For the quarterly period ended | ||||||||
OR |
Commission file number | 000-17820 |
New Jersey | 22-2953275 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol | Name of exchange on which registered | ||||||
Common Stock, no par value | LBAI | The NASDAQ Stock Market |
PAGE | ||||||||
Consolidated Balance Sheets as of | ||||||||
Consolidated Statements of Income for the Three and | ||||||||
Consolidated Statements of Comprehensive Income for the Three and | ||||||||
Consolidated Statements of Changes in Stockholders’ Equity for the Three and | ||||||||
Consolidated Statements of Cash Flows for the | ||||||||
Item 5. | Other Information | |||||||
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | (unaudited) | (dollars in thousands) | (unaudited) | ||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Cash | Cash | $ | 358,052 | $ | 262,327 | Cash | $ | 641,861 | $ | 262,327 | ||||||||||||
Interest-bearing deposits due from banks | Interest-bearing deposits due from banks | 17,348 | 7,763 | Interest-bearing deposits due from banks | 20,774 | 7,763 | ||||||||||||||||
Total cash and cash equivalents | Total cash and cash equivalents | 375,400 | 270,090 | Total cash and cash equivalents | 662,635 | 270,090 | ||||||||||||||||
Investment securities available for sale, at fair value (allowance for credit losses of $21 at June 30, 2021 and $2 at December 31, 2020) | 988,673 | 855,746 | ||||||||||||||||||||
Investment securities held to maturity (fair value of $96,174 at June 30, 2021 and $93,868 at December 31, 2020 and $137 allowance for credit losses at June 30, 2021 and NaN at December 31, 2020) | 94,278 | 90,766 | ||||||||||||||||||||
Investment securities available for sale, at fair value (allowance for credit losses of $50 at September 30, 2021 and $2 at December 31, 2020) | Investment securities available for sale, at fair value (allowance for credit losses of $50 at September 30, 2021 and $2 at December 31, 2020) | 529,381 | 855,746 | |||||||||||||||||||
Investment securities held to maturity (fair value of $686,728 at September 30, 2021 and $93,868 at December 31, 2020 and allowance for credit losses of $183 at September 30, 2021 and none at December 31, 2020) | Investment securities held to maturity (fair value of $686,728 at September 30, 2021 and $93,868 at December 31, 2020 and allowance for credit losses of $183 at September 30, 2021 and none at December 31, 2020) | 693,562 | 90,766 | |||||||||||||||||||
Equity securities, at fair value | Equity securities, at fair value | 15,440 | 14,694 | Equity securities, at fair value | 16,422 | 14,694 | ||||||||||||||||
Federal Home Loan Bank and other membership bank stock, at cost | Federal Home Loan Bank and other membership bank stock, at cost | 9,210 | 11,979 | Federal Home Loan Bank and other membership bank stock, at cost | 9,340 | 11,979 | ||||||||||||||||
Loans held for sale | Loans held for sale | 816 | 1,335 | Loans held for sale | 851 | 1,335 | ||||||||||||||||
Loans, net of deferred fees | Loans, net of deferred fees | 5,988,832 | 6,021,232 | Loans, net of deferred fees | 5,880,802 | 6,021,232 | ||||||||||||||||
Less: Allowance for credit losses | Less: Allowance for credit losses | 60,389 | 71,124 | Less: Allowance for credit losses | 57,953 | 71,124 | ||||||||||||||||
Net loans | Net loans | 5,928,443 | 5,950,108 | Net loans | 5,822,849 | 5,950,108 | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 47,641 | 48,495 | Premises and equipment, net | 46,163 | 48,495 | ||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | 15,513 | 16,772 | Operating lease right-of-use assets | 14,809 | 16,772 | ||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 18,309 | 19,339 | Accrued interest receivable | 18,182 | 19,339 | ||||||||||||||||
Goodwill | Goodwill | 156,277 | 156,277 | Goodwill | 156,277 | 156,277 | ||||||||||||||||
Other identifiable intangible assets | Other identifiable intangible assets | 2,841 | 3,288 | Other identifiable intangible assets | 2,631 | 3,288 | ||||||||||||||||
Bank owned life insurance | Bank owned life insurance | 116,398 | 115,115 | Bank owned life insurance | 117,073 | 115,115 | ||||||||||||||||
Other assets | Other assets | 84,999 | 110,293 | Other assets | 82,304 | 110,293 | ||||||||||||||||
Total Assets | Total Assets | $ | 7,854,238 | $ | 7,664,297 | Total Assets | $ | 8,172,479 | $ | 7,664,297 | ||||||||||||
Liabilities and Stockholders' Equity | Liabilities and Stockholders' Equity | Liabilities and Stockholders' Equity | ||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||
Deposits | Deposits | 6,715,035 | 6,455,783 | Deposits | 6,930,912 | 6,455,783 | ||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | Federal funds purchased and securities sold under agreements to repurchase | 100,190 | 169,560 | Federal funds purchased and securities sold under agreements to repurchase | 111,907 | 169,560 | ||||||||||||||||
Other borrowings | Other borrowings | 25,000 | 25,000 | Other borrowings | 25,000 | 25,000 | ||||||||||||||||
Subordinated debentures | Subordinated debentures | 113,045 | 118,257 | Subordinated debentures | 187,107 | 118,257 | ||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 16,847 | 18,183 | Operating lease liabilities | 16,105 | 18,183 | ||||||||||||||||
Other liabilities | Other liabilities | 87,445 | 113,730 | Other liabilities | 87,320 | 113,730 | ||||||||||||||||
Total Liabilities | Total Liabilities | 7,057,562 | 6,900,513 | Total Liabilities | 7,358,351 | 6,900,513 | ||||||||||||||||
Stockholders' Equity | Stockholders' Equity | Stockholders' Equity | ||||||||||||||||||||
Common stock, 0 par value; authorized 100,000,000 shares; issued 50,732,384 shares and outstanding 50,601,349 shares at June 30, 2021 and issued 50,610,681 shares and outstanding 50,479,646 shares at December 31, 2020 | 563,980 | 562,421 | ||||||||||||||||||||
Common stock, no par value; authorized 100,000,000 shares; issued 50,733,113 shares and outstanding 50,602,078 shares at September 30, 2021 and issued 50,610,681 shares and outstanding 50,479,646 shares at December 31, 2020 | Common stock, no par value; authorized 100,000,000 shares; issued 50,733,113 shares and outstanding 50,602,078 shares at September 30, 2021 and issued 50,610,681 shares and outstanding 50,479,646 shares at December 31, 2020 | 564,974 | 562,421 | |||||||||||||||||||
Retained earnings | Retained earnings | 228,803 | 191,418 | Retained earnings | 244,092 | 191,418 | ||||||||||||||||
Treasury shares, at cost, 131,035 shares at June 30, 2021 and December 31, 2020 | (1,452) | (1,452) | ||||||||||||||||||||
Treasury shares, at cost, 131,035 shares at September 30, 2021 and December 31, 2020 | Treasury shares, at cost, 131,035 shares at September 30, 2021 and December 31, 2020 | (1,452) | (1,452) | |||||||||||||||||||
Accumulated other comprehensive income | Accumulated other comprehensive income | 5,345 | 11,397 | Accumulated other comprehensive income | 6,514 | 11,397 | ||||||||||||||||
Total Stockholders' Equity | Total Stockholders' Equity | 796,676 | 763,784 | Total Stockholders' Equity | 814,128 | 763,784 | ||||||||||||||||
Total Liabilities and Stockholders' Equity | Total Liabilities and Stockholders' Equity | $ | 7,854,238 | $ | 7,664,297 | Total Liabilities and Stockholders' Equity | $ | 8,172,479 | $ | 7,664,297 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share data) | (in thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | (in thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Interest Income | Interest Income | Interest Income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and fees | Loans and fees | $ | 60,529 | $ | 55,825 | $ | 119,307 | $ | 113,682 | Loans and fees | $ | 59,957 | $ | 56,801 | $ | 179,264 | $ | 170,483 | ||||||||||||||||||||||||||||||||||
Federal funds sold and interest-bearing deposits with banks | Federal funds sold and interest-bearing deposits with banks | 52 | 36 | 89 | 195 | Federal funds sold and interest-bearing deposits with banks | 161 | 92 | 250 | 287 | ||||||||||||||||||||||||||||||||||||||||||
Taxable investment securities and other | Taxable investment securities and other | 4,029 | 4,763 | 8,010 | 9,992 | Taxable investment securities and other | 4,232 | 4,139 | 12,242 | 14,131 | ||||||||||||||||||||||||||||||||||||||||||
Tax-exempt investment securities | Tax-exempt investment securities | 631 | 349 | 1,243 | 681 | Tax-exempt investment securities | 588 | 401 | 1,831 | 1,082 | ||||||||||||||||||||||||||||||||||||||||||
Total Interest Income | Total Interest Income | 65,241 | 60,973 | 128,649 | 124,550 | Total Interest Income | 64,938 | 61,433 | 193,587 | 185,983 | ||||||||||||||||||||||||||||||||||||||||||
Interest Expense | Interest Expense | Interest Expense | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 4,238 | 8,094 | 9,362 | 18,957 | Deposits | 3,987 | 7,012 | 13,349 | 25,969 | ||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | Federal funds purchased and securities sold under agreements to repurchase | 16 | 75 | 39 | 504 | Federal funds purchased and securities sold under agreements to repurchase | 19 | 27 | 58 | 531 | ||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 1,247 | 2,285 | 2,780 | 4,671 | Other borrowings | 1,594 | 2,260 | 4,374 | 6,931 | ||||||||||||||||||||||||||||||||||||||||||
Total Interest Expense | Total Interest Expense | 5,501 | 10,454 | 12,181 | 24,132 | Total Interest Expense | 5,600 | 9,299 | 17,781 | 33,431 | ||||||||||||||||||||||||||||||||||||||||||
Net Interest Income | Net Interest Income | 59,740 | 50,519 | 116,468 | 100,418 | Net Interest Income | 59,338 | 52,134 | 175,806 | 152,552 | ||||||||||||||||||||||||||||||||||||||||||
(Benefit) provision for credit losses (1) | (Benefit) provision for credit losses (1) | (5,959) | 9,000 | (8,601) | 18,223 | (Benefit) provision for credit losses (1) | (2,703) | 8,000 | (11,304) | 26,223 | ||||||||||||||||||||||||||||||||||||||||||
Net Interest Income after (Benefit) Provision for Credit Losses | Net Interest Income after (Benefit) Provision for Credit Losses | 65,699 | 41,519 | 125,069 | 82,195 | Net Interest Income after (Benefit) Provision for Credit Losses | 62,041 | 44,134 | 187,110 | 126,329 | ||||||||||||||||||||||||||||||||||||||||||
Noninterest Income | Noninterest Income | Noninterest Income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 2,445 | 1,875 | 4,741 | 4,375 | Service charges on deposit accounts | 2,536 | 2,288 | 7,277 | 6,663 | ||||||||||||||||||||||||||||||||||||||||||
Commissions and fees | Commissions and fees | 1,755 | 1,196 | 3,353 | 2,836 | Commissions and fees | 1,609 | 1,667 | 4,962 | 4,503 | ||||||||||||||||||||||||||||||||||||||||||
Income on bank owned life insurance | Income on bank owned life insurance | 643 | 665 | 1,277 | 1,330 | Income on bank owned life insurance | 645 | 670 | 1,922 | 2,000 | ||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on equity securities | 11 | 198 | (133) | (455) | ||||||||||||||||||||||||||||||||||||||||||||||||
Loss on equity securities | Loss on equity securities | (58) | (170) | (191) | (625) | |||||||||||||||||||||||||||||||||||||||||||||||
Gains on sales of loans | Gains on sales of loans | 607 | 710 | 1,315 | 1,125 | Gains on sales of loans | 550 | 1,437 | 1,865 | 2,562 | ||||||||||||||||||||||||||||||||||||||||||
Gains on investment securities transactions, net | Gains on investment securities transactions, net | 9 | 0 | 9 | 342 | Gains on investment securities transactions, net | — | — | 9 | 342 | ||||||||||||||||||||||||||||||||||||||||||
Swap income | Swap income | 72 | 767 | 634 | 3,610 | Swap income | — | 624 | 634 | 4,234 | ||||||||||||||||||||||||||||||||||||||||||
Other income (loss) | (273) | 70 | (168) | 329 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 187 | 257 | 19 | 586 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Noninterest Income | Total Noninterest Income | 5,269 | 5,481 | 11,028 | 13,492 | Total Noninterest Income | 5,469 | 6,773 | 16,497 | 20,265 | ||||||||||||||||||||||||||||||||||||||||||
Noninterest Expense | Noninterest Expense | Noninterest Expense | ||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and employee benefits | Compensation and employee benefits | 20,407 | 18,490 | 40,925 | 38,217 | Compensation and employee benefits | 21,478 | 19,065 | 62,403 | 57,282 | ||||||||||||||||||||||||||||||||||||||||||
Premises and equipment | Premises and equipment | 6,078 | 5,271 | 12,396 | 10,667 | Premises and equipment | 6,206 | 5,582 | 18,602 | 16,249 | ||||||||||||||||||||||||||||||||||||||||||
FDIC insurance | FDIC insurance | 621 | 450 | 1,332 | 748 | FDIC insurance | 461 | 625 | 1,793 | 1,373 | ||||||||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 1,299 | 1,436 | 2,554 | 2,689 | Data processing | 1,495 | 1,211 | 4,049 | 3,900 | ||||||||||||||||||||||||||||||||||||||||||
Merger related expenses | Merger related expenses | 1,072 | — | 1,072 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses | Other operating expenses | 5,692 | 5,815 | 10,793 | 11,645 | Other operating expenses | 6,495 | 5,614 | 17,288 | 17,259 | ||||||||||||||||||||||||||||||||||||||||||
Total Noninterest Expense | Total Noninterest Expense | 34,097 | 31,462 | 68,000 | 63,966 | Total Noninterest Expense | 37,207 | 32,097 | 105,207 | 96,063 | ||||||||||||||||||||||||||||||||||||||||||
Income before provision for income taxes | Income before provision for income taxes | 36,871 | 15,538 | 68,097 | 31,721 | Income before provision for income taxes | 30,303 | 18,810 | 98,400 | 50,531 | ||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | Provision for income taxes | 9,464 | 3,687 | 17,515 | 7,478 | Provision for income taxes | 8,014 | 4,383 | 25,529 | 11,861 | ||||||||||||||||||||||||||||||||||||||||||
Net Income | Net Income | $ | 27,407 | $ | 11,851 | $ | 50,582 | $ | 24,243 | Net Income | $ | 22,289 | $ | 14,427 | $ | 72,871 | $ | 38,670 | ||||||||||||||||||||||||||||||||||
Per Share of Common Stock | Per Share of Common Stock | Per Share of Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basic earnings | Basic earnings | $ | 0.53 | $ | 0.23 | $ | 0.99 | $ | 0.48 | Basic earnings | $ | 0.43 | $ | 0.28 | $ | 1.42 | $ | 0.76 | ||||||||||||||||||||||||||||||||||
Diluted earnings | Diluted earnings | $ | 0.53 | $ | 0.23 | $ | 0.98 | $ | 0.47 | Diluted earnings | $ | 0.43 | $ | 0.28 | $ | 1.42 | $ | 0.76 | ||||||||||||||||||||||||||||||||||
Dividends | Dividends | $ | 0.135 | $ | 0.125 | $ | 0.260 | $ | 0.250 | Dividends | $ | 0.135 | $ | 0.125 | $ | 0.395 | $ | 0.375 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2021 | 2020 | (in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Net Income | Net Income | $ | 27,407 | $ | 11,851 | $ | 50,582 | $ | 24,243 | Net Income | $ | 22,289 | $ | 14,427 | $ | 72,871 | $ | 38,670 | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax: | Other comprehensive income, net of tax: | Other comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on securities available for sale | 7,113 | 2,512 | (6,022) | 9,796 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized (losses) gains on securities available for sale | Unrealized (losses) gains on securities available for sale | (1,504) | (576) | (7,526) | 9,220 | |||||||||||||||||||||||||||||||||||||||||||||||
Reclassification for securities gains included in net income | Reclassification for securities gains included in net income | 0 | 0 | 0 | (254) | Reclassification for securities gains included in net income | — | — | — | (254) | ||||||||||||||||||||||||||||||||||||||||||
Unrealized losses on derivatives | (77) | (36) | (30) | (373) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net gain on securities reclassified from available for sale to held to maturity | Net gain on securities reclassified from available for sale to held to maturity | 2,784 | — | 2,784 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of gain on debt securities reclassified to held to maturity | Amortization of gain on debt securities reclassified to held to maturity | (116) | — | (116) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on derivatives | Unrealized gains (losses) on derivatives | 5 | 37 | (25) | (336) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 7,036 | 2,476 | (6,052) | 9,169 | Other comprehensive income (loss) | 1,169 | (539) | (4,883) | 8,630 | ||||||||||||||||||||||||||||||||||||||||||
Total Comprehensive Income | Total Comprehensive Income | $ | 34,443 | $ | 14,327 | $ | 44,530 | $ | 33,412 | Total Comprehensive Income | $ | 23,458 | $ | 13,888 | $ | 67,988 | $ | 47,300 |
(in thousands, except per share data) | (in thousands, except per share data) | Common Stock | Retained Earnings (1) | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total | (in thousands, except per share data) | Common Stock | Retained Earnings (1) | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||||||||||||||||||||
April 1, 2020 | $ | 560,653 | $ | 168,780 | $ | (1,452) | $ | 8,941 | $ | 736,922 | ||||||||||||||||||||||||||||||||||||||||||||||||
July 1, 2020 | July 1, 2020 | $ | 561,257 | $ | 174,267 | $ | (1,452) | $ | 11,417 | $ | 745,489 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | 14,427 | — | — | 14,427 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | — | — | — | (539) | (539) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | Stock based compensation | 585 | — | — | — | 585 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement of restricted stock | Retirement of restricted stock | (25) | — | — | — | (25) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock of $0.125 per share | Cash dividends on common stock of $0.125 per share | — | (6,365) | — | — | (6,365) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2020 | $ | 561,817 | $ | 182,329 | $ | (1,452) | $ | 10,878 | $ | 753,572 | |||||||||||||||||||||||||||||||||||||||||||||||
July 1, 2021 | July 1, 2021 | $ | 563,980 | $ | 228,803 | $ | (1,452) | $ | 5,345 | $ | 796,676 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | 11,851 | — | — | 11,851 | Net income | — | 22,289 | — | — | 22,289 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | Other comprehensive income, net of tax | — | — | — | 2,476 | 2,476 | Other comprehensive income, net of tax | — | — | — | 1,169 | 1,169 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | Stock based compensation | 614 | — | — | — | 614 | Stock based compensation | 958 | — | — | — | 958 | ||||||||||||||||||||||||||||||||||||||||||||||
Retirement of restricted stock | Retirement of restricted stock | (10) | — | — | — | (10) | Retirement of restricted stock | 36 | — | — | — | 36 | ||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock of $0.125 per share | — | (6,364) | — | — | (6,364) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | $ | 561,257 | $ | 174,267 | $ | (1,452) | $ | 11,417 | $ | 745,489 | ||||||||||||||||||||||||||||||||||||||||||||||||
April 1, 2021 | $ | 562,984 | $ | 208,224 | $ | (1,452) | $ | (1,691) | $ | 768,065 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | 27,407 | — | — | 27,407 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | 7,036 | 7,036 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 990 | — | — | — | 990 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 6 | — | — | — | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock of $0.135 per share | Cash dividends on common stock of $0.135 per share | — | (6,828) | — | — | (6,828) | Cash dividends on common stock of $0.135 per share | — | (7,000) | — | — | (7,000) | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | $ | 563,980 | $ | 228,803 | $ | (1,452) | $ | 5,345 | $ | 796,676 | ||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | $ | 564,974 | $ | 244,092 | $ | (1,452) | $ | 6,514 | $ | 814,128 |
(in thousands, except per share data) | (in thousands, except per share data) | Common Stock | Retained Earnings (1) | Treasury Stock | Accumulated Other Comprehensive Income | Total | (in thousands, except per share data) | Common Stock | Retained Earnings (1) | Treasury Stock | Accumulated Other Comprehensive Income | Total | ||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2020 | January 1, 2020 | $ | 560,263 | $ | 162,752 | $ | 0 | $ | 2,248 | $ | 725,263 | January 1, 2020 | $ | 560,263 | $ | 162,752 | $ | — | $ | 2,248 | $ | 725,263 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | — | 24,243 | — | — | 24,243 | Net income | — | 38,670 | — | — | 38,670 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | Other comprehensive income, net of tax | — | — | — | 9,169 | 9,169 | Other comprehensive income, net of tax | — | — | — | 8,630 | 8,630 | ||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock, 131,035 shares | Purchase of treasury stock, 131,035 shares | — | — | (1,452) | — | (1,452) | Purchase of treasury stock, 131,035 shares | — | — | (1,452) | — | (1,452) | ||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | Stock based compensation | 1,461 | — | — | — | 1,461 | Stock based compensation | 2,046 | — | — | — | 2,046 | ||||||||||||||||||||||||||||||||||||||||||||||
Retirement of restricted stock | Retirement of restricted stock | (467) | — | — | — | (467) | Retirement of restricted stock | (492) | — | — | — | (492) | ||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock of $0.250 per share | — | (12,728) | — | — | (12,728) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | 561,257 | 174,267 | (1,452) | 11,417 | 745,489 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock of $0.375 per share | Cash dividends on common stock of $0.375 per share | — | (19,093) | — | — | (19,093) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2020 | 561,817 | 182,329 | (1,452) | 10,878 | 753,572 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2021 | January 1, 2021 | $ | 562,421 | $ | 191,418 | $ | (1,452) | $ | 11,397 | $ | 763,784 | January 1, 2021 | $ | 562,421 | $ | 191,418 | $ | (1,452) | $ | 11,397 | $ | 763,784 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | — | 50,582 | — | — | 50,582 | Net income | — | 72,871 | — | — | 72,871 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | — | — | — | (6,052) | (6,052) | Other comprehensive loss, net of tax | — | — | — | (4,883) | (4,883) | ||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | Stock based compensation | 2,196 | — | — | — | 2,196 | Stock based compensation | 3,154 | — | — | — | 3,154 | ||||||||||||||||||||||||||||||||||||||||||||||
Retirement of restricted stock | Retirement of restricted stock | (656) | — | — | — | (656) | Retirement of restricted stock | (620) | — | — | — | (620) | ||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | Exercise of stock options | 19 | — | — | — | 19 | Exercise of stock options | 19 | — | — | — | 19 | ||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock of $0.260 per share | — | (13,197) | — | — | (13,197) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | $ | 563,980 | $ | 228,803 | $ | (1,452) | $ | 5,345 | $ | 796,676 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock of $0.395 per share | Cash dividends on common stock of $0.395 per share | — | (20,197) | — | — | (20,197) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | $ | 564,974 | $ | 244,092 | $ | (1,452) | $ | 6,514 | $ | 814,128 |
For the Six Months Ended June 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | (in thousands) | 2021 | 2020 | ||||||||||||||||
Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | ||||||||||||||||||||
Net income | Net income | $ | 50,582 | $ | 24,243 | Net income | $ | 72,871 | $ | 38,670 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Net amortization of premiums, discounts and deferred loan fees and costs | Net amortization of premiums, discounts and deferred loan fees and costs | (3,101) | 11,887 | Net amortization of premiums, discounts and deferred loan fees and costs | (4,157) | 209 | ||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 1,811 | 1,661 | Depreciation and amortization | 3,973 | 2,588 | ||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 447 | 526 | Amortization of intangible assets | 658 | 776 | ||||||||||||||||
Amortization of operating lease right-of-use assets | Amortization of operating lease right-of-use assets | 1,368 | 1,328 | Amortization of operating lease right-of-use assets | 2,072 | 1,995 | ||||||||||||||||
(Benefit) provision for credit losses | (Benefit) provision for credit losses | (8,601) | 18,223 | (Benefit) provision for credit losses | (11,304) | 26,223 | ||||||||||||||||
Loans originated for sale | Loans originated for sale | (32,063) | (36,273) | Loans originated for sale | (44,372) | (78,204) | ||||||||||||||||
Proceeds from sales of loans held for sale | Proceeds from sales of loans held for sale | 33,897 | 36,348 | Proceeds from sales of loans held for sale | 46,721 | 78,312 | ||||||||||||||||
Gains on investment securities transactions, net | Gains on investment securities transactions, net | (9) | (342) | Gains on investment securities transactions, net | (9) | (342) | ||||||||||||||||
Change in fair value of equity securities | Change in fair value of equity securities | 133 | 455 | Change in fair value of equity securities | 191 | 625 | ||||||||||||||||
Income on bank owned life insurance | Income on bank owned life insurance | (1,922) | (2,000) | |||||||||||||||||||
Gains on sales of loans held for sale | Gains on sales of loans held for sale | (1,315) | (1,125) | Gains on sales of loans held for sale | (1,865) | (2,562) | ||||||||||||||||
Gains on other real estate and other repossessed assets | Gains on other real estate and other repossessed assets | (8) | (60) | Gains on other real estate and other repossessed assets | (17) | (76) | ||||||||||||||||
Losses on sales of premises and equipment | (4) | 52 | ||||||||||||||||||||
(Gains) losses on sales of premises and equipment | (Gains) losses on sales of premises and equipment | (41) | 54 | |||||||||||||||||||
Impairment of property held for sale | Impairment of property held for sale | 400 | 0 | Impairment of property held for sale | 400 | — | ||||||||||||||||
Long-term debt prepayment penalty | 0 | 356 | ||||||||||||||||||||
Long-term debt prepayment fees | Long-term debt prepayment fees | — | 356 | |||||||||||||||||||
Long-term debt extinguishment costs | Long-term debt extinguishment costs | 831 | — | |||||||||||||||||||
Stock-based compensation | Stock-based compensation | 2,196 | 1,461 | Stock-based compensation | 3,154 | 2,046 | ||||||||||||||||
Excess tax deficiencies | Excess tax deficiencies | (93) | (113) | Excess tax deficiencies | (93) | (128) | ||||||||||||||||
Decrease (increase) in other assets | Decrease (increase) in other assets | 27,361 | (80,951) | Decrease (increase) in other assets | 30,945 | (77,414) | ||||||||||||||||
(Decrease) increase in other liabilities | (Decrease) increase in other liabilities | (26,867) | 80,263 | (Decrease) increase in other liabilities | (27,653) | 70,544 | ||||||||||||||||
Net Cash Provided by Operating Activities | Net Cash Provided by Operating Activities | 46,134 | 57,939 | Net Cash Provided by Operating Activities | 70,383 | 61,672 | ||||||||||||||||
Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | ||||||||||||||||||||
Proceeds from repayments and maturities of available for sale securities | Proceeds from repayments and maturities of available for sale securities | 114,301 | 367,843 | Proceeds from repayments and maturities of available for sale securities | 149,651 | 633,574 | ||||||||||||||||
Proceeds from repayments and maturities of held to maturity securities | Proceeds from repayments and maturities of held to maturity securities | 22,227 | 13,847 | Proceeds from repayments and maturities of held to maturity securities | 38,432 | 26,816 | ||||||||||||||||
Proceeds from sales of equity securities | Proceeds from sales of equity securities | — | 3,000 | |||||||||||||||||||
Proceeds from sales of available for sale securities | Proceeds from sales of available for sale securities | 0 | 94,696 | Proceeds from sales of available for sale securities | — | 94,696 | ||||||||||||||||
Purchase of available for sale securities | Purchase of available for sale securities | (259,654) | (507,234) | Purchase of available for sale securities | (329,351) | (746,035) | ||||||||||||||||
Purchase of held to maturity securities | Purchase of held to maturity securities | (26,203) | 0 | Purchase of held to maturity securities | (148,684) | (1,160) | ||||||||||||||||
Purchase of equity securities | Purchase of equity securities | (879) | (1,164) | Purchase of equity securities | (1,919) | (1,228) | ||||||||||||||||
Proceeds from redemptions of Federal Home Loan Bank stock | Proceeds from redemptions of Federal Home Loan Bank stock | 13,524 | 83,660 | Proceeds from redemptions of Federal Home Loan Bank stock | 13,524 | 97,127 | ||||||||||||||||
Purchases of Federal Home Loan Bank stock | Purchases of Federal Home Loan Bank stock | (10,755) | (80,143) | Purchases of Federal Home Loan Bank stock | (10,885) | (88,857) | ||||||||||||||||
Net decrease (increase) in loans | Net decrease (increase) in loans | 23,010 | (627,545) | Net decrease (increase) in loans | 128,284 | (702,010) | ||||||||||||||||
Proceeds from sales of loans held for investment | 15,031 | 0 | ||||||||||||||||||||
Proceeds from sales of loans previously held for investment | Proceeds from sales of loans previously held for investment | 21,765 | — | |||||||||||||||||||
Proceeds from sales of other real estate and repossessed assets | Proceeds from sales of other real estate and repossessed assets | 8 | 662 | Proceeds from sales of other real estate and repossessed assets | 17 | 1,032 | ||||||||||||||||
Proceeds from dispositions and sales of premises and equipment | Proceeds from dispositions and sales of premises and equipment | 123 | (21) | Proceeds from dispositions and sales of premises and equipment | 676 | 49 | ||||||||||||||||
Purchases of premises and equipment | Purchases of premises and equipment | (2,630) | (3,528) | Purchases of premises and equipment | (3,422) | (5,155) | ||||||||||||||||
Net Cash Used in Investing Activities | Net Cash Used in Investing Activities | (111,897) | (658,927) | Net Cash Used in Investing Activities | (141,912) | (688,151) | ||||||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||||
Net increase in deposits | 259,277 | 831,869 | ||||||||||||||||||||
Decrease in federal funds purchased and securities sold under agreements to repurchase | (69,370) | (145,542) | ||||||||||||||||||||
Proceeds from other borrowings | 0 | 25,000 | ||||||||||||||||||||
Repayments of other borrowings | 0 | (35,456) | ||||||||||||||||||||
Purchase of treasury stock | 0 | (1,452) | ||||||||||||||||||||
Repayments of subordinated debt | (5,000) | 0 | ||||||||||||||||||||
Exercise of stock options | 19 | 0 | ||||||||||||||||||||
Retirement of restricted stock | (656) | (467) | ||||||||||||||||||||
Dividends paid | (13,197) | (12,728) | ||||||||||||||||||||
Net Cash Provided by Financing Activities | 171,073 | 661,224 | ||||||||||||||||||||
Net increase in cash and cash equivalents | 105,310 | 60,236 | ||||||||||||||||||||
Cash and cash equivalents, beginning of period | 270,090 | 282,371 | ||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 375,400 | $ | 342,607 |
Lakeland Bancorp, Inc. and Subsidiaries | |||||||||||
Consolidated Statements of Cash Flows (Unaudited) (Continued) | |||||||||||
For the Nine Months Ended September 30, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Net increase in deposits | 475,161 | 972,917 | |||||||||
Decrease in federal funds purchased and securities sold under agreements to repurchase | (57,653) | (230,784) | |||||||||
Proceeds from other borrowings | — | 25,000 | |||||||||
Repayments of other borrowings | — | (56,060) | |||||||||
Purchase of treasury stock | — | (1,452) | |||||||||
Net proceeds from issuance of subordinated debt | 148,195 | — | |||||||||
Redemption of subordinated debt | (80,831) | — | |||||||||
Exercise of stock options | 19 | — | |||||||||
Retirement of restricted stock | (620) | (492) | |||||||||
Dividends paid | (20,197) | (19,093) | |||||||||
Net Cash Provided by Financing Activities | 464,074 | 690,036 | |||||||||
Net increase in cash and cash equivalents | 392,545 | 63,557 | |||||||||
Cash and cash equivalents, beginning of period | 270,090 | 282,371 | |||||||||
Cash and cash equivalents, end of period | $ | 662,635 | $ | 345,928 |
For the Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | ||||||||||||||||||||
Supplemental schedule of non-cash investing and financing activities: | Supplemental schedule of non-cash investing and financing activities: | Supplemental schedule of non-cash investing and financing activities: | ||||||||||||||||||||
Cash paid during the period for income taxes | Cash paid during the period for income taxes | $ | 16,274 | $ | 12,786 | Cash paid during the period for income taxes | $ | 22,964 | $ | 17,386 | ||||||||||||
Cash paid during the period for interest | Cash paid during the period for interest | 13,141 | 24,601 | Cash paid during the period for interest | 19,559 | 35,472 | ||||||||||||||||
Transfer of available for sale debt securities to held to maturity securities at fair value | Transfer of available for sale debt securities to held to maturity securities at fair value | 494,164 | — | |||||||||||||||||||
Transfer of loans to loans held for sale | Transfer of loans to loans held for sale | 15,111 | 0 | Transfer of loans to loans held for sale | 21,689 | — | ||||||||||||||||
Transfer of loans to other real estate owned | Transfer of loans to other real estate owned | 0 | 393 | Transfer of loans to other real estate owned | — | 393 | ||||||||||||||||
Right-of-use assets obtained in exchange for new lease liabilities | Right-of-use assets obtained in exchange for new lease liabilities | 109 | 548 | Right-of-use assets obtained in exchange for new lease liabilities | 109 | 741 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share data) | (in thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | (in thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Net income available to common shareholders | Net income available to common shareholders | $ | 27,407 | $ | 11,851 | $ | 50,582 | $ | 24,243 | Net income available to common shareholders | $ | 22,289 | $ | 14,427 | $ | 72,871 | $ | 38,670 | ||||||||||||||||||||||||||||||||||
Less: earnings allocated to participating securities | Less: earnings allocated to participating securities | 317 | 108 | 531 | 211 | Less: earnings allocated to participating securities | 303 | 131 | 839 | 342 | ||||||||||||||||||||||||||||||||||||||||||
Net income allocated to common shareholders | Net income allocated to common shareholders | $ | 27,090 | $ | 11,743 | $ | 50,051 | $ | 24,032 | Net income allocated to common shareholders | $ | 21,986 | $ | 14,296 | $ | 72,032 | $ | 38,328 | ||||||||||||||||||||||||||||||||||
Weighted average number of common shares outstanding - basic | Weighted average number of common shares outstanding - basic | 50,636 | 50,522 | 50,606 | 50,554 | Weighted average number of common shares outstanding - basic | 50,637 | 50,526 | 50,616 | 50,544 | ||||||||||||||||||||||||||||||||||||||||||
Share-based plans | Share-based plans | 222 | 71 | 215 | 107 | Share-based plans | 238 | 94 | 220 | 101 | ||||||||||||||||||||||||||||||||||||||||||
Weighted average number of common shares outstanding - diluted | Weighted average number of common shares outstanding - diluted | 50,858 | 50,593 | 50,821 | 50,661 | Weighted average number of common shares outstanding - diluted | 50,875 | 50,620 | 50,836 | 50,645 | ||||||||||||||||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | $ | 0.53 | $ | 0.23 | $ | 0.99 | $ | 0.48 | Basic earnings per share | $ | 0.43 | $ | 0.28 | $ | 1.42 | $ | 0.76 | ||||||||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 0.53 | $ | 0.23 | $ | 0.98 | $ | 0.47 | Diluted earnings per share | $ | 0.43 | $ | 0.28 | $ | 1.42 | $ | 0.76 |
June 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | (in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | U.S. Treasury and U.S. government agencies | $ | 105,385 | $ | 1,655 | $ | (596) | $ | 0 | $ | 106,444 | U.S. Treasury and U.S. government agencies | $ | 102,149 | $ | 1,377 | $ | (555) | $ | — | $ | 102,971 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | Mortgage-backed securities, residential | 315,852 | 2,380 | (3,364) | 0 | 314,868 | Mortgage-backed securities, residential | 94,049 | 1,675 | (476) | — | 95,248 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | Collateralized mortgage obligations, residential | 184,683 | 3,555 | (312) | 0 | 187,926 | Collateralized mortgage obligations, residential | 199,020 | 2,731 | (851) | — | 200,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | Mortgage-backed securities, multifamily | 1,938 | 0 | (38) | 0 | 1,900 | Mortgage-backed securities, multifamily | 1,935 | — | (68) | — | 1,867 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, multifamily | Collateralized mortgage obligations, multifamily | 28,910 | 999 | (30) | 0 | 29,879 | Collateralized mortgage obligations, multifamily | 34,409 | 798 | (204) | — | 35,003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 47,189 | 102 | (55) | 0 | 47,236 | Asset-backed securities | 53,809 | 231 | (33) | — | 54,007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 263,114 | 3,813 | (1,673) | (3) | 265,251 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities | 34,055 | 1,141 | (9) | (18) | 35,169 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 38,500 | 946 | (11) | (50) | 39,385 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 981,126 | $ | 13,645 | $ | (6,077) | $ | (21) | $ | 988,673 | Total | $ | 523,871 | $ | 7,758 | $ | (2,198) | $ | (50) | $ | 529,381 |
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | (in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | U.S. Treasury and U.S. government agencies | $ | 63,868 | $ | 1,447 | $ | (313) | $ | 0 | $ | 65,002 | U.S. Treasury and U.S. government agencies | $ | 63,868 | $ | 1,447 | $ | (313) | $ | — | $ | 65,002 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | Mortgage-backed securities, residential | 224,978 | 3,718 | (540) | 0 | 228,156 | Mortgage-backed securities, residential | 224,978 | 3,718 | (540) | — | 228,156 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | Collateralized mortgage obligations, residential | 204,093 | 4,967 | (22) | 0 | 209,038 | Collateralized mortgage obligations, residential | 204,093 | 4,967 | (22) | — | 209,038 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | Mortgage-backed securities, multifamily | 1,944 | 0 | 0 | 0 | 1,944 | Mortgage-backed securities, multifamily | 1,944 | — | — | — | 1,944 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, multifamily | Collateralized mortgage obligations, multifamily | 39,628 | 1,909 | (2) | 0 | 41,535 | Collateralized mortgage obligations, multifamily | 39,628 | 1,909 | (2) | — | 41,535 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 40,915 | 0 | (225) | 0 | 40,690 | Asset-backed securities | 40,915 | — | (225) | — | 40,690 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 228,790 | 5,149 | (228) | (1) | 233,710 | Obligations of states and political subdivisions | 228,790 | 5,149 | (228) | (1) | 233,710 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities | 35,056 | 616 | 0 | (1) | 35,671 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 35,056 | 616 | — | (1) | 35,671 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 839,272 | $ | 17,806 | $ | (1,330) | $ | (2) | $ | 855,746 | Total | $ | 839,272 | $ | 17,806 | $ | (1,330) | $ | (2) | $ | 855,746 |
June 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | (in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | U.S. government agencies | $ | 19,236 | $ | 535 | $ | 0 | $ | 0 | $ | 19,771 | U.S. government agencies | $ | 18,820 | $ | 459 | $ | — | $ | — | $ | 19,279 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | Mortgage-backed securities, residential | 42,401 | 921 | (254) | 0 | 43,068 | Mortgage-backed securities, residential | 343,866 | 1,005 | (2,870) | — | 342,001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | Collateralized mortgage obligations, residential | 9,677 | 358 | 0 | 0 | 10,035 | Collateralized mortgage obligations, residential | 8,488 | 287 | — | — | 8,775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | Mortgage-backed securities, multifamily | 2,737 | 82 | 0 | 0 | 2,819 | Mortgage-backed securities, multifamily | 2,724 | 47 | — | — | 2,771 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 17,364 | 270 | (48) | 0 | 17,586 | Obligations of states and political subdivisions | 316,847 | 198 | (5,993) | (15) | 311,037 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities | 3,000 | 32 | 0 | (137) | 2,895 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 3,000 | 33 | — | (168) | 2,865 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 94,415 | $ | 2,198 | $ | (302) | $ | (137) | $ | 96,174 | Total | $ | 693,745 | $ | 2,029 | $ | (8,863) | $ | (183) | $ | 686,728 |
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | (in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | U.S. government agencies | $ | 25,565 | $ | 779 | $ | 0 | $ | 0 | $ | 26,344 | U.S. government agencies | $ | 25,565 | $ | 779 | $ | — | $ | — | $ | 26,344 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | Mortgage-backed securities, residential | 39,276 | 1,469 | (12) | 0 | 40,733 | Mortgage-backed securities, residential | 39,276 | 1,469 | (12) | — | 40,733 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | Collateralized mortgage obligations, residential | 14,590 | 532 | 0 | 0 | 15,122 | Collateralized mortgage obligations, residential | 14,590 | 532 | — | — | 15,122 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | Mortgage-backed securities, multifamily | 705 | 54 | 0 | 0 | 759 | Mortgage-backed securities, multifamily | 705 | 54 | — | — | 759 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 10,630 | 280 | 0 | 0 | 10,910 | Obligations of states and political subdivisions | 10,630 | 280 | — | — | 10,910 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 90,766 | $ | 3,114 | $ | (12) | $ | 0 | $ | 93,868 | $ | 90,766 | $ | 3,114 | $ | (12) | $ | — | $ | 93,868 |
Available for Sale | Held to Maturity | Available for Sale | Held to Maturity | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | (in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||||||||||||||
Due in one year or less | Due in one year or less | $ | 25,763 | $ | 26,042 | $ | 7,809 | $ | 7,913 | Due in one year or less | $ | 17,514 | $ | 17,638 | $ | 16,734 | $ | 16,817 | ||||||||||||||||||||||||||||
Due after one year through five years | Due after one year through five years | 44,924 | 46,127 | 15,940 | 16,489 | Due after one year through five years | 17,898 | 18,370 | 40,804 | 41,219 | ||||||||||||||||||||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 78,833 | 80,737 | 7,493 | 7,444 | Due after five years through ten years | 76,126 | 77,101 | 22,756 | 22,549 | ||||||||||||||||||||||||||||||||||||
Due after ten years | Due after ten years | 253,034 | 253,958 | 8,358 | 8,406 | Due after ten years | 29,111 | 29,247 | 258,373 | 252,596 | ||||||||||||||||||||||||||||||||||||
402,554 | 406,864 | 39,600 | 40,252 | 140,649 | 142,356 | 338,667 | 333,181 | |||||||||||||||||||||||||||||||||||||||
Mortgage-backed and asset-backed securities | Mortgage-backed and asset-backed securities | 578,572 | 581,809 | 54,815 | 55,922 | Mortgage-backed and asset-backed securities | 383,222 | 387,025 | 355,078 | 353,547 | ||||||||||||||||||||||||||||||||||||
Total securities | Total securities | $ | 981,126 | $ | 988,673 | $ | 94,415 | $ | 96,174 | Total securities | $ | 523,871 | $ | 529,381 | $ | 693,745 | $ | 686,728 |
September 30, 2021 | Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | $ | 15,366 | $ | 132 | $ | 15,548 | $ | 423 | 8 | $ | 30,914 | $ | 555 | ||||||||||||||||||||||||||||
Mortgage-backed securities, residential | 39,399 | 433 | 5,728 | 43 | 18 | 45,127 | 476 | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | 66,336 | 851 | — | — | 15 | 66,336 | 851 | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | 1,867 | 68 | — | — | 1 | 1,867 | 68 | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, multifamily | 7,004 | 171 | 1,402 | 33 | 4 | 8,406 | 204 | ||||||||||||||||||||||||||||||||||
Asset-backed securities | 14,885 | 33 | — | — | 3 | 14,885 | 33 | ||||||||||||||||||||||||||||||||||
Corporate bonds | 2,957 | — | 982 | 11 | 1 | 3,939 | 11 | ||||||||||||||||||||||||||||||||||
Total | $ | 147,814 | $ | 1,688 | $ | 23,660 | $ | 510 | $ | 50 | $ | 171,474 | $ | 2,198 | |||||||||||||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | $ | 293,496 | $ | 2,869 | $ | 108 | 1 | 79 | $ | 293,604 | $ | 2,870 | |||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 294,935 | 5,993 | — | — | 235 | 294,935 | 5,993 | ||||||||||||||||||||||||||||||||||
Total | $ | 588,431 | $ | 8,862 | $ | 108 | $ | 1 | 314 | $ | 588,539 | $ | 8,863 |
December 31, 2020 | Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | $ | 4,966 | $ | 29 | $ | 17,652 | $ | 284 | 6 | $ | 22,618 | $ | 313 | ||||||||||||||||||||||||||||
Mortgage-backed securities, residential | 84,137 | 471 | 5,656 | 69 | 30 | 89,793 | 540 | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | 23,858 | 22 | — | — | 7 | 23,858 | 22 | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | 1,943 | — | — | — | 1 | 1,943 | — | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, multifamily | 2,527 | 2 | — | — | 1 | 2,527 | 2 | ||||||||||||||||||||||||||||||||||
Asset-backed securities | 40,690 | 225 | — | — | 6 | 40,690 | 225 | ||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 15,901 | 228 | — | — | 10 | 15,901 | 228 | ||||||||||||||||||||||||||||||||||
Total | $ | 174,022 | $ | 977 | $ | 23,308 | $ | 353 | 61 | $ | 197,330 | $ | 1,330 | ||||||||||||||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | $ | 2,561 | $ | 12 | $ | — | $ | — | 4 | $ | 2,561 | $ | 12 | ||||||||||||||||||||||||||||
Total | $ | 2,561 | $ | 12 | $ | — | $ | — | 4 | $ | 2,561 | $ | 12 |
June 30, 2021 | AAA | AA | BBB | Not Rated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | AAA | AA | A | BBB | Not Rated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | U.S. Treasury and U.S. government agencies | $ | 19,236 | $ | 0 | $ | 0 | $ | 0 | $ | 19,236 | U.S. Treasury and U.S. government agencies | $ | 18,820 | $ | — | $ | — | $ | — | $ | — | $ | 18,820 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | Mortgage-backed securities, residential | 42,401 | 0 | 0 | 0 | 42,401 | Mortgage-backed securities, residential | 343,866 | — | — | — | — | 343,866 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | Collateralized mortgage obligations, residential | 9,677 | 0 | 0 | 0 | 9,677 | Collateralized mortgage obligations, residential | 8,488 | — | — | — | — | 8,488 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | Mortgage-backed securities, multifamily | 2,737 | 0 | 0 | 0 | 2,737 | Mortgage-backed securities, multifamily | 2,724 | — | — | — | — | 2,724 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 2,843 | 14,102 | 0 | 419 | 17,364 | Obligations of states and political subdivisions | 105,609 | 209,739 | 1,080 | — | 419 | 316,847 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities | 0 | 0 | 3,000 | 0 | 3,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | — | — | — | 3,000 | — | 3,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 76,894 | $ | 14,102 | $ | 3,000 | $ | 419 | $ | 94,415 | Total | $ | 479,507 | $ | 209,739 | $ | 1,080 | $ | 3,000 | $ | 419 | $ | 693,745 |
December 31, 2020 | AAA | AA | Total | |||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | $ | 25,565 | $ | 0 | $ | 25,565 | ||||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | 39,276 | 0 | 39,276 | |||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | 14,590 | 0 | 14,590 | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | 705 | 0 | 705 | |||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 2,959 | 7,671 | 10,630 | |||||||||||||||||||||||||||||||||||
Total | $ | 83,095 | $ | 7,671 | $ | 90,766 |
June 30, 2021 | Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | $ | 10,460 | $ | 435 | $ | 12,083 | $ | 161 | 6 | $ | 22,543 | $ | 596 | ||||||||||||||||||||||||||||
Mortgage-backed securities, residential | 221,699 | 3,354 | 4,068 | 10 | 62 | 225,767 | 3,364 | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | 21,314 | 312 | 0 | 0 | 7 | 21,314 | 312 | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | 1,900 | 38 | 0 | 0 | 1 | 1,900 | 38 | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, multifamily | 1,543 | 30 | 0 | 0 | 1 | 1,543 | 30 | ||||||||||||||||||||||||||||||||||
Asset-backed securities | 7,577 | 27 | 17,674 | 28 | 3 | 25,251 | 55 | ||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 77,380 | 1,673 | 0 | 0 | 54 | 77,380 | 1,673 | ||||||||||||||||||||||||||||||||||
Debt securities | 2,973 | 9 | 0 | 0 | 2 | 2,973 | 9 | ||||||||||||||||||||||||||||||||||
Total | $ | 344,846 | $ | 5,878 | $ | 33,825 | $ | 199 | $ | 136 | $ | 378,671 | $ | 6,077 | |||||||||||||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | $ | 15,320 | $ | 253 | $ | 111 | 1 | 11 | $ | 15,431 | $ | 254 | |||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 4,741 | 48 | 0 | 0 | 5 | 4,741 | 48 | ||||||||||||||||||||||||||||||||||
Total | $ | 20,061 | $ | 301 | $ | 111 | $ | 1 | 16 | $ | 20,172 | $ | 302 |
December 31, 2020 | December 31, 2020 | Less Than 12 Months | 12 Months or Longer | Total | December 31, 2020 | AAA | AA | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | U.S. Treasury and U.S. government agencies | $ | 4,966 | $ | 29 | $ | 17,652 | $ | 284 | 6 | $ | 22,618 | $ | 313 | U.S. Treasury and U.S. government agencies | $ | 25,565 | $ | — | $ | 25,565 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | Mortgage-backed securities, residential | 84,137 | 471 | 5,656 | 69 | 30 | 89,793 | 540 | Mortgage-backed securities, residential | 39,276 | — | 39,276 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | Collateralized mortgage obligations, residential | 23,858 | 22 | 0 | 0 | 7 | 23,858 | 22 | Collateralized mortgage obligations, residential | 14,590 | — | 14,590 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | Mortgage-backed securities, multifamily | 1,943 | 0 | 0 | 0 | 1 | 1,943 | 0 | Mortgage-backed securities, multifamily | 705 | — | 705 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, multifamily | 2,527 | 2 | 0 | 0 | 1 | 2,527 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 40,690 | 225 | 0 | 0 | 6 | 40,690 | 225 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 15,901 | 228 | 0 | 0 | 10 | 15,901 | 228 | Obligations of states and political subdivisions | 2,959 | 7,671 | 10,630 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 174,022 | $ | 977 | $ | 23,308 | $ | 353 | 61 | $ | 197,330 | $ | 1,330 | Total | $ | 83,095 | $ | 7,671 | $ | 90,766 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | $ | 2,561 | $ | 12 | $ | 0 | $ | 0 | 4 | $ | 2,561 | $ | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,561 | $ | 12 | $ | 0 | $ | 0 | 4 | $ | 2,561 | $ | 12 |
(in thousands) | (in thousands) | June 30, 2021 | December 31, 2020 | (in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Non owner occupied commercial | $ | 2,330,376 | $ | 2,398,946 | ||||||||||||||||||||||||
Non-owner occupied commercial | Non-owner occupied commercial | $ | 2,300,637 | $ | 2,398,946 | |||||||||||||||||||||||
Owner occupied commercial | Owner occupied commercial | 870,535 | 827,092 | Owner occupied commercial | 884,144 | 827,092 | ||||||||||||||||||||||
Multifamily | Multifamily | 902,394 | 813,225 | Multifamily | 907,903 | 813,225 | ||||||||||||||||||||||
Non owner occupied residential | 189,765 | 200,229 | ||||||||||||||||||||||||||
Non-owner occupied residential | Non-owner occupied residential | 177,592 | 200,229 | |||||||||||||||||||||||||
Commercial, industrial and other | Commercial, industrial and other | 565,704 | 718,189 | Commercial, industrial and other | 473,324 | 718,189 | ||||||||||||||||||||||
Construction | Construction | 335,167 | 266,883 | Construction | 332,868 | 266,883 | ||||||||||||||||||||||
Equipment finance | Equipment finance | 121,096 | 116,690 | Equipment finance | 119,709 | 116,690 | ||||||||||||||||||||||
Residential mortgage | Residential mortgage | 391,589 | 377,380 | Residential mortgage | 407,021 | 377,380 | ||||||||||||||||||||||
Home equity and consumer | Home equity and consumer | 282,206 | 302,598 | Home equity and consumer | 277,604 | 302,598 | ||||||||||||||||||||||
Total | Total | $ | 5,988,832 | $ | 6,021,232 | Total | $ | 5,880,802 | $ | 6,021,232 |
Term Loans by Origination Year | Term Loans by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Pre-2017 | Revolving Loans | Revolving to Term | Total | (in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Pre-2017 | Revolving Loans | Revolving to Term | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non owner occupied commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial | Non-owner occupied commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 145,375 | $ | 552,563 | $ | 304,739 | $ | 198,074 | $ | 239,433 | $ | 652,362 | $ | 17,694 | 0 | $ | 2,110,240 | Pass | $ | 231,072 | $ | 527,479 | $ | 307,663 | $ | 191,755 | $ | 214,269 | $ | 612,630 | $ | 19,746 | 14 | $ | 2,104,628 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | Watch | 0 | 0 | 25,822 | 11,898 | 4,746 | 49,686 | 820 | 0 | 92,972 | Watch | — | — | 25,434 | 11,811 | 4,673 | 37,995 | — | — | 79,913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | Special mention | 0 | 3,368 | 3,090 | 8,310 | 12,318 | 30,293 | 60 | 0 | 57,439 | Special mention | — | 3,353 | 2,731 | 8,274 | 14,757 | 29,028 | 30 | — | 58,173 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 899 | 0 | 2,657 | 10,668 | 55,501 | 0 | 0 | 69,725 | Substandard | 98 | 894 | 336 | 2,657 | 8,112 | 45,826 | — | — | 57,923 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 145,375 | 556,830 | 333,651 | 220,939 | 267,165 | 787,842 | 18,574 | 0 | 2,330,376 | Total | 231,170 | 531,726 | 336,164 | 214,497 | 241,811 | 725,479 | 19,776 | 14 | 2,300,637 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial | Owner occupied commercial | Owner occupied commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 106,751 | 115,766 | 103,388 | 64,984 | 74,217 | 297,020 | 7,100 | 336 | 769,562 | Pass | 166,660 | 130,638 | 103,320 | 61,259 | 50,889 | 275,250 | 6,725 | 52 | 794,793 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | Watch | 0 | 1,561 | 2,887 | 892 | 283 | 17,496 | 20 | 0 | 23,139 | Watch | — | — | 2,171 | 1,220 | 282 | 18,708 | 20 | — | 22,401 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | Special mention | 0 | 0 | 2,166 | 13,706 | 105 | 28,296 | 0 | 0 | 44,273 | Special mention | — | — | 2,152 | 13,615 | 100 | 24,679 | — | — | 40,546 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 0 | 18 | 2,968 | 1,814 | 28,717 | 44 | 0 | 33,561 | Substandard | 5 | — | 18 | 2,647 | 1,311 | 22,423 | — | — | 26,404 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 106,751 | 117,327 | 108,459 | 82,550 | 76,419 | 371,529 | 7,164 | 336 | 870,535 | Total | 166,665 | 130,638 | 107,661 | 78,741 | 52,582 | 341,060 | 6,745 | 52 | 884,144 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | Multifamily | Multifamily | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 109,244 | 252,490 | 78,034 | 89,956 | 81,657 | 240,963 | 10,261 | 0 | 862,605 | Pass | 141,957 | 250,242 | 73,107 | 87,035 | 76,472 | 228,609 | 10,289 | 302 | 868,013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | Watch | 0 | 0 | 0 | 0 | 4,571 | 5,701 | 0 | 0 | 10,272 | Watch | — | 970 | — | — | 872 | 7,174 | — | — | 9,016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | Special mention | 0 | 12,176 | 0 | 0 | 2,400 | 1,099 | 0 | 0 | 15,675 | Special mention | — | 12,115 | — | — | 2,391 | 4,310 | — | — | 18,816 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 0 | 5,484 | 1,325 | 0 | 6,833 | 200 | 0 | 13,842 | Substandard | — | — | 5,484 | 1,325 | — | 5,049 | 200 | — | 12,058 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 109,244 | 264,666 | 83,518 | 91,281 | 88,628 | 254,596 | 10,461 | 0 | 902,394 | Total | 141,957 | 263,327 | 78,591 | 88,360 | 79,735 | 245,142 | 10,489 | 302 | 907,903 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non owner occupied residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied residential | Non-owner occupied residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 18,362 | 21,396 | 18,334 | 18,497 | 19,397 | 62,191 | 7,863 | 430 | 166,470 | Pass | 20,108 | 18,924 | 17,058 | 17,834 | 18,647 | 54,147 | 7,593 | 579 | 154,890 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | Watch | 0 | 0 | 0 | 0 | 1,045 | 5,245 | 0 | 0 | 6,290 | Watch | — | — | — | — | 916 | 5,412 | — | — | 6,328 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | Special mention | 0 | 0 | 1,025 | 845 | 486 | 930 | 515 | 0 | 3,801 | Special mention | — | — | 1,023 | 841 | 474 | 286 | 515 | — | 3,139 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 3,315 | 512 | 5,031 | 1,861 | 2,485 | 0 | 0 | 13,204 | Substandard | — | 3,315 | 512 | 5,028 | 1,738 | 2,642 | — | — | 13,235 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 18,362 | 24,711 | 19,871 | 24,373 | 22,789 | 70,851 | 8,378 | 430 | 189,765 | Total | 20,108 | 22,239 | 18,593 | 23,703 | 21,775 | 62,487 | 8,108 | 579 | 177,592 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | Commercial, industrial and other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 121,489 | 28,903 | 69,997 | 12,635 | 4,645 | 38,923 | 166,640 | 717 | 443,949 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | Watch | 726 | 483 | 495 | 36 | 1,432 | 198 | 3,545 | — | 6,915 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | Special mention | — | — | — | 258 | 1,976 | 771 | 3,554 | — | 6,559 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 7,184 | 47 | 1,678 | 502 | 1,307 | 5,183 | — | 15,901 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 122,215 | 36,570 | 70,539 | 14,607 | 8,555 | 41,199 | 178,922 | 717 | 473,324 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 69,225 | 101,557 | 59,474 | 33,870 | 30,095 | 3,753 | — | — | 297,974 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | Watch | — | — | — | 12,664 | 12,078 | — | — | — | 24,742 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | Special mention | — | — | — | — | 10,152 | — | — | — | 10,152 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 69,225 | 101,557 | 59,474 | 46,534 | 52,325 | 3,753 | — | — | 332,868 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment finance | Equipment finance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 37,254 | 33,204 | 31,374 | 12,228 | 4,304 | 1,107 | — | — | 119,471 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 156 | — | — | 57 | 25 | — | — | — | 238 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 37,410 | 33,204 | 31,374 | 12,285 | 4,329 | 1,107 | — | — | 119,709 |
Term Loans by Origination Year | Term Loans by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Pre-2017 | Revolving Loans | Revolving to Term | Total | (in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Pre-2017 | Revolving Loans | Revolving to Term | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 157,098 | 89,379 | 73,878 | 13,950 | 5,116 | 40,518 | 155,183 | 330 | 535,452 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | 395 | 283 | 544 | 107 | 1,515 | 223 | 3,229 | 80 | 6,376 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 0 | 0 | 1 | 306 | 2,004 | 809 | 4,057 | 0 | 7,177 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 7,300 | 48 | 2,206 | 645 | 1,565 | 4,935 | 0 | 16,699 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 157,493 | 96,962 | 74,471 | 16,569 | 9,280 | 43,115 | 167,404 | 410 | 565,704 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 43,967 | 101,838 | 88,989 | 33,067 | 26,442 | 3,694 | 329 | 0 | 298,326 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | 0 | 0 | 0 | 13,707 | 12,867 | 0 | 0 | 0 | 26,574 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 0 | 0 | 0 | 0 | 9,752 | 0 | 0 | 0 | 9,752 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 515 | 0 | 0 | 515 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 43,967 | 101,838 | 88,989 | 46,774 | 49,061 | 4,209 | 329 | 0 | 335,167 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 27,986 | 35,644 | 34,792 | 15,132 | 5,554 | 1,724 | 0 | 0 | 120,832 | Pass | 118,452 | 116,567 | 28,856 | 26,376 | 9,946 | 106,566 | — | — | 406,763 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 0 | 98 | 90 | 76 | 0 | 0 | 0 | 264 | Substandard | — | — | — | 123 | — | 135 | — | — | 258 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 27,986 | 35,644 | 34,890 | 15,222 | 5,630 | 1,724 | 0 | 0 | 121,096 | Total | 118,452 | 116,567 | 28,856 | 26,499 | 9,946 | 106,701 | — | — | 407,021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 75,321 | 120,307 | 32,126 | 29,708 | 13,105 | 120,884 | 0 | 0 | 391,451 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 138 | 0 | 0 | 138 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 75,321 | 120,307 | 32,126 | 29,708 | 13,105 | 121,022 | 0 | 0 | 391,589 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 11,986 | 12,951 | 7,512 | 5,763 | 3,921 | 30,293 | 209,027 | 0 | 281,453 | Pass | 24,133 | 12,093 | 6,199 | 5,276 | 3,445 | 27,531 | 197,703 | 220 | 276,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 33 | 0 | 0 | 0 | 1 | 566 | 153 | 0 | 753 | Substandard | 42 | — | — | — | 1 | 318 | 266 | 377 | 1,004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 12,019 | 12,951 | 7,512 | 5,763 | 3,922 | 30,859 | 209,180 | 0 | 282,206 | Total | 24,175 | 12,093 | 6,199 | 5,276 | 3,446 | 27,849 | 197,969 | 597 | 277,604 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 696,518 | $ | 1,331,236 | $ | 783,487 | $ | 533,179 | $ | 535,999 | $ | 1,685,747 | $ | 421,490 | $ | 1,176 | $ | 5,988,832 | Total loans | $ | 931,377 | $ | 1,247,921 | $ | 737,451 | $ | 510,502 | $ | 474,504 | $ | 1,554,777 | $ | 422,009 | $ | 2,261 | $ | 5,880,802 |
Term Loans by Origination Year | Term Loans by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Pre-2016 | Revolving Loans | Revolving to Term | Total | (in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Pre-2016 | Revolving Loans | Revolving to Term | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non owner occupied commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial | Non-owner occupied commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 570,665 | $ | 376,681 | $ | 217,931 | $ | 251,751 | $ | 187,605 | $ | 509,573 | $ | 50,071 | 2,246 | $ | 2,166,523 | Pass | $ | 570,665 | $ | 376,681 | $ | 217,931 | $ | 251,751 | $ | 187,605 | $ | 509,573 | $ | 50,071 | 2,246 | $ | 2,166,523 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | Watch | 770 | 638 | 8,498 | 5,936 | 19,579 | 47,680 | 315 | 0 | 83,416 | Watch | 770 | 638 | 8,498 | 5,936 | 19,579 | 47,680 | 315 | — | 83,416 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | Special mention | 3,400 | 3,131 | 8,377 | 9,115 | 19,936 | 7,894 | 2,895 | 0 | 54,748 | Special mention | 3,400 | 3,131 | 8,377 | 9,115 | 19,936 | 7,894 | 2,895 | — | 54,748 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 0 | 2,809 | 15,903 | 14,844 | 60,703 | 0 | 0 | 94,259 | Substandard | — | — | 2,809 | 15,903 | 14,844 | 60,703 | — | — | 94,259 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 574,835 | 380,450 | 237,615 | 282,705 | 241,964 | 625,850 | 53,281 | 2,246 | 2,398,946 | Total | 574,835 | 380,450 | 237,615 | 282,705 | 241,964 | 625,850 | 53,281 | 2,246 | 2,398,946 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial | Owner occupied commercial | Owner occupied commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 116,512 | 76,224 | 80,244 | 81,215 | 62,118 | 245,330 | 11,072 | 179 | 672,894 | Pass | 116,512 | 76,224 | 80,244 | 81,215 | 62,118 | 245,330 | 11,072 | 179 | 672,894 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | Watch | 11,347 | 22,932 | 411 | 3,651 | 8,038 | 23,612 | 673 | 0 | 70,664 | Watch | 11,347 | 22,932 | 411 | 3,651 | 8,038 | 23,612 | 673 | — | 70,664 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | Special mention | 0 | 2,218 | 929 | 113 | 4,317 | 38,638 | 0 | 0 | 46,215 | Special mention | — | 2,218 | 929 | 113 | 4,317 | 38,638 | — | — | 46,215 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 434 | 16 | 3,038 | 641 | 5,770 | 27,376 | 44 | 0 | 37,319 | Substandard | 434 | 16 | 3,038 | 641 | 5,770 | 27,376 | 44 | — | 37,319 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 128,293 | 101,390 | 84,622 | 85,620 | 80,243 | 334,956 | 11,789 | 179 | 827,092 | Total | 128,293 | 101,390 | 84,622 | 85,620 | 80,243 | 334,956 | 11,789 | 179 | 827,092 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | Multifamily | Multifamily | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 251,708 | 59,694 | 85,748 | 93,368 | 117,155 | 145,786 | 21,713 | 0 | 775,172 | Pass | 251,708 | 59,694 | 85,748 | 93,368 | 117,155 | 145,786 | 21,713 | — | 775,172 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | Watch | 0 | 0 | 600 | 0 | 0 | 8,472 | — | 0 | 9,072 | Watch | — | — | 600 | — | — | 8,472 | — | — | 9,072 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | Special mention | 9,781 | 0 | 0 | 2,399 | 0 | 1,124 | 0 | 0 | 13,304 | Special mention | 9,781 | — | — | 2,399 | — | 1,124 | — | — | 13,304 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 5,481 | 0 | 0 | 9,512 | 684 | 0 | 0 | 15,677 | Substandard | — | 5,481 | — | — | 9,512 | 684 | — | — | 15,677 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 261,489 | 65,175 | 86,348 | 95,767 | 126,667 | 156,066 | 21,713 | 0 | 813,225 | Total | 261,489 | 65,175 | 86,348 | 95,767 | 126,667 | 156,066 | 21,713 | — | 813,225 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied residential | Non-owner occupied residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 23,506 | 24,378 | 27,752 | 24,344 | 21,488 | 53,200 | 8,180 | 171 | 183,019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | Watch | — | 300 | — | 1,174 | — | 5,757 | — | — | 7,231 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | Special mention | — | 496 | 1,199 | 392 | 293 | 656 | 655 | — | 3,691 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 876 | 512 | 1,200 | 1,295 | 692 | 1,713 | — | — | 6,288 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 24,382 | 25,686 | 30,151 | 27,205 | 22,473 | 61,326 | 8,835 | 171 | 200,229 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | Commercial, industrial and other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 299,091 | 84,917 | 16,245 | 7,216 | 18,358 | 41,900 | 208,519 | 531 | 676,777 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | Watch | 287 | 3,701 | 156 | 1,643 | 301 | 369 | 2,324 | — | 8,781 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | Special mention | — | — | 884 | 764 | 2,275 | — | 4,727 | — | 8,650 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 7,177 | 50 | 3,559 | 1,547 | 1,497 | 729 | 9,422 | — | 23,981 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 306,555 | 88,668 | 20,844 | 11,170 | 22,431 | 42,998 | 224,992 | 531 | 718,189 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 56,734 | 77,117 | 69,627 | 29,303 | 7,681 | 328 | 2,190 | — | 242,980 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | Watch | — | — | 2,183 | 11,959 | — | — | — | — | 14,142 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | Special mention | — | — | — | 8,321 | — | — | — | — | 8,321 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | 206 | 719 | 515 | — | — | 1,440 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 56,734 | 77,117 | 71,810 | 49,789 | 8,400 | 843 | 2,190 | — | 266,883 |
Term Loans by Origination Year | Term Loans by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Pre-2016 | Revolving Loans | Revolving to Term | Total | (in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Pre-2016 | Revolving Loans | Revolving to Term | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non owner occupied residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 23,506 | 24,378 | 27,752 | 24,344 | 21,488 | 53,200 | 8,180 | 171 | 183,019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | 0 | 300 | 0 | 1,174 | 0 | 5,757 | 0 | 0 | 7,231 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 0 | 496 | 1,199 | 392 | 293 | 656 | 655 | 0 | 3,691 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 876 | 512 | 1,200 | 1,295 | 692 | 1,713 | 0 | 0 | 6,288 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 24,382 | 25,686 | 30,151 | 27,205 | 22,473 | 61,326 | 8,835 | 171 | 200,229 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 299,091 | 84,917 | 16,245 | 7,216 | 18,358 | 41,900 | 208,519 | 531 | 676,777 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | 287 | 3,701 | 156 | 1,643 | 301 | 369 | 2,324 | 0 | 8,781 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 0 | 0 | 884 | 764 | 2,275 | 0 | 4,727 | 0 | 8,650 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 7,177 | 50 | 3,559 | 1,547 | 1,497 | 729 | 9,422 | 0 | 23,981 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 306,555 | 88,668 | 20,844 | 11,170 | 22,431 | 42,998 | 224,992 | 531 | 718,189 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 56,734 | 77,117 | 69,627 | 29,303 | 7,681 | 328 | 2,190 | 0 | 242,980 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | 0 | 0 | 2,183 | 11,959 | 0 | 0 | 0 | 0 | 14,142 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 0 | 0 | 0 | 8,321 | 0 | 0 | 0 | 0 | 8,321 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 206 | 719 | 515 | 0 | 0 | 1,440 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 56,734 | 77,117 | 71,810 | 49,789 | 8,400 | 843 | 2,190 | 0 | 266,883 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment finance | Equipment finance | Equipment finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 41,528 | 41,717 | 20,697 | 8,834 | 3,162 | 426 | 0 | 0 | 116,364 | Pass | 41,528 | 41,717 | 20,697 | 8,834 | 3,162 | 426 | — | — | 116,364 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 98 | 88 | 74 | 64 | 2 | 0 | 0 | 326 | Substandard | — | 98 | 88 | 74 | 64 | 2 | — | — | 326 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 41,528 | 41,815 | 20,785 | 8,908 | 3,226 | 428 | 0 | 0 | 116,690 | Total | 41,528 | 41,815 | 20,785 | 8,908 | 3,226 | 428 | — | — | 116,690 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | Residential mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 127,336 | 43,910 | 34,252 | 17,548 | 12,108 | 139,616 | 0 | 0 | 374,770 | Pass | 127,336 | 43,910 | 34,252 | 17,548 | 12,108 | 139,616 | — | — | 374,770 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 52 | 233 | 1,015 | 0 | 1,310 | 0 | 0 | 2,610 | Substandard | — | 52 | 233 | 1,015 | — | 1,310 | — | — | 2,610 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 127,336 | 43,962 | 34,485 | 18,563 | 12,108 | 140,926 | 0 | 0 | 377,380 | Total | 127,336 | 43,962 | 34,485 | 18,563 | 12,108 | 140,926 | — | — | 377,380 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 15,999 | 9,844 | 7,490 | 5,333 | 4,632 | 31,861 | 224,549 | 166 | 299,874 | Pass | 15,999 | 9,844 | 7,490 | 5,333 | 4,632 | 31,861 | 224,549 | 166 | 299,874 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 33 | 57 | 31 | 2 | 0 | 2,208 | 263 | 130 | 2,724 | Substandard | 33 | 57 | 31 | 2 | — | 2,208 | 263 | 130 | 2,724 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 16,032 | 9,901 | 7,521 | 5,335 | 4,632 | 34,069 | 224,812 | 296 | 302,598 | Total | 16,032 | 9,901 | 7,521 | 5,335 | 4,632 | 34,069 | 224,812 | 296 | 302,598 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 1,537,184 | $ | 834,164 | $ | 594,181 | $ | 585,062 | $ | 522,144 | $ | 1,397,462 | $ | 547,612 | $ | 3,423 | $ | 6,021,232 | Total loans | $ | 1,537,184 | $ | 834,164 | $ | 594,181 | $ | 585,062 | $ | 522,144 | $ | 1,397,462 | $ | 547,612 | $ | 3,423 | $ | 6,021,232 |
June 30, 2021 | Past Due | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Current | 30 - 59 Days | 60 - 89 Days | Greater than 89 days | Total | Total Loans | ||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial | $ | 2,323,132 | $ | 521 | $ | 434 | $ | 6,289 | $ | 7,244 | $ | 2,330,376 | ||||||||||||||||||||||||||||||||
Owner occupied commercial | 861,430 | 2,942 | 138 | 6,025 | 9,105 | 870,535 | ||||||||||||||||||||||||||||||||||||||
Multifamily | 902,394 | 0 | 0 | 0 | 0 | 902,394 | ||||||||||||||||||||||||||||||||||||||
Non-owner occupied residential | 186,653 | 137 | 2,160 | 815 | 3,112 | 189,765 | ||||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | 564,271 | 264 | 26 | 1,143 | 1,433 | 565,704 | ||||||||||||||||||||||||||||||||||||||
Construction | 334,652 | 0 | 0 | 515 | 515 | 335,167 | ||||||||||||||||||||||||||||||||||||||
Equipment finance | 120,671 | 133 | 93 | 199 | 425 | 121,096 | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | 391,123 | 466 | 0 | 0 | 466 | 391,589 | ||||||||||||||||||||||||||||||||||||||
Consumer | 281,091 | 831 | 275 | 9 | 1,115 | 282,206 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 5,965,417 | $ | 5,294 | $ | 3,126 | $ | 14,995 | $ | 23,415 | $ | 5,988,832 |
December 31, 2020 | Past Due | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | Past Due | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Current | 30 - 59 Days | 60 - 89 Days | Greater than 89 days | Total | Total Loans | (in thousands) | Current | 30 - 59 Days | 60 - 89 Days | Greater than 89 days | Total | Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial | Non-owner occupied commercial | $ | 2,384,233 | $ | 1,256 | $ | 306 | $ | 13,151 | $ | 14,713 | $ | 2,398,946 | Non-owner occupied commercial | $ | 2,295,310 | $ | 336 | $ | 432 | $ | 4,559 | $ | 5,327 | $ | 2,300,637 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial | Owner occupied commercial | 811,408 | 2,759 | 350 | 12,575 | 15,684 | 827,092 | Owner occupied commercial | 878,881 | 616 | 263 | 4,384 | 5,263 | 884,144 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | Multifamily | 812,597 | 208 | 0 | 420 | 628 | 813,225 | Multifamily | 904,961 | 2,942 | — | — | 2,942 | 907,903 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied residential | Non-owner occupied residential | 197,802 | 482 | 294 | 1,651 | 2,427 | 200,229 | Non-owner occupied residential | 174,412 | 102 | 2,156 | 922 | 3,180 | 177,592 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | Commercial, industrial and other | 716,337 | 125 | 0 | 1,727 | 1,852 | 718,189 | Commercial, industrial and other | 471,628 | 595 | — | 1,101 | 1,696 | 473,324 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | 265,649 | 0 | 0 | 1,234 | 1,234 | 266,883 | Construction | 332,868 | — | — | — | — | 332,868 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment finance | Equipment finance | 115,124 | 1,338 | 98 | 130 | 1,566 | 116,690 | Equipment finance | 119,439 | 44 | 156 | 70 | 270 | 119,709 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | 374,370 | 1,046 | 156 | 1,808 | 3,010 | 377,380 | Residential mortgage | 406,091 | 807 | — | 123 | 930 | 407,021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 300,127 | 1,041 | 73 | 1,357 | 2,471 | 302,598 | Consumer | 276,610 | 563 | 54 | 377 | 994 | 277,604 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 5,977,647 | $ | 8,255 | $ | 1,277 | $ | 34,053 | $ | 43,585 | $ | 6,021,232 | Total | $ | 5,860,200 | $ | 6,005 | $ | 3,061 | $ | 11,536 | $ | 20,602 | $ | 5,880,802 |
December 31, 2020 | Past Due | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Current | 30 - 59 Days | 60 - 89 Days | Greater than 89 days | Total | Total Loans | ||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial | $ | 2,384,233 | $ | 1,256 | $ | 306 | $ | 13,151 | $ | 14,713 | $ | 2,398,946 | ||||||||||||||||||||||||||||||||
Owner occupied commercial | 811,408 | 2,759 | 350 | 12,575 | 15,684 | 827,092 | ||||||||||||||||||||||||||||||||||||||
Multifamily | 812,597 | 208 | — | 420 | 628 | 813,225 | ||||||||||||||||||||||||||||||||||||||
Non-owner occupied residential | 197,802 | 482 | 294 | 1,651 | 2,427 | 200,229 | ||||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | 716,337 | 125 | — | 1,727 | 1,852 | 718,189 | ||||||||||||||||||||||||||||||||||||||
Construction | 265,649 | — | — | 1,234 | 1,234 | 266,883 | ||||||||||||||||||||||||||||||||||||||
Equipment finance | 115,124 | 1,338 | 98 | 130 | 1,566 | 116,690 | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | 374,370 | 1,046 | 156 | 1,808 | 3,010 | 377,380 | ||||||||||||||||||||||||||||||||||||||
Consumer | 300,127 | 1,041 | 73 | 1,357 | 2,471 | 302,598 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 5,977,647 | $ | 8,255 | $ | 1,277 | $ | 34,053 | $ | 43,585 | $ | 6,021,232 |
June 30, 2021 | ||||||||||||||||||||||||||
(in thousands) | Non-accrual | Interest Income Recognized on Non-accrual Loans | Amortized Cost Basis of Loans >= 90 days Past due but still accruing | Amortized Cost Basis of Non-accrual Loans without Related Allowance | ||||||||||||||||||||||
Non-owner occupied commercial | $ | 11,427 | $ | 0 | $ | 0 | $ | 6,403 | ||||||||||||||||||
Owner occupied commercial | 7,152 | 0 | 0 | 5,811 | ||||||||||||||||||||||
Multifamily | 195 | 0 | 0 | 0 | ||||||||||||||||||||||
Non-owner occupied residential | 1,305 | 0 | 0 | 853 | ||||||||||||||||||||||
Commercial, industrial and other | 1,449 | 0 | 0 | 723 | ||||||||||||||||||||||
Construction | 515 | 0 | 0 | 515 | ||||||||||||||||||||||
Equipment finance | 264 | 0 | 0 | 0 | ||||||||||||||||||||||
Consumer | 308 | 0 | 0 | 0 | ||||||||||||||||||||||
Total | $ | 22,615 | $ | 0 | $ | 0 | $ | 14,305 |
December 31, 2020 | ||||||||||||||||||||||||||
(in thousands) | Non-accrual | Interest Income Recognized on Non-accrual Loans | Amortized Cost Basis of Loans >= 90 days Past due but still accruing | Amortized Cost Basis of Non-accrual Loans without Related Allowance | ||||||||||||||||||||||
Non-owner occupied commercial | $ | 16,537 | $ | 0 | $ | 0 | $ | 14,719 | ||||||||||||||||||
Owner occupied commercial | 14,271 | 0 | 0 | 12,371 | ||||||||||||||||||||||
Multifamily | 626 | 0 | 0 | 0 | ||||||||||||||||||||||
Non-owner occupied residential | 2,217 | 0 | 0 | 1,580 | ||||||||||||||||||||||
Commercial, industrial and other | 2,633 | 0 | 0 | 1,418 | ||||||||||||||||||||||
Construction | 1,440 | 0 | 0 | 1,234 | ||||||||||||||||||||||
Equipment finance | 327 | 0 | 0 | 0 | ||||||||||||||||||||||
Residential mortgage | 2,469 | 0 | 0 | 1,015 | ||||||||||||||||||||||
Consumer | 2,243 | 0 | 1 | 0 | ||||||||||||||||||||||
Total | $ | 42,763 | $ | 0 | $ | 1 | $ | 32,337 |
September 30, 2021 | ||||||||||||||||||||||||||
(in thousands) | Non-accrual | Interest Income Recognized on Non-accrual Loans | Amortized Cost Basis of Loans >= 90 days Past due but still accruing | Amortized Cost Basis of Non-accrual Loans without Related Allowance | ||||||||||||||||||||||
Non-owner occupied commercial | $ | 4,748 | $ | — | $ | — | $ | 4,284 | ||||||||||||||||||
Owner occupied commercial | 4,656 | — | — | 4,221 | ||||||||||||||||||||||
Non-owner occupied residential | 922 | — | — | 523 | ||||||||||||||||||||||
Commercial, industrial and other | 1,108 | — | — | 477 | ||||||||||||||||||||||
Equipment finance | 238 | — | — | — | ||||||||||||||||||||||
Residential mortgage | 123 | — | — | — | ||||||||||||||||||||||
Consumer | 453 | — | — | — | ||||||||||||||||||||||
Total | $ | 12,248 | $ | — | $ | — | $ | 9,505 |
December 31, 2020 | ||||||||||||||||||||||||||
(in thousands) | Non-accrual | Interest Income Recognized on Non-accrual Loans | Amortized Cost Basis of Loans >= 90 days Past due but still accruing | Amortized Cost Basis of Non-accrual Loans without Related Allowance | ||||||||||||||||||||||
Non-owner occupied commercial | $ | 16,537 | $ | — | $ | — | $ | 14,719 | ||||||||||||||||||
Owner occupied commercial | 14,271 | — | — | 12,371 | ||||||||||||||||||||||
Multifamily | 626 | — | — | — | ||||||||||||||||||||||
Non-owner occupied residential | 2,217 | — | — | 1,580 | ||||||||||||||||||||||
Commercial, industrial and other | 2,633 | — | — | 1,418 | ||||||||||||||||||||||
Construction | 1,440 | — | — | 1,234 | ||||||||||||||||||||||
Equipment finance | 327 | — | — | — | ||||||||||||||||||||||
Residential mortgage | 2,469 | — | — | 1,015 | ||||||||||||||||||||||
Consumer | 2,243 | — | 1 | — | ||||||||||||||||||||||
Total | $ | 42,763 | $ | — | $ | 1 | $ | 32,337 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2021 | 2020 | (in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of the period | Balance at beginning of the period | $ | 67,252 | $ | 48,884 | $ | 71,124 | $ | 40,003 | Balance at beginning of the period | $ | 60,389 | $ | 57,839 | $ | 71,124 | $ | 40,003 | ||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (1,861) | (141) | (3,132) | (624) | Charge-offs | (996) | (682) | (4,128) | (1,306) | ||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 312 | 96 | 519 | 237 | Recoveries | 1,266 | 85 | 1,785 | 322 | ||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (1,549) | (45) | (2,613) | (387) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net recoveries (charge-offs) | Net recoveries (charge-offs) | 270 | (597) | (2,343) | (984) | |||||||||||||||||||||||||||||||||||||||||||||||
(Benefit) provision for credit loss - loans | (Benefit) provision for credit loss - loans | (5,314) | 9,000 | (8,122) | 18,223 | (Benefit) provision for credit loss - loans | (2,706) | 8,000 | (10,828) | 26,223 | ||||||||||||||||||||||||||||||||||||||||||
Balance at end of the period | Balance at end of the period | 60,389 | 57,839 | $ | 60,389 | $ | 57,839 | Balance at end of the period | $ | 57,953 | $ | 65,242 | $ | 57,953 | $ | 65,242 |
(in thousands) | (in thousands) | Balance at 3/31/2021 | Charge-offs | Recoveries | (Benefit) Provision for Credit Loss | Balance at 6/30/2021 | (in thousands) | Balance at 6/30/2021 | Charge-offs | Recoveries | (Benefit) Provision for Credit Loss | Balance at 9/30/2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial | Non-owner occupied commercial | $ | 23,880 | $ | (1,650) | $ | 1 | $ | (1,325) | $ | 20,906 | Non-owner occupied commercial | $ | 20,906 | $ | (465) | $ | 459 | $ | (387) | $ | 20,513 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial | Owner occupied commercial | 4,003 | 0 | 9 | 88 | 4,100 | Owner occupied commercial | 4,100 | (204) | 284 | 131 | 4,311 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | Multifamily | 7,508 | 0 | 0 | (331) | 7,177 | Multifamily | 7,177 | (28) | — | 418 | 7,567 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied residential | Non-owner occupied residential | 2,883 | (3) | 11 | (299) | 2,592 | Non-owner occupied residential | 2,592 | (11) | 16 | 206 | 2,803 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | Commercial, industrial and other | 12,139 | (110) | 105 | (1,645) | 10,489 | Commercial, industrial and other | 10,489 | (26) | 290 | (2,678) | 8,075 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | 1,129 | 0 | 42 | (137) | 1,034 | Construction | 1,034 | (54) | 4 | (118) | 866 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment finance | Equipment finance | 6,264 | (10) | 6 | (1,140) | 5,120 | Equipment finance | 5,120 | (138) | — | (142) | 4,840 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | 3,781 | (36) | 118 | 22 | 3,885 | Residential mortgage | 3,885 | (28) | 1 | 348 | 4,206 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 5,665 | (52) | 20 | (547) | 5,086 | Consumer | 5,086 | (42) | 212 | (484) | 4,772 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 67,252 | $ | (1,861) | $ | 312 | $ | (5,314) | $ | 60,389 | Total | $ | 60,389 | $ | (996) | $ | 1,266 | $ | (2,706) | $ | 57,953 |
(in thousands) | (in thousands) | Balance at 3/31/2020 | Charge-offs | Recoveries | (Benefit) Provision for Credit Loss | Balance at 6/30/2020 | (in thousands) | Balance at 6/30/2020 | Charge-offs | Recoveries | (Benefit) Provision for Credit Loss | Balance at 9/30/2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, secured by real estate (1) | Commercial, secured by real estate (1) | 34,793 | $ | 0 | $ | 21 | $ | 8,466 | 43,280 | Commercial, secured by real estate (1) | 43,280 | $ | (329) | $ | 10 | $ | 7,305 | 50,266 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | Commercial, industrial and other | 5,489 | 0 | 13 | (804) | 4,698 | Commercial, industrial and other | 4,698 | (204) | 31 | 460 | 4,985 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | 3,344 | 0 | 16 | (241) | 3,119 | Construction | 3,119 | — | 21 | (37) | 3,103 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment finance | Equipment finance | 1,257 | (14) | 24 | 1,704 | 2,971 | Equipment finance | 2,971 | (96) | 1 | 8 | 2,884 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | 1,600 | 0 | 0 | (164) | 1,436 | Residential mortgage | 1,436 | — | 1 | 256 | 1,693 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 2,401 | (127) | 22 | 39 | 2,335 | Consumer | 2,335 | (53) | 21 | 8 | 2,311 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 48,884 | $ | (141) | $ | 96 | $ | 9,000 | $ | 57,839 | Total | $ | 57,839 | $ | (682) | $ | 85 | $ | 8,000 | $ | 65,242 |
(in thousands) | (in thousands) | Balance at 12/31/2020 | Charge-offs | Recoveries | (Benefit) Provision for Credit Loss | Balance at 6/30/2021 | (in thousands) | Balance at 12/31/2020 | Charge-offs | Recoveries | (Benefit) Provision for Credit Loss | Balance at 9/30/2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial | Non-owner occupied commercial | $ | 25,910 | $ | (2,243) | $ | 3 | $ | (2,764) | $ | 20,906 | Non-owner occupied commercial | $ | 25,910 | $ | (2,708) | $ | 462 | $ | (3,151) | $ | 20,513 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial | Owner occupied commercial | 3,955 | (78) | 17 | 206 | 4,100 | Owner occupied commercial | 3,955 | (282) | 301 | 337 | 4,311 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | Multifamily | 7,253 | 0 | 0 | (76) | 7,177 | Multifamily | 7,253 | (28) | — | 342 | 7,567 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied residential | Non-owner occupied residential | 3,321 | (212) | 13 | (530) | 2,592 | Non-owner occupied residential | 3,321 | (223) | 29 | (324) | 2,803 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | Commercial, industrial and other | 13,665 | (375) | 149 | (2,950) | 10,489 | Commercial, industrial and other | 13,665 | (401) | 439 | (5,628) | 8,075 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | 786 | 0 | 67 | 181 | 1,034 | Construction | 786 | (54) | 71 | 63 | 866 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment finance | Equipment finance | 6,552 | (104) | 17 | (1,345) | 5,120 | Equipment finance | 6,552 | (242) | 17 | (1,487) | 4,840 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | 3,623 | (36) | 176 | 122 | 3,885 | Residential mortgage | 3,623 | (64) | 177 | 470 | 4,206 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 6,059 | (84) | 77 | (966) | 5,086 | Consumer | 6,059 | (126) | 289 | (1,450) | 4,772 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 71,124 | $ | (3,132) | $ | 519 | $ | (8,122) | $ | 60,389 | Total | $ | 71,124 | $ | (4,128) | $ | 1,785 | $ | (10,828) | $ | 57,953 |
(in thousands) | Balance at 12/31/2019 | Charge-offs | Recoveries | (Benefit) Provision for Credit Loss | Balance at 6/30/2020 | |||||||||||||||||||||||||||||||||||||||
Commercial, secured by real estate (1) | $ | 28,950 | $ | (169) | $ | 47 | $ | 14,452 | 43,280 | |||||||||||||||||||||||||||||||||||
Commercial, industrial and other | 3,289 | 0 | 43 | 1,366 | 4,698 | |||||||||||||||||||||||||||||||||||||||
Construction | 2,672 | 0 | 48 | 399 | 3,119 | |||||||||||||||||||||||||||||||||||||||
Equipment finance | 957 | (98) | 38 | 2,074 | 2,971 | |||||||||||||||||||||||||||||||||||||||
Residential mortgage | 1,725 | (116) | 20 | (193) | 1,436 | |||||||||||||||||||||||||||||||||||||||
Consumer | 2,410 | (241) | 41 | 125 | 2,335 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 40,003 | $ | (624) | $ | 237 | $ | 18,223 | $ | 57,839 |
(in thousands) | Balance at 12/31/2019 | Charge-offs | Recoveries | (Benefit) Provision for Credit Loss | Balance at 9/30/2020 | |||||||||||||||||||||||||||||||||||||||
Commercial, secured by real estate (1) | $ | 28,950 | $ | (498) | $ | 57 | $ | 21,757 | 50,266 | |||||||||||||||||||||||||||||||||||
Commercial, industrial and other | 3,289 | (204) | 74 | 1,826 | 4,985 | |||||||||||||||||||||||||||||||||||||||
Construction | 2,672 | — | 69 | 362 | 3,103 | |||||||||||||||||||||||||||||||||||||||
Equipment finance | 957 | (194) | 39 | 2,082 | 2,884 | |||||||||||||||||||||||||||||||||||||||
Residential mortgage | 1,725 | (116) | 21 | 63 | 1,693 | |||||||||||||||||||||||||||||||||||||||
Consumer | 2,410 | (294) | 62 | 133 | 2,311 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 40,003 | $ | (1,306) | $ | 322 | $ | 26,223 | $ | 65,242 |
June 30, 2021 | Loans | Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Individually evaluated | Collectively evaluated | Acquired with deteriorated credit quality | Total | Individually evaluated | Collectively evaluated | Total | |||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial | $ | 9,093 | $ | 2,318,592 | $ | 2,691 | $ | 2,330,376 | 273 | $ | 20,633 | $ | 20,906 | |||||||||||||||||||||||||||||||
Owner occupied commercial | 9,958 | 860,000 | 577 | 870,535 | 78 | 4,022 | 4,100 | |||||||||||||||||||||||||||||||||||||
Multifamily | 0 | 902,394 | 0 | 902,394 | 0 | 7,177 | 7,177 | |||||||||||||||||||||||||||||||||||||
Non-owner occupied residential | 769 | 188,841 | 155 | 189,765 | 0 | 2,592 | 2,592 | |||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | 744 | 563,844 | 1,116 | 565,704 | 638 | 9,851 | 10,489 | |||||||||||||||||||||||||||||||||||||
Construction | 515 | 334,652 | 0 | 335,167 | 0 | 1,034 | 1,034 | |||||||||||||||||||||||||||||||||||||
Equipment finance | 0 | 121,096 | 0 | 121,096 | 0 | 5,120 | 5,120 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 736 | 390,853 | 0 | 391,589 | 0 | 3,885 | 3,885 | |||||||||||||||||||||||||||||||||||||
Consumer | 0 | 281,967 | 239 | 282,206 | 0 | 5,086 | 5,086 | |||||||||||||||||||||||||||||||||||||
Total loans | $ | 21,815 | $ | 5,962,239 | $ | 4,778 | $ | 5,988,832 | $ | 989 | $ | 59,400 | $ | 60,389 |
December 31, 2020 | Loans | Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Individually evaluated for impairment | Collectively evaluated for impairment | Acquired with deteriorated credit quality | Total | Individually evaluated for impairment | Collectively evaluated for impairment | Total | |||||||||||||||||||||||||||||||||||||
Non owner occupied commercial | $ | 12,112 | $ | 2,382,717 | $ | 4,117 | 2,398,946 | $ | 355 | $ | 25,555 | $ | 25,910 | |||||||||||||||||||||||||||||||
Owner occupied commercial | 16,547 | 809,935 | 610 | 827,092 | 96 | 3,859 | 3,955 | |||||||||||||||||||||||||||||||||||||
Multifamily | 0 | 813,225 | 0 | 813,225 | 0 | 7,253 | 7,253 | |||||||||||||||||||||||||||||||||||||
Non owner occupied residential | 1,459 | 198,334 | 436 | 200,229 | 43 | 3,278 | 3,321 | |||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | 1,596 | 715,129 | 1,464 | 718,189 | 830 | 12,835 | 13,665 | |||||||||||||||||||||||||||||||||||||
Construction | 515 | 265,649 | 719 | 266,883 | 0 | 786 | 786 | |||||||||||||||||||||||||||||||||||||
Equipment finance | 0 | 116,690 | 0 | 116,690 | 0 | 6,552 | 6,552 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 1,490 | 375,482 | 408 | 377,380 | 0 | 3,623 | 3,623 | |||||||||||||||||||||||||||||||||||||
Consumer | 0 | 302,099 | 499 | 302,598 | 31 | 6,028 | 6,059 | |||||||||||||||||||||||||||||||||||||
Total loans | $ | 33,719 | $ | 5,979,260 | $ | 8,253 | $ | 6,021,232 | $ | 1,355 | $ | 69,769 | $ | 71,124 |
September 30, 2021 | Loans | Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Individually evaluated for impairment | Collectively evaluated for impairment | Acquired with deteriorated credit quality | Total | Individually evaluated for impairment | Collectively evaluated for impairment | Total | |||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial | $ | 2,848 | $ | 2,295,742 | $ | 2,047 | $ | 2,300,637 | — | $ | 20,513 | $ | 20,513 | |||||||||||||||||||||||||||||||
Owner occupied commercial | 8,534 | 875,477 | 133 | 884,144 | 73 | 4,238 | 4,311 | |||||||||||||||||||||||||||||||||||||
Multifamily | — | 907,903 | — | 907,903 | — | 7,567 | 7,567 | |||||||||||||||||||||||||||||||||||||
Non-owner occupied residential | 523 | 177,000 | 69 | 177,592 | — | 2,803 | 2,803 | |||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | 720 | 471,876 | 728 | 473,324 | 593 | 7,482 | 8,075 | |||||||||||||||||||||||||||||||||||||
Construction | — | 332,868 | — | 332,868 | — | 866 | 866 | |||||||||||||||||||||||||||||||||||||
Equipment finance | — | 119,709 | — | 119,709 | — | 4,840 | 4,840 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 729 | 406,292 | — | 407,021 | — | 4,206 | 4,206 | |||||||||||||||||||||||||||||||||||||
Consumer | — | 277,378 | 226 | 277,604 | — | 4,772 | 4,772 | |||||||||||||||||||||||||||||||||||||
Total loans | $ | 13,354 | $ | 5,864,245 | $ | 3,203 | $ | 5,880,802 | $ | 666 | $ | 57,287 | $ | 57,953 |
December 31, 2020 | Loans | Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Individually evaluated for impairment | Collectively evaluated for impairment | Acquired with deteriorated credit quality | Total | Individually evaluated for impairment | Collectively evaluated for impairment | Total | |||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial | $ | 12,112 | $ | 2,382,717 | $ | 4,117 | 2,398,946 | $ | 355 | $ | 25,555 | $ | 25,910 | |||||||||||||||||||||||||||||||
Owner occupied commercial | 16,547 | 809,935 | 610 | 827,092 | 96 | 3,859 | 3,955 | |||||||||||||||||||||||||||||||||||||
Multifamily | — | 813,225 | — | 813,225 | — | 7,253 | 7,253 | |||||||||||||||||||||||||||||||||||||
Non-owner occupied residential | 1,459 | 198,334 | 436 | 200,229 | 43 | 3,278 | 3,321 | |||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | 1,596 | 715,129 | 1,464 | 718,189 | 830 | 12,835 | 13,665 | |||||||||||||||||||||||||||||||||||||
Construction | 515 | 265,649 | 719 | 266,883 | — | 786 | 786 | |||||||||||||||||||||||||||||||||||||
Equipment finance | — | 116,690 | — | 116,690 | — | 6,552 | 6,552 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 1,490 | 375,482 | 408 | 377,380 | — | 3,623 | 3,623 | |||||||||||||||||||||||||||||||||||||
Consumer | — | 302,099 | 499 | 302,598 | 31 | 6,028 | 6,059 | |||||||||||||||||||||||||||||||||||||
Total loans | $ | 33,719 | $ | 5,979,260 | $ | 8,253 | $ | 6,021,232 | $ | 1,355 | $ | 69,769 | $ | 71,124 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2021 | 2020 | (in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Operating lease cost | Operating lease cost | $ | 829 | $ | 828 | $ | 1,658 | $ | 1,656 | Operating lease cost | $ | 769 | $ | 828 | $ | 2,427 | $ | 2,484 | ||||||||||||||||||||||||||||||||||
Variable lease cost | Variable lease cost | 23 | 33 | 45 | 65 | Variable lease cost | 22 | 22 | 67 | 87 | ||||||||||||||||||||||||||||||||||||||||||
Sublease income | Sublease income | $ | (30) | $ | (30) | (61) | (61) | Sublease income | $ | (30) | $ | (31) | (91) | (92) | ||||||||||||||||||||||||||||||||||||||
Net lease cost | Net lease cost | $ | 822 | $ | 831 | $ | 1,642 | $ | 1,660 | Net lease cost | $ | 761 | $ | 819 | $ | 2,403 | $ | 2,479 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | (in thousands) | 2021 | 2020 | ||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | Cash paid for amounts included in the measurement of lease liabilities: | Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||
Operating cash flows from operating leases | Operating cash flows from operating leases | $ | 1,446 | $ | 1,386 | Operating cash flows from operating leases | $ | 2,194 | $ | 2,085 | ||||||||||||
Right-of-use asset obtained in exchange for new operating lease liabilities | Right-of-use asset obtained in exchange for new operating lease liabilities | 109 | 548 | Right-of-use asset obtained in exchange for new operating lease liabilities | 109 | 741 |
(in thousands) | ||||||||
Within one year | $ | |||||||
After one year but within three years | ||||||||
After three years but within five years | ||||||||
After five years | ||||||||
Total undiscounted cash flows | ||||||||
Discount on cash flows | ||||||||
Total lease liability | $ |
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | December 31, 2020 | (dollars in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | $ | 1,683,887 | 25.1 | % | $ | 1,510,224 | 23.4 | % | Noninterest-bearing demand | $ | 1,724,646 | 24.9 | % | $ | 1,510,224 | 23.4 | % | ||||||||||||||||||||||||||||||||||
Interest-bearing checking | Interest-bearing checking | 2,088,282 | 31.1 | % | 2,057,052 | 31.9 | % | Interest-bearing checking | 2,231,162 | 32.2 | % | 2,057,052 | 31.9 | % | ||||||||||||||||||||||||||||||||||||||
Money market | Money market | 1,468,822 | 21.9 | % | 1,225,890 | 19.0 | % | Money market | 1,512,578 | 21.8 | % | 1,225,890 | 19.0 | % | ||||||||||||||||||||||||||||||||||||||
Savings | Savings | 641,605 | 9.5 | % | 584,361 | 9.1 | % | Savings | 657,627 | 9.5 | % | 584,361 | 9.1 | % | ||||||||||||||||||||||||||||||||||||||
Certificates of deposit $250 thousand and under | Certificates of deposit $250 thousand and under | 685,583 | 10.2 | % | 895,056 | 13.8 | % | Certificates of deposit $250 thousand and under | 667,297 | 9.6 | % | 895,056 | 13.8 | % | ||||||||||||||||||||||||||||||||||||||
Certificates of deposit over $250 thousand | Certificates of deposit over $250 thousand | 146,856 | 2.2 | % | 183,200 | 2.8 | % | Certificates of deposit over $250 thousand | 137,602 | 2.0 | % | 183,200 | 2.8 | % | ||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 6,715,035 | 100.0 | % | $ | 6,455,783 | 100.0 | % | Total deposits | $ | 6,930,912 | 100.0 | % | $ | 6,455,783 | 100.0 | % |
Number of Shares | Weighted Average Price | Number of Shares | Weighted Average Price | |||||||||||||||||||
Outstanding, January 1, 2021 | Outstanding, January 1, 2021 | 23,910 | $ | 14.77 | Outstanding, January 1, 2021 | 23,910 | $ | 14.77 | ||||||||||||||
Granted | Granted | 16,028 | 13.72 | Granted | 16,028 | 13.72 | ||||||||||||||||
Vested | Vested | (13,092) | 16.87 | Vested | (13,092) | 16.87 | ||||||||||||||||
Outstanding, June 30, 2021 | 26,846 | $ | 13.13 | |||||||||||||||||||
Outstanding, September 30, 2021 | Outstanding, September 30, 2021 | 26,846 | $ | 13.13 |
Number of Shares | Weighted Average Price | Number of Shares | Weighted Average Price | |||||||||||||||||||
Outstanding, January 1, 2021 | Outstanding, January 1, 2021 | 372,552 | $ | 16.63 | Outstanding, January 1, 2021 | 372,552 | $ | 16.63 | ||||||||||||||
Granted | Granted | 368,516 | 16.92 | Granted | 375,716 | 17.20 | ||||||||||||||||
Vested | Vested | (139,133) | 18.19 | Vested | (140,133) | 18.20 | ||||||||||||||||
Forfeited | Forfeited | (6,625) | 15.28 | Forfeited | (7,282) | 15.39 | ||||||||||||||||
Outstanding, June 30, 2021 | 595,310 | $ | 16.46 | |||||||||||||||||||
Outstanding, September 30, 2021 | Outstanding, September 30, 2021 | 600,853 | $ | 16.64 |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | |||||||||||||||||||||||||||||||||||||||
Outstanding, January 1, 2021 | Outstanding, January 1, 2021 | 2,764 | $ | 6.94 | 1.07 | $ | 15,934 | Outstanding, January 1, 2021 | 2,764 | $ | 6.94 | 1.07 | $ | 15,934 | ||||||||||||||||||||||||||||||||
Exercised | Exercised | (2,764) | 6.94 | Exercised | (2,764) | 6.94 | ||||||||||||||||||||||||||||||||||||||||
Outstanding, June 30, 2021 | 0 | $ | 0 | 0.00 | $ | 0 | ||||||||||||||||||||||||||||||||||||||||
Options exercisable at June 30, 2021 | 0 | $ | 0 | 0.00 | $ | 0 | ||||||||||||||||||||||||||||||||||||||||
Outstanding, September 30, 2021 | Outstanding, September 30, 2021 | — | $ | — | 0.00 | $ | — | |||||||||||||||||||||||||||||||||||||||
Options exercisable at September 30, 2021 | Options exercisable at September 30, 2021 | — | $ | — | 0.00 | $ | — |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2021 | 2020 | (in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts: | Service charges on deposit accounts: | Service charges on deposit accounts: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debit card interchange income | Debit card interchange income | $ | 1,608 | $ | 1,215 | $ | 3,018 | $ | 2,438 | Debit card interchange income | $ | 1,585 | $ | 1,472 | $ | 4,603 | $ | 3,910 | ||||||||||||||||||||||||||||||||||
Overdraft charges | Overdraft charges | 551 | 449 | 1,138 | 1,402 | Overdraft charges | 647 | 533 | 1,785 | 1,935 | ||||||||||||||||||||||||||||||||||||||||||
ATM service charges | ATM service charges | 172 | 62 | 315 | 229 | ATM service charges | 182 | 138 | 497 | 367 | ||||||||||||||||||||||||||||||||||||||||||
Demand deposit fees and charges | Demand deposit fees and charges | 100 | 131 | 241 | 265 | Demand deposit fees and charges | 107 | 129 | 348 | 394 | ||||||||||||||||||||||||||||||||||||||||||
Savings service charges | Savings service charges | 14 | 18 | 29 | 41 | Savings service charges | 15 | 16 | 44 | 57 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | 2,445 | 1,875 | 4,741 | 4,375 | Total | 2,536 | 2,288 | 7,277 | 6,663 | ||||||||||||||||||||||||||||||||||||||||||
Commissions and fees: | Commissions and fees: | Commissions and fees: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loan fees | Loan fees | 484 | 213 | 991 | 553 | Loan fees | 376 | 510 | 1,367 | 1,063 | ||||||||||||||||||||||||||||||||||||||||||
Wire transfer charges | Wire transfer charges | 375 | 341 | 750 | 649 | Wire transfer charges | 376 | 372 | 1,126 | 1,021 | ||||||||||||||||||||||||||||||||||||||||||
Investment services income | Investment services income | 474 | 316 | 837 | 839 | Investment services income | 373 | 392 | 1,210 | 1,231 | ||||||||||||||||||||||||||||||||||||||||||
Merchant fees | Merchant fees | 258 | 166 | 459 | 414 | Merchant fees | 270 | 184 | 729 | 598 | ||||||||||||||||||||||||||||||||||||||||||
Commissions from sales of checks | Commissions from sales of checks | 75 | 60 | 153 | 143 | Commissions from sales of checks | 73 | 73 | 226 | 216 | ||||||||||||||||||||||||||||||||||||||||||
Safe deposit income | Safe deposit income | 79 | 85 | 158 | 171 | Safe deposit income | 82 | 85 | 240 | 256 | ||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 42 | 36 | 89 | 87 | Other income | 54 | 51 | 143 | 138 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | 1,787 | 1,217 | 3,437 | 2,856 | Total | 1,604 | 1,667 | 5,041 | 4,523 | ||||||||||||||||||||||||||||||||||||||||||
Gains on sales of loans | Gains on sales of loans | 607 | 710 | 1,315 | 1,125 | Gains on sales of loans | 550 | 1,437 | 1,865 | 2,562 | ||||||||||||||||||||||||||||||||||||||||||
Swap income | Swap income | 72 | 767 | 634 | 3,610 | Swap income | — | 624 | 634 | 4,234 | ||||||||||||||||||||||||||||||||||||||||||
Other Income: | Other Income: | Other Income: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Title insurance income | Title insurance income | 31 | 84 | 44 | 80 | Title insurance income | 43 | 46 | 87 | 126 | ||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 81 | 73 | 163 | 170 | Other income | 99 | 200 | 262 | 370 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | 112 | 157 | 207 | 250 | Total | 142 | 246 | 349 | 496 | ||||||||||||||||||||||||||||||||||||||||||
Revenue not from contracts with customers | Revenue not from contracts with customers | 246 | 755 | 694 | 1,276 | Revenue not from contracts with customers | 637 | 511 | 1,331 | 1,787 | ||||||||||||||||||||||||||||||||||||||||||
Total Noninterest Income | Total Noninterest Income | $ | 5,269 | $ | 5,481 | $ | 11,028 | $ | 13,492 | Total Noninterest Income | $ | 5,469 | $ | 6,773 | $ | 16,497 | $ | 20,265 | ||||||||||||||||||||||||||||||||||
Timing of Revenue Recognition: | Timing of Revenue Recognition: | Timing of Revenue Recognition: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Products and services transferred at a point in time | Products and services transferred at a point in time | 5,019 | 4,708 | 10,311 | 12,179 | Products and services transferred at a point in time | 4,832 | 6,243 | 15,143 | 18,422 | ||||||||||||||||||||||||||||||||||||||||||
Products and services transferred over time | Products and services transferred over time | 4 | 18 | 23 | 37 | Products and services transferred over time | — | 19 | 23 | 56 | ||||||||||||||||||||||||||||||||||||||||||
Revenue not from contracts with customers | Revenue not from contracts with customers | 246 | 755 | 694 | 1,276 | Revenue not from contracts with customers | 637 | 511 | 1,331 | 1,787 | ||||||||||||||||||||||||||||||||||||||||||
Total Noninterest Income | Total Noninterest Income | $ | 5,269 | $ | 5,481 | $ | 11,028 | $ | 13,492 | Total Noninterest Income | $ | 5,469 | $ | 6,773 | $ | 16,497 | $ | 20,265 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2021 | 2020 | (in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Consulting and advisory board fees | Consulting and advisory board fees | 831 | 1,186 | 1,354 | 1,822 | Consulting and advisory board fees | 927 | 938 | 2,281 | 2,760 | ||||||||||||||||||||||||||||||||||||||||||
ATM and debit card expense | ATM and debit card expense | 611 | 536 | 1,215 | 1,123 | ATM and debit card expense | 658 | 615 | 1,873 | 1,738 | ||||||||||||||||||||||||||||||||||||||||||
Telecommunications expense | Telecommunications expense | 517 | 454 | 1,039 | 898 | Telecommunications expense | 536 | 501 | 1,575 | 1,399 | ||||||||||||||||||||||||||||||||||||||||||
Marketing expense | Marketing expense | 427 | 232 | 745 | 459 | Marketing expense | 395 | 381 | 1,140 | 840 | ||||||||||||||||||||||||||||||||||||||||||
Core deposit intangible amortization | Core deposit intangible amortization | 221 | 261 | 447 | 526 | Core deposit intangible amortization | 211 | 250 | 658 | 776 | ||||||||||||||||||||||||||||||||||||||||||
Other real estate owned and other repossessed assets expense | Other real estate owned and other repossessed assets expense | 0 | 43 | 0 | 55 | Other real estate owned and other repossessed assets expense | — | (2) | — | 53 | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt prepayment fee | 0 | 0 | 0 | 356 | ||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt prepayment penalties | Long-term debt prepayment penalties | — | — | — | 356 | |||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt extinguishment costs | Long-term debt extinguishment costs | 831 | — | 831 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses | Other operating expenses | 3,085 | 3,103 | 5,993 | 6,406 | Other operating expenses | 2,937 | 2,931 | 8,930 | 9,337 | ||||||||||||||||||||||||||||||||||||||||||
Total other operating expense | $ | 5,692 | $ | 5,815 | $ | 10,793 | $ | 11,645 | ||||||||||||||||||||||||||||||||||||||||||||
Total other operating expenses | Total other operating expenses | $ | 6,495 | $ | 5,614 | $ | 17,288 | $ | 17,259 |
For the Three Months Ended | |||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | ||||||||||||||||||||||||||||||||||
(in thousands) | Before Tax Amount | Tax Benefit (Expense) | Net of Tax Amount | Before Tax Amount | Tax Benefit (Expense) | Net of Tax Amount | |||||||||||||||||||||||||||||
Net unrealized gains (losses) on available for sale securities: | |||||||||||||||||||||||||||||||||||
Net unrealized holding gains arising during period | $ | 9,729 | $ | (2,616) | $ | 7,113 | $ | 3,329 | $ | (817) | $ | 2,512 | |||||||||||||||||||||||
Reclassification adjustment for net gains arising during the period | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Net unrealized gains | 9,729 | (2,616) | 7,113 | 3,329 | (817) | 2,512 | |||||||||||||||||||||||||||||
Unrealized gains (losses) on derivatives | 68 | (145) | (77) | (51) | 15 | (36) | |||||||||||||||||||||||||||||
Other comprehensive income net | $ | 9,797 | $ | (2,761) | $ | 7,036 | $ | 3,278 | $ | (802) | $ | 2,476 |
For the Six Months Ended | |||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | ||||||||||||||||||||||||||||||||||
(in thousands) | Before Tax Amount | Tax Benefit (Expense) | Net of Tax Amount | Before Tax Amount | Tax Benefit (Expense) | Net of Tax Amount | |||||||||||||||||||||||||||||
Net unrealized gains (losses) on available for sale securities: | |||||||||||||||||||||||||||||||||||
Net unrealized holding (losses) gains arising during period | $ | (8,908) | $ | 2,886 | $ | (6,022) | $ | 13,124 | $ | (3,328) | $ | 9,796 | |||||||||||||||||||||||
Reclassification adjustment for net gains arising during the period | 0 | 0 | 0 | (342) | 88 | (254) | |||||||||||||||||||||||||||||
Net unrealized (losses) gains | (8,908) | 2,886 | (6,022) | 12,782 | (3,240) | 9,542 | |||||||||||||||||||||||||||||
Unrealized gains (losses) on derivatives | 135 | (165) | (30) | (528) | 155 | (373) | |||||||||||||||||||||||||||||
Other comprehensive (losses) income, net | $ | (8,773) | $ | 2,721 | $ | (6,052) | $ | 12,254 | $ | (3,085) | $ | 9,169 |
For the Three Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||||||||
(in thousands) | Before Tax Amount | Tax Benefit (Expense) | Net of Tax Amount | Before Tax Amount | Tax Benefit (Expense) | Net of Tax Amount | |||||||||||||||||||||||||||||
Net unrealized gains (losses) on available for sale securities: | |||||||||||||||||||||||||||||||||||
Net unrealized holding losses arising during period | $ | (2,008) | $ | 504 | $ | (1,504) | $ | (649) | $ | 73 | $ | (576) | |||||||||||||||||||||||
Net gain on securities reclassified from available for sale to held to maturity | 3,814 | (1,030) | 2,784 | — | — | — | |||||||||||||||||||||||||||||
Amortization of gain on debt securities reclassified to held to maturity from available for sale | (158) | 42 | (116) | — | — | — | |||||||||||||||||||||||||||||
Unrealized gains on derivatives | 8 | (3) | 5 | 51 | (14) | 37 | |||||||||||||||||||||||||||||
Other comprehensive income (loss), net | $ | 1,656 | $ | (487) | $ | 1,169 | $ | (598) | $ | 59 | $ | (539) |
For the Nine Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||||||||
(in thousands) | Before Tax Amount | Tax Benefit (Expense) | Net of Tax Amount | Before Tax Amount | Tax Benefit (Expense) | Net of Tax Amount | |||||||||||||||||||||||||||||
Net unrealized gains (losses) on available for sale securities: | |||||||||||||||||||||||||||||||||||
Net unrealized holding (losses) gains arising during period | $ | (10,916) | $ | 3,390 | $ | (7,526) | $ | 12,475 | $ | (3,255) | $ | 9,220 | |||||||||||||||||||||||
Reclassification adjustment for net gains arising during the period | — | — | — | (342) | 88 | (254) | |||||||||||||||||||||||||||||
Net unrealized (losses) gains | (10,916) | 3,390 | (7,526) | 12,133 | (3,167) | 8,966 | |||||||||||||||||||||||||||||
Net gain on securities reclassified from available for sale to held to maturity | 3,814 | (1,030) | 2,784 | — | — | — | |||||||||||||||||||||||||||||
Amortization of gain on debt securities reclassified to held to maturity from available for sale | (158) | 42 | (116) | — | — | — | |||||||||||||||||||||||||||||
Unrealized gains (losses) on derivatives | 143 | (168) | (25) | (477) | 141 | (336) | |||||||||||||||||||||||||||||
Other comprehensive (loss) income, net | $ | (7,117) | $ | 2,234 | $ | (4,883) | $ | 11,656 | $ | (3,026) | $ | 8,630 |
For the Three Months Ended June 30, 2021 | For the Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2021 | For the Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Unrealized Gains (Losses) on Available for Sale Securities | Unrealized Gains (Losses) on Derivatives | Pension Items | Total | Unrealized Gains on Available for Sale Securities | Unrealized (Losses) on Derivatives | Pension Items | Total | (in thousands) | Unrealized Gains (Losses) on Available for Sale Securities | Amortization of Gain on Debt Securities Reclassified to Held to Maturity | Unrealized Gains (Losses) on Derivatives | Pension Items | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | (1,733) | $ | 72 | $ | (30) | $ | (1,691) | $ | 8,966 | $ | (20) | $ | (5) | $ | 8,941 | Beginning balance | $ | 5,380 | $ | — | $ | (5) | $ | (30) | $ | 5,345 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gain on securities reclassified from available for sale to held to maturity | Net unrealized gain on securities reclassified from available for sale to held to maturity | (2,784) | 2,784 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net current period other comprehensive (loss) income | 7,113 | (77) | 0 | 7,036 | 2,512 | (36) | 0 | 2,476 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | Net current period other comprehensive income (loss) | 1,280 | (116) | 5 | — | 1,169 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 5,380 | $ | (5) | $ | (30) | $ | 5,345 | $ | 11,478 | $ | (56) | $ | (5) | $ | 11,417 | Ending balance | $ | 3,876 | $ | 2,668 | $ | — | $ | (30) | $ | 6,514 |
For the Six Months Ended June 30, 2021 | For the Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2020 | For the Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Unrealized Gains (Losses) on Available for Sale Securities | Unrealized Gains (Losses) on Derivatives | Pension Items | Total | Unrealized Gains on Available for Sale Securities | Unrealized Gains (Losses) on Derivatives | Pension Items | Total | (in thousands) | Unrealized Gains (Losses) on Available for Sale Securities | Unrealized Gains (Losses) on Derivatives | Pension Items | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 11,402 | $ | 25 | $ | (30) | $ | 11,397 | $ | 1,936 | $ | 317 | $ | (5) | $ | 2,248 | Beginning balance | $ | 11,478 | $ | (56) | $ | (5) | $ | 11,417 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income before classifications | (6,022) | (30) | 0 | (6,052) | 9,796 | (373) | 0 | 9,423 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 | (254) | 0 | 0 | (254) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net current period other comprehensive (loss) income | Net current period other comprehensive (loss) income | (6,022) | (30) | 0 | (6,052) | 9,542 | (373) | 0 | 9,169 | Net current period other comprehensive (loss) income | (576) | 37 | — | (539) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 5,380 | $ | (5) | $ | (30) | $ | 5,345 | $ | 11,478 | $ | (56) | $ | (5) | $ | 11,417 | Ending balance | $ | 10,902 | $ | (19) | $ | (5) | $ | 10,878 |
For the Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||
(in thousands) | Unrealized Gains (Losses) on Available for Sale Securities | Amortization of Gain on Debt Securities Reclassified to Held to Maturity | Unrealized Gains (Losses) on Derivatives | Pension Items | Total | |||||||||||||||||||||||||||
Beginning balance | $ | 11,402 | $ | — | $ | 25 | $ | (30) | $ | 11,397 | ||||||||||||||||||||||
Net unrealized gain on securities reclassified from available for sale to held to maturity | (2,784) | 2,784 | — | — | — | |||||||||||||||||||||||||||
Net current period other comprehensive loss | (4,742) | (116) | (25) | — | (4,883) | |||||||||||||||||||||||||||
Ending balance | $ | 3,876 | $ | 2,668 | $ | — | $ | (30) | $ | 6,514 |
For the Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||
(in thousands) | Unrealized Gains (Losses) on Available for Sale Securities | Unrealized Gains (Losses) on Derivatives | Pension Items | Total | ||||||||||||||||||||||||||||
Beginning balance | $ | 1,936 | $ | 317 | $ | (5) | $ | 2,248 | ||||||||||||||||||||||||
Other comprehensive income (loss) before classifications | 9,220 | (336) | — | 8,884 | ||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (254) | — | — | (254) | ||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | 8,966 | (336) | — | 8,630 | ||||||||||||||||||||||||||||
Ending balance | $ | 10,902 | $ | (19) | $ | (5) | $ | 10,878 |
June 30, 2021 | Notional Amount | Average Maturity (Years) | Weighted Average Fixed Rate | Weighted Average Variable Rate | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | Notional Amount | Average Maturity (Years) | Weighted Average Fixed Rate | Weighted Average Variable Rate | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classified in Other Assets: | Classified in Other Assets: | Classified in Other Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3rd Party interest rate swaps | 3rd Party interest rate swaps | $ | 265,427 | 8.7 | 3.08 | % | 1 Mo. LIBOR + 2.28 | $ | 6,968 | 3rd Party interest rate swaps | $ | 293,760 | 8.8 | 3.11 | % | 1 Mo. LIBOR + 2.26 | $ | 8,814 | ||||||||||||||||||||||||||||||||||||||||||||||
Customer interest rate swaps | Customer interest rate swaps | 721,962 | 8.3 | 3.90 | % | 1 Mo. LIBOR + 1.93 | 47,244 | Customer interest rate swaps | 688,585 | 7.9 | 3.93 | % | 1 Mo. LIBOR + 1.93 | 41,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Classified in Other Liabilities: | Classified in Other Liabilities: | Classified in Other Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer interest rate swaps | Customer interest rate swaps | $ | 265,427 | 8.7 | 3.08 | % | 1 Mo. LIBOR + 2.28 | $ | (6,968) | Customer interest rate swaps | $ | 293,760 | 8.8 | 3.11 | % | 1 Mo. LIBOR + 2.26 | $ | (8,814) | ||||||||||||||||||||||||||||||||||||||||||||||
3rd Party interest rate swaps | 3rd Party interest rate swaps | 721,962 | 8.3 | 3.90 | % | 1 Mo. LIBOR + 1.93 | (47,244) | 3rd Party interest rate swaps | 688,585 | 7.9 | 3.93 | % | 1 Mo. LIBOR + 1.93 | (41,200) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap (cash flow hedge) | 10,000 | 0.1 | 1.10 | % | 3 Mo. LIBOR | (8) |
December 31, 2020 | December 31, 2020 | Notional Amount | Average Maturity (Years) | Weighted Average Fixed Rate | Weighted Average Variable Rate | Fair Value | December 31, 2020 | Notional Amount | Average Maturity (Years) | Weighted Average Fixed Rate | Weighted Average Variable Rate | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Classified in Other Assets: | Classified in Other Assets: | Classified in Other Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3rd Party interest rate swaps | 3rd Party interest rate swaps | $ | 73,075 | 9.5 | 3.20 | % | 1 Mo. LIBOR + 2.55 | $ | 503 | 3rd Party interest rate swaps | $ | 73,075 | 9.5 | 3.20 | % | 1 Mo. LIBOR + 2.55 | $ | 503 | ||||||||||||||||||||||||||||||||||||||||||||||
Customer interest rate swaps | Customer interest rate swaps | 907,069 | 8.7 | 3.79 | % | 1 Mo. LIBOR + 1.99 | 80,231 | Customer interest rate swaps | 907,069 | 8.7 | 3.79 | % | 1 Mo. LIBOR + 1.99 | 80,231 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Classified in Other Liabilities: | Classified in Other Liabilities: | Classified in Other Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer interest rate swaps | Customer interest rate swaps | $ | 73,075 | 9.5 | 3.20 | % | 1 Mo. LIBOR + 2.55 | (503) | Customer interest rate swaps | $ | 73,075 | 9.5 | 3.20 | % | 1 Mo. LIBOR + 2.55 | (503) | ||||||||||||||||||||||||||||||||||||||||||||||||
3rd party interest rate swaps | 3rd party interest rate swaps | 907,069 | 8.7 | 3.79 | % | 1 Mo. LIBOR + 1.99 | (80,231) | 3rd party interest rate swaps | 907,069 | 8.7 | 3.79 | % | 1 Mo. LIBOR + 1.99 | (80,231) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap (cash flow hedge) | Interest rate swap (cash flow hedge) | 30,000 | 0.5 | 1.10 | % | 3 Mo. LIBOR | (143) | Interest rate swap (cash flow hedge) | 30,000 | 0.5 | 1.10 | % | 3 Mo. LIBOR | (143) |
For the Year Ended | |||||
2021 | $ | 421 | |||
2022 | 711 | ||||
2023 | 554 | ||||
2024 | 425 | ||||
2025 | 317 | ||||
2026 | 210 |
For the Year Ended | |||||
2021 | $ | 210 | |||
2022 | 711 | ||||
2023 | 554 | ||||
2024 | 425 | ||||
2025 | 317 | ||||
2026 | 210 |
(in thousands) | (in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value | (in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value | ||||||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities, available for sale | Investment securities, available for sale | Investment securities, available for sale | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and government agencies | U.S. Treasury and government agencies | $ | 22,794 | $ | 83,650 | $ | 0 | $ | 106,444 | U.S. Treasury and government agencies | $ | 22,178 | $ | 80,793 | $ | — | $ | 102,971 | ||||||||||||||||||||||||||||
Mortgage-backed securities, residential | Mortgage-backed securities, residential | 0 | 314,868 | 0 | 314,868 | Mortgage-backed securities, residential | — | 95,248 | — | 95,248 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | Collateralized mortgage obligations, residential | 0 | 187,926 | 0 | 187,926 | Collateralized mortgage obligations, residential | — | 200,900 | — | 200,900 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | Mortgage-backed securities, multifamily | 0 | 1,900 | 0 | 1,900 | Mortgage-backed securities, multifamily | — | 1,867 | — | 1,867 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, multifamily | Collateralized mortgage obligations, multifamily | 0 | 29,879 | 0 | 29,879 | Collateralized mortgage obligations, multifamily | — | 35,003 | — | 35,003 | ||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 0 | 47,236 | 0 | 47,236 | Asset-backed securities | — | 54,007 | — | 54,007 | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 0 | 265,251 | 0 | 265,251 | ||||||||||||||||||||||||||||||||||||||||||
Debt securities | 0 | 35,169 | 0 | 35,169 | ||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | — | 39,385 | — | 39,385 | |||||||||||||||||||||||||||||||||||||||||
Total securities available for sale | Total securities available for sale | 22,794 | 965,879 | 0 | 988,673 | Total securities available for sale | 22,178 | 507,203 | — | 529,381 | ||||||||||||||||||||||||||||||||||||
Equity securities, at fair value | Equity securities, at fair value | 0 | 15,440 | 0 | 15,440 | Equity securities, at fair value | — | 16,422 | — | 16,422 | ||||||||||||||||||||||||||||||||||||
Derivative assets | Derivative assets | 0 | 54,212 | 0 | 54,212 | Derivative assets | — | 50,014 | — | 50,014 | ||||||||||||||||||||||||||||||||||||
Total Assets | Total Assets | $ | 22,794 | $ | 1,035,531 | $ | 0 | $ | 1,058,325 | Total Assets | $ | 22,178 | $ | 573,639 | $ | — | $ | 595,817 | ||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | $ | 0 | $ | 54,220 | $ | 0 | $ | 54,220 | Derivative liabilities | $ | — | $ | 50,014 | $ | — | $ | 50,014 | ||||||||||||||||||||||||||||
Total Liabilities | Total Liabilities | $ | 0 | $ | 54,220 | $ | 0 | $ | 54,220 | Total Liabilities | $ | — | $ | 50,014 | $ | — | $ | 50,014 | ||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities, available for sale | Investment securities, available for sale | Investment securities, available for sale | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and government agencies | U.S. Treasury and government agencies | $ | 9,392 | $ | 55,610 | $ | 0 | $ | 65,002 | U.S. Treasury and government agencies | $ | 9,392 | $ | 55,610 | $ | — | $ | 65,002 | ||||||||||||||||||||||||||||
Mortgage-backed securities, residential | Mortgage-backed securities, residential | 0 | 228,156 | 0 | 228,156 | Mortgage-backed securities, residential | — | 228,156 | — | 228,156 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | Collateralized mortgage obligations, residential | 0 | 209,038 | 0 | 209,038 | Collateralized mortgage obligations, residential | — | 209,038 | — | 209,038 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | Mortgage-backed securities, multifamily | 0 | 1,944 | 0 | 1,944 | Mortgage-backed securities, multifamily | — | 1,944 | — | 1,944 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, multifamily | Collateralized mortgage obligations, multifamily | 0 | 41,535 | 0 | 41,535 | Collateralized mortgage obligations, multifamily | — | 41,535 | — | 41,535 | ||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 0 | 40,690 | 0 | 40,690 | Asset-backed securities | — | 40,690 | — | 40,690 | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 0 | 233,710 | 0 | 233,710 | Obligations of states and political subdivisions | — | 233,710 | — | 233,710 | ||||||||||||||||||||||||||||||||||||
Debt securities | 0 | 35,671 | 0 | 35,671 | ||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | — | 35,671 | — | 35,671 | |||||||||||||||||||||||||||||||||||||||||
Total securities available for sale | Total securities available for sale | 9,392 | 846,354 | 0 | 855,746 | Total securities available for sale | 9,392 | 846,354 | — | 855,746 | ||||||||||||||||||||||||||||||||||||
Equity securities, at fair value | Equity securities, at fair value | 0 | 14,694 | 0 | 14,694 | Equity securities, at fair value | — | 14,694 | — | 14,694 | ||||||||||||||||||||||||||||||||||||
Derivative assets | Derivative assets | 0 | 80,734 | 0 | 80,734 | Derivative assets | — | 80,734 | — | 80,734 | ||||||||||||||||||||||||||||||||||||
Total Assets | Total Assets | $ | 9,392 | $ | 941,782 | $ | 0 | $ | 951,174 | Total Assets | $ | 9,392 | $ | 941,782 | $ | — | $ | 951,174 | ||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | $ | 0 | $ | 80,877 | $ | 0 | $ | 80,877 | Derivative liabilities | $ | — | $ | 80,877 | $ | — | $ | 80,877 | ||||||||||||||||||||||||||||
Total Liabilities | Total Liabilities | $ | 0 | $ | 80,877 | $ | 0 | $ | 80,877 | Total Liabilities | $ | — | $ | 80,877 | $ | — | $ | 80,877 |
(in thousands) | (in thousands) | (Level 1) | (Level 2) | (Level 3) | Total Fair Value | (in thousands) | (Level 1) | (Level 2) | (Level 3) | Total Fair Value | ||||||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated loans | Individually evaluated loans | $ | 0 | $ | 0 | $ | 5,767 | $ | 5,767 | Individually evaluated loans | $ | — | $ | — | $ | 2,049 | $ | 2,049 | ||||||||||||||||||||||||||||
Properties held for sale | 0 | 0 | 746 | 746 | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated loans | Individually evaluated loans | $ | 0 | $ | 0 | $ | 2,417 | $ | 2,417 | Individually evaluated loans | $ | — | $ | — | $ | 2,417 | $ | 2,417 |
(in thousands) | (in thousands) | Carrying Value | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | (in thousands) | Carrying Value | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets: | Financial Assets: | Financial Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities held to maturity, net | $ | 94,278 | $ | 96,174 | $ | 0 | $ | 95,755 | $ | 419 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities, held to maturity | Investment securities, held to maturity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | U.S. Treasury and U.S. government agencies | $ | 18,820 | $ | 19,279 | $ | — | $ | 19,279 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | Mortgage-backed securities, residential | 343,866 | 342,001 | — | 342,001 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | Collateralized mortgage obligations, residential | 8,488 | 8,775 | — | 8,775 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | Mortgage-backed securities, multifamily | 2,724 | 2,771 | — | 2,771 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 316,832 | 311,037 | — | 310,578 | 459 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 2,832 | 2,865 | — | 2,865 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investment securities held to maturity, net | Total investment securities held to maturity, net | $ | 693,562 | $ | 686,728 | $ | — | $ | 686,269 | $ | 459 | |||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank and other membership bank stocks | Federal Home Loan Bank and other membership bank stocks | 9,210 | 9,210 | 0 | 9,210 | 0 | Federal Home Loan Bank and other membership bank stocks | 9,340 | 9,340 | — | 9,340 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | 5,928,443 | 5,934,005 | 0 | 0 | 5,934,005 | Loans, net | 5,822,849 | 5,844,767 | — | — | 5,844,767 | ||||||||||||||||||||||||||||||||||||||||||||||
Financial Liabilities: | Financial Liabilities: | Financial Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | 832,439 | 828,779 | 0 | 828,779 | 0 | Certificates of deposit | 804,899 | 800,083 | — | 800,083 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 25,000 | 24,928 | 0 | 24,928 | 0 | Other borrowings | 25,000 | 24,902 | — | 24,902 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debentures | Subordinated debentures | 113,045 | 110,902 | 0 | 0 | 110,902 | Subordinated debentures | 187,107 | 185,965 | — | — | 185,965 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets: | Financial Assets: | Financial Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities held to maturity | $ | 90,766 | $ | 93,868 | $ | 0 | $ | 93,868 | $ | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities, held to maturity | Investment securities, held to maturity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and U.S. government agencies | U.S. Treasury and U.S. government agencies | 25,565 | 26,344 | — | 26,344 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | Mortgage-backed securities, residential | 39,276 | 40,733 | — | 40,733 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations, residential | Collateralized mortgage obligations, residential | 14,590 | 15,122 | — | 15,122 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, multifamily | Mortgage-backed securities, multifamily | 705 | 759 | — | 759 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 10,630 | 10,910 | — | 10,910 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investment securities held to maturity | Total investment securities held to maturity | $ | 90,766 | $ | 93,868 | $ | — | $ | 93,868 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank and other membership bank stocks | Federal Home Loan Bank and other membership bank stocks | 11,979 | 11,979 | 0 | 11,979 | 0 | Federal Home Loan Bank and other membership bank stocks | 11,979 | 11,979 | — | 11,979 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | 5,950,108 | 5,939,413 | 0 | 0 | 5,939,413 | Loans, net | 5,950,108 | 5,939,413 | — | — | 5,939,413 | ||||||||||||||||||||||||||||||||||||||||||||||
Financial Liabilities: | Financial Liabilities: | Financial Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | 1,078,256 | 1,077,620 | 0 | 1,077,620 | 0 | Certificates of deposit | 1,078,256 | 1,077,620 | — | 1,077,620 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 25,000 | 25,206 | 0 | 25,206 | 0 | Other borrowings | 25,000 | 25,206 | — | 25,206 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debentures | Subordinated debentures | 118,257 | 118,208 | 0 | 0 | 118,208 | Subordinated debentures | 118,257 | 118,208 | — | — | 118,208 |
For the Three Months Ended June 30, 2021 | For the Three Months Ended June 30, 2020 | For the Three Months Ended September 30, 2021 | For the Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | (dollars in thousands) | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (1) | Loans (1) | $ | 6,080,408 | $ | 60,529 | 3.99 | % | $ | 5,572,865 | $ | 55,825 | 4.03 | % | Loans (1) | $ | 5,943,698 | $ | 59,957 | 4.00 | % | $ | 5,775,093 | $ | 56,801 | 3.91 | % | ||||||||||||||||||||||||||||||||||||||||||||
Taxable investment securities and other | Taxable investment securities and other | 938,632 | 4,029 | 1.72 | % | 825,465 | 4,763 | 2.31 | % | Taxable investment securities and other | 1,005,744 | 4,232 | 1.68 | % | 793,370 | 4,139 | 2.09 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt securities | Tax-exempt securities | 127,454 | 798 | 2.50 | % | 65,572 | 442 | 2.70 | % | Tax-exempt securities | 138,612 | 745 | 2.15 | % | 79,696 | 509 | 2.55 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold (2) | Federal funds sold (2) | 196,458 | 52 | 0.11 | % | 187,091 | 36 | 0.08 | % | Federal funds sold (2) | 523,205 | 161 | 0.12 | % | 361,780 | 92 | 0.10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 7,342,952 | 65,408 | 3.57 | % | 6,650,993 | 61,066 | 3.69 | % | Total interest-earning assets | 7,611,259 | 65,095 | 3.40 | % | 7,009,939 | 61,541 | 3.49 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets: | Noninterest-earning assets: | Noninterest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (67,214) | (52,099) | Allowance for credit losses | (60,490) | (60,882) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 508,647 | 538,635 | Other assets | 519,281 | 567,012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL ASSETS | TOTAL ASSETS | $ | 7,784,385 | $ | 7,137,529 | TOTAL ASSETS | $ | 8,070,050 | $ | 7,516,069 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | LIABILITIES AND STOCKHOLDERS’ EQUITY | LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | Savings accounts | $ | 639,540 | $ | 84 | 0.05 | % | $ | 525,224 | $ | 86 | 0.07 | % | Savings accounts | $ | 653,840 | $ | 85 | 0.05 | % | $ | 548,662 | $ | 77 | 0.06 | % | ||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing transaction accounts | Interest-bearing transaction accounts | 3,495,610 | 2,805 | 0.32 | % | 2,908,299 | 3,956 | 0.55 | % | Interest-bearing transaction accounts | 3,701,676 | 2,775 | 0.30 | % | 3,086,260 | 3,422 | 0.44 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 880,079 | 1,349 | 0.61 | % | 1,093,760 | 4,052 | 1.48 | % | Time deposits | 826,831 | 1,127 | 0.55 | % | 1,176,181 | 3,513 | 1.19 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings | 225,487 | 1,263 | 2.22 | % | 356,598 | 2,360 | 2.62 | % | Borrowings | 270,735 | 1,613 | 2.33 | % | 327,939 | 2,287 | 2.73 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 5,240,716 | 5,501 | 0.42 | % | 4,883,881 | 10,454 | 0.86 | % | Total interest-bearing liabilities | 5,453,082 | 5,600 | 0.41 | % | 5,139,042 | 9,299 | 0.72 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | Noninterest-bearing liabilities: | Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | Demand deposits | 1,660,825 | 1,364,785 | Demand deposits | 1,702,788 | 1,475,422 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 101,545 | 146,813 | Other liabilities | 106,224 | 150,506 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity | Stockholders' equity | 781,299 | 742,050 | Stockholders' equity | 807,956 | 751,099 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 7,784,385 | $ | 7,137,529 | TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 8,070,050 | $ | 7,516,069 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/spread | Net interest income/spread | 59,907 | 3.15 | % | 50,612 | 2.83 | % | Net interest income/spread | 59,495 | 2.99 | % | 52,242 | 2.77 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax equivalent basis adjustment | Tax equivalent basis adjustment | 167 | 93 | Tax equivalent basis adjustment | 157 | 108 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET INTEREST INCOME | NET INTEREST INCOME | $ | 59,740 | $ | 50,519 | NET INTEREST INCOME | $ | 59,338 | $ | 52,134 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (3) | Net interest margin (3) | 3.27 | % | 3.06 | % | Net interest margin (3) | 3.10 | % | 2.96 | % |
For the Three Months Ended June 30, | For the Three Months Ended September 30, | |||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2021 | 2020 | (dollars in thousands) | 2021 | 2020 | ||||||||||||||||
Total noninterest expense | Total noninterest expense | $ | 34,097 | $ | 31,462 | Total noninterest expense | $ | 37,207 | $ | 32,097 | ||||||||||||
Amortization of core deposit intangibles | Amortization of core deposit intangibles | (221) | (261) | Amortization of core deposit intangibles | (211) | (250) | ||||||||||||||||
Merger-related expenses | Merger-related expenses | (1,072) | — | |||||||||||||||||||
Long term debt extinguishment costs | Long term debt extinguishment costs | (831) | — | |||||||||||||||||||
Noninterest expense, as adjusted | Noninterest expense, as adjusted | $ | 33,876 | $ | 31,201 | Noninterest expense, as adjusted | $ | 35,093 | $ | 31,847 | ||||||||||||
Net interest income | Net interest income | $ | 59,740 | $ | 50,519 | Net interest income | $ | 59,338 | $ | 52,134 | ||||||||||||
Noninterest income | Noninterest income | 5,269 | 5,481 | Noninterest income | 5,469 | 6,773 | ||||||||||||||||
Total revenue | Total revenue | 65,009 | 56,000 | Total revenue | 64,807 | 58,907 | ||||||||||||||||
Tax-equivalent adjustment on municipal securities | Tax-equivalent adjustment on municipal securities | 167 | 93 | Tax-equivalent adjustment on municipal securities | 157 | 108 | ||||||||||||||||
Gains on sales of investment securities | (9) | — | ||||||||||||||||||||
Total revenue, as adjusted | Total revenue, as adjusted | $ | 65,167 | $ | 56,093 | Total revenue, as adjusted | $ | 64,964 | $ | 59,015 | ||||||||||||
Efficiency ratio | Efficiency ratio | 51.98 | % | 55.62 | % | Efficiency ratio | 54.02 | % | 53.96 | % |
For the Six Months Ended June 30, 2021 | For the Six Months Ended June 30, 2020 | For the Nine Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | (dollars in thousands) | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (1) | Loans (1) | $ | 6,085,057 | $ | 119,307 | 3.95 | % | $ | 5,390,481 | $ | 113,682 | 4.24 | % | Loans (1) | $ | 6,037,419 | $ | 179,264 | 3.97 | % | $ | 5,519,621 | $ | 170,483 | 4.13 | % | ||||||||||||||||||||||||||||||||||||||||||||
Taxable investment securities and other | Taxable investment securities and other | 910,187 | 8,010 | 1.76 | % | 821,304 | 9,992 | 2.43 | % | Taxable investment securities and other | 942,389 | 12,242 | 1.73 | % | 811,924 | 14,131 | 2.32 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt securities | Tax-exempt securities | 124,769 | 1,573 | 2.52 | % | 64,208 | 862 | 2.69 | % | Tax-exempt securities | 129,434 | 2,318 | 2.39 | % | 69,408 | 1,371 | 2.63 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold (2) | Federal funds sold (2) | 166,843 | 89 | 0.11 | % | 116,005 | 195 | 0.34 | % | Federal funds sold (2) | 286,936 | 250 | 0.12 | % | 198,528 | 287 | 0.19 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 7,286,856 | 128,979 | 3.57 | % | 6,391,998 | 124,731 | 3.92 | % | Total interest-earning assets | 7,396,178 | 194,074 | 3.51 | % | 6,599,481 | 186,272 | 3.77 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets: | Noninterest-earning assets: | Noninterest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (69,767) | (46,360) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (66,641) | (51,236) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 527,625 | 505,777 | Other assets | 524,814 | 525,193 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL ASSETS | TOTAL ASSETS | $ | 7,744,714 | $ | 6,851,415 | TOTAL ASSETS | $ | 7,854,351 | $ | 7,073,438 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | LIABILITIES AND STOCKHOLDERS’ EQUITY | LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | Savings accounts | $ | 622,331 | $ | 162 | 0.05 | % | $ | 511,011 | $ | 171 | 0.07 | % | Savings accounts | $ | 632,950 | $ | 247 | 0.05 | % | $ | 523,653 | $ | 248 | 0.06 | % | ||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing transaction accounts | Interest-bearing transaction accounts | 3,442,116 | 5,672 | 0.33 | % | 2,869,539 | 10,782 | 0.76 | % | Interest-bearing transaction accounts | 3,529,586 | 8,447 | 0.32 | % | 2,942,307 | 14,204 | 0.64 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 962,042 | 3,528 | 0.73 | % | 983,379 | 8,004 | 1.63 | % | Time deposits | 916,476 | 4,655 | 0.68 | % | 1,048,115 | 11,517 | 1.47 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings | 221,144 | 2,819 | 2.54 | % | 397,088 | 5,175 | 2.58 | % | Borrowings | 237,856 | 4,432 | 2.46 | % | 373,870 | 7,462 | 2.62 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 5,247,633 | 12,181 | 0.47 | % | 4,761,017 | 24,132 | 1.02 | % | Total interest-bearing liabilities | 5,316,868 | 17,781 | 0.45 | % | 4,887,945 | 33,431 | 0.91 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | Noninterest-bearing liabilities: | Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | Demand deposits | 1,603,714 | 1,237,212 | Demand deposits | 1,637,101 | 1,317,195 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 117,559 | 113,801 | Other liabilities | 113,740 | 124,980 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity | Stockholders' equity | 775,808 | 739,385 | Stockholders' equity | 786,642 | 743,318 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 7,744,714 | $ | 6,851,415 | TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 7,854,351 | $ | 7,073,438 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/spread | Net interest income/spread | 116,798 | 3.10 | % | 100,599 | 2.91 | % | Net interest income/spread | 176,293 | 3.06 | % | 152,841 | 2.86 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax equivalent basis adjustment | Tax equivalent basis adjustment | 330 | 181 | Tax equivalent basis adjustment | 487 | 289 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET INTEREST INCOME | NET INTEREST INCOME | $ | 116,468 | $ | 100,418 | NET INTEREST INCOME | $ | 175,806 | $ | 152,552 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (3) | Net interest margin (3) | 3.23 | % | 3.16 | % | Net interest margin (3) | 3.19 | % | 3.09 | % |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2021 | 2020 | (dollars in thousands) | 2021 | 2020 | ||||||||||||||||
Total noninterest expense | Total noninterest expense | $ | 68,000 | $ | 63,966 | Total noninterest expense | $ | 105,207 | $ | 96,063 | ||||||||||||
Amortization of core deposit intangibles | Amortization of core deposit intangibles | (447) | (526) | Amortization of core deposit intangibles | (658) | (776) | ||||||||||||||||
Long-term debt prepayment fee | — | (356) | ||||||||||||||||||||
Merger-related expenses | Merger-related expenses | (1,072) | — | |||||||||||||||||||
Long-term debt prepayment penalties | Long-term debt prepayment penalties | — | (356) | |||||||||||||||||||
Long-term debt extinguishment costs | Long-term debt extinguishment costs | (831) | — | |||||||||||||||||||
Noninterest expense, as adjusted | Noninterest expense, as adjusted | $ | 67,553 | $ | 63,084 | Noninterest expense, as adjusted | $ | 102,646 | $ | 94,931 | ||||||||||||
Net interest income | Net interest income | $ | 116,468 | $ | 100,418 | Net interest income | $ | 175,806 | $ | 152,552 | ||||||||||||
Noninterest income | Noninterest income | 11,028 | 13,492 | Noninterest income | 16,497 | 20,265 | ||||||||||||||||
Total revenue | Total revenue | 127,496 | 113,910 | Total revenue | 192,303 | 172,817 | ||||||||||||||||
Tax-equivalent adjustment on municipal securities | Tax-equivalent adjustment on municipal securities | 330 | 181 | Tax-equivalent adjustment on municipal securities | 487 | 289 | ||||||||||||||||
Gains on sales of investment securities | Gains on sales of investment securities | (9) | (342) | Gains on sales of investment securities | (9) | (342) | ||||||||||||||||
Total revenue, as adjusted | Total revenue, as adjusted | $ | 127,817 | $ | 113,749 | Total revenue, as adjusted | $ | 192,781 | $ | 172,764 | ||||||||||||
Efficiency ratio | Efficiency ratio | 52.85 | % | 55.46 | % | Efficiency ratio | 53.24 | % | 54.95 | % |
(dollars in thousands) | (dollars in thousands) | For the Six Months Ended June 30, 2021 | For the Six Months Ended June 30, 2020 | For the Year Ended December 31, 2020 | (dollars in thousands) | For the Nine Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2020 | For the Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Allowance balance, beginning of the year | Allowance balance, beginning of the year | $ | 71,124 | $ | 40,003 | $ | 40,003 | Allowance balance, beginning of the year | $ | 71,124 | $ | 40,003 | $ | 40,003 | ||||||||||||||||||||||||||
Impact of adopting ASU 2016-13 (1) | Impact of adopting ASU 2016-13 (1) | — | — | 6,656 | Impact of adopting ASU 2016-13 (1) | — | — | 6,656 | ||||||||||||||||||||||||||||||||
Loans charged off: | Loans charged off: | Loans charged off: | ||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial | Non-owner occupied commercial | $ | (2,243) | $ | (53) | Non-owner occupied commercial | $ | (2,708) | $ | (53) | ||||||||||||||||||||||||||||||
Owner occupied commercial | Owner occupied commercial | (78) | (369) | Owner occupied commercial | (282) | (369) | ||||||||||||||||||||||||||||||||||
Multifamily | Multifamily | — | — | Multifamily | (28) | — | ||||||||||||||||||||||||||||||||||
Non-owner occupied residential | Non-owner occupied residential | (212) | — | Non-owner occupied residential | (223) | — | ||||||||||||||||||||||||||||||||||
Total commercial, secured by real estate (1) | Total commercial, secured by real estate (1) | (2,533) | (169) | (422) | Total commercial, secured by real estate (1) | (3,241) | (498) | (422) | ||||||||||||||||||||||||||||||||
Commercial, industrial and other | Commercial, industrial and other | (375) | — | (814) | Commercial, industrial and other | (401) | (204) | (814) | ||||||||||||||||||||||||||||||||
Construction | Construction | — | — | (77) | Construction | (54) | — | (77) | ||||||||||||||||||||||||||||||||
Equipment finance | Equipment finance | (104) | (98) | (284) | Equipment finance | (242) | (194) | (284) | ||||||||||||||||||||||||||||||||
Residential Mortgage | Residential Mortgage | (36) | (116) | (116) | Residential Mortgage | (64) | (116) | (116) | ||||||||||||||||||||||||||||||||
Consumer | Consumer | (84) | (241) | (340) | Consumer | (126) | (294) | (340) | ||||||||||||||||||||||||||||||||
Total loans charged off | Total loans charged off | (3,132) | (624) | (2,053) | Total loans charged off | (4,128) | (1,306) | (2,053) | ||||||||||||||||||||||||||||||||
Recoveries: | Recoveries: | Recoveries: | ||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial | Non-owner occupied commercial | $ | 3 | $ | 29 | Non-owner occupied commercial | $ | 462 | $ | 29 | ||||||||||||||||||||||||||||||
Owner occupied commercial | Owner occupied commercial | 17 | 21 | Owner occupied commercial | 301 | 21 | ||||||||||||||||||||||||||||||||||
Multifamily | Multifamily | — | — | Multifamily | — | — | ||||||||||||||||||||||||||||||||||
Non-owner occupied residential | Non-owner occupied residential | 13 | 22 | Non-owner occupied residential | 29 | 22 | ||||||||||||||||||||||||||||||||||
Total commercial, secured by real estate (1) | Total commercial, secured by real estate (1) | 33 | 47 | 72 | Total commercial, secured by real estate (1) | 792 | 57 | 72 | ||||||||||||||||||||||||||||||||
Commercial, industrial and other | Commercial, industrial and other | 149 | 43 | 207 | Commercial, industrial and other | 439 | 74 | 207 | ||||||||||||||||||||||||||||||||
Construction | Construction | 67 | 48 | 100 | Construction | 71 | 69 | 100 | ||||||||||||||||||||||||||||||||
Equipment finance | Equipment finance | 17 | 38 | 65 | Equipment finance | 17 | 39 | 65 | ||||||||||||||||||||||||||||||||
Residential Mortgage | Residential Mortgage | 176 | 20 | 21 | Residential Mortgage | 177 | 21 | 21 | ||||||||||||||||||||||||||||||||
Consumer | Consumer | 77 | 41 | 76 | Consumer | 289 | 62 | 76 | ||||||||||||||||||||||||||||||||
Total recoveries | Total recoveries | 519 | 237 | 541 | Total recoveries | 1,785 | 322 | 541 | ||||||||||||||||||||||||||||||||
Net recoveries (charge-offs) | (2,613) | (387) | (1,512) | |||||||||||||||||||||||||||||||||||||
Net charge-offs | Net charge-offs | (2,343) | (984) | (1,512) | ||||||||||||||||||||||||||||||||||||
(Benefit) provision for credit losses on loans | (Benefit) provision for credit losses on loans | (8,122) | 18,223 | 25,977 | (Benefit) provision for credit losses on loans | (10,828) | 26,223 | 25,977 | ||||||||||||||||||||||||||||||||
Allowance balance, end of year | Allowance balance, end of year | $ | 60,389 | $ | 57,839 | $ | 71,124 | Allowance balance, end of year | $ | 57,953 | $ | 65,242 | $ | 71,124 | ||||||||||||||||||||||||||
Net charge-offs as a percentage of average loans outstanding | Net charge-offs as a percentage of average loans outstanding | 0.09 | % | 0.01 | % | 0.03 | % | Net charge-offs as a percentage of average loans outstanding | 0.05 | % | 0.02 | % | 0.03 | % | ||||||||||||||||||||||||||
Allowance for credit losses on loans as a percentage of total loans outstanding | Allowance for credit losses on loans as a percentage of total loans outstanding | 1.01 | % | 1.00 | % | 1.18 | % | Allowance for credit losses on loans as a percentage of total loans outstanding | 0.99 | % | 1.11 | % | 1.18 | % | ||||||||||||||||||||||||||
Allowance for credit losses on loans as a percentage of non-accrual loans | Allowance for credit losses on loans as a percentage of non-accrual loans | 267.03 | % | 176.05 | % | 166.32 | % | Allowance for credit losses on loans as a percentage of non-accrual loans | 473.16 | % | 197.17 | % | 166.32 | % | ||||||||||||||||||||||||||
Non-accrual loans to total loans outstanding | Non-accrual loans to total loans outstanding | 0.38 | % | 0.57 | % | 0.71 | % | Non-accrual loans to total loans outstanding | 0.21 | % | 0.57 | % | 0.71 | % |
(in thousands) | (in thousands) | Total | Within One Year | After One But Within Three Years | After Three But Within Five Years | After Five Years | (in thousands) | Total | Within One Year | After One But Within Three Years | After Three But Within Five Years | After Five Years | ||||||||||||||||||||||||||||||||||||||||||||||
Minimum annual rentals on noncancellable operating leases | Minimum annual rentals on noncancellable operating leases | $ | 20,134 | $ | 3,156 | $ | 5,139 | $ | 4,000 | $ | 7,839 | Minimum annual rentals on noncancellable operating leases | $ | 19,252 | $ | 2,956 | $ | 5,081 | $ | 3,792 | $ | 7,423 | ||||||||||||||||||||||||||||||||||||
Benefit plan commitments | Benefit plan commitments | 4,720 | 397 | 810 | 745 | 2,768 | Benefit plan commitments | 4,621 | 397 | 804 | 745 | 2,675 | ||||||||||||||||||||||||||||||||||||||||||||||
Remaining contractual maturities of time deposits | Remaining contractual maturities of time deposits | 832,439 | 665,173 | 152,200 | 15,066 | — | Remaining contractual maturities of time deposits | 804,899 | 672,362 | 113,923 | 18,614 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debentures | Subordinated debentures | 113,045 | — | — | 7,675 | 105,370 | Subordinated debentures | 187,107 | — | — | 7,666 | 179,441 | ||||||||||||||||||||||||||||||||||||||||||||||
Loan commitments | Loan commitments | 1,207,761 | 868,402 | 164,214 | 27,315 | 147,830 | Loan commitments | 1,150,456 | 830,717 | 160,884 | 27,342 | 131,513 | ||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 25,000 | — | — | 25,000 | — | Other borrowings | 25,000 | — | — | 25,000 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Interest on other borrowings (1) | Interest on other borrowings (1) | 34,243 | 5,426 | 10,853 | 10,216 | 7,748 | Interest on other borrowings (1) | 56,615 | 5,895 | 11,790 | 10,975 | 27,955 | ||||||||||||||||||||||||||||||||||||||||||||||
Standby letters of credit | Standby letters of credit | 20,241 | 19,318 | 923 | — | — | Standby letters of credit | 20,156 | 19,711 | 445 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 2,257,583 | $ | 1,561,872 | $ | 334,139 | $ | 90,017 | $ | 271,555 | Total | $ | 2,268,106 | $ | 1,532,038 | $ | 292,927 | $ | 94,134 | $ | 349,007 |
Tier 1 Capital to Total Average Assets Ratio | Common Equity Tier 1 to Risk-Weighted Assets Ratio | Tier 1 Capital to Risk- Weighted Assets Ratio | Total Capital to Risk- Weighted Assets Ratio | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||
The Company | 8.70 | % | 8.37 | % | 10.29 | % | 9.73 | % | 10.78 | % | 10.22 | % | 13.11 | % | 12.84 | % | |||||||||||||||||||||||||||||||
Lakeland Bank | 9.19 | % | 9.04 | % | 11.39 | % | 11.03 | % | 11.39 | % | 11.03 | % | 12.39 | % | 12.22 | % | |||||||||||||||||||||||||||||||
Required capital ratios including conservation buffer | 4.00 | % | 4.00 | % | 7.00 | % | 7.00 | % | 8.50 | % | 8.50 | % | 10.50 | % | 10.50 | % | |||||||||||||||||||||||||||||||
“Well capitalized” institution under FDIC Regulations | 5.00 | % | 5.00 | % | 6.50 | % | 6.50 | % | 8.00 | % | 8.00 | % | 10.00 | % | 10.00 | % |
Tier 1 Capital to Total Average Assets Ratio | Common Equity Tier 1 to Risk-Weighted Assets Ratio | Tier 1 Capital to Risk- Weighted Assets Ratio | Total Capital to Risk- Weighted Assets Ratio | ||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||
The Company | 8.60 | % | 8.37 | % | 10.70 | % | 9.73 | % | 11.19 | % | 10.22 | % | 14.73 | % | 12.84 | % | |||||||||||||||||||||||||||||||
Lakeland Bank | 9.87 | % | 9.04 | % | 12.85 | % | 11.03 | % | 12.85 | % | 11.03 | % | 13.83 | % | 12.22 | % | |||||||||||||||||||||||||||||||
Required capital ratios including conservation buffer | 4.00 | % | 4.00 | % | 7.00 | % | 7.00 | % | 8.50 | % | 8.50 | % | 10.50 | % | 10.50 | % | |||||||||||||||||||||||||||||||
“Well capitalized” institution under FDIC Regulations | 5.00 | % | 5.00 | % | 6.50 | % | 6.50 | % | 8.00 | % | 8.00 | % | 10.00 | % | 10.00 | % |
(dollars in thousands, except per share amounts) | (dollars in thousands, except per share amounts) | June 30, 2021 | December 31, 2020 | (dollars in thousands, except per share amounts) | September 30, 2021 | December 31, 2020 | ||||||||||||||||
Calculation of Tangible Book Value per Common Share | Calculation of Tangible Book Value per Common Share | Calculation of Tangible Book Value per Common Share | ||||||||||||||||||||
Total common stockholders’ equity at end of period - GAAP | Total common stockholders’ equity at end of period - GAAP | $ | 796,676 | $ | 763,784 | Total common stockholders’ equity at end of period - GAAP | $ | 814,128 | $ | 763,784 | ||||||||||||
Less: | Less: | Less: | ||||||||||||||||||||
Goodwill | Goodwill | 156,277 | 156,277 | Goodwill | 156,277 | 156,277 | ||||||||||||||||
Other identifiable intangible assets, net | Other identifiable intangible assets, net | 2,841 | 3,288 | Other identifiable intangible assets, net | 2,631 | 3,288 | ||||||||||||||||
Total tangible common stockholders’ equity at end of period - Non-GAAP | Total tangible common stockholders’ equity at end of period - Non-GAAP | $ | 637,558 | $ | 604,219 | Total tangible common stockholders’ equity at end of period - Non-GAAP | $ | 655,220 | $ | 604,219 | ||||||||||||
Shares outstanding at end of period | Shares outstanding at end of period | 50,601 | 50,480 | Shares outstanding at end of period | 50,602 | 50,480 | ||||||||||||||||
Book value per share - GAAP | Book value per share - GAAP | $ | 15.74 | $ | 15.13 | Book value per share - GAAP | $ | 16.09 | $ | 15.13 | ||||||||||||
Tangible book value per share - Non-GAAP | Tangible book value per share - Non-GAAP | $ | 12.60 | $ | 11.97 | Tangible book value per share - Non-GAAP | $ | 12.95 | $ | 11.97 | ||||||||||||
Calculation of Tangible Common Equity to Tangible Assets | Calculation of Tangible Common Equity to Tangible Assets | Calculation of Tangible Common Equity to Tangible Assets | ||||||||||||||||||||
Total tangible common stockholders’ equity at end of period - Non-GAAP | Total tangible common stockholders’ equity at end of period - Non-GAAP | $ | 637,558 | $ | 604,219 | Total tangible common stockholders’ equity at end of period - Non-GAAP | $ | 655,220 | $ | 604,219 | ||||||||||||
Total assets at end of period | Total assets at end of period | $ | 7,854,238 | $ | 7,664,297 | Total assets at end of period | $ | 8,172,479 | $ | 7,664,297 | ||||||||||||
Less: | Less: | Less: | ||||||||||||||||||||
Goodwill | Goodwill | 156,277 | 156,277 | Goodwill | 156,277 | 156,277 | ||||||||||||||||
Other identifiable intangible assets, net | Other identifiable intangible assets, net | 2,841 | 3,288 | Other identifiable intangible assets, net | 2,631 | 3,288 | ||||||||||||||||
Total tangible assets at end of period - Non-GAAP | Total tangible assets at end of period - Non-GAAP | $ | 7,695,120 | $ | 7,504,732 | Total tangible assets at end of period - Non-GAAP | $ | 8,013,571 | $ | 7,504,732 | ||||||||||||
Common equity to assets - GAAP | Common equity to assets - GAAP | 10.14 | % | 9.97 | % | Common equity to assets - GAAP | 9.96 | % | 9.97 | % | ||||||||||||
Tangible common equity to tangible assets - Non-GAAP | Tangible common equity to tangible assets - Non-GAAP | 8.29 | % | 8.05 | % | Tangible common equity to tangible assets - Non-GAAP | 8.18 | % | 8.05 | % |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2021 | 2020 | 2021 | 2020 | (dollars in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Calculation of Return on Average Tangible Common Equity | Calculation of Return on Average Tangible Common Equity | Calculation of Return on Average Tangible Common Equity | ||||||||||||||||||||||||||||||||||||||||||||
Net income - GAAP | Net income - GAAP | $ | 27,407 | $ | 11,851 | $ | 50,582 | $ | 24,243 | Net income - GAAP | $ | 22,289 | $ | 14,427 | $ | 72,871 | $ | 38,670 | ||||||||||||||||||||||||||||
Total average common stockholders’ equity | Total average common stockholders’ equity | $ | 781,299 | $ | 742,050 | $ | 775,808 | $ | 739,385 | Total average common stockholders’ equity | $ | 807,956 | $ | 751,099 | $ | 786,642 | $ | 743,318 | ||||||||||||||||||||||||||||
Less: | Less: | Less: | ||||||||||||||||||||||||||||||||||||||||||||
Average goodwill | Average goodwill | 156,277 | 156,277 | 156,277 | 156,277 | Average goodwill | 156,277 | 156,277 | 156,277 | 156,277 | ||||||||||||||||||||||||||||||||||||
Average other identifiable intangible assets, net | Average other identifiable intangible assets, net | 2,979 | 3,942 | 3,085 | 4,073 | Average other identifiable intangible assets, net | 2,758 | 3,689 | 2,975 | 3,944 | ||||||||||||||||||||||||||||||||||||
Total average tangible common stockholders’ equity - Non-GAAP | Total average tangible common stockholders’ equity - Non-GAAP | $ | 622,043 | $ | 581,831 | $ | 616,446 | $ | 579,035 | Total average tangible common stockholders’ equity - Non-GAAP | $ | 648,921 | $ | 591,133 | $ | 627,390 | $ | 583,097 | ||||||||||||||||||||||||||||
Return on average common stockholders’ equity - GAAP | Return on average common stockholders’ equity - GAAP | 14.07 | % | 6.42 | % | 13.15 | % | 6.59 | % | Return on average common stockholders’ equity - GAAP | 10.94 | % | 7.64 | % | 12.39 | % | 6.95 | % | ||||||||||||||||||||||||||||
Return on average tangible common stockholders’ equity - Non-GAAP | Return on average tangible common stockholders’ equity - Non-GAAP | 17.67 | % | 8.19 | % | 16.55 | % | 8.42 | % | Return on average tangible common stockholders’ equity - Non-GAAP | 13.63 | % | 9.71 | % | 15.53 | % | 8.86 | % |
Changes in Interest Rates | Changes in Interest Rates | |||||||||||||||||||||||||||
Rate Ramp | Rate Ramp | +200 bp | -100 bp | Rate Ramp | +200 bp | -100 bp | ||||||||||||||||||||||
Asset/Liability Policy limit | Asset/Liability Policy limit | (5.0) | % | (5.0) | % | Asset/Liability Policy limit | (5.0) | % | (5.0) | % | ||||||||||||||||||
June 30, 2021 | 0.7 | % | 1.3 | % | ||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | 1.6 | % | 1.0 | % | |||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | 0.2 | % | 1.4 | % | December 31, 2020 | 0.2 | % | 1.4 | % |
Changes in Interest Rates | Changes in Interest Rates | |||||||||||||||||||||||||||||||||||||||||||||
Rate Shock | Rate Shock | +300 bp | +200 bp | +100 bp | -100 bp | Rate Shock | +300 bp | +200 bp | +100 bp | -100 bp | ||||||||||||||||||||||||||||||||||||
Asset/Liability policy limit | Asset/Liability policy limit | (15.0) | % | (10.0) | % | (5.0) | % | (5.0) | % | Asset/Liability policy limit | (15.0) | % | (10.0) | % | (5.0) | % | (5.0) | % | ||||||||||||||||||||||||||||
June 30, 2021 | 3.0 | % | 1.9 | % | 1.1 | % | 0.9 | % | ||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | 5.7 | % | 3.8 | % | 1.9 | % | — | % | |||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | 0.5 | % | 0.4 | % | 0.6 | % | 1.5 | % | December 31, 2020 | 0.5 | % | 0.4 | % | 0.6 | % | 1.5 | % |
Changes in Interest Rates | Changes in Interest Rates | |||||||||||||||||||||||||||||||||||||||||||||
Rate Shock | Rate Shock | +300 bp | +200 bp | +100 bp | -100 bp | Rate Shock | +300 bp | +200 bp | +100 bp | -100 bp | ||||||||||||||||||||||||||||||||||||
Asset/Liability policy limit | Asset/Liability policy limit | (25.0) | % | (20.0) | % | (10.0) | % | (10.0) | % | Asset/Liability policy limit | (25.0) | % | (20.0) | % | (10.0) | % | (10.0) | % | ||||||||||||||||||||||||||||
June 30, 2021 | (0.9) | % | (0.1) | % | 1.2 | % | (9.2) | % | ||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | (2.2) | % | (0.7) | % | 0.9 | % | (9.8) | % | |||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | 0.3 | % | 1.5 | % | 2.8 | % | (10.1) | % | December 31, 2020 | 0.3 | % | 1.5 | % | 2.8 | % | (10.1) | % |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
Period | Total Number of Shares (or Units) Purchased (1) | Weighted Average Price Paid per Share (or Unit) | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
July 1 to July 31, 2021 | — | $ | — | — | 2,393,423 | |||||||||||||||||||||
August 1 to August 31, 2021 | — | — | — | 2,393,423 | ||||||||||||||||||||||
September 1 to September 30, 2021 | — | — | — | 2,393,423 | ||||||||||||||||||||||
Item 3. Defaults Upon Senior Securities | Not Applicable |
Item 4. Mine Safety Disclosures | Not Applicable |
Item 5. Other Information | Not applicable |
2.1 | |||||
4.1 | |||||
4.2 | |||||
4.3 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
101.INS | Inline XBRL Instance Document (The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document) | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibits 101) |
Lakeland Bancorp, Inc. | ||
(Registrant) | ||
/s/ Thomas J. Shara | ||
Thomas J. Shara | ||
President and Chief Executive Officer | ||
(Principal Executive Officer) | ||
/s/ Thomas F. Splaine | ||
Thomas F. Splaine | ||
Executive Vice President and Chief Financial Officer | ||
(Principal Financial Officer) |