Washington | 91-1857900 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
201 Fifth Avenue SW, | Olympia | WA | 98501 | |||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbol | Name of each exchange on which registered | ||||||
Common stock, no par value | HFWA | NASDAQ |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
Page | |||||||||||
PART I. | |||||||||||
ITEM 1. | |||||||||||
NOTE 1. | |||||||||||
NOTE 2. | |||||||||||
NOTE 3. | |||||||||||
NOTE 4. | |||||||||||
NOTE 5. | |||||||||||
NOTE 6. | |||||||||||
NOTE 7. | |||||||||||
NOTE 8. | |||||||||||
NOTE 9. | |||||||||||
NOTE 10. | |||||||||||
ITEM 2. | |||||||||||
ITEM 3. | |||||||||||
ITEM 4. |
PART II. | OTHER INFORMATION | ||||||||||
ITEM 1. | |||||||||||
ITEM 1A. | |||||||||||
ITEM 2. | |||||||||||
ITEM 3. | |||||||||||
ITEM 4. | |||||||||||
ITEM 5. | |||||||||||
ITEM 6. | |||||||||||
2021 Annual Form 10-K | Company's Annual Report on Form 10-K for the year ended December 31, 2021 | ||||
ACL | Allowance for credit losses | ||||
AOCI | Accumulated other comprehensive income (loss), net | ||||
ASU | Accounting Standards Update | ||||
Bank | Heritage Bank | ||||
CECL | Current Expected Credit Loss | ||||
CMO | Collateralized Mortgage Obligation | ||||
Company | Heritage Financial Corporation | ||||
COVID-19 Pandemic | Coronavirus Disease of 2019 pandemic | ||||
CRE | Commercial real estate | ||||
FASB | Financial Accounting Standards Board | ||||
FDIC | Federal Deposit Insurance Corporation | ||||
Federal Reserve | Board of Governors of the Federal Reserve System | ||||
Federal Reserve Bank | Federal Reserve Bank of San Francisco | ||||
GAAP | U.S. Generally Accepted Accounting Principles | ||||
LIBOR | London Interbank Offering Rate | ||||
LIHTC | Low-Income Housing Tax Credit | ||||
MBS | Mortgage-backed security | ||||
PPP | Paycheck Protection Program | ||||
SBA | Small Business Administration | ||||
SEC | Securities and Exchange Commission | ||||
SM | Special Mention | ||||
SS | Substandard | ||||
TDR | Troubled debt restructured |
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||
Cash on hand and in banks | Cash on hand and in banks | $ | 93,675 | $ | 61,377 | Cash on hand and in banks | $ | 100,428 | $ | 61,377 | ||||||||||||
Interest earning deposits | Interest earning deposits | 900,380 | 1,661,915 | Interest earning deposits | 306,896 | 1,661,915 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 994,055 | 1,723,292 | Cash and cash equivalents | 407,324 | 1,723,292 | ||||||||||||||||
Investment securities available for sale, at fair value, net (amortized cost of $1,267,715 and $883,832, respectively) | 1,187,588 | 894,335 | ||||||||||||||||||||
Investment securities held to maturity, at amortized cost, net (fair value of $559,312 and $376,331, respectively) | 615,653 | 383,393 | ||||||||||||||||||||
Investment securities available for sale, at fair value, net (amortized cost of $1,491,440 and $883,832, respectively) | Investment securities available for sale, at fair value, net (amortized cost of $1,491,440 and $883,832, respectively) | 1,356,142 | 894,335 | |||||||||||||||||||
Investment securities held to maturity, at amortized cost, net (fair value of $677,335 and $376,331, respectively) | Investment securities held to maturity, at amortized cost, net (fair value of $677,335 and $376,331, respectively) | 773,319 | 383,393 | |||||||||||||||||||
Total investment securities | Total investment securities | 1,803,241 | 1,277,728 | Total investment securities | 2,129,461 | 1,277,728 | ||||||||||||||||
Loans held for sale | Loans held for sale | 1,311 | 1,476 | Loans held for sale | — | 1,476 | ||||||||||||||||
Loans receivable | Loans receivable | 3,874,064 | 3,815,662 | Loans receivable | 4,001,295 | 3,815,662 | ||||||||||||||||
Allowance for credit losses on loans | Allowance for credit losses on loans | (39,696) | (42,361) | Allowance for credit losses on loans | (42,089) | (42,361) | ||||||||||||||||
Loans receivable, net | Loans receivable, net | 3,834,368 | 3,773,301 | Loans receivable, net | 3,959,206 | 3,773,301 | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 77,164 | 79,370 | Premises and equipment, net | 76,683 | 79,370 | ||||||||||||||||
Federal Home Loan Bank stock, at cost | Federal Home Loan Bank stock, at cost | 8,916 | 7,933 | Federal Home Loan Bank stock, at cost | 8,916 | 7,933 | ||||||||||||||||
Bank owned life insurance | Bank owned life insurance | 120,646 | 120,196 | Bank owned life insurance | 121,369 | 120,196 | ||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 15,908 | 14,657 | Accrued interest receivable | 17,812 | 14,657 | ||||||||||||||||
Prepaid expenses and other assets | Prepaid expenses and other assets | 211,350 | 183,543 | Prepaid expenses and other assets | 230,704 | 183,543 | ||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 8,569 | 9,977 | Other intangible assets, net | 7,898 | 9,977 | ||||||||||||||||
Goodwill | Goodwill | 240,939 | 240,939 | Goodwill | 240,939 | 240,939 | ||||||||||||||||
Total assets | Total assets | $ | 7,316,467 | $ | 7,432,412 | Total assets | $ | 7,200,312 | $ | 7,432,412 | ||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | LIABILITIES AND STOCKHOLDERS' EQUITY | LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||
Deposits | Deposits | $ | 6,330,190 | $ | 6,394,290 | Deposits | $ | 6,214,964 | $ | 6,394,290 | ||||||||||||
Deposits held for sale | Deposits held for sale | 22,771 | — | |||||||||||||||||||
Total deposits | Total deposits | 6,237,735 | 6,394,290 | |||||||||||||||||||
Federal Home Loan Bank advances | Federal Home Loan Bank advances | — | — | |||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 21,326 | 21,180 | Junior subordinated debentures | 21,399 | 21,180 | ||||||||||||||||
Securities sold under agreement to repurchase | Securities sold under agreement to repurchase | 41,827 | 50,839 | Securities sold under agreement to repurchase | 40,449 | 50,839 | ||||||||||||||||
Accrued expenses and other liabilities | Accrued expenses and other liabilities | 117,758 | 111,671 | Accrued expenses and other liabilities | 124,027 | 111,671 | ||||||||||||||||
Total liabilities | Total liabilities | 6,511,101 | 6,577,980 | Total liabilities | 6,423,610 | 6,577,980 | ||||||||||||||||
Commitments and contingencies (Note 12) | ||||||||||||||||||||||
Commitments and contingencies (Note 10) | Commitments and contingencies (Note 10) | |||||||||||||||||||||
Stockholders’ equity: | Stockholders’ equity: | Stockholders’ equity: | ||||||||||||||||||||
Preferred stock, no par value, 2,500,000 shares authorized; no shares issued and outstanding, respectively | Preferred stock, no par value, 2,500,000 shares authorized; no shares issued and outstanding, respectively | — | — | Preferred stock, no par value, 2,500,000 shares authorized; no shares issued and outstanding, respectively | — | — | ||||||||||||||||
Common stock, no par value, 50,000,000 shares authorized; 35,103,929 and 35,105,779 shares issued and outstanding, respectively | 550,417 | 551,798 | ||||||||||||||||||||
Common stock, no par value, 50,000,000 shares authorized; 35,104,248 and 35,105,779 shares issued and outstanding, respectively | Common stock, no par value, 50,000,000 shares authorized; 35,104,248 and 35,105,779 shares issued and outstanding, respectively | 551,419 | 551,798 | |||||||||||||||||||
Retained earnings | Retained earnings | 316,732 | 293,238 | Retained earnings | 330,284 | 293,238 | ||||||||||||||||
Accumulated other comprehensive (loss) income, net | Accumulated other comprehensive (loss) income, net | (61,783) | 9,396 | Accumulated other comprehensive (loss) income, net | (105,001) | 9,396 | ||||||||||||||||
Total stockholders’ equity | Total stockholders’ equity | 805,366 | 854,432 | Total stockholders’ equity | 776,702 | 854,432 | ||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 7,316,467 | $ | 7,432,412 | Total liabilities and stockholders’ equity | $ | 7,200,312 | $ | 7,432,412 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
INTEREST INCOME: | INTEREST INCOME: | INTEREST INCOME: | ||||||||||||||||||||||||||||||||||||||||||||
Interest and fees on loans | Interest and fees on loans | $ | 40,890 | $ | 50,750 | $ | 81,915 | $ | 100,274 | Interest and fees on loans | $ | 43,847 | $ | 46,863 | $ | 125,762 | $ | 147,137 | ||||||||||||||||||||||||||||
Taxable interest on investment securities | Taxable interest on investment securities | 7,607 | 4,050 | 13,610 | 7,584 | Taxable interest on investment securities | 12,362 | 4,711 | 25,972 | 12,295 | ||||||||||||||||||||||||||||||||||||
Nontaxable interest on investment securities | Nontaxable interest on investment securities | 893 | 947 | 1,753 | 1,905 | Nontaxable interest on investment securities | 892 | 931 | 2,645 | 2,836 | ||||||||||||||||||||||||||||||||||||
Interest on interest earning deposits | Interest on interest earning deposits | 2,342 | 263 | 3,048 | 438 | Interest on interest earning deposits | 4,009 | 537 | 7,057 | 975 | ||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 51,732 | 56,010 | 100,326 | 110,201 | Total interest income | 61,110 | 53,042 | 161,436 | 163,243 | ||||||||||||||||||||||||||||||||||||
INTEREST EXPENSE: | INTEREST EXPENSE: | INTEREST EXPENSE: | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 1,413 | 1,524 | 2,837 | 3,252 | Deposits | 1,478 | 1,444 | 4,315 | 4,696 | ||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 239 | 186 | 433 | 373 | Junior subordinated debentures | 312 | 184 | 745 | 557 | ||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 32 | 35 | 64 | 73 | Other borrowings | 34 | 36 | 98 | 109 | ||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 1,684 | 1,745 | 3,334 | 3,698 | Total interest expense | 1,824 | 1,664 | 5,158 | 5,362 | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 50,048 | 54,265 | 96,992 | 106,503 | Net interest income | 59,286 | 51,378 | 156,278 | 157,881 | ||||||||||||||||||||||||||||||||||||
Reversal of provision for credit losses | (1,204) | (13,987) | (4,781) | (21,186) | ||||||||||||||||||||||||||||||||||||||||||
Net interest income after reversal of provision for credit losses | 51,252 | 68,252 | 101,773 | 127,689 | ||||||||||||||||||||||||||||||||||||||||||
Provision for (reversal of) credit losses | Provision for (reversal of) credit losses | 1,945 | (3,149) | (2,836) | (24,335) | |||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for (reversal of) credit losses | Net interest income after provision for (reversal of) credit losses | 57,341 | 54,527 | 159,114 | 182,216 | |||||||||||||||||||||||||||||||||||||||||
NONINTEREST INCOME: | NONINTEREST INCOME: | NONINTEREST INCOME: | ||||||||||||||||||||||||||||||||||||||||||||
Service charges and other fees | Service charges and other fees | 2,391 | 2,067 | 4,687 | 3,959 | Service charges and other fees | 2,688 | 2,400 | 7,739 | 6,728 | ||||||||||||||||||||||||||||||||||||
Card revenue | Card revenue | 2,332 | 2,338 | 4,773 | 4,435 | Card revenue | 2,365 | 2,150 | 6,774 | 6,216 | ||||||||||||||||||||||||||||||||||||
Gain on sale of investment securities, net | Gain on sale of investment securities, net | — | — | — | 29 | Gain on sale of investment securities, net | — | — | — | 29 | ||||||||||||||||||||||||||||||||||||
Gain on sale of loans, net | Gain on sale of loans, net | 219 | 1,003 | 460 | 2,373 | Gain on sale of loans, net | 133 | 765 | 593 | 3,138 | ||||||||||||||||||||||||||||||||||||
Interest rate swap fees | Interest rate swap fees | 26 | 209 | 305 | 361 | Interest rate swap fees | 78 | 126 | 383 | 487 | ||||||||||||||||||||||||||||||||||||
Bank owned life insurance income | Bank owned life insurance income | 764 | 717 | 2,459 | 1,373 | Bank owned life insurance income | 723 | 647 | 3,182 | 2,020 | ||||||||||||||||||||||||||||||||||||
Gain on sale of other assets, net | Gain on sale of other assets, net | — | 724 | 204 | 746 | Gain on sale of other assets, net | 265 | 942 | 469 | 1,688 | ||||||||||||||||||||||||||||||||||||
Other income | Other income | 1,284 | 1,239 | 2,666 | 3,272 | Other income | 1,201 | 1,198 | 3,867 | 4,470 | ||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 7,016 | 8,297 | 15,554 | 16,548 | Total noninterest income | 7,453 | 8,228 | 23,007 | 24,776 | ||||||||||||||||||||||||||||||||||||
NONINTEREST EXPENSE: | NONINTEREST EXPENSE: | NONINTEREST EXPENSE: | ||||||||||||||||||||||||||||||||||||||||||||
Compensation and employee benefits | Compensation and employee benefits | 21,778 | 21,803 | 43,030 | 44,004 | Compensation and employee benefits | 24,206 | 21,963 | 67,236 | 65,967 | ||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 4,171 | 4,091 | 8,502 | 8,545 | Occupancy and equipment | 4,422 | 4,373 | 12,924 | 12,918 | ||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 4,185 | 3,998 | 8,246 | 7,810 | Data processing | 4,185 | 4,029 | 12,431 | 11,839 | ||||||||||||||||||||||||||||||||||||
Marketing | Marketing | 344 | 567 | 610 | 1,080 | Marketing | 358 | 486 | 968 | 1,566 | ||||||||||||||||||||||||||||||||||||
Professional services | Professional services | 529 | 1,037 | 1,228 | 2,307 | Professional services | 639 | 776 | 1,867 | 3,083 | ||||||||||||||||||||||||||||||||||||
State/municipal business and use taxes | State/municipal business and use taxes | 867 | 991 | 1,663 | 1,963 | State/municipal business and use taxes | 963 | 1,071 | 2,626 | 3,034 | ||||||||||||||||||||||||||||||||||||
Federal deposit insurance premium | Federal deposit insurance premium | 425 | 339 | 1,025 | 928 | Federal deposit insurance premium | 500 | 550 | 1,525 | 1,478 | ||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 704 | 797 | 1,408 | 1,594 | Amortization of intangible assets | 671 | 758 | 2,079 | 2,352 | ||||||||||||||||||||||||||||||||||||
Other expense | Other expense | 2,704 | 2,773 | 5,715 | 5,407 | Other expense | 3,203 | 3,160 | 8,918 | 8,567 | ||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 35,707 | 36,396 | 71,427 | 73,638 | Total noninterest expense | 39,147 | 37,166 | 110,574 | 110,804 | ||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 22,561 | 40,153 | 45,900 | 70,599 | Income before income taxes | 25,647 | 25,589 | 71,547 | 96,188 | ||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 3,977 | 7,451 | 7,559 | 12,553 | Income tax expense | 4,657 | 4,997 | 12,216 | 17,550 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 18,584 | $ | 32,702 | $ | 38,341 | $ | 58,046 | Net income | $ | 20,990 | $ | 20,592 | $ | 59,331 | $ | 78,638 | ||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | $ | 0.53 | $ | 0.91 | $ | 1.09 | $ | 1.61 | Basic earnings per share | $ | 0.60 | $ | 0.58 | $ | 1.69 | $ | 2.19 | ||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 0.52 | $ | 0.90 | $ | 1.08 | $ | 1.60 | Diluted earnings per share | $ | 0.59 | $ | 0.58 | $ | 1.67 | $ | 2.18 | ||||||||||||||||||||||||||||
Dividends declared per share | Dividends declared per share | $ | 0.21 | $ | 0.20 | $ | 0.42 | $ | 0.40 | Dividends declared per share | $ | 0.21 | $ | 0.20 | $ | 0.63 | $ | 0.60 | ||||||||||||||||||||||||||||
Average number of basic shares outstanding | Average number of basic shares outstanding | 35,110,334 | 35,994,740 | 35,102,572 | 35,961,032 | Average number of basic shares outstanding | 35,103,984 | 35,644,192 | 35,103,048 | 35,854,258 | ||||||||||||||||||||||||||||||||||||
Average number of diluted shares outstanding | Average number of diluted shares outstanding | 35,409,524 | 36,289,464 | 35,412,722 | 36,268,861 | Average number of diluted shares outstanding | 35,468,890 | 35,929,518 | 35,438,672 | 36,152,052 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Net Income | Net Income | $ | 18,584 | $ | 32,702 | $ | 38,341 | $ | 58,046 | Net Income | $ | 20,990 | $ | 20,592 | $ | 59,331 | $ | 78,638 | ||||||||||||||||||||||||||||
Change in fair value of investment securities available for sale, net of tax of $(7,638), $722, $(19,751) and $(2,482), respectively | (27,397) | 2,600 | (70,879) | (8,934) | ||||||||||||||||||||||||||||||||||||||||||
Amortization of net unrealized gain for the reclassification of investment securities available for sale to held to maturity, net of tax of $(44), $0, $(83) and $0, respectively | (158) | — | (300) | — | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of investment securities available for sale, net of tax of $(12,027), $(362), $(31,778) and $(2,844), respectively | Change in fair value of investment securities available for sale, net of tax of $(12,027), $(362), $(31,778) and $(2,844), respectively | (43,143) | (1,305) | (114,022) | (10,239) | |||||||||||||||||||||||||||||||||||||||||
Amortization of net unrealized gain for the reclassification of investment securities available for sale to held to maturity, net of tax of $(20), $(6), $(103) and $(6), respectively | Amortization of net unrealized gain for the reclassification of investment securities available for sale to held to maturity, net of tax of $(20), $(6), $(103) and $(6), respectively | (75) | (22) | (375) | (22) | |||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for net gain from sale of investment securities available for sale included in income, net of tax of $0, $0, $0 and $(6), respectively | Reclassification adjustment for net gain from sale of investment securities available for sale included in income, net of tax of $0, $0, $0 and $(6), respectively | — | — | — | (23) | Reclassification adjustment for net gain from sale of investment securities available for sale included in income, net of tax of $0, $0, $0 and $(6), respectively | — | — | — | (23) | ||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | (27,555) | 2,600 | (71,179) | (8,957) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | (43,218) | (1,327) | (114,397) | (10,284) | |||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss) income | Comprehensive (loss) income | $ | (8,971) | $ | 35,302 | $ | (32,838) | $ | 49,089 | Comprehensive (loss) income | $ | (22,228) | $ | 19,265 | $ | (55,066) | $ | 68,354 |
Three Months Ended June 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of common shares | Common stock | Retained earnings | AOCI | Total stockholders’ equity | Number of common shares | Common stock | Retained earnings | AOCI | Total stockholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 35,102,372 | $ | 550,096 | $ | 305,581 | $ | (34,228) | $ | 821,449 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | 35,103,929 | $ | 550,417 | $ | 316,732 | $ | (61,783) | $ | 805,366 | ||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units vested | Restricted stock units vested | 22,737 | — | — | — | — | Restricted stock units vested | 419 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | 843 | — | — | 843 | Stock-based compensation expense | — | 1,004 | — | — | 1,004 | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | (21,180) | (522) | — | — | (522) | Common stock repurchased | (100) | (2) | — | — | (2) | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 18,584 | — | 18,584 | Net income | — | — | 20,990 | — | 20,990 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | — | — | — | (27,555) | (27,555) | Other comprehensive loss, net of tax | — | — | — | (43,218) | (43,218) | ||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock ($0.21 per share) | Cash dividends declared on common stock ($0.21 per share) | — | — | (7,433) | — | (7,433) | Cash dividends declared on common stock ($0.21 per share) | — | — | (7,438) | — | (7,438) | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 35,103,929 | $ | 550,417 | $ | 316,732 | $ | (61,783) | $ | 805,366 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | 35,104,248 | $ | 551,419 | $ | 330,284 | $ | (105,001) | $ | 776,702 |
Six Months Ended June 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of common shares | Common stock | Retained earnings | AOCI | Total stockholders’ equity | Number of common shares | Common stock | Retained earnings | AOCI | Total stockholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | Balance at December 31, 2021 | 35,105,779 | $ | 551,798 | $ | 293,238 | $ | 9,396 | $ | 854,432 | Balance at December 31, 2021 | 35,105,779 | $ | 551,798 | $ | 293,238 | $ | 9,396 | $ | 854,432 | ||||||||||||||||||||||||||||||||||||||
Restricted stock units vested | Restricted stock units vested | 124,420 | — | — | — | — | Restricted stock units vested | 124,839 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | 1,793 | — | — | 1,793 | Stock-based compensation expense | — | 2,797 | — | — | 2,797 | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | (126,270) | (3,174) | — | — | (3,174) | Common stock repurchased | (126,370) | (3,176) | — | — | (3,176) | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 38,341 | — | 38,341 | Net income | — | — | 59,331 | — | 59,331 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | — | — | — | (71,179) | (71,179) | Other comprehensive loss, net of tax | — | — | — | (114,397) | (114,397) | ||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock ($0.42 per share) | — | — | (14,847) | — | (14,847) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 35,103,929 | $ | 550,417 | $ | 316,732 | $ | (61,783) | $ | 805,366 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock ($0.63 per share) | Cash dividends declared on common stock ($0.63 per share) | — | — | (22,285) | — | (22,285) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | 35,104,248 | $ | 551,419 | $ | 330,284 | $ | (105,001) | $ | 776,702 |
Three Months Ended June 30, 2021 | Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of common shares | Common stock | Retained earnings | AOCI | Total stockholders’ equity | Number of common shares | Common stock | Retained earnings | AOCI | Total stockholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 35,981,317 | $ | 571,204 | $ | 242,486 | $ | 13,461 | $ | 827,151 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | Balance at June 30, 2021 | 36,006,560 | $ | 572,060 | $ | 267,863 | $ | 16,061 | $ | 855,984 | ||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units vested | Restricted stock units vested | 27,800 | — | — | — | — | Restricted stock units vested | 1,347 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | 926 | — | — | 926 | Stock-based compensation expense | — | 966 | — | — | 966 | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | (2,557) | (70) | — | — | (70) | Common stock repurchased | (841,308) | (20,641) | — | — | (20,641) | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 32,702 | — | 32,702 | Net income | — | — | 20,592 | — | 20,592 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | 2,600 | 2,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | — | — | — | (1,327) | (1,327) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock ($0.20 per share) | Cash dividends declared on common stock ($0.20 per share) | — | — | (7,325) | — | (7,325) | Cash dividends declared on common stock ($0.20 per share) | — | — | (7,170) | — | (7,170) | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 36,006,560 | $ | 572,060 | $ | 267,863 | $ | 16,061 | $ | 855,984 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | Balance at September 30, 2021 | 35,166,599 | $ | 552,385 | $ | 281,285 | $ | 14,734 | $ | 848,404 |
Six Months Ended June 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of common shares | Common stock | Retained earnings | AOCI | Total stockholders’ equity | Number of common shares | Common stock | Retained earnings | AOCI | Total stockholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | Balance at December 31, 2020 | 35,912,243 | $ | 571,021 | $ | 224,400 | $ | 25,018 | $ | 820,439 | Balance at December 31, 2020 | 35,912,243 | $ | 571,021 | $ | 224,400 | $ | 25,018 | $ | 820,439 | ||||||||||||||||||||||||||||||||||||||
Restricted stock units vested | Restricted stock units vested | 120,120 | — | — | — | — | Restricted stock units vested | 121,467 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | 1,796 | — | — | 1,796 | Stock-based compensation expense | — | 2,762 | — | — | 2,762 | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | (25,803) | (757) | — | — | (757) | Common stock repurchased | (867,111) | (21,398) | — | — | (21,398) | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 58,046 | — | 58,046 | Net income | — | — | 78,638 | — | 78,638 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | — | — | — | (8,957) | (8,957) | Other comprehensive loss, net of tax | — | — | — | (10,284) | (10,284) | ||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock ($0.40 per share) | — | — | (14,583) | — | (14,583) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 36,006,560 | $ | 572,060 | $ | 267,863 | $ | 16,061 | $ | 855,984 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock ($0.60 per share) | Cash dividends declared on common stock ($0.60 per share) | — | — | (21,753) | — | (21,753) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | Balance at September 30, 2021 | 35,166,599 | $ | 552,385 | $ | 281,285 | $ | 14,734 | $ | 848,404 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | Cash flows from operating activities: | ||||||||||||||||||||
Net income | Net income | $ | 38,341 | $ | 58,046 | Net income | $ | 59,331 | $ | 78,638 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation, amortization and accretion | Depreciation, amortization and accretion | (1,654) | (13,901) | Depreciation, amortization and accretion | (620) | (18,356) | ||||||||||||||||
Reversal of provision for credit losses | Reversal of provision for credit losses | (4,781) | (21,186) | Reversal of provision for credit losses | (2,836) | (24,335) | ||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 1,793 | 1,796 | Stock-based compensation expense | 2,797 | 2,762 | ||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 1,408 | 1,594 | Amortization of intangible assets | 2,079 | 2,352 | ||||||||||||||||
Origination of mortgage loans held for sale | Origination of mortgage loans held for sale | (12,396) | (53,807) | Origination of mortgage loans held for sale | (15,190) | (74,325) | ||||||||||||||||
Proceeds from sale of mortgage loans held for sale | Proceeds from sale of mortgage loans held for sale | 13,021 | 58,373 | Proceeds from sale of mortgage loans held for sale | 17,259 | 79,759 | ||||||||||||||||
Bank owned life insurance income | Bank owned life insurance income | (2,459) | (1,373) | Bank owned life insurance income | (3,182) | (2,020) | ||||||||||||||||
Valuation adjustment on interest rate swaps | Valuation adjustment on interest rate swaps | (64) | (254) | Valuation adjustment on interest rate swaps | (67) | (296) | ||||||||||||||||
Gain on sale of mortgage loans held for sale, net | Gain on sale of mortgage loans held for sale, net | (460) | (2,373) | Gain on sale of mortgage loans held for sale, net | (593) | (3,138) | ||||||||||||||||
Gain on sale of investment securities available for sale, net | Gain on sale of investment securities available for sale, net | — | (29) | Gain on sale of investment securities available for sale, net | — | (29) | ||||||||||||||||
Gain on sale of assets held for sale | Gain on sale of assets held for sale | (204) | (746) | Gain on sale of assets held for sale | (403) | (1,691) | ||||||||||||||||
Other | Other | 1,360 | 3,630 | Other | 3,865 | 11,332 | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 33,905 | 29,770 | Net cash provided by operating activities | 62,440 | 50,653 | ||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | Cash flows from investing activities: | ||||||||||||||||||||
Loan originations and purchases, net of payments | Loan originations and purchases, net of payments | (51,198) | 295,618 | Loan originations and purchases, net of payments | (176,700) | 555,784 | ||||||||||||||||
Maturities and repayments of investment securities available for sale | Maturities and repayments of investment securities available for sale | 86,678 | 126,669 | Maturities and repayments of investment securities available for sale | 132,854 | 200,242 | ||||||||||||||||
Maturities and repayments of investment securities held to maturity | Maturities and repayments of investment securities held to maturity | 11,767 | — | Maturities and repayments of investment securities held to maturity | 21,620 | 423 | ||||||||||||||||
Purchase of investment securities available for sale | Purchase of investment securities available for sale | (472,361) | (388,636) | Purchase of investment securities available for sale | (742,801) | (421,566) | ||||||||||||||||
Purchase of investment securities held to maturity | Purchase of investment securities held to maturity | (244,911) | — | Purchase of investment securities held to maturity | (412,835) | (66,821) | ||||||||||||||||
Purchase of premises and equipment | Purchase of premises and equipment | (1,191) | (1,748) | Purchase of premises and equipment | (2,295) | (2,148) | ||||||||||||||||
Purchases of bank owned life insurance | Purchases of bank owned life insurance | (105) | (105) | Purchases of bank owned life insurance | (105) | (104) | ||||||||||||||||
Proceeds from bank owned life insurance death benefit | Proceeds from bank owned life insurance death benefit | 2,114 | — | |||||||||||||||||||
Purchases of Federal Home Loan Bank stock | Purchases of Federal Home Loan Bank stock | (985) | (1,272) | Purchases of Federal Home Loan Bank stock | (985) | (1,272) | ||||||||||||||||
Proceeds from sales of investment securities available for sale | Proceeds from sales of investment securities available for sale | — | 1,248 | Proceeds from sales of investment securities available for sale | — | 1,248 | ||||||||||||||||
Proceeds from redemption of Federal Home Loan Bank stock | Proceeds from redemption of Federal Home Loan Bank stock | 2 | — | Proceeds from redemption of Federal Home Loan Bank stock | 2 | — | ||||||||||||||||
Proceeds from sales of assets held for sale | Proceeds from sales of assets held for sale | 1,173 | 3,730 | Proceeds from sales of assets held for sale | 2,102 | 5,642 | ||||||||||||||||
Proceeds from sales of premises and equipment | Proceeds from sales of premises and equipment | — | 10 | Proceeds from sales of premises and equipment | 106 | 12 | ||||||||||||||||
Capital contributions to low-income housing tax credit partnerships | Capital contributions to low-income housing tax credit partnerships | (978) | (12,637) | Capital contributions to low-income housing tax credit partnerships | (9,245) | (23,349) | ||||||||||||||||
Cash received from return of New Market Tax Credit equity method investment | Cash received from return of New Market Tax Credit equity method investment | — | 9,642 | Cash received from return of New Market Tax Credit equity method investment | — | 9,642 | ||||||||||||||||
Net cash (used) provided by investing activities | Net cash (used) provided by investing activities | (672,109) | 32,519 | Net cash (used) provided by investing activities | (1,186,168) | 257,733 | ||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | Cash flows from financing activities: | ||||||||||||||||||||
Net (decrease) increase in deposits | Net (decrease) increase in deposits | (64,100) | 463,716 | Net (decrease) increase in deposits | (156,555) | 617,568 | ||||||||||||||||
Federal Home Loan Bank advances | Federal Home Loan Bank advances | 50 | 10 | Federal Home Loan Bank advances | 50 | 10 | ||||||||||||||||
Repayment of Federal Home Loan Bank advances | Repayment of Federal Home Loan Bank advances | (50) | (10) | Repayment of Federal Home Loan Bank advances | (50) | (10) | ||||||||||||||||
Common stock cash dividends paid | Common stock cash dividends paid | (14,747) | (14,383) | Common stock cash dividends paid | (22,119) | (21,552) | ||||||||||||||||
Net (decrease) increase in securities sold under agreement to repurchase | Net (decrease) increase in securities sold under agreement to repurchase | (9,012) | 10,746 | Net (decrease) increase in securities sold under agreement to repurchase | (10,390) | 8,413 | ||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (3,174) | (757) | Repurchase of common stock | (3,176) | (21,398) | ||||||||||||||||
Net cash (used) provided by financing activities | Net cash (used) provided by financing activities | (91,033) | 459,322 | Net cash (used) provided by financing activities | (192,240) | 583,031 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | Net (decrease) increase in cash and cash equivalents | (729,237) | 521,611 | Net (decrease) increase in cash and cash equivalents | (1,315,968) | 891,417 | ||||||||||||||||
Cash and cash equivalents at beginning of period | Cash and cash equivalents at beginning of period | 1,723,292 | 743,322 | Cash and cash equivalents at beginning of period | 1,723,292 | 743,322 | ||||||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 994,055 | $ | 1,264,933 | Cash and cash equivalents at end of period | $ | 407,324 | $ | 1,634,739 |
Nine Months Ended September 30, | ||||||||||||||||||||||
Six Months Ended June 30, | 2022 | 2021 | ||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||
Supplemental disclosures of cash flow information: | Supplemental disclosures of cash flow information: | Supplemental disclosures of cash flow information: | ||||||||||||||||||||
Cash paid for interest | Cash paid for interest | $ | 3,188 | $ | 3,571 | Cash paid for interest | $ | 4,939 | $ | 5,162 | ||||||||||||
Cash paid for income taxes, net of refunds | Cash paid for income taxes, net of refunds | 167 | 7,967 | Cash paid for income taxes, net of refunds | 1,987 | 10,944 | ||||||||||||||||
Supplemental non-cash disclosures of cash flow information: | Supplemental non-cash disclosures of cash flow information: | Supplemental non-cash disclosures of cash flow information: | ||||||||||||||||||||
Transfer of investment securities available for sale to held to maturity | Transfer of investment securities available for sale to held to maturity | — | 244,778 | |||||||||||||||||||
Investment in LIHTC partnership and related funding commitment | Investment in LIHTC partnership and related funding commitment | 11,284 | — | Investment in LIHTC partnership and related funding commitment | 10,728 | 17,458 | ||||||||||||||||
Right of use assets obtained in exchange for new operating lease liabilities | Right of use assets obtained in exchange for new operating lease liabilities | 2,222 | 8,393 | Right of use assets obtained in exchange for new operating lease liabilities | 2,869 | 12,134 | ||||||||||||||||
Transfer of bank owned life insurance to prepaid expenses and other assets due to death benefit accrued | 2,114 | — | ||||||||||||||||||||
Transfers of properties classified as held for sale to prepaid expenses and other assets from premises and equipment, net | 730 | 1,685 | ||||||||||||||||||||
Transfers of premises and equipment classified as held for sale to prepaid expenses and other assets from premises and equipment, net | Transfers of premises and equipment classified as held for sale to prepaid expenses and other assets from premises and equipment, net | 910 | 3,556 | |||||||||||||||||||
Loans received from return of New Market Tax Credit equity method investment | Loans received from return of New Market Tax Credit equity method investment | — | 15,596 | Loans received from return of New Market Tax Credit equity method investment | — | 15,596 | ||||||||||||||||
Transfer of deposits to deposits held for sale | Transfer of deposits to deposits held for sale | 22,771 | — |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | Investment securities available for sale: | Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | U.S. government and agency securities | $ | 68,912 | $ | — | $ | (3,244) | $ | 65,668 | U.S. government and agency securities | $ | 68,912 | $ | — | $ | (5,163) | $ | 63,749 | ||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 213,402 | 977 | (14,369) | 200,010 | Municipal securities | 206,767 | 51 | (21,105) | 185,713 | ||||||||||||||||||||||||||||||||||||
Residential CMO and MBS | Residential CMO and MBS | 433,903 | 70 | (35,817) | 398,156 | Residential CMO and MBS | 494,330 | 6 | (55,966) | 438,370 | ||||||||||||||||||||||||||||||||||||
Commercial CMO and MBS | Commercial CMO and MBS | 520,772 | 466 | (27,618) | 493,620 | Commercial CMO and MBS | 691,836 | 29 | (52,424) | 639,441 | ||||||||||||||||||||||||||||||||||||
Corporate obligations | Corporate obligations | 6,003 | — | (25) | 5,978 | Corporate obligations | 6,001 | — | (167) | 5,834 | ||||||||||||||||||||||||||||||||||||
Other asset-backed securities | Other asset-backed securities | 24,723 | 6 | (573) | 24,156 | Other asset-backed securities | 23,594 | 19 | (578) | 23,035 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,267,715 | $ | 1,519 | $ | (81,646) | $ | 1,187,588 | Total | $ | 1,491,440 | $ | 105 | $ | (135,403) | $ | 1,356,142 | ||||||||||||||||||||||||||||
Investment securities held to maturity: | Investment securities held to maturity: | Investment securities held to maturity: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | U.S. government and agency securities | $ | 150,960 | $ | — | $ | (23,416) | $ | 127,544 | U.S. government and agency securities | $ | 150,948 | $ | — | $ | (32,916) | $ | 118,032 | ||||||||||||||||||||||||||||
Residential CMO and MBS | Residential CMO and MBS | 159,007 | 257 | (5,774) | 153,490 | Residential CMO and MBS | 296,432 | — | (19,168) | 277,264 | ||||||||||||||||||||||||||||||||||||
Commercial CMO and MBS | Commercial CMO and MBS | 305,686 | — | (27,408) | 278,278 | Commercial CMO and MBS | 325,939 | — | (43,900) | 282,039 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 615,653 | $ | 257 | $ | (56,598) | $ | 559,312 | Total | $ | 773,319 | $ | — | $ | (95,984) | $ | 677,335 |
December 31, 2021 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||
U.S. government and agency securities | $ | 21,494 | $ | 55 | $ | (176) | $ | 21,373 | |||||||||||||||
Municipal securities | 213,158 | 8,908 | (854) | 221,212 | |||||||||||||||||||
Residential CMO and MBS | 307,366 | 2,111 | (2,593) | 306,884 | |||||||||||||||||||
Commercial CMO and MBS | 313,169 | 3,891 | (1,199) | 315,861 | |||||||||||||||||||
Corporate obligations | 2,007 | 7 | — | 2,014 | |||||||||||||||||||
Other asset-backed securities | 26,638 | 369 | (16) | 26,991 | |||||||||||||||||||
Total | $ | 883,832 | $ | 15,341 | $ | (4,838) | $ | 894,335 | |||||||||||||||
Investment securities held to maturity: | |||||||||||||||||||||||
U.S. government and agency securities | $ | 141,011 | $ | 120 | $ | (1,768) | $ | 139,363 | |||||||||||||||
Residential CMO and MBS | 24,529 | — | (153) | 24,376 | |||||||||||||||||||
Commercial CMO and MBS | 217,853 | — | (5,261) | 212,592 | |||||||||||||||||||
Total | $ | 383,393 | $ | 120 | $ | (7,182) | $ | 376,331 |
Securities Available for Sale | Securities Held to Maturity | Securities Available for Sale | Securities Held to Maturity | |||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Due in one year or less | Due in one year or less | $ | 8,283 | $ | 8,306 | $ | — | $ | — | Due in one year or less | $ | 26,280 | $ | 25,952 | $ | — | $ | — | ||||||||||||||||||||||||||||
Due after one year through five years | Due after one year through five years | 82,106 | 80,881 | — | — | Due after one year through five years | 63,151 | 60,858 | — | — | ||||||||||||||||||||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 67,161 | 65,321 | 83,210 | 72,516 | Due after five years through ten years | 67,834 | 63,738 | 83,219 | 68,150 | ||||||||||||||||||||||||||||||||||||
Due after ten years | Due after ten years | 130,767 | 117,148 | 67,750 | 55,028 | Due after ten years | 124,415 | 104,748 | 67,729 | 49,882 | ||||||||||||||||||||||||||||||||||||
Total investment securities due at a single maturity date | Total investment securities due at a single maturity date | 288,317 | 271,656 | 150,960 | 127,544 | Total investment securities due at a single maturity date | 281,680 | 255,296 | 150,948 | 118,032 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities (1) | Mortgage-backed securities (1) | 979,398 | 915,932 | 464,693 | 431,768 | Mortgage-backed securities (1) | 1,209,760 | 1,100,846 | 622,371 | 559,303 | ||||||||||||||||||||||||||||||||||||
Total investment securities | Total investment securities | $ | 1,267,715 | $ | 1,187,588 | $ | 615,653 | $ | 559,312 | Total investment securities | $ | 1,491,440 | $ | 1,356,142 | $ | 773,319 | $ | 677,335 |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | U.S. government and agency securities | $ | 64,200 | $ | (2,995) | $ | 1,468 | $ | (249) | $ | 65,668 | $ | (3,244) | U.S. government and agency securities | $ | 58,025 | $ | (4,176) | $ | 5,724 | $ | (987) | $ | 63,749 | $ | (5,163) | ||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 106,205 | (11,287) | 15,712 | (3,082) | 121,917 | (14,369) | Municipal securities | 148,054 | (12,031) | 27,731 | (9,074) | 175,785 | (21,105) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential CMO and MBS | Residential CMO and MBS | 352,074 | (32,446) | 31,008 | (3,371) | 383,082 | (35,817) | Residential CMO and MBS | 308,142 | (28,668) | 128,304 | (27,298) | 436,446 | (55,966) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial CMO and MBS | Commercial CMO and MBS | 406,835 | (27,145) | 8,711 | (473) | 415,546 | (27,618) | Commercial CMO and MBS | 611,399 | (49,077) | 18,636 | (3,347) | 630,035 | (52,424) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate obligations | Corporate obligations | 5,978 | (25) | — | — | 5,978 | (25) | Corporate obligations | 5,834 | (167) | — | — | 5,834 | (167) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | Other asset-backed securities | 19,054 | (552) | 921 | (21) | 19,975 | (573) | Other asset-backed securities | 17,410 | (563) | 834 | (15) | 18,244 | (578) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 954,346 | $ | (74,450) | $ | 57,820 | $ | (7,196) | $ | 1,012,166 | $ | (81,646) | Total | $ | 1,148,864 | $ | (94,682) | $ | 181,229 | $ | (40,721) | $ | 1,330,093 | $ | (135,403) |
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
U.S. government and agency securities | $ | 14,828 | $ | (176) | $ | — | $ | — | $ | 14,828 | $ | (176) | |||||||||||||||||||||||
Municipal securities | 29,774 | (619) | 9,351 | (235) | 39,125 | (854) | |||||||||||||||||||||||||||||
Residential CMO and MBS | 204,039 | (2,470) | 19,862 | (123) | 223,901 | (2,593) | |||||||||||||||||||||||||||||
Commercial CMO and MBS | 83,283 | (1,161) | 1,936 | (38) | 85,219 | (1,199) | |||||||||||||||||||||||||||||
Other asset-backed securities | 2,763 | (9) | 1,118 | (7) | 3,881 | (16) | |||||||||||||||||||||||||||||
Total | $ | 334,687 | $ | (4,435) | $ | 32,267 | $ | (403) | $ | 366,954 | $ | (4,838) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Gross realized gains | $ | — | $ | — | $ | — | $ | 29 | |||||||||||||||
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Washington and Oregon state public deposits | Washington and Oregon state public deposits | $ | 139,868 | $ | 128,842 | $ | 128,216 | $ | 130,217 | Washington and Oregon state public deposits | $ | 158,082 | $ | 138,003 | $ | 128,216 | $ | 130,217 | ||||||||||||||||||||||||||||
Federal Reserve Bank credit facility | Federal Reserve Bank credit facility | 60,865 | 52,530 | 61,057 | 59,674 | Federal Reserve Bank credit facility | 60,763 | 49,037 | 61,057 | 59,674 | ||||||||||||||||||||||||||||||||||||
Securities sold under agreement to repurchase | Securities sold under agreement to repurchase | 69,358 | 62,647 | 59,887 | 59,655 | Securities sold under agreement to repurchase | 64,087 | 55,825 | 59,887 | 59,655 | ||||||||||||||||||||||||||||||||||||
Other securities pledged | Other securities pledged | 49,941 | 45,739 | 56,419 | 55,633 | Other securities pledged | 55,600 | 48,785 | 56,419 | 55,633 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 320,032 | $ | 289,758 | $ | 305,579 | $ | 305,179 | Total | $ | 338,532 | $ | 291,650 | $ | 305,579 | $ | 305,179 |
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 698,828 | $ | 621,567 | Commercial and industrial | $ | 735,028 | $ | 621,567 | ||||||||||||
SBA PPP | SBA PPP | 11,334 | 145,840 | SBA PPP | 3,593 | 145,840 | ||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 950,699 | 931,150 | Owner-occupied CRE | 959,486 | 931,150 | ||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | 1,515,796 | 1,493,099 | Non-owner occupied CRE | 1,547,114 | 1,493,099 | ||||||||||||||||
Total commercial business | Total commercial business | 3,176,657 | 3,191,656 | Total commercial business | 3,245,221 | 3,191,656 | ||||||||||||||||
Residential real estate | Residential real estate | 265,382 | 164,582 | Residential real estate | 296,019 | 164,582 | ||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||
Residential | Residential | 90,546 | 85,547 | Residential | 92,297 | 85,547 | ||||||||||||||||
Commercial and multifamily | Commercial and multifamily | 128,060 | 141,336 | Commercial and multifamily | 160,723 | 141,336 | ||||||||||||||||
Total real estate construction and land development | Total real estate construction and land development | 218,606 | 226,883 | Total real estate construction and land development | 253,020 | 226,883 | ||||||||||||||||
Consumer | Consumer | 213,419 | 232,541 | Consumer | 207,035 | 232,541 | ||||||||||||||||
Loans receivable | Loans receivable | 3,874,064 | 3,815,662 | Loans receivable | 4,001,295 | 3,815,662 | ||||||||||||||||
Allowance for credit losses on loans | Allowance for credit losses on loans | (39,696) | (42,361) | Allowance for credit losses on loans | (42,089) | (42,361) | ||||||||||||||||
Loans receivable, net | Loans receivable, net | $ | 3,834,368 | $ | 3,773,301 | Loans receivable, net | $ | 3,959,206 | $ | 3,773,301 | ||||||||||||
Balances included in the amortized cost of loans receivable: | Balances included in the amortized cost of loans receivable: | Balances included in the amortized cost of loans receivable: | ||||||||||||||||||||
Unamortized net discount on acquired loans | Unamortized net discount on acquired loans | $ | 3,084 | $ | 3,938 | Unamortized net discount on acquired loans | $ | 2,686 | $ | 3,938 | ||||||||||||
Unamortized net deferred fee | Unamortized net deferred fee | $ | 4,947 | $ | 7,954 | Unamortized net deferred fee | $ | 5,479 | $ | 7,954 |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans Converted (2) | Loans Receivable | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans Converted (1) | Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021(1) | 2020 | 2019 | 2018 | Prior | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 96,128 | $ | 101,302 | $ | 93,475 | $ | 73,299 | $ | 38,742 | $ | 90,980 | $ | 168,030 | $ | 45 | $ | 662,001 | Pass | $ | 133,352 | $ | 97,240 | $ | 89,078 | $ | 68,237 | $ | 36,505 | $ | 83,371 | $ | 193,558 | $ | 108 | $ | 701,449 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SM | SM | 234 | 253 | 729 | 4,842 | 8,764 | 2,981 | 1,619 | — | 19,422 | SM | 223 | — | 715 | 4,759 | 1,898 | 5,311 | 6,678 | — | 19,584 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | 882 | 169 | 696 | 4,581 | 1,163 | 6,866 | 2,171 | 877 | 17,405 | SS | 764 | 275 | 1,057 | 3,141 | 687 | 5,381 | 2,322 | 368 | 13,995 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 97,244 | 101,724 | 94,900 | 82,722 | 48,669 | 100,827 | 171,820 | 922 | 698,828 | Total | 134,339 | 97,515 | 90,850 | 76,137 | 39,090 | 94,063 | 202,558 | 476 | 735,028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA PPP | SBA PPP | SBA PPP | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | — | 11,175 | 159 | — | — | — | — | — | 11,334 | Pass | — | 3,455 | 138 | — | — | — | — | — | 3,593 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | Owner-occupied CRE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 78,387 | 171,470 | 91,633 | 180,596 | 73,797 | 316,424 | — | — | 912,307 | Pass | 111,751 | 168,437 | 93,272 | 172,494 | 71,795 | 302,107 | — | — | 919,856 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SM | SM | — | — | — | 1,698 | 2,573 | 12,042 | — | — | 16,313 | SM | — | 1,009 | — | 1,237 | 2,558 | 16,313 | — | — | 21,117 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | — | 261 | 679 | — | 3,755 | 17,384 | — | — | 22,079 | SS | — | 259 | 675 | — | 3,739 | 13,840 | — | — | 18,513 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 78,387 | 171,731 | 92,312 | 182,294 | 80,125 | 345,850 | — | — | 950,699 | Total | 111,751 | 169,705 | 93,947 | 173,731 | 78,092 | 332,260 | — | — | 959,486 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | Non-owner occupied CRE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 125,451 | 185,105 | 166,150 | 240,396 | 139,626 | 578,421 | — | — | 1,435,149 | Pass | 182,804 | 189,307 | 162,954 | 240,088 | 133,478 | 571,457 | — | — | 1,480,088 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SM | SM | — | 8,435 | — | 3,652 | — | 16,655 | — | — | 28,742 | SM | — | 8,392 | — | 3,619 | — | 24,127 | — | — | 36,138 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | — | — | — | — | 3,626 | 48,279 | — | — | 51,905 | SS | — | — | — | — | 3,627 | 27,261 | — | — | 30,888 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 125,451 | 193,540 | 166,150 | 244,048 | 143,252 | 643,355 | — | — | 1,515,796 | Total | 182,804 | 197,699 | 162,954 | 243,707 | 137,105 | 622,845 | — | — | 1,547,114 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | Total commercial business | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 299,966 | 469,052 | 351,417 | 494,291 | 252,165 | 985,825 | 168,030 | 45 | 3,020,791 | Pass | 427,907 | 458,439 | 345,442 | 480,819 | 241,778 | 956,935 | 193,558 | 108 | 3,104,986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SM | SM | 234 | 8,688 | 729 | 10,192 | 11,337 | 31,678 | 1,619 | — | 64,477 | SM | 223 | 9,401 | 715 | 9,615 | 4,456 | 45,751 | 6,678 | — | 76,839 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | 882 | 430 | 1,375 | 4,581 | 8,544 | 72,529 | 2,171 | 877 | 91,389 | SS | 764 | 534 | 1,732 | 3,141 | 8,053 | 46,482 | 2,322 | 368 | 63,396 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 301,082 | 478,170 | 353,521 | 509,064 | 272,046 | 1,090,032 | 171,820 | 922 | 3,176,657 | Total | 428,894 | 468,374 | 347,889 | 493,575 | 254,287 | 1,049,168 | 202,558 | 476 | 3,245,221 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | Residential real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass(1) | Pass(1) | 60,870 | 140,448 | 24,564 | 17,699 | 4,716 | 16,907 | — | — | 265,204 | Pass(1) | 94,144 | 140,093 | 24,191 | 17,030 | 4,501 | 15,885 | — | — | 295,844 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | — | — | — | — | — | 178 | — | — | 178 | SS | — | — | — | — | — | 175 | — | — | 175 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 60,870 | 140,448 | 24,564 | 17,699 | 4,716 | 17,085 | — | — | 265,382 | Total | 94,144 | 140,093 | 24,191 | 17,030 | 4,501 | 16,060 | — | — | 296,019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 21,664 | 43,877 | 10,330 | 12,002 | 1,005 | 1,668 | — | — | 90,546 | Pass | 33,244 | 37,666 | 7,617 | 11,810 | 885 | 1,075 | — | — | 92,297 | Commercial and multifamily | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 8,832 | 75,096 | 23,991 | 6,952 | 3,186 | 2,013 | — | — | 120,070 | Pass | 36,362 | 103,541 | 7,601 | 1,096 | 2,565 | 1,513 | — | — | 152,678 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SM | SM | — | — | 1,871 | 5,714 | — | — | — | — | 7,585 | SM | — | — | 1,913 | 5,687 | — | — | — | — | 7,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | — | — | — | — | — | 405 | — | — | 405 | SS | — | — | — | 45 | — | 400 | — | — | 445 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 8,832 | 75,096 | 25,862 | 12,666 | 3,186 | 2,418 | — | — | 128,060 | Total | 36,362 | 103,541 | 9,514 | 6,828 | 2,565 | 1,913 | — | — | 160,723 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate construction and land development | Total real estate construction and land development | Total real estate construction and land development | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 30,496 | 118,973 | 34,321 | 18,954 | 4,191 | 3,681 | — | — | 210,616 | Pass | 69,606 | 141,207 | 15,218 | 12,906 | 3,450 | 2,588 | — | — | 244,975 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SM | SM | — | — | 1,871 | 5,714 | — | — | — | — | 7,585 | SM | — | — | 1,913 | 5,687 | — | — | — | — | 7,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | — | — | — | — | — | 405 | — | — | 405 | SS | — | — | — | 45 | — | 400 | — | — | 445 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 30,496 | 118,973 | 36,192 | 24,668 | 4,191 | 4,086 | — | — | 218,606 | Total | 69,606 | 141,207 | 17,131 | 18,638 | 3,450 | 2,988 | — | — | 253,020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 3,266 | 616 | 11,078 | 31,077 | 18,201 | 22,828 | 117,070 | 539 | 204,675 |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans Converted (2) | Loans Receivable | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans Converted (1) | Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021(1) | 2020 | 2019 | 2018 | Prior | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 2,475 | 770 | 12,451 | 35,722 | 21,337 | 19,062 | 118,826 | 329 | 210,972 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Revolving Loans Converted (1) | Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | — | — | 169 | 558 | 366 | 1,346 | 8 | — | 2,447 | SS | — | — | 164 | 582 | 361 | 1,241 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 2,475 | 770 | 12,620 | 36,280 | 21,703 | 20,408 | 118,834 | 329 | 213,419 | Total | 3,266 | 616 | 11,242 | 31,659 | 18,562 | 24,069 | 117,081 | 540 | 207,035 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable | Loans receivable | Loans receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 393,807 | 729,243 | 422,753 | 566,666 | 282,409 | 1,025,475 | 286,856 | 374 | 3,707,583 | Pass | 594,923 | 740,355 | 395,929 | 541,832 | 267,930 | 998,236 | 310,628 | 647 | 3,850,480 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SM | SM | 234 | 8,688 | 2,600 | 15,906 | 11,337 | 31,678 | 1,619 | — | 72,062 | SM | 223 | 9,401 | 2,628 | 15,302 | 4,456 | 45,751 | 6,678 | — | 84,439 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | 882 | 430 | 1,544 | 5,139 | 8,910 | 74,458 | 2,179 | 877 | 94,419 | SS | 764 | 534 | 1,896 | 3,768 | 8,414 | 48,298 | 2,333 | 369 | 66,376 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 394,923 | $ | 738,361 | $ | 426,897 | $ | 587,711 | $ | 302,656 | $ | 1,131,611 | $ | 290,654 | $ | 1,251 | $ | 3,874,064 | Total | $ | 595,910 | $ | 750,290 | $ | 400,453 | $ | 560,902 | $ | 280,800 | $ | 1,092,285 | $ | 319,639 | $ | 1,016 | $ | 4,001,295 |
December 31, 2021 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans Converted (1) | Loans Receivable | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans Converted (1) | Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 95,960 | $ | 100,193 | $ | 94,657 | $ | 54,707 | $ | 28,558 | $ | 77,294 | $ | 127,651 | $ | 1,035 | $ | 580,055 | Pass | $ | 95,960 | $ | 100,193 | $ | 94,657 | $ | 54,707 | $ | 28,558 | $ | 77,294 | $ | 127,651 | $ | 1,035 | $ | 580,055 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SM | SM | 326 | 884 | 5,998 | 1,425 | 2,223 | 2,401 | 2,048 | 353 | 15,658 | SM | 326 | 884 | 5,998 | 1,425 | 2,223 | 2,401 | 2,048 | 353 | 15,658 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | 1,443 | 1,287 | 5,912 | 2,809 | 2,526 | 6,907 | 4,402 | 568 | 25,854 | SS | 1,443 | 1,287 | 5,912 | 2,809 | 2,526 | 6,907 | 4,402 | 568 | 25,854 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 97,729 | 102,364 | 106,567 | 58,941 | 33,307 | 86,602 | 134,101 | 1,956 | 621,567 | Total | 97,729 | 102,364 | 106,567 | 58,941 | 33,307 | 86,602 | 134,101 | 1,956 | 621,567 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA PPP | SBA PPP | SBA PPP | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 139,253 | 6,587 | — | — | — | — | — | — | 145,840 | Pass | 139,253 | 6,587 | — | — | — | — | — | — | 145,840 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | Owner-occupied CRE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 182,742 | 90,609 | 188,380 | 73,714 | 66,039 | 273,518 | — | 72 | 875,074 | Pass | 182,742 | 90,609 | 188,380 | 73,714 | 66,039 | 273,518 | — | 72 | 875,074 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SM | SM | 264 | — | 3,079 | 7,521 | 3,937 | 16,724 | — | — | 31,525 | SM | 264 | — | 3,079 | 7,521 | 3,937 | 16,724 | — | — | 31,525 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | — | 1,332 | — | 3,787 | 3,014 | 16,418 | — | — | 24,551 | SS | — | 1,332 | — | 3,787 | 3,014 | 16,418 | — | — | 24,551 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 183,006 | 91,941 | 191,459 | 85,022 | 72,990 | 306,660 | — | 72 | 931,150 | Total | 183,006 | 91,941 | 191,459 | 85,022 | 72,990 | 306,660 | — | 72 | 931,150 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner-occupied CRE | Non-owner-occupied CRE | Non-owner-occupied CRE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 187,860 | 185,650 | 244,863 | 149,090 | 144,896 | 499,486 | — | — | 1,411,845 | Pass | 187,860 | 185,650 | 244,863 | 149,090 | 144,896 | 499,486 | — | — | 1,411,845 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SM | SM | — | — | 5,674 | — | 15,482 | 2,400 | — | — | 23,556 | SM | — | — | 5,674 | — | 15,482 | 2,400 | — | — | 23,556 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | — | — | — | 3,379 | — | 54,319 | — | — | 57,698 | SS | — | — | — | 3,379 | — | 54,319 | — | — | 57,698 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 187,860 | 185,650 | 250,537 | 152,469 | 160,378 | 556,205 | — | — | 1,493,099 | Total | 187,860 | 185,650 | 250,537 | 152,469 | 160,378 | 556,205 | — | — | 1,493,099 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | Total commercial business | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 605,815 | 383,039 | 527,900 | 277,511 | 239,493 | 850,298 | 127,651 | 1,107 | 3,012,814 | Pass | 605,815 | 383,039 | 527,900 | 277,511 | 239,493 | 850,298 | 127,651 | 1,107 | 3,012,814 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SM | SM | 590 | 884 | 14,751 | 8,946 | 21,642 | 21,525 | 2,048 | 353 | 70,739 | SM | 590 | 884 | 14,751 | 8,946 | 21,642 | 21,525 | 2,048 | 353 | 70,739 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | 1,443 | 2,619 | 5,912 | 9,975 | 5,540 | 77,644 | 4,402 | 568 | 108,103 | SS | 1,443 | 2,619 | 5,912 | 9,975 | 5,540 | 77,644 | 4,402 | 568 | 108,103 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 607,848 | 386,542 | 548,563 | 296,432 | 266,675 | 949,467 | 134,101 | 2,028 | 3,191,656 | Total | 607,848 | 386,542 | 548,563 | 296,432 | 266,675 | 949,467 | 134,101 | 2,028 | 3,191,656 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | Residential real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 85,089 | 27,090 | 23,295 | 5,672 | 6,141 | 16,891 | — | — | 164,178 | Pass | 85,089 | 27,090 | 23,295 | 5,672 | 6,141 | 16,891 | — | — | 164,178 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | — | — | — | — | — | 404 | — | — | 404 | SS | — | — | — | — | — | 404 | — | — | 404 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 85,089 | 27,090 | 23,295 | 5,672 | 6,141 | 17,295 | — | — | 164,582 | Total | 85,089 | 27,090 | 23,295 | 5,672 | 6,141 | 17,295 | — | — | 164,582 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 44,892 | 23,728 | 12,266 | 2,921 | 389 | 1,351 | — | — | 85,547 |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans Converted (1) | Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 44,892 | 23,728 | 12,266 | 2,921 | 389 | 1,351 | — | — | 85,547 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans Converted (1) | Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Commercial and multifamily | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 56,448 | 41,616 | 34,117 | 5,794 | 710 | 1,379 | — | — | 140,064 | Pass | 56,448 | 41,616 | 34,117 | 5,794 | 710 | 1,379 | — | — | 140,064 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SM | SM | — | — | 68 | — | — | 213 | — | — | 281 | SM | — | — | 68 | — | — | 213 | — | — | 281 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | — | 571 | — | — | — | 420 | — | — | 991 | SS | — | 571 | — | — | — | 420 | — | — | 991 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 56,448 | 42,187 | 34,185 | 5,794 | 710 | 2,012 | — | — | 141,336 | Total | 56,448 | 42,187 | 34,185 | 5,794 | 710 | 2,012 | — | — | 141,336 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate construction and land development | Total real estate construction and land development | Total real estate construction and land development | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 101,340 | 65,344 | 46,383 | 8,715 | 1,099 | 2,730 | — | — | 225,611 | Pass | 101,340 | 65,344 | 46,383 | 8,715 | 1,099 | 2,730 | — | — | 225,611 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SM | SM | — | — | 68 | — | — | 213 | — | — | 281 | SM | — | — | 68 | — | — | 213 | — | — | 281 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | — | 571 | — | — | — | 420 | — | — | 991 | SS | — | 571 | — | — | — | 420 | — | — | 991 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 101,340 | 65,915 | 46,451 | 8,715 | 1,099 | 3,363 | — | — | 226,883 | Total | 101,340 | 65,915 | 46,451 | 8,715 | 1,099 | 3,363 | — | — | 226,883 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 1,286 | 15,737 | 46,041 | 29,819 | 15,068 | 13,026 | 108,492 | 120 | 229,589 | Pass | 1,286 | 15,737 | 46,041 | 29,819 | 15,068 | 13,026 | 108,492 | 120 | 229,589 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | — | 181 | 657 | 476 | 542 | 1,043 | 36 | 17 | 2,952 | SS | — | 181 | 657 | 476 | 542 | 1,043 | 36 | 17 | 2,952 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 1,286 | 15,918 | 46,698 | 30,295 | 15,610 | 14,069 | 108,528 | 137 | 232,541 | Total | 1,286 | 15,918 | 46,698 | 30,295 | 15,610 | 14,069 | 108,528 | 137 | 232,541 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable | Loans receivable | Loans receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 793,530 | 491,210 | 643,619 | 321,717 | 261,801 | 882,945 | 236,143 | 1,227 | 3,632,192 | Pass | 793,530 | 491,210 | 643,619 | 321,717 | 261,801 | 882,945 | 236,143 | 1,227 | 3,632,192 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SM | SM | 590 | 884 | 14,819 | 8,946 | 21,642 | 21,738 | 2,048 | 353 | 71,020 | SM | 590 | 884 | 14,819 | 8,946 | 21,642 | 21,738 | 2,048 | 353 | 71,020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | 1,443 | 3,371 | 6,569 | 10,451 | 6,082 | 79,511 | 4,438 | 585 | 112,450 | SS | 1,443 | 3,371 | 6,569 | 10,451 | 6,082 | 79,511 | 4,438 | 585 | 112,450 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 795,563 | $ | 495,465 | $ | 665,007 | $ | 341,114 | $ | 289,525 | $ | 984,194 | $ | 242,629 | $ | 2,165 | $ | 3,815,662 | Total | $ | 795,563 | $ | 495,465 | $ | 665,007 | $ | 341,114 | $ | 289,525 | $ | 984,194 | $ | 242,629 | $ | 2,165 | $ | 3,815,662 |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||
Nonaccrual without ACL | Nonaccrual with ACL | Total Nonaccrual | Nonaccrual without ACL | Nonaccrual with ACL | Total Nonaccrual | |||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 5,604 | $ | 569 | $ | 6,173 | Commercial and industrial | $ | 5,060 | $ | 299 | $ | 5,359 | ||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | — | 4,302 | 4,302 | Owner-occupied CRE | — | 875 | 875 | ||||||||||||||||||||||||||
Total | Total | $ | 5,604 | $ | 4,871 | $ | 10,475 | Total | $ | 5,060 | $ | 1,174 | $ | 6,234 |
December 31, 2021 | December 31, 2021 | |||||||||||||||||||||||||||||||||
Nonaccrual without ACL | Nonaccrual with ACL | Total Nonaccrual | Nonaccrual without ACL | Nonaccrual with ACL | Total Nonaccrual | |||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 6,454 | $ | 3,827 | $ | 10,281 | Commercial and industrial | $ | 6,454 | $ | 3,827 | $ | 10,281 | ||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 3,036 | 5,138 | 8,174 | Owner-occupied CRE | 3,036 | 5,138 | 8,174 | ||||||||||||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | 1,273 | 3,379 | 4,652 | Non-owner occupied CRE | 1,273 | 3,379 | 4,652 | ||||||||||||||||||||||||||
Total commercial business | Total commercial business | 10,763 | 12,344 | 23,107 | Total commercial business | 10,763 | 12,344 | 23,107 | ||||||||||||||||||||||||||
Residential real estate | Residential real estate | — | 47 | 47 | Residential real estate | — | 47 | 47 | ||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | |||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | — | 571 | 571 | ||||||||||||||||||||||||||||||
Consumer | Consumer | — | 29 | 29 | ||||||||||||||||||||||||||||||
Total | Total | $ | 10,763 | $ | 12,991 | $ | 23,754 |
December 31, 2021 | |||||||||||||||||
Nonaccrual without ACL | Nonaccrual with ACL | Total Nonaccrual | |||||||||||||||
(In thousands) | |||||||||||||||||
Real estate construction and land development: | |||||||||||||||||
Commercial and multifamily | — | 571 | 571 | ||||||||||||||
Consumer | — | 29 | 29 | ||||||||||||||
Total | $ | 10,763 | $ | 12,991 | $ | 23,754 |
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Interest Income Reversed | Interest Income Recognized | Interest Income Reversed | Interest Income Recognized | Interest Income Reversed | Interest Income Recognized | Interest Income Reversed | Interest Income Recognized | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | (12) | $ | 90 | $ | (5) | $ | 1,981 | Commercial and industrial | $ | — | $ | 31 | $ | (1) | $ | 184 | ||||||||||||||||||||||||||||
Owner-occupied CRE | — | — | — | 3 | ||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | — | — | — | 32 | |||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | (12) | $ | 90 | $ | (5) | $ | 1,984 | Total | $ | — | $ | 31 | $ | (1) | $ | 216 |
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Interest Income Reversed | Interest Income Recognized | Interest Income Reversed | Interest Income Recognized | Interest Income Reversed | Interest Income Recognized | Interest Income Reversed | Interest Income Recognized | |||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | (14) | $ | 229 | $ | (10) | $ | 2,044 | Commercial and industrial | $ | (14) | $ | 260 | $ | (11) | $ | 2,228 | ||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | — | 53 | — | 117 | Owner-occupied CRE | — | 53 | — | 117 | ||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | — | 774 | — | 313 | Non-owner occupied CRE | — | 774 | — | 313 | ||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | (14) | 1,056 | (10) | 2,474 | Total commercial business | (14) | 1,087 | (11) | 2,658 | ||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | — | 19 | — | — | Residential real estate | — | 19 | — | — | ||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | — | — | — | 73 | Residential | — | — | — | 73 | ||||||||||||||||||||||||||||||||||||
Consumer | Consumer | — | 68 | — | — | Consumer | — | 68 | — | 32 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | (14) | $ | 1,143 | $ | (10) | $ | 2,547 | Total | $ | (14) | $ | 1,174 | $ | (11) | $ | 2,763 |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-89 Days | 90 Days or Greater | Total Past Due | Current | Loans Receivable | 30-89 Days | 90 Days or Greater | Total Past Due | Current | Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 259 | $ | 7,190 | $ | 7,449 | $ | 691,379 | $ | 698,828 | Commercial and industrial | $ | 1,774 | $ | 4,130 | $ | 5,904 | $ | 729,124 | $ | 735,028 | ||||||||||||||||||||||||||||||||||||
SBA PPP | SBA PPP | — | — | — | 11,334 | 11,334 | SBA PPP | 167 | — | 167 | 3,426 | 3,593 | ||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 1,056 | 189 | 1,245 | 949,454 | 950,699 | Owner-occupied CRE | 30 | 189 | 219 | 959,267 | 959,486 | ||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | — | — | — | 1,515,796 | 1,515,796 | Non-owner occupied CRE | 296 | — | 296 | 1,546,818 | 1,547,114 | ||||||||||||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | 2,267 | 4,319 | 6,586 | 3,238,635 | 3,245,221 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | — | — | — | 296,019 | 296,019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | — | — | — | 92,297 | 92,297 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | — | — | — | 160,723 | 160,723 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate construction and land development | Total real estate construction and land development | — | — | — | 253,020 | 253,020 |
June 30, 2022 | |||||||||||||||||||||||||||||
30-89 Days | 90 Days or Greater | Total Past Due | Current | Loans Receivable | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Total commercial business | 1,315 | 7,379 | 8,694 | 3,167,963 | 3,176,657 | ||||||||||||||||||||||||
Residential real estate | — | — | — | 265,382 | 265,382 | ||||||||||||||||||||||||
Real estate construction and land development: | |||||||||||||||||||||||||||||
Residential | — | — | — | 90,546 | 90,546 | ||||||||||||||||||||||||
Commercial and multifamily | — | — | — | 128,060 | 128,060 | ||||||||||||||||||||||||
Total real estate construction and land development | — | — | — | 218,606 | 218,606 | ||||||||||||||||||||||||
Consumer | 651 | 199 | 850 | 212,569 | 213,419 | ||||||||||||||||||||||||
Total | $ | 1,966 | $ | 7,578 | $ | 9,544 | $ | 3,864,520 | $ | 3,874,064 |
September 30, 2022 | |||||||||||||||||||||||||||||
30-89 Days | 90 Days or Greater | Total Past Due | Current | Loans Receivable | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Consumer | 736 | 20 | 756 | 206,279 | 207,035 | ||||||||||||||||||||||||
Total | $ | 3,003 | $ | 4,339 | $ | 7,342 | $ | 3,993,953 | $ | 4,001,295 |
December 31, 2021 | |||||||||||||||||||||||||||||
30-89 Days | 90 Days or Greater | Total Past Due | Current | Loans Receivable | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Commercial business: | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,858 | $ | 6,821 | $ | 8,679 | $ | 612,888 | $ | 621,567 | |||||||||||||||||||
SBA PPP | 223 | 293 | 516 | 145,324 | 145,840 | ||||||||||||||||||||||||
Owner-occupied CRE | 2,397 | 112 | 2,509 | 928,641 | 931,150 | ||||||||||||||||||||||||
Non-owner occupied CRE | — | — | — | 1,493,099 | 1,493,099 | ||||||||||||||||||||||||
Total commercial business | 4,478 | 7,226 | 11,704 | 3,179,952 | 3,191,656 | ||||||||||||||||||||||||
Residential real estate | 420 | 10 | 430 | 164,152 | 164,582 | ||||||||||||||||||||||||
Real estate construction and land development: | |||||||||||||||||||||||||||||
Residential | 792 | — | 792 | 84,755 | 85,547 | ||||||||||||||||||||||||
Commercial and multifamily | 3,474 | 571 | 4,045 | 137,291 | 141,336 | ||||||||||||||||||||||||
Total real estate construction and land development | 4,266 | 571 | 4,837 | 222,046 | 226,883 | ||||||||||||||||||||||||
Consumer | 1,026 | — | 1,026 | 231,515 | 232,541 | ||||||||||||||||||||||||
Total | $ | 10,190 | $ | 7,807 | $ | 17,997 | $ | 3,797,665 | $ | 3,815,662 |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRE | Farmland | Residential Real Estate | Total | CRE | Farmland | Residential Real Estate | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 1,239 | $ | 2,492 | $ | 1,316 | $ | 5,047 | Commercial and industrial | $ | 1,239 | $ | 2,082 | $ | 1,271 | $ | 4,592 | ||||||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 189 | — | — | 189 | Owner-occupied CRE | 189 | — | — | 189 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,428 | $ | 2,492 | $ | 1,316 | $ | 5,236 | Total | $ | 1,428 | $ | 2,082 | $ | 1,271 | $ | 4,781 |
December 31, 2021 | |||||||||||||||||||||||||||||
CRE | Farmland | Residential Real Estate | Other | Total | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Commercial business: | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,499 | $ | 4,362 | $ | 1,036 | $ | 245 | $ | 7,142 | |||||||||||||||||||
Owner-occupied CRE | 3,035 | — | — | — | 3,035 | ||||||||||||||||||||||||
Non-owner occupied CRE | 1,273 | — | — | — | 1,273 | ||||||||||||||||||||||||
Total commercial business | 5,807 | 4,362 | 1,036 | 245 | 11,450 | ||||||||||||||||||||||||
Real estate construction and land development: | |||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
CRE | Farmland | Residential Real Estate | Other | Total | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,499 | $ | 4,362 | $ | 1,036 | $ | 245 | $ | 7,142 | |||||||||||||||||||
Owner-occupied CRE | 3,035 | — | — | — | 3,035 | ||||||||||||||||||||||||
Non-owner occupied CRE | 1,273 | — | — | — | 1,273 | ||||||||||||||||||||||||
Total commercial business | 5,807 | 4,362 | 1,036 | 245 | 11,450 | ||||||||||||||||||||||||
Real estate construction and land development: | |||||||||||||||||||||||||||||
Commercial and multifamily | 571 | — | — | — | 571 | ||||||||||||||||||||||||
Total | $ | 6,378 | $ | 4,362 | $ | 1,036 | $ | 245 | $ | 12,021 |
December 31, 2021 | |||||||||||||||||||||||||||||
CRE | Farmland | Residential Real Estate | Other | Total | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Commercial and multifamily | 571 | — | — | — | 571 | ||||||||||||||||||||||||
Total | $ | 6,378 | $ | 4,362 | $ | 1,036 | $ | 245 | $ | 12,021 |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
Number of Contracts | Amortized Cost (1) (2) | Number of Contracts | Amortized Cost (1) (2) | Number of Contracts | Amortized Cost (1) (2) | Number of Contracts | Amortized Cost (1) (2) | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 3 | $ | 1,727 | 18 | $ | 5,673 | Commercial and industrial | 4 | $ | 2,150 | 5 | $ | 1,861 | ||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | — | — | 1 | 2,200 | Owner-occupied CRE | — | — | 2 | 7,124 | ||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | — | — | 1 | 251 | Non-owner occupied CRE | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | 3 | 1,727 | 20 | 8,124 | Total commercial business | 4 | 2,150 | 7 | 8,985 | ||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | — | — | 1 | 443 | Commercial and multifamily | 1 | 5,687 | 1 | 450 | ||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 3 | 44 | 6 | 146 | Consumer | 2 | 238 | 5 | 94 | ||||||||||||||||||||||||||||||||||||
Total | Total | 6 | $ | 1,771 | 27 | $ | 8,713 | Total | 7 | $ | 8,075 | 13 | $ | 9,529 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
Number of Contracts | Amortized Cost (1) (2) | Number of Contracts | Amortized Cost (1) (2) | Number of Contracts | Amortized Cost (1) (2) | Number of Contracts | Amortized Cost (1) (2) | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 4 | $ | 2,610 | 31 | $ | 8,713 | Commercial and industrial | 8 | $ | 3,119 | 32 | $ | 10,380 | ||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | — | — | 2 | 5,857 | Owner-occupied CRE | — | — | 6 | 16,710 | ||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | — | — | 2 | 2,222 | Non-owner occupied CRE | — | — | 3 | 5,673 | ||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | 4 | 2,610 | 35 | 16,792 | Total commercial business | 8 | 3,119 | 41 | 32,763 | ||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | — | — | 1 | 181 | Residential real estate | — | — | 1 | 180 | ||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | — | — | 1 | 443 | Commercial and multifamily | 1 | 5,687 | 1 | 450 | ||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 8 | 95 | 21 | 511 | Consumer | 9 | 307 | 22 | 487 | ||||||||||||||||||||||||||||||||||||
Total | Total | 12 | $ | 2,705 | 58 | $ | 17,927 | Total | 18 | $ | 9,113 | 65 | $ | 33,880 |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
Number of Contracts (1) | Amortized Cost (1) | Number of Contracts (1) | Amortized Cost (1) | Number of Contracts (1) | Amortized Cost (1) | Number of Contracts (1) | Amortized Cost (1) | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | — | $ | — | 1 | $ | 46 | Commercial and industrial | — | $ | — | 1 | $ | 336 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
Number of Contracts (1) | Amortized Cost (1) | Number of Contracts (1) | Amortized Cost (1) | Number of Contracts (1) | Amortized Cost (1) | Number of Contracts (1) | Amortized Cost (1) | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | — | $ | — | 2 | $ | 789 | Commercial and industrial | — | $ | — | 3 | $ | 976 | ||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 1 | 189 | — | — | Owner-occupied CRE | 1 | 189 | — | — |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 42,361 | $ | 70,185 | Beginning balance | $ | 42,361 | $ | 70,185 | ||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (604) | (320) | Charge-offs | (742) | (1,267) | ||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged-off | Recoveries of loans previously charged-off | 1,110 | 653 | Recoveries of loans previously charged-off | 1,722 | 1,207 | ||||||||||||||||||||||||||||||||||||||||
Reversal of provision for credit losses on loans | Reversal of provision for credit losses on loans | (3,171) | (18,956) | Reversal of provision for credit losses on loans | (1,252) | (21,808) | ||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 39,696 | $ | 51,562 | Ending balance | $ | 42,089 | $ | 48,317 |
Three Months Ended June 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | Charge-offs | Recoveries | (Reversal of) Provision for Credit Losses | Ending Balance | Beginning Balance | Charge-offs | Recoveries | Provision for (Reversal of) Credit Losses | Ending Balance | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 15,265 | $ | (117) | $ | 149 | $ | (1,264) | $ | 14,033 | Commercial and industrial | $ | 14,033 | $ | — | $ | 455 | $ | 180 | $ | 14,668 | ||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 7,085 | — | — | 1,077 | 8,162 | Owner-occupied CRE | 8,162 | — | — | (443) | 7,719 | ||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | 9,582 | — | — | (70) | 9,512 | Non-owner occupied CRE | 9,512 | — | — | 41 | 9,553 | ||||||||||||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | 31,932 | (117) | 149 | (257) | 31,707 | Total commercial business | 31,707 | — | 455 | (222) | 31,940 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 1,803 | — | — | 334 | 2,137 | Residential real estate | 2,137 | — | — | 408 | 2,545 | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 1,124 | — | 6 | (49) | 1,081 | Residential | 1,081 | — | 5 | 208 | 1,294 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | 3,175 | — | 53 | (1,025) | 2,203 | Commercial and multifamily | 2,203 | — | 102 | 1,505 | 3,810 | ||||||||||||||||||||||||||||||||||||||||||||||
Total real estate construction and land development | Total real estate construction and land development | 4,299 | — | 59 | (1,074) | 3,284 | Total real estate construction and land development | 3,284 | — | 107 | 1,713 | 5,104 | ||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 2,299 | (132) | 53 | 348 | 2,568 | Consumer | 2,568 | (138) | 50 | 20 | 2,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 40,333 | $ | (249) | $ | 261 | $ | (649) | $ | 39,696 | Total | $ | 39,696 | $ | (138) | $ | 612 | $ | 1,919 | $ | 42,089 |
Six Months Ended June 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | Charge-offs | Recoveries | (Reversal of) Provision for Credit Losses | Ending Balance | Beginning Balance | Charge-offs | Recoveries | Provision for (Reversal of) Credit Losses | Ending Balance | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 17,777 | $ | (280) | $ | 421 | $ | (3,885) | $ | 14,033 | Commercial and industrial | $ | 17,777 | $ | (280) | $ | 876 | $ | (3,705) | $ | 14,668 | ||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 6,411 | (36) | — | 1,787 | 8,162 | Owner-occupied CRE | 6,411 | (36) | — | 1,344 | 7,719 | ||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | 8,861 | — | — | 651 | 9,512 | Non-owner occupied CRE | 8,861 | — | — | 692 | 9,553 | ||||||||||||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | 33,049 | (316) | 421 | (1,447) | 31,707 | Total commercial business | 33,049 | (316) | 876 | (1,669) | 31,940 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 1,409 | (30) | 3 | 755 | 2,137 | Residential real estate | 1,409 | (30) | 3 | 1,163 | 2,545 | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 1,304 | — | 14 | (237) | 1,081 | Residential | 1,304 | — | 19 | (29) | 1,294 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | 3,972 | — | 53 | (1,822) | 2,203 | Commercial and multifamily | 3,972 | — | 155 | (317) | 3,810 | ||||||||||||||||||||||||||||||||||||||||||||||
Total real estate construction and land development | Total real estate construction and land development | 5,276 | — | 67 | (2,059) | 3,284 | Total real estate construction and land development | 5,276 | — | 174 | (346) | 5,104 | ||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 2,627 | (258) | 619 | (420) | 2,568 | Consumer | 2,627 | (396) | 669 | (400) | 2,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 42,361 | $ | (604) | $ | 1,110 | $ | (3,171) | $ | 39,696 | Total | $ | 42,361 | $ | (742) | $ | 1,722 | $ | (1,252) | $ | 42,089 |
Three Months Ended June 30, 2021 | Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | Charge-offs | Recoveries | (Reversal of) Provision for Credit Losses | Ending Balance | Beginning Balance | Charge-offs | Recoveries | Provision for (Reversal of) Credit Losses | Ending Balance | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 21,770 | $ | (13) | $ | 132 | $ | (4,404) | $ | 17,485 | Commercial and industrial | $ | 17,485 | $ | (743) | $ | 373 | $ | 1,531 | $ | 18,646 | ||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 10,464 | — | 11 | (1,913) | 8,562 | Owner-occupied CRE | 8,562 | — | 12 | (1,644) | 6,930 | ||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | 12,970 | — | — | (2,340) | 10,630 | Non-owner occupied CRE | 10,630 | — | — | (1,133) | 9,497 | ||||||||||||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | 45,204 | (13) | 143 | (8,657) | 36,677 | Total commercial business | 36,677 | (743) | 385 | (1,246) | 35,073 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 1,402 | — | — | (249) | 1,153 | Residential real estate | 1,153 | — | — | (67) | 1,086 | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 2,048 | — | 4 | (416) | 1,636 | Residential | 1,636 | — | 8 | 136 | 1,780 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | 11,223 | — | — | (2,388) | 8,835 | Commercial and multifamily | 8,835 | — | — | (1,530) | 7,305 | ||||||||||||||||||||||||||||||||||||||||||||||
Total real estate construction and land development | Total real estate construction and land development | 13,271 | — | 4 | (2,804) | 10,471 | Total real estate construction and land development | 10,471 | — | 8 | (1,394) | 9,085 | ||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 4,348 | (120) | 144 | (1,111) | 3,261 | Consumer | 3,261 | (204) | 161 | (145) | 3,073 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 64,225 | $ | (133) | $ | 291 | $ | (12,821) | $ | 51,562 | Total | $ | 51,562 | $ | (947) | $ | 554 | $ | (2,852) | $ | 48,317 |
Six Months Ended June 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | Charge-offs | Recoveries | (Reversal of) Provision for Credit Losses | Ending Balance | Beginning Balance | Charge-offs | Recoveries | Provision for (Reversal of) Credit Losses | Ending Balance | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 30,010 | $ | (14) | $ | 337 | $ | (12,848) | $ | 17,485 | Commercial and industrial | $ | 30,010 | $ | (757) | $ | 710 | $ | (11,317) | $ | 18,646 | ||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 9,486 | — | 13 | (937) | 8,562 | Owner-occupied CRE | 9,486 | — | 25 | (2,581) | 6,930 | ||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | 10,112 | — | — | 518 | 10,630 | Non-owner occupied CRE | 10,112 | — | — | (615) | 9,497 | ||||||||||||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | 49,608 | (14) | 350 | (13,267) | 36,677 | Total commercial business | 49,608 | (757) | 735 | (14,513) | 35,073 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 1,591 | — | — | (438) | 1,153 | Residential real estate | 1,591 | — | — | (505) | 1,086 | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 1,951 | — | 20 | (335) | 1,636 | Residential | 1,951 | — | 28 | (199) | 1,780 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | 11,141 | (1) | — | (2,305) | 8,835 | Commercial and multifamily | 11,141 | (1) | — | (3,835) | 7,305 | ||||||||||||||||||||||||||||||||||||||||||||||
Total real estate construction and land development | Total real estate construction and land development | 13,092 | (1) | 20 | (2,640) | 10,471 | Total real estate construction and land development | 13,092 | (1) | 28 | (4,034) | 9,085 | ||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 5,894 | (305) | 283 | (2,611) | 3,261 | Consumer | 5,894 | (509) | 444 | (2,756) | 3,073 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 70,185 | $ | (320) | $ | 653 | $ | (18,956) | $ | 51,562 | Total | $ | 70,185 | $ | (1,267) | $ | 1,207 | $ | (21,808) | $ | 48,317 |
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Notional Amounts | Estimated Fair Value | Notional Amounts | Estimated Fair Value | Notional Amounts | Estimated Fair Value | Notional Amounts | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Non-hedging interest rate derivatives | Non-hedging interest rate derivatives | Non-hedging interest rate derivatives | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap asset (1) | Interest rate swap asset (1) | $ | 305,902 | 19,842 | $ | 322,726 | $ | 15,219 | Interest rate swap asset (1) | $ | 298,601 | 32,523 | $ | 322,726 | $ | 15,219 | ||||||||||||||||||||||||||||||
Interest rate swap liability (1) | Interest rate swap liability (1) | 305,902 | (19,842) | 322,726 | (15,286) | Interest rate swap liability (1) | 298,601 | (32,523) | 322,726 | (15,286) |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
(In thousands, except shares) | (In thousands, except shares) | |||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 18,584 | $ | 32,702 | $ | 38,341 | $ | 58,046 | Net income | $ | 20,990 | $ | 20,592 | $ | 59,331 | $ | 78,638 | ||||||||||||||||||||||||||||
Basic: | Basic: | Basic: | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding | Weighted average common shares outstanding | 35,110,334 | 35,994,740 | 35,102,572 | 35,961,032 | Weighted average common shares outstanding | 35,103,984 | 35,644,192 | 35,103,048 | 35,854,258 | ||||||||||||||||||||||||||||||||||||
Diluted: | Diluted: | Diluted: | ||||||||||||||||||||||||||||||||||||||||||||
Basic weighted average common shares outstanding | Basic weighted average common shares outstanding | 35,110,334 | 35,994,740 | 35,102,572 | 35,961,032 | Basic weighted average common shares outstanding | 35,103,984 | 35,644,192 | 35,103,048 | 35,854,258 | ||||||||||||||||||||||||||||||||||||
Effect of potentially dilutive common shares (1) | Effect of potentially dilutive common shares (1) | 299,190 | 294,724 | 310,150 | 307,829 | Effect of potentially dilutive common shares (1) | 364,906 | 285,326 | 335,624 | 297,794 | ||||||||||||||||||||||||||||||||||||
Total diluted weighted average common shares outstanding | Total diluted weighted average common shares outstanding | 35,409,524 | 36,289,464 | 35,412,722 | 36,268,861 | Total diluted weighted average common shares outstanding | 35,468,890 | 35,929,518 | 35,438,672 | 36,152,052 | ||||||||||||||||||||||||||||||||||||
Potentially dilutive shares that were excluded from the computation of diluted earnings per share because to do so would be anti-dilutive (2) | Potentially dilutive shares that were excluded from the computation of diluted earnings per share because to do so would be anti-dilutive (2) | 16,978 | 7,065 | 14,334 | 4,766 | Potentially dilutive shares that were excluded from the computation of diluted earnings per share because to do so would be anti-dilutive (2) | 3,026 | 16,002 | 13,662 | 7,083 |
Declared | Cash Dividend per Share | Record Date | Paid Date | |||||||||||||||||||||||
January 27, 2021 | $0.20 | February 10, 2021 | February 24, 2021 | |||||||||||||||||||||||
April 21, 2021 | $0.20 | May 5, 2021 | May 19, 2021 | |||||||||||||||||||||||
July 21, 2021 | $0.20 | August 4, 2021 | August 18, 2021 | |||||||||||||||||||||||
October 20, 2021 | $0.21 | November 3, 2021 | November 17, 2021 | |||||||||||||||||||||||
January 26, 2022 | $0.21 | February 9, 2022 | February 23, 2022 | |||||||||||||||||||||||
April 20, 2022 | $0.21 | May 4, 2022 | May 18, 2022 | |||||||||||||||||||||||
July 20, 2022 | $0.21 | August 3, 2022 | August 17, 2022 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | Plan Total(1) | 2022 | 2021 | 2022 | 2021 | Plan Total(1) | |||||||||||||||||||||||||||||||||||||||||||||||||
Repurchased shares | Repurchased shares | 19,531 | — | 100,090 | — | 1,160,840 | Repurchased shares | — | 841,088 | 100,090 | 841,088 | 1,160,840 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock repurchase average share price | Stock repurchase average share price | $ | 24.63 | $ | — | $ | 25.07 | $ | — | $ | 23.94 | Stock repurchase average share price | $ | — | $ | 24.54 | $ | 25.07 | $ | 24.54 | $ | 23.94 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Repurchased shares to pay withholding taxes | Repurchased shares to pay withholding taxes | 1,649 | 2,557 | 26,180 | 25,803 | Repurchased shares to pay withholding taxes | 100 | 220 | 26,280 | 26,023 | ||||||||||||||||||||||||||||||||||||
Stock repurchase to pay withholding taxes average share price | Stock repurchase to pay withholding taxes average share price | $ | 24.43 | $ | 27.47 | $ | 25.40 | $ | 29.33 | Stock repurchase to pay withholding taxes average share price | $ | 26.94 | $ | 23.91 | $ | 25.40 | $ | 29.29 |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | Investment securities available for sale: | Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | U.S. government and agency securities | $ | 65,668 | $ | 19,939 | $ | 45,729 | $ | — | U.S. government and agency securities | $ | 63,749 | $ | 19,770 | $ | 43,979 | $ | — | ||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 200,010 | — | 200,010 | — | Municipal securities | 185,713 | — | 185,713 | — | ||||||||||||||||||||||||||||||||||||
Residential CMO and MBS | Residential CMO and MBS | 398,156 | — | 398,156 | — | Residential CMO and MBS | 438,370 | — | 438,370 | — |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Commercial CMO and MBS | Commercial CMO and MBS | 493,620 | — | 493,620 | — | Commercial CMO and MBS | 639,441 | — | 639,441 | — | ||||||||||||||||||||||||||||||||||||
Corporate obligations | Corporate obligations | 5,978 | — | 5,978 | — | Corporate obligations | 5,834 | — | 5,834 | — | ||||||||||||||||||||||||||||||||||||
Other asset-backed securities | Other asset-backed securities | 24,156 | — | 24,156 | — | Other asset-backed securities | 23,035 | — | 23,035 | — | ||||||||||||||||||||||||||||||||||||
Total investment securities available for sale | Total investment securities available for sale | 1,187,588 | 19,939 | 1,167,649 | — | Total investment securities available for sale | 1,356,142 | 19,770 | 1,336,372 | — | ||||||||||||||||||||||||||||||||||||
Equity security | Equity security | 186 | 186 | — | — | Equity security | 192 | 192 | — | — | ||||||||||||||||||||||||||||||||||||
Derivative assets - interest rate swaps | Derivative assets - interest rate swaps | 19,842 | — | 19,842 | — | Derivative assets - interest rate swaps | 32,523 | — | 32,523 | — | ||||||||||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities - interest rate swaps | Derivative liabilities - interest rate swaps | $ | 19,842 | $ | — | $ | 19,842 | $ | — | Derivative liabilities - interest rate swaps | $ | 32,523 | $ | — | $ | 32,523 | $ | — |
December 31, 2021 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||
U.S. government and agency securities | $ | 21,373 | $ | — | $ | 21,373 | $ | — | |||||||||||||||
Municipal securities | 221,212 | — | 221,212 | — | |||||||||||||||||||
Residential CMO and MBS | 306,884 | — | 306,884 | — | |||||||||||||||||||
Commercial CMO and MBS | 315,861 | — | 315,861 | — | |||||||||||||||||||
Corporate obligations | 2,014 | — | 2,014 | — | |||||||||||||||||||
Other asset-backed securities | 26,991 | — | 26,991 | — | |||||||||||||||||||
Total investment securities available for sale | 894,335 | — | 894,335 | — | |||||||||||||||||||
Equity security | 240 | 240 | — | — | |||||||||||||||||||
Derivative assets - interest rate swaps | 15,219 | — | 15,219 | — | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative liabilities - interest rate swaps | $ | 15,286 | $ | — | $ | 15,286 | $ | — |
Fair Value at June 30, 2022 | Fair Value at September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis(1) | Total | Level 1 | Level 2 | Level 3 | Basis(1) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateral-dependent loans: | Collateral-dependent loans: | Collateral-dependent loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,054 | $ | 969 | $ | — | $ | — | $ | 969 | ||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 613 | 186 | — | — | 186 | Owner-occupied CRE | 613 | 186 | — | — | 186 | ||||||||||||||||||||||||||||||||||||||||||||||
Total assets measured at fair value on a nonrecurring basis | Total assets measured at fair value on a nonrecurring basis | $ | 1,667 | $ | 1,155 | $ | — | $ | — | $ | 1,155 | Total assets measured at fair value on a nonrecurring basis | $ | 613 | $ | 186 | $ | — | $ | — | $ | 186 |
Fair Value at December 31, 2021 | Fair Value at December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis(1) | Total | Level 1 | Level 2 | Level 3 | Basis(1) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateral-dependent loans: | Collateral-dependent loans: | Collateral-dependent loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 1,911 | $ | 1,049 | $ | — | $ | — | $ | 1,049 | Commercial and industrial | $ | 1,911 | $ | 1,049 | $ | — | $ | — | $ | 1,049 | ||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 613 | 189 | — | — | 189 | Owner-occupied CRE | 613 | 189 | — | — | 189 | ||||||||||||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | 2,524 | 1,238 | — | — | 1,238 | Total commercial business | 2,524 | 1,238 | — | — | 1,238 | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: |
Real estate construction and land development: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value at December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis(1) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | 991 | $ | 534 | — | — | 534 | Commercial and multifamily | 991 | $ | 534 | — | — | 534 | ||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 3,515 | 1,772 | — | — | 1,772 | Total | 3,515 | 1,772 | — | — | 1,772 | ||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets: | Prepaid expenses and other assets: | Prepaid expenses and other assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Branch held for sale (2) | Branch held for sale (2) | 698 | 698 | — | — | 698 | Branch held for sale (2) | 698 | 698 | — | — | 698 | ||||||||||||||||||||||||||||||||||||||||||||||
Total assets measured at fair value on a nonrecurring basis | Total assets measured at fair value on a nonrecurring basis | $ | 4,213 | $ | 2,470 | $ | — | $ | — | $ | 2,470 | Total assets measured at fair value on a nonrecurring basis | $ | 4,213 | $ | 2,470 | $ | — | $ | — | $ | 2,470 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Collateral-dependent loans: | Collateral-dependent loans: | Collateral-dependent loans: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 35 | $ | 6 | $ | 23 | $ | (28) | Commercial and industrial | $ | — | $ | (54) | $ | 24 | $ | (563) | ||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | (3) | (76) | (3) | (76) | Owner-occupied CRE | — | 15 | (4) | (61) | ||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | 32 | (70) | 20 | (104) | Total commercial business | — | (39) | 20 | (624) | ||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | — | (23) | — | (38) | Commercial and multifamily | — | — | — | (38) | ||||||||||||||||||||||||||||||||||||
Net loss from nonrecurring fair value adjustments | $ | 32 | $ | (93) | $ | 20 | $ | (142) | ||||||||||||||||||||||||||||||||||||||
Total | Total | — | (39) | 20 | (662) | |||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets: | Prepaid expenses and other assets: | |||||||||||||||||||||||||||||||||||||||||||||
Branch held for sale | Branch held for sale | — | (38) | — | (38) | |||||||||||||||||||||||||||||||||||||||||
Net (loss) gain from nonrecurring fair value adjustments | Net (loss) gain from nonrecurring fair value adjustments | $ | — | $ | (77) | $ | 20 | $ | (700) |
Fair Value | Valuation Technique(s) | Unobservable Input(s) | Range of Inputs; Weighted Average | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Collateral-dependent loans | $ | Market approach | Adjustment for differences between the comparable sales | N/A(1) | |||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Fair Value | Valuation Technique(s) | Unobservable Input(s) | Range of Inputs; Weighted Average | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Collateral-dependent loans | $ | 1,772 | Market approach | Adjustment for differences between the comparable sales | 35.0% - (11.0%); 13.8% | ||||||||||||||||||
Branch held for sale | $ | 698 | Market approach | Sale agreement |
September 30, 2022 | |||||||||||||||||||||||||||||
Carrying Value | Fair Value | Fair Value Measurements Using: | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 407,324 | $ | 407,324 | $ | 407,324 | $ | — | $ | — | |||||||||||||||||||
Investment securities available for sale | 1,356,142 | 1,356,142 | 19,770 | 1,336,372 | — | ||||||||||||||||||||||||
Investment securities held to maturity | 773,319 | 677,335 | — | 677,335 | — | ||||||||||||||||||||||||
Loans held for sale | — | — | — | — | — | ||||||||||||||||||||||||
Loans receivable, net | 3,959,206 | 3,848,546 | — | — | 3,848,546 | ||||||||||||||||||||||||
Accrued interest receivable | 17,812 | 17,812 | 351 | 6,962 | 10,499 | ||||||||||||||||||||||||
Derivative assets - interest rate swaps | 32,523 | 32,523 | — | 32,523 | — | ||||||||||||||||||||||||
Equity security | 192 | 192 | 192 | — | — | ||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||
Non-maturity deposits | $ | 5,950,312 | $ | 5,950,312 | $ | 5,950,312 | $ | — | $ | — | |||||||||||||||||||
Certificates of deposit | 287,423 | 287,837 | — | 287,837 | — | ||||||||||||||||||||||||
Securities sold under agreement to repurchase | 40,449 | 40,449 | 40,449 | — | — | ||||||||||||||||||||||||
Junior subordinated debentures | 21,399 | 20,250 | — | — | 20,250 | ||||||||||||||||||||||||
Accrued interest payable | 101 | 101 | 36 | 13 | 52 | ||||||||||||||||||||||||
Derivative liabilities - interest rate swaps | 32,523 | 32,523 | — | 32,523 | — |
December 31, 2021 | |||||||||||||||||||||||||||||
Carrying Value | Fair Value | Fair Value Measurements Using: | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,723,292 | $ | 1,723,292 | $ | 1,723,292 | $ | — | $ | — | |||||||||||||||||||
Investment securities available for sale | 894,335 | 894,335 | — | 894,335 | — | ||||||||||||||||||||||||
Investment securities held to maturity | 383,393 | 376,331 | — | 376,331 | — | ||||||||||||||||||||||||
Loans held for sale | 1,476 | 1,527 | — | 1,527 | — | ||||||||||||||||||||||||
Loans receivable, net | 3,773,301 | 3,849,602 | — | — | 3,849,602 | ||||||||||||||||||||||||
Accrued interest receivable | 14,657 | 14,657 | 14 | 4,582 | 10,061 | ||||||||||||||||||||||||
Derivative assets - interest rate swaps | 15,219 | 15,219 | — | 15,219 | — | ||||||||||||||||||||||||
Equity security | 240 | 240 | 240 | — | — | ||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||
Non-maturity deposits | $ | 6,051,451 | $ | 6,051,451 | $ | 6,051,451 | $ | — | $ | — | |||||||||||||||||||
Certificates of deposit | 342,839 | 344,025 | — | 344,025 | — | ||||||||||||||||||||||||
Securities sold under agreement to repurchase | 50,839 | 50,839 | 50,839 | — | — | ||||||||||||||||||||||||
Junior subordinated debentures | 21,180 | 18,750 | — | — | 18,750 | ||||||||||||||||||||||||
Accrued interest payable | 73 | 73 | 33 | 19 | 21 | ||||||||||||||||||||||||
Derivative liabilities - interest rate swaps | 15,286 | 15,286 | — | 15,286 | — |
June 30, 2022 | |||||||||||||||||||||||||||||
Carrying Value | Fair Value | Fair Value Measurements Using: | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 994,055 | $ | 994,055 | $ | 994,055 | $ | — | $ | — | |||||||||||||||||||
Investment securities available for sale | 1,187,588 | 1,187,588 | 19,939 | 1,167,649 | — | ||||||||||||||||||||||||
Investment securities held to maturity | 615,653 | 559,312 | — | 559,312 | — | ||||||||||||||||||||||||
Loans held for sale | 1,311 | 1,353 | — | 1,353 | — | ||||||||||||||||||||||||
Loans receivable, net | 3,834,368 | 3,760,294 | — | — | 3,760,294 | ||||||||||||||||||||||||
Accrued interest receivable | 15,908 | 15,908 | 272 | 6,185 | 9,451 | ||||||||||||||||||||||||
Derivative assets - interest rate swaps | 19,842 | 19,842 | — | 19,842 | — | ||||||||||||||||||||||||
Equity security | 186 | 186 | 186 | — | — | ||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||
Non-maturity deposits | $ | 6,019,421 | $ | 6,019,421 | $ | 6,019,421 | $ | — | $ | — | |||||||||||||||||||
Certificates of deposit | 310,769 | 311,481 | — | 311,481 | — | ||||||||||||||||||||||||
Securities sold under agreement to repurchase | 41,827 | 41,827 | 41,827 | — | — | ||||||||||||||||||||||||
Junior subordinated debentures | 21,326 | 19,250 | — | — | 19,250 | ||||||||||||||||||||||||
Accrued interest payable | 83 | 83 | 31 | 16 | 36 | ||||||||||||||||||||||||
Derivative liabilities - interest rate swaps | 19,842 | 19,842 | — | 19,842 | — |
December 31, 2021 | |||||||||||||||||||||||||||||
Carrying Value | Fair Value | Fair Value Measurements Using: | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,723,292 | $ | 1,723,292 | $ | 1,723,292 | $ | — | $ | — | |||||||||||||||||||
Investment securities available for sale | 894,335 | 894,335 | — | 894,335 | — | ||||||||||||||||||||||||
Investment securities held to maturity | 383,393 | 376,331 | — | 376,331 | — | ||||||||||||||||||||||||
Loans held for sale | 1,476 | 1,527 | — | 1,527 | — | ||||||||||||||||||||||||
Loans receivable, net | 3,773,301 | 3,849,602 | — | — | 3,849,602 | ||||||||||||||||||||||||
Accrued interest receivable | 14,657 | 14,657 | 14 | 4,582 | 10,061 | ||||||||||||||||||||||||
Derivative assets - interest rate swaps | 15,219 | 15,219 | — | 15,219 | — | ||||||||||||||||||||||||
Equity security | 240 | 240 | 240 | — | — | ||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||
Non-maturity deposits | $ | 6,038,498 | $ | 6,038,498 | $ | 6,038,498 | $ | — | $ | — | |||||||||||||||||||
Certificates of deposit | 342,839 | 344,025 | — | 344,025 | — | ||||||||||||||||||||||||
Securities sold under agreement to repurchase | 50,839 | 50,839 | 50,839 | — | — | ||||||||||||||||||||||||
Junior subordinated debentures | 21,180 | 18,750 | — | — | 18,750 | ||||||||||||||||||||||||
Accrued interest payable | 73 | 73 | 33 | 19 | 21 | ||||||||||||||||||||||||
Derivative liabilities - interest rate swaps | 15,286 | 15,286 | — | 15,286 | — |
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 553,134 | $ | 570,156 | Commercial and industrial | $ | 528,690 | $ | 570,156 | ||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 3,612 | 2,252 | Owner-occupied CRE | 4,260 | 2,252 | ||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | 13,310 | 7,487 | Non-owner occupied CRE | 12,334 | 7,487 | ||||||||||||||||
Total commercial business | Total commercial business | 570,056 | 579,895 | Total commercial business | 545,284 | 579,895 | ||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||
Residential | Residential | 52,374 | 51,838 | Residential | 52,098 | 51,838 | ||||||||||||||||
Commercial and multifamily | Commercial and multifamily | 217,177 | 209,217 | Commercial and multifamily | 237,204 | 209,217 | ||||||||||||||||
Total real estate construction and land development | Total real estate construction and land development | 269,551 | 261,055 | Total real estate construction and land development | 289,302 | 261,055 | ||||||||||||||||
Consumer | Consumer | 307,906 | 285,010 | Consumer | 314,216 | 285,010 | ||||||||||||||||
Total outstanding commitments | Total outstanding commitments | $ | 1,147,513 | $ | 1,125,960 | Total outstanding commitments | $ | 1,148,802 | $ | 1,125,960 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 1,552 | $ | 3,617 | $ | 2,607 | $ | 4,681 | Balance, beginning of period | $ | 997 | $ | 2,451 | $ | 2,607 | $ | 4,681 | ||||||||||||||||||||||||||||
Reversal of provision for credit losses on unfunded commitments | (555) | (1,166) | (1,610) | (2,230) | ||||||||||||||||||||||||||||||||||||||||||
Provision for (reversal of) credit losses on unfunded commitments | Provision for (reversal of) credit losses on unfunded commitments | 26 | (297) | (1,584) | (2,527) | |||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 997 | $ | 2,451 | $ | 997 | $ | 2,451 | Balance, end of period | $ | 1,023 | $ | 2,154 | $ | 1,023 | $ | 2,154 |
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance(1) | Interest Earned/ Paid | Average Yield/ Rate | Average Balance(1) | Interest Earned/ Paid | Average Yield/ Rate | Average Balance(1) | Interest Earned/ Paid | Average Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Earning Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net (2)(3) | $ | 3,812,045 | $ | 40,890 | 4.30 | % | $ | 4,402,868 | $ | 50,750 | 4.62 | % | $ | (590,823) | $ | (9,860) | (0.32) | % | |||||||||||||||||||||||||||||||||||
Taxable securities | 1,450,328 | 7,607 | 2.10 | 799,023 | 4,050 | 2.03 | 651,305 | 3,557 | 0.07 | ||||||||||||||||||||||||||||||||||||||||||||
Nontaxable securities (3) | 137,429 | 893 | 2.61 | 160,489 | 947 | 2.37 | (23,060) | (54) | 0.24 | ||||||||||||||||||||||||||||||||||||||||||||
Interest earning deposits | 1,213,156 | 2,342 | 0.77 | 964,791 | 263 | 0.11 | 248,365 | 2,079 | 0.66 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | 6,612,958 | 51,732 | 3.14 | % | 6,327,171 | 56,010 | 3.55 | % | 285,787 | (4,278) | (0.41) | % | |||||||||||||||||||||||||||||||||||||||||
Noninterest earning assets | 772,658 | 752,034 | 20,624 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 7,385,616 | $ | 7,079,205 | $ | 306,411 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Bearing Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of Deposit | $ | 321,926 | $ | 324 | 0.40 | % | $ | 381,417 | $ | 481 | 0.51 | % | $ | (59,491) | $ | (157) | (0.11) | % | |||||||||||||||||||||||||||||||||||
Savings accounts | 652,407 | 88 | 0.05 | 591,616 | 89 | 0.06 | 60,791 | (1) | (0.01) | ||||||||||||||||||||||||||||||||||||||||||||
Interest bearing demand and money market accounts | 3,067,373 | 1,001 | 0.13 | 2,836,717 | 954 | 0.13 | 230,656 | 47 | — | ||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing deposits | 4,041,706 | 1,413 | 0.14 | 3,809,750 | 1,524 | 0.16 | 231,956 | (111) | (0.02) | ||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | 21,287 | 239 | 4.50 | 20,986 | 186 | 3.55 | 301 | 53 | 0.95 | ||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreement to repurchase | 48,272 | 32 | 0.27 | 43,259 | 35 | 0.32 | 5,013 | (3) | (0.05) | ||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 4,111,265 | 1,684 | 0.16 | % | 3,873,995 | 1,745 | 0.18 | % | 237,270 | (61) | (0.02) | % | |||||||||||||||||||||||||||||||||||||||||
Noninterest bearing demand deposits | 2,349,746 | 2,261,373 | 88,373 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest bearing liabilities | 113,644 | 108,076 | 5,568 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 810,961 | 835,761 | (24,800) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stock-holders’ equity | $ | 7,385,616 | $ | 7,079,205 | $ | 306,411 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income and spread | $ | 50,048 | 2.98 | % | $ | 54,265 | 3.37 | % | $ | (4,217) | (0.39) | % | |||||||||||||||||||||||||||||||||||||||||
Net interest margin | 3.04 | % | 3.44 | % | (0.40) | % |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance(1) | Interest Earned/ Paid | Average Yield/ Rate | Average Balance(1) | Interest Earned/ Paid | Average Yield/ Rate | Average Balance(1) | Interest Earned/ Paid | Average Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Earning Assets: |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance(1) | Interest Earned/ Paid | Average Yield/ Rate | Average Balance(1) | Interest Earned/ Paid | Average Yield/ Rate | Average Balance(1) | Interest Earned/ Paid | Average Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net (2)(3) | $ | 3,859,839 | $ | 43,847 | 4.51 | % | $ | 4,005,585 | $ | 46,863 | 4.64 | % | $ | (145,746) | $ | (3,016) | (0.13) | % | |||||||||||||||||||||||||||||||||||
Taxable securities | 1,868,900 | 12,362 | 2.62 | 893,374 | 4,711 | 2.09 | 975,526 | 7,651 | 0.53 | ||||||||||||||||||||||||||||||||||||||||||||
Nontaxable securities (3) | 133,022 | 892 | 2.66 | 157,907 | 931 | 2.34 | (24,885) | (39) | 0.32 | ||||||||||||||||||||||||||||||||||||||||||||
Interest earning deposits | 730,600 | 4,009 | 2.18 | 1,417,661 | 537 | 0.15 | (687,061) | 3,472 | 2.03 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | 6,592,361 | 61,110 | 3.68 | % | 6,474,527 | 53,042 | 3.25 | % | 117,834 | 8,068 | 0.43 | % | |||||||||||||||||||||||||||||||||||||||||
Noninterest earning assets | 775,375 | 740,433 | 34,942 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 7,367,736 | $ | 7,214,960 | $ | 152,776 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Bearing Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of Deposit | $ | 297,786 | $ | 290 | 0.39 | % | $ | 365,278 | $ | 407 | 0.44 | % | $ | (67,492) | $ | (117) | (0.05) | % | |||||||||||||||||||||||||||||||||||
Savings accounts | 654,697 | 99 | 0.06 | 609,818 | 90 | 0.06 | 44,879 | 9 | — | ||||||||||||||||||||||||||||||||||||||||||||
Interest bearing demand and money market accounts | 3,065,007 | 1,089 | 0.14 | 2,881,567 | 947 | 0.13 | 183,440 | 142 | 0.01 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing deposits | 4,017,490 | 1,478 | 0.15 | 3,856,663 | 1,444 | 0.15 | 160,827 | 34 | — | ||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | 21,356 | 312 | 5.80 | 21,060 | 184 | 3.47 | 296 | 128 | 2.33 | ||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreement to repurchase | 42,959 | 34 | 0.31 | 52,197 | 36 | 0.27 | (9,238) | (2) | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 4,081,805 | 1,824 | 0.18 | % | 3,929,920 | 1,664 | 0.17 | % | 151,885 | 160 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||
Noninterest bearing demand deposits | 2,356,688 | 2,313,145 | 43,543 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest bearing liabilities | 118,191 | 116,187 | 2,004 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 811,052 | 855,708 | (44,656) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stock-holders’ equity | $ | 7,367,736 | $ | 7,214,960 | $ | 152,776 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income and spread | $ | 59,286 | 3.50 | % | $ | 51,378 | 3.08 | % | $ | 7,908 | 0.42 | % | |||||||||||||||||||||||||||||||||||||||||
Net interest margin | 3.57 | % | 3.15 | % | 0.42 | % |
Increase (Decrease) Due to Changes In: | Increase (Decrease) Due to Changes In: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume | Yield/Rate | Total | % Change | Volume | Yield/Rate | Total | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Earning Assets: | Interest Earning Assets: | Interest Earning Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net | Loans receivable, net | $ | (6,499) | $ | (3,361) | $ | (9,860) | (19.4) | % | Loans receivable, net | $ | (1,678) | $ | (1,338) | $ | (3,016) | (6.4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable securities | Taxable securities | 6,206 | 1,445 | 7,651 | 162.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nontaxable securities | Nontaxable securities | (158) | 119 | (39) | (4.2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest earning deposits | Interest earning deposits | (382) | 3,854 | 3,472 | 646.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | $ | 3,988 | $ | 4,080 | $ | 8,068 | 15.2 | % |
Increase (Decrease) Due to Changes In: | Increase (Decrease) Due to Changes In: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume | Yield/Rate | Total | % Change | Volume | Yield/Rate | Total | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable securities | 3,411 | 146 | 3,557 | 87.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nontaxable securities | (144) | 90 | (54) | (5.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest earning deposits | 84 | 1,995 | 2,079 | 790.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest income | $ | (3,148) | $ | (1,130) | $ | (4,278) | (7.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Bearing Liabilities: | Interest Bearing Liabilities: | Interest Bearing Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | $ | (68) | $ | (89) | $ | (157) | (32.6) | % | Certificates of deposit | $ | (70) | $ | (47) | $ | (117) | (28.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | Savings accounts | 9 | (10) | (1) | (1.1) | Savings accounts | 7 | 2 | 9 | 10.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing demand and money market accounts | Interest bearing demand and money market accounts | 76 | (29) | 47 | 4.9 | Interest bearing demand and money market accounts | 62 | 80 | 142 | 15.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing deposits | Total interest bearing deposits | 17 | (128) | (111) | (7.3) | Total interest bearing deposits | (1) | 35 | 34 | 2.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 3 | 50 | 53 | 28.5 | Junior subordinated debentures | 3 | 125 | 128 | 69.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreement to repurchase | Securities sold under agreement to repurchase | 4 | (7) | (3) | (8.6) | Securities sold under agreement to repurchase | (7) | 5 | (2) | (5.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | $ | 24 | $ | (85) | $ | (61) | (3.5) | % | Total interest expense | $ | (5) | $ | 165 | $ | 160 | 9.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | (3,172) | $ | (1,045) | $ | (4,217) | (7.8) | % | Net interest income | $ | 3,993 | $ | 3,915 | $ | 7,908 | 15.4 | % |
Three Months Ended | Three Months Ended | |||||||||||||||||||||
June 30, 2022 | June 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||
Loan yield (GAAP) | Loan yield (GAAP) | 4.30 | % | 4.62 | % | Loan yield (GAAP) | 4.51 | % | 4.64 | % | ||||||||||||
Exclude impact from SBA PPP loans | Exclude impact from SBA PPP loans | (0.15) | (0.12) | Exclude impact from SBA PPP loans | (0.02) | (0.38) | ||||||||||||||||
Exclude impact from incremental accretion on acquired loans | Exclude impact from incremental accretion on acquired loans | (0.03) | (0.05) | Exclude impact from incremental accretion on acquired loans | (0.05) | (0.07) | ||||||||||||||||
Loan yield, excluding SBA PPP loans and incremental accretion on acquired loans (non-GAAP) (1) | Loan yield, excluding SBA PPP loans and incremental accretion on acquired loans (non-GAAP) (1) | 4.12 | % | 4.45 | % | Loan yield, excluding SBA PPP loans and incremental accretion on acquired loans (non-GAAP) (1) | 4.44 | % | 4.19 | % |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance(1) | Interest Earned/ Paid | Average Yield/ Rate | Average Balance(1) | Interest Earned/ Paid | Average Yield/ Rate | Average Balance(1) | Interest Earned/ Paid | Average Yield/ Rate | Average Balance(1) | Interest Earned/ Paid | Average Yield/ Rate | Average Balance(1) | Interest Earned/ Paid | Average Yield/ Rate | Average Balance(1) | Interest Earned/ Paid | Average Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Earning Assets: | Interest Earning Assets: | Interest Earning Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net (2)(3) | Loans receivable, net (2)(3) | $ | 3,792,792 | $ | 81,915 | 4.36 | % | $ | 4,446,442 | $ | 100,274 | 4.55 | % | $ | (653,650) | $ | (18,359) | (0.19) | % | Loans receivable, net (2)(3) | $ | 3,815,387 | $ | 125,762 | 4.41 | % | $ | 4,297,875 | $ | 147,137 | 4.58 | % | $ | (482,488) | $ | (21,375) | (0.17) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable securities | Taxable securities | 1,361,437 | 13,610 | 2.02 | 736,990 | 7,584 | 2.08 | 624,447 | 6,026 | (0.06) | Taxable securities | 1,532,450 | 25,972 | 2.27 | 789,691 | 12,295 | 2.08 | 742,759 | 13,677 | 0.19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nontaxable securities (3) | Nontaxable securities (3) | 141,894 | 1,753 | 2.49 | 162,192 | 1,905 | 2.37 | (20,298) | (152) | 0.12 | Nontaxable securities (3) | 138,904 | 2,645 | 2.55 | 160,748 | 2,836 | 2.36 | (21,844) | (191) | 0.19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest earning deposits | Interest earning deposits | 1,357,420 | 3,048 | 0.45 | 840,030 | 438 | 0.11 | 517,390 | 2,610 | 0.34 | Interest earning deposits | 1,146,183 | 7,057 | 0.82 | 1,034,690 | 975 | 0.13 | 111,493 | 6,082 | 0.69 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | Total interest earning assets | 6,653,543 | 100,326 | 3.04 | % | 6,185,654 | 110,201 | 3.59 | % | 467,889 | (9,875) | (0.55) | % | Total interest earning assets | 6,632,924 | 161,436 | 3.25 | % | 6,283,004 | 163,243 | 3.47 | % | 349,920 | (1,807) | (0.22) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest earning assets | Noninterest earning assets | 762,877 | 749,781 | 13,096 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 7,395,801 | $ | 7,032,785 | $ | 363,016 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance(1) | Interest Earned/ Paid | Average Yield/ Rate | Average Balance(1) | Interest Earned/ Paid | Average Yield/ Rate | Average Balance(1) | Interest Earned/ Paid | Average Yield/ Rate | Average Balance(1) | Interest Earned/ Paid | Average Yield/ Rate | Average Balance(1) | Interest Earned/ Paid | Average Yield/ Rate | Average Balance(1) | Interest Earned/ Paid | Average Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest earning assets | 756,523 | 754,533 | 1,990 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 7,410,066 | $ | 6,940,187 | $ | 469,879 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Bearing Liabilities: | Interest Bearing Liabilities: | Interest Bearing Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of Deposit | Certificates of Deposit | $ | 329,100 | $ | 662 | 0.41 | % | $ | 387,310 | $ | 1,040 | 0.54 | % | $ | (58,210) | $ | (378) | (0.13) | % | Certificates of Deposit | $ | 318,547 | $ | 952 | 0.40 | % | $ | 379,885 | $ | 1,447 | 0.51 | % | $ | (61,338) | $ | (495) | (0.11) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | Savings accounts | 649,562 | 175 | 0.05 | 575,942 | 184 | 0.06 | 73,620 | (9) | (0.01) | Savings accounts | 651,292 | 274 | 0.06 | 587,358 | 274 | 0.06 | 63,934 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing demand and money market accounts | Interest bearing demand and money market accounts | 3,066,849 | 2,000 | 0.13 | 2,784,714 | 2,028 | 0.15 | 282,135 | (28) | (0.02) | Interest bearing demand and money market accounts | 3,066,229 | 3,089 | 0.13 | 2,817,353 | 2,975 | 0.14 | 248,876 | 114 | (0.01) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing deposits | Total interest bearing deposits | 4,045,511 | 2,837 | 0.14 | 3,747,966 | 3,252 | 0.17 | 297,545 | (415) | (0.03) | Total interest bearing deposits | 4,036,068 | 4,315 | 0.14 | 3,784,596 | 4,696 | 0.17 | 251,472 | (381) | (0.03) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 21,250 | 433 | 4.11 | 20,950 | 373 | 3.59 | 300 | 60 | 0.52 | Junior subordinated debentures | 21,286 | 745 | 4.68 | 20,987 | 557 | 3.55 | 299 | 188 | 1.13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreement to repurchase | Securities sold under agreement to repurchase | 49,140 | 64 | 0.26 | 41,676 | 73 | 0.35 | 7,464 | (9) | (0.09) | Securities sold under agreement to repurchase | 47,057 | 98 | 0.28 | 45,221 | 109 | 0.32 | 1,836 | (11) | (0.04) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | Total interest bearing liabilities | 4,115,901 | 3,334 | 0.16 | % | 3,810,592 | 3,698 | 0.20 | % | 305,309 | (364) | (0.04) | % | Total interest bearing liabilities | 4,104,411 | 5,158 | 0.17 | % | 3,850,804 | 5,362 | 0.19 | % | 253,607 | (204) | (0.02) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest bearing demand deposits | Noninterest bearing demand deposits | 2,354,571 | 2,183,638 | 170,933 | Noninterest bearing demand deposits | 2,355,285 | 2,227,281 | 128,004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest bearing liabilities | Other noninterest bearing liabilities | 111,167 | 114,542 | (3,375) | Other noninterest bearing liabilities | 113,534 | 115,098 | (1,564) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | Stockholders’ equity | 828,427 | 831,415 | (2,988) | Stockholders’ equity | 822,571 | 839,602 | (17,031) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stock-holders’ equity | Total liabilities and stock-holders’ equity | $ | 7,410,066 | $ | 6,940,187 | $ | 469,879 | Total liabilities and stock-holders’ equity | $ | 7,395,801 | $ | 7,032,785 | $ | 363,016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income and spread | Net interest income and spread | $ | 96,992 | 2.88 | % | $ | 106,503 | 3.39 | % | $ | (9,511) | (0.51) | % | Net interest income and spread | $ | 156,278 | 3.08 | % | $ | 157,881 | 3.28 | % | $ | (1,603) | (0.20) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | Net interest margin | 2.94 | % | 3.47 | % | (0.53) | % | Net interest margin | 3.15 | % | 3.36 | % | (0.21) | % |
Increase (Decrease) Due to Changes In: | |||||||||||||||||||||||
Volume | Yield/Rate | Total | % Change | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Interest Earning Assets: | |||||||||||||||||||||||
Loans receivable, net | $ | (14,257) | $ | (4,102) | $ | (18,359) | (18.3) | % | |||||||||||||||
Taxable securities | 6,248 | (222) | 6,026 | 79.5 | |||||||||||||||||||
Nontaxable securities | (247) | 95 | (152) | (8.0) | |||||||||||||||||||
Interest earning deposits | 410 | 2,200 | 2,610 | 595.9 | |||||||||||||||||||
Total interest income | $ | (7,846) | $ | (2,029) | $ | (9,875) | (9.0) | % | |||||||||||||||
Interest Bearing Liabilities: | |||||||||||||||||||||||
Certificates of deposit | $ | (142) | $ | (236) | $ | (378) | (36.3) | % | |||||||||||||||
Savings accounts | 22 | (31) | (9) | (4.9) | |||||||||||||||||||
Interest bearing demand and money market accounts | 195 | (223) | (28) | (1.4) | |||||||||||||||||||
Total interest bearing deposits | 75 | (490) | (415) | (12.8) | |||||||||||||||||||
Junior subordinated debentures | 5 | 55 | 60 | 16.1 | |||||||||||||||||||
Securities sold under agreement to repurchase | 12 | (21) | (9) | (12.3) | |||||||||||||||||||
Total interest expense | $ | 92 | $ | (456) | $ | (364) | (9.8) | % | |||||||||||||||
Net interest income | $ | (7,938) | $ | (1,573) | $ | (9,511) | (8.9) | % |
Increase (Decrease) Due to Changes In: | |||||||||||||||||||||||
Volume | Yield/Rate | Total | % Change | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Interest Earning Assets: | |||||||||||||||||||||||
Loans receivable, net | $ | (16,057) | $ | (5,318) | $ | (21,375) | (14.5) | % | |||||||||||||||
Taxable securities | 12,500 | 1,177 | 13,677 | 111.2 | |||||||||||||||||||
Nontaxable securities | (405) | 214 | (191) | (6.7) | |||||||||||||||||||
Interest earning deposits | 116 | 5,966 | 6,082 | 623.8 | |||||||||||||||||||
Total interest income | $ | (3,846) | $ | 2,039 | $ | (1,807) | (1.1) | % | |||||||||||||||
Interest Bearing Liabilities: | |||||||||||||||||||||||
Certificates of deposit | $ | (212) | $ | (283) | $ | (495) | (34.2) | % | |||||||||||||||
Savings accounts | 28 | (28) | — | — | |||||||||||||||||||
Interest bearing demand and money market accounts | 255 | (141) | 114 | 3.8 | |||||||||||||||||||
Total interest bearing deposits | 71 | (452) | (381) | (8.1) | |||||||||||||||||||
Junior subordinated debentures | 8 | 180 | 188 | 33.8 | |||||||||||||||||||
Securities sold under agreement to repurchase | 4 | (15) | (11) | (10.1) | |||||||||||||||||||
Total interest expense | $ | 83 | $ | (287) | $ | (204) | (3.8) | % | |||||||||||||||
Net interest income | $ | (3,929) | $ | 2,326 | $ | (1,603) | (1.0) | % |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Loan yield (GAAP) | Loan yield (GAAP) | 4.36 | % | 4.55 | % | Loan yield (GAAP) | 4.41 | % | 4.58 | % | ||||||||||||
Exclude impact from SBA PPP loans | Exclude impact from SBA PPP loans | (0.18) | (0.05) | Exclude impact from SBA PPP loans | (0.13) | (0.17) | ||||||||||||||||
Exclude impact from incremental accretion on acquired loans | Exclude impact from incremental accretion on acquired loans | (0.05) | (0.09) | Exclude impact from incremental accretion on acquired loans | (0.04) | (0.08) | ||||||||||||||||
Loan yield, excluding SBA PPP loans and incremental accretion on acquired loans (non-GAAP) (1) | Loan yield, excluding SBA PPP loans and incremental accretion on acquired loans (non-GAAP) (1) | 4.13 | % | 4.41 | % | Loan yield, excluding SBA PPP loans and incremental accretion on acquired loans (non-GAAP) (1) | 4.24 | % | 4.33 | % |
Three Months Ended June 30, | |||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Reversal of provision for credit losses on loans | $ | (649) | $ | (12,821) | $ | 12,172 | (94.9) | % | |||||||||||||||
Reversal of provision for credit losses on unfunded commitments | (555) | (1,166) | 611 | (52.4) | |||||||||||||||||||
Reversal of provision for credit losses | $ | (1,204) | $ | (13,987) | $ | 12,783 | (91.4) | % |
Three Months Ended September 30, | |||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Provision for (reversal of) credit losses on loans | $ | 1,919 | $ | (2,852) | $ | 4,771 | (167.3) | % | |||||||||||||||
Provision for (reversal of) credit losses on unfunded commitments | 26 | (297) | 323 | (108.8) | |||||||||||||||||||
Provision for (reversal of) credit losses | $ | 1,945 | $ | (3,149) | $ | 5,094 | (161.8) | % |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | Percentage Change | 2022 | 2021 | Change | Percentage Change | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Reversal of provision for credit losses on loans | Reversal of provision for credit losses on loans | $ | (3,171) | $ | (18,956) | $ | 15,785 | (83.3) | % | Reversal of provision for credit losses on loans | $ | (1,252) | $ | (21,808) | $ | 20,556 | (94.3) | % | ||||||||||||||||||||||||||||
Reversal of provision for credit losses on unfunded commitments | Reversal of provision for credit losses on unfunded commitments | (1,610) | (2,230) | 620 | (27.8) | Reversal of provision for credit losses on unfunded commitments | (1,584) | (2,527) | 943 | (37.3) | ||||||||||||||||||||||||||||||||||||
Reversal of provision for credit losses | Reversal of provision for credit losses | $ | (4,781) | $ | (21,186) | $ | 16,405 | (77.4) | % | Reversal of provision for credit losses | $ | (2,836) | $ | (24,335) | $ | 21,499 | (88.3) | % |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % Change | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Service charges and other fees | Service charges and other fees | $ | 2,391 | $ | 2,067 | $ | 324 | 15.7 | % | Service charges and other fees | $ | 2,688 | $ | 2,400 | $ | 288 | 12.0 | % | ||||||||||||||||||||||||||||
Card revenue | Card revenue | 2,332 | 2,338 | (6) | (0.3) | Card revenue | 2,365 | 2,150 | 215 | 10.0 | ||||||||||||||||||||||||||||||||||||
Gain on sale of loans, net | Gain on sale of loans, net | 219 | 1,003 | (784) | (78.2) | Gain on sale of loans, net | 133 | 765 | (632) | (82.6) | ||||||||||||||||||||||||||||||||||||
Interest rate swap fees | Interest rate swap fees | 26 | 209 | (183) | (87.6) | Interest rate swap fees | 78 | 126 | (48) | (38.1) | ||||||||||||||||||||||||||||||||||||
Bank owned life insurance income | Bank owned life insurance income | 764 | 717 | 47 | 6.6 | Bank owned life insurance income | 723 | 647 | 76 | 11.7 | ||||||||||||||||||||||||||||||||||||
Gain on sale of other assets, net | Gain on sale of other assets, net | — | 724 | (724) | (100.0) | Gain on sale of other assets, net | 265 | 942 | (677) | (71.9) | ||||||||||||||||||||||||||||||||||||
Other income | Other income | 1,284 | 1,239 | 45 | 3.6 | Other income | 1,201 | 1,198 | 3 | 0.3 | ||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | $ | 7,016 | $ | 8,297 | $ | (1,281) | (15.4) | % | Total noninterest income | $ | 7,453 | $ | 8,228 | $ | (775) | (9.4) | % |
Six Months Ended June 30, | |||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Service charges and other fees | $ | 4,687 | $ | 3,959 | $ | 728 | 18.4 | % | |||||||||||||||
Card revenue | 4,773 | 4,435 | 338 | 7.6 | |||||||||||||||||||
Gain on sale of investment securities, net | — | 29 | (29) | (100.0) | |||||||||||||||||||
Gain on sale of loans, net | 460 | 2,373 | (1,913) | (80.6) | |||||||||||||||||||
Interest rate swap fees | 305 | 361 | (56) | (15.5) | |||||||||||||||||||
Bank owned life insurance income | 2,459 | 1,373 | 1,086 | 79.1 | |||||||||||||||||||
Gain on sale of other assets, net | 204 | 746 | (542) | (72.7) |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % Change | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Service charges and other fees | Service charges and other fees | $ | 7,739 | $ | 6,728 | $ | 1,011 | 15.0 | % | |||||||||||||||||||||||||||||||||||||
Card revenue | Card revenue | 6,774 | 6,216 | 558 | 9.0 | |||||||||||||||||||||||||||||||||||||||||
Gain on sale of investment securities, net | Gain on sale of investment securities, net | — | 29 | (29) | (100.0) | |||||||||||||||||||||||||||||||||||||||||
Gain on sale of loans, net | Gain on sale of loans, net | 593 | 3,138 | (2,545) | (81.1) | |||||||||||||||||||||||||||||||||||||||||
Interest rate swap fees | Interest rate swap fees | 383 | 487 | (104) | (21.4) | |||||||||||||||||||||||||||||||||||||||||
Bank owned life insurance income | Bank owned life insurance income | 3,182 | 2,020 | 1,162 | 57.5 | |||||||||||||||||||||||||||||||||||||||||
Gain on sale of other assets, net | Gain on sale of other assets, net | 469 | 1,688 | (1,219) | (72.2) | |||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 2,666 | 3,272 | (606) | (18.5) | Other income | 3,867 | 4,470 | (603) | (13.5) | ||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | $ | 15,554 | $ | 16,548 | $ | (994) | (6.0) | % | Total noninterest income | $ | 23,007 | $ | 24,776 | $ | (1,769) | (7.1) | % |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % Change | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Compensation and employee benefits | Compensation and employee benefits | $ | 21,778 | $ | 21,803 | $ | (25) | (0.1) | % | Compensation and employee benefits | $ | 24,206 | $ | 21,963 | $ | 2,243 | 10.2 | % | ||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 4,171 | 4,091 | 80 | 2.0 | Occupancy and equipment | 4,422 | 4,373 | 49 | 1.1 | ||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 4,185 | 3,998 | 187 | 4.7 | Data processing | 4,185 | 4,029 | 156 | 3.9 | ||||||||||||||||||||||||||||||||||||
Marketing | Marketing | 344 | 567 | (223) | (39.3) | Marketing | 358 | 486 | (128) | (26.3) | ||||||||||||||||||||||||||||||||||||
Professional services | Professional services | 529 | 1,037 | (508) | (49.0) | Professional services | 639 | 776 | (137) | (17.7) | ||||||||||||||||||||||||||||||||||||
State/municipal business and use tax | State/municipal business and use tax | 867 | 991 | (124) | (12.5) | State/municipal business and use tax | 963 | 1,071 | (108) | (10.1) | ||||||||||||||||||||||||||||||||||||
Federal deposit insurance premium | Federal deposit insurance premium | 425 | 339 | 86 | 25.4 | Federal deposit insurance premium | 500 | 550 | (50) | (9.1) | ||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 704 | 797 | (93) | (11.7) | Amortization of intangible assets | 671 | 758 | (87) | (11.5) | ||||||||||||||||||||||||||||||||||||
Other expense | Other expense | 2,704 | 2,773 | (69) | (2.5) | Other expense | 3,203 | 3,160 | 43 | 1.4 | ||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | $ | 35,707 | $ | 36,396 | $ | (689) | (1.9) | % | Total noninterest expense | $ | 39,147 | $ | 37,166 | $ | 1,981 | 5.3 | % |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % Change | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Compensation and employee benefits | Compensation and employee benefits | $ | 43,030 | $ | 44,004 | $ | (974) | (2.2) | % | Compensation and employee benefits | $ | 67,236 | $ | 65,967 | $ | 1,269 | 1.9 | % | ||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 8,502 | 8,545 | (43) | (0.5) | Occupancy and equipment | 12,924 | 12,918 | 6 | — | ||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 8,246 | 7,810 | 436 | 5.6 | Data processing | 12,431 | 11,839 | 592 | 5.0 | ||||||||||||||||||||||||||||||||||||
Marketing | Marketing | 610 | 1,080 | (470) | (43.5) | Marketing | 968 | 1,566 | (598) | (38.2) | ||||||||||||||||||||||||||||||||||||
Professional services | Professional services | 1,228 | 2,307 | (1,079) | (46.8) | Professional services | 1,867 | 3,083 | (1,216) | (39.4) | ||||||||||||||||||||||||||||||||||||
State/municipal business and use tax | State/municipal business and use tax | 1,663 | 1,963 | (300) | (15.3) | State/municipal business and use tax | 2,626 | 3,034 | (408) | (13.4) | ||||||||||||||||||||||||||||||||||||
Federal deposit insurance premium | Federal deposit insurance premium | 1,025 | 928 | 97 | 10.5 | Federal deposit insurance premium | 1,525 | 1,478 | 47 | 3.2 | ||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 1,408 | 1,594 | (186) | (11.7) | Amortization of intangible assets | 2,079 | 2,352 | (273) | (11.6) | ||||||||||||||||||||||||||||||||||||
Other expense | Other expense | 5,715 | 5,407 | 308 | 5.7 | Other expense | 8,918 | 8,567 | 351 | 4.1 | ||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | $ | 71,427 | $ | 73,638 | $ | (2,211) | (3.0) | % | Total noninterest expense | $ | 110,574 | $ | 110,804 | $ | (230) | (0.2) | % |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % Change | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | $ | 22,561 | $ | 40,153 | $ | (17,592) | (43.8) | % | Income before income taxes | $ | 25,647 | $ | 25,589 | $ | 58 | 0.2 | % | ||||||||||||||||||||||||||||
Income tax expense | Income tax expense | $ | 3,977 | $ | 7,451 | $ | (3,474) | (46.6) | % | Income tax expense | $ | 4,657 | $ | 4,997 | $ | (340) | (6.8) | % | ||||||||||||||||||||||||||||
Effective income tax rate | Effective income tax rate | 17.6 | % | 18.6 | % | (1.0) | % | (5.4) | % | Effective income tax rate | 18.2 | % | 19.5 | % | (1.3) | % | (6.7) | % |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % Change | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | $ | 45,900 | $ | 70,599 | $ | (24,699) | (35.0) | % | Income before income taxes | $ | 71,547 | $ | 96,188 | $ | (24,641) | (25.6) | % | ||||||||||||||||||||||||||||
Income tax expense | Income tax expense | $ | 7,559 | $ | 12,553 | $ | (4,994) | (39.8) | % | Income tax expense | $ | 12,216 | $ | 17,550 | $ | (5,334) | (30.4) | % | ||||||||||||||||||||||||||||
Effective income tax rate | Effective income tax rate | 16.5 | % | 17.8 | % | (1.3) | % | (7.3) | % | Effective income tax rate | 17.1 | % | 18.2 | % | (1.1) | % | (6.0) | % |
June 30, 2022 | December 31, 2021 | Change | % Change | September 30, 2022 | December 31, 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 994,055 | $ | 1,723,292 | $ | (729,237) | (42.3) | % | Cash and cash equivalents | $ | 407,324 | $ | 1,723,292 | $ | (1,315,968) | (76.4) | % | ||||||||||||||||||||||||||||
Investment securities available for sale, at fair value, net | Investment securities available for sale, at fair value, net | 1,187,588 | 894,335 | 293,253 | 32.8 | Investment securities available for sale, at fair value, net | 1,356,142 | 894,335 | 461,807 | 51.6 | % | |||||||||||||||||||||||||||||||||||
Investment securities held to maturity, at amortized cost, net | Investment securities held to maturity, at amortized cost, net | 615,653 | 383,393 | 232,260 | 60.6 | Investment securities held to maturity, at amortized cost, net | 773,319 | 383,393 | 389,926 | 101.7 | % | |||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 1,311 | 1,476 | (165) | (11.2) | Loans held for sale | — | 1,476 | (1,476) | (100.0) | % | |||||||||||||||||||||||||||||||||||
Loans receivable, net | Loans receivable, net | 3,834,368 | 3,773,301 | 61,067 | 1.6 | Loans receivable, net | 3,959,206 | 3,773,301 | 185,905 | 4.9 | % | |||||||||||||||||||||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 77,164 | 79,370 | (2,206) | (2.8) | Premises and equipment, net | 76,683 | 79,370 | (2,687) | (3.4) | % | |||||||||||||||||||||||||||||||||||
Federal Home Loan Bank stock, at cost | Federal Home Loan Bank stock, at cost | 8,916 | 7,933 | 983 | 12.4 | Federal Home Loan Bank stock, at cost | 8,916 | 7,933 | 983 | 12.4 | % | |||||||||||||||||||||||||||||||||||
Bank owned life insurance | Bank owned life insurance | 120,646 | 120,196 | 450 | 0.4 | Bank owned life insurance | 121,369 | 120,196 | 1,173 | 1.0 | % | |||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 15,908 | 14,657 | 1,251 | 8.5 | Accrued interest receivable | 17,812 | 14,657 | 3,155 | 21.5 | % | |||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets | Prepaid expenses and other assets | 211,350 | 183,543 | 27,807 | 15.2 | Prepaid expenses and other assets | 230,704 | 183,543 | 47,161 | 25.7 | % | |||||||||||||||||||||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 8,569 | 9,977 | (1,408) | (14.1) | Other intangible assets, net | 7,898 | 9,977 | (2,079) | (20.8) | % | |||||||||||||||||||||||||||||||||||
Goodwill | Goodwill | 240,939 | 240,939 | — | — | Goodwill | 240,939 | 240,939 | — | — | ||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 7,316,467 | $ | 7,432,412 | $ | (115,945) | (1.6) | % | Total assets | $ | 7,200,312 | $ | 7,432,412 | $ | (232,100) | (3.1) | % |
June 30, 2022 | December 31, 2021 | Change | % Change | September 30, 2022 | December 31, 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity | Liabilities and Stockholders' Equity | Liabilities and Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | $ | 6,330,190 | $ | 6,394,290 | $ | (64,100) | (1.0) | % | Deposits | $ | 6,214,964 | $ | 6,394,290 | $ | (179,326) | (2.8) | % | ||||||||||||||||||||||||||||
Deposits held for sale | Deposits held for sale | 22,771 | — | $ | 22,771 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | 6,237,735 | 6,394,290 | (156,555) | (2.4) | |||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 21,326 | 21,180 | 146 | 0.7 | Junior subordinated debentures | 21,399 | 21,180 | 219 | 1.0 | ||||||||||||||||||||||||||||||||||||
Securities sold under agreement to repurchase | Securities sold under agreement to repurchase | 41,827 | 50,839 | (9,012) | (17.7) | Securities sold under agreement to repurchase | 40,449 | 50,839 | (10,390) | (20.4) | ||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities | Accrued expenses and other liabilities | 117,758 | 111,671 | 6,087 | 5.5 | Accrued expenses and other liabilities | 124,027 | 111,671 | 12,356 | 11.1 | ||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 6,511,101 | 6,577,980 | (66,879) | (1.0) | Total liabilities | 6,423,610 | 6,577,980 | (154,370) | (2.3) | ||||||||||||||||||||||||||||||||||||
Common stock | Common stock | 550,417 | 551,798 | (1,381) | (0.3) | Common stock | 551,419 | 551,798 | (379) | (0.1) | ||||||||||||||||||||||||||||||||||||
Retained earnings | Retained earnings | 316,732 | 293,238 | 23,494 | 8.0 | Retained earnings | 330,284 | 293,238 | 37,046 | 12.6 | ||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive (loss) income, net | Accumulated other comprehensive (loss) income, net | (61,783) | 9,396 | (71,179) | (757.5) | Accumulated other comprehensive (loss) income, net | (105,001) | 9,396 | (114,397) | (1,217.5) | ||||||||||||||||||||||||||||||||||||
Total stockholders' equity | Total stockholders' equity | 805,366 | 854,432 | (49,066) | (5.7) | Total stockholders' equity | 776,702 | 854,432 | (77,730) | (9.1) | ||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | Total liabilities and stockholders' equity | $ | 7,316,467 | $ | 7,432,412 | $ | (115,945) | (1.6) | % | Total liabilities and stockholders' equity | $ | 7,200,312 | $ | 7,432,412 | $ | (232,100) | (3.1) | % |
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | % of Total | Balance | % of Total | Change | % Change | Balance | % of Total | Balance | % of Total | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale, at fair value: | Investment securities available for sale, at fair value: | Investment securities available for sale, at fair value: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | U.S. government and agency securities | $ | 65,668 | 3.6 | % | $ | 21,373 | 1.7 | % | $ | 44,295 | 207.2 | % | U.S. government and agency securities | $ | 63,749 | 3.0 | % | $ | 21,373 | 1.7 | % | $ | 42,376 | 198.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 200,010 | 11.1 | 221,212 | 17.3 | % | (21,202) | (9.6) | Municipal securities | 185,713 | 8.7 | 221,212 | 17.3 | % | (35,499) | (16.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential CMO and MBS | Residential CMO and MBS | 398,156 | 22.1 | 306,884 | 24.0 | % | 91,272 | 29.7 | Residential CMO and MBS | 438,370 | 20.6 | 306,884 | 24.0 | % | 131,486 | 42.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial CMO and MBS | Commercial CMO and MBS | 493,620 | 27.4 | 315,861 | 24.7 | % | 177,759 | 56.3 | Commercial CMO and MBS | 639,441 | 30.0 | 315,861 | 24.7 | % | 323,580 | 102.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate obligations | Corporate obligations | 5,978 | 0.3 | 2,014 | 0.2 | % | 3,964 | 196.8 | Corporate obligations | 5,834 | 0.3 | 2,014 | 0.2 | % | 3,820 | 189.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | Other asset-backed securities | 24,156 | 1.3 | 26,991 | 2.1 | % | (2,835) | (10.5) | Other asset-backed securities | 23,035 | 1.1 | 26,991 | 2.1 | % | (3,956) | (14.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,187,588 | 65.8 | % | $ | 894,335 | 70.0 | % | $ | 293,253 | 32.8 | % | Total | $ | 1,356,142 | 63.7 | % | $ | 894,335 | 70.0 | % | $ | 461,807 | 51.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities held to maturity, at amortized cost: | Investment securities held to maturity, at amortized cost: | Investment securities held to maturity, at amortized cost: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | U.S. government and agency securities | $ | 150,960 | 8.4 | % | $ | 141,011 | 11.0 | % | $ | 9,949 | 7.1 | % | U.S. government and agency securities | $ | 150,948 | 7.1 | % | $ | 141,011 | 11.0 | % | $ | 9,937 | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Residential CMO and MBS | Residential CMO and MBS | 159,007 | 8.8 | 24,529 | 1.9 | 134,478 | 548.2 | Residential CMO and MBS | 296,432 | 13.9 | 24,529 | 1.9 | 271,903 | 1,108.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial CMO and MBS | Commercial CMO and MBS | 305,686 | 17.0 | 217,853 | 17.1 | 87,833 | 40.3 | Commercial CMO and MBS | 325,939 | 15.3 | 217,853 | 17.1 | 108,086 | 49.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 615,653 | 34.2 | % | $ | 383,393 | 30.0 | % | $ | 232,260 | 60.6 | % | Total | $ | 773,319 | 36.3 | % | $ | 383,393 | 30.0 | % | $ | 389,926 | 101.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total investment securities | Total investment securities | $ | 1,803,241 | 100.0 | % | $ | 1,277,728 | 100.0 | % | $ | 525,513 | 41.1 | % | Total investment securities | $ | 2,129,461 | 100.0 | % | $ | 1,277,728 | 100.0 | % | $ | 851,733 | 66.7 | % |
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | % of Loans Receivable | Amortized Cost | % of Loans Receivable | Change | % Change | Amortized Cost | % of Loans Receivable | Amortized Cost | % of Loans Receivable | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 698,828 | 18.0 | % | $ | 621,567 | 16.3 | % | $ | 77,261 | 12.4 | % | Commercial and industrial | $ | 735,028 | 18.4 | % | $ | 621,567 | 16.3 | % | $ | 113,461 | 18.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
SBA PPP | SBA PPP | 11,334 | 0.3 | 145,840 | 3.8 | (134,506) | (92.2) | SBA PPP | 3,593 | 0.1 | 145,840 | 3.8 | (142,247) | (97.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 950,699 | 24.6 | 931,150 | 24.4 | 19,549 | 2.1 | Owner-occupied CRE | 959,486 | 24.0 | 931,150 | 24.4 | 28,336 | 3.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | 1,515,796 | 39.1 | 1,493,099 | 39.2 | 22,697 | 1.5 | Non-owner occupied CRE | 1,547,114 | 38.6 | 1,493,099 | 39.2 | 54,015 | 3.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | 3,176,657 | 82.0 | 3,191,656 | 83.7 | (14,999) | (0.5) | Total commercial business | 3,245,221 | 81.1 | 3,191,656 | 83.7 | 53,565 | 1.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 265,382 | 6.9 | 164,582 | 4.3 | 100,800 | 61.2 | Residential real estate | 296,019 | 7.4 | 164,582 | 4.3 | 131,437 | 79.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 90,546 | 2.3 | 85,547 | 2.2 | 4,999 | 5.8 | Residential | 92,297 | 2.3 | 85,547 | 2.2 | 6,750 | 7.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | 128,060 | 3.3 | 141,336 | 3.7 | (13,276) | (9.4) | Commercial and multifamily | 160,723 | 4.0 | 141,336 | 3.7 | 19,387 | 13.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate construction and land development | Total real estate construction and land development | 218,606 | 5.6 | 226,883 | 5.9 | (8,277) | (3.6) | Total real estate construction and land development | 253,020 | 6.3 | 226,883 | 5.9 | 26,137 | 11.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 213,419 | 5.5 | 232,541 | 6.1 | (19,122) | (8.2) | Consumer | 207,035 | 5.2 | 232,541 | 6.1 | (25,506) | (11.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 3,874,064 | 100.0 | % | $ | 3,815,662 | 100.0 | % | $ | 58,402 | 1.5 | % | Total | $ | 4,001,295 | 100.0 | % | $ | 3,815,662 | 100.0 | % | $ | 185,633 | 4.9 | % |
June 30, 2022 | December 31, 2021 | Change | % Change | September 30, 2022 | December 31, 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans: (1) | Nonaccrual loans: (1) | Nonaccrual loans: (1) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial business | Commercial business | $ | 10,475 | $ | 23,107 | $ | (12,632) | (54.7) | % | Commercial business | $ | 6,234 | $ | 23,107 | $ | (16,873) | (73.0) | % | ||||||||||||||||||||||||||||
Residential real estate | Residential real estate | — | 47 | (47) | (100.0) | Residential real estate | — | 47 | (47) | (100.0) | ||||||||||||||||||||||||||||||||||||
Real estate construction and land development | Real estate construction and land development | — | 571 | (571) | (100.0) | Real estate construction and land development | — | 571 | (571) | (100.0) | ||||||||||||||||||||||||||||||||||||
Consumer | Consumer | — | 29 | (29) | (100.0) | Consumer | — | 29 | (29) | (100.0) | ||||||||||||||||||||||||||||||||||||
Total nonaccrual loans | Total nonaccrual loans | 10,475 | 23,754 | (13,279) | (55.9) | Total nonaccrual loans | 6,234 | 23,754 | (17,520) | (73.8) | ||||||||||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | — | — | — | n/a | Other real estate owned | — | — | — | n/a | ||||||||||||||||||||||||||||||||||||
Total nonperforming assets | Total nonperforming assets | $ | 10,475 | $ | 23,754 | $ | (13,279) | (55.9) | % | Total nonperforming assets | $ | 6,234 | $ | 23,754 | $ | (17,520) | (73.8) | % | ||||||||||||||||||||||||||||
Accruing loans past due 90 days or more | Accruing loans past due 90 days or more | $ | 2,036 | $ | 293 | $ | 1,743 | 594.9 | % | Accruing loans past due 90 days or more | $ | 20 | $ | 293 | $ | (273) | (93.2) | % | ||||||||||||||||||||||||||||
Credit quality ratios: | Credit quality ratios: | Credit quality ratios: | ||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans to loans receivable | Nonaccrual loans to loans receivable | 0.27 | % | 0.62 | % | (0.35) | % | (56.5) | % | Nonaccrual loans to loans receivable | 0.16 | % | 0.62 | % | (0.46) | % | (74.2) | % | ||||||||||||||||||||||||||||
Nonaccrual loans to total assets | Nonaccrual loans to total assets | 0.14 | 0.32 | (0.18) | (56.3) | Nonaccrual loans to total assets | 0.09 | 0.32 | (0.23) | (71.9) | ||||||||||||||||||||||||||||||||||||
Performing TDR loans: (1) | Performing TDR loans: (1) | Performing TDR loans: (1) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial business | Commercial business | $ | 62,316 | $ | 57,142 | $ | 5,174 | 9.1 | % | Commercial business | $ | 64,739 | $ | 57,142 | $ | 7,597 | 13.3 | % | ||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 178 | 358 | (180) | (50.3) | Residential real estate | 175 | 358 | (183) | (51.1) | ||||||||||||||||||||||||||||||||||||
Real estate construction and land development | Real estate construction and land development | 450 | 450 | — | — | Real estate construction and land development | 6,137 | 450 | 5,687 | 1,263.8 |
June 30, 2022 | December 31, 2021 | Change | % Change | September 30, 2022 | December 31, 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 750 | 1,160 | (410) | (35.3) | Consumer | 812 | 1,160 | (348) | (30.0) | ||||||||||||||||||||||||||||||||||||
Total performing TDR loans | Total performing TDR loans | $ | 63,694 | $ | 59,110 | $ | 4,584 | 7.8 | % | Total performing TDR loans | $ | 71,863 | $ | 59,110 | $ | 12,753 | 21.6 | % |
(In thousands) | |||||
Balance, beginning of period | $ | 23,754 | |||
Additions | 720 | ||||
Net principal payments, sales and transfers to accruing status | |||||
Payoffs | |||||
Charge-offs | (171) | ||||
Balance, end of period | $ |
At or For the Six Months Ended June 30, | At or For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % Change | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
ACL on loans at the end of period | ACL on loans at the end of period | $ | 39,696 | $ | 51,562 | $ | (11,866) | (23.0) | % | ACL on loans at the end of period | $ | 42,089 | $ | 48,317 | $ | (6,228) | (12.9) | % | ||||||||||||||||||||||||||||
Credit quality ratios: | Credit quality ratios: | Credit quality ratios: | ||||||||||||||||||||||||||||||||||||||||||||
ACL on loans to loans receivable | ACL on loans to loans receivable | 1.02 | % | 1.11 | % | (0.09) | % | (8.1) | % | ACL on loans to loans receivable | 1.05 | % | 1.22 | % | (0.06) | % | (5.4) | |||||||||||||||||||||||||||||
ACL on loans to loans receivable, excluding SBA PPP loans (1) | ACL on loans to loans receivable, excluding SBA PPP loans (1) | 1.03 | 1.15 | (0.12) | (10.4) | ACL on loans to loans receivable, excluding SBA PPP loans (1) | 1.05 | 1.31 | (0.10) | (8.7) | ||||||||||||||||||||||||||||||||||||
ACL on loans to nonaccrual loans | ACL on loans to nonaccrual loans | 378.96 | % | 178.33 | % | 200.63 | % | 112.5 | % | ACL on loans to nonaccrual loans | 675.15 | 186.60 | 496.82 | 278.60 | ||||||||||||||||||||||||||||||||
Net recoveries | (506) | (333) | (173) | 52.0 | ||||||||||||||||||||||||||||||||||||||||||
Net (recoveries) charge-offs | Net (recoveries) charge-offs | $ | (980) | $ | 60 | $ | (1,040) | 0.02 | ||||||||||||||||||||||||||||||||||||||
Average loans receivable, net during the period (2) | Average loans receivable, net during the period (2) | 3,792,792 | 4,446,442 | (653,650) | (14.7) | Average loans receivable, net during the period (2) | 3,815,387 | 4,297,875 | (482,488) | (11.2) | ||||||||||||||||||||||||||||||||||||
Net recoveries on loans to average loans receivable, net (3) | Net recoveries on loans to average loans receivable, net (3) | (0.03) | % | (0.02) | % | (0.01) | % | 50.0 | % | Net recoveries on loans to average loans receivable, net(3) | (0.03) | % | — | % | (0.03) | % | — | % |
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACL on loans | % of Total (1) | ACL on loans | % of Total (1) | Change | % Change | ACL on loans | % of Total (1) | ACL on loans | % of Total (1) | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business | Commercial business | $ | 31,707 | 82.0 | % | $ | 33,049 | 83.7 | % | $ | (1,342) | (4.1) | % | Commercial business | $ | 31,940 | 81.1 | % | $ | 33,049 | 83.7 | % | $ | (1,109) | (3.4) | % | ||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 2,137 | 6.9 | 1,409 | 4.3 | 728 | 51.7 | Residential real estate | 2,545 | 7.4 | 1,409 | 4.3 | 1,136 | 80.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction and land development | Real estate construction and land development | 3,284 | 5.6 | 5,276 | 5.9 | (1,992) | (37.8) | Real estate construction and land development | 5,104 | 6.3 | 5,276 | 5.9 | (172) | (3.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 2,568 | 5.5 | 2,627 | 6.1 | (59) | (2.2) | Consumer | 2,500 | 5.2 | 2,627 | 6.1 | (127) | (4.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total ACL on loans | Total ACL on loans | $ | 39,696 | 100.0 | % | $ | 42,361 | 100.0 | % | $ | (2,665) | (6.3) | % | Total ACL on loans | $ | 42,089 | 100.0 | % | $ | 42,361 | 100.0 | % | $ | (272) | (0.6) | % |
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | % of Total | Balance | % of Total | Change | % Change | Balance | % of Total | Balance | % of Total | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest demand deposits | Noninterest demand deposits | $ | 2,325,139 | 36.7 | % | $ | 2,343,909 | 36.7 | % | $ | (18,770) | (0.8) | % | Noninterest demand deposits | $ | 2,308,583 | 37.0 | % | $ | 2,343,909 | 36.7 | % | $ | (35,326) | (1.5) | % | ||||||||||||||||||||||||||||||||||||||||||||
Interest bearing demand deposits | Interest bearing demand deposits | 1,977,527 | 31.3 | 1,946,605 | 30.4 | 30,922 | 1.6 | Interest bearing demand deposits | 1,997,989 | 32.0 | % | 1,946,605 | 30.4 | 51,384 | 2.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market accounts | Money market accounts | 1,062,178 | 16.8 | 1,120,174 | 17.5 | (57,996) | (5.2) | Money market accounts | 996,214 | 16.0 | % | 1,120,174 | 17.5 | (123,960) | (11.1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | Savings accounts | 654,577 | 10.3 | 640,763 | 10.0 | 13,814 | 2.2 | Savings accounts | 647,526 | 10.4 | % | 640,763 | 10.0 | 6,763 | 1.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-maturity deposits | Total non-maturity deposits | 6,019,421 | 95.1 | 6,051,451 | 94.6 | (32,030) | (0.5) | Total non-maturity deposits | 5,950,312 | 95.4 | 6,051,451 | 94.6 | (101,139) | (1.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | 310,769 | 4.9 | 342,839 | 5.4 | (32,070) | (9.4) | Certificates of deposit | 287,423 | 4.6 | 342,839 | 5.4 | (55,416) | (16.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 6,330,190 | 100.0 | % | $ | 6,394,290 | 100.0 | % | $ | (64,100) | (1.0) | % | Total deposits | $ | 6,237,735 | 100.0 | % | $ | 6,394,290 | 100.0 | % | $ | (156,555) | (2.4) | % |
Company | Heritage Bank | ||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||
Common equity Tier 1 capital to risk-weighted assets | 13.2 | % | 13.5 | % | 13.4 | % | 13.8 | % | |||||||||||||||
Tier 1 leverage capital to average assets | 8.9 | 8.7 | 8.8 | 8.6 | |||||||||||||||||||
Tier 1 capital to risk-weighted assets | 13.6 | 13.9 | 13.4 | 13.8 | |||||||||||||||||||
Total capital to risk-weighted assets | 14.4 | 14.8 | 14.1 | 14.7 | |||||||||||||||||||
Capital conservation buffer | 6.4 | 6.8 | 6.1 | 6.7 |
Company | Heritage Bank | ||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||
Common equity Tier 1 capital ratio | 12.8 | % | 13.5 | % | 13.0 | % | 13.8 | % | |||||||||||||||
Leverage ratio | 9.2 | 8.7 | 9.0 | 8.6 | |||||||||||||||||||
Tier 1 capital ratio | 13.3 | 13.9 | 13.0 | 13.8 | |||||||||||||||||||
Total capital ratio | 14.0 | 14.8 | 13.8 | 14.7 | |||||||||||||||||||
Capital conservation buffer | 6.0 | 6.8 | 5.8 | 6.7 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Loan yield, excluding SBA PPP Loans and Incremental Accretion on Acquired Loans, annualized: | Loan yield, excluding SBA PPP Loans and Incremental Accretion on Acquired Loans, annualized: | Loan yield, excluding SBA PPP Loans and Incremental Accretion on Acquired Loans, annualized: | ||||||||||||||||||||||||||||||||||||||||||||
Interest and fees on loans (GAAP) | Interest and fees on loans (GAAP) | $ | 40,890 | $ | 50,750 | $ | 81,915 | $ | 100,274 | Interest and fees on loans (GAAP) | $ | 43,847 | $ | 46,863 | $ | 125,762 | $ | 147,137 | ||||||||||||||||||||||||||||
Exclude interest and fees on SBA PPP loans | Exclude interest and fees on SBA PPP loans | (1,782) | (10,003) | (4,863) | (19,139) | Exclude interest and fees on SBA PPP loans | (275) | (8,042) | (5,138) | (27,181) | ||||||||||||||||||||||||||||||||||||
Exclude incremental accretion on acquired loans | Exclude incremental accretion on acquired loans | (270) | (495) | (854) | (1,570) | Exclude incremental accretion on acquired loans | (398) | (681) | (1,252) | (2,250) | ||||||||||||||||||||||||||||||||||||
Adjusted interest and fees on loans (non-GAAP) | Adjusted interest and fees on loans (non-GAAP) | $ | 38,838 | $ | 40,252 | $ | 76,198 | $ | 79,565 | Adjusted interest and fees on loans (non-GAAP) | $ | 43,174 | $ | 38,140 | $ | 119,372 | $ | 117,706 | ||||||||||||||||||||||||||||
Average loans receivable, net (GAAP) | Average loans receivable, net (GAAP) | $ | 3,812,045 | $ | 4,402,868 | $ | 3,792,792 | $ | 4,446,442 | Average loans receivable, net (GAAP) | $ | 3,859,839 | $ | 4,005,585 | $ | 3,815,387 | $ | 4,297,875 | ||||||||||||||||||||||||||||
Exclude average SBA PPP loans | Exclude average SBA PPP loans | (34,090) | (777,156) | (71,633) | (804,500) | Exclude average SBA PPP loans | (5,726) | (392,570) | (49,423) | (665,681) | ||||||||||||||||||||||||||||||||||||
Adjusted average loans receivable, net (non-GAAP) | Adjusted average loans receivable, net (non-GAAP) | $ | 3,777,955 | $ | 3,625,712 | $ | 3,721,159 | $ | 3,641,942 | Adjusted average loans receivable, net (non-GAAP) | $ | 3,854,113 | $ | 3,613,015 | $ | 3,765,964 | $ | 3,632,194 | ||||||||||||||||||||||||||||
Loan yield, annualized (GAAP) | Loan yield, annualized (GAAP) | 4.30 | % | 4.62 | % | 4.36 | % | 4.55 | % | Loan yield, annualized (GAAP) | 4.51 | % | 4.64 | % | 4.41 | % | 4.58 | % | ||||||||||||||||||||||||||||
Loan yield, excluding SBA PPP loans and incremental accretion on acquired loans, annualized (non-GAAP) | Loan yield, excluding SBA PPP loans and incremental accretion on acquired loans, annualized (non-GAAP) | 4.12 | % | 4.45 | % | 4.13 | % | 4.41 | % | Loan yield, excluding SBA PPP loans and incremental accretion on acquired loans, annualized (non-GAAP) | 4.44 | % | 4.19 | % | 4.24 | % | 4.33 | % |
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||
ACL on Loans to Loans Receivable, excluding SBA PPP Loans: | ACL on Loans to Loans Receivable, excluding SBA PPP Loans: | ACL on Loans to Loans Receivable, excluding SBA PPP Loans: | ||||||||||||||||||||
Allowance for credit losses on loans (GAAP) | Allowance for credit losses on loans (GAAP) | $ | 39,696 | $ | 42,361 | Allowance for credit losses on loans (GAAP) | $ | 42,089 | $ | 42,361 | ||||||||||||
Loans receivable (GAAP) | Loans receivable (GAAP) | $ | 3,874,064 | $ | 3,815,662 | Loans receivable (GAAP) | $ | 4,001,295 | $ | 3,815,662 | ||||||||||||
Exclude SBA PPP loans | Exclude SBA PPP loans | (11,334) | (145,840) | Exclude SBA PPP loans | (3,593) | (145,840) | ||||||||||||||||
Loans receivable, excluding SBA PPP (non-GAAP) | Loans receivable, excluding SBA PPP (non-GAAP) | $ | 3,862,730 | $ | 3,669,822 | Loans receivable, excluding SBA PPP (non-GAAP) | $ | 3,997,702 | $ | 3,669,822 | ||||||||||||
ACL on loans to loans receivable (GAAP) | ACL on loans to loans receivable (GAAP) | 1.02 | % | 1.11 | % | ACL on loans to loans receivable (GAAP) | 1.05 | % | 1.11 | % | ||||||||||||
ACL on loans to loans receivable, excluding SBA PPP loans (non-GAAP) | ACL on loans to loans receivable, excluding SBA PPP loans (non-GAAP) | 1.03 | % | 1.15 | % | ACL on loans to loans receivable, excluding SBA PPP loans (non-GAAP) | 1.05 | % | 1.15 | % |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share (1) | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs (2) | |||||||||||||||||||
April 1, 2022— April 30, 2022 | — | $ | — | 9,967,332 | 657,745 | ||||||||||||||||||
May 1, 2022— May 31, 2022 | 404 | 24.85 | 9,967,332 | 657,745 | |||||||||||||||||||
June 1, 2022— June 30, 2022 | 20,776 | 24.61 | 9,986,863 | 638,214 | |||||||||||||||||||
Total | 21,180 | $ | 24.62 |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share (1) | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs (2) | |||||||||||||||||||
July 1, 2022—July 31, 2022 | — | $ | — | 9,986,863 | 638,214 | ||||||||||||||||||
August 1, 2022— August 31, 2022 | — | — | 9,986,863 | 638,214 | |||||||||||||||||||
September 1, 2022—September 30, 2022 | 100 | 26.94 | 9,986,863 | 638,214 | |||||||||||||||||||
Total | 100 | $ | 26.94 |
(*) Indicates management contract or compensatory plan or arrangement. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HERITAGE FINANCIAL CORPORATION | ||||||||
Date: | ||||||||
/S/ JEFFREY J. DEUEL | ||||||||
Jeffrey J. Deuel | ||||||||
President and Chief Executive Officer | ||||||||
Date: | ||||||||
/S/ DONALD J. HINSON | ||||||||
Donald J. Hinson | ||||||||
Executive Vice President and Chief Financial Officer |