Indiana | |||||
(State or other jurisdiction of incorporation) | |||||
001-41342 | 35-1544218 | ||||
(Commission File Number) | (IRS Employer Identification No.) |
Title of Each Class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $0.125 stated value per share | FRME | The Nasdaq Stock Market LLC | ||||||
Depositary Shares, each representing a 1/100th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series A | FRMEP | The Nasdaq Stock Market LLC |
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | Non-Accelerated Filer | ☐ | ||||||||||||
Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |
Page No. | ||||||||
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Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
ACL | Allowance for Credit Losses | ||||
ASC | Accounting Standards Codification | ||||
ASU | Accounting Standards Update | ||||
Bank | First Merchants Bank, a wholly-owned subsidiary of the Corporation | ||||
BTFP | Bank Term Funding Program created by the Federal Reserve in March 2023 | ||||
CECL | FASB Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, adopted by the Corporation on January 1, 2021. | ||||
CET1 | Common Equity Tier 1 | ||||
Corporation | First Merchants Corporation | ||||
EITF | FASB's Emerging Issues Task Force | ||||
ESPP | Employee Stock Purchase Plan | ||||
FASB | Financial Accounting Standards Board | ||||
FDIC | Federal Deposit Insurance Corporation | ||||
Federal Reserve | Board of Governors of the Federal Reserve System | ||||
FHLB | Federal Home Loan Bank | ||||
FOMC | Federal Open Market Committee, the monetary policymaking body of the Federal Reserve System. | ||||
FTE | Fully taxable equivalent | ||||
GAAP | U.S. Generally Accepted Accounting Principles | ||||
IRS | Internal Revenue Service | ||||
Level One | Level One Bancorp, Inc., which was acquired by the Corporation on | ||||
PPP | Paycheck Protection Program, which was | ||||
Restricted Stock Awards | |||||
September 30, 2023 | December 31, 2022 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | 125,173 | $ | 122,594 | |||||||
Interest-bearing deposits | 348,639 | 126,061 | |||||||||
Investment securities available for sale | 1,500,136 | 1,976,661 | |||||||||
Investment securities held to maturity, net of allowance for credit losses of $245 and $245 (fair value of $1,741,225 and $1,907,865) | 2,213,588 | 2,287,127 | |||||||||
Loans held for sale | 30,972 | 9,094 | |||||||||
Loans | 12,271,422 | 12,003,894 | |||||||||
Less: Allowance for credit losses - loans | (205,782) | (223,277) | |||||||||
Net loans | 12,065,640 | 11,780,617 | |||||||||
Premises and equipment | 132,441 | 117,118 | |||||||||
Federal Home Loan Bank stock | 41,797 | 38,525 | |||||||||
Interest receivable | 90,011 | 85,070 | |||||||||
Goodwill | 712,002 | 712,002 | |||||||||
Other intangibles | 29,281 | 35,842 | |||||||||
Cash surrender value of life insurance | 306,106 | 308,311 | |||||||||
Other real estate owned | 6,480 | 6,431 | |||||||||
Tax asset, deferred and receivable | 135,521 | 111,222 | |||||||||
Other assets | 258,861 | 221,631 | |||||||||
TOTAL ASSETS | $ | 17,996,648 | $ | 17,938,306 | |||||||
LIABILITIES | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing | $ | 2,554,984 | $ | 3,173,417 | |||||||
Interest-bearing | 12,091,592 | 11,209,328 | |||||||||
Total Deposits | 14,646,576 | 14,382,745 | |||||||||
Borrowings: | |||||||||||
Federal funds purchased | — | 171,560 | |||||||||
Securities sold under repurchase agreements | 152,537 | 167,413 | |||||||||
Federal Home Loan Bank advances | 713,384 | 823,674 | |||||||||
Subordinated debentures and other borrowings | 158,665 | 151,298 | |||||||||
Total Borrowings | 1,024,586 | 1,313,945 | |||||||||
Interest payable | 16,473 | 7,530 | |||||||||
Other liabilities | 216,369 | 199,316 | |||||||||
Total Liabilities | 15,904,004 | 15,903,536 | |||||||||
COMMITMENTS AND CONTINGENT LIABILITIES | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation value: | |||||||||||
Authorized - 600 cumulative shares | |||||||||||
Issued and outstanding - 125 cumulative shares | 125 | 125 | |||||||||
Preferred Stock, Series A, no par value, $2,500 liquidation preference: | |||||||||||
Authorized - 10,000 non-cumulative perpetual shares | |||||||||||
Issued and outstanding - 10,000 non-cumulative perpetual shares | 25,000 | 25,000 | |||||||||
Common Stock, $0.125 stated value: | |||||||||||
Authorized - 100,000,000 shares | |||||||||||
Issued and outstanding - 59,398,022 and 59,170,583 shares | 7,425 | 7,396 | |||||||||
Additional paid-in capital | 1,234,402 | 1,228,626 | |||||||||
Retained earnings | 1,132,962 | 1,012,774 | |||||||||
Accumulated other comprehensive loss | (307,270) | (239,151) | |||||||||
Total Stockholders' Equity | 2,092,644 | 2,034,770 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 17,996,648 | $ | 17,938,306 |
September 30, 2017 | December 31, 2016 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 146,607 | $ | 127,927 | |||
Interest-bearing time deposits | 72,950 | 24,459 | |||||
Investment securities available for sale | 890,721 | 696,862 | |||||
Investment securities held to maturity (fair value of $587,270 and $611,933) | 578,166 | 607,643 | |||||
Loans held for sale | 4,514 | 2,929 | |||||
Loans, net of allowance for loan losses of $73,354 and $66,037 | 6,410,094 | 5,073,608 | |||||
Premises and equipment | 102,485 | 94,432 | |||||
Federal Home Loan Bank stock | 23,825 | 17,964 | |||||
Interest receivable | 32,366 | 26,194 | |||||
Goodwill | 445,355 | 244,000 | |||||
Other intangibles | 33,203 | 14,866 | |||||
Cash surrender value of life insurance | 222,437 | 201,671 | |||||
Other real estate owned | 11,912 | 8,966 | |||||
Tax asset, deferred and receivable | 36,024 | 39,384 | |||||
Other assets | 38,744 | 30,706 | |||||
TOTAL ASSETS | $ | 9,049,403 | $ | 7,211,611 | |||
LIABILITIES | |||||||
Deposits: | |||||||
Noninterest-bearing | $ | 1,662,814 | $ | 1,348,267 | |||
Interest-bearing | 5,248,205 | 4,208,231 | |||||
Total Deposits | 6,911,019 | 5,556,498 | |||||
Borrowings: | |||||||
Federal funds purchased | 100,000 | 120,349 | |||||
Securities sold under repurchase agreements | 142,107 | 146,480 | |||||
Federal Home Loan Bank advances | 406,820 | 298,923 | |||||
Subordinated debentures and term loans | 139,686 | 128,445 | |||||
Total Borrowings | 788,613 | 694,197 | |||||
Interest payable | 4,956 | 3,110 | |||||
Other liabilities | 61,695 | 56,149 | |||||
Total Liabilities | 7,766,283 | 6,309,954 | |||||
COMMITMENTS AND CONTINGENT LIABILITIES | |||||||
STOCKHOLDERS' EQUITY | |||||||
Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation value: | |||||||
Authorized - 600 shares | |||||||
Issued and outstanding - 125 shares | 125 | 125 | |||||
Common Stock, $.125 stated value: | |||||||
Authorized - 100,000,000 and 50,000,000 shares | |||||||
Issued and outstanding - 49,140,594 and 40,912,697 shares | 6,143 | 5,114 | |||||
Additional paid-in capital | 833,451 | 509,018 | |||||
Retained earnings | 449,759 | 400,981 | |||||
Accumulated other comprehensive loss | (6,358 | ) | (13,581 | ) | |||
Total Stockholders' Equity | 1,283,120 | 901,657 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 9,049,403 | $ | 7,211,611 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
INTEREST INCOME | |||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||
Taxable | $ | 191,705 | $ | 128,504 | $ | 550,314 | $ | 314,366 | |||||||||||||||
Tax exempt | 8,288 | 6,500 | 23,757 | 18,194 | |||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
Taxable | 8,590 | 10,055 | 26,563 | 28,937 | |||||||||||||||||||
Tax exempt | 13,947 | 17,261 | 44,296 | 50,348 | |||||||||||||||||||
Deposits with financial institutions | 5,884 | 704 | 9,685 | 1,544 | |||||||||||||||||||
Federal Home Loan Bank stock | 719 | 314 | 2,281 | 635 | |||||||||||||||||||
Total Interest Income | 229,133 | 163,338 | 656,896 | 414,024 | |||||||||||||||||||
INTEREST EXPENSE | |||||||||||||||||||||||
Deposits | 85,551 | 16,644 | 209,437 | 29,423 | |||||||||||||||||||
Federal funds purchased | — | 418 | 1,420 | 494 | |||||||||||||||||||
Securities sold under repurchase agreements | 797 | 372 | 2,624 | 595 | |||||||||||||||||||
Federal Home Loan Bank advances | 6,896 | 3,493 | 20,775 | 6,485 | |||||||||||||||||||
Subordinated debentures and other borrowings | 2,506 | 2,105 | 7,303 | 5,780 | |||||||||||||||||||
Total Interest Expense | 95,750 | 23,032 | 241,559 | 42,777 | |||||||||||||||||||
NET INTEREST INCOME | 133,383 | 140,306 | 415,337 | 371,247 | |||||||||||||||||||
Provision for credit losses | 2,000 | — | 2,000 | 16,755 | |||||||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 131,383 | 140,306 | 413,337 | 354,492 | |||||||||||||||||||
NONINTEREST INCOME | |||||||||||||||||||||||
Service charges on deposit accounts | 7,975 | 7,165 | 23,147 | 21,274 | |||||||||||||||||||
Fiduciary and wealth management fees | 7,394 | 7,221 | 22,653 | 22,187 | |||||||||||||||||||
Card payment fees | 4,716 | 4,776 | 14,425 | 15,674 | |||||||||||||||||||
Net gains and fees on sales of loans | 5,517 | 2,543 | 11,548 | 7,968 | |||||||||||||||||||
Derivative hedge fees | 516 | 700 | 2,336 | 3,062 | |||||||||||||||||||
Other customer fees | 384 | 501 | 1,643 | 1,573 | |||||||||||||||||||
Increase in cash surrender value of life insurance | 1,210 | 1,376 | 3,813 | 3,831 | |||||||||||||||||||
Gains on life insurance benefits | 551 | 5,279 | 1,332 | 5,828 | |||||||||||||||||||
Net realized gains (losses) on sales of available for sale securities | (1,650) | 481 | (4,613) | 1,137 | |||||||||||||||||||
Other income (loss) | 1,229 | (425) | 2,874 | 1,257 | |||||||||||||||||||
Total Noninterest Income | 27,842 | 29,617 | 79,158 | 83,791 | |||||||||||||||||||
NONINTEREST EXPENSES | |||||||||||||||||||||||
Salaries and employee benefits | 55,566 | 56,002 | 167,778 | 154,562 | |||||||||||||||||||
Net occupancy | 6,837 | 6,738 | 20,770 | 19,573 | |||||||||||||||||||
Equipment | 5,698 | 5,997 | 18,005 | 17,797 | |||||||||||||||||||
Marketing | 2,369 | 2,401 | 4,780 | 4,551 | |||||||||||||||||||
Outside data processing fees | 6,573 | 6,827 | 19,290 | 16,071 | |||||||||||||||||||
Printing and office supplies | 333 | 472 | 1,150 | 1,198 | |||||||||||||||||||
Intangible asset amortization | 2,182 | 2,303 | 6,561 | 5,972 | |||||||||||||||||||
FDIC assessments | 2,981 | 2,824 | 7,117 | 7,940 | |||||||||||||||||||
Other real estate owned and foreclosure expenses | 677 | 328 | 1,575 | 626 | |||||||||||||||||||
Professional and other outside services | 3,833 | 4,461 | 12,191 | 17,681 | |||||||||||||||||||
Other expenses | 6,805 | 8,025 | 20,950 | 20,045 | |||||||||||||||||||
Total Noninterest Expenses | 93,854 | 96,378 | 280,167 | 266,016 | |||||||||||||||||||
INCOME BEFORE INCOME TAX | 65,371 | 73,545 | 212,328 | 172,267 | |||||||||||||||||||
Income tax expense | 9,005 | 9,793 | 31,021 | 20,938 | |||||||||||||||||||
NET INCOME | 56,366 | 63,752 | 181,307 | 151,329 | |||||||||||||||||||
Preferred stock dividends | 468 | 469 | 1,406 | 938 | |||||||||||||||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 55,898 | $ | 63,283 | $ | 179,901 | $ | 150,391 | |||||||||||||||
Per Share Data: | |||||||||||||||||||||||
Basic Net Income Available to Common Stockholders | $ | 0.95 | $ | 1.08 | $ | 3.04 | $ | 2.63 | |||||||||||||||
Diluted Net Income Available to Common Stockholders | $ | 0.94 | $ | 1.08 | $ | 3.03 | $ | 2.62 | |||||||||||||||
Cash Dividends Paid | $ | 0.34 | $ | 0.32 | $ | 1.00 | $ | 0.93 | |||||||||||||||
Average Diluted Common Shares Outstanding (in thousands) | 59,503 | 59,339 | 59,465 | 57,468 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
INTEREST INCOME | |||||||||||||||
Loans receivable: | |||||||||||||||
Taxable | $ | 71,491 | $ | 53,819 | $ | 187,234 | $ | 156,407 | |||||||
Tax exempt | 2,851 | 1,649 | 7,676 | 4,429 | |||||||||||
Investment securities: | |||||||||||||||
Taxable | 4,524 | 3,992 | 13,012 | 12,522 | |||||||||||
Tax exempt | 5,455 | 4,668 | 15,549 | 13,760 | |||||||||||
Deposits with financial institutions | 284 | 55 | 442 | 283 | |||||||||||
Federal Reserve and Federal Home Loan Bank stock | 242 | 193 | 635 | 906 | |||||||||||
Total Interest Income | 84,847 | 64,376 | 224,548 | 188,307 | |||||||||||
INTEREST EXPENSE | |||||||||||||||
Deposits | 6,710 | 3,926 | 15,971 | 12,028 | |||||||||||
Federal funds purchased | 175 | 27 | 506 | 62 | |||||||||||
Securities sold under repurchase agreements | 133 | 91 | 331 | 283 | |||||||||||
Federal Home Loan Bank advances | 1,464 | 853 | 3,619 | 2,467 | |||||||||||
Subordinated debentures and term loans | 1,945 | 1,797 | 5,602 | 5,368 | |||||||||||
Total Interest Expense | 10,427 | 6,694 | 26,029 | 20,208 | |||||||||||
NET INTEREST INCOME | 74,420 | 57,682 | 198,519 | 168,099 | |||||||||||
Provision for loan losses | 2,083 | 1,900 | 7,343 | 3,240 | |||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 72,337 | 55,782 | 191,176 | 164,859 | |||||||||||
OTHER INCOME | |||||||||||||||
Service charges on deposit accounts | 5,044 | 4,667 | 13,656 | 13,228 | |||||||||||
Fiduciary activities | 2,995 | 2,448 | 8,244 | 7,318 | |||||||||||
Other customer fees | 5,341 | 4,777 | 15,610 | 14,531 | |||||||||||
Increase in cash surrender value of life insurance | 1,058 | 906 | 2,773 | 2,784 | |||||||||||
Gains on life insurance benefits | 517 | (292 | ) | 2,671 | 603 | ||||||||||
Net gains and fees on sales of loans | 2,317 | 1,989 | 5,209 | 5,166 | |||||||||||
Net realized gains on sales of available for sale securities | 332 | 839 | 1,497 | 2,542 | |||||||||||
Other income | 1,064 | 1,527 | 2,288 | 2,911 | |||||||||||
Total Other Income | 18,668 | 16,861 | 51,948 | 49,083 | |||||||||||
OTHER EXPENSES | |||||||||||||||
Salaries and employee benefits | 33,244 | 26,651 | 86,052 | 79,558 | |||||||||||
Net occupancy | 4,371 | 4,348 | 12,552 | 12,429 | |||||||||||
Equipment | 3,478 | 2,947 | 9,192 | 9,428 | |||||||||||
Marketing | 1,021 | 630 | 2,378 | 2,218 | |||||||||||
Outside data processing fees | 3,162 | 2,382 | 8,864 | 6,476 | |||||||||||
Printing and office supplies | 366 | 314 | 905 | 1,047 | |||||||||||
Intangible asset amortization | 1,698 | 978 | 3,592 | 2,933 | |||||||||||
FDIC assessments | 704 | 534 | 1,853 | 2,486 | |||||||||||
Other real estate owned and foreclosure expenses | 330 | 637 | 1,592 | 2,303 | |||||||||||
Professional and other outside services | 5,843 | 1,242 | 10,843 | 4,882 | |||||||||||
Other expenses | 4,491 | 3,452 | 11,300 | 11,665 | |||||||||||
Total Other Expenses | 58,708 | 44,115 | 149,123 | 135,425 | |||||||||||
INCOME BEFORE INCOME TAX | 32,297 | 28,528 | 94,001 | 78,517 | |||||||||||
Income tax expense | 7,939 | 7,469 | 22,314 | 19,759 | |||||||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 24,358 | $ | 21,059 | $ | 71,687 | $ | 58,758 | |||||||
Per Share Data: | |||||||||||||||
Basic Net Income Available to Common Stockholders | $ | 0.50 | $ | 0.51 | $ | 1.64 | $ | 1.44 | |||||||
Diluted Net Income Available to Common Stockholders | $ | 0.50 | $ | 0.51 | $ | 1.63 | $ | 1.43 | |||||||
Cash Dividends Paid | $ | 0.18 | $ | 0.14 | $ | 0.51 | $ | 0.39 | |||||||
Average Diluted Shares Outstanding (in thousands) | 48,644 | 41,026 | 44,063 | 40,970 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | 56,366 | $ | 63,752 | $ | 181,307 | $ | 151,329 | |||||||||||||||
Other comprehensive income/( loss): | |||||||||||||||||||||||
Unrealized loss on securities available-for-sale: | |||||||||||||||||||||||
Unrealized holding loss arising during the period | (114,630) | (145,935) | (90,675) | (467,210) | |||||||||||||||||||
Reclassification adjustment for losses/(gains) included in net income | 1,650 | (481) | 4,613 | (1,137) | |||||||||||||||||||
Tax effect | 23,726 | 30,747 | 18,073 | 98,353 | |||||||||||||||||||
Net of tax | (89,254) | (115,669) | (67,989) | (369,994) | |||||||||||||||||||
Unrealized gain/(loss) on cash flow hedges: | |||||||||||||||||||||||
Unrealized holding gain/(loss) arising during the period | (66) | 94 | (179) | 507 | |||||||||||||||||||
Reclassification adjustment for losses/(gains) included in net income | — | 78 | 15 | 496 | |||||||||||||||||||
Tax effect | 14 | (36) | 34 | (211) | |||||||||||||||||||
Net of tax | (52) | 136 | (130) | 792 | |||||||||||||||||||
Total other comprehensive income/(loss), net of tax | (89,306) | (115,533) | (68,119) | (369,202) | |||||||||||||||||||
Comprehensive income/(loss) | $ | (32,940) | $ | (51,781) | $ | 113,188 | $ | (217,873) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 24,358 | $ | 21,059 | $ | 71,687 | $ | 58,758 | |||||||
Other comprehensive income net of tax: | |||||||||||||||
Unrealized holding gain (loss) on securities available for sale arising during the period, net of tax of $4,101, $1,627, $4,374 and $4,234 | (7,617 | ) | (3,022 | ) | 8,124 | 7,863 | |||||||||
Unrealized gain (loss) on cash flow hedges arising during the period, net of tax of $3, $134, $134 and $835 | (7 | ) | 250 | (246 | ) | (1,548 | ) | ||||||||
Reclassification adjustment for net gains included in net income, net of tax of $32, $183, $258 and $554 | (60 | ) | (339 | ) | (480 | ) | (1,029 | ) | |||||||
Defined benefit pension plan amortization of prior service cost, net of tax of $31 and $94 | (58 | ) | (175 | ) | |||||||||||
(7,742 | ) | (3,111 | ) | 7,223 | 5,286 | ||||||||||
Comprehensive income | $ | 16,616 | $ | 17,948 | $ | 78,910 | $ | 64,044 |
Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative Preferred Stock | Non-Cumulative Preferred Stock | Common Stock | Additional | Accumulated Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Paid in Capital | Retained Earnings | Comprehensive Loss | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2023 | 125 | $ | 125 | 10,000 | $ | 25,000 | 59,297,148 | $ | 7,412 | $ | 1,233,593 | $ | 1,097,399 | $ | (217,964) | $ | 2,145,565 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 56,366 | — | 56,366 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | — | — | — | (89,306) | (89,306) | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on preferred stock ($46.88 per share) | — | — | — | — | — | — | — | (468) | — | (468) | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock ($0.34 per share) | — | — | — | — | — | — | — | (20,335) | — | (20,335) | |||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | 114,435 | 14 | 1,346 | — | — | 1,360 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued under employee benefit plans | — | — | — | — | 8,226 | 1 | 209 | — | — | 210 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued under dividend reinvestment and stock purchase plan | — | — | — | — | 18,524 | 3 | 536 | — | — | 539 | |||||||||||||||||||||||||||||||||||||||||||||||||
Restricted shares withheld for taxes | — | — | — | — | (40,311) | (5) | (1,282) | — | — | (1,287) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances, September 30, 2023 | 125 | $ | 125 | 10,000 | $ | 25,000 | 59,398,022 | $ | 7,425 | $ | 1,234,402 | $ | 1,132,962 | $ | (307,270) | $ | 2,092,644 |
Preferred | Common Stock | Additional | Accumulated Other | ||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Paid in Capital | Retained Earnings | Comprehensive Income (Loss) | Total | ||||||||||||||||||||||
Balances, December 31, 2016 | 125 | $ | 125 | 40,912,697 | $ | 5,114 | $ | 509,018 | $ | 400,981 | $ | (13,581 | ) | $ | 901,657 | ||||||||||||||
Comprehensive income | |||||||||||||||||||||||||||||
Net income | 71,687 | 71,687 | |||||||||||||||||||||||||||
Other comprehensive income, net of tax | 7,223 | 7,223 | |||||||||||||||||||||||||||
Cash dividends on common stock ($.51 per share) | (22,909 | ) | (22,909 | ) | |||||||||||||||||||||||||
Issuance of common stock related to acquisition | 8,044,446 | 1,006 | 320,425 | 321,431 | |||||||||||||||||||||||||
Share-based compensation | 84,795 | 11 | 1,873 | 1,884 | |||||||||||||||||||||||||
Stock issued under employee benefit plans | 10,781 | 1 | 366 | 367 | |||||||||||||||||||||||||
Stock issued under dividend reinvestment and stock purchase plan | 17,557 | 2 | 712 | 714 | |||||||||||||||||||||||||
Stock options exercised | 101,759 | 13 | 2,310 | 2,323 | |||||||||||||||||||||||||
Stock redeemed | (31,441 | ) | (4 | ) | (1,253 | ) | (1,257 | ) | |||||||||||||||||||||
Balances, September 30, 2017 | 125 | $ | 125 | 49,140,594 | $ | 6,143 | $ | 833,451 | $ | 449,759 | $ | (6,358 | ) | $ | 1,283,120 |
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative Preferred Stock | Non-Cumulative Preferred Stock | Common Stock | Additional | Accumulated Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Paid in Capital | Retained Earnings | Comprehensive Loss | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2022 | 125 | $ | 125 | 10,000 | 25,000 | 59,059,866 | $ | 7,383 | $ | 1,226,378 | $ | 917,311 | $ | (198,556) | $ | 1,977,641 | |||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 63,752 | — | 63,752 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss net of tax | — | — | — | — | — | — | — | — | (115,533) | (115,533) | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on preferred stock ($46.88 per share) | — | — | — | — | — | — | — | (469) | — | (469) | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock ($0.32 per share) | — | — | — | — | — | — | — | (19,052) | — | (19,052) | |||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | 105,409 | 13 | 1,173 | — | — | 1,186 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued under employee benefit plans | — | — | — | — | 6,017 | 1 | 202 | — | — | 203 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued under dividend reinvestment and stock purchase plan | — | — | — | — | 12,769 | 2 | 526 | — | — | 528 | |||||||||||||||||||||||||||||||||||||||||||||||||
Restricted shares withheld for taxes | — | — | — | — | (38,647) | (6) | (1,584) | — | — | (1,590) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances, September 30, 2022 | 125 | $ | 125 | 10,000 | $ | 25,000 | 59,145,414 | $ | 7,393 | $ | 1,226,695 | $ | 961,542 | $ | (314,089) | $ | 1,906,666 |
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative Preferred Stock | Non-Cumulative Preferred Stock | Common Stock | Additional | Accumulated Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Paid in Capital | Retained Earnings | Comprehensive Loss | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2022 | 125 | $ | 125 | 10,000 | $ | 25,000 | 59,170,583 | $ | 7,396 | $ | 1,228,626 | $ | 1,012,774 | $ | (239,151) | $ | 2,034,770 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 181,307 | — | 181,307 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | — | — | — | (68,119) | (68,119) | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on preferred stock ($140.64 per share) | — | — | — | — | — | — | — | (1,406) | — | (1,406) | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock ($1.00 per share) | — | — | — | — | — | — | — | (59,713) | — | (59,713) | |||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | 129,092 | 16 | 3,776 | — | — | 3,792 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued under employee benefit plans | — | — | — | — | 21,661 | 3 | 587 | — | — | 590 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued under dividend reinvestment and stock purchase plan | — | — | — | — | 52,061 | 7 | 1,596 | — | — | 1,603 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock options exercised | — | — | — | — | 65,025 | 8 | 1,102 | — | — | 1,110 | |||||||||||||||||||||||||||||||||||||||||||||||||
Restricted shares withheld for taxes | — | — | — | — | (40,400) | (5) | (1,285) | — | — | (1,290) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances, September 30, 2023 | 125 | $ | 125 | 10,000 | $ | 25,000 | 59,398,022 | $ | 7,425 | $ | 1,234,402 | $ | 1,132,962 | $ | (307,270) | $ | 2,092,644 |
Nine Months Ended | |||||||
September 30, 2017 | September 30, 2016 | ||||||
Cash Flow From Operating Activities: | |||||||
Net income | $ | 71,687 | $ | 58,758 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Provision for loan losses | 7,343 | 3,240 | |||||
Depreciation and amortization | 5,696 | 5,363 | |||||
Change in deferred taxes | 3,542 | 6,889 | |||||
Share-based compensation | 1,884 | 1,883 | |||||
Loans originated for sale | (246,979 | ) | (280,769 | ) | |||
Proceeds from sales of loans held for sale | 257,695 | 293,519 | |||||
Gains on sales of loans held for sale | (4,081 | ) | (4,338 | ) | |||
Gains on sales of securities available for sale | (1,497 | ) | (2,542 | ) | |||
Increase in cash surrender of life insurance | (2,773 | ) | (2,784 | ) | |||
Gains on life insurance benefits | (2,671 | ) | (603 | ) | |||
Change in interest receivable | (2,074 | ) | 763 | ||||
Change in interest payable | 597 | 641 | |||||
Other adjustments | (9,006 | ) | 775 | ||||
Net cash provided by operating activities | 79,363 | 80,795 | |||||
Cash Flows from Investing Activities: | |||||||
Net change in interest-bearing deposits | 200,013 | (1,488 | ) | ||||
Purchases of: | |||||||
Securities available for sale | (307,220 | ) | (161,962 | ) | |||
Securities held to maturity | (30,220 | ) | (94,309 | ) | |||
Proceeds from sales of securities available for sale | 54,513 | 104,821 | |||||
Proceeds from maturities of: | |||||||
Securities available for sale | 52,176 | 52,019 | |||||
Securities held to maturity | 55,276 | 86,281 | |||||
Change in Federal Reserve and Federal Home Loan Bank stock | 40 | 19,589 | |||||
Net change in loans | (401,977 | ) | (286,125 | ) | |||
Net cash and cash equivalents received in acquisition | 54,536 | ||||||
Proceeds from the sale of other real estate owned | 5,046 | 8,105 | |||||
Proceeds from life insurance benefits | 11,642 | 2,070 | |||||
Other adjustments | (1,656 | ) | (3,800 | ) | |||
Net cash used in investing activities | (307,831 | ) | (274,799 | ) | |||
Cash Flows from Financing Activities: | |||||||
Net change in : | |||||||
Demand and savings deposits | 132,145 | 195,395 | |||||
Certificates of deposit and other time deposits | 107,322 | (41,973 | ) | ||||
Borrowings | 894,674 | 647,935 | |||||
Repayment of borrowings | (866,231 | ) | (594,350 | ) | |||
Cash dividends on common stock | (22,909 | ) | (16,023 | ) | |||
Stock issued under employee benefit plans | 367 | 338 | |||||
Stock issued under dividend reinvestment and stock purchase plans | 714 | 605 | |||||
Stock options exercised | 2,323 | 309 | |||||
Stock redeemed | (1,257 | ) | (800 | ) | |||
Net cash provided by financing activities | 247,148 | 191,436 | |||||
Net Change in Cash and Cash Equivalents | 18,680 | (2,568 | ) | ||||
Cash and Cash Equivalents, January 1 | 127,927 | 102,170 | |||||
Cash and Cash Equivalents, September 30 | $ | 146,607 | $ | 99,602 | |||
Additional cash flow information: | |||||||
Interest paid | $ | 24,183 | $ | 19,567 | |||
Income tax paid | 18,000 | 4,499 | |||||
Loans transferred to other real estate owned | 8,210 | 665 | |||||
Fixed assets transferred to other real estate owned | 360 | ||||||
Non-cash investing activities using trade date accounting | 3,798 | 1,341 | |||||
In conjunction with the acquisitions, liabilities were assumed as follows: | |||||||
Fair value of assets acquired | $ | 1,531,397 | |||||
Cash paid in acquisitions | (12 | ) | |||||
Less: Common stock issued | 321,431 | ||||||
Liabilities assumed | $ | 1,209,954 | $ | — |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative Preferred Stock | Non-Cumulative Preferred Stock | Common Stock | Additional | Accumulated Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Paid in Capital | Retained Earnings | Comprehensive Loss | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2021 | 125 | $ | 125 | — | $ | — | 53,410,411 | $ | 6,676 | $ | 985,818 | $ | 864,839 | $ | 55,113 | 1,912,571 | |||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 151,329 | — | 151,329 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | — | — | — | (369,202) | (369,202) | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on preferred stock ($93.76 per share) | — | — | — | — | — | — | — | (938) | — | (938) | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock ($0.93 per share) | — | — | — | — | — | — | — | (53,688) | — | (53,688) | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock related to acquisition | — | — | 10,000 | 25,000 | 5,588,962 | 699 | 236,690 | — | — | 262,389 | |||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | 112,443 | 14 | 3,416 | — | — | 3,430 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued under employee benefit plans | — | — | — | — | 15,072 | 2 | 518 | — | — | 520 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued under dividend reinvestment and stock purchase plan | — | — | — | — | 37,693 | 5 | 1,531 | — | — | 1,536 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock options exercised | — | — | — | — | 20,095 | 3 | 333 | — | — | 336 | |||||||||||||||||||||||||||||||||||||||||||||||||
Restricted shares withheld for taxes | — | — | — | — | (39,262) | (6) | (1,611) | — | — | (1,617) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances, September 30, 2022 | 125 | $ | 125 | 10,000 | $ | 25,000 | 59,145,414 | $ | 7,393 | $ | 1,226,695 | $ | 961,542 | $ | (314,089) | $ | 1,906,666 |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash Flow From Operating Activities: | |||||||||||
Net income | $ | 181,307 | $ | 151,329 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for credit losses | 2,000 | 16,755 | |||||||||
Depreciation and amortization | 8,666 | 8,802 | |||||||||
Change in deferred taxes | 3,957 | 2,676 | |||||||||
Share-based compensation | 3,792 | 3,430 | |||||||||
Loans originated for sale | (567,626) | (178,972) | |||||||||
Proceeds from sales of loans held for sale | 551,613 | 176,567 | |||||||||
Gains on sales of loans held for sale | (5,865) | (3,851) | |||||||||
Net (gains) losses on sales of securities available for sale | 4,613 | (1,137) | |||||||||
Increase in cash surrender value of life insurance | (3,813) | (3,831) | |||||||||
Gains on life insurance benefits | (1,332) | (5,828) | |||||||||
Change in interest receivable | (4,941) | (7,230) | |||||||||
Change in interest payable | 8,943 | 1,144 | |||||||||
Other adjustments | (8,616) | (15,170) | |||||||||
Net cash provided by operating activities | 172,698 | 144,684 | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Net change in interest-bearing deposits | (222,578) | 294,561 | |||||||||
Purchases of: | |||||||||||
Securities available for sale | (12,543) | (450,168) | |||||||||
Securities held to maturity | (5,653) | (288,094) | |||||||||
Proceeds from sales of securities available for sale | 347,318 | 524,688 | |||||||||
Proceeds from maturities of: | |||||||||||
Securities available for sale | 44,925 | 181,997 | |||||||||
Securities held to maturity | 76,427 | 127,582 | |||||||||
Change in Federal Home Loan Bank stock | (3,272) | 2,368 | |||||||||
Net change in loans | (404,833) | (803,746) | |||||||||
Net cash and cash equivalents received (paid) in acquisition | — | 137,780 | |||||||||
Proceeds from the sale of other real estate owned | 1,175 | 495 | |||||||||
Proceeds from life insurance benefits | 7,350 | 23,911 | |||||||||
Proceeds from commercial portfolio loan sale | 112,124 | — | |||||||||
Other adjustments | (27,215) | (9,003) | |||||||||
Net cash used in investing activities | (86,775) | (257,629) | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Net change in : | |||||||||||
Demand and savings deposits | (581,735) | (29,993) | |||||||||
Certificates of deposit and other time deposits | 845,566 | (198,549) | |||||||||
Borrowings | 754,229 | 913,330 | |||||||||
Repayment of borrowings | (1,043,588) | (567,223) | |||||||||
Cash dividends on preferred stock | (1,406) | (938) | |||||||||
Cash dividends on common stock | (59,713) | (53,688) | |||||||||
Stock issued under employee benefit plans | 590 | 520 | |||||||||
Stock issued under dividend reinvestment and stock purchase plans | 1,603 | 1,536 | |||||||||
Stock options exercised | 1,110 | 336 | |||||||||
Net cash provided (used) by financing activities | (83,344) | 65,331 | |||||||||
Net Change in Cash and Cash Equivalents | 2,579 | (47,614) | |||||||||
Cash and Cash Equivalents, January 1 | 122,594 | 167,146 | |||||||||
Cash and Cash Equivalents, September 30 | $ | 125,173 | $ | 119,532 | |||||||
Additional cash flow information: | |||||||||||
Interest paid | $ | 232,616 | $ | 40,568 | |||||||
Income tax paid | 32,741 | 12,102 | |||||||||
Loans transferred to other real estate owned | 1,224 | 6,418 | |||||||||
Fixed assets transferred to other real estate owned | 3,226 | 1,398 | |||||||||
Non-cash investing activities using trade date accounting | 4,462 | 41,106 | |||||||||
ROU assets obtained in exchange for new operating lease liabilities | 1,630 | 9,081 | |||||||||
In conjunction with the acquisitions, liabilities were assumed as follows: | |||||||||||
Fair value of assets acquired | $ | — | $ | 2,510,576 | |||||||
Cash paid in acquisition | — | (79,324) | |||||||||
Less: Common stock issued | — | 237,389 | |||||||||
Less: Preferred stock issued | — | 25,000 | |||||||||
Liabilities assumed | $ | — | $ | 2,168,863 |
Fair Value | ||||||||
Cash and due from banks | $ | 217,104 | ||||||
Investment securities available for sale | 370,071 | |||||||
Investment securities held to maturity | 587 | |||||||
Loans held for sale | 7,951 | |||||||
Loans | 1,627,423 | |||||||
Allowance for credit losses - loans | (16,599) | |||||||
Premises and equipment | 11,848 | |||||||
Federal Home Loan Bank stock | 11,688 | |||||||
Interest receivable | 7,188 | |||||||
Cash surrender value of life insurance | 30,143 | |||||||
Tax asset, deferred and receivable | 16,223 | |||||||
Other assets | 41,690 | |||||||
Deposits | (1,930,790) | |||||||
Securities sold under repurchase agreements | (1,521) | |||||||
Federal Home Loan Bank advances | (160,043) | |||||||
Subordinated debentures | (32,631) | |||||||
Interest payable | (1,065) | |||||||
Other liabilities | (42,813) | |||||||
Net tangible assets acquired | 156,454 | |||||||
Other intangibles | 18,642 | |||||||
Goodwill | 166,617 | |||||||
Purchase price | $ | 341,713 |
Fair Value | ||||
Cash and cash equivalents | $ | 6,016 | ||
Interest-bearing time deposits | 248,212 | |||
Investment securities | 4,078 | |||
Loans held for sale | 594 | |||
Loans | 725,382 | |||
Premises and equipment | 10,107 | |||
Federal Home Loan Bank stock | 4,810 | |||
Interest receivable | 3,445 | |||
Cash surrender value of life insurance | 26,964 | |||
Other assets | 11,780 | |||
Deposits | (862,271 | ) | ||
Securities sold under repurchase agreements | (17,915 | ) | ||
Federal Home Loan Bank Advances | (47,575 | ) | ||
Subordinated debentures | (10,583 | ) | ||
Interest payable | (1,005 | ) | ||
Other liabilities | (14,472 | ) | ||
Net tangible assets acquired | 87,567 | |||
Other Intangible assets | 17,403 | |||
Goodwill | 153,636 | |||
Purchase price | $ | 258,606 |
Fair Value of Acquired Loans at Acquisition Date | Gross Contractual Amounts Receivable at Acquisition Date | Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | |||||||||
Acquired receivables subject to ASC 310-30 | $ | 4,838 | $ | 14,131 | $ | 8,352 | |||||
Acquired receivables not subject to ASC 310-30 | $ | 720,544 | $ | 864,613 | $ | 9,786 |
Fair Value | ||||
Cash and cash equivalents | $ | 48,532 | ||
Interest-bearing time deposits | 292 | |||
Loans held for sale | 7,626 | |||
Loans | 224,680 | |||
Premises and equipment | 1,986 | |||
Federal Home Loan Bank stock | 1,091 | |||
Interest receivable | 653 | |||
Other assets | 1,620 | |||
Deposits | (252,783 | ) | ||
Interest payable | (244 | ) | ||
Other liabilities | (3,106 | ) | ||
Net tangible assets acquired | 30,347 | |||
Core deposit intangible | 4,526 | |||
Goodwill | 47,719 | |||
Purchase price | $ | 82,592 |
Fair Value of Acquired Loans at Acquisition Date | Gross Contractual Amounts Receivable at Acquisition Date | Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | |||||||||
Acquired receivables subject to ASC 310-30 | $ | 2,625 | $ | 6,183 | $ | 2,891 | |||||
Acquired receivables not subject to ASC 310-30 | $ | 222,055 | $ | 308,857 | $ | 2,741 |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | |||||||
Total revenue (net interest income plus other income) | $ | 96,178 | $ | 281,392 | ||||
Net income | $ | 19,603 | $ | 70,651 | ||||
Net income available to common shareholders | ||||||||
Earnings per share: | ||||||||
Basic | $ | 0.40 | $ | 1.44 | ||||
Diluted | $ | 0.39 | $ | 1.43 |
2022 | ||||||||
Total revenue (net interest income plus other income) | $ | 654,313 | ||||||
Net income | $ | 221,631 | ||||||
Net income available to common stockholders | $ | 219,756 | ||||||
Earnings per common share: | ||||||||
Basic | $ | 3.72 | ||||||
Diluted | $ | 3.70 |
2016 | ||||
Total revenue (net interest income plus other income) | $ | 353,732 | ||
Net income | $ | 95,288 | ||
Earnings per share: | ||||
Basic | $ | 1.95 | ||
Diluted | $ | 1.94 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
Available for sale at September 30, 2017 | |||||||||||||||
U.S. Treasury | $ | 250 | $ | 250 | |||||||||||
State and municipal | 452,666 | $ | 13,748 | $ | 2,006 | 464,408 | |||||||||
U.S. Government-sponsored mortgage-backed securities | 423,390 | 2,242 | 1,957 | 423,675 | |||||||||||
Corporate obligations | 31 | 31 | |||||||||||||
Equity securities | 2,357 | 2,357 | |||||||||||||
Total available for sale | 878,694 | 15,990 | 3,963 | 890,721 | |||||||||||
Held to maturity at September 30, 2017 | |||||||||||||||
U.S. Government-sponsored agency securities | 22,618 | 311 | 22,307 | ||||||||||||
State and municipal | 237,257 | 5,935 | 575 | 242,617 | |||||||||||
U.S. Government-sponsored mortgage-backed securities | 317,291 | 4,867 | 812 | 321,346 | |||||||||||
Foreign Investments | 1,000 | 1,000 | |||||||||||||
Total held to maturity | 578,166 | 10,802 | 1,698 | 587,270 | |||||||||||
Total Investment Securities | $ | 1,456,860 | $ | 26,792 | $ | 5,661 | $ | 1,477,991 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
Available for sale at December 31, 2016 | |||||||||||||||
U.S. Government-sponsored agency securities | $ | 100 | $ | 100 | |||||||||||
State and municipal | 360,779 | $ | 8,443 | $ | 5,564 | 363,658 | |||||||||
U.S. Government-sponsored mortgage-backed securities | 313,459 | 1,904 | 3,071 | 312,292 | |||||||||||
Corporate obligations | 31 | 31 | |||||||||||||
Equity securities | 21,820 | 1,039 | 20,781 | ||||||||||||
Total available for sale | 696,189 | 10,347 | 9,674 | 696,862 | |||||||||||
Held to maturity at December 31, 2016 | |||||||||||||||
U.S. Government-sponsored agency securities | 22,619 | 479 | 22,140 | ||||||||||||
State and municipal | 224,811 | 3,136 | 1,796 | 226,151 | |||||||||||
U.S. Government-sponsored mortgage-backed securities | 360,213 | 4,956 | 1,527 | 363,642 | |||||||||||
Total held to maturity | 607,643 | 8,092 | 3,802 | 611,933 | |||||||||||
Total Investment Securities | $ | 1,303,832 | $ | 18,439 | $ | 13,476 | $ | 1,308,795 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||
Available for sale at September 30, 2023 | |||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 1,737 | $ | — | $ | 24 | $ | 1,713 | |||||||||||||||||||||||||||
U.S. Government-sponsored agency securities | 114,414 | — | 20,829 | 93,585 | |||||||||||||||||||||||||||||||
State and municipal | 1,217,293 | — | 244,237 | 973,056 | |||||||||||||||||||||||||||||||
U.S. Government-sponsored mortgage-backed securities | 536,530 | — | 116,567 | 419,963 | |||||||||||||||||||||||||||||||
Corporate obligations | 12,960 | — | 1,141 | 11,819 | |||||||||||||||||||||||||||||||
Total available for sale | $ | 1,882,934 | $ | — | $ | 382,798 | $ | 1,500,136 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||
Available for sale at December 31, 2022 | |||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 2,501 | $ | — | $ | 42 | $ | 2,459 | |||||||||||||||||||||||||||
U.S. Government-sponsored agency securities | 119,154 | — | 17,192 | 101,962 | |||||||||||||||||||||||||||||||
State and municipal | 1,530,048 | 438 | 178,726 | 1,351,760 | |||||||||||||||||||||||||||||||
U.S. Government-sponsored mortgage-backed securities | 608,630 | 1 | 100,358 | 508,273 | |||||||||||||||||||||||||||||||
Corporate obligations | 13,014 | — | 807 | 12,207 | |||||||||||||||||||||||||||||||
Total available for sale | $ | 2,273,347 | $ | 439 | $ | 297,125 | $ | 1,976,661 |
Available for Sale | Held to Maturity | ||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Maturity Distribution at September 30, 2017: | |||||||||||||||
Due in one year or less | $ | 674 | $ | 675 | $ | 7,329 | $ | 7,417 | |||||||
Due after one through five years | 8,970 | 9,398 | 79,466 | 80,423 | |||||||||||
Due after five through ten years | 84,977 | 88,832 | 53,423 | 54,573 | |||||||||||
Due after ten years | 358,326 | 365,784 | 120,657 | 123,511 | |||||||||||
$ | 452,947 | $ | 464,689 | $ | 260,875 | $ | 265,924 | ||||||||
U.S. Government-sponsored mortgage-backed securities | 423,390 | 423,675 | 317,291 | 321,346 | |||||||||||
Equity securities | 2,357 | 2,357 | |||||||||||||
Total Investment Securities | $ | 878,694 | $ | 890,721 | $ | 578,166 | $ | 587,270 |
Available for Sale | Held to Maturity | ||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Maturity Distribution at December 31, 2016 | |||||||||||||||
Due in one year or less | $ | 2,703 | $ | 2,717 | $ | 2,046 | $ | 2,047 | |||||||
Due after one through five years | 16,359 | 17,068 | 61,921 | 63,193 | |||||||||||
Due after five through ten years | 60,614 | 62,241 | 61,606 | 61,145 | |||||||||||
Due after ten years | 281,234 | 281,763 | 121,857 | 121,906 | |||||||||||
$ | 360,910 | $ | 363,789 | $ | 247,430 | $ | 248,291 | ||||||||
U.S. Government-sponsored mortgage-backed securities | 313,459 | 312,292 | 360,213 | 363,642 | |||||||||||
Equity securities | 21,820 | 20,781 | |||||||||||||
Total Investment Securities | $ | 696,189 | $ | 696,862 | $ | 607,643 | $ | 611,933 |
Amortized Cost | Allowance for Credit Losses | Net Carrying Amount | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||
Held to maturity at September 30, 2023 | |||||||||||||||||||||||||||||||||||
U.S. Government-sponsored agency securities | $ | 378,706 | $ | — | $ | 378,706 | $ | — | $ | 78,882 | $ | 299,824 | |||||||||||||||||||||||
State and municipal | 1,107,325 | 245 | 1,107,080 | 14 | 258,536 | 848,803 | |||||||||||||||||||||||||||||
U.S. Government-sponsored mortgage-backed securities | 726,302 | — | 726,302 | — | 135,163 | 591,139 | |||||||||||||||||||||||||||||
Foreign investment | 1,500 | — | 1,500 | — | 41 | 1,459 | |||||||||||||||||||||||||||||
Total held to maturity | $ | 2,213,833 | $ | 245 | $ | 2,213,588 | $ | 14 | $ | 472,622 | $ | 1,741,225 |
Amortized Cost | Allowance for Credit Losses | Net Carrying Amount | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||
Held to maturity at December 31, 2022 | |||||||||||||||||||||||||||||||||||
U.S. Government-sponsored agency securities | $ | 392,246 | $ | — | $ | 392,246 | $ | — | $ | 69,147 | $ | 323,099 | |||||||||||||||||||||||
State and municipal | 1,117,552 | 245 | 1,117,307 | 647 | 197,064 | 921,135 | |||||||||||||||||||||||||||||
U.S. Government-sponsored mortgage-backed securities | 776,074 | — | 776,074 | — | 113,915 | 662,159 | |||||||||||||||||||||||||||||
Foreign investment | 1,500 | — | 1,500 | — | 28 | 1,472 | |||||||||||||||||||||||||||||
Total held to maturity | $ | 2,287,372 | $ | 245 | $ | 2,287,127 | $ | 647 | $ | 380,154 | $ | 1,907,865 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Sales and Redemptions of Available for Sale Securities: | |||||||||||||||
Gross gains | $ | 382 | $ | 839 | $ | 1,547 | $ | 2,542 | |||||||
Gross losses | 50 | 50 |
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||
Temporarily Impaired Available for Sale Securities at September 30, 2017 | |||||||||||||||||||||||
State and municipal | $ | 76,469 | $ | 959 | $ | 21,693 | $ | 1,047 | $ | 98,162 | $ | 2,006 | |||||||||||
U.S. Government-sponsored mortgage-backed securities | 153,833 | 1,794 | 8,149 | 163 | 161,982 | 1,957 | |||||||||||||||||
Total Temporarily Impaired Available for Sale Securities | 230,302 | 2,753 | 29,842 | 1,210 | 260,144 | 3,963 | |||||||||||||||||
Temporarily Impaired Held to Maturity Securities at September 30, 2017 | |||||||||||||||||||||||
U.S. Government-sponsored agency securities | 9,941 | 78 | 12,267 | 233 | 22,208 | 311 | |||||||||||||||||
State and municipal | 18,754 | 402 | 6,216 | 173 | 24,970 | 575 | |||||||||||||||||
U.S. Government-sponsored mortgage-backed securities | 74,950 | 812 | 74,950 | 812 | |||||||||||||||||||
Total Temporarily Impaired Held to Maturity Securities | 103,645 | 1,292 | 18,483 | 406 | 122,128 | 1,698 | |||||||||||||||||
Total Temporarily Impaired Investment Securities | $ | 333,947 | $ | 4,045 | $ | 48,325 | $ | 1,616 | $ | 382,272 | $ | 5,661 |
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||
Temporarily Impaired Available for Sale Securities at December 31, 2016 | |||||||||||||||||||
State and municipal | $ | 126,593 | $ | 5,564 | $ | 126,593 | $ | 5,564 | |||||||||||
U.S. Government-sponsored mortgage-backed securities | 185,544 | 3,071 | 185,544 | 3,071 | |||||||||||||||
Equity Securities | 18,765 | 1,039 | 18,765 | 1,039 | |||||||||||||||
Total Temporarily Impaired Available for Sale Securities | 330,902 | 9,674 | 330,902 | 9,674 | |||||||||||||||
Temporarily Impaired Held to Maturity Securities at December 31, 2016 | |||||||||||||||||||
U.S. Government-sponsored agency securities | 19,121 | 479 | 19,121 | 479 | |||||||||||||||
State and municipal | 50,897 | 1,796 | 50,897 | 1,796 | |||||||||||||||
U.S. Government-sponsored mortgage-backed securities | 109,377 | 1,527 | 109,377 | 1,527 | |||||||||||||||
Total Temporarily Impaired Held to Maturity Securities | 179,395 | 3,802 | 179,395 | 3,802 | |||||||||||||||
Total Temporarily Impaired Investment Securities | $ | 510,297 | $ | 13,476 | $ | 510,297 | $ | 13,476 |
Held to Maturity | |||||||||||||||||
State and municipal | Other | Total | |||||||||||||||
Credit Rating: | |||||||||||||||||
Aaa | $ | 114,709 | $ | 70,585 | $ | 185,294 | |||||||||||
Aa1 | 153,408 | — | 153,408 | ||||||||||||||
Aa2 | 181,369 | — | 181,369 | ||||||||||||||
Aa3 | 133,499 | — | 133,499 | ||||||||||||||
A1 | 131,310 | — | 131,310 | ||||||||||||||
A2 | 10,172 | — | 10,172 | ||||||||||||||
A3 | 10,125 | — | 10,125 | ||||||||||||||
Non-rated | 372,733 | 1,035,923 | 1,408,656 | ||||||||||||||
Total | $ | 1,107,325 | $ | 1,106,508 | $ | 2,213,833 |
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||
Investment securities available for sale at September 30, 2023 | |||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 397 | $ | 1 | $ | 1,316 | $ | 23 | $ | 1,713 | $ | 24 | |||||||||||||||||||||||
U.S. Government-sponsored agency securities | 796 | 3 | 92,789 | 20,826 | 93,585 | 20,829 | |||||||||||||||||||||||||||||
State and municipal | 86,964 | 10,369 | 886,092 | 233,868 | 973,056 | 244,237 | |||||||||||||||||||||||||||||
U.S. Government-sponsored mortgage-backed securities | 11,273 | 453 | 408,686 | 116,114 | 419,959 | 116,567 | |||||||||||||||||||||||||||||
Corporate obligations | — | — | 11,788 | 1,141 | 11,788 | 1,141 | |||||||||||||||||||||||||||||
Total investment securities available for sale | $ | 99,430 | $ | 10,826 | $ | 1,400,671 | $ | 371,972 | $ | 1,500,101 | $ | 382,798 |
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||
Investment securities available for sale at December 31, 2022 | |||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 2,459 | $ | 42 | $ | — | $ | — | $ | 2,459 | $ | 42 | |||||||||||||||||||||||
U.S. Government-sponsored agency securities | 48,940 | 4,973 | 53,022 | 12,219 | 101,962 | 17,192 | |||||||||||||||||||||||||||||
State and municipal | 1,177,104 | 150,096 | 108,652 | 28,630 | 1,285,756 | 178,726 | |||||||||||||||||||||||||||||
U.S. Government-sponsored mortgage-backed securities | 182,700 | 16,910 | 325,455 | 83,448 | 508,155 | 100,358 | |||||||||||||||||||||||||||||
Corporate obligations | 12,176 | 807 | — | — | 12,176 | 807 | |||||||||||||||||||||||||||||
Total investment securities available for sale | $ | 1,423,379 | $ | 172,828 | $ | 487,129 | $ | 124,297 | $ | 1,910,508 | $ | 297,125 |
Gross Unrealized Losses | Number of Securities | ||||||||||
Investment securities available for sale at September 30, 2023 | |||||||||||
U.S. Treasury | $ | 24 | 3 | ||||||||
U.S. Government-sponsored agency securities | 20,829 | 16 | |||||||||
State and municipal | 244,237 | 743 | |||||||||
U.S. Government-sponsored mortgage-backed securities | 116,567 | 164 | |||||||||
Corporate obligations | 1,141 | 10 | |||||||||
Total investment securities available for sale | $ | 382,798 | 936 |
Gross Unrealized Losses | Number of Securities | ||||||||||
Investment securities available for sale at December 31, 2022 | |||||||||||
U.S. Treasury | $ | 42 | 5 | ||||||||
U.S. Government-sponsored agency securities | 17,192 | 16 | |||||||||
State and municipal | 178,726 | 946 | |||||||||
U.S. Government-sponsored mortgage-backed securities | 100,358 | 177 | |||||||||
Corporate obligations | 807 | 10 | |||||||||
Total investment securities available for sale | $ | 297,125 | 1,154 |
September 30, 2023 | December 31, 2022 | ||||||||||
Investments available for sale reported at less than historical cost: | |||||||||||
Historical cost | $ | 1,882,899 | $ | 2,207,633 | |||||||
Fair value | 1,500,101 | 1,910,508 | |||||||||
Gross unrealized losses | $ | 382,798 | $ | 297,125 | |||||||
Percent of the Corporation's investments available for sale | 99.99 | % | 96.65 | % |
September 30, 2017 | December 31, 2016 | ||||||
Investments reported at less than historical cost: | |||||||
Historical cost | $ | 388,181 | $ | 523,773 | |||
Fair value | $ | 382,272 | $ | 510,297 | |||
Percent of the Corporation's investment portfolio | 26.0 | % | 39.1 | % |
Available for Sale | Held to Maturity | ||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
Maturity Distribution at September 30, 2023 | |||||||||||||||||||||||
Due in one year or less | $ | 3,403 | $ | 3,356 | $ | 9,422 | $ | 9,397 | |||||||||||||||
Due after one through five years | 27,736 | 25,266 | 116,894 | 106,277 | |||||||||||||||||||
Due after five through ten years | 127,442 | 110,668 | 134,603 | 117,134 | |||||||||||||||||||
Due after ten years | 1,187,823 | 940,883 | 1,226,612 | 917,278 | |||||||||||||||||||
1,346,404 | 1,080,173 | 1,487,531 | 1,150,086 | ||||||||||||||||||||
U.S. Government-sponsored mortgage-backed securities | 536,530 | 419,963 | 726,302 | 591,139 | |||||||||||||||||||
Total investment securities | $ | 1,882,934 | $ | 1,500,136 | $ | 2,213,833 | $ | 1,741,225 |
Available for Sale | Held to Maturity | ||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
Maturity Distribution at December 31, 2022 | |||||||||||||||||||||||
Due in one year or less | $ | 2,822 | $ | 2,809 | $ | 13,697 | $ | 13,749 | |||||||||||||||
Due after one through five years | 11,694 | 11,265 | 80,697 | 76,453 | |||||||||||||||||||
Due after five through ten years | 169,729 | 161,211 | 147,078 | 135,027 | |||||||||||||||||||
Due after ten years | 1,480,472 | 1,293,103 | 1,269,826 | 1,020,477 | |||||||||||||||||||
1,664,717 | 1,468,388 | 1,511,298 | 1,245,706 | ||||||||||||||||||||
U.S. Government-sponsored mortgage-backed securities | 608,630 | 508,273 | 776,074 | 662,159 | |||||||||||||||||||
Total investment securities | $ | 2,273,347 | $ | 1,976,661 | $ | 2,287,372 | $ | 1,907,865 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Sales and redemptions of investment securities available for sale: | |||||||||||||||||||||||
Gross gains | $ | — | $ | 495 | $ | 759 | $ | 1,176 | |||||||||||||||
Gross losses | (1,650) | (14) | (5,372) | (39) | |||||||||||||||||||
Net gains (losses) on sales and redemptions of investment securities available for sale | $ | (1,650) | $ | 481 | $ | (4,613) | $ | 1,137 | |||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
Commercial and industrial loans | $ | 3,490,953 | $ | 3,437,126 | |||||||
Agricultural land, production and other loans to farmers | 233,838 | 241,793 | |||||||||
Real estate loans: | |||||||||||
Construction | 1,022,261 | 835,582 | |||||||||
Commercial real estate, non-owner occupied | 2,360,596 | 2,407,475 | |||||||||
Commercial real estate, owner occupied | 1,153,707 | 1,246,528 | |||||||||
Residential | 2,257,385 | 2,096,655 | |||||||||
Home equity | 609,352 | 630,632 | |||||||||
Individuals' loans for household and other personal expenditures | 176,523 | 175,211 | |||||||||
Public finance and other commercial loans | 966,807 | 932,892 | |||||||||
Loans | $ | 12,271,422 | $ | 12,003,894 |
September 30, 2017 | December 31, 2016 | ||||||
Commercial and industrial loans | $ | 1,436,092 | $ | 1,194,646 | |||
Agricultural production financing and other loans to farmers | 117,751 | 79,689 | |||||
Real estate loans: | |||||||
Construction | 498,862 | 418,703 | |||||
Commercial and farmland | 2,571,253 | 1,953,062 | |||||
Residential | 938,437 | 739,169 | |||||
Home equity | 502,240 | 418,525 | |||||
Individuals' loans for household and other personal expenditures | 86,406 | 77,479 | |||||
Lease financing receivables, net of unearned income | 3,877 | 311 | |||||
Other commercial loans | 328,530 | 258,061 | |||||
Loans | $ | 6,483,448 | $ | 5,139,645 | |||
Allowance for loan losses | (73,354 | ) | (66,037 | ) | |||
Net Loans | $ | 6,410,094 | $ | 5,073,608 |
September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans (amortized cost basis by origination year) | Revolving loans amortized | Revolving loans converted | |||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | cost basis | to term | Total | |||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 901,876 | $ | 548,276 | $ | 296,471 | $ | 95,426 | $ | 53,498 | $ | 49,094 | $ | 1,374,146 | $ | 50 | $ | 3,318,837 | |||||||||||||||||||||||||||||||||||
Special Mention | 9,450 | 11,955 | 6,428 | 5,470 | 114 | 897 | 28,202 | — | 62,516 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 5,902 | 20,082 | 16,554 | 1,959 | 4,701 | 1,655 | 48,890 | — | 99,743 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 908 | 3,945 | — | 2,149 | — | — | 2,855 | — | 9,857 | ||||||||||||||||||||||||||||||||||||||||||||
Total Commercial and industrial loans | 918,136 | 584,258 | 319,453 | 105,004 | 58,313 | 51,646 | 1,454,093 | 50 | 3,490,953 | ||||||||||||||||||||||||||||||||||||||||||||
Current period gross write-offs | 13,901 | 508 | 400 | 5,588 | 76 | 239 | — | — | 20,712 | ||||||||||||||||||||||||||||||||||||||||||||
Agricultural land, production and other loans to farmers | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 22,521 | 38,866 | 33,059 | 32,234 | 13,819 | 26,251 | 65,513 | — | 232,263 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | 266 | — | — | — | 597 | — | — | 863 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 34 | 156 | — | 458 | — | 64 | — | — | 712 | ||||||||||||||||||||||||||||||||||||||||||||
Total Agricultural land, production and other loans to farmers | 22,555 | 39,288 | 33,059 | 32,692 | 13,819 | 26,912 | 65,513 | — | 233,838 | ||||||||||||||||||||||||||||||||||||||||||||
Current period gross write-offs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 362,578 | 295,563 | 266,129 | 14,325 | 4,047 | 2,526 | 11,577 | — | 956,745 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 35,063 | 424 | — | 20,846 | — | — | — | — | 56,333 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 13 | 3,882 | 5,288 | — | — | — | — | — | 9,183 | ||||||||||||||||||||||||||||||||||||||||||||
Total Construction | 397,654 | 299,869 | 271,417 | 35,171 | 4,047 | 2,526 | 11,577 | — | 1,022,261 | ||||||||||||||||||||||||||||||||||||||||||||
Current period gross write-offs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate, non-owner occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 214,579 | 529,237 | 533,207 | 471,278 | 142,636 | 225,787 | 31,615 | — | 2,148,339 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 64,871 | 22,956 | 7,842 | 3,641 | 26,567 | 32,842 | 47 | — | 158,766 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 18,666 | 9,807 | 92 | 22,216 | — | 2,339 | 247 | — | 53,367 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | 124 | — | — | — | — | — | — | 124 | ||||||||||||||||||||||||||||||||||||||||||||
Total Commercial real estate, non-owner occupied | 298,116 | 562,124 | 541,141 | 497,135 | 169,203 | 260,968 | 31,909 | — | 2,360,596 | ||||||||||||||||||||||||||||||||||||||||||||
Current period gross write-offs | — | 2 | — | — | — | — | — | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate, owner occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 119,212 | 207,077 | 270,151 | 269,190 | 101,546 | 87,685 | 27,327 | — | 1,082,188 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 5,178 | 13,603 | 9,437 | 6,053 | 2,831 | 5,110 | 334 | — | 42,546 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 15,113 | 1,339 | 4,228 | 2,486 | 17 | 5,163 | 627 | — | 28,973 | ||||||||||||||||||||||||||||||||||||||||||||
Total Commercial real estate, owner occupied | 139,503 | 222,019 | 283,816 | 277,729 | 104,394 | 97,958 | 28,288 | — | 1,153,707 | ||||||||||||||||||||||||||||||||||||||||||||
Current period gross write-offs | — | — | — | — | 2 | — | — | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 332,210 | 691,941 | 451,830 | 372,247 | 105,548 | 265,879 | 4,878 | 65 | 2,224,598 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 1,087 | 5,304 | 4,034 | 1,710 | 1,578 | 6,501 | 2,588 | — | 22,802 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 357 | 3,338 | 2,234 | 974 | 528 | 2,523 | 31 | — | 9,985 | ||||||||||||||||||||||||||||||||||||||||||||
Total Residential | 333,654 | 700,583 | 458,098 | 374,931 | 107,654 | 274,903 | 7,497 | 65 | 2,257,385 | ||||||||||||||||||||||||||||||||||||||||||||
Current period gross write-offs | — | 42 | 135 | 3 | — | 63 | — | — | 243 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 9,155 | 34,784 | 64,438 | 11,511 | 1,162 | 4,566 | 472,517 | 2,065 | 600,198 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 120 | 720 | 41 | 1,114 | — | 168 | 4,108 | 371 | 6,642 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 63 | — | 599 | — | — | 93 | 1,374 | 383 | 2,512 | ||||||||||||||||||||||||||||||||||||||||||||
Total Home Equity | 9,338 | 35,504 | 65,078 | 12,625 | 1,162 | 4,827 | 477,999 | 2,819 | 609,352 | ||||||||||||||||||||||||||||||||||||||||||||
Current period gross write-offs | — | 160 | 182 | 149 | 193 | 1,422 | — | — | 2,106 | ||||||||||||||||||||||||||||||||||||||||||||
Individuals' loans for household and other personal expenditures | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 32,590 | 52,860 | 31,275 | 8,070 | 2,735 | 6,572 | 40,907 | 597 | 175,606 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 29 | 388 | 250 | 34 | 11 | 11 | 193 | 1 | 917 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total Individuals' loans for household and other personal expenditures | 32,619 | 53,248 | 31,525 | 8,104 | 2,746 | 6,583 | 41,100 | 598 | 176,523 | ||||||||||||||||||||||||||||||||||||||||||||
Current period gross write-offs | 98 | 591 | 291 | 77 | 57 | 151 | — | — | 1,265 | ||||||||||||||||||||||||||||||||||||||||||||
Public finance and other commercial loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 61,235 | 209,069 | 206,637 | 157,399 | 91,705 | 231,931 | 8,831 | — | 966,807 | ||||||||||||||||||||||||||||||||||||||||||||
Total Public finance and other commercial loans | 61,235 | 209,069 | 206,637 | 157,399 | 91,705 | 231,931 | 8,831 | — | 966,807 | ||||||||||||||||||||||||||||||||||||||||||||
Loans | $ | 2,212,810 | $ | 2,705,962 | $ | 2,210,224 | $ | 1,500,790 | $ | 553,043 | $ | 958,254 | $ | 2,126,807 | $ | 3,532 | $ | 12,271,422 | |||||||||||||||||||||||||||||||||||
Total current period gross charge-offs | $ | 13,999 | $ | 1,303 | $ | 1,008 | $ | 5,817 | $ | 328 | $ | 1,875 | $ | — | $ | — | $ | 24,330 |
Three Months Ended September 30, 2017 | |||||||||||||||||||||||
Commercial | Commercial Real Estate | Consumer | Residential | Finance Leases | Total | ||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Balances, June 30, 2017 | $ | 28,906 | $ | 25,236 | $ | 3,372 | $ | 12,955 | $ | 2 | $ | 70,471 | |||||||||||
Provision for losses | 921 | 374 | 342 | 446 | 2,083 | ||||||||||||||||||
Recoveries on loans | 324 | 1,327 | 51 | 157 | 1,859 | ||||||||||||||||||
Loans charged-off | (468 | ) | (190 | ) | (174 | ) | (227 | ) | (1,059 | ) | |||||||||||||
Balances, September 30, 2017 | $ | 29,683 | $ | 26,747 | $ | 3,591 | $ | 13,331 | $ | 2 | $ | 73,354 |
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||
Commercial | Commercial Real Estate | Consumer | Residential | Finance Leases | Total | ||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Balances, December 31, 2016 | $ | 27,696 | $ | 23,661 | $ | 2,923 | $ | 11,755 | $ | 2 | $ | 66,037 | |||||||||||
Provision for losses | 2,279 | 2,023 | 877 | 2,164 | 7,343 | ||||||||||||||||||
Recoveries on loans | 987 | 2,066 | 253 | 547 | 3,853 | ||||||||||||||||||
Loans charged-off | (1,279 | ) | (1,003 | ) | (462 | ) | (1,135 | ) | (3,879 | ) | |||||||||||||
Balances, September 30, 2017 | $ | 29,683 | $ | 26,747 | $ | 3,591 | $ | 13,331 | $ | 2 | $ | 73,354 |
Three Months Ended September 30, 2016 | |||||||||||||||||||||||
Commercial | Commercial Real Estate | Consumer | Residential | Finance Leases | Total | ||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Balances, June 30, 2016 | $ | 26,321 | $ | 22,280 | $ | 2,684 | $ | 10,899 | $ | 2 | $ | 62,186 | |||||||||||
Provision for losses | 727 | 578 | 115 | 480 | 1,900 | ||||||||||||||||||
Recoveries on loans | 175 | 651 | 101 | 324 | 1,251 | ||||||||||||||||||
Loans charged-off | (720 | ) | (572 | ) | (114 | ) | (475 | ) | (1,881 | ) | |||||||||||||
Balances, September 30, 2016 | $ | 26,503 | $ | 22,937 | $ | 2,786 | $ | 11,228 | $ | 2 | $ | 63,456 |
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||
Commercial | Commercial Real Estate | Consumer | Residential | Finance Leases | Total | ||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Balances, December 31, 2015 | $ | 26,478 | $ | 22,145 | $ | 2,689 | $ | 11,139 | $ | 2 | $ | 62,453 | |||||||||||
Provision for losses | 1,266 | 992 | 192 | 790 | 3,240 | ||||||||||||||||||
Recoveries on loans | 1,150 | 1,879 | 286 | 909 | 4,224 | ||||||||||||||||||
Loans charged-off | (2,391 | ) | (2,079 | ) | (381 | ) | (1,610 | ) | (6,461 | ) | |||||||||||||
Balances, September 30, 2016 | $ | 26,503 | $ | 22,937 | $ | 2,786 | $ | 11,228 | $ | 2 | $ | 63,456 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans (amortized cost basis by origination year) | Revolving loans amortized | Revolving loans converted | |||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | cost basis | to term | Total | |||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,064,687 | $ | 531,504 | $ | 141,985 | $ | 114,999 | $ | 43,136 | $ | 45,310 | $ | 1,302,562 | $ | 5,048 | $ | 3,249,231 | |||||||||||||||||||||||||||||||||||
Special Mention | 2,164 | 18,005 | 11,900 | 5,727 | 1,012 | 2,181 | 27,702 | 150 | 68,841 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 27,512 | 26,571 | 5,531 | 10,606 | 4,674 | 567 | 43,450 | 143 | 119,054 | ||||||||||||||||||||||||||||||||||||||||||||
Total Commercial and industrial loans | 1,094,363 | 576,080 | 159,416 | 131,332 | 48,822 | 48,058 | 1,373,714 | 5,341 | 3,437,126 | ||||||||||||||||||||||||||||||||||||||||||||
Agricultural land, production and other loans to farmers | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 44,446 | 36,299 | 35,791 | 15,296 | 3,752 | 28,910 | 73,402 | — | 237,896 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 286 | 784 | — | — | 281 | 632 | — | — | 1,983 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 178 | — | 490 | — | 94 | 1,152 | — | — | 1,914 | ||||||||||||||||||||||||||||||||||||||||||||
Total Agricultural land, production and other loans to farmers | 44,910 | 37,083 | 36,281 | 15,296 | 4,127 | 30,694 | 73,402 | — | 241,793 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 366,414 | 301,986 | 117,541 | 11,428 | 857 | 3,224 | 17,167 | — | 818,617 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 16,922 | — | — | — | — | — | — | — | 16,922 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 31 | — | — | — | — | 12 | — | — | 43 | ||||||||||||||||||||||||||||||||||||||||||||
Total Construction | 383,367 | 301,986 | 117,541 | 11,428 | 857 | 3,236 | 17,167 | — | 835,582 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate, non-owner occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 560,146 | 603,254 | 550,605 | 168,701 | 116,859 | 190,264 | 31,196 | 3,803 | 2,224,828 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 49,439 | 4,026 | 38,268 | 18,785 | 11,546 | 17,992 | — | — | 140,056 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 21,123 | 8,128 | 8,026 | — | 4,442 | 872 | — | — | 42,591 | ||||||||||||||||||||||||||||||||||||||||||||
Total Commercial real estate, non-owner occupied | 630,708 | 615,408 | 596,899 | 187,486 | 132,847 | 209,128 | 31,196 | 3,803 | 2,407,475 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate, owner occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 260,725 | 316,665 | 330,441 | 114,015 | 63,816 | 81,286 | 33,123 | 3,378 | 1,203,449 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 7,744 | 6,125 | 2,245 | 3,481 | 1,210 | 2,984 | 1,328 | — | 25,117 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 3,124 | 1,214 | 2,376 | 1,608 | 2,920 | 6,720 | — | — | 17,962 | ||||||||||||||||||||||||||||||||||||||||||||
Total Commercial real estate, owner occupied | 271,593 | 324,004 | 335,062 | 119,104 | 67,946 | 90,990 | 34,451 | 3,378 | 1,246,528 | ||||||||||||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 758,161 | 489,301 | 401,353 | 114,420 | 77,768 | 229,812 | 5,365 | 46 | 2,076,226 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 2,839 | 2,924 | 1,972 | 513 | 396 | 2,588 | 34 | — | 11,266 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 1,399 | 1,824 | 1,811 | 805 | 1,468 | 1,741 | 60 | 55 | 9,163 | ||||||||||||||||||||||||||||||||||||||||||||
Total Residential | 762,399 | 494,049 | 405,136 | 115,738 | 79,632 | 234,141 | 5,459 | 101 | 2,096,655 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 40,768 | 75,670 | 14,621 | 1,572 | 1,348 | 3,325 | 486,924 | 281 | 624,509 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | — | 115 | 8 | 3,698 | — | 3,821 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 79 | — | — | 65 | 60 | 2,098 | — | 2,302 | ||||||||||||||||||||||||||||||||||||||||||||
Total Home Equity | 40,768 | 75,749 | 14,621 | 1,572 | 1,528 | 3,393 | 492,720 | 281 | 630,632 | ||||||||||||||||||||||||||||||||||||||||||||
Individuals' loans for household and other personal expenditures | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 67,883 | 43,639 | 13,025 | 5,389 | 5,830 | 3,775 | 35,091 | — | 174,632 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 178 | 134 | 77 | 33 | 28 | 17 | 16 | — | 483 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 1 | — | 3 | — | 84 | 8 | — | — | 96 | ||||||||||||||||||||||||||||||||||||||||||||
Total Individuals' loans for household and other personal expenditures | 68,062 | 43,773 | 13,105 | 5,422 | 5,942 | 3,800 | 35,107 | — | 175,211 | ||||||||||||||||||||||||||||||||||||||||||||
Public finance and other commercial loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 187,125 | 212,702 | 165,019 | 98,687 | 43,760 | 204,719 | 20,880 | — | 932,892 | ||||||||||||||||||||||||||||||||||||||||||||
Total Public finance and other commercial loans | 187,125 | 212,702 | 165,019 | 98,687 | 43,760 | 204,719 | 20,880 | — | 932,892 | ||||||||||||||||||||||||||||||||||||||||||||
Loans | $ | 3,483,295 | $ | 2,680,834 | $ | 1,843,080 | $ | 686,065 | $ | 385,461 | $ | 828,159 | $ | 2,084,096 | $ | 12,904 | $ | 12,003,894 |
September 30, 2023 | |||||||||||||||||||||||||||||||||||
Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Total | Loans > 90 Days or More Past Due And Accruing | ||||||||||||||||||||||||||||||
Commercial and industrial loans | $ | 3,474,368 | $ | 4,005 | $ | 3,224 | $ | 9,356 | $ | 3,490,953 | $ | 12 | |||||||||||||||||||||||
Agricultural land, production and other loans to farmers | 233,811 | — | — | 27 | 233,838 | — | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||
Construction | 1,021,537 | 300 | 424 | — | 1,022,261 | — | |||||||||||||||||||||||||||||
Commercial real estate, non-owner occupied | 2,343,002 | 4,603 | 1,913 | 11,078 | 2,360,596 | — | |||||||||||||||||||||||||||||
Commercial real estate, owner occupied | 1,150,029 | 2,368 | 1,225 | 85 | 1,153,707 | — | |||||||||||||||||||||||||||||
Residential | 2,227,184 | 10,884 | 10,405 | 8,912 | 2,257,385 | 39 | |||||||||||||||||||||||||||||
Home equity | 602,829 | 2,878 | 1,325 | 2,320 | 609,352 | 38 | |||||||||||||||||||||||||||||
Individuals' loans for household and other personal expenditures | 175,605 | 773 | 145 | — | 176,523 | — | |||||||||||||||||||||||||||||
Public finance and other commercial loans | 966,774 | 33 | — | — | 966,807 | — | |||||||||||||||||||||||||||||
Loans | $ | 12,195,139 | $ | 25,844 | $ | 18,661 | $ | 31,778 | $ | 12,271,422 | $ | 89 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Total | Loans > 90 Days or More Past Due And Accruing | ||||||||||||||||||||||||||||||
Commercial and industrial loans | $ | 3,429,314 | $ | 4,904 | $ | 434 | $ | 2,474 | $ | 3,437,126 | $ | 1,147 | |||||||||||||||||||||||
Agricultural land, production and other loans to farmers | 241,739 | — | — | 54 | 241,793 | — | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||
Construction | 832,716 | 2,436 | 418 | 12 | 835,582 | — | |||||||||||||||||||||||||||||
Commercial real estate, non-owner occupied | 2,395,495 | 5,946 | 881 | 5,153 | 2,407,475 | 264 | |||||||||||||||||||||||||||||
Commercial real estate, owner occupied | 1,241,714 | 4,495 | — | 319 | 1,246,528 | — | |||||||||||||||||||||||||||||
Residential | 2,079,959 | 8,607 | 2,278 | 5,811 | 2,096,655 | — | |||||||||||||||||||||||||||||
Home equity | 624,543 | 2,206 | 1,782 | 2,101 | 630,632 | 326 | |||||||||||||||||||||||||||||
Individuals' loans for household and other personal expenditures | 174,629 | 343 | 142 | 97 | 175,211 | — | |||||||||||||||||||||||||||||
Public finance and other commercial loans | 932,778 | 114 | — | — | 932,892 | — | |||||||||||||||||||||||||||||
Loans | $ | 11,952,887 | $ | 29,051 | $ | 5,935 | $ | 16,021 | $ | 12,003,894 | $ | 1,737 |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Nonaccrual Loans | Nonaccrual Loans with no Allowance for Credit Losses | Nonaccrual Loans | Nonaccrual Loans with no Allowance for Credit Losses | ||||||||||||||||||||||||||||||||
Commercial and industrial loans | $ | 14,737 | $ | 1,020 | $ | 3,292 | $ | 481 | |||||||||||||||||||||||||||
Agricultural land, production and other loans to farmers | 61 | — | 54 | — | |||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||
Construction | 724 | — | 12 | — | |||||||||||||||||||||||||||||||
Commercial real estate, non-owner occupied | 11,575 | 11,293 | 19,374 | 280 | |||||||||||||||||||||||||||||||
Commercial real estate, owner occupied | 3,125 | 2,314 | 3,550 | 2,784 | |||||||||||||||||||||||||||||||
Residential | 20,244 | — | 13,685 | 702 | |||||||||||||||||||||||||||||||
Home equity | 2,534 | — | 2,247 | — | |||||||||||||||||||||||||||||||
Individuals' loans for household and other personal expenditures | 102 | — | 110 | — | |||||||||||||||||||||||||||||||
Loans | $ | 53,102 | $ | 14,627 | $ | 42,324 | $ | 4,247 |
September 30, 2023 | |||||||||||||||||||||||||||||
Commercial Real Estate | Residential Real Estate | Other | Total | Allowance on Collateral Dependent Loans | |||||||||||||||||||||||||
Commercial and industrial loans | $ | — | $ | — | $ | 39,343 | $ | 39,343 | $ | 14,542 | |||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Construction | — | 8 | — | 8 | 1 | ||||||||||||||||||||||||
Commercial real estate, non-owner occupied | 17,145 | — | — | 17,145 | 57 | ||||||||||||||||||||||||
Commercial real estate, owner occupied | 10,568 | — | — | 10,568 | — | ||||||||||||||||||||||||
Residential | — | 1,464 | — | 1,464 | 235 | ||||||||||||||||||||||||
Home equity | — | 227 | — | 227 | 31 | ||||||||||||||||||||||||
Loans | $ | 27,713 | $ | 1,699 | $ | 39,343 | $ | 68,755 | $ | 14,866 |
December 31, 2022 | |||||||||||||||||||||||||||||
Commercial Real Estate | Residential Real Estate | Other | Total | Allowance on Collateral Dependent Loans | |||||||||||||||||||||||||
Commercial and industrial loans | $ | — | $ | — | $ | 42,101 | $ | 42,101 | $ | 8,367 | |||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Construction | — | 10 | — | 10 | 1 | ||||||||||||||||||||||||
Commercial real estate, non-owner occupied | 26,534 | — | — | 26,534 | 2,064 | ||||||||||||||||||||||||
Commercial real estate, owner occupied | 6,986 | — | — | 6,986 | 776 | ||||||||||||||||||||||||
Residential | — | 2,382 | — | 2,382 | 260 | ||||||||||||||||||||||||
Home equity | — | 289 | — | 289 | 44 | ||||||||||||||||||||||||
Loans | $ | 33,520 | $ | 2,681 | $ | 42,101 | $ | 78,302 | $ | 11,512 |
Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Loan Modifications Made to Borrowers Experiencing Financial Difficulty | |||||||||||||||||||||||||||||||||||||||||||||||
Payment Delay | Term Extension | Combination Interest Rate Reduction & Term Extension | Combination Payment Delay & Term Extension | % of Total Class of Financing Receivable | |||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans | $ | 908 | $ | 7,734 | $ | 134 | $ | — | 0.25 | % | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate, non-owner occupied | — | 11,823 | — | — | 0.50 | % | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate, owner occupied | — | 6,950 | — | — | 0.60 | % | |||||||||||||||||||||||||||||||||||||||||
Home equity | — | 63 | — | — | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||
Individuals' loans for household and other personal expenditures | — | — | — | 1 | — | % | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 908 | $ | 26,570 | $ | 134 | $ | 1 |
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Loan Modifications Made to Borrowers Experiencing Financial Difficulty | |||||||||||||||||||||||||||||||||||||||||||||||
Payment Delay | Term Extension | Combination Interest Rate Reduction & Term Extension | Combination Payment Delay & Term Extension | % of Total Class of Financing Receivable | |||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans | $ | 908 | $ | 14,822 | $ | 239 | $ | — | 0.46 | % | |||||||||||||||||||||||||||||||||||||
Agricultural land, production and other loans to farmers | — | 34 | — | — | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||||||||
Construction | — | 13 | — | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate, non-owner occupied | — | 11,823 | 5,942 | — | 0.75 | % | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate, owner occupied | 5,602 | 8,642 | 75 | — | 1.24 | % | |||||||||||||||||||||||||||||||||||||||||
Residential | — | — | — | 472 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||
Home equity | — | 63 | — | — | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||
Individuals' loans for household and other personal expenditures | — | — | — | 1 | — | % | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 6,510 | $ | 35,397 | $ | 6,256 | $ | 473 |
Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Financial Effect of Loan Modifications | |||||||||||||||||||||||||||||||||||||||||
Payment Delay | Term Extension | Combination Interest Rate Reduction & Term Extension | Combination Payment Delay & Term Extension | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans | Provided payment deferrals with weighted average delayed amounts of $24,000. | Extended loans by a weighted average of 8 months | Reduced the weighted average contractual interest rate from 10.75% to 7.62%. Extended loans by a weighted average of 14 months. | ||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate, non-owner occupied | Extended loans by a weighted average of 11 months. | ||||||||||||||||||||||||||||||||||||||||
Commercial real estate, owner occupied | Extended loans by a weighted average of 4 months. | ||||||||||||||||||||||||||||||||||||||||
Residential | Provided payment deferrals with weighted average delayed amounts of $300. Extended loans by a weighted average of 3 months. | ||||||||||||||||||||||||||||||||||||||||
Home equity | Extended loans by a weighted average of 5 months. | ||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||||
Financial Effect of Loan Modifications | ||||||||||||||||||||||||||||||||
Payment Delay | Term Extension | Combination Interest Rate Reduction & Term Extension | Combination Payment Delay & Term Extension | |||||||||||||||||||||||||||||
Commercial and industrial loans | Provided payment deferrals with weighted average delayed amounts of $24,000 | Extended loans by a weighted average of 8 months. | Reduced the weighted average contractual interest rate from 9.66% to 7.39%. Extended loans by a weighted average of 13 months. | |||||||||||||||||||||||||||||
Agricultural land, production and other loans to farmers | Extended loans by a weighted average of 60 months. | |||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||
Construction | Extended loans by a weighted average of 24 months. | |||||||||||||||||||||||||||||||
Commercial real estate, non-owner occupied | Extended loans by a weighted average of 10 months. | Reduced the weighted average contractual interest rate from 7.81% to 7.40%. Extended loans by a weighted average of 41 months. | ||||||||||||||||||||||||||||||
Commercial real estate, owner occupied | Provided payment deferrals with weighted average delayed amounts of $4.5 million. | Extended loans by a weighted average of 4 months. | Reduced the weighted average contractual interest rate from 10.25% to 6.61%. Extended loans by a weighted average of 114 months. | |||||||||||||||||||||||||||||
Residential | Provided payment deferrals with weighted average delayed amounts $3,400. Extended loans by a weighted average of 3 months. | |||||||||||||||||||||||||||||||
Home equity | Extended loans by a weighted average of 5 months. | Provided payment deferrals with weighted average delayed amounts $300. Extended loans by a weighted average of 3 months. | ||||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | |||||||||||||||||
Payment Status | |||||||||||||||||
Current | 30-89 Days Past Due | ||||||||||||||||
Commercial and industrial loans | $ | 8,776 | $ | — | |||||||||||||
Real estate loans: | |||||||||||||||||
Commercial real estate, non-owner occupied | 11,823 | — | |||||||||||||||
Commercial real estate, owner occupied | 6,950 | — | |||||||||||||||
Home equity | 63 | — | |||||||||||||||
Individuals' loans for household and other personal expenditures | — | 1 | |||||||||||||||
Total | $ | 27,612 | $ | 1 |
Nine Months Ended September 30, 2023 | |||||||||||||||||
Payment Status | |||||||||||||||||
Current | 30-89 Days Past Due | ||||||||||||||||
Commercial and industrial loans | $ | 15,863 | $ | 106 | |||||||||||||
Agricultural land, production and other loans to farmers | 34 | — | |||||||||||||||
Real estate loans: | |||||||||||||||||
Construction | 13 | — | |||||||||||||||
Commercial real estate, non-owner occupied | 17,765 | — | |||||||||||||||
Commercial real estate, owner occupied | 13,157 | 1,162 | |||||||||||||||
Residential | 472 | — | |||||||||||||||
Home equity | 63 | — | |||||||||||||||
Individuals' loans for household and other personal expenditures | — | 1 | |||||||||||||||
Total | $ | 47,367 | $ | 1,269 |
Level One | |||||
Purchase price of loans at acquisition | $ | 41,347 | |||
CECL Day 1 PCD ACL | 16,599 | ||||
Par value of acquired loans at acquisition | $ | 57,946 |
September 30, 2017 | |||||||||||||||||||||||
Commercial | Commercial Real Estate | Consumer | Residential | Finance Leases | Total | ||||||||||||||||||
Allowance Balances: | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 476 | $ | 923 | $ | 389 | $ | 1,788 | |||||||||||||||
Collectively evaluated for impairment | 29,207 | 25,824 | $ | 3,591 | 12,942 | $ | 2 | 71,566 | |||||||||||||||
Loans Acquired with Deteriorated Credit Quality | |||||||||||||||||||||||
Total Allowance for Loan Losses | $ | 29,683 | $ | 26,747 | $ | 3,591 | $ | 13,331 | $ | 2 | $ | 73,354 | |||||||||||
Loan Balances: | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 6,781 | $ | 18,911 | $ | 6 | $ | 4,073 | $ | 29,771 | |||||||||||||
Collectively evaluated for impairment | 1,874,225 | 3,027,247 | 86,400 | 1,435,089 | $ | 3,877 | 6,426,838 | ||||||||||||||||
Loans Acquired with Deteriorated Credit Quality | 1,367 | 23,957 | 1,515 | 26,839 | |||||||||||||||||||
Loans | $ | 1,882,373 | $ | 3,070,115 | $ | 86,406 | $ | 1,440,677 | $ | 3,877 | $ | 6,483,448 |
December 31, 2016 | |||||||||||||||||||||||
Commercial | Commercial Real Estate | Consumer | Residential | Finance Leases | Total | ||||||||||||||||||
Allowance Balances: | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 37 | $ | 553 | $ | 298 | $ | 888 | |||||||||||||||
Collectively evaluated for impairment | 27,659 | 23,108 | $ | 2,923 | 11,457 | $ | 2 | 65,149 | |||||||||||||||
Loans Acquired with Deteriorated Credit Quality | |||||||||||||||||||||||
Total Allowance for Loan Losses | $ | 27,696 | $ | 23,661 | $ | 2,923 | $ | 11,755 | $ | 2 | $ | 66,037 | |||||||||||
Loan Balances: | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,762 | $ | 21,358 | $ | 9 | $ | 4,450 | $ | 30,579 | |||||||||||||
Collectively evaluated for impairment | 1,520,981 | 2,315,686 | 77,470 | 1,151,396 | $ | 311 | 5,065,844 | ||||||||||||||||
Loans Acquired with Deteriorated Credit Quality | 6,653 | 34,721 | 1,848 | 43,222 | |||||||||||||||||||
Loans | $ | 1,532,396 | $ | 2,371,765 | $ | 77,479 | $ | 1,157,694 | $ | 311 | $ | 5,139,645 |
Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Construction | Consumer & Residential | Total | |||||||||||||||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2023 | $ | 108,373 | $ | 39,157 | $ | 30,073 | $ | 43,544 | $ | 221,147 | |||||||||||||||||||||||||||||||
Provision for credit losses | 3,020 | 4,901 | 140 | (3,061) | 5,000 | ||||||||||||||||||||||||||||||||||||
Recoveries on loans | 179 | — | — | 367 | 546 | ||||||||||||||||||||||||||||||||||||
Loans charged off | (19,833) | — | — | (1,078) | (20,911) | ||||||||||||||||||||||||||||||||||||
Balances, September 30, 2023 | $ | 91,739 | $ | 44,058 | $ | 30,213 | $ | 39,772 | $ | 205,782 |
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Construction | Consumer & Residential | Total | |||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||||||
Balances, December 31, 2022 | $ | 102,216 | $ | 46,839 | $ | 28,955 | $ | 45,267 | $ | 223,277 | |||||||||||||||||||
Provision for credit losses | 9,460 | (2,833) | 1,258 | (2,885) | 5,000 | ||||||||||||||||||||||||
Recoveries on loans | 775 | 56 | — | 1,004 | 1,835 | ||||||||||||||||||||||||
Loans charged off | (20,712) | (4) | — | (3,614) | (24,330) | ||||||||||||||||||||||||
Balances, September 30, 2023 | $ | 91,739 | $ | 44,058 | $ | 30,213 | $ | 39,772 | $ | 205,782 |
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Construction | Consumer & Residential | Total | |||||||||||||||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2022 | $ | 94,228 | $ | 55,328 | $ | 27,401 | $ | 49,318 | $ | 226,275 | |||||||||||||||||||||||||||||||
Provision for credit losses | 10,142 | (7,054) | 186 | (3,274) | — | ||||||||||||||||||||||||||||||||||||
Recoveries on loans | 81 | 188 | 824 | 222 | 1,315 | ||||||||||||||||||||||||||||||||||||
Loans charged off | (306) | (1) | — | (581) | (888) | ||||||||||||||||||||||||||||||||||||
Balances, September 30, 2022 | $ | 104,145 | $ | 48,461 | $ | 28,411 | $ | 45,685 | $ | 226,702 | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Construction | Consumer & Residential | Total | |||||||||||||||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2021 | $ | 69,935 | $ | 60,665 | $ | 20,206 | $ | 44,591 | $ | 195,397 | |||||||||||||||||||||||||||||||
Provision for credit losses | 18,518 | (21,697) | 5,862 | (2,683) | — | ||||||||||||||||||||||||||||||||||||
CECL Day 1 non-PCD provision for credit losses | 2,957 | 5,539 | 871 | 4,588 | 13,955 | ||||||||||||||||||||||||||||||||||||
CECL Day 1 PCD ACL | 12,970 | 2,981 | 648 | — | 16,599 | ||||||||||||||||||||||||||||||||||||
Recoveries on loans | 789 | 1,096 | 824 | 827 | 3,536 | ||||||||||||||||||||||||||||||||||||
Loans charged off | (1,024) | (123) | — | (1,638) | (2,785) | ||||||||||||||||||||||||||||||||||||
Balances, September 30, 2022 | $ | 104,145 | $ | 48,461 | $ | 28,411 | $ | 45,685 | $ | 226,702 |
September 30, 2017 | December 31, 2016 | ||||||
Commercial and industrial loans | $ | 4,910 | $ | 1,839 | |||
Agriculture production financing and other loans to farmers | 1,282 | 1,329 | |||||
Real estate loans: | |||||||
Construction | 67 | 73 | |||||
Commercial and farmland | 12,152 | 15,754 | |||||
Residential | 11,973 | 9,523 | |||||
Home equity | 1,818 | 1,457 | |||||
Individuals' loans for household and other personal expenditures | 51 | 23 | |||||
Total | $ | 32,253 | $ | 29,998 |
September 30, 2023 | December 31, 2022 | ||||||||||
Amounts of commitments: | |||||||||||
Loan commitments to extend credit | $ | 5,074,572 | $ | 4,950,724 | |||||||
Standby letters of credit | $ | 39,812 | $ | 40,784 |
September 30, 2017 | |||||||||||
Unpaid Principal Balance | Recorded Investment | Related Allowance | |||||||||
Impaired loans with no related allowance: | |||||||||||
Commercial and industrial loans | $ | 15,443 | $ | 4,526 | |||||||
Agriculture production financing and other loans to farmers | 1,818 | 1,489 | |||||||||
Real estate Loans: | |||||||||||
Construction | 2,583 | 1,422 | |||||||||
Commercial and farmland | 51,302 | 38,098 | |||||||||
Residential | 5,611 | 3,310 | |||||||||
Home equity | 195 | 154 | |||||||||
Total | 76,952 | 48,999 | |||||||||
Impaired loans with related allowance: | |||||||||||
Commercial and industrial loans | 1,824 | 1,796 | $ | 206 | |||||||
Agriculture production financing and other loans to farmers | 357 | 337 | 270 | ||||||||
Real estate Loans: | |||||||||||
Commercial and farmland | 4,077 | 3,347 | 923 | ||||||||
Total | 6,258 | 5,480 | 1,399 | ||||||||
Total Impaired Loans | $ | 83,210 | $ | 54,479 | $ | 1,399 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Balance at beginning of the period | $ | 23,300 | $ | 23,300 | $ | 23,300 | $ | 20,500 | |||||||||||||||
Provision for credit losses - unfunded commitments related to Level One | — | — | — | 2,800 | |||||||||||||||||||
Provision for credit losses - unfunded commitments | (3,000) | — | (3,000) | — | |||||||||||||||||||
Ending balance | $ | 20,300 | $ | 23,300 | $ | 20,300 | $ | 23,300 |
2022 | |||||
Balance, January 1 | $ | 545,385 | |||
Goodwill acquired | 166,617 | ||||
Balance, December 31 | $ | 712,002 |
September 30, 2023 | December 31, 2022 | ||||||||||
Gross carrying amount | $ | 123,285 | $ | 104,643 | |||||||
Other intangibles acquired | — | 18,642 | |||||||||
Accumulated amortization | (94,004) | (87,443) | |||||||||
Total core deposit and other intangibles | $ | 29,281 | $ | 35,842 |
December 31, 2016 | |||||||||||
Unpaid Principal Balance | Recorded Investment | Related Allowance | |||||||||
Impaired loans with no related allowance: | |||||||||||
Commercial and industrial loans | $ | 17,645 | $ | 10,074 | |||||||
Agriculture production financing and other loans to farmers | 757 | 680 | |||||||||
Real estate Loans: | |||||||||||
Construction | 5,946 | 3,178 | |||||||||
Commercial and farmland | 67,936 | 49,731 | |||||||||
Residential | 8,039 | 4,664 | |||||||||
Home equity | 82 | 44 | |||||||||
Other commercial loans | 11 | ||||||||||
Total | 100,416 | 68,371 | |||||||||
Impaired loans with related allowance: | |||||||||||
Agriculture production financing and other loans to farmers | 660 | 660 | $ | 36 | |||||||
Real estate Loans: | |||||||||||
Commercial and farmland | 4,238 | 2,985 | 553 | ||||||||
Residential | 65 | 34 | 23 | ||||||||
Total | 4,963 | 3,679 | 612 | ||||||||
Total Impaired Loans | $ | 105,379 | $ | 72,050 | $ | 612 |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||
Impaired loans with no related allowance: | |||||||||||||||
Commercial and industrial loans | $ | 4,668 | $ | 56 | $ | 8,821 | $ | 149 | |||||||
Agriculture production financing and other loans to farmers | 1,489 | 9 | 1,491 | 9 | |||||||||||
Real estate Loans: | |||||||||||||||
Construction | 1,427 | 26 | 1,438 | 36 | |||||||||||
Commercial and farmland | 40,668 | 475 | 42,459 | 1,266 | |||||||||||
Residential | 3,410 | 31 | 3,637 | 92 | |||||||||||
Home equity | 158 | 1 | 163 | 1 | |||||||||||
Total | 51,820 | 598 | 58,009 | 1,553 | |||||||||||
Impaired loans with related allowance: | |||||||||||||||
Commercial and industrial loans | 1,796 | 1,796 | |||||||||||||
Agriculture production financing and other loans to farmers | 337 | 337 | |||||||||||||
Real estate Loans: | |||||||||||||||
Commercial and farmland | 3,359 | 3,377 | 4 | ||||||||||||
Total | 5,492 | 5,510 | 4 | ||||||||||||
Total Impaired Loans | $ | 57,312 | $ | 598 | $ | 63,519 | $ | 1,557 |
Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2016 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||
Impaired loans with no related allowance: | |||||||||||||||
Commercial and industrial loans | $ | 10,025 | $ | 89 | $ | 10,436 | $ | 261 | |||||||
Agriculture production financing and other loans to farmers | 636 | 3 | 644 | 3 | |||||||||||
Real estate Loans: | |||||||||||||||
Construction | 3,526 | 72 | 3,572 | 215 | |||||||||||
Commercial and farmland | 61,903 | 854 | 63,722 | 2,576 | |||||||||||
Residential | 5,081 | 40 | 5,453 | 118 | |||||||||||
Home equity | 44 | 57 | |||||||||||||
Total | 81,215 | 1,058 | 83,884 | 3,173 | |||||||||||
Impaired loans with related allowance: | |||||||||||||||
Commercial and industrial loans | 469 | 471 | |||||||||||||
Agriculture production financing and other loans to farmers | 1,164 | 6 | 1,236 | 6 | |||||||||||
Real estate Loans: | |||||||||||||||
Commercial and farmland | 1,850 | 1,894 | |||||||||||||
Residential | 34 | 39 | |||||||||||||
Total | 3,517 | 6 | 3,640 | 6 | |||||||||||
Total Impaired Loans | $ | 84,732 | $ | 1,064 | $ | 87,524 | $ | 3,179 |
September 30, 2017 | |||||||||||||||||||||||||||||
Commercial Pass | Commercial Special Mention | Commercial Substandard | Commercial Doubtful | Commercial Loss | Consumer Performing | Consumer Non-Performing | Total | ||||||||||||||||||||||
Commercial and industrial loans | $ | 1,366,945 | $ | 43,245 | $ | 25,234 | $ | 668 | $ | 1,436,092 | |||||||||||||||||||
Agriculture production financing and other loans to farmers | 64,699 | 29,765 | 22,516 | 622 | $ | 149 | 117,751 | ||||||||||||||||||||||
Real estate Loans: | |||||||||||||||||||||||||||||
Construction | 469,967 | 1,619 | 986 | 26,155 | $ | 135 | 498,862 | ||||||||||||||||||||||
Commercial and farmland | 2,409,972 | 70,397 | 85,732 | 1,976 | 3,173 | 3 | 2,571,253 | ||||||||||||||||||||||
Residential | 175,260 | 4,161 | 4,259 | 149 | 743,713 | 10,895 | 938,437 | ||||||||||||||||||||||
Home equity | 25,610 | 124 | 112 | 474,465 | 1,929 | 502,240 | |||||||||||||||||||||||
Individuals' loans for household and other personal expenditures | 86,340 | 66 | 86,406 | ||||||||||||||||||||||||||
Lease financing receivables, net of unearned income | 3,497 | 380 | 3,877 | ||||||||||||||||||||||||||
Other commercial loans | 327,483 | 1,047 | 328,530 | ||||||||||||||||||||||||||
Loans | $ | 4,843,433 | $ | 149,567 | $ | 139,898 | $ | 3,527 | $ | 1,333,995 | $ | 13,028 | $ | 6,483,448 |
December 31, 2016 | |||||||||||||||||||||||||||
Commercial Pass | Commercial Special Mention | Commercial Substandard | Commercial Doubtful | Commercial Loss | Consumer Performing | Consumer Non-Performing | Total | ||||||||||||||||||||
Commercial and industrial loans | $ | 1,117,545 | $ | 30,919 | $ | 46,182 | $ | 1,194,646 | |||||||||||||||||||
Agriculture production financing and other loans to farmers | 30,712 | 25,273 | 23,704 | 79,689 | |||||||||||||||||||||||
Real estate Loans: | |||||||||||||||||||||||||||
Construction | 398,646 | 3,490 | 1,858 | $ | 14,636 | $ | 73 | 418,703 | |||||||||||||||||||
Commercial and farmland | 1,811,367 | 60,028 | 80,626 | 1,034 | 7 | 1,953,062 | |||||||||||||||||||||
Residential | 146,251 | 5,106 | 6,046 | 574,054 | 7,712 | 739,169 | |||||||||||||||||||||
Home equity | 7,310 | 47 | 516 | 409,237 | 1,415 | 418,525 | |||||||||||||||||||||
Individuals' loans for household and other personal expenditures | 77,456 | 23 | 77,479 | ||||||||||||||||||||||||
Lease financing receivables, net of unearned income | 228 | 83 | 311 | ||||||||||||||||||||||||
Other commercial loans | 257,861 | 200 | 258,061 | ||||||||||||||||||||||||
Loans | $ | 3,769,920 | $ | 124,863 | $ | 159,215 | $ | 1,076,417 | $ | 9,230 | $ | 5,139,645 |
September 30, 2017 | |||||||||||||||||||||||||||
Current | 30-59 Days Past Due | 60-89 Days Past Due | Loans > 90 Days And Accruing | Non-Accrual | Total Past Due & Non-Accrual | Total | |||||||||||||||||||||
Commercial and industrial loans | $ | 1,430,469 | $ | 196 | $ | 492 | $ | 25 | $ | 4,910 | $ | 5,623 | $ | 1,436,092 | |||||||||||||
Agriculture production financing and other loans to farmers | 116,410 | 59 | 1,282 | 1,341 | 117,751 | ||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||
Construction | 498,233 | 432 | 62 | 68 | 67 | 629 | 498,862 | ||||||||||||||||||||
Commercial and farmland | 2,555,261 | 2,952 | 879 | 9 | 12,152 | 15,992 | 2,571,253 | ||||||||||||||||||||
Residential | 922,848 | 2,960 | 613 | 43 | 11,973 | 15,589 | 938,437 | ||||||||||||||||||||
Home equity | 497,692 | 1,880 | 585 | 265 | 1,818 | 4,548 | 502,240 | ||||||||||||||||||||
Individuals' loans for household and other personal expenditures | 85,877 | 300 | 163 | 15 | 51 | 529 | 86,406 | ||||||||||||||||||||
Lease financing receivables, net of unearned income | 3,877 | 3,877 | |||||||||||||||||||||||||
Other commercial loans | 328,390 | 140 | 140 | 328,530 | |||||||||||||||||||||||
Loans | $ | 6,439,057 | $ | 8,779 | $ | 2,934 | $ | 425 | $ | 32,253 | $ | 44,391 | $ | 6,483,448 |
December 31, 2016 | |||||||||||||||||||||||||||
Current | 30-59 Days Past Due | 60-89 Days Past Due | Loans > 90 Days And Accruing | Non-Accrual | Total Past Due & Non-Accrual | Total | |||||||||||||||||||||
Commercial and industrial loans | $ | 1,192,079 | $ | 466 | $ | 162 | $ | 100 | $ | 1,839 | $ | 2,567 | $ | 1,194,646 | |||||||||||||
Agriculture production financing and other loans to farmers | 78,360 | 1,329 | 1,329 | 79,689 | |||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||
Construction | 415,975 | 2,655 | 73 | 2,728 | 418,703 | ||||||||||||||||||||||
Commercial and farmland | 1,932,896 | 1,385 | 3,027 | 15,754 | 20,166 | 1,953,062 | |||||||||||||||||||||
Residential | 725,338 | 3,664 | 635 | 9 | 9,523 | 13,831 | 739,169 | ||||||||||||||||||||
Home equity | 415,969 | 850 | 246 | 3 | 1,457 | 2,556 | 418,525 | ||||||||||||||||||||
Individuals' loans for household and other personal expenditures | 76,929 | 470 | 57 | 23 | 550 | 77,479 | |||||||||||||||||||||
Lease financing receivables, net of unearned income | 311 | 311 | |||||||||||||||||||||||||
Other commercial loans | 258,061 | 258,061 | |||||||||||||||||||||||||
Loans | $ | 5,095,918 | $ | 9,490 | $ | 4,127 | $ | 112 | $ | 29,998 | $ | 43,727 | $ | 5,139,645 |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||||||||||||||||
Pre-Modification Recorded Balance | Post-Modification Recorded Balance | Number of Loans | Pre-Modification Recorded Balance | Post-Modification Recorded Balance | Number of Loans | ||||||||||||||||
Commercial and industrial loans | $ | 6 | $ | 6 | 1 | $ | 400 | $ | 176 | 2 | |||||||||||
Real estate loans: | |||||||||||||||||||||
Commercial and farmland | 357 | 492 | 6 | ||||||||||||||||||
Residential | 120 | 122 | 1 | 570 | 520 | 8 | |||||||||||||||
Home equity | 68 | 73 | 2 | 190 | 73 | 2 | |||||||||||||||
Total | $ | 194 | $ | 201 | 4 | $ | 1,517 | $ | 1,261 | 18 |
Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2016 | ||||||||||||||||||||
Pre-Modification Recorded Balance | Post-Modification Recorded Balance | Number of Loans | Pre-Modification Recorded Balance | Post-Modification Recorded Balance | Number of Loans | ||||||||||||||||
Commercial and industrial loans | $ | 260 | $ | 260 | 3 | ||||||||||||||||
Agriculture production financing and other loans to farmers | 1,606 | 1,472 | 5 | ||||||||||||||||||
Real estate loans: | |||||||||||||||||||||
Commercial and farmland | $ | 87 | $ | 95 | 1 | 3,978 | 3,955 | 7 | |||||||||||||
Residential | 611 | 678 | 11 | 724 | 811 | 14 | |||||||||||||||
Home equity | 55 | 58 | 2 | 229 | 204 | 3 | |||||||||||||||
Total | $ | 753 | $ | 831 | 14 | $ | 6,797 | $ | 6,702 | 32 |
Three Months Ended September 30, 2017 | |||||||||||||
Term Modification | Rate Modification | Combination | Total Modification | ||||||||||
Commercial and industrial loans | $ | 5 | $ | 5 | |||||||||
Real estate loans: | |||||||||||||
Residential | $ | 122 | 122 | ||||||||||
Home equity | 73 | 73 | |||||||||||
Total | $ | 5 | $ | 195 | $ | 200 |
Nine Months Ended September 30, 2017 | |||||||||||||||
Term Modification | Rate Modification | Combination | Total Modification | ||||||||||||
Commercial and industrial loans | $ | 5 | $ | 168 | $ | 173 | |||||||||
Real estate loans: | |||||||||||||||
Commercial and farmland | 41 | $ | 61 | 232 | 334 | ||||||||||
Residential | 466 | 42 | 508 | ||||||||||||
Home Equity | 73 | 73 | |||||||||||||
Total | $ | 46 | $ | 600 | $ | 442 | $ | 1,088 |
Three Months Ended September 30, 2016 | |||||||||||||
Term Modification | Rate Modification | Combination | Total Modification | ||||||||||
Real estate loans: | |||||||||||||
Commercial and farmland | $ | 95 | $ | 95 | |||||||||
Residential | $ | 663 | 663 | ||||||||||
Home equity | 56 | 56 | |||||||||||
Total | $ | 719 | $ | 95 | $ | 814 |
Nine Months Ended September 30, 2016 | |||||||||||||||
Term Modification | Rate Modification | Combination | Total Modification | ||||||||||||
Commercial and industrial loans | $ | 197 | $ | 197 | |||||||||||
Agriculture production financing and other loans to farmers | $ | 898 | 898 | ||||||||||||
Real estate loans: | |||||||||||||||
Commercial and farmland | 416 | 3,487 | 3,903 | ||||||||||||
Residential | $ | 773 | 773 | ||||||||||||
Home equity | 197 | 197 | |||||||||||||
Total | $ | 1,314 | $ | 970 | $ | 3,684 | $ | 5,968 |
Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2016 | |||||||||||
Number of Loans | Recorded Balance | Number of Loans | Recorded Balance | |||||||||
Commercial and industrial loans | 3 | $ | 197 | |||||||||
Real estate loans: | ||||||||||||
Residential | 1 | $ | 54 | 1 | 54 | |||||||
Total | 1 | $ | 54 | 4 | $ | 251 |
September 30, 2017 | |||||||||||||||||||||||||||||||
IAB | Arlington Bank | Ameriana | C Financial | Community | CFS | SCB | Total | ||||||||||||||||||||||||
Outstanding Balance: | |||||||||||||||||||||||||||||||
Commercial and industrial loans | $ | 107,827 | $ | 4,131 | $ | 4,823 | $ | 70 | $ | 409 | $ | 9,509 | $ | 2,171 | $ | 128,940 | |||||||||||||||
Agricultural production financing and other loans to farmers | 39,558 | 93 | 50 | 1,116 | 40,817 | ||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||
Construction | 32,866 | 16,025 | 9,269 | 1,122 | 1,721 | 103 | 61,106 | ||||||||||||||||||||||||
Commercial and farmland | 370,664 | 84,212 | 83,030 | 18,149 | 29,681 | 83,186 | 6,970 | 675,892 | |||||||||||||||||||||||
Residential | 106,466 | 71,752 | 89,773 | 35,027 | 6,845 | 83,421 | 3,104 | 396,388 | |||||||||||||||||||||||
Home equity | 38,581 | 26,918 | 9,333 | 6,211 | 4,615 | 21,306 | 10,298 | 117,262 | |||||||||||||||||||||||
Individuals' loans for household and other personal expenditures | 4,236 | 755 | 417 | 89 | 57 | 23 | 5,577 | ||||||||||||||||||||||||
Lease financing receivables, net of unearned income | 2,405 | 2,405 | |||||||||||||||||||||||||||||
Other commercial loans | 12,960 | 94 | 1,745 | 60 | 14,859 | ||||||||||||||||||||||||||
Total | 715,563 | 203,887 | 198,390 | 60,579 | 43,453 | 197,692 | 23,682 | 1,443,246 | |||||||||||||||||||||||
Remaining fair value discount | (22,501 | ) | (5,901 | ) | (7,065 | ) | (1,383 | ) | (2,545 | ) | (6,185 | ) | (2,298 | ) | (47,878 | ) | |||||||||||||||
Carrying amount | 693,062 | 197,986 | 191,325 | 59,196 | 40,908 | 191,507 | 21,384 | 1,395,368 | |||||||||||||||||||||||
Allowance | 362 | 411 | 52 | 38 | 863 | ||||||||||||||||||||||||||
Carrying amount net of allowance | $ | 692,700 | $ | 197,986 | $ | 190,914 | $ | 59,196 | $ | 40,856 | $ | 191,469 | $ | 21,384 | $ | 1,394,505 |
December 31, 2016 | |||||||||||||||||||||||
Ameriana | C Financial | Community | CFS | SCB | Total | ||||||||||||||||||
Outstanding Balance: | |||||||||||||||||||||||
Commercial and industrial loans | $ | 8,003 | $ | 85 | $ | 2,269 | $ | 23,327 | $ | 3,552 | $ | 37,236 | |||||||||||
Agricultural production financing and other loans to farmers | 1,030 | 50 | 1,630 | 2,710 | |||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
Construction | 22,017 | 2,835 | 4,026 | 420 | 29,298 | ||||||||||||||||||
Commercial and farmland | 103,075 | 22,130 | 36,947 | 131,895 | 9,315 | 303,362 | |||||||||||||||||
Residential | 103,414 | 44,101 | 9,363 | 96,627 | 4,135 | 257,640 | |||||||||||||||||
Home equity | 11,728 | 7,947 | 6,326 | 26,894 | 11,924 | 64,819 | |||||||||||||||||
Individuals' loans for household and other personal expenditures | 762 | 2 | 147 | 201 | 30 | 1,142 | |||||||||||||||||
Other commercial loans | 1,825 | 65 | 1,890 | ||||||||||||||||||||
Total | 250,824 | 77,100 | 60,108 | 279,479 | 30,586 | 698,097 | |||||||||||||||||
Remaining fair value discount | (10,771 | ) | (1,906 | ) | (4,101 | ) | (12,634 | ) | (3,268 | ) | (32,680 | ) | |||||||||||
Carrying amount | 240,053 | 75,194 | 56,007 | 266,845 | 27,318 | 665,417 | |||||||||||||||||
Allowance | 265 | 23 | 92 | 380 | |||||||||||||||||||
Carrying amount net of allowance | $ | 239,788 | $ | 75,194 | $ | 55,984 | $ | 266,753 | $ | 27,318 | $ | 665,037 |
Three Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||
IAB | Arlington Bank | Ameriana | C Financial | Community | CFS | SCB | Total | ||||||||||||||||||||||||
Beginning balance | $ | 667 | $ | 671 | $ | 63 | $ | 890 | $ | 81 | $ | 235 | $ | 2,607 | |||||||||||||||||
Additions | $ | 941 | 941 | ||||||||||||||||||||||||||||
Accretion | (38 | ) | (156 | ) | (134 | ) | (11 | ) | (166 | ) | (181 | ) | (686 | ) | |||||||||||||||||
Reclassification from nonaccretable | 26 | 23 | 71 | 170 | 159 | 449 | |||||||||||||||||||||||||
Disposals | |||||||||||||||||||||||||||||||
Ending balance | $ | 941 | $ | 655 | $ | 538 | $ | 879 | $ | 85 | $ | 213 | $ | 3,311 |
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||
IAB | Arlington Bank | Ameriana | C Financial | Community | CFS | SCB | Total | ||||||||||||||||||||||||
Beginning balance | $ | 1,630 | $ | 73 | $ | 1,233 | $ | 736 | $ | 279 | $ | 3,951 | |||||||||||||||||||
Additions | $ | 941 | $ | 667 | 1,608 | ||||||||||||||||||||||||||
Accretion | (38 | ) | (2,814 | ) | (222 | ) | (444 | ) | (1,053 | ) | (511 | ) | (5,082 | ) | |||||||||||||||||
Reclassification from nonaccretable | 26 | 1,722 | 149 | 212 | 947 | 445 | 3,501 | ||||||||||||||||||||||||
Disposals | (122 | ) | (545 | ) | (667 | ) | |||||||||||||||||||||||||
Ending balance | $ | 941 | $ | 655 | $ | 538 | $ | 879 | $ | 85 | $ | 213 | $ | 3,311 |
Three Months Ended September 30, 2016 | |||||||||||||||||||||||
Ameriana | C Financial | Community | CFS | SCB | Total | ||||||||||||||||||
Beginning balance | $ | 1,846 | $ | 81 | $ | 1,345 | $ | 904 | $ | 451 | $ | 4,627 | |||||||||||
Additions | |||||||||||||||||||||||
Accretion | (67 | ) | (18 | ) | (63 | ) | (665 | ) | (199 | ) | (1,012 | ) | |||||||||||
Reclassification from nonaccretable | 4 | 15 | 22 | 585 | 72 | 698 | |||||||||||||||||
Disposals | |||||||||||||||||||||||
Ending balance | $ | 1,783 | $ | 78 | $ | 1,304 | $ | 824 | $ | 324 | $ | 4,313 |
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||
Ameriana | C Financial | Community | CFS | SCB | Total | ||||||||||||||||||
Beginning balance | $ | 2,160 | $ | 114 | $ | 1,508 | $ | 1,188 | $ | 642 | $ | 5,612 | |||||||||||
Additions | |||||||||||||||||||||||
Accretion | (154 | ) | (104 | ) | (975 | ) | (2,810 | ) | (580 | ) | (4,623 | ) | |||||||||||
Reclassification from nonaccretable | 9 | 68 | 771 | 2,457 | 262 | 3,567 | |||||||||||||||||
Disposals | (232 | ) | (11 | ) | (243 | ) | |||||||||||||||||
Ending balance | $ | 1,783 | $ | 78 | $ | 1,304 | $ | 824 | $ | 324 | $ | 4,313 |
IAB | Arlington Bank | ||||||
Contractually required payments receivable at acquisition date | $ | 14,131 | $ | 6,183 | |||
Nonaccretable difference | 8,352 | 2,891 | |||||
Expected cash flows at acquisition date | 5,779 | 3,292 | |||||
Accretable difference | 941 | 667 | |||||
Basis in loans at acquisition date | $ | 4,838 | $ | 2,625 |
2017 | |||
Balance, January 1 | $ | 244,000 | |
Goodwill acquired | 201,824 | ||
Measurement period adjustment | (469 | ) | |
Balance, September 30 | $ | 445,355 |
2016 | |||
Balance, January 1 | $ | 243,129 | |
Measurement period adjustment | 871 | ||
Balance, December 31 | $ | 244,000 |
September 30, 2017 | December 31, 2016 | ||||||
Gross carrying amount | $ | 63,940 | $ | 61,798 | |||
Core deposit intangibles acquired | 18,164 | ||||||
Other intangibles acquired | 3,765 | ||||||
Measurement period adjustment | 2,142 | ||||||
Accumulated amortization | (52,666 | ) | (49,074 | ) | |||
Total other intangibles | $ | 33,203 | $ | 14,866 |
Amortization Expense | |||||
2023 | $ | 2,183 | |||
2024 | 7,271 | ||||
2025 | 6,028 | ||||
2026 | 4,910 | ||||
2027 | 3,603 | ||||
After 2027 | 5,286 | ||||
$ | 29,281 |
Amortization Expense | |||
2017 | $ | 2,055 | |
2018 | 6,719 | ||
2019 | 5,169 | ||
2020 | 3,632 | ||
2021 | 3,427 | ||
After 2021 | 12,201 | ||
$ | 33,203 |
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps on borrowings | Other Assets | $ | — | Other Assets | $ | 164 | Other Liabilities | $ | — | Other Liabilities | $ | — | |||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives (Effective Portion) | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Interest Rate Products | $ | (66) | $ | 94 | $ | (179) | $ | 507 |
Derivatives Designated as Hedging Instruments | Location of Gain (Loss) Recognized Income on Derivative | Amount of Gain (Loss) Reclassed from Other Comprehensive Income (Loss) into Income (Effective Portion) | ||||||||||||||||||
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | |||||||||||||||||||
Interest rate contracts | Interest Expense | $ | — | $ | (78) |
Derivatives Designated as Hedging Instruments | Location of Gain (Loss) Recognized Income on Derivative | Amount of Gain (Loss) Reclassed from Other Comprehensive Income (Loss) into Income (Effective Portion) | ||||||||||||||||||
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | |||||||||||||||||||
Interest rate contracts | Interest Expense | $ | (15) | $ | (496) |
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||
September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | ||||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||
Interest rate contracts | Other Assets | $ | 1 | Other Assets | $ | 15 | Other Liabilities | $ | 1,934 | Other Liabilities | $ | 2,182 | |||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest rate contracts | Other Assets | $ | 7,060 | Other Assets | $ | 6,295 | Other Liabilities | $ | 7,060 | Other Liabilities | $ | 6,295 |
Derivatives in Cash Flow Hedging Relationships | Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion) | ||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
Interest Rate Products | $ | (10 | ) | $ | 384 | $ | (380 | ) | $ | (2,383 | ) |
Derivatives Not Designated as Hedging Instruments under FASB ASC 815-10 | Location of Gain (Loss) Recognized Income on Derivative | Amount of Gain (Loss) Recognized in Income on Derivative | ||||||
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | |||||||
Interest rate contracts | Other income | $ | 211 |
Derivatives Not Designated as Hedging Instruments under FASB ASC 815-10 | Location of Gain (Loss) Recognized Income on Derivative | Amount of Gain (Loss) Recognized in Income on Derivative | ||||||
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | |||||||
Interest rate contracts | Other income | $ | 698 |
Derivatives Designated as Hedging Instruments under FASB ASC 815-10 | Location of Gain (Loss) Recognized Income on Derivative | Amount of Gain (Loss) Reclassed from Other Comprehensive Income into Income (Effective Portion) | ||||||||
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | |||||||||
Interest rate contracts | Interest Expense | $ | (240 | ) | $ | (317 | ) |
Derivatives Designated as Hedging Instruments under FASB ASC 815-10 | Location of Gain (Loss) Recognized Income on Derivative | Amount of Gain (Loss) Reclassed from Other Comprehensive Income into Income (Effective Portion) | ||||||||
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | |||||||||
Interest rate contracts | Interest Expense | $ | (759 | ) | $ | (959 | ) |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||||||||||
Included in other assets: | |||||||||||||||||||||||
Interest rate swaps | $ | 1,321,737 | $ | 113,691 | $ | 1,184,866 | $ | 92,652 | |||||||||||||||
Forward contracts related to mortgage loans to be delivered for sale | 66,301 | 768 | 14,406 | 188 | |||||||||||||||||||
Interest rate lock commitments | 10,761 | 82 | 5,049 | 32 | |||||||||||||||||||
Included in other assets | $ | 1,398,799 | $ | 114,541 | $ | 1,204,321 | $ | 92,872 | |||||||||||||||
Included in other liabilities: | |||||||||||||||||||||||
Interest rate swaps | $ | 1,321,737 | $ | 113,740 | $ | 1,184,866 | $ | 92,652 | |||||||||||||||
Forward contracts related to mortgage loans to be delivered for sale | 14,847 | 36 | 4,483 | 63 | |||||||||||||||||||
Interest rate lock commitments | 29,334 | 238 | 7,549 | 55 | |||||||||||||||||||
Included in other liabilities | $ | 1,365,918 | $ | 114,014 | $ | 1,196,898 | $ | 92,770 |
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized Income on Derivative | Amount of Gain (Loss) Recognized into Income on Derivatives | ||||||||||||||||||
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | |||||||||||||||||||
Forward contracts related to mortgage loans to be delivered for sale | Net gains and fees on sales of loans | $ | 982 | $ | 237 | |||||||||||||||
Interest rate lock commitments | Net gains and fees on sales of loans | (100) | (350) | |||||||||||||||||
Total net gain/(loss) recognized in income | $ | 882 | $ | (113) |
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized Income on Derivative | Amount of Gain (Loss) Recognized into Income on Derivatives | ||||||||||||||||||
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | |||||||||||||||||||
Forward contracts related to mortgage loans to be delivered for sale | Net gains and fees on sales of loans | $ | 1,691 | $ | 993 | |||||||||||||||
Interest rate lock commitments | Net gains and fees on sales of loans | (133) | (235) | |||||||||||||||||
Total net gain/(loss) recognized in income | $ | 1,558 | $ | 758 |
Fair Value Measurements Using: | |||||||||||||||
September 30, 2017 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Available for sale securities: | |||||||||||||||
U.S. Treasury | $ | 250 | $ | 250 | |||||||||||
State and municipal | 464,408 | $ | 460,456 | $ | 3,952 | ||||||||||
U.S. Government-sponsored mortgage-backed securities | 423,675 | 423,675 | |||||||||||||
Corporate obligations | 31 | 31 | |||||||||||||
Equity securities | 2,357 | 2,353 | 4 | ||||||||||||
Interest rate swap asset | 7,060 | 7,060 | |||||||||||||
Interest rate cap | 1 | 1 | |||||||||||||
Interest rate swap liability | 8,994 | 8,994 |
Fair Value Measurements Using: | |||||||||||||||
December 31, 2016 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Available for sale securities: | |||||||||||||||
U.S. Government-sponsored agency securities | $ | 100 | $ | 100 | |||||||||||
State and municipal | 363,658 | 358,524 | $ | 5,134 | |||||||||||
U.S. Government-sponsored mortgage-backed securities | 312,292 | 312,292 | |||||||||||||
Corporate obligations | 31 | 31 | |||||||||||||
Equity securities | 20,781 | $ | 18,765 | 2,012 | 4 | ||||||||||
Interest rate swap asset | 6,295 | 6,295 | |||||||||||||
Interest rate cap | 15 | 15 | |||||||||||||
Interest rate swap liability | 8,477 | 8,477 |
Fair Value Measurements Using: | |||||||||||||||||||||||
September 30, 2023 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||
U.S. Treasury | $ | 1,713 | $ | 1,713 | $ | — | $ | — | |||||||||||||||
U.S. Government-sponsored agency securities | 93,585 | — | 93,585 | — | |||||||||||||||||||
State and municipal | 973,056 | — | 969,863 | 3,193 | |||||||||||||||||||
U.S. Government-sponsored mortgage-backed securities | 419,963 | — | 419,959 | 4 | |||||||||||||||||||
Corporate obligations | 11,819 | — | 11,788 | 31 | |||||||||||||||||||
Derivative assets | 114,541 | — | 114,541 | — | |||||||||||||||||||
Derivative liabilities | 114,014 | — | 114,014 | — |
Fair Value Measurements Using: | |||||||||||||||||||||||
December 31, 2022 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||
U.S. Treasury | $ | 2,459 | $ | 2,459 | $ | — | $ | — | |||||||||||||||
U.S. Government-sponsored agency securities | 101,962 | — | 101,962 | — | |||||||||||||||||||
State and municipal | 1,351,760 | — | 1,348,356 | 3,404 | |||||||||||||||||||
U.S. Government-sponsored mortgage-backed securities | 508,273 | — | 508,269 | 4 | |||||||||||||||||||
Corporate obligations | 12,207 | — | 12,176 | 31 | |||||||||||||||||||
Derivative assets | 93,036 | — | 93,036 | — | |||||||||||||||||||
Derivative liabilities | 92,770 | — | 92,770 | — |
Available for Sale Securities | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Balance at beginning of the period | $ | 3,348 | $ | 8,630 | $ | 3,439 | $ | 5,491 | |||||||||||||||
Included in other comprehensive income | (30) | 29 | (28) | (597) | |||||||||||||||||||
Purchases, issuances and settlements | — | — | — | 5,111 | |||||||||||||||||||
Principal payments | (90) | (3,152) | (183) | (4,498) | |||||||||||||||||||
Ending balance | $ | 3,228 | $ | 5,507 | $ | 3,228 | $ | 5,507 |
Available for Sale Securities | |||||||||||||||
Three Months Ended | Nine Months ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
Balance at beginning of the period | $ | 3,330 | $ | 5,564 | $ | 5,169 | $ | 5,932 | |||||||
Included in other comprehensive income | (22 | ) | (45 | ) | 38 | 52 | |||||||||
Principal payments | 679 | (77 | ) | (1,220 | ) | (542 | ) | ||||||||
Ending balance | $ | 3,987 | $ | 5,442 | $ | 3,987 | $ | 5,442 |
Fair Value Measurements Using | ||||||||||||
September 30, 2017 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||
Impaired loans (collateral dependent) | $ | 8,045 | $ | 8,045 | ||||||||
Other real estate owned | 1,818 | 1,818 |
Fair Value Measurements Using | ||||||||||||
December 31, 2016 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||
Impaired loans (collateral dependent) | $ | 15,318 | $ | 15,318 | ||||||||
Other real estate owned | 1,612 | 1,612 |
Fair Value Measurements Using | ||||||||||||||||||||||||||
September 30, 2023 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||
Collateral dependent loans | $ | 50,607 | $ | — | $ | — | $ | 50,607 | ||||||||||||||||||
Other real estate owned | 362 | — | — | 362 |
Fair Value Measurements Using | ||||||||||||||||||||||||||
December 31, 2022 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||
Collateral dependent loans | $ | 55,290 | $ | — | $ | — | $ | 55,290 | ||||||||||||||||||
September 30, 2023 | Fair Value | Valuation Technique | Unobservable Inputs | Range (Weighted-Average) | |||||||||||||||||||
State and municipal securities | $ | 3,193 | Discounted cash flow | Maturity/Call date | 1 month to 15 years | ||||||||||||||||||
US Muni BQ curve | BBB | ||||||||||||||||||||||
Discount rate | 4.2% - 5.1% | ||||||||||||||||||||||
Weighted-average coupon | 3.3% | ||||||||||||||||||||||
Corporate obligations and U.S. Government-sponsored mortgage-backed securities | $ | 35 | Discounted cash flow | Risk free rate | 3 month CME Term SOFR plus 26bps | ||||||||||||||||||
plus premium for illiquidity (basis points) | plus 200bps | ||||||||||||||||||||||
Weighted-average coupon | 0% | ||||||||||||||||||||||
Collateral dependent loans | $ | 50,607 | Collateral based measurements | Discount to reflect current market conditions and ultimate collectability | 0% - 10% | ||||||||||||||||||
Weighted-average discount by loan balance | 4.8% | ||||||||||||||||||||||
Other real estate owned | $ | 362 | Appraisals | Discount to reflect current market conditions | 0% - 10% | ||||||||||||||||||
Weighted-average discount of other real estate owned balance | 7.2% |
September 30, 2017 | Fair Value | Valuation Technique | Unobservable Inputs | Range (Weighted-Average) | |||||
State and municipal securities | $ | 3,952 | Discounted cash flow | Maturity/Call date | 1 month to 20 yrs | ||||
US Muni BQ curve | A- to BBB- | ||||||||
Discount rate | .69% - 5% | ||||||||
Corporate obligations and Equity securities | $ | 35 | Discounted cash flow | Risk free rate | 3 month LIBOR | ||||
plus premium for illiquidity | plus 200bps | ||||||||
Impaired loans (collateral dependent) | $ | 8,045 | Collateral based measurements | Discount to reflect current market conditions and ultimate collectability | 0% - 10% (1%) | ||||
Other real estate owned | $ | 1,818 | Appraisals | Discount to reflect current market conditions | 0% - 15% (4%) |
December 31, 2022 | Fair Value | Valuation Technique | Unobservable Inputs | Range (Weighted-Average) | |||||||||||||||||||
State and municipal securities | $ | 3,404 | Discounted cash flow | Maturity/Call date | 1 month to 15 years | ||||||||||||||||||
US Muni BQ curve | A- to BBB | ||||||||||||||||||||||
Discount rate | 0.4% - 4% | ||||||||||||||||||||||
Weighted-average coupon | 3.4% | ||||||||||||||||||||||
Corporate obligations and U.S. Government-sponsored mortgage-backed securities | $ | 35 | Discounted cash flow | Risk free rate | 3 month LIBOR | ||||||||||||||||||
plus premium for illiquidity (basis points) | plus 200bps | ||||||||||||||||||||||
Weighted-average coupon | 0% | ||||||||||||||||||||||
Collateral dependent loans | $ | 55,290 | Collateral based measurements | Discount to reflect current market conditions and ultimate collectability | 0% - 10% | ||||||||||||||||||
Weighted-average discount by loan balance | 1.1% | ||||||||||||||||||||||
December 31, 2016 | Fair Value | Valuation Technique | Unobservable Inputs | Range (Weighted-Average) | |||||
State and municipal securities | $ | 5,134 | Discounted cash flow | Maturity/Call date | 1 month to 20 yrs | ||||
US Muni BQ curve | A- to BBB- | ||||||||
Discount rate | .69% - 5% | ||||||||
Corporate obligations and Equity securities | $ | 35 | Discounted cash flow | Risk free rate | 3 month LIBOR | ||||
plus premium for illiquidity | plus 200bps | ||||||||
Impaired loans (collateral dependent) | $ | 15,318 | Collateral based measurements | Discount to reflect current market conditions and ultimate collectability | 0% - 10% (1%) | ||||
Other real estate owned | $ | 1,612 | Appraisals | Discount to reflect current market conditions | 0% - 10% (9%) |
September 30, 2023 | |||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||||
Carrying Amount | (Level 1) | (Level 2) | (Level 3) | Total Fair Value | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash and due from banks | $ | 125,173 | $ | 125,173 | $ | — | $ | — | $ | 125,173 | |||||||||||||||||||
Interest-bearing deposits | 348,639 | 348,639 | — | — | 348,639 | ||||||||||||||||||||||||
Investment securities available for sale | 1,500,136 | 1,713 | 1,495,195 | 3,228 | 1,500,136 | ||||||||||||||||||||||||
Investment securities held to maturity, net | 2,213,588 | — | 1,730,830 | 10,395 | 1,741,225 | ||||||||||||||||||||||||
Loans held for sale | 30,972 | — | 30,972 | — | 30,972 | ||||||||||||||||||||||||
Loans, net | 12,065,640 | — | — | 11,801,546 | 11,801,546 | ||||||||||||||||||||||||
Federal Home Loan Bank stock | 41,797 | — | 41,797 | — | 41,797 | ||||||||||||||||||||||||
Derivative assets | 114,541 | — | 114,541 | — | 114,541 | ||||||||||||||||||||||||
Interest receivable | 90,011 | — | 90,011 | — | 90,011 | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Deposits | $ | 14,646,576 | $ | 12,524,202 | $ | 2,104,703 | $ | — | 14,628,905 | ||||||||||||||||||||
Borrowings: | |||||||||||||||||||||||||||||
Securities sold under repurchase agreements | 152,537 | — | 152,523 | — | 152,523 | ||||||||||||||||||||||||
Federal Home Loan Bank advances | 713,384 | — | 695,425 | — | 695,425 | ||||||||||||||||||||||||
Subordinated debentures and other borrowings | 158,665 | — | 135,847 | — | 135,847 | ||||||||||||||||||||||||
Derivative liabilities | 114,014 | — | 114,014 | — | 114,014 | ||||||||||||||||||||||||
Interest payable | 16,473 | — | 16,473 | — | 16,473 | ||||||||||||||||||||||||
September 30, 2017 | |||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
Carrying Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Assets: | |||||||||||||||
Cash and cash equivalents | $ | 146,607 | $ | 146,607 | |||||||||||
Interest-bearing time deposits | 72,950 | 72,950 | |||||||||||||
Investment securities available for sale | 890,721 | 250 | $ | 886,484 | $ | 3,987 | |||||||||
Investment securities held to maturity | 578,166 | 574,698 | 12,572 | ||||||||||||
Loans held for sale | 4,514 | 4,514 | |||||||||||||
Loans | 6,410,094 | 6,301,582 | |||||||||||||
Federal Home Loan Bank stock | 23,825 | 23,825 | |||||||||||||
Interest rate swap and cap asset | 7,061 | 7,061 | |||||||||||||
Interest receivable | 32,366 | 32,366 | |||||||||||||
Liabilities: | |||||||||||||||
Deposits | $ | 6,911,019 | $ | 5,447,422 | $ | 1,445,246 | |||||||||
Borrowings: | |||||||||||||||
Federal funds purchased | 100,000 | 100,000 | |||||||||||||
Securities sold under repurchase agreements | 142,107 | 142,060 | |||||||||||||
Federal Home Loan Bank advances | 406,820 | 407,708 | |||||||||||||
Subordinated debentures and term loans | 139,686 | 114,435 | |||||||||||||
Interest rate swap liability | 8,994 | 8,994 | |||||||||||||
Interest payable | 4,956 | 4,956 |
December 31, 2016 | |||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
Carrying Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Assets: | |||||||||||||||
Cash and cash equivalents | $ | 127,927 | $ | 127,927 | |||||||||||
Interest-bearing time deposits | 24,459 | 24,459 | |||||||||||||
Investment securities available for sale | 696,862 | 18,765 | $ | 672,928 | $ | 5,169 | |||||||||
Investment securities held to maturity | 607,643 | 597,246 | 14,687 | ||||||||||||
Loans held for sale | 2,929 | 2,929 | |||||||||||||
Loans | 5,073,608 | 4,933,552 | |||||||||||||
Federal Home Loan Bank stock | 17,964 | 17,964 | |||||||||||||
Interest rate swap and cap asset | 6,310 | 6,310 | |||||||||||||
Interest receivable | 26,194 | 26,194 | |||||||||||||
Liabilities: | |||||||||||||||
Deposits | $ | 5,556,498 | $ | 4,427,605 | $ | 1,111,491 | |||||||||
Borrowings: | |||||||||||||||
Federal funds purchased | 120,349 | 120,349 | |||||||||||||
Securities sold under repurchase agreements | 146,480 | 146,449 | |||||||||||||
Federal Home Loan Bank advances | 298,923 | 297,465 | |||||||||||||
Subordinated debentures and term loans | 128,445 | 105,930 | |||||||||||||
Interest rate swap liability | 8,477 | 8,477 | |||||||||||||
Interest payable | 3,110 | 3,110 |
December 31, 2022 | |||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||||
Carrying Amount | (Level 1) | (Level 2) | (Level 3) | Total Fair Value | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash and due from banks | $ | 122,594 | $ | 122,594 | $ | — | $ | — | $ | 122,594 | |||||||||||||||||||
Interest-bearing deposits | 126,061 | 126,061 | — | — | 126,061 | ||||||||||||||||||||||||
Investment securities available for sale | 1,976,661 | 2,459 | 1,970,763 | 3,439 | 1,976,661 | ||||||||||||||||||||||||
Investment securities held to maturity, net | 2,287,127 | — | 1,893,271 | 14,594 | 1,907,865 | ||||||||||||||||||||||||
Loans held for sale | 9,094 | — | 9,094 | — | 9,094 | ||||||||||||||||||||||||
Loans, net | 11,780,617 | — | — | 11,156,217 | 11,156,217 | ||||||||||||||||||||||||
Federal Home Loan Bank stock | 38,525 | — | 38,525 | — | 38,525 | ||||||||||||||||||||||||
Derivative assets | 93,036 | — | 93,036 | — | 93,036 | ||||||||||||||||||||||||
Interest receivable | 85,070 | — | 85,070 | — | 85,070 | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Deposits | $ | 14,382,745 | $ | 13,105,936 | $ | 1,251,017 | $ | — | 14,356,953 | ||||||||||||||||||||
Borrowings: | |||||||||||||||||||||||||||||
Federal funds purchased | 171,560 | — | 171,560 | — | 171,560 | ||||||||||||||||||||||||
Securities sold under repurchase agreements | 167,413 | — | 167,396 | — | 167,396 | ||||||||||||||||||||||||
Federal Home Loan Bank advances | 823,674 | — | 615,211 | — | 615,211 | ||||||||||||||||||||||||
Subordinated debentures and other borrowings | 151,298 | — | 122,102 | — | 122,102 | ||||||||||||||||||||||||
Derivative liabilities | 92,770 | — | 92,770 | — | 92,770 | ||||||||||||||||||||||||
Interest payable | 7,530 | — | 7,530 | — | 7,530 |
September 30, 2023 | |||||||||||||||||||||||||||||
Remaining Contractual Maturity of the Agreements | |||||||||||||||||||||||||||||
Overnight and Continuous | Up to 30 Days | 30-90 Days | Greater Than 90 Days | Total | |||||||||||||||||||||||||
U.S. Government-sponsored mortgage-backed securities | $ | 152,537 | $ | — | $ | — | $ | — | $ | 152,537 |
December 31, 2022 | |||||||||||||||||||||||||||||
Remaining Contractual Maturity of the Agreements | |||||||||||||||||||||||||||||
Overnight and Continuous | Up to 30 Days | 30-90 Days | Greater Than 90 Days | Total | |||||||||||||||||||||||||
U.S. Government-sponsored mortgage-backed securities | $ | 167,413 | $ | — | $ | — | $ | — | $ | 167,413 |
September 30, 2017 | |||||||||||||||||||
Remaining Contractual Maturity of the Agreements | |||||||||||||||||||
Overnight and Continuous | Up to 30 Days | 30-90 Days | Greater Than 90 Days | Total | |||||||||||||||
U.S. Government-sponsored mortgage-backed securities | $ | 129,128 | $ | 1,339 | $ | 2,544 | $ | 9,096 | $ | 142,107 |
December 31, 2016 | |||||||||||||||||||
Remaining Contractual Maturity of the Agreements | |||||||||||||||||||
Overnight and Continuous | Up to 30 Days | 30-90 Days | Greater Than 90 Days | Total | |||||||||||||||
U.S. Government-sponsored mortgage-backed securities | $ | 129,617 | $ | 1,337 | $ | 10,253 | $ | 5,273 | $ | 146,480 |
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Unrealized Gains (Losses) on Securities Available for Sale | Unrealized Gains (Losses) on Cash Flow Hedges | Unrealized Gains (Losses) on Defined Benefit Plans | Total | ||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | (234,495) | $ | 130 | $ | (4,786) | $ | (239,151) | |||||||||||||||||||||
Other comprehensive loss before reclassifications | (71,633) | (142) | — | (71,775) | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 3,644 | 12 | — | 3,656 | |||||||||||||||||||||||||
Period change | (67,989) | (130) | — | (68,119) | |||||||||||||||||||||||||
Balance at September 30, 2023 | $ | (302,484) | $ | — | $ | (4,786) | $ | (307,270) | |||||||||||||||||||||
Balance at December 31, 2021 | $ | 59,774 | $ | (660) | $ | (4,001) | $ | 55,113 | |||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (369,096) | 400 | — | (368,696) | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (898) | 392 | — | (506) | |||||||||||||||||||||||||
Period change | (369,994) | 792 | — | (369,202) | |||||||||||||||||||||||||
Balance at September 30, 2022 | $ | (310,220) | $ | 132 | $ | (4,001) | $ | (314,089) |
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||
Unrealized Gains (Losses) on Securities Available for Sale | Unrealized Gains (Losses) on Cash Flow Hedges | Unrealized Gains (Losses) on Defined Benefit Plans | Total | ||||||||||||
Balance at December 31, 2016 | $ | 1,035 | $ | (1,774 | ) | $ | (12,842 | ) | $ | (13,581 | ) | ||||
Other comprehensive income before reclassifications | 8,124 | (246 | ) | 7,878 | |||||||||||
Amounts reclassified from accumulated other comprehensive income | (973 | ) | 493 | (175 | ) | (655 | ) | ||||||||
Period change | 7,151 | 247 | (175 | ) | 7,223 | ||||||||||
Balance at September 30, 2017 | $ | 8,186 | $ | (1,527 | ) | $ | (13,017 | ) | $ | (6,358 | ) | ||||
Balance at December 31, 2015 | $ | 12,325 | $ | (2,347 | ) | $ | (11,340 | ) | $ | (1,362 | ) | ||||
Other comprehensive income before reclassifications | 7,863 | (1,548 | ) | 6,315 | |||||||||||
Amounts reclassified from accumulated other comprehensive income | (1,652 | ) | 623 | (1,029 | ) | ||||||||||
Period change | 6,211 | (925 | ) | — | 5,286 | ||||||||||
Balance at September 30, 2016 | $ | 18,536 | $ | (3,272 | ) | $ | (11,340 | ) | $ | 3,924 |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) For the Three Months Ended September 30, | ||||||||||
Details about Accumulated Other Comprehensive Income (Loss)Components | 2017 | 2016 | Affected Line Item in the Statements of Income | |||||||
Unrealized gains (losses) on available for sale securities (1) | ||||||||||
Realized securities gains reclassified into income | $ | 332 | $ | 839 | Other income - net realized gains on sales of available for sale securities | |||||
Related income tax expense | (116 | ) | (294 | ) | Income tax expense | |||||
$ | 216 | $ | 545 | |||||||
Unrealized gains (losses) on cash flow hedges (2) | ||||||||||
Interest rate contracts | $ | (240 | ) | $ | (317 | ) | Interest expense - subordinated debentures and term loans | |||
Related income tax benefit | 84 | 111 | Income tax expense | |||||||
$ | (156 | ) | $ | (206 | ) | |||||
Unrealized gains (losses) on defined benefit plans | ||||||||||
Amortization of prior service costs | $ | 89 | Other expenses - salaries and employee benefits | |||||||
Related income tax expense | (31 | ) | Income tax expense | |||||||
$ | 58 | $ | — | |||||||
Total reclassifications for the period, net of tax | $ | 118 | $ | 339 |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) For the Three Months Ended September 30, | ||||||||||||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | 2023 | 2022 | Affected Line Item in the Statements of Income | |||||||||||||||||
Unrealized gains (losses) on available for sale securities (1) | ||||||||||||||||||||
Realized securities gains (losses) reclassified into income | $ | (1,650) | $ | 481 | Other income - net realized gains (losses) on sales of available for sale securities | |||||||||||||||
Related income tax benefit (expense) | 346 | (101) | Income tax expense | |||||||||||||||||
$ | (1,304) | $ | 380 | |||||||||||||||||
Unrealized gains (losses) on cash flow hedges (2) | ||||||||||||||||||||
Interest rate contracts | $ | — | $ | (78) | Interest expense - subordinated debentures and term loans | |||||||||||||||
Related income tax benefit (expense) | — | 16 | Income tax expense | |||||||||||||||||
$ | — | $ | (62) | |||||||||||||||||
Total reclassifications for the period, net of tax | $ | (1,304) | $ | 318 |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) For the Nine Months Ended September 30, | ||||||||||||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | 2023 | 2022 | Affected Line Item in the Statements of Income | |||||||||||||||||
Unrealized gains (losses) on available for sale securities (1) | ||||||||||||||||||||
Realized securities gains reclassified into income | $ | (4,613) | $ | 1,137 | Other income - net realized gains on sales of available for sale securities | |||||||||||||||
Related income tax benefit (expense) | 969 | (239) | Income tax expense | |||||||||||||||||
$ | (3,644) | $ | 898 | |||||||||||||||||
Unrealized gains (losses) on cash flow hedges (2) | ||||||||||||||||||||
Interest rate contracts | $ | (15) | $ | (496) | Interest expense - subordinated debentures and term loans | |||||||||||||||
Related income tax benefit (expense) | 3 | 104 | Income tax expense | |||||||||||||||||
$ | (12) | $ | (392) | |||||||||||||||||
Total reclassifications for the period, net of tax | $ | (3,656) | $ | 506 |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) For the Nine Months Ended September 30, | ||||||||||
Details about Accumulated Other Comprehensive Income (Loss)Components | 2017 | 2016 | Affected Line Item in the Statements of Income | |||||||
Unrealized gains (losses) on available for sale securities (1) | ||||||||||
Realized securities gains reclassified into income | $ | 1,497 | $ | 2,542 | Other income - net realized gains on sales of available for sale securities | |||||
Related income tax expense | (524 | ) | (890 | ) | Income tax expense | |||||
$ | 973 | $ | 1,652 | |||||||
Unrealized gains (losses) on cash flow hedges (2) | ||||||||||
Interest rate contracts | $ | (759 | ) | $ | (959 | ) | Interest expense - subordinated debentures and term loans | |||
Related income tax benefit | 266 | 336 | Income tax expense | |||||||
$ | (493 | ) | $ | (623 | ) | |||||
Unrealized gains (losses) on defined benefit plans | ||||||||||
Amortization of net loss and prior service costs | $ | 269 | Other expenses - salaries and employee benefits | |||||||
Related income tax expense | (94 | ) | Income tax expense | |||||||
$ | 175 | $ | — | |||||||
Total reclassifications for the period, net of tax | $ | 655 | $ | 1,029 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Stock and ESPP Options | |||||||||||||||||||||||
Pre-tax compensation expense | $ | 35 | $ | 15 | $ | 80 | $ | 64 | |||||||||||||||
Income tax expense (benefit) | — | — | (62) | (74) | |||||||||||||||||||
Stock and ESPP option expense, net of income taxes | $ | 35 | $ | 15 | $ | 18 | $ | (10) | |||||||||||||||
Restricted Stock Awards | |||||||||||||||||||||||
Pre-tax compensation expense | $ | 1,325 | $ | 1,171 | $ | 3,712 | $ | 3,366 | |||||||||||||||
Income tax expense (benefit) | (393) | (332) | (906) | (792) | |||||||||||||||||||
Restricted stock awards expense, net of income taxes | $ | 932 | $ | 839 | $ | 2,806 | $ | 2,574 | |||||||||||||||
Total Share-Based Compensation | |||||||||||||||||||||||
Pre-tax compensation expense | $ | 1,360 | $ | 1,186 | $ | 3,792 | $ | 3,430 | |||||||||||||||
Income tax expense (benefit) | (393) | (332) | (968) | (866) | |||||||||||||||||||
Total share-based compensation expense, net of income taxes | $ | 967 | $ | 854 | $ | 2,824 | $ | 2,564 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Stock and ESPP Options | |||||||||||||||
Pre-tax compensation expense | $ | 23 | $ | 18 | $ | 93 | $ | 54 | |||||||
Income tax expense (benefit) | (9 | ) | 3 | (313 | ) | 12 | |||||||||
Stock and ESPP option expense, net of income taxes | $ | 14 | $ | 21 | $ | (220 | ) | $ | 66 | ||||||
Restricted Stock Awards | |||||||||||||||
Pre-tax compensation expense | $ | 800 | $ | 630 | $ | 1,791 | $ | 1,829 | |||||||
Income tax benefit | (280 | ) | (221 | ) | (1,160 | ) | (640 | ) | |||||||
Restricted stock awards expense, net of income taxes | $ | 520 | $ | 409 | $ | 631 | $ | 1,189 | |||||||
Total Share-Based Compensation | |||||||||||||||
Pre-tax compensation expense | $ | 823 | $ | 648 | $ | 1,884 | $ | 1,883 | |||||||
Income tax benefit | (289 | ) | (218 | ) | (1,473 | ) | (628 | ) | |||||||
Total share-based compensation expense, net of income taxes | $ | 534 | $ | 430 | $ | 411 | $ | 1,255 |
Number of Shares | Weighted-Average Exercise Price | Weighted Average Remaining Contractual Term (in Years) | Aggregate Intrinsic Value | ||||||||||||||||||||
Outstanding at January 1, 2023 | 155,100 | $ | 18.89 | ||||||||||||||||||||
Exercised | (65,025) | $ | 17.07 | ||||||||||||||||||||
Outstanding September 30, 2023 | 90,075 | $ | 20.21 | 2.18 | $ | 685,817 | |||||||||||||||||
Vested and Expected to Vest at September 30, 2023 | 90,075 | $ | 20.21 | 2.18 | $ | 685,817 | |||||||||||||||||
Exercisable at September 30, 2023 | 90,075 | $ | 20.21 | 2.18 | $ | 685,817 |
Number of Shares | Weighted-Average Exercise Price | Weighted Average Remaining Contractual Term (in Years) | Aggregate Intrinsic Value | |||||||||
Outstanding at January 1, 2017 | 260,211 | $ | 19.26 | |||||||||
Granted | ||||||||||||
Exercised | (101,759 | ) | $ | 22.83 | ||||||||
Canceled | ||||||||||||
Outstanding September 30, 2017 | 158,452 | $ | 16.96 | 2.55 | $ | 4,114,422 | ||||||
Vested and Expected to Vest at September 30, 2017 | 158,452 | $ | 16.96 | 2.55 | $ | 4,114,422 | ||||||
Exercisable at September 30, 2017 | 158,452 | $ | 16.96 | 2.55 | $ | 4,114,422 |
Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||
Unvested RSAs at January 1, 2023 | 416,705 | $ | 36.97 | ||||||||
Granted | 164,034 | $ | 31.67 | ||||||||
Vested | (129,092) | $ | 26.87 | ||||||||
Forfeited | (1,700) | $ | 35.65 | ||||||||
Unvested RSAs at September 30, 2023 | 449,947 | $ | 37.94 |
Number of Shares | Weighted-Average Grant Date Fair Value | |||||
Unvested RSAs at January 1, 2017 | 328,347 | $ | 22.87 | |||
Granted | 127,757 | $ | 40.41 | |||
Vested | (84,795 | ) | $ | 20.45 | ||
Forfeited | (4,220 | ) | $ | 23.11 | ||
Unvested RSAs at September 30, 2017 | 367,089 | $ | 29.53 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Reconciliation of Federal Statutory to Actual Tax Expense: | |||||||||||||||||||||||
Federal statutory income tax at 21% | $ | 13,728 | $ | 15,445 | $ | 44,589 | $ | 36,176 | |||||||||||||||
Tax-exempt interest income | (4,469) | (4,974) | (13,792) | (14,371) | |||||||||||||||||||
Share-based compensation | (108) | (79) | (172) | (146) | |||||||||||||||||||
Tax-exempt earnings and gains on life insurance | (369) | (1,397) | (1,080) | (2,026) | |||||||||||||||||||
Tax credits | (84) | (122) | (249) | (292) | |||||||||||||||||||
State Income Tax | 254 | 658 | 1,474 | 1,177 | |||||||||||||||||||
Other | 53 | 262 | 251 | 420 | |||||||||||||||||||
Actual Tax Expense | $ | 9,005 | $ | 9,793 | $ | 31,021 | $ | 20,938 | |||||||||||||||
Effective Tax Rate | 13.8 | % | 13.3 | % | 14.6 | % | 12.2 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||
Reconciliation of Federal Statutory to Actual Tax Expense: | ||||||||||||||
Federal statutory income tax at 35% | $ | 11,304 | $ | 9,985 | $ | 32,900 | $ | 27,481 | ||||||
Tax-exempt interest income | (2,881 | ) | (2,198 | ) | (8,062 | ) | (6,328 | ) | ||||||
Share-based compensation | (78 | ) | (29 | ) | (862 | ) | (10 | ) | ||||||
Tax-exempt earnings and gains on life insurance | (551 | ) | (216 | ) | (1,905 | ) | (1,186 | ) | ||||||
Tax credits | (132 | ) | (165 | ) | (396 | ) | (423 | ) | ||||||
Other | 277 | 92 | 639 | 225 | ||||||||||
Actual Tax Expense | $ | 7,939 | $ | 7,469 | $ | 22,314 | $ | 19,759 | ||||||
Effective Tax Rate | 24.6 | % | 26.2 | % | 23.7 | % | 25.2 | % |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Net Income Available to Common Stockholders | Weighted-Average Common Shares | Per Share Amount | Net Income Available to Common Stockholders | Weighted-Average Common Shares | Per Share Amount | ||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 55,898 | 59,335,877 | $ | 0.95 | $ | 63,283 | 59,096,688 | $ | 1.08 | |||||||||||||||||||||||||
Effect of potentially dilutive stock options and restricted stock awards | 166,648 | 242,041 | |||||||||||||||||||||||||||||||||
Diluted net income per common share | $ | 55,898 | 59,502,525 | $ | 0.94 | $ | 63,283 | 59,338,729 | $ | 1.08 |
Three Months Ended September 30, | |||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
Net Income | Weighted-Average Shares | Per Share Amount | Net Income | Weighted-Average Shares | Per Share Amount | ||||||||||||||||
Net income available to common stockholders | $ | 24,358 | 48,431,880 | $ | 0.50 | $ | 21,059 | 40,779,423 | $ | 0.51 | |||||||||||
Effect of potentially dilutive stock options and restricted stock awards | 211,894 | 246,361 | |||||||||||||||||||
Diluted net income per share | $ | 24,358 | 48,643,774 | $ | 0.50 | $ | 21,059 | 41,025,784 | $ | 0.51 |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Net Income Available to Common Stockholders | Weighted-Average Common Shares | Per Share Amount | Net Income Available to Common Stockholders | Weighted-Average Common Shares | Per Share Amount | ||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 179,901 | 59,272,401 | $ | 3.04 | $ | 150,391 | 57,200,843 | $ | 2.63 | |||||||||||||||||||||||||
Effect of potentially dilutive stock options and restricted stock awards | 192,997 | 266,716 | |||||||||||||||||||||||||||||||||
Diluted net income per common share | $ | 179,901 | 59,465,398 | $ | 3.03 | $ | 150,391 | 57,467,559 | $ | 2.62 |
Nine Months Ended September 30, | |||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
Net Income | Weighted-Average Shares | Per Share Amount | Net Income | Weighted-Average Shares | Per Share Amount | ||||||||||||||||
Net income available to common stockholders | $ | 71,687 | 43,845,675 | $ | 1.64 | $ | 58,758 | 40,740,714 | $ | 1.44 | |||||||||||
Effect of potentially dilutive stock options and restricted stock awards | 217,544 | 229,501 | |||||||||||||||||||
Diluted net income per share | $ | 71,687 | 44,063,219 | $ | 1.63 | $ | 58,758 | 40,970,215 | $ | 1.43 |
ADJUSTED EPS EXCLUDING PAYCHECK PROTECTION PROGRAM ("PPP") AND ACQUISITION RELATED EXPENSES - non-GAAP | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||
Net Income Available to Common Stockholders - GAAP | $ | 55,898 | $ | 60,393 | $ | 63,283 | $ | 179,901 | $ | 150,391 | |||||||||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||||||||
PPP loan income | (8) | (9) | (323) | (42) | (3,098) | ||||||||||||||||||||||||||||||||||||
Acquisition-related expenses | — | — | 3,417 | — | 16,118 | ||||||||||||||||||||||||||||||||||||
Acquisition-related provision expense | — | — | — | — | 16,755 | ||||||||||||||||||||||||||||||||||||
Tax on adjustment | 2 | 2 | (759) | 10 | (7,301) | ||||||||||||||||||||||||||||||||||||
Adjusted Net Income Available to Common Stockholders - non-GAAP | $ | 55,892 | $ | 60,386 | $ | 65,618 | $ | 179,869 | $ | 172,865 | |||||||||||||||||||||||||||||||
Average Diluted Common Shares Outstanding (in thousands) | 59,503 | 59,448 | 59,339 | 59,465 | 57,468 | ||||||||||||||||||||||||||||||||||||
Diluted Earnings Per Common Share - GAAP | $ | 0.94 | $ | 1.02 | $ | 1.08 | $ | 3.03 | $ | 2.62 | |||||||||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||||||||
PPP loan income | — | — | — | — | (0.05) | ||||||||||||||||||||||||||||||||||||
Acquisition-related expenses | — | — | 0.05 | — | 0.27 | ||||||||||||||||||||||||||||||||||||
Acquisition-related provision expense | — | — | — | — | 0.30 | ||||||||||||||||||||||||||||||||||||
Tax on adjustment | — | — | (0.01) | — | (0.13) | ||||||||||||||||||||||||||||||||||||
Adjusted Diluted Earnings Per Common Share - non-GAAP | $ | 0.94 | $ | 1.02 | $ | 1.12 | $ | 3.03 | $ | 3.01 |
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS - non-GAAP | |||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
Total Stockholders' Equity (GAAP) | $ | 2,092,644 | $ | 2,034,770 | |||||||
Less: Preferred stock (GAAP) | (25,125) | (25,125) | |||||||||
Less: Intangible assets (GAAP) | (741,283) | (747,844) | |||||||||
Tangible common equity (non-GAAP) | $ | 1,326,236 | $ | 1,261,801 | |||||||
Total assets (GAAP) | $ | 17,996,648 | $ | 17,938,306 | |||||||
Less: Intangible assets (GAAP) | (741,283) | (747,844) | |||||||||
Tangible assets (non-GAAP) | $ | 17,255,365 | $ | 17,190,462 | |||||||
Stockholders' Equity to Assets (GAAP) | 11.63 | % | 11.34 | % | |||||||
Tangible common equity to tangible assets (non-GAAP) | 7.69 | % | 7.34 | % | |||||||
Tangible common equity (non-GAAP) | $ | 1,326,236 | $ | 1,261,801 | |||||||
Plus: Tax benefit of intangibles (non-GAAP) | 6,290 | 7,702 | |||||||||
Tangible common equity, net of tax (non-GAAP) | $ | 1,332,526 | $ | 1,269,503 | |||||||
Common Stock outstanding | 59,398 | 59,171 | |||||||||
Book Value (GAAP) | $ | 34.81 | $ | 33.96 | |||||||
Tangible book value - common (non-GAAP) | $ | 22.43 | $ | 21.45 |
TANGIBLE EARNINGS PER SHARE, RETURN ON TANGIBLE ASSETS AND RETURN ON TANGIBLE EQUITY - non-GAAP | |||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Average goodwill (GAAP) | $ | 712,002 | $ | 712,995 | $ | 712,002 | $ | 657,643 | |||||||||||||||
Average other intangibles (GAAP) | 30,293 | 39,580 | 32,446 | 35,500 | |||||||||||||||||||
Average deferred tax on other intangibles (GAAP) | (6,508) | (8,505) | (6,972) | (7,436) | |||||||||||||||||||
Intangible adjustment (non-GAAP) | $ | 735,787 | $ | 744,070 | $ | 737,476 | $ | 685,707 | |||||||||||||||
Average stockholders' equity (GAAP) | $ | 2,154,232 | $ | 2,018,156 | $ | 2,126,005 | $ | 1,977,299 | |||||||||||||||
Average preferred stock (GAAP) | (25,125) | (25,125) | (25,125) | (16,792) | |||||||||||||||||||
Intangible adjustment (non-GAAP) | (735,787) | (744,070) | (737,476) | (685,707) | |||||||||||||||||||
Average tangible capital (non-GAAP) | $ | 1,393,320 | $ | 1,248,961 | $ | 1,363,404 | $ | 1,274,800 | |||||||||||||||
Average assets (GAAP) | $ | 18,152,239 | $ | 17,770,623 | $ | 18,115,504 | $ | 17,012,930 | |||||||||||||||
Intangible adjustment (non-GAAP) | (735,787) | (744,070) | (737,476) | (685,707) | |||||||||||||||||||
Average tangible assets (non-GAAP) | $ | 17,416,452 | $ | 17,026,553 | $ | 17,378,028 | $ | 16,327,223 | |||||||||||||||
Net income available to common stockholders (GAAP) | $ | 55,898 | $ | 63,283 | $ | 179,901 | $ | 150,391 | |||||||||||||||
Other intangible amortization, net of tax (GAAP) | 1,724 | 1,819 | 5,183 | 4,718 | |||||||||||||||||||
Preferred stock dividend | 468 | 469 | 1,406 | 938 | |||||||||||||||||||
Tangible net income available to common stockholders (non-GAAP) | $ | 58,090 | $ | 65,571 | $ | 186,490 | $ | 156,047 | |||||||||||||||
Per Share Data: | |||||||||||||||||||||||
Diluted net income available to common stockholders (GAAP) | $ | 0.94 | $ | 1.08 | $ | 3.03 | $ | 2.62 | |||||||||||||||
Diluted tangible net income available to common stockholders (non-GAAP) | $ | 0.97 | $ | 1.11 | $ | 3.11 | $ | 2.72 | |||||||||||||||
Ratios: | |||||||||||||||||||||||
Return on average GAAP capital (ROE) | 10.38 | % | 12.54 | % | 11.28 | % | 10.14 | % | |||||||||||||||
Return on average tangible capital | 16.54 | % | 20.85 | % | 18.10 | % | 16.22 | % | |||||||||||||||
Return on average assets (ROA) | 1.24 | % | 1.43 | % | 1.33 | % | 1.19 | % | |||||||||||||||
Return on average tangible assets | 1.33 | % | 1.54 | % | 1.43 | % | 1.27 | % |
(Dollars in Thousands) | Three Months Ended | ||||||||||||||||||||
September 30, 2017 | September 30, 2016 | ||||||||||||||||||||
Average Balance | Interest Income / Expense | Average Rate | Average Balance | Interest Income / Expense | Average Rate | ||||||||||||||||
Assets: | |||||||||||||||||||||
Interest-bearing time deposits | $ | 139,905 | $ | 284 | 0.81 | % | $ | 54,120 | $ | 55 | 0.40 | % | |||||||||
Federal Reserve and Federal Home Loan Bank stock | 23,146 | 242 | 4.18 | 18,095 | 193 | 4.24 | |||||||||||||||
Investment Securities: (1) | |||||||||||||||||||||
Taxable | 718,965 | 4,524 | 2.52 | 729,223 | 3,992 | 2.18 | |||||||||||||||
Tax-Exempt (2) | 645,577 | 8,392 | 5.20 | 559,845 | 7,182 | 5.10 | |||||||||||||||
Total Investment Securities | 1,364,542 | 12,916 | 3.79 | 1,289,068 | 11,174 | 3.45 | |||||||||||||||
Loans held for sale | 8,117 | 136 | 6.70 | 742 | 73 | 39.14 | |||||||||||||||
Loans: (3) | |||||||||||||||||||||
Commercial | 4,556,653 | 55,266 | 4.85 | 3,556,187 | 41,653 | 4.66 | |||||||||||||||
Real Estate Mortgage | 785,317 | 8,596 | 4.38 | 567,015 | 6,521 | 4.58 | |||||||||||||||
Installment | 595,164 | 7,494 | 5.04 | 493,807 | 5,572 | 4.49 | |||||||||||||||
Tax-Exempt (2) | 367,559 | 4,385 | 4.77 | 219,172 | 2,537 | 4.60 | |||||||||||||||
Total Loans | 6,312,810 | 75,877 | 4.81 | 4,836,923 | 56,356 | 4.64 | |||||||||||||||
Total Earning Assets | 7,840,403 | 89,319 | 4.56 | 6,198,206 | 67,778 | 4.37 | |||||||||||||||
Net unrealized gain on securities available for sale | 7,733 | 11,738 | |||||||||||||||||||
Allowance for loan losses | (71,753 | ) | (62,453 | ) | |||||||||||||||||
Cash and cash equivalents | 129,058 | 102,023 | |||||||||||||||||||
Premises and equipment | 101,979 | 95,541 | |||||||||||||||||||
Other assets | 786,246 | 562,248 | |||||||||||||||||||
Total Assets | $ | 8,793,666 | $ | 6,907,303 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||
Interest-bearing NOW deposits | $ | 1,834,965 | $ | 1,706 | 0.37 | % | $ | 1,454,992 | $ | 669 | 0.18 | % | |||||||||
Money market deposits | 990,682 | 747 | 0.30 | 793,173 | 384 | 0.19 | |||||||||||||||
Savings deposits | 887,201 | 203 | 0.09 | 754,401 | 171 | 0.09 | |||||||||||||||
Certificates and other time deposits | 1,450,448 | 4,054 | 1.12 | 1,128,595 | 2,702 | 0.95 | |||||||||||||||
Total Interest-bearing Deposits | 5,163,296 | 6,710 | 0.52 | 4,131,161 | 3,926 | 0.38 | |||||||||||||||
Borrowings | 694,203 | 3,717 | 2.14 | 521,125 | 2,768 | 2.11 | |||||||||||||||
Total Interest-bearing Liabilities | 5,857,499 | 10,427 | 0.71 | 4,652,286 | 6,694 | 0.57 | |||||||||||||||
Noninterest-bearing deposits | 1,626,757 | 1,297,292 | |||||||||||||||||||
Other liabilities | 64,938 | 60,791 | |||||||||||||||||||
Total Liabilities | 7,549,194 | 6,010,369 | |||||||||||||||||||
Stockholders' Equity | 1,244,472 | 896,934 | |||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 8,793,666 | 10,427 | 0.53 | $ | 6,907,303 | 6,694 | 0.43 | |||||||||||||
Net Interest Income | $ | 78,892 | $ | 61,084 | |||||||||||||||||
Net Interest Margin | 4.03 | % | 3.94 | % | |||||||||||||||||
(1) Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed utilizing a 30/360 day basis. | |||||||||||||||||||||
(2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 35 percent for 2017 and 2016. These totals equal $4,472 and $3,402 for the three months ended September 30, 2017 and 2016, respectively. | |||||||||||||||||||||
(3) Non-accruing loans have been included in the average balances. |
(Dollars in Thousands) | Three Months Ended | ||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest Income / Expense | Average Rate | Average Balance | Interest Income / Expense | Average Rate | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 502,967 | $ | 5,884 | 4.68 | % | $ | 190,434 | $ | 704 | 1.48 | % | |||||||||||||||||||||||
Federal Home Loan Bank stock | 41,826 | 719 | 6.88 | 38,089 | 314 | 3.30 | |||||||||||||||||||||||||||||
Investment Securities: (1) | |||||||||||||||||||||||||||||||||||
Taxable | 1,817,219 | 8,590 | 1.89 | 2,091,608 | 10,055 | 1.92 | |||||||||||||||||||||||||||||
Tax-Exempt (2) | 2,298,025 | 17,655 | 3.07 | 2,700,580 | 21,849 | 3.24 | |||||||||||||||||||||||||||||
Total Investment Securities | 4,115,244 | 26,245 | 2.55 | 4,792,188 | 31,904 | 2.66 | |||||||||||||||||||||||||||||
Loans held for sale | 24,227 | 386 | 6.37 | 20,039 | 266 | 5.74 | |||||||||||||||||||||||||||||
Loans: (3) | |||||||||||||||||||||||||||||||||||
Commercial | 8,456,527 | 153,993 | 7.28 | 8,177,895 | 103,227 | 5.05 | |||||||||||||||||||||||||||||
Real estate mortgage | 2,079,067 | 21,618 | 4.16 | 1,666,173 | 14,701 | 3.53 | |||||||||||||||||||||||||||||
Installment | 827,318 | 15,708 | 7.59 | 813,112 | 10,310 | 5.07 | |||||||||||||||||||||||||||||
Tax-Exempt (2) | 900,493 | 10,491 | 4.66 | 810,984 | 8,228 | 4.06 | |||||||||||||||||||||||||||||
Total Loans | 12,287,632 | 202,196 | 6.58 | 11,488,203 | 136,732 | 4.76 | |||||||||||||||||||||||||||||
Total Earning Assets | 16,947,669 | 235,044 | 5.55 | % | 16,508,914 | 169,654 | 4.11 | % | |||||||||||||||||||||||||||
Total Non-Earning Assets | 1,204,570 | 1,261,709 | |||||||||||||||||||||||||||||||||
Total Assets | $ | 18,152,239 | $ | 17,770,623 | |||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Interest-Bearing Deposits: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 5,425,829 | $ | 37,780 | 2.79 | % | $ | 5,184,087 | $ | 8,723 | 0.67 | % | |||||||||||||||||||||||
Money market deposits | 2,923,798 | 23,607 | 3.23 | 3,096,423 | 5,390 | 0.70 | |||||||||||||||||||||||||||||
Savings deposits | 1,641,338 | 3,844 | 0.94 | 1,978,596 | 1,538 | 0.31 | |||||||||||||||||||||||||||||
Certificates and other time deposits | 2,106,910 | 20,320 | 3.86 | 857,033 | 993 | 0.46 | |||||||||||||||||||||||||||||
Total Interest-Bearing Deposits | 12,097,875 | 85,551 | 2.83 | 11,116,139 | 16,644 | 0.60 | |||||||||||||||||||||||||||||
Borrowings | 1,032,180 | 10,199 | 3.95 | 1,013,893 | 6,388 | 2.52 | |||||||||||||||||||||||||||||
Total Interest-Bearing Liabilities | 13,130,055 | 95,750 | 2.92 | 12,130,032 | 23,032 | 0.76 | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | 2,637,717 | 3,461,393 | |||||||||||||||||||||||||||||||||
Other liabilities | 230,235 | 161,042 | |||||||||||||||||||||||||||||||||
Total Liabilities | 15,998,007 | 15,752,467 | |||||||||||||||||||||||||||||||||
Stockholders' Equity | 2,154,232 | 2,018,156 | |||||||||||||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 18,152,239 | 95,750 | $ | 17,770,623 | 23,032 | |||||||||||||||||||||||||||||
Net Interest Income (FTE) | $ | 139,294 | $ | 146,622 | |||||||||||||||||||||||||||||||
Net Interest Spread (FTE) (4) | 2.63 | % | 3.35 | % | |||||||||||||||||||||||||||||||
Net Interest Margin (FTE): | |||||||||||||||||||||||||||||||||||
Interest Income (FTE) / Average Earning Assets | 5.55 | % | 4.11 | % | |||||||||||||||||||||||||||||||
Interest Expense / Average Earning Assets | 2.26 | % | 0.56 | % | |||||||||||||||||||||||||||||||
Net Interest Margin (FTE) (5) | 3.29 | % | 3.55 | % | |||||||||||||||||||||||||||||||
(1) Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed utilizing a 30/360 day basis. | |||||||||||||||||||||||||||||||||||
(2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2023 and 2022. These totals equal $5,911 and $6.316 for the three months ended September 30, 2023 and 2022, respectively. | |||||||||||||||||||||||||||||||||||
(3) Nonaccruing loans have been included in the average balances. | |||||||||||||||||||||||||||||||||||
(4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities. | |||||||||||||||||||||||||||||||||||
(5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets. |
(Dollars in Thousands) | Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest Income / Expense | Average Rate | Average Balance | Interest Income / Expense | Average Rate | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 340,887 | $ | 9,685 | 3.79 | % | $ | 333,818 | $ | 1,544 | 0.62 | % | |||||||||||||||||||||||
Federal Home Loan Bank stock | 41,160 | 2,281 | 7.39 | 34,742 | 635 | 2.44 | |||||||||||||||||||||||||||||
Investment Securities: (1) | |||||||||||||||||||||||||||||||||||
Taxable | 1,872,267 | 26,563 | 1.89 | 2,079,983 | 28,937 | 1.85 | |||||||||||||||||||||||||||||
Tax-Exempt (2) | 2,394,864 | 56,071 | 3.12 | 2,647,547 | 63,732 | 3.21 | |||||||||||||||||||||||||||||
Total Investment Securities | 4,267,131 | 82,634 | 2.58 | 4,727,530 | 92,669 | 2.61 | |||||||||||||||||||||||||||||
Loans held for sale | 22,398 | 1,046 | 6.23 | 19,020 | 622 | 4.36 | |||||||||||||||||||||||||||||
Loans: (3) | |||||||||||||||||||||||||||||||||||
Commercial | 8,515,148 | 444,422 | 6.96 | 7,731,591 | 253,770 | 4.38 | |||||||||||||||||||||||||||||
Real estate mortgage | 2,008,852 | 60,354 | 4.01 | 1,350,969 | 35,199 | 3.47 | |||||||||||||||||||||||||||||
Installment | 833,133 | 44,492 | 7.12 | 765,960 | 24,775 | 4.31 | |||||||||||||||||||||||||||||
Tax-Exempt (2) | 885,256 | 30,072 | 4.53 | 780,410 | 23,030 | 3.93 | |||||||||||||||||||||||||||||
Total Loans | 12,264,787 | 580,386 | 6.31 | 10,647,950 | 337,396 | 4.22 | |||||||||||||||||||||||||||||
Total Earning Assets | 16,913,965 | 674,986 | 5.32 | % | 15,744,040 | 432,244 | 3.66 | % | |||||||||||||||||||||||||||
Total Non-Earning Assets | 1,201,539 | 1,268,890 | |||||||||||||||||||||||||||||||||
Total Assets | $ | 18,115,504 | $ | 17,012,930 | |||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Interest-Bearing Deposits: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 5,412,482 | $ | 97,016 | 2.39 | % | $ | 5,195,249 | $ | 15,699 | 0.40 | % | |||||||||||||||||||||||
Money market deposits | 2,812,891 | 55,868 | 2.65 | 2,880,603 | 8,392 | 0.39 | |||||||||||||||||||||||||||||
Savings deposits | 1,730,110 | 10,693 | 0.82 | 1,937,761 | 2,895 | 0.20 | |||||||||||||||||||||||||||||
Certificates and other time deposits | 1,821,408 | 45,860 | 3.36 | 828,158 | 2,437 | 0.39 | |||||||||||||||||||||||||||||
Total Interest-Bearing Deposits | 11,776,891 | 209,437 | 2.37 | 10,841,771 | 29,423 | 0.36 | |||||||||||||||||||||||||||||
Borrowings | 1,144,368 | 32,122 | 3.74 | 817,894 | 13,354 | 2.18 | |||||||||||||||||||||||||||||
Total Interest-Bearing Liabilities | 12,921,259 | 241,559 | 2.49 | 11,659,665 | 42,777 | 0.49 | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | 2,850,557 | 3,232,925 | |||||||||||||||||||||||||||||||||
Other liabilities | 217,683 | 143,041 | |||||||||||||||||||||||||||||||||
Total Liabilities | 15,989,499 | 15,035,631 | |||||||||||||||||||||||||||||||||
Stockholders' Equity | 2,126,005 | 1,977,299 | |||||||||||||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 18,115,504 | 241,559 | $ | 17,012,930 | 42,777 | |||||||||||||||||||||||||||||
Net Interest Income (FTE) | $ | 433,427 | $ | 389,467 | |||||||||||||||||||||||||||||||
Net Interest Spread (FTE) (4) | 2.83 | % | 3.17 | % | |||||||||||||||||||||||||||||||
Net Interest Margin (FTE): | |||||||||||||||||||||||||||||||||||
Interest Income (FTE) / Average Earning Assets | 5.32 | % | 3.66 | % | |||||||||||||||||||||||||||||||
Interest Expense / Average Earning Assets | 1.90 | % | 0.36 | % | |||||||||||||||||||||||||||||||
Net Interest Margin (FTE) (5) | 3.42 | % | 3.30 | % | |||||||||||||||||||||||||||||||
(1) Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed utilizing a 30/360 day basis. | |||||||||||||||||||||||||||||||||||
(2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2023 and 2022. These totals equal $18,090 and $18,220 for the nine months ended September 30, 2023 and 2022, respectively. | |||||||||||||||||||||||||||||||||||
(3) Nonaccruing loans have been included in the average balances. | |||||||||||||||||||||||||||||||||||
(4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities. | |||||||||||||||||||||||||||||||||||
(5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets. |
(Dollars in Thousands) | Nine Months Ended | ||||||||||||||||||||
September 30, 2017 | September 30, 2016 | ||||||||||||||||||||
Average Balance | Interest Income / Expense | Average Rate | Average Balance | Interest Income / Expense | Average Rate | ||||||||||||||||
Assets: | |||||||||||||||||||||
Interest-bearing time deposits | $ | 71,456 | $ | 442 | 0.82 | % | $ | 76,440 | $ | 283 | 0.49 | % | |||||||||
Federal Reserve and Federal Home Loan Bank stock | 19,941 | 635 | 4.25 | 26,359 | 906 | 4.59 | |||||||||||||||
Investment Securities: (1) | |||||||||||||||||||||
Taxable | 716,118 | 13,012 | 2.42 | 725,311 | 12,522 | 2.31 | |||||||||||||||
Tax-Exempt (2) | 609,658 | 23,922 | 5.23 | 539,996 | 21,169 | 5.24 | |||||||||||||||
Total Investment Securities | 1,325,776 | 36,934 | 3.71 | 1,265,307 | 33,691 | 3.56 | |||||||||||||||
Loans held for sale | 4,875 | 245 | 6.70 | 3,541 | 291 | 10.98 | |||||||||||||||
Loans: (3) | |||||||||||||||||||||
Commercial | 4,085,901 | 144,759 | 4.72 | 3,502,715 | 121,017 | 4.62 | |||||||||||||||
Real Estate Mortgage | 660,435 | 21,946 | 4.43 | 570,330 | 19,032 | 4.46 | |||||||||||||||
Installment | 558,106 | 20,284 | 4.85 | 473,645 | 16,067 | 4.53 | |||||||||||||||
Tax-Exempt (2) | 338,169 | 11,809 | 4.66 | 198,615 | 6,814 | 4.58 | |||||||||||||||
Total Loans | 5,647,486 | 199,043 | 4.70 | 4,748,846 | 163,221 | 4.59 | |||||||||||||||
Total Earning Assets | 7,064,659 | 237,054 | 4.47 | % | 6,116,952 | 198,101 | 4.32 | % | |||||||||||||
Net unrealized gain on securities available for sale | 4,437 | 10,892 | |||||||||||||||||||
Allowance for loan losses | (69,269 | ) | (62,633 | ) | |||||||||||||||||
Cash and cash equivalents | 128,866 | 102,767 | |||||||||||||||||||
Premises and equipment | 95,707 | 96,284 | |||||||||||||||||||
Other assets | 642,243 | 572,150 | |||||||||||||||||||
Total Assets | $ | 7,866,643 | $ | 6,836,412 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||
Interest-bearing NOW deposits | $ | 1,649,175 | $ | 3,632 | 0.29 | % | $ | 1,395,036 | $ | 1,850 | 0.18 | % | |||||||||
Money market deposits | 894,450 | 1,688 | 0.25 | 835,968 | 1,377 | 0.22 | |||||||||||||||
Savings deposits | 818,800 | 520 | 0.08 | 720,375 | 455 | 0.08 | |||||||||||||||
Certificates and other time deposits | 1,299,932 | 10,131 | 1.04 | 1,157,992 | 8,346 | 0.96 | |||||||||||||||
Total Interest-bearing Deposits | 4,662,357 | 15,971 | 0.46 | 4,109,371 | 12,028 | 0.39 | |||||||||||||||
Borrowings | 659,260 | 10,058 | 2.03 | 506,077 | 8,180 | 2.16 | |||||||||||||||
Total Interest-bearing Liabilities | 5,321,617 | 26,029 | 0.65 | 4,615,448 | 20,208 | 0.58 | |||||||||||||||
Noninterest-bearing deposits | 1,445,685 | 1,279,404 | |||||||||||||||||||
Other liabilities | 50,921 | 63,258 | |||||||||||||||||||
Total Liabilities | 6,818,223 | 5,958,110 | |||||||||||||||||||
Stockholders' Equity | 1,048,420 | 878,302 | |||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 7,866,643 | 26,029 | 0.49 | $ | 6,836,412 | 20,208 | 0.44 | |||||||||||||
Net Interest Income | $ | 211,025 | $ | 177,893 | |||||||||||||||||
Net Interest Margin | 3.98 | % | 3.88 | % | |||||||||||||||||
(1) Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed utilizing a 30/360 day basis. | |||||||||||||||||||||
(2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 35 percent for 2017 and 2016. These totals equal $12,506 and $9,794 for the nine months ended September 30, 2017 and 2016, respectively. | |||||||||||||||||||||
(3) Non-accruing loans have been included in the average balances. |
Prompt Corrective Action Thresholds | ||||||||||||||||||||
Actual | Adequately Capitalized | Well Capitalized | ||||||||||||||||||
September 30, 2017 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||
Total risk-based capital to risk-weighted assets | ||||||||||||||||||||
First Merchants Corporation | $ | 1,031,491 | 13.76 | % | $ | 599,786 | 8.00 | % | N/A | N/A | ||||||||||
First Merchants Bank | 999,634 | 13.22 | 604,876 | 8.00 | $ | 756,095 | 10.00 | % | ||||||||||||
Tier 1 capital to risk-weighted assets | ||||||||||||||||||||
First Merchants Corporation | $ | 893,137 | 11.91 | % | $ | 449,839 | 6.00 | % | N/A | N/A | ||||||||||
First Merchants Bank | 926,280 | 12.25 | 453,657 | 6.00 | $ | 604,876 | 8.00 | % | ||||||||||||
CET1 capital to risk-weighted assets | ||||||||||||||||||||
First Merchants Corporation | $ | 827,273 | 11.03 | % | $ | 337,379 | 4.50 | % | N/A | N/A | ||||||||||
First Merchants Bank | 926,280 | 12.25 | 340,243 | 4.50 | $ | 491,461 | 6.50 | % | ||||||||||||
Tier 1 capital to average assets | ||||||||||||||||||||
First Merchants Corporation | $ | 893,137 | 10.72 | % | $ | 333,263 | 4.00 | % | N/A | N/A | ||||||||||
First Merchants Bank | 926,280 | 11.10 | 333,764 | 4.00 | $ | 417,206 | 5.00 | % |
Prompt Corrective Action Thresholds | |||||||||||||||||||||||||||||||||||
Actual | Basel III Minimum Capital Required | Well Capitalized | |||||||||||||||||||||||||||||||||
September 30, 2023 | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
Total risk-based capital to risk-weighted assets | |||||||||||||||||||||||||||||||||||
First Merchants Corporation | $ | 2,005,401 | 13.66 | % | $ | 1,541,750 | 10.50 | % | N/A | N/A | |||||||||||||||||||||||||
First Merchants Bank | 1,911,504 | 13.01 | 1,542,558 | 10.50 | $ | 1,469,103 | 10.00 | % | |||||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | |||||||||||||||||||||||||||||||||||
First Merchants Corporation | $ | 1,678,208 | 11.43 | % | $ | 1,248,083 | 8.50 | % | N/A | N/A | |||||||||||||||||||||||||
First Merchants Bank | 1,727,271 | 11.76 | 1,248,738 | 8.50 | $ | 1,175,282 | 8.00 | % | |||||||||||||||||||||||||||
CET1 capital to risk-weighted assets | |||||||||||||||||||||||||||||||||||
First Merchants Corporation | $ | 1,653,208 | 11.26 | % | $ | 1,027,833 | 7.00 | % | N/A | N/A | |||||||||||||||||||||||||
First Merchants Bank | 1,727,271 | 11.76 | 1,028,372 | 7.00 | $ | 954,917 | 6.50 | % | |||||||||||||||||||||||||||
Tier 1 capital to average assets | |||||||||||||||||||||||||||||||||||
First Merchants Corporation | $ | 1,678,208 | 9.63 | % | $ | 697,226 | 4.00 | % | N/A | N/A | |||||||||||||||||||||||||
First Merchants Bank | 1,727,271 | 9.92 | 696,705 | 4.00 | $ | 870,881 | 5.00 | % | |||||||||||||||||||||||||||
Prompt Corrective Action Thresholds | |||||||||||||||||||||||||||||||||||
Actual | Basel III Minimum Capital Required | Well Capitalized | |||||||||||||||||||||||||||||||||
December 31, 2022 | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
Total risk-based capital to risk-weighted assets | |||||||||||||||||||||||||||||||||||
First Merchants Corporation | $ | 1,882,254 | 13.08 | % | $ | 1,511,230 | 10.50 | % | N/A | N/A | |||||||||||||||||||||||||
First Merchants Bank | 1,822,296 | 12.65 | 1,513,064 | 10.50 | $ | 1,441,014 | 10.00 | % | |||||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | |||||||||||||||||||||||||||||||||||
First Merchants Corporation | $ | 1,558,281 | 10.83 | % | $ | 1,223,377 | 8.50 | % | N/A | N/A | |||||||||||||||||||||||||
First Merchants Bank | 1,641,210 | 11.39 | 1,224,862 | 8.50 | $ | 1,152,811 | 8.00 | % | |||||||||||||||||||||||||||
Common equity tier 1 capital to risk-weighted assets | |||||||||||||||||||||||||||||||||||
First Merchants Corporation | $ | 1,533,281 | 10.65 | % | $ | 1,007,487 | 7.00 | % | N/A | N/A | |||||||||||||||||||||||||
First Merchants Bank | 1,641,210 | 11.39 | 1,008,710 | 7.00 | $ | 936,659 | 6.50 | % | |||||||||||||||||||||||||||
Tier 1 capital to average assets | |||||||||||||||||||||||||||||||||||
First Merchants Corporation | $ | 1,558,281 | 9.10 | % | $ | 684,758 | 4.00 | % | N/A | N/A | |||||||||||||||||||||||||
First Merchants Bank | 1,641,210 | 9.60 | 683,680 | 4.00 | $ | 854,600 | 5.00 | % |
Prompt Corrective Action Thresholds | ||||||||||||||||||||
Actual | Adequately Capitalized | Well Capitalized | ||||||||||||||||||
December 31, 2016 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||
Total risk-based capital to risk-weighted assets | ||||||||||||||||||||
First Merchants Corporation | $ | 851,521 | 14.21 | % | $ | 479,470 | 8.00 | % | N/A | N/A | ||||||||||
First Merchants Bank | 800,598 | 13.30 | 481,490 | 8.00 | $ | 601,862 | 10.00 | % | ||||||||||||
Tier 1 capital to risk weighted assets | ||||||||||||||||||||
First Merchants Corporation | $ | 720,484 | 12.02 | % | $ | 359,603 | 6.00 | % | N/A | N/A | ||||||||||
First Merchants Bank | 734,561 | 12.20 | 361,117 | 6.00 | $ | 481,490 | 8.00 | % | ||||||||||||
CET1 capital to risk-weighted assets | ||||||||||||||||||||
First Merchants Corporation | $ | 665,445 | 11.10 | % | $ | 269,702 | 4.50 | % | N/A | N/A | ||||||||||
First Merchants Bank | 734,561 | 12.20 | 270,838 | 4.50 | $ | 391,210 | 6.50 | % | ||||||||||||
Tier 1 capital to average assets | ||||||||||||||||||||
First Merchants Corporation | $ | 720,484 | 10.54 | % | $ | 273,456 | 4.00 | % | N/A | N/A | ||||||||||
First Merchants Bank | 734,561 | 10.78 | 272,461 | 4.00 | $ | 340,576 | 5.00 | % |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
(Dollars in thousands) | First Merchants Corporation | First Merchants Bank | First Merchants Corporation | First Merchants Bank | |||||||||||||||||||
Total Risk-Based Capital | |||||||||||||||||||||||
Total Stockholders' Equity (GAAP) | $ | 2,092,644 | $ | 2,143,339 | $ | 2,034,770 | $ | 2,119,316 | |||||||||||||||
Adjust for Accumulated Other Comprehensive (Income) Loss (1) | 307,270 | 305,191 | 239,151 | 237,094 | |||||||||||||||||||
Less: Preferred Stock | (25,125) | (125) | (25,125) | (125) | |||||||||||||||||||
Add: Qualifying Capital Securities | 25,000 | — | 25,000 | — | |||||||||||||||||||
Less: Disallowed Goodwill and Intangible Assets | (732,903) | (732,455) | (738,206) | (737,758) | |||||||||||||||||||
Add: Modified CECL Transition Amount | 11,514 | 11,514 | 23,028 | 23,028 | |||||||||||||||||||
Less: Disallowed Deferred Tax Assets | (192) | (193) | (337) | (345) | |||||||||||||||||||
Total Tier 1 Capital (Regulatory) | 1,678,208 | 1,727,271 | 1,558,281 | 1,641,210 | |||||||||||||||||||
Qualifying Subordinated Debentures | 143,147 | — | 143,103 | — | |||||||||||||||||||
Allowance for Loan Losses Includible in Tier 2 Capital | 184,046 | 184,233 | 180,870 | 181,086 | |||||||||||||||||||
Total Risk-Based Capital (Regulatory) | $ | 2,005,401 | $ | 1,911,504 | $ | 1,882,254 | $ | 1,822,296 | |||||||||||||||
Net Risk-Weighted Assets (Regulatory) | $ | 14,683,329 | $ | 14,691,030 | $ | 14,392,671 | $ | 14,410,136 | |||||||||||||||
Average Assets (Regulatory) | $ | 17,430,658 | $ | 17,417,618 | $ | 17,118,953 | $ | 17,092,008 | |||||||||||||||
Total Risk-Based Capital Ratio (Regulatory) | 13.66 | % | 13.01 | % | 13.08 | % | 12.65 | % | |||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | 11.43 | % | 11.76 | % | 10.83 | % | 11.39 | % | |||||||||||||||
Tier 1 Capital to Average Assets | 9.63 | % | 9.92 | % | 9.10 | % | 9.60 | % | |||||||||||||||
CET1 Capital Ratio | |||||||||||||||||||||||
Total Tier 1 Capital (Regulatory) | $ | 1,678,208 | $ | 1,727,271 | $ | 1,558,281 | $ | 1,641,210 | |||||||||||||||
Less: Qualified Capital Securities | (25,000) | — | (25,000) | — | |||||||||||||||||||
CET1 Capital (Regulatory) | $ | 1,653,208 | $ | 1,727,271 | $ | 1,533,281 | $ | 1,641,210 | |||||||||||||||
Net Risk-Weighted Assets (Regulatory) | $ | 14,683,329 | $ | 14,691,030 | $ | 14,392,671 | $ | 14,410,136 | |||||||||||||||
CET1 Capital Ratio (Regulatory) | 11.26 | % | 11.76 | % | 10.65 | % | 11.39 | % |
September 30, 2017 | December 31, 2016 | ||||||||||||||
First Merchants Corporation | First Merchants Bank | First Merchants Corporation | First Merchants Bank | ||||||||||||
Total Risk-Based Capital | |||||||||||||||
Total Stockholders' Equity (GAAP) | $ | 1,283,120 | $ | 1,384,867 | $ | 901,657 | $ | 973,641 | |||||||
Adjust for Accumulated Other Comprehensive (Income) Loss (1) | 6,358 | 3,170 | 13,581 | 9,701 | |||||||||||
Less: Preferred Stock | (125 | ) | (125 | ) | (125 | ) | (125 | ) | |||||||
Add: Qualifying Capital Securities | 65,864 | 55,415 | |||||||||||||
Less: Tier 1 Capital Deductions | (376 | ) | |||||||||||||
Less: Disallowed Goodwill and Intangible Assets | (462,080 | ) | (461,632 | ) | (249,104 | ) | (248,656 | ) | |||||||
Less: Disallowed Deferred Tax Assets | (564 | ) | |||||||||||||
Total Tier 1 Capital (Regulatory) | 893,137 | 926,280 | 720,484 | 734,561 | |||||||||||
Qualifying Subordinated Debentures | 65,000 | 65,000 | |||||||||||||
Allowance for Loan Losses Includible in Tier 2 Capital | 73,354 | 73,354 | 66,037 | 66,037 | |||||||||||
Total Risk-Based Capital (Regulatory) | $ | 1,031,491 | $ | 999,634 | $ | 851,521 | $ | 800,598 | |||||||
Net Risk-Weighted Assets (Regulatory) | $ | 7,497,321 | $ | 7,560,946 | $ | 5,993,381 | $ | 6,018,623 | |||||||
Average Assets | $ | 8,331,586 | $ | 8,344,112 | $ | 6,836,412 | $ | 6,811,519 | |||||||
Total Risk-Based Capital Ratio (Regulatory) | 13.76 | % | 13.22 | % | 14.21 | % | 13.30 | % | |||||||
Tier 1 Capital to Risk-Weighted Assets | 11.91 | % | 12.25 | % | 12.02 | % | 12.20 | % | |||||||
Tier 1 Capital to Average Assets | 10.72 | % | 11.10 | % | 10.54 | % | 10.78 | % | |||||||
CET1 Capital Ratio | |||||||||||||||
Total Tier 1 Capital (Regulatory) | $ | 893,137 | $ | 926,280 | $ | 720,484 | $ | 734,561 | |||||||
Less: Qualified Capital Securities | (65,864 | ) | (55,415 | ) | |||||||||||
Add: Additional Tier 1 Capital Deductions | — | 376 | |||||||||||||
CET1 Capital (Regulatory) | $ | 827,273 | $ | 926,280 | $ | 665,445 | $ | 734,561 | |||||||
Net Risk-Weighted Assets (Regulatory) | $ | 7,497,321 | $ | 7,560,946 | $ | 5,993,381 | $ | 6,018,623 | |||||||
CET1 Capital Ratio (Regulatory) | 11.03 | % | 12.25 | % | 11.10 | % | 12.20 | % |
Tangible Common Equity to Tangible Assets (non-GAAP) | |||||||
(Dollars in Thousands, Except Per Share Amounts) | September 30, 2017 | December 31, 2016 | |||||
Total Stockholders' Equity (GAAP) | $ | 1,283,120 | $ | 901,657 | |||
Less: Cumulative preferred stock (GAAP) | (125 | ) | (125 | ) | |||
Less: Intangible assets (GAAP) | (478,558 | ) | (258,866 | ) | |||
Tangible common equity (non-GAAP) | $ | 804,437 | $ | 642,666 | |||
Total assets (GAAP) | $ | 9,049,403 | $ | 7,211,611 | |||
Less: Intangible assets (GAAP) | (478,558 | ) | (258,866 | ) | |||
Tangible assets (non-GAAP) | $ | 8,570,845 | $ | 6,952,745 | |||
Tangible common equity to tangible assets (non-GAAP) | 9.39 | % | 9.24 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
(Dollars in Thousands, Except Per Share Amounts) | 2017 | 2016 | 2017 | 2016 | ||||||||||
Average goodwill (GAAP) | $ | 422,609 | $ | 244,000 | $ | 311,838 | $ | 244,000 | ||||||
Average core deposit intangible (GAAP) | 31,859 | 16,288 | 20,638 | 17,303 | ||||||||||
Average deferred tax on CDI (GAAP) | (11,932 | ) | (6,324 | ) | (8,001 | ) | (6,608 | ) | ||||||
Intangible adjustment (non-GAAP) | $ | 442,536 | $ | 253,964 | $ | 324,475 | $ | 254,695 | ||||||
Average stockholders' equity (GAAP) | $ | 1,244,472 | $ | 896,934 | $ | 1,048,420 | $ | 878,302 | ||||||
Average cumulative preferred stock (GAAP) | (125 | ) | (125 | ) | (125 | ) | (125 | ) | ||||||
Intangible adjustment (non-GAAP) | (442,536 | ) | (253,964 | ) | (324,475 | ) | (254,695 | ) | ||||||
Average tangible capital (non-GAAP) | $ | 801,811 | $ | 642,845 | $ | 723,820 | $ | 623,482 | ||||||
Average assets (GAAP) | $ | 8,793,666 | $ | 6,907,303 | $ | 7,866,643 | $ | 6,836,412 | ||||||
Intangible adjustment (non-GAAP) | (442,536 | ) | (253,964 | ) | (324,475 | ) | (254,695 | ) | ||||||
Average tangible assets (non-GAAP) | $ | 8,351,130 | $ | 6,653,339 | $ | 7,542,168 | $ | 6,581,717 | ||||||
Net income available to common stockholders (GAAP) | $ | 24,358 | $ | 21,059 | $ | 71,687 | $ | 58,758 | ||||||
CDI amortization, net of tax (GAAP) | 1,103 | 636 | 2,334 | 1,906 | ||||||||||
Tangible net income available to common stockholders (non-GAAP) | $ | 25,461 | $ | 21,695 | $ | 74,021 | $ | 60,664 | ||||||
Per Share Data: | ||||||||||||||
Diluted net income available to common stockholders (GAAP) | $ | 0.50 | $ | 0.51 | $ | 1.63 | $ | 1.43 | ||||||
Diluted tangible net income available to common stockholders (non-GAAP) | $ | 0.52 | $ | 0.53 | $ | 1.68 | $ | 1.48 | ||||||
Ratios: | ||||||||||||||
Return on average GAAP capital (ROE) | 7.83 | % | 9.39 | % | 9.12 | % | 8.92 | % | ||||||
Return on average tangible capital | 12.70 | % | 13.50 | % | 13.64 | % | 12.97 | % | ||||||
Return on average assets (ROA) | 1.11 | % | 1.22 | % | 1.22 | % | 1.15 | % | ||||||
Return on average tangible assets | 1.22 | % | 1.30 | % | 1.31 | % | 1.23 | % |
(Dollars in Thousands) | Maturing Within 1 Year | Maturing 1-5 Years | Maturing Over 5 Years | Total | |||||||||||||||||||
Commercial and industrial loans | $ | 789,625 | $ | 2,380,668 | $ | 320,660 | $ | 3,490,953 | |||||||||||||||
Agricultural land, production and other loans to farmers | 67,166 | 36,355 | 130,317 | 233,838 | |||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
Construction | 362,223 | 448,083 | 211,955 | 1,022,261 | |||||||||||||||||||
Commercial real estate, non-owner occupied | 350,269 | 956,714 | 1,053,613 | 2,360,596 | |||||||||||||||||||
Commercial real estate, owner occupied | 81,915 | 584,407 | 487,385 | 1,153,707 | |||||||||||||||||||
Residential | 21,377 | 136,774 | 2,099,234 | 2,257,385 | |||||||||||||||||||
Home Equity | 21,958 | 39,744 | 547,650 | 609,352 | |||||||||||||||||||
Individuals' loans for household and other personal expenditures | 23,138 | 98,730 | 54,655 | 176,523 | |||||||||||||||||||
Public finance and other commercial loans | 10,093 | 50,087 | 906,627 | 966,807 | |||||||||||||||||||
Total | $ | 1,727,764 | $ | 4,731,562 | $ | 5,812,096 | $ | 12,271,422 |
(Dollars in Thousands) | Maturing Within 1 Year | Maturing 1-5 Years | Maturing Over 5 Years | Total | |||||||||||||||||||
Commercial and industrial loans | $ | 27,699 | $ | 332,511 | $ | 180,161 | $ | 540,371 | |||||||||||||||
Agricultural land, production and other loans to farmers | 10,545 | 26,704 | 14,613 | 51,862 | |||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
Construction | 5,246 | 34,040 | 174,015 | 213,301 | |||||||||||||||||||
Commercial real estate, non-owner occupied | 130,701 | 444,206 | 177,844 | 752,751 | |||||||||||||||||||
Commercial real estate, owner occupied | 44,064 | 395,518 | 138,697 | 578,279 | |||||||||||||||||||
Residential | 13,115 | 112,816 | 920,546 | 1,046,477 | |||||||||||||||||||
Home Equity | 5,949 | 9,811 | 10,005 | 25,765 | |||||||||||||||||||
Individuals' loans for household and other personal expenditures | 5,095 | 76,523 | 24,537 | 106,155 | |||||||||||||||||||
Public finance and other commercial loans | 2,855 | 27,457 | 875,745 | 906,057 | |||||||||||||||||||
Total loans with fixed interest rates | $ | 245,269 | $ | 1,459,586 | $ | 2,516,163 | $ | 4,221,018 |
(Dollars in Thousands) | Maturing Within 1 Year | Maturing 1-5 Years | Maturing Over 5 Years | Total | |||||||||||||||||||
Commercial and industrial loans | $ | 761,926 | $ | 2,048,157 | $ | 140,499 | $ | 2,950,582 | |||||||||||||||
Agricultural land, production and other loans to farmers | 56,621 | 9,651 | 115,704 | 181,976 | |||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
Construction | 356,977 | 414,043 | 37,940 | 808,960 | |||||||||||||||||||
Commercial real estate, non-owner occupied | 219,568 | 512,508 | 875,769 | 1,607,845 | |||||||||||||||||||
Commercial real estate, owner occupied | 37,851 | 188,889 | 348,688 | 575,428 | |||||||||||||||||||
Residential | 8,262 | 23,958 | 1,178,688 | 1,210,908 | |||||||||||||||||||
Home Equity | 16,009 | 29,933 | 537,645 | 583,587 | |||||||||||||||||||
Individuals' loans for household and other personal expenditures | 18,043 | 22,207 | 30,118 | 70,368 | |||||||||||||||||||
Public finance and other commercial loans | 7,238 | 22,630 | 30,882 | 60,750 | |||||||||||||||||||
Total loans with variable interest rates | $ | 1,482,495 | $ | 3,271,976 | $ | 3,295,933 | $ | 8,050,404 |
(Dollars in Thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||
Nonperforming Assets: | ||||||||||||||
Nonaccrual loans | $ | 53,102 | $ | 42,324 | ||||||||||
Renegotiated loans | — | 224 | ||||||||||||
Nonperforming loans (NPL) | 53,102 | 42,548 | ||||||||||||
OREO and Repossessions | 6,480 | 6,431 | ||||||||||||
Nonperforming assets (NPA) | 59,582 | 48,979 | ||||||||||||
Loans 90-days or more delinquent and still accruing | 89 | 1,737 | ||||||||||||
NPAs and loans 90-days or more delinquent | $ | 59,671 | $ | 50,716 | ||||||||||
(Dollars in Thousands) | September 30, 2017 | December 31, 2016 | ||||||
Non-Performing Assets plus loans 90+ Days Delinquent: | ||||||||
Non-accrual loans | $ | 32,253 | $ | 29,998 | ||||
Renegotiated loans | 626 | 4,747 | ||||||
Non-performing loans (NPL) | 32,879 | 34,745 | ||||||
Other real estate owned | 11,912 | 8,966 | ||||||
Non-performing assets (NPA) | 44,791 | 43,711 | ||||||
90+ days delinquent and accruing | 425 | 112 | ||||||
Non-performing assets plus loans 90+ days delinquent | $ | 45,216 | $ | 43,823 | ||||
Impaired Loans | $ | 54,479 | $ | 72,050 |
(Dollars in Thousands) | September 30, 2023 | December 31, 2022 | |||||||||
Nonperforming assets and loans 90-days or more delinquent: | |||||||||||
Commercial and industrial loans | $ | 14,749 | $ | 4,439 | |||||||
Agricultural land, production and other loans to farmers | 61 | 54 | |||||||||
Real estate loans: | |||||||||||
Construction | 724 | 12 | |||||||||
Commercial real estate, non-owner occupied | 17,431 | 25,494 | |||||||||
Commercial real estate, owner occupied | 3,125 | 3,550 | |||||||||
Residential | 20,661 | 14,315 | |||||||||
Home equity | 2,818 | 2,742 | |||||||||
Individuals' loans for household and other personal expenditures | 102 | 110 | |||||||||
Nonperforming assets and loans 90-days or more delinquent: | $ | 59,671 | $ | 50,716 |
(Dollars in Thousands) | September 30, 2017 | December 31, 2016 | |||||
Non-Performing Assets plus loans 90+ Days Delinquent: | |||||||
Commercial and industrial loans | $ | 4,940 | $ | 2,138 | |||
Agricultural production financing and other loans to farmers | 1,282 | 1,341 | |||||
Real estate loans: | |||||||
Construction | 3,732 | 5,312 | |||||
Commercial and farmland | 19,560 | 22,362 | |||||
Residential | 13,456 | 10,943 | |||||
Home equity | 2,175 | 1,688 | |||||
Individuals' loans for household and other personal expenditures | 71 | 39 | |||||
Non-performing assets plus loans 90+ days delinquent | $ | 45,216 | $ | 43,823 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(Dollars in Thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net charge-offs (recoveries): | |||||||||||||||||||||||
Commercial and industrial loans | $ | 19,654 | $ | 225 | $ | 19,937 | $ | 239 | |||||||||||||||
Agricultural land, production and other loans to farmers | — | — | — | (4) | |||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
Construction | — | (824) | — | (824) | |||||||||||||||||||
Commercial real estate, non-owner occupied | — | (171) | (44) | (68) | |||||||||||||||||||
Commercial real estate, owner occupied | — | (16) | (8) | (905) | |||||||||||||||||||
Residential | (14) | (77) | 67 | (55) | |||||||||||||||||||
Home equity | 437 | 264 | 1,749 | 235 | |||||||||||||||||||
Individuals' loans for household and other personal expenditures | 288 | 172 | 794 | 631 | |||||||||||||||||||
Total net charge-offs (recoveries) | $ | 20,365 | $ | (427) | $ | 22,495 | $ | (751) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(Dollars in Thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net Charge-Offs (Recoveries): | |||||||||||||||
Commercial and industrial loans | $ | 144 | $ | 545 | $ | 350 | $ | 1,189 | |||||||
Agricultural production financing and other loans to farmers | (58 | ) | 53 | ||||||||||||
Real estate loans: | |||||||||||||||
Construction | (1 | ) | (21 | ) | (28 | ) | (3 | ) | |||||||
Commercial and farmland | (1,136 | ) | (58 | ) | (1,035 | ) | 203 | ||||||||
Residential | 60 | 80 | 154 | 502 | |||||||||||
Home equity | 10 | 71 | 434 | 199 | |||||||||||
Individuals' loans for household and other personal expenditures | 123 | 13 | 209 | 95 | |||||||||||
Other commercial loans | (1 | ) | |||||||||||||
Total Net Charge-Offs | $ | (800 | ) | $ | 630 | $ | 26 | $ | 2,237 |
Payments Due In | |||||||||||||||||
(Dollars in Thousands) | One Year or Less | Over One Year | Total | ||||||||||||||
Deposits without stated maturity | $ | 12,524,202 | $ | — | $ | 12,524,202 | |||||||||||
Certificates and other time deposits | 1,940,694 | 181,680 | 2,122,374 | ||||||||||||||
Securities sold under repurchase agreements | 152,537 | — | 152,537 | ||||||||||||||
Federal Home Loan Bank advances | 125,096 | 588,288 | 713,384 | ||||||||||||||
Federal Funds Purchased | — | — | — | ||||||||||||||
Subordinated debentures and term loans | 1,325 | 157,340 | 158,665 | ||||||||||||||
Total | $ | 14,743,854 | $ | 927,308 | $ | 15,671,162 |
(Dollars in Thousands) | September 30, 2023 | ||||
Amounts of commitments: | |||||
Loan commitments to extend credit | $ | 5,074,572 | |||
Standby and commercial letters of credit | 39,812 | ||||
$ | 5,114,384 |
(Dollars in Thousands) | September 30, 2017 | ||
Amounts of commitments: | |||
Loan commitments to extend credit | $ | 2,699,227 | |
Standby and commercial letters of credit | 42,140 | ||
$ | 2,741,367 |
(Dollars in Thousands) | Remaining 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 and after | ASC 805 fair value adjustments at acquisition | Total | ||||||||||||||||||||||||||
Operating leases | $ | 872 | $ | 2,832 | $ | 3,124 | $ | 2,989 | $ | 2,630 | $ | 2,575 | $ | 9,598 | $ | 24,620 | |||||||||||||||||||
Federal funds purchased | 100,000 | 100,000 | |||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | 142,107 | 142,107 | |||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | 77,443 | 96,391 | 121,713 | 31,273 | 25,000 | 20,000 | 35,000 | 406,820 | |||||||||||||||||||||||||||
Subordinated debentures and term loans | 1,500 | 142,322 | (4,136 | ) | 139,686 | ||||||||||||||||||||||||||||||
Total | $ | 321,922 | $ | 99,223 | $ | 124,837 | $ | 34,262 | $ | 27,630 | $ | 22,575 | $ | 186,920 | $ | (4,136 | ) | $ | 813,233 |
September 30, 2017 | |||||
RISING | FALLING | ||||
Driver Rates | (200 Basis Points) | (100 Basis Points) | |||
Prime | 200 | (100 | ) | ||
Federal funds | 200 | (100 | ) | ||
One-year CMT | 200 | (100 | ) | ||
Three-year CMT | 200 | (100 | ) | ||
Five-year CMT | 200 | (100 | ) | ||
CD's | 200 | (24 | ) | ||
FHLB advances | 200 | (99 | ) |
September 30, 2023 | December 31, 2022 | ||||||||||
Rising 200 basis points from base case | 1.5 | % | 2.8 | % | |||||||
Falling 100 basis points from base case | (1.1) | % | (2.3) | % |
September 30, 2017 | ||||||||||||
RISING | FALLING | |||||||||||
(Dollars in Thousands) | Base | (200 Basis Points) | (100 Basis Points) | |||||||||
Net interest income | $ | 289,060 | $ | 314,691 | $ | 264,928 | ||||||
Variance from base | $ | 25,631 | $ | (24,132 | ) | |||||||
Percent of change from base | 8.87 | % | (8.35 | )% |
December 31, 2016 | |||||
RISING | FALLING | ||||
Driver Rates | (200 Basis Points) | (100 Basis Points) | |||
Prime | 200 | (50 | ) | ||
Federal funds | 200 | (50 | ) | ||
One-year CMT | 200 | (77 | ) | ||
Three-year CMT | 200 | (100 | ) | ||
Five-year CMT | 200 | (100 | ) | ||
CD's | 200 | (16 | ) | ||
FHLB advances | 200 | (92 | ) |
December 31, 2016 | ||||||||||||
RISING | FALLING | |||||||||||
(Dollars in Thousands) | Base | (200 Basis Points) | (100 Basis Points) | |||||||||
Net interest income | $ | 231,074 | $ | 247,920 | $ | 214,302 | ||||||
Variance from base | $ | 16,846 | $ | (16,772 | ) | |||||||
Percent of change from base | 7.29 | % | (7.26 | )% |
(Dollars in Thousands) | September 30, 2017 | December 31, 2016 | ||||||
Interest-bearing time deposits | $ | 72,950 | $ | 24,459 | ||||
Investment securities available for sale | 890,721 | 696,862 | ||||||
Investment securities held to maturity | 578,166 | 607,643 | ||||||
Loans held for sale | 4,514 | 2,929 | ||||||
Loans | 6,483,448 | 5,139,645 | ||||||
Federal Home Loan Bank stock | 23,825 | 17,964 | ||||||
Total | $ | 8,053,624 | $ | 6,489,502 |
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as part of Publicly announced Plans or Programs | Maximum Number of Shares that may yet be Purchased Under the Plans or Programs (2) | ||||||||||||||||||||||
July, 2023 | — | $ | — | — | 2,686,898 | |||||||||||||||||||||
August, 2023 | 39,767 | $ | 31.93 | — | 2,686,898 | |||||||||||||||||||||
September, 2023 | 544 | $ | 30.42 | — | 2,686,898 | |||||||||||||||||||||
Total | 40,311 | — |
Exhibit No: | Description of Exhibits: | ||||
3.1 | |||||
3.2 | |||||
4.1 | |||||
4.2 | |||||
4.3 | |||||
4.4 | |||||
4.5 | |||||
4.6 | |||||
4.7 | |||||
4.8 | |||||
4.9 | |||||
4.10 | |||||
31.1 | |||||
31.2 | |||||
32 | |||||
101.INS | Inline XBRL Instance Document | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101) | ||||
(1) | |||||
(2) |
First Merchants Corporation | |||||
(Registrant) | |||||
by | |||||
Mark K. Hardwick | |||||
Chief Executive Officer | |||||
(Principal Executive Officer) | |||||
November 1, 2023 | by /s/ Michele M. Kawiecki | ||||
Michele M. Kawiecki | |||||
Executive Vice President, | |||||
Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |