☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Pennsylvania | 25-1450605 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||||||||||||||
Title of Class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||||||||||||||
Common Stock, no par value | CCNE | The NASDAQ Stock Market LLC |
Large Accelerated Filer | ☐ | Accelerated Filer | ☒ | ||||||||||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||||||||||||||
Emerging growth company | ☐ |
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PART II. OTHER INFORMATION | ||||||||
(unaudited) | |||||||||||||||||||||||||||
(unaudited) September 30, 2019 | December 31, 2018 | June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||
ASSETS | ASSETS | ASSETS | |||||||||||||||||||||||||
Cash and due from banks | $ | 47,089 | $ | 43,327 | Cash and due from banks | $ | 45,563 | $ | 42,373 | ||||||||||||||||||
Interest bearing deposits with other banks | 5,072 | 2,236 | Interest bearing deposits with other banks | 617,785 | 150,601 | ||||||||||||||||||||||
Total cash and cash equivalents | 52,161 | 45,563 | Total cash and cash equivalents | 663,348 | 192,974 | ||||||||||||||||||||||
Securities available for sale | 529,867 | 516,863 | Securities available for sale | 549,094 | 542,313 | ||||||||||||||||||||||
Trading securities | 9,088 | 7,786 | Trading securities | 5,889 | 9,809 | ||||||||||||||||||||||
Loans held for sale | 1,279 | 367 | Loans held for sale | 6,065 | 930 | ||||||||||||||||||||||
Loans | 2,754,569 | 2,479,348 | Loans | 3,034,788 | 2,809,197 | ||||||||||||||||||||||
Less: unearned discount | (5,067 | ) | (4,791 | ) | Less: unearned discount | (4,617) | (5,162) | ||||||||||||||||||||
Less: allowance for loan losses | (20,207 | ) | (19,704 | ) | Less: allowance for loan losses | (24,529) | (19,473) | ||||||||||||||||||||
Net loans | 2,729,295 | 2,454,853 | Net loans | 3,005,642 | 2,784,562 | ||||||||||||||||||||||
FHLB, other equity, and restricted equity interests | 24,901 | 24,508 | FHLB, other equity, and restricted equity interests | 28,661 | 27,868 | ||||||||||||||||||||||
Premises and equipment, net | 53,647 | 49,920 | Premises and equipment, net | 55,377 | 54,867 | ||||||||||||||||||||||
Operating lease assets | 16,837 | 0 | Operating lease assets | 17,993 | 18,422 | ||||||||||||||||||||||
Bank owned life insurance | 57,445 | 56,443 | Bank owned life insurance | 67,403 | 66,538 | ||||||||||||||||||||||
Mortgage servicing rights | 1,504 | 1,495 | Mortgage servicing rights | 1,327 | 1,573 | ||||||||||||||||||||||
Goodwill | 38,730 | 38,730 | Goodwill | 38,730 | 38,730 | ||||||||||||||||||||||
Core deposit intangible | 257 | 727 | Core deposit intangible | 8 | 160 | ||||||||||||||||||||||
Accrued interest receivable and other assets | 26,159 | 24,266 | Accrued interest receivable and other assets | 30,014 | 24,913 | ||||||||||||||||||||||
Total Assets | $ | 3,541,170 | $ | 3,221,521 | Total Assets | $ | 4,469,551 | $ | 3,763,659 | ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||
Non-interest bearing deposits | $ | 370,761 | $ | 356,797 | Non-interest bearing deposits | $ | 507,236 | $ | 382,259 | ||||||||||||||||||
Interest bearing deposits | 2,504,834 | 2,253,989 | Interest bearing deposits | 3,088,786 | 2,720,068 | ||||||||||||||||||||||
Total deposits | 2,875,595 | 2,610,786 | Total deposits | 3,596,022 | 3,102,327 | ||||||||||||||||||||||
Short-term borrowings | 18,016 | 0 | |||||||||||||||||||||||||
FHLB and other long term borrowings | 230,085 | 245,117 | FHLB and other long term borrowings | 416,313 | 227,907 | ||||||||||||||||||||||
Subordinated debentures | 70,620 | 70,620 | Subordinated debentures | 70,620 | 70,620 | ||||||||||||||||||||||
Operating lease liabilities | 17,696 | 0 | Operating lease liabilities | 19,071 | 19,363 | ||||||||||||||||||||||
Accrued interest payable and other liabilities | 32,125 | 32,168 | Accrued interest payable and other liabilities | 37,253 | 38,476 | ||||||||||||||||||||||
Total liabilities | 3,244,137 | 2,958,691 | Total liabilities | 4,139,279 | 3,458,693 | ||||||||||||||||||||||
Common stock, $0 par value; authorized 50,000,000 shares; issued 15,308,378 shares at September 30, 2019 and December 31, 2018 | 0 | 0 | |||||||||||||||||||||||||
Common stock, $0 par value; authorized 50,000,000 shares; issued 15,476,736 shares at June 30, 2020 and 15,360,946 shares at December 31, 2019 | Common stock, $0 par value; authorized 50,000,000 shares; issued 15,476,736 shares at June 30, 2020 and 15,360,946 shares at December 31, 2019 | 0 | 0 | ||||||||||||||||||||||||
Additional paid in capital | 97,690 | 97,602 | Additional paid in capital | 102,374 | 99,335 | ||||||||||||||||||||||
Retained earnings | 193,612 | 171,780 | Retained earnings | 213,327 | 201,503 | ||||||||||||||||||||||
Treasury stock, at cost (112,807 shares at September 30, 2019 and 101,097 shares at December 31, 2018) | (2,799 | ) | (2,556 | ) | |||||||||||||||||||||||
Treasury stock, at cost (80,175 and 112,961 shares for June 30, 2020 and December 31, 2019, respectively) | Treasury stock, at cost (80,175 and 112,961 shares for June 30, 2020 and December 31, 2019, respectively) | (2,027) | (2,811) | ||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | 8,530 | (3,996 | ) | Accumulated other comprehensive income (loss) | 16,598 | 6,939 | |||||||||||||||||||||
Total shareholders’ equity | 297,033 | 262,830 | Total shareholders’ equity | 330,272 | 304,966 | ||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 3,541,170 | $ | 3,221,521 | Total Liabilities and Shareholders’ Equity | $ | 4,469,551 | $ | 3,763,659 | ||||||||||||||||||
Three Months Ended September 30, | Nine months ended September 30, | Three Months Ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||
INTEREST AND DIVIDEND INCOME: | INTEREST AND DIVIDEND INCOME: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans including fees | $ | 36,165 | $ | 30,385 | $ | 103,284 | $ | 85,817 | Loans including fees | $ | 34,562 | $ | 34,295 | $ | 70,072 | $ | 67,119 | |||||||||||||||||||||||||||||||||
Securities: | Securities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | 3,093 | 2,698 | 9,226 | 6,862 | Taxable | 2,990 | 3,155 | 6,870 | 6,133 | |||||||||||||||||||||||||||||||||||||||||
Tax-exempt | 562 | 677 | 1,843 | 2,054 | Tax-exempt | 359 | 584 | 840 | 1,281 | |||||||||||||||||||||||||||||||||||||||||
Dividends | 265 | 280 | 767 | 793 | Dividends | 162 | 248 | 381 | 502 | |||||||||||||||||||||||||||||||||||||||||
Total interest and dividend income | 40,085 | 34,040 | 115,120 | 95,526 | Total interest and dividend income | 38,073 | 38,282 | 78,163 | 75,035 | |||||||||||||||||||||||||||||||||||||||||
INTEREST EXPENSE: | INTEREST EXPENSE: | |||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | 7,798 | 4,812 | 21,586 | 11,423 | Deposits | 5,935 | 7,201 | 13,840 | 13,788 | |||||||||||||||||||||||||||||||||||||||||
Borrowed funds | 1,399 | 1,334 | 4,101 | 4,426 | Borrowed funds | 1,267 | 1,292 | 2,494 | 2,702 | |||||||||||||||||||||||||||||||||||||||||
Subordinated debentures (includes $11, $44, $31 and $149 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements, respectively) | 987 | 1,016 | 2,980 | 2,873 | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debentures (includes $65, $14, $86 and $20 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements, respectively) | Subordinated debentures (includes $65, $14, $86 and $20 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements, respectively) | 933 | 995 | 1,897 | 1,993 | |||||||||||||||||||||||||||||||||||||||||||||
Total interest expense | 10,184 | 7,162 | 28,667 | 18,722 | Total interest expense | 8,135 | 9,488 | 18,231 | 18,483 | |||||||||||||||||||||||||||||||||||||||||
NET INTEREST INCOME | 29,901 | 26,878 | 86,453 | 76,804 | NET INTEREST INCOME | 29,938 | 28,794 | 59,932 | 56,552 | |||||||||||||||||||||||||||||||||||||||||
PROVISION FOR LOAN LOSSES | 2,118 | 1,095 | 5,212 | 4,631 | PROVISION FOR LOAN LOSSES | 5,680 | 1,788 | 8,759 | 3,094 | |||||||||||||||||||||||||||||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 27,783 | 25,783 | 81,241 | 72,173 | NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 24,258 | 27,006 | 51,173 | 53,458 | |||||||||||||||||||||||||||||||||||||||||
NON-INTEREST INCOME: | NON-INTEREST INCOME: | |||||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 1,676 | 1,584 | 4,726 | 4,102 | Service charges on deposit accounts | 924 | 1,569 | 2,451 | 3,050 | |||||||||||||||||||||||||||||||||||||||||
Other service charges and fees | 761 | 732 | 2,155 | 2,073 | Other service charges and fees | 606 | 748 | 1,196 | 1,394 | |||||||||||||||||||||||||||||||||||||||||
Wealth and asset management fees | 1,238 | 1,031 | 3,482 | 3,151 | Wealth and asset management fees | 1,374 | 1,202 | 2,667 | 2,244 | |||||||||||||||||||||||||||||||||||||||||
Net realized gains on available-for-sale securities (includes $0, $0, $148 and $0 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities, respectively) | 0 | 0 | 148 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gains on trading securities | 197 | 421 | 1,651 | 672 | ||||||||||||||||||||||||||||||||||||||||||||||
Net realized gains on available-for-sale securities (includes $2,190, $0, $2,190 and $148 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities, respectively) | Net realized gains on available-for-sale securities (includes $2,190, $0, $2,190 and $148 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities, respectively) | 2,190 | 0 | 2,190 | 148 | |||||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on trading securities | Net realized and unrealized gains (losses) on trading securities | 306 | 654 | (282) | 1,454 | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking | 408 | 283 | 1,017 | 801 | Mortgage banking | 664 | 370 | 1,001 | 609 | |||||||||||||||||||||||||||||||||||||||||
Bank owned life insurance | 315 | 335 | 1,002 | 1,074 | Bank owned life insurance | 386 | 326 | 865 | 687 | |||||||||||||||||||||||||||||||||||||||||
Card processing and interchange income | 1,195 | 1,066 | 3,445 | 3,140 | Card processing and interchange income | 1,325 | 1,221 | 2,453 | 2,250 | |||||||||||||||||||||||||||||||||||||||||
Other | 486 | 481 | 1,595 | 1,277 | Other | 174 | 702 | 772 | 1,109 | |||||||||||||||||||||||||||||||||||||||||
Total non-interest income | 6,276 | 5,933 | 19,221 | 16,290 | Total non-interest income | 7,949 | 6,792 | 13,313 | 12,945 | |||||||||||||||||||||||||||||||||||||||||
NON-INTEREST EXPENSES: | NON-INTEREST EXPENSES: | |||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and benefits | 11,633 | 11,429 | 34,040 | 31,095 | Salaries and benefits | 10,673 | 11,507 | 22,070 | 22,407 | |||||||||||||||||||||||||||||||||||||||||
Net occupancy expense | 2,683 | 2,650 | 8,244 | 7,780 | Net occupancy expense | 3,059 | 2,695 | 6,086 | 5,561 | |||||||||||||||||||||||||||||||||||||||||
Amortization of core deposit intangible | 139 | 222 | 470 | 718 | Amortization of core deposit intangible | 69 | 166 | 152 | 331 | |||||||||||||||||||||||||||||||||||||||||
Data processing | 1,329 | 1,149 | 3,951 | 3,370 | Data processing | 1,213 | 1,437 | 2,549 | 2,622 | |||||||||||||||||||||||||||||||||||||||||
State and local taxes | 956 | 808 | 2,678 | 2,494 | State and local taxes | 903 | 954 | 1,484 | 1,722 | |||||||||||||||||||||||||||||||||||||||||
Legal, professional, and examination fees | 702 | 603 | 1,825 | 1,661 | Legal, professional, and examination fees | 680 | 570 | 1,325 | 1,123 | |||||||||||||||||||||||||||||||||||||||||
Advertising | 626 | 554 | 1,510 | 1,732 | Advertising | 411 | 473 | 816 | 884 | |||||||||||||||||||||||||||||||||||||||||
FDIC insurance premiums | 107 | 361 | 902 | 1,037 | FDIC insurance premiums | 621 | 373 | 1,240 | 795 | |||||||||||||||||||||||||||||||||||||||||
Card processing and interchange expenses | 749 | 767 | 2,180 | 2,139 | Card processing and interchange expenses | 592 | 684 | 1,388 | 1,431 | |||||||||||||||||||||||||||||||||||||||||
Other | 2,520 | 2,251 | 8,803 | 7,310 | Other | 3,978 | 3,125 | 6,831 | 6,283 | |||||||||||||||||||||||||||||||||||||||||
Total non-interest expenses | 21,444 | 20,794 | 64,603 | 59,336 | Total non-interest expenses | 22,199 | 21,984 | 43,941 | 43,159 | |||||||||||||||||||||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 12,615 | 10,922 | 35,859 | 29,127 | INCOME BEFORE INCOME TAXES | 10,008 | 11,814 | 20,545 | 23,244 | |||||||||||||||||||||||||||||||||||||||||
INCOME TAX EXPENSE (includes ($2), ($9), $25 and ($31) income tax expense from reclassification items, respectively) | 2,258 | 1,686 | 6,262 | 4,353 | ||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAX EXPENSE (includes $446, $(3), $442 and $27 income tax expense from reclassification items, respectively) | INCOME TAX EXPENSE (includes $446, $(3), $442 and $27 income tax expense from reclassification items, respectively) | 1,762 | 2,047 | 3,486 | 4,004 | |||||||||||||||||||||||||||||||||||||||||||||
NET INCOME | $ | 10,357 | $ | 9,236 | $ | 29,597 | $ | 24,774 | NET INCOME | $ | 8,246 | $ | 9,767 | $ | 17,059 | $ | 19,240 | |||||||||||||||||||||||||||||||||
EARNINGS PER SHARE: | EARNINGS PER SHARE: | |||||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.68 | $ | 0.60 | $ | 1.94 | $ | 1.62 | Basic | $ | 0.54 | $ | 0.64 | $ | 1.11 | $ | 1.26 | |||||||||||||||||||||||||||||||||
Diluted | $ | 0.68 | $ | 0.60 | $ | 1.94 | $ | 1.62 | Diluted | $ | 0.54 | $ | 0.64 | $ | 1.11 | $ | 1.26 | |||||||||||||||||||||||||||||||||
DIVIDENDS PER SHARE: | DIVIDENDS PER SHARE: | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends per share | $ | 0.17 | $ | 0.17 | $ | 0.51 | $ | 0.50 | Cash dividends per share | $ | 0.17 | $ | 0.17 | $ | 0.34 | $ | 0.34 | |||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||
NET INCOME | $ | 10,357 | $ | 9,236 | $ | 29,597 | $ | 24,774 | NET INCOME | $ | 8,246 | $ | 9,767 | $ | 17,059 | $ | 19,240 | |||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||||||||||||||||||||||
Net change in fair value of interest rate swap agreements designated as cash flow hedges: | Net change in fair value of interest rate swap agreements designated as cash flow hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on interest rate swaps, net of tax of $14, $0, $87 and ($4), respectively | (54 | ) | 1 | (326 | ) | 16 | ||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for losses recognized in earnings, net of tax of ($2), ($9), ($7) and ($31), respectively | 9 | 35 | 24 | 118 | ||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on interest rate swaps, net of tax $14, $46, $106 and $72, respectively | Unrealized gain (loss) on interest rate swaps, net of tax $14, $46, $106 and $72, respectively | (55) | (173) | (401) | (273) | |||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for losses recognized in earnings, net of tax $(14), $(3), $(18) and $(4), respectively | Reclassification adjustment for losses recognized in earnings, net of tax $(14), $(3), $(18) and $(4), respectively | 51 | 11 | 68 | 16 | |||||||||||||||||||||||||||||||||||||||||||||
(45 | ) | 36 | (302 | ) | 134 | (4) | (162) | (333) | (257) | |||||||||||||||||||||||||||||||||||||||||
Net change in unrealized gains on securities available for sale: | Net change in unrealized gains on securities available for sale: | |||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) arising during the period, net of tax of ($659), $653, ($3,441) and $2,010, respectively | 2,477 | (2,459 | ) | 12,945 | (7,562 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized gains included in net income, net of tax of $0, 0$, $31 and $0, respectively | 0 | 0 | (117 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) arising during the period, net of tax of $(353), $(1,433), $(3,115) and $(2,781), respectively | Unrealized holding gains (losses) arising during the period, net of tax of $(353), $(1,433), $(3,115) and $(2,781), respectively | 1,330 | 5,400 | 11,722 | 10,468 | |||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized gains included in net income, net of tax of $460, $0, $460 and $31, respectively | Reclassification adjustment for realized gains included in net income, net of tax of $460, $0, $460 and $31, respectively | (1,730) | 0 | (1,730) | (117) | |||||||||||||||||||||||||||||||||||||||||||||
(400) | 5,400 | 9,992 | 10,351 | |||||||||||||||||||||||||||||||||||||||||||||||
2,477 | (2,459 | ) | 12,828 | (7,562 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 2,432 | (2,423 | ) | 12,526 | (7,428 | ) | Other comprehensive income (loss) | (404) | 5,238 | 9,659 | 10,094 | |||||||||||||||||||||||||||||||||||||||
COMPREHENSIVE INCOME | $ | 12,789 | $ | 6,813 | $ | 42,123 | $ | 17,346 | COMPREHENSIVE INCOME | $ | 7,842 | $ | 15,005 | $ | 26,718 | $ | 29,334 | |||||||||||||||||||||||||||||||||
Nine months ended September 30, | Six months ended June 30, | |||||||||||||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||
Net income | $ | 29,597 | $ | 24,774 | Net income | $ | 17,059 | $ | 19,240 | |||||||||||||||
Adjustments to reconcile net income to net cash provided by operations: | Adjustments to reconcile net income to net cash provided by operations: | |||||||||||||||||||||||
Provision for loan losses | 5,212 | 4,631 | Provision for loan losses | 8,759 | 3,094 | |||||||||||||||||||
Depreciation and amortization of premises and equipment, operating leases assets, core deposit intangible, and mortgage servicing rights | 4,156 | 3,661 | Depreciation and amortization of premises and equipment, operating leases assets, core deposit intangible, and mortgage servicing rights | 2,914 | 2,848 | |||||||||||||||||||
Amortization and accretion of securities premiums and discounts, deferred loan fees and costs, net yield and credit mark on acquired loans, and unearned income | (540 | ) | (472 | ) | Amortization and accretion of securities premiums and discounts, deferred loan fees and costs, net yield and credit mark on acquired loans, and unearned income | (856) | (341) | |||||||||||||||||
Net realized gains on sales of available-for-sale securities | (148 | ) | 0 | Net realized gains on sales of available-for-sale securities | (2,190) | (148) | ||||||||||||||||||
Net realized and unrealized gains on trading securities | (1,651 | ) | (672 | ) | ||||||||||||||||||||
Net realized and unrealized (gains) losses on trading securities | Net realized and unrealized (gains) losses on trading securities | 282 | (1,454) | |||||||||||||||||||||
Proceeds from sale of trading securities | 764 | 434 | Proceeds from sale of trading securities | 5,935 | 699 | |||||||||||||||||||
Purchase of trading securities | (415 | ) | (1,499 | ) | Purchase of trading securities | (2,297) | (363) | |||||||||||||||||
Gain on sale of loans | (696 | ) | (510 | ) | Gain on sale of loans | (820) | (401) | |||||||||||||||||
Net gains on dispositions of premises and equipment and foreclosed assets | (353 | ) | (285 | ) | Net gains on dispositions of premises and equipment and foreclosed assets | 253 | (118) | |||||||||||||||||
Proceeds from sale of loans | 29,729 | 18,811 | Proceeds from sale of loans | 40,520 | 17,330 | |||||||||||||||||||
Origination of loans held for sale | (30,107 | ) | (18,404 | ) | Origination of loans held for sale | (45,970) | (18,594) | |||||||||||||||||
Income on bank owned life insurance | (1,002 | ) | (1,074 | ) | Income on bank owned life insurance | (865) | (687) | |||||||||||||||||
Stock-based compensation expense | 1,109 | 1,218 | Stock-based compensation expense | 835 | 867 | |||||||||||||||||||
Changes in: | Changes in: | |||||||||||||||||||||||
Accrued interest receivable and other assets | (895 | ) | (5,755 | ) | Accrued interest receivable and other assets | (6,697) | (1,746) | |||||||||||||||||
Accrued interest payable, lease liabilities, and other liabilities | (3,278 | ) | 2,627 | Accrued interest payable, lease liabilities, and other liabilities | (2,307) | (1,611) | ||||||||||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 31,482 | 27,485 | NET CASH PROVIDED BY OPERATING ACTIVITIES | 14,555 | 18,615 | |||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||
Proceeds from maturities, prepayments and calls of available-for-sale securities | 63,835 | 44,605 | Proceeds from maturities, prepayments and calls of available-for-sale securities | 71,803 | 40,287 | |||||||||||||||||||
Proceeds from sales of available-for-sale securities | 11,403 | 0 | Proceeds from sales of available-for-sale securities | 57,185 | 11,403 | |||||||||||||||||||
Purchase of available-for-sale securities | (72,542 | ) | (167,473 | ) | Purchase of available-for-sale securities | (121,506) | (55,987) | |||||||||||||||||
Loan origination and payments, net | (279,901 | ) | (241,895 | ) | Loan origination and payments, net | (228,598) | (148,670) | |||||||||||||||||
Redemption (purchase) of FHLB, other equity, and restricted equity interests | (393 | ) | (2,319 | ) | Redemption (purchase) of FHLB, other equity, and restricted equity interests | (793) | 7 | |||||||||||||||||
Purchase of premises and equipment | (6,720 | ) | (1,373 | ) | Purchase of premises and equipment | (2,697) | (3,900) | |||||||||||||||||
Proceeds from the sale of premises and equipment and foreclosed assets | 725 | 597 | Proceeds from the sale of premises and equipment and foreclosed assets | 571 | 385 | |||||||||||||||||||
NET CASH USED BY INVESTING ACTIVITIES | (283,593 | ) | (367,858 | ) | NET CASH USED BY INVESTING ACTIVITIES | (224,035) | (156,475) | |||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||
Net change in: | Net change in: | |||||||||||||||||||||||
Checking, money market and savings accounts | 286,141 | 329,925 | Checking, money market and savings accounts | 519,615 | 164,286 | |||||||||||||||||||
Certificates of deposit | (21,332 | ) | 24,639 | Certificates of deposit | (25,920) | (40,310) | ||||||||||||||||||
Purchase of treasury stock | (1,319 | ) | (454 | ) | Purchase of treasury stock | (325) | (1,234) | |||||||||||||||||
Cash dividends paid | (7,765 | ) | (7,645 | ) | Cash dividends paid | (5,235) | (5,182) | |||||||||||||||||
Proceeds from stock offering, net of issuance costs | Proceeds from stock offering, net of issuance costs | 3,313 | (40,240) | |||||||||||||||||||||
Repayment of long-term borrowings | (45,385 | ) | (22,732 | ) | Repayment of long-term borrowings | (34,379) | 0 | |||||||||||||||||
Proceeds from long-term borrowings | 30,353 | 50,000 | Proceeds from long-term borrowings | 222,785 | 0 | |||||||||||||||||||
Net change in short-term borrowings | 18,016 | (32,205 | ) | Net change in short-term borrowings | 0 | 52,907 | ||||||||||||||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 258,709 | 341,528 | NET CASH PROVIDED BY FINANCING ACTIVITIES | 679,854 | 130,227 | |||||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 6,598 | 1,155 | NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 470,374 | (7,633) | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, Beginning | 45,563 | 35,345 | CASH AND CASH EQUIVALENTS, Beginning | 192,974 | 45,563 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, Ending | $ | 52,161 | $ | 36,500 | CASH AND CASH EQUIVALENTS, Ending | $ | 663,348 | $ | 37,930 | |||||||||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||||||||||||||||||||
Cash paid during the period for: | Cash paid during the period for: | |||||||||||||||||||||||
Interest | $ | 28,304 | $ | 17,722 | Interest | $ | 18,151 | $ | 18,356 | |||||||||||||||
Income taxes | 5,014 | 4,250 | Income taxes | 240 | 2,691 | |||||||||||||||||||
SUPPLEMENTAL NONCASH DISCLOSURES: | SUPPLEMENTAL NONCASH DISCLOSURES: | |||||||||||||||||||||||
Transfers to other real estate owned | $ | 1,473 | $ | 228 | Transfers to other real estate owned | $ | 189 | $ | 256 | |||||||||||||||
Grant of restricted stock awards from treasury stock | $ | 1,076 | $ | 933 | Grant of restricted stock awards from treasury stock | 892 | 1,055 | |||||||||||||||||
Grant of performance based restricted stock awards from treasury stock | Grant of performance based restricted stock awards from treasury stock | 217 | 0 | |||||||||||||||||||||
Right of use assets obtained in exchange for lease liabilities | Right of use assets obtained in exchange for lease liabilities | 0 | 17,586 | |||||||||||||||||||||
Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Share- holders’ Equity | |||||||||||||||||||||||||
Balance, April 1, 2020 | $ | 102,128 | $ | 207,698 | $ | (2,026) | $ | 17,002 | $ | 324,802 | |||||||||||||||||||
Net income | 8,246 | 8,246 | |||||||||||||||||||||||||||
Other comprehensive income | (404) | (404) | |||||||||||||||||||||||||||
Stock-based compensation expense | 286 | 286 | |||||||||||||||||||||||||||
Issuance of common stock, net of issuance costs (0 shares) | (40) | (40) | |||||||||||||||||||||||||||
Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (56 shares) | (1) | (1) | |||||||||||||||||||||||||||
Cash dividends declared ($0.17 per share) | (2,617) | (2,617) | |||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | 102,374 | $ | 213,327 | $ | (2,027) | $ | 16,598 | $ | 330,272 | |||||||||||||||||||
Balance, April 1, 2019 | $ | 97,139 | $ | 178,662 | $ | (1,702) | $ | 860 | $ | 274,959 | |||||||||||||||||||
Net income | 9,767 | 9,767 | |||||||||||||||||||||||||||
Other comprehensive income | 5,238 | 5,238 | |||||||||||||||||||||||||||
Stock-based compensation expense | 275 | 275 | |||||||||||||||||||||||||||
Purchase of treasury stock (40,000 shares) | (994) | (994) | |||||||||||||||||||||||||||
Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (1,388 shares) | (39) | (39) | |||||||||||||||||||||||||||
Cash dividends declared ($0.17 per share) | (2,591) | (2,591) | |||||||||||||||||||||||||||
Balance, June 30, 2019 | $ | 97,414 | $ | 185,838 | $ | (2,735) | $ | 6,098 | $ | 286,615 | |||||||||||||||||||
Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Share- holders’ Equity | |||||||||||||||
Balance, July 1, 2019 | $ | 97,414 | $ | 185,838 | $ | (2,735 | ) | $ | 6,098 | $ | 286,615 | ||||||||
Net income | 10,357 | 10,357 | |||||||||||||||||
Other comprehensive income | 2,432 | 2,432 | |||||||||||||||||
Forfeiture of restricted stock award grants (2,699 shares) | 55 | (71 | ) | (16 | ) | ||||||||||||||
Performance based restricted stock award grants (798 shares) | (21 | ) | 21 | 0 | |||||||||||||||
Stock-based compensation expense | 242 | 242 | |||||||||||||||||
Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (217 shares) | (6 | ) | (6 | ) | |||||||||||||||
Purchase of treasury stock for the purpose of tax withholding related to performance based restricted stock award vesting (294 shares) | (8 | ) | (8 | ) | |||||||||||||||
Cash dividends declared ($0.17 per share) | (2,583 | ) | (2,583 | ) | |||||||||||||||
Balance, September 30, 2019 | $ | 97,690 | $ | 193,612 | $ | (2,799 | ) | $ | 8,530 | $ | 297,033 | ||||||||
Balance, July 1, 2018 | $ | 97,059 | $ | 158,790 | $ | (608 | ) | $ | (5,348 | ) | $ | 249,893 | |||||||
Net income | 9,236 | 9,236 | |||||||||||||||||
Other comprehensive loss | (2,423 | ) | (2,423 | ) | |||||||||||||||
Stock-based compensation expense | 269 | 269 | |||||||||||||||||
Cash dividends declared ($0.165 per share) | (2,599 | ) | (2,599 | ) | |||||||||||||||
Balance, September 30, 2018 | $ | 97,328 | $ | 165,427 | $ | (608 | ) | $ | (7,771 | ) | $ | 254,376 |
Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Share- holders’ Equity | |||||||||||||||
Balance, January 1, 2019 | $ | 97,602 | $ | 171,780 | $ | (2,556 | ) | $ | (3,996 | ) | $ | 262,830 | |||||||
Net income | 29,597 | 29,597 | |||||||||||||||||
Other comprehensive income | 12,526 | 12,526 | |||||||||||||||||
Forfeiture of restricted stock award grants (2,699 shares) | 55 | (71 | ) | (16 | ) | ||||||||||||||
Restricted stock award grants (39,790 shares) | (1,055 | ) | 1,055 | 0 | |||||||||||||||
Performance based restricted stock award grants (798 shares) | (21 | ) | 21 | 0 | |||||||||||||||
Stock-based compensation expense | 1,109 | 1,109 | |||||||||||||||||
Purchase of treasury stock (40,000 shares) | (994 | ) | (994 | ) | |||||||||||||||
Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (9,305 shares) | (246 | ) | (246 | ) | |||||||||||||||
Purchase of treasury stock for the purpose of tax withholding related to performance based restricted stock award vesting (294 shares) | (8 | ) | (8 | ) | |||||||||||||||
Cash dividends declared ($0.51 per share) | (7,765 | ) | (7,765 | ) | |||||||||||||||
Balance, September 30, 2019 | $ | 97,690 | $ | 193,612 | $ | (2,799 | ) | $ | 8,530 | $ | 297,033 | ||||||||
Balance, January 1, 2018 | $ | 97,042 | $ | 148,298 | $ | (1,087 | ) | $ | (343 | ) | $ | 243,910 | |||||||
Net income | 24,774 | 24,774 | |||||||||||||||||
Other comprehensive loss | (7,428 | ) | (7,428 | ) | |||||||||||||||
Forfeiture of restricted stock award grants (130 shares) | 1 | (4 | ) | (3 | ) | ||||||||||||||
Restricted stock award grants (37,708 shares) | (933 | ) | 933 | 0 | |||||||||||||||
Stock-based compensation expense | 1,218 | 1,218 | |||||||||||||||||
Purchase of treasury stock (10,769 shares) | (286 | ) | (286 | ) | |||||||||||||||
Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (6,119 shares) | (164 | ) | (164 | ) | |||||||||||||||
Cash dividends declared ($0.50 per share) | (7,645 | ) | (7,645 | ) | |||||||||||||||
Balance, September 30, 2018 | $ | 97,328 | $ | 165,427 | $ | (608 | ) | $ | (7,771 | ) | $ | 254,376 | |||||||
Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Share- holders’ Equity | |||||||||||||||||||||||||
Balance, January 1, 2020 | $ | 99,335 | $ | 201,503 | $ | (2,811) | $ | 6,939 | $ | 304,966 | |||||||||||||||||||
Net income | 17,059 | 17,059 | |||||||||||||||||||||||||||
Other comprehensive income | 9,659 | 9,659 | |||||||||||||||||||||||||||
Restricted stock award grants (35,160 shares) | (892) | 892 | 0 | ||||||||||||||||||||||||||
Performance based restricted stock award grants (8,351 shares) | (217) | 217 | 0 | ||||||||||||||||||||||||||
Stock-based compensation expense | 835 | 835 | |||||||||||||||||||||||||||
Issuance of common stock, net of issuance costs (115,790 shares) | 3,313 | 3,313 | |||||||||||||||||||||||||||
Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (7,267 shares) | (212) | (212) | |||||||||||||||||||||||||||
Purchase of treasury stock for the purpose of tax withholding related to performance based restricted stock award vesting (3,458 shares) | (113) | (113) | |||||||||||||||||||||||||||
Cash dividends declared ($0.34 per share) | (5,235) | (5,235) | |||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | 102,374 | $ | 213,327 | $ | (2,027) | $ | 16,598 | $ | 330,272 | |||||||||||||||||||
Balance, January 1, 2019 | $ | 97,602 | $ | 171,780 | $ | (2,556) | $ | (3,996) | $ | 262,830 | |||||||||||||||||||
Net income | 19,240 | 19,240 | |||||||||||||||||||||||||||
Other comprehensive income | 10,094 | 10,094 | |||||||||||||||||||||||||||
Restricted stock award grants (39,790 shares) | (1,055) | 1,055 | 0 | ||||||||||||||||||||||||||
Stock-based compensation expense | 867 | 867 | |||||||||||||||||||||||||||
Purchase of treasury stock (40,000 shares) | (994) | (994) | |||||||||||||||||||||||||||
Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (9,088 shares) | (240) | (240) | |||||||||||||||||||||||||||
Cash dividends declared ($0.34 per share) | (5,182) | (5,182) | |||||||||||||||||||||||||||
Balance, June 30, 2019 | $ | 97,414 | $ | 185,838 | $ | (2,735) | $ | 6,098 | $ | 286,615 | |||||||||||||||||||
Shares | Per Share Weighted Average Grant Date Fair Value | |||||
Nonvested at beginning of period | 64,158 | $ | 24.87 | |||
Forfeited | (2,699 | ) | 24.85 | |||
Vested | (639 | ) | 23.53 | |||
Nonvested at end of period | 60,820 | $ | 24.88 |
Shares | Per Share Weighted Average Grant Date Fair Value | |||||
Nonvested at beginning of period | 75,889 | $ | 23.20 | |||
Granted | 25,940 | 25.27 | ||||
Forfeited | (2,699 | ) | 24.85 | |||
Vested | (38,310 | ) | 21.79 | |||
Nonvested at end of period | 60,820 | $ | 24.88 |
Fair Value Measurements at September 30, 2019 Using: | |||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Assets: | |||||||||||||||
Securities Available For Sale: | |||||||||||||||
U.S. Government sponsored entities | $ | 138,768 | $ | 0 | $ | 138,768 | $ | 0 | |||||||
States and political subdivisions | 115,064 | 0 | 115,064 | 0 | |||||||||||
Residential and multi-family mortgage | 240,966 | 0 | 240,966 | 0 | |||||||||||
Corporate notes and bonds | 7,003 | 0 | 7,003 | 0 | |||||||||||
Pooled SBA | 27,101 | 0 | 27,101 | 0 | |||||||||||
Other | 965 | 965 | 0 | 0 | |||||||||||
Total Securities Available For Sale | $ | 529,867 | $ | 965 | $ | 528,902 | $ | 0 | |||||||
Interest Rate swaps | $ | 2,572 | $ | 0 | $ | 2,572 | $ | 0 | |||||||
Trading Securities: | |||||||||||||||
Corporate equity securities | $ | 7,259 | $ | 7,259 | $ | 0 | $ | 0 | |||||||
Mutual funds | 911 | 911 | 0 | 0 | |||||||||||
Certificates of deposit | 210 | 210 | 0 | 0 | |||||||||||
Corporate notes and bonds | 657 | 657 | 0 | 0 | |||||||||||
U.S. Government sponsored entities | 51 | 0 | 51 | 0 | |||||||||||
Total Trading Securities | $ | 9,088 | $ | 9,037 | $ | 51 | $ | 0 | |||||||
Liabilities: | |||||||||||||||
Interest rate swaps | $ | (3,155 | ) | $ | 0 | $ | (3,155 | ) | $ | 0 | |||||
Fair Value Measurements at December 31, 2018 Using: | |||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Assets: | |||||||||||||||
Securities Available For Sale: | |||||||||||||||
U.S. Government sponsored entities | $ | 132,694 | $ | 0 | $ | 132,694 | $ | 0 | |||||||
States and political subdivisions | 136,031 | 0 | 136,031 | 0 | |||||||||||
Residential and multi-family mortgage | 206,053 | 0 | 206,053 | 0 | |||||||||||
Corporate notes and bonds | 11,777 | 0 | 11,777 | 0 | |||||||||||
Pooled SBA | 29,374 | 0 | 29,374 | 0 | |||||||||||
Other | 934 | 934 | 0 | 0 | |||||||||||
Total Securities Available For Sale | $ | 516,863 | $ | 934 | $ | 515,929 | $ | 0 | |||||||
Interest Rate swaps | $ | 485 | $ | 0 | $ | 485 | $ | 0 | |||||||
Trading Securities: | |||||||||||||||
Corporate equity securities | $ | 5,828 | $ | 5,828 | $ | 0 | $ | 0 | |||||||
Mutual funds | 1,058 | 1,058 | 0 | 0 | |||||||||||
Certificates of deposit | 268 | 268 | 0 | 0 | |||||||||||
Corporate notes and bonds | 581 | 581 | 0 | 0 | |||||||||||
U.S. Government sponsored entities | 51 | 0 | 51 | 0 | |||||||||||
Total Trading Securities | $ | 7,786 | $ | 7,735 | $ | 51 | $ | 0 | |||||||
Liabilities: | |||||||||||||||
Interest rate swaps | $ | (686 | ) | $ | 0 | $ | (686 | ) | $ | 0 |
Fair Value Measurements at September 30, 2019 Using: | |||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||
Assets: | |||||||||||||
Impaired loans: | |||||||||||||
Commercial, industrial, and agricultural | $ | 687 | 0 | 0 | $ | 687 | |||||||
Commercial mortgages | $ | 1,089 | 0 | 0 | $ | 1,089 | |||||||
Fair Value Measurements at December 31, 2018 Using | |||||||||||||
Quoted Prices in | Significant | ||||||||||||
Active Markets for | Significant Other | Unobservable | |||||||||||
Identical Assets | Observable Inputs | Inputs | |||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||
Assets: | |||||||||||||
Impaired loans: | |||||||||||||
Commercial, industrial, and agricultural | $ | 2,055 | 0 | 0 | $ | 2,055 | |||||||
Commercial mortgages | $ | 679 | 0 | 0 | $ | 679 |
Carrying | Fair Value Measurement Using: | Total | |||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||
ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | 52,161 | $ | 52,161 | $ | 0 | $ | 0 | $ | 52,161 | |||||||||
Securities available for sale | 529,867 | 965 | 528,902 | 0 | 529,867 | ||||||||||||||
Trading securities | 9,088 | 9,037 | 51 | 0 | 9,088 | ||||||||||||||
Loans held for sale | 1,279 | 0 | 1,282 | 0 | 1,282 | ||||||||||||||
Net loans | 2,729,295 | 0 | 0 | 2,705,463 | 2,705,463 | ||||||||||||||
FHLB and other restricted interests | 24,901 | n/a | n/a | n/a | n/a | ||||||||||||||
Interest rate swaps | 2,572 | 0 | 2,572 | 0 | 2,572 | ||||||||||||||
Accrued interest receivable | 11,679 | 6 | 3,486 | 8,187 | 11,679 | ||||||||||||||
LIABILITIES | |||||||||||||||||||
Deposits | $ | (2,875,595 | ) | $ | (2,501,490 | ) | $ | (374,987 | ) | $ | 0 | $ | (2,876,477 | ) | |||||
FHLB and other borrowings | (248,101 | ) | 0 | (252,312 | ) | 0 | (252,312 | ) | |||||||||||
Subordinated debentures | (70,620 | ) | 0 | (64,382 | ) | 0 | (64,382 | ) | |||||||||||
Interest rate swaps | (3,155 | ) | 0 | (3,155 | ) | 0 | (3,155 | ) | |||||||||||
Accrued interest payable | (1,712 | ) | 0 | (1,712 | ) | 0 | (1,712 | ) |
Carrying | Fair Value Measurement Using: | Total | |||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||
ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | 45,563 | $ | 45,563 | $ | 0 | $ | 0 | $ | 45,563 | |||||||||
Securities available for sale | 516,863 | 934 | 515,929 | 0 | 516,863 | ||||||||||||||
Trading securities | 7,786 | 7,735 | 51 | 0 | 7,786 | ||||||||||||||
Loans held for sale | 367 | 0 | 368 | 0 | 368 | ||||||||||||||
Net loans | 2,454,853 | 0 | 0 | 2,433,417 | 2,433,417 | ||||||||||||||
FHLB and other restricted interests | 24,508 | n/a | n/a | n/a | n/a | ||||||||||||||
Interest rate swaps | 485 | 0 | 485 | 0 | 485 | ||||||||||||||
Accrued interest receivable | 10,843 | 6 | 3,368 | 7,469 | 10,843 | ||||||||||||||
LIABILITIES | |||||||||||||||||||
Deposits | $ | (2,610,786 | ) | $ | (2,215,349 | ) | $ | (397,370 | ) | $ | 0 | $ | (2,612,719 | ) | |||||
FHLB and other borrowings | (245,117 | ) | 0 | (242,592 | ) | 0 | (242,592 | ) | |||||||||||
Subordinated debentures | (70,620 | ) | 0 | (65,794 | ) | 0 | (65,794 | ) | |||||||||||
Interest rate swaps | (686 | ) | 0 | (686 | ) | 0 | (686 | ) | |||||||||||
Accrued interest payable | (1,349 | ) | 0 | (1,349 | ) | 0 | (1,349 | ) |
September 30, 2019 | December 31, 2018 | June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Unrealized | Fair | Amortized | Unrealized | Fair | Amortized | Unrealized | Fair | Amortized | Unrealized | Fair | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Gains | Losses | Value | Cost | Gains | Losses | Value | Cost | Gains | Losses | Value | Cost | Gains | Losses | Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Gov’t sponsored entities | $ | 135,215 | $ | 3,620 | $ | (67 | ) | $ | 138,768 | $ | 134,010 | $ | 254 | $ | (1,570 | ) | $ | 132,694 | U.S. Gov’t sponsored entities | $ | 139,125 | $ | 7,521 | $ | (27) | $ | 146,619 | $ | 124,189 | $ | 2,924 | $ | (19) | $ | 127,094 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State & political subdivisions | 111,468 | 3,687 | (91 | ) | 115,064 | 134,662 | 1,942 | (573 | ) | 136,031 | State & political subdivisions | 61,339 | 3,035 | (183) | 64,191 | 101,177 | 3,288 | (102) | 104,363 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential & multi-family mortgage | 236,241 | 5,362 | (637 | ) | 240,966 | 209,126 | 500 | (3,573 | ) | 206,053 | Residential & multi-family mortgage | 293,605 | 11,804 | (638) | 304,771 | 273,404 | 4,117 | (885) | 276,636 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate notes & bonds | 7,350 | 14 | (361 | ) | 7,003 | 12,356 | 22 | (601 | ) | 11,777 | Corporate notes & bonds | 9,850 | 13 | (691) | 9,172 | 8,350 | 14 | (282) | 8,082 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pooled SBA | 26,810 | 361 | (70 | ) | 27,101 | 30,163 | 135 | (924 | ) | 29,374 | Pooled SBA | 22,397 | 961 | 0 | 23,358 | 25,063 | 274 | (163) | 25,174 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 1,020 | 0 | (55 | ) | 965 | 1,020 | 0 | (86 | ) | 934 | Other | 1,020 | 0 | (37) | 983 | 1,020 | 0 | (56) | 964 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 518,104 | $ | 13,044 | $ | (1,281 | ) | $ | 529,867 | $ | 521,337 | $ | 2,853 | $ | (7,327 | ) | $ | 516,863 | Total | $ | 527,336 | $ | 23,334 | $ | (1,576) | $ | 549,094 | $ | 533,203 | $ | 10,617 | $ | (1,507) | $ | 542,313 |
June 30, 2020 | December 31, 2019 | ||||||||||
Corporate equity securities | $ | 3,847 | $ | 7,946 | |||||||
Mutual funds | 994 | 807 | |||||||||
Certificates of deposit | 322 | 350 | |||||||||
Corporate notes and bonds | 675 | 655 | |||||||||
U.S. Government sponsored entities | 51 | 51 | |||||||||
Total | $ | 5,889 | $ | 9,809 |
September 30, 2019 | December 31, 2018 | ||||||
Corporate equity securities | $ | 7,259 | $ | 5,828 | |||
Mutual funds | 911 | 1,058 | |||||
Certificates of deposit | 210 | 268 | |||||
Corporate notes and bonds | 657 | 581 | |||||
U.S. Government sponsored entities | 51 | 51 | |||||
Total | $ | 9,088 | $ | 7,786 |
Less than 12 Months | 12 Months or More | Total | Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of Securities | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Description of Securities | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Gov’t sponsored entities | $ | 9,045 | $ | (7 | ) | $ | 23,954 | $ | (60 | ) | $ | 32,999 | $ | (67 | ) | U.S. Gov’t sponsored entities | $ | 9,973 | $ | (27) | $ | 0 | $ | 0 | $ | 9,973 | $ | (27) | ||||||||||||||||||||||||||||||||||||||||||||||||
State & political subdivisions | 0 | 0 | 714 | (91 | ) | 714 | (91 | ) | State & political subdivisions | 492 | (10) | 677 | (173) | 1,169 | (183) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential & multi-family mortgage | 15,527 | (67 | ) | 35,984 | (570 | ) | 51,511 | (637 | ) | Residential & multi-family mortgage | 12,824 | (53) | 4,444 | (585) | 17,268 | (638) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate notes & bonds | 0 | 0 | 4,639 | (361 | ) | 4,639 | (361 | ) | Corporate notes & bonds | 0 | 0 | 4,313 | (691) | 4,313 | (691) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pooled SBA | 9,118 | (20 | ) | 6,576 | (50 | ) | 15,694 | (70 | ) | Pooled SBA | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 0 | 0 | 965 | (55 | ) | 965 | (55 | ) | Other | 0 | 0 | 983 | (37) | 983 | (37) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 33,690 | $ | (94 | ) | $ | 72,832 | $ | (1,187 | ) | $ | 106,522 | $ | (1,281 | ) | $ | 23,289 | $ | (90) | $ | 10,417 | $ | (1,486) | $ | 33,706 | $ | (1,576) |
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
U.S. Gov’t sponsored entities | $ | 14,786 | $ | (41 | ) | $ | 70,676 | $ | (1,529 | ) | $ | 85,462 | $ | (1,570 | ) | ||||||||
State & political subdivisions | 13,834 | (62 | ) | 21,080 | (511 | ) | 34,914 | (573 | ) | ||||||||||||||
Residential & multi-family mortgage | 69,015 | (656 | ) | 87,286 | (2,917 | ) | 156,301 | (3,573 | ) | ||||||||||||||
Corporate notes & bonds | 0 | 0 | 9,759 | (601 | ) | 9,759 | (601 | ) | |||||||||||||||
Pooled SBA | 760 | (7 | ) | 20,795 | (917 | ) | 21,555 | (924 | ) | ||||||||||||||
Other | 0 | 0 | 934 | (86 | ) | 934 | (86 | ) | |||||||||||||||
$ | 98,395 | $ | (766 | ) | $ | 210,530 | $ | (6,561 | ) | $ | 308,925 | $ | (7,327 | ) |
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Gov’t sponsored entities | $ | 7,040 | $ | (3) | $ | 14,989 | $ | (16) | $ | 22,029 | $ | (19) | |||||||||||||||||||||||||||||||||||||||||
State & political subdivisions | 826 | (5) | 684 | (97) | 1,510 | (102) | |||||||||||||||||||||||||||||||||||||||||||||||
Residential & multi-family mortgage | 41,841 | (346) | 32,555 | (539) | 74,396 | (885) | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate notes & bonds | 0 | 0 | 4,718 | (282) | 4,718 | (282) | |||||||||||||||||||||||||||||||||||||||||||||||
Pooled SBA | 8,560 | (80) | 6,075 | (83) | 14,635 | (163) | |||||||||||||||||||||||||||||||||||||||||||||||
Other | 0 | 0 | 964 | (56) | 964 | (56) | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 58,267 | $ | (434) | $ | 59,985 | $ | (1,073) | $ | 118,252 | $ | (1,507) |
Proceeds | Gross Gains | Gross Losses | |||||||||
Three months ended September 30, 2019 | $ | 0 | $ | 0 | $ | 0 | |||||
Three months ended September 30, 2018 | $ | 0 | $ | 0 | $ | 0 | |||||
Nine months ended September 30, 2019 | $ | 11,403 | $ | 152 | $ | 4 | |||||
Nine months ended September 30, 2018 | $ | 0 | $ | 0 | $ | 0 |
Amortized Cost | Fair Value | ||||||
1 year or less | $ | 71,463 | $ | 71,468 | |||
1 year – 5 years | 108,190 | 110,168 | |||||
5 years – 10 years | 68,636 | 73,242 | |||||
After 10 years | 5,744 | 5,957 | |||||
254,033 | 260,835 | ||||||
Residential and multi-family mortgage | 236,241 | 240,966 | |||||
Pooled SBA | 26,810 | 27,101 | |||||
Other | 1,020 | 965 | |||||
Total debt securities | $ | 518,104 | $ | 529,867 |
Amortized Cost | Fair Value | ||||||||||
1 year or less | $ | 53,898 | $ | 54,102 | |||||||
1 year – 5 years | 85,070 | 89,212 | |||||||||
5 years – 10 years | 65,052 | 70,171 | |||||||||
After 10 years | 6,294 | 6,497 | |||||||||
210,314 | 219,982 | ||||||||||
Residential & multi-family mortgage | 293,605 | 304,771 | |||||||||
Pooled SBA | 22,397 | 23,358 | |||||||||
Other | 1,020 | 983 | |||||||||
Total debt securities | $ | 527,336 | $ | 549,094 |
Proceeds | Gross Gains | Gross Losses | |||||||||||||||
Three months ended June 30, 2020 | $ | 57,185 | $ | 2,257 | $ | 67 | |||||||||||
Three months ended June 30, 2019 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
Six months ended June 30, 2020 | $ | 57,185 | $ | 2,257 | $ | 67 | |||||||||||
Six months ended June 30, 2019 | $ | 11,403 | $ | 152 | $ | 4 |
September 30, 2019 | December 31, 2018 | ||||||
Commercial, industrial, and agricultural | $ | 1,033,631 | $ | 916,297 | |||
Commercial mortgages | 788,974 | 697,776 | |||||
Residential real estate | 802,331 | 771,309 | |||||
Consumer | 121,598 | 86,035 | |||||
Credit cards | 7,393 | 7,623 | |||||
Overdrafts | 642 | 308 | |||||
Less: unearned discount | (5,067 | ) | (4,791 | ) | |||
allowance for loan losses | (20,207 | ) | (19,704 | ) | |||
Loans, net | $ | 2,729,295 | $ | 2,454,853 |
June 30, 2020 | December 31, 2019 | ||||||||||
Commercial, industrial and agricultural | $ | 1,263,521 | $ | 1,046,665 | |||||||
Commercial mortgages | 865,401 | 814,002 | |||||||||
Residential real estate | 805,413 | 814,030 | |||||||||
Consumer | 93,409 | 124,785 | |||||||||
Credit cards | 6,760 | 7,569 | |||||||||
Overdrafts | 284 | 2,146 | |||||||||
Less: unearned discount | (4,617) | (5,162) | |||||||||
allowance for loan losses | (24,529) | (19,473) | |||||||||
Loans, net | $ | 3,005,642 | $ | 2,784,562 |
Commercial,Industrial, and Agricultural | Commercial Mortgages | Residential Real Estate | Consumer | Credit Cards | Overdrafts | Total | |||||||||||||||||||||
Allowance for loan losses, July 1, 2019 | $ | 8,108 | $ | 9,538 | $ | 1,403 | $ | 2,141 | $ | 87 | $ | 160 | $ | 21,437 | |||||||||||||
Charge-offs | (160 | ) | (2,650 | ) | (38 | ) | (547 | ) | (3 | ) | (113 | ) | (3,511 | ) | |||||||||||||
Recoveries | 5 | 65 | 5 | 58 | 6 | 24 | 163 | ||||||||||||||||||||
Provision (benefit) for loan losses | 997 | 30 | 116 | 693 | 15 | 267 | 2,118 | ||||||||||||||||||||
Allowance for loan losses, September 30, 2019 | $ | 8,950 | $ | 6,983 | $ | 1,486 | $ | 2,345 | $ | 105 | $ | 338 | $ | 20,207 |
Commercial,Industrial, and Agricultural | Commercial Mortgages | Residential Real Estate | Consumer | Credit Cards | Overdrafts | Total | |||||||||||||||||||||
Allowance for loan losses, January 1, 2019 | $ | 7,341 | $ | 7,490 | $ | 2,156 | $ | 2,377 | $ | 103 | $ | 237 | $ | 19,704 | |||||||||||||
Charge-offs | (160 | ) | (2,652 | ) | (282 | ) | (1,609 | ) | (55 | ) | (329 | ) | (5,087 | ) | |||||||||||||
Recoveries | 13 | 66 | 72 | 132 | 12 | 83 | 378 | ||||||||||||||||||||
Provision (benefit) for loan losses | 1,756 | 2,079 | (460 | ) | 1,445 | 45 | 347 | 5,212 | |||||||||||||||||||
Allowance for loan losses, September 30, 2019 | $ | 8,950 | $ | 6,983 | $ | 1,486 | $ | 2,345 | $ | 105 | $ | 338 | $ | 20,207 |
Commercial, Industrial and Agricultural | Commercial Mortgages | Residential Real Estate | Consumer | Credit Cards | Overdrafts | Total | |||||||||||||||||||||||||||||||||||
Allowance for loan losses, April 1, 2020 | $ | 10,532 | $ | 7,492 | $ | 1,458 | $ | 2,138 | $ | 112 | $ | 183 | $ | 21,915 | |||||||||||||||||||||||||||
Charge-offs | (2,623) | 0 | (19) | (413) | (41) | (95) | (3,191) | ||||||||||||||||||||||||||||||||||
Recoveries | 7 | 2 | 0 | 38 | 10 | 68 | 125 | ||||||||||||||||||||||||||||||||||
Provision for loan losses | 1,886 | 2,134 | 1,237 | 377 | 33 | 13 | 5,680 | ||||||||||||||||||||||||||||||||||
Allowance for loan losses, June 30, 2020 | $ | 9,802 | $ | 9,628 | $ | 2,676 | $ | 2,140 | $ | 114 | $ | 169 | $ | 24,529 |
Commercial, Industrial, and Agricultural | Commercial Mortgages | Residential Real Estate | Consumer | Credit Cards | Overdrafts | Total | |||||||||||||||||||||
Allowance for loan losses, July 1, 2018 | $ | 7,143 | $ | 10,615 | $ | 1,900 | $ | 2,156 | $ | 101 | $ | 207 | $ | 22,122 | |||||||||||||
Charge-offs | (30 | ) | 0 | (212 | ) | (469 | ) | (8 | ) | (94 | ) | (813 | ) | ||||||||||||||
Recoveries | 3 | 0 | 55 | 28 | 3 | 17 | 106 | ||||||||||||||||||||
Provision (benefit) for loan losses | (536 | ) | 682 | 235 | 608 | 11 | 95 | 1,095 | |||||||||||||||||||
Allowance for loan losses, September 30, 2018 | $ | 6,580 | $ | 11,297 | $ | 1,978 | $ | 2,323 | $ | 107 | $ | 225 | $ | 22,510 |
Commercial, Industrial and Agricultural | Commercial Mortgages | Residential Real Estate | Consumer | Credit Cards | Overdrafts | Total | |||||||||||||||||||||||||||||||||||
Allowance for loan losses, January 1, 2020 | $ | 8,287 | $ | 6,952 | $ | 1,499 | $ | 2,411 | $ | 84 | $ | 240 | $ | 19,473 | |||||||||||||||||||||||||||
Charge-offs | (2,648) | 0 | (162) | (1,005) | (72) | (214) | (4,101) | ||||||||||||||||||||||||||||||||||
Recoveries | 25 | 174 | 3 | 81 | 11 | 104 | 398 | ||||||||||||||||||||||||||||||||||
Provision for loan losses | 4,138 | 2,502 | 1,336 | 653 | 91 | 39 | 8,759 | ||||||||||||||||||||||||||||||||||
Allowance for loan losses, June 30, 2020 | $ | 9,802 | $ | 9,628 | $ | 2,676 | $ | 2,140 | $ | 114 | $ | 169 | $ | 24,529 |
Commercial, Industrial and Agricultural | Commercial Mortgages | Residential Real Estate | Consumer | Credit Cards | Overdrafts | Total | |||||||||||||||||||||||||||||||||||
Allowance for loan losses, April 1, 2019 | $ | 7,787 | $ | 8,846 | $ | 1,383 | $ | 2,040 | $ | 105 | $ | 185 | $ | 20,346 | |||||||||||||||||||||||||||
Charge-offs | 0 | 0 | (146) | (513) | (26) | (88) | (773) | ||||||||||||||||||||||||||||||||||
Recoveries | 4 | 16 | 2 | 28 | 1 | 25 | 76 | ||||||||||||||||||||||||||||||||||
Provision (benefit) for loan losses | 317 | 676 | 164 | 586 | 7 | 38 | 1,788 | ||||||||||||||||||||||||||||||||||
Allowance for loan losses, June 30, 2019 | $ | 8,108 | $ | 9,538 | $ | 1,403 | $ | 2,141 | $ | 87 | $ | 160 | $ | 21,437 |
Commercial, Industrial and Agricultural | Commercial Mortgages | Residential Real Estate | Consumer | Credit Cards | Overdrafts | Total | |||||||||||||||||||||||||||||||||||
Allowance for loan losses, January 1, 2019 | $ | 7,341 | $ | 7,490 | $ | 2,156 | $ | 2,377 | $ | 103 | $ | 237 | $ | 19,704 | |||||||||||||||||||||||||||
Charge-offs | 0 | (2) | (244) | (1,062) | (52) | (216) | (1,576) | ||||||||||||||||||||||||||||||||||
Recoveries | 8 | 1 | 67 | 74 | 6 | 59 | 215 | ||||||||||||||||||||||||||||||||||
Provision (benefit) for loan losses | 759 | 2,049 | (576) | 752 | 30 | 80 | 3,094 | ||||||||||||||||||||||||||||||||||
Allowance for loan losses, June 30, 2019 | $ | 8,108 | $ | 9,538 | $ | 1,403 | $ | 2,141 | $ | 87 | $ | 160 | $ | 21,437 |
Commercial, Industrial, and Agricultural | Commercial Mortgages | Residential Real Estate | Consumer | Credit Cards | Overdrafts | Total | |||||||||||||||||||||
Allowance for loan losses, January 1, 2018 | $ | 6,160 | $ | 9,007 | $ | 2,033 | $ | 2,179 | $ | 120 | $ | 194 | $ | 19,693 | |||||||||||||
Charge-offs | (61 | ) | 0 | (289 | ) | (1,610 | ) | (53 | ) | (236 | ) | (2,249 | ) | ||||||||||||||
Recoveries | 165 | 0 | 67 | 112 | 27 | 64 | 435 | ||||||||||||||||||||
Provision (benefit) for loan losses | 316 | 2,290 | 167 | 1,642 | 13 | 203 | 4,631 | ||||||||||||||||||||
Allowance for loan losses, September 30, 2018 | $ | 6,580 | $ | 11,297 | $ | 1,978 | $ | 2,323 | $ | 107 | $ | 225 | $ | 22,510 |
Commercial, Industrial and Agricultural | Commercial Mortgages | Residential Real Estate | Consumer | Credit Cards | Overdrafts | Total | |||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 642 | $ | 1,539 | $ | 53 | $ | 0 | $ | 0 | $ | 0 | $ | 2,234 | |||||||||||||||||||||||||||
Collectively evaluated for impairment | 8,653 | 7,780 | 2,623 | 2,140 | 114 | 169 | 21,479 | ||||||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Modified in a troubled debt restructuring | 507 | 309 | 0 | 0 | 0 | 0 | 816 | ||||||||||||||||||||||||||||||||||
Total ending allowance balance | $ | 9,802 | $ | 9,628 | $ | 2,676 | $ | 2,140 | $ | 114 | $ | 169 | $ | 24,529 | |||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,813 | $ | 12,520 | $ | 461 | $ | 0 | $ | 0 | $ | 0 | $ | 17,794 | |||||||||||||||||||||||||||
Collectively evaluated for impairment | 1,254,203 | 845,886 | 804,838 | 93,409 | 6,760 | 284 | 3,005,380 | ||||||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | 0 | 501 | 0 | 0 | 0 | 0 | 501 | ||||||||||||||||||||||||||||||||||
Modified in a troubled debt restructuring | 4,505 | 6,494 | 114 | 0 | 0 | 0 | 11,113 | ||||||||||||||||||||||||||||||||||
Total ending loans balance | $ | 1,263,521 | $ | 865,401 | $ | 805,413 | $ | 93,409 | $ | 6,760 | $ | 284 | $ | 3,034,788 |
Commercial, Industrial, and Agricultural | Commercial Mortgages | Residential Real Estate | Consumer | Credit Cards | Overdrafts | Total | |||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 766 | $ | 2,054 | $ | 29 | $ | 0 | $ | 0 | $ | 0 | $ | 2,849 | |||||||||||||
Collectively evaluated for impairment | 8,148 | 4,405 | 1,457 | 2,345 | 105 | 338 | 16,798 | ||||||||||||||||||||
Acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Modified in a troubled debt restructuring | 36 | 524 | 0 | 0 | 0 | 0 | 560 | ||||||||||||||||||||
Total ending allowance balance | $ | 8,950 | $ | 6,983 | $ | 1,486 | $ | 2,345 | $ | 105 | $ | 338 | $ | 20,207 | |||||||||||||
Loans: | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 2,898 | $ | 3,110 | $ | 489 | $ | 0 | $ | 0 | $ | 0 | $ | 6,497 | |||||||||||||
Collectively evaluated for impairment | 1,027,732 | 780,484 | 801,842 | 121,598 | 7,393 | 642 | 2,739,691 | ||||||||||||||||||||
Acquired with deteriorated credit quality | 0 | 534 | 0 | 0 | 0 | 0 | 534 | ||||||||||||||||||||
Modified in a troubled debt restructuring | 3,001 | 4,846 | 0 | 0 | 0 | 0 | 7,847 | ||||||||||||||||||||
Total ending loans balance | $ | 1,033,631 | $ | 788,974 | $ | 802,331 | $ | 121,598 | $ | 7,393 | $ | 642 | $ | 2,754,569 |
Commercial, Industrial and Agricultural | Commercial Mortgages | Residential Real Estate | Consumer | Credit Cards | Overdrafts | Total | |||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 645 | $ | 1,264 | $ | 34 | $ | 0 | $ | 0 | $ | 0 | $ | 1,943 | |||||||||||||||||||||||||||
Collectively evaluated for impairment | 7,614 | 5,358 | 1,465 | 2,411 | 84 | 240 | 17,172 | ||||||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Modified in a troubled debt restructuring | 28 | 330 | 0 | 0 | 0 | 0 | 358 | ||||||||||||||||||||||||||||||||||
Total ending allowance balance | $ | 8,287 | $ | 6,952 | $ | 1,499 | $ | 2,411 | $ | 84 | $ | 240 | $ | 19,473 | |||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 8,078 | $ | 2,410 | $ | 465 | $ | 0 | $ | 0 | $ | 0 | $ | 10,953 | |||||||||||||||||||||||||||
Collectively evaluated for impairment | 1,035,494 | 804,360 | 813,565 | 124,785 | 7,569 | 2,146 | 2,787,919 | ||||||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | 0 | 523 | 0 | 0 | 0 | 0 | 523 | ||||||||||||||||||||||||||||||||||
Modified in a troubled debt restructuring | 3,093 | 6,709 | 0 | 0 | 0 | 0 | 9,802 | ||||||||||||||||||||||||||||||||||
Total ending loans balance | $ | 1,046,665 | $ | 814,002 | $ | 814,030 | $ | 124,785 | $ | 7,569 | $ | 2,146 | $ | 2,809,197 |
Commercial, Industrial, and Agricultural | Commercial Mortgages | Residential Real Estate | Consumer | Credit Cards | Overdrafts | Total | |||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 54 | $ | 4 | $ | 100 | $ | 0 | $ | 0 | $ | 10 | $ | 168 | |||||||||||||
Collectively evaluated for impairment | 7,183 | 3,036 | 2,056 | 2,377 | 103 | 227 | 14,982 | ||||||||||||||||||||
Acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Modified in a troubled debt restructuring | 104 | 4,450 | 0 | 0 | 0 | 0 | 4,554 | ||||||||||||||||||||
Total ending allowance balance | $ | 7,341 | $ | 7,490 | $ | 2,156 | $ | 2,377 | $ | 103 | $ | 237 | $ | 19,704 | |||||||||||||
Loans: | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,334 | $ | 1,446 | $ | 502 | $ | 0 | $ | 0 | $ | 10 | $ | 3,292 | |||||||||||||
Collectively evaluated for impairment | 910,386 | 685,714 | 770,807 | 86,035 | 7,623 | 298 | 2,460,863 | ||||||||||||||||||||
Acquired with deteriorated credit quality | 0 | 567 | 0 | 0 | 0 | 0 | 567 | ||||||||||||||||||||
Modified in a troubled debt restructuring | 4,577 | 10,049 | 0 | 0 | 0 | 0 | 14,626 | ||||||||||||||||||||
Total ending loans balance | $ | 916,297 | $ | 697,776 | $ | 771,309 | $ | 86,035 | $ | 7,623 | $ | 308 | $ | 2,479,348 |
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | |||||||||||||||
With an allowance recorded: | |||||||||||||||||
Commercial, industrial and agricultural | $ | 2,111 | $ | 2,051 | $ | 1,149 | |||||||||||
Commercial mortgage | 6,563 | 4,330 | 1,848 | ||||||||||||||
Residential real estate | 480 | 461 | 53 | ||||||||||||||
With no related allowance recorded: | |||||||||||||||||
Commercial, industrial and agricultural | 10,037 | 7,267 | 0 | ||||||||||||||
Commercial mortgage | 15,310 | 14,684 | 0 | ||||||||||||||
Residential real estate | 115 | 114 | 0 | ||||||||||||||
Total | $ | 34,616 | $ | 28,907 | $ | 3,050 |
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | |||||||||
With an allowance recorded: | |||||||||||
Commercial, industrial, and agricultural | $ | 3,021 | $ | 1,691 | $ | 802 | |||||
Commercial mortgage | 8,055 | 6,258 | 2,578 | ||||||||
Residential real estate | 489 | 489 | 29 | ||||||||
With no related allowance recorded: | |||||||||||
Commercial, industrial, and agricultural | 5,258 | 4,208 | 0 | ||||||||
Commercial mortgage | 1,423 | 1,698 | 0 | ||||||||
Residential real estate | 0 | 0 | 0 | ||||||||
Total | $ | 18,246 | $ | 14,344 | $ | 3,409 |
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | |||||||||
With an allowance recorded: | |||||||||||
Commercial, industrial, and agricultural | $ | 3,053 | $ | 3,037 | $ | 158 | |||||
Commercial mortgage | 10,799 | 6,709 | 4,454 | ||||||||
Residential real estate | 502 | 502 | 100 | ||||||||
Overdrafts | 10 | 10 | 10 | ||||||||
With no related allowance recorded: | |||||||||||
Commercial, industrial, and agricultural | 3,684 | 2,874 | 0 | ||||||||
Commercial mortgage | 5,659 | 4,786 | 0 | ||||||||
Residential real estate | 0 | 0 | 0 | ||||||||
Overdrafts | 0 | 0 | 0 | ||||||||
Total | $ | 23,707 | $ | 17,918 | $ | 4,722 |
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | |||||||||||||||
With an allowance recorded: | |||||||||||||||||
Commercial, industrial and agricultural | $ | 2,657 | $ | 1,476 | $ | 673 | |||||||||||
Commercial mortgage | 6,541 | 4,349 | 1,594 | ||||||||||||||
Residential real estate | 485 | 465 | 34 | ||||||||||||||
With no related allowance recorded: | |||||||||||||||||
Commercial, industrial and agricultural | 9,845 | 9,695 | 0 | ||||||||||||||
Commercial mortgage | 4,903 | 4,770 | 0 | ||||||||||||||
Residential real estate | 0 | 0 | 0 | ||||||||||||||
Total | $ | 24,431 | $ | 20,755 | $ | 2,301 |
Three months ended June 30, 2020 | Three months ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 2,052 | $ | 28 | $ | 28 | $ | 1,273 | $ | 27 | $ | 27 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage | $ | 4,330 | $ | 4 | $ | 4 | 7,807 | 46 | 46 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | $ | 461 | $ | 0 | $ | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 7,367 | $ | 49 | $ | 49 | 3,811 | 32 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage | $ | 14,684 | $ | 66 | $ | 66 | 3,257 | 20 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | $ | 114 | $ | 2 | $ | 2 | 485 | 4 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 29,008 | $ | 149 | $ | 149 | $ | 16,633 | $ | 129 | $ | 129 |
Three months ended September 30, 2019 | Three months ended September 30, 2018 | Six months ended June 30, 2020 | Six months ended June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, industrial, and agricultural | $ | 1,480 | $ | 32 | $ | 32 | $ | 3,460 | $ | 11 | $ | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, industrial and agricultural | Commercial, industrial and agricultural | $ | 3,532 | $ | 45 | $ | 45 | $ | 1,861 | $ | 65 | $ | 65 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage | 7,024 | 12 | 12 | 9,042 | 37 | 37 | Commercial mortgage | 4,330 | 41 | 41 | 7,441 | 86 | 86 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 245 | 8 | 8 | 0 | 0 | 0 | Residential real estate | 462 | 5 | 5 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, industrial, and agricultural | 3,977 | 42 | 42 | 5,569 | 69 | 69 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, industrial and agricultural | Commercial, industrial and agricultural | 7,196 | 91 | 91 | 3,499 | 86 | 86 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage | 2,435 | 29 | 29 | 5,153 | 20 | 20 | Commercial mortgage | 11,293 | 224 | 224 | 3,767 | 38 | 38 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 236 | 0 | 0 | 0 | 0 | 0 | Residential real estate | 38 | 2 | 2 | 490 | 11 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 15,397 | $ | 123 | $ | 123 | $ | 23,224 | $ | 137 | $ | 137 | Total | $ | 26,851 | $ | 408 | $ | 408 | $ | 17,058 | $ | 286 | $ | 286 |
Nine months ended September 30, 2019 | Nine months ended September 30, 2018 | ||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | ||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Commercial, industrial, and agricultural | $ | 1,819 | $ | 74 | $ | 74 | $ | 2,672 | $ | 54 | $ | 54 | |||||||||||
Commercial mortgage | 7,145 | 100 | 100 | 9,147 | 111 | 111 | |||||||||||||||||
Residential real estate | 122 | 8 | 8 | 0 | 0 | 0 | |||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||
Commercial, industrial, and agricultural | 3,676 | 128 | 128 | 5,084 | 160 | 160 | |||||||||||||||||
Commercial mortgage | 3,250 | 62 | 62 | 4,511 | 66 | 66 | |||||||||||||||||
Residential real estate | 368 | 11 | 11 | 0 | 0 | 0 | |||||||||||||||||
Total | $ | 16,380 | $ | 383 | $ | 383 | $ | 21,414 | $ | 391 | $ | 391 |
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
Nonaccrual | Past Due Over 90 Days Still on Accrual | Nonaccrual | Past Due Over 90 Days Still on Accrual | ||||||||||||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 9,762 | $ | 116 | $ | 11,644 | $ | 0 | |||||||||||||||||||||||||||
Commercial mortgages | 14,715 | 0 | 4,533 | 0 | |||||||||||||||||||||||||||||||
Residential real estate | 4,307 | 0 | 4,724 | 59 | |||||||||||||||||||||||||||||||
Consumer | 485 | 0 | 835 | 0 | |||||||||||||||||||||||||||||||
Credit cards | 0 | 12 | 0 | 2 | |||||||||||||||||||||||||||||||
Total | $ | 29,269 | $ | 128 | $ | 21,736 | $ | 61 |
September 30, 2019 | December 31, 2018 | ||||||||||||||
Nonaccrual | Past Due Over 90 Days Still on Accrual | Nonaccrual | Past Due Over 90 Days Still on Accrual | ||||||||||||
Commercial, industrial, and agricultural | $ | 3,994 | $ | 443 | $ | 2,076 | $ | 487 | |||||||
Commercial mortgages | 5,299 | 0 | 6,329 | 53 | |||||||||||
Residential real estate | 4,779 | 62 | 5,187 | 299 | |||||||||||
Consumer | 737 | 0 | 670 | 43 | |||||||||||
Credit cards | 0 | 45 | 0 | 5 | |||||||||||
Total | $ | 14,809 | $ | 550 | $ | 14,262 | $ | 887 |
30-59 Days Past Due | 60-89 Days Past Due | Greater Than 89 Days Past Due | Total Past Due | Loans Not Past Due | Total | ||||||||||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 445 | $ | 451 | $ | 6,551 | $ | 7,447 | $ | 1,256,074 | $ | 1,263,521 | |||||||||||||||||||||||
Commercial mortgages | 0 | 0 | 2,754 | 2,754 | 862,647 | 865,401 | |||||||||||||||||||||||||||||
Residential real estate | 809 | 1,496 | 2,162 | 4,467 | 800,946 | 805,413 | |||||||||||||||||||||||||||||
Consumer | 249 | 190 | 204 | 643 | 92,766 | 93,409 | |||||||||||||||||||||||||||||
Credit cards | 30 | 11 | 12 | 53 | 6,707 | 6,760 | |||||||||||||||||||||||||||||
Overdrafts | 0 | 0 | 0 | 0 | 284 | 284 | |||||||||||||||||||||||||||||
Total | $ | 1,533 | $ | 2,148 | $ | 11,683 | $ | 15,364 | $ | 3,019,424 | $ | 3,034,788 |
30-59 Days Past Due | 60-89 Days Past Due | Greater Than 89 Days Past Due | Total Past Due | Loans Not Past Due | Total | ||||||||||||||||||
Commercial, industrial, and agricultural | $ | 1,508 | $ | 2,041 | $ | 4,080 | $ | 7,629 | $ | 1,026,002 | $ | 1,033,631 | |||||||||||
Commercial mortgages | 230 | 0 | 1,868 | 2,098 | 786,876 | 788,974 | |||||||||||||||||
Residential real estate | 2,759 | 759 | 2,415 | 5,933 | 796,398 | 802,331 | |||||||||||||||||
Consumer | 472 | 230 | 317 | 1,019 | 120,579 | 121,598 | |||||||||||||||||
Credit cards | 53 | 48 | 45 | 146 | 7,247 | 7,393 | |||||||||||||||||
Overdrafts | 0 | 0 | 0 | 0 | 642 | 642 | |||||||||||||||||
Total | $ | 5,022 | $ | 3,078 | $ | 8,725 | $ | 16,825 | $ | 2,737,744 | $ | 2,754,569 |
30-59 Days Past Due | 60-89 Days Past Due | Greater Than 89 Days Past Due | Total Past Due | Loans Not Past Due | Total | ||||||||||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 1,273 | $ | 548 | $ | 3,784 | $ | 5,605 | $ | 1,041,060 | $ | 1,046,665 | |||||||||||||||||||||||
Commercial mortgages | 162 | 183 | 2,594 | 2,939 | 811,063 | 814,002 | |||||||||||||||||||||||||||||
Residential real estate | 3,383 | 1,270 | 2,714 | 7,367 | 806,663 | 814,030 | |||||||||||||||||||||||||||||
Consumer | 412 | 311 | 415 | 1,138 | 123,647 | 124,785 | |||||||||||||||||||||||||||||
Credit cards | 48 | 54 | 2 | 104 | 7,465 | 7,569 | |||||||||||||||||||||||||||||
Overdrafts | 0 | 0 | 0 | 0 | 2,146 | 2,146 | |||||||||||||||||||||||||||||
Total | $ | 5,278 | $ | 2,366 | $ | 9,509 | $ | 17,153 | $ | 2,792,044 | $ | 2,809,197 |
30-59 Days Past Due | 60-89 Days Past Due | Greater Than 89 Days Past Due | Total Past Due | Loans Not Past Due | Total | ||||||||||||||||||
Commercial, industrial, and agricultural | $ | 2,339 | $ | 9 | $ | 2,264 | $ | 4,612 | $ | 911,685 | $ | 916,297 | |||||||||||
Commercial mortgages | 758 | 3,055 | 283 | 4,096 | 693,680 | 697,776 | |||||||||||||||||
Residential real estate | 3,982 | 1,257 | 3,988 | 9,227 | 762,082 | 771,309 | |||||||||||||||||
Consumer | 470 | 282 | 363 | 1,115 | 84,920 | 86,035 | |||||||||||||||||
Credit cards | 59 | 15 | 5 | 79 | 7,544 | 7,623 | |||||||||||||||||
Overdrafts | 0 | 0 | 0 | 0 | 308 | 308 | |||||||||||||||||
Total | $ | 7,608 | $ | 4,618 | $ | 6,903 | $ | 19,129 | $ | 2,460,219 | $ | 2,479,348 |
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Loans | Loan Balance | Specific Reserve | Number of Loans | Loan Balance | Specific Reserve | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, industrial and agricultural | 18 | $ | 4,505 | $ | 507 | 10 | $ | 3,093 | $ | 28 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 13 | 6,494 | 309 | 13 | 6,709 | 330 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 1 | 114 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit cards | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 32 | $ | 11,113 | $ | 816 | 23 | $ | 9,802 | $ | 358 |
September 30, 2019 | December 31, 2018 | ||||||||||||||||||||
Number of Loans | Loan Balance | Specific Reserve | Number of Loans | Loan Balance | Specific Reserve | ||||||||||||||||
Commercial, industrial, and agricultural | 10 | $ | 3,197 | $ | 38 | 10 | $ | 4,577 | $ | 104 | |||||||||||
Commercial mortgages | 13 | 7,002 | 536 | 15 | 10,049 | 4,450 | |||||||||||||||
Residential real estate | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Consumer | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Credit cards | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Total | 23 | $ | 10,199 | $ | 574 | 25 | $ | 14,626 | $ | 4,554 |
Three and six months ended June 30, 2020 | |||||||||||||||||||||||||||||
Number of Loans | Pre-Modification Outstanding Recorded Investment Balance | Post-Modification Outstanding Recorded Investment Reserve | |||||||||||||||||||||||||||
Commercial, industrial and agricultural | 8 | $ | 1,593 | $ | 1,593 | ||||||||||||||||||||||||
Commercial mortgages | 0 | 0 | 0 | ||||||||||||||||||||||||||
Residential real estate | 1 | 116 | 116 | ||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | ||||||||||||||||||||||||||
Credit cards | 0 | 0 | 0 | ||||||||||||||||||||||||||
Total | 9 | $ | 1,709 | $ | 1,709 |
Three and nine months ended September 30, 2019 | Nine months ended September 30, 2018 | ||||||||||||||||||||
Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||
Commercial, industrial, and agricultural | 0 | $ | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | |||||||||||
Commercial mortgages | 1 | 383 | 383 | 4 | 1,091 | 1,091 | |||||||||||||||
Residential real estate | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Consumer | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Credit cards | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Total | 1 | $ | 383 | $ | 383 | 4 | $ | 1,091 | $ | 1,091 |
Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||||||||||||||
Commercial, industrial, and agricultural | $ | 997,103 | $ | 19,197 | $ | 17,331 | $ | 0 | $ | 1,033,631 | ||||||||||||||||||||||||||||||||||||||
Commercial, industrial and agricultural | Commercial, industrial and agricultural | $ | 1,226,388 | $ | 10,889 | $ | 26,244 | $ | 0 | $ | 1,263,521 | |||||||||||||||||||||||||||||||||||||
Commercial mortgages | 770,873 | 9,753 | 8,348 | 0 | 788,974 | Commercial mortgages | 818,811 | 13,465 | 33,125 | 0 | 865,401 | |||||||||||||||||||||||||||||||||||||
Total | $ | 1,767,976 | $ | 28,950 | $ | 25,679 | $ | 0 | $ | 1,822,605 | Total | $ | 2,045,199 | $ | 24,354 | $ | 59,369 | $ | 0 | $ | 2,128,922 |
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||
Commercial, industrial, and agricultural | $ | 890,360 | $ | 10,484 | $ | 15,453 | $ | 0 | $ | 916,297 | |||||||||
Commercial mortgages | 684,806 | 3,236 | 9,734 | 0 | 697,776 | ||||||||||||||
Total | $ | 1,575,166 | $ | 13,720 | $ | 25,187 | $ | 0 | $ | 1,614,073 |
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 1,004,445 | $ | 16,696 | $ | 25,524 | $ | 0 | $ | 1,046,665 | |||||||||||||||||||
Commercial mortgages | 780,798 | 18,837 | 14,367 | 0 | 814,002 | ||||||||||||||||||||||||
Total | $ | 1,785,243 | $ | 35,533 | $ | 39,891 | $ | 0 | $ | 1,860,667 |
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Real Estate | Consumer | Credit Cards | Residential Real Estate | Consumer | Credit Cards | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 801,106 | $ | 92,924 | $ | 6,748 | $ | 809,247 | $ | 123,950 | $ | 7,567 | |||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 4,307 | 485 | 12 | 4,783 | 835 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 805,413 | $ | 93,409 | $ | 6,760 | $ | 814,030 | $ | 124,785 | $ | 7,569 |
September 30, 2019 | December 31, 2018 | ||||||||||||||||||||||
Residential Real Estate | Consumer | Credit Cards | Residential Real Estate | Consumer | Credit Cards | ||||||||||||||||||
Performing | $ | 797,490 | $ | 120,861 | $ | 7,348 | $ | 765,823 | $ | 85,322 | $ | 7,618 | |||||||||||
Nonperforming | 4,841 | 737 | 45 | 5,486 | 713 | 5 | |||||||||||||||||
Total | $ | 802,331 | $ | 121,598 | $ | 7,393 | $ | 771,309 | $ | 86,035 | $ | 7,623 |
June 30, 2020 | December 31, 2019 | ||||||||||
Consumer | $ | 25,760 | $ | 28,122 | |||||||
Less: unearned discount | (4,617) | (5,162) | |||||||||
Total | $ | 21,143 | $ | 22,960 |
9/30/2019 | 12/31/2018 | ||||||
Consumer | $ | 27,664 | $ | 26,568 | |||
Less: unearned discount | (5,067 | ) | (4,791 | ) | |||
Total | $ | 22,597 | $ | 21,777 |
Leases | Classification | June 30, 2020 | December 31, 2019 | |||||||||||||||||
Assets: | ||||||||||||||||||||
Operating lease assets | Operating lease assets | $ | 17,993 | $ | 18,422 | |||||||||||||||
Finance lease assets | Premises and equipment, net (1) | 465 | 501 | |||||||||||||||||
Total leased assets | $ | 18,458 | $ | 18,923 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Operating lease liabilities | Operating lease liabilities | $ | 19,071 | $ | 19,363 | |||||||||||||||
Finance lease liabilities | Accrued interest payable and other liabilities | 590 | 629 | |||||||||||||||||
Total leased liabilities | $ | 19,661 | $ | 19,992 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
Lease Cost | Classification | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||
Operating lease cost | Net occupancy expense | $ | 459 | $ | 400 | $ | 914 | $ | 805 | |||||||||||||||||||||||||||||||||||
Variable lease cost | Net occupancy expense | 17 | 15 | 41 | 49 | |||||||||||||||||||||||||||||||||||||||
Finance lease cost: | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of leased assets | Net occupancy expense | 18 | 18 | 36 | 36 | |||||||||||||||||||||||||||||||||||||||
Interest on lease liabilities | Interest expense - borrowed funds | 7 | 8 | 14 | 16 | |||||||||||||||||||||||||||||||||||||||
Sublease income (1) | Net occupancy expense | (21) | (20) | (42) | (41) | |||||||||||||||||||||||||||||||||||||||
Net lease cost | $ | 480 | $ | 421 | $ | 963 | $ | 865 |
Maturity of Lease Liabilities as of June 30, 2020 | Operating Leases (1) | Finance Leases | Total | |||||||||||||||||
2020 | $ | 805 | $ | 52 | $ | 857 | ||||||||||||||
2021 | 1,612 | 105 | 1,717 | |||||||||||||||||
2022 | 1,658 | 105 | 1,763 | |||||||||||||||||
2023 | 1,548 | 105 | 1,653 | |||||||||||||||||
2024 | 1,514 | 105 | 1,619 | |||||||||||||||||
After 2024 | 19,373 | 210 | 19,583 | |||||||||||||||||
Total lease payments | 26,510 | 682 | 27,192 | |||||||||||||||||
Less: Interest | 7,439 | 92 | 7,531 | |||||||||||||||||
Present value of lease liabilities | $ | 19,071 | $ | 590 | $ | 19,661 |
Lease Term and Discount Rate | June 30, 2020 | December 31, 2019 | ||||||||||||
Weighted-average remaining lease term (years) | ||||||||||||||
Operating leases | 18.3 | 18.7 | ||||||||||||
Finance leases | 6.5 | 7.0 | ||||||||||||
Weighted-average discount rate | ||||||||||||||
Operating leases | 3.52 | % | 3.52 | % | ||||||||||
Finance leases | 4.49 | % | 4.49 | % |
Other Information | June 30, 2020 | June 30, 2019 | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||||||||
Operating cash flows from operating leases | $ | 462 | $ | 409 |
June 30, 2020 | December 31, 2019 | Percentage Change | |||||||||||||||
Checking, non-interest bearing | $ | 507,236 | $ | 382,259 | 32.7 | % | |||||||||||
Checking, interest bearing | 806,638 | 628,579 | 28.3 | % | |||||||||||||
Savings accounts | 1,880,252 | 1,663,673 | 13.0 | % | |||||||||||||
Certificates of deposit | 401,896 | 427,816 | (6.1) | % | |||||||||||||
Total | $ | 3,596,022 | $ | 3,102,327 | 15.9 | % |
9/30/2019 | 12/31/2018 | Percentage Change | ||||||||
Checking, non-interest bearing | $ | 370,761 | $ | 356,797 | 3.9 | % | ||||
Checking, interest bearing | 593,057 | 600,046 | (1.2 | )% | ||||||
Savings accounts | 1,537,672 | 1,258,506 | 22.2 | % | ||||||
Certificates of deposit | 374,105 | 395,437 | (5.4 | )% | ||||||
Total | $ | 2,875,595 | $ | 2,610,786 | 10.1 | % |
Shares | Per Share Weighted Average Grant Date Fair Value | ||||||||||
Nonvested at beginning of period | 55,766 | $ | 27.42 | ||||||||
Granted | 0 | 0.00 | |||||||||
Vested | (300) | 17.83 | |||||||||
Nonvested at end of period | 55,466 | $ | 27.47 |
Shares | Per Share Weighted Average Grant Date Fair Value | ||||||||||
Nonvested at beginning of period | 58,370 | $ | 24.96 | ||||||||
Granted | 23,658 | 29.56 | |||||||||
Vested | (26,562) | 24.01 | |||||||||
Nonvested at end of period | 55,466 | $ | 27.47 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Basic earnings per common share computation: | |||||||||||||||||||||||||||||||||||
Net income per consolidated statements of income | $ | 8,246 | $ | 9,767 | $ | 17,059 | $ | 19,240 | |||||||||||||||||||||||||||
Net earnings allocated to participating securities | (29) | (40) | (59) | (78) | |||||||||||||||||||||||||||||||
Net earnings allocated to common stock | $ | 8,217 | $ | 9,727 | $ | 17,000 | $ | 19,162 | |||||||||||||||||||||||||||
Distributed earnings allocated to common stock | $ | 2,608 | $ | 2,580 | $ | 5,216 | $ | 5,160 | |||||||||||||||||||||||||||
Undistributed earnings allocated to common stock | 5,609 | 7,147 | 11,784 | 14,002 | |||||||||||||||||||||||||||||||
Net earnings allocated to common stock | $ | 8,217 | $ | 9,727 | $ | 17,000 | $ | 19,162 | |||||||||||||||||||||||||||
Weighted average common shares outstanding, including shares considered participating securities | 15,393 | 15,230 | 15,365 | 15,230 | |||||||||||||||||||||||||||||||
Less: Average participating securities | (52) | (62) | (52) | (62) | |||||||||||||||||||||||||||||||
Weighted average shares | 15,341 | 15,168 | 15,313 | 15,168 | |||||||||||||||||||||||||||||||
Basic earnings per common share | $ | 0.54 | $ | 0.64 | $ | 1.11 | $ | 1.26 | |||||||||||||||||||||||||||
Diluted earnings per common share computation: | |||||||||||||||||||||||||||||||||||
Net earnings allocated to common stock | $ | 8,217 | $ | 9,727 | $ | 17,000 | $ | 19,162 | |||||||||||||||||||||||||||
Weighted average common shares outstanding for basic earnings per common share | 15,341 | 15,168 | 15,313 | 15,168 | |||||||||||||||||||||||||||||||
Add: Dilutive effects of assumed exercises of stock options | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Weighted average shares and dilutive potential common shares | 15,341 | 15,168 | 15,313 | 15,168 | |||||||||||||||||||||||||||||||
Diluted earnings per common share | $ | 0.54 | $ | 0.64 | $ | 1.11 | $ | 1.26 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Basic earnings per common share computation: | |||||||||||||||
Net income per consolidated statements of income | $ | 10,357 | $ | 9,236 | $ | 29,597 | $ | 24,774 | |||||||
Net earnings allocated to participating securities | (37 | ) | (40 | ) | (114 | ) | (113 | ) | |||||||
Net earnings allocated to common stock | $ | 10,320 | $ | 9,196 | $ | 29,483 | $ | 24,661 | |||||||
Distributed earnings allocated to common stock | $ | 2,573 | $ | 2,586 | $ | 7,734 | $ | 7,607 | |||||||
Undistributed earnings allocated to common stock | 7,747 | 6,610 | 21,749 | 17,054 | |||||||||||
Net earnings allocated to common stock | $ | 10,320 | $ | 9,196 | $ | 29,483 | $ | 24,661 | |||||||
Weighted average common shares outstanding, including shares considered participating securities | 15,197 | 15,285 | 15,218 | 15,281 | |||||||||||
Less: Average participating securities | (51 | ) | (60 | ) | (58 | ) | (67 | ) | |||||||
Weighted average shares | 15,146 | 15,225 | 15,160 | 15,214 | |||||||||||
Basic earnings per common share | $ | 0.68 | $ | 0.60 | $ | 1.94 | $ | 1.62 | |||||||
Diluted earnings per common share computation: | |||||||||||||||
Net earnings allocated to common stock | $ | 10,320 | $ | 9,196 | $ | 29,483 | $ | 24,661 | |||||||
Weighted average common shares outstanding for basic earnings per common share | 15,146 | 15,225 | 15,160 | 15,214 | |||||||||||
Add: Dilutive effects of assumed exercises of stock options | 0 | 0 | 0 | 0 | |||||||||||
Weighted average shares and dilutive potential common shares | 15,146 | 15,225 | 15,160 | 15,214 | |||||||||||
Diluted earnings per common share | $ | 0.68 | $ | 0.60 | $ | 1.94 | $ | 1.62 |
Fair value as of | |||||||||
Balance Sheet Location | September 30, 2019 | December 31, 2018 | |||||||
Interest rate contracts | Accrued interest and other liabilities | $ | (583 | ) | $ | (201 | ) |
Fair value as of | |||||||||||||||||||||||
Balance Sheet Location | June 30, 2020 | December 31, 2019 | |||||||||||||||||||||
Interest rate contracts | Accrued interest and other liabilities | $ | (906) | $ | (485) |
For the Three Months Ended September 30, 2019 | (a) | (b) | (c) | (d) | (e) | |||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2020 | For the Three Months Ended June 30, 2020 | (a) | (b) | (c) | (d) | (e) | ||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | (45 | ) | Interest expense – subordinated debentures | $ | (11 | ) | Other income | $ | 0 | Interest rate contracts | $ | (4) | Interest expense – subordinated debentures | $ | (65) | Other income | $ | 0 | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2019 | (a) | (b) | (c) | (d) | (e) | |||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2020 | For the Six Months Ended June 30, 2020 | (a) | (b) | (c) | (d) | (e) | ||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | (302 | ) | Interest expense – subordinated debentures | $ | (31 | ) | Other income | $ | 0 | Interest rate contracts | $ | (333) | Interest expense – subordinated debentures | $ | (86) | Other income | $ | 0 | |||||||||||||||||||||||||
For the Three Months Ended September 30, 2018 | (a) | (b) | (c) | (d) | (e) | |||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2019 | For the Three Months Ended June 30, 2019 | (a) | (b) | (c) | (d) | (e) | ||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 36 | Interest expense – subordinated debentures | $ | (44 | ) | Other income | $ | 0 | Interest rate contracts | $ | (162) | Interest expense – subordinated debentures | $ | (14) | Other income | $ | 0 | ||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2018 | (a) | (b) | (c) | (d) | (e) | |||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2019 | For the Six Months Ended June 30, 2019 | (a) | (b) | (c) | (d) | (e) | ||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 134 | Interest expense – subordinated debentures | $ | (149 | ) | Other income | $ | 0 | Interest rate contracts | $ | (257) | Interest expense – subordinated debentures | $ | (20) | Other income | $ | 0 |
Notional Amount | Weighted Average Maturity (in years) | Weighted Average Fixed Rate | Weighted Average Variable Rate | Fair Value | |||||||||||||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||||||||||||||
3rd Party interest rate swaps | $ | 34,739 | 7.2 | 4.13 | % | 1 month LIBOR + 2.27% | $ | 4,709 | (a) | ||||||||||||||||||||||||||
Customer interest rate swaps | (34,739) | 7.2 | 4.13 | % | 1 month LIBOR + 2.27% | (4,709) | (b) | ||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||
3rd Party interest rate swaps | $ | 35,382 | 7.7 | 4.13 | % | 1 month LIBOR + 2.27% | $ | 1,877 | (a) | ||||||||||||||||||||||||||
Customer interest rate swaps | (35,382) | 7.7 | 4.13 | % | 1 month LIBOR + 2.27% | (1,877) | (b) |
Notional Amount | Weighted Average Maturity (in years) | Weighted Average Fixed Rate | Weighted Average Variable Rate | Fair Value | ||||||||||||
September 30, 2019 | ||||||||||||||||
3rd Party interest rate swaps | $ | 35,702 | 8.0 | 4.13 | % | 1 month LIBOR + 2.27% | $ | 2,572 | (a) | |||||||
Customer interest rate swaps | (35,702 | ) | 8.0 | 4.13 | % | 1 month LIBOR + 2.27% | (2,572 | ) | (b) | |||||||
December 31, 2018 | ||||||||||||||||
3rd Party interest rate swaps | $ | 23,152 | 7.2 | 3.85 | % | 1 month LIBOR + 2.24% | $ | 485 | (a) | |||||||
Customer interest rate swaps | (23,152 | ) | 7.2 | 3.85 | % | 1 month LIBOR + 2.24 | (485 | ) | (b) |
Fair Value Measurements at June 30, 2020 Using: | |||||||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Securities Available For Sale: | |||||||||||||||||||||||||||||||||||
U.S. Government sponsored entities | $ | 146,619 | $ | 0 | $ | 146,619 | $ | 0 | |||||||||||||||||||||||||||
States and political subdivisions | 64,191 | 0 | 64,191 | 0 | |||||||||||||||||||||||||||||||
Residential and multi-family mortgage | 304,771 | 5,130 | 299,641 | 0 | |||||||||||||||||||||||||||||||
Corporate notes and bonds | 9,172 | 0 | 9,172 | 0 | |||||||||||||||||||||||||||||||
Pooled SBA | 23,358 | 0 | 23,358 | 0 | |||||||||||||||||||||||||||||||
Other | 983 | 983 | 0 | 0 | |||||||||||||||||||||||||||||||
Total Securities Available For Sale | $ | 549,094 | $ | 6,113 | $ | 542,981 | $ | 0 | |||||||||||||||||||||||||||
Interest Rate swaps | $ | 4,709 | $ | 0 | $ | 4,709 | $ | 0 | |||||||||||||||||||||||||||
Trading Securities: | |||||||||||||||||||||||||||||||||||
Corporate equity securities | $ | 3,847 | $ | 3,847 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Mutual funds | 994 | 994 | 0 | 0 | |||||||||||||||||||||||||||||||
Certificates of deposit | 322 | 322 | 0 | 0 | |||||||||||||||||||||||||||||||
Corporate notes and bonds | 675 | 675 | 0 | 0 | |||||||||||||||||||||||||||||||
U.S. Government sponsored entities | 51 | 0 | 51 | 0 | |||||||||||||||||||||||||||||||
Total Trading Securities | $ | 5,889 | $ | 5,838 | $ | 51 | $ | 0 | |||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | (5,615) | $ | 0 | $ | (5,615) | $ | 0 | |||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2019 Using: | |||||||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Securities Available For Sale: | |||||||||||||||||||||||||||||||||||
U.S. Government sponsored entities | $ | 127,094 | $ | 0 | $ | 127,094 | $ | 0 | |||||||||||||||||||||||||||
States and political subdivisions | 104,363 | 0 | 104,363 | 0 | |||||||||||||||||||||||||||||||
Residential and multi-family mortgage | 276,636 | 0 | 273,841 | 2,795 | |||||||||||||||||||||||||||||||
Corporate notes and bonds | 8,082 | 0 | 8,082 | 0 | |||||||||||||||||||||||||||||||
Pooled SBA | 25,174 | 0 | 25,174 | 0 | |||||||||||||||||||||||||||||||
Other | 964 | 964 | 0 | 0 | |||||||||||||||||||||||||||||||
Total Securities Available For Sale | $ | 542,313 | $ | 964 | $ | 538,554 | $ | 2,795 | |||||||||||||||||||||||||||
Interest Rate swaps | $ | 1,877 | $ | 0 | $ | 1,877 | $ | 0 | |||||||||||||||||||||||||||
Trading Securities: | |||||||||||||||||||||||||||||||||||
Corporate equity securities | $ | 7,946 | $ | 7,946 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Mutual funds | 807 | 807 | 0 | 0 | |||||||||||||||||||||||||||||||
Certificates of deposit | 350 | 350 | 0 | 0 | |||||||||||||||||||||||||||||||
Corporate notes and bonds | 655 | 655 | 0 | 0 | |||||||||||||||||||||||||||||||
U.S. Government sponsored entities | 51 | 0 | 51 | 0 | |||||||||||||||||||||||||||||||
Total Trading Securities | $ | 9,809 | $ | 9,758 | $ | 51 | $ | 0 | |||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | (2,362) | $ | 0 | $ | (2,362) | $ | 0 |
Fair Value Measurements at June 30, 2020 Using: | |||||||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 5,417 | 0 | 0 | $ | 5,417 | |||||||||||||||||||||||||||||
Commercial mortgages | $ | 10,981 | 0 | 0 | $ | 10,981 | |||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2019 Using | |||||||||||||||||||||||||||||||||||
Quoted Prices in | Significant | ||||||||||||||||||||||||||||||||||
Active Markets for | Significant Other | Unobservable | |||||||||||||||||||||||||||||||||
Identical Assets | Observable Inputs | Inputs | |||||||||||||||||||||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 2,910 | 0 | 0 | $ | 2,910 | |||||||||||||||||||||||||||||
Commercial mortgages | $ | 1,147 | 0 | 0 | $ | 1,147 |
value | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | ||||||||||||||||||||
Impaired loans – commercial, industrial and | $5,417 | Collateral based measurements | Discount to reflect current market conditions and ultimate collectability | 0%-100% (30%) | |||||||||||||||||||
Impaired loans – commercial mortgages | $10,981 | Collateral based measurements | Discount to reflect current market conditions and ultimate collectability | 25%-100% (30%) |
value | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | ||||||||||||||||||||
Impaired loans – commercial, industrial and | $2,910 | Collateral based measurements | Discount to reflect current market conditions and ultimate collectability | 0%-60% (54%) | |||||||||||||||||||
Impaired loans – commercial mortgages | $1,147 | Collateral based measurements | Discount to reflect current market conditions and ultimate collectability | 25%-100% (52%) |
Carrying | Fair Value Measurement Using: | Total | |||||||||||||||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 663,348 | $ | 663,348 | $ | 0 | $ | 0 | $ | 663,348 | |||||||||||||||||||||||||||||||
Securities available for sale | 549,094 | 6,113 | 542,981 | 0 | 549,094 | ||||||||||||||||||||||||||||||||||||
Trading securities | 5,889 | 5,838 | 51 | 0 | 5,889 | ||||||||||||||||||||||||||||||||||||
Loans held for sale | 6,065 | 0 | 6,087 | 0 | 6,087 | ||||||||||||||||||||||||||||||||||||
Net loans | 3,005,642 | 0 | 0 | 2,947,830 | 2,947,830 | ||||||||||||||||||||||||||||||||||||
FHLB and other restricted interests | 28,661 | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||||||||||||||
Interest rate swaps | 4,709 | 0 | 4,709 | 0 | 4,709 | ||||||||||||||||||||||||||||||||||||
Accrued interest receivable | 14,659 | 32 | 2,852 | 11,775 | 14,659 | ||||||||||||||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||||||||||||||
Deposits | $ | (3,596,022) | $ | (3,194,126) | $ | (414,180) | $ | 0 | $ | (3,608,306) | |||||||||||||||||||||||||||||||
FHLB and other borrowings | (416,313) | 0 | (422,324) | 0 | (422,324) | ||||||||||||||||||||||||||||||||||||
Subordinated debentures | (70,620) | 0 | (62,276) | 0 | (62,276) | ||||||||||||||||||||||||||||||||||||
Interest rate swaps | (5,615) | 0 | (5,615) | 0 | (5,615) | ||||||||||||||||||||||||||||||||||||
Accrued interest payable | (1,677) | 0 | (1,677) | 0 | (1,677) |
Carrying | Fair Value Measurement Using: | Total | |||||||||||||||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 192,974 | $ | 192,974 | $ | 0 | $ | 0 | $ | 192,974 | |||||||||||||||||||||||||||||||
Securities available for sale | 542,313 | 964 | 538,554 | 2,795 | 542,313 | ||||||||||||||||||||||||||||||||||||
Trading securities | 9,809 | 9,758 | 51 | 0 | 9,809 | ||||||||||||||||||||||||||||||||||||
Loans held for sale | 930 | 0 | 933 | 0 | 933 | ||||||||||||||||||||||||||||||||||||
Net loans | 2,784,562 | 0 | 0 | 2,765,133 | 2,765,133 | ||||||||||||||||||||||||||||||||||||
FHLB and other restricted interests | 27,868 | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||||||||||||||
Interest rate swaps | 1,877 | 0 | 1,877 | 0 | 1,877 | ||||||||||||||||||||||||||||||||||||
Accrued interest receivable | 11,486 | 6 | 3,238 | 8,242 | 11,486 | ||||||||||||||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||||||||||||||
Deposits | $ | (3,102,327) | $ | (2,674,511) | $ | (432,287) | $ | 0 | $ | (3,106,798) | |||||||||||||||||||||||||||||||
FHLB and other borrowings | (227,907) | 0 | (230,679) | 0 | (230,679) | ||||||||||||||||||||||||||||||||||||
Subordinated debentures | (70,620) | 0 | (64,084) | 0 | (64,084) | ||||||||||||||||||||||||||||||||||||
Interest rate swaps | (2,362) | 0 | (2,632) | 0 | (2,632) | ||||||||||||||||||||||||||||||||||||
Accrued interest payable | (1,597) | 0 | (1,597) | 0 | (1,597) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Non-interest Income | |||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | $ | 924 | $ | 1,569 | $ | 2,451 | $ | 3,050 | |||||||||||||||||||||||||||
Wealth and asset management fees | 1,374 | 1,202 | 2,667 | 2,244 | |||||||||||||||||||||||||||||||
Mortgage banking (1) | 664 | 370 | 1,001 | 609 | |||||||||||||||||||||||||||||||
Card processing and interchange income | 1,325 | 1,221 | 2,453 | 2,250 | |||||||||||||||||||||||||||||||
Net gains (losses) on sales of securities (1) | 2,190 | 0 | 2,190 | 148 | |||||||||||||||||||||||||||||||
Other income | 1,472 | 2,430 | 2,551 | 4,644 | |||||||||||||||||||||||||||||||
Total non-interest income | $ | 7,949 | $ | 6,792 | $ | 13,313 | $ | 12,945 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Non-interest Income | |||||||||||||||
Service charges on deposit accounts | $ | 1,676 | $ | 1,584 | $ | 4,726 | $ | 4,102 | |||||||
Wealth and asset management fees | 1,238 | 1,031 | 3,482 | 3,151 | |||||||||||
Mortgage banking (1) | 408 | 283 | 1,017 | 801 | |||||||||||
Card processing and interchange income | 1,195 | 1,066 | 3,445 | 3,140 | |||||||||||
Net gains (losses) on sales of securities (1) | 0 | 0 | 148 | 0 | |||||||||||
Other income | 1,759 | 1,969 | 6,403 | 5,096 | |||||||||||
Total non-interest income | $ | 6,276 | $ | 5,933 | $ | 19,221 | $ | 16,290 |
Leases | Classification | September 30, 2019 | ||||
Assets: | ||||||
Operating lease assets | Operating lease assets | $ | 16,837 | |||
Finance lease assets | Premises and equipment, net (1) | 519 | ||||
Total leased assets | $ | 17,356 | ||||
Liabilities: | ||||||
Operating lease liabilities | Operating lease liabilities | $ | 17,696 | |||
Finance lease liabilities | Accrued interest payable and other liabilities | 648 | ||||
Total leased liabilities | $ | 18,344 |
Three months ended September 30, | Nine months ended September 30, | |||||||||
Lease Cost | Classification | 2019 | 2019 | |||||||
Operating lease cost | Net occupancy expense | $ | 423 | $ | 1,228 | |||||
Variable lease cost | Net occupancy expense | 33 | 82 | |||||||
Finance lease cost: | ||||||||||
Amortization of leased assets | Net occupancy expense | 18 | 54 | |||||||
Interest on lease liabilities | Interest expense - borrowed funds | 7 | 23 | |||||||
Sublease income (1) | Net occupancy expense | (21 | ) | (62 | ) | |||||
Net lease cost | $ | 460 | $ | 1,325 |
Maturity of Lease Liabilities as of September 30, 2019 | Operating Leases (1) | Finance Leases | Total | |||||||||
2019 | $ | 339 | $ | 26 | $ | 365 | ||||||
2020 | 1,430 | 105 | 1,535 | |||||||||
2021 | 1,483 | 105 | 1,588 | |||||||||
2022 | 1,538 | 105 | 1,643 | |||||||||
2023 | 1,458 | 105 | 1,563 | |||||||||
After 2023 | 17,932 | 315 | 18,247 | |||||||||
Total lease payments | 24,180 | 761 | 24,941 | |||||||||
Less: Interest | 6,484 | 113 | 6,597 | |||||||||
Present value of lease liabilities | $ | 17,696 | $ | 648 | $ | 18,344 |
Other Information | September 30, 2019 | |||
Cash paid for amounts included in the measurement of lease liabilities | ||||
Operating cash flows from operating leases | $ | 557 | ||
Leased assets obtained in exchange from new operating lease liabilities | 17,674 |
Six months ending June 30, 2020 | Year ending December 31, 2019 | Six months ending June 30, 2019 | |||||||||||||||
Balance at beginning of period | $ | 19,473 | $ | 19,704 | $ | 19,704 | |||||||||||
Charge-offs: | |||||||||||||||||
Commercial, industrial and agricultural | (2,648) | (205) | 0 | ||||||||||||||
Commercial mortgages | 0 | (3,391) | (2) | ||||||||||||||
Residential real estate | (162) | (386) | (244) | ||||||||||||||
Consumer | (1,005) | (2,200) | (1,062) | ||||||||||||||
Credit cards | (72) | (116) | (52) | ||||||||||||||
Overdrafts | (214) | (453) | (216) | ||||||||||||||
(4,101) | (6,751) | (1,576) | |||||||||||||||
Recoveries: | |||||||||||||||||
Commercial, industrial and agricultural | 25 | 17 | 8 | ||||||||||||||
Commercial mortgages | 174 | 124 | 1 | ||||||||||||||
Residential real estate | 3 | 73 | 67 | ||||||||||||||
Consumer | 81 | 154 | 74 | ||||||||||||||
Credit cards | 11 | 15 | 6 | ||||||||||||||
Overdraft deposit accounts | 104 | 113 | 59 | ||||||||||||||
398 | 496 | 215 | |||||||||||||||
Net charge-offs | (3,703) | (6,255) | (1,361) | ||||||||||||||
Provision for loan losses | 8,759 | 6,024 | 3,094 | ||||||||||||||
Balance at end of period | $ | 24,529 | $ | 19,473 | $ | 21,437 | |||||||||||
Loans, net of unearned | $ | 3,030,171 | $ | 2,804,035 | $ | 2,622,358 | |||||||||||
Allowance to net loans | 0.81 | % | 0.69 | % | 0.82 | % | |||||||||||
Net charge-offs to average loans (annualized) | 0.26 | % | 0.24 | % | 0.11 | % | |||||||||||
Nonperforming assets | $ | 30,395 | $ | 23,430 | $ | 15,764 | |||||||||||
Nonperforming % of total assets | 0.68 | % | 0.62 | % | 0.46 | % | |||||||||||
Excluding PPP-related assets | |||||||||||||||||
Allowance to net loans | 0.87 | % | 0.69 | % | 0.82 | % | |||||||||||
Net charge-offs to average loans (annualized) | 0.26 | % | 0.24 | % | 0.11 | % | |||||||||||
Nonperforming % of total assets | 0.80 | % | 0.62 | % | 0.46 | % |
Nine months ending September 30, 2019 | Year ending December 31, 2018 | Nine months ending September 30, 2018 | |||||||||
Balance at beginning of period | $ | 19,704 | $ | 19,693 | $ | 19,693 | |||||
Charge-offs: | |||||||||||
Commercial, industrial, and agricultural | (160 | ) | (253 | ) | (61 | ) | |||||
Commercial mortgages | (2,652 | ) | (3,337 | ) | 0 | ||||||
Residential real estate | (282 | ) | (315 | ) | (289 | ) | |||||
Consumer | (1,609 | ) | (2,279 | ) | (1,610 | ) | |||||
Credit cards | (55 | ) | (90 | ) | (53 | ) | |||||
Overdrafts | (329 | ) | (319 | ) | (236 | ) | |||||
(5,087 | ) | (6,593 | ) | (2,249 | ) | ||||||
Recoveries: | |||||||||||
Commercial, industrial, and agricultural | 13 | 171 | 165 | ||||||||
Commercial mortgages | 66 | 30 | 0 | ||||||||
Residential real estate | 72 | 67 | 67 | ||||||||
Consumer | 132 | 141 | 112 | ||||||||
Credit cards | 12 | 33 | 27 | ||||||||
Overdraft deposit accounts | 83 | 90 | 64 | ||||||||
378 | 532 | 435 | |||||||||
Net charge-offs | (4,709 | ) | (6,061 | ) | (1,814 | ) | |||||
Provision for loan losses | 5,212 | 6,072 | 4,631 | ||||||||
Balance at end of period | $ | 20,207 | $ | 19,704 | $ | 22,510 | |||||
Loans, net of unearned | $ | 2,749,502 | $ | 2,474,557 | $ | 2,386,955 | |||||
Allowance to net loans | 0.73 | % | 0.80 | % | 0.94 | % | |||||
Net charge-offs to average loans (annualized) | 0.24 | % | 0.26 | % | 0.11 | % | |||||
Nonperforming assets | $ | 16,832 | $ | 15,567 | $ | 21,175 | |||||
Nonperforming % of total assets | 0.48 | % | 0.48 | % | 0.68 | % |
As Reported | Excluding PPP-related assets | As Reported | |||||||||||||||
June 30, 2020 | June 30, 2020 | December 31, 2019 | |||||||||||||||
Total risk-based capital ratio | 13.11 | % | 13.11 | % | 12.51 | % | |||||||||||
Tier 1 capital ratio | 10.48 | % | 10.48 | % | 10.03 | % | |||||||||||
Common equity tier 1 ratio | 9.78 | % | 9.78 | % | 9.32 | % | |||||||||||
Leverage ratio | 7.55 | % | 7.90 | % | 7.86 | % | |||||||||||
Tangible common equity/tangible assets (1) | 6.58 | % | 7.30 | % | 7.14 | % | |||||||||||
Book value per share | $ | 21.45 | $ | 21.45 | $ | 20.00 | |||||||||||
Tangible book value per share (1) | $ | 18.94 | $ | 18.94 | $ | 17.45 |
September 30, 2019 | December 31, 2018 | ||||||
Total risk-based capital ratio | 12.61 | % | 13.21 | % | |||
Tier 1 capital ratio | 10.02 | % | 10.33 | % | |||
Common equity tier 1 ratio | 9.28 | % | 9.50 | % | |||
Leverage ratio | 7.95 | % | 7.87 | % | |||
Tangible common equity/tangible assets (1) | 7.37 | % | 7.02 | % | |||
Book value per share | $ | 19.55 | $ | 17.28 | |||
Tangible book value per share (1) | $ | 16.98 | $ | 14.69 |
September 30, 2019 | December 31, 2018 | ||||||
Shareholders’ equity | $ | 297,033 | $ | 262,830 | |||
Less goodwill | 38,730 | 38,730 | |||||
Less core deposit intangible | 257 | 727 | |||||
Tangible common equity | $ | 258,046 | $ | 223,373 | |||
Total assets | $ | 3,541,170 | $ | 3,221,521 | |||
Less goodwill | 38,730 | 38,730 | |||||
Less core deposit intangible | 257 | 727 | |||||
Tangible assets | $ | 3,502,183 | $ | 3,182,064 | |||
Ending shares outstanding | 15,195,571 | 15,207,281 | |||||
Tangible book value per share | $ | 16.98 | $ | 14.69 | |||
Tangible common equity/tangible assets | 7.37 | % | 7.02 | % |
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
Fixed Rate | Variable Rate | Fixed Rate | Variable Rate | ||||||||||||||||||||||||||||||||
Commitments to make loans | $ | 46,468 | $ | 255,791 | $ | 21,375 | $ | 184,106 | |||||||||||||||||||||||||||
Unused lines of credit | 33,585 | 550,319 | 14,637 | 446,407 | |||||||||||||||||||||||||||||||
Standby letters of credit | 14,902 | 543 | 14,503 | 824 |
September 30, 2019 | December 31, 2018 | ||||||||||||||
Fixed Rate | Variable Rate | Fixed Rate | Variable Rate | ||||||||||||
Commitments to make loans | $ | 32,706 | $ | 175,015 | $ | 46,265 | $ | 191,803 | |||||||
Unused lines of credit | 16,997 | 445,311 | 14,390 | 429,456 | |||||||||||
Standby letters of credit | 14,300 | 1,074 | 14,831 | 1,479 |
September 30, 2019 | September 30, 2018 | |||||||||||||||||||||
Average Balance | Annual Rate | Interest Inc./Exp. | Average Balance | Annual Rate | Interest Inc./Exp. | |||||||||||||||||
ASSETS: | ||||||||||||||||||||||
Securities: | ||||||||||||||||||||||
Taxable (1) | $ | 452,933 | 2.76 | % | $ | 3,093 | $ | 395,390 | 2.67 | % | $ | 2,698 | ||||||||||
Tax-Exempt (1,2) | 83,060 | 3.33 | % | 680 | 95,190 | 3.44 | % | 824 | ||||||||||||||
Equity Securities (1,2) | 18,533 | 6.27 | % | 293 | 18,101 | 6.79 | % | 310 | ||||||||||||||
Total securities | 554,526 | 2.97 | % | 4,066 | 508,681 | 2.95 | % | 3,832 | ||||||||||||||
Loans: | ||||||||||||||||||||||
Commercial (2) | 1,011,725 | 5.28 | % | 13,477 | 823,602 | 5.17 | % | 10,726 | ||||||||||||||
Mortgage (2) | 1,567,186 | 5.13 | % | 20,248 | 1,436,023 | 4.93 | % | 17,859 | ||||||||||||||
Consumer | 104,779 | 10.06 | % | 2,657 | 86,998 | 10.28 | % | 2,255 | ||||||||||||||
Total loans (3) | 2,683,690 | 5.38 | % | 36,382 | 2,346,623 | 5.21 | % | 30,840 | ||||||||||||||
Total earning assets | 3,238,216 | 4.97 | % | $ | 40,448 | 2,855,304 | 4.81 | % | $ | 34,672 | ||||||||||||
Non interest-bearing assets: | ||||||||||||||||||||||
Cash and due from banks | 32,092 | 45,479 | ||||||||||||||||||||
Premises and equipment | 69,526 | 49,665 | ||||||||||||||||||||
Other assets | 137,546 | 134,307 | ||||||||||||||||||||
Allowance for loan losses | (21,958 | ) | (22,333 | ) | ||||||||||||||||||
Total non interest-bearing assets | 217,206 | 207,118 | ||||||||||||||||||||
TOTAL ASSETS | $ | 3,455,422 | $ | 3,062,422 | ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||||||||||||||||
Demand—interest-bearing | $ | 585,048 | 0.43 | % | $ | 630 | $ | 586,708 | 0.36 | % | $ | 535 | ||||||||||
Savings | 1,477,377 | 1.41 | % | 5,250 | 1,159,897 | 0.96 | % | 2,805 | ||||||||||||||
Time | 361,765 | 2.10 | % | 1,918 | 377,932 | 1.55 | % | 1,472 | ||||||||||||||
Total interest-bearing deposits | 2,424,190 | 1.28 | % | 7,798 | 2,124,537 | 0.90 | % | 4,812 | ||||||||||||||
Short-term borrowings | 38,702 | 2.43 | % | 237 | 1,727 | 2.30 | % | 10 | ||||||||||||||
Long-term borrowings | 210,189 | 2.19 | % | 1,162 | 253,376 | 2.07 | % | 1,324 | ||||||||||||||
Subordinated debentures | 70,620 | 5.54 | % | 987 | 70,620 | 5.71 | % | 1,016 | ||||||||||||||
Total interest-bearing liabilities | 2,743,701 | 1.47 | % | $ | 10,184 | 2,450,260 | 1.16 | % | $ | 7,162 | ||||||||||||
Demand—non interest-bearing | 366,424 | 329,057 | ||||||||||||||||||||
Other liabilities | 52,387 | 29,785 | ||||||||||||||||||||
Total liabilities | 3,162,512 | 2,809,102 | ||||||||||||||||||||
Shareholders’ equity | 292,910 | 253,320 | ||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 3,455,422 | $ | 3,062,422 | ||||||||||||||||||
Interest income/Earning assets | 4.97 | % | $ | 40,448 | 4.81 | % | $ | 34,672 | ||||||||||||||
Interest expense/Interest-bearing liabilities | 1.47 | % | 10,184 | 1.16 | % | 7,162 | ||||||||||||||||
Net interest spread | 3.50 | % | $ | 30,264 | 3.65 | % | $ | 27,510 | ||||||||||||||
Interest income/Earning assets | 4.97 | % | 40,448 | 4.81 | % | 34,672 | ||||||||||||||||
Interest expense/Earning assets | 1.25 | % | 10,184 | 1.00 | % | 7,162 | ||||||||||||||||
Net interest margin | 3.72 | % | $ | 30,264 | 3.81 | % | $ | 27,510 |
June 30, 2020 | June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Annual Rate | Interest Inc./Exp. | Average Balance | Annual Rate | Interest Inc./Exp. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable (1) | $ | 487,913 | 2.49 | % | $ | 2,902 | $ | 432,125 | 2.82 | % | $ | 3,031 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-Exempt (1,2) | 54,264 | 3.42 | % | 446 | 84,267 | 3.40 | % | 705 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Securities (1,2) | 14,076 | 5.20 | % | 182 | 17,860 | 6.15 | % | 274 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities | 556,253 | 2.66 | % | 3,530 | 534,252 | 3.02 | % | 4,010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial (2) | 1,241,942 | 4.19 | % | 12,953 | 969,330 | 5.39 | % | 13,036 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage (2) | 1,662,795 | 4.74 | % | 19,584 | 1,505,532 | 5.06 | % | 18,976 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 95,964 | 9.56 | % | 2,280 | 90,957 | 11.03 | % | 2,501 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans (3) | 3,000,701 | 4.67 | % | 34,817 | 2,565,819 | 5.40 | % | 34,513 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other earning assets | 346,253 | 0.10 | % | 88 | 14,935 | 3.33 | % | 124 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | 3,903,207 | 3.98 | % | $ | 38,435 | 3,115,006 | 4.98 | % | $ | 38,647 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets, net of PPP-related assets | 3,494,983 | 3,115,006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non interest-bearing assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 40,589 | 32,065 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment | 73,743 | 68,086 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 155,699 | 136,782 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (23,476) | (20,566) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non interest-bearing assets | 246,555 | 216,367 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 4,149,762 | $ | 3,331,373 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand—interest-bearing | $ | 737,903 | 0.22 | % | $ | 401 | $ | 586,111 | 0.43 | % | $ | 622 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | 1,781,282 | 0.71 | % | 3,159 | 1,401,924 | 1.37 | % | 4,804 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time | 411,648 | 2.32 | % | 2,375 | 350,594 | 2.03 | % | 1,775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 2,930,833 | 0.81 | % | 5,935 | 2,338,629 | 1.24 | % | 7,201 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 0 | 0.00 | % | 0 | 4,899 | 3.19 | % | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | 280,675 | 1.82 | % | 1,267 | 236,742 | 2.12 | % | 1,253 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debentures | 70,620 | 5.31 | % | 933 | 70,620 | 5.65 | % | 995 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 3,282,128 | 1.00 | % | $ | 8,135 | 2,650,890 | 1.44 | % | $ | 9,488 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand—non interest-bearing | 488,754 | 355,058 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 56,821 | 46,518 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 3,827,703 | 3,052,466 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 322,059 | 278,907 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 4,149,762 | $ | 3,331,373 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income/Earning assets | 3.98 | % | $ | 38,435 | 4.98 | % | $ | 38,647 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense/Interest-bearing liabilities | 1.00 | % | 8,135 | 1.44 | % | 9,488 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread | 2.98 | % | $ | 30,300 | 3.54 | % | $ | 29,159 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income/Earning assets | 3.98 | % | 38,435 | 4.98 | % | 38,647 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense/Earning assets | 0.84 | % | 8,135 | 1.22 | % | 9,488 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | 3.14 | % | $ | 30,300 | 3.76 | % | $ | 29,159 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin, net of PPP-related assets | 3.51 | % | 3.76 | % |
September 30, 2019 | September 30, 2018 | |||||||||||||||||||||
Average Balance | Annual Rate | Interest Inc./Exp. | Average Balance | Annual Rate | Interest Inc./Exp. | |||||||||||||||||
ASSETS: | ||||||||||||||||||||||
Securities: | ||||||||||||||||||||||
Taxable (1) | $ | 434,265 | 2.85 | % | $ | 9,226 | $ | 348,789 | 2.59 | % | $ | 6,862 | ||||||||||
Tax-Exempt (1,2) | 88,581 | 3.41 | % | 2,226 | 96,304 | 3.49 | % | 2,506 | ||||||||||||||
Equity Securities (1,2) | 18,331 | 6.18 | % | 847 | 19,316 | 6.09 | % | 880 | ||||||||||||||
Total securities | 541,177 | 3.06 | % | 12,299 | 464,409 | 2.92 | % | 10,248 | ||||||||||||||
Loans: | ||||||||||||||||||||||
Commercial (2) | 971,580 | 5.34 | % | 38,841 | 795,383 | 4.87 | % | 28,962 | ||||||||||||||
Mortgage (2) | 1,518,400 | 5.07 | % | 57,541 | 1,408,204 | 4.85 | % | 51,053 | ||||||||||||||
Consumer | 94,954 | 10.64 | % | 7,555 | 84,453 | 10.05 | % | 6,349 | ||||||||||||||
Total loans (3) | 2,584,934 | 5.38 | % | 103,937 | 2,288,040 | 5.05 | % | 86,364 | ||||||||||||||
Total earning assets | 3,126,111 | 4.98 | % | $ | 116,236 | 2,752,449 | 4.68 | % | $ | 96,612 | ||||||||||||
Non interest-bearing assets: | ||||||||||||||||||||||
Cash and due from banks | 35,344 | 34,326 | ||||||||||||||||||||
Premises and equipment | 68,009 | 50,117 | ||||||||||||||||||||
Other assets | 136,792 | 132,224 | ||||||||||||||||||||
Allowance for loan losses | (20,804 | ) | (21,183 | ) | ||||||||||||||||||
Total non interest-bearing assets | 219,341 | 195,484 | ||||||||||||||||||||
TOTAL ASSETS | $ | 3,345,452 | $ | 2,947,933 | ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||||||||||||||||
Demand—interest-bearing | $ | 576,816 | 0.43 | % | $ | 1,834 | $ | 580,748 | 0.37 | % | $ | 1,596 | ||||||||||
Savings | 1,402,286 | 1.37 | % | 14,344 | 1,028,187 | 0.75 | % | 5,778 | ||||||||||||||
Time | 360,631 | 2.00 | % | 5,408 | 378,241 | 1.43 | % | 4,049 | ||||||||||||||
Total interest-bearing deposits | 2,339,733 | 1.23 | % | 21,586 | 1,987,176 | 0.77 | % | 11,423 | ||||||||||||||
Short-term borrowings | 21,421 | 2.65 | % | 425 | 43,432 | 1.80 | % | 586 | ||||||||||||||
Long-term borrowings | 229,592 | 2.14 | % | 3,676 | 251,231 | 2.04 | % | 3,840 | ||||||||||||||
Subordinated debentures | 70,620 | 5.64 | % | 2,980 | 70,620 | 5.44 | % | 2,873 | ||||||||||||||
Total interest-bearing liabilities | 2,661,366 | 1.44 | % | $ | 28,667 | 2,352,459 | 1.06 | % | $ | 18,722 | ||||||||||||
Demand—non interest-bearing | 355,799 | 318,430 | ||||||||||||||||||||
Other liabilities | 48,455 | 28,842 | ||||||||||||||||||||
Total liabilities | 3,065,620 | 2,699,731 | ||||||||||||||||||||
Shareholders’ equity | 279,832 | 248,202 | ||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 3,345,452 | $ | 2,947,933 | ||||||||||||||||||
Interest income/Earning assets | 4.98 | % | $ | 116,236 | 4.68 | % | $ | 96,612 | ||||||||||||||
Interest expense/Interest-bearing liabilities | 1.44 | % | 28,667 | 1.06 | % | 18,722 | ||||||||||||||||
Net interest spread | 3.54 | % | $ | 87,569 | 3.62 | % | $ | 77,890 | ||||||||||||||
Interest income/Earning assets | 4.98 | % | 116,236 | 4.68 | % | 96,612 | ||||||||||||||||
Interest expense/Earning assets | 1.23 | % | 28,667 | 0.91 | % | 18,722 | ||||||||||||||||
Net interest margin | 3.75 | % | $ | 87,569 | 3.77 | % | $ | 77,890 |
June 30, 2020 | June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Annual Rate | Interest Inc./Exp. | Average Balance | Annual Rate | Interest Inc./Exp. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable (1) | $ | 489,644 | 2.69 | % | $ | 6,353 | $ | 422,025 | 2.84 | % | $ | 5,959 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-Exempt (1,2) | 63,124 | 3.38 | % | 1,027 | 91,388 | 3.44 | % | 1,546 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Securities (1,2) | 13,742 | 6.19 | % | 423 | 18,228 | 6.13 | % | 554 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities | 566,510 | 2.86 | % | 7,803 | 531,641 | 3.06 | % | 8,059 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial (2) | 1,153,728 | 4.55 | % | 26,132 | 951,175 | 5.38 | % | 25,365 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage (2) | 1,653,887 | 4.81 | % | 39,573 | 1,493,604 | 5.04 | % | 37,295 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 101,579 | 9.57 | % | 4,834 | 89,966 | 10.97 | % | 4,896 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans (3) | 2,909,194 | 4.88 | % | 70,539 | 2,534,745 | 5.37 | % | 67,556 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other earning assets | 228,431 | 0.46 | % | 517 | 8,950 | 3.92 | % | 174 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | 3,704,135 | 4.30 | % | $ | 78,859 | 3,075,336 | 4.97 | % | $ | 75,789 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets, net of PPP-related assets | 3,499,884 | 3,075,336 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non interest-bearing assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 38,207 | 30,812 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment | 73,578 | 67,237 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 153,199 | 136,406 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (21,501) | (20,218) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non interest-bearing assets | 243,483 | 214,237 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 3,947,618 | $ | 3,289,573 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand—interest-bearing | $ | 662,199 | 0.29 | % | $ | 939 | $ | 572,632 | 0.42 | % | $ | 1,204 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | 1,740,102 | 0.95 | % | 8,180 | 1,364,118 | 1.34 | % | 9,094 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time | 418,223 | 2.27 | % | 4,721 | 360,055 | 1.95 | % | 3,490 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 2,820,524 | 0.99 | % | 13,840 | 2,296,805 | 1.21 | % | 13,788 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 0 | 0.00 | % | 0 | 12,637 | 3.00 | % | 188 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | 253,651 | 1.98 | % | 2,494 | 239,455 | 2.12 | % | 2,514 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debentures | 70,620 | 5.40 | % | 1,897 | 70,620 | 5.69 | % | 1,993 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 3,144,795 | 1.17 | % | $ | 18,231 | 2,619,517 | 1.42 | % | $ | 18,483 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand—non interest-bearing | 429,296 | 350,399 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 55,940 | 46,465 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 3,630,031 | 3,016,381 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 317,587 | 273,192 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 3,947,618 | $ | 3,289,573 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income/Earning assets | 4.30 | % | $ | 78,859 | 4.97 | % | $ | 75,789 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense/Interest-bearing liabilities | 1.17 | % | 18,231 | 1.42 | % | 18,483 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread | 3.13 | % | $ | 60,628 | 3.55 | % | $ | 57,306 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income/Earning assets | 4.30 | % | 78,859 | 4.97 | % | 75,789 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense/Earning assets | 0.99 | % | 18,231 | 1.21 | % | 18,483 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | 3.31 | % | $ | 60,628 | 3.76 | % | $ | 57,306 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin, net of PPP-related assets | 3.50 | % | 3.76 | % |
Calculation of tangible book value per share and tangible common equity/tangible assets: | |||||||||||
June 30, 2020 | December 31, 2019 | ||||||||||
Shareholders’ equity | $ | 330,272 | $ | 304,966 | |||||||
Less goodwill | 38,730 | 38,730 | |||||||||
Less core deposit intangible | 8 | 160 | |||||||||
Tangible common equity | $ | 291,534 | $ | 266,076 | |||||||
Total assets | $ | 4,469,551 | $ | 3,763,659 | |||||||
Less goodwill | 38,730 | 38,730 | |||||||||
Less core deposit intangible | 8 | 160 | |||||||||
Tangible assets | $ | 4,430,813 | $ | 3,724,769 | |||||||
Ending shares outstanding | 15,396,561 | 15,247,985 | |||||||||
Tangible book value per share | $ | 18.94 | $ | 17.45 | |||||||
Tangible common equity/tangible assets | 6.58 | % | 7.14 | % |
Calculation of tangible common equity/tangible assets, net of PPP loans (net) and PPPLF: | June 30, 2020 | December 31, 2019 | |||||||||
Tangible common equity | $ | 291,534 | $ | 266,076 | |||||||
Tangible assets | $ | 4,430,813 | $ | 3,724,769 | |||||||
Less: PPP loans, net of deferred processing fees | 217,007 | 0 | |||||||||
Less: PPPLF deposits held at the Federal Reserve | 222,785 | 0 | |||||||||
Adjusted tangible assets | $ | 3,991,021 | $ | 3,724,769 | |||||||
Adjusted tangible common equity/tangible assets | 7.30 | % | 7.14 | % |
(unaudited) | (unaudited) | |||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Calculation of average loans, net of unearned income and PPP: | ||||||||||||||||||||||||||
Average loans, net of unearned | $ | 3,000,701 | $ | 2,565,819 | $ | 2,909,194 | $ | 2,534,745 | ||||||||||||||||||
Less: average PPP loans, net of deferred PPP processing fees | 175,653 | 0 | 87,896 | 0 | ||||||||||||||||||||||
Adjusted average loans, net of unearned income and PPP (non-GAAP) | $ | 2,825,048 | $ | 2,565,819 | $ | 2,821,298 | $ | 2,534,745 | ||||||||||||||||||
Calculation of average total earning assets, net of PPP and PPPLF: | ||||||||||||||||||||||||||
Average total earning assets | $ | 3,903,207 | $ | 3,115,006 | $ | 3,704,135 | $ | 3,075,336 | ||||||||||||||||||
Less: average PPP loans, net of deferred PPP processing fees | 175,653 | 0 | 87,896 | 0 | ||||||||||||||||||||||
Less: estimated average PPP deposits held at the Federal Reserve | 175,653 | 0 | 87,896 | 0 | ||||||||||||||||||||||
Less: average PPPLF deposits held at the Federal Reserve | 56,918 | 0 | 28,459 | 0 | ||||||||||||||||||||||
Adjusted average total earning assets, net of PPP and PPPLF (non-GAAP) | $ | 3,494,983 | $ | 3,115,006 | $ | 3,499,884 | $ | 3,075,336 | ||||||||||||||||||
Calculation of average total assets, net of PPP and PPPLF: | ||||||||||||||||||||||||||
Average total assets | $ | 4,149,762 | $ | 3,331,373 | $ | 3,947,618 | $ | 3,289,573 | ||||||||||||||||||
Less: average PPP loans, net of deferred PPP processing fees | 175,653 | 0 | 87,896 | 0 | ||||||||||||||||||||||
Less: estimated average PPP deposits held at the Federal Reserve | 175,653 | 0 | 87,896 | 0 | ||||||||||||||||||||||
Less: average PPPLF deposits held at the Federal Reserve | 56,918 | 0 | 28,459 | 0 | ||||||||||||||||||||||
Adjusted average total assets, net of PPP and PPPLF (non-GAAP) | $ | 3,741,538 | $ | 3,331,373 | $ | 3,743,367 | $ | 3,289,573 | ||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Calculation of average yield on earning assets, net of unearned income and PPP: | ||||||||||||||||||||||||||
Investment income (tax equivalent) | $ | 3,530 | $ | 4,010 | $ | 7,803 | $ | 8,059 | ||||||||||||||||||
Add: loan income (tax equivalent) | 34,817 | 34,513 | 70,539 | 67,556 | ||||||||||||||||||||||
Add: other earning asset income (tax equivalent) | 88 | 124 | 517 | 174 | ||||||||||||||||||||||
Total income related to earning assets (tax equivalent) (non-GAAP) | $ | 38,435 | $ | 38,647 | $ | 78,859 | $ | 75,789 | ||||||||||||||||||
Adjusted average total earning assets, net of PPP and PPPLF (non-GAAP) | $ | 3,494,983 | $ | 3,115,006 | $ | 3,499,884 | $ | 3,075,336 | ||||||||||||||||||
Less: average mark to market adjustment on investments (non-GAAP) | 21,665 | 2,231 | 16,936 | (277) | ||||||||||||||||||||||
Adjusted average total earning assets, net of market to market, PPP and PPPLF (non-GAAP) | $ | 3,473,318 | $ | 3,112,775 | $ | 3,482,948 | $ | 3,075,613 | ||||||||||||||||||
Adjusted average yield on earning assets, net of unearned income, PPP and PPPLF (non-GAAP) (annualized) | 4.45 | % | 4.98 | % | 4.55 | % | 4.97 | % |
Calculation of net interest margin (fully tax equivalent basis): | |||||||||||||||||||||||
Interest income (fully tax equivalent basis) (non-GAAP) | $ | 38,435 | $ | 38,647 | $ | 78,859 | $ | 75,789 | |||||||||||||||
Interest expense (fully tax equivalent basis) (non-GAAP) | 8,135 | 9,488 | 18,231 | 18,483 | |||||||||||||||||||
Net interest income (fully tax equivalent basis (non-GAAP) | $ | 30,300 | $ | 29,159 | $ | 60,628 | $ | 57,306 | |||||||||||||||
Average total earning assets | $ | 3,903,207 | $ | 3,115,006 | $ | 3,704,135 | $ | 3,075,336 | |||||||||||||||
Less: average mark to market adjustment on investments | 21,665 | 2,231 | 16,936 | (277) | |||||||||||||||||||
Adjusted average total earning assets, net of mark to market (non-GAAP) | $ | 3,881,542 | $ | 3,112,775 | $ | 3,687,199 | $ | 3,075,613 | |||||||||||||||
Net interest margin, fully tax equivalent basis (non-GAAP) (annualized) | 3.14 | % | 3.76 | % | 3.31 | % | 3.76 | % | |||||||||||||||
Calculation of net interest margin (fully tax equivalent basis), net of PPP and PPPLF: | |||||||||||||||||||||||
Net interest income (fully tax equivalent basis (non-GAAP) | $ | 30,300 | $ | 29,159 | $ | 60,628 | $ | 57,306 | |||||||||||||||
Adjusted average total earning assets, net of market to market, PPP and PPPLF (non-GAAP) | 3,473,318 | 3,112,775 | 3,482,948 | 3,075,613 | |||||||||||||||||||
Net interest margin, fully tax equivalent basis, net of PPP and PPPLF (non-GAAP) (annualized) | 3.51 | % | 3.76 | % | 3.50 | % | 3.76 | % |
(unaudited) | (unaudited) | ||||||||||
June 30, | December 31, | June 30, | |||||||||
2020 | 2019 | 2019 | |||||||||
Calculation of non-performing assets / Total assets, net of PPP and PPPLF: | |||||||||||
Non-performing assets | $ | 30,395 | $ | 23,430 | $ | 15,764 | |||||
Total assets | $ | 4,469,551 | $ | 3,763,659 | $ | 3,400,974 | |||||
Less: PPP loans, net of deferred fees | 217,007 | 0 | 0 | ||||||||
Less: estimated PPP deposits held at the Federal Reserve | 217,007 | 0 | 0 | ||||||||
Less: PPPLF deposits held at the Federal Reserve | 222,785 | 0 | 0 | ||||||||
Adjusted total assets, net of PPP and PPPLF (non-GAAP) | $ | 3,812,752 | $ | 3,763,659 | $ | 3,400,974 | |||||
Adjusted non-performing assets / total assets, net of PPP and PPPLF (non-GAAP) | 0.80 | % | 0.62 | % | 0.46 | % | |||||
Calculation of allowance / loans, net of PPP: | |||||||||||
Total allowance for loan losses | $ | 24,529 | $ | 19,473 | $ | 21,437 | |||||
Total loans net of unearned income | $ | 3,030,171 | $ | 2,804,035 | $ | 2,622,358 | |||||
Less: PPP loans, net of deferred fees | 217,007 | 0 | 0 | ||||||||
Adjusted total loans, net of unearned income and PPP (non-GAAP) | $ | 2,813,164 | $ | 2,804,035 | $ | 2,622,358 | |||||
Adjusted allowance / loans, net of PPP (non-GAAP) | 0.87 | % | 0.69 | % | 0.82 | % |
(unaudited) | (unaudited) | |||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||
Calculation of net income and diluted earnings per share excluding merger related expenses: | ||||||||||||||||||||||||||||||||||||||
Net income | $ | 8,246 | $ | 9,767 | $ | 17,059 | $ | 19,240 | ||||||||||||||||||||||||||||||
Add: Merger related expenses (net of tax) | 365 | 0 | 422 | 0 | ||||||||||||||||||||||||||||||||||
Adjusted net income (non-GAAP) | $ | 8,611 | $ | 9,767 | $ | 17,481 | $ | 19,240 | ||||||||||||||||||||||||||||||
Adjusted net income (non-GAAP) | $ | 8,611 | $ | 9,767 | $ | 17,481 | $ | 19,240 | ||||||||||||||||||||||||||||||
Less: net earnings allocated to participating securities | (29) | (40) | (59) | (78) | ||||||||||||||||||||||||||||||||||
Adjusted net earnings allocated to common stock (non-GAAP) | $ | 8,582 | $ | 9,727 | $ | 17,422 | $ | 19,162 | ||||||||||||||||||||||||||||||
Weighted average shares | 15,341 | 15,168 | 15,313 | 15,168 | ||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per common share (non-GAAP) | $ | 0.56 | $ | 0.64 | $ | 1.14 | $ | 1.26 | ||||||||||||||||||||||||||||||
Calculation of income before provision expense, income taxes and merger related expenses (1): | ||||||||||||||||||||||||||||||||||||||
Net income before income taxes | $ | 10,008 | $ | 11,814 | $ | 20,545 | $ | 23,244 | ||||||||||||||||||||||||||||||
Add: Merger related expenses (pre-tax) | 462 | 0 | 534 | 0 | ||||||||||||||||||||||||||||||||||
Add: Provision for loan losses | 5,680 | 1,788 | 8,759 | 3,094 | ||||||||||||||||||||||||||||||||||
Net income before provision, income taxes and merger related expenses (non-GAAP) | $ | 16,150 | $ | 13,602 | $ | 29,838 | $ | 26,338 | ||||||||||||||||||||||||||||||
(1) Management believes that this is an important metric as it illustrates the underlying performance of the Corporation, it enables investors and others to assess the Corporation's ability to generate capital to cover credit losses through the credit cycle, and provides consistent reporting with a key metric used by bank regulatory agencies. |
June 30, 2020 | ||||||||||||||
Change in Basis Points | % Change in Net Interest Income | |||||||||||||
400 | (2.5)% | |||||||||||||
300 | (3.2)% | |||||||||||||
200 | (2.9)% | |||||||||||||
100 | (3.6)% | |||||||||||||
(100) | (1.7)% | |||||||||||||
(200) | (3.3)% |
September 30, 2019 | ||
Change in Basis Points | % Change in Net Interest Income | |
400 | 9.7% | |
300 | 6.9% | |
200 | 4.4% | |
100 | 3.3% | |
(100) | (7.3)% | |
(200) | (8.1)% |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or approximate dollar value) of Shares that May Yet Be Purchased Under the Plans or Programs (1) | ||||||||
July 1 – 31, 2019 | 0 | $ | 0 | 0 | 249,731 | |||||||
August 1 – 31, 2019 | 0 | 0 | 0 | 249,731 | ||||||||
September 1 – 30, 2019 | 0 | 0 | 0 | 249,731 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or approximate dollar value) of Shares that May Yet Be Purchased Under the Plans or Programs (1) | |||||||||||||||||||
April 1 – 30, 2020 | 0 | $ | 0 | 0 | 249,731 | ||||||||||||||||||
May 1 – 31, 2020 | 0 | 0 | 0 | 249,731 | |||||||||||||||||||
June 1 – 30, 2020 | 0 | 0 | 0 | 249,731 |
Exhibit No. | Description | ||||||||||
31.2 | |||||||||||
32.1 | |||||||||||
32.2 | |||||||||||
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 Definitions Linkbase Document | ||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101) |
CNB FINANCIAL CORPORATION | |||||||||||||||||||||||||||||
(Registrant) | |||||||||||||||||||||||||||||
DATE: August 6, 2020 | |||||||||||||||||||||||||||||
/s/ Joseph B. Bower, Jr. | |||||||||||||||||||||||||||||
Joseph B. Bower, Jr. | |||||||||||||||||||||||||||||
President and Chief Executive Officer | |||||||||||||||||||||||||||||
(Principal Executive Officer) | |||||||||||||||||||||||||||||
DATE: | /s/ Tito L. Lima | ||||||||||||||||||||||||||||
Tito L. Lima | |||||||||||||||||||||||||||||
Treasurer | |||||||||||||||||||||||||||||
(Principal Financial and Accounting Officer) |