Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 04, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000712771 | |
Entity Registrant Name | ConnectOne Bancorp, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-11486 | |
Entity Incorporation, State or Country Code | NJ | |
Entity Tax Identification Number | 52-1273725 | |
Entity Address, Address Line One | 301 Sylvan Avenue | |
Entity Address, City or Town | Englewood Cliffs | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07632 | |
City Area Code | 201 | |
Local Phone Number | 816-8900 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 39,243,123 | |
Depositary Shares [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares (each representing a 1/40th interest in a share of 5.25% Series A Non-Cumulative, perpetual preferred stock) | |
Trading Symbol | CNOBP | |
Security Exchange Name | NASDAQ | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common stock | |
Trading Symbol | CNOB | |
Security Exchange Name | NASDAQ |
Consolidated Statements of Cond
Consolidated Statements of Condition (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 58,852 | $ 54,352 |
Interest-bearing deposits with banks | 274,992 | 211,184 |
Cash and cash equivalents | 333,844 | 265,536 |
Investment securities | 623,629 | 534,507 |
Equity securities | 15,563 | 13,794 |
Loans held-for-sale | 8,080 | 250 |
Loans receivable | 7,900,450 | 6,828,622 |
Less: Allowance for credit losses - loans | 91,717 | 78,773 |
Net loans receivable | 7,808,733 | 6,749,849 |
Investment in restricted stock, at cost | 45,324 | 27,826 |
Bank premises and equipment, net | 28,519 | 29,032 |
Accrued interest receivable | 38,940 | 34,152 |
Bank owned life insurance | 229,800 | 195,731 |
Right of use operating lease assets | 10,196 | 11,017 |
Other real estate owned | 264 | 0 |
Goodwill | 208,372 | 208,372 |
Core deposit intangibles | 7,721 | 8,997 |
Other assets | 119,267 | 50,417 |
Total assets | 9,478,252 | 8,129,480 |
Deposits: | ||
Noninterest-bearing | 1,665,658 | 1,617,049 |
Interest-bearing | 5,644,852 | 4,715,904 |
Total deposits | 7,310,510 | 6,332,953 |
Borrowings | 829,953 | 468,193 |
Subordinated debentures, net | 153,179 | 152,951 |
Operating lease liabilities | 11,454 | 12,417 |
Other liabilities | 24,861 | 38,754 |
Total liabilities | 8,329,957 | 7,005,268 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY | ||
Preferred Stock, no par value; $1,000 per share liquidation preference; Authorized 5,000,000 shares; issued 115,000 shares as of September 30, 2022 and as of December 31, 2021; outstanding 115,000 shares as of September 30, 2022 and as of December 31, 2021 | 110,927 | 110,927 |
Common stock, no par value: Authorized 100,000,000 shares; issued 42,679,405 shares as of September 30, 2022 and 42,557,264 shares as of December 31, 2021; outstanding 39,243,123 shares as of September 30, 2022 and 39,568,090 as of December 31, 2021 | 586,946 | 586,946 |
Additional paid-in capital | 28,756 | 27,246 |
Retained earnings | 510,957 | 440,169 |
Treasury stock, at cost 3,436,282 common shares as of September 30, 2022 and 2,989,174 as of December 31, 2021 | (52,799) | (39,672) |
Accumulated other comprehensive loss | (36,492) | (1,404) |
Total stockholders’ equity | 1,148,295 | 1,124,212 |
Total liabilities and stockholders’ equity | $ 9,478,252 | $ 8,129,480 |
Consolidated Statements of Co_2
Consolidated Statements of Condition (Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, liquidation preference par share (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, authorized shares (in shares) | 5,000,000 | 5,000,000 |
Common stock, issued shares (in shares) | 115,000 | 115,000 |
Preferred stock, outstanding shares (in shares) | 115,000 | 115,000 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized shares (in shares) | 100,000,000 | 100,000,000 |
Common stock, issued (in shares) | 42,679,405 | 42,557,264 |
Common stock, outstanding (in shares) | 39,243,123 | 39,568,090 |
Treasury Stock, Shares (in shares) | 3,436,282 | 2,989,174 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest income | ||||
Interest and fees on loans | $ 90,731 | $ 75,092 | $ 248,041 | $ 216,655 |
Interest and dividends on investment securities: | ||||
Taxable | 4,063 | 1,065 | 8,487 | 3,148 |
Tax-exempt | 1,083 | 511 | 2,708 | 1,885 |
Dividends | 438 | 245 | 943 | 764 |
Interest on federal funds sold and other short-term investments | 665 | 113 | 1,098 | 246 |
Total interest income | 96,980 | 77,026 | 261,277 | 222,698 |
Interest expense | ||||
Deposits | 13,299 | 5,478 | 24,018 | 19,487 |
Borrowings | 5,520 | 3,303 | 13,149 | 10,794 |
Total interest expense | 18,819 | 8,781 | 37,167 | 30,281 |
Net interest income | 78,161 | 68,245 | 224,110 | 192,417 |
Provision for (reversal of) credit losses | 10,000 | 1,100 | 14,450 | (6,315) |
Net interest income after provision for (reversal of) credit losses | 68,161 | 67,145 | 209,660 | 198,732 |
Noninterest income | ||||
Deposit, loan and other income | 1,969 | 1,702 | 5,578 | 5,092 |
Income on bank owned life insurance | 1,521 | 1,278 | 4,069 | 3,527 |
Net gains on sale of loans held-for-sale | 262 | 1,114 | 1,519 | 2,668 |
Gain on sale of branches | 0 | 0 | 0 | 674 |
Net losses on equity securities | (430) | (78) | (1,431) | (242) |
Net gain on sales/redemptions of securities available-for-sale | 0 | 0 | 0 | 195 |
Total noninterest income | 3,322 | 4,016 | 9,735 | 11,914 |
Noninterest expenses | ||||
Salaries and employee benefits | 21,025 | 16,807 | 59,470 | 47,790 |
Occupancy and equipment | 2,600 | 2,656 | 7,262 | 8,876 |
FDIC insurance | 720 | 525 | 2,051 | 2,040 |
Professional and consulting | 1,980 | 2,217 | 5,896 | 6,290 |
Marketing and advertising | 461 | 345 | 1,238 | 864 |
Information technology and communications | 2,747 | 3,048 | 8,414 | 8,209 |
Amortization of intangibles | 409 | 483 | 1,276 | 1,498 |
Other components of net periodic pension expense | (143) | (67) | (429) | (201) |
Increase in value of acquisition price | 0 | 0 | 1,516 | 0 |
Other expenses | 2,344 | 2,169 | 6,382 | 5,561 |
Total noninterest expenses | 32,143 | 28,183 | 93,076 | 80,927 |
Income before income tax expense | 39,340 | 42,978 | 126,319 | 129,719 |
Income tax expense | 10,425 | 10,881 | 33,665 | 32,404 |
Net income | 28,915 | 32,097 | 92,654 | 97,315 |
Preferred dividends | 1,509 | 0 | 4,527 | 0 |
Net income available to common stockholders | $ 27,406 | $ 32,097 | $ 88,127 | $ 97,315 |
Earnings per common share | ||||
Basic (in dollars per share) | $ 0.70 | $ 0.81 | $ 2.24 | $ 2.45 |
Diluted (in dollars per share) | $ 0.70 | $ 0.80 | $ 2.23 | $ 2.43 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net income | $ 28,915 | $ 32,097 | $ 92,654 | $ 97,315 |
Other comprehensive income (loss): | ||||
Unrealized holding losses on available-for-sale securities arising during the period | (39,912) | (3,228) | (94,428) | (8,397) |
Tax effect | 11,471 | 796 | 27,178 | 2,160 |
Net of tax | (28,441) | (2,432) | (67,250) | (6,237) |
Reclassification adjustment for realized gains included in net income | 0 | 0 | 0 | (195) |
Tax effect | 0 | 0 | 0 | 48 |
Net of tax | 0 | 0 | 0 | (147) |
Reclassification adjustment for realized (gains) losses on cash flow hedges | (1,178) | 328 | (524) | 1,543 |
Tax effect | 343 | (90) | 159 | (434) |
Net of tax | (835) | 238 | (365) | 1,109 |
Unrealized gains on pension plan | 0 | 0 | 2,187 | 0 |
Tax effect | 0 | 0 | 567 | 0 |
Net of tax | 0 | 0 | 1,620 | 0 |
Reclassification adjustment for realized losses on pension plan included in net income | 17 | 75 | 49 | 225 |
Tax effect | (5) | (21) | (14) | (63) |
Net of tax | 12 | 54 | 35 | 162 |
Total other comprehensive loss | (17,389) | (783) | (35,088) | (3,770) |
Total comprehensive income | 11,526 | 31,314 | 57,566 | 93,545 |
Interest Rate Swap [Member] | ||||
Other comprehensive income (loss): | ||||
Unrealized gains on cash flow hedges | 16,969 | 1,890 | 44,253 | 1,872 |
Tax effect | (5,094) | (533) | (13,381) | (529) |
Net of tax | $ 11,875 | $ 1,357 | $ 30,872 | $ 1,343 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Preferred Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Treasury Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Preferred Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Treasury Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Restricted Stock Units (RSUs) [Member] Preferred Stock [Member] | Restricted Stock Units (RSUs) [Member] Common Stock [Member] | Restricted Stock Units (RSUs) [Member] Additional Paid-in Capital [Member] | Restricted Stock Units (RSUs) [Member] Retained Earnings [Member] | Restricted Stock Units (RSUs) [Member] Treasury Stock [Member] | Restricted Stock Units (RSUs) [Member] AOCI Attributable to Parent [Member] | Restricted Stock Units (RSUs) [Member] | Performance Shares [Member] Preferred Stock [Member] | Performance Shares [Member] Common Stock [Member] | Performance Shares [Member] Additional Paid-in Capital [Member] | Performance Shares [Member] Retained Earnings [Member] | Performance Shares [Member] Treasury Stock [Member] | Performance Shares [Member] AOCI Attributable to Parent [Member] | Performance Shares [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2020 | $ 0 | $ 0 | $ 0 | $ (2,925) | $ 0 | $ 0 | $ (2,925) | $ 0 | $ 586,946 | $ 23,887 | $ 329,026 | $ (30,271) | $ 2,797 | $ 912,385 | $ 0 | $ 586,946 | $ 23,887 | $ 331,951 | $ (30,271) | $ 2,797 | $ 915,310 | ||||||||||||||
Net income | 0 | 0 | 0 | 97,315 | 0 | 0 | 97,315 | ||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | 0 | (3,770) | (3,770) | ||||||||||||||||||||||||||||
Cash dividends declared on common stock | 0 | 0 | 0 | (12,345) | 0 | 0 | (12,345) | ||||||||||||||||||||||||||||
Exercise of stock options | 0 | 0 | 45 | 0 | 0 | 0 | 45 | ||||||||||||||||||||||||||||
Restricted stock grants, net of forfeitures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Stock grants | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Net shares issued in satisfaction of units earned | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||||
Share redemption for tax withholdings on performance units and restricted stock units earned | 0 | 0 | (1,283) | 0 | 0 | 0 | (1,283) | ||||||||||||||||||||||||||||
Repurchase of treasury stock | 0 | 0 | 0 | 0 | (8,043) | 0 | (8,043) | ||||||||||||||||||||||||||||
Stock-based compensation expense | 0 | 0 | 3,202 | 0 | 0 | 0 | 3,202 | ||||||||||||||||||||||||||||
Proceeds from preferred stock issuance, net of costs | 110,927 | 0 | 0 | 0 | 0 | 0 | 110,927 | ||||||||||||||||||||||||||||
Balance at Sep. 30, 2021 | 110,927 | 586,946 | 25,851 | 413,996 | (38,314) | (973) | 1,098,433 | ||||||||||||||||||||||||||||
Balance at Jun. 30, 2021 | 0 | 586,946 | 24,606 | 386,280 | (32,682) | (190) | 964,960 | ||||||||||||||||||||||||||||
Net income | 0 | 0 | 0 | 32,097 | 0 | 0 | 32,097 | ||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | 0 | (783) | (783) | ||||||||||||||||||||||||||||
Cash dividends declared on common stock | 0 | 0 | 0 | (4,381) | 0 | 0 | (4,381) | ||||||||||||||||||||||||||||
Restricted stock grants, net of forfeitures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Stock grants | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Repurchase of treasury stock | 0 | 0 | 0 | 0 | (5,632) | 0 | (5,632) | ||||||||||||||||||||||||||||
Stock-based compensation expense | 0 | 0 | 1,245 | 0 | 0 | 0 | 1,245 | ||||||||||||||||||||||||||||
Proceeds from preferred stock issuance, net of costs | 110,927 | 110,927 | |||||||||||||||||||||||||||||||||
Balance at Sep. 30, 2021 | 110,927 | 586,946 | 25,851 | 413,996 | (38,314) | (973) | 1,098,433 | ||||||||||||||||||||||||||||
Balance at Dec. 31, 2021 | 110,927 | 586,946 | 27,246 | 440,169 | (39,672) | (1,404) | 1,124,212 | ||||||||||||||||||||||||||||
Net income | 0 | 0 | 0 | 92,654 | 0 | 0 | 92,654 | ||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | 0 | (35,088) | (35,088) | ||||||||||||||||||||||||||||
Cash dividend declared on preferred stock | 0 | 0 | 0 | (4,527) | 0 | 0 | (4,527) | ||||||||||||||||||||||||||||
Cash dividends declared on common stock | 0 | 0 | 0 | (17,339) | 0 | 0 | (17,339) | ||||||||||||||||||||||||||||
Exercise of stock options | 0 | 0 | 124 | 0 | 0 | 0 | 124 | ||||||||||||||||||||||||||||
Restricted stock grants, net of forfeitures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Stock grants | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Net shares issued in satisfaction of units earned | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||||
Share redemption for tax withholdings on performance units and restricted stock units earned | 0 | 0 | (2,133) | 0 | 0 | 0 | (2,133) | ||||||||||||||||||||||||||||
Repurchase of treasury stock | 0 | 0 | 0 | 0 | (13,127) | 0 | (13,127) | ||||||||||||||||||||||||||||
Stock-based compensation expense | 0 | 0 | 3,519 | 0 | 0 | 0 | 3,519 | ||||||||||||||||||||||||||||
Balance at Sep. 30, 2022 | 110,927 | 586,946 | 28,756 | 510,957 | (52,799) | (36,492) | 1,148,295 | ||||||||||||||||||||||||||||
Balance at Jun. 30, 2022 | 110,927 | 586,946 | 27,536 | 489,640 | (52,799) | (19,103) | 1,143,147 | ||||||||||||||||||||||||||||
Net income | 0 | 0 | 0 | 28,915 | 0 | 0 | 28,915 | ||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | 0 | (17,389) | (17,389) | ||||||||||||||||||||||||||||
Cash dividend declared on preferred stock | 0 | 0 | 0 | (1,509) | 0 | 0 | (1,509) | ||||||||||||||||||||||||||||
Cash dividends declared on common stock | 0 | 0 | 0 | (6,089) | 0 | 0 | (6,089) | ||||||||||||||||||||||||||||
Stock-based compensation expense | 0 | 0 | 1,220 | 0 | 0 | 0 | 1,220 | ||||||||||||||||||||||||||||
Balance at Sep. 30, 2022 | $ 110,927 | $ 586,946 | $ 28,756 | $ 510,957 | $ (52,799) | $ (36,492) | $ 1,148,295 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Restricted Stock Units (RSUs) [Member] | ||||
Net shares issued in satisfaction of units earned, shares (in shares) | 31,383 | 14,711 | ||
Performance Shares [Member] | ||||
Net shares issued in satisfaction of units earned, shares (in shares) | 22,350 | 34,458 | ||
Cash dividend declared on preferred stock, per share (in dollars per share) | $ 0.328125 | $ 0.984375 | ||
Cash dividends declared on common stock, per share (in dollars per share) | $ 0.155 | $ 0.11 | $ 0.44 | $ 0.31 |
Exercise of options, shares (in shares) | 15,086 | 5,449 | ||
Restricted stock grants, shares (in shares) | 1,082 | 53,169 | 46,900 | |
Stock grants, shares (in shares) | 4,535 | 153 | 4,981 | |
Repurchase of treasury stock, shares (in shares) | 196,069 | 447,108 | 289,698 | |
Proceeds from preferred stock issuance, net of costs, shares (in shares) | 115,000 | 115,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||
Net income | $ 92,654 | $ 97,315 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of premises and equipment | 2,903 | 2,832 |
Provision for (reversal of) credit losses | 14,450 | (6,315) |
Amortization of intangibles | 1,276 | 1,498 |
Net accretion of loans | (2,448) | (4,130) |
Accretion on bank premises | (37) | (61) |
Accretion on deposits | (657) | (1,762) |
Amortization (accretion) on borrowings, net | 27 | (43) |
Stock-based compensation | 3,519 | 3,202 |
Gains on sales/redemptions of securities available-for-sale, net | 0 | (195) |
Losses on equity securities, net | 1,431 | 242 |
Gain on sale of branches | 0 | (674) |
Net losses on disposition of other premises and equipment | 0 | 65 |
Gains on sale of loans held-for-sale, net | (1,519) | (2,668) |
Loans originated for resale | (18,619) | (43,676) |
Proceeds from sale of loans held-for-sale | 25,955 | 57,674 |
Loss/(gain) on sale of other real estate owned | 6 | (18) |
Increase in cash surrender value of bank owned life insurance | (4,069) | (3,527) |
Amortization of premiums and accretion of discounts on securities available-for-sale | 1,848 | 4,677 |
Amortization of subordinated debentures issuance costs | 228 | 227 |
(Increase) decrease in accrued interest receivable | (4,788) | 1,707 |
Net change in operating leases | (142) | (734) |
(Increase) decrease in other assets | (4,781) | 43,319 |
(Decrease) increase in other liabilities | (12,291) | 5,689 |
Net cash provided by operating activities | 94,946 | 154,644 |
Cash flows from investing activities | ||
Purchases | (320,946) | (203,534) |
Maturities, calls and principal repayments | 135,548 | 215,531 |
Purchases of equity securities | (3,200) | (555) |
Net (purchases) redemptions of restricted investment in bank stocks | (17,498) | 6,993 |
Cash flow hedge premium payment | (6,965) | 0 |
Payments on loans held-for-sale | 5 | 32 |
Net increase in loans | (1,084,483) | (345,098) |
Purchases of bank owned life insurance | (30,000) | (25,000) |
Purchases of premises and equipment | (2,353) | (2,473) |
Proceeds from sale of branches | 0 | 1,087 |
Proceeds from sale of other real estate owned | 309 | 321 |
Net cash used in investing activities | (1,329,583) | (352,696) |
Cash flows from financing activities | ||
Net increase in deposits | 978,214 | 440,876 |
Repayment of subordinated debentures | 0 | (50,000) |
Advances of borrowings | 2,305,181 | 100,000 |
Repayments of borrowings | (1,943,448) | (272,686) |
Cash dividends on preferred stock | (4,528) | 0 |
Repurchase of treasury stock | (13,127) | (8,043) |
Cash dividends paid on common stock | (17,338) | (12,345) |
Proceeds from exercise of stock options | 124 | 45 |
Net proceeds from the issuance of preferred stock | 0 | 110,927 |
Share redemption for tax withholdings on performance units and restricted stock units earned | (2,133) | (1,283) |
Net cash provided by financing activities | 1,302,945 | 307,491 |
Net change in cash and cash equivalents | 68,308 | 109,439 |
Cash and cash equivalents at beginning of period | 265,536 | 303,756 |
Cash and cash equivalents at end of period | 333,844 | 413,195 |
Supplemental disclosures of cash flow information | ||
Interest paid on deposits and borrowings | 34,552 | 32,664 |
Income taxes | 31,426 | 35,809 |
Supplemental disclosures of noncash activities | ||
Transfer of loans from held-for-investment to other real estate owned | 579 | 304 |
Transfer of loans from held-for-investment to held-for-sale | 13,652 | 14,211 |
Transfer of loans from held-for-sale to held-for-investment | $ 0 | $ 1,963 |
Note 1a - Nature of Operations,
Note 1a - Nature of Operations, Principles of Consolidation and Risk and Uncertainties | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1a. Nature of Operations, Principles of Consolidation and Risk and Uncertainties Nature of Operations ConnectOne Bancorp, Inc. (the “Parent Corporation”) is incorporated under the laws of the State of New Jersey and is a registered bank holding company under the Bank Holding Company Act of 1956, 1, The Bank is a community-based, full-service New Jersey-chartered commercial bank that was founded in 2005. 301 twenty-four two The preceding unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10 10 01 X, not three nine September 30, 2022 not may December 31, 2022, 2021 10 Basis of Presentation The consolidated financial statements have been prepared in conformity with GAAP. Some items in the prior year consolidated financial statements were reclassified to conform to current presentation. Reclassifications had no Use of Estimates In preparing the consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of condition and that affect the results of operations for the periods presented. Actual results could differ significantly from those estimates. Risks and Uncertainties As previously disclosed, on March 11, 2020 19 March 27, 2020, Coronavirus Aid, Relief, and Economic Security Act 19 19 2021, 19 19, may 19 19 may On July 27, 2017, no 2021. not 2021. 2022, not may December 31, 2021, March 2022 September 2022 not may may The United States economy is currently experiencing a level of price inflation not 1970’s 1980’s. may Note 1b. Newly Issued, But Not In June 2022, 2022 03, 820 2022 03” 2022 03 not not 2022 03 December 15, 2023, 2022 03 In March 2022, 2022 02, 326 2022 02” 2022 02 310 40, 2016 13, 326 2016 13” 2022 02 326 20, 2022 02 December 15, 2022, 2022 02 |
Note 2 - Earnings Per Common Sh
Note 2 - Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 2. Earnings per Common Share Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) No. 260 10 45 two Earnings per common share have been computed based on the following: Three Months Ended Nine Months Ended September 30, September 30, (dollars in thousands, except for per share data) 2022 2021 2022 2021 Net income available to common stockholders $ 27,406 $ 32,097 $ 88,127 $ 97,315 Earnings allocated to participating securities (67 ) (76 ) (217 ) (250 ) Income attributable to common stock $ 27,339 $ 32,021 $ 87,910 $ 97,065 Weighted average common shares outstanding, including participating securities 39,243 39,741 39,393 39,770 Weighted average participating securities (96 ) (95 ) (97 ) (102 ) Weighted average common shares outstanding 39,147 39,646 39,296 39,668 Incremental shares from assumed conversions of options, performance units and restricted shares 192 223 214 220 Weighted average common and equivalent shares outstanding 39,339 39,869 39,510 39,888 Earnings per common share: Basic $ 0.70 $ 0.81 $ 2.24 $ 2.45 Diluted 0.70 0.80 2.23 2.43 There were no antidilutive share equivalents as of September 30, 2022 September 30, 2021 |
Note 3 - Investment Securities
Note 3 - Investment Securities | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3. Investment Securities The Company’s investment securities are classified as available-for-sale as of September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 6 The following tables present information related to the Company’s portfolio of securities available-for-sale as of September 30, 2022 December 31, 2021 Allowance for Gross Gross Investment Amortized Unrealized Unrealized Fair Credit Cost Gains Losses Value Losses (dollars in thousands) September 30, 2022 Securities available-for-sale Federal agency obligations $ 55,896 $ - $ (10,276 ) $ 45,620 $ - Residential mortgage pass-through securities 468,783 - (61,798 ) 406,985 - Commercial mortgage pass-through securities 25,546 - (4,651 ) 20,895 - Obligations of U.S. states and political subdivisions 159,441 46 (18,380 ) 141,107 - Corporate bonds and notes 6,998 - (8 ) 6,990 - Asset-backed securities 1,934 - (36 ) 1,898 Other securities 134 - - 134 - Total securities available-for-sale $ 718,732 $ 46 $ (95,149 ) $ 623,629 $ - December 31, 2021 Securities available-for-sale Federal agency obligations $ 50,336 $ 649 $ (625 ) $ 50,360 $ - Residential mortgage pass-through securities 317,111 1,868 (2,884 ) 316,095 - Commercial mortgage pass-through securities 10,814 118 (463 ) 10,469 - Obligations of U.S. states and political subdivisions 145,045 1,562 (982 ) 145,625 - Corporate bonds and notes 8,968 81 - 9,049 - Asset-backed securities 2,563 3 (2 ) 2,564 - Certificates of deposit 150 - - 150 - Other securities 195 - - 195 - Total securities available-for-sale $ 535,182 $ 4,281 $ (4,956 ) $ 534,507 $ - Investment securities having a carrying value of approximately $174.8 million and $71.2 million as of September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 one 10% The following table presents information for investments in securities available-for-sale as of September 30, 2022 not September 30, 2022 Amortized Fair Cost Value (dollars in thousands) Securities available-for-sale: Due in one year or less $ 5,451 $ 5,444 Due after one year through five years 4,106 4,107 Due after five years through ten years 2,342 2,289 Due after ten years 212,370 183,775 Residential mortgage pass-through securities 468,783 406,985 Commercial mortgage pass-through securities 25,546 20,895 Other securities 134 134 Total securities available-for-sale $ 718,732 $ 623,629 Gross gains and losses from the sales and redemptions of securities for periods presented were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (dollars in thousands) Proceeds $ - $ - $ - $ 5,185 Gross gains on sales/redemptions of securities - - - 195 Gross losses on sales/redemptions of securities - - - - Net gain on sales/redemptions of securities - - - 195 Less: tax provision on net gain - - - (48 ) Net gain on sales/redemptions of securities, after taxes $ - $ - $ - $ 147 Impairment Analysis of Available--for-sale Debt Securities The following tables indicate securities in an unrealized loss position for which an allowance for credit losses (“ACL”) has not September 30, 2022 December 31, 2021 September 30, 2022 Total Less than 12 Months 12 Months or Longer Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (dollars in thousands) Securities available-for-sale: Federal agency obligations $ 45,620 $ (10,276 ) $ 30,535 $ (4,261 ) $ 15,085 $ (6,015 ) Residential mortgage pass-through securities 406,984 (61,798 ) 293,070 (32,342 ) 113,914 (29,456 ) Commercial mortgage pass-through securities 20,895 (4,651 ) 15,961 (2,943 ) 4,934 (1,708 ) Obligations of U.S. states and political subdivisions 135,483 (18,380 ) 81,466 (11,098 ) 54,017 (7,282 ) Corporate bonds and notes 2,991 (8 ) 2,991 (8 ) - - Asset-backed securities 1,898 (36 ) 1,242 (16 ) 656 (20 ) Total temporarily impaired securities $ 613,871 $ (95,149 ) $ 425,265 $ (50,668 ) $ 188,606 $ (44,481 ) December 31, 2021 Total Less than 12 Months 12 Months or Longer Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (dollars in thousands) Securities available-for-sale: Federal agency obligations $ 28,974 $ (625 ) $ 28,974 $ (625 ) $ - $ - Residential mortgage pass-through securities 246,396 (2,884 ) 214,701 (2,111 ) 31,695 (773 ) Commercial mortgage pass-through securities 8,370 (463 ) 4,682 (75 ) 3,688 (388 ) Obligations of U.S. states and political subdivisions 89,473 (982 ) 89,473 (982 ) - - Asset-backed securities 802 (2 ) 802 (2 ) - - Total Temporarily Impaired Securities $ 374,015 $ (4,956 ) $ 338,632 $ (3,795 ) $ 35,383 $ (1,161 ) The Company has elected to exclude accrued interest from the amortized cost of its investment securities available-for-sale. Accrued interest receivable for investment securities available for sale as of September 30, 2022 December 31, 2021 The Company evaluates securities in an unrealized loss position for impairment related to credit losses on at least a quarterly basis. Securities in unrealized loss positions are first not one not September 30, 2022, not September 30, 2022. not Federal agency obligations, residential mortgage backed pass-through securities and commercial mortgage backed pass-through securities are issued by U.S. Government agencies and U.S. Government sponsored enterprises. Although a government guarantee exists on these investments, these entities are not 2008. not not zero |
Note 4 - Derivatives
Note 4 - Derivatives | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 4. As part of our overall asset liability management and strategy the Company uses derivative instruments, which can include interest rate swaps, collars, caps, and floors. The notional amount does not not Derivatives Designated as Hedges Subsequent changes in fair value for a hedging instrument that has been designated and qualifies as part of a hedging relationship are accounted for in the following manner: 1 2 As long as a hedging instrument is designated and the results of the effectiveness testing support that the instrument qualifies for hedge accounting treatment, 100% not no Cash Flow Hedges The Company entered into nine forward starting pay fixed-rate interest rate swaps, with a total notional amount of $400 million, all of which have since commenced. These are designated as cash flow hedges of current, Federal Home Loan Bank advances. We are required to pay fixed rates of interest ranging from 0.631% to 1.23% and receive variable rates of interest that reset quarterly based on the daily compounding secured overnight financing rate (“SOFR”). All swaps are currently on the books with expiration dates on the nine positions ranging from December 2025 March 2028 no no Interest (income) expense recorded on these swap transactions totaled approximately ($1.2) million and ($0.5) million during the three nine September 30, 2022 three nine September 30, 2021 The Company entered into one forward starting interest rate cap spread transaction, with a total notional amount of $150 million, which became effective on October 1, 2022 October 2027. No The following table presents the net gains (losses) recorded in other comprehensive income and the Consolidated Statements of Income relating to the cash flow hedge derivative instruments for the periods indicated: Three Months Ended September 30, 2022 Amount of gain (loss) recognized in OCI (Effective Portion) Amount of (gain) loss reclassified from OCI to interest income Amount of gain recognized in other Noninterest income (Ineffective Portion) (dollars in thousands) Interest rate contracts $ 16,969 $ (1,178 ) $ - Three Months Ended September 30, 2021 Amount of gain (loss) recognized in OCI (Effective Portion) Amount of gain (loss) reclassified from OCI to interest income Amount of gain recognized in other Noninterest income (Ineffective Portion) (dollars in thousands) Interest rate contracts $ 1,890 $ 328 $ - Nine Months Ended September 30, 2022 Amount of gain (loss) recognized in OCI (Effective Portion) Amount of (gain) loss reclassified from OCI to interest income Amount of gain recognized in other Noninterest income (Ineffective Portion) (dollars in thousands) Interest rate contracts $ 44,253 $ (524 ) $ - Nine Months Ended September 30, 2021 Amount of gain (loss) recognized in OCI (Effective Portion) Amount of gain (loss) reclassified from OCI to interest income Amount of gain recognized in other Noninterest income (Ineffective Portion) (dollars in thousands) Interest rate contracts $ 1,872 $ 1,543 $ - The following table reflects the cash flow hedges included in the consolidated statements of condition as of September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Notional Amount Fair Value Notional Amount Fair Value (dollars in thousands) Interest rate contracts $ 700,000 $ 54,041 $ 475,000 $ 3,347 |
Note 5 - Loans and the Allowanc
Note 5 - Loans and the Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 5. Loans Receivable September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 (dollars in thousands) Commercial (1) $ 1,448,727 $ 1,299,428 Commercial real estate 5,666,848 4,741,590 Commercial construction 537,323 540,178 Residential real estate 256,085 255,269 Consumer 1,030 1,886 Gross loans 7,910,013 6,838,351 Net deferred loan fees (9,563 ) (9,729 ) Total loans receivable $ 7,900,450 $ 6,828,622 ( 1 Includes PPP loans of $11.5 million and $93.1 million as of September 30, 2022 December 31, 2021 As of September 30, 2022 December 31, 2021 Loans held-for-sale - September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 (dollars in thousands) Commercial real estate $ 8,080 $ - Residential real estate - 250 Total carrying amount $ 8,080 $ 250 Loans Receivable on Nonaccrual Status - September 30, 2022 December 31, 2021 September 30, 2022 Nonaccrual loans with ACL Nonaccrual loans without ACL Total nonaccrual loans (dollars in thousands) Commercial $ 25,657 $ 1,201 $ 26,858 Commercial real estate 21,511 6,627 28,138 Residential real estate 623 1,828 2,451 Total $ 47,791 $ 9,656 $ 57,447 December 31, 2021 Nonaccrual loans with ACL Nonaccrual loans without ACL Total nonaccrual loans (dollars in thousands) Commercial $ 28,746 $ 1,316 $ 30,062 Commercial real estate 15,362 10,031 25,393 Commercial construction - 3,150 3,150 Residential real estate 1,239 1,856 3,095 Total $ 45,347 $ 16,353 $ 61,700 Nonaccrual loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and loans individually evaluated for impairment. Credit Quality Indicators third no not may not We evaluate whether a modification, extension or renewal of a loan is a current period origination in accordance with GAAP. Generally, loans up for renewal are subject to a full credit evaluation before the renewal is granted and such loans are considered current period originations for purpose of the table below. The following table presents loans by origination and risk designation as of September 30, 2022 Term loans amortized cost basis by origination year 2022 2021 2020 2019 2018 Prior Revolving Loans Total Gross Loans Commercial Pass $ 248,673 $ 311,005 $ 50,801 $ 31,402 $ 54,872 $ 164,539 $ 532,643 $ 1,393,935 Special mention - - - 588 - 3,556 3,301 7,445 Substandard 7,636 152 17 2,023 11,190 22,639 3,690 47,347 Doubtful - - - - - - - - Total Commercial $ 256,309 $ 311,157 $ 50,818 $ 34,013 $ 66,062 $ 190,734 $ 539,634 $ 1,448,727 Commercial Real Estate Pass $ 1,386,412 $ 1,617,355 $ 387,135 $ 364,220 $ 384,288 $ 1,033,994 $ 370,982 $ 5,544,386 Special mention - - - 1,317 - 41,841 8,883 52,041 Substandard - 1,939 4,500 12,517 19,314 23,984 8,167 70,421 Doubtful - - - - - - - - Total Commercial Real Estate $ 1,386,412 $ 1,619,294 $ 391,635 $ 378,054 $ 403,602 $ 1,099,819 $ 388,032 $ 5,666,848 Commercial Construction Pass $ 2,056 $ 7,605 $ 7,320 $ 508 $ - $ - $ 512,107 $ 529,596 Special mention - - - - - - - - Substandard - - - - - - 7,727 7,727 Doubtful - - - - - - - - Total Commercial Construction $ 2,056 $ 7,605 $ 7,320 $ 508 $ - $ - $ 519,834 $ 537,323 Residential Pass $ 34,852 $ 25,487 $ 25,292 $ 21,732 $ 20,493 $ 80,042 $ 41,104 $ 249,002 Special mention - - - - - - - - Substandard - - - - - 3,509 3,574 7,083 Doubtful - - - - - - - - Total Residential Real Estate $ 34,852 $ 25,487 $ 25,292 $ 21,732 $ 20,493 $ 83,551 $ 44,678 $ 256,085 Consumer Pass $ 903 $ - $ 10 $ - $ 5 $ 1 $ 111 $ 1,030 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total Consumer $ 903 $ - $ 10 $ - $ 5 $ 1 $ 111 $ 1,030 Total Pass $ 1,672,896 $ 1,961,452 $ 470,558 $ 417,862 $ 459,658 $ 1,278,576 $ 1,456,947 $ 7,717,949 Special mention - - - 1,905 - 45,397 12,184 59,486 Substandard 7,636 2,091 4,517 14,540 30,504 50,132 23,158 132,578 Doubtful - - - - - - - - Grand Total $ 1,680,532 $ 1,963,543 $ 475,075 $ 434,307 $ 490,162 $ 1,374,105 $ 1,492,289 $ 7,910,013 The following table presents loans by origination and risk designation as of December 31, 2021 Term loans amortized cost basis by origination year 2021 2020 2019 2018 8.5 Prior Revolving Loans Total Gross Loans Commercial Pass $ 403,203 $ 58,534 $ 54,485 $ 60,409 $ 95,727 $ 86,556 $ 471,588 $ 1,230,502 Special mention - - - - 1 4,045 4,266 8,312 Substandard 170 - 1,842 13,298 9,740 21,024 14,540 60,614 Doubtful - - - - - - - - Total Commercial $ 403,373 $ 58,534 $ 56,327 $ 73,707 $ 105,468 $ 111,625 $ 490,394 $ 1,299,428 Commercial Real Estate Pass $ 1,692,098 $ 533,315 $ 420,995 $ 452,262 $ 497,065 $ 842,244 $ 170,721 $ 4,608,700 Special mention - - - - 5,142 50,438 6,601 62,181 Substandard 1,968 9,039 4,006 20,624 - 26,108 8,964 70,709 Doubtful - - - - - - - - Total Commercial Real Estate $ 1,694,066 $ 542,354 $ 425,001 $ 472,886 $ 502,207 $ 918,790 $ 186,286 $ 4,741,590 Commercial Construction Pass $ 8,018 $ 7,370 $ 12,625 $ 2,600 $ 2,339 $ - $ 490,119 $ 523,071 Special mention - - - - 350 - 1,443 1,793 Substandard - - - - - - 15,314 15,314 Doubtful - - - - - - - - Total Commercial Construction $ 8,018 $ 7,370 $ 12,625 $ 2,600 $ 2,689 $ - $ 506,876 $ 540,178 Residential Real Estate Pass $ 27,081 $ 29,539 $ 23,611 $ 25,070 $ 28,701 $ 66,249 $ 44,221 $ 244,472 Special mention - - - - - - - - Substandard - - - - - 7,262 3,535 10,797 Doubtful - - - - - - - - Total Residential Real Estate $ 27,081 $ 29,539 $ 23,611 $ 25,070 $ 28,701 $ 73,511 $ 47,756 $ 255,269 Consumer Pass $ 1,590 $ 85 $ 39 $ 21 $ 28 $ - $ 123 $ 1,886 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total Consumer $ 1,590 $ 85 $ 39 $ 21 $ 28 $ - $ 123 $ 1,886 Total Pass $ 2,131,990 $ 628,843 $ 511,755 $ 540,362 $ 623,860 $ 995,049 $ 1,176,772 $ 6,608,631 Special mention - - - - 5,493 54,483 12,310 72,286 Substandard 2,138 9,039 5,848 33,922 9,740 54,394 42,353 157,434 Doubtful - - - - - - - - Grand Total $ 2,134,128 $ 637,882 $ 517,603 $ 574,284 $ 639,093 $ 1,103,926 $ 1,231,435 $ 6,838,351 Collateral Dependent Loans September 30, 2022 December 31, 2021 September 30, 2022 Real Estate Other Total (dollars in thousands) Commercial $ 5,446 $ 23,449 $ 28,895 Commercial real estate 64,718 - 64,718 Commercial construction 7,727 - 7,727 Residential real estate 5,634 - 5,634 Consumer - - - Total $ 83,525 $ 23,449 $ 106,974 December 31, 2021 Real Estate Other Total (dollars in thousands) Commercial $ 6,385 $ 26,182 $ 32,567 Commercial real estate 55,244 - 55,244 Commercial construction 13,196 - 13,196 Residential real estate 8,856 - 8,856 Consumer - - - Total $ 83,681 $ 26,182 $ 109,863 Aging Analysis - September 30, 2022 December 31, 2021 September 30, 2022 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Gross Loans (dollars in thousands) Commercial $ 171 $ 13 $ 4,392 $ 26,858 $ 31,434 $ 1,417,293 $ 1,448,727 Commercial real estate - - 5,676 28,138 33,814 5,633,034 5,666,848 Commercial construction - - - - - 537,323 537,323 Residential real estate 671 - - 2,451 3,122 252,963 256,085 Consumer - - - - - 1,030 1,030 Total $ 842 $ 13 $ 10,068 $ 57,447 $ 68,370 $ 7,841,643 $ 7,910,013 December 31, 2021 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Gross Loans (dollars in thousands) Commercial $ 4,305 $ 729 $ 4,457 $ 30,062 $ 39,553 $ 1,259,875 $ 1,299,428 Commercial real estate 1,622 1,009 5,935 25,393 33,959 4,707,631 4,741,590 Commercial construction - - - 3,150 3,150 537,028 540,178 Residential real estate 1,437 292 3,139 3,095 7,963 247,306 255,269 Consumer - - - - - 1,886 1,886 Total $ 7,364 $ 2,030 $ 13,531 $ 61,700 $ 84,625 $ 6,753,726 $ 6,838,351 The following tables detail, at the period-end presented, the amount of gross loans (excluding loans held-for-sale) that are evaluated individually, and collectively, for impairment, those acquired with deteriorated quality, and the related portion of the allowance for credit losses that are allocated to each loan portfolio segment: September 30, 2022 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Allowance for credit losses - loans Individually evaluated impairment $ 10,600 $ 3,235 $ - $ 76 $ - $ 13,911 Collectively evaluated impairment 16,812 49,370 3,444 3,977 5 73,608 Acquired with deteriorated credit quality individually analyzed 2,277 1,921 - - - 4,198 Total $ 29,689 $ 54,526 $ 3,444 $ 4,053 $ 5 $ 91,717 Gross loans Individually evaluated impairment $ 29,482 $ 59,042 $ 7,727 $ 5,634 $ - $ 101,885 Collectively evaluated impairment 1,414,286 5,602,130 529,596 250,451 1,030 7,797,493 Acquired with deteriorated credit quality individually analyzed 4,959 5,676 - - - 10,635 Total $ 1,448,727 $ 5,666,848 $ 537,323 $ 256,085 $ 1,030 $ 7,910,013 December 31, 2021 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Allowance for credit losses - loans Individually evaluated impairment $ 15,131 $ 955 $ - $ 131 $ - $ 16,217 Collectively evaluated impairment 8,561 42,713 3,580 3,497 7 58,358 Acquired with deteriorated credit quality individually analyzed 2,277 1,921 - - - 4,198 Total $ 25,969 $ 45,589 $ 3,580 $ 3,628 $ 7 $ 78,773 Gross loans Individually evaluated impairment $ 33,726 $ 49,310 $ 13,196 $ 5,717 $ - $ 101,949 Collectively evaluated impairment 1,260,537 4,686,346 526,982 246,413 1,886 6,722,164 Acquired with deteriorated credit quality individually analyzed 5,165 5,934 - 3,139 - 14,238 Total $ 1,299,428 $ 4,741,590 $ 540,178 $ 255,269 $ 1,886 $ 6,838,351 Activity in the Company’s ACL for loans for the three nine September 30, 2022 Three Months Ended September 30, 2022 Commercial Commercial real estate Commercial construction Residential real estate Consumer Unallocated Total (dollars in thousands) Balance as of June 30, 2022 $ 28,135 $ 47,562 $ 3,413 $ 3,625 $ 4 $ - $ 82,739 Charge-offs (410 ) - - - (3 ) - (413 ) Recoveries 53 - - - - - 53 Provision for credit losses - loans 1,911 6,964 31 428 4 - 9,338 Balance as of September 30, 2022 $ 29,689 $ 54,526 $ 3,444 $ 4,053 $ 5 $ - $ 91,717 Nine Months Ended September 30, 2022 Commercial Commercial real estate Commercial construction Residential real estate Consumer Unallocated Total (dollars in thousands) Balance as of December 31, 2021 $ 25,969 $ 45,589 $ 3,580 $ 3,628 $ 7 $ - $ 78,773 Charge-offs (751 ) (226 ) - (9 ) (3 ) - (989 ) Recoveries 54 - - 63 - - 117 Provision for credit losses - loans 4,417 9,163 (136 ) 371 1 - 13,816 Balance as of September 30, 2022 $ 29,689 $ 54,526 $ 3,444 $ 4,053 $ 5 $ - $ 91,717 Activity in the Company’s ACL for loans for the three nine September 30, 2021 1 nine September 30, 2021 December 31, 2020 Three Months Ended September 30, 2021 Commercial Commercial real estate Commercial construction Residential real estate Consumer Unallocated Total (dollars in thousands) Balance as of June 30, 2021 $ 25,567 $ 43,815 $ 4,927 $ 4,366 $ 9 $ - $ 78,684 Charge-offs (254 ) (1,473 ) - - - - (1,727 ) Recoveries 1 85 - 20 7 - 113 (Reversal of) provision for credit losses - loans 2,022 915 (1,225 ) (788 ) (8 ) - 916 Balance as of September 30, 2021 $ 27,336 $ 43,342 $ 3,702 $ 3,598 $ 8 $ - $ 77,986 Nine Months Ended September 30, 2021 Commercial Commercial real estate Commercial construction Residential real estate Consumer Unallocated Total (dollars in thousands) Balance as of December 31, 2020 $ 28,443 $ 39,330 $ 8,194 $ 2,687 $ 4 $ 568 $ 79,226 Day 1 effect of CECL (4,225 ) 9,605 (961 ) 2,697 9 (568 ) 6,557 Balance as of January 1, 2021 as adjusted for changes in accounting principle 24,218 48,935 7,233 5,384 13 - 85,783 Charge-offs (304 ) (1,628 ) - (7 ) - - (1,939 ) Recoveries 74 85 - 20 9 - 188 (Reversal of) provision for credit losses - loans 3,348 (4,050 ) (3,531 ) (1,799 ) (14 ) - (6,046 ) Balance as of September 30, 2021 $ 27,336 $ 43,342 $ 3,702 $ 3,598 $ 8 $ - $ 77,986 Troubled Debt Restructurings Loans are considered to have been modified in a troubled debt restructuring (“TDRs”) when, except as discussed below, due to a borrower’s financial difficulties, the Company makes certain concessions to the borrower that it would not may six may As of September 30, 2022 90 As of September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 The following table presents loans by class modified as TDRs that occurred during the nine September 30, 2022 Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Loans Investment Investment (dollars in thousands) Troubled debt restructurings: Commercial 2 $ 633 $ 633 Commercial real estate 2 9,043 8,543 Residential real estate 2 399 399 Total 6 $ 10,075 $ 9,575 The loans modified as a TDR during the nine September 30, 2022 five one one one There were no TDRs for which there was a payment default within twelve three nine September 30, 2022 September 30, 2021 The following table presents loans by class modified as TDRs that occurred during the nine September 30, 2021 Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Loans Investment Investment (dollars in thousands) Troubled debt restructurings: Commercial 4 $ 1,276 $ 1,276 Commercial real estate 10 35,595 35,595 Commercial construction 1 1,641 1,641 Residential real estate 3 1,758 1,758 Total 18 $ 40,270 $ 40,270 The loans modified as TDRs during the nine September 30, 2021 Allowance for Credit Losses for Unfunded Commitments The Company has recorded an ACL for unfunded credit commitments, which was recorded in other liabilities. The provision is recorded within the provision for (reversal of) credit losses on the Company’s income statement. The following table presents a rollforward of the allowance for credit losses for unfunded commitments for the three nine September 30, 2022 2021 Three Months Ended Three Months Ended September 30, September 30, 2022 2021 (dollars in thousands) Balance at beginning of period $ 2,324 $ 2,380 Provision for credit losses - unfunded commitments 662 184 Balance at end of period $ 2,986 $ 2,564 Nine Months Ended Nine Months Ended September 30, September 30, 2022 2021 (dollars in thousands) Balance at beginning of period $ 2,352 $ - Day 1 Effect of CECL - 2,833 Provision for (reversal of) credit losses - unfunded commitments 634 (269 ) Balance at end of period $ 2,986 $ 2,564 Components of (Reversal of) Provision for Credit Losses The following table summarizes the provision for (reversal of) credit losses for the three nine September 30, 2022 2021 Three Months Ended Three Months Ended September 30, September 30, 2022 2021 (dollars in thousands) Provision for credit losses - loans $ 9,338 $ 916 Provision for credit losses - unfunded commitments 662 184 Provision for credit losses $ 10,000 $ 1,100 Nine Months Ended Nine Months Ended September 30, September 30, 2022 2021 (dollars in thousands) Provision for (reversal of) credit losses - loans $ 13,816 $ (6,046 ) Provision for (reversal of) credit losses - unfunded commitments 634 (269 ) Provision for (reversal of) credit losses $ 14,450 $ (6,315 ) |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 6. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (for example, supported with little or no An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following information should not may not Assets and Liabilities Measured at Fair Value on a Recurring Basis The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a recurring basis as of September 30, 2022 December 31, 2021 Securities Available-for-Sale and Equity Securities 1 1 not 2 3. Derivatives 2 not third For financial assets and liabilities measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used as of September 30, 2022 December 31, 2021 September 30, 2022 Fair Value Measurements at Reporting Date Using Total 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) Recurring fair value measurements: Assets Investment securities: Available-for-sale: Federal agency obligations $ 45,620 $ - $ 45,620 $ - Residential mortgage pass-through securities 406,985 - 406,985 - Commercial mortgage pass-through securities 20,895 - 20,895 - Obligations of U.S. states and political subdivision 141,107 - 133,730 7,377 Corporate bonds and notes 6,990 - 6,990 - Asset-backed securities 1,898 - 1,898 - Other securities 134 134 - - Total available-for-sale 623,629 134 616,118 7,377 Equity securities 15,563 9,701 5,862 - Derivatives 54,041 - 54,041 - Total assets $ 693,233 $ 9,835 $ 676,021 $ 7,377 December 31, 2021 Fair Value Measurements at Reporting Date Using Total Fair Value Quoted Prices Significant Significant (dollars in thousands) Recurring fair value measurements: Assets Investment securities: Available-for-sale: Federal agency obligations $ 50,360 $ - $ 50,360 $ - Residential mortgage pass- through securities 316,095 - 316,095 - Commercial mortgage pass-through securities 10,469 - 10,469 - Obligations of U.S. states and political subdivision 145,625 - 137,060 8,565 Corporate bonds and notes 9,049 - 9,049 - Asset-backed securities 2,564 - 2,564 - Certificates of deposit 150 - 150 - Other securities 195 195 - - Total available-for-sale $ 534,507 $ 195 $ 525,747 $ 8,565 Equity securities 13,794 11,081 2,713 - Derivatives 3,347 - 3,347 - Total assets $ 551,648 $ 11,276 $ 531,807 $ 8,565 There were no 1 2 nine September 30, 2022 December 31, 2021 Assets Measured at Fair Value on a Nonrecurring Basis The Company may September 30, 2022 December 31, 2021 Loans Held-for-Sale 2 Other loans held-for-sale are carried at the lower of aggregate cost or estimated fair value. Fair value of these loans is determined based on the terms of the loan, such as interest rate, maturity date, reset term, as well as sales of similar assets (Level 3 Collateral Dependent Loans may not 3 not 3 For assets measured at fair value on a nonrecurring basis, the fair value measurements as of September 30, 2022 December 31, 2021 Fair Value Measurements at Reporting Date Using Assets measured at fair value on a nonrecurring basis: Carrying Value as of September 30, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent loans: (dollars in thousands) Commercial $ 14,443 $ - $ - $ 14,443 Commercial real estate 26,197 - - 26,197 Residential real estate 1,372 - - 1,372 Fair Value Measurements at Reporting Date Using Assets measured at fair value on a nonrecurring basis: December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent loans: (dollars in thousands) Commercial $ 13,399 $ - $ - $ 13,399 Commercial real estate 20,185 - - 20,185 Residential real estate 2,794 - - 2,794 Collateral dependent loans September 30, 2022 December 31, 2021 Assets Measured with Significant Unobservable Level 3 Recurring basis The tables below present a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3 nine September 30, 2022 December 31, 2021 Municipal Securities (dollars in thousands) Beginning balance, December 31, 2021 $ 8,565 Principal paydowns (214 ) Change in unrealized gain (loss) (974 ) Ending balance, September 30, 2022 $ 7,377 Municipal Securities (dollars in thousands) Beginning balance, December 31, 2020 $ 8,844 Principal paydowns (279 ) Ending balance, December 31, 2021 $ 8,565 The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a recurring basis as of September 30, 2022 December 31, 2021 3 September 30, 2022 Fair Value Valuation Techniques Unobservable Input Rate Securities available-for-sale: (dollars in thousands) Municipal securities $ 7,377 Discounted cash flows Discount rate 4.3 % December 31, 2021 Fair Value Valuation Techniques Unobservable Input Rate Securities available-for-sale: (dollars in thousands) Municipal securities $ 8,565 Discounted cash flows Discount rate 2.9 % Nonrecurring basis : 3 September 30, 2022 (dollars in thousands) Fair Value Valuation Techniques Unobservable Input Range (weighted average) Commercial $ 13,960 Market approach (100%) Average transfer price as a price to unpaid principal balance 61% –95% (64%) Commercial 483 Appraisals of collateral value Comparable sales -5% to +35% (+17%) Commercial real estate 26,197 Appraisals of collateral value Comparable sales -25% to +10% (-16%) Residential real estate 1,372 Appraisals of collateral value Comparable sales +21% to +39% (+22%) December 31, 2021 (dollars in thousands) Fair Value Valuation Techniques Unobservable Input Range (weighted average) Commercial $ 12,193 Market approach (100%) Average transfer price as a price to unpaid principal balance 48% to 73% (49%) Commercial 1,206 Appraisals of collateral value Adjustment for comparable sales -10% to +35% (+6%) Commercial real estate 20,185 Appraisals of collateral value Adjustment for comparable sales -20% to +15% (-6%) Residential real estate 2,794 Appraisals of collateral value Adjustment for comparable sales -15% to +39% (5%) As of September 30, 2022 820, Fair Value Measurement September 30, 2022 December 31, 2021 Fair Value Measurements 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) September 30, 2022 Financial assets: Cash and due from banks $ 333,844 $ 333,844 $ 333,844 $ - $ - Securities available-for-sale 623,629 623,629 134 616,118 7,377 Restricted investments in bank stocks 45,324 n/a n/a n/a n/a Equity securities 15,563 15,563 9,701 5,862 - Net loans 7,808,733 7,524,799 - - 7,524,799 Derivatives 54,041 54,041 - 54,041 - Accrued interest receivable 38,940 38,940 - 3,219 35,721 Financial liabilities: Noninterest-bearing deposits 1,665,658 1,665,658 1,665,658 - - Interest-bearing deposits 5,644,852 5,599,170 3,723,617 1,875,553 - Borrowings 829,953 826,280 - 826,280 - Subordinated debentures 153,179 153,170 - 153,170 - Accrued interest payable 5,733 5,733 - 5,733 - December 31, 2021 Financial assets: Cash and due from banks $ 265,536 $ 265,536 $ 265,536 $ - $ - Investment securities available-for-sale 534,507 534,507 195 525,747 8,565 Restricted investment in bank stocks 27,826 n/a n/a n/a n/a Equity securities 13,794 13,794 11,081 2,713 - Net loans 6,749,849 6,800,287 - - 6,800,287 Derivatives 3,347 3,347 - 3,347 - Accrued interest receivable 34,152 34,152 - 1,554 32,598 Financial liabilities: Noninterest-bearing deposits 1,617,049 1,617,049 1,617,049 - - Interest-bearing deposits 4,715,904 4,716,358 3,565,795 1,150,563 - Borrowings 468,193 469,671 - 469,671 - Subordinated debentures 152,951 163,995 - 163,995 - Accrued interest payable 2,716 2,716 - 2,716 - The fair value of commitments to originate loans is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. The fair value of commitments to originate loans is immaterial and not Changes in assumptions or estimation methodologies may Fair value estimates are based on existing balance sheet financial instruments, without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not not not Management believes that reasonable comparability between financial institutions may not |
Note 7 - Comprehensive (Loss) I
Note 7 - Comprehensive (Loss) Income | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 7. Total comprehensive (loss) income includes all changes in equity during a period from transactions and other events and circumstances from non-owner sources. The Company’s other comprehensive income is comprised of unrealized holding gains and losses on securities available-for-sale, unrealized gains (losses) on cash flow hedges, obligations for defined benefit pension plan and an adjustment to reflect the curtailment of the Company’s defined benefit pension plan, each net of taxes. The following table represents the reclassification out of accumulated other comprehensive (loss) for the periods presented (dollars in thousands): Details about Accumulated Other Comprehensive Income Components Amounts Reclassified from Accumulated Other Comprehensive Income Amounts Reclassified from Accumulated Other Comprehensive Income Affected Line item in the Consolidated Statements of Income Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Sale of investment securities available-for-sale $ - $ - $ - $ 195 Net gains on sale of securities available-for-sale - - - (48 ) Income tax expense $ - $ - $ - $ 147 Net interest expense on swaps $ 1,178 $ (328 ) $ 524 $ (1,543 ) Borrowings (343 ) 90 (159 ) 434 Income tax (expense) benefit $ 835 $ (238 ) $ 365 $ (1,109 ) Amortization of pension plan net actuarial losses $ (17 ) $ (75 ) $ (49 ) $ (225 ) Other components of net periodic pension expense 5 21 14 63 Income tax benefit $ (12 ) $ (54 ) $ (35 ) $ (162 ) Total reclassification $ 823 $ (292 ) $ 330 $ (1,124 ) Accumulated other comprehensive loss as of September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 (dollars in thousands) Investment securities available-for-sale, net of tax $ (67,734 ) $ (484 ) Cash flow hedge, net of tax 32,913 2,406 Defined benefit pension and post-retirement plans, net of tax (1,671 ) (3,326 ) Total $ (36,492 ) $ (1,404 ) |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 8. Stock-based Compensation The Company’s stockholders approved the 2017 May 23, 2017 September 30, 2022 may September 30, 2022 Restricted stock, options and restricted stock units typically have a three one one third ten may three no not. All awards are issued at the fair value of the underlying shares at the grant date. The Company expenses the cost of the awards, which is determined to be the fair market value of the awards at the date of grant, ratably over the vesting period. Forfeiture rates are not three nine September 30, 2022 three nine September 30, 2021 Activity under the Company’s options for the nine September 30, 2022 Number of Stock Options Weighted-Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding as of December 31, 2021 23,766 $ 9.94 Granted - - Exercised (15,086 ) 8.21 Forfeited/cancelled/expired - - Outstanding as of September 30, 2022 8,680 12.95 0.54 $ 87,691 Exercisable as of September 30, 2022 8,680 $ 12.95 - $ - The aggregate intrinsic value of outstanding and exercisable options above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on September 30, 2022 September 30, 2022 Activity under the Company’s restricted stock for the nine September 30, 2022 Nonvested Shares Weighted Average Grant Date Fair Value Nonvested as of December 31, 2021 82,693 $ 21.78 Granted 53,543 30.76 Vested (42,815 ) 25.00 Forfeited/cancelled/expired (374 ) 30.99 Nonvested as of September 30, 2022 93,047 $ 25.43 As of September 30, 2022 A summary of the status of unearned performance unit awards and the change during the period is presented in the table below: Units (expected) Units (maximum) Weighted Average Grant Date Fair Value Unearned as of December 31, 2021 209,995 $ 16.18 Awarded 34,874 32.80 Vested shares (49,604 ) 20.79 Unearned as of September 30, 2022 195,265 221,541 $ 17.98 As of September 30, 2022 September 30, 2022 nine September 30, 2022 nine September 30, 2022 September 30, 2022 not A summary of the status of unearned restricted stock units and the changes in restricted stock units during the period is presented in the table below: Units (expected) Weighted Average Grant Date Fair Value Unearned as of December 31, 2021 136,948 $ 16.52 Awarded 52,312 32.80 Vested shares (69,225 ) 16.13 Unearned as of September 30, 2022 120,035 $ 23.84 A portion of the shares that vest will be netted out to satisfy the tax obligations of the recipient. During the nine September 30, 2022 nine September 30, 2022 September 30, 2022 not |
Note 9 - Components of Net Peri
Note 9 - Components of Net Periodic Pension Cost | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 9. Components of Net Periodic Pension Cost The Company maintained a non-contributory defined benefit pension plan for substantially all of its employees until June 30, 2007, Three Months Ended Affected Line Item in the Consolidated September 30, Statements of Income 2022 2021 (dollars in thousands) Service cost $ - $ - Interest cost 78 71 Other components of net periodic pension expense Expected return on plan assets (237 ) (213 ) Other components of net periodic pension expense Net amortization 17 75 Other components of net periodic pension expense Total periodic pension income $ (142 ) $ (67 ) Nine Months Ended Affected Line Item in the Consolidated September 30, Statements of Income 2022 2021 (dollars in thousands) Service cost $ - $ - Interest cost 233 213 Other components of net periodic pension expense Expected return on plan assets (711 ) (639 ) Other components of net periodic pension expense Net amortization 49 225 Other components of net periodic pension expense Total periodic pension income $ (429 ) $ (201 ) Contributions The Company did not nine September 30, 2022 not 2022 No may |
Note 10 - FHLB Borrowings
Note 10 - FHLB Borrowings | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Federal Home Loan Bank, Advances [Text Block] | Note 10. The Company’s FHLB borrowings and weighted average interest rates are summarized below: September 30, 2022 December 31, 2021 Amount Rate Amount Rate (dollars in thousands) By remaining period to maturity: Less than 1 year $ 802,329 2.99 % $ 390,549 0.56 % 1 year through less than 2 years - n/a 50,000 1.84 % 2 years through less than 3 years 25,000 1.00 % - n/a 3 years through less than 4 years 2,050 2.23 % 25,000 1.00 % 4 years through 5 years - n/a 2,050 2.23 % After 5 years 667 2.91 % 714 2.91 % FHLB borrowings - gross 830,046 2.93 % 468,313 0.73 % Fair value discount (93 ) (120 ) Total FHLB borrowings $ 829,953 $ 468,193 The FHLB borrowings are secured by pledges of certain collateral including, but not first Advances are payable at stated maturity, with a prepayment penalty for fixed rate advances. All FHLB advances bear fixed rates. The advances as of September 30, 2022 September 30, 2022 |
Note 11 - Subordinated Debentur
Note 11 - Subordinated Debentures | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | Note 11. During December 2003, January 23, 2034 three September 30, 2022 The following table summarizes the mandatory redeemable trust preferred securities of the Company’s Statutory Trust II as of September 30, 2022 December 31, 2021 Issuance Date Securities Issued Liquidation Value Coupon Rate Maturity Redeemable by Issuer Beginning 12/19/2003 $ 5,000,000 $1,000 per Capital Security Floating 3-month LIBOR + 285 Basis Points 1/23/2034 1/23/2009 During June 2020, “2020 2020 June 15, 2025 June 15 December 15 December 15, 2020. June 15, 2025 March 15, June 15, September 15 December 15 September 15, 2025. During January 2018, first 2018 five February 1, 2028 January 17, 2018 February 1, 2023 February 1, 2023 three |
Note 12 - Preferred Stock
Note 12 - Preferred Stock | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | Note 12. On August 19, 2021 1/40th |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Nature of Operations [Policy Text Block] | Nature of Operations ConnectOne Bancorp, Inc. (the “Parent Corporation”) is incorporated under the laws of the State of New Jersey and is a registered bank holding company under the Bank Holding Company Act of 1956, 1, The Bank is a community-based, full-service New Jersey-chartered commercial bank that was founded in 2005. 301 twenty-four two The preceding unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10 10 01 X, not three nine September 30, 2022 not may December 31, 2022, 2021 10 |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements have been prepared in conformity with GAAP. Some items in the prior year consolidated financial statements were reclassified to conform to current presentation. Reclassifications had no |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates In preparing the consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of condition and that affect the results of operations for the periods presented. Actual results could differ significantly from those estimates. |
Risks and Uncertainties [Policy Text Block] | Risks and Uncertainties As previously disclosed, on March 11, 2020 19 March 27, 2020, Coronavirus Aid, Relief, and Economic Security Act 19 19 2021, 19 19, may 19 19 may On July 27, 2017, no 2021. not 2021. 2022, not may December 31, 2021, March 2022 September 2022 not may may The United States economy is currently experiencing a level of price inflation not 1970’s 1980’s. may |
New Accounting Pronouncements, Policy [Policy Text Block] | Note 1b. Newly Issued, But Not In June 2022, 2022 03, 820 2022 03” 2022 03 not not 2022 03 December 15, 2023, 2022 03 In March 2022, 2022 02, 326 2022 02” 2022 02 310 40, 2016 13, 326 2016 13” 2022 02 326 20, 2022 02 December 15, 2022, 2022 02 |
Note 2 - Earnings Per Common _2
Note 2 - Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (dollars in thousands, except for per share data) 2022 2021 2022 2021 Net income available to common stockholders $ 27,406 $ 32,097 $ 88,127 $ 97,315 Earnings allocated to participating securities (67 ) (76 ) (217 ) (250 ) Income attributable to common stock $ 27,339 $ 32,021 $ 87,910 $ 97,065 Weighted average common shares outstanding, including participating securities 39,243 39,741 39,393 39,770 Weighted average participating securities (96 ) (95 ) (97 ) (102 ) Weighted average common shares outstanding 39,147 39,646 39,296 39,668 Incremental shares from assumed conversions of options, performance units and restricted shares 192 223 214 220 Weighted average common and equivalent shares outstanding 39,339 39,869 39,510 39,888 Earnings per common share: Basic $ 0.70 $ 0.81 $ 2.24 $ 2.45 Diluted 0.70 0.80 2.23 2.43 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | Allowance for Gross Gross Investment Amortized Unrealized Unrealized Fair Credit Cost Gains Losses Value Losses (dollars in thousands) September 30, 2022 Securities available-for-sale Federal agency obligations $ 55,896 $ - $ (10,276 ) $ 45,620 $ - Residential mortgage pass-through securities 468,783 - (61,798 ) 406,985 - Commercial mortgage pass-through securities 25,546 - (4,651 ) 20,895 - Obligations of U.S. states and political subdivisions 159,441 46 (18,380 ) 141,107 - Corporate bonds and notes 6,998 - (8 ) 6,990 - Asset-backed securities 1,934 - (36 ) 1,898 Other securities 134 - - 134 - Total securities available-for-sale $ 718,732 $ 46 $ (95,149 ) $ 623,629 $ - December 31, 2021 Securities available-for-sale Federal agency obligations $ 50,336 $ 649 $ (625 ) $ 50,360 $ - Residential mortgage pass-through securities 317,111 1,868 (2,884 ) 316,095 - Commercial mortgage pass-through securities 10,814 118 (463 ) 10,469 - Obligations of U.S. states and political subdivisions 145,045 1,562 (982 ) 145,625 - Corporate bonds and notes 8,968 81 - 9,049 - Asset-backed securities 2,563 3 (2 ) 2,564 - Certificates of deposit 150 - - 150 - Other securities 195 - - 195 - Total securities available-for-sale $ 535,182 $ 4,281 $ (4,956 ) $ 534,507 $ - |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, 2022 Amortized Fair Cost Value (dollars in thousands) Securities available-for-sale: Due in one year or less $ 5,451 $ 5,444 Due after one year through five years 4,106 4,107 Due after five years through ten years 2,342 2,289 Due after ten years 212,370 183,775 Residential mortgage pass-through securities 468,783 406,985 Commercial mortgage pass-through securities 25,546 20,895 Other securities 134 134 Total securities available-for-sale $ 718,732 $ 623,629 |
Schedule of Realized Gain (Loss) [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (dollars in thousands) Proceeds $ - $ - $ - $ 5,185 Gross gains on sales/redemptions of securities - - - 195 Gross losses on sales/redemptions of securities - - - - Net gain on sales/redemptions of securities - - - 195 Less: tax provision on net gain - - - (48 ) Net gain on sales/redemptions of securities, after taxes $ - $ - $ - $ 147 |
Schedule of Unrealized Loss on Investments [Table Text Block] | September 30, 2022 Total Less than 12 Months 12 Months or Longer Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (dollars in thousands) Securities available-for-sale: Federal agency obligations $ 45,620 $ (10,276 ) $ 30,535 $ (4,261 ) $ 15,085 $ (6,015 ) Residential mortgage pass-through securities 406,984 (61,798 ) 293,070 (32,342 ) 113,914 (29,456 ) Commercial mortgage pass-through securities 20,895 (4,651 ) 15,961 (2,943 ) 4,934 (1,708 ) Obligations of U.S. states and political subdivisions 135,483 (18,380 ) 81,466 (11,098 ) 54,017 (7,282 ) Corporate bonds and notes 2,991 (8 ) 2,991 (8 ) - - Asset-backed securities 1,898 (36 ) 1,242 (16 ) 656 (20 ) Total temporarily impaired securities $ 613,871 $ (95,149 ) $ 425,265 $ (50,668 ) $ 188,606 $ (44,481 ) December 31, 2021 Total Less than 12 Months 12 Months or Longer Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (dollars in thousands) Securities available-for-sale: Federal agency obligations $ 28,974 $ (625 ) $ 28,974 $ (625 ) $ - $ - Residential mortgage pass-through securities 246,396 (2,884 ) 214,701 (2,111 ) 31,695 (773 ) Commercial mortgage pass-through securities 8,370 (463 ) 4,682 (75 ) 3,688 (388 ) Obligations of U.S. states and political subdivisions 89,473 (982 ) 89,473 (982 ) - - Asset-backed securities 802 (2 ) 802 (2 ) - - Total Temporarily Impaired Securities $ 374,015 $ (4,956 ) $ 338,632 $ (3,795 ) $ 35,383 $ (1,161 ) |
Note 4 - Derivatives (Tables)
Note 4 - Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended September 30, 2022 Amount of gain (loss) recognized in OCI (Effective Portion) Amount of (gain) loss reclassified from OCI to interest income Amount of gain recognized in other Noninterest income (Ineffective Portion) (dollars in thousands) Interest rate contracts $ 16,969 $ (1,178 ) $ - Three Months Ended September 30, 2021 Amount of gain (loss) recognized in OCI (Effective Portion) Amount of gain (loss) reclassified from OCI to interest income Amount of gain recognized in other Noninterest income (Ineffective Portion) (dollars in thousands) Interest rate contracts $ 1,890 $ 328 $ - Nine Months Ended September 30, 2022 Amount of gain (loss) recognized in OCI (Effective Portion) Amount of (gain) loss reclassified from OCI to interest income Amount of gain recognized in other Noninterest income (Ineffective Portion) (dollars in thousands) Interest rate contracts $ 44,253 $ (524 ) $ - Nine Months Ended September 30, 2021 Amount of gain (loss) recognized in OCI (Effective Portion) Amount of gain (loss) reclassified from OCI to interest income Amount of gain recognized in other Noninterest income (Ineffective Portion) (dollars in thousands) Interest rate contracts $ 1,872 $ 1,543 $ - |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | September 30, 2022 December 31, 2021 Notional Amount Fair Value Notional Amount Fair Value (dollars in thousands) Interest rate contracts $ 700,000 $ 54,041 $ 475,000 $ 3,347 |
Note 5 - Loans and the Allowa_2
Note 5 - Loans and the Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2022 December 31, 2021 (dollars in thousands) Commercial (1) $ 1,448,727 $ 1,299,428 Commercial real estate 5,666,848 4,741,590 Commercial construction 537,323 540,178 Residential real estate 256,085 255,269 Consumer 1,030 1,886 Gross loans 7,910,013 6,838,351 Net deferred loan fees (9,563 ) (9,729 ) Total loans receivable $ 7,900,450 $ 6,828,622 |
Schedule of Loans Held-for-sale [Table Text Block] | September 30, 2022 December 31, 2021 (dollars in thousands) Commercial real estate $ 8,080 $ - Residential real estate - 250 Total carrying amount $ 8,080 $ 250 |
Financing Receivable, Nonaccrual [Table Text Block] | September 30, 2022 Nonaccrual loans with ACL Nonaccrual loans without ACL Total nonaccrual loans (dollars in thousands) Commercial $ 25,657 $ 1,201 $ 26,858 Commercial real estate 21,511 6,627 28,138 Residential real estate 623 1,828 2,451 Total $ 47,791 $ 9,656 $ 57,447 December 31, 2021 Nonaccrual loans with ACL Nonaccrual loans without ACL Total nonaccrual loans (dollars in thousands) Commercial $ 28,746 $ 1,316 $ 30,062 Commercial real estate 15,362 10,031 25,393 Commercial construction - 3,150 3,150 Residential real estate 1,239 1,856 3,095 Total $ 45,347 $ 16,353 $ 61,700 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Term loans amortized cost basis by origination year 2022 2021 2020 2019 2018 Prior Revolving Loans Total Gross Loans Commercial Pass $ 248,673 $ 311,005 $ 50,801 $ 31,402 $ 54,872 $ 164,539 $ 532,643 $ 1,393,935 Special mention - - - 588 - 3,556 3,301 7,445 Substandard 7,636 152 17 2,023 11,190 22,639 3,690 47,347 Doubtful - - - - - - - - Total Commercial $ 256,309 $ 311,157 $ 50,818 $ 34,013 $ 66,062 $ 190,734 $ 539,634 $ 1,448,727 Commercial Real Estate Pass $ 1,386,412 $ 1,617,355 $ 387,135 $ 364,220 $ 384,288 $ 1,033,994 $ 370,982 $ 5,544,386 Special mention - - - 1,317 - 41,841 8,883 52,041 Substandard - 1,939 4,500 12,517 19,314 23,984 8,167 70,421 Doubtful - - - - - - - - Total Commercial Real Estate $ 1,386,412 $ 1,619,294 $ 391,635 $ 378,054 $ 403,602 $ 1,099,819 $ 388,032 $ 5,666,848 Commercial Construction Pass $ 2,056 $ 7,605 $ 7,320 $ 508 $ - $ - $ 512,107 $ 529,596 Special mention - - - - - - - - Substandard - - - - - - 7,727 7,727 Doubtful - - - - - - - - Total Commercial Construction $ 2,056 $ 7,605 $ 7,320 $ 508 $ - $ - $ 519,834 $ 537,323 Residential Pass $ 34,852 $ 25,487 $ 25,292 $ 21,732 $ 20,493 $ 80,042 $ 41,104 $ 249,002 Special mention - - - - - - - - Substandard - - - - - 3,509 3,574 7,083 Doubtful - - - - - - - - Total Residential Real Estate $ 34,852 $ 25,487 $ 25,292 $ 21,732 $ 20,493 $ 83,551 $ 44,678 $ 256,085 Consumer Pass $ 903 $ - $ 10 $ - $ 5 $ 1 $ 111 $ 1,030 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total Consumer $ 903 $ - $ 10 $ - $ 5 $ 1 $ 111 $ 1,030 Total Pass $ 1,672,896 $ 1,961,452 $ 470,558 $ 417,862 $ 459,658 $ 1,278,576 $ 1,456,947 $ 7,717,949 Special mention - - - 1,905 - 45,397 12,184 59,486 Substandard 7,636 2,091 4,517 14,540 30,504 50,132 23,158 132,578 Doubtful - - - - - - - - Grand Total $ 1,680,532 $ 1,963,543 $ 475,075 $ 434,307 $ 490,162 $ 1,374,105 $ 1,492,289 $ 7,910,013 Term loans amortized cost basis by origination year 2021 2020 2019 2018 8.5 Prior Revolving Loans Total Gross Loans Commercial Pass $ 403,203 $ 58,534 $ 54,485 $ 60,409 $ 95,727 $ 86,556 $ 471,588 $ 1,230,502 Special mention - - - - 1 4,045 4,266 8,312 Substandard 170 - 1,842 13,298 9,740 21,024 14,540 60,614 Doubtful - - - - - - - - Total Commercial $ 403,373 $ 58,534 $ 56,327 $ 73,707 $ 105,468 $ 111,625 $ 490,394 $ 1,299,428 Commercial Real Estate Pass $ 1,692,098 $ 533,315 $ 420,995 $ 452,262 $ 497,065 $ 842,244 $ 170,721 $ 4,608,700 Special mention - - - - 5,142 50,438 6,601 62,181 Substandard 1,968 9,039 4,006 20,624 - 26,108 8,964 70,709 Doubtful - - - - - - - - Total Commercial Real Estate $ 1,694,066 $ 542,354 $ 425,001 $ 472,886 $ 502,207 $ 918,790 $ 186,286 $ 4,741,590 Commercial Construction Pass $ 8,018 $ 7,370 $ 12,625 $ 2,600 $ 2,339 $ - $ 490,119 $ 523,071 Special mention - - - - 350 - 1,443 1,793 Substandard - - - - - - 15,314 15,314 Doubtful - - - - - - - - Total Commercial Construction $ 8,018 $ 7,370 $ 12,625 $ 2,600 $ 2,689 $ - $ 506,876 $ 540,178 Residential Real Estate Pass $ 27,081 $ 29,539 $ 23,611 $ 25,070 $ 28,701 $ 66,249 $ 44,221 $ 244,472 Special mention - - - - - - - - Substandard - - - - - 7,262 3,535 10,797 Doubtful - - - - - - - - Total Residential Real Estate $ 27,081 $ 29,539 $ 23,611 $ 25,070 $ 28,701 $ 73,511 $ 47,756 $ 255,269 Consumer Pass $ 1,590 $ 85 $ 39 $ 21 $ 28 $ - $ 123 $ 1,886 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total Consumer $ 1,590 $ 85 $ 39 $ 21 $ 28 $ - $ 123 $ 1,886 Total Pass $ 2,131,990 $ 628,843 $ 511,755 $ 540,362 $ 623,860 $ 995,049 $ 1,176,772 $ 6,608,631 Special mention - - - - 5,493 54,483 12,310 72,286 Substandard 2,138 9,039 5,848 33,922 9,740 54,394 42,353 157,434 Doubtful - - - - - - - - Grand Total $ 2,134,128 $ 637,882 $ 517,603 $ 574,284 $ 639,093 $ 1,103,926 $ 1,231,435 $ 6,838,351 |
Financing Receivable, Collateral Dependent [Table Text Block] | September 30, 2022 Real Estate Other Total (dollars in thousands) Commercial $ 5,446 $ 23,449 $ 28,895 Commercial real estate 64,718 - 64,718 Commercial construction 7,727 - 7,727 Residential real estate 5,634 - 5,634 Consumer - - - Total $ 83,525 $ 23,449 $ 106,974 December 31, 2021 Real Estate Other Total (dollars in thousands) Commercial $ 6,385 $ 26,182 $ 32,567 Commercial real estate 55,244 - 55,244 Commercial construction 13,196 - 13,196 Residential real estate 8,856 - 8,856 Consumer - - - Total $ 83,681 $ 26,182 $ 109,863 |
Financing Receivable, Past Due [Table Text Block] | September 30, 2022 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Gross Loans (dollars in thousands) Commercial $ 171 $ 13 $ 4,392 $ 26,858 $ 31,434 $ 1,417,293 $ 1,448,727 Commercial real estate - - 5,676 28,138 33,814 5,633,034 5,666,848 Commercial construction - - - - - 537,323 537,323 Residential real estate 671 - - 2,451 3,122 252,963 256,085 Consumer - - - - - 1,030 1,030 Total $ 842 $ 13 $ 10,068 $ 57,447 $ 68,370 $ 7,841,643 $ 7,910,013 December 31, 2021 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Gross Loans (dollars in thousands) Commercial $ 4,305 $ 729 $ 4,457 $ 30,062 $ 39,553 $ 1,259,875 $ 1,299,428 Commercial real estate 1,622 1,009 5,935 25,393 33,959 4,707,631 4,741,590 Commercial construction - - - 3,150 3,150 537,028 540,178 Residential real estate 1,437 292 3,139 3,095 7,963 247,306 255,269 Consumer - - - - - 1,886 1,886 Total $ 7,364 $ 2,030 $ 13,531 $ 61,700 $ 84,625 $ 6,753,726 $ 6,838,351 |
Schedule of Evaluation of Impairment on Financing Receivables [Table Text Block] | September 30, 2022 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Allowance for credit losses - loans Individually evaluated impairment $ 10,600 $ 3,235 $ - $ 76 $ - $ 13,911 Collectively evaluated impairment 16,812 49,370 3,444 3,977 5 73,608 Acquired with deteriorated credit quality individually analyzed 2,277 1,921 - - - 4,198 Total $ 29,689 $ 54,526 $ 3,444 $ 4,053 $ 5 $ 91,717 Gross loans Individually evaluated impairment $ 29,482 $ 59,042 $ 7,727 $ 5,634 $ - $ 101,885 Collectively evaluated impairment 1,414,286 5,602,130 529,596 250,451 1,030 7,797,493 Acquired with deteriorated credit quality individually analyzed 4,959 5,676 - - - 10,635 Total $ 1,448,727 $ 5,666,848 $ 537,323 $ 256,085 $ 1,030 $ 7,910,013 December 31, 2021 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Allowance for credit losses - loans Individually evaluated impairment $ 15,131 $ 955 $ - $ 131 $ - $ 16,217 Collectively evaluated impairment 8,561 42,713 3,580 3,497 7 58,358 Acquired with deteriorated credit quality individually analyzed 2,277 1,921 - - - 4,198 Total $ 25,969 $ 45,589 $ 3,580 $ 3,628 $ 7 $ 78,773 Gross loans Individually evaluated impairment $ 33,726 $ 49,310 $ 13,196 $ 5,717 $ - $ 101,949 Collectively evaluated impairment 1,260,537 4,686,346 526,982 246,413 1,886 6,722,164 Acquired with deteriorated credit quality individually analyzed 5,165 5,934 - 3,139 - 14,238 Total $ 1,299,428 $ 4,741,590 $ 540,178 $ 255,269 $ 1,886 $ 6,838,351 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Three Months Ended September 30, 2022 Commercial Commercial real estate Commercial construction Residential real estate Consumer Unallocated Total (dollars in thousands) Balance as of June 30, 2022 $ 28,135 $ 47,562 $ 3,413 $ 3,625 $ 4 $ - $ 82,739 Charge-offs (410 ) - - - (3 ) - (413 ) Recoveries 53 - - - - - 53 Provision for credit losses - loans 1,911 6,964 31 428 4 - 9,338 Balance as of September 30, 2022 $ 29,689 $ 54,526 $ 3,444 $ 4,053 $ 5 $ - $ 91,717 Nine Months Ended September 30, 2022 Commercial Commercial real estate Commercial construction Residential real estate Consumer Unallocated Total (dollars in thousands) Balance as of December 31, 2021 $ 25,969 $ 45,589 $ 3,580 $ 3,628 $ 7 $ - $ 78,773 Charge-offs (751 ) (226 ) - (9 ) (3 ) - (989 ) Recoveries 54 - - 63 - - 117 Provision for credit losses - loans 4,417 9,163 (136 ) 371 1 - 13,816 Balance as of September 30, 2022 $ 29,689 $ 54,526 $ 3,444 $ 4,053 $ 5 $ - $ 91,717 Three Months Ended September 30, 2021 Commercial Commercial real estate Commercial construction Residential real estate Consumer Unallocated Total (dollars in thousands) Balance as of June 30, 2021 $ 25,567 $ 43,815 $ 4,927 $ 4,366 $ 9 $ - $ 78,684 Charge-offs (254 ) (1,473 ) - - - - (1,727 ) Recoveries 1 85 - 20 7 - 113 (Reversal of) provision for credit losses - loans 2,022 915 (1,225 ) (788 ) (8 ) - 916 Balance as of September 30, 2021 $ 27,336 $ 43,342 $ 3,702 $ 3,598 $ 8 $ - $ 77,986 Nine Months Ended September 30, 2021 Commercial Commercial real estate Commercial construction Residential real estate Consumer Unallocated Total (dollars in thousands) Balance as of December 31, 2020 $ 28,443 $ 39,330 $ 8,194 $ 2,687 $ 4 $ 568 $ 79,226 Day 1 effect of CECL (4,225 ) 9,605 (961 ) 2,697 9 (568 ) 6,557 Balance as of January 1, 2021 as adjusted for changes in accounting principle 24,218 48,935 7,233 5,384 13 - 85,783 Charge-offs (304 ) (1,628 ) - (7 ) - - (1,939 ) Recoveries 74 85 - 20 9 - 188 (Reversal of) provision for credit losses - loans 3,348 (4,050 ) (3,531 ) (1,799 ) (14 ) - (6,046 ) Balance as of September 30, 2021 $ 27,336 $ 43,342 $ 3,702 $ 3,598 $ 8 $ - $ 77,986 |
Schedule of Debtor Troubled Debt Restructuring, Current Period [Table Text Block] | Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Loans Investment Investment (dollars in thousands) Troubled debt restructurings: Commercial 2 $ 633 $ 633 Commercial real estate 2 9,043 8,543 Residential real estate 2 399 399 Total 6 $ 10,075 $ 9,575 Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Loans Investment Investment (dollars in thousands) Troubled debt restructurings: Commercial 4 $ 1,276 $ 1,276 Commercial real estate 10 35,595 35,595 Commercial construction 1 1,641 1,641 Residential real estate 3 1,758 1,758 Total 18 $ 40,270 $ 40,270 |
Schedule of Allowance for Credit Losses on Unfunded Commitments [Table Text Block] | Three Months Ended Three Months Ended September 30, September 30, 2022 2021 (dollars in thousands) Balance at beginning of period $ 2,324 $ 2,380 Provision for credit losses - unfunded commitments 662 184 Balance at end of period $ 2,986 $ 2,564 Nine Months Ended Nine Months Ended September 30, September 30, 2022 2021 (dollars in thousands) Balance at beginning of period $ 2,352 $ - Day 1 Effect of CECL - 2,833 Provision for (reversal of) credit losses - unfunded commitments 634 (269 ) Balance at end of period $ 2,986 $ 2,564 |
Schedule of Provision for (Reversal of) Credit Losses [Table Text Block] | Three Months Ended Three Months Ended September 30, September 30, 2022 2021 (dollars in thousands) Provision for credit losses - loans $ 9,338 $ 916 Provision for credit losses - unfunded commitments 662 184 Provision for credit losses $ 10,000 $ 1,100 Nine Months Ended Nine Months Ended September 30, September 30, 2022 2021 (dollars in thousands) Provision for (reversal of) credit losses - loans $ 13,816 $ (6,046 ) Provision for (reversal of) credit losses - unfunded commitments 634 (269 ) Provision for (reversal of) credit losses $ 14,450 $ (6,315 ) |
Note 6 - Fair Value Measureme_2
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | September 30, 2022 Fair Value Measurements at Reporting Date Using Total 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) Recurring fair value measurements: Assets Investment securities: Available-for-sale: Federal agency obligations $ 45,620 $ - $ 45,620 $ - Residential mortgage pass-through securities 406,985 - 406,985 - Commercial mortgage pass-through securities 20,895 - 20,895 - Obligations of U.S. states and political subdivision 141,107 - 133,730 7,377 Corporate bonds and notes 6,990 - 6,990 - Asset-backed securities 1,898 - 1,898 - Other securities 134 134 - - Total available-for-sale 623,629 134 616,118 7,377 Equity securities 15,563 9,701 5,862 - Derivatives 54,041 - 54,041 - Total assets $ 693,233 $ 9,835 $ 676,021 $ 7,377 December 31, 2021 Fair Value Measurements at Reporting Date Using Total Fair Value Quoted Prices Significant Significant (dollars in thousands) Recurring fair value measurements: Assets Investment securities: Available-for-sale: Federal agency obligations $ 50,360 $ - $ 50,360 $ - Residential mortgage pass- through securities 316,095 - 316,095 - Commercial mortgage pass-through securities 10,469 - 10,469 - Obligations of U.S. states and political subdivision 145,625 - 137,060 8,565 Corporate bonds and notes 9,049 - 9,049 - Asset-backed securities 2,564 - 2,564 - Certificates of deposit 150 - 150 - Other securities 195 195 - - Total available-for-sale $ 534,507 $ 195 $ 525,747 $ 8,565 Equity securities 13,794 11,081 2,713 - Derivatives 3,347 - 3,347 - Total assets $ 551,648 $ 11,276 $ 531,807 $ 8,565 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements at Reporting Date Using Assets measured at fair value on a nonrecurring basis: Carrying Value as of September 30, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent loans: (dollars in thousands) Commercial $ 14,443 $ - $ - $ 14,443 Commercial real estate 26,197 - - 26,197 Residential real estate 1,372 - - 1,372 Fair Value Measurements at Reporting Date Using Assets measured at fair value on a nonrecurring basis: December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent loans: (dollars in thousands) Commercial $ 13,399 $ - $ - $ 13,399 Commercial real estate 20,185 - - 20,185 Residential real estate 2,794 - - 2,794 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Municipal Securities (dollars in thousands) Beginning balance, December 31, 2021 $ 8,565 Principal paydowns (214 ) Change in unrealized gain (loss) (974 ) Ending balance, September 30, 2022 $ 7,377 Municipal Securities (dollars in thousands) Beginning balance, December 31, 2020 $ 8,844 Principal paydowns (279 ) Ending balance, December 31, 2021 $ 8,565 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | September 30, 2022 Fair Value Valuation Techniques Unobservable Input Rate Securities available-for-sale: (dollars in thousands) Municipal securities $ 7,377 Discounted cash flows Discount rate 4.3 % December 31, 2021 Fair Value Valuation Techniques Unobservable Input Rate Securities available-for-sale: (dollars in thousands) Municipal securities $ 8,565 Discounted cash flows Discount rate 2.9 % |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | September 30, 2022 (dollars in thousands) Fair Value Valuation Techniques Unobservable Input Range (weighted average) Commercial $ 13,960 Market approach (100%) Average transfer price as a price to unpaid principal balance 61% –95% (64%) Commercial 483 Appraisals of collateral value Comparable sales -5% to +35% (+17%) Commercial real estate 26,197 Appraisals of collateral value Comparable sales -25% to +10% (-16%) Residential real estate 1,372 Appraisals of collateral value Comparable sales +21% to +39% (+22%) December 31, 2021 (dollars in thousands) Fair Value Valuation Techniques Unobservable Input Range (weighted average) Commercial $ 12,193 Market approach (100%) Average transfer price as a price to unpaid principal balance 48% to 73% (49%) Commercial 1,206 Appraisals of collateral value Adjustment for comparable sales -10% to +35% (+6%) Commercial real estate 20,185 Appraisals of collateral value Adjustment for comparable sales -20% to +15% (-6%) Residential real estate 2,794 Appraisals of collateral value Adjustment for comparable sales -15% to +39% (5%) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements 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) September 30, 2022 Financial assets: Cash and due from banks $ 333,844 $ 333,844 $ 333,844 $ - $ - Securities available-for-sale 623,629 623,629 134 616,118 7,377 Restricted investments in bank stocks 45,324 n/a n/a n/a n/a Equity securities 15,563 15,563 9,701 5,862 - Net loans 7,808,733 7,524,799 - - 7,524,799 Derivatives 54,041 54,041 - 54,041 - Accrued interest receivable 38,940 38,940 - 3,219 35,721 Financial liabilities: Noninterest-bearing deposits 1,665,658 1,665,658 1,665,658 - - Interest-bearing deposits 5,644,852 5,599,170 3,723,617 1,875,553 - Borrowings 829,953 826,280 - 826,280 - Subordinated debentures 153,179 153,170 - 153,170 - Accrued interest payable 5,733 5,733 - 5,733 - December 31, 2021 Financial assets: Cash and due from banks $ 265,536 $ 265,536 $ 265,536 $ - $ - Investment securities available-for-sale 534,507 534,507 195 525,747 8,565 Restricted investment in bank stocks 27,826 n/a n/a n/a n/a Equity securities 13,794 13,794 11,081 2,713 - Net loans 6,749,849 6,800,287 - - 6,800,287 Derivatives 3,347 3,347 - 3,347 - Accrued interest receivable 34,152 34,152 - 1,554 32,598 Financial liabilities: Noninterest-bearing deposits 1,617,049 1,617,049 1,617,049 - - Interest-bearing deposits 4,715,904 4,716,358 3,565,795 1,150,563 - Borrowings 468,193 469,671 - 469,671 - Subordinated debentures 152,951 163,995 - 163,995 - Accrued interest payable 2,716 2,716 - 2,716 - |
Note 7 - Comprehensive (Loss)_2
Note 7 - Comprehensive (Loss) Income (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about Accumulated Other Comprehensive Income Components Amounts Reclassified from Accumulated Other Comprehensive Income Amounts Reclassified from Accumulated Other Comprehensive Income Affected Line item in the Consolidated Statements of Income Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Sale of investment securities available-for-sale $ - $ - $ - $ 195 Net gains on sale of securities available-for-sale - - - (48 ) Income tax expense $ - $ - $ - $ 147 Net interest expense on swaps $ 1,178 $ (328 ) $ 524 $ (1,543 ) Borrowings (343 ) 90 (159 ) 434 Income tax (expense) benefit $ 835 $ (238 ) $ 365 $ (1,109 ) Amortization of pension plan net actuarial losses $ (17 ) $ (75 ) $ (49 ) $ (225 ) Other components of net periodic pension expense 5 21 14 63 Income tax benefit $ (12 ) $ (54 ) $ (35 ) $ (162 ) Total reclassification $ 823 $ (292 ) $ 330 $ (1,124 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | September 30, 2022 December 31, 2021 (dollars in thousands) Investment securities available-for-sale, net of tax $ (67,734 ) $ (484 ) Cash flow hedge, net of tax 32,913 2,406 Defined benefit pension and post-retirement plans, net of tax (1,671 ) (3,326 ) Total $ (36,492 ) $ (1,404 ) |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Stock Options Weighted-Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding as of December 31, 2021 23,766 $ 9.94 Granted - - Exercised (15,086 ) 8.21 Forfeited/cancelled/expired - - Outstanding as of September 30, 2022 8,680 12.95 0.54 $ 87,691 Exercisable as of September 30, 2022 8,680 $ 12.95 - $ - |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Nonvested Shares Weighted Average Grant Date Fair Value Nonvested as of December 31, 2021 82,693 $ 21.78 Granted 53,543 30.76 Vested (42,815 ) 25.00 Forfeited/cancelled/expired (374 ) 30.99 Nonvested as of September 30, 2022 93,047 $ 25.43 |
Schedule of Nonvested Performance-Based Units Activity [Table Text Block] | Units (expected) Units (maximum) Weighted Average Grant Date Fair Value Unearned as of December 31, 2021 209,995 $ 16.18 Awarded 34,874 32.80 Vested shares (49,604 ) 20.79 Unearned as of September 30, 2022 195,265 221,541 $ 17.98 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Units (expected) Weighted Average Grant Date Fair Value Unearned as of December 31, 2021 136,948 $ 16.52 Awarded 52,312 32.80 Vested shares (69,225 ) 16.13 Unearned as of September 30, 2022 120,035 $ 23.84 |
Note 9 - Components of Net Pe_2
Note 9 - Components of Net Periodic Pension Cost (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Affected Line Item in the Consolidated September 30, Statements of Income 2022 2021 (dollars in thousands) Service cost $ - $ - Interest cost 78 71 Other components of net periodic pension expense Expected return on plan assets (237 ) (213 ) Other components of net periodic pension expense Net amortization 17 75 Other components of net periodic pension expense Total periodic pension income $ (142 ) $ (67 ) Nine Months Ended Affected Line Item in the Consolidated September 30, Statements of Income 2022 2021 (dollars in thousands) Service cost $ - $ - Interest cost 233 213 Other components of net periodic pension expense Expected return on plan assets (711 ) (639 ) Other components of net periodic pension expense Net amortization 49 225 Other components of net periodic pension expense Total periodic pension income $ (429 ) $ (201 ) |
Note 10 - FHLB Borrowings (Tabl
Note 10 - FHLB Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | September 30, 2022 December 31, 2021 Amount Rate Amount Rate (dollars in thousands) By remaining period to maturity: Less than 1 year $ 802,329 2.99 % $ 390,549 0.56 % 1 year through less than 2 years - n/a 50,000 1.84 % 2 years through less than 3 years 25,000 1.00 % - n/a 3 years through less than 4 years 2,050 2.23 % 25,000 1.00 % 4 years through 5 years - n/a 2,050 2.23 % After 5 years 667 2.91 % 714 2.91 % FHLB borrowings - gross 830,046 2.93 % 468,313 0.73 % Fair value discount (93 ) (120 ) Total FHLB borrowings $ 829,953 $ 468,193 |
Note 11 - Subordinated Debent_2
Note 11 - Subordinated Debentures (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | Issuance Date Securities Issued Liquidation Value Coupon Rate Maturity Redeemable by Issuer Beginning 12/19/2003 $ 5,000,000 $1,000 per Capital Security Floating 3-month LIBOR + 285 Basis Points 1/23/2034 1/23/2009 |
Note 2 - Earnings Per Common _3
Note 2 - Earnings Per Common Share (Details Textual) - shares shares in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 0 |
Note 2 - Earnings Per Common _4
Note 2 - Earnings Per Common Share - Computation of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 2 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 03, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net income available to common stockholders | $ 32,097 | $ 27,406 | $ 32,097 | $ 88,127 | $ 97,315 |
Earnings allocated to participating securities | (76) | (67) | (217) | (250) | |
Income attributable to common stock | $ 32,021 | $ 27,339 | $ 87,910 | $ 97,065 | |
Weighted average common shares outstanding, including participating securities (in shares) | 39,741 | 39,243 | 39,393 | 39,770 | |
Weighted average participating securities (in shares) | (95) | (96) | (97) | (102) | |
Weighted average common shares outstanding (in shares) | 39,646 | 39,147 | 39,296 | 39,668 | |
Incremental shares from assumed conversions of options, performance units and restricted shares (in shares) | 223 | 192 | 214 | 220 | |
Weighted average common and equivalent shares outstanding (in shares) | 39,869 | 39,339 | 39,510 | 39,888 | |
Earnings per common share: | |||||
Basic (in dollars per share) | $ 0.81 | $ 0.70 | $ 0.81 | $ 2.24 | $ 2.45 |
Diluted (in dollars per share) | $ 0.80 | $ 0.70 | $ 0.80 | $ 2.23 | $ 2.43 |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities (Details Textual) Pure in Thousands, $ in Thousands | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Debt Securities, Available-for-sale, Holding Greater than 10 Percent of Equity | 0 | 0 |
Accrued Investment Income Receivable | $ 2,600 | $ 1,600 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Ending Balance | 0 | 0 |
Asset Pledged as Collateral [Member] | ||
Debt Securities, Available-for-Sale, Restricted | $ 174,800 | $ 71,200 |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Portfolio of Securities Available-for-sale (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Amortized cost | $ 718,732 | $ 535,182 |
Gross unrealized gains | 46 | 4,281 |
Gross unrealized losses | (95,149) | (4,956) |
Securities available-for-sale | 623,629 | 534,507 |
Allowance for investment credit losses | 0 | 0 |
US Government Agencies Debt Securities [Member] | ||
Amortized cost | 55,896 | 50,336 |
Gross unrealized gains | 0 | 649 |
Gross unrealized losses | (10,276) | (625) |
Securities available-for-sale | 45,620 | 50,360 |
Allowance for investment credit losses | 0 | 0 |
Residential Mortgage-Backed Securities [Member] | ||
Amortized cost | 468,783 | 317,111 |
Gross unrealized gains | 0 | 1,868 |
Gross unrealized losses | (61,798) | (2,884) |
Securities available-for-sale | 406,985 | 316,095 |
Allowance for investment credit losses | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | ||
Amortized cost | 25,546 | 10,814 |
Gross unrealized gains | 0 | 118 |
Gross unrealized losses | (4,651) | (463) |
Securities available-for-sale | 20,895 | 10,469 |
Allowance for investment credit losses | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized cost | 159,441 | 145,045 |
Gross unrealized gains | 46 | 1,562 |
Gross unrealized losses | (18,380) | (982) |
Securities available-for-sale | 141,107 | 145,625 |
Allowance for investment credit losses | 0 | 0 |
Corporate Debt Securities [Member] | ||
Amortized cost | 6,998 | 8,968 |
Gross unrealized gains | 0 | 81 |
Gross unrealized losses | (8) | 0 |
Securities available-for-sale | 6,990 | 9,049 |
Allowance for investment credit losses | 0 | 0 |
Asset-Backed Securities [Member] | ||
Amortized cost | 1,934 | 2,563 |
Gross unrealized gains | 0 | 3 |
Gross unrealized losses | (36) | (2) |
Securities available-for-sale | 1,898 | 2,564 |
Allowance for investment credit losses | 0 | |
Other Debt Obligations [Member] | ||
Amortized cost | 134 | 195 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Securities available-for-sale | 134 | 195 |
Allowance for investment credit losses | $ 0 | 0 |
Certificates of Deposit [Member] | ||
Amortized cost | 150 | |
Gross unrealized gains | 0 | |
Gross unrealized losses | 0 | |
Securities available-for-sale | 150 | |
Allowance for investment credit losses | $ 0 |
Note 3 - Investment Securitie_4
Note 3 - Investment Securities - Scheduled Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Due in one year or less, amortized cost | $ 5,451 | |
Due in one year or less, fair value | 5,444 | |
Due after one year through five years, amortized cost | 4,106 | |
Due after one year through five years, fair value | 4,107 | |
Due after five years through ten years, amortized cost | 2,342 | |
Due after five years through ten years, fair value | 2,289 | |
Due after ten years, amortized cost | 212,370 | |
Due after ten years, fair value | 183,775 | |
Total securities available-for-sale, amortized cost | 718,732 | $ 535,182 |
Total securities available-for-sale, fair value | 623,629 | 534,507 |
Residential Mortgage-Backed Securities [Member] | ||
Securities available-for-sale, without single maturity date, amortized cost | 468,783 | |
Securities available-for-sale, without single maturity date, fair value | 406,985 | |
Total securities available-for-sale, amortized cost | 468,783 | 317,111 |
Total securities available-for-sale, fair value | 406,985 | 316,095 |
Commercial Mortgage-Backed Securities [Member] | ||
Securities available-for-sale, without single maturity date, amortized cost | 25,546 | |
Securities available-for-sale, without single maturity date, fair value | 20,895 | |
Total securities available-for-sale, amortized cost | 25,546 | 10,814 |
Total securities available-for-sale, fair value | 20,895 | 10,469 |
Other Debt Obligations [Member] | ||
Securities available-for-sale, without single maturity date, amortized cost | 134 | |
Securities available-for-sale, without single maturity date, fair value | 134 | |
Total securities available-for-sale, amortized cost | 134 | 195 |
Total securities available-for-sale, fair value | $ 134 | $ 195 |
Note 3 - Investment Securitie_5
Note 3 - Investment Securities - Gross Gains and Losses from Sales and Redemptions of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Proceeds | $ 0 | $ 0 | $ 0 | $ 5,185 |
Gross gains on sales/redemptions of securities | 0 | 0 | 0 | 195 |
Gross losses on sales/redemptions of securities | 0 | 0 | 0 | 0 |
Net gain on sales/redemptions of securities | 0 | 0 | 0 | 195 |
Less: tax provision on net gain | 0 | 0 | 0 | (48) |
Net gain on sales/redemptions of securities, after taxes | $ 0 | $ 0 | $ 0 | $ 147 |
Note 3 - Investment Securitie_6
Note 3 - Investment Securities - Securities in an Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Temporarily impaired securities, fair value | $ 613,871 | $ 374,015 |
Temporarily impaired securities, unrealized losses | (95,149) | (4,956) |
Temporarily impaired securities, fair value, less than 12 months | 425,265 | 338,632 |
Temporarily impaired securities, unrealized losses, less than 12 months | (50,668) | (3,795) |
Temporarily impaired securities, fair value, 12 months or longer | 188,606 | 35,383 |
Temporarily impaired securities, unrealized losses, 12 months or longer | (44,481) | (1,161) |
US Government Agencies Debt Securities [Member] | ||
Temporarily impaired securities, fair value | 45,620 | 28,974 |
Temporarily impaired securities, unrealized losses | (10,276) | (625) |
Temporarily impaired securities, fair value, less than 12 months | 30,535 | 28,974 |
Temporarily impaired securities, unrealized losses, less than 12 months | (4,261) | (625) |
Temporarily impaired securities, fair value, 12 months or longer | 15,085 | 0 |
Temporarily impaired securities, unrealized losses, 12 months or longer | (6,015) | 0 |
Residential Mortgage-Backed Securities [Member] | ||
Temporarily impaired securities, fair value | 406,984 | 246,396 |
Temporarily impaired securities, unrealized losses | (61,798) | (2,884) |
Temporarily impaired securities, fair value, less than 12 months | 293,070 | 214,701 |
Temporarily impaired securities, unrealized losses, less than 12 months | (32,342) | (2,111) |
Temporarily impaired securities, fair value, 12 months or longer | 113,914 | 31,695 |
Temporarily impaired securities, unrealized losses, 12 months or longer | (29,456) | (773) |
Commercial Mortgage-Backed Securities [Member] | ||
Temporarily impaired securities, fair value | 20,895 | 8,370 |
Temporarily impaired securities, unrealized losses | (4,651) | (463) |
Temporarily impaired securities, fair value, less than 12 months | 15,961 | 4,682 |
Temporarily impaired securities, unrealized losses, less than 12 months | (2,943) | (75) |
Temporarily impaired securities, fair value, 12 months or longer | 4,934 | 3,688 |
Temporarily impaired securities, unrealized losses, 12 months or longer | (1,708) | (388) |
US States and Political Subdivisions Debt Securities [Member] | ||
Temporarily impaired securities, fair value | 135,483 | 89,473 |
Temporarily impaired securities, unrealized losses | (18,380) | (982) |
Temporarily impaired securities, fair value, less than 12 months | 81,466 | 89,473 |
Temporarily impaired securities, unrealized losses, less than 12 months | (11,098) | (982) |
Temporarily impaired securities, fair value, 12 months or longer | 54,017 | 0 |
Temporarily impaired securities, unrealized losses, 12 months or longer | (7,282) | 0 |
Corporate Debt Securities [Member] | ||
Temporarily impaired securities, fair value | 2,991 | |
Temporarily impaired securities, unrealized losses | (8) | |
Temporarily impaired securities, fair value, less than 12 months | 2,991 | |
Temporarily impaired securities, unrealized losses, less than 12 months | (8) | |
Temporarily impaired securities, fair value, 12 months or longer | 0 | |
Temporarily impaired securities, unrealized losses, 12 months or longer | 0 | |
Asset-Backed Securities [Member] | ||
Temporarily impaired securities, fair value | 1,898 | 802 |
Temporarily impaired securities, unrealized losses | (36) | (2) |
Temporarily impaired securities, fair value, less than 12 months | 1,242 | 802 |
Temporarily impaired securities, unrealized losses, less than 12 months | (16) | (2) |
Temporarily impaired securities, fair value, 12 months or longer | 656 | 0 |
Temporarily impaired securities, unrealized losses, 12 months or longer | $ (20) | $ 0 |
Note 4 - Derivatives (Details T
Note 4 - Derivatives (Details Textual) - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Interest Rate Swap [Member] | |||||
Derivative, Number of Instruments Held, Total | 9 | 9 | |||
Interest Expense, Federal Home Loan Bank and Federal Reserve Bank Advances, Long-Term | $ 0.5 | $ 0.3 | $ 1.2 | $ 1.5 | |
Derivative, Notional Amount | 700 | 700 | $ 475 | ||
Interest Rate Swap [Member] | Minimum [Member] | |||||
Derivative, Maturity Date | Dec. 31, 2025 | ||||
Interest Rate Swap [Member] | Maximum [Member] | |||||
Derivative, Maturity Date | Mar. 31, 2028 | ||||
Commenced Fixed Interest Rate Swaps [Member] | |||||
Derivative Liability, Notional Amount | $ 400 | $ 400 | |||
Commenced Fixed Interest Rate Swaps [Member] | Minimum [Member] | |||||
Derivative, Fixed Interest Rate | 0.631% | 0.631% | |||
Commenced Fixed Interest Rate Swaps [Member] | Maximum [Member] | |||||
Derivative, Fixed Interest Rate | 1.23% | 1.23% | |||
Interest Rate Cap [Member] | |||||
Derivative, Number of Instruments Held, Total | 1 | 1 | |||
Derivative, Notional Amount | $ 150 | $ 150 | |||
Interest Rate Cap [Member] | Short [Member] | |||||
Derivative, Notional Amount | 150 | 150 | |||
Interest Rate Cap [Member] | Long [Member] | |||||
Derivative, Notional Amount | $ 150 | $ 150 |
Note 4 - Derivatives - Net Loss
Note 4 - Derivatives - Net Losses Recorded in Other Comprehensive Income (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative, amount of gain (loss) recognized in OCI | $ 16,969 | $ 1,890 | $ 44,253 | $ 1,872 |
Derivative, amount of gain (loss) reclassified from OCI to interest income | (1,178) | 328 | (524) | 1,543 |
Derivative, Amount of gain recognized in other Noninterest income | $ 0 | $ 0 | $ 0 | $ 0 |
Note 4 - Derivatives - Cash Flo
Note 4 - Derivatives - Cash Flow Hedges Included in Consolidated Statements of Condition (Details) - Interest Rate Swap [Member] - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative, notional amount | $ 700,000 | $ 475,000 |
Derivative, fair value | $ 54,041 | $ 3,347 |
Note 5 - Loans and the Allowa_3
Note 5 - Loans and the Allowance for Credit Losses (Details Textual) Pure in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 | Sep. 30, 2022 USD ($) | Sep. 30, 2021 | Dec. 31, 2021 USD ($) | ||
Loans and Leases Receivable, Gross | $ 7,910,013,000 | $ 7,910,013,000 | $ 6,838,351,000 | |||
Loans and Leases Receivable, Net of Deferred Income | 7,900,450,000 | 7,900,450,000 | 6,828,622,000 | |||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 0 | 0 | ||||
Financing Receivable, Troubled Debt Restructuring | $ 74,500,000 | $ 74,500,000 | 79,500,000 | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | 0 | 0 | ||
Troubled Debt Restructurings [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 7,500,000 | $ 7,500,000 | 10,400,000 | |||
Nonperforming Financial Instruments [Member] | ||||||
Financing Receivable, Troubled Debt Restructuring | 27,500,000 | 27,500,000 | 35,900,000 | |||
Performing Financial Instruments [Member] | ||||||
Financing Receivable, Troubled Debt Restructuring | 47,000,000 | 47,000,000 | 43,600,000 | |||
Asset Pledged as Collateral [Member] | Federal Home Loan Bank Advances [Member] | ||||||
Loans and Leases Receivable, Net of Deferred Income | 2,600,000,000 | 2,600,000,000 | 2,500,000,000 | |||
Commercial Portfolio Segment [Member] | ||||||
Loans and Leases Receivable, Gross | [1] | 1,448,727,000 | 1,448,727,000 | 1,299,428,000 | ||
Commercial Portfolio Segment [Member] | Paycheck Protection Program CARES Act [Member] | ||||||
Loans and Leases Receivable, Gross | 11,500,000 | 11,500,000 | 93,100,000 | |||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Loans and Leases Receivable, Gross | $ 5,666,848,000 | 5,666,848,000 | $ 4,741,590,000 | |||
Commercial Real Estate Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||||||
Financing Receivable, Troubled Debt Restructuring, One Time Principal Payment | $ 500,000 | |||||
[1]Includes PPP loans of $11.5 million and $93.1 million as of September 30, 2022 and December 31, 2021 , respectively. |
Note 5 - Loans and the Allowa_4
Note 5 - Loans and the Allowance for Credit Losses - Composition of Loan Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Loans and Leases Receivable, Gross | $ 7,910,013 | $ 6,838,351 | |
Net deferred loan fees | (9,563) | (9,729) | |
Total loans receivable | 7,900,450 | 6,828,622 | |
Commercial Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross | [1] | 1,448,727 | 1,299,428 |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross | 5,666,848 | 4,741,590 | |
Commercial Construction Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross | 537,323 | 540,178 | |
Residential Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross | 256,085 | 255,269 | |
Consumer Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross | $ 1,030 | $ 1,886 | |
[1]Includes PPP loans of $11.5 million and $93.1 million as of September 30, 2022 and December 31, 2021 , respectively. |
Note 5 - Loans and the Allowa_5
Note 5 - Loans and the Allowance for Credit Losses - Composition of Loans Held-for-sale (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Loans held-for-sale | $ 8,080 | $ 250 |
Commercial Portfolio Segment [Member] | ||
Loans held-for-sale | 8,080 | 0 |
Residential Portfolio Segment [Member] | ||
Loans held-for-sale | $ 0 | $ 250 |
Note 5 - Loans and the Allowa_6
Note 5 - Loans and the Allowance for Credit Losses - Loans Receivable on Nonaccrual Status (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Nonaccrual loans with ACL | $ 47,791 | $ 45,347 |
Nonaccrual loans without ACL | 9,656 | 16,353 |
Total Nonaccrual loans | 57,447 | 61,700 |
Commercial Portfolio Segment [Member] | ||
Nonaccrual loans with ACL | 25,657 | 28,746 |
Nonaccrual loans without ACL | 1,201 | 1,316 |
Total Nonaccrual loans | 26,858 | 30,062 |
Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccrual loans with ACL | 21,511 | 15,362 |
Nonaccrual loans without ACL | 6,627 | 10,031 |
Total Nonaccrual loans | 28,138 | 25,393 |
Residential Portfolio Segment [Member] | ||
Nonaccrual loans with ACL | 623 | 1,239 |
Nonaccrual loans without ACL | 1,828 | 1,856 |
Total Nonaccrual loans | 2,451 | 3,095 |
Commercial Construction Portfolio Segment [Member] | ||
Nonaccrual loans with ACL | 0 | |
Nonaccrual loans without ACL | 3,150 | |
Total Nonaccrual loans | $ 0 | $ 3,150 |
Note 5 - Loans and the Allowa_7
Note 5 - Loans and the Allowance for Credit Losses - Loans by Origination and Risk Designation (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Originated Current Fiscal Year | $ 1,680,532 | $ 2,134,128 | |
Originated One Year Prior | 1,963,543 | 637,882 | |
Originated Two Years Prior | 475,075 | 517,603 | |
Originated Three Years Prior | 434,307 | 574,284 | |
Originated Four Years Prior | 490,162 | 639,093 | |
Originated Five or More Years Prior | 1,374,105 | 1,103,926 | |
Revolving Loans | 1,492,289 | 1,231,435 | |
Loans and Leases Receivable, Gross | 7,910,013 | 6,838,351 | |
Pass [Member] | |||
Originated Current Fiscal Year | 1,672,896 | 2,131,990 | |
Originated One Year Prior | 1,961,452 | 628,843 | |
Originated Two Years Prior | 470,558 | 511,755 | |
Originated Three Years Prior | 417,862 | 540,362 | |
Originated Four Years Prior | 459,658 | 623,860 | |
Originated Five or More Years Prior | 1,278,576 | 995,049 | |
Revolving Loans | 1,456,947 | 1,176,772 | |
Loans and Leases Receivable, Gross | 7,717,949 | 6,608,631 | |
Special Mention [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 1,905 | 0 | |
Originated Four Years Prior | 0 | 5,493 | |
Originated Five or More Years Prior | 45,397 | 54,483 | |
Revolving Loans | 12,184 | 12,310 | |
Loans and Leases Receivable, Gross | 59,486 | 72,286 | |
Substandard [Member] | |||
Originated Current Fiscal Year | 7,636 | 2,138 | |
Originated One Year Prior | 2,091 | 9,039 | |
Originated Two Years Prior | 4,517 | 5,848 | |
Originated Three Years Prior | 14,540 | 33,922 | |
Originated Four Years Prior | 30,504 | 9,740 | |
Originated Five or More Years Prior | 50,132 | 54,394 | |
Revolving Loans | 23,158 | 42,353 | |
Loans and Leases Receivable, Gross | 132,578 | 157,434 | |
Doubtful [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Loans and Leases Receivable, Gross | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||
Originated Current Fiscal Year | 256,309 | 403,373 | |
Originated One Year Prior | 311,157 | 58,534 | |
Originated Two Years Prior | 50,818 | 56,327 | |
Originated Three Years Prior | 34,013 | 73,707 | |
Originated Four Years Prior | 66,062 | 105,468 | |
Originated Five or More Years Prior | 190,734 | 111,625 | |
Revolving Loans | 539,634 | 490,394 | |
Loans and Leases Receivable, Gross | [1] | 1,448,727 | 1,299,428 |
Commercial Portfolio Segment [Member] | Pass [Member] | |||
Originated Current Fiscal Year | 248,673 | 403,203 | |
Originated One Year Prior | 311,005 | 58,534 | |
Originated Two Years Prior | 50,801 | 54,485 | |
Originated Three Years Prior | 31,402 | 60,409 | |
Originated Four Years Prior | 54,872 | 95,727 | |
Originated Five or More Years Prior | 164,539 | 86,556 | |
Revolving Loans | 532,643 | 471,588 | |
Loans and Leases Receivable, Gross | 1,393,935 | 1,230,502 | |
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 588 | 0 | |
Originated Four Years Prior | 0 | 1 | |
Originated Five or More Years Prior | 3,556 | 4,045 | |
Revolving Loans | 3,301 | 4,266 | |
Loans and Leases Receivable, Gross | 7,445 | 8,312 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Originated Current Fiscal Year | 7,636 | 170 | |
Originated One Year Prior | 152 | 0 | |
Originated Two Years Prior | 17 | 1,842 | |
Originated Three Years Prior | 2,023 | 13,298 | |
Originated Four Years Prior | 11,190 | 9,740 | |
Originated Five or More Years Prior | 22,639 | 21,024 | |
Revolving Loans | 3,690 | 14,540 | |
Loans and Leases Receivable, Gross | 47,347 | 60,614 | |
Commercial Portfolio Segment [Member] | Doubtful [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Loans and Leases Receivable, Gross | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Originated Current Fiscal Year | 1,386,412 | 1,694,066 | |
Originated One Year Prior | 1,619,294 | 542,354 | |
Originated Two Years Prior | 391,635 | 425,001 | |
Originated Three Years Prior | 378,054 | 472,886 | |
Originated Four Years Prior | 403,602 | 502,207 | |
Originated Five or More Years Prior | 1,099,819 | 918,790 | |
Revolving Loans | 388,032 | 186,286 | |
Loans and Leases Receivable, Gross | 5,666,848 | 4,741,590 | |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Originated Current Fiscal Year | 1,386,412 | 1,692,098 | |
Originated One Year Prior | 1,617,355 | 533,315 | |
Originated Two Years Prior | 387,135 | 420,995 | |
Originated Three Years Prior | 364,220 | 452,262 | |
Originated Four Years Prior | 384,288 | 497,065 | |
Originated Five or More Years Prior | 1,033,994 | 842,244 | |
Revolving Loans | 370,982 | 170,721 | |
Loans and Leases Receivable, Gross | 5,544,386 | 4,608,700 | |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 1,317 | 0 | |
Originated Four Years Prior | 0 | 5,142 | |
Originated Five or More Years Prior | 41,841 | 50,438 | |
Revolving Loans | 8,883 | 6,601 | |
Loans and Leases Receivable, Gross | 52,041 | 62,181 | |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Originated Current Fiscal Year | 0 | 1,968 | |
Originated One Year Prior | 1,939 | 9,039 | |
Originated Two Years Prior | 4,500 | 4,006 | |
Originated Three Years Prior | 12,517 | 20,624 | |
Originated Four Years Prior | 19,314 | 0 | |
Originated Five or More Years Prior | 23,984 | 26,108 | |
Revolving Loans | 8,167 | 8,964 | |
Loans and Leases Receivable, Gross | 70,421 | 70,709 | |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Loans and Leases Receivable, Gross | 0 | 0 | |
Commercial Construction Portfolio Segment [Member] | |||
Originated Current Fiscal Year | 2,056 | 8,018 | |
Originated One Year Prior | 7,605 | 7,370 | |
Originated Two Years Prior | 7,320 | 12,625 | |
Originated Three Years Prior | 508 | 2,600 | |
Originated Four Years Prior | 0 | 2,689 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 519,834 | 506,876 | |
Loans and Leases Receivable, Gross | 537,323 | 540,178 | |
Commercial Construction Portfolio Segment [Member] | Pass [Member] | |||
Originated Current Fiscal Year | 2,056 | 8,018 | |
Originated One Year Prior | 7,605 | 7,370 | |
Originated Two Years Prior | 7,320 | 12,625 | |
Originated Three Years Prior | 508 | 2,600 | |
Originated Four Years Prior | 0 | 2,339 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 512,107 | 490,119 | |
Loans and Leases Receivable, Gross | 529,596 | 523,071 | |
Commercial Construction Portfolio Segment [Member] | Special Mention [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 0 | 350 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 0 | 1,443 | |
Loans and Leases Receivable, Gross | 0 | 1,793 | |
Commercial Construction Portfolio Segment [Member] | Substandard [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 7,727 | 15,314 | |
Loans and Leases Receivable, Gross | 7,727 | 15,314 | |
Commercial Construction Portfolio Segment [Member] | Doubtful [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Loans and Leases Receivable, Gross | 0 | 0 | |
Residential Portfolio Segment [Member] | |||
Originated Current Fiscal Year | 34,852 | 27,081 | |
Originated One Year Prior | 25,487 | 29,539 | |
Originated Two Years Prior | 25,292 | 23,611 | |
Originated Three Years Prior | 21,732 | 25,070 | |
Originated Four Years Prior | 20,493 | 28,701 | |
Originated Five or More Years Prior | 83,551 | 73,511 | |
Revolving Loans | 44,678 | 47,756 | |
Loans and Leases Receivable, Gross | 256,085 | 255,269 | |
Residential Portfolio Segment [Member] | Pass [Member] | |||
Originated Current Fiscal Year | 34,852 | 27,081 | |
Originated One Year Prior | 25,487 | 29,539 | |
Originated Two Years Prior | 25,292 | 23,611 | |
Originated Three Years Prior | 21,732 | 25,070 | |
Originated Four Years Prior | 20,493 | 28,701 | |
Originated Five or More Years Prior | 80,042 | 66,249 | |
Revolving Loans | 41,104 | 44,221 | |
Loans and Leases Receivable, Gross | 249,002 | 244,472 | |
Residential Portfolio Segment [Member] | Special Mention [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Loans and Leases Receivable, Gross | 0 | 0 | |
Residential Portfolio Segment [Member] | Substandard [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 3,509 | 7,262 | |
Revolving Loans | 3,574 | 3,535 | |
Loans and Leases Receivable, Gross | 7,083 | 10,797 | |
Residential Portfolio Segment [Member] | Doubtful [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Loans and Leases Receivable, Gross | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Originated Current Fiscal Year | 903 | 1,590 | |
Originated One Year Prior | 0 | 85 | |
Originated Two Years Prior | 10 | 39 | |
Originated Three Years Prior | 0 | 21 | |
Originated Four Years Prior | 5 | 28 | |
Originated Five or More Years Prior | 1 | 0 | |
Revolving Loans | 111 | 123 | |
Loans and Leases Receivable, Gross | 1,030 | 1,886 | |
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Originated Current Fiscal Year | 903 | 1,590 | |
Originated One Year Prior | 0 | 85 | |
Originated Two Years Prior | 10 | 39 | |
Originated Three Years Prior | 0 | 21 | |
Originated Four Years Prior | 5 | 28 | |
Originated Five or More Years Prior | 1 | 0 | |
Revolving Loans | 111 | 123 | |
Loans and Leases Receivable, Gross | 1,030 | 1,886 | |
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Loans and Leases Receivable, Gross | 0 | 0 | |
Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Loans and Leases Receivable, Gross | 0 | 0 | |
Consumer Portfolio Segment [Member] | Doubtful [Member] | |||
Originated Current Fiscal Year | 0 | 0 | |
Originated One Year Prior | 0 | 0 | |
Originated Two Years Prior | 0 | 0 | |
Originated Three Years Prior | 0 | 0 | |
Originated Four Years Prior | 0 | 0 | |
Originated Five or More Years Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Loans and Leases Receivable, Gross | $ 0 | $ 0 | |
[1]Includes PPP loans of $11.5 million and $93.1 million as of September 30, 2022 and December 31, 2021 , respectively. |
Note 5 - Loans and the Allowa_8
Note 5 - Loans and the Allowance for Credit Losses - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Loans and Leases Receivable, Gross | $ 7,910,013 | $ 6,838,351 | |
Real Estate [Member] | |||
Loans and Leases Receivable, Gross | 83,525 | 83,681 | |
Other Collateral Pledged [Member] | |||
Loans and Leases Receivable, Gross | 23,449 | 26,182 | |
Collateral Pledged [Member] | |||
Loans and Leases Receivable, Gross | 106,974 | 109,863 | |
Commercial Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross | [1] | 1,448,727 | 1,299,428 |
Commercial Portfolio Segment [Member] | Real Estate [Member] | |||
Loans and Leases Receivable, Gross | 5,446 | 6,385 | |
Commercial Portfolio Segment [Member] | Other Collateral Pledged [Member] | |||
Loans and Leases Receivable, Gross | 23,449 | 26,182 | |
Commercial Portfolio Segment [Member] | Collateral Pledged [Member] | |||
Loans and Leases Receivable, Gross | 28,895 | 32,567 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross | 5,666,848 | 4,741,590 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate [Member] | |||
Loans and Leases Receivable, Gross | 64,718 | 55,244 | |
Commercial Real Estate Portfolio Segment [Member] | Other Collateral Pledged [Member] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Collateral Pledged [Member] | |||
Loans and Leases Receivable, Gross | 64,718 | 55,244 | |
Commercial Construction Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross | 537,323 | 540,178 | |
Commercial Construction Portfolio Segment [Member] | Real Estate [Member] | |||
Loans and Leases Receivable, Gross | 7,727 | 13,196 | |
Commercial Construction Portfolio Segment [Member] | Other Collateral Pledged [Member] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Commercial Construction Portfolio Segment [Member] | Collateral Pledged [Member] | |||
Loans and Leases Receivable, Gross | 7,727 | 13,196 | |
Residential Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross | 256,085 | 255,269 | |
Residential Portfolio Segment [Member] | Real Estate [Member] | |||
Loans and Leases Receivable, Gross | 5,634 | 8,856 | |
Residential Portfolio Segment [Member] | Other Collateral Pledged [Member] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Residential Portfolio Segment [Member] | Collateral Pledged [Member] | |||
Loans and Leases Receivable, Gross | 5,634 | 8,856 | |
Consumer Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross | 1,030 | 1,886 | |
Consumer Portfolio Segment [Member] | Real Estate [Member] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Consumer Portfolio Segment [Member] | Other Collateral Pledged [Member] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Consumer Portfolio Segment [Member] | Collateral Pledged [Member] | |||
Loans and Leases Receivable, Gross | $ 0 | $ 0 | |
[1]Includes PPP loans of $11.5 million and $93.1 million as of September 30, 2022 and December 31, 2021 , respectively. |
Note 5 - Loans and the Allowa_9
Note 5 - Loans and the Allowance for Credit Losses - Analysis of Aging of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Loans and Leases Receivable, Gross | $ 7,910,013 | $ 6,838,351 | |
Nonaccrual | 57,447 | 61,700 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans and Leases Receivable, Gross | 842 | 7,364 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans and Leases Receivable, Gross | 13 | 2,030 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans and Leases Receivable, Gross | 10,068 | 13,531 | |
Financial Asset, Past Due [Member] | |||
Loans and Leases Receivable, Gross | 68,370 | 84,625 | |
Financial Asset, Not Past Due [Member] | |||
Loans and Leases Receivable, Gross | 7,841,643 | 6,753,726 | |
Commercial Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross | [1] | 1,448,727 | 1,299,428 |
Nonaccrual | 26,858 | 30,062 | |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans and Leases Receivable, Gross | 171 | 4,305 | |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans and Leases Receivable, Gross | 13 | 729 | |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans and Leases Receivable, Gross | 4,392 | 4,457 | |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans and Leases Receivable, Gross | 31,434 | 39,553 | |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans and Leases Receivable, Gross | 1,417,293 | 1,259,875 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross | 5,666,848 | 4,741,590 | |
Nonaccrual | 28,138 | 25,393 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans and Leases Receivable, Gross | 0 | 1,622 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans and Leases Receivable, Gross | 0 | 1,009 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans and Leases Receivable, Gross | 5,676 | 5,935 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans and Leases Receivable, Gross | 33,814 | 33,959 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans and Leases Receivable, Gross | 5,633,034 | 4,707,631 | |
Commercial Construction Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross | 537,323 | 540,178 | |
Nonaccrual | 0 | 3,150 | |
Commercial Construction Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Commercial Construction Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Commercial Construction Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Commercial Construction Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans and Leases Receivable, Gross | 0 | 3,150 | |
Commercial Construction Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans and Leases Receivable, Gross | 537,323 | 537,028 | |
Residential Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross | 256,085 | 255,269 | |
Nonaccrual | 2,451 | 3,095 | |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans and Leases Receivable, Gross | 671 | 1,437 | |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans and Leases Receivable, Gross | 0 | 292 | |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans and Leases Receivable, Gross | 0 | 3,139 | |
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans and Leases Receivable, Gross | 3,122 | 7,963 | |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans and Leases Receivable, Gross | 252,963 | 247,306 | |
Consumer Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross | 1,030 | 1,886 | |
Nonaccrual | 0 | 0 | |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans and Leases Receivable, Gross | $ 1,030 | $ 1,886 | |
[1]Includes PPP loans of $11.5 million and $93.1 million as of September 30, 2022 and December 31, 2021 , respectively. |
Note 5 - Loans and the Allow_10
Note 5 - Loans and the Allowance for Credit Losses - Impairment Evaluation on Loans and Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Individually evaluated impairment | $ 13,911 | $ 16,217 | |||||
Collectively evaluated impairment | 73,608 | 58,358 | |||||
Total | 91,717 | $ 82,739 | 78,773 | $ 77,986 | $ 78,684 | $ 79,226 | |
Individually evaluated impairment | 101,885 | 101,949 | |||||
Collectively evaluated impairment | 7,797,493 | 6,722,164 | |||||
Total | 7,910,013 | 6,838,351 | |||||
Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Individually evaluated impairment | 4,198 | 4,198 | |||||
Individually evaluated impairment | 10,635 | 14,238 | |||||
Commercial Portfolio Segment [Member] | |||||||
Individually evaluated impairment | 10,600 | 15,131 | |||||
Collectively evaluated impairment | 16,812 | 8,561 | |||||
Total | 29,689 | 28,135 | 25,969 | 27,336 | 25,567 | 28,443 | |
Individually evaluated impairment | 29,482 | 33,726 | |||||
Collectively evaluated impairment | 1,414,286 | 1,260,537 | |||||
Total | [1] | 1,448,727 | 1,299,428 | ||||
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Individually evaluated impairment | 2,277 | 2,277 | |||||
Individually evaluated impairment | 4,959 | 5,165 | |||||
Commercial Real Estate Portfolio Segment [Member] | |||||||
Individually evaluated impairment | 3,235 | 955 | |||||
Collectively evaluated impairment | 49,370 | 42,713 | |||||
Total | 54,526 | 47,562 | 45,589 | 43,342 | 43,815 | 39,330 | |
Individually evaluated impairment | 59,042 | 49,310 | |||||
Collectively evaluated impairment | 5,602,130 | 4,686,346 | |||||
Total | 5,666,848 | 4,741,590 | |||||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Individually evaluated impairment | 1,921 | 1,921 | |||||
Individually evaluated impairment | 5,676 | 5,934 | |||||
Commercial Construction Portfolio Segment [Member] | |||||||
Individually evaluated impairment | 0 | 0 | |||||
Collectively evaluated impairment | 3,444 | 3,580 | |||||
Total | 3,444 | 3,413 | 3,580 | 3,702 | 4,927 | 8,194 | |
Individually evaluated impairment | 7,727 | 13,196 | |||||
Collectively evaluated impairment | 529,596 | 526,982 | |||||
Total | 537,323 | 540,178 | |||||
Commercial Construction Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Individually evaluated impairment | 0 | 0 | |||||
Individually evaluated impairment | 0 | 0 | |||||
Residential Portfolio Segment [Member] | |||||||
Individually evaluated impairment | 76 | 131 | |||||
Collectively evaluated impairment | 3,977 | 3,497 | |||||
Total | 4,053 | 3,625 | 3,628 | 3,598 | 4,366 | 2,687 | |
Individually evaluated impairment | 5,634 | 5,717 | |||||
Collectively evaluated impairment | 250,451 | 246,413 | |||||
Total | 256,085 | 255,269 | |||||
Residential Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Individually evaluated impairment | 0 | 0 | |||||
Individually evaluated impairment | 0 | 3,139 | |||||
Consumer Portfolio Segment [Member] | |||||||
Individually evaluated impairment | 0 | 0 | |||||
Collectively evaluated impairment | 5 | 7 | |||||
Total | 5 | $ 4 | 7 | $ 8 | $ 9 | $ 4 | |
Individually evaluated impairment | 0 | 0 | |||||
Collectively evaluated impairment | 1,030 | 1,886 | |||||
Total | 1,030 | 1,886 | |||||
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Individually evaluated impairment | 0 | 0 | |||||
Individually evaluated impairment | $ 0 | $ 0 | |||||
[1]Includes PPP loans of $11.5 million and $93.1 million as of September 30, 2022 and December 31, 2021 , respectively. |
Note 5 - Loans and the Allow_11
Note 5 - Loans and the Allowance for Credit Losses - Activity in the ACL for Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Balance | $ 82,739 | $ 78,684 | $ 78,773 | $ 79,226 |
Charge-offs | (413) | (1,727) | (989) | (1,939) |
Recoveries | 53 | 113 | 117 | 188 |
Provision for credit losses - loans | 9,338 | 916 | 13,816 | (6,046) |
Balance | 91,717 | 77,986 | 91,717 | 77,986 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance | 6,557 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Balance | 85,783 | |||
Commercial Portfolio Segment [Member] | ||||
Balance | 28,135 | 25,567 | 25,969 | 28,443 |
Charge-offs | (410) | (254) | (751) | (304) |
Recoveries | 53 | 1 | 54 | 74 |
Provision for credit losses - loans | 1,911 | 2,022 | 4,417 | 3,348 |
Balance | 29,689 | 27,336 | 29,689 | 27,336 |
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance | (4,225) | |||
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Balance | 24,218 | |||
Commercial Real Estate Portfolio Segment [Member] | ||||
Balance | 47,562 | 43,815 | 45,589 | 39,330 |
Charge-offs | 0 | (1,473) | (226) | (1,628) |
Recoveries | 0 | 85 | 0 | 85 |
Provision for credit losses - loans | 6,964 | 915 | 9,163 | (4,050) |
Balance | 54,526 | 43,342 | 54,526 | 43,342 |
Commercial Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance | 9,605 | |||
Commercial Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Balance | 48,935 | |||
Commercial Construction Portfolio Segment [Member] | ||||
Balance | 3,413 | 4,927 | 3,580 | 8,194 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for credit losses - loans | 31 | (1,225) | (136) | (3,531) |
Balance | 3,444 | 3,702 | 3,444 | 3,702 |
Commercial Construction Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance | (961) | |||
Commercial Construction Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Balance | 7,233 | |||
Residential Portfolio Segment [Member] | ||||
Balance | 3,625 | 4,366 | 3,628 | 2,687 |
Charge-offs | 0 | 0 | (9) | (7) |
Recoveries | 0 | 20 | 63 | 20 |
Provision for credit losses - loans | 428 | (788) | 371 | (1,799) |
Balance | 4,053 | 3,598 | 4,053 | 3,598 |
Residential Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance | 2,697 | |||
Residential Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Balance | 5,384 | |||
Consumer Portfolio Segment [Member] | ||||
Balance | 4 | 9 | 7 | 4 |
Charge-offs | (3) | 0 | (3) | 0 |
Recoveries | 0 | 7 | 0 | 9 |
Provision for credit losses - loans | 4 | (8) | 1 | (14) |
Balance | 5 | 8 | 5 | 8 |
Consumer Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance | 9 | |||
Consumer Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Balance | 13 | |||
Unallocated Financing Receivables [Member] | ||||
Balance | 0 | 0 | 0 | 568 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for credit losses - loans | 0 | 0 | 0 | 0 |
Balance | $ 0 | $ 0 | $ 0 | 0 |
Unallocated Financing Receivables [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance | (568) | |||
Unallocated Financing Receivables [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Balance | $ 0 |
Note 5 - Loans and the Allow_12
Note 5 - Loans and the Allowance for Loan Losses - Loans Modified as TDRs (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | |
Number of loans | 6 | 18 |
Pre-modification outstanding recorded investment | $ 10,075 | $ 40,270 |
Post-modification outstanding recorded investment | $ 9,575 | $ 40,270 |
Commercial Portfolio Segment [Member] | ||
Number of loans | 2 | 4 |
Pre-modification outstanding recorded investment | $ 633 | $ 1,276 |
Post-modification outstanding recorded investment | $ 633 | $ 1,276 |
Commercial Real Estate Portfolio Segment [Member] | ||
Number of loans | 2 | 10 |
Pre-modification outstanding recorded investment | $ 9,043 | $ 35,595 |
Post-modification outstanding recorded investment | $ 8,543 | $ 35,595 |
Residential Portfolio Segment [Member] | ||
Number of loans | 2 | 3 |
Pre-modification outstanding recorded investment | $ 399 | $ 1,758 |
Post-modification outstanding recorded investment | $ 399 | $ 1,758 |
Commercial Construction Portfolio Segment [Member] | ||
Number of loans | 1 | |
Pre-modification outstanding recorded investment | $ 1,641 | |
Post-modification outstanding recorded investment | $ 1,641 |
Note 5 - Loans and the Allow_13
Note 5 - Loans and the Allowance for Credit Losses - Rollforward of Allowance for Credit Losses for Unfunded Commitments (Details) - Unfunded Loan Commitment [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Balance at beginning of period | $ 2,324 | $ 2,380 | $ 2,352 | $ 0 |
Provision for credit losses - unfunded commitments | 662 | 184 | 634 | (269) |
Balance at end of period | $ 2,986 | $ 2,564 | 2,986 | 2,564 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance at beginning of period | $ 0 | $ 2,833 |
Note 5 - Loans and the Allow_14
Note 5 - Loans and the Allowance for Credit Losses - Summary of (Reversal of) Provision for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Provision for credit losses - loans | $ 9,338 | $ 916 | $ 13,816 | $ (6,046) |
Provision for credit losses | 10,000 | 1,100 | 14,450 | (6,315) |
Unfunded Loan Commitment [Member] | ||||
Provision for credit losses - unfunded commitments | $ 662 | $ 184 | $ 634 | $ (269) |
Note 6 - Fair Value Measureme_3
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments (Details Textual) - Collateral Pledged [Member] - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 42 | $ 54.1 |
Impaired Financing Receivable, Related Allowance | $ 15.9 | $ 17.8 |
Note 6 - Fair Value Measureme_4
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Securities available-for-sale | $ 623,629 | $ 534,507 |
Fair Value, Recurring [Member] | ||
Securities available-for-sale | 623,629 | 534,507 |
Equity securities | 15,563 | 13,794 |
Derivatives | 54,041 | 3,347 |
Total assets | 693,233 | 551,648 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 134 | 195 |
Equity securities | 9,701 | 11,081 |
Derivatives | 0 | 0 |
Total assets | 9,835 | 11,276 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 616,118 | 525,747 |
Equity securities | 5,862 | 2,713 |
Derivatives | 54,041 | 3,347 |
Total assets | 676,021 | 531,807 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 7,377 | 8,565 |
Equity securities | 0 | 0 |
Derivatives | 0 | 0 |
Total assets | 7,377 | 8,565 |
US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale | 45,620 | 50,360 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 45,620 | 50,360 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 45,620 | 50,360 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Residential Mortgage-Backed Securities [Member] | ||
Securities available-for-sale | 406,985 | 316,095 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 406,985 | 316,095 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 406,985 | 316,095 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | ||
Securities available-for-sale | 20,895 | 10,469 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 20,895 | 10,469 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 20,895 | 10,469 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale | 141,107 | 145,625 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 141,107 | 145,625 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 133,730 | 137,060 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 7,377 | 8,565 |
Corporate Debt Securities [Member] | ||
Securities available-for-sale | 6,990 | 9,049 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 6,990 | 9,049 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 6,990 | 9,049 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Asset-Backed Securities [Member] | ||
Securities available-for-sale | 1,898 | 2,564 |
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 1,898 | 2,564 |
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 1,898 | 2,564 |
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Certificates of Deposit [Member] | ||
Securities available-for-sale | 150 | |
Certificates of Deposit [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 150 | |
Certificates of Deposit [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | |
Certificates of Deposit [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 150 | |
Certificates of Deposit [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | |
Other Debt Obligations [Member] | ||
Securities available-for-sale | 134 | 195 |
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 134 | 195 |
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 134 | 195 |
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 0 | 0 |
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | $ 0 | $ 0 |
Note 6 - Fair Value Measureme_5
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments - Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Commercial Portfolio Segment [Member] | ||
Collateral dependent loans | $ 14,443 | $ 13,399 |
Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Collateral dependent loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Collateral dependent loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Collateral dependent loans | 14,443 | 13,399 |
Commercial Real Estate Portfolio Segment [Member] | ||
Collateral dependent loans | 26,197 | 20,185 |
Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Collateral dependent loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Collateral dependent loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Collateral dependent loans | 26,197 | 20,185 |
Residential Portfolio Segment [Member] | ||
Collateral dependent loans | 1,372 | 2,794 |
Residential Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Collateral dependent loans | 0 | 0 |
Residential Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Collateral dependent loans | 0 | 0 |
Residential Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Collateral dependent loans | $ 1,372 | $ 2,794 |
Note 6 - Fair Value Measureme_6
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments - Assets Measured on Recurring Basis Using Significant Unobservable Inputs (Details) - US States and Political Subdivisions Debt Securities [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Beginning balance, December 31, 2021 | $ 8,565 | $ 8,844 |
Principal paydowns | (214) | (279) |
Change in unrealized gain (loss) | (974) | |
Ending balance, September 30, 2022 | $ 7,377 | $ 8,565 |
Note 6 - Fair Value Measureme_7
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments - Quantitative Information About Significant Unobservable Inputs (Details) $ in Thousands | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Securities available-for-sale | $ 623,629 | $ 534,507 |
Fair Value, Recurring [Member] | ||
Securities available-for-sale | 623,629 | 534,507 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 7,377 | 8,565 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale | 141,107 | 145,625 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 141,107 | 145,625 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | $ 7,377 | $ 8,565 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | ||
Securities available-for-sale, rate | 0.043 | 0.029 |
Note 6 - Fair Value Measureme_8
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments - Significant Unobservable Inputs for Assets Measured on Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] $ in Thousands | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Commercial Portfolio Segment [Member] | ||
Collateral dependent loans, fair value | $ 14,443 | $ 13,399 |
Commercial Real Estate Portfolio Segment [Member] | ||
Collateral dependent loans, fair value | 26,197 | 20,185 |
Residential Portfolio Segment [Member] | ||
Collateral dependent loans, fair value | 1,372 | 2,794 |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | ||
Collateral dependent loans, fair value | 14,443 | 13,399 |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Valuation, Market Approach [Member] | Average Transfer Price as Price to Unpaid Principal Balance [Member] | ||
Collateral dependent loans, fair value | $ 13,960 | $ 12,193 |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Valuation, Market Approach [Member] | Average Transfer Price as Price to Unpaid Principal Balance [Member] | Minimum [Member] | ||
Collateral dependent loans, rate | 0.61 | 0.48 |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Valuation, Market Approach [Member] | Average Transfer Price as Price to Unpaid Principal Balance [Member] | Maximum [Member] | ||
Collateral dependent loans, rate | (0.95) | 0.73 |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Valuation, Market Approach [Member] | Average Transfer Price as Price to Unpaid Principal Balance [Member] | Weighted Average [Member] | ||
Collateral dependent loans, rate | 0.64 | 0.49 |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | ||
Collateral dependent loans, fair value | $ 483 | $ 1,206 |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | Minimum [Member] | ||
Collateral dependent loans, rate | (0.05) | (0.10) |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | Maximum [Member] | ||
Collateral dependent loans, rate | 0.35 | 0.35 |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | Weighted Average [Member] | ||
Collateral dependent loans, rate | 0.17 | 0.06 |
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Collateral dependent loans, fair value | $ 26,197 | $ 20,185 |
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | ||
Collateral dependent loans, fair value | $ 26,197 | $ 20,185 |
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | Minimum [Member] | ||
Collateral dependent loans, rate | (0.25) | (0.20) |
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | Maximum [Member] | ||
Collateral dependent loans, rate | 0.10 | 0.15 |
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | Weighted Average [Member] | ||
Collateral dependent loans, rate | (0.16) | (0.06) |
Fair Value, Inputs, Level 3 [Member] | Residential Portfolio Segment [Member] | ||
Collateral dependent loans, fair value | $ 1,372 | $ 2,794 |
Fair Value, Inputs, Level 3 [Member] | Residential Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | ||
Collateral dependent loans, fair value | $ 1,372 | $ 2,794 |
Fair Value, Inputs, Level 3 [Member] | Residential Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | Minimum [Member] | ||
Collateral dependent loans, rate | 0.21 | (0.15) |
Fair Value, Inputs, Level 3 [Member] | Residential Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | Maximum [Member] | ||
Collateral dependent loans, rate | 0.39 | 0.39 |
Fair Value, Inputs, Level 3 [Member] | Residential Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | Weighted Average [Member] | ||
Collateral dependent loans, rate | 0.22 | 0.05 |
Note 6 - Fair Value Measureme_9
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments - Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Securities available-for-sale | $ 623,629 | $ 534,507 |
Reported Value Measurement [Member] | ||
Cash and due from banks | 333,844 | 265,536 |
Securities available-for-sale | 623,629 | 534,507 |
Restricted investments in bank stocks | 45,324 | 27,826 |
Equity securities | 15,563 | 13,794 |
Net loans | 7,808,733 | 6,749,849 |
Derivatives | 54,041 | 3,347 |
Accrued interest receivable | 38,940 | 34,152 |
Noninterest-bearing deposits | 1,665,658 | 1,617,049 |
Interest-bearing deposits | 5,644,852 | 4,715,904 |
Borrowings | 829,953 | 468,193 |
Subordinated debentures | 153,179 | 152,951 |
Accrued interest payable | 5,733 | 2,716 |
Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 333,844 | 265,536 |
Securities available-for-sale | 623,629 | 534,507 |
Equity securities | 15,563 | 13,794 |
Net loans | 7,524,799 | 6,800,287 |
Derivatives | 54,041 | 3,347 |
Accrued interest receivable | 38,940 | 34,152 |
Noninterest-bearing deposits | 1,665,658 | 1,617,049 |
Interest-bearing deposits | 5,599,170 | 4,716,358 |
Borrowings | 826,280 | 469,671 |
Subordinated debentures | 153,170 | 163,995 |
Accrued interest payable | 5,733 | 2,716 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 333,844 | 265,536 |
Securities available-for-sale | 134 | 195 |
Equity securities | 9,701 | 11,081 |
Net loans | 0 | 0 |
Derivatives | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Noninterest-bearing deposits | 1,665,658 | 1,617,049 |
Interest-bearing deposits | 3,723,617 | 3,565,795 |
Borrowings | 0 | 0 |
Subordinated debentures | 0 | 0 |
Accrued interest payable | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and due from banks | 0 | 0 |
Securities available-for-sale | 616,118 | 525,747 |
Equity securities | 5,862 | 2,713 |
Net loans | 0 | 0 |
Derivatives | 54,041 | 3,347 |
Accrued interest receivable | 3,219 | 1,554 |
Noninterest-bearing deposits | 0 | 0 |
Interest-bearing deposits | 1,875,553 | 1,150,563 |
Borrowings | 826,280 | 469,671 |
Subordinated debentures | 153,170 | 163,995 |
Accrued interest payable | 5,733 | 2,716 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and due from banks | 0 | 0 |
Securities available-for-sale | 7,377 | 8,565 |
Equity securities | 0 | 0 |
Net loans | 7,524,799 | 6,800,287 |
Derivatives | 0 | 0 |
Accrued interest receivable | 35,721 | 32,598 |
Noninterest-bearing deposits | 0 | 0 |
Interest-bearing deposits | 0 | 0 |
Borrowings | 0 | 0 |
Subordinated debentures | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
Note 7 - Comprehensive (Loss)_3
Note 7 - Comprehensive (Loss) Income - Reclassification out of Accumulated Other Comprehensive (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net gains on sale of securities available-for-sale | $ 0 | $ 0 | $ 0 | $ 195 |
Income tax expense | 10,425 | 10,881 | 33,665 | 32,404 |
Net income | 28,915 | 32,097 | 92,654 | 97,315 |
Borrowings | 18,819 | 8,781 | 37,167 | 30,281 |
Other components of net periodic pension expense | (143) | (67) | (429) | (201) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Net income | 823 | (292) | 330 | (1,124) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||||
Net gains on sale of securities available-for-sale | 0 | 0 | 0 | 195 |
Income tax expense | 0 | 0 | 0 | (48) |
Net income | 0 | 0 | 0 | 147 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Income tax expense | (343) | 90 | (159) | 434 |
Net income | 835 | (238) | 365 | (1,109) |
Borrowings | 1,178 | (328) | 524 | (1,543) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Income tax expense | 5 | 21 | 14 | 63 |
Net income | (12) | (54) | (35) | (162) |
Other components of net periodic pension expense | $ (17) | $ (75) | $ (49) | $ (225) |
Note 7 - Comprehensive (Loss)_4
Note 7 - Comprehensive (Loss) Income - Accumulated Other Comprehensive (Loss) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Balance | $ 1,148,295 | $ 1,143,147 | $ 1,124,212 | $ 1,098,433 | $ 964,960 | $ 915,310 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||||||
Balance | (67,734) | (484) | ||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||
Balance | 32,913 | 2,406 | ||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||
Balance | (1,671) | (3,326) | ||||
AOCI Attributable to Parent [Member] | ||||||
Balance | $ (36,492) | $ (19,103) | $ (1,404) | $ (973) | $ (190) | $ 2,797 |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
May 23, 2017 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Payment Arrangement, Expense | $ 1.2 | $ 1.2 | $ 3.5 | $ 3.2 | |
Performance Shares [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1.5 | $ 1.5 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 9 months 18 days | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Expected toVested (in shares) | 195,264 | 195,264 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Expected to Vest, Performance Obligations Exceeded (in shares) | 221,541 | 221,541 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 49,604 | ||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 27,254 | ||||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture, Total (in shares) | 22,350 | 34,458 | |||
Restricted Stock [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1.3 | $ 1.3 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 1 month 6 days | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 42,815 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1.5 | $ 1.5 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 6 months | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 69,225 | ||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 37,842 | ||||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture, Total (in shares) | 31,383 | 14,711 | |||
The 2017 Equity Compensation Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 750,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 200,300 | 200,300 | |||
The 2017 Equity Compensation Plan [Member] | Restricted Stock, Options and Restricted Stock Units [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||
The 2017 Equity Compensation Plan [Member] | Restricted Stock, Options and Restricted Stock Units [Member] | Vesting Each Year [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||
The 2017 Equity Compensation Plan [Member] | Share-Based Payment Arrangement, Option [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||||
The 2017 Equity Compensation Plan [Member] | Performance Shares [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years |
Note 8 - Stock-based Compensa_4
Note 8 - Stock-based Compensation - Activity in Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Outstanding, number of stock options (in shares) | 23,766 | |
Outstanding, weighted-average exercise price (in dollars per share) | $ 9.94 | |
Granted, number of stock options (in shares) | 0 | |
Granted, weighted-average exercise price (in dollars per share) | $ 0 | |
Exercised, number of stock options (in shares) | (15,086) | (5,449) |
Exercised, weighted-average exercise price (in dollars per share) | $ 8.21 | |
Forfeited/cancelled/expired, number of stock options (in shares) | 0 | |
Forfeited/cancelled/expired, weighted-average exercise price (in dollars per share) | $ 0 | |
Outstanding, number of stock options (in shares) | 8,680 | |
Outstanding, weighted-average exercise price (in dollars per share) | $ 12.95 | |
Outstanding, weighted average remaining contractual term (Year) | 6 months 14 days | |
Outstanding, aggregate intrinsic value | $ 87,691 | |
Exercisable, number of stock options (in shares) | 8,680 | |
Exercisable, weighted-average exercise price (in dollars per share) | $ 12.95 | |
Exercisable, aggregate intrinsic value | $ 0 |
Note 8 - Share-based Compensati
Note 8 - Share-based Compensation - Activity in Restricted Shares (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Nonvested, shares (in shares) | shares | 82,693 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 21.78 |
Granted, shares (in shares) | shares | 53,543 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 30.76 |
Vested, shares (in shares) | shares | (42,815) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 25 |
Forfeited/cancelled/expired, shares (in shares) | shares | (374) |
Forfeited/cancelled/expired, weighted average grant date fair value (in dollars per share) | $ / shares | $ 30.99 |
Nonvested, shares (in shares) | shares | 93,047 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 25.43 |
Note 8 - Stock-based Compensa_5
Note 8 - Stock-based Compensation - Summary of Unearned Performance Unit Awards (Details) - Performance Shares [Member] | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Nonvested, shares (in shares) | 209,995 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 16.18 |
Awarded, units (in shares) | 34,874 |
Awarded, weighted average grant date fair value (in dollars per share) | $ / shares | $ 32.80 |
Vested shares, units (in shares) | (49,604) |
Vested shares, weighted average grant date fair value (in dollars per share) | $ / shares | $ 20.79 |
Nonvested, shares (in shares) | 195,265 |
Unearned, units (maximum) (in shares) | 221,541 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.98 |
Note 8 - Stock-based Compensa_6
Note 8 - Stock-based Compensation - Summary of Unearned Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Nonvested, shares (in shares) | shares | 136,948 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 16.52 |
Awarded, units (in shares) | shares | 52,312 |
Awarded, weighted average grant date fair value (in dollars per share) | $ / shares | $ 32.80 |
Vested shares, units (in shares) | shares | (69,225) |
Vested shares, weighted average grant date fair value (in dollars per share) | $ / shares | $ 16.13 |
Nonvested, shares (in shares) | shares | 120,035 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 23.84 |
Note 9 - Components of Net Pe_3
Note 9 - Components of Net Periodic Pension Cost (Details Textual) - Pension Plan [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0 |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 0 |
Note 9 - Components of Net Pe_4
Note 9 - Components of Net Periodic Pension Cost - Net Periodic Pension Cost (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 78 | 71 | 233 | 213 |
Expected return on plan assets | (237) | (213) | (711) | (639) |
Net amortization | 17 | 75 | 49 | 225 |
Total periodic pension income | $ (142) | $ (67) | $ (429) | $ (201) |
Note 10 - FHLB Borrowings (Deta
Note 10 - FHLB Borrowings (Details Textual) $ in Billions | Sep. 30, 2022 USD ($) |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 1.9 |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | $ 0.6 |
Note 10 - FHLB Borrowings - FHL
Note 10 - FHLB Borrowings - FHLB Borrowings and Weighted Average Interest Rates (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Less than 1 year, amount | $ 802,329 | $ 390,549 |
Less than 1 year, rate | 2.99% | 0.56% |
1 year through less than 2 years, amount | $ 0 | $ 50,000 |
1 year through less than 2 years, rate | 1.84% | |
2 years through less than 3 years, amount | 25,000 | $ 0 |
3 years through less than 4 years, amount | $ 2,050 | $ 25,000 |
3 years through less than 4 years, rate | 2.23% | 1% |
4 years through 5 years, amount | $ 0 | $ 2,050 |
4 years through 5 years, rate | 2.23% | |
After 5 years, amount | $ 667 | $ 714 |
After 5 years, rate | 2.91% | 2.91% |
FHLB borrowings - gross, amount | $ 830,046 | $ 468,313 |
FHLB borrowings - gross, rate | 2.93% | 0.73% |
Fair value discount | $ (93) | $ (120) |
Total FHLB borrowings, amount | $ 829,953 | $ 468,193 |
Note 11 - Subordinated Debent_3
Note 11 - Subordinated Debentures (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jan. 31, 2018 | Dec. 31, 2003 | Sep. 30, 2022 | |
Subordinated Debt [Member] | The 2020 Notes [Member] | ||||
Debt Instrument, Face Amount | $ 75 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||
Subordinated Debt [Member] | The Notes [Member] | ||||
Debt Instrument, Face Amount | $ 75 | |||
Debt Instrument, Maturity Date | Feb. 01, 2028 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | |||
Debt Instrument, Term (Year) | 5 years | |||
Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | The Notes [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.84% | |||
Subordinated Debt [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | The 2020 Notes [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 5.605% | |||
Notes Payable to Banks [Member] | ||||
Repayments of Debt | $ 65 | |||
Center Bancorp Statutory Trust II [Member] | Subordinated Debt [Member] | ||||
Debt Instrument, Face Amount | $ 5 | $ 5,000 | ||
Debt Instrument, Maturity Date | Jan. 23, 2034 | Jan. 23, 2034 | ||
Proceeds from Issuance of Debt | $ 5.2 | |||
Debt Instrument, Basis Spread on Variable Rate | 2.85% | |||
Debt Instrument, Interest Rate, Effective Percentage | 5.63% | |||
Center Bancorp Statutory Trust II [Member] | Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.85% |
Note 11 - Subordinated Debent_4
Note 11 - Subordinated Debentures - Summary of Mandatory Redeemable Trust Preferred Securities (Details) - Subordinated Debt [Member] - Center Bancorp Statutory Trust II [Member] - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 9 Months Ended |
Dec. 31, 2003 | Sep. 30, 2022 | |
Securities issued | $ 5 | $ 5,000 |
Liquidation value (in dollars per share) | $ 1,000 | |
Coupon rate | 2.85% | |
Maturity | Jan. 23, 2034 | Jan. 23, 2034 |
Redeemable by issuer beginning | Jan. 23, 2009 |
Note 12 - Preferred Stock (Deta
Note 12 - Preferred Stock (Details Textual) $ / shares in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 19, 2021 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) shares | Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) shares | Dec. 31, 2021 $ / shares | |
Stock Issued During Period, Shares, New Issues (in shares) | shares | 4,535 | 153 | 4,981 | ||
Stock Issued During Period, Value, New Issues | $ 0 | $ 0 | $ 0 | ||
Preferred Stock, No Par Value (in dollars per share) | $ / shares | $ 0 | $ 0 | |||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 0 | $ 110,927,000 | |||
Series A Preferred Stock [Member] | |||||
Preferred Stock, Dividend Rate, Percentage | 5.25% | ||||
Preferred Stock, No Par Value (in dollars per share) | $ / shares | $ 0 | ||||
Preferred Stock, Liquidation Preference, Value | $ 1,000 | ||||
Series A Preferred Stock [Member] | Underwritten Public Offering [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 115,000 | ||||
Stock Issued During Period, Value, New Issues | $ 115,000,000 | ||||
Depositary Shares, Interest in Preferred Stock | 0.025 | ||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 110,900,000 |