QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the quarterly period ended | |||||
OR | |||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the transition period from __________ to __________ |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbols | Name of each exchange on which registered | ||||||||||||
Large Accelerated Filer | o | x | |||||||||||||||
Non-Accelerated Filer | o | Smaller Reporting Company | Emerging Growth Company |
September 30, 2021 (Unaudited) | December 31, 2020 | ||||||||||
Assets | |||||||||||
Cash and due from banks | $ | $ | |||||||||
Interest-bearing deposits in other financial institutions | |||||||||||
Federal funds sold and other short-term investments | |||||||||||
Cash and cash equivalents | |||||||||||
Securities available-for-sale, at fair value | |||||||||||
Loans | |||||||||||
Less: Allowance for credit losses | |||||||||||
Loans, net | |||||||||||
Payments in excess of funding | |||||||||||
Premises and equipment, net | |||||||||||
Investment in bank-owned life insurance | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Shareholders’ Equity | |||||||||||
Liabilities: | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing | $ | $ | |||||||||
Interest-bearing | |||||||||||
Total deposits | |||||||||||
Accounts and drafts payable | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Shareholders’ Equity: | |||||||||||
Preferred stock, par value $ | |||||||||||
Common stock, par value $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Common shares in treasury, at cost ( | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders’ equity | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Fee Revenue and Other Income: | |||||||||||||||||||||||
Information services payment and processing revenue | $ | $ | $ | $ | |||||||||||||||||||
Bank service fees | |||||||||||||||||||||||
(Losses) gains on sales of securities | ( | ||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total fee revenue and other income | |||||||||||||||||||||||
Interest Income: | |||||||||||||||||||||||
Interest and fees on loans | |||||||||||||||||||||||
Interest and dividends on securities: | |||||||||||||||||||||||
Taxable | |||||||||||||||||||||||
Exempt from federal income taxes | |||||||||||||||||||||||
Interest on federal funds sold and other short-term investments | |||||||||||||||||||||||
Total interest income | |||||||||||||||||||||||
Interest Expense: | |||||||||||||||||||||||
Interest on deposits | |||||||||||||||||||||||
Interest on short-term borrowings | |||||||||||||||||||||||
Total interest expense | |||||||||||||||||||||||
Net interest income | |||||||||||||||||||||||
Provision for (release of) credit losses / loan losses | ( | ||||||||||||||||||||||
Net interest income after provision for (release of) credit losses / loan losses | |||||||||||||||||||||||
Total net revenue | |||||||||||||||||||||||
Operating Expense: | |||||||||||||||||||||||
Personnel | |||||||||||||||||||||||
Occupancy | |||||||||||||||||||||||
Equipment | |||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||
Other operating expense | |||||||||||||||||||||||
Total operating expense | |||||||||||||||||||||||
Income before income tax expense | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per share |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Comprehensive Income: | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Net unrealized (loss) gain on securities available-for-sale | ( | ( | |||||||||||||||||||||
Tax effect | ( | ( | |||||||||||||||||||||
Reclassification adjustments for losses (gains) included in net income | ( | ( | |||||||||||||||||||||
Tax effect | |||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | ( | ||||||||||||||||||||
Total comprehensive income | $ | $ | $ | $ |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash Flows From Operating Activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Gains on sales of securities | ( | ( | |||||||||
Stock-based compensation expense | |||||||||||
(Release of) provision for credit losses / loan losses | ( | ||||||||||
Decrease in deferred income tax asset | |||||||||||
Increase in current income tax liability | |||||||||||
(Decrease) increase in pension liability | ( | ||||||||||
(Increase) decrease in accounts receivable | ( | ||||||||||
Other operating activities, net | |||||||||||
Net cash provided by operating activities | |||||||||||
Cash Flows From Investing Activities: | |||||||||||
Proceeds from sales of securities available-for-sale | |||||||||||
Proceeds from maturities of securities available-for-sale | |||||||||||
Purchase of securities available-for-sale | ( | ( | |||||||||
Net decrease (increase) in loans | ( | ||||||||||
Purchase of bank-owned life insurance | ( | ||||||||||
(Increase) decrease in payments in excess of funding | ( | ||||||||||
Purchases of premises and equipment, net | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash Flows From Financing Activities: | |||||||||||
Net (decrease) increase in noninterest-bearing demand deposits | ( | ||||||||||
Net increase in interest-bearing demand and savings deposits | |||||||||||
Net decrease in time deposits | ( | ( | |||||||||
Net increase in accounts and drafts payable | |||||||||||
Net decrease in short-term borrowings | ( | ||||||||||
Cash dividends paid | ( | ( | |||||||||
Purchase of common shares for treasury | ( | ( | |||||||||
Other financing activities, net | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
Net (decrease) increase in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Supplemental information: | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Cash paid for income taxes |
Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||
Cash dividends ($ | ( | ( | |||||||||||||||||||||||||||||||||
Issuance of | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | |||||||||||||||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||
Cash dividends ($ | ( | ( | |||||||||||||||||||||||||||||||||
Issuance of | ( | ||||||||||||||||||||||||||||||||||
Exercise of SARs | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense | |||||||||||||||||||||||||||||||||||
Purchase of | ( | ( | |||||||||||||||||||||||||||||||||
Other comprehensive loss | ( | ( | |||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ |
Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||
Cash dividends ($ | ( | ( | |||||||||||||||||||||||||||||||||
Issuance of | ( | ( | |||||||||||||||||||||||||||||||||
Exercise of SARs | ( | ( | |||||||||||||||||||||||||||||||||
Stock-based compensation expense | |||||||||||||||||||||||||||||||||||
Purchase of | ( | ( | |||||||||||||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||
Cash dividends ($ | ( | ( | |||||||||||||||||||||||||||||||||
Issuance of | ( | ( | |||||||||||||||||||||||||||||||||
Exercise of SARs | ( | ( | |||||||||||||||||||||||||||||||||
Stock-based compensation expense | |||||||||||||||||||||||||||||||||||
Purchase of | ( | ( | |||||||||||||||||||||||||||||||||
Other comprehensive loss | ( | ( | |||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
(In thousands) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||||
Assets eligible for amortization: | |||||||||||||||||||||||
Customer lists | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Patents | ( | ( | |||||||||||||||||||||
Software | ( | ( | |||||||||||||||||||||
Trade Name | ( | ( | |||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||
Unamortized intangible assets: | |||||||||||||||||||||||
Goodwill | — | — | |||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | $ | ( |
(In thousands except share and per share data) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Basic | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Weighted-average common shares outstanding | |||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Weighted-average common shares outstanding | |||||||||||||||||||||||
Effect of dilutive restricted stock and stock appreciation rights | |||||||||||||||||||||||
Weighted-average common shares outstanding assuming dilution | |||||||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ |
(In thousands) | Information Services | Banking Services | Corporate, Eliminations and Other | Total | |||||||||||||||||||
Three Months Ended September 30, 2021: | |||||||||||||||||||||||
Fee income | $ | $ | $ | $ | |||||||||||||||||||
Interest income* | ( | ||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Intersegment income (expense) | ( | — | |||||||||||||||||||||
Tax-equivalized pre-tax income* | ( | ||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||
Other intangible assets, net | |||||||||||||||||||||||
Total assets | ( | ||||||||||||||||||||||
Average funding sources | |||||||||||||||||||||||
Three Months Ended September 30, 2020: | |||||||||||||||||||||||
Fee income | $ | $ | $ | $ | |||||||||||||||||||
Interest income* | ( | ||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Intersegment income (expense) | ( | — | |||||||||||||||||||||
Tax-equivalized pre-tax income* | ( | ||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||
Other intangible assets, net | |||||||||||||||||||||||
Total assets | ( | ||||||||||||||||||||||
Average funding sources | |||||||||||||||||||||||
Nine Months Ended September 30, 2021: | |||||||||||||||||||||||
Fee income | $ | $ | $ | $ | |||||||||||||||||||
Interest income* | ( | ||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Intersegment income (expense) | ( | — | |||||||||||||||||||||
Tax-equivalized pre-tax income* | ( | ||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||
Other intangible assets, net | |||||||||||||||||||||||
Total assets | ( | ||||||||||||||||||||||
Average funding sources | |||||||||||||||||||||||
Nine Months Ended September 30, 2020: | |||||||||||||||||||||||
Fee income | $ | $ | $ | $ | |||||||||||||||||||
Interest income* | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Intersegment income (expense) | ( | — | |||||||||||||||||||||
Tax-equivalized pre-tax income* | |||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||
Other intangible assets, net | |||||||||||||||||||||||
Total assets | ( | ||||||||||||||||||||||
Average funding sources |
(In thousands) | September 30, 2021 | December 31, 2020 | |||||||||
Commercial and industrial | $ | $ | |||||||||
Real estate: | |||||||||||
Commercial: | |||||||||||
Mortgage | |||||||||||
Construction | |||||||||||
Faith-based: | |||||||||||
Mortgage | |||||||||||
Construction | |||||||||||
Paycheck Protection Program (“PPP”) | |||||||||||
Total loans | $ | $ |
Performing | Nonperforming | ||||||||||||||||||||||||||||||||||
(In thousands) | Current | 30-59 Days | 60-89 Days | 90 Days and Over | Non- accrual | Total Loans | |||||||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||
Faith-based: | |||||||||||||||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||
PPP | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||
Faith-based: | |||||||||||||||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||
PPP | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
(In thousands) | Loans Subject to Normal Monitoring1 | Performing Loans Subject to Special Monitoring2 | Nonperforming Loans Subject to Special Monitoring2 | Total Loans | |||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | |||||||||||||||||||
Real estate | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||
Construction | |||||||||||||||||||||||
Faith-based: | |||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||
Construction | |||||||||||||||||||||||
PPP | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | |||||||||||||||||||
Real estate | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||
Construction | |||||||||||||||||||||||
Faith-based: | |||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||
Construction | |||||||||||||||||||||||
PPP | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
(In thousands) | Number of Loans | Pre-Modification Outstanding Balance | Post-Modification Outstanding Balance | ||||||||||||||
Commercial and industrial | $ | $ | |||||||||||||||
Faith-based real estate | |||||||||||||||||
Total | $ | $ |
(In thousands) | C&I | CRE | Faith-based CRE | Construction | Total | ||||||||||||||||||||||||
Allowance for credit losses on loans: | |||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Charge Offs | |||||||||||||||||||||||||||||
(Release of) provision for credit losses | ( | ( | ( | ( | |||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | $ | $ |
(In thousands) | C&I | CRE | Faith-based CRE | Construction | Total | ||||||||||||||||||||||||
Allowance for credit losses on loans: | |||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Cumulative effect of accounting change (ASU 2016-13) | ( | ( | |||||||||||||||||||||||||||
Balance at January 1, 2020 | |||||||||||||||||||||||||||||
Provision for credit losses | |||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | $ |
Amount of Commitment Expiration per Period | |||||||||||||||||||||||||||||
(In thousands) | Total | Less than 1 Year | 1-3 Years | 3-5 Years | Over 5 Years | ||||||||||||||||||||||||
Time deposits | $ | $ | $ | $ | $ |
Nine Months Ended September 30, 2021 | |||||||||||
Shares | Fair Value | ||||||||||
Balance at December 31, 2020 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeitures | ( | ||||||||||
Balance at September 30, 2021 | $ |
Nine Months Ended September 30, 2021 | |||||||||||
Shares | Fair Value | ||||||||||
Balance at December 31, 2020 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeitures | ( | ||||||||||
Balance at September 30, 2021 | $ |
Shares | Weighted- Average Exercise Price | Average Remaining Contractual Term Years | Aggregate Intrinsic Value (In thousands) | ||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | |||||||||||||||||||||
Exercised | ( | — | — | ||||||||||||||||||||
Forfeited | ( | — | — | ||||||||||||||||||||
Exercisable at September 30, 2021 | $ | $ |
(In thousands) | Estimated 2021 | Actual 2020 | |||||||||
Service cost – benefits earned during the year | $ | $ | |||||||||
Interest cost on projected benefit obligations | |||||||||||
Expected return on plan assets | ( | ( | |||||||||
Net amortization | |||||||||||
Net periodic pension (benefit) cost | $ | ( | $ |
(In thousands) | Estimated 2021 | Actual 2020 | |||||||||
Service cost – benefits earned during the year | $ | $ | |||||||||
Interest cost on projected benefit obligation | |||||||||||
Net amortization | |||||||||||
Net periodic pension cost | $ | $ |
September 30, 2021 | |||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
State and political subdivisions | $ | $ | $ | $ | |||||||||||||||||||
U.S. government agencies | |||||||||||||||||||||||
Corporate Bonds | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
December 31, 2020 | |||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
State and political subdivisions | $ | $ | $ | $ | |||||||||||||||||||
U.S. government agencies | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
September 30, 2021 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
(In thousands) | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
State and political subdivisions | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
U.S. government agencies | |||||||||||||||||||||||||||||||||||
Corporate Bonds | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
September 30, 2021 | |||||||||||
(In thousands) | Amortized Cost | Fair Value | |||||||||
Due in 1 year or less | $ | $ | |||||||||
Due after 1 year through 5 years | |||||||||||
Due after 5 years through 10 years | |||||||||||
Due after 10 years | |||||||||||
Total | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
(In thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||
Balance sheet assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Investment securities | |||||||||||||||||||||||
Loans, net | |||||||||||||||||||||||
Accrued interest receivable | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Balance sheet liabilities: | |||||||||||||||||||||||
Deposits | $ | $ | $ | $ | |||||||||||||||||||
Accounts and drafts payable | |||||||||||||||||||||||
Accrued interest payable | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Fee revenue and other income | |||||||||||||||||||||||
In-scope of FASB ASC 606 | |||||||||||||||||||||||
Invoice processing fees | $ | $ | $ | $ | |||||||||||||||||||
Invoice payment fees | |||||||||||||||||||||||
Information services payment and processing revenue | |||||||||||||||||||||||
Bank service fees | |||||||||||||||||||||||
Fee revenue (in-scope of FASB ASC 606) | |||||||||||||||||||||||
Other income (out-of-scope of FASB ASC 606) | |||||||||||||||||||||||
Total fee revenue and other income | $ | $ | $ | $ |
(In thousands) | September 30, 2021 | ||||
Lease payments due | |||||
Less than 1 year | $ | ||||
1-2 years | |||||
2-3 years | |||||
3-4 years | |||||
4-5 years | |||||
Over 5 years | |||||
Total undiscounted cash flows | |||||
Discount on cash flows | |||||
Total lease liability | $ |
(In thousands except per share data) | Third Quarter of | Nine Months Ended | |||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||||||||||||||||||||||||||
Net income | $ | 6,805 | $ | 5,781 | 17.7 | % | $ | 20,902 | $ | 18,765 | 11.4 | % | |||||||||||||||||||||||
Diluted earnings per share | $ | .48 | $ | .40 | 20.0 | % | $ | 1.45 | $ | 1.29 | 12.4 | % | |||||||||||||||||||||||
Return on average assets | 1.14 | % | 1.14 | % | — | 1.23 | % | 1.32 | % | — | % | ||||||||||||||||||||||||
Return on average equity | 10.61 | % | 9.25 | % | — | 10.84 | % | 10.25 | % | — | % |
(In thousands) | Third Quarter of | Nine Months Ended | |||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||||||||||||||||||||||||||
Transportation invoice volume | 9,333 | 8,660 | 7.8 | % | 27,581 | 24,234 | 13.8 | % | |||||||||||||||||||||||||||
Transportation invoice dollar volume | $ | 9,540,408 | $ | 6,822,565 | 39.8 | % | $ | 26,385,936 | $ | 18,987,243 | 39.0 | % | |||||||||||||||||||||||
Facility-related transaction volume* | 6,675 | 7,117 | (6.2) | % | 20,498 | 20,330 | 0.8 | % | |||||||||||||||||||||||||||
Facility-related dollar volume* | $ | 4,215,044 | $ | 3,595,586 | 17.2 | % | $ | 11,590,437 | $ | 10,118,270 | 14.5 | % | |||||||||||||||||||||||
Payment and processing revenue | $ | 26,877 | $ | 24,376 | 10.3 | % | $ | 78,441 | $ | 72,540 | 8.1 | % |
(In thousands) | Third Quarter of | Nine Months Ended | |||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||||||||||||||||||||||||||
Average earnings assets | $ | 2,036,296 | $ | 1,734,680 | 17.4 | % | $ | 1,965,976 | $ | 1,616,090 | 21.7 | % | |||||||||||||||||||||||
Average interest-bearing liabilities | 600,263 | 507,172 | 18.4 | % | 583,478 | 465,128 | 25.4 | % | |||||||||||||||||||||||||||
Net interest income* | 11,900 | 11,280 | 5.5 | % | 34,005 | 34,772 | (2.2) | % | |||||||||||||||||||||||||||
Net interest margin* | 2.32 | % | 2.59 | % | 2.31 | % | 2.87 | % | |||||||||||||||||||||||||||
Yield on earning assets* | 2.37 | % | 2.69 | % | 2.37 | % | 3.03 | % | |||||||||||||||||||||||||||
Rate on interest-bearing liabilities | .19 | % | .36 | % | .21 | % | .55 | % |
(In thousands) | Third Quarter of 2021 | Third Quarter of 2020 | |||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | ||||||||||||||||||||||||||||||
Assets1 | |||||||||||||||||||||||||||||||||||
Interest-earning assets | |||||||||||||||||||||||||||||||||||
Loans2: | |||||||||||||||||||||||||||||||||||
Taxable | $ | 873,070 | $ | 8,987 | 4.08 | % | $ | 949,836 | $ | 9,067 | 3.80 | % | |||||||||||||||||||||||
Investment securities3: | |||||||||||||||||||||||||||||||||||
Taxable | 209,662 | 731 | 1.38 | 69,158 | 372 | 2.14 | |||||||||||||||||||||||||||||
Tax-exempt4 | 308,071 | 2,228 | 2.87 | 284,826 | 2,219 | 3.10 | |||||||||||||||||||||||||||||
Certificates of deposit | — | — | — | 209 | 1 | 1.90 | |||||||||||||||||||||||||||||
Interest-bearing deposits in other financial institutions | 612,053 | 231 | 0.15 | 189,975 | 36 | 0.08 | |||||||||||||||||||||||||||||
Federal funds sold and other short-term investments | 33,440 | 10 | 0.12 | 240,676 | 50 | 0.08 | |||||||||||||||||||||||||||||
Total interest-earning assets | 2,036,296 | 12,187 | 2.37 | 1,734,680 | 11,745 | 2.69 | |||||||||||||||||||||||||||||
Non-interest-earning assets | |||||||||||||||||||||||||||||||||||
Cash and due from banks | 18,778 | 16,993 | |||||||||||||||||||||||||||||||||
Premises and equipment, net | 17,718 | 19,507 | |||||||||||||||||||||||||||||||||
Bank-owned life insurance | 28,134 | 17,875 | |||||||||||||||||||||||||||||||||
Goodwill and other intangibles | 17,167 | 18,027 | |||||||||||||||||||||||||||||||||
Other assets | 266,334 | 215,633 | |||||||||||||||||||||||||||||||||
Allowance for credit losses | (11,183) | (11,295) | |||||||||||||||||||||||||||||||||
Total assets | $ | 2,373,244 | $ | 2,011,420 | |||||||||||||||||||||||||||||||
Liabilities and Shareholders’ Equity1 | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 531,541 | $ | 145 | 0.11 | % | $ | 425,192 | $ | 227 | 0.21 | % | |||||||||||||||||||||||
Savings deposits | 17,767 | 2 | 0.04 | 14,675 | 3 | 0.08 | |||||||||||||||||||||||||||||
Time deposits >= $100 | 19,403 | 49 | 1.00 | 26,335 | 104 | 1.57 | |||||||||||||||||||||||||||||
Other time deposits | 31,542 | 91 | 1.14 | 40,959 | 131 | 1.27 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 600,253 | 287 | 0.19 | 507,161 | 465 | 0.36 | |||||||||||||||||||||||||||||
Short-term borrowings | 10 | — | — | 11 | — | — | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 600,263 | 287 | 0.19 | 507,172 | 465 | 0.36 | |||||||||||||||||||||||||||||
Non-interest bearing liabilities | |||||||||||||||||||||||||||||||||||
Demand deposits | 453,116 | 371,862 | |||||||||||||||||||||||||||||||||
Accounts and drafts payable | 1,010,641 | 816,032 | |||||||||||||||||||||||||||||||||
Other liabilities | 54,703 | 67,829 | |||||||||||||||||||||||||||||||||
Total liabilities | 2,118,723 | 1,762,895 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 254,521 | 248,525 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,373,244 | $ | 2,011,420 | |||||||||||||||||||||||||||||||
Net interest income | $ | 11,900 | $ | 11,280 | |||||||||||||||||||||||||||||||
Net interest margin | 2.32 | % | 2.59 | % | |||||||||||||||||||||||||||||||
Interest spread | 2.18 | 2.33 |
(In thousands) | Nine Months Ended 2021 | Nine Months Ended 2020 | |||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | ||||||||||||||||||||||||||||||
Assets1 | |||||||||||||||||||||||||||||||||||
Interest-earning assets | |||||||||||||||||||||||||||||||||||
Loans2: | |||||||||||||||||||||||||||||||||||
Taxable | $ | 885,274 | $ | 26,270 | 3.97 | % | $ | 904,632 | $ | 27,366 | 4.04 | % | |||||||||||||||||||||||
Investment securities3: | |||||||||||||||||||||||||||||||||||
Taxable | 149,953 | 1,387 | 1.24 | 82,271 | 1,400 | 2.27 | |||||||||||||||||||||||||||||
Tax-exempt4 | 304,348 | 6,748 | 2.96 | 289,964 | 6,781 | 3.12 | |||||||||||||||||||||||||||||
Certificates of deposit | — | — | — | 340 | 6 | 2.36 | |||||||||||||||||||||||||||||
Interest-bearing deposits in other financial institutions | 537,987 | 473 | .12 | 197,929 | 492 | .33 | |||||||||||||||||||||||||||||
Federal funds sold and other short-term investments | 88,414 | 42 | .06 | 140,955 | 638 | .60 | |||||||||||||||||||||||||||||
Total interest-earning assets | 1,965,976 | 34,920 | 2.37 | 1,616,091 | 36,683 | 3.03 | |||||||||||||||||||||||||||||
Non-interest-earning assets: | |||||||||||||||||||||||||||||||||||
Cash and due from banks | 19,890 | 16,765 | |||||||||||||||||||||||||||||||||
Premises and equipment, net | 17,877 | 19,955 | |||||||||||||||||||||||||||||||||
Bank-owned life insurance | 21,286 | 17,761 | |||||||||||||||||||||||||||||||||
Goodwill and other intangibles | 17,381 | 18,240 | |||||||||||||||||||||||||||||||||
Other assets | 248,634 | 214,331 | |||||||||||||||||||||||||||||||||
Allowance for credit losses | (11,615) | (10,919) | |||||||||||||||||||||||||||||||||
Total assets | $ | 2,279,429 | $ | 1,892,224 | |||||||||||||||||||||||||||||||
Liabilities and Shareholders’ Equity1 | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 510,886 | $ | 431 | .11 | % | $ | 382,424 | $ | 1,062 | .37 | % | |||||||||||||||||||||||
Savings deposits | 19,098 | 7 | .05 | 12,010 | 19 | .21 | |||||||||||||||||||||||||||||
Time deposits >= $100 | 22,231 | 200 | 1.20 | 28,134 | 383 | 1.82 | |||||||||||||||||||||||||||||
Other time deposits | 31,253 | 277 | 1.18 | 42,483 | 445 | 1.40 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 583,468 | 915 | .21 | 465,051 | 1,909 | .55 | |||||||||||||||||||||||||||||
Short-term borrowings | 10 | — | — | 77 | 2 | 3.47 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 583,478 | 915 | .21 | 465,128 | 1,911 | .55 | |||||||||||||||||||||||||||||
Non-interest bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand deposits | 430,506 | 342,386 | |||||||||||||||||||||||||||||||||
Accounts and drafts payable | 952,747 | 775,341 | |||||||||||||||||||||||||||||||||
Other liabilities | 54,935 | 64,859 | |||||||||||||||||||||||||||||||||
Total liabilities | 2,021,666 | 1,647,714 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 257,763 | 244,510 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,279,429 | $ | 1,892,224 | |||||||||||||||||||||||||||||||
Net interest income | $ | 34,005 | $ | 34,772 | |||||||||||||||||||||||||||||||
Net interest margin | 2.31 | % | 2.87 | % | |||||||||||||||||||||||||||||||
Interest spread | 2.17 | 2.48 |
(In thousands) | Third Quarter of 2021 Compared to Third Quarter of 2020 | ||||||||||||||||
Volume | Rate | Total | |||||||||||||||
Increase (decrease) in interest income: | |||||||||||||||||
Loans1: | |||||||||||||||||
Taxable | $ | (751) | $ | 671 | $ | (80) | |||||||||||
Investment securities: | |||||||||||||||||
Taxable | 530 | (171) | 359 | ||||||||||||||
Tax-exempt2 | 178 | (169) | 9 | ||||||||||||||
Certificates of deposit | (1) | — | (1) | ||||||||||||||
Interest-bearing deposits in other financial institutions | 135 | 60 | 195 | ||||||||||||||
Federal funds sold and other short-term investments | (56) | 16 | (40) | ||||||||||||||
Total interest income | 35 | 407 | 442 | ||||||||||||||
Interest expense on: | |||||||||||||||||
Interest-bearing demand deposits | 48 | (130) | (82) | ||||||||||||||
Savings deposits | 1 | (2) | (1) | ||||||||||||||
Time deposits >=$100 | (23) | (32) | (55) | ||||||||||||||
Other time deposits | (28) | (12) | (40) | ||||||||||||||
Total interest expense | (2) | (176) | (178) | ||||||||||||||
Net interest income | $ | 37 | $ | 583 | $ | 620 |
(In thousands) | Nine Months Ended 2021 Compared to Nine Months Ended 2020 | ||||||||||||||||
Volume | Rate | Total | |||||||||||||||
Increase (decrease) in interest income: | |||||||||||||||||
Loans1: | |||||||||||||||||
Taxable | $ | (593) | $ | (503) | $ | (1,096) | |||||||||||
Investment securities: | |||||||||||||||||
Taxable | 812 | (825) | (13) | ||||||||||||||
Tax-exempt2 | 325 | (358) | (33) | ||||||||||||||
Certificates of deposit | (6) | — | (6) | ||||||||||||||
Interest-bearing deposits in other financial institutions | 448 | (467) | (19) | ||||||||||||||
Federal funds sold and other short-term investments | (175) | (421) | (596) | ||||||||||||||
Total interest income | 811 | (2,574) | (1,763) | ||||||||||||||
Interest expense on: | |||||||||||||||||
Interest-bearing demand deposits | 275 | (906) | (631) | ||||||||||||||
Savings deposits | 7 | (19) | (12) | ||||||||||||||
Time deposits >=$100 | (70) | (113) | (183) | ||||||||||||||
Other time deposits | (106) | (62) | (168) | ||||||||||||||
Short-term borrowings | (1) | (1) | (2) | ||||||||||||||
Total interest expense | 105 | (1,101) | (996) | ||||||||||||||
Net interest income | $ | 706 | $ | (1,473) | $ | (767) |
Third Quarter of | Nine Months Ended | ||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Allowance for credit/loan losses at beginning of period | $ | 11,171 | $ | 11,292 | $ | 11,944 | $ | 10,556 | |||||||||||||||
Provision for (release of) credit/loan losses | 350 | — | (440) | 725 | |||||||||||||||||||
Loans charged off | — | — | — | — | |||||||||||||||||||
Recoveries on loans previously charged off | 11 | 6 | 28 | 17 | |||||||||||||||||||
Net recoveries | 11 | 6 | 28 | 17 | |||||||||||||||||||
Allowance for credit/loan losses at end of period | $ | 11,532 | $ | 11,298 | $ | 11,532 | $ | 11,298 | |||||||||||||||
Allowance for unfunded commitments at beginning of Period | $ | 147 | $ | — | $ | 567 | $ | — | |||||||||||||||
(Release of) provision for credit losses | (10) | — | (430) | — | |||||||||||||||||||
Allowance for unfunded commitments at end of period | 137 | — | 137 | — | |||||||||||||||||||
Loans outstanding: | |||||||||||||||||||||||
Average | $ | 873,070 | $ | 949,836 | $ | 885,274 | $ | 904,632 | |||||||||||||||
September 30 | 872,905 | 944,557 | 872,905 | 944,557 | |||||||||||||||||||
Ratio of ACL to loans outstanding: | |||||||||||||||||||||||
Average | 1.32 | % | 1.19 | % | 1.30 | % | 1.25 | % | |||||||||||||||
September 30 | 1.32 | % | 1.20 | % | 1.32 | % | 1.20 | % |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||||||||||||
Cass Information Systems, Inc. | $ | 247,480 | 17.04 | % | $ | 255,332 | 21.41 | % | |||||||||||||||
Cass Commercial Bank | 184,869 | 21.45 | % | 171,298 | 21.46 | % | |||||||||||||||||
Common equity tier I capital (to risk-weighted assets) | |||||||||||||||||||||||
Cass Information Systems, Inc. | $ | 235,949 | 16.24 | % | $ | 243,388 | 20.41 | % | |||||||||||||||
Cass Commercial Bank | 174,093 | 20.20 | % | 161,300 | 20.21 | % | |||||||||||||||||
Tier I capital (to risk-weighted assets) | |||||||||||||||||||||||
Cass Information Systems, Inc. | $ | 235,949 | 16.24 | % | $ | 243,388 | 20.41 | % | |||||||||||||||
Cass Commercial Bank | 174,093 | 20.20 | % | 161,300 | 20.21 | % | |||||||||||||||||
Tier I capital (to leverage assets) | |||||||||||||||||||||||
Cass Information Systems, Inc. | $ | 235,949 | 10.01 | % | $ | 243,388 | 11.52 | % | |||||||||||||||
Cass Commercial Bank | 174,093 | 12.32 | % | 161,300 | 14.48 | % |
(In thousands) | December 31, 2019 | Impact of ASU 2016-13 Adoption | As Reported Under ASU 2016-13 | ||||||||||||||
Assets: | |||||||||||||||||
Allowance for credit/loan losses on loans | $ | 10,556 | $ | 723 | $ | 11,279 | |||||||||||
Deferred tax asset | 2,298 | 269 | 2,567 | ||||||||||||||
Liabilities: | |||||||||||||||||
Reserve for unfunded commitments | ─ | 402 | 402 | ||||||||||||||
Shareholders’ equity: | |||||||||||||||||
Retained earnings | 90,341 | (856) | 89,485 |
% change in projected net interest income | ||||||||||||||
September 30, 2021 | December 31, 2020 | |||||||||||||
+200 basis points | 21.7 | % | 33.0 | % | ||||||||||
+100 basis points | 10.9 | % | 16.3 | % | ||||||||||
Flat rates | — | % | — | % | ||||||||||
-100 basis points | (2.6) | % | (2.5) | % |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs1 | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||||||||||||
July 1, 2021 – July 31, 2021 | 42,938 | $ | 41.10 | 42,938 | 302,674 | ||||||||||||||||||
August 1, 2021– August 31, 2021 | 170,700 | 43.85 | 170,700 | 131,974 | |||||||||||||||||||
September 1, 2021 – September 30, 2021 | 101,034 | 44.21 | 101,034 | 30,940 | |||||||||||||||||||
Total | 314,672 | $ | 43.59 | 314,672 | 30,940 |
Exhibit 101.INS XBRL Instance Document. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||
Exhibit 101.SCH Inline XBRL Taxonomy Extension Schema Document. | ||
Exhibit 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document. | ||
Exhibit 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document. | ||
Exhibit 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document. | ||
Exhibit 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document. | ||
Exhibit 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
CASS INFORMATION SYSTEMS, INC. | ||||||||
DATE: November 5, 2021 | By | /s/ Eric H. Brunngraber | ||||||
Eric H. Brunngraber | ||||||||
Chairman, President, and Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
DATE: November 5, 2021 | By | /s/ Michael J. Normile | ||||||
Michael J. Normile | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(Principal Financial and Accounting Officer) |
Date: November 5, 2021 | |||||
/s/ Eric H. Brunngraber | |||||
Eric H. Brunngraber | |||||
Chairman, President, and Chief | |||||
Executive Officer | |||||
(Principal Executive Officer) |
Date: November 5, 2021 | |||||
/s/ Michael J. Normile | |||||
Michael J. Normile | |||||
Executive Vice President and Chief | |||||
Financial Officer | |||||
(Principal Financial and Accounting Officer) |
/s/ Eric H. Brunngraber | |||||
Eric H. Brunngraber | |||||
Chairman, President, and Chief Executive Officer | |||||
(Principal Executive Officer) | |||||
November 5, 2021 |
/s/ Michael J. Normile | |||||
Michael J. Normile | |||||
Executive Vice President and Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) | |||||
November 5, 2021 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par or stated value per share (in dollars per share) | $ 0.50 | $ 0.50 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par or stated value per share (in dollars per share) | $ 0.50 | $ 0.50 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares, issued (in shares) | 15,505,772 | 15,505,772 |
Treasury stock, shares (in shares) | 1,495,624 | 1,113,103 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Comprehensive Income: | ||||
Net income | $ 6,805 | $ 5,781 | $ 20,902 | $ 18,765 |
Other comprehensive income (loss): | ||||
Net unrealized (loss) gain on securities available-for-sale | (4,438) | 224 | (7,086) | 7,209 |
Tax effect | 1,057 | (53) | 1,687 | (1,716) |
Reclassification adjustments for losses (gains) included in net income | 1 | 0 | (44) | (1,069) |
Tax effect | 0 | 0 | 10 | 254 |
Foreign currency translation adjustments | (168) | 63 | (145) | (65) |
Total comprehensive income | $ 3,257 | $ 6,015 | $ 15,324 | $ 23,378 |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends (in dollars per share) | $ 0.27 | $ 0.27 | $ 0.81 | $ 0.81 |
Issuance of common shares pursuant to stock-based compensation plan, net (in shares) | 4,412 | 1,165 | 83,506 | 67,790 |
Purchase of common shares (in shares) | 314,672 | 434,938 | 128,779 |
Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. Certain amounts in prior-period financial statements have been reclassified to conform to the current period’s presentation. Such reclassifications have no effect on previously reported net income or shareholders’ equity. Results for quarterly reporting periods beginning after December 31, 2020 in the Company’s Form 10-Q will be presented under ASU 2016-13, as defined in this report, while prior quarterly period amounts continue to be reported in accordance with previously applicable GAAP. For further information, refer to the audited consolidated financial statements and related footnotes included in Cass Information System, Inc.’s (the “Company” or “Cass”) Annual Report on Form 10-K for the year ended December 31, 2020. Risks and Uncertainties On March 11, 2020, the World Health Organization (“WHO”) declared the outbreak of COVID-19 as a global pandemic. The declaration of a global pandemic meant that almost all public commerce and related business activities was, to varying degrees, curtailed with the goal of decreasing the rate of new infections. In late fiscal 2020, vaccines for combating COVID-19 were approved by health agencies and have been administered throughout the country. Although vaccination efforts have been widespread and continuing, and a significant amount of previous business and other restrictions have been lifted, the continued impact of COVID-19, including any increases in the infection rates, new variants, and renewed governmental action to slow the spread of COVID-19 cannot be estimated. The ongoing impact of COVID-19, including the impact of restrictions imposed to combat its spread, could result in additional and prolonged business closures, supply chain disruptions, work restrictions and activity restrictions. The Company is closely monitoring developments related to COVID-19 checking regularly for updated information and recommendations from the WHO and the Centers for Disease Control and Prevention, from national, state, and local governments, and evaluating courses of action being taken by peers. At this time, the Company remains subject to heightened business, operational, market, credit and other risks related to the COVID-19 pandemic, including, but not limited to, those discussed below, which may have an adverse effect on business, financial condition and results of operations. Financial position and results of operations - The global health crisis caused by COVID-19 has and will continue to negatively impact business activity throughout the world. The COVID-19 outbreak and associated counter-acting measures implemented by governments around the world, as well as increased business uncertainty and shortages in the labor force, have had, and continue to have, an adverse impact on the Company’s financial results and are discussed in more detail below. Although many restrictions have been relaxed with some success and economic conditions have been improving, many states and localities are still experiencing moderate to high levels of COVID-19 cases, prompting continued restrictions and the need for additional aid and other forms of relief for affected individuals, businesses and other entities. When and if COVID-19 is demonstrably contained, the Company anticipates a rebound in economic activity; however, any such rebound is contingent upon the rate and effectiveness of the containment efforts deployed by federal, state, and local governments. In light of the evolving health, social, economic and business environment, governmental regulations or mandates, and business disruptions that have occurred and could continue to occur, the aggregate impact that COVID-19 could have on the Company’s financial condition and operating results remains uncertain. In response to COVID-19, the Federal Reserve took action to lower the Federal Funds rate. The Federal Reserve has indicated that the target Federal Funds rate would remain at current levels until the economy is in a more stable employment and price-stability position. To the extent the business disruption continues for an extended period, additional cost control actions will be considered. Future asset impairment charges, increases in allowance for credit losses, or restructuring charges could be more likely and will be dependent on the severity and duration of this crisis and its effect on the Company’s borrowers. For payment processing services, business closures cause a decrease in the number of transactions and dollars processed due to the decline in customers’ business activity. Other financial impact could occur though such potential impact is unknown at this time. Capital and liquidity - While the Company believes that it has sufficient capital to withstand an extended economic recession brought about by COVID-19, its reported and regulatory capital ratios could be adversely impacted by future financial losses. The Company maintains access to multiple sources of liquidity. If an extended recession caused large numbers of the Bank’s customers to draw down deposits, the Company might become more reliant on more expensive sources of funding. Asset valuation - Currently, the Company does not expect COVID-19 to affect its ability to fairly value the assets on its balance sheet; however, this could change in future periods. While certain valuation assumptions and judgments will change to account for pandemic-related circumstances such as widening credit spreads, the Company does not anticipate significant changes in methodology used to determine the fair value of assets measured in accordance with GAAP. An economic slowdown as a result of COVID-19 could cause a decline in the Company’s stock price or the occurrence of what management would deem to be a triggering event that could, under certain circumstances, necessitate a goodwill or intangible asset impairment test and result in an impairment charge being recorded for that period. In the event that the Company concludes that all or a portion of its goodwill is impaired, a non-cash charge for the amount of such impairment would be recorded to earnings. Such a charge would have no impact on tangible capital or regulatory capital. Processes, controls and business continuity - In accordance with its federally mandated Pandemic Plan and Business Continuity Plan, many Cass employees around the globe continue to work and conduct business remotely. In the past several years, Cass has invested in sophisticated technology initiatives that enable employees to operate remotely with full system(s) access along with unified and transparent voice and electronic communications capabilities. The Company cannot predict when or how it will fully lift the actions put in place as part of the Business Continuity Plan, including work from home requirements and travel restrictions. Cass does not believe the work from home protocol has materially adversely impacted internal controls, financial reporting systems, or operations.
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Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | Intangible Assets The Company accounts for intangible assets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350, Goodwill and Other Intangible Assets (“FASB ASC 350”), which requires that intangibles with indefinite useful lives be tested annually for impairment, or when management deems there is a triggering event, and those with finite useful lives be amortized over their useful lives. Details of the Company’s intangible assets are as follows:
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the sum of the weighted-average number of common shares outstanding and the weighted-average number of potential common shares outstanding. Under the treasury stock method, stock appreciation rights (“SARs”) are dilutive when the average market price of the Company’s common stock, combined with the effect of any unamortized compensation expense, exceeds the SAR price during a period. The calculations of basic and diluted earnings per share are as follows:
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Stock Repurchases |
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Sep. 30, 2021 | |
Equity [Abstract] | |
Stock Repurchases | Stock Repurchases The Company maintains a treasury stock buyback program pursuant to which, in October 2020, the Board of Directors authorized the repurchase of up to 500,000 shares of the Company’s common stock with no expiration date. As of September 30, 2021, 30,940 shares remained available for repurchase under the program. The Company repurchased 314,672 and zero shares during the three-month periods ended September 30, 2021 and 2020, respectively, and 434,938 and 128,779 shares for the nine-month periods ended September 30, 2021 and 2020, respectively. Repurchases may be made in the open market or through negotiated transactions from time to time depending on market conditions. On October 19, 2021, the Board of Directors authorized the repurchase of up to 750,000 shares of the Company's common stock under the program. This new authorization replaces the previous authorization of 500,000 shares, and as such, the Company has 750,000 shares remaining available for repurchase in future periods. |
Industry Segment Information |
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Industry Segment Information | Industry Segment Information The services provided by the Company are classified into two reportable segments: Information Services and Banking Services. Each of these segments provides distinct services that are marketed through different channels. They are managed separately due to their unique service and processing requirements. The Information Services segment provides transportation, energy, telecommunication, and environmental invoice processing and payment services to large corporations. The Banking Services segment provides banking services primarily to privately held businesses and faith-based ministries, including on-line generosity services, as well as supporting the banking needs of the Information Services segment. The Company’s accounting policies for segments are the same as those described in the summary of significant accounting policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Management evaluates segment performance based on tax-equivalized (as defined in the footnote to the chart on the following table) pre-tax income after allocations for corporate expenses. Transactions between segments are accounted for at what management believes to be fair value. Substantially all revenue originates from, and all long-lived assets are located within the United States, and no revenue from any customer of any segment exceeds 10% of the Company’s consolidated revenue. Funding sources represent average balances and deposits generated by Information Services and Banking Services and there is no allocation methodology used. Segment interest income is a function of the relative share of average funding sources generated by each segment multiplied by the following rates: •Information Services – one or more fixed rates depending upon the specific characteristics of the funding source, and •Banking Services – a variable rate that is based upon the overall performance of the Company’s earning assets. Any difference between total segment interest income and overall total Company interest income is included in Corporate, Eliminations, and Other. Summarized information about the Company’s operations in each industry segment is as follows:
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Loans by Type |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 6 – Loans by Type A summary of loan categories is as follows:
In support of the Coronavirus, Aid, Relief, and Economic Security Act (the “CARES Act”), the Bank processed 460 applications for PPP loans with an aggregate principal balance of $210,000,000 during 2021 and 2020 to provide much-needed cash to small business and self-employed taxpayers during the COVID-19 crisis. The loans were primarily made to existing bank customers and are 100% guaranteed by the Small Business Administration (“SBA”) with no allowance for credit loss allocation. The Company has unaccreted PPP loan fees of $479,000 at September 30, 2021. The following table presents the aging of loans past due by category at September 30, 2021 and December 31, 2020:
The following table presents the credit exposure of the loan portfolio by internally assigned credit grade as of September 30, 2021 and December 31, 2020:
The company had no loans evaluated for expected credit losses on an individual basis as of September 30, 2021. The Company had one loan in the amount of $2,500,000 at December 31, 2020 that was individually evaluated for credit losses, resulting in a specific allowance for credit loss of $500,000 at December 31, 2020. Due to improvement in borrower conditions, this loan was no longer evaluated individually for credit losses at September 30, 2021. There were no foreclosed loans recorded as other real estate owned (included in other assets) as of September 30, 2021 or December 31, 2020. There were no loans considered troubled debt restructurings as of September 30, 2021. There were two loans that were considered troubled debt restructurings at December 31, 2020 and these loans were removed from troubled debt restructuring status during the first quarter of 2021. The recorded investment by category for loans considered a troubled debt restructuring during the year ended December 31, 2020 is as follows:
During the year ended December 31, 2020, two loans were restructured to change the amortization schedule to reduce payments from the borrowers while the contractual interest rate remained unchanged. These loans did not have a specific allowance for credit loss allocated to them at December 31, 2020. There were no loans restructured that subsequently defaulted during the year ended December 31, 2020. A summary of the activity in allowance for credit losses (“ACL”) by category for the periods ended September 30, 2021 and December 31, 2020 is as follows:
The release of credit losses during the nine months ended September 30, 2021 is primarily due to improved economic conditions and the removal of specific allowances for credit losses on impaired loans.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies In the normal course of business, the Company is party to activities that contain credit, market and operational risks that are not reflected in whole or in part in the Company’s consolidated financial statements. Such activities include traditional off-balance sheet credit-related financial instruments and commitments under operating leases. These financial instruments include commitments to extend credit, commercial letters of credit and standby letters of credit. The Company’s maximum potential exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit, commercial letters of credit and standby letters of credit is represented by the contractual amounts of those instruments. A release of credit losses of $430,000 was recorded during the nine months ended September 30, 2021 due to improved economic conditions and lower line of credit usage. An allowance for unfunded commitments of $137,000 and $567,000 had been recorded at September 30, 2021 and December 31, 2020, respectively. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commercial and standby letters of credit are conditional commitments issued by the Company or its subsidiaries to guarantee the performance of a customer to a third party. These off-balance sheet financial instruments generally have fixed expiration dates or other termination clauses and may require payment of a fee. At September 30, 2021, the balance of unused loan commitments, standby and commercial letters of credit were $194,327,000, $12,061,000, and $235,000, respectively. Since some of the financial instruments may expire without being drawn upon, the total amounts do not necessarily represent future cash requirements. Commitments to extend credit and letters of credit are subject to the same underwriting standards as those financial instruments included on the consolidated balance sheets. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary upon extension of the credit, is based on management’s credit evaluation of the borrower. Collateral held varies, but is generally accounts receivable, inventory, residential or income-producing commercial property or equipment. In the event of nonperformance, the Company or its subsidiaries may obtain and liquidate the collateral to recover amounts paid under guarantees on these financial instruments. The following table summarizes contractual cash obligations of the Company related to time deposits at September 30, 2021:
The Company and its subsidiaries are involved in various pending legal actions and proceedings in which claims for damages are asserted. Management, after discussion with legal counsel, believes the ultimate resolution of these legal actions and proceedings will not have a material effect upon the Company’s consolidated financial position or results of operations.
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Stock-Based Compensation |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation The Amended and Restated Omnibus Stock and Performance Compensation Plan (the “Omnibus Plan”) permits the issuance of up to 1,500,000 shares of the Company’s common stock in the form of stock options, SARs, restricted stock, restricted stock units and performance awards. The Company may issue shares out of treasury stock for these awards. During the nine months ended September 30, 2021, 52,356 restricted shares, 31,150 performance-based restricted shares, and no SARs were granted under the Omnibus Plan. Stock-based compensation expense for the three months ended September 30, 2021 and 2020 was $1,066,000 and $799,000, respectively, and $2,585,000 and $2,277,000 for the nine months ended September 30, 2021 and 2020, respectively. Restricted Stock Restricted shares granted to Company employees are amortized to expense over the three-year cliff vesting period. Restricted shares granted to members of the Board of Directors are amortized to expense over a one-year service period, with the exception of those shares granted in lieu of cash payments for retainer fees which are expensed in the period earned. As of September 30, 2021, the total unrecognized compensation expense related to non-vested restricted shares was $2,060,000, and the related weighted-average period over which it is expected to be recognized is approximately 0.70 years. Following is a summary of the activity of the Company's restricted stock for the nine months ended September 30, 2021, with total shares and weighted average fair value:
Performance-Based Restricted Stock The Company has granted three-year performance-based restricted stock (“PBRS”) awards which are contingent upon the Company’s achievement of pre-established financial goals over a three-year cliff vest period. The number of shares issued ranges from 0% to 150% of the target opportunity based on the actual achievement of financial goals for the three-year performance period. Following is a summary of the activity of the PBRS for the nine months ended September 30, 2021, based on 100% of target value:
The PBRS that vested during the nine months ended September 30, 2021 were based on the Company's achievement of 94.4% of target financial goals, resulting in the issuance of 31,150 shares of common stock. The outstanding PBRS at September 30, 2021 will vest at scheduled vesting dates and the actual number of shares of common stock issued will range from 0% to 150% of the target opportunity based on the actual achievement of financial goals for the respective three-year performance period. SARs There were no SARs granted and no expense recognized during the nine months ended September 30, 2021. Following is a summary of the activity of the Company’s SARs program for the nine months ended September 30, 2021:
There were no non-vested SARs at September 30, 2021.
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Defined Pension Plans |
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Defined Pension Plans | Defined Pension Plans The Company has a noncontributory defined-benefit pension plan (the “Plan”), which covers eligible employees. Effective December 31, 2016, the Plan was closed to all new participants. Additionally, the Plan’s benefits were frozen for all remaining participants as of February 28, 2021. The Company accrues and makes contributions designed to fund normal service costs on a current basis using the projected unit credit with service proration method to amortize prior service costs arising from improvements in pension benefits and qualifying service prior to the establishment of the plan over a period of approximately 30 years. Disclosure information is based on a measurement date of December 31 of the corresponding year. The following table represents the components of the net periodic pension costs:
The Company recorded a net periodic benefit of $678,000 and $1,096,000 for the three and nine-month periods ended September 30, 2021, respectively as compared to net periodic pension cost of $1,103,000 and $3,159,000 for the three and nine-month periods ended September 30, 2020, respectively. Pension costs decreased in 2021 due to the Plan being frozen as of February 28, 2021. The Company made a contribution of $330,000 to the Plan during the nine-month period ended September 30, 2021 and is evaluating the amount of additional contributions, if any, for the remainder of 2021. In addition to the above funded benefit plan, the Company has an unfunded supplemental executive retirement plan which covers key executives of the Company. This is a noncontributory plan in which the Company and its subsidiaries make accruals designed to fund normal service costs on a current basis using the same method and criteria as its defined benefit plan. The following table represents the components of the net periodic pension costs for 2020 and an estimate for 2021:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate was 14.7% and 18.2% for the three-month periods ended September 30, 2021 and 2020, respectively, and 17.0% and 17.9% for the nine-month periods ended September 30, 2021 and 2020, respectively. The effective tax rate for all periods differs from the statutory rate of 21% primarily due to the tax-exempt interest received from municipal bonds. |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Securities | Investment in Securities Investment securities available-for-sale are recorded at fair value on a recurring basis. The Company’s investment securities available-for-sale are measured at fair value using Level 2 valuations. The market evaluation utilizes several sources which include “observable inputs” rather than “significant unobservable inputs” and therefore fall into the Level 2 category. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows:
The fair values of securities with unrealized losses are as follows:
There were 66 securities, or 20% (0 greater than 12 months), in an unrealized loss position as of September 30, 2021. The unrealized losses at September 30, 2021 were primarily attributable to changes in market interest rates after the securities were purchased. There were no securities in an unrealized loss position as of December 31, 2020. At September 30, 2021 and December 31, 2020, the Company had not recorded an allowance for credit losses on securities. The amortized cost and fair value of investment securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.
Proceeds from sales of investment securities classified as available-for-sale were $30,074,000 and $0 for the three months ended September 30, 2021 and 2020, respectively, and were $43,190,000 and $19,629,000 for the nine months ended September 30, 2021 and 2020, respectively. Gross realized losses were $1,000 and $0 for the three months ended September 30, 2021 and 2020, respectively. Gross realized gains were $44,000 and $1,069,000 for the nine months ended September 30, 2021 and 2020, respectively. There were no securities pledged to secure public deposits and for other purposes at September 30, 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 Following is a summary of the carrying amounts and fair values of the Company’s financial instruments:
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash and Cash Equivalents - The carrying amount approximates fair value. Investment in Securities - The fair value is measured on a recurring basis using Level 2 valuations. Refer to Note 11, “Investment in Securities,” for fair value and unrealized gains and losses by investment type. Loans - The fair value is estimated using present values of future cash flows discounted at risk-adjusted interest rates for each loan category designated by management and is therefore a Level 3 valuation. Management believes that the risk factor embedded in the interest rates along with the allowance for credit losses result in a fair valuation. Accrued Interest Receivable - The carrying amount approximates fair value. Deposits - The fair value of demand deposits, savings deposits and certain money market deposits is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities and therefore, is a Level 2 valuation. The fair value estimates above do not include the benefit that results from the low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market or the benefit derived from the customer relationship inherent in existing deposits. Accounts and Drafts Payable - The carrying amount approximates fair value. Accrued Interest Payable - The carrying amount approximates fair value.
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Revenue from Contracts with Customers |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer | Revenue from Contracts with Customers Revenue is recognized as the obligation to the customer is satisfied. The following is detail of the Company’s revenue from contracts with clients. Invoice processing fees – The Company earns fees on a per-item or monthly basis for the invoice processing services rendered on behalf of customers. Per-item fees are recognized at the point in time when the performance obligation is satisfied. Monthly fees are earned over the course of a month, representing the period over which the performance obligation is satisfied. The contracts have no significant impact of variable consideration and no significant financing components. Invoice payment fees – The Company earns fees on a transaction level basis for invoice payment services when making customer payments. Fees are recognized at the point in time when the payment transactions are made, which is when the performance obligation is satisfied. The contracts have no significant impact of variable consideration and no significant financing components. Bank service fees – Revenue from service fees consists of service charges and fees on deposit accounts under depository agreements with customers to provide access to deposited funds. Service charges on deposit accounts are transaction-based fees that are recognized at the point in time when the performance obligation is satisfied. Service charges are recognized on a monthly basis representing the period over which the performance obligation is satisfied. The contracts have no significant impact of variable consideration and no significant financing components.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company leases certain premises under operating leases. As of September 30, 2021, the Company had lease liabilities of $5,246,000 and right-of-use assets of $4,754,000. Lease liabilities and right-of-use assets are reflected in and , respectively. Presented within occupancy expense on the Consolidated Statements of Income for the three months ended September 30, 2021, operating lease cost was $416,000, short-term lease cost was $42,000, and there was no variable lease cost. For the nine months ended September 30, 2021, operating lease cost was $1,251,000, short-term lease cost was $133,000, and there was no variable lease cost. At September 30, 2021, the weighted average remaining lease term for the operating leases was 6.0 years and the weighted average discount rate used in the measurement of operating lease liabilities was 5.35%. Certain of the Company’s leases contain options to renew the lease; however, these renewal options are not included in the calculation of the lease liabilities as they are not reasonably certain to be exercised. There have been no significant changes in the Company’s expected future minimum lease payments since December 31, 2020. See the Company’s 2020 Annual Report on Form 10-K for information regarding these commitments. A maturity analysis of operating lease liabilities and undiscounted cash flows as of September 30, 2021 is as follows:
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Subsequent Events |
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Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In accordance with FASB ASC 855, Subsequent Events, the Company has evaluated subsequent events after the consolidated balance sheet date of September 30, 2021. There were no events identified that would require additional disclosures to prevent the Company’s unaudited consolidated financial statements from being misleading. |
Intangible Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill | Details of the Company’s intangible assets are as follows:
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The calculations of basic and diluted earnings per share are as follows:
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Industry Segment Information (Tables) |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Summarized information about the Company’s operations in each industry segment is as follows:
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Loans by Type (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Loan Categories | A summary of loan categories is as follows:
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Schedule of Debt [Table Text Block] | The following table presents the aging of loans past due by category at September 30, 2021 and December 31, 2020:
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Schedule of Credit Exposure of the Loan Portfolio | The following table presents the credit exposure of the loan portfolio by internally assigned credit grade as of September 30, 2021 and December 31, 2020:
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Schedule of Debtor Troubled Debt Restructuring, Current Period | The recorded investment by category for loans considered a troubled debt restructuring during the year ended December 31, 2020 is as follows:
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Summary of ACL by Category | A summary of the activity in allowance for credit losses (“ACL”) by category for the periods ended September 30, 2021 and December 31, 2020 is as follows:
The release of credit losses during the nine months ended September 30, 2021 is primarily due to improved economic conditions and the removal of specific allowances for credit losses on impaired loans.
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Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Time Deposit Maturities | The following table summarizes contractual cash obligations of the Company related to time deposits at September 30, 2021:
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Stock-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restricted Stock Activity | Following is a summary of the activity of the Company's restricted stock for the nine months ended September 30, 2021, with total shares and weighted average fair value:
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Schedule of Performance Shares Activity | Following is a summary of the activity of the PBRS for the nine months ended September 30, 2021, based on 100% of target value:
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Schedule of Stock Appreciation Right Activity | Following is a summary of the activity of the Company’s SARs program for the nine months ended September 30, 2021:
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Defined Pension Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments | Disclosure information is based on a measurement date of December 31 of the corresponding year. The following table represents the components of the net periodic pension costs:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | The following table represents the components of the net periodic pension costs for 2020 and an estimate for 2021:
|
Investment in Securities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investment Securities | The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unrealized Loss on Investments | The fair values of securities with unrealized losses are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The amortized cost and fair value of investment securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.
|
Fair Value of Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value Measurements by Balance Sheet Grouping | Following is a summary of the carrying amounts and fair values of the Company’s financial instruments:
|
Revenue from Contracts with Customers (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue |
|
Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating Lease Maturity | A maturity analysis of operating lease liabilities and undiscounted cash flows as of September 30, 2021 is as follows:
|
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Basic | ||||
Net income | $ 6,805 | $ 5,781 | $ 20,902 | $ 18,765 |
Weighted-average common shares outstanding (in shares) | 14,040,089 | 14,348,151 | 14,203,369 | 14,373,243 |
Basic earnings per share (in dollars per share) | $ 0.48 | $ 0.40 | $ 1.47 | $ 1.31 |
Diluted | ||||
Net Income | $ 6,805 | $ 5,781 | $ 20,902 | $ 18,765 |
Weighted-average common shares outstanding (in shares) | 14,040,089 | 14,348,151 | 14,203,369 | 14,373,243 |
Effect of dilutive restricted stock and stock appreciation rights (in shares) | 237,080 | 198,336 | 239,016 | 200,723 |
Weighted-average common shares outstanding assuming dilution (in shares) | 14,277,169 | 14,546,487 | 14,442,385 | 14,573,966 |
Diluted earnings per share (in dollars per share) | $ 0.48 | $ 0.40 | $ 1.45 | $ 1.29 |
Stock Repurchases (Details) - shares |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Oct. 19, 2021 |
Oct. 31, 2020 |
|
Subsequent Event [Line Items] | ||||||
Number of shares authorized to be repurchased (in shares) | 500,000 | |||||
Remaining number of shares authorized to be repurchased (in shares) | 30,940 | 30,940 | ||||
Treasury stock, shares repurchased (in shares) | 314,672 | 0 | 434,938 | 128,779 | ||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Number of shares authorized to be repurchased (in shares) | 750,000 | |||||
Remaining number of shares authorized to be repurchased (in shares) | 750,000 |
Industry Segment Information (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2021
USD ($)
segment
|
Sep. 30, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
|
|||
Segment Reporting [Abstract] | |||||||
Number of reportable segments | segment | 2 | ||||||
Interest Income (Expense), after Provision for Loan Loss [Abstract] | |||||||
Fee income | $ 27,577 | $ 24,932 | $ 80,739 | $ 75,201 | |||
Interest income | [1] | 12,187 | 11,745 | 34,920 | 36,683 | ||
Interest expense | 287 | 465 | 915 | 1,911 | |||
Income (expense) | 11,432 | 10,814 | 32,588 | 33,348 | |||
Tax-equivalized pre-tax income | [1] | 8,446 | 7,532 | 26,596 | 24,282 | ||
Goodwill | 14,262 | 14,262 | 14,262 | 14,262 | $ 14,262 | ||
Other intangible assets, net | 2,779 | 3,637 | 2,779 | 3,637 | |||
Total assets | 2,292,986 | 2,000,463 | 2,292,986 | 2,000,463 | $ 2,203,235 | ||
Average funding sources | 1,850,088 | 1,531,227 | 1,768,616 | 1,416,045 | |||
Tax equivalent adjustment | 468 | 466 | 1,417 | 1,424 | |||
Corporate, Eliminations and Other | |||||||
Interest Income (Expense), after Provision for Loan Loss [Abstract] | |||||||
Fee income | 339 | 83 | 1,176 | 1,197 | |||
Interest income | [1] | (361) | (579) | (1,335) | 812 | ||
Interest expense | 0 | 0 | 0 | 0 | |||
Income (expense) | (859) | (593) | (2,170) | (1,674) | |||
Tax-equivalized pre-tax income | [1] | (193) | (496) | (654) | 2,010 | ||
Goodwill | 0 | 0 | 0 | 0 | |||
Other intangible assets, net | 0 | 0 | 0 | 0 | |||
Total assets | (5,176) | (10,540) | (5,176) | (10,540) | |||
Average funding sources | 0 | 0 | 0 | 0 | |||
Information Services | |||||||
Interest Income (Expense), after Provision for Loan Loss [Abstract] | |||||||
Fee income | 26,642 | 24,198 | 77,717 | 72,098 | |||
Interest income | [1] | 6,361 | 5,112 | 17,754 | 14,774 | ||
Interest expense | 0 | 0 | 0 | 0 | |||
Tax-equivalized pre-tax income | [1] | 6,753 | 4,522 | 19,170 | 13,082 | ||
Goodwill | 12,433 | 12,433 | 12,433 | 12,433 | |||
Other intangible assets, net | 431 | 837 | 431 | 837 | |||
Total assets | 1,018,710 | 905,158 | 1,018,710 | 905,158 | |||
Average funding sources | 974,091 | 751,010 | 906,474 | 703,142 | |||
Information Services | Corporate, Eliminations and Other | |||||||
Interest Income (Expense), after Provision for Loan Loss [Abstract] | |||||||
Income (expense) | 0 | 0 | 0 | 0 | |||
Banking Services | |||||||
Interest Income (Expense), after Provision for Loan Loss [Abstract] | |||||||
Fee income | 596 | 651 | 1,846 | 1,906 | |||
Interest income | [1] | 6,187 | 7,212 | 18,501 | 21,097 | ||
Interest expense | 287 | 465 | 915 | 1,911 | |||
Tax-equivalized pre-tax income | [1] | 1,886 | 3,506 | 8,080 | 9,190 | ||
Goodwill | 1,829 | 1,829 | 1,829 | 1,829 | |||
Other intangible assets, net | 2,348 | 2,800 | 2,348 | 2,800 | |||
Total assets | 1,279,452 | 1,105,845 | 1,279,452 | 1,105,845 | |||
Average funding sources | 875,997 | 780,217 | 862,142 | 712,903 | |||
Banking Services | Corporate, Eliminations and Other | |||||||
Interest Income (Expense), after Provision for Loan Loss [Abstract] | |||||||
Income (expense) | $ (859) | $ (593) | $ (2,170) | $ (1,674) | |||
|
Loans by Type - Summary of Loan Categories (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Participating Mortgage Loans [Line Items] | |||
Total loans | $ 872,905 | $ 872,905 | $ 891,676 |
Commercial and industrial | |||
Participating Mortgage Loans [Line Items] | |||
Total loans | 356,532 | 356,532 | 298,984 |
Real Estate, Commercial, Mortgage | |||
Participating Mortgage Loans [Line Items] | |||
Total loans | 103,596 | 103,596 | 100,419 |
Real Estate, Commercial, Construction | |||
Participating Mortgage Loans [Line Items] | |||
Total loans | 24,705 | 24,705 | 25,090 |
Real Estate, Faith-Based, Mortgage | |||
Participating Mortgage Loans [Line Items] | |||
Total loans | 358,493 | 358,493 | 333,661 |
Real Estate, Faith-based, Construction | |||
Participating Mortgage Loans [Line Items] | |||
Total loans | 13,272 | 13,272 | 23,818 |
Paycheck Protection Program (“PPP”) | |||
Participating Mortgage Loans [Line Items] | |||
Total loans | $ 16,307 | $ 16,307 | $ 109,704 |
Loans by Type - Narrative (Details) $ in Thousands |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2021
USD ($)
loan
application
|
Dec. 31, 2020
USD ($)
loan
|
Jun. 30, 2021
USD ($)
|
|
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Number of loans individually evaluated for impairment | loan | 0 | 1 | |
Financing receivable, individually evaluated for impairment | $ 2,500 | ||
Financing receivable, allowance for credit loss, individually evaluated for impairment | $ 500,000 | ||
Number of troubled debt restructured loans | loan | 0 | 2 | |
Number of troubled debt restructured loans subsequently defaulted | loan | 0 | ||
Paycheck Protection Program (“PPP”) | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Deferred commitment fee | $ 479 | ||
Paycheck Protection Program (“PPP”) | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Number of applications | application | 460 | ||
Debt related to PPP loans | $ 210,000 |
Loans by Type - Summary of Category of Loans Considered as Troubled Debt Restructuring (Details) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2021
loan
|
Dec. 31, 2020
USD ($)
loan
|
|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Number of Loans | loan | 0 | 2 |
Pre-Modification Outstanding Balance | $ 9,802 | |
Post-Modification Outstanding Balance | $ 9,802 | |
Commercial and industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Number of Loans | loan | 1 | |
Pre-Modification Outstanding Balance | $ 8,773 | |
Post-Modification Outstanding Balance | $ 8,773 | |
Faith-based real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Number of Loans | loan | 1 | |
Pre-Modification Outstanding Balance | $ 1,029 | |
Post-Modification Outstanding Balance | $ 1,029 |
Loans by Type - Summary of ACL by Category (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning Balance | $ 11,944 | ||||
Charge Offs | (430) | ||||
Provision for (release of) credit losses / loan losses | $ 340 | $ 0 | (870) | $ 725 | |
Ending Balance | 11,532 | 11,532 | $ 11,944 | ||
Loans Excluding Unfunded Commitments | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning Balance | 11,944 | 10,556 | 10,556 | ||
Charge Offs | 0 | ||||
Provision for (release of) credit losses / loan losses | (440) | 645 | |||
Recoveries | 28 | 20 | |||
Ending Balance | 11,532 | 11,532 | 11,944 | ||
Loans Excluding Unfunded Commitments | Cumulative Effect, Period of Adoption, Adjustment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning Balance | 723 | 723 | |||
Loans Excluding Unfunded Commitments | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning Balance | 11,279 | 11,279 | |||
Loans Excluding Unfunded Commitments | C&I | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning Balance | 4,635 | 4,874 | 4,874 | ||
Charge Offs | 0 | ||||
Provision for (release of) credit losses / loan losses | (289) | 268 | |||
Recoveries | 13 | 19 | |||
Ending Balance | 4,359 | 4,359 | 4,635 | ||
Loans Excluding Unfunded Commitments | C&I | Cumulative Effect, Period of Adoption, Adjustment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning Balance | (526) | (526) | |||
Loans Excluding Unfunded Commitments | C&I | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning Balance | 4,348 | 4,348 | |||
Loans Excluding Unfunded Commitments | CRE | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning Balance | 1,175 | 1,528 | 1,528 | ||
Charge Offs | 0 | ||||
Provision for (release of) credit losses / loan losses | (99) | 48 | |||
Recoveries | 0 | 0 | |||
Ending Balance | 1,076 | 1,076 | 1,175 | ||
Loans Excluding Unfunded Commitments | CRE | Cumulative Effect, Period of Adoption, Adjustment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning Balance | (401) | (401) | |||
Loans Excluding Unfunded Commitments | CRE | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning Balance | 1,127 | 1,127 | |||
Loans Excluding Unfunded Commitments | Faith-based CRE | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning Balance | 5,717 | 3,842 | 3,842 | ||
Charge Offs | 0 | ||||
Provision for (release of) credit losses / loan losses | 76 | 238 | |||
Recoveries | 15 | 1 | |||
Ending Balance | 5,808 | 5,808 | 5,717 | ||
Loans Excluding Unfunded Commitments | Faith-based CRE | Cumulative Effect, Period of Adoption, Adjustment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning Balance | 1,636 | 1,636 | |||
Loans Excluding Unfunded Commitments | Faith-based CRE | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning Balance | 5,478 | 5,478 | |||
Loans Excluding Unfunded Commitments | Construction | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning Balance | 417 | 312 | 312 | ||
Charge Offs | 0 | ||||
Provision for (release of) credit losses / loan losses | (128) | 91 | |||
Recoveries | 0 | 0 | |||
Ending Balance | $ 289 | $ 289 | 417 | ||
Loans Excluding Unfunded Commitments | Construction | Cumulative Effect, Period of Adoption, Adjustment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning Balance | 14 | 14 | |||
Loans Excluding Unfunded Commitments | Construction | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning Balance | $ 326 | $ 326 |
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Loss Contingencies [Line Items] | ||
Charge Offs | $ 430 | |
Allowance for unfunded commitments | 137 | $ 567 |
Unused loan commitments | 194,327 | |
Financial Standby Letter of Credit | ||
Loss Contingencies [Line Items] | ||
Letters of credit | 12,061 | |
Stand by Letters Of Credit Member | ||
Loss Contingencies [Line Items] | ||
Letters of credit | $ 235 |
Commitments and Contingencies - Schedule of Time Deposit Maturities (Details) $ in Thousands |
Sep. 30, 2021
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Time deposits | $ 50,699 |
Less than 1 Year | 34,719 |
1-3 Years | 15,917 |
3-5 Years | 63 |
Over 5 Years | $ 0 |
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 1,066 | $ 799 | $ 2,585 | $ 2,277 |
Omnibus Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 1,500,000 | 1,500,000 | ||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 52,356 | |||
Award vesting period | 3 years | |||
Unrecognized compensation expense | $ 2,060 | $ 2,060 | ||
Unrecognized compensation expense, period for recognition | 8 months 12 days | |||
Restricted Stock | Omnibus Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 52,356 | |||
Performance-based Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 52,240 | |||
Award vesting period | 3 years | |||
Percentage of target opportunity for awards to vest | 94.40% | |||
Shares issued in period (in shares) | 31,150 | |||
Performance-based Restricted Stock | Omnibus Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 31,150 | |||
Performance-based Restricted Stock | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of target opportunity for awards to vest | 0.00% | |||
Performance-based Restricted Stock | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of target opportunity for awards to vest | 150.00% | |||
SARs | Omnibus Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-option equity instruments, granted (in shares) | 0 |
Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock |
9 Months Ended |
---|---|
Sep. 30, 2021
$ / shares
shares
| |
Shares | |
Beginning balance (in shares) | shares | 136,167 |
Granted (in shares) | shares | 52,356 |
Vested (in shares) | shares | (23,782) |
Forfeitures (in shares) | shares | (738) |
Ending balance (in shares) | shares | 164,003 |
Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 46.78 |
Granted (in dollars per share) | $ / shares | 41.59 |
Vested (in dollars per share) | $ / shares | 48.43 |
Forfeitures (in dollars per share) | $ / shares | 46.07 |
Ending balance (in dollars per share) | $ / shares | $ 46.69 |
Stock-Based Compensation - Summary of PBRS Activity (Details) - Performance-based Restricted Stock |
9 Months Ended |
---|---|
Sep. 30, 2021
$ / shares
shares
| |
Shares | |
Beginning balance (in shares) | shares | 98,410 |
Granted (in shares) | shares | 52,240 |
Vested (in shares) | shares | (33,000) |
Forfeitures (in shares) | shares | (1,107) |
Ending balance (in shares) | shares | 116,543 |
Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 50.64 |
Granted (in dollars per share) | $ / shares | 40.74 |
Vested (in dollars per share) | $ / shares | 49.07 |
Forfeitures (in dollars per share) | $ / shares | 46.07 |
Ending balance (in dollars per share) | $ / shares | $ 46.79 |
Stock-Based Compensation - Summary of Company's SARs Activity (Details) - SARs - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended |
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Shares | |||
Beginning balance (in shares) | 144,999 | ||
Exercised (in shares) | (20,560) | ||
Forfeited (in shares) | (2,088) | ||
Ending balance (in shares) | 122,351 | 122,351 | 144,999 |
Weighted- Average Exercise Price | |||
Beginning balance (in dollars per share) | $ 32.99 | ||
Exercised (in dollars per share) | 24.12 | ||
Forfeited (in dollars per share) | 31.92 | ||
Ending balance (in dollars per share) | $ 34.50 | $ 34.50 | $ 32.99 |
Outstanding, average remaining contractual term (in years) | 1 year 4 months 28 days | 1 year 11 months 12 days | |
Aggregate intrinsic value | $ 1,046 | $ 1,046 | $ 1,095 |
Defined Pension Plans - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension period | 30 years | ||||
Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic cost (benefit) | $ (678) | $ 1,103 | $ (1,096) | $ 3,159 | $ 4,134 |
Contributions | 330 | ||||
Supplemental Employee Retirement Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic cost (benefit) | $ 160 | $ 145 | $ 481 | $ 435 | $ 580 |
Defined Pension Plans - Schedule of Net Periodic Pension Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Pension Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost – benefits earned during the year | $ 4,329 | |||||
Interest cost on projected benefit obligation | 3,908 | |||||
Expected return on plan assets | (6,049) | |||||
Net amortization | 1,946 | |||||
Net periodic pension (benefit) cost | $ (678) | $ 1,103 | $ (1,096) | $ 3,159 | 4,134 | |
Pension Plan | Forecast | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost – benefits earned during the year | $ 963 | |||||
Interest cost on projected benefit obligation | 3,069 | |||||
Expected return on plan assets | (6,299) | |||||
Net amortization | 360 | |||||
Net periodic pension (benefit) cost | (1,907) | |||||
Supplemental Employee Retirement Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost – benefits earned during the year | 121 | |||||
Interest cost on projected benefit obligation | 347 | |||||
Net amortization | 112 | |||||
Net periodic pension (benefit) cost | $ 160 | $ 145 | $ 481 | $ 435 | $ 580 | |
Supplemental Employee Retirement Plan | Forecast | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost – benefits earned during the year | 147 | |||||
Interest cost on projected benefit obligation | 291 | |||||
Net amortization | 203 | |||||
Net periodic pension (benefit) cost | $ 641 |
Income Taxes (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate reconciliation, percent | 14.70% | 18.20% | 17.00% | 17.90% |
Investment in Securities - Schedule of Investment Securities (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Marketable Securities [Line Items] | ||
Amortized Cost | $ 528,531 | $ 338,047 |
Gross Unrealized Gains | 14,698 | 19,679 |
Gross Unrealized Losses | 2,150 | 0 |
Fair Value | 541,079 | 357,726 |
State and political subdivisions | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 345,165 | 287,059 |
Gross Unrealized Gains | 13,880 | 18,915 |
Gross Unrealized Losses | 821 | 0 |
Fair Value | 358,224 | 305,974 |
U.S. government agencies | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 112,850 | 50,988 |
Gross Unrealized Gains | 537 | 764 |
Gross Unrealized Losses | 1,288 | 0 |
Fair Value | 112,099 | $ 51,752 |
Corporate Bonds | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 70,516 | |
Gross Unrealized Gains | 281 | |
Gross Unrealized Losses | 41 | |
Fair Value | $ 70,756 |
Investment in Securities - Narrative (Details) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021
USD ($)
position
|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2021
USD ($)
position
|
Sep. 30, 2020
USD ($)
|
Dec. 31, 2020
position
|
|
Investments, Debt and Equity Securities [Abstract] | |||||
Available-for-sale securities, number of positions | position | 66 | 66 | 0 | ||
Available-for-sale securities, percentage of total securities | 20.00% | 20.00% | |||
Available-for-sale securities, number of positions, greater than one year | position | 0 | 0 | |||
Proceeds from sales of securities available-for-sale | $ 30,074,000 | $ 0 | $ 43,190,000 | $ 19,629,000 | |
Available-for-sale securities, gross realized losses | $ 1,000 | $ 0 | |||
Available-for-sale securities, gross realized gains | $ 44,000 | $ 1,069,000 |
Investment in Securities - Schedule of the Fair Values of Securities with Unrealized Losses (Details) $ in Thousands |
Sep. 30, 2021
USD ($)
|
---|---|
Marketable Securities [Line Items] | |
AFS, Less than 12 months, Estimated Fair Value | $ 167,725 |
AFS, Less than 12 months, Unrealized Losses | 2,150 |
AFS, 12 months or more, Estimated Fair Value | 0 |
AFS, 12 months or more, Unrealized Losses | 0 |
AFS, Total Estimated Fair Value | 167,725 |
AFS, Total Unrealized Losses | 2,150 |
State and political subdivisions | |
Marketable Securities [Line Items] | |
AFS, Less than 12 months, Estimated Fair Value | 68,399 |
AFS, Less than 12 months, Unrealized Losses | 821 |
AFS, 12 months or more, Estimated Fair Value | 0 |
AFS, 12 months or more, Unrealized Losses | 0 |
AFS, Total Estimated Fair Value | 68,399 |
AFS, Total Unrealized Losses | 821 |
U.S. government agencies | |
Marketable Securities [Line Items] | |
AFS, Less than 12 months, Estimated Fair Value | 88,386 |
AFS, Less than 12 months, Unrealized Losses | 1,288 |
AFS, 12 months or more, Estimated Fair Value | 0 |
AFS, 12 months or more, Unrealized Losses | 0 |
AFS, Total Estimated Fair Value | 88,386 |
AFS, Total Unrealized Losses | 1,288 |
Corporate Bonds | |
Marketable Securities [Line Items] | |
AFS, Less than 12 months, Estimated Fair Value | 10,940 |
AFS, Less than 12 months, Unrealized Losses | 41 |
AFS, 12 months or more, Estimated Fair Value | 0 |
AFS, 12 months or more, Unrealized Losses | 0 |
AFS, Total Estimated Fair Value | 10,940 |
AFS, Total Unrealized Losses | $ 41 |
Investment in Securities - Schedule of Amortized Cost and Fair Value of Investment Securities (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Amortized Cost | ||
Due in 1 year or less | $ 25,511 | |
Due after 1 year through 5 years | 104,620 | |
Due after 5 years through 10 years | 210,353 | |
Due after 10 years | 188,047 | |
Amortized Cost | 528,531 | $ 338,047 |
Fair Value | ||
Due in 1 year or less | 25,760 | |
Due after 1 year through 5 years | 109,737 | |
Due after 5 years through 10 years | 219,204 | |
Due after 10 years | 186,378 | |
Total | $ 541,079 | $ 357,726 |
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Balance sheet assets: | ||
Securities available-for-sale, at fair value | $ 541,079 | $ 357,726 |
Carrying Amount | ||
Balance sheet assets: | ||
Cash and cash equivalents | 500,309 | 670,528 |
Securities available-for-sale, at fair value | 541,079 | 357,726 |
Loans, net | 861,373 | 879,732 |
Accrued interest receivable | 6,332 | 6,850 |
Total | 1,909,093 | 1,914,836 |
Balance sheet liabilities: | ||
Deposits | 1,087,317 | 1,050,856 |
Accounts and drafts payable | 905,479 | 835,386 |
Accrued interest payable | 68 | 38 |
Total | 1,992,864 | 1,886,280 |
Fair Value | ||
Balance sheet assets: | ||
Cash and cash equivalents | 500,309 | 670,528 |
Securities available-for-sale, at fair value | 541,079 | 357,726 |
Loans, net | 861,828 | 883,461 |
Accrued interest receivable | 6,332 | 6,850 |
Total | 1,909,548 | 1,918,565 |
Balance sheet liabilities: | ||
Deposits | 1,087,317 | 1,050,856 |
Accounts and drafts payable | 905,479 | 835,386 |
Accrued interest payable | 68 | 38 |
Total | $ 1,992,864 | $ 1,886,280 |
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Revenue, Performance Obligation [Abstract] | ||||
Fee revenues, in-scope of FASB ASC 606 | $ 27,410 | $ 24,817 | $ 79,998 | $ 73,789 |
Other income (out-of-scope of FASB ASC 606) | 167 | 115 | 741 | 1,412 |
Total fee revenue and other income | 27,577 | 24,932 | 80,739 | 75,201 |
Information services payment and processing revenue | ||||
Revenue, Performance Obligation [Abstract] | ||||
Fee revenues, in-scope of FASB ASC 606 | 26,877 | 24,376 | 78,441 | 72,540 |
Invoice processing fees | ||||
Revenue, Performance Obligation [Abstract] | ||||
Fee revenues, in-scope of FASB ASC 606 | 19,230 | 18,650 | 58,047 | 55,697 |
Invoice payment fees | ||||
Revenue, Performance Obligation [Abstract] | ||||
Fee revenues, in-scope of FASB ASC 606 | 7,647 | 5,726 | 20,394 | 16,843 |
Bank service fees | ||||
Revenue, Performance Obligation [Abstract] | ||||
Fee revenues, in-scope of FASB ASC 606 | $ 533 | $ 441 | $ 1,557 | $ 1,249 |
Leases - Narrative (Details) |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2021
USD ($)
|
|
Leases [Abstract] | ||
Operating lease, liability | $ 5,246,000 | $ 5,246,000 |
Operating lease, right-of-use asset | $ 4,754,000 | $ 4,754,000 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Operating lease, cost | $ 416,000 | $ 1,251,000 |
Short-term lease, cost | $ 42,000 | 133,000 |
Variable lease, cost | $ 0 | |
Operating lease, weighted average remaining lease term | 6 years | 6 years |
Operating lease, weighted average discount rate, percent | 5.35% | 5.35% |
Leases - Schedule of Operating Lease Maturity (Details) $ in Thousands |
Sep. 30, 2021
USD ($)
|
---|---|
Lease payments due | |
Less than 1 year | $ 1,726 |
1-2 years | 1,102 |
2-3 years | 563 |
3-4 years | 553 |
4-5 years | 552 |
Over 5 years | 1,629 |
Total undiscounted cash flows | 6,125 |
Discount on cash flows | 879 |
Total lease liability | $ 5,246 |
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