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 | The Nasdaq Stock Market LLC | ||||||
Depositary Shares, each representing a 1/40th interest in a share of 7.75% fixed rate reset non-cumulative perpetual preferred stock, Series A | MSBIP | The Nasdaq |
Large accelerated filer | ☐ | Accelerated filer | ☒ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||||
Emerging growth company | ☐ |
Page | ||||||||
Consolidated Balance Sheets at | ||||||||
Consolidated Statements of Income (Unaudited) for the three and | ||||||||
Consolidated Statements of Comprehensive Income (Unaudited) for the three and | ||||||||
Consolidated Statements of Shareholders’ Equity (Unaudited) for the three and | ||||||||
Consolidated Statements of Cash Flows (Unaudited) for the | ||||||||
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 264,173 | $ | 673,297 | Cash and due from banks | $ | 309,531 | $ | 673,297 | ||||||||||||||||||
Federal funds sold | Federal funds sold | 5,944 | 7,074 | Federal funds sold | 3,657 | 7,074 | ||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 270,117 | 680,371 | Cash and cash equivalents | 313,188 | 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 | ||||||||||||||||||||||||||
Investment securities available for sale, at fair value (allowance for credit losses of $0 and $221 at September 30, 2022 and December 31, 2021, respectively) | Investment securities available for sale, at fair value (allowance for credit losses of $0 and $221 at September 30, 2022 and December 31, 2021, respectively) | 681,889 | 906,603 | |||||||||||||||||||||||||
Equity securities, at fair value | Equity securities, at fair value | 8,738 | 9,529 | Equity securities, at fair value | 8,615 | 9,529 | ||||||||||||||||||||||
Loans | Loans | 5,795,544 | 5,224,801 | Loans | 6,198,451 | 5,224,801 | ||||||||||||||||||||||
Allowance for credit losses on loans | Allowance for credit losses on loans | (54,898) | (51,062) | Allowance for credit losses on loans | (58,639) | (51,062) | ||||||||||||||||||||||
Total loans, net | Total loans, net | 5,740,646 | 5,173,739 | Total loans, net | 6,139,812 | 5,173,739 | ||||||||||||||||||||||
Loans held for sale | Loans held for sale | 5,298 | 32,045 | Loans held for sale | 4,338 | 32,045 | ||||||||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 77,668 | 79,220 | Premises and equipment, net | 77,519 | 79,220 | ||||||||||||||||||||||
Other real estate owned | Other real estate owned | 11,131 | 12,059 | Other real estate owned | 11,141 | 12,059 | ||||||||||||||||||||||
Nonmarketable equity securities | Nonmarketable equity securities | 35,701 | 36,341 | Nonmarketable equity securities | 39,696 | 36,341 | ||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 16,552 | 19,470 | Accrued interest receivable | 17,537 | 19,470 | ||||||||||||||||||||||
Loan servicing rights, at lower of cost or fair value | Loan servicing rights, at lower of cost or fair value | 25,879 | 28,865 | Loan servicing rights, at lower of cost or fair value | 1,297 | 28,865 | ||||||||||||||||||||||
Commercial FHA mortgage loan servicing rights held for sale | Commercial FHA mortgage loan servicing rights held for sale | 23,995 | — | |||||||||||||||||||||||||
Goodwill | Goodwill | 161,904 | 161,904 | Goodwill | 161,904 | 161,904 | ||||||||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 23,559 | 24,374 | Other intangible assets, net | 22,198 | 24,374 | ||||||||||||||||||||||
Company-owned life insurance | Company-owned life insurance | 148,900 | 148,378 | Company-owned life insurance | 149,648 | 148,378 | ||||||||||||||||||||||
Other assets | Other assets | 149,179 | 130,907 | Other assets | 169,100 | 130,907 | ||||||||||||||||||||||
Total assets | Total assets | $ | 7,435,812 | $ | 7,443,805 | Total assets | $ | 7,821,877 | $ | 7,443,805 | ||||||||||||||||||
Liabilities and Shareholders’ Equity | Liabilities and Shareholders’ Equity | Liabilities and Shareholders’ Equity | ||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||
Noninterest-bearing demand deposits | Noninterest-bearing demand deposits | $ | 1,972,261 | $ | 2,245,701 | Noninterest-bearing demand deposits | $ | 2,025,237 | $ | 2,245,701 | ||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | 4,212,177 | 3,864,947 | Interest-bearing deposits | 4,370,015 | 3,864,947 | ||||||||||||||||||||||
Total deposits | Total deposits | 6,184,438 | 6,110,648 | Total deposits | 6,395,252 | 6,110,648 | ||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 67,689 | 76,803 | Short-term borrowings | 58,518 | 76,803 | ||||||||||||||||||||||
Federal Home Loan Bank advances and other borrowings | Federal Home Loan Bank advances and other borrowings | 285,000 | 310,171 | Federal Home Loan Bank advances and other borrowings | 360,000 | 310,171 | ||||||||||||||||||||||
Subordinated debt | Subordinated debt | 139,277 | 139,091 | Subordinated debt | 139,370 | 139,091 | ||||||||||||||||||||||
Trust preferred debentures | Trust preferred debentures | 49,674 | 49,374 | Trust preferred debentures | 49,824 | 49,374 | ||||||||||||||||||||||
Accrued interest payable and other liabilities | Accrued interest payable and other liabilities | 73,546 | 93,881 | Accrued interest payable and other liabilities | 79,634 | 93,881 | ||||||||||||||||||||||
Total liabilities | Total liabilities | 6,799,624 | 6,779,968 | Total liabilities | 7,082,598 | 6,779,968 | ||||||||||||||||||||||
Shareholders’ Equity: | Shareholders’ Equity: | 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 | ||||||||||||||||||||||||||
Preferred stock, $2.00 par value; 4,000,000 shares authorized; 115,000 Series A shares, $1,000 per share liquidation preference, issued and outstanding at September 30, 2022 | Preferred stock, $2.00 par value; 4,000,000 shares authorized; 115,000 Series A shares, $1,000 per share liquidation preference, issued and outstanding at September 30, 2022 | 110,548 | — | |||||||||||||||||||||||||
Common stock, $0.01 par value; 40,000,000 shares authorized; 22,074,740 and 22,050,537 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively | Common stock, $0.01 par value; 40,000,000 shares authorized; 22,074,740 and 22,050,537 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively | 221 | 221 | |||||||||||||||||||||||||
Capital surplus | Capital surplus | 446,894 | 445,907 | Capital surplus | 447,672 | 445,907 | ||||||||||||||||||||||
Retained earnings | Retained earnings | 242,170 | 212,472 | Retained earnings | 259,221 | 212,472 | ||||||||||||||||||||||
Accumulated other comprehensive (loss) income, net of tax | Accumulated other comprehensive (loss) income, net of tax | (53,097) | 5,237 | Accumulated other comprehensive (loss) income, net of tax | (78,383) | 5,237 | ||||||||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 636,188 | 663,837 | Total shareholders’ equity | 739,279 | 663,837 | ||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 7,435,812 | $ | 7,443,805 | Total liabilities and shareholders’ equity | $ | 7,821,877 | $ | 7,443,805 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Interest income: | Interest income: | Interest income: | ||||||||||||||||||||||||||||||||||||||||||||
Loans including fees: | Loans including fees: | Loans including fees: | ||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | $ | 62,943 | $ | 52,490 | $ | 119,529 | $ | 107,044 | Taxable | $ | 72,901 | $ | 52,699 | $ | 192,430 | $ | 159,743 | ||||||||||||||||||||||||||||
Tax exempt | Tax exempt | 514 | 650 | 1,062 | 1,320 | Tax exempt | 527 | 615 | 1,589 | 1,935 | ||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 77 | 261 | 297 | 703 | Loans held for sale | 60 | 107 | 357 | 810 | ||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | 4,055 | 3,451 | 7,952 | 6,731 | Taxable | 3,765 | 3,396 | 11,717 | 10,127 | ||||||||||||||||||||||||||||||||||||
Tax exempt | Tax exempt | 692 | 794 | 1,534 | 1,575 | Tax exempt | 628 | 899 | 2,162 | 2,474 | ||||||||||||||||||||||||||||||||||||
Nonmarketable equity securities | Nonmarketable equity securities | 487 | 609 | 971 | 1,289 | Nonmarketable equity securities | 550 | 558 | 1,521 | 1,847 | ||||||||||||||||||||||||||||||||||||
Federal funds sold and cash investments | Federal funds sold and cash investments | 468 | 142 | 639 | 238 | Federal funds sold and cash investments | 1,125 | 216 | 1,764 | 454 | ||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 69,236 | 58,397 | 131,984 | 118,900 | Total interest income | 79,556 | 58,490 | 211,540 | 177,390 | ||||||||||||||||||||||||||||||||||||
Interest expense: | Interest expense: | Interest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 3,810 | 2,992 | 5,971 | 6,175 | Deposits | 10,249 | 2,584 | 16,220 | 8,759 | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 22 | 20 | 45 | 44 | Short-term borrowings | 28 | 21 | 73 | 65 | ||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances and other borrowings | Federal Home Loan Bank advances and other borrowings | 1,435 | 2,470 | 2,647 | 5,040 | Federal Home Loan Bank advances and other borrowings | 2,424 | 1,993 | 5,071 | 7,033 | ||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 2,011 | 2,316 | 4,022 | 4,683 | Subordinated debt | 2,010 | 2,011 | 6,032 | 6,694 | ||||||||||||||||||||||||||||||||||||
Trust preferred debentures | Trust preferred debentures | 624 | 489 | 1,138 | 980 | Trust preferred debentures | 821 | 485 | 1,959 | 1,465 | ||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 7,902 | 8,287 | 13,823 | 16,922 | Total interest expense | 15,532 | 7,094 | 29,355 | 24,016 | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 61,334 | 50,110 | 118,161 | 101,978 | Net interest income | 64,024 | 51,396 | 182,185 | 153,374 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses: | Provision for credit losses: | Provision for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | 4,741 | — | 8,873 | 3,950 | Provision for credit losses on loans | 6,974 | — | 15,847 | 3,950 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses on unfunded commitments | Provision for credit losses on unfunded commitments | 700 | (265) | 956 | (800) | Provision for credit losses on unfunded commitments | — | — | 956 | (800) | ||||||||||||||||||||||||||||||||||||
Recapture of provision for other credit losses | Recapture of provision for other credit losses | — | (190) | (221) | (40) | Recapture of provision for other credit losses | — | (184) | (221) | (224) | ||||||||||||||||||||||||||||||||||||
Total provision for credit losses | Total provision for credit losses | 5,441 | (455) | 9,608 | 3,110 | Total provision for credit losses | 6,974 | (184) | 16,582 | 2,926 | ||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 55,893 | 50,565 | 108,553 | 98,868 | Net interest income after provision for credit losses | 57,050 | 51,580 | 165,603 | 150,448 | ||||||||||||||||||||||||||||||||||||
Noninterest income: | Noninterest income: | Noninterest income: | ||||||||||||||||||||||||||||||||||||||||||||
Wealth management revenue | Wealth management revenue | 6,143 | 6,529 | 13,282 | 12,460 | Wealth management revenue | 6,199 | 7,175 | 19,481 | 19,635 | ||||||||||||||||||||||||||||||||||||
Residential mortgage banking revenue | Residential mortgage banking revenue | 384 | 1,562 | 983 | 3,136 | Residential mortgage banking revenue | 210 | 1,287 | 1,193 | 4,423 | ||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 2,304 | 1,916 | 4,372 | 3,742 | Service charges on deposit accounts | 2,597 | 2,268 | 6,969 | 6,010 | ||||||||||||||||||||||||||||||||||||
Interchange revenue | Interchange revenue | 3,590 | 3,797 | 6,870 | 7,172 | Interchange revenue | 3,531 | 3,651 | 10,401 | 10,823 | ||||||||||||||||||||||||||||||||||||
(Loss) gain on sales of investment securities, net | (Loss) gain on sales of investment securities, net | (101) | 377 | (101) | 377 | (Loss) gain on sales of investment securities, net | (129) | 160 | (230) | 537 | ||||||||||||||||||||||||||||||||||||
Impairment on commercial mortgage servicing rights | Impairment on commercial mortgage servicing rights | (869) | (1,148) | (1,263) | (2,423) | Impairment on commercial mortgage servicing rights | — | (3,037) | (1,263) | (5,460) | ||||||||||||||||||||||||||||||||||||
Company-owned life insurance | Company-owned life insurance | 840 | 863 | 1,859 | 1,723 | Company-owned life insurance | 929 | 869 | 2,788 | 2,592 | ||||||||||||||||||||||||||||||||||||
Other income | Other income | 2,322 | 3,521 | 4,224 | 6,046 | Other income | 2,489 | 2,770 | 6,713 | 8,816 | ||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 14,613 | 17,417 | 30,226 | 32,233 | Total noninterest income | 15,826 | 15,143 | 46,052 | 47,376 | ||||||||||||||||||||||||||||||||||||
Noninterest expense: | Noninterest expense: | Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 22,645 | 22,071 | 44,515 | 42,599 | Salaries and employee benefits | 22,889 | 22,175 | 67,404 | 64,774 | ||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 3,489 | 3,796 | 7,244 | 7,736 | Occupancy and equipment | 3,850 | 3,701 | 11,094 | 11,437 | ||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 6,082 | 6,288 | 11,955 | 12,281 | Data processing | 6,093 | 6,495 | 18,048 | 18,776 | ||||||||||||||||||||||||||||||||||||
Professional | Professional | 1,516 | 5,549 | 3,488 | 7,734 | Professional | 1,693 | 1,738 | 5,181 | 9,472 | ||||||||||||||||||||||||||||||||||||
Marketing | Marketing | 733 | 700 | 1,421 | 1,177 | Marketing | 1,026 | 860 | 2,447 | 2,037 | ||||||||||||||||||||||||||||||||||||
Communications | Communications | 635 | 824 | 1,347 | 1,646 | Communications | 587 | 689 | 1,934 | 2,335 | ||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 1,318 | 1,470 | 2,716 | 2,985 | Amortization of intangible assets | 1,361 | 1,445 | 4,077 | 4,430 | ||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances prepayment fees | Federal Home Loan Bank advances prepayment fees | — | 3,669 | — | 3,677 | Federal Home Loan Bank advances prepayment fees | — | — | — | 3,677 | ||||||||||||||||||||||||||||||||||||
Other expense | Other expense | 4,921 | 4,574 | 9,537 | 8,185 | Other expense | 5,997 | 4,189 | 15,534 | 12,374 | ||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 41,339 | 48,941 | 82,223 | 88,020 | Total noninterest expense | 43,496 | 41,292 | 125,719 | 129,312 | ||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 29,167 | 19,041 | 56,556 | 43,081 | Income before income taxes | 29,380 | 25,431 | 85,936 | 68,512 | ||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes | 7,284 | (1,083) | 13,924 | 4,419 | Income taxes | 5,859 | 5,883 | 19,783 | 10,302 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 21,883 | $ | 20,124 | $ | 42,632 | $ | 38,662 | Net income | $ | 23,521 | $ | 19,548 | $ | 66,153 | $ | 58,210 | ||||||||||||||||||||||||||||
Per common share data: | Per common share data: | Per common share data: | ||||||||||||||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.97 | $ | 0.88 | $ | 1.89 | $ | 1.70 | Basic earnings per common share | $ | 1.04 | $ | 0.86 | $ | 2.93 | $ | 2.56 | ||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 0.97 | $ | 0.88 | $ | 1.89 | $ | 1.69 | Diluted earnings per common share | $ | 1.04 | $ | 0.86 | $ | 2.92 | $ | 2.55 | ||||||||||||||||||||||||||||
Weighted average common shares outstanding | Weighted average common shares outstanding | 22,305,590 | 22,591,127 | 22,290,486 | 22,557,728 | Weighted average common shares outstanding | 22,338,828 | 22,520,499 | 22,306,323 | 22,544,898 | ||||||||||||||||||||||||||||||||||||
Weighted average diluted common shares outstanding | Weighted average diluted common shares outstanding | 22,360,819 | 22,677,515 | 22,355,936 | 22,633,040 | Weighted average diluted common shares outstanding | 22,390,438 | 22,577,880 | 22,367,095 | 22,613,972 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 21,883 | $ | 20,124 | $ | 42,632 | $ | 38,662 | Net income | $ | 23,521 | $ | 19,548 | $ | 66,153 | $ | 58,210 | ||||||||||||||||||||||||||||
Other comprehensive loss: | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income: | Other comprehensive (loss) income: | |||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | Investment securities available for sale: | Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized (losses) gains that occurred during the period | Unrealized (losses) gains that occurred during the period | (32,659) | 565 | (83,435) | (6,176) | Unrealized (losses) gains that occurred during the period | (31,764) | 662 | (115,199) | (5,514) | ||||||||||||||||||||||||||||||||||||
Recapture of provision for credit loss expense | Recapture of provision for credit loss expense | — | (190) | (221) | (40) | Recapture of provision for credit loss expense | — | (184) | (221) | (224) | ||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized net (gains) losses on sales of investment securities included in net income | 101 | (377) | 101 | (377) | ||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized net losses (gains) on sales of investment securities included in net income | Reclassification adjustment for realized net losses (gains) on sales of investment securities included in net income | 129 | (160) | 230 | (537) | |||||||||||||||||||||||||||||||||||||||||
Income tax effect | Income tax effect | 8,953 | — | 22,977 | 1,813 | Income tax effect | 8,134 | (87) | 31,111 | 1,726 | ||||||||||||||||||||||||||||||||||||
Change in investment securities available for sale, net of tax | Change in investment securities available for sale, net of tax | (23,605) | (2) | (60,578) | (4,780) | Change in investment securities available for sale, net of tax | (23,501) | 231 | (84,079) | (4,549) | ||||||||||||||||||||||||||||||||||||
Cash flow hedges: | Cash flow hedges: | Cash flow hedges: | ||||||||||||||||||||||||||||||||||||||||||||
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 | Net unrealized derivative (losses) gains on cash flow hedges | (2,501) | 729 | 594 | 5,567 | ||||||||||||||||||||||||||||||||||||
Reclassification adjustment for gains realized in net income | Reclassification adjustment for gains realized in net income | — | — | — | 314 | Reclassification adjustment for gains realized in net income | — | — | — | 314 | ||||||||||||||||||||||||||||||||||||
Income tax effect | Income tax effect | 553 | 770 | (851) | (1,417) | Income tax effect | 716 | (201) | (135) | (1,618) | ||||||||||||||||||||||||||||||||||||
Change in cash flow hedges, net of tax | Change in cash flow hedges, net of tax | (1,457) | (2,027) | 2,244 | 3,735 | Change in cash flow hedges, net of tax | (1,785) | 528 | 459 | 4,263 | ||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | (25,062) | (2,029) | (58,334) | (1,045) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | Other comprehensive (loss) income, net of tax | (25,286) | 759 | (83,620) | (286) | |||||||||||||||||||||||||||||||||||||||||
Total comprehensive (loss) income | Total comprehensive (loss) income | $ | (3,179) | $ | 18,095 | $ | (15,702) | $ | 37,617 | Total comprehensive (loss) income | $ | (1,765) | $ | 20,307 | $ | (17,467) | $ | 57,924 |
Common stock | Capital surplus | Retained earnings | Accumulated other comprehensive (loss) income | Total shareholders' equity | Preferred stock | Common stock | Capital surplus | Retained earnings | Accumulated other comprehensive (loss) income | Total shareholders' equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, March 31, 2022 | $ | 220 | $ | 446,044 | $ | 226,757 | $ | (28,035) | $ | 644,986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2022 | Balances, June 30, 2022 | $ | — | $ | 221 | $ | 446,894 | $ | 242,170 | $ | (53,097) | $ | 636,188 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 21,883 | — | 21,883 | Net income | — | — | — | 23,521 | — | 23,521 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | (25,062) | (25,062) | Other comprehensive loss | — | — | — | — | (25,286) | (25,286) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred stock, net of offering costs | Issuance of preferred stock, net of offering costs | 110,548 | — | — | — | — | 110,548 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common dividends declared ($0.29 per share) | Common dividends declared ($0.29 per share) | — | — | (6,470) | — | (6,470) | Common dividends declared ($0.29 per share) | — | — | — | (6,470) | — | (6,470) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | 519 | — | — | 519 | Share-based compensation expense | — | — | 501 | — | — | 501 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under employee benefit plans | Issuance of common stock under employee benefit plans | 1 | 331 | — | — | 332 | Issuance of common stock under employee benefit plans | — | — | 277 | — | — | 277 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2022 | $ | 221 | $ | 446,894 | $ | 242,170 | $ | (53,097) | $ | 636,188 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, September 30, 2022 | Balances, September 30, 2022 | $ | 110,548 | $ | 221 | $ | 447,672 | $ | 259,221 | $ | (78,383) | $ | 739,279 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2021 | Balances, December 31, 2021 | $ | 221 | $ | 445,907 | $ | 212,472 | $ | 5,237 | $ | 663,837 | Balances, December 31, 2021 | $ | — | $ | 221 | $ | 445,907 | $ | 212,472 | $ | 5,237 | $ | 663,837 | ||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 42,632 | — | 42,632 | Net income | — | — | — | 66,153 | — | 66,153 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | (58,334) | (58,334) | Other comprehensive loss | — | — | — | — | (83,620) | (83,620) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common dividends declared ($0.58 per share) | — | — | (12,934) | — | (12,934) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred stock, net of offering costs | Issuance of preferred stock, net of offering costs | 110,548 | — | — | — | — | 110,548 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common dividends declared ($0.87 per share) | Common dividends declared ($0.87 per share) | — | — | — | (19,404) | — | (19,404) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | (1) | (1,108) | — | — | (1,109) | Common stock repurchased | — | (1) | (1,108) | — | — | (1,109) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | 1,046 | — | — | 1,046 | Share-based compensation expense | — | — | 1,547 | — | — | 1,547 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under employee benefit plans | Issuance of common stock under employee benefit plans | 1 | 1,049 | — | — | 1,050 | Issuance of common stock under employee benefit plans | — | 1 | 1,326 | — | — | 1,327 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2022 | $ | 221 | $ | 446,894 | $ | 242,170 | $ | (53,097) | $ | 636,188 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, September 30, 2022 | Balances, September 30, 2022 | $ | 110,548 | $ | 221 | $ | 447,672 | $ | 259,221 | $ | (78,383) | $ | 739,279 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, March 31, 2021 | $ | 224 | $ | 454,264 | $ | 168,564 | $ | 12,415 | $ | 635,467 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2021 | Balances, June 30, 2021 | $ | — | $ | 224 | $ | 455,215 | $ | 182,361 | $ | 10,386 | $ | 648,186 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 20,124 | — | 20,124 | Net income | — | — | — | 19,548 | — | 19,548 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (2,029) | (2,029) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | — | — | — | — | 759 | 759 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | — | — | — | (6,299) | — | (6,299) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | — | (2) | (5,238) | — | — | (5,240) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | 484 | — | — | 484 | Share-based compensation expense | — | — | 438 | — | — | 438 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | 452 | — | — | 452 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2021 | $ | 224 | $ | 455,215 | $ | 182,361 | $ | 10,386 | $ | 648,186 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, September 30, 2021 | Balances, September 30, 2021 | $ | — | $ | 222 | $ | 450,867 | $ | 195,610 | $ | 11,145 | $ | 657,844 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | 58,210 | — | 58,210 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | (1,045) | (1,045) | Other comprehensive loss | — | — | — | — | (286) | (286) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common dividends declared ($0.56 per share) | — | — | (12,628) | — | (12,628) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common dividends declared ($0.84 per share) | Common dividends declared ($0.84 per share) | — | — | — | (18,927) | — | (18,927) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | (1) | (1,207) | — | — | (1,208) | Common stock repurchased | — | (3) | (6,445) | — | — | (6,448) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | 986 | — | — | 986 | Share-based compensation expense | — | — | 1,424 | — | — | 1,424 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 2,478 | — | — | 2,480 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2021 | $ | 224 | $ | 455,215 | $ | 182,361 | $ | 10,386 | $ | 648,186 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, September 30, 2021 | Balances, September 30, 2021 | $ | — | $ | 222 | $ | 450,867 | $ | 195,610 | $ | 11,145 | $ | 657,844 |
Six months ended June 30, | Nine months ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | Cash flows from operating activities: | ||||||||||||||||||||
Net income | Net income | $ | 42,632 | $ | 38,662 | Net income | $ | 66,153 | $ | 58,210 | ||||||||||||
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 | 9,608 | 3,110 | Provision for credit losses | 16,582 | 2,926 | ||||||||||||||||
Depreciation on premises and equipment | Depreciation on premises and equipment | 2,445 | 2,851 | Depreciation on premises and equipment | 3,665 | 4,223 | ||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 2,716 | 2,985 | Amortization of intangible assets | 4,077 | 4,430 | ||||||||||||||||
Amortization of operating lease right-of-use asset | Amortization of operating lease right-of-use asset | 904 | 845 | Amortization of operating lease right-of-use asset | 1,373 | 1,281 | ||||||||||||||||
Amortization of loan servicing rights | Amortization of loan servicing rights | 1,507 | 1,708 | Amortization of loan servicing rights | 2,202 | 2,497 | ||||||||||||||||
Share-based compensation expense | Share-based compensation expense | 1,046 | 986 | Share-based compensation expense | 1,547 | 1,424 | ||||||||||||||||
Increase in cash surrender value of life insurance | Increase in cash surrender value of life insurance | (1,671) | (1,723) | Increase in cash surrender value of life insurance | (2,524) | (2,592) | ||||||||||||||||
Gain on proceeds from company-owned life insurance | Gain on proceeds from company-owned life insurance | (188) | — | Gain on proceeds from company-owned life insurance | (264) | — | ||||||||||||||||
Investment securities amortization, net | Investment securities amortization, net | 1,440 | 2,148 | Investment securities amortization, net | 1,923 | 3,141 | ||||||||||||||||
Loss (gain) on sales of investment securities, net | Loss (gain) on sales of investment securities, net | 101 | (377) | Loss (gain) on sales of investment securities, net | 230 | (537) | ||||||||||||||||
Loss (gain) on sales of other real estate owned | Loss (gain) on sales of other real estate owned | 120 | (450) | Loss (gain) on sales of other real estate owned | 131 | (418) | ||||||||||||||||
Impairment on other real estate owned | Impairment on other real estate owned | 404 | 417 | Impairment on other real estate owned | 743 | 426 | ||||||||||||||||
Origination of loans held for sale | Origination of loans held for sale | (100,806) | (317,350) | Origination of loans held for sale | (123,602) | (394,905) | ||||||||||||||||
Proceeds from sales of loans held for sale | Proceeds from sales of loans held for sale | 203,545 | 494,541 | Proceeds from sales of loans held for sale | 252,078 | 634,445 | ||||||||||||||||
Gain on sale of loans held for sale | Gain on sale of loans held for sale | (799) | (2,728) | Gain on sale of loans held for sale | (1,035) | (3,799) | ||||||||||||||||
Impairment on commercial mortgage servicing rights | Impairment on commercial mortgage servicing rights | 1,263 | 2,423 | Impairment on commercial mortgage servicing rights | 1,263 | 5,460 | ||||||||||||||||
Impairment on mortgage servicing rights held for sale | Impairment on mortgage servicing rights held for sale | — | 222 | |||||||||||||||||||
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 | 2,954 | 922 | Accrued interest receivable | 1,969 | 1,502 | ||||||||||||||||
Other assets | Other assets | (17,160) | (12,094) | Other assets | (37,534) | (21,279) | ||||||||||||||||
Accrued expenses and other liabilities | Accrued expenses and other liabilities | 4,416 | (223) | Accrued expenses and other liabilities | 17,095 | 4,436 | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 154,477 | 216,653 | Net cash provided by operating activities | 206,072 | 301,093 | ||||||||||||||||
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 | (99,882) | (206,033) | Purchases of investment securities available for sale | (100,115) | (338,456) | ||||||||||||||||
Proceeds from sales of investment securities available for sale | Proceeds from sales of investment securities available for sale | 107,740 | 12,617 | Proceeds from sales of investment securities available for sale | 136,403 | 14,777 | ||||||||||||||||
Maturities and payments on investment securities available for sale | Maturities and payments on investment securities available for sale | 53,329 | 114,808 | Maturities and payments on investment securities available for sale | 71,305 | 164,213 | ||||||||||||||||
Purchases of equity securities | Purchases of equity securities | (379) | (186) | Purchases of equity securities | (441) | (232) | ||||||||||||||||
Net (increase) decrease in loans | Net (increase) decrease in loans | (634,229) | 212,886 | Net (increase) decrease in loans | (1,065,192) | 55,487 | ||||||||||||||||
Purchases of premises and equipment | Purchases of premises and equipment | (928) | (1,000) | Purchases of premises and equipment | (2,088) | (1,853) | ||||||||||||||||
Proceeds from sale of premises and equipment | Proceeds from sale of premises and equipment | 143 | 590 | Proceeds from sale of premises and equipment | 158 | 646 | ||||||||||||||||
Purchases of nonmarketable equity securities | Purchases of nonmarketable equity securities | (1,860) | — | Purchases of nonmarketable equity securities | (6,360) | — | ||||||||||||||||
Proceeds from sales of nonmarketable equity securities | Proceeds from sales of nonmarketable equity securities | 2,500 | 7,923 | Proceeds from sales of nonmarketable equity securities | 3,005 | 14,405 | ||||||||||||||||
Proceeds from sales of other real estate owned | Proceeds from sales of other real estate owned | 505 | 8,069 | Proceeds from sales of other real estate owned | 561 | 9,089 | ||||||||||||||||
Purchases of company-owned life insurance | Purchases of company-owned life insurance | — | (550) | Purchases of company-owned life insurance | — | (550) | ||||||||||||||||
Proceeds from settlements of company-owned life insurance | Proceeds from settlements of company-owned life insurance | 1,337 | — | Proceeds from settlements of company-owned life insurance | 1,518 | — | ||||||||||||||||
Net cash received (paid) on acquisition | Net cash received (paid) on acquisition | 60,275 | (2,797) | Net cash received (paid) on acquisition | 60,275 | (2,715) | ||||||||||||||||
Net cash (used in) provided by investing activities | (511,449) | 146,327 | ||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (900,971) | (85,189) | |||||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | Cash flows from financing activities: | ||||||||||||||||||||
Net (decrease) increase in deposits | (6,004) | 95,335 | ||||||||||||||||||||
Net (decrease) increase in short-term borrowings | (9,114) | 7,028 | ||||||||||||||||||||
Net increase in deposits | Net increase in deposits | 204,810 | 500,360 | |||||||||||||||||||
Net decrease in short-term borrowings | Net decrease in short-term borrowings | (18,285) | (2,291) | |||||||||||||||||||
Proceeds from FHLB borrowings | Proceeds from FHLB borrowings | 700,000 | 300,000 | Proceeds from FHLB borrowings | 1,900,000 | 350,000 | ||||||||||||||||
Payments made on FHLB borrowings and other borrowings | Payments made on FHLB borrowings and other borrowings | (725,000) | (639,000) | Payments made on FHLB borrowings and other borrowings | (1,850,000) | (689,000) | ||||||||||||||||
Payments made on subordinated debt | Payments made on subordinated debt | — | (31,075) | Payments made on subordinated debt | — | (31,075) | ||||||||||||||||
Redemption of Series G preferred stock | Redemption of Series G preferred stock | (171) | — | Redemption of Series G preferred stock | (171) | — | ||||||||||||||||
Proceeds from Series A preferred stock offering | Proceeds from Series A preferred stock offering | 110,548 | — | |||||||||||||||||||
Cash dividends paid on common stock | Cash dividends paid on common stock | (12,934) | (12,628) | Cash dividends paid on common stock | (19,404) | (18,927) | ||||||||||||||||
Common stock repurchased | Common stock repurchased | (1,109) | (1,208) | Common stock repurchased | (1,109) | (6,448) | ||||||||||||||||
Proceeds from issuance of common stock under employee benefit plans | Proceeds from issuance of common stock under employee benefit plans | 1,050 | 2,028 | Proceeds from issuance of common stock under employee benefit plans | 1,327 | 2,480 | ||||||||||||||||
Net cash used in financing activities | (53,282) | (279,520) | ||||||||||||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | 327,716 | 105,099 | |||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | Net (decrease) increase in cash and cash equivalents | (410,254) | 83,460 | Net (decrease) increase in cash and cash equivalents | (367,183) | 321,003 | ||||||||||||||||
Cash and cash equivalents: | Cash and cash equivalents: | Cash and cash equivalents: | ||||||||||||||||||||
Beginning of period | Beginning of period | 680,371 | 341,640 | Beginning of period | 680,371 | 341,640 | ||||||||||||||||
End of period | End of period | $ | 270,117 | $ | 425,100 | End of period | $ | 313,188 | $ | 662,643 | ||||||||||||
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 | $ | 13,746 | $ | 17,369 | Interest paid on deposits and borrowed funds | $ | 29,449 | $ | 25,561 | ||||||||||||
Income tax paid, net of refunds | Income tax paid, net of refunds | 16,606 | 12,907 | Income tax paid, net of refunds | 22,014 | (6,648) | ||||||||||||||||
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 | 74,997 | 48,494 | Transfer of loans to loans held for sale | 99,505 | 123,117 | ||||||||||||||||
Transfer of loans to other real estate owned | Transfer of loans to other real estate owned | 102 | 485 | Transfer of loans to other real estate owned | 517 | 583 | ||||||||||||||||
Transfer of loan servicing rights, at lower of cost or market to loan servicing rights held for sale | Transfer of loan servicing rights, at lower of cost or market to loan servicing rights held for sale | 23,995 | — | |||||||||||||||||||
Pending settlements on securities purchased | Pending settlements on securities purchased | — | (62,923) |
(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, 2022 | September 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 | $ | 68,390 | $ | — | $ | 4,394 | $ | — | $ | 63,996 | U.S. Treasury securities | $ | 66,369 | $ | — | $ | 5,873 | $ | — | $ | 60,496 | ||||||||||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | U.S. government sponsored entities and U.S. agency securities | 33,756 | 66 | 3,519 | — | 30,303 | U.S. government sponsored entities and U.S. agency securities | 32,267 | 78 | 4,480 | — | 27,865 | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 480,408 | 17 | 56,587 | — | 423,838 | Mortgage-backed securities - agency | 469,822 | 5 | 78,212 | — | 391,615 | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 26,118 | — | 3,341 | — | 22,777 | Mortgage-backed securities - non-agency | 25,341 | — | 4,183 | — | 21,158 | ||||||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 113,920 | 525 | 7,757 | — | 106,688�� | State and municipal securities | 105,838 | 128 | 10,905 | — | 95,061 | ||||||||||||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | 119,374 | 56 | 6,492 | — | 112,938 | Corporate securities | 95,313 | — | 9,619 | — | 85,694 | ||||||||||||||||||||||||||||||||||||||||||||||
Total available for sale securities | Total available for sale securities | $ | 841,966 | $ | 664 | $ | 82,090 | $ | — | $ | 760,540 | Total available for sale securities | $ | 794,950 | $ | 211 | $ | 113,272 | $ | — | $ | 681,889 |
December 31, 2021 | |||||||||||||||||||||||||||||
(dollars in thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Allowance for credit losses | Fair value | ||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 65,347 | $ | — | $ | 430 | $ | — | $ | 64,917 | |||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | 34,569 | 79 | 831 | — | 33,817 | ||||||||||||||||||||||||
Mortgage-backed securities - agency | 444,484 | 2,687 | 6,901 | — | 440,270 | ||||||||||||||||||||||||
Mortgage-backed securities - non-agency | 29,037 | 50 | 381 | — | 28,706 | ||||||||||||||||||||||||
State and municipal securities | 137,904 | 5,561 | 366 | — | 143,099 | ||||||||||||||||||||||||
Corporate securities | 193,354 | 3,128 | 467 | 221 | 195,794 | ||||||||||||||||||||||||
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 | $ | 12,828 | $ | 12,898 | Within one year | $ | 9,766 | $ | 9,793 | ||||||||||||
After one year through five years | After one year through five years | 134,666 | 127,807 | After one year through five years | 123,074 | 113,574 | ||||||||||||||||
After five years through ten years | After five years through ten years | 156,446 | 145,497 | After five years through ten years | 135,520 | 119,588 | ||||||||||||||||
After ten years | After ten years | 31,500 | 27,723 | After ten years | 31,427 | 26,161 | ||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 506,526 | 446,615 | Mortgage-backed securities | 495,163 | 412,773 | ||||||||||||||||
Total available for sale securities | Total available for sale securities | $ | 841,966 | $ | 760,540 | Total available for sale securities | $ | 794,950 | $ | 681,889 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Investment securities available for sale | Investment securities available for sale | Investment securities available for sale | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sales | Proceeds from sales | $ | 107,740 | $ | 12,617 | $ | 107,740 | $ | 12,617 | Proceeds from sales | $ | 28,663 | $ | 2,160 | $ | 136,403 | $ | 14,777 | ||||||||||||||||||||||||||||
Gross realized gains on sales | Gross realized gains on sales | 716 | 377 | 716 | 377 | Gross realized gains on sales | 113 | 160 | 829 | 537 | ||||||||||||||||||||||||||||||||||||
Gross realized losses on sales | Gross realized losses on sales | (817) | — | (817) | — | Gross realized losses on sales | (242) | — | (1,059) | — |
(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 September 30, 2022 | For the three months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | — | $ | — | $ | — | $ | — | Balance, beginning of period | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
Current-period provision for expected credit losses | Current-period provision for expected credit losses | — | — | — | — | Current-period provision for expected credit losses | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | — | $ | — | $ | — | $ | — | Balance, end of period | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
For the six months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2022 | For the nine months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | — | $ | — | $ | 221 | $ | 221 | Balance, beginning of period | $ | — | $ | — | $ | 221 | $ | 221 | ||||||||||||||||||||||||||||
Current-period provision for expected credit losses | Current-period provision for expected credit losses | — | — | (221) | (221) | Current-period provision for expected credit losses | — | — | (221) | (221) | ||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | — | $ | — | $ | — | $ | — | Balance, end of period | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
For the three months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended September 30, 2021 | For the three months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 28 | $ | 28 | $ | 460 | $ | 516 | Balance, beginning of period | $ | 113 | $ | — | $ | 213 | $ | 326 | ||||||||||||||||||||||||||||
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 | (113) | — | (71) | (184) | ||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 113 | $ | — | $ | 213 | $ | 326 | Balance, end of period | $ | — | $ | — | $ | 142 | $ | 142 | ||||||||||||||||||||||||||||
For the six months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2021 | For the nine months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | — | $ | 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 | — | (29) | (195) | (224) | ||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 113 | $ | — | $ | 213 | $ | 326 | Balance, end of period | $ | — | $ | — | $ | 142 | $ | 142 |
June 30, 2022 | September 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. Treasury securities | $ | 37,689 | $ | 3,305 | $ | 22,807 | $ | 2,568 | $ | 60,496 | $ | 5,873 | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | U.S. government sponsored entities and U.S. agency securities | 13,042 | 1,296 | 12,777 | 2,223 | 25,819 | 3,519 | U.S. government sponsored entities and U.S. agency securities | 333 | 19 | 23,289 | 4,461 | 23,622 | 4,480 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 319,343 | 35,977 | 103,015 | 20,610 | 422,358 | 56,587 | Mortgage-backed securities - agency | 168,562 | 21,838 | 222,652 | 56,374 | 391,214 | 78,212 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 17,947 | 2,297 | 4,830 | 1,044 | 22,777 | 3,341 | Mortgage-backed securities - non-agency | 6,228 | 879 | 14,930 | 3,304 | 21,158 | 4,183 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 58,112 | 6,667 | 6,118 | 1,090 | 64,230 | 7,757 | State and municipal securities | 56,578 | 5,879 | 22,193 | 5,026 | 78,771 | 10,905 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | 100,250 | 6,383 | 2,869 | 109 | 103,119 | 6,492 | Corporate securities | 57,401 | 4,767 | 28,293 | 4,852 | 85,694 | 9,619 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total available for sale securities | Total available for sale securities | $ | 572,690 | $ | 57,014 | $ | 129,609 | $ | 25,076 | $ | 702,299 | $ | 82,090 | Total available for sale securities | $ | 326,791 | $ | 36,687 | $ | 334,164 | $ | 76,585 | $ | 660,955 | $ | 113,272 |
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or more | Total | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | |||||||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 64,917 | $ | 430 | $ | — | $ | — | $ | 64,917 | $ | 430 | |||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | 17,487 | 263 | 9,432 | 568 | 26,919 | 831 | |||||||||||||||||||||||||||||
Mortgage-backed securities - agency | 317,372 | 6,633 | 9,051 | 268 | 326,423 | 6,901 | |||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | 24,095 | 381 | — | — | 24,095 | 381 | |||||||||||||||||||||||||||||
State and municipal securities | 27,324 | 270 | 2,538 | 96 | 29,862 | 366 | |||||||||||||||||||||||||||||
Corporate securities | — | — | — | — | — | — | |||||||||||||||||||||||||||||
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, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | Equity securities | ||||||||||||||||||||||||||||||||||||||||||||
Net unrealized (losses) gains | Net unrealized (losses) gains | $ | (425) | $ | 145 | $ | (947) | $ | 226 | Net unrealized (losses) gains | $ | (118) | $ | 112 | $ | (1,065) | $ | 338 |
(dollars in thousands) | (dollars in thousands) | June 30, 2022 | December 31, 2021 | (dollars in thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||||||
Commercial: | Commercial: | Commercial: | ||||||||||||||||||||
Commercial | Commercial | $ | 747,782 | $ | 770,670 | Commercial | $ | 852,930 | $ | 770,670 | ||||||||||||
Commercial other | Commercial other | 643,476 | 679,518 | Commercial other | 683,353 | 679,518 | ||||||||||||||||
Commercial real estate: | Commercial real estate: | Commercial real estate: | ||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | 1,480,030 | 1,105,333 | Commercial real estate non-owner occupied | 1,567,308 | 1,105,333 | ||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 524,587 | 469,658 | Commercial real estate owner occupied | 505,174 | 469,658 | ||||||||||||||||
Multi-family | Multi-family | 265,749 | 171,875 | Multi-family | 328,473 | 171,875 | ||||||||||||||||
Farmland | Farmland | 65,289 | 69,962 | Farmland | 65,348 | 69,962 | ||||||||||||||||
Construction and land development | Construction and land development | 203,955 | 193,749 | Construction and land development | 225,549 | 193,749 | ||||||||||||||||
Total commercial loans | Total commercial loans | 3,930,868 | 3,460,765 | Total commercial loans | 4,228,135 | 3,460,765 | ||||||||||||||||
Residential real estate: | Residential real estate: | Residential real estate: | ||||||||||||||||||||
Residential first lien | Residential first lien | 279,628 | 274,412 | Residential first lien | 294,432 | 274,412 | ||||||||||||||||
Other residential | Other residential | 60,475 | 63,739 | Other residential | 61,793 | 63,739 | ||||||||||||||||
Consumer: | Consumer: | Consumer: | ||||||||||||||||||||
Consumer | Consumer | 98,558 | 106,008 | Consumer | 110,226 | 106,008 | ||||||||||||||||
Consumer other | Consumer other | 986,813 | 896,597 | Consumer other | 1,046,254 | 896,597 | ||||||||||||||||
Lease financing | Lease financing | 439,202 | 423,280 | Lease financing | 457,611 | 423,280 | ||||||||||||||||
Total loans, gross | Total loans, gross | $ | 5,795,544 | $ | 5,224,801 | Total loans, gross | $ | 6,198,451 | $ | 5,224,801 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 23,374 | $ | 19,372 | $ | 13,869 | $ | 19,693 | Beginning balance | $ | 23,097 | $ | 18,762 | $ | 13,869 | $ | 19,693 | ||||||||||||||||||||||||||||
New loans and other additions | New loans and other additions | — | 404 | 9,805 | 1,024 | New loans and other additions | — | 21 | 9,804 | 1,045 | ||||||||||||||||||||||||||||||||||||
Repayments and other reductions | Repayments and other reductions | (277) | (1,014) | (577) | (1,955) | Repayments and other reductions | (3,081) | (3,424) | (3,657) | (5,379) | ||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 23,097 | $ | 18,762 | $ | 23,097 | $ | 18,762 | Ending balance | $ | 20,016 | $ | 15,359 | $ | 20,016 | $ | 15,359 |
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 September 30, 2022: | Changes in allowance for credit losses on loans for the three months ended September 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 12,621 | $ | 26,277 | $ | 816 | $ | 3,288 | $ | 2,672 | $ | 7,264 | $ | 52,938 | Balance, beginning of period | $ | 12,748 | $ | 27,874 | $ | 1,101 | $ | 3,416 | $ | 2,994 | $ | 6,765 | $ | 54,898 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | (111) | 4,284 | 279 | 133 | 415 | (259) | 4,741 | Provision for credit losses on loans | 3,226 | 1,787 | 472 | 852 | 606 | 31 | 6,974 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (60) | (2,625) | — | (46) | (191) | (499) | (3,421) | Charge-offs | (1,655) | (1,232) | — | (166) | (316) | (485) | (3,854) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 298 | (62) | 6 | 41 | 98 | 259 | 640 | Recoveries | 45 | 1 | 18 | 69 | 121 | 367 | 621 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 12,748 | $ | 27,874 | $ | 1,101 | $ | 3,416 | $ | 2,994 | $ | 6,765 | $ | 54,898 | Balance, end of period | $ | 14,364 | $ | 28,430 | $ | 1,591 | $ | 4,171 | $ | 3,405 | $ | 6,678 | $ | 58,639 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 nine months ended September 30, 2022: | Changes in allowance for credit losses on loans for the nine months ended September 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 14,375 | $ | 22,993 | $ | 972 | $ | 2,695 | $ | 2,558 | $ | 7,469 | $ | 51,062 | 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 | Provision for credit losses on loans | 3,504 | 9,515 | 595 | 1,569 | 1,278 | (614) | 15,847 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (2,214) | (2,852) | (6) | (150) | (496) | (705) | (6,423) | Charge-offs | (3,869) | (4,084) | (6) | (315) | (812) | (1,190) | (10,276) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 309 | 5 | 12 | 154 | 260 | 646 | 1,386 | Recoveries | 354 | 6 | 30 | 222 | 381 | 1,013 | 2,006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 12,748 | $ | 27,874 | $ | 1,101 | $ | 3,416 | $ | 2,994 | $ | 6,765 | $ | 54,898 | Balance, end of period | $ | 14,364 | $ | 28,430 | $ | 1,591 | $ | 4,171 | $ | 3,405 | $ | 6,678 | $ | 58,639 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in allowance for credit losses on loans for the three months ended June 30, 2021: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in allowance for credit losses on loans for the three months ended September 30, 2021: | Changes in allowance for credit losses on loans for the three months ended September 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 | $ | 14,849 | $ | 30,718 | $ | 1,733 | $ | 3,683 | $ | 2,292 | $ | 5,389 | $ | 58,664 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | 5 | (168) | 414 | (177) | 84 | (158) | — | Provision for credit losses on loans | (75) | (2,105) | (538) | (697) | 292 | 3,123 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (2,634) | (946) | (1) | (141) | (218) | (516) | (4,456) | Charge-offs | (317) | (1,663) | (138) | (35) | (280) | (1,227) | (3,660) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 139 | 11 | 81 | 20 | 155 | 27 | 433 | Recoveries | 134 | 3 | 74 | 66 | 93 | 301 | 671 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 14,591 | $ | 26,953 | $ | 1,131 | $ | 3,017 | $ | 2,397 | $ | 7,586 | $ | 55,675 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in allowance for credit losses on loans for the six months ended June 30, 2021: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in allowance for credit losses on loans for the nine months ended September 30, 2021: | Changes in allowance for credit losses on loans for the nine months ended September 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 | (2,091) | 4,854 | (113) | (806) | 429 | 1,677 | 3,950 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (3,140) | (1,719) | (272) | (251) | (460) | (769) | (6,611) | Charge-offs | (3,457) | (3,382) | (410) | (286) | (740) | (1,996) | (10,271) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 154 | 13 | 147 | 114 | 277 | 177 | 882 | Recoveries | 288 | 16 | 221 | 180 | 370 | 478 | 1,553 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 14,591 | $ | 26,953 | $ | 1,131 | $ | 3,017 | $ | 2,397 | $ | 7,586 | $ | 55,675 |
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, 2022 | December 31, 2021 | September 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 | $ | 4,528 | $ | 2,275 | $ | 6,803 | $ | 4,681 | $ | 2,275 | $ | 6,956 | Commercial | $ | 4,179 | $ | 508 | $ | 4,687 | $ | 4,681 | $ | 2,275 | $ | 6,956 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial other | Commercial other | 2,950 | — | 2,950 | 4,467 | — | 4,467 | Commercial other | 2,104 | — | 2,104 | 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 | 1,848 | 19,003 | 20,851 | 1,914 | 9,912 | 11,826 | Commercial real estate non-owner occupied | 1,590 | 12,118 | 13,708 | 1,914 | 9,912 | 11,826 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 2,627 | 1,340 | 3,967 | 2,164 | 1,340 | 3,504 | Commercial real estate owner occupied | 2,882 | 1,340 | 4,222 | 2,164 | 1,340 | 3,504 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | Multi-family | 177 | 9,056 | 9,233 | 201 | 1,967 | 2,168 | Multi-family | 164 | 9,003 | 9,167 | 201 | 1,967 | 2,168 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Farmland | Farmland | 150 | — | 150 | 155 | — | 155 | Farmland | 25 | — | 25 | 155 | — | 155 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 251 | — | 251 | 83 | — | 83 | Construction and land development | 245 | — | 245 | 83 | — | 83 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | 12,531 | 31,674 | 44,205 | 13,665 | 15,494 | 29,159 | Total commercial loans | 11,189 | 22,969 | 34,158 | 13,665 | 15,494 | 29,159 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate: | Residential real estate: | Residential real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential first lien | Residential first lien | 3,685 | 639 | 4,324 | 3,116 | 832 | 3,948 | Residential first lien | 2,884 | 633 | 3,517 | 3,116 | 832 | 3,948 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other residential | Other residential | 933 | — | 933 | 836 | — | 836 | Other residential | 798 | — | 798 | 836 | — | 836 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | Consumer: | Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 97 | — | 97 | 110 | — | 110 | Consumer | 72 | — | 72 | 110 | — | 110 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 1,399 | — | 1,399 | 1,510 | — | 1,510 | Lease financing | 1,506 | — | 1,506 | 1,510 | — | 1,510 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 18,645 | $ | 32,313 | $ | 50,958 | $ | 19,237 | $ | 16,326 | $ | 35,563 | Total loans | $ | 16,449 | $ | 23,602 | $ | 40,051 | $ | 19,237 | $ | 16,326 | $ | 35,563 |
Type of Collateral | Type of Collateral | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Real Estate | Blanket Lien | Equipment | Total | (dollars in thousands) | Real Estate | Blanket Lien | Equipment | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | — | $ | 4,890 | $ | — | $ | 4,890 | Commercial | $ | — | $ | 3,244 | $ | — | $ | 3,244 | ||||||||||||||||||||||||||||||||||||||||
Commercial other | Commercial other | — | — | — | — | Commercial other | — | — | 278 | 278 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | Non-owner occupied | 12,655 | — | — | 12,655 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | Owner occupied | 1,336 | — | — | 1,336 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | Multi-family | 1,873 | — | — | 1,873 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | — | — | 110 | 110 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total collateral dependent loans | Total collateral dependent loans | $ | 15,864 | $ | 3,244 | $ | 388 | $ | 19,496 | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | — | $ | 5,402 | $ | — | $ | 5,402 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial other | Commercial other | — | — | 502 | 502 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | Non-owner occupied | 20,062 | — | — | 20,062 | Non-owner occupied | 11,604 | — | — | 11,604 | ||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | Owner occupied | 1,336 | — | — | 1,336 | Owner occupied | 1,336 | — | — | 1,336 | ||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | Multi-family | 1,905 | — | — | 1,905 | Multi-family | 1,969 | — | — | 1,969 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total collateral dependent loans | Total collateral dependent loans | $ | 23,303 | $ | 4,890 | $ | — | $ | 28,193 | Total collateral dependent loans | $ | 14,909 | $ | 5,402 | $ | 502 | $ | 20,813 | ||||||||||||||||||||||||||||||||||||||||
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 | 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 | $ | 143 | $ | 92 | $ | — | $ | 235 | $ | 6,803 | $ | 740,744 | $ | 747,782 | Commercial | $ | 7,609 | $ | 518 | $ | — | $ | 8,127 | $ | 4,687 | $ | 840,116 | $ | 852,930 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial other | Commercial other | 3,136 | 2,425 | — | 5,561 | 2,950 | 634,965 | 643,476 | Commercial other | 3,510 | 2,189 | 281 | 5,980 | 2,104 | 675,269 | 683,353 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | Commercial real estate: | Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | 741 | 26 | — | 767 | 20,851 | 1,458,412 | 1,480,030 | Commercial real estate non-owner occupied | 771 | 265 | — | 1,036 | 13,708 | 1,552,564 | 1,567,308 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 76 | 338 | — | 414 | 3,967 | 520,206 | 524,587 | Commercial real estate owner occupied | 481 | — | — | 481 | 4,222 | 500,471 | 505,174 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | Multi-family | 162 | — | — | 162 | 9,233 | 256,354 | 265,749 | Multi-family | — | — | — | — | 9,167 | 319,306 | 328,473 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Farmland | Farmland | 190 | — | — | 190 | 150 | 64,949 | 65,289 | Farmland | 88 | — | — | 88 | 25 | 65,235 | 65,348 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | — | — | — | — | 251 | 203,704 | 203,955 | Construction and land development | — | — | — | — | 245 | 225,304 | 225,549 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | 4,448 | 2,881 | — | 7,329 | 44,205 | 3,879,334 | 3,930,868 | Total commercial loans | 12,459 | 2,972 | 281 | 15,712 | 34,158 | 4,178,265 | 4,228,135 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate: | Residential real estate: | Residential real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential first lien | Residential first lien | 64 | 318 | — | 382 | 4,324 | 274,922 | 279,628 | Residential first lien | 30 | 209 | 77 | 316 | 3,517 | 290,599 | 294,432 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other residential | Other residential | 109 | 41 | — | 150 | 933 | 59,392 | 60,475 | Other residential | 197 | 50 | — | 247 | 798 | 60,748 | 61,793 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | Consumer: | Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 121 | 6 | — | 127 | 97 | 98,334 | 98,558 | Consumer | 109 | 50 | — | 159 | 72 | 109,995 | 110,226 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Consumer other | 3,711 | 2,258 | — | 5,969 | — | 980,844 | 986,813 | Consumer other | 5,020 | 3,159 | 142 | 8,321 | — | 1,037,933 | 1,046,254 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 1,654 | 601 | — | 2,255 | 1,399 | 435,548 | 439,202 | Lease financing | 3,033 | 987 | 193 | 4,213 | 1,506 | 451,892 | 457,611 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 10,107 | $ | 6,105 | $ | — | $ | 16,212 | $ | 50,958 | $ | 5,728,374 | $ | 5,795,544 | Total loans | $ | 20,848 | $ | 7,427 | $ | 693 | $ | 28,968 | $ | 40,051 | $ | 6,129,432 | $ | 6,198,451 |
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, 2022 | December 31, 2021 | September 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 | $ | 1,826 | $ | 550 | $ | 2,376 | $ | 833 | $ | 1,422 | $ | 2,255 | Commercial | $ | 1,727 | $ | 511 | $ | 2,238 | $ | 833 | $ | 1,422 | $ | 2,255 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 115 | 2,851 | 2,966 | 1,522 | 3,302 | 4,824 | Commercial real estate | 113 | 2,627 | 2,740 | 1,522 | 3,302 | 4,824 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 32 | — | 32 | 37 | — | 37 | Construction and land development | 29 | — | 29 | 37 | — | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 2,917 | 1,188 | 4,105 | 3,128 | 784 | 3,912 | Residential real estate | 3,384 | 702 | 4,086 | 3,128 | 784 | 3,912 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 157 | — | 157 | 98 | — | 98 | Consumer | 59 | — | 59 | 98 | — | 98 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 878 | 84 | 962 | 1,394 | 241 | 1,635 | Lease financing | 824 | 21 | 845 | 1,394 | 241 | 1,635 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 5,925 | $ | 4,673 | $ | 10,598 | $ | 7,012 | $ | 5,749 | $ | 12,761 | Total loans | $ | 6,136 | $ | 3,861 | $ | 9,997 | $ | 7,012 | $ | 5,749 | $ | 12,761 |
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended September 30, 2022 | For the three months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | Troubled debt restructurings: | Troubled debt restructurings: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | Number of loans | 2 | 1 | — | 2 | 1 | — | 6 | Number of loans | — | — | — | 2 | — | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding balance | Pre-modification outstanding balance | $ | 705 | $ | 6 | $ | — | $ | 176 | $ | 66 | $ | — | $ | 953 | Pre-modification outstanding balance | $ | — | $ | — | $ | — | $ | 56 | $ | — | $ | — | $ | 56 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Post-modification outstanding balance | Post-modification outstanding balance | 705 | 6 | — | 176 | 66 | — | 953 | Post-modification outstanding balance | — | — | — | 56 | — | — | 56 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2022 | For the nine months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | Troubled debt restructurings: | Troubled debt restructurings: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | Number of loans | 4 | 1 | — | 5 | 3 | 2 | 15 | Number of loans | 4 | 1 | — | 7 | 3 | 2 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding balance | Pre-modification outstanding balance | $ | 1,324 | $ | 6 | $ | — | $ | 204 | $ | 107 | $ | 84 | $ | 1,725 | Pre-modification outstanding balance | $ | 1,324 | $ | 6 | $ | — | $ | 260 | $ | 107 | $ | 84 | $ | 1,781 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Post-modification outstanding balance | Post-modification outstanding balance | 1,324 | 6 | — | 204 | 105 | 84 | 1,723 | Post-modification outstanding balance | 1,324 | 6 | — | 260 | 105 | 84 | 1,779 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended September 30, 2021 | For the three months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | Troubled debt restructurings: | Troubled debt restructurings: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | Number of loans | 5 | 1 | — | 1 | 1 | 1 | 9 | Number of loans | 2 | 1 | — | — | — | 3 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding balance | Pre-modification outstanding balance | $ | 609 | $ | 1,432 | $ | — | $ | 136 | $ | 19 | $ | 505 | $ | 2,701 | Pre-modification outstanding balance | $ | 114 | $ | 152 | $ | — | $ | — | $ | — | $ | 234 | $ | 500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Post-modification outstanding balance | Post-modification outstanding balance | 609 | 1,432 | — | 139 | 19 | 505 | 2,704 | Post-modification outstanding balance | 114 | 130 | — | — | — | 234 | 478 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2021 | For the nine months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | Troubled debt restructurings: | Troubled debt restructurings: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | Number of loans | 5 | 1 | 1 | 3 | 3 | 1 | 14 | Number of loans | 7 | 2 | 1 | 3 | 3 | 4 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding balance | Pre-modification outstanding balance | $ | 609 | $ | 1,432 | $ | 49 | $ | 191 | $ | 50 | $ | 505 | $ | 2,836 | Pre-modification outstanding balance | $ | 723 | $ | 1,584 | $ | 49 | $ | 191 | $ | 50 | $ | 739 | $ | 3,336 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Post-modification outstanding balance | Post-modification outstanding balance | 609 | 1,432 | 40 | 195 | 50 | 505 | 2,831 | Post-modification outstanding balance | 723 | 1,562 | 40 | 195 | 50 | 739 | 3,309 |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving loans | Total | (dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Acceptable credit quality | $ | 42,773 | $ | 104,834 | $ | 72,395 | $ | 30,577 | $ | 19,403 | $ | 53,815 | $ | 394,649 | $ | 718,446 | Commercial | Acceptable credit quality | $ | 83,501 | $ | 107,645 | $ | 72,269 | $ | 29,183 | $ | 13,578 | $ | 50,113 | $ | 482,069 | $ | 838,358 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 113 | — | 325 | 1,279 | 282 | 1,887 | 3,886 | Special mention | — | 48 | — | 314 | 926 | 267 | 1,928 | 3,483 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 364 | — | 631 | 1,822 | 4,260 | 11,570 | 18,647 | Substandard | — | — | — | — | 1,385 | 4,142 | 875 | 6,402 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | 340 | — | 370 | 174 | 383 | 5,536 | 6,803 | Substandard – nonaccrual | — | 340 | — | 99 | 112 | 259 | 3,877 | 4,687 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 42,773 | 105,651 | 72,395 | 31,903 | 22,678 | 58,740 | 413,642 | 747,782 | Subtotal | 83,501 | 108,033 | 72,269 | 29,596 | 16,001 | 54,781 | 488,749 | 852,930 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial other | Acceptable credit quality | 132,949 | 182,457 | 131,480 | 77,820 | 20,303 | 359 | 79,421 | 624,789 | Commercial other | Acceptable credit quality | 207,903 | 168,275 | 116,826 | 73,659 | 18,985 | 311 | 90,558 | 676,517 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 210 | 1,818 | 9,055 | 3,185 | — | — | 14,268 | Special mention | — | — | 797 | 2,285 | 485 | — | 55 | 3,622 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 61 | — | — | 1,408 | 1,469 | Substandard | 250 | — | — | 12 | — | — | 848 | 1,110 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 422 | 712 | 26 | 1,216 | 574 | — | — | 2,950 | Substandard – nonaccrual | 343 | 770 | 24 | 473 | 494 | — | — | 2,104 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 133,371 | 183,379 | 133,324 | 88,152 | 24,062 | 359 | 80,829 | 643,476 | Subtotal | 208,496 | 169,045 | 117,647 | 76,429 | 19,964 | 311 | 91,461 | 683,353 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 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 | Commercial real estate | Non-owner occupied | Acceptable credit quality | 580,648 | 437,901 | 141,562 | 93,945 | 18,964 | 177,967 | 3,807 | 1,454,794 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 1,439 | 26 | 3,476 | 15,341 | 313 | 7,211 | — | 27,806 | Special mention | 1,423 | 187 | 482 | 10,670 | 198 | 9,396 | — | 22,356 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 663 | 109 | — | 37,065 | 1,641 | 37,161 | 250 | 76,889 | Substandard | 593 | 106 | — | 36,858 | 1,611 | 37,282 | — | 76,450 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | 744 | 859 | 5,879 | 10,246 | 3,123 | — | 20,851 | Substandard – nonaccrual | — | 744 | — | 49 | 10,246 | 2,669 | — | 13,708 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 455,143 | 434,723 | 148,139 | 172,113 | 31,777 | 234,682 | 3,453 | 1,480,030 | Subtotal | 582,664 | 438,938 | 142,044 | 141,522 | 31,019 | 227,314 | 3,807 | 1,567,308 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | Acceptable credit quality | 97,287 | 138,775 | 68,158 | 45,755 | 34,857 | 115,714 | 4,548 | 505,094 | Owner occupied | Acceptable credit quality | 105,981 | 131,950 | 66,624 | 40,949 | 29,247 | 108,957 | 4,667 | 488,375 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 141 | — | 175 | 160 | 1,824 | 27 | 2,327 | Special mention | — | 135 | — | 168 | 159 | 1,680 | 24 | 2,166 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 47 | 4,187 | 585 | 2,901 | — | 5,182 | 297 | 13,199 | Substandard | 45 | 4,186 | 575 | 2,026 | — | 3,579 | — | 10,411 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | 402 | 320 | 157 | 333 | 2,755 | — | 3,967 | Substandard – nonaccrual | — | 385 | 309 | 156 | 333 | 2,735 | 304 | 4,222 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 97,334 | 143,505 | 69,063 | 48,988 | 35,350 | 125,475 | 4,872 | 524,587 | Subtotal | 106,026 | 136,656 | 67,508 | 43,299 | 29,739 | 116,951 | 4,995 | 505,174 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | Acceptable credit quality | 138,000 | 52,078 | 19,800 | 475 | 24,927 | 16,031 | 1,597 | 252,908 | Multi-family | Acceptable credit quality | 188,990 | 51,461 | 33,440 | 445 | 24,604 | 15,768 | 1,020 | 315,728 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | Special mention | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | 3,608 | — | 3,608 | Substandard | — | — | — | — | — | 3,578 | — | 3,578 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | 969 | — | 114 | — | 8,150 | — | 9,233 | Substandard – nonaccrual | — | 949 | — | 114 | — | 8,104 | — | 9,167 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 138,000 | 53,047 | 19,800 | 589 | 24,927 | 27,789 | 1,597 | 265,749 | Subtotal | 188,990 | 52,410 | 33,440 | 559 | 24,604 | 27,450 | 1,020 | 328,473 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Farmland | Acceptable credit quality | 3,337 | 16,384 | 13,958 | 4,126 | 3,158 | 21,255 | 1,751 | 63,969 | Farmland | Acceptable credit quality | 5,303 | 16,267 | 14,099 | 4,228 | 3,250 | 20,222 | 1,227 | 64,596 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | 162 | — | 162 | Special mention | — | — | — | — | — | 161 | — | 161 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 15 | — | 166 | 13 | 633 | 181 | 1,008 | Substandard | — | 15 | — | 23 | 13 | 348 | 167 | 566 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | — | — | — | 101 | — | 49 | 150 | Substandard – nonaccrual | — | — | — | — | — | 25 | — | 25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 3,337 | 16,399 | 13,958 | 4,292 | 3,272 | 22,050 | 1,981 | 65,289 | Subtotal | 5,303 | 16,282 | 14,099 | 4,251 | 3,263 | 20,756 | 1,394 | 65,348 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | Acceptable credit quality | 49,052 | 67,643 | 46,495 | 8,052 | 4,102 | 2,363 | 24,033 | 201,740 | Construction and land development | Acceptable credit quality | 81,438 | 67,959 | 31,357 | 8,051 | 489 | 1,446 | 29,913 | 220,653 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | 220 | — | 220 | Special mention | — | — | — | — | 2,415 | 210 | — | 2,625 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | Substandard | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | — | — | 222 | — | 29 | — | 251 | Substandard – nonaccrual | — | — | — | 218 | — | 27 | — | 245 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | 189 | 1,516 | 35 | — | — | 4 | — | 1,744 | Not graded | 1,649 | 339 | 34 | — | — | 4 | — | 2,026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 49,241 | 69,159 | 46,530 | 8,274 | 4,102 | 2,616 | 24,033 | 203,955 | Subtotal | 83,087 | 68,298 | 31,391 | 8,269 | 2,904 | 1,687 | 29,913 | 225,549 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | Acceptable credit quality | 916,439 | 996,015 | 496,090 | 280,633 | 126,327 | 396,724 | 509,202 | 3,721,430 | Total | Acceptable credit quality | 1,253,764 | 981,458 | 476,177 | 250,460 | 109,117 | 374,784 | 613,261 | 4,059,021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 1,439 | 490 | 5,294 | 24,896 | 4,937 | 9,699 | 1,914 | 48,669 | Special mention | 1,423 | 370 | 1,279 | 13,437 | 4,183 | 11,714 | 2,007 | 34,413 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 710 | 4,675 | 585 | 40,824 | 3,476 | 50,844 | 13,706 | 114,820 | Substandard | 888 | 4,307 | 575 | 38,919 | 3,009 | 48,929 | 1,890 | 98,517 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 422 | 3,167 | 1,205 | 7,958 | 11,428 | 14,440 | 5,585 | 44,205 | Substandard – nonaccrual | 343 | 3,188 | 333 | 1,109 | 11,185 | 13,819 | 4,181 | 34,158 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | 189 | 1,516 | 35 | — | — | 4 | — | 1,744 | Not graded | 1,649 | 339 | 34 | — | — | 4 | — | 2,026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | $ | 919,199 | $ | 1,005,863 | $ | 503,209 | $ | 354,311 | $ | 146,168 | $ | 471,711 | $ | 530,407 | $ | 3,930,868 | Total commercial loans | $ | 1,258,067 | $ | 989,662 | $ | 478,398 | $ | 303,925 | $ | 127,494 | $ | 449,250 | $ | 621,339 | $ | 4,228,135 |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving loans | Total | |||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Acceptable credit quality | $ | 108,490 | $ | 78,071 | $ | 50,458 | $ | 20,045 | $ | 27,405 | $ | 35,856 | $ | 417,920 | $ | 738,245 | |||||||||||||||||||||||||||||||||||
Special mention | 186 | 57 | 198 | 6,154 | 2 | 316 | 1,517 | 8,430 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard | 380 | 372 | 1,934 | 1,868 | 64 | 4,322 | 8,099 | 17,039 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 52 | — | 612 | 177 | 242 | 169 | 5,704 | 6,956 | |||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 109,108 | 78,500 | 53,202 | 28,244 | 27,713 | 40,663 | 433,240 | 770,670 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial other | Acceptable credit quality | 264,282 | 167,326 | 101,083 | 29,981 | 303 | 341 | 88,198 | 651,514 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 1,929 | 10,676 | 3,966 | — | — | 3,252 | 19,823 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard | 688 | — | 62 | 341 | — | — | 2,623 | 3,714 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 10 | 158 | 3,894 | 384 | — | — | 21 | 4,467 | |||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 264,980 | 169,413 | 115,715 | 34,672 | 303 | 341 | 94,094 | 679,518 | |||||||||||||||||||||||||||||||||||||||||||||
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 | 26 | 6,341 | 14,177 | 2,296 | 711 | 2,272 | — | 25,823 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard | 6,196 | 817 | 8,825 | 20,572 | 14,857 | 22,344 | 250 | 73,861 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 169 | 992 | 6,206 | — | 195 | 4,264 | — | 11,826 | |||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 447,874 | 162,529 | 163,715 | 43,392 | 70,970 | 211,345 | 5,508 | 1,105,333 | |||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | Acceptable credit quality | 141,084 | 69,415 | 47,187 | 35,974 | 30,583 | 98,442 | 1,886 | 424,571 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | 150 | 24 | 187 | 161 | 13,087 | 4,540 | 32 | 18,181 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard | 4,192 | 1,127 | 10,810 | 205 | 297 | 6,466 | 305 | 23,402 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | 318 | 129 | 336 | 72 | 2,649 | — | 3,504 | |||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 145,426 | 70,884 | 58,313 | 36,676 | 44,039 | 112,097 | 2,223 | 469,658 | |||||||||||||||||||||||||||||||||||||||||||||
Multi-family | Acceptable credit quality | 88,329 | 20,080 | 1,973 | 25,450 | 1,414 | 18,642 | 2,241 | 158,129 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 451 | — | — | — | — | — | 451 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard | 988 | — | — | — | — | 10,139 | — | 11,127 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | — | 123 | — | — | 2,045 | — | 2,168 | |||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 89,317 | 20,531 | 2,096 | 25,450 | 1,414 | 30,826 | 2,241 | 171,875 | |||||||||||||||||||||||||||||||||||||||||||||
Farmland | Acceptable credit quality | 15,689 | 14,966 | 3,931 | 3,162 | 7,996 | 19,305 | 1,196 | 66,245 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 66 | 1,236 | 145 | 153 | 240 | — | 1,840 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard | 371 | 76 | 166 | 211 | — | 898 | — | 1,722 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | — | — | 105 | — | — | 50 | 155 | |||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 16,060 | 15,108 | 5,333 | 3,623 | 8,149 | 20,443 | 1,246 | 69,962 | |||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | 5,014 | — | — | 221 | — | 5,235 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 1,336 | — | — | — | — | — | 1,336 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | — | 43 | — | — | 40 | — | 83 | |||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Not graded | 1,465 | 37 | — | — | — | 164 | — | 1,666 | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 66,518 | 66,647 | 24,326 | 10,029 | 2,511 | 4,266 | 19,452 | 193,749 | |||||||||||||||||||||||||||||||||||||||||||||
Total | Acceptable credit quality | 1,124,410 | 569,511 | 358,408 | 145,165 | 125,419 | 358,892 | 536,151 | 3,217,956 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | 362 | 8,868 | 31,488 | 12,722 | 13,953 | 7,589 | 4,801 | 79,783 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard | 12,815 | 3,728 | 21,797 | 23,197 | 15,218 | 44,169 | 11,277 | 132,201 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 231 | 1,468 | 11,007 | 1,002 | 509 | 9,167 | 5,775 | 29,159 | |||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Not graded | 1,465 | 37 | — | — | — | 164 | — | 1,666 | |||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | $ | 1,139,283 | $ | 583,612 | $ | 422,700 | $ | 182,086 | $ | 155,099 | $ | 419,981 | $ | 558,004 | $ | 3,460,765 |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | 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 | $ | 30,586 | $ | 41,338 | $ | 32,385 | $ | 21,765 | $ | 23,865 | $ | 122,619 | $ | 758 | $ | 273,316 | Residential real estate | Residential first lien | Performing | $ | 57,217 | $ | 39,570 | $ | 31,875 | $ | 21,340 | $ | 22,376 | $ | 115,686 | $ | 298 | $ | 288,362 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | 106 | 260 | 942 | 5,004 | — | 6,312 | Nonperforming | 102 | — | 105 | 195 | 870 | 4,798 | — | 6,070 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 30,586 | 41,338 | 32,491 | 22,025 | 24,807 | 127,623 | 758 | 279,628 | Subtotal | 57,319 | 39,570 | 31,980 | 21,535 | 23,246 | 120,484 | 298 | 294,432 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other residential | Performing | 857 | 549 | 613 | 1,209 | 1,668 | 1,999 | 51,718 | 58,613 | Other residential | Performing | 1,381 | 517 | 556 | 1,147 | 1,568 | 1,772 | 53,146 | 60,087 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | — | 9 | 10 | 222 | 1,621 | 1,862 | Nonperforming | — | — | — | 8 | 10 | 214 | 1,474 | 1,706 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 857 | 549 | 613 | 1,218 | 1,678 | 2,221 | 53,339 | 60,475 | Subtotal | 1,381 | 517 | 556 | 1,155 | 1,578 | 1,986 | 54,620 | 61,793 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | Performing | 9,605 | 44,947 | 11,083 | 5,994 | 6,097 | 18,226 | 2,352 | 98,304 | Consumer | Performing | 30,643 | 42,722 | 10,102 | 4,397 | 3,676 | 16,128 | 2,426 | 110,094 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 91 | 61 | 12 | 2 | 37 | 51 | — | 254 | Nonperforming | 22 | 36 | 8 | 1 | 14 | 50 | 1 | 132 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 9,696 | 45,008 | 11,095 | 5,996 | 6,134 | 18,277 | 2,352 | 98,558 | Subtotal | 30,665 | 42,758 | 10,110 | 4,398 | 3,690 | 16,178 | 2,427 | 110,226 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Performing | 371,625 | 369,572 | 174,852 | 45,799 | 8,814 | 7,050 | 9,101 | 986,813 | Consumer other | Performing | 568,209 | 300,430 | 117,490 | 39,291 | 7,488 | 6,188 | 7,017 | 1,046,113 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | — | — | — | — | — | — | Nonperforming | 141 | — | — | — | — | — | — | 141 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 371,625 | 369,572 | 174,852 | 45,799 | 8,814 | 7,050 | 9,101 | 986,813 | Subtotal | 568,350 | 300,430 | 117,490 | 39,291 | 7,488 | 6,188 | 7,017 | 1,046,254 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases financing | Leases financing | Performing | 88,299 | 127,755 | 104,682 | 70,913 | 31,261 | 14,015 | — | 436,925 | Leases financing | Performing | 149,392 | 118,613 | 94,940 | 63,175 | 20,649 | 8,319 | — | 455,088 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | 656 | 797 | 273 | 472 | 79 | — | 2,277 | Nonperforming | — | 646 | 883 | 676 | 300 | 18 | — | 2,523 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 88,299 | 128,411 | 105,479 | 71,186 | 31,733 | 14,094 | — | 439,202 | Subtotal | 149,392 | 119,259 | 95,823 | 63,851 | 20,949 | 8,337 | — | 457,611 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | Performing | 500,972 | 584,161 | 323,615 | 145,680 | 71,705 | 163,909 | 63,929 | 1,853,971 | Total | Performing | 806,842 | 501,852 | 254,963 | 129,350 | 55,757 | 148,093 | 62,887 | 1,959,744 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 91 | 717 | 915 | 544 | 1,461 | 5,356 | 1,621 | 10,705 | Nonperforming | 265 | 682 | 996 | 880 | 1,194 | 5,080 | 1,475 | 10,572 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other loans | Total other loans | $ | 501,063 | $ | 584,878 | $ | 324,530 | $ | 146,224 | $ | 73,166 | $ | 169,265 | $ | 65,550 | $ | 1,864,676 | Total other loans | $ | 807,107 | $ | 502,534 | $ | 255,959 | $ | 130,230 | $ | 56,951 | $ | 153,173 | $ | 64,362 | $ | 1,970,316 |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving loans | Total | |||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential first lien | Performing | $ | 38,508 | $ | 31,920 | $ | 24,311 | $ | 30,842 | $ | 48,276 | $ | 93,462 | $ | 888 | $ | 268,207 | |||||||||||||||||||||||||||||||||||
Nonperforming | — | 108 | 173 | 780 | 764 | 4,380 | — | 6,205 | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 38,508 | 32,028 | 24,484 | 31,622 | 49,040 | 97,842 | 888 | 274,412 | |||||||||||||||||||||||||||||||||||||||||||||
Other residential | Performing | 888 | 679 | 1,520 | 1,950 | 1,211 | 1,559 | 54,225 | 62,032 | ||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | 10 | 16 | 128 | 100 | 1,453 | 1,707 | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 888 | 679 | 1,530 | 1,966 | 1,339 | 1,659 | 55,678 | 63,739 | |||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | Performing | 65,915 | 14,955 | 7,874 | 8,728 | 3,025 | 2,582 | 2,721 | 105,800 | |||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 89 | 5 | 3 | 14 | 24 | 71 | 2 | 208 | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 66,004 | 14,960 | 7,877 | 8,742 | 3,049 | 2,653 | 2,723 | 106,008 | |||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Performing | 474,385 | 323,437 | 63,463 | 12,635 | 3,888 | 5,447 | 13,341 | 896,596 | ||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | — | — | — | — | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 474,385 | 323,437 | 63,463 | 12,635 | 3,888 | 5,447 | 13,342 | 896,597 | |||||||||||||||||||||||||||||||||||||||||||||
Leases financing | Performing | 154,803 | 124,575 | 86,402 | 43,536 | 9,077 | 1,983 | — | 420,376 | ||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | 757 | 1,001 | 1,012 | 95 | 39 | — | 2,904 | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 154,803 | 125,332 | 87,403 | 44,548 | 9,172 | 2,022 | — | 423,280 | |||||||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 734,499 | 495,566 | 183,570 | 97,691 | 65,477 | 105,033 | 71,175 | 1,753,011 | |||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 89 | 870 | 1,187 | 1,822 | 1,011 | 4,590 | 1,456 | 11,025 | |||||||||||||||||||||||||||||||||||||||||||||
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, 2022 | December 31, 2021 | (dollars in thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||||||
Land | Land | $ | 15,948 | $ | 15,696 | Land | $ | 15,803 | $ | 15,696 | ||||||||||||
Buildings and improvements | Buildings and improvements | 68,625 | 67,143 | Buildings and improvements | 69,573 | 67,143 | ||||||||||||||||
Furniture and equipment | Furniture and equipment | 33,761 | 33,545 | Furniture and equipment | 33,946 | 33,545 | ||||||||||||||||
Lease right-of-use assets | Lease right-of-use assets | 7,670 | 8,428 | Lease right-of-use assets | 7,582 | 8,428 | ||||||||||||||||
Total | Total | 126,004 | 124,812 | Total | 126,904 | 124,812 | ||||||||||||||||
Accumulated depreciation | Accumulated depreciation | (48,336) | (45,592) | Accumulated depreciation | (49,385) | (45,592) | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | $ | 77,668 | $ | 79,220 | Premises and equipment, net | $ | 77,519 | $ | 79,220 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Operating lease cost | Operating lease cost | $ | 532 | $ | 514 | $ | 1,040 | $ | 1,037 | Operating lease cost | $ | 533 | $ | 510 | $ | 1,576 | $ | 1,547 | ||||||||||||||||||||||||||||
Operating cash flows from leases | Operating cash flows from leases | 630 | 603 | 1,236 | 1,386 | Operating cash flows from leases | 638 | 589 | 1,874 | 1,975 | ||||||||||||||||||||||||||||||||||||
Right-of-use assets obtained in exchange for lease obligations | Right-of-use assets obtained in exchange for lease obligations | — | 609 | 121 | 689 | Right-of-use assets obtained in exchange for lease obligations | 80 | — | 502 | 689 | ||||||||||||||||||||||||||||||||||||
Right-of-use assets derecognized due to terminations or impairment | Right-of-use assets derecognized due to terminations or impairment | — | (88) | — | (210) | Right-of-use assets derecognized due to terminations or impairment | — | — | — | (210) | ||||||||||||||||||||||||||||||||||||
Weighted average remaining lease term | Weighted average remaining lease term | 7.4 years | 7.9 years | 7.4 years | 7.9 years | Weighted average remaining lease term | 7.3 years | 7.8 years | 7.3 years | 7.8 years | ||||||||||||||||||||||||||||||||||||
Weighted average discount rate | Weighted average discount rate | 2.89 | % | 2.86 | % | 2.89 | % | 2.86 | % | Weighted average discount rate | 2.88 | % | 2.88 | % | 2.88 | % | 2.88 | % |
(dollars in thousands) | (dollars in thousands) | Amount | (dollars in thousands) | Amount | ||||||
Year ending December 31: | Year ending December 31: | Year ending December 31: | ||||||||
2022 remaining | 2022 remaining | $ | 1,028 | 2022 remaining | $ | 419 | ||||
2023 | 2023 | 2,105 | 2023 | 2,185 | ||||||
2024 | 2024 | 1,799 | 2024 | 1,879 | ||||||
2025 | 2025 | 894 | 2025 | 975 | ||||||
2026 | 2026 | 763 | 2026 | 843 | ||||||
Thereafter | Thereafter | 4,251 | Thereafter | 4,296 | ||||||
Total future minimum lease payments | Total future minimum lease payments | 10,840 | Total future minimum lease payments | 10,597 | ||||||
Less imputed interest | Less imputed interest | (1,131) | Less imputed interest | (1,084) | ||||||
Total operating lease liabilities | Total operating lease liabilities | $ | 9,709 | Total operating lease liabilities | $ | 9,513 |
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Serviced Loans | Carrying Value | Serviced Loans | Carrying Value | Serviced Loans | Carrying Value | Serviced Loans | Carrying Value | |||||||||||||||||||||||||||||||||||||||
Commercial FHA | Commercial FHA | $ | 2,456,760 | $ | 24,603 | $ | 2,650,531 | $ | 27,386 | Commercial FHA | $ | — | $ | — | $ | 2,650,531 | $ | 27,386 | ||||||||||||||||||||||||||||
SBA | SBA | 46,997 | 660 | 50,043 | 774 | SBA | 46,799 | 715 | 50,043 | 774 | ||||||||||||||||||||||||||||||||||||
Residential | Residential | 275,673 | 616 | 302,618 | 705 | Residential | 264,318 | 582 | 302,618 | 705 | ||||||||||||||||||||||||||||||||||||
Commercial FHA held for sale | Commercial FHA held for sale | 2,362,462 | 23,995 | — | — | |||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 2,779,430 | $ | 25,879 | $ | 3,003,192 | $ | 28,865 | Total | $ | 2,673,579 | $ | 25,292 | $ | 3,003,192 | $ | 28,865 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Loan servicing rights: | Loan servicing rights: | Loan servicing rights: | ||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 26,111 | $ | 35,997 | $ | 27,386 | $ | 38,322 | Balance, beginning of period | $ | 24,603 | $ | 33,732 | $ | 27,386 | $ | 38,322 | ||||||||||||||||||||||||||||
Servicing rights transferred to held for sale | Servicing rights transferred to held for sale | (23,995) | — | (23,995) | — | |||||||||||||||||||||||||||||||||||||||||
Amortization | Amortization | (639) | (780) | (1,299) | (1,563) | Amortization | (608) | (721) | (1,907) | (2,284) | ||||||||||||||||||||||||||||||||||||
Refinancing fee received from third party | Refinancing fee received from third party | — | (337) | (221) | (604) | Refinancing fee received from third party | — | 165 | (221) | (439) | ||||||||||||||||||||||||||||||||||||
Permanent impairment | Permanent impairment | (869) | (1,148) | (1,263) | (2,423) | Permanent impairment | — | (3,037) | (1,263) | (5,460) | ||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 24,603 | $ | 33,732 | $ | 24,603 | $ | 33,732 | Balance, end of period | $ | — | $ | 30,139 | $ | — | $ | 30,139 | ||||||||||||||||||||||||||||
Fair value: | Fair value: | Fair value: | ||||||||||||||||||||||||||||||||||||||||||||
At beginning of period | At beginning of period | $ | 27,941 | $ | 35,997 | $ | 28,368 | $ | 38,322 | At beginning of period | $ | 26,865 | $ | 34,255 | $ | 28,368 | $ | 38,322 | ||||||||||||||||||||||||||||
At end of period | At end of period | 26,865 | 34,255 | 26,865 | 34,255 | At end of period | — | 31,012 | — | 31,012 |
(dollars in thousands) | (dollars in thousands) | June 30, 2022 | December 31, 2021 | (dollars in thousands) | September 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, 2022 | December 31, 2021 | September 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 | $ | 58,913 | $ | (42,664) | $ | 16,249 | $ | 57,012 | $ | (40,603) | $ | 16,409 | Core deposit intangibles | $ | 58,913 | $ | (43,708) | $ | 15,205 | $ | 57,012 | $ | (40,603) | $ | 16,409 | ||||||||||||||||||||||||||||||||||||||||||||
Customer relationship intangibles | Customer relationship intangibles | 15,918 | (8,608) | 7,310 | 15,918 | (7,953) | 7,965 | Customer relationship intangibles | 15,919 | (8,926) | 6,993 | 15,918 | (7,953) | 7,965 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total intangible assets | Total intangible assets | $ | 74,831 | $ | (51,272) | $ | 23,559 | $ | 72,930 | $ | (48,556) | $ | 24,374 | Total intangible assets | $ | 74,832 | $ | (52,634) | $ | 22,198 | $ | 72,930 | $ | (48,556) | $ | 24,374 |
Notional amount | Fair value gain | Notional amount | Fair value gain | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | (dollars in thousands) | September 30, 2022 | December 31, 2021 | September 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 | $ | 22,704 | $ | 66,216 | $ | 91 | $ | 410 | Interest rate lock commitments | $ | 4,419 | $ | 66,216 | $ | (15) | $ | 410 | ||||||||||||||||||||||||||||
Forward commitments to sell mortgage-backed securities | Forward commitments to sell mortgage-backed securities | 8,213 | 60,427 | — | — | Forward commitments to sell mortgage-backed securities | 11,054 | 60,427 | 165 | — | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 30,917 | $ | 126,643 | $ | 91 | $ | 410 | Total | $ | 15,473 | $ | 126,643 | $ | 150 | $ | 410 |
Notional amount | Fair value loss | Notional amount | Fair value loss | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | (dollars in thousands) | September 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||
Derivative instruments (included in other liabilities): | Derivative instruments (included in other liabilities): | Derivative instruments (included in other liabilities): | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | $ | 9,138 | $ | — | $ | 317 | $ | — | |||||||||||||||||||||||||||||||||||||
Forward commitments to sell mortgage-backed securities | Forward commitments to sell mortgage-backed securities | $ | 9,500 | $ | 18,362 | $ | 11 | $ | 19 | Forward commitments to sell mortgage-backed securities | — | 18,362 | — | 19 | ||||||||||||||||||||||||||||||||
Total | Total | $ | 9,138 | $ | 18,362 | $ | 317 | $ | 19 |
(dollars in thousands) | 2022 | ||||||||||
Notional Amount | $ | 200,000 | |||||||||
Fair value loss included in other liabilities | (10,734) | ||||||||||
Tax effected amount included in accumulated other comprehensive (loss) income | (7,836) | ||||||||||
Average remaining life | |||||||||||
Weighted average pay rate | % | ||||||||||
Weighted average receive rate | 5.48 | % |
(dollars in thousands) | September 30, 2022 | December 31, 2021 | |||||||||
Notional Amount | $ | 140,000 | $ | 140,000 | |||||||
Fair value gain included in other assets | 16,422 | 5,095 | |||||||||
Tax effected amount included in accumulated other comprehensive (loss) income | 11,988 | 3,694 |
(dollars in thousands) | (dollars in thousands) | June 30, 2022 | December 31, 2021 | (dollars in thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | $ | 1,972,261 | $ | 2,245,701 | Noninterest-bearing demand | $ | 2,025,237 | $ | 2,245,701 | ||||||||||||
Interest-bearing: | Interest-bearing: | Interest-bearing: | ||||||||||||||||||||
Checking | Checking | 1,808,885 | 1,663,021 | Checking | 1,905,439 | 1,663,021 | ||||||||||||||||
Money market | Money market | 1,027,547 | 869,067 | Money market | 1,125,333 | 869,067 | ||||||||||||||||
Savings | Savings | 740,364 | 679,115 | Savings | 704,245 | 679,115 | ||||||||||||||||
Time | Time | 635,381 | 653,744 | Time | 634,998 | 653,744 | ||||||||||||||||
Total deposits | Total deposits | $ | 6,184,438 | $ | 6,110,648 | Total deposits | $ | 6,395,252 | $ | 6,110,648 |
Repurchase agreements | Repurchase agreements | |||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | As of and for the Six Months Ended June 30, 2022 | As of and for the Year Ended December 31, 2021 | (dollars in thousands) | As of and for the Nine Months Ended September 30, 2022 | As of and for the Year Ended December 31, 2021 | ||||||||||||||||
Outstanding at period-end | Outstanding at period-end | $ | 67,689 | $ | 76,803 | Outstanding at period-end | $ | 58,518 | $ | 76,803 | ||||||||||||
Average amount outstanding | Average amount outstanding | 64,642 | 68,986 | Average amount outstanding | 62,495 | 68,986 | ||||||||||||||||
Maximum amount outstanding at any month end | Maximum amount outstanding at any month end | 76,807 | 77,497 | 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 | 0.14 | % | 0.12 | % | During period | 0.16 | % | 0.12 | % | ||||||||||||
End of period | End of period | 0.14 | % | 0.13 | % | End of period | 0.26 | % | 0.13 | % |
(dollars in thousands) | (dollars in thousands) | June 30, 2022 | December 31, 2021 | (dollars in thousands) | September 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% | $ | — | $ | — | 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 | Series G redeemable preferred stock - 171 shares at $1,000 per share | — | 171 | ||||||||||||||||
Midland States Bank | Midland States Bank | Midland States Bank | ||||||||||||||||||||
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 | 100,000 | 100,000 | ||||||||||||||||||||
FHLB advances – Short term fixed rate at rates averaging 1.63% at June 30, 2022 – maturing in July 2022 | 75,000 | — | ||||||||||||||||||||
FHLB advances – putable fixed rate at rates averaging 2.35% and 1.48% at September 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 September 30, 2022 and December 31, 2021, respectively – maturing through December 2024 | 110,000 | 210,000 | |||||||||||||||||||
FHLB advances –SOFR floater at rates averaging 4.60% and 1.67% at September 30, 2022 and December 31, 2021, respectively – maturing in October 2023 | FHLB advances –SOFR floater at rates averaging 4.60% and 1.67% at September 30, 2022 and December 31, 2021, respectively – maturing in October 2023 | 100,000 | 100,000 | |||||||||||||||||||
FHLB advances – Short term fixed rate at rates averaging 3.14% at September 30, 2022 – maturing in October 2022 | FHLB advances – Short term fixed rate at rates averaging 3.14% at September 30, 2022 – maturing in October 2022 | 150,000 | — | |||||||||||||||||||
Total FHLB advances and other borrowings | Total FHLB advances and other borrowings | $ | 285,000 | $ | 310,171 | Total FHLB advances and other borrowings | $ | 360,000 | $ | 310,171 |
(dollars in thousands) | (dollars in thousands) | June 30, 2022 | December 31, 2021 | (dollars in thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||||||
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 | $ | 547 | $ | 546 | 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 | 39,658 | 39,626 | 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 | 39,674 | 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 | 72,171 | 72,042 | 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 | 72,236 | 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 | 26,901 | 26,877 | 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 | 26,913 | 26,877 | ||||||||||||||||
Total subordinated debt | Total subordinated debt | $ | 139,277 | $ | 139,091 | Total subordinated debt | $ | 139,370 | $ | 139,091 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per share data) | (dollars in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | (dollars in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 21,883 | $ | 20,124 | $ | 42,632 | $ | 38,662 | Net income | $ | 23,521 | $ | 19,548 | $ | 66,153 | $ | 58,210 | ||||||||||||||||||||||||||||
Common shareholder dividends | Common shareholder dividends | (6,397) | (6,265) | (12,786) | (12,502) | Common shareholder dividends | (6,400) | (6,239) | (19,186) | (18,741) | ||||||||||||||||||||||||||||||||||||
Unvested restricted stock award dividends | Unvested restricted stock award dividends | (73) | (62) | (148) | (126) | Unvested restricted stock award dividends | (70) | (60) | (218) | (186) | ||||||||||||||||||||||||||||||||||||
Undistributed earnings to unvested restricted stock awards | Undistributed earnings to unvested restricted stock awards | (171) | (134) | (334) | (259) | Undistributed earnings to unvested restricted stock awards | (185) | (126) | (519) | (386) | ||||||||||||||||||||||||||||||||||||
Undistributed earnings to common shareholders | Undistributed earnings to common shareholders | $ | 15,242 | $ | 13,663 | $ | 29,364 | $ | 25,775 | Undistributed earnings to common shareholders | $ | 16,866 | $ | 13,123 | $ | 46,230 | $ | 38,897 | ||||||||||||||||||||||||||||
Basic | Basic | Basic | ||||||||||||||||||||||||||||||||||||||||||||
Distributed earnings to common shareholders | Distributed earnings to common shareholders | $ | 6,397 | $ | 6,265 | $ | 12,786 | $ | 12,502 | Distributed earnings to common shareholders | $ | 6,400 | $ | 6,239 | $ | 19,186 | $ | 18,741 | ||||||||||||||||||||||||||||
Undistributed earnings to common shareholders | Undistributed earnings to common shareholders | 15,242 | 13,663 | 29,364 | 25,775 | Undistributed earnings to common shareholders | 16,866 | 13,123 | 46,230 | 38,897 | ||||||||||||||||||||||||||||||||||||
Total common shareholders earnings, basic | Total common shareholders earnings, basic | $ | 21,639 | $ | 19,928 | $ | 42,150 | $ | 38,277 | Total common shareholders earnings, basic | $ | 23,266 | $ | 19,362 | $ | 65,416 | $ | 57,638 | ||||||||||||||||||||||||||||
Diluted | Diluted | Diluted | ||||||||||||||||||||||||||||||||||||||||||||
Distributed earnings to common shareholders | Distributed earnings to common shareholders | $ | 6,397 | $ | 6,265 | $ | 12,786 | $ | 12,502 | Distributed earnings to common shareholders | $ | 6,400 | $ | 6,239 | $ | 19,186 | $ | 18,741 | ||||||||||||||||||||||||||||
Undistributed earnings to common shareholders | Undistributed earnings to common shareholders | 15,242 | 13,663 | 29,364 | 25,775 | Undistributed earnings to common shareholders | 16,866 | 13,123 | 46,230 | 38,897 | ||||||||||||||||||||||||||||||||||||
Total common shareholders earnings | Total common shareholders earnings | 21,639 | 19,928 | 42,150 | 38,277 | Total common shareholders earnings | 23,266 | 19,362 | 65,416 | 57,638 | ||||||||||||||||||||||||||||||||||||
Add back: | Add back: | Add back: | ||||||||||||||||||||||||||||||||||||||||||||
Undistributed earnings reallocated from unvested restricted stock awards | Undistributed earnings reallocated from unvested restricted stock awards | 1 | — | 1 | 1 | Undistributed earnings reallocated from unvested restricted stock awards | — | — | 1 | 1 | ||||||||||||||||||||||||||||||||||||
Total common shareholders earnings, diluted | Total common shareholders earnings, diluted | $ | 21,640 | $ | 19,928 | $ | 42,151 | $ | 38,278 | Total common shareholders earnings, diluted | $ | 23,266 | $ | 19,362 | $ | 65,417 | $ | 57,639 | ||||||||||||||||||||||||||||
Weighted average common shares outstanding, basic | Weighted average common shares outstanding, basic | 22,305,590 | 22,591,127 | 22,290,486 | 22,557,728 | Weighted average common shares outstanding, basic | 22,338,828 | 22,520,499 | 22,306,323 | 22,544,898 | ||||||||||||||||||||||||||||||||||||
Options | Options | 55,229 | 86,388 | 65,450 | 75,312 | Options | 51,610 | 57,381 | 60,772 | 69,074 | ||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding, diluted | Weighted average common shares outstanding, diluted | 22,360,819 | 22,677,515 | 22,355,936 | 22,633,040 | Weighted average common shares outstanding, diluted | 22,390,438 | 22,577,880 | 22,367,095 | 22,613,972 | ||||||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.97 | $ | 0.88 | $ | 1.89 | $ | 1.70 | Basic earnings per common share | $ | 1.04 | $ | 0.86 | $ | 2.93 | $ | 2.56 | ||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | 0.97 | 0.88 | 1.89 | 1.69 | Diluted earnings per common share | 1.04 | 0.86 | 2.92 | 2.55 |
June 30, 2022 | September 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 | $ | 63,996 | $ | 63,996 | $ | — | $ | — | U.S. Treasury securities | $ | 60,496 | $ | 60,496 | $ | — | $ | — | ||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | U.S. government sponsored entities and U.S. agency securities | 30,303 | — | 30,303 | — | U.S. government sponsored entities and U.S. agency securities | 27,865 | — | 27,865 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 423,838 | — | 423,838 | — | Mortgage-backed securities - agency | 391,615 | — | 391,615 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 22,777 | — | 22,777 | — | Mortgage-backed securities - non-agency | 21,158 | — | 21,158 | — | ||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 106,688 | — | 106,688 | — | State and municipal securities | 95,061 | — | 95,061 | — | ||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | 112,938 | — | 112,938 | — | Corporate securities | 85,694 | — | 85,694 | — | ||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 8,738 | 8,738 | — | — | Equity securities | 8,615 | 8,615 | — | — | ||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 5,298 | — | 5,298 | — | Loans held for sale | 4,338 | — | 4,338 | — | ||||||||||||||||||||||||||||||||||||
Derivative assets | Derivative assets | 8,459 | — | 8,459 | — | Derivative assets | 17,033 | — | 17,033 | — | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 783,035 | $ | 72,734 | $ | 710,301 | $ | — | Total | $ | 711,875 | $ | 69,111 | $ | 642,764 | $ | — | ||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | $ | 189 | $ | — | $ | 189 | $ | — | Derivative liabilities | $ | 11,512 | $ | — | $ | 11,512 | $ | — | ||||||||||||||||||||||||||||
Total | Total | $ | 189 | $ | — | $ | 189 | $ | — | Total | $ | 11,512 | $ | — | $ | 11,512 | $ | — | ||||||||||||||||||||||||||||
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 | $ | 25,879 | $ | — | $ | — | $ | 25,879 | Loan servicing rights | $ | 1,297 | $ | — | $ | — | $ | 1,297 | ||||||||||||||||||||||||||||
Commercial FHA mortgage servicing rights held for sale | Commercial FHA mortgage servicing rights held for sale | 23,995 | — | — | 23,995 | |||||||||||||||||||||||||||||||||||||||||
Nonperforming loans | Nonperforming loans | 50,958 | — | 44,599 | 6,359 | Nonperforming loans | 46,882 | 11,516 | 25,128 | 10,238 | ||||||||||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | 11,131 | — | 11,131 | — | Other real estate owned | 11,141 | — | 11,141 | — | ||||||||||||||||||||||||||||||||||||
Assets held for sale | Assets held for sale | 1,231 | — | 1,231 | — | Assets held for sale | 1,271 | — | 1,271 | — |
December 31, 2021 | |||||||||||||||||||||||
(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 | |||||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||
U.S. Treasury securities | $ | 64,917 | $ | 64,917 | $ | — | $ | — | |||||||||||||||
U.S. government sponsored entities and U.S. agency securities | 33,817 | — | 33,817 | — | |||||||||||||||||||
Mortgage-backed securities - agency | 440,270 | — | 440,270 | — | |||||||||||||||||||
Mortgage-backed securities - non-agency | 28,706 | — | 28,706 | — | |||||||||||||||||||
State and municipal securities | 143,099 | — | 143,099 | — | |||||||||||||||||||
Corporate securities | 195,794 | — | 194,859 | 935 | |||||||||||||||||||
Equity securities | 9,529 | 9,529 | — | — | |||||||||||||||||||
Loans held for sale | 32,045 | — | 32,045 | — | |||||||||||||||||||
Derivative assets | 5,883 | — | 5,883 | — | |||||||||||||||||||
Total | $ | 954,060 | $ | 74,446 | $ | 878,679 | $ | 935 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative liabilities | $ | 397 | $ | — | $ | 397 | $ | — | |||||||||||||||
Total | $ | 397 | $ | — | $ | 397 | $ | — | |||||||||||||||
Assets measured at fair value on a non-recurring basis: | |||||||||||||||||||||||
Loan servicing rights | $ | 28,865 | $ | — | $ | — | $ | 28,865 | |||||||||||||||
Nonperforming loans | 36,542 | 24,358 | 6,129 | 6,055 | |||||||||||||||||||
Other real estate owned | 12,059 | — | 12,059 | — | |||||||||||||||||||
Assets held for sale | 2,284 | — | 2,284 | — |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 935 | $ | 959 | $ | 935 | $ | 959 | Balance, beginning of period | $ | — | $ | 1,008 | $ | 935 | $ | 959 | ||||||||||||||||||||||||||||
Transferred to level 2 | Transferred to level 2 | (935) | — | (935) | — | Transferred to level 2 | — | — | (935) | — | ||||||||||||||||||||||||||||||||||||
Total realized in earnings (1) | Total realized in earnings (1) | 6 | 4 | 11 | 6 | Total realized in earnings (1) | — | 4 | 6 | 10 | ||||||||||||||||||||||||||||||||||||
Total unrealized in other comprehensive income (2) | Total unrealized in other comprehensive income (2) | — | 49 | — | 49 | Total unrealized in other comprehensive income (2) | — | (73) | (24) | |||||||||||||||||||||||||||||||||||||
Net settlements (principal and interest) | Net settlements (principal and interest) | (6) | (4) | (11) | (6) | Net settlements (principal and interest) | — | (4) | (6) | (10) | ||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | — | $ | 1,008 | $ | — | $ | 1,008 | Balance, end of period | $ | — | $ | 935 | $ | — | $ | 935 |
(dollars in thousands) | Fair value | Valuation technique | Unobservable input / assumptions | Range (weighted average)(1) | ||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||
Corporate securities | $ | 935 | Consensus pricing | Net market price | 0.0% - 7.0% (4.5)% |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Loan servicing rights | $ | 869 | $ | 1,148 | $ | 1,263 | $ | 2,423 | ||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights held for sale | — | 143 | — | 143 | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage servicing rights | Commercial mortgage servicing rights | $ | — | $ | 3,037 | $ | 1,263 | $ | 5,460 | |||||||||||||||||||||||||||||||||||||
Residential mortgage servicing rights held for sale | Residential mortgage servicing rights held for sale | — | 79 | — | 222 | |||||||||||||||||||||||||||||||||||||||||
Nonperforming loans | Nonperforming loans | 10,779 | 4,295 | 11,366 | 6,272 | Nonperforming loans | 1,423 | 3,405 | 6,381 | 9,677 | ||||||||||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | 67 | 314 | 404 | 417 | Other real estate owned | 339 | 9 | 743 | 426 | ||||||||||||||||||||||||||||||||||||
Assets held for sale | Assets held for sale | — | — | — | — | Assets held for sale | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total losses on assets measured on a nonrecurring basis | Total losses on assets measured on a nonrecurring basis | $ | 11,715 | $ | 5,900 | $ | 13,033 | $ | 9,255 | Total losses on assets measured on a nonrecurring basis | $ | 1,762 | $ | 6,530 | $ | 8,387 | $ | 15,785 |
(dollars in thousands) | Fair value | Valuation technique | Unobservable input / assumptions | Range (weighted average)(1) | ||||||||||||||||||||||
Loan servicing rights: | ||||||||||||||||||||||||||
$ | Discounted cash flow | Prepayment speed | 14.21% - 15.40% (14.95%) | |||||||||||||||||||||||
Discount rate | No range (11.50%) | |||||||||||||||||||||||||
Residential servicing rights | 582 | Discounted cash flow | Prepayment speed | 7.56% -31.14% (8.46%) | ||||||||||||||||||||||
Discount rate | 9.00% - 11.50% (10.13%) | |||||||||||||||||||||||||
Commercial FHA servicing rights held for sale | 23,995 | Discounted cash flow | Prepayment speed | 8.00% - 18.00% (8.21%) | ||||||||||||||||||||||
Discount rate | 10.00% - 27.00% | |||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||
Loan servicing rights: | ||||||||||||||||||||||||||
Commercial MSR | $ | 28,368 | Discounted cash flow | Prepayment speed | 8.00% - 18.00% (8.24%) | |||||||||||||||||||||
Discount rate | 10.00% - 27.00% (11.87%) | |||||||||||||||||||||||||
SBA servicing rights | 898 | Discounted cash flow | Prepayment speed | 12.27% - 14.14% (13.88%) | ||||||||||||||||||||||
Discount rate | 10.00% - 12.00% (11.00%) | |||||||||||||||||||||||||
Residential servicing rights | 705 | Discounted cash flow | Prepayment speed | 11.94% - 27.48% (14.94%) | ||||||||||||||||||||||
Discount rate | 9.00% - 11.50% (10.25%) | |||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Aggregate fair value | Difference | Contractual principal | Aggregate fair value | Difference | Contractual principal | (dollars in thousands) | Aggregate fair value | Difference | Contractual principal | Aggregate fair value | Difference | Contractual principal | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans held for sale | Commercial loans held for sale | $ | — | $ | — | $ | — | $ | 19,230 | $ | — | $ | 19,230 | Commercial loans held for sale | $ | — | $ | — | $ | — | $ | 19,230 | $ | — | $ | 19,230 | ||||||||||||||||||||||||||||||||||||||||||||
Residential loans held for sale | Residential loans held for sale | 5,298 | 212 | 5,086 | 12,815 | 584 | 12,231 | Residential loans held for sale | 4,338 | (73) | 4,411 | 12,815 | 584 | 12,231 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans held for sale | Total loans held for sale | $ | 5,298 | $ | 212 | $ | 5,086 | $ | 32,045 | $ | 584 | $ | 31,461 | Total loans held for sale | $ | 4,338 | $ | (73) | $ | 4,411 | $ | 32,045 | $ | 584 | $ | 31,461 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Commercial loans held for sale | Commercial loans held for sale | $ | (18) | $ | (23) | $ | — | $ | (67) | Commercial loans held for sale | $ | — | $ | — | $ | — | $ | (67) | ||||||||||||||||||||||||||||
Residential loans held for sale | Residential loans held for sale | 104 | 320 | (277) | (63) | Residential loans held for sale | (280) | (231) | (557) | (294) | ||||||||||||||||||||||||||||||||||||
Total loans held for sale | Total loans held for sale | $ | 86 | $ | 297 | $ | (277) | $ | (130) | Total loans held for sale | $ | (280) | $ | (231) | $ | (557) | $ | (361) |
June 30, 2022 | September 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 | $ | 264,173 | $ | 264,173 | $ | 264,173 | $ | — | $ | — | Cash and due from banks | $ | 309,531 | $ | 309,531 | $ | 309,531 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | 5,944 | 5,944 | 5,944 | — | — | Federal funds sold | 3,657 | 3,657 | 3,657 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | 5,740,646 | 5,648,295 | — | — | 5,648,295 | Loans, net | 6,139,812 | 6,025,586 | — | — | 6,025,586 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 16,552 | 16,552 | — | 16,552 | — | Accrued interest receivable | 17,537 | 17,537 | — | 17,537 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | $ | 6,184,438 | $ | 6,171,119 | $ | — | $ | 6,171,119 | $ | — | Deposits | $ | 6,395,252 | $ | 6,370,773 | $ | — | $ | 6,370,773 | $ | — | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 67,689 | 67,689 | — | 67,689 | — | Short-term borrowings | 58,518 | 58,518 | — | 58,518 | — | ||||||||||||||||||||||||||||||||||||||||||||||
FHLB and other borrowings | FHLB and other borrowings | 285,000 | 286,309 | — | 286,309 | — | FHLB and other borrowings | 360,000 | 358,694 | — | 358,694 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 139,277 | 139,063 | — | 139,063 | — | Subordinated debt | 139,370 | 135,279 | — | 135,279 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred debentures | Trust preferred debentures | 49,674 | 55,348 | — | 55,348 | — | Trust preferred debentures | 49,824 | 54,965 | — | 54,965 | — |
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, 2022 | December 31, 2021 | (dollars in thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||||||
Commitments to extend credit | Commitments to extend credit | $ | 1,206,523 | $ | 994,709 | Commitments to extend credit | $ | 1,280,312 | $ | 994,709 | ||||||||||||
Financial guarantees – standby letters of credit | Financial guarantees – standby letters of credit | 26,553 | 14,325 | Financial guarantees – standby letters of credit | 31,315 | 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 September 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | Net interest income (expense) | $ | 63,963 | $ | — | $ | (2,629) | $ | 61,334 | Net interest income (expense) | $ | 66,846 | $ | — | $ | (2,822) | $ | 64,024 | ||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 5,441 | — | — | 5,441 | Provision for credit losses | 6,974 | — | — | 6,974 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 8,495 | 6,143 | (25) | 14,613 | Noninterest income | 9,646 | 6,199 | (19) | 15,826 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 37,362 | 4,091 | (114) | 41,339 | Noninterest expense | 39,338 | 4,364 | (206) | 43,496 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes (benefit) | Income (loss) before income taxes (benefit) | 29,655 | 2,052 | (2,540) | 29,167 | Income (loss) before income taxes (benefit) | 30,180 | 1,835 | (2,635) | 29,380 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes (benefit) | Income taxes (benefit) | 7,545 | 573 | (834) | 7,284 | Income taxes (benefit) | 9,238 | 498 | (3,877) | 5,859 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 22,110 | $ | 1,479 | $ | (1,706) | $ | 21,883 | Net income (loss) | $ | 20,942 | $ | 1,337 | $ | 1,242 | $ | 23,521 | ||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 7,422,518 | $ | 29,042 | $ | (15,748) | $ | 7,435,812 | Total assets | $ | 7,809,280 | $ | 29,166 | $ | (16,569) | $ | 7,821,877 | ||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | Net interest income (expense) | $ | 123,316 | $ | — | $ | (5,155) | $ | 118,161 | Net interest income (expense) | $ | 190,162 | $ | — | $ | (7,977) | $ | 182,185 | ||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 9,608 | — | — | 9,608 | Provision for credit losses | 16,582 | — | — | 16,582 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 16,901 | 13,282 | 43 | 30,226 | Noninterest income | 26,547 | 19,481 | 24 | 46,052 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 73,609 | 8,766 | (152) | 82,223 | Noninterest expense | 112,947 | 13,130 | (358) | 125,719 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes (benefit) | Income (loss) before income taxes (benefit) | 57,000 | 4,516 | (4,960) | 56,556 | Income (loss) before income taxes (benefit) | 87,180 | 6,351 | (7,595) | 85,936 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes (benefit) | Income taxes (benefit) | 14,260 | 1,263 | (1,599) | 13,924 | Income taxes (benefit) | 23,498 | 1,761 | (5,476) | 19,783 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 42,740 | $ | 3,253 | $ | (3,361) | $ | 42,632 | Net income (loss) | $ | 63,682 | $ | 4,590 | $ | (2,119) | $ | 66,153 | ||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 7,422,518 | $ | 29,042 | $ | (15,748) | $ | 7,435,812 | Total assets | $ | 7,809,280 | $ | 29,166 | $ | (16,569) | $ | 7,821,877 | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | Net interest income (expense) | $ | 52,908 | $ | — | $ | (2,798) | $ | 50,110 | Net interest income (expense) | $ | 53,888 | $ | — | $ | (2,492) | $ | 51,396 | ||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | (455) | — | — | (455) | Provision for credit losses | (184) | — | — | (184) | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 10,868 | 6,529 | 20 | 17,417 | Noninterest income | 7,917 | 7,175 | 51 | 15,143 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 45,084 | 4,164 | (307) | 48,941 | Noninterest expense | 37,055 | 4,507 | (270) | 41,292 | ||||||||||||||||||||||||||||||||||||||||||||||||
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) | 24,934 | 2,668 | (2,171) | 25,431 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes (benefit) | Income taxes (benefit) | (913) | 663 | (833) | (1,083) | Income taxes (benefit) | 4,973 | 764 | 146 | 5,883 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 20,060 | $ | 1,702 | $ | (1,638) | $ | 20,124 | Net income (loss) | $ | 19,961 | $ | 1,904 | $ | (2,317) | $ | 19,548 | ||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 6,642,895 | $ | 30,913 | $ | (43,798) | $ | 6,630,010 | Total assets | $ | 7,091,180 | $ | 31,274 | $ | (28,495) | $ | 7,093,959 | ||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | Net interest income (expense) | $ | 107,626 | $ | — | $ | (5,648) | $ | 101,978 | Net interest income (expense) | $ | 161,514 | $ | — | $ | (8,140) | $ | 153,374 | ||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 3,110 | — | — | 3,110 | Provision for credit losses | 2,926 | — | — | 2,926 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 19,732 | 12,460 | 41 | 32,233 | Noninterest income | 27,649 | 19,635 | 92 | 47,376 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 80,600 | 8,165 | (745) | 88,020 | Noninterest expense | 117,655 | 12,672 | (1,015) | 129,312 | ||||||||||||||||||||||||||||||||||||||||||||||||
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) | 68,582 | 6,963 | (7,033) | 68,512 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes (benefit) | Income taxes (benefit) | 4,876 | 1,203 | (1,660) | 4,419 | Income taxes (benefit) | 9,849 | 1,967 | (1,514) | 10,302 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 38,772 | $ | 3,092 | $ | (3,202) | $ | 38,662 | Net income (loss) | $ | 58,733 | $ | 4,996 | $ | (5,519) | $ | 58,210 | ||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 6,642,895 | $ | 30,913 | $ | (43,798) | $ | 6,630,010 | Total assets | $ | 7,091,180 | $ | 31,274 | $ | (28,495) | $ | 7,093,959 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | (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 | $ | 5,139 | $ | 4,971 | $ | 11,121 | $ | 9,430 | Trust management/administration fees | $ | 5,241 | $ | 5,623 | $ | 16,362 | $ | 15,054 | ||||||||||||||||||||||||||||
Investment advisory fees | Investment advisory fees | — | 423 | — | 876 | Investment advisory fees | — | 577 | — | 1,462 | ||||||||||||||||||||||||||||||||||||
Investment brokerage fees | Investment brokerage fees | 543 | 485 | 1,141 | 886 | Investment brokerage fees | 482 | 330 | 1,623 | 1,206 | ||||||||||||||||||||||||||||||||||||
Other | Other | 461 | 650 | 1,020 | 1,268 | Other | 476 | 645 | 1,496 | 1,913 | ||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts: | Service charges on deposit accounts: | Service charges on deposit accounts: | ||||||||||||||||||||||||||||||||||||||||||||
Nonsufficient fund fees | Nonsufficient fund fees | 1,524 | 1,202 | 2,856 | 2,343 | Nonsufficient fund fees | 1,775 | 1,470 | 4,631 | 3,814 | ||||||||||||||||||||||||||||||||||||
Other | Other | 780 | 714 | 1,516 | 1,399 | Other | 822 | 798 | 2,338 | 2,196 | ||||||||||||||||||||||||||||||||||||
Interchange revenues | Interchange revenues | 3,590 | 3,797 | 6,870 | 7,172 | Interchange revenues | 3,531 | 3,651 | 10,401 | 10,823 | ||||||||||||||||||||||||||||||||||||
Other income: | Other income: | Other income: | ||||||||||||||||||||||||||||||||||||||||||||
Merchant services revenue | Merchant services revenue | 399 | 396 | 755 | 733 | Merchant services revenue | 448 | 405 | 1,203 | 1,137 | ||||||||||||||||||||||||||||||||||||
Other | Other | 671 | 1,418 | 1,439 | 2,209 | Other | 847 | 925 | 2,286 | 3,135 | ||||||||||||||||||||||||||||||||||||
Noninterest income - out-of-scope of Topic 606 | Noninterest income - out-of-scope of Topic 606 | 1,506 | 3,361 | 3,508 | 5,917 | Noninterest income - out-of-scope of Topic 606 | 2,204 | 719 | 5,712 | 6,636 | ||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | $ | 14,613 | $ | 17,417 | $ | 30,226 | $ | 32,233 | Total noninterest income | $ | 15,826 | $ | 15,143 | $ | 46,052 | $ | 47,376 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per share data) | (dollars in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | (dollars in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Income Statement Data: | Income Statement Data: | Income Statement Data: | ||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | $ | 69,236 | $ | 58,397 | $ | 131,984 | $ | 118,900 | Interest income | $ | 79,556 | $ | 58,490 | $ | 211,540 | $ | 177,390 | ||||||||||||||||||||||||||||
Interest expense | Interest expense | 7,902 | 8,287 | 13,823 | 16,922 | Interest expense | 15,532 | 7,094 | 29,355 | 24,016 | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 61,334 | 50,110 | 118,161 | 101,978 | Net interest income | 64,024 | 51,396 | 182,185 | 153,374 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 5,441 | (455) | 9,608 | 3,110 | Provision for credit losses | 6,974 | (184) | 16,582 | 2,926 | ||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 14,613 | 17,417 | 30,226 | 32,233 | Noninterest income | 15,826 | 15,143 | 46,052 | 47,376 | ||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 41,339 | 48,941 | 82,223 | 88,020 | Noninterest expense | 43,496 | 41,292 | 125,719 | 129,312 | ||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 29,167 | 19,041 | 56,556 | 43,081 | Income before income taxes | 29,380 | 25,431 | 85,936 | 68,512 | ||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes | 7,284 | (1,083) | 13,924 | 4,419 | Income taxes | 5,859 | 5,883 | 19,783 | 10,302 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 21,883 | $ | 20,124 | $ | 42,632 | $ | 38,662 | Net income | $ | 23,521 | $ | 19,548 | $ | 66,153 | $ | 58,210 | ||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.97 | $ | 0.88 | $ | 1.89 | $ | 1.70 | Basic earnings per common share | $ | 1.04 | $ | 0.86 | $ | 2.93 | $ | 2.56 | ||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 0.97 | $ | 0.88 | $ | 1.89 | $ | 1.69 | Diluted earnings per common share | $ | 1.04 | $ | 0.86 | $ | 2.92 | $ | 2.55 |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 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 | $ | 226,517 | $ | 468 | 0.83 | % | $ | 509,886 | $ | 142 | 0.11 | % | Federal funds sold and cash investments | $ | 195,657 | $ | 1,125 | 2.28 | % | $ | 525,848 | $ | 216 | 0.16 | % | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable investment securities | Taxable investment securities | 714,611 | 4,055 | 2.27 | 610,830 | 3,451 | 2.26 | Taxable investment securities | 653,277 | 3,765 | 2.31 | 632,485 | 3,396 | 2.15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities exempt from federal income tax (1) | Investment securities exempt from federal income tax (1) | 104,316 | 876 | 3.36 | 123,632 | 1,004 | 3.25 | Investment securities exempt from federal income tax (1) | 95,745 | 795 | 3.32 | 140,887 | 1,138 | 3.23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities | Total securities | 818,927 | 4,931 | 2.41 | 734,462 | 4,455 | 2.43 | Total securities | 749,022 | 4,560 | 2.44 | 773,372 | 4,534 | 2.34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (2) | Loans (2) | 5,609,232 | 62,943 | 4.50 | 4,743,098 | 52,490 | 4.44 | Loans (2) | 5,973,378 | 72,901 | 4.84 | 4,720,466 | 52,699 | 4.43 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans exempt from federal income tax (1) | Loans exempt from federal income tax (1) | 68,559 | 651 | 3.81 | 83,136 | 823 | 3.97 | Loans exempt from federal income tax (1) | 66,980 | 667 | 3.95 | 79,597 | 778 | 3.88 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | 5,677,791 | 63,594 | 4.49 | 4,826,234 | 53,313 | 4.43 | Total loans | 6,040,358 | 73,568 | 4.83 | 4,800,063 | 53,477 | 4.42 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 9,865 | 77 | 3.15 | 36,299 | 261 | 2.88 | Loans held for sale | 6,044 | 60 | 3.87 | 15,204 | 107 | 2.79 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonmarketable equity securities | Nonmarketable equity securities | 36,338 | 487 | 5.38 | 49,388 | 609 | 4.94 | Nonmarketable equity securities | 37,765 | 550 | 5.78 | 43,873 | 558 | 5.05 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 6,769,438 | 69,557 | 4.12 | 6,156,269 | 58,780 | 3.83 | Total interest-earning assets | 7,028,846 | 79,863 | 4.51 | 6,158,360 | 58,892 | 3.79 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | Noninterest-earning assets | 615,348 | 589,336 | Noninterest-earning assets | 618,138 | 597,153 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 7,384,786 | $ | 6,745,605 | Total assets | $ | 7,646,984 | $ | 6,755,513 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking and money market deposits | Checking and money market deposits | $ | 2,800,779 | $ | 2,903 | 0.42 | % | $ | 2,397,644 | $ | 658 | 0.11 | % | Checking and money market deposits | $ | 2,961,449 | $ | 9,032 | 1.21 | % | $ | 2,501,254 | $ | 703 | 0.11 | % | ||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 719,204 | 87 | 0.05 | 666,000 | 51 | 0.03 | Savings deposits | 718,970 | 149 | 0.08 | 664,354 | 32 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 615,614 | 770 | 0.50 | 723,232 | 2,165 | 1.20 | Time deposits | 630,201 | 1,018 | 0.64 | 704,090 | 1,767 | 1.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered time deposits | Brokered time deposits | 17,167 | 50 | 1.16 | 28,303 | 118 | 1.67 | Brokered time deposits | 14,478 | 50 | 1.35 | 26,272 | 82 | 1.23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 4,152,764 | 3,810 | 0.37 | 3,815,179 | 2,992 | 0.31 | Total interest-bearing deposits | 4,325,098 | 10,249 | 0.94 | 3,895,970 | 2,584 | 0.26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 59,301 | 22 | 0.15 | 65,727 | 20 | 0.12 | Short-term borrowings | 58,271 | 28 | 0.19 | 68,103 | 21 | 0.12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances and other borrowings | FHLB advances and other borrowings | 307,611 | 1,435 | 1.87 | 519,490 | 2,470 | 1.91 | FHLB advances and other borrowings | 340,163 | 2,424 | 2.83 | 440,171 | 1,993 | 1.80 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 139,232 | 2,011 | 5.78 | 165,155 | 2,316 | 5.61 | Subordinated debt | 139,324 | 2,010 | 5.77 | 138,954 | 2,011 | 5.79 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred debentures | Trust preferred debentures | 49,602 | 624 | 5.05 | 49,026 | 489 | 4.00 | Trust preferred debentures | 49,751 | 821 | 6.54 | 49,167 | 485 | 3.92 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 4,708,510 | 7,902 | 0.67 | 4,614,577 | 8,287 | 0.72 | Total interest-bearing liabilities | 4,912,607 | 15,532 | 1.25 | 4,592,365 | 7,094 | 0.61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | Noninterest-bearing liabilities: | Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | Noninterest-bearing deposits | 1,967,263 | 1,411,428 | Noninterest-bearing deposits | 1,969,873 | 1,434,193 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | Other noninterest-bearing liabilities | 66,009 | 78,521 | Other noninterest-bearing liabilities | 63,638 | 77,204 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities | Total noninterest-bearing liabilities | 2,033,272 | 1,489,949 | Total noninterest-bearing liabilities | 2,033,511 | 1,511,397 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 643,004 | 641,079 | Shareholders’ equity | 700,866 | 651,751 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 7,384,786 | $ | 6,745,605 | Total liabilities and shareholders’ equity | $ | 7,646,984 | $ | 6,755,513 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income / net interest margin (3) | Net interest income / net interest margin (3) | $ | 61,655 | 3.65 | % | $ | 50,493 | 3.29 | % | Net interest income / net interest margin (3) | $ | 64,331 | 3.63 | % | $ | 51,798 | 3.34 | % |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 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 | $ | 304,938 | $ | 639 | 0.42 | % | $ | 430,415 | $ | 238 | 0.11 | % | Federal funds sold and cash investments | $ | 268,111 | $ | 1,764 | 0.88 | % | $ | 462,576 | $ | 454 | 0.13 | % | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable investment securities | Taxable investment securities | 737,569 | 7,952 | 2.16 | 586,640 | 6,731 | 2.29 | Taxable investment securities | 709,163 | 11,717 | 2.20 | 602,090 | 10,127 | 2.24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities exempt from federal income tax (1) | Investment securities exempt from federal income tax (1) | 119,002 | 1,942 | 3.26 | 120,842 | 1,993 | 3.30 | Investment securities exempt from federal income tax (1) | 111,165 | 2,736 | 3.28 | 127,597 | 3,131 | 3.27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities | Total securities | 856,571 | 9,894 | 2.31 | 707,482 | 8,724 | 2.47 | Total securities | 820,328 | 14,453 | 2.35 | 729,687 | 13,258 | 2.42 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (2) | Loans (2) | 5,406,467 | 119,529 | 4.46 | 4,823,745 | 107,044 | 4.48 | Loans (2) | 5,597,514 | 192,430 | 4.60 | 4,788,940 | 159,743 | 4.46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans exempt from federal income tax (1) | Loans exempt from federal income tax (1) | 70,570 | 1,344 | 3.84 | 85,312 | 1,671 | 3.95 | Loans exempt from federal income tax (1) | 69,360 | 2,012 | 3.88 | 83,387 | 2,449 | 3.93 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | 5,477,037 | 120,873 | 4.45 | 4,909,057 | 108,715 | 4.47 | Total loans | 5,666,874 | 194,442 | 4.59 | 4,872,327 | 162,192 | 4.45 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 20,501 | 297 | 2.93 | 50,752 | 703 | 2.79 | Loans held for sale | 15,629 | 357 | 3.05 | 38,772 | 810 | 2.79 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonmarketable equity securities | Nonmarketable equity securities | 36,358 | 971 | 5.39 | 52,644 | 1,289 | 4.94 | Nonmarketable equity securities | 36,832 | 1,521 | 5.52 | 49,688 | 1,847 | 4.97 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 6,695,405 | 132,674 | 4.00 | 6,150,350 | 119,669 | 3.92 | Total interest-earning assets | 6,807,774 | 212,537 | 4.17 | 6,153,050 | 178,561 | 3.88 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | Noninterest-earning assets | 623,224 | 595,641 | Noninterest-earning assets | 621,510 | 595,733 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 7,318,629 | $ | 6,745,991 | Total assets | $ | 7,429,284 | $ | 6,748,783 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking and money market deposits | Checking and money market deposits | $ | 2,705,882 | $ | 4,156 | 0.31 | % | $ | 2,400,540 | $ | 1,321 | 0.11 | % | Checking and money market deposits | $ | 2,792,007 | $ | 13,188 | 0.63 | % | $ | 2,434,480 | $ | 2,024 | 0.11 | % | ||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 707,111 | 137 | 0.04 | 643,190 | 89 | 0.03 | Savings deposits | 711,108 | 287 | 0.05 | 650,323 | 121 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 621,274 | 1,570 | 0.51 | 702,405 | 4,513 | 1.30 | Time deposits | 624,282 | 2,588 | 0.55 | 702,973 | 6,280 | 1.19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered time deposits | Brokered time deposits | 19,290 | 108 | 1.13 | 40,168 | 252 | 1.26 | Brokered time deposits | 17,668 | 157 | 1.19 | 35,485 | 334 | 1.26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 4,053,557 | 5,971 | 0.30 | 3,786,303 | 6,175 | 0.33 | Total interest-bearing deposits | 4,145,065 | 16,220 | 0.52 | 3,823,261 | 8,759 | 0.31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 64,642 | 45 | 0.14 | 70,608 | 44 | 0.13 | Short-term borrowings | 62,495 | 73 | 0.16 | 69,764 | 65 | 0.12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances and other borrowings | FHLB advances and other borrowings | 309,436 | 2,647 | 1.72 | 568,226 | 5,040 | 1.79 | FHLB advances and other borrowings | 319,791 | 5,071 | 2.12 | 525,072 | 7,033 | 1.79 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 139,186 | 4,022 | 5.78 | 167,486 | 4,683 | 5.59 | Subordinated debt | 139,233 | 6,032 | 5.78 | 157,871 | 6,694 | 5.65 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred debentures | Trust preferred debentures | 49,527 | 1,138 | 4.64 | 48,958 | 980 | 4.04 | Trust preferred debentures | 49,603 | 1,959 | 5.28 | 49,028 | 1,465 | 4.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 4,616,348 | 13,823 | 0.60 | 4,641,581 | 16,922 | 0.74 | Total interest-bearing liabilities | 4,716,187 | 29,355 | 0.83 | 4,624,996 | 24,016 | 0.69 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | Noninterest-bearing liabilities: | Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | Noninterest-bearing deposits | 1,978,277 | 1,391,129 | Noninterest-bearing deposits | 1,975,445 | 1,405,641 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | Other noninterest-bearing liabilities | 73,878 | 80,366 | Other noninterest-bearing liabilities | 70,427 | 78,883 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities | Total noninterest-bearing liabilities | 2,052,155 | 1,471,495 | Total noninterest-bearing liabilities | 2,045,872 | 1,484,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 650,126 | 632,915 | Shareholders’ equity | 667,225 | 639,263 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 7,318,629 | $ | 6,745,991 | Total liabilities and shareholders’ equity | $ | 7,429,284 | $ | 6,748,783 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income / net interest margin (3) | Net interest income / net interest margin (3) | $ | 118,851 | 3.58 | % | $ | 102,747 | 3.37 | % | Net interest income / net interest margin (3) | $ | 183,182 | 3.60 | % | $ | 154,545 | 3.36 | % |
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 | Three Months Ended September 30, 2022 compared with Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2022 compared with Nine Months Ended September 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 | $ | (332) | $ | 658 | $ | 326 | $ | (166) | $ | 567 | $ | 401 | Federal funds sold and cash investments | $ | (1,017) | $ | 1,926 | $ | 909 | $ | (735) | $ | 2,045 | $ | 1,310 | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable investment securities | Taxable investment securities | 588 | 16 | 604 | 1,680 | (459) | 1,221 | Taxable investment securities | 116 | 253 | 369 | 1,785 | (195) | 1,590 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities exempt from federal income tax | Investment securities exempt from federal income tax | (160) | 32 | (128) | (30) | (21) | (51) | Investment securities exempt from federal income tax | (370) | 27 | (343) | (404) | 9 | (395) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities | Total securities | 428 | 48 | 476 | 1,650 | (480) | 1,170 | Total securities | (254) | 280 | 26 | 1,381 | (186) | 1,195 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | 9,652 | 801 | 10,453 | 12,907 | (422) | 12,485 | Loans | 14,639 | 5,563 | 20,202 | 27,384 | 5,303 | 32,687 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans exempt from federal income tax | Loans exempt from federal income tax | (141) | (31) | (172) | (285) | (42) | (327) | Loans exempt from federal income tax | (124) | 13 | (111) | (409) | (28) | (437) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | 9,511 | 770 | 10,281 | 12,622 | (464) | 12,158 | Total loans | 14,515 | 5,576 | 20,091 | 26,975 | 5,275 | 32,250 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | (199) | 15 | (184) | (429) | 23 | (406) | Loans held for sale | (76) | 29 | (47) | (505) | 52 | (453) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonmarketable equity securities | Nonmarketable equity securities | (168) | 46 | (122) | (417) | 99 | (318) | Nonmarketable equity securities | (83) | 75 | (8) | (505) | 179 | (326) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | $ | 9,240 | $ | 1,537 | $ | 10,777 | $ | 13,260 | $ | (255) | $ | 13,005 | Total interest-earning assets | $ | 13,085 | $ | 7,886 | $ | 20,971 | $ | 26,611 | $ | 7,365 | $ | 33,976 | ||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking and money market deposits | Checking and money market deposits | $ | 265 | $ | 1,980 | $ | 2,245 | $ | 319 | $ | 2,516 | $ | 2,835 | Checking and money market deposits | $ | 766 | $ | 7,563 | $ | 8,329 | $ | 993 | $ | 10,171 | $ | 11,164 | ||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 5 | 31 | 36 | 11 | 37 | 48 | Savings deposits | 7 | 110 | 117 | 18 | 148 | 166 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | (228) | (1,167) | (1,395) | (363) | (2,580) | (2,943) | Time deposits | (153) | (596) | (749) | (514) | (3,178) | (3,692) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered time deposits | Brokered time deposits | (39) | (29) | (68) | (124) | (20) | (144) | Brokered time deposits | (38) | 6 | (32) | (164) | (13) | (177) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 3 | 815 | 818 | (157) | (47) | (204) | Total interest-bearing deposits | 582 | 7,083 | 7,665 | 333 | 7,128 | 7,461 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | (2) | 4 | 2 | (4) | 5 | 1 | Short-term borrowings | (3) | 10 | 7 | (8) | 16 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances and other borrowings | FHLB advances and other borrowings | (998) | (37) | (1,035) | (2,254) | (139) | (2,393) | FHLB advances and other borrowings | (582) | 1,013 | 431 | (3,002) | 1,040 | (1,962) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | (368) | 63 | (305) | (801) | 140 | (661) | Subordinated debt | 5 | (6) | (1) | (798) | 136 | (662) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred debentures | Trust preferred debentures | 6 | 129 | 135 | 12 | 146 | 158 | Trust preferred debentures | 8 | 328 | 336 | 20 | 474 | 494 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | $ | (1,359) | $ | 974 | $ | (385) | $ | (3,204) | $ | 105 | $ | (3,099) | Total interest-bearing liabilities | $ | 10 | $ | 8,428 | $ | 8,438 | $ | (3,455) | $ | 8,794 | $ | 5,339 | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 10,599 | $ | 563 | $ | 11,162 | $ | 16,464 | $ | (360) | $ | 16,104 | Net interest income | $ | 13,075 | $ | (542) | $ | 12,533 | $ | 30,066 | $ | (1,429) | $ | 28,637 |
Three Months Ended June 30, | Increase (decrease) | Six Months Ended June 30, | Increase (decrease) | Three Months Ended September 30, | Increase (decrease) | Nine Months Ended September 30, | Increase (decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income: | Noninterest income: | Noninterest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wealth management revenue | Wealth management revenue | $ | 6,143 | $ | 6,529 | $ | (386) | $ | 13,282 | $ | 12,460 | $ | 822 | Wealth management revenue | $ | 6,199 | $ | 7,175 | $ | (976) | $ | 19,481 | $ | 19,635 | $ | (154) | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage banking revenue | Residential mortgage banking revenue | 384 | 1,562 | (1,178) | 983 | 3,136 | (2,153) | Residential mortgage banking revenue | 210 | 1,287 | (1,077) | 1,193 | 4,423 | (3,230) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 2,304 | 1,916 | 388 | 4,372 | 3,742 | 630 | Service charges on deposit accounts | 2,597 | 2,268 | 329 | 6,969 | 6,010 | 959 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interchange revenue | Interchange revenue | 3,590 | 3,797 | (207) | 6,870 | 7,172 | (302) | Interchange revenue | 3,531 | 3,651 | (120) | 10,401 | 10,823 | (422) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) gain on sales of investment securities, net | (Loss) gain on sales of investment securities, net | (101) | 377 | (478) | (101) | 377 | (478) | (Loss) gain on sales of investment securities, net | (129) | 160 | (289) | (230) | 537 | (767) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment on commercial mortgage servicing rights | Impairment on commercial mortgage servicing rights | (869) | (1,148) | 279 | (1,263) | (2,423) | 1,160 | Impairment on commercial mortgage servicing rights | — | (3,037) | 3,037 | (1,263) | (5,460) | 4,197 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company-owned life insurance | Company-owned life insurance | 840 | 863 | (23) | 1,859 | 1,723 | 136 | Company-owned life insurance | 929 | 869 | 60 | 2,788 | 2,592 | 196 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 2,322 | 3,521 | (1,199) | 4,224 | 6,046 | (1,822) | Other income | 2,489 | 2,770 | (281) | 6,713 | 8,816 | (2,103) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | $ | 14,613 | $ | 17,417 | $ | (2,804) | $ | 30,226 | $ | 32,233 | $ | (2,007) | Total noninterest income | $ | 15,826 | $ | 15,143 | $ | 683 | $ | 46,052 | $ | 47,376 | $ | (1,324) |
Three Months Ended June 30, | Increase (decrease) | Six Months Ended June 30, | Increase (decrease) | Three Months Ended September 30, | Increase (decrease) | Nine Months Ended September 30, | Increase (decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense: | Noninterest expense: | Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | $ | 22,645 | $ | 22,071 | $ | 574 | $ | 44,515 | $ | 42,599 | $ | 1,916 | Salaries and employee benefits | $ | 22,889 | $ | 22,175 | $ | 714 | $ | 67,404 | $ | 64,774 | $ | 2,630 | ||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 3,489 | 3,796 | (307) | 7,244 | 7,736 | (492) | Occupancy and equipment | 3,850 | 3,701 | 149 | 11,094 | 11,437 | (343) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 6,082 | 6,288 | (206) | 11,955 | 12,281 | (326) | Data processing | 6,093 | 6,495 | (402) | 18,048 | 18,776 | (728) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional | Professional | 1,516 | 5,549 | (4,033) | 3,488 | 7,734 | (4,246) | Professional | 1,693 | 1,738 | (45) | 5,181 | 9,472 | (4,291) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing | Marketing | 733 | 700 | 33 | 1,421 | 1,177 | 244 | Marketing | 1,026 | 860 | 166 | 2,447 | 2,037 | 410 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Communications | Communications | 635 | 824 | (189) | 1,347 | 1,646 | (299) | Communications | 587 | 689 | (102) | 1,934 | 2,335 | (401) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 1,318 | 1,470 | (152) | 2,716 | 2,985 | (269) | Amortization of intangible assets | 1,361 | 1,445 | (84) | 4,077 | 4,430 | (353) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances prepayment fees | FHLB advances prepayment fees | — | 3,669 | (3,669) | — | 3,677 | (3,677) | FHLB advances prepayment fees | — | — | — | — | 3,677 | (3,677) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expense | Other expense | 4,921 | 4,574 | 347 | 9,537 | 8,185 | 1,352 | Other expense | 5,997 | 4,189 | 1,808 | 15,534 | 12,374 | 3,160 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | $ | 41,339 | $ | 48,941 | $ | (7,602) | $ | 82,223 | $ | 88,020 | $ | (5,797) | Total noninterest expense | $ | 43,496 | $ | 41,292 | $ | 2,204 | $ | 125,719 | $ | 129,312 | $ | (3,593) |
June 30, 2022 | December 31, 2021 | September 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: | Commercial: | Commercial: | ||||||||||||||||||||||||||||||||||||||||||||
Equipment finance loans | Equipment finance loans | $ | 546,267 | 9.4 | % | $ | 521,973 | 10.0 | % | Equipment finance loans | $ | 577,323 | 9.3 | % | $ | 521,973 | 10.0 | % | ||||||||||||||||||||||||||||
Equipment finance leases | Equipment finance leases | 439,202 | 7.6 | 423,280 | 8.1 | Equipment finance leases | 457,611 | 7.4 | 423,280 | 8.1 | ||||||||||||||||||||||||||||||||||||
Commercial FHA lines | Commercial FHA lines | 23,872 | 0.4 | 91,927 | 1.8 | Commercial FHA lines | 51,309 | 0.8 | 91,927 | 1.8 | ||||||||||||||||||||||||||||||||||||
SBA PPP loans | SBA PPP loans | 6,409 | 0.1 | 52,477 | 1.0 | SBA PPP loans | 2,810 | — | 52,477 | 1.0 | ||||||||||||||||||||||||||||||||||||
Other commercial loans | Other commercial loans | 814,710 | 14.1 | 783,811 | 14.9 | Other commercial loans | 904,841 | 14.6 | 783,811 | 14.9 | ||||||||||||||||||||||||||||||||||||
Total commercial loans and leases | Total commercial loans and leases | 1,830,460 | 31.6 | 1,873,468 | 35.8 | Total commercial loans and leases | 1,993,894 | 32.2 | 1,873,468 | 35.8 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 2,335,655 | 40.3 | 1,816,828 | 34.8 | Commercial real estate | 2,466,303 | 39.8 | 1,816,828 | 34.8 | ||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 203,955 | 3.5 | 193,749 | 3.7 | Construction and land development | 225,549 | 3.6 | 193,749 | 3.7 | ||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 340,103 | 5.9 | 338,151 | 6.5 | Residential real estate | 356,225 | 5.7 | 338,151 | 6.5 | ||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 1,085,371 | 18.7 | 1,002,605 | 19.2 | Consumer | 1,156,480 | 18.7 | 1,002,605 | 19.2 | ||||||||||||||||||||||||||||||||||||
Total loans, gross | Total loans, gross | 5,795,544 | 100.0 | % | 5,224,801 | 100.0 | % | Total loans, gross | 6,198,451 | 100.0 | % | 5,224,801 | 100.0 | % | ||||||||||||||||||||||||||||||||
Allowance for credit losses on loans | Allowance for credit losses on loans | (54,898) | (51,062) | Allowance for credit losses on loans | (58,639) | (51,062) | ||||||||||||||||||||||||||||||||||||||||
Total loans, net | Total loans, net | $ | 5,740,646 | $ | 5,173,739 | Total loans, net | $ | 6,139,812 | $ | 5,173,739 |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Within One Year | One Year to Five Years | Five Years to 15 Years | After 15 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 | 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 | $ | 35,266 | $ | 380,389 | $ | 580,444 | $ | 113,358 | $ | 180,823 | $ | 93,638 | $ | 2,972 | $ | 4,368 | $ | 1,391,258 | Commercial | $ | 75,162 | $ | 473,053 | $ | 606,770 | $ | 87,295 | $ | 192,833 | $ | 97,036 | $ | — | $ | 4,134 | $ | 1,536,283 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 220,411 | 150,954 | 849,634 | 463,866 | 413,015 | 197,294 | 5,438 | 35,043 | 2,335,655 | Commercial real estate | 179,868 | 170,173 | 953,862 | 519,247 | 425,956 | 183,182 | 5,727 | 28,288 | 2,466,303 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 1,889 | 62,429 | 28,723 | 82,905 | 8,823 | 18,104 | 122 | 960 | 203,955 | Construction and land development | 3,485 | 58,030 | 30,473 | 101,061 | 9,073 | 20,635 | 1,024 | 1,768 | 225,549 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | 257,566 | 593,772 | 1,458,801 | 660,129 | 602,661 | 309,036 | 8,532 | 40,371 | 3,930,868 | Total commercial loans | 258,515 | 701,256 | 1,591,105 | 707,603 | 627,862 | 300,853 | 6,751 | 34,190 | 4,228,135 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 1,736 | 5,898 | 8,735 | 18,445 | 34,203 | 37,159 | 137,306 | 96,621 | 340,103 | Residential real estate | 1,878 | 5,091 | 8,463 | 18,272 | 33,016 | 39,010 | 143,508 | 106,987 | 356,225 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 2,265 | 1,290 | 1,074,110 | 4,941 | 2,765 | — | — | — | 1,085,371 | Consumer | 1,834 | 4,012 | 1,130,138 | 555 | 19,941 | — | — | — | 1,156,480 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 10,161 | — | 331,152 | — | 97,889 | — | — | — | 439,202 | Lease financing | 10,773 | — | 344,919 | — | 101,919 | — | — | — | 457,611 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 271,728 | $ | 600,960 | $ | 2,872,798 | $ | 683,515 | $ | 737,518 | $ | 346,195 | $ | 145,838 | $ | 136,992 | $ | 5,795,544 | Total loans | $ | 273,000 | $ | 710,359 | $ | 3,074,625 | $ | 726,430 | $ | 782,738 | $ | 339,863 | $ | 150,259 | $ | 141,177 | $ | 6,198,451 |
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Allowance | % (1) | Allowance | % (1) | (dollars in thousands) | Allowance | % (1) | Allowance | % (1) | ||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 12,748 | 0.92% | $ | 14,375 | 0.99% | Commercial | $ | 14,364 | 0.93% | $ | 14,375 | 0.99% | ||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 27,874 | 1.19 | 22,993 | 1.27 | Commercial real estate | 28,430 | 1.15 | 22,993 | 1.27 | ||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 1,101 | 0.54 | 972 | 0.50 | Construction and land development | 1,591 | 0.71 | 972 | 0.50 | ||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | 41,723 | 1.06 | 38,340 | 1.11 | Total commercial loans | 44,385 | 1.05 | 38,340 | 1.11 | ||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 3,416 | 1.00 | 2,695 | 0.80 | Residential real estate | 4,171 | 1.17 | 2,695 | 0.80 | ||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 2,994 | 0.28 | 2,558 | 0.26 | Consumer | 3,405 | 0.29 | 2,558 | 0.26 | ||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 6,765 | 1.54 | 7,469 | 1.76 | Lease financing | 6,678 | 1.46 | 7,469 | 1.76 | ||||||||||||||||||||||||||||||||||||
Total allowance for credit losses on loans | Total allowance for credit losses on loans | $ | 54,898 | 0.95% | $ | 51,062 | 0.98% | Total allowance for credit losses on loans | $ | 58,639 | 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 September 30, | As of and for the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 52,938 | $ | 62,687 | $ | 51,062 | $ | 60,443 | Balance, beginning of period | $ | 54,898 | $ | 58,664 | $ | 51,062 | $ | 60,443 | ||||||||||||||||||||||||||||
Charge-offs: | Charge-offs: | Charge-offs: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 60 | 2,634 | 2,214 | 3,140 | Commercial | 1,655 | 317 | 3,869 | 3,457 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 2,625 | 946 | 2,852 | 1,719 | Commercial real estate | 1,232 | 1,663 | 4,084 | 3,382 | ||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | — | 1 | 6 | 272 | Construction and land development | — | 138 | 6 | 410 | ||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 46 | 141 | 150 | 251 | Residential real estate | 166 | 35 | 315 | 286 | ||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 191 | 218 | 496 | 460 | Consumer | 316 | 280 | 812 | 740 | ||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 499 | 516 | 705 | 769 | Lease financing | 485 | 1,227 | 1,190 | 1,996 | ||||||||||||||||||||||||||||||||||||
Total charge-offs | Total charge-offs | 3,421 | 4,456 | 6,423 | 6,611 | Total charge-offs | 3,854 | 3,660 | 10,276 | 10,271 | ||||||||||||||||||||||||||||||||||||
Recoveries: | Recoveries: | Recoveries: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 298 | 139 | 309 | 154 | Commercial | 45 | 134 | 354 | 288 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | (62) | 11 | 5 | 13 | Commercial real estate | 1 | 3 | 6 | 16 | ||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 6 | 81 | 12 | 147 | Construction and land development | 18 | 74 | 30 | 221 | ||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 41 | 20 | 154 | 114 | Residential real estate | 69 | 66 | 222 | 180 | ||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 98 | 155 | 260 | 277 | Consumer | 121 | 93 | 381 | 370 | ||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 259 | 27 | 646 | 177 | Lease financing | 367 | 301 | 1,013 | 478 | ||||||||||||||||||||||||||||||||||||
Total recoveries | Total recoveries | 640 | 433 | 1,386 | 882 | Total recoveries | 621 | 671 | 2,006 | 1,553 | ||||||||||||||||||||||||||||||||||||
Net charge-offs | Net charge-offs | 2,781 | 4,023 | 5,037 | 5,729 | Net charge-offs | 3,233 | 2,989 | 8,270 | 8,718 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | 4,741 | — | 8,873 | 3,950 | Provision for credit losses on loans | 6,974 | — | 15,847 | 3,950 | ||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 54,898 | $ | 58,664 | $ | 54,898 | $ | 58,664 | Balance, end of period | $ | 58,639 | $ | 55,675 | $ | 58,639 | $ | 55,675 | ||||||||||||||||||||||||||||
Gross loans, end of period | Gross loans, end of period | $ | 5,795,544 | $ | 4,835,866 | $ | 5,795,544 | $ | 4,835,866 | Gross loans, end of period | $ | 6,198,451 | $ | 4,915,554 | $ | 6,198,451 | $ | 4,915,554 | ||||||||||||||||||||||||||||
Average total loans | Average total loans | $ | 5,677,791 | $ | 4,826,234 | $ | 5,477,037 | $ | 4,909,057 | Average total loans | $ | 6,040,358 | $ | 4,800,063 | $ | 5,666,874 | $ | 4,872,327 | ||||||||||||||||||||||||||||
Net charge-offs to average loans | Net charge-offs to average loans | 0.20 | % | 0.33 | % | 0.19 | % | 0.24 | % | Net charge-offs to average loans | 0.21 | % | 0.25 | % | 0.20 | % | 0.24 | % | ||||||||||||||||||||||||||||
Allowance to total loans | Allowance to total loans | 0.95 | % | 1.21 | % | 0.95 | % | 1.21 | % | Allowance to total loans | 0.95 | % | 1.13 | % | 0.95 | % | 1.13 | % |
(dollars in thousands) | (dollars in thousands) | June 30, 2022 | December 31, 2021 | (dollars in thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||||||
Nonperforming loans: | Nonperforming loans: | Nonperforming loans: | ||||||||||||||||||||
Commercial | Commercial | $ | 11,579 | $ | 12,261 | Commercial | $ | 8,799 | $ | 12,261 | ||||||||||||
Commercial real estate | Commercial real estate | 34,316 | 19,175 | Commercial real estate | 27,236 | 19,175 | ||||||||||||||||
Construction and land development | Construction and land development | 283 | 120 | Construction and land development | 275 | 120 | ||||||||||||||||
Residential real estate | Residential real estate | 8,174 | 7,912 | Residential real estate | 7,776 | 7,912 | ||||||||||||||||
Consumer | Consumer | 254 | 208 | Consumer | 273 | 208 | ||||||||||||||||
Lease financing | Lease financing | 2,277 | 2,904 | Lease financing | 2,523 | 2,904 | ||||||||||||||||
Total nonperforming loans | Total nonperforming loans | 56,883 | 42,580 | Total nonperforming loans | 46,882 | 42,580 | ||||||||||||||||
Other real estate owned and other repossessed assets | Other real estate owned and other repossessed assets | 12,761 | 14,488 | Other real estate owned and other repossessed assets | 12,641 | 14,488 | ||||||||||||||||
Nonperforming assets | Nonperforming assets | $ | 69,644 | $ | 57,068 | Nonperforming assets | $ | 59,523 | $ | 57,068 | ||||||||||||
Nonperforming loans to total loans | Nonperforming loans to total loans | 0.98 | % | 0.81 | % | Nonperforming loans to total loans | 0.76 | % | 0.81 | % | ||||||||||||
Nonperforming assets to total assets | Nonperforming assets to total assets | 0.93 | % | 0.77 | % | Nonperforming assets to total assets | 0.76 | % | 0.77 | % | ||||||||||||
Allowance for credit losses to nonperforming loans | Allowance for credit losses to nonperforming loans | 96.51 | % | 119.92 | % | Allowance for credit losses to nonperforming loans | 125.08 | % | 119.92 | % |
Commercial | Commercial real estate | Construction & land development | Commercial | Commercial real estate | Construction & land development | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk category | Risk category | Risk category | Risk category | Risk category | Risk category | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 7 | 8 (1) | 7 | 8 (1) | 7 | 8 (1) | Total | (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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | $ | 6,422 | $ | 7,512 | $ | 24,683 | $ | 90,933 | $ | 2,625 | $ | — | $ | 132,175 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | 28,248 | 20,413 | 46,295 | 108,634 | 5,235 | 1,336 | 210,161 | December 31, 2021 | 28,248 | 20,413 | 46,295 | 108,634 | 5,235 | 1,336 | 210,161 |
June 30, 2022 | December 31, 2021 | September 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 | $ | 63,996 | 8.4 | % | $ | 64,917 | 7.2 | % | U.S. Treasury securities | $ | 60,496 | 8.9 | % | $ | 64,917 | 7.2 | % | ||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | U.S. government sponsored entities and U.S. agency securities | 30,303 | 4.0 | 33,817 | 3.7 | U.S. government sponsored entities and U.S. agency securities | 27,865 | 4.1 | 33,817 | 3.7 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 423,838 | 55.7 | 440,270 | 48.5 | Mortgage-backed securities - agency | 391,615 | 57.4 | 440,270 | 48.5 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 22,777 | 3.0 | 28,706 | 3.2 | Mortgage-backed securities - non-agency | 21,158 | 3.1 | 28,706 | 3.2 | ||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 106,688 | 14.0 | 143,099 | 15.8 | State and municipal securities | 95,061 | 13.9 | 143,099 | 15.8 | ||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | 112,938 | 14.9 | 195,794 | 21.6 | Corporate securities | 85,694 | 12.6 | 195,794 | 21.6 | ||||||||||||||||||||||||||||||||||||
Total investment securities, available for sale, at fair value | Total investment securities, available for sale, at fair value | $ | 760,540 | 100.0 | % | $ | 906,603 | 100.0 | % | Total investment securities, available for sale, at fair value | $ | 681,889 | 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 | $ | 2,775 | 0.4 | % | 0.8 | % | Maturing within one year | $ | 598 | 0.1 | % | 1.48 | % | ||||||||||||||||||||
Maturing in one to five years | Maturing in one to five years | 61,221 | 8.0 | 0.9 | Maturing in one to five years | 59,898 | 8.8 | 0.90 | ||||||||||||||||||||||||||
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 | $ | 63,996 | 8.4 | % | 0.9 | % | Total U.S. Treasury securities | $ | 60,496 | 8.9 | % | 0.90 | % | ||||||||||||||||||||
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 | $ | 1,330 | 0.2 | % | 2.4 | % | Maturing within one year | $ | 75 | — | % | 2.60 | % | ||||||||||||||||||||
Maturing in one to five years | Maturing in one to five years | 20,709 | 2.7 | 1.3 | Maturing in one to five years | 15,534 | 2.3 | 1.18 | ||||||||||||||||||||||||||
Maturing in five to ten years | Maturing in five to ten years | 8,264 | 1.1 | 1.0 | Maturing in five to ten years | 12,256 | 1.8 | 1.70 | ||||||||||||||||||||||||||
Maturing after ten years | Maturing after ten years | — | — | — | 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 | $ | 30,303 | 4.0 | % | 1.3 | % | Total U.S. government sponsored entities and U.S. agency securities | $ | 27,865 | 4.1 | % | 1.41 | % | ||||||||||||||||||||
Mortgage-backed securities - agency: | Mortgage-backed securities - agency: | Mortgage-backed securities - agency: | ||||||||||||||||||||||||||||||||
Maturing within one year | Maturing within one year | $ | 2,440 | 0.3 | % | 2.9 | % | Maturing within one year | $ | 3,163 | 0.5 | % | 3.01 | % | ||||||||||||||||||||
Maturing in one to five years | Maturing in one to five years | 146,255 | 19.2 | 2.2 | Maturing in one to five years | 129,152 | 18.9 | 2.19 | ||||||||||||||||||||||||||
Maturing in five to ten years | Maturing in five to ten years | 193,814 | 25.5 | 1.8 | Maturing in five to ten years | 189,116 | 27.7 | 1.90 | ||||||||||||||||||||||||||
Maturing after ten years | Maturing after ten years | 81,329 | 10.7 | 2.3 | Maturing after ten years | 70,184 | 10.3 | 2.18 | ||||||||||||||||||||||||||
Total mortgage-backed securities - agency | Total mortgage-backed securities - agency | $ | 423,838 | 55.7 | % | 2.1 | % | Total mortgage-backed securities - agency | $ | 391,615 | 57.4 | % | 2.05 | % | ||||||||||||||||||||
Mortgage-backed securities - non-agency: | Mortgage-backed securities - non-agency: | Mortgage-backed securities - non-agency: | ||||||||||||||||||||||||||||||||
Maturing within one year | Maturing within one year | $ | — | — | % | — | % | Maturing within one year | $ | — | — | % | — | % | ||||||||||||||||||||
Maturing in one to five years | Maturing in one to five years | 2,485 | 0.3 | 3.4 | Maturing in one to five years | 293 | — | 3.63 | ||||||||||||||||||||||||||
Maturing in five to ten years | Maturing in five to ten years | 14,590 | 1.9 | 2.3 | Maturing in five to ten years | 15,529 | 2.2 | 2.41 | ||||||||||||||||||||||||||
Maturing after ten years | Maturing after ten years | 5,702 | 0.8 | 2.4 | Maturing after ten years | 5,336 | 0.9 | 2.46 | ||||||||||||||||||||||||||
Total mortgage-backed securities - non-agency | Total mortgage-backed securities - non-agency | $ | 22,777 | 3.0 | % | 2.4 | % | Total mortgage-backed securities - non-agency | $ | 21,158 | 3.1 | % | 2.44 | % | ||||||||||||||||||||
State and municipal securities (1): | State and municipal securities (1): | State and municipal securities (1): | ||||||||||||||||||||||||||||||||
Maturing within one year | Maturing within one year | $ | 7,397 | 1.0 | % | 5.1 | % | Maturing within one year | $ | 9,120 | 1.3 | % | 5.47 | % | ||||||||||||||||||||
Maturing in one to five years | Maturing in one to five years | 35,202 | 4.6 | 4.0 | Maturing in one to five years | 28,511 | 4.2 | 3.59 | ||||||||||||||||||||||||||
Maturing in five to ten years | Maturing in five to ten years | 36,366 | 4.8 | 2.8 | Maturing in five to ten years | 31,269 | 4.6 | 2.67 | ||||||||||||||||||||||||||
Maturing after ten years | Maturing after ten years | 27,723 | 3.6 | 2.8 | Maturing after ten years | 26,161 | 3.8 | 2.79 | ||||||||||||||||||||||||||
Total state and municipal securities | Total state and municipal securities | $ | 106,688 | 14.0 | % | 3.3 | % | Total state and municipal securities | $ | 95,061 | 13.9 | % | 3.20 | % | ||||||||||||||||||||
Corporate securities: | Corporate securities: | Corporate securities: | ||||||||||||||||||||||||||||||||
Maturing within one year | Maturing within one year | $ | 1,500 | 0.2 | % | 3.0 | % | Maturing within one year | $ | — | — | % | — | % | ||||||||||||||||||||
Maturing in one to five years | Maturing in one to five years | 15,105 | 2.0 | 3.1 | Maturing in one to five years | 9,631 | 1.4 | 2.39 | ||||||||||||||||||||||||||
Maturing in five to ten years | Maturing in five to ten years | 96,333 | 12.7 | 3.8 | Maturing in five to ten years | 76,063 | 11.2 | 3.41 | ||||||||||||||||||||||||||
Maturing after ten years | Maturing after ten years | — | — | — | Maturing after ten years | — | — | — | ||||||||||||||||||||||||||
Total corporate securities | Total corporate securities | $ | 112,938 | 14.9 | % | 3.7 | % | Total corporate securities | $ | 85,694 | 12.6 | % | 3.30 | % | ||||||||||||||||||||
Total investment securities, available for sale | Total investment securities, available for sale | $ | 760,540 | 100.0 | % | 2.3 | % | Total investment securities, available for sale | $ | 681,889 | 100.0 | % | 2.24 | % |
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 | $ | 68,390 | $ | 63,996 | $ | 62,147 | $ | 1,849 | $ | — | $ | — | $ | — | $ | — | U.S. Treasury securities | $ | 66,369 | $ | 60,496 | $ | 60,496 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | U.S. government sponsored entities and U.S. agency securities | 33,756 | 30,303 | 25,246 | 5,057 | — | — | — | — | U.S. government sponsored entities and U.S. agency securities | 32,267 | 27,865 | 23,289 | 4,576 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 480,408 | 423,838 | 427 | 423,411 | — | — | — | — | Mortgage-backed securities - agency | 469,822 | 391,615 | 13 | 391,602 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 26,118 | 22,777 | 22,777 | — | — | — | — | — | Mortgage-backed securities - non-agency | 25,341 | 21,158 | 21,158 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 113,920 | 106,688 | 7,949 | 85,764 | 2,231 | 949 | — | 9,795 | State and municipal securities | 105,838 | 95,061 | 7,782 | 74,730 | 2,010 | 986 | — | 9,553 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | 119,374 | 112,938 | — | — | 32,096 | 77,098 | — | 3,744 | Corporate securities | 95,313 | 85,694 | — | — | 30,926 | 52,340 | — | 2,428 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investment securities, available for sale | Total investment securities, available for sale | $ | 841,966 | $ | 760,540 | $ | 118,546 | $ | 516,081 | $ | 34,327 | $ | 78,047 | $ | — | $ | 13,539 | Total investment securities, available for sale | $ | 794,950 | $ | 681,889 | $ | 112,738 | $ | 470,908 | $ | 32,936 | $ | 53,326 | $ | — | $ | 11,981 |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 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 | $ | 1,967,263 | — | $ | 1,411,428 | — | Noninterest-bearing demand | $ | 1,969,873 | — | $ | 1,434,193 | — | ||||||||||||||||||||||||||||||||
Interest-bearing: | Interest-bearing: | Interest-bearing: | ||||||||||||||||||||||||||||||||||||||||||||
Checking | Checking | 1,770,635 | 0.47 | % | 1,604,496 | 0.12 | % | Checking | 1,850,789 | 1.42 | % | 1,672,599 | 0.12 | % | ||||||||||||||||||||||||||||||||
Money market | Money market | 1,030,144 | 0.32 | 793,148 | 0.09 | Money market | 1,110,660 | 0.86 | 828,655 | 0.09 | ||||||||||||||||||||||||||||||||||||
Savings | Savings | 719,204 | 0.05 | 666,000 | 0.03 | Savings | 718,970 | 0.08 | 664,354 | 0.02 | ||||||||||||||||||||||||||||||||||||
Time, insured | Time, insured | 476,233 | 0.47 | 574,570 | 1.28 | Time, insured | 493,351 | 0.60 | 554,119 | 1.04 | ||||||||||||||||||||||||||||||||||||
Time, uninsured | Time, uninsured | 139,381 | 0.59 | 148,662 | 0.97 | Time, uninsured | 136,850 | 0.81 | 149,971 | 0.83 | ||||||||||||||||||||||||||||||||||||
Time, brokered | Time, brokered | 17,167 | 1.16 | 28,303 | 1.67 | Time, brokered | 14,478 | 1.35 | 26,272 | 1.23 | ||||||||||||||||||||||||||||||||||||
Total interest-bearing | Total interest-bearing | $ | 4,152,764 | 0.37 | % | $ | 3,815,179 | 0.31 | % | Total interest-bearing | $ | 4,325,098 | 0.94 | % | $ | 3,895,970 | 0.26 | % | ||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 6,120,027 | 0.25 | % | $ | 5,226,607 | 0.23 | % | Total deposits | $ | 6,294,971 | 0.65 | % | $ | 5,330,163 | 0.19 | % |
(dollars in thousands) | Amount | |||||||
Three months or less | $ | |||||||
Three to six months | ||||||||
Six to 12 months | ||||||||
After 12 months | ||||||||
Total | $ |
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. | 11.44 | % | 10.50 | % | N/A | Midland States Bancorp, Inc. | 12.75 | % | 10.50 | % | N/A | ||||||||||||||||||||||||||||
Midland States Bank | Midland States Bank | 10.60 | 10.50 | 10.00 | % | Midland States Bank | 11.16 | 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. | 8.63 | 8.50 | N/A | Midland States Bancorp, Inc. | 10.02 | 8.50 | N/A | ||||||||||||||||||||||||||||||||
Midland States Bank | Midland States Bank | 9.85 | 8.50 | 8.00 | Midland States Bank | 10.39 | 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. | 7.66 | 7.00 | N/A | Midland States Bancorp, Inc. | 7.54 | 7.00 | N/A | ||||||||||||||||||||||||||||||||
Midland States Bank | Midland States Bank | 9.85 | 7.00 | 6.50 | Midland States Bank | 10.39 | 7.00 | 6.50 | ||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | Tier 1 leverage ratio | Tier 1 leverage ratio | ||||||||||||||||||||||||||||||||||||||
Midland States Bancorp, Inc. | Midland States Bancorp, Inc. | 7.98 | 4.00 | N/A | Midland States Bancorp, Inc. | 9.40 | 4.00 | N/A | ||||||||||||||||||||||||||||||||
Midland States Bank | Midland States Bank | 9.12 | 4.00 | 5.00 | Midland States Bank | 9.75 | 4.00 | 5.00 |
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, 2022: | ||||||||||||||||||||||||||||||||||
September 30, 2022: | September 30, 2022: | |||||||||||||||||||||||||||||||||
Dollar change | Dollar change | $ | (12,793) | $ | 11,974 | $ | 23,823 | Dollar change | $ | (12,193) | $ | 11,202 | $ | 22,297 | ||||||||||||||||||||
Percent change | Percent change | (4.9) | % | 4.6 | % | 9.1 | % | Percent change | (4.6) | % | 4.2 | % | 8.4 | % | ||||||||||||||||||||
December 31, 2021: | December 31, 2021: | December 31, 2021: | ||||||||||||||||||||||||||||||||
Dollar change | Dollar change | $ | (13,499) | $ | 23,513 | $ | 47,028 | Dollar change | $ | (13,499) | $ | 23,513 | $ | 47,028 | ||||||||||||||||||||
Percent change | Percent change | (6.1) | % | 10.6 | % | 21.2 | % | 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, 2022: | ||||||||||||||||||||||||||||||||||
September 30, 2022: | September 30, 2022: | |||||||||||||||||||||||||||||||||
Dollar change | Dollar change | $ | (11,774) | $ | 8,759 | $ | 19,685 | Dollar change | $ | 6,949 | $ | 7,528 | $ | 16,900 | ||||||||||||||||||||
Percent change | Percent change | (1.6) | % | 1.2 | % | 2.7 | % | Percent change | (0.7) | % | 0.8 | % | 1.8 | % | ||||||||||||||||||||
December 31, 2021: | December 31, 2021: | December 31, 2021: | ||||||||||||||||||||||||||||||||
Dollar change | Dollar change | $ | (89,850) | $ | 51,553 | $ | 96,875 | Dollar change | $ | (89,850) | $ | 51,553 | $ | 96,875 | ||||||||||||||||||||
Percent change | Percent change | (13.4) | % | 7.7 | % | 14.5 | % | 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, 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 |
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) | ||||||||||||||||||||||
July 1 - 31, 2022 | 162 | $ | 24.68 | — | $ | 18,565,174 | ||||||||||||||||||||
August 1 - 31, 2022 | 196 | 26.88 | — | 18,565,174 | ||||||||||||||||||||||
September 1 - 30, 2022 | — | — | — | 18,565,174 | ||||||||||||||||||||||
Total | 358 | $ | 25.89 | — | $ | 18,565,174 |
Exhibit No. | Description | |||||||||||||
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 | |||||||||||||
104 | The cover page from Midland States Bancorp, Inc.’s Form 10-Q Report for the quarterly period ended |
Midland States Bancorp, Inc. | |||||||||||
Date: | By: | /s/ | Jeffrey G. Ludwig | ||||||||
Jeffrey G. Ludwig | |||||||||||
President and Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
Date: | By: | /s/ | Eric T. Lemke | ||||||||
Eric T. Lemke | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer) |