Illinois | 37-1233196 | |||||||||||||
(State of other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
1201 Network Centre Drive | 62401 | |||||||||||||
Effingham, IL | (Zip Code) | |||||||||||||
(Address of principal executive offices) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Common stock, $0.01 par value | MSBI | Nasdaq Global Select Market |
Large accelerated filer | ☐ | Accelerated filer | ☒ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||||
Emerging growth company | ☐ |
Page | ||||||||
Consolidated Balance Sheets at June 30, | ||||||||
Consolidated Statements of Income (Unaudited) for the three and six months ended June 30, | ||||||||
Consolidated Statements of Comprehensive Income (Unaudited) for the three and six months ended June 30, | ||||||||
Consolidated Statements of Shareholders’ Equity (Unaudited) for the three and six months ended June 30, | ||||||||
Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, | ||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||
(unaudited) | ||||||||||||||
Assets | ||||||||||||||
Cash and due from banks | $ | 418,782 | $ | 337,080 | ||||||||||
Federal funds sold | 6,318 | 4,560 | ||||||||||||
Cash and cash equivalents | 425,100 | 341,640 | ||||||||||||
Investment securities available for sale, at fair value (allowance for credit losses of $326 and $366 at June 30, 2021 and December 31, 2020, respectively) | 747,325 | 676,711 | ||||||||||||
Equity securities, at fair value | 9,506 | 9,424 | ||||||||||||
Loans | 4,835,866 | 5,103,331 | ||||||||||||
Allowance for credit losses on loans | (58,664) | (60,443) | ||||||||||||
Total loans, net | 4,777,202 | 5,042,888 | ||||||||||||
Loans held for sale | 12,187 | 138,090 | ||||||||||||
Premises and equipment, net | 71,803 | 74,124 | ||||||||||||
Operating lease right-of-use asset | 8,896 | 9,177 | ||||||||||||
Other real estate owned | 12,768 | 20,247 | ||||||||||||
Nonmarketable equity securities | 48,673 | 56,596 | ||||||||||||
Accrued interest receivable | 22,623 | 23,545 | ||||||||||||
Loan servicing rights, at lower of cost or fair value | 34,577 | 39,276 | ||||||||||||
Goodwill | 161,904 | 161,904 | ||||||||||||
Other intangible assets, net | 27,900 | 28,382 | ||||||||||||
Cash surrender value of life insurance policies | 148,277 | 146,004 | ||||||||||||
Other assets | 121,269 | 100,532 | ||||||||||||
Total assets | $ | 6,630,010 | $ | 6,868,540 | ||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||
Liabilities: | ||||||||||||||
Deposits: | ||||||||||||||
Noninterest-bearing | $ | 1,366,453 | $ | 1,469,579 | ||||||||||
Interest-bearing | 3,829,898 | 3,631,437 | ||||||||||||
Total deposits | 5,196,351 | 5,101,016 | ||||||||||||
Short-term borrowings | 75,985 | 68,957 | ||||||||||||
FHLB advances and other borrowings | 440,171 | 779,171 | ||||||||||||
Subordinated debt | 138,906 | 169,795 | ||||||||||||
Trust preferred debentures | 49,094 | 48,814 | ||||||||||||
Operating lease liabilities | 11,306 | 11,958 | ||||||||||||
Other liabilities | 70,011 | 67,438 | ||||||||||||
Total liabilities | 5,981,824 | 6,247,149 | ||||||||||||
Shareholders’ Equity: | ||||||||||||||
Common stock, $0.01 par value; 40,000,000 shares authorized; 22,380,492 and 22,325,471 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 224 | 223 | ||||||||||||
Capital surplus | 455,215 | 453,410 | ||||||||||||
Retained earnings | 182,361 | 156,327 | ||||||||||||
Accumulated other comprehensive income | 10,386 | 11,431 | ||||||||||||
Total shareholders’ equity | 648,186 | 621,391 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 6,630,010 | $ | 6,868,540 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Loans: | |||||||||||||||||||||||
Taxable | $ | 52,490 | $ | 53,173 | $ | 107,044 | $ | 106,712 | |||||||||||||||
Tax exempt | 650 | 785 | 1,320 | 1,621 | |||||||||||||||||||
Loans held for sale | 261 | 1,004 | 703 | 1,195 | |||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
Taxable | 3,451 | 3,872 | 6,731 | 7,966 | |||||||||||||||||||
Tax exempt | 794 | 862 | 1,575 | 1,849 | |||||||||||||||||||
Nonmarketable equity securities | 609 | 680 | 1,289 | 1,285 | |||||||||||||||||||
Federal funds sold and cash investments | 142 | 172 | 238 | 1,234 | |||||||||||||||||||
Total interest income | 58,397 | 60,548 | 118,900 | 121,862 | |||||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Deposits | 2,992 | 5,559 | 6,175 | 13,921 | |||||||||||||||||||
Short-term borrowings | 20 | 28 | 44 | 129 | |||||||||||||||||||
FHLB advances and other borrowings | 2,470 | 2,905 | 5,040 | 5,872 | |||||||||||||||||||
Subordinated debt | 2,316 | 2,481 | 4,683 | 4,990 | |||||||||||||||||||
Trust preferred debentures | 489 | 586 | 980 | 1,310 | |||||||||||||||||||
Total interest expense | 8,287 | 11,559 | 16,922 | 26,222 | |||||||||||||||||||
Net interest income | 50,110 | 48,989 | 101,978 | 95,640 | |||||||||||||||||||
Provision for credit losses: | |||||||||||||||||||||||
Provision for credit losses on loans | 0 | 11,610 | 3,950 | 22,179 | |||||||||||||||||||
Provision for credit losses on unfunded commitments | (265) | (665) | (800) | 269 | |||||||||||||||||||
Provision for other credit losses | (190) | 52 | (40) | 127 | |||||||||||||||||||
Total provision for credit losses | (455) | 10,997 | 3,110 | 22,575 | |||||||||||||||||||
Net interest income after provision for credit losses | 50,565 | 37,992 | 98,868 | 73,065 | |||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||
Wealth management revenue | 6,529 | 5,698 | 12,460 | 11,375 | |||||||||||||||||||
Commercial FHA revenue | 342 | 3,414 | 634 | 4,681 | |||||||||||||||||||
Residential mortgage banking revenue | 1,562 | 2,723 | 3,136 | 4,478 | |||||||||||||||||||
Service charges on deposit accounts | 1,916 | 1,706 | 3,742 | 4,362 | |||||||||||||||||||
Interchange revenue | 3,797 | 3,013 | 7,172 | 5,846 | |||||||||||||||||||
Gain on sales of investment securities, net | 377 | 0 | 377 | 0 | |||||||||||||||||||
Impairment on commercial mortgage servicing rights | (1,148) | (107) | (2,423) | (8,575) | |||||||||||||||||||
Company-owned life insurance | 863 | 892 | 1,723 | 1,792 | |||||||||||||||||||
Other income | 3,179 | 2,057 | 5,412 | 4,035 | |||||||||||||||||||
Total noninterest income | 17,417 | 19,396 | 32,233 | 27,994 | |||||||||||||||||||
Noninterest expense: | |||||||||||||||||||||||
Salaries and employee benefits | 22,071 | 20,740 | 42,599 | 41,803 | |||||||||||||||||||
Occupancy and equipment | 3,796 | 4,286 | 7,736 | 9,155 | |||||||||||||||||||
Data processing | 6,288 | 5,458 | 12,281 | 10,935 | |||||||||||||||||||
Professional | 5,549 | 1,606 | 7,734 | 3,461 | |||||||||||||||||||
Marketing | 700 | 794 | 1,177 | 1,775 | |||||||||||||||||||
Communications | 824 | 946 | 1,646 | 2,236 | |||||||||||||||||||
Amortization of intangible assets | 1,470 | 1,629 | 2,985 | 3,391 | |||||||||||||||||||
FHLB advances prepayment fees | 3,669 | 0 | 3,677 | 0 | |||||||||||||||||||
Other expense | 4,574 | 5,936 | 8,185 | 10,305 | |||||||||||||||||||
Total noninterest expense | 48,941 | 41,395 | 88,020 | 83,061 | |||||||||||||||||||
Income before income taxes | 19,041 | 15,993 | 43,081 | 17,998 | |||||||||||||||||||
Income taxes | (1,083) | 3,424 | 4,419 | 3,880 | |||||||||||||||||||
Net income | $ | 20,124 | $ | 12,569 | $ | 38,662 | $ | 14,118 | |||||||||||||||
Per common share data: | |||||||||||||||||||||||
Basic earnings per common share | $ | 0.88 | $ | 0.53 | $ | 1.70 | $ | 0.59 | |||||||||||||||
Diluted earnings per common share | $ | 0.88 | $ | 0.53 | $ | 1.69 | $ | 0.58 | |||||||||||||||
Weighted average common shares outstanding | 22,591,127 | 23,338,890 | 22,557,728 | 23,886,215 | |||||||||||||||||||
Weighted average diluted common shares outstanding | 22,677,515 | 23,339,964 | 22,633,040 | 23,922,888 |
June 30, 2022 | December 31, 2021 | |||||||||||||
(unaudited) | ||||||||||||||
Assets | ||||||||||||||
Cash and due from banks | $ | 264,173 | $ | 673,297 | ||||||||||
Federal funds sold | 5,944 | 7,074 | ||||||||||||
Cash and cash equivalents | 270,117 | 680,371 | ||||||||||||
Investment securities available for sale, at fair value (allowance for credit losses of $0 and $221 at June 30, 2022 and December 31, 2021, respectively) | 760,540 | 906,603 | ||||||||||||
Equity securities, at fair value | 8,738 | 9,529 | ||||||||||||
Loans | 5,795,544 | 5,224,801 | ||||||||||||
Allowance for credit losses on loans | (54,898) | (51,062) | ||||||||||||
Total loans, net | 5,740,646 | 5,173,739 | ||||||||||||
Loans held for sale | 5,298 | 32,045 | ||||||||||||
Premises and equipment, net | 77,668 | 79,220 | ||||||||||||
Other real estate owned | 11,131 | 12,059 | ||||||||||||
Nonmarketable equity securities | 35,701 | 36,341 | ||||||||||||
Accrued interest receivable | 16,552 | 19,470 | ||||||||||||
Loan servicing rights, at lower of cost or fair value | 25,879 | 28,865 | ||||||||||||
Goodwill | 161,904 | 161,904 | ||||||||||||
Other intangible assets, net | 23,559 | 24,374 | ||||||||||||
Company-owned life insurance | 148,900 | 148,378 | ||||||||||||
Other assets | 149,179 | 130,907 | ||||||||||||
Total assets | $ | 7,435,812 | $ | 7,443,805 | ||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||
Liabilities: | ||||||||||||||
Deposits: | ||||||||||||||
Noninterest-bearing demand deposits | $ | 1,972,261 | $ | 2,245,701 | ||||||||||
Interest-bearing deposits | 4,212,177 | 3,864,947 | ||||||||||||
Total deposits | 6,184,438 | 6,110,648 | ||||||||||||
Short-term borrowings | 67,689 | 76,803 | ||||||||||||
Federal Home Loan Bank advances and other borrowings | 285,000 | 310,171 | ||||||||||||
Subordinated debt | 139,277 | 139,091 | ||||||||||||
Trust preferred debentures | 49,674 | 49,374 | ||||||||||||
Accrued interest payable and other liabilities | 73,546 | 93,881 | ||||||||||||
Total liabilities | 6,799,624 | 6,779,968 | ||||||||||||
Shareholders’ Equity: | ||||||||||||||
Common stock, $0.01 par value; 40,000,000 shares authorized; 22,060,255 and 22,050,537 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively | 221 | 221 | ||||||||||||
Capital surplus | 446,894 | 445,907 | ||||||||||||
Retained earnings | 242,170 | 212,472 | ||||||||||||
Accumulated other comprehensive (loss) income, net of tax | (53,097) | 5,237 | ||||||||||||
Total shareholders’ equity | 636,188 | 663,837 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 7,435,812 | $ | 7,443,805 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Loans including fees: | |||||||||||||||||||||||
Taxable | $ | 62,943 | $ | 52,490 | $ | 119,529 | $ | 107,044 | |||||||||||||||
Tax exempt | 514 | 650 | 1,062 | 1,320 | |||||||||||||||||||
Loans held for sale | 77 | 261 | 297 | 703 | |||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
Taxable | 4,055 | 3,451 | 7,952 | 6,731 | |||||||||||||||||||
Tax exempt | 692 | 794 | 1,534 | 1,575 | |||||||||||||||||||
Nonmarketable equity securities | 487 | 609 | 971 | 1,289 | |||||||||||||||||||
Federal funds sold and cash investments | 468 | 142 | 639 | 238 | |||||||||||||||||||
Total interest income | 69,236 | 58,397 | 131,984 | 118,900 | |||||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Deposits | 3,810 | 2,992 | 5,971 | 6,175 | |||||||||||||||||||
Short-term borrowings | 22 | 20 | 45 | 44 | |||||||||||||||||||
Federal Home Loan Bank advances and other borrowings | 1,435 | 2,470 | 2,647 | 5,040 | |||||||||||||||||||
Subordinated debt | 2,011 | 2,316 | 4,022 | 4,683 | |||||||||||||||||||
Trust preferred debentures | 624 | 489 | 1,138 | 980 | |||||||||||||||||||
Total interest expense | 7,902 | 8,287 | 13,823 | 16,922 | |||||||||||||||||||
Net interest income | 61,334 | 50,110 | 118,161 | 101,978 | |||||||||||||||||||
Provision for credit losses: | |||||||||||||||||||||||
Provision for credit losses on loans | 4,741 | — | 8,873 | 3,950 | |||||||||||||||||||
Provision for credit losses on unfunded commitments | 700 | (265) | 956 | (800) | |||||||||||||||||||
Recapture of provision for other credit losses | — | (190) | (221) | (40) | |||||||||||||||||||
Total provision for credit losses | 5,441 | (455) | 9,608 | 3,110 | |||||||||||||||||||
Net interest income after provision for credit losses | 55,893 | 50,565 | 108,553 | 98,868 | |||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||
Wealth management revenue | 6,143 | 6,529 | 13,282 | 12,460 | |||||||||||||||||||
Residential mortgage banking revenue | 384 | 1,562 | 983 | 3,136 | |||||||||||||||||||
Service charges on deposit accounts | 2,304 | 1,916 | 4,372 | 3,742 | |||||||||||||||||||
Interchange revenue | 3,590 | 3,797 | 6,870 | 7,172 | |||||||||||||||||||
(Loss) gain on sales of investment securities, net | (101) | 377 | (101) | 377 | |||||||||||||||||||
Impairment on commercial mortgage servicing rights | (869) | (1,148) | (1,263) | (2,423) | |||||||||||||||||||
Company-owned life insurance | 840 | 863 | 1,859 | 1,723 | |||||||||||||||||||
Other income | 2,322 | 3,521 | 4,224 | 6,046 | |||||||||||||||||||
Total noninterest income | 14,613 | 17,417 | 30,226 | 32,233 | |||||||||||||||||||
Noninterest expense: | |||||||||||||||||||||||
Salaries and employee benefits | 22,645 | 22,071 | 44,515 | 42,599 | |||||||||||||||||||
Occupancy and equipment | 3,489 | 3,796 | 7,244 | 7,736 | |||||||||||||||||||
Data processing | 6,082 | 6,288 | 11,955 | 12,281 | |||||||||||||||||||
Professional | 1,516 | 5,549 | 3,488 | 7,734 | |||||||||||||||||||
Marketing | 733 | 700 | 1,421 | 1,177 | |||||||||||||||||||
Communications | 635 | 824 | 1,347 | 1,646 | |||||||||||||||||||
Amortization of intangible assets | 1,318 | 1,470 | 2,716 | 2,985 | |||||||||||||||||||
Federal Home Loan Bank advances prepayment fees | — | 3,669 | — | 3,677 | |||||||||||||||||||
Other expense | 4,921 | 4,574 | 9,537 | 8,185 | |||||||||||||||||||
Total noninterest expense | 41,339 | 48,941 | 82,223 | 88,020 | |||||||||||||||||||
Income before income taxes | 29,167 | 19,041 | 56,556 | 43,081 | |||||||||||||||||||
Income taxes | 7,284 | (1,083) | 13,924 | 4,419 | |||||||||||||||||||
Net income | $ | 21,883 | $ | 20,124 | $ | 42,632 | $ | 38,662 | |||||||||||||||
Per common share data: | |||||||||||||||||||||||
Basic earnings per common share | $ | 0.97 | $ | 0.88 | $ | 1.89 | $ | 1.70 | |||||||||||||||
Diluted earnings per common share | $ | 0.97 | $ | 0.88 | $ | 1.89 | $ | 1.69 | |||||||||||||||
Weighted average common shares outstanding | 22,305,590 | 22,591,127 | 22,290,486 | 22,557,728 | |||||||||||||||||||
Weighted average diluted common shares outstanding | 22,360,819 | 22,677,515 | 22,355,936 | 22,633,040 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 20,124 | $ | 12,569 | $ | 38,662 | $ | 14,118 | Net income | $ | 21,883 | $ | 20,124 | $ | 42,632 | $ | 38,662 | ||||||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss: | Other comprehensive loss: | |||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | Investment securities available for sale: | Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) that occurred during the period | 565 | 4,073 | (6,176) | 5,394 | ||||||||||||||||||||||||||||||||||||||||||
Provision for credit loss expense | (190) | 52 | (40) | 127 | ||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized net gains on sales of investment securities included in net income | (377) | 0 | (377) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Unrealized (losses) gains that occurred during the period | Unrealized (losses) gains that occurred during the period | (32,659) | 565 | (83,435) | (6,176) | |||||||||||||||||||||||||||||||||||||||||
Recapture of provision for credit loss expense | Recapture of provision for credit loss expense | — | (190) | (221) | (40) | |||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized net (gains) losses on sales of investment securities included in net income | Reclassification adjustment for realized net (gains) losses on sales of investment securities included in net income | 101 | (377) | 101 | (377) | |||||||||||||||||||||||||||||||||||||||||
Income tax effect | Income tax effect | 0 | (1,134) | 1,813 | (1,518) | Income tax effect | 8,953 | — | 22,977 | 1,813 | ||||||||||||||||||||||||||||||||||||
Change in investment securities available for sale, net of tax | Change in investment securities available for sale, net of tax | (2) | 2,991 | (4,780) | 4,003 | Change in investment securities available for sale, net of tax | (23,605) | (2) | (60,578) | (4,780) | ||||||||||||||||||||||||||||||||||||
Cash flow hedges: | Cash flow hedges: | Cash flow hedges: | ||||||||||||||||||||||||||||||||||||||||||||
Net unrealized derivative gains (losses) on cash flow hedges | (2,797) | (983) | 5,152 | (983) | ||||||||||||||||||||||||||||||||||||||||||
Net unrealized derivative (losses) gains on cash flow hedges | Net unrealized derivative (losses) gains on cash flow hedges | (2,010) | (2,797) | 3,095 | 4,838 | |||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for gains realized in net income | Reclassification adjustment for gains realized in net income | — | — | — | 314 | |||||||||||||||||||||||||||||||||||||||||
Income tax effect | Income tax effect | 770 | 270 | (1,417) | 270 | Income tax effect | 553 | 770 | (851) | (1,417) | ||||||||||||||||||||||||||||||||||||
Change in cash flow hedges, net of tax | Change in cash flow hedges, net of tax | (2,027) | (713) | 3,735 | (713) | Change in cash flow hedges, net of tax | (1,457) | (2,027) | 2,244 | 3,735 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (2,029) | 2,278 | (1,045) | 3,290 | ||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | $ | 18,095 | $ | 14,847 | $ | 37,617 | $ | 17,408 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | (25,062) | (2,029) | (58,334) | (1,045) | |||||||||||||||||||||||||||||||||||||||||
Total comprehensive (loss) income | Total comprehensive (loss) income | $ | (3,179) | $ | 18,095 | $ | (15,702) | $ | 37,617 |
Common stock | Capital surplus | Retained earnings | Accumulated other comprehensive (loss) income | Total shareholders' equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, March 31, 2022 | Balances, March 31, 2022 | $ | 220 | $ | 446,044 | $ | 226,757 | $ | (28,035) | $ | 644,986 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 21,883 | — | 21,883 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | (25,062) | (25,062) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common dividends declared ($0.29 per share) | Common dividends declared ($0.29 per share) | — | — | (6,470) | — | (6,470) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | 519 | — | — | 519 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under employee benefit plans | Issuance of common stock under employee benefit plans | 1 | 331 | — | — | 332 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2022 | Balances, June 30, 2022 | $ | 221 | $ | 446,894 | $ | 242,170 | $ | (53,097) | $ | 636,188 | |||||||||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2021 | Balances, December 31, 2021 | $ | 221 | $ | 445,907 | $ | 212,472 | $ | 5,237 | $ | 663,837 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 42,632 | — | 42,632 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | (58,334) | (58,334) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common dividends declared ($0.58 per share) | Common dividends declared ($0.58 per share) | — | — | (12,934) | — | (12,934) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | (1) | (1,108) | — | — | (1,109) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | 1,046 | — | — | 1,046 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under employee benefit plans | Issuance of common stock under employee benefit plans | 1 | 1,049 | — | — | 1,050 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2022 | Balances, June 30, 2022 | $ | 221 | $ | 446,894 | $ | 242,170 | $ | (53,097) | $ | 636,188 | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock | Capital surplus | Retained earnings | Accumulated other comprehensive income | Total shareholders' equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, March 31, 2021 | Balances, March 31, 2021 | $ | 224 | $ | 454,264 | $ | 168,564 | $ | 12,415 | $ | 635,467 | Balances, March 31, 2021 | $ | 224 | $ | 454,264 | $ | 168,564 | $ | 12,415 | $ | 635,467 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 20,124 | — | 20,124 | Net income | — | — | 20,124 | — | 20,124 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | (2,029) | (2,029) | Other comprehensive loss | — | — | — | (2,029) | (2,029) | ||||||||||||||||||||||||||||||||||||||||||||||
Common dividends declared ($0.28 per share) | Common dividends declared ($0.28 per share) | — | — | (6,327) | — | (6,327) | Common dividends declared ($0.28 per share) | — | — | (6,327) | — | (6,327) | ||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | 484 | — | — | 484 | Share-based compensation expense | — | 484 | — | — | 484 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under employee benefit plans | Issuance of common stock under employee benefit plans | — | 467 | — | — | 467 | Issuance of common stock under employee benefit plans | — | 467 | — | — | 467 | ||||||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2021 | Balances, June 30, 2021 | $ | 224 | $ | 455,215 | $ | 182,361 | $ | 10,386 | $ | 648,186 | Balances, June 30, 2021 | $ | 224 | $ | 455,215 | $ | 182,361 | $ | 10,386 | $ | 648,186 | ||||||||||||||||||||||||||||||||||||
Balances, December 31, 2020 | Balances, December 31, 2020 | $ | 223 | $ | 453,410 | $ | 156,327 | $ | 11,431 | $ | 621,391 | Balances, December 31, 2020 | $ | 223 | $ | 453,410 | $ | 156,327 | $ | 11,431 | $ | 621,391 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 38,662 | — | 38,662 | Net income | — | — | 38,662 | — | 38,662 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | (1,045) | (1,045) | Other comprehensive loss | — | — | — | (1,045) | (1,045) | ||||||||||||||||||||||||||||||||||||||||||||||
Common dividends declared ($0.56 per share) | Common dividends declared ($0.56 per share) | — | — | (12,628) | — | (12,628) | Common dividends declared ($0.56 per share) | — | — | (12,628) | — | (12,628) | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | (1) | (1,207) | — | — | (1,208) | Common stock repurchased | (1) | (1,207) | — | — | (1,208) | ||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | 986 | — | — | 986 | Share-based compensation expense | — | 986 | — | — | 986 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under employee benefit plans | Issuance of common stock under employee benefit plans | 2 | 2,026 | — | — | 2,028 | Issuance of common stock under employee benefit plans | 2 | 2,026 | — | — | 2,028 | ||||||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2021 | Balances, June 30, 2021 | $ | 224 | $ | 455,215 | $ | 182,361 | $ | 10,386 | $ | 648,186 | Balances, June 30, 2021 | $ | 224 | $ | 455,215 | $ | 182,361 | $ | 10,386 | $ | 648,186 | ||||||||||||||||||||||||||||||||||||
Balances, March 31, 2020 | $ | 234 | $ | 468,750 | $ | 153,722 | $ | 8,454 | $ | 631,160 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | 12,569 | — | 12,569 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 2,278 | 2,278 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common dividends declared ($0.2675 per share) | — | — | (6,240) | — | (6,240) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | (5) | (7,152) | — | — | (7,157) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | 616 | — | — | 616 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under employee benefit plans | — | 363 | — | — | 363 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2020 | $ | 229 | $ | 462,577 | $ | 160,051 | $ | 10,732 | $ | 633,589 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2019 | $ | 244 | $ | 488,305 | $ | 165,920 | $ | 7,442 | $ | 661,911 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principles (Note 2) | — | — | (7,172) | — | (7,172) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, January 1, 2020 | 244 | 488,305 | 158,748 | 7,442 | 654,739 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | 14,118 | — | 14,118 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 3,290 | 3,290 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common dividends declared ($0.535 per share) | — | — | (12,815) | — | (12,815) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | (15) | (27,704) | — | — | (27,719) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | 1,218 | — | — | 1,218 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under employee benefit plans | — | 758 | — | — | 758 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2020 | $ | 229 | $ | 462,577 | $ | 160,051 | $ | 10,732 | $ | 633,589 |
Six months ended June 30, | Six months ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | Cash flows from operating activities: | ||||||||||||||||||||
Net income | Net income | $ | 38,662 | $ | 14,118 | Net income | $ | 42,632 | $ | 38,662 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 3,110 | 22,575 | Provision for credit losses | 9,608 | 3,110 | ||||||||||||||||
Depreciation on premises and equipment | Depreciation on premises and equipment | 2,851 | 3,321 | Depreciation on premises and equipment | 2,445 | 2,851 | ||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 2,985 | 3,391 | Amortization of intangible assets | 2,716 | 2,985 | ||||||||||||||||
Amortization of operating lease right-of-use asset | Amortization of operating lease right-of-use asset | 845 | 1,351 | Amortization of operating lease right-of-use asset | 904 | 845 | ||||||||||||||||
Amortization of loan servicing rights | Amortization of loan servicing rights | 1,708 | 1,668 | Amortization of loan servicing rights | 1,507 | 1,708 | ||||||||||||||||
Share-based compensation expense | Share-based compensation expense | 986 | 1,218 | Share-based compensation expense | 1,046 | 986 | ||||||||||||||||
Increase in cash surrender value of life insurance | Increase in cash surrender value of life insurance | (1,723) | (1,792) | Increase in cash surrender value of life insurance | (1,671) | (1,723) | ||||||||||||||||
Gain on proceeds from company-owned life insurance | Gain on proceeds from company-owned life insurance | (188) | — | |||||||||||||||||||
Investment securities amortization, net | Investment securities amortization, net | 2,148 | 1,539 | Investment securities amortization, net | 1,440 | 2,148 | ||||||||||||||||
Gain on sales of investment securities, net | (377) | 0 | ||||||||||||||||||||
Gain on sales of other real estate owned | (450) | (6) | ||||||||||||||||||||
Loss (gain) on sales of investment securities, net | Loss (gain) on sales of investment securities, net | 101 | (377) | |||||||||||||||||||
Loss (gain) on sales of other real estate owned | Loss (gain) on sales of other real estate owned | 120 | (450) | |||||||||||||||||||
Impairment on other real estate owned | Impairment on other real estate owned | 417 | 1,257 | Impairment on other real estate owned | 404 | 417 | ||||||||||||||||
Origination of loans held for sale | Origination of loans held for sale | (317,350) | (288,239) | Origination of loans held for sale | (100,806) | (317,350) | ||||||||||||||||
Proceeds from sales of loans held for sale | Proceeds from sales of loans held for sale | 494,541 | 470,309 | Proceeds from sales of loans held for sale | 203,545 | 494,541 | ||||||||||||||||
Gain on sale of loans held for sale | Gain on sale of loans held for sale | (2,728) | (7,623) | Gain on sale of loans held for sale | (799) | (2,728) | ||||||||||||||||
Impairment on commercial mortgage servicing rights | Impairment on commercial mortgage servicing rights | 2,423 | 8,575 | Impairment on commercial mortgage servicing rights | 1,263 | 2,423 | ||||||||||||||||
Impairment on mortgage servicing rights held for sale | 143 | 887 | ||||||||||||||||||||
Impairment related to facilities optimization | 0 | 206 | ||||||||||||||||||||
Net change in operating assets and liabilities: | Net change in operating assets and liabilities: | Net change in operating assets and liabilities: | ||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 922 | (5,494) | Accrued interest receivable | 2,954 | 922 | ||||||||||||||||
Other assets | Other assets | (12,237) | (7,617) | Other assets | (17,160) | (12,094) | ||||||||||||||||
Accrued expenses and other liabilities | Accrued expenses and other liabilities | (223) | (3,075) | Accrued expenses and other liabilities | 4,416 | (223) | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 216,653 | 216,569 | Net cash provided by operating activities | 154,477 | 216,653 | ||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | Cash flows from investing activities: | ||||||||||||||||||||
Purchases of investment securities available for sale | Purchases of investment securities available for sale | (206,033) | (75,256) | Purchases of investment securities available for sale | (99,882) | (206,033) | ||||||||||||||||
Proceeds from sales of investment securities available for sale | Proceeds from sales of investment securities available for sale | 12,617 | 0 | Proceeds from sales of investment securities available for sale | 107,740 | 12,617 | ||||||||||||||||
Maturities and payments on investment securities available for sale | Maturities and payments on investment securities available for sale | 114,808 | 97,860 | Maturities and payments on investment securities available for sale | 53,329 | 114,808 | ||||||||||||||||
Purchases of equity securities | Purchases of equity securities | (186) | (3,219) | Purchases of equity securities | (379) | (186) | ||||||||||||||||
Net decrease (increase) in loans | 212,886 | (650,890) | ||||||||||||||||||||
Net (increase) decrease in loans | Net (increase) decrease in loans | (634,229) | 212,886 | |||||||||||||||||||
Purchases of premises and equipment | Purchases of premises and equipment | (1,000) | (1,349) | Purchases of premises and equipment | (928) | (1,000) | ||||||||||||||||
Proceeds from sale of premises and equipment | Proceeds from sale of premises and equipment | 590 | 7 | Proceeds from sale of premises and equipment | 143 | 590 | ||||||||||||||||
Purchases of nonmarketable equity securities | Purchases of nonmarketable equity securities | 0 | (6,260) | Purchases of nonmarketable equity securities | (1,860) | — | ||||||||||||||||
Proceeds from sales of nonmarketable equity securities | Proceeds from sales of nonmarketable equity securities | 7,923 | 0 | Proceeds from sales of nonmarketable equity securities | 2,500 | 7,923 | ||||||||||||||||
Proceeds from sales of other real estate owned | Proceeds from sales of other real estate owned | 8,069 | 368 | Proceeds from sales of other real estate owned | 505 | 8,069 | ||||||||||||||||
Purchases of company-owned life insurance | Purchases of company-owned life insurance | (550) | 0 | Purchases of company-owned life insurance | — | (550) | ||||||||||||||||
Net cash paid on acquisition | (2,797) | 0 | ||||||||||||||||||||
Net cash provided by (used in) investing activities | 146,327 | (638,739) | ||||||||||||||||||||
Proceeds from settlements of company-owned life insurance | Proceeds from settlements of company-owned life insurance | 1,337 | — | |||||||||||||||||||
Net cash received (paid) on acquisition | Net cash received (paid) on acquisition | 60,275 | (2,797) | |||||||||||||||||||
Net cash (used in) provided by investing activities | Net cash (used in) provided by investing activities | (511,449) | 146,327 | |||||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | Cash flows from financing activities: | ||||||||||||||||||||
Net increase in deposits | 95,335 | 398,853 | ||||||||||||||||||||
Net increase (decrease) in short-term borrowings | 7,028 | (4,893) | ||||||||||||||||||||
Net (decrease) increase in deposits | Net (decrease) increase in deposits | (6,004) | 95,335 | |||||||||||||||||||
Net (decrease) increase in short-term borrowings | Net (decrease) increase in short-term borrowings | (9,114) | 7,028 | |||||||||||||||||||
Proceeds from FHLB borrowings | Proceeds from FHLB borrowings | 300,000 | 204,000 | Proceeds from FHLB borrowings | 700,000 | 300,000 | ||||||||||||||||
Payments made on FHLB borrowings and other borrowings | Payments made on FHLB borrowings and other borrowings | (639,000) | (3,401) | Payments made on FHLB borrowings and other borrowings | (725,000) | (639,000) | ||||||||||||||||
Payments made on subordinated debt | Payments made on subordinated debt | (31,075) | (7,250) | Payments made on subordinated debt | — | (31,075) | ||||||||||||||||
Redemption of Series G preferred stock | Redemption of Series G preferred stock | (171) | — | |||||||||||||||||||
Cash dividends paid on common stock | Cash dividends paid on common stock | (12,628) | (12,815) | Cash dividends paid on common stock | (12,934) | (12,628) | ||||||||||||||||
Common stock repurchased | Common stock repurchased | (1,208) | (27,719) | Common stock repurchased | (1,109) | (1,208) | ||||||||||||||||
Proceeds from issuance of common stock under employee benefit plans | Proceeds from issuance of common stock under employee benefit plans | 2,028 | 758 | Proceeds from issuance of common stock under employee benefit plans | 1,050 | 2,028 | ||||||||||||||||
Net cash (used in) provided by financing activities | (279,520) | 547,533 | ||||||||||||||||||||
Net increase in cash and cash equivalents | 83,460 | 125,363 | ||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (53,282) | (279,520) | |||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | Net (decrease) increase in cash and cash equivalents | (410,254) | 83,460 | |||||||||||||||||||
Cash and cash equivalents: | Cash and cash equivalents: | Cash and cash equivalents: | ||||||||||||||||||||
Beginning of period | Beginning of period | 341,640 | 394,505 | Beginning of period | 680,371 | 341,640 | ||||||||||||||||
End of period | End of period | $ | 425,100 | $ | 519,868 | End of period | $ | 270,117 | $ | 425,100 | ||||||||||||
Supplemental disclosures of cash flow information: | Supplemental disclosures of cash flow information: | Supplemental disclosures of cash flow information: | ||||||||||||||||||||
Cash payments for: | Cash payments for: | Cash payments for: | ||||||||||||||||||||
Interest paid on deposits and borrowed funds | Interest paid on deposits and borrowed funds | $ | 17,369 | $ | 28,237 | Interest paid on deposits and borrowed funds | $ | 13,746 | $ | 17,369 | ||||||||||||
Income tax paid (net of refunds) | 12,907 | 909 | ||||||||||||||||||||
Income tax paid, net of refunds | Income tax paid, net of refunds | 16,606 | 12,907 | |||||||||||||||||||
Supplemental disclosures of noncash investing and financing activities: | Supplemental disclosures of noncash investing and financing activities: | Supplemental disclosures of noncash investing and financing activities: | ||||||||||||||||||||
Transfer of loans to loans held for sale | Transfer of loans to loans held for sale | 48,494 | 192,577 | Transfer of loans to loans held for sale | 74,997 | 48,494 | ||||||||||||||||
Transfer of loans to other real estate owned | Transfer of loans to other real estate owned | 485 | 7,557 | Transfer of loans to other real estate owned | 102 | 485 |
(dollars in thousands) | FNBC | ||||
Assets acquired: | |||||
Cash and cash equivalents | $ | 60,275 | |||
Loans | 16,632 | ||||
Premises and equipment, net | 950 | ||||
Accrued interest receivable | 36 | ||||
Intangible assets | 1,901 | ||||
Total assets acquired | $ | 79,794 | |||
Liabilities assumed: | |||||
Deposits | $ | 79,794 | |||
Total liabilities assumed | $ | 79,794 | |||
Intangible assets: | |||||
Core deposit intangible | $ | 1,901 | |||
Estimated useful life | 10 years |
June 30, 2021 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Allowance for credit losses | Fair value | (dollars in thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Allowance for credit losses | Fair value | ||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale | Investment securities available for sale | Investment securities available for sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 325 | $ | 0 | $ | 0 | $ | 0 | $ | 325 | U.S. Treasury securities | $ | 68,390 | $ | — | $ | 4,394 | $ | — | $ | 63,996 | ||||||||||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | U.S. government sponsored entities and U.S. agency securities | 53,310 | 188 | 465 | 0 | 53,033 | U.S. government sponsored entities and U.S. agency securities | 33,756 | 66 | 3,519 | — | 30,303 | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 309,838 | 3,714 | 3,260 | 0 | 310,292 | Mortgage-backed securities - agency | 480,408 | 17 | 56,587 | — | 423,838 | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 35,523 | 116 | 125 | 113 | 35,401 | Mortgage-backed securities - non-agency | 26,118 | — | 3,341 | — | 22,777 | ||||||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 138,337 | 6,378 | 174 | 0 | 144,541 | State and municipal securities | 113,920 | 525 | 7,757 | — | 106,688�� | ||||||||||||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | 201,547 | 4,399 | 2,000 | 213 | 203,733 | Corporate securities | 119,374 | 56 | 6,492 | — | 112,938 | ||||||||||||||||||||||||||||||||||||||||||||||
Total available for sale securities | Total available for sale securities | $ | 738,880 | $ | 14,795 | $ | 6,024 | $ | 326 | $ | 747,325 | Total available for sale securities | $ | 841,966 | $ | 664 | $ | 82,090 | $ | — | $ | 760,540 |
December 31, 2020 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Allowance for credit losses | Fair value | (dollars in thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Allowance for credit losses | Fair value | ||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale | Investment securities available for sale | Investment securities available for sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 65,347 | $ | — | $ | 430 | $ | — | $ | 64,917 | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | U.S. government sponsored entities and U.S. agency securities | $ | 35,287 | $ | 377 | $ | 97 | $ | 0 | $ | 35,567 | U.S. government sponsored entities and U.S. agency securities | 34,569 | 79 | 831 | — | 33,817 | |||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 338,340 | 6,284 | 47 | 0 | 344,577 | Mortgage-backed securities - agency | 444,484 | 2,687 | 6,901 | — | 440,270 | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 20,411 | 333 | 0 | 0 | 20,744 | Mortgage-backed securities - non-agency | 29,037 | 50 | 381 | — | 28,706 | ||||||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 122,488 | 7,311 | 5 | 29 | 129,765 | State and municipal securities | 137,904 | 5,561 | 366 | — | 143,099 | ||||||||||||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | 145,187 | 2,205 | 997 | 337 | 146,058 | Corporate securities | 193,354 | 3,128 | 467 | 221 | 195,794 | ||||||||||||||||||||||||||||||||||||||||||||||
Total available for sale securities | Total available for sale securities | $ | 661,713 | $ | 16,510 | $ | 1,146 | $ | 366 | $ | 676,711 | Total available for sale securities | $ | 904,695 | $ | 11,505 | $ | 9,376 | $ | 221 | $ | 906,603 |
(dollars in thousands) | (dollars in thousands) | Amortized cost | Fair value | (dollars in thousands) | Amortized cost | Fair value | ||||||||||||||||
Investment securities available for sale | Investment securities available for sale | Investment securities available for sale | ||||||||||||||||||||
Within one year | Within one year | $ | 17,952 | $ | 18,175 | Within one year | $ | 12,828 | $ | 12,898 | ||||||||||||
After one year through five years | After one year through five years | 67,222 | 69,386 | After one year through five years | 134,666 | 127,807 | ||||||||||||||||
After five years through ten years | After five years through ten years | 267,073 | 271,472 | After five years through ten years | 156,446 | 145,497 | ||||||||||||||||
After ten years | After ten years | 41,272 | 42,599 | After ten years | 31,500 | 27,723 | ||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 345,361 | 345,693 | Mortgage-backed securities | 506,526 | 446,615 | ||||||||||||||||
Total available for sale securities | Total available for sale securities | $ | 738,880 | $ | 747,325 | Total available for sale securities | $ | 841,966 | $ | 760,540 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||
Proceeds from sales | $ | 12,617 | $ | 0 | $ | 12,617 | $ | 0 | |||||||||||||||
Gross realized gains on sales | 377 | 0 | 377 | 0 | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||
Proceeds from sales | $ | 107,740 | $ | 12,617 | $ | 107,740 | $ | 12,617 | |||||||||||||||
Gross realized gains on sales | 716 | 377 | 716 | 377 | |||||||||||||||||||
Gross realized losses on sales | (817) | — | (817) | — |
(dollars in thousands) | (dollars in thousands) | Mortgage-backed securities - non-agency | State and municipal securities | Corporate securities | Total | (dollars in thousands) | Mortgage-backed securities - non-agency | State and municipal securities | Corporate securities | Total | ||||||||||||||||||||||||||||||||||||
Changes in allowance for credit losses on investment securities available for sale: | Changes in allowance for credit losses on investment securities available for sale: | Changes in allowance for credit losses on investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
For the three months ended June 30, 2022 | For the three months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Current-period provision for expected credit losses | Current-period provision for expected credit losses | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2022 | For the six months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | — | $ | — | $ | 221 | $ | 221 | |||||||||||||||||||||||||||||||||||||
Current-period provision for expected credit losses | Current-period provision for expected credit losses | — | — | (221) | (221) | |||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
For the three months ended June 30, 2021 | For the three months ended June 30, 2021 | For the three months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 28 | $ | 28 | $ | 460 | $ | 516 | Balance, beginning of period | $ | 28 | $ | 28 | $ | 460 | $ | 516 | ||||||||||||||||||||||||||||
Current-period provision for expected credit losses | Current-period provision for expected credit losses | 85 | (28) | (247) | (190) | Current-period provision for expected credit losses | 85 | (28) | (247) | (190) | ||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 113 | $ | 0 | $ | 213 | $ | 326 | Balance, end of period | $ | 113 | $ | — | $ | 213 | $ | 326 | ||||||||||||||||||||||||||||
For the six months ended June 30, 2021 | For the six months ended June 30, 2021 | For the six months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 0 | $ | 29 | $ | 337 | $ | 366 | Balance, beginning of period | $ | — | $ | 29 | $ | 337 | $ | 366 | ||||||||||||||||||||||||||||
Current-period provision for expected credit losses | Current-period provision for expected credit losses | 113 | (29) | (124) | (40) | Current-period provision for expected credit losses | 113 | (29) | (124) | (40) | ||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 113 | $ | 0 | $ | 213 | $ | 326 | Balance, end of period | $ | 113 | $ | — | $ | 213 | $ | 326 | ||||||||||||||||||||||||||||
For the three months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 0 | $ | 19 | $ | 56 | $ | 75 | ||||||||||||||||||||||||||||||||||||||
Current-period provision for expected credit losses | 0 | (18) | 70 | 52 | ||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 0 | $ | 1 | $ | 126 | $ | 127 | ||||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||||||||||||||||||
Current-period provision for expected credit losses | 0 | 1 | 126 | 127 | ||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 0 | $ | 1 | $ | 126 | $ | 127 |
June 30, 2021 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or more | Total | Less than 12 Months | 12 Months or more | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | (dollars in thousands) | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale | Investment securities available for sale | Investment securities available for sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 63,996 | $ | 4,394 | $ | — | $ | — | $ | 63,996 | $ | 4,394 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | U.S. government sponsored entities and U.S. agency securities | $ | 17,285 | $ | 465 | $ | 0 | $ | 0 | $ | 17,285 | $ | 465 | U.S. government sponsored entities and U.S. agency securities | 13,042 | 1,296 | 12,777 | 2,223 | 25,819 | 3,519 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 172,022 | 3,260 | 0 | 0 | 172,022 | 3,260 | Mortgage-backed securities - agency | 319,343 | 35,977 | 103,015 | 20,610 | 422,358 | 56,587 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 0 | 0 | 0 | 0 | 0 | 0 | Mortgage-backed securities - non-agency | 17,947 | 2,297 | 4,830 | 1,044 | 22,777 | 3,341 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 15,993 | 174 | 0 | 0 | 15,993 | 174 | State and municipal securities | 58,112 | 6,667 | 6,118 | 1,090 | 64,230 | 7,757 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | 18,370 | 2,000 | 0 | 0 | 18,370 | 2,000 | Corporate securities | 100,250 | 6,383 | 2,869 | 109 | 103,119 | 6,492 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total available for sale securities | Total available for sale securities | $ | 223,670 | $ | 5,899 | $ | 0 | $ | 0 | $ | 223,670 | $ | 5,899 | Total available for sale securities | $ | 572,690 | $ | 57,014 | $ | 129,609 | $ | 25,076 | $ | 702,299 | $ | 82,090 |
December 31, 2020 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or more | Total | Less than 12 Months | 12 Months or more | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | (dollars in thousands) | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale | Investment securities available for sale | Investment securities available for sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 64,917 | $ | 430 | $ | — | $ | — | $ | 64,917 | $ | 430 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | U.S. government sponsored entities and U.S. agency securities | $ | 9,903 | $ | 97 | $ | 0 | $ | 0 | $ | 9,903 | $ | 97 | U.S. government sponsored entities and U.S. agency securities | 17,487 | 263 | 9,432 | 568 | 26,919 | 831 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 26,172 | 47 | 0 | 0 | 26,172 | 47 | Mortgage-backed securities - agency | 317,372 | 6,633 | 9,051 | 268 | 326,423 | 6,901 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 0 | 0 | 0 | 0 | 0 | 0 | Mortgage-backed securities - non-agency | 24,095 | 381 | — | — | 24,095 | 381 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 0 | 0 | 0 | 0 | 0 | 0 | State and municipal securities | 27,324 | 270 | 2,538 | 96 | 29,862 | 366 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | 20,010 | 522 | 0 | 0 | 20,010 | 522 | Corporate securities | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total available for sale securities | Total available for sale securities | $ | 56,085 | $ | 666 | $ | 0 | $ | 0 | $ | 56,085 | $ | 666 | Total available for sale securities | $ | 451,195 | $ | 7,977 | $ | 21,021 | $ | 932 | $ | 472,216 | $ | 8,909 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Net unrealized (losses) gains | $ | (425) | $ | 145 | $ | (947) | $ | 226 |
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | December 31, 2020 | (dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||||||||||||
Commercial: | Commercial: | Commercial: | ||||||||||||||||||||
Commercial | Commercial | $ | 719,642 | $ | 937,382 | Commercial | $ | 747,782 | $ | 770,670 | ||||||||||||
Commercial other | Commercial other | 704,438 | 748,193 | Commercial other | 643,476 | 679,518 | ||||||||||||||||
Commercial real estate: | Commercial real estate: | Commercial real estate: | ||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | 908,787 | 871,451 | Commercial real estate non-owner occupied | 1,480,030 | 1,105,333 | ||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 440,722 | 423,257 | Commercial real estate owner occupied | 524,587 | 469,658 | ||||||||||||||||
Multi-family | Multi-family | 116,176 | 151,534 | Multi-family | 265,749 | 171,875 | ||||||||||||||||
Farmland | Farmland | 74,804 | 79,731 | Farmland | 65,289 | 69,962 | ||||||||||||||||
Construction and land development | Construction and land development | 212,508 | 172,737 | Construction and land development | 203,955 | 193,749 | ||||||||||||||||
Total commercial loans | Total commercial loans | 3,177,077 | 3,384,285 | Total commercial loans | 3,930,868 | 3,460,765 | ||||||||||||||||
Residential real estate: | Residential real estate: | Residential real estate: | ||||||||||||||||||||
Residential first lien | Residential first lien | 296,256 | 358,329 | Residential first lien | 279,628 | 274,412 | ||||||||||||||||
Other residential | Other residential | 70,356 | 84,551 | Other residential | 60,475 | 63,739 | ||||||||||||||||
Consumer: | Consumer: | Consumer: | ||||||||||||||||||||
Consumer | Consumer | 74,627 | 80,642 | Consumer | 98,558 | 106,008 | ||||||||||||||||
Consumer other | Consumer other | 810,389 | 785,460 | Consumer other | 986,813 | 896,597 | ||||||||||||||||
Lease financing | Lease financing | 407,161 | 410,064 | Lease financing | 439,202 | 423,280 | ||||||||||||||||
Total loans, gross | Total loans, gross | $ | 4,835,866 | $ | 5,103,331 | Total loans, gross | $ | 5,795,544 | $ | 5,224,801 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2021 | 2020 | 2021 | 2020 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 19,372 | $ | 21,735 | $ | 19,693 | $ | 22,989 | Beginning balance | $ | 23,374 | $ | 19,372 | $ | 13,869 | $ | 19,693 | ||||||||||||||||||||||||||||
New loans and other additions | New loans and other additions | 404 | 2,462 | 1,024 | 2,542 | New loans and other additions | — | 404 | 9,805 | 1,024 | ||||||||||||||||||||||||||||||||||||
Repayments and other reductions | Repayments and other reductions | (1,014) | (391) | (1,955) | (1,725) | Repayments and other reductions | (277) | (1,014) | (577) | (1,955) | ||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 18,762 | $ | 23,806 | $ | 18,762 | $ | 23,806 | Ending balance | $ | 23,097 | $ | 18,762 | $ | 23,097 | $ | 18,762 |
Commercial Loan Portfolio | Other Loan Portfolio | Commercial Loan Portfolio | Other Loan Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Commercial | Commercial real estate | Construction and land development | Residential real estate | Consumer | Lease financing | Total | (dollars in thousands) | Commercial | Commercial real estate | Construction and land development | Residential real estate | Consumer | Lease financing | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in allowance for credit losses on loans for the three months ended June 30, 2022: | Changes in allowance for credit losses on loans for the three months ended June 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 12,621 | $ | 26,277 | $ | 816 | $ | 3,288 | $ | 2,672 | $ | 7,264 | $ | 52,938 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | (111) | 4,284 | 279 | 133 | 415 | (259) | 4,741 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (60) | (2,625) | — | (46) | (191) | (499) | (3,421) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 298 | (62) | 6 | 41 | 98 | 259 | 640 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 12,748 | $ | 27,874 | $ | 1,101 | $ | 3,416 | $ | 2,994 | $ | 6,765 | $ | 54,898 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in allowance for credit losses on loans for the six months ended June 30, 2022: | Changes in allowance for credit losses on loans for the six months ended June 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 14,375 | $ | 22,993 | $ | 972 | $ | 2,695 | $ | 2,558 | $ | 7,469 | $ | 51,062 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | 278 | 7,728 | 123 | 717 | 672 | (645) | 8,873 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (2,214) | (2,852) | (6) | (150) | (496) | (705) | (6,423) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 309 | 5 | 12 | 154 | 260 | 646 | 1,386 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 12,748 | $ | 27,874 | $ | 1,101 | $ | 3,416 | $ | 2,994 | $ | 6,765 | $ | 54,898 | Changes in allowance for credit losses on loans for the three months ended June 30, 2021: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 17,339 | $ | 31,821 | $ | 1,239 | $ | 3,981 | $ | 2,271 | $ | 6,036 | $ | 62,687 | Balance, beginning of period | $ | 17,339 | $ | 31,821 | $ | 1,239 | $ | 3,981 | $ | 2,271 | $ | 6,036 | $ | 62,687 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | 5 | (168) | 414 | (177) | 84 | (158) | 0 | Provision for credit losses on loans | 5 | (168) | 414 | (177) | 84 | (158) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (2,634) | (946) | (1) | (141) | (218) | (516) | (4,456) | Charge-offs | (2,634) | (946) | (1) | (141) | (218) | (516) | (4,456) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 139 | 11 | 81 | 20 | 155 | 27 | 433 | Recoveries | 139 | 11 | 81 | 20 | 155 | 27 | 433 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 14,849 | $ | 30,718 | $ | 1,733 | $ | 3,683 | $ | 2,292 | $ | 5,389 | $ | 58,664 | Balance, end of period | $ | 14,849 | $ | 30,718 | $ | 1,733 | $ | 3,683 | $ | 2,292 | $ | 5,389 | $ | 58,664 | Changes in allowance for credit losses on loans for the six months ended June 30, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 19,851 | $ | 25,465 | $ | 1,433 | $ | 3,929 | $ | 2,338 | $ | 7,427 | $ | 60,443 | Balance, beginning of period | $ | 19,851 | $ | 25,465 | $ | 1,433 | $ | 3,929 | $ | 2,338 | $ | 7,427 | $ | 60,443 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | (2,016) | 6,959 | 425 | (109) | 137 | (1,446) | 3,950 | Provision for credit losses on loans | (2,016) | 6,959 | 425 | (109) | 137 | (1,446) | 3,950 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (3,140) | (1,719) | (272) | (251) | (460) | (769) | (6,611) | Charge-offs | (3,140) | (1,719) | (272) | (251) | (460) | (769) | (6,611) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 154 | 13 | 147 | 114 | 277 | 177 | 882 | Recoveries | 154 | 13 | 147 | 114 | 277 | 177 | 882 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 14,849 | $ | 30,718 | $ | 1,733 | $ | 3,683 | $ | 2,292 | $ | 5,389 | $ | 58,664 | Balance, end of period | $ | 14,849 | $ | 30,718 | $ | 1,733 | $ | 3,683 | $ | 2,292 | $ | 5,389 | $ | 58,664 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in allowance for credit losses on loans for the three months ended June 30, 2020: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 11,740 | $ | 13,583 | $ | 1,321 | $ | 4,638 | $ | 1,954 | $ | 5,309 | $ | 38,545 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | 889 | 8,388 | 248 | 153 | 316 | 1,616 | 11,610 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (452) | (1,746) | (62) | (7) | (366) | (838) | (3,471) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 36 | 71 | 5 | 46 | 183 | 68 | 409 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 12,213 | $ | 20,296 | $ | 1,512 | $ | 4,830 | $ | 2,087 | $ | 6,155 | $ | 47,093 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in allowance for credit losses on loans for the six months ended June 30, 2020: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 10,031 | $ | 10,272 | $ | 290 | $ | 2,499 | $ | 2,642 | $ | 2,294 | $ | 28,028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of adopting ASC 326 | 2,327 | 4,104 | 724 | 1,211 | (594) | 774 | 8,546 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of adopting ASC 326 - PCD loans | 1,045 | 1,311 | 809 | 1,015 | 57 | 0 | 4,237 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | 2,619 | 14,143 | (301) | 410 | 572 | 4,736 | 22,179 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (3,850) | (9,619) | (74) | (395) | (964) | (1,786) | (16,688) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 41 | 85 | 64 | 90 | 374 | 137 | 791 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 12,213 | $ | 20,296 | $ | 1,512 | $ | 4,830 | $ | 2,087 | $ | 6,155 | $ | 47,093 |
Risk state | Commercial loans risk rating | Consumer loans and equipment finance loans and leases days past due | ||||||||||||
1 | 0-5 | 0-14 | ||||||||||||
2 | 6 | 15-29 | ||||||||||||
3 | 7 | 30-59 | ||||||||||||
4 | 8 | 60-89 | ||||||||||||
Default | 9+ and nonaccrual | 90+ and nonaccrual |
June 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Nonaccrual with allowance | Nonaccrual with no allowance | Total nonaccrual | Nonaccrual with allowance | Nonaccrual with no allowance | Total nonaccrual | (dollars in thousands) | Nonaccrual with allowance | Nonaccrual with no allowance | Total nonaccrual | Nonaccrual with allowance | Nonaccrual with no allowance | Total nonaccrual | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | Commercial: | Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 5,232 | $ | 4,890 | $ | 10,122 | $ | 3,498 | $ | 0 | $ | 3,498 | Commercial | $ | 4,528 | $ | 2,275 | $ | 6,803 | $ | 4,681 | $ | 2,275 | $ | 6,956 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial other | Commercial other | 4,054 | 0 | 4,054 | 2,634 | 0 | 2,634 | Commercial other | 2,950 | — | 2,950 | 4,467 | — | 4,467 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | Commercial real estate: | Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | 6,706 | 14,065 | 20,771 | 5,509 | 3,823 | 9,332 | Commercial real estate non-owner occupied | 1,848 | 19,003 | 20,851 | 1,914 | 9,912 | 11,826 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 2,514 | 2,135 | 4,649 | 3,598 | 3,227 | 6,825 | Commercial real estate owner occupied | 2,627 | 1,340 | 3,967 | 2,164 | 1,340 | 3,504 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | Multi-family | 1,394 | 996 | 2,390 | 7,921 | 2,325 | 10,246 | Multi-family | 177 | 9,056 | 9,233 | 201 | 1,967 | 2,168 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Farmland | Farmland | 150 | — | 150 | 155 | — | 155 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 1,302 | 0 | 1,302 | 2,131 | 693 | 2,824 | Construction and land development | 251 | — | 251 | 83 | — | 83 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | 21,202 | 22,086 | 43,288 | 25,291 | 10,068 | 35,359 | Total commercial loans | 12,531 | 31,674 | 44,205 | 13,665 | 15,494 | 29,159 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate: | Residential real estate: | Residential real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential first lien | Residential first lien | 7,252 | 1,053 | 8,305 | 8,534 | 1,071 | 9,605 | Residential first lien | 3,685 | 639 | 4,324 | 3,116 | 832 | 3,948 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other residential | Other residential | 2,306 | 0 | 2,306 | 2,437 | 0 | 2,437 | Other residential | 933 | — | 933 | 836 | — | 836 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | Consumer: | Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 185 | 0 | 185 | 262 | 0 | 262 | Consumer | 97 | — | 97 | 110 | — | 110 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 2,797 | 0 | 2,797 | 1,965 | 0 | 1,965 | Lease financing | 1,399 | — | 1,399 | 1,510 | — | 1,510 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 33,742 | $ | 23,139 | $ | 56,881 | $ | 38,489 | $ | 11,139 | $ | 49,628 | Total loans | $ | 18,645 | $ | 32,313 | $ | 50,958 | $ | 19,237 | $ | 16,326 | $ | 35,563 |
Type of Collateral | |||||||||||||||||||||||||||||
(dollars in thousands) | Real Estate | Blanket Lien | Equipment | Total | |||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Commercial | $ | 0 | $ | 7,518 | $ | 0 | $ | 7,518 | |||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||
Non-Owner Occupied | 20,481 | 0 | 0 | 20,481 | |||||||||||||||||||||||||
Owner Occupied | 2,132 | 0 | 0 | 2,132 | |||||||||||||||||||||||||
Multi-Family | 2,290 | 0 | 0 | 2,290 | |||||||||||||||||||||||||
Lease financing | 0 | 0 | 468 | 468 | |||||||||||||||||||||||||
Total Collateral Dependent Loans | $ | 24,903 | $ | 7,518 | $ | 468 | $ | 32,889 | |||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||
Non-Owner Occupied | $ | 8,159 | $ | 0 | $ | 0 | $ | 8,159 | |||||||||||||||||||||
Multi-Family | 10,121 | 0 | 0 | 10,121 | |||||||||||||||||||||||||
Construction and Land Development | 693 | 0 | 0 | 693 | |||||||||||||||||||||||||
Total Collateral Dependent Loans | $ | 18,973 | $ | 0 | $ | 0 | $ | 18,973 |
Type of Collateral | |||||||||||||||||||||||||||||
(dollars in thousands) | Real Estate | Blanket Lien | Equipment | Total | |||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Commercial | $ | — | $ | 4,890 | $ | — | $ | 4,890 | |||||||||||||||||||||
Commercial other | — | — | — | — | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Non-owner occupied | 20,062 | — | — | 20,062 | |||||||||||||||||||||||||
Owner occupied | 1,336 | — | — | 1,336 | |||||||||||||||||||||||||
Multi-family | 1,905 | — | — | 1,905 | |||||||||||||||||||||||||
Total collateral dependent loans | $ | 23,303 | $ | 4,890 | $ | — | $ | 28,193 | |||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Commercial | $ | — | $ | 5,402 | $ | — | $ | 5,402 | |||||||||||||||||||||
Commercial other | — | — | 502 | 502 | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Non-owner occupied | 11,604 | — | — | 11,604 | |||||||||||||||||||||||||
Owner occupied | 1,336 | — | — | 1,336 | |||||||||||||||||||||||||
Multi-family | 1,969 | — | — | 1,969 | |||||||||||||||||||||||||
Total collateral dependent loans | $ | 14,909 | $ | 5,402 | $ | 502 | $ | 20,813 |
Accruing loans | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 30-59 days past due | 60-89 days past due | Past due 90 days or more | Total past due | Nonaccrual | Current | Total | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 1,255 | $ | 63 | $ | 0 | $ | 1,318 | $ | 10,122 | $ | 708,202 | $ | 719,642 | |||||||||||||||||||||||||||
Commercial other | 6,048 | 1,860 | 0 | 7,908 | 4,054 | 692,476 | 704,438 | ||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 598 | 452 | 55 | 1,105 | 20,771 | 886,911 | 908,787 | ||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 1,091 | 0 | 0 | 1,091 | 4,649 | 434,982 | 440,722 | ||||||||||||||||||||||||||||||||||
Multi-family | 59 | 0 | 0 | 59 | 2,390 | 113,727 | 116,176 | ||||||||||||||||||||||||||||||||||
Farmland | 242 | 0 | 0 | 242 | 0 | 74,562 | 74,804 | ||||||||||||||||||||||||||||||||||
Construction and land development | 400 | 0 | 0 | 400 | 1,302 | 210,806 | 212,508 | ||||||||||||||||||||||||||||||||||
Total commercial loans | 9,693 | 2,375 | 55 | 12,123 | 43,288 | 3,121,666 | 3,177,077 | ||||||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||||||||||
Residential first lien | 94 | 779 | 0 | 873 | 8,305 | 287,078 | 296,256 | ||||||||||||||||||||||||||||||||||
Other residential | 24 | 43 | 25 | 92 | 2,306 | 67,958 | 70,356 | ||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||
Consumer | 78 | 168 | 0 | 246 | 185 | 74,196 | 74,627 | ||||||||||||||||||||||||||||||||||
Consumer other | 2,914 | 1,874 | 0 | 4,788 | 0 | 805,601 | 810,389 | ||||||||||||||||||||||||||||||||||
Lease financing | 1,801 | 381 | 0 | 2,182 | 2,797 | 402,182 | 407,161 | ||||||||||||||||||||||||||||||||||
Total loans | $ | 14,604 | $ | 5,620 | $ | 80 | $ | 20,304 | $ | 56,881 | $ | 4,758,681 | $ | 4,835,866 |
Accruing loans | Accruing loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 30-59 days past due | 60-89 days past due | Past due 90 days or more | Total past due | Nonaccrual | Current | Total | (dollars in thousands) | 30-59 days past due | 60-89 days past due | Past due 90 days or more | Total past due | Nonaccrual | Current | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | Commercial: | Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 389 | $ | 27 | $ | 0 | $ | 416 | $ | 3,498 | $ | 933,468 | $ | 937,382 | Commercial | $ | 143 | $ | 92 | $ | — | $ | 235 | $ | 6,803 | $ | 740,744 | $ | 747,782 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial other | Commercial other | 4,007 | 3,901 | 896 | 8,804 | 2,634 | 736,755 | 748,193 | Commercial other | 3,136 | 2,425 | — | 5,561 | 2,950 | 634,965 | 643,476 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | Commercial real estate: | Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | 6,684 | 0 | 0 | 6,684 | 9,332 | 855,435 | 871,451 | Commercial real estate non-owner occupied | 741 | 26 | — | 767 | 20,851 | 1,458,412 | 1,480,030 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 2,145 | 0 | 0 | 2,145 | 6,825 | 414,287 | 423,257 | Commercial real estate owner occupied | 76 | 338 | — | 414 | 3,967 | 520,206 | 524,587 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | Multi-family | 61 | 0 | 0 | 61 | 10,246 | 141,227 | 151,534 | Multi-family | 162 | — | — | 162 | 9,233 | 256,354 | 265,749 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Farmland | Farmland | 0 | 0 | 0 | 0 | 0 | 79,731 | 79,731 | Farmland | 190 | — | — | 190 | 150 | 64,949 | 65,289 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 863 | 0 | 0 | 863 | 2,824 | 169,050 | 172,737 | Construction and land development | — | — | — | — | 251 | 203,704 | 203,955 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | 14,149 | 3,928 | 896 | 18,973 | 35,359 | 3,329,953 | 3,384,285 | Total commercial loans | 4,448 | 2,881 | — | 7,329 | 44,205 | 3,879,334 | 3,930,868 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate: | Residential real estate: | Residential real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential first lien | Residential first lien | 127 | 207 | 0 | 334 | 9,605 | 348,390 | 358,329 | Residential first lien | 64 | 318 | — | 382 | 4,324 | 274,922 | 279,628 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other residential | Other residential | 240 | 135 | 0 | 375 | 2,437 | 81,739 | 84,551 | Other residential | 109 | 41 | — | 150 | 933 | 59,392 | 60,475 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | Consumer: | — | Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 325 | 57 | 0 | 382 | 262 | 79,998 | 80,642 | Consumer | 121 | 6 | — | 127 | 97 | 98,334 | 98,558 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Consumer other | 4,334 | 2,874 | 0 | 7,208 | 0 | 778,252 | 785,460 | Consumer other | 3,711 | 2,258 | — | 5,969 | — | 980,844 | 986,813 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 4,539 | 545 | 645 | 5,729 | 1,965 | 402,370 | 410,064 | Lease financing | 1,654 | 601 | — | 2,255 | 1,399 | 435,548 | 439,202 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 23,714 | $ | 7,746 | $ | 1,541 | $ | 33,001 | $ | 49,628 | $ | 5,020,702 | $ | 5,103,331 | Total loans | $ | 10,107 | $ | 6,105 | $ | — | $ | 16,212 | $ | 50,958 | $ | 5,728,374 | $ | 5,795,544 |
Accruing loans | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 30-59 days past due | 60-89 days past due | Past due 90 days or more | Total past due | Nonaccrual | Current | Total | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 283 | $ | 1,082 | $ | — | $ | 1,365 | $ | 6,956 | $ | 762,349 | $ | 770,670 | |||||||||||||||||||||||||||
Commercial other | 2,402 | 2,110 | 5 | 4,517 | 4,467 | 670,534 | 679,518 | ||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 585 | 243 | — | 828 | 11,826 | 1,092,679 | 1,105,333 | ||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 232 | 730 | — | 962 | 3,504 | 465,192 | 469,658 | ||||||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | 2,168 | 169,707 | 171,875 | ||||||||||||||||||||||||||||||||||
Farmland | — | 26 | — | 26 | 155 | 69,781 | 69,962 | ||||||||||||||||||||||||||||||||||
Construction and land development | 195 | 195 | — | 390 | 83 | 193,276 | 193,749 | ||||||||||||||||||||||||||||||||||
Total commercial loans | 3,697 | 4,386 | 5 | 8,088 | 29,159 | 3,423,518 | 3,460,765 | ||||||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||||||||||
Residential first lien | 113 | 285 | — | 398 | 3,948 | 270,066 | 274,412 | ||||||||||||||||||||||||||||||||||
Other residential | 456 | 151 | — | 607 | 836 | 62,296 | 63,739 | ||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||
Consumer | 127 | 20 | — | 147 | 110 | 105,751 | 106,008 | ||||||||||||||||||||||||||||||||||
Consumer other | 4,423 | 2,358 | 1 | 6,782 | — | 889,815 | 896,597 | ||||||||||||||||||||||||||||||||||
Lease financing | 1,253 | 245 | — | 1,498 | 1,510 | 420,272 | 423,280 | ||||||||||||||||||||||||||||||||||
Total loans | $ | 10,069 | $ | 7,445 | $ | 6 | $ | 17,520 | $ | 35,563 | $ | 5,171,718 | $ | 5,224,801 |
June 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Accruing (1) | Non-accrual (2) | Total | Accruing (1) | Non-accrual (2) | Total | (dollars in thousands) | Accruing (1) | Non-accrual (2) | Total | Accruing (1) | Non-accrual (2) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 795 | $ | 827 | $ | 1,622 | $ | 967 | $ | 558 | $ | 1,525 | Commercial | $ | 1,826 | $ | 550 | $ | 2,376 | $ | 833 | $ | 1,422 | $ | 2,255 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 2,282 | 3,863 | 6,145 | 866 | 4,314 | 5,180 | Commercial real estate | 115 | 2,851 | 2,966 | 1,522 | 3,302 | 4,824 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 35 | 396 | 431 | 39 | 909 | 948 | Construction and land development | 32 | — | 32 | 37 | — | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 706 | 3,918 | 4,624 | 988 | 3,705 | 4,693 | Residential real estate | 2,917 | 1,188 | 4,105 | 3,128 | 784 | 3,912 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 79 | 0 | 79 | 41 | 0 | 41 | Consumer | 157 | — | 157 | 98 | — | 98 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 505 | 31 | 536 | 0 | 38 | 38 | Lease financing | 878 | 84 | 962 | 1,394 | 241 | 1,635 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 4,402 | $ | 9,035 | $ | 13,437 | $ | 2,901 | $ | 9,524 | $ | 12,425 | Total loans | $ | 5,925 | $ | 4,673 | $ | 10,598 | $ | 7,012 | $ | 5,749 | $ | 12,761 |
Commercial loan portfolio | Other loan portfolio | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial | Commercial real estate | Construction and land development | Residential real estate | Consumer | Lease financing | Total | ||||||||||||||||||||||||||||||||||
For the three months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||||||
Number of loans | 5 | 1 | 0 | 1 | 1 | 1 | 9 | ||||||||||||||||||||||||||||||||||
Pre-modification outstanding balance | $ | 609 | $ | 1,432 | $ | 0 | $ | 136 | $ | 19 | $ | 505 | $ | 2,701 | |||||||||||||||||||||||||||
Post-modification outstanding balance | 609 | 1,432 | 0 | 139 | 19 | 505 | 2,704 | ||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||||||
Number of loans | 5 | 1 | 1 | 3 | 3 | 1 | 14 | ||||||||||||||||||||||||||||||||||
Pre-modification outstanding balance | $ | 609 | $ | 1,432 | $ | 49 | $ | 191 | $ | 50 | $ | 505 | $ | 2,836 | |||||||||||||||||||||||||||
Post-modification outstanding balance | 609 | 1,432 | 40 | 195 | 50 | 505 | 2,831 | ||||||||||||||||||||||||||||||||||
For the three months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||||||
Number of loans | 2 | 2 | 2 | 5 | 0 | 0 | 11 | ||||||||||||||||||||||||||||||||||
Pre-modification outstanding balance | $ | 432 | $ | 633 | $ | 484 | $ | 343 | $ | 0 | $ | 0 | $ | 1,892 | |||||||||||||||||||||||||||
Post-modification outstanding balance | 431 | 606 | 472 | 233 | 0 | 0 | 1,742 | ||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||||||
Number of loans | 2 | 2 | 2 | 11 | 0 | 0 | 17 | ||||||||||||||||||||||||||||||||||
Pre-modification outstanding balance | $ | 432 | $ | 633 | $ | 484 | $ | 1,018 | $ | 0 | $ | 0 | $ | 2,567 | |||||||||||||||||||||||||||
Post-modification outstanding balance | 431 | 606 | 472 | 903 | 0 | 0 | 2,412 | ||||||||||||||||||||||||||||||||||
Commercial loan portfolio | Other loan portfolio | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial | Commercial real estate | Construction and land development | Residential real estate | Consumer | Lease financing | Total | ||||||||||||||||||||||||||||||||||
For the three months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||||||
Number of loans | 2 | 1 | — | 2 | 1 | — | 6 | ||||||||||||||||||||||||||||||||||
Pre-modification outstanding balance | $ | 705 | $ | 6 | $ | — | $ | 176 | $ | 66 | $ | — | $ | 953 | |||||||||||||||||||||||||||
Post-modification outstanding balance | 705 | 6 | — | 176 | 66 | — | 953 | ||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||||||
Number of loans | 4 | 1 | — | 5 | 3 | 2 | 15 | ||||||||||||||||||||||||||||||||||
Pre-modification outstanding balance | $ | 1,324 | $ | 6 | $ | — | $ | 204 | $ | 107 | $ | 84 | $ | 1,725 | |||||||||||||||||||||||||||
Post-modification outstanding balance | 1,324 | 6 | — | 204 | 105 | 84 | 1,723 | ||||||||||||||||||||||||||||||||||
For the three months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||||||
Number of loans | 5 | 1 | — | 1 | 1 | 1 | 9 | ||||||||||||||||||||||||||||||||||
Pre-modification outstanding balance | $ | 609 | $ | 1,432 | $ | — | $ | 136 | $ | 19 | $ | 505 | $ | 2,701 | |||||||||||||||||||||||||||
Post-modification outstanding balance | 609 | 1,432 | — | 139 | 19 | 505 | 2,704 | ||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||||||
Number of loans | 5 | 1 | 1 | 3 | 3 | 1 | 14 | ||||||||||||||||||||||||||||||||||
Pre-modification outstanding balance | $ | 609 | $ | 1,432 | $ | 49 | $ | 191 | $ | 50 | $ | 505 | $ | 2,836 | |||||||||||||||||||||||||||
Post-modification outstanding balance | 609 | 1,432 | 40 | 195 | 50 | 505 | 2,831 | ||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving loans | Total | (dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Acceptable credit quality | $ | 41,515 | $ | 90,431 | $ | 73,288 | $ | 27,900 | $ | 26,192 | $ | 54,717 | $ | 368,714 | $ | 682,757 | Commercial | Acceptable credit quality | $ | 42,773 | $ | 104,834 | $ | 72,395 | $ | 30,577 | $ | 19,403 | $ | 53,815 | $ | 394,649 | $ | 718,446 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 260 | 11 | 326 | 1,958 | 21 | 165 | 279 | 3,020 | Special mention | — | 113 | — | 325 | 1,279 | 282 | 1,887 | 3,886 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 148 | 613 | 1,569 | 2,226 | 3,639 | 8,873 | 6,675 | 23,743 | Substandard | — | 364 | — | 631 | 1,822 | 4,260 | 11,570 | 18,647 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 55 | 0 | 115 | 710 | 517 | 406 | 8,319 | 10,122 | Substandard – nonaccrual | — | 340 | — | 370 | 174 | 383 | 5,536 | 6,803 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 41,978 | 91,055 | 75,298 | 32,794 | 30,369 | 64,161 | 383,987 | 719,642 | Subtotal | 42,773 | 105,651 | 72,395 | 31,903 | 22,678 | 58,740 | 413,642 | 747,782 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial other | Acceptable credit quality | 184,797 | 242,848 | 129,947 | 40,644 | 463 | 312 | 75,626 | 674,637 | Commercial other | Acceptable credit quality | 132,949 | 182,457 | 131,480 | 77,820 | 20,303 | 359 | 79,421 | 624,789 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 0 | 2,096 | 11,437 | 4,299 | 6 | 0 | 3,392 | 21,230 | Special mention | — | 210 | 1,818 | 9,055 | 3,185 | — | — | 14,268 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 160 | 13 | 57 | 913 | 0 | 0 | 3,254 | 4,397 | Substandard | — | — | — | 61 | — | — | 1,408 | 1,469 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 0 | 261 | 3,005 | 784 | 0 | 0 | 4 | 4,054 | Substandard – nonaccrual | 422 | 712 | 26 | 1,216 | 574 | — | — | 2,950 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | 120 | 0 | 0 | 0 | 0 | 0 | 0 | 120 | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 185,077 | 245,218 | 144,446 | 46,640 | 469 | 312 | 82,276 | 704,438 | Subtotal | 133,371 | 183,379 | 133,324 | 88,152 | 24,062 | 359 | 80,829 | 643,476 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | Non-owner occupied | Acceptable credit quality | 144,795 | 171,142 | 102,730 | 39,029 | 73,057 | 185,287 | 5,244 | 721,284 | Commercial real estate | Non-owner occupied | Acceptable credit quality | 453,041 | 433,844 | 143,804 | 113,828 | 19,577 | 187,187 | 3,203 | 1,354,484 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 27 | 37 | 9,910 | 4,214 | 347 | 22,588 | 4,036 | 41,159 | Special mention | 1,439 | 26 | 3,476 | 15,341 | 313 | 7,211 | — | 27,806 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 3,985 | 9,674 | 14,562 | 19,843 | 23,120 | 53,986 | 403 | 125,573 | Substandard | 663 | 109 | — | 37,065 | 1,641 | 37,161 | 250 | 76,889 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 199 | 119 | 6,358 | 0 | 0 | 14,095 | 0 | 20,771 | Substandard – nonaccrual | — | 744 | 859 | 5,879 | 10,246 | 3,123 | — | 20,851 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 149,006 | 180,972 | 133,560 | 63,086 | 96,524 | 275,956 | 9,683 | 908,787 | Subtotal | 455,143 | 434,723 | 148,139 | 172,113 | 31,777 | 234,682 | 3,453 | 1,480,030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | Acceptable credit quality | 68,449 | 68,216 | 52,151 | 34,320 | 46,633 | 124,031 | 2,521 | 396,321 | Owner occupied | Acceptable credit quality | 97,287 | 138,775 | 68,158 | 45,755 | 34,857 | 115,714 | 4,548 | 505,094 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 0 | 1,301 | 2,450 | 223 | 0 | 7,881 | 0 | 11,855 | Special mention | — | 141 | — | 175 | 160 | 1,824 | 27 | 2,327 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 4,574 | 8,196 | 996 | 529 | 13,288 | 314 | 27,897 | Substandard | 47 | 4,187 | 585 | 2,901 | — | 5,182 | 297 | 13,199 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 0 | 543 | 198 | 436 | 85 | 3,387 | 0 | 4,649 | Substandard – nonaccrual | — | 402 | 320 | 157 | 333 | 2,755 | — | 3,967 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 68,449 | 74,634 | 62,995 | 35,975 | 47,247 | 148,587 | 2,835 | 440,722 | Subtotal | 97,334 | 143,505 | 69,063 | 48,988 | 35,350 | 125,475 | 4,872 | 524,587 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | Acceptable credit quality | 48,839 | 7,351 | 3,823 | 2,780 | 1,892 | 24,769 | 2,218 | 91,672 | Multi-family | Acceptable credit quality | 138,000 | 52,078 | 19,800 | 475 | 24,927 | 16,031 | 1,597 | 252,908 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 0 | 458 | 0 | 8,380 | 0 | 1,306 | 0 | 10,144 | Special mention | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 1,013 | 0 | 184 | 514 | 0 | 10,259 | 0 | 11,970 | Substandard | — | — | — | — | — | 3,608 | — | 3,608 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 0 | 0 | 0 | 0 | 0 | 2,390 | 0 | 2,390 | Substandard – nonaccrual | — | 969 | — | 114 | — | 8,150 | — | 9,233 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 49,852 | 7,809 | 4,007 | 11,674 | 1,892 | 38,724 | 2,218 | 116,176 | Subtotal | 138,000 | 53,047 | 19,800 | 589 | 24,927 | 27,789 | 1,597 | 265,749 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Farmland | Acceptable credit quality | 12,112 | 16,635 | 4,484 | 4,066 | 8,336 | 21,642 | 1,600 | 68,875 | Farmland | Acceptable credit quality | 3,337 | 16,384 | 13,958 | 4,126 | 3,158 | 21,255 | 1,751 | 63,969 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 0 | 237 | 1,365 | 167 | 0 | 282 | 0 | 2,051 | Special mention | — | — | — | — | — | 162 | — | 162 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 647 | 239 | 146 | 318 | 121 | 2,206 | 201 | 3,878 | Substandard | — | 15 | — | 166 | 13 | 633 | 181 | 1,008 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Substandard – nonaccrual | — | — | — | — | 101 | — | 49 | 150 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 12,759 | 17,111 | 5,995 | 4,551 | 8,457 | 24,130 | 1,801 | 74,804 | Subtotal | 3,337 | 16,399 | 13,958 | 4,292 | 3,272 | 22,050 | 1,981 | 65,289 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | Acceptable credit quality | 20,102 | 71,273 | 56,003 | 25,805 | 2,856 | 4,909 | 14,644 | 195,592 | Construction and land development | Acceptable credit quality | 49,052 | 67,643 | 46,495 | 8,052 | 4,102 | 2,363 | 24,033 | 201,740 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 0 | 0 | 4,319 | 643 | 0 | 0 | 0 | 4,962 | Special mention | — | — | — | — | — | 220 | — | 220 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 1,336 | 8,875 | 0 | 0 | 0 | 0 | 10,211 | Substandard | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 0 | 0 | 69 | 0 | 0 | 1,233 | 0 | 1,302 | Substandard – nonaccrual | — | — | — | 222 | — | 29 | — | 251 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | 223 | 218 | 0 | 0 | 0 | 0 | 0 | 441 | Not graded | 189 | 1,516 | 35 | — | — | 4 | — | 1,744 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 20,325 | 72,827 | 69,266 | 26,448 | 2,856 | 6,142 | 14,644 | 212,508 | Subtotal | 49,241 | 69,159 | 46,530 | 8,274 | 4,102 | 2,616 | 24,033 | 203,955 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | Acceptable credit quality | 520,609 | 667,896 | 422,426 | 174,544 | 159,429 | 415,667 | 470,567 | 2,831,138 | Total | Acceptable credit quality | 916,439 | 996,015 | 496,090 | 280,633 | 126,327 | 396,724 | 509,202 | 3,721,430 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 287 | 4,140 | 29,807 | 19,884 | 374 | 32,222 | 7,707 | 94,421 | Special mention | 1,439 | 490 | 5,294 | 24,896 | 4,937 | 9,699 | 1,914 | 48,669 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 5,953 | 16,449 | 33,589 | 24,810 | 27,409 | 88,612 | 10,847 | 207,669 | Substandard | 710 | 4,675 | 585 | 40,824 | 3,476 | 50,844 | 13,706 | 114,820 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 254 | 923 | 9,745 | 1,930 | 602 | 21,511 | 8,323 | 43,288 | Substandard – nonaccrual | 422 | 3,167 | 1,205 | 7,958 | 11,428 | 14,440 | 5,585 | 44,205 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | 343 | 218 | 0 | 0 | 0 | 0 | 0 | 561 | Not graded | 189 | 1,516 | 35 | — | — | 4 | — | 1,744 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | $ | 527,446 | $ | 689,626 | $ | 495,567 | $ | 221,168 | $ | 187,814 | $ | 558,012 | $ | 497,444 | $ | 3,177,077 | Total commercial loans | $ | 919,199 | $ | 1,005,863 | $ | 503,209 | $ | 354,311 | $ | 146,168 | $ | 471,711 | $ | 530,407 | $ | 3,930,868 |
December 31, 2020 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving loans | Total | (dollars in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Acceptable credit quality | $ | 117,792 | $ | 107,915 | $ | 35,649 | $ | 34,753 | $ | 22,025 | $ | 51,593 | $ | 517,929 | $ | 887,656 | Commercial | Acceptable credit quality | $ | 108,490 | $ | 78,071 | $ | 50,458 | $ | 20,045 | $ | 27,405 | $ | 35,856 | $ | 417,920 | $ | 738,245 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 244 | 201 | 4,897 | 3,729 | 4,968 | 881 | 7,721 | 22,641 | Special mention | 186 | 57 | 198 | 6,154 | 2 | 316 | 1,517 | 8,430 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 544 | 1,953 | 1,259 | 104 | 248 | 4,861 | 14,618 | 23,587 | Substandard | 380 | 372 | 1,934 | 1,868 | 64 | 4,322 | 8,099 | 17,039 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 2 | 31 | 640 | 936 | 154 | 458 | 1,277 | 3,498 | Substandard – nonaccrual | 52 | — | 612 | 177 | 242 | 169 | 5,704 | 6,956 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 118,582 | 110,100 | 42,445 | 39,522 | 27,395 | 57,793 | 541,545 | 937,382 | Subtotal | 109,108 | 78,500 | 53,202 | 28,244 | 27,713 | 40,663 | 433,240 | 770,670 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial other | Acceptable credit quality | 416,306 | 157,232 | 52,843 | 739 | 303 | 677 | 88,250 | 716,350 | Commercial other | Acceptable credit quality | 264,282 | 167,326 | 101,083 | 29,981 | 303 | 341 | 88,198 | 651,514 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 1,871 | 10,691 | 3,810 | 31 | 79 | 0 | 5,315 | 21,797 | Special mention | — | 1,929 | 10,676 | 3,966 | — | — | 3,252 | 19,823 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 255 | 260 | 1,078 | 3 | 12 | 0 | 5,351 | 6,959 | Substandard | 688 | — | 62 | 341 | — | — | 2,623 | 3,714 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 0 | 1,984 | 641 | 0 | 4 | 0 | 5 | 2,634 | Substandard – nonaccrual | 10 | 158 | 3,894 | 384 | — | — | 21 | 4,467 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | 453 | 0 | 0 | 0 | 0 | 0 | 0 | 453 | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 418,885 | 170,167 | 58,372 | 773 | 398 | 677 | 98,921 | 748,193 | Subtotal | 264,980 | 169,413 | 115,715 | 34,672 | 303 | 341 | 94,094 | 679,518 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | Non-owner occupied | Acceptable credit quality | 168,788 | 109,602 | 63,435 | 91,763 | 97,293 | 156,958 | 5,248 | 693,087 | Commercial real estate | Non-owner occupied | Acceptable credit quality | 441,483 | 154,379 | 134,507 | 20,524 | 55,207 | 182,465 | 5,258 | 993,823 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 3,011 | 9,107 | 3,231 | 483 | 14,294 | 17,816 | 4,279 | 52,221 | Special mention | 26 | 6,341 | 14,177 | 2,296 | 711 | 2,272 | — | 25,823 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 7,469 | 16,306 | 13,813 | 23,169 | 16,897 | 38,907 | 250 | 116,811 | Substandard | 6,196 | 817 | 8,825 | 20,572 | 14,857 | 22,344 | 250 | 73,861 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 125 | 325 | 101 | 0 | 3,438 | 5,343 | 0 | 9,332 | Substandard – nonaccrual | 169 | 992 | 6,206 | — | 195 | 4,264 | — | 11,826 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 179,393 | 135,340 | 80,580 | 115,415 | 131,922 | 219,024 | 9,777 | 871,451 | Subtotal | 447,874 | 162,529 | 163,715 | 43,392 | 70,970 | 211,345 | 5,508 | 1,105,333 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | Acceptable credit quality | 68,688 | 55,502 | 38,471 | 55,526 | 63,105 | 91,986 | 4,066 | 377,344 | Owner occupied | Acceptable credit quality | 141,084 | 69,415 | 47,187 | 35,974 | 30,583 | 98,442 | 1,886 | 424,571 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 1,882 | 3,578 | 225 | 4,142 | 1,038 | 7,289 | 0 | 18,154 | Special mention | 150 | 24 | 187 | 161 | 13,087 | 4,540 | 32 | 18,181 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 4,078 | 468 | 1,023 | 760 | 5,861 | 8,430 | 314 | 20,934 | Substandard | 4,192 | 1,127 | 10,810 | 205 | 297 | 6,466 | 305 | 23,402 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 373 | 200 | 170 | 241 | 0 | 5,441 | 400 | 6,825 | Substandard – nonaccrual | — | 318 | 129 | 336 | 72 | 2,649 | — | 3,504 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 75,021 | 59,748 | 39,889 | 60,669 | 70,004 | 113,146 | 4,780 | 423,257 | Subtotal | 145,426 | 70,884 | 58,313 | 36,676 | 44,039 | 112,097 | 2,223 | 469,658 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | Acceptable credit quality | 12,865 | 6,921 | 19,204 | 32,934 | 10,674 | 24,375 | 1,281 | 108,254 | Multi-family | Acceptable credit quality | 88,329 | 20,080 | 1,973 | 25,450 | 1,414 | 18,642 | 2,241 | 158,129 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 465 | 0 | 8,442 | 0 | 0 | 1,323 | 0 | 10,230 | Special mention | — | 451 | — | — | — | — | — | 451 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 10,945 | 1,518 | 0 | 10,266 | 75 | 0 | 22,804 | Substandard | 988 | — | — | — | — | 10,139 | — | 11,127 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 0 | 0 | 0 | 0 | 7,804 | 2,442 | 0 | 10,246 | Substandard – nonaccrual | — | — | 123 | — | — | 2,045 | — | 2,168 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 13,330 | 17,866 | 29,164 | 32,934 | 28,744 | 28,215 | 1,281 | 151,534 | Subtotal | 89,317 | 20,531 | 2,096 | 25,450 | 1,414 | 30,826 | 2,241 | 171,875 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Farmland | Acceptable credit quality | 18,556 | 6,846 | 3,873 | 8,803 | 6,013 | 23,921 | 1,814 | 69,826 | Farmland | Acceptable credit quality | 15,689 | 14,966 | 3,931 | 3,162 | 7,996 | 19,305 | 1,196 | 66,245 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 274 | 1,387 | 180 | 38 | 298 | 784 | 0 | 2,961 | Special mention | — | 66 | 1,236 | 145 | 153 | 240 | — | 1,840 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 2,241 | 307 | 802 | 127 | 877 | 2,435 | 155 | 6,944 | Substandard | 371 | 76 | 166 | 211 | — | 898 | — | 1,722 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Substandard – nonaccrual | — | — | — | 105 | — | — | 50 | 155 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 21,071 | 8,540 | 4,855 | 8,968 | 7,188 | 27,140 | 1,969 | 79,731 | Subtotal | 16,060 | 15,108 | 5,333 | 3,623 | 8,149 | 20,443 | 1,246 | 69,962 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | Acceptable credit quality | 36,488 | 83,440 | 11,625 | 3,554 | 2,506 | 4,263 | 15,941 | 157,817 | Construction and land development | Acceptable credit quality | 65,053 | 65,274 | 19,269 | 10,029 | 2,511 | 3,841 | 19,452 | 185,429 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 0 | 0 | 454 | 0 | 0 | 0 | 0 | 454 | Special mention | — | — | 5,014 | — | — | 221 | — | 5,235 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 1,386 | 8,875 | 0 | 0 | 0 | 914 | 0 | 11,175 | Substandard | — | 1,336 | — | — | — | — | — | 1,336 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 0 | 242 | 0 | 0 | 152 | 2,430 | 0 | 2,824 | Substandard – nonaccrual | — | — | 43 | — | — | 40 | — | 83 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | 467 | 0 | 0 | 0 | 0 | 0 | 0 | 467 | Not graded | 1,465 | 37 | — | — | — | 164 | — | 1,666 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 38,341 | 92,557 | 12,079 | 3,554 | 2,658 | 7,607 | 15,941 | 172,737 | Subtotal | 66,518 | 66,647 | 24,326 | 10,029 | 2,511 | 4,266 | 19,452 | 193,749 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | Acceptable credit quality | 839,483 | 527,458 | 225,100 | 228,072 | 201,919 | 353,773 | 634,529 | 3,010,334 | Total | Acceptable credit quality | 1,124,410 | 569,511 | 358,408 | 145,165 | 125,419 | 358,892 | 536,151 | 3,217,956 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 7,747 | 24,964 | 21,239 | 8,423 | 20,677 | 28,093 | 17,315 | 128,458 | Special mention | 362 | 8,868 | 31,488 | 12,722 | 13,953 | 7,589 | 4,801 | 79,783 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 15,973 | 39,114 | 19,493 | 24,163 | 34,161 | 55,622 | 20,688 | 209,214 | Substandard | 12,815 | 3,728 | 21,797 | 23,197 | 15,218 | 44,169 | 11,277 | 132,201 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 500 | 2,782 | 1,552 | 1,177 | 11,552 | 16,114 | 1,682 | 35,359 | Substandard – nonaccrual | 231 | 1,468 | 11,007 | 1,002 | 509 | 9,167 | 5,775 | 29,159 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | 920 | 0 | 0 | 0 | 0 | 0 | 0 | 920 | Not graded | 1,465 | 37 | — | — | — | 164 | — | 1,666 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | $ | 864,623 | $ | 594,318 | $ | 267,384 | $ | 261,835 | $ | 268,309 | $ | 453,602 | $ | 674,214 | $ | 3,384,285 | Total commercial loans | $ | 1,139,283 | $ | 583,612 | $ | 422,700 | $ | 182,086 | $ | 155,099 | $ | 419,981 | $ | 558,004 | $ | 3,460,765 |
June 30, 2021 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans | Total | (dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | Residential first lien | Performing | $ | 65,471 | $ | 37,060 | $ | 25,746 | $ | 34,980 | $ | 14,745 | $ | 108,864 | $ | 508 | $ | 287,374 | Residential real estate | Residential first lien | Performing | $ | 30,586 | $ | 41,338 | $ | 32,385 | $ | 21,765 | $ | 23,865 | $ | 122,619 | $ | 758 | $ | 273,316 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 999 | 1,044 | 190 | 0 | 0 | 6,649 | 0 | 8,882 | Nonperforming | — | — | 106 | 260 | 942 | 5,004 | — | 6,312 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 66,470 | 38,104 | 25,936 | 34,980 | 14,745 | 115,513 | 508 | 296,256 | Subtotal | 30,586 | 41,338 | 32,491 | 22,025 | 24,807 | 127,623 | 758 | 279,628 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other residential | Performing | 1,705 | 2,552 | 2,054 | 801 | 329 | 2,525 | 57,930 | 67,896 | Other residential | Performing | 857 | 549 | 613 | 1,209 | 1,668 | 1,999 | 51,718 | 58,613 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 137 | 19 | 12 | 0 | 0 | 154 | 2,138 | 2,460 | Nonperforming | — | — | — | 9 | 10 | 222 | 1,621 | 1,862 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 1,842 | 2,571 | 2,066 | 801 | 329 | 2,679 | 60,068 | 70,356 | Subtotal | 857 | 549 | 613 | 1,218 | 1,678 | 2,221 | 53,339 | 60,475 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | Performing | 5,775 | 12,543 | 11,820 | 20,363 | 15,258 | 4,486 | 4,118 | 74,363 | Consumer | Performing | 9,605 | 44,947 | 11,083 | 5,994 | 6,097 | 18,226 | 2,352 | 98,304 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 65 | 11 | 4 | 46 | 30 | 102 | 6 | 264 | Nonperforming | 91 | 61 | 12 | 2 | 37 | 51 | — | 254 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 5,840 | 12,554 | 11,824 | 20,409 | 15,288 | 4,588 | 4,124 | 74,627 | Subtotal | 9,696 | 45,008 | 11,095 | 5,996 | 6,134 | 18,277 | 2,352 | 98,558 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Performing | 251,750 | 437,735 | 77,825 | 15,362 | 4,761 | 6,764 | 16,192 | 810,389 | Consumer other | Performing | 371,625 | 369,572 | 174,852 | 45,799 | 8,814 | 7,050 | 9,101 | 986,813 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Nonperforming | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 251,750 | 437,735 | 77,825 | 15,362 | 4,761 | 6,764 | 16,192 | 810,389 | Subtotal | 371,625 | 369,572 | 174,852 | 45,799 | 8,814 | 7,050 | 9,101 | 986,813 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases financing | Leases financing | Performing | 6,826 | 50,476 | 107,577 | 152,279 | 80,679 | 6,022 | 0 | 403,859 | Leases financing | Performing | 88,299 | 127,755 | 104,682 | 70,913 | 31,261 | 14,015 | — | 436,925 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 0 | 389 | 886 | 1,670 | 234 | 123 | 0 | 3,302 | Nonperforming | — | 656 | 797 | 273 | 472 | 79 | — | 2,277 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 6,826 | 50,865 | 108,463 | 153,949 | 80,913 | 6,145 | 0 | 407,161 | Subtotal | 88,299 | 128,411 | 105,479 | 71,186 | 31,733 | 14,094 | — | 439,202 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | Performing | 331,527 | 540,366 | 225,022 | 223,785 | 115,772 | 128,661 | 78,748 | 1,643,881 | Total | Performing | 500,972 | 584,161 | 323,615 | 145,680 | 71,705 | 163,909 | 63,929 | 1,853,971 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 1,201 | 1,463 | 1,092 | 1,716 | 264 | 7,028 | 2,144 | 14,908 | Nonperforming | 91 | 717 | 915 | 544 | 1,461 | 5,356 | 1,621 | 10,705 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other loans | Total other loans | $ | 332,728 | $ | 541,829 | $ | 226,114 | $ | 225,501 | $ | 116,036 | $ | 135,689 | $ | 80,892 | $ | 1,658,789 | Total other loans | $ | 501,063 | $ | 584,878 | $ | 324,530 | $ | 146,224 | $ | 73,166 | $ | 169,265 | $ | 65,550 | $ | 1,864,676 |
December 31, 2020 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving loans | Total | (dollars in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | Residential first lien | Performing | $ | 32,322 | $ | 27,071 | $ | 49,039 | $ | 99,658 | $ | 81,525 | $ | 58,107 | $ | 405 | $ | 348,127 | Residential real estate | Residential first lien | Performing | $ | 38,508 | $ | 31,920 | $ | 24,311 | $ | 30,842 | $ | 48,276 | $ | 93,462 | $ | 888 | $ | 268,207 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 0 | 196 | 1,074 | 933 | 1,030 | 6,969 | 0 | 10,202 | Nonperforming | — | 108 | 173 | 780 | 764 | 4,380 | — | 6,205 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 32,322 | 27,267 | 50,113 | 100,591 | 82,555 | 65,076 | 405 | 358,329 | Subtotal | 38,508 | 32,028 | 24,484 | 31,622 | 49,040 | 97,842 | 888 | 274,412 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other residential | Performing | 975 | 2,430 | 3,281 | 2,091 | 1,348 | 1,825 | 69,773 | 81,723 | Other residential | Performing | 888 | 679 | 1,520 | 1,950 | 1,211 | 1,559 | 54,225 | 62,032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 0 | 13 | 21 | 146 | 7 | 165 | 2,476 | 2,828 | Nonperforming | — | — | 10 | 16 | 128 | 100 | 1,453 | 1,707 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 975 | 2,443 | 3,302 | 2,237 | 1,355 | 1,990 | 72,249 | 84,551 | Subtotal | 888 | 679 | 1,530 | 1,966 | 1,339 | 1,659 | 55,678 | 63,739 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | Performing | 28,449 | 14,084 | 16,692 | 8,737 | 5,067 | 3,834 | 3,476 | 80,339 | Consumer | Performing | 65,915 | 14,955 | 7,874 | 8,728 | 3,025 | 2,582 | 2,721 | 105,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 31 | 6 | 57 | 81 | 64 | 63 | 1 | 303 | Nonperforming | 89 | 5 | 3 | 14 | 24 | 71 | 2 | 208 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 28,480 | 14,090 | 16,749 | 8,818 | 5,131 | 3,897 | 3,477 | 80,642 | Subtotal | 66,004 | 14,960 | 7,877 | 8,742 | 3,049 | 2,653 | 2,723 | 106,008 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Performing | 614,764 | 117,054 | 21,394 | 6,514 | 6,096 | 2,480 | 17,158 | 785,460 | Consumer other | Performing | 474,385 | 323,437 | 63,463 | 12,635 | 3,888 | 5,447 | 13,341 | 896,596 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Nonperforming | — | — | — | — | — | — | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 614,764 | 117,054 | 21,394 | 6,514 | 6,096 | 2,480 | 17,158 | 785,460 | Subtotal | 474,385 | 323,437 | 63,463 | 12,635 | 3,888 | 5,447 | 13,342 | 896,597 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases financing | Leases financing | Performing | 177,068 | 125,611 | 70,059 | 21,047 | 12,410 | 1,259 | 0 | 407,454 | Leases financing | Performing | 154,803 | 124,575 | 86,402 | 43,536 | 9,077 | 1,983 | — | 420,376 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 468 | 192 | 1,080 | 600 | 207 | 63 | 0 | 2,610 | Nonperforming | — | 757 | 1,001 | 1,012 | 95 | 39 | — | 2,904 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 177,536 | 125,803 | 71,139 | 21,647 | 12,617 | 1,322 | 0 | 410,064 | Subtotal | 154,803 | 125,332 | 87,403 | 44,548 | 9,172 | 2,022 | — | 423,280 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 853,578 | 286,250 | 160,465 | 138,047 | 106,446 | 67,505 | 90,812 | 1,703,103 | Performing | 734,499 | 495,566 | 183,570 | 97,691 | 65,477 | 105,033 | 71,175 | 1,753,011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 499 | 407 | 2,232 | 1,760 | 1,308 | 7,260 | 2,477 | 15,943 | Nonperforming | 89 | 870 | 1,187 | 1,822 | 1,011 | 4,590 | 1,456 | 11,025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other loans | Total other loans | $ | 854,077 | $ | 286,657 | $ | 162,697 | $ | 139,807 | $ | 107,754 | $ | 74,765 | $ | 93,289 | $ | 1,719,046 | Total other loans | $ | 734,588 | $ | 496,436 | $ | 184,757 | $ | 99,513 | $ | 66,488 | $ | 109,623 | $ | 72,631 | $ | 1,764,036 |
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | December 31, 2020 | (dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||||||||||||
Land | Land | $ | 15,696 | $ | 16,158 | Land | $ | 15,948 | $ | 15,696 | ||||||||||||
Buildings and improvements | Buildings and improvements | 66,426 | 65,932 | Buildings and improvements | 68,625 | 67,143 | ||||||||||||||||
Furniture and equipment | Furniture and equipment | 33,473 | 33,202 | Furniture and equipment | 33,761 | 33,545 | ||||||||||||||||
Lease right-of-use assets | Lease right-of-use assets | 7,670 | 8,428 | |||||||||||||||||||
Total | Total | 115,595 | 115,292 | Total | 126,004 | 124,812 | ||||||||||||||||
Accumulated depreciation | Accumulated depreciation | (43,792) | (41,168) | Accumulated depreciation | (48,336) | (45,592) | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | $ | 71,803 | $ | 74,124 | Premises and equipment, net | $ | 77,668 | $ | 79,220 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2021 | 2020 | 2021 | 2020 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Operating lease cost | Operating lease cost | $ | 514 | $ | 789 | $ | 1,037 | $ | 1,570 | Operating lease cost | $ | 532 | $ | 514 | $ | 1,040 | $ | 1,037 | ||||||||||||||||||||||||||||
Operating cash flows from leases | Operating cash flows from leases | 603 | 782 | 1,386 | 1,727 | Operating cash flows from leases | 630 | 603 | 1,236 | 1,386 | ||||||||||||||||||||||||||||||||||||
Right-of-use assets obtained in exchange for lease obligations | Right-of-use assets obtained in exchange for lease obligations | 609 | 916 | 689 | 1,440 | Right-of-use assets obtained in exchange for lease obligations | — | 609 | 121 | 689 | ||||||||||||||||||||||||||||||||||||
Right-of-use assets derecognized due to terminations or impairment | Right-of-use assets derecognized due to terminations or impairment | (88) | 0 | (210) | (13) | Right-of-use assets derecognized due to terminations or impairment | — | (88) | — | (210) | ||||||||||||||||||||||||||||||||||||
Weighted average remaining lease term | Weighted average remaining lease term | 7.9 years | 7.6 years | 7.9 years | 7.6 years | Weighted average remaining lease term | 7.4 years | 7.9 years | 7.4 years | 7.9 years | ||||||||||||||||||||||||||||||||||||
Weighted average discount rate | Weighted average discount rate | 2.86 | % | 2.89 | % | 2.86 | % | 2.89 | % | Weighted average discount rate | 2.89 | % | 2.86 | % | 2.89 | % | 2.86 | % |
(dollars in thousands) | (dollars in thousands) | Amount | (dollars in thousands) | Amount | ||||||
Year ending December 31: | Year ending December 31: | Year ending December 31: | ||||||||
2021 remaining | $ | 969 | ||||||||
2022 | 2,244 | |||||||||
2022 remaining | 2022 remaining | $ | 1,028 | |||||||
2023 | 2023 | 2,014 | 2023 | 2,105 | ||||||
2024 | 2024 | 1,718 | 2024 | 1,799 | ||||||
2025 | 2025 | 814 | 2025 | 894 | ||||||
2026 | 2026 | 763 | ||||||||
Thereafter | Thereafter | 4,947 | Thereafter | 4,251 | ||||||
Total future minimum lease payments | Total future minimum lease payments | 12,706 | Total future minimum lease payments | 10,840 | ||||||
Less imputed interest | Less imputed interest | (1,400) | Less imputed interest | (1,131) | ||||||
Total operating lease liabilities | Total operating lease liabilities | $ | 11,306 | Total operating lease liabilities | $ | 9,709 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Serviced Loans | Carrying Value | Serviced Loans | Carrying Value | ||||||||||||||||||||
Commercial FHA | $ | 2,456,760 | $ | 24,603 | $ | 2,650,531 | $ | 27,386 | |||||||||||||||
SBA | 46,997 | 660 | 50,043 | 774 | |||||||||||||||||||
Residential | 275,673 | 616 | 302,618 | 705 | |||||||||||||||||||
Total | $ | 2,779,430 | $ | 25,879 | $ | 3,003,192 | $ | 28,865 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2021 | 2020 | 2021 | 2020 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Loan servicing rights: | Loan servicing rights: | Loan servicing rights: | ||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 35,997 | $ | 56,909 | $ | 38,322 | $ | 57,637 | Balance, beginning of period | $ | 26,111 | $ | 35,997 | $ | 27,386 | $ | 38,322 | ||||||||||||||||||||||||||||
Originated servicing | 0 | 657 | 0 | 657 | ||||||||||||||||||||||||||||||||||||||||||
Amortization | Amortization | (780) | (815) | (1,563) | (1,543) | Amortization | (639) | (780) | (1,299) | (1,563) | ||||||||||||||||||||||||||||||||||||
Refinancing fee received from third party | Refinancing fee received from third party | (337) | 0 | (604) | 0 | Refinancing fee received from third party | — | (337) | (221) | (604) | ||||||||||||||||||||||||||||||||||||
Permanent impairment | Permanent impairment | (1,148) | 0 | (2,423) | 0 | Permanent impairment | (869) | (1,148) | (1,263) | (2,423) | ||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | 33,732 | 56,751 | 33,732 | 56,751 | Balance, end of period | $ | 24,603 | $ | 33,732 | $ | 24,603 | $ | 33,732 | ||||||||||||||||||||||||||||||||
Valuation allowances: | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | 0 | 13,412 | 0 | 4,944 | ||||||||||||||||||||||||||||||||||||||||||
Additions | 0 | 107 | 0 | 8,575 | ||||||||||||||||||||||||||||||||||||||||||
Reductions | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | 0 | 13,519 | 0 | 13,519 | ||||||||||||||||||||||||||||||||||||||||||
Loan servicing rights, net | $ | 33,732 | $ | 43,232 | $ | 33,732 | $ | 43,232 | ||||||||||||||||||||||||||||||||||||||
Fair value: | Fair value: | Fair value: | ||||||||||||||||||||||||||||||||||||||||||||
At beginning of period | At beginning of period | $ | 35,997 | $ | 43,497 | $ | 38,322 | $ | 52,693 | At beginning of period | $ | 27,941 | $ | 35,997 | $ | 28,368 | $ | 38,322 | ||||||||||||||||||||||||||||
At end of period | At end of period | $ | 34,255 | $ | 43,232 | $ | 34,255 | $ | 43,232 | At end of period | 26,865 | 34,255 | 26,865 | 34,255 |
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | December 31, 2020 | (dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||||||||||||
Banking | Banking | $ | 157,158 | $ | 157,158 | Banking | $ | 157,158 | $ | 157,158 | ||||||||||||
Wealth management | Wealth management | 4,746 | 4,746 | Wealth management | 4,746 | 4,746 | ||||||||||||||||
Total goodwill | Total goodwill | $ | 161,904 | $ | 161,904 | Total goodwill | $ | 161,904 | $ | 161,904 |
June 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Gross carrying amount | Accumulated amortization | Total | Gross carrying amount | Accumulated amortization | Total | (dollars in thousands) | Gross carrying amount | Accumulated amortization | Total | Gross carrying amount | Accumulated amortization | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core deposit intangibles | Core deposit intangibles | $ | 57,012 | $ | (38,406) | $ | 18,606 | $ | 57,012 | $ | (36,005) | $ | 21,007 | Core deposit intangibles | $ | 58,913 | $ | (42,664) | $ | 16,249 | $ | 57,012 | $ | (40,603) | $ | 16,409 | ||||||||||||||||||||||||||||||||||||||||||||
Customer relationship intangibles | Customer relationship intangibles | 16,574 | (7,280) | 9,294 | 14,071 | (6,696) | 7,375 | Customer relationship intangibles | 15,918 | (8,608) | 7,310 | 15,918 | (7,953) | 7,965 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total intangible assets | Total intangible assets | $ | 73,586 | $ | (45,686) | $ | 27,900 | $ | 71,083 | $ | (42,701) | $ | 28,382 | Total intangible assets | $ | 74,831 | $ | (51,272) | $ | 23,559 | $ | 72,930 | $ | (48,556) | $ | 24,374 |
Notional amount | Fair value gain | Notional amount | Fair value gain | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | (dollars in thousands) | June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||
Derivative instruments (included in other assets): | Derivative instruments (included in other assets): | Derivative instruments (included in other assets): | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | $ | 71,925 | $ | 136,227 | $ | 993 | $ | 2,217 | Interest rate lock commitments | $ | 22,704 | $ | 66,216 | $ | 91 | $ | 410 | ||||||||||||||||||||||||||||
Forward commitments to sell mortgage-backed securities | Forward commitments to sell mortgage-backed securities | 37,179 | 218,126 | 0 | 0 | Forward commitments to sell mortgage-backed securities | 8,213 | 60,427 | — | — | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 109,104 | $ | 354,353 | $ | 993 | $ | 2,217 | Total | $ | 30,917 | $ | 126,643 | $ | 91 | $ | 410 |
Notional amount | Fair value loss | Notional amount | Fair value loss | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | (dollars in thousands) | June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||
Derivative instruments (included in other liabilities): | Derivative instruments (included in other liabilities): | Derivative instruments (included in other liabilities): | ||||||||||||||||||||||||||||||||||||||||||||
Forward commitments to sell mortgage-backed securities | Forward commitments to sell mortgage-backed securities | $ | 23,483 | $ | 33,240 | $ | 40 | $ | 309 | Forward commitments to sell mortgage-backed securities | $ | 9,500 | $ | 18,362 | $ | 11 | $ | 19 |
(dollars in thousands) | June 30, 2021 | December 31, 2020 | |||||||||
Notional Amount | $ | 50,000 | $ | 100,000 | |||||||
Average remaining life in years | 5.8 | 5.3 | |||||||||
Weighted average pay rate | 0.60 | % | 0.57 | % | |||||||
Weighted average receive rate | 0.20 | % | 0.22 | % |
(dollars in thousands) | June 30, 2022 | ||||||||||
Notional Amount | $ | 200,000 | |||||||||
Average remaining life in years | 3.79 years | ||||||||||
Weighted average pay rate | 0.64 | % | |||||||||
Weighted average receive rate | 5.48 | % |
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | December 31, 2020 | (dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | $ | 1,366,453 | $ | 1,469,579 | Noninterest-bearing demand | $ | 1,972,261 | $ | 2,245,701 | ||||||||||||
Interest-bearing: | Interest-bearing: | Interest-bearing: | ||||||||||||||||||||
Checking | Checking | 1,619,436 | 1,568,888 | Checking | 1,808,885 | 1,663,021 | ||||||||||||||||
Money market | Money market | 787,688 | 785,871 | Money market | 1,027,547 | 869,067 | ||||||||||||||||
Savings | Savings | 669,277 | 597,966 | Savings | 740,364 | 679,115 | ||||||||||||||||
Time | Time | 753,497 | 678,712 | Time | 635,381 | 653,744 | ||||||||||||||||
Total deposits | Total deposits | $ | 5,196,351 | $ | 5,101,016 | Total deposits | $ | 6,184,438 | $ | 6,110,648 |
Repurchase agreements | Repurchase agreements | |||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | As of and for the Six Months Ended June 30, 2021 | As of and for the Year Ended December 31, 2020 | (dollars in thousands) | As of and for the Six Months Ended June 30, 2022 | As of and for the Year Ended December 31, 2021 | ||||||||||||||||
Outstanding at period-end | Outstanding at period-end | $ | 75,985 | $ | 68,957 | Outstanding at period-end | $ | 67,689 | $ | 76,803 | ||||||||||||
Average amount outstanding | Average amount outstanding | 70,608 | 60,306 | Average amount outstanding | 64,642 | 68,986 | ||||||||||||||||
Maximum amount outstanding at any month end | Maximum amount outstanding at any month end | 77,497 | 77,136 | Maximum amount outstanding at any month end | 76,807 | 77,497 | ||||||||||||||||
Weighted average interest rate: | Weighted average interest rate: | Weighted average interest rate: | ||||||||||||||||||||
During period | During period | 0.13 | % | 0.30 | % | During period | 0.14 | % | 0.12 | % | ||||||||||||
End of period | End of period | 0.11 | % | 0.12 | % | End of period | 0.14 | % | 0.13 | % |
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | December 31, 2020 | (dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||||||||||||
Midland States Bancorp, Inc. | Midland States Bancorp, Inc. | Midland States Bancorp, Inc. | ||||||||||||||||||||
Revolving line of credit - variable interest rate equivalent to Daily Simple SOFR plus 1.60% | Revolving line of credit - variable interest rate equivalent to Daily Simple SOFR plus 1.60% | $ | — | $ | — | |||||||||||||||||
Series G redeemable preferred stock - 171 shares at $1,000 per share | Series G redeemable preferred stock - 171 shares at $1,000 per share | $ | 171 | $ | 171 | Series G redeemable preferred stock - 171 shares at $1,000 per share | — | 171 | ||||||||||||||
Midland States Bank | Midland States Bank | Midland States Bank | ||||||||||||||||||||
FHLB advances – fixed rate, fixed term at rates averaging 0.22% and 0.24% at June 30, 2021 and December 31, 2020, respectively – maturing through July 2021 | 50,000 | 304,000 | ||||||||||||||||||||
FHLB advances – putable fixed rate at rates averaging 1.90% and 2.01% at June 30, 2021 and December 31, 2020, respectively – maturing through February 2030 with call provisions through August 2021 | 390,000 | 475,000 | ||||||||||||||||||||
FHLB advances – putable fixed rate at rates averaging 2.35% and 1.48% at June 30, 2022 and December 31, 2021, respectively – maturing through December 2024 | FHLB advances – putable fixed rate at rates averaging 2.35% and 1.48% at June 30, 2022 and December 31, 2021, respectively – maturing through December 2024 | 110,000 | 210,000 | |||||||||||||||||||
FHLB advances –SOFR floater at rates averaging 3.14% and 1.67% at June 30, 2022 and December 31, 2021, respectively – maturing in October 2023 | FHLB advances –SOFR floater at rates averaging 3.14% and 1.67% at June 30, 2022 and December 31, 2021, respectively – maturing in October 2023 | 100,000 | 100,000 | |||||||||||||||||||
FHLB advances – Short term fixed rate at rates averaging 1.63% at June 30, 2022 – maturing in July 2022 | FHLB advances – Short term fixed rate at rates averaging 1.63% at June 30, 2022 – maturing in July 2022 | 75,000 | — | |||||||||||||||||||
Total FHLB advances and other borrowings | Total FHLB advances and other borrowings | $ | 440,171 | $ | 779,171 | Total FHLB advances and other borrowings | $ | 285,000 | $ | 310,171 |
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | December 31, 2020 | (dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||||||||||||
Subordinated debt issued June 2015 – variable interest rate equivalent to three month LIBOR plus 4.35%, which was 4.59% at December 31, 2020 | $ | 0 | $ | 31,075 | ||||||||||||||||||
Subordinated debt issued June 2015 – fixed interest rate of 6.50%, $550 - maturing June 18, 2025 | Subordinated debt issued June 2015 – fixed interest rate of 6.50%, $550 - maturing June 18, 2025 | 546 | 545 | Subordinated debt issued June 2015 – fixed interest rate of 6.50%, $550 - maturing June 18, 2025 | $ | 547 | $ | 546 | ||||||||||||||
Subordinated debt issued October 2017 – fixed interest rate of 6.25% through October 2022 and a variable interest rate equivalent to three month LIBOR plus 4.23% thereafter, $40,000 - maturing October 15, 2027 | Subordinated debt issued October 2017 – fixed interest rate of 6.25% through October 2022 and a variable interest rate equivalent to three month LIBOR plus 4.23% thereafter, $40,000 - maturing October 15, 2027 | 39,593 | 39,561 | Subordinated debt issued October 2017 – fixed interest rate of 6.25% through October 2022 and a variable interest rate equivalent to three month LIBOR plus 4.23% thereafter, $40,000 - maturing October 15, 2027 | 39,658 | 39,626 | ||||||||||||||||
Subordinated debt issued September 2019 – fixed interest rate of 5.00% through September 2024 and a variable interest rate equivalent to three month SOFR plus 3.61% thereafter, $72,750 - maturing September 30, 2029 | Subordinated debt issued September 2019 – fixed interest rate of 5.00% through September 2024 and a variable interest rate equivalent to three month SOFR plus 3.61% thereafter, $72,750 - maturing September 30, 2029 | 71,914 | 71,785 | Subordinated debt issued September 2019 – fixed interest rate of 5.00% through September 2024 and a variable interest rate equivalent to three month SOFR plus 3.61% thereafter, $72,750 - maturing September 30, 2029 | 72,171 | 72,042 | ||||||||||||||||
Subordinated debt issued September 2019 – fixed interest rate of 5.50% through September 2029 and a variable interest rate equivalent to three month SOFR plus 4.05% thereafter, $27,250 - maturing September 30, 2034 | Subordinated debt issued September 2019 – fixed interest rate of 5.50% through September 2029 and a variable interest rate equivalent to three month SOFR plus 4.05% thereafter, $27,250 - maturing September 30, 2034 | 26,853 | 26,829 | Subordinated debt issued September 2019 – fixed interest rate of 5.50% through September 2029 and a variable interest rate equivalent to three month SOFR plus 4.05% thereafter, $27,250 - maturing September 30, 2034 | 26,901 | 26,877 | ||||||||||||||||
Total subordinated debt | Total subordinated debt | $ | 138,906 | $ | 169,795 | Total subordinated debt | $ | 139,277 | $ | 139,091 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per share data) | (dollars in thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | (dollars in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 20,124 | $ | 12,569 | $ | 38,662 | $ | 14,118 | Net income | $ | 21,883 | $ | 20,124 | $ | 42,632 | $ | 38,662 | ||||||||||||||||||||||||||||
Common shareholder dividends | Common shareholder dividends | (6,265) | (6,175) | (12,502) | (12,685) | Common shareholder dividends | (6,397) | (6,265) | (12,786) | (12,502) | ||||||||||||||||||||||||||||||||||||
Unvested restricted stock award dividends | Unvested restricted stock award dividends | (62) | (65) | (126) | (130) | Unvested restricted stock award dividends | (73) | (62) | (148) | (126) | ||||||||||||||||||||||||||||||||||||
Undistributed earnings to unvested restricted stock awards | Undistributed earnings to unvested restricted stock awards | (134) | (65) | (259) | (14) | Undistributed earnings to unvested restricted stock awards | (171) | (134) | (334) | (259) | ||||||||||||||||||||||||||||||||||||
Undistributed earnings to common shareholders | Undistributed earnings to common shareholders | $ | 13,663 | $ | 6,264 | $ | 25,775 | $ | 1,289 | Undistributed earnings to common shareholders | $ | 15,242 | $ | 13,663 | $ | 29,364 | $ | 25,775 | ||||||||||||||||||||||||||||
Basic | Basic | Basic | ||||||||||||||||||||||||||||||||||||||||||||
Distributed earnings to common shareholders | Distributed earnings to common shareholders | $ | 6,265 | $ | 6,175 | $ | 12,502 | $ | 12,685 | Distributed earnings to common shareholders | $ | 6,397 | $ | 6,265 | $ | 12,786 | $ | 12,502 | ||||||||||||||||||||||||||||
Undistributed earnings to common shareholders | Undistributed earnings to common shareholders | 13,663 | 6,264 | 25,775 | 1,289 | Undistributed earnings to common shareholders | 15,242 | 13,663 | 29,364 | 25,775 | ||||||||||||||||||||||||||||||||||||
Total common shareholders earnings, basic | Total common shareholders earnings, basic | $ | 19,928 | $ | 12,439 | $ | 38,277 | $ | 13,974 | Total common shareholders earnings, basic | $ | 21,639 | $ | 19,928 | $ | 42,150 | $ | 38,277 | ||||||||||||||||||||||||||||
Diluted | Diluted | Diluted | ||||||||||||||||||||||||||||||||||||||||||||
Distributed earnings to common shareholders | Distributed earnings to common shareholders | $ | 6,265 | $ | 6,175 | $ | 12,502 | $ | 12,685 | Distributed earnings to common shareholders | $ | 6,397 | $ | 6,265 | $ | 12,786 | $ | 12,502 | ||||||||||||||||||||||||||||
Undistributed earnings to common shareholders | Undistributed earnings to common shareholders | 13,663 | 6,264 | 25,775 | 1,289 | Undistributed earnings to common shareholders | 15,242 | 13,663 | 29,364 | 25,775 | ||||||||||||||||||||||||||||||||||||
Total common shareholders earnings | Total common shareholders earnings | 19,928 | 12,439 | 38,277 | 13,974 | Total common shareholders earnings | 21,639 | 19,928 | 42,150 | 38,277 | ||||||||||||||||||||||||||||||||||||
Add back: | Add back: | Add back: | ||||||||||||||||||||||||||||||||||||||||||||
Undistributed earnings reallocated from unvested restricted stock awards | Undistributed earnings reallocated from unvested restricted stock awards | 0 | 0 | 1 | 0 | Undistributed earnings reallocated from unvested restricted stock awards | 1 | — | 1 | 1 | ||||||||||||||||||||||||||||||||||||
Total common shareholders earnings, diluted | Total common shareholders earnings, diluted | $ | 19,928 | $ | 12,439 | $ | 38,278 | $ | 13,974 | Total common shareholders earnings, diluted | $ | 21,640 | $ | 19,928 | $ | 42,151 | $ | 38,278 | ||||||||||||||||||||||||||||
Weighted average common shares outstanding, basic | Weighted average common shares outstanding, basic | 22,591,127 | 23,338,890 | 22,557,728 | 23,886,215 | Weighted average common shares outstanding, basic | 22,305,590 | 22,591,127 | 22,290,486 | 22,557,728 | ||||||||||||||||||||||||||||||||||||
Options | Options | 86,388 | 1,074 | 75,312 | 36,673 | Options | 55,229 | 86,388 | 65,450 | 75,312 | ||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding, diluted | Weighted average common shares outstanding, diluted | 22,677,515 | 23,339,964 | 22,633,040 | 23,922,888 | Weighted average common shares outstanding, diluted | 22,360,819 | 22,677,515 | 22,355,936 | 22,633,040 | ||||||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.88 | $ | 0.53 | $ | 1.70 | $ | 0.59 | Basic earnings per common share | $ | 0.97 | $ | 0.88 | $ | 1.89 | $ | 1.70 | ||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | 0.88 | 0.53 | 1.69 | 0.58 | Diluted earnings per common share | 0.97 | 0.88 | 1.89 | 1.69 |
June 30, 2021 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Carrying amount | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | (dollars in thousands) | Carrying amount | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis: | Assets and liabilities measured at fair value on a recurring basis: | Assets and liabilities measured at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | Investment securities available for sale: | Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 325 | $ | 325 | $ | 0 | $ | 0 | U.S. Treasury securities | $ | 63,996 | $ | 63,996 | $ | — | $ | — | ||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | U.S. government sponsored entities and U.S. agency securities | 53,033 | 0 | 53,033 | 0 | U.S. government sponsored entities and U.S. agency securities | 30,303 | — | 30,303 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 310,292 | 0 | 310,292 | 0 | Mortgage-backed securities - agency | 423,838 | — | 423,838 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 35,401 | 0 | 35,401 | 0 | Mortgage-backed securities - non-agency | 22,777 | — | 22,777 | — | ||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 144,541 | 0 | 144,541 | 0 | State and municipal securities | 106,688 | — | 106,688 | — | ||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | 203,733 | 0 | 202,725 | 1,008 | Corporate securities | 112,938 | — | 112,938 | — | ||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 9,506 | 9,506 | 0 | 0 | Equity securities | 8,738 | 8,738 | — | — | ||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 12,187 | 0 | 12,187 | 0 | Loans held for sale | 5,298 | — | 5,298 | — | ||||||||||||||||||||||||||||||||||||
Derivative assets | Derivative assets | 7,095 | 0 | 7,095 | 0 | Derivative assets | 8,459 | — | 8,459 | — | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 776,113 | $ | 9,831 | $ | 765,274 | $ | 1,008 | Total | $ | 783,035 | $ | 72,734 | $ | 710,301 | $ | — | ||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | $ | 548 | $ | 0 | $ | 548 | $ | 0 | Derivative liabilities | $ | 189 | $ | — | $ | 189 | $ | — | ||||||||||||||||||||||||||||
Total | Total | $ | 548 | $ | 0 | $ | 548 | $ | 0 | Total | $ | 189 | $ | — | $ | 189 | $ | — | ||||||||||||||||||||||||||||
Assets measured at fair value on a non-recurring basis: | Assets measured at fair value on a non-recurring basis: | Assets measured at fair value on a non-recurring basis: | ||||||||||||||||||||||||||||||||||||||||||||
Loan servicing rights | Loan servicing rights | $ | 34,577 | $ | 0 | $ | 0 | $ | 34,577 | Loan servicing rights | $ | 25,879 | $ | — | $ | — | $ | 25,879 | ||||||||||||||||||||||||||||
Mortgage servicing rights held for sale | 780 | 0 | 0 | 780 | ||||||||||||||||||||||||||||||||||||||||||
Nonperforming loans | Nonperforming loans | 9,426 | 120 | 9,306 | 0 | Nonperforming loans | 50,958 | — | 44,599 | 6,359 | ||||||||||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | 1,372 | 0 | 1,372 | 0 | Other real estate owned | 11,131 | — | 11,131 | — | ||||||||||||||||||||||||||||||||||||
Assets held for sale | Assets held for sale | 2,842 | 0 | 2,842 | 0 | Assets held for sale | 1,231 | — | 1,231 | — |
December 31, 2020 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Carrying amount | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | (dollars in thousands) | Carrying amount | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis: | Assets and liabilities measured at fair value on a recurring basis: | Assets and liabilities measured at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | Investment securities available for sale: | Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 64,917 | $ | 64,917 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | U.S. government sponsored entities and U.S. agency securities | $ | 35,567 | $ | 0 | $ | 35,567 | $ | 0 | U.S. government sponsored entities and U.S. agency securities | 33,817 | — | 33,817 | — | ||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 344,577 | 0 | 344,577 | 0 | Mortgage-backed securities - agency | 440,270 | — | 440,270 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 20,744 | 0 | 20,744 | 0 | Mortgage-backed securities - non-agency | 28,706 | — | 28,706 | — | ||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 129,765 | 0 | 129,765 | 0 | State and municipal securities | 143,099 | — | 143,099 | — | ||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | 146,058 | 0 | 145,099 | 959 | Corporate securities | 195,794 | — | 194,859 | 935 | ||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 9,424 | 9,424 | 0 | 0 | Equity securities | 9,529 | 9,529 | — | — | ||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 138,090 | 0 | 138,090 | — | Loans held for sale | 32,045 | — | 32,045 | — | ||||||||||||||||||||||||||||||||||||
Derivative assets | Derivative assets | 3,423 | 0 | 3,423 | 0 | Derivative assets | 5,883 | — | 5,883 | — | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 827,648 | $ | 9,424 | $ | 817,265 | $ | 959 | Total | $ | 954,060 | $ | 74,446 | $ | 878,679 | $ | 935 | ||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | $ | 1,112 | $ | 0 | $ | 1,112 | $ | 0 | Derivative liabilities | $ | 397 | $ | — | $ | 397 | $ | — | ||||||||||||||||||||||||||||
Total | Total | $ | 1,112 | $ | 0 | $ | 1,112 | $ | 0 | Total | $ | 397 | $ | — | $ | 397 | $ | — | ||||||||||||||||||||||||||||
Assets measured at fair value on a non-recurring basis: | Assets measured at fair value on a non-recurring basis: | Assets measured at fair value on a non-recurring basis: | ||||||||||||||||||||||||||||||||||||||||||||
Loan servicing rights | Loan servicing rights | $ | 39,276 | $ | 0 | $ | 0 | $ | 39,276 | Loan servicing rights | $ | 28,865 | $ | — | $ | — | $ | 28,865 | ||||||||||||||||||||||||||||
Mortgage servicing rights held for sale | 878 | 0 | 0 | 878 | ||||||||||||||||||||||||||||||||||||||||||
Nonperforming loans | Nonperforming loans | 13,333 | 0 | 12,054 | 1,279 | Nonperforming loans | 36,542 | 24,358 | 6,129 | 6,055 | ||||||||||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | 20,247 | 0 | 20,247 | 0 | Other real estate owned | 12,059 | — | 12,059 | — | ||||||||||||||||||||||||||||||||||||
Assets held for sale | Assets held for sale | 4,157 | 0 | 4,157 | 0 | Assets held for sale | 2,284 | — | 2,284 | — |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2021 | 2020 | 2021 | 2020 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 959 | $ | 925 | $ | 959 | $ | 955 | Balance, beginning of period | $ | 935 | $ | 959 | $ | 935 | $ | 959 | ||||||||||||||||||||||||||||
Transferred to level 2 | Transferred to level 2 | (935) | — | (935) | — | |||||||||||||||||||||||||||||||||||||||||
Total realized in earnings (1) | Total realized in earnings (1) | 4 | 5 | 6 | 8 | Total realized in earnings (1) | 6 | 4 | 11 | 6 | ||||||||||||||||||||||||||||||||||||
Total unrealized in other comprehensive income (2) | Total unrealized in other comprehensive income (2) | 49 | (4) | 49 | (34) | Total unrealized in other comprehensive income (2) | — | 49 | — | 49 | ||||||||||||||||||||||||||||||||||||
Net settlements (principal and interest) | Net settlements (principal and interest) | (4) | (5) | (6) | (8) | Net settlements (principal and interest) | (6) | (4) | (11) | (6) | ||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 1,008 | $ | 921 | $ | 1,008 | $ | 921 | Balance, end of period | $ | — | $ | 1,008 | $ | — | $ | 1,008 |
(dollars in thousands) | Fair value | Valuation technique | Unobservable input / assumptions | Range (weighted average)(1) | ||||||||||||||||||||||
Corporate securities | $ | Consensus pricing | Net market price | 0.0% - | ||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2021 | 2020 | 2021 | 2020 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Loan servicing rights | Loan servicing rights | $ | 1,148 | $ | 107 | $ | 2,423 | $ | 8,575 | Loan servicing rights | $ | 869 | $ | 1,148 | $ | 1,263 | $ | 2,423 | ||||||||||||||||||||||||||||
Mortgage servicing rights held for sale | Mortgage servicing rights held for sale | 143 | 391 | 143 | 887 | Mortgage servicing rights held for sale | — | 143 | — | 143 | ||||||||||||||||||||||||||||||||||||
Nonperforming loans | Nonperforming loans | 4,295 | 3,295 | 6,272 | 16,214 | Nonperforming loans | 10,779 | 4,295 | 11,366 | 6,272 | ||||||||||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | 314 | 652 | 417 | 1,257 | Other real estate owned | 67 | 314 | 404 | 417 | ||||||||||||||||||||||||||||||||||||
Assets held for sale | Assets held for sale | 0 | 60 | 0 | 206 | Assets held for sale | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total losses on assets measured on a nonrecurring basis | Total losses on assets measured on a nonrecurring basis | $ | 5,900 | $ | 4,505 | $ | 9,255 | $ | 27,139 | Total losses on assets measured on a nonrecurring basis | $ | 11,715 | $ | 5,900 | $ | 13,033 | $ | 9,255 |
(dollars in thousands) | Fair value | Valuation technique | Unobservable input / assumptions | Range (weighted average)(1) | |||||||||||||||||||||||||||
June 30, | |||||||||||||||||||||||||||||||
Loan servicing rights: | |||||||||||||||||||||||||||||||
Commercial MSR | $ | Discounted cash flow | Prepayment speed | 8.00% - 18.00% | |||||||||||||||||||||||||||
Discount rate | 10.00% - 27.00% | ||||||||||||||||||||||||||||||
SBA servicing rights | Discounted cash flow | Prepayment speed | |||||||||||||||||||||||||||||
Discount rate | 10.00% - 12.00% (11.00%) | ||||||||||||||||||||||||||||||
Discounted cash flow | Prepayment speed | ||||||||||||||||||||||||||||||
Discount rate | 9.00% - 11.50% (10.13%) | ||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||
Loan servicing rights: | |||||||||||||||||||||||||||||||
Commercial MSR | $ | Discounted cash flow | Prepayment speed | 8.00% - 18.00% | |||||||||||||||||||||||||||
Discount rate | 10.00% - 27.00% | ||||||||||||||||||||||||||||||
SBA servicing rights | Discounted cash flow | Prepayment speed | |||||||||||||||||||||||||||||
Discount rate | |||||||||||||||||||||||||||||||
Discounted cash flow | Prepayment speed | ||||||||||||||||||||||||||||||
Discount rate | 9.00% - 11.50% | ||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Aggregate fair value | Difference | Contractual principal | Aggregate fair value | Difference | Contractual principal | |||||||||||||||||||||||||||||
Commercial loans held for sale | $ | 0 | $ | 0 | $ | 0 | $ | 126,123 | $ | 67 | $ | 126,056 | |||||||||||||||||||||||
Residential loans held for sale | 12,187 | 717 | 11,470 | 11,967 | 743 | 11,224 | |||||||||||||||||||||||||||||
Total loans held for sale | $ | 12,187 | $ | 717 | $ | 11,470 | $ | 138,090 | $ | 810 | $ | 137,280 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Aggregate fair value | Difference | Contractual principal | Aggregate fair value | Difference | Contractual principal | |||||||||||||||||||||||||||||
Commercial loans held for sale | $ | — | $ | — | $ | — | $ | 19,230 | $ | — | $ | 19,230 | |||||||||||||||||||||||
Residential loans held for sale | 5,298 | 212 | 5,086 | 12,815 | 584 | 12,231 | |||||||||||||||||||||||||||||
Total loans held for sale | $ | 5,298 | $ | 212 | $ | 5,086 | $ | 32,045 | $ | 584 | $ | 31,461 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2021 | 2020 | 2021 | 2020 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Commercial loans held for sale | Commercial loans held for sale | $ | (23) | $ | 276 | $ | (67) | $ | 118 | Commercial loans held for sale | $ | (18) | $ | (23) | $ | — | $ | (67) | ||||||||||||||||||||||||||||
Residential loans held for sale | Residential loans held for sale | 320 | 414 | (63) | 669 | Residential loans held for sale | 104 | 320 | (277) | (63) | ||||||||||||||||||||||||||||||||||||
Total loans held for sale | Total loans held for sale | $ | 297 | $ | 690 | $ | (130) | $ | 787 | Total loans held for sale | $ | 86 | $ | 297 | $ | (277) | $ | (130) |
June 30, 2021 | |||||||||||||||||||||||||||||
(dollars in thousands) | Carrying amount | Fair value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and due from banks | $ | 418,782 | $ | 418,782 | $ | 418,782 | $ | 0 | $ | 0 | |||||||||||||||||||
Federal funds sold | 6,318 | 6,318 | 6,318 | 0 | 0 | ||||||||||||||||||||||||
Loans, net | 4,777,202 | 4,878,116 | 0 | 0 | 4,878,116 | ||||||||||||||||||||||||
Accrued interest receivable | 22,623 | 22,623 | 0 | 22,623 | 0 | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Deposits | $ | 5,196,351 | $ | 5,201,056 | $ | 0 | $ | 5,201,056 | $ | 0 | |||||||||||||||||||
Short-term borrowings | 75,985 | 75,985 | 0 | 75,985 | 0 | ||||||||||||||||||||||||
FHLB and other borrowings | 440,171 | 456,971 | 0 | 456,971 | 0 | ||||||||||||||||||||||||
Subordinated debt | 138,906 | 148,763 | 0 | 148,763 | 0 | ||||||||||||||||||||||||
Trust preferred debentures | 49,094 | 54,984 | 0 | 54,984 | 0 | ||||||||||||||||||||||||
December 31, 2020 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Carrying amount | Fair value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | (dollars in thousands) | Carrying amount | Fair value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 337,080 | $ | 337,080 | $ | 337,080 | $ | 0 | $ | 0 | Cash and due from banks | $ | 264,173 | $ | 264,173 | $ | 264,173 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | 4,560 | 4,560 | 4,560 | 0 | 0 | Federal funds sold | 5,944 | 5,944 | 5,944 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | 5,042,888 | 5,006,223 | 0 | 0 | 5,006,223 | Loans, net | 5,740,646 | 5,648,295 | — | — | 5,648,295 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 23,545 | 23,545 | 0 | 23,545 | 0 | Accrued interest receivable | 16,552 | 16,552 | — | 16,552 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | $ | 5,101,016 | $ | 5,108,360 | $ | 0 | $ | 5,108,360 | $ | 0 | Deposits | $ | 6,184,438 | $ | 6,171,119 | $ | — | $ | 6,171,119 | $ | — | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 68,957 | 68,957 | 0 | 68,957 | 0 | Short-term borrowings | 67,689 | 67,689 | — | 67,689 | — | ||||||||||||||||||||||||||||||||||||||||||||||
FHLB and other borrowings | FHLB and other borrowings | 779,171 | 807,493 | 0 | 807,493 | 0 | FHLB and other borrowings | 285,000 | 286,309 | — | 286,309 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 169,795 | 176,504 | 0 | 176,504 | 0 | Subordinated debt | 139,277 | 139,063 | — | 139,063 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred debentures | Trust preferred debentures | 48,814 | 50,165 | 0 | 50,165 | 0 | Trust preferred debentures | 49,674 | 55,348 | — | 55,348 | — |
December 31, 2021 | |||||||||||||||||||||||||||||
(dollars in thousands) | Carrying amount | Fair value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and due from banks | $ | 673,297 | $ | 673,297 | $ | 673,297 | $ | — | $ | — | |||||||||||||||||||
Federal funds sold | 7,074 | 7,074 | 7,074 | — | — | ||||||||||||||||||||||||
Loans, net | 5,173,739 | 5,221,886 | — | — | 5,221,886 | ||||||||||||||||||||||||
Accrued interest receivable | 19,470 | 19,470 | — | 19,470 | — | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Deposits | $ | 6,110,648 | $ | 6,109,077 | $ | — | $ | 6,109,077 | $ | — | |||||||||||||||||||
Short-term borrowings | 76,803 | 76,803 | — | 76,803 | — | ||||||||||||||||||||||||
FHLB and other borrowings | 310,171 | 317,464 | — | 317,464 | — | ||||||||||||||||||||||||
Subordinated debt | 139,091 | 148,386 | — | 148,386 | — | ||||||||||||||||||||||||
Trust preferred debentures | 49,374 | 57,827 | — | 57,827 | — | ||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | December 31, 2020 | (dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||||||||||||
Commitments to extend credit | Commitments to extend credit | $ | 897,556 | $ | 894,212 | Commitments to extend credit | $ | 1,206,523 | $ | 994,709 | ||||||||||||
Financial guarantees – standby letters of credit | Financial guarantees – standby letters of credit | 13,637 | 15,889 | Financial guarantees – standby letters of credit | 26,553 | 14,325 |
(dollars in thousands) | (dollars in thousands) | Banking | Wealth Management | Other | Total | (dollars in thousands) | Banking | Wealth Management | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | Net interest income (expense) | $ | 63,963 | $ | — | $ | (2,629) | $ | 61,334 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 5,441 | — | — | 5,441 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 8,495 | 6,143 | (25) | 14,613 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 37,362 | 4,091 | (114) | 41,339 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes (benefit) | Income (loss) before income taxes (benefit) | 29,655 | 2,052 | (2,540) | 29,167 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes (benefit) | Income taxes (benefit) | 7,545 | 573 | (834) | 7,284 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 22,110 | $ | 1,479 | $ | (1,706) | $ | 21,883 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 7,422,518 | $ | 29,042 | $ | (15,748) | $ | 7,435,812 | |||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | Net interest income (expense) | $ | 123,316 | $ | — | $ | (5,155) | $ | 118,161 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 9,608 | — | — | 9,608 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 16,901 | 13,282 | 43 | 30,226 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 73,609 | 8,766 | (152) | 82,223 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes (benefit) | Income (loss) before income taxes (benefit) | 57,000 | 4,516 | (4,960) | 56,556 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes (benefit) | Income taxes (benefit) | 14,260 | 1,263 | (1,599) | 13,924 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 42,740 | $ | 3,253 | $ | (3,361) | $ | 42,632 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 7,422,518 | $ | 29,042 | $ | (15,748) | $ | 7,435,812 | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | Net interest income (expense) | $ | 52,908 | $ | 0 | $ | (2,798) | $ | 50,110 | Net interest income (expense) | $ | 52,908 | $ | — | $ | (2,798) | $ | 50,110 | ||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | (455) | 0 | 0 | (455) | Provision for credit losses | (455) | — | — | (455) | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 10,868 | 6,529 | 20 | 17,417 | Noninterest income | 10,868 | 6,529 | 20 | 17,417 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 45,084 | 4,164 | (307) | 48,941 | Noninterest expense | 45,084 | 4,164 | (307) | 48,941 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes (benefit) | Income (loss) before income taxes (benefit) | 19,147 | 2,365 | (2,471) | 19,041 | Income (loss) before income taxes (benefit) | 19,147 | 2,365 | (2,471) | 19,041 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes (benefit) | Income taxes (benefit) | (913) | 663 | (833) | (1,083) | Income taxes (benefit) | (913) | 663 | (833) | (1,083) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 20,060 | $ | 1,702 | $ | (1,638) | $ | 20,124 | Net income (loss) | $ | 20,060 | $ | 1,702 | $ | (1,638) | $ | 20,124 | ||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 6,644,648 | $ | 29,160 | $ | (43,798) | $ | 6,630,010 | Total assets | $ | 6,642,895 | $ | 30,913 | $ | (43,798) | $ | 6,630,010 | ||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | Net interest income (expense) | $ | 107,626 | $ | 0 | $ | (5,648) | $ | 101,978 | Net interest income (expense) | $ | 107,626 | $ | — | $ | (5,648) | $ | 101,978 | ||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 3,110 | 0 | 0 | 3,110 | Provision for credit losses | 3,110 | — | — | 3,110 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 19,732 | 12,460 | 41 | 32,233 | Noninterest income | 19,732 | 12,460 | 41 | 32,233 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 80,600 | 8,165 | (745) | 88,020 | Noninterest expense | 80,600 | 8,165 | (745) | 88,020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes (benefit) | Income (loss) before income taxes (benefit) | 43,648 | 4,295 | (4,862) | 43,081 | Income (loss) before income taxes (benefit) | 43,648 | 4,295 | (4,862) | 43,081 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes (benefit) | Income taxes (benefit) | 4,876 | 1,203 | (1,660) | 4,419 | Income taxes (benefit) | 4,876 | 1,203 | (1,660) | 4,419 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 38,772 | $ | 3,092 | $ | (3,202) | $ | 38,662 | Net income (loss) | $ | 38,772 | $ | 3,092 | $ | (3,202) | $ | 38,662 | ||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 6,644,648 | $ | 29,160 | $ | (43,798) | $ | 6,630,010 | Total assets | $ | 6,642,895 | $ | 30,913 | $ | (43,798) | $ | 6,630,010 | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | $ | 52,050 | $ | 0 | $ | (3,061) | $ | 48,989 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | 10,997 | 0 | 0 | 10,997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | 10,347 | 5,698 | 3,351 | 19,396 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | 36,363 | 3,442 | 1,590 | 41,395 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes (benefit) | 15,037 | 2,256 | (1,300) | 15,993 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes (benefit) | 3,743 | 205 | (524) | 3,424 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 11,294 | $ | 2,051 | $ | (776) | $ | 12,569 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 6,564,017 | $ | 22,255 | $ | 58,226 | $ | 6,644,498 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | $ | 101,977 | $ | 0 | $ | (6,337) | $ | 95,640 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | 22,575 | 0 | 0 | 22,575 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | 20,560 | 11,375 | (3,941) | 27,994 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | 72,428 | 7,055 | 3,578 | 83,061 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes (benefit) | 27,534 | 4,320 | (13,856) | 17,998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes (benefit) | 7,652 | 410 | (4,182) | 3,880 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 19,882 | $ | 3,910 | $ | (9,674) | $ | 14,118 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 6,564,017 | $ | 22,255 | $ | 58,226 | $ | 6,644,498 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2021 | 2020 | 2021 | 2020 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Noninterest income - in-scope of Topic 606 | Noninterest income - in-scope of Topic 606 | Noninterest income - in-scope of Topic 606 | ||||||||||||||||||||||||||||||||||||||||||||
Wealth management revenue: | Wealth management revenue: | Wealth management revenue: | ||||||||||||||||||||||||||||||||||||||||||||
Trust management/administration fees | Trust management/administration fees | $ | 4,971 | $ | 4,273 | $ | 9,430 | $ | 8,482 | Trust management/administration fees | $ | 5,139 | $ | 4,971 | $ | 11,121 | $ | 9,430 | ||||||||||||||||||||||||||||
Investment advisory fees | Investment advisory fees | 423 | 495 | 876 | 1,024 | Investment advisory fees | — | 423 | — | 876 | ||||||||||||||||||||||||||||||||||||
Investment brokerage fees | Investment brokerage fees | 485 | 317 | 886 | 712 | Investment brokerage fees | 543 | 485 | 1,141 | 886 | ||||||||||||||||||||||||||||||||||||
Other | Other | 650 | 613 | 1,268 | 1,157 | Other | 461 | 650 | 1,020 | 1,268 | ||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts: | Service charges on deposit accounts: | Service charges on deposit accounts: | ||||||||||||||||||||||||||||||||||||||||||||
Nonsufficient fund fees | Nonsufficient fund fees | 1,202 | 961 | 2,343 | 2,827 | Nonsufficient fund fees | 1,524 | 1,202 | 2,856 | 2,343 | ||||||||||||||||||||||||||||||||||||
Other | Other | 714 | 745 | 1,399 | 1,535 | Other | 780 | 714 | 1,516 | 1,399 | ||||||||||||||||||||||||||||||||||||
Interchange revenues | Interchange revenues | 3,797 | 3,013 | 7,172 | 5,846 | Interchange revenues | 3,590 | 3,797 | 6,870 | 7,172 | ||||||||||||||||||||||||||||||||||||
Other income: | Other income: | Other income: | ||||||||||||||||||||||||||||||||||||||||||||
Merchant services revenue | Merchant services revenue | 396 | 304 | 733 | 655 | Merchant services revenue | 399 | 396 | 755 | 733 | ||||||||||||||||||||||||||||||||||||
Other | Other | 1,418 | 929 | 2,209 | 1,867 | Other | 671 | 1,418 | 1,439 | 2,209 | ||||||||||||||||||||||||||||||||||||
Noninterest income - out-of-scope of Topic 606 | Noninterest income - out-of-scope of Topic 606 | 3,361 | 7,746 | 5,917 | 3,889 | Noninterest income - out-of-scope of Topic 606 | 1,506 | 3,361 | 3,508 | 5,917 | ||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | $ | 17,417 | $ | 19,396 | $ | 32,233 | $ | 27,994 | Total noninterest income | $ | 14,613 | $ | 17,417 | $ | 30,226 | $ | 32,233 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per share data) | (dollars in thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | (dollars in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Income Statement Data: | Income Statement Data: | Income Statement Data: | ||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | $ | 58,397 | $ | 60,548 | $ | 118,900 | $ | 121,862 | Interest income | $ | 69,236 | $ | 58,397 | $ | 131,984 | $ | 118,900 | ||||||||||||||||||||||||||||
Interest expense | Interest expense | 8,287 | 11,559 | 16,922 | 26,222 | Interest expense | 7,902 | 8,287 | 13,823 | 16,922 | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 50,110 | 48,989 | 101,978 | 95,640 | Net interest income | 61,334 | 50,110 | 118,161 | 101,978 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | (455) | 10,997 | 3,110 | 22,575 | Provision for credit losses | 5,441 | (455) | 9,608 | 3,110 | ||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 17,417 | 19,396 | 32,233 | 27,994 | Noninterest income | 14,613 | 17,417 | 30,226 | 32,233 | ||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 48,941 | 41,395 | 88,020 | 83,061 | Noninterest expense | 41,339 | 48,941 | 82,223 | 88,020 | ||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 19,041 | 15,993 | 43,081 | 17,998 | Income before income taxes | 29,167 | 19,041 | 56,556 | 43,081 | ||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes | (1,083) | 3,424 | 4,419 | 3,880 | Income taxes | 7,284 | (1,083) | 13,924 | 4,419 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 20,124 | $ | 12,569 | $ | 38,662 | $ | 14,118 | Net income | $ | 21,883 | $ | 20,124 | $ | 42,632 | $ | 38,662 | ||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.88 | $ | 0.53 | $ | 1.70 | $ | 0.59 | Basic earnings per common share | $ | 0.97 | $ | 0.88 | $ | 1.89 | $ | 1.70 | ||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 0.88 | $ | 0.53 | $ | 1.69 | $ | 0.58 | Diluted earnings per common share | $ | 0.97 | $ | 0.88 | $ | 1.89 | $ | 1.69 |
Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(tax-equivalent basis, dollars in thousands) | (tax-equivalent basis, dollars in thousands) | Average balance | Interest & fees | Yield/ Rate | Average balance | Interest & fees | Yield/ Rate | (tax-equivalent basis, dollars in thousands) | Average balance | Interest & fees | Yield/ Rate | Average balance | Interest & fees | Yield/ Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and cash investments | Federal funds sold and cash investments | $ | 509,886 | $ | 142 | 0.11 | % | $ | 489,941 | $ | 172 | 0.14 | % | Federal funds sold and cash investments | $ | 226,517 | $ | 468 | 0.83 | % | $ | 509,886 | $ | 142 | 0.11 | % | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable investment securities | Taxable investment securities | 610,830 | 3,451 | 2.26 | 536,851 | 3,872 | 2.89 | Taxable investment securities | 714,611 | 4,055 | 2.27 | 610,830 | 3,451 | 2.26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities exempt from federal income tax (1) | Investment securities exempt from federal income tax (1) | 123,632 | 1,004 | 3.25 | 113,505 | 1,091 | 3.85 | Investment securities exempt from federal income tax (1) | 104,316 | 876 | 3.36 | 123,632 | 1,004 | 3.25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities | Total securities | 734,462 | 4,455 | 2.43 | 650,356 | 4,963 | 3.05 | Total securities | 818,927 | 4,931 | 2.41 | 734,462 | 4,455 | 2.43 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (2) | Loans (2) | 4,743,098 | 52,490 | 4.44 | 4,595,886 | 53,173 | 4.65 | Loans (2) | 5,609,232 | 62,943 | 4.50 | 4,743,098 | 52,490 | 4.44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans exempt from federal income tax (1) | Loans exempt from federal income tax (1) | 83,136 | 823 | 3.97 | 100,402 | 994 | 3.98 | Loans exempt from federal income tax (1) | 68,559 | 651 | 3.81 | 83,136 | 823 | 3.97 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | 4,826,234 | 53,313 | 4.43 | 4,696,288 | 54,167 | 4.64 | Total loans | 5,677,791 | 63,594 | 4.49 | 4,826,234 | 53,313 | 4.43 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 36,299 | 261 | 2.88 | 99,169 | 1,004 | 4.07 | Loans held for sale | 9,865 | 77 | 3.15 | 36,299 | 261 | 2.88 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonmarketable equity securities | Nonmarketable equity securities | 49,388 | 609 | 4.94 | 50,661 | 680 | 5.40 | Nonmarketable equity securities | 36,338 | 487 | 5.38 | 49,388 | 609 | 4.94 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 6,156,269 | 58,780 | 3.83 | 5,986,415 | 60,986 | 4.10 | Total interest-earning assets | 6,769,438 | 69,557 | 4.12 | 6,156,269 | 58,780 | 3.83 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | Noninterest-earning assets | 589,336 | 619,411 | Noninterest-earning assets | 615,348 | 589,336 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 6,745,605 | $ | 6,605,826 | Total assets | $ | 7,384,786 | $ | 6,745,605 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking and money market deposits | Checking and money market deposits | $ | 2,397,644 | $ | 658 | 0.11 | % | $ | 2,336,876 | $ | 2,085 | 0.36 | % | Checking and money market deposits | $ | 2,800,779 | $ | 2,903 | 0.42 | % | $ | 2,397,644 | $ | 658 | 0.11 | % | ||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 666,000 | 51 | 0.03 | 570,096 | 34 | 0.02 | Savings deposits | 719,204 | 87 | 0.05 | 666,000 | 51 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 723,232 | 2,165 | 1.20 | 721,499 | 3,296 | 1.84 | Time deposits | 615,614 | 770 | 0.50 | 723,232 | 2,165 | 1.20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | 28,303 | 118 | 1.67 | 22,935 | 144 | 2.52 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered time deposits | Brokered time deposits | 17,167 | 50 | 1.16 | 28,303 | 118 | 1.67 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 3,815,179 | 2,992 | 0.31 | 3,651,406 | 5,559 | 0.61 | Total interest-bearing deposits | 4,152,764 | 3,810 | 0.37 | 3,815,179 | 2,992 | 0.31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 65,727 | 20 | 0.12 | 59,103 | 28 | 0.19 | Short-term borrowings | 59,301 | 22 | 0.15 | 65,727 | 20 | 0.12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances and other borrowings | FHLB advances and other borrowings | 519,490 | 2,470 | 1.91 | 692,470 | 2,905 | 1.69 | FHLB advances and other borrowings | 307,611 | 1,435 | 1.87 | 519,490 | 2,470 | 1.91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 165,155 | 2,316 | 5.61 | 169,560 | 2,481 | 5.85 | Subordinated debt | 139,232 | 2,011 | 5.78 | 165,155 | 2,316 | 5.61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred debentures | Trust preferred debentures | 49,026 | 489 | 4.00 | 48,487 | 586 | 4.86 | Trust preferred debentures | 49,602 | 624 | 5.05 | 49,026 | 489 | 4.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 4,614,577 | 8,287 | 0.72 | 4,621,026 | 11,559 | 1.01 | Total interest-bearing liabilities | 4,708,510 | 7,902 | 0.67 | 4,614,577 | 8,287 | 0.72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | Noninterest-bearing liabilities: | Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | Noninterest-bearing deposits | 1,411,428 | 1,280,983 | Noninterest-bearing deposits | 1,967,263 | 1,411,428 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | Other noninterest-bearing liabilities | 78,521 | 71,853 | Other noninterest-bearing liabilities | 66,009 | 78,521 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities | Total noninterest-bearing liabilities | 1,489,949 | 1,352,836 | Total noninterest-bearing liabilities | 2,033,272 | 1,489,949 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 641,079 | 631,964 | Shareholders’ equity | 643,004 | 641,079 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 6,745,605 | $ | 6,605,826 | Total liabilities and shareholders’ equity | $ | 7,384,786 | $ | 6,745,605 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income / net interest margin (3) | Net interest income / net interest margin (3) | $ | 50,493 | 3.29 | % | $ | 49,427 | 3.32 | % | Net interest income / net interest margin (3) | $ | 61,655 | 3.65 | % | $ | 50,493 | 3.29 | % |
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(tax-equivalent basis, dollars in thousands) | (tax-equivalent basis, dollars in thousands) | Average balance | Interest & fees | Yield/ Rate | Average balance | Interest & fees | Yield/ Rate | (tax-equivalent basis, dollars in thousands) | Average balance | Interest & fees | Yield/ Rate | Average balance | Interest & fees | Yield/ Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and cash investments | Federal funds sold and cash investments | $ | 430,415 | $ | 238 | 0.11 | % | $ | 413,896 | $ | 1,234 | 0.60 | % | Federal funds sold and cash investments | $ | 304,938 | $ | 639 | 0.42 | % | $ | 430,415 | $ | 238 | 0.11 | % | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable investment securities | Taxable investment securities | 586,640 | 6,731 | 2.29 | 536,873 | 7,966 | 2.97 | Taxable investment securities | 737,569 | 7,952 | 2.16 | 586,640 | 6,731 | 2.29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities exempt from federal income tax (1) | Investment securities exempt from federal income tax (1) | 120,842 | 1,993 | 3.30 | 119,530 | 2,341 | 3.92 | Investment securities exempt from federal income tax (1) | 119,002 | 1,942 | 3.26 | 120,842 | 1,993 | 3.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities | Total securities | 707,482 | 8,724 | 2.47 | 656,403 | 10,307 | 3.14 | Total securities | 856,571 | 9,894 | 2.31 | 707,482 | 8,724 | 2.47 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (2) | Loans (2) | 4,823,745 | 107,044 | 4.48 | 4,439,357 | 106,712 | 4.83 | Loans (2) | 5,406,467 | 119,529 | 4.46 | 4,823,745 | 107,044 | 4.48 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans exempt from federal income tax (1) | Loans exempt from federal income tax (1) | 85,312 | 1,671 | 3.95 | 100,890 | 2,052 | 4.09 | Loans exempt from federal income tax (1) | 70,570 | 1,344 | 3.84 | 85,312 | 1,671 | 3.95 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | 4,909,057 | 108,715 | 4.47 | 4,540,247 | 108,764 | 4.82 | Total loans | 5,477,037 | 120,873 | 4.45 | 4,909,057 | 108,715 | 4.47 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 50,752 | 703 | 2.79 | 59,506 | 1,195 | 4.04 | Loans held for sale | 20,501 | 297 | 2.93 | 50,752 | 703 | 2.79 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonmarketable equity securities | Nonmarketable equity securities | 52,644 | 1,289 | 4.94 | 47,893 | 1,285 | 5.40 | Nonmarketable equity securities | 36,358 | 971 | 5.39 | 52,644 | 1,289 | 4.94 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 6,150,350 | 119,669 | 3.92 | 5,717,945 | 122,785 | 4.32 | Total interest-earning assets | 6,695,405 | 132,674 | 4.00 | 6,150,350 | 119,669 | 3.92 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | Noninterest-earning assets | 595,641 | 622,003 | Noninterest-earning assets | 623,224 | 595,641 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 6,745,991 | $ | 6,339,948 | Total assets | $ | 7,318,629 | $ | 6,745,991 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking and money market deposits | Checking and money market deposits | $ | 2,400,540 | $ | 1,321 | 0.11 | % | $ | 2,264,085 | $ | 5,880 | 0.52 | % | Checking and money market deposits | $ | 2,705,882 | $ | 4,156 | 0.31 | % | $ | 2,400,540 | $ | 1,321 | 0.11 | % | ||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 643,190 | 89 | 0.03 | 548,045 | 164 | 0.06 | Savings deposits | 707,111 | 137 | 0.04 | 643,190 | 89 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 702,405 | 4,513 | 1.30 | 762,748 | 7,554 | 1.99 | Time deposits | 621,274 | 1,570 | 0.51 | 702,405 | 4,513 | 1.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | 40,168 | 252 | 1.26 | 25,582 | 323 | 2.54 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered time deposits | Brokered time deposits | 19,290 | 108 | 1.13 | 40,168 | 252 | 1.26 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 3,786,303 | 6,175 | 0.33 | 3,600,460 | 13,921 | 0.78 | Total interest-bearing deposits | 4,053,557 | 5,971 | 0.30 | 3,786,303 | 6,175 | 0.33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 70,608 | 44 | 0.13 | 57,359 | 129 | 0.45 | Short-term borrowings | 64,642 | 45 | 0.14 | 70,608 | 44 | 0.13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances and other borrowings | FHLB advances and other borrowings | 568,226 | 5,040 | 1.79 | 612,602 | 5,872 | 1.93 | FHLB advances and other borrowings | 309,436 | 2,647 | 1.72 | 568,226 | 5,040 | 1.79 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 167,486 | 4,683 | 5.59 | 169,793 | 4,990 | 5.88 | Subordinated debt | 139,186 | 4,022 | 5.78 | 167,486 | 4,683 | 5.59 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred debentures | Trust preferred debentures | 48,958 | 980 | 4.04 | 48,422 | 1,310 | 5.44 | Trust preferred debentures | 49,527 | 1,138 | 4.64 | 48,958 | 980 | 4.04 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 4,641,581 | 16,922 | 0.74 | 4,488,636 | 26,222 | 1.17 | Total interest-bearing liabilities | 4,616,348 | 13,823 | 0.60 | 4,641,581 | 16,922 | 0.74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | Noninterest-bearing liabilities: | Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | Noninterest-bearing deposits | 1,391,129 | 1,133,581 | Noninterest-bearing deposits | 1,978,277 | 1,391,129 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | Other noninterest-bearing liabilities | 80,366 | 75,398 | Other noninterest-bearing liabilities | 73,878 | 80,366 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities | Total noninterest-bearing liabilities | 1,471,495 | 1,208,979 | Total noninterest-bearing liabilities | 2,052,155 | 1,471,495 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 632,915 | 642,333 | Shareholders’ equity | 650,126 | 632,915 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 6,745,991 | $ | 6,339,948 | Total liabilities and shareholders’ equity | $ | 7,318,629 | $ | 6,745,991 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income / net interest margin (3) | Net interest income / net interest margin (3) | $ | 102,747 | 3.37 | % | $ | 96,563 | 3.40 | % | Net interest income / net interest margin (3) | $ | 118,851 | 3.58 | % | $ | 102,747 | 3.37 | % |
Three Months Ended June 30, 2021 compared with Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 compared with Six Months Ended June 30, 2020 | Three Months Ended June 30, 2022 compared with Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 compared with Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change due to: | Interest Variance | Change due to: | Interest Variance | Change due to: | Interest Variance | Change due to: | Interest Variance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(tax-equivalent basis, dollars in thousands) | (tax-equivalent basis, dollars in thousands) | Volume | Rate | Volume | Rate | (tax-equivalent basis, dollars in thousands) | Volume | Rate | Volume | Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and cash investments | Federal funds sold and cash investments | $ | 6 | $ | (36) | $ | (30) | $ | 27 | $ | (1,023) | $ | (996) | Federal funds sold and cash investments | $ | (332) | $ | 658 | $ | 326 | $ | (166) | $ | 567 | $ | 401 | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable investment securities | Taxable investment securities | 476 | (897) | (421) | 655 | (1,890) | (1,235) | Taxable investment securities | 588 | 16 | 604 | 1,680 | (459) | 1,221 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities exempt from federal income tax | Investment securities exempt from federal income tax | 90 | (177) | (87) | 24 | (372) | (348) | Investment securities exempt from federal income tax | (160) | 32 | (128) | (30) | (21) | (51) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities | Total securities | 566 | (1,074) | (508) | 679 | (2,262) | (1,583) | Total securities | 428 | 48 | 476 | 1,650 | (480) | 1,170 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | 1,741 | (2,424) | (683) | 8,724 | (8,392) | 332 | Loans | 9,652 | 801 | 10,453 | 12,907 | (422) | 12,485 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans exempt from federal income tax | Loans exempt from federal income tax | (170) | (1) | (171) | (313) | (68) | (381) | Loans exempt from federal income tax | (141) | (31) | (172) | (285) | (42) | (327) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | 1,571 | (2,425) | (854) | 8,411 | (8,460) | (49) | Total loans | 9,511 | 770 | 10,281 | 12,622 | (464) | 12,158 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | (544) | (199) | (743) | (150) | (342) | (492) | Loans held for sale | (199) | 15 | (184) | (429) | 23 | (406) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonmarketable equity securities | Nonmarketable equity securities | (15) | (56) | (71) | 120 | (116) | 4 | Nonmarketable equity securities | (168) | 46 | (122) | (417) | 99 | (318) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | $ | 1,584 | $ | (3,790) | $ | (2,206) | $ | 9,087 | $ | (12,203) | $ | (3,116) | Total interest-earning assets | $ | 9,240 | $ | 1,537 | $ | 10,777 | $ | 13,260 | $ | (255) | $ | 13,005 | ||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking and money market deposits | Checking and money market deposits | $ | 38 | $ | (1,465) | $ | (1,427) | $ | 206 | $ | (4,765) | $ | (4,559) | Checking and money market deposits | $ | 265 | $ | 1,980 | $ | 2,245 | $ | 319 | $ | 2,516 | $ | 2,835 | ||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 7 | 10 | 17 | 21 | (96) | (75) | Savings deposits | 5 | 31 | 36 | 11 | 37 | 48 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 11 | (1,142) | (1,131) | (502) | (2,539) | (3,041) | Time deposits | (228) | (1,167) | (1,395) | (363) | (2,580) | (2,943) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | 28 | (54) | (26) | 137 | (208) | (71) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered time deposits | Brokered time deposits | (39) | (29) | (68) | (124) | (20) | (144) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 84 | (2,651) | (2,567) | (138) | (7,608) | (7,746) | Total interest-bearing deposits | 3 | 815 | 818 | (157) | (47) | (204) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 3 | (11) | (8) | 19 | (104) | (85) | Short-term borrowings | (2) | 4 | 2 | (4) | 5 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances and other borrowings | FHLB advances and other borrowings | (771) | 336 | (435) | (417) | (415) | (832) | FHLB advances and other borrowings | (998) | (37) | (1,035) | (2,254) | (139) | (2,393) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | (63) | (102) | (165) | (66) | (241) | (307) | Subordinated debt | (368) | 63 | (305) | (801) | 140 | (661) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred debentures | Trust preferred debentures | 7 | (104) | (97) | 11 | (341) | (330) | Trust preferred debentures | 6 | 129 | 135 | 12 | 146 | 158 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | $ | (740) | $ | (2,532) | $ | (3,272) | $ | (591) | $ | (8,709) | $ | (9,300) | Total interest-bearing liabilities | $ | (1,359) | $ | 974 | $ | (385) | $ | (3,204) | $ | 105 | $ | (3,099) | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 2,324 | $ | (1,258) | $ | 1,066 | $ | 9,678 | $ | (3,494) | $ | 6,184 | Net interest income | $ | 10,599 | $ | 563 | $ | 11,162 | $ | 16,464 | $ | (360) | $ | 16,104 |
Three Months Ended June 30, | Increase (decrease) | Six Months Ended June 30, | Increase (decrease) | Three Months Ended June 30, | Increase (decrease) | Six Months Ended June 30, | Increase (decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2021 | 2020 | 2021 | 2020 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income: | Noninterest income: | Noninterest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wealth management revenue | Wealth management revenue | $ | 6,529 | $ | 5,698 | $ | 831 | $ | 12,460 | $ | 11,375 | $ | 1,085 | Wealth management revenue | $ | 6,143 | $ | 6,529 | $ | (386) | $ | 13,282 | $ | 12,460 | $ | 822 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial FHA revenue | 342 | 3,414 | (3,072) | 634 | 4,681 | (4,047) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage banking revenue | Residential mortgage banking revenue | 1,562 | 2,723 | (1,161) | 3,136 | 4,478 | (1,342) | Residential mortgage banking revenue | 384 | 1,562 | (1,178) | 983 | 3,136 | (2,153) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 1,916 | 1,706 | 210 | 3,742 | 4,362 | (620) | Service charges on deposit accounts | 2,304 | 1,916 | 388 | 4,372 | 3,742 | 630 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interchange revenue | Interchange revenue | 3,797 | 3,013 | 784 | 7,172 | 5,846 | 1,326 | Interchange revenue | 3,590 | 3,797 | (207) | 6,870 | 7,172 | (302) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on sales of investment securities, net | 377 | — | 377 | 377 | — | 377 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) gain on sales of investment securities, net | (Loss) gain on sales of investment securities, net | (101) | 377 | (478) | (101) | 377 | (478) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment on commercial mortgage servicing rights | Impairment on commercial mortgage servicing rights | (1,148) | (107) | (1,041) | (2,423) | (8,575) | 6,152 | Impairment on commercial mortgage servicing rights | (869) | (1,148) | 279 | (1,263) | (2,423) | 1,160 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company-owned life insurance | Company-owned life insurance | 863 | 892 | (29) | 1,723 | 1,792 | (69) | Company-owned life insurance | 840 | 863 | (23) | 1,859 | 1,723 | 136 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 3,179 | 2,057 | 1,122 | 5,412 | 4,035 | 1,377 | Other income | 2,322 | 3,521 | (1,199) | 4,224 | 6,046 | (1,822) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | $ | 17,417 | $ | 19,396 | $ | (1,979) | $ | 32,233 | $ | 27,994 | $ | 4,239 | Total noninterest income | $ | 14,613 | $ | 17,417 | $ | (2,804) | $ | 30,226 | $ | 32,233 | $ | (2,007) |
Three Months Ended June 30, | Increase (decrease) | Six Months Ended June 30, | Increase (decrease) | Three Months Ended June 30, | Increase (decrease) | Six Months Ended June 30, | Increase (decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2021 | 2020 | 2021 | 2020 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense: | Noninterest expense: | Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | $ | 22,071 | $ | 20,740 | $ | 1,331 | $ | 42,599 | $ | 41,803 | $ | 796 | Salaries and employee benefits | $ | 22,645 | $ | 22,071 | $ | 574 | $ | 44,515 | $ | 42,599 | $ | 1,916 | ||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 3,796 | 4,286 | (490) | 7,736 | 9,155 | (1,419) | Occupancy and equipment | 3,489 | 3,796 | (307) | 7,244 | 7,736 | (492) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 6,288 | 5,458 | 830 | 12,281 | 10,935 | 1,346 | Data processing | 6,082 | 6,288 | (206) | 11,955 | 12,281 | (326) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional | Professional | 5,549 | 1,606 | 3,943 | 7,734 | 3,461 | 4,273 | Professional | 1,516 | 5,549 | (4,033) | 3,488 | 7,734 | (4,246) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing | Marketing | 700 | 794 | (94) | 1,177 | 1,775 | (598) | Marketing | 733 | 700 | 33 | 1,421 | 1,177 | 244 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Communications | Communications | 824 | 946 | (122) | 1,646 | 2,236 | (590) | Communications | 635 | 824 | (189) | 1,347 | 1,646 | (299) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 1,470 | 1,629 | (159) | 2,985 | 3,391 | (406) | Amortization of intangible assets | 1,318 | 1,470 | (152) | 2,716 | 2,985 | (269) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances prepayment fees | FHLB advances prepayment fees | 3,669 | — | 3,669 | 3,677 | — | 3,677 | FHLB advances prepayment fees | — | 3,669 | (3,669) | — | 3,677 | (3,677) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expense | Other expense | 4,574 | 5,936 | (1,362) | 8,185 | 10,305 | (2,120) | Other expense | 4,921 | 4,574 | 347 | 9,537 | 8,185 | 1,352 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | $ | 48,941 | $ | 41,395 | $ | 7,546 | $ | 88,020 | $ | 83,061 | $ | 4,959 | Total noninterest expense | $ | 41,339 | $ | 48,941 | $ | (7,602) | $ | 82,223 | $ | 88,020 | $ | (5,797) |
June 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Book Value | % | Book Value | % | (dollars in thousands) | Book Value | % | Book Value | % | ||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 1,424,080 | 29.4 | % | $ | 1,685,575 | 33.0 | % | ||||||||||||||||||||||||||||||||||||||
Commercial: | Commercial: | |||||||||||||||||||||||||||||||||||||||||||||
Equipment finance loans | Equipment finance loans | $ | 546,267 | 9.4 | % | $ | 521,973 | 10.0 | % | |||||||||||||||||||||||||||||||||||||
Equipment finance leases | Equipment finance leases | 439,202 | 7.6 | 423,280 | 8.1 | |||||||||||||||||||||||||||||||||||||||||
Commercial FHA lines | Commercial FHA lines | 23,872 | 0.4 | 91,927 | 1.8 | |||||||||||||||||||||||||||||||||||||||||
SBA PPP loans | SBA PPP loans | 6,409 | 0.1 | 52,477 | 1.0 | |||||||||||||||||||||||||||||||||||||||||
Other commercial loans | Other commercial loans | 814,710 | 14.1 | 783,811 | 14.9 | |||||||||||||||||||||||||||||||||||||||||
Total commercial loans and leases | Total commercial loans and leases | 1,830,460 | 31.6 | 1,873,468 | 35.8 | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 1,540,489 | 31.9 | 1,525,973 | 29.9 | Commercial real estate | 2,335,655 | 40.3 | 1,816,828 | 34.8 | ||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 212,508 | 4.4 | 172,737 | 3.4 | Construction and land development | 203,955 | 3.5 | 193,749 | 3.7 | ||||||||||||||||||||||||||||||||||||
Total commercial loans | 3,177,077 | 65.7 | 3,384,285 | 66.3 | ||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 366,612 | 7.6 | 442,880 | 8.7 | Residential real estate | 340,103 | 5.9 | 338,151 | 6.5 | ||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 885,016 | 18.3 | 866,102 | 17.0 | Consumer | 1,085,371 | 18.7 | 1,002,605 | 19.2 | ||||||||||||||||||||||||||||||||||||
Lease financing | 407,161 | 8.4 | 410,064 | 8.0 | ||||||||||||||||||||||||||||||||||||||||||
Total loans, gross | Total loans, gross | $ | 4,835,866 | 100.0 | $ | 5,103,331 | 100.0 | Total loans, gross | 5,795,544 | 100.0 | % | 5,224,801 | 100.0 | % | ||||||||||||||||||||||||||||||||
Allowance for credit losses on loans | Allowance for credit losses on loans | (58,664) | (60,443) | Allowance for credit losses on loans | (54,898) | (51,062) | ||||||||||||||||||||||||||||||||||||||||
Total loans, net | Total loans, net | $ | 4,777,202 | $ | 5,042,888 | Total loans, net | $ | 5,740,646 | $ | 5,173,739 |
June 30, 2021 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Within One Year | One Year to Five Years | After Five Years | Within One Year | One Year to Five Years | Five Years to 15 Years | After 15 Years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Fixed Rate | Adjustable Rate | Fixed Rate | Adjustable Rate | Fixed Rate | Adjustable Rate | Total | (dollars in thousands) | Fixed Rate | Adjustable Rate | Fixed Rate | Adjustable Rate | Fixed Rate | Adjustable Rate | Fixed Rate | Adjustable Rate | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 90,561 | $ | 355,053 | $ | 688,385 | $ | 98,892 | $ | 95,489 | $ | 95,700 | $ | 1,424,080 | Commercial | $ | 35,266 | $ | 380,389 | $ | 580,444 | $ | 113,358 | $ | 180,823 | $ | 93,638 | $ | 2,972 | $ | 4,368 | $ | 1,391,258 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 259,557 | 104,190 | 597,239 | 277,845 | 115,025 | 186,633 | 1,540,489 | Commercial real estate | 220,411 | 150,954 | 849,634 | 463,866 | 413,015 | 197,294 | 5,438 | 35,043 | 2,335,655 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 17,996 | 54,720 | 55,698 | 67,727 | 3,542 | 12,825 | 212,508 | Construction and land development | 1,889 | 62,429 | 28,723 | 82,905 | 8,823 | 18,104 | 122 | 960 | 203,955 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | 368,114 | 513,963 | 1,341,322 | 444,464 | 214,056 | 295,158 | 3,177,077 | Total commercial loans | 257,566 | 593,772 | 1,458,801 | 660,129 | 602,661 | 309,036 | 8,532 | 40,371 | 3,930,868 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 3,139 | 7,993 | 14,396 | 27,441 | 157,786 | 155,857 | 366,612 | Residential real estate | 1,736 | 5,898 | 8,735 | 18,445 | 34,203 | 37,159 | 137,306 | 96,621 | 340,103 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 6,112 | 3,078 | 868,074 | 6,531 | 1,221 | — | 885,016 | Consumer | 2,265 | 1,290 | 1,074,110 | 4,941 | 2,765 | — | — | — | 1,085,371 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 9,014 | — | 361,295 | — | 36,852 | — | 407,161 | Lease financing | 10,161 | — | 331,152 | — | 97,889 | — | — | — | 439,202 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 386,379 | $ | 525,034 | $ | 2,585,087 | $ | 478,436 | $ | 409,915 | $ | 451,015 | $ | 4,835,866 | Total loans | $ | 271,728 | $ | 600,960 | $ | 2,872,798 | $ | 683,515 | $ | 737,518 | $ | 346,195 | $ | 145,838 | $ | 136,992 | $ | 5,795,544 |
June 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Allowance | % (1) | Allowance | % (1) | (dollars in thousands) | Allowance | % (1) | Allowance | % (1) | ||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 14,849 | 1.04% | $ | 19,851 | 1.18% | Commercial | $ | 12,748 | 0.92% | $ | 14,375 | 0.99% | ||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 30,718 | 1.99 | 25,465 | 1.67 | Commercial real estate | 27,874 | 1.19 | 22,993 | 1.27 | ||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 1,733 | 0.82 | 1,433 | 0.83 | Construction and land development | 1,101 | 0.54 | 972 | 0.50 | ||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | 47,300 | 1.49 | 46,749 | 1.38 | Total commercial loans | 41,723 | 1.06 | 38,340 | 1.11 | ||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 3,683 | 1.00 | 3,929 | 0.89 | Residential real estate | 3,416 | 1.00 | 2,695 | 0.80 | ||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 2,292 | 0.26 | 2,338 | 0.27 | Consumer | 2,994 | 0.28 | 2,558 | 0.26 | ||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 5,389 | 1.32 | 7,427 | 1.81 | Lease financing | 6,765 | 1.54 | 7,469 | 1.76 | ||||||||||||||||||||||||||||||||||||
Total allowance for credit losses on loans | Total allowance for credit losses on loans | $ | 58,664 | 1.21 | $ | 60,443 | 1.18 | Total allowance for credit losses on loans | $ | 54,898 | 0.95% | $ | 51,062 | 0.98% |
As of and for the Three Months Ended June 30, | As of and for the Six Months Ended June 30, | As of and for the Three Months Ended June 30, | As of and for the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2021 | 2020 | 2021 | 2020 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 62,687 | $ | 38,545 | $ | 60,443 | $ | 28,028 | Balance, beginning of period | $ | 52,938 | $ | 62,687 | $ | 51,062 | $ | 60,443 | ||||||||||||||||||||||||||||
Charge-offs: | Charge-offs: | Charge-offs: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 2,634 | 452 | 3,140 | 3,850 | Commercial | 60 | 2,634 | 2,214 | 3,140 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 946 | 1,746 | 1,719 | 9,619 | Commercial real estate | 2,625 | 946 | 2,852 | 1,719 | ||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 1 | 62 | 272 | 74 | Construction and land development | — | 1 | 6 | 272 | ||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 141 | 7 | 251 | 395 | Residential real estate | 46 | 141 | 150 | 251 | ||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 218 | 366 | 460 | 964 | Consumer | 191 | 218 | 496 | 460 | ||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 516 | 838 | 769 | 1,786 | Lease financing | 499 | 516 | 705 | 769 | ||||||||||||||||||||||||||||||||||||
Total charge-offs | Total charge-offs | 4,456 | 3,471 | 6,611 | 16,688 | Total charge-offs | 3,421 | 4,456 | 6,423 | 6,611 | ||||||||||||||||||||||||||||||||||||
Recoveries: | Recoveries: | Recoveries: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 139 | 36 | 154 | 41 | Commercial | 298 | 139 | 309 | 154 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 11 | 71 | 13 | 85 | Commercial real estate | (62) | 11 | 5 | 13 | ||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 81 | 5 | 147 | 64 | Construction and land development | 6 | 81 | 12 | 147 | ||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 20 | 46 | 114 | 90 | Residential real estate | 41 | 20 | 154 | 114 | ||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 155 | 183 | 277 | 374 | Consumer | 98 | 155 | 260 | 277 | ||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 27 | 68 | 177 | 137 | Lease financing | 259 | 27 | 646 | 177 | ||||||||||||||||||||||||||||||||||||
Total recoveries | Total recoveries | 433 | 409 | 882 | 791 | Total recoveries | 640 | 433 | 1,386 | 882 | ||||||||||||||||||||||||||||||||||||
Net charge-offs | Net charge-offs | 4,023 | 3,062 | 5,729 | 15,897 | Net charge-offs | 2,781 | 4,023 | 5,037 | 5,729 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | — | 11,610 | 3,950 | 22,179 | Provision for credit losses on loans | 4,741 | — | 8,873 | 3,950 | ||||||||||||||||||||||||||||||||||||
Impact of Adopting ASC 326 | — | — | — | 12,783 | ||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 58,664 | $ | 47,093 | $ | 58,664 | $ | 47,093 | Balance, end of period | $ | 54,898 | $ | 58,664 | $ | 54,898 | $ | 58,664 | ||||||||||||||||||||||||||||
Gross loans, end of period | Gross loans, end of period | $ | 4,835,866 | $ | 4,839,423 | $ | 4,835,866 | $ | 4,839,423 | Gross loans, end of period | $ | 5,795,544 | $ | 4,835,866 | $ | 5,795,544 | $ | 4,835,866 | ||||||||||||||||||||||||||||
Average total loans | Average total loans | $ | 4,826,234 | $ | 4,696,288 | $ | 4,909,057 | $ | 4,540,247 | Average total loans | $ | 5,677,791 | $ | 4,826,234 | $ | 5,477,037 | $ | 4,909,057 | ||||||||||||||||||||||||||||
Net charge-offs to average loans | Net charge-offs to average loans | 0.33 | % | 0.26 | % | 0.24 | % | 0.70 | % | Net charge-offs to average loans | 0.20 | % | 0.33 | % | 0.19 | % | 0.24 | % | ||||||||||||||||||||||||||||
Allowance to total loans | Allowance to total loans | 1.21 | % | 0.97 | % | 1.21 | % | 0.97 | % | Allowance to total loans | 0.95 | % | 1.21 | % | 0.95 | % | 1.21 | % |
(dollars in thousands) | (dollars in thousands) | June 30, 2021 | December 31, 2020 | (dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||||||||||||
Nonperforming loans: | Nonperforming loans: | Nonperforming loans: | ||||||||||||||||||||
Commercial | Commercial | $ | 14,971 | $ | 7,995 | Commercial | $ | 11,579 | $ | 12,261 | ||||||||||||
Commercial real estate | Commercial real estate | 30,147 | 27,269 | Commercial real estate | 34,316 | 19,175 | ||||||||||||||||
Construction and land development | Construction and land development | 1,337 | 2,863 | Construction and land development | 283 | 120 | ||||||||||||||||
Residential real estate | Residential real estate | 11,342 | 13,030 | Residential real estate | 8,174 | 7,912 | ||||||||||||||||
Consumer | Consumer | 264 | 303 | Consumer | 254 | 208 | ||||||||||||||||
Lease financing | Lease financing | 3,302 | 2,610 | Lease financing | 2,277 | 2,904 | ||||||||||||||||
Total nonperforming loans | Total nonperforming loans | 61,363 | 54,070 | Total nonperforming loans | 56,883 | 42,580 | ||||||||||||||||
Other real estate owned and other repossessed assets | Other real estate owned and other repossessed assets | 15,563 | 21,362 | Other real estate owned and other repossessed assets | 12,761 | 14,488 | ||||||||||||||||
Nonperforming assets | Nonperforming assets | $ | 76,926 | $ | 75,432 | Nonperforming assets | $ | 69,644 | $ | 57,068 | ||||||||||||
Nonperforming loans to total loans | Nonperforming loans to total loans | 1.27 | % | 1.06 | % | Nonperforming loans to total loans | 0.98 | % | 0.81 | % | ||||||||||||
Nonperforming assets to total assets | Nonperforming assets to total assets | 1.16 | % | 1.10 | % | Nonperforming assets to total assets | 0.93 | % | 0.77 | % | ||||||||||||
Allowance for credit losses to nonperforming loans | Allowance for credit losses to nonperforming loans | 96.51 | % | 119.92 | % |
Commercial | Commercial real estate | Construction & land development | |||||||||||||||||||||||||||||||||||||||
Risk category | Risk category | Risk category | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 7 | 8 (1) | 7 | 8 (1) | 7 | 8 (1) | Total | ||||||||||||||||||||||||||||||||||
June 30, 2021 | $ | 24,250 | $ | 27,344 | $ | 65,071 | $ | 167,218 | $ | 4,962 | $ | 10,211 | $ | 299,056 | |||||||||||||||||||||||||||
December 31, 2020 | 43,890 | 29,708 | 83,424 | 166,769 | 454 | 11,176 | 335,421 |
Commercial | Commercial real estate | Construction & land development | |||||||||||||||||||||||||||||||||||||||
Risk category | Risk category | Risk category | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 7 | 8 (1) | 7 | 8 (1) | 7 | 8 (1) | Total | ||||||||||||||||||||||||||||||||||
June 30, 2022 | $ | 17,446 | $ | 20,116 | $ | 30,295 | $ | 94,631 | $ | 221 | $ | — | $ | 162,709 | |||||||||||||||||||||||||||
December 31, 2021 | 28,248 | 20,413 | 46,295 | 108,634 | 5,235 | 1,336 | 210,161 |
June 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Book Value | % of Total | Book Value | % of Total | (dollars in thousands) | Book Value | % of Total | Book Value | % of Total | ||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | Investment securities available for sale: | Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 325 | — | % | $ | — | — | % | U.S. Treasury securities | $ | 63,996 | 8.4 | % | $ | 64,917 | 7.2 | % | ||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | U.S. government sponsored entities and U.S. agency securities | 53,033 | 7.1 | 35,567 | 5.2 | U.S. government sponsored entities and U.S. agency securities | 30,303 | 4.0 | 33,817 | 3.7 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 310,292 | 41.5 | 344,577 | 50.9 | Mortgage-backed securities - agency | 423,838 | 55.7 | 440,270 | 48.5 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 35,401 | 4.7 | 20,744 | 3.1 | Mortgage-backed securities - non-agency | 22,777 | 3.0 | 28,706 | 3.2 | ||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 144,541 | 19.4 | 129,765 | 19.2 | State and municipal securities | 106,688 | 14.0 | 143,099 | 15.8 | ||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | 203,733 | 27.3 | 146,058 | 21.6 | Corporate securities | 112,938 | 14.9 | 195,794 | 21.6 | ||||||||||||||||||||||||||||||||||||
Total investment securities, available for sale, at fair value | Total investment securities, available for sale, at fair value | $ | 747,325 | 100.0 | % | $ | 676,711 | 100.0 | % | Total investment securities, available for sale, at fair value | $ | 760,540 | 100.0 | % | $ | 906,603 | 100.0 | % |
(dollars in thousands) | (dollars in thousands) | Book value | % of total | Weighted average yield | (dollars in thousands) | Book value | % of total | Weighted average yield | ||||||||||||||||||||||||||
Investment securities available for sale: | Investment securities available for sale: | Investment securities available for sale: | ||||||||||||||||||||||||||||||||
U.S. Treasury securities: | U.S. Treasury securities: | U.S. Treasury securities: | ||||||||||||||||||||||||||||||||
Maturing within one year | Maturing within one year | $ | — | — | % | — | % | Maturing within one year | $ | 2,775 | 0.4 | % | 0.8 | % | ||||||||||||||||||||
Maturing in one to five years | Maturing in one to five years | 325 | — | 0.1 | Maturing in one to five years | 61,221 | 8.0 | 0.9 | ||||||||||||||||||||||||||
Maturing in five to ten years | Maturing in five to ten years | — | — | — | Maturing in five to ten years | — | — | — | ||||||||||||||||||||||||||
Maturing after ten years | Maturing after ten years | — | — | — | Maturing after ten years | — | — | — | ||||||||||||||||||||||||||
Total U.S. Treasury securities | Total U.S. Treasury securities | $ | 325 | — | % | 0.1 | % | Total U.S. Treasury securities | $ | 63,996 | 8.4 | % | 0.9 | % | ||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities: | U.S. government sponsored entities and U.S. agency securities: | U.S. government sponsored entities and U.S. agency securities: | ||||||||||||||||||||||||||||||||
Maturing within one year | Maturing within one year | $ | 7,851 | 1.1 | % | 2.6 | % | Maturing within one year | $ | 1,330 | 0.2 | % | 2.4 | % | ||||||||||||||||||||
Maturing in one to five years | Maturing in one to five years | 7,251 | 1.0 | 1.4 | Maturing in one to five years | 20,709 | 2.7 | 1.3 | ||||||||||||||||||||||||||
Maturing in five to ten years | Maturing in five to ten years | 37,687 | 5.0 | 1.4 | Maturing in five to ten years | 8,264 | 1.1 | 1.0 | ||||||||||||||||||||||||||
Maturing after ten years | Maturing after ten years | 244 | — | 2.4 | Maturing after ten years | — | — | — | ||||||||||||||||||||||||||
Total U.S. government sponsored entities and U.S. agency securities | Total U.S. government sponsored entities and U.S. agency securities | $ | 53,033 | 7.1 | % | 1.6 | % | Total U.S. government sponsored entities and U.S. agency securities | $ | 30,303 | 4.0 | % | 1.3 | % | ||||||||||||||||||||
Mortgage-backed securities - agency: | Mortgage-backed securities - agency: | Mortgage-backed securities - agency: | ||||||||||||||||||||||||||||||||
Maturing within one year | Maturing within one year | $ | 17,927 | 2.4 | % | 2.3 | % | Maturing within one year | $ | 2,440 | 0.3 | % | 2.9 | % | ||||||||||||||||||||
Maturing in one to five years | Maturing in one to five years | 133,774 | 17.9 | 2.2 | Maturing in one to five years | 146,255 | 19.2 | 2.2 | ||||||||||||||||||||||||||
Maturing in five to ten years | Maturing in five to ten years | 109,173 | 14.6 | 1.7 | Maturing in five to ten years | 193,814 | 25.5 | 1.8 | ||||||||||||||||||||||||||
Maturing after ten years | Maturing after ten years | 49,418 | 6.6 | 2.0 | Maturing after ten years | 81,329 | 10.7 | 2.3 | ||||||||||||||||||||||||||
Total mortgage-backed securities - agency | Total mortgage-backed securities - agency | $ | 310,292 | 41.5 | % | 2.0 | % | Total mortgage-backed securities - agency | $ | 423,838 | 55.7 | % | 2.1 | % | ||||||||||||||||||||
Mortgage-backed securities - non-agency: | Mortgage-backed securities - non-agency: | Mortgage-backed securities - non-agency: | ||||||||||||||||||||||||||||||||
Maturing within one year | Maturing within one year | $ | 1,861 | 0.2 | % | 2.6 | % | Maturing within one year | $ | — | — | % | — | % | ||||||||||||||||||||
Maturing in one to five years | Maturing in one to five years | 26,273 | 3.5 | 1.9 | Maturing in one to five years | 2,485 | 0.3 | 3.4 | ||||||||||||||||||||||||||
Maturing in five to ten years | Maturing in five to ten years | 7,267 | 1.0 | 2.1 | Maturing in five to ten years | 14,590 | 1.9 | 2.3 | ||||||||||||||||||||||||||
Maturing after ten years | Maturing after ten years | — | — | — | Maturing after ten years | 5,702 | 0.8 | 2.4 | ||||||||||||||||||||||||||
Total mortgage-backed securities - non-agency | Total mortgage-backed securities - non-agency | $ | 35,401 | 4.7 | % | 2.0 | % | Total mortgage-backed securities - non-agency | $ | 22,777 | 3.0 | % | 2.4 | % | ||||||||||||||||||||
State and municipal securities (1): | State and municipal securities (1): | State and municipal securities (1): | ||||||||||||||||||||||||||||||||
Maturing within one year | Maturing within one year | $ | 7,254 | 1.0 | % | 3.9 | % | Maturing within one year | $ | 7,397 | 1.0 | % | 5.1 | % | ||||||||||||||||||||
Maturing in one to five years | Maturing in one to five years | 43,416 | 5.8 | 4.0 | Maturing in one to five years | 35,202 | 4.6 | 4.0 | ||||||||||||||||||||||||||
Maturing in five to ten years | Maturing in five to ten years | 51,516 | 6.9 | 3.2 | Maturing in five to ten years | 36,366 | 4.8 | 2.8 | ||||||||||||||||||||||||||
Maturing after ten years | Maturing after ten years | 42,355 | 5.7 | 2.8 | Maturing after ten years | 27,723 | 3.6 | 2.8 | ||||||||||||||||||||||||||
Total state and municipal securities | Total state and municipal securities | $ | 144,541 | 19.4 | % | 3.4 | % | Total state and municipal securities | $ | 106,688 | 14.0 | % | 3.3 | % | ||||||||||||||||||||
Corporate securities: | Corporate securities: | Corporate securities: | ||||||||||||||||||||||||||||||||
Maturing within one year | Maturing within one year | $ | 3,070 | 0.4 | % | 3.7 | % | Maturing within one year | $ | 1,500 | 0.2 | % | 3.0 | % | ||||||||||||||||||||
Maturing in one to five years | Maturing in one to five years | 18,394 | 2.5 | 2.0 | Maturing in one to five years | 15,105 | 2.0 | 3.1 | ||||||||||||||||||||||||||
Maturing in five to ten years | Maturing in five to ten years | 182,269 | 24.4 | 3.8 | Maturing in five to ten years | 96,333 | 12.7 | 3.8 | ||||||||||||||||||||||||||
Maturing after ten years | Maturing after ten years | — | — | — | Maturing after ten years | — | — | — | ||||||||||||||||||||||||||
Total corporate securities | Total corporate securities | $ | 203,733 | 27.3 | % | 3.6 | % | Total corporate securities | $ | 112,938 | 14.9 | % | 3.7 | % | ||||||||||||||||||||
Total investment securities, available for sale | Total investment securities, available for sale | $ | 747,325 | 100.0 | % | 2.7 | % | Total investment securities, available for sale | $ | 760,540 | 100.0 | % | 2.3 | % |
Amortized | Estimated | Average credit rating | Amortized | Estimated | Average credit rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | cost | fair value | AAA | AA+/- | A+/- | BBB+/- | <BBB- | Not Rated | (dollars in thousands) | cost | fair value | AAA | AA+/- | A+/- | BBB+/- | <BBB- | Not Rated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | Investment securities available for sale: | Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 325 | $ | 325 | $ | 325 | $ | — | $ | — | $ | — | $ | — | $ | — | U.S. Treasury securities | $ | 68,390 | $ | 63,996 | $ | 62,147 | $ | 1,849 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | U.S. government sponsored entities and U.S. agency securities | 53,310 | 53,033 | 46,158 | 6,875 | — | — | — | — | U.S. government sponsored entities and U.S. agency securities | 33,756 | 30,303 | 25,246 | 5,057 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 309,838 | 310,292 | 2,560 | 307,732 | — | — | — | — | Mortgage-backed securities - agency | 480,408 | 423,838 | 427 | 423,411 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 35,523 | 35,401 | 35,401 | — | — | — | — | — | Mortgage-backed securities - non-agency | 26,118 | 22,777 | 22,777 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 138,337 | 144,541 | 17,653 | 111,272 | 5,992 | 1,600 | 491 | 7,533 | State and municipal securities | 113,920 | 106,688 | 7,949 | 85,764 | 2,231 | 949 | — | 9,795 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | 201,547 | 203,733 | — | — | 71,742 | 128,143 | — | 3,848 | Corporate securities | 119,374 | 112,938 | — | — | 32,096 | 77,098 | — | 3,744 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investment securities, available for sale | Total investment securities, available for sale | $ | 738,880 | $ | 747,325 | $ | 102,097 | $ | 425,879 | $ | 77,734 | $ | 129,743 | $ | 491 | $ | 11,381 | Total investment securities, available for sale | $ | 841,966 | $ | 760,540 | $ | 118,546 | $ | 516,081 | $ | 34,327 | $ | 78,047 | $ | — | $ | 13,539 |
Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Average balance | Weighted average rate | Average balance | Weighted average rate | (dollars in thousands) | Average balance | Weighted average rate | Average balance | Weighted average rate | ||||||||||||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | $ | 1,411,428 | — | $ | 1,280,983 | — | Noninterest-bearing demand | $ | 1,967,263 | — | $ | 1,411,428 | — | ||||||||||||||||||||||||||||||||
Interest-bearing: | Interest-bearing: | Interest-bearing: | ||||||||||||||||||||||||||||||||||||||||||||
Checking | Checking | 1,604,496 | 0.12 | % | 1,461,280 | 0.25 | % | Checking | 1,770,635 | 0.47 | % | 1,604,496 | 0.12 | % | ||||||||||||||||||||||||||||||||
Money market | Money market | 793,148 | 0.09 | 875,596 | 0.54 | Money market | 1,030,144 | 0.32 | 793,148 | 0.09 | ||||||||||||||||||||||||||||||||||||
Savings | Savings | 666,000 | 0.03 | 570,096 | 0.02 | Savings | 719,204 | 0.05 | 666,000 | 0.03 | ||||||||||||||||||||||||||||||||||||
Time, less than $250,000 | 574,570 | 1.28 | 612,815 | 1.82 | ||||||||||||||||||||||||||||||||||||||||||
Time, $250,000 and over | 148,662 | 0.97 | 108,684 | 1.93 | ||||||||||||||||||||||||||||||||||||||||||
Time, insured | Time, insured | 476,233 | 0.47 | 574,570 | 1.28 | |||||||||||||||||||||||||||||||||||||||||
Time, uninsured | Time, uninsured | 139,381 | 0.59 | 148,662 | 0.97 | |||||||||||||||||||||||||||||||||||||||||
Time, brokered | Time, brokered | 28,303 | 1.67 | 22,935 | 2.52 | Time, brokered | 17,167 | 1.16 | 28,303 | 1.67 | ||||||||||||||||||||||||||||||||||||
Total interest-bearing | Total interest-bearing | $ | 3,815,179 | 0.31 | % | $ | 3,651,406 | 0.61 | % | Total interest-bearing | $ | 4,152,764 | 0.37 | % | $ | 3,815,179 | 0.31 | % | ||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 5,226,607 | 0.23 | % | $ | 4,932,389 | 0.45 | % | Total deposits | $ | 6,120,027 | 0.25 | % | $ | 5,226,607 | 0.23 | % |
Maturity within: | |||||||||||||||||||||||||||||
(dollars in thousands) | Three months or less | Three to six months | Six to twelve months | After twelve months | Total | ||||||||||||||||||||||||
Time, $250,000 and over | $ | 30,241 | $ | 22,725 | $ | 22,913 | $ | 75,239 | $ | 151,118 | |||||||||||||||||||
Time, brokered | 8,020 | 769 | 8,177 | 15,028 | 31,994 | ||||||||||||||||||||||||
Total | $ | 38,261 | $ | 23,494 | $ | 31,090 | $ | 90,267 | $ | 183,112 |
(dollars in thousands) | Amount | |||||||
Three months or less | $ | 39,982 | ||||||
Three to six months | 15,008 | |||||||
Six to 12 months | 31,983 | |||||||
After 12 months | 51,364 | |||||||
Total | $ | 138,337 |
Ratio | Ratio | Actual | Minimum Regulatory Requirements (1) | Well Capitalized | Ratio | Actual | Minimum Regulatory Requirements (1) | Well Capitalized | ||||||||||||||||||||||||||||||||
Total risk-based capital ratio | Total risk-based capital ratio | Total risk-based capital ratio | ||||||||||||||||||||||||||||||||||||||
Midland States Bancorp, Inc. | Midland States Bancorp, Inc. | 13.11 | % | 10.50 | % | N/A | Midland States Bancorp, Inc. | 11.44 | % | 10.50 | % | N/A | ||||||||||||||||||||||||||||
Midland States Bank | Midland States Bank | 11.98 | 10.50 | 10.00 | % | Midland States Bank | 10.60 | 10.50 | 10.00 | % | ||||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | Tier 1 risk-based capital ratio | Tier 1 risk-based capital ratio | ||||||||||||||||||||||||||||||||||||||
Midland States Bancorp, Inc. | Midland States Bancorp, Inc. | 9.64 | 8.50 | N/A | Midland States Bancorp, Inc. | 8.63 | 8.50 | N/A | ||||||||||||||||||||||||||||||||
Midland States Bank | Midland States Bank | 11.06 | 8.50 | 8.00 | Midland States Bank | 9.85 | 8.50 | 8.00 | ||||||||||||||||||||||||||||||||
Common equity tier 1 risk-based capital ratio | Common equity tier 1 risk-based capital ratio | Common equity tier 1 risk-based capital ratio | ||||||||||||||||||||||||||||||||||||||
Midland States Bancorp, Inc. | Midland States Bancorp, Inc. | 8.44 | 7.00 | N/A | Midland States Bancorp, Inc. | 7.66 | 7.00 | N/A | ||||||||||||||||||||||||||||||||
Midland States Bank | Midland States Bank | 11.06 | 7.00 | 6.50 | Midland States Bank | 9.85 | 7.00 | 6.50 | ||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | Tier 1 leverage ratio | Tier 1 leverage ratio | ||||||||||||||||||||||||||||||||||||||
Midland States Bancorp, Inc. | Midland States Bancorp, Inc. | 8.00 | 4.00 | N/A | Midland States Bancorp, Inc. | 7.98 | 4.00 | N/A | ||||||||||||||||||||||||||||||||
Midland States Bank | Midland States Bank | 9.19 | 4.00 | 5.00 | Midland States Bank | 9.12 | 4.00 | 5.00 |
Payments due | |||||||||||||||||||||||||||||
(dollars in thousands) | Less than one year | One to three years | Three to five years | More than five years | Total | ||||||||||||||||||||||||
Deposits without a stated maturity | $ | 4,442,854 | $ | — | $ | — | $ | — | $ | 4,442,854 | |||||||||||||||||||
Time deposits | 493,616 | 208,582 | 51,260 | 39 | 753,497 | ||||||||||||||||||||||||
Securities sold under repurchase agreements | 75,985 | — | — | — | 75,985 | ||||||||||||||||||||||||
FHLB advances and other borrowings | 50,000 | 180,000 | 110,000 | 100,171 | 440,171 | ||||||||||||||||||||||||
Operating lease obligations | 1,821 | 3,607 | 1,700 | 4,178 | 11,306 | ||||||||||||||||||||||||
Subordinated debt | — | — | 546 | 138,360 | 138,906 | ||||||||||||||||||||||||
Trust preferred debentures | — | — | — | 49,094 | 49,094 | ||||||||||||||||||||||||
Total contractual obligations | $ | 5,064,276 | $ | 392,189 | $ | 163,506 | $ | 291,842 | $ | 5,911,813 |
Net interest income sensitivity (Shocks) | Net interest income sensitivity (Shocks) | |||||||||||||||||||||||||||||||||
Immediate change in rates | Immediate change in rates | |||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | -100 | +100 | +200 | (dollars in thousands) | -100 | +100 | +200 | ||||||||||||||||||||||||||
June 30, 2021: | ||||||||||||||||||||||||||||||||||
June 30, 2022: | June 30, 2022: | |||||||||||||||||||||||||||||||||
Dollar change | Dollar change | $ | (5,782) | $ | 1,910 | $ | 2,993 | Dollar change | $ | (12,793) | $ | 11,974 | $ | 23,823 | ||||||||||||||||||||
Percent change | Percent change | (2.9) | % | 1.0 | % | 1.5 | % | Percent change | (4.9) | % | 4.6 | % | 9.1 | % | ||||||||||||||||||||
December 31, 2020: | ||||||||||||||||||||||||||||||||||
December 31, 2021: | December 31, 2021: | |||||||||||||||||||||||||||||||||
Dollar change | Dollar change | $ | (6,585) | $ | 5,790 | $ | 10,376 | Dollar change | $ | (13,499) | $ | 23,513 | $ | 47,028 | ||||||||||||||||||||
Percent change | Percent change | (3.1) | % | 2.7 | % | 4.9 | % | Percent change | (6.1) | % | 10.6 | % | 21.2 | % |
Economic value of equity sensitivity (Shocks) | Economic value of equity sensitivity (Shocks) | |||||||||||||||||||||||||||||||||
Immediate change in rates | Immediate change in rates | |||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | -100 | +100 | +200 | (dollars in thousands) | -100 | +100 | +200 | ||||||||||||||||||||||||||
June 30, 2021: | ||||||||||||||||||||||||||||||||||
June 30, 2022: | June 30, 2022: | |||||||||||||||||||||||||||||||||
Dollar change | Dollar change | $ | (105,727) | $ | 50,593 | $ | 87,902 | Dollar change | $ | (11,774) | $ | 8,759 | $ | 19,685 | ||||||||||||||||||||
Percent change | Percent change | (16.4) | % | 7.9 | % | 13.7 | % | Percent change | (1.6) | % | 1.2 | % | 2.7 | % | ||||||||||||||||||||
December 31, 2020: | ||||||||||||||||||||||||||||||||||
December 31, 2021: | December 31, 2021: | |||||||||||||||||||||||||||||||||
Dollar change | Dollar change | $ | (90,487) | $ | 74,568 | $ | 131,224 | Dollar change | $ | (89,850) | $ | 51,553 | $ | 96,875 | ||||||||||||||||||||
Percent change | Percent change | (13.9) | % | 11.5 | % | 20.2 | % | Percent change | (13.4) | % | 7.7 | % | 14.5 | % |
Period | Total number of shares purchased(1) | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Approximate dollar value of shares that may yet be purchased under the plans or programs (2) | ||||||||||||||||||||||
April 1 - 30, 2021 | 126 | $ | 27.74 | — | $ | 5,157,488 | ||||||||||||||||||||
May 1 - 31, 2021 | 1,242 | 28.65 | — | 5,157,488 | ||||||||||||||||||||||
June 1 - 30, 2021 | — | — | — | 5,157,488 | ||||||||||||||||||||||
Total | 1,368 | $ | 28.57 | — | $ | 5,157,488 |
Period | Total number of shares purchased(1) | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Approximate dollar value of shares that may yet be purchased under the plans or programs (2) | ||||||||||||||||||||||
April 1 - 30, 2022 | — | $ | — | — | $ | 18,565,174 | ||||||||||||||||||||
May 1 - 31, 2022 | 876 | 25.99 | — | 18,565,174 | ||||||||||||||||||||||
June 1 - 30, 2022 | — | — | — | 18,565,174 | ||||||||||||||||||||||
Total | 876 | $ | 25.99 | — | $ | 18,565,174 |
Exhibit No. | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
3.4 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101 | Financial information from the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, | |||||||
104 | The cover page from Midland States Bancorp, Inc.’s Form 10-Q Report for the quarterly period ended June 30, |
Midland States Bancorp, Inc. | |||||||||||
Date: August | By: | /s/ | Jeffrey G. Ludwig | ||||||||
Jeffrey G. Ludwig | |||||||||||
President and Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
Date: August | By: | /s/ | Eric T. Lemke | ||||||||
Eric T. Lemke | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer) |