Wisconsin | 47-0871001 | |||||||||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||||||||
111 North Washington Street | ||||||||||||||
Green Bay, | Wisconsin | 54301 | ||||||||||||
(Address of Principal Executive Offices) | (Zip Code) | |||||||||||||
(920) | 430-1400 | |||||||||||||
(Registrant’s Telephone Number, Including Area Code) | ||||||||||||||
N/A (Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $0.01 per share | NIC | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
PAGE | |||||||||||
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Audited) | (Unaudited) | (Audited) | |||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 93,462 | $ | 121,211 | Cash and due from banks | $ | 122,021 | $ | 121,211 | ||||||||||||
Interest-earning deposits | Interest-earning deposits | 20,718 | 33,512 | Interest-earning deposits | 383,185 | 33,512 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 114,180 | 154,723 | Cash and cash equivalents | 505,206 | 154,723 | ||||||||||||||||
Certificates of deposit in other banks | Certificates of deposit in other banks | 11,293 | 12,518 | Certificates of deposit in other banks | 9,808 | 12,518 | ||||||||||||||||
Securities available for sale (“AFS”), at fair value | Securities available for sale (“AFS”), at fair value | 1,023,176 | 917,618 | Securities available for sale (“AFS”), at fair value | 921,108 | 917,618 | ||||||||||||||||
Securities held to maturity (“HTM”), at amortized cost | Securities held to maturity (“HTM”), at amortized cost | — | 679,128 | Securities held to maturity (“HTM”), at amortized cost | — | 679,128 | ||||||||||||||||
Other investments | Other investments | 57,482 | 65,286 | Other investments | 57,578 | 65,286 | ||||||||||||||||
Loans held for sale | Loans held for sale | 4,962 | 1,482 | Loans held for sale | 3,849 | 1,482 | ||||||||||||||||
Loans | Loans | 6,223,732 | 6,180,499 | Loans | 6,222,776 | 6,180,499 | ||||||||||||||||
Allowance for credit losses - loans (“ACL-Loans”) | Allowance for credit losses - loans (“ACL-Loans”) | (62,412) | (61,829) | Allowance for credit losses - loans (“ACL-Loans”) | (62,811) | (61,829) | ||||||||||||||||
Loans, net | Loans, net | 6,161,320 | 6,118,670 | Loans, net | 6,159,965 | 6,118,670 | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 112,569 | 108,956 | Premises and equipment, net | 117,278 | 108,956 | ||||||||||||||||
Bank owned life insurance (“BOLI”) | Bank owned life insurance (“BOLI”) | 166,107 | 165,137 | Bank owned life insurance (“BOLI”) | 167,192 | 165,137 | ||||||||||||||||
Goodwill and other intangibles, net | Goodwill and other intangibles, net | 400,277 | 402,438 | Goodwill and other intangibles, net | 398,194 | 402,438 | ||||||||||||||||
Accrued interest receivable and other assets | Accrued interest receivable and other assets | 140,988 | 138,013 | Accrued interest receivable and other assets | 142,450 | 138,013 | ||||||||||||||||
Total assets | Total assets | $ | 8,192,354 | $ | 8,763,969 | Total assets | $ | 8,482,628 | $ | 8,763,969 | ||||||||||||
Liabilities and Stockholders’ Equity | Liabilities and Stockholders’ Equity | Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||
Noninterest-bearing demand deposits | Noninterest-bearing demand deposits | $ | 2,094,623 | $ | 2,361,816 | Noninterest-bearing demand deposits | $ | 2,059,939 | $ | 2,361,816 | ||||||||||||
Interest-bearing deposits | Interest-bearing deposits | 4,833,956 | 4,817,105 | Interest-bearing deposits | 5,138,665 | 4,817,105 | ||||||||||||||||
Total deposits | Total deposits | 6,928,579 | 7,178,921 | Total deposits | 7,198,604 | 7,178,921 | ||||||||||||||||
Short-term borrowings | Short-term borrowings | 50,000 | 317,000 | Short-term borrowings | 50,000 | 317,000 | ||||||||||||||||
Long-term borrowings | Long-term borrowings | 197,448 | 225,342 | Long-term borrowings | 197,577 | 225,342 | ||||||||||||||||
Accrued interest payable and other liabilities | Accrued interest payable and other liabilities | 54,535 | 70,177 | Accrued interest payable and other liabilities | 58,809 | 70,177 | ||||||||||||||||
Total liabilities | Total liabilities | 7,230,562 | 7,791,440 | Total liabilities | 7,504,990 | 7,791,440 | ||||||||||||||||
Stockholders’ Equity: | Stockholders’ Equity: | Stockholders’ Equity: | ||||||||||||||||||||
Common stock | Common stock | 147 | 147 | Common stock | 147 | 147 | ||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 623,746 | 621,988 | Additional paid-in capital | 624,897 | 621,988 | ||||||||||||||||
Retained earnings | Retained earnings | 398,966 | 407,864 | Retained earnings | 417,863 | 407,864 | ||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | (61,067) | (57,470) | Accumulated other comprehensive income (loss) | (65,269) | (57,470) | ||||||||||||||||
Total stockholders’ equity | Total stockholders’ equity | 961,792 | 972,529 | Total stockholders’ equity | 977,638 | 972,529 | ||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 8,192,354 | $ | 8,763,969 | Total liabilities and stockholders’ equity | $ | 8,482,628 | $ | 8,763,969 | ||||||||||||
Preferred shares authorized (no par value) | Preferred shares authorized (no par value) | 10,000,000 | 10,000,000 | Preferred shares authorized (no par value) | 10,000,000 | 10,000,000 | ||||||||||||||||
Preferred shares issued and outstanding | Preferred shares issued and outstanding | — | — | Preferred shares issued and outstanding | — | — | ||||||||||||||||
Common shares authorized (par value $0.01 per share) | Common shares authorized (par value $0.01 per share) | 30,000,000 | 30,000,000 | Common shares authorized (par value $0.01 per share) | 30,000,000 | 30,000,000 | ||||||||||||||||
Common shares outstanding | Common shares outstanding | 14,698,265 | 14,690,614 | Common shares outstanding | 14,717,938 | 14,690,614 | ||||||||||||||||
Common shares issued | Common shares issued | 14,771,255 | 14,764,104 | Common shares issued | 14,788,928 | 14,764,104 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Interest income: | Interest income: | Interest income: | ||||||||||||||||||||||||||||||||||||||||||||
Loans, including loan fees | Loans, including loan fees | $ | 79,142 | $ | 51,299 | Loans, including loan fees | $ | 84,091 | $ | 52,954 | $ | 163,233 | $ | 104,253 | ||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | 4,961 | 5,127 | Taxable | 4,133 | 5,135 | 9,094 | 10,262 | ||||||||||||||||||||||||||||||||||||||
Tax-exempt | Tax-exempt | 1,737 | 675 | Tax-exempt | 1,476 | 647 | 3,213 | 1,322 | ||||||||||||||||||||||||||||||||||||||
Other interest income | Other interest income | 1,536 | 817 | Other interest income | 2,357 | 790 | 3,893 | 1,607 | ||||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 87,376 | 57,918 | Total interest income | 92,057 | 59,526 | 179,433 | 117,444 | ||||||||||||||||||||||||||||||||||||||
Interest expense: | Interest expense: | Interest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 24,937 | 2,192 | Deposits | 29,340 | 2,410 | 54,277 | 4,602 | ||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 3,212 | — | Short-term borrowings | 1,108 | 28 | 4,320 | 28 | ||||||||||||||||||||||||||||||||||||||
Long-term borrowings | Long-term borrowings | 2,506 | 1,931 | Long-term borrowings | 2,570 | 2,004 | 5,076 | 3,935 | ||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 30,655 | 4,123 | Total interest expense | 33,018 | 4,442 | 63,673 | 8,565 | ||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 56,721 | 53,795 | Net interest income | 59,039 | 55,084 | 115,760 | 108,879 | ||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 3,090 | 300 | Provision for credit losses | 450 | 750 | 3,540 | 1,050 | ||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 53,631 | 53,495 | Net interest income after provision for credit losses | 58,589 | 54,334 | 112,220 | 107,829 | ||||||||||||||||||||||||||||||||||||||
Noninterest income: | Noninterest income: | Noninterest income: | ||||||||||||||||||||||||||||||||||||||||||||
Wealth management fee income | Wealth management fee income | 5,512 | 5,699 | Wealth management fee income | 5,870 | 4,992 | 11,382 | 10,691 | ||||||||||||||||||||||||||||||||||||||
Mortgage income, net | Mortgage income, net | 1,466 | 3,253 | Mortgage income, net | 1,822 | 2,205 | 3,288 | 5,458 | ||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 1,480 | 1,477 | Service charges on deposit accounts | 1,529 | 1,536 | 3,009 | 3,013 | ||||||||||||||||||||||||||||||||||||||
Card interchange income | Card interchange income | 3,033 | 2,581 | Card interchange income | 3,331 | 2,950 | 6,364 | 5,531 | ||||||||||||||||||||||||||||||||||||||
BOLI income | BOLI income | 1,200 | 933 | BOLI income | 1,073 | 768 | 2,273 | 1,701 | ||||||||||||||||||||||||||||||||||||||
Deferred compensation plan asset market valuations | Deferred compensation plan asset market valuations | 946 | (467) | Deferred compensation plan asset market valuations | 499 | (1,316) | 1,445 | (1,783) | ||||||||||||||||||||||||||||||||||||||
LSR income, net | LSR income, net | 1,155 | (382) | LSR income, net | 1,135 | (143) | 2,290 | (525) | ||||||||||||||||||||||||||||||||||||||
Asset gains (losses), net | Asset gains (losses), net | (38,468) | 1,313 | Asset gains (losses), net | (318) | 1,603 | (38,786) | 2,916 | ||||||||||||||||||||||||||||||||||||||
Other income | Other income | 1,832 | 1,536 | Other income | 1,900 | 1,536 | 3,732 | 3,072 | ||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | (21,844) | 15,943 | Total noninterest income | 16,841 | 14,131 | (5,003) | 30,074 | ||||||||||||||||||||||||||||||||||||||
Noninterest expense: | Noninterest expense: | Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Personnel | Personnel | 24,328 | 21,191 | Personnel | 23,900 | 19,681 | 48,228 | 40,872 | ||||||||||||||||||||||||||||||||||||||
Occupancy, equipment and office | Occupancy, equipment and office | 8,783 | 6,944 | Occupancy, equipment and office | 8,845 | 6,891 | 17,628 | 13,835 | ||||||||||||||||||||||||||||||||||||||
Business development and marketing | Business development and marketing | 2,121 | 1,831 | Business development and marketing | 1,946 | 2,057 | 4,067 | 3,888 | ||||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 3,988 | 3,387 | Data processing | 4,218 | 3,596 | 8,206 | 6,983 | ||||||||||||||||||||||||||||||||||||||
Intangibles amortization | Intangibles amortization | 2,161 | 1,424 | Intangibles amortization | 2,083 | 1,347 | 4,244 | 2,771 | ||||||||||||||||||||||||||||||||||||||
FDIC assessments | FDIC assessments | 540 | 480 | FDIC assessments | 1,009 | 480 | 1,549 | 960 | ||||||||||||||||||||||||||||||||||||||
Merger-related expense | Merger-related expense | 163 | 98 | Merger-related expense | 26 | 555 | 189 | 653 | ||||||||||||||||||||||||||||||||||||||
Other expense | Other expense | 2,791 | 2,195 | Other expense | 2,930 | 1,931 | 5,721 | 4,126 | ||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 44,875 | 37,550 | Total noninterest expense | 44,957 | 36,538 | 89,832 | 74,088 | ||||||||||||||||||||||||||||||||||||||
Income (loss) before income tax expense | (13,088) | 31,888 | ||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | (4,190) | 7,724 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (8,898) | $ | 24,164 | ||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) per common share: | ||||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 30,473 | 31,927 | 17,385 | 63,815 | |||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 7,878 | 7,942 | 3,688 | 15,666 | |||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 22,595 | $ | 23,985 | $ | 13,697 | $ | 48,149 | |||||||||||||||||||||||||||||||||||||
Earnings per common share: | Earnings per common share: | |||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | (0.61) | $ | 1.77 | Basic | $ | 1.54 | $ | 1.79 | $ | 0.93 | $ | 3.56 | ||||||||||||||||||||||||||||||||
Diluted | Diluted | $ | (0.61) | $ | 1.70 | Diluted | $ | 1.51 | $ | 1.73 | $ | 0.91 | $ | 3.43 | ||||||||||||||||||||||||||||||||
Weighted average common shares outstanding: | Weighted average common shares outstanding: | Weighted average common shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | 14,694,451 | 13,648,745 | Basic | 14,711,490 | 13,402,455 | 14,703,018 | 13,524,919 | ||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | 14,694,451 | 14,214,752 | Diluted | 14,959,778 | 13,852,179 | 15,011,418 | 14,035,086 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (8,898) | $ | 24,164 | ||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 22,595 | $ | 23,985 | $ | 13,697 | $ | 48,149 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | Other comprehensive income (loss), net of tax: | Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on securities AFS: | Unrealized gains (losses) on securities AFS: | Unrealized gains (losses) on securities AFS: | ||||||||||||||||||||||||||||||||||||||||||||
Net unrealized holding gains (losses) | Net unrealized holding gains (losses) | 15,294 | (39,948) | Net unrealized holding gains (losses) | (5,893) | (23,520) | 9,401 | (63,468) | ||||||||||||||||||||||||||||||||||||||
Net realized (gains) losses included in income | Net realized (gains) losses included in income | 213 | (15) | Net realized (gains) losses included in income | 135 | — | 348 | (15) | ||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for securities transferred from held to maturity to available for sale | Reclassification adjustment for securities transferred from held to maturity to available for sale | (20,434) | — | Reclassification adjustment for securities transferred from held to maturity to available for sale | — | — | (20,434) | — | ||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | Income tax (expense) benefit | 1,330 | 10,790 | Income tax (expense) benefit | 1,556 | 6,350 | 2,886 | 17,140 | ||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | Total other comprehensive income (loss) | (3,597) | (29,173) | Total other comprehensive income (loss) | (4,202) | (17,170) | (7,799) | (46,343) | ||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | $ | (12,495) | $ | (5,009) | Comprehensive income (loss) | $ | 18,393 | $ | 6,815 | $ | 5,898 | $ | 1,806 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2022 | $ | 147 | $ | 621,988 | $ | 407,864 | $ | (57,470) | $ | 972,529 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2023 | Balances at March 31, 2023 | $ | 147 | $ | 623,746 | $ | 398,966 | $ | (61,067) | $ | 961,792 | |||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss), three months ended March 31, 2023 | — | — | (8,898) | — | (8,898) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income, three months ended June 30, 2023 | Net income, three months ended June 30, 2023 | — | — | 22,595 | — | 22,595 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | (3,597) | (3,597) | Other comprehensive income (loss) | — | — | — | (4,202) | (4,202) | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | 1,424 | — | — | 1,424 | Stock-based compensation expense | — | 2,006 | — | — | 2,006 | ||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock, $0.25 per share | Cash dividends on common stock, $0.25 per share | — | — | (3,698) | — | (3,698) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net | Exercise of stock options, net | — | 148 | — | — | 148 | Exercise of stock options, net | 1 | 451 | — | — | 452 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | — | 186 | — | — | 186 | Issuance of common stock | — | 214 | — | — | 214 | ||||||||||||||||||||||||||||||||||||||||||||||
Purchase and retirement of common stock | Purchase and retirement of common stock | (1) | (1,520) | — | — | (1,521) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2023 | $ | 147 | $ | 623,746 | $ | 398,966 | $ | (61,067) | $ | 961,792 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2021 | $ | 140 | $ | 575,045 | $ | 313,604 | $ | 3,102 | $ | 891,891 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2023 | Balances at June 30, 2023 | $ | 147 | $ | 624,897 | $ | 417,863 | $ | (65,269) | $ | 977,638 | |||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2022 | Balances at March 31, 2022 | $ | 135 | $ | 524,478 | $ | 337,768 | $ | (26,071) | $ | 836,310 | |||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income, three months ended March 31, 2022 | — | — | 24,164 | — | 24,164 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income, three months ended June 30, 2022 | Net income, three months ended June 30, 2022 | — | — | 23,985 | — | 23,985 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | (29,173) | (29,173) | Other comprehensive income (loss) | — | — | — | (17,170) | (17,170) | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | 1,799 | — | — | 1,799 | Stock-based compensation expense | — | 2,154 | — | — | 2,154 | ||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net | Exercise of stock options, net | 1 | 1,886 | — | — | 1,887 | Exercise of stock options, net | — | 190 | — | — | 190 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | — | 175 | — | — | 175 | Issuance of common stock | — | 197 | — | — | 197 | ||||||||||||||||||||||||||||||||||||||||||||||
Purchase and retirement of common stock | Purchase and retirement of common stock | (6) | (54,427) | — | — | (54,433) | Purchase and retirement of common stock | (1) | (6,278) | — | — | (6,279) | ||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2022 | $ | 135 | $ | 524,478 | $ | 337,768 | $ | (26,071) | $ | 836,310 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | Balances at June 30, 2022 | $ | 134 | $ | 520,741 | $ | 361,753 | $ | (43,241) | $ | 839,387 | |||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2022 | Balances at December 31, 2022 | $ | 147 | $ | 621,988 | $ | 407,864 | $ | (57,470) | $ | 972,529 | |||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income, six months ended June 30, 2023 | Net income, six months ended June 30, 2023 | — | — | 13,697 | — | 13,697 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | (7,799) | (7,799) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | 3,430 | — | — | 3,430 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock, $0.25 per share | Cash dividends on common stock, $0.25 per share | — | — | (3,698) | — | (3,698) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net | Exercise of stock options, net | 1 | 599 | — | — | 600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | — | 400 | — | — | 400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase and retirement of common stock | Purchase and retirement of common stock | (1) | (1,520) | — | — | (1,521) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2023 | Balances at June 30, 2023 | $ | 147 | $ | 624,897 | $ | 417,863 | $ | (65,269) | $ | 977,638 | |||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2021 | Balances at December 31, 2021 | $ | 140 | $ | 575,045 | $ | 313,604 | $ | 3,102 | $ | 891,891 | |||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income, six months ended June 30, 2022 | Net income, six months ended June 30, 2022 | — | — | 48,149 | — | 48,149 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | (46,343) | (46,343) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | 3,953 | — | — | 3,953 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net | Exercise of stock options, net | 1 | 2,076 | — | — | 2,077 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | — | 372 | — | — | 372 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase and retirement of common stock | Purchase and retirement of common stock | (7) | (60,705) | — | — | (60,712) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | Balances at June 30, 2022 | $ | 134 | $ | 520,741 | $ | 361,753 | $ | (43,241) | $ | 839,387 |
(In thousands) | (In thousands) | Three Months Ended March 31, | (In thousands) | Six Months Ended June 30, | ||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Cash Flows From Operating Activities: | Cash Flows From Operating Activities: | Cash Flows From Operating Activities: | ||||||||||||||||||||
Net income (loss) | $ | (8,898) | $ | 24,164 | ||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||||||||
Net income | Net income | $ | 13,697 | $ | 48,149 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||||||||
Depreciation, amortization, and accretion | Depreciation, amortization, and accretion | 4,197 | 6,769 | Depreciation, amortization, and accretion | 9,274 | 11,804 | ||||||||||||||||
Provision for credit losses | Provision for credit losses | 3,090 | 300 | Provision for credit losses | 3,540 | 1,050 | ||||||||||||||||
Increase in cash surrender value of life insurance | Increase in cash surrender value of life insurance | (1,087) | (933) | Increase in cash surrender value of life insurance | (2,159) | (1,701) | ||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 1,424 | 1,799 | Stock-based compensation expense | 3,430 | 3,953 | ||||||||||||||||
Asset (gains) losses, net | Asset (gains) losses, net | 38,468 | (1,313) | Asset (gains) losses, net | 38,786 | (2,916) | ||||||||||||||||
Gain on sale of loans held for sale, net | Gain on sale of loans held for sale, net | (612) | (2,377) | Gain on sale of loans held for sale, net | (1,860) | (3,468) | ||||||||||||||||
Net change due to: | Net change due to: | Net change due to: | ||||||||||||||||||||
Proceeds from sale of loans held for sale | Proceeds from sale of loans held for sale | 17,789 | 86,478 | Proceeds from sale of loans held for sale | 64,117 | 150,037 | ||||||||||||||||
Origination of loans held for sale | Origination of loans held for sale | (20,861) | (88,304) | Origination of loans held for sale | (65,244) | (146,891) | ||||||||||||||||
Accrued interest receivable and other assets | Accrued interest receivable and other assets | (2,326) | 6,786 | Accrued interest receivable and other assets | (3,846) | 8,112 | ||||||||||||||||
Accrued interest payable and other liabilities | Accrued interest payable and other liabilities | (15,642) | (11,426) | Accrued interest payable and other liabilities | (11,368) | (18,787) | ||||||||||||||||
Net cash provided by (used in) operating activities | Net cash provided by (used in) operating activities | 15,542 | 21,943 | Net cash provided by (used in) operating activities | 48,367 | 49,342 | ||||||||||||||||
Cash Flows From Investing Activities: | Cash Flows From Investing Activities: | Cash Flows From Investing Activities: | ||||||||||||||||||||
Net (increase) decrease in loans | Net (increase) decrease in loans | (41,764) | (64,669) | Net (increase) decrease in loans | (39,223) | (359,145) | ||||||||||||||||
Net (increase) decrease in certificates of deposit in other banks | Net (increase) decrease in certificates of deposit in other banks | 1,225 | 2,228 | Net (increase) decrease in certificates of deposit in other banks | 2,710 | 6,427 | ||||||||||||||||
Purchases of securities AFS | Purchases of securities AFS | — | (5,017) | Purchases of securities AFS | — | (8,017) | ||||||||||||||||
Purchases of securities HTM | Purchases of securities HTM | — | (38,856) | Purchases of securities HTM | — | (56,479) | ||||||||||||||||
Proceeds from sales of securities AFS | Proceeds from sales of securities AFS | 22,565 | 3,400 | Proceeds from sales of securities AFS | 26,798 | 3,400 | ||||||||||||||||
Proceeds from sales of securities HTM | Proceeds from sales of securities HTM | 460,051 | — | Proceeds from sales of securities HTM | 460,051 | — | ||||||||||||||||
Proceeds from calls and maturities of securities AFS | Proceeds from calls and maturities of securities AFS | 42,028 | 29,511 | Proceeds from calls and maturities of securities AFS | 133,027 | 47,052 | ||||||||||||||||
Proceeds from calls and maturities of securities HTM | Proceeds from calls and maturities of securities HTM | 2,916 | 5,430 | Proceeds from calls and maturities of securities HTM | 2,916 | 12,509 | ||||||||||||||||
Purchases of other investments | Purchases of other investments | (3,801) | (10,953) | Purchases of other investments | (12,022) | (11,303) | ||||||||||||||||
Proceeds from sales of other investments | Proceeds from sales of other investments | 11,108 | 775 | Proceeds from sales of other investments | 18,883 | 1,734 | ||||||||||||||||
Proceeds from redemption of BOLI | Proceeds from redemption of BOLI | 117 | 117 | Proceeds from redemption of BOLI | 117 | 117 | ||||||||||||||||
Net (increase) decrease in premises and equipment | Net (increase) decrease in premises and equipment | (5,646) | (1,953) | Net (increase) decrease in premises and equipment | (12,565) | (6,173) | ||||||||||||||||
Net (increase) decrease in other real estate and other assets | Net (increase) decrease in other real estate and other assets | — | 3,075 | Net (increase) decrease in other real estate and other assets | 794 | 9,836 | ||||||||||||||||
Net cash (paid) received in branch sale | Net cash (paid) received in branch sale | — | 147,833 | Net cash (paid) received in branch sale | — | 147,833 | ||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | 488,799 | 70,921 | Net cash provided by (used in) investing activities | 581,486 | (212,209) | ||||||||||||||||
Cash Flows From Financing Activities: | Cash Flows From Financing Activities: | Cash Flows From Financing Activities: | ||||||||||||||||||||
Net increase (decrease) in deposits | Net increase (decrease) in deposits | (250,218) | (229,862) | Net increase (decrease) in deposits | 19,849 | (173,145) | ||||||||||||||||
Net increase (decrease) in short-term borrowings | Net increase (decrease) in short-term borrowings | (267,000) | — | Net increase (decrease) in short-term borrowings | (267,000) | — | ||||||||||||||||
Repayments of long-term borrowings | Repayments of long-term borrowings | (28,000) | (10,000) | Repayments of long-term borrowings | (28,000) | (20,000) | ||||||||||||||||
Purchase and retirement of common stock | Purchase and retirement of common stock | — | (54,433) | Purchase and retirement of common stock | (1,521) | (60,712) | ||||||||||||||||
Cash dividends paid on common stock | Cash dividends paid on common stock | (3,698) | — | |||||||||||||||||||
Proceeds from issuance of common stock | Proceeds from issuance of common stock | 186 | 175 | Proceeds from issuance of common stock | 400 | 372 | ||||||||||||||||
Proceeds from exercise of stock options | Proceeds from exercise of stock options | 148 | 1,887 | Proceeds from exercise of stock options | 600 | 2,077 | ||||||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | (544,884) | (292,233) | Net cash provided by (used in) financing activities | (279,370) | (251,408) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | Net increase (decrease) in cash and cash equivalents | (40,543) | (199,369) | Net increase (decrease) in cash and cash equivalents | 350,483 | (414,275) | ||||||||||||||||
Cash and cash equivalents: | Cash and cash equivalents: | Cash and cash equivalents: | ||||||||||||||||||||
Beginning | Beginning | 154,723 | 595,292 | Beginning | 154,723 | 595,292 | ||||||||||||||||
Ending * | Ending * | $ | 114,180 | $ | 395,923 | Ending * | $ | 505,206 | $ | 181,017 | ||||||||||||
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 | $ | 30,825 | $ | 5,170 | Cash paid for interest | $ | 61,769 | $ | 11,367 | ||||||||||||
Cash paid for taxes | Cash paid for taxes | — | — | Cash paid for taxes | 12,400 | 19,610 | ||||||||||||||||
Transfer of securities from HTM to AFS | Transfer of securities from HTM to AFS | 177,727 | — | Transfer of securities from HTM to AFS | 177,727 | — | ||||||||||||||||
Transfer of loans and bank premises to other real estate owned | Transfer of loans and bank premises to other real estate owned | — | 432 | Transfer of loans and bank premises to other real estate owned | — | 432 | ||||||||||||||||
Capitalized mortgage servicing rights | Capitalized mortgage servicing rights | 204 | 886 | Capitalized mortgage servicing rights | 620 | 1,685 |
(In millions, except share data) | (In millions, except share data) | Acquired from Charter | Fair Value Adjustments | Estimated Fair Value | (In millions, except share data) | Acquired from Charter | Fair Value Adjustments | Estimated Fair Value | ||||||||||||||
Assets Acquired: | Assets Acquired: | Assets Acquired: | ||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 10 | $ | — | $ | 10 | Cash and cash equivalents | $ | 10 | $ | — | $ | 10 | ||||||||
Investment securities | Investment securities | 218 | — | 218 | Investment securities | 218 | — | 218 | ||||||||||||||
Loans | Loans | 848 | (21) | 827 | Loans | 848 | (21) | 827 | ||||||||||||||
ACL-Loans | ACL-Loans | (9) | 7 | (2) | ACL-Loans | (9) | 7 | (2) | ||||||||||||||
Premises and equipment | Premises and equipment | 9 | 1 | 10 | Premises and equipment | 9 | 1 | 10 | ||||||||||||||
BOLI | BOLI | 29 | — | 29 | BOLI | 29 | — | 29 | ||||||||||||||
Core deposit intangible | Core deposit intangible | — | 19 | 19 | Core deposit intangible | — | 19 | 19 | ||||||||||||||
Other assets | Other assets | 5 | 5 | 10 | Other assets | 5 | 5 | 10 | ||||||||||||||
Total assets | Total assets | $ | 1,110 | $ | 11 | $ | 1,121 | Total assets | $ | 1,110 | $ | 11 | $ | 1,121 | ||||||||
Liabilities Assumed: | Liabilities Assumed: | Liabilities Assumed: | ||||||||||||||||||||
Deposits | Deposits | $ | 869 | $ | 1 | $ | 870 | Deposits | $ | 869 | $ | 1 | $ | 870 | ||||||||
Borrowings | Borrowings | 161 | — | 161 | Borrowings | 161 | — | 161 | ||||||||||||||
Other liabilities | Other liabilities | 3 | — | 3 | Other liabilities | 3 | — | 3 | ||||||||||||||
Total liabilities | Total liabilities | $ | 1,033 | $ | 1 | $ | 1,034 | Total liabilities | $ | 1,033 | $ | 1 | $ | 1,034 | ||||||||
Net assets acquired | Net assets acquired | $ | 87 | Net assets acquired | $ | 87 | ||||||||||||||||
Purchase Price: | Purchase Price: | Purchase Price: | ||||||||||||||||||||
Nicolet common stock issued (in shares) | Nicolet common stock issued (in shares) | 1,262,360 | Nicolet common stock issued (in shares) | 1,262,360 | ||||||||||||||||||
Value of Nicolet common stock consideration | Value of Nicolet common stock consideration | $ | 98 | Value of Nicolet common stock consideration | $ | 98 | ||||||||||||||||
Cash consideration paid | Cash consideration paid | 39 | Cash consideration paid | 39 | ||||||||||||||||||
Total purchase price | Total purchase price | $ | 137 | Total purchase price | $ | 137 | ||||||||||||||||
Preliminary goodwill | $ | 50 | ||||||||||||||||||||
Goodwill | Goodwill | $ | 50 |
(In thousands) | August 26, 2022 | |||||||
Purchase price of PCD loans at acquisition | $ | 24,031 | ||||||
Allowance for credit losses on PCD loans at acquisition | 1,709 | |||||||
Par value of PCD acquired loans at acquisition | $ | 25,740 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | (In thousands, except per share data) | 2023 | 2022 | (In thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (8,898) | $ | 24,164 | ||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 22,595 | $ | 23,985 | $ | 13,697 | $ | 48,149 | |||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding | Weighted average common shares outstanding | 14,694 | 13,649 | Weighted average common shares outstanding | 14,711 | 13,402 | 14,703 | 13,525 | ||||||||||||||||||||||||||||||||||||||
Effect of dilutive common stock awards | Effect of dilutive common stock awards | — | 566 | Effect of dilutive common stock awards | 249 | 450 | 308 | 510 | ||||||||||||||||||||||||||||||||||||||
Diluted weighted average common shares outstanding | Diluted weighted average common shares outstanding | 14,694 | 14,215 | Diluted weighted average common shares outstanding | 14,960 | 13,852 | 15,011 | 14,035 | ||||||||||||||||||||||||||||||||||||||
Basic earnings (loss) per common share* | $ | (0.61) | $ | 1.77 | ||||||||||||||||||||||||||||||||||||||||||
Diluted earnings (loss) per common share* | $ | (0.61) | $ | 1.70 | ||||||||||||||||||||||||||||||||||||||||||
Basic earnings per common share* | Basic earnings per common share* | $ | 1.54 | $ | 1.79 | $ | 0.93 | $ | 3.56 | |||||||||||||||||||||||||||||||||||||
Diluted earnings per common share* | Diluted earnings per common share* | $ | 1.51 | $ | 1.73 | $ | 0.91 | $ | 3.43 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Dividend yield | 1.6 | % | — | % | |||||||
Expected volatility | 30 | % | 30 | % | |||||||
Risk-free interest rate | 3.74 | % | 1.77 | % | |||||||
Expected average life | 7 years | 7 years | |||||||||
Weighted average per share fair value of options | $ | 20.94 | $ | 32.99 |
Stock Options | Stock Options | Option Shares Outstanding | Weighted Average Exercise Price | Weighted Average Remaining Life (Years) | Aggregate Intrinsic Value (in thousands) | Stock Options | Option Shares Outstanding | Weighted Average Exercise Price | Weighted Average Remaining Life (Years) | Aggregate Intrinsic Value (in thousands) | ||||||||||||||||||||||||||||||||||||||||||
Outstanding - December 31, 2022 | Outstanding - December 31, 2022 | 1,853,064 | $ | 59.79 | Outstanding - December 31, 2022 | 1,853,064 | $ | 59.79 | ||||||||||||||||||||||||||||||||||||||||||||
Granted | Granted | — | — | Granted | 7,000 | 64.36 | ||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options * | Exercise of stock options * | (5,329) | 34.82 | Exercise of stock options * | (48,979) | 31.67 | ||||||||||||||||||||||||||||||||||||||||||||||
Outstanding - March 31, 2023 | 1,847,735 | $ | 59.86 | 5.7 | $ | 16,359 | ||||||||||||||||||||||||||||||||||||||||||||||
Exercisable - March 31, 2023 | 1,278,592 | $ | 52.22 | 4.6 | $ | 16,302 | ||||||||||||||||||||||||||||||||||||||||||||||
Forfeited | Forfeited | (13,000) | 78.32 | |||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding - June 30, 2023 | Outstanding - June 30, 2023 | 1,798,085 | $ | 60.44 | 5.5 | $ | 19,976 | |||||||||||||||||||||||||||||||||||||||||||||
Exercisable - June 30, 2023 | Exercisable - June 30, 2023 | 1,310,642 | $ | 54.41 | 4.6 | $ | 19,862 |
Restricted Stock | Restricted Stock | Weighted Average Grant Date Fair Value | Restricted Shares Outstanding | Restricted Stock | Weighted Average Grant Date Fair Value | Restricted Shares Outstanding | ||||||||||||||||||||||
Outstanding - December 31, 2022 | Outstanding - December 31, 2022 | $ | 76.49 | 73,490 | Outstanding - December 31, 2022 | $ | 76.49 | 73,490 | ||||||||||||||||||||
Granted | Granted | — | — | Granted | 55.65 | 11,674 | ||||||||||||||||||||||
Vested | Vested | 72.00 | (500) | Vested | 59.50 | (14,174) | ||||||||||||||||||||||
Outstanding - March 31, 2023 | $ | 76.52 | 72,990 | |||||||||||||||||||||||||
Outstanding - June 30, 2023 | Outstanding - June 30, 2023 | $ | 76.45 | 70,990 |
March 31, 2023 | |||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||
Securities AFS: | |||||||||||||||||||||||
U.S. Treasury securities | $ | 192,166 | $ | — | $ | 6,058 | $ | 186,108 | |||||||||||||||
U.S. government agency securities | 9,959 | 36 | 25 | 9,970 | |||||||||||||||||||
State, county and municipals | 428,643 | 692 | 31,887 | 397,448 | |||||||||||||||||||
Mortgage-backed securities | 350,712 | — | 39,091 | 311,621 | |||||||||||||||||||
Corporate debt securities | 125,349 | — | 7,320 | 118,029 | |||||||||||||||||||
Total securities AFS | $ | 1,106,829 | $ | 728 | $ | 84,381 | $ | 1,023,176 | |||||||||||||||
June 30, 2023 | |||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||
Securities AFS: | |||||||||||||||||||||||
U.S. Treasury securities | $ | 142,197 | $ | — | $ | 4,999 | $ | 137,198 | |||||||||||||||
U.S. government agency securities | 8,807 | 29 | 44 | 8,792 | |||||||||||||||||||
State, county and municipals | 401,293 | 263 | 32,718 | 368,838 | |||||||||||||||||||
Mortgage-backed securities | 342,945 | — | 41,161 | 301,784 | |||||||||||||||||||
Corporate debt securities | 115,277 | — | 10,781 | 104,496 | |||||||||||||||||||
Total securities AFS | $ | 1,010,519 | $ | 292 | $ | 89,703 | $ | 921,108 | |||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||
Securities AFS: | |||||||||||||||||||||||
U.S. Treasury securities | $ | 192,116 | $ | — | $ | 8,286 | $ | 183,830 | |||||||||||||||
U.S. government agency securities | 2,133 | — | 33 | 2,100 | |||||||||||||||||||
State, county and municipals | 433,733 | 123 | 35,668 | 398,188 | |||||||||||||||||||
Mortgage-backed securities | 227,650 | 10 | 26,728 | 200,932 | |||||||||||||||||||
Corporate debt securities | 140,712 | 3 | 8,147 | 132,568 | |||||||||||||||||||
Total securities AFS | $ | 996,344 | $ | 136 | $ | 78,862 | $ | 917,618 | |||||||||||||||
Securities HTM: | |||||||||||||||||||||||
U.S. Treasury securities | $ | 497,648 | $ | — | $ | 35,722 | $ | 461,926 | |||||||||||||||
U.S. government agency securities | 8,744 | 46 | — | 8,790 | |||||||||||||||||||
State, county and municipals | 34,874 | — | 3,349 | 31,525 | |||||||||||||||||||
Mortgage-backed securities | 137,862 | — | 16,751 | 121,111 | |||||||||||||||||||
Total securities HTM | $ | 679,128 | $ | 46 | $ | 55,822 | $ | 623,352 |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||||
(in thousands) | (in thousands) | 2023 | 2022 | (in thousands) | 2023 | 2022 | ||||||||||||||||
Securities AFS: | Securities AFS: | Securities AFS: | ||||||||||||||||||||
Gross gains | Gross gains | $ | 126 | $ | 20 | Gross gains | $ | 148 | $ | 20 | ||||||||||||
Gross losses | Gross losses | (339) | (5) | Gross losses | (496) | (5) | ||||||||||||||||
Gains (losses) on sales of securities AFS, net | Gains (losses) on sales of securities AFS, net | $ | (213) | $ | 15 | Gains (losses) on sales of securities AFS, net | $ | (348) | $ | 15 | ||||||||||||
Proceeds from sales of securities AFS | Proceeds from sales of securities AFS | $ | 22,565 | $ | 3,400 | Proceeds from sales of securities AFS | $ | 26,798 | $ | 3,400 | ||||||||||||
Securities HTM: | Securities HTM: | Securities HTM: | ||||||||||||||||||||
Gross gains | Gross gains | $ | — | $ | — | Gross gains | $ | — | $ | — | ||||||||||||
Gross losses | Gross losses | (37,723) | — | Gross losses | (37,723) | — | ||||||||||||||||
Gains (losses) on sales of securities HTM, net | Gains (losses) on sales of securities HTM, net | $ | (37,723) | $ | — | Gains (losses) on sales of securities HTM, net | $ | (37,723) | $ | — | ||||||||||||
Proceeds from sales of securities HTM | Proceeds from sales of securities HTM | $ | 460,051 | $ | — | Proceeds from sales of securities HTM | $ | 460,051 | $ | — |
March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Number of Securities | ($ in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Number of Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities AFS: | Securities AFS: | Securities AFS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 456 | $ | 8 | $ | 185,640 | $ | 6,050 | $ | 186,096 | $ | 6,058 | 9 | U.S. Treasury securities | $ | 453 | $ | 14 | $ | 136,733 | $ | 4,985 | $ | 137,186 | $ | 4,999 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agency securities | U.S. government agency securities | 2,718 | 20 | 107 | 5 | 2,825 | 25 | 9 | U.S. government agency securities | 1,771 | 38 | 106 | 6 | 1,877 | 44 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State, county and municipals | State, county and municipals | 79,617 | 1,826 | 247,397 | 30,061 | 327,014 | 31,887 | 608 | State, county and municipals | 89,871 | 2,286 | 244,861 | 30,432 | 334,732 | 32,718 | 661 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 35,724 | 2,158 | 275,897 | 36,933 | 311,621 | 39,091 | 464 | Mortgage-backed securities | 10,915 | 616 | 290,862 | 40,545 | 301,777 | 41,161 | 445 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 68,654 | 2,583 | 44,995 | 4,737 | 113,649 | 7,320 | 75 | Corporate debt securities | 33,133 | 1,231 | 66,984 | 9,550 | 100,117 | 10,781 | 70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 187,169 | $ | 6,595 | $ | 754,036 | $ | 77,786 | $ | 941,205 | $ | 84,381 | 1,165 | Total | $ | 136,143 | $ | 4,185 | $ | 739,546 | $ | 85,518 | $ | 875,689 | $ | 89,703 | 1,191 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||||||
($ in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Number of Securities | ||||||||||||||||||||||||||||||||||
Securities AFS: | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 448 | $ | 14 | $ | 183,382 | $ | 8,272 | $ | 183,830 | $ | 8,286 | 9 | ||||||||||||||||||||||||||||
U.S. government agency securities | 2,083 | 32 | 17 | 1 | 2,100 | 33 | 9 | ||||||||||||||||||||||||||||||||||
State, county and municipals | 277,546 | 18,041 | 86,569 | 17,627 | 364,115 | 35,668 | 812 | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 102,108 | 11,320 | 95,614 | 15,408 | 197,722 | 26,728 | 376 | ||||||||||||||||||||||||||||||||||
Corporate debt securities | 114,887 | 6,186 | 12,938 | 1,961 | 127,825 | 8,147 | 90 | ||||||||||||||||||||||||||||||||||
Total | $ | 497,072 | $ | 35,593 | $ | 378,520 | $ | 43,269 | $ | 875,592 | $ | 78,862 | 1,296 | ||||||||||||||||||||||||||||
Securities HTM: | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | — | $ | — | $ | 461,926 | $ | 35,722 | $ | 461,926 | $ | 35,722 | 6 | ||||||||||||||||||||||||||||
State, county and municipals | 17,591 | 1,594 | 11,654 | 1,755 | 29,245 | 3,349 | 58 | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 68,108 | 8,029 | 53,003 | 8,722 | 121,111 | 16,751 | 106 | ||||||||||||||||||||||||||||||||||
Total | $ | 85,699 | $ | 9,623 | $ | 526,583 | $ | 46,199 | $ | 612,282 | $ | 55,822 | 170 |
As of March 31, 2023 | Securities AFS | |||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2023 | As of June 30, 2023 | Securities AFS | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Amortized Cost | Fair Value | (in thousands) | Amortized Cost | Fair Value | ||||||||||||||||||||||||||||||||||||||||
Due in less than one year | Due in less than one year | $ | 225,921 | $ | 223,243 | Due in less than one year | $ | 172,412 | $ | 170,901 | ||||||||||||||||||||||||||||||||||||
Due in one year through five years | Due in one year through five years | 173,794 | 163,788 | Due in one year through five years | 163,610 | 151,145 | ||||||||||||||||||||||||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 223,776 | 201,296 | Due after five years through ten years | 209,473 | 185,108 | ||||||||||||||||||||||||||||||||||||||||
Due after ten years | Due after ten years | 132,626 | 123,228 | Due after ten years | 122,079 | 112,170 | ||||||||||||||||||||||||||||||||||||||||
756,117 | 711,555 | 667,574 | 619,324 | |||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 350,712 | 311,621 | Mortgage-backed securities | 342,945 | 301,784 | ||||||||||||||||||||||||||||||||||||||||
Total investment securities | Total investment securities | $ | 1,106,829 | $ | 1,023,176 | Total investment securities | $ | 1,010,519 | $ | 921,108 |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(in thousands) | (in thousands) | Amount | Amount | (in thousands) | Amount | Amount | ||||||||||||||||
Federal Reserve Bank stock | Federal Reserve Bank stock | $ | 32,708 | $ | 32,219 | Federal Reserve Bank stock | $ | 32,411 | $ | 32,219 | ||||||||||||
Federal Home Loan Bank (“FHLB”) stock | Federal Home Loan Bank (“FHLB”) stock | 10,174 | 18,625 | Federal Home Loan Bank (“FHLB”) stock | 9,674 | 18,625 | ||||||||||||||||
Equity securities with readily determinable fair values | Equity securities with readily determinable fair values | 3,912 | 4,376 | Equity securities with readily determinable fair values | 3,748 | 4,376 | ||||||||||||||||
Other investments | Other investments | 10,688 | 10,066 | Other investments | 11,745 | 10,066 | ||||||||||||||||
Total other investments | Total other investments | $ | 57,482 | $ | 65,286 | Total other investments | $ | 57,578 | $ | 65,286 |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Amount | % of Total | Amount | % of Total | (in thousands) | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||||||||||||||||
Commercial & industrial | Commercial & industrial | $ | 1,330,052 | 21 | % | $ | 1,304,819 | 21 | % | Commercial & industrial | $ | 1,318,567 | 21 | % | $ | 1,304,819 | 21 | % | ||||||||||||||||||||||||||||
Owner-occupied commercial real estate (“CRE”) | Owner-occupied commercial real estate (“CRE”) | 969,064 | 16 | 954,599 | 15 | Owner-occupied commercial real estate (“CRE”) | 969,202 | 16 | 954,599 | 15 | ||||||||||||||||||||||||||||||||||||
Agricultural | Agricultural | 1,065,909 | 17 | 1,088,607 | 18 | Agricultural | 1,068,999 | 17 | 1,088,607 | 18 | ||||||||||||||||||||||||||||||||||||
CRE investment | CRE investment | 1,146,388 | 19 | 1,149,949 | 19 | CRE investment | 1,108,692 | 18 | 1,149,949 | 19 | ||||||||||||||||||||||||||||||||||||
Construction & land development | Construction & land development | 333,370 | 5 | 318,600 | 5 | Construction & land development | 337,389 | 5 | 318,600 | 5 | ||||||||||||||||||||||||||||||||||||
Residential construction | Residential construction | 134,782 | 2 | 114,392 | 2 | Residential construction | 108,095 | 2 | 114,392 | 2 | ||||||||||||||||||||||||||||||||||||
Residential first mortgage | Residential first mortgage | 1,014,166 | 16 | 1,016,935 | 16 | Residential first mortgage | 1,072,609 | 17 | 1,016,935 | 16 | ||||||||||||||||||||||||||||||||||||
Residential junior mortgage | Residential junior mortgage | 177,026 | 3 | 177,332 | 3 | Residential junior mortgage | 184,873 | 3 | 177,332 | 3 | ||||||||||||||||||||||||||||||||||||
Retail & other | Retail & other | 52,975 | 1 | 55,266 | 1 | Retail & other | 54,350 | 1 | 55,266 | 1 | ||||||||||||||||||||||||||||||||||||
Loans | Loans | 6,223,732 | 100 | % | 6,180,499 | 100 | % | Loans | 6,222,776 | 100 | % | 6,180,499 | 100 | % | ||||||||||||||||||||||||||||||||
Less allowance for credit losses - Loans (“ACL-Loans”) | Less allowance for credit losses - Loans (“ACL-Loans”) | 62,412 | 61,829 | Less allowance for credit losses - Loans (“ACL-Loans”) | 62,811 | 61,829 | ||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | $ | 6,161,320 | $ | 6,118,670 | Loans, net | $ | 6,159,965 | $ | 6,118,670 | ||||||||||||||||||||||||||||||||||||
Allowance for credit losses - Loans to loans | Allowance for credit losses - Loans to loans | 1.00 | % | 1.00 | % | Allowance for credit losses - Loans to loans | 1.01 | % | 1.00 | % |
Three Months Ended | Year Ended | Three Months Ended | Six Months Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | March 31, 2023 | March 31, 2022 | December 31, 2022 | (in thousands) | June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 61,829 | $ | 49,672 | $ | 49,672 | Beginning balance | $ | 62,412 | $ | 49,906 | $ | 61,829 | $ | 49,672 | $ | 49,672 | ||||||||||||||||||||||||||||||||||||||||
ACL on PCD loans acquired | ACL on PCD loans acquired | — | — | 1,937 | ACL on PCD loans acquired | — | — | — | — | 1,937 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 750 | 300 | 10,950 | Provision for credit losses | 450 | 600 | 1,200 | 900 | 10,950 | ||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (184) | (100) | (1,033) | Charge-offs | (561) | (42) | (745) | (142) | (1,033) | ||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 17 | 34 | 303 | Recoveries | 510 | 191 | 527 | 225 | 303 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | Net (charge-offs) recoveries | (167) | (66) | (730) | Net (charge-offs) recoveries | (51) | 149 | (218) | 83 | (730) | ||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 62,412 | $ | 49,906 | $ | 61,829 | Ending balance | $ | 62,811 | $ | 50,655 | $ | 62,811 | $ | 50,655 | $ | 61,829 |
Three Months Ended March 31, 2023 | Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Commercial & industrial | Owner- occupied CRE | Agricultural | CRE investment | Construction & land development | Residential construction | Residential first mortgage | Residential junior mortgage | Retail & other | Total | (in thousands) | Commercial & industrial | Owner- occupied CRE | Agricultural | CRE investment | Construction & land development | Residential construction | Residential first mortgage | Residential junior mortgage | Retail & other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACL-Loans | ACL-Loans | ACL-Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 16,350 | $ | 9,138 | $ | 9,762 | $ | 12,744 | $ | 2,572 | $ | 1,412 | $ | 6,976 | $ | 1,846 | $ | 1,029 | $ | 61,829 | Beginning balance | $ | 16,350 | $ | 9,138 | $ | 9,762 | $ | 12,744 | $ | 2,572 | $ | 1,412 | $ | 6,976 | $ | 1,846 | $ | 1,029 | $ | 61,829 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | Provision | 457 | 172 | (328) | 210 | 106 | 262 | (206) | (31) | 108 | 750 | Provision | (387) | (307) | 1,865 | (301) | 127 | (69) | (46) | 136 | 182 | 1,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (118) | — | — | — | — | — | — | — | (66) | (184) | Charge-offs | (403) | — | (66) | — | — | — | — | (96) | (180) | (745) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 10 | — | 2 | — | — | — | 1 | — | 4 | 17 | Recoveries | 518 | — | 3 | — | — | — | 2 | — | 4 | 527 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | Net (charge-offs) recoveries | (108) | — | 2 | — | — | — | 1 | — | (62) | (167) | Net (charge-offs) recoveries | 115 | — | (63) | — | — | — | 2 | (96) | (176) | (218) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 16,699 | $ | 9,310 | $ | 9,436 | $ | 12,954 | $ | 2,678 | $ | 1,674 | $ | 6,771 | $ | 1,815 | $ | 1,075 | $ | 62,412 | Ending balance | $ | 16,078 | $ | 8,831 | $ | 11,564 | $ | 12,443 | $ | 2,699 | $ | 1,343 | $ | 6,932 | $ | 1,886 | $ | 1,035 | $ | 62,811 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As % of ACL-Loans | As % of ACL-Loans | 27 | % | 15 | % | 15 | % | 21 | % | 4 | % | 2 | % | 11 | % | 3 | % | 2 | % | 100 | % | As % of ACL-Loans | 26 | % | 14 | % | 18 | % | 20 | % | 4 | % | 2 | % | 11 | % | 3 | % | 2 | % | 100 | % |
Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial & industrial | Owner- occupied CRE | Agricultural | CRE investment | Construction & land development | Residential construction | Residential first mortgage | Residential junior mortgage | Retail & other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
ACL-Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 12,613 | $ | 7,222 | $ | 9,547 | $ | 8,462 | $ | 1,812 | $ | 900 | $ | 6,844 | $ | 1,340 | $ | 932 | $ | 49,672 | |||||||||||||||||||||||||||||||||||||||
ACL on PCD loans | 1,408 | 384 | — | 38 | 2 | — | 93 | 12 | — | 1,937 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision | 2,415 | 2,087 | 215 | 4,075 | 758 | 512 | 96 | 493 | 299 | 10,950 | |||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (190) | (555) | — | — | — | — | (65) | — | (223) | (1,033) | |||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 104 | — | — | 169 | — | — | 8 | 1 | 21 | 303 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (86) | (555) | — | 169 | — | — | (57) | 1 | (202) | (730) | |||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 16,350 | $ | 9,138 | $ | 9,762 | $ | 12,744 | $ | 2,572 | $ | 1,412 | $ | 6,976 | $ | 1,846 | $ | 1,029 | $ | 61,829 | |||||||||||||||||||||||||||||||||||||||
As % of ACL-Loans | 26 | % | 15 | % | 16 | % | 21 | % | 4 | % | 2 | % | 11 | % | 3 | % | 2 | % | 100 | % |
Three Months Ended | Year Ended | ||||||||||||||||||||||||||||
(in thousands) | March 31, 2023 | March 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||
Provision for credit losses on: | |||||||||||||||||||||||||||||
Loans | $ | 750 | $ | 300 | $ | 10,950 | |||||||||||||||||||||||
Unfunded commitments | — | — | 550 | ||||||||||||||||||||||||||
Investment securities | 2,340 | — | — | ||||||||||||||||||||||||||
Total | $ | 3,090 | $ | 300 | $ | 11,500 |
Three Months Ended | Six Months Ended | Year Ended | |||||||||||||||||||||||||||
(in thousands) | June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | December 31, 2022 | ||||||||||||||||||||||||
Provision for credit losses on: | |||||||||||||||||||||||||||||
Loans | $ | 450 | $ | 600 | $ | 1,200 | $ | 900 | $ | 10,950 | |||||||||||||||||||
Unfunded commitments | — | 150 | — | 150 | 550 | ||||||||||||||||||||||||
Investment securities | — | — | 2,340 | — | — | ||||||||||||||||||||||||
Total | $ | 450 | $ | 750 | $ | 3,540 | $ | 1,050 | $ | 11,500 |
March 31, 2023 | Collateral Type | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | Collateral Type | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Real Estate | Other Business Assets | Total | Without an Allowance | With an Allowance | Allowance Allocation | (in thousands) | Real Estate | Other Business Assets | Total | Without an Allowance | With an Allowance | Allowance Allocation | ||||||||||||||||||||||||||||||||
Commercial & industrial | Commercial & industrial | $ | — | $ | 2,419 | $ | 2,419 | $ | 1,084 | $ | 1,335 | $ | 506 | Commercial & industrial | $ | — | $ | 1,989 | $ | 1,989 | $ | 561 | $ | 1,428 | $ | 461 | ||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 5,905 | — | 5,905 | 5,697 | 208 | 54 | Owner-occupied CRE | 5,236 | — | 5,236 | 5,236 | — | — | ||||||||||||||||||||||||||||||||
Agricultural | Agricultural | 12,656 | 5,800 | 18,456 | 12,751 | 5,705 | 166 | Agricultural | 5,805 | 3,069 | 8,874 | 3,871 | 5,003 | 91 | ||||||||||||||||||||||||||||||||
CRE investment | CRE investment | 3,158 | — | 3,158 | 2,635 | 523 | 7 | CRE investment | 2,434 | — | 2,434 | 1,911 | 523 | 7 | ||||||||||||||||||||||||||||||||
Construction & land development | Construction & land development | 650 | — | 650 | 650 | — | — | Construction & land development | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Residential first mortgage | Residential first mortgage | 1,357 | — | 1,357 | 1,357 | — | — | Residential first mortgage | 693 | — | 693 | 693 | — | — | ||||||||||||||||||||||||||||||||
Residential junior mortgage | Residential junior mortgage | 8 | — | 8 | 8 | — | — | Residential junior mortgage | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 23,734 | $ | 8,219 | $ | 31,953 | $ | 24,182 | $ | 7,771 | $ | 733 | Total loans | $ | 14,168 | $ | 5,058 | $ | 19,226 | $ | 12,272 | $ | 6,954 | $ | 559 |
December 31, 2022 | Collateral Type | ||||||||||||||||||||||
(in thousands) | Real Estate | Other Business Assets | Total | Without an Allowance | With an Allowance | Allowance Allocation | |||||||||||||||||
Commercial & industrial | $ | — | $ | 3,475 | $ | 3,475 | $ | 1,927 | $ | 1,548 | $ | 595 | |||||||||||
Owner-occupied CRE | 4,907 | — | 4,907 | 4,699 | 208 | 53 | |||||||||||||||||
Agricultural | 13,758 | 6,458 | 20,216 | 14,358 | 5,858 | 261 | |||||||||||||||||
CRE investment | 2,713 | — | 2,713 | 979 | 1,734 | 212 | |||||||||||||||||
Construction & land development | 670 | — | 670 | 670 | — | — | |||||||||||||||||
Residential first mortgage | 91 | — | 91 | 91 | — | — | |||||||||||||||||
Total loans | $ | 22,139 | $ | 9,933 | $ | 32,072 | $ | 22,724 | $ | 9,348 | $ | 1,121 |
March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 30-89 Days Past Due (accruing) | 90 Days & Over or nonaccrual | Current | Total | (in thousands) | 30-89 Days Past Due (accruing) | 90 Days & Over or nonaccrual | Current | Total | ||||||||||||||||||||||||||||||||||||
Commercial & industrial | Commercial & industrial | $ | 256 | $ | 2,874 | $ | 1,326,922 | $ | 1,330,052 | Commercial & industrial | $ | 260 | $ | 3,157 | $ | 1,315,150 | $ | 1,318,567 | ||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 388 | 7,128 | 961,548 | 969,064 | Owner-occupied CRE | 28 | 6,573 | 962,601 | 969,202 | ||||||||||||||||||||||||||||||||||||
Agricultural | Agricultural | 178 | 18,782 | 1,046,949 | 1,065,909 | Agricultural | 151 | 9,092 | 1,059,756 | 1,068,999 | ||||||||||||||||||||||||||||||||||||
CRE investment | CRE investment | — | 4,126 | 1,142,262 | 1,146,388 | CRE investment | 56 | 2,535 | 1,106,101 | 1,108,692 | ||||||||||||||||||||||||||||||||||||
Construction & land development | Construction & land development | — | 748 | 332,622 | 333,370 | Construction & land development | 121 | 95 | 337,173 | 337,389 | ||||||||||||||||||||||||||||||||||||
Residential construction | Residential construction | 1,144 | — | 133,638 | 134,782 | Residential construction | — | — | 108,095 | 108,095 | ||||||||||||||||||||||||||||||||||||
Residential first mortgage | Residential first mortgage | 3,852 | 4,986 | 1,005,328 | 1,014,166 | Residential first mortgage | 868 | 3,638 | 1,068,103 | 1,072,609 | ||||||||||||||||||||||||||||||||||||
Residential junior mortgage | Residential junior mortgage | 219 | 196 | 176,611 | 177,026 | Residential junior mortgage | 118 | 87 | 184,668 | 184,873 | ||||||||||||||||||||||||||||||||||||
Retail & other | Retail & other | 222 | 55 | 52,698 | 52,975 | Retail & other | 215 | 101 | 54,034 | 54,350 | ||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 6,259 | $ | 38,895 | $ | 6,178,578 | $ | 6,223,732 | Total loans | $ | 1,817 | $ | 25,278 | $ | 6,195,681 | $ | 6,222,776 | ||||||||||||||||||||||||||||
Percent of total loans | Percent of total loans | 0.1 | % | 0.6 | % | 99.3 | % | 100.0 | % | Percent of total loans | — | % | 0.4 | % | 99.6 | % | 100.0 | % |
December 31, 2022 | |||||||||||||||||||||||
(in thousands) | 30-89 Days Past Due (accruing) | 90 Days & Over or nonaccrual | Current | Total | |||||||||||||||||||
Commercial & industrial | $ | 210 | $ | 3,328 | $ | 1,301,281 | $ | 1,304,819 | |||||||||||||||
Owner-occupied CRE | 833 | 5,647 | 948,119 | 954,599 | |||||||||||||||||||
Agricultural | 20 | 20,416 | 1,068,171 | 1,088,607 | |||||||||||||||||||
CRE investment | — | 3,832 | 1,146,117 | 1,149,949 | |||||||||||||||||||
Construction & land development | — | 771 | 317,829 | 318,600 | |||||||||||||||||||
Residential construction | — | — | 114,392 | 114,392 | |||||||||||||||||||
Residential first mortgage | 3,628 | 3,780 | 1,009,527 | 1,016,935 | |||||||||||||||||||
Residential junior mortgage | 236 | 224 | 176,872 | 177,332 | |||||||||||||||||||
Retail & other | 261 | 82 | 54,923 | 55,266 | |||||||||||||||||||
Total loans | $ | 5,188 | $ | 38,080 | $ | 6,137,231 | $ | 6,180,499 | |||||||||||||||
Percent of total loans | 0.1 | % | 0.6 | % | 99.3 | % | 100.0 | % |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Nonaccrual Loans | % of Total | Nonaccrual Loans | % of Total | (in thousands) | Nonaccrual Loans | % of Total | Nonaccrual Loans | % of Total | ||||||||||||||||||||||||
Commercial & industrial | Commercial & industrial | $ | 2,874 | 7 | % | $ | 3,328 | 9 | % | Commercial & industrial | $ | 3,157 | 12 | % | $ | 3,328 | 9 | % | ||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 7,128 | 18 | 5,647 | 15 | Owner-occupied CRE | 6,573 | 26 | 5,647 | 15 | ||||||||||||||||||||||||
Agricultural | Agricultural | 18,782 | 48 | 20,416 | 53 | Agricultural | 9,092 | 36 | 20,416 | 53 | ||||||||||||||||||||||||
CRE investment | CRE investment | 4,126 | 11 | 3,832 | 10 | CRE investment | 2,535 | 10 | 3,832 | 10 | ||||||||||||||||||||||||
Construction & land development | Construction & land development | 748 | 2 | 771 | 2 | Construction & land development | 95 | 1 | 771 | 2 | ||||||||||||||||||||||||
Residential construction | Residential construction | — | — | — | — | Residential construction | — | — | — | — | ||||||||||||||||||||||||
Residential first mortgage | Residential first mortgage | 4,986 | 13 | 3,780 | 10 | Residential first mortgage | 3,638 | 14 | 3,780 | 10 | ||||||||||||||||||||||||
Residential junior mortgage | Residential junior mortgage | 196 | 1 | 224 | 1 | Residential junior mortgage | 87 | — | 224 | 1 | ||||||||||||||||||||||||
Retail & other | Retail & other | 55 | — | 82 | — | Retail & other | 101 | 1 | 82 | — | ||||||||||||||||||||||||
Nonaccrual loans | Nonaccrual loans | $ | 38,895 | 100 | % | $ | 38,080 | 100 | % | Nonaccrual loans | $ | 25,278 | 100 | % | $ | 38,080 | 100 | % | ||||||||||||||||
Percent of total loans | Percent of total loans | 0.6 | % | 0.6 | % | Percent of total loans | 0.4 | % | 0.6 | % |
March 31, 2023 | Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving | Revolving to Term | TOTAL | (in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving | Revolving to Term | TOTAL | ||||||||||||||||||||||||||||||||||||||
Commercial & industrial | Commercial & industrial | Commercial & industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-4 | Grades 1-4 | $ | 47,409 | $ | 312,964 | $ | 215,435 | $ | 96,534 | $ | 65,723 | $ | 111,114 | $ | 376,926 | $ | — | $ | 1,226,105 | Grades 1-4 | $ | 97,859 | $ | 292,993 | $ | 198,515 | $ | 85,707 | $ | 59,568 | $ | 102,696 | $ | 383,527 | $ | — | $ | 1,220,865 | ||||||||||||||||||||
Grade 5 | Grade 5 | 95 | 4,204 | 4,640 | 6,548 | 1,195 | 11,392 | 27,894 | — | 55,968 | Grade 5 | 5,318 | 6,973 | 6,397 | 1,929 | 1,156 | 7,678 | 27,520 | — | 56,971 | ||||||||||||||||||||||||||||||||||||||
Grade 6 | Grade 6 | — | 1,358 | 618 | 66 | — | 11,881 | 6,543 | — | 20,466 | Grade 6 | — | 1,688 | 1,361 | 837 | 5 | 1,127 | 4,907 | — | 9,925 | ||||||||||||||||||||||||||||||||||||||
Grade 7 | Grade 7 | 291 | 3,613 | 1,894 | 2,165 | 2,371 | 2,411 | 14,768 | — | 27,513 | Grade 7 | 605 | 3,578 | 2,590 | 2,319 | 2,189 | 13,912 | 5,613 | — | 30,806 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 47,795 | $ | 322,139 | $ | 222,587 | $ | 105,313 | $ | 69,289 | $ | 136,798 | $ | 426,131 | $ | — | $ | 1,330,052 | Total | $ | 103,782 | $ | 305,232 | $ | 208,863 | $ | 90,792 | $ | 62,918 | $ | 125,413 | $ | 421,567 | $ | — | $ | 1,318,567 | ||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | $ | — | $ | (77) | $ | (26) | $ | — | $ | — | $ | — | $ | (15) | $ | — | $ | (118) | Current period gross charge-offs | $ | — | $ | (77) | $ | (114) | $ | — | $ | — | $ | (197) | $ | (15) | $ | — | $ | (403) | ||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | Owner-occupied CRE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-4 | Grades 1-4 | $ | 28,513 | $ | 155,362 | $ | 196,641 | $ | 103,973 | $ | 97,039 | $ | 322,852 | $ | 4,773 | $ | — | $ | 909,153 | Grades 1-4 | $ | 60,120 | $ | 160,217 | $ | 189,378 | $ | 100,814 | $ | 92,047 | $ | 302,445 | $ | 3,210 | $ | — | $ | 908,231 | ||||||||||||||||||||
Grade 5 | Grade 5 | 1,381 | 3,134 | 6,310 | 4,485 | 908 | 17,497 | 490 | — | 34,205 | Grade 5 | 1,398 | 4,237 | 9,020 | 5,009 | 1,139 | 16,269 | 509 | — | 37,581 | ||||||||||||||||||||||||||||||||||||||
Grade 6 | Grade 6 | — | 1,000 | 355 | 41 | 1,575 | 2,070 | 250 | — | 5,291 | Grade 6 | — | 261 | 352 | 546 | 1,561 | 954 | 150 | — | 3,824 | ||||||||||||||||||||||||||||||||||||||
Grade 7 | Grade 7 | — | 224 | 684 | 7,244 | 1,358 | 10,905 | — | — | 20,415 | Grade 7 | — | 221 | 2,069 | 6,806 | 577 | 9,893 | — | — | 19,566 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 29,894 | $ | 159,720 | $ | 203,990 | $ | 115,743 | $ | 100,880 | $ | 353,324 | $ | 5,513 | $ | — | $ | 969,064 | Total | $ | 61,518 | $ | 164,936 | $ | 200,819 | $ | 113,175 | $ | 95,324 | $ | 329,561 | $ | 3,869 | $ | — | $ | 969,202 | ||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Agricultural | Agricultural | Agricultural | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-4 | Grades 1-4 | $ | 11,930 | $ | 280,631 | $ | 138,443 | $ | 83,733 | $ | 25,089 | $ | 152,730 | $ | 227,727 | $ | — | $ | 920,283 | Grades 1-4 | $ | 34,882 | $ | 281,777 | $ | 139,350 | $ | 82,481 | $ | 24,247 | $ | 152,130 | $ | 230,863 | $ | — | $ | 945,730 | ||||||||||||||||||||
Grade 5 | Grade 5 | 1,239 | 13,311 | 11,668 | 1,762 | 879 | 39,707 | 20,436 | — | 89,002 | Grade 5 | 2,335 | 12,391 | 6,359 | 741 | 373 | 39,105 | 14,380 | — | 75,684 | ||||||||||||||||||||||||||||||||||||||
Grade 6 | Grade 6 | 50 | 62 | 1,244 | — | 52 | 2,332 | 195 | — | 3,935 | Grade 6 | — | 109 | 1,144 | — | 52 | 2,320 | 129 | — | 3,754 | ||||||||||||||||||||||||||||||||||||||
Grade 7 | Grade 7 | 695 | 7,199 | 7,271 | 786 | 1,942 | 23,812 | 10,984 | — | 52,689 | Grade 7 | 2,570 | 7,057 | 6,827 | 589 | 1,890 | 15,082 | 9,816 | — | 43,831 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 13,914 | $ | 301,203 | $ | 158,626 | $ | 86,281 | $ | 27,962 | $ | 218,581 | $ | 259,342 | $ | — | $ | 1,065,909 | Total | $ | 39,787 | $ | 301,334 | $ | 153,680 | $ | 83,811 | $ | 26,562 | $ | 208,637 | $ | 255,188 | $ | — | $ | 1,068,999 | ||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (66) | $ | — | $ | — | $ | (66) | ||||||||||||||||||||
CRE investment | CRE investment | CRE investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-4 | Grades 1-4 | $ | 8,011 | $ | 205,798 | $ | 228,060 | $ | 189,172 | $ | 132,082 | $ | 326,737 | $ | 11,704 | $ | — | $ | 1,101,564 | Grades 1-4 | $ | 17,613 | $ | 196,825 | $ | 217,555 | $ | 181,239 | $ | 123,758 | $ | 305,218 | $ | 13,699 | $ | — | $ | 1,055,907 | ||||||||||||||||||||
Grade 5 | Grade 5 | 2,825 | 563 | 1,633 | 3,552 | 3,312 | 21,095 | — | — | 32,980 | Grade 5 | 2,814 | 559 | 13,092 | 3,908 | 3,812 | 19,960 | 49 | — | 44,194 | ||||||||||||||||||||||||||||||||||||||
Grade 6 | Grade 6 | — | — | — | — | 1,159 | 3,778 | 183 | — | 5,120 | Grade 6 | — | — | — | — | 497 | 3,693 | 73 | — | 4,263 | ||||||||||||||||||||||||||||||||||||||
Grade 7 | Grade 7 | — | — | 21 | 523 | 2,316 | 3,663 | 201 | — | 6,724 | Grade 7 | — | — | 21 | 523 | 2,403 | 1,381 | — | — | 4,328 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 10,836 | $ | 206,361 | $ | 229,714 | $ | 193,247 | $ | 138,869 | $ | 355,273 | $ | 12,088 | $ | — | $ | 1,146,388 | Total | $ | 20,427 | $ | 197,384 | $ | 230,668 | $ | 185,670 | $ | 130,470 | $ | 330,252 | $ | 13,821 | $ | — | $ | 1,108,692 | ||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Construction & land development | Construction & land development | Construction & land development | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-4 | Grades 1-4 | $ | 6,947 | $ | 119,087 | $ | 144,313 | $ | 11,980 | $ | 8,802 | $ | 36,033 | $ | 5,290 | $ | — | $ | 332,452 | Grades 1-4 | $ | 19,928 | $ | 132,395 | $ | 129,347 | $ | 9,924 | $ | 8,498 | $ | 31,872 | $ | 3,237 | $ | — | $ | 335,201 | ||||||||||||||||||||
Grade 5 | Grade 5 | — | 34 | — | — | 12 | 92 | — | — | 138 | Grade 5 | — | 30 | 128 | 1,285 | 511 | 91 | — | — | 2,045 | ||||||||||||||||||||||||||||||||||||||
Grade 6 | Grade 6 | — | — | — | — | — | — | — | — | — | Grade 6 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Grade 7 | Grade 7 | — | 32 | — | — | — | 748 | — | — | 780 | Grade 7 | 48 | — | — | — | — | 95 | — | — | 143 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 6,947 | $ | 119,153 | $ | 144,313 | $ | 11,980 | $ | 8,814 | $ | 36,873 | $ | 5,290 | $ | — | $ | 333,370 | Total | $ | 19,976 | $ | 132,425 | $ | 129,475 | $ | 11,209 | $ | 9,009 | $ | 32,058 | $ | 3,237 | $ | — | $ | 337,389 | ||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Residential construction | Residential construction | Residential construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-4 | Grades 1-4 | $ | 5,036 | $ | 114,512 | $ | 12,948 | $ | 1,045 | $ | 121 | $ | 549 | $ | — | $ | — | $ | 134,211 | Grades 1-4 | $ | 15,583 | $ | 80,786 | $ | 8,244 | $ | 1,064 | $ | 127 | $ | 1,513 | $ | — | $ | — | $ | 107,317 | ||||||||||||||||||||
Grade 5 | Grade 5 | — | — | 571 | — | — | — | — | — | 571 | Grade 5 | 162 | — | 616 | — | — | — | — | — | 778 | ||||||||||||||||||||||||||||||||||||||
Grade 6 | Grade 6 | — | — | — | — | — | — | — | — | — | Grade 6 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Grade 7 | Grade 7 | — | — | — | — | — | — | — | — | — | Grade 7 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 5,036 | $ | 114,512 | $ | 13,519 | $ | 1,045 | $ | 121 | $ | 549 | $ | — | $ | — | $ | 134,782 | Total | $ | 15,745 | $ | 80,786 | $ | 8,860 | $ | 1,064 | $ | 127 | $ | 1,513 | $ | — | $ | — | $ | 108,095 | ||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Residential first mortgage | Residential first mortgage | Residential first mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-4 | Grades 1-4 | $ | 35,309 | $ | 309,434 | $ | 270,665 | $ | 142,741 | $ | 66,489 | $ | 173,612 | $ | 1,426 | $ | 3 | $ | 999,679 | Grades 1-4 | $ | 76,867 | $ | 338,815 | $ | 264,697 | $ | 137,536 | $ | 62,134 | $ | 176,793 | $ | 805 | $ | 3 | $ | 1,057,650 | ||||||||||||||||||||
Grade 5 | Grade 5 | — | 1,364 | 776 | 987 | 1,776 | 2,759 | — | — | 7,662 | Grade 5 | — | 1,305 | 1,055 | 1,272 | 2,874 | 2,858 | — | — | 9,364 | ||||||||||||||||||||||||||||||||||||||
Grade 6 | Grade 6 | — | — | — | — | 703 | — | — | — | 703 | Grade 6 | — | — | — | — | 562 | — | — | — | 562 | ||||||||||||||||||||||||||||||||||||||
Grade 7 | Grade 7 | — | 152 | 477 | 178 | 359 | 4,956 | — | — | 6,122 | Grade 7 | — | 151 | 471 | 276 | 424 | 3,711 | — | — | 5,033 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 35,309 | $ | 310,950 | $ | 271,918 | $ | 143,906 | $ | 69,327 | $ | 181,327 | $ | 1,426 | $ | 3 | $ | 1,014,166 | Total | $ | 76,867 | $ | 340,271 | $ | 266,223 | $ | 139,084 | $ | 65,994 | $ | 183,362 | $ | 805 | $ | 3 | $ | 1,072,609 | ||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Residential junior mortgage | Residential junior mortgage | Residential junior mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-4 | Grades 1-4 | $ | 2,784 | $ | 9,905 | $ | 4,291 | $ | 5,055 | $ | 3,071 | $ | 4,780 | $ | 140,169 | $ | 6,570 | $ | 176,625 | Grades 1-4 | $ | 7,841 | $ | 9,094 | $ | 4,026 | $ | 4,821 | $ | 2,955 | $ | 4,387 | $ | 144,869 | $ | 6,590 | $ | 184,583 | ||||||||||||||||||||
Grade 5 | Grade 5 | — | — | — | — | — | — | — | — | — | Grade 5 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Grade 6 | Grade 6 | — | — | — | — | — | — | — | — | — | Grade 6 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Grade 7 | Grade 7 | — | 35 | 205 | — | — | 23 | 138 | — | 401 | Grade 7 | — | 32 | 204 | — | — | 15 | 39 | — | 290 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 2,784 | $ | 9,940 | $ | 4,496 | $ | 5,055 | $ | 3,071 | $ | 4,803 | $ | 140,307 | $ | 6,570 | $ | 177,026 | Total | $ | 7,841 | $ | 9,126 | $ | 4,230 | $ | 4,821 | $ | 2,955 | $ | 4,402 | $ | 144,908 | $ | 6,590 | $ | 184,873 | ||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (96) | $ | — | $ | — | $ | (96) | ||||||||||||||||||||
Retail & other | Retail & other | Retail & other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-4 | Grades 1-4 | $ | 1,646 | $ | 10,603 | $ | 8,010 | $ | 3,659 | $ | 2,622 | $ | 4,451 | $ | 21,885 | $ | — | $ | 52,876 | Grades 1-4 | $ | 4,078 | $ | 9,654 | $ | 7,001 | $ | 3,212 | $ | 2,378 | $ | 4,282 | $ | 23,638 | $ | — | $ | 54,243 | ||||||||||||||||||||
Grade 5 | Grade 5 | — | — | 21 | — | — | — | — | — | 21 | Grade 5 | — | — | 19 | — | — | — | — | — | 19 | ||||||||||||||||||||||||||||||||||||||
Grade 6 | Grade 6 | — | — | — | — | — | — | — | — | — | Grade 6 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Grade 7 | Grade 7 | — | — | 46 | 2 | 1 | 29 | — | — | 78 | Grade 7 | 30 | — | 21 | 11 | 1 | 25 | — | — | 88 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,646 | $ | 10,603 | $ | 8,077 | $ | 3,661 | $ | 2,623 | $ | 4,480 | $ | 21,885 | $ | — | $ | 52,975 | Total | $ | 4,108 | $ | 9,654 | $ | 7,041 | $ | 3,223 | $ | 2,379 | $ | 4,307 | $ | 23,638 | $ | — | $ | 54,350 | ||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (66) | $ | — | $ | (66) | Current period gross charge-offs | $ | (6) | $ | (1) | $ | — | $ | (1) | $ | — | $ | (52) | $ | (120) | $ | — | $ | (180) | ||||||||||||||||||||
Total loans | Total loans | $ | 154,161 | $ | 1,554,581 | $ | 1,257,240 | $ | 666,231 | $ | 420,956 | $ | 1,292,008 | $ | 871,982 | $ | 6,573 | $ | 6,223,732 | Total loans | $ | 350,051 | $ | 1,541,148 | $ | 1,209,859 | $ | 632,849 | $ | 395,738 | $ | 1,219,505 | $ | 867,033 | $ | 6,593 | $ | 6,222,776 |
December 31, 2022 | Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving | Revolving to Term | TOTAL | ||||||||||||||||||||
Commercial & industrial | |||||||||||||||||||||||||||||
Grades 1-4 | $ | 317,394 | $ | 226,065 | $ | 101,374 | $ | 68,884 | $ | 50,189 | $ | 77,589 | $ | 360,978 | $ | — | $ | 1,202,473 | |||||||||||
Grade 5 | 9,938 | 5,902 | 10,811 | 1,530 | 3,986 | 4,562 | 20,617 | — | 57,346 | ||||||||||||||||||||
Grade 6 | 1,459 | 2,283 | 629 | 511 | 402 | 11,653 | 14,047 | — | 30,984 | ||||||||||||||||||||
Grade 7 | 556 | 293 | 3,211 | 2,990 | 775 | 1,070 | 5,121 | — | 14,016 | ||||||||||||||||||||
Total | $ | 329,347 | $ | 234,543 | $ | 116,025 | $ | 73,915 | $ | 55,352 | $ | 94,874 | $ | 400,763 | $ | — | $ | 1,304,819 | |||||||||||
Current period gross charge-offs | $ | (38) | $ | (41) | $ | (2) | $ | — | $ | (109) | $ | — | $ | — | $ | — | $ | (190) | |||||||||||
Owner-occupied CRE | |||||||||||||||||||||||||||||
Grades 1-4 | $ | 151,391 | $ | 190,313 | $ | 105,156 | $ | 100,606 | $ | 91,479 | $ | 252,574 | $ | 6,734 | $ | — | $ | 898,253 | |||||||||||
Grade 5 | 5,241 | 3,192 | 4,287 | 2,163 | 4,791 | 14,632 | 348 | — | 34,654 | ||||||||||||||||||||
Grade 6 | — | — | 763 | 2,361 | — | 877 | — | — | 4,001 | ||||||||||||||||||||
Grade 7 | 227 | 706 | 6,344 | 616 | — | 9,798 | — | — | 17,691 | ||||||||||||||||||||
Total | $ | 156,859 | $ | 194,211 | $ | 116,550 | $ | 105,746 | $ | 96,270 | $ | 277,881 | $ | 7,082 | $ | — | $ | 954,599 | |||||||||||
Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (555) | $ | — | $ | — | $ | (555) | |||||||||||
Agricultural | |||||||||||||||||||||||||||||
Grades 1-4 | $ | 275,208 | $ | 145,272 | $ | 85,413 | $ | 25,463 | $ | 19,687 | $ | 130,849 | $ | 249,033 | $ | — | $ | 930,925 | |||||||||||
Grade 5 | 13,295 | 18,178 | 2,694 | 1,992 | 517 | 43,927 | 21,199 | — | 101,802 | ||||||||||||||||||||
Grade 6 | 115 | 1,457 | 28 | 33 | — | 5,258 | 429 | — | 7,320 | ||||||||||||||||||||
Grade 7 | 7,165 | 2,632 | 720 | 1,977 | 4,611 | 19,948 | 11,507 | — | 48,560 | ||||||||||||||||||||
Total | $ | 295,783 | $ | 167,539 | $ | 88,855 | $ | 29,465 | $ | 24,815 | $ | 199,982 | $ | 282,168 | $ | — | $ | 1,088,607 | |||||||||||
Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
CRE investment | |||||||||||||||||||||||||||||
Grades 1-4 | $ | 205,930 | $ | 229,252 | $ | 192,527 | $ | 134,301 | $ | 79,649 | $ | 248,595 | $ | 11,383 | $ | — | $ | 1,101,637 | |||||||||||
Grade 5 | 567 | 1,649 | 3,578 | 4,266 | 3,086 | 24,897 | — | — | 38,043 | ||||||||||||||||||||
Grade 6 | — | — | — | 1,170 | 2,396 | 2,483 | 206 | — | 6,255 | ||||||||||||||||||||
Grade 7 | — | — | 121 | 299 | 245 | 3,140 | 209 | — | 4,014 | ||||||||||||||||||||
Total | $ | 206,497 | $ | 230,901 | $ | 196,226 | $ | 140,036 | $ | 85,376 | $ | 279,115 | $ | 11,798 | $ | — | $ | 1,149,949 | |||||||||||
Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Construction & land development | |||||||||||||||||||||||||||||
Grades 1-4 | $ | 104,804 | $ | 140,727 | $ | 12,188 | $ | 9,747 | $ | 23,811 | $ | 13,138 | $ | 13,235 | $ | — | $ | 317,650 | |||||||||||
Grade 5 | 37 | — | — | 14 | — | 95 | — | — | 146 | ||||||||||||||||||||
Grade 6 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Grade 7 | 33 | — | — | — | — | 771 | — | — | 804 | ||||||||||||||||||||
Total | $ | 104,874 | $ | 140,727 | $ | 12,188 | $ | 9,761 | $ | 23,811 | $ | 14,004 | $ | 13,235 | $ | — | $ | 318,600 | |||||||||||
Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Residential construction | |||||||||||||||||||||||||||||
Grades 1-4 | $ | 92,417 | $ | 16,774 | $ | 966 | $ | 123 | $ | 336 | $ | 229 | $ | 3,547 | $ | — | $ | 114,392 | |||||||||||
Grade 5 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Grade 6 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Grade 7 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total | $ | 92,417 | $ | 16,774 | $ | 966 | $ | 123 | $ | 336 | $ | 229 | $ | 3,547 | $ | — | $ | 114,392 | |||||||||||
Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Residential first mortgage | |||||||||||||||||||||||||||||
Grades 1-4 | $ | 318,628 | $ | 272,011 | $ | 147,857 | $ | 68,975 | $ | 31,208 | $ | 162,153 | $ | 2,080 | $ | 3 | $ | 1,002,915 | |||||||||||
Grade 5 | 1,494 | 758 | 997 | 1,803 | 2,272 | 465 | — | — | 7,789 | ||||||||||||||||||||
Grade 6 | — | — | — | 711 | — | — | — | — | 711 | ||||||||||||||||||||
Grade 7 | 154 | 329 | 188 | 349 | 197 | 4,303 | — | — | 5,520 | ||||||||||||||||||||
Total | $ | 320,276 | $ | 273,098 | $ | 149,042 | $ | 71,838 | $ | 33,677 | $ | 166,921 | $ | 2,080 | $ | 3 | $ | 1,016,935 | |||||||||||
Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (65) | $ | — | $ | — | $ | (65) | |||||||||||
Residential junior mortgage | |||||||||||||||||||||||||||||
Grades 1-4 | $ | 10,119 | $ | 4,580 | $ | 5,207 | $ | 3,151 | $ | 1,573 | $ | 3,409 | $ | 142,784 | $ | 5,762 | $ | 176,585 | |||||||||||
Grade 5 | — | — | — | — | — | 143 | 165 | — | 308 | ||||||||||||||||||||
Grade 6 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Grade 7 | — | 206 | — | — | — | 24 | 209 | — | 439 | ||||||||||||||||||||
Total | $ | 10,119 | $ | 4,786 | $ | 5,207 | $ | 3,151 | $ | 1,573 | $ | 3,576 | $ | 143,158 | $ | 5,762 | $ | 177,332 | |||||||||||
Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Retail & other | |||||||||||||||||||||||||||||
Grades 1-4 | $ | 12,318 | $ | 8,957 | $ | 4,221 | $ | 3,188 | $ | 1,035 | $ | 24,950 | $ | 492 | $ | — | $ | 55,161 | |||||||||||
Grade 5 | — | 23 | — | — | — | — | — | — | 23 | ||||||||||||||||||||
Grade 6 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Grade 7 | — | 23 | 22 | 2 | 30 | 5 | — | — | 82 | ||||||||||||||||||||
Total | $ | 12,318 | $ | 9,003 | $ | 4,243 | $ | 3,190 | $ | 1,065 | $ | 24,955 | $ | 492 | $ | — | $ | 55,266 | |||||||||||
Current period gross charge-offs | $ | — | $ | (1) | $ | (6) | $ | (1) | $ | — | $ | — | $ | (215) | $ | — | $ | (223) | |||||||||||
Total loans | $ | 1,528,490 | $ | 1,271,582 | $ | 689,302 | $ | 437,225 | $ | 322,275 | $ | 1,061,537 | $ | 864,323 | $ | 5,765 | $ | 6,180,499 |
(in thousands) | (in thousands) | Payment Delay | Term Extension | Interest Rate Reduction | Term Extension & Interest Rate Reduction | Total | % of Total Loans | (in thousands) | Payment Delay | Term Extension | Interest Rate Reduction | Term Extension & Interest Rate Reduction | Total | % of Total Loans | ||||||||||||||||||||||||||
Commercial & industrial | Commercial & industrial | $ | — | $ | — | $ | — | $ | — | $ | — | — | % | Commercial & industrial | $ | 454 | $ | — | $ | 88 | $ | — | $ | 542 | 0.04 | % | ||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | — | — | — | — | — | — | % | Owner-occupied CRE | — | — | — | — | — | — | % | ||||||||||||||||||||||||
Agricultural | Agricultural | 110 | — | — | — | 110 | 0.01 | % | Agricultural | 109 | — | — | — | 109 | 0.01 | % | ||||||||||||||||||||||||
CRE investment | CRE investment | — | — | — | — | — | — | % | CRE investment | — | — | — | — | — | — | % | ||||||||||||||||||||||||
Construction & land development | Construction & land development | — | — | — | — | — | — | % | Construction & land development | — | — | — | — | — | — | % | ||||||||||||||||||||||||
Residential first mortgage | Residential first mortgage | — | — | — | — | — | — | % | Residential first mortgage | — | — | — | — | — | — | % | ||||||||||||||||||||||||
Total | Total | $ | 110 | $ | — | $ | — | $ | — | $ | 110 | — | % | Total | $ | 563 | $ | — | $ | 88 | $ | — | $ | 651 | 0.01 | % |
(in thousands) | (in thousands) | March 31, 2023 | December 31, 2022 | (in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Goodwill | Goodwill | $ | 367,387 | $ | 367,387 | Goodwill | $ | 367,387 | $ | 367,387 | ||||||||||||
Core deposit intangibles | Core deposit intangibles | 30,667 | 32,701 | Core deposit intangibles | 28,710 | 32,701 | ||||||||||||||||
Customer list intangibles | Customer list intangibles | 2,223 | 2,350 | Customer list intangibles | 2,097 | 2,350 | ||||||||||||||||
Other intangibles | Other intangibles | 32,890 | 35,051 | Other intangibles | 30,807 | 35,051 | ||||||||||||||||
Goodwill and other intangibles, net | Goodwill and other intangibles, net | $ | 400,277 | $ | 402,438 | Goodwill and other intangibles, net | $ | 398,194 | $ | 402,438 |
Three Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||||||||
(in thousands) | (in thousands) | March 31, 2023 | December 31, 2022 | (in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Goodwill: | Goodwill: | Goodwill: | ||||||||||||||||||||
Goodwill at beginning of year | Goodwill at beginning of year | $ | 367,387 | $ | 317,189 | Goodwill at beginning of year | $ | 367,387 | $ | 317,189 | ||||||||||||
Acquisitions | Acquisitions | — | 49,970 | Acquisitions | — | 49,970 | ||||||||||||||||
Purchase accounting adjustment | Purchase accounting adjustment | — | 228 | Purchase accounting adjustment | — | 228 | ||||||||||||||||
Goodwill at end of period | Goodwill at end of period | $ | 367,387 | $ | 367,387 | Goodwill at end of period | $ | 367,387 | $ | 367,387 |
Three Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||||||||
(in thousands) | (in thousands) | March 31, 2023 | December 31, 2022 | (in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Core deposit intangibles: | Core deposit intangibles: | Core deposit intangibles: | ||||||||||||||||||||
Gross carrying amount | Gross carrying amount | $ | 60,724 | $ | 60,724 | Gross carrying amount | $ | 60,724 | $ | 60,724 | ||||||||||||
Accumulated amortization | Accumulated amortization | (30,057) | (28,023) | Accumulated amortization | (32,014) | (28,023) | ||||||||||||||||
Net book value | Net book value | $ | 30,667 | $ | 32,701 | Net book value | $ | 28,710 | $ | 32,701 | ||||||||||||
Additions during the period | Additions during the period | $ | — | $ | 19,364 | Additions during the period | $ | — | $ | 19,364 | ||||||||||||
Amortization during the period | Amortization during the period | $ | 2,034 | $ | 6,108 | Amortization during the period | $ | 3,991 | $ | 6,108 | ||||||||||||
Customer list intangibles: | Customer list intangibles: | Customer list intangibles: | ||||||||||||||||||||
Gross carrying amount | Gross carrying amount | $ | 5,523 | $ | 5,523 | Gross carrying amount | $ | 5,523 | $ | 5,523 | ||||||||||||
Accumulated amortization | Accumulated amortization | (3,300) | (3,173) | Accumulated amortization | (3,426) | (3,173) | ||||||||||||||||
Net book value | Net book value | $ | 2,223 | $ | 2,350 | Net book value | $ | 2,097 | $ | 2,350 | ||||||||||||
Amortization during the period | Amortization during the period | $ | 127 | $ | 508 | Amortization during the period | $ | 253 | $ | 508 |
Three Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||||||||
(in thousands) | (in thousands) | March 31, 2023 | December 31, 2022 | (in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Mortgage servicing rights asset: | Mortgage servicing rights asset: | Mortgage servicing rights asset: | ||||||||||||||||||||
MSR asset at beginning of year | MSR asset at beginning of year | $ | 13,080 | $ | 13,636 | MSR asset at beginning of year | $ | 13,080 | $ | 13,636 | ||||||||||||
Capitalized MSR | Capitalized MSR | 204 | 2,327 | Capitalized MSR | 620 | 2,327 | ||||||||||||||||
Amortization during the period | Amortization during the period | (740) | (2,883) | Amortization during the period | (1,489) | (2,883) | ||||||||||||||||
MSR asset at end of period | MSR asset at end of period | $ | 12,544 | $ | 13,080 | MSR asset at end of period | $ | 12,211 | $ | 13,080 | ||||||||||||
Valuation allowance at beginning of year | Valuation allowance at beginning of year | $ | (500) | $ | (1,200) | Valuation allowance at beginning of year | $ | (500) | $ | (1,200) | ||||||||||||
Reversals | Reversals | 500 | 700 | Reversals | 500 | 700 | ||||||||||||||||
Valuation allowance at end of period | Valuation allowance at end of period | $ | — | $ | (500) | Valuation allowance at end of period | $ | — | $ | (500) | ||||||||||||
MSR asset, net | MSR asset, net | $ | 12,544 | $ | 12,580 | MSR asset, net | $ | 12,211 | $ | 12,580 | ||||||||||||
Fair value of MSR asset at end of period | Fair value of MSR asset at end of period | $ | 17,708 | $ | 17,215 | Fair value of MSR asset at end of period | $ | 16,200 | $ | 17,215 | ||||||||||||
Residential mortgage loans serviced for others | Residential mortgage loans serviced for others | $ | 1,620,150 | $ | 1,637,109 | Residential mortgage loans serviced for others | $ | 1,615,985 | $ | 1,637,109 | ||||||||||||
Net book value of MSR asset to loans serviced for others | Net book value of MSR asset to loans serviced for others | 0.77 | % | 0.77 | % | Net book value of MSR asset to loans serviced for others | 0.76 | % | 0.77 | % |
Three Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||||||||
(in thousands) | (in thousands) | March 31, 2023 | December 31, 2022 | (in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Loan servicing rights asset: | Loan servicing rights asset: | Loan servicing rights asset: | ||||||||||||||||||||
LSR asset at beginning of year | LSR asset at beginning of year | $ | 11,039 | $ | 20,055 | LSR asset at beginning of year | $ | 11,039 | $ | 20,055 | ||||||||||||
Amortization during the period | Amortization during the period | (552) | (9,016) | Amortization during the period | (1,104) | (9,016) | ||||||||||||||||
LSR asset at end of period | LSR asset at end of period | $ | 10,487 | $ | 11,039 | LSR asset at end of period | $ | 9,935 | $ | 11,039 | ||||||||||||
Agricultural loans serviced for others | Agricultural loans serviced for others | $ | 528,891 | $ | 538,392 | Agricultural loans serviced for others | $ | 512,766 | $ | 538,392 |
(in thousands) | (in thousands) | Core deposit intangibles | Customer list intangibles | MSR asset | LSR asset | (in thousands) | Core deposit intangibles | Customer list intangibles | MSR asset | LSR asset | ||||||||||||||||||||||||||||||||||||
Year ending December 31, | Year ending December 31, | Year ending December 31, | ||||||||||||||||||||||||||||||||||||||||||||
2023 (remaining nine months) | $ | 5,555 | $ | 356 | $ | 1,672 | $ | 1,656 | ||||||||||||||||||||||||||||||||||||||
2023 (remaining six months) | 2023 (remaining six months) | $ | 3,598 | $ | 230 | $ | 945 | $ | 1,104 | |||||||||||||||||||||||||||||||||||||
2024 | 2024 | 6,298 | 449 | 2,680 | 1,962 | 2024 | 6,298 | 449 | 2,725 | 1,962 | ||||||||||||||||||||||||||||||||||||
2025 | 2025 | 5,161 | 449 | 1,942 | 1,717 | 2025 | 5,161 | 449 | 1,998 | 1,717 | ||||||||||||||||||||||||||||||||||||
2026 | 2026 | 3,983 | 249 | 1,434 | 1,472 | 2026 | 3,983 | 249 | 1,474 | 1,472 | ||||||||||||||||||||||||||||||||||||
2027 | 2027 | 3,218 | 166 | 1,434 | 1,227 | 2027 | 3,218 | 166 | 1,473 | 1,227 | ||||||||||||||||||||||||||||||||||||
2028 | 2028 | 2,622 | 166 | 1,432 | 981 | 2028 | 2,622 | 166 | 1,472 | 981 | ||||||||||||||||||||||||||||||||||||
Thereafter | Thereafter | 3,830 | 388 | 1,950 | 1,472 | Thereafter | 3,830 | 388 | 2,124 | 1,472 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 30,667 | $ | 2,223 | $ | 12,544 | $ | 10,487 | Total | $ | 28,710 | $ | 2,097 | $ | 12,211 | $ | 9,935 |
(in thousands) | (in thousands) | March 31, 2023 | December 31, 2022 | (in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
FHLB advances | FHLB advances | $ | 5,000 | $ | 33,000 | FHLB advances | $ | 5,000 | $ | 33,000 | ||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 39,928 | 39,720 | Junior subordinated debentures | 40,136 | 39,720 | ||||||||||||||||
Subordinated notes | Subordinated notes | 152,520 | 152,622 | Subordinated notes | 152,441 | 152,622 | ||||||||||||||||
Total long-term borrowings | Total long-term borrowings | $ | 197,448 | $ | 225,342 | Total long-term borrowings | $ | 197,577 | $ | 225,342 |
As of March 31, 2023 | As of December 31, 2022 | As of June 30, 2023 | As of December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Maturity Date | Interest Rate | Par | Unamortized Premium /(Discount) / Debt Issue Costs (1) | Carrying Value | Interest Rate | Carrying Value | (in thousands) | Maturity Date | Interest Rate | Par | Unamortized Premium /(Discount) / Debt Issue Costs (1) | Carrying Value | Interest Rate | Carrying Value | ||||||||||||||||||||||||||||||||||||
Junior Subordinated Debentures: | Junior Subordinated Debentures: | Junior Subordinated Debentures: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mid-Wisconsin Statutory Trust I (2) | Mid-Wisconsin Statutory Trust I (2) | 12/15/2035 | 6.30 | % | $ | 10,310 | $ | (2,527) | $ | 7,783 | 6.20 | % | $ | 7,734 | Mid-Wisconsin Statutory Trust I (2) | 12/15/2035 | 6.98 | % | $ | 10,310 | $ | (2,478) | $ | 7,832 | 6.20 | % | $ | 7,734 | ||||||||||||||||||||||||
Baylake Capital Trust II (3) | Baylake Capital Trust II (3) | 9/30/2036 | 6.51 | % | 16,598 | (3,115) | 13,483 | 6.08 | % | 13,424 | Baylake Capital Trust II (3) | 9/30/2036 | 6.89 | % | 16,598 | (3,056) | 13,542 | 6.08 | % | 13,424 | ||||||||||||||||||||||||||||||||
First Menasha Statutory Trust (4) | First Menasha Statutory Trust (4) | 3/17/2034 | 7.70 | % | 5,155 | (476) | 4,679 | 7.53 | % | 4,668 | First Menasha Statutory Trust (4) | 3/17/2034 | 8.30 | % | 5,155 | (465) | 4,690 | 7.53 | % | 4,668 | ||||||||||||||||||||||||||||||||
County Bancorp Statutory Trust II (5) | County Bancorp Statutory Trust II (5) | 9/15/2035 | 6.40 | % | 6,186 | (870) | 5,316 | 6.30 | % | 5,277 | County Bancorp Statutory Trust II (5) | 9/15/2035 | 7.08 | % | 6,186 | (831) | 5,355 | 6.30 | % | 5,277 | ||||||||||||||||||||||||||||||||
County Bancorp Statutory Trust III (6) | County Bancorp Statutory Trust III (6) | 6/15/2036 | 6.56 | % | 6,186 | (928) | 5,258 | 6.46 | % | 5,219 | County Bancorp Statutory Trust III (6) | 6/15/2036 | 7.24 | % | 6,186 | (889) | 5,297 | 6.46 | % | 5,219 | ||||||||||||||||||||||||||||||||
Fox River Valley Capital Trust (7) | Fox River Valley Capital Trust (7) | 5/30/2033 | 6.40 | % | 3,610 | (201) | 3,409 | 6.40 | % | 3,398 | Fox River Valley Capital Trust (7) | 5/30/2033 | 6.40 | % | 3,610 | (190) | 3,420 | 6.40 | % | 3,398 | ||||||||||||||||||||||||||||||||
Total | Total | $ | 48,045 | $ | (8,117) | $ | 39,928 | $ | 39,720 | Total | $ | 48,045 | $ | (7,909) | $ | 40,136 | $ | 39,720 | ||||||||||||||||||||||||||||||||||
Subordinated Notes: | Subordinated Notes: | Subordinated Notes: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes due 2031 | Subordinated Notes due 2031 | 7/15/2031 | 3.13 | % | $ | 100,000 | $ | (681) | $ | 99,319 | 3.13 | % | $ | 99,267 | Subordinated Notes due 2031 | 7/15/2031 | 3.13 | % | $ | 100,000 | $ | (628) | $ | 99,372 | 3.13 | % | $ | 99,267 | ||||||||||||||||||||||||
County Subordinated Notes due 2028 | County Subordinated Notes due 2028 | 6/1/2028 | 5.88 | % | 30,000 | 49 | 30,049 | 5.88 | % | 30,119 | County Subordinated Notes due 2028 | 6/1/2028 | 8.38 | % | 30,000 | — | 30,000 | 5.88 | % | 30,119 | ||||||||||||||||||||||||||||||||
County Subordinated Notes due 2030 | County Subordinated Notes due 2030 | 6/30/2030 | 7.00 | % | 22,400 | 752 | 23,152 | 7.00 | % | 23,236 | County Subordinated Notes due 2030 | 6/30/2030 | 7.00 | % | 22,400 | 669 | 23,069 | 7.00 | % | 23,236 | ||||||||||||||||||||||||||||||||
Total | Total | $ | 152,400 | $ | 120 | $ | 152,520 | $ | 152,622 | Total | $ | 152,400 | $ | 41 | $ | 152,441 | $ | 152,622 |
(in thousands) | (in thousands) | March 31, 2023 | December 31, 2022 | (in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Commitments to extend credit | Commitments to extend credit | $ | 1,850,215 | $ | 1,850,601 | Commitments to extend credit | $ | 1,826,995 | $ | 1,850,601 | ||||||||||||
Financial standby letters of credit | Financial standby letters of credit | 23,246 | 26,530 | Financial standby letters of credit | 22,777 | 26,530 | ||||||||||||||||
Performance standby letters of credit | Performance standby letters of credit | 9,952 | 9,375 | Performance standby letters of credit | 12,824 | 9,375 |
(in thousands) | (in thousands) | Fair Value Measurements Using | (in thousands) | Fair Value Measurements Using | ||||||||||||||||||||||||||||||||||||||||||||||||
Measured at Fair Value on a Recurring Basis: | Measured at Fair Value on a Recurring Basis: | Total | Level 1 | Level 2 | Level 3 | Measured at Fair Value on a Recurring Basis: | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 186,108 | $ | — | $ | 186,108 | $ | — | U.S. Treasury securities | $ | 137,198 | $ | — | $ | 137,198 | $ | — | ||||||||||||||||||||||||||||||||||
U.S. government agency securities | U.S. government agency securities | 9,970 | — | 9,970 | — | U.S. government agency securities | 8,792 | — | 8,792 | — | ||||||||||||||||||||||||||||||||||||||||||
State, county and municipals | State, county and municipals | 397,448 | — | 395,579 | 1,869 | State, county and municipals | 368,838 | — | 367,417 | 1,421 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 311,621 | — | 310,638 | 983 | Mortgage-backed securities | 301,784 | — | 300,805 | 979 | ||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 118,029 | — | 112,726 | 5,303 | Corporate debt securities | 104,496 | — | 99,241 | 5,255 | ||||||||||||||||||||||||||||||||||||||||||
Securities AFS | Securities AFS | $ | 1,023,176 | $ | — | $ | 1,015,021 | $ | 8,155 | Securities AFS | $ | 921,108 | $ | — | $ | 913,453 | $ | 7,655 | ||||||||||||||||||||||||||||||||||
Other investments (equity securities) | Other investments (equity securities) | $ | 3,912 | $ | 3,912 | $ | — | $ | — | Other investments (equity securities) | $ | 3,748 | $ | 3,748 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 183,830 | $ | — | $ | 183,830 | $ | — | U.S. Treasury securities | $ | 183,830 | $ | — | $ | 183,830 | $ | — | ||||||||||||||||||||||||||||||||||
U.S. government agency securities | U.S. government agency securities | 2,100 | — | 2,100 | — | U.S. government agency securities | 2,100 | — | 2,100 | — | ||||||||||||||||||||||||||||||||||||||||||
State, county and municipals | State, county and municipals | 398,188 | — | 396,315 | 1,873 | State, county and municipals | 398,188 | — | 396,315 | 1,873 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 200,932 | — | 199,951 | 981 | Mortgage-backed securities | 200,932 | — | 199,951 | 981 | ||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 132,568 | — | 127,269 | 5,299 | Corporate debt securities | 132,568 | — | 127,269 | 5,299 | ||||||||||||||||||||||||||||||||||||||||||
Securities AFS | Securities AFS | $ | 917,618 | $ | — | $ | 909,465 | $ | 8,153 | Securities AFS | $ | 917,618 | $ | — | $ | 909,465 | $ | 8,153 | ||||||||||||||||||||||||||||||||||
Other investments (equity securities) | Other investments (equity securities) | $ | 4,376 | $ | 4,376 | $ | — | $ | — | Other investments (equity securities) | $ | 4,376 | $ | 4,376 | $ | — | $ | — |
Three Months Ended | Year Ended | |||||||||||||||||||||||||||
(in thousands) | (in thousands) | Six Months Ended | Year Ended | |||||||||||||||||||||||||
Level 3 Fair Value Measurements: | Level 3 Fair Value Measurements: | March 31, 2023 | December 31, 2022 | Level 3 Fair Value Measurements: | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Balance at beginning of year | Balance at beginning of year | $ | 8,153 | $ | 8,065 | Balance at beginning of year | $ | 8,153 | $ | 8,065 | ||||||||||||||||||
Acquired balance | Acquired balance | — | 750 | Acquired balance | — | 750 | ||||||||||||||||||||||
Maturities / Paydowns | Maturities / Paydowns | — | (451) | Maturities / Paydowns | (451) | (451) | ||||||||||||||||||||||
Unrealized gain / (loss) | Unrealized gain / (loss) | 2 | (211) | Unrealized gain / (loss) | (47) | (211) | ||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | 8,155 | $ | 8,153 | Balance at end of period | $ | 7,655 | $ | 8,153 |
(in thousands) | (in thousands) | Fair Value Measurements Using | (in thousands) | Fair Value Measurements Using | ||||||||||||||||||||||||||||||||||||||||||||||||
Measured at Fair Value on a Nonrecurring Basis: | Measured at Fair Value on a Nonrecurring Basis: | Total | Level 1 | Level 2 | Level 3 | Measured at Fair Value on a Nonrecurring Basis: | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Collateral dependent loans | Collateral dependent loans | $ | 31,220 | $ | — | $ | — | $ | 31,220 | Collateral dependent loans | $ | 18,667 | $ | — | $ | — | $ | 18,667 | ||||||||||||||||||||||||||||||||||
Other real estate owned (“OREO”) | Other real estate owned (“OREO”) | 1,975 | — | — | 1,975 | Other real estate owned (“OREO”) | 1,478 | — | — | 1,478 | ||||||||||||||||||||||||||||||||||||||||||
MSR asset | MSR asset | 12,544 | — | — | 12,544 | MSR asset | 12,211 | — | — | 12,211 | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Collateral dependent loans | Collateral dependent loans | $ | 30,951 | $ | — | $ | — | $ | 30,951 | Collateral dependent loans | $ | 30,951 | $ | — | $ | — | $ | 30,951 | ||||||||||||||||||||||||||||||||||
OREO | OREO | 1,975 | — | — | 1,975 | OREO | 1,975 | — | — | 1,975 | ||||||||||||||||||||||||||||||||||||||||||
MSR asset | MSR asset | 12,580 | — | — | 12,580 | MSR asset | 12,580 | — | — | 12,580 |
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Carrying Amount | Estimated Fair Value | Level 1 | Level 2 | Level 3 | (in thousands) | Carrying Amount | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 114,180 | $ | 114,180 | $ | 114,180 | $ | — | $ | — | Cash and cash equivalents | $ | 505,206 | $ | 505,206 | $ | 505,206 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit in other banks | Certificates of deposit in other banks | 11,293 | 11,181 | — | 11,181 | — | Certificates of deposit in other banks | 9,808 | 9,710 | — | 9,710 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities AFS | Securities AFS | 1,023,176 | 1,023,176 | — | 1,015,021 | 8,155 | Securities AFS | 921,108 | 921,108 | — | 913,453 | 7,655 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments, including equity securities | Other investments, including equity securities | 57,482 | 57,482 | 3,912 | 42,982 | 10,588 | Other investments, including equity securities | 57,578 | 57,578 | 3,748 | 43,334 | 10,496 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 4,962 | 5,057 | — | 5,057 | — | Loans held for sale | 3,849 | 3,944 | — | 3,944 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | 6,161,320 | 5,962,242 | — | — | 5,962,242 | Loans, net | 6,159,965 | 5,854,647 | — | — | 5,854,647 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
MSR asset | MSR asset | 12,544 | 17,708 | — | — | 17,708 | MSR asset | 12,211 | 16,200 | — | — | 16,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 21,796 | 21,796 | 21,796 | — | — | Accrued interest receivable | 21,511 | 21,511 | 21,511 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | $ | 6,928,579 | $ | 6,918,140 | $ | — | $ | — | $ | 6,918,140 | Deposits | $ | 7,198,604 | $ | 7,167,820 | $ | — | $ | — | $ | 7,167,820 | ||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 50,000 | 50,000 | — | 50,000 | — | Short-term borrowings | 50,000 | 50,000 | — | 50,000 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | Long-term borrowings | 197,448 | 188,203 | — | 4,855 | 183,348 | Long-term borrowings | 197,577 | 188,603 | — | 4,701 | 183,902 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 4,219 | 4,219 | 4,219 | — | — | Accrued interest payable | 6,335 | 6,335 | 6,335 | — | — |
December 31, 2022 | ||||||||||||||||||||||||||||||||
(in thousands) | Carrying Amount | Estimated Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 154,723 | $ | 154,723 | $ | 154,723 | $ | — | $ | — | ||||||||||||||||||||||
Certificates of deposit in other banks | 12,518 | 12,407 | — | 12,407 | — | |||||||||||||||||||||||||||
Securities AFS | 917,618 | 917,618 | — | 909,465 | 8,153 | |||||||||||||||||||||||||||
Securities HTM | 679,128 | 623,352 | — | 623,352 | — | |||||||||||||||||||||||||||
Other investments, including equity securities | 65,286 | 65,286 | 4,376 | 52,093 | 8,817 | |||||||||||||||||||||||||||
Loans held for sale | 1,482 | 1,529 | — | 1,529 | — | |||||||||||||||||||||||||||
Loans, net | 6,118,670 | 5,863,570 | — | — | 5,863,570 | |||||||||||||||||||||||||||
MSR asset | 12,580 | 17,215 | — | — | 17,215 | |||||||||||||||||||||||||||
Accrued interest receivable | 21,275 | 21,275 | 21,275 | — | — | |||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Deposits | $ | 7,178,921 | $ | 7,172,779 | $ | — | $ | — | $ | 7,172,779 | ||||||||||||||||||||||
Short-term borrowings | 317,000 | 317,000 | 317,000 | — | — | |||||||||||||||||||||||||||
Long-term borrowings | 225,342 | 220,513 | — | 33,001 | 187,512 | |||||||||||||||||||||||||||
Accrued interest payable | 4,265 | 4,265 | 4,265 | — | — |
Table 1: Earnings Summary and Selected Financial Data | Table 1: Earnings Summary and Selected Financial Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At or for the Three Months Ended | At or for the Three Months Ended | At or for the Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | (In thousands, except per share data) | 3/31/2023 | 12/31/2022 | 9/30/2022 | 6/30/2022 | 3/31/2022 | (In thousands, except per share data) | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | 6/30/2022 | 6/30/2023 | 6/30/2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Results of operations: | Results of operations: | Results of operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 56,721 | $ | 68,092 | $ | 62,990 | $ | 55,084 | $ | 53,795 | Net interest income | $ | 59,039 | $ | 56,721 | $ | 68,092 | $ | 62,990 | $ | 55,084 | $ | 115,760 | $ | 108,879 | ||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 3,090 | 1,850 | 8,600 | 750 | 300 | Provision for credit losses | 450 | 3,090 | 1,850 | 8,600 | 750 | 3,540 | 1,050 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | (21,844) | 14,846 | 13,000 | 14,131 | 15,943 | Noninterest income | 16,841 | (21,844) | 14,846 | 13,000 | 14,131 | (5,003) | 30,074 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 44,875 | 43,989 | 42,567 | 36,538 | 37,550 | Noninterest expense | 44,957 | 44,875 | 43,989 | 42,567 | 36,538 | 89,832 | 74,088 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income tax expense | Income (loss) before income tax expense | (13,088) | 37,099 | 24,823 | 31,927 | 31,888 | Income (loss) before income tax expense | 30,473 | (13,088) | 37,099 | 24,823 | 31,927 | 17,385 | 63,815 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | (4,190) | 9,498 | 6,313 | 7,942 | 7,724 | Income tax expense (benefit) | 7,878 | (4,190) | 9,498 | 6,313 | 7,942 | 3,688 | 15,666 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (8,898) | $ | 27,601 | $ | 18,510 | $ | 23,985 | $ | 24,164 | Net income (loss) | $ | 22,595 | $ | (8,898) | $ | 27,601 | $ | 18,510 | $ | 23,985 | $ | 13,697 | $ | 48,149 | ||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) per common share: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) per common share ("EPS"): | Earnings (loss) per common share ("EPS"): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | (0.61) | $ | 1.88 | $ | 1.33 | $ | 1.79 | $ | 1.77 | Basic | $ | 1.54 | $ | (0.61) | $ | 1.88 | $ | 1.33 | $ | 1.79 | $ | 0.93 | $ | 3.56 | ||||||||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | $ | (0.61) | $ | 1.83 | $ | 1.29 | $ | 1.73 | $ | 1.70 | Diluted | $ | 1.51 | $ | (0.61) | $ | 1.83 | $ | 1.29 | $ | 1.73 | $ | 0.91 | $ | 3.43 | ||||||||||||||||||||||||||||||||||||||||||||
Common Shares: | Common Shares: | Common Shares: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic weighted average | Basic weighted average | 14,694 | 14,685 | 13,890 | 13,402 | 13,649 | Basic weighted average | 14,711 | 14,694 | 14,685 | 13,890 | 13,402 | 14,703 | 13,525 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted weighted average | Diluted weighted average | 14,694 | 15,110 | 14,310 | 13,852 | 14,215 | Diluted weighted average | 14,960 | 14,694 | 15,110 | 14,310 | 13,852 | 15,011 | 14,035 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding (period end) | Outstanding (period end) | 14,698 | 14,691 | 14,673 | 13,407 | 13,457 | Outstanding (period end) | 14,718 | 14,698 | 14,691 | 14,673 | 13,407 | 14,718 | 13,407 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period-End Balances: | Period-End Balances: | Period-End Balances: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | $ | 6,223,732 | $ | 6,180,499 | $ | 5,984,437 | $ | 4,978,654 | $ | 4,683,315 | Loans | $ | 6,222,776 | $ | 6,223,732 | $ | 6,180,499 | $ | 5,984,437 | $ | 4,978,654 | $ | 6,222,776 | $ | 4,978,654 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses - loans | Allowance for credit losses - loans | 62,412 | 61,829 | 60,348 | 50,655 | 49,906 | Allowance for credit losses - loans | 62,811 | 62,412 | 61,829 | 60,348 | 50,655 | 62,811 | 50,655 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | 8,192,354 | 8,763,969 | 8,895,916 | 7,370,252 | 7,320,212 | Total assets | 8,482,628 | 8,192,354 | 8,763,969 | 8,895,916 | 7,370,252 | 8,482,628 | 7,370,252 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 6,928,579 | 7,178,921 | 7,395,902 | 6,286,266 | 6,231,120 | Deposits | 7,198,604 | 6,928,579 | 7,178,921 | 7,395,902 | 6,286,266 | 7,198,604 | 6,286,266 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity (common) | Stockholders’ equity (common) | 961,792 | 972,529 | 938,463 | 839,387 | 836,310 | Stockholders’ equity (common) | 977,638 | 961,792 | 972,529 | 938,463 | 839,387 | 977,638 | 839,387 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Book value per common share | Book value per common share | 65.44 | 66.20 | 63.96 | 62.61 | 62.15 | Book value per common share | 66.42 | 65.44 | 66.20 | 63.96 | 62.61 | 66.42 | 62.61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible book value per common share (2) | Tangible book value per common share (2) | 38.20 | 38.81 | 36.21 | 37.49 | 37.03 | Tangible book value per common share (2) | 39.37 | 38.20 | 38.81 | 36.21 | 37.49 | 39.37 | 37.49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Ratios: (1) | Financial Ratios: (1) | Financial Ratios: (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average assets | Return on average assets | (0.42) | % | 1.26 | % | 0.93 | % | 1.32 | % | 1.30 | % | Return on average assets | 1.10 | % | (0.42) | % | 1.26 | % | 0.93 | % | 1.32 | % | 0.33 | % | 1.31 | % | ||||||||||||||||||||||||||||||||||||||||||||
Return on average common equity | Return on average common equity | (3.72) | 11.47 | 8.25 | 11.48 | 11.38 | Return on average common equity | 9.37 | (3.72) | 11.47 | 8.25 | 11.48 | 2.85 | 11.43 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average tangible common equity (2) | Return on average tangible common equity (2) | (6.34) | 19.85 | 13.93 | 19.21 | 18.75 | Return on average tangible common equity (2) | 15.95 | (6.34) | 19.85 | 13.93 | 19.21 | 4.86 | 18.98 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity to assets | 11.74 | 11.10 | 10.55 | 11.39 | 11.42 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity to assets | Stockholders' equity to assets | 11.53 | 11.74 | 11.10 | 10.55 | 11.39 | 11.53 | 11.39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common equity to tangible assets (2) | Tangible common equity to tangible assets (2) | 7.21 | 6.82 | 6.26 | 7.15 | 7.14 | Tangible common equity to tangible assets (2) | 7.17 | 7.21 | 6.82 | 6.26 | 7.15 | 7.17 | 7.15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures: | Reconciliation of Non-GAAP Financial Measures: | Reconciliation of Non-GAAP Financial Measures: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income (loss) reconciliation: (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income (loss) reconciliation (3) | Adjusted net income (loss) reconciliation (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) (GAAP) | Net income (loss) (GAAP) | $ | (8,898) | $ | 27,601 | $ | 18,510 | $ | 23,985 | $ | 24,164 | Net income (loss) (GAAP) | $ | 22,595 | $ | (8,898) | $ | 27,601 | $ | 18,510 | $ | 23,985 | $ | 13,697 | $ | 48,149 | ||||||||||||||||||||||||||||||||||||||||||||
Adjustments: | Adjustments: | Adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision expense (4) | Provision expense (4) | 2,340 | — | 8,000 | — | — | Provision expense (4) | — | 2,340 | — | 8,000 | — | 2,340 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets (gains) losses, net | Assets (gains) losses, net | 38,468 | (260) | 46 | (1,603) | (1,313) | Assets (gains) losses, net | 318 | 38,468 | (260) | 46 | (1,603) | 38,786 | (2,916) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger-related expense | Merger-related expense | 163 | 492 | 519 | 555 | 98 | Merger-related expense | 26 | 163 | 492 | 519 | 555 | 189 | 653 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments subtotal | Adjustments subtotal | 40,971 | 232 | 8,565 | (1,048) | (1,215) | Adjustments subtotal | 344 | 40,971 | 232 | 8,565 | (1,048) | 41,315 | (2,263) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax on Adjustments (25% effective tax rate) | Tax on Adjustments (25% effective tax rate) | 10,243 | 58 | 2,141 | (262) | (304) | Tax on Adjustments (25% effective tax rate) | 86 | 10,243 | 58 | 2,141 | (262) | 10,329 | (566) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments, net of tax | Adjustments, net of tax | 30,728 | 174 | 6,424 | (786) | (911) | Adjustments, net of tax | 258 | 30,728 | 174 | 6,424 | (786) | 30,986 | (1,697) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core banking operations / Adjusted net income (Non-GAAP) | $ | 21,830 | $ | 27,775 | $ | 24,934 | $ | 23,199 | $ | 23,253 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per common share (Non-GAAP) | $ | 1.45 | $ | 1.84 | $ | 1.74 | $ | 1.67 | $ | 1.64 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible assets: (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income (Non-GAAP) | Adjusted net income (Non-GAAP) | $ | 22,853 | $ | 21,830 | $ | 27,775 | $ | 24,934 | $ | 23,199 | $ | 44,683 | $ | 46,452 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted diluted EPS (Non-GAAP) | Adjusted diluted EPS (Non-GAAP) | $ | 1.53 | $ | 1.45 | $ | 1.84 | $ | 1.74 | $ | 1.67 | $ | 2.98 | $ | 3.31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible Assets: | Tangible Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 8,192,354 | $ | 8,763,969 | $ | 8,895,916 | $ | 7,370,252 | $ | 7,320,212 | Total assets | $ | 8,482,628 | $ | 8,192,354 | $ | 8,763,969 | $ | 8,895,916 | $ | 7,370,252 | ||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and other intangibles, net | Goodwill and other intangibles, net | 400,277 | 402,438 | 407,117 | 336,721 | 338,068 | Goodwill and other intangibles, net | 398,194 | 400,277 | 402,438 | 407,117 | 336,721 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible assets | Tangible assets | $ | 7,792,077 | $ | 8,361,531 | $ | 8,488,799 | $ | 7,033,531 | $ | 6,982,144 | Tangible assets | $ | 8,084,434 | $ | 7,792,077 | $ | 8,361,531 | $ | 8,488,799 | $ | 7,033,531 | ||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common equity: (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible Common Equity: | Tangible Common Equity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity (common) | Stockholders’ equity (common) | $ | 961,792 | $ | 972,529 | $ | 938,463 | $ | 839,387 | $ | 836,310 | Stockholders’ equity (common) | $ | 977,638 | $ | 961,792 | $ | 972,529 | $ | 938,463 | $ | 839,387 | ||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and other intangibles, net | Goodwill and other intangibles, net | 400,277 | 402,438 | 407,117 | 336,721 | 338,068 | Goodwill and other intangibles, net | 398,194 | 400,277 | 402,438 | 407,117 | 336,721 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common equity | Tangible common equity | $ | 561,515 | $ | 570,091 | $ | 531,346 | $ | 502,666 | $ | 498,242 | Tangible common equity | $ | 579,444 | $ | 561,515 | $ | 570,091 | $ | 531,346 | $ | 502,666 | ||||||||||||||||||||||||||||||||||||||||||||||||
Tangible average common equity: (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average stockholders’ equity (common) | $ | 970,108 | $ | 954,970 | $ | 890,205 | $ | 837,975 | $ | 861,319 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average goodwill and other intangibles, net | 401,212 | 403,243 | 363,211 | 337,289 | 338,694 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Tangible Common Equity: | Average Tangible Common Equity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity (common) | Stockholders’ equity (common) | $ | 967,142 | $ | 970,108 | $ | 954,970 | $ | 890,205 | $ | 837,975 | $ | 968,617 | $ | 849,582 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and other intangibles, net | Goodwill and other intangibles, net | 399,080 | 401,212 | 403,243 | 363,211 | 337,289 | 400,140 | 337,988 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average tangible common equity | Average tangible common equity | $ | 568,896 | $ | 551,727 | $ | 526,994 | $ | 500,686 | $ | 522,625 | Average tangible common equity | $ | 568,062 | $ | 568,896 | $ | 551,727 | $ | 526,994 | $ | 500,686 | $ | 568,477 | $ | 511,594 |
Sale Metrics | $ in | Assumptions | ||||||
Loss on sale of U.S.Treasury securities | $ | (37,723) | Sale of $500 million U.S. Treasury securities yielding 88 bps | |||||
Lost interest from U.S. Treasury securities | $ | (4,380) | Assumes $500 million at 88 bps | |||||
Lower interest expense on FHLB borrowings | 17,128 | Assumes $377 million at 456 bps (at time of sale) | ||||||
Interest income from investable cash | 3,905 | Assumes $83 million at 465 bps (at time of sale) | ||||||
Projected net impact from repositioning | $ | 16,653 | ||||||
Estimated earn back (in years) | 2.26 |
For the Three Months Ended March 31, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | (in thousands) | Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets | Interest-earning assets | Interest-earning assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial-based loans | $ | 5,145,341 | $ | 65,512 | 5.09 | % | $ | 3,920,744 | $ | 43,197 | 4.41 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail-based loans | 1,056,439 | 13,674 | 5.18 | % | 768,040 | 8,137 | 4.24 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans, including loan fees (1)(2) | Total loans, including loan fees (1)(2) | 6,201,780 | 79,186 | 5.11 | % | 4,688,784 | 51,334 | 4.38 | % | Total loans, including loan fees (1)(2) | $ | 6,219,868 | $ | 163,318 | 5.23 | % | $ | 4,764,073 | $ | 104,318 | 4.36 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | 1,224,395 | 4,961 | 1.63 | % | 1,386,593 | 5,127 | 1.48 | % | Taxable | 1,022,188 | 9,094 | 1.78 | % | 1,388,630 | 10,262 | 1.48 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt (2) | Tax-exempt (2) | 284,140 | 2,285 | 3.22 | % | 189,031 | 1,031 | 2.18 | % | Tax-exempt (2) | 264,935 | 4,246 | 3.21 | % | 185,689 | 2,022 | 2.18 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investment securities | Total investment securities | 1,508,535 | 7,246 | 1.93 | % | 1,575,624 | 6,158 | 1.57 | % | Total investment securities | 1,287,123 | 13,340 | 2.07 | % | 1,574,319 | 12,284 | 1.56 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest-earning assets | Other interest-earning assets | 120,275 | 1,536 | 5.11 | % | 446,783 | 817 | 0.73 | % | Other interest-earning assets | 156,353 | 3,893 | 4.96 | % | 306,662 | 1,607 | 1.05 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-loan earning assets | Total non-loan earning assets | 1,628,810 | 8,782 | 2.16 | % | 2,022,407 | 6,975 | 1.38 | % | Total non-loan earning assets | 1,443,476 | 17,233 | 2.39 | % | 1,880,981 | 13,891 | 1.48 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 7,830,590 | $ | 87,968 | 4.49 | % | 6,711,191 | $ | 58,309 | 3.48 | % | Total interest-earning assets | 7,663,344 | $ | 180,551 | 4.69 | % | 6,645,054 | $ | 118,209 | 3.54 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Other assets, net | Other assets, net | 740,033 | 808,445 | Other assets, net | 735,323 | 750,693 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 8,570,623 | $ | 7,519,636 | Total assets | $ | 8,398,667 | $ | 7,395,747 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | LIABILITIES AND STOCKHOLDERS’ EQUITY | LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | Interest-bearing liabilities | Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | $ | 888,979 | $ | 2,365 | 1.08 | % | $ | 821,452 | $ | 105 | 0.05 | % | Savings | $ | 865,588 | $ | 4,867 | 1.13 | % | $ | 831,335 | $ | 339 | 0.08 | % | ||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | 985,778 | 3,339 | 1.37 | % | 1,052,076 | 701 | 0.27 | % | Interest-bearing demand | 929,728 | 6,449 | 1.40 | % | 1,020,273 | 1,499 | 0.30 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market accounts (“MMA”) | Money market accounts (“MMA”) | 1,847,701 | 11,190 | 2.46 | % | 1,540,506 | 323 | 0.09 | % | Money market accounts (“MMA”) | 1,836,405 | 23,191 | 2.55 | % | 1,482,431 | 823 | 0.11 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Core time deposits | Core time deposits | 602,882 | 2,693 | 1.81 | % | 595,864 | 508 | 0.35 | % | Core time deposits | 670,071 | 7,808 | 2.35 | % | 563,846 | 833 | 0.30 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing core deposits | Total interest-bearing core deposits | 4,325,340 | 19,587 | 1.84 | % | 4,009,898 | 1,637 | 0.17 | % | Total interest-bearing core deposits | 4,301,792 | 42,315 | 1.98 | % | 3,897,885 | 3,494 | 0.18 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 566,282 | 5,350 | 3.83 | % | 459,460 | 555 | 0.49 | % | Brokered deposits | 603,668 | 11,962 | 4.00 | % | 441,316 | 1,108 | 0.51 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 4,891,622 | 24,937 | 2.07 | % | 4,469,358 | 2,192 | 0.20 | % | Total interest-bearing deposits | 4,905,460 | 54,277 | 2.23 | % | 4,339,201 | 4,602 | 0.21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest-bearing liabilities | 499,485 | 5,718 | 4.58 | % | 214,557 | 1,931 | 3.60 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wholesale funding | Wholesale funding | 395,742 | 9,396 | 4.72 | % | 214,767 | 3,963 | 3.69 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 5,391,107 | 30,655 | 2.30 | % | 4,683,915 | 4,123 | 0.35 | % | Total interest-bearing liabilities | 5,301,202 | 63,673 | 2.42 | % | 4,553,968 | 8,565 | 0.38 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | 2,168,640 | 1,923,186 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | Noninterest-bearing demand deposits | 2,094,860 | 1,950,528 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 40,768 | 51,216 | Other liabilities | 33,988 | 41,669 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | Stockholders’ equity | 970,108 | 861,319 | Stockholders’ equity | 968,617 | 849,582 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 8,570,623 | $ | 7,519,636 | Total liabilities and stockholders’ equity | $ | 8,398,667 | $ | 7,395,747 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income and rate spread | $ | 57,313 | 2.19 | % | $ | 54,186 | 3.13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-equivalent adjustment & net free funds | 592 | 0.72 | % | 391 | 0.10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income and net interest margin | $ | 56,721 | 2.91 | % | $ | 53,795 | 3.23 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | Interest rate spread | 2.27 | % | 3.16 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net free funds | Net free funds | 0.75 | % | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-equivalent net interest income and net interest margin | Tax-equivalent net interest income and net interest margin | $ | 116,878 | 3.02 | % | $ | 109,644 | 3.29 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-equivalent adjustment | Tax-equivalent adjustment | $ | 1,118 | $ | 765 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 115,760 | $ | 108,879 |
For the Three Months Ended March 31, 2023 Compared to March 31, 2022: | For the Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) Due to Changes in | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Volume | Rate | Net (1) | (in thousands) | Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | |||||||||||||||||||||||||||||||||||||||||
ASSETS | ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets | Interest-earning assets | Interest-earning assets | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial-based loans | $ | 14,894 | $ | 7,421 | $ | 22,315 | ||||||||||||||||||||||||||||||||||||||||||||||
Retail-based loans | 3,481 | 2,056 | 5,537 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total loans, including loan fees (2) (3) | 18,375 | 9,477 | 27,852 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total loans, including loan fees (1)(2) | Total loans, including loan fees (1)(2) | $ | 6,237,757 | $ | 84,132 | 5.35 | % | $ | 4,838,535 | $ | 52,984 | 4.34 | % | |||||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | (1,243) | 1,077 | (166) | Taxable | 822,204 | 4,133 | 2.01 | % | 1,390,642 | 5,135 | 1.48 | % | |||||||||||||||||||||||||||||||||||||||
Tax-exempt | Tax-exempt | 646 | 608 | 1,254 | Tax-exempt | 245,940 | 1,961 | 3.19 | % | 182,385 | 991 | 2.17 | % | |||||||||||||||||||||||||||||||||||||||
Total investment securities | Total investment securities | (597) | 1,685 | 1,088 | Total investment securities | 1,068,144 | 6,094 | 2.28 | % | 1,573,027 | 6,126 | 1.56 | % | |||||||||||||||||||||||||||||||||||||||
Other interest-earning assets | Other interest-earning assets | (100) | 819 | 719 | Other interest-earning assets | 192,034 | 2,357 | 4.87 | % | 168,082 | 790 | 1.87 | % | |||||||||||||||||||||||||||||||||||||||
Total non-loan earning assets | Total non-loan earning assets | (697) | 2,504 | 1,807 | Total non-loan earning assets | 1,260,178 | 8,451 | 2.68 | % | 1,741,109 | 6,916 | 1.59 | % | |||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | $ | 17,678 | $ | 11,981 | $ | 29,659 | Total interest-earning assets | 7,497,935 | $ | 92,583 | 4.90 | % | 6,579,644 | $ | 59,900 | 3.61 | % | ||||||||||||||||||||||||||||||||||
Other assets, net | Other assets, net | 730,665 | 693,575 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 8,228,600 | $ | 7,273,219 | |||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | Interest-bearing liabilities | Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | $ | 9 | $ | 2,251 | $ | 2,260 | Savings | $ | 842,454 | $ | 2,502 | 1.19 | % | $ | 841,109 | $ | 234 | 0.11 | % | ||||||||||||||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | (41) | 2,679 | 2,638 | Interest-bearing demand | 874,294 | 3,110 | 1.43 | % | 988,820 | 798 | 0.32 | % | |||||||||||||||||||||||||||||||||||||||
MMA | MMA | 78 | 10,789 | 10,867 | MMA | 1,825,233 | 12,001 | 2.64 | % | 1,424,995 | 500 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||
Core time deposits | Core time deposits | 6 | 2,179 | 2,185 | Core time deposits | 736,521 | 5,115 | 2.79 | % | 532,179 | 325 | 0.24 | % | |||||||||||||||||||||||||||||||||||||||
Total interest-bearing core deposits | Total interest-bearing core deposits | 52 | 17,898 | 17,950 | Total interest-bearing core deposits | 4,278,502 | 22,728 | 2.13 | % | 3,787,103 | 1,857 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 158 | 4,637 | 4,795 | Brokered deposits | 640,643 | 6,612 | 4.14 | % | 423,372 | 553 | 0.52 | % | |||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 210 | 22,535 | 22,745 | Total interest-bearing deposits | 4,919,145 | 29,340 | 2.39 | % | 4,210,475 | 2,410 | 0.23 | % | |||||||||||||||||||||||||||||||||||||||
Other interest-bearing liabilities | 3,143 | 644 | 3,787 | |||||||||||||||||||||||||||||||||||||||||||||||||
Wholesale funding | Wholesale funding | 293,140 | 3,678 | 4.96 | % | 214,975 | 2,032 | 3.77 | % | |||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 3,353 | 23,179 | 26,532 | Total interest-bearing liabilities | 5,212,285 | 33,018 | 2.54 | % | 4,425,450 | 4,442 | 0.40 | % | |||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | Noninterest-bearing demand deposits | 2,021,892 | 1,977,569 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 27,281 | 32,225 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | Stockholders’ equity | 967,142 | 837,975 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 8,228,600 | $ | 7,273,219 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | Interest rate spread | 2.36 | % | 3.21 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Net free funds | Net free funds | 0.78 | % | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Tax-equivalent net interest income and net interest margin | Tax-equivalent net interest income and net interest margin | $ | 59,565 | 3.14 | % | $ | 55,458 | 3.34 | % | |||||||||||||||||||||||||||||||||||||||||||
Tax-equivalent adjustment | Tax-equivalent adjustment | $ | 526 | $ | 374 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 14,325 | $ | (11,198) | $ | 3,127 | Net interest income | $ | 59,039 | $ | 55,084 |
For the Three Months Ended June 30, 2023 Compared to June 30, 2022: | For the Six Months Ended June 30, 2023 Compared to June 30, 2022: | ||||||||||||||||||||||||||||||||||
Increase (Decrease) Due to Changes in | Increase (Decrease) Due to Changes in | ||||||||||||||||||||||||||||||||||
(in thousands) | Volume | Rate | Net (1) | Volume | Rate | Net (1) | |||||||||||||||||||||||||||||
Interest-earning assets | |||||||||||||||||||||||||||||||||||
Total loans (2) | $ | 24,153 | $ | 6,995 | $ | 31,148 | $ | 35,730 | $ | 23,270 | $ | 59,000 | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||
Taxable | (1,054) | 52 | (1,002) | (1,598) | 430 | (1,168) | |||||||||||||||||||||||||||||
Tax-exempt (2) | 414 | 556 | 970 | 1,056 | 1,168 | 2,224 | |||||||||||||||||||||||||||||
Total investment securities | (640) | 608 | (32) | (542) | 1,598 | 1,056 | |||||||||||||||||||||||||||||
Other interest-earning assets | (57) | 1,624 | 1,567 | 171 | 2,115 | 2,286 | |||||||||||||||||||||||||||||
Total non-loan earning assets | (697) | 2,232 | 1,535 | (371) | 3,713 | 3,342 | |||||||||||||||||||||||||||||
Total interest-earning assets | $ | 23,456 | $ | 9,227 | $ | 32,683 | $ | 35,359 | $ | 26,983 | $ | 62,342 | |||||||||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||||||||||||||||
Savings | $ | 2 | $ | 2,266 | $ | 2,268 | $ | 14 | $ | 4,514 | $ | 4,528 | |||||||||||||||||||||||
Interest-bearing demand | (103) | 2,415 | 2,312 | (145) | 5,095 | 4,950 | |||||||||||||||||||||||||||||
MMA | 179 | 11,322 | 11,501 | 241 | 22,127 | 22,368 | |||||||||||||||||||||||||||||
Core time deposits | 171 | 4,619 | 4,790 | 184 | 6,791 | 6,975 | |||||||||||||||||||||||||||||
Total interest-bearing core deposits | 249 | 20,622 | 20,871 | 294 | 38,527 | 38,821 | |||||||||||||||||||||||||||||
Brokered deposits | 420 | 5,639 | 6,059 | 546 | 10,308 | 10,854 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 669 | 26,261 | 26,930 | 840 | 48,835 | 49,675 | |||||||||||||||||||||||||||||
Wholesale funding | 674 | 972 | 1,646 | 3,790 | 1,643 | 5,433 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,343 | 27,233 | 28,576 | 4,630 | 50,478 | 55,108 | |||||||||||||||||||||||||||||
Net interest income | $ | 22,113 | $ | (18,006) | $ | 4,107 | $ | 30,729 | $ | (23,495) | $ | 7,234 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2023 | 2022 | $ Change | % Change | (in thousands) | 2023 | 2022 | $ Change | % Change | 2023 | 2022 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust services fee income | Trust services fee income | $ | 2,033 | $ | 2,011 | $ | 22 | 1 | % | Trust services fee income | $ | 2,148 | $ | 2,004 | $ | 144 | 7 | % | $ | 4,181 | $ | 4,015 | $ | 166 | 4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Brokerage fee income | Brokerage fee income | 3,479 | 3,688 | (209) | (6) | Brokerage fee income | 3,722 | 2,988 | 734 | 25 | 7,201 | 6,676 | 525 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wealth management fee income | Wealth management fee income | 5,512 | 5,699 | (187) | (3) | Wealth management fee income | 5,870 | 4,992 | 878 | 18 | 11,382 | 10,691 | 691 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage income, net | Mortgage income, net | 1,466 | 3,253 | (1,787) | (55) | Mortgage income, net | 1,822 | 2,205 | (383) | (17) | 3,288 | 5,458 | (2,170) | (40) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 1,480 | 1,477 | 3 | — | Service charges on deposit accounts | 1,529 | 1,536 | (7) | — | 3,009 | 3,013 | (4) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Card interchange income | Card interchange income | 3,033 | 2,581 | 452 | 18 | Card interchange income | 3,331 | 2,950 | 381 | 13 | 6,364 | 5,531 | 833 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOLI income | BOLI income | 1,200 | 933 | 267 | 29 | BOLI income | 1,073 | 768 | 305 | 40 | 2,273 | 1,701 | 572 | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation plan asset market valuations | Deferred compensation plan asset market valuations | 946 | (467) | 1,413 | (303) | Deferred compensation plan asset market valuations | 499 | (1,316) | 1,815 | N/M | 1,445 | (1,783) | 3,228 | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LSR income, net | LSR income, net | 1,155 | (382) | 1,537 | N/M | LSR income, net | 1,135 | (143) | 1,278 | N/M | 2,290 | (525) | 2,815 | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 1,832 | 1,536 | 296 | 19 | Other income | 1,900 | 1,536 | 364 | 24 | 3,732 | 3,072 | 660 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 16,624 | 14,630 | 1,994 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income without net gains (losses) | Noninterest income without net gains (losses) | 17,159 | 12,528 | 4,631 | 37 | 33,783 | 27,158 | 6,625 | 24 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset gains (losses), net | Asset gains (losses), net | (38,468) | 1,313 | (39,781) | N/M | Asset gains (losses), net | (318) | 1,603 | (1,921) | N/M | (38,786) | 2,916 | (41,702) | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | $ | (21,844) | $ | 15,943 | $ | (37,787) | (237) | % | Total noninterest income | $ | 16,841 | $ | 14,131 | $ | 2,710 | 19 | % | $ | (5,003) | $ | 30,074 | $ | (35,077) | (117) | % | ||||||||||||||||||||||||||||||||||||||||||||
N/M means not meaningful. |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | 2023 | 2022 | Change | % Change | ($ in thousands) | 2023 | 2022 | Change | % Change | 2023 | 2022 | Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personnel | Personnel | $ | 24,328 | $ | 21,191 | $ | 3,137 | 15 | % | Personnel | $ | 23,900 | $ | 19,681 | $ | 4,219 | 21 | % | $ | 48,228 | $ | 40,872 | $ | 7,356 | 18 | % | ||||||||||||||||||||||||||||||||||||||||||||
Occupancy, equipment and office | Occupancy, equipment and office | 8,783 | 6,944 | 1,839 | 26 | Occupancy, equipment and office | 8,845 | 6,891 | 1,954 | 28 | 17,628 | 13,835 | 3,793 | 27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business development and marketing | Business development and marketing | 2,121 | 1,831 | 290 | 16 | Business development and marketing | 1,946 | 2,057 | (111) | (5) | 4,067 | 3,888 | 179 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 3,988 | 3,387 | 601 | 18 | Data processing | 4,218 | 3,596 | 622 | 17 | 8,206 | 6,983 | 1,223 | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangibles amortization | Intangibles amortization | 2,161 | 1,424 | 737 | 52 | Intangibles amortization | 2,083 | 1,347 | 736 | 55 | 4,244 | 2,771 | 1,473 | 53 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FDIC assessments | FDIC assessments | 540 | 480 | 60 | 13 | FDIC assessments | 1,009 | 480 | 529 | 110 | 1,549 | 960 | 589 | 61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger-related expense | Merger-related expense | 163 | 98 | 65 | 66 | Merger-related expense | 26 | 555 | (529) | (95) | 189 | 653 | (464) | (71) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expense | Other expense | 2,791 | 2,195 | 596 | 27 | Other expense | 2,930 | 1,931 | 999 | 52 | 5,721 | 4,126 | 1,595 | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | $ | 44,875 | $ | 37,550 | $ | 7,325 | 20 | % | Total noninterest expense | $ | 44,957 | $ | 36,538 | $ | 8,419 | 23 | % | $ | 89,832 | $ | 74,088 | $ | 15,744 | 21 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-personnel expenses | Non-personnel expenses | $ | 20,547 | $ | 16,359 | $ | 4,188 | 26 | % | Non-personnel expenses | $ | 21,057 | $ | 16,857 | $ | 4,200 | 25 | % | $ | 41,604 | $ | 33,216 | $ | 8,388 | 25 | % | ||||||||||||||||||||||||||||||||||||||||||||
Average full-time equivalent (“FTE”) employees | Average full-time equivalent (“FTE”) employees | 943 | 833 | 110 | 13 | % | Average full-time equivalent (“FTE”) employees | 943 | 850 | 93 | 11 | % | 943 | 842 | 101 | 12 | % |
March 31, 2023 | December 31, 2022 | March 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Amount | % of Total | Amount | % of Total | Amount | % of Total | (in thousands) | Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial & industrial | Commercial & industrial | $ | 1,330,052 | 21 | % | $ | 1,304,819 | 21 | % | $ | 1,063,300 | 23 | % | Commercial & industrial | $ | 1,318,567 | 21 | % | $ | 1,304,819 | 21 | % | $ | 1,118,360 | 23 | % | ||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 969,064 | 16 | 954,599 | 15 | 794,946 | 17 | Owner-occupied CRE | 969,202 | 16 | 954,599 | 15 | 790,680 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural | Agricultural | 1,065,909 | 17 | 1,088,607 | 18 | 826,364 | 18 | Agricultural | 1,068,999 | 17 | 1,088,607 | 18 | 967,192 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 3,365,025 | 54 | 3,348,025 | 54 | 2,684,610 | 58 | Commercial | 3,356,768 | 54 | 3,348,025 | 54 | 2,876,232 | 58 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRE investment | CRE investment | 1,146,388 | 19 | 1,149,949 | 19 | 807,602 | 17 | CRE investment | 1,108,692 | 18 | 1,149,949 | 19 | 818,562 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction & land development | Construction & land development | 333,370 | 5 | 318,600 | 5 | 211,640 | 4 | Construction & land development | 337,389 | 5 | 318,600 | 5 | 228,575 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 1,479,758 | 24 | 1,468,549 | 24 | 1,019,242 | 21 | Commercial real estate | 1,446,081 | 23 | 1,468,549 | 24 | 1,047,137 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial-based loans | Commercial-based loans | 4,844,783 | 78 | 4,816,574 | 78 | 3,703,852 | 79 | Commercial-based loans | 4,802,849 | 77 | 4,816,574 | 78 | 3,923,369 | 79 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential construction | Residential construction | 134,782 | 2 | 114,392 | 2 | 72,660 | 2 | Residential construction | 108,095 | 2 | 114,392 | 2 | 69,423 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential first mortgage | Residential first mortgage | 1,014,166 | 16 | 1,016,935 | 16 | 721,107 | 15 | Residential first mortgage | 1,072,609 | 17 | 1,016,935 | 16 | 785,591 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential junior mortgage | Residential junior mortgage | 177,026 | 3 | 177,332 | 3 | 133,817 | 3 | Residential junior mortgage | 184,873 | 3 | 177,332 | 3 | 148,732 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 1,325,974 | 21 | 1,308,659 | 21 | 927,584 | 20 | Residential real estate | 1,365,577 | 22 | 1,308,659 | 21 | 1,003,746 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail & other | Retail & other | 52,975 | 1 | 55,266 | 1 | 51,879 | 1 | Retail & other | 54,350 | 1 | 55,266 | 1 | 51,539 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail-based loans | Retail-based loans | 1,378,949 | 22 | 1,363,925 | 22 | 979,463 | 21 | Retail-based loans | 1,419,927 | 23 | 1,363,925 | 22 | 1,055,285 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 6,223,732 | 100 | % | $ | 6,180,499 | 100 | % | $ | 4,683,315 | 100 | % | Total loans | $ | 6,222,776 | 100 | % | $ | 6,180,499 | 100 | % | $ | 4,978,654 | 100 | % |
Commercial Loan Portfolio by Industry Type (based on NAICS codes) | |||||
As of March 31, 2023 | Loan Maturity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2023 | As of June 30, 2023 | Loan Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | One Year or Less | After One Year to Five Years | After Five Years to Fifteen Years | After Fifteen Years | Total | (in thousands) | One Year or Less | After One Year to Five Years | After Five Years to Fifteen Years | After Fifteen Years | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial & industrial | Commercial & industrial | $ | 461,831 | $ | 658,961 | $ | 196,521 | $ | 12,739 | $ | 1,330,052 | Commercial & industrial | $ | 464,614 | $ | 652,126 | $ | 190,494 | $ | 11,333 | $ | 1,318,567 | ||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 75,722 | 658,076 | 207,699 | 27,567 | 969,064 | Owner-occupied CRE | 74,675 | 657,889 | 203,445 | 33,193 | 969,202 | ||||||||||||||||||||||||||||||||||||||||||||||
Agricultural | Agricultural | 322,511 | 333,575 | 368,658 | 41,165 | 1,065,909 | Agricultural | 330,163 | 336,515 | 361,578 | 40,743 | 1,068,999 | ||||||||||||||||||||||||||||||||||||||||||||||
CRE investment | CRE investment | 137,888 | 734,765 | 243,544 | 30,191 | 1,146,388 | CRE investment | 131,458 | 724,139 | 226,416 | 26,679 | 1,108,692 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction & land development | Construction & land development | 47,607 | 147,750 | 107,855 | 30,158 | 333,370 | Construction & land development | 32,270 | 187,928 | 91,499 | 25,692 | 337,389 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential construction * | Residential construction * | 39,145 | 8,368 | 3,232 | 84,037 | 134,782 | Residential construction * | 28,627 | 8,088 | 4,014 | 67,366 | 108,095 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential first mortgage | Residential first mortgage | 21,559 | 261,782 | 197,860 | 532,965 | 1,014,166 | Residential first mortgage | 20,151 | 260,733 | 193,751 | 597,974 | 1,072,609 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential junior mortgage | Residential junior mortgage | 8,956 | 19,200 | 34,158 | 114,712 | 177,026 | Residential junior mortgage | 9,681 | 20,068 | 33,646 | 121,478 | 184,873 | ||||||||||||||||||||||||||||||||||||||||||||||
Retail & other | Retail & other | 26,525 | 14,449 | 7,615 | 4,386 | 52,975 | Retail & other | 28,946 | 13,454 | 7,699 | 4,251 | 54,350 | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 1,141,744 | $ | 2,836,926 | $ | 1,367,142 | $ | 877,920 | $ | 6,223,732 | Total loans | $ | 1,120,585 | $ | 2,860,940 | $ | 1,312,542 | $ | 928,709 | $ | 6,222,776 | ||||||||||||||||||||||||||||||||||||
Percent by maturity distribution | Percent by maturity distribution | 18 | % | 46 | % | 22 | % | 14 | % | 100 | % | Percent by maturity distribution | 18 | % | 46 | % | 21 | % | 15 | % | 100 | % | ||||||||||||||||||||||||||||||||||||
Total fixed rate loans | Total fixed rate loans | $ | 496,022 | $ | 2,659,905 | $ | 986,196 | $ | 306,850 | $ | 4,448,973 | Total fixed rate loans | $ | 452,373 | $ | 2,692,047 | $ | 929,155 | $ | 322,487 | $ | 4,396,062 | ||||||||||||||||||||||||||||||||||||
Total floating rate loans | Total floating rate loans | $ | 645,722 | $ | 177,021 | $ | 380,946 | $ | 571,070 | $ | 1,774,759 | Total floating rate loans | $ | 668,212 | $ | 168,893 | $ | 383,387 | $ | 606,222 | $ | 1,826,714 |
As of December 31, 2022 | Loan Maturity | ||||||||||||||||||||||||||||
(in thousands) | One Year or Less | After One Year to Five Years | After Five Years to Fifteen Years | After Fifteen Years | Total | ||||||||||||||||||||||||
Commercial & industrial | $ | 433,319 | $ | 660,560 | $ | 197,352 | $ | 13,588 | $ | 1,304,819 | |||||||||||||||||||
Owner-occupied CRE | 78,759 | 639,093 | 208,719 | 28,028 | 954,599 | ||||||||||||||||||||||||
Agricultural | 350,752 | 328,495 | 367,913 | 41,447 | 1,088,607 | ||||||||||||||||||||||||
CRE investment | 129,770 | 737,869 | 250,256 | 32,054 | 1,149,949 | ||||||||||||||||||||||||
Construction & land development | 64,169 | 131,889 | 92,379 | 30,163 | 318,600 | ||||||||||||||||||||||||
Residential construction * | 41,049 | 6,922 | 2,091 | 64,330 | 114,392 | ||||||||||||||||||||||||
Residential first mortgage | 22,985 | 263,810 | 202,514 | 527,626 | 1,016,935 | ||||||||||||||||||||||||
Residential junior mortgage | 6,814 | 19,941 | 33,201 | 117,376 | 177,332 | ||||||||||||||||||||||||
Retail & other | 27,814 | 15,002 | 8,021 | 4,429 | 55,266 | ||||||||||||||||||||||||
Total loans | $ | 1,155,431 | $ | 2,803,581 | $ | 1,362,446 | $ | 859,041 | $ | 6,180,499 | |||||||||||||||||||
Percent by maturity distribution | 19 | % | 45 | % | 22 | % | 14 | % | 100 | % | |||||||||||||||||||
Total fixed rate loans | $ | 520,535 | $ | 2,631,295 | $ | 987,225 | $ | 315,982 | $ | 4,455,037 | |||||||||||||||||||
Total floating rate loans | $ | 634,896 | $ | 172,286 | $ | 375,221 | $ | 543,059 | $ | 1,725,462 | |||||||||||||||||||
Three Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | March 31, 2023 | March 31, 2022 | December 31, 2022 | (in thousands) | June 30, 2023 | June 30, 2022 | December 31, 2022 | ||||||||||||||||||||||||||
ACL-Loans: | ACL-Loans: | ACL-Loans: | ||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 61,829 | $ | 49,672 | $ | 49,672 | Balance at beginning of period | $ | 61,829 | $ | 49,672 | $ | 49,672 | ||||||||||||||||||||
ACL on PCD loans acquired | ACL on PCD loans acquired | — | — | 1,937 | ACL on PCD loans acquired | — | — | 1,937 | ||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 750 | 300 | 10,950 | Provision for credit losses | 1,200 | 900 | 10,950 | ||||||||||||||||||||||||||
Charge-offs | Charge-offs | (184) | (100) | (1,033) | Charge-offs | (745) | (142) | (1,033) | ||||||||||||||||||||||||||
Recoveries | Recoveries | 17 | 34 | 303 | Recoveries | 527 | 225 | 303 | ||||||||||||||||||||||||||
Net (charge-offs) recoveries | Net (charge-offs) recoveries | (167) | (66) | (730) | Net (charge-offs) recoveries | (218) | 83 | (730) | ||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | 62,412 | $ | 49,906 | $ | 61,829 | Balance at end of period | $ | 62,811 | $ | 50,655 | $ | 61,829 | ||||||||||||||||||||
Net loan (charge-offs) recoveries: | Net loan (charge-offs) recoveries: | Net loan (charge-offs) recoveries: | ||||||||||||||||||||||||||||||||
Commercial & industrial | Commercial & industrial | $ | (108) | $ | 20 | $ | (86) | Commercial & industrial | $ | 115 | $ | 30 | $ | (86) | ||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | — | (36) | (555) | Owner-occupied CRE | — | (36) | (555) | ||||||||||||||||||||||||||
Agricultural | Agricultural | 2 | — | — | Agricultural | (63) | — | — | ||||||||||||||||||||||||||
CRE investment | CRE investment | — | — | 169 | CRE investment | — | 169 | 169 | ||||||||||||||||||||||||||
Construction & land development | Construction & land development | — | — | — | Construction & land development | — | — | — | ||||||||||||||||||||||||||
Residential construction | Residential construction | — | — | — | Residential construction | — | — | — | ||||||||||||||||||||||||||
Residential first mortgage | Residential first mortgage | 1 | 4 | (57) | Residential first mortgage | 2 | 5 | (57) | ||||||||||||||||||||||||||
Residential junior mortgage | Residential junior mortgage | — | — | 1 | Residential junior mortgage | (96) | 1 | 1 | ||||||||||||||||||||||||||
Retail & other | Retail & other | (62) | (54) | (202) | Retail & other | (176) | (86) | (202) | ||||||||||||||||||||||||||
Total net (charge-offs) recoveries | Total net (charge-offs) recoveries | $ | (167) | $ | (66) | $ | (730) | Total net (charge-offs) recoveries | $ | (218) | $ | 83 | $ | (730) | ||||||||||||||||||||
Ratios: | Ratios: | Ratios: | ||||||||||||||||||||||||||||||||
ACL-Loans to total loans | ACL-Loans to total loans | 1.00 | % | 1.07 | % | 1.00 | % | ACL-Loans to total loans | 1.01 | % | 1.02 | % | 1.00 | % | ||||||||||||||||||||
Net charge-offs to average loans, annualized | Net charge-offs to average loans, annualized | 0.01 | % | 0.01 | % | 0.01 | % | Net charge-offs to average loans, annualized | 0.01 | % | — | % | 0.01 | % |
(in thousands) | (in thousands) | March 31, 2023 | December 31, 2022 | March 31, 2022 | (in thousands) | June 30, 2023 | December 31, 2022 | June 30, 2022 | ||||||||||||||||||||||||||
Nonperforming loans: | Nonperforming loans: | Nonperforming loans: | ||||||||||||||||||||||||||||||||
Commercial & industrial | Commercial & industrial | $ | 2,874 | $ | 3,328 | $ | 1,849 | Commercial & industrial | $ | 3,157 | $ | 3,328 | $ | 1,784 | ||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 7,128 | 5,647 | 5,007 | Owner-occupied CRE | 6,573 | 5,647 | 5,183 | ||||||||||||||||||||||||||
Agricultural | Agricultural | 18,782 | 20,416 | 23,570 | Agricultural | 9,092 | 20,416 | 21,054 | ||||||||||||||||||||||||||
Commercial | Commercial | 28,784 | 29,391 | 30,426 | Commercial | 18,822 | 29,391 | 28,021 | ||||||||||||||||||||||||||
CRE investment | CRE investment | 4,126 | 3,832 | 3,914 | CRE investment | 2,535 | 3,832 | 3,617 | ||||||||||||||||||||||||||
Construction & land development | Construction & land development | 748 | 771 | 1,054 | Construction & land development | 95 | 771 | 1,044 | ||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 4,874 | 4,603 | 4,968 | Commercial real estate | 2,630 | 4,603 | 4,661 | ||||||||||||||||||||||||||
Commercial-based loans | Commercial-based loans | 33,658 | 33,994 | 35,394 | Commercial-based loans | 21,452 | 33,994 | 32,682 | ||||||||||||||||||||||||||
Residential construction | Residential construction | — | — | — | Residential construction | — | — | — | ||||||||||||||||||||||||||
Residential first mortgage | Residential first mortgage | 4,986 | 3,780 | 3,919 | Residential first mortgage | 3,638 | 3,780 | 3,580 | ||||||||||||||||||||||||||
Residential junior mortgage | Residential junior mortgage | 196 | 224 | 242 | Residential junior mortgage | 87 | 224 | 221 | ||||||||||||||||||||||||||
Residential real estate | Residential real estate | 5,182 | 4,004 | 4,161 | Residential real estate | 3,725 | 4,004 | 3,801 | ||||||||||||||||||||||||||
Retail & other | Retail & other | 55 | 82 | 115 | Retail & other | 101 | 82 | 97 | ||||||||||||||||||||||||||
Retail-based loans | Retail-based loans | 5,237 | 4,086 | 4,276 | Retail-based loans | 3,826 | 4,086 | 3,898 | ||||||||||||||||||||||||||
Total nonaccrual loans | Total nonaccrual loans | 38,895 | 38,080 | 39,670 | Total nonaccrual loans | 25,278 | 38,080 | 36,580 | ||||||||||||||||||||||||||
Accruing loans past due 90 days or more | Accruing loans past due 90 days or more | — | — | — | Accruing loans past due 90 days or more | — | — | — | ||||||||||||||||||||||||||
Total nonperforming loans | Total nonperforming loans | $ | 38,895 | $ | 38,080 | $ | 39,670 | Total nonperforming loans | $ | 25,278 | $ | 38,080 | $ | 36,580 | ||||||||||||||||||||
Nonaccrual loans (included above) covered by guarantees | Nonaccrual loans (included above) covered by guarantees | $ | 5,372 | $ | 5,459 | $ | 4,675 | Nonaccrual loans (included above) covered by guarantees | $ | 3,110 | $ | 5,459 | $ | 4,883 | ||||||||||||||||||||
OREO: | OREO: | OREO: | ||||||||||||||||||||||||||||||||
Commercial real estate owned | Commercial real estate owned | $ | 628 | $ | 628 | $ | 797 | Commercial real estate owned | $ | 520 | $ | 628 | $ | 628 | ||||||||||||||||||||
Bank property real estate owned | Bank property real estate owned | 1,347 | 1,347 | 9,019 | Bank property real estate owned | 958 | 1,347 | 4,378 | ||||||||||||||||||||||||||
Total OREO | Total OREO | 1,975 | 1,975 | 9,816 | Total OREO | 1,478 | 1,975 | 5,006 | ||||||||||||||||||||||||||
Total nonperforming assets | Total nonperforming assets | $ | 40,870 | $ | 40,055 | $ | 49,486 | Total nonperforming assets | $ | 26,756 | $ | 40,055 | $ | 41,586 | ||||||||||||||||||||
Ratios: | Ratios: | Ratios: | ||||||||||||||||||||||||||||||||
Nonperforming loans to total loans | Nonperforming loans to total loans | 0.62 | % | 0.62 | % | 0.85 | % | Nonperforming loans to total loans | 0.41 | % | 0.62 | % | 0.73 | % | ||||||||||||||||||||
Nonperforming assets to total loans plus OREO | Nonperforming assets to total loans plus OREO | 0.66 | % | 0.65 | % | 1.05 | % | Nonperforming assets to total loans plus OREO | 0.43 | % | 0.65 | % | 0.83 | % | ||||||||||||||||||||
Nonperforming assets to total assets | Nonperforming assets to total assets | 0.50 | % | 0.46 | % | 0.68 | % | Nonperforming assets to total assets | 0.32 | % | 0.46 | % | 0.56 | % | ||||||||||||||||||||
ACL-Loans to nonperforming loans | ACL-Loans to nonperforming loans | 160 | % | 162 | % | 126 | % | ACL-Loans to nonperforming loans | 248 | % | 162 | % | 138 | % |
March 31, 2023 | December 31, 2022 | March 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Amount | % of Total | Amount | % of Total | Amount | % of Total | (in thousands) | Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | $ | 2,094,623 | 30 | % | $ | 2,361,816 | 33 | % | $ | 1,912,995 | 31 | % | Noninterest-bearing demand | $ | 2,059,939 | 29 | % | $ | 2,361,816 | 33 | % | $ | 2,045,732 | 33 | % | ||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | 1,138,415 | 17 | % | 1,279,850 | 18 | % | 1,239,582 | 20 | % | Interest-bearing demand | 1,030,919 | 14 | % | 1,279,850 | 18 | % | 1,230,822 | 20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Money market | Money market | 1,886,879 | 27 | % | 1,707,619 | 24 | % | 1,500,442 | 24 | % | Money market | 1,835,523 | 26 | % | 1,707,619 | 24 | % | 1,411,688 | 22 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | 865,824 | 12 | % | 931,417 | 13 | % | 841,369 | 13 | % | Savings | 821,803 | 11 | % | 931,417 | 13 | % | 858,160 | 13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Time | Time | 942,838 | 14 | % | 898,219 | 12 | % | 736,732 | 12 | % | Time | 1,450,420 | 20 | % | 898,219 | 12 | % | 739,864 | 12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 6,928,579 | 100 | % | $ | 7,178,921 | 100 | % | $ | 6,231,120 | 100 | % | Total deposits | $ | 7,198,604 | 100 | % | $ | 7,178,921 | 100 | % | $ | 6,286,266 | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||
Brokered transaction accounts | Brokered transaction accounts | $ | 233,393 | 4 | % | $ | 252,829 | 3 | % | $ | 228,079 | 4 | % | Brokered transaction accounts | $ | 173,107 | 2 | % | $ | 252,829 | 3 | % | $ | 265,240 | 4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Brokered and listed time deposits | Brokered and listed time deposits | 289,181 | 4 | % | 339,066 | 5 | % | 180,823 | 3 | % | Brokered and listed time deposits | 566,405 | 8 | % | 339,066 | 5 | % | 218,198 | 4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total brokered deposits | Total brokered deposits | $ | 522,574 | 8 | % | $ | 591,895 | 8 | % | $ | 408,902 | 7 | % | Total brokered deposits | $ | 739,512 | 10 | % | $ | 591,895 | 8 | % | $ | 483,438 | 8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Customer transaction accounts | Customer transaction accounts | $ | 5,752,348 | 83 | % | $ | 6,027,873 | 84 | % | $ | 5,266,309 | 84 | % | Customer transaction accounts | $ | 5,575,077 | 78 | % | $ | 6,027,873 | 84 | % | $ | 5,281,162 | 84 | % | ||||||||||||||||||||||||||||||||||||||||||||
Customer time deposits | Customer time deposits | 653,657 | 9 | % | 559,153 | 8 | % | 555,909 | 9 | % | Customer time deposits | 884,015 | 12 | % | 559,153 | 8 | % | 521,666 | 8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total customer deposits (core) | Total customer deposits (core) | $ | 6,406,005 | 92 | % | $ | 6,587,026 | 92 | % | $ | 5,822,218 | 93 | % | Total customer deposits (core) | $ | 6,459,092 | 90 | % | $ | 6,587,026 | 92 | % | $ | 5,802,828 | 92 | % |
(in thousands) | (in thousands) | March 31, 2023 | December 31, 2022 | (in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Commitments to extend credit | Commitments to extend credit | $ | 1,850,215 | $ | 1,850,601 | Commitments to extend credit | $ | 1,826,995 | $ | 1,850,601 | ||||||||||||
Financial standby letters of credit | Financial standby letters of credit | 23,246 | 26,530 | Financial standby letters of credit | 22,777 | 26,530 | ||||||||||||||||
Performance standby letters of credit | Performance standby letters of credit | 9,952 | 9,375 | Performance standby letters of credit | 12,824 | 9,375 |
(in millions) | ||||||||
FHLB Borrowing Availability (1) | $ | |||||||
Fed Funds Lines | 155 | |||||||
Fed Discount Window | 11 | |||||||
Immediate Funding Availability | $ | |||||||
Unencumbered AFS Securities | $ | |||||||
Less: AFS Securities retained per policy (2) | ||||||||
Brokered Capacity | ||||||||
Guaranteed portion of SBA loans | ||||||||
Other funding sources | ||||||||
Short-Term Funding Availability (3) | $ | |||||||
Total Contingent Funding Availability | $ | |||||||
(1) Excludes outstanding FHLB borrowings of $55 million at | ||||||||
(2) Excludes | ||||||||
(3) Short-term funding availability defined as funding that could be secured between 2 and 30 days. |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
200 bps decrease in interest rates | 200 bps decrease in interest rates | (0.1) | % | (0.7) | % | 200 bps decrease in interest rates | (2.1) | % | (0.7) | % | ||||||||||||
100 bps decrease in interest rates | 100 bps decrease in interest rates | (0.1) | % | (0.4) | % | 100 bps decrease in interest rates | (1.1) | % | (0.4) | % | ||||||||||||
100 bps increase in interest rates | 100 bps increase in interest rates | (0.2) | % | — | % | 100 bps increase in interest rates | 1.1 | % | — | % | ||||||||||||
200 bps increase in interest rates | 200 bps increase in interest rates | (0.3) | % | 0.1 | % | 200 bps increase in interest rates | 2.3 | % | 0.1 | % |
At or for the Three Months Ended | At or for the Year Ended | At or for the Six Months Ended | At or for the Year Ended | |||||||||||||||||||
($ in thousands) | ($ in thousands) | March 31, 2023 | December 31, 2022 | ($ in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Company Stock Repurchases: * | Company Stock Repurchases: * | Company Stock Repurchases: * | ||||||||||||||||||||
Common stock repurchased during the period (dollars) | Common stock repurchased during the period (dollars) | $ | — | $ | 61,483 | Common stock repurchased during the period (dollars) | $ | 1,519 | $ | 61,483 | ||||||||||||
Common stock repurchased during the period (full shares) | Common stock repurchased during the period (full shares) | — | 671,662 | Common stock repurchased during the period (full shares) | 26,853 | 671,662 | ||||||||||||||||
Company Risk-Based Capital: | Company Risk-Based Capital: | Company Risk-Based Capital: | ||||||||||||||||||||
Total risk-based capital | Total risk-based capital | $ | 886,051 | $ | 889,763 | Total risk-based capital | $ | 902,726 | $ | 889,763 | ||||||||||||
Tier 1 risk-based capital | Tier 1 risk-based capital | 676,114 | 684,280 | Tier 1 risk-based capital | 698,469 | 684,280 | ||||||||||||||||
Common equity Tier 1 capital | Common equity Tier 1 capital | 637,967 | 646,341 | Common equity Tier 1 capital | 660,114 | 646,341 | ||||||||||||||||
Total capital ratio | Total capital ratio | 12.3 | % | 12.3 | % | Total capital ratio | 12.7 | % | 12.3 | % | ||||||||||||
Tier 1 capital ratio | Tier 1 capital ratio | 9.4 | % | 9.5 | % | Tier 1 capital ratio | 9.8 | % | 9.5 | % | ||||||||||||
Common equity tier 1 capital ratio | Common equity tier 1 capital ratio | 8.9 | % | 9.0 | % | Common equity tier 1 capital ratio | 9.3 | % | 9.0 | % | ||||||||||||
Tier 1 leverage ratio | Tier 1 leverage ratio | 8.2 | % | 8.2 | % | Tier 1 leverage ratio | 8.8 | % | 8.2 | % | ||||||||||||
Bank Risk-Based Capital: | Bank Risk-Based Capital: | Bank Risk-Based Capital: | ||||||||||||||||||||
Total risk-based capital | Total risk-based capital | $ | 813,992 | $ | 816,951 | Total risk-based capital | $ | 841,973 | $ | 816,951 | ||||||||||||
Tier 1 risk-based capital | Tier 1 risk-based capital | 756,575 | 764,090 | Tier 1 risk-based capital | 784,157 | 764,090 | ||||||||||||||||
Common equity Tier 1 capital | Common equity Tier 1 capital | 756,575 | 764,090 | Common equity Tier 1 capital | 784,157 | 764,090 | ||||||||||||||||
Total capital ratio | Total capital ratio | 11.3 | % | 11.3 | % | Total capital ratio | 11.8 | % | 11.3 | % | ||||||||||||
Tier 1 capital ratio | Tier 1 capital ratio | 10.5 | % | 10.6 | % | Tier 1 capital ratio | 11.0 | % | 10.6 | % | ||||||||||||
Common equity tier 1 capital ratio | Common equity tier 1 capital ratio | 10.5 | % | 10.6 | % | Common equity tier 1 capital ratio | 11.0 | % | 10.6 | % | ||||||||||||
Tier 1 leverage ratio | Tier 1 leverage ratio | 9.2 | % | 9.1 | % | Tier 1 leverage ratio | 9.9 | % | 9.1 | % | ||||||||||||
* Reflects common stock repurchased under board of director authorizations for the common stock repurchase program. | * Reflects common stock repurchased under board of director authorizations for the common stock repurchase program. | * Reflects common stock repurchased under board of director authorizations for the common stock repurchase program. |
Total Number of Shares Purchased (a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (b) | ||||||||||||||||||||
(#) | ($) | (#) | (#) | ||||||||||||||||||||
Period | |||||||||||||||||||||||
January 1 – January 31, 2023 | — | $ | — | — | |||||||||||||||||||
February 1 – February 28, 2023 | — | $ | — | — | |||||||||||||||||||
March 1 – March 31, 2023 | 492 | $ | 75.26 | — | |||||||||||||||||||
Total | 492 | $ | 75.26 | — | 753,000 |
Total Number of Shares Purchased (a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (b) | ||||||||||||||||||||
(#) | ($) | (#) | (#) | ||||||||||||||||||||
Period | |||||||||||||||||||||||
April 1 – April 30, 2023 | 21,031 | $ | 59.63 | 12,116 | |||||||||||||||||||
May 1 – May 31, 2023 | 18,430 | $ | 57.48 | 14,737 | |||||||||||||||||||
June 1 – June 30, 2023 | 1,672 | $ | 72.36 | — | |||||||||||||||||||
Total | 41,133 | $ | 59.18 | 26,853 | 677,000 |
Exhibit Number | Description | |||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | The XBRL Instance Document does not appear in the Interactive Date File because its XBRL tags are embedded within the Inline XBRL document (1) | |||||||
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) |
NICOLET BANKSHARES, INC. | |||||
/s/ Michael E. Daniels | |||||
Michael E. Daniels | |||||
President and Chief Executive Officer | |||||
/s/ H. Phillip Moore, Jr. | |||||
H. Phillip Moore, Jr. | |||||
Chief Financial Officer |