☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
New York | 16-1482357 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $0.10 par value | TMP | NYSE American, LLC |
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | |||||||||||
Non-Accelerated Filer | ☐ | Smaller Reporting Company | ☐ | |||||||||||
Emerging Growth Company | ☐ |
PART I -FINANCIAL INFORMATION | |||||||||||
PAGE | |||||||||||
(In thousands, except share and per share data) | (In thousands, except share and per share data) | As of | (In thousands, except share and per share data) | As of | ||||||||||||
ASSETS | ASSETS | 06/30/2023 | 12/31/2022 | ASSETS | 9/30/2023 | 12/31/2022 | ||||||||||
(unaudited) | (audited) | (unaudited) | (audited) | |||||||||||||
Cash and noninterest bearing balances due from banks | Cash and noninterest bearing balances due from banks | $ | 65,916 | $ | 18,572 | Cash and noninterest bearing balances due from banks | $ | 75,370 | $ | 18,572 | ||||||
Interest bearing balances due from banks | Interest bearing balances due from banks | 15,698 | 59,265 | Interest bearing balances due from banks | 64,846 | 59,265 | ||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | 81,614 | 77,837 | Cash and Cash Equivalents | 140,216 | 77,837 | ||||||||||
Available-for-sale debt securities, at fair value (amortized cost of $1,688,051 at June 30, 2023 and $1,831,791 at December 31, 2022) | 1,468,003 | 1,594,967 | ||||||||||||||
Held-to-maturity securities, at amortized cost (fair value of $262,444 at June 30, 2023 and $261,692 December 31, 2022) | 312,369 | 312,344 | ||||||||||||||
Equity securities, at fair value (amortized cost $778 at June 30, 2023 and $777 at December 31, 2022) | 778 | 777 | ||||||||||||||
Available-for-sale debt securities, at fair value (amortized cost of $1,583,075 at September 30, 2023 and $1,831,791 at December 31, 2022) | Available-for-sale debt securities, at fair value (amortized cost of $1,583,075 at September 30, 2023 and $1,831,791 at December 31, 2022) | 1,388,510 | 1,594,967 | |||||||||||||
Held-to-maturity securities, at amortized cost (fair value of $252,978 at September 30, 2023 and $261,692 December 31, 2022) | Held-to-maturity securities, at amortized cost (fair value of $252,978 at September 30, 2023 and $261,692 December 31, 2022) | 312,385 | 312,344 | |||||||||||||
Equity securities, at fair value (amortized cost $741 at September 30, 2023 and $777 at December 31, 2022) | Equity securities, at fair value (amortized cost $741 at September 30, 2023 and $777 at December 31, 2022) | 741 | 777 | |||||||||||||
Total loans and leases, net of unearned income and deferred costs and fees | Total loans and leases, net of unearned income and deferred costs and fees | 5,352,365 | 5,268,911 | Total loans and leases, net of unearned income and deferred costs and fees | 5,434,860 | 5,268,911 | ||||||||||
Less: Allowance for credit losses | Less: Allowance for credit losses | 48,545 | 45,934 | Less: Allowance for credit losses | 49,336 | 45,934 | ||||||||||
Net Loans and Leases | Net Loans and Leases | 5,303,820 | 5,222,977 | Net Loans and Leases | 5,385,524 | 5,222,977 | ||||||||||
Federal Home Loan Bank and other stock | Federal Home Loan Bank and other stock | 23,649 | 17,720 | Federal Home Loan Bank and other stock | 19,985 | 17,720 | ||||||||||
Bank premises and equipment, net | Bank premises and equipment, net | 81,087 | 82,140 | Bank premises and equipment, net | 80,685 | 82,140 | ||||||||||
Corporate owned life insurance | Corporate owned life insurance | 86,709 | 85,556 | Corporate owned life insurance | 86,708 | 85,556 | ||||||||||
Goodwill | Goodwill | 92,602 | 92,602 | Goodwill | 92,602 | 92,602 | ||||||||||
Other intangible assets, net | Other intangible assets, net | 2,513 | 2,708 | Other intangible assets, net | 2,421 | 2,708 | ||||||||||
Accrued interest and other assets | Accrued interest and other assets | 173,094 | 181,058 | Accrued interest and other assets | 181,385 | 181,058 | ||||||||||
Total Assets | Total Assets | $ | 7,626,238 | $ | 7,670,686 | Total Assets | $ | 7,691,162 | $ | 7,670,686 | ||||||
LIABILITIES | LIABILITIES | LIABILITIES | ||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||
Interest bearing: | Interest bearing: | Interest bearing: | ||||||||||||||
Checking, savings and money market | Checking, savings and money market | 3,659,220 | 3,820,739 | Checking, savings and money market | 3,779,991 | 3,820,739 | ||||||||||
Time | Time | 770,594 | 631,411 | Time | 880,412 | 631,411 | ||||||||||
Noninterest bearing | Noninterest bearing | 2,024,837 | 2,150,145 | Noninterest bearing | 1,963,033 | 2,150,145 | ||||||||||
Total Deposits | Total Deposits | 6,454,651 | 6,602,295 | Total Deposits | 6,623,436 | 6,602,295 | ||||||||||
Federal funds purchased and securities sold under agreements to repurchase | Federal funds purchased and securities sold under agreements to repurchase | 50,483 | 56,278 | Federal funds purchased and securities sold under agreements to repurchase | 56,120 | 56,278 | ||||||||||
Other borrowings | Other borrowings | 387,100 | 291,300 | Other borrowings | 296,800 | 291,300 | ||||||||||
Other liabilities | Other liabilities | 97,563 | 103,423 | Other liabilities | 102,450 | 103,423 | ||||||||||
Total Liabilities | Total Liabilities | $ | 6,989,797 | $ | 7,053,296 | Total Liabilities | $ | 7,078,806 | $ | 7,053,296 | ||||||
EQUITY | EQUITY | EQUITY | ||||||||||||||
Tompkins Financial Corporation shareholders' equity: | Tompkins Financial Corporation shareholders' equity: | Tompkins Financial Corporation shareholders' equity: | ||||||||||||||
Common Stock - par value $0.10 per share: Authorized 25,000,000 shares; Issued: 14,441,413 at June 30, 2023; and 14,555,741 at December 31, 2022 | 1,444 | 1,456 | ||||||||||||||
Common Stock - par value $0.10 per share: Authorized 25,000,000 shares; Issued: 14,386,087 at September 30, 2023; and 14,555,741 at December 31, 2022 | Common Stock - par value $0.10 per share: Authorized 25,000,000 shares; Issued: 14,386,087 at September 30, 2023; and 14,555,741 at December 31, 2022 | 1,439 | 1,456 | |||||||||||||
Additional paid-in capital | Additional paid-in capital | 298,133 | 302,763 | Additional paid-in capital | 296,721 | 302,763 | ||||||||||
Retained earnings | Retained earnings | 537,095 | 526,727 | Retained earnings | 495,123 | 526,727 | ||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (195,520) | (208,689) | Accumulated other comprehensive loss | (176,029) | (208,689) | ||||||||||
Treasury stock, at cost – 124,265 shares at June 30, 2023, and 128,749 shares at December 31, 2022 | (6,185) | (6,279) | ||||||||||||||
Treasury stock, at cost – 128,096 shares at September 30, 2023, and 128,749 shares at December 31, 2022 | Treasury stock, at cost – 128,096 shares at September 30, 2023, and 128,749 shares at December 31, 2022 | (6,403) | (6,279) | |||||||||||||
Total Tompkins Financial Corporation Shareholders’ Equity | Total Tompkins Financial Corporation Shareholders’ Equity | 634,967 | 615,978 | Total Tompkins Financial Corporation Shareholders’ Equity | 610,851 | 615,978 | ||||||||||
Noncontrolling interests | Noncontrolling interests | 1,474 | 1,412 | Noncontrolling interests | 1,505 | 1,412 | ||||||||||
Total Equity | Total Equity | $ | 636,441 | $ | 617,390 | Total Equity | $ | 612,356 | $ | 617,390 | ||||||
Total Liabilities and Equity | Total Liabilities and Equity | $ | 7,626,238 | $ | 7,670,686 | Total Liabilities and Equity | $ | 7,691,162 | $ | 7,670,686 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
(In thousands, except per share data) (Unaudited) | (In thousands, except per share data) (Unaudited) | 06/30/2023 | 06/30/2022 | 06/30/2023 | 06/30/2022 | (In thousands, except per share data) (Unaudited) | 9/30/2023 | 9/30/2022 | 9/30/2023 | 9/30/2022 | ||||||||||||||||||
INTEREST AND DIVIDEND INCOME | INTEREST AND DIVIDEND INCOME | INTEREST AND DIVIDEND INCOME | ||||||||||||||||||||||||||
Loans | Loans | $ | 63,527 | $ | 52,505 | $ | 124,369 | $ | 103,636 | Loans | $ | 67,030 | $ | 55,041 | $ | 191,399 | $ | 158,677 | ||||||||||
Due from banks | Due from banks | 183 | 64 | 322 | 105 | Due from banks | 125 | 85 | 447 | 190 | ||||||||||||||||||
Available-for-sale debt securities | Available-for-sale debt securities | 6,618 | 7,063 | 13,361 | 13,833 | Available-for-sale debt securities | 6,599 | 7,157 | 19,960 | 20,990 | ||||||||||||||||||
Held-to-maturity securities | Held-to-maturity securities | 1,219 | 1,201 | 2,433 | 2,330 | Held-to-maturity securities | 1,221 | 1,221 | 3,654 | 3,551 | ||||||||||||||||||
Federal Home Loan Bank and other stock | Federal Home Loan Bank and other stock | 323 | 120 | 623 | 225 | Federal Home Loan Bank and other stock | 490 | 166 | 1,113 | 391 | ||||||||||||||||||
Total Interest and Dividend Income | Total Interest and Dividend Income | 71,870 | 60,953 | 141,108 | 120,129 | Total Interest and Dividend Income | 75,465 | 63,670 | 216,573 | 183,799 | ||||||||||||||||||
INTEREST EXPENSE | INTEREST EXPENSE | INTEREST EXPENSE | ||||||||||||||||||||||||||
Time certificates of deposits of $250,000 or more | Time certificates of deposits of $250,000 or more | 2,526 | 400 | 4,313 | 826 | Time certificates of deposits of $250,000 or more | 3,158 | 563 | 7,472 | 1,389 | ||||||||||||||||||
Other deposits | Other deposits | 13,119 | 1,647 | 23,513 | 3,267 | Other deposits | 16,348 | 3,631 | 39,861 | 6,898 | ||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | Federal funds purchased and securities sold under agreements to repurchase | 15 | 15 | 29 | 31 | Federal funds purchased and securities sold under agreements to repurchase | 15 | 14 | 44 | 45 | ||||||||||||||||||
Other borrowings | Other borrowings | 4,314 | 629 | 7,111 | 1,129 | Other borrowings | 4,931 | 1,351 | 12,041 | 2,480 | ||||||||||||||||||
Total Interest Expense | Total Interest Expense | 19,974 | 2,691 | 34,966 | 5,253 | Total Interest Expense | 24,452 | 5,559 | 59,418 | 10,812 | ||||||||||||||||||
Net Interest Income | Net Interest Income | 51,896 | 58,262 | 106,142 | 114,876 | Net Interest Income | 51,013 | 58,111 | 157,155 | 172,987 | ||||||||||||||||||
Less: Provision for credit loss expense | Less: Provision for credit loss expense | 2,253 | 856 | 1,428 | 336 | Less: Provision for credit loss expense | 1,150 | 1,056 | 2,578 | 1,392 | ||||||||||||||||||
Net Interest Income After Credit for Credit Loss Expense | Net Interest Income After Credit for Credit Loss Expense | 49,643 | 57,406 | 104,714 | 114,540 | Net Interest Income After Credit for Credit Loss Expense | 49,863 | 57,055 | 154,577 | 171,595 | ||||||||||||||||||
NONINTEREST INCOME | NONINTEREST INCOME | NONINTEREST INCOME | ||||||||||||||||||||||||||
Insurance commissions and fees | Insurance commissions and fees | 8,672 | 8,429 | 18,181 | 17,746 | Insurance commissions and fees | 11,397 | 10,825 | 29,578 | 28,571 | ||||||||||||||||||
Wealth management fees | Wealth management fees | 4,678 | 4,596 | 9,187 | 9,513 | Wealth management fees | 4,342 | 4,337 | 13,529 | 13,850 | ||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 1,640 | 1,756 | 3,386 | 3,535 | Service charges on deposit accounts | 1,754 | 1,917 | 5,140 | 5,452 | ||||||||||||||||||
Card services income | Card services income | 3,087 | 2,959 | 5,769 | 5,502 | Card services income | 2,860 | 2,731 | 8,629 | 8,233 | ||||||||||||||||||
Other income | Other income | 1,603 | 1,241 | 3,544 | 2,717 | Other income | 990 | 977 | 4,534 | 3,694 | ||||||||||||||||||
Net loss on securities transactions | Net loss on securities transactions | (7,065) | (37) | (7,052) | (84) | Net loss on securities transactions | (62,967) | (95) | (70,019) | (179) | ||||||||||||||||||
Total Noninterest Income | Total Noninterest Income | 12,615 | 18,944 | 33,015 | 38,929 | Total Noninterest Income | (41,624) | 20,692 | (8,609) | 59,621 | ||||||||||||||||||
NONINTEREST EXPENSE | NONINTEREST EXPENSE | NONINTEREST EXPENSE | ||||||||||||||||||||||||||
Salaries and wages | Salaries and wages | 25,337 | 24,396 | 49,849 | 47,668 | Salaries and wages | 23,811 | 25,344 | 73,660 | 73,012 | ||||||||||||||||||
Other employee benefits | Other employee benefits | 6,647 | 6,341 | 13,388 | 12,138 | Other employee benefits | 7,319 | 6,489 | 20,707 | 18,627 | ||||||||||||||||||
Net occupancy expense of premises | Net occupancy expense of premises | 3,327 | 3,131 | 6,626 | 6,672 | Net occupancy expense of premises | 3,108 | 3,258 | 9,734 | 9,930 | ||||||||||||||||||
Furniture and fixture expense | Furniture and fixture expense | 2,105 | 2,004 | 4,159 | 3,995 | Furniture and fixture expense | 2,079 | 2,056 | 6,238 | 6,051 | ||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 84 | 219 | 167 | 437 | Amortization of intangible assets | 83 | 218 | 250 | 655 | ||||||||||||||||||
Other operating expense | Other operating expense | 14,468 | 13,029 | 27,937 | 25,049 | Other operating expense | 13,466 | 12,237 | 41,403 | 37,286 | ||||||||||||||||||
Total Noninterest Expenses | Total Noninterest Expenses | 51,968 | 49,120 | 102,126 | 95,959 | Total Noninterest Expenses | 49,866 | 49,602 | 151,992 | 145,561 | ||||||||||||||||||
Income Before Income Tax Expense | 10,290 | 27,230 | 35,603 | 57,510 | ||||||||||||||||||||||||
Income Tax Expense | 1,784 | 6,329 | 7,685 | 13,305 | ||||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation | 8,506 | 20,901 | 27,918 | 44,205 | ||||||||||||||||||||||||
(Loss)/Income Before Income Tax (Benefit)/Expense | (Loss)/Income Before Income Tax (Benefit)/Expense | (41,627) | 28,145 | (6,024) | 85,655 | |||||||||||||||||||||||
Income Tax (Benefit)/Expense | Income Tax (Benefit)/Expense | (8,304) | 6,774 | (619) | 20,079 | |||||||||||||||||||||||
Net (Loss)/Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation | Net (Loss)/Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation | (33,323) | 21,371 | (5,405) | 65,576 | |||||||||||||||||||||||
Less: Net Income Attributable to Noncontrolling Interests | Less: Net Income Attributable to Noncontrolling Interests | 31 | 32 | 62 | 63 | Less: Net Income Attributable to Noncontrolling Interests | 31 | 31 | 93 | 94 | ||||||||||||||||||
Net Income Attributable to Tompkins Financial Corporation | $ | 8,475 | $ | 20,869 | $ | 27,856 | $ | 44,142 | ||||||||||||||||||||
Basic Earnings Per Share | $ | 0.59 | $ | 1.45 | $ | 1.94 | $ | 3.06 | ||||||||||||||||||||
Diluted Earnings Per Share | $ | 0.59 | $ | 1.45 | $ | 1.94 | $ | 3.05 | ||||||||||||||||||||
Net (Loss)/Income Attributable to Tompkins Financial Corporation | Net (Loss)/Income Attributable to Tompkins Financial Corporation | $ | (33,354) | $ | 21,340 | $ | (5,498) | $ | 65,482 | |||||||||||||||||||
Basic (Loss) Earnings Per Share | Basic (Loss) Earnings Per Share | $ | (2.35) | $ | 1.49 | $ | (0.39) | $ | 4.55 | |||||||||||||||||||
Diluted (Loss) Earnings Per Share | Diluted (Loss) Earnings Per Share | $ | (2.35) | $ | 1.48 | $ | (0.39) | $ | 4.53 |
Three Months Ended | Three Months Ended | |||||||||||||||
(In thousands) (Unaudited) | (In thousands) (Unaudited) | 06/30/2023 | 06/30/2022 | (In thousands) (Unaudited) | 9/30/2023 | 9/30/2022 | ||||||||||
Net income attributable to noncontrolling interests and Tompkins Financial Corporation | $ | 8,506 | $ | 20,901 | ||||||||||||
Net (loss) income attributable to noncontrolling interests and Tompkins Financial Corporation | Net (loss) income attributable to noncontrolling interests and Tompkins Financial Corporation | $ | (33,323) | $ | 21,371 | |||||||||||
Other comprehensive (loss) income, net of tax: | Other comprehensive (loss) income, net of tax: | Other comprehensive (loss) income, net of tax: | ||||||||||||||
Available-for-sale debt securities: | Available-for-sale debt securities: | Available-for-sale debt securities: | ||||||||||||||
Change in net unrealized loss during the period | Change in net unrealized loss during the period | (13,237) | (43,449) | Change in net unrealized loss during the period | (28,273) | (64,873) | ||||||||||
Reclassification adjustment for net realized loss on sale of available-for-sale debt securities included in net income | Reclassification adjustment for net realized loss on sale of available-for-sale debt securities included in net income | 5,325 | 0 | Reclassification adjustment for net realized loss on sale of available-for-sale debt securities included in net income | 47,513 | 37 | ||||||||||
Employee benefit plans: | Employee benefit plans: | Employee benefit plans: | ||||||||||||||
Amortization of net retirement plan actuarial loss | Amortization of net retirement plan actuarial loss | 197 | 389 | Amortization of net retirement plan actuarial loss | 211 | 427 | ||||||||||
Amortization of net retirement plan prior service cost | Amortization of net retirement plan prior service cost | 41 | 40 | Amortization of net retirement plan prior service cost | 40 | 41 | ||||||||||
Other comprehensive loss | (7,674) | (43,020) | ||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 19,491 | (64,368) | |||||||||||||
Subtotal comprehensive income (loss) attributable to noncontrolling interests and Tompkins Financial Corporation | Subtotal comprehensive income (loss) attributable to noncontrolling interests and Tompkins Financial Corporation | 832 | (22,119) | Subtotal comprehensive income (loss) attributable to noncontrolling interests and Tompkins Financial Corporation | (13,832) | (42,997) | ||||||||||
Less: Net income attributable to noncontrolling interests | (31) | (32) | ||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | Less: Net income (loss) attributable to noncontrolling interests | (31) | (31) | |||||||||||||
Total comprehensive income (loss) attributable to Tompkins Financial Corporation | Total comprehensive income (loss) attributable to Tompkins Financial Corporation | $ | 801 | $ | (22,151) | Total comprehensive income (loss) attributable to Tompkins Financial Corporation | $ | (13,863) | $ | (43,028) |
Six Months Ended | Nine Months Ended | |||||||||||||||
(In thousands) (Unaudited) | (In thousands) (Unaudited) | 06/30/2023 | 06/30/2022 | (In thousands) (Unaudited) | 9/30/2023 | 9/30/2022 | ||||||||||
Net income attributable to noncontrolling interests and Tompkins Financial Corporation | $ | 27,918 | $ | 44,205 | ||||||||||||
Net (loss) income attributable to noncontrolling interests and Tompkins Financial Corporation | Net (loss) income attributable to noncontrolling interests and Tompkins Financial Corporation | $ | (5,405) | $ | 65,576 | |||||||||||
Other comprehensive income, net of tax: | Other comprehensive income, net of tax: | Other comprehensive income, net of tax: | ||||||||||||||
Available-for-sale debt securities: | Available-for-sale debt securities: | Available-for-sale debt securities: | ||||||||||||||
Change in net unrealized loss during the period | Change in net unrealized loss during the period | 7,341 | (123,854) | Change in net unrealized loss during the period | (20,932) | (188,727) | ||||||||||
Reclassification adjustment for net realized loss on sale of available-for-sale debt securities included in net income | Reclassification adjustment for net realized loss on sale of available-for-sale debt securities included in net income | 5,325 | 0 | Reclassification adjustment for net realized loss on sale of available-for-sale debt securities included in net income | 52,838 | 37 | ||||||||||
Employee benefit plans: | Employee benefit plans: | Employee benefit plans: | ||||||||||||||
Amortization of net retirement plan actuarial loss | Amortization of net retirement plan actuarial loss | 421 | 853 | Amortization of net retirement plan actuarial loss | 632 | 1,280 | ||||||||||
Amortization of net retirement plan prior service cost | Amortization of net retirement plan prior service cost | 82 | 82 | Amortization of net retirement plan prior service cost | 122 | 123 | ||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 13,169 | (122,919) | Other comprehensive income (loss) | 32,660 | (187,287) | ||||||||||
Subtotal comprehensive income (loss) attributable to noncontrolling interests and Tompkins Financial Corporation | Subtotal comprehensive income (loss) attributable to noncontrolling interests and Tompkins Financial Corporation | 41,087 | (78,714) | Subtotal comprehensive income (loss) attributable to noncontrolling interests and Tompkins Financial Corporation | 27,255 | (121,711) | ||||||||||
Less: Net income attributable to noncontrolling interests | (62) | (63) | ||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | Less: Net income (loss) attributable to noncontrolling interests | (93) | (94) | |||||||||||||
Total comprehensive income (loss) attributable to Tompkins Financial Corporation | Total comprehensive income (loss) attributable to Tompkins Financial Corporation | $ | 41,025 | $ | (78,777) | Total comprehensive income (loss) attributable to Tompkins Financial Corporation | $ | 27,162 | $ | (121,805) |
Six Months Ended | Nine Months Ended | |||||||||||||||
(In thousands) (Unaudited) | (In thousands) (Unaudited) | 06/30/2023 | 06/30/2022 | (In thousands) (Unaudited) | 9/30/2023 | 9/30/2022 | ||||||||||
OPERATING ACTIVITIES | OPERATING ACTIVITIES | OPERATING ACTIVITIES | ||||||||||||||
Net income attributable to Tompkins Financial Corporation | $ | 27,856 | $ | 44,142 | ||||||||||||
Net (loss) income attributable to Tompkins Financial Corporation | Net (loss) income attributable to Tompkins Financial Corporation | $ | (5,498) | $ | 65,482 | |||||||||||
Provision for credit loss expense | Provision for credit loss expense | 1,428 | 336 | Provision for credit loss expense | 2,578 | 1,392 | ||||||||||
Depreciation and amortization of premises, equipment, and software | Depreciation and amortization of premises, equipment, and software | 5,418 | 5,245 | Depreciation and amortization of premises, equipment, and software | 8,208 | 7,977 | ||||||||||
Amortization of intangible assets | Amortization of intangible assets | 167 | 437 | Amortization of intangible assets | 250 | 655 | ||||||||||
Earnings from corporate owned life insurance | Earnings from corporate owned life insurance | (1,169) | (593) | Earnings from corporate owned life insurance | (1,167) | (357) | ||||||||||
Net amortization on securities | Net amortization on securities | 1,856 | 3,280 | Net amortization on securities | 2,692 | 4,512 | ||||||||||
Amortization/accretion related to purchase accounting | Amortization/accretion related to purchase accounting | (369) | (511) | Amortization/accretion related to purchase accounting | (508) | (712) | ||||||||||
Net loss on securities transactions | Net loss on securities transactions | 7,052 | 84 | Net loss on securities transactions | 70,019 | 179 | ||||||||||
Net gain on sale of loans originated for sale | Net gain on sale of loans originated for sale | (65) | (57) | Net gain on sale of loans originated for sale | (86) | (140) | ||||||||||
Proceeds from sale of loans originated for sale | Proceeds from sale of loans originated for sale | 2,174 | 362 | Proceeds from sale of loans originated for sale | 3,276 | 7,468 | ||||||||||
Loans originated for sale | Loans originated for sale | (2,495) | (1,127) | Loans originated for sale | (3,345) | (7,123) | ||||||||||
Net gain on sale of bank premises and equipment | Net gain on sale of bank premises and equipment | (54) | (41) | Net gain on sale of bank premises and equipment | (79) | (92) | ||||||||||
Net excess tax benefit from stock based compensation | Net excess tax benefit from stock based compensation | 13 | 29 | Net excess tax benefit from stock based compensation | (10) | 42 | ||||||||||
Stock-based compensation expense | Stock-based compensation expense | 2,155 | 1,973 | Stock-based compensation expense | 2,945 | 3,062 | ||||||||||
Decrease in accrued interest receivable | 718 | 176 | ||||||||||||||
(Increase) decrease in accrued interest receivable | (Increase) decrease in accrued interest receivable | (1,670) | 514 | |||||||||||||
Increase (decrease) in accrued interest payable | Increase (decrease) in accrued interest payable | 742 | (86) | Increase (decrease) in accrued interest payable | 972 | (20) | ||||||||||
Other, net | Other, net | (678) | (2,132) | Other, net | (8,505) | (516) | ||||||||||
Net Cash Provided by Operating Activities | Net Cash Provided by Operating Activities | 44,749 | 51,517 | Net Cash Provided by Operating Activities | 70,072 | 82,323 | ||||||||||
INVESTING ACTIVITIES | INVESTING ACTIVITIES | INVESTING ACTIVITIES | ||||||||||||||
Proceeds from maturities, calls and principal paydowns of available-for-sale debt securities | Proceeds from maturities, calls and principal paydowns of available-for-sale debt securities | 79,018 | 134,653 | Proceeds from maturities, calls and principal paydowns of available-for-sale debt securities | 111,097 | 179,305 | ||||||||||
Proceeds from sales of available-for-sale debt securities | Proceeds from sales of available-for-sale debt securities | 73,832 | 0 | Proceeds from sales of available-for-sale debt securities | 440,488 | 24,621 | ||||||||||
Purchases of available-for-sale debt securities | Purchases of available-for-sale debt securities | (18,044) | (149,148) | Purchases of available-for-sale debt securities | (375,585) | (154,798) | ||||||||||
Purchases of held-to-maturity securities | Purchases of held-to-maturity securities | 0 | (28,320) | Purchases of held-to-maturity securities | 0 | (28,320) | ||||||||||
Net increase in loans | Net increase in loans | (84,989) | (85,037) | Net increase in loans | (168,400) | (132,051) | ||||||||||
Proceeds from sale/redemptions of Federal Home Loan Bank stock | Proceeds from sale/redemptions of Federal Home Loan Bank stock | 54,747 | 25,148 | Proceeds from sale/redemptions of Federal Home Loan Bank stock | 90,702 | 57,152 | ||||||||||
Purchases of Federal Home Loan Bank and other stock | Purchases of Federal Home Loan Bank and other stock | (60,676) | (32,065) | Purchases of Federal Home Loan Bank and other stock | (92,967) | (55,312) | ||||||||||
Proceeds from sale of bank premises and equipment | Proceeds from sale of bank premises and equipment | 98 | 123 | Proceeds from sale of bank premises and equipment | 123 | 188 | ||||||||||
Purchases of bank premises, equipment and software | Purchases of bank premises, equipment and software | (3,344) | (4,774) | Purchases of bank premises, equipment and software | (5,308) | (6,188) | ||||||||||
Redemption of corporate owned life insurance | Redemption of corporate owned life insurance | 20 | 0 | Redemption of corporate owned life insurance | 20 | 0 | ||||||||||
Other, net | Other, net | (138) | (142) | Other, net | 463 | (142) | ||||||||||
Net Cash Provided by (Used in) Investing Activities | Net Cash Provided by (Used in) Investing Activities | 40,524 | (139,562) | Net Cash Provided by (Used in) Investing Activities | 633 | (115,545) | ||||||||||
FINANCING ACTIVITIES | FINANCING ACTIVITIES | FINANCING ACTIVITIES | ||||||||||||||
Net (decrease) increase in demand, money market, and savings deposits | Net (decrease) increase in demand, money market, and savings deposits | (286,827) | 22,907 | Net (decrease) increase in demand, money market, and savings deposits | (227,860) | 185,353 | ||||||||||
Net increase (decrease) in time deposits | Net increase (decrease) in time deposits | 139,452 | (44,583) | Net increase (decrease) in time deposits | 249,361 | (39,691) | ||||||||||
Net decrease in Federal funds purchased and securities sold under agreements to repurchase | Net decrease in Federal funds purchased and securities sold under agreements to repurchase | (5,795) | (16,712) | Net decrease in Federal funds purchased and securities sold under agreements to repurchase | (158) | (11,447) | ||||||||||
Increase in other borrowings | Increase in other borrowings | 145,100 | 235,600 | Increase in other borrowings | 145,100 | 235,600 | ||||||||||
Repayment of other borrowings | Repayment of other borrowings | (49,300) | (64,000) | Repayment of other borrowings | (139,600) | (258,600) | ||||||||||
Cash dividends | Cash dividends | (17,423) | (16,634) | Cash dividends | (26,041) | (24,874) | ||||||||||
Common stock issued | 0 | 0 | ||||||||||||||
Repurchase of common stock | Repurchase of common stock | (6,378) | (14,128) | Repurchase of common stock | (8,703) | (15,430) | ||||||||||
Shares issued for employee stock ownership plan | Shares issued for employee stock ownership plan | 0 | 2,951 | Shares issued for employee stock ownership plan | 0 | 2,951 | ||||||||||
Net shares issued related to restricted stock awards | Net shares issued related to restricted stock awards | (207) | (29) | Net shares issued related to restricted stock awards | (307) | (80) | ||||||||||
Net proceeds from exercise of stock options | Net proceeds from exercise of stock options | (118) | (42) | Net proceeds from exercise of stock options | (118) | (55) | ||||||||||
Net Cash (Used in) Provided by Financing Activities | Net Cash (Used in) Provided by Financing Activities | (81,496) | 105,330 | Net Cash (Used in) Provided by Financing Activities | (8,326) | 73,727 | ||||||||||
Net Increase in Cash and Cash Equivalents | Net Increase in Cash and Cash Equivalents | 3,777 | 17,285 | Net Increase in Cash and Cash Equivalents | 62,379 | 40,505 | ||||||||||
Cash and cash equivalents at beginning of period | Cash and cash equivalents at beginning of period | 77,837 | 63,107 | Cash and cash equivalents at beginning of period | 77,837 | 63,107 | ||||||||||
Total Cash and Cash Equivalents at End of Period | Total Cash and Cash Equivalents at End of Period | $ | 81,614 | $ | 80,392 | Total Cash and Cash Equivalents at End of Period | $ | 140,216 | $ | 103,612 |
Six Months Ended | Nine Months Ended | |||||||||||||||
(In thousands) (Unaudited) | (In thousands) (Unaudited) | 06/30/2023 | 06/30/2022 | (In thousands) (Unaudited) | 9/30/2023 | 9/30/2022 | ||||||||||
Supplemental Information: | Supplemental Information: | Supplemental Information: | ||||||||||||||
Cash paid during the year for - Interest | Cash paid during the year for - Interest | $ | 34,493 | $ | 5,578 | Cash paid during the year for - Interest | $ | 58,806 | $ | 11,203 | ||||||
Cash paid during the year for - Taxes | Cash paid during the year for - Taxes | 7,999 | 10,871 | Cash paid during the year for - Taxes | 9,907 | 17,540 | ||||||||||
Transfer of loans to other real estate owned | Transfer of loans to other real estate owned | 0 | 82 | Transfer of loans to other real estate owned | 0 | 315 | ||||||||||
Right-of-use assets obtained in exchange for new lease liabilities | Right-of-use assets obtained in exchange for new lease liabilities | 422 | 568 | Right-of-use assets obtained in exchange for new lease liabilities | 428 | 2,488 |
(In thousands except share and per share data) (Unaudited) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Non- controlling Interests | Total | ||||||||||||||||
Balances at April 1, 2022 | $ | 1,460 | $ | 305,880 | $ | 490,200 | $ | (135,849) | $ | (5,642) | $ | 1,443 | $ | 657,492 | |||||||||
Net income attributable to noncontrolling interests and Tompkins Financial Corporation | 20,869 | 32 | 20,901 | ||||||||||||||||||||
Other comprehensive loss | (43,020) | (43,020) | |||||||||||||||||||||
Total Comprehensive Income | (22,119) | ||||||||||||||||||||||
Cash dividends ($0.57 per share) | (8,299) | (8,299) | |||||||||||||||||||||
Common stock repurchased and returned to unissued status (49,629 shares) | (5) | (3,753) | (3,758) | ||||||||||||||||||||
Stock-based compensation expense | 1,028 | 1,028 | |||||||||||||||||||||
Directors deferred compensation plan (2,688 shares) | 205 | (205) | 0 | ||||||||||||||||||||
Restricted stock activity (7,217 shares) | (1) | (25) | (26) | ||||||||||||||||||||
Balances at June 30, 2022 | $ | 1,454 | $ | 303,335 | $ | 502,770 | $ | (178,869) | $ | (5,847) | $ | 1,475 | $ | 624,318 | |||||||||
Balances at April 1, 2023 | $ | 1,456 | $ | 303,357 | $ | 537,331 | $ | (187,846) | $ | (5,976) | $ | 1,443 | $ | 649,765 | |||||||||
Net income attributable to noncontrolling interests and Tompkins Financial Corporation | 8,475 | 31 | 8,506 | ||||||||||||||||||||
Other comprehensive loss | (7,674) | (7,674) | |||||||||||||||||||||
Total Comprehensive Income | 832 | ||||||||||||||||||||||
Cash dividends ($0.60 per share) | (8,711) | (8,711) | |||||||||||||||||||||
Net exercise of stock options (315 shares) | (10) | (10) | |||||||||||||||||||||
Common stock repurchased and returned to unissued status (108,219 shares) | (11) | (6,367) | (6,378) | ||||||||||||||||||||
Stock-based compensation expense | 1,110 | 1,110 | |||||||||||||||||||||
Directors deferred compensation plan (3,386 shares) | 209 | (209) | 0 | ||||||||||||||||||||
Restricted stock activity (6,341 shares) | (1) | (166) | (167) | ||||||||||||||||||||
Balances at June 30, 2023 | $ | 1,444 | $ | 298,133 | $ | 537,095 | $ | (195,520) | $ | (6,185) | $ | 1,474 | $ | 636,441 |
(In thousands except share and per share data) (Unaudited) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Non- controlling Interests | Total | ||||||||||||||||
Balances at July 1, 2022 | $ | 1,454 | $ | 303,335 | $ | 502,770 | $ | (178,869) | $ | (5,847) | $ | 1,475 | $ | 624,318 | |||||||||
Net income attributable to noncontrolling interests and Tompkins Financial Corporation | 21,340 | 31 | 21,371 | ||||||||||||||||||||
Other comprehensive loss | (64,368) | (64,368) | |||||||||||||||||||||
Total Comprehensive Loss | (42,997) | ||||||||||||||||||||||
Cash dividends ($0.57 per share) | (8,240) | (8,240) | |||||||||||||||||||||
Net exercise of stock options (257 shares) | (13) | (13) | |||||||||||||||||||||
Common stock repurchased and returned to unissued status (18,182 shares) | (2) | (1,300) | (1,302) | ||||||||||||||||||||
Stock-based compensation expense | 1,089 | 1,089 | |||||||||||||||||||||
Directors deferred compensation plan (2,914 shares) | 216 | (216) | 0 | ||||||||||||||||||||
Restricted stock activity (2,922 shares) | (51) | (51) | |||||||||||||||||||||
Adjustment to goodwill | 155 | 155 | |||||||||||||||||||||
Balances at September 30, 2022 | $ | 1,452 | $ | 303,431 | $ | 515,870 | $ | (243,237) | $ | (6,063) | $ | 1,506 | $ | 572,959 | |||||||||
Balances at July 1, 2023 | $ | 1,444 | $ | 298,133 | $ | 537,095 | $ | (195,520) | $ | (6,185) | $ | 1,474 | $ | 636,441 | |||||||||
Net (loss) income attributable to noncontrolling interests and Tompkins Financial Corporation | (33,354) | 31 | (33,323) | ||||||||||||||||||||
Other comprehensive income | 19,491 | 19,491 | |||||||||||||||||||||
Total Comprehensive Loss | (13,832) | ||||||||||||||||||||||
Cash dividends ($0.60 per share) | (8,618) | (8,618) | |||||||||||||||||||||
Common stock repurchased and returned to unissued status (41,781 shares) | (4) | (2,321) | (2,325) | ||||||||||||||||||||
Stock-based compensation expense | 790 | 790 | |||||||||||||||||||||
Directors deferred compensation plan (3,831 shares) | 218 | (218) | 0 | ||||||||||||||||||||
Restricted stock activity (13,545 shares) | (1) | (99) | (100) | ||||||||||||||||||||
Balances at September 30, 2023 | $ | 1,439 | $ | 296,721 | $ | 495,123 | $ | (176,029) | $ | (6,403) | $ | 1,505 | $ | 612,356 |
(In thousands except share and per share data)(Unaudited) | (In thousands except share and per share data)(Unaudited) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Non- controlling Interests | Total | (In thousands except share and per share data)(Unaudited) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Non- controlling Interests | Total | ||||||||||||||||||||||||||||||
Balances at January 1, 2022 | Balances at January 1, 2022 | $ | 1,470 | $ | 312,538 | $ | 475,262 | $ | (55,950) | $ | (5,791) | $ | 1,412 | $ | 728,941 | Balances at January 1, 2022 | $ | 1,470 | $ | 312,538 | $ | 475,262 | $ | (55,950) | $ | (5,791) | $ | 1,412 | $ | 728,941 | ||||||||||||||||
Net income attributable to noncontrolling interests and Tompkins Financial Corporation | Net income attributable to noncontrolling interests and Tompkins Financial Corporation | 44,142 | 63 | 44,205 | Net income attributable to noncontrolling interests and Tompkins Financial Corporation | 65,482 | 94 | 65,576 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | (122,919) | (122,919) | Other comprehensive loss | (187,287) | (187,287) | ||||||||||||||||||||||||||||||||||||||||
Total Comprehensive Loss | Total Comprehensive Loss | (78,714) | Total Comprehensive Loss | (121,711) | ||||||||||||||||||||||||||||||||||||||||||
Cash dividends ($1.14 per share) | (16,634) | (16,634) | ||||||||||||||||||||||||||||||||||||||||||||
Net exercise of stock options (630 shares) | (42) | (42) | ||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased and returned to unissued status (179,797 shares) | (18) | (14,110) | (14,128) | |||||||||||||||||||||||||||||||||||||||||||
Cash dividends ($1.71 per share) | Cash dividends ($1.71 per share) | (24,874) | (24,874) | |||||||||||||||||||||||||||||||||||||||||||
Net exercise of stock options (887 shares) | Net exercise of stock options (887 shares) | (55) | (55) | |||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased and returned to unissued status (197,979 shares) | Common stock repurchased and returned to unissued status (197,979 shares) | (20) | (15,410) | (15,430) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 1,973 | 1,973 | Stock-based compensation expense | 3,062 | 3,062 | ||||||||||||||||||||||||||||||||||||||||
Shares issued for employee stock ownership plan (37,454 shares) | Shares issued for employee stock ownership plan (37,454 shares) | 4 | 2,947 | 2,951 | Shares issued for employee stock ownership plan (37,454 shares) | 4 | 2,947 | 2,951 | ||||||||||||||||||||||||||||||||||||||
Directors deferred compensation plan (1,679 shares) | 56 | (56) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Restricted stock activity (14,684 shares) | (2) | (27) | (29) | |||||||||||||||||||||||||||||||||||||||||||
Directors deferred compensation plan (1,235 shares) | Directors deferred compensation plan (1,235 shares) | 272 | (272) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Restricted stock activity (17,606 shares) | Restricted stock activity (17,606 shares) | (2) | (78) | (80) | ||||||||||||||||||||||||||||||||||||||||||
Adjustment to goodwill | Adjustment to goodwill | 155 | 155 | |||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | $ | 1,454 | $ | 303,335 | $ | 502,770 | $ | (178,869) | $ | (5,847) | $ | 1,475 | $ | 624,318 | ||||||||||||||||||||||||||||||||
Balances at September 30, 2022 | Balances at September 30, 2022 | $ | 1,452 | $ | 303,431 | $ | 515,870 | $ | (243,237) | $ | (6,063) | $ | 1,506 | $ | 572,959 | |||||||||||||||||||||||||||||||
Balances at January 1, 2023 | Balances at January 1, 2023 | $ | 1,456 | $ | 302,763 | $ | 526,727 | $ | (208,689) | $ | (6,279) | $ | 1,412 | $ | 617,390 | Balances at January 1, 2023 | $ | 1,456 | $ | 302,763 | $ | 526,727 | $ | (208,689) | $ | (6,279) | $ | 1,412 | $ | 617,390 | ||||||||||||||||
Net income attributable to noncontrolling interests and Tompkins Financial Corporation | 27,856 | 62 | 27,918 | |||||||||||||||||||||||||||||||||||||||||||
Net (loss) income attributable to noncontrolling interests and Tompkins Financial Corporation | Net (loss) income attributable to noncontrolling interests and Tompkins Financial Corporation | (5,498) | 93 | (5,405) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | 13,169 | 13,169 | Other comprehensive income | 32,660 | 32,660 | ||||||||||||||||||||||||||||||||||||||||
Total Comprehensive Income | Total Comprehensive Income | 41,087 | Total Comprehensive Income | 27,255 | ||||||||||||||||||||||||||||||||||||||||||
Cash dividends ($1.21 per share) | (17,423) | (17,423) | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends ($1.80 per share) | Cash dividends ($1.80 per share) | (26,041) | (26,041) | |||||||||||||||||||||||||||||||||||||||||||
Net exercise of stock options (1,824 shares) | Net exercise of stock options (1,824 shares) | (118) | (118) | Net exercise of stock options (1,824 shares) | (118) | (118) | ||||||||||||||||||||||||||||||||||||||||
Common stock repurchased and returned to unissued status (108,219 shares) | (11) | (6,367) | (6,378) | |||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased and returned to unissued status (150,000 shares) | Common stock repurchased and returned to unissued status (150,000 shares) | (15) | (8,688) | (8,703) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 2,155 | 2,155 | Stock-based compensation expense | 2,945 | 2,945 | ||||||||||||||||||||||||||||||||||||||||
Directors deferred compensation plan ((4,484) shares) | (94) | 94 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Restricted stock activity (7,933 shares) | (1) | (206) | (207) | |||||||||||||||||||||||||||||||||||||||||||
Adoption of Accounting Guidance | (65) | (65) | ||||||||||||||||||||||||||||||||||||||||||||
Directors deferred compensation plan ((653) shares) | Directors deferred compensation plan ((653) shares) | 124 | (124) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Restricted stock activity (21,478 shares) | Restricted stock activity (21,478 shares) | (2) | (305) | (307) | ||||||||||||||||||||||||||||||||||||||||||
Adjustment due to the adoption of ASU 2022-02 | Adjustment due to the adoption of ASU 2022-02 | (65) | (65) | |||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2023 | $ | 1,444 | $ | 298,133 | $ | 537,095 | $ | (195,520) | $ | (6,185) | $ | 1,474 | $ | 636,441 | ||||||||||||||||||||||||||||||||
Balances at September 30, 2023 | Balances at September 30, 2023 | $ | 1,439 | $ | 296,721 | $ | 495,123 | $ | (176,029) | $ | (6,403) | $ | 1,505 | $ | 612,356 |
Available-for-Sale Debt Securities | Available-for-Sale Debt Securities | |||||||||||||||||||||||||||
June 30, 2023 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||
(In thousands) | (In thousands) | (In thousands) | ||||||||||||||||||||||||||
U.S. Treasuries | U.S. Treasuries | $ | 190,275 | $ | 0 | $ | 22,181 | $ | 168,094 | U.S. Treasuries | $ | 114,220 | $ | 0 | $ | 6,926 | $ | 107,294 | ||||||||||
Obligations of U.S. Government sponsored entities | Obligations of U.S. Government sponsored entities | 592,694 | 0 | 69,151 | 523,543 | Obligations of U.S. Government sponsored entities | 491,968 | 10 | 32,037 | 459,941 | ||||||||||||||||||
Obligations of U.S. states and political subdivisions | Obligations of U.S. states and political subdivisions | 90,330 | 1 | 8,284 | 82,047 | Obligations of U.S. states and political subdivisions | 90,154 | 2 | 12,919 | 77,237 | ||||||||||||||||||
Mortgage-backed securities – residential, issued by | Mortgage-backed securities – residential, issued by | Mortgage-backed securities – residential, issued by | ||||||||||||||||||||||||||
U.S. Government agencies | U.S. Government agencies | 54,852 | 9 | 5,919 | 48,942 | U.S. Government agencies | 52,263 | 0 | 6,864 | 45,399 | ||||||||||||||||||
U.S. Government sponsored entities | U.S. Government sponsored entities | 757,400 | 0 | 114,265 | 643,135 | U.S. Government sponsored entities | 831,970 | 0 | 135,661 | 696,309 | ||||||||||||||||||
U.S. corporate debt securities | U.S. corporate debt securities | 2,500 | 0 | 258 | 2,242 | U.S. corporate debt securities | 2,500 | 0 | 170 | 2,330 | ||||||||||||||||||
Total available-for-sale debt securities | Total available-for-sale debt securities | $ | 1,688,051 | $ | 10 | $ | 220,058 | $ | 1,468,003 | Total available-for-sale debt securities | $ | 1,583,075 | $ | 12 | $ | 194,577 | $ | 1,388,510 |
Available-for-Sale Debt Securities | ||||||||||||||
December 31, 2022 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||
(In thousands) | ||||||||||||||
U.S. Treasuries | $ | 190,170 | $ | 0 | $ | 22,919 | $ | 167,251 | ||||||
Obligations of U.S. Government sponsored entities | 681,192 | 0 | 80,025 | 601,167 | ||||||||||
Obligations of U.S. states and political subdivisions | 93,599 | 8 | 8,326 | 85,281 | ||||||||||
Mortgage-backed securities – residential, issued by | ||||||||||||||
U.S. Government agencies | 58,727 | 12 | 6,071 | 52,668 | ||||||||||
U.S. Government sponsored entities | 805,603 | 0 | 119,381 | 686,222 | ||||||||||
U.S. corporate debt securities | 2,500 | 0 | 122 | 2,378 | ||||||||||
Total available-for-sale debt securities | $ | 1,831,791 | $ | 20 | $ | 236,844 | $ | 1,594,967 |
Held-to-Maturity Securities | ||||||||||||||
September 30, 2023 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||
(In thousands) | ||||||||||||||
U.S. Treasuries | $ | 86,318 | $ | 0 | $ | 14,767 | $ | 71,551 | ||||||
Obligations of U.S. Government sponsored entities | 226,067 | 0 | 44,640 | 181,427 | ||||||||||
Total held-to-maturity debt securities | $ | 312,385 | $ | 0 | $ | 59,407 | $ | 252,978 |
Held-to-Maturity Securities | ||||||||||||||
June 30, 2023 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||
(In thousands) | ||||||||||||||
U.S. Treasuries | $ | 86,370 | $ | 0 | $ | 12,598 | $ | 73,772 | ||||||
Obligations of U.S. Government sponsored entities | 225,999 | 0 | 37,327 | 188,672 | ||||||||||
Total held-to-maturity debt securities | $ | 312,369 | $ | 0 | $ | 49,925 | $ | 262,444 |
Held-to-Maturity Securities | ||||||||||||||
December 31, 2022 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||
(In thousands) | ||||||||||||||
U.S. Treasuries | $ | 86,478 | $ | 0 | $ | 12,937 | $ | 73,541 | ||||||
Obligations of U.S. Government sponsored entities | 225,866 | 0 | 37,715 | 188,151 | ||||||||||
Total held-to-maturity debt securities | $ | 312,344 | $ | 0 | $ | 50,652 | $ | 261,692 |
June 30, 2023 | Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||
U.S. Treasuries | $ | 0 | $ | 0 | $ | 168,094 | $ | 22,181 | $ | 168,094 | $ | 22,181 | ||||||||
Obligations of U.S. Government sponsored entities | 28,596 | 758 | 494,947 | 68,393 | 523,543 | 69,151 | ||||||||||||||
Obligations of U.S. states and political subdivisions | 26,104 | 756 | 55,842 | 7,528 | 81,946 | 8,284 | ||||||||||||||
Mortgage-backed securities – residential, issued by | ||||||||||||||||||||
U.S. Government agencies | 6,244 | 254 | 42,351 | 5,665 | 48,595 | 5,919 | ||||||||||||||
U.S. Government sponsored entities | 13,055 | 727 | 630,081 | 113,538 | 643,136 | 114,265 | ||||||||||||||
U.S. corporate debt securities | 0 | 0 | 2,242 | 258 | 2,242 | 258 | ||||||||||||||
Total available-for-sale debt securities | $ | 73,999 | $ | 2,495 | $ | 1,393,557 | $ | 217,563 | $ | 1,467,556 | $ | 220,058 |
September 30, 2023 | Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||
U.S. Treasuries | $ | 43,560 | $ | 23 | $ | 63,734 | $ | 6,903 | $ | 107,294 | $ | 6,926 | ||||||||
Obligations of U.S. Government sponsored entities | 197,508 | 1,492 | 232,541 | 30,545 | 430,049 | 32,037 | ||||||||||||||
Obligations of U.S. states and political subdivisions | 11,449 | 592 | 65,436 | 12,327 | 76,885 | 12,919 | ||||||||||||||
Mortgage-backed securities – residential, issued by | ||||||||||||||||||||
U.S. Government agencies | 1,436 | 48 | 43,963 | 6,816 | 45,399 | 6,864 | ||||||||||||||
U.S. Government sponsored entities | 97,751 | 1,671 | 598,559 | 133,990 | 696,310 | 135,661 | ||||||||||||||
U.S. corporate debt securities | 0 | 0 | 2,330 | 170 | 2,330 | 170 | ||||||||||||||
Total available-for-sale debt securities | $ | 351,704 | $ | 3,826 | $ | 1,006,563 | $ | 190,751 | $ | 1,358,267 | $ | 194,577 |
December 31, 2022 | Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||
U.S. Treasuries | $ | 28,602 | $ | 2,132 | $ | 138,649 | $ | 20,787 | $ | 167,251 | $ | 22,919 | ||||||||
Obligations of U.S. Government sponsored entities | 143,794 | 7,508 | 457,373 | 72,517 | 601,167 | 80,025 | ||||||||||||||
Obligations of U.S. states and political subdivisions | 46,638 | 2,385 | 33,435 | 5,941 | 80,073 | 8,326 | ||||||||||||||
Mortgage-backed securities – residential, issued by | ||||||||||||||||||||
U.S. Government agencies | 22,945 | 1,258 | 29,356 | 4,813 | 52,301 | 6,071 | ||||||||||||||
U.S. Government sponsored entities | 186,690 | 16,869 | 499,532 | 102,512 | 686,222 | 119,381 | ||||||||||||||
U.S. corporate debt securities | 0 | 0 | 2,378 | 122 | 2,378 | 122 | ||||||||||||||
Total available-for-sale debt securities | $ | 428,669 | $ | 30,152 | $ | 1,160,723 | $ | 206,692 | $ | 1,589,392 | $ | 236,844 |
June 30, 2023 | Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | (In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||
U.S. Treasuries | U.S. Treasuries | $ | 0 | $ | 0 | $ | 73,772 | $ | 12,598 | $ | 73,772 | $ | 12,598 | U.S. Treasuries | $ | 0 | $ | 0 | $ | 71,551 | $ | 14,767 | $ | 71,551 | $ | 14,767 | ||||||||||||||
Obligations of U.S. Government sponsored entities | Obligations of U.S. Government sponsored entities | 8,176 | 751 | 180,496 | 36,576 | 188,672 | 37,327 | Obligations of U.S. Government sponsored entities | 0 | 0 | 181,427 | 44,640 | 181,427 | 44,640 | ||||||||||||||||||||||||||
Total held-to-maturity debt securities | Total held-to-maturity debt securities | $ | 8,176 | $ | 751 | $ | 254,268 | $ | 49,174 | $ | 262,444 | $ | 49,925 | Total held-to-maturity debt securities | $ | 0 | $ | 0 | $ | 252,978 | $ | 59,407 | $ | 252,978 | $ | 59,407 |
December 31, 2022 | Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||
U.S. Treasuries | $ | 0 | $ | 0 | $ | 73,542 | $ | 12,937 | $ | 73,542 | $ | 12,937 | ||||||||
Obligations of U.S. Government sponsored entities | 24,543 | 3,903 | 163,607 | 33,812 | 188,150 | 37,715 | ||||||||||||||
Total held-to-maturity debt securities | $ | 24,543 | $ | 3,903 | $ | 237,149 | $ | 46,749 | $ | 261,692 | $ | 50,652 |
June 30, 2023 | ||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||
(In thousands) | (In thousands) | Amortized Cost | Fair Value | (In thousands) | Amortized Cost | Fair Value | ||||||||||
Available-for-sale debt securities: | Available-for-sale debt securities: | Available-for-sale debt securities: | ||||||||||||||
Due in one year or less | Due in one year or less | $ | 47,677 | $ | 46,893 | Due in one year or less | $ | 79,189 | $ | 78,511 | ||||||
Due after one year through five years | Due after one year through five years | 514,770 | 461,320 | Due after one year through five years | 334,059 | 316,627 | ||||||||||
Due after five years through ten years | Due after five years through ten years | 269,157 | 230,292 | Due after five years through ten years | 234,283 | 208,592 | ||||||||||
Due after ten years | Due after ten years | 44,195 | 37,421 | Due after ten years | 51,311 | 43,072 | ||||||||||
Total | Total | 875,799 | 775,926 | Total | 698,842 | 646,802 | ||||||||||
Mortgage-backed securities | Mortgage-backed securities | 812,252 | 692,077 | Mortgage-backed securities | 884,233 | 741,708 | ||||||||||
Total available-for-sale debt securities | Total available-for-sale debt securities | $ | 1,688,051 | $ | 1,468,003 | Total available-for-sale debt securities | $ | 1,583,075 | $ | 1,388,510 |
December 31, 2022 | ||||||||
(In thousands) | Amortized Cost | Fair Value | ||||||
Available-for-sale debt securities: | ||||||||
Due in one year or less | $ | 50,922 | $ | 50,269 | ||||
Due after one year through five years | 508,880 | 459,721 | ||||||
Due after five years through ten years | 367,743 | 314,408 | ||||||
Due after ten years | 39,916 | 31,679 | ||||||
Total | 967,461 | 856,077 | ||||||
Mortgage-backed securities | 864,330 | 738,890 | ||||||
Total available-for-sale debt securities | $ | 1,831,791 | $ | 1,594,967 |
June 30, 2023 | ||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||
(In thousands) | (In thousands) | Amortized Cost | Fair Value | (In thousands) | Amortized Cost | Fair Value | ||||||||||
Held-to-maturity debt securities: | Held-to-maturity debt securities: | Held-to-maturity debt securities: | ||||||||||||||
Due after five years through ten years | Due after five years through ten years | $ | 312,369 | $ | 262,444 | Due after five years through ten years | $ | 312,385 | $ | 252,978 | ||||||
Total held-to-maturity debt securities | Total held-to-maturity debt securities | $ | 312,369 | $ | 262,444 | Total held-to-maturity debt securities | $ | 312,385 | $ | 252,978 |
December 31, 2022 | ||||||||
(In thousands) | Amortized Cost | Fair Value | ||||||
Held-to-maturity debt securities: | ||||||||
Due after five years through ten years | $ | 312,344 | $ | 261,692 | ||||
Total held-to-maturity debt securities | $ | 312,344 | $ | 261,692 |
(In thousands) | (In thousands) | 06/30/2023 | 12/31/2022 | (In thousands) | 9/30/2023 | 12/31/2022 | ||||||||||
Commercial and industrial | Commercial and industrial | Commercial and industrial | ||||||||||||||
Agriculture | Agriculture | $ | 64,815 | $ | 85,073 | Agriculture | $ | 77,720 | $ | 85,073 | ||||||
Commercial and industrial other | Commercial and industrial other | 701,006 | 705,700 | Commercial and industrial other | 695,445 | 705,700 | ||||||||||
PPP loans* | PPP loans* | 613 | 756 | PPP loans* | 488 | 756 | ||||||||||
Subtotal commercial and industrial | Subtotal commercial and industrial | 766,434 | 791,529 | Subtotal commercial and industrial | 773,653 | 791,529 | ||||||||||
Commercial real estate | Commercial real estate | Commercial real estate | ||||||||||||||
Construction | Construction | 249,847 | 201,116 | Construction | 270,961 | 201,116 | ||||||||||
Agriculture | Agriculture | 215,915 | 214,963 | Agriculture | 218,144 | 214,963 | ||||||||||
Commercial real estate other | Commercial real estate other | 2,487,067 | 2,437,339 | Commercial real estate other | 2,507,164 | 2,437,339 | ||||||||||
Subtotal commercial real estate | Subtotal commercial real estate | 2,952,829 | 2,853,418 | Subtotal commercial real estate | 2,996,269 | 2,853,418 | ||||||||||
Residential real estate | Residential real estate | Residential real estate | ||||||||||||||
Home equity | Home equity | 185,529 | 188,623 | Home equity | 187,387 | 188,623 | ||||||||||
Mortgages | Mortgages | 1,348,448 | 1,346,318 | Mortgages | 1,368,292 | 1,346,318 | ||||||||||
Subtotal residential real estate | Subtotal residential real estate | 1,533,977 | 1,534,941 | Subtotal residential real estate | 1,555,679 | 1,534,941 | ||||||||||
Consumer and other | Consumer and other | Consumer and other | ||||||||||||||
Indirect | Indirect | 1,419 | 2,224 | Indirect | 1,090 | 2,224 | ||||||||||
Consumer and other | Consumer and other | 85,794 | 75,412 | Consumer and other | 97,165 | 75,412 | ||||||||||
Subtotal consumer and other | Subtotal consumer and other | 87,213 | 77,636 | Subtotal consumer and other | 98,255 | 77,636 | ||||||||||
Leases | Leases | 16,972 | 16,134 | Leases | 15,818 | 16,134 | ||||||||||
Total loans and leases | Total loans and leases | 5,357,425 | 5,273,658 | Total loans and leases | 5,439,674 | 5,273,658 | ||||||||||
Less: unearned income and deferred costs and fees | Less: unearned income and deferred costs and fees | (5,060) | (4,747) | Less: unearned income and deferred costs and fees | (4,814) | (4,747) | ||||||||||
Total loans and leases, net of unearned income and deferred costs and fees | Total loans and leases, net of unearned income and deferred costs and fees | $ | 5,352,365 | $ | 5,268,911 | Total loans and leases, net of unearned income and deferred costs and fees | $ | 5,434,860 | $ | 5,268,911 | ||||||
*SBA Paycheck Protection Program ("PPP") | *SBA Paycheck Protection Program ("PPP") | *SBA Paycheck Protection Program ("PPP") |
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 30-59 Days | 60-89 Days | 90 Days or More | Total Past Due | Current Loans | Total Loans | (In thousands) | 30-59 Days | 60-89 Days | 90 Days or More | Total Past Due | Current Loans | Total Loans | ||||||||||||||||||||||||||
Loans and Leases | Loans and Leases | Loans and Leases | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | Commercial and industrial | ||||||||||||||||||||||||||||||||||||||
Agriculture | Agriculture | $ | 0 | $ | 53 | $ | 0 | $ | 53 | $ | 64,762 | $ | 64,815 | Agriculture | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 77,720 | $ | 77,720 | ||||||||||||||
Commercial and industrial other | Commercial and industrial other | 60 | 2,266 | 2,704 | 5,030 | 695,976 | 701,006 | Commercial and industrial other | 3,316 | 170 | 3,014 | 6,500 | 688,945 | 695,445 | ||||||||||||||||||||||||||
PPP loans* | PPP loans* | 0 | 0 | 0 | 0 | 613 | 613 | PPP loans* | 0 | 0 | 0 | 0 | 488 | 488 | ||||||||||||||||||||||||||
Subtotal commercial and industrial | Subtotal commercial and industrial | 60 | 2,319 | 2,704 | 5,083 | 761,351 | 766,434 | Subtotal commercial and industrial | 3,316 | 170 | 3,014 | 6,500 | 767,153 | 773,653 | ||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | Commercial real estate | ||||||||||||||||||||||||||||||||||||||
Construction | Construction | 0 | 65 | 0 | 65 | 249,782 | 249,847 | Construction | 863 | 0 | 0 | 863 | 270,098 | 270,961 | ||||||||||||||||||||||||||
Agriculture | Agriculture | 165 | 0 | 0 | 165 | 215,750 | 215,915 | Agriculture | 169 | 0 | 0 | 169 | 217,975 | 218,144 | ||||||||||||||||||||||||||
Commercial real estate other | Commercial real estate other | 0 | 15,408 | 9,405 | 24,813 | 2,462,254 | 2,487,067 | Commercial real estate other | 18,781 | 15,300 | 8,610 | 42,691 | 2,464,473 | 2,507,164 | ||||||||||||||||||||||||||
Subtotal commercial real estate | Subtotal commercial real estate | 165 | 15,473 | 9,405 | 25,043 | 2,927,786 | 2,952,829 | Subtotal commercial real estate | 19,813 | 15,300 | 8,610 | 43,723 | 2,952,546 | 2,996,269 | ||||||||||||||||||||||||||
Residential real estate | Residential real estate | Residential real estate | ||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 333 | 588 | 1,110 | 2,031 | 183,498 | 185,529 | Home equity | 751 | 8 | 1,443 | 2,202 | 185,185 | 187,387 | ||||||||||||||||||||||||||
Mortgages | Mortgages | 0 | 1,000 | 8,141 | 9,141 | 1,339,307 | 1,348,448 | Mortgages | 1,118 | 0 | 8,915 | 10,033 | 1,358,259 | 1,368,292 | ||||||||||||||||||||||||||
Subtotal residential real estate | Subtotal residential real estate | 333 | 1,588 | 9,251 | 11,172 | 1,522,805 | 1,533,977 | Subtotal residential real estate | 1,869 | 8 | 10,358 | 12,235 | 1,543,444 | 1,555,679 | ||||||||||||||||||||||||||
Consumer and other | Consumer and other | Consumer and other | ||||||||||||||||||||||||||||||||||||||
Indirect | Indirect | 13 | 25 | 44 | 82 | 1,337 | 1,419 | Indirect | 17 | 4 | 31 | 52 | 1,038 | 1,090 | ||||||||||||||||||||||||||
Consumer and other | Consumer and other | 160 | 119 | 138 | 417 | 85,377 | 85,794 | Consumer and other | 261 | 136 | 239 | 636 | 96,529 | 97,165 | ||||||||||||||||||||||||||
Subtotal consumer and other | Subtotal consumer and other | 173 | 144 | 182 | 499 | 86,714 | 87,213 | Subtotal consumer and other | 278 | 140 | 270 | 688 | 97,567 | 98,255 | ||||||||||||||||||||||||||
Leases | Leases | 0 | 0 | 0 | 0 | 16,972 | 16,972 | Leases | 0 | 0 | 0 | 0 | 15,818 | 15,818 | ||||||||||||||||||||||||||
Total loans and leases | Total loans and leases | 731 | 19,524 | 21,542 | 41,797 | 5,315,628 | 5,357,425 | Total loans and leases | 25,276 | 15,618 | 22,252 | 63,146 | 5,376,528 | 5,439,674 | ||||||||||||||||||||||||||
Less: unearned income and deferred costs and fees | Less: unearned income and deferred costs and fees | 0 | 0 | 0 | 0 | (5,060) | (5,060) | Less: unearned income and deferred costs and fees | 0 | 0 | 0 | 0 | (4,814) | (4,814) | ||||||||||||||||||||||||||
Total loans and leases, net of unearned income and deferred costs and fees | Total loans and leases, net of unearned income and deferred costs and fees | $ | 731 | $ | 19,524 | $ | 21,542 | $ | 41,797 | $ | 5,310,568 | $ | 5,352,365 | Total loans and leases, net of unearned income and deferred costs and fees | $ | 25,276 | $ | 15,618 | $ | 22,252 | $ | 63,146 | $ | 5,371,714 | $ | 5,434,860 | ||||||||||||||
*SBA Paycheck Protection Program | *SBA Paycheck Protection Program | *SBA Paycheck Protection Program |
December 31, 2022 | ||||||||||||||||||||
(In thousands) | 30-59 Days | 60-89 Days | 90 Days or More | Total Past Due | Current Loans | Total Loans | ||||||||||||||
Loans and Leases | ||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||
Agriculture | $ | 58 | $ | 0 | $ | 0 | $ | 58 | $ | 85,015 | $ | 85,073 | ||||||||
Commercial and industrial other | 50 | 381 | 82 | 513 | 705,187 | 705,700 | ||||||||||||||
PPP loans* | 0 | 0 | 0 | 0 | 756 | 756 | ||||||||||||||
Subtotal commercial and industrial | 108 | 381 | 82 | 571 | 790,958 | 791,529 | ||||||||||||||
Commercial real estate | ||||||||||||||||||||
Construction | 0 | 0 | 0 | 0 | 201,116 | 201,116 | ||||||||||||||
Agriculture | 128 | 0 | 0 | 128 | 214,835 | 214,963 | ||||||||||||||
Commercial real estate other | 0 | 0 | 11,449 | 11,449 | 2,425,890 | 2,437,339 | ||||||||||||||
Subtotal commercial real estate | 128 | 0 | 11,449 | 11,577 | 2,841,841 | 2,853,418 | ||||||||||||||
Residential real estate | ||||||||||||||||||||
Home equity | 435 | 204 | 1,628 | 2,267 | 186,356 | 188,623 | ||||||||||||||
Mortgages | 1,748 | 0 | 6,802 | 8,550 | 1,337,768 | 1,346,318 | ||||||||||||||
Subtotal residential real estate | 2,183 | 204 | 8,430 | 10,817 | 1,524,124 | 1,534,941 | ||||||||||||||
Consumer and other | ||||||||||||||||||||
Indirect | 66 | 31 | 53 | 150 | 2,074 | 2,224 | ||||||||||||||
Consumer and other | 52 | 19 | 112 | 183 | 75,229 | 75,412 | ||||||||||||||
Subtotal consumer and other | 118 | 50 | 165 | 333 | 77,303 | 77,636 | ||||||||||||||
Leases | 0 | 0 | 0 | 0 | 16,134 | 16,134 | ||||||||||||||
Total loans and leases | 2,537 | 635 | 20,126 | 23,298 | 5,250,360 | 5,273,658 | ||||||||||||||
Less: unearned income and deferred costs and fees | 0 | 0 | 0 | 0 | (4,747) | (4,747) | ||||||||||||||
Total loans and leases, net of unearned income and deferred costs and fees | $ | 2,537 | $ | 635 | $ | 20,126 | $ | 23,298 | $ | 5,245,613 | $ | 5,268,911 | ||||||||
*SBA Paycheck Protection Program |
June 30, 2023 | ||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||
(In thousands) | (In thousands) | Nonaccrual Loans and Leases with no ACL | Nonaccrual Loans and Leases | Loans and Leases Past Due Over 89 Days and Accruing | (In thousands) | Nonaccrual Loans and Leases with no ACL | Nonaccrual Loans and Leases | Loans and Leases Past Due Over 89 Days and Accruing | ||||||||||||||
Loans and Leases | Loans and Leases | Loans and Leases | ||||||||||||||||||||
Commercial and industrial | Commercial and industrial | Commercial and industrial | ||||||||||||||||||||
Commercial and industrial other | Commercial and industrial other | $ | 2,494 | $ | 3,146 | $ | 0 | Commercial and industrial other | $ | 2,494 | $ | 3,163 | $ | 0 | ||||||||
Subtotal commercial and industrial | Subtotal commercial and industrial | 2,494 | 3,146 | 0 | Subtotal commercial and industrial | 2,494 | 3,163 | 0 | ||||||||||||||
Commercial real estate | Commercial real estate | Commercial real estate | ||||||||||||||||||||
Agriculture | Agriculture | 0 | 179 | 0 | Agriculture | 0 | 174 | 0 | ||||||||||||||
Commercial real estate other | Commercial real estate other | 6,659 | 11,476 | 0 | Commercial real estate other | 7,033 | 10,760 | 0 | ||||||||||||||
Subtotal commercial real estate | Subtotal commercial real estate | 6,659 | 11,655 | 0 | Subtotal commercial real estate | 7,033 | 10,934 | 0 | ||||||||||||||
Residential real estate | Residential real estate | Residential real estate | ||||||||||||||||||||
Home equity | Home equity | 0 | 2,891 | 0 | Home equity | 0 | 3,112 | 0 | ||||||||||||||
Mortgages | Mortgages | 181 | 13,318 | 7 | Mortgages | 0 | 13,812 | 1 | ||||||||||||||
Subtotal residential real estate | Subtotal residential real estate | 181 | 16,209 | 7 | Subtotal residential real estate | 0 | 16,924 | 1 | ||||||||||||||
Consumer and other | Consumer and other | Consumer and other | ||||||||||||||||||||
Indirect | Indirect | 0 | 87 | 0 | Indirect | 0 | 67 | 0 | ||||||||||||||
Consumer and other | Consumer and other | 0 | 236 | 27 | Consumer and other | 0 | 293 | 51 | ||||||||||||||
Subtotal consumer and other | Subtotal consumer and other | 0 | 323 | 27 | Subtotal consumer and other | 0 | 360 | 51 | ||||||||||||||
Total loans and leases | Total loans and leases | $ | 9,334 | $ | 31,333 | $ | 34 | Total loans and leases | $ | 9,527 | $ | 31,381 | $ | 52 |
December 31, 2022 | |||||||||||
(In thousands) | Nonaccrual Loans and Leases with no ACL | Nonaccrual Loans and Leases | Loans and Leases Past Due Over 89 Days and Accruing | ||||||||
Loans and Leases | |||||||||||
Commercial and industrial | |||||||||||
Commercial and industrial other | $ | 411 | $ | 618 | $ | 25 | |||||
Subtotal commercial and industrial | 411 | 618 | 25 | ||||||||
Commercial real estate | |||||||||||
Agriculture | 186 | 186 | 0 | ||||||||
Commercial real estate other | 13,101 | 13,672 | 0 | ||||||||
Subtotal commercial real estate | 13,287 | 13,858 | 0 | ||||||||
Residential real estate | |||||||||||
Home equity | 318 | 2,391 | 0 | ||||||||
Mortgages | 1,177 | 11,153 | 0 | ||||||||
Subtotal residential real estate | 1,495 | 13,544 | 0 | ||||||||
Consumer and other | |||||||||||
Indirect | 0 | 94 | 0 | ||||||||
Consumer and other | 0 | 175 | 0 | ||||||||
Subtotal consumer and other | 0 | 269 | 0 | ||||||||
Total loans and leases | $ | 15,193 | $ | 28,289 | $ | 25 |
Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Commercial & Industrial | Commercial Real Estate | Residential Real Estate | Consumer and Other | Finance Leases | Total | (In thousands) | Commercial & Industrial | Commercial Real Estate | Residential Real Estate | Consumer and Other | Finance Leases | Total | ||||||||||||||||||||||||||
Allowance for credit losses: | Allowance for credit losses: | Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 6,316 | $ | 27,186 | $ | 10,858 | $ | 1,628 | $ | 111 | $ | 46,099 | Beginning balance | $ | 6,685 | $ | 28,968 | $ | 11,111 | $ | 1,680 | $ | 101 | $ | 48,545 | ||||||||||||||
Charge-offs | Charge-offs | 0 | 0 | 0 | (169) | 0 | (169) | Charge-offs | 0 | 0 | 0 | (271) | 0 | (271) | ||||||||||||||||||||||||||
Recoveries | Recoveries | 13 | (9) | 114 | 78 | 0 | 196 | Recoveries | 8 | 1 | 4 | 81 | 0 | 94 | ||||||||||||||||||||||||||
Provision (credit) for credit loss expense | Provision (credit) for credit loss expense | 356 | 1,791 | 139 | 143 | (10) | 2,419 | Provision (credit) for credit loss expense | (241) | 366 | 791 | 70 | (18) | 968 | ||||||||||||||||||||||||||
Ending Balance | Ending Balance | $ | 6,685 | $ | 28,968 | $ | 11,111 | $ | 1,680 | $ | 101 | $ | 48,545 | Ending Balance | $ | 6,452 | $ | 29,335 | $ | 11,906 | $ | 1,560 | $ | 83 | $ | 49,336 |
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Commercial & Industrial | Commercial Real Estate | Residential Real Estate | Consumer and Other | Finance Leases | Total | (In thousands) | Commercial & Industrial | Commercial Real Estate | Residential Real Estate | Consumer and Other | Finance Leases | Total | ||||||||||||||||||||||||||
Allowance for credit losses: | Allowance for credit losses: | Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 7,027 | $ | 22,982 | $ | 10,447 | $ | 1,588 | $ | 82 | $ | 42,126 | Beginning balance | $ | 7,814 | $ | 23,227 | $ | 11,082 | $ | 1,591 | $ | 79 | $ | 43,793 | ||||||||||||||
Charge-offs | Charge-offs | 0 | (23) | (51) | (82) | 0 | (156) | Charge-offs | (343) | 0 | 51 | (132) | 0 | (424) | ||||||||||||||||||||||||||
Recoveries | Recoveries | 6 | 764 | 197 | 76 | 0 | 1,043 | Recoveries | 106 | 105 | 8 | 83 | 0 | 302 | ||||||||||||||||||||||||||
Provision (credit) for credit loss expense | Provision (credit) for credit loss expense | 781 | (496) | 489 | 9 | (3) | 780 | Provision (credit) for credit loss expense | (1,053) | 3,207 | (698) | (362) | 7 | 1,101 | ||||||||||||||||||||||||||
Ending Balance | Ending Balance | $ | 7,814 | $ | 23,227 | $ | 11,082 | $ | 1,591 | $ | 79 | $ | 43,793 | Ending Balance | $ | 6,524 | $ | 26,539 | $ | 10,443 | $ | 1,180 | $ | 86 | $ | 44,772 |
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Commercial & Industrial | Commercial Real Estate | Residential Real Estate | Consumer and Other | Finance Leases | Total | (In thousands) | Commercial & Industrial | Commercial Real Estate | Residential Real Estate | Consumer and Other | Finance Leases | Total | ||||||||||||||||||||||||||
Allowance for credit losses: | Allowance for credit losses: | Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 6,039 | $ | 27,287 | $ | 11,154 | $ | 1,358 | $ | 96 | $ | 45,934 | Beginning balance | $ | 6,039 | $ | 27,287 | $ | 11,154 | $ | 1,358 | $ | 96 | $ | 45,934 | ||||||||||||||
Impact of adopting ASU 2016-13 | Impact of adopting ASU 2016-13 | 2 | 16 | 46 | 0 | 0 | 64 | Impact of adopting ASU 2016-13 | 2 | 16 | 46 | 0 | 0 | 64 | ||||||||||||||||||||||||||
Charge-offs | Charge-offs | 0 | 0 | (2) | (275) | 0 | (277) | Charge-offs | 0 | 0 | (2) | (546) | 0 | (548) | ||||||||||||||||||||||||||
Recoveries | Recoveries | 59 | 1,237 | 178 | 111 | 0 | 1,585 | Recoveries | 67 | 1,238 | 182 | 192 | 0 | 1,679 | ||||||||||||||||||||||||||
Provision (credit) for credit loss expense | Provision (credit) for credit loss expense | 585 | 428 | (265) | 486 | 5 | 1,239 | Provision (credit) for credit loss expense | 344 | 794 | 526 | 556 | (13) | 2,207 | ||||||||||||||||||||||||||
Ending Balance | Ending Balance | $ | 6,685 | $ | 28,968 | $ | 11,111 | $ | 1,680 | $ | 101 | $ | 48,545 | Ending Balance | $ | 6,452 | $ | 29,335 | $ | 11,906 | $ | 1,560 | $ | 83 | $ | 49,336 |
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Commercial & Industrial | Commercial Real Estate | Residential Real Estate | Consumer and Other | Finance Leases | Total | (In thousands) | Commercial & Industrial | Commercial Real Estate | Residential Real Estate | Consumer and Other | Finance Leases | Total | ||||||||||||||||||||||||||
Allowance for credit losses: | Allowance for credit losses: | Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 6,335 | $ | 24,813 | $ | 10,139 | $ | 1,492 | $ | 64 | $ | 42,843 | Beginning balance | $ | 6,335 | $ | 24,813 | $ | 10,139 | $ | 1,492 | $ | 64 | $ | 42,843 | ||||||||||||||
Charge-offs | Charge-offs | (23) | (50) | (51) | (278) | 0 | (402) | Charge-offs | (366) | (50) | 0 | (410) | 0 | (826) | ||||||||||||||||||||||||||
Recoveries | Recoveries | 26 | 805 | 307 | 168 | 0 | 1,306 | Recoveries | 132 | 910 | 315 | 251 | 0 | 1,608 | ||||||||||||||||||||||||||
Provision (credit) for credit loss expense | Provision (credit) for credit loss expense | 1,476 | (2,341) | 687 | 209 | 15 | 46 | Provision (credit) for credit loss expense | 423 | 866 | (11) | (153) | 22 | 1,147 | ||||||||||||||||||||||||||
Ending Balance | Ending Balance | $ | 7,814 | $ | 23,227 | $ | 11,082 | $ | 1,591 | $ | 79 | $ | 43,793 | Ending Balance | $ | 6,524 | $ | 26,539 | $ | 10,443 | $ | 1,180 | $ | 86 | $ | 44,772 |
Three Months Ended June 30, | ||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | ||||||||||
Liabilities for off-balance sheet credit exposures at beginning of period | Liabilities for off-balance sheet credit exposures at beginning of period | $ | 3,151 | $ | 2,720 | Liabilities for off-balance sheet credit exposures at beginning of period | $ | 2,985 | $ | 2,796 | ||||||
(Credit) provision for credit loss expense related to off-balance sheet credit exposures | (Credit) provision for credit loss expense related to off-balance sheet credit exposures | (166) | 76 | (Credit) provision for credit loss expense related to off-balance sheet credit exposures | 182 | (45) | ||||||||||
Liabilities for off-balance sheet credit exposures at end of period | Liabilities for off-balance sheet credit exposures at end of period | $ | 2,985 | $ | 2,796 | Liabilities for off-balance sheet credit exposures at end of period | $ | 3,167 | $ | 2,751 |
Six Months Ended June 30, | ||||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | ||||||||||
Liabilities for off-balance sheet credit exposures at beginning of period | Liabilities for off-balance sheet credit exposures at beginning of period | $ | 2,796 | $ | 2,506 | Liabilities for off-balance sheet credit exposures at beginning of period | $ | 2,796 | $ | 2,506 | ||||||
Provision for credit loss expense related to off-balance sheet credit exposures | Provision for credit loss expense related to off-balance sheet credit exposures | 189 | 290 | Provision for credit loss expense related to off-balance sheet credit exposures | 371 | 245 | ||||||||||
Liabilities for off-balance sheet credit exposures at end of period | Liabilities for off-balance sheet credit exposures at end of period | $ | 2,985 | $ | 2,796 | Liabilities for off-balance sheet credit exposures at end of period | $ | 3,167 | $ | 2,751 |
(In thousands) | (In thousands) | Real Estate | Business Assets | Other | Total | ACL Allocation | (In thousands) | Real Estate | Business Assets | Other | Total | ACL Allocation | ||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||
Commercial and Industrial | Commercial and Industrial | $ | 2,494 | $ | 0 | $ | 0 | $ | 2,494 | $ | 0 | Commercial and Industrial | $ | 2,494 | $ | 0 | $ | 0 | $ | 2,494 | $ | 0 | ||||||||||||
Commercial Real Estate | Commercial Real Estate | 10,146 | 0 | 0 | 10,146 | 1,082 | Commercial Real Estate | 9,362 | 0 | 0 | 9,362 | 1,082 | ||||||||||||||||||||||
Residential Real Estate | 181 | 0 | 0 | 181 | 0 | |||||||||||||||||||||||||||||
Total | Total | $ | 12,821 | $ | 0 | $ | 0 | $ | 12,821 | $ | 1,082 | Total | $ | 11,856 | $ | 0 | $ | 0 | $ | 11,856 | $ | 1,082 |
(In thousands) | Real Estate | Business Assets | Other | Total | ACL Allocation | ||||||||||||
December 31, 2022 | |||||||||||||||||
Commercial and Industrial | $ | 642 | $ | 28 | $ | 0 | $ | 670 | $ | 0 | |||||||
Commercial Real Estate | 13,209 | 0 | 78 | 13,287 | 0 | ||||||||||||
Commercial Real Estate - Agriculture | 1,515 | 0 | 0 | 1,515 | 0 | ||||||||||||
Residential Real Estate | 188 | 0 | 0 | 188 | 3 | ||||||||||||
Total | $ | 15,554 | $ | 28 | $ | 78 | $ | 15,660 | $ | 3 |
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total Loans | (In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total Loans | ||||||||||||||||||||||||||||||||||||||
Commercial and Industrial - Other: | Commercial and Industrial - Other: | Commercial and Industrial - Other: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Internal risk grade: | Internal risk grade: | Internal risk grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 54,166 | $ | 110,845 | $ | 75,993 | $ | 33,954 | $ | 39,929 | $ | 169,064 | $ | 203,109 | $ | 2,954 | $ | 690,014 | Pass | $ | 83,753 | $ | 97,245 | $ | 70,435 | $ | 29,914 | $ | 36,570 | $ | 149,820 | $ | 212,932 | $ | 5,036 | $ | 685,705 | ||||||||||||||||||||
Special Mention | Special Mention | 0 | 0 | 112 | 297 | 113 | 1,488 | 771 | 0 | 2,781 | Special Mention | 0 | 46 | 104 | 395 | 96 | 1,521 | 638 | 0 | 2,800 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 0 | 94 | 420 | 26 | 1,175 | 6,496 | 0 | 8,211 | Substandard | 0 | 0 | 86 | 360 | 24 | 798 | 5,672 | 0 | 6,940 | ||||||||||||||||||||||||||||||||||||||
Total Commercial and Industrial - Other | Total Commercial and Industrial - Other | $ | 54,166 | $ | 110,845 | $ | 76,199 | $ | 34,671 | $ | 40,068 | $ | 171,727 | $ | 210,376 | $ | 2,954 | $ | 701,006 | Total Commercial and Industrial - Other | $ | 83,753 | $ | 97,291 | $ | 70,625 | $ | 30,669 | $ | 36,690 | $ | 152,139 | $ | 219,242 | $ | 5,036 | $ | 695,445 | ||||||||||||||||||||
Current-period gross writeoffs | Current-period gross writeoffs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | Current-period gross writeoffs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||
Commercial and Industrial - PPP: | Commercial and Industrial - PPP: | Commercial and Industrial - PPP: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 0 | $ | 0 | $ | 350 | $ | 263 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 613 | Pass | $ | 0 | $ | 0 | $ | 323 | $ | 165 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 488 | ||||||||||||||||||||
Special Mention | Special Mention | 0 | Special Mention | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | Substandard | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial and Industrial - PPP | Total Commercial and Industrial - PPP | $ | 0 | $ | 0 | $ | 350 | $ | 263 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 613 | Total Commercial and Industrial - PPP | $ | 0 | $ | 0 | $ | 323 | $ | 165 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 488 | ||||||||||||||||||||
Current-period gross writeoffs | Current-period gross writeoffs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | Current-period gross writeoffs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||
Commercial and Industrial - Agriculture: | Commercial and Industrial - Agriculture: | Commercial and Industrial - Agriculture: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 5,774 | $ | 13,555 | $ | 3,754 | $ | 3,903 | $ | 3,559 | $ | 10,452 | $ | 23,314 | $ | 344 | $ | 64,655 | Pass | $ | 15,612 | $ | 12,772 | $ | 3,037 | $ | 3,569 | $ | 3,415 | $ | 8,501 | $ | 29,767 | $ | 657 | $ | 77,330 | ||||||||||||||||||||
Special Mention | Special Mention | 0 | 0 | 53 | 0 | 0 | 0 | 30 | 0 | 83 | Special Mention | 0 | 0 | 268 | 0 | 0 | 0 | 49 | 0 | 317 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 0 | 0 | 63 | 0 | 11 | 3 | 0 | 77 | Substandard | 0 | 0 | 0 | 60 | 0 | 10 | 3 | 0 | 73 | ||||||||||||||||||||||||||||||||||||||
Total Commercial and Industrial - Agriculture | Total Commercial and Industrial - Agriculture | $ | 5,774 | $ | 13,555 | $ | 3,807 | $ | 3,966 | $ | 3,559 | $ | 10,463 | $ | 23,347 | $ | 344 | $ | 64,815 | Total Commercial and Industrial - Agriculture | $ | 15,612 | $ | 12,772 | $ | 3,305 | $ | 3,629 | $ | 3,415 | $ | 8,511 | $ | 29,819 | $ | 657 | $ | 77,720 | ||||||||||||||||||||
Current-period gross writeoffs | Current-period gross writeoffs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | Current-period gross writeoffs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||
Commercial Real Estate | Commercial Real Estate | Commercial Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 89,762 | $ | 323,682 | $ | 363,357 | $ | 315,106 | $ | 275,367 | $ | 978,544 | $ | 30,045 | $ | 5,937 | $ | 2,381,800 | Pass | $ | 134,025 | $ | 320,115 | $ | 369,981 | $ | 309,691 | $ | 276,956 | $ | 949,655 | $ | 17,618 | $ | 17,979 | $ | 2,396,020 | ||||||||||||||||||||
Special Mention | Special Mention | 0 | 640 | 2,028 | 1,672 | 11,142 | 35,097 | 1,384 | 0 | 51,963 | Special Mention | 0 | 636 | 2,027 | 3,720 | 11,062 | 43,986 | 0 | 0 | 61,431 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 15,369 | 108 | 0 | 2,915 | 34,796 | 116 | 0 | 53,304 | Substandard | 0 | 15,300 | 107 | 0 | 2,529 | 30,343 | 1,434 | 0 | 49,713 | ||||||||||||||||||||||||||||||||||||||
Total Commercial Real Estate | Total Commercial Real Estate | $ | 89,762 | $ | 339,691 | $ | 365,493 | 316,778 | 289,424 | 1,048,437 | $ | 31,545 | $ | 5,937 | $ | 2,487,067 | Total Commercial Real Estate | $ | 134,025 | $ | 336,051 | $ | 372,115 | 313,411 | 290,547 | 1,023,984 | $ | 19,052 | $ | 17,979 | $ | 2,507,164 | ||||||||||||||||||||||||||
Current-period gross writeoffs | Current-period gross writeoffs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | Current-period gross writeoffs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||
Commercial Real Estate - Agriculture: | Commercial Real Estate - Agriculture: | Commercial Real Estate - Agriculture: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 7,532 | $ | 34,610 | $ | 23,534 | $ | 22,303 | $ | 24,520 | $ | 98,149 | $ | 1,165 | $ | 2,396 | $ | 214,209 | Pass | $ | 9,083 | $ | 38,097 | $ | 23,213 | $ | 21,453 | $ | 24,133 | $ | 95,410 | $ | 2,413 | $ | 2,676 | $ | 216,478 | ||||||||||||||||||||
Special Mention | Special Mention | 0 | 0 | 0 | 0 | 390 | 1,088 | 0 | 0 | 1,478 | Special Mention | 0 | 0 | 0 | 0 | 384 | 1,061 | 0 | 0 | 1,445 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 0 | 0 | 0 | 179 | 49 | 0 | 0 | 228 | Substandard | 0 | 0 | 0 | 0 | 174 | 47 | 0 | 0 | 221 | ||||||||||||||||||||||||||||||||||||||
Total Commercial Real Estate - Agriculture | Total Commercial Real Estate - Agriculture | $ | 7,532 | $ | 34,610 | $ | 23,534 | $ | 22,303 | $ | 25,089 | $ | 99,286 | $ | 1,165 | $ | 2,396 | $ | 215,915 | Total Commercial Real Estate - Agriculture | $ | 9,083 | $ | 38,097 | $ | 23,213 | $ | 21,453 | $ | 24,691 | $ | 96,518 | $ | 2,413 | $ | 2,676 | $ | 218,144 | ||||||||||||||||||||
Current-period gross writeoffs | Current-period gross writeoffs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | Current-period gross writeoffs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
(In thousands) | (In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total Loans | (In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total Loans | ||||||||||||||||||||||||||||||||||||||
Commercial Real Estate - Construction | Commercial Real Estate - Construction | Commercial Real Estate - Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 0 | $ | 40,996 | $ | 78,869 | $ | 16,481 | $ | 9,976 | $ | 11,449 | $ | 84,040 | $ | 8,036 | $ | 249,847 | Pass | $ | 0 | $ | 2,821 | $ | 9,731 | $ | 2,524 | $ | 468 | $ | 1,129 | $ | 250,483 | $ | 3,805 | $ | 270,961 | ||||||||||||||||||||
Special Mention | Special Mention | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Special Mention | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Total Commercial Real Estate - Construction | Total Commercial Real Estate - Construction | $ | 0 | $ | 40,996 | $ | 78,869 | $ | 16,481 | $ | 9,976 | $ | 11,449 | $ | 84,040 | $ | 8,036 | $ | 249,847 | Total Commercial Real Estate - Construction | $ | 0 | $ | 2,821 | $ | 9,731 | $ | 2,524 | $ | 468 | $ | 1,129 | $ | 250,483 | $ | 3,805 | $ | 270,961 | ||||||||||||||||||||
Current-period gross writeoffs | Current-period gross writeoffs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | Current-period gross writeoffs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||
Residential - Home Equity | Residential - Home Equity | Residential - Home Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | Performing | $ | 1,244 | $ | 2,363 | $ | 969 | $ | 583 | $ | 910 | $ | 9,697 | $ | 164,163 | $ | 2,709 | $ | 182,638 | Performing | $ | 1,729 | $ | 2,164 | $ | 939 | $ | 557 | $ | 864 | $ | 8,640 | $ | 163,758 | $ | 5,624 | $ | 184,275 | ||||||||||||||||||||
Nonperforming | Nonperforming | 0 | 0 | 0 | 0 | 0 | 451 | 2,440 | 0 | 2,891 | Nonperforming | 0 | 0 | 0 | 0 | 0 | 331 | 2,781 | 0 | 3,112 | ||||||||||||||||||||||||||||||||||||||
Total Residential - Home Equity | Total Residential - Home Equity | $ | 1,244 | $ | 2,363 | $ | 969 | $ | 583 | $ | 910 | $ | 10,148 | $ | 166,603 | $ | 2,709 | $ | 185,529 | Total Residential - Home Equity | $ | 1,729 | $ | 2,164 | $ | 939 | $ | 557 | $ | 864 | $ | 8,971 | $ | 166,539 | $ | 5,624 | $ | 187,387 | ||||||||||||||||||||
Current-period gross writeoffs | Current-period gross writeoffs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 2 | $ | 0 | $ | 0 | $ | 2 | Current-period gross writeoffs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 2 | $ | 0 | $ | 0 | $ | 2 | ||||||||||||||||||||
Residential - Mortgages | Residential - Mortgages | Residential - Mortgages | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | Performing | $ | 50,668 | $ | 191,160 | $ | 265,103 | $ | 231,672 | $ | 113,613 | $ | 482,913 | $ | 0 | $ | 0 | $ | 1,335,129 | Performing | $ | 99,637 | $ | 188,901 | $ | 260,395 | $ | 225,960 | $ | 111,379 | $ | 468,208 | $ | 0 | $ | 0 | $ | 1,354,480 | ||||||||||||||||||||
Nonperforming | Nonperforming | 0 | 395 | 330 | 868 | 908 | 10,818 | 0 | 0 | 13,319 | Nonperforming | 0 | 514 | 330 | 1,180 | 896 | 10,892 | 0 | 0 | 13,812 | ||||||||||||||||||||||||||||||||||||||
Total Residential - Mortgages | Total Residential - Mortgages | $ | 50,668 | $ | 191,555 | $ | 265,433 | $ | 232,540 | $ | 114,521 | $ | 493,731 | $ | 0 | $ | 0 | $ | 1,348,448 | Total Residential - Mortgages | $ | 99,637 | $ | 189,415 | $ | 260,725 | $ | 227,140 | $ | 112,275 | $ | 479,100 | $ | 0 | $ | 0 | $ | 1,368,292 | ||||||||||||||||||||
Current-period gross writeoffs | Current-period gross writeoffs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | Current-period gross writeoffs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||
Consumer - Direct | Consumer - Direct | Consumer - Direct | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | Performing | $ | 31,859 | $ | 15,186 | $ | 12,737 | $ | 6,302 | $ | 5,360 | $ | 11,263 | $ | 2,851 | $ | 0 | $ | 85,558 | Performing | $ | 47,087 | $ | 14,091 | $ | 12,163 | $ | 5,884 | $ | 4,382 | $ | 10,589 | $ | 2,676 | $ | 0 | $ | 96,872 | ||||||||||||||||||||
Nonperforming | Nonperforming | 0 | 5 | 1 | 3 | 92 | 132 | 3 | 0 | 236 | Nonperforming | 10 | 9 | 11 | 4 | 115 | 133 | 11 | 0 | 293 | ||||||||||||||||||||||||||||||||||||||
Total Consumer - Direct | Total Consumer - Direct | $ | 31,859 | $ | 15,191 | $ | 12,738 | $ | 6,305 | $ | 5,452 | $ | 11,395 | $ | 2,854 | $ | 0 | $ | 85,794 | Total Consumer - Direct | $ | 47,097 | $ | 14,100 | $ | 12,174 | $ | 5,888 | $ | 4,497 | $ | 10,722 | $ | 2,687 | $ | 0 | $ | 97,165 | ||||||||||||||||||||
Current-period gross writeoffs | Current-period gross writeoffs | $ | 155 | $ | 8 | $ | 0 | $ | 14 | $ | 36 | $ | 13 | $ | 0 | $ | 0 | $ | 226 | Current-period gross writeoffs | $ | 406 | $ | 8 | $ | 0 | $ | 17 | $ | 38 | $ | 14 | $ | 0 | $ | 0 | $ | 483 | ||||||||||||||||||||
Consumer - Indirect | Consumer - Indirect | Consumer - Indirect | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | Performing | $ | 0 | $ | 0 | $ | 123 | $ | 113 | $ | 676 | $ | 420 | $ | 0 | $ | 0 | $ | 1,332 | Performing | $ | 0 | $ | 0 | $ | 112 | $ | 82 | $ | 522 | $ | 307 | $ | 0 | $ | 0 | $ | 1,023 | ||||||||||||||||||||
Nonperforming | Nonperforming | 0 | 0 | 0 | 0 | 71 | 16 | 0 | 0 | 87 | Nonperforming | 0 | 0 | 0 | 0 | 55 | 12 | 0 | 0 | 67 | ||||||||||||||||||||||||||||||||||||||
Total Consumer - Indirect | Total Consumer - Indirect | $ | 0 | $ | 0 | $ | 123 | $ | 113 | $ | 747 | $ | 436 | $ | 0 | $ | 0 | $ | 1,419 | Total Consumer - Indirect | $ | 0 | $ | 0 | $ | 112 | $ | 82 | $ | 577 | $ | 319 | $ | 0 | $ | 0 | $ | 1,090 | ||||||||||||||||||||
Current-period gross writeoffs | Current-period gross writeoffs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 39 | $ | 10 | $ | 0 | $ | 0 | $ | 49 | Current-period gross writeoffs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 49 | $ | 14 | $ | 0 | $ | 0 | $ | 63 |
December 31, 2022 | |||||||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total Loans | ||||||||||||||||||||
Commercial and Industrial - Other: | |||||||||||||||||||||||||||||
Internal risk grade: | |||||||||||||||||||||||||||||
Pass | $ | 124,190 | $ | 79,861 | $ | 38,158 | $ | 41,391 | $ | 33,238 | $ | 156,038 | $ | 215,890 | $ | 6,466 | $ | 695,232 | |||||||||||
Special Mention | 0 | 127 | 421 | 285 | 271 | 1,380 | 501 | 0 | 2,985 | ||||||||||||||||||||
Substandard | 0 | 111 | 442 | 35 | 733 | 503 | 5,659 | 0 | 7,483 | ||||||||||||||||||||
Total Commercial and Industrial - Other | $ | 124,190 | $ | 80,099 | $ | 39,021 | $ | 41,711 | $ | 34,242 | $ | 157,921 | $ | 222,050 | $ | 6,466 | $ | 705,700 | |||||||||||
Commercial and Industrial - Agriculture: | |||||||||||||||||||||||||||||
Pass | $ | 16,694 | $ | 4,120 | $ | 4,944 | $ | 4,186 | $ | 7,734 | $ | 4,883 | $ | 42,097 | $ | 215 | $ | 84,873 | |||||||||||
Special Mention | 0 | 58 | 0 | 0 | 0 | 0 | 50 | 0 | 108 | ||||||||||||||||||||
Substandard | 0 | 0 | 71 | 0 | 0 | 16 | 5 | 0 | 92 | ||||||||||||||||||||
Total Commercial and Industrial - Agriculture | $ | 16,694 | $ | 4,178 | $ | 5,015 | $ | 4,186 | $ | 7,734 | $ | 4,899 | $ | 42,152 | $ | 215 | $ | 85,073 | |||||||||||
Commercial and Industrial - PPP: | |||||||||||||||||||||||||||||
Pass | $ | 0 | $ | 416 | $ | 340 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 756 | |||||||||||
Special Mention | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Total Commercial and Industrial - PPP | $ | 0 | $ | 416 | $ | 340 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 756 | |||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||
Pass | $ | 342,311 | $ | 367,104 | $ | 311,607 | $ | 279,587 | $ | 203,016 | $ | 812,563 | $ | 10,906 | $ | 24,503 | $ | 2,351,597 | |||||||||||
Special Mention | 643 | 3,406 | 1,688 | 11,462 | 2,555 | 25,361 | 0 | 0 | 45,115 | ||||||||||||||||||||
Substandard | 78 | 110 | 0 | 3,394 | 1,692 | 35,221 | 132 | 0 | 40,627 | ||||||||||||||||||||
Total Commercial Real Estate | $ | 343,032 | $ | 370,620 | $ | 313,295 | $ | 294,443 | $ | 207,263 | $ | 873,145 | $ | 11,038 | $ | 24,503 | $ | 2,437,339 | |||||||||||
Commercial Real Estate - Agriculture: | |||||||||||||||||||||||||||||
Pass | $ | 33,241 | $ | 24,125 | $ | 22,831 | $ | 25,576 | $ | 37,835 | $ | 65,112 | $ | 3,131 | $ | 1,235 | $ | 213,086 | |||||||||||
Special Mention | 0 | 0 | 0 | 401 | 0 | 1,142 | 0 | 0 | 1,543 | ||||||||||||||||||||
Substandard | 0 | 0 | 0 | 186 | 38 | 110 | 0 | 0 | 334 | ||||||||||||||||||||
Total Commercial Real Estate - Agriculture | $ | 33,241 | $ | 24,125 | $ | 22,831 | $ | 26,163 | $ | 37,873 | $ | 66,364 | $ | 3,131 | $ | 1,235 | $ | 214,963 | |||||||||||
Commercial Real Estate - Construction | |||||||||||||||||||||||||||||
Pass | $ | 23,105 | $ | 75,245 | $ | 27,584 | $ | 14,842 | $ | 9,083 | $ | 7,268 | $ | 42,701 | $ | 1,288 | $ | 201,116 | |||||||||||
Special Mention | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Total Commercial Real Estate - Construction | $ | 23,105 | $ | 75,245 | $ | 27,584 | $ | 14,842 | $ | 9,083 | $ | 7,268 | $ | 42,701 | $ | 1,288 | $ | 201,116 |
December 31, 2022 | |||||||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total Loans | ||||||||||||||||||||
Residential - Home Equity | |||||||||||||||||||||||||||||
Performing | $ | 3,030 | $ | 1,062 | $ | 637 | $ | 992 | $ | 792 | $ | 3,183 | $ | 175,451 | $ | 1,085 | $ | 186,232 | |||||||||||
Nonperforming | 0 | 0 | 0 | 14 | 0 | 25 | 2,352 | 0 | 2,391 | ||||||||||||||||||||
Total Residential - Home Equity | $ | 3,030 | $ | 1,062 | $ | 637 | $ | 1,006 | $ | 792 | $ | 3,208 | $ | 177,803 | $ | 1,085 | $ | 188,623 | |||||||||||
Residential - Mortgages | |||||||||||||||||||||||||||||
Performing | $ | 187,129 | $ | 272,235 | $ | 239,584 | $ | 117,391 | $ | 66,605 | $ | 452,221 | $ | 0 | $ | 0 | $ | 1,335,165 | |||||||||||
Nonperforming | 218 | 335 | 628 | 682 | 1,552 | 7,738 | 0 | 0 | 11,153 | ||||||||||||||||||||
Total Residential - Mortgages | $ | 187,347 | $ | 272,570 | $ | 240,212 | $ | 118,073 | $ | 68,157 | $ | 459,959 | $ | 0 | $ | 0 | $ | 1,346,318 | |||||||||||
Consumer - Direct | |||||||||||||||||||||||||||||
Performing | $ | 31,243 | $ | 13,999 | $ | 7,372 | $ | 6,138 | $ | 4,386 | $ | 8,029 | $ | 4,070 | $ | 0 | $ | 75,237 | |||||||||||
Nonperforming | 0 | 0 | 3 | 93 | 76 | 0 | 3 | 0 | 175 | ||||||||||||||||||||
Total Consumer - Direct | $ | 31,243 | $ | 13,999 | $ | 7,375 | $ | 6,231 | $ | 4,462 | $ | 8,029 | $ | 4,073 | $ | 0 | $ | 75,412 | |||||||||||
Consumer - Indirect | |||||||||||||||||||||||||||||
Performing | $ | 0 | $ | 156 | $ | 146 | $ | 1,092 | $ | 635 | $ | 101 | $ | 0 | $ | 0 | $ | 2,130 | |||||||||||
Nonperforming | 0 | 0 | 0 | 76 | 10 | 8 | 0 | 0 | 94 | ||||||||||||||||||||
Total Consumer - Indirect | $ | 0 | $ | 156 | $ | 146 | $ | 1,168 | $ | 645 | $ | 109 | $ | 0 | $ | 0 | $ | 2,224 |
Three Months Ended | Three Months Ended | |||||||||||||||
(In thousands, except share and per share data) | (In thousands, except share and per share data) | 6/30/2023 | 6/30/2022 | (In thousands, except share and per share data) | 9/30/2023 | 9/30/2022 | ||||||||||
Basic | Basic | Basic | ||||||||||||||
Net income available to common shareholders | $ | 8,475 | $ | 20,869 | ||||||||||||
Net (loss) income available to common shareholders | Net (loss) income available to common shareholders | $ | (33,354) | $ | 21,340 | |||||||||||
Less: income attributable to unvested stock-based compensation awards | Less: income attributable to unvested stock-based compensation awards | (8) | (67) | Less: income attributable to unvested stock-based compensation awards | (8) | (66) | ||||||||||
Net earnings allocated to common shareholders | Net earnings allocated to common shareholders | 8,467 | 20,802 | Net earnings allocated to common shareholders | (33,362) | 21,274 | ||||||||||
Weighted average shares outstanding, including unvested stock-based compensation awards | Weighted average shares outstanding, including unvested stock-based compensation awards | 14,502,161 | 14,524,975 | Weighted average shares outstanding, including unvested stock-based compensation awards | 14,364,909 | 14,489,970 | ||||||||||
Less: average unvested stock-based compensation awards | Less: average unvested stock-based compensation awards | (188,028) | (207,560) | Less: average unvested stock-based compensation awards | (179,146) | (200,948) | ||||||||||
Weighted average shares outstanding - Basic | Weighted average shares outstanding - Basic | 14,314,133 | 14,317,415 | Weighted average shares outstanding - Basic | 14,185,763 | 14,289,022 | ||||||||||
Diluted | Diluted | Diluted | ||||||||||||||
Net earnings allocated to common shareholders | Net earnings allocated to common shareholders | 8,467 | 20,802 | Net earnings allocated to common shareholders | (33,362) | 21,274 | ||||||||||
Weighted average shares outstanding - Basic | Weighted average shares outstanding - Basic | 14,314,133 | 14,317,415 | Weighted average shares outstanding - Basic | 14,185,763 | 14,289,022 | ||||||||||
Plus: incremental shares from assumed conversion of stock-based compensation awards | Plus: incremental shares from assumed conversion of stock-based compensation awards | 32,654 | 70,186 | Plus: incremental shares from assumed conversion of stock-based compensation awards | 38,985 | 78,127 | ||||||||||
Weighted average shares outstanding - Diluted | Weighted average shares outstanding - Diluted | 14,346,787 | 14,387,601 | Weighted average shares outstanding - Diluted | 14,224,748 | 14,367,149 | ||||||||||
Basic EPS | Basic EPS | $ | 0.59 | $ | 1.45 | Basic EPS | $ | (2.35) | $ | 1.49 | ||||||
Diluted EPS | Diluted EPS | $ | 0.59 | $ | 1.45 | Diluted EPS | $ | (2.35) | $ | 1.48 |
Six Months Ended | Nine Months Ended | |||||||||||||||
(In thousands, except share and per share data) | (In thousands, except share and per share data) | 6/30/2023 | 6/30/2022 | (In thousands, except share and per share data) | 9/30/2023 | 9/30/2022 | ||||||||||
Basic | Basic | Basic | ||||||||||||||
Net income available to common shareholders | $ | 27,856 | $ | 44,142 | ||||||||||||
Net (loss) income available to common shareholders | Net (loss) income available to common shareholders | $ | (5,498) | $ | 65,482 | |||||||||||
Less: income attributable to unvested stock-based compensation awards | Less: income attributable to unvested stock-based compensation awards | (26) | (143) | Less: income attributable to unvested stock-based compensation awards | (34) | (209) | ||||||||||
Net earnings allocated to common shareholders | Net earnings allocated to common shareholders | 27,830 | 43,999 | Net earnings allocated to common shareholders | (5,532) | 65,273 | ||||||||||
Weighted average shares outstanding, including unvested stock-based compensation awards | Weighted average shares outstanding, including unvested stock-based compensation awards | 14,511,078 | 14,568,102 | Weighted average shares outstanding, including unvested stock-based compensation awards | 14,461,819 | 14,541,772 | ||||||||||
Less: unvested stock-based compensation awards | Less: unvested stock-based compensation awards | (190,763) | (209,633) | Less: unvested stock-based compensation awards | (186,890) | (206,738) | ||||||||||
Weighted average shares outstanding - Basic | Weighted average shares outstanding - Basic | 14,320,315 | 14,358,469 | Weighted average shares outstanding - Basic | 14,274,929 | 14,335,034 | ||||||||||
Diluted | Diluted | Diluted | ||||||||||||||
Net earnings allocated to common shareholders | Net earnings allocated to common shareholders | 27,830 | 43,999 | Net earnings allocated to common shareholders | (5,532) | 65,273 | ||||||||||
Weighted average shares outstanding - Basic | Weighted average shares outstanding - Basic | 14,320,315 | 14,358,469 | Weighted average shares outstanding - Basic | 14,274,929 | 14,335,034 | ||||||||||
Plus: incremental shares from assumed conversion of stock-based compensation awards | Plus: incremental shares from assumed conversion of stock-based compensation awards | 47,866 | 74,183 | Plus: incremental shares from assumed conversion of stock-based compensation awards | 44,906 | 75,498 | ||||||||||
Weighted average shares outstanding - Diluted | Weighted average shares outstanding - Diluted | 14,368,181 | 14,432,652 | Weighted average shares outstanding - Diluted | 14,319,835 | 14,410,532 | ||||||||||
Basic EPS | Basic EPS | $ | 1.94 | $ | 3.06 | Basic EPS | $ | (0.39) | $ | 4.55 | ||||||
Diluted EPS | Diluted EPS | $ | 1.94 | $ | 3.05 | Diluted EPS | $ | (0.39) | $ | 4.53 |
Three Months Ended June 30, 2023 | Three Months Ended September 30, 2023 | |||||||||||||||||||||
(In thousands) | (In thousands) | Before-Tax Amount | Tax (Expense) Benefit | Net of Tax | (In thousands) | Before-Tax Amount | Tax (Expense) Benefit | Net of Tax | ||||||||||||||
Available-for-sale debt securities: | Available-for-sale debt securities: | Available-for-sale debt securities: | ||||||||||||||||||||
Change in net unrealized gain (loss) during the period | Change in net unrealized gain (loss) during the period | $ | (17,531) | $ | 4,294 | $ | (13,237) | Change in net unrealized gain (loss) during the period | $ | (37,449) | $ | 9,176 | $ | (28,273) | ||||||||
Reclassification adjustment for net realized loss on sale of available-for-sale debt securities included in net income | 7,052 | (1,727) | 5,325 | |||||||||||||||||||
Reclassification adjustment for net realized loss on sale of available-for-sale debt securities included in net income (loss) | Reclassification adjustment for net realized loss on sale of available-for-sale debt securities included in net income (loss) | 62,932 | (15,419) | 47,513 | ||||||||||||||||||
Net unrealized gains/losses | Net unrealized gains/losses | (10,479) | 2,567 | (7,912) | Net unrealized gains/losses | 25,483 | (6,243) | 19,240 | ||||||||||||||
Employee benefit plans: | Employee benefit plans: | Employee benefit plans: | ||||||||||||||||||||
Amortization of net retirement plan actuarial gain | Amortization of net retirement plan actuarial gain | 261 | (64) | 197 | Amortization of net retirement plan actuarial gain | 279 | (68) | 211 | ||||||||||||||
Amortization of net retirement plan prior service cost | Amortization of net retirement plan prior service cost | 54 | (13) | 41 | Amortization of net retirement plan prior service cost | 53 | (13) | 40 | ||||||||||||||
Employee benefit plans | Employee benefit plans | 315 | (77) | 238 | Employee benefit plans | 332 | (81) | 251 | ||||||||||||||
Other comprehensive (loss) income | Other comprehensive (loss) income | $ | (10,164) | $ | 2,490 | $ | (7,674) | Other comprehensive (loss) income | $ | 25,815 | $ | (6,324) | $ | 19,491 |
Three Months Ended June 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||
(In thousands) | (In thousands) | Before-Tax Amount | Tax (Expense) Benefit | Net of Tax | (In thousands) | Before-Tax Amount | Tax (Expense) Benefit | Net of Tax | ||||||||||||||
Available-for-sale debt securities: | Available-for-sale debt securities: | Available-for-sale debt securities: | ||||||||||||||||||||
Change in net unrealized (loss) gain during the period | Change in net unrealized (loss) gain during the period | $ | (57,544) | $ | 14,095 | $ | (43,449) | Change in net unrealized (loss) gain during the period | $ | (85,912) | $ | 21,039 | $ | (64,873) | ||||||||
Reclassification adjustment for net realized loss on sale of available-for-sale debt securities included in net income | Reclassification adjustment for net realized loss on sale of available-for-sale debt securities included in net income | 0 | 0 | 0 | Reclassification adjustment for net realized loss on sale of available-for-sale debt securities included in net income | 49 | (12) | 37 | ||||||||||||||
Net unrealized gains/losses | Net unrealized gains/losses | (57,544) | 14,095 | (43,449) | Net unrealized gains/losses | (85,863) | 21,027 | (64,836) | ||||||||||||||
Employee benefit plans: | Employee benefit plans: | Employee benefit plans: | ||||||||||||||||||||
Amortization of net retirement plan actuarial gain | Amortization of net retirement plan actuarial gain | 514 | (125) | 389 | Amortization of net retirement plan actuarial gain | 565 | (138) | 427 | ||||||||||||||
Amortization of net retirement plan prior service cost | Amortization of net retirement plan prior service cost | 53 | (13) | 40 | Amortization of net retirement plan prior service cost | 54 | (13) | 41 | ||||||||||||||
Employee benefit plans | Employee benefit plans | 567 | (138) | 429 | Employee benefit plans | 619 | (151) | 468 | ||||||||||||||
Other comprehensive (loss) income | Other comprehensive (loss) income | $ | (56,977) | $ | 13,957 | $ | (43,020) | Other comprehensive (loss) income | $ | (85,244) | $ | 20,876 | $ | (64,368) |
Six Months Ended June 30, 2023 | Nine Months Ended September 30, 2023 | |||||||||||||||||||||
(In thousands) | (In thousands) | Before-Tax Amount | Tax (Expense) Benefit | Net of Tax | (In thousands) | Before-Tax Amount | Tax (Expense) Benefit | Net of Tax | ||||||||||||||
Available-for-sale debt securities: | Available-for-sale debt securities: | Available-for-sale debt securities: | ||||||||||||||||||||
Change in net unrealized gain (loss) during the period | Change in net unrealized gain (loss) during the period | $ | 9,724 | $ | (2,383) | $ | 7,341 | Change in net unrealized gain (loss) during the period | $ | (27,725) | $ | 6,793 | $ | (20,932) | ||||||||
Reclassification adjustment for net realized loss on sale of available-for-sale debt securities included in net income | 7,052 | (1,727) | 5,325 | |||||||||||||||||||
Reclassification adjustment for net realized loss on sale of available-for-sale debt securities included in net income (loss) | Reclassification adjustment for net realized loss on sale of available-for-sale debt securities included in net income (loss) | 69,984 | (17,146) | 52,838 | ||||||||||||||||||
Net unrealized gains/losses | Net unrealized gains/losses | 16,776 | (4,110) | 12,666 | Net unrealized gains/losses | 42,259 | (10,353) | 31,906 | ||||||||||||||
Employee benefit plans: | Employee benefit plans: | Employee benefit plans: | ||||||||||||||||||||
Amortization of net retirement plan actuarial loss | Amortization of net retirement plan actuarial loss | 558 | (137) | 421 | Amortization of net retirement plan actuarial loss | 837 | (205) | 632 | ||||||||||||||
Amortization of net retirement plan prior service cost | Amortization of net retirement plan prior service cost | 109 | (27) | 82 | Amortization of net retirement plan prior service cost | 162 | (40) | 122 | ||||||||||||||
Employee benefit plans | Employee benefit plans | 667 | (164) | 503 | Employee benefit plans | 999 | (245) | 754 | ||||||||||||||
Other comprehensive (loss) income | Other comprehensive (loss) income | $ | 17,443 | $ | (4,274) | $ | 13,169 | Other comprehensive (loss) income | $ | 43,258 | $ | (10,598) | $ | 32,660 |
Six Months Ended June 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||
(In thousands) | (In thousands) | Before-Tax Amount | Tax (Expense) Benefit | Net of Tax | (In thousands) | Before-Tax Amount | Tax (Expense) Benefit | Net of Tax | ||||||||||||||
Available-for-sale debt securities: | Available-for-sale debt securities: | Available-for-sale debt securities: | ||||||||||||||||||||
Change in net unrealized (loss) gain during the period | Change in net unrealized (loss) gain during the period | $ | (164,025) | $ | 40,171 | $ | (123,854) | Change in net unrealized (loss) gain during the period | $ | (249,937) | $ | 61,210 | $ | (188,727) | ||||||||
Reclassification adjustment for net realized gain on sale of available-for-sale debt securities included in net income | Reclassification adjustment for net realized gain on sale of available-for-sale debt securities included in net income | 0 | 0 | 0 | Reclassification adjustment for net realized gain on sale of available-for-sale debt securities included in net income | 49 | (12) | 37 | ||||||||||||||
Net unrealized gains/losses | Net unrealized gains/losses | (164,025) | 40,171 | (123,854) | Net unrealized gains/losses | (249,888) | 61,198 | (188,690) | ||||||||||||||
Employee benefit plans: | Employee benefit plans: | Employee benefit plans: | ||||||||||||||||||||
Amortization of net retirement plan actuarial loss | Amortization of net retirement plan actuarial loss | 1,129 | (276) | 853 | Amortization of net retirement plan actuarial loss | 1,695 | (415) | 1,280 | ||||||||||||||
Amortization of net retirement plan prior service cost | Amortization of net retirement plan prior service cost | 109 | (27) | 82 | Amortization of net retirement plan prior service cost | 162 | (39) | 123 | ||||||||||||||
Employee benefit plans | Employee benefit plans | 1,238 | (303) | 935 | Employee benefit plans | 1,857 | (454) | 1,403 | ||||||||||||||
Other comprehensive (loss) income | Other comprehensive (loss) income | $ | (162,787) | $ | 39,868 | $ | (122,919) | Other comprehensive (loss) income | $ | (248,031) | $ | 60,744 | $ | (187,287) |
(In thousands) | (In thousands) | Available-for- Sale Debt Securities | Employee Benefit Plans | Accumulated Other Comprehensive (Loss) Income | (In thousands) | Available-for- Sale Debt Securities | Employee Benefit Plans | Accumulated Other Comprehensive (Loss) Income | ||||||||||||||
Balance at March 31, 2023 | $ | (158,225) | $ | (29,621) | $ | (187,846) | ||||||||||||||||
Other comprehensive income before reclassifications | (13,237) | 0 | (13,237) | |||||||||||||||||||
Balance at June 30, 2023 | Balance at June 30, 2023 | $ | (166,137) | $ | (29,383) | $ | (195,520) | |||||||||||||||
Other comprehensive loss before reclassifications | Other comprehensive loss before reclassifications | (28,273) | 0 | (28,273) | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | Amounts reclassified from accumulated other comprehensive (loss) income | 5,325 | 238 | 5,563 | Amounts reclassified from accumulated other comprehensive (loss) income | 47,513 | 251 | 47,764 | ||||||||||||||
Net current-period other comprehensive income (loss) | Net current-period other comprehensive income (loss) | (7,912) | 238 | (7,674) | Net current-period other comprehensive income (loss) | 19,240 | 251 | 19,491 | ||||||||||||||
Balance at June 30, 2023 | $ | (166,137) | $ | (29,383) | $ | (195,520) | ||||||||||||||||
Balance at September 30, 2023 | Balance at September 30, 2023 | $ | (146,897) | $ | (29,132) | $ | (176,029) | |||||||||||||||
Balance at January 1, 2023 | Balance at January 1, 2023 | $ | (178,803) | $ | (29,886) | $ | (208,689) | Balance at January 1, 2023 | $ | (178,803) | $ | (29,886) | $ | (208,689) | ||||||||
Other comprehensive income (loss) before reclassifications | 7,341 | 0 | 7,341 | |||||||||||||||||||
Other comprehensive loss before reclassifications | Other comprehensive loss before reclassifications | (20,932) | 0 | (20,932) | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | Amounts reclassified from accumulated other comprehensive (loss) income | 5,325 | 503 | 5,828 | Amounts reclassified from accumulated other comprehensive (loss) income | 52,838 | 754 | 53,592 | ||||||||||||||
Net current-period other comprehensive (loss) income | Net current-period other comprehensive (loss) income | 12,666 | 503 | 13,169 | Net current-period other comprehensive (loss) income | 31,906 | 754 | 32,660 | ||||||||||||||
Balance at June 30, 2023 | $ | (166,137) | $ | (29,383) | $ | (195,520) | ||||||||||||||||
Balance at September 30, 2023 | Balance at September 30, 2023 | $ | (146,897) | $ | (29,132) | $ | (176,029) |
(In thousands) | (In thousands) | Available-for- Sale Debit Securities | Employee Benefit Plans | Accumulated Other Comprehensive (Loss) Income | (In thousands) | Available-for- Sale Debit Securities | Employee Benefit Plans | Accumulated Other Comprehensive (Loss) Income | ||||||||||||||
Balance at March 31, 2022 | $ | (94,965) | $ | (40,884) | $ | (135,849) | ||||||||||||||||
Other comprehensive (loss) income before reclassifications | (43,449) | 0 | (43,449) | |||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | $ | (138,414) | $ | (40,455) | $ | (178,869) | |||||||||||||||
Other comprehensive loss before reclassifications | Other comprehensive loss before reclassifications | (64,873) | 0 | (64,873) | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | Amounts reclassified from accumulated other comprehensive (loss) income | 0 | 429 | 429 | Amounts reclassified from accumulated other comprehensive (loss) income | 37 | 468 | 505 | ||||||||||||||
Net current-period other comprehensive income (loss) | Net current-period other comprehensive income (loss) | (43,449) | 429 | (43,020) | Net current-period other comprehensive income (loss) | (64,836) | 468 | (64,368) | ||||||||||||||
Balance at June 30, 2022 | $ | (138,414) | $ | (40,455) | $ | (178,869) | ||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | $ | (203,250) | $ | (39,987) | $ | (243,237) | |||||||||||||||
Balance at January 1, 2022 | Balance at January 1, 2022 | $ | (14,560) | $ | (41,390) | $ | (55,950) | Balance at January 1, 2022 | $ | (14,560) | $ | (41,390) | $ | (55,950) | ||||||||
Other comprehensive (loss) income before reclassifications | (123,854) | 0 | (123,854) | |||||||||||||||||||
Other comprehensive loss before reclassifications | Other comprehensive loss before reclassifications | (188,727) | 0 | (188,727) | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | Amounts reclassified from accumulated other comprehensive (loss) income | 0 | 935 | 935 | Amounts reclassified from accumulated other comprehensive (loss) income | 37 | 1,403 | 1,440 | ||||||||||||||
Net current-period other comprehensive (loss) income | Net current-period other comprehensive (loss) income | (123,854) | 935 | (122,919) | Net current-period other comprehensive (loss) income | (188,690) | 1,403 | (187,287) | ||||||||||||||
Balance at June 30, 2022 | $ | (138,414) | $ | (40,455) | $ | (178,869) | ||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | $ | (203,250) | $ | (39,987) | $ | (243,237) |
Three Months Ended | ||||||||
Details about Accumulated other Comprehensive Income (Loss) Components (In thousands) | Amount Reclassified from Accumulated Other Comprehensive (Loss) Income1 | Affected Line Item in the Statement Where Net Income is Presented | ||||||
Available-for-sale debt securities: | ||||||||
Unrealized gains and losses on available-for-sale debt securities | $ | Net | ||||||
Tax expense | ||||||||
Net of tax | ||||||||
Employee benefit plans: | ||||||||
Amortization of the following 2 | ||||||||
Net retirement plan actuarial loss | Other operating expense | |||||||
Net retirement plan prior service cost | Other operating expense | |||||||
Total before tax | ||||||||
Tax benefit | ||||||||
$ | Net of tax |
Three Months Ended | ||||||||
Details about Accumulated other Comprehensive Income (Loss) Components (In thousands) | Amount Reclassified from Accumulated Other Comprehensive (Loss) Income1 | Affected Line Item in the Statement Where Net Income is Presented | ||||||
Available-for-sale debt securities: | ||||||||
Unrealized gains and losses on available-for-sale debt securities | $ | Net | ||||||
Tax expense | ||||||||
Net of tax | ||||||||
Employee benefit plans: | ||||||||
Amortization of the following2 | ||||||||
Net retirement plan actuarial loss | Other operating expense | |||||||
Net retirement plan prior service cost | Other operating expense | |||||||
Total before tax | ||||||||
Tax benefit | ||||||||
$ | Net of tax |
Details about Accumulated other Comprehensive Income (Loss) Components (In thousands) | Amount Reclassified from Accumulated Other Comprehensive (Loss) Income1 | Affected Line Item in the Statement Where Net Income is Presented | ||||||
Available-for-sale debt securities: | ||||||||
Unrealized gains and losses on available-for-sale debt securities | $ | Net | ||||||
Tax expense | ||||||||
Net of tax | ||||||||
Employee benefit plans: | ||||||||
Amortization of the following2 | ||||||||
Net retirement plan actuarial loss | Other operating expense | |||||||
Net retirement plan prior service cost | Other operating expense | |||||||
Total before tax | ||||||||
Tax benefit | ||||||||
$ | Net of tax |
Details about Accumulated other Comprehensive Income (Loss) Components (In thousands) | Amount Reclassified from Accumulated Other Comprehensive (Loss) Income1 | Affected Line Item in the Statement Where Net Income is Presented | ||||||
Available-for-sale debt securities: | ||||||||
Unrealized gains and losses on available-for-sale debt securities | $ | Net | ||||||
Tax expense | ||||||||
Net of tax | ||||||||
Employee benefit plans: | ||||||||
Amortization of the following2 | ||||||||
Net retirement plan actuarial loss | Other operating expense | |||||||
Net retirement plan prior service cost | Other operating expense | |||||||
Total before tax | ||||||||
Tax benefit | ||||||||
$ | Net of tax |
Pension Benefits | Life and Health | SERP Benefits | Pension Benefits | Life and Health | SERP Benefits | |||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 6/30/2023 | 6/30/2022 | 6/30/2023 | 6/30/2022 | 6/30/2023 | 6/30/2022 | (In thousands) | 9/30/2023 | 9/30/2022 | 9/30/2023 | 9/30/2022 | 9/30/2023 | 9/30/2022 | ||||||||||||||||||||||||||
Service cost | Service cost | $ | 0 | $ | 0 | $ | 1 | $ | 43 | $ | 7 | $ | (13) | Service cost | $ | 0 | $ | 0 | $ | 8 | $ | 43 | $ | 11 | $ | 19 | ||||||||||||||
Interest cost | Interest cost | 814 | 529 | 88 | 59 | 275 | 206 | Interest cost | 819 | 496 | 89 | 56 | 287 | 203 | ||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (1,195) | (1,474) | 0 | 0 | 0 | 0 | Expected return on plan assets | (1,198) | (1,471) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
Amortization of net retirement plan actuarial loss | Amortization of net retirement plan actuarial loss | 274 | 285 | (13) | 46 | 0 | 183 | Amortization of net retirement plan actuarial loss | 289 | 304 | (10) | 49 | 0 | 212 | ||||||||||||||||||||||||||
Amortization of net retirement plan prior service (credit) cost | Amortization of net retirement plan prior service (credit) cost | 0 | 0 | (15) | (15) | 69 | 68 | Amortization of net retirement plan prior service (credit) cost | 0 | 0 | (16) | (15) | 69 | 69 | ||||||||||||||||||||||||||
Net periodic benefit (income) cost | Net periodic benefit (income) cost | $ | (107) | $ | (660) | $ | 61 | $ | 133 | $ | 351 | $ | 444 | Net periodic benefit (income) cost | $ | (90) | $ | (671) | $ | 71 | $ | 133 | $ | 367 | $ | 503 |
Pension Benefits | Life and Health | SERP Benefits | Pension Benefits | Life and Health | SERP Benefits | |||||||||||||||||||||||||||||||||||
Six Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 6/30/2023 | 6/30/2022 | 6/30/2023 | 6/30/2022 | 6/30/2023 | 6/30/2022 | (In thousands) | 9/30/2023 | 9/30/2022 | 9/30/2023 | 9/30/2022 | 9/30/2023 | 9/30/2022 | ||||||||||||||||||||||||||
Service cost | Service cost | $ | 0 | $ | 0 | $ | 16 | $ | 87 | $ | 21 | $ | 39 | Service cost | $ | 0 | $ | 0 | $ | 24 | $ | 130 | $ | 32 | $ | 58 | ||||||||||||||
Interest cost | Interest cost | 1,637 | 992 | 177 | 111 | 574 | 407 | Interest cost | 2,456 | 1,489 | 266 | 167 | 861 | 610 | ||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (2,394) | (2,942) | 0 | 0 | 0 | 0 | Expected return on plan assets | (3,592) | (4,414) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
Amortization of net retirement plan actuarial loss | Amortization of net retirement plan actuarial loss | 578 | 608 | (20) | 98 | 0 | 423 | Amortization of net retirement plan actuarial loss | 867 | 913 | (30) | 147 | 0 | 635 | ||||||||||||||||||||||||||
Amortization of net retirement plan prior service cost (credit) | Amortization of net retirement plan prior service cost (credit) | 0 | 0 | (30) | (30) | 139 | 139 | Amortization of net retirement plan prior service cost (credit) | 0 | 0 | (46) | (46) | 208 | 208 | ||||||||||||||||||||||||||
Net periodic benefit (income) cost | Net periodic benefit (income) cost | $ | (179) | $ | (1,342) | $ | 143 | $ | 266 | $ | 734 | $ | 1,008 | Net periodic benefit (income) cost | $ | (269) | $ | (2,012) | $ | 214 | $ | 398 | $ | 1,101 | $ | 1,511 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
(In thousands) | (In thousands) | 6/30/2023 | 6/30/2022 | 6/30/2023 | 6/30/2022 | (In thousands) | 9/30/2023 | 9/30/2022 | 9/30/2023 | 9/30/2022 | ||||||||||||||||||
Noninterest Income | Noninterest Income | Noninterest Income | ||||||||||||||||||||||||||
Other service charges | Other service charges | $ | 649 | $ | 669 | $ | 1,264 | $ | 1,296 | Other service charges | $ | 645 | $ | 721 | $ | 1,909 | $ | 2,017 | ||||||||||
Earnings from corporate owned life insurance | Earnings from corporate owned life insurance | 554 | 171 | 1,169 | 593 | Earnings from corporate owned life insurance | (2) | (236) | 1,167 | 357 | ||||||||||||||||||
Net gains on the sale of loans originated for sale | Net gains on the sale of loans originated for sale | 27 | 53 | 65 | 57 | Net gains on the sale of loans originated for sale | 21 | 83 | 86 | 140 | ||||||||||||||||||
Other income | Other income | 373 | 348 | 1,046 | 771 | Other income | 326 | 409 | 1,372 | 1,180 | ||||||||||||||||||
Total other income | Total other income | $ | 1,603 | $ | 1,241 | $ | 3,544 | $ | 2,717 | Total other income | $ | 990 | $ | 977 | $ | 4,534 | $ | 3,694 | ||||||||||
Noninterest Expenses | Noninterest Expenses | Noninterest Expenses | ||||||||||||||||||||||||||
Marketing expense | Marketing expense | $ | 1,688 | $ | 1,456 | $ | 2,792 | $ | 2,513 | Marketing expense | $ | 782 | $ | 1,207 | $ | 3,575 | $ | 3,719 | ||||||||||
Professional fees | Professional fees | 2,124 | 1,719 | 3,928 | 3,325 | Professional fees | 1,761 | 1,665 | 5,689 | 4,990 | ||||||||||||||||||
Legal fees | Legal fees | 635 | 498 | 1,054 | 708 | Legal fees | 293 | 298 | 1,347 | 1,006 | ||||||||||||||||||
Technology expense | Technology expense | 3,656 | 3,690 | 7,663 | 7,373 | Technology expense | 3,928 | 3,890 | 11,590 | 11,253 | ||||||||||||||||||
FDIC insurance | FDIC insurance | 779 | 677 | 1,833 | 1,378 | FDIC insurance | 1,041 | 719 | 2,874 | 2,097 | ||||||||||||||||||
Cardholder expense | Cardholder expense | 1,116 | 1,280 | 2,133 | 2,422 | Cardholder expense | 1,059 | 1,129 | 3,192 | 3,551 | ||||||||||||||||||
Other expenses | Other expenses | 4,470 | 3,709 | 8,534 | 7,330 | Other expenses | 4,602 | 3,329 | 13,136 | 10,670 | ||||||||||||||||||
Total other operating expense | Total other operating expense | $ | 14,468 | $ | 13,029 | $ | 27,937 | $ | 25,049 | Total other operating expense | $ | 13,466 | $ | 12,237 | $ | 41,403 | $ | 37,286 |
Three Months Ended | Three Months Ended | |||||||||||||||
(In thousands) | (In thousands) | 06/30/2023 | 06/30/2022 | (In thousands) | 09/30/2023 | 09/30/2022 | ||||||||||
Noninterest Income | Noninterest Income | Noninterest Income | ||||||||||||||
In-scope of Topic 606: | In-scope of Topic 606: | In-scope of Topic 606: | ||||||||||||||
Commissions and Fees | Commissions and Fees | $ | 7,979 | $ | 7,872 | Commissions and Fees | $ | 10,301 | $ | 9,827 | ||||||
Installment Billing | Installment Billing | (42) | (46) | Installment Billing | 138 | 126 | ||||||||||
Refund of Commissions | Refund of Commissions | 113 | 10 | Refund of Commissions | (60) | (133) | ||||||||||
Contract Liabilities/Deferred Revenue | Contract Liabilities/Deferred Revenue | (295) | (266) | Contract Liabilities/Deferred Revenue | 0 | 1 | ||||||||||
Contingent Commissions | Contingent Commissions | 917 | 859 | Contingent Commissions | 1,018 | 1,004 | ||||||||||
Subtotal Insurance Revenues | Subtotal Insurance Revenues | 8,672 | 8,429 | Subtotal Insurance Revenues | 11,397 | 10,825 | ||||||||||
Trust and Asset Management | Trust and Asset Management | 3,637 | 3,122 | Trust and Asset Management | 3,423 | 3,209 | ||||||||||
Mutual Fund & Investment Income | Mutual Fund & Investment Income | 1,041 | 1,474 | Mutual Fund & Investment Income | 919 | 1,128 | ||||||||||
Subtotal Investment Service Income | Subtotal Investment Service Income | 4,678 | 4,596 | Subtotal Investment Service Income | 4,342 | 4,337 | ||||||||||
Service Charges on Deposit Accounts | Service Charges on Deposit Accounts | 1,640 | 1,756 | Service Charges on Deposit Accounts | 1,754 | 1,917 | ||||||||||
Card Services Income | Card Services Income | 3,087 | 2,959 | Card Services Income | 2,860 | 2,731 | ||||||||||
Other | Other | 325 | 308 | Other | 314 | 332 | ||||||||||
Noninterest Income (in-scope of ASC 606) | Noninterest Income (in-scope of ASC 606) | 18,402 | 18,048 | Noninterest Income (in-scope of ASC 606) | 20,667 | 20,142 | ||||||||||
Noninterest Income (out-of-scope of ASC 606) | Noninterest Income (out-of-scope of ASC 606) | (5,787) | 896 | Noninterest Income (out-of-scope of ASC 606) | (62,291) | 550 | ||||||||||
Total Noninterest Income | Total Noninterest Income | $ | 12,615 | $ | 18,944 | Total Noninterest Income | $ | (41,624) | $ | 20,692 |
Six Months Ended | Nine Months Ended | |||||||||||||||
(In thousands) | (In thousands) | 06/30/2023 | 06/30/2022 | (In thousands) | 9/30/2023 | 9/30/2022 | ||||||||||
Noninterest Income | Noninterest Income | Noninterest Income | ||||||||||||||
In-scope of Topic 606: | In-scope of Topic 606: | In-scope of Topic 606: | ||||||||||||||
Commissions and Fees | Commissions and Fees | $ | 16,495 | $ | 15,836 | Commissions and Fees | $ | 26,796 | $ | 25,663 | ||||||
Installment Billing | Installment Billing | (40) | (2) | Installment Billing | 97 | 124 | ||||||||||
Refund of Commissions | Refund of Commissions | 172 | (18) | Refund of Commissions | 113 | (151) | ||||||||||
Contract Liabilities/Deferred Revenue | Contract Liabilities/Deferred Revenue | (298) | (267) | Contract Liabilities/Deferred Revenue | (298) | (266) | ||||||||||
Contingent Commissions | Contingent Commissions | 1,852 | 2,197 | Contingent Commissions | 2,870 | 3,201 | ||||||||||
Subtotal Insurance Revenues | Subtotal Insurance Revenues | 18,181 | 17,746 | Subtotal Insurance Revenues | 29,578 | 28,571 | ||||||||||
Trust and Asset Management | Trust and Asset Management | 7,072 | 6,625 | Trust and Asset Management | 10,494 | 9,834 | ||||||||||
Mutual Fund & Investment Income | Mutual Fund & Investment Income | 2,115 | 2,888 | Mutual Fund & Investment Income | 3,035 | 4,016 | ||||||||||
Subtotal Investment Service Income | Subtotal Investment Service Income | 9,187 | 9,513 | Subtotal Investment Service Income | 13,529 | 13,850 | ||||||||||
Service Charges on Deposit Accounts | Service Charges on Deposit Accounts | 3,386 | 3,535 | Service Charges on Deposit Accounts | 5,140 | 5,452 | ||||||||||
Card Services Income | Card Services Income | 5,769 | 5,502 | Card Services Income | 8,629 | 8,233 | ||||||||||
Other | Other | 674 | 624 | Other | 989 | 957 | ||||||||||
Noninterest Income (in-scope of ASC 606) | Noninterest Income (in-scope of ASC 606) | 37,197 | 36,920 | Noninterest Income (in-scope of ASC 606) | 57,865 | 57,063 | ||||||||||
Noninterest Income (out-of-scope of ASC 606) | Noninterest Income (out-of-scope of ASC 606) | (4,182) | 2,009 | Noninterest Income (out-of-scope of ASC 606) | (66,474) | 2,558 | ||||||||||
Total Noninterest Income | Total Noninterest Income | $ | 33,015 | $ | 38,929 | Total Noninterest Income | $ | (8,609) | $ | 59,621 |
Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Banking | Insurance | Wealth Management | Intercompany | Consolidated | (In thousands) | Banking | Insurance | Wealth Management | Intercompany | Consolidated | ||||||||||||||||||||||
Interest income | Interest income | $ | 71,870 | $ | 1 | $ | 0 | $ | (1) | $ | 71,870 | Interest income | $ | 75,465 | $ | 1 | $ | 0 | $ | (1) | $ | 75,465 | ||||||||||||
Interest expense | Interest expense | 19,975 | 0 | 0 | (1) | 19,974 | Interest expense | 24,453 | 0 | 0 | (1) | 24,452 | ||||||||||||||||||||||
Net interest income | Net interest income | 51,895 | 1 | 0 | 0 | 51,896 | Net interest income | 51,012 | 1 | 0 | 0 | 51,013 | ||||||||||||||||||||||
Provision for credit loss expense | Provision for credit loss expense | 2,253 | 0 | 0 | 0 | 2,253 | Provision for credit loss expense | 1,150 | 0 | 0 | 0 | 1,150 | ||||||||||||||||||||||
Noninterest income | Noninterest income | (378) | 8,798 | 4,736 | (541) | 12,615 | Noninterest income | (57,007) | 11,529 | 4,414 | (560) | (41,624) | ||||||||||||||||||||||
Noninterest expense | Noninterest expense | 41,385 | 7,201 | 3,922 | (540) | 51,968 | Noninterest expense | 39,648 | 7,109 | 3,668 | (559) | 49,866 | ||||||||||||||||||||||
Income before income tax expense | 7,879 | 1,598 | 814 | (1) | 10,290 | |||||||||||||||||||||||||||||
Income tax expense | 1,147 | 437 | 200 | 0 | 1,784 | |||||||||||||||||||||||||||||
Net Income attributable to noncontrolling interests and Tompkins Financial Corporation | 6,732 | 1,161 | 614 | (1) | 8,506 | |||||||||||||||||||||||||||||
(Loss) Income before income tax expense | (Loss) Income before income tax expense | (46,793) | 4,421 | 746 | (1) | (41,627) | ||||||||||||||||||||||||||||
Income tax (benefit) expense | Income tax (benefit) expense | (9,701) | 1,213 | 184 | 0 | (8,304) | ||||||||||||||||||||||||||||
Net (Loss) Income attributable to noncontrolling interests and Tompkins Financial Corporation | Net (Loss) Income attributable to noncontrolling interests and Tompkins Financial Corporation | (37,092) | 3,208 | 562 | (1) | (33,323) | ||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | Less: Net income attributable to noncontrolling interests | 31 | 0 | 0 | 0 | 31 | Less: Net income attributable to noncontrolling interests | 31 | 0 | 0 | 0 | 31 | ||||||||||||||||||||||
Net Income attributable to Tompkins Financial Corporation | $ | 6,701 | $ | 1,161 | $ | 614 | $ | (1) | $ | 8,475 | ||||||||||||||||||||||||
Net (Loss) Income attributable to Tompkins Financial Corporation | Net (Loss) Income attributable to Tompkins Financial Corporation | $ | (37,123) | $ | 3,208 | $ | 562 | $ | (1) | $ | (33,354) | |||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | $ | 2,652 | $ | 44 | $ | 44 | $ | 0 | $ | 2,740 | Depreciation and amortization | $ | 2,702 | $ | 44 | $ | 44 | $ | 0 | $ | 2,790 | ||||||||||||
Assets | Assets | 7,569,195 | 44,640 | 28,896 | (16,493) | 7,626,238 | Assets | 7,632,733 | 46,222 | 28,730 | (16,523) | 7,691,162 | ||||||||||||||||||||||
Goodwill | Goodwill | 64,655 | 19,866 | 8,081 | 0 | 92,602 | Goodwill | 64,655 | 19,866 | 8,081 | 0 | 92,602 | ||||||||||||||||||||||
Other intangibles, net | Other intangibles, net | 975 | 1,496 | 42 | 0 | 2,513 | Other intangibles, net | 967 | 1,416 | 38 | 0 | 2,421 | ||||||||||||||||||||||
Net loans and leases | Net loans and leases | 5,303,820 | 0 | 0 | 0 | 5,303,820 | Net loans and leases | 5,385,524 | 0 | 0 | 0 | 5,385,524 | ||||||||||||||||||||||
Deposits | Deposits | 6,481,556 | 0 | (11,019) | (15,886) | 6,454,651 | Deposits | 6,645,587 | 0 | 0 | (22,151) | 6,623,436 | ||||||||||||||||||||||
Total Equity | Total Equity | 565,505 | 35,070 | 35,866 | 0 | 636,441 | Total Equity | 545,037 | 36,745 | 30,574 | 0 | 612,356 |
Three Months Ended June 30, 2022 | |||||||||||||||||
(In thousands) | Banking | Insurance | Wealth Management | Intercompany | Consolidated | ||||||||||||
Interest income | $ | 60,953 | $ | 1 | $ | 0 | $ | (1) | $ | 60,953 | |||||||
Interest expense | 2,692 | 0 | 0 | (1) | 2,691 | ||||||||||||
Net interest income | 58,261 | 1 | 0 | 0 | 58,262 | ||||||||||||
Provision for credit loss expense | 856 | 0 | 0 | 0 | 856 | ||||||||||||
Noninterest income | 6,329 | 8,573 | 4,598 | (556) | 18,944 | ||||||||||||
Noninterest expense | 39,395 | 6,812 | 3,469 | (556) | 49,120 | ||||||||||||
Income before income tax expense | 24,339 | 1,762 | 1,129 | 0 | 27,230 | ||||||||||||
Income tax expense | 5,465 | 494 | 370 | 0 | 6,329 | ||||||||||||
Net Income attributable to noncontrolling interests and Tompkins Financial Corporation | 18,874 | 1,268 | 759 | 0 | 20,901 | ||||||||||||
Less: Net income attributable to noncontrolling interests | 32 | 0 | 0 | 0 | 32 | ||||||||||||
Net Income attributable to Tompkins Financial Corporation | $ | 18,842 | $ | 1,268 | $ | 759 | $ | 0 | $ | 20,869 | |||||||
Depreciation and amortization | $ | 2,515 | $ | 44 | $ | 36 | $ | 0 | $ | 2,595 | |||||||
Assets | 7,786,614 | 47,222 | 26,915 | (18,290) | 7,842,461 | ||||||||||||
Goodwill | 64,500 | 19,866 | 8,081 | 0 | 92,447 | ||||||||||||
Other intangibles, net | 1,236 | 1,830 | 58 | 0 | 3,124 | ||||||||||||
Net loans and leases | 5,118,710 | 0 | 0 | 0 | 5,118,710 | ||||||||||||
Deposits | 6,786,754 | 0 | (847) | (16,386) | 6,769,521 | ||||||||||||
Total Equity | 563,994 | 34,860 | 25,464 | 0 | 624,318 |
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Banking | Insurance | Wealth Management | Intercompany | Consolidated | (In thousands) | Banking | Insurance | Wealth Management | Intercompany | Consolidated | ||||||||||||||||||||||
Interest income | Interest income | $ | 141,108 | $ | 2 | $ | 0 | $ | (2) | $ | 141,108 | Interest income | $ | 63,670 | $ | 1 | $ | 0 | $ | (1) | $ | 63,670 | ||||||||||||
Interest expense | Interest expense | 34,968 | 0 | 0 | (2) | 34,966 | Interest expense | 5,560 | 0 | 0 | (1) | 5,559 | ||||||||||||||||||||||
Net interest income | Net interest income | 106,140 | 2 | 0 | 0 | 106,142 | Net interest income | 58,110 | 1 | 0 | 0 | 58,111 | ||||||||||||||||||||||
Provision for credit loss expense | Provision for credit loss expense | 1,428 | 0 | 0 | 0 | 1,428 | Provision for credit loss expense | 1,056 | 0 | 0 | 0 | 1,056 | ||||||||||||||||||||||
Noninterest income | Noninterest income | 6,321 | 18,433 | 9,357 | (1,096) | 33,015 | Noninterest income | 5,973 | 10,953 | 4,342 | (576) | 20,692 | ||||||||||||||||||||||
Noninterest expense | Noninterest expense | 81,233 | 14,417 | 7,572 | (1,096) | 102,126 | Noninterest expense | 39,448 | 7,178 | 3,552 | (576) | 49,602 | ||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 29,800 | 4,018 | 1,785 | 0 | 35,603 | Income before income tax expense | 23,579 | 3,776 | 790 | 0 | 28,145 | ||||||||||||||||||||||
Income tax expense | Income tax expense | 6,136 | 1,110 | 439 | 0 | 7,685 | Income tax expense | 5,528 | 1,052 | 194 | 0 | 6,774 | ||||||||||||||||||||||
Net Income attributable to noncontrolling interests and Tompkins Financial Corporation | Net Income attributable to noncontrolling interests and Tompkins Financial Corporation | 23,664 | 2,908 | 1,346 | 0 | 27,918 | Net Income attributable to noncontrolling interests and Tompkins Financial Corporation | 18,051 | 2,724 | 596 | 0 | 21,371 | ||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | Less: Net income attributable to noncontrolling interests | 62 | 0 | 0 | 0 | 62 | Less: Net income attributable to noncontrolling interests | 31 | 0 | 0 | 0 | 31 | ||||||||||||||||||||||
Net Income attributable to Tompkins Financial Corporation | Net Income attributable to Tompkins Financial Corporation | $ | 23,602 | $ | 2,908 | $ | 1,346 | $ | 0 | $ | 27,856 | Net Income attributable to Tompkins Financial Corporation | $ | 18,020 | $ | 2,724 | $ | 596 | $ | 0 | $ | 21,340 | ||||||||||||
Depreciation and amortization | Depreciation and amortization | $ | 5,241 | $ | 88 | $ | 89 | $ | 0 | $ | 5,418 | Depreciation and amortization | $ | 2,652 | $ | 44 | $ | 36 | $ | 0 | $ | 2,732 | ||||||||||||
Assets | Assets | 7,721,022 | 46,807 | 28,761 | (16,649) | 7,779,941 | ||||||||||||||||||||||||||||
Goodwill | Goodwill | 64,655 | 19,866 | 8,081 | 0 | 92,602 | ||||||||||||||||||||||||||||
Other intangibles, net | Other intangibles, net | 1,137 | 1,742 | 53 | 0 | 2,932 | ||||||||||||||||||||||||||||
Net loans and leases | Net loans and leases | 5,163,664 | 0 | 0 | 0 | 5,163,664 | ||||||||||||||||||||||||||||
Deposits | Deposits | 6,954,839 | 0 | 0 | (18,113) | 6,936,726 | ||||||||||||||||||||||||||||
Total Equity | Total Equity | 511,298 | 35,625 | 26,036 | 0 | 572,959 |
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Banking | Insurance | Wealth Management | Intercompany | Consolidated | (In thousands) | Banking | Insurance | Wealth Management | Intercompany | Consolidated | ||||||||||||||||||||||
Interest income | Interest income | $ | 120,129 | $ | 2 | $ | 0 | $ | (2) | $ | 120,129 | Interest income | $ | 216,573 | $ | 3 | $ | 0 | $ | (3) | $ | 216,573 | ||||||||||||
Interest expense | Interest expense | 5,255 | 0 | 0 | (2) | 5,253 | Interest expense | 59,421 | 0 | 0 | (3) | 59,418 | ||||||||||||||||||||||
Net interest income | Net interest income | 114,874 | 2 | 0 | 0 | 114,876 | Net interest income | 157,152 | 3 | 0 | 0 | 157,155 | ||||||||||||||||||||||
Provision for credit loss expense | Provision for credit loss expense | 336 | 0 | 0 | 0 | 336 | Provision for credit loss expense | 2,578 | 0 | 0 | 0 | 2,578 | ||||||||||||||||||||||
Noninterest income | Noninterest income | 12,522 | 18,007 | 9,532 | (1,132) | 38,929 | Noninterest income | (50,687) | 29,963 | 13,771 | (1,656) | (8,609) | ||||||||||||||||||||||
Noninterest expense | Noninterest expense | 76,584 | 13,314 | 7,193 | (1,132) | 95,959 | Noninterest expense | 120,882 | 21,526 | 11,240 | (1,656) | 151,992 | ||||||||||||||||||||||
Income before income tax expense | 50,476 | 4,695 | 2,339 | 0 | 57,510 | |||||||||||||||||||||||||||||
Income tax expense | 11,630 | 1,310 | 365 | 0 | 13,305 | |||||||||||||||||||||||||||||
Net Income attributable to noncontrolling interests and Tompkins Financial Corporation | 38,846 | 3,385 | 1,974 | 0 | 44,205 | |||||||||||||||||||||||||||||
(Loss) Income before income tax expense | (Loss) Income before income tax expense | (16,995) | 8,440 | 2,531 | 0 | (6,024) | ||||||||||||||||||||||||||||
Income tax (benefit) expense | Income tax (benefit) expense | (3,565) | 2,323 | 623 | 0 | (619) | ||||||||||||||||||||||||||||
Net (Loss) Income attributable to noncontrolling interests and Tompkins Financial Corporation | Net (Loss) Income attributable to noncontrolling interests and Tompkins Financial Corporation | (13,430) | 6,117 | 1,908 | 0 | (5,405) | ||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | Less: Net income attributable to noncontrolling interests | 63 | 0 | 0 | 0 | 63 | Less: Net income attributable to noncontrolling interests | 93 | 0 | 0 | 0 | 93 | ||||||||||||||||||||||
Net Income attributable to Tompkins Financial Corporation | $ | 38,783 | $ | 3,385 | $ | 1,974 | $ | 0 | $ | 44,142 | ||||||||||||||||||||||||
Net (Loss) Income attributable to Tompkins Financial Corporation | Net (Loss) Income attributable to Tompkins Financial Corporation | $ | (13,523) | $ | 6,117 | $ | 1,908 | $ | 0 | $ | (5,498) | |||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | $ | 5,093 | $ | 88 | $ | 64 | $ | 0 | $ | 5,245 | Depreciation and amortization | $ | 7,942 | $ | 133 | $ | 133 | $ | 0 | $ | 8,208 |
Nine Months Ended September 30, 2022 | |||||||||||||||||
(In thousands) | Banking | Insurance | Wealth Management | Intercompany | Consolidated | ||||||||||||
Interest income | $ | 183,798 | $ | 4 | $ | 0 | $ | (3) | $ | 183,799 | |||||||
Interest expense | 10,815 | 0 | 0 | (3) | 10,812 | ||||||||||||
Net interest income | 172,983 | 4 | 0 | 0 | 172,987 | ||||||||||||
Provision for credit loss expense | 1,392 | 0 | 0 | 0 | 1,392 | ||||||||||||
Noninterest income | 18,495 | 28,959 | 13,874 | (1,707) | 59,621 | ||||||||||||
Noninterest expense | 116,031 | 20,492 | 10,745 | (1,707) | 145,561 | ||||||||||||
Income before income tax expense | 74,055 | 8,471 | 3,129 | 0 | 85,655 | ||||||||||||
Income tax expense | 16,948 | 2,361 | 770 | 0 | 20,079 | ||||||||||||
Net Income attributable to noncontrolling interests and Tompkins Financial Corporation | 57,107 | 6,110 | 2,359 | 0 | 65,576 | ||||||||||||
Less: Net income attributable to noncontrolling interests | 94 | 0 | 0 | 0 | 94 | ||||||||||||
Net Income attributable to Tompkins Financial Corporation | $ | 57,013 | $ | 6,110 | $ | 2,359 | $ | 0 | $ | 65,482 | |||||||
Depreciation and amortization | $ | 7,745 | $ | 132 | $ | 100 | $ | 0 | $ | 7,977 |
Recurring Fair Value Measurements | ||||||||||||||
June 30, 2023 | ||||||||||||||
(In thousands) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Assets | ||||||||||||||
Available-for-sale debt securities | ||||||||||||||
U.S. Treasuries | $ | 168,094 | $ | 0 | $ | 168,094 | $ | 0 | ||||||
Obligations of U.S. Government sponsored entities | 523,543 | 0 | 523,543 | 0 | ||||||||||
Obligations of U.S. states and political subdivisions | 82,047 | 0 | 82,047 | 0 | ||||||||||
Mortgage-backed securities – residential, issued by: | ||||||||||||||
U.S. Government agencies | 48,942 | 0 | 48,942 | 0 | ||||||||||
U.S. Government sponsored entities | 643,135 | 0 | 643,135 | 0 | ||||||||||
U.S. corporate debt securities | 2,242 | 0 | 2,242 | 0 | ||||||||||
Total Available-for-sale debt securities | $ | 1,468,003 | $ | 0 | $ | 1,468,003 | $ | 0 | ||||||
Equity securities, at fair value | $ | 778 | $ | 0 | $ | 0 | $ | 778 | ||||||
Derivatives designated as hedging instruments | 3,420 | 0 | 3,420 | 0 | ||||||||||
Liabilities | ||||||||||||||
Derivatives not designated as hedging instruments | $ | 18 | $ | 0 | $ | 18 | $ | 0 |
Recurring Fair Value Measurements | ||||||||||||||
September 30, 2023 | ||||||||||||||
(In thousands) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Assets | ||||||||||||||
Available-for-sale debt securities | ||||||||||||||
U.S. Treasuries | $ | 107,294 | $ | 0 | $ | 107,294 | $ | 0 | ||||||
Obligations of U.S. Government sponsored entities | 459,941 | 0 | 459,941 | 0 | ||||||||||
Obligations of U.S. states and political subdivisions | 77,237 | 0 | 77,237 | 0 | ||||||||||
Mortgage-backed securities – residential, issued by: | ||||||||||||||
U.S. Government agencies | 45,399 | 0 | 45,399 | 0 | ||||||||||
U.S. Government sponsored entities | 696,309 | 0 | 696,309 | 0 | ||||||||||
U.S. corporate debt securities | 2,330 | 0 | 2,330 | 0 | ||||||||||
Total Available-for-sale debt securities | $ | 1,388,510 | $ | 0 | $ | 1,388,510 | $ | 0 | ||||||
Equity securities, at fair value | $ | 741 | $ | 0 | $ | 0 | $ | 741 | ||||||
Derivatives designated as hedging instruments | 3,991 | 0 | 3,991 | 0 | ||||||||||
Derivatives not designated as hedging instruments | 47 | 0 | 47 | 0 | ||||||||||
Liabilities | ||||||||||||||
Derivatives not designated as hedging instruments | $ | 56 | $ | 0 | $ | 56 | $ | 0 |
Recurring Fair Value Measurements | ||||||||||||||
December 31, 2022 | ||||||||||||||
(In thousands) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Assets | ||||||||||||||
Available-for-sale debt securities | ||||||||||||||
U.S. Treasuries | $ | 167,251 | $ | 0 | $ | 167,251 | $ | 0 | ||||||
Obligations of U.S. Government sponsored entities | 601,167 | 0 | 601,167 | 0 | ||||||||||
Obligations of U.S. states and political subdivisions | 85,281 | 0 | 85,281 | 0 | ||||||||||
Mortgage-backed securities – residential, issued by: | ||||||||||||||
U.S. Government agencies | 52,668 | 0 | 52,668 | 0 | ||||||||||
U.S. Government sponsored entities | 686,222 | 0 | 686,222 | 0 | ||||||||||
U.S. corporate debt securities | 2,378 | 0 | 2,378 | 0 | ||||||||||
Total Available-for-sale debt securities | $ | 1,594,967 | $ | 0 | $ | 1,594,967 | $ | 0 | ||||||
Equity securities, at fair value | $ | 777 | $ | 0 | $ | 0 | $ | 777 | ||||||
Liabilities | ||||||||||||||
Derivatives not designated as hedging instruments | $ | 21 | $ | 0 | $ | 21 | $ | 0 |
Three months ended September 30, 2023 | |||||||||||||||||
(In thousands) | Fair value measurements at reporting date using: | Gain (losses) from fair value changes | |||||||||||||||
Assets: | As of 09/30/2023 | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Three months ended 9/30/2023 | ||||||||||||
Other real estate owned | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1 |
Three months ended September 30, 2022 | |||||||||||||||||
(In thousands) | Fair value measurements at reporting date using: | Gain (losses) from fair value changes | |||||||||||||||
Assets: | As of 9/30/2022 | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Three months ended 9/30/2022 | ||||||||||||
Individually evaluated loans | $ | 8,099 | $ | 0 | $ | 0 | $ | 8,099 | $ | 0 | |||||||
Other real estate owned | 247 | 0 | 247 | 27 |
Three months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2023 | Nine months ended September 30, 2023 | |||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Fair value measurements at reporting date using: | Gain (losses) from fair value changes | (In thousands) | Fair value measurements at reporting date using: | Gain (losses) from fair value changes | ||||||||||||||||||||||||||||
Assets: | Assets: | As of 06/30/2023 | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Three months ended 06/30/2023 | Assets: | As of 09/30/2023 | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Nine months ended 9/30/2023 | ||||||||||||||||||||||
Individually evaluated loans | Individually evaluated loans | $ | 8,822 | $ | 0 | $ | 0 | $ | 8,822 | $ | 0 | Individually evaluated loans | $ | 3,742 | $ | 0 | $ | 0 | $ | 3,742 | $ | 826 | ||||||||||||
Other real estate owned | Other real estate owned | 0 | 0 | 0 | 0 | 23 |
Three months ended June 30, 2022 | |||||||||||||||||
(In thousands) | Fair value measurements at reporting date using: | Gain (losses) from fair value changes | |||||||||||||||
Assets: | As of 06/30/2022 | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | 06/30/2022 | ||||||||||||
Individually evaluated loans | $ | 814 | $ | 0 | $ | 0 | $ | 814 | $ | 59 | |||||||
Other real estate owned | 33 | 0 | 33 | 0 | 0 |
Six months ended June 30, 2023 | |||||||||||||||||
(In thousands) | Fair value measurements at reporting date using: | Gain (losses) from fair value changes | |||||||||||||||
Assets: | As of 06/30/2023 | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Six months ended 06/30/2023 | ||||||||||||
Individually evaluated loans | $ | 8,822 | $ | 0 | $ | 0 | $ | 8,822 | $ | 826 | |||||||
Other real estate owned | 36 | 0 | 0 | 36 | 22 |
Six months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2022 | Nine months ended September 30, 2022 | |||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Fair value measurements at reporting date using: | Gain (losses) from fair value changes | (In thousands) | Fair value measurements at reporting date using: | Gain (losses) from fair value changes | ||||||||||||||||||||||||||||
Assets: | Assets: | As of 06/30/2022 | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Six months ended 06/30/2022 | Assets: | As of 09/30/2022 | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Nine months ended 9/30/2022 | ||||||||||||||||||||||
Individually evaluated loans | Individually evaluated loans | $ | 1,320 | $ | 0 | $ | 0 | $ | 1,320 | $ | 59 | Individually evaluated loans | $ | 10,138 | $ | 0 | $ | 0 | $ | 10,138 | $ | 59 | ||||||||||||
Other real estate owned | Other real estate owned | 33 | 0 | 33 | 0 | 22 | Other real estate owned | 247 | 0 | 247 | 49 |
Estimated Fair Value of Financial Instruments | |||||||||||||||||
June 30, 2023 | |||||||||||||||||
(In thousands) | Carrying Amount | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Financial Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 81,614 | $ | 81,614 | $ | 81,614 | $ | 0 | $ | 0 | |||||||
Securities - held-to-maturity | 312,369 | 262,444 | 0 | 262,444 | 0 | ||||||||||||
FHLB and other stock | 23,649 | 23,649 | 0 | 23,649 | 0 | ||||||||||||
Accrued interest receivable | 24,147 | 24,147 | 0 | 24,147 | 0 | ||||||||||||
Loans/leases, net1 | 5,303,820 | 4,920,418 | 0 | 0 | 4,920,418 | ||||||||||||
Financial Liabilities: | |||||||||||||||||
Time deposits | $ | 770,594 | $ | 757,593 | $ | 0 | $ | 757,593 | $ | 0 | |||||||
Other deposits | 5,684,057 | 5,684,057 | 0 | 5,684,057 | 0 | ||||||||||||
Fed funds purchased and securities sold | |||||||||||||||||
under agreements to repurchase | 50,483 | 50,483 | 0 | 50,483 | 0 | ||||||||||||
Other borrowings | 387,100 | 384,013 | 0 | 384,013 | 0 | ||||||||||||
Accrued interest payable | 2,162 | 2,162 | 0 | 2,162 | 0 |
Estimated Fair Value of Financial Instruments | Estimated Fair Value of Financial Instruments | Estimated Fair Value of Financial Instruments | ||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Carrying Amount | Fair Value | (Level 1) | (Level 2) | (Level 3) | (In thousands) | Carrying Amount | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Financial Assets: | Financial Assets: | Financial Assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 77,837 | $ | 77,837 | $ | 77,837 | $ | 0 | $ | 0 | Cash and cash equivalents | $ | 140,216 | $ | 140,216 | $ | 140,216 | $ | 0 | $ | 0 | ||||||||||||
Securities - held-to-maturity | Securities - held-to-maturity | 312,385 | 252,978 | 0 | 252,978 | 0 | ||||||||||||||||||||||||||||
FHLB and other stock | FHLB and other stock | 17,720 | 17,720 | 0 | 17,720 | 0 | FHLB and other stock | 19,985 | 19,985 | 0 | 19,985 | 0 | ||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 24,865 | 24,865 | 0 | 24,865 | 0 | Accrued interest receivable | 26,535 | 26,535 | 0 | 26,535 | 0 | ||||||||||||||||||||||
Loans/leases, net1 | Loans/leases, net1 | 5,222,977 | 4,939,246 | 0 | 0 | 4,939,246 | Loans/leases, net1 | 5,385,524 | 4,994,285 | 0 | 0 | 4,994,285 | ||||||||||||||||||||||
Financial Liabilities: | Financial Liabilities: | Financial Liabilities: | ||||||||||||||||||||||||||||||||
Time deposits | Time deposits | $ | 631,411 | $ | 616,488 | $ | 0 | $ | 616,488 | $ | 0 | Time deposits | $ | 880,412 | $ | 869,728 | $ | 0 | $ | 869,728 | $ | 0 | ||||||||||||
Other deposits | Other deposits | 5,970,884 | 5,970,884 | 0 | 5,970,884 | 0 | Other deposits | 5,743,024 | 5,743,024 | 0 | 5,743,024 | 0 | ||||||||||||||||||||||
Fed funds purchased and securities | ||||||||||||||||||||||||||||||||||
sold under agreements to repurchase | 56,278 | 56,278 | 0 | 56,278 | 0 | |||||||||||||||||||||||||||||
Fed funds purchased and securities sold | Fed funds purchased and securities sold | |||||||||||||||||||||||||||||||||
under agreements to repurchase | under agreements to repurchase | 56,120 | 56,120 | 0 | 56,120 | 0 | ||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 291,300 | 289,234 | 0 | 289,234 | 0 | Other borrowings | 296,800 | 293,922 | 0 | 293,922 | 0 | ||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 1,420 | 1,420 | 0 | 1,420 | 0 | Accrued interest payable | 2,392 | 2,392 | 0 | 2,392 | 0 |
Estimated Fair Value of Financial Instruments | |||||||||||||||||
December 31, 2022 | |||||||||||||||||
(In thousands) | Carrying Amount | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Financial Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 77,837 | $ | 77,837 | $ | 77,837 | $ | 0 | $ | 0 | |||||||
Securities - held to maturity | 312,344 | 261,692 | 0 | 261,692 | 0 | ||||||||||||
FHLB and other stock | 17,720 | 17,720 | 0 | 17,720 | 0 | ||||||||||||
Accrued interest receivable | 24,865 | 24,865 | 0 | 24,865 | 0 | ||||||||||||
Loans/leases, net1 | 5,222,977 | 4,939,246 | 0 | 0 | 4,939,246 | ||||||||||||
Financial Liabilities: | |||||||||||||||||
Time deposits | $ | 631,411 | $ | 616,488 | $ | 0 | $ | 616,488 | $ | 0 | |||||||
Other deposits | 5,970,884 | 5,970,884 | 0 | 5,970,884 | 0 | ||||||||||||
Fed funds purchased and securities | |||||||||||||||||
sold under agreements to repurchase | 56,278 | 56,278 | 0 | 56,278 | 0 | ||||||||||||
Other borrowings | 291,300 | 289,234 | 0 | 289,234 | 0 | ||||||||||||
Accrued interest payable | 1,420 | 1,420 | 0 | 1,420 | 0 |
Line Item in the Statement of Financial Position in Which the Hedged Item is Included | Carrying Amount of the Hedged Assets/(Liabilities) | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | ||||||
June 30, 2023 | June 30, 2023 | |||||||
Fixed Rate Loans1 | $146,680 | $(3,320) | ||||||
Total | $146,680 | $(3,320) | ||||||
1 These amounts include the amortized cost basis of closed portfolios of fixed rate loans used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolio anticipated to be outstanding for the designated hedged period. At June 30, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $795.6 million; the cumulative basis adjustments associated with these hedging relationships was $3.3 million; and the amounts of the designated hedged items were $150 million. |
Line Item in the Statement of Financial Position in Which the Hedged Item is Included | Carrying Amount of the Hedged Assets/(Liabilities) | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | ||||||
September 30, 2023 | September 30, 2023 | |||||||
Fixed Rate Loans1 | $146,125 | $(3,875) | ||||||
Total | $146,125 | $(3,875) | ||||||
1 These amounts include the amortized cost basis of closed portfolios of fixed rate loans used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolio anticipated to be outstanding for the designated hedged period. At September 30, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $775.0 million; the cumulative basis adjustments associated with these hedging relationships was $3.9 million; and the amounts of the designated hedged items were $150.0 million. |
Derivative Assets | Derivative Assets | Derivative Assets | ||||||||||||||||||||
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||
Notional | Balance Sheet | Fair | Notional | Balance Sheet | Fair | |||||||||||||||||
(In thousands) | (In thousands) | Amount | Location | Value* | (In thousands) | Amount | Location | Value* | ||||||||||||||
Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | ||||||||||||||||||||
Interest Rate Products | Interest Rate Products | $ | 150,000 | Other Assets | $ | 3,420 | Interest Rate Products | $ | 150,000 | Other Assets | $ | 3,991 | ||||||||||
Total derivatives designated as hedging instruments | Total derivatives designated as hedging instruments | $ | 3,420 | Total derivatives designated as hedging instruments | $ | 3,991 | ||||||||||||||||
*The Fair Value reported for June 30, 2023 includes $121,000 of accrued interest receivable. | ||||||||||||||||||||||
Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | |||||||||||||||||||||
Interest Rate Products | Interest Rate Products | $ | 2,842 | Other Assets | $ | 47 | ||||||||||||||||
Risk Participation Agreement | Risk Participation Agreement | 0 | Other Assets | 0 | ||||||||||||||||||
Total derivatives not designated as hedging instruments | Total derivatives not designated as hedging instruments | $ | 47 |
Derivative Assets | Derivative Assets | Derivative Assets | ||||||||||||||||||||
December 31, 2022 | December 31, 2022 | |||||||||||||||||||||
Notional | Balance Sheet | Fair | Notional | Balance Sheet | Fair | |||||||||||||||||
(In thousands) | (In thousands) | Amount | Location | Value | (In thousands) | Amount | Location | Value | ||||||||||||||
Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | ||||||||||||||||||||
Interest Rate Products | Interest Rate Products | $ | 0 | Other Assets | $ | 0 | Interest Rate Products | $ | 0 | Other Assets | $ | 0 | ||||||||||
Total derivatives designated as hedging instruments | $ | 0 | ||||||||||||||||||||
Total derivatives not designated as hedging instruments | Total derivatives not designated as hedging instruments | $ | 0 | |||||||||||||||||||
Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | |||||||||||||||||||||
Interest Rate Products | Interest Rate Products | $ | 0 | Other Assets | $ | 0 | ||||||||||||||||
Risk Participation Agreement | Risk Participation Agreement | 0 | Other Assets | 0 | ||||||||||||||||||
Total derivatives not designated as hedging instruments | Total derivatives not designated as hedging instruments | $ | 0 |
Derivative Liabilities | Derivative Liabilities | Derivative Liabilities | ||||||||||||||||||||
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||
Notional | Balance Sheet | Fair | Notional | Balance Sheet | Fair | |||||||||||||||||
(In thousands) | (In thousands) | Amount | Location | Value | (In thousands) | Amount | Location | Value | ||||||||||||||
Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | ||||||||||||||||||||
Interest Rate Products | Interest Rate Products | $ | 2,842 | Other Liabilities | $ | 49 | ||||||||||||||||
Risk Participation Agreement | Risk Participation Agreement | $ | 7,499 | Other Liabilities | $ | 18 | Risk Participation Agreement | 7,499 | Other Liabilities | 7 | ||||||||||||
Total derivatives not designated as hedging instruments | Total derivatives not designated as hedging instruments | $ | 18 | Total derivatives not designated as hedging instruments | $ | 56 |
Derivative Liabilities | |||||||||||
December 31, 2022 | |||||||||||
Notional | Balance Sheet | Fair | |||||||||
(In thousands) | Amount | Location | Value | ||||||||
Derivatives not designated as hedging instruments | |||||||||||
Risk Participation Agreement | $ | 7,499 | Other Liabilities | $ | 21 | ||||||
Total derivatives not designated as hedging instruments | $ | 21 |
The Effect of Fair Value and Cash Flow Hedge Accounting on the Statement of Financial Performance | The Effect of Fair Value and Cash Flow Hedge Accounting on the Statement of Financial Performance | The Effect of Fair Value and Cash Flow Hedge Accounting on the Statement of Financial Performance | ||||||||||||||
Location of Gain or (Loss) Recognized in Income on Derivative | Location of Gain or (Loss) Recognized in Income on Derivative | |||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | |||||||||||||
(In thousands) | (In thousands) | Interest Income | (In thousands) | Interest Income | ||||||||||||
Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded | Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded | $ | 305 | $ | 0 | Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded | $ | 647 | $ | 0 | ||||||
The effects of fair value and cash flow hedging: | The effects of fair value and cash flow hedging: | The effects of fair value and cash flow hedging: | ||||||||||||||
Gain or (loss) on fair value hedging relationships in Subtopic 815-20 | Gain or (loss) on fair value hedging relationships in Subtopic 815-20 | Gain or (loss) on fair value hedging relationships in Subtopic 815-20 | ||||||||||||||
Interest contracts | Interest contracts | Interest contracts | ||||||||||||||
Hedged items | Hedged items | (3,320) | 0 | Hedged items | (555) | 0 | ||||||||||
Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | 3,625 | 0 | Derivatives designated as hedging instruments | 1,202 | 0 |
The Effect of Fair Value and Cash Flow Hedge Accounting on the Statement of Financial Performance | ||||||||
Location of Gain or (Loss) Recognized in Income on Derivative | ||||||||
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | |||||||
(In thousands) | Interest Income | |||||||
Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded | $ | 952 | $ | 0 | ||||
The effects of fair value and cash flow hedging: | ||||||||
Gain or (loss) on fair value hedging relationships in Subtopic 815-20 | ||||||||
Interest contracts | ||||||||
Hedged items | (3,875) | 0 | ||||||
Derivatives designated as hedging instruments | 4,827 | 0 |
The Effect of Fair Value and Cash Flow Hedge Accounting on the Statement of Financial Performance | ||||||||
Location of Gain or (Loss) Recognized in Income on Derivative | ||||||||
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | |||||||
(In thousands) | Interest Income | |||||||
Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded | $ | 305 | $ | 0 | ||||
The effects of fair value and cash flow hedging: | ||||||||
Gain or (loss) on fair value hedging relationships in Subtopic 815-20 | ||||||||
Interest contracts | ||||||||
Hedged items | (3,320) | 0 | ||||||
Derivatives designated as hedging instruments | 3,625 | 0 |
Effect of Derivatives Not Designated as Hedging Instruments on the Statement of Financial Performance | Effect of Derivatives Not Designated as Hedging Instruments on the Statement of Financial Performance | Effect of Derivatives Not Designated as Hedging Instruments on the Statement of Financial Performance | ||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments under Subtopic 815-20 | Derivatives Not Designated as Hedging Instruments under Subtopic 815-20 | Location of Gain or (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | Derivatives Not Designated as Hedging Instruments under Subtopic 815-20 | Location of Gain or (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | ||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||
(In thousands) | (In thousands) | June 30, 2023 | June 30, 2022 | (In thousands) | September 30, 2023 | September 30, 2022 | ||||||||||||||||
Interest Rate Products | Interest Rate Products | Other income / (expense) | $ | (2) | $ | 0 | ||||||||||||||||
Risk Participation Agreement | Risk Participation Agreement | Other income / (expense) | $ | 8 | $ | 41 | Risk Participation Agreement | Other income / (expense) | 12 | 15 | ||||||||||||
Total | Total | $ | 8 | $ | 41 | Total | $ | 10 | $ | 15 | ||||||||||||
Fee Income | Fee Income | Other income / (expense) | $ | 70 | $ | 0 |
Effect of Derivatives Not Designated as Hedging Instruments on the Statement of Financial Performance | |||||||||||
Derivatives Not Designated as Hedging Instruments under Subtopic 815-20 | Location of Gain or (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | ||||||||
Six Months Ended | |||||||||||
(In thousands) | June 30, 2023 | June 30, 2022 | |||||||||
Risk Participation Agreement | Other income / (expense) | $ | 2 | $ | 41 | ||||||
Total | $ | 2 | $ | 41 |
Effect of Derivatives Not Designated as Hedging Instruments on the Statement of Financial Performance | |||||||||||
Derivatives Not Designated as Hedging Instruments under Subtopic 815-20 | Location of Gain or (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | ||||||||
Nine Months Ended | |||||||||||
(In thousands) | September 30, 2023 | September 30, 2022 | |||||||||
Interest Rate Products | Other income / (expense) | $ | (2) | $ | 0 | ||||||
Risk Participation Agreement | Other income / (expense) | 14 | 56 | ||||||||
Total | $ | 12 | $ | 56 | |||||||
Fee Income | Other income / (expense) | $ | 70 | $ | 0 |
Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited) | Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited) | Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited) | ||||||||||||||||||||||||||||||||||||||
Quarter Ended | Quarter Ended | |||||||||||||||||||||||||||||||||||||||
June 30, 2023 | March 31, 2023 | September 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||
Average | Average | Average | Average | |||||||||||||||||||||||||||||||||||||
Balance | Average | Balance | Average | Balance | Average | Balance | Average | |||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | (Dollar amounts in thousands) | (QTD) | Interest | Yield/Rate | (QTD) | Interest | Yield/Rate | (Dollar amounts in thousands) | (QTD) | Interest | Yield/Rate | (QTD) | Interest | Yield/Rate | ||||||||||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||||||||||||||||||||
Interest-earning assets | Interest-earning assets | Interest-earning assets | ||||||||||||||||||||||||||||||||||||||
Interest-bearing balances due from banks | Interest-bearing balances due from banks | $ | 13,585 | $ | 183 | 5.40 | % | $ | 12,733 | $ | 139 | 4.42 | % | Interest-bearing balances due from banks | $ | 11,585 | $ | 125 | 4.29 | % | $ | 13,585 | $ | 183 | 5.40 | % | ||||||||||||||
Securities (1) | Securities (1) | Securities (1) | ||||||||||||||||||||||||||||||||||||||
U.S. Government securities | U.S. Government securities | 1,972,719 | 7,304 | 1.49 | % | 2,033,307 | 7,424 | 1.48 | % | U.S. Government securities | 1,890,659 | 7,294 | 1.53 | % | 1,972,719 | 7,304 | 1.49 | % | ||||||||||||||||||||||
State and municipal (2) | State and municipal (2) | 92,194 | 590 | 2.57 | % | 93,201 | 599 | 2.60 | % | State and municipal (2) | 90,212 | 576 | 2.53 | % | 92,194 | 590 | 2.57 | % | ||||||||||||||||||||||
Other securities (2) | Other securities (2) | 3,288 | 56 | 6.86 | % | 3,284 | 53 | 6.55 | % | Other securities (2) | 3,272 | 59 | 7.18 | % | 3,288 | 56 | 6.86 | % | ||||||||||||||||||||||
Total securities | Total securities | 2,068,201 | 7,950 | 1.54 | % | 2,129,792 | 8,076 | 1.54 | % | Total securities | 1,984,143 | 7,929 | 1.59 | % | 2,068,201 | 7,950 | 1.54 | % | ||||||||||||||||||||||
FHLBNY and FRB stock | FHLBNY and FRB stock | 23,211 | 323 | 5.59 | % | 16,750 | 300 | 7.26 | % | FHLBNY and FRB stock | 24,511 | 490 | 7.94 | % | 23,211 | 323 | 5.59 | % | ||||||||||||||||||||||
Total loans and leases, net of unearned income (2)(3) | Total loans and leases, net of unearned income (2)(3) | 5,304,717 | 63,709 | 4.82 | % | 5,251,278 | 61,034 | 4.71 | % | Total loans and leases, net of unearned income (2)(3) | 5,385,195 | 67,199 | 4.95 | % | 5,304,717 | 63,709 | 4.82 | % | ||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 7,409,714 | 72,165 | 3.91 | % | 7,410,553 | 69,549 | 3.81 | % | Total interest-earning assets | 7,405,434 | 75,743 | 4.06 | % | 7,409,714 | 72,165 | 3.91 | % | ||||||||||||||||||||||
Other assets | Other assets | 226,086 | 223,240 | Other assets | 224,442 | 226,086 | ||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 7,635,800 | $ | 7,633,793 | Total assets | $ | 7,629,876 | $ | 7,635,800 | ||||||||||||||||||||||||||||||
LIABILITIES & EQUITY | LIABILITIES & EQUITY | LIABILITIES & EQUITY | ||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | Deposits | ||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | Interest-bearing deposits | ||||||||||||||||||||||||||||||||||||||
Interest bearing checking, savings, & money market | Interest bearing checking, savings, & money market | 3,701,229 | 10,590 | 1.15 | % | 3,833,566 | 8,641 | 0.91 | % | Interest bearing checking, savings, & money market | 3,615,395 | 12,674 | 1.39 | % | 3,701,229 | 10,590 | 1.15 | % | ||||||||||||||||||||||
Time deposits | Time deposits | 745,970 | 5,055 | 2.72 | % | 673,871 | 3,541 | 2.13 | % | Time deposits | 826,082 | 6,832 | 3.28 | % | 745,970 | 5,055 | 2.72 | % | ||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 4,447,199 | 15,645 | 1.41 | % | 4,507,437 | 12,182 | 1.10 | % | Total interest-bearing deposits | 4,441,477 | 19,506 | 1.74 | % | 4,447,199 | 15,645 | 1.41 | % | ||||||||||||||||||||||
Federal funds purchased & securities sold under agreements to repurchase | Federal funds purchased & securities sold under agreements to repurchase | 56,083 | 15 | 0.11 | % | 57,523 | 14 | 0.10 | % | Federal funds purchased & securities sold under agreements to repurchase | 57,624 | 15 | 0.10 | % | 56,083 | 15 | 0.11 | % | ||||||||||||||||||||||
Other borrowings | Other borrowings | 379,744 | 4,314 | 4.56 | % | 269,752 | 2,796 | 4.20 | % | Other borrowings | 403,829 | 4,931 | 4.84 | % | 379,744 | 4,315 | 4.56 | % | ||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 4,883,026 | 19,974 | 1.64 | % | 4,834,712 | 14,992 | 1.26 | % | Total interest-bearing liabilities | 4,902,930 | 24,452 | 1.98 | % | 4,883,026 | 19,975 | 1.64 | % | ||||||||||||||||||||||
Noninterest bearing deposits | Noninterest bearing deposits | 2,004,560 | 2,065,701 | Noninterest bearing deposits | 1,990,320 | 2,004,560 | ||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities | Accrued expenses and other liabilities | 97,660 | 102,172 | Accrued expenses and other liabilities | 101,646 | 97,660 | ||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 6,985,246 | 7,002,585 | Total liabilities | 6,994,896 | 6,985,246 | ||||||||||||||||||||||||||||||||||
Tompkins Financial Corporation Shareholders’ equity | Tompkins Financial Corporation Shareholders’ equity | 649,097 | 629,784 | Tompkins Financial Corporation Shareholders’ equity | 633,494 | 649,097 | ||||||||||||||||||||||||||||||||||
Noncontrolling interest | Noncontrolling interest | 1,457 | 1,424 | Noncontrolling interest | 1,487 | 1,457 | ||||||||||||||||||||||||||||||||||
Total equity | Total equity | 650,554 | 631,208 | Total equity | 634,980 | 650,554 | ||||||||||||||||||||||||||||||||||
Total liabilities and equity | Total liabilities and equity | $ | 7,635,800 | $ | 7,633,793 | Total liabilities and equity | $ | 7,629,876 | $ | 7,635,800 | ||||||||||||||||||||||||||||||
Interest rate spread | Interest rate spread | 2.27 | % | 2.55 | % | Interest rate spread | 2.08 | % | 2.27 | % | ||||||||||||||||||||||||||||||
Net interest income/margin on earning assets | Net interest income/margin on earning assets | 52,191 | 2.83 | % | 54,557 | 2.99 | % | Net interest income/margin on earning assets | 51,291 | 2.75 | % | 52,191 | 2.83 | % | ||||||||||||||||||||||||||
Tax Equivalent Adjustment | Tax Equivalent Adjustment | (295) | (311) | Tax Equivalent Adjustment | (278) | (294) | ||||||||||||||||||||||||||||||||||
Net interest income per consolidated financial statements | Net interest income per consolidated financial statements | $ | 51,896 | $ | 54,246 | Net interest income per consolidated financial statements | $ | 51,013 | $ | 51,896 |
Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited) | Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited) | Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited) | ||||||||||||||||||||||||||||||||||||||
Quarter Ended | Quarter Ended | |||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||
Average | Average | Average | Average | |||||||||||||||||||||||||||||||||||||
Balance | Average | Balance | Average | Balance | Average | Balance | Average | |||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | (Dollar amounts in thousands) | (QTD) | Interest | Yield/Rate | (QTD) | Interest | Yield/Rate | (Dollar amounts in thousands) | (QTD) | Interest | Yield/Rate | (QTD) | Interest | Yield/Rate | ||||||||||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||||||||||||||||||||
Interest-earning assets | Interest-earning assets | Interest-earning assets | ||||||||||||||||||||||||||||||||||||||
Interest-bearing balances due from banks | Interest-bearing balances due from banks | $ | 13,585 | $ | 183 | 5.40 | % | $ | 88,094 | $ | 64 | 0.29 | % | Interest-bearing balances due from banks | $ | 11,585 | $ | 125 | 4.29 | % | $ | 63,516 | $ | 85 | 0.53 | % | ||||||||||||||
Securities (1) | Securities (1) | Securities (1) | ||||||||||||||||||||||||||||||||||||||
U.S. Government securities | U.S. Government securities | 1,972,719 | 7,304 | 1.49 | % | 2,305,102 | 7,746 | 1.35 | % | U.S. Government securities | 1,890,659 | 7,294 | 1.53 | % | 2,276,380 | 7,853 | 1.37 | % | ||||||||||||||||||||||
State and municipal (2) | State and municipal (2) | 92,194 | 590 | 2.57 | % | 97,481 | 619 | 2.55 | % | State and municipal (2) | 90,212 | 576 | 2.53 | % | 95,627 | 614 | 2.55 | % | ||||||||||||||||||||||
Other securities (2) | Other securities (2) | 3,288 | 56 | 6.86 | % | 3,337 | 28 | 3.40 | % | Other securities (2) | 3,272 | 59 | 7.18 | % | 3,323 | 37 | 4.44 | % | ||||||||||||||||||||||
Total securities | Total securities | 2,068,201 | 7,950 | 1.54 | % | 2,405,920 | 8,393 | 1.40 | % | Total securities | 1,984,143 | 7,929 | 1.59 | % | 2,375,330 | 8,504 | 1.42 | % | ||||||||||||||||||||||
FHLBNY and FRB stock | FHLBNY and FRB stock | 23,211 | 323 | 5.59 | % | 12,234 | 120 | 3.92 | % | FHLBNY and FRB stock | 24,511 | 490 | 7.94 | % | 15,058 | 166 | 4.38 | % | ||||||||||||||||||||||
Total loans and leases, net of unearned income (2)(3) | Total loans and leases, net of unearned income (2)(3) | 5,304,717 | 63,709 | 4.82 | % | 5,115,340 | 52,733 | 4.14 | % | Total loans and leases, net of unearned income (2)(3) | 5,385,195 | 67,199 | 4.95 | % | 5,185,219 | 55,265 | 4.23 | % | ||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 7,409,714 | 72,165 | 3.91 | % | 7,621,588 | 61,310 | 3.23 | % | Total interest-earning assets | 7,405,434 | 75,743 | 4.06 | % | 7,639,123 | 64,020 | 3.32 | % | ||||||||||||||||||||||
Other assets | Other assets | 226,086 | 209,057 | Other assets | 224,442 | 214,724 | ||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 7,635,800 | $ | 7,830,645 | Total assets | $ | 7,629,876 | $ | 7,853,847 | ||||||||||||||||||||||||||||||
LIABILITIES & EQUITY | LIABILITIES & EQUITY | LIABILITIES & EQUITY | ||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | Deposits | ||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | Interest-bearing deposits | ||||||||||||||||||||||||||||||||||||||
Interest bearing checking, savings, & money market | Interest bearing checking, savings, & money market | 3,701,229 | 10,590 | 1.15 | % | 4,073,279 | 890 | 0.09 | % | Interest bearing checking, savings, & money market | 3,615,395 | 12,674 | 1.39 | % | 3,979,590 | 2,863 | 0.29 | % | ||||||||||||||||||||||
Time deposits | Time deposits | 745,970 | 5,055 | 2.72 | % | 603,791 | 1,157 | 0.77 | % | Time deposits | 826,082 | 6,832 | 3.28 | % | 596,299 | 1,331 | 0.89 | % | ||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 4,447,199 | 15,645 | 1.41 | % | 4,677,070 | 2,047 | 0.18 | % | Total interest-bearing deposits | 4,441,477 | 19,506 | 1.74 | % | 4,575,889 | 4,194 | 0.36 | % | ||||||||||||||||||||||
Federal funds purchased & securities sold under agreements to repurchase | Federal funds purchased & securities sold under agreements to repurchase | 56,083 | 15 | 0.11 | % | 54,885 | 15 | 0.11 | % | Federal funds purchased & securities sold under agreements to repurchase | 57,624 | 15 | 0.10 | % | 53,810 | 14 | 0.10 | % | ||||||||||||||||||||||
Other borrowings | Other borrowings | 379,744 | 4,314 | 4.56 | % | 169,390 | 629 | 1.49 | % | Other borrowings | 403,829 | 4,931 | 4.84 | % | 232,158 | 1,351 | 2.31 | % | ||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 4,883,026 | 19,974 | 1.64 | % | 4,901,345 | 2,691 | 0.22 | % | Total interest-bearing liabilities | 4,902,930 | 24,452 | 1.98 | % | 4,861,857 | 5,559 | 0.45 | % | ||||||||||||||||||||||
Noninterest bearing deposits | Noninterest bearing deposits | 2,004,560 | 2,189,132 | Noninterest bearing deposits | 1,990,320 | 2,250,263 | ||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities | Accrued expenses and other liabilities | 97,660 | 100,813 | Accrued expenses and other liabilities | 101,646 | 106,403 | ||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 6,985,246 | 7,191,290 | Total liabilities | 6,994,896 | 7,218,523 | ||||||||||||||||||||||||||||||||||
Tompkins Financial Corporation Shareholders’ equity | Tompkins Financial Corporation Shareholders’ equity | 649,097 | 637,896 | Tompkins Financial Corporation Shareholders’ equity | 633,494 | 633,837 | ||||||||||||||||||||||||||||||||||
Noncontrolling interest | Noncontrolling interest | 1,457 | 1,459 | Noncontrolling interest | 1,487 | 1,487 | ||||||||||||||||||||||||||||||||||
Total equity | Total equity | 650,554 | 639,355 | Total equity | 634,980 | 635,324 | ||||||||||||||||||||||||||||||||||
Total liabilities and equity | Total liabilities and equity | $ | 7,635,800 | $ | 7,830,645 | Total liabilities and equity | $ | 7,629,876 | $ | 7,853,847 | ||||||||||||||||||||||||||||||
Interest rate spread | Interest rate spread | 2.27 | % | 3.01 | % | Interest rate spread | 2.08 | % | 2.87 | % | ||||||||||||||||||||||||||||||
Net interest income/margin on earning assets | Net interest income/margin on earning assets | 52,191 | 2.83 | % | 58,619 | 3.09 | % | Net interest income/margin on earning assets | 51,291 | 2.75 | % | 58,461 | 3.04 | % | ||||||||||||||||||||||||||
Tax Equivalent Adjustment | Tax Equivalent Adjustment | (295) | (357) | Tax Equivalent Adjustment | (278) | (350) | ||||||||||||||||||||||||||||||||||
Net interest income per consolidated financial statements | Net interest income per consolidated financial statements | $ | 51,896 | $ | 58,262 | Net interest income per consolidated financial statements | $ | 51,013 | $ | 58,111 |
Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited) | Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited) | Average Consolidated Statements of Condition and Net Interest Analysis (Unaudited) | ||||||||||||||||||||||||||||||||||||||
Year to Date Period Ended | Year to Date Period Ended | |||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||
Average | Average | Average | Average | |||||||||||||||||||||||||||||||||||||
Balance | Average | Balance | Average | Balance | Average | Balance | Average | |||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | (Dollar amounts in thousands) | (YTD) | Interest | Yield/Rate | (YTD) | Interest | Yield/Rate | (Dollar amounts in thousands) | (YTD) | Interest | Yield/Rate | (YTD) | Interest | Yield/Rate | ||||||||||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||||||||||||||||||||
Interest-earning assets | Interest-earning assets | Interest-earning assets | ||||||||||||||||||||||||||||||||||||||
Interest-bearing balances due from banks | Interest-bearing balances due from banks | $ | 13,161 | $ | 322 | 4.93 | % | $ | 110,984 | $ | 105 | 0.19 | % | Interest-bearing balances due from banks | $ | 12,630 | $ | 447 | 4.73 | % | $ | 94,988 | $ | 190 | 0.27 | % | ||||||||||||||
Securities (1) | Securities (1) | Securities (1) | ||||||||||||||||||||||||||||||||||||||
U.S. Government securities | U.S. Government securities | 2,002,846 | 14,728 | 1.48 | % | 2,299,389 | 15,108 | 1.32 | % | U.S. Government securities | 1,965,039 | 22,022 | 1.50 | % | 2,291,635 | 22,960 | 1.34 | % | ||||||||||||||||||||||
State and municipal (2) | State and municipal (2) | 92,695 | 1,188 | 2.58 | % | 99,602 | 1,267 | 2.57 | % | State and municipal (2) | 91,858 | 1,764 | 2.57 | % | 98,262 | 1,882 | 2.56 | % | ||||||||||||||||||||||
Other securities (2) | Other securities (2) | 3,286 | 110 | 6.70 | % | 3,363 | 51 | 3.06 | % | Other securities (2) | 3,281 | 169 | 6.87 | % | 3,349 | 88 | 3.52 | % | ||||||||||||||||||||||
Total securities | Total securities | 2,098,827 | 16,026 | 1.54 | % | 2,402,354 | 16,426 | 1.38 | % | Total securities | 2,060,178 | 23,955 | 1.55 | % | 2,393,247 | 24,930 | 1.39 | % | ||||||||||||||||||||||
FHLBNY and FRB stock | FHLBNY and FRB stock | 19,998 | 623 | 6.29 | % | 11,172 | 225 | 4.06 | % | FHLBNY and FRB stock | 21,519 | 1,113 | 6.93 | % | 12,481 | 391 | 4.19 | % | ||||||||||||||||||||||
Total loans and leases, net of unearned income (2)(3) | Total loans and leases, net of unearned income (2)(3) | 5,278,145 | 124,744 | 4.77 | % | 5,085,808 | 104,088 | 4.13 | % | Total loans and leases, net of unearned income (2)(3) | 5,314,221 | 191,946 | 4.83 | % | 5,119,309 | 159,353 | 4.16 | % | ||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 7,410,131 | 141,715 | 3.86 | % | 7,610,318 | 120,844 | 3.20 | % | Total interest-earning assets | 7,408,548 | 217,461 | 3.92 | % | 7,620,025 | 184,864 | 3.24 | % | ||||||||||||||||||||||
Other assets | Other assets | 224,671 | 259,809 | Other assets | 224,594 | 244,615 | ||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 7,634,802 | $ | 7,870,127 | Total assets | $ | 7,633,142 | $ | 7,864,640 | ||||||||||||||||||||||||||||||
LIABILITIES & EQUITY | LIABILITIES & EQUITY | LIABILITIES & EQUITY | ||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | Deposits | ||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | Interest-bearing deposits | ||||||||||||||||||||||||||||||||||||||
Interest bearing checking, savings, & money market | Interest bearing checking, savings, & money market | 3,767,032 | 19,230 | 1.03 | % | 4,116,870 | 1,638 | 0.08 | % | Interest bearing checking, savings, & money market | 3,715,931 | 31,905 | 1.15 | % | 4,070,607 | 4,502 | 0.15 | % | ||||||||||||||||||||||
Time deposits | Time deposits | 710,119 | 8,596 | 2.44 | % | 617,616 | 2,455 | 0.80 | % | Time deposits | 749,198 | 15,428 | 2.75 | % | 610,432 | 3,785 | 0.83 | % | ||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 4,477,151 | 27,826 | 1.25 | % | 4,734,486 | 4,093 | 0.17 | % | Total interest-bearing deposits | 4,465,129 | 47,333 | 1.42 | % | 4,681,039 | 8,287 | 0.24 | % | ||||||||||||||||||||||
Federal funds purchased & securities sold under agreements to repurchase | Federal funds purchased & securities sold under agreements to repurchase | 56,799 | 29 | 0.10 | % | 59,536 | 31 | 0.11 | % | Federal funds purchased & securities sold under agreements to repurchase | 57,077 | 44 | 0.10 | % | 57,606 | 45 | 0.10 | % | ||||||||||||||||||||||
Other borrowings | Other borrowings | 325,052 | 7,111 | 4.41 | % | 147,466 | 1,129 | 1.54 | % | Other borrowings | 351,600 | 12,041 | 4.58 | % | 176,007 | 2,480 | 1.88 | % | ||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 4,859,002 | 34,966 | 1.45 | % | 4,941,488 | 5,253 | 0.21 | % | Total interest-bearing liabilities | 4,873,806 | 59,418 | 1.63 | % | 4,914,652 | 10,812 | 0.29 | % | ||||||||||||||||||||||
Noninterest bearing deposits | Noninterest bearing deposits | 2,034,961 | 2,149,201 | Noninterest bearing deposits | 2,019,917 | 2,183,258 | ||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities | Accrued expenses and other liabilities | 99,905 | 103,451 | Accrued expenses and other liabilities | 100,491 | 104,445 | ||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 6,993,868 | 7,194,140 | Total liabilities | 6,994,214 | 7,202,356 | ||||||||||||||||||||||||||||||||||
Tompkins Financial Corporation Shareholders’ equity | Tompkins Financial Corporation Shareholders’ equity | 639,494 | 674,545 | Tompkins Financial Corporation Shareholders’ equity | 637,472 | 660,826 | ||||||||||||||||||||||||||||||||||
Noncontrolling interest | Noncontrolling interest | 1,440 | 1,442 | Noncontrolling interest | 1,456 | 1,458 | ||||||||||||||||||||||||||||||||||
Total equity | Total equity | 640,934 | 675,987 | Total equity | 638,928 | 662,284 | ||||||||||||||||||||||||||||||||||
Total liabilities and equity | Total liabilities and equity | $ | 7,634,802 | $ | 7,870,127 | Total liabilities and equity | $ | 7,633,142 | $ | 7,864,640 | ||||||||||||||||||||||||||||||
Interest rate spread | Interest rate spread | 2.41 | % | 2.99 | % | Interest rate spread | 2.29 | % | 2.95 | % | ||||||||||||||||||||||||||||||
Net interest income/margin on earning assets | Net interest income/margin on earning assets | 106,749 | 2.90 | % | 115,591 | 3.06 | % | Net interest income/margin on earning assets | 158,043 | 2.85 | % | 174,052 | 3.05 | % | ||||||||||||||||||||||||||
Tax Equivalent Adjustment | Tax Equivalent Adjustment | (607) | (715) | Tax Equivalent Adjustment | (888) | (1,065) | ||||||||||||||||||||||||||||||||||
Net interest income per consolidated financial statements | Net interest income per consolidated financial statements | $ | 106,142 | $ | 114,876 | Net interest income per consolidated financial statements | $ | 157,155 | $ | 172,987 |
Available-for-Sale Debt Securities | ||||||||||||||
June 30, 2023 | December 31, 2022 | |||||||||||||
(In thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||
U.S. Treasuries | $ | 190,275 | $ | 168,094 | $ | 190,170 | $ | 167,251 | ||||||
Obligations of U.S. Government sponsored entities | 592,694 | 523,543 | 681,192 | 601,167 | ||||||||||
Obligations of U.S. states and political subdivisions | 90,330 | 82,047 | 93,599 | 85,281 | ||||||||||
Mortgage-backed securities - residential, issued by | ||||||||||||||
U.S. Government agencies | 54,852 | 48,942 | 58,727 | 52,668 | ||||||||||
U.S. Government sponsored entities | 757,400 | 643,135 | 805,603 | 686,222 | ||||||||||
U.S. corporate debt securities | 2,500 | 2,242 | 2,500 | 2,378 | ||||||||||
Total available-for-sale debt securities | $ | 1,688,051 | $ | 1,468,003 | $ | 1,831,791 | $ | 1,594,967 |
Available-for-Sale Debt Securities | ||||||||||||||
September 30, 2023 | December 31, 2022 | |||||||||||||
(In thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||
U.S. Treasuries | $ | 114,220 | $ | 107,294 | $ | 190,170 | $ | 167,251 | ||||||
Obligations of U.S. Government sponsored entities | 491,968 | 459,941 | 681,192 | 601,167 | ||||||||||
Obligations of U.S. states and political subdivisions | 90,154 | 77,237 | 93,599 | 85,281 | ||||||||||
Mortgage-backed securities - residential, issued by | ||||||||||||||
U.S. Government agencies | 52,263 | 45,399 | 58,727 | 52,668 | ||||||||||
U.S. Government sponsored entities | 831,970 | 696,309 | 805,603 | 686,222 | ||||||||||
U.S. corporate debt securities | 2,500 | 2,330 | 2,500 | 2,378 | ||||||||||
Total available-for-sale debt securities | $ | 1,583,075 | $ | 1,388,510 | $ | 1,831,791 | $ | 1,594,967 |
Held-to-Maturity Debt Securities | Held-to-Maturity Debt Securities | Held-to-Maturity Debt Securities | ||||||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
(In thousands) | (In thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | (In thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||
U.S. Treasuries | U.S. Treasuries | $ | 86,370 | $ | 73,772 | $ | 86,478 | $ | 73,541 | U.S. Treasuries | $ | 86,318 | $ | 71,551 | $ | 86,478 | $ | 73,541 | ||||||||||
Obligations of U.S. Government sponsored entities | Obligations of U.S. Government sponsored entities | 225,999 | 188,672 | 225,866 | 188,151 | Obligations of U.S. Government sponsored entities | 226,067 | 181,427 | 225,866 | 188,151 | ||||||||||||||||||
Total held-to-maturity debt securities | Total held-to-maturity debt securities | $ | 312,369 | $ | 262,444 | $ | 312,344 | $ | 261,692 | Total held-to-maturity debt securities | $ | 312,385 | $ | 252,978 | $ | 312,344 | $ | 261,692 |
Loans and Leases | ||||||||
Loans and leases as of the end of the second quarter and prior year-end period were as follows: | ||||||||
(In thousands) | 06/30/2023 | 12/31/2022 | ||||||
Commercial and industrial | ||||||||
Agriculture | $ | 64,815 | $ | 85,073 | ||||
Commercial and industrial other | 701,006 | 705,700 | ||||||
PPP loans | 613 | 756 | ||||||
Subtotal commercial and industrial | 766,434 | 791,529 | ||||||
Commercial real estate | ||||||||
Construction | 249,847 | 201,116 | ||||||
Agriculture | 215,915 | 214,963 | ||||||
Commercial real estate other | 2,487,067 | 2,437,339 | ||||||
Subtotal commercial real estate | 2,952,829 | 2,853,418 | ||||||
Residential real estate | ||||||||
Home equity | 185,529 | 188,623 | ||||||
Mortgages | 1,348,448 | 1,346,318 | ||||||
Subtotal residential real estate | 1,533,977 | 1,534,941 | ||||||
Consumer and other | ||||||||
Indirect | 1,419 | 2,224 | ||||||
Consumer and other | 85,794 | 75,412 | ||||||
Subtotal consumer and other | 87,213 | 77,636 | ||||||
Leases | 16,972 | 16,134 | ||||||
Total loans and leases | 5,357,425 | 5,273,658 | ||||||
Less: unearned income and deferred costs and fees | (5,060) | (4,747) | ||||||
Total loans and leases, net of unearned income and deferred costs and fees | $ | 5,352,365 | $ | 5,268,911 |
Loans and Leases | ||||||||
Loans and leases as of the end of the third quarter and prior year-end period were as follows: | ||||||||
(In thousands) | 9/30/2023 | 12/31/2022 | ||||||
Commercial and industrial | ||||||||
Agriculture | $ | 77,720 | $ | 85,073 | ||||
Commercial and industrial other | 695,445 | 705,700 | ||||||
PPP loans* | 488 | 756 | ||||||
Subtotal commercial and industrial | 773,653 | 791,529 | ||||||
Commercial real estate | ||||||||
Construction | 270,961 | 201,116 | ||||||
Agriculture | 218,144 | 214,963 | ||||||
Commercial real estate other | 2,507,164 | 2,437,339 | ||||||
Subtotal commercial real estate | 2,996,269 | 2,853,418 | ||||||
Residential real estate | ||||||||
Home equity | 187,387 | 188,623 | ||||||
Mortgages | 1,368,292 | 1,346,318 | ||||||
Subtotal residential real estate | 1,555,679 | 1,534,941 | ||||||
Consumer and other | ||||||||
Indirect | 1,090 | 2,224 | ||||||
Consumer and other | 97,165 | 75,412 | ||||||
Subtotal consumer and other | 98,255 | 77,636 | ||||||
Leases | 15,818 | 16,134 | ||||||
Total loans and leases | 5,439,674 | 5,273,658 | ||||||
Less: unearned income and deferred costs and fees | (4,814) | (4,747) | ||||||
Total loans and leases, net of unearned income and deferred costs and fees | $ | 5,434,860 | $ | 5,268,911 | ||||
*SBA Paycheck Protection Program ("PPP") |
06/30/2023 | 12/31/2022 | 9/30/2023 | 12/31/2022 | |||||||||||||||||||||||||
CRE Concentration | CRE Concentration | Balance | % CRE | Balance | % CRE | CRE Concentration | Balance | % CRE | Balance | % CRE | ||||||||||||||||||
Construction | Construction | $ | 249,847 | 8.46 | % | $ | 201,031 | 7.05 | % | Construction | $ | 270,961 | 9.04 | % | $ | 201,031 | 7.05 | % | ||||||||||
Multi-family/Single family real estate | Multi-family/Single family real estate | 629,305 | 21.31 | % | 587,467 | 20.59 | % | Multi-family/Single family real estate | 605,050 | 20.19 | % | 587,467 | 20.59 | % | ||||||||||||||
Agriculture | Agriculture | 221,303 | 7.49 | % | 211,231 | 7.40 | % | Agriculture | 218,144 | 7.28 | % | 214,963 | 7.53 | % | ||||||||||||||
Retail1 | Retail1 | 428,556 | 14.51 | % | 434,998 | 15.25 | % | Retail1 | 421,014 | 14.05 | % | 434,998 | 15.25 | % | ||||||||||||||
Hotels/motels | Hotels/motels | 159,603 | 5.41 | % | 144,710 | 5.07 | % | Hotels/motels | 169,103 | 5.64 | % | 144,710 | 5.07 | % | ||||||||||||||
Office space2 | Office space2 | 257,101 | 8.71 | % | 236,281 | 8.28 | % | Office space2 | 236,748 | 7.90 | % | 236,281 | 8.28 | % | ||||||||||||||
Mixed/Other | Mixed/Other | 1,007,113 | 34.11 | % | 1,037,614 | 36.36 | % | Mixed/Other | 1,075,249 | 35.89 | % | 1,033,881 | 36.23 | % | ||||||||||||||
Total CRE | Total CRE | $ | 2,952,828 | 100.00 | % | $ | 2,853,332 | 100.00 | % | Total CRE | $ | 2,996,269 | 100.00 | % | $ | 2,853,331 | 100.00 | % | ||||||||||
1Reatail includes 3.1% and 3.2% of owner occupied real estate at June 30, 2023 and December 31, 2022. | ||||||||||||||||||||||||||||
2Office space includes 1.5% of owner occupied real estate at both June 30, 2023 and December 31, 2022. | ||||||||||||||||||||||||||||
1Retail includes 3.0% and 3.2% of owner occupied real estate at September 30, 2023 and December 31, 2022. | 1Retail includes 3.0% and 3.2% of owner occupied real estate at September 30, 2023 and December 31, 2022. | |||||||||||||||||||||||||||
2Office space includes 1.4% and 1.5% of owner occupied real estate at September 30, 2023 and December 31, 2022. | 2Office space includes 1.4% and 1.5% of owner occupied real estate at September 30, 2023 and December 31, 2022. |
(In thousands) | (In thousands) | 6/30/2023 | 12/31/2022 | (In thousands) | 9/30/2023 | 12/31/2022 | ||||||||||
Allowance for credit losses | Allowance for credit losses | Allowance for credit losses | ||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 6,685 | $ | 6,039 | Commercial and industrial | $ | 6,452 | $ | 6,039 | ||||||
Commercial real estate | Commercial real estate | 28,968 | 27,287 | Commercial real estate | 29,335 | 27,287 | ||||||||||
Residential real estate | Residential real estate | 11,111 | 11,154 | Residential real estate | 11,906 | 11,154 | ||||||||||
Consumer and other | Consumer and other | 1,680 | 1,358 | Consumer and other | 1,560 | 1,358 | ||||||||||
Finance leases | Finance leases | 101 | 96 | Finance leases | 83 | 96 | ||||||||||
Total | Total | $ | 48,545 | $ | 45,934 | Total | $ | 49,336 | $ | 45,934 |
Analysis of the Allowance for Credit Losses | Analysis of the Allowance for Credit Losses | Analysis of the Allowance for Credit Losses | ||||||||||||||
(In thousands) | (In thousands) | 6/30/2023 | 6/30/2022 | (In thousands) | 9/30/2023 | 9/30/2022 | ||||||||||
Average loans outstanding during period | Average loans outstanding during period | $ | 5,278,145 | $ | 5,085,808 | Average loans outstanding during period | $ | 5,314,221 | $ | 5,119,309 | ||||||
Allowance at beginning of year, prior to adoption of ASU 2016-13 | Allowance at beginning of year, prior to adoption of ASU 2016-13 | 45,934 | 42,843 | Allowance at beginning of year, prior to adoption of ASU 2016-13 | 45,934 | 42,843 | ||||||||||
Impact of adopting ASU 2016-13 | Impact of adopting ASU 2016-13 | 64 | 0 | Impact of adopting ASU 2016-13 | 64 | 0 | ||||||||||
Balance of allowance at beginning of year | Balance of allowance at beginning of year | 45,998 | 42,843 | Balance of allowance at beginning of year | 45,998 | 42,843 | ||||||||||
LOANS CHARGED-OFF: | LOANS CHARGED-OFF: | LOANS CHARGED-OFF: | ||||||||||||||
Commercial and industrial | Commercial and industrial | 0 | 23 | Commercial and industrial | 0 | 366 | ||||||||||
Commercial real estate | Commercial real estate | 0 | 50 | Commercial real estate | 0 | 50 | ||||||||||
Residential real estate | Residential real estate | 2 | 51 | Residential real estate | 2 | 0 | ||||||||||
Consumer and other | Consumer and other | 275 | 278 | Consumer and other | 546 | 410 | ||||||||||
Finance leases | Finance leases | 0 | 0 | Finance leases | 0 | 0 | ||||||||||
Total loans charged-off | Total loans charged-off | $ | 277 | $ | 402 | Total loans charged-off | $ | 548 | $ | 826 | ||||||
RECOVERIES OF LOANS PREVIOUSLY CHARGED-OFF: | RECOVERIES OF LOANS PREVIOUSLY CHARGED-OFF: | RECOVERIES OF LOANS PREVIOUSLY CHARGED-OFF: | ||||||||||||||
Commercial and industrial | Commercial and industrial | 59 | 26 | Commercial and industrial | 67 | 132 | ||||||||||
Commercial real estate | Commercial real estate | 1,237 | 805 | Commercial real estate | 1,238 | 910 | ||||||||||
Residential real estate | Residential real estate | 178 | 307 | Residential real estate | 182 | 315 | ||||||||||
Consumer and other | Consumer and other | 111 | 168 | Consumer and other | 192 | 251 | ||||||||||
Total loans recovered | Total loans recovered | $ | 1,585 | $ | 1,306 | Total loans recovered | $ | 1,679 | $ | 1,608 | ||||||
Net loans recovered | Net loans recovered | (1,308) | (904) | Net loans recovered | (1,131) | (782) | ||||||||||
Provision for credit losses related to loans | Provision for credit losses related to loans | 1,239 | 46 | Provision for credit losses related to loans | 2,207 | 1,147 | ||||||||||
Balance of allowance at end of period | Balance of allowance at end of period | $ | 48,545 | $ | 43,793 | Balance of allowance at end of period | $ | 49,336 | $ | 44,772 | ||||||
Allowance for credit losses as a percentage of total loans and leases | Allowance for credit losses as a percentage of total loans and leases | 0.91 | % | 0.85 | % | Allowance for credit losses as a percentage of total loans and leases | 0.91 | % | 0.86 | % | ||||||
Annualized net (recoveries) charge-offs on loans to average total loans and leases during the period | Annualized net (recoveries) charge-offs on loans to average total loans and leases during the period | (0.05) | % | (0.04) | % | Annualized net (recoveries) charge-offs on loans to average total loans and leases during the period | (0.03) | % | (0.02) | % |
Analysis of Past Due and Nonperforming Loans | Analysis of Past Due and Nonperforming Loans | Analysis of Past Due and Nonperforming Loans | ||||||||||||||||||||
(In thousands) | (In thousands) | 6/30/2023 | 12/31/2022 | 6/30/2022 | (In thousands) | 9/30/2023 | 12/31/2022 | 9/30/2022 | ||||||||||||||
Loans 90 days past due and accruing | Loans 90 days past due and accruing | Loans 90 days past due and accruing | ||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 0 | $ | 25 | $ | 62 | Commercial and industrial | $ | 0 | $ | 25 | $ | 0 | ||||||||
Commercial real estate | Commercial real estate | 0 | 0 | 161 | ||||||||||||||||||
Residential real estate | Residential real estate | 7 | 0 | 0 | Residential real estate | 1 | 0 | 0 | ||||||||||||||
Consumer and other | Consumer and other | 27 | 0 | 0 | Consumer and other | 51 | 0 | 0 | ||||||||||||||
Total loans 90 days past due and accruing | Total loans 90 days past due and accruing | $ | 34 | $ | 25 | $ | 62 | Total loans 90 days past due and accruing | $ | 52 | $ | 25 | $ | 161 | ||||||||
Nonaccrual loans | Nonaccrual loans | Nonaccrual loans | ||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 3,146 | $ | 618 | $ | 293 | Commercial and industrial | $ | 3,163 | $ | 618 | $ | 803 | ||||||||
Commercial real estate | Commercial real estate | 11,655 | 13,858 | 12,545 | Commercial real estate | 10,934 | 13,858 | 15,901 | ||||||||||||||
Residential real estate | Residential real estate | 16,209 | 13,544 | 11,536 | Residential real estate | 16,924 | 13,544 | 13,041 | ||||||||||||||
Consumer and other | Consumer and other | 323 | 269 | 291 | Consumer and other | 360 | 269 | 268 | ||||||||||||||
Total nonaccrual loans | Total nonaccrual loans | $ | 31,333 | $ | 28,289 | $ | 24,665 | Total nonaccrual loans | $ | 31,381 | $ | 28,289 | $ | 30,013 | ||||||||
Performing troubled debt restructuring* | Performing troubled debt restructuring* | 0 | 4,530 | 4,872 | Performing troubled debt restructuring* | 0 | 4,530 | 4,730 | ||||||||||||||
Total nonperforming loans and leases | Total nonperforming loans and leases | $ | 31,367 | $ | 32,844 | $ | 29,599 | Total nonperforming loans and leases | $ | 31,433 | $ | 32,844 | $ | 34,904 | ||||||||
Other real estate owned | Other real estate owned | 36 | 152 | 122 | Other real estate owned | 0 | 152 | 335 | ||||||||||||||
Total nonperforming assets | Total nonperforming assets | $ | 31,403 | $ | 32,996 | $ | 29,721 | Total nonperforming assets | $ | 31,433 | $ | 32,996 | $ | 35,239 | ||||||||
Allowance as a percentage of nonperforming loans and leases | Allowance as a percentage of nonperforming loans and leases | 154.76 | % | 139.86 | % | 147.95 | % | Allowance as a percentage of nonperforming loans and leases | 156.96 | % | 139.86 | % | 128.27 | % | ||||||||
Total nonperforming loans and leases as percentage of total loans and leases | Total nonperforming loans and leases as percentage of total loans and leases | 0.59 | % | 0.62 | % | 0.57 | % | Total nonperforming loans and leases as percentage of total loans and leases | 0.58 | % | 0.62 | % | 0.67 | % | ||||||||
Total nonperforming assets as percentage of total assets | Total nonperforming assets as percentage of total assets | 0.41 | % | 0.43 | % | 0.38 | % | Total nonperforming assets as percentage of total assets | 0.41 | % | 0.43 | % | 0.45 | % | ||||||||
*No amount shown for periods subsequent to the Company's adoption of ASU 2022-02 effective January 1, 2023. | *No amount shown for periods subsequent to the Company's adoption of ASU 2022-02 effective January 1, 2023. | *No amount shown for periods subsequent to the Company's adoption of ASU 2022-02 effective January 1, 2023. |
Regulatory Capital Analysis | Regulatory Capital Analysis | Regulatory Capital Analysis | ||||||||||||||||||||||||||||||||||||||
June 30, 2023 | Actual | Minimum Capital Required - Basel III Fully Phased-In | Well Capitalized Requirement | |||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | Actual | Minimum Capital Required - Basel III Fully Phased-In | Well Capitalized Requirement | ||||||||||||||||||||||||||||||||||||
(dollar amounts in thousands) | (dollar amounts in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | (dollar amounts in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||
Total Capital (to risk weighted assets) | Total Capital (to risk weighted assets) | $ | 789,322 | 14.48 | % | $ | 572,407 | 10.50 | % | $ | 545,149 | 10.00 | % | Total Capital (to risk weighted assets) | $ | 746,803 | 13.46 | % | $ | 582,494 | 10.50 | % | $ | 554,757 | 10.00 | % | ||||||||||||||
Tier 1 Capital (to risk weighted assets) | Tier 1 Capital (to risk weighted assets) | $ | 736,317 | 13.51 | % | $ | 463,377 | 8.50 | % | $ | 436,119 | 8.00 | % | Tier 1 Capital (to risk weighted assets) | $ | 692,794 | 12.49 | % | $ | 471,543 | 8.50 | % | $ | 443,805 | 8.00 | % | ||||||||||||||
Tier 1 Common Equity (to risk weighted assets) | Tier 1 Common Equity (to risk weighted assets) | $ | 736,317 | 13.51 | % | $ | 381,604 | 7.00 | % | $ | 354,347 | 6.50 | % | Tier 1 Common Equity (to risk weighted assets) | $ | 692,794 | 12.49 | % | $ | 388,330 | 7.00 | % | $ | 360,592 | 6.50 | % | ||||||||||||||
Tier 1 Capital (to average assets) | Tier 1 Capital (to average assets) | $ | 736,317 | 9.57 | % | $ | 307,613 | 4.00 | % | $ | 384,517 | 5.00 | % | Tier 1 Capital (to average assets) | $ | 692,794 | 9.01 | % | $ | 307,734 | 4.00 | % | $ | 384,667 | 5.00 | % |
Adjusted Net Income/Adjusted Basic and Diluted Earnings Per Share (Non-GAAP) to Net Income | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
(In thousands, except per share data) | 9/30/2023 | 9/30/2022 | 9/30/2023 | 9/30/2022 | ||||||||||
Net income | ||||||||||||||
Net (loss) income (GAAP) | $ | (33,354) | $ | 21,340 | $ | (5,498) | $ | 65,482 | ||||||
Loss on sale of investment securities | 62,967 | 95 | 70,019 | 179 | ||||||||||
Tax effect of loss on sale of investment securities | 15,427 | 23 | 17,155 | 44 | ||||||||||
Adjusted net income (non-GAAP) | 14,186 | 21,412 | 47,366 | 65,617 | ||||||||||
Basic (loss) earnings per share | ||||||||||||||
Net income (GAAP) | $ | (33,354) | $ | 21,340 | $ | (5,498) | $ | 65,482 | ||||||
Adjusted net income (non-GAAP) | 14,186 | 21,412 | 47,366 | 65,617 | ||||||||||
Income attributable to unvested stock based compensation awards | (8) | (66) | (34) | (209) | ||||||||||
Weighted average basic shares | 14,185,763 | 14,289,022 | 14,274,929 | 14,335,034 | ||||||||||
Basic (loss) earnings per share | $ | (2.35) | $ | 1.49 | $ | (0.39) | $ | 4.55 | ||||||
Adjusted basic (loss) earnings per share (non-GAAP) | 1.00 | 1.49 | 3.32 | 4.56 | ||||||||||
Diluted (loss) earnings per share | ||||||||||||||
Net income (GAAP) | $ | (33,354) | $ | 21,340 | $ | (5,498) | $ | 65,482 | ||||||
Adjusted net income (non-GAAP) | 14,186 | 21,412 | 47,366 | 65,617 | ||||||||||
Income attributable to unvested stock based compensation awards | (8) | (66) | (34) | (209) | ||||||||||
Weighted average diluted shares | 14,224,748 | 14,367,149 | 14,319,835 | 14,410,532 | ||||||||||
Diluted (loss) earnings per share | $ | (2.35) | $ | 1.48 | $ | (0.39) | $ | 4.53 | ||||||
Adjusted diluted (loss) earnings per share (non-GAAP) | 1.00 | 1.49 | 3.31 | 4.54 | ||||||||||
Return on average assets | ||||||||||||||
Net income (GAAP) | $ | (33,354) | $ | 21,340 | $ | (5,498) | $ | 65,482 | ||||||
Adjusted net income (non-GAAP) | 14,186 | 21,412 | 47,366 | 65,617 | ||||||||||
Average total assets | 7,629,876 | 7,853,847 | 7,633,142 | 7,864,640 | ||||||||||
Return on average assets | (1.73) | % | 1.08 | % | (0.10) | % | 1.11 | % | ||||||
Adjusted return on average assets (non-GAAP) | 0.74 | % | 1.08 | % | 0.83 | % | 1.12 | % | ||||||
Return on average equity | ||||||||||||||
Net income (GAAP) | $ | (33,354) | $ | 21,340 | $ | (5,498) | $ | 65,482 | ||||||
Adjusted net income (non-GAAP) | 14,186 | 21,412 | 47,366 | 65,617 | ||||||||||
Average total equity | 634,980 | 635,324 | 638,928 | 662,284 | ||||||||||
Return on average equity | (20.84) | % | 13.33 | % | (1.15) | % | 13.22 | % | ||||||
Adjusted return on average equity (non-GAAP) | 8.86 | % | 13.37 | % | 9.91 | % | 13.25 | % |
Condensed Static Gap - June 30, 2023 | Repricing Interval | |||||||||||||||||||||||||||||||||
Condensed Static Gap - September 30, 2023 | Condensed Static Gap - September 30, 2023 | Repricing Interval | ||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Total | 0-3 months | 3-6 months | 6-12 months | Cumulative 12 months | (In thousands) | Total | 0-3 months | 3-6 months | 6-12 months | Cumulative 12 months | ||||||||||||||||||||||
Interest-earning assets1 | Interest-earning assets1 | $ | 7,392,909 | $ | 1,104,481 | $ | 301,120 | $ | 555,824 | $ | 1,961,425 | Interest-earning assets1 | $ | 7,415,891 | $ | 1,067,647 | $ | 299,572 | $ | 663,611 | $ | 2,030,830 | ||||||||||||
Interest-bearing liabilities | Interest-bearing liabilities | 4,867,398 | 2,259,284 | 129,591 | 300,982 | 2,689,857 | Interest-bearing liabilities | 5,013,322 | 2,108,776 | 297,932 | 295,325 | 2,702,033 | ||||||||||||||||||||||
Net gap position | Net gap position | $ | (1,154,803) | $ | 171,529 | $ | 254,842 | $ | (728,432) | Net gap position | $ | (1,041,129) | $ | 1,640 | $ | 368,286 | $ | (671,203) | ||||||||||||||||
Net gap position as a percentage of total assets | Net gap position as a percentage of total assets | (15.14) | % | 2.25 | % | 3.34 | % | (9.55) | % | Net gap position as a percentage of total assets | (13.54) | % | 0.02 | % | 4.79 | % | (8.73) | % |
Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||||
(a) | (b) | (c) | (d) | |||||||||||
April 1, 2023 through April 30, 2023 | 2,449 | $ | 63.65 | 0 | 169,818 | |||||||||
May 1, 2023 through May 31, 2023 | 3,191 | 55.18 | 0 | 169,818 | ||||||||||
June 1, 2023 through June 30, 2023 | 108,499 | 58.35 | 108,219 | 61,599 | ||||||||||
Total | 114,139 | $ | 58.38 | 108,219 | 61,599 |
Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||||
(a) | (b) | (c) | (d) | |||||||||||
July 1, 2023 through July 31, 2023 | 46,435 | $ | 55.70 | 41,781 | 19,818 | |||||||||
August 1, 2023 through August 31, 2023 | 2,733 | 56.31 | 0 | 400,000 | ||||||||||
September 1, 2023 through September 30, 2023 | 10 | 50.54 | 0 | 400,000 | ||||||||||
Total | 49,178 | $ | 55.74 | 41,781 | 400,000 |
Exhibit Number | Description | ||||
3.1 | |||||
3.2 | |||||
10.2#* | |||||
10.3#* | |||||
10.4#* | |||||
31.1# | |||||
31.2# | |||||
32.1# | |||||
32.2# | |||||
101 INS** | 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 - the cover page interactive data file does not appear in the interactive date file because its XBRL tags are embedded with the inline XBRL document. | ||||
#Indicates Filed Herewith | |||||
*Indicates Management Contract | |||||
** Attached as Exhibit 101 to this report are the following formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Condition as of |
By: | /s/ Stephen S. Romaine | |||||||
Stephen S. Romaine | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
By: | /s/ | |||||||
Executive Vice President, Chief Financial Officer, and | ||||||||
(Principal Financial | ||||||||