(State of other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
(Zip Code) | ||||||||||||||
(Address of principal executive offices) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer | ☐ | ☒ | Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company |
Page | ||||||||
Consolidated Balance Sheets at June 30, 2022 (Unaudited) and December 31, 2021 | ||||||||
Consolidated Statements of Income (Unaudited) for the three and six months ended June 30, 2022 and 2021 | ||||||||
Consolidated Statements of Comprehensive Income (Unaudited) for the three and six months ended June 30, 2022 and 2021 | ||||||||
Consolidated Statements of Shareholders’ Equity (Unaudited) for the three and six months ended June 30, 2022 and 2021 | ||||||||
Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2022 and 2021 | ||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Cash and due from banks | $ | $ | |||||||||
Federal funds sold | |||||||||||
Cash and cash equivalents | |||||||||||
Investment securities available for sale, at fair value (allowance for credit losses of $ | |||||||||||
Equity securities, at fair value | |||||||||||
Loans | |||||||||||
Allowance for credit losses on loans | ( | ( | |||||||||
Total loans, net | |||||||||||
Loans held for sale | |||||||||||
Premises and equipment, net | |||||||||||
Other real estate owned | |||||||||||
Nonmarketable equity securities | |||||||||||
Accrued interest receivable | |||||||||||
Loan servicing rights, at lower of cost or fair value | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Company-owned life insurance | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Shareholders’ Equity | |||||||||||
Liabilities: | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing demand deposits | $ | $ | |||||||||
Interest-bearing deposits | |||||||||||
Total deposits | |||||||||||
Short-term borrowings | |||||||||||
Federal Home Loan Bank advances and other borrowings | |||||||||||
Subordinated debt | |||||||||||
Trust preferred debentures | |||||||||||
Accrued interest payable and other liabilities | |||||||||||
Total liabilities | |||||||||||
Shareholders’ Equity: | |||||||||||
Common stock, $ | |||||||||||
Capital surplus | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive (loss) income, net of tax | ( | ||||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders’ equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Loans including fees: | |||||||||||||||||||||||
Taxable | $ | $ | $ | $ | |||||||||||||||||||
Tax exempt | |||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
Taxable | |||||||||||||||||||||||
Tax exempt | |||||||||||||||||||||||
Nonmarketable equity securities | |||||||||||||||||||||||
Federal funds sold and cash investments | |||||||||||||||||||||||
Total interest income | |||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Deposits | |||||||||||||||||||||||
Short-term borrowings | |||||||||||||||||||||||
Federal Home Loan Bank advances and other borrowings | |||||||||||||||||||||||
Subordinated debt | |||||||||||||||||||||||
Trust preferred debentures | |||||||||||||||||||||||
Total interest expense | |||||||||||||||||||||||
Net interest income | |||||||||||||||||||||||
Provision for credit losses: | |||||||||||||||||||||||
Provision for credit losses on loans | |||||||||||||||||||||||
Provision for credit losses on unfunded commitments | ( | ( | |||||||||||||||||||||
Recapture of provision for other credit losses | ( | ( | ( | ||||||||||||||||||||
Total provision for credit losses | ( | ||||||||||||||||||||||
Net interest income after provision for credit losses | |||||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||
Wealth management revenue | |||||||||||||||||||||||
Residential mortgage banking revenue | |||||||||||||||||||||||
Service charges on deposit accounts | |||||||||||||||||||||||
Interchange revenue | |||||||||||||||||||||||
(Loss) gain on sales of investment securities, net | ( | ( | |||||||||||||||||||||
Impairment on commercial mortgage servicing rights | ( | ( | ( | ( | |||||||||||||||||||
Company-owned life insurance | |||||||||||||||||||||||
Other income | |||||||||||||||||||||||
Total noninterest income | |||||||||||||||||||||||
Noninterest expense: | |||||||||||||||||||||||
Salaries and employee benefits | |||||||||||||||||||||||
Occupancy and equipment | |||||||||||||||||||||||
Data processing | |||||||||||||||||||||||
Professional | |||||||||||||||||||||||
Marketing | |||||||||||||||||||||||
Communications | |||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||
Federal Home Loan Bank advances prepayment fees | |||||||||||||||||||||||
Other expense | |||||||||||||||||||||||
Total noninterest expense | |||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income taxes | ( | ||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Per common share data: | |||||||||||||||||||||||
Basic earnings per common share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per common share | $ | $ | $ | $ | |||||||||||||||||||
Weighted average common shares outstanding | |||||||||||||||||||||||
Weighted average diluted common shares outstanding |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||
Unrealized (losses) gains that occurred during the period | ( | ( | ( | ||||||||||||||||||||
Recapture of provision for credit loss expense | ( | ( | ( | ||||||||||||||||||||
Reclassification adjustment for realized net (gains) losses on sales of investment securities included in net income | ( | ( | |||||||||||||||||||||
Income tax effect | |||||||||||||||||||||||
Change in investment securities available for sale, net of tax | ( | ( | ( | ( | |||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Net unrealized derivative (losses) gains on cash flow hedges | ( | ( | |||||||||||||||||||||
Reclassification adjustment for gains realized in net income | |||||||||||||||||||||||
Income tax effect | ( | ( | |||||||||||||||||||||
Change in cash flow hedges, net of tax | ( | ( | |||||||||||||||||||||
Other comprehensive loss, net of tax | ( | ( | ( | ( | |||||||||||||||||||
Total comprehensive (loss) income | $ | ( | $ | $ | ( | $ |
Common stock | Capital surplus | Retained earnings | Accumulated other comprehensive (loss) income | Total shareholders' equity | |||||||||||||||||||||||||
Balances, March 31, 2022 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Common dividends declared ($ | — | — | ( | — | ( | ||||||||||||||||||||||||
Share-based compensation expense | — | — | — | ||||||||||||||||||||||||||
Issuance of common stock under employee benefit plans | — | — | |||||||||||||||||||||||||||
Balances, June 30, 2022 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Balances, December 31, 2021 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Common dividends declared ($ | — | — | ( | — | ( | ||||||||||||||||||||||||
Common stock repurchased | ( | ( | — | — | ( | ||||||||||||||||||||||||
Share-based compensation expense | — | — | — | ||||||||||||||||||||||||||
Issuance of common stock under employee benefit plans | — | — | |||||||||||||||||||||||||||
Balances, June 30, 2022 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Balances, March 31, 2021 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Common dividends declared ($ | — | — | ( | — | ( | ||||||||||||||||||||||||
Share-based compensation expense | — | — | — | ||||||||||||||||||||||||||
Issuance of common stock under employee benefit plans | — | — | — | ||||||||||||||||||||||||||
Balances, June 30, 2021 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Balances, December 31, 2020 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Common dividends declared ($ | — | — | ( | — | ( | ||||||||||||||||||||||||
Common stock repurchased | ( | ( | — | — | ( | ||||||||||||||||||||||||
Share-based compensation expense | — | — | — | ||||||||||||||||||||||||||
Issuance of common stock under employee benefit plans | — | — | |||||||||||||||||||||||||||
Balances, June 30, 2021 | $ | $ | $ | $ | $ |
Six months ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for credit losses | |||||||||||
Depreciation on premises and equipment | |||||||||||
Amortization of intangible assets | |||||||||||
Amortization of operating lease right-of-use asset | |||||||||||
Amortization of loan servicing rights | |||||||||||
Share-based compensation expense | |||||||||||
Increase in cash surrender value of life insurance | ( | ( | |||||||||
Gain on proceeds from company-owned life insurance | ( | ||||||||||
Investment securities amortization, net | |||||||||||
Loss (gain) on sales of investment securities, net | ( | ||||||||||
Loss (gain) on sales of other real estate owned | ( | ||||||||||
Impairment on other real estate owned | |||||||||||
Origination of loans held for sale | ( | ( | |||||||||
Proceeds from sales of loans held for sale | |||||||||||
Gain on sale of loans held for sale | ( | ( | |||||||||
Impairment on commercial mortgage servicing rights | |||||||||||
Net change in operating assets and liabilities: | |||||||||||
Accrued interest receivable | |||||||||||
Other assets | ( | ( | |||||||||
Accrued expenses and other liabilities | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Purchases of investment securities available for sale | ( | ( | |||||||||
Proceeds from sales of investment securities available for sale | |||||||||||
Maturities and payments on investment securities available for sale | |||||||||||
Purchases of equity securities | ( | ( | |||||||||
Net (increase) decrease in loans | ( | ||||||||||
Purchases of premises and equipment | ( | ( | |||||||||
Proceeds from sale of premises and equipment | |||||||||||
Purchases of nonmarketable equity securities | ( | ||||||||||
Proceeds from sales of nonmarketable equity securities | |||||||||||
Proceeds from sales of other real estate owned | |||||||||||
Purchases of company-owned life insurance | ( | ||||||||||
Proceeds from settlements of company-owned life insurance | |||||||||||
Net cash received (paid) on acquisition | ( | ||||||||||
Net cash (used in) provided by investing activities | ( | ||||||||||
Cash flows from financing activities: | |||||||||||
Net (decrease) increase in deposits | ( | ||||||||||
Net (decrease) increase in short-term borrowings | ( | ||||||||||
Proceeds from FHLB borrowings | |||||||||||
Payments made on FHLB borrowings and other borrowings | ( | ( | |||||||||
Payments made on subordinated debt | ( | ||||||||||
Redemption of Series G preferred stock | ( | ||||||||||
Cash dividends paid on common stock | ( | ( | |||||||||
Common stock repurchased | ( | ( | |||||||||
Proceeds from issuance of common stock under employee benefit plans | |||||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net (decrease) increase in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents: | |||||||||||
Beginning of period | |||||||||||
End of period | $ | $ | |||||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash payments for: | |||||||||||
Interest paid on deposits and borrowed funds | $ | $ | |||||||||
Income tax paid, net of refunds | |||||||||||
Supplemental disclosures of noncash investing and financing activities: | |||||||||||
Transfer of loans to loans held for sale | |||||||||||
Transfer of loans to other real estate owned | |||||||||||
(dollars in thousands) | FNBC | ||||
Assets acquired: | |||||
Cash and cash equivalents | $ | ||||
Loans | |||||
Premises and equipment, net | |||||
Accrued interest receivable | |||||
Intangible assets | |||||
Total assets acquired | $ | ||||
Liabilities assumed: | |||||
Deposits | $ | ||||
Total liabilities assumed | $ | ||||
Intangible assets: | |||||
Core deposit intangible | $ | ||||
Estimated useful life |
June 30, 2022 | |||||||||||||||||||||||||||||
(dollars in thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Allowance for credit losses | Fair value | ||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | |||||||||||||||||||||||||||||
Mortgage-backed securities - agency | |||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | |||||||||||||||||||||||||||||
State and municipal securities | |||||||||||||||||||||||||||||
Corporate securities | |||||||||||||||||||||||||||||
Total available for sale securities | $ | $ | $ | $ | $ |
December 31, 2021 | |||||||||||||||||||||||||||||
(dollars in thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Allowance for credit losses | Fair value | ||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | |||||||||||||||||||||||||||||
Mortgage-backed securities - agency | |||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | |||||||||||||||||||||||||||||
State and municipal securities | |||||||||||||||||||||||||||||
Corporate securities | |||||||||||||||||||||||||||||
Total available for sale securities | $ | $ | $ | $ | $ |
(dollars in thousands) | Amortized cost | Fair value | |||||||||
Investment securities available for sale | |||||||||||
Within one year | $ | $ | |||||||||
After one year through five years | |||||||||||
After five years through ten years | |||||||||||
After ten years | |||||||||||
Mortgage-backed securities | |||||||||||
Total available for sale securities | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||
Proceeds from sales | $ | $ | $ | $ | |||||||||||||||||||
Gross realized gains on sales | |||||||||||||||||||||||
Gross realized losses on sales | ( | ( |
(dollars in thousands) | Mortgage-backed securities - non-agency | State and municipal securities | Corporate securities | Total | |||||||||||||||||||
Changes in allowance for credit losses on investment securities available for sale: | |||||||||||||||||||||||
For the three months ended June 30, 2022 | |||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Current-period provision for expected credit losses | |||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | |||||||||||||||||||
For the six months ended June 30, 2022 | |||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Current-period provision for expected credit losses | ( | ( | |||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | |||||||||||||||||||
For the three months ended June 30, 2021 | |||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Current-period provision for expected credit losses | ( | ( | ( | ||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | |||||||||||||||||||
For the six months ended June 30, 2021 | |||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Current-period provision for expected credit losses | ( | ( | ( | ||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ |
June 30, 2022 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or more | Total | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | |||||||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | |||||||||||||||||||||||||||||||||||
State and municipal securities | |||||||||||||||||||||||||||||||||||
Corporate securities | |||||||||||||||||||||||||||||||||||
Total available for sale securities | $ | $ | $ | $ | $ | $ |
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or more | Total | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | |||||||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | |||||||||||||||||||||||||||||||||||
State and municipal securities | |||||||||||||||||||||||||||||||||||
Corporate securities | |||||||||||||||||||||||||||||||||||
Total available for sale securities | $ | $ | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Net unrealized (losses) gains | $ | ( | $ | $ | ( | $ |
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Commercial: | |||||||||||
Commercial | $ | $ | |||||||||
Commercial other | |||||||||||
Commercial real estate: | |||||||||||
Commercial real estate non-owner occupied | |||||||||||
Commercial real estate owner occupied | |||||||||||
Multi-family | |||||||||||
Farmland | |||||||||||
Construction and land development | |||||||||||
Total commercial loans | |||||||||||
Residential real estate: | |||||||||||
Residential first lien | |||||||||||
Other residential | |||||||||||
Consumer: | |||||||||||
Consumer | |||||||||||
Consumer other | |||||||||||
Lease financing | |||||||||||
Total loans, gross | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Beginning balance | $ | $ | $ | $ | |||||||||||||||||||
New loans and other additions | |||||||||||||||||||||||
Repayments and other reductions | ( | ( | ( | ( | |||||||||||||||||||
Ending balance | $ | $ | $ | $ |
Commercial Loan Portfolio | Other Loan Portfolio | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial | Commercial real estate | Construction and land development | Residential real estate | Consumer | Lease financing | Total | ||||||||||||||||||||||||||||||||||
Changes in allowance for credit losses on loans for the three months ended June 30, 2022: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | ( | ( | |||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Recoveries | ( | ||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Changes in allowance for credit losses on loans for the six months ended June 30, 2022: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | ( | ||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Changes in allowance for credit losses on loans for the three months ended June 30, 2021: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Changes in allowance for credit losses on loans for the six months ended June 30, 2021: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | $ | $ |
Risk state | Commercial loans risk rating | Consumer loans and equipment finance loans and leases days past due | ||||||||||||
1 | 0-5 | |||||||||||||
2 | 6 | |||||||||||||
3 | 7 | |||||||||||||
4 | 8 | |||||||||||||
Default | 9+ and nonaccrual |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Nonaccrual with allowance | Nonaccrual with no allowance | Total nonaccrual | Nonaccrual with allowance | Nonaccrual with no allowance | Total nonaccrual | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Commercial | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commercial other | |||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | |||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | |||||||||||||||||||||||||||||||||||
Multi-family | |||||||||||||||||||||||||||||||||||
Farmland | |||||||||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||||
Total commercial loans | |||||||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||||
Residential first lien | |||||||||||||||||||||||||||||||||||
Other residential | |||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||
Lease financing | |||||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ |
Type of Collateral | |||||||||||||||||||||||
(dollars in thousands) | Real Estate | Blanket Lien | Equipment | Total | |||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Commercial | $ | $ | $ | $ | |||||||||||||||||||
Commercial other | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Non-owner occupied | |||||||||||||||||||||||
Owner occupied | |||||||||||||||||||||||
Multi-family | |||||||||||||||||||||||
Total collateral dependent loans | $ | $ | $ | $ | |||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Commercial | $ | $ | $ | $ | |||||||||||||||||||
Commercial other | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Non-owner occupied | |||||||||||||||||||||||
Owner occupied | |||||||||||||||||||||||
Multi-family | |||||||||||||||||||||||
Total collateral dependent loans | $ | $ | $ | $ |
Accruing loans | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 30-59 days past due | 60-89 days past due | Past due 90 days or more | Total past due | Nonaccrual | Current | Total | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||
Commercial | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Commercial other | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | |||||||||||||||||||||||||||||||||||||||||
Multi-family | |||||||||||||||||||||||||||||||||||||||||
Farmland | |||||||||||||||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||||||||||
Total commercial loans | |||||||||||||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||||||||||
Residential first lien | |||||||||||||||||||||||||||||||||||||||||
Other residential | |||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Consumer other | |||||||||||||||||||||||||||||||||||||||||
Lease financing | |||||||||||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ | $ |
Accruing loans | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 30-59 days past due | 60-89 days past due | Past due 90 days or more | Total past due | Nonaccrual | Current | Total | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||
Commercial | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Commercial other | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | |||||||||||||||||||||||||||||||||||||||||
Multi-family | |||||||||||||||||||||||||||||||||||||||||
Farmland | |||||||||||||||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||||||||||
Total commercial loans | |||||||||||||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||||||||||
Residential first lien | |||||||||||||||||||||||||||||||||||||||||
Other residential | |||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Consumer other | |||||||||||||||||||||||||||||||||||||||||
Lease financing | |||||||||||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Accruing (1) | Non-accrual (2) | Total | Accruing (1) | Non-accrual (2) | Total | |||||||||||||||||||||||||||||
Commercial | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||
Lease financing | |||||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ |
Commercial loan portfolio | Other loan portfolio | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial | Commercial real estate | Construction and land development | Residential real estate | Consumer | Lease financing | Total | ||||||||||||||||||||||||||||||||||
For the three months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||||||
Number of loans | |||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding balance | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Post-modification outstanding balance | |||||||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||||||
Number of loans | |||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding balance | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Post-modification outstanding balance | |||||||||||||||||||||||||||||||||||||||||
For the three months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||||||
Number of loans | |||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding balance | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Post-modification outstanding balance | |||||||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||||||
Number of loans | |||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding balance | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Post-modification outstanding balance | |||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving loans | Total | |||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Acceptable credit quality | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial other | Acceptable credit quality | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Non-owner occupied | Acceptable credit quality | |||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | Acceptable credit quality | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | Acceptable credit quality | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Farmland | Acceptable credit quality | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Acceptable credit quality | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Acceptable credit quality | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | $ | $ | $ | $ | $ | $ | $ | $ |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving loans | Total | |||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Acceptable credit quality | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial other | Acceptable credit quality | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Non-owner occupied | Acceptable credit quality | |||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | Acceptable credit quality | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | Acceptable credit quality | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Farmland | Acceptable credit quality | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Acceptable credit quality | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Acceptable credit quality | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | $ | $ | $ | $ | $ | $ | $ | $ |
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential first lien | Performing | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other residential | Performing | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | Performing | |||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Performing | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases financing | Performing | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Performing | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other loans | $ | $ | $ | $ | $ | $ | $ | $ |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving loans | Total | |||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential first lien | Performing | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other residential | Performing | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | Performing | |||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Performing | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases financing | Performing | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other loans | $ | $ | $ | $ | $ | $ | $ | $ |
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Land | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Furniture and equipment | |||||||||||
Lease right-of-use assets | |||||||||||
Total | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Premises and equipment, net | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | |||||||||||||||||||
Operating cash flows from leases | |||||||||||||||||||||||
Right-of-use assets obtained in exchange for lease obligations | |||||||||||||||||||||||
Right-of-use assets derecognized due to terminations or impairment | ( | ( | |||||||||||||||||||||
Weighted average remaining lease term | |||||||||||||||||||||||
Weighted average discount rate | % | % | % | % |
(dollars in thousands) | Amount | ||||
Year ending December 31: | |||||
2022 remaining | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Total future minimum lease payments | |||||
Less imputed interest | ( | ||||
Total operating lease liabilities | $ |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Serviced Loans | Carrying Value | Serviced Loans | Carrying Value | ||||||||||||||||||||
Commercial FHA | $ | $ | $ | $ | |||||||||||||||||||
SBA | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Loan servicing rights: | |||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Amortization | ( | ( | ( | ( | |||||||||||||||||||
Refinancing fee received from third party | ( | ( | ( | ||||||||||||||||||||
Permanent impairment | ( | ( | ( | ( | |||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | |||||||||||||||||||
Fair value: | |||||||||||||||||||||||
At beginning of period | $ | $ | $ | $ | |||||||||||||||||||
At end of period |
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Banking | $ | $ | |||||||||
Wealth management | |||||||||||
Total goodwill | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Gross carrying amount | Accumulated amortization | Total | Gross carrying amount | Accumulated amortization | Total | |||||||||||||||||||||||||||||
Core deposit intangibles | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Customer relationship intangibles | ( | ( | |||||||||||||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | $ | $ | ( | $ |
Notional amount | Fair value gain | ||||||||||||||||||||||
(dollars in thousands) | June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||
Derivative instruments (included in other assets): | |||||||||||||||||||||||
Interest rate lock commitments | $ | $ | $ | $ | |||||||||||||||||||
Forward commitments to sell mortgage-backed securities | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Notional amount | Fair value loss | ||||||||||||||||||||||
(dollars in thousands) | June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||
Derivative instruments (included in other liabilities): | |||||||||||||||||||||||
Forward commitments to sell mortgage-backed securities | $ | $ | $ | $ | |||||||||||||||||||
(dollars in thousands) | June 30, 2022 | ||||
Notional Amount | $ | ||||
Average remaining life in years | |||||
Weighted average pay rate | % | ||||
Weighted average receive rate | % |
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Noninterest-bearing demand | $ | $ | |||||||||
Interest-bearing: | |||||||||||
Checking | |||||||||||
Money market | |||||||||||
Savings | |||||||||||
Time | |||||||||||
Total deposits | $ | $ |
Repurchase agreements | |||||||||||
(dollars in thousands) | As of and for the Six Months Ended June 30, 2022 | As of and for the Year Ended December 31, 2021 | |||||||||
Outstanding at period-end | $ | $ | |||||||||
Average amount outstanding | |||||||||||
Maximum amount outstanding at any month end | |||||||||||
Weighted average interest rate: | |||||||||||
During period | % | % | |||||||||
End of period | % | % |
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Midland States Bancorp, Inc. | |||||||||||
Revolving line of credit - variable interest rate equivalent to Daily Simple SOFR plus | $ | $ | |||||||||
Series G redeemable preferred stock - | |||||||||||
Midland States Bank | |||||||||||
FHLB advances – putable fixed rate at rates averaging | |||||||||||
FHLB advances –SOFR floater at rates averaging | |||||||||||
FHLB advances – Short term fixed rate at rates averaging | |||||||||||
Total FHLB advances and other borrowings | $ | $ |
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Subordinated debt issued June 2015 – fixed interest rate of | $ | $ | |||||||||
Subordinated debt issued October 2017 – fixed interest rate of | |||||||||||
Subordinated debt issued September 2019 – fixed interest rate of | |||||||||||
Subordinated debt issued September 2019 – fixed interest rate of | |||||||||||
Total subordinated debt | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Common shareholder dividends | ( | ( | ( | ( | |||||||||||||||||||
Unvested restricted stock award dividends | ( | ( | ( | ( | |||||||||||||||||||
Undistributed earnings to unvested restricted stock awards | ( | ( | ( | ( | |||||||||||||||||||
Undistributed earnings to common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Basic | |||||||||||||||||||||||
Distributed earnings to common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Undistributed earnings to common shareholders | |||||||||||||||||||||||
Total common shareholders earnings, basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | |||||||||||||||||||||||
Distributed earnings to common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Undistributed earnings to common shareholders | |||||||||||||||||||||||
Total common shareholders earnings | |||||||||||||||||||||||
Add back: | |||||||||||||||||||||||
Undistributed earnings reallocated from unvested restricted stock awards | |||||||||||||||||||||||
Total common shareholders earnings, diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted average common shares outstanding, basic | |||||||||||||||||||||||
Options | |||||||||||||||||||||||
Weighted average common shares outstanding, diluted | |||||||||||||||||||||||
Basic earnings per common share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per common share |
June 30, 2022 | |||||||||||||||||||||||
(dollars in thousands) | Carrying amount | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | |||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | |||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | |||||||||||||||||||||||
Mortgage-backed securities - agency | |||||||||||||||||||||||
Mortgage-backed securities - non-agency | |||||||||||||||||||||||
State and municipal securities | |||||||||||||||||||||||
Corporate securities | |||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative liabilities | $ | $ | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Assets measured at fair value on a non-recurring basis: | |||||||||||||||||||||||
Loan servicing rights | $ | $ | $ | $ | |||||||||||||||||||
Nonperforming loans | |||||||||||||||||||||||
Other real estate owned | |||||||||||||||||||||||
Assets held for sale |
December 31, 2021 | |||||||||||||||||||||||
(dollars in thousands) | Carrying amount | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | |||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | |||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | |||||||||||||||||||||||
Mortgage-backed securities - agency | |||||||||||||||||||||||
Mortgage-backed securities - non-agency | |||||||||||||||||||||||
State and municipal securities | |||||||||||||||||||||||
Corporate securities | |||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative liabilities | $ | $ | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Assets measured at fair value on a non-recurring basis: | |||||||||||||||||||||||
Loan servicing rights | $ | $ | $ | $ | |||||||||||||||||||
Nonperforming loans | |||||||||||||||||||||||
Other real estate owned | |||||||||||||||||||||||
Assets held for sale |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Transferred to level 2 | ( | ( | |||||||||||||||||||||
Total realized in earnings (1) | |||||||||||||||||||||||
Total unrealized in other comprehensive income (2) | |||||||||||||||||||||||
Net settlements (principal and interest) | ( | ( | ( | ( | |||||||||||||||||||
Balance, end of period | $ | $ | $ | $ |
(dollars in thousands) | Fair value | Valuation technique | Unobservable input / assumptions | Range (weighted average)(1) | ||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||
Corporate securities | $ | Consensus pricing | Net market price |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Loan servicing rights | $ | $ | $ | $ | |||||||||||||||||||
Mortgage servicing rights held for sale | |||||||||||||||||||||||
Nonperforming loans | |||||||||||||||||||||||
Other real estate owned | |||||||||||||||||||||||
Assets held for sale | |||||||||||||||||||||||
Total losses on assets measured on a nonrecurring basis | $ | $ | $ | $ |
(dollars in thousands) | Fair value | Valuation technique | Unobservable input / assumptions | Range (weighted average)(1) | ||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||
Loan servicing rights: | ||||||||||||||||||||||||||
Commercial MSR | $ | Discounted cash flow | Prepayment speed | |||||||||||||||||||||||
Discount rate | ||||||||||||||||||||||||||
SBA servicing rights | Discounted cash flow | Prepayment speed | ||||||||||||||||||||||||
Discount rate | ||||||||||||||||||||||||||
Residential servicing rights | Discounted cash flow | Prepayment speed | ||||||||||||||||||||||||
Discount rate | ||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||
Loan servicing rights: | ||||||||||||||||||||||||||
Commercial MSR | $ | Discounted cash flow | Prepayment speed | |||||||||||||||||||||||
Discount rate | ||||||||||||||||||||||||||
SBA servicing rights | Discounted cash flow | Prepayment speed | ||||||||||||||||||||||||
Discount rate | ||||||||||||||||||||||||||
Residential servicing rights | Discounted cash flow | Prepayment speed | ||||||||||||||||||||||||
Discount rate | ||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Aggregate fair value | Difference | Contractual principal | Aggregate fair value | Difference | Contractual principal | |||||||||||||||||||||||||||||
Commercial loans held for sale | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Residential loans held for sale | |||||||||||||||||||||||||||||||||||
Total loans held for sale | $ | $ | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Commercial loans held for sale | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Residential loans held for sale | ( | ( | |||||||||||||||||||||
Total loans held for sale | $ | $ | $ | ( | $ | ( |
June 30, 2022 | |||||||||||||||||||||||||||||
(dollars in thousands) | Carrying amount | Fair value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and due from banks | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Federal funds sold | |||||||||||||||||||||||||||||
Loans, net | |||||||||||||||||||||||||||||
Accrued interest receivable | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Short-term borrowings | |||||||||||||||||||||||||||||
FHLB and other borrowings | |||||||||||||||||||||||||||||
Subordinated debt | |||||||||||||||||||||||||||||
Trust preferred debentures | |||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
(dollars in thousands) | Carrying amount | Fair value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and due from banks | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Federal funds sold | |||||||||||||||||||||||||||||
Loans, net | |||||||||||||||||||||||||||||
Accrued interest receivable | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Short-term borrowings | |||||||||||||||||||||||||||||
FHLB and other borrowings | |||||||||||||||||||||||||||||
Subordinated debt | |||||||||||||||||||||||||||||
Trust preferred debentures | |||||||||||||||||||||||||||||
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Commitments to extend credit | $ | $ | |||||||||
Financial guarantees – standby letters of credit |
(dollars in thousands) | Banking | Wealth Management | Other | Total | |||||||||||||||||||
Three Months Ended June 30, 2022 | |||||||||||||||||||||||
Net interest income (expense) | $ | $ | $ | ( | $ | ||||||||||||||||||
Provision for credit losses | |||||||||||||||||||||||
Noninterest income | ( | ||||||||||||||||||||||
Noninterest expense | ( | ||||||||||||||||||||||
Income (loss) before income taxes (benefit) | ( | ||||||||||||||||||||||
Income taxes (benefit) | ( | ||||||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | $ | ||||||||||||||||||
Total assets | $ | $ | $ | ( | $ | ||||||||||||||||||
Six Months Ended June 30, 2022 | |||||||||||||||||||||||
Net interest income (expense) | $ | $ | $ | ( | $ | ||||||||||||||||||
Provision for credit losses | |||||||||||||||||||||||
Noninterest income | |||||||||||||||||||||||
Noninterest expense | ( | ||||||||||||||||||||||
Income (loss) before income taxes (benefit) | ( | ||||||||||||||||||||||
Income taxes (benefit) | ( | ||||||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | $ | ||||||||||||||||||
Total assets | $ | $ | $ | ( | $ | ||||||||||||||||||
Three Months Ended June 30, 2021 | |||||||||||||||||||||||
Net interest income (expense) | $ | $ | $ | ( | $ | ||||||||||||||||||
Provision for credit losses | ( | ( | |||||||||||||||||||||
Noninterest income | |||||||||||||||||||||||
Noninterest expense | ( | ||||||||||||||||||||||
Income (loss) before income taxes (benefit) | ( | ||||||||||||||||||||||
Income taxes (benefit) | ( | ( | ( | ||||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | $ | ||||||||||||||||||
Total assets | $ | $ | $ | ( | $ | ||||||||||||||||||
Six Months Ended June 30, 2021 | |||||||||||||||||||||||
Net interest income (expense) | $ | $ | $ | ( | $ | ||||||||||||||||||
Provision for credit losses | |||||||||||||||||||||||
Noninterest income | |||||||||||||||||||||||
Noninterest expense | ( | ||||||||||||||||||||||
Income (loss) before income taxes (benefit) | ( | ||||||||||||||||||||||
Income taxes (benefit) | ( | ||||||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | $ | ||||||||||||||||||
Total assets | $ | $ | $ | ( | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Noninterest income - in-scope of Topic 606 | |||||||||||||||||||||||
Wealth management revenue: | |||||||||||||||||||||||
Trust management/administration fees | $ | $ | $ | $ | |||||||||||||||||||
Investment advisory fees | |||||||||||||||||||||||
Investment brokerage fees | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Service charges on deposit accounts: | |||||||||||||||||||||||
Nonsufficient fund fees | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Interchange revenues | |||||||||||||||||||||||
Other income: | |||||||||||||||||||||||
Merchant services revenue | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Noninterest income - out-of-scope of Topic 606 | |||||||||||||||||||||||
Total noninterest income | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Income Statement Data: | |||||||||||||||||||||||
Interest income | $ | 69,236 | $ | 58,397 | $ | 131,984 | $ | 118,900 | |||||||||||||||
Interest expense | 7,902 | 8,287 | 13,823 | 16,922 | |||||||||||||||||||
Net interest income | 61,334 | 50,110 | 118,161 | 101,978 | |||||||||||||||||||
Provision for credit losses | 5,441 | (455) | 9,608 | 3,110 | |||||||||||||||||||
Noninterest income | 14,613 | 17,417 | 30,226 | 32,233 | |||||||||||||||||||
Noninterest expense | 41,339 | 48,941 | 82,223 | 88,020 | |||||||||||||||||||
Income before income taxes | 29,167 | 19,041 | 56,556 | 43,081 | |||||||||||||||||||
Income taxes | 7,284 | (1,083) | 13,924 | 4,419 | |||||||||||||||||||
Net income | $ | 21,883 | $ | 20,124 | $ | 42,632 | $ | 38,662 | |||||||||||||||
Basic earnings per common share | $ | 0.97 | $ | 0.88 | $ | 1.89 | $ | 1.70 | |||||||||||||||
Diluted earnings per common share | $ | 0.97 | $ | 0.88 | $ | 1.89 | $ | 1.69 |
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
(tax-equivalent basis, dollars in thousands) | Average balance | Interest & fees | Yield/ Rate | Average balance | Interest & fees | Yield/ Rate | |||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Federal funds sold and cash investments | $ | 226,517 | $ | 468 | 0.83 | % | $ | 509,886 | $ | 142 | 0.11 | % | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||
Taxable investment securities | 714,611 | 4,055 | 2.27 | 610,830 | 3,451 | 2.26 | |||||||||||||||||||||||||||||
Investment securities exempt from federal income tax (1) | 104,316 | 876 | 3.36 | 123,632 | 1,004 | 3.25 | |||||||||||||||||||||||||||||
Total securities | 818,927 | 4,931 | 2.41 | 734,462 | 4,455 | 2.43 | |||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Loans (2) | 5,609,232 | 62,943 | 4.50 | 4,743,098 | 52,490 | 4.44 | |||||||||||||||||||||||||||||
Loans exempt from federal income tax (1) | 68,559 | 651 | 3.81 | 83,136 | 823 | 3.97 | |||||||||||||||||||||||||||||
Total loans | 5,677,791 | 63,594 | 4.49 | 4,826,234 | 53,313 | 4.43 | |||||||||||||||||||||||||||||
Loans held for sale | 9,865 | 77 | 3.15 | 36,299 | 261 | 2.88 | |||||||||||||||||||||||||||||
Nonmarketable equity securities | 36,338 | 487 | 5.38 | 49,388 | 609 | 4.94 | |||||||||||||||||||||||||||||
Total interest-earning assets | 6,769,438 | 69,557 | 4.12 | 6,156,269 | 58,780 | 3.83 | |||||||||||||||||||||||||||||
Noninterest-earning assets | 615,348 | 589,336 | |||||||||||||||||||||||||||||||||
Total assets | $ | 7,384,786 | $ | 6,745,605 | |||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Checking and money market deposits | $ | 2,800,779 | $ | 2,903 | 0.42 | % | $ | 2,397,644 | $ | 658 | 0.11 | % | |||||||||||||||||||||||
Savings deposits | 719,204 | 87 | 0.05 | 666,000 | 51 | 0.03 | |||||||||||||||||||||||||||||
Time deposits | 615,614 | 770 | 0.50 | 723,232 | 2,165 | 1.20 | |||||||||||||||||||||||||||||
Brokered time deposits | 17,167 | 50 | 1.16 | 28,303 | 118 | 1.67 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 4,152,764 | 3,810 | 0.37 | 3,815,179 | 2,992 | 0.31 | |||||||||||||||||||||||||||||
Short-term borrowings | 59,301 | 22 | 0.15 | 65,727 | 20 | 0.12 | |||||||||||||||||||||||||||||
FHLB advances and other borrowings | 307,611 | 1,435 | 1.87 | 519,490 | 2,470 | 1.91 | |||||||||||||||||||||||||||||
Subordinated debt | 139,232 | 2,011 | 5.78 | 165,155 | 2,316 | 5.61 | |||||||||||||||||||||||||||||
Trust preferred debentures | 49,602 | 624 | 5.05 | 49,026 | 489 | 4.00 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 4,708,510 | 7,902 | 0.67 | 4,614,577 | 8,287 | 0.72 | |||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 1,967,263 | 1,411,428 | |||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 66,009 | 78,521 | |||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities | 2,033,272 | 1,489,949 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 643,004 | 641,079 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 7,384,786 | $ | 6,745,605 | |||||||||||||||||||||||||||||||
Net interest income / net interest margin (3) | $ | 61,655 | 3.65 | % | $ | 50,493 | 3.29 | % |
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
(tax-equivalent basis, dollars in thousands) | Average balance | Interest & fees | Yield/ Rate | Average balance | Interest & fees | Yield/ Rate | |||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Federal funds sold and cash investments | $ | 304,938 | $ | 639 | 0.42 | % | $ | 430,415 | $ | 238 | 0.11 | % | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||
Taxable investment securities | 737,569 | 7,952 | 2.16 | 586,640 | 6,731 | 2.29 | |||||||||||||||||||||||||||||
Investment securities exempt from federal income tax (1) | 119,002 | 1,942 | 3.26 | 120,842 | 1,993 | 3.30 | |||||||||||||||||||||||||||||
Total securities | 856,571 | 9,894 | 2.31 | 707,482 | 8,724 | 2.47 | |||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Loans (2) | 5,406,467 | 119,529 | 4.46 | 4,823,745 | 107,044 | 4.48 | |||||||||||||||||||||||||||||
Loans exempt from federal income tax (1) | 70,570 | 1,344 | 3.84 | 85,312 | 1,671 | 3.95 | |||||||||||||||||||||||||||||
Total loans | 5,477,037 | 120,873 | 4.45 | 4,909,057 | 108,715 | 4.47 | |||||||||||||||||||||||||||||
Loans held for sale | 20,501 | 297 | 2.93 | 50,752 | 703 | 2.79 | |||||||||||||||||||||||||||||
Nonmarketable equity securities | 36,358 | 971 | 5.39 | 52,644 | 1,289 | 4.94 | |||||||||||||||||||||||||||||
Total interest-earning assets | 6,695,405 | 132,674 | 4.00 | 6,150,350 | 119,669 | 3.92 | |||||||||||||||||||||||||||||
Noninterest-earning assets | 623,224 | 595,641 | |||||||||||||||||||||||||||||||||
Total assets | $ | 7,318,629 | $ | 6,745,991 | |||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Checking and money market deposits | $ | 2,705,882 | $ | 4,156 | 0.31 | % | $ | 2,400,540 | $ | 1,321 | 0.11 | % | |||||||||||||||||||||||
Savings deposits | 707,111 | 137 | 0.04 | 643,190 | 89 | 0.03 | |||||||||||||||||||||||||||||
Time deposits | 621,274 | 1,570 | 0.51 | 702,405 | 4,513 | 1.30 | |||||||||||||||||||||||||||||
Brokered time deposits | 19,290 | 108 | 1.13 | 40,168 | 252 | 1.26 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 4,053,557 | 5,971 | 0.30 | 3,786,303 | 6,175 | 0.33 | |||||||||||||||||||||||||||||
Short-term borrowings | 64,642 | 45 | 0.14 | 70,608 | 44 | 0.13 | |||||||||||||||||||||||||||||
FHLB advances and other borrowings | 309,436 | 2,647 | 1.72 | 568,226 | 5,040 | 1.79 | |||||||||||||||||||||||||||||
Subordinated debt | 139,186 | 4,022 | 5.78 | 167,486 | 4,683 | 5.59 | |||||||||||||||||||||||||||||
Trust preferred debentures | 49,527 | 1,138 | 4.64 | 48,958 | 980 | 4.04 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 4,616,348 | 13,823 | 0.60 | 4,641,581 | 16,922 | 0.74 | |||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 1,978,277 | 1,391,129 | |||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 73,878 | 80,366 | |||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities | 2,052,155 | 1,471,495 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 650,126 | 632,915 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 7,318,629 | $ | 6,745,991 | |||||||||||||||||||||||||||||||
Net interest income / net interest margin (3) | $ | 118,851 | 3.58 | % | $ | 102,747 | 3.37 | % |
Three Months Ended June 30, 2022 compared with Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 compared with Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||
Change due to: | Interest Variance | Change due to: | Interest Variance | ||||||||||||||||||||||||||||||||
(tax-equivalent basis, dollars in thousands) | Volume | Rate | Volume | Rate | |||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Federal funds sold and cash investments | $ | (332) | $ | 658 | $ | 326 | $ | (166) | $ | 567 | $ | 401 | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||
Taxable investment securities | 588 | 16 | 604 | 1,680 | (459) | 1,221 | |||||||||||||||||||||||||||||
Investment securities exempt from federal income tax | (160) | 32 | (128) | (30) | (21) | (51) | |||||||||||||||||||||||||||||
Total securities | 428 | 48 | 476 | 1,650 | (480) | 1,170 | |||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Loans | 9,652 | 801 | 10,453 | 12,907 | (422) | 12,485 | |||||||||||||||||||||||||||||
Loans exempt from federal income tax | (141) | (31) | (172) | (285) | (42) | (327) | |||||||||||||||||||||||||||||
Total loans | 9,511 | 770 | 10,281 | 12,622 | (464) | 12,158 | |||||||||||||||||||||||||||||
Loans held for sale | (199) | 15 | (184) | (429) | 23 | (406) | |||||||||||||||||||||||||||||
Nonmarketable equity securities | (168) | 46 | (122) | (417) | 99 | (318) | |||||||||||||||||||||||||||||
Total interest-earning assets | $ | 9,240 | $ | 1,537 | $ | 10,777 | $ | 13,260 | $ | (255) | $ | 13,005 | |||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Checking and money market deposits | $ | 265 | $ | 1,980 | $ | 2,245 | $ | 319 | $ | 2,516 | $ | 2,835 | |||||||||||||||||||||||
Savings deposits | 5 | 31 | 36 | 11 | 37 | 48 | |||||||||||||||||||||||||||||
Time deposits | (228) | (1,167) | (1,395) | (363) | (2,580) | (2,943) | |||||||||||||||||||||||||||||
Brokered time deposits | (39) | (29) | (68) | (124) | (20) | (144) | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 3 | 815 | 818 | (157) | (47) | (204) | |||||||||||||||||||||||||||||
Short-term borrowings | (2) | 4 | 2 | (4) | 5 | 1 | |||||||||||||||||||||||||||||
FHLB advances and other borrowings | (998) | (37) | (1,035) | (2,254) | (139) | (2,393) | |||||||||||||||||||||||||||||
Subordinated debt | (368) | 63 | (305) | (801) | 140 | (661) | |||||||||||||||||||||||||||||
Trust preferred debentures | 6 | 129 | 135 | 12 | 146 | 158 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | (1,359) | $ | 974 | $ | (385) | $ | (3,204) | $ | 105 | $ | (3,099) | |||||||||||||||||||||||
Net interest income | $ | 10,599 | $ | 563 | $ | 11,162 | $ | 16,464 | $ | (360) | $ | 16,104 |
Three Months Ended June 30, | Increase (decrease) | Six Months Ended June 30, | Increase (decrease) | ||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||||||||||
Wealth management revenue | $ | 6,143 | $ | 6,529 | $ | (386) | $ | 13,282 | $ | 12,460 | $ | 822 | |||||||||||||||||||||||
Residential mortgage banking revenue | 384 | 1,562 | (1,178) | 983 | 3,136 | (2,153) | |||||||||||||||||||||||||||||
Service charges on deposit accounts | 2,304 | 1,916 | 388 | 4,372 | 3,742 | 630 | |||||||||||||||||||||||||||||
Interchange revenue | 3,590 | 3,797 | (207) | 6,870 | 7,172 | (302) | |||||||||||||||||||||||||||||
(Loss) gain on sales of investment securities, net | (101) | 377 | (478) | (101) | 377 | (478) | |||||||||||||||||||||||||||||
Impairment on commercial mortgage servicing rights | (869) | (1,148) | 279 | (1,263) | (2,423) | 1,160 | |||||||||||||||||||||||||||||
Company-owned life insurance | 840 | 863 | (23) | 1,859 | 1,723 | 136 | |||||||||||||||||||||||||||||
Other income | 2,322 | 3,521 | (1,199) | 4,224 | 6,046 | (1,822) | |||||||||||||||||||||||||||||
Total noninterest income | $ | 14,613 | $ | 17,417 | $ | (2,804) | $ | 30,226 | $ | 32,233 | $ | (2,007) |
Three Months Ended June 30, | Increase (decrease) | Six Months Ended June 30, | Increase (decrease) | ||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Noninterest expense: | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | $ | 22,645 | $ | 22,071 | $ | 574 | $ | 44,515 | $ | 42,599 | $ | 1,916 | |||||||||||||||||||||||
Occupancy and equipment | 3,489 | 3,796 | (307) | 7,244 | 7,736 | (492) | |||||||||||||||||||||||||||||
Data processing | 6,082 | 6,288 | (206) | 11,955 | 12,281 | (326) | |||||||||||||||||||||||||||||
Professional | 1,516 | 5,549 | (4,033) | 3,488 | 7,734 | (4,246) | |||||||||||||||||||||||||||||
Marketing | 733 | 700 | 33 | 1,421 | 1,177 | 244 | |||||||||||||||||||||||||||||
Communications | 635 | 824 | (189) | 1,347 | 1,646 | (299) | |||||||||||||||||||||||||||||
Amortization of intangible assets | 1,318 | 1,470 | (152) | 2,716 | 2,985 | (269) | |||||||||||||||||||||||||||||
FHLB advances prepayment fees | — | 3,669 | (3,669) | — | 3,677 | (3,677) | |||||||||||||||||||||||||||||
Other expense | 4,921 | 4,574 | 347 | 9,537 | 8,185 | 1,352 | |||||||||||||||||||||||||||||
Total noninterest expense | $ | 41,339 | $ | 48,941 | $ | (7,602) | $ | 82,223 | $ | 88,020 | $ | (5,797) |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
(dollars in thousands) | Book Value | % | Book Value | % | |||||||||||||||||||
Loans: | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Equipment finance loans | $ | 546,267 | 9.4 | % | $ | 521,973 | 10.0 | % | |||||||||||||||
Equipment finance leases | 439,202 | 7.6 | 423,280 | 8.1 | |||||||||||||||||||
Commercial FHA lines | 23,872 | 0.4 | 91,927 | 1.8 | |||||||||||||||||||
SBA PPP loans | 6,409 | 0.1 | 52,477 | 1.0 | |||||||||||||||||||
Other commercial loans | 814,710 | 14.1 | 783,811 | 14.9 | |||||||||||||||||||
Total commercial loans and leases | 1,830,460 | 31.6 | 1,873,468 | 35.8 | |||||||||||||||||||
Commercial real estate | 2,335,655 | 40.3 | 1,816,828 | 34.8 | |||||||||||||||||||
Construction and land development | 203,955 | 3.5 | 193,749 | 3.7 | |||||||||||||||||||
Residential real estate | 340,103 | 5.9 | 338,151 | 6.5 | |||||||||||||||||||
Consumer | 1,085,371 | 18.7 | 1,002,605 | 19.2 | |||||||||||||||||||
Total loans, gross | 5,795,544 | 100.0 | % | 5,224,801 | 100.0 | % | |||||||||||||||||
Allowance for credit losses on loans | (54,898) | (51,062) | |||||||||||||||||||||
Total loans, net | $ | 5,740,646 | $ | 5,173,739 |
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Within One Year | One Year to Five Years | Five Years to 15 Years | After 15 Years | ||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Fixed Rate | Adjustable Rate | Fixed Rate | Adjustable Rate | Fixed Rate | Adjustable Rate | Fixed Rate | Adjustable Rate | Total | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 35,266 | $ | 380,389 | $ | 580,444 | $ | 113,358 | $ | 180,823 | $ | 93,638 | $ | 2,972 | $ | 4,368 | $ | 1,391,258 | |||||||||||||||||||||||||||||||||||
Commercial real estate | 220,411 | 150,954 | 849,634 | 463,866 | 413,015 | 197,294 | 5,438 | 35,043 | 2,335,655 | ||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | 1,889 | 62,429 | 28,723 | 82,905 | 8,823 | 18,104 | 122 | 960 | 203,955 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | 257,566 | 593,772 | 1,458,801 | 660,129 | 602,661 | 309,036 | 8,532 | 40,371 | 3,930,868 | ||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 1,736 | 5,898 | 8,735 | 18,445 | 34,203 | 37,159 | 137,306 | 96,621 | 340,103 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer | 2,265 | 1,290 | 1,074,110 | 4,941 | 2,765 | — | — | — | 1,085,371 | ||||||||||||||||||||||||||||||||||||||||||||
Lease financing | 10,161 | — | 331,152 | — | 97,889 | — | — | — | 439,202 | ||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 271,728 | $ | 600,960 | $ | 2,872,798 | $ | 683,515 | $ | 737,518 | $ | 346,195 | $ | 145,838 | $ | 136,992 | $ | 5,795,544 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
(dollars in thousands) | Allowance | % (1) | Allowance | % (1) | |||||||||||||||||||
Commercial | $ | 12,748 | 0.92% | $ | 14,375 | 0.99% | |||||||||||||||||
Commercial real estate | 27,874 | 1.19 | 22,993 | 1.27 | |||||||||||||||||||
Construction and land development | 1,101 | 0.54 | 972 | 0.50 | |||||||||||||||||||
Total commercial loans | 41,723 | 1.06 | 38,340 | 1.11 | |||||||||||||||||||
Residential real estate | 3,416 | 1.00 | 2,695 | 0.80 | |||||||||||||||||||
Consumer | 2,994 | 0.28 | 2,558 | 0.26 | |||||||||||||||||||
Lease financing | 6,765 | 1.54 | 7,469 | 1.76 | |||||||||||||||||||
Total allowance for credit losses on loans | $ | 54,898 | 0.95% | $ | 51,062 | 0.98% |
As of and for the Three Months Ended June 30, | As of and for the Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Balance, beginning of period | $ | 52,938 | $ | 62,687 | $ | 51,062 | $ | 60,443 | |||||||||||||||
Charge-offs: | |||||||||||||||||||||||
Commercial | 60 | 2,634 | 2,214 | 3,140 | |||||||||||||||||||
Commercial real estate | 2,625 | 946 | 2,852 | 1,719 | |||||||||||||||||||
Construction and land development | — | 1 | 6 | 272 | |||||||||||||||||||
Residential real estate | 46 | 141 | 150 | 251 | |||||||||||||||||||
Consumer | 191 | 218 | 496 | 460 | |||||||||||||||||||
Lease financing | 499 | 516 | 705 | 769 | |||||||||||||||||||
Total charge-offs | 3,421 | 4,456 | 6,423 | 6,611 | |||||||||||||||||||
Recoveries: | |||||||||||||||||||||||
Commercial | 298 | 139 | 309 | 154 | |||||||||||||||||||
Commercial real estate | (62) | 11 | 5 | 13 | |||||||||||||||||||
Construction and land development | 6 | 81 | 12 | 147 | |||||||||||||||||||
Residential real estate | 41 | 20 | 154 | 114 | |||||||||||||||||||
Consumer | 98 | 155 | 260 | 277 | |||||||||||||||||||
Lease financing | 259 | 27 | 646 | 177 | |||||||||||||||||||
Total recoveries | 640 | 433 | 1,386 | 882 | |||||||||||||||||||
Net charge-offs | 2,781 | 4,023 | 5,037 | 5,729 | |||||||||||||||||||
Provision for credit losses on loans | 4,741 | — | 8,873 | 3,950 | |||||||||||||||||||
Balance, end of period | $ | 54,898 | $ | 58,664 | $ | 54,898 | $ | 58,664 | |||||||||||||||
Gross loans, end of period | $ | 5,795,544 | $ | 4,835,866 | $ | 5,795,544 | $ | 4,835,866 | |||||||||||||||
Average total loans | $ | 5,677,791 | $ | 4,826,234 | $ | 5,477,037 | $ | 4,909,057 | |||||||||||||||
Net charge-offs to average loans | 0.20 | % | 0.33 | % | 0.19 | % | 0.24 | % | |||||||||||||||
Allowance to total loans | 0.95 | % | 1.21 | % | 0.95 | % | 1.21 | % |
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Nonperforming loans: | |||||||||||
Commercial | $ | 11,579 | $ | 12,261 | |||||||
Commercial real estate | 34,316 | 19,175 | |||||||||
Construction and land development | 283 | 120 | |||||||||
Residential real estate | 8,174 | 7,912 | |||||||||
Consumer | 254 | 208 | |||||||||
Lease financing | 2,277 | 2,904 | |||||||||
Total nonperforming loans | 56,883 | 42,580 | |||||||||
Other real estate owned and other repossessed assets | 12,761 | 14,488 | |||||||||
Nonperforming assets | $ | 69,644 | $ | 57,068 | |||||||
Nonperforming loans to total loans | 0.98 | % | 0.81 | % | |||||||
Nonperforming assets to total assets | 0.93 | % | 0.77 | % | |||||||
Allowance for credit losses to nonperforming loans | 96.51 | % | 119.92 | % |
Commercial | Commercial real estate | Construction & land development | |||||||||||||||||||||||||||||||||||||||
Risk category | Risk category | Risk category | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 7 | 8 (1) | 7 | 8 (1) | 7 | 8 (1) | Total | ||||||||||||||||||||||||||||||||||
June 30, 2022 | $ | 17,446 | $ | 20,116 | $ | 30,295 | $ | 94,631 | $ | 221 | $ | — | $ | 162,709 | |||||||||||||||||||||||||||
December 31, 2021 | 28,248 | 20,413 | 46,295 | 108,634 | 5,235 | 1,336 | 210,161 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
(dollars in thousands) | Book Value | % of Total | Book Value | % of Total | |||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||
U.S. Treasury securities | $ | 63,996 | 8.4 | % | $ | 64,917 | 7.2 | % | |||||||||||||||
U.S. government sponsored entities and U.S. agency securities | 30,303 | 4.0 | 33,817 | 3.7 | |||||||||||||||||||
Mortgage-backed securities - agency | 423,838 | 55.7 | 440,270 | 48.5 | |||||||||||||||||||
Mortgage-backed securities - non-agency | 22,777 | 3.0 | 28,706 | 3.2 | |||||||||||||||||||
State and municipal securities | 106,688 | 14.0 | 143,099 | 15.8 | |||||||||||||||||||
Corporate securities | 112,938 | 14.9 | 195,794 | 21.6 | |||||||||||||||||||
Total investment securities, available for sale, at fair value | $ | 760,540 | 100.0 | % | $ | 906,603 | 100.0 | % |
(dollars in thousands) | Book value | % of total | Weighted average yield | ||||||||||||||
Investment securities available for sale: | |||||||||||||||||
U.S. Treasury securities: | |||||||||||||||||
Maturing within one year | $ | 2,775 | 0.4 | % | 0.8 | % | |||||||||||
Maturing in one to five years | 61,221 | 8.0 | 0.9 | ||||||||||||||
Maturing in five to ten years | — | — | — | ||||||||||||||
Maturing after ten years | — | — | — | ||||||||||||||
Total U.S. Treasury securities | $ | 63,996 | 8.4 | % | 0.9 | % | |||||||||||
U.S. government sponsored entities and U.S. agency securities: | |||||||||||||||||
Maturing within one year | $ | 1,330 | 0.2 | % | 2.4 | % | |||||||||||
Maturing in one to five years | 20,709 | 2.7 | 1.3 | ||||||||||||||
Maturing in five to ten years | 8,264 | 1.1 | 1.0 | ||||||||||||||
Maturing after ten years | — | — | — | ||||||||||||||
Total U.S. government sponsored entities and U.S. agency securities | $ | 30,303 | 4.0 | % | 1.3 | % | |||||||||||
Mortgage-backed securities - agency: | |||||||||||||||||
Maturing within one year | $ | 2,440 | 0.3 | % | 2.9 | % | |||||||||||
Maturing in one to five years | 146,255 | 19.2 | 2.2 | ||||||||||||||
Maturing in five to ten years | 193,814 | 25.5 | 1.8 | ||||||||||||||
Maturing after ten years | 81,329 | 10.7 | 2.3 | ||||||||||||||
Total mortgage-backed securities - agency | $ | 423,838 | 55.7 | % | 2.1 | % | |||||||||||
Mortgage-backed securities - non-agency: | |||||||||||||||||
Maturing within one year | $ | — | — | % | — | % | |||||||||||
Maturing in one to five years | 2,485 | 0.3 | 3.4 | ||||||||||||||
Maturing in five to ten years | 14,590 | 1.9 | 2.3 | ||||||||||||||
Maturing after ten years | 5,702 | 0.8 | 2.4 | ||||||||||||||
Total mortgage-backed securities - non-agency | $ | 22,777 | 3.0 | % | 2.4 | % | |||||||||||
State and municipal securities (1): | |||||||||||||||||
Maturing within one year | $ | 7,397 | 1.0 | % | 5.1 | % | |||||||||||
Maturing in one to five years | 35,202 | 4.6 | 4.0 | ||||||||||||||
Maturing in five to ten years | 36,366 | 4.8 | 2.8 | ||||||||||||||
Maturing after ten years | 27,723 | 3.6 | 2.8 | ||||||||||||||
Total state and municipal securities | $ | 106,688 | 14.0 | % | 3.3 | % | |||||||||||
Corporate securities: | |||||||||||||||||
Maturing within one year | $ | 1,500 | 0.2 | % | 3.0 | % | |||||||||||
Maturing in one to five years | 15,105 | 2.0 | 3.1 | ||||||||||||||
Maturing in five to ten years | 96,333 | 12.7 | 3.8 | ||||||||||||||
Maturing after ten years | — | — | — | ||||||||||||||
Total corporate securities | $ | 112,938 | 14.9 | % | 3.7 | % | |||||||||||
Total investment securities, available for sale | $ | 760,540 | 100.0 | % | 2.3 | % |
Amortized | Estimated | Average credit rating | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | cost | fair value | AAA | AA+/- | A+/- | BBB+/- | <BBB- | Not Rated | |||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 68,390 | $ | 63,996 | $ | 62,147 | $ | 1,849 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | 33,756 | 30,303 | 25,246 | 5,057 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | 480,408 | 423,838 | 427 | 423,411 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | 26,118 | 22,777 | 22,777 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
State and municipal securities | 113,920 | 106,688 | 7,949 | 85,764 | 2,231 | 949 | — | 9,795 | |||||||||||||||||||||||||||||||||||||||
Corporate securities | 119,374 | 112,938 | — | — | 32,096 | 77,098 | — | 3,744 | |||||||||||||||||||||||||||||||||||||||
Total investment securities, available for sale | $ | 841,966 | $ | 760,540 | $ | 118,546 | $ | 516,081 | $ | 34,327 | $ | 78,047 | $ | — | $ | 13,539 |
Three Months Ended June 30, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
(dollars in thousands) | Average balance | Weighted average rate | Average balance | Weighted average rate | |||||||||||||||||||
Deposits: | |||||||||||||||||||||||
Noninterest-bearing demand | $ | 1,967,263 | — | $ | 1,411,428 | — | |||||||||||||||||
Interest-bearing: | |||||||||||||||||||||||
Checking | 1,770,635 | 0.47 | % | 1,604,496 | 0.12 | % | |||||||||||||||||
Money market | 1,030,144 | 0.32 | 793,148 | 0.09 | |||||||||||||||||||
Savings | 719,204 | 0.05 | 666,000 | 0.03 | |||||||||||||||||||
Time, insured | 476,233 | 0.47 | 574,570 | 1.28 | |||||||||||||||||||
Time, uninsured | 139,381 | 0.59 | 148,662 | 0.97 | |||||||||||||||||||
Time, brokered | 17,167 | 1.16 | 28,303 | 1.67 | |||||||||||||||||||
Total interest-bearing | $ | 4,152,764 | 0.37 | % | $ | 3,815,179 | 0.31 | % | |||||||||||||||
Total deposits | $ | 6,120,027 | 0.25 | % | $ | 5,226,607 | 0.23 | % |
(dollars in thousands) | Amount | |||||||
Three months or less | $ | 39,982 | ||||||
Three to six months | 15,008 | |||||||
Six to 12 months | 31,983 | |||||||
After 12 months | 51,364 | |||||||
Total | $ | 138,337 |
Ratio | Actual | Minimum Regulatory Requirements (1) | Well Capitalized | |||||||||||||||||
Total risk-based capital ratio | ||||||||||||||||||||
Midland States Bancorp, Inc. | 11.44 | % | 10.50 | % | N/A | |||||||||||||||
Midland States Bank | 10.60 | 10.50 | 10.00 | % | ||||||||||||||||
Tier 1 risk-based capital ratio | ||||||||||||||||||||
Midland States Bancorp, Inc. | 8.63 | 8.50 | N/A | |||||||||||||||||
Midland States Bank | 9.85 | 8.50 | 8.00 | |||||||||||||||||
Common equity tier 1 risk-based capital ratio | ||||||||||||||||||||
Midland States Bancorp, Inc. | 7.66 | 7.00 | N/A | |||||||||||||||||
Midland States Bank | 9.85 | 7.00 | 6.50 | |||||||||||||||||
Tier 1 leverage ratio | ||||||||||||||||||||
Midland States Bancorp, Inc. | 7.98 | 4.00 | N/A | |||||||||||||||||
Midland States Bank | 9.12 | 4.00 | 5.00 |
Net interest income sensitivity (Shocks) | |||||||||||||||||
Immediate change in rates | |||||||||||||||||
(dollars in thousands) | -100 | +100 | +200 | ||||||||||||||
June 30, 2022: | |||||||||||||||||
Dollar change | $ | (12,793) | $ | 11,974 | $ | 23,823 | |||||||||||
Percent change | (4.9) | % | 4.6 | % | 9.1 | % | |||||||||||
December 31, 2021: | |||||||||||||||||
Dollar change | $ | (13,499) | $ | 23,513 | $ | 47,028 | |||||||||||
Percent change | (6.1) | % | 10.6 | % | 21.2 | % |
Economic value of equity sensitivity (Shocks) | |||||||||||||||||
Immediate change in rates | |||||||||||||||||
(dollars in thousands) | -100 | +100 | +200 | ||||||||||||||
June 30, 2022: | |||||||||||||||||
Dollar change | $ | (11,774) | $ | 8,759 | $ | 19,685 | |||||||||||
Percent change | (1.6) | % | 1.2 | % | 2.7 | % | |||||||||||
December 31, 2021: | |||||||||||||||||
Dollar change | $ | (89,850) | $ | 51,553 | $ | 96,875 | |||||||||||
Percent change | (13.4) | % | 7.7 | % | 14.5 | % |
Period | Total number of shares purchased(1) | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Approximate dollar value of shares that may yet be purchased under the plans or programs (2) | ||||||||||||||||||||||
April 1 - 30, 2022 | — | $ | — | — | $ | 18,565,174 | ||||||||||||||||||||
May 1 - 31, 2022 | 876 | 25.99 | — | 18,565,174 | ||||||||||||||||||||||
June 1 - 30, 2022 | — | — | — | 18,565,174 | ||||||||||||||||||||||
Total | 876 | $ | 25.99 | — | $ | 18,565,174 |
Exhibit No. | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
3.4 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101 | Financial information from the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022 formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Balance Sheets; (ii) Consolidated Statements of Income; (iii) Consolidated Statements of Comprehensive Income; (iv) Consolidated Statements of Shareholders’ Equity; (v) Consolidated Statements of Cash Flows; and (vi) Notes to Consolidated Financial Statements – filed herewith. | |||||||
104 | The cover page from Midland States Bancorp, Inc.’s Form 10-Q Report for the quarterly period ended June 30, 2022 formatted in inline XBRL and contained in Exhibit 101. |
Midland States Bancorp, Inc. | |||||||||||
Date: August 4, 2022 | By: | /s/ | Jeffrey G. Ludwig | ||||||||
Jeffrey G. Ludwig | |||||||||||
President and Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
Date: August 4, 2022 | By: | /s/ | Eric T. Lemke | ||||||||
Eric T. Lemke | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer) |
Midland States Bancorp, Inc. | |||||||||||
Dated as of: August 4, 2022 | By: | /s/ | Jeffrey G. Ludwig | ||||||||
Jeffrey G. Ludwig | |||||||||||
President and Chief Executive Officer | |||||||||||
(Principal Executive Officer) |
Midland States Bancorp, Inc. | |||||||||||
Dated as of: August 4, 2022 | By: | /s/ | Eric T. Lemke | ||||||||
Eric T. Lemke | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer) |
Midland States Bancorp, Inc. | |||||||||||
Dated as of: August 4, 2022 | By: | /s/ | Jeffrey G. Ludwig | ||||||||
Jeffrey G. Ludwig | |||||||||||
President and Chief Executive Officer | |||||||||||
(Principal Executive Officer) |
Midland States Bancorp, Inc. | |||||||||||
Dated as of: August 4, 2022 | By: | /s/ | Eric T. Lemke | ||||||||
Eric T. Lemke | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer) |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Investment securities, available-for-sale, allowance for credit loss | $ 0 | $ 221 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 22,060,255 | 22,050,537 |
Common stock, shares outstanding (in shares) | 22,060,255 | 22,050,537 |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
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Statement of Stockholders' Equity [Abstract] | ||||
Common dividend declared, per share (in dollars per share) | $ 0.29 | $ 0.28 | $ 0.58 | $ 0.56 |
BUSINESS DESCRIPTION |
6 Months Ended |
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Jun. 30, 2022 | |
BUSINESS DESCRIPTION | |
BUSINESS DESCRIPTION | BUSINESS DESCRIPTION Midland States Bancorp, Inc. (the “Company,” “we,” “our,” or “us”) is a diversified financial holding company headquartered in Effingham, Illinois. Our wholly owned banking subsidiary, Midland States Bank (the “Bank”), has branches across Illinois and in Missouri, and provides a full range of commercial and consumer banking products and services, business equipment financing, merchant credit card services, trust and investment management services, and insurance and financial planning services. Our principal business activity has been lending to and accepting deposits from individuals, businesses, municipalities and other entities. We have derived income principally from interest charged on loans and, to a lesser extent, from interest and dividends earned on investment securities. We have also derived income from noninterest sources, such as: fees received in connection with various lending and deposit services; wealth management services; commercial Federal Housing Administration ("FHA") mortgage loan servicing; residential mortgage loan originations, sales and servicing; and, from time to time, gains on sales of assets. Our principal expenses include interest expense on deposits and borrowings, operating expenses, such as salaries and employee benefits, occupancy and equipment expenses, data processing costs, professional fees and other noninterest expenses, provisions for credit losses and income tax expense.
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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements of the Company are unaudited and should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission (the “SEC”) on February 25, 2022. The consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”) and conform to predominant practices within the banking industry. A discussion of these policies can be found in Note 1 – Summary of Significant Accounting Policies included in the Company's 2021 Annual Report on Form 10-K. Certain reclassifications of 2021 amounts have been made to conform to the 2022 presentation. Management has evaluated subsequent events for potential recognition or disclosure. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 or any other period. Principles of Consolidation The consolidated financial statements include the accounts of the parent company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. Assets held for customers in a fiduciary or agency capacity are not assets of the Company and, accordingly, other than trust cash on deposit with the Bank, are not included in the accompanying unaudited balance sheets. Accounting Guidance Issued But Not Yet Adopted FASB ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting – In March 2020, the FASB issued ASU No. 2020-04 which provides optional expedients and exceptions for accounting related to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. ASU 2020-04 was effective upon issuance and generally can be applied through December 31, 2022. The Company has been monitoring its volume of commercial loans tied to LIBOR. In 2021, the Company began prioritizing SOFR as the preferred alternative reference rate with plans to cease booking LIBOR based commitments after the end of 2021. Loans with a maturity after June 2023 are being reviewed and monitored to ensure there is appropriate fallback language in place when LIBOR is no longer published. Loans with a maturity date before that time should naturally mature and be re-underwritten with the alternative index rate. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which addresses questions about whether Topic 848 can be applied to derivative instruments that do not reference a rate that is expected to be discontinued but that use an interest rate for margining, discounting, or contract price alignment that is expected to be modified as a result of reference rate reform, commonly referred to as the "discounting transition". The amendments clarify that certain optional expedients and exceptions in Topic 848 do apply to derivatives that are affected by the discounting transition. The amendments in ASU 2021-01 are effective immediately. The Company believes the adoption of this guidance on activities subsequent to December 31, 2021 through December 31, 2022 will not have a material impact on the consolidated financial statements. FASB ASU No. 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures – In March 2022, the FASB issued ASU No. 2022-02, which 1) eliminates the accounting guidance for troubled debt restructurings ("TDRs") by creditors while enhancing the disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty; and 2) requires that an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022 and the amendments should be applied prospectively, although the entity has the option to apply a modified retrospective transition method for the recognition and measurement of TDRs, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. The Company is currently evaluating the impact of adopting the new guidance on its consolidated financial statements.
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ACQUISITIONS |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACQUISITIONS | ACQUISITIONS FNBC Bank & Trust On June 17, 2022, the Company completed its branch acquisition from FNBC Bank & Trust ("FNBC") whereby we acquired $79.8 million of deposits and $16.6 million of loans as well as other assets and liabilities associated with FNBC's branches in Mokena and Yorkville, Illinois. The acquisition was accounted for under the acquisition method of accounting. Accordingly, the Company recognized amounts for identified tangible and intangible assets acquired and liabilities assumed at their estimated acquisition date fair values, while $0.5 million of transaction and integration costs were expensed as incurred. A summary of the fair value of the assets acquired and liabilities assumed are included in the table below.
ATG Trust Company On June 1, 2021, the Company completed its acquisition of substantially all of the trust assets of ATG Trust Company (“ATG Trust”), a trust company based in Chicago, Illinois, with approximately $399.7 million in assets under management. In aggregate, the Company acquired the assets of ATG Trust for $2.7 million in cash. The acquisition was accounted for under the acquisition method of accounting. Accordingly, the Company recognized amounts for identifiable assets acquired at their estimated acquisition date fair values, while $0.4 million of transaction and integration costs associated with the acquisition have been expensed during 2021.
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INVESTMENT SECURITIES |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT SECURITIES | INVESTMENT SECURITIES Investment Securities Available for Sale Investment securities available for sale at June 30, 2022 and December 31, 2021 were as follows:
The following is a summary of the amortized cost and fair value of the investment securities available for sale, by maturity, at June 30, 2022. Expected maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the securities may be prepaid without penalties. The maturities of all other investment securities available for sale are based on final contractual maturity.
Proceeds and gross realized gains on sales of investment securities available for sale for the three and six months ended June 30, 2022 and 2021, are summarized as follows:
The table below presents a rollforward by security type for the three and six months ended June 30, 2022 and 2021 of the allowance for credit losses on investment securities available for sale held at period end:
Unrealized losses and fair values for investment securities available for sale as of June 30, 2022 and December 31, 2021, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are summarized as follows:
For all of the above investment securities, the unrealized losses were generally due to changes in interest rates, and unrealized losses were considered to be temporary as the fair value is expected to recover as the securities approach their respective maturity dates. At June 30, 2022, 326 investment securities available for sale had unrealized losses with aggregate depreciation of 10.47% from their amortized cost basis. The unrealized losses related principally to the fluctuations in the current interest rate environment. In analyzing an issuer’s financial condition, we consider whether the securities are issued by the federal government or its agencies and whether downgrades by bond rating agencies have occurred. The Company does not intend to sell and it is likely that the Company will not be required to sell the securities prior to their anticipated recovery. Equity Securities Equity securities are recorded at fair value and totaled $8.7 million and $9.5 million at June 30, 2022 and December 31, 2021, respectively. During both the three and six months ended June 30, 2022 and 2021, there were no sales of equity securities. Net unrealized gains and losses on equity securities for the three and six months ended June 30, 2022 and 2021 are summarized below:
Net unrealized gains and losses on equity securities were recorded in other income in the consolidated statements of income.
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LOANS |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS | LOANS The following table presents total loans outstanding by portfolio class, as of June 30, 2022 and December 31, 2021:
Total loans include net deferred loan costs of $3.8 million and $4.6 million at June 30, 2022 and December 31, 2021, respectively, and unearned discounts of $49.7 million and $46.1 million within the lease financing portfolio at June 30, 2022 and December 31, 2021, respectively. At June 30, 2022, the Company had residential real estate loans held for sale totaling $5.3 million compared to commercial real estate and residential real estate loans held for sale totaling $32.0 million at December 31, 2021. The Company sold commercial real estate, residential real estate and consumer loans with proceeds totaling $100.4 million and $203.5 million during the three and six months ended June 30, 2022, respectively, and $161.9 million and $494.5 million during the comparable periods in 2021, respectively. Classifications of Loan Portfolio The Company monitors and assesses the credit risk of its loan portfolio using the classes set forth below. These classes also represent the segments by which the Company monitors the performance of its loan portfolio and estimates its allowance for credit losses on loans. Commercial—Loans to varying types of businesses, including municipalities, school districts and nonprofit organizations, for the purpose of supporting working capital, operational needs and term financing of equipment. Repayment of such loans is generally provided through operating cash flows of the business. Commercial loans are predominately secured by equipment, inventory, accounts receivable, and other sources of repayment. Paycheck Protection Program ("PPP") loans of $6.4 million and $52.5 million as of June 30, 2022 and December 31, 2021, respectively, and commercial FHA warehouse lines of $23.9 million and $91.9 million as of June 30, 2022 and December 31, 2021, respectively, were included in this classification. Commercial real estate—Loans secured by real estate occupied by the borrower for ongoing operations, including loans to borrowers engaged in agricultural production, and non-owner occupied real estate leased to one or more tenants, including commercial office, industrial, special purpose, retail and multi-family residential real estate loans. Construction and land development—Secured loans for the construction of business and residential properties. Real estate construction loans often convert to a real estate commercial loan at the completion of the construction period. Secured development loans are made to borrowers for the purpose of infrastructure improvements to vacant land to create finished marketable residential and commercial lots/land. Most land development loans are originated with the intention that the loans will be paid through the sale of developed lots/land by the developers within twelve months of the completion date. Interest reserves may be established on real estate construction loans. Residential real estate—Loans secured by residential properties that generally do not qualify for secondary market sale; however, the risk to return and/or overall relationship are considered acceptable to the Company. This category also includes loans whereby consumers utilize equity in their personal residence, generally through a second mortgage, as collateral to secure the loan. Consumer—Loans to consumers primarily for the purpose of home improvements or acquiring automobiles, recreational vehicles and boats. Consumer loans consist of relatively small amounts that are spread across many individual borrowers. Lease financing—Our equipment leasing business provides financing leases to varying types of businesses, nationwide, for purchases of business equipment and software. The financing is secured by a first priority interest in the financed assets and generally requires monthly payments. Commercial, commercial real estate, and construction and land development loans are collectively referred to as the Company’s commercial loan portfolio, while residential real estate, consumer loans and lease financing receivables are collectively referred to as the Company’s other loan portfolio. We have extended loans to certain of our directors, executive officers, principal shareholders and their affiliates. These loans were made in the ordinary course of business upon normal terms, including collateralization and interest rates prevailing at the time. The aggregate loans outstanding to the Company's directors, executive officers, principal shareholders and their affiliates totaled $23.1 million and $13.9 million at June 30, 2022 and December 31, 2021, respectively. The new loans, other additions, repayments and other reductions for the three and six months ended June 30, 2022 and 2021, are summarized as follows:
The following table represents, by loan portfolio segment, a summary of changes in the allowance for credit losses on loans for the three and six months ended June 30, 2022 and 2021:
The Company utilizes a combination of models which measure probability of default and loss given default methodology in determining expected future credit losses. The probability of default is the risk that the borrower will be unable or unwilling to repay its debt in full or on time. The risk of default is derived by analyzing the obligor’s capacity to repay the debt in accordance with contractual terms. Probability of default is generally associated with financial characteristics such as inadequate cash flow to service debt, declining revenues or operating margins, high leverage, declining or marginal liquidity, and the inability to successfully implement a business plan. In addition to these quantifiable factors, the borrower’s willingness to repay also must be evaluated. The probability of default is forecasted, for most commercial and retail loans, using a regression model that determines the likelihood of default within the twelve month time horizon. The regression model uses forward-looking economic forecasts including variables such as gross domestic product, housing price index, and real disposable income to predict default rates. The forecasting method for the equipment financing portfolio assumes a rolling twelve month average of the through-the-cycle default mean, to predict default rates for the twelve month time horizon. The loss given default component is the percentage of defaulted loan balance that is ultimately charged off. As a method for estimating the allowance, a form of migration analysis is used that combines the estimated probability of loans experiencing default events and the losses ultimately associated with the loans experiencing those defaults. Multiplying one by the other gives the Company its loss rate, which is then applied to the loan portfolio balance to determine expected future losses. Within the model, the loss given default approach produces segmented loss given default estimates using a loss curve methodology, which is based on historical net losses from charge-off and recovery information. The main principle of a loss curve model is that the loss follows a steady timing schedule based on how long the defaulted loan has been on the books. The Company’s expected loss estimate is anchored in historical credit loss experience, with an emphasis on all available portfolio data. The Company’s historical look-back period includes January 2012 through the current period, on a monthly basis. When historical credit loss experience is not sufficient for a specific portfolio, the Company may supplement its own portfolio data with external models or data. Historical data is evaluated in multiple components of the expected credit loss, including the reasonable and supportable forecast and the post-reversion period of each loan segment. The historical experience is used to infer probability of default and loss given default in the reasonable and supportable forecast period. In the post-reversion period, long-term average loss rates are segmented by loan pool. Qualitative reserves reflect management’s overall estimate of the extent to which current expected credit losses on collectively evaluated loans will differ from historical loss experience. The analysis takes into consideration other analytics performed within the organization, such as enterprise and concentration management, along with other credit-related analytics as deemed appropriate. Management attempts to quantify qualitative reserves whenever possible. The Company segments the loan portfolio into pools based on the following risk characteristics: financial asset type, collateral type, loan characteristics, credit characteristics, outstanding loan balances, contractual terms and prepayment assumptions, industry of borrower and concentrations, historical or expected credit loss patterns, and reasonable and supportable forecast periods. Within the probability of default segmentation, credit metrics are identified to further segment the financial assets. The Company utilizes risk ratings for the commercial portfolios and days past due for the consumer and the lease financing portfolios. The Company has defined five transitioning risk states for each asset pool within the expected credit loss model. The below table illustrates the transition matrix:
Expected Credit Losses In calculating expected credit losses, the Company individually evaluates loans on nonaccrual status with a balance greater than $500,000, loans past due 90 days or more and still accruing interest, and loans that do not share risk characteristics with other loans in the pool. The following table presents amortized cost basis of individually evaluated loans on nonaccrual status as of June 30, 2022 and December 31, 2021:
There was no interest income recognized on nonaccrual loans during the three and six months ended June 30, 2022 and 2021 while the loans were in nonaccrual status. Additional interest income that would have been recorded on nonaccrual loans had they been current in accordance with their original terms was $0.5 million and $1.3 million for the three and six months ended June 30, 2022, respectively, and $0.7 million and $1.4 million for the three and six months ended June 30, 2021, respectively. Collateral Dependent Financial Assets A collateral dependent financial loan relies solely on the operation or sale of the collateral for repayment. In evaluating the overall risk associated with a loan, the Company considers character, overall financial condition and resources, and payment record of the borrower; the prospects for support from any financially responsible guarantors; and the nature and degree of protection provided by the cash flow and value of any underlying collateral. However, as other sources of repayment become inadequate over time, the significance of the collateral’s value increases and the loan may become collateral dependent. The table below presents the value of individually evaluated, collateral dependent loans by loan class, for borrowers experiencing financial difficulty, as of June 30, 2022 and December 31, 2021:
The aging status of the recorded investment in loans by portfolio as of June 30, 2022 was as follows:
The aging status of the recorded investment in loans by portfolio as of December 31, 2021 was as follows:
Troubled Debt Restructurings ("TDRs") Loans modified as TDRs for commercial and commercial real estate loans generally consist of allowing commercial borrowers to defer scheduled principal payments and make interest only payments for a specified period of time at the stated interest rate of the original loan agreement or lower payments due to a modification of the loans’ contractual terms. TDRs are transferred to nonaccrual status when it is probable that any remaining principal and interest payments due on the loan will not be collected in accordance with the contractual terms of the loan. TDRs that subsequently default are individually evaluated for impairment at the time of default. The outstanding balance of modifications made as a result of COVID, that were not considered TDRs under the Cornavirus Aid, Relief, and Economic Security Act, as amended by Section 541 of the Consolidated Appropriations Act, totaled $13.3 million at December 31, 2021. There were no such TDRs at June 30, 2022. The Company’s TDRs are identified on a case-by-case basis in connection with the ongoing loan collection processes. The following table presents TDRs by loan portfolio as of June 30, 2022 and December 31, 2021:
(1)These loans are still accruing interest. (2)These loans are included in non-accrual loans in the preceding tables. The allowance for credit losses on TDRs totaled $0.5 million and $0.7 million as of June 30, 2022 and December 31, 2021, respectively. The Company had no unfunded commitments in connection with TDRs at June 30, 2022 and December 31, 2021. The following table presents a summary of loans by portfolio that were restructured during the three and six months ended June 30, 2022 and 2021. There were no loans modified as TDRs within the previous twelve months that subsequently defaulted during the three and six months ended June 30, 2022 or 2021:
Credit Quality Monitoring The Company maintains loan policies and credit underwriting standards as part of the process of managing credit risk. These standards include making loans generally within the Company’s four main regions, which include eastern, northern and southern Illinois and the St. Louis metropolitan area. In addition our specialty finance division does nationwide bridge lending for FHA and HUD developments and originates loans for multifamily, assisted and senior living and multi-use properties. Our equipment leasing business provides financing to business customers across the country. The Company has a loan approval process involving underwriting and individual and group loan approval authorities to consider credit quality and loss exposure at loan origination. The loans in the Company’s commercial loan portfolio are risk rated at origination based on the grading system set forth below. All loan authority is based on the aggregate credit to a borrower and its related entities. The Company’s consumer loan portfolio is primarily comprised of both secured and unsecured loans that are relatively small and are evaluated at origination on a centralized basis against standardized underwriting criteria. The ongoing measurement of credit quality of the consumer loan portfolio is largely done on an exception basis. If payments are made on schedule, as agreed, then no further monitoring is performed. However, if delinquency occurs, the delinquent loans are turned over to the Company’s Consumer Collections Group for resolution. Credit quality for the entire consumer loan portfolio is measured by the periodic delinquency rate, nonaccrual amounts and actual losses incurred. Loans in the commercial loan portfolio tend to be larger and more complex than those in the other loan portfolio, and therefore, are subject to more intensive monitoring. All loans in the commercial loan portfolio have an assigned relationship manager, and most borrowers provide periodic financial and operating information that allows the relationship managers to stay abreast of credit quality during the life of the loans. The risk ratings of loans in the commercial loan portfolio are reassessed at least annually, with loans below an acceptable risk rating reassessed more frequently and reviewed by various individuals within the Company at least quarterly. The Company maintains a centralized independent loan review function that monitors the approval process and ongoing asset quality of the loan portfolio, including the accuracy of loan grades. The Company also maintains an independent appraisal review function that participates in the review of all appraisals obtained by the Company. Credit Quality Indicators The Company uses a ten grade risk rating system to monitor the ongoing credit quality of its commercial loan portfolio. These loan grades rank the credit quality of a borrower by measuring liquidity, debt capacity, and coverage and payment behavior as shown in the borrower’s financial statements. The risk grades also measure the quality of the borrower’s management and the repayment support offered by any guarantors. The Company considers all loans with Risk Grades 1 -6 as acceptable credit risks and structures and manages such relationships accordingly. Periodic financial and operating data combined with regular loan officer interactions are deemed adequate to monitor borrower performance. Loans with Risk Grades of 7 are considered "watch credits" categorized as special mention and the frequency of loan officer contact and receipt of financial data is increased to stay abreast of borrower performance. Loans with Risk Grades of 8 - 10 are considered problematic and require special care. Risk Grade 8 is categorized as substandard, 9 as substandard - nonaccrual and 10 as doubtful. Further, loans with Risk Grades of 7 - 10 are managed regularly through a number of processes, procedures and committees, including oversight by a loan administration committee comprised of executive and senior management of the Company, which includes highly structured reporting of financial and operating data, intensive loan officer intervention and strategies to exit, as well as potential management by the Company's Special Assets Group. Loans not graded in the commercial loan portfolio are monitored by aging status and payment activity. The following tables present the recorded investment of the commercial loan portfolio by risk category as of June 30, 2022 and December 31, 2021:
The Company evaluates the credit quality of its other loan portfolios, which includes residential real estate, consumer and lease financing loans, based primarily on the aging status of the loan and payment activity. Accordingly, loans on nonaccrual status, loans past due 90 days or more and still accruing interest, and loans modified under troubled debt restructurings are considered to be nonperforming for purposes of credit quality evaluation. The following tables present the recorded investment of our other loan portfolio based on the credit risk profile of loans that are performing and loans that are nonperforming as of June 30, 2022 and December 31, 2021:
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PREMISES, EQUIPMENT AND LEASES |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PREMISES, EQUIPMENT AND LEASES | PREMISES, EQUIPMENT AND LEASES A summary of premises and equipment at June 30, 2022 and December 31, 2021 is as follows:
Depreciation expense for the three and six months ended June 30, 2022 was $1.2 million and $2.4 million, respectively, and $1.4 million and $2.9 million for the three and six months ended June 30, 2021, respectively. The Company has entered into operating leases, primarily for banking offices and operating facilities, which have remaining lease terms of 1 month to 11 years, some of which may include options to extend the lease terms for up to an additional 10 years. The options to extend are included if they are reasonably certain to be exercised. The operating lease liabilities of the Company were $9.7 million and $10.7 million as of June 30, 2022 and December 31, 2021, respectively. Information related to operating leases for the three and six months ended June 30, 2022 and 2021 was as follows:
The projected minimum rental payments under the terms of the leases as of June 30, 2022 were as follows:
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LOAN SERVICING RIGHTS |
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Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOAN SERVICING RIGHTS | LOAN SERVICING RIGHTS A summary of loan servicing rights at June 30, 2022 and December 31, 2021 is as follows:
Commercial FHA Mortgage Loan Servicing Changes in our commercial FHA loan servicing rights for the three and six months ended June 30, 2022 and 2021 are summarized as follows:
The fair value of commercial FHA loan servicing rights is determined using key assumptions, representing both general economic and other published information, including the assumed earnings rates related to escrow and replacement reserves, and the weighted average characteristics of the commercial portfolio, including the prepayment rate and discount rate. The prepayment rate considers many factors as appropriate, including lockouts, balloons, prepayment penalties, interest rate ranges, delinquencies and geographic location. The discount rate is based on an average pre-tax internal rate of return utilized by market participants in pricing the servicing portfolio. Significant increases or decreases in any one of these assumptions would result in a significantly lower or higher fair value measurement. The weighted average prepayment rate was 8.21% and 8.24% at June 30, 2022 and December 31, 2021, respectively, while the weighted average discount rate was 11.69% and 11.87% for the same periods, respectively.
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GOODWILL AND INTANGIBLE ASSETS |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The carrying amount of goodwill by segment at June 30, 2022 and December 31, 2021 is summarized as follows:
The Company’s intangible assets, consisting of core deposit and customer relationship intangibles, as of June 30, 2022 and December 31, 2021 are summarized as follows:
In conjunction with the FNBC branch acquisition, the Company recorded $1.9 million of core deposit intangibles, which are being amortized on an accelerated basis over an estimated useful life of 10 years. Amortization of intangible assets was $1.3 million and $2.7 million for the three and six months ended June 30, 2022, respectively, and $1.5 million and $3.0 million for the comparable periods in 2021, respectively
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DERIVATIVE INSTRUMENTS |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS As part of the Company’s overall management of interest rate sensitivity, the Company utilizes derivative instruments to minimize significant, unanticipated earnings fluctuations caused by interest rate volatility, including interest rate lock commitments, forward commitments to sell mortgage-backed securities, cash flow hedges and interest rate swap contracts. Interest Rate Lock Commitments / Forward Commitments to Sell Mortgage-Backed Securities The Company issues interest rate lock commitments on originated fixed-rate commercial and residential real estate loans to be sold. The interest rate lock commitments and loans held for sale are hedged with forward contracts to sell mortgage-backed securities. The fair value of the interest rate lock commitments and forward contracts to sell mortgage-backed securities are included in other assets or other liabilities in the consolidated balance sheets. Changes in the fair value of derivative financial instruments are recognized in commercial FHA revenue and residential mortgage banking revenue in the consolidated statements of income. The following table summarizes the interest rate lock commitments and forward commitments to sell mortgage-backed securities held by the Company, their notional amount and estimated fair values at June 30, 2022 and December 31, 2021:
During the three and six months ended June 30, 2022, the Company recognized net losses of $0.4 million and $0.3 million, respectively, on derivative instruments in commercial FHA revenue and residential mortgage banking revenue in the consolidated statements of income. During the three and six months ended June 30, 2021, the Company recognized net losses of $0.5 million and $1.0 million, respectively, on derivative instruments in commercial FHA revenue and residential mortgage banking revenue in the consolidated statements of income. Cash Flow Hedges In the first quarter of 2022, the Company entered into interest rate swap agreements, which qualify as cash flow hedges, to manage the risk of changes in future cash flows due to interest rate fluctuations. The following table summarizes the Company's receive-fixed, pay-variable interest rate swaps on certain pools of loans indexed to prime at June 30, 2022:
Quarterly, the effectiveness evaluation is based on the fluctuation of the variable interest the Company receives from the customers for the loans as compared to the fixed interest rate received from the counterparty. The Company has $140.0 million notional amount of future-starting receive-fixed, pay-variable interest rate swaps on certain FHLB or other fixed-rate advances. These swaps are effective beginning in April 2023. The Company pays or receives the net interest amount quarterly based on the respective hedge agreement and includes the amount as part of FHLB advances interest expense on the consolidated statements of income. At June 30, 2022, the $8.2 million fair value of the cash flow hedges was included in other assets on the consolidated balance sheets. At December 31, 2021, the $5.1 million fair value of cash flow hedges was included in other liabilities on the consolidated balance sheets. The tax effected amounts of $5.9 million and $3.7 million at June 30, 2022 and December 31, 2021, respectively, were included in accumulated other comprehensive (loss) income. There were no amounts recorded in the consolidated statements of income for the three and six months ended June 30, 2022, related to ineffectiveness. Interest Rate Swap Contracts not Designated as Hedges The Company entered into interest rate swap contracts sold to commercial customers who wish to modify their interest rate sensitivity. These swaps are offset by contracts simultaneously purchased by the Company from other financial dealer institutions with mirror-image terms. Because of the mirror-image terms of the offsetting contracts, in addition to collateral provisions which mitigate the impact of non-performance risk, changes in the fair value subsequent to initial recognition have a minimal effect on earnings. These derivative contracts do not qualify for hedge accounting. The notional amounts of the customer derivative instruments and the offsetting counterparty derivative instruments were $7.7 million and $7.9 million at June 30, 2022 and December 31, 2021, respectively. The fair value of the customer derivative instruments and the offsetting counterparty derivative instruments was $0.2 million and $0.4 million at June 30, 2022 and December 31, 2021, respectively, which are included in other assets and other liabilities, respectively, on the consolidated balance sheets.
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DEPOSITS |
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Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEPOSITS | DEPOSITS The following table summarizes the classification of deposits as of June 30, 2022 and December 31, 2021:
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SHORT-TERM BORROWINGS |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHORT-TERM BORROWINGS | SHORT-TERM BORROWINGS The following table presents the distribution of short-term borrowings and related weighted average interest rates as of June 30, 2022 and December 31, 2021:
Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature within one to four days from the transaction date. Securities sold under agreements to repurchase are reflected at the amount of cash received in connection with the transaction, which represents the amount of the Bank’s obligation. The Bank may be required to provide additional collateral based on the fair value of the underlying securities. Investment securities with a carrying amount of $63.9 million and $78.3 million at June 30, 2022 and December 31, 2021, respectively, were pledged for securities sold under agreements to repurchase. The Company had available lines of credit of $22.7 million and $55.9 million at June 30, 2022 and December 31, 2021, respectively, from the Federal Reserve Discount Window. The lines are collateralized by a collateral agreement with respect to a pool of commercial real estate loans totaling $25.4 million and $64.8 million at June 30, 2022 and December 31, 2021, respectively. There were no outstanding borrowings under these lines at June 30, 2022 and December 31, 2021. At June 30, 2022, the Company had available federal funds lines of credit totaling $45.0 million. These lines of credit were unused at June 30, 2022.
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FHLB ADVANCES AND OTHER BORROWINGS |
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FHLB ADVANCES AND OTHER BORROWINGS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB ADVANCES AND OTHER BORROWINGS | FHLB ADVANCES AND OTHER BORROWINGS The following table summarizes our FHLB advances and other borrowings as of June 30, 2022 and December 31, 2021:
The Company’s advances from the FHLB are collateralized by a blanket collateral agreement of qualifying mortgage and home equity line of credit loans and certain commercial real estate loans totaling approximately $2.59 billion and $2.10 billion at June 30, 2022 and December 31, 2021, respectively. On October 12, 2021, the Company entered into a loan agreement with another bank for a revolving line of credit in the original principal amount of up to $15.0 million. The loan matures on October 11, 2022 and has a variable rate of interest equal to the Daily Simple Secured Overnight Financing Rate ("SOFR") plus 1.60%. The Company is required to make quarterly interest payments with the principal balance due at maturity. The loan agreement contains financial covenants that require the Company to be well-capitalized at all times, maintain a minimum total capital to risk-weighted assets ratio, a minimum return on average assets and a maximum percentage of nonperforming assets to tangible capital. At June 30, 2022, the Company was in compliance with or has obtained waivers for each of these financial covenants.
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SUBORDINATED DEBT |
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Borrowings [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUBORDINATED DEBT | SUBORDINATED DEBT The following table summarizes the Company’s subordinated debt as of June 30, 2022 and December 31, 2021:
The subordinated debentures may be included in Tier 2 capital (with certain limitations applicable) under current regulatory guidelines and interpretations.
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EARNINGS PER COMMON SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHAREEarnings per common share is calculated utilizing the two-class method. Basic earnings per common share is calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per common share is calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of shares adjusted for the dilutive effect of common stock awards. The diluted earnings per common share computation for both the three and six months ended June 30, 2022 excluded antidilutive stock options of 60,698 and excluded antidilutive stock options of 71,547 for the comparable periods in 2021, respectively, because the exercise prices of these stock options exceeded the average market prices of the Company’s common shares for those respective periods. Presented below are the calculations for basic and diluted earnings per common share for the three and six months ended June 30, 2022 and 2021:
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FAIR VALUE OF FINANCIAL INSTRUMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date reflecting assumptions that a market participant would use when pricing an asset or liability. The hierarchy uses three levels of inputs to measure the fair value of assets and liabilities as follows: •Level 1: Unadjusted quoted prices for identical assets or liabilities traded in active markets. •Level 2: Significant other observable inputs other than Level 1, including quoted prices for similar assets and liabilities in active markets, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data. •Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Assets and liabilities measured and recorded at fair value, including financial assets for which the Company has elected the fair value option, on a recurring and nonrecurring basis at June 30, 2022 and December 31, 2021, are summarized below:
The following table provides a reconciliation of activity for assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2022 and 2021:
(1)Amounts included in interest income from investment securities taxable in the consolidated statements of income. (2)Represents change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period. The following table provides quantitative information about significant unobservable inputs used in fair value measurements of Level 3 assets measured at fair value on a recurring basis at December 31, 2021:
(1)Unobservable inputs were weighted by the relative fair value of the instruments. The significant unobservable inputs used in the fair value measurement of the Company’s corporate securities is net market price. The corporate securities are not actively traded, and as a result, fair value is determined utilizing third-party valuation services through consensus pricing. Significant changes in any of the inputs in isolation would result in a significant change to the fair value measurement. Generally, net market price increases when market interest rates decline and declines when market interest rates increase. The following table presents losses recognized on assets measured on a nonrecurring basis for the three and six months ended June 30, 2022 and 2021:
The following tables present quantitative information about significant unobservable inputs used in fair value measurements of Level 3 assets measured on a nonrecurring basis at June 30, 2022 and December 31, 2021:
(1)Unobservable inputs were weighted by the relative fair value of the instruments. ASC Topic 825, Financial Instruments, requires disclosure of the estimated fair value of certain financial instruments and the methods and significant assumptions used to estimate such fair values. Additionally, certain financial instruments and all nonfinancial instruments are excluded from the applicable disclosure requirements. The Company has elected the fair value option for newly originated commercial and residential loans held for sale. These loans are intended for sale and are hedged with derivative instruments. We have elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplification. The following table presents the difference between the aggregate fair value and the aggregate remaining principal balance for loans for which the fair value option has been elected as of June 30, 2022 and December 31, 2021:
The following table presents the amount of gains (losses) from fair value changes included in income before income taxes for financial assets carried at fair value for the three and six months ended June 30, 2022 and 2021:
The carrying values and estimated fair value of certain financial instruments not carried at fair value at June 30, 2022 and December 31, 2021 were as follows:
In accordance with our adoption of ASU 2016-1 in 2019, the methods utilized to measure fair value of financial instruments at June 30, 2022 and December 31, 2021 represent an approximation of exit price; however, an actual exit price may differ.
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COMMITMENTS, CONTINGENCIES AND CREDIT RISK |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS, CONTINGENCIES AND CREDIT RISK | COMMITMENTS, CONTINGENCIES AND CREDIT RISK The spread of the COVID-19 virus had an impact on our operations as of June 30, 2022 and December 31, 2021, and the Company expects that the virus will continue to have an impact on the business, financial condition, and results of operations of the Company and its customers. The COVID-19 pandemic, and governmental policy responses, caused changes in the behavior of customers, businesses, and their employees, including illness, quarantines, social distancing practices, cancellation of events and travel, business and school shutdowns, reduction in commercial activity and financial transactions, supply chain interruptions, increased unemployment, and overall economic and financial market instability. Future effects, including additional actions taken by federal, state, and local governments to contain COVID-19 or treat its impact, are unknown. If these effects worsen, it may adversely impact several industries within our geographic footprint and impair the ability of our customers to fulfill their contractual obligations to the Company. This could cause the Company to experience a material adverse effect on our business operations, asset valuations, financial condition, and results of operations. Material adverse impacts may include all or a combination of valuation impairments on our intangible assets, investments, loans, loan servicing rights, deferred tax assets, or counter-party risk derivatives. In the normal course of business, there are outstanding various contingent liabilities such as claims and legal actions, which are not reflected in the consolidated financial statements. No material losses are anticipated as a result of these actions or claims. We are a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of our customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The contract amounts of those instruments reflect the extent of involvement we have in particular classes of financial instruments. Our exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Bank used the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. The commitments are principally tied to variable rates. Loan commitments as of June 30, 2022 and December 31, 2021 were as follows:
The Company establishes a mortgage repurchase liability to reflect management’s estimate of losses on loans for which the Company could have a repurchase obligation based on the volume of loans sold in 2022 and years prior, borrower default expectations, historical investor repurchase demand and appeals success rates, and estimated loss severity. Loans repurchased from investors are initially recorded at fair value, which becomes the Company’s new accounting basis. Any difference between the loan’s fair value and the outstanding principal amount is charged or credited to the mortgage repurchase liability, as appropriate. Subsequent to repurchase, such loans are carried in loans receivable. There were no losses as a result of make-whole requests and loan repurchases for the three and six months ended June 30, 2022 and 2021. The liability for unresolved repurchase demands totaled $0.2 million and $0.2 million at June 30, 2022 and December 31, 2021, respectively.
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SEGMENT INFORMATION |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATIONOur business segments are defined as Banking, Wealth Management, and Other. The reportable business segments are consistent with the internal reporting and evaluation of the principle lines of business of the Company. The Banking segment provides a wide range of financial products and services to consumers and businesses, including commercial, commercial real estate, mortgage and other consumer loan products; commercial equipment leasing; mortgage loan sales and servicing; letters of credit; various types of deposit products, including checking, savings and time deposit accounts; merchant services; and corporate treasury management services. The Wealth Management segment consists of trust and fiduciary services, brokerage and retirement planning services. The Other segment includes the operating results of the parent company, our captive insurance business unit, and the elimination of intercompany transactions. Selected business segment financial information for the three and six months ended June 30, 2022 and 2021 were as follows:
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REVENUE FROM CONTRACTS WITH CUSTOMERS |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUE FROM CONTRACTS WITH CUSTOMERS | REVENUE FROM CONTRACTS WITH CUSTOMERS The Company’s revenue from contracts with customers in the scope of Topic 606 is recognized within noninterest income in the consolidated statements of income. The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and six months ended June 30, 2022 and 2021.
Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and investment securities. In addition, certain noninterest income streams such as commercial FHA revenue, residential mortgage banking revenue and gain on sales of investment securities, net are also not in scope of Topic 606. Topic 606 is applicable to noninterest income streams such as wealth management revenue, service charges on deposit accounts, interchange revenue, gain on sales of other real estate owned, and certain other noninterest income streams. The noninterest income streams considered in-scope by Topic 606 are discussed below. Wealth Management Revenue Wealth management revenue is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Company also earns investment advisory fees through its SEC registered investment advisory subsidiary. The Company’s performance obligation in both of these instances is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and contractually determined fee schedules. Payment is generally received a few days after month end through a direct charge to each customer’s account. The Company does not earn performance-based incentives. Optional services such as real estate sales and tax return preparation services are also available to existing trust and asset management customers. The Company’s performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e., as incurred). Payment is received shortly after services are rendered. Fees generated from transactions executed by the Company’s third party broker dealer are remitted by them to the Company on a monthly basis for that month’s transactional activity. Service Charges on Deposit Accounts Service charges on deposit accounts consist of fees received under depository agreements with customers to provide access to deposited funds, serve as custodian of deposited funds, and when applicable, pay interest on deposits. These service charges primarily include non-sufficient fund fees and other account related service charges. Non-sufficient fund fees are earned when a depositor presents an item for payment in excess of available funds, and the Company, at its discretion, provides the necessary funds to complete the transaction. The Company generates other account related service charge revenue by providing depositors proper safeguard and remittance of funds as well as by delivering optional services for depositors, such as check imaging or treasury management, that are performed upon the depositor’s request. The Company’s performance obligation for the proper safeguard and remittance of funds, monthly account analysis and any other monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Payment for service charges on deposit accounts is typically received immediately or in the following month through a direct charge to a customer’s account. Interchange Revenue Interchange revenue includes debit / credit card income and ATM user fees. Card income is primarily comprised of interchange fees earned for standing ready to authorize and providing settlement on card transactions processed through the MasterCard interchange network. The levels and structure of interchange rates are set by MasterCard and can vary based on cardholder purchase volumes. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with completion of the Company’s performance obligation, the transaction processing services provided to the cardholder. Payment is typically received immediately or in the following month. ATM fees are primarily generated when a Company cardholder withdraws funds from a non-Company ATM or a non-Company cardholder withdraws funds from a Company ATM. The Company satisfies its performance obligation for each transaction at the point in time when the ATM withdrawal is processed. Other Noninterest Income The other noninterest income revenue streams within the scope of Topic 606 consist of merchant services revenue, safe deposit box rentals, wire transfer fees, paper statement fees, check printing commissions, gain on sales of other real estate owned, and other noninterest related fees. Revenue from the Company’s merchant services business consists principally of transaction and account management fees charged to merchants for the electronic processing of transactions. These fees are net of interchange fees paid to the credit card issuing bank, card company assessments, and revenue sharing amounts. Account management fees are considered earned at the time the merchant’s transactions are processed or other services are performed. Fees related to the other components of other noninterest income within the scope of Topic 606 are largely transactional based, and therefore, the Company’s performance obligation is satisfied and related revenue recognized, at the point in time the customer uses the selected service to execute a transaction.
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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements of the Company are unaudited and should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission (the “SEC”) on February 25, 2022. The consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”) and conform to predominant practices within the banking industry. A discussion of these policies can be found in Note 1 – Summary of Significant Accounting Policies included in the Company's 2021 Annual Report on Form 10-K. Certain reclassifications of 2021 amounts have been made to conform to the 2022 presentation. Management has evaluated subsequent events for potential recognition or disclosure. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 or any other period.
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Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the parent company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. Assets held for customers in a fiduciary or agency capacity are not assets of the Company and, accordingly, other than trust cash on deposit with the Bank, are not included in the accompanying unaudited balance sheets.
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Accounting Guidance Issued But Not Yet Adopted | Accounting Guidance Issued But Not Yet Adopted FASB ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting – In March 2020, the FASB issued ASU No. 2020-04 which provides optional expedients and exceptions for accounting related to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. ASU 2020-04 was effective upon issuance and generally can be applied through December 31, 2022. The Company has been monitoring its volume of commercial loans tied to LIBOR. In 2021, the Company began prioritizing SOFR as the preferred alternative reference rate with plans to cease booking LIBOR based commitments after the end of 2021. Loans with a maturity after June 2023 are being reviewed and monitored to ensure there is appropriate fallback language in place when LIBOR is no longer published. Loans with a maturity date before that time should naturally mature and be re-underwritten with the alternative index rate. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which addresses questions about whether Topic 848 can be applied to derivative instruments that do not reference a rate that is expected to be discontinued but that use an interest rate for margining, discounting, or contract price alignment that is expected to be modified as a result of reference rate reform, commonly referred to as the "discounting transition". The amendments clarify that certain optional expedients and exceptions in Topic 848 do apply to derivatives that are affected by the discounting transition. The amendments in ASU 2021-01 are effective immediately. The Company believes the adoption of this guidance on activities subsequent to December 31, 2021 through December 31, 2022 will not have a material impact on the consolidated financial statements. FASB ASU No. 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures – In March 2022, the FASB issued ASU No. 2022-02, which 1) eliminates the accounting guidance for troubled debt restructurings ("TDRs") by creditors while enhancing the disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty; and 2) requires that an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022 and the amendments should be applied prospectively, although the entity has the option to apply a modified retrospective transition method for the recognition and measurement of TDRs, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. The Company is currently evaluating the impact of adopting the new guidance on its consolidated financial statements.
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ACQUISITIONS (Tables) |
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Schedule of Business Acquisitions, by Acquisition | A summary of the fair value of the assets acquired and liabilities assumed are included in the table below.
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INVESTMENT SECURITIES (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investment Securities Classified as Available for Sale | Investment securities available for sale at June 30, 2022 and December 31, 2021 were as follows:
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Debt Securities, Available-for-sale | The following is a summary of the amortized cost and fair value of the investment securities available for sale, by maturity, at June 30, 2022. Expected maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the securities may be prepaid without penalties. The maturities of all other investment securities available for sale are based on final contractual maturity.
Proceeds and gross realized gains on sales of investment securities available for sale for the three and six months ended June 30, 2022 and 2021, are summarized as follows:
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Allowance for Credit Loss Rollforward | The table below presents a rollforward by security type for the three and six months ended June 30, 2022 and 2021 of the allowance for credit losses on investment securities available for sale held at period end:
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Schedule of Unrealized Losses and Fair Values for Investment Securities | Unrealized losses and fair values for investment securities available for sale as of June 30, 2022 and December 31, 2021, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are summarized as follows:
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Schedule of Unrealized Gain (Loss) | Net unrealized gains and losses on equity securities for the three and six months ended June 30, 2022 and 2021 are summarized below:
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LOANS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Loans | The following table presents total loans outstanding by portfolio class, as of June 30, 2022 and December 31, 2021:
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Schedule Of Changes In Financing Receivable Related Parties Roll Forward | The new loans, other additions, repayments and other reductions for the three and six months ended June 30, 2022 and 2021, are summarized as follows:
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Summary of Changes in Allowance for Loan Losses, by Loan Portfolio | The following table represents, by loan portfolio segment, a summary of changes in the allowance for credit losses on loans for the three and six months ended June 30, 2022 and 2021:
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Schedule of Transitioning Risk States for Each Asset Pool within the Expected Credit Loss Model | The below table illustrates the transition matrix:
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Schedule of Amortized Cost Basis of Individually Evaluated Loans on Nonaccrual Status | The following table presents amortized cost basis of individually evaluated loans on nonaccrual status as of June 30, 2022 and December 31, 2021:
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Schedule of Collateral Dependent Loans | The table below presents the value of individually evaluated, collateral dependent loans by loan class, for borrowers experiencing financial difficulty, as of June 30, 2022 and December 31, 2021:
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Summary of Aging Status of Recorded Investments in Loans by Portfolio (Excluding PCI Loans) | The aging status of the recorded investment in loans by portfolio as of June 30, 2022 was as follows:
The aging status of the recorded investment in loans by portfolio as of December 31, 2021 was as follows:
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Summary of TDRs Loans | The Company’s TDRs are identified on a case-by-case basis in connection with the ongoing loan collection processes. The following table presents TDRs by loan portfolio as of June 30, 2022 and December 31, 2021:
(1)These loans are still accruing interest. (2)These loans are included in non-accrual loans in the preceding tables. The following table presents a summary of loans by portfolio that were restructured during the three and six months ended June 30, 2022 and 2021. There were no loans modified as TDRs within the previous twelve months that subsequently defaulted during the three and six months ended June 30, 2022 or 2021:
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Schedule of Loans Credit Equality Indicators | The following tables present the recorded investment of the commercial loan portfolio by risk category as of June 30, 2022 and December 31, 2021:
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PREMISES, EQUIPMENT AND LEASES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Premises and Equipment | A summary of premises and equipment at June 30, 2022 and December 31, 2021 is as follows:
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Summary of Information Related to Operating Leases | Information related to operating leases for the three and six months ended June 30, 2022 and 2021 was as follows:
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Summary of Projected Minimum Rental Payments | The projected minimum rental payments under the terms of the leases as of June 30, 2022 were as follows:
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LOAN SERVICING RIGHTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Mortgage Notes Serviced and Changes in our Mortgage Servicing Rights | A summary of loan servicing rights at June 30, 2022 and December 31, 2021 is as follows:
Changes in our commercial FHA loan servicing rights for the three and six months ended June 30, 2022 and 2021 are summarized as follows:
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GOODWILL AND INTANGIBLE ASSETS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets | The carrying amount of goodwill by segment at June 30, 2022 and December 31, 2021 is summarized as follows:
The Company’s intangible assets, consisting of core deposit and customer relationship intangibles, as of June 30, 2022 and December 31, 2021 are summarized as follows:
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DERIVATIVE INSTRUMENTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments, Fair Value and Notional Amounts | The following table summarizes the interest rate lock commitments and forward commitments to sell mortgage-backed securities held by the Company, their notional amount and estimated fair values at June 30, 2022 and December 31, 2021:
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DEPOSITS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Summarizes the Classification of Deposits | The following table summarizes the classification of deposits as of June 30, 2022 and December 31, 2021:
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SHORT-TERM BORROWINGS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short Term Borrowings | The following table presents the distribution of short-term borrowings and related weighted average interest rates as of June 30, 2022 and December 31, 2021:
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FHLB ADVANCES AND OTHER BORROWINGS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB ADVANCES AND OTHER BORROWINGS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Federal Home Loan Bank (FHLB) Advances | The following table summarizes our FHLB advances and other borrowings as of June 30, 2022 and December 31, 2021:
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SUBORDINATED DEBT (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Borrowings [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Summary of Company's Subordinated Debt | The following table summarizes the Company’s subordinated debt as of June 30, 2022 and December 31, 2021:
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EARNINGS PER COMMON SHARE (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted Earnings per Common Share | Presented below are the calculations for basic and diluted earnings per common share for the three and six months ended June 30, 2022 and 2021:
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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured and Recorded at Fair Value | Assets and liabilities measured and recorded at fair value, including financial assets for which the Company has elected the fair value option, on a recurring and nonrecurring basis at June 30, 2022 and December 31, 2021, are summarized below:
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Schedule Presenting Activity for Assets Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs (Level 3) | The following table provides a reconciliation of activity for assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2022 and 2021:
(1)Amounts included in interest income from investment securities taxable in the consolidated statements of income. (2)Represents change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period.
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Schedule Presents Quantitative Information about Significant Unobservable Inputs | The following table provides quantitative information about significant unobservable inputs used in fair value measurements of Level 3 assets measured at fair value on a recurring basis at December 31, 2021:
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
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Schedule of Losses Recognized on Assets Measured on a Non-recurring Basis | The following table presents losses recognized on assets measured on a nonrecurring basis for the three and six months ended June 30, 2022 and 2021:
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Schedule Presents Quantitative Information about Significant Unobservable Inputs used in Fair Value Measurements of Non-recurring Assets (Level 3) | The following tables present quantitative information about significant unobservable inputs used in fair value measurements of Level 3 assets measured on a nonrecurring basis at June 30, 2022 and December 31, 2021:
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
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Schedule of the Fair Value Option for Newly Originated Residential and Commercial Loans Held for Sale | The following table presents the difference between the aggregate fair value and the aggregate remaining principal balance for loans for which the fair value option has been elected as of June 30, 2022 and December 31, 2021:
The following table presents the amount of gains (losses) from fair value changes included in income before income taxes for financial assets carried at fair value for the three and six months ended June 30, 2022 and 2021:
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Schedule Presentation of Summary of the Carrying Values and Fair Value Estimates of Certain Financial Instruments | The carrying values and estimated fair value of certain financial instruments not carried at fair value at June 30, 2022 and December 31, 2021 were as follows:
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COMMITMENTS, CONTINGENCIES AND CREDIT RISK (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loan Commitments | The commitments are principally tied to variable rates. Loan commitments as of June 30, 2022 and December 31, 2021 were as follows:
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SEGMENT INFORMATION (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Financial Information | Selected business segment financial information for the three and six months ended June 30, 2022 and 2021 were as follows:
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REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Noninterest Income, Segregated by Revenue | The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and six months ended June 30, 2022 and 2021.
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ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands |
Jun. 01, 2021 |
Jun. 17, 2022 |
---|---|---|
Business Acquisition | ||
Transaction and integration costs | $ 500 | |
FNBC Bank & Trust | ||
Business Acquisition | ||
Deposits | 79,794 | |
Loans | $ 16,632 | |
ATG Trust | ||
Business Acquisition | ||
Transaction and integration costs | $ 400 | |
Fair value of assets under management | 399,700 | |
Assets acquired | $ 2,700 |
ACQUISITIONS - Assets Acquired and Liabilities Assumed (Details) - FNBC Bank & Trust $ in Thousands |
Jun. 17, 2022
USD ($)
|
---|---|
Business Acquisition | |
Cash and cash equivalents | $ 60,275 |
Loans | 16,632 |
Premises and equipment, net | 950 |
Accrued interest receivable | 36 |
Intangible assets | 1,901 |
Total assets acquired | 79,794 |
Deposits | 79,794 |
Total liabilities assumed | 79,794 |
Core deposit intangibles | |
Business Acquisition | |
Intangible assets | $ 1,901 |
Estimated useful life | 10 years |
INVESTMENT SECURITIES - Amortized cost and fair value (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Amortized cost | |||||
Within one year | $ 12,828 | $ 12,828 | |||
After one year through five years | 134,666 | 134,666 | |||
After five years through ten years | 156,446 | 156,446 | |||
After ten years | 31,500 | 31,500 | |||
Mortgage-backed securities | 506,526 | 506,526 | |||
Total available for sale securities | 841,966 | 841,966 | $ 904,695 | ||
Fair value | |||||
Within one year | 12,898 | 12,898 | |||
After one year through five years | 127,807 | 127,807 | |||
After five years through ten years | 145,497 | 145,497 | |||
After ten years | 27,723 | 27,723 | |||
Mortgage-backed securities | 446,615 | 446,615 | |||
Total available for sale securities | 760,540 | 760,540 | $ 906,603 | ||
Proceeds from sales of investment securities available for sale | 107,740 | $ 12,617 | 107,740 | $ 12,617 | |
Gross realized gains on sales | 716 | 377 | 716 | 377 | |
Gross realized losses on sales | $ (817) | $ 0 | $ (817) | $ 0 |
INVESTMENT SECURITIES - Narrative (Details) $ in Thousands |
Jun. 30, 2022
USD ($)
security
|
Dec. 31, 2021
USD ($)
|
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Number of securities in unrealized loss position (in security) | security | 326 | |
Aggregate depreciation percentage | 10.47% | |
Equity securities recorded at fair value | $ | $ 8,738 | $ 9,529 |
INVESTMENT SECURITIES - Equity Securities (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Net unrealized (losses) gains | $ (425) | $ 145 | $ (947) | $ 226 |
LOANS - Loans to Directors, Executive Officers, Principal Shareholders and Affiliates (Details) - Directors, Executive Officers, Principal Shareholders and Affiliates - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Notes Receivable [Roll Forward] | ||||||||
Beginning balance | $ 23,097 | $ 18,762 | $ 23,097 | $ 18,762 | $ 23,374 | $ 13,869 | $ 19,372 | $ 19,693 |
New loans and other additions | 0 | 404 | 9,805 | 1,024 | ||||
Repayments and other reductions | (277) | (1,014) | (577) | (1,955) | ||||
Ending balance | $ 23,097 | $ 18,762 | $ 23,097 | $ 18,762 |
LOANS - Impaired Loans with interest recognized (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Interest income : | ||||
Interest income recognized on nonaccrual loans | $ 0 | $ 0 | $ 0 | $ 0 |
Additional interest income that would have been recorded had they been current | $ 500,000 | $ 700,000 | $ 1,300,000 | $ 1,400,000 |
PREMISES, EQUIPMENT AND LEASES - Premises and Equipment (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Property, Plant and Equipment [Line Items] | |||||
Premises and equipment gross | $ 126,004 | $ 126,004 | $ 124,812 | ||
Lease right-of-use assets | 7,670 | 7,670 | 8,428 | ||
Accumulated depreciation | (48,336) | (48,336) | (45,592) | ||
Premises and equipment, net | 77,668 | 77,668 | 79,220 | ||
Depreciation on premises and equipment | 1,200 | $ 1,400 | 2,445 | $ 2,851 | |
Land | |||||
Property, Plant and Equipment [Line Items] | |||||
Premises and equipment gross | 15,948 | 15,948 | 15,696 | ||
Buildings and improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Premises and equipment gross | 68,625 | 68,625 | 67,143 | ||
Furniture and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Premises and equipment gross | $ 33,761 | $ 33,761 | $ 33,545 |
PREMISES, EQUIPMENT AND LEASES - Narrative (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Renewal term of lease (in years) | 10 years | |
Operating lease liabilities | $ 9,709 | $ 10,700 |
Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Remaining lease terms | 1 month | |
Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Remaining lease terms | 11 years |
PREMISES, EQUIPMENT AND LEASES - Information Related to Operating Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Property, Plant and Equipment [Abstract] | ||||
Operating lease cost | $ 532 | $ 514 | $ 1,040 | $ 1,037 |
Operating cash flows from leases | 630 | 603 | 1,236 | 1,386 |
Right-of-use assets obtained in exchange for lease obligations | 0 | 609 | 121 | 689 |
Right-of-use assets derecognized due to terminations or impairment | $ 0 | $ (88) | $ 0 | $ (210) |
Weighted average remaining lease term | 7 years 4 months 24 days | 7 years 10 months 24 days | 7 years 4 months 24 days | 7 years 10 months 24 days |
Weighted average discount rate | 2.89% | 2.86% | 2.89% | 2.86% |
PREMISES, EQUIPMENT AND LEASES - Projected Minimum Rental Payments (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Property, Plant and Equipment [Abstract] | ||
2022 remaining | $ 1,028 | |
2023 | 2,105 | |
2024 | 1,799 | |
2025 | 894 | |
2026 | 763 | |
Thereafter | 4,251 | |
Total future minimum lease payments | 10,840 | |
Less imputed interest | (1,131) | |
Operating lease liabilities | $ 9,709 | $ 10,700 |
LOAN SERVICING RIGHTS - Loan Servicing Rights and Carrying Value (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Servicing Assets at Fair Value [Line Items] | ||
Serviced Loans | $ 2,779,430 | $ 3,003,192 |
Carrying Value | 25,879 | 28,865 |
Commercial FHA | ||
Servicing Assets at Fair Value [Line Items] | ||
Serviced Loans | 2,456,760 | 2,650,531 |
Carrying Value | 24,603 | 27,386 |
SBA | ||
Servicing Assets at Fair Value [Line Items] | ||
Serviced Loans | 46,997 | 50,043 |
Carrying Value | 660 | 774 |
Residential | ||
Servicing Assets at Fair Value [Line Items] | ||
Serviced Loans | 275,673 | 302,618 |
Carrying Value | $ 616 | $ 705 |
LOAN SERVICING RIGHTS - Narrative (Details) |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2022 |
Dec. 31, 2021 |
|
Transfers and Servicing [Abstract] | ||
Prepayment rate | 8.21% | 8.24% |
Discount rate | 11.69% | 11.87% |
LOAN SERVICING RIGHTS - Changes in MSR (Details) - Commercial FHA - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Loan servicing rights: | ||||||||
Loan servicing rights, Beginning balance | $ 26,111 | $ 35,997 | $ 27,386 | $ 38,322 | ||||
Amortization | (639) | (780) | (1,299) | (1,563) | ||||
Refinancing fee received from third party | 0 | (337) | (221) | (604) | ||||
Permanent impairment | (869) | (1,148) | (1,263) | (2,423) | ||||
Loan servicing rights, Ending balance | 24,603 | 33,732 | 24,603 | 33,732 | ||||
Fair value, Beginning of period | 26,865 | 34,255 | 26,865 | 34,255 | $ 27,941 | $ 28,368 | $ 35,997 | $ 38,322 |
Fair value, End of period | $ 26,865 | $ 34,255 | $ 26,865 | $ 34,255 |
GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Goodwill [Line Items] | ||
Goodwill | $ 161,904 | $ 161,904 |
Banking | ||
Goodwill [Line Items] | ||
Goodwill | 157,158 | 157,158 |
Wealth management | ||
Goodwill [Line Items] | ||
Goodwill | $ 4,746 | $ 4,746 |
GOODWILL AND INTANGIBLE ASSETS - Intangible assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 17, 2022 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Finite-lived intangible assets | ||||||
Gross carrying amount | $ 74,831 | $ 74,831 | $ 72,930 | |||
Accumulated amortization | (51,272) | (51,272) | (48,556) | |||
Total | 23,559 | 23,559 | 24,374 | |||
Amortization of intangible assets | 1,318 | $ 1,470 | 2,716 | $ 2,985 | ||
FNBC Bank & Trust | ||||||
Finite-lived intangible assets | ||||||
Intangible assets | $ 1,901 | |||||
Core deposit intangibles | ||||||
Finite-lived intangible assets | ||||||
Gross carrying amount | 58,913 | 58,913 | 57,012 | |||
Accumulated amortization | (42,664) | (42,664) | (40,603) | |||
Total | 16,249 | 16,249 | 16,409 | |||
Core deposit intangibles | FNBC Bank & Trust | ||||||
Finite-lived intangible assets | ||||||
Intangible assets | $ 1,901 | |||||
Estimated useful life | 10 years | |||||
Customer relationship intangibles | ||||||
Finite-lived intangible assets | ||||||
Gross carrying amount | 15,918 | 15,918 | 15,918 | |||
Accumulated amortization | (8,608) | (8,608) | (7,953) | |||
Total | $ 7,310 | $ 7,310 | $ 7,965 |
DERIVATIVE INSTRUMENTS - Cash Flow Hedges (Details) - Cash Flow Hedge - Receive Fixed, Pay Variable Interest Rate Swaps $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2022
USD ($)
| |
Derivative disclosures | |
Notational amount, asset | $ 200.0 |
Average remaining life in years | 3 years 9 months 14 days |
Long | |
Derivative disclosures | |
Weighted average rate | 0.64% |
Short | |
Derivative disclosures | |
Weighted average rate | 5.48% |
DEPOSITS (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Classification of deposits | ||
Noninterest-bearing demand | $ 1,972,261 | $ 2,245,701 |
Interest-bearing: | ||
Checking | 1,808,885 | 1,663,021 |
Money market | 1,027,547 | 869,067 |
Savings | 740,364 | 679,115 |
Time | 635,381 | 653,744 |
Total deposits | $ 6,184,438 | $ 6,110,648 |
SHORT-TERM BORROWINGS (Details) - USD ($) |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2022 |
Dec. 31, 2021 |
|
Short-term Debt [Line Items] | ||
Outstanding at period-end | $ 67,689,000 | $ 76,803,000 |
Average amount outstanding | 64,642,000 | 68,986,000 |
Maximum amount outstanding at any month end | $ 76,807,000 | $ 77,497,000 |
Weighted average interest rate: | ||
During period | 0.14% | 0.12% |
End of period | 0.14% | 0.13% |
Short-Term Borrowings | ||
Investment securities pledged/collateralized for secured borrowings | $ 63,900,000 | $ 78,300,000 |
Line of credit | 0 | 0 |
Loans | 5,795,544,000 | 5,224,801,000 |
Line of credit facility, maximum borrowing capacity | 45,000,000 | |
Commercial real estate | Asset Pledged as Collateral | ||
Short-Term Borrowings | ||
Loans | 25,400,000 | 64,800,000 |
Federal Reserve Discount Window | ||
Short-Term Borrowings | ||
Line of credit | $ 22,700,000 | $ 55,900,000 |
EARNINGS PER COMMON SHARE - Narrative (Details) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Stock option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 60,698 | 71,547 | 60,698 | 71,547 |
FAIR VALUE OF FINANCIAL INSTRUMENTS - Unobservable inputs (Level 3) (Details) - Corporate securities - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance, beginning of period | $ 935 | $ 959 | $ 935 | $ 959 |
Transferred to level 2 | (935) | 0 | (935) | 0 |
Total realized in earnings | 6 | 4 | 11 | 6 |
Total unrealized in other comprehensive income | 0 | 49 | 0 | 49 |
Net settlements (principal and interest) | (6) | (4) | (11) | (6) |
Balance, end of period | $ 0 | $ 1,008 | $ 0 | $ 1,008 |
COMMITMENTS, CONTINGENCIES AND CREDIT RISK (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Anticipated material loss | $ 0 | $ 0 | |||
Losses as a result of make whole requests and loan repurchases | 0 | $ 0 | 0 | $ 0 | |
Liability for unresolved repurchase demands | 200,000 | 200,000 | $ 200,000 | ||
Commitments to extend credit | |||||
Loan commitments | 1,206,523,000 | 1,206,523,000 | 994,709,000 | ||
Financial guarantees – standby letters of credit | |||||
Loan commitments | $ 26,553,000 | $ 26,553,000 | $ 14,325,000 |
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | $ 61,334 | $ 50,110 | $ 118,161 | $ 101,978 | |
Provision for credit losses | 5,441 | (455) | 9,608 | 3,110 | |
Noninterest income | 14,613 | 17,417 | 30,226 | 32,233 | |
Noninterest expense | 41,339 | 48,941 | 82,223 | 88,020 | |
Income before income taxes | 29,167 | 19,041 | 56,556 | 43,081 | |
Income taxes (benefit) | 7,284 | (1,083) | 13,924 | 4,419 | |
Net income | 21,883 | 20,124 | 42,632 | 38,662 | |
Total assets | 7,435,812 | 6,630,010 | 7,435,812 | 6,630,010 | $ 7,443,805 |
Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | 63,963 | 52,908 | 123,316 | 107,626 | |
Provision for credit losses | 5,441 | (455) | 9,608 | 3,110 | |
Noninterest income | 8,495 | 10,868 | 16,901 | 19,732 | |
Noninterest expense | 37,362 | 45,084 | 73,609 | 80,600 | |
Income before income taxes | 29,655 | 19,147 | 57,000 | 43,648 | |
Income taxes (benefit) | 7,545 | (913) | 14,260 | 4,876 | |
Net income | 22,110 | 20,060 | 42,740 | 38,772 | |
Total assets | 7,422,518 | 6,642,895 | 7,422,518 | 6,642,895 | |
Wealth management | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | 0 | 0 | 0 | 0 | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Noninterest income | 6,143 | 6,529 | 13,282 | 12,460 | |
Noninterest expense | 4,091 | 4,164 | 8,766 | 8,165 | |
Income before income taxes | 2,052 | 2,365 | 4,516 | 4,295 | |
Income taxes (benefit) | 573 | 663 | 1,263 | 1,203 | |
Net income | 1,479 | 1,702 | 3,253 | 3,092 | |
Total assets | 29,042 | 30,913 | 29,042 | 30,913 | |
Other | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | (2,629) | (2,798) | (5,155) | (5,648) | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Noninterest income | (25) | 20 | 43 | 41 | |
Noninterest expense | (114) | (307) | (152) | (745) | |
Income before income taxes | (2,540) | (2,471) | (4,960) | (4,862) | |
Income taxes (benefit) | (834) | (833) | (1,599) | (1,660) | |
Net income | (1,706) | (1,638) | (3,361) | (3,202) | |
Total assets | $ (15,748) | $ (43,798) | $ (15,748) | $ (43,798) |
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