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 Stock Market LLC |
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 nine months ended September 30, 2023 and 2022 | ||||||||
Consolidated Statements of | ||||||||
Notes to Consolidated Financial Statements (Unaudited) | ||||||||
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 159,637 | $ | 153,345 | Cash and due from banks | $ | 131,179 | $ | 153,345 | ||||||||||||||||||
Federal funds sold | Federal funds sold | 1,058 | 7,286 | Federal funds sold | 953 | 7,286 | ||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 160,695 | 160,631 | Cash and cash equivalents | 132,132 | 160,631 | ||||||||||||||||||||||
Investment securities available for sale, at fair value | Investment securities available for sale, at fair value | 882,715 | 768,234 | Investment securities available for sale, at fair value | 835,009 | 768,234 | ||||||||||||||||||||||
Equity securities, at fair value | Equity securities, at fair value | 4,288 | 8,626 | Equity securities, at fair value | 4,335 | 8,626 | ||||||||||||||||||||||
Loans | Loans | 6,367,344 | 6,306,467 | Loans | 6,280,883 | 6,306,467 | ||||||||||||||||||||||
Allowance for credit losses on loans | Allowance for credit losses on loans | (64,950) | (61,051) | Allowance for credit losses on loans | (66,669) | (61,051) | ||||||||||||||||||||||
Total loans, net | Total loans, net | 6,302,394 | 6,245,416 | Total loans, net | 6,214,214 | 6,245,416 | ||||||||||||||||||||||
Loans held for sale | Loans held for sale | 5,632 | 1,286 | Loans held for sale | 6,089 | 1,286 | ||||||||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 81,006 | 78,293 | Premises and equipment, net | 82,741 | 78,293 | ||||||||||||||||||||||
Other real estate owned | Other real estate owned | 202 | 6,729 | Other real estate owned | 480 | 6,729 | ||||||||||||||||||||||
Nonmarketable equity securities | Nonmarketable equity securities | 46,876 | 46,201 | Nonmarketable equity securities | 45,211 | 46,201 | ||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 21,000 | 20,313 | Accrued interest receivable | 24,283 | 20,313 | ||||||||||||||||||||||
Loan servicing rights, at lower of cost or fair value | Loan servicing rights, at lower of cost or fair value | 21,611 | 1,205 | Loan servicing rights, at lower of cost or fair value | 20,933 | 1,205 | ||||||||||||||||||||||
Commercial FHA mortgage loan servicing rights held for sale | Commercial FHA mortgage loan servicing rights held for sale | — | 20,745 | Commercial FHA mortgage loan servicing rights held for sale | — | 20,745 | ||||||||||||||||||||||
Goodwill | Goodwill | 161,904 | 161,904 | Goodwill | 161,904 | 161,904 | ||||||||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 18,367 | 20,866 | Other intangible assets, net | 17,238 | 20,866 | ||||||||||||||||||||||
Company-owned life insurance | Company-owned life insurance | 152,210 | 150,443 | Company-owned life insurance | 208,390 | 150,443 | ||||||||||||||||||||||
Other assets | Other assets | 175,821 | 164,609 | Other assets | 222,966 | 164,609 | ||||||||||||||||||||||
Total assets | Total assets | $ | 8,034,721 | $ | 7,855,501 | Total assets | $ | 7,975,925 | $ | 7,855,501 | ||||||||||||||||||
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 | $ | 1,162,909 | $ | 1,362,158 | Noninterest-bearing demand deposits | $ | 1,154,515 | $ | 1,362,158 | ||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | 5,263,639 | 5,002,494 | Interest-bearing deposits | 5,250,487 | 5,002,494 | ||||||||||||||||||||||
Total deposits | Total deposits | 6,426,548 | 6,364,652 | Total deposits | 6,405,002 | 6,364,652 | ||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 21,783 | 42,311 | Short-term borrowings | 17,998 | 42,311 | ||||||||||||||||||||||
Federal Home Loan Bank advances and other borrowings | Federal Home Loan Bank advances and other borrowings | 575,000 | 460,000 | Federal Home Loan Bank advances and other borrowings | 538,000 | 460,000 | ||||||||||||||||||||||
Subordinated debt | Subordinated debt | 93,404 | 99,772 | Subordinated debt | 93,475 | 99,772 | ||||||||||||||||||||||
Trust preferred debentures | Trust preferred debentures | 50,296 | 49,975 | Trust preferred debentures | 50,457 | 49,975 | ||||||||||||||||||||||
Accrued interest payable and other liabilities | Accrued interest payable and other liabilities | 90,869 | 80,217 | Accrued interest payable and other liabilities | 106,743 | 80,217 | ||||||||||||||||||||||
Total liabilities | Total liabilities | 7,257,900 | 7,096,927 | Total liabilities | 7,211,675 | 7,096,927 | ||||||||||||||||||||||
Shareholders’ Equity: | Shareholders’ Equity: | Shareholders’ Equity: | ||||||||||||||||||||||||||
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 June 30, 2023 and December 31, 2022, respectively | 110,548 | 110,548 | ||||||||||||||||||||||||||
Common stock, $0.01 par value; 40,000,000 shares authorized; 21,854,800 and 22,214,913 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 218 | 222 | ||||||||||||||||||||||||||
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, 2023 and December 31, 2022, respectively | 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, 2023 and December 31, 2022, respectively | 110,548 | 110,548 | |||||||||||||||||||||||||
Common stock, $0.01 par value; 40,000,000 shares authorized; 21,594,546 and 22,214,913 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively | Common stock, $0.01 par value; 40,000,000 shares authorized; 21,594,546 and 22,214,913 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively | 216 | 222 | |||||||||||||||||||||||||
Capital surplus | Capital surplus | 442,886 | 449,196 | Capital surplus | 437,566 | 449,196 | ||||||||||||||||||||||
Retained earnings | Retained earnings | 307,888 | 282,405 | Retained earnings | 317,101 | 282,405 | ||||||||||||||||||||||
Accumulated other comprehensive loss, net of tax | Accumulated other comprehensive loss, net of tax | (84,719) | (83,797) | Accumulated other comprehensive loss, net of tax | (101,181) | (83,797) | ||||||||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 776,821 | 758,574 | Total shareholders’ equity | 764,250 | 758,574 | ||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 8,034,721 | $ | 7,855,501 | Total liabilities and shareholders’ equity | $ | 7,975,925 | $ | 7,855,501 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income: | Interest income: | Interest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans including fees: | Loans including fees: | Loans including fees: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | $ | 91,350 | $ | 62,943 | $ | 178,809 | $ | 119,529 | Taxable | $ | 93,488 | $ | 72,901 | $ | 272,297 | $ | 192,430 | ||||||||||||||||||||||||||||||||||||||||
Tax exempt | Tax exempt | 427 | 514 | 852 | 1,062 | Tax exempt | 497 | 527 | 1,349 | 1,589 | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 59 | 77 | 75 | 297 | Loans held for sale | 104 | 60 | 179 | 357 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | 6,899 | 4,055 | 12,269 | 7,952 | Taxable | 7,475 | 3,765 | 19,744 | 11,717 | ||||||||||||||||||||||||||||||||||||||||||||||||
Tax exempt | Tax exempt | 305 | 692 | 799 | 1,534 | Tax exempt | 275 | 628 | 1,074 | 2,162 | ||||||||||||||||||||||||||||||||||||||||||||||||
Nonmarketable equity securities | Nonmarketable equity securities | 599 | 487 | 1,394 | 971 | Nonmarketable equity securities | 710 | 550 | 2,104 | 1,521 | ||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and cash investments | Federal funds sold and cash investments | 852 | 468 | 1,832 | 639 | Federal funds sold and cash investments | 1,036 | 1,125 | 2,868 | 1,764 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 100,491 | 69,236 | 196,030 | 131,984 | Total interest income | 103,585 | 79,556 | 299,615 | 211,540 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense: | Interest expense: | Interest expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 33,617 | 3,810 | 60,022 | 5,971 | Deposits | 37,769 | 10,249 | 97,791 | 16,220 | ||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 14 | 22 | 39 | 45 | Short-term borrowings | 14 | 28 | 53 | 73 | ||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances and other borrowings | Federal Home Loan Bank advances and other borrowings | 5,396 | 1,435 | 11,402 | 2,647 | Federal Home Loan Bank advances and other borrowings | 4,557 | 2,424 | 15,959 | 5,071 | ||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 1,335 | 2,011 | 2,705 | 4,022 | Subordinated debt | 1,280 | 2,010 | 3,985 | 6,032 | ||||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred debentures | Trust preferred debentures | 1,289 | 624 | 2,518 | 1,138 | Trust preferred debentures | 1,369 | 821 | 3,887 | 1,959 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 41,651 | 7,902 | 76,686 | 13,823 | Total interest expense | 44,989 | 15,532 | 121,675 | 29,355 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 58,840 | 61,334 | 119,344 | 118,161 | Net interest income | 58,596 | 64,024 | 177,940 | 182,185 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses: | Provision for credit losses: | Provision for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | 5,879 | 4,741 | 9,014 | 8,873 | Provision for credit losses on loans | 5,168 | 6,974 | 14,182 | 15,847 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on unfunded commitments | Provision for credit losses on unfunded commitments | — | 700 | — | 956 | Provision for credit losses on unfunded commitments | — | — | — | 956 | ||||||||||||||||||||||||||||||||||||||||||||||||
Recapture of other credit losses | Recapture of other credit losses | — | — | — | (221) | Recapture of other credit losses | — | — | — | (221) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total provision for credit losses | Total provision for credit losses | 5,879 | 5,441 | 9,014 | 9,608 | Total provision for credit losses | 5,168 | 6,974 | 14,182 | 16,582 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 52,961 | 55,893 | 110,330 | 108,553 | Net interest income after provision for credit losses | 53,428 | 57,050 | 163,758 | 165,603 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income: | Noninterest income: | Noninterest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wealth management revenue | Wealth management revenue | 6,269 | 6,143 | 12,680 | 13,282 | Wealth management revenue | 6,288 | 6,199 | 18,968 | 19,481 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage banking revenue | Residential mortgage banking revenue | 540 | 384 | 945 | 983 | Residential mortgage banking revenue | 507 | 210 | 1,452 | 1,193 | ||||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 2,677 | 2,304 | 5,245 | 4,372 | Service charges on deposit accounts | 3,149 | 2,783 | 8,744 | 7,544 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interchange revenue | Interchange revenue | 3,696 | 3,590 | 7,108 | 6,870 | Interchange revenue | 3,609 | 3,531 | 10,717 | 10,401 | ||||||||||||||||||||||||||||||||||||||||||||||||
Loss on sales of investment securities, net | Loss on sales of investment securities, net | (869) | (101) | (1,517) | (101) | Loss on sales of investment securities, net | (4,961) | (129) | (6,478) | (230) | ||||||||||||||||||||||||||||||||||||||||||||||||
Impairment on commercial mortgage servicing rights | Impairment on commercial mortgage servicing rights | — | (869) | — | (1,263) | Impairment on commercial mortgage servicing rights | — | — | — | (1,263) | ||||||||||||||||||||||||||||||||||||||||||||||||
Company-owned life insurance | Company-owned life insurance | 891 | 840 | 1,767 | 1,859 | Company-owned life insurance | 7,558 | 929 | 9,325 | 2,788 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 5,549 | 2,322 | 8,304 | 4,224 | Other income | 2,035 | 2,303 | 9,989 | 6,138 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 18,753 | 14,613 | 34,532 | 30,226 | Total noninterest income | 18,185 | 15,826 | 52,717 | 46,052 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense: | Noninterest expense: | Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 22,857 | 22,645 | 47,100 | 44,515 | Salaries and employee benefits | 22,307 | 22,889 | 69,407 | 67,404 | ||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 3,879 | 3,489 | 8,322 | 7,244 | Occupancy and equipment | 3,730 | 3,850 | 12,052 | 11,094 | ||||||||||||||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 6,544 | 6,082 | 12,855 | 11,955 | Data processing | 6,468 | 6,093 | 19,323 | 18,048 | ||||||||||||||||||||||||||||||||||||||||||||||||
FDIC insurance | FDIC insurance | 1,196 | 826 | 2,525 | 1,656 | FDIC insurance | 1,107 | 977 | 3,632 | 2,633 | ||||||||||||||||||||||||||||||||||||||||||||||||
Professional | Professional | 1,663 | 1,516 | 3,423 | 3,488 | Professional | 1,554 | 1,693 | 4,977 | 5,181 | ||||||||||||||||||||||||||||||||||||||||||||||||
Marketing | Marketing | 670 | 733 | 1,373 | 1,421 | Marketing | 950 | 1,026 | 2,323 | 2,447 | ||||||||||||||||||||||||||||||||||||||||||||||||
Communications | Communications | 496 | 635 | 1,007 | 1,347 | Communications | 507 | 587 | 1,514 | 1,934 | ||||||||||||||||||||||||||||||||||||||||||||||||
Loan expense | Loan expense | 1,420 | 1,137 | 2,238 | 2,080 | Loan expense | 866 | 1,137 | 3,104 | 3,379 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 1,208 | 1,318 | 2,499 | 2,716 | Amortization of intangible assets | 1,129 | 1,361 | 3,628 | 4,077 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other expense | Other expense | 2,961 | 2,958 | 6,034 | 5,801 | Other expense | 3,420 | 3,883 | 9,454 | 9,522 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 42,894 | 41,339 | 87,376 | 82,223 | Total noninterest expense | 42,038 | 43,496 | 129,414 | 125,719 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 28,820 | 29,167 | 57,486 | 56,556 | Income before income taxes | 29,575 | 29,380 | 87,061 | 85,936 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes | 7,245 | 7,284 | 14,139 | 13,924 | Income taxes | 11,533 | 5,859 | 25,672 | 19,783 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 21,575 | 21,883 | 43,347 | 42,632 | Net income | 18,042 | 23,521 | 61,389 | 66,153 | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | Preferred dividends | 2,228 | — | 4,456 | — | Preferred dividends | 2,229 | — | 6,685 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common shareholders | Net income available to common shareholders | $ | 19,347 | $ | 21,883 | $ | 38,891 | $ | 42,632 | Net income available to common shareholders | $ | 15,813 | $ | 23,521 | $ | 54,704 | $ | 66,153 | ||||||||||||||||||||||||||||||||||||||||
Per common share data: | Per common share data: | Per common share data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.86 | $ | 0.97 | $ | 1.72 | $ | 1.89 | Basic earnings per common share | $ | 0.71 | $ | 1.04 | $ | 2.43 | $ | 2.93 | ||||||||||||||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 0.86 | $ | 0.97 | $ | 1.72 | $ | 1.89 | Diluted earnings per common share | $ | 0.71 | $ | 1.04 | $ | 2.43 | $ | 2.92 | ||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding | Weighted average common shares outstanding | 22,200,917 | 22,305,590 | 22,338,627 | 22,290,486 | Weighted average common shares outstanding | 21,970,372 | 22,338,828 | 22,214,862 | 22,306,323 | ||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average diluted common shares outstanding | Weighted average diluted common shares outstanding | 22,205,079 | 22,360,819 | 22,348,981 | 22,355,936 | Weighted average diluted common shares outstanding | 21,977,196 | 22,390,438 | 22,223,986 | 22,367,095 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 21,575 | $ | 21,883 | $ | 43,347 | $ | 42,632 | Net income | $ | 18,042 | $ | 23,521 | $ | 61,389 | $ | 66,153 | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss: | Other comprehensive loss: | Other comprehensive loss: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | Investment securities available for sale: | Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized losses that occurred during the period | Unrealized losses that occurred during the period | (8,020) | (32,659) | (2,656) | (83,435) | Unrealized losses that occurred during the period | (27,305) | (31,764) | (29,961) | (115,199) | ||||||||||||||||||||||||||||||||||||||||||||||||
Recapture of credit loss expense | Recapture of credit loss expense | — | — | — | (221) | Recapture of credit loss expense | — | — | — | (221) | ||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized net losses on sales of investment securities included in net income | Reclassification adjustment for realized net losses on sales of investment securities included in net income | 869 | 101 | 1,517 | 101 | Reclassification adjustment for realized net losses on sales of investment securities included in net income | 4,961 | 129 | 6,478 | 230 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income tax effect | Income tax effect | 1,930 | 8,953 | 308 | 22,977 | Income tax effect | 6,032 | 8,134 | 6,340 | 31,111 | ||||||||||||||||||||||||||||||||||||||||||||||||
Change in investment securities available for sale, net of tax | Change in investment securities available for sale, net of tax | (5,221) | (23,605) | (831) | (60,578) | Change in investment securities available for sale, net of tax | (16,312) | (23,501) | (17,143) | (84,079) | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | (2,331) | (2,010) | (125) | 3,095 | Net unrealized derivative (losses) gains on cash flow hedges | (205) | (2,501) | (330) | 594 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income tax effect | Income tax effect | 630 | 553 | 34 | (851) | Income tax effect | 55 | 716 | 89 | (135) | ||||||||||||||||||||||||||||||||||||||||||||||||
Change in cash flow hedges, net of tax | Change in cash flow hedges, net of tax | (1,701) | (1,457) | (91) | 2,244 | Change in cash flow hedges, net of tax | (150) | (1,785) | (241) | 459 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | (6,922) | (25,062) | (922) | (58,334) | Other comprehensive loss, net of tax | (16,462) | (25,286) | (17,384) | (83,620) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | Total comprehensive income (loss) | $ | 14,653 | $ | (3,179) | $ | 42,425 | $ | (15,702) | Total comprehensive income (loss) | $ | 1,580 | $ | (1,765) | $ | 44,005 | $ | (17,467) |
Preferred stock | 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, 2023 | $ | 110,548 | $ | 221 | $ | 447,471 | $ | 295,200 | $ | (77,797) | $ | 775,643 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2023 | Balances, June 30, 2023 | $ | 110,548 | $ | 218 | $ | 442,886 | $ | 307,888 | $ | (84,719) | $ | 776,821 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 21,575 | — | 21,575 | Net income | — | — | — | 18,042 | — | 18,042 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | — | (6,922) | (6,922) | Other comprehensive loss | — | — | — | — | (16,462) | (16,462) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common dividends declared ($0.30 per share) | Common dividends declared ($0.30 per share) | — | — | — | (6,659) | — | (6,659) | Common dividends declared ($0.30 per share) | — | — | — | (6,600) | — | (6,600) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends declared ($19.375 per share) | Preferred dividends declared ($19.375 per share) | — | — | — | (2,228) | — | (2,228) | Preferred dividends declared ($19.375 per share) | — | — | — | (2,229) | — | (2,229) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | — | (3) | (6,163) | — | — | (6,166) | Common stock repurchased | — | (3) | (6,055) | — | — | (6,058) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | — | 567 | — | — | 567 | Share-based compensation expense | — | — | 604 | — | — | 604 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under employee benefit plans | Issuance of common stock under employee benefit plans | — | 1,011 | — | — | 1,011 | Issuance of common stock under employee benefit plans | — | 1 | 131 | — | — | 132 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2023 | $ | 110,548 | $ | 218 | $ | 442,886 | $ | 307,888 | $ | (84,719) | $ | 776,821 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, September 30, 2023 | Balances, September 30, 2023 | $ | 110,548 | $ | 216 | $ | 437,566 | $ | 317,101 | $ | (101,181) | $ | 764,250 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2022 | Balances, December 31, 2022 | $ | 110,548 | $ | 222 | $ | 449,196 | $ | 282,405 | $ | (83,797) | $ | 758,574 | Balances, December 31, 2022 | $ | 110,548 | $ | 222 | $ | 449,196 | $ | 282,405 | $ | (83,797) | $ | 758,574 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 43,347 | — | 43,347 | Net income | — | — | — | 61,389 | — | 61,389 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | — | (922) | (922) | Other comprehensive loss | — | — | — | — | (17,384) | (17,384) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common dividends declared ($0.60 per share) | — | — | — | (13,408) | — | (13,408) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends declared ($38.750 per share) | — | — | — | (4,456) | — | (4,456) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common dividends declared ($0.90 per share) | Common dividends declared ($0.90 per share) | — | — | — | (20,008) | — | (20,008) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends declared ($58.125 per share) | Preferred dividends declared ($58.125 per share) | — | — | — | (6,685) | — | (6,685) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | — | (4) | (8,963) | — | — | (8,967) | Common stock repurchased | — | (7) | (15,018) | — | — | (15,025) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | — | 1,192 | — | — | 1,192 | Share-based compensation expense | — | — | 1,796 | — | — | 1,796 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under employee benefit plans | Issuance of common stock under employee benefit plans | — | — | 1,461 | — | — | 1,461 | Issuance of common stock under employee benefit plans | — | 1 | 1,592 | — | — | 1,593 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2023 | $ | 110,548 | $ | 218 | $ | 442,886 | $ | 307,888 | $ | (84,719) | $ | 776,821 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, September 30, 2023 | Balances, September 30, 2023 | $ | 110,548 | $ | 216 | $ | 437,566 | $ | 317,101 | $ | (101,181) | $ | 764,250 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | Cash flows from operating activities: | ||||||||||||||||||||||||||||||||
Net income | Net income | $ | 43,347 | $ | 42,632 | Net income | $ | 61,389 | $ | 66,153 | ||||||||||||||||||||||||
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 | 9,014 | 9,608 | Provision for credit losses | 14,182 | 16,582 | ||||||||||||||||||||||||||||
Depreciation on premises and equipment | Depreciation on premises and equipment | 2,419 | 2,445 | Depreciation on premises and equipment | 3,567 | 3,665 | ||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 2,499 | 2,716 | Amortization of intangible assets | 3,628 | 4,077 | ||||||||||||||||||||||||||||
Amortization of operating lease right-of-use asset | Amortization of operating lease right-of-use asset | 844 | 904 | Amortization of operating lease right-of-use asset | 1,241 | 1,373 | ||||||||||||||||||||||||||||
Amortization of loan servicing rights | Amortization of loan servicing rights | 172 | 1,507 | Amortization of loan servicing rights | 861 | 2,202 | ||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | 1,192 | 1,046 | Share-based compensation expense | 1,796 | 1,547 | ||||||||||||||||||||||||||||
Increase in cash surrender value of life insurance | Increase in cash surrender value of life insurance | (1,767) | (1,671) | Increase in cash surrender value of life insurance | (9,325) | (2,524) | ||||||||||||||||||||||||||||
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 (accretion) amortization, net | Investment securities (accretion) amortization, net | (808) | 1,440 | Investment securities (accretion) amortization, net | (1,424) | 1,923 | ||||||||||||||||||||||||||||
Loss on sales of investment securities, net | Loss on sales of investment securities, net | 1,517 | 101 | Loss on sales of investment securities, net | 6,478 | 230 | ||||||||||||||||||||||||||||
Gain on repurchase of subordinated debt | Gain on repurchase of subordinated debt | (676) | — | Gain on repurchase of subordinated debt | (676) | — | ||||||||||||||||||||||||||||
Gain on sales of other real estate owned | (819) | 120 | ||||||||||||||||||||||||||||||||
(Loss) gain on sales of other real estate owned | (Loss) gain on sales of other real estate owned | (819) | 131 | |||||||||||||||||||||||||||||||
Impairment on other real estate owned | Impairment on other real estate owned | — | 404 | Impairment on other real estate owned | — | 743 | ||||||||||||||||||||||||||||
Origination of loans held for sale | Origination of loans held for sale | (27,259) | (100,806) | Origination of loans held for sale | (45,690) | (123,602) | ||||||||||||||||||||||||||||
Proceeds from sales of loans held for sale | Proceeds from sales of loans held for sale | 34,344 | 203,545 | Proceeds from sales of loans held for sale | 65,291 | 252,078 | ||||||||||||||||||||||||||||
Gain on sale of loans held for sale | Gain on sale of loans held for sale | (1,144) | (799) | Gain on sale of loans held for sale | (1,712) | (1,035) | ||||||||||||||||||||||||||||
Impairment on commercial mortgage servicing rights | Impairment on commercial mortgage servicing rights | — | 1,263 | Impairment on commercial mortgage servicing rights | — | 1,263 | ||||||||||||||||||||||||||||
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 | (687) | 2,954 | Accrued interest receivable | (3,970) | 1,969 | ||||||||||||||||||||||||||||
Other assets | Other assets | (11,430) | (17,039) | Other assets | (58,408) | (37,032) | ||||||||||||||||||||||||||||
Accrued expenses and other liabilities | Accrued expenses and other liabilities | 9,995 | 4,295 | Accrued expenses and other liabilities | 30,874 | 16,593 | ||||||||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 60,753 | 154,477 | Net cash provided by operating activities | 67,283 | 206,072 | ||||||||||||||||||||||||||||
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 | (245,744) | (99,882) | Purchases of investment securities available for sale | (305,021) | (100,115) | ||||||||||||||||||||||||||||
Proceeds from sales of investment securities available for sale | Proceeds from sales of investment securities available for sale | 99,960 | 107,740 | Proceeds from sales of investment securities available for sale | 165,871 | 136,403 | ||||||||||||||||||||||||||||
Maturities and payments on investment securities available for sale | Maturities and payments on investment securities available for sale | 29,455 | 53,329 | Maturities and payments on investment securities available for sale | 43,838 | 71,305 | ||||||||||||||||||||||||||||
Purchases of equity securities | Purchases of equity securities | (192) | (379) | Purchases of equity securities | (244) | (441) | ||||||||||||||||||||||||||||
Proceeds from sales of equity securities | Proceeds from sales of equity securities | 5,148 | — | Proceeds from sales of equity securities | 5,148 | — | ||||||||||||||||||||||||||||
Net increase in loans | Net increase in loans | (76,502) | (634,229) | Net increase in loans | (6,195) | (1,065,192) | ||||||||||||||||||||||||||||
Purchases of premises and equipment | Purchases of premises and equipment | (4,688) | (928) | Purchases of premises and equipment | (7,064) | (2,088) | ||||||||||||||||||||||||||||
Proceeds from sale of premises and equipment | Proceeds from sale of premises and equipment | 50 | 143 | Proceeds from sale of premises and equipment | 104 | 158 | ||||||||||||||||||||||||||||
Purchases of nonmarketable equity securities | Purchases of nonmarketable equity securities | (66,572) | (1,860) | Purchases of nonmarketable equity securities | (157,382) | (6,360) | ||||||||||||||||||||||||||||
Proceeds from redemptions of nonmarketable equity securities | Proceeds from redemptions of nonmarketable equity securities | 65,897 | 2,500 | Proceeds from redemptions of nonmarketable equity securities | 158,372 | 3,005 | ||||||||||||||||||||||||||||
Proceeds from sales of other real estate owned | Proceeds from sales of other real estate owned | 7,346 | 505 | Proceeds from sales of other real estate owned | 7,346 | 561 | ||||||||||||||||||||||||||||
Proceeds from settlements of company-owned life insurance | — | 1,337 | ||||||||||||||||||||||||||||||||
(Purchases of) proceeds from company-owned life insurance, net | (Purchases of) proceeds from company-owned life insurance, net | (48,622) | 1,518 | |||||||||||||||||||||||||||||||
Net cash acquired in acquisitions | Net cash acquired in acquisitions | — | 60,275 | Net cash acquired in acquisitions | — | 60,275 | ||||||||||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (185,842) | (511,449) | Net cash used in investing activities | (143,849) | (900,971) | ||||||||||||||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | Cash flows from financing activities: | ||||||||||||||||||||||||||||||||
Net increase (decrease) in deposits | 61,896 | (6,004) | ||||||||||||||||||||||||||||||||
Net increase in deposits | Net increase in deposits | 40,350 | 204,810 | |||||||||||||||||||||||||||||||
Net decrease in short-term borrowings | Net decrease in short-term borrowings | (20,528) | (9,114) | Net decrease in short-term borrowings | (24,313) | (18,285) | ||||||||||||||||||||||||||||
Proceeds from FHLB borrowings | Proceeds from FHLB borrowings | 11,246,000 | 700,000 | Proceeds from FHLB borrowings | 15,996,000 | 1,900,000 | ||||||||||||||||||||||||||||
Payments made on FHLB borrowings and other borrowings | Payments made on FHLB borrowings and other borrowings | (11,131,000) | (725,000) | Payments made on FHLB borrowings and other borrowings | (15,918,000) | (1,850,000) | ||||||||||||||||||||||||||||
Payments made on subordinated debt | Payments made on subordinated debt | (5,845) | — | Payments made on subordinated debt | (5,845) | — | ||||||||||||||||||||||||||||
Proceeds from issuance of preferred stock | Proceeds from issuance of preferred stock | — | 110,548 | |||||||||||||||||||||||||||||||
Cash dividends paid on preferred stock | Cash dividends paid on preferred stock | (4,456) | — | Cash dividends paid on preferred stock | (6,685) | — | ||||||||||||||||||||||||||||
Cash dividends paid on common stock | Cash dividends paid on common stock | (13,408) | (12,934) | Cash dividends paid on common stock | (20,008) | (19,404) | ||||||||||||||||||||||||||||
Redemption of Series G preferred stock | Redemption of Series G preferred stock | — | (171) | Redemption of Series G preferred stock | — | (171) | ||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | (8,967) | (1,109) | Common stock repurchased | (15,025) | (1,109) | ||||||||||||||||||||||||||||
Proceeds from issuance of common stock under employee benefit plans | Proceeds from issuance of common stock under employee benefit plans | 1,461 | 1,050 | Proceeds from issuance of common stock under employee benefit plans | 1,593 | 1,327 | ||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 125,153 | (53,282) | ||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 64 | (410,254) | ||||||||||||||||||||||||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | 48,067 | 327,716 | |||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | Net decrease in cash and cash equivalents | (28,499) | (367,183) | |||||||||||||||||||||||||||||||
Cash and cash equivalents: | Cash and cash equivalents: | Cash and cash equivalents: | ||||||||||||||||||||||||||||||||
Beginning of period | Beginning of period | 160,631 | 680,371 | Beginning of period | 160,631 | 680,371 | ||||||||||||||||||||||||||||
End of period | End of period | $ | 160,695 | $ | 270,117 | End of period | $ | 132,132 | $ | 313,188 | ||||||||||||||||||||||||
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 | $ | 69,828 | $ | 13,746 | Interest paid on deposits and borrowed funds | $ | 114,011 | $ | 29,449 | ||||||||||||||||||||||||
Income tax paid (net of refunds) | Income tax paid (net of refunds) | 11,024 | 16,606 | Income tax paid (net of refunds) | 17,762 | 22,014 | ||||||||||||||||||||||||||||
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 | Transfer of loans to loans held for sale | — | 99,505 | ||||||||||||||||||||||||||||
Transfer of loans to other real estate owned | Transfer of loans to other real estate owned | — | 102 | Transfer of loans to other real estate owned | 278 | 517 | ||||||||||||||||||||||||||||
Right of use assets obtained in exchange for lease obligations | Right of use assets obtained in exchange for lease obligations | 1,348 | 121 | Right of use assets obtained in exchange for lease obligations | 2,459 | 502 | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
Transfer of loan servicing rights held for sale to loan servicing rights, at lower of cost or market | Transfer of loan servicing rights held for sale to loan servicing rights, at lower of cost or market | 20,745 | — | Transfer of loan servicing rights held for sale to loan servicing rights, at lower of cost or market | 20,745 | — |
Note 1: Business Description | |||||
Note 2: Basis of Presentation and Summary of Significant Accounting Policies | |||||
Note 3: Investment Securities | |||||
Note 4: Loans | |||||
Note 5: Premises, Equipment and Leases | |||||
Note 6: Loan Servicing Rights | |||||
Note 7: Derivative Instruments | |||||
Note 8: Deposits | |||||
Note 9: Short-Term Borrowings | |||||
Note 10: FHLB Advances and Other Borrowings | |||||
Note 11: Subordinated Debt | |||||
Note 12: Earnings Per Common Share | |||||
Note 13: Fair Value of Financial Instruments | |||||
Note 14: Commitments, Contingencies and Credit Risk | |||||
Note 15: Segment Information | |||||
Note 16: Revenue From Contracts with Customers |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | (dollars in thousands) | Amortized cost | Gross unrealized gains | Gross unrealized 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 | $ | 46,636 | $ | — | $ | 3,890 | $ | 42,746 | U.S. Treasury securities | $ | 1,582 | $ | — | $ | 19 | $ | 1,563 | ||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | U.S. government sponsored entities and U.S. agency securities | 77,510 | — | 4,052 | 73,458 | U.S. government sponsored entities and U.S. agency securities | 93,291 | 171 | 4,424 | 89,038 | ||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 612,214 | 640 | 74,220 | 538,634 | Mortgage-backed securities - agency | 613,484 | 13 | 96,106 | 517,391 | ||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 69,921 | — | 4,010 | 65,911 | Mortgage-backed securities - non-agency | 77,617 | 13 | 4,965 | 72,665 | ||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 64,481 | 8 | 6,995 | 57,494 | State and municipal securities | 59,521 | 3 | 9,787 | 49,737 | ||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | Collateralized loan obligations | 22,709 | — | — | 22,709 | Collateralized loan obligations | 22,662 | — | 277 | 22,385 | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | 95,172 | — | 13,409 | 81,763 | Corporate securities | 95,124 | — | 12,894 | 82,230 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total available for sale securities | Total available for sale securities | $ | 988,643 | $ | 648 | $ | 106,576 | $ | 882,715 | Total available for sale securities | $ | 963,281 | $ | 200 | $ | 128,472 | $ | 835,009 |
December 31, 2022 | |||||||||||||||||||||||||||||
(dollars in thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 86,313 | $ | 113 | $ | 5,196 | $ | 81,230 | |||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | 41,775 | 71 | 4,337 | 37,509 | |||||||||||||||||||||||||
Mortgage-backed securities - agency | 522,028 | 268 | 74,146 | 448,150 | |||||||||||||||||||||||||
Mortgage-backed securities - non-agency | 24,922 | — | 4,168 | 20,754 | |||||||||||||||||||||||||
State and municipal securities | 102,719 | 149 | 8,232 | 94,636 | |||||||||||||||||||||||||
Corporate securities | 95,266 | — | 9,311 | 85,955 | |||||||||||||||||||||||||
Total available for sale securities | $ | 873,023 | $ | 601 | $ | 105,390 | $ | 768,234 |
(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 | $ | 23,829 | $ | 23,763 | Within one year | $ | 23,769 | $ | 23,543 | ||||||||||||
After one year through five years | After one year through five years | 144,513 | 136,304 | After one year through five years | 108,735 | 103,973 | ||||||||||||||||
After five years through ten years | After five years through ten years | 48,352 | 42,895 | After five years through ten years | 118,486 | 99,614 | ||||||||||||||||
After ten years | After ten years | 89,814 | 75,208 | After ten years | 21,190 | 17,823 | ||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 682,135 | 604,545 | Mortgage-backed securities | 691,101 | 590,056 | ||||||||||||||||
Total available for sale securities | Total available for sale securities | $ | 988,643 | $ | 882,715 | Total available for sale securities | $ | 963,281 | $ | 835,009 |
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) | 2023 | 2022 | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale | Investment securities available for sale | Investment securities available for sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sales | Proceeds from sales | $ | 15,467 | $ | 107,740 | $ | 99,960 | $ | 107,740 | Proceeds from sales | $ | 65,911 | $ | 28,663 | $ | 165,871 | $ | 136,403 | ||||||||||||||||||||||||||||||||||||||||
Gross realized gains on sales | Gross realized gains on sales | — | 716 | 338 | 716 | Gross realized gains on sales | — | 113 | 338 | 829 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross realized losses on sales | Gross realized losses on sales | (869) | (817) | (1,855) | (817) | Gross realized losses on sales | (4,961) | (242) | (6,816) | (1,059) |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 970 | $ | 11 | $ | 41,776 | $ | 3,879 | $ | 42,746 | $ | 3,890 | U.S. Treasury securities | $ | 828 | $ | 9 | $ | 735 | $ | 10 | $ | 1,563 | $ | 19 | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | U.S. government sponsored entities and U.S. agency securities | 49,365 | 171 | 24,093 | 3,881 | 73,458 | 4,052 | U.S. government sponsored entities and U.S. agency securities | 56,835 | 251 | 23,787 | 4,173 | 80,622 | 4,424 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 124,341 | 2,251 | 363,472 | 71,969 | 487,813 | 74,220 | Mortgage-backed securities - agency | 175,194 | 10,090 | 337,263 | 86,016 | 512,457 | 96,106 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 21,926 | 141 | 20,147 | 3,869 | 42,073 | 4,010 | Mortgage-backed securities - non-agency | 49,181 | 359 | 18,736 | 4,606 | 67,917 | 4,965 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 8,905 | 201 | 46,959 | 6,794 | 55,864 | 6,995 | State and municipal securities | 48,303 | 9,787 | — | — | 48,303 | 9,787 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | Collateralized loan obligations | 22,385 | 277 | — | — | 22,385 | 277 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | 3,164 | 336 | 78,599 | 13,073 | 81,763 | 13,409 | Corporate securities | — | — | 82,230 | 12,894 | 82,230 | 12,894 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total available for sale securities | Total available for sale securities | $ | 208,671 | $ | 3,111 | $ | 575,046 | $ | 103,465 | $ | 783,717 | $ | 106,576 | Total available for sale securities | $ | 352,726 | $ | 20,773 | $ | 462,751 | $ | 107,699 | $ | 815,477 | $ | 128,472 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||
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 | $ | 1,839 | $ | 24 | $ | 59,865 | $ | 5,172 | $ | 61,704 | $ | 5,196 | |||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | 10,288 | 40 | 23,453 | 4,297 | 33,741 | 4,337 | |||||||||||||||||||||||||||||
Mortgage-backed securities - agency | 152,657 | 9,736 | 273,353 | 64,410 | 426,010 | 74,146 | |||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | 1,924 | 270 | 18,830 | 3,898 | 20,754 | 4,168 | |||||||||||||||||||||||||||||
State and municipal securities | 35,603 | 1,662 | 41,538 | 6,570 | 77,141 | 8,232 | |||||||||||||||||||||||||||||
Corporate securities | 39,595 | 3,400 | 46,360 | 5,911 | 85,955 | 9,311 | |||||||||||||||||||||||||||||
Total available for sale securities | $ | 241,906 | $ | 15,132 | $ | 463,399 | $ | 90,258 | $ | 705,305 | $ | 105,390 |
(dollars in thousands) | (dollars in thousands) | June 30, 2023 | December 31, 2022 | (dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Commercial: | Commercial: | Commercial: | ||||||||||||||||||||
Commercial | Commercial | $ | 875,295 | $ | 786,877 | Commercial | $ | 874,004 | $ | 786,877 | ||||||||||||
Commercial other | Commercial other | 732,616 | 727,697 | Commercial other | 697,235 | 727,697 | ||||||||||||||||
Commercial real estate: | Commercial real estate: | Commercial real estate: | ||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | 1,647,680 | 1,591,399 | Commercial real estate non-owner occupied | 1,636,168 | 1,591,399 | ||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 453,514 | 496,786 | Commercial real estate owner occupied | 439,642 | 496,786 | ||||||||||||||||
Multi-family | Multi-family | 273,939 | 277,889 | Multi-family | 269,708 | 277,889 | ||||||||||||||||
Farmland | Farmland | 68,862 | 67,085 | Farmland | 66,646 | 67,085 | ||||||||||||||||
Construction and land development | Construction and land development | 366,631 | 320,882 | Construction and land development | 416,801 | 320,882 | ||||||||||||||||
Total commercial loans | Total commercial loans | 4,418,537 | 4,268,615 | Total commercial loans | 4,400,204 | 4,268,615 | ||||||||||||||||
Residential real estate: | Residential real estate: | Residential real estate: | ||||||||||||||||||||
Residential first lien | Residential first lien | 311,796 | 304,243 | Residential first lien | 313,638 | 304,243 | ||||||||||||||||
Other residential | Other residential | 59,690 | 61,851 | Other residential | 61,573 | 61,851 | ||||||||||||||||
Consumer: | Consumer: | Consumer: | ||||||||||||||||||||
Consumer | Consumer | 108,619 | 105,880 | Consumer | 111,432 | 105,880 | ||||||||||||||||
Consumer other | Consumer other | 968,217 | 1,074,134 | Consumer other | 908,576 | 1,074,134 | ||||||||||||||||
Lease financing | Lease financing | 500,485 | 491,744 | Lease financing | 485,460 | 491,744 | ||||||||||||||||
Total loans | Total loans | $ | 6,367,344 | $ | 6,306,467 | Total loans | $ | 6,280,883 | $ | 6,306,467 |
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) | 2023 | 2022 | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 19,519 | $ | 23,374 | $ | 19,776 | $ | 13,869 | Beginning balance | $ | 21,569 | $ | 23,097 | $ | 19,776 | $ | 13,869 | ||||||||||||||||||||||||||||
New loans and other additions | New loans and other additions | 2,367 | — | 2,367 | 9,805 | New loans and other additions | — | — | 2,368 | 9,804 | ||||||||||||||||||||||||||||||||||||
Repayments and other reductions | Repayments and other reductions | (317) | (277) | (574) | (577) | Repayments and other reductions | (287) | (3,081) | (862) | (3,657) | ||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 21,569 | $ | 23,097 | $ | 21,569 | $ | 23,097 | Ending balance | $ | 21,282 | $ | 20,016 | $ | 21,282 | $ | 20,016 |
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, 2023: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in allowance for credit losses on loans for the three months ended September 30, 2023: | Changes in allowance for credit losses on loans for the three months ended September 30, 2023: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 15,762 | $ | 28,216 | $ | 2,442 | $ | 4,350 | $ | 4,129 | $ | 7,168 | $ | 62,067 | Balance, beginning of period | $ | 15,290 | $ | 29,425 | $ | 3,189 | $ | 5,551 | $ | 3,953 | $ | 7,542 | $ | 64,950 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | 196 | 2,427 | 1,049 | 1,207 | 4 | 996 | 5,879 | Provision for credit losses on loans | 7,289 | (6,176) | 385 | 209 | 228 | 3,233 | 5,168 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (1,071) | (1,544) | (334) | (54) | (260) | (771) | (4,034) | Charge-offs | (3,249) | (2,316) | (44) | (95) | (250) | (1,394) | (7,348) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 403 | 326 | 32 | 48 | 80 | 149 | 1,038 | Recoveries | 80 | 3,678 | — | 33 | 53 | 55 | 3,899 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 15,290 | $ | 29,425 | $ | 3,189 | $ | 5,551 | $ | 3,953 | $ | 7,542 | $ | 64,950 | Balance, end of period | $ | 19,410 | $ | 24,611 | $ | 3,530 | $ | 5,698 | $ | 3,984 | $ | 9,436 | $ | 66,669 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in allowance for credit losses on loans for the six months ended June 30, 2023: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in allowance for credit losses on loans for the nine months ended September 30, 2023: | Changes in allowance for credit losses on loans for the nine months ended September 30, 2023: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 14,639 | $ | 29,290 | $ | 2,435 | $ | 4,301 | $ | 3,599 | $ | 6,787 | $ | 61,051 | Balance, beginning of period | $ | 14,639 | $ | 29,290 | $ | 2,435 | $ | 4,301 | $ | 3,599 | $ | 6,787 | $ | 61,051 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | 2,194 | 2,097 | 1,056 | 1,270 | 704 | 1,693 | 9,014 | Provision for credit losses on loans | 9,483 | (4,079) | 1,441 | 1,479 | 932 | 4,926 | 14,182 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (2,040) | (2,290) | (334) | (85) | (523) | (1,161) | (6,433) | Charge-offs | (5,289) | (4,606) | (378) | (180) | (773) | (2,555) | (13,781) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 497 | 328 | 32 | 65 | 173 | 223 | 1,318 | Recoveries | 577 | 4,006 | 32 | 98 | 226 | 278 | 5,217 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 15,290 | $ | 29,425 | $ | 3,189 | $ | 5,551 | $ | 3,953 | $ | 7,542 | $ | 64,950 | Balance, end of period | $ | 19,410 | $ | 24,611 | $ | 3,530 | $ | 5,698 | $ | 3,984 | $ | 9,436 | $ | 66,669 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
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, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 1,604 | $ | 969 | $ | 2,573 | $ | 1,910 | $ | 1,111 | $ | 3,021 | Commercial | $ | 2,877 | $ | 979 | $ | 3,856 | $ | 1,910 | $ | 1,111 | $ | 3,021 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial other | Commercial other | 3,537 | — | 3,537 | 3,169 | — | 3,169 | Commercial other | 4,180 | — | 4,180 | 3,169 | — | 3,169 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | Commercial real estate: | Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | 12,016 | 9,092 | 21,108 | 1,345 | 11,899 | 13,244 | Commercial real estate non-owner occupied | 1,427 | 17,658 | 19,085 | 1,345 | 11,899 | 13,244 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 2,741 | 11,647 | 14,388 | 7,118 | — | 7,118 | Commercial real estate owner occupied | 2,168 | 9,285 | 11,453 | 7,118 | — | 7,118 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | Multi-family | 269 | 2,673 | 2,942 | 154 | 8,949 | 9,103 | Multi-family | 252 | 2,641 | 2,893 | 154 | 8,949 | 9,103 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Farmland | Farmland | 172 | — | 172 | 25 | — | 25 | Farmland | 172 | — | 172 | 25 | — | 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 2,234 | — | 2,234 | 202 | — | 202 | Construction and land development | 2,025 | — | 2,025 | 202 | — | 202 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | 22,573 | 24,381 | 46,954 | 13,923 | 21,959 | 35,882 | Total commercial loans | 13,101 | 30,563 | 43,664 | 13,923 | 21,959 | 35,882 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate: | Residential real estate: | Residential real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential first lien | Residential first lien | 2,865 | 559 | 3,424 | 2,925 | 572 | 3,497 | Residential first lien | 2,659 | 495 | 3,154 | 2,925 | 572 | 3,497 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other residential | Other residential | 495 | — | 495 | 871 | — | 871 | Other residential | 702 | — | 702 | 871 | — | 871 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | Consumer: | Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 97 | — | 97 | 120 | — | 120 | Consumer | 103 | — | 103 | 120 | — | 120 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 3,413 | — | 3,413 | 1,606 | — | 1,606 | Lease financing | 7,558 | — | 7,558 | 1,606 | — | 1,606 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 29,443 | $ | 24,940 | $ | 54,383 | $ | 19,445 | $ | 22,531 | $ | 41,976 | Total loans | $ | 24,123 | $ | 31,058 | $ | 55,181 | $ | 19,445 | $ | 22,531 | $ | 41,976 |
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, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | Commercial: | Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 2,053 | $ | 969 | $ | — | $ | 3,022 | Commercial | $ | — | $ | — | $ | 1,973 | $ | 1,973 | ||||||||||||||||||||||||||||||||||||||||
Commercial other | Commercial other | — | — | 344 | 344 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | Commercial real estate: | Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | Non-owner occupied | 19,401 | — | — | 19,401 | Non-owner occupied | 17,515 | — | — | 17,515 | ||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | Owner occupied | 11,637 | — | — | 11,637 | Owner occupied | 9,275 | — | — | 9,275 | ||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | Multi-family | 2,674 | — | — | 2,674 | Multi-family | 2,642 | — | — | 2,642 | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 2,021 | — | — | 2,021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | — | — | 955 | 955 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total collateral dependent loans | Total collateral dependent loans | $ | 35,765 | $ | 969 | $ | 955 | $ | 37,689 | Total collateral dependent loans | $ | 31,453 | $ | — | $ | 2,317 | $ | 33,770 | ||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | Commercial: | Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | — | $ | 1,604 | $ | — | $ | 1,604 | Commercial | $ | — | $ | 1,604 | $ | — | $ | 1,604 | ||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | Commercial real estate: | Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | Non-owner occupied | 13,033 | — | — | 13,033 | Non-owner occupied | 13,033 | — | — | 13,033 | ||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | Owner occupied | 3,874 | — | — | 3,874 | Owner occupied | 3,874 | — | — | 3,874 | ||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | Multi-family | 8,950 | — | — | 8,950 | Multi-family | 8,950 | — | — | 8,950 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | Residential real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential first lien | Residential first lien | 220 | — | — | 220 | Residential first lien | 220 | — | — | 220 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total collateral dependent loans | Total collateral dependent loans | $ | 26,077 | $ | 1,604 | $ | — | $ | 27,681 | Total collateral dependent loans | $ | 26,077 | $ | 1,604 | $ | — | $ | 27,681 |
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 | $ | 5,880 | $ | 5,554 | $ | — | $ | 11,434 | $ | 2,573 | $ | 861,288 | $ | 875,295 | Commercial | $ | 188 | $ | — | $ | — | $ | 188 | $ | 3,856 | $ | 869,960 | $ | 874,004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial other | Commercial other | 8,921 | 3,503 | 71 | 12,495 | 3,537 | 716,584 | 732,616 | Commercial other | 11,615 | 5,630 | 800 | 18,045 | 4,180 | 675,010 | 697,235 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | Commercial real estate: | Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | 5 | 23 | — | 28 | 21,108 | 1,626,544 | 1,647,680 | Commercial real estate non-owner occupied | 263 | 5,715 | — | 5,978 | 19,085 | 1,611,105 | 1,636,168 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 107 | — | — | 107 | 14,388 | 439,019 | 453,514 | Commercial real estate owner occupied | 373 | — | — | 373 | 11,453 | 427,816 | 439,642 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | Multi-family | — | — | — | — | 2,942 | 270,997 | 273,939 | Multi-family | — | — | — | — | 2,893 | 266,815 | 269,708 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Farmland | Farmland | 152 | — | — | 152 | 172 | 68,538 | 68,862 | Farmland | 86 | 122 | — | 208 | 172 | 66,266 | 66,646 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 200 | — | — | 200 | 2,234 | 364,197 | 366,631 | Construction and land development | — | — | — | — | 2,025 | 414,776 | 416,801 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | 15,265 | 9,080 | 71 | 24,416 | 46,954 | 4,347,167 | 4,418,537 | Total commercial loans | 12,525 | 11,467 | 800 | 24,792 | 43,664 | 4,331,748 | 4,400,204 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate: | Residential real estate: | Residential real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential first lien | Residential first lien | 6 | 115 | 36 | 157 | 3,424 | 308,215 | 311,796 | Residential first lien | 314 | — | — | 314 | 3,154 | 310,170 | 313,638 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other residential | Other residential | 39 | 33 | — | 72 | 495 | 59,123 | 59,690 | Other residential | 120 | — | — | 120 | 702 | 60,751 | 61,573 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | Consumer: | Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 405 | 31 | — | 436 | 97 | 108,086 | 108,619 | Consumer | 272 | 84 | — | 356 | 103 | 110,973 | 111,432 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Consumer other | 5,717 | 3,844 | — | 9,561 | — | 958,656 | 968,217 | Consumer other | 7,264 | 4,128 | — | 11,392 | — | 897,184 | 908,576 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 5,161 | 4,465 | 354 | 9,980 | 3,413 | 487,092 | 500,485 | Lease financing | 7,065 | 3,369 | — | 10,434 | 7,558 | 467,468 | 485,460 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 26,593 | $ | 17,568 | $ | 461 | $ | 44,622 | $ | 54,383 | $ | 6,268,339 | $ | 6,367,344 | Total loans | $ | 27,560 | $ | 19,048 | $ | 800 | $ | 47,408 | $ | 55,181 | $ | 6,178,294 | $ | 6,280,883 |
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 | $ | 7 | $ | 112 | $ | — | $ | 119 | $ | 3,021 | $ | 783,737 | $ | 786,877 | |||||||||||||||||||||||||||
Commercial other | 6,035 | 2,365 | — | 8,400 | 3,169 | 716,128 | 727,697 | ||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 1,008 | 999 | — | 2,007 | 13,244 | 1,576,148 | 1,591,399 | ||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 73 | — | — | 73 | 7,118 | 489,595 | 496,786 | ||||||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | 9,103 | 268,786 | 277,889 | ||||||||||||||||||||||||||||||||||
Farmland | — | — | — | — | 25 | 67,060 | 67,085 | ||||||||||||||||||||||||||||||||||
Construction and land development | — | 6,000 | — | 6,000 | 202 | 314,680 | 320,882 | ||||||||||||||||||||||||||||||||||
Total commercial loans | 7,123 | 9,476 | — | 16,599 | 35,882 | 4,216,134 | 4,268,615 | ||||||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||||||||||
Residential first lien | 82 | 456 | 428 | 966 | 3,497 | 299,780 | 304,243 | ||||||||||||||||||||||||||||||||||
Other residential | 188 | 13 | — | 201 | 871 | 60,779 | 61,851 | ||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||
Consumer | 139 | 18 | 12 | 169 | 120 | 105,591 | 105,880 | ||||||||||||||||||||||||||||||||||
Consumer other | 5,381 | 3,559 | 733 | 9,673 | — | 1,064,461 | 1,074,134 | ||||||||||||||||||||||||||||||||||
Lease financing | 4,415 | 1,522 | — | 5,937 | 1,606 | 484,201 | 491,744 | ||||||||||||||||||||||||||||||||||
Total loans | $ | 17,328 | $ | 15,044 | $ | 1,173 | $ | 33,545 | $ | 41,976 | $ | 6,230,946 | $ | 6,306,467 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving loans | Total | (dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Acceptable credit quality | $ | 123,578 | $ | 115,893 | $ | 92,140 | $ | 51,929 | $ | 17,118 | $ | 51,141 | $ | 383,336 | $ | 835,135 | Commercial | Acceptable credit quality | $ | 143,718 | $ | 103,740 | $ | 87,777 | $ | 45,059 | $ | 15,507 | $ | 44,549 | $ | 391,270 | $ | 831,620 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 500 | 8,030 | — | 296 | 176 | 332 | 9,334 | Special mention | — | 450 | 8,022 | — | 193 | 46 | 325 | 9,036 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 4,063 | 13,294 | 999 | — | 171 | 5,238 | 4,488 | 28,253 | Substandard | 4,056 | 13,131 | 970 | — | 258 | 5,028 | 6,049 | 29,492 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | — | 332 | — | 84 | 457 | 1,700 | 2,573 | Substandard – nonaccrual | 1,238 | — | 1,331 | 4 | 80 | 526 | 677 | 3,856 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 127,641 | 129,687 | 101,501 | 51,929 | 17,669 | 57,012 | 389,856 | 875,295 | Subtotal | 149,012 | 117,321 | 98,100 | 45,063 | 16,038 | 50,149 | 398,321 | 874,004 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial other | Acceptable credit quality | 157,807 | 227,700 | 125,632 | 81,135 | 47,722 | 9,229 | 76,954 | 726,179 | Commercial other | Acceptable credit quality | 139,732 | 212,686 | 113,154 | 70,132 | 39,647 | 33,582 | 80,837 | 689,770 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 543 | 135 | 278 | 192 | 13 | 50 | 1,211 | Special mention | 440 | — | 121 | 122 | 118 | 10 | 1,183 | 1,994 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 40 | 250 | — | — | — | — | 893 | 1,183 | Substandard | 39 | 370 | — | — | — | — | 808 | 1,217 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 326 | 977 | 837 | 710 | 579 | 108 | — | 3,537 | Substandard – nonaccrual | 928 | 865 | 1,159 | 633 | 492 | 103 | — | 4,180 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | 506 | — | — | — | — | — | 506 | Not graded | 74 | — | — | — | — | — | — | 74 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 158,173 | 229,976 | 126,604 | 82,123 | 48,493 | 9,350 | 77,897 | 732,616 | Subtotal | 141,213 | 213,921 | 114,434 | 70,887 | 40,257 | 33,695 | 82,828 | 697,235 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | Non-owner occupied | Acceptable credit quality | 103,887 | 681,398 | 382,913 | 138,251 | 84,869 | 144,947 | 7,196 | 1,543,461 | Commercial real estate | Non-owner occupied | Acceptable credit quality | 165,208 | 661,014 | 347,744 | 128,655 | 83,459 | 138,837 | 6,830 | 1,531,747 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | 183 | 467 | 162 | 12,408 | — | 13,220 | Special mention | 10,284 | — | 183 | 462 | 159 | 229 | — | 11,317 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 2,272 | — | — | 35,314 | 32,305 | — | 69,891 | Substandard | 30,358 | 1,874 | — | — | 22,764 | 19,023 | — | 74,019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | — | 676 | 999 | 7,602 | 11,831 | — | 21,108 | Substandard – nonaccrual | — | — | 359 | 999 | 7,599 | 10,128 | — | 19,085 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 103,887 | 683,670 | 383,772 | 139,717 | 127,947 | 201,491 | 7,196 | 1,647,680 | Subtotal | 205,850 | 662,888 | 348,286 | 130,116 | 113,981 | 168,217 | 6,830 | 1,636,168 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | Acceptable credit quality | 27,962 | 104,832 | 115,917 | 53,849 | 24,524 | 89,082 | 1,108 | 417,274 | Owner occupied | Acceptable credit quality | 33,707 | 99,078 | 115,574 | 51,245 | 24,094 | 80,766 | 2,313 | 406,777 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | 131 | — | 81 | 276 | 15 | 503 | Special mention | — | — | 130 | — | 76 | 181 | 11 | 398 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 7,729 | 268 | 72 | 740 | 12,540 | — | 21,349 | Substandard | — | 7,729 | 267 | 43 | 723 | 12,252 | — | 21,014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 159 | 9,663 | 2,436 | 197 | 143 | 1,486 | 304 | 14,388 | Substandard – nonaccrual | 142 | 9,443 | 338 | 183 | 142 | 901 | 304 | 11,453 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 28,121 | 122,224 | 118,752 | 54,118 | 25,488 | 103,384 | 1,427 | 453,514 | Subtotal | 33,849 | 116,250 | 116,309 | 51,471 | 25,035 | 94,100 | 2,628 | 439,642 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | Acceptable credit quality | 663 | 165,156 | 26,223 | 28,464 | 10,318 | 21,882 | 171 | 252,877 | Multi-family | Acceptable credit quality | 3,705 | 159,152 | 26,037 | 28,296 | 10,251 | 12,828 | 334 | 240,603 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | 14,621 | — | 14,621 | Special mention | — | — | — | — | — | 14,552 | — | 14,552 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | 3,499 | — | 3,499 | Substandard | 8,187 | — | — | — | — | 3,473 | — | 11,660 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | — | 899 | — | 107 | 1,936 | — | 2,942 | Substandard – nonaccrual | — | — | 899 | — | 104 | 1,890 | — | 2,893 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 663 | 165,156 | 27,122 | 28,464 | 10,425 | 41,938 | 171 | 273,939 | Subtotal | 11,892 | 159,152 | 26,936 | 28,296 | 10,355 | 32,743 | 334 | 269,708 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Farmland | Acceptable credit quality | 8,743 | 6,042 | 15,432 | 12,891 | 3,888 | 19,614 | 1,452 | 68,062 | Farmland | Acceptable credit quality | 9,256 | 4,780 | 13,878 | 12,449 | 3,758 | 18,932 | 1,483 | 64,536 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | 96 | — | 96 | Special mention | — | — | 1,451 | — | — | 96 | — | 1,547 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 14 | — | 22 | 344 | 152 | 532 | Substandard | — | — | 14 | — | 22 | 355 | — | 391 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | — | — | — | — | 124 | 48 | 172 | Substandard – nonaccrual | — | — | — | — | — | 124 | 48 | 172 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 8,743 | 6,042 | 15,446 | 12,891 | 3,910 | 20,178 | 1,652 | 68,862 | Subtotal | 9,256 | 4,780 | 15,343 | 12,449 | 3,780 | 19,507 | 1,531 | 66,646 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | Acceptable credit quality | 28,311 | 189,923 | 100,265 | 1,236 | 674 | 1,232 | 34,325 | 355,966 | Construction and land development | Acceptable credit quality | 59,680 | 201,253 | 109,569 | — | 678 | 1,145 | 33,660 | 405,985 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | 60 | — | 60 | Special mention | — | — | — | — | — | 40 | — | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 6,000 | — | — | — | — | 6,000 | Substandard | — | — | 6,000 | — | — | — | — | 6,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | — | — | — | 176 | 2,058 | — | 2,234 | Substandard – nonaccrual | — | — | — | — | — | 2,025 | — | 2,025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | 453 | 1,512 | 372 | 7 | — | 27 | — | 2,371 | Not graded | 1,012 | 1,350 | 357 | 6 | — | 26 | — | 2,751 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 28,764 | 191,435 | 106,637 | 1,243 | 850 | 3,377 | 34,325 | 366,631 | Subtotal | 60,692 | 202,603 | 115,926 | 6 | 678 | 3,236 | 33,660 | 416,801 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | Acceptable credit quality | 450,951 | 1,490,944 | 858,522 | 367,755 | 189,113 | 337,127 | 504,542 | 4,198,954 | Total | Acceptable credit quality | 555,006 | 1,441,703 | 813,733 | 335,836 | 177,394 | 330,639 | 516,727 | 4,171,038 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 1,043 | 8,479 | 745 | 731 | 27,650 | 397 | 39,045 | Special mention | 10,724 | 450 | 9,907 | 584 | 546 | 15,154 | 1,519 | 38,884 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 4,103 | 23,545 | 7,281 | 72 | 36,247 | 53,926 | 5,533 | 130,707 | Substandard | 42,640 | 23,104 | 7,251 | 43 | 23,767 | 40,131 | 6,857 | 143,793 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 485 | 10,640 | 5,180 | 1,906 | 8,691 | 18,000 | 2,052 | 46,954 | Substandard – nonaccrual | 2,308 | 10,308 | 4,086 | 1,819 | 8,417 | 15,697 | 1,029 | 43,664 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | 453 | 2,018 | 372 | 7 | — | 27 | — | 2,877 | Not graded | 1,086 | 1,350 | 357 | 6 | — | 26 | — | 2,825 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | $ | 455,992 | $ | 1,528,190 | $ | 879,834 | $ | 370,485 | $ | 234,782 | $ | 436,730 | $ | 512,524 | $ | 4,418,537 | Total commercial loans | $ | 611,764 | $ | 1,476,915 | $ | 835,334 | $ | 338,288 | $ | 210,124 | $ | 401,647 | $ | 526,132 | $ | 4,400,204 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving loans | Total | |||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Acceptable credit quality | $ | 111,087 | $ | 102,966 | $ | 61,751 | $ | 28,063 | $ | 12,547 | $ | 45,168 | $ | 404,100 | $ | 765,682 | |||||||||||||||||||||||||||||||||||
Special mention | 3,559 | 2,106 | — | 227 | 551 | 3,154 | 159 | 9,756 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 206 | 1,722 | 3,915 | 2,575 | 8,418 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | 340 | — | 132 | 83 | 246 | 2,220 | 3,021 | |||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 114,646 | 105,412 | 61,751 | 28,628 | 14,903 | 52,483 | 409,054 | 786,877 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial other | Acceptable credit quality | 283,465 | 153,788 | 105,980 | 64,218 | 15,459 | 163 | 96,509 | 719,582 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | 754 | 2,331 | 455 | — | 55 | 3,595 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard | 250 | — | — | 12 | 80 | — | 848 | 1,190 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 524 | 1,247 | 444 | 463 | 491 | — | — | 3,169 | |||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Not graded | 161 | — | — | — | — | — | — | 161 | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 284,400 | 155,035 | 107,178 | 67,024 | 16,485 | 163 | 97,412 | 727,697 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Non-owner occupied | Acceptable credit quality | 679,040 | 403,952 | 145,235 | 72,504 | 18,249 | 160,992 | 4,833 | 1,484,805 | |||||||||||||||||||||||||||||||||||||||||||
Special mention | 1,407 | 186 | 477 | 10,633 | 195 | 8,452 | — | 21,350 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard | 569 | — | 7,458 | 32,731 | 1,587 | 29,655 | — | 72,000 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | 701 | — | 48 | 10,246 | 2,249 | — | 13,244 | |||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 681,016 | 404,839 | 153,170 | 115,916 | 30,277 | 201,348 | 4,833 | 1,591,399 | |||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | Acceptable credit quality | 120,141 | 122,321 | 64,720 | 31,916 | 29,454 | 88,928 | 4,305 | 461,785 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 1,161 | — | 7,917 | — | 12,161 | 22 | 21,261 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard | 141 | 272 | 79 | 1,984 | — | 3,771 | 375 | 6,622 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 155 | 4,165 | 225 | 146 | 333 | 1,790 | 304 | 7,118 | |||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 120,437 | 127,919 | 65,024 | 41,963 | 29,787 | 106,650 | 5,006 | 496,786 | |||||||||||||||||||||||||||||||||||||||||||||
Multi-family | Acceptable credit quality | 163,647 | 31,605 | 29,458 | 208 | 24,490 | 14,574 | 1,101 | 265,083 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | 3,703 | — | 3,703 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | 927 | — | 113 | — | 8,063 | — | 9,103 | |||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 163,647 | 32,532 | 29,458 | 321 | 24,490 | 26,340 | 1,101 | 277,889 | |||||||||||||||||||||||||||||||||||||||||||||
Farmland | Acceptable credit quality | 8,659 | 16,138 | 13,467 | 4,117 | 3,129 | 19,102 | 1,593 | 66,205 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | 159 | — | 159 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 14 | — | 23 | 113 | 347 | 199 | 696 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | — | — | — | — | 25 | — | 25 | |||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 8,659 | 16,152 | 13,467 | 4,140 | 3,242 | 19,633 | 1,792 | 67,085 | |||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Acceptable credit quality | 171,243 | 79,747 | 10,676 | 8,388 | 98 | 1,420 | 37,997 | 309,569 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | 210 | — | 210 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 6,000 | — | — | 2,415 | — | — | 8,415 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | — | — | 202 | — | — | — | 202 | |||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Not graded | 2,112 | 337 | 8 | — | — | 29 | — | 2,486 | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 173,355 | 86,084 | 10,684 | 8,590 | 2,513 | 1,659 | 37,997 | 320,882 | |||||||||||||||||||||||||||||||||||||||||||||
Total | Acceptable credit quality | 1,537,282 | 910,517 | 431,287 | 209,414 | 103,426 | 330,347 | 550,438 | 4,072,711 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | 4,966 | 3,453 | 1,231 | 21,108 | 1,201 | 24,136 | 236 | 56,331 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard | 960 | 6,286 | 7,537 | 34,956 | 5,917 | 41,391 | 3,997 | 101,044 | |||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 679 | 7,380 | 669 | 1,104 | 11,153 | 12,373 | 2,524 | 35,882 | |||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Not graded | 2,273 | 337 | 8 | — | — | 29 | — | 2,647 | |||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | $ | 1,546,160 | $ | 927,973 | $ | 440,732 | $ | 266,582 | $ | 121,697 | $ | 408,276 | $ | 557,195 | $ | 4,268,615 |
Term Loans by Origination Year | Term Loans by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Total | (dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended September 30, 2023 | For the three months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | $ | 10 | $ | — | $ | — | $ | 22 | $ | 18 | $ | 60 | $ | — | $ | 110 | Commercial | Commercial | $ | — | $ | — | $ | — | $ | 28 | $ | 49 | $ | — | $ | 2,122 | $ | 2,199 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Other | 36 | 649 | 102 | 105 | 69 | — | — | 961 | Commercial Other | 1 | 728 | 106 | 75 | 121 | 19 | — | 1,050 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Commercial Real Estate | Non-owner occupied | — | — | — | — | — | — | — | — | Commercial Real Estate | Non-owner occupied | — | — | — | — | — | 2,292 | — | 2,292 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | — | — | — | — | — | 1,481 | — | 1,481 | Owner occupied | — | — | — | — | — | 21 | — | 21 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | 63 | — | 63 | Multi-family | — | — | — | — | — | 3 | — | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Farmland | — | — | — | — | — | — | — | — | Farmland | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | — | — | — | — | — | 334 | — | 334 | Construction and land development | — | — | — | — | 42 | 2 | — | 44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total gross commercial charge-offs | Total gross commercial charge-offs | $ | 46 | $ | 649 | $ | 102 | $ | 127 | $ | 87 | $ | 1,938 | $ | — | $ | 2,949 | Total gross commercial charge-offs | $ | 1 | $ | 728 | $ | 106 | $ | 103 | $ | 212 | $ | 2,337 | $ | 2,122 | $ | 5,609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2023 | For the nine months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | $ | 10 | $ | — | $ | — | $ | 22 | $ | 27 | $ | 71 | $ | — | $ | 130 | Commercial | Commercial | $ | — | $ | — | $ | — | $ | 49 | $ | 78 | $ | 21 | $ | 2,122 | $ | 2,270 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Other | 36 | 1,208 | 166 | 105 | 69 | 326 | — | 1,910 | Commercial Other | 47 | 1,936 | 272 | 180 | 190 | 394 | — | 3,019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Commercial Real Estate | Non-owner occupied | — | — | — | — | — | — | — | — | Commercial Real Estate | Non-owner occupied | — | — | — | — | — | 2,292 | — | 2,292 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | — | — | — | — | — | 1,481 | — | 1,481 | Owner occupied | — | — | — | — | — | 1,502 | — | 1,502 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | 809 | — | 809 | Multi-family | — | — | — | — | — | 812 | — | 812 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Farmland | — | — | — | — | — | — | — | — | Farmland | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | — | — | — | — | — | 334 | — | 334 | Construction and land development | — | — | — | — | 42 | 336 | — | 378 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total gross commercial charge-offs | Total gross commercial charge-offs | $ | 46 | $ | 1,208 | $ | 166 | $ | 127 | $ | 96 | $ | 3,021 | $ | — | $ | 4,664 | Total gross commercial charge-offs | $ | 47 | $ | 1,936 | $ | 272 | $ | 229 | $ | 310 | $ | 5,357 | $ | 2,122 | $ | 10,273 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Total | (dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | Residential first lien | Performing | $ | 22,642 | $ | 75,091 | $ | 38,105 | $ | 30,465 | $ | 20,236 | $ | 121,760 | $ | 36 | $ | 308,335 | Residential real estate | Residential first lien | Performing | $ | 33,360 | $ | 74,199 | $ | 37,744 | $ | 30,017 | $ | 19,931 | $ | 115,228 | $ | 5 | $ | 310,484 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 35 | 50 | — | 33 | 356 | 2,987 | — | 3,461 | Nonperforming | 185 | 50 | — | — | 140 | 2,779 | — | 3,154 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 22,677 | 75,141 | 38,105 | 30,498 | 20,592 | 124,747 | 36 | 311,796 | Subtotal | 33,545 | 74,249 | 37,744 | 30,017 | 20,071 | 118,007 | 5 | 313,638 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other residential | Performing | 1,241 | 1,269 | 443 | 481 | 962 | 2,422 | 52,378 | 59,196 | Other residential | Performing | 1,992 | 1,212 | 428 | 441 | 897 | 2,182 | 53,719 | 60,871 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | — | — | — | 184 | 310 | 494 | Nonperforming | — | — | — | — | — | 181 | 521 | 702 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 1,241 | 1,269 | 443 | 481 | 962 | 2,606 | 52,688 | 59,690 | Subtotal | 1,992 | 1,212 | 428 | 441 | 897 | 2,363 | 54,240 | 61,573 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | Performing | 17,417 | 28,154 | 36,165 | 7,561 | 2,813 | 13,851 | 2,561 | 108,522 | Consumer | Performing | 29,362 | 25,959 | 33,375 | 6,950 | 2,523 | 11,714 | 1,446 | 111,329 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | 25 | 3 | 7 | — | 59 | 3 | 97 | Nonperforming | — | 18 | 13 | — | 3 | 67 | 2 | 103 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 17,417 | 28,179 | 36,168 | 7,568 | 2,813 | 13,910 | 2,564 | 108,619 | Subtotal | 29,362 | 25,977 | 33,388 | 6,950 | 2,526 | 11,781 | 1,448 | 111,432 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Performing | 206,635 | 468,600 | 185,590 | 70,858 | 26,877 | 6,846 | 2,811 | 968,217 | Consumer other | Performing | 241,712 | 407,370 | 162,400 | 62,840 | 23,906 | 8,284 | 2,064 | 908,576 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | — | — | — | — | — | — | Nonperforming | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 206,635 | 468,600 | 185,590 | 70,858 | 26,877 | 6,846 | 2,811 | 968,217 | Subtotal | 241,712 | 407,370 | 162,400 | 62,840 | 23,906 | 8,284 | 2,064 | 908,576 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases financing | Leases financing | Performing | 96,561 | 184,332 | 92,293 | 67,347 | 41,983 | 14,202 | — | 496,718 | Leases financing | Performing | 119,863 | 170,289 | 82,538 | 58,436 | 35,734 | 11,042 | — | 477,902 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 214 | 1,723 | 387 | 313 | 633 | 497 | — | 3,767 | Nonperforming | 311 | 3,757 | 1,969 | 454 | 864 | 203 | — | 7,558 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 96,775 | 186,055 | 92,680 | 67,660 | 42,616 | 14,699 | — | 500,485 | Subtotal | 120,174 | 174,046 | 84,507 | 58,890 | 36,598 | 11,245 | — | 485,460 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | Performing | 344,496 | 757,446 | 352,596 | 176,712 | 92,871 | 159,081 | 57,786 | 1,940,988 | Total | Performing | 426,289 | 679,029 | 316,485 | 158,684 | 82,991 | 148,450 | 57,234 | 1,869,162 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 249 | 1,798 | 390 | 353 | 989 | 3,727 | 313 | 7,819 | Nonperforming | 496 | 3,825 | 1,982 | 454 | 1,007 | 3,230 | 523 | 11,517 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other loans | Total other loans | $ | 344,745 | $ | 759,244 | $ | 352,986 | $ | 177,065 | $ | 93,860 | $ | 162,808 | $ | 58,099 | $ | 1,948,807 | Total other loans | $ | 426,785 | $ | 682,854 | $ | 318,467 | $ | 159,138 | $ | 83,998 | $ | 151,680 | $ | 57,757 | $ | 1,880,679 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving loans | Total | |||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential first lien | Performing | $ | 75,449 | $ | 38,774 | $ | 31,566 | $ | 20,780 | $ | 21,691 | $ | 109,067 | $ | 336 | $ | 297,663 | |||||||||||||||||||||||||||||||||||
Nonperforming | 101 | — | 104 | 414 | 987 | 4,974 | — | 6,580 | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 75,550 | 38,774 | 31,670 | 21,194 | 22,678 | 114,041 | 336 | 304,243 | |||||||||||||||||||||||||||||||||||||||||||||
Other residential | Performing | 1,722 | 496 | 534 | 1,060 | 1,496 | 1,515 | 53,159 | 59,982 | ||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 17 | — | — | 7 | 18 | 208 | 1,619 | 1,869 | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 1,739 | 496 | 534 | 1,067 | 1,514 | 1,723 | 54,778 | 61,851 | |||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | Performing | 32,561 | 40,374 | 9,411 | 3,476 | 2,768 | 14,756 | 2,346 | 105,692 | |||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 33 | 50 | 7 | 1 | 13 | 79 | 5 | 188 | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 32,594 | 40,424 | 9,418 | 3,477 | 2,781 | 14,835 | 2,351 | 105,880 | |||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Performing | 669,015 | 260,360 | 92,148 | 34,501 | 6,637 | 5,430 | 5,310 | 1,073,401 | ||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 733 | — | — | — | — | — | — | 733 | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 669,748 | 260,360 | 92,148 | 34,501 | 6,637 | 5,430 | 5,310 | 1,074,134 | |||||||||||||||||||||||||||||||||||||||||||||
Leases financing | Performing | 215,084 | 110,294 | 84,458 | 54,684 | 21,767 | 3,088 | — | 489,375 | ||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | 522 | 736 | 818 | 254 | 39 | — | 2,369 | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 215,084 | 110,816 | 85,194 | 55,502 | 22,021 | 3,127 | — | 491,744 | |||||||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 993,831 | 450,298 | 218,117 | 114,501 | 54,359 | 133,856 | 61,151 | 2,026,113 | |||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 884 | 572 | 847 | 1,240 | 1,272 | 5,300 | 1,624 | 11,739 | |||||||||||||||||||||||||||||||||||||||||||||
Total other loans | $ | 994,715 | $ | 450,870 | $ | 218,964 | $ | 115,741 | $ | 55,631 | $ | 139,156 | $ | 62,775 | $ | 2,037,852 |
Term Loans by Origination Year | Term Loans by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Total | (dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended September 30, 2023 | For the three months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | Residential first lien | $ | — | $ | — | $ | — | $ | 3 | $ | 7 | $ | — | $ | — | $ | 10 | Residential real estate | Residential first lien | $ | — | $ | — | $ | — | $ | 33 | $ | 10 | $ | 52 | $ | — | $ | 95 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other residential | — | — | — | — | — | — | 44 | 44 | Other residential | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | Consumer | — | — | 4 | 11 | 26 | 13 | — | 54 | Consumer | Consumer | — | 25 | 8 | 7 | — | 1 | — | 41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | 18 | 30 | 7 | 2 | 1 | 148 | — | 206 | Consumer other | 14 | 13 | 2 | 3 | 3 | 174 | — | 209 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | — | 336 | 343 | 52 | — | 40 | — | 771 | Lease financing | 228 | 708 | 14 | 5 | 324 | 115 | — | 1,394 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total gross other charge-offs | Total gross other charge-offs | $ | 18 | $ | 366 | $ | 354 | $ | 68 | $ | 34 | $ | 201 | $ | 44 | $ | 1,085 | Total gross other charge-offs | $ | 242 | $ | 746 | $ | 24 | $ | 48 | $ | 337 | $ | 342 | $ | — | $ | 1,739 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2023 | For the nine months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | Residential first lien | $ | — | $ | — | $ | 9 | $ | 3 | $ | 7 | $ | — | $ | — | $ | 19 | Residential real estate | Residential first lien | $ | — | $ | — | $ | 9 | $ | 36 | $ | 17 | $ | 52 | $ | — | $ | 114 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other residential | — | — | — | — | — | 9 | 57 | 66 | Other residential | — | — | — | — | — | 9 | 57 | 66 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | Consumer | — | 1 | 9 | 11 | 31 | 33 | — | 85 | Consumer | Consumer | — | 27 | 17 | 18 | 31 | 34 | — | 127 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | 18 | 83 | 39 | 16 | 32 | 250 | — | 438 | Consumer other | 32 | 96 | 41 | 18 | 35 | 424 | — | 646 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | — | 393 | 535 | 135 | 22 | 76 | — | 1,161 | Lease financing | 228 | 1,101 | 549 | 140 | 346 | 191 | — | 2,555 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total gross other charge-offs | Total gross other charge-offs | $ | 18 | $ | 477 | $ | 592 | $ | 165 | $ | 92 | $ | 368 | $ | 57 | $ | 1,769 | Total gross other charge-offs | $ | 260 | $ | 1,224 | $ | 616 | $ | 212 | $ | 429 | $ | 710 | $ | 57 | $ | 3,508 |
June 30, | December 31, | September 30, | December 31, | |||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | ||||||||||||||||
Land | Land | $ | 16,004 | $ | 16,004 | Land | $ | 15,968 | $ | 16,004 | ||||||||||||
Buildings and improvements | Buildings and improvements | 75,469 | 71,837 | Buildings and improvements | 77,270 | 71,837 | ||||||||||||||||
Furniture and equipment | Furniture and equipment | 34,629 | 34,081 | Furniture and equipment | 34,967 | 34,081 | ||||||||||||||||
Lease right-of-use assets | Lease right-of-use assets | 7,505 | 7,001 | Lease right-of-use assets | 8,057 | 7,001 | ||||||||||||||||
Total | Total | 133,607 | 128,923 | Total | 136,262 | 128,923 | ||||||||||||||||
Accumulated depreciation | Accumulated depreciation | (52,601) | (50,630) | Accumulated depreciation | (53,521) | (50,630) | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | $ | 81,006 | $ | 78,293 | Premises and equipment, net | $ | 82,741 | $ | 78,293 |
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) | 2023 | 2022 | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||
Operating lease cost | Operating lease cost | $ | 493 | $ | 532 | $ | 977 | $ | 1,040 | Operating lease cost | $ | 472 | $ | 533 | $ | 1,449 | $ | 1,576 | ||||||||||||||||||||||||||||
Operating cash flows from leases | Operating cash flows from leases | 590 | 630 | 1,180 | 1,236 | Operating cash flows from leases | 529 | 638 | 1,709 | 1,874 | ||||||||||||||||||||||||||||||||||||
Right-of-use assets obtained in exchange for lease obligations | Right-of-use assets obtained in exchange for lease obligations | 218 | — | 1,348 | 121 | Right-of-use assets obtained in exchange for lease obligations | 1,112 | 80 | 2,459 | 502 | ||||||||||||||||||||||||||||||||||||
Weighted average remaining lease term | Weighted average remaining lease term | 8.0 years | 7.4 years | 8.0 years | 7.4 years | Weighted average remaining lease term | 7.8 years | 7.3 years | 7.8 years | 7.3 years | ||||||||||||||||||||||||||||||||||||
Weighted average discount rate | Weighted average discount rate | 3.29 | % | 2.89 | % | 3.29 | % | 2.89 | % | Weighted average discount rate | 3.39 | % | 2.88 | % | 3.39 | % | 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: | ||||||||
2023 remaining | 2023 remaining | $ | 947 | 2023 remaining | $ | 365 | ||||
2024 | 2024 | 2,020 | 2024 | 2,175 | ||||||
2025 | 2025 | 1,103 | 2025 | 1,322 | ||||||
2026 | 2026 | 975 | 2026 | 1,197 | ||||||
2027 | 2027 | 875 | 2027 | 1,101 | ||||||
Thereafter | Thereafter | 4,704 | Thereafter | 5,051 | ||||||
Total future minimum lease payments | Total future minimum lease payments | 10,624 | Total future minimum lease payments | 11,211 | ||||||
Less imputed interest | Less imputed interest | (1,357) | Less imputed interest | (1,436) | ||||||
Total operating lease liabilities | Total operating lease liabilities | $ | 9,267 | Total operating lease liabilities | $ | 9,775 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Serviced Loans | Carrying Value | Serviced Loans | Carrying Value | (dollars in thousands) | Serviced Loans | Carrying Value | Serviced Loans | Carrying Value | ||||||||||||||||||||||||||||||||||||
Commercial FHA | Commercial FHA | $ | 2,165,150 | $ | 20,473 | $ | — | $ | — | Commercial FHA | $ | 2,131,126 | $ | 19,873 | $ | — | $ | — | ||||||||||||||||||||||||||||
SBA | SBA | $ | 46,279 | $ | 649 | $ | 46,081 | $ | 656 | SBA | $ | 45,192 | $ | 600 | $ | 46,081 | $ | 656 | ||||||||||||||||||||||||||||
Residential | Residential | 240,230 | 489 | 255,298 | 549 | Residential | 232,064 | 460 | 255,298 | 549 | ||||||||||||||||||||||||||||||||||||
Commercial FHA held for sale | Commercial FHA held for sale | — | — | 2,255,617 | 20,745 | Commercial FHA held for sale | — | — | 2,255,617 | 20,745 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 2,451,659 | $ | 21,611 | $ | 2,556,996 | $ | 21,950 | Total | $ | 2,408,382 | $ | 20,933 | $ | 2,556,996 | $ | 21,950 |
Notional amount | Fair value gain | Notional amount | Fair value gain | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | (dollars in thousands) | September 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||
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 | $ | 6,127 | $ | 2,078 | $ | 119 | $ | 49 | Interest rate lock commitments | $ | 3,712 | $ | 2,078 | $ | 60 | $ | 49 | ||||||||||||||||||||||||||||
Forward commitments to sell mortgage-backed securities | Forward commitments to sell mortgage-backed securities | 8,831 | — | 55 | — | Forward commitments to sell mortgage-backed securities | 8,299 | — | 91 | — | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 14,958 | $ | 2,078 | $ | 174 | $ | 49 | Total | $ | 12,011 | $ | 2,078 | $ | 151 | $ | 49 |
Notional amount | Fair value loss | Notional amount | Fair value loss | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | (dollars in thousands) | September 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||
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 | $ | — | $ | 4,419 | $ | — | $ | 15 | Interest rate lock commitments | $ | — | $ | 4,419 | $ | — | $ | 15 | ||||||||||||||||||||||||||||
Forward commitments to sell mortgage-backed securities | Forward commitments to sell mortgage-backed securities | — | 6,669 | — | — | Forward commitments to sell mortgage-backed securities | — | 6,669 | — | — | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | 11,088 | $ | — | $ | 15 | Total | $ | — | $ | 11,088 | $ | — | $ | 15 |
(dollars in thousands) | (dollars in thousands) | June 30, 2023 | December 31, 2022 | (dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
Notional Amount | Notional Amount | $ | 225,000 | $ | 200,000 | Notional Amount | $ | 225,000 | $ | 200,000 | ||||||||||||||||||||||||
Fair value loss included in other liabilities | Fair value loss included in other liabilities | (10,124) | (9,999) | Fair value loss included in other liabilities | (10,330) | (9,999) | ||||||||||||||||||||||||||||
Tax effected amount included in accumulated other comprehensive (loss) income | Tax effected amount included in accumulated other comprehensive (loss) income | (7,391) | (7,300) | Tax effected amount included in accumulated other comprehensive (loss) income | (7,541) | (7,300) | ||||||||||||||||||||||||||||
Average remaining life | Average remaining life | 3.09 | 3.37 | Average remaining life | 2.84 | 3.37 | ||||||||||||||||||||||||||||
Weighted average pay rate | Weighted average pay rate | 7.71 | % | 7.23 | % | Weighted average pay rate | 7.93 | % | 7.23 | % | ||||||||||||||||||||||||
Weighted average receive rate | Weighted average receive rate | 5.43 | % | 5.48 | % | Weighted average receive rate | 5.46 | % | 5.48 | % |
(dollars in thousands) | (dollars in thousands) | June 30, 2023 | December 31, 2022 | (dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | $ | 1,162,909 | $ | 1,362,158 | Noninterest-bearing demand | $ | 1,154,515 | $ | 1,362,158 | ||||||||||||
Interest-bearing: | Interest-bearing: | Interest-bearing: | ||||||||||||||||||||
Checking | Checking | 2,499,693 | 2,494,073 | Checking | 2,572,224 | 2,494,073 | ||||||||||||||||
Money market | Money market | 1,226,470 | 1,184,101 | Money market | 1,090,962 | 1,184,101 | ||||||||||||||||
Savings | Savings | 624,005 | 661,932 | Savings | 582,359 | 661,932 | ||||||||||||||||
Time | Time | 913,471 | 662,388 | Time | 1,004,942 | 662,388 | ||||||||||||||||
Total deposits | Total deposits | $ | 6,426,548 | $ | 6,364,652 | Total deposits | $ | 6,405,002 | $ | 6,364,652 |
Repurchase agreements | Repurchase agreements | |||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | As of and for the six months ended June 30, 2023 | As of and for the Year Ended December 31,2022 | (dollars in thousands) | As of and for the nine months ended September 30, 2023 | As of and for the year ended December 31,2022 | ||||||||||||||||
Outstanding at period-end | Outstanding at period-end | $ | 21,783 | $ | 42,311 | Outstanding at period-end | $ | 17,998 | $ | 42,311 | ||||||||||||
Average amount outstanding | Average amount outstanding | 30,291 | 58,688 | Average amount outstanding | 26,865 | 58,688 | ||||||||||||||||
Maximum amount outstanding at any month end | Maximum amount outstanding at any month end | 43,718 | 76,807 | Maximum amount outstanding at any month end | 43,718 | 76,807 | ||||||||||||||||
Weighted average interest rate: | Weighted average interest rate: | Weighted average interest rate: | ||||||||||||||||||||
During period | During period | 0.26 | % | 0.18 | % | During period | 0.26 | % | 0.18 | % | ||||||||||||
End of period | End of period | 0.25 | % | 0.26 | % | End of period | 0.26 | % | 0.26 | % |
(dollars in thousands) | June 30, 2023 | December 31, 2022 | |||||||||
FHLB advances – fixed rate, fixed term at rates averaging 4.18% at June 30, 2023 - maturing in February 2028 | $ | 55,000 | $ | — | |||||||
FHLB advances – putable fixed rate at rates averaging 2.70% and 2.35% at June 30, 2023 and December 31, 2022, respectively – maturing through February 2028 with call provisions through February 2024 | 160,000 | 110,000 | |||||||||
FHLB advances –SOFR floater at rates averaging 6.68% and 5.92% at June 30, 2023 and December 31, 2022, respectively – maturing in October 2023 | 100,000 | 100,000 | |||||||||
FHLB advances – Short term fixed rate at rates averaging 5.18% and 4.31% at June 30, 2023 and December 31, 2022, respectively– maturing in July 2023 | 260,000 | 250,000 | |||||||||
Total FHLB advances and other borrowings | $ | 575,000 | $ | 460,000 |
(dollars in thousands) | September 30, 2023 | December 31, 2022 | |||||||||
FHLB advances – fixed rate, fixed term at rates averaging 4.18% at September 30, 2023 - maturing through February 2028 | $ | 55,000 | $ | — | |||||||
FHLB advances – putable fixed rate at rates averaging 2.76% and 2.35% at September 30, 2023 and December 31, 2022, respectively – maturing through August 2028 with call provisions through February 2024 | 160,000 | 110,000 | |||||||||
FHLB advances –SOFR floater at rates averaging 6.94% and 5.92% at September 30, 2023 and December 31, 2022, respectively – maturing in October 2023 | 100,000 | 100,000 | |||||||||
FHLB advances – Short term fixed rate at rates averaging 5.46% and 4.31% at September 30, 2023 and December 31, 2022, respectively– maturing in October 2023 | 223,000 | 250,000 | |||||||||
Total FHLB advances and other borrowings | $ | 538,000 | $ | 460,000 |
Subordinated debt | Subordinated debt | |||||||||||||||||||||||||||||||||||||||||||||
Fixed to Float | Fixed | Fixed to Float | Fixed | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Issued September 2019 | Issued September 2019 | Issued June 2015 | Total | (dollars in thousands) | Issued September 2019 | Issued September 2019 | Issued June 2015 | Total | ||||||||||||||||||||||||||||||||||||
At June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2023 | At September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Outstanding amount | Outstanding amount | $ | 66,750 | $ | 27,250 | $ | — | $ | 94,000 | Outstanding amount | $ | 66,750 | $ | 27,250 | $ | — | $ | 94,000 | ||||||||||||||||||||||||||||
Carrying amount | Carrying amount | 66,455 | 26,949 | — | 93,404 | Carrying amount | 66,514 | 26,961 | — | 93,475 | ||||||||||||||||||||||||||||||||||||
Current rate | Current rate | 5.00 | % | 5.50 | % | N/A | Current rate | 5.00 | % | 5.50 | % | N/A | ||||||||||||||||||||||||||||||||||
At December 31, 2022 | At December 31, 2022 | At December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding amount | Outstanding amount | $ | 72,750 | $ | 27,250 | $ | 550 | $ | 100,550 | Outstanding amount | $ | 72,750 | $ | 27,250 | $ | 550 | $ | 100,550 | ||||||||||||||||||||||||||||
Carrying amount | Carrying amount | 72,300 | 26,925 | 547 | 99,772 | Carrying amount | 72,300 | 26,925 | 547 | 99,772 | ||||||||||||||||||||||||||||||||||||
Current rate | Current rate | 5.00 | % | 5.50 | % | 6.50 | % | Current rate | 5.00 | % | 5.50 | % | 6.50 | % | ||||||||||||||||||||||||||||||||
Maturity date | Maturity date | 9/30/2029 | 9/30/2034 | 6/18/2025 | Maturity date | 9/30/2029 | 9/30/2034 | 6/18/2025 | ||||||||||||||||||||||||||||||||||||||
Optional redemption date | Optional redemption date | 9/30/2024 | 9/30/2029 | N/A | Optional redemption date | 9/30/2024 | 9/30/2029 | N/A | ||||||||||||||||||||||||||||||||||||||
Fixed to variable conversion date | Fixed to variable conversion date | 9/30/2024 | 9/30/2029 | N/A | Fixed to variable conversion date | 9/30/2024 | 9/30/2029 | N/A | ||||||||||||||||||||||||||||||||||||||
Variable rate | Variable rate | 3-month SOFR plus 3.61% | 3-month SOFR plus 4.05% | N/A | Variable rate | 3-month SOFR plus 3.61% | 3-month SOFR plus 4.05% | N/A | ||||||||||||||||||||||||||||||||||||||
Interest payment terms | Interest payment terms | Semiannually | Semiannually | Semiannually | Interest payment terms | Semiannually | Semiannually | Semiannually |
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) | 2023 | 2022 | 2023 | 2022 | (dollars in thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 21,575 | $ | 21,883 | $ | 43,347 | $ | 42,632 | Net income | $ | 18,042 | $ | 23,521 | $ | 61,389 | $ | 66,153 | ||||||||||||||||||||||||||||||||||||||||
Preferred dividends declared | Preferred dividends declared | (2,228) | — | (4,456) | — | Preferred dividends declared | (2,229) | — | (6,685) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common shareholders | Net income available to common shareholders | 19,347 | 21,883 | 38,891 | 42,632 | Net income available to common shareholders | 15,813 | 23,521 | 54,704 | 66,153 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common shareholder dividends | Common shareholder dividends | (6,579) | (6,397) | (13,248) | (12,786) | Common shareholder dividends | (6,524) | (6,400) | (19,772) | (19,186) | ||||||||||||||||||||||||||||||||||||||||||||||||
Unvested restricted stock award dividends | Unvested restricted stock award dividends | (80) | (73) | (160) | (148) | Unvested restricted stock award dividends | (76) | (70) | (236) | (218) | ||||||||||||||||||||||||||||||||||||||||||||||||
Undistributed earnings to unvested restricted stock awards | Undistributed earnings to unvested restricted stock awards | (149) | (171) | (300) | (334) | Undistributed earnings to unvested restricted stock awards | (105) | (185) | (405) | (519) | ||||||||||||||||||||||||||||||||||||||||||||||||
Undistributed earnings to common shareholders | Undistributed earnings to common shareholders | $ | 12,539 | $ | 15,242 | $ | 25,183 | $ | 29,364 | Undistributed earnings to common shareholders | $ | 9,108 | $ | 16,866 | $ | 34,291 | $ | 46,230 | ||||||||||||||||||||||||||||||||||||||||
Basic | Basic | Basic | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributed earnings to common shareholders | Distributed earnings to common shareholders | $ | 6,579 | $ | 6,397 | $ | 13,248 | $ | 12,786 | Distributed earnings to common shareholders | $ | 6,524 | $ | 6,400 | $ | 19,772 | $ | 19,186 | ||||||||||||||||||||||||||||||||||||||||
Undistributed earnings to common shareholders | Undistributed earnings to common shareholders | 12,539 | 15,242 | 25,183 | 29,364 | Undistributed earnings to common shareholders | 9,108 | 16,866 | 34,291 | 46,230 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total common shareholders earnings, basic | Total common shareholders earnings, basic | $ | 19,118 | $ | 21,639 | $ | 38,431 | $ | 42,150 | Total common shareholders earnings, basic | $ | 15,632 | $ | 23,266 | $ | 54,063 | $ | 65,416 | ||||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | Diluted | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributed earnings to common shareholders | Distributed earnings to common shareholders | $ | 6,579 | $ | 6,397 | $ | 13,248 | $ | 12,786 | Distributed earnings to common shareholders | $ | 6,524 | $ | 6,400 | $ | 19,772 | $ | 19,186 | ||||||||||||||||||||||||||||||||||||||||
Undistributed earnings to common shareholders | Undistributed earnings to common shareholders | 12,539 | 15,242 | 25,183 | 29,364 | Undistributed earnings to common shareholders | 9,108 | 16,866 | 34,291 | 46,230 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total common shareholders earnings | Total common shareholders earnings | 19,118 | 21,639 | 38,431 | 42,150 | Total common shareholders earnings | 15,632 | 23,266 | 54,063 | 65,416 | ||||||||||||||||||||||||||||||||||||||||||||||||
Add back: | Add back: | Add back: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Undistributed earnings reallocated from unvested restricted stock awards | Undistributed earnings reallocated from unvested restricted stock awards | — | 1 | — | 1 | Undistributed earnings reallocated from unvested restricted stock awards | — | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total common shareholders earnings, diluted | Total common shareholders earnings, diluted | $ | 19,118 | $ | 21,640 | $ | 38,431 | $ | 42,151 | Total common shareholders earnings, diluted | $ | 15,632 | $ | 23,266 | $ | 54,063 | $ | 65,417 | ||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding, basic | Weighted average common shares outstanding, basic | 22,200,917 | 22,305,590 | 22,338,627 | 22,290,486 | Weighted average common shares outstanding, basic | 21,970,372 | 22,338,828 | 22,214,862 | 22,306,323 | ||||||||||||||||||||||||||||||||||||||||||||||||
Options | Options | 4,162 | 55,229 | 10,354 | 65,450 | Options | 6,824 | 51,610 | 9,124 | 60,772 | ||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding, diluted | Weighted average common shares outstanding, diluted | 22,205,079 | 22,360,819 | 22,348,981 | 22,355,936 | Weighted average common shares outstanding, diluted | 21,977,196 | 22,390,438 | 22,223,986 | 22,367,095 | ||||||||||||||||||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.86 | $ | 0.97 | $ | 1.72 | $ | 1.89 | Basic earnings per common share | $ | 0.71 | $ | 1.04 | $ | 2.43 | $ | 2.93 | ||||||||||||||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | 0.86 | 0.97 | 1.72 | 1.89 | Diluted earnings per common share | 0.71 | 1.04 | 2.43 | 2.92 | ||||||||||||||||||||||||||||||||||||||||||||||||
Antidilutive stock options(1) | Antidilutive stock options(1) | 305,051 | 45,698 | 305,051 | 45,698 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 42,746 | $ | 42,746 | $ | — | $ | — | U.S. Treasury securities | $ | 1,563 | $ | 1,563 | $ | — | $ | — | ||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | U.S. government sponsored entities and U.S. agency securities | 73,458 | — | 73,458 | — | U.S. government sponsored entities and U.S. agency securities | 89,038 | — | 89,038 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 538,634 | — | 538,634 | — | Mortgage-backed securities - agency | 517,391 | — | 517,391 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 65,911 | — | 65,911 | — | Mortgage-backed securities - non-agency | 72,665 | — | 72,665 | — | ||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 57,494 | — | 57,494 | — | State and municipal securities | 49,737 | — | 49,737 | — | ||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | Collateralized loan obligations | 22,709 | — | 22,709 | — | Collateralized loan obligations | 22,385 | — | 22,385 | — | ||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | 81,763 | — | 81,763 | — | Corporate securities | 82,230 | — | 82,230 | — | ||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 4,288 | 4,288 | — | — | Equity securities | 4,335 | 4,335 | — | — | ||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 5,632 | — | 5,632 | — | Loans held for sale | 6,089 | — | 6,089 | — | ||||||||||||||||||||||||||||||||||||
Derivative assets | Derivative assets | 630 | — | 630 | — | Derivative assets | 646 | — | 646 | — | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 893,265 | $ | 47,034 | $ | 846,231 | $ | — | Total | $ | 846,079 | $ | 5,898 | $ | 840,181 | $ | — | ||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | $ | 10,580 | $ | — | $ | 10,580 | $ | — | Derivative liabilities | $ | 10,825 | $ | — | $ | 10,825 | $ | — | ||||||||||||||||||||||||||||
Total | Total | $ | 10,580 | $ | — | $ | 10,580 | $ | — | Total | $ | 10,825 | $ | — | $ | 10,825 | $ | — | ||||||||||||||||||||||||||||
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 | $ | 21,611 | $ | — | $ | — | $ | 21,611 | Loan servicing rights | $ | 20,933 | $ | — | $ | — | $ | 20,933 | ||||||||||||||||||||||||||||
Nonperforming loans | Nonperforming loans | 54,844 | 3,116 | 42,652 | 9,076 | Nonperforming loans | 55,981 | — | 39,485 | 16,496 | ||||||||||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | 202 | — | 202 | — | Other real estate owned | 480 | 201 | 279 | — | ||||||||||||||||||||||||||||||||||||
Assets held for sale | Assets held for sale | 187 | — | 187 | — | Assets held for sale | 182 | — | 182 | — |
December 31, 2022 | |||||||||||||||||||||||
(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 | $ | 81,230 | $ | 81,230 | $ | — | $ | — | |||||||||||||||
U.S. government sponsored entities and U.S. agency securities | 37,509 | — | 37,509 | — | |||||||||||||||||||
Mortgage-backed securities - agency | 448,150 | — | 448,150 | — | |||||||||||||||||||
Mortgage-backed securities - non-agency | 20,754 | — | 20,754 | — | |||||||||||||||||||
State and municipal securities | 94,636 | — | 94,636 | — | |||||||||||||||||||
Corporate securities | 85,955 | — | 85,955 | — | |||||||||||||||||||
Equity securities | 8,626 | 8,626 | — | — | |||||||||||||||||||
Loans held for sale | 1,286 | — | 1,286 | — | |||||||||||||||||||
Derivative assets | 481 | — | 481 | — | |||||||||||||||||||
Total | $ | 778,627 | $ | 89,856 | $ | 688,771 | $ | — | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative liabilities | $ | 10,446 | $ | — | $ | 10,446 | $ | — | |||||||||||||||
Total | $ | 10,446 | $ | — | $ | 10,446 | $ | — | |||||||||||||||
Assets measured at fair value on a non-recurring basis: | |||||||||||||||||||||||
Loan servicing rights | $ | 1,205 | $ | — | $ | — | $ | 1,205 | |||||||||||||||
Mortgage servicing rights held for sale | 20,745 | — | 20,745 | — | |||||||||||||||||||
Nonperforming loans | 49,423 | 5,478 | 34,406 | 9,539 | |||||||||||||||||||
Other real estate owned | 6,729 | — | 6,729 | — | |||||||||||||||||||
Assets held for sale | 356 | — | 356 | — |
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) | 2023 | 2022 | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage servicing rights | Commercial mortgage servicing rights | $ | — | $ | 869 | $ | — | $ | 1,263 | Commercial mortgage servicing rights | $ | — | $ | — | $ | — | $ | 1,263 | ||||||||||||||||||||||||||||||||||||||||
Nonperforming loans | Nonperforming loans | 3,573 | 10,779 | 4,676 | 11,366 | Nonperforming loans | 10,085 | 1,423 | 14,761 | 6,381 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | — | 67 | — | 404 | Other real estate owned | — | 339 | — | 743 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total losses on assets measured on a nonrecurring basis | Total losses on assets measured on a nonrecurring basis | $ | 3,573 | $ | 11,715 | $ | 4,676 | $ | 13,033 | Total losses on assets measured on a nonrecurring basis | $ | 10,085 | $ | 1,762 | $ | 14,761 | $ | 8,387 |
(dollars in thousands) | Fair value | Valuation technique | Unobservable input / assumptions | Range (weighted average)(1) | ||||||||||||||||||||||
Loan servicing rights: | ||||||||||||||||||||||||||
Commercial FHA servicing rights | 30,914 | Discounted cash flow | Prepayment speed | 4.00% - 100.00% (8.26%) | ||||||||||||||||||||||
Discount rate | 8.00% - 15.00% (8.19%) | |||||||||||||||||||||||||
SBA servicing rights | $ | Discounted cash flow | Prepayment speed | 15.62% - 16.02% (15.87%) | ||||||||||||||||||||||
Discount rate | No range (14.25%) | |||||||||||||||||||||||||
Residential servicing rights | Discounted cash flow | Prepayment speed | 7.20% -26.28% (7.50%) | |||||||||||||||||||||||
Discount rate | 9.25% - 11.75% (10.38%) | |||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
Loan servicing rights: | ||||||||||||||||||||||||||
SBA servicing rights | 876 | Discounted cash flow | Prepayment speed | 14.49% - 15.44% (15.00%) | ||||||||||||||||||||||
Discount rate | No range (13.00%) | |||||||||||||||||||||||||
Residential servicing rights | 2,770 | Discounted cash flow | Prepayment speed | 7.56% - 26.28% (7.92%) | ||||||||||||||||||||||
Discount rate | 9.00% - 11.50% (10.13%) | |||||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential loans held for sale | Residential loans held for sale | $ | 5,632 | $ | 212 | $ | 5,421 | $ | 1,286 | $ | 42 | $ | 1,244 | Residential loans held for sale | $ | 6,089 | $ | 142 | $ | 5,947 | $ | 1,286 | $ | 42 | $ | 1,244 |
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) | 2023 | 2022 | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans held for sale | $ | — | $ | (18) | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential loans held for sale | Residential loans held for sale | 50 | 104 | 149 | (277) | Residential loans held for sale | (37) | (280) | 112 | (557) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total loans held for sale | Total loans held for sale | $ | 50 | $ | 86 | $ | 149 | $ | (277) | Total loans held for sale | $ | (37) | $ | (280) | $ | 112 | $ | (557) |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 159,637 | $ | 159,637 | $ | 159,637 | $ | — | $ | — | Cash and due from banks | $ | 131,179 | $ | 131,179 | $ | 131,179 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | 1,058 | 1,058 | 1,058 | — | — | Federal funds sold | 953 | 953 | 953 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | 6,367,344 | 6,153,641 | — | — | 6,153,641 | Loans | 6,280,883 | 6,176,092 | — | — | 6,176,092 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 21,000 | 21,000 | — | 21,000 | — | Accrued interest receivable | 24,283 | 24,283 | — | 24,283 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | $ | 6,426,548 | $ | 6,413,857 | $ | — | $ | 6,413,857 | $ | — | Deposits | $ | 6,405,002 | $ | 6,392,040 | $ | — | $ | 6,392,040 | $ | — | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 21,783 | 21,783 | — | 21,783 | — | Short-term borrowings | 17,998 | 17,998 | — | 17,998 | — | ||||||||||||||||||||||||||||||||||||||||||||||
FHLB and other borrowings | FHLB and other borrowings | 575,000 | 571,334 | — | 571,334 | — | FHLB and other borrowings | 538,000 | 533,614 | — | 533,614 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 93,404 | 89,232 | — | 89,232 | — | Subordinated debt | 93,475 | 87,263 | — | 87,263 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred debentures | Trust preferred debentures | 50,296 | 51,700 | — | 51,700 | — | Trust preferred debentures | 50,457 | 50,717 | — | 50,717 | — |
December 31, 2022 | |||||||||||||||||||||||||||||
(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 | $ | 143,035 | $ | 143,035 | $ | 143,035 | $ | — | $ | — | |||||||||||||||||||
Federal funds sold | 7,286 | 7,286 | 7,286 | — | — | ||||||||||||||||||||||||
Loans | 6,306,467 | 6,121,026 | — | — | 6,121,026 | ||||||||||||||||||||||||
Accrued interest receivable | 20,313 | 20,313 | — | 20,313 | — | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Deposits | $ | 6,364,652 | $ | 6,344,534 | $ | — | $ | 6,344,534 | $ | — | |||||||||||||||||||
Short-term borrowings | 42,311 | 42,311 | — | 42,311 | — | ||||||||||||||||||||||||
FHLB and other borrowings | 460,000 | 457,998 | — | 457,998 | — | ||||||||||||||||||||||||
Subordinated debt | 99,772 | 95,301 | — | 95,301 | — | ||||||||||||||||||||||||
Trust preferred debentures | 49,975 | 54,668 | — | 54,668 | — | ||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | June 30, 2023 | December 31, 2022 | (dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Commitments to extend credit | Commitments to extend credit | $ | 1,083,981 | $ | 1,276,263 | Commitments to extend credit | $ | 1,001,228 | $ | 1,276,263 | ||||||||||||
Financial guarantees – standby letters of credit | Financial guarantees – standby letters of credit | 22,884 | 23,748 | Financial guarantees – standby letters of credit | 27,302 | 23,748 |
(dollars in thousands) | (dollars in thousands) | Banking | Wealth Management | Other | Total | (dollars in thousands) | Banking | Wealth Management | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | Net interest income (expense) | $ | 61,035 | $ | — | $ | (2,195) | $ | 58,840 | Net interest income (expense) | $ | 60,817 | $ | (3) | $ | (2,218) | $ | 58,596 | ||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 5,879 | — | — | 5,879 | Provision for credit losses | 5,168 | — | — | 5,168 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 11,874 | 6,269 | 610 | 18,753 | Noninterest income | 12,007 | 6,288 | (110) | 18,185 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 38,550 | 4,675 | (331) | 42,894 | Noninterest expense | 37,272 | 5,023 | (257) | 42,038 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes (benefit) | Income (loss) before income taxes (benefit) | 28,480 | 1,594 | (1,254) | 28,820 | Income (loss) before income taxes (benefit) | 30,384 | 1,262 | (2,071) | 29,575 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes (benefit) | Income taxes (benefit) | 7,326 | 445 | (526) | 7,245 | Income taxes (benefit) | 11,475 | 913 | (855) | 11,533 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 21,154 | $ | 1,149 | $ | (728) | $ | 21,575 | Net income (loss) | $ | 18,909 | $ | 349 | $ | (1,216) | $ | 18,042 | ||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 8,025,617 | $ | 30,249 | $ | (21,145) | $ | 8,034,721 | Total assets | $ | 7,964,147 | $ | 30,860 | $ | (19,082) | $ | 7,975,925 | ||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | Net interest income (expense) | $ | 123,643 | $ | — | $ | (4,299) | $ | 119,344 | Net interest income (expense) | $ | 184,460 | $ | (3) | $ | (6,517) | $ | 177,940 | ||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 9,014 | — | — | 9,014 | Provision for credit losses | 14,182 | — | — | 14,182 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 21,495 | 12,680 | 357 | 34,532 | Noninterest income | 33,502 | 18,968 | 247 | 52,717 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 78,397 | 9,516 | (537) | 87,376 | Noninterest expense | 115,669 | 14,539 | (794) | 129,414 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes (benefit) | Income (loss) before income taxes (benefit) | 57,727 | 3,164 | (3,405) | 57,486 | Income (loss) before income taxes (benefit) | 88,111 | 4,426 | (5,476) | 87,061 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes (benefit) | Income taxes (benefit) | 14,532 | 884 | (1,277) | 14,139 | Income taxes (benefit) | 26,007 | 1,797 | (2,132) | 25,672 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 43,195 | $ | 2,280 | $ | (2,128) | $ | 43,347 | Net income (loss) | $ | 62,104 | $ | 2,629 | $ | (3,344) | $ | 61,389 | ||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 8,025,617 | $ | 30,249 | $ | (21,145) | $ | 8,034,721 | Total assets | $ | 7,964,147 | $ | 30,860 | $ | (19,082) | $ | 7,975,925 | ||||||||||||||||||||||||||||||||||||||||
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, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 5,356 | $ | 5,139 | $ | 10,992 | $ | 11,121 | Trust management/administration fees | $ | 5,470 | $ | 5,241 | $ | 16,462 | $ | 16,362 | ||||||||||||||||||||||||||||||||||||||||
Investment brokerage fees | Investment brokerage fees | 430 | 543 | 861 | 1,141 | Investment brokerage fees | 420 | 482 | 1,281 | 1,623 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 483 | 461 | 827 | 1,020 | Other | 398 | 476 | 1,225 | 1,496 | ||||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts: | Service charges on deposit accounts: | Service charges on deposit accounts: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonsufficient fund fees | Nonsufficient fund fees | 1,741 | 1,524 | 3,439 | 2,856 | Nonsufficient fund fees | 1,950 | 1,775 | 5,389 | 4,631 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 936 | 780 | 1,806 | 1,516 | Other | 1,199 | 1,008 | 3,355 | 2,913 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interchange revenues | Interchange revenues | 3,696 | 3,590 | 7,108 | 6,870 | Interchange revenues | 3,609 | 3,531 | 10,717 | 10,401 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other income: | Other income: | Other income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merchant services revenue | Merchant services revenue | 398 | 399 | 756 | 755 | Merchant services revenue | 409 | 448 | 1,165 | 1,203 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 1,403 | 671 | 2,033 | 1,439 | Other | (66) | 661 | 1,618 | 1,711 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income - out-of-scope of Topic 606 | Noninterest income - out-of-scope of Topic 606 | 4,310 | 1,506 | 6,710 | 3,508 | Noninterest income - out-of-scope of Topic 606 | 4,796 | 2,204 | 11,505 | 5,712 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | $ | 18,753 | $ | 14,613 | $ | 34,532 | $ | 30,226 | Total noninterest income | $ | 18,185 | $ | 15,826 | $ | 52,717 | $ | 46,052 |
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) | 2023 | 2022 | 2023 | 2022 | (dollars in thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement Data: | Income Statement Data: | Income Statement Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | $ | 100,491 | $ | 69,236 | $ | 196,030 | $ | 131,984 | Interest income | $ | 103,585 | $ | 79,556 | $ | 299,615 | $ | 211,540 | ||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 41,651 | 7,902 | 76,686 | 13,823 | Interest expense | 44,989 | 15,532 | 121,675 | 29,355 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 58,840 | 61,334 | 119,344 | 118,161 | Net interest income | 58,596 | 64,024 | 177,940 | 182,185 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 5,879 | 5,441 | 9,014 | 9,608 | Provision for credit losses | 5,168 | 6,974 | 14,182 | 16,582 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 18,753 | 14,613 | 34,532 | 30,226 | Noninterest income | 18,185 | 15,826 | 52,717 | 46,052 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 42,894 | 41,339 | 87,376 | 82,223 | Noninterest expense | 42,038 | 43,496 | 129,414 | 125,719 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 28,820 | 29,167 | 57,486 | 56,556 | Income before income taxes | 29,575 | 29,380 | 87,061 | 85,936 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes | 7,245 | 7,284 | 14,139 | 13,924 | Income taxes | 11,533 | 5,859 | 25,672 | 19,783 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 21,575 | 21,883 | 43,347 | 42,632 | Net income | 18,042 | 23,521 | 61,389 | 66,153 | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | Preferred dividends | 2,228 | — | 4,456 | — | Preferred dividends | 2,229 | — | 6,685 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common shareholders | Net income available to common shareholders | $ | 19,347 | $ | 21,883 | $ | 38,891 | $ | 42,632 | Net income available to common shareholders | $ | 15,813 | $ | 23,521 | $ | 54,704 | $ | 66,153 | ||||||||||||||||||||||||||||||||||||||||
Per Share Data: | Per Share Data: | Per Share Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.86 | $ | 0.97 | $ | 1.72 | $ | 1.89 | Basic earnings per common share | $ | 0.71 | $ | 1.04 | $ | 2.43 | $ | 2.93 | ||||||||||||||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 0.86 | $ | 0.97 | 1.72 | 1.89 | Diluted earnings per common share | $ | 0.71 | $ | 1.04 | 2.43 | 2.92 | ||||||||||||||||||||||||||||||||||||||||||||
Performance Metrics: | Performance Metrics: | Performance Metrics: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average assets | Return on average assets | 1.09 | % | 1.19 | % | 1.10 | % | 1.17 | % | Return on average assets | 0.91 | % | 1.22 | % | 1.04 | % | 1.19 | % | ||||||||||||||||||||||||||||||||||||||||
Return on average shareholders' equity | Return on average shareholders' equity | 11.14 | % | 13.65 | % | 11.32 | % | 13.22 | % | Return on average shareholders' equity | 9.28 | % | 13.31 | % | 10.63 | % | 13.26 | % |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 67,377 | $ | 852 | 5.07 | % | $ | 226,517 | $ | 468 | 0.83 | % | Federal funds sold and cash investments | $ | 78,391 | $ | 1,036 | 5.24 | % | $ | 195,657 | $ | 1,125 | 2.28 | % | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable investment securities | Taxable investment securities | 809,299 | 6,899 | 3.42 | 714,611 | 4,055 | 2.27 | Taxable investment securities | 813,582 | 7,475 | 3.65 | 653,277 | 3,765 | 2.31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities exempt from federal income tax (1) | Investment securities exempt from federal income tax (1) | 52,110 | 387 | 2.98 | 104,316 | 876 | 3.36 | Investment securities exempt from federal income tax (1) | 49,416 | 347 | 2.79 | 95,745 | 795 | 3.32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities | Total securities | 861,409 | 7,286 | 3.39 | 818,927 | 4,931 | 2.41 | Total securities | 862,998 | 7,822 | 3.60 | 749,022 | 4,560 | 2.44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (2) | Loans (2) | 6,301,723 | 91,350 | 5.81 | 5,609,232 | 62,943 | 4.50 | Loans (2) | 6,245,179 | 93,488 | 5.94 | 5,973,378 | 72,901 | 4.84 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans exempt from federal income tax (1) | Loans exempt from federal income tax (1) | 54,289 | 540 | 3.99 | 68,559 | 651 | 3.81 | Loans exempt from federal income tax (1) | 52,389 | 630 | 4.77 | 66,980 | 667 | 3.95 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | 6,356,012 | 91,890 | 5.80 | 5,677,791 | 63,594 | 4.49 | Total loans | 6,297,568 | 94,118 | 5.93 | 6,040,358 | 73,568 | 4.83 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 4,067 | 59 | 5.79 | 9,865 | 77 | 3.15 | Loans held for sale | 6,078 | 104 | 6.80 | 6,044 | 60 | 3.87 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonmarketable equity securities | Nonmarketable equity securities | 45,028 | 599 | 5.33 | 36,338 | 487 | 5.38 | Nonmarketable equity securities | 39,347 | 710 | 7.16 | 37,765 | 550 | 5.78 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 7,333,893 | 100,686 | 5.51 | 6,769,438 | 69,557 | 4.12 | Total interest-earning assets | 7,284,382 | 103,790 | 5.65 | 7,028,846 | 79,863 | 4.51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | Noninterest-earning assets | 612,238 | 615,348 | Noninterest-earning assets | 622,969 | 618,138 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 7,946,131 | $ | 7,384,786 | Total assets | $ | 7,907,351 | $ | 7,646,984 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking and money market deposits | Checking and money market deposits | $ | 3,771,823 | $ | 27,502 | 2.92 | % | $ | 3,366,774 | $ | 2,903 | 0.35 | % | Checking and money market deposits | $ | 3,770,735 | $ | 29,401 | 3.09 | % | $ | 3,558,696 | $ | 9,032 | 1.01 | % | ||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 626,818 | 396 | 0.25 | 719,204 | 87 | 0.05 | Savings deposits | 604,475 | 506 | 0.33 | 718,970 | 149 | 0.08 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 804,580 | 5,132 | 2.56 | 615,614 | 770 | 0.50 | Time deposits | 865,263 | 6,441 | 2.95 | 630,201 | 1,018 | 0.64 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered time deposits | Brokered time deposits | 55,967 | 587 | 4.21 | 17,167 | 50 | 1.16 | Brokered time deposits | 113,883 | 1,421 | 4.95 | 14,478 | 50 | 1.35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 5,259,188 | 33,617 | 2.56 | 4,718,759 | 3,810 | 0.32 | Total interest-bearing deposits | 5,354,356 | 37,769 | 2.80 | 4,922,345 | 10,249 | 0.83 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 22,018 | 14 | 0.26 | 59,301 | 22 | 0.15 | Short-term borrowings | 20,127 | 14 | 0.28 | 58,271 | 28 | 0.19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances and other borrowings | FHLB advances and other borrowings | 471,989 | 5,396 | 4.59 | 307,611 | 1,435 | 1.87 | FHLB advances and other borrowings | 402,500 | 4,557 | 4.49 | 340,163 | 2,424 | 2.83 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 97,278 | 1,335 | 5.51 | 139,232 | 2,011 | 5.78 | Subordinated debt | 93,441 | 1,280 | 5.43 | 139,324 | 2,010 | 5.77 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred debentures | Trust preferred debentures | 50,218 | 1,289 | 10.29 | 49,602 | 624 | 5.05 | Trust preferred debentures | 50,379 | 1,369 | 10.78 | 49,751 | 821 | 6.54 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 5,900,691 | 41,651 | 2.83 | 5,274,505 | 7,902 | 0.60 | Total interest-bearing liabilities | 5,920,803 | 44,989 | 3.01 | 5,509,854 | 15,532 | 1.12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | Noninterest-bearing liabilities: | Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | Noninterest-bearing deposits | 1,187,584 | 1,401,268 | Noninterest-bearing deposits | 1,116,988 | 1,372,626 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | Other noninterest-bearing liabilities | 81,065 | 66,009 | Other noninterest-bearing liabilities | 97,935 | 63,638 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities | Total noninterest-bearing liabilities | 1,268,649 | 1,467,277 | Total noninterest-bearing liabilities | 1,214,923 | 1,436,264 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 776,791 | 643,004 | Shareholders’ equity | 771,625 | 700,866 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 7,946,131 | $ | 7,384,786 | Total liabilities and shareholders’ equity | $ | 7,907,351 | $ | 7,646,984 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income / net interest margin (3) | Net interest income / net interest margin (3) | $ | 59,035 | 3.23 | % | $ | 61,655 | 3.65 | % | Net interest income / net interest margin (3) | $ | 58,801 | 3.20 | % | $ | 64,331 | 3.63 | % |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 76,201 | $ | 1,832 | 4.85 | % | $ | 304,938 | $ | 639 | 0.42 | % | Federal funds sold and cash investments | $ | 76,939 | $ | 2,868 | 4.98 | % | $ | 268,111 | $ | 1,764 | 0.88 | % | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable investment securities | Taxable investment securities | 770,403 | 12,269 | 3.19 | 737,569 | 7,952 | 2.16 | Taxable investment securities | 784,954 | 19,744 | 3.35 | 709,163 | 11,717 | 2.20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities exempt from federal income tax (1) | Investment securities exempt from federal income tax (1) | 65,368 | 1,012 | 3.10 | 119,002 | 1,942 | 3.26 | Investment securities exempt from federal income tax (1) | 59,992 | 1,359 | 3.02 | 111,165 | 2,736 | 3.28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities | Total securities | 835,771 | 13,281 | 3.18 | 856,571 | 9,894 | 2.31 | Total securities | 844,946 | 21,103 | 3.33 | 820,328 | 14,453 | 2.35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (2) | Loans (2) | 6,283,259 | 178,809 | 5.74 | 5,406,467 | 119,529 | 4.46 | Loans (2) | 6,270,427 | 272,297 | 5.81 | 5,597,514 | 192,430 | 4.60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans exempt from federal income tax (1) | Loans exempt from federal income tax (1) | 55,046 | 1,078 | 3.95 | 70,570 | 1,344 | 3.84 | Loans exempt from federal income tax (1) | 54,151 | 1,708 | 4.22 | 69,360 | 2,012 | 3.88 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | 6,338,305 | 179,887 | 5.72 | 5,477,037 | 120,873 | 4.45 | Total loans | 6,324,578 | 274,005 | 5.79 | 5,666,874 | 194,442 | 4.59 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 2,794 | 75 | 5.42 | 20,501 | 297 | 2.93 | Loans held for sale | 3,900 | 179 | 6.14 | 15,629 | 357 | 3.05 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonmarketable equity securities | Nonmarketable equity securities | 46,416 | 1,394 | 6.05 | 36,358 | 971 | 5.39 | Nonmarketable equity securities | 44,034 | 2,104 | 6.39 | 36,832 | 1,521 | 5.52 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 7,299,487 | 196,469 | 5.43 | 6,695,405 | 132,674 | 4.00 | Total interest-earning assets | 7,294,397 | 300,259 | 5.50 | 6,807,774 | 212,537 | 4.17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | Noninterest-earning assets | 611,528 | 623,224 | Noninterest-earning assets | 615,383 | 621,510 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 7,911,015 | $ | 7,318,629 | Total assets | $ | 7,909,780 | $ | 7,429,284 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking and money market deposits | Checking and money market deposits | $ | 3,729,261 | $ | 50,457 | 2.73 | % | $ | 3,266,076 | $ | 4,156 | 0.26 | % | Checking and money market deposits | $ | 3,743,483 | $ | 79,858 | 2.85 | % | $ | 3,364,552 | $ | 13,188 | 0.52 | % | ||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 638,413 | 639 | 0.20 | 707,111 | 137 | 0.04 | Savings deposits | 626,976 | 1,145 | 0.24 | 711,108 | 287 | 0.05 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 754,090 | 8,253 | 2.21 | 621,274 | 1,570 | 0.51 | Time deposits | 791,555 | 14,694 | 2.48 | 624,282 | 2,588 | 0.55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered time deposits | Brokered time deposits | 35,384 | 673 | 3.84 | 19,290 | 108 | 1.13 | Brokered time deposits | 61,838 | 2,094 | 4.53 | 17,668 | 157 | 1.19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 5,157,148 | 60,022 | 2.35 | 4,613,751 | 5,971 | 0.26 | Total interest-bearing deposits | 5,223,852 | 97,791 | 2.50 | 4,717,610 | 16,220 | 0.46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 30,291 | 39 | 0.26 | 64,642 | 45 | 0.14 | Short-term borrowings | 26,865 | 53 | 0.26 | 62,495 | 73 | 0.16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances and other borrowings | FHLB advances and other borrowings | 505,945 | 11,402 | 4.54 | 309,436 | 2,647 | 1.72 | FHLB advances and other borrowings | 471,084 | 15,959 | 4.53 | 319,791 | 5,071 | 2.12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 98,538 | 2,705 | 5.54 | 139,186 | 4,022 | 5.78 | Subordinated debt | 96,820 | 3,985 | 5.49 | 139,233 | 6,032 | 5.78 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred debentures | Trust preferred debentures | 50,133 | 2,518 | 10.13 | 49,527 | 1,138 | 4.64 | Trust preferred debentures | 50,216 | 3,887 | 10.35 | 49,603 | 1,959 | 5.28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 5,842,055 | 76,686 | 2.65 | 5,176,542 | 13,823 | 0.54 | Total interest-bearing liabilities | 5,868,837 | 121,675 | 2.77 | 5,288,732 | 29,355 | 0.74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | Noninterest-bearing liabilities: | Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | Noninterest-bearing deposits | 1,219,050 | 1,418,083 | Noninterest-bearing deposits | 1,184,410 | 1,402,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | Other noninterest-bearing liabilities | 77,895 | 73,878 | Other noninterest-bearing liabilities | 84,650 | 70,427 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities | Total noninterest-bearing liabilities | 1,296,945 | 1,491,961 | Total noninterest-bearing liabilities | 1,269,060 | 1,473,327 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 772,015 | 650,126 | Shareholders’ equity | 771,883 | 667,225 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 7,911,015 | $ | 7,318,629 | Total liabilities and shareholders’ equity | $ | 7,909,780 | $ | 7,429,284 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income / net interest margin (3) | Net interest income / net interest margin (3) | $ | 119,783 | 3.31 | % | $ | 118,851 | 3.58 | % | Net interest income / net interest margin (3) | $ | 178,584 | 3.27 | % | $ | 183,182 | 3.60 | % |
Three Months Ended June 30, 2023 compared with Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 compared with Six Months Ended June 30, 2022 | Three Months Ended September 30, 2023 compared with Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2023 compared with Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | Interest Variance | Volume | Rate | Interest Variance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNING ASSETS: | EARNING ASSETS: | EARNING ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and cash investments | Federal funds sold and cash investments | $ | (1,171) | $ | 1,555 | $ | 384 | $ | (2,989) | $ | 4,182 | $ | 1,193 | Federal funds sold and cash investments | $ | (1,112) | $ | 1,023 | $ | (89) | $ | (4,189) | $ | 5,293 | $ | 1,104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable investment securities | Taxable investment securities | 670 | 2,174 | 2,844 | 438 | 3,879 | 4,317 | Taxable investment securities | 1,204 | 2,506 | 3,710 | 1,579 | 6,448 | 8,027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities exempt from federal income tax | Investment securities exempt from federal income tax | (414) | (75) | (489) | (853) | (77) | (930) | Investment securities exempt from federal income tax | (355) | (93) | (448) | (1,210) | (167) | (1,377) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities | Total securities | 256 | 2,099 | 2,355 | (415) | 3,802 | 3,387 | Total securities | 849 | 2,413 | 3,262 | 369 | 6,281 | 6,650 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | 8,904 | 19,503 | 28,407 | 22,168 | 37,112 | 59,280 | Loans | 3,693 | 16,894 | 20,587 | 26,178 | 53,689 | 79,867 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans exempt from federal income tax | Loans exempt from federal income tax | (139) | 28 | (111) | (300) | 34 | (266) | Loans exempt from federal income tax | (160) | 123 | (37) | (460) | 156 | (304) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | 8,765 | 19,531 | 28,296 | 21,868 | 37,146 | 59,014 | Total loans | 3,533 | 17,017 | 20,550 | 25,718 | 53,845 | 79,563 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | (64) | 46 | (18) | (366) | 144 | (222) | Loans held for sale | — | 44 | 44 | (403) | 225 | (178) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonmarketable equity securities | Nonmarketable equity securities | 116 | (4) | 112 | 286 | 137 | 423 | Nonmarketable equity securities | 26 | 134 | 160 | 321 | 262 | 583 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | Total earning assets | $ | 7,902 | $ | 23,227 | $ | 31,129 | $ | 18,384 | $ | 45,411 | $ | 63,795 | Total earning assets | $ | 3,296 | $ | 20,631 | $ | 23,927 | $ | 21,816 | $ | 65,906 | $ | 87,722 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTEREST-BEARING LIABILITIES: | INTEREST-BEARING LIABILITIES: | INTEREST-BEARING LIABILITIES: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking and money market deposits | Checking and money market deposits | $ | 1,651 | $ | 22,948 | $ | 24,599 | $ | 3,428 | $ | 42,873 | $ | 46,301 | Checking and money market deposits | $ | 1,090 | $ | 19,279 | $ | 20,369 | $ | 4,780 | $ | 61,890 | $ | 66,670 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | (35) | 344 | 309 | (41) | 543 | 502 | Savings deposits | (60) | 417 | 357 | (94) | 952 | 858 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 721 | 3,641 | 4,362 | 894 | 5,789 | 6,683 | Time deposits | 1,065 | 4,358 | 5,423 | 1,899 | 10,207 | 12,106 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 260 | 277 | 537 | 198 | 367 | 565 | Brokered deposits | 789 | 582 | 1,371 | 945 | 992 | 1,937 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 2,597 | 27,210 | 29,807 | 4,479 | 49,572 | 54,051 | Total interest-bearing deposits | 2,884 | 24,636 | 27,520 | 7,530 | 74,041 | 81,571 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | (19) | 11 | (8) | (34) | 28 | (6) | Short-term borrowings | (22) | 8 | (14) | (55) | 35 | (20) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances and other borrowings | FHLB advances and other borrowings | 1,323 | 2,638 | 3,961 | 3,055 | 5,700 | 8,755 | FHLB advances and other borrowings | 575 | 1,558 | 2,133 | 3,762 | 7,126 | 10,888 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | (594) | (82) | (676) | (1,141) | (176) | (1,317) | Subordinated debt | (637) | (93) | (730) | (1,789) | (258) | (2,047) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred debentures | Trust preferred debentures | 12 | 653 | 665 | 22 | 1,358 | 1,380 | Trust preferred debentures | 13 | 535 | 548 | 36 | 1,892 | 1,928 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | $ | 3,319 | $ | 30,430 | $ | 33,749 | 6,381 | 56,482 | 62,863 | Total interest-bearing liabilities | $ | 2,813 | $ | 26,644 | $ | 29,457 | $ | 9,484 | $ | 82,836 | $ | 92,320 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 4,583 | $ | (7,203) | $ | (2,620) | $ | 12,003 | $ | (11,071) | $ | 932 | Net interest income | $ | 483 | $ | (6,013) | $ | (5,530) | $ | 12,332 | $ | (16,930) | $ | (4,598) |
Three Months Ended June 30, | Increase (decrease) | Six Months Ended June 30, | Increase (decrease) | ||||||||||||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||||||||||
Wealth management revenue | $ | 6,269 | $ | 6,143 | $ | 126 | $ | 12,680 | $ | 13,282 | $ | (602) | |||||||||||||||||||||||
Residential mortgage banking revenue | 540 | 384 | 156 | 945 | 983 | (38) | |||||||||||||||||||||||||||||
Service charges on deposit accounts | 2,677 | 2,304 | 373 | 5,245 | 4,372 | 873 | |||||||||||||||||||||||||||||
Interchange revenue | 3,696 | 3,590 | 106 | 7,108 | 6,870 | 238 | |||||||||||||||||||||||||||||
Loss on sales of investment securities, net | (869) | (101) | (768) | (1,517) | (101) | (1,416) | |||||||||||||||||||||||||||||
Impairment on commercial mortgage servicing rights | — | (869) | 869 | — | (1,263) | 1,263 | |||||||||||||||||||||||||||||
Company-owned life insurance | 891 | 840 | 51 | 1,767 | 1,859 | (92) | |||||||||||||||||||||||||||||
Other income | 5,549 | 2,322 | 3,227 | 8,304 | 4,224 | 4,080 | |||||||||||||||||||||||||||||
Total noninterest income | $ | 18,753 | $ | 14,613 | $ | 4,140 | $ | 34,532 | $ | 30,226 | $ | 4,306 |
Three Months Ended September 30, | Increase (decrease) | Nine Months Ended September 30, | Increase (decrease) | ||||||||||||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||||||||||
Wealth management revenue | $ | 6,288 | $ | 6,199 | $ | 89 | $ | 18,968 | $ | 19,481 | $ | (513) | |||||||||||||||||||||||
Residential mortgage banking revenue | 507 | 210 | 297 | 1,452 | 1,193 | 259 | |||||||||||||||||||||||||||||
Service charges on deposit accounts | 3,149 | 2,783 | 366 | 8,744 | 7,544 | 1,200 | |||||||||||||||||||||||||||||
Interchange revenue | 3,609 | 3,531 | 78 | 10,717 | 10,401 | 316 | |||||||||||||||||||||||||||||
Loss on sales of investment securities, net | (4,961) | (129) | (4,832) | (6,478) | (230) | (6,248) | |||||||||||||||||||||||||||||
Impairment on commercial mortgage servicing rights | — | — | — | — | (1,263) | 1,263 | |||||||||||||||||||||||||||||
Company-owned life insurance | 7,558 | 929 | 6,629 | 9,325 | 2,788 | 6,537 | |||||||||||||||||||||||||||||
Other income | 2,035 | 2,303 | (268) | 9,989 | 6,138 | 3,851 | |||||||||||||||||||||||||||||
Total noninterest income | $ | 18,185 | $ | 15,826 | $ | 2,359 | $ | 52,717 | $ | 46,052 | $ | 6,665 |
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) | 2023 | 2022 | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense: | Noninterest expense: | Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | $ | 22,857 | $ | 22,645 | $ | 212 | $ | 47,100 | $ | 44,515 | $ | 2,585 | Salaries and employee benefits | $ | 22,307 | $ | 22,889 | $ | (582) | $ | 69,407 | $ | 67,404 | $ | 2,003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 3,879 | 3,489 | 390 | 8,322 | 7,244 | 1,078 | Occupancy and equipment | 3,730 | 3,850 | (120) | 12,052 | 11,094 | 958 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 6,544 | 6,082 | 462 | 12,855 | 11,955 | 900 | Data processing | 6,468 | 6,093 | 375 | 19,323 | 18,048 | 1,275 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FDIC insurance | FDIC insurance | 1,196 | 826 | 370 | 2,525 | 1,656 | 869 | FDIC insurance | 1,107 | 977 | 130 | 3,632 | 2,633 | 999 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional | Professional | 1,663 | 1,516 | 147 | 3,423 | 3,488 | (65) | Professional | 1,554 | 1,693 | (139) | 4,977 | 5,181 | (204) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing | Marketing | 670 | 733 | (63) | 1,373 | 1,421 | (48) | Marketing | 950 | 1,026 | (76) | 2,323 | 2,447 | (124) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Communications | Communications | 496 | 635 | (139) | 1,007 | 1,347 | (340) | Communications | 507 | 587 | (80) | 1,514 | 1,934 | (420) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan expense | Loan expense | 1,420 | 1,137 | 283 | 2,238 | 2,080 | 158 | Loan expense | 866 | 1,137 | (271) | 3,104 | 3,379 | (275) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 1,208 | 1,318 | (110) | 2,499 | 2,716 | (217) | Amortization of intangible assets | 1,129 | 1,361 | (232) | 3,628 | 4,077 | (449) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expense | Other expense | 2,961 | 2,958 | 3 | 6,034 | 5,801 | 233 | Other expense | 3,420 | 3,883 | (463) | 9,454 | 9,522 | (68) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | $ | 42,894 | $ | 41,339 | $ | 1,555 | $ | 87,376 | $ | 82,223 | $ | 5,153 | Total noninterest expense | $ | 42,038 | $ | 43,496 | $ | (1,458) | $ | 129,414 | $ | 125,719 | $ | 3,695 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Book Value | % | Book Value | % | (dollars in thousands) | Balance | Percent | Balance | Percent | ||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial: | Commercial: | Commercial: | ||||||||||||||||||||||||||||||||||||||||||||
Equipment finance loans | Equipment finance loans | $ | 614,633 | 9.7 | % | $ | 616,751 | 9.8 | % | Equipment finance loans | $ | 578,931 | 9.2 | % | $ | 616,751 | 9.8 | % | ||||||||||||||||||||||||||||
Equipment finance leases | Equipment finance leases | 500,485 | 7.9 | 491,744 | 7.8 | Equipment finance leases | 485,460 | 7.8 | 491,744 | 7.8 | ||||||||||||||||||||||||||||||||||||
Commercial FHA lines | Commercial FHA lines | 30,522 | 0.5 | 25,029 | 0.4 | Commercial FHA lines | 48,547 | 0.8 | 25,029 | 0.4 | ||||||||||||||||||||||||||||||||||||
Other commercial loans | Other commercial loans | 962,756 | 15.1 | 872,794 | 13.8 | Other commercial loans | 943,761 | 15.0 | 872,794 | 13.8 | ||||||||||||||||||||||||||||||||||||
Total commercial loans and leases | Total commercial loans and leases | 2,108,396 | 33.2 | 2,006,318 | 31.8 | Total commercial loans and leases | 2,056,699 | 32.8 | 2,006,318 | 31.8 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 2,443,995 | 38.4 | 2,433,159 | 38.6 | Commercial real estate | 2,412,164 | 38.4 | 2,433,159 | 38.6 | ||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 366,631 | 5.7 | 320,882 | 5.1 | Construction and land development | 416,801 | 6.6 | 320,882 | 5.1 | ||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 371,486 | 5.8 | 366,094 | 5.8 | Residential real estate | 375,211 | 6.0 | 366,094 | 5.8 | ||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 1,076,836 | 16.9 | 1,180,014 | 18.7 | Consumer | 1,020,008 | 16.2 | 1,180,014 | 18.7 | ||||||||||||||||||||||||||||||||||||
Total loans, gross | Total loans, gross | 6,367,344 | 100.0 | % | 6,306,467 | 100.0 | % | Total loans, gross | 6,280,883 | 100.0 | % | 6,306,467 | 100.0 | % | ||||||||||||||||||||||||||||||||
Allowance for credit losses on loans | Allowance for credit losses on loans | (64,950) | (61,051) | Allowance for credit losses on loans | (66,669) | (61,051) | ||||||||||||||||||||||||||||||||||||||||
Total loans, net | Total loans, net | $ | 6,302,394 | $ | 6,245,416 | Total loans, net | $ | 6,214,214 | $ | 6,245,416 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 103,361 | $ | 413,526 | $ | 667,884 | $ | 104,191 | $ | 188,877 | $ | 93,196 | $ | — | $ | 36,876 | $ | 1,607,911 | Commercial | $ | 92,106 | $ | 476,928 | $ | 654,184 | $ | 43,224 | $ | 160,891 | $ | 95,857 | $ | — | $ | 48,049 | $ | 1,571,239 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 164,963 | 308,711 | 978,946 | 398,809 | 377,862 | 190,462 | 5,718 | 18,524 | 2,443,995 | Commercial real estate | 157,723 | 295,113 | 987,952 | 382,396 | 380,537 | 183,848 | 5,496 | 19,099 | 2,412,164 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 6,307 | 69,536 | 107,084 | 128,630 | 20,211 | 32,063 | 1,015 | 1,785 | 366,631 | Construction and land development | 13,662 | 67,570 | 107,525 | 167,375 | 15,344 | 42,529 | 1,013 | 1,783 | 416,801 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | 274,631 | 791,773 | 1,753,914 | 631,630 | 586,950 | 315,721 | 6,733 | 57,185 | 4,418,537 | Total commercial loans | 263,491 | 839,611 | 1,749,661 | 592,995 | 556,772 | 322,234 | 6,509 | 68,931 | 4,400,204 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 1,194 | 3,385 | 8,345 | 18,556 | 28,221 | 38,652 | 155,488 | 117,645 | 371,486 | Residential real estate | 969 | 3,368 | 8,530 | 19,238 | 26,218 | 39,106 | 162,533 | 115,249 | 375,211 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 1,623 | 3,043 | 1,042,478 | 536 | 29,156 | — | — | — | 1,076,836 | Consumer | 3,314 | 533 | 979,100 | 534 | 36,526 | — | 1 | — | 1,020,008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 14,899 | — | 370,336 | — | 115,250 | — | — | — | 500,485 | Lease financing | 13,930 | — | 365,602 | — | 105,928 | — | — | — | 485,460 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 292,347 | $ | 798,201 | $ | 3,175,073 | $ | 650,722 | $ | 759,577 | $ | 354,373 | $ | 162,221 | $ | 174,830 | $ | 6,367,344 | Total loans | $ | 281,704 | $ | 843,512 | $ | 3,102,893 | $ | 612,767 | $ | 725,444 | $ | 361,340 | $ | 169,043 | $ | 184,180 | $ | 6,280,883 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Allowance | % (1) | Allowance | % (1) | (dollars in thousands) | Allowance | Percent (1) | Allowance | Percent (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 15,290 | 0.95 | % | $ | 14,639 | 0.97 | % | Commercial | $ | 19,410 | 1.24 | % | $ | 14,639 | 0.97 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 29,425 | 1.20 | 29,290 | 1.20 | Commercial real estate | 24,611 | 1.02 | 29,290 | 1.20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 3,189 | 0.87 | 2,435 | 0.76 | Construction and land development | 3,530 | 0.85 | 2,435 | 0.76 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | 47,904 | 1.08 | 46,364 | 1.09 | Total commercial loans | 47,551 | 1.08 | 46,364 | 1.09 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 5,551 | 1.49 | 4,301 | 1.17 | Residential real estate | 5,698 | 1.52 | 4,301 | 1.17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 3,953 | 0.37 | 3,599 | 0.30 | Consumer | 3,984 | 0.39 | 3,599 | 0.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 7,542 | 1.51 | 6,787 | 1.38 | Lease financing | 9,436 | 1.94 | 6,787 | 1.38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for credit losses on loans | Total allowance for credit losses on loans | $ | 64,950 | 1.02 | % | $ | 61,051 | 0.97 | % | Total allowance for credit losses on loans | $ | 66,669 | 1.06 | % | $ | 61,051 | 0.97 | % |
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) | 2023 | 2022 | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 62,067 | $ | 52,938 | $ | 61,051 | $ | 51,062 | Balance, beginning of period | $ | 64,950 | $ | 54,898 | $ | 61,051 | $ | 51,062 | ||||||||||||||||||||||||||||||||||||||||
Charge-offs: | Charge-offs: | Charge-offs: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 1,071 | 60 | 2,040 | 2,214 | Commercial | 3,249 | 1,655 | 5,289 | 3,869 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 1,544 | 2,625 | 2,290 | 2,852 | Commercial real estate | 2,316 | 1,232 | 4,606 | 4,084 | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 334 | — | 334 | 6 | Construction and land development | 44 | — | 378 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 54 | 46 | 85 | 150 | Residential real estate | 95 | 166 | 180 | 315 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 260 | 191 | 523 | 496 | Consumer | 250 | 316 | 773 | 812 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 771 | 499 | 1,161 | 705 | Lease financing | 1,394 | 485 | 2,555 | 1,190 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total charge-offs | Total charge-offs | 4,034 | 3,421 | 6,433 | 6,423 | Total charge-offs | 7,348 | 3,854 | 13,781 | 10,276 | ||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries: | Recoveries: | Recoveries: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 403 | 298 | 497 | 309 | Commercial | 80 | 45 | 577 | 354 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 326 | (62) | 328 | 5 | Commercial real estate | 3,678 | 1 | 4,006 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 32 | 6 | 32 | 12 | Construction and land development | — | 18 | 32 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 48 | 41 | 65 | 154 | Residential real estate | 33 | 69 | 98 | 222 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 80 | 98 | 173 | 260 | Consumer | 53 | 121 | 226 | 381 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 149 | 259 | 223 | 646 | Lease financing | 55 | 367 | 278 | 1,013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total recoveries | Total recoveries | 1,038 | 640 | 1,318 | 1,386 | Total recoveries | 3,899 | 621 | 5,217 | 2,006 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs | Net charge-offs | 2,996 | 2,781 | 5,115 | 5,037 | Net charge-offs | 3,449 | 3,233 | 8,564 | 8,270 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | 5,879 | 4,741 | 9,014 | 8,873 | Provision for credit losses on loans | 5,168 | 6,974 | 14,182 | 15,847 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 64,950 | $ | 54,898 | $ | 64,950 | $ | 54,898 | Balance, end of period | $ | 66,669 | $ | 58,639 | $ | 66,669 | $ | 58,639 | ||||||||||||||||||||||||||||||||||||||||
Gross loans, end of period | Gross loans, end of period | $ | 6,367,344 | $ | 5,795,544 | $ | 6,367,344 | $ | 5,795,544 | Gross loans, end of period | $ | 6,280,883 | $ | 6,198,451 | $ | 6,280,883 | $ | 6,198,451 | ||||||||||||||||||||||||||||||||||||||||
Average total loans | Average total loans | $ | 6,356,012 | $ | 5,677,791 | $ | 6,338,305 | $ | 5,477,037 | Average total loans | $ | 6,297,568 | $ | 6,040,358 | $ | 6,324,577 | $ | 5,666,874 | ||||||||||||||||||||||||||||||||||||||||
Net charge-offs to average loans | Net charge-offs to average loans | 0.19 | % | 0.20 | % | 0.16 | % | 0.19 | % | Net charge-offs to average loans | 0.22 | % | 0.21 | % | 0.18 | % | 0.20 | % | ||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses to total loans | Allowance for credit losses to total loans | 1.02 | % | 0.95 | % | 1.02 | % | 0.95 | % | Allowance for credit losses to total loans | 1.06 | % | 0.95 | % | 1.06 | % | 0.95 | % |
(dollars in thousands) | (dollars in thousands) | June 30, 2023 | December 31, 2022 | (dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
Nonperforming loans: | Nonperforming loans: | Nonperforming loans: | ||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 6,181 | $ | 7,853 | Commercial | $ | 8,836 | $ | 7,853 | ||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 38,610 | 29,602 | Commercial real estate | 33,603 | 29,602 | ||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 2,234 | 229 | Construction and land development | 2,025 | 229 | ||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 3,955 | 8,449 | Residential real estate | 3,856 | 8,449 | ||||||||||||||||||||||||||||
Consumer | Consumer | 97 | 921 | Consumer | 103 | 921 | ||||||||||||||||||||||||||||
Lease financing | Lease financing | 3,767 | 2,369 | Lease financing | 7,558 | 2,369 | ||||||||||||||||||||||||||||
Total nonperforming loans | Total nonperforming loans | 54,844 | 49,423 | Total nonperforming loans | 55,981 | 49,423 | ||||||||||||||||||||||||||||
Other real estate owned and other repossessed assets | Other real estate owned and other repossessed assets | 2,844 | 8,401 | Other real estate owned and other repossessed assets | 2,696 | 8,401 | ||||||||||||||||||||||||||||
Nonperforming assets | Nonperforming assets | $ | 57,688 | $ | 57,824 | Nonperforming assets | $ | 58,677 | $ | 57,824 | ||||||||||||||||||||||||
Nonperforming loans to total loans | Nonperforming loans to total loans | 0.86 | % | 0.78 | % | Nonperforming loans to total loans | 0.89 | % | 0.78 | % | ||||||||||||||||||||||||
Nonperforming assets to total assets | Nonperforming assets to total assets | 0.72 | % | 0.74 | % | Nonperforming assets to total assets | 0.74 | % | 0.74 | % | ||||||||||||||||||||||||
Allowance for credit losses to nonperforming loans | Allowance for credit losses to nonperforming loans | 118.43 | % | 123.53 | % | Allowance for credit losses to nonperforming loans | 119.09 | % | 123.53 | % |
Commercial | Commercial real estate | Construction & land development | |||||||||||||||||||||||||||||||||||||||
Risk category | Risk category | Risk category | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 7 | 8 (1) | 7 | 8 (1) | 7 | 8 (1) | Total | ||||||||||||||||||||||||||||||||||
June 30, 2023 | $ | 10,545 | $ | 29,183 | $ | 28,440 | $ | 95,203 | $ | 60 | $ | 6,000 | $ | 169,431 | |||||||||||||||||||||||||||
December 31, 2022 | 12,693 | 9,579 | 42,770 | 82,949 | 210 | 8,415 | 156,616 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Nine Months Ended September 30, 2023 | ||||||||||||||||||||||
Balance, beginning of period | $ | 49,424 | |||||||||||||||||||||
New nonperforming loans | 35,071 | ||||||||||||||||||||||
Return to performing status | (1,097) | ||||||||||||||||||||||
Payments received | (20,795) | ||||||||||||||||||||||
Transfer to OREO and other repossessed assets | (332) | ||||||||||||||||||||||
Charge-offs | (6,290) | ||||||||||||||||||||||
Balance, end of period | $ | 55,981 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Book Value | % of Total | Book Value | % of Total | (dollars in thousands) | Balance | Percent | Balance | Percent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | Investment securities available for sale: | Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 42,746 | 4.8 | % | $ | 81,230 | 10.6 | % | U.S. Treasury securities | $ | 1,563 | 0.2 | % | $ | 81,230 | 10.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | U.S. government sponsored entities and U.S. agency securities | 73,458 | 8.3 | 37,509 | 4.9 | U.S. government sponsored entities and U.S. agency securities | 89,038 | 10.6 | 37,509 | 4.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 538,634 | 61.0 | 448,150 | 58.3 | Mortgage-backed securities - agency | 517,391 | 62.0 | 448,150 | 58.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 65,911 | 7.5 | 20,754 | 2.7 | Mortgage-backed securities - non-agency | 72,665 | 8.7 | 20,754 | 2.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 57,494 | 6.5 | 94,636 | 12.3 | State and municipal securities | 49,737 | 6.0 | 94,636 | 12.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | Collateralized loan obligations | 22,709 | 2.6 | — | — | Collateralized loan obligations | 22,385 | 2.7 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | 81,763 | 9.3 | 85,955 | 11.2 | Corporate securities | 82,230 | 9.8 | 85,955 | 11.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investment securities, available for sale, at fair value | Total investment securities, available for sale, at fair value | $ | 882,715 | 100.0 | % | $ | 768,234 | 100.0 | % | Total investment securities, available for sale, at fair value | $ | 835,009 | 100.0 | % | $ | 768,234 | 100.0 | % |
(dollars in thousands) | (dollars in thousands) | Book value | % of total | Weighted average yield | (dollars in thousands) | Balance | Percent | 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 | $ | 1,263 | 0.1 | % | 3.26 | % | Maturing within one year | $ | 1,274 | 0.2 | % | 3.26 | % | ||||||||||||||||||||
Maturing in one to five years | Maturing in one to five years | 41,483 | 4.8 | 1.01 | Maturing in one to five years | 289 | — | 4.21 | ||||||||||||||||||||||||||
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 | $ | 42,746 | 4.9 | % | 1.07 | % | Total U.S. Treasury securities | $ | 1,563 | 0.2 | % | 3.43 | % | ||||||||||||||||||||
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 | $ | 9,970 | 1.1 | % | 4.89 | % | Maturing within one year | $ | 9,981 | 1.2 | % | 4.89 | % | ||||||||||||||||||||
Maturing in one to five years | Maturing in one to five years | 55,358 | 6.3 | 4.13 | Maturing in one to five years | 65,037 | 7.8 | 4.42 | ||||||||||||||||||||||||||
Maturing in five to ten years | Maturing in five to ten years | 8,130 | 0.9 | 1.00 | Maturing in five to ten years | 10,963 | 1.3 | 2.08 | ||||||||||||||||||||||||||
Maturing after ten years | Maturing after ten years | — | — | — | Maturing after ten years | 3,057 | 0.3 | 5.77 | ||||||||||||||||||||||||||
Total U.S. government sponsored entities and U.S. agency securities | Total U.S. government sponsored entities and U.S. agency securities | $ | 73,458 | 8.3 | % | 3.82 | % | Total U.S. government sponsored entities and U.S. agency securities | $ | 89,038 | 10.6 | % | 4.19 | % | ||||||||||||||||||||
Mortgage-backed securities - agency: | Mortgage-backed securities - agency: | Mortgage-backed securities - agency: | ||||||||||||||||||||||||||||||||
Maturing within one year | Maturing within one year | $ | 6,927 | 0.8 | % | 2.44 | % | Maturing within one year | $ | 5,594 | 0.7 | % | 2.47 | % | ||||||||||||||||||||
Maturing in one to five years | Maturing in one to five years | 241,929 | 27.4 | 3.60 | Maturing in one to five years | 244,137 | 29.2 | 3.74 | ||||||||||||||||||||||||||
Maturing in five to ten years | Maturing in five to ten years | 104,984 | 11.9 | 3.27 | Maturing in five to ten years | 154,292 | 18.5 | 2.74 | ||||||||||||||||||||||||||
Maturing after ten years | Maturing after ten years | 184,794 | 20.9 | 2.17 | Maturing after ten years | 113,368 | 13.6 | 2.25 | ||||||||||||||||||||||||||
Total mortgage-backed securities - agency | Total mortgage-backed securities - agency | $ | 538,634 | 61.0 | % | 3.00 | % | Total mortgage-backed securities - agency | $ | 517,391 | 62.0 | % | 3.07 | % | ||||||||||||||||||||
Mortgage-backed securities - non-agency: | Mortgage-backed securities - non-agency: | Mortgage-backed securities - non-agency: | ||||||||||||||||||||||||||||||||
Maturing within one year | Maturing within one year | $ | 14,532 | 1.6 | % | 5.95 | % | Maturing within one year | $ | — | — | % | — | % | ||||||||||||||||||||
Maturing in one to five years | Maturing in one to five years | 31,231 | 3.5 | 6.01 | Maturing in one to five years | 56,346 | 6.8 | 4.56 | ||||||||||||||||||||||||||
Maturing in five to ten years | Maturing in five to ten years | 274 | — | 3.58 | Maturing in five to ten years | 9,239 | 1.1 | 2.25 | ||||||||||||||||||||||||||
Maturing after ten years | Maturing after ten years | 19,874 | 2.3 | 2.52 | Maturing after ten years | 7,080 | 0.8 | 2.58 | ||||||||||||||||||||||||||
Total mortgage-backed securities - non-agency | Total mortgage-backed securities - non-agency | $ | 65,911 | 7.4 | % | 4.80 | % | Total mortgage-backed securities - non-agency | $ | 72,665 | 8.7 | % | 3.99 | % | ||||||||||||||||||||
State and municipal securities (1): | State and municipal securities (1): | State and municipal securities (1): | ||||||||||||||||||||||||||||||||
Maturing within one year | Maturing within one year | $ | 1,385 | 0.2 | % | 3.32 | % | Maturing within one year | $ | 1,320 | 0.2 | % | 3.21 | % | ||||||||||||||||||||
Maturing in one to five years | Maturing in one to five years | 9,243 | 1.0 | 2.92 | Maturing in one to five years | 7,485 | 0.9 | 3.07 | ||||||||||||||||||||||||||
Maturing in five to ten years | Maturing in five to ten years | 7,788 | 0.9 | 2.51 | Maturing in five to ten years | 26,166 | 3.1 | 2.20 | ||||||||||||||||||||||||||
Maturing after ten years | Maturing after ten years | 39,078 | 4.4 | 2.53 | Maturing after ten years | 14,766 | 1.8 | 2.81 | ||||||||||||||||||||||||||
Total state and municipal securities | Total state and municipal securities | $ | 57,494 | 6.5 | % | 2.61 | % | Total state and municipal securities | $ | 49,737 | 6.0 | % | 2.53 | % | ||||||||||||||||||||
Collateralized loan obligations: | Collateralized loan obligations: | Collateralized loan obligations: | ||||||||||||||||||||||||||||||||
Maturing within one year | Maturing within one year | $ | 11,145 | 1.3 | % | 8.86 | % | Maturing within one year | $ | 10,967 | 1.3 | % | 8.36 | % | ||||||||||||||||||||
Maturing in one to five years | Maturing in one to five years | 11,564 | 1.3 | 6.47 | Maturing in one to five years | 11,418 | 1.4 | 6.79 | ||||||||||||||||||||||||||
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 collateralized loan obligations | Total collateralized loan obligations | $ | 22,709 | 2.6 | % | 7.64 | % | Total collateralized loan obligations | $ | 22,385 | 2.7 | % | 7.56 | % | ||||||||||||||||||||
Corporate securities: | Corporate securities: | Corporate securities: | ||||||||||||||||||||||||||||||||
Maturing within one year | Maturing within one year | $ | — | — | % | — | % | Maturing within one year | $ | — | — | % | — | % | ||||||||||||||||||||
Maturing in one to five years | Maturing in one to five years | 18,656 | 2.1 | 3.07 | Maturing in one to five years | 19,745 | 2.4 | 3.59 | ||||||||||||||||||||||||||
Maturing in five to ten years | Maturing in five to ten years | 26,977 | 3.1 | 4.15 | Maturing in five to ten years | 62,485 | 7.4 | 3.61 | ||||||||||||||||||||||||||
Maturing after ten years | Maturing after ten years | 36,130 | 4.1 | 3.31 | Maturing after ten years | — | — | — | ||||||||||||||||||||||||||
Total corporate securities | Total corporate securities | $ | 81,763 | 9.3 | % | 3.52 | % | Total corporate securities | $ | 82,230 | 9.8 | % | 3.60 | % | ||||||||||||||||||||
Total investment securities, available for sale | Total investment securities, available for sale | $ | 882,715 | 100.0 | % | 3.23 | % | Total investment securities, available for sale | $ | 835,009 | 100.0 | % | 3.37 | % |
Amortized | Estimated | Average credit rating | Amortized | Fair | Average credit rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | cost | fair value | AAA | AA+/- | A+/- | BBB+/- | <BBB- | Not Rated | (dollars in thousands) | cost | 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 | $ | 46,636 | $ | 42,746 | $ | 41,195 | $ | 1,551 | $ | — | $ | — | $ | — | $ | — | U.S. Treasury securities | $ | 1,582 | $ | 1,563 | $ | — | $ | 1,563 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | U.S. government sponsored entities and U.S. agency securities | 77,510 | 73,458 | 63,736 | 9,722 | — | — | — | — | U.S. government sponsored entities and U.S. agency securities | 93,291 | 89,038 | 71,119 | 17,919 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 612,214 | 538,634 | 7 | 538,627 | — | — | — | — | Mortgage-backed securities - agency | 613,484 | 517,391 | 6 | 517,385 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 69,921 | 65,911 | 14,604 | 51,307 | — | — | — | — | Mortgage-backed securities - non-agency | 77,617 | 72,665 | 13,604 | 59,061 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 64,481 | 57,494 | 649 | 56,588 | — | 257 | — | — | State and municipal securities | 59,521 | 49,737 | 636 | 48,847 | — | 254 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | Collateralized loan obligations | 22,709 | 22,709 | 14,362 | 8,347 | — | — | — | — | Collateralized loan obligations | 22,662 | 22,385 | 14,155 | 8,230 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | 95,172 | 81,763 | — | 43,961 | 16,722 | 21,080 | — | — | Corporate securities | 95,124 | 82,230 | — | 44,593 | 16,584 | 14,572 | 6,481 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investment securities, available for sale | Total investment securities, available for sale | $ | 988,643 | $ | 882,715 | $ | 134,553 | $ | 710,103 | $ | 16,722 | $ | 21,337 | $ | — | $ | — | Total investment securities, available for sale | $ | 963,281 | $ | 835,009 | $ | 99,520 | $ | 697,598 | $ | 16,584 | $ | 14,826 | $ | 6,481 | $ | — |
(dollars in thousands) | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||
Book Value | % of Total | Book Value | % of Total | ||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 1,162,909 | 18.1 | % | $ | 1,362,158 | 21.4 | % | |||||||||||||||||||||||||||
Interest-bearing: | |||||||||||||||||||||||||||||||||||
Checking | 2,499,693 | 38.9 | 2,494,073 | 39.2 | |||||||||||||||||||||||||||||||
Money market | 1,226,470 | 19.1 | 1,184,101 | 18.6 | |||||||||||||||||||||||||||||||
Savings | 624,005 | 9.7 | 661,932 | 10.4 | |||||||||||||||||||||||||||||||
Time | 913,471 | 14.2 | 662,388 | 10.4 | |||||||||||||||||||||||||||||||
Total deposits | $ | 6,426,548 | 100.0 | % | $ | 6,364,652 | 100.0 | % |
Three months ended June 30, 2023 | Three months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Average Balance | Weighted Average Rate | Average Balance | Weighted Average Rate | (dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | Percent | Balance | Percent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | $ | 1,187,584 | — | $ | 1,401,268 | — | Noninterest-bearing demand | $ | 1,154,515 | 18.0 | % | $ | 1,362,158 | 21.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing: | Interest-bearing: | Interest-bearing: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking | Checking | 2,529,185 | 2.92 | % | 2,336,630 | 0.36 | % | Checking | 2,572,224 | 40.2 | 2,494,073 | 39.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market | Money market | 1,242,638 | 2.94 | 1,030,144 | 0.32 | Money market | 1,090,962 | 17.0 | 1,184,101 | 18.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | 626,818 | 0.25 | 719,204 | 0.05 | Savings | 582,359 | 9.1 | 661,932 | 10.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time, insured | 651,203 | 2.42 | 476,233 | 0.47 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time, uninsured | 153,377 | 3.14 | 139,381 | 0.59 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time, brokered | 55,967 | 4.21 | 17,167 | 1.16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing | 5,259,188 | 2.56 | 4,718,759 | 0.32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time | Time | 1,004,942 | 15.7 | 662,388 | 10.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 6,446,772 | 2.09 | % | $ | 6,120,027 | 0.25 | % | Total deposits | $ | 6,405,002 | 100.0 | % | $ | 6,364,652 | 100.0 | % |
(dollars in thousands) | Amount | |||||||
Three months or less | $ | |||||||
Three to six months | ||||||||
Six to 12 months | ||||||||
After 12 months | ||||||||
Total | $ |
(dollars in thousands) | (dollars in thousands) | June 30, 2023 | December 31, 2022 | (dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 160,695 | $ | 160,631 | Cash and cash equivalents | $ | 132,132 | $ | 160,631 | ||||||||||||||||||
Unpledged securities | Unpledged securities | 343,501 | 209,184 | Unpledged securities | 258,104 | 209,184 | ||||||||||||||||||||||
FHLB committed liquidity | FHLB committed liquidity | 857,207 | 997,388 | FHLB committed liquidity | 883,855 | 997,388 | ||||||||||||||||||||||
FRB discount window availability | FRB discount window availability | 184,107 | 12,201 | FRB discount window availability | 759,763 | 12,201 | ||||||||||||||||||||||
Total Estimated Liquidity | Total Estimated Liquidity | $ | 1,545,510 | $ | 1,379,404 | Total Estimated Liquidity | $ | 2,033,854 | $ | 1,379,404 | ||||||||||||||||||
Conditional Funding Based on Market Conditions | Conditional Funding Based on Market Conditions | Conditional Funding Based on Market Conditions | ||||||||||||||||||||||||||
Additional credit facility | Additional credit facility | $ | 330,000 | $ | 250,000 | Additional credit facility | $ | 364,000 | $ | 250,000 | ||||||||||||||||||
Brokered CDs (additional capacity) | Brokered CDs (additional capacity) | $ | 400,000 | $ | 500,000 | Brokered CDs (additional capacity) | $ | 500,000 | $ | 500,000 |
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. | 12.65 | % | 10.50 | % | N/A | Midland States Bancorp, Inc. | 12.84 | % | 10.50 | % | N/A | ||||||||||||||||||||||||||||
Midland States Bank | Midland States Bank | 11.89 | 10.50 | 10.00 | % | Midland States Bank | 12.13 | 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. | 10.47 | 8.50 | N/A | Midland States Bancorp, Inc. | 10.62 | 8.50 | N/A | ||||||||||||||||||||||||||||||||
Midland States Bank | Midland States Bank | 11.01 | 8.50 | 8.00 | Midland States Bank | 11.21 | 8.50 | 8.00 | ||||||||||||||||||||||||||||||||
Common equity tier 1 risk-based capital ratio | Common equity tier 1 risk-based capital ratio | Common equity tier 1 risk-based capital ratio | ||||||||||||||||||||||||||||||||||||||
Midland States Bancorp, Inc. | Midland States Bancorp, Inc. | 8.03 | 7.00 | N/A | Midland States Bancorp, Inc. | 8.16 | 7.00 | N/A | ||||||||||||||||||||||||||||||||
Midland States Bank | Midland States Bank | 11.01 | 7.00 | 6.50 | Midland States Bank | 11.21 | 7.00 | 6.50 | ||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | Tier 1 leverage ratio | Tier 1 leverage ratio | ||||||||||||||||||||||||||||||||||||||
Midland States Bancorp, Inc. | Midland States Bancorp, Inc. | 9.57 | 4.00 | N/A | Midland States Bancorp, Inc. | 9.67 | 4.00 | N/A | ||||||||||||||||||||||||||||||||
Midland States Bank | Midland States Bank | 10.07 | 4.00 | 5.00 | Midland States Bank | 10.21 | 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) | -200 | -100 | +100 | +200 | |||||||||||||||||||||||||||||||
June 30, 2023: | ||||||||||||||||||||||||||||||||||||||||
September 30, 2023: | September 30, 2023: | |||||||||||||||||||||||||||||||||||||||
Dollar change | Dollar change | $ | (9,439) | $ | 10,748 | $ | 20,948 | Dollar change | $ | 13,564 | $ | 4,761 | $ | (7,540) | $ | (15,513) | ||||||||||||||||||||||||
Percent change | Percent change | (3.4) | % | 3.9 | % | 7.5 | % | Percent change | 5.9 | % | 2.1 | % | (3.3) | % | (6.7) | % | ||||||||||||||||||||||||
December 31, 2022: | December 31, 2022: | December 31, 2022: | ||||||||||||||||||||||||||||||||||||||
Dollar change | Dollar change | $ | (12,560) | $ | 10,814 | $ | 21,357 | Dollar change | $ | — | $ | (12,560) | $ | 10,814 | $ | 21,357 | ||||||||||||||||||||||||
Percent change | Percent change | (4.2) | % | 3.6 | % | 7.2 | % | Percent change | — | % | (4.2) | % | 3.6 | % | 7.2 | % |
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, 2023 | 97,089 | $ | 20.60 | 97,089 | $ | 20,198,578 | ||||||||||||||||||||
May 1 - 31, 2023 | 208,150 | 19.39 | 206,366 | 16,196,525 | ||||||||||||||||||||||
June 1 - 30, 2023 | 5,088 | 19.76 | 5,088 | 16,096,010 | ||||||||||||||||||||||
Total | 310,327 | $ | 19.78 | 308,543 | $ | 16,096,010 |
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, 2023 | 114,603 | $ | 22.15 | 114,500 | $ | 13,559,785 | ||||||||||||||||||||
August 1 - 31, 2023 | 97,496 | 22.24 | 97,317 | 11,395,800 | ||||||||||||||||||||||
September 1 - 30, 2023 | 59,282 | 21.94 | 59,242 | 10,096,015 | ||||||||||||||||||||||
Total | 271,381 | $ | 22.14 | 271,059 | $ | 10,096,015 |
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) |