Delaware | 94-3327828 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
111 W. Pine Street, Lodi, California | 95240 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
None | Not Applicable | Not Applicable |
Large accelerated filer ☐ | Accelerated filer ☒ |
Non-accelerated filer ☐ | Smaller reporting company ☐ |
Emerging growth company ☐ |
PART I. - FINANCIAL INFORMATION | Page | ||
Item 1 - Financial Statements | |||
3 | |||
4 | |||
5 | |||
6 | |||
7 | |||
8 | |||
28 | |||
50 | |||
Item 4 - Controls and Procedures | 52 | ||
PART II. - OTHER INFORMATION | |||
Item 1 – Legal Proceedings | 53 | ||
Item 1A – Risk Factors | 53 | ||
53 | |||
Item 3 – Defaults upon Senior Securities | 54 | ||
Item 4 – Mine Safety Disclosures | 54 | ||
Item 5 – Other Information | 54 | ||
Item 6 – Exhibits | 54 | ||
55 |
Item 1. | Financial Statements |
(Dollars in thousands, except share and per share amounts) | September 30, 2023 | December 31, 2022 | ||||||
ASSETS | ||||||||
Cash and due from banks | $ | 70,622 | $ | 73,358 | ||||
Interest bearing deposits with banks | 597,739 | 514,899 | ||||||
Total cash and cash equivalents | 668,361 | 588,257 | ||||||
Securities available-for-sale, amortized cost $135,125 and $183,171 respectively | 106,493 | 152,864 | ||||||
Securities held-to-maturity, fair value $636,623 and $688,393 respectively | 826,015 | 845,346 | ||||||
Allowance for credit losses - securities held-to-maturity | (450 | ) | (393 | ) | ||||
Total investment securities | 932,058 | 997,817 | ||||||
Non-marketable securities | 15,549 | 15,549 | ||||||
Loans and leases held-for-investment, net of unearned income | 3,557,203 | 3,512,361 | ||||||
Allowance for credit losses - loans and leases | (74,159 | ) | (66,885 | ) | ||||
Loans held-for-investment, net | 3,483,044 | 3,445,476 | ||||||
Bank-owned life insurance | 67,094 | 73,038 | ||||||
Premises and equipment, net | 52,091 | 49,476 | ||||||
Deferred income tax assets | 32,306 | 31,507 | ||||||
Accrued interest receivable | 25,804 | 21,602 | ||||||
Goodwill | 11,183 | 11,183 | ||||||
Other intangibles | 2,380 | 2,809 | ||||||
Other real estate owned | 873 | 873 | ||||||
Other assets | 84,632 | 89,812 | ||||||
TOTAL ASSETS | $ | 5,375,375 | $ | 5,327,399 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Deposits: | ||||||||
Non-interest bearing | $ | 1,470,590 | $ | 1,758,793 | ||||
Interest bearing: | ||||||||
Demand | 985,408 | 1,125,014 | ||||||
Savings and money market | 1,670,688 | 1,544,062 | ||||||
Certificates of deposit | 622,081 | 331,400 | ||||||
Total interest bearing | 3,278,177 | 3,000,476 | ||||||
Total deposits | 4,748,767 | 4,759,269 | ||||||
Subordinated debentures | 10,310 | 10,310 | ||||||
Interest payable and other liabilities | 85,675 | 72,512 | ||||||
TOTAL LIABILITIES | 4,844,752 | 4,842,091 | ||||||
SHAREHOLDERS’ EQUITY | ||||||||
Preferred shares, no par value, 1,000,000 shares authorized and, none issued or outstanding | - | - | ||||||
Common shares, $0.01 par value, 7,500,000 authorized 752,013 and 768,337 outstanding at September 30, 2023 and December 31, 2022, respectively | 7 | 8 | ||||||
Additional paid-in capital | 40,813 | 57,206 | ||||||
Retained earnings | 510,535 | 449,932 | ||||||
Accumulated other comprehensive (loss), net of taxes | (20,732 | ) | (21,838 | ) | ||||
TOTAL SHAREHOLDERS’ EQUITY | 530,623 | 485,308 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 5,375,375 | $ | 5,327,399 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Dollars in thousands, except share and per share amounts) | 2023 | 2022 | 2023 | 2022 | ||||||||||||
Interest income | ||||||||||||||||
Interest and fees on loans and leases | $ | 52,153 | $ | 41,868 | $ | 149,851 | $ | 117,871 | ||||||||
Interest and dividends on investment securities | 5,485 | 5,686 | 16,593 | 16,697 | ||||||||||||
Interest on deposits with others | 8,075 | 4,159 | 19,918 | 5,934 | ||||||||||||
Total interest income | 65,713 | 51,713 | 186,362 | 140,502 | ||||||||||||
Interest expense | ||||||||||||||||
Deposits | 12,051 | 1,122 | 24,156 | 2,798 | ||||||||||||
Subordinated debentures | 221 | 134 | 621 | 319 | ||||||||||||
Total interest expense | 12,272 | 1,256 | 24,777 | 3,117 | ||||||||||||
Net interest income | 53,441 | 50,457 | 161,585 | 137,385 | ||||||||||||
Provision for credit losses | 3,000 | 1,500 | 7,057 | 3,000 | ||||||||||||
Net interest income after provision for credit losses | 50,441 | 48,957 | 154,528 | 134,385 | ||||||||||||
Non-interest income | ||||||||||||||||
Card processing | 1,693 | 1,791 | 4,996 | 5,375 | ||||||||||||
Service charges on deposit accounts | 722 | 638 | 2,046 | 2,318 | ||||||||||||
Increase in cash surrender value of BOLI | 512 | 566 | 1,462 | 1,668 | ||||||||||||
Gain on BOLI death benefit | - | - | 4,346 | - | ||||||||||||
Net loss on sale of securities available-for-sale | - | (2,987 | ) | (5,686 | ) | (2,985 | ) | |||||||||
Net (loss)/gain on deferred compensation benefits | (304 | ) | 352 | 1,894 | (227 | ) | ||||||||||
Other | 983 | 1,199 | 3,455 | 3,234 | ||||||||||||
Total non-interest income | 3,606 | 1,559 | 12,513 | 9,383 | ||||||||||||
Non-interest expense | ||||||||||||||||
Salaries and employee benefits | 17,172 | 15,994 | 54,693 | 49,181 | ||||||||||||
Net (loss)/gain on deferred compensation benefits | (304 | ) | 352 | 1,894 | (227 | ) | ||||||||||
Data processing | 1,254 | 1,250 | 3,821 | 3,698 | ||||||||||||
Occupancy | 1,191 | 1,196 | 3,599 | 3,500 | ||||||||||||
FDIC insurance | 582 | 366 | 1,785 | 1,076 | ||||||||||||
Marketing | 440 | 303 | 1,335 | 959 | ||||||||||||
Legal | 256 | 49 | 780 | 733 | ||||||||||||
Other | 3,877 | 4,865 | 11,566 | 12,274 | ||||||||||||
Total non-interest expense | 24,468 | 24,375 | 79,473 | 71,194 | ||||||||||||
INCOME BEFORE INCOME TAXES | 29,579 | 26,141 | 87,568 | 72,574 | ||||||||||||
Income tax expense | 7,545 | 6,605 | 20,679 | 17,537 | ||||||||||||
NET INCOME | $ | 22,034 | $ | 19,536 | $ | 66,889 | $ | 55,037 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 29.23 | $ | 25.20 | $ | 88.06 | $ | 70.47 | ||||||||
Diluted | $ | 29.23 | $ | 25.20 | $ | 88.06 | $ | 70.47 | ||||||||
Weighted average number of common shares | ||||||||||||||||
Basic | 753,780 | 775,109 | 759,600 | 780,988 | ||||||||||||
Diluted | 753,780 | 775,109 | 759,600 | 780,988 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||
Net income | $ | 22,034 | $ | 19,536 | $ | 66,889 | $ | 55,037 | ||||||||
Other comprehensive income | ||||||||||||||||
Unrealized (losses) on available-for-sale securities | (5,181 | ) | (12,378 | ) | (4,010 | ) | (39,677 | ) | ||||||||
Reclassification adjustment for losses on available-for-sale securities | - | 2,987 | 5,685 | 2,985 | ||||||||||||
Amortization of unrealized loss on securities transferred to held-to-maturity | (28 | ) | (52 | ) | (105 | ) | (193 | ) | ||||||||
Net unrealized (losses)/gains on available-for-sale securities | (5,209 | ) | (9,443 | ) | 1,570 | (36,885 | ) | |||||||||
Income tax benefit/(expense) | 1,540 | 2,792 | (464 | ) | 10,905 | |||||||||||
Other comprehensive (loss)/income, net of tax | (3,669 | ) | (6,651 | ) | 1,106 | (25,980 | ) | |||||||||
Total comprehensive income | $ | 18,365 | $ | 12,885 | $ | 67,995 | $ | 29,057 |
For the three and nine months ended September 30, 2023 and 2022 | ||||||||||||||||||||||||
(Dollars in thousands, except share amounts) | Common Shares | Amount | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss)/Income | Total | ||||||||||||||||||
Balance as of June 30, 2023 | 754,523 | $ | 8 | $ | 43,263 | $ | 488,501 | $ | (17,063 | ) | $ | 514,709 | ||||||||||||
Net income | - | - | - | 22,034 | - | 22,034 | ||||||||||||||||||
Other comprehensive loss, net of tax | - | - | - | - | (3,669 | ) | (3,669 | ) | ||||||||||||||||
Repurchase of common stock | (2,510 | ) | (1 | ) | (2,450 | ) | - | - | (2,451 | ) | ||||||||||||||
Balance as of September 30, 2023 | 752,013 | $ | 7 | $ | 40,813 | $ | 510,535 | $ | (20,732 | ) | $ | 530,623 | ||||||||||||
Balance as of June 30, 2022 | 777,190 | $ | 8 | $ | 65,671 | $ | 416,722 | $ | (21,048 | ) | $ | 461,353 | ||||||||||||
Net income | - | - | - | 19,536 | - | 19,536 | ||||||||||||||||||
Other comprehensive loss, net of tax | - | - | - | - | (6,651 | ) | (6,651 | ) | ||||||||||||||||
Repurchase of common stock | (6,368 | ) | - | (6,060 | ) | - | - | (6,060 | ) | |||||||||||||||
Balance as of September 30, 2022 | 770,822 | $ | 8 | $ | 59,611 | $ | 436,258 | $ | (27,699 | ) | $ | 468,178 |
(Dollars in thousands, except share amounts) | Common Shares | Amount | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss)/Income | Total | ||||||||||||||||||
Balance as of December 31, 2022 | 768,337 | $ | 8 | $ | 57,206 | $ | 449,932 | $ | (21,838 | ) | $ | 485,308 | ||||||||||||
Net income | - | - | - | 66,889 | - | 66,889 | ||||||||||||||||||
Other comprehensive gain, net of tax | - | - | - | - | 1,106 | 1,106 | ||||||||||||||||||
Cash dividends declared ($8.30 per share) | - | - | - | (6,286 | ) | - | (6,286 | ) | ||||||||||||||||
Repurchase of common stock | (16,324 | ) | (1 | ) | (16,393 | ) | - | - | (16,394 | ) | ||||||||||||||
Balance as of September 30, 2023 | 752,013 | $ | 7 | $ | 40,813 | $ | 510,535 | $ | (20,732 | ) | $ | 530,623 | ||||||||||||
Balance as of December 31, 2021 | 789,646 | $ | 8 | $ | 77,516 | $ | 387,331 | $ | (1,719 | ) | $ | 463,136 | ||||||||||||
Net income | - | - | - | 55,037 | - | 55,037 | ||||||||||||||||||
Other comprehensive loss, net of tax | - | - | - | - | (25,980 | ) | (25,980 | ) | ||||||||||||||||
Cash dividends declared ($7.85 per share) | - | - | - | (6,110 | ) | - | (6,110 | ) | ||||||||||||||||
Repurchase of common stock | (18,824 | ) | - | (17,905 | ) | - | - | (17,905 | ) | |||||||||||||||
Balance as of September 30, 2022 | 770,822 | $ | 8 | $ | 59,611 | $ | 436,258 | $ | (27,699 | ) | $ | 468,178 |
Nine Months Ended September 30, | ||||||||
(Dollars in thousands) | 2023 | 2022 | ||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 66,889 | $ | 55,037 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Provision for credit losses | 7,057 | 3,000 | ||||||
Depreciation and amortization | 1,833 | 1,849 | ||||||
Net amortization of securities premiums and discounts | 11 | 341 | ||||||
Increase in cash surrender value of BOLI | (1,462 | ) | (1,668 | ) | ||||
Gain on BOLI death benefit | (4,346 | ) | - | |||||
(Increase)/decrease in deferred income taxes, net | (1,994 | ) | 2,356 | |||||
Loss on sale of securities available-for-sale | 5,686 | 2,985 | ||||||
Net changes in: | ||||||||
Other assets | 2,368 | (2,362 | ) | |||||
Other liabilities | 18,297 | 18,134 | ||||||
Net cash provided by operating activities | 94,339 | 79,672 | ||||||
Cash flows from investing activities: | ||||||||
Net change in loans and leases held-for-investment | (59,022 | ) | (86,401 | ) | ||||
Purchase of available-for-sale securities | (4,515 | ) | (10,135 | ) | ||||
Purchase of held-to-maturity securities | (3,814 | ) | (168,634 | ) | ||||
Proceeds from sales, maturities, calls and pay downs of available-for-sale securities | 46,751 | 62,979 | ||||||
Proceeds from maturities, calls and pay downs of held-to-maturity securities | 37,524 | 52,884 | ||||||
Purchase of premises and equipment | (4,493 | ) | (3,318 | ) | ||||
Purchase of other investments | (5,263 | ) | (5,300 | ) | ||||
Proceeds from bank-owned life insurance | 11,752 | 513 | ||||||
Proceeds from sale of assets | 27 | 73 | ||||||
Net cash provided by (used in) investing activities | 18,947 | (157,339 | ) | |||||
Cash flows from financing activities: | ||||||||
Net (decrease) increase in deposits | (10,502 | ) | 269,105 | |||||
Cash dividends paid | (6,286 | ) | (6,110 | ) | ||||
Net cash used in share repurchase of common stock | (16,394 | ) | (17,905 | ) | ||||
Net cash (used in) provided by financing activities | (33,182 | ) | 245,090 | |||||
Net change in cash and cash equivalents | 80,104 | 167,423 | ||||||
Cash and cash equivalents, beginning of period | 588,257 | 715,460 | ||||||
Cash and cash equivalents, end of period | $ | 668,361 | $ | 882,883 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid for interest | $ | 18,664 | $ | 3,832 | ||||
Income taxes paid | $ | 16 | $ | 11,451 | ||||
Supplemental disclosures of non-cash transactions: | ||||||||
Net change in unrealized gain/(losses) on securities available-for-sale | $ | 1,676 | $ | (36,692 | ) |
Available-for-Sale Securities | Gross Unrealized | |||||||||||||||
(Dollars in thousands) | Amortized Cost | Gains | Losses | Fair Value | ||||||||||||
As of September 30, 2023 | ||||||||||||||||
U.S. Government-sponsored securities | $ | 3,614 | $ | 15 | $ | 20 | $ | 3,609 | ||||||||
Mortgage-backed securities (1) | 120,588 | 7 | 28,477 | 92,118 | ||||||||||||
Collateralized mortgage obligations (1) | 579 | - | 16 | 563 | ||||||||||||
Corporate securities | 10,034 | - | 141 | 9,893 | ||||||||||||
Other | 310 | - | - | 310 | ||||||||||||
Total available-for-sale securities | $ | 135,125 | $ | 22 | $ | 28,654 | $ | 106,493 |
Available-for-Sale Securities | Gross Unrealized | |||||||||||||||
(Dollars in thousands) | Amortized Cost | Gains | Losses | Fair Value | ||||||||||||
As of December 31, 2022 | ||||||||||||||||
U.S. Treasury notes | $ | 4,989 | $ | - | $ | 25 | $ | 4,964 | ||||||||
U.S. Government-sponsored securities | 4,430 | 21 | 24 | 4,427 | ||||||||||||
Mortgage-backed securities (1) | 162,314 | 9 | 29,795 | 132,528 | ||||||||||||
Collateralized mortgage obligations (1) | 1,085 | - | 31 | 1,054 | ||||||||||||
Corporate securities | 10,043 | - | 462 | 9,581 | ||||||||||||
Other | 310 | - | - | 310 | ||||||||||||
Total available-for-sale securities | $ | 183,171 | $ | 30 | $ | 30,337 | $ | 152,864 |
Held-to-Maturity Securities | Gross Unrealized | |||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Gains | Losses | Fair Value | Allowance for Credit Losses | |||||||||||||||
As of September 30, 2023 | ||||||||||||||||||||
Mortgage-backed securities (1) | $ | 673,924 | $ | - | $ | 170,743 | $ | 503,181 | $ | - | ||||||||||
Collateralized mortgage obligations (1) | 75,507 | - | 17,676 | 57,831 | - | |||||||||||||||
Municipal securities | 76,584 | 1 | 974 | 75,611 | 450 | |||||||||||||||
Total held-to-maturity securities | $ | 826,015 | $ | 1 | $ | 189,393 | $ | 636,623 | $ | 450 |
Held-to-Maturity Securities | Gross Unrealized | |||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Gains | Losses | Fair Value | Allowance for Credit Losses | |||||||||||||||
As of December 31, 2022 | ||||||||||||||||||||
Mortgage-backed securities(1) | $ | 702,858 | $ | 29 | $ | 141,121 | $ | 561,766 | $ | - | ||||||||||
Collateralized mortgage obligations(1) | 80,186 | - | 15,701 | 64,485 | - | |||||||||||||||
Municipal securities | 62,302 | 49 | 209 | 62,142 | 393 | |||||||||||||||
Total held-to-maturity securities | $ | 845,346 | $ | 78 | $ | 157,031 | $ | 688,393 | $ | 393 |
September 30, 2023 | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
U.S. Government-sponsored securities | $ | 223 | $ | 1 | $ | 1,121 | $ | 19 | $ | 1,344 | $ | 20 | ||||||||||||
Mortgage-backed securities(1) | 4,930 | 231 | 86,461 | 28,246 | 91,391 | 28,477 | ||||||||||||||||||
Collateralized mortgage obligations(1) | - | - | 563 | 16 | 563 | 16 | ||||||||||||||||||
Corporate securities | - | - | 9,893 | 141 | 9,893 | 141 | ||||||||||||||||||
Total available-for-sale securities | $ | 5,153 | $ | 232 | $ | 98,038 | $ | 28,422 | $ | 103,191 | $ | 28,654 |
December 31, 2022 | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
U.S. Treasury notes | $ | 4,964 | $ | 25 | $ | - | $ | - | $ | 4,964 | $ | 25 | ||||||||||||
U.S. Government-sponsored securities | 378 | 1 | 1,326 | 23 | 1,704 | 24 | ||||||||||||||||||
Mortgage-backed securities (1) | 35,117 | 1,639 | 96,589 | 28,156 | 131,706 | 29,795 | ||||||||||||||||||
Collateralized Mortgage Obligations (1) | 1,054 | 31 | - | - | 1,054 | 31 | ||||||||||||||||||
Corporate securities | - | - | 9,581 | 462 | 9,581 | 462 | ||||||||||||||||||
Total available-for-sale securities | $ | 41,513 | $ | 1,696 | $ | 107,496 | $ | 28,641 | $ | 149,009 | $ | 30,337 |
September 30, 2023 | ||||||||||||||||
(Dollars in thousands) | Municipal securities | Mortgage-backed securities | Collateralized Mortgage obligations | Total | ||||||||||||
Allowance for credit losses - securities | ||||||||||||||||
Beginning Balance | $ | 393 | $ | - | $ | - | $ | 393 | ||||||||
Provision for credit losses | 57 | - | - | 57 | ||||||||||||
Ending Balance | $ | 450 | $ | - | $ | - | $ | 450 |
December 31, 2022 | ||||||||||||||||
(Dollars in thousands) | Municipal securities | Mortgage- backed securities | Collateralized Mortgage obligations | Total | ||||||||||||
Allowance for credit losses - securities | ||||||||||||||||
Beginning Balance | $ | 393 | $ | - | $ | - | $ | 393 | ||||||||
Provision for credit losses | - | - | - | - | ||||||||||||
Ending Balance | $ | 393 | $ | - | $ | - | $ | 393 |
Available-for-Sale | Held-to-Maturity | |||||||||||||||
(Dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Securities maturing in: | ||||||||||||||||
One year or less | $ | 387 | $ | 386 | $ | 450 | $ | 450 | ||||||||
After one year through five years | 17,771 | 17,321 | 16,910 | 16,335 | ||||||||||||
After five years through ten years | 6,561 | 6,121 | 24,031 | 21,844 | ||||||||||||
After ten years | 110,406 | 82,665 | 784,624 | 597,994 | ||||||||||||
Total | $ | 135,125 | $ | 106,493 | $ | 826,015 | $ | 636,623 |
Held-to-Maturity | ||||||||||||||||
Amortized Cost | ||||||||||||||||
(Dollars in thousands) | AAA/AA/A | BBB/BB/B | Not Rated | Total | ||||||||||||
September 30, 2023 | ||||||||||||||||
Municipal securities | $ | 19,381 | $ | 393 | $ | 56,810 | $ | 76,584 | ||||||||
Total | $ | 19,381 | $ | 393 | $ | 56,810 | $ | 76,584 |
(Dollars in thousands) | Gross Proceeds | Gross Gains | Gross Losses | |||||||||
Nine months ended September 30, 2023 | $ | 30,482 | $ | - | $ | 5,686 | ||||||
Nine months ended September 30, 2022 | $ | 31,394 | $ | 2 | $ | 2,987 |
(Dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||
Loans and leases held-for-investment, net | ||||||||
Real estate: | ||||||||
Commercial | $ | 1,297,380 | $ | 1,328,691 | ||||
Agricultural | 753,353 | 726,938 | ||||||
Residential and home equity | 398,990 | 387,753 | ||||||
Construction | 192,745 | 166,538 | ||||||
Total real estate | 2,642,468 | 2,609,920 | ||||||
Commercial & industrial | 489,772 | 478,758 | ||||||
Agricultural | 301,951 | 314,525 | ||||||
Commercial leases | 128,063 | 112,629 | ||||||
Consumer and other | 5,553 | 5,886 | ||||||
Total gross loans and leases | 3,567,807 | 3,521,718 | ||||||
Unearned income | (10,604 | ) | (9,357 | ) | ||||
Total net loans and leases | 3,557,203 | 3,512,361 | ||||||
Allowance for credit losses | (74,159 | ) | (66,885 | ) | ||||
Total loans and leases held-for-investment, net | $ | 3,483,044 | $ | 3,445,476 |
September 30, 2023 | ||||||||||||||||||||||||
(Dollars in thousands) | Current | 30-89 Days Past Due | 90+ Days Past Due | Non-accrual | Total Past Due | Total | ||||||||||||||||||
Loans and leases held-for-investment, net | ||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
Commercial | $ | 1,287,872 | $ | 954 | $ | - | $ | 363 | $ | 1,317 | $ | 1,289,189 | ||||||||||||
Agricultural | 749,259 | - | - | 4,094 | 4,094 | 753,353 | ||||||||||||||||||
Residential and home equity | 398,769 | 221 | - | - | 221 | 398,990 | ||||||||||||||||||
Construction | 192,745 | - | - | - | - | 192,745 | ||||||||||||||||||
Total real estate | 2,628,645 | 1,175 | - | 4,457 | 5,632 | 2,634,277 | ||||||||||||||||||
Commercial & industrial | 489,653 | 80 | - | 39 | 119 | 489,772 | ||||||||||||||||||
Agricultural | 301,951 | - | - | - | - | 301,951 | ||||||||||||||||||
Commercial leases | 124,508 | 1,142 | - | - | 1,142 | 125,650 | ||||||||||||||||||
Consumer and other | 5,541 | 12 | - | - | 12 | 5,553 | ||||||||||||||||||
Total loans and leases, net | $ | 3,550,298 | $ | 2,409 | $ | - | $ | 4,496 | $ | 6,905 | $ | 3,557,203 |
December 31, 2022 | ||||||||||||||||||||||||
(Dollars in thousands) | Current | 30-89 Days Past Due | 90+ Days Past Due | Non-accrual | Total Past Due | Total | ||||||||||||||||||
Loans and leases held-for-investment, net | ||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
Commercial | $ | 1,319,911 | $ | - | $ | - | $ | 403 | $ | 403 | $ | 1,320,314 | ||||||||||||
Agricultural | 726,938 | - | - | - | - | 726,938 | ||||||||||||||||||
Residential and home equity | 387,753 | - | - | - | - | 387,753 | ||||||||||||||||||
Construction | 166,370 | - | - | 168 | 168 | 166,538 | ||||||||||||||||||
Total real estate | 2,600,972 | - | - | 571 | 571 | 2,601,543 | ||||||||||||||||||
Commercial & industrial | 478,758 | - | - | - | - | 478,758 | ||||||||||||||||||
Agricultural | 314,525 | - | - | - | - | 314,525 | ||||||||||||||||||
Commercial leases | 111,649 | - | - | - | - | 111,649 | ||||||||||||||||||
Consumer and other | 5,789 | 97 | - | - | 97 | 5,886 | ||||||||||||||||||
Total loans and leases, net | $ | 3,511,693 | $ | 97 | $ | - | $ | 571 | $ | 668 | $ | 3,512,361 |
(Dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||
Non-accrual loans and leases: | ||||||||
Real estate: | ||||||||
Commercial | $ | 363 | $ | 403 | ||||
Agricultural | 4,094 | - | ||||||
Residential and home equity | - | - | ||||||
Construction | - | 168 | ||||||
Total real estate | 4,457 | 571 | ||||||
Commercial & industrial | 39 | - | ||||||
Agricultural | - | - | ||||||
Commercial leases | - | - | ||||||
Consumer and other | - | - | ||||||
Total non-accrual loans and leases | $ | 4,496 | $ | 571 |
September 30, 2023 | ||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special Mention | Sub- standard | Doubtful | Total Loans & Leases | Total Allowance for Credit Losses | ||||||||||||||||||
Loans and leases held-for-investment, net | ||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
Commercial | $ | 1,271,547 | $ | 17,279 | $ | 363 | $ | - | $ | 1,289,189 | $ | 26,724 | ||||||||||||
Agricultural | 736,338 | 6,793 | 10,222 | - | 753,353 | 7,241 | ||||||||||||||||||
Residential and home equity | 398,216 | - | 774 | - | 398,990 | 7,458 | ||||||||||||||||||
Construction | 192,745 | - | - | - | 192,745 | 3,612 | ||||||||||||||||||
Total real estate | 2,598,846 | 24,072 | 11,359 | - | 2,634,277 | 45,035 | ||||||||||||||||||
Commercial & industrial | 477,474 | 11,710 | 588 | - | 489,772 | 17,903 | ||||||||||||||||||
Agricultural | 297,946 | 3,998 | 7 | - | 301,951 | 9,082 | ||||||||||||||||||
Commercial leases | 125,625 | 25 | - | - | 125,650 | 1,967 | ||||||||||||||||||
Consumer and other | 5,337 | - | 216 | - | 5,553 | 172 | ||||||||||||||||||
Total loans and leases, net | $ | 3,505,228 | $ | 39,805 | $ | 12,170 | $ | - | $ | 3,557,203 | $ | 74,159 |
December 31, 2022 | ||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special Mention | Sub- standard | Doubtful | Total Loans & Leases | Total Allowance for Credit Losses | ||||||||||||||||||
Loans and leases held-for-investment, net | ||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
Commercial | $ | 1,314,377 | $ | 5,535 | $ | 402 | $ | - | $ | 1,320,314 | $ | 18,055 | ||||||||||||
Agricultural | 709,927 | 10,891 | 6,120 | - | 726,938 | 14,496 | ||||||||||||||||||
Residential and home equity | 387,371 | - | 382 | - | 387,753 | 7,508 | ||||||||||||||||||
Construction | 166,370 | - | 168 | - | 166,538 | 3,026 | ||||||||||||||||||
Total real estate | 2,578,045 | 16,426 | 7,072 | - | 2,601,543 | 43,085 | ||||||||||||||||||
Commercial & industrial | 478,437 | 63 | 258 | - | 478,758 | 11,503 | ||||||||||||||||||
Agricultural | 308,830 | 5,682 | 13 | - | 314,525 | 10,202 | ||||||||||||||||||
Commercial leases | 111,568 | 81 | - | - | 111,649 | 1,924 | ||||||||||||||||||
Consumer and other | 5,650 | - | 236 | - | 5,886 | 171 | ||||||||||||||||||
Total loans and leases, net | $ | 3,482,530 | $ | 22,252 | $ | 7,579 | $ | - | $ | 3,512,361 | $ | 66,885 |
September 30, 2023 | ||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost | Total | ||||||||||||||||||||||||
Net loans and leases held-for-investment | ||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Pass | $ | 94,553 | $ | 171,741 | $ | 209,733 | $ | 144,704 | $ | 68,258 | $ | 270,620 | $ | 311,938 | $ | 1,271,547 | ||||||||||||||||
Special mention | - | - | 14,527 | - | - | 1,797 | 955 | 17,279 | ||||||||||||||||||||||||
Substandard | - | - | - | - | - | 363 | - | 363 | ||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Total Commercial | $ | 94,553 | $ | 171,741 | $ | 224,260 | $ | 144,704 | $ | 68,258 | $ | 272,780 | $ | 312,893 | $ | 1,289,189 | ||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Current-period gross charge-offs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
Agricultural | ||||||||||||||||||||||||||||||||
Pass | $ | 40,919 | $ | 74,346 | $ | 41,434 | $ | 50,996 | $ | 12,164 | $ | 168,019 | $ | 348,460 | $ | 736,338 | ||||||||||||||||
Special mention | - | - | - | 594 | 2,020 | 4,179 | - | 6,793 | ||||||||||||||||||||||||
Substandard | - | - | - | - | - | 6,128 | 4,094 | 10,222 | ||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Total Agricultural | $ | 40,919 | $ | 74,346 | $ | 41,434 | $ | 51,590 | $ | 14,184 | $ | 178,326 | $ | 352,554 | $ | 753,353 | ||||||||||||||||
Agricultural | ||||||||||||||||||||||||||||||||
Current-period gross charge-offs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
Residential and home equity | ||||||||||||||||||||||||||||||||
Pass | $ | 33,656 | $ | 63,154 | $ | 90,089 | $ | 80,757 | $ | 13,514 | $ | 72,734 | $ | 44,312 | $ | 398,216 | ||||||||||||||||
Special mention | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Substandard | - | - | - | - | - | 774 | - | 774 | ||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Total Residential and home equity | $ | 33,656 | $ | 63,154 | $ | 90,089 | $ | 80,757 | $ | 13,514 | $ | 73,508 | $ | 44,312 | $ | 398,990 | ||||||||||||||||
Residential and home equity | ||||||||||||||||||||||||||||||||
Current-period gross charge-offs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 14 | $ | - | $ | 14 | ||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Pass | $ | - | $ | 3,000 | $ | - | $ | - | $ | 1,575 | $ | - | $ | 188,170 | $ | 192,745 | ||||||||||||||||
Special mention | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Substandard | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Total construction | $ | - | $ | 3,000 | $ | - | $ | - | $ | 1,575 | $ | - | $ | 188,170 | $ | 192,745 | ||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Current-period gross charge-offs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
Total Real estate | $ | 169,128 | $ | 312,241 | $ | 355,783 | $ | 277,051 | $ | 97,531 | $ | 524,614 | $ | 897,929 | $ | 2,634,277 | ||||||||||||||||
Commercial & industrial | ||||||||||||||||||||||||||||||||
Pass | $ | 47,471 | $ | 27,835 | $ | 23,821 | $ | 8,612 | $ | 5,357 | $ | 7,741 | $ | 356,637 | $ | 477,474 | ||||||||||||||||
Special mention | - | - | 4,878 | - | - | - | 6,832 | 11,710 | ||||||||||||||||||||||||
Substandard | - | - | - | - | - | 499 | 89 | 588 | ||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Total Commercial & industrial | $ | 47,471 | $ | 27,835 | $ | 28,699 | $ | 8,612 | $ | 5,357 | $ | 8,240 | $ | 363,558 | $ | 489,772 | ||||||||||||||||
Commercial & industrial | ||||||||||||||||||||||||||||||||
Current-period gross charge-offs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
September 30, 2023 | ||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost | Total | ||||||||||||||||||||||||
Agricultural | ||||||||||||||||||||||||||||||||
Pass | $ | 3,311 | $ | 4,770 | $ | 2,279 | $ | 709 | $ | 1,100 | $ | 2,158 | $ | 283,619 | $ | 297,946 | ||||||||||||||||
Special mention | - | - | 75 | - | - | - | 3,923 | 3,998 | ||||||||||||||||||||||||
Substandard | - | - | - | - | 7 | - | - | 7 | ||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Total Agricultural | $ | 3,311 | $ | 4,770 | $ | 2,354 | $ | 709 | $ | 1,107 | $ | 2,158 | $ | 287,542 | $ | 301,951 | ||||||||||||||||
Agricultural | ||||||||||||||||||||||||||||||||
Current-period gross charge-offs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
Commercial leases | ||||||||||||||||||||||||||||||||
Pass | $ | 35,681 | $ | 33,040 | $ | 11,381 | $ | 9,943 | $ | 4,994 | $ | 30,586 | $ | - | $ | 125,625 | ||||||||||||||||
Special mention | - | - | - | - | 25 | - | - | 25 | ||||||||||||||||||||||||
Substandard | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Total Commercial leases | $ | 35,681 | $ | 33,040 | $ | 11,381 | $ | 9,943 | $ | 5,019 | $ | 30,586 | $ | - | $ | 125,650 | ||||||||||||||||
Commercial leases | ||||||||||||||||||||||||||||||||
Current-period gross charge-offs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
Consumer and other | ||||||||||||||||||||||||||||||||
Pass | $ | 1,470 | $ | 1,078 | $ | 466 | $ | 105 | $ | 67 | $ | 1,552 | $ | 599 | $ | 5,337 | ||||||||||||||||
Special mention | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Substandard | 191 | - | - | - | - | 25 | - | 216 | ||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Total Consumer and other | $ | 1,661 | $ | 1,078 | $ | 466 | $ | 105 | $ | 67 | $ | 1,577 | $ | 599 | $ | 5,553 | ||||||||||||||||
Consumer and other | ||||||||||||||||||||||||||||||||
Current-period gross charge-offs | $ | 30 | $ | 3 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 33 | ||||||||||||||||
Total net loans and leases | ||||||||||||||||||||||||||||||||
Pass | $ | 257,061 | $ | 378,964 | $ | 379,203 | $ | 295,826 | $ | 107,029 | $ | 553,410 | $ | 1,533,735 | $ | 3,505,228 | ||||||||||||||||
Special mention | - | - | 19,480 | 594 | 2,045 | 5,976 | 11,710 | 39,805 | ||||||||||||||||||||||||
Substandard | 191 | - | - | - | 7 | 7,789 | 4,183 | 12,170 | ||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Total net loans and leases | $ | 257,252 | $ | 378,964 | $ | 398,683 | $ | 296,420 | $ | 109,081 | $ | 567,175 | $ | 1,549,628 | $ | 3,557,203 | ||||||||||||||||
Total current-period gross charge-offs | $ | 30 | $ | 3 | $ | - | $ | - | $ | - | $ | 14 | $ | - | $ | 47 |
September 30, | December 31, | |||||||
(Dollars in thousands) | 2023 | 2022 | ||||||
Balance at beginning of the period | $ | 17,521 | $ | 18,128 | ||||
New loans or advances during year | 1,706 | 523 | ||||||
Repayments | (1,655 | ) | (1,130 | ) | ||||
Balance at end of period | $ | 17,572 | $ | 17,521 |
September 30, 2023 | ||||||||||||
(Dollars in thousands) | Real Estate | Vehicles and Equipment | Total | |||||||||
Collateral dependent loans and leases | ||||||||||||
Real estate: | ||||||||||||
Commercial | $ | 1,450 | $ | - | $ | 1,450 | ||||||
Agricultural | 10,222 | - | 10,222 | |||||||||
Residential and home equity | 1,630 | - | 1,630 | |||||||||
Construction | - | - | - | |||||||||
Total real estate | 13,302 | - | 13,302 | |||||||||
Commercial & industrial | 89 | 495 | 584 | |||||||||
Agricultural | - | 7 | 7 | |||||||||
Commercial leases | - | - | - | |||||||||
Consumer and other | - | 171 | 171 | |||||||||
Total collateral dependent, gross loans and leases | $ | 13,391 | $ | 673 | $ | 14,064 |
December 31, 2022 | ||||||||||||
(Dollars in thousands) | Real Estate | Vehicles and Equipment | Total | |||||||||
Collateral dependent loans and leases | ||||||||||||
Real estate: | ||||||||||||
Commercial | $ | 1,114 | $ | - | $ | 1,114 | ||||||
Agricultural | 11,035 | - | 11,035 | |||||||||
Residential and home equity | 2,153 | - | 2,153 | |||||||||
Construction | - | - | - | |||||||||
Total real estate | 14,302 | - | 14,302 | |||||||||
Commercial & industrial | - | - | - | |||||||||
Agricultural | - | 13 | 13 | |||||||||
Commercial leases | - | - | - | |||||||||
Consumer and other | - | 158 | 158 | |||||||||
Total collateral dependent, gross loans and leases | $ | 14,302 | $ | 171 | $ | 14,473 |
For the Three Months Ended September 30, 2023 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial & Agricultural R/E | Construction | Residential & Home Equity | Commercial & Agricultural | Commercial Leases | Consumer & Other | Total | |||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||
Balance at beginning of period | $ | 34,695 | $ | 3,195 | $ | 7,179 | $ | 24,194 | $ | 1,657 | $ | 192 | $ | 71,112 | ||||||||||||||
Provision / (recapture) for credit losses | (730 | ) | 417 | 268 | 2,748 | 310 | (13 | ) | 3,000 | |||||||||||||||||||
Charge-offs | - | - | - | - | - | (15 | ) | (15 | ) | |||||||||||||||||||
Recoveries | - | - | 11 | 43 | - | 8 | 62 | |||||||||||||||||||||
Net (charge-offs) / recoveries | - | - | 11 | 43 | - | (7 | ) | 47 | ||||||||||||||||||||
Balance at end of period | $ | 33,965 | $ | 3,612 | $ | 7,458 | $ | 26,985 | $ | 1,967 | $ | 172 | $ | 74,159 |
For the Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial & Agricultural R/E | Construction | Residential & Home Equity | Commercial & Agricultural | Commercial Leases | Consumer & Other | Total | |||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||
Balance at beginning | $ | 34,716 | $ | 2,876 | $ | 6,874 | $ | 15,808 | $ | 1,645 | $ | 161 | $ | 62,080 | ||||||||||||||
Provision / (recapture) for credit losses | (1,616 | ) | 119 | (15 | ) | 3,063 | (57 | ) | 5 | 1,499 | ||||||||||||||||||
Charge-offs | - | - | - | (48 | ) | - | (20 | ) | (68 | ) | ||||||||||||||||||
Recoveries | - | - | 6 | 92 | - | 8 | 106 | |||||||||||||||||||||
Net (charge-offs) / recoveries | - | - | 6 | 44 | - | (12 | ) | 38 | ||||||||||||||||||||
Balance at end of period | $ | 33,100 | $ | 2,995 | $ | 6,865 | $ | 18,915 | $ | 1,588 | $ | 154 | $ | 63,617 |
For the Nine Months Ended September 30, 2023 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial & Agricultural R/E | Construction | Residential & Home Equity | Commercial & Agricultural | Commercial Leases | Consumer & Other | Total | |||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||
Balance at beginning of period | $ | 32,551 | $ | 3,026 | $ | 7,508 | $ | 21,705 | $ | 1,924 | $ | 171 | $ | 66,885 | ||||||||||||||
Provision / (recapture) for credit losses | 1,244 | 586 | (78 | ) | 5,196 | 43 | 9 | 7,000 | ||||||||||||||||||||
Charge-offs | - | - | (14 | ) | - | - | (33 | ) | (47 | ) | ||||||||||||||||||
Recoveries | 170 | - | 42 | 84 | - | 25 | 321 | |||||||||||||||||||||
Net (charge-offs) / recoveries | 170 | - | 28 | 84 | - | (8 | ) | 274 | ||||||||||||||||||||
Balance at end of period | $ | 33,965 | $ | 3,612 | $ | 7,458 | $ | 26,985 | $ | 1,967 | $ | 172 | $ | 74,159 |
For the Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial & Agricultural R/E | Construction | Residential & Home Equity | Commercial & Agricultural | Commercial Leases | Consumer & Other | Total | |||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||
Balance at beginning of period | $ | 38,149 | $ | 1,456 | $ | 2,847 | $ | 16,954 | $ | 938 | $ | 663 | $ | 61,007 | ||||||||||||||
Impact of Adopting ASC 326 | - | - | - | - | - | - | - | |||||||||||||||||||||
Provision / (recapture) for credit losses | (5,049 | ) | 1,539 | 3,893 | 2,058 | 650 | (485 | ) | 2,606 | |||||||||||||||||||
Charge-offs | - | - | - | (324 | ) | - | (38 | ) | (362 | ) | ||||||||||||||||||
Recoveries | - | - | 125 | 227 | - | 14 | 366 | |||||||||||||||||||||
Net (charge-offs) / recoveries | - | - | 125 | (97 | ) | - | (24 | ) | 4 | |||||||||||||||||||
Balance at end of period | $ | 33,100 | $ | 2,995 | $ | 6,865 | $ | 18,915 | $ | 1,588 | $ | 154 | $ | 63,617 |
(Dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||
Certificates of deposit: | ||||||||
Certificates of deposit less than or equal to $250,000 | $ | 308,171 | $ | 202,554 | ||||
Certificates of deposit greater than $250,000 | 313,910 | 128,846 | ||||||
Total certificates of deposit | $ | 622,081 | $ | 331,400 |
(Dollars in thousands) | Amount | |||
2023 | $ | 131,282 | ||
2024 | 461,680 | |||
2025 | 23,267 | |||
2026 | 4,494 | |||
2027 and beyond | 1,358 | |||
Total certificates of deposit | $ | 622,081 |
September 30, 2023 | Fair Value Measurements | |||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | Total Fair Value | |||||||||||||||
Financial Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 668,361 | $ | 668,361 | $ | - | $ | - | $ | 668,361 | ||||||||||
Held-to-maturity securities | 825,565 | - | 579,814 | 56,809 | 636,623 | |||||||||||||||
Non-marketable securities | 15,549 | - | - | 15,549 | 15,549 | |||||||||||||||
Loans and leases, net | 3,483,044 | - | - | 3,263,858 | 3,263,858 | |||||||||||||||
Bank-owned life insurance | 67,094 | 67,094 | - | - | 67,094 | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Total deposits | $ | 4,748,767 | $ | - | $ | 4,126,686 | $ | 614,257 | $ | 4,740,943 | ||||||||||
Subordinated debentures | 10,310 | - | 12,206 | - | 12,206 |
December 31, 2022 | Fair Value Measurements | |||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | Total Fair Value | |||||||||||||||
Financial Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 588,257 | $ | 588,257 | $ | - | $ | - | $ | 588,257 | ||||||||||
Held-to-maturity securities | 844,953 | - | 645,859 | 42,534 | 688,393 | |||||||||||||||
Non-marketable securities | 15,549 | - | - | 15,549 | 15,549 | |||||||||||||||
Loans and leases, net | 3,445,476 | - | - | 3,335,042 | 3,335,042 | |||||||||||||||
Bank-owned life insurance | 73,038 | 73,038 | - | - | 73,038 | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Total deposits | $ | 4,759,269 | $ | - | $ | 4,427,869 | $ | 323,572 | $ | 4,751,441 | ||||||||||
Subordinated debentures | 10,310 | - | 12,211 | - | 12,211 |
September 30, 2023 | Fair Value Measurements | |||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | Total Fair Value | |||||||||||||||
Fair valued on a recurring basis: | ||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||
U.S. Government-sponsored securities | $ | 3,609 | $ | - | $ | 3,609 | $ | - | $ | 3,609 | ||||||||||
Mortgage-backed securities | 92,118 | - | 92,118 | - | 92,118 | |||||||||||||||
Collateralized mortgage obligations | 563 | - | 563 | - | 563 | |||||||||||||||
Corporate securities | 9,893 | - | 9,893 | - | 9,893 | |||||||||||||||
Other | 310 | - | 310 | - | 310 | |||||||||||||||
Fair valued on a non-recurring basis: | ||||||||||||||||||||
Collateral Dependent loans | $ | 13,480 | $ | - | $ | - | $ | 13,480 | $ | 13,480 | ||||||||||
Other real estate owned | | 873 | | - | | - | | 873 | | 873 |
December 31, 2022 | Fair Value Measurements | |||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | Total Fair Value | |||||||||||||||
Fair valued on a recurring basis: | ||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||
U.S. Treasury notes | $ | 4,964 | $ | 4,964 | $ | - | $ | - | $ | 4,964 | ||||||||||
U.S. Government-sponsored securities | 4,427 | - | 4,427 | - | 4,427 | |||||||||||||||
Mortgage-backed securities | 132,528 | - | 132,528 | - | 132,528 | |||||||||||||||
Collateralized mortgage obligations | 1,054 | - | 1,054 | - | 1,054 | |||||||||||||||
Corporate securities | 9,581 | - | 9,581 | - | 9,581 | |||||||||||||||
Other | 310 | - | 310 | - | 310 | |||||||||||||||
Fair valued on a non-recurring basis: | ||||||||||||||||||||
Collateral Dependent loans | $ | 14,473 | $ | - | $ | - | $ | 14,473 | $ | 14,473 | ||||||||||
Other real estate owned | 873 | - | - | 873 | 873 |
(Dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||
Commitments to extend credit, including unsecured commitments of $19,816 and $20,401 as of September 30, 2023 and December 31, 2022, respectively | $ | 1,156,479 | $ | 1,141,036 | ||||
Stand-by letters of credit, including unsecured commitments of $7,970 and $7,954 as of September 30, 2023 and December 31, 2022, respectively | 16,802 | 17,138 |
■ | changes in general economic conditions, either nationally, in California, or in our local markets; |
■ | inflation, changes in interest rates, securities market volatility and monetary fluctuations; |
■ | increases in competitive pressures among financial institutions and businesses offering similar products and services; |
■ | risks associated with recent negative events in the banking industry, and any legislative and/or bank regulatory actions, that could potentially impact earnings, liquidity and/or the availability of capital; |
■ | higher defaults in our loan and lease portfolio than we expect; |
■ | changes in management’s estimate of the adequacy of the allowance for credit losses; |
■ | risks associated with our growth and expansion strategy and related costs; |
■ | increased lending risks associated with our high concentration of real estate loans; |
■ | legislative or regulatory changes or changes in accounting principles, policies or guidelines; |
■ | technological changes; |
■ | regulatory or judicial proceedings; and |
■ | other factors and risks including those described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this report and the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. |
• | Tangible common equity ratio and tangible book value per common share: Given that the use of these measures is prevalent among banking regulators, investors, and analysts, we disclose them in addition the related GAAP measures of return on average equity and book value per common share. The reconciliations of these non-GAAP measurements to the GAAP measurements are presented in the following tables for and as of the periods presented. |
Tangible Common Equity Ratio and Tangible Book Value Per Common Share | September 30, 2023 | September 30, 2022 | ||||||
(Dollars in thousands, except per share data) | ||||||||
Shareholders’ equity | $ | 530,623 | $ | 468,178 | ||||
Less: Intangible assets | 13,563 | 14,140 | ||||||
Tangible common equity | $ | 517,060 | $ | 454,038 | ||||
Total Assets | $ | 5,375,375 | $ | 5,466,781 | ||||
Less: Intangible assets | 13,563 | 14,140 | ||||||
Tangible assets | $ | 5,361,812 | $ | 5,452,641 | ||||
Tangible common equity ratio(1) | 9.64 | % | 8.33 | % | ||||
Book value per common share(2) | $ | 705.60 | $ | 607.37 | ||||
Tangible book value per common share(3) | $ | 687.57 | $ | 589.03 | ||||
Common shares outstanding | 752,013 | 770,822 |
(1) | Tangible common equity divided by tangibleassets |
(2) | Total common equity divided by common shares outstanding. |
(3) | Tangible common equity divided by common shares outstanding. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(dollars in thousands, except per share amounts) | 2023 | 2022 | 2023 | 2022 | ||||||||||||
Earnings Summary: | ||||||||||||||||
Interest income | $ | 65,713 | $ | 51,713 | $ | 186,362 | $ | 140,502 | ||||||||
Interest expense | 12,272 | 1,256 | 24,777 | 3,117 | ||||||||||||
Net interest income | 53,441 | 50,457 | 161,585 | 137,385 | ||||||||||||
Provision for credit losses | 3,000 | 1,500 | 7,057 | 3,000 | ||||||||||||
Non-interest income | 3,606 | 1,559 | 12,513 | 9,383 | ||||||||||||
Non-interest expense | 24,468 | 24,375 | 79,473 | 71,194 | ||||||||||||
Income before taxes | 29,579 | 26,141 | 87,568 | 72,574 | ||||||||||||
Income tax expense | 7,545 | 6,605 | 20,679 | 17,537 | ||||||||||||
Net Income | $ | 22,034 | $ | 19,536 | $ | 66,889 | $ | 55,037 | ||||||||
Per Common Share Data: | ||||||||||||||||
Diluted earnings per common share | $ | 29.23 | $ | 25.20 | $ | 88.06 | $ | 70.47 | ||||||||
Book value per common share | $ | 705.60 | $ | 607.37 | $ | 705.60 | $ | 607.37 | ||||||||
Tangible book value per common share(1) | $ | 687.57 | $ | 589.03 | $ | 687.57 | $ | 589.03 | ||||||||
Performance Ratios: | ||||||||||||||||
Return on average assets | 1.65 | % | 1.45 | % | 1.70 | % | 1.37 | % | ||||||||
Return on average equity | 16.80 | % | 16.64 | % | 17.43 | % | 15.75 | % | ||||||||
Net interest margin (tax equivalent) | 4.17 | % | 3.91 | % | 4.33 | % | 3.62 | % | ||||||||
Yield on average loans and leases (tax equivalent) | 5.87 | % | 5.06 | % | 5.77 | % | 4.86 | % | ||||||||
Cost of average total deposits | 1.01 | % | 0.09 | % | 0.70 | % | 0.08 | % | ||||||||
Efficiency ratio | 42.89 | % | 46.86 | % | 45.65 | % | 48.51 | % | ||||||||
Loan-to-deposit ratio | 75.13 | % | 67.71 | % | 75.13 | % | 67.71 | % | ||||||||
Percentage of checking deposits to total deposits | 51.72 | % | 60.32 | % | 51.72 | % | 60.32 | % | ||||||||
Capital Ratios Bancorp: | ||||||||||||||||
Common equity tier 1 capital to risk-weighted assets | 12.48 | % | 11.82 | % | 12.48 | % | 11.82 | % | ||||||||
Tier 1 capital to risk-weighted assets | 12.72 | % | 12.06 | % | 12.72 | % | 12.06 | % | ||||||||
Risk-based capital to risk-weighted assets | 13.97 | % | 13.32 | % | 13.97 | % | 13.32 | % | ||||||||
Tier 1 leverage capital ratio | 10.22 | % | 9.12 | % | 10.22 | % | 9.12 | % | ||||||||
Tangible common equity ratio(1) | 9.64 | % | 8.33 | % | 9.64 | % | 8.33 | % |
(1) | See “Non-GAAP Measurements” |
Three Months Ended September 30, | ||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest Income / Expense | Average Yield / Rate | Average Balance | Interest Income / Expense | Average Yield / Rate | ||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Interest earnings deposits in other banks and federal funds sold | $ | 592,012 | $ | 8,075 | 5.41 | % | $ | 718,794 | $ | 4,159 | 2.30 | % | ||||||||||||
Investment securities:(1) | ||||||||||||||||||||||||
Taxable securities | 908,591 | 4,588 | 2.02 | % | 1,063,166 | 5,091 | 1.92 | % | ||||||||||||||||
Non-taxable securities(2) | 61,580 | 575 | 3.73 | % | 47,005 | 386 | 3.28 | % | ||||||||||||||||
Total investment securities | 970,171 | 5,163 | 2.13 | % | 1,110,171 | 5,477 | 2.00 | % | ||||||||||||||||
Loans:(3) | ||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
Commercial | 1,290,892 | 16,990 | 5.22 | % | 1,224,689 | 15,179 | 4.92 | % | ||||||||||||||||
Agricultural | 749,899 | 10,497 | 5.55 | % | 715,286 | 9,243 | 5.13 | % | ||||||||||||||||
Residential and home equity | 394,500 | 4,527 | 4.55 | % | 375,699 | 3,836 | 4.05 | % | ||||||||||||||||
Construction | 180,658 | 3,168 | 6.96 | % | 164,664 | 2,468 | 5.95 | % | ||||||||||||||||
Total real estate | 2,615,949 | 35,182 | 5.34 | % | 2,480,338 | 30,726 | 4.91 | % | ||||||||||||||||
Commercial & industrial | 479,113 | 8,729 | 7.23 | % | 438,761 | 5,770 | 5.22 | % | ||||||||||||||||
Agricultural | 296,973 | 6,138 | 8.20 | % | 259,345 | 3,607 | 5.52 | % | ||||||||||||||||
Commercial leases | 127,383 | 2,018 | 6.29 | % | 93,051 | 1,365 | 5.82 | % | ||||||||||||||||
Consumer and other | 5,432 | 86 | 6.28 | % | 8,929 | 400 | 17.77 | % | ||||||||||||||||
Total loans and leases | 3,524,850 | 52,153 | 5.87 | % | 3,280,424 | 41,868 | 5.06 | % | ||||||||||||||||
Non-marketable securities | 15,549 | 322 | 8.22 | % | 15,549 | 209 | 5.33 | % | ||||||||||||||||
Total interest earning assets | 5,102,582 | 65,713 | 5.11 | % | 5,124,938 | 51,713 | 4.00 | % | ||||||||||||||||
Allowance for credit losses | (72,639 | ) | (63,107 | ) | ||||||||||||||||||||
Non-interest earning assets | 324,105 | 318,078 | ||||||||||||||||||||||
Total average assets | $ | 5,354,048 | $ | 5,379,909 | ||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||||||||
Demand | $ | 973,380 | 741 | 0.30 | % | $ | 1,101,830 | 445 | 0.16 | % | ||||||||||||||
Savings and money market accounts | 1,691,933 | 6,919 | 1.62 | % | 1,588,234 | 476 | 0.12 | % | ||||||||||||||||
Certificates of deposit greater than $250,000 | 285,741 | 2,495 | 3.46 | % | 156,110 | 96 | 0.24 | % | ||||||||||||||||
Certificates of deposit less than $250,000 | 302,826 | 1,896 | 2.48 | % | 212,036 | 105 | 0.20 | % | ||||||||||||||||
Total interest bearing deposits | 3,253,880 | 12,051 | 1.47 | % | 3,058,210 | 1,122 | 0.15 | % | ||||||||||||||||
Short-term borrowings | - | - | 0.00 | % | - | - | 0.00 | % | ||||||||||||||||
Subordinated debentures | 10,310 | 221 | 8.50 | % | 10,310 | 134 | 5.16 | % | ||||||||||||||||
Total interest bearing liabilities | 3,264,190 | 12,272 | 1.49 | % | 3,068,520 | 1,256 | 0.16 | % | ||||||||||||||||
Non-interest bearing deposits | 1,474,752 | 1,764,266 | ||||||||||||||||||||||
Total funding | 4,738,942 | 12,272 | 1.03 | % | 4,832,786 | 1,256 | 0.10 | % | ||||||||||||||||
Other non-interest bearing liabilities | 90,510 | 77,389 | ||||||||||||||||||||||
Shareholders’ equity | 524,596 | 469,734 | ||||||||||||||||||||||
Total average liabilities and shareholders’ equity | $ | 5,354,048 | $ | 5,379,909 | ||||||||||||||||||||
Net interest income | $ | 53,441 | $ | 50,457 | ||||||||||||||||||||
Interest rate spread | 3.62 | % | 3.84 | % | ||||||||||||||||||||
Net interest margin(4) | 4.16 | % | 3.91 | % |
For the Nine Months Ended September 30, | ||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest Income / Expense | Average Yield / Rate | Average Balance | Interest Income / Expense | Average Yield / Rate | ||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Interest earnings deposits in other banks and federal funds sold | $ | 524,288 | $ | 19,918 | 5.08 | % | $ | 720,692 | $ | 5,934 | 1.10 | % | ||||||||||||
Investment securities:(1) | ||||||||||||||||||||||||
Taxable securities | 932,901 | 14,019 | 2.00 | % | 1,058,859 | 14,786 | 1.86 | % | ||||||||||||||||
Non-taxable securities(2) | 60,238 | 1,696 | 3.75 | % | 48,436 | 1,179 | 3.25 | % | ||||||||||||||||
Total investment securities | 993,139 | 15,715 | 2.11 | % | 1,107,295 | 15,965 | 1.92 | % | ||||||||||||||||
Loans:(3) | ||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
Commercial | 1,292,817 | 50,383 | 5.21 | % | 1,178,731 | 41,986 | 4.76 | % | ||||||||||||||||
Agricultural | 728,035 | 29,873 | 5.49 | % | 699,205 | 25,545 | 4.88 | % | ||||||||||||||||
Residential and home equity | 390,788 | 12,889 | 4.41 | % | 365,062 | 10,728 | 3.93 | % | ||||||||||||||||
Construction | 171,223 | 9,033 | 7.05 | % | 187,181 | 7,075 | 5.05 | % | ||||||||||||||||
Total real estate | 2,582,863 | 102,178 | 5.29 | % | 2,430,179 | 85,334 | 4.69 | % | ||||||||||||||||
Commercial & industrial | 473,346 | 24,699 | 6.98 | % | 434,217 | 15,460 | 4.76 | % | ||||||||||||||||
Agricultural | 286,314 | 16,955 | 7.92 | % | 257,555 | 9,350 | 4.85 | % | ||||||||||||||||
Commercial leases | 123,534 | 5,770 | 6.24 | % | 92,914 | 4,158 | 5.98 | % | ||||||||||||||||
Consumer and other | 5,514 | 249 | 6.04 | % | 27,330 | 3,569 | 17.46 | % | ||||||||||||||||
Total loans and leases | 3,471,571 | 149,851 | 5.77 | % | 3,242,195 | 117,871 | 4.86 | % | ||||||||||||||||
Non-marketable securities | 15,549 | 878 | 7.55 | % | 15,549 | 732 | 6.29 | % | ||||||||||||||||
Total interest earning assets | 5,004,547 | 186,362 | 4.98 | % | 5,085,731 | 140,502 | 3.69 | % | ||||||||||||||||
Allowance for credit losses | (70,062 | ) | (61,864 | ) | ||||||||||||||||||||
Non-interest earning assets | 314,924 | 314,520 | ||||||||||||||||||||||
Total average assets | $ | 5,249,409 | $ | 5,338,387 | ||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||||||||
Demand | $ | 994,113 | 1,629 | 0.22 | % | $ | 1,111,513 | 1,023 | 0.12 | % | ||||||||||||||
Savings and money market accounts | 1,626,444 | 14,575 | 1.20 | % | 1,550,334 | 1,179 | 0.10 | % | ||||||||||||||||
Certificates of deposit greater than $250,000 | 220,973 | 4,637 | 2.81 | % | 163,148 | 299 | 0.25 | % | ||||||||||||||||
Certificates of deposit less than $250,000 | 257,158 | 3,315 | 1.72 | % | 218,302 | 297 | 0.18 | % | ||||||||||||||||
Total interest bearing deposits | 3,098,688 | 24,156 | 1.04 | % | 3,043,297 | 2,798 | 0.12 | % | ||||||||||||||||
Short-term borrowings | 1 | - | 0.00 | % | 1 | - | 0.00 | % | ||||||||||||||||
Subordinated debentures | 10,310 | 621 | 8.05 | % | 10,310 | 319 | 4.14 | % | ||||||||||||||||
Total interest bearing liabilities | 3,108,999 | 24,777 | 1.07 | % | 3,053,608 | 3,117 | 0.14 | % | ||||||||||||||||
Non-interest bearing deposits | 1,547,327 | 1,740,859 | ||||||||||||||||||||||
Total funding | 4,656,326 | 24,777 | 0.71 | % | 4,794,467 | 3,117 | 0.09 | % | ||||||||||||||||
Other non-interest bearing liabilities | 81,348 | 77,953 | ||||||||||||||||||||||
Shareholders’ equity | 511,735 | 465,967 | ||||||||||||||||||||||
Total average liabilities and shareholders’ equity | $ | 5,249,409 | $ | 5,338,387 | ||||||||||||||||||||
Net interest income | $ | 161,585 | $ | 137,385 | ||||||||||||||||||||
Interest rate spread | 3.91 | % | 3.56 | % | ||||||||||||||||||||
Net interest margin(4) | 4.32 | % | 3.61 | % |
Three Months Ended September 30, 2023 compared with 2022 | Nine Months Ended September 30, 2023 compared with 2022 | |||||||||||||||||||||||
Increase (Decrease) Due to: | Increase (Decrease) Due to: | |||||||||||||||||||||||
(Dollars in thousands) | Volume | Rate | Net | Volume | Rate | Net | ||||||||||||||||||
Interest income: | ||||||||||||||||||||||||
Interest earnings deposits in other banks and federal funds sold | (837 | ) | 4,753 | $ | 3,916 | (2,035 | ) | 16,019 | $ | 13,984 | ||||||||||||||
Investment securities: | ||||||||||||||||||||||||
Taxable securities | (770 | ) | 267 | (503 | ) | (1,841 | ) | 1,074 | (767 | ) | ||||||||||||||
Non-taxable securities | 131 | 58 | 189 | 315 | 202 | 517 | ||||||||||||||||||
Total investment securities | (638 | ) | 324 | (314 | ) | (1,526 | ) | 1,276 | (250 | ) | ||||||||||||||
Loans: | ||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
Commercial | 844 | 967 | 1,811 | 4,258 | 4,139 | 8,397 | ||||||||||||||||||
Agricultural | 461 | 793 | 1,254 | 1,086 | 3,242 | 4,328 | ||||||||||||||||||
Residential and home equity | 199 | 492 | 691 | 790 | 1,371 | 2,161 | ||||||||||||||||||
Construction | 255 | 445 | 700 | (648 | ) | 2,606 | 1,958 | |||||||||||||||||
Total real estate | 1,759 | 2,697 | 4,456 | 5,485 | 11,359 | 16,844 | ||||||||||||||||||
Commercial & industrial | 570 | 2,389 | 2,959 | 1,498 | 7,741 | 9,239 | ||||||||||||||||||
Agricultural | 582 | 1,949 | 2,531 | 1,143 | 6,462 | 7,605 | ||||||||||||||||||
Commercial leases | 537 | 116 | 653 | 1,423 | 189 | 1,612 | ||||||||||||||||||
Consumer and other(1) | (118 | ) | (196 | ) | (314 | ) | (1,825 | ) | (1,495 | ) | (3,320 | ) | ||||||||||||
Total loans and leases | 3,329 | 6,956 | 10,285 | 7,725 | 24,255 | 31,980 | ||||||||||||||||||
Non-marketable securities | - | 113 | 113 | - | 146 | 146 | ||||||||||||||||||
Total interest income | 1,853 | 12,147 | 14,000 | 4,164 | 41,696 | 45,860 | ||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||||||||
Demand | (56 | ) | 352 | 296 | (119 | ) | 725 | 606 | ||||||||||||||||
Savings and money market accounts | 33 | 6,410 | 6,443 | 61 | 13,335 | 13,396 | ||||||||||||||||||
Certificates of deposit greater than $250,000 | 142 | 2,257 | 2,399 | 142 | 4,196 | 4,338 | ||||||||||||||||||
Certificates of deposit less than $250,000 | 64 | 1,727 | 1,791 | 62 | 2,956 | 3,018 | ||||||||||||||||||
Total interest bearing deposits | 182 | 10,747 | 10,929 | 146 | 21,212 | 21,358 | ||||||||||||||||||
Short-term borrowings | - | - | - | - | - | - | ||||||||||||||||||
Subordinated debentures | - | 87 | 87 | - | 302 | 302 | ||||||||||||||||||
Total interest expense | 182 | 10,834 | 11,016 | 146 | 21,514 | 21,660 | ||||||||||||||||||
Net interest income | $ | 1,671 | $ | 1,313 | $ | 2,984 | $ | 4,017 | $ | 20,183 | $ | 24,200 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | $ Better / (Worse) | % Better / (Worse) | 2023 | 2022 | $ Better / (Worse) | % Better / (Worse) | ||||||||||||||||||||||||
Selected Income Statement Information: | ||||||||||||||||||||||||||||||||
Interest income | $ | 65,713 | $ | 51,713 | $ | 14,000 | 27.07 | % | $ | 186,362 | $ | 140,502 | $ | 45,860 | 32.64 | % | ||||||||||||||||
Interest expense | 12,272 | 1,256 | (11,016 | ) | (877.07 | %) | 24,777 | 3,117 | (21,660 | ) | (694.90 | %) | ||||||||||||||||||||
Net interest income | 53,441 | 50,457 | 2,984 | 5.91 | % | 161,585 | 137,385 | 24,200 | 17.61 | % | ||||||||||||||||||||||
Provision for credit losses | 3,000 | 1,500 | (1,500 | ) | (100.00 | %) | 7,057 | 3,000 | (4,057 | ) | (135.23 | %) | ||||||||||||||||||||
Net interest income after provision for credit losses | 50,441 | 48,957 | 1,484 | 3.03 | % | 154,528 | 134,385 | 20,143 | 14.99 | % | ||||||||||||||||||||||
Non-interest income | 3,606 | 1,559 | 2,047 | 131.30 | % | 12,513 | 9,383 | 3,130 | 33.36 | % | ||||||||||||||||||||||
Non-interest expense | 24,468 | 24,375 | (93 | ) | (0.38 | %) | 79,473 | 71,194 | (8,279 | ) | (11.63 | %) | ||||||||||||||||||||
Income before income tax expense | 29,579 | 26,141 | 3,438 | 13.15 | % | 87,568 | 72,574 | 14,994 | 20.66 | % | ||||||||||||||||||||||
Income tax expense | 7,545 | 6,605 | (940 | ) | (14.23 | %) | 20,679 | 17,537 | (3,142 | ) | (17.92 | %) | ||||||||||||||||||||
Net income | $ | 22,034 | $ | 19,536 | $ | 2,498 | 12.79 | % | $ | 66,889 | $ | 55,037 | $ | 11,852 | 21.53 | % |
(Dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||
Available-for-Sale Securities | ||||||||
U.S. Treasury notes | $ | - | $ | 4,964 | ||||
U.S. Government-sponsored securities | 3,609 | 4,427 | ||||||
Mortgage-backed securities(1) | 92,118 | 132,528 | ||||||
Collateralized mortgage obligations(1) | 563 | 1,054 | ||||||
Corporate securities | 9,893 | 9,581 | ||||||
Other | 310 | 310 | ||||||
Total available-for-sale securities | $ | 106,493 | $ | 152,864 |
(Dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||
Held-to-Maturity Securities | ||||||||
Mortgage-backed securities(1) | $ | 673,924 | $ | 702,858 | ||||
Collateralized mortgage obligations(1) | 75,507 | 80,186 | ||||||
Municipal securities(2) | 76,134 | 61,909 | ||||||
Total held-to-maturity securities | $ | 825,565 | $ | 844,953 |
As of September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||
Within One Year | After One but Within Five Years | After Five but Within Ten Years | After Ten Years | Total | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||||||||||||||||||
U.S. Government-sponsored securities | $ | - | 0.00 | % | $ | 107 | 6.28 | % | $ | 228 | 6.55 | % | $ | 3,274 | 6.17 | % | $ | 3,609 | 6.19 | % | ||||||||||||||||||||
Mortgage-backed securities(1) | 76 | 1.85 | % | 7,321 | 2.54 | % | 5,893 | 3.59 | % | 78,828 | 1.98 | % | 92,118 | 2.12 | % | |||||||||||||||||||||||||
Collateralized mortgage obligations(1) | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 563 | 2.28 | % | 563 | 2.28 | % | |||||||||||||||||||||||||
Corporate securities | - | 0.00 | % | 9,893 | 5.74 | % | - | 0.00 | % | - | 0.00 | % | 9,893 | 5.74 | % | |||||||||||||||||||||||||
Other | 310 | 5.99 | % | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 310 | 5.99 | % | |||||||||||||||||||||||||
Total securities available-for-sale | $ | 386 | 5.18 | % | $ | 17,321 | 4.39 | % | $ | 6,121 | 3.70 | % | $ | 82,665 | 2.14 | % | $ | 106,493 | 2.61 | % |
As of September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||
Within One Year | After One but Within Five Years | After Five but Within Ten Years | After Ten Years | Total | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||||||||||||||||||
Securities held-to-maturity | ||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities(1) | $ | - | 0.00 | % | $ | 2,260 | 0.74 | % | $ | 13,107 | 1.38 | % | $ | 658,557 | 1.91 | % | $ | 673,924 | 1.89 | % | ||||||||||||||||||||
Collateralized mortgage obligations(1) | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 75,507 | 1.78 | % | 75,507 | 1.78 | % | |||||||||||||||||||||||||
Municipal securities | 450 | 4.01 | % | 14,650 | 4.14 | % | 10,924 | 3.68 | % | 50,560 | 3.86 | % | 76,584 | 3.89 | % | |||||||||||||||||||||||||
Total securities held-to-maturity | $ | 450 | 4.01 | % | $ | 16,910 | 3.69 | % | $ | 24,031 | 2.43 | % | $ | 784,624 | 2.02 | % | $ | 826,015 | 2.07 | % |
As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Within One Year | After One but Within Five Years | After Five but Within Ten Years | After Ten Years | Total | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||||||||||||||||||
U.S. Treasury notes | $ | 4,964 | 2.37 | % | $ | - | 0.00 | % | $ | - | 0.00 | % | $ | - | 0.00 | % | $ | 4,964 | 2.37 | % | ||||||||||||||||||||
U.S. Government-sponsored securities | 3 | 2.17 | % | 53 | 2.29 | % | 380 | 4.52 | % | 3,991 | 4.52 | % | 4,427 | 4.29 | % | |||||||||||||||||||||||||
Mortgage-backed securities(1) | 13 | 2.82 | % | 16,460 | 2.31 | % | 15,156 | 2.41 | % | 100,899 | 1.82 | % | 132,528 | 1.95 | % | |||||||||||||||||||||||||
Collateralized mortgage obligations(1) | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 1,054 | 2.35 | % | 1,054 | 2.35 | % | |||||||||||||||||||||||||
Corporate securities | - | 0.00 | % | 9,581 | 3.13 | % | - | 0.00 | % | - | 0.00 | % | 9,581 | 3.13 | % | |||||||||||||||||||||||||
Other | 310 | 4.60 | % | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 310 | 4.60 | % | |||||||||||||||||||||||||
Total securities available-for-sale | $ | 5,290 | 2.50 | % | $ | 26,094 | 2.61 | % | $ | 15,536 | 2.46 | % | $ | 105,944 | 1.93 | % | $ | 152,864 | 2.11 | % |
As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Within One Year | After One but Within Five Years | After Five but Within Ten Years | After Ten Years | Total | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||||||||||||||||||
Securities held-to-maturity | ||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities(1) | $ | - | 0.00 | % | $ | - | 0.00 | % | $ | 18,197 | 1.22 | % | $ | 684,661 | 1.90 | % | $ | 702,858 | 1.88 | % | ||||||||||||||||||||
Collateralized mortgage obligations(1) | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 80,186 | 1.80 | % | 80,186 | 1.80 | % | |||||||||||||||||||||||||
Municipal securities | 883 | 5.92 | % | 8,058 | 3.98 | % | 15,670 | 3.70 | % | 37,691 | 4.83 | % | 62,302 | 4.45 | % | |||||||||||||||||||||||||
Total securities held-to-maturity | $ | 883 | 5.92 | % | $ | 8,058 | 3.98 | % | $ | 33,867 | 2.37 | % | $ | 802,538 | 2.03 | % | $ | 845,346 | 2.07 | % |
September 30, 2023 | December 31, 2022 | |||||||||||||||
(Dollars in thousands) | Dollars | Percent of Total | Dollars | Percent of Total | ||||||||||||
Gross loans and leases | ||||||||||||||||
Real estate: | ||||||||||||||||
Commercial | $ | 1,297,380 | 36.36 | % | $ | 1,328,691 | 37.73 | % | ||||||||
Agricultural | 753,353 | 21.12 | % | 726,938 | 20.64 | % | ||||||||||
Residential and home equity | 398,990 | 11.18 | % | 387,753 | 11.01 | % | ||||||||||
Construction | 192,745 | 5.40 | % | 166,538 | 4.73 | % | ||||||||||
Total real estate | 2,642,468 | 74.06 | % | 2,609,920 | 74.11 | % | ||||||||||
Commercial & industrial | 489,772 | 13.73 | % | 478,758 | 13.59 | % | ||||||||||
Agricultural | 301,951 | 8.46 | % | 314,525 | 8.93 | % | ||||||||||
Commercial leases | 128,063 | 3.59 | % | 112,629 | 3.20 | % | ||||||||||
Consumer and other | 5,553 | 0.16 | % | 5,886 | 0.17 | % | ||||||||||
Total gross loans and leases | $ | 3,567,807 | 100.00 | % | $ | 3,521,718 | 100.00 | % |
Loan Contractual Maturity | ||||||||||||||||||||
(Dollars in thousands) | One Year or Less | After One But Within Five Years | After Five Years But Within Fifteen Years | After Fifteen Years | Total | |||||||||||||||
Gross loan and leases: | ||||||||||||||||||||
Real estate: | ||||||||||||||||||||
Commercial | $ | 25,332 | $ | 400,168 | $ | 837,301 | $ | 34,579 | $ | 1,297,380 | ||||||||||
Agricultural | 19,394 | 193,583 | 465,169 | 75,207 | 753,353 | |||||||||||||||
Residential and home equity | 124 | 4,316 | 114,246 | 280,304 | 398,990 | |||||||||||||||
Construction | 114,543 | 78,202 | - | - | 192,745 | |||||||||||||||
Total real estate | 159,393 | 676,269 | 1,416,716 | 390,090 | 2,642,468 | |||||||||||||||
Commercial & industrial | 177,231 | 215,299 | 91,261 | 5,981 | 489,772 | |||||||||||||||
Agricultural | 154,486 | 126,216 | 19,561 | 1,688 | 301,951 | |||||||||||||||
Commercial leases | 2,574 | 48,447 | 77,042 | - | 128,063 | |||||||||||||||
Consumer and other | 730 | 3,573 | 1,250 | - | 5,553 | |||||||||||||||
Total gross loans and leases | $ | 494,414 | $ | 1,069,804 | $ | 1,605,830 | $ | 397,759 | $ | 3,567,807 | ||||||||||
Rate structure for loans and leases | ||||||||||||||||||||
Fixed Rate | $ | 85,475 | $ | 617,148 | $ | 1,152,734 | $ | 228,707 | $ | 2,084,064 | ||||||||||
Adjustable Rate | 408,939 | 452,656 | 453,096 | 169,052 | 1,483,743 | |||||||||||||||
Total gross loans and leases | $ | 494,414 | $ | 1,069,804 | $ | 1,605,830 | $ | 397,759 | $ | 3,567,807 |
(Dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||
Non-performing assets: | ||||||||
Non-accrual loans and leases | ||||||||
Real estate: | ||||||||
Commercial | $ | 363 | $ | 403 | ||||
Agricultural | 4,094 | - | ||||||
Residential and home equity | - | - | ||||||
Construction | - | 168 | ||||||
Total real estate | 4,457 | 571 | ||||||
Commercial & industrial | 39 | - | ||||||
Agricultural | - | - | ||||||
Commercial leases | - | - | ||||||
Consumer and other | - | - | ||||||
Total non-performing loans and leases | $ | 4,496 | $ | 571 | ||||
Other real estate owned (“OREO”) | $ | 873 | $ | 873 | ||||
Total non-performing assets | $ | 5,369 | $ | 1,444 | ||||
Selected ratios: | ||||||||
Non-performing loans to total loans and leases | 0.13 | % | 0.02 | % | ||||
Non-performing assets to total assets | 0.10 | % | 0.03 | % |
Nine Months Ended September 30, | ||||||||
(Dollars in thousands) | 2023 | 2022 | ||||||
Allowance for credit losses: | ||||||||
Balance at beginning of year | $ | 66,885 | $ | 61,007 | ||||
Provision for credit losses | 7,000 | 2,606 | ||||||
Charge-offs: | ||||||||
Real estate: | ||||||||
Commercial | - | - | ||||||
Agricultural | - | - | ||||||
Residential and home equity | (14 | ) | - | |||||
Construction | - | - | ||||||
Total real estate | (14 | ) | - | |||||
Commercial & industrial | - | (324 | ) | |||||
Agricultural | - | - | ||||||
Commercial leases | - | - | ||||||
Consumer and other | (33 | ) | (38 | ) | ||||
Total charge-offs | (47 | ) | (362 | ) | ||||
Recoveries: | ||||||||
Real estate: | ||||||||
Commercial | 170 | - | ||||||
Agricultural | - | - | ||||||
Residential and home equity | 42 | 125 | ||||||
Construction | - | - | ||||||
Total real estate | 212 | 125 | ||||||
Commercial & industrial | 57 | 176 | ||||||
Agricultural | 27 | 51 | ||||||
Commercial leases | - | - | ||||||
Consumer and other | 25 | 14 | ||||||
Total recoveries | 321 | 366 | ||||||
Net recoveries / (charge-offs) | 274 | 4 | ||||||
Balance at end of year | $ | 74,159 | $ | 63,617 | ||||
Selected financial information: | ||||||||
Net loans and leases held-for-investment | $ | 3,557,203 | $ | 3,323,862 | ||||
Average loans and leases | 3,471,571 | 3,242,195 | ||||||
Non-performing loans and leases | 4,496 | 411 | ||||||
Allowance for credit losses to non-performing loans and leases | 1649.44 | % | 15478.59 | % | ||||
Net (recoveries)/charge-offs to average loans and leases | (0.01 | %) | 0.00 | % | ||||
Provision for credit losses to average loans and leases | 0.20 | % | 0.08 | % | ||||
Allowance for credit losses to gross loans and leases held-for-investment | 2.08 | % | 1.91 | % |
September 30, 2023 | December 31, 2022 | |||||||||||||||
(Dollars in thousands) | Dollars | Percent of Each Loan Type to Total Loans | Dollars | Percent of Each Loan Type to Total Loans | ||||||||||||
Allowance for credit losses: | ||||||||||||||||
Real estate: | ||||||||||||||||
Commercial | $ | 26,724 | 36.36 | % | $ | 18,055 | 37.73 | % | ||||||||
Agricultural | 7,241 | 21.12 | % | 14,496 | 20.64 | % | ||||||||||
Residential and home equity | 7,458 | 11.18 | % | 7,508 | 11.01 | % | ||||||||||
Construction | 3,612 | 5.40 | % | 3,026 | 4.73 | % | ||||||||||
Total real estate | 45,035 | 74.06 | % | 43,085 | 74.11 | % | ||||||||||
Commercial & industrial | 17,903 | 13.73 | % | 11,503 | 13.59 | % | ||||||||||
Agricultural | 9,082 | 8.46 | % | 10,202 | 8.93 | % | ||||||||||
Commercial leases | 1,967 | 3.59 | % | 1,924 | 3.20 | % | ||||||||||
Consumer and other | 172 | 0.16 | % | 171 | 0.17 | % | ||||||||||
Total allowance for credit losses | $ | 74,159 | 100.00 | % | $ | 66,885 | 100.00 | % |
Nine Months Ended September 30, | ||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest Expense | Average Rate | Average Balance | Interest Expense | Average Rate | ||||||||||||||||||
Total deposits: | ||||||||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||||||||
Demand | $ | 994,113 | $ | 1,629 | 0.22 | % | $ | 1,111,513 | $ | 1,023 | 0.12 | % | ||||||||||||
Savings and money market | 1,626,444 | 14,575 | 1.20 | % | 1,550,334 | 1,179 | 0.10 | % | ||||||||||||||||
Certificates of deposit greater than $250,000 | 220,973 | 4,637 | 2.81 | % | 163,148 | 299 | 0.25 | % | ||||||||||||||||
Certificates of deposit less than $250,000 | 257,158 | 3,315 | 1.72 | % | 218,302 | 297 | 0.18 | % | ||||||||||||||||
Total interest bearing deposits | 3,098,688 | 24,156 | 1.04 | % | 3,043,297 | 2,798 | 0.12 | % | ||||||||||||||||
Non-interest bearing deposits | 1,547,327 | 1,740,859 | ||||||||||||||||||||||
Total deposits | $ | 4,646,015 | $ | 24,156 | 0.70 | % | $ | 4,784,156 | $ | 2,798 | 0.08 | % |
September 30, 2023 | ||||||||||||||||||||||||
Actual | Required for Capital Adequacy Purposes | Minimum to be Categorized as “Well Capitalized” Under Prompt Corrective Action Regulation | ||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
Farmers & Merchants Bancorp | ||||||||||||||||||||||||
CET1 capital to risk-weighted assets | $ | 537,981 | 12.48 | % | $ | 193,910 | 4.50 | % | N/A | N/A | ||||||||||||||
Tier 1 capital to risk-weighted assets | 547,981 | 12.72 | % | 258,546 | 6.00 | % | N/A | N/A | ||||||||||||||||
Risk-based capital to risk-weighted assets | 602,126 | 13.97 | % | 344,728 | 8.00 | % | N/A | N/A | ||||||||||||||||
Tier 1 leverage capital ratio | 547,981 | 10.22 | % | 214,463 | 4.00 | % | N/A | N/A | ||||||||||||||||
Farmers & Merchants Bank | ||||||||||||||||||||||||
CET1 capital to risk-weighted assets | $ | 548,020 | 12.72 | % | $ | 193,906 | 4.50 | % | $ | 280,087 | 6.50 | % | ||||||||||||
Tier 1 capital to risk-weighted assets | 548,020 | 12.72 | % | 258,542 | 6.00 | % | 344,723 | 8.00 | % | |||||||||||||||
Risk-based capital to risk-weighted assets | 602,165 | 13.97 | % | 344,723 | 8.00 | % | 430,903 | 10.00 | % | |||||||||||||||
Tier 1 leverage capital ratio | 548,020 | 10.22 | % | 214,390 | 4.00 | % | 267,987 | 5.00 | % |
December 31, 2022 | ||||||||||||||||||||||||
Actual | Required for Capital Adequacy Purposes | Minimum to be Categorized as “Well Capitalized” Under Prompt Corrective Action Regulation | ||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
Farmers & Merchants Bancorp | ||||||||||||||||||||||||
CET1 capital to risk-weighted assets | $ | 493,438 | 11.57 | % | $ | 191,984 | 4.50 | % | N/A | N/A | ||||||||||||||
Tier 1 capital to risk-weighted assets | 503,438 | 11.80 | % | 255,978 | 6.00 | % | N/A | N/A | ||||||||||||||||
Risk-based capital to risk-weighted assets | 556,964 | 13.06 | % | 341,305 | 8.00 | % | N/A | N/A | ||||||||||||||||
Tier 1 leverage capital ratio | 503,438 | 9.36 | % | 215,201 | 4.00 | % | N/A | N/A | ||||||||||||||||
Farmers & Merchants Bank | ||||||||||||||||||||||||
CET1 capital to risk-weighted assets | $ | 502,838 | 11.79 | % | $ | 191,970 | 4.50 | % | $ | 277,290 | 6.50 | % | ||||||||||||
Tier 1 capital to risk-weighted assets | 502,838 | 11.79 | % | 255,960 | 6.00 | % | 341,280 | 8.00 | % | |||||||||||||||
Risk-based capital to risk-weighted assets | 556,361 | 13.04 | % | 341,280 | 8.00 | % | 426,600 | 10.00 | % | |||||||||||||||
Tier 1 leverage capital ratio | 502,838 | 9.35 | % | 215,018 | 4.00 | % | 268,772 | 5.00 | % |
Amount of Commitment Expiration per Period | ||||||||||||||||||||
(Dollars in thousands) | Total Committed Amount | Less than One Year | One to Three Years | Three to Five Years | After Five Years | |||||||||||||||
Off-balance sheet commitments | ||||||||||||||||||||
Commitments to extend credit | $ | 1,156,479 | $ | 541,321 | $ | 376,208 | $ | 45,504 | $ | 193,446 | ||||||||||
Standby letters of credit | 16,802 | 13,782 | 1,950 | 1,070 | - | |||||||||||||||
Total off-balance sheet commitments | $ | 1,173,281 | $ | 555,103 | $ | 378,158 | $ | 46,574 | $ | 193,446 |
September 30, 2023 | ||||||||||||||||||||
(Dollars in thousands) | Total Credit Line Limit | Current Credit Line Available | Outstanding Amount | Remaining Credit Line Available | Value of Collateral Pledged | |||||||||||||||
Additional liquidity sources: | ||||||||||||||||||||
Federal Reserve BIC | $ | 1,165,853 | $ | 1,165,853 | $ | - | $ | 1,165,853 | $ | 1,526,304 | ||||||||||
Federal Home Loan Bank | 796,666 | 796,666 | - | 796,666 | 1,272,566 | |||||||||||||||
FRB Bank Term Funding Program | 147,655 | 147,655 | - | 147,655 | 147,655 | |||||||||||||||
US Bank Fed Funds | 50,000 | 50,000 | - | 50,000 | - | |||||||||||||||
PCBB Fed Funds | 50,000 | 50,000 | - | 50,000 | - | |||||||||||||||
FHLB Fed Funds | 18,000 | 18,000 | - | 18,000 | - | |||||||||||||||
Total additional liquidity sources | $ | 2,228,174 | $ | 2,228,174 | $ | - | $ | 2,228,174 | $ | 2,946,525 |
Estimated Change in Net Interest Income (NII) (as a % of NII) | Estimated Change in Economic Value of Equity (EVE) (as a % of EVE) | |||||||
September 30, 2023 | ||||||||
+300 bps | 3.6 | % | (10.7 | %) | ||||
+200 bps | 2.1 | % | (7.5 | %) | ||||
+100 bps | 1.2 | % | (3.0 | %) | ||||
0 bps | - | - | ||||||
-100 bps | (3.1 | %) | 0.5 | % | ||||
-200 bps | (6.5 | %) | (1.5 | %) | ||||
-300 bps | (10.1 | %) | (5.8 | %) |
Period | Total number of shares purchased | Average price paid per share(2) | Total number of shares purchased as part of publicly announced plans or programs | Maximum number (or approximate dollar value) of shares that may yet purchased under the plans or programs (In thousands) (1) | ||||||||||||
Total 1st Quarter 2023 | 5,406 | $ | 1,024.02 | 5,406 | $ | 13,682 | ||||||||||
Total 2nd Quarter 2023 | 8,408 | 983.49 | 8,408 | 5,413 | ||||||||||||
July 1, 2023 to July 31, 2023 | 87 | $ | 975.86 | 87 | $ | 5,328 | ||||||||||
August 1, 2023 to August 31, 2023 | 903 | 963.94 | 903 | 4,457 | ||||||||||||
September 1, 2023 to September 30, 2023 | 1,520 | 967.60 | 1,520 | 2,987 | ||||||||||||
Total 3rd Quarter 2023 | 2,510 | $ | 966.57 | 2,510 | $ | 2,987 | ||||||||||
Total 2023 | 16,324 | $ | 994.31 | 16,324 | $ | 2,987 |
(a) | The following documents are filed as a part of this Quarterly Report on Form 10-Q: |
(1) | Financial Statements and |
(2) | Financial Statement schedules required to be filed by Item 1 of this Quarterly Report on Form 10-Q. |
(3) | The following exhibits are required by Item 601 of Regulation S-K and are included as part of this Quarterly Report on Form 10-Q: |
Exhibit Number | Description |
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* | |
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* | |
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* | |
101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). |
101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
FARMERS & MERCHANTS BANCORP | |
Date: November 3, 2023 | /s/ Kent A. Steinwert |
Kent A. Steinwert | |
Director, Chairman, President and Chief Executive Officer | |
(Principal Executive Officer) |
Date: November 3, 2023 | /s/ Bart R. Olson |
Bart R. Olson | |
Executive Vice President and Chief Financial Officer | |
(Principal Financial Officer) |