurring basis | ||||||||||||||||
Available-for-sale securities: | ||||||||||||||||
U.S. Treasury and government agencies | $ | 354,817 | $ | 336,285 | $ | 18,532 | $ | 0 | ||||||||
State and political subdivisions | 264,945 | 0 | 264,945 | 0 | ||||||||||||
U.S. government sponsored agency mortgage-backed securities | 456,736 | 0 | 456,736 | 0 | ||||||||||||
Asset-backed securities | 87,226 | 0 | 87,226 | 0 | ||||||||||||
Equity securities at fair value | 3,158 | 0 | 0 | 3,158 | ||||||||||||
Mortgage servicing rights | 7,665 | 0 | 0 | 7,665 |
Mortgage Servicing Rights | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 30 | September 30 | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | Equity Securities at Fair Value | Mortgage Servicing Rights | Equity Securities at Fair Value | Mortgage Servicing Rights | ||||||||||||||||||||||||
Beginning balance | $ | 3,304 | $ | 2,797 | $ | 3,433 | $ | 3,236 | $ | 3,158 | $ | 7,665 | $ | 2,166 | $ | 8,468 | ||||||||||||||||
Total recognized gains (losses) | ||||||||||||||||||||||||||||||||
Total unrealized gains (losses) | ||||||||||||||||||||||||||||||||
Included in net income | 5 | 118 | (73 | ) | (422 | ) | 371 | 276 | 214 | (214 | ) | |||||||||||||||||||||
Issues | 98 | 167 | 269 | 388 | 0 | 19 | 0 | 50 | ||||||||||||||||||||||||
Settlements | (124 | ) | (118 | ) | (346 | ) | (238 | ) | 0 | (168 | ) | 0 | (183 | ) | ||||||||||||||||||
Ending balance | $ | 3,283 | $ | 2,964 | $ | 3,283 | $ | 2,964 | $ | 3,529 | $ | 7,792 | $ | 2,380 | $ | 8,121 | ||||||||||||||||
Total gains (losses) for the period included in net income attributable to the change in unrealized gains or losses related to assets still held at the reporting date | $ | 5 | $ | 118 | $ | (73 | ) | $ | (422 | ) | $ | 371 | $ | 276 | $ | 214 | $ | (214 | ) |
Noninterest Income | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30 | September 30 | |||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Total losses | $ | (119 | ) | $ | 0 | $ | (419 | ) | $ | (660 | ) |
Three Months Ended | ||||||||
March 31 | ||||||||
(in thousands) | 2024 | 2023 | ||||||
Total gains | $ | 479 | $ | (183 | ) |
Fair Value Measurements at September 30, 2017 Using | Fair Value Measurements at March 31, 2024 Using | |||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Assets measured – nonrecurring basis | ||||||||||||||||||||||||||||||||
Impaired loans (collateral dependent) | $ | 1,732 | $ | 0 | $ | 0 | $ | 1,732 | ||||||||||||||||||||||||
Other real estate/assets owned | 18,843 | 0 | 0 | 18,843 | ||||||||||||||||||||||||||||
Collateral dependent loans | $ | 8,322 | $ | 0 | $ | 0 | $ | 8,322 | ||||||||||||||||||||||||
Other real estate owned | 0 | 0 | 0 | 0 |
Fair Value Measurements at December 31, 2016 Using | Fair Value Measurements at December 31, 2023 Using | |||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Assets measured – nonrecurring basis | ||||||||||||||||||||||||||||||||
Impaired loans (collateral dependent) | $ | 5,506 | $ | 0 | $ | 0 | $ | 5,506 | ||||||||||||||||||||||||
Other real estate/assets owned | 4,388 | 0 | 0 | 4,388 | ||||||||||||||||||||||||||||
Collateral dependent loans | $ | 8,397 | $ | 0 | $ | 0 | $ | 8,397 | ||||||||||||||||||||||||
Other real estate owned | 205 | 0 | 0 | 205 |
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||
(in thousands) | Quantitative Information about Level 3 Fair Value Measurements | Fair Value at March 31, 2024 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | |||||||||||||
Equity securities at fair value | $ | 3,529 | Discount cash flows, computer pricing model | Discount rate | 15.0% - 25.0% (20.0%) | |||||||||||||
Conversion date | Dec 2028 - Dec 2032 (Dec 2030) | |||||||||||||||||
Fair Value at September 30, 2017 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | |||||||||||||||
Mortgage servicing rights | $ | 3,283 | Discount cash flows, computer pricing model | Constant prepayment rate | 7.0% - 29.5% (10.6%) | $ | 7,792 | Discount cash flows, computer pricing model | Constant prepayment rate | 0.0% - 28.7% (7.4%) | ||||||||
Probability of default | 0.0% - 100.0% (3.3%) | Probability of default | 0.0% - 66.7% (1.0%) | |||||||||||||||
Discount rate | 10.0% - 11.5% (10.1%) | Discount rate | 9.7% - 12.0% (10.0%) | |||||||||||||||
Collateral-dependent loans | | $ | 8,322 | Market comparable properties | Marketability discount | 10.5% - 27.4% (13.9%) | ||||||||||||
Impaired loans (collateral-dependent) | $ | 1,732 | Market comparable properties | Marketability discount | 10.0% - 89.0% (40.4%) | |||||||||||||
Other real estate/assets owned | $ | 18,843 | Market comparable properties | Comparability adjustments | 6.0% - 68.7% (16.3%) | |||||||||||||
Other real estate owned | $ | 0 | Market comparable properties | Comparability adjustments | 0% |
(in thousands) | Quantitative Information about Level 3 Fair Value Measurements | ||||||||
Fair Value at December 31, 2016 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | ||||||
Mortgage servicing rights | $ | 3,433 | Discount cash flows, computer pricing model | Constant prepayment rate | 7.0% - 27.0% (9.5%) | ||||
Probability of default | 0.0% - 100.0% (3.0%) | ||||||||
Discount rate | 10.0% - 11.5% (10.1%) | ||||||||
Impaired loans (collateral-dependent) | $ | 5,506 | Market comparable properties | Marketability discount | 0.0% - 100.0% (33.7%) | ||||
Other real estate/assets owned | $ | 4,388 | Market comparable properties | Comparability adjustments | 10.0% - 100.0% (14.9%) |
Quantitative Information about Level 3 Fair Value Measurements | |||||||||
(in thousands) | Fair Value at December 31, 2023 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | |||||
Equity securities at fair value | $ | 3,158 | Discount cash flows, computer pricing model | Discount rate | 15.0% - 12.0% (10.0%) | ||||
Conversion date | Dec 2028 - Dec 2032 (Dec 2030) | ||||||||
Mortgage servicing rights | $ | 7,665 | Discount cash flows, computer pricing model | Constant prepayment rate | 0.0% - 77.6% (7.5%) | ||||
Probability of default | 0.0% - 66.7% (1.0%) | ||||||||
Discount rate | 9.5% - 12.0% (10.0%) | ||||||||
Collateral-dependent loans | $ | 8,397 | Market comparable properties | Marketability discount | 10.9% - 19.6% (12.2%) | ||||
Other real estate owned | $ | 205 | Market comparable properties | Comparability adjustments | 10.0% - 23.9% (17.5%) |
Fair Value Measurements at September 30, 2017 Using | Fair Value Measurements at March 31, 2024 Using | |||||||||||||||||||||||||||||||
(in thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 166,416 | $ | 166,416 | $ | 0 | $ | 0 | $ | 293,298 | $ | 293,298 | $ | 0 | $ | 0 | ||||||||||||||||
Certificates of deposit in other banks | 11,270 | 0 | 11,244 | 0 | 245 | 0 | 245 | 0 | ||||||||||||||||||||||||
Securities available-for-sale | 603,033 | 89,613 | 513,420 | 0 | ||||||||||||||||||||||||||||
Securities held-to-maturity | 858 | 0 | 858 | 0 | ||||||||||||||||||||||||||||
Debt securities available-for-sale | 1,111,505 | 323,332 | 788,173 | 0 | ||||||||||||||||||||||||||||
Equity securities at fair value | 3,529 | 0 | 0 | 3,529 | ||||||||||||||||||||||||||||
Loans held for sale | 1,605 | 1,651 | 0 | 0 | 57 | 59 | 0 | 0 | ||||||||||||||||||||||||
Loans, net | 3,077,030 | 0 | 0 | 3,057,809 | 4,110,604 | 0 | 0 | 3,831,409 | ||||||||||||||||||||||||
Federal Home Loan Bank stock | 17,927 | 0 | 17,927 | 0 | 4,440 | 0 | 4,440 | 0 | ||||||||||||||||||||||||
Federal Reserve Bank stock | 4,887 | 0 | 4,887 | 0 | 4,887 | 0 | 4,887 | 0 | ||||||||||||||||||||||||
Accrued interest receivable | 12,920 | 0 | 12,920 | 0 | 23,532 | 0 | 23,532 | 0 | ||||||||||||||||||||||||
Mortgage servicing rights | 3,283 | 0 | 0 | 3,283 | ||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Deposits | $ | 3,200,366 | $ | 786,856 | $ | 2,410,741 | $ | 0 | $ | 4,784,270 | $ | 1,016,951 | $ | 3,346,616 | $ | 0 | ||||||||||||||||
Repurchase agreements | 260,007 | 0 | 0 | 260,044 | 234,671 | 0 | 0 | 234,671 | ||||||||||||||||||||||||
Federal funds purchased | 8,196 | 0 | 8,196 | 0 | 500 | 0 | 500 | 0 | ||||||||||||||||||||||||
Advances from Federal Home Loan Bank | 50,869 | 0 | 50,870 | 0 | 329 | 0 | 340 | 0 | ||||||||||||||||||||||||
Long-term debt | 59,341 | 0 | 0 | 49,073 | 64,185 | 0 | 0 | 49,200 | ||||||||||||||||||||||||
Accrued interest payable | 2,771 | 0 | 2,771 | 0 | 9,365 | 0 | 9,365 | 0 | ||||||||||||||||||||||||
Unrecognized financial instruments: | ||||||||||||||||||||||||||||||||
Letters of credit | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Commitments to extend credit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Forward sale commitments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Fair Value Measurements at December 31, 2023 Using | ||||||||||||||||||||||||||||||||
(in thousands) | Fair Value Measurements at December 31, 2016 Using | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||
Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 144,716 | $ | 144,716 | $ | 0 | $ | 0 | $ | 271,400 | $ | 271,400 | $ | 0 | $ | 0 | ||||||||||||||||
Certificates of deposit in other banks | 980 | 0 | 982 | 0 | 245 | 0 | 245 | 0 | ||||||||||||||||||||||||
Securities available-for-sale | 605,394 | 69,292 | 536,102 | 0 | ||||||||||||||||||||||||||||
Securities held-to-maturity | 866 | 0 | 867 | 0 | ||||||||||||||||||||||||||||
Debt securities available-for-sale | 1,163,724 | 336,285 | 827,439 | 0 | ||||||||||||||||||||||||||||
Equity securities at fair value | 3,158 | 0 | 0 | 3,158 | ||||||||||||||||||||||||||||
Loans held for sale | 1,244 | 1,260 | 0 | 0 | 152 | 154 | 0 | 0 | ||||||||||||||||||||||||
Loans, net | 2,902,438 | 0 | 0 | 2,882,348 | 4,001,363 | 0 | 0 | 3,745,477 | ||||||||||||||||||||||||
Federal Home Loan Bank stock | 17,927 | 0 | 17,927 | 0 | 4,712 | 0 | 4,712 | 0 | ||||||||||||||||||||||||
Federal Reserve Bank stock | 4,887 | 0 | 4,887 | 0 | 4,887 | 0 | 4,887 | 0 | ||||||||||||||||||||||||
Accrued interest receivable | 11,922 | 0 | 11,922 | 0 | 23,575 | 0 | 23,575 | 0 | ||||||||||||||||||||||||
Mortgage servicing rights | 3,433 | 0 | 0 | 3,433 | ||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Deposits | $ | 3,081,308 | $ | 767,918 | $ | 2,321,690 | $ | 0 | $ | 4,724,622 | $ | 1,260,690 | $ | 3,480,806 | $ | 0 | ||||||||||||||||
Repurchase agreements | 251,065 | 0 | 0 | 250,820 | 225,245 | 0 | 0 | 225,187 | ||||||||||||||||||||||||
Federal funds purchased | 4,816 | 0 | 4,816 | 0 | 500 | 0 | 500 | 0 | ||||||||||||||||||||||||
Advances from Federal Home Loan Bank | 944 | 0 | 1,009 | 0 | 334 | 0 | 349 | 0 | ||||||||||||||||||||||||
Long-term debt | 61,341 | 0 | 0 | 49,073 | 64,241 | 0 | 0 | 50,326 | ||||||||||||||||||||||||
Accrued interest payable | 1,200 | 0 | 1,200 | 0 | 7,389 | 0 | 7,389 | 0 | ||||||||||||||||||||||||
Unrecognized financial instruments: | ||||||||||||||||||||||||||||||||
Letters of credit | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Commitments to extend credit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Forward sale commitments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Three Months Ended | Nine Months Ended | Three Months Ended | ||||||||||||||||||||||
September 30 | September 30 | March 31 | ||||||||||||||||||||||
(in thousands except per share data) | 2017 | 2016 | 2017 | 2016 | 2024 | 2023 | ||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Net income | $ | 13,763 | $ | 12,312 | $ | 36,581 | $ | 35,480 | $ | 18,679 | $ | 19,313 | ||||||||||||
Denominator: | ||||||||||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||||
Weighted average shares | 17,633 | 17,554 | 17,625 | 17,532 | 17,926 | 17,872 | ||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||||
Effect of dilutive stock options and restricted stock grants | 20 | 15 | 20 | 16 | 17 | 12 | ||||||||||||||||||
Adjusted weighted average shares | 17,653 | 17,569 | 17,645 | 17,548 | 17,943 | 17,884 | ||||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||
Basic earnings per share | $ | 0.78 | $ | 0.70 | $ | 2.08 | $ | 2.02 | $ | 1.04 | $ | 1.08 | ||||||||||||
Diluted earnings per share | 0.78 | 0.70 | 2.07 | 2.02 | 1.04 | 1.08 |
Amounts Reclassified from AOCI | Amounts Reclassified from AOCI | |||||||||||||||||||||||
(in thousands) | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
Three Months Ended March 31 | ||||||||||||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | 2024 | 2023 | ||||||||||||||||||
Securities gains | $ | 48 | $ | 458 | $ | 58 | $ | 522 | $ | 0 | $ | 4 | ||||||||||||
Tax expense | 17 | 160 | 20 | 183 | 0 | 1 | ||||||||||||||||||
Total reclassifications out of AOCI | $ | 31 | $ | 298 | $ | 38 | $ | 339 | $ | 0 | $ | 3 |
❖ | Our Business |
❖ | Financial Goals and Performance |
❖ | Results of Operations and Financial Condition |
❖ | Liquidity and Market Risk |
❖ | Interest Rate Risk |
❖ | Capital Resources |
❖ | Impact of Inflation, Changing Prices, and Economic Conditions |
❖ | Stock Repurchase Program |
❖ | Critical Accounting Policies and Estimates |
Net interest income for the quarter of |
Provision for |
Our loan portfolio at $4.2 billion increased |
❖ | We had net loan charge-offs of $1.6 million, or 0.16% of average loans annualized, for the first quarter 2024 compared to $1.0 million, or 0.10% of average loans annualized, for the fourth quarter 2023 and $0.4 million for the first quarter 2023. |
❖ | Our total nonperforming loans increased to $15.9 million at March 31, 2024 from $14.0 million at December 31, 2023 and $12.2 million at March 31, 2023. Nonperforming assets at $17.1 million increased $1.5 million from December 31, 2023 and $2.1 million from March 31, 2023. |
❖ | Deposits, including repurchase agreements, at $5.0 billion increased $69.1 million, or an annualized 5.6%, from December 31, 2023 and $266.7 million, or 5.6%, from March 31, 2023. |
❖ | Shareholders’ equity at $707.7 million increased $5.5 million, or an annualized 3.2%, during the quarter and |
Noninterest income for the quarter ended |
Noninterest expense for the quarter ended |
Change Q-O-Q | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Change 2017 vs. 2016 | 1Q 2024 | 1Q 2023 | Amount | Percent | |||||||||||||||||||||||||||
Nine Months Ended September 30 | 2017 | 2016 | Amount | Percent | ||||||||||||||||||||||||||||
Net interest income | $ | 102,300 | $ | 99,610 | $ | 2,690 | 2.7 | % | $ | 43,591 | $ | 43,916 | $ | (325 | ) | (0.7 | )% | |||||||||||||||
Provision for loan losses | 4,659 | 5,829 | (1,170 | ) | (20.1 | ) | ||||||||||||||||||||||||||
Provision for credit losses | 2,656 | 1,116 | 1,540 | 138.0 | % | |||||||||||||||||||||||||||
Noninterest income | 36,092 | 35,926 | 166 | 0.5 | 15,134 | 13,682 | 1,452 | 10.6 | % | |||||||||||||||||||||||
Noninterest expense | 82,142 | 80,121 | 2,021 | 2.5 | 32,220 | 31,890 | 330 | 1.0 | % | |||||||||||||||||||||||
Income taxes | 15,010 | 14,106 | 904 | 6.4 | 5,170 | 5,279 | (109 | ) | (2.1 | )% | ||||||||||||||||||||||
Net income | $ | 36,581 | $ | 35,480 | $ | 1,101 | 3.1 | % | $ | 18,679 | $ | 19,313 | $ | (634 | ) | (3.3 | )% | |||||||||||||||
Average earning assets | $ | 3,775,572 | $ | 3,640,043 | $ | 135,529 | 3.7 | % | $ | 5,458,075 | $ | 5,131,385 | $ | 326,690 | 6.4 | % | ||||||||||||||||
Yield on average earnings assets | 4.13 | % | 4.08 | % | 0.05 | % | 1.2 | % | ||||||||||||||||||||||||
Yield on average earnings assets, tax equivalent* | 5.55 | % | 4.84 | % | 0.71 | % | 14.5 | % | ||||||||||||||||||||||||
Cost of interest bearing funds | 0.63 | % | 0.51 | % | 0.12 | % | 23.3 | % | 3.35 | % | 2.06 | % | 1.29 | % | 62.5 | % | ||||||||||||||||
Net interest margin | 3.68 | % | 3.71 | % | (0.03 | )% | (1.0 | )% | ||||||||||||||||||||||||
Net interest margin, tax equivalent* | 3.23 | % | 3.49 | % | (0.26 | )% | (7.5 | )% |
Percent Change | ||||||||||||||||||||
1Q 2024 Compared to: | ||||||||||||||||||||
($ in thousands) | 1Q 2024 | 4Q 2023 | 1Q 2023 | 4Q 2023 | 1Q 2023 | |||||||||||||||
Components of net interest income: | ||||||||||||||||||||
Income on earning assets | $ | 75,002 | $ | 73,329 | $ | 60,995 | 2.3 | % | 23.0 | % | ||||||||||
Expense on interest bearing liabilities | 31,411 | 30,354 | 17,079 | 3.5 | % | 83.9 | % | |||||||||||||
Net interest income | $ | 43,591 | $ | 42,975 | $ | 43,916 | 1.4 | % | (0.7 | )% | ||||||||||
TEQ | 294 | 297 | 298 | (1.0 | )% | (1.3 | )% | |||||||||||||
Net interest income, tax equivalent | $ | 43,885 | $ | 43,272 | $ | 44,214 | 1.4 | % | (0.7 | )% | ||||||||||
Average yield and rates paid: | ||||||||||||||||||||
Earning assets yield | 5.55 | % | 5.43 | % | 4.84 | % | 2.2 | % | 14.7 | % | ||||||||||
Rate paid on interest bearing liabilities | 3.35 | % | 3.27 | % | 2.06 | % | 2.4 | % | 62.6 | % | ||||||||||
Gross interest margin | 2.20 | % | 2.16 | % | 2.78 | % | 1.9 | % | (20.9 | )% | ||||||||||
Net interest margin | 3.23 | % | 3.19 | % | 3.49 | % | 1.3 | % | (7.4 | )% | ||||||||||
Average balances: | ||||||||||||||||||||
Investment securities | $ | 1,148,014 | $ | 1,144,078 | $ | 1,251,948 | 0.3 | % | (8.3 | )% | ||||||||||
Loans | $ | 4,096,866 | $ | 4,022,547 | $ | 3,739,443 | 1.8 | % | 9.6 | % | ||||||||||
Earning assets | $ | 5,458,075 | $ | 5,377,827 | $ | 5,131,385 | 1.5 | % | 6.4 | % | ||||||||||
Interest-bearing liabilities | $ | 3,773,513 | $ | 3,687,660 | $ | 3,362,331 | 2.3 | % | 12.2 | % |
Percent Change | ||||||||||||||||||||
1Q 2024 Compared to: | ||||||||||||||||||||
($ in thousands) | 1Q 2024 | 4Q 2023 | 1Q 2023 | 4Q 2023 | 1Q 2023 | |||||||||||||||
Deposit related fees | $ | 7,011 | $ | 7,312 | $ | 7,287 | (4.1 | )% | (3.8 | )% | ||||||||||
Trust revenue | 3,517 | 3,318 | 3,079 | 6.0 | % | 14.2 | % | |||||||||||||
Gains on sales of loans | 45 | 54 | 121 | (16.7 | )% | (62.8 | )% | |||||||||||||
Loan related fees | 1,352 | 467 | 845 | 189.5 | % | 60.0 | % | |||||||||||||
Bank owned life insurance revenue | 1,292 | 816 | 858 | 58.3 | % | 50.6 | % | |||||||||||||
Brokerage revenue | 490 | 285 | 348 | 71.9 | % | 40.8 | % | |||||||||||||
Other | 1,427 | 1,473 | 1,144 | (3.1 | )% | 24.7 | % | |||||||||||||
Total noninterest income | $ | 15,134 | $ | 13,725 | $ | 13,682 | 10.3 | % | 10.6 | % |
Percent Change | ||||||||||||||||||||
1Q 2024 Compared to: | ||||||||||||||||||||
($ in thousands) | 1Q 2024 | 4Q 2023 | 1Q 2023 | 4Q 2023 | 1Q 2023 | |||||||||||||||
Salaries | $ | 13,036 | $ | 13,163 | $ | 12,633 | (1.0 | )% | 3.2 | % | ||||||||||
Employee benefits | 7,086 | 5,282 | 6,275 | 34.2 | % | 12.9 | % | |||||||||||||
Net occupancy and equipment | 3,028 | 3,045 | 3,028 | (0.6 | )% | 0.0 | % | |||||||||||||
Data processing | 2,518 | 2,630 | 2,303 | (4.3 | )% | 9.3 | % | |||||||||||||
Legal and professional fees | 832 | 900 | 816 | (7.6 | )% | 2.0 | % | |||||||||||||
Advertising and marketing | 577 | 923 | 820 | (37.5 | )% | (29.6 | )% | |||||||||||||
Taxes other than property and payroll | 442 | 421 | 432 | 5.0 | % | 2.3 | % | |||||||||||||
Other | 4,701 | 5,264 | 5,583 | (10.7 | )% | (15.8 | )% | |||||||||||||
Total noninterest expense | $ | 32,220 | $ | 31,628 | $ | 31,890 | 1.9 | % | 1.0 | % |
(in thousands) | September 30, 2017 | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | March 31, 2024 | |||||||||||||||||||||||||||||||||||||||
Loan Category | Balance | Variance from Prior Year-End | YTD Net Charge-Offs | Nonperforming | ALLL | Balance | Variance from Prior Year | Net (Charge-Offs)/ Recoveries | Nonperforming | ACL | ||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||
Construction | $ | 74,282 | 10.9 | % | $ | 27 | $ | 1,311 | $ | 672 | ||||||||||||||||||||||||||||||
Secured by real estate | 1,197,604 | 10.3 | (711 | ) | 9,397 | 15,102 | ||||||||||||||||||||||||||||||||||
Equipment lease financing | 3,290 | (40.3 | ) | 0 | 0 | 19 | ||||||||||||||||||||||||||||||||||
Hotel/motel | $ | 416,759 | 5.3 | % | $ | 0 | $ | 0 | $ | 4,940 | ||||||||||||||||||||||||||||||
Commercial real estate residential | 456,585 | 9.2 | 4 | 1,741 | 4,128 | |||||||||||||||||||||||||||||||||||
Commercial real estate nonresidential | 813,904 | 4.5 | 3 | 2,768 | 8,178 | |||||||||||||||||||||||||||||||||||
Dealer floorplans | 77,221 | 9.8 | 0 | 0 | 721 | |||||||||||||||||||||||||||||||||||
Commercial other | 339,337 | (3.1 | ) | (923 | ) | 1,377 | 4,962 | 320,701 | (0.1 | ) | (75 | ) | 1,378 | 3,799 | ||||||||||||||||||||||||||
Total commercial | 1,614,513 | 7.1 | (1,607 | ) | 12,085 | 20,755 | 2,085,170 | 5.1 | (68 | ) | 5,887 | 21,766 | ||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||
Real estate construction | 64,441 | 11.2 | 1 | 1,217 | 630 | |||||||||||||||||||||||||||||||||||
Real estate mortgage | 712,237 | 1.3 | (242 | ) | 15,304 | 5,786 | 955,616 | 1.9 | (13 | ) | 8,002 | 10,325 | ||||||||||||||||||||||||||||
Home equity | 96,755 | 5.7 | (54 | ) | 894 | 807 | 151,577 | 3.1 | 2 | 745 | 1,304 | |||||||||||||||||||||||||||||
Total residential | 873,433 | 2.5 | (295 | ) | 17,415 | 7,223 | 1,107,193 | 2.1 | (11 | ) | 8,747 | 11,629 | ||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||
Consumer direct | 137,657 | 3.4 | (271 | ) | 156 | 1,857 | 155,807 | (2.1 | ) | (493 | ) | 499 | 3,571 | |||||||||||||||||||||||||||
Consumer indirect | 487,818 | 9.7 | (2,028 | ) | 364 | 6,556 | 813,005 | (1.3 | ) | (1,056 | ) | 719 | 13,605 | |||||||||||||||||||||||||||
Total consumer | 625,475 | 8.2 | (2,299 | ) | 520 | 8,413 | 968,812 | (1.4 | ) | (1,549 | ) | 1,218 | 17,176 | |||||||||||||||||||||||||||
Total loans | $ | 3,113,421 | 6.0 | % | $ | (4,201 | ) | $ | 30,020 | $ | 36,391 | $ | 4,161,175 | 2.7 | % | $ | (1,628 | ) | $ | 15,852 | $ | 50,571 |
Percent Change | ||||||||||||||||||||
1Q 2024 Compared to: | ||||||||||||||||||||
(dollars in thousands) | 1Q 2024 | 4Q 2023 | 1Q 2023 | 4Q 2023 | 1Q 2023 | |||||||||||||||
Noninterest bearing deposits | $ | 1,274,583 | $ | 1,260,690 | $ | 1,409,839 | 1.1 | % | (9.6 | )% | ||||||||||
Interest bearing deposits | ||||||||||||||||||||
Interest checking | 131,227 | 123,927 | 120,678 | 5.9 | % | 8.7 | % | |||||||||||||
Money market savings | 1,608,849 | 1,525,537 | 1,408,314 | 5.5 | % | 14.2 | % | |||||||||||||
Savings accounts | 543,338 | 535,063 | 642,232 | 1.5 | % | (15.4 | )% | |||||||||||||
Time deposits | 1,226,273 | 1,279,405 | 962,361 | (4.2 | )% | 27.4 | % | |||||||||||||
Repurchase agreements | 234,671 | 225,245 | 208,777 | 4.2 | % | 12.4 | % | |||||||||||||
Total interest bearing deposits and repurchase agreements | 3,744,358 | 3,689,177 | 3,342,362 | 1.5 | % | 12.0 | % | |||||||||||||
Total deposits and repurchase agreements | $ | 5,018,941 | $ | 4,949,867 | $ | 4,752,201 | 1.4 | % | 5.6 | % |
(in thousands) | |||||||||
Appraisal Aging Analysis | Holding Period Analysis | ||||||||
Days Since Last Appraisal | Current Book Value | Holding Period | Current Book Value | ||||||
Up to 3 months | $ | 4,432 | Less than one year | $ | 4,319 | ||||
3 to 6 months | 16,777 | 1 to 2 years | 8,376 | ||||||
6 to 9 months | 4,944 | 2 to 3 years | 2,734 | ||||||
9 to 12 months | 3,145 | 3 to 4 years | 1,762 | ||||||
12 to 18 months | 2,644 | 4 to 5 years | 529 | ||||||
18 to 24 months | 66 | 5 to 7 years* | 10,303 | ||||||
Over 24 months | 40 | 8 to 9 years* | 4,025 | ||||||
Total | $ | 32,048 | Total | $ | 32,048 |
Pay Date | Record Date | Amount Per Share | |||
October 1, 2017 | September 15, 2017 | $ | 0.33 | ||
July 1, 2017 | June 15, 2017 | $ | 0.32 | ||
April 1, 2017 | March 15, 2017 | $ | 0.32 | ||
January 1, 2017 | December 15, 2016 | $ | 0.32 | ||
October 1, 2016 | September 15, 2016 | $ | 0.32 | ||
July 1, 2016 | June 15, 2016 | $ | 0.31 |
Pay Date | Record Date | Amount Per Share | |||
April 1, 2024 | March 15, 2024 | $ | 0.46 | ||
January 1, 2024 | December 15, 2023 | $ | 0.46 | ||
October 1, 2023 | September 15, 2023 | $ | 0.46 | ||
July 1, 2023 | June 15, 2023 | $ | 0.44 | ||
April 1, 2023 | March 15, 2023 | $ | 0.44 | ||
January 1, 2023 | December 15, 2022 | $ | 0.44 |
Item 1. | Legal Proceedings | None |
Item 1A. | Risk Factors | None |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | None |
Item 3. | Defaults Upon Senior Securities | None |
Item 4. | Mine Safety Disclosure | Not applicable |
Item 5. | Other Information: | |
(a) Information required to be disclosed in a report on Form 8-K | None | |
(b) Changes to director nomination procedures | None | |
(c) Insider trading arrangements | ||
During the three months ended March 31, 2024, no director or officer of CTBI adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K. | ||
Item 6. | Exhibits: | |
(1) Certifications Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
(2) Certifications Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
(3) XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL | ||
(4) XBRL Taxonomy Extension Schema Document | ||
(5) XBRL Taxonomy Extension Calculation Linkbase | ||
(6) XBRL Taxonomy Extension Definition Linkbase | ||
(7) XBRL Taxonomy Extension Label Linkbase | ||
(8) XBRL Taxonomy Extension Presentation Linkbase | ||
(9) Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | Exhibit 104 |
COMMUNITY TRUST BANCORP, INC. | |||
Date: May 9, 2024 | By: | ||
/s/ | Mark A. Gooch | ||
Mark A. Gooch | |||
Chairman, President, and Chief Executive Officer | |||
/s/ Kevin J. Stumbo | |||
Kevin J. Stumbo | |||
Executive Vice President, Chief Financial Officer, | |||
and Treasurer |