Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 01, 2023 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2023 | |
Entity File Number | 0-22208 | |
Entity Registrant Name | QCR HOLDINGS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 42-1397595 | |
Entity Address, Address Line One | 3551 7th Street | |
Entity Address, City or Town | Moline | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 61265 | |
City Area Code | 309 | |
Local Phone Number | 736-3580 | |
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 | |
Title of 12(b) Security | Common Stock, $1.00 Par Value | |
Trading Symbol | QCRH | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding (in shares) | 16,718,077 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000906465 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 64,295 | $ 59,723 |
Federal funds sold | 16,365 | 56,910 |
Interest-bearing deposits at financial institutions | 237,632 | 67,360 |
Securities held to maturity, at amortized cost, net of allowance for credit losses | 561,969 | 587,142 |
Securities available for sale, at fair value | 315,477 | 340,960 |
Total securities | 877,446 | 928,102 |
Loans receivable held for sale | 140,633 | 1,480 |
Loans/leases receivable held for investment | 6,049,389 | 6,137,391 |
Gross loans/leases receivable | 6,190,022 | 6,138,871 |
Less allowance for credit losses | (86,573) | (87,706) |
Net loans/leases receivable | 6,103,449 | 6,051,165 |
Bank-owned life insurance | 107,287 | 106,580 |
Premises and equipment, net | 117,641 | 117,948 |
Restricted investment securities | 31,914 | 42,501 |
Other real estate owned, net | 61 | 133 |
Goodwill | 138,474 | 137,607 |
Intangibles | 15,993 | 16,759 |
Derivatives | 130,350 | 177,631 |
Other assets | 195,997 | 186,418 |
Total assets | 8,036,904 | 7,948,837 |
Liabilities and Stockholders' Equity | ||
Noninterest-bearing | 1,189,858 | 1,262,981 |
Interest-bearing | 5,311,805 | 4,721,236 |
Total deposits | 6,501,663 | 5,984,217 |
Short-term borrowings | 1,100 | 129,630 |
Federal Home Loan Bank advances | 135,000 | 415,000 |
Subordinated notes | 232,746 | 232,662 |
Junior subordinated debentures | 48,634 | 48,602 |
Derivatives | 150,401 | 200,701 |
Other liabilities | 165,866 | 165,301 |
Total liabilities | 7,235,410 | 7,176,113 |
Stockholders' Equity: | ||
Preferred stock, $1 par value; shares authorized 250,000 March 2023 and December 2022 - no shares issued or outstanding | ||
Common stock, $1 par value; shares authorized 20,000,000 March 2023 - 16,713,775 shares issued and outstanding December 2022 - 16,795,942 shares issued and outstanding | 16,714 | 16,796 |
Additional paid-in capital | 368,302 | 370,712 |
Retained earnings | 472,051 | 450,114 |
Accumulated other comprehensive (loss): | ||
Securities available for sale | (38,378) | (44,677) |
Derivatives | (17,195) | (20,221) |
Total stockholders' equity | 801,494 | 772,724 |
Total liabilities and stockholders' equity | $ 8,036,904 | $ 7,948,837 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
CONSOLIDATED BALANCE SHEETS | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, authorized (in shares) | 250,000 | 250,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, issued (in shares) | 16,713,775 | 16,795,942 |
Common stock, outstanding (in shares) | 16,713,775 | 16,795,942 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Interest and dividend income: | ||
Taxable | $ 66,634 | $ 37,428 |
Nontaxable | 17,312 | 6,768 |
Securities: | ||
Taxable | 3,366 | 2,398 |
Nontaxable | 5,337 | 4,150 |
Interest-bearing deposits at financial institutions | 821 | 35 |
Restricted investment securities | 513 | 281 |
Federal funds sold | 234 | 2 |
Total interest and dividend income | 94,217 | 51,062 |
Interest expense: | ||
Deposits | 29,780 | 3,137 |
Short-term borrowings | 99 | |
Federal Home Loan Bank advances | 3,521 | 82 |
Subordinated notes | 3,311 | 1,554 |
Junior subordinated debentures | 696 | 556 |
Total interest expense | 37,407 | 5,329 |
Net interest income | 56,810 | 45,733 |
Provision for credit losses | 3,928 | (2,916) |
Net interest income after provision for credit losses | 52,882 | 48,649 |
Noninterest income: | ||
Revenue | 120,059 | 66,695 |
Gains on sales of residential real estate loans, net | 312 | 493 |
Gains on sales of government guaranteed portions of loans, net | 30 | 19 |
Capital markets revenue | 17,023 | 6,422 |
Securities losses, net | (463) | |
Earnings on bank-owned life insurance | 707 | 346 |
Loan related fee income | 651 | 480 |
Fair value gain (loss) on derivatives | (427) | 906 |
Other | 339 | 129 |
Total noninterest income | 25,842 | 15,633 |
Noninterest expense: | ||
Salaries and employee benefits | 32,003 | 23,627 |
Occupancy and equipment expense | 5,914 | 3,937 |
Professional and data processing fees | 3,514 | 3,671 |
Acquisition costs | 1,851 | |
Post-acquisition compensation, transition and integration costs | 207 | |
FDIC insurance, other insurance and regulatory fees | 1,374 | 1,310 |
Loan/lease expense | 556 | 267 |
Net income from and gains/losses on operations of other real estate | (67) | (1) |
Advertising and marketing | 1,237 | 761 |
Communication and data connectivity | 665 | 403 |
Supplies | 305 | 246 |
Bank service charges | 605 | 541 |
Correspondent banking expense | 210 | 199 |
Intangibles amortization | 766 | 493 |
Payment card processing | 545 | 262 |
Trust expense | 214 | 187 |
Other | 737 | 571 |
Total noninterest expense | 48,785 | 38,325 |
Net income before income taxes | 29,939 | 25,957 |
Federal and state income tax expense | 2,782 | 2,333 |
Net income | $ 27,157 | $ 23,624 |
Basic earnings per common share | $ 1.62 | $ 1.51 |
Diluted earnings per common share | $ 1.60 | $ 1.49 |
Weighted average common shares outstanding | 16,776,289 | 15,625,112 |
Weighted average common and common equivalent shares outstanding | 16,942,132 | 15,852,256 |
Cash dividends declared per common share | $ 0.06 | $ 0.06 |
Trust fees | ||
Noninterest income: | ||
Revenue | $ 2,906 | $ 2,963 |
Investment advisory and management fees | ||
Noninterest income: | ||
Revenue | 879 | 1,036 |
Deposit service fees | ||
Noninterest income: | ||
Revenue | 2,028 | 1,555 |
Debit card fees | ||
Noninterest income: | ||
Revenue | 1,466 | 1,007 |
Correspondent banking fees | ||
Noninterest income: | ||
Revenue | $ 391 | $ 277 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||
Net income | $ 27,157 | $ 23,624 |
Other comprehensive income (loss): | ||
Unrealized holding gains (losses) arising during the period before tax | 7,392 | (29,170) |
Less: reclassification adjusted for impairment losses included in net income before tax | (989) | |
Less reclassification adjustment for sales losses included in net income before tax | (463) | |
Unrealized gains (losses) on securities available for sale | 8,844 | (29,170) |
Unrealized holding gains (losses) arising during the period before tax | 3,446 | (6,858) |
Less reclassification adjustment for caplet amortization before tax | (201) | (221) |
Unrealized gains (losses) on derivatives | 3,647 | (6,637) |
Other comprehensive income (loss), before tax | 12,491 | (35,807) |
Tax expense (benefit) | 3,166 | (8,467) |
Other comprehensive income (loss), net of tax | 9,325 | (27,340) |
Comprehensive income (loss) | $ 36,482 | $ (3,716) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital. | Retained Earnings. | Accumulated Other Comprehensive Income (Loss) | Total |
Balance at Dec. 31, 2021 | $ 15,613 | $ 273,768 | $ 386,077 | $ 1,552 | $ 677,010 |
Net income | 23,624 | 23,624 | |||
Other comprehensive income, net of tax | (27,340) | (27,340) | |||
Common cash dividends declared | (939) | (939) | |||
Repurchase and cancellation of shares of common stock | (77) | (1,338) | (3,000) | (4,415) | |
Stock-based compensation expense | 751 | 751 | |||
Issuance of common stock under employee benefit plans | 44 | (811) | (767) | ||
Balance at Mar. 31, 2022 | 15,580 | 272,370 | 405,762 | (25,788) | 667,924 |
Balance at Dec. 31, 2022 | 16,796 | 370,712 | 450,114 | (64,898) | 772,724 |
Net income | 27,157 | 27,157 | |||
Other comprehensive income, net of tax | 9,325 | 9,325 | |||
Common cash dividends declared | (1,010) | (1,010) | |||
Repurchase and cancellation of shares of common stock | (153) | (3,356) | (4,210) | (7,719) | |
Stock-based compensation expense | 953 | 953 | |||
Issuance of common stock under employee benefit plans | 71 | (7) | 64 | ||
Balance at Mar. 31, 2023 | $ 16,714 | $ 368,302 | $ 472,051 | $ (55,573) | $ 801,494 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY | ||
Cash dividends declared per common share | $ 0.06 | $ 0.06 |
Repurchase and cancellation of common stock as a result of share repurchase program (in shares) | 152,500 | 77,500 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 27,157 | $ 23,624 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 2,006 | 1,297 |
Provision for credit losses | 3,928 | (2,916) |
Stock-based compensation expense | 953 | 751 |
Deferred compensation expense accrued | 1,272 | 1,026 |
Gains on other real estate owned, net | (85) | |
Amortization of premiums on securities, net | 389 | 336 |
Caplet amortization | 201 | 221 |
Fair value (gain) loss on derivatives | 427 | (906) |
Securities losses, net | 463 | |
Loans originated for sale | (13,353) | (25,749) |
Proceeds on sales of loans | 13,766 | 27,121 |
Gains on sales of residential real estate loans | (312) | (493) |
Gains on sales of government guaranteed portions of loans | (30) | (19) |
Gains on sales and disposals of premises and equipment | (10) | |
Amortization of intangibles | 766 | 493 |
Accretion of acquisition fair value adjustments, net | (828) | (118) |
Increase in cash value of bank-owned life insurance | (707) | (346) |
Increase in other assets | (13,148) | (16,243) |
Decrease in other liabilities | (1,101) | (1,123) |
Net cash provided by operating activities | 21,764 | 6,946 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net decrease in federal funds sold | 40,545 | 2,735 |
Net (increase) decrease in interest-bearing deposits at financial institutions | (170,272) | 18,537 |
Proceeds from sales of other real estate owned | 218 | |
Activity in securities portfolio: | ||
Purchases | (23,022) | (52,403) |
Calls, maturities and redemptions | 45,685 | 7,213 |
Paydowns | 5,915 | 10,113 |
Sales | 28,628 | |
Activity in restricted investment securities: | ||
Purchases | (3,177) | (11,389) |
Redemptions | 13,764 | 20 |
Net increase in loans/leases originated and held for investment | (54,025) | (148,521) |
Purchase of premises and equipment | (1,699) | (3,428) |
Proceeds from sales of premises and equipment | 37 | |
Net cash used in investing activities | (117,440) | (177,086) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase (decrease) in deposit accounts | 517,446 | (83,083) |
Net decrease in short-term borrowings | (128,530) | (2,610) |
Activity in Federal Home Loan Bank advances: | ||
Term advances | 135,000 | |
Net change in short-term and overnight advances | (415,000) | 275,000 |
Payment of cash dividends on common stock | (1,013) | (935) |
Proceeds from issuance of common stock, net | 64 | (767) |
Repurchase and cancellation of shares | (7,719) | (4,415) |
Net cash provided by financing activities | 100,248 | 183,190 |
Net increase in cash and due from banks | 4,572 | 13,050 |
Cash and due from banks, beginning | 59,723 | 37,490 |
Cash and due from banks, ending | 64,295 | 50,540 |
Supplemental disclosure of cash flow information, cash payments (receipts) for: | ||
Interest | 38,053 | 6,271 |
Income/franchise taxes | (299) | 38 |
Supplemental schedule of noncash investing activities: | ||
Change in accumulated other comprehensive income (loss), unrealized gains (losses) on securities available for sale and derivative instruments, net | 9,325 | (27,340) |
Transfers of loans to other real estate owned | 61 | |
Due to broker for purchases of securities | 7,533 | |
Decrease in the fair value of back-to-back interest rate swap assets and liabilities | (46,248) | (119,357) |
Dividends payable | 1,010 | $ 939 |
Transfer of loans to loans held for sale | 139,224 | |
Measurement period adjustment to goodwill | $ 867 |
Note 1 - SUMMARY OF SIGNIFICANT
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2023 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The financial information of the Company included herein has been prepared in accordance with GAAP for interim financial reporting and has been prepared pursuant to the rules and regulations for reporting on Form 10-Q and Rule 10-01 of Regulation S-X. Such information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the periods presented. Any differences appearing between the numbers presented in financial statements and management's discussion and analysis are due to rounding. The results of the interim period ended March 31, 2023 are not necessarily indicative of the results expected for the year ending December 31, 2023, or for any other period. The acronyms and abbreviations identified below are used throughout this Quarterly Report on Form 10-Q. It may be helpful to refer back to this page as you read this report. ACL: Allowance for credit losses GFED: Guaranty Federal Bancshares, Inc. Allowance: Allowance for credit losses HTM: Held to maturity AOCI: Accumulated other comprehensive income (loss) LIBOR: London Inter-Bank Offered Rate ASC: Accounting Standards Codification LIHTC: Low-income housing tax credit ASU: Accounting Standards Update m2: m2 Equipment Finance, LLC BOLI: Bank-owned life insurance NIM: Net interest margin Caps: Interest rate cap derivatives NPA: Nonperforming asset CECL: Current Expected Credit Losses NPL: Nonperforming loan Community National: Community National Bancorporation OBS: Off-balance sheet Company: QCR Holdings, Inc. OREO: Other real estate owned COVID-19: Coronavirus Disease 2019 OTTI: Other-than-temporary impairment CRBT: Cedar Rapids Bank & Trust Company PCAOB: Public Company Accounting Oversight Board CRE: Commercial real estate PCD: Purchase credit deteriorated loan CSB: Community State Bank PCI: Purchased credit impaired C&I: Commercial and industrial PPP: Paycheck Protection Program EBA: Excess balance account Provision: Provision for credit losses EPS: Earnings per share QCBT: Quad City Bank & Trust Company Exchange Act: Securities Exchange Act of 1934, as ROAA: Return on average assets amended ROAE: Return on average equity FASB: Financial Accounting Standards Board SEC: Securities and Exchange Commission FDIC: Federal Deposit Insurance Corporation SFCB: Springfield First Community Bank Federal Reserve: Board of Governors of the Federal SFG: Specialty Finance Group Reserve System TA: Tangible Assets FHLB: Federal Home Loan Bank TBV: Tangible book value FRB: Federal Reserve Bank of Chicago TCE: Tangible common equity Guaranty: Guaranty Bank, formerly known as Springfield First TDRs: Troubled debt restructurings Community Bank TEY: Tax equivalent yield The Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries which include the accounts of four commercial banks: QCBT, CRBT, CSB and GB. All four banks are state-chartered commercial banks and all are members of the Federal Reserve system. The Company also engages in direct financing lease contracts through m2, a wholly-owned subsidiary of QCBT. The company also engages in wealth management services through its banking subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. The acquisition of GFED, the holding company of GB, headquartered in Springfield, Missouri, occurred on April 1, 2022 and on April 2, 2022, GB was merged into SFCB, the Company’s Springfield-based charter. The combined bank changed its name to Guaranty Bank. The financial results for the periods since the acquisition/merger are included in this report. See Note 2 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information about the acquisition and merger. Recent accounting developments Reference Rate Reform Management has assessed the impacts of ASU 2020-04 and the related opportunities and risks involved in the LIBOR transition. In April 2022, the FASB issued ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures Reclassifications |
Note 2 - INVESTMENT SECURITIES
Note 2 - INVESTMENT SECURITIES | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
INVESTMENT SECURITIES | NOTE 2– INVESTMENT SECURITIES The amortized cost and fair value of investment securities as of March 31, 2023 and December 31, 2022 are summarized as follows: Allowance Gross Gross Amortized for Credit Unrealized Unrealized Fair Cost (Losses) Gains (Losses) Value (dollars in thousands) March 31, 2023: Securities HTM: Municipal securities $ 561,099 $ (180) $ 10,578 $ (43,563) $ 527,934 Other securities 1,050 — — (18) 1,032 $ 562,149 $ (180) $ 10,578 $ (43,581) $ 528,966 Securities AFS: U.S. treasuries and govt. sponsored agency securities $ 21,697 $ — $ 16 $ (2,393) $ 19,320 Residential mortgage-backed and related securities 69,415 — — (6,311) 63,104 Municipal securities 209,875 — 9 (39,294) 170,590 Asset-backed securities 18,087 — 47 (167) 17,967 Other securities 48,562 (989) 7 (3,084) 44,496 $ 367,636 $ (989) $ 79 $ (51,249) $ 315,477 Allowance Gross Gross Amortized for Credit Unrealized Unrealized Fair Cost (Losses) Gains (Losses) Value (dollars in thousands) December 31, 2022: Securities HTM: Municipal securities $ 586,272 $ (180) $ 5,292 $ (56,798) $ 534,586 Other securities 1,050 — — — 1,050 $ 587,322 $ (180) $ 5,292 $ (56,798) $ 535,636 Securities AFS: U.S. govt. sponsored agency securities $ 19,745 $ — $ 19 $ (2,783) $ 16,981 Residential mortgage-backed and related securities 73,438 — — (7,223) 66,215 Municipal securities 239,812 — 66 (46,700) 193,178 Asset-backed securities 18,885 — 48 (205) 18,728 Other securities 48,631 — 27 (2,800) 45,858 $ 400,511 $ — $ 160 $ (59,711) $ 340,960 The Company's HTM municipal securities consist largely of private issues of municipal debt. The large majority of the municipalities are located within the Midwest. The municipal debt investments are underwritten using specific guidelines with ongoing monitoring. The Company's residential mortgage-backed and related securities portfolio consists entirely of government sponsored or government guaranteed securities. The Company has not invested in private mortgage-backed securities or pooled trust preferred securities. Gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2023 and December 31, 2022, are summarized as follows. Securities available-for-sale, for which an allowance for credit losses has been provided, are not included in these disclosures. Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (dollars in thousands) March 31, 2023: Securities HTM: Municipal securities $ 275,950 $ (33,259) $ 70,015 $ (10,304) $ 345,965 $ (43,563) Other securities 1,032 (18) — — 1,032 (18) $ 276,982 $ (33,277) $ 70,015 $ (10,304) $ 346,997 $ (43,581) Securities AFS: U.S. treasuries and govt. sponsored agency securities $ 2,212 $ (4) $ 14,401 $ (2,389) $ 16,613 $ (2,393) Residential mortgage-backed and related securities 17,277 (814) 45,807 (5,497) 63,084 (6,311) Municipal securities 43,572 (3,340) 124,603 (35,954) 168,175 (39,294) Asset-backed securities 3,303 (5) 10,781 (162) 14,084 (167) Other securities 26,142 (1,612) 12,113 (1,472) 38,255 (3,084) $ 92,506 $ (5,775) $ 207,705 $ (45,474) $ 300,211 $ (51,249) Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (dollars in thousands) December 31, 2022: Securities HTM: Municipal securities $ 347,651 $ (56,798) $ — $ — $ 347,651 $ (56,798) Securities AFS: U.S. treasuries and govt. sponsored agency securities $ 5,138 $ (326) $ 10,591 $ (2,457) $ 15,729 $ (2,783) Residential mortgage-backed and related securities 48,469 (3,327) 17,690 (3,896) 66,159 (7,223) Municipal securities 178,172 (42,661) 9,809 (4,039) 187,981 (46,700) Asset-backed securities 13,684 (205) — — 13,684 (205) Other securities 35,206 (2,404) 4,122 (396) 39,328 (2,800) $ 280,669 $ (48,923) $ 42,212 $ (10,788) $ 322,881 $ (59,711) At March 31, 2023, the investment portfolio included 646 securities. Of this number, 524 securities were in an unrealized loss position. The aggregate losses of these securities totaled approximately 10.2% of the total amortized cost of the portfolio. Of these 524 securities, there were 276 For the quarter ended March 31, 2023, the Company’s impairment evaluation determined that one publicly traded debt security experienced a decline in fair value due to credit quality, rather than market factors. As a result, the Company recognized a credit loss expense of $989 thousand and established an ACL on the related AFS security. The following table presents the activity in the allowance for credit losses for held to maturity and available for sale securities by major security type for the three ended March 31, 2023 and 2022. Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Securities HTM Securities AFS Securities HTM Municipal Corporate Municipal securities securities securities (dollars in thousands) Allowance for credit losses: Beginning balance $ 180 $ — $ 198 Provision for credit loss expense — 989 — Balance, ending $ 180 $ 989 $ 198 All sales of securities for the three months ended March 31, 2023 were securities identified as AFS. There were no sales of securities for the three months ended March 31, 2022. Three Months Ended March 31, 2023 Proceeds from sales of securities $ 28,628 Gross gains from sales of securities 44 Gross losses from sales of securities (507) The amortized cost and fair value of securities as of March 31, 2023 by contractual maturity are shown below. Expected maturities of residential mortgage-backed and related securities and asset-backed securities may differ from contractual maturities because the residential mortgages underlying the securities may be prepaid without any penalties. Therefore, these securities are not included in the maturity categories in the following table. Amortized Cost Fair Value (dollars in thousands) Securities HTM: Due in one year or less $ 9,064 $ 9,149 Due after one year through five years 32,996 35,709 Due after five years 520,089 484,108 $ 562,149 $ 528,966 Securities AFS: Due in one year or less $ 6,561 $ 6,556 Due after one year through five years 2,500 2,468 Due after five years 271,073 225,382 280,134 234,406 Residential mortgage-backed and related securities 69,415 63,104 Asset-backed securities 18,087 17,967 $ 367,636 $ 315,477 Portions of the U.S. government sponsored agency securities and municipal securities contain call options, which, at the discretion of the issuer, terminate the security at par and at predetermined dates prior to the stated maturity, summarized as follows: Amortized Cost Fair Value (dollars in thousands) Securities HTM: Municipal securities $ 268,957 $ 242,766 Securities AFS: Municipal securities 206,954 167,686 Other securities 47,610 43,559 $ 254,564 $ 211,245 As of March 31, 2023, the Company's municipal securities portfolios were comprised of general obligation bonds issued by 85 issuers with fair values totaling $91.8 million and revenue bonds issued by 169 issuers, primarily consisting of states, counties, towns, villages and school districts with fair values totaling $606.7 million. The Company also held investments in general obligation bonds in 18 states, including seven states in which the aggregate fair value exceeded $5.0 million, and in revenue bonds in 29 states, including 12 states in which the aggregate fair value exceeded $5.0 million. As of December 31, 2022, the Company's municipal securities portfolios were comprised of general obligation bonds issued by 118 issuers with fair values totaling $110.6 million and revenue bonds issued by 181 issuers, primarily consisting of states, counties, towns, villages and school districts with fair values totaling $617.2 million. The Company also held investments in general obligation bonds in 22 states, including seven Both general obligation and revenue bonds are diversified across many issuers. As of March 31, 2023 and as of December 31, 2022, the Company held revenue bonds of two issuers, both located in Ohio, of which the aggregate book or market value exceeded 5% of the Company’s stockholders’ equity. The issuers’ financial conditions are strong and the sources of repayment are diversified. The Company monitors the investments and concentration closely. Of the general obligation and revenue bonds in the Company's portfolio, the majority are unrated bonds that represent small, private issuances. All unrated bonds were underwritten according to the Company’s loan underwriting standards and have an average loan risk rating of 2, indicating very high quality. Additionally, many of these bonds are funding essential municipal services such as water, sewer, education, and medical facilities. The Company's municipal securities are owned by the four charters, whose investment policies set forth limits for various subcategories within the municipal securities portfolio. The investments of each charter are monitored individually, and as of March 31, 2023, all were within policy limitations approved by the Company’s board of directors. Policy limits are calculated as a percentage of each charter's total risk-based capital. As of March 31, 2023, the Company's standard monitoring of its municipal securities portfolio had not uncovered any facts or circumstances resulting in significantly different credit ratings than those assigned by a nationally recognized statistical rating organization, or in the case of unrated bonds, the rating assigned using the credit underwriting standards. |
Note 3 - LOANS_LEASES RECEIVABL
Note 3 - LOANS/LEASES RECEIVABLE | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
LOANS/LEASES RECEIVABLE | NOTE 3 – LOANS/LEASES RECEIVABLE The composition of the loan/lease portfolio as of March 31, 2023 and December 31, 2022 is presented as follows: March 31, 2023 December 31, 2022 (dollars in thousands) C&I: C&I - revolving $ 307,612 $ 296,869 C&I - other * 1,420,331 1,451,693 1,727,943 1,748,562 CRE - owner occupied 616,922 629,367 CRE - non-owner occupied 982,716 963,239 Construction and land development** 1,208,185 1,192,061 Multi-family** 969,870 963,803 Direct financing leases*** 35,373 31,889 1-4 family real estate**** 532,491 499,529 Consumer 116,522 110,421 6,190,022 6,138,871 Allowance for credit losses (86,573) (87,706) $ 6,103,449 $ 6,051,165 *** Direct financing leases: Net minimum lease payments to be received $ 39,075 $ 34,754 Estimated unguaranteed residual values of leased assets 165 165 Unearned lease/residual income (3,867) (3,030) 35,373 31,889 Plus deferred lease origination costs, net of fees 174 226 35,547 32,115 Less allowance for credit losses (1,053) (970) $ 34,494 $ 31,145 * Includes equipment financing agreements outstanding at m2, totaling $286.1 million and $278.0 million as of March 31, 2023 and December 31, 2022, respectively. ** As of March 31, 2023, there were construction and land development and multi-family loans held for sale in preparation for securitization. The balances in these loan classes as of March 31, 2023 were $30.3 million and $108.9 million, respectively. *** Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management's expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. **** Includes residential real estate held for sale totaling $1.4 million and $1.5 million as of March 31, 2023 and December 31, 2022, respectively. Accrued interest on loans, which is excluded from the amortized cost of loans, totaled $27.2 million and $24.3 million at March 31, 2023 and December 31, 2022, respectively, and was included in other assets on the consolidated balance sheets. Changes in discounts on acquired loans for the three months ended March 31, 2023 and 2022, respectively, are presented as follows: For the Three Months Ended March 31, 2023 March 31, 2022 Performing Performing Loans Loans (dollars in thousands) Balance at the beginning of the period $ (6,088) $ (1,533) Accretion recognized 849 161 Balance at the end of the period $ (5,239) $ (1,372) The aging of the loan/lease portfolio by classes of loans/leases as of March 31, 2023 and December 31, 2022 is presented as follows: As of March 31, 2023 Accruing Past 30-59 Days 60-89 Days Due 90 Days or Nonaccrual Classes of Loans/Leases Current Past Due Past Due More Loans/Leases Total (dollars in thousands) C&I: C&I - revolving $ 307,612 $ — $ — $ — $ — $ 307,612 C&I - other 1,406,944 4,718 3,899 15 4,755 1,420,331 CRE - owner occupied 612,379 1,899 — — 2,644 616,922 CRE - non-owner occupied 980,498 — — — 2,218 982,716 Construction and land development 1,197,526 — — — 10,659 1,208,185 Multi-family 969,870 — — — — 969,870 Direct financing leases 34,951 220 84 — 118 35,373 1-4 family real estate 529,263 865 76 — 2,287 532,491 Consumer 116,030 67 159 — 266 116,522 $ 6,155,073 $ 7,769 $ 4,218 $ 15 $ 22,947 $ 6,190,022 As a percentage of total loan/lease portfolio 99.43 % 0.13 % 0.07 % 0.00 % 0.37 % 100.00 % As of December 31, 2022 Accruing Past 30-59 Days 60-89 Days Due 90 Days or Nonaccrual Classes of Loans/Leases Current Past Due Past Due More Loans/Leases Total (dollars in thousands) C&I C&I - revolving $ 296,869 $ — $ — $ — $ — $ 296,869 C&I - other 1,442,629 4,800 1,124 5 3,135 1,451,693 CRE - owner occupied 625,611 1,166 — — 2,590 629,367 CRE - non-owner occupied 962,444 421 — — 374 963,239 Construction and land development 1,191,929 — — — 132 1,192,061 Multi-family 963,803 — — — — 963,803 Direct financing leases 31,557 141 56 — 135 31,889 1-4 family real estate 495,936 1,030 517 — 2,046 499,529 Consumer 110,041 27 — — 353 110,421 $ 6,120,819 $ 7,585 $ 1,697 $ 5 $ 8,765 $ 6,138,871 As a percentage of total loan/lease portfolio 98.88 % 0.12 % 0.03 % 0.00 % 0.14 % 100.00 % NPLs by classes of loans/leases as of March 31, 2023 and December 31, 2022 are presented as follows: As of March 31, 2023 Accruing Past Nonaccrual Nonaccrual Due 90 Days or Loans/Leases Loans/Leases Percentage of Classes of Loans/Leases More with an ACL without an ACL Total NPLs Total NPLs (dollars in thousands) C&I: C&I - revolving $ — $ — $ — $ — - % C&I - other 15 3,891 864 4,770 20.77 CRE - owner occupied — 2,197 447 2,644 11.52 CRE - non-owner occupied — 1,267 951 2,218 9.66 Construction and land development — 9,292 1,367 10,659 46.42 Multi-family — — — — - Direct financing leases — 118 — 118 0.51 1-4 family real estate — 1,893 394 2,287 9.96 Consumer — 266 — 266 1.16 $ 15 $ 18,924 $ 4,023 $ 22,962 100.00 % As of December 31, 2022 Accruing Past Nonaccrual Nonaccrual Due 90 Days or Loans/Leases Loans/Leases Percentage of Classes of Loans/Leases More with an ACL without an ACL Total NPLs Total NPLs (dollars in thousands) C&I: C&I - revolving $ — $ — $ — $ — - % C&I - other 5 2,775 360 3,140 35.80 CRE - owner occupied — 1,738 852 2,590 29.53 CRE - non-owner occupied — 68 306 374 4.26 Construction and land development — 132 — 132 1.51 Multi-family — — — — - Direct financing leases — 80 55 135 1.54 1-4 family real estate — 1,641 405 2,046 23.33 Consumer — 353 — 353 4.03 $ 5 $ 6,787 $ 1,978 $ 8,770 100.00 % The Company did not recognize any interest income on nonaccrual loans during the three months ended March 31, 2023 and 2022. Changes in the ACL loans/leases by portfolio segment for the three months ended March 31, 2023 and 2022, respectively, are presented as follows: Three Months Ended March 31, 2023 CRE CRE Construction 1-4 C&I - C&I - Owner Non-Owner and Land Multi- Family Revolving Other* Occupied Occupied Development Family Real Estate Consumer Total (dollars in thousands) Balance, beginning $ 4,457 $ 27,753 $ 9,965 $ 11,749 $ 14,262 $ 13,186 $ 4,963 $ 1,371 $ 87,706 Reduction of ACL for writedown of LHFS to fair value — — — — (354) (1,355) — — (1,709) Provision 180 557 (668) 878 1,349 (210) 302 70 2,458 Charge-offs — (2,055) (208) — (12) — — — (2,275) Recoveries — 382 — 5 — — 5 1 393 Balance, ending $ 4,637 $ 26,637 $ 9,089 $ 12,632 $ 15,245 $ 11,621 $ 5,270 $ 1,442 $ 86,573 * Included within the C&I – Other column are ACL on leases with a beginning balance of $970 thousand, provision of $69 thousand, charge-offs of $4 thousand and recoveries of $18 thousand. ACL on leases was $1.1 million as of March 31, 2023. Three Months Ended March 31, 2022 CRE CRE Construction 1-4 C&I - C&I - Owner Non-Owner and Land Multi- Family Revolving Other* Occupied Occupied Development Family Real Estate Consumer Total (dollars in thousands) Balance, beginning $ 3,907 $ 25,982 $ 8,501 $ 8,549 $ 16,972 $ 9,339 $ 4,541 $ 930 $ 78,721 Provision (288) (331) (609) (820) (2,301) 997 (387) (110) (3,849) Charge-offs — (449) — — — — — (7) (456) Recoveries — 235 5 128 — — — 2 370 Balance, ending $ 3,619 $ 25,437 $ 7,897 $ 7,857 $ 14,671 $ 10,336 $ 4,154 $ 815 $ 74,786 * Included within the C&I – Other column are ACL on leases with adoption impact of $1.5 million, negative provision of $27 thousand, charge-offs of $114 thousand and recoveries of $60 thousand. ACL on leases was $1.5 million as of March 31, 2022. The composition of the ACL loans/leases by portfolio segment based on evaluation method are as follows: As of March 31, 2023 Amortized Cost of Loans Receivable Allowance for Credit Losses Individually Collectively Individually Collectively Evaluated for Evaluated for Evaluated for Evaluated for Credit Losses Credit Losses Total Credit Losses Credit Losses Total (dollars in thousands) C&I : C&I - revolving $ 3,657 $ 303,955 $ 307,612 $ 998 $ 3,639 $ 4,637 C&I - other* 14,446 1,441,258 1,455,704 1,231 25,406 26,637 18,103 1,745,213 1,763,316 2,229 29,045 31,274 CRE - owner occupied 23,751 593,171 616,922 2,746 6,343 9,089 CRE - non-owner occupied 23,217 959,499 982,716 1,025 11,607 12,632 Construction and land development 10,756 1,197,429 1,208,185 826 14,419 15,245 Multi-family 1,351 968,519 969,870 406 11,215 11,621 1-4 family real estate 3,223 529,268 532,491 326 4,944 5,270 Consumer 693 115,829 116,522 72 1,370 1,442 $ 81,094 $ 6,108,928 $ 6,190,022 $ 7,630 $ 78,943 $ 86,573 * Included within the C&I – Other category are leases individually evaluated of $118 thousand with a related allowance for credit losses of $36 thousand and leases collectively evaluated of $35.3 million with a related allowance for credit losses of $1.0 million. As of December 31, 2022 Amortized Cost of Loans Receivable Allowance for Credit Losses Individually Collectively Individually Collectively Evaluated for Evaluated for Evaluated for Evaluated for Credit Losses Credit Losses Total Credit Losses Credit Losses Total (dollars in thousands) C&I : C&I - revolving $ 3,386 $ 293,483 $ 296,869 $ 961 $ 3,496 $ 4,457 C&I - other* 9,358 1,474,224 1,483,582 1,445 26,308 27,753 12,744 1,767,707 1,780,451 2,406 29,804 32,210 CRE - owner occupied 24,880 604,487 629,367 2,853 7,112 9,965 CRE - non-owner occupied 21,588 941,651 963,239 869 10,880 11,749 Construction and land development 10,394 1,181,667 1,192,061 13 14,249 14,262 Multi-family 1,302 962,501 963,803 395 12,791 13,186 1-4 family real estate 3,177 496,352 499,529 317 4,646 4,963 Consumer 741 109,680 110,421 75 1,296 1,371 $ 74,826 $ 6,064,045 $ 6,138,871 $ 6,928 $ 80,778 $ 87,706 * Included within the C&I – Other category are leases individually evaluated of $135 thousand with a related allowance for credit losses of $24 thousand and leases collectively evaluated of $31.8 million with a related allowance for credit losses of $946 thousand. The following table presents the amortized cost basis of collateral dependent loans, by the primary collateral type, which are individually evaluated to determine expected credit losses as of March 31, 2023 and December 31, 2022: As of March 31, 2023 Non Commercial Owner-occupied Owner-Occupied Owner Occupied Assets CRE Real Estate Real Estate Securities Equipment Other Total (dollars in thousands) C & I: C&I - revolving $ 3,552 $ — $ — $ — $ — $ 105 $ — $ 3,657 C&I - other* 5,738 209 — — 102 7,983 414 14,446 9,290 209 — — 102 8,088 414 18,103 CRE - owner occupied — 23,685 — 66 — — — 23,751 CRE - non-owner occupied — — 23,217 — — — — 23,217 Construction and land development — — 10,756 — — — — 10,756 Multi-family — — 1,351 — — — — 1,351 1-4 family real estate — — 31 3,192 — — — 3,223 Consumer — — 121 562 — — 10 693 $ 9,290 $ 23,894 $ 35,476 $ 3,820 $ 102 $ 8,088 $ 424 $ 81,094 * Included within the C&I – Other category are leases individually evaluated of $118 thousand with primary collateral of equipment. As of December 31, 2022 Non Commercial Owner-occupied Owner-Occupied Owner Occupied Assets CRE Real Estate Real Estate Securities Equipment Other Total (dollars in thousands) C & I: C&I - revolving $ 3,281 $ — $ — $ — $ — $ 105 $ — $ 3,386 C&I - other* 1,589 210 — — 108 7,289 162 9,358 4,870 210 — — 108 7,394 162 12,744 CRE - owner occupied — 24,814 — 66 — — — 24,880 CRE - non-owner occupied — — 21,588 — — — — 21,588 Construction and land development — — 10,394 — — — — 10,394 Multi-family — — 1,302 — — — — 1,302 1-4 family real estate — — 33 3,144 — — — 3,177 Consumer — — 120 608 — — 13 741 $ 4,870 $ 25,024 $ 33,437 $ 3,818 $ 108 $ 7,394 $ 175 $ 74,826 * Included within the C&I – Other category are leases individually evaluated of $135 thousand with primary collateral of equipment. For certain C&I loans, all CRE loans, certain construction and land development loans, all multifamily loans, certain 1-4 family residential loans and certain consumer loans, the Company’s credit quality indicator consists of internally assigned risk ratings. Each such loan is assigned a risk rating upon origination. The risk rating is reviewed every 15 months, at a minimum, and on an as-needed basis depending on the specific circumstances of the loan. For certain C&I loans (including equipment financing agreements and direct financing leases), certain construction and land development, certain 1-4 family real estate loans, and certain consumer loans, the Company’s credit quality indicator is performance determined by delinquency status. Delinquency status is updated daily by the Company’s loan system. The following tables show the credit quality indicator of loans by class of receivable and year of origination as of March 31, 2023: As of March 31, 2023 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Internally Assigned Amortized Risk Rating 2023 2022 2021 2020 2019 Prior Cost Basis Total (dollars in thousands) C&I - revolving Pass (Ratings 1 through 5) $ — $ — $ — $ — $ — $ — $ 277,135 $ 277,135 Special Mention (Rating 6) — — — — — — 26,820 26,820 Substandard (Rating 7) — — — — — — 3,657 3,657 Doubtful (Rating 8) — — — — — — — — Total C&I - revolving $ — $ — $ — $ — $ — $ — $ 307,612 $ 307,612 C&I - other Pass (Ratings 1 through 5) $ 112,239 $ 399,604 $ 236,117 $ 108,134 $ 83,522 $ 158,843 $ — $ 1,098,459 Special Mention (Rating 6) 11,886 3,603 5,557 3,724 1,033 299 — 26,102 Substandard (Rating 7) — 5,207 252 37 3,776 377 — 9,649 Doubtful (Rating 8) — — — — — — — — Total C&I - other $ 124,125 $ 408,414 $ 241,926 $ 111,895 $ 88,331 $ 159,519 $ — $ 1,134,210 CRE - owner occupied Pass (Ratings 1 through 5) $ 18,359 $ 143,926 $ 177,112 $ 128,136 $ 32,639 $ 71,449 $ 7,552 $ 579,173 Special Mention (Rating 6) 4,268 791 2,735 6,383 479 1,310 24 15,990 Substandard (Rating 7) 513 2,684 — 16,187 1,215 1,160 — 21,759 Doubtful (Rating 8) — — — — — — — — Total CRE - owner occupied $ 23,140 $ 147,401 $ 179,847 $ 150,706 $ 34,333 $ 73,919 $ 7,576 $ 616,922 CRE - non-owner occupied Pass (Ratings 1 through 5) $ 49,906 $ 297,573 $ 221,657 $ 162,545 $ 82,633 $ 93,906 $ 7,969 $ 916,189 Special Mention (Rating 6) 596 5,402 833 17,544 — 18,934 — 43,309 Substandard (Rating 7) 4,065 3,623 — 156 15,216 — 158 23,218 Doubtful (Rating 8) — — — — — — — — Total CRE - non-owner occupied $ 54,567 $ 306,598 $ 222,490 $ 180,245 $ 97,849 $ 112,840 $ 8,127 $ 982,716 Construction and land development Pass (Ratings 1 through 5) $ 48,281 $ 492,375 $ 313,670 $ 232,318 $ 31,275 $ 28,640 $ 25,117 $ 1,171,676 Special Mention (Rating 6) 1,100 — 10,210 — — — — 11,310 Substandard (Rating 7) 98 1,487 9,172 — — — — 10,757 Doubtful (Rating 8) — — — — — — — — Total Construction and land development $ 49,479 $ 493,862 $ 333,052 $ 232,318 $ 31,275 $ 28,640 $ 25,117 $ 1,193,743 Multi-family Pass (Ratings 1 through 5) $ 15,948 $ 237,962 $ 250,949 $ 222,923 $ 135,619 $ 103,474 $ 127 $ 967,002 Special Mention (Rating 6) — — — — 1,517 — — 1,517 Substandard (Rating 7) — — 41 1,310 — — — 1,351 Doubtful (Rating 8) — — — — — — — — Total Multi-family $ 15,948 $ 237,962 $ 250,990 $ 224,233 $ 137,136 $ 103,474 $ 127 $ 969,870 1-4 family real estate Pass (Ratings 1 through 5) $ 37,624 $ 55,100 $ 56,644 $ 31,349 $ 12,218 $ 9,792 $ 5,380 $ 208,107 Special Mention (Rating 6) — — — — — — — — Substandard (Rating 7) — 27 — — 4 — — 31 Doubtful (Rating 8) — — — — — — — — Total 1-4 family real estate $ 37,624 $ 55,127 $ 56,644 $ 31,349 $ 12,222 $ 9,792 $ 5,380 $ 208,138 Consumer Pass (Ratings 1 through 5) $ 97 $ 499 $ 743 $ 711 $ 33 $ 831 $ 9,406 $ 12,320 Special Mention (Rating 6) — — — — — — — — Substandard (Rating 7) 45 282 — 11 — 106 — 444 Doubtful (Rating 8) — — — — — — — — Total Consumer $ 142 $ 781 $ 743 $ 722 $ 33 $ 937 $ 9,406 $ 12,764 Total $ 305,025 $ 1,650,145 $ 1,285,692 $ 931,468 $ 401,179 $ 489,121 $ 363,345 $ 5,425,975 As of March 31, 2023 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Amortized Delinquency Status * 2023 2022 2021 2020 2019 Prior Cost Basis Total (dollars in thousands) C&I - other Performing $ 43,765 $ 145,880 $ 62,307 $ 22,270 $ 6,566 $ 1,176 $ — $ 281,964 Nonperforming — 2,666 1,390 64 37 — — 4,157 Total C&I - other $ 43,765 $ 148,546 $ 63,697 $ 22,334 $ 6,603 $ 1,176 $ — $ 286,121 Construction and land development Performing $ 3,059 $ 10,978 $ 331 $ 10 $ 3 $ 61 $ — $ 14,442 Nonperforming — — — — — — — — Total Construction and land development $ 3,059 $ 10,978 $ 331 $ 10 $ 3 $ 61 $ — $ 14,442 Direct financing leases Performing $ 5,256 $ 15,409 $ 4,710 $ 4,926 $ 3,753 $ 1,201 $ — $ 35,255 Nonperforming — — 28 22 14 54 — 118 Total Direct financing leases $ 5,256 $ 15,409 $ 4,738 $ 4,948 $ 3,767 $ 1,255 $ — $ 35,373 1-4 family real estate Performing $ 23,843 $ 61,010 $ 90,018 $ 74,002 $ 16,392 $ 56,749 $ 83 $ 322,097 Nonperforming — 133 512 479 460 672 — 2,256 Total 1-4 family real estate $ 23,843 $ 61,143 $ 90,530 $ 74,481 $ 16,852 $ 57,421 $ 83 $ 324,353 Consumer Performing $ 6,041 $ 12,171 $ 3,329 $ 3,340 $ 945 $ 2,379 $ 75,460 $ 103,665 Nonperforming — 7 — — — 41 45 93 Total Consumer $ 6,041 $ 12,178 $ 3,329 $ 3,340 $ 945 $ 2,420 $ 75,505 $ 103,758 Total $ 81,964 $ 248,254 $ 162,625 $ 105,113 $ 28,170 $ 62,333 $ 75,588 $ 764,047 * Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual and accruing loans/leases that are greater than or equal to 90 days past due. The following table shows the gross charge-offs of loans and leases by class of receivable and year of origination for the three months ended March 31, 2023: As of March 31, 2023 Gross Charge-off by Origination Year Classes of Loans/Leases 2023 2022 2021 2020 2019 Prior Total (dollars in thousands) C&I: C&I - revolving $ — $ — $ — $ — $ — $ — $ — C&I - other — 740 281 794 201 35 2,051 CRE - owner occupied — — 208 — — — 208 CRE - non-owner occupied — — — — — — — Construction and land development — 12 — — — — 12 Multi-family — — — — — — — Direct financing leases — — — — 3 1 4 1-4 family real estate — — — — — — — Consumer — — — — — — — $ — $ 752 $ 489 $ 794 $ 204 $ 36 $ 2,275 The following tables show the credit quality indicator of loans by class of receivable and year of origination as of December 31, 2022: As of December 31, 2022 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Internally Assigned Amortized Risk Rating 2022 2021 2020 2019 2018 Prior Cost Basis Total (dollars in thousands) C&I - revolving Pass (Ratings 1 through 5) $ — $ — $ — $ — $ — $ — $ 275,888 $ 275,888 Special Mention (Rating 6) — — — — — — 17,595 17,595 Substandard (Rating 7) — — — — — — 3,386 3,386 Doubtful (Rating 8) — — — — — — — — Total C&I - revolving $ — $ — $ — $ — $ — $ — $ 296,869 $ 296,869 C&I - other Pass (Ratings 1 through 5) $ 496,445 $ 279,412 $ 127,803 $ 87,054 $ 59,675 $ 105,184 $ — $ 1,155,573 Special Mention (Rating 6) 9,542 679 901 723 — 308 — 12,153 Substandard (Rating 7) 187 125 661 4,535 310 106 — 5,924 Doubtful (Rating 8) — — — — — — — — Total C&I - other $ 506,174 $ 280,216 $ 129,365 $ 92,312 $ 59,985 $ 105,598 $ — $ 1,173,650 CRE - owner occupied Pass (Ratings 1 through 5) $ 146,211 $ 182,440 $ 142,596 $ 33,571 $ 27,088 $ 45,993 $ 13,460 $ 591,359 Special Mention (Rating 6) 6,190 — 6,379 484 — 1,346 269 14,668 Substandard (Rating 7) 3,750 171 16,336 1,396 1,197 490 — 23,340 Doubtful (Rating 8) — — — — — — — — Total CRE - owner occupied $ 156,151 $ 182,611 $ 165,311 $ 35,451 $ 28,285 $ 47,829 $ 13,729 $ 629,367 CRE - non-owner occupied Pass (Ratings 1 through 5) $ 310,163 $ 221,953 $ 173,478 $ 89,337 $ 56,898 $ 40,923 $ 7,510 $ 900,262 Special Mention (Rating 6) 2,824 882 18,920 — 12,917 6,198 — 41,741 Substandard (Rating 7) 5,651 — 157 15,217 — — 211 21,236 Doubtful (Rating 8) — — — — — — — — Total CRE - non-owner occupied $ 318,638 $ 222,835 $ 192,555 $ 104,554 $ 69,815 $ 47,121 $ 7,721 $ 963,239 Construction and land development Pass (Ratings 1 through 5) $ 479,016 $ 330,434 $ 240,778 $ 31,607 $ 30,300 $ — $ 29,647 $ 1,141,782 Special Mention (Rating 6) 1,465 9,200 — — — — — 10,665 Substandard (Rating 7) 132 10,262 — — — — — 10,394 Doubtful (Rating 8) — — — — — — — — Total Construction and land development $ 480,613 $ 349,896 $ 240,778 $ 31,607 $ 30,300 $ — $ 29,647 $ 1,162,841 Multi-family Pass (Ratings 1 through 5) $ 237,839 $ 254,056 $ 224,920 $ 134,378 $ 99,695 $ 7,875 $ 2,227 $ 960,990 Special Mention (Rating 6) — 44 — 1,467 — — — 1,511 Substandard (Rating 7) — — 1,302 — — — — 1,302 Doubtful (Rating 8) — — — — — — — — Total Multi-family $ 237,839 $ 254,100 $ 226,222 $ 135,845 $ 99,695 $ 7,875 $ 2,227 $ 963,803 1-4 family real estate Pass (Ratings 1 through 5) $ 61,953 $ 57,731 $ 33,737 $ 12,687 $ 5,813 $ 6,002 $ 5,855 $ 183,778 Special Mention (Rating 6) — — — — — — — — Substandard (Rating 7) 28 — — 5 — — — 33 Doubtful (Rating 8) — — — — — — — — Total 1-4 family real estate $ 61,981 $ 57,731 $ 33,737 $ 12,692 $ 5,813 $ 6,002 $ 5,855 $ 183,811 Consumer Pass (Ratings 1 through 5) $ 511 $ 801 $ 493 $ 122 $ 254 $ 621 $ 10,226 $ 13,028 Special Mention (Rating 6) — — — — — — — — Substandard (Rating 7) 282 — 12 — 112 — — 406 Doubtful (Rating 8) — — — — — — — — Total Consumer $ 793 $ 801 $ 505 $ 122 $ 366 $ 621 $ 10,226 $ 13,434 Total $ 1,762,189 $ 1,348,190 $ 988,473 $ 412,583 $ 294,259 $ 215,046 $ 366,274 $ 5,387,014 As of December 31, 2022 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Amortized Delinquency Status * 2022 2021 2020 2019 2018 Prior Cost Basis Total (dollars in thousands) C&I - other Performing $ 170,180 $ 69,694 $ 25,540 $ 8,066 $ 1,804 $ 79 $ — $ 275,363 Nonperforming 1,110 1,320 155 95 — — — 2,680 Total C&I - other $ 171,290 $ 71,014 $ 25,695 $ 8,161 $ 1,804 $ 79 $ — $ 278,043 Direct financing leases Performing $ 28,785 $ 360 $ 10 $ 3 $ 62 $ — $ — $ 29,220 Nonperforming — — — — — — — — Total Direct financing leases $ 28,785 $ 360 $ 10 $ 3 $ 62 $ — $ — $ 29,220 Construction and land development Performing $ 14,578 $ 5,172 $ 5,700 $ 4,398 $ 1,536 $ 370 $ — $ 31,754 Nonperforming — 32 88 7 8 — — 135 Total Construction and land development $ 14,578 $ 5,204 $ 5,788 $ 4,405 $ 1,544 $ 370 $ — $ 31,889 1-4 family real estate Performing $ 69,094 $ 92,762 $ 75,153 $ 17,089 $ 11,381 $ 48,136 $ 90 $ 313,705 Nonperforming 267 524 487 279 8 448 — 2,013 Total 1-4 family real estate $ 69,361 $ 93,286 $ 75,640 $ 17,368 $ 11,389 $ 48,584 $ 90 $ 315,718 Consumer Performing $ 14,685 $ 3,844 $ 3,717 $ 1,123 $ 1,140 $ 1,325 $ 70,974 $ 96,808 Nonperforming 7 — — — 3 59 110 179 Total Consumer $ 14,692 $ 3,844 $ 3,717 $ 1,123 $ 1,143 $ 1,384 $ 71,084 $ 96,987 |
Note 4 - DERIVATIVES AND HEDGIN
Note 4 - DERIVATIVES AND HEDGING ACTIVITIES | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
DERIVATIVES AND HEDGING ACTIVITIES | NOTE 4 – DERIVATIVES AND HEDGING ACTIVITIES Derivatives are summarized as follows as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (dollars in thousands) Assets: Interest rate caps - hedged $ 6,714 $ 8,327 Interest rate caps 1,786 2,213 Interest rate swaps - hedged 1,484 477 Interest rate swaps 120,366 166,614 $ 130,350 $ 177,631 Liabilities: Interest rate collars - hedged $ (57) $ (263) Interest rate swaps - hedged (29,978) (33,824) Interest rate swaps (120,366) (166,614) $ (150,401) $ (200,701) The Company uses interest rate swap, cap and collar instruments to manage interest rate risk related to the variability of interest payments due to changes in interest rates. The Company has entered into interest rate caps to hedge against the risk of rising interest rates on liabilities. The liabilities consist of $300.0 million of deposits and the benchmark rates hedged vary at 1-month LIBOR, 3-month LIBOR and the Prime Rate. The interest rate caps are designated as cash flow hedges in accordance with ASC 815. An initial premium of $3.5 million was paid upfront for the caps executed. The details of the interest rate caps are as follows: Balance Sheet Fair Value as of Hedged Item Effective Date Maturity Date Location Notional Amount Strike Rate March 31, 2023 December 31, 2022 (dollars in thousands) Deposits 1/1/2020 1/1/2023 Derivatives - Assets $ 25,000 1.75 % $ - $ (50) Deposits 1/1/2020 1/1/2024 Derivatives - Assets 25,000 1.75 % 515 714 Deposits 1/1/2020 1/1/2024 Derivatives - Assets 50,000 1.57 % 1,191 1,566 Deposits 1/1/2020 1/1/2024 Derivatives - Assets 25,000 1.80 % 596 783 Deposits 1/1/2020 1/1/2025 Derivatives - Assets 25,000 1.75 % 1,032 1,264 Deposits 1/1/2020 1/1/2025 Derivatives - Assets 50,000 1.57 % 2,253 2,700 Deposits 1/1/2020 1/1/2025 Derivatives - Assets 25,000 1.80 % 1,127 1,350 $ 225,000 $ 6,714 $ 8,327 For derivative instruments that are designated as unhedged, the change in fair value of the derivative instrument is recognized into current earnings. The details of the unhedged interest rate caps are as follows: Balance Sheet Fair Value as of Effective Date Maturity Date Location Notional Amount Strike Rate March 31, 2023 December 31, 2022 (dollars in thousands) 1/1/2020 1/3/2023 Derivatives - Assets $ 25,000 1.90 % $ - $ 3 2/1/2020 2/1/2024 Derivatives - Assets 25,000 1.90 % 635 822 3/1/2020 3/3/2025 Derivatives - Assets 25,000 1.90 % 1,151 1,388 $ 75,000 $ 1,786 $ 2,213 The Company uses interest rate collars in an effort to manage future interest rate exposure on variable rate loans. The collar hedging strategy stabilizes interest rate fluctuations by setting both a floor and a cap. The collar is designated as a cash flow hedge in accordance with ASC 815. The details of the interest rate collars are as follows: Fair Value as of Hedged Item Effective Date Maturity Date Location Notional Amount Cap Strike Rate Floor Strike Rate March 31, 2023 December 31, 2022 Loans 10/1/2022 10/1/2026 Derivatives - Liabilities $ 50,000 4.40 % 2.44 % $ (57) $ (263) The Company has entered into interest rate swaps to hedge against the risk of declining interest rates on floating rate loans. All of the interest rate swaps are designated as cash flow hedges in accordance with ASC 815. The details of the interest rate swaps are as follows: Balance Sheet Fair Value as of Hedged Item Effective Date Maturity Date Location Notional Amount Receive Rate Pay Rate March 31, 2023 December 31, 2022 (dollars in thousands) Loans 7/1/2021 7/1/2031 Derivatives - Liabilities $ 35,000 1.40 % 4.86 % $ (4,809) $ (5,646) Loans 7/1/2021 7/1/2031 Derivatives - Liabilities 50,000 1.40 % 4.86 % (6,871) (8,066) Loans 7/1/2021 7/1/2031 Derivatives - Liabilities 40,000 1.40 % 4.86 % (5,508) (6,464) Loans 10/1/2022 7/1/2031 Derivatives - Liabilities 25,000 1.30 % 4.87 % (3,403) (4,018) Loans 4/1/2022 4/1/2027 Derivatives - Liabilities 15,000 1.91 % 4.86 % (939) (1,144) Loans 4/1/2022 4/1/2027 Derivatives - Liabilities 50,000 1.91 % 4.86 % (3,129) (3,812) Loans 4/1/2022 4/1/2027 Derivatives - Liabilities 35,000 1.91 % 4.86 % (2,190) (2,669) Loans 4/1/2022 4/1/2027 Derivatives - Liabilities 50,000 1.91 % 4.86 % (3,129) (3,812) $ 300,000 $ (29,978) $ (35,631) The Company has entered into interest rate swaps to hedge against the risk of rising rates on its variable rate trust preferred securities. All of the interest rate swaps are designated as cash flow hedges in accordance with ASC 815. The details of the interest rate swaps are as follows: Balance Sheet Fair Value as of Hedged Item Effective Date Maturity Date Location Notional Amount Receive Rate Pay Rate March 31, 2023 December 31, 2022 (dollars in thousands) QCR Holdings Statutory Trust II 9/30/2018 9/30/2028 Derivatives - Assets $ 10,000 7.60 % 5.85 % $ 279 $ 464 QCR Holdings Statutory Trust III 9/30/2018 9/30/2028 Derivatives - Assets 8,000 7.60 % 5.85 % 223 372 QCR Holdings Statutory Trust V 7/7/2018 7/7/2028 Derivatives - Assets 10,000 6.38 % 4.54 % 279 459 Community National Statutory Trust II 9/20/2018 9/20/2028 Derivatives - Assets 3,000 7.13 % 5.17 % 83 140 Community National Statutory Trust III 9/15//2018 9/15/2028 Derivatives - Assets 3,500 6.62 % 4.75 % 96 163 Guaranty Bankshares Statutory Trust I 9/15/2018 9/15/2028 Derivatives - Assets 4,500 6.62 % 4.75 % 124 209 Guaranty Statutory Trust II* 5/23/2019 2/23/2026 Derivatives - Assets 10,310 6.37 % 4.09 % 400 477 $ 49,310 $ 1,484 $ 2,284 *Acquired on 4/1/2022 with GFED acquisition. Changes in fair values of derivative financial instruments accounted for as cash flow hedges, to the extent that they are included in the assessment of effectiveness, are recorded as a component of AOCI. The Company has also entered into interest rate swap contracts that are not designated as hedging instruments. These derivative contracts relate to transactions in which the Company enters into an interest rate swap with a customer while at the same time entering into an equal and offsetting interest rate swap with a third-party financial institution. Additionally, the Company receives an upfront, non-refundable fee from the counterparty, dependent upon the pricing that is recognized upon receipt from the counterparty. Because the Company acts as an intermediary for the customer, changes in the fair value of the underlying derivative contracts, for the most part, offset each other and do not significantly impact the Company’s results of operations. Interest rate swaps that are not designated as hedging instruments are summarized as follows: March 31, 2023 December 31, 2022 Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value (dollars in thousands) Non-Hedging Interest Rate Derivatives Assets: Interest rate swap contracts $ 2,855,239 $ 120,366 $ 2,528,949 $ 166,614 Non-Hedging Interest Rate Derivatives Liabilities: Interest rate swap contracts $ 2,855,239 $ 120,366 $ 2,528,949 $ 166,614 The effect of cash flow hedging and fair value accounting on the consolidated statements of income for the three months ended March 31, 2023 and March 31, 2022 are as follows: Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Interest and Interest Interest and Interest Dividend Income Expense Dividend Income Expense (dollars in thousands) Income and expense line items presented in the consolidated statements of income $ 94,217 $ 37,407 $ 51,062 $ 5,329 The effects of cash flow hedging: Gain (loss) on cash flow hedges: Interest rate caps on deposits - (1,581) - 221 Interest rate swaps and collars on variable rate loans (2,055) - 471 - Interest rate swaps on junior subordinated debentures - (227) - 267 The Company’s hedged interest rate swaps and non-hedged interest rate swaps are collateralized with cash and investment securities with carrying values as follows: March 31, 2023 December 31, 2022 (dollars in thousands) Cash $ 1,661 $ 1,272 Municipal securities 3,954 8,227 Residential mortgage-backed and related securities 5,987 29,257 $ 11,602 $ 38,756 The Company may be exposed to credit risk in the event of non-performance by the counterparties to its interest rate derivative agreements. The Company assesses the credit risk of its financial institution counterparties by monitoring publicly available credit ratings and financial information. Additionally, the Company manages financial institution counterparty credit risk by entering into interest rate derivatives only with primary and highly rated counterparties, and uses ISDA master agreements, central clearing mechanisms and counterparty limits. The agreements contain bilateral collateral agreements with the amount of collateral to be posted generally governed by the settlement value of outstanding swaps. The Company manages the risk of default by its borrower/customer counterparties through its normal loan underwriting and credit monitoring policies and procedures. The Company underwrites the combination of the base loan amount and potential swap exposure and focuses on high quality borrowers with strong collateral values. The majority of the Company’s swapped loan portfolio consists of loans on projects, with loan-to-values including the potential swap exposure that is below 65%. The Company does not currently anticipate any losses from failure of interest rate derivative counterparties to honor their obligations. |
Note 5 - INCOME TAXES
Note 5 - INCOME TAXES | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
INCOME TAXES | NOTE 5 – IN COME TAXES A reconciliation of the expected federal income tax expense to the income tax expense included in the consolidated statements of income is as follows for the three months ended March 31, 2023 and March 31, 2022: For the Three Months Ended March 31, 2023 2022 % of % of Pretax Pretax Amount Income Amount Income (dollars in thousands) Computed "expected" tax expense $ 6,287 21.0 % $ 5,451 21.0 % Tax exempt income, net (3,216) (10.7) (2,222) (8.6) Bank-owned life insurance (148) (0.5) (73) (0.3) State income taxes, net of federal benefit, current year 1,189 4.0 1,291 5.0 Provision adjustment from accounting method change — — (1,181) (4.5) Tax credits (177) (0.6) (242) (0.9) Income from tax credit equity investments (413) (1.4) (301) (1.2) Acquisition costs — — 130 0.5 Excess tax benefit on stock options exercised and restricted stock awards vested (398) (1.3) (434) (1.7) Other (342) (1.2) (86) (0.3) Federal and state income tax expense $ 2,782 9.3 % $ 2,333 9.0 % |
Note 6 - EARNINGS PER SHARE
Note 6 - EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
EARNINGS PER SHARE | NOTE 6 - EARNINGS PER SHARE The following information was used in the computation of EPS on a basic and diluted basis: Three months ended March 31, 2023 2022 (dollars in thousands, except share data) Net income $ 27,157 $ 23,624 Basic EPS $ 1.62 $ 1.51 Diluted EPS $ 1.60 $ 1.49 Weighted average common shares outstanding 16,776,289 15,625,112 Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan* 165,843 227,144 Weighted average common and common equivalent shares outstanding 16,942,132 15,852,256 |
Note 7 - FAIR VALUE
Note 7 - FAIR VALUE | 3 Months Ended |
Mar. 31, 2023 | |
FAIR VALUE | |
FAIR VALUE | NOTE 7 – FAIR VALUE Accounting guidance on fair value measurement uses a hierarchy intended to maximize the use of observable inputs and minimize the use of unobservable inputs. This hierarchy includes three levels and is based upon the valuation techniques used to measure assets and liabilities. The three levels are as follows: ● Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in markets; ● Level 2 – Inputs to the valuation methodology include 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; and ● Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Assets and liabilities measured at fair value on a recurring basis comprise the following at March 31, 2023 and December 31, 2022: Fair Value Measurements at Reporting Date Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) (dollars in thousands) March 31, 2023: Securities AFS: U.S. treasuries and govt. sponsored agency securities $ 19,320 $ — $ 19,320 $ — Residential mortgage-backed and related securities 63,104 — 63,104 — Municipal securities 170,590 — 170,590 — Asset-backed securities 17,967 — 17,967 — Other securities 44,496 — 44,496 — Derivatives 130,350 — 130,350 — Total assets measured at fair value $ 445,827 $ — $ 445,827 $ — Derivatives $ 150,401 $ — $ 150,401 $ — Total liabilities measured at fair value $ 150,401 $ — $ 150,401 $ — December 31, 2022: Securities AFS: U.S. govt. sponsored agency securities $ 16,981 $ — $ 16,981 $ — Residential mortgage-backed and related securities 66,215 — 66,215 — Municipal securities 193,178 — 193,178 — Asset-backed securities 18,728 — 18,728 — Other securities 45,858 — 45,858 — Derivatives 177,631 — 177,631 — Total assets measured at fair value $ 518,591 $ — $ 518,591 $ — Derivatives $ 200,701 $ — $ 200,701 $ — Total liabilities measured at fair value $ 200,701 $ — $ 200,701 $ — The securities AFS portfolio consists of securities whereby the Company obtains fair values from an independent pricing service. The fair values are determined by pricing models that consider observable market data, such as interest rate volatilities, LIBOR yield curve, credit spreads and prices from market makers and live trading systems (Level 2 inputs). Interest rate caps, swaps and collars are used for the purpose of hedging interest rate risk on various financial assets and liabilities, further described in Note 4 to the Consolidated Financial Statements. Interest rate swaps are also executed for select commercial customers. The fair values are determined by pricing models that consider observable market data for derivative instruments with similar structures (Level 2 inputs). Certain financial assets are measured at fair value on a non-recurring basis; that is, the assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when a loan/lease is collaterally dependent). Assets measured at fair value on a non-recurring basis comprised the following at March 31, 2023 and December 31, 2022: Fair Value Measurements at Reporting Date Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value Level 1 Level 2 Level 3 (dollars in thousands) March 31, 2023: Loans/leases evaluated individually $ 42,354 $ — $ — $ 42,354 Loans receivable held for sale 139,224 — — 139,224 OREO 66 — — 66 $ 181,644 $ — $ — $ 181,644 December 31, 2022: Loans/leases evaluated individually $ 30,765 $ — $ — $ 30,765 OREO 144 — — 144 $ 30,909 $ — $ — $ 30,909 Loans/leases evaluated individually are valued at the lower of cost or fair value and are classified as Level 3 in the fair value hierarchy. Fair value is measured based on the value of the collateral securing these loans/leases. Collateral may be real estate and/or business assets, including equipment, inventory and/or accounts receivable, and is determined based on appraisals by qualified licensed appraisers hired by the Company. Appraised and reported values are discounted based on management's historical knowledge, changes in market conditions from the time of valuation, and/or management's expertise and knowledge of the client and client's business. Loans receivable held for sale are valued at the lower of cost or fair value in the aggregate by type and are classified as Level 3 in the fair value hierarchy. Fair value is estimated considering the loans have a floating interest rate with a spread that is commensurate with current market pricing, in addition to factoring in a discount for credit risk. OREO in the table above consists of property acquired through foreclosures and settlements of loans. Property acquired is carried at the estimated fair value of the property, less disposal costs, and is classified as a Level 3 in the fair value hierarchy. The estimated fair value of the property is determined based on appraisals by qualified licensed appraisers hired by the Company. Appraise and reported values are discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, and/or management’s expertise and knowledge of the property. The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized Level 3 inputs to determine fair value: Quantitative Information about Level Fair Value Measurements Fair Value Fair Value March 31, December 31, 2023 2022 Valuation Technique Unobservable Input Range (dollars in thousands) Loans/leases evaluated individually $ 42,354 $ 30,765 Appraisal of collateral Appraisal adjustments -10.00 % to -30.00 % Loans receivable held for sale 139,224 — Market prices for similar loans Market price adjustments n/a OREO 66 144 Appraisal of collateral Appraisal adjustments 0.00 % to -35.00 % For the loans/leases evaluated individually, the Company records carrying value at fair value less disposal or selling costs. The amounts reported in the tables above are fair values before the adjustment for disposal or selling costs. For the loans receivable held for sale, the Company records carrying value at fair value factoring in a discount for credit risk. There have been no changes in valuation techniques used for any assets or liabilities measured at fair value during the three months ended March 31, 2023 and 2022. The following table presents the carrying values and estimated fair values of financial assets and liabilities carried on the Company's consolidated balance sheets, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis: Fair Value As of March 31, 2023 As of December 31, 2022 Hierarchy Carrying Estimated Carrying Estimated Level Value Fair Value Value Fair Value (dollars in thousands) Cash and due from banks Level 1 $ 64,295 $ 64,295 $ 59,723 $ 59,723 Federal funds sold Level 2 16,365 16,365 56,910 56,910 Interest-bearing deposits at financial institutions Level 2 237,632 237,632 67,360 67,360 Investment securities: HTM Level 2 561,969 528,966 587,142 535,636 AFS Level 2 315,477 315,477 340,960 340,960 Loans/leases receivable, net Level 3 178,441 181,578 28,486 30,765 Loans/leases receivable, net Level 2 5,925,008 5,749,501 6,022,679 5,896,443 Derivatives Level 2 130,350 130,350 177,631 177,631 Deposits: Nonmaturity deposits Level 2 5,288,242 5,288,242 5,199,633 5,199,633 Time deposits Level 2 1,213,421 1,201,496 784,584 766,294 Short-term borrowings Level 2 1,100 1,100 129,630 129,630 FHLB advances Level 2 135,000 138,588 415,000 415,000 Subordinated notes Level 2 232,746 249,647 232,662 250,613 Junior subordinated debentures Level 2 48,634 40,368 48,602 41,545 Derivatives Level 2 150,401 150,401 200,701 200,701 |
Note 8 - BUSINESS SEGMENT INFOR
Note 8 - BUSINESS SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2023 | |
BUSINESS SEGMENT INFORMATION | |
BUSINESS SEGMENT INFORMATION | NOTE 8 – BUSINESS SEGMENT INFORMATION Selected financial and descriptive information is required to be disclosed for reportable operating segments, applying a “management perspective” as the basis for identifying reportable segments. The management perspective is determined by the view that management takes of the segments within the Company when making operating decisions, allocating resources, and measuring performance. The segments of the Company have been defined by the structure of the Company's internal organization, focusing on the financial information that the Company's operating decision-makers routinely use to make decisions about operating matters. The Company’s Commercial Banking business is geographically divided by markets into the operating segments which are the four subsidiary banks wholly owned by the Company: QCBT, CRBT, CSB, and GB. Each of these operating segments offers similar products and services, but is managed separately due to different pricing, product demand, and consumer markets. Each offers commercial, consumer, and mortgage loans and deposit services. The Company's All Other segment includes the corporate operations of the parent and operations of all other consolidated subsidiaries and/or defined operating segments that fall below the segment reporting thresholds. Selected financial information on the Company's business segments is presented as follows as of and for the three months ended March 31, 2023 and 2022: Commercial Banking Intercompany Consolidated QCBT CRBT CSB GB* All other Eliminations Total (dollars in thousands) Three Months Ended March 31, 2023 Total revenue $ 33,124 $ 43,123 $ 16,568 $ 27,621 $ 34,669 $ (35,046) $ 120,059 Net interest income 16,988 17,179 10,890 15,372 (3,963) 344 56,810 Provision for loan/lease losses 1,573 1,516 492 347 — — 3,928 Net income (loss) from continuing operations 7,038 16,400 4,760 5,387 27,680 (34,108) 27,157 Goodwill 3,223 14,980 9,888 110,383 — — 138,474 Intangibles — 1,108 1,878 13,007 — — 15,993 Total assets 2,548,473 2,196,560 1,286,227 2,147,776 1,116,694 (1,258,826) 8,036,904 Three Months Ended March 31, 2022 Total revenue $ 22,480 $ 25,211 $ 11,316 $ 7,844 $ 28,912 $ (29,068) $ 66,695 Net interest income 17,314 14,323 9,331 6,528 (2,109) 346 45,733 Provision for loan/lease losses (1,259) (770) (385) (502) — — (2,916) Net income (loss) from continuing operations 9,970 11,129 4,126 3,104 23,827 (28,532) 23,624 Goodwill 3,223 14,980 9,888 45,975 — — 74,066 Intangibles — 1,583 2,497 4,776 — — 8,856 Total assets 2,195,894 1,947,737 1,184,708 956,345 839,362 (948,227) 6,175,819 * On April 1, 2022, the Company acquired GFED and merged its subsidiary bank, Guaranty Bank, into Springfield First Community Bank with the combined bank operating under the Guaranty Bank name. |
Note 9 - REGULATORY CAPITAL REQ
Note 9 - REGULATORY CAPITAL REQUIREMENTS | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
REGULATORY CAPITAL REQUIREMENTS | NOTE 9 – REGULATORY CAPITAL REQUIREMENTS The Company (on a consolidated basis) and the subsidiary banks are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company and the subsidiary banks' financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the subsidiary banks must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain OBS items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and the subsidiary banks to maintain minimum amounts and ratios (set forth in the following table) of total common equity Tier 1 and Tier 1 capital to risk-weighted assets and of Tier 1 capital to average assets, each as defined by regulation. Management believes, as of March 31, 2023 and December 31, 2022, that the Company and the subsidiary banks met all capital adequacy requirements to which they are subject. Under the regulatory framework for prompt corrective action, to be categorized as “well capitalized,” an institution must maintain minimum total risk-based, Tier 1 risk-based, Tier 1 leverage and common equity Tier 1 ratios as set forth in the following tables. The Company and the subsidiary banks’ actual capital amounts and ratios as of March 31, 2023 and December 31, 2022 are presented in the following tables (dollars in thousands). As of March 31, 2023 and December 31, 2022, each of the subsidiary banks met such capital requirements to be “well capitalized”. For Capital To Be Well Adequacy Purposes Capitalized Under For Capital With Capital Prompt Corrective Actual Adequacy Purposes Conservation Buffer Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio ( dollars in thousands) As of March 31, 2023: Company: Total risk-based capital $ 1,078,343 14.68 % $ 587,728 > 8.00 % $ 771,392 > 10.50 % $ 734,659 > 10.00 % Tier 1 risk-based capital 754,221 10.27 440,796 > 6.00 624,460 > 8.50 587,728 > 8.00 Tier 1 leverage 754,221 9.73 310,214 > 4.00 310,214 > 4.00 387,768 > 5.00 Common equity Tier 1 705,587 9.60 330,597 > 4.50 514,262 > 7.00 477,529 > 6.50 Quad City Bank & Trust: Total risk-based capital $ 282,911 13.15 % $ 172,050 > 8.00 % $ 225,816 > 10.50 % $ 215,063 > 10.00 % Tier 1 risk-based capital 256,016 11.90 129,038 > 6.00 182,804 > 8.50 172,050 > 8.00 Tier 1 leverage 256,016 11.06 92,599 > 4.00 92,599 > 4.00 115,748 > 5.00 Common equity Tier 1 256,016 11.90 96,778 > 4.50 150,544 > 7.00 139,791 > 6.50 Cedar Rapids Bank & Trust: Total risk-based capital $ 323,605 16.24 % $ 159,422 > 8.00 % $ 209,241 > 10.50 % $ 199,277 > 10.00 % Tier 1 risk-based capital 298,757 14.99 119,566 > 6.00 169,386 > 8.50 159,422 > 8.00 Tier 1 leverage 298,757 13.95 85,658 > 4.00 85,658 > 4.00 107,073 > 5.00 Common equity Tier 1 298,757 14.99 89,675 > 4.50 139,494 > 7.00 129,530 > 6.50 Community State Bank: Total risk-based capital $ 147,754 12.53 % $ 94,349 > 8.00 % $ 123,833 > 10.50 % $ 117,936 > 10.00 % Tier 1 risk-based capital 133,007 11.28 70,762 > 6.00 100,246 > 8.50 94,349 > 8.00 Tier 1 leverage 133,007 10.45 50,899 > 4.00 50,899 > 4.00 63,624 > 5.00 Common equity Tier 1 133,007 11.28 53,071 > 4.50 82,555 > 7.00 76,659 > 6.50 Guaranty Bank: Total risk-based capital $ 246,979 12.41 % $ 159,267 > 8.00 % $ 209,038 > 10.50 % $ 199,084 > 10.00 % Tier 1 risk-based capital 223,668 11.23 119,450 > 6.00 169,221 > 8.50 159,267 > 8.00 Tier 1 leverage 223,668 11.02 81,171 > 4.00 81,171 > 4.00 101,464 > 5.00 Common equity Tier 1 223,668 11.23 89,588 > 4.50 139,359 > 7.00 129,404 > 6.50 For Capital To Be Well Adequacy Purposes Capitalized Under For Capital With Capital Prompt Corrective Actual Adequacy Purposes Conservation Buffer Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio ( dollars in thousands) As of December 31, 2022: Company: Total risk-based capital $ 1,055,177 14.28 % $ 591,132 > 8.00 % $ 775,861 > 10.50 % $ 738,915 > 10.00 % Tier 1 risk-based capital 734,977 9.95 443,349 > 6.00 628,078 > 8.50 591,132 > 8.00 Tier 1 leverage 734,977 9.61 305,959 > 4.00 305,959 > 4.00 382,449 > 5.00 Common equity Tier 1 686,375 9.29 332,512 > 4.50 517,241 > 7.00 480,295 > 6.50 Quad City Bank & Trust: Total risk-based capital $ 275,337 13.07 % $ 168,588 > 8.00 % $ 221,272 > 10.50 % $ 210,735 > 10.00 % Tier 1 risk-based capital 248,978 11.81 126,441 > 6.00 179,125 > 8.50 168,588 > 8.00 Tier 1 leverage 248,978 11.01 90,419 > 4.00 90,419 > 4.00 133,023 > 5.00 Common equity Tier 1 248,978 11.81 94,831 > 4.50 147,514 > 7.00 136,978 > 6.50 Cedar Rapids Bank & Trust: Total risk-based capital $ 308,153 14.84 % $ 166,168 > 8.00 % $ 218,096 > 10.50 % $ 207,711 > 10.00 % Tier 1 risk-based capital 282,258 13.59 124,626 > 6.00 176,554 > 8.50 166,168 > 8.00 Tier 1 leverage 282,258 13.17 85,707 > 4.00 85,707 > 4.00 107,134 > 5.00 Common equity Tier 1 282,258 13.59 93,470 > 4.50 145,397 > 7.00 135,012 > 6.50 Community State Bank: Total risk-based capital $ 142,974 12.04 % $ 94,981 > 8.00 % $ 124,662 > 10.50 % $ 118,726 > 10.00 % Tier 1 risk-based capital 128,130 10.79 71,236 > 6.00 100,917 > 8.50 94,981 > 8.00 Tier 1 leverage 128,130 10.09 50,799 > 4.00 50,799 > 4.00 63,499 > 5.00 Common equity Tier 1 128,130 10.79 53,427 > 4.50 83,108 > 7.00 77,172 > 6.50 Guaranty Bank: Total risk-based capital $ 243,106 12.24 % $ 158,903 > 8.00 % $ 208,560 > 10.50 % $ 198,629 > 10.00 % Tier 1 risk-based capital 218,647 11.01 119,177 > 6.00 168,834 > 8.50 158,903 > 8.00 Tier 1 leverage 218,647 10.90 80,229 > 4.00 80,229 > 4.00 100,286 > 5.00 Common equity Tier 1 218,647 11.01 89,383 > 4.50 139,040 > 7.00 129,109 > 6.50 |
Note 1 - SUMMARY OF SIGNIFICA_2
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies | |
Basis of presentation | Basis of presentation The financial information of the Company included herein has been prepared in accordance with GAAP for interim financial reporting and has been prepared pursuant to the rules and regulations for reporting on Form 10-Q and Rule 10-01 of Regulation S-X. Such information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the periods presented. Any differences appearing between the numbers presented in financial statements and management's discussion and analysis are due to rounding. The results of the interim period ended March 31, 2023 are not necessarily indicative of the results expected for the year ending December 31, 2023, or for any other period. The acronyms and abbreviations identified below are used throughout this Quarterly Report on Form 10-Q. It may be helpful to refer back to this page as you read this report. ACL: Allowance for credit losses GFED: Guaranty Federal Bancshares, Inc. Allowance: Allowance for credit losses HTM: Held to maturity AOCI: Accumulated other comprehensive income (loss) LIBOR: London Inter-Bank Offered Rate ASC: Accounting Standards Codification LIHTC: Low-income housing tax credit ASU: Accounting Standards Update m2: m2 Equipment Finance, LLC BOLI: Bank-owned life insurance NIM: Net interest margin Caps: Interest rate cap derivatives NPA: Nonperforming asset CECL: Current Expected Credit Losses NPL: Nonperforming loan Community National: Community National Bancorporation OBS: Off-balance sheet Company: QCR Holdings, Inc. OREO: Other real estate owned COVID-19: Coronavirus Disease 2019 OTTI: Other-than-temporary impairment CRBT: Cedar Rapids Bank & Trust Company PCAOB: Public Company Accounting Oversight Board CRE: Commercial real estate PCD: Purchase credit deteriorated loan CSB: Community State Bank PCI: Purchased credit impaired C&I: Commercial and industrial PPP: Paycheck Protection Program EBA: Excess balance account Provision: Provision for credit losses EPS: Earnings per share QCBT: Quad City Bank & Trust Company Exchange Act: Securities Exchange Act of 1934, as ROAA: Return on average assets amended ROAE: Return on average equity FASB: Financial Accounting Standards Board SEC: Securities and Exchange Commission FDIC: Federal Deposit Insurance Corporation SFCB: Springfield First Community Bank Federal Reserve: Board of Governors of the Federal SFG: Specialty Finance Group Reserve System TA: Tangible Assets FHLB: Federal Home Loan Bank TBV: Tangible book value FRB: Federal Reserve Bank of Chicago TCE: Tangible common equity Guaranty: Guaranty Bank, formerly known as Springfield First TDRs: Troubled debt restructurings Community Bank TEY: Tax equivalent yield |
Principles of consolidation | The Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries which include the accounts of four commercial banks: QCBT, CRBT, CSB and GB. All four banks are state-chartered commercial banks and all are members of the Federal Reserve system. The Company also engages in direct financing lease contracts through m2, a wholly-owned subsidiary of QCBT. The company also engages in wealth management services through its banking subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. The acquisition of GFED, the holding company of GB, headquartered in Springfield, Missouri, occurred on April 1, 2022 and on April 2, 2022, GB was merged into SFCB, the Company’s Springfield-based charter. The combined bank changed its name to Guaranty Bank. The financial results for the periods since the acquisition/merger are included in this report. See Note 2 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information about the acquisition and merger. |
Recent accounting developments | Recent accounting developments Reference Rate Reform Management has assessed the impacts of ASU 2020-04 and the related opportunities and risks involved in the LIBOR transition. In April 2022, the FASB issued ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures |
Reclassifications | Reclassifications |
Note 2 - INVESTMENT SECURITIES
Note 2 - INVESTMENT SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Amortized cost and fair value of investment securities | Allowance Gross Gross Amortized for Credit Unrealized Unrealized Fair Cost (Losses) Gains (Losses) Value (dollars in thousands) March 31, 2023: Securities HTM: Municipal securities $ 561,099 $ (180) $ 10,578 $ (43,563) $ 527,934 Other securities 1,050 — — (18) 1,032 $ 562,149 $ (180) $ 10,578 $ (43,581) $ 528,966 Securities AFS: U.S. treasuries and govt. sponsored agency securities $ 21,697 $ — $ 16 $ (2,393) $ 19,320 Residential mortgage-backed and related securities 69,415 — — (6,311) 63,104 Municipal securities 209,875 — 9 (39,294) 170,590 Asset-backed securities 18,087 — 47 (167) 17,967 Other securities 48,562 (989) 7 (3,084) 44,496 $ 367,636 $ (989) $ 79 $ (51,249) $ 315,477 Allowance Gross Gross Amortized for Credit Unrealized Unrealized Fair Cost (Losses) Gains (Losses) Value (dollars in thousands) December 31, 2022: Securities HTM: Municipal securities $ 586,272 $ (180) $ 5,292 $ (56,798) $ 534,586 Other securities 1,050 — — — 1,050 $ 587,322 $ (180) $ 5,292 $ (56,798) $ 535,636 Securities AFS: U.S. govt. sponsored agency securities $ 19,745 $ — $ 19 $ (2,783) $ 16,981 Residential mortgage-backed and related securities 73,438 — — (7,223) 66,215 Municipal securities 239,812 — 66 (46,700) 193,178 Asset-backed securities 18,885 — 48 (205) 18,728 Other securities 48,631 — 27 (2,800) 45,858 $ 400,511 $ — $ 160 $ (59,711) $ 340,960 |
Securities have been in a continuous unrealized loss position | Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (dollars in thousands) March 31, 2023: Securities HTM: Municipal securities $ 275,950 $ (33,259) $ 70,015 $ (10,304) $ 345,965 $ (43,563) Other securities 1,032 (18) — — 1,032 (18) $ 276,982 $ (33,277) $ 70,015 $ (10,304) $ 346,997 $ (43,581) Securities AFS: U.S. treasuries and govt. sponsored agency securities $ 2,212 $ (4) $ 14,401 $ (2,389) $ 16,613 $ (2,393) Residential mortgage-backed and related securities 17,277 (814) 45,807 (5,497) 63,084 (6,311) Municipal securities 43,572 (3,340) 124,603 (35,954) 168,175 (39,294) Asset-backed securities 3,303 (5) 10,781 (162) 14,084 (167) Other securities 26,142 (1,612) 12,113 (1,472) 38,255 (3,084) $ 92,506 $ (5,775) $ 207,705 $ (45,474) $ 300,211 $ (51,249) Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (dollars in thousands) December 31, 2022: Securities HTM: Municipal securities $ 347,651 $ (56,798) $ — $ — $ 347,651 $ (56,798) Securities AFS: U.S. treasuries and govt. sponsored agency securities $ 5,138 $ (326) $ 10,591 $ (2,457) $ 15,729 $ (2,783) Residential mortgage-backed and related securities 48,469 (3,327) 17,690 (3,896) 66,159 (7,223) Municipal securities 178,172 (42,661) 9,809 (4,039) 187,981 (46,700) Asset-backed securities 13,684 (205) — — 13,684 (205) Other securities 35,206 (2,404) 4,122 (396) 39,328 (2,800) $ 280,669 $ (48,923) $ 42,212 $ (10,788) $ 322,881 $ (59,711) |
Activity in allowance for credit losses | Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Securities HTM Securities AFS Securities HTM Municipal Corporate Municipal securities securities securities (dollars in thousands) Allowance for credit losses: Beginning balance $ 180 $ — $ 198 Provision for credit loss expense — 989 — Balance, ending $ 180 $ 989 $ 198 |
Realized gain (loss) on investments | Three Months Ended March 31, 2023 Proceeds from sales of securities $ 28,628 Gross gains from sales of securities 44 Gross losses from sales of securities (507) |
Investments classified by maturity date | Amortized Cost Fair Value (dollars in thousands) Securities HTM: Due in one year or less $ 9,064 $ 9,149 Due after one year through five years 32,996 35,709 Due after five years 520,089 484,108 $ 562,149 $ 528,966 Securities AFS: Due in one year or less $ 6,561 $ 6,556 Due after one year through five years 2,500 2,468 Due after five years 271,073 225,382 280,134 234,406 Residential mortgage-backed and related securities 69,415 63,104 Asset-backed securities 18,087 17,967 $ 367,636 $ 315,477 |
Schedule of investment in callable securities | Amortized Cost Fair Value (dollars in thousands) Securities HTM: Municipal securities $ 268,957 $ 242,766 Securities AFS: Municipal securities 206,954 167,686 Other securities 47,610 43,559 $ 254,564 $ 211,245 |
Note 3 - LOANS_LEASES RECEIVA_2
Note 3 - LOANS/LEASES RECEIVABLE (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Composition of the loan/lease portfolio | March 31, 2023 December 31, 2022 (dollars in thousands) C&I: C&I - revolving $ 307,612 $ 296,869 C&I - other * 1,420,331 1,451,693 1,727,943 1,748,562 CRE - owner occupied 616,922 629,367 CRE - non-owner occupied 982,716 963,239 Construction and land development** 1,208,185 1,192,061 Multi-family** 969,870 963,803 Direct financing leases*** 35,373 31,889 1-4 family real estate**** 532,491 499,529 Consumer 116,522 110,421 6,190,022 6,138,871 Allowance for credit losses (86,573) (87,706) $ 6,103,449 $ 6,051,165 *** Direct financing leases: Net minimum lease payments to be received $ 39,075 $ 34,754 Estimated unguaranteed residual values of leased assets 165 165 Unearned lease/residual income (3,867) (3,030) 35,373 31,889 Plus deferred lease origination costs, net of fees 174 226 35,547 32,115 Less allowance for credit losses (1,053) (970) $ 34,494 $ 31,145 * Includes equipment financing agreements outstanding at m2, totaling $286.1 million and $278.0 million as of March 31, 2023 and December 31, 2022, respectively. ** As of March 31, 2023, there were construction and land development and multi-family loans held for sale in preparation for securitization. The balances in these loan classes as of March 31, 2023 were $30.3 million and $108.9 million, respectively. *** Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management's expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. **** Includes residential real estate held for sale totaling $1.4 million and $1.5 million as of March 31, 2023 and December 31, 2022, respectively. |
Schedule of changes in remaining discounts on acquired loans | For the Three Months Ended March 31, 2023 March 31, 2022 Performing Performing Loans Loans (dollars in thousands) Balance at the beginning of the period $ (6,088) $ (1,533) Accretion recognized 849 161 Balance at the end of the period $ (5,239) $ (1,372) |
Aging of the loan/lease portfolio by classes of loans/leases | As of March 31, 2023 Accruing Past 30-59 Days 60-89 Days Due 90 Days or Nonaccrual Classes of Loans/Leases Current Past Due Past Due More Loans/Leases Total (dollars in thousands) C&I: C&I - revolving $ 307,612 $ — $ — $ — $ — $ 307,612 C&I - other 1,406,944 4,718 3,899 15 4,755 1,420,331 CRE - owner occupied 612,379 1,899 — — 2,644 616,922 CRE - non-owner occupied 980,498 — — — 2,218 982,716 Construction and land development 1,197,526 — — — 10,659 1,208,185 Multi-family 969,870 — — — — 969,870 Direct financing leases 34,951 220 84 — 118 35,373 1-4 family real estate 529,263 865 76 — 2,287 532,491 Consumer 116,030 67 159 — 266 116,522 $ 6,155,073 $ 7,769 $ 4,218 $ 15 $ 22,947 $ 6,190,022 As a percentage of total loan/lease portfolio 99.43 % 0.13 % 0.07 % 0.00 % 0.37 % 100.00 % As of December 31, 2022 Accruing Past 30-59 Days 60-89 Days Due 90 Days or Nonaccrual Classes of Loans/Leases Current Past Due Past Due More Loans/Leases Total (dollars in thousands) C&I C&I - revolving $ 296,869 $ — $ — $ — $ — $ 296,869 C&I - other 1,442,629 4,800 1,124 5 3,135 1,451,693 CRE - owner occupied 625,611 1,166 — — 2,590 629,367 CRE - non-owner occupied 962,444 421 — — 374 963,239 Construction and land development 1,191,929 — — — 132 1,192,061 Multi-family 963,803 — — — — 963,803 Direct financing leases 31,557 141 56 — 135 31,889 1-4 family real estate 495,936 1,030 517 — 2,046 499,529 Consumer 110,041 27 — — 353 110,421 $ 6,120,819 $ 7,585 $ 1,697 $ 5 $ 8,765 $ 6,138,871 As a percentage of total loan/lease portfolio 98.88 % 0.12 % 0.03 % 0.00 % 0.14 % 100.00 % |
NPLs by classes of loans/leases | As of March 31, 2023 Accruing Past Nonaccrual Nonaccrual Due 90 Days or Loans/Leases Loans/Leases Percentage of Classes of Loans/Leases More with an ACL without an ACL Total NPLs Total NPLs (dollars in thousands) C&I: C&I - revolving $ — $ — $ — $ — - % C&I - other 15 3,891 864 4,770 20.77 CRE - owner occupied — 2,197 447 2,644 11.52 CRE - non-owner occupied — 1,267 951 2,218 9.66 Construction and land development — 9,292 1,367 10,659 46.42 Multi-family — — — — - Direct financing leases — 118 — 118 0.51 1-4 family real estate — 1,893 394 2,287 9.96 Consumer — 266 — 266 1.16 $ 15 $ 18,924 $ 4,023 $ 22,962 100.00 % As of December 31, 2022 Accruing Past Nonaccrual Nonaccrual Due 90 Days or Loans/Leases Loans/Leases Percentage of Classes of Loans/Leases More with an ACL without an ACL Total NPLs Total NPLs (dollars in thousands) C&I: C&I - revolving $ — $ — $ — $ — - % C&I - other 5 2,775 360 3,140 35.80 CRE - owner occupied — 1,738 852 2,590 29.53 CRE - non-owner occupied — 68 306 374 4.26 Construction and land development — 132 — 132 1.51 Multi-family — — — — - Direct financing leases — 80 55 135 1.54 1-4 family real estate — 1,641 405 2,046 23.33 Consumer — 353 — 353 4.03 $ 5 $ 6,787 $ 1,978 $ 8,770 100.00 % |
Allowance for credit losses on financing receivables | Changes in the ACL loans/leases by portfolio segment for the three months ended March 31, 2023 and 2022, respectively, are presented as follows: Three Months Ended March 31, 2023 CRE CRE Construction 1-4 C&I - C&I - Owner Non-Owner and Land Multi- Family Revolving Other* Occupied Occupied Development Family Real Estate Consumer Total (dollars in thousands) Balance, beginning $ 4,457 $ 27,753 $ 9,965 $ 11,749 $ 14,262 $ 13,186 $ 4,963 $ 1,371 $ 87,706 Reduction of ACL for writedown of LHFS to fair value — — — — (354) (1,355) — — (1,709) Provision 180 557 (668) 878 1,349 (210) 302 70 2,458 Charge-offs — (2,055) (208) — (12) — — — (2,275) Recoveries — 382 — 5 — — 5 1 393 Balance, ending $ 4,637 $ 26,637 $ 9,089 $ 12,632 $ 15,245 $ 11,621 $ 5,270 $ 1,442 $ 86,573 * Included within the C&I – Other column are ACL on leases with a beginning balance of $970 thousand, provision of $69 thousand, charge-offs of $4 thousand and recoveries of $18 thousand. ACL on leases was $1.1 million as of March 31, 2023. Three Months Ended March 31, 2022 CRE CRE Construction 1-4 C&I - C&I - Owner Non-Owner and Land Multi- Family Revolving Other* Occupied Occupied Development Family Real Estate Consumer Total (dollars in thousands) Balance, beginning $ 3,907 $ 25,982 $ 8,501 $ 8,549 $ 16,972 $ 9,339 $ 4,541 $ 930 $ 78,721 Provision (288) (331) (609) (820) (2,301) 997 (387) (110) (3,849) Charge-offs — (449) — — — — — (7) (456) Recoveries — 235 5 128 — — — 2 370 Balance, ending $ 3,619 $ 25,437 $ 7,897 $ 7,857 $ 14,671 $ 10,336 $ 4,154 $ 815 $ 74,786 * Included within the C&I – Other column are ACL on leases with adoption impact of $1.5 million, negative provision of $27 thousand, charge-offs of $114 thousand and recoveries of $60 thousand. ACL on leases was $1.5 million as of March 31, 2022. The composition of the ACL loans/leases by portfolio segment based on evaluation method are as follows: As of March 31, 2023 Amortized Cost of Loans Receivable Allowance for Credit Losses Individually Collectively Individually Collectively Evaluated for Evaluated for Evaluated for Evaluated for Credit Losses Credit Losses Total Credit Losses Credit Losses Total (dollars in thousands) C&I : C&I - revolving $ 3,657 $ 303,955 $ 307,612 $ 998 $ 3,639 $ 4,637 C&I - other* 14,446 1,441,258 1,455,704 1,231 25,406 26,637 18,103 1,745,213 1,763,316 2,229 29,045 31,274 CRE - owner occupied 23,751 593,171 616,922 2,746 6,343 9,089 CRE - non-owner occupied 23,217 959,499 982,716 1,025 11,607 12,632 Construction and land development 10,756 1,197,429 1,208,185 826 14,419 15,245 Multi-family 1,351 968,519 969,870 406 11,215 11,621 1-4 family real estate 3,223 529,268 532,491 326 4,944 5,270 Consumer 693 115,829 116,522 72 1,370 1,442 $ 81,094 $ 6,108,928 $ 6,190,022 $ 7,630 $ 78,943 $ 86,573 * Included within the C&I – Other category are leases individually evaluated of $118 thousand with a related allowance for credit losses of $36 thousand and leases collectively evaluated of $35.3 million with a related allowance for credit losses of $1.0 million. As of December 31, 2022 Amortized Cost of Loans Receivable Allowance for Credit Losses Individually Collectively Individually Collectively Evaluated for Evaluated for Evaluated for Evaluated for Credit Losses Credit Losses Total Credit Losses Credit Losses Total (dollars in thousands) C&I : C&I - revolving $ 3,386 $ 293,483 $ 296,869 $ 961 $ 3,496 $ 4,457 C&I - other* 9,358 1,474,224 1,483,582 1,445 26,308 27,753 12,744 1,767,707 1,780,451 2,406 29,804 32,210 CRE - owner occupied 24,880 604,487 629,367 2,853 7,112 9,965 CRE - non-owner occupied 21,588 941,651 963,239 869 10,880 11,749 Construction and land development 10,394 1,181,667 1,192,061 13 14,249 14,262 Multi-family 1,302 962,501 963,803 395 12,791 13,186 1-4 family real estate 3,177 496,352 499,529 317 4,646 4,963 Consumer 741 109,680 110,421 75 1,296 1,371 $ 74,826 $ 6,064,045 $ 6,138,871 $ 6,928 $ 80,778 $ 87,706 * Included within the C&I – Other category are leases individually evaluated of $135 thousand with a related allowance for credit losses of $24 thousand and leases collectively evaluated of $31.8 million with a related allowance for credit losses of $946 thousand. |
Schedule of loans receivable by collateral type | As of March 31, 2023 Non Commercial Owner-occupied Owner-Occupied Owner Occupied Assets CRE Real Estate Real Estate Securities Equipment Other Total (dollars in thousands) C & I: C&I - revolving $ 3,552 $ — $ — $ — $ — $ 105 $ — $ 3,657 C&I - other* 5,738 209 — — 102 7,983 414 14,446 9,290 209 — — 102 8,088 414 18,103 CRE - owner occupied — 23,685 — 66 — — — 23,751 CRE - non-owner occupied — — 23,217 — — — — 23,217 Construction and land development — — 10,756 — — — — 10,756 Multi-family — — 1,351 — — — — 1,351 1-4 family real estate — — 31 3,192 — — — 3,223 Consumer — — 121 562 — — 10 693 $ 9,290 $ 23,894 $ 35,476 $ 3,820 $ 102 $ 8,088 $ 424 $ 81,094 * Included within the C&I – Other category are leases individually evaluated of $118 thousand with primary collateral of equipment. As of December 31, 2022 Non Commercial Owner-occupied Owner-Occupied Owner Occupied Assets CRE Real Estate Real Estate Securities Equipment Other Total (dollars in thousands) C & I: C&I - revolving $ 3,281 $ — $ — $ — $ — $ 105 $ — $ 3,386 C&I - other* 1,589 210 — — 108 7,289 162 9,358 4,870 210 — — 108 7,394 162 12,744 CRE - owner occupied — 24,814 — 66 — — — 24,880 CRE - non-owner occupied — — 21,588 — — — — 21,588 Construction and land development — — 10,394 — — — — 10,394 Multi-family — — 1,302 — — — — 1,302 1-4 family real estate — — 33 3,144 — — — 3,177 Consumer — — 120 608 — — 13 741 $ 4,870 $ 25,024 $ 33,437 $ 3,818 $ 108 $ 7,394 $ 175 $ 74,826 * Included within the C&I – Other category are leases individually evaluated of $135 thousand with primary collateral of equipment. |
Schedule of financing receivable credit quality indicators based on internally assigned Risk rating | As of March 31, 2023 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Internally Assigned Amortized Risk Rating 2023 2022 2021 2020 2019 Prior Cost Basis Total (dollars in thousands) C&I - revolving Pass (Ratings 1 through 5) $ — $ — $ — $ — $ — $ — $ 277,135 $ 277,135 Special Mention (Rating 6) — — — — — — 26,820 26,820 Substandard (Rating 7) — — — — — — 3,657 3,657 Doubtful (Rating 8) — — — — — — — — Total C&I - revolving $ — $ — $ — $ — $ — $ — $ 307,612 $ 307,612 C&I - other Pass (Ratings 1 through 5) $ 112,239 $ 399,604 $ 236,117 $ 108,134 $ 83,522 $ 158,843 $ — $ 1,098,459 Special Mention (Rating 6) 11,886 3,603 5,557 3,724 1,033 299 — 26,102 Substandard (Rating 7) — 5,207 252 37 3,776 377 — 9,649 Doubtful (Rating 8) — — — — — — — — Total C&I - other $ 124,125 $ 408,414 $ 241,926 $ 111,895 $ 88,331 $ 159,519 $ — $ 1,134,210 CRE - owner occupied Pass (Ratings 1 through 5) $ 18,359 $ 143,926 $ 177,112 $ 128,136 $ 32,639 $ 71,449 $ 7,552 $ 579,173 Special Mention (Rating 6) 4,268 791 2,735 6,383 479 1,310 24 15,990 Substandard (Rating 7) 513 2,684 — 16,187 1,215 1,160 — 21,759 Doubtful (Rating 8) — — — — — — — — Total CRE - owner occupied $ 23,140 $ 147,401 $ 179,847 $ 150,706 $ 34,333 $ 73,919 $ 7,576 $ 616,922 CRE - non-owner occupied Pass (Ratings 1 through 5) $ 49,906 $ 297,573 $ 221,657 $ 162,545 $ 82,633 $ 93,906 $ 7,969 $ 916,189 Special Mention (Rating 6) 596 5,402 833 17,544 — 18,934 — 43,309 Substandard (Rating 7) 4,065 3,623 — 156 15,216 — 158 23,218 Doubtful (Rating 8) — — — — — — — — Total CRE - non-owner occupied $ 54,567 $ 306,598 $ 222,490 $ 180,245 $ 97,849 $ 112,840 $ 8,127 $ 982,716 Construction and land development Pass (Ratings 1 through 5) $ 48,281 $ 492,375 $ 313,670 $ 232,318 $ 31,275 $ 28,640 $ 25,117 $ 1,171,676 Special Mention (Rating 6) 1,100 — 10,210 — — — — 11,310 Substandard (Rating 7) 98 1,487 9,172 — — — — 10,757 Doubtful (Rating 8) — — — — — — — — Total Construction and land development $ 49,479 $ 493,862 $ 333,052 $ 232,318 $ 31,275 $ 28,640 $ 25,117 $ 1,193,743 Multi-family Pass (Ratings 1 through 5) $ 15,948 $ 237,962 $ 250,949 $ 222,923 $ 135,619 $ 103,474 $ 127 $ 967,002 Special Mention (Rating 6) — — — — 1,517 — — 1,517 Substandard (Rating 7) — — 41 1,310 — — — 1,351 Doubtful (Rating 8) — — — — — — — — Total Multi-family $ 15,948 $ 237,962 $ 250,990 $ 224,233 $ 137,136 $ 103,474 $ 127 $ 969,870 1-4 family real estate Pass (Ratings 1 through 5) $ 37,624 $ 55,100 $ 56,644 $ 31,349 $ 12,218 $ 9,792 $ 5,380 $ 208,107 Special Mention (Rating 6) — — — — — — — — Substandard (Rating 7) — 27 — — 4 — — 31 Doubtful (Rating 8) — — — — — — — — Total 1-4 family real estate $ 37,624 $ 55,127 $ 56,644 $ 31,349 $ 12,222 $ 9,792 $ 5,380 $ 208,138 Consumer Pass (Ratings 1 through 5) $ 97 $ 499 $ 743 $ 711 $ 33 $ 831 $ 9,406 $ 12,320 Special Mention (Rating 6) — — — — — — — — Substandard (Rating 7) 45 282 — 11 — 106 — 444 Doubtful (Rating 8) — — — — — — — — Total Consumer $ 142 $ 781 $ 743 $ 722 $ 33 $ 937 $ 9,406 $ 12,764 Total $ 305,025 $ 1,650,145 $ 1,285,692 $ 931,468 $ 401,179 $ 489,121 $ 363,345 $ 5,425,975 As of December 31, 2022 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Internally Assigned Amortized Risk Rating 2022 2021 2020 2019 2018 Prior Cost Basis Total (dollars in thousands) C&I - revolving Pass (Ratings 1 through 5) $ — $ — $ — $ — $ — $ — $ 275,888 $ 275,888 Special Mention (Rating 6) — — — — — — 17,595 17,595 Substandard (Rating 7) — — — — — — 3,386 3,386 Doubtful (Rating 8) — — — — — — — — Total C&I - revolving $ — $ — $ — $ — $ — $ — $ 296,869 $ 296,869 C&I - other Pass (Ratings 1 through 5) $ 496,445 $ 279,412 $ 127,803 $ 87,054 $ 59,675 $ 105,184 $ — $ 1,155,573 Special Mention (Rating 6) 9,542 679 901 723 — 308 — 12,153 Substandard (Rating 7) 187 125 661 4,535 310 106 — 5,924 Doubtful (Rating 8) — — — — — — — — Total C&I - other $ 506,174 $ 280,216 $ 129,365 $ 92,312 $ 59,985 $ 105,598 $ — $ 1,173,650 CRE - owner occupied Pass (Ratings 1 through 5) $ 146,211 $ 182,440 $ 142,596 $ 33,571 $ 27,088 $ 45,993 $ 13,460 $ 591,359 Special Mention (Rating 6) 6,190 — 6,379 484 — 1,346 269 14,668 Substandard (Rating 7) 3,750 171 16,336 1,396 1,197 490 — 23,340 Doubtful (Rating 8) — — — — — — — — Total CRE - owner occupied $ 156,151 $ 182,611 $ 165,311 $ 35,451 $ 28,285 $ 47,829 $ 13,729 $ 629,367 CRE - non-owner occupied Pass (Ratings 1 through 5) $ 310,163 $ 221,953 $ 173,478 $ 89,337 $ 56,898 $ 40,923 $ 7,510 $ 900,262 Special Mention (Rating 6) 2,824 882 18,920 — 12,917 6,198 — 41,741 Substandard (Rating 7) 5,651 — 157 15,217 — — 211 21,236 Doubtful (Rating 8) — — — — — — — — Total CRE - non-owner occupied $ 318,638 $ 222,835 $ 192,555 $ 104,554 $ 69,815 $ 47,121 $ 7,721 $ 963,239 Construction and land development Pass (Ratings 1 through 5) $ 479,016 $ 330,434 $ 240,778 $ 31,607 $ 30,300 $ — $ 29,647 $ 1,141,782 Special Mention (Rating 6) 1,465 9,200 — — — — — 10,665 Substandard (Rating 7) 132 10,262 — — — — — 10,394 Doubtful (Rating 8) — — — — — — — — Total Construction and land development $ 480,613 $ 349,896 $ 240,778 $ 31,607 $ 30,300 $ — $ 29,647 $ 1,162,841 Multi-family Pass (Ratings 1 through 5) $ 237,839 $ 254,056 $ 224,920 $ 134,378 $ 99,695 $ 7,875 $ 2,227 $ 960,990 Special Mention (Rating 6) — 44 — 1,467 — — — 1,511 Substandard (Rating 7) — — 1,302 — — — — 1,302 Doubtful (Rating 8) — — — — — — — — Total Multi-family $ 237,839 $ 254,100 $ 226,222 $ 135,845 $ 99,695 $ 7,875 $ 2,227 $ 963,803 1-4 family real estate Pass (Ratings 1 through 5) $ 61,953 $ 57,731 $ 33,737 $ 12,687 $ 5,813 $ 6,002 $ 5,855 $ 183,778 Special Mention (Rating 6) — — — — — — — — Substandard (Rating 7) 28 — — 5 — — — 33 Doubtful (Rating 8) — — — — — — — — Total 1-4 family real estate $ 61,981 $ 57,731 $ 33,737 $ 12,692 $ 5,813 $ 6,002 $ 5,855 $ 183,811 Consumer Pass (Ratings 1 through 5) $ 511 $ 801 $ 493 $ 122 $ 254 $ 621 $ 10,226 $ 13,028 Special Mention (Rating 6) — — — — — — — — Substandard (Rating 7) 282 — 12 — 112 — — 406 Doubtful (Rating 8) — — — — — — — — Total Consumer $ 793 $ 801 $ 505 $ 122 $ 366 $ 621 $ 10,226 $ 13,434 Total $ 1,762,189 $ 1,348,190 $ 988,473 $ 412,583 $ 294,259 $ 215,046 $ 366,274 $ 5,387,014 As of December 31, 2022 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Amortized Delinquency Status * 2022 2021 2020 2019 2018 Prior Cost Basis Total (dollars in thousands) C&I - other Performing $ 170,180 $ 69,694 $ 25,540 $ 8,066 $ 1,804 $ 79 $ — $ 275,363 Nonperforming 1,110 1,320 155 95 — — — 2,680 Total C&I - other $ 171,290 $ 71,014 $ 25,695 $ 8,161 $ 1,804 $ 79 $ — $ 278,043 Direct financing leases Performing $ 28,785 $ 360 $ 10 $ 3 $ 62 $ — $ — $ 29,220 Nonperforming — — — — — — — — Total Direct financing leases $ 28,785 $ 360 $ 10 $ 3 $ 62 $ — $ — $ 29,220 Construction and land development Performing $ 14,578 $ 5,172 $ 5,700 $ 4,398 $ 1,536 $ 370 $ — $ 31,754 Nonperforming — 32 88 7 8 — — 135 Total Construction and land development $ 14,578 $ 5,204 $ 5,788 $ 4,405 $ 1,544 $ 370 $ — $ 31,889 1-4 family real estate Performing $ 69,094 $ 92,762 $ 75,153 $ 17,089 $ 11,381 $ 48,136 $ 90 $ 313,705 Nonperforming 267 524 487 279 8 448 — 2,013 Total 1-4 family real estate $ 69,361 $ 93,286 $ 75,640 $ 17,368 $ 11,389 $ 48,584 $ 90 $ 315,718 Consumer Performing $ 14,685 $ 3,844 $ 3,717 $ 1,123 $ 1,140 $ 1,325 $ 70,974 $ 96,808 Nonperforming 7 — — — 3 59 110 179 Total Consumer $ 14,692 $ 3,844 $ 3,717 $ 1,123 $ 1,143 $ 1,384 $ 71,084 $ 96,987 Total $ 298,706 $ 173,708 $ 110,850 $ 31,060 $ 15,942 $ 50,417 $ 71,174 $ 751,857 |
Schedule of financing receivable credit quality indicators based on delinquency status | As of March 31, 2023 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Amortized Delinquency Status * 2023 2022 2021 2020 2019 Prior Cost Basis Total (dollars in thousands) C&I - other Performing $ 43,765 $ 145,880 $ 62,307 $ 22,270 $ 6,566 $ 1,176 $ — $ 281,964 Nonperforming — 2,666 1,390 64 37 — — 4,157 Total C&I - other $ 43,765 $ 148,546 $ 63,697 $ 22,334 $ 6,603 $ 1,176 $ — $ 286,121 Construction and land development Performing $ 3,059 $ 10,978 $ 331 $ 10 $ 3 $ 61 $ — $ 14,442 Nonperforming — — — — — — — — Total Construction and land development $ 3,059 $ 10,978 $ 331 $ 10 $ 3 $ 61 $ — $ 14,442 Direct financing leases Performing $ 5,256 $ 15,409 $ 4,710 $ 4,926 $ 3,753 $ 1,201 $ — $ 35,255 Nonperforming — — 28 22 14 54 — 118 Total Direct financing leases $ 5,256 $ 15,409 $ 4,738 $ 4,948 $ 3,767 $ 1,255 $ — $ 35,373 1-4 family real estate Performing $ 23,843 $ 61,010 $ 90,018 $ 74,002 $ 16,392 $ 56,749 $ 83 $ 322,097 Nonperforming — 133 512 479 460 672 — 2,256 Total 1-4 family real estate $ 23,843 $ 61,143 $ 90,530 $ 74,481 $ 16,852 $ 57,421 $ 83 $ 324,353 Consumer Performing $ 6,041 $ 12,171 $ 3,329 $ 3,340 $ 945 $ 2,379 $ 75,460 $ 103,665 Nonperforming — 7 — — — 41 45 93 Total Consumer $ 6,041 $ 12,178 $ 3,329 $ 3,340 $ 945 $ 2,420 $ 75,505 $ 103,758 Total $ 81,964 $ 248,254 $ 162,625 $ 105,113 $ 28,170 $ 62,333 $ 75,588 $ 764,047 * Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual and accruing loans/leases that are greater than or equal to 90 days past due. |
Schedule of Gross Charge Offs of loans and Leases by Class of Receivable and Year of Origination | As of March 31, 2023 Gross Charge-off by Origination Year Classes of Loans/Leases 2023 2022 2021 2020 2019 Prior Total (dollars in thousands) C&I: C&I - revolving $ — $ — $ — $ — $ — $ — $ — C&I - other — 740 281 794 201 35 2,051 CRE - owner occupied — — 208 — — — 208 CRE - non-owner occupied — — — — — — — Construction and land development — 12 — — — — 12 Multi-family — — — — — — — Direct financing leases — — — — 3 1 4 1-4 family real estate — — — — — — — Consumer — — — — — — — $ — $ 752 $ 489 $ 794 $ 204 $ 36 $ 2,275 |
Unfunded Loan Commitment | |
Notes Tables | |
Financing receivable credit quality indicators | Three Months Ended March 31, 2023 March 31, 2022 (dollars in thousands) Balance, beginning $ 5,552 $ 6,886 Provisions (credited) to expense 481 933 Balance, ending $ 6,033 $ 7,819 |
Note 4 - DERIVATIVES AND HEDG_2
Note 4 - DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Summary of derivatives | March 31, 2023 December 31, 2022 (dollars in thousands) Assets: Interest rate caps - hedged $ 6,714 $ 8,327 Interest rate caps 1,786 2,213 Interest rate swaps - hedged 1,484 477 Interest rate swaps 120,366 166,614 $ 130,350 $ 177,631 Liabilities: Interest rate collars - hedged $ (57) $ (263) Interest rate swaps - hedged (29,978) (33,824) Interest rate swaps (120,366) (166,614) $ (150,401) $ (200,701) |
Schedule of hedged interest rate swaps and non-hedged interest rate swaps are collateralized by investment securities with carrying values | March 31, 2023 December 31, 2022 (dollars in thousands) Cash $ 1,661 $ 1,272 Municipal securities 3,954 8,227 Residential mortgage-backed and related securities 5,987 29,257 $ 11,602 $ 38,756 |
Summary of impact of AOCI | Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Interest and Interest Interest and Interest Dividend Income Expense Dividend Income Expense (dollars in thousands) Income and expense line items presented in the consolidated statements of income $ 94,217 $ 37,407 $ 51,062 $ 5,329 The effects of cash flow hedging: Gain (loss) on cash flow hedges: Interest rate caps on deposits - (1,581) - 221 Interest rate swaps and collars on variable rate loans (2,055) - 471 - Interest rate swaps on junior subordinated debentures - (227) - 267 |
Interest rate cap | |
Notes Tables | |
Schedule of interest rate caps | Balance Sheet Fair Value as of Hedged Item Effective Date Maturity Date Location Notional Amount Strike Rate March 31, 2023 December 31, 2022 (dollars in thousands) Deposits 1/1/2020 1/1/2023 Derivatives - Assets $ 25,000 1.75 % $ - $ (50) Deposits 1/1/2020 1/1/2024 Derivatives - Assets 25,000 1.75 % 515 714 Deposits 1/1/2020 1/1/2024 Derivatives - Assets 50,000 1.57 % 1,191 1,566 Deposits 1/1/2020 1/1/2024 Derivatives - Assets 25,000 1.80 % 596 783 Deposits 1/1/2020 1/1/2025 Derivatives - Assets 25,000 1.75 % 1,032 1,264 Deposits 1/1/2020 1/1/2025 Derivatives - Assets 50,000 1.57 % 2,253 2,700 Deposits 1/1/2020 1/1/2025 Derivatives - Assets 25,000 1.80 % 1,127 1,350 $ 225,000 $ 6,714 $ 8,327 |
Changes in the fair value of the underlying derivative contracts | Balance Sheet Fair Value as of Effective Date Maturity Date Location Notional Amount Strike Rate March 31, 2023 December 31, 2022 (dollars in thousands) 1/1/2020 1/3/2023 Derivatives - Assets $ 25,000 1.90 % $ - $ 3 2/1/2020 2/1/2024 Derivatives - Assets 25,000 1.90 % 635 822 3/1/2020 3/3/2025 Derivatives - Assets 25,000 1.90 % 1,151 1,388 $ 75,000 $ 1,786 $ 2,213 |
Interest rate swap | |
Notes Tables | |
Schedule of interest rate caps | Balance Sheet Fair Value as of Hedged Item Effective Date Maturity Date Location Notional Amount Receive Rate Pay Rate March 31, 2023 December 31, 2022 (dollars in thousands) Loans 7/1/2021 7/1/2031 Derivatives - Liabilities $ 35,000 1.40 % 4.86 % $ (4,809) $ (5,646) Loans 7/1/2021 7/1/2031 Derivatives - Liabilities 50,000 1.40 % 4.86 % (6,871) (8,066) Loans 7/1/2021 7/1/2031 Derivatives - Liabilities 40,000 1.40 % 4.86 % (5,508) (6,464) Loans 10/1/2022 7/1/2031 Derivatives - Liabilities 25,000 1.30 % 4.87 % (3,403) (4,018) Loans 4/1/2022 4/1/2027 Derivatives - Liabilities 15,000 1.91 % 4.86 % (939) (1,144) Loans 4/1/2022 4/1/2027 Derivatives - Liabilities 50,000 1.91 % 4.86 % (3,129) (3,812) Loans 4/1/2022 4/1/2027 Derivatives - Liabilities 35,000 1.91 % 4.86 % (2,190) (2,669) Loans 4/1/2022 4/1/2027 Derivatives - Liabilities 50,000 1.91 % 4.86 % (3,129) (3,812) $ 300,000 $ (29,978) $ (35,631) Balance Sheet Fair Value as of Hedged Item Effective Date Maturity Date Location Notional Amount Receive Rate Pay Rate March 31, 2023 December 31, 2022 (dollars in thousands) QCR Holdings Statutory Trust II 9/30/2018 9/30/2028 Derivatives - Assets $ 10,000 7.60 % 5.85 % $ 279 $ 464 QCR Holdings Statutory Trust III 9/30/2018 9/30/2028 Derivatives - Assets 8,000 7.60 % 5.85 % 223 372 QCR Holdings Statutory Trust V 7/7/2018 7/7/2028 Derivatives - Assets 10,000 6.38 % 4.54 % 279 459 Community National Statutory Trust II 9/20/2018 9/20/2028 Derivatives - Assets 3,000 7.13 % 5.17 % 83 140 Community National Statutory Trust III 9/15//2018 9/15/2028 Derivatives - Assets 3,500 6.62 % 4.75 % 96 163 Guaranty Bankshares Statutory Trust I 9/15/2018 9/15/2028 Derivatives - Assets 4,500 6.62 % 4.75 % 124 209 Guaranty Statutory Trust II* 5/23/2019 2/23/2026 Derivatives - Assets 10,310 6.37 % 4.09 % 400 477 $ 49,310 $ 1,484 $ 2,284 *Acquired on 4/1/2022 with GFED acquisition. |
Changes in the fair value of the underlying derivative contracts | March 31, 2023 December 31, 2022 Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value (dollars in thousands) Non-Hedging Interest Rate Derivatives Assets: Interest rate swap contracts $ 2,855,239 $ 120,366 $ 2,528,949 $ 166,614 Non-Hedging Interest Rate Derivatives Liabilities: Interest rate swap contracts $ 2,855,239 $ 120,366 $ 2,528,949 $ 166,614 |
Interest rate collar | |
Notes Tables | |
Schedule of interest rate caps | Fair Value as of Hedged Item Effective Date Maturity Date Location Notional Amount Cap Strike Rate Floor Strike Rate March 31, 2023 December 31, 2022 Loans 10/1/2022 10/1/2026 Derivatives - Liabilities $ 50,000 4.40 % 2.44 % $ (57) $ (263) |
Note 5 - INCOME TAXES (Tables)
Note 5 - INCOME TAXES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Reconciliation of the expected federal income tax expense | For the Three Months Ended March 31, 2023 2022 % of % of Pretax Pretax Amount Income Amount Income (dollars in thousands) Computed "expected" tax expense $ 6,287 21.0 % $ 5,451 21.0 % Tax exempt income, net (3,216) (10.7) (2,222) (8.6) Bank-owned life insurance (148) (0.5) (73) (0.3) State income taxes, net of federal benefit, current year 1,189 4.0 1,291 5.0 Provision adjustment from accounting method change — — (1,181) (4.5) Tax credits (177) (0.6) (242) (0.9) Income from tax credit equity investments (413) (1.4) (301) (1.2) Acquisition costs — — 130 0.5 Excess tax benefit on stock options exercised and restricted stock awards vested (398) (1.3) (434) (1.7) Other (342) (1.2) (86) (0.3) Federal and state income tax expense $ 2,782 9.3 % $ 2,333 9.0 % |
Note 6 - EARNINGS PER SHARE (Ta
Note 6 - EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
EARNINGS PER SHARE | |
Schedule of computation of earnings per share on a basic and diluted basis | Three months ended March 31, 2023 2022 (dollars in thousands, except share data) Net income $ 27,157 $ 23,624 Basic EPS $ 1.62 $ 1.51 Diluted EPS $ 1.60 $ 1.49 Weighted average common shares outstanding 16,776,289 15,625,112 Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan* 165,843 227,144 Weighted average common and common equivalent shares outstanding 16,942,132 15,852,256 |
Note 7 - FAIR VALUE (Tables)
Note 7 - FAIR VALUE (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of assets measured at fair value | Fair Value Measurements at Reporting Date Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) (dollars in thousands) March 31, 2023: Securities AFS: U.S. treasuries and govt. sponsored agency securities $ 19,320 $ — $ 19,320 $ — Residential mortgage-backed and related securities 63,104 — 63,104 — Municipal securities 170,590 — 170,590 — Asset-backed securities 17,967 — 17,967 — Other securities 44,496 — 44,496 — Derivatives 130,350 — 130,350 — Total assets measured at fair value $ 445,827 $ — $ 445,827 $ — Derivatives $ 150,401 $ — $ 150,401 $ — Total liabilities measured at fair value $ 150,401 $ — $ 150,401 $ — December 31, 2022: Securities AFS: U.S. govt. sponsored agency securities $ 16,981 $ — $ 16,981 $ — Residential mortgage-backed and related securities 66,215 — 66,215 — Municipal securities 193,178 — 193,178 — Asset-backed securities 18,728 — 18,728 — Other securities 45,858 — 45,858 — Derivatives 177,631 — 177,631 — Total assets measured at fair value $ 518,591 $ — $ 518,591 $ — Derivatives $ 200,701 $ — $ 200,701 $ — Total liabilities measured at fair value $ 200,701 $ — $ 200,701 $ — Fair Value Measurements at Reporting Date Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value Level 1 Level 2 Level 3 (dollars in thousands) March 31, 2023: Loans/leases evaluated individually $ 42,354 $ — $ — $ 42,354 Loans receivable held for sale 139,224 — — 139,224 OREO 66 — — 66 $ 181,644 $ — $ — $ 181,644 December 31, 2022: Loans/leases evaluated individually $ 30,765 $ — $ — $ 30,765 OREO 144 — — 144 $ 30,909 $ — $ — $ 30,909 |
Schedule of assets measured at fair value, valuation techniques | Quantitative Information about Level Fair Value Measurements Fair Value Fair Value March 31, December 31, 2023 2022 Valuation Technique Unobservable Input Range (dollars in thousands) Loans/leases evaluated individually $ 42,354 $ 30,765 Appraisal of collateral Appraisal adjustments -10.00 % to -30.00 % Loans receivable held for sale 139,224 — Market prices for similar loans Market price adjustments n/a OREO 66 144 Appraisal of collateral Appraisal adjustments 0.00 % to -35.00 % |
Schedule of assets and liabilities measured at fair value | Fair Value As of March 31, 2023 As of December 31, 2022 Hierarchy Carrying Estimated Carrying Estimated Level Value Fair Value Value Fair Value (dollars in thousands) Cash and due from banks Level 1 $ 64,295 $ 64,295 $ 59,723 $ 59,723 Federal funds sold Level 2 16,365 16,365 56,910 56,910 Interest-bearing deposits at financial institutions Level 2 237,632 237,632 67,360 67,360 Investment securities: HTM Level 2 561,969 528,966 587,142 535,636 AFS Level 2 315,477 315,477 340,960 340,960 Loans/leases receivable, net Level 3 178,441 181,578 28,486 30,765 Loans/leases receivable, net Level 2 5,925,008 5,749,501 6,022,679 5,896,443 Derivatives Level 2 130,350 130,350 177,631 177,631 Deposits: Nonmaturity deposits Level 2 5,288,242 5,288,242 5,199,633 5,199,633 Time deposits Level 2 1,213,421 1,201,496 784,584 766,294 Short-term borrowings Level 2 1,100 1,100 129,630 129,630 FHLB advances Level 2 135,000 138,588 415,000 415,000 Subordinated notes Level 2 232,746 249,647 232,662 250,613 Junior subordinated debentures Level 2 48,634 40,368 48,602 41,545 Derivatives Level 2 150,401 150,401 200,701 200,701 |
Note 8 - BUSINESS SEGMENT INF_2
Note 8 - BUSINESS SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of business segment information | Commercial Banking Intercompany Consolidated QCBT CRBT CSB GB* All other Eliminations Total (dollars in thousands) Three Months Ended March 31, 2023 Total revenue $ 33,124 $ 43,123 $ 16,568 $ 27,621 $ 34,669 $ (35,046) $ 120,059 Net interest income 16,988 17,179 10,890 15,372 (3,963) 344 56,810 Provision for loan/lease losses 1,573 1,516 492 347 — — 3,928 Net income (loss) from continuing operations 7,038 16,400 4,760 5,387 27,680 (34,108) 27,157 Goodwill 3,223 14,980 9,888 110,383 — — 138,474 Intangibles — 1,108 1,878 13,007 — — 15,993 Total assets 2,548,473 2,196,560 1,286,227 2,147,776 1,116,694 (1,258,826) 8,036,904 Three Months Ended March 31, 2022 Total revenue $ 22,480 $ 25,211 $ 11,316 $ 7,844 $ 28,912 $ (29,068) $ 66,695 Net interest income 17,314 14,323 9,331 6,528 (2,109) 346 45,733 Provision for loan/lease losses (1,259) (770) (385) (502) — — (2,916) Net income (loss) from continuing operations 9,970 11,129 4,126 3,104 23,827 (28,532) 23,624 Goodwill 3,223 14,980 9,888 45,975 — — 74,066 Intangibles — 1,583 2,497 4,776 — — 8,856 Total assets 2,195,894 1,947,737 1,184,708 956,345 839,362 (948,227) 6,175,819 * On April 1, 2022, the Company acquired GFED and merged its subsidiary bank, Guaranty Bank, into Springfield First Community Bank with the combined bank operating under the Guaranty Bank name. |
Note 9 - REGULATORY CAPITAL R_2
Note 9 - REGULATORY CAPITAL REQUIREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of the company and the subsidiary banks actual capital amounts and ratios | For Capital To Be Well Adequacy Purposes Capitalized Under For Capital With Capital Prompt Corrective Actual Adequacy Purposes Conservation Buffer Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio ( dollars in thousands) As of March 31, 2023: Company: Total risk-based capital $ 1,078,343 14.68 % $ 587,728 > 8.00 % $ 771,392 > 10.50 % $ 734,659 > 10.00 % Tier 1 risk-based capital 754,221 10.27 440,796 > 6.00 624,460 > 8.50 587,728 > 8.00 Tier 1 leverage 754,221 9.73 310,214 > 4.00 310,214 > 4.00 387,768 > 5.00 Common equity Tier 1 705,587 9.60 330,597 > 4.50 514,262 > 7.00 477,529 > 6.50 Quad City Bank & Trust: Total risk-based capital $ 282,911 13.15 % $ 172,050 > 8.00 % $ 225,816 > 10.50 % $ 215,063 > 10.00 % Tier 1 risk-based capital 256,016 11.90 129,038 > 6.00 182,804 > 8.50 172,050 > 8.00 Tier 1 leverage 256,016 11.06 92,599 > 4.00 92,599 > 4.00 115,748 > 5.00 Common equity Tier 1 256,016 11.90 96,778 > 4.50 150,544 > 7.00 139,791 > 6.50 Cedar Rapids Bank & Trust: Total risk-based capital $ 323,605 16.24 % $ 159,422 > 8.00 % $ 209,241 > 10.50 % $ 199,277 > 10.00 % Tier 1 risk-based capital 298,757 14.99 119,566 > 6.00 169,386 > 8.50 159,422 > 8.00 Tier 1 leverage 298,757 13.95 85,658 > 4.00 85,658 > 4.00 107,073 > 5.00 Common equity Tier 1 298,757 14.99 89,675 > 4.50 139,494 > 7.00 129,530 > 6.50 Community State Bank: Total risk-based capital $ 147,754 12.53 % $ 94,349 > 8.00 % $ 123,833 > 10.50 % $ 117,936 > 10.00 % Tier 1 risk-based capital 133,007 11.28 70,762 > 6.00 100,246 > 8.50 94,349 > 8.00 Tier 1 leverage 133,007 10.45 50,899 > 4.00 50,899 > 4.00 63,624 > 5.00 Common equity Tier 1 133,007 11.28 53,071 > 4.50 82,555 > 7.00 76,659 > 6.50 Guaranty Bank: Total risk-based capital $ 246,979 12.41 % $ 159,267 > 8.00 % $ 209,038 > 10.50 % $ 199,084 > 10.00 % Tier 1 risk-based capital 223,668 11.23 119,450 > 6.00 169,221 > 8.50 159,267 > 8.00 Tier 1 leverage 223,668 11.02 81,171 > 4.00 81,171 > 4.00 101,464 > 5.00 Common equity Tier 1 223,668 11.23 89,588 > 4.50 139,359 > 7.00 129,404 > 6.50 For Capital To Be Well Adequacy Purposes Capitalized Under For Capital With Capital Prompt Corrective Actual Adequacy Purposes Conservation Buffer Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio ( dollars in thousands) As of December 31, 2022: Company: Total risk-based capital $ 1,055,177 14.28 % $ 591,132 > 8.00 % $ 775,861 > 10.50 % $ 738,915 > 10.00 % Tier 1 risk-based capital 734,977 9.95 443,349 > 6.00 628,078 > 8.50 591,132 > 8.00 Tier 1 leverage 734,977 9.61 305,959 > 4.00 305,959 > 4.00 382,449 > 5.00 Common equity Tier 1 686,375 9.29 332,512 > 4.50 517,241 > 7.00 480,295 > 6.50 Quad City Bank & Trust: Total risk-based capital $ 275,337 13.07 % $ 168,588 > 8.00 % $ 221,272 > 10.50 % $ 210,735 > 10.00 % Tier 1 risk-based capital 248,978 11.81 126,441 > 6.00 179,125 > 8.50 168,588 > 8.00 Tier 1 leverage 248,978 11.01 90,419 > 4.00 90,419 > 4.00 133,023 > 5.00 Common equity Tier 1 248,978 11.81 94,831 > 4.50 147,514 > 7.00 136,978 > 6.50 Cedar Rapids Bank & Trust: Total risk-based capital $ 308,153 14.84 % $ 166,168 > 8.00 % $ 218,096 > 10.50 % $ 207,711 > 10.00 % Tier 1 risk-based capital 282,258 13.59 124,626 > 6.00 176,554 > 8.50 166,168 > 8.00 Tier 1 leverage 282,258 13.17 85,707 > 4.00 85,707 > 4.00 107,134 > 5.00 Common equity Tier 1 282,258 13.59 93,470 > 4.50 145,397 > 7.00 135,012 > 6.50 Community State Bank: Total risk-based capital $ 142,974 12.04 % $ 94,981 > 8.00 % $ 124,662 > 10.50 % $ 118,726 > 10.00 % Tier 1 risk-based capital 128,130 10.79 71,236 > 6.00 100,917 > 8.50 94,981 > 8.00 Tier 1 leverage 128,130 10.09 50,799 > 4.00 50,799 > 4.00 63,499 > 5.00 Common equity Tier 1 128,130 10.79 53,427 > 4.50 83,108 > 7.00 77,172 > 6.50 Guaranty Bank: Total risk-based capital $ 243,106 12.24 % $ 158,903 > 8.00 % $ 208,560 > 10.50 % $ 198,629 > 10.00 % Tier 1 risk-based capital 218,647 11.01 119,177 > 6.00 168,834 > 8.50 158,903 > 8.00 Tier 1 leverage 218,647 10.90 80,229 > 4.00 80,229 > 4.00 100,286 > 5.00 Common equity Tier 1 218,647 11.01 89,383 > 4.50 139,040 > 7.00 129,109 > 6.50 |
Note 1 - SUMMARY OF SIGNIFICA_3
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions | Mar. 31, 2023 USD ($) subsidiary | Dec. 31, 2022 USD ($) |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Accrued interest on loans | $ | $ 27.2 | $ 24.3 |
Number of subsidiaries commercial banks | subsidiary | 4 |
Note 2 - INVESTMENT SECURITIE_2
Note 2 - INVESTMENT SECURITIES (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 USD ($) item issuer state security | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) issuer state | |
Number of securities | security | 646 | ||
Available-for-sale, unrealized loss positions, qualitative disclosure, number of positions | item | 524 | ||
Aggregate losses of securities (as a percent) | 10.20% | ||
Available-for-sale, unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year | item | 276 | ||
Gain on sale | $ 44 | ||
Number Of Charters Owning Municipal Securities | item | 4 | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 989 | ||
Provision for credit losses | $ 3,928 | $ (2,916) | |
Revenue Bonds | |||
Number of issuers | issuer | 2 | 2 | |
Percentage threshold | 5% | 5% | |
Municipal securities | General Obligation Bonds | |||
Number of issuers | issuer | 85 | 118 | |
Other investments | $ 91,800 | $ 110,600 | |
Number of states holding investments | state | 18 | 22 | |
Municipal securities | General Obligation Bonds | Minimum | |||
Other investments | $ 5,000 | $ 5,000 | |
Municipal securities | General Obligation Bonds | Aggregate Fair Value Exceeding 5 Million | |||
Number of states holding investments | state | 7 | 7 | |
Municipal securities | Revenue Bonds | |||
Number of issuers | issuer | 169 | 181 | |
Other investments | $ 606,700 | $ 617,200 | |
Number of states holding investments | state | 29 | 29 | |
Municipal securities | Revenue Bonds | Minimum | |||
Other investments | $ 5,000 | $ 5,000 | |
Municipal securities | Revenue Bonds | Aggregate Fair Value Exceeding 5 Million | |||
Number of states holding investments | state | 12 | 12 |
Note 2 - INVESTMENT SECURITIE_3
Note 2 - INVESTMENT SECURITIES - Amortized Cost and Fair Value of Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Securities HTM: | ||||
Securities HTM, Amortized cost | $ 562,149 | $ 587,322 | ||
Securities HTM, Allowance for Credit (Losses) | (180) | (180) | ||
Securities HTM, Gross Unrealized Gains | 10,578 | 5,292 | ||
Securities HTM, Gross Unrealized (Losses) | (43,581) | (56,798) | ||
Securities HTM, Fair Value | 528,966 | 535,636 | ||
Securities held to maturity, at amortized cost, net of allowance for credit losses | 561,969 | 587,142 | ||
Securities AFS: | ||||
Securities AFS, Amortized Cost | 367,636 | 400,511 | ||
Securities AFS, Allowance for Credit (Losses) | (989) | |||
Securities AFS, Gross Unrealized Gains | 79 | 160 | ||
Securities AFS, Gross Unrealized (Losses) | (51,249) | (59,711) | ||
Securities AFS, Fair Value | 315,477 | 340,960 | ||
U.S. treasuries and govt. sponsored agency securities | ||||
Securities AFS: | ||||
Securities AFS, Amortized Cost | 21,697 | 19,745 | ||
Securities AFS, Gross Unrealized Gains | 16 | 19 | ||
Securities AFS, Gross Unrealized (Losses) | (2,393) | (2,783) | ||
Securities AFS, Fair Value | 19,320 | 16,981 | ||
Residential mortgage-backed and related securities | ||||
Securities AFS: | ||||
Securities AFS, Amortized Cost | 69,415 | 73,438 | ||
Securities AFS, Gross Unrealized (Losses) | (6,311) | (7,223) | ||
Securities AFS, Fair Value | 63,104 | 66,215 | ||
Municipal securities. | ||||
Securities HTM: | ||||
Securities HTM, Amortized cost | 561,099 | 586,272 | ||
Securities HTM, Allowance for Credit (Losses) | (180) | (180) | $ (198) | $ (198) |
Securities HTM, Gross Unrealized Gains | 10,578 | 5,292 | ||
Securities HTM, Gross Unrealized (Losses) | (43,563) | (56,798) | ||
Securities HTM, Fair Value | 527,934 | 534,586 | ||
Securities AFS: | ||||
Securities AFS, Amortized Cost | 209,875 | 239,812 | ||
Securities AFS, Gross Unrealized Gains | 9 | 66 | ||
Securities AFS, Gross Unrealized (Losses) | (39,294) | (46,700) | ||
Securities AFS, Fair Value | 170,590 | 193,178 | ||
Asset-backed securities | ||||
Securities AFS: | ||||
Securities AFS, Amortized Cost | 18,087 | 18,885 | ||
Securities AFS, Gross Unrealized Gains | 47 | 48 | ||
Securities AFS, Gross Unrealized (Losses) | (167) | (205) | ||
Securities AFS, Fair Value | 17,967 | 18,728 | ||
Other securities | ||||
Securities HTM: | ||||
Securities HTM, Amortized cost | 1,050 | 1,050 | ||
Securities HTM, Gross Unrealized (Losses) | (18) | |||
Securities HTM, Fair Value | 1,032 | 1,050 | ||
Securities AFS: | ||||
Securities AFS, Amortized Cost | 48,562 | 48,631 | ||
Securities AFS, Allowance for Credit (Losses) | (989) | |||
Securities AFS, Gross Unrealized Gains | 7 | 27 | ||
Securities AFS, Gross Unrealized (Losses) | (3,084) | (2,800) | ||
Securities AFS, Fair Value | $ 44,496 | $ 45,858 |
Note 2 - INVESTMENT SECURITIE_4
Note 2 - INVESTMENT SECURITIES - Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Securities HTM: | ||
Securities HTM, Less than 12 Months, Fair Value | $ 276,982 | |
Securities HTM, Less than 12 Months, Gross Unrealized Losses | (33,277) | |
Securities HTM, 12 Months or More, Fair Value | 70,015 | |
Securities HTM, 12 Months or More, Gross Unrealized Losses | (10,304) | |
Securities HTM, Total, Fair Value | 346,997 | |
Securities HTM, Total, Gross Unrealized Losses | (43,581) | |
Securities AFS: | ||
Securities AFS, Less than 12 Months, Fair Value | 92,506 | $ 280,669 |
Securities AFS, Less than 12 Months, Gross Unrealized Losses | (5,775) | (48,923) |
Securities AFS, 12 Months or More, Fair Value | 207,705 | 42,212 |
Securities AFS, 12 Months or More, Gross Unrealized Losses | (45,474) | (10,788) |
Securities AFS, Total, Fair Value | 300,211 | 322,881 |
Securities AFS, Total, Gross Unrealized Losses | (51,249) | (59,711) |
Municipal securities. | ||
Securities HTM: | ||
Securities HTM, Less than 12 Months, Fair Value | 275,950 | 347,651 |
Securities HTM, Less than 12 Months, Gross Unrealized Losses | (33,259) | (56,798) |
Securities HTM, 12 Months or More, Fair Value | 70,015 | |
Securities HTM, 12 Months or More, Gross Unrealized Losses | (10,304) | |
Securities HTM, Total, Fair Value | 345,965 | 347,651 |
Securities HTM, Total, Gross Unrealized Losses | (43,563) | (56,798) |
Securities AFS: | ||
Securities AFS, Less than 12 Months, Fair Value | 43,572 | 178,172 |
Securities AFS, Less than 12 Months, Gross Unrealized Losses | (3,340) | (42,661) |
Securities AFS, 12 Months or More, Fair Value | 124,603 | 9,809 |
Securities AFS, 12 Months or More, Gross Unrealized Losses | (35,954) | (4,039) |
Securities AFS, Total, Fair Value | 168,175 | 187,981 |
Securities AFS, Total, Gross Unrealized Losses | (39,294) | (46,700) |
U.S. treasuries and govt. sponsored agency securities | ||
Securities AFS: | ||
Securities AFS, Less than 12 Months, Fair Value | 2,212 | 5,138 |
Securities AFS, Less than 12 Months, Gross Unrealized Losses | (4) | (326) |
Securities AFS, 12 Months or More, Fair Value | 14,401 | 10,591 |
Securities AFS, 12 Months or More, Gross Unrealized Losses | (2,389) | (2,457) |
Securities AFS, Total, Fair Value | 16,613 | 15,729 |
Securities AFS, Total, Gross Unrealized Losses | (2,393) | (2,783) |
Residential mortgage-backed and related securities | ||
Securities AFS: | ||
Securities AFS, Less than 12 Months, Fair Value | 17,277 | 48,469 |
Securities AFS, Less than 12 Months, Gross Unrealized Losses | (814) | (3,327) |
Securities AFS, 12 Months or More, Fair Value | 45,807 | 17,690 |
Securities AFS, 12 Months or More, Gross Unrealized Losses | (5,497) | (3,896) |
Securities AFS, Total, Fair Value | 63,084 | 66,159 |
Securities AFS, Total, Gross Unrealized Losses | (6,311) | (7,223) |
Asset-backed securities | ||
Securities AFS: | ||
Securities AFS, Less than 12 Months, Fair Value | 3,303 | 13,684 |
Securities AFS, Less than 12 Months, Gross Unrealized Losses | (5) | (205) |
Securities AFS, 12 Months or More, Fair Value | 10,781 | |
Securities AFS, 12 Months or More, Gross Unrealized Losses | (162) | |
Securities AFS, Total, Fair Value | 14,084 | 13,684 |
Securities AFS, Total, Gross Unrealized Losses | (167) | (205) |
Other securities | ||
Securities HTM: | ||
Securities HTM, Less than 12 Months, Fair Value | 1,032 | |
Securities HTM, Less than 12 Months, Gross Unrealized Losses | (18) | |
Securities HTM, Total, Fair Value | 1,032 | |
Securities HTM, Total, Gross Unrealized Losses | (18) | |
Securities AFS: | ||
Securities AFS, Less than 12 Months, Fair Value | 26,142 | 35,206 |
Securities AFS, Less than 12 Months, Gross Unrealized Losses | (1,612) | (2,404) |
Securities AFS, 12 Months or More, Fair Value | 12,113 | 4,122 |
Securities AFS, 12 Months or More, Gross Unrealized Losses | (1,472) | (396) |
Securities AFS, Total, Fair Value | 38,255 | 39,328 |
Securities AFS, Total, Gross Unrealized Losses | $ (3,084) | $ (2,800) |
Note 2 - INVESTMENT SECURITIE_5
Note 2 - INVESTMENT SECURITIES - Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 180 | |
Balance, ending | 180 | |
Balance, ending | 989 | |
Municipal securities. | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 180 | $ 198 |
Provision for credit loss expense | 0 | 0 |
Balance, ending | 180 | $ 198 |
Other securities | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Balance, ending | 989 | |
Corporate Debt Securities [Member] | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 0 | |
Provision for credit loss expense | 989 | |
Balance, ending | $ 989 |
Note 2 - INVESTMENT SECURITIE_6
Note 2 - INVESTMENT SECURITIES - Sales of Securities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
INVESTMENT SECURITIES | ||
Proceeds from sales of securities | $ 28,628,000 | $ 0 |
Gross gains from sales of securities | 44,000 | |
Gross losses from sales of securities | $ (507,000) |
Note 2 - INVESTMENT SECURITIE_7
Note 2 - INVESTMENT SECURITIES - Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Securities HTM: | ||
Securities held to maturity, due in one year or less, amortized cost | $ 9,064 | |
Securities held to maturity, due in one year or less, fair value | 9,149 | |
Securities held to maturity, due after one year through five years, amortized cost | 32,996 | |
Securities held to maturity, due after one year through five years, fair value | 35,709 | |
Securities held to maturity, due after five years, amortized cost | 520,089 | |
Securities held to maturity, due after five years, fair value | 484,108 | |
Securities HTM, Amortized cost | 562,149 | $ 587,322 |
Securities held to maturity, fair value | 528,966 | 535,636 |
Securities AFS: | ||
Securities available for sale, due in one year or less, amortized cost | 6,561 | |
Securities available for sale, Due in one year or less, fair value | 6,556 | |
Securities available for sale, due after one year through five years, amortized cost | 2,500 | |
Securities available for sale, Due after one year through five years, fair value | 2,468 | |
Securities available for sale, due after five years, amortized cost | 271,073 | |
Securities available for sale, due after five years, fair value | 225,382 | |
Securities available for sale, single maturity, amortized cost | 280,134 | |
Securities available for sale, single maturity, fair value | 234,406 | |
Securities AFS, Amortized Cost | 367,636 | 400,511 |
Available-for-sale Securities, Debt Securities, Total | 315,477 | 340,960 |
Callable Securities [Member] | ||
Securities AFS: | ||
Securities AFS, Amortized Cost | 254,564 | |
Available-for-sale Securities, Debt Securities, Total | 211,245 | |
Municipal securities. | ||
Securities HTM: | ||
Securities HTM, Amortized cost | 561,099 | 586,272 |
Securities held to maturity, fair value | 527,934 | 534,586 |
Securities AFS: | ||
Securities AFS, Amortized Cost | 209,875 | 239,812 |
Available-for-sale Securities, Debt Securities, Total | 170,590 | 193,178 |
Municipal securities. | Callable Securities [Member] | ||
Securities HTM: | ||
Securities held to maturity, callable, amortized cost | 268,957 | |
Securities held to maturity, callable, fair value | 242,766 | |
Securities AFS: | ||
Securities available for sale, callable, amortized cost | 206,954 | |
Securities available for sale, callable, fair value | 167,686 | |
Asset-backed securities | ||
Securities AFS: | ||
Securities AFS, Amortized Cost | 18,087 | 18,885 |
Available-for-sale Securities, Debt Securities, Total | 17,967 | 18,728 |
Securities available for sale, callable, amortized cost | 18,087 | |
Securities available for sale, callable, fair value | 17,967 | |
Residential mortgage-backed and related securities | ||
Securities AFS: | ||
Securities AFS, Amortized Cost | 69,415 | 73,438 |
Available-for-sale Securities, Debt Securities, Total | 63,104 | 66,215 |
Securities available for sale, callable, amortized cost | 69,415 | |
Securities available for sale, callable, fair value | 63,104 | |
Other securities | ||
Securities HTM: | ||
Securities HTM, Amortized cost | 1,050 | 1,050 |
Securities held to maturity, fair value | 1,032 | 1,050 |
Securities AFS: | ||
Securities AFS, Amortized Cost | 48,562 | 48,631 |
Available-for-sale Securities, Debt Securities, Total | 44,496 | $ 45,858 |
Other securities | Callable Securities [Member] | ||
Securities AFS: | ||
Securities available for sale, callable, amortized cost | 47,610 | |
Securities available for sale, callable, fair value | $ 43,559 |
Note 3 - LOANS_LEASES RECEIVA_3
Note 3 - LOANS/LEASES RECEIVABLE (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loan | $ 6,190,022 | $ 6,138,871 | ||
Accrued interest on loans | 27,200 | 24,300 | ||
Nonaccrual Loans/Leases | 22,947 | 8,765 | ||
Accruing Past Due 90 Days or More | 15 | 5 | ||
Less allowance for estimated losses on loans/leases | 86,573 | 87,706 | ||
Provision for Loan and Lease Losses | 2,458 | |||
Allowance for Loan and Lease Losses, Write-offs | 2,275 | |||
Recoveries on loans/leases previously charged off | 393 | |||
C&I - other | ||||
Loan | 1,451,693 | |||
Nonaccrual Loans/Leases | 3,135 | |||
Accruing Past Due 90 Days or More | 5 | |||
Allowance for Loan and Lease Losses, Write-offs | 2,051 | |||
Residential real estate | ||||
Residential real estate loan held for sale | 1,400 | 1,500 | ||
Commercial Portfolio Segment [Member] | ||||
Loan | 1,727,943 | 1,748,562 | ||
Less allowance for estimated losses on loans/leases | $ 3,619 | $ 3,907 | ||
Provision for Loan and Lease Losses | (288) | |||
Commercial Portfolio Segment [Member] | C&I - other | ||||
Loan | 1,420,331 | 1,451,693 | ||
Nonaccrual Loans/Leases | 4,755 | |||
Accruing Past Due 90 Days or More | 15 | |||
Less allowance for estimated losses on loans/leases | 26,637 | 7,897 | 27,753 | 8,501 |
Provision for Loan and Lease Losses | 557 | (609) | ||
Allowance for Loan and Lease Losses, Write-offs | 2,055 | |||
Recoveries on loans/leases previously charged off | 382 | 5 | ||
Commercial Portfolio Segment [Member] | m2 Lease Funds, LLC | ||||
Loan | 286,100 | |||
Commercial Portfolio Segment [Member] | m2 Lease Funds, LLC | C&I - other | ||||
Loan | 278,000 | |||
Commercial Real Estate Portfolio Segment [Member] | ||||
Less allowance for estimated losses on loans/leases | 7,857 | 8,549 | ||
Provision for Loan and Lease Losses | (820) | |||
Recoveries on loans/leases previously charged off | 128 | |||
Direct financing leases | ||||
Loan | 35,373 | 31,889 | ||
Nonaccrual Loans/Leases | 118 | 135 | ||
Less allowance for estimated losses on loans/leases | 1,053 | 74,786 | 970 | $ 78,721 |
Provision for Loan and Lease Losses | (3,849) | |||
Allowance for Loan and Lease Losses, Write-offs | 4 | 456 | ||
Recoveries on loans/leases previously charged off | 370 | |||
Direct financing leases | C&I - other | ||||
Provision for Loan and Lease Losses | 27 | |||
Allowance for Loan and Lease Losses, Write-offs | 114 | |||
Recoveries on loans/leases previously charged off | 60 | |||
Threshold for Related Party Loans Evaluated | $ 1,500 | |||
Consumer | ||||
Loan | 116,522 | 110,421 | ||
Nonaccrual Loans/Leases | 266 | 353 | ||
Less allowance for estimated losses on loans/leases | 1,442 | 1,371 | ||
Provision for Loan and Lease Losses | 70 | |||
Recoveries on loans/leases previously charged off | 1 | |||
Construction and Land Development [Member] | ||||
Residential real estate loan held for sale | 30,300 | $ 108,900 | ||
Allowance for Loan and Lease Losses, Write-offs | $ 12 |
Note 3 -LOANS_LEASES RECEIVABLE
Note 3 -LOANS/LEASES RECEIVABLE - Composition of the Loan Lease Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Gross loans/leases receivable | $ 6,190,022 | $ 6,138,871 | ||
Less allowance for credit losses | (86,573) | (87,706) | ||
Net loans/leases receivable | 6,103,449 | 6,051,165 | ||
C&I - revolving | ||||
Gross loans/leases receivable | 296,869 | |||
C&I - other | ||||
Gross loans/leases receivable | 1,451,693 | |||
CRE - non owner occupied | ||||
Gross loans/leases receivable | 963,239 | |||
Owner Occupied Commercial Real Estate Loans [Member] | ||||
Gross loans/leases receivable | 629,367 | |||
Commercial Portfolio Segment [Member] | ||||
Gross loans/leases receivable | 1,727,943 | 1,748,562 | ||
Less allowance for credit losses | $ (3,619) | $ (3,907) | ||
Commercial Portfolio Segment [Member] | C&I - revolving | ||||
Gross loans/leases receivable | 307,612 | 296,869 | ||
Less allowance for credit losses | (4,637) | (4,457) | (25,437) | (25,982) |
Commercial Portfolio Segment [Member] | C&I - other | ||||
Gross loans/leases receivable | 1,420,331 | 1,451,693 | ||
Less allowance for credit losses | (26,637) | (27,753) | (7,897) | (8,501) |
Commercial Real Estate Portfolio Segment [Member] | ||||
Less allowance for credit losses | (7,857) | (8,549) | ||
Commercial Real Estate Portfolio Segment [Member] | CRE - owner occupied | ||||
Gross loans/leases receivable | 616,922 | 629,367 | ||
Commercial Real Estate Portfolio Segment [Member] | CRE - non owner occupied | ||||
Gross loans/leases receivable | 982,716 | 963,239 | ||
Less allowance for credit losses | (12,632) | (11,749) | (10,336) | (9,339) |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||
Gross loans/leases receivable | 1,208,185 | 1,192,061 | ||
Less allowance for credit losses | (15,245) | (14,262) | (4,154) | (4,541) |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||||
Gross loans/leases receivable | 616,922 | 629,367 | ||
Less allowance for credit losses | (9,089) | (9,965) | (14,671) | (16,972) |
Multi-family | ||||
Gross loans/leases receivable | 969,870 | 963,803 | ||
Less allowance for credit losses | (11,621) | (13,186) | (815) | (930) |
Direct financing leases | ||||
Net minimum lease payments to be received | 39,075 | 34,754 | ||
Estimated unguaranteed residual values of leased assets | 165 | 165 | ||
Unearned lease/residual income | (3,867) | (3,030) | ||
Gross loans/leases receivable | 35,373 | 31,889 | ||
Plus deferred lease origination costs, net of fees | 174 | 226 | ||
Gross loans/leases receivable after originated cost | 35,547 | 32,115 | ||
Less allowance for credit losses | (1,053) | (970) | $ (74,786) | $ (78,721) |
Net loans/leases receivable | 34,494 | 31,145 | ||
1-4 family real estate | ||||
Gross loans/leases receivable | 532,491 | 499,529 | ||
Less allowance for credit losses | (5,270) | (4,963) | ||
Consumer | ||||
Gross loans/leases receivable | 116,522 | 110,421 | ||
Less allowance for credit losses | $ (1,442) | $ (1,371) |
Note 3 - LOANS_LEASES RECEIVA_4
Note 3 - LOANS/LEASES RECEIVABLE - Remaining Discount on Acquired loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
LOANS/LEASES RECEIVABLE | ||
Balance at the beginning of the period | $ (6,088) | $ (1,533) |
Accretion recognized | 849 | 161 |
Balance at the end of the period | $ (5,239) | $ (1,372) |
Note 3 - LOANS_LEASES RECEIVA_5
Note 3 - LOANS/LEASES RECEIVABLE - Aging of the Loan Lease Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Loan | $ 6,190,022 | $ 6,138,871 |
Accruing Past Due 90 Days or More | 15 | 5 |
Nonaccrual Loans/Leases | $ 22,947 | $ 8,765 |
Accruing past due 90 days or more as a percentage of total loan/lease portfolio | 0% | 0% |
Nonaccrual Loans/Leases as a percentage of total loan/lease portfolio | 0.37% | 0.14% |
Loans and leases as a percentage of total loan/lease portfolio | 100% | 100% |
C&I - revolving | ||
Loan | $ 296,869 | |
C&I - other | ||
Loan | 1,451,693 | |
Accruing Past Due 90 Days or More | 5 | |
Nonaccrual Loans/Leases | 3,135 | |
Owner Occupied Commercial Real Estate Loans [Member] | ||
Loan | 629,367 | |
Nonaccrual Loans/Leases | 2,590 | |
CRE - non owner occupied | ||
Loan | 963,239 | |
Nonaccrual Loans/Leases | 374 | |
Current | ||
Loan | $ 6,155,073 | $ 6,120,819 |
Current as a percentage of total loan/lease portfolio | 99.43% | 98.88% |
Current | C&I - revolving | ||
Loan | $ 296,869 | |
Current | C&I - other | ||
Loan | 1,442,629 | |
Current | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loan | 625,611 | |
Current | CRE - non owner occupied | ||
Loan | 962,444 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loan | $ 7,769 | $ 7,585 |
Past due as a percentage of total loan/lease portfolio | 0.13% | 0.12% |
Financing Receivables, 30 to 59 Days Past Due [Member] | C&I - other | ||
Loan | $ 4,800 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loan | 1,166 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | CRE - non owner occupied | ||
Loan | 421 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loan | $ 4,218 | $ 1,697 |
Past due as a percentage of total loan/lease portfolio | 0.07% | 0.03% |
Financing Receivables, 60 to 89 Days Past Due [Member] | C&I - other | ||
Loan | $ 1,124 | |
Commercial Portfolio Segment [Member] | ||
Loan | $ 1,727,943 | 1,748,562 |
Commercial Portfolio Segment [Member] | C&I - revolving | ||
Loan | 307,612 | 296,869 |
Commercial Portfolio Segment [Member] | C&I - other | ||
Loan | 1,420,331 | 1,451,693 |
Accruing Past Due 90 Days or More | 15 | |
Nonaccrual Loans/Leases | 4,755 | |
Commercial Portfolio Segment [Member] | Current | C&I - revolving | ||
Loan | 307,612 | |
Commercial Portfolio Segment [Member] | Current | C&I - other | ||
Loan | 1,406,944 | |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | C&I - other | ||
Loan | 4,718 | |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | C&I - other | ||
Loan | 3,899 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loan | 616,922 | 629,367 |
Nonaccrual Loans/Leases | 2,644 | |
Commercial Real Estate Portfolio Segment [Member] | CRE - non owner occupied | ||
Loan | 982,716 | 963,239 |
Nonaccrual Loans/Leases | 2,218 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loan | 1,208,185 | 1,192,061 |
Nonaccrual Loans/Leases | 10,659 | 132 |
Commercial Real Estate Portfolio Segment [Member] | Current | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loan | 612,379 | |
Commercial Real Estate Portfolio Segment [Member] | Current | CRE - non owner occupied | ||
Loan | 980,498 | |
Commercial Real Estate Portfolio Segment [Member] | Current | Construction Loans [Member] | ||
Loan | 1,197,526 | 1,191,929 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loan | 1,899 | |
Multi-family | ||
Loan | 969,870 | 963,803 |
Multi-family | Current | ||
Loan | 969,870 | 963,803 |
Direct financing leases | ||
Loan | 35,373 | 31,889 |
Nonaccrual Loans/Leases | 118 | 135 |
Direct financing leases | Current | ||
Loan | 34,951 | 31,557 |
Direct financing leases | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loan | 220 | 141 |
Direct financing leases | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loan | 84 | 56 |
1-4 family real estate | ||
Loan | 532,491 | 499,529 |
Nonaccrual Loans/Leases | 2,287 | 2,046 |
1-4 family real estate | Current | ||
Loan | 529,263 | 495,936 |
1-4 family real estate | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loan | 865 | 1,030 |
1-4 family real estate | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loan | 76 | 517 |
Consumer | ||
Loan | 116,522 | 110,421 |
Nonaccrual Loans/Leases | 266 | 353 |
Consumer | Current | ||
Loan | 116,030 | 110,041 |
Consumer | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loan | 67 | $ 27 |
Consumer | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loan | $ 159 |
Note 3 - LOANS_LEASES RECEIVA_6
Note 3 - LOANS/LEASES RECEIVABLE - Loans Leases Nonperforming Loans Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accruing Past Due 90 Days or More | $ 15 | $ 5 |
Nonaccrual Loans/Leases | 22,947 | 8,765 |
Financing Receivable, before Allowance for Credit Loss | $ 6,190,022 | $ 6,138,871 |
Percentage of Total NPLs | 100% | 100% |
C&I - other | ||
Accruing Past Due 90 Days or More | $ 5 | |
Nonaccrual Loans/Leases | 3,135 | |
Financing Receivable, before Allowance for Credit Loss | 1,451,693 | |
C&I - revolving | ||
Financing Receivable, before Allowance for Credit Loss | 296,869 | |
Owner Occupied Commercial Real Estate Loans [Member] | ||
Nonaccrual Loans/Leases | 2,590 | |
Financing Receivable, before Allowance for Credit Loss | 629,367 | |
CRE - non owner occupied | ||
Nonaccrual Loans/Leases | 374 | |
Financing Receivable, before Allowance for Credit Loss | 963,239 | |
Nonperforming Financial Instruments [Member] | ||
Accruing Past Due 90 Days or More | $ 15 | 5 |
Nonaccrual Loans/Leases | 18,924 | 6,787 |
Nonaccrual Loans/Leases without an Allowance for Credit Losses | 4,023 | |
Accruing TDRs | 1,978 | |
Financing Receivable, before Allowance for Credit Loss | $ 22,962 | $ 8,770 |
Percentage of Total NPLs | 100% | 100% |
Nonperforming Financial Instruments [Member] | C&I - other | ||
Accruing Past Due 90 Days or More | $ 15 | $ 5 |
Nonaccrual Loans/Leases | 3,891 | 2,775 |
Nonaccrual Loans/Leases without an Allowance for Credit Losses | 864 | |
Accruing TDRs | 360 | |
Financing Receivable, before Allowance for Credit Loss | $ 4,770 | $ 3,140 |
Percentage of Total NPLs | 20.77% | 35.80% |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, before Allowance for Credit Loss | $ 1,727,943 | $ 1,748,562 |
Commercial Portfolio Segment [Member] | C&I - other | ||
Accruing Past Due 90 Days or More | 15 | |
Nonaccrual Loans/Leases | 4,755 | |
Financing Receivable, before Allowance for Credit Loss | 1,420,331 | 1,451,693 |
Commercial Portfolio Segment [Member] | C&I - revolving | ||
Financing Receivable, before Allowance for Credit Loss | 307,612 | 296,869 |
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | C&I - other | ||
Financing Receivable, before Allowance for Credit Loss | 4,157 | 2,680 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Nonaccrual Loans/Leases | 2,644 | |
Financing Receivable, before Allowance for Credit Loss | 616,922 | 629,367 |
Commercial Real Estate Portfolio Segment [Member] | CRE - non owner occupied | ||
Nonaccrual Loans/Leases | 2,218 | |
Financing Receivable, before Allowance for Credit Loss | 982,716 | 963,239 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Nonaccrual Loans/Leases | 10,659 | 132 |
Financing Receivable, before Allowance for Credit Loss | 1,208,185 | 1,192,061 |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Nonaccrual Loans/Leases | 2,197 | 1,738 |
Nonaccrual Loans/Leases without an Allowance for Credit Losses | 447 | |
Accruing TDRs | 852 | |
Financing Receivable, before Allowance for Credit Loss | $ 2,644 | $ 2,590 |
Percentage of Total NPLs | 11.52% | 29.53% |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | CRE - non owner occupied | ||
Nonaccrual Loans/Leases | $ 1,267 | $ 68 |
Nonaccrual Loans/Leases without an Allowance for Credit Losses | 951 | |
Accruing TDRs | 306 | |
Financing Receivable, before Allowance for Credit Loss | $ 2,218 | $ 374 |
Percentage of Total NPLs | 9.66% | 4.26% |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Construction Loans [Member] | ||
Nonaccrual Loans/Leases | $ 9,292 | $ 132 |
Nonaccrual Loans/Leases without an Allowance for Credit Losses | 1,367 | |
Financing Receivable, before Allowance for Credit Loss | $ 10,659 | $ 132 |
Percentage of Total NPLs | 46.42% | 1.51% |
Construction and Land Development [Member] | Nonperforming Financial Instruments [Member] | Construction Loans [Member] | ||
Financing Receivable, before Allowance for Credit Loss | $ 135 | |
Multi-family | ||
Financing Receivable, before Allowance for Credit Loss | $ 969,870 | 963,803 |
Direct financing leases | ||
Nonaccrual Loans/Leases | 118 | 135 |
Financing Receivable, before Allowance for Credit Loss | 35,373 | 31,889 |
Direct financing leases | Nonperforming Financial Instruments [Member] | ||
Nonaccrual Loans/Leases | 118 | 80 |
Accruing TDRs | 55 | |
Financing Receivable, before Allowance for Credit Loss | $ 118 | $ 135 |
Percentage of Total NPLs | 0.51% | 1.54% |
1-4 family real estate | ||
Nonaccrual Loans/Leases | $ 2,287 | $ 2,046 |
Financing Receivable, before Allowance for Credit Loss | 532,491 | 499,529 |
1-4 family real estate | Nonperforming Financial Instruments [Member] | ||
Nonaccrual Loans/Leases | 1,893 | 1,641 |
Nonaccrual Loans/Leases without an Allowance for Credit Losses | 394 | |
Accruing TDRs | 405 | |
Financing Receivable, before Allowance for Credit Loss | $ 2,287 | $ 2,046 |
Percentage of Total NPLs | 9.96% | 23.33% |
Consumer | ||
Nonaccrual Loans/Leases | $ 266 | $ 353 |
Financing Receivable, before Allowance for Credit Loss | 116,522 | 110,421 |
Consumer | Nonperforming Financial Instruments [Member] | ||
Nonaccrual Loans/Leases | 266 | 353 |
Financing Receivable, before Allowance for Credit Loss | $ 266 | $ 353 |
Percentage of Total NPLs | 1.16% | 4.03% |
Note 3 - LOANS_LEASES RECEIVA_7
Note 3 - LOANS/LEASES RECEIVABLE - Allowance for Estimated Losses on Loans Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Balance | $ 87,706 | |
Reduction of ACL for writedown of LHFS to fair value | (1,709) | |
Provision for credit losses | 2,458 | |
Charged off | (2,275) | |
Recoveries | 393 | |
Balance | 86,573 | |
C&I - other | ||
Charged off | (2,051) | |
Commercial Portfolio Segment [Member] | ||
Balance | $ 3,907 | |
Provision for credit losses | (288) | |
Balance | 3,619 | |
Commercial Portfolio Segment [Member] | C&I - revolving | ||
Balance | 4,457 | 25,982 |
Provision for credit losses | 180 | (331) |
Charged off | (449) | |
Recoveries | 235 | |
Balance | 4,637 | 25,437 |
Commercial Portfolio Segment [Member] | C&I - other | ||
Balance | 27,753 | 8,501 |
Provision for credit losses | 557 | (609) |
Charged off | (2,055) | |
Recoveries | 382 | 5 |
Balance | 26,637 | 7,897 |
Commercial Real Estate Portfolio Segment [Member] | ||
Balance | 8,549 | |
Provision for credit losses | (820) | |
Recoveries | 128 | |
Balance | 7,857 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Balance | 9,965 | 16,972 |
Provision for credit losses | (668) | (2,301) |
Charged off | (208) | |
Balance | 9,089 | 14,671 |
Commercial Real Estate Portfolio Segment [Member] | CRE - non owner occupied | ||
Balance | 11,749 | 9,339 |
Provision for credit losses | 878 | 997 |
Recoveries | 5 | |
Balance | 12,632 | 10,336 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Balance | 14,262 | 4,541 |
Reduction of ACL for writedown of LHFS to fair value | (354) | |
Provision for credit losses | 1,349 | (387) |
Charged off | (12) | |
Balance | 15,245 | 4,154 |
Construction and Land Development [Member] | ||
Charged off | (12) | |
Multi-family | ||
Balance | 13,186 | 930 |
Reduction of ACL for writedown of LHFS to fair value | (1,355) | |
Provision for credit losses | (210) | (110) |
Charged off | (7) | |
Recoveries | 2 | |
Balance | 11,621 | 815 |
Direct financing leases | ||
Balance | 970 | 78,721 |
Provision for credit losses | (3,849) | |
Charged off | (4) | (456) |
Recoveries | 370 | |
Balance | 1,053 | 74,786 |
Direct financing leases | C&I - other | ||
Provision for credit losses | 27 | |
Charged off | (114) | |
Recoveries | 60 | |
Direct financing leases | C&I - other | Accounting Standards Update 2016-13 | ||
Balance | 970 | $ 1,500 |
Provision for credit losses | 69 | |
Charged off | 4 | |
Recoveries | 18 | |
Balance | 1,100 | |
1-4 family real estate | ||
Balance | 4,963 | |
Provision for credit losses | 302 | |
Recoveries | 5 | |
Balance | 5,270 | |
Consumer | ||
Balance | 1,371 | |
Provision for credit losses | 70 | |
Recoveries | 1 | |
Balance | $ 1,442 |
Note 3 - LOANS_LEASES RECEIVA_8
Note 3 - LOANS/LEASES RECEIVABLE - Composition Of Allowance For Credit Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized Cost of Loans Receivable, Individually Evaluated for Credit Losses | $ 81,094 | $ 74,826 | ||
Amortized Cost of Loans Receivable, Collectively Evaluated for Credit Losses | 6,108,928 | 6,064,045 | ||
Gross loans/leases receivable | 6,190,022 | 6,138,871 | ||
Allowance for Credit Losses, Individually Evaluated for Credit Losses | 7,630 | 6,928 | ||
Allowance for Credit Losses, Collectively Evaluated for Credit Losses | 78,943 | 80,778 | ||
Allowance for Credit Losses, Total | 86,573 | 87,706 | ||
C&I - revolving | ||||
Gross loans/leases receivable | 296,869 | |||
C&I - other | ||||
Gross loans/leases receivable | 1,451,693 | |||
Owner Occupied Commercial Real Estate Loans [Member] | ||||
Gross loans/leases receivable | 629,367 | |||
CRE - non owner occupied | ||||
Gross loans/leases receivable | 963,239 | |||
Commercial Portfolio Segment [Member] | ||||
Gross loans/leases receivable | 1,727,943 | 1,748,562 | ||
Allowance for Credit Losses, Total | $ 3,619 | $ 3,907 | ||
Commercial Portfolio Segment [Member] | C&I - revolving | ||||
Amortized Cost of Loans Receivable, Individually Evaluated for Credit Losses | 3,657 | 3,386 | ||
Amortized Cost of Loans Receivable, Collectively Evaluated for Credit Losses | 303,955 | 293,483 | ||
Gross loans/leases receivable | 307,612 | 296,869 | ||
Allowance for Credit Losses, Individually Evaluated for Credit Losses | 998 | 961 | ||
Allowance for Credit Losses, Collectively Evaluated for Credit Losses | 3,639 | 3,496 | ||
Allowance for Credit Losses, Total | 4,637 | 4,457 | 25,437 | 25,982 |
Commercial Portfolio Segment [Member] | C&I - other | ||||
Gross loans/leases receivable | 1,420,331 | 1,451,693 | ||
Allowance for Credit Losses, Total | 26,637 | 27,753 | 7,897 | 8,501 |
Commercial Portfolio Segment [Member] | C&I - other including lease | ||||
Amortized Cost of Loans Receivable, Individually Evaluated for Credit Losses | 14,446 | 9,358 | ||
Amortized Cost of Loans Receivable, Collectively Evaluated for Credit Losses | 1,441,258 | 1,474,224 | ||
Gross loans/leases receivable | 1,455,704 | 1,483,582 | ||
Allowance for Credit Losses, Individually Evaluated for Credit Losses | 1,231 | 1,445 | ||
Allowance for Credit Losses, Collectively Evaluated for Credit Losses | 25,406 | 26,308 | ||
Allowance for Credit Losses, Total | 26,637 | 27,753 | ||
Commercial Portfolio Segment [Member] | C&I - revolving and other including lease | ||||
Amortized Cost of Loans Receivable, Individually Evaluated for Credit Losses | 18,103 | 12,744 | ||
Amortized Cost of Loans Receivable, Collectively Evaluated for Credit Losses | 1,745,213 | 1,767,707 | ||
Gross loans/leases receivable | 1,763,316 | 1,780,451 | ||
Allowance for Credit Losses, Individually Evaluated for Credit Losses | 2,229 | 2,406 | ||
Allowance for Credit Losses, Collectively Evaluated for Credit Losses | 29,045 | 29,804 | ||
Allowance for Credit Losses, Total | 31,274 | 32,210 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Allowance for Credit Losses, Total | 7,857 | 8,549 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||||
Amortized Cost of Loans Receivable, Individually Evaluated for Credit Losses | 23,751 | 24,880 | ||
Amortized Cost of Loans Receivable, Collectively Evaluated for Credit Losses | 593,171 | 604,487 | ||
Gross loans/leases receivable | 616,922 | 629,367 | ||
Allowance for Credit Losses, Individually Evaluated for Credit Losses | 2,746 | 2,853 | ||
Allowance for Credit Losses, Collectively Evaluated for Credit Losses | 6,343 | 7,112 | ||
Allowance for Credit Losses, Total | 9,089 | 9,965 | 14,671 | 16,972 |
Commercial Real Estate Portfolio Segment [Member] | CRE - non owner occupied | ||||
Amortized Cost of Loans Receivable, Individually Evaluated for Credit Losses | 23,217 | 21,588 | ||
Amortized Cost of Loans Receivable, Collectively Evaluated for Credit Losses | 959,499 | 941,651 | ||
Gross loans/leases receivable | 982,716 | 963,239 | ||
Allowance for Credit Losses, Individually Evaluated for Credit Losses | 1,025 | 869 | ||
Allowance for Credit Losses, Collectively Evaluated for Credit Losses | 11,607 | 10,880 | ||
Allowance for Credit Losses, Total | 12,632 | 11,749 | 10,336 | 9,339 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||
Amortized Cost of Loans Receivable, Individually Evaluated for Credit Losses | 10,756 | 10,394 | ||
Amortized Cost of Loans Receivable, Collectively Evaluated for Credit Losses | 1,197,429 | 1,181,667 | ||
Gross loans/leases receivable | 1,208,185 | 1,192,061 | ||
Allowance for Credit Losses, Individually Evaluated for Credit Losses | 826 | 13 | ||
Allowance for Credit Losses, Collectively Evaluated for Credit Losses | 14,419 | 14,249 | ||
Allowance for Credit Losses, Total | 15,245 | 14,262 | 4,154 | 4,541 |
Multi-family | ||||
Amortized Cost of Loans Receivable, Individually Evaluated for Credit Losses | 1,351 | 1,302 | ||
Amortized Cost of Loans Receivable, Collectively Evaluated for Credit Losses | 968,519 | 962,501 | ||
Gross loans/leases receivable | 969,870 | 963,803 | ||
Allowance for Credit Losses, Individually Evaluated for Credit Losses | 406 | 395 | ||
Allowance for Credit Losses, Collectively Evaluated for Credit Losses | 11,215 | 12,791 | ||
Allowance for Credit Losses, Total | 11,621 | 13,186 | 815 | 930 |
1-4 family real estate | ||||
Amortized Cost of Loans Receivable, Individually Evaluated for Credit Losses | 3,223 | 3,177 | ||
Amortized Cost of Loans Receivable, Collectively Evaluated for Credit Losses | 529,268 | 496,352 | ||
Gross loans/leases receivable | 532,491 | 499,529 | ||
Allowance for Credit Losses, Individually Evaluated for Credit Losses | 326 | 317 | ||
Allowance for Credit Losses, Collectively Evaluated for Credit Losses | 4,944 | 4,646 | ||
Allowance for Credit Losses, Total | 5,270 | 4,963 | ||
Consumer | ||||
Amortized Cost of Loans Receivable, Individually Evaluated for Credit Losses | 693 | 741 | ||
Amortized Cost of Loans Receivable, Collectively Evaluated for Credit Losses | 115,829 | 109,680 | ||
Gross loans/leases receivable | 116,522 | 110,421 | ||
Allowance for Credit Losses, Individually Evaluated for Credit Losses | 72 | 75 | ||
Allowance for Credit Losses, Collectively Evaluated for Credit Losses | 1,370 | 1,296 | ||
Allowance for Credit Losses, Total | 1,442 | 1,371 | ||
Direct financing leases | ||||
Gross loans/leases receivable | 35,373 | 31,889 | ||
Allowance for Credit Losses, Total | 1,053 | 970 | $ 74,786 | $ 78,721 |
Direct financing leases | C&I - other | ||||
Amortized Cost of Loans Receivable, Collectively Evaluated for Credit Losses | 35,300 | |||
Allowance for Credit Losses, Collectively Evaluated for Credit Losses | 1,000 | |||
Direct financing leases | C&I - other including lease | ||||
Amortized Cost of Loans Receivable, Individually Evaluated for Credit Losses | 118 | 135 | ||
Amortized Cost of Loans Receivable, Collectively Evaluated for Credit Losses | 35,300 | 31,800 | ||
Allowance for Credit Losses, Individually Evaluated for Credit Losses | 36 | 24 | ||
Allowance for Credit Losses, Collectively Evaluated for Credit Losses | $ 1,000 | |||
Direct financing leases | C&I - revolving and other including lease | ||||
Allowance for Credit Losses, Collectively Evaluated for Credit Losses | $ 946 |
Note 3 - LOANS_LEASES RECEIVA_9
Note 3 - LOANS/LEASES RECEIVABLE - Amortized Cost Basis of Collateral (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Less allowance | $ 86,573 | $ 87,706 | ||
Collateral Dependent Loans | ||||
Less allowance | 81,094 | 74,826 | ||
Commercial Assets | ||||
Less allowance | 9,290 | 4,870 | ||
Owner Occupied Commercial Real Estate Loans [Member] | ||||
Less allowance | 23,894 | 25,024 | ||
Non Owner-Occupied Real Estate | ||||
Less allowance | 35,476 | 33,437 | ||
Owner Occupied Real Estate | ||||
Less allowance | 3,820 | 3,818 | ||
Securities | ||||
Less allowance | 102 | 108 | ||
Equipment | ||||
Less allowance | 8,088 | 7,394 | ||
Other | ||||
Less allowance | 424 | 175 | ||
Commercial Portfolio Segment [Member] | ||||
Less allowance | $ 3,619 | $ 3,907 | ||
Commercial Portfolio Segment [Member] | Collateral Dependent Loans | ||||
Less allowance | 18,103 | 12,744 | ||
Commercial Portfolio Segment [Member] | Commercial Assets | ||||
Less allowance | 9,290 | 4,870 | ||
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||||
Less allowance | 209 | 210 | ||
Commercial Portfolio Segment [Member] | Securities | ||||
Less allowance | 102 | 108 | ||
Commercial Portfolio Segment [Member] | Equipment | ||||
Less allowance | 8,088 | 7,394 | ||
Commercial Portfolio Segment [Member] | Other | ||||
Less allowance | 414 | 162 | ||
Commercial Portfolio Segment [Member] | C&I - revolving | ||||
Less allowance | 4,637 | 4,457 | 25,437 | 25,982 |
Commercial Portfolio Segment [Member] | C&I - revolving | Collateral Dependent Loans | ||||
Less allowance | 3,657 | 3,386 | ||
Commercial Portfolio Segment [Member] | C&I - revolving | Commercial Assets | ||||
Less allowance | 3,552 | 3,281 | ||
Commercial Portfolio Segment [Member] | C&I - revolving | Equipment | ||||
Less allowance | 105 | 105 | ||
Commercial Portfolio Segment [Member] | C&I - other | ||||
Less allowance | 26,637 | 27,753 | 7,897 | 8,501 |
Commercial Portfolio Segment [Member] | C&I - other | Collateral Dependent Loans | ||||
Less allowance | 14,446 | 9,358 | ||
Commercial Portfolio Segment [Member] | C&I - other | Commercial Assets | ||||
Less allowance | 5,738 | 1,589 | ||
Commercial Portfolio Segment [Member] | C&I - other | Owner Occupied Commercial Real Estate Loans [Member] | ||||
Less allowance | 209 | 210 | ||
Commercial Portfolio Segment [Member] | C&I - other | Securities | ||||
Less allowance | 102 | 108 | ||
Commercial Portfolio Segment [Member] | C&I - other | Equipment | ||||
Less allowance | 7,983 | 7,289 | ||
Commercial Portfolio Segment [Member] | C&I - other | Other | ||||
Less allowance | 414 | 162 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Less allowance | 7,857 | 8,549 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||||
Less allowance | 9,089 | 9,965 | 14,671 | 16,972 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | Collateral Dependent Loans | ||||
Less allowance | 23,751 | 24,880 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||||
Less allowance | 23,685 | 24,814 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | Owner Occupied Real Estate | ||||
Less allowance | 66 | 66 | ||
Commercial Real Estate Portfolio Segment [Member] | CRE - non owner occupied | ||||
Less allowance | 12,632 | 11,749 | 10,336 | 9,339 |
Commercial Real Estate Portfolio Segment [Member] | CRE - non owner occupied | Collateral Dependent Loans | ||||
Less allowance | 23,217 | 21,588 | ||
Commercial Real Estate Portfolio Segment [Member] | CRE - non owner occupied | Non Owner-Occupied Real Estate | ||||
Less allowance | 23,217 | 21,588 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||
Less allowance | 15,245 | 14,262 | 4,154 | 4,541 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Collateral Dependent Loans | ||||
Less allowance | 10,756 | 10,394 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Non Owner-Occupied Real Estate | ||||
Less allowance | 10,756 | 10,394 | ||
Direct financing leases | ||||
Less allowance | 1,053 | 970 | 74,786 | 78,721 |
Direct financing leases | C&I - other | Commercial Assets | ||||
Less allowance | 118 | 135 | ||
Multi-family | ||||
Less allowance | 11,621 | 13,186 | $ 815 | $ 930 |
Multi-family | Collateral Dependent Loans | ||||
Less allowance | 1,351 | 1,302 | ||
Multi-family | Non Owner-Occupied Real Estate | ||||
Less allowance | 1,351 | 1,302 | ||
1-4 family real estate | ||||
Less allowance | 5,270 | 4,963 | ||
1-4 family real estate | Collateral Dependent Loans | ||||
Less allowance | 3,223 | 3,177 | ||
1-4 family real estate | Non Owner-Occupied Real Estate | ||||
Less allowance | 31 | 33 | ||
1-4 family real estate | Owner Occupied Real Estate | ||||
Less allowance | 3,192 | 3,144 | ||
Consumer | ||||
Less allowance | 1,442 | 1,371 | ||
Consumer | Collateral Dependent Loans | ||||
Less allowance | 693 | 741 | ||
Consumer | Non Owner-Occupied Real Estate | ||||
Less allowance | 121 | 120 | ||
Consumer | Owner Occupied Real Estate | ||||
Less allowance | 562 | 608 | ||
Consumer | Other | ||||
Less allowance | $ 10 | $ 13 |
Note 3 - LOANS_LEASES RECEIV_10
Note 3 - LOANS/LEASES RECEIVABLE - Loans by Internally Assigned Risk Rating (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Loan | $ 6,190,022 | $ 6,138,871 |
C&I - revolving | ||
Loan | 296,869 | |
C&I - other | ||
Loan | 1,451,693 | |
Owner Occupied Commercial Real Estate Loans [Member] | ||
Loan | 629,367 | |
CRE - non owner occupied | ||
Loan | 963,239 | |
Internally Assigned Risk Rating [Member] | ||
2023 | 305,025 | 1,762,189 |
2022 | 1,650,145 | 1,348,190 |
2021 | 1,285,692 | 988,473 |
2020 | 931,468 | 412,583 |
2019 | 401,179 | 294,259 |
Prior | 489,121 | 215,046 |
Revolving Loans Amortized Cost Basis | 363,345 | 366,274 |
Loan | 5,425,975 | 5,387,014 |
Internally Assigned Risk Rating [Member] | Construction Loans [Member] | ||
2023 | 142 | |
2022 | 781 | |
2021 | 743 | |
2020 | 722 | |
2019 | 33 | |
Prior | 937 | |
Revolving Loans Amortized Cost Basis | 9,406 | |
Loan | 12,764 | |
Pass [Member] | Construction Loans [Member] | ||
2023 | 97 | |
2022 | 499 | |
2021 | 743 | |
2020 | 711 | |
2019 | 33 | |
Prior | 831 | |
Revolving Loans Amortized Cost Basis | 9,406 | |
Loan | 12,320 | |
Substandard [Member] | Construction Loans [Member] | ||
2023 | 45 | |
2022 | 282 | |
2020 | 11 | |
Prior | 106 | |
Loan | 444 | |
Commercial Portfolio Segment [Member] | ||
Loan | 1,727,943 | 1,748,562 |
Commercial Portfolio Segment [Member] | C&I - revolving | ||
Loan | 307,612 | 296,869 |
Commercial Portfolio Segment [Member] | C&I - other | ||
Loan | 1,420,331 | 1,451,693 |
Commercial Portfolio Segment [Member] | Internally Assigned Risk Rating [Member] | C&I - revolving | ||
Revolving Loans Amortized Cost Basis | 307,612 | 296,869 |
Loan | 307,612 | 296,869 |
Commercial Portfolio Segment [Member] | Internally Assigned Risk Rating [Member] | C&I - other | ||
2023 | 124,125 | 506,174 |
2022 | 408,414 | 280,216 |
2021 | 241,926 | 129,365 |
2020 | 111,895 | 92,312 |
2019 | 88,331 | 59,985 |
Prior | 159,519 | 105,598 |
Loan | 1,134,210 | 1,173,650 |
Commercial Portfolio Segment [Member] | Pass [Member] | C&I - revolving | ||
Revolving Loans Amortized Cost Basis | 277,135 | 275,888 |
Loan | 277,135 | 275,888 |
Commercial Portfolio Segment [Member] | Pass [Member] | C&I - other | ||
2023 | 112,239 | 496,445 |
2022 | 399,604 | 279,412 |
2021 | 236,117 | 127,803 |
2020 | 108,134 | 87,054 |
2019 | 83,522 | 59,675 |
Prior | 158,843 | 105,184 |
Loan | 1,098,459 | 1,155,573 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | C&I - revolving | ||
Revolving Loans Amortized Cost Basis | 26,820 | 17,595 |
Loan | 26,820 | 17,595 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | C&I - other | ||
2023 | 11,886 | 9,542 |
2022 | 3,603 | 679 |
2021 | 5,557 | 901 |
2020 | 3,724 | 723 |
2019 | 1,033 | |
Prior | 299 | 308 |
Loan | 26,102 | 12,153 |
Commercial Portfolio Segment [Member] | Substandard [Member] | C&I - revolving | ||
Revolving Loans Amortized Cost Basis | 3,657 | 3,386 |
Loan | 3,657 | 3,386 |
Commercial Portfolio Segment [Member] | Substandard [Member] | C&I - other | ||
2023 | 187 | |
2022 | 5,207 | 125 |
2021 | 252 | 661 |
2020 | 37 | 4,535 |
2019 | 3,776 | 310 |
Prior | 377 | 106 |
Loan | 9,649 | 5,924 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loan | 616,922 | 629,367 |
Commercial Real Estate Portfolio Segment [Member] | CRE - non owner occupied | ||
Loan | 982,716 | 963,239 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loan | 1,208,185 | 1,192,061 |
Commercial Real Estate Portfolio Segment [Member] | Internally Assigned Risk Rating [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
2023 | 23,140 | 156,151 |
2022 | 147,401 | 182,611 |
2021 | 179,847 | 165,311 |
2020 | 150,706 | 35,451 |
2019 | 34,333 | 28,285 |
Prior | 73,919 | 47,829 |
Revolving Loans Amortized Cost Basis | 7,576 | 13,729 |
Loan | 616,922 | 629,367 |
Commercial Real Estate Portfolio Segment [Member] | Internally Assigned Risk Rating [Member] | CRE - non owner occupied | ||
2023 | 54,567 | 318,638 |
2022 | 306,598 | 222,835 |
2021 | 222,490 | 192,555 |
2020 | 180,245 | 104,554 |
2019 | 97,849 | 69,815 |
Prior | 112,840 | 47,121 |
Revolving Loans Amortized Cost Basis | 8,127 | 7,721 |
Loan | 982,716 | 963,239 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
2023 | 18,359 | 146,211 |
2022 | 143,926 | 182,440 |
2021 | 177,112 | 142,596 |
2020 | 128,136 | 33,571 |
2019 | 32,639 | 27,088 |
Prior | 71,449 | 45,993 |
Revolving Loans Amortized Cost Basis | 7,552 | 13,460 |
Loan | 579,173 | 591,359 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | CRE - non owner occupied | ||
2023 | 49,906 | 310,163 |
2022 | 297,573 | 221,953 |
2021 | 221,657 | 173,478 |
2020 | 162,545 | 89,337 |
2019 | 82,633 | 56,898 |
Prior | 93,906 | 40,923 |
Revolving Loans Amortized Cost Basis | 7,969 | 7,510 |
Loan | 916,189 | 900,262 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
2023 | 4,268 | 6,190 |
2022 | 791 | |
2021 | 2,735 | 6,379 |
2020 | 6,383 | 484 |
2019 | 479 | |
Prior | 1,310 | 1,346 |
Revolving Loans Amortized Cost Basis | 24 | 269 |
Loan | 15,990 | 14,668 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | CRE - non owner occupied | ||
2023 | 596 | 2,824 |
2022 | 5,402 | 882 |
2021 | 833 | 18,920 |
2020 | 17,544 | |
2019 | 12,917 | |
Prior | 18,934 | 6,198 |
Loan | 43,309 | 41,741 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
2023 | 513 | 3,750 |
2022 | 2,684 | 171 |
2021 | 16,336 | |
2020 | 16,187 | 1,396 |
2019 | 1,215 | 1,197 |
Prior | 1,160 | 490 |
Loan | 21,759 | 23,340 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | CRE - non owner occupied | ||
2023 | 4,065 | 5,651 |
2022 | 3,623 | |
2021 | 157 | |
2020 | 156 | 15,217 |
2019 | 15,216 | |
Revolving Loans Amortized Cost Basis | 158 | 211 |
Loan | 23,218 | 21,236 |
Construction and Land Development [Member] | Internally Assigned Risk Rating [Member] | ||
2023 | 480,613 | |
2022 | 349,896 | |
2021 | 240,778 | |
2020 | 31,607 | |
2019 | 30,300 | |
Revolving Loans Amortized Cost Basis | 29,647 | |
Loan | 1,162,841 | |
Construction and Land Development [Member] | Internally Assigned Risk Rating [Member] | Construction Loans [Member] | ||
2023 | 49,479 | |
2022 | 493,862 | |
2021 | 333,052 | |
2020 | 232,318 | |
2019 | 31,275 | |
Prior | 28,640 | |
Revolving Loans Amortized Cost Basis | 25,117 | |
Loan | 1,193,743 | |
Construction and Land Development [Member] | Pass [Member] | ||
2023 | 479,016 | |
2022 | 330,434 | |
2021 | 240,778 | |
2020 | 31,607 | |
2019 | 30,300 | |
Revolving Loans Amortized Cost Basis | 29,647 | |
Loan | 1,141,782 | |
Construction and Land Development [Member] | Pass [Member] | Construction Loans [Member] | ||
2023 | 48,281 | |
2022 | 492,375 | |
2021 | 313,670 | |
2020 | 232,318 | |
2019 | 31,275 | |
Prior | 28,640 | |
Revolving Loans Amortized Cost Basis | 25,117 | |
Loan | 1,171,676 | |
Construction and Land Development [Member] | Special Mention [Member] | ||
2023 | 1,465 | |
2022 | 9,200 | |
Loan | 10,665 | |
Construction and Land Development [Member] | Special Mention [Member] | Construction Loans [Member] | ||
2023 | 1,100 | |
2021 | 10,210 | |
Loan | 11,310 | |
Construction and Land Development [Member] | Substandard [Member] | ||
2023 | 132 | |
2022 | 10,262 | |
Loan | 10,394 | |
Construction and Land Development [Member] | Substandard [Member] | Construction Loans [Member] | ||
2023 | 98 | |
2022 | 1,487 | |
2021 | 9,172 | |
Loan | 10,757 | |
Multi-family | ||
Loan | 969,870 | 963,803 |
Multi-family | Internally Assigned Risk Rating [Member] | ||
2023 | 15,948 | 237,839 |
2022 | 237,962 | 254,100 |
2021 | 250,990 | 226,222 |
2020 | 224,233 | 135,845 |
2019 | 137,136 | 99,695 |
Prior | 103,474 | 7,875 |
Revolving Loans Amortized Cost Basis | 127 | 2,227 |
Loan | 969,870 | 963,803 |
Multi-family | Pass [Member] | ||
2023 | 15,948 | 237,839 |
2022 | 237,962 | 254,056 |
2021 | 250,949 | 224,920 |
2020 | 222,923 | 134,378 |
2019 | 135,619 | 99,695 |
Prior | 103,474 | 7,875 |
Revolving Loans Amortized Cost Basis | 127 | 2,227 |
Loan | 967,002 | 960,990 |
Multi-family | Special Mention [Member] | ||
2022 | 44 | |
2020 | 1,467 | |
2019 | 1,517 | |
Loan | 1,517 | 1,511 |
Multi-family | Substandard [Member] | ||
2021 | 41 | 1,302 |
2020 | 1,310 | |
Loan | 1,351 | 1,302 |
1-4 family real estate | ||
Loan | 532,491 | 499,529 |
1-4 family real estate | Internally Assigned Risk Rating [Member] | ||
2023 | 37,624 | 61,981 |
2022 | 55,127 | 57,731 |
2021 | 56,644 | 33,737 |
2020 | 31,349 | 12,692 |
2019 | 12,222 | 5,813 |
Prior | 9,792 | 6,002 |
Revolving Loans Amortized Cost Basis | 5,380 | 5,855 |
Loan | 208,138 | 183,811 |
1-4 family real estate | Pass [Member] | ||
2023 | 37,624 | 61,953 |
2022 | 55,100 | 57,731 |
2021 | 56,644 | 33,737 |
2020 | 31,349 | 12,687 |
2019 | 12,218 | 5,813 |
Prior | 9,792 | 6,002 |
Revolving Loans Amortized Cost Basis | 5,380 | 5,855 |
Loan | 208,107 | 183,778 |
1-4 family real estate | Substandard [Member] | ||
2023 | 28 | |
2022 | 27 | |
2020 | 5 | |
2019 | 4 | |
Loan | 31 | 33 |
Consumer | ||
Loan | $ 116,522 | 110,421 |
Consumer | Internally Assigned Risk Rating [Member] | ||
2023 | 793 | |
2022 | 801 | |
2021 | 505 | |
2020 | 122 | |
2019 | 366 | |
Prior | 621 | |
Revolving Loans Amortized Cost Basis | 10,226 | |
Loan | 13,434 | |
Consumer | Pass [Member] | ||
2023 | 511 | |
2022 | 801 | |
2021 | 493 | |
2020 | 122 | |
2019 | 254 | |
Prior | 621 | |
Revolving Loans Amortized Cost Basis | 10,226 | |
Loan | 13,028 | |
Consumer | Substandard [Member] | ||
2023 | 282 | |
2021 | 12 | |
2019 | 112 | |
Loan | $ 406 |
Note 3 - LOANS_LEASES RECEIV_11
Note 3 - LOANS/LEASES RECEIVABLE - Leases By Delinquency Status (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Loan | $ 6,190,022 | $ 6,138,871 |
Delinquency Status [Member] | ||
2023 | 81,964 | 298,706 |
2022 | 248,254 | 173,708 |
2021 | 162,625 | 110,850 |
2020 | 105,113 | 31,060 |
2019 | 28,170 | 15,942 |
Prior | 62,333 | 50,417 |
Revolving Loans Amortized Cost Basis | 75,588 | 71,174 |
Loan | 764,047 | 751,857 |
Nonperforming Financial Instruments [Member] | ||
Loan | 22,962 | 8,770 |
C&I - other | ||
Loan | 1,451,693 | |
C&I - other | Nonperforming Financial Instruments [Member] | ||
Loan | 4,770 | 3,140 |
Commercial Portfolio Segment [Member] | ||
Loan | 1,727,943 | 1,748,562 |
Commercial Portfolio Segment [Member] | C&I - other | ||
Loan | 1,420,331 | 1,451,693 |
Commercial Portfolio Segment [Member] | C&I - other | Delinquency Status [Member] | ||
2023 | 43,765 | 171,290 |
2022 | 148,546 | 71,014 |
2021 | 63,697 | 25,695 |
2020 | 22,334 | 8,161 |
2019 | 6,603 | 1,804 |
Prior | 1,176 | 79 |
Loan | 286,121 | 278,043 |
Commercial Portfolio Segment [Member] | C&I - other | Performing Loans | ||
2023 | 43,765 | 170,180 |
2022 | 145,880 | 69,694 |
2021 | 62,307 | 25,540 |
2020 | 22,270 | 8,066 |
2019 | 6,566 | 1,804 |
Prior | 1,176 | 79 |
Loan | 281,964 | 275,363 |
Commercial Portfolio Segment [Member] | C&I - other | Nonperforming Financial Instruments [Member] | ||
2023 | 1,110 | |
2022 | 2,666 | 1,320 |
2021 | 1,390 | 155 |
2020 | 64 | 95 |
2019 | 37 | |
Loan | 4,157 | 2,680 |
Direct financing leases | ||
Loan | 35,373 | 31,889 |
Direct financing leases | Delinquency Status [Member] | ||
2023 | 5,256 | 28,785 |
2022 | 15,409 | 360 |
2021 | 4,738 | 10 |
2020 | 4,948 | 3 |
2019 | 3,767 | 62 |
Prior | 1,255 | |
Loan | 35,373 | 29,220 |
Direct financing leases | Performing Loans | ||
2023 | 5,256 | 28,785 |
2022 | 15,409 | 360 |
2021 | 4,710 | 10 |
2020 | 4,926 | 3 |
2019 | 3,753 | 62 |
Prior | 1,201 | |
Loan | 35,255 | 29,220 |
Direct financing leases | Nonperforming Financial Instruments [Member] | ||
2021 | 28 | |
2020 | 22 | |
2019 | 14 | |
Prior | 54 | |
Loan | 118 | 135 |
Construction and Land Development [Member] | Construction Loans [Member] | Delinquency Status [Member] | ||
2023 | 3,059 | 14,578 |
2022 | 10,978 | 5,204 |
2021 | 331 | 5,788 |
2020 | 10 | 4,405 |
2019 | 3 | 1,544 |
Prior | 61 | 370 |
Loan | 14,442 | 31,889 |
Construction and Land Development [Member] | Construction Loans [Member] | Performing Loans | ||
2023 | 3,059 | 14,578 |
2022 | 10,978 | 5,172 |
2021 | 331 | 5,700 |
2020 | 10 | 4,398 |
2019 | 3 | 1,536 |
Prior | 61 | 370 |
Loan | 14,442 | 31,754 |
Construction and Land Development [Member] | Construction Loans [Member] | Nonperforming Financial Instruments [Member] | ||
2022 | 32 | |
2021 | 88 | |
2020 | 7 | |
2019 | 8 | |
Loan | 135 | |
1-4 family real estate | ||
Loan | 532,491 | 499,529 |
1-4 family real estate | Nonperforming Financial Instruments [Member] | ||
Loan | 2,287 | 2,046 |
1-4 family real estate | One To Four Family [Member] | Delinquency Status [Member] | ||
2023 | 23,843 | 69,361 |
2022 | 61,143 | 93,286 |
2021 | 90,530 | 75,640 |
2020 | 74,481 | 17,368 |
2019 | 16,852 | 11,389 |
Prior | 57,421 | 48,584 |
Revolving Loans Amortized Cost Basis | 83 | 90 |
Loan | 324,353 | 315,718 |
1-4 family real estate | One To Four Family [Member] | Performing Loans | ||
2023 | 23,843 | 69,094 |
2022 | 61,010 | 92,762 |
2021 | 90,018 | 75,153 |
2020 | 74,002 | 17,089 |
2019 | 16,392 | 11,381 |
Prior | 56,749 | 48,136 |
Revolving Loans Amortized Cost Basis | 83 | 90 |
Loan | 322,097 | 313,705 |
1-4 family real estate | One To Four Family [Member] | Nonperforming Financial Instruments [Member] | ||
2023 | 267 | |
2022 | 133 | 524 |
2021 | 512 | 487 |
2020 | 479 | 279 |
2019 | 460 | 8 |
Prior | 672 | 448 |
Loan | 2,256 | 2,013 |
Consumer | ||
Loan | 116,522 | 110,421 |
Consumer | Nonperforming Financial Instruments [Member] | ||
Loan | 266 | 353 |
Consumer | Consumer. | Delinquency Status [Member] | ||
2023 | 6,041 | 14,692 |
2022 | 12,178 | 3,844 |
2021 | 3,329 | 3,717 |
2020 | 3,340 | 1,123 |
2019 | 945 | 1,143 |
Prior | 2,420 | 1,384 |
Revolving Loans Amortized Cost Basis | 75,505 | 71,084 |
Loan | 103,758 | 96,987 |
Consumer | Consumer. | Performing Loans | ||
2023 | 6,041 | 14,685 |
2022 | 12,171 | 3,844 |
2021 | 3,329 | 3,717 |
2020 | 3,340 | 1,123 |
2019 | 945 | 1,140 |
Prior | 2,379 | 1,325 |
Revolving Loans Amortized Cost Basis | 75,460 | 70,974 |
Loan | 103,665 | 96,808 |
Consumer | Consumer. | Nonperforming Financial Instruments [Member] | ||
2023 | 7 | |
2022 | 7 | |
2019 | 3 | |
Prior | 41 | 59 |
Revolving Loans Amortized Cost Basis | 45 | 110 |
Loan | $ 93 | $ 179 |
Note 3 - LOANS_LEASES RECEIV_12
Note 3 - LOANS/LEASES RECEIVABLE - Schedule of Gross Charge Offs of loans and Leases by Class of Receivable and Year of Origination (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
2022 | $ 752 | |
2021 | 489 | |
2020 | 794 | |
2019 | 204 | |
Prior | 36 | |
Total | 2,275 | |
Construction and Land Development [Member] | ||
2022 | 12 | |
Total | 12 | |
Multi-family | ||
Total | $ 7 | |
Direct financing leases | ||
2019 | 3 | |
Prior | 1 | |
Total | 4 | 456 |
C&I - revolving | Commercial Portfolio Segment [Member] | ||
Total | 449 | |
C&I - other | ||
2022 | 740 | |
2021 | 281 | |
2020 | 794 | |
2019 | 201 | |
Prior | 35 | |
Total | 2,051 | |
C&I - other | Commercial Portfolio Segment [Member] | ||
Total | 2,055 | |
C&I - other | Direct financing leases | ||
Total | $ 114 | |
CRE - owner occupied | ||
2021 | 208 | |
Total | 208 | |
Construction Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Total | 12 | |
Owner Occupied Commercial Real Estate Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Total | $ 208 |
Note 3 - LOANS_LEASES RECEIV_13
Note 3 - LOANS/LEASES RECEIVABLE - Adoption of ASU 2016-13 (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Balance | $ 87,706 | |
Provisions (credited) to expense | 3,928 | $ (2,916) |
Balance | 86,573 | |
Unfunded Loan Commitment | ||
Balance | 5,552 | 6,886 |
Provisions (credited) to expense | 481 | 933 |
Balance | $ 6,033 | $ 7,819 |
Note 4 - DERIVATIVES AND HEDG_3
Note 4 - DERIVATIVES AND HEDGING ACTIVITIES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Deposits | $ 6,501,663 | $ 5,984,217 |
Cash Flow Hedging | ||
Deposits | 300,000 | |
Interest rate cap | Cash Flow Hedging | ||
Initial premium paid upfront for the two caps | $ 3,500 |
Note 4 - DERIVATIVES AND HEDG_4
Note 4 - DERIVATIVES AND HEDGING ACTIVITIES - Summary of Derivatives (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative Assets | $ 130,350 | $ 177,631 |
Derivative Liabilities | (150,401) | (200,701) |
Interest rate cap | ||
Derivative Assets | 1,786 | 2,213 |
Interest rate cap | Cash Flow Hedging | ||
Derivative Assets | 6,714 | 8,327 |
Interest rate swap | ||
Derivative Assets | 120,366 | 166,614 |
Derivative Liabilities | (120,366) | (166,614) |
Interest rate swap | Cash Flow Hedging | ||
Derivative Assets | 1,484 | 477 |
Derivative Liabilities | (29,978) | (33,824) |
Interest rate collar | Cash Flow Hedging | ||
Derivative Liabilities | $ (57) | $ (263) |
Note 4 - DERIVATIVES AND HEDG_5
Note 4 - DERIVATIVES AND HEDGING ACTIVITIES - Summary of Interest Rate Cap Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Derivative Assets | $ 130,350 | $ 177,631 |
Interest rate swap | ||
Derivative Assets | 120,366 | 166,614 |
Interest rate cap | ||
Derivative Assets | 1,786 | 2,213 |
Cash Flow Hedging | Interest rate swap | ||
Derivative Assets | 1,484 | 477 |
Cash Flow Hedging | Interest rate cap | ||
Derivative Assets | 6,714 | 8,327 |
Designated as Hedging Instrument | Derivative Assets. | Cash Flow Hedging | Derivative Instrument One Maturing 2023 [Member] | ||
Notional Amount | $ 25,000 | |
Fair Value - Liability | (50) | |
Designated as Hedging Instrument | Derivative Assets. | Cash Flow Hedging | Derivative Instrument One Maturing 2023 [Member] | London Interbank Offered Rate (LIBOR) | ||
Derivative, Basis Spread on Variable Rate | 1.75% | |
Designated as Hedging Instrument | Derivative Assets. | Cash Flow Hedging | Derivative Instrument One Maturing 2024 [Member] | ||
Notional Amount | $ 25,000 | |
Fair Value - Asset | $ 515 | 714 |
Designated as Hedging Instrument | Derivative Assets. | Cash Flow Hedging | Derivative Instrument One Maturing 2024 [Member] | London Interbank Offered Rate (LIBOR) | ||
Derivative, Basis Spread on Variable Rate | 1.75% | |
Designated as Hedging Instrument | Derivative Assets. | Cash Flow Hedging | Derivative Instrument Two Maturing 2024 [Member] | ||
Notional Amount | $ 50,000 | |
Fair Value - Asset | $ 1,191 | 1,566 |
Designated as Hedging Instrument | Derivative Assets. | Cash Flow Hedging | Derivative Instrument Two Maturing 2024 [Member] | London Interbank Offered Rate (LIBOR) | ||
Derivative, Basis Spread on Variable Rate | 1.57% | |
Designated as Hedging Instrument | Derivative Assets. | Cash Flow Hedging | Derivative Instrument Three Maturing 2024 [Member] | ||
Notional Amount | $ 25,000 | |
Fair Value - Asset | $ 596 | 783 |
Designated as Hedging Instrument | Derivative Assets. | Cash Flow Hedging | Derivative Instrument Three Maturing 2024 [Member] | London Interbank Offered Rate (LIBOR) | ||
Derivative, Basis Spread on Variable Rate | 1.80% | |
Designated as Hedging Instrument | Derivative Assets. | Cash Flow Hedging | Derivative Instrument One Maturing 2025 [Member] | ||
Notional Amount | $ 25,000 | |
Fair Value - Asset | $ 1,032 | 1,264 |
Designated as Hedging Instrument | Derivative Assets. | Cash Flow Hedging | Derivative Instrument One Maturing 2025 [Member] | London Interbank Offered Rate (LIBOR) | ||
Derivative, Basis Spread on Variable Rate | 1.75% | |
Designated as Hedging Instrument | Derivative Assets. | Cash Flow Hedging | Derivative Instrument Two Maturing 2025 [Member] | ||
Notional Amount | $ 50,000 | |
Fair Value - Asset | $ 2,253 | 2,700 |
Designated as Hedging Instrument | Derivative Assets. | Cash Flow Hedging | Derivative Instrument Two Maturing 2025 [Member] | London Interbank Offered Rate (LIBOR) | ||
Derivative, Basis Spread on Variable Rate | 1.57% | |
Designated as Hedging Instrument | Derivative Assets. | Cash Flow Hedging | Derivative Instrument Three Maturing 2025 [Member] | ||
Notional Amount | $ 25,000 | |
Fair Value - Asset | $ 1,127 | 1,350 |
Designated as Hedging Instrument | Derivative Assets. | Cash Flow Hedging | Derivative Instrument Three Maturing 2025 [Member] | London Interbank Offered Rate (LIBOR) | ||
Derivative, Basis Spread on Variable Rate | 1.80% | |
Designated as Hedging Instrument | Derivative Assets. | Cash Flow Hedging | Guaranty Statutory Trust II | ||
Notional Amount | $ 10,310 | |
Fair Value - Asset | $ 400 | |
Fair Value - Liability | (477) | |
Receive Rate | 6.37% | |
Pay Rate | 4.09% | |
Designated as Hedging Instrument | Derivative Assets. | Cash Flow Hedging | Interest rate cap | ||
Notional Amount | $ 225,000 | |
Fair Value - Asset | 6,714 | 8,327 |
Designated as Hedging Instrument | Derivative Liabilities | Cash Flow Hedging | ||
Notional Amount | 300,000 | |
Fair Value - Liability | (29,978) | (35,631) |
Designated as Hedging Instrument | Derivative Liabilities | Cash Flow Hedging | Interest rate swap | ||
Notional Amount | 49,310 | |
Fair Value - Liability | (2,284) | |
Fair value, net | 1,484 | |
Designated as Hedging Instrument | Derivative Liabilities | Cash Flow Hedging | QCR Holdings Statutory Trust II | ||
Notional Amount | 10,000 | |
Fair Value - Liability | $ (279) | (464) |
Receive Rate | 7.60% | |
Pay Rate | 5.85% | |
Designated as Hedging Instrument | Derivative Liabilities | Cash Flow Hedging | QCR Holdings Statutory Trust III | ||
Notional Amount | $ 8,000 | |
Fair Value - Liability | $ (223) | (372) |
Receive Rate | 7.60% | |
Pay Rate | 5.85% | |
Designated as Hedging Instrument | Derivative Liabilities | Cash Flow Hedging | QCR Holdings Statutory Trust V | ||
Notional Amount | $ 10,000 | |
Fair Value - Liability | $ (279) | (459) |
Receive Rate | 6.38% | |
Pay Rate | 4.54% | |
Designated as Hedging Instrument | Derivative Liabilities | Cash Flow Hedging | Community National Statutory Trust II | ||
Notional Amount | $ 3,000 | |
Fair Value - Liability | $ (83) | (140) |
Receive Rate | 7.13% | |
Pay Rate | 5.17% | |
Designated as Hedging Instrument | Derivative Liabilities | Cash Flow Hedging | Community National Statutory Trust III | ||
Notional Amount | $ 3,500 | |
Fair Value - Liability | $ (96) | (163) |
Receive Rate | 6.62% | |
Pay Rate | 4.75% | |
Designated as Hedging Instrument | Derivative Liabilities | Cash Flow Hedging | Guaranty Bankshares Statutory Trust I | ||
Notional Amount | $ 4,500 | |
Fair Value - Liability | $ (124) | (209) |
Receive Rate | 6.62% | |
Pay Rate | 4.75% | |
Designated as Hedging Instrument | Derivative Liabilities | Cash Flow Hedging | Loans, one | ||
Notional Amount | $ 35,000 | |
Fair Value - Liability | $ (4,809) | (5,646) |
Receive Rate | 1.40% | |
Pay Rate | 4.86% | |
Designated as Hedging Instrument | Derivative Liabilities | Cash Flow Hedging | Loans, two | ||
Notional Amount | $ 50,000 | |
Fair Value - Liability | $ (6,871) | (8,066) |
Receive Rate | 1.40% | |
Pay Rate | 4.86% | |
Designated as Hedging Instrument | Derivative Liabilities | Cash Flow Hedging | Loans, three | ||
Notional Amount | $ 40,000 | |
Fair Value - Liability | $ (5,508) | (6,464) |
Receive Rate | 1.40% | |
Pay Rate | 4.86% | |
Designated as Hedging Instrument | Derivative Liabilities | Cash Flow Hedging | Loans, four | ||
Notional Amount | $ 25,000 | |
Fair Value - Liability | $ (3,403) | (4,018) |
Receive Rate | 1.30% | |
Pay Rate | 4.87% | |
Designated as Hedging Instrument | Derivative Liabilities | Cash Flow Hedging | Loan five | ||
Notional Amount | $ 15,000 | |
Fair Value - Liability | $ (939) | (1,144) |
Receive Rate | 1.91% | |
Pay Rate | 4.86% | |
Designated as Hedging Instrument | Derivative Liabilities | Cash Flow Hedging | Loan six | ||
Notional Amount | $ 50,000 | |
Fair Value - Liability | $ (3,129) | (3,812) |
Receive Rate | 1.91% | |
Pay Rate | 4.86% | |
Designated as Hedging Instrument | Derivative Liabilities | Cash Flow Hedging | Loan seven | ||
Notional Amount | $ 35,000 | |
Fair Value - Liability | $ (2,190) | (2,669) |
Receive Rate | 1.91% | |
Pay Rate | 4.86% | |
Designated as Hedging Instrument | Derivative Liabilities | Cash Flow Hedging | Loan eight | ||
Notional Amount | $ 50,000 | |
Fair Value - Liability | $ (3,129) | (3,812) |
Receive Rate | 1.91% | |
Pay Rate | 4.86% | |
Non Designated | ||
Derivative Assets | $ 1,786 | $ 2,213 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Derivative Assets | Derivative Assets |
Non Designated | Derivative Instrument One Maturing 2023 [Member] | ||
Derivative Assets | $ 3 | |
Non Designated | Derivative Instrument One Maturing 2024 [Member] | ||
Derivative Assets | $ 635 | 822 |
Non Designated | Derivative Instrument One Maturing 2025 [Member] | ||
Derivative Assets | 1,151 | 1,388 |
Non Designated | Interest rate swap | ||
Derivative Assets | 120,366 | $ 166,614 |
Non Designated | Derivative Assets. | ||
Notional Amount | 75,000 | |
Non Designated | Derivative Assets. | Derivative Instrument One Maturing 2023 [Member] | ||
Notional Amount | $ 25,000 | |
Non Designated | Derivative Assets. | Derivative Instrument One Maturing 2023 [Member] | London Interbank Offered Rate (LIBOR) | ||
Derivative, Basis Spread on Variable Rate | 1.90% | |
Non Designated | Derivative Assets. | Derivative Instrument One Maturing 2024 [Member] | ||
Notional Amount | $ 25,000 | |
Non Designated | Derivative Assets. | Derivative Instrument One Maturing 2024 [Member] | London Interbank Offered Rate (LIBOR) | ||
Derivative, Basis Spread on Variable Rate | 1.90% | |
Non Designated | Derivative Assets. | Derivative Instrument One Maturing 2025 [Member] | ||
Notional Amount | $ 25,000 | |
Non Designated | Derivative Assets. | Derivative Instrument One Maturing 2025 [Member] | London Interbank Offered Rate (LIBOR) | ||
Derivative, Basis Spread on Variable Rate | 1.90% |
Note 4 - DERIVATIVES AND HEDG_6
Note 4 - DERIVATIVES AND HEDGING ACTIVITIES - Interest Rate Collars (Details) - Cash Flow Hedging - Designated as Hedging Instrument - Derivative Liabilities - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Notional Amount | $ 300,000 | |
Fair Value - Liability | (29,978) | $ (35,631) |
Interest rate collar | ||
Notional Amount | $ 50,000 | |
Cap Strike Rate | 4.40% | |
Floor Strike Rate | 2.44% | |
Fair Value - Liability | $ (57) | $ (263) |
Note 4 - DERIVATIVES AND HEDG_7
Note 4 - DERIVATIVES AND HEDGING ACTIVITIES - Significantly Impact of operations (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative Assets | $ 130,350 | $ 177,631 |
Derivative Liabilities. | 150,401 | 200,701 |
Interest rate swap | ||
Derivative Assets | 120,366 | 166,614 |
Derivative Liabilities. | 120,366 | 166,614 |
Non Designated | ||
Derivative Assets | 1,786 | 2,213 |
Non Designated | Interest rate swap | ||
Derivative Asset, Notional Amount | 2,855,239 | 2,528,949 |
Derivative Assets | 120,366 | 166,614 |
Derivative Liability, Notional Amount | 2,855,239 | 2,528,949 |
Derivative Liabilities. | $ 120,366 | $ 166,614 |
Note 4 - DERIVATIVES AND HEDG_8
Note 4 - DERIVATIVES AND HEDGING ACTIVITIES - Cash flow hedging and fair value (Details) - Non Designated - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Interest And Dividend Income | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||
Income and expense line items presented in the consolidated statements of income | $ 94,217 | $ 51,062 |
Interest Expense | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||
Income and expense line items presented in the consolidated statements of income | 37,407 | 5,329 |
Interest Rate Caps On Deposits | Interest Expense | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||
Gain Loss From Components Excluded From Assessment Of Cash Flow Hedge Effectiveness Net | (1,581) | 221 |
Interest Rate Swaps on Variable Rate Loans | Interest And Dividend Income | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||
Gain Loss From Components Excluded From Assessment Of Cash Flow Hedge Effectiveness Net | (2,055) | 471 |
Interest Rate Swap on Junior Subordinated Debentures | Interest Expense | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||
Gain Loss From Components Excluded From Assessment Of Cash Flow Hedge Effectiveness Net | $ (227) | $ 267 |
Note 4 - DERIVATIVES AND HEDG_9
Note 4 - DERIVATIVES AND HEDGING ACTIVITIES - Hedged Interest Rate Swaps and Non-hedged Interest Rate Swaps (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | ||
Swapped loan portfolio loan-to-value percentage, including the potential swap exposure | 65% | |
Interest rate swap | ||
Derivative [Line Items] | ||
Interest rate swaps collateralized by investment securities | $ 11,602 | $ 38,756 |
Interest rate swap | Cash | ||
Derivative [Line Items] | ||
Interest rate swaps collateralized by investment securities | 1,661 | 1,272 |
Interest rate swap | Municipal securities | ||
Derivative [Line Items] | ||
Interest rate swaps collateralized by investment securities | 3,954 | 8,227 |
Interest rate swap | Residential mortgage-backed and related securities | ||
Derivative [Line Items] | ||
Interest rate swaps collateralized by investment securities | $ 5,987 | $ 29,257 |
Note 5 - INCOME TAXES - Reconci
Note 5 - INCOME TAXES - Reconciliation of the Expected Federal Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
INCOME TAXES | ||
Computed "expected" tax expense | $ 6,287 | $ 5,451 |
Tax exempt income, net | (3,216) | (2,222) |
Bank-owned life insurance | (148) | (73) |
State income taxes, net of federal benefit, current year | 1,189 | 1,291 |
Provision adjustment from accounting method change | 1,181 | |
Tax Credits | (177) | (242) |
Income from tax credit equity investments | (413) | (301) |
Acquisition costs | 130 | |
Excess tax benefit on stock options exercised and restricted stock awards vested | 398 | 434 |
Other | 342 | 86 |
Federal and state income tax expense | $ 2,782 | $ 2,333 |
Computed "expected" tax expense (in percentage) | 21% | 21% |
Tax exempt income, net (in percentage) | (10.70%) | (8.60%) |
Bank-owned life insurance (in percentage) | (0.50%) | (0.30%) |
State income taxes, net of federal benefit, current year (in percentage) | 4% | 5% |
Provision adjustment from accounting method change (in percentage) | (4.50%) | |
Tax credits (in percentage) | (0.60%) | (0.90%) |
Income from tax credit equity investments (in percentage) | (1.40%) | (1.20%) |
Acquisition costs (in percentage) | 0.50% | |
Excess tax benefit on stock options exercised and restricted stock awards vested (in percentage) | (1.30%) | (1.70%) |
Other (in percentage) | (1.20%) | (0.30%) |
Federal and state income tax expense (in percentage) | 9.30% | 9% |
Note 6 - EARNINGS PER SHARE - B
Note 6 - EARNINGS PER SHARE - Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
EARNINGS PER SHARE | ||
Net income | $ 27,157 | $ 23,624 |
Basic EPS | $ 1.62 | $ 1.51 |
Diluted EPS | $ 1.60 | $ 1.49 |
Weighted average common shares outstanding | 16,776,289 | 15,625,112 |
Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan (in shares) | 165,843 | 227,144 |
Weighted average common and common equivalent shares outstanding | 16,942,132 | 15,852,256 |
Note 7 - FAIR VALUE (Details)
Note 7 - FAIR VALUE (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Securities available for sale, at fair value | $ 315,477 | $ 340,960 |
Derivatives | 130,350 | 177,631 |
Derivatives | 150,401 | 200,701 |
Interest rate swap | ||
Derivatives | 120,366 | 166,614 |
Derivatives | 120,366 | 166,614 |
Fair Value, Measurements, Recurring [Member] | ||
Derivatives | 130,350 | 177,631 |
Assets Fair Value | 445,827 | 518,591 |
Liabilities Fair Value | 150,401 | 200,701 |
Fair Value, Measurements, Recurring [Member] | Interest rate swap | ||
Derivatives | 150,401 | 200,701 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivatives | 130,350 | 177,631 |
Assets Fair Value | 445,827 | 518,591 |
Liabilities Fair Value | 150,401 | 200,701 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest rate swap | ||
Derivatives | 150,401 | 200,701 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Assets Fair Value | 181,644 | 30,909 |
Loans receivable held for sale fair value disclosure | 139,224 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets Fair Value | 181,644 | 30,909 |
Loans receivable held for sale fair value disclosure | 139,224 | |
U.S. treasuries and govt. sponsored agency securities | ||
Securities available for sale, at fair value | 19,320 | 16,981 |
U.S. treasuries and govt. sponsored agency securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale, at fair value | 19,320 | 16,981 |
U.S. treasuries and govt. sponsored agency securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value | 19,320 | 16,981 |
Residential mortgage-backed and related securities | ||
Securities available for sale, at fair value | 63,104 | 66,215 |
Residential mortgage-backed and related securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale, at fair value | 63,104 | 66,215 |
Residential mortgage-backed and related securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value | 63,104 | 66,215 |
Asset-backed securities | ||
Securities available for sale, at fair value | 17,967 | 18,728 |
Asset-backed securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale, at fair value | 17,967 | 18,728 |
Asset-backed securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value | 17,967 | 18,728 |
Municipal securities. | ||
Securities available for sale, at fair value | 170,590 | 193,178 |
Municipal securities. | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale, at fair value | 170,590 | 193,178 |
Municipal securities. | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value | 170,590 | 193,178 |
Other securities | ||
Securities available for sale, at fair value | 44,496 | 45,858 |
Other securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale, at fair value | 44,496 | 45,858 |
Other securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value | 44,496 | 45,858 |
Impaired Loans Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets Fair Value | 42,354 | 30,765 |
Impaired Loans Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets Fair Value | 42,354 | 30,765 |
Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets Fair Value | 66 | 144 |
Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets Fair Value | $ 66 | $ 144 |
Note 7 - FAIR VALUE - Quantitat
Note 7 - FAIR VALUE - Quantitative Information About Level Fair Value Measurements (Details) - Fair Value, Inputs, Level 3 [Member] - Valuation Technique, Appraisal of Collateral [Member] - Measurement Input, Appraised Value [Member] $ in Thousands | Mar. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) |
Loans receivable held for sale fair value disclosure | $ | $ 139,224 | |
Loans receivable held-for-sale, Valuation Technique | us-gaap:MarketApproachValuationTechniqueMember | us-gaap:MarketApproachValuationTechniqueMember |
Loans receivable held-for-sale, Measurement Input | us-gaap:MeasurementInputComparabilityAdjustmentMember | us-gaap:MeasurementInputComparabilityAdjustmentMember |
Impaired Loans Leases [Member] | ||
Fair value | $ | $ 42,354 | $ 30,765 |
Valuation technique | Valuation Technique, Appraisal of Collateral [Member] | Valuation Technique, Appraisal of Collateral [Member] |
Unobservable input | Measurement Input, Appraised Value [Member] | Measurement Input, Appraised Value [Member] |
Impaired Loans Leases [Member] | Minimum | ||
Impaired loans/leases, measurement input | (0.1000) | |
Impaired Loans Leases [Member] | Maximum | ||
Impaired loans/leases, measurement input | (0.3000) | |
Other Real Estate Owned [Member] | ||
Fair value | $ | $ 66 | $ 144 |
Valuation technique, OREO | Valuation Technique, Appraisal of Collateral [Member] | Valuation Technique, Appraisal of Collateral [Member] |
Unobservable input, OREO | Measurement Input, Appraised Value [Member] | Measurement Input, Appraised Value [Member] |
Other Real Estate Owned [Member] | Minimum | ||
OREO, measurement input | 0 | |
Other Real Estate Owned [Member] | Maximum | ||
OREO, measurement input | (0.3500) |
Note 7 - FAIR VALUE - Carrying
Note 7 - FAIR VALUE - Carrying Values and Estimated Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Interest-bearing deposits at financial institutions | $ 237,632 | $ 67,360 |
Securities held to maturity, fair value | 528,966 | 535,636 |
Securities available for sale, at fair value | 315,477 | 340,960 |
Derivatives | 130,350 | 177,631 |
Derivatives | 150,401 | 200,701 |
Interest rate cap | ||
Derivatives | 1,786 | 2,213 |
Interest rate swap | ||
Derivatives | 120,366 | 166,614 |
Derivatives | 120,366 | 166,614 |
Fair Value, Inputs, Level 1 [Member] | Carrying Value | ||
Cash and due from banks | 64,295 | 59,723 |
Fair Value, Inputs, Level 1 [Member] | Estimated Fair Value | ||
Cash and due from banks | 64,295 | 59,723 |
Fair Value, Inputs, Level 2 [Member] | Carrying Value | ||
Federal funds sold | 16,365 | 56,910 |
Securities held to maturity, fair value | 561,969 | 587,142 |
Securities available for sale, at fair value | 315,477 | 340,960 |
Loans/leases receivable, net | 5,925,008 | 6,022,679 |
Short-term borrowings | 1,100 | 129,630 |
FHLB advances | 135,000 | 415,000 |
Subordinated notes | 232,746 | 232,662 |
Junior subordinated debentures | 48,634 | 48,602 |
Fair Value, Inputs, Level 2 [Member] | Carrying Value | Non-maturity Deposits [Member] | ||
Deposits | 5,288,242 | 5,199,633 |
Fair Value, Inputs, Level 2 [Member] | Carrying Value | Time Deposits [Member] | ||
Deposits | 1,213,421 | 784,584 |
Fair Value, Inputs, Level 2 [Member] | Carrying Value | Interest rate cap | ||
Derivatives | 130,350 | 177,631 |
Fair Value, Inputs, Level 2 [Member] | Carrying Value | Interest rate swap | ||
Derivatives | 150,401 | 200,701 |
Fair Value, Inputs, Level 2 [Member] | Carrying Value | Interest-bearing Deposits [Member] | ||
Interest-bearing deposits at financial institutions | 237,632 | 67,360 |
Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | ||
Federal funds sold | 16,365 | 56,910 |
Securities held to maturity, fair value | 528,966 | 535,636 |
Securities available for sale, at fair value | 315,477 | 340,960 |
Loans/leases receivable, net | 5,749,501 | 5,896,443 |
Short-term borrowings | 1,100 | 129,630 |
FHLB advances | 138,588 | 415,000 |
Subordinated notes | 249,647 | 250,613 |
Junior subordinated debentures | 40,368 | 41,545 |
Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | Non-maturity Deposits [Member] | ||
Deposits | 5,288,242 | 5,199,633 |
Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | Time Deposits [Member] | ||
Deposits | 1,201,496 | 766,294 |
Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | Interest rate cap | ||
Derivatives | 130,350 | 177,631 |
Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | Interest rate swap | ||
Derivatives | 150,401 | 200,701 |
Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | Interest-bearing Deposits [Member] | ||
Interest-bearing deposits at financial institutions | 237,632 | 67,360 |
Fair Value, Inputs, Level 3 [Member] | Carrying Value | ||
Loans/leases receivable, net | 178,441 | 28,486 |
Fair Value, Inputs, Level 3 [Member] | Estimated Fair Value | ||
Loans/leases receivable, net | 181,578 | 30,765 |
Fair Value, Measurements, Recurring [Member] | ||
Derivatives | 130,350 | 177,631 |
Fair Value, Measurements, Recurring [Member] | Interest rate swap | ||
Derivatives | 150,401 | 200,701 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivatives | 130,350 | 177,631 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest rate swap | ||
Derivatives | 150,401 | $ 200,701 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Loans, net | 139,224 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans, net | $ 139,224 |
Note 8 - BUSINESS SEGMENT INF_3
Note 8 - BUSINESS SEGMENT INFORMATION - (Details) | Mar. 31, 2023 subsidiary |
Number of subsidiaries commercial banks | 4 |
Commercial Banking | |
Number of subsidiaries commercial banks | 4 |
Note 8 - BUSINESS SEGMENT INF_4
Note 8 - BUSINESS SEGMENT INFORMATION - Selected Financial Information on the Company's Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Total revenue | $ 120,059 | $ 66,695 | |
Net interest income | 56,810 | 45,733 | |
Provision for credit losses | 3,928 | (2,916) | |
Net income (loss) from continuing operations | 27,157 | 23,624 | |
Goodwill | 138,474 | 74,066 | $ 137,607 |
Intangibles | 15,993 | 8,856 | 16,759 |
Total assets | 8,036,904 | 6,175,819 | $ 7,948,837 |
Intersegment Eliminations [Member] | |||
Total revenue | (35,046) | (29,068) | |
Net interest income | 344 | 346 | |
Net income (loss) from continuing operations | (34,108) | (28,532) | |
Total assets | (1,258,826) | (948,227) | |
Commercial Banking | QCBT | Operating Segments [Member] | |||
Total revenue | 33,124 | 22,480 | |
Net interest income | 16,988 | 17,314 | |
Provision for credit losses | 1,573 | (1,259) | |
Net income (loss) from continuing operations | 7,038 | 9,970 | |
Goodwill | 3,223 | 3,223 | |
Total assets | 2,548,473 | 2,195,894 | |
Commercial Banking | CRBT | Operating Segments [Member] | |||
Total revenue | 43,123 | 25,211 | |
Net interest income | 17,179 | 14,323 | |
Provision for credit losses | 1,516 | (770) | |
Net income (loss) from continuing operations | 16,400 | 11,129 | |
Goodwill | 14,980 | 14,980 | |
Intangibles | 1,108 | 1,583 | |
Total assets | 2,196,560 | 1,947,737 | |
Commercial Banking | CSB | Operating Segments [Member] | |||
Total revenue | 16,568 | 11,316 | |
Net interest income | 10,890 | 9,331 | |
Provision for credit losses | 492 | (385) | |
Net income (loss) from continuing operations | 4,760 | 4,126 | |
Goodwill | 9,888 | 9,888 | |
Intangibles | 1,878 | 2,497 | |
Total assets | 1,286,227 | 1,184,708 | |
Commercial Banking | Guaranty Bank | Operating Segments [Member] | |||
Total revenue | 27,621 | 7,844 | |
Net interest income | 15,372 | 6,528 | |
Provision for credit losses | 347 | (502) | |
Net income (loss) from continuing operations | 5,387 | 3,104 | |
Goodwill | 110,383 | 45,975 | |
Intangibles | 13,007 | 4,776 | |
Total assets | 2,147,776 | 956,345 | |
Other Segments | Operating Segments [Member] | |||
Total revenue | 34,669 | 28,912 | |
Net interest income | (3,963) | (2,109) | |
Net income (loss) from continuing operations | 27,680 | 23,827 | |
Total assets | $ 1,116,694 | $ 839,362 |
Note 9 - REGULATORY CAPITAL R_3
Note 9 - REGULATORY CAPITAL REQUIREMENTS - Capital Requirements (Details) $ in Thousands | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Total risk-based capital, actual, amount | $ 1,078,343 | $ 1,055,177 |
Total risk-based capital, actual, ratio | 0.1468 | 0.1428 |
Total risk-based capital for capital adequacy purposes, amount | $ 587,728 | $ 591,132 |
Total risk-based capital for capital adequacy purposes, ratio | 0.0800 | 0.0800 |
Total risk-based capital for capital adequacy purposes with capital conservation buffer, amount | $ 771,392 | $ 775,861 |
Total risk-based capital for capital adequacy purposes with capital conservation buffer, ratio | 0.1050 | 0.1050 |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 734,659 | $ 738,915 |
Total risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 0.1000 | 0.1000 |
Tier 1 risk-based capital, actual, amount | $ 754,221 | $ 734,977 |
Tier 1 risk-based capital, actual, ratio | 0.1027 | 0.0995 |
Tier 1 risk-based capital for capital adequacy purposes, amount | $ 440,796 | $ 443,349 |
Tier 1 risk-based capital for capital adequacy purposes, ratio | 0.0600 | 0.0600 |
Tier 1 risk-based capital for capital adequacy purposes with capital conservation buffer, amount | $ 624,460 | $ 628,078 |
Tier 1 risk-based capital for capital adequacy purposes with capital conservation buffer, ratio | 0.0850 | 0.0850 |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 587,728 | $ 591,132 |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 0.0800 | 0.0800 |
Tier 1 leverage, actual, amount | $ 754,221 | $ 734,977 |
Tier 1 leverage, actual, ratio | 0.0973 | 0.0961 |
Tier 1 leverage for capital adequacy purposes, amount | $ 310,214 | $ 305,959 |
Tier 1 leverage for capital adequacy purposes, ratio | 0.0400 | 0.0400 |
Tier 1 leverage for capital adequacy purposes with capital conservation buffer, amount | $ 310,214 | $ 305,959 |
Tier 1 leverage for capital adequacy purposes with capital conservation buffer, ratio | 0.0400 | 0.0400 |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, amount | $ 387,768 | $ 382,449 |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 0.0500 | 0.0500 |
Common equity Tier 1, actual, amount | $ 705,587 | $ 686,375 |
Common equity Tier 1, actual ratio | 0.0960 | 0.0929 |
Common equity Tier 1 for capital adequacy purposes, amount | $ 330,597 | $ 332,512 |
Common equity Tier 1 for capital adequacy purposes, ratio | 0.045% | 4.50% |
Common equity Tier 1 for capital adequacy purposes with capital conservation buffer, amount | $ 514,262 | $ 517,241 |
Common equity Tier 1 for capital adequacy purposes with capital conservation buffer, ratio | 7% | 7% |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 477,529 | $ 480,295 |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 6.50% |
QCBT | ||
Total risk-based capital, actual, amount | $ 282,911 | $ 275,337 |
Total risk-based capital, actual, ratio | 0.1315 | 0.1307 |
Total risk-based capital for capital adequacy purposes, amount | $ 172,050 | $ 168,588 |
Total risk-based capital for capital adequacy purposes, ratio | 0.0800 | 0.0800 |
Total risk-based capital for capital adequacy purposes with capital conservation buffer, amount | $ 225,816 | $ 221,272 |
Total risk-based capital for capital adequacy purposes with capital conservation buffer, ratio | 0.1050 | 0.1050 |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 215,063 | $ 210,735 |
Total risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 0.1000 | 0.1000 |
Tier 1 risk-based capital, actual, amount | $ 256,016 | $ 248,978 |
Tier 1 risk-based capital, actual, ratio | 0.1190 | 0.1181 |
Tier 1 risk-based capital for capital adequacy purposes, amount | $ 129,038 | $ 126,441 |
Tier 1 risk-based capital for capital adequacy purposes, ratio | 0.0600 | 0.0600 |
Tier 1 risk-based capital for capital adequacy purposes with capital conservation buffer, amount | $ 182,804 | $ 179,125 |
Tier 1 risk-based capital for capital adequacy purposes with capital conservation buffer, ratio | 0.0850 | 0.0850 |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 172,050 | $ 168,588 |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 0.0800 | 0.0800 |
Tier 1 leverage, actual, amount | $ 256,016 | $ 248,978 |
Tier 1 leverage, actual, ratio | 0.1106 | 0.1101 |
Tier 1 leverage for capital adequacy purposes, amount | $ 92,599 | $ 90,419 |
Tier 1 leverage for capital adequacy purposes, ratio | 0.0400 | 0.0400 |
Tier 1 leverage for capital adequacy purposes with capital conservation buffer, amount | $ 92,599 | $ 90,419 |
Tier 1 leverage for capital adequacy purposes with capital conservation buffer, ratio | 0.0400 | 0.0400 |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, amount | $ 115,748 | $ 133,023 |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 0.0500 | 0.0500 |
Common equity Tier 1, actual, amount | $ 256,016 | $ 248,978 |
Common equity Tier 1, actual ratio | 0.1190 | 0.1181 |
Common equity Tier 1 for capital adequacy purposes, amount | $ 96,778 | $ 94,831 |
Common equity Tier 1 for capital adequacy purposes, ratio | 4.50% | 4.50% |
Common equity Tier 1 for capital adequacy purposes with capital conservation buffer, amount | $ 150,544 | $ 147,514 |
Common equity Tier 1 for capital adequacy purposes with capital conservation buffer, ratio | 7% | 7% |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 139,791 | $ 136,978 |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 6.50% |
CRBT | ||
Total risk-based capital, actual, amount | $ 323,605 | $ 308,153 |
Total risk-based capital, actual, ratio | 0.1624 | 0.1484 |
Total risk-based capital for capital adequacy purposes, amount | $ 159,422 | $ 166,168 |
Total risk-based capital for capital adequacy purposes, ratio | 0.0800 | 0.0800 |
Total risk-based capital for capital adequacy purposes with capital conservation buffer, amount | $ 209,241 | $ 218,096 |
Total risk-based capital for capital adequacy purposes with capital conservation buffer, ratio | 0.1050 | 0.1050 |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 199,277 | $ 207,711 |
Total risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 0.1000 | 0.1000 |
Tier 1 risk-based capital, actual, amount | $ 298,757 | $ 282,258 |
Tier 1 risk-based capital, actual, ratio | 0.1499 | 0.1359 |
Tier 1 risk-based capital for capital adequacy purposes, amount | $ 119,566 | $ 124,626 |
Tier 1 risk-based capital for capital adequacy purposes, ratio | 0.0600 | 0.0600 |
Tier 1 risk-based capital for capital adequacy purposes with capital conservation buffer, amount | $ 169,386 | $ 176,554 |
Tier 1 risk-based capital for capital adequacy purposes with capital conservation buffer, ratio | 0.0850 | 0.0850 |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 159,422 | $ 166,168 |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 0.0800 | 0.0800 |
Tier 1 leverage, actual, amount | $ 298,757 | $ 282,258 |
Tier 1 leverage, actual, ratio | 0.1395 | 0.1317 |
Tier 1 leverage for capital adequacy purposes, amount | $ 85,658 | $ 85,707 |
Tier 1 leverage for capital adequacy purposes, ratio | 0.0400 | 0.0400 |
Tier 1 leverage for capital adequacy purposes with capital conservation buffer, amount | $ 85,658 | $ 85,707 |
Tier 1 leverage for capital adequacy purposes with capital conservation buffer, ratio | 0.0400 | 0.0400 |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, amount | $ 107,073 | $ 107,134 |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 0.0500 | 0.0500 |
Common equity Tier 1, actual, amount | $ 298,757 | $ 282,258 |
Common equity Tier 1, actual ratio | 0.1499 | 0.1359 |
Common equity Tier 1 for capital adequacy purposes, amount | $ 89,675 | $ 93,470 |
Common equity Tier 1 for capital adequacy purposes, ratio | 4.50% | 4.50% |
Common equity Tier 1 for capital adequacy purposes with capital conservation buffer, amount | $ 139,494 | $ 145,397 |
Common equity Tier 1 for capital adequacy purposes with capital conservation buffer, ratio | 7% | 7% |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 129,530 | $ 135,012 |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 6.50% |
CSB | ||
Total risk-based capital, actual, amount | $ 147,754 | $ 142,974 |
Total risk-based capital, actual, ratio | 0.1253 | 0.1204 |
Total risk-based capital for capital adequacy purposes, amount | $ 94,349 | $ 94,981 |
Total risk-based capital for capital adequacy purposes, ratio | 0.0800 | 0.0800 |
Total risk-based capital for capital adequacy purposes with capital conservation buffer, amount | $ 123,833 | $ 124,662 |
Total risk-based capital for capital adequacy purposes with capital conservation buffer, ratio | 0.1050 | 0.1050 |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 117,936 | $ 118,726 |
Total risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 0.1000 | 0.1000 |
Tier 1 risk-based capital, actual, amount | $ 133,007 | $ 128,130 |
Tier 1 risk-based capital, actual, ratio | 0.1128 | 0.1079 |
Tier 1 risk-based capital for capital adequacy purposes, amount | $ 70,762 | $ 71,236 |
Tier 1 risk-based capital for capital adequacy purposes, ratio | 0.0600 | 0.0600 |
Tier 1 risk-based capital for capital adequacy purposes with capital conservation buffer, amount | $ 100,246 | $ 100,917 |
Tier 1 risk-based capital for capital adequacy purposes with capital conservation buffer, ratio | 0.0850 | 0.0850 |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 94,349 | $ 94,981 |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 0.0800 | 0.0800 |
Tier 1 leverage, actual, amount | $ 133,007 | $ 128,130 |
Tier 1 leverage, actual, ratio | 0.1045 | 0.1009 |
Tier 1 leverage for capital adequacy purposes, amount | $ 50,899 | $ 50,799 |
Tier 1 leverage for capital adequacy purposes, ratio | 0.0400 | 0.0400 |
Tier 1 leverage for capital adequacy purposes with capital conservation buffer, amount | $ 50,899 | $ 50,799 |
Tier 1 leverage for capital adequacy purposes with capital conservation buffer, ratio | 0.0400 | 0.0400 |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, amount | $ 63,624 | $ 63,499 |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 0.0500 | 0.0500 |
Common equity Tier 1, actual, amount | $ 133,007 | $ 128,130 |
Common equity Tier 1, actual ratio | 0.1128 | 0.1079 |
Common equity Tier 1 for capital adequacy purposes, amount | $ 53,071 | $ 53,427 |
Common equity Tier 1 for capital adequacy purposes, ratio | 4.50% | 4.50% |
Common equity Tier 1 for capital adequacy purposes with capital conservation buffer, amount | $ 82,555 | $ 83,108 |
Common equity Tier 1 for capital adequacy purposes with capital conservation buffer, ratio | 7% | 7% |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 76,659 | $ 77,172 |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 6.50% |
Guaranty Bank | ||
Total risk-based capital, actual, amount | $ 246,979 | $ 243,106 |
Total risk-based capital, actual, ratio | 0.1241 | 0.1224 |
Total risk-based capital for capital adequacy purposes, amount | $ 159,267 | $ 158,903 |
Total risk-based capital for capital adequacy purposes, ratio | 0.0800 | 0.0800 |
Total risk-based capital for capital adequacy purposes with capital conservation buffer, amount | $ 209,038 | $ 208,560 |
Total risk-based capital for capital adequacy purposes with capital conservation buffer, ratio | 0.1050 | 0.1050 |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 199,084 | $ 198,629 |
Total risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 0.1000 | 0.1000 |
Tier 1 risk-based capital, actual, amount | $ 223,668 | $ 218,647 |
Tier 1 risk-based capital, actual, ratio | 0.1123 | 0.1101 |
Tier 1 risk-based capital for capital adequacy purposes, amount | $ 119,450 | $ 119,177 |
Tier 1 risk-based capital for capital adequacy purposes, ratio | 0.0600 | 0.0600 |
Tier 1 risk-based capital for capital adequacy purposes with capital conservation buffer, amount | $ 169,221 | $ 168,834 |
Tier 1 risk-based capital for capital adequacy purposes with capital conservation buffer, ratio | 0.0850 | 0.0850 |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 159,267 | $ 158,903 |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 0.0800 | 0.0800 |
Tier 1 leverage, actual, amount | $ 223,668 | $ 218,647 |
Tier 1 leverage, actual, ratio | 0.1102 | 0.1090 |
Tier 1 leverage for capital adequacy purposes, amount | $ 81,171 | $ 80,229 |
Tier 1 leverage for capital adequacy purposes, ratio | 0.0400 | 0.0400 |
Tier 1 leverage for capital adequacy purposes with capital conservation buffer, amount | $ 81,171 | $ 80,229 |
Tier 1 leverage for capital adequacy purposes with capital conservation buffer, ratio | 0.0400 | 0.0400 |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, amount | $ 101,464 | $ 100,286 |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 0.0500 | 0.0500 |
Common equity Tier 1, actual, amount | $ 223,668 | $ 218,647 |
Common equity Tier 1, actual ratio | 0.1123 | 0.1101 |
Common equity Tier 1 for capital adequacy purposes, amount | $ 89,588 | $ 89,383 |
Common equity Tier 1 for capital adequacy purposes, ratio | 4.50% | 4.50% |
Common equity Tier 1 for capital adequacy purposes with capital conservation buffer, amount | $ 139,359 | $ 139,040 |
Common equity Tier 1 for capital adequacy purposes with capital conservation buffer, ratio | 7% | 7% |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 129,404 | $ 129,109 |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 6.50% |