(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) | |||||||||||||
Registrant’s telephone number, including area code: |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
Large accelerated filer | ☐ | ☑ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company | |||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standard provided pursuant to Section 13(a) of the Exchange Act. __ | ☐ |
Class | Outstanding as of October 27, 2023 | |||||||
Common Stock, par value $1.00 per share |
Page | |||||
September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||
ASSETS | |||||||||||||||||
Cash and Due From Banks | $ | $ | $ | ||||||||||||||
Interest-Bearing Deposits at Banks | |||||||||||||||||
Investment Securities: | |||||||||||||||||
Available-for-Sale at Fair Value | |||||||||||||||||
Held-to-Maturity (Fair Value of $ | |||||||||||||||||
Equity Securities | |||||||||||||||||
FHLB and Federal Reserve Bank Stock | |||||||||||||||||
Loans | |||||||||||||||||
Allowance for Credit Losses | ( | ( | ( | ||||||||||||||
Net Loans | |||||||||||||||||
Premises and Equipment, Net | |||||||||||||||||
Goodwill | |||||||||||||||||
Other Intangible Assets, Net | |||||||||||||||||
Other Assets | |||||||||||||||||
Total Assets | $ | $ | $ | ||||||||||||||
LIABILITIES | |||||||||||||||||
Noninterest-Bearing Deposits | $ | $ | $ | ||||||||||||||
Interest-Bearing Checking Accounts | |||||||||||||||||
Savings Deposits | |||||||||||||||||
Time Deposits over $250,000 | |||||||||||||||||
Other Time Deposits | |||||||||||||||||
Total Deposits | |||||||||||||||||
Borrowings | |||||||||||||||||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | |||||||||||||||||
Finance Leases | |||||||||||||||||
Other Liabilities | |||||||||||||||||
Total Liabilities | |||||||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||||||
Preferred Stock, $ | |||||||||||||||||
Common Stock, $ | |||||||||||||||||
Additional Paid-in Capital | |||||||||||||||||
Retained Earnings | |||||||||||||||||
Accumulated Other Comprehensive Loss | ( | ( | ( | ||||||||||||||
Treasury Stock, at Cost ( | ( | ( | ( | ||||||||||||||
Total Stockholders’ Equity | |||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | $ | $ |
Three Months Ended September 30 | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
INTEREST AND DIVIDEND INCOME | |||||||||||||||||||||||
Interest and Fees on Loans | $ | $ | $ | $ | |||||||||||||||||||
Interest on Deposits at Banks | |||||||||||||||||||||||
Interest and Dividends on Investment Securities: | |||||||||||||||||||||||
Fully Taxable | |||||||||||||||||||||||
Exempt from Federal Taxes | |||||||||||||||||||||||
Total Interest and Dividend Income | |||||||||||||||||||||||
INTEREST EXPENSE | |||||||||||||||||||||||
Interest-Bearing Checking Accounts | |||||||||||||||||||||||
Savings Deposits | |||||||||||||||||||||||
Time Deposits over $250,000 | |||||||||||||||||||||||
Other Time Deposits | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | |||||||||||||||||||||||
Interest on Financing Leases | |||||||||||||||||||||||
Total Interest Expense | |||||||||||||||||||||||
NET INTEREST INCOME | |||||||||||||||||||||||
Provision for Credit Losses | |||||||||||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | |||||||||||||||||||||||
NON-INTEREST INCOME | |||||||||||||||||||||||
Income From Fiduciary Activities | |||||||||||||||||||||||
Fees for Other Services to Customers | |||||||||||||||||||||||
Insurance Commissions | |||||||||||||||||||||||
Net Gain (Loss) on Securities | ( | ||||||||||||||||||||||
Net Gain on Sales of Loans | |||||||||||||||||||||||
Other Operating Income | |||||||||||||||||||||||
Total Non-Interest Income | |||||||||||||||||||||||
NON-INTEREST EXPENSE | |||||||||||||||||||||||
Salaries and Employee Benefits | |||||||||||||||||||||||
Occupancy Expenses, Net | |||||||||||||||||||||||
Technology and Equipment Expense | |||||||||||||||||||||||
FDIC Assessments | |||||||||||||||||||||||
Other Operating Expense | |||||||||||||||||||||||
Total Non-Interest Expense | |||||||||||||||||||||||
INCOME BEFORE PROVISION FOR INCOME TAXES | |||||||||||||||||||||||
Provision for Income Taxes | |||||||||||||||||||||||
NET INCOME | $ | $ | $ | $ | |||||||||||||||||||
Average Shares Outstanding 1: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Per Common Share: | |||||||||||||||||||||||
Basic Earnings | $ | $ | $ | $ | |||||||||||||||||||
Diluted Earnings |
Three Months Ended September 30: | Nine Months Ended September 30 | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax: | |||||||||||||||||||||||
Net Unrealized Securities Holding Loss Arising During the Period | ( | ( | ( | ( | |||||||||||||||||||
Net Unrealized Gain on Cash Flow Hedge Agreements | |||||||||||||||||||||||
Reclassification of Net Unrealized Gain on Cash Flow Hedge Agreements to Interest Expense | |||||||||||||||||||||||
Amortization of Net Retirement Plan Actuarial (Gain) Loss | ( | ( | |||||||||||||||||||||
Amortization of Net Retirement Plan Prior Service Cost | |||||||||||||||||||||||
Other Comprehensive Loss | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive Income (Loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Nine Month Period Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumu-lated Other Com- prehensive Income (Loss) | Treasury Stock | Total | ||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net Income | — | — | — | — | |||||||||||||||||||||||||||||||
Other Comprehensive Loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
( | — | — | |||||||||||||||||||||||||||||||||
Cash Dividends Paid, $ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Stock Options Exercised, Net ( | — | — | — | ||||||||||||||||||||||||||||||||
Shares Issued Under the Directors’ Stock Plan ( | — | — | — | ||||||||||||||||||||||||||||||||
Shares Issued Under the Employee Stock Purchase Plan ( | — | — | — | ||||||||||||||||||||||||||||||||
Shares Issued for Dividend Reinvestment Plans ( | — | — | — | ||||||||||||||||||||||||||||||||
Stock-Based Compensation Expense | — | — | — | — | |||||||||||||||||||||||||||||||
Purchase of Treasury Stock ( | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance at September 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Three Month Period Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumu-lated Other Com- prehensive Loss | Treasury Stock | Total | ||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net Income | — | — | — | — | |||||||||||||||||||||||||||||||
Other Comprehensive Loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
( | — | — | |||||||||||||||||||||||||||||||||
Cash Dividends Paid, $ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Stock-Based Compensation Expense | — | — | — | — | |||||||||||||||||||||||||||||||
Balance at September 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Nine Month Period Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumu-lated Other Com- prehensive Loss | Treasury Stock | Total | ||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Net Income | — | — | — | — | |||||||||||||||||||||||||||||||
Other Comprehensive Loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
( | — | — | |||||||||||||||||||||||||||||||||
Cash Dividends Paid, $ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Stock Options Exercised, Net ( | — | — | — | ||||||||||||||||||||||||||||||||
Shares Issued Under the Directors’ Stock Plan ( | — | — | — | ||||||||||||||||||||||||||||||||
Shares Issued Under the Employee Stock Purchase Plan ( | — | — | — | ||||||||||||||||||||||||||||||||
Shares Issued for Dividend Reinvestment Plans ( | — | — | — | ||||||||||||||||||||||||||||||||
Stock-Based Compensation Expense | — | — | — | — | |||||||||||||||||||||||||||||||
Purchase of Treasury Stock ( | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Three Month Period Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumu-lated Other Com- prehensive Loss | Treasury Stock | Total | ||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net Income | — | — | — | — | |||||||||||||||||||||||||||||||
Other Comprehensive Loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
( | — | — | |||||||||||||||||||||||||||||||||
Cash Dividends Paid, $ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Stock Options Exercised, Net ( | — | — | — | ||||||||||||||||||||||||||||||||
Shares Issued Under the Directors’ Stock Plan ( | — | — | — | ||||||||||||||||||||||||||||||||
Shares Issued Under the Employee Stock Purchase Plan ( | — | — | — | ||||||||||||||||||||||||||||||||
Shares Issued for Dividend Reinvestment Plans ( | — | — | — | ||||||||||||||||||||||||||||||||
Stock-Based Compensation Expense | — | — | — | — | |||||||||||||||||||||||||||||||
Purchase of Treasury Stock ( | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||
Cash Flows from Operating Activities: | 2023 | 2022 | |||||||||
Net Income | $ | $ | |||||||||
Provision for Credit Losses | |||||||||||
Depreciation and Amortization | |||||||||||
Net Loss (Gain) on Securities Transactions | ( | ||||||||||
Loans Originated and Held-for-Sale | ( | ||||||||||
Proceeds from the Sale of Loans Held-for-Sale | |||||||||||
Net Gain on the Sale of Loans | ( | ( | |||||||||
Net Loss on the Sale of Premises and Equipment, Other Real Estate Owned and Repossessed Assets | |||||||||||
Contributions to Retirement Benefit Plans | ( | ( | |||||||||
Deferred Income Tax Benefit | ( | ||||||||||
Shares Issued Under the Directors’ Stock Plan | |||||||||||
Stock-Based Compensation Expense | |||||||||||
Tax Benefit from Exercise of Stock Options | |||||||||||
Net Decrease in Other Assets | ( | ( | |||||||||
Net Decrease in Other Liabilities | |||||||||||
Net Cash Provided By Operating Activities | |||||||||||
Cash Flows from Investing Activities: | |||||||||||
Proceeds from the Maturities and Calls of Securities Available-for-Sale | |||||||||||
Purchases of Securities Available-for-Sale | ( | ||||||||||
Proceeds from the Maturities and Calls of Securities Held-to-Maturity | |||||||||||
Purchases of Securities Held-to-Maturity | ( | ( | |||||||||
Net Increase in Loans | ( | ( | |||||||||
Proceeds from the Sales of Premises and Equipment, Other Real Estate Owned and Repossessed Assets | |||||||||||
Purchase of Premises and Equipment | ( | ( | |||||||||
Net Decrease in FHLB and Federal Reserve Bank Stock | |||||||||||
Purchase of Bank Owned Life Insurance | ( | ||||||||||
Net Cash Used By Investing Activities | ( | ( | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Net Increase in Deposits | |||||||||||
Finance Lease Payments | ( | ( | |||||||||
Other Borrowings - Advances | |||||||||||
Other Borrowings - Paydowns | ( | ( | |||||||||
Purchase of Treasury Stock | ( | ( | |||||||||
Stock Options Exercised, Net | |||||||||||
Shares Issued Under the Employee Stock Purchase Plan | |||||||||||
Shares Issued for Dividend Reinvestment Plans | |||||||||||
Cash Dividends Paid | ( | ( | |||||||||
Net Cash Provided By Financing Activities | |||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | ( | ||||||||||
Cash and Cash Equivalents at Beginning of Period | |||||||||||
Cash and Cash Equivalents at End of Period | $ | $ | |||||||||
Supplemental Disclosures to Statements of Cash Flow Information: | |||||||||||
Interest on Deposits and Borrowings | $ | $ | |||||||||
Income Taxes | |||||||||||
Transfer of Loans to Other Real Estate Owned and Repossessed Assets | |||||||||||
The following table is the schedule of Cash and Cash Equivalents at September 30, 2023, December 31, 2022 and September 30, 2022: | ||||||||||||||||||||
September 30, 2023 | December 31, 2022 | September 30, 2022 | ||||||||||||||||||
Cash and Due From Banks | $ | $ | $ | |||||||||||||||||
Interest-bearing Deposits at Banks | ||||||||||||||||||||
Total Cash and Cash Equivalents | $ | |||||||||||||||||||
Available-For-Sale Securities | ||||||||||||||||||||||||||||||||
U.S. Government & Agency Obligations | State and Municipal Obligations | Mortgage- Backed Securities | Corporate and Other Debt Securities | Total Available- For-Sale Securities | ||||||||||||||||||||||||||||
September 30, 2023 | ||||||||||||||||||||||||||||||||
Available-For-Sale Securities, at Amortized Cost | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Gross Unrealized Gains | ||||||||||||||||||||||||||||||||
Gross Unrealized Losses | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Available-For-Sale Securities, at Fair Value | ||||||||||||||||||||||||||||||||
Available-For-Sale Securities, Pledged as Collateral, at Fair Value | ||||||||||||||||||||||||||||||||
Maturities of Debt Securities, at Amortized Cost: | ||||||||||||||||||||||||||||||||
Within One Year | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
From 1 - 5 Years | ||||||||||||||||||||||||||||||||
From 5 - 10 Years | ||||||||||||||||||||||||||||||||
Over 10 Years | ||||||||||||||||||||||||||||||||
Maturities of Debt Securities, at Fair Value: | ||||||||||||||||||||||||||||||||
Within One Year | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
From 1 - 5 Years | ||||||||||||||||||||||||||||||||
From 5 - 10 Years | ||||||||||||||||||||||||||||||||
Over 10 Years | ||||||||||||||||||||||||||||||||
Securities in a Continuous Loss Position, at Fair Value: | ||||||||||||||||||||||||||||||||
Less than 12 Months | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
12 Months or Longer | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Number of Securities in a Continuous Loss Position | ||||||||||||||||||||||||||||||||
Unrealized Losses on Securities in a Continuous Loss Position: | ||||||||||||||||||||||||||||||||
Less than 12 Months | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
12 Months or Longer | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Available-For-Sale Securities | ||||||||||||||||||||||||||||||||
U.S. Government & Agency Obligations | State and Municipal Obligations | Mortgage- Backed Securities | Corporate and Other Debt Securities | Total Available- For-Sale Securities | ||||||||||||||||||||||||||||
Disaggregated Details: | ||||||||||||||||||||||||||||||||
US Agency Obligations, at Amortized Cost | $ | |||||||||||||||||||||||||||||||
US Agency Obligations, at Fair Value | ||||||||||||||||||||||||||||||||
Local Municipal Obligations, at Amortized Cost | $ | |||||||||||||||||||||||||||||||
Local Municipal Obligations, at Fair Value | ||||||||||||||||||||||||||||||||
US Government Agency Securities, at Amortized Cost | $ | |||||||||||||||||||||||||||||||
US Government Agency Securities, at Fair Value | ||||||||||||||||||||||||||||||||
Government Sponsored Entity Securities, at Amortized Cost | ||||||||||||||||||||||||||||||||
Government Sponsored Entity Securities, at Fair Value | ||||||||||||||||||||||||||||||||
Corporate Trust Preferred Securities, at Amortized Cost | $ | |||||||||||||||||||||||||||||||
Corporate Trust Preferred Securities, at Fair Value | ||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
Available-For-Sale Securities, at Amortized Cost | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Gross Unrealized Gains | ||||||||||||||||||||||||||||||||
Gross Unrealized Losses | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Available-For-Sale Securities, at Fair Value | ||||||||||||||||||||||||||||||||
Available-For-Sale Securities, Pledged as Collateral, at Fair Value | ||||||||||||||||||||||||||||||||
Securities in a Continuous Loss Position, at Fair Value: | ||||||||||||||||||||||||||||||||
Less than 12 Months | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
12 Months or Longer | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Number of Securities in a Continuous Loss Position | ||||||||||||||||||||||||||||||||
Unrealized Losses on Securities in a Continuous Loss Position: | ||||||||||||||||||||||||||||||||
Less than 12 Months | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
12 Months or Longer | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Disaggregated Details: | ||||||||||||||||||||||||||||||||
US Agency Obligations, at Amortized Cost | $ | |||||||||||||||||||||||||||||||
US Agency Obligations, at Fair Value | ||||||||||||||||||||||||||||||||
Local Municipal Obligations, at Amortized Cost | $ | |||||||||||||||||||||||||||||||
Local Municipal Obligations, at Fair Value | ||||||||||||||||||||||||||||||||
US Government Agency Securities, at Amortized Cost | $ |
Available-For-Sale Securities | ||||||||||||||||||||||||||||||||
U.S. Government & Agency Obligations | State and Municipal Obligations | Mortgage- Backed Securities | Corporate and Other Debt Securities | Total Available- For-Sale Securities | ||||||||||||||||||||||||||||
US Government Agency Securities, at Fair Value | ||||||||||||||||||||||||||||||||
Government Sponsored Entity Securities, at Amortized Cost | ||||||||||||||||||||||||||||||||
Government Sponsored Entity Securities, at Fair Value | ||||||||||||||||||||||||||||||||
Corporate Trust Preferred Securities, at Amortized Cost | $ | |||||||||||||||||||||||||||||||
Corporate Trust Preferred Securities, at Fair Value | ||||||||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||
Available-For-Sale Securities, at Amortized Cost | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Gross Unrealized Gains | ||||||||||||||||||||||||||||||||
Gross Unrealized Losses | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Available-For-Sale Securities, at Fair Value | ||||||||||||||||||||||||||||||||
Available-For-Sale Securities, Pledged as Collateral, at Fair Value | ||||||||||||||||||||||||||||||||
Securities in a Continuous Loss Position, at Fair Value: | ||||||||||||||||||||||||||||||||
Less than 12 Months | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
12 Months or Longer | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Number of Securities in a Continuous Loss Position | ||||||||||||||||||||||||||||||||
Unrealized Losses on Securities in a Continuous Loss Position: | ||||||||||||||||||||||||||||||||
Less than 12 Months | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
12 Months or Longer | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Disaggregated Details: | ||||||||||||||||||||||||||||||||
US Agency Obligations, at Amortized Cost | $ | |||||||||||||||||||||||||||||||
US Agency Obligations, at Fair Value | ||||||||||||||||||||||||||||||||
Local Municipal Obligations, at Amortized Cost | $ | |||||||||||||||||||||||||||||||
Local Municipal Obligations, at Fair Value | ||||||||||||||||||||||||||||||||
US Government Agency Securities, at Amortized Cost | $ | |||||||||||||||||||||||||||||||
US Government Agency Securities, at Fair Value | ||||||||||||||||||||||||||||||||
Government Sponsored Entity Securities, at Amortized Cost | ||||||||||||||||||||||||||||||||
Government Sponsored Entity Securities, at Fair Value | ||||||||||||||||||||||||||||||||
Corporate Trust Preferred Securities, at Amortized Cost | $ | |||||||||||||||||||||||||||||||
Corporate Trust Preferred Securities, at Fair Value |
Held-To-Maturity Securities | ||||||||||||||||||||
State and Municipal Obligations | Mortgage- Backed Securities | Total Held-To Maturity Securities | ||||||||||||||||||
September 30, 2023 | ||||||||||||||||||||
Held-To-Maturity Securities, at Amortized Cost | $ | $ | $ | |||||||||||||||||
Gross Unrealized Gains | ||||||||||||||||||||
Gross Unrealized Losses | ( | ( | ( | |||||||||||||||||
Held-To-Maturity Securities, at Fair Value | ||||||||||||||||||||
Held-To-Maturity Securities, Pledged as Collateral, at Carrying Value | ||||||||||||||||||||
Held-To-Maturity Securities, Pledged as Collateral, at Fair Value | ||||||||||||||||||||
Maturities of Debt Securities, at Amortized Cost: | ||||||||||||||||||||
Within One Year | $ | $ | $ | |||||||||||||||||
From 1 - 5 Years | ||||||||||||||||||||
From 5 - 10 Years | ||||||||||||||||||||
Over 10 Years | ||||||||||||||||||||
Maturities of Debt Securities, at Fair Value: | ||||||||||||||||||||
Within One Year | $ | $ | $ | |||||||||||||||||
From 1 - 5 Years | ||||||||||||||||||||
From 5 - 10 Years | ||||||||||||||||||||
Over 10 Years | ||||||||||||||||||||
Securities in a Continuous Loss Position, at Fair Value: | ||||||||||||||||||||
Less than 12 Months | $ | $ | $ | |||||||||||||||||
12 Months or Longer | ||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||
Number of Securities in a Continuous Loss Position | ||||||||||||||||||||
Unrealized Losses on Securities in a Continuous Loss Position: | ||||||||||||||||||||
Less than 12 Months | $ | $ | $ | |||||||||||||||||
12 Months or Longer | ||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||
Disaggregated Details: | ||||||||||||||||||||
Municipal Obligations, at Amortized Cost | $ | |||||||||||||||||||
Municipal Obligations, at Fair Value | ||||||||||||||||||||
US Government Agency Securities, at Amortized Cost | $ | |||||||||||||||||||
US Government Agency Securities, at Fair Value |
Held-To-Maturity Securities | ||||||||||||||||||||
State and Municipal Obligations | Mortgage- Backed Securities | Total Held-To Maturity Securities | ||||||||||||||||||
Government Sponsored Entity Securities, at Amortized Cost | ||||||||||||||||||||
Government Sponsored Entity Securities, at Fair Value | ||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||
Held-To-Maturity Securities, at Amortized Cost | $ | $ | $ | |||||||||||||||||
Gross Unrealized Gains | ||||||||||||||||||||
Gross Unrealized Losses | ( | ( | ( | |||||||||||||||||
Held-To-Maturity Securities, at Fair Value | ||||||||||||||||||||
Held-To-Maturity Securities, Pledged as Collateral, at Carrying Value | ||||||||||||||||||||
Held-To-Maturity Securities, Pledged as Collateral, at Fair Value | ||||||||||||||||||||
Securities in a Continuous Loss Position, at Fair Value: | ||||||||||||||||||||
Less than 12 Months | $ | $ | $ | |||||||||||||||||
12 Months or Longer | ||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||
Number of Securities in a Continuous Loss Position | ||||||||||||||||||||
Unrealized Losses on Securities in a Continuous Loss Position: | ||||||||||||||||||||
Less than 12 Months | $ | $ | $ | |||||||||||||||||
12 Months or Longer | ||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||
Disaggregated Details: | ||||||||||||||||||||
Municipal Obligations, at Amortized Cost | $ |
Held-To-Maturity Securities | ||||||||||||||||||||
State and Municipal Obligations | Mortgage- Backed Securities | Total Held-To Maturity Securities | ||||||||||||||||||
Municipal Obligations, at Fair Value | ||||||||||||||||||||
US Government Agency Securities, at Amortized Cost | $ | |||||||||||||||||||
US Government Agency Securities, at Fair Value | ||||||||||||||||||||
Government Sponsored Entity Securities, at Amortized Cost | ||||||||||||||||||||
Government Sponsored Entity Securities, at Fair Value | ||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||
Held-To-Maturity Securities, at Amortized Cost | $ | $ | $ | |||||||||||||||||
Gross Unrealized Gains | ||||||||||||||||||||
Gross Unrealized Losses | ( | ( | ( | |||||||||||||||||
Held-To-Maturity Securities, at Fair Value | ||||||||||||||||||||
Held-To-Maturity Securities, Pledged as Collateral, at Carrying Value | ||||||||||||||||||||
Held-To-Maturity Securities, Pledged as Collateral, at Fair Value | ||||||||||||||||||||
Securities in a Continuous Loss Position, at Fair Value: | ||||||||||||||||||||
Less than 12 Months | $ | $ | $ | |||||||||||||||||
12 Months or Longer | ||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||
Number of Securities in a Continuous Loss Position | ||||||||||||||||||||
Unrealized Losses on Securities in a Continuous Loss Position: | ||||||||||||||||||||
Less than 12 Months | $ | $ | $ | |||||||||||||||||
12 Months or Longer | ||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||
September 30, 2022 | ||||||||||||||||||||
Disaggregated Details: | ||||||||||||||||||||
Municipal Obligations, at Amortized Cost | $ | |||||||||||||||||||
Municipal Obligations, at Fair Value | ||||||||||||||||||||
US Government Agency Securities, at Amortized Cost | $ | |||||||||||||||||||
US Government Agency Securities, at Fair Value | ||||||||||||||||||||
Government Sponsored Entity Securities, at Amortized Cost | ||||||||||||||||||||
Government Sponsored Entity Securities, at Fair Value |
Equity Securities | ||||||||||||||
September 30, 2023 | December 31, 2022 | September 30, 2022 | ||||||||||||
Equity Securities, at Fair Value | $ | $ | $ | |||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net (Loss) Gain on Equity Securities | $ | $ | $ | ( | $ | ||||||||||||||||||
Less: Net gain recognized during the reporting period on equity securities sold during the period | |||||||||||||||||||||||
Unrealized net (loss) gain recognized during the reporting period on equity securities still held at the reporting date | $ | $ | $ | ( | $ | ||||||||||||||||||
Schedule of Past Due Loans by Loan Category | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Commercial | Real Estate | Consumer | Residential | Total | |||||||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||||||||
Loans Past Due 30-59 Days | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Loans Past Due 60-89 Days | |||||||||||||||||||||||||||||
Loans Past Due 90 or more Days | |||||||||||||||||||||||||||||
Total Loans Past Due | |||||||||||||||||||||||||||||
Current Loans | |||||||||||||||||||||||||||||
Total Loans | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
Loans Past Due 30-59 Days | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Loans Past Due 60-89 Days | |||||||||||||||||||||||||||||
Loans Past Due 90 or more Days | |||||||||||||||||||||||||||||
Total Loans Past Due | |||||||||||||||||||||||||||||
Current Loans | |||||||||||||||||||||||||||||
Total Loans | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||
Loans Past Due 30-59 Days | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Loans Past Due 60-89 Days | |||||||||||||||||||||||||||||
Loans Past Due 90 or more Days | |||||||||||||||||||||||||||||
Total Loans Past Due | |||||||||||||||||||||||||||||
Current Loans | |||||||||||||||||||||||||||||
Total Loans | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Schedule of Non Accrual Loans by Category | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
September 30, 2023 | Commercial | Real Estate | Consumer | Residential | Total | ||||||||||||||||||||||||
Loans 90 or More Days Past Due and Still Accruing Interest | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Nonaccrual Loans | |||||||||||||||||||||||||||||
Nonaccrual With No Allowance for Credit Loss | |||||||||||||||||||||||||||||
Interest Income on Nonaccrual Loans | |||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
Loans 90 or More Days Past Due and Still Accruing Interest | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Nonaccrual Loans | |||||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||
Loans 90 or More Days Past Due and Still Accruing Interest | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Nonaccrual Loans |
Allowance for Credit Losses | |||||||||||||||||||||||||||||
Rollforward of the Allowance for Credit Losses for the Quarterly Period: | Commercial | Commercial Real Estate | Consumer | Residential | Total | ||||||||||||||||||||||||
Rollforward of the Allowance for Credit Losses for the Quarterly Period: | |||||||||||||||||||||||||||||
June 30, 2023 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Charge-offs | ( | ( | |||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||
Provision | ( | ( | |||||||||||||||||||||||||||
September 30, 2023 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
December 31, 2022 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Charge-offs | $ | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||
Recoveries | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Provision | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||
September 30, 2023 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
June 30, 2022 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||
Provision | ( | ||||||||||||||||||||||||||||
September 30, 2022 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
December 31, 2021 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Charge-offs | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
Recoveries | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Provision | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||
September 30, 2022 | $ | $ | $ | $ | $ |
September 30, 2023 | Collateral Type -Residential Real Estate | Collateral Type - Commercial Real Estate | Total Loans | ||||||||||||||
Commercial | $ | $ | $ | ||||||||||||||
Commercial Real Estate | |||||||||||||||||
Consumer | |||||||||||||||||
Residential | |||||||||||||||||
Total | $ | $ | $ |
December 31, 2022 | Collateral Type -Residential Real Estate | Collateral Type - Commercial Real Estate | Total Loans | ||||||||||||||
Commercial | $ | $ | $ | ||||||||||||||
Commercial Real Estate | |||||||||||||||||
Consumer | |||||||||||||||||
Residential | |||||||||||||||||
Total | $ | $ | $ |
September 30, 2022 | Collateral Type -Residential Real Estate | Collateral Type - Commercial Real Estate | Total Loans | ||||||||||||||
Commercial | $ | $ | $ | ||||||||||||||
Commercial Real Estate | |||||||||||||||||
Consumer | |||||||||||||||||
Residential | |||||||||||||||||
Total | $ | $ | $ |
Allowance for Credit Losses - Collectively and Individually Evaluated | |||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Consumer | Residential | Total | |||||||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||||||||
Ending Loan Balance - Collectively Evaluated | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Allowance for Credit Losses - Loans Collectively Evaluated | |||||||||||||||||||||||||||||
Ending Loan Balance - Individually Evaluated | |||||||||||||||||||||||||||||
Allowance for Credit Losses - Loans Individually Evaluated | |||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
Ending Loan Balance - Collectively Evaluated | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Allowance for Credit Losses - Loans Collectively Evaluated | $ | ||||||||||||||||||||||||||||
Ending Loan Balance - Individually Evaluated | |||||||||||||||||||||||||||||
Allowance for Credit Losses - Loans Individually Evaluated | |||||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||
Ending Loan Balance - Collectively Evaluated | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Allowance for Credit Losses - Loans Collectively Evaluated | |||||||||||||||||||||||||||||
Ending Loan Balance - Individually Evaluated | |||||||||||||||||||||||||||||
Allowance for Credit Losses - Loans Individually Evaluated |
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans Amortized Cost Basis | Revolving Loan Converted to Term | Total | ||||||||||||||||||||||||||
September 30, 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Satisfactory | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Commercial Loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Current-period gross charge-offs | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Satisfactory | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Commercial Real Estate Loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Current-period gross charge-offs | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Consumer Loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Current-period gross charge-offs | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Residential Loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Current-period gross charge-offs | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Total Loans | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans Amortized Cost Basis | Revolving Loan Converted to Term | Total | ||||||||||||||||||||||||||
December 31, 2022 | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Satisfactory | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Commercial Loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Satisfactory | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Commercial Real Estate Loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Consumer Loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Residential Loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Total Loans | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans Amortized Cost Basis | Revolving Loan Converted to Term | Total | ||||||||||||||||||||||||||
September 30, 2022 | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Satisfactory | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Commercial Loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Satisfactory | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Commercial Real Estate Loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Consumer Loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Residential Loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Total Loans | $ | $ | $ | $ | $ | $ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||
Balance: | |||||||||||||||||
BTFP Advances | |||||||||||||||||
FHLBNY Overnight Advances | |||||||||||||||||
FHLBNY Term Advances | |||||||||||||||||
Total Borrowings | $ | $ | $ | ||||||||||||||
Maximum Borrowing Capacity: | |||||||||||||||||
Federal Funds Purchased | $ | $ | $ | ||||||||||||||
Federal Home Loan Bank of New York | |||||||||||||||||
Federal Reserve Bank of New York | |||||||||||||||||
Available Borrowing Capacity: | |||||||||||||||||
Federal Funds Purchased | $ | $ | $ | ||||||||||||||
Federal Home Loan Bank of New York | |||||||||||||||||
Federal Reserve Bank of New York |
Balances | Weighted Average Rate | |||||||||||||||||||||||||||||||||||||
Final Maturity | 9/30/2023 | 12/31/2022 | 9/30/2022 | 9/30/2023 | 12/31/2022 | 9/30/2022 | ||||||||||||||||||||||||||||||||
First Year | $ | $ | $ | % | % | % | ||||||||||||||||||||||||||||||||
Second Year | % | % | % | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | % | % | % |
September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||
ACST II | |||||||||||||||||
Balance | $ | $ | $ | ||||||||||||||
Period End: | |||||||||||||||||
Variable Interest Rate | % | % | % | ||||||||||||||
Fixed Interest Rate resulting from cash flow hedge agreement | % | % | % | ||||||||||||||
ACST III | |||||||||||||||||
Balance | $ | $ | $ | ||||||||||||||
Period End: | |||||||||||||||||
Variable Interest Rate | % | % | % | ||||||||||||||
Fixed Interest Rate resulting from cash flow hedge agreement | % | % | % |
Commitments to Extend Credit and Letters of Credit | |||||||||||||||||
September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||
Notional Amount: | |||||||||||||||||
Commitments to Extend Credit | $ | $ | $ | ||||||||||||||
Standby Letters of Credit | |||||||||||||||||
Fair Value: | |||||||||||||||||
Commitments to Extend Credit | $ | $ | $ | ||||||||||||||
Standby Letters of Credit |
Schedule of Comprehensive Loss | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
Tax | Tax | ||||||||||||||||||||||||||||||||||
Before-Tax | Benefit | Net-of-Tax | Before-Tax | Benefit | Net-of-Tax | ||||||||||||||||||||||||||||||
Amount | (Expense) | Amount | Amount | (Expense) | Amount | ||||||||||||||||||||||||||||||
2023 | |||||||||||||||||||||||||||||||||||
Net Unrealized Securities Holding Loss on Securities Available-for-Sale Arising During the Period | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Net Unrealized Gain on Cash Flow Swap | ( | ( | |||||||||||||||||||||||||||||||||
Reclassification of Net Unrealized Gain on Cash Flow Hedge Agreements to Interest Expense | ( | ( | |||||||||||||||||||||||||||||||||
Amortization of Net Retirement Plan Actuarial Gain | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Amortization of Net Retirement Plan Prior Service Cost | ( | ( | |||||||||||||||||||||||||||||||||
Other Comprehensive Loss | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||
Net Unrealized Securities Holding Loss on Securities Available-for-Sale Arising During the Period | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Net Unrealized Gain on Cash Flow Swap | ( | ( | |||||||||||||||||||||||||||||||||
Reclassification of Net Unrealized Gain on Cash Flow Hedge Agreements to Interest Expense | ( | ( | |||||||||||||||||||||||||||||||||
Amortization of Net Retirement Plan Actuarial Loss | ( | ( | |||||||||||||||||||||||||||||||||
Amortization of Net Retirement Plan Prior Service Cost | ( | ( | |||||||||||||||||||||||||||||||||
Other Comprehensive Loss | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( |
Changes in Accumulated Other Comprehensive (Loss) Income by Component (1) | |||||||||||||||||||||||||||||
Unrealized Loss on Available-for-Sale Securities | Unrealized Gain on Cash Flow Swap | Defined Benefit Plan Items | Total | ||||||||||||||||||||||||||
Net Actuarial Loss | Net Prior Service Cost | ||||||||||||||||||||||||||||
For the quarter-to-date periods ended: | |||||||||||||||||||||||||||||
June 30, 2023 | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
Other comprehensive income or loss before reclassifications | ( | ( | |||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income or loss | ( | ||||||||||||||||||||||||||||
Net current-period other comprehensive income or loss | ( | ( | ( | ||||||||||||||||||||||||||
September 30, 2023 | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
June 30, 2022 | $ | ( | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||
Other comprehensive (loss) or income before reclassifications | ( | ( | |||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income or loss | |||||||||||||||||||||||||||||
Net current-period other comprehensive (loss) or income | ( | ( | |||||||||||||||||||||||||||
September 30, 2022 | $ | ( | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||
For the Year-To-Date periods ended: | |||||||||||||||||||||||||||||
December 31, 2022 | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
Other comprehensive income or loss before reclassifications | ( | ( | |||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income or loss | ( | ||||||||||||||||||||||||||||
Net current-period other comprehensive income or loss | ( | ( | ( | ||||||||||||||||||||||||||
September 30, 2023 | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
December 31, 2021 | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||
Other comprehensive income or loss before reclassifications | ( | ( | |||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income or loss | |||||||||||||||||||||||||||||
Net current-period other comprehensive income or loss | ( | ( | |||||||||||||||||||||||||||
September 30, 2022 | $ | ( | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income or Loss | ||||||||||||||
Details about Accumulated Other Comprehensive Income or Loss Components | Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | Affected Line Item in the Statement Where Net Income Is Presented | ||||||||||||
For the quarter-to-date periods ended: | ||||||||||||||
September 30, 2023 | ||||||||||||||
Reclassification of Net Unrealized Gain on Cash Flow Hedge Agreements to Interest Expense | $ | ( | Interest expense | |||||||||||
Amortization of defined benefit pension items: | ||||||||||||||
Prior-service costs | ( | (1) | Salaries and Employee Benefits | |||||||||||
Actuarial loss | (1) | Salaries and Employee Benefits | ||||||||||||
( | Total before Tax | |||||||||||||
Provision for Income Taxes | ||||||||||||||
Total reclassifications for the period | $ | ( | Net of Tax | |||||||||||
September 30, 2022 | ||||||||||||||
Reclassification of Net Unrealized Gain on Cash Flow Hedge Agreements to Interest Expense | $ | ( | Interest expense | |||||||||||
Amortization of defined benefit pension items: | ||||||||||||||
Prior-service costs | $ | ( | (1) | Salaries and Employee Benefits | ||||||||||
Actuarial loss | ( | (1) | Salaries and Employee Benefits | |||||||||||
( | Total before Tax | |||||||||||||
Provision for Income Taxes | ||||||||||||||
Total reclassifications for the period | $ | ( | Net of Tax | |||||||||||
For the Year-to-date periods ended: | ||||||||||||||
September 30, 2023 | ||||||||||||||
Reclassification of Net Unrealized Gain on Cash Flow Hedge Agreements to Interest Expense | $ | ( | Interest expense | |||||||||||
Amortization of defined benefit pension items: | ||||||||||||||
Prior-service costs | ( | (1) | Salaries and Employee Benefits | |||||||||||
Actuarial loss | (1) | Salaries and Employee Benefits | ||||||||||||
( | Total before Tax | |||||||||||||
Provision for Income Taxes | ||||||||||||||
Total reclassifications for the period | $ | ( | Net of Tax | |||||||||||
September 30, 2022 | ||||||||||||||
Reclassification of Net Unrealized Gain on Cash Flow Hedge Agreements to Interest Expense | $ | ( | Interest expense | |||||||||||
Amortization of defined benefit pension items: | ||||||||||||||
Prior-service costs | ( | (1) | Salaries and Employee Benefits | |||||||||||
Actuarial loss | ( | (1) | Salaries and Employee Benefits | |||||||||||
( | Total before Tax | |||||||||||||
Provision for Income Taxes | ||||||||||||||
Total reclassifications for the period | $ | ( | Net of Tax | |||||||||||
(1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. | ||||||||||||||
Shares | Weighted Average Exercise Price | ||||||||||
Outstanding at January 1, 2023 | $ | ||||||||||
Granted | |||||||||||
Exercised | ( | ||||||||||
Forfeited | ( | ||||||||||
Outstanding at September 30, 2023 | |||||||||||
Vested at Period-End | |||||||||||
Expected to Vest | |||||||||||
Stock Options Granted | |||||||||||
Weighted Average Grant Date Information: | |||||||||||
Fair Value of Options Granted | $ | ||||||||||
Fair Value Assumptions: | |||||||||||
Dividend Yield | % | ||||||||||
Expected Volatility | % | ||||||||||
Risk Free Interest Rate | % | ||||||||||
Expected Lives (in years) |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Amount expensed | $ | $ | $ | $ |
Restricted Stock Units | Weighted Average Grant Date Fair Value | ||||||||||
Non-vested at January 1, 2023 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Non-vested at September 30, 2023 | |||||||||||
Non-vested at January 1, 2022 | |||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Non-vested at September 30, 2022 | |||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Amount expensed | $ | $ | $ | $ |
Employees' | Select Executive | Postretirement | ||||||||||||||||||
Pension | Retirement | Benefit | ||||||||||||||||||
Plan | Plan | Plans | ||||||||||||||||||
Net Periodic Benefit Cost | ||||||||||||||||||||
For the Three Months Ended September 30, 2023: | ||||||||||||||||||||
Service Cost 1 | $ | $ | $ | |||||||||||||||||
Interest Cost 2 | ||||||||||||||||||||
Expected Return on Plan Assets 2 | ( | |||||||||||||||||||
Amortization of Prior Service Cost 2 | ||||||||||||||||||||
Amortization of Net Loss (Gain) 2 | ( | |||||||||||||||||||
Net Periodic Cost | $ | $ | $ | |||||||||||||||||
Plan Contributions During the Period | $ | $ | $ | |||||||||||||||||
For the Three Months Ended September 30, 2022: | ||||||||||||||||||||
Service Cost 1 | $ | $ | $ | |||||||||||||||||
Interest Cost 2 | ||||||||||||||||||||
Expected Return on Plan Assets 2 | ( | |||||||||||||||||||
Amortization of Prior Service Cost 2 | ||||||||||||||||||||
Amortization of Net Loss (Gain) 2 | ( | |||||||||||||||||||
Net Periodic Cost | $ | $ | $ | |||||||||||||||||
Plan Contributions During the Period | $ | $ | $ | |||||||||||||||||
Net Periodic Benefit Cost | ||||||||||||||||||||
For the Nine Months Ended September 30, 2023: | ||||||||||||||||||||
Service Cost 1 | $ | $ | $ | |||||||||||||||||
Interest Cost 2 | ||||||||||||||||||||
Expected Return on Plan Assets 2 | ( | |||||||||||||||||||
Amortization of Prior Service Cost 2 | ||||||||||||||||||||
Amortization of Net Loss (Gain) 2 | ( | |||||||||||||||||||
Net Periodic Cost | $ | $ | $ | |||||||||||||||||
Plan Contributions During the Period | $ | $ | $ | |||||||||||||||||
Estimated Future Contributions in the Current Fiscal Year | $ | $ | $ | |||||||||||||||||
For the Nine Months Ended September 30, 2022: | ||||||||||||||||||||
Service Cost 1 | $ | $ | $ | |||||||||||||||||
Interest Cost 2 | ||||||||||||||||||||
Expected Return on Plan Assets 2 | ( | |||||||||||||||||||
Amortization of Prior Service Cost 2 | ||||||||||||||||||||
Amortization of Net Loss (Gain) 2 | ( | |||||||||||||||||||
Net Periodic (Benefit) Cost | $ | ( | $ | $ | ||||||||||||||||
Plan Contributions During the Period | $ | $ | $ | |||||||||||||||||
Earnings Per Share | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||
Earnings Per Share - Basic: | ||||||||||||||||||||||||||
Net Income | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted Average Shares - Basic | ||||||||||||||||||||||||||
Earnings Per Share - Basic | $ | $ | $ | $ | ||||||||||||||||||||||
Earnings Per Share - Diluted: | ||||||||||||||||||||||||||
Net Income | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted Average Shares - Basic | ||||||||||||||||||||||||||
Dilutive Average Shares Attributable to Stock Options | ||||||||||||||||||||||||||
Weighted Average Shares - Diluted | ||||||||||||||||||||||||||
Earnings Per Share - Diluted | $ | $ | $ | $ | ||||||||||||||||||||||
Fair Value of Assets and Liabilities Measured on a Recurring and Nonrecurring Basis | |||||||||||||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||||||||
Fair Value | Quoted Prices In Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Fair Value of Assets and Liabilities Measured on a Recurring Basis: | |||||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Securities Available-for Sale: | |||||||||||||||||||||||
U.S. Government & Agency Obligations | $ | $ | $ | $ | |||||||||||||||||||
State and Municipal Obligations | |||||||||||||||||||||||
Mortgage-Backed Securities | |||||||||||||||||||||||
Corporate and Other Debt Securities | |||||||||||||||||||||||
Total Securities Available-for-Sale | |||||||||||||||||||||||
Equity Securities | |||||||||||||||||||||||
Total Securities Measured on a Recurring Basis | |||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||
Total Measured on a Recurring Basis | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||
Total Measured on a Recurring Basis | $ | $ | $ | $ | |||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Securities Available-for Sale: | |||||||||||||||||||||||
U.S. Government & Agency Obligations | $ | $ | $ | $ | |||||||||||||||||||
State and Municipal Obligations | |||||||||||||||||||||||
Mortgage-Backed Securities | |||||||||||||||||||||||
Corporate and Other Debt Securities | |||||||||||||||||||||||
Total Securities Available-for-Sale | |||||||||||||||||||||||
Equity Securities |
Fair Value of Assets and Liabilities Measured on a Recurring and Nonrecurring Basis | |||||||||||||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||||||||
Fair Value | Quoted Prices In Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Total Securities Measured on a Recurring Basis | |||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||
Total Measured on a Recurring Basis | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative Liabilities | $ | $ | |||||||||||||||||||||
Total Measured on a Recurring Basis | $ | $ | $ | $ | |||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Securities Available-for Sale: | |||||||||||||||||||||||
U.S. Government & Agency Obligations | $ | $ | $ | $ | |||||||||||||||||||
State and Municipal Obligations | |||||||||||||||||||||||
Mortgage-Backed Securities | |||||||||||||||||||||||
Corporate and Other Debt Securities | |||||||||||||||||||||||
Total Securities Available-for-Sale | |||||||||||||||||||||||
Equity Securities | |||||||||||||||||||||||
Total Securities Measured on a Recurring Basis | |||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||
Total Measured on a Recurring Basis | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||
Total Measured on a Recurring Basis | $ | $ | $ | $ | |||||||||||||||||||
Fair Value | Quoted Prices In Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Gains (Losses) Recognized in Earnings | |||||||||||||||||||||||||
Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis: | |||||||||||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||||||||
Collateral Dependent Evaluated Loans | $ | $ | $ | $ | |||||||||||||||||||||||||
Other Real Estate Owned and Repossessed Assets, Net | |||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
Collateral Dependent Impaired Loans | $ | $ | $ | $ | |||||||||||||||||||||||||
Other Real Estate Owned and Repossessed Assets, Net | |||||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||
Collateral Dependent Impaired Loans | $ | $ | $ | $ | |||||||||||||||||||||||||
Other Real Estate Owned and Repossessed Assets, Net |
Schedule of Fair Values by Balance Sheet Grouping | |||||||||||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||||||||||
Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||||||
Equity Securities | |||||||||||||||||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank Stock | |||||||||||||||||||||||||||||
Net Loans | |||||||||||||||||||||||||||||
Accrued Interest Receivable | |||||||||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | |||||||||||||||||||||||||||||
Accrued Interest Payable | |||||||||||||||||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||||||
Equity Securities | |||||||||||||||||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank Stock | |||||||||||||||||||||||||||||
Net Loans | |||||||||||||||||||||||||||||
Accrued Interest Receivable | |||||||||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||||||
Federal Home Loan Bank Term Advances | |||||||||||||||||||||||||||||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | |||||||||||||||||||||||||||||
Accrued Interest Payable | |||||||||||||||||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||||||
Equity Securities | |||||||||||||||||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank Stock | |||||||||||||||||||||||||||||
Net Loans | |||||||||||||||||||||||||||||
Accrued Interest Receivable | |||||||||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||||||
Federal Home Loan Bank Term Advances | |||||||||||||||||||||||||||||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | |||||||||||||||||||||||||||||
Accrued Interest Payable | |||||||||||||||||||||||||||||
Derivative Liabilities |
Nine Months Ended | ||||||||||||||
Finance Lease Amounts: | Classification | September 30, 2023 | September 30, 2022 | |||||||||||
Right-of-Use Assets | Premises and Equipment, Net | $ | $ | |||||||||||
Lease Liabilities | Finance Leases | |||||||||||||
Operating Lease Amounts: | ||||||||||||||
Right-of-Use Assets | Other Assets | $ | $ | |||||||||||
Lease Liabilities | Other Liabilities | |||||||||||||
Other Information: | ||||||||||||||
Cash Paid For Amounts Included In The Measurement Of Lease Liabilities: | ||||||||||||||
Operating Outgoing Cash Flows From Finance Leases | $ | $ | ||||||||||||
Operating Outgoing Cash Flows From Operating Leases | ||||||||||||||
Financing Outgoing Cash Flows From Finance Leases | ||||||||||||||
Right-of-Use Assets Obtained In Exchange For New Finance Lease Liabilities | ||||||||||||||
Right-of-Use Assets Obtained In Exchange For New Operating Lease Liabilities | ||||||||||||||
Weighted-average Remaining Lease Term - Finance Leases (Yrs.) | ||||||||||||||
Weighted-average Remaining Lease Term - Operating Leases (Yrs.) | ||||||||||||||
Weighted-average Discount Rate—Finance Leases | % | % | ||||||||||||
Weighted-average Discount Rate—Operating Leases | % | % |
Lease cost information for Arrow's leases is as follows: | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Lease Cost: | |||||||||||||||||||||||
Finance Lease Cost: | |||||||||||||||||||||||
Reduction of Right-of-Use Assets | $ | $ | $ | $ | |||||||||||||||||||
Interest on Lease Liabilities | |||||||||||||||||||||||
Operating Lease Cost | |||||||||||||||||||||||
Short-term Lease Cost | |||||||||||||||||||||||
Variable Lease Cost | |||||||||||||||||||||||
Total Lease Cost | $ | $ | $ | $ |
Future Lease Payments at September 30, 2023 are as follows: | ||||||||||||||
Operating Leases | Financing Leases | |||||||||||||
Twelve Months Ended: | ||||||||||||||
9/30/2024 | $ | $ | ||||||||||||
9/30/2025 | ||||||||||||||
9/30/2026 | ||||||||||||||
9/30/2027 | ||||||||||||||
9/30/2028 | ||||||||||||||
Thereafter | ||||||||||||||
Total Undiscounted Cash Flows | $ | $ | ||||||||||||
Less: Net Present Value Adjustment | ||||||||||||||
Lease Liability | $ | $ |
Derivatives Not Designated as Hedging Instruments - Interest Rate Swap Agreements | |||||||||||||||||
September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||
Fair value adjustment included in other assets | $ | $ | $ | ||||||||||||||
Fair value adjustment included in other liabilities | |||||||||||||||||
Notional amount |
Derivatives Designated as Hedging Instruments - Fair Value Agreements | |||||||||||||||||
September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||
Fair value adjustment included in other assets | $ | $ | $ | ||||||||||||||
Fair value adjustment included in other liabilities | |||||||||||||||||
Notional amount |
Derivatives Designated as Hedging Instruments - Fair Value Agreements | |||||||||||||||||
Nine Months Ended | Twelve Months Ended | Nine Months Ended | |||||||||||||||
September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||
Hedged Asset | $ | ( | $ | $ | |||||||||||||
Fair value derivative designated as hedging instrument | |||||||||||||||||
Total gain recognized in the consolidated statements of income with interest and fees on loans | |||||||||||||||||
Derivatives Designated as Hedging Instruments - Fair Value Swap Agreements | |||||||||||||||||
September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||
Carrying Value of Portfolio Layer Method Hedged Asset | $ | $ | $ | ||||||||||||||
Cumulative Fair Value Hedging Adjustment | ( |
Derivatives Designated as Hedging Instruments - Cash Flow Hedge Agreements | |||||||||||||||||
Nine Months Ended | Twelve Months Ended | Nine Months Ended | |||||||||||||||
September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||
Amount of (loss) gain recognized in AOCI | $ | $ | $ | ||||||||||||||
Amount of (loss) gain reclassified from AOCI to interest expense | ( | ( | ( | ||||||||||||||
Quarter Ended | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | ||||||||||||||||||||||||
Net Income | $ | 7,743 | $ | 6,047 | $ | 8,562 | $ | 12,087 | $ | 12,163 | |||||||||||||||||||
Transactions in Net Income (Net of Tax): | |||||||||||||||||||||||||||||
Net Changes in Fair Value of Equity Investments | 52 | (133) | (76) | 35 | 70 | ||||||||||||||||||||||||
Share and Per Share Data:1 | |||||||||||||||||||||||||||||
Period End Shares Outstanding | 17,049 | 17,050 | 17,050 | 17,048 | 17,019 | ||||||||||||||||||||||||
Basic Average Shares Outstanding | 17,050 | 17,050 | 17,048 | 17,031 | 17,007 | ||||||||||||||||||||||||
Diluted Average Shares Outstanding | 17,050 | 17,050 | 17,060 | 17,087 | 17,054 | ||||||||||||||||||||||||
Basic Earnings Per Share | $ | 0.46 | $ | 0.35 | $ | 0.50 | $ | 0.71 | $ | 0.72 | |||||||||||||||||||
Diluted Earnings Per Share | 0.46 | 0.35 | 0.50 | 0.71 | 0.72 | ||||||||||||||||||||||||
Cash Dividend Per Share | 0.262 | 0.262 | 0.262 | 0.262 | 0.255 | ||||||||||||||||||||||||
Selected Quarterly Average Balances: | |||||||||||||||||||||||||||||
Interest-bearing Deposits at Banks | $ | 131,814 | $ | 130,057 | $ | 40,436 | $ | 143,499 | $ | 209,001 | |||||||||||||||||||
Investment Securities | 745,693 | 787,175 | 813,461 | 845,859 | 821,052 | ||||||||||||||||||||||||
Loans | 3,096,240 | 3,036,410 | 2,991,928 | 2,951,547 | 2,872,066 | ||||||||||||||||||||||||
Deposits | 3,491,028 | 3,460,711 | 3,480,279 | 3,614,945 | 3,598,519 | ||||||||||||||||||||||||
Other Borrowed Funds | 208,527 | 220,616 | 100,596 | 63,304 | 50,125 | ||||||||||||||||||||||||
Stockholders’ Equity | 362,701 | 365,070 | 359,556 | 351,402 | 361,675 | ||||||||||||||||||||||||
Total Assets | 4,109,995 | 4,087,653 | 3,978,851 | 4,074,028 | 4,047,738 | ||||||||||||||||||||||||
Return on Average Assets, annualized | 0.75 | % | 0.59 | % | 0.87 | % | 1.18 | % | 1.19 | % | |||||||||||||||||||
Return on Average Equity, annualized | 8.47 | % | 6.64 | % | 9.66 | % | 13.65 | % | 13.34 | % | |||||||||||||||||||
Return on Average Tangible Equity, annualized 2 | 9.05 | % | 7.10 | % | 10.33 | % | 14.62 | % | 14.27 | % | |||||||||||||||||||
Average Earning Assets | $ | 3,973,747 | $ | 3,953,642 | $ | 3,845,825 | $ | 3,940,905 | $ | 3,902,119 | |||||||||||||||||||
Average Paying Liabilities | 2,920,518 | 2,924,743 | 2,782,299 | 2,891,092 | 2,781,985 | ||||||||||||||||||||||||
Interest Income | 42,117 | 40,013 | 36,110 | 35,904 | 34,207 | ||||||||||||||||||||||||
Tax-Equivalent Adjustment 3 | 183 | 196 | 202 | 279 | 268 | ||||||||||||||||||||||||
Interest Income, Tax-Equivalent 3 | 42,300 | 40,209 | 36,312 | 36,183 | 34,475 | ||||||||||||||||||||||||
Interest Expense | 16,764 | 14,241 | 8,016 | 5,325 | 3,306 | ||||||||||||||||||||||||
Net Interest Income | 25,353 | 25,772 | 28,094 | 30,579 | 30,901 | ||||||||||||||||||||||||
Net Interest Income, Tax-Equivalent 3 | 25,536 | 25,968 | 28,296 | 30,858 | 31,169 | ||||||||||||||||||||||||
Net Interest Margin, annualized | 2.53 | % | 2.61 | % | 2.96 | % | 3.08 | % | 3.14 | % | |||||||||||||||||||
Net Interest Margin, Tax Equivalent, annualized 3 | 2.55 | % | 2.63 | % | 2.98 | % | 3.11 | % | 3.17 | % | |||||||||||||||||||
Efficiency Ratio Calculation: 4 | |||||||||||||||||||||||||||||
Non-Interest Expense | $ | 23,479 | $ | 24,083 | $ | 22,296 | $ | 20,792 | $ | 21,448 | |||||||||||||||||||
Less: Intangible Asset Amortization | 43 | 44 | 45 | 47 | 48 | ||||||||||||||||||||||||
Net Non-Interest Expense | $ | 23,436 | $ | 24,039 | $ | 22,251 | $ | 20,745 | $ | 21,400 | |||||||||||||||||||
Net Interest Income, Tax-Equivalent 3 | $ | 25,536 | $ | 25,968 | $ | 28,296 | $ | 30,858 | $ | 31,169 | |||||||||||||||||||
Non-Interest Income | 8,050 | 6,906 | 6,677 | 7,165 | 7,827 | ||||||||||||||||||||||||
Less: Net Changes in Fair Value of Equity Invest. | 71 | (181) | (104) | 48 | 95 | ||||||||||||||||||||||||
Net Gross Income | $ | 33,515 | $ | 33,055 | $ | 35,077 | $ | 37,975 | $ | 38,901 | |||||||||||||||||||
Efficiency Ratio 4 | 69.93 | % | 72.72 | % | 63.43 | % | 54.63 | % | 55.01 | % | |||||||||||||||||||
Period-End Capital Information: | |||||||||||||||||||||||||||||
Total Stockholders’ Equity (i.e. Book Value) | $ | 360,014 | $ | 361,443 | $ | 363,371 | $ | 353,538 | $ | 345,550 | |||||||||||||||||||
Book Value per Share 1 | 21.12 | 21.20 | 21.31 | 20.74 | 20.30 | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets, net | 23,078 | 23,175 | 23,273 | 23,373 | 23,477 | ||||||||||||||||||||||||
Tangible Book Value per Share 1,2 | 19.76 | 19.84 | 19.95 | 19.37 | 18.92 | ||||||||||||||||||||||||
Capital Ratios:5 | |||||||||||||||||||||||||||||
Tier 1 Leverage Ratio | 9.94 | % | 9.92 | % | 10.13 | % | 9.80 | % | 9.71 | % | |||||||||||||||||||
Common Equity Tier 1 Capital Ratio | 13.17 | % | 13.27 | % | 13.34 | % | 13.32 | % | 13.14 | % | |||||||||||||||||||
Tier 1 Risk-Based Capital Ratio | 13.84 | % | 13.96 | % | 14.03 | % | 14.01 | % | 13.85 | % | |||||||||||||||||||
Total Risk-Based Capital Ratio | 14.94 | % | 15.08 | % | 15.15 | % | 15.11 | % | 14.93 | % | |||||||||||||||||||
Assets Under Trust Admin. & Investment Mgmt. | $ | 1,627,522 | $ | 1,711,460 | $ | 1,672,117 | $ | 1,606,132 | $ | 1,515,994 |
Footnotes: | ||||||||||||||||||||||||||||||||
1. | Share and Per Share Data have been restated for the September 26, 2023, 3% stock dividend. | |||||||||||||||||||||||||||||||
2. | Non-GAAP Financial Measures Reconciliation: Tangible Book Value, Tangible Equity and Return on Tangible Equity exclude goodwill and other intangible assets, net from total equity. These are non-GAAP financial measures which Arrow believes provide investors with information that is useful in understanding our financial performance. See "Use of Non-GAAP Financial Measures" on page 51. | |||||||||||||||||||||||||||||||
9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | ||||||||||||||||||||||||||||
Total Stockholders' Equity (GAAP) | $ | 360,014 | $ | 361,443 | $ | 363,371 | $ | 353,538 | $ | 345,550 | ||||||||||||||||||||||
Less: Goodwill and Other Intangible assets, net | 23,078 | 23,175 | 23,273 | 23,373 | 23,477 | |||||||||||||||||||||||||||
Tangible Equity (Non-GAAP) | $ | 336,936 | $ | 338,268 | $ | 340,098 | $ | 330,165 | $ | 322,073 | ||||||||||||||||||||||
Period End Shares Outstanding | 17,049 | 17,050 | 17,050 | 17,048 | 17,019 | |||||||||||||||||||||||||||
Tangible Book Value per Share (Non-GAAP) | $ | 19.76 | $ | 19.84 | $ | 19.95 | $ | 19.37 | $ | 18.92 | ||||||||||||||||||||||
Net Income | 7,743 | 6,047 | 8,562 | 12,087 | 12,163 | |||||||||||||||||||||||||||
Return on Average Tangible Equity (Net Income/Tangible Equity - Annualized) | 9.05 | % | 7.10 | % | 10.33 | % | 14.62 | % | 14.27 | % | ||||||||||||||||||||||
3. | Non-GAAP Financial Measures Reconciliation: Net Interest Margin, Tax-Equivalent is the ratio of our annualized tax-equivalent net interest income to average earning assets. This is also a non-GAAP financial measure which Arrow believes provides investors with information that is useful in understanding our financial performance. See "Use of Non-GAAP Financial Measures" on page 51. | |||||||||||||||||||||||||||||||
9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | ||||||||||||||||||||||||||||
Interest Income (GAAP) | $ | 42,117 | $ | 40,013 | $ | 36,110 | $ | 35,904 | $ | 34,207 | ||||||||||||||||||||||
Add: Tax-Equivalent adjustment (Non-GAAP) | 183 | 196 | 202 | 279 | 268 | |||||||||||||||||||||||||||
Interest Income - Tax Equivalent (Non-GAAP) | $ | 42,300 | $ | 40,209 | $ | 36,312 | $ | 36,183 | $ | 34,475 | ||||||||||||||||||||||
Net Interest Income (GAAP) | $ | 25,353 | $ | 25,772 | $ | 28,094 | $ | 30,579 | $ | 30,901 | ||||||||||||||||||||||
Add: Tax-Equivalent adjustment (Non-GAAP) | 183 | 196 | 202 | 279 | 268 | |||||||||||||||||||||||||||
Net Interest Income - Tax Equivalent (Non-GAAP) | $ | 25,536 | $ | 25,968 | $ | 28,296 | $ | 30,858 | $ | 31,169 | ||||||||||||||||||||||
Average Earning Assets | $ | 3,973,747 | $ | 3,953,642 | $ | 3,845,825 | $ | 3,940,905 | $ | 3,902,119 | ||||||||||||||||||||||
Net Interest Margin (Non-GAAP)* | 2.55 | % | 2.63 | % | 2.98 | % | 3.11 | % | 3.17 | % | ||||||||||||||||||||||
4. | Non-GAAP Financial Measures: Financial Institutions often use the "efficiency ratio", a non-GAAP ratio, as a measure of expense control. Arrow believes that the efficiency ratio provides investors with information that is useful in understanding our financial performance. Arrow defines efficiency ratio as the ratio of our non-interest expense to our net gross income (which equals tax-equivalent net interest income plus non-interest income, as adjusted). There is no GAAP financial measure that is closely comparable to the efficiency ratio. See "Use of Non-GAAP Financial Measures" on page 51. | |||||||||||||||||||||||||||||||
5. | For the current quarter, all of the regulatory capital ratios as well as the Total Risk-Weighted Assets are calculated in accordance with bank regulatory capital rules. The September 30, 2023 CET1 ratio listed in the tables (i.e., 13.17%) exceeds the sum of the required minimum CET1 ratio plus the fully phased-in Capital Conservation Buffer (i.e., 7.00%). | |||||||||||||||||||||||||||||||
9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | ||||||||||||||||||||||||||||
Total Risk Weighted Assets | $ | 2,988,438 | $ | 2,937,837 | $ | 2,909,610 | $ | 2,883,902 | $ | 2,856,224 | ||||||||||||||||||||||
Common Equity Tier 1 Capital | 393,541 | 389,966 | 388,228 | 384,003 | 375,394 | |||||||||||||||||||||||||||
Common Equity Tier 1 Capital Ratio | 13.17 | % | 13.27 | % | 13.34 | % | 13.32 | % | 13.14 | % | ||||||||||||||||||||||
* Quarterly ratios have been annualized. |
Nine Months Ended | 9/30/2023 | 9/30/2022 | |||||||||
Net Income | $ | 22,352 | $ | 36,712 | |||||||
Transactions Recorded in Net Income (Net of Tax): | |||||||||||
Net Changes in Fair Value of Equity Investments | (157) | 281 | |||||||||
Share and Per Share Data: 1 | |||||||||||
Period End Shares Outstanding | 17,049 | 17,019 | |||||||||
Basic Average Shares Outstanding | 17,049 | 17,001 | |||||||||
Diluted Average Shares Outstanding | 17,049 | 17,050 | |||||||||
Basic Earnings Per Share | $ | 1.31 | $ | 2.16 | |||||||
Diluted Earnings Per Share | 1.31 | 2.15 | |||||||||
Cash Dividend Per Share | 0.79 | 0.76 | |||||||||
Selected Year-to-Date Average Balances: | |||||||||||
Interest-bearing Deposits at Banks | $ | 101,104 | $ | 289,681 | |||||||
Investment Securities | 781,862 | 813,590 | |||||||||
Loans | 3,041,909 | 2,785,721 | |||||||||
Deposits | 3,477,379 | 3,583,570 | |||||||||
Borrowings | 176,975 | 56,219 | |||||||||
Stockholders’ Equity | 362,454 | 363,024 | |||||||||
Total Assets | 4,059,314 | 4,038,533 | |||||||||
Return on Average Assets, annualized | 0.74 | % | 1.22 | % | |||||||
Return on Average Equity, annualized | 8.25 | % | 13.52 | % | |||||||
Return on Average Tangible Equity, annualized 2 | 8.81 | % | 14.46 | % | |||||||
Average Earning Assets | 3,924,875 | 3,888,992 | |||||||||
Average Paying Liabilities | 2,876,360 | 2,815,115 | |||||||||
Interest Income | 118,240 | 93,747 | |||||||||
Tax-Equivalent Adjustment 3 | 581 | 807 | |||||||||
Interest Income, Tax-Equivalent 3 | 118,821 | 94,554 | |||||||||
Interest Expense | 39,021 | 5,983 | |||||||||
Net Interest Income | 79,219 | 87,764 | |||||||||
Net Interest Income, Tax-Equivalent 3 | 79,800 | 88,571 | |||||||||
Net Interest Margin, annualized | 2.70 | % | 3.02 | % | |||||||
Net Interest Margin, Tax Equivalent, annualized 3 | 2.72 | % | 3.04 | % | |||||||
Efficiency Ratio Calculation: 4 | |||||||||||
Noninterest Expense | $ | 69,858 | $ | 60,738 | |||||||
Less: Intangible Asset Amortization | 133 | 144 | |||||||||
Net Noninterest Expense | 69,725 | 60,594 | |||||||||
Net Interest Income, Tax-Equivalent 3 | 79,800 | 88,571 | |||||||||
Noninterest Income | 21,633 | 23,733 | |||||||||
Less: Net Changes in Fair Value of Equity Securities | (214) | 379 | |||||||||
Net Gross Income | 101,647 | 111,925 | |||||||||
Efficiency Ratio 4 | 68.60 | % | 54.14 | % | |||||||
Footnotes: | ||||||||||||||
1. | Share and Per Share Data have been restated for the September 26, 2023, 3% stock dividend. | |||||||||||||
2. | Tangible Book Value, Tangible Equity and Return on Tangible Equity exclude goodwill and other intangible assets, net from total equity. These are non-GAAP financial measures which Arrow believes provide investors with information that is useful in understanding our financial performance. See "Use of Non-GAAP Financial Measures" on page 51. | |||||||||||||
9/30/2023 | 9/30/2022 | |||||||||||||
Total Stockholders' Equity (GAAP) | $ | 360,014 | $ | 345,550 | ||||||||||
Less: Goodwill and Other Intangible assets, net | 23,078 | 23,477 | ||||||||||||
Tangible Equity (Non-GAAP) | $ | 336,936 | $ | 322,073 | ||||||||||
Period End Shares Outstanding | 17,049 | 17,019 | ||||||||||||
Tangible Book Value per Share (Non-GAAP) | $ | 19.76 | $ | 18.92 | ||||||||||
Net Income | 22,352 | 36,712 | ||||||||||||
Return on Average Tangible Equity (Net Income/Tangible Equity - Annualized) | 8.81 | % | 14.46 | % | ||||||||||
3. | Net Interest Margin is the ratio of our annualized tax-equivalent net interest income to average earning assets. This is also a non-GAAP financial measure which Arrow believes provides investors with information that is useful in understanding our financial performance. See "Use of Non-GAAP Financial Measures" on page 51. | |||||||||||||
9/30/2023 | 9/30/2022 | |||||||||||||
Interest Income (GAAP) | $ | 118,240 | $ | 93,747 | ||||||||||
Add: Tax-Equivalent adjustment (Non-GAAP) | 580 | 807 | ||||||||||||
Interest Income - Tax Equivalent (Non-GAAP) | $ | 118,820 | $ | 94,554 | ||||||||||
Net Interest Income (GAAP) | 79,219 | 87,764 | ||||||||||||
Add: Tax-Equivalent adjustment (Non-GAAP) | 580 | 807 | ||||||||||||
Net Interest Income - Tax Equivalent (Non-GAAP) | $ | 79,799 | $ | 88,571 | ||||||||||
Average Earning Assets | $ | 3,924,875 | $ | 3,888,992 | ||||||||||
Net Interest Margin (Non-GAAP)* | 2.72 | % | 3.04 | % | ||||||||||
4. | Financial Institutions often use the "efficiency ratio", a non-GAAP ratio, as a measure of expense control. Arrow believes the efficiency ratio provides investors with information that is useful in understanding financial performance. The efficiency ratio is defined as the ratio of our non-interest expense to our net gross income (which equals our tax-equivalent net interest income plus non-interest income, as adjusted). See "Use of Non-GAAP Financial Measures" on page 51. | |||||||||||||
* Year-to-date ratios have been annualized. |
Average Consolidated Balance Sheets and Net Interest Income Analysis | |||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30: | 2023 | 2022 | |||||||||||||||||||||||||||||||||
Interest | Rate | Interest | Rate | ||||||||||||||||||||||||||||||||
Average | Income/ | Earned/ | Average | Income/ | Earned/ | ||||||||||||||||||||||||||||||
Balance | Expense | Paid | Balance | Expense | Paid | ||||||||||||||||||||||||||||||
Interest-Bearing Deposits at Banks | $ | 131,814 | $ | 1,805 | 5.43 | % | $ | 209,001 | $ | 1,201 | 2.28 | ||||||||||||||||||||||||
Investment Securities: | |||||||||||||||||||||||||||||||||||
Fully Taxable | 616,020 | 2,924 | 1.88 | 651,899 | 2,603 | 1.58 | |||||||||||||||||||||||||||||
Exempt from Federal Taxes | 129,673 | 689 | 2.11 | 169,153 | 785 | 1.84 | |||||||||||||||||||||||||||||
Loans | 3,096,240 | 36,699 | 4.70 | 2,872,066 | 29,618 | 4.09 | |||||||||||||||||||||||||||||
Total Earning Assets | 3,973,747 | 42,117 | 4.20 | 3,902,119 | 34,207 | 3.48 | |||||||||||||||||||||||||||||
Allowance for Credit Losses | (31,386) | (28,006) | |||||||||||||||||||||||||||||||||
Cash and Due From Banks | 32,874 | 32,475 | |||||||||||||||||||||||||||||||||
Other Assets | 134,760 | 141,150 | |||||||||||||||||||||||||||||||||
Total Assets | $ | 4,109,995 | $ | 4,047,738 | |||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Interest-Bearing Checking Accounts | $ | 795,627 | 1,156 | 0.58 | $ | 996,116 | 267 | 0.11 | |||||||||||||||||||||||||||
Savings Deposits | 1,505,916 | 9,729 | 2.56 | 1,549,451 | 2,469 | 0.63 | |||||||||||||||||||||||||||||
Time Deposits of $250,000 or More | 152,738 | 1,466 | 3.81 | 49,459 | 89 | 0.71 | |||||||||||||||||||||||||||||
Other Time Deposits | 257,710 | 2,051 | 3.16 | 136,834 | 150 | 0.43 | |||||||||||||||||||||||||||||
Total Interest-Bearing Deposits | 2,711,991 | 14,402 | 2.11 | 2,731,860 | 2,975 | 0.43 | |||||||||||||||||||||||||||||
Borrowings | 183,452 | 2,143 | 4.63 | — | — | ||||||||||||||||||||||||||||||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | 20,000 | 173 | 3.43 | 45,000 | 283 | 2.50 | |||||||||||||||||||||||||||||
Finance Leases | 5,075 | 46 | 3.60 | 5,125 | 48 | 3.72 | |||||||||||||||||||||||||||||
Total Interest-bearing Liabilities | 2,920,518 | 16,764 | 2.28 | 2,781,985 | 3,306 | 0.47 | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | 779,037 | 866,659 | |||||||||||||||||||||||||||||||||
Other Liabilities | 47,739 | 37,419 | |||||||||||||||||||||||||||||||||
Total Liabilities | 3,747,294 | 3,686,063 | |||||||||||||||||||||||||||||||||
Stockholders’ Equity | 362,701 | 361,675 | |||||||||||||||||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 4,109,995 | $ | 4,047,738 | |||||||||||||||||||||||||||||||
Net Interest Income | $ | 25,353 | $ | 30,901 | |||||||||||||||||||||||||||||||
Net Interest Spread | 1.92 | % | 3.01 | % | |||||||||||||||||||||||||||||||
Net Interest Margin | 2.53 | % | 3.14 | % | |||||||||||||||||||||||||||||||
Average Consolidated Balance Sheets and Net Interest Income Analysis | |||||||||||||||||||||||||||||||||||
(GAAP Basis) | |||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||||||||
Nine Months Ended September 30: | 2023 | 2022 | |||||||||||||||||||||||||||||||||
Interest | Rate | Interest | Rate | ||||||||||||||||||||||||||||||||
Average | Income/ | Earned/ | Average | Income/ | Earned/ | ||||||||||||||||||||||||||||||
Balance | Expense | Paid | Balance | Expense | Paid | ||||||||||||||||||||||||||||||
Interest-Bearing Deposits at Banks | $ | 101,104 | $ | 3,958 | 5.23 | % | $ | 289,681 | $ | 1,826 | 0.84 | % | |||||||||||||||||||||||
Investment Securities: | |||||||||||||||||||||||||||||||||||
Fully Taxable | 635,126 | 8,823 | 1.86 | % | 638,504 | 7,236 | 1.52 | % | |||||||||||||||||||||||||||
Exempt from Federal Taxes | 146,736 | 2,256 | 2.06 | % | 175,086 | 2,422 | 1.85 | % | |||||||||||||||||||||||||||
Loans | 3,041,909 | 103,203 | 4.54 | % | 2,785,721 | 82,263 | 3.95 | % | |||||||||||||||||||||||||||
Total Earning Assets | 3,924,875 | 118,240 | 4.03 | % | 3,888,992 | 93,747 | 3.22 | % | |||||||||||||||||||||||||||
Allowance for Credit Losses | (30,591) | (27,579) | |||||||||||||||||||||||||||||||||
Cash and Due From Banks | 30,720 | 30,370 | |||||||||||||||||||||||||||||||||
Other Assets | 134,310 | 146,750 | |||||||||||||||||||||||||||||||||
Total Assets | $ | 4,059,314 | $ | 4,038,533 | |||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Interest-Bearing Checking Accounts | $ | 874,132 | 2,346 | 0.36 | $ | 1,024,087 | 629 | 0.08 | |||||||||||||||||||||||||||
Savings Deposits | 1,494,976 | 23,830 | 2.13 | 1,549,610 | 3,778 | 0.33 | |||||||||||||||||||||||||||||
Time Deposits of $250,000 or More | 127,230 | 3,159 | 3.32 | 52,251 | 143 | 0.37 | |||||||||||||||||||||||||||||
Other Time Deposits | 203,047 | 3,721 | 2.45 | 132,948 | 370 | 0.37 | |||||||||||||||||||||||||||||
Total Interest-Bearing Deposits | 2,699,385 | 33,056 | 1.64 | 2,758,896 | 4,920 | 0.24 | |||||||||||||||||||||||||||||
Borrowings | 151,887 | 5,309 | 4.67 | (1) | — | — | |||||||||||||||||||||||||||||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | 20,000 | 513 | 3.43 | 51,081 | 918 | 2.40 | |||||||||||||||||||||||||||||
Finance Leases | 5,088 | 143 | 3.76 | 5,139 | 145 | 3.77 | |||||||||||||||||||||||||||||
Total Interest-Bearing Liabilities | 2,876,360 | 39,021 | 1.81 | 2,815,115 | 5,983 | 0.28 | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | 777,994 | 824,674 | |||||||||||||||||||||||||||||||||
Other Liabilities | 42,506 | 35,720 | |||||||||||||||||||||||||||||||||
Total Liabilities | 3,696,860 | 3,675,509 | |||||||||||||||||||||||||||||||||
Stockholders’ Equity | 362,454 | 363,024 | |||||||||||||||||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 4,059,314 | $ | 4,038,533 | |||||||||||||||||||||||||||||||
Net Interest Income | $ | 79,219 | $ | 87,764 | |||||||||||||||||||||||||||||||
Net Interest Spread | 2.22 | % | 2.94 | % | |||||||||||||||||||||||||||||||
Net Interest Margin | 2.70 | % | 3.02 | % |
At Period-End | |||||||||||||||||||||||||||||||||||||||||
9/30/2023 | 12/31/2022 | 9/30/2022 | $ Change From December | $ Change From September | % Change From December (not annualized) | % Change From September | |||||||||||||||||||||||||||||||||||
Interest-Bearing Bank Balances | $ | 254,961 | $ | 32,774 | $ | 328,557 | $ | 222,187 | $ | (73,596) | 677.9 | % | (22.4) | % | |||||||||||||||||||||||||||
Securities Available-for-Sale | 519,240 | 573,495 | 575,054 | (54,255) | (55,814) | (9.5) | % | (9.7) | % | ||||||||||||||||||||||||||||||||
Securities Held-to-Maturity | 140,577 | 175,364 | 182,178 | (34,787) | (41,601) | (19.8) | % | (22.8) | % | ||||||||||||||||||||||||||||||||
Equity Securities | 1,960 | 2,174 | 2,126 | (214) | (166) | (9.8) | % | (7.8) | % | ||||||||||||||||||||||||||||||||
Loans (1) | 3,138,617 | 2,983,207 | 2,924,794 | 155,410 | 213,823 | 5.2 | % | 7.3 | % | ||||||||||||||||||||||||||||||||
Allowance for Credit Losses | 31,112 | 29,952 | 29,232 | 1,160 | 1,880 | 3.9 | % | 6.4 | % | ||||||||||||||||||||||||||||||||
Earning Assets (1) | 4,060,465 | 3,773,078 | 4,017,429 | 287,387 | 43,036 | 7.6 | % | 1.1 | % | ||||||||||||||||||||||||||||||||
Total Assets | $ | 4,272,911 | $ | 3,969,509 | $ | 4,232,778 | $ | 303,402 | $ | 40,133 | 7.6 | % | 0.9 | % | |||||||||||||||||||||||||||
Noninterest-Bearing Deposits | $ | 798,392 | $ | 836,871 | $ | 910,221 | $ | (38,479) | $ | (111,829) | (4.6) | % | (12.3) | % | |||||||||||||||||||||||||||
Interest-Bearing Checking Accounts | 920,250 | 997,694 | 1,113,850 | (77,444) | (193,600) | (7.8) | % | (17.4) | % | ||||||||||||||||||||||||||||||||
Savings Deposits | 1,496,193 | 1,454,364 | 1,584,373 | 41,829 | (88,180) | 2.9 | % | (5.6) | % | ||||||||||||||||||||||||||||||||
Time Deposits over $250,000 | 167,614 | 76,224 | 59,059 | 91,390 | 108,555 | 119.9 | % | 183.8 | % | ||||||||||||||||||||||||||||||||
Other Time Deposits | 284,036 | 133,211 | 127,602 | 150,825 | 156,434 | 113.2 | % | 122.6 | % | ||||||||||||||||||||||||||||||||
Total Deposits | $ | 3,666,485 | $ | 3,498,364 | $ | 3,795,105 | $ | 168,121 | $ | (128,620) | 4.8 | % | (3.4) | % | |||||||||||||||||||||||||||
Borrowings | $ | 174,300 | $ | 54,800 | $ | 25,000 | $ | 119,500 | $ | 149,300 | 218.1 | % | 597.2 | % | |||||||||||||||||||||||||||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | 20,000 | 20,000 | 20,000 | — | — | — | % | — | % | ||||||||||||||||||||||||||||||||
Stockholders' Equity | 360,014 | 353,538 | 345,550 | 6,476 | 14,464 | 1.8 | % | 4.2 | % |
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||||
Fair Value at Period-End | Net Unrealized Gains (Losses) For Period Ended | ||||||||||||||||||||||||||||||||||
. | 9/30/2023 | 12/31/2022 | Change | 9/30/2023 | 12/31/2022 | Change | |||||||||||||||||||||||||||||
Securities Available-for-Sale: | |||||||||||||||||||||||||||||||||||
U.S. Agency Securities | $ | 176,421 | $ | 175,199 | $ | 1,222 | $ | (13,579) | $ | (14,801) | $ | 1,222 | |||||||||||||||||||||||
State and Municipal Obligations | 280 | 340 | (60) | — | — | — | |||||||||||||||||||||||||||||
Mortgage-Backed Securities | 341,739 | 397,156 | (55,417) | (56,584) | (50,599) | (5,985) | |||||||||||||||||||||||||||||
Corporate and Other Debt Securities | 800 | 800 | — | (200) | (200) | — | |||||||||||||||||||||||||||||
Total | $ | 519,240 | $ | 573,495 | $ | (54,255) | $ | (70,363) | $ | (65,600) | $ | (4,763) | |||||||||||||||||||||||
Securities Held-to-Maturity: | |||||||||||||||||||||||||||||||||||
State and Municipal Obligations | $ | 125,813 | $ | 160,470 | $ | (34,657) | $ | (5,204) | $ | (3,130) | $ | (2,074) | |||||||||||||||||||||||
Mortgage-Backed Securities | 8,998 | 11,153 | (2,155) | (562) | (611) | 49 | |||||||||||||||||||||||||||||
Total | $ | 134,811 | $ | 171,623 | $ | (36,812) | $ | (5,766) | $ | (3,741) | $ | (2,025) | |||||||||||||||||||||||
Equity Securities | $ | 1,960 | $ | 2,174 | $ | (214) | $ | — | $ | — | $ | — | |||||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Within One Year | After One But Within Five Years | After Five But Within Ten Years | After Ten Years | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Available-for-Sale: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Agency Securities | $ | 15,000 | 3.5 | % | $ | 175,000 | 1.7 | % | $ | — | — | % | $ | — | — | % | $ | 190,000 | 190000000 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||
State and Municipal Obligations | — | — | % | — | — | % | 280 | 6.8 | % | — | % | 280 | 6.8 | % | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage-Backed Securities | 586 | 1.7 | % | 215,671 | 1.9 | % | 182,066 | 1.7 | % | — | — | % | 398,323 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Corporate and Other Debt Securities | — | % | — | % | 1,000 | 8.3 | % | — | — | % | 1,000 | 8.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 15,586 | 3.4 | % | $ | 390,671 | 1.8 | % | $ | 183,346 | 1.7 | % | $ | — | — | % | $ | 589,603 | 1.8 | % | |||||||||||||||||||||||||||||||||||||||
Securities Held-to-Maturity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State and Municipal Obligations | $ | 56,686 | 2.9 | % | $ | 71,994 | 2.5 | % | $ | 2,308 | 3.7 | % | $ | 29 | 6.7 | % | $ | 131,017 | 2.7 | % | |||||||||||||||||||||||||||||||||||||||
Mortgage-Backed Securities | — | — | % | 9,560 | 2.5 | % | — | — | % | — | — | % | 9,560 | 2.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Corporate and Other Debt Securities | — | — | % | — | — | % | — | — | % | — | — | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 56,686 | 2.9 | % | $ | 81,554 | 2.5 | % | $ | 2,308 | 3.7 | % | $ | 29 | 6.7 | % | $ | 140,577 | 2.7 | % |
(In Thousands) | Three Months Ended | Nine Months Ended | |||||||||||||||||||||
Purchases: | 9/30/2023 | 9/30/2022 | 9/30/2023 | 9/30/2022 | |||||||||||||||||||
Available-for-Sale Portfolio | |||||||||||||||||||||||
U.S. Agency Securities | $ | — | $ | 15,000 | $ | — | $ | 70,000 | |||||||||||||||
Mortgage-Backed Securities | — | 24,625 | — | 79,674 | |||||||||||||||||||
Total Purchases | $ | — | $ | 39,625 | $ | — | $ | 149,674 | |||||||||||||||
Maturities & Calls | $ | 16,365 | $ | 18,960 | $ | 48,499 | $ | 61,620 |
(In Thousands) | Three Months Ended | Nine Months Ended | |||||||||||||||||||||
Purchases: | 9/30/2023 | 9/30/2022 | 9/30/2023 | 9/30/2022 | |||||||||||||||||||
Held-to-Maturity Portfolio | |||||||||||||||||||||||
State and Municipal Obligations | $ | 4,938 | $ | 4,802 | $ | 7,490 | $ | 10,293 | |||||||||||||||
Maturities & Calls | $ | 7,721 | $ | 4,575 | $ | 41,919 | $ | 24,231 |
Quarter Ended | |||||||||||||||||||||||||||||
9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | |||||||||||||||||||||||||
Commercial excluding PPP Loans | $ | 147,585 | $ | 135,370 | $ | 135,670 | $ | 141,419 | $ | 134,986 | |||||||||||||||||||
PPP Loans | — | — | — | — | 637 | ||||||||||||||||||||||||
Commercial Real Estate | 727,060 | 722,753 | 710,719 | 674,420 | 661,471 | ||||||||||||||||||||||||
Consumer | 1,094,994 | 1,081,838 | 1,070,314 | 1,065,467 | 1,047,470 | ||||||||||||||||||||||||
Residential Real Estate | 1,126,601 | 1,096,449 | 1,075,225 | 1,070,241 | 1,027,502 | ||||||||||||||||||||||||
Total Loans | $ | 3,096,240 | $ | 3,036,410 | $ | 2,991,928 | $ | 2,951,547 | $ | 2,872,066 |
Quarter Ended | |||||||||||||||||||||||||||||
9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | |||||||||||||||||||||||||
Commercial | 4.8 | % | 4.5 | % | 4.5 | % | 4.8 | % | 4.7 | % | |||||||||||||||||||
Commercial Real Estate | 23.5 | % | 23.8 | % | 23.8 | % | 22.8 | % | 23.0 | % | |||||||||||||||||||
Consumer | 35.4 | % | 35.6 | % | 35.8 | % | 36.1 | % | 36.5 | % | |||||||||||||||||||
Residential Real Estate | 36.3 | % | 36.1 | % | 35.9 | % | 36.3 | % | 35.8 | % | |||||||||||||||||||
Total Loans | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Quarter Ended | |||||||||||||||||||||||||||||
9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | |||||||||||||||||||||||||
Commercial | 4.89 | % | 4.53 | % | 4.28 | % | 4.18 | % | 4.17 | % | |||||||||||||||||||
Commercial Real Estate | 5.19 | % | 5.09 | % | 4.73 | % | 4.57 | % | 4.60 | % | |||||||||||||||||||
Consumer | 4.83 | % | 4.61 | % | 4.26 | % | 4.02 | % | 4.10 | % | |||||||||||||||||||
Residential Real Estate | 4.26 | % | 4.17 | % | 4.10 | % | 3.80 | % | 3.78 | % | |||||||||||||||||||
Total Loans | 4.70 | % | 4.57 | % | 4.32 | % | 4.13 | % | 4.09 | % |
September 30, 2023 | |||||||||||||||||||||||||||||
Within One Year | After One But Within Five Years | After Five But Within 15 Years | After 15 Years | Total | |||||||||||||||||||||||||
Commercial | $ | 34,271 | $ | 76,654 | $ | 37,009 | $ | 133 | $ | 148,067 | |||||||||||||||||||
Commercial Real Estate | 165,207 | 250,838 | 311,799 | 6,759 | 734,603 | ||||||||||||||||||||||||
Consumer | 10,103 | 575,306 | 521,771 | 458 | 1,107,638 | ||||||||||||||||||||||||
Residential Real Estate | 129,482 | 62,883 | 278,619 | 677,325 | 1,148,309 | ||||||||||||||||||||||||
Total | $ | 339,063 | $ | 965,681 | $ | 1,149,198 | $ | 684,675 | $ | 3,138,617 | |||||||||||||||||||
After One But Within Five Years | After Five But Within 15 Years | After 15 Years | Total | ||||||||||||||||||||||||||
Loans maturing with: | |||||||||||||||||||||||||||||
Fixed Interest Rates | $ | 671,819 | $ | 907,507 | $ | 681,507 | $ | 2,260,833 | |||||||||||||||||||||
Variable Interest Rates | 293,862 | 241,691 | 3,168 | 538,721 | |||||||||||||||||||||||||
Total | $ | 965,681 | $ | 1,149,198 | $ | 684,675 | $ | 2,799,554 | |||||||||||||||||||||
Quarterly Average Deposit Balances | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||
9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | |||||||||||||||||||||||||
Noninterest-Bearing Deposits | $ | 779,037 | $ | 756,584 | $ | 798,576 | $ | 787,157 | $ | 866,659 | |||||||||||||||||||
Interest-Bearing Checking Accounts | 795,627 | 863,892 | 964,735 | 1,082,267 | 996,116 | ||||||||||||||||||||||||
Savings Deposits | 1,505,916 | 1,504,412 | 1,474,251 | 1,548,293 | 1,549,451 | ||||||||||||||||||||||||
Time Deposits over $250,000 | 152,738 | 133,897 | 94,415 | 65,897 | 49,459 | ||||||||||||||||||||||||
Other Time Deposits | 257,710 | 201,926 | 148,302 | 131,331 | 136,834 | ||||||||||||||||||||||||
Total Deposits | $ | 3,491,028 | $ | 3,460,711 | $ | 3,480,279 | $ | 3,614,945 | $ | 3,598,519 |
Quarter Ended | |||||||||||||||||||||||||||||
9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | |||||||||||||||||||||||||
Non-Municipal Deposits | $ | 2,629,532 | $ | 2,528,871 | $ | 2,567,132 | $ | 2,668,704 | $ | 2,719,291 | |||||||||||||||||||
Municipal Deposits | 861,496 | 931,840 | 913,147 | 946,241 | 879,228 | ||||||||||||||||||||||||
Total Deposits | $ | 3,491,028 | $ | 3,460,711 | $ | 3,480,279 | $ | 3,614,945 | $ | 3,598,519 |
Quarter Ended | |||||||||||||||||||||||||||||
9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | |||||||||||||||||||||||||
Noninterest-Bearing Deposits | 22.3 | % | 21.9 | % | 22.9 | % | 21.8 | % | 24.1 | % | |||||||||||||||||||
Interest-Bearing Checking Accounts | 22.8 | % | 25.0 | % | 27.7 | % | 29.9 | % | 27.7 | % | |||||||||||||||||||
Savings Deposits | 43.1 | % | 43.4 | % | 42.4 | % | 42.9 | % | 43.0 | % | |||||||||||||||||||
Time Deposits over $250,000 | 4.4 | % | 3.9 | % | 2.7 | % | 1.8 | % | 1.4 | % | |||||||||||||||||||
Other Time Deposits | 7.4 | % | 5.8 | % | 4.3 | % | 3.6 | % | 3.8 | % | |||||||||||||||||||
Total Deposits | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Quarter Ended | |||||||||||||||||||||||||||||
9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | |||||||||||||||||||||||||
Demand Deposits | — | % | — | % | — | % | — | % | — | % | |||||||||||||||||||
Interest-Bearing Checking Accounts | 0.58 | % | 0.38 | % | 0.16 | % | 0.13 | % | 0.11 | % | |||||||||||||||||||
Savings Deposits | 2.56 | % | 2.27 | % | 1.54 | % | 1.05 | % | 0.63 | % | |||||||||||||||||||
Time Deposits over $250,000 | 3.81 | % | 3.35 | % | 2.47 | % | 1.36 | % | 0.71 | % | |||||||||||||||||||
Other Time Deposits | 3.16 | % | 2.38 | % | 1.30 | % | 0.71 | % | 0.43 | % | |||||||||||||||||||
Total Deposits | 1.64 | % | 1.35 | % | 0.82 | % | 0.54 | % | 0.33 | % |
9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | |||||||||||||||||||||||||
Loan Balances: | |||||||||||||||||||||||||||||
Period-End Loans | $ | 3,138,617 | $ | 3,069,897 | $ | 3,005,352 | $ | 2,983,207 | $ | 2,924,794 | |||||||||||||||||||
Average Loans, Year-to-Date | 3,041,909 | 3,014,292 | 2,991,928 | 2,827,518 | 2,785,721 | ||||||||||||||||||||||||
Average Loans, Quarter-to-Date | 3,096,240 | 3,036,410 | 2,991,928 | 2,951,547 | 2,872,066 | ||||||||||||||||||||||||
Period-End Assets | 4,272,911 | 4,103,653 | 4,114,630 | 3,969,509 | 4,232,778 | ||||||||||||||||||||||||
Allowance for Credit Losses, Year-to-Date: | |||||||||||||||||||||||||||||
Allowance for Credit Losses, Beginning of Period | $ | 29,952 | $ | 29,952 | $ | 29,952 | $ | 27,281 | $ | 27,281 | |||||||||||||||||||
Provision for Credit Losses, YTD | 2,856 | 2,502 | 1,554 | 4,798 | 3,389 | ||||||||||||||||||||||||
Loans Charged-off, YTD | (3,812) | (2,608) | (1,328) | (4,143) | (2,883) | ||||||||||||||||||||||||
Recoveries of Loans Previously Charged-off | 2,116 | 1,324 | 606 | 2,016 | 1,445 | ||||||||||||||||||||||||
Net Charge-offs, YTD | (1,696) | (1,284) | (722) | (2,127) | (1,438) | ||||||||||||||||||||||||
Allowance for Credit Losses, End of Period | $ | 31,112 | $ | 31,170 | $ | 30,784 | $ | 29,952 | $ | 29,232 | |||||||||||||||||||
Allowance for Credit Losses, Quarter-to-Date: | |||||||||||||||||||||||||||||
Allowance for Credit Losses, Beginning of Period | $ | 31,170 | $ | 30,784 | $ | 29,952 | $ | 29,232 | $ | 28,090 | |||||||||||||||||||
Provision for Credit Losses, QTD | 354 | 948 | 1,554 | 1,409 | 1,715 | ||||||||||||||||||||||||
Loans Charged-off, QTD | (1,204) | (1,280) | (1,328) | (1,261) | (1,147) | ||||||||||||||||||||||||
Recoveries of Loans Previously Charged-off | 792 | 718 | 606 | 572 | 574 | ||||||||||||||||||||||||
Net Charge-offs, QTD | (412) | (562) | (722) | (689) | (573) | ||||||||||||||||||||||||
Allowance for Credit Losses, End of Period | $ | 31,112 | $ | 31,170 | $ | 30,784 | $ | 29,952 | $ | 29,232 | |||||||||||||||||||
Nonperforming Assets, at Period-End: | |||||||||||||||||||||||||||||
Nonaccrual Loans | $ | 6,023 | $ | 5,997 | $ | 10,852 | $ | 10,757 | $ | 8,812 | |||||||||||||||||||
Loans Past Due 90 or More Days and Still Accruing Interest | 251 | 467 | 241 | 1,157 | 514 | ||||||||||||||||||||||||
Restructured and in Compliance with Modified Terms | 60 | 67 | 62 | 69 | 82 | ||||||||||||||||||||||||
Total Nonperforming Loans | 6,334 | 6,531 | 11,155 | 11,983 | 9,408 | ||||||||||||||||||||||||
Repossessed Assets | 344 | 342 | 144 | 593 | 604 | ||||||||||||||||||||||||
Other Real Estate Owned | 182 | 182 | — | — | — | ||||||||||||||||||||||||
Total Nonperforming Assets | $ | 6,860 | $ | 7,055 | $ | 11,299 | $ | 12,576 | $ | 10,012 | |||||||||||||||||||
Asset Quality Ratios: | |||||||||||||||||||||||||||||
Allowance to Nonperforming Loans | 491.19 | % | 477.26 | % | 275.97 | % | 249.95 | % | 310.71 | % | |||||||||||||||||||
Allowance to Period-End Loans | 0.99 | % | 1.02 | % | 1.02 | % | 1.00 | % | 1.00 | % | |||||||||||||||||||
Provision to Average Loans (Quarter) (1) | 0.05 | % | 0.13 | % | 0.21 | % | 0.19 | % | 0.24 | % | |||||||||||||||||||
Provision to Average Loans (YTD) (1) | 0.13 | % | 0.17 | % | 0.21 | % | 0.17 | % | 0.16 | % | |||||||||||||||||||
Net Charge-offs to Average Loans (Quarter) (1) | 0.05 | % | 0.07 | % | 0.10 | % | 0.09 | % | 0.08 | % | |||||||||||||||||||
Net Charge-offs to Average Loans (YTD) (1) | 0.07 | % | 0.09 | % | 0.10 | % | 0.08 | % | 0.07 | % | |||||||||||||||||||
Nonperforming Loans to Total Loans | 0.20 | % | 0.21 | % | 0.37 | % | 0.40 | % | 0.32 | % | |||||||||||||||||||
Nonperforming Assets to Total Assets | 0.16 | % | 0.17 | % | 0.27 | % | 0.32 | % | 0.24 | % | |||||||||||||||||||
(1) Annualized |
Loans Past Due 30-89 Days and Accruing Interest ($ in 000's) | |||||||||||||||||
9/30/2023 | 12/31/2022 | 9/30/2022 | |||||||||||||||
Commercial Loans | $ | 306 | $ | 450 | $ | 156 | |||||||||||
Commercial Real Estate Loans | 15,764 | — | — | ||||||||||||||
Residential Real Estate Loans | 1,711 | 1,779 | 1,456 | ||||||||||||||
Consumer Loans - Primarily Indirect Automobile | 16,817 | 18,175 | 13,268 | ||||||||||||||
Total Loans Past Due 30-89 Days and Accruing Interest | $ | 34,598 | $ | 20,404 | $ | 14,880 |
Capital Ratio | 2023 | ||||
Minimum CET1 Ratio | 4.500 | % | |||
Capital Conservation Buffer ("Buffer") | 2.500 | % | |||
Minimum CET1 Ratio Plus Buffer | 7.000 | % | |||
Minimum Tier 1 Risk-Based Capital Ratio | 6.000 | % | |||
Minimum Tier 1 Risk-Based Capital Ratio Plus Buffer | 8.500 | % | |||
Minimum Total Risk-Based Capital Ratio | 8.000 | % | |||
Minimum Total Risk-Based Capital Ratio Plus Buffer | 10.500 | % | |||
Minimum Leverage Ratio | 4.000 | % |
Common Equity Tier 1 Capital Ratio | Tier 1 Risk-Based Capital Ratio | Total Risk-Based Capital Ratio | Tier 1 Leverage Ratio | ||||||||||||||||||||
Arrow Financial Corporation | 13.17 | % | 13.84 | % | 14.94 | % | 9.94 | % | |||||||||||||||
Glens Falls National Bank & Trust Co. | 13.44 | % | 13.44 | % | 14.49 | % | 9.28 | % | |||||||||||||||
Saratoga National Bank & Trust Co. | 13.09 | % | 13.09 | % | 14.33 | % | 9.97 | % | |||||||||||||||
FDICIA's Prompt Corrective Action - "Well-Capitalized" Standard (2019) | 6.50 | % | 8.00 | % | 10.00 | % | 5.00 | % | |||||||||||||||
Regulatory Minimum | 7.00%(1) | 8.50%(1) | 10.50%(1) | 4.00 | % | ||||||||||||||||||
(1) Including the fully phased-in 2.50% capital conservation buffer |
Cash | |||||||||||||||||
Market Price | Dividends | ||||||||||||||||
Low | High | Declared | |||||||||||||||
2022 | |||||||||||||||||
First Quarter | $ | 30.28 | $ | 34.86 | $ | 0.255 | |||||||||||
Second Quarter | 28.75 | 31.83 | 0.255 | ||||||||||||||
Third Quarter | 27.84 | 33.90 | 0.255 | ||||||||||||||
Fourth Quarter | 27.67 | 35.44 | 0.262 | ||||||||||||||
2023 | |||||||||||||||||
First Quarter | $ | 23.57 | $ | 33.49 | $ | 0.262 | |||||||||||
Second Quarter | 17.12 | 24.19 | 0.262 | ||||||||||||||
Third Quarter | 16.38 | 21.60 | 0.262 | ||||||||||||||
Fourth Quarter (dividend payable December 15, 2023) | TBD | TBD | 0.270 | ||||||||||||||
Quarter Ended September 30 | |||||||||||
2023 | 2022 | ||||||||||
Cash Dividends Per Share | $ | 0.262 | $ | 0.255 | |||||||
Diluted Earnings Per Share | 0.46 | 0.72 | |||||||||
Dividend Payout Ratio | 56.96 | % | 35.42 | % | |||||||
Total Equity (in thousands) | 360,014 | $ | 345,550 | ||||||||
Shares Issued and Outstanding (in thousands) | 17,049 | 17,019 | |||||||||
Book Value Per Share | $ | 21.12 | $ | 20.30 | |||||||
Intangible Assets (in thousands) | 23,078 | 23,477 | |||||||||
Tangible Book Value Per Share | $ | 19.76 | $ | 18.92 |
Three Months Ended | |||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Change | % Change | ||||||||||||||||||||
Net Income | $ | 7,743 | $ | 12,163 | $ | (4,420) | (36.3) | % | |||||||||||||||
Diluted Earnings Per Share | 0.46 | 0.72 | (0.26) | (36.1) | % | ||||||||||||||||||
Return on Average Assets | 0.75 | % | 1.19 | % | (0.44) | % | (37.0) | % | |||||||||||||||
Return on Average Equity | 8.47 | % | 13.34 | % | (4.87) | % | (36.5) | % |
Three Months Ended | |||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Change | % Change | ||||||||||||||||||||
Interest and Dividend Income | $ | 42,117 | $ | 34,207 | $ | 7,910 | 23.1 | % | |||||||||||||||
Interest Expense | 16,764 | 3,306 | 13,458 | 407.1 | % | ||||||||||||||||||
Net Interest Income | 25,353 | 30,901 | (5,548) | (18.0) | % | ||||||||||||||||||
Average Earning Assets(1) | 3,973,747 | 3,902,119 | 71,628 | 1.8 | % | ||||||||||||||||||
Average Interest-Bearing Liabilities | 2,920,518 | 2,781,985 | 138,533 | 5.0 | % | ||||||||||||||||||
Yield on Earning Assets(1) | 4.20 | % | 3.48 | % | 0.72 | % | 20.7 | % | |||||||||||||||
Cost of Interest-Bearing Liabilities | 2.28 | 0.47 | 1.81 | 385.1 | % | ||||||||||||||||||
Net Interest Spread | 1.92 | 3.01 | (1.09) | (36.2) | % | ||||||||||||||||||
Net Interest Margin | 2.53 | 3.14 | (0.61) | (19.4) | % | ||||||||||||||||||
Income Earned on PPP Loans included Net Interest Income | $ | — | $ | 70 | $ | (70) | (100.0) | % | |||||||||||||||
Net Interest Income excluding PPP loans | 25,353 | 30,831 | (5,478) | (17.8) | % | ||||||||||||||||||
Net Interest Margin excluding PPP loans | 2.53 | % | 3.14 | % | (0.61) | % | (19.4) | % | |||||||||||||||
(1) Includes Nonaccrual Loans. | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Change | % Change | ||||||||||||||||||||
Income From Fiduciary Activities | $ | 2,378 | $ | 2,341 | $ | 37 | 1.6 | % | |||||||||||||||
Fees for Other Services to Customers | 2,761 | 3,071 | (310) | (10.1) | % | ||||||||||||||||||
Insurance Commissions | 1,695 | 1,650 | 45 | 2.7 | % | ||||||||||||||||||
Net Gain on Securities | 71 | 95 | (24) | (25.3) | % | ||||||||||||||||||
Net Gain on the Sale of Loans | 21 | 18 | 3 | 16.7 | % | ||||||||||||||||||
Other Operating Income | 1,124 | 652 | 472 | 72.4 | % | ||||||||||||||||||
Total Non-interest Income | $ | 8,050 | $ | 7,827 | $ | 223 | 2.8 | % |
Three Months Ended | |||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Change | % Change | ||||||||||||||||||||
Salaries and Employee Benefits | $ | 11,988 | $ | 12,427 | $ | (439) | (3.5) | % | |||||||||||||||
Occupancy Expense of Premises, Net | 1,517 | 1,521 | (4) | (0.3) | % | ||||||||||||||||||
Technology and Equipment Expense | 4,371 | 4,049 | 322 | 8.0 | % | ||||||||||||||||||
FDIC and FICO Assessments | 515 | 295 | 220 | 74.6 | % | ||||||||||||||||||
Amortization | 43 | 48 | (5) | (10.4) | % | ||||||||||||||||||
Other Operating Expense | 5,045 | 3,108 | 1,937 | 62.3 | % | ||||||||||||||||||
Total Non-interest Expense | $ | 23,479 | $ | 21,448 | $ | 2,031 | 9.5 | % | |||||||||||||||
Efficiency Ratio | 69.93 | % | 55.01 | % | 14.9 | % | 27.1 | % |
Three Months Ended | |||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Change | % Change | ||||||||||||||||||||
Provision for Income Taxes | $ | 1,827 | $ | 3,402 | $ | (1,575) | (46.3) | % | |||||||||||||||
Effective Tax Rate | 19.1 | % | 21.9 | % | (2.8) | % | (12.8) | % |
Nine Months Ended | |||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Change | % Change | ||||||||||||||||||||
Net Income | $ | 22,352 | $ | 36,712 | $ | (14,360) | (39.1) | % | |||||||||||||||
Diluted Earnings Per Share | 1.31 | 2.15 | (0.84) | (39.1) | |||||||||||||||||||
Return on Average Assets | 0.74 | % | 1.22 | % | (0.48) | % | (39.3) | ||||||||||||||||
Return on Average Equity | 8.25 | % | 13.52 | % | (5.27) | % | (39.0) |
Nine Months Ended | |||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Change | % Change | ||||||||||||||||||||
Interest and Dividend Income | $ | 118,240 | $ | 93,747 | $ | 24,493 | 26.1 | % | |||||||||||||||
Interest Expense | 39,021 | 5,983 | 33,038 | 552.2 | % | ||||||||||||||||||
Net Interest Income | 79,219 | 87,764 | (8,545) | (9.7) | % | ||||||||||||||||||
Average Earning Assets (1) | 3,924,875 | 3,888,992 | 35,883 | 0.9 | % | ||||||||||||||||||
Average Interest-Bearing Liabilities | 2,876,360 | 2,815,115 | 61,245 | 2.2 | % | ||||||||||||||||||
Yield on Earning Assets (1) | 4.03 | % | 3.22 | % | 0.81 | % | 25.2 | % | |||||||||||||||
Cost of Interest-Bearing Liabilities | 1.81 | 0.28 | 1.53 | 546.4 | % | ||||||||||||||||||
Net Interest Spread | 2.22 | 2.94 | (0.72) | (24.5) | % | ||||||||||||||||||
Net Interest Margin | 2.70 | 3.02 | (0.32) | (10.6) | % | ||||||||||||||||||
Income Earned on PPP Loans included Net Interest Income | $ | — | $ | 1,574 | $ | (1,574) | (100.0) | % | |||||||||||||||
Net Interest Income excluding PPP loans | 79,219 | 86,190 | (6,971) | (8.1) | % | ||||||||||||||||||
Net Interest Margin excluding PPP loans | 2.70 | % | 2.97 | % | (0.27) | % | (9.1) | % | |||||||||||||||
(1) Includes Nonaccrual Loans. | |||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Change | % Change | ||||||||||||||||||||
Income From Fiduciary Activities | 7,081 | 7,454 | $ | (373) | (5.0) | % | |||||||||||||||||
Fees for Other Services to Customers | 8,073 | 8,916 | (843) | (9.5) | |||||||||||||||||||
Insurance Commissions | 4,775 | 4,783 | (8) | (0.2) | |||||||||||||||||||
Net (Loss) Gain on Securities | (214) | 379 | (593) | (156.5) | |||||||||||||||||||
Net Gain on the Sale of Loans | 25 | 80 | (55) | (68.8) | |||||||||||||||||||
Other Operating Income | 1,893 | 2,121 | (228) | (10.7) | |||||||||||||||||||
Total Non-interest Income | $ | 21,633 | $ | 23,733 | $ | (2,100) | (8.8) | % |
Nine Months Ended | |||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Change | % Change | ||||||||||||||||||||
Salaries and Employee Benefits | $ | 35,974 | $ | 35,400 | $ | 574 | 1.6 | % | |||||||||||||||
Occupancy Expense of Premises, Net | 4,728 | 4,721 | 7 | 0.1 | |||||||||||||||||||
Technology and Equipment Expense | 13,150 | 11,802 | 1,348 | 11.4 | |||||||||||||||||||
FDIC and FICO Assessments | 1,478 | 893 | 585 | 65.5 | |||||||||||||||||||
Amortization | 132 | 145 | (13) | (9.0) | |||||||||||||||||||
Other Operating Expense | 14,396 | 7,777 | 6,619 | 85.1 | |||||||||||||||||||
Total Noninterest Expense | $ | 69,858 | $ | 60,738 | $ | 9,120 | 15.0 | ||||||||||||||||
Efficiency Ratio | 68.60 | % | 54.14 | % | 14.46 | % | 26.7 | % |
Nine Months Ended | |||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Change | % Change | ||||||||||||||||||||
Provision for Income Taxes | $ | 5,786 | $ | 10,658 | $ | (4,872) | (45.7) | % | |||||||||||||||
Effective Tax Rate | 20.6 | % | 22.5 | % | (1.9) | % | (8.4) | % |
Change in Interest Rate | ||||||||||||||
+ 200 basis points | - 100 basis points | |||||||||||||
Calculated change in Net Interest Income - Year 1 | (3.4)% | 0.9% | ||||||||||||
Calculated change in Net Interest Income - Year 2 | 13.5% | 12.4% |
Exhibit Number | Exhibit | ||||
3.(i) | |||||
3.(ii) | |||||
15 | |||||
31.1 | |||||
31.2 | |||||
32 | |||||
101.INS | XBRL Instance Document | ||||
101.SCH | XBRL Taxonomy Extension Schema Document | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | XBRL Taxonomy Extension Labels Linkbase Document | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ||||
* Management contracts or compensation plans required to be filed as an exhibit. |
November 9, 2023 | /s/ David S. DeMarco | ||||
Date | David S. DeMarco | ||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) | |||||
November 9, 2023 | /s/ Penko Ivanov | ||||
Date | Penko Ivanov | ||||
Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) | |||||
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|---|
Investments, Debt and Equity Securities [Abstract] | |||
Held-to-maturity securities, at fair value | $ 134,811 | $ 171,623 | $ 175,800 |
STOCKHOLDERS’ EQUITY | |||
Preferred Stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 |
Preferred Stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | 1,000,000 |
Common Stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 |
Common Stock, shares authorized (in shares) | 30,000,000 | 30,000,000 | 30,000,000 |
Common Stock, shares issued (in shares) | 22,066,559 | 21,423,992 | 21,423,992 |
Treasury Stock (in shares) | 5,017,063 | 4,872,355 | 4,900,975 |
Consolidated Statements of Income (Parenthetical) |
Sep. 30, 2023 |
Sep. 26, 2023 |
Sep. 30, 2022 |
---|---|---|---|
Income Statement [Abstract] | |||
Stock dividend, percent | 300.00% | 3.00% | 300.00% |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 7,743 | $ 12,163 | $ 22,352 | $ 36,712 |
Other Comprehensive Income (Loss), Net of Tax: | ||||
Net Unrealized Securities Holding Loss Arising During the Period | (5,786) | (20,801) | (3,536) | (52,808) |
Net Unrealized Gain on Cash Flow Hedge Agreements | 625 | 778 | 91 | 2,781 |
Reclassification of Net Unrealized Gain on Cash Flow Hedge Agreements to Interest Expense | 181 | 55 | 491 | 42 |
Amortization of Net Retirement Plan Actuarial (Gain) Loss | (30) | 420 | (90) | 441 |
Amortization of Net Retirement Plan Prior Service Cost | 39 | 42 | 115 | 127 |
Other Comprehensive Loss | (4,971) | (19,506) | (2,929) | (49,417) |
Comprehensive Income (Loss) | $ 2,772 | $ (7,343) | $ 19,423 | $ (12,705) |
Consolidated Statements of Changes In Stockholders' Equity - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid-In Capital |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Treasury Stock |
||
---|---|---|---|---|---|---|---|---|
Stockholders' equity, beginning balance at Dec. 31, 2021 | $ 371,186 | $ 20,800 | $ 377,996 | $ 54,078 | $ 347 | $ (82,035) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 36,712 | 36,712 | ||||||
Other Comprehensive Income (Loss) | (49,417) | (49,417) | ||||||
Stock Dividend | 0 | 624 | 19,408 | (20,032) | ||||
Cash Dividends Paid | [1] | (12,980) | (12,980) | |||||
Stock Options Exercised, Net | 366 | 215 | 151 | |||||
Shares Issued Under the Directors' Stock Plan | 285 | 210 | 75 | |||||
Shares Issued Under the Employee Stock Purchase Plan | 361 | 261 | 100 | |||||
Shares Issued for Dividend Reinvestment Plans | 1,420 | 1,033 | 387 | |||||
Stock-Based Compensation Expense | 338 | 338 | ||||||
Purchases of Treasury Stock | (2,721) | (2,721) | ||||||
Stockholders' equity, ending balance at Sep. 30, 2022 | 345,550 | 21,424 | 399,461 | 57,778 | (49,070) | (84,043) | ||
Stockholders' equity, beginning balance at Jun. 30, 2022 | 356,498 | 20,800 | 379,423 | 69,980 | (29,564) | (84,141) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 12,163 | |||||||
Other Comprehensive Income (Loss) | (19,506) | (19,506) | ||||||
Stock Dividend | 0 | 624 | 19,408 | (20,032) | ||||
Cash Dividends Paid | [1] | (4,333) | (4,333) | |||||
Stock Options Exercised, Net | 40 | 27 | 13 | |||||
Shares Issued Under the Directors' Stock Plan | 92 | 67 | 25 | |||||
Shares Issued Under the Employee Stock Purchase Plan | 119 | 85 | 34 | |||||
Shares Issued for Dividend Reinvestment Plans | 471 | 337 | 134 | |||||
Stock-Based Compensation Expense | 114 | 114 | ||||||
Purchases of Treasury Stock | (108) | (108) | ||||||
Stockholders' equity, ending balance at Sep. 30, 2022 | 345,550 | 21,424 | 399,461 | 57,778 | (49,070) | (84,043) | ||
Stockholders' equity, beginning balance at Dec. 31, 2022 | 353,538 | 21,424 | 400,270 | 65,401 | (49,655) | (83,902) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 22,352 | 22,352 | ||||||
Other Comprehensive Income (Loss) | (2,929) | (2,929) | ||||||
Stock Dividend | 0 | 643 | 11,058 | (11,701) | ||||
Cash Dividends Paid | [1] | (13,405) | (13,405) | |||||
Stock Options Exercised, Net | 83 | 50 | 33 | |||||
Shares Issued Under the Directors' Stock Plan | 114 | 85 | 29 | |||||
Shares Issued Under the Employee Stock Purchase Plan | 120 | 87 | 33 | |||||
Shares Issued for Dividend Reinvestment Plans | 472 | 330 | 142 | |||||
Stock-Based Compensation Expense | 517 | 517 | ||||||
Purchases of Treasury Stock | (848) | (848) | ||||||
Stockholders' equity, ending balance at Sep. 30, 2023 | 360,014 | 22,067 | 412,397 | 62,647 | (52,584) | (84,513) | ||
Stockholders' equity, beginning balance at Jun. 30, 2023 | 361,443 | 21,424 | 401,069 | 71,076 | (47,613) | (84,513) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 7,743 | 7,743 | ||||||
Other Comprehensive Income (Loss) | (4,971) | (4,971) | ||||||
Stock Dividend | 0 | 643 | 11,058 | (11,701) | ||||
Cash Dividends Paid | (4,471) | (4,471) | ||||||
Stock-Based Compensation Expense | 270 | 270 | ||||||
Stockholders' equity, ending balance at Sep. 30, 2023 | $ 360,014 | $ 22,067 | $ 412,397 | $ 62,647 | $ (52,584) | $ (84,513) | ||
|
Consolidated Statements of Changes In Stockholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Cash Dividends Paid, per Share (in dollars per share) | $ 0.262 | $ 0.255 | $ 0.786 | $ 0.764 |
Stock Options Exercised (in shares) | 1,406 | 3,772 | 17,284 | |
Shares Issued Under the Directors' Stock Plan (in shares) | 2,923 | 3,418 | 8,693 | |
Shares Issued Under Employee Stock Purchase Plan (in shares) | 3,855 | 3,872 | 11,416 | |
Shares Issued for Dividend Reinvestment Plans (in shares) | 14,521 | 17,753 | 43,673 | |
Purchase of Treasury Stock (in shares) | 3,329 | 27,395 | 79,881 | |
Stock dividend, percent | 300.00% | 300.00% | 300.00% | 300.00% |
Stock dividends (in shares) | 642,567 | 623,848 | 642,567 | 623,848 |
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Cash Flows from Operating Activities: | ||
Net Income | $ 22,352 | $ 36,712 |
Provision for Credit Losses | 2,856 | 3,389 |
Depreciation and Amortization | 4,962 | 5,845 |
Net Loss (Gain) on Securities Transactions | 214 | (379) |
Loans Originated and Held-for-Sale | 491 | (626) |
Proceeds from the Sale of Loans Held-for-Sale | 25 | 1,377 |
Net Gain on the Sale of Loans | (25) | (80) |
Net Loss on the Sale of Premises and Equipment, Other Real Estate Owned and Repossessed Assets | 135 | 136 |
Contributions to Retirement Benefit Plans | (400) | (478) |
Deferred Income Tax Benefit | 0 | (670) |
Shares Issued Under the Directors’ Stock Plan | 114 | 285 |
Stock-Based Compensation Expense | 517 | 338 |
Tax Benefit from Exercise of Stock Options | 11 | 22 |
Net Decrease in Other Assets | (1,338) | (1,076) |
Net Decrease in Other Liabilities | 6,985 | 3,415 |
Net Cash Provided By Operating Activities | 36,899 | 48,210 |
Cash Flows from Investing Activities: | ||
Proceeds from the Maturities and Calls of Securities Available-for-Sale | 48,499 | 61,620 |
Purchases of Securities Available-for-Sale | 0 | (149,674) |
Proceeds from the Maturities and Calls of Securities Held-to-Maturity | 41,919 | 24,231 |
Purchases of Securities Held-to-Maturity | (7,490) | (10,293) |
Net Increase in Loans | (159,518) | (260,179) |
Proceeds from the Sales of Premises and Equipment, Other Real Estate Owned and Repossessed Assets | 1,978 | 1,055 |
Purchase of Premises and Equipment | (6,474) | (10,913) |
Net Decrease in FHLB and Federal Reserve Bank Stock | 954 | 660 |
Purchase of Bank Owned Life Insurance | (692) | 0 |
Net Cash Used By Investing Activities | (80,824) | (343,493) |
Cash Flows from Financing Activities: | ||
Net Increase in Deposits | 168,121 | 244,608 |
Finance Lease Payments | (39) | (38) |
Other Borrowings - Advances | 256,500 | 0 |
Other Borrowings - Paydowns | (137,000) | (20,000) |
Purchase of Treasury Stock | (848) | (2,721) |
Stock Options Exercised, Net | 83 | 366 |
Shares Issued Under the Employee Stock Purchase Plan | 120 | 361 |
Shares Issued for Dividend Reinvestment Plans | 472 | 1,420 |
Cash Dividends Paid | (13,405) | (12,980) |
Net Cash Provided By Financing Activities | 274,004 | 211,016 |
Net Increase (Decrease) in Cash and Cash Equivalents | 230,079 | (84,267) |
Cash and Cash Equivalents at Beginning of Period | 64,660 | 457,696 |
Cash and Cash Equivalents at End of Period | 294,739 | 373,429 |
Supplemental Disclosures to Statements of Cash Flow Information: | ||
Interest on Deposits and Borrowings | 31,976 | 5,911 |
Income Taxes | 5,819 | 8,918 |
Transfer of Loans to Other Real Estate Owned and Repossessed Assets | $ 1,921 | $ 1,217 |
Risks and Uncertainties |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
Risks and Uncertainties | RISKS AND UNCERTAINTIES Nature of Operations - Arrow Financial Corporation, a New York corporation ("Arrow," the "Company," "we," or "us"), was incorporated on March 21, 1983 and is registered as a bank holding company within the meaning of the Bank Holding Company Act of 1956. The banking subsidiaries are Glens Falls National Bank and Trust Company ("GFNB") whose main office is located in Glens Falls, New York, and Saratoga National Bank and Trust Company ("SNB") whose main office is located in Saratoga Springs, New York. The two subsidiary banks provide a full range of services to individuals and small to mid-size businesses in northeastern New York State from Albany, the State's capitol, to the Canadian border. Both banks have wealth management departments which provide investment management and administrative services. An active subsidiary of GFNB is Upstate Agency LLC, offering insurance services including property and casualty insurance, group health insurance and individual life insurance products. North Country Investment Advisers, Inc., a registered investment adviser that provides investment advice to our proprietary mutual fund, and Arrow Properties, Inc., a real estate investment trust (REIT), are subsidiaries of GFNB. Arrow also owns directly two subsidiary business trusts, organized in 2003 and 2004 to issue trust preferred securities (TRUPs), which are still outstanding. Concentrations of Credit - With the exception of some indirect auto lending, Arrow's loans are primarily with borrowers in upstate New York. Although the loan portfolios of the subsidiary banks are well diversified, tourism has a substantial impact on the northeastern New York economy. The commitments to extend credit are fairly consistent with the distribution of loans presented in Note 5, "Loans," generally have the same credit risk and are subject to normal credit policies. Generally, the loans are secured by assets and are expected to be repaid from cash flow or the sale of selected assets of the borrowers. Arrow evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by Arrow upon extension of credit, is based upon Management's credit evaluation of the counterparty. The nature of the collateral varies with the type of loan and may include: residential real estate, cash and securities, inventory, accounts receivable, property, plant and equipment, income producing commercial properties and automobiles. Liquidity - The objective of effective liquidity management is to ensure that Arrow has the ability to raise cash when needed at a reasonable cost. This includes the capability of meeting expected and unexpected obligations to Arrow's customers at any time. Given the uncertain nature of customer demands and the need to maximize earnings, Arrow must have available reasonably priced sources of funds, both on- and off-balance sheet, that can be accessed quickly in times of need. Arrow’s liquidity position should provide the Company with the necessary flexibility to address any unexpected near-term disruptions such as reduced cash flows from the investment and loan portfolio, unexpected deposit runoff, or increased loan originations. Arrow's primary sources of available liquidity are overnight investments in federal funds sold, interest-bearing bank balances at the Federal Reserve Bank of New York, advances from the Federal Reserve Bank of New York Bank Term Funding Program ("BTFP") and cash flow from investment securities and loans.
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Accounting Policies |
9 Months Ended |
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Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Accounting Policies | ACCOUNTING POLICIES In the opinion of the management of Arrow, the accompanying unaudited interim consolidated financial statements contain all of the adjustments necessary to present fairly the financial position as of September 30, 2023, December 31, 2022 and September 30, 2022; the results of operations for the three and nine month periods ended September 30, 2023 and 2022; the consolidated statements of comprehensive income for the three and nine month periods ended September 30, 2023 and 2022; the changes in stockholders' equity for the three and nine month periods ended September 30, 2023 and 2022; and the cash flows for the nine month periods ended September 30, 2023 and 2022. All such adjustments are of a normal recurring nature. The unaudited interim consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements of Arrow for the year ended December 31, 2022 included in Arrow's Annual Report on Form 10-K for the year ended December 31, 2022 (the "2022 Form 10-K"). Management’s Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Management utilized estimates and assumptions in its evaluation of potential impairment of Arrow's right-of-use lease assets, goodwill and intangible assets. Our most significant estimate is the allowance for credit losses. Other estimates include the fair value of financial instruments, evaluation of pension and other post-retirement liabilities, an analysis of a need for a valuation allowance for deferred tax assets and a reserve for unfunded loan commitments recorded as an other liability. Actual results could differ from those estimates. A material estimate that is particularly susceptible to significant change in the near term is the allowance for credit losses. In connection with the determination of the allowance for credit losses management obtains economic forecasts from reliable sources and appraisals for properties. The allowance for credit losses is management’s best estimate of the life of loan losses as of the balance sheet date. While management uses available information to recognize losses on loans, future adjustments to the allowance for credit losses may be necessary based on changes in economic conditions. Allowance for Credit Losses – Loans - Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (CECL) approach requires an estimate of the credit losses expected over the life of a loan (or pool of loans). It replaces the incurred loss approach’s threshold that required the recognition of a credit loss when it was probable that a loss event was incurred. The allowance for credit losses is a valuation account that is deducted from, or added to, the loans’ amortized cost basis to present the net lifetime amount expected to be collected on the loans. Credit losses are charged off against the allowance when management believes a loan balance is confirmed to be uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged off and expected to be charged off. Management estimates the allowance using relevant available information from internal and external sources related to past events, current conditions, and a reasonable and supportable single economic forecast. Historical credit loss experience provides the basis for the estimation of expected credit losses. Arrow's historical loss experience was supplemented with peer information when there was insufficient loss data for Arrow. Peer selection was based on a review of institutions with comparable loss experience as well as loan yield, bank size, portfolio concentration and geography. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in credit concentrations, delinquency level, collateral values and underwriting standards as well as changes in economic conditions or other relevant factors. Management judgment is required at each point in the measurement process. Portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses. Upon adoption of CECL, management revised the manner in which loans were pooled for similar risk characteristics. Management developed portfolio segments for estimating loss based on type of borrower and collateral as follows: Commercial Loans Commercial Real Estate Loans Consumer Loans Residential Loans Further details related to loan portfolio segments is included in Note 5 Loans. Historical credit loss experience for both Arrow and segment-specific peers provides the basis for the estimation of expected credit losses. Arrow utilized regression analyses of peer data, of which Arrow is included, where observed credit losses and selected economic factors were utilized to determine suitable loss drivers for modeling lifetime probability of default (PD) rates. Arrow uses the discounted cash flow (DCF) method to estimate expected credit losses for the commercial, commercial real estate, and residential segments. For each of these loan segments, Arrow generates cash flow projections at the instrument level wherein payment expectations are adjusted for estimated prepayment speed, curtailments, time to recovery, PD, and segment-specific loss given default (LGD) risk factors. The modeling of expected prepayment speeds, curtailment rates, and time to recovery are based on historical internal data and adjusted, if necessary, based on the reasonable and supportable forecast of economic conditions. For the loan segments utilizing the DCF method, (commercial, commercial real estate, and residential) management utilizes externally developed economic forecast of the following economic factors as loss drivers: national unemployment, gross domestic product and Case-Shiller U.S. National Home Price Index ("HPI"). The economic forecast is applied over a reasonable and supportable forecast period. Arrow utilizes a six quarter reasonable and supportable forecast period with an eight quarter reversion to the historic mean on a straight-line basis. The combination of adjustments for credit expectations (default and loss) and timing expectations (prepayment, curtailment, and time to recovery) produces an expected cash flow stream at the instrument level. Instrument effective yield is calculated, net of the impacts of prepayment assumptions, and the instrument expected cash flows are then discounted at that effective yield to produce an instrument-level net present value (NPV) of expected cash flows. An allowance for credit loss is established for the difference between the instrument’s NPV and amortized cost basis. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring (TDR) will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by Arrow. Arrow uses the vintage analysis method to estimate expected credit losses for the consumer loan segment. The vintage method was selected since the loans within the consumer loan segment are homogeneous, not just by risk characteristic, but by loan structure. Under the vintage analysis method, a loss rate is calculated based on the quarterly net charge-offs to the outstanding loan balance for each vintage year over the lookback period. Once this periodic loss rate is calculated for each quarter in the lookback period, the periodic rates are averaged into the loss rate. The loss rate is then applied to the outstanding loan balances based on the loan's vintage year. Arrow maintains, over the life of the loan, the loss curve by vintage year. If estimated losses computed by the vintage method need to be adjusted based on current conditions and the reasonable and supportable economic forecast, these adjustments would be incorporated over a six quarter reasonable and supportable forecast period, reverting to historical losses using a straight-line method over an eight quarter period. Based on current conditions and the reasonable and supportable economic forecast, no adjustment to the loss rate for each vintage is currently required. The vintage and DCF models also consider the need to qualitatively adjust expected loss estimates for information not already captured in the quantitative loss estimation process. Qualitative considerations include limitations inherent in the quantitative model; trends experienced in nonperforming and delinquent loans; changes in value of underlying collateral; changes in lending policies and procedures; nature and composition of loans; portfolio concentrations that may affect loss experience across one or more components or the portfolio; the experience, ability and depth of lending management and staff; Arrow's credit review system; and the effect of external factors such as competition, legal and regulatory requirements. These qualitative factor adjustments may increase or decrease Arrow's estimate of expected credit losses so that the allowance for credit loss is reflective of the estimate of lifetime losses that exist in the loan portfolio at the balance sheet date. All loans not included in the vintage analysis method that exceed $250,000 which are on nonaccrual, are evaluated on an individual basis. For collateral dependent financial assets where Arrow has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and Arrow expects repayment of the financial asset to be provided substantially through the operation or sale of the collateral, Arrow has elected a practical expedient to measure the allowance for credit loss as the difference between the fair value of the collateral less cost to sell, and the amortized cost basis of the asset as of the measurement date. In the event the repayment of a collateral dependent financial asset is expected to be provided substantially through the operating of the collateral, Arrow will use fair value of the collateral at the reporting date when recording the net carrying amount of the asset and determining the allowance for credit losses. When repayment is expected to be from the sale of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the financial asset exceeds the fair value of the underlying collateral less estimated cost to sell. The allowance for credit losses may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the financial asset. ASU No. 2022-02, “Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”), was issued in March 2022 to provide updates on the accounting treatment for TDRs and related disclosures requirements, as well as modifying the disclosure requirement associated with the existing credit quality indicators “vintage” disclosure. With respect to TDRs, ASU 2022-02 eliminates the recognition and measurement guidance for TDRs under current GAAP and instead requires that Arrow evaluate whether the modification represents a new loan or a continuation of an existing loan, consistent with the current GAAP treatment for other loan modifications. In addition, ASU 2022-02 eliminates existing disclosure requirements on TDRs and replaces with enhanced disclosure requirements related to certain loan modifications made to borrowers experiencing financial difficulty. ASU 2022-02 also provides an update to the existing credit quality indicators “vintage” tabular disclosure requiring current period gross write-offs to be disclosed by year of origination for each loan segment. The provisions of ASU 2022-02 were effective January 1, 2023 and Arrow adopted the provisions on a prospective basis. Historical disclosures on TDRs were removed from this report in accordance with the provisions of this ASU. The adoption of this ASU did not have a material impact on the consolidated financial statements. Estimated Credit Losses on Off-Balance Sheet Credit Exposures Recognized as Other Liabilities - Arrow estimates expected credit losses over the contractual period in which Arrow has exposure to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by Arrow. The allowance for credit losses on off-balance sheet credit exposures recognized in other liabilities, is adjusted as an expense in other non-interest expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over their estimated lives. Estimating credit losses on unfunded commitments requires Arrow to consider the following categories of off-balance sheet credit exposure: unfunded commitments to extend credit, unfunded lines of credit, and standby letters of credit. Each of these unfunded commitments is then analyzed for a probability of funding to calculate a probable funding amount. The life of loan loss factor by related portfolio segment from the loan allowance for credit loss calculation is then applied to the probable funding amount to calculate the estimated credit losses on off-balance sheet credit exposures recognized as other liabilities. Accrued Interest Receivable - Upon adoption of CECL on January 1, 2021, Arrow made the following elections regarding accrued interest receivable: (1) presented accrued interest receivable balances separately within the other assets balance sheet line item; (2) excluded interest receivable that is included in amortized cost of financing receivables from related disclosures requirements and (3) continued its policy to write off accrued interest receivable by reversing interest income. For loans, write off typically occurs upon becoming over 90 to 120 days past due and therefore the amount of such write offs are immaterial. Historically, Arrow has not experienced uncollectible accrued interest receivable on investment securities. Allowance for Credit Losses – Held-to-Maturity (HTM) Debt Securities - Arrow's HTM debt securities are also required to utilize the CECL approach to estimate expected credit losses. Management measures expected credit losses on HTM debt securities on a collective basis by major security types that share similar risk characteristics, such as financial asset type and collateral type adjusted for current conditions and reasonable and supportable forecasts. Management classifies the HTM portfolio into the following major security types: U.S. government agency or U.S. government sponsored mortgage-backed and collateralized mortgage obligations securities, and state and municipal debt securities. The mortgage-backed and collateralized mortgage obligations HTM securities are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government as to timely repayment of principal and interest, are highly rated by major rating agencies, and have a long history of no credit losses. Therefore, Arrow did not record a credit loss for these securities. State and municipal bonds carry an investment grade from an accredited ratings agency, primarily with an investment grade rating. In addition, Arrow has a limited amount of New York state local municipal bonds that are not rated. The estimate of expected credit losses on the HTM portfolio is based on the expected cash flows of each individual CUSIP over its contractual life and utilized a municipal loss forecast model for determining PD and LGD rates. Management may exercise discretion to make adjustments based on environmental factors. A calculated expected credit loss for individual securities was determined using the PD and LGD rates. Arrow determined that the expected credit loss on its municipal bond portfolio was de minimis, and therefore, an allowance for credit losses was not recorded. Allowance for Credit Losses – Available-for-Sale (AFS) Debt Securities - The impairment model for AFS debt securities differs from the CECL approach utilized by HTM debt securities since AFS debt securities are measured at fair value rather than amortized cost. For AFS debt securities in an unrealized loss position, Arrow first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For AFS debt securities that do not meet the aforementioned criteria, in making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, adverse conditions specifically related to the security, failure of the issuer of the debt security to make scheduled interest or principal payments, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. The cash flows are estimated using information relevant to the collectability of the security, including information about past events, current conditions and reasonable and supportable forecasts. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Investments in Federal Reserve Bank ("FRB") and Federal Home Loan Bank ("FHLB") stock are required for membership in those organizations and are carried at cost since there is no market value available. The FHLB New York ("FHLBNY") continues to pay dividends and repurchase stock. As such, the Company has not recognized any impairment on its holdings of FRB and FHLB stock. Cybersecurity Risk Management, Strategy, Governance and Incident Disclosure: In July 2023, the SEC adopted amendments intended to enhance and standardize disclosures related to cybersecurity. The amendments will be effective December 18, 2023 and will require timely disclosure of material cybersecurity incidents and annual disclosures related to cybersecurity risk management, strategy, and governance. Under the new rules, a material cybersecurity incident will be required to be disclosed on a Form 8-K within four business days after the learning of a material incident. The SEC has defined a cybersecurity incident to mean “an unauthorized occurrence, or a series of related unauthorized occurrences, on or conducted through a registrant’s information systems that jeopardizes the confidentiality, integrity, or availability of a registrant’s information systems or any information residing therein.” Risk management and strategy - Annually, Registrants will be required to describe the processes, if any, for assessing, identifying,and managing material risks from cybersecurity threats in sufficient detail for a reasonable investor to understand those processes. The registrant must also describe whether and how any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect the registrant, including its business strategy, results of operations, or financial condition. Governance - Disclosure is required about management’s and the board of directors’ oversight of cybersecurity risk, including a description of the board of directors’ oversight of risks from cybersecurity threats and a description of management’s role in assessing and managing the registrant’s material risks from cybersecurity threats. The annual disclosure requirements will be effective for the Company beginning with annual report for the year ending on December 31, 2023.
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Cash and Cash Equivalents |
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Cash and Cash Equivalents | CASH AND CASH EQUIVALENTS (In Thousands)
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Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | INVESTMENT SECURITIES (In Thousands) The following table is the schedule of Available-For-Sale Securities at September 30, 2023, December 31, 2022 and September 30, 2022:
At September 30, 2023, there was no allowance for credit losses for the AFS debt securities portfolio. The following table is the schedule of Held-To-Maturity Securities at September 30, 2023, December 31, 2022 and September 30, 2022:
In the tables above, maturities of mortgage-backed securities are included based on their contractual lives. Actual maturities will differ because issuers may have the right to call or prepay obligations with or without prepayment penalties. Arrow's investment policy requires that investments held in our portfolio be investment grade or better at the time of purchase. Arrow performs an analysis of the creditworthiness of municipal obligations to determine if a security is of investment grade. The analysis may include but may not solely rely upon credit analysis conducted by external credit rating agencies. Arrow evaluates AFS debt securities in unrealized loss positions at each measurement date to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or non-credit-related factors. Any impairment that is not credit related is recognized in other comprehensive income, net of applicable taxes. Credit-related impairment is recognized within the allowance for credit losses on the balance sheet, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings via credit loss expense. Arrow determined that at September 30, 2023, gross unrealized losses were primarily attributable to changes in interest rates, relative to when the investment securities were purchased, and not due to the credit quality of the investment securities. Arrow does not intend to sell, nor is it more likely than not that Arrow will be required to sell any securities before recovery of its amortized cost basis, which may be at maturity. Therefore, Arrow carried no allowance for credit loss at September 30, 2023 and there was no credit loss expense recognized by Arrow with respect to the securities portfolio during the three months ended September 30, 2023. Arrow's HTM debt securities are comprised of U.S. government-sponsored enterprises (GSEs) or state and municipal obligations. GSE securities carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as “risk free,” and have a long history of zero credit loss. Arrow determined that the expected credit loss on its HTM debt portfolio was immaterial and therefore no allowance for credit loss was recorded as of September 30, 2023. The following table is the schedule of Equity Securities at September 30, 2023, December 31, 2022 and September 30, 2022:
The following is a summary of realized and unrealized gains and losses recognized in net income on equity securities during the three and nine month periods ended September 30, 2023 and 2022:
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Loans | LOANS (In Thousands) Loan Categories and Past Due Loans The following two tables present loan balances outstanding as of September 30, 2023 and an analysis of the recorded investment in loans that are past due at these dates. Generally, Arrow considers a loan past due 30 or more days when the borrower is two payments past due. Loans held-for-sale of $165, $656 and $483 as of September 30, 2023, December 31, 2022 and September 30, 2022, respectively, are included in the residential real estate balances for current loans.
The increase in loans past due 30-59 days within Commercial Real Estate is primarily attributable to one commercial loan relationship. The Company is actively working with the borrower to allow the borrower to stabilize the property’s cash flow. The property's collateral value exceeds the loan exposure.
Arrow disaggregates its loan portfolio into the following four categories: Commercial - Arrow offers a variety of loan options to meet the specific needs of our commercial customers including term loans, time notes and lines of credit. Such loans are made available to businesses for working capital needs such as inventory and receivables, business expansion and equipment purchases. Generally, a collateral lien is placed on equipment or other assets owned by the borrower. Generally, these loans carry a higher risk than commercial real estate loans due to the nature of the underlying collateral, which can be business assets such as equipment and accounts receivable and generally have a lower liquidation value than real estate. In the event of default by the borrower, Arrow may be required to liquidate collateral at deeply discounted values. To reduce the risk, management usually obtains personal guarantees to support the borrowing, as permitted by applicable law. Commercial Real Estate - Arrow offers commercial real estate loans to finance real estate purchases, refinancings, expansions and improvements to commercial properties. Commercial real estate loans are made to finance the purchases of real property which generally consists of real estate with completed structures. These commercial real estate loans are typically secured by first liens on the real estate, which may include apartments, commercial structures, housing businesses, healthcare facilities, and both owner- and non-owner-occupied facilities. These loans are typically less risky than commercial loans, since they are secured by real estate and buildings, and are generally originated in amounts of no more than 80% of the appraised value of the property. However, Arrow also offers commercial construction and land development loans to finance projects. Many projects will ultimately be used by the borrowers' businesses, while others are developed for resale. These real estate loans are also typically secured by first liens on the real estate, which may include apartments, commercial structures, housing businesses, healthcare facilities and both owner-occupied and non-owner-occupied facilities. There is enhanced risk during the construction period, since the loan is secured by an incomplete project. Consumer Loans - This category is primarily comprised of automobile loans. Arrow primarily finances the purchases of automobiles indirectly through dealer relationships located throughout upstate New York and Vermont. Most automobile loans carry a fixed rate of interest with principal repayment terms typically ranging from to seven years. Automobile loans are underwritten on a secured basis using the underlying collateral being financed. Arrow also offers a variety of consumer installment loans to finance personal expenditures. Most of these loans carry a fixed rate of interest with principal repayment terms typically ranging from to five years, based upon the nature of the collateral and the size of the loan. In addition to installment loans, Arrow also offers personal lines of credit and overdraft protection. Several of these consumer loans are unsecured, which carry a higher risk of loss. Residential - Residential real estate loans consist primarily of loans secured by first or second mortgages on primary residences. Arrow originates fixed-rate and adjustable-rate one-to-four-family residential real estate loans for the construction, purchase of real estate or refinancing of an existing mortgage. These loans are collateralized primarily by owner-occupied properties generally located in Arrow's market area. Loans on one-to-four-family residential real estate are generally originated in amounts of no more than 80% of the purchase price or appraised value (whichever is lower), or have private mortgage insurance. Arrow’s underwriting analysis for residential mortgage loans typically includes credit verification, independent appraisals, and a review of the borrower’s financial condition. Mortgage title insurance and hazard insurance are normally required. It is Arrow's general practice to underwrite residential real estate loans to secondary market standards. Construction loans have a unique risk, because they are secured by an incomplete dwelling. This risk is reduced through periodic site inspections, including one at each loan draw period. In addition, Arrow offers fixed home equity loans, as well as home equity lines of credit to consumers to finance home improvements, debt consolidation, education and other uses. Arrow's policy allows for a maximum loan to value ratio of 80%, although periodically higher advances are allowed. Arrow originates home equity lines of credit and second mortgage loans (loans secured by a second junior lien position on one-to-four-family residential real estate). Risk is generally reduced through underwriting criteria, which include credit verification, appraisals, a review of the borrower's financial condition, and personal cash flows. A security interest, with title insurance when necessary, is taken in the underlying real estate. Allowance for Credit Losses Loan segments were selected by class code and application code to ensure each segment is comprised of loans with homogenous loan characteristics and similar risk profiles. The resulting loan segments are commercial, commercial real estate, consumer and residential real estate loans. The consumer segment is mainly comprised of automobile loans, and since they are relatively short-term in nature, with similar dollar amounts and collateral, the vintage analysis method was selected to determine the credit loss reserve. The vintage method utilizes Arrow loan data exclusively as the method calculates a loss rate based on the total origination balance of the loans by year and the charge-off and recovery rate of the same origination year. Arrow maintains, over the life of the loan, the loss curve by vintage year. The discounted cash flow method (DCF) is used to calculate the reserve for credit losses for the commercial, commercial real estate and residential real estate segments. The September 30, 2023 allowance for credit losses calculation incorporated a reasonable and supportable forecast period to account for economic conditions utilized in the measurement. The quantitative model utilized an economic forecast sourced from reputable third-parties that reflects the economic conditions with an improvement in the national unemployment rate of approximately 0.33% during the six-quarter forecast period, while forecasted gross domestic product projected an improvement of approximately 0.42%. The home price index (HPI) forecast declined approximately 1.6% from the previous quarter level. Key assumptions utilized in the CECL calculation include loan segmentation, loan loss regression analysis, reasonable and supportable forecast period, reversion period, discounted cash flow inputs including economic forecast data and prepayment and curtailment speeds and qualitative factors. Key assumptions are reviewed and approved on a quarterly basis. There were no assumption changes for the third quarter calculation. Driven by current economic forecasts, loan growth and net charge offs during the quarter, the third quarter provision for credit losses was $354 thousand. The provision is directionally consistent with both the latest economic forecasts as well as third quarter activity. Management's evaluation considers the allowance for credit losses for loans to be appropriate as of September 30, 2023. The following table details activity in the allowance for credit losses on loans for the three and nine months ended September 30, 2023 and September 30, 2022:
Estimated Credit Losses on Off-Balance Sheet Credit Exposures Recognized as Other Liabilities Financial instrument credit losses apply to off-balance sheet credit exposures such as unfunded loan commitments and standby letters of credit. A liability for expected credit losses for off-balance sheet exposures is recognized if the entity has a present contractual obligation to extend the credit and the obligation is not unconditionally cancellable by the entity. Changes in this allowance are reflected in other operating expenses within the non-interest expense category. As of September 30, 2023, the total unfunded commitment off-balance sheet credit exposure was $1.7 million. Individually Evaluated Loans All loans not included in the vintage analysis method that exceed $250,000, which are on nonaccrual status, are evaluated on an individual basis. Arrow made the policy election to apply a practical expedient for collateral dependent financial assets when the borrower is experiencing financial difficulty and the repayment is expected through the sale of the collateral. This allows Arrow to use fair value of the collateral at the reporting date adjusted for estimated cost to sell when recording the net carrying amount of the asset and determining the allowance for credit losses for a financial asset. In the event where the repayment of a collateral dependent financial asset is expected to be provided substantially through the operating of the collateral, Arrow will use fair value of the collateral at the reporting date when recording the net carrying amount of the asset and determining the allowance for credit losses. As of September 30, 2023, there were four total relationships identified to be evaluated for loss on an individual basis which had an amortized cost basis of $1.9 million and none had an allowance for credit loss. The following tables present the amortized cost basis of collateral-dependent loans by class of loans as of September 30, 2023, December 31, 2022 and September 30, 2022:
Through the provision for credit losses, an allowance for credit losses is maintained that reflects the best estimate of the calculated expected credit losses in Arrow's loan portfolio as of the balance sheet date. Additions are made to the allowance for credit losses through a periodic provision for credit losses. Actual credit losses are charged against the allowance for credit losses when loans are deemed uncollectible and recoveries of amounts previously charged off are recorded as credits to the allowance for credit losses. Arrow's loan officers and risk managers meet at least quarterly to discuss and review the conditions and risks associated with certain criticized and classified commercial-related relationships. In addition, the independent internal loan review department performs periodic reviews of the credit quality indicators on individual loans in the commercial loan portfolio. Arrow considers the need to qualitatively adjust expected credit loss estimates for information not already captured in the loss estimation process. These qualitative factor adjustments may increase or decrease management’s estimate of expected credit losses. Adjustments are not made for information that has already been considered and included in the loss estimation process. Arrow considers the qualitative factors that are relevant as of the reporting date, which may include, but are not limited to the following factors: •The nature and volume of Arrow's financial assets; •The existence, growth, and effect of any concentrations of credit; •The volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans; •The value of the underlying collateral for loans that are not collateral-dependent; •Arrow's lending policies and procedures, including changes in underwriting standards and practices for collections, write-offs, and recoveries; •The quality of Arrow's loan review function; •The experience, ability, and depth of Arrow's lending, investment, collection, and other relevant management/staff; •The effect of other external factors such as the regulatory, legal and technological environments; competition; and events such as natural disasters; •Actual and expected changes in international, national, regional, and local economic and business conditions and developments in which the institution operates that affect the collectability of financial assets; and, •Other qualitative factors not reflected in quantitative loss rate calculations. Loan Credit Quality Indicators and Modification The Company adopted ASU 2022-02, "Financial Instruments - Credit Losses (Topic 326)" ("ASU 2022-02") effective January 1, 2023. ASU 2022-02 requires that entities disclose current-period gross charge-offs by year of origination for loans and leases, which has been incorporated in the credit quality table below. There was only one new immaterial TDR in the first quarter of 2022. In the first nine months of 2023, approximately $1.5 million of residential real estate loans were modified The modifications were in the form of short-term forbearance of interest payments. The financial impact of the forbearance is less than ten thousand dollars per month of forgone interest income The following tables present credit quality indicators by total loans amortized cost basis by origination year as of September 30, 2023, December 31, 2022 and September 30, 2022:
For the purposes of the table above, nonperforming consumer and residential loans were those loans on nonaccrual status or were 90 days or more past due and still accruing interest. As of September 30, 2023, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process is $2.8 million. For the allowance calculation, an internally developed system of five credit quality indicators is used to rate the credit worthiness of each commercial loan defined as follows: 1) Satisfactory - "Satisfactory" borrowers have acceptable financial condition with satisfactory record of earnings and sufficient historical and projected cash flow to service the debt. Borrowers have satisfactory repayment histories and primary and secondary sources of repayment can be clearly identified; 2) Special Mention - Loans in this category have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. "Special mention" assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. Loans which might be assigned this credit quality indicator include loans to borrowers with deteriorating financial strength and/or earnings record and loans with potential for problems due to weakening economic or market conditions; 3) Substandard - Loans classified as “substandard” are inadequately protected by the current sound net worth or paying capacity of the borrower or the collateral pledged, if any. Loans in this category have well defined weaknesses that jeopardize the repayment. They are characterized by the distinct possibility that Arrow will sustain some loss if the deficiencies are not corrected. “Substandard” loans may include loans which are likely to require liquidation of collateral to effect repayment, and other loans where character or ability to repay has become suspect. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets classified substandard; 4) Doubtful - Loans classified as “doubtful” have all of the weaknesses inherent in those classified as “substandard” with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of current existing facts, conditions, and values, highly questionable and improbable. Although possibility of loss is extremely high, classification of these loans as “loss” has been deferred due to specific pending factors or events which may strengthen the value (e.g. possibility of additional collateral, injection of capital, collateral liquidation, debt restructure, economic recovery, etc). Loans classified as “doubtful” need to be placed on non-accrual; and 5) Loss - Loans classified as “loss” are considered uncollectible with collateral of such little value that their continuance as bankable assets is not warranted. As of the date of the balance sheet, all loans in this category have been charged-off to the allowance for loan losses. Commercial loans are generally evaluated on an annual basis depending on the size and complexity of the loan relationship, unless the credit related quality indicator falls to a level of "special mention" or below, when the loan is evaluated quarterly. The credit quality indicator is one of the factors used in assessing the level of incurred risk of loss in our commercial related loan portfolios.
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | DEBT (Dollars in Thousands) Schedule of Borrowings:
Arrow's subsidiary banks have in place unsecured federal funds lines of credit with two correspondent banks. As a member of the FHLBNY, Arrow participates in the advance program which allows for overnight and term advances up to the limit of pledged collateral, including FHLBNY stock and any loans secured by real estate such as commercial real estate, residential real estate and home equity loans (see Notes 4: Investment Securities, and 5: Loans to the Consolidated Financial Statements). The maximum borrowing capacities at the FHLBNY and FRB are determined based on the fair value of the collateral pledged, subject to discounts determined by the respective lenders. As of September 30, 2023, the carrying cost for the FHLBNY collateral was approximately $874 million and approximately $1.2 billion for the FRB. As of September 30, 2023, the fair value for the FHLBNY collateral was approximately $741 million and approximately $1 billion for the FRB. The investment in FHLBNY stock is proportional to the total of Arrow's overnight and term advances (see the Schedule of Federal Reserve Bank and Federal Home Loan Bank Stock in Note 4, Investment Securities, to the Consolidated Financial Statements). Arrow's bank subsidiaries have also established borrowing facilities with the FRB of New York for potential “discount window” advances, pledging certain consumer loans as collateral (see Note 5, Loans, to the Consolidated Financial Statements). Debt Maturities BTFP Advances - The BTFP was created to support American businesses and households by making additional funding available to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. In the second quarter of 2023, Arrow borrowed $150 million as part of the BTFP primarily replacing FHLB Advances.The BTFP Advances mature in less than 12 months and have a weighted average interest rate of 4.83%. Maturity Schedule of FHLBNY Term Advances:
Long Term Debt - Guaranteed Preferred Beneficial Interests in Corporation's Junior Subordinated Debentures At September 30, 2023, there were outstanding two classes of financial instruments issued by two separate subsidiary business trusts of Arrow, Arrow Capital Statutory Trust II ("ACST II") and Arrow Capital Statutory Trust III ("ACST III" and, together with ACST II, the "Trusts"), identified as “Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts” on the Consolidated Balance Sheets and the Consolidated Statements of Income. The first of the two classes of trust-issued instruments outstanding at year-end was issued by ACST II, a Delaware business trust established on July 16, 2003, upon the filing of a certificate of trust with the Delaware Secretary of State. In July 2003, ACST II issued all of its voting (common) stock to Arrow and issued and sold to an unaffiliated purchaser 30-year guaranteed preferred beneficial interests in the trust's assets ("ACST II TRUPS"). The rate on the securities is variable, adjusting quarterly to the 3-month LIBOR plus 3.15%. Arrow designated SOFR as the replacement index for financial instruments. The rate on the securities will be tied to the 3-month Secured Overnight Financing Rate ("SOFR") plus 3.15% post-conversion. ACST II used the proceeds of the sale of the ACST II TRUPS to purchase an identical amount of junior subordinated debentures issued by Arrow that bear an interest rate identical at all times to the rate payable on the ACST II TRUPS. The ACST II TRUPS became redeemable after July 23, 2008 and mature on July 23, 2033. The second of the two classes of trust-issued instruments outstanding at year-end was issued by ACST III, a Delaware business trust established on December 23, 2004, upon the filing of a certificate of trust with the Delaware Secretary of State. On December 28, 2004, the ACST III issued all of its voting (common) stock to Arrow and issued and sold to an unaffiliated purchaser 30-year guaranteed preferred beneficial interests in the trust's assets ("ACST III TRUPS"). The rate on the ACST III TRUPS is a variable rate, adjusted quarterly, equal to the 3-month LIBOR plus 2.00%. The rate on the securities will be tied to the 3-month SOFR plus 2.00% post-conversion. ACST III used the proceeds of the sale of the ACST III TRUPS to purchase an identical amount of junior subordinated debentures issued by Arrow that bear an interest rate identical at all times to the rate payable on the ACST III TRUPS. The ACST III TRUPS became redeemable on or after March 31, 2010 and mature on December 28, 2034. Arrow has entered into interest rate swaps to synthetically fix the variable rate interest payments associated with $20 million in outstanding subordinated trust securities attributable to the Trusts. These agreements are designated as cash flow hedges. The primary assets of the Trusts are Arrow's junior subordinated debentures discussed above, and the sole revenues of the Trusts are payments received by them from Arrow with respect to the junior subordinated debentures. The trust preferred securities issued by the Trusts are non-voting. All common voting securities of the Trusts are owned by Arrow. Arrow used the net proceeds from its sale of junior subordinated debentures to the Trusts, facilitated by the Trusts' sale of their trust preferred securities to the purchasers thereof, for general corporate purposes. The trust preferred securities and underlying junior subordinated debentures, with associated expense that is tax deductible, qualify as Tier I capital under regulatory definitions. Arrow's primary source of funds to pay interest on the debentures that are held by the Trusts are current dividends received by Arrow from its subsidiary banks. Accordingly, Arrow's ability to make payments on the debentures, and the ability of the Trusts to make payments on their trust preferred securities, are dependent upon the continuing ability of Arrow's subsidiary banks to pay dividends to Arrow. Since the trust preferred securities issued by the subsidiary trusts and the underlying junior subordinated debentures issued by Arrow at September 30, 2023, December 31, 2022, and September 30, 2022 are classified as debt for financial statement purposes, the expense associated with these securities is recorded as interest expense in the Consolidated Statements of Income for the three years. Schedule of Guaranteed Preferred Beneficial Interests in Corporation's Junior Subordinated Debentures
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES (In Thousands) The following table presents the notional amount and fair value of Arrow's off-balance sheet commitments to extend credit and commitments under standby letters of credit as of September 30, 2023, December 31, 2022 and September 30, 2022:
Arrow is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Commitments to extend credit include home equity lines of credit, commitments for residential and commercial construction loans and other personal and commercial lines of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of the involvement Arrow has in particular classes of financial instruments. Arrow's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual notional amount of those instruments. Arrow uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. 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. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are not expected to be fully drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Arrow evaluates each customer's creditworthiness on a case-by-case basis. Home equity lines of credit are secured by residential real estate. Construction lines of credit are secured by underlying real estate. For other lines of credit, the amount of collateral obtained, if deemed necessary by Arrow upon extension of credit, is based on management's credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, and income-producing commercial properties. Most of the commitments are variable rate instruments. Arrow does not issue any guarantees that would require liability-recognition or disclosure, other than its standby letters of credit. Arrow has issued conditional commitments in the form of standby letters of credit to guarantee payment on behalf of a customer and guarantee the performance of a customer to a third party. Standby letters of credit generally arise in connection with commercial lending relationships. The credit risk involved in issuing these instruments is essentially the same as that involved in extending loans to customers. Contingent obligations under standby letters of credit at September 30, 2023, December 31, 2022 and September 30, 2022 represent the maximum potential future payments Arrow could be required to make. Typically, these instruments have terms of 12 months or less and expire unused; therefore, the total amounts do not necessarily represent future cash requirements. Each customer is evaluated individually for creditworthiness under the same underwriting standards used for commitments to extend credit and on-balance sheet instruments. Arrow's policies governing loan collateral apply to standby letters of credit at the time of credit extension. Loan-to-value ratios will generally range from 50% for movable assets, such as inventory, to 100% for liquid assets, such as bank CD's. Fees for standby letters of credit range from 1% to 3% of the notional amount. Fees are collected upfront and amortized over the life of the commitment. The carrying amount and fair value of Arrow's standby letters of credit at September 30, 2023, December 31, 2022 and September 30, 2022, were insignificant. The fair value of standby letters of credit is based on the fees currently charged for similar agreements or the cost to terminate the arrangement with the counterparties. The fair value of commitments to extend credit is determined by estimating the fees to enter into similar agreements, taking into account the remaining terms and present creditworthiness of the counterparties, and for fixed rate loan commitments, the difference between the current and committed interest rates. Arrow provides several types of commercial lines of credit and standby letters of credit to its commercial customers. The pricing of these services is not isolated as Arrow considers the customer's complete deposit and borrowing relationship in pricing individual products and services. The commitments to extend credit also include commitments under home equity lines of credit, for which Arrow charges no fee. The carrying value and fair value of commitments to extend credit are not material and Arrow does not expect to incur any material loss as a result of these commitments. Except as noted below, Arrow, including its subsidiary banks, is not currently the subject of any material pending legal proceedings, other than ordinary routine litigation occurring in the normal course of their business. On an ongoing basis, Arrow is often the subject of, or a party to, various legal claims by other parties against Arrow, by Arrow against other parties, or involving Arrow, which arise in the normal course of business. Except as noted below, the various pending legal claims against Arrow will not, in the opinion of management based upon consultation with counsel, result in any material liability. The Company became aware that on June 23, 2023, Robert C. Ashe filed a putative class action complaint against the Company in the United States District Court for the Northern District of New York. In addition to the Company, the complaint names as defendants Thomas J. Murphy, the Company’s former CEO and from September 30, 2022 to February 20, 2023, its interim CFO, Edward J. Campanella, the Company’s former CFO, and Penko Ivanov, the Company’s current CFO (the “Individual Defendants” and, together with the Company, the "Defendants"). The complaint alleges that the Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies in the Company’s public filings between March 12, 2022 and May 12, 2023. The complaint further alleges that the Individual Defendants are liable for these materially false and misleading statements as "controlling persons" of the Company. Based on these allegations, the complaint brings two claims for violations of Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder and of Section 20(a) of the Exchange Act. Mr. Ashe, on behalf of a purported class of shareholders, seeks compensatory damages as well as recovery of the costs and fees associated with the litigation. A consolidated amended complaint is due December 5, 2023, and Defendants’ deadline to answer, move, or otherwise respond to the consolidated amended complaint is February 2, 2024. The Company believes the lawsuit to be without merit and expressly denies any wrongdoing in connection with the matters claimed in the complaint and intends to vigorously defend the lawsuit.
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Comprehensive Loss |
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Comprehensive Loss | COMPREHENSIVE LOSS (In Thousands) The following table presents the components of other comprehensive loss for the three and nine month periods ended September 30, 2023 and 2022:
The following table presents the changes in accumulated other comprehensive (loss) income by component:
(1) All amounts are net of tax. The following table presents the reclassifications out of accumulated other comprehensive income or loss:
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Stock-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | STOCK-BASED COMPENSATION (Dollars In Thousands, Except Share and Per Share Amounts) Arrow has established three stock-based compensation plans: a Long Term Incentive Plan, an Employee Stock Purchase Plan (ESPP) and an Employee Stock Ownership Plan (ESOP). All share and per share data have been adjusted for the September 26, 2023 3% stock dividend. Long Term Incentive Plan The Long Term Incentive Plan provides for the grant of incentive stock options, non-qualified stock options, restricted stock, restricted stock units, performance units and performance shares. The Compensation Committee of the Board of Directors administers the Long Term Incentive Plan. Stock Options - Options may be granted at a price no less than the greater of the par value or fair market value of such shares on the date on which such option is granted, and generally expire ten years from the date of grant. The options usually vest over a four-year period. The following table summarizes information about stock option activity for the year to date period ended September 30, 2023:
The following table presents information on the amounts expensed related to stock options for the three and nine month periods ended September 30, 2023 and 2022:
The expense recorded during the third quarter of 2023 reflects the reversal of previously recorded expense related to forfeited stock options related to the departure of the former President and CEO in accordance with the terms of the applicable award agreements. Restricted Stock Units - The Company grants restricted stock units which gives the recipient the right to receive shares of Company stock upon vesting. The fair value of each restricted stock unit is the market value of Company stock on the date of grant. 100% of the restricted stock unit awards vest three years from the grant date. Once vested, the restricted stock units become vested units and are no longer forfeitable. Vested units are not settled until the recipient's employment has terminated. Unvested restricted stock unit awards will generally be forfeited if the recipient ceases to be employed by the Company, with limited exceptions. The following table summarizes information about restricted stock unit activity for the periods ended September 30, 2023 and 2022:
The following table presents information on the amounts expensed related to restricted stock units for the periods ended September 30, 2023 and 2022:
The expense recorded during the third quarter of 2023 reflects accelerated vesting of restricted stock units related to the departure of the former President and CEO in accordance with the terms of the applicable award agreements. Employee Stock Purchase Plan Arrow sponsors an ESPP under which employees may purchase Arrow's common stock at a discount below market price. The current amount of the discount is 5%. Under current accounting guidance, a stock purchase plan with a discount of 5% or less is not considered a compensatory plan. In April 2023, Arrow suspended the operation of the ESPP as a result of the now resolved delay in filing the 2022 Form 10-K and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 and the related effects under applicable securities laws. In October 2023, the Board of Directors approved the adoption of a new Employee Stock Purchase Plan that is intended to satisfy all requirements of Section 423 of the Internal Revenue Code, which Arrow intends to make effective January 1, 2024. Under the new qualified plan, the amount of the discount will be 10%. Employee Stock Ownership Plan Arrow maintains an ESOP, pursuant to which substantially all employees of Arrow and its subsidiaries are eligible to participate upon satisfaction of applicable service requirements. The Company makes cash contributions to the ESOP each year.
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Retirement Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefit Plans | RETIREMENT BENEFIT PLANS (Dollars in Thousands) Arrow sponsors qualified and non-qualified defined benefit pension plans and other postretirement benefit plans for its employees. Arrow maintains a non-contributory pension plan, which covers substantially all employees. Effective December 1, 2002, all active participants in the qualified defined benefit pension plan were given a one-time irrevocable election to continue participating in the traditional plan design, for which benefits were based on years of service and the participant’s final compensation (as defined), or to begin participating in the new cash balance plan design. All employees who first participate in the plan after December 1, 2002 automatically participate in the cash balance plan design. The interest credits under the cash balance plan are based on the 30-year U.S. Treasury rate in effect for November of the prior year with a minimum interest credit of 3%. The service credits under the cash balance plan are equal to 6.0% of eligible salaries for employees who become participants on or after January 1, 2003. For employees in the plan prior to January 1, 2003, the service credits are scaled based on the age of the participant, and range from 6.0% to 12.0%. The funding policy is to contribute up to the maximum amount that can be deducted for federal income tax purposes and to make all payments required under The Employee Retirement Income Security Act (ERISA). Arrow also maintains a supplemental non-qualified unfunded retirement plan to provide eligible employees of Arrow and its subsidiaries with benefits in excess of qualified plan limits imposed by federal tax law. Arrow has multiple non-pension postretirement benefit plans. The health care, dental and life insurance plans are contributory, with participants’ contributions adjusted annually. Arrow’s policy is to fund the cost of postretirement benefits based on the current cost of the underlying policies. However, the health care plan provision allows for grandfathered participants to receive automatic increases of Company contributions each year based on the increase in inflation, limited to a maximum of 5%. As of December 31, 2022, Arrow uses the sex-distinct amount-weighted Pri-2012 mortality tables for employees, healthy retirees and contingent survivors, with mortality improvements projected using Scale MP-2021 on a generational basis for the Pension Plan and the sex-distinct amount-weighted White Collar tables for employees, healthy retirees and contingent survivors, with mortality improvements projected using Scale MP-2021 on a generational basis for the Select Executive Retirement Plan. Segment interest rates of 5.09%, 5.60%, 5.41% were used in determining the present value of a lump sum payment/annuitizing cash balance accounts as of December 31, 2022. Effective January 1, 2021, GFNB amended the Arrow Financial Corporation Employees' Pension Plan (the "Plan"). The Plan change was adopted January 1, 2021 and the amendment was valued as of December 31, 2020. The Plan amendment was as follows: Effective January 1, 2021, the benefit payable to or on behalf of each participant: • whose employment with the Employer (or any predecessor Employer, except as noted below) terminated on or before January 1, 2016; • who satisfied the requirements for early, normal, or late retirement as of such termination; • who never participated in the United Vermont Bancorporation Plan; and • who is, or whose beneficiary is, receiving monthly benefit payments from the Plan as of January 1, 2021 (including a participant or beneficiary who shall commence receiving benefits from the Plan as of January 1, 2021), shall be increased by 3%. The foregoing increase was applied to the monthly benefit actually payable to the participant, or to the participant's beneficiary, as of January 1, 2021, determined after all applicable adjustments, regardless of whether such benefit had been determined under the Company's plan or the plan of a predecessor employer that had been merged into the Plan. The plan amendment caused a $351,638 increase in the projected benefit obligation creating a positive service cost which will be amortized over 9.70 years (the average expected future service of active plan participants.) Effective January 1, 2021, GFNB amended the Arrow Financial Corporation Employees' Select Executive Retirement Plan. The plan change was adopted January 1, 2021 and the amendment was valued as of December 31, 2020. The plan amendment provides a special adjustment to the monthly benefit payment for certain retirees. The plan amendment caused a $122,797 increase in the projected benefit obligation creating a positive prior service cost which will be amortized over 12.5 years. Settlement accounting is required when lump sum payments during a fiscal year exceed that fiscal year's Service Cost plus Interest Cost components of the Net Periodic Pension Cost. For 2022, the sum of the Service Cost and Interest Cost was $3.3 million and the 2022 total lump sum payments exceeded that amount by the end of the third quarter 2022. The Plan therefore recognized in the 2022 Net Periodic Pension Cost a portion of the Unamortized Net (Gain)/Loss equal to the ratio of the projected benefit obligation for the participants that received a lump sum to the total projected benefit obligation. As of December 31, 2022, the Unamortized Net Loss prior to reflecting settlement accounting was $7.2 million. The ratio of the projected benefit obligation for participants that received a lump sum to the total projected benefit obligation was 8.06%. The effect of the settlement that was recognized in the 2022 Net Periodic Pension Cost was $577 thousand, which was fully reflected in the 2022 Net Periodic Cost. Settlement accounting was not required for the nine-month period ended September 30, 2023. The following tables provide the components of net periodic benefit costs for the three and nine-month periods ended September 30, 2023 and 2022:
Footnotes: 1. Included in Salaries and Employee Benefits on the Consolidated Statements of Income 2. Included in Other Operating Expense on the Consolidated Statements of Income A contribution to the qualified pension plan was not required during the period ended September 30, 2023 and currently, additional contributions in 2023 are not expected. Arrow makes contributions to its other post-retirement benefit plans in an amount equal to benefit payments for the year.
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Earnings Per Common Share |
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Earnings Per Common Share | EARNINGS PER COMMON SHARE (In Thousands, Except Per Share Amounts) The following table presents a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per common share (EPS) for periods ended September 30, 2023 and 2022. When applicable, share and per share amounts have been adjusted for the September 26, 2023, 3% stock dividend.
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Fair Values |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values | FAIR VALUES (Dollars In Thousands) Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Subtopic 820-10 defines fair value, establishes a framework for measuring fair value in GAAP and requires certain disclosures about fair value measurements. There are no nonfinancial assets or liabilities measured at fair value on a recurring basis. The only assets or liabilities that Arrow measured at fair value on a recurring basis at September 30, 2023, December 31, 2022 and September 30, 2022 were AFS securities, equity securities and derivatives. Arrow held no securities or liabilities for trading on such dates. The table below presents the financial instrument's fair value and the amounts within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement:
The fair value of financial instruments is determined under the following hierarchy: •Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; •Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and, •Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Fair Value Methodology for Assets and Liabilities Measured on a Recurring Basis The fair value of Level 1 AFS securities are based on unadjusted, quoted market prices from exchanges in active markets. The fair value of Level 2 AFS securities are based on an independent bond and equity pricing service for identical assets or significantly similar securities and an independent equity pricing service for equity securities not actively traded. The pricing services use a variety of techniques to arrive at fair value including market maker bids, quotes and pricing models. Inputs to the pricing models include recent trades, benchmark interest rates, spreads and actual and projected cash flows. The fair value of Level 2 equities are based on the last observable price in open markets. The fair value of Level 2 equities are based on the last observable price in open markets. The fair value of Level 2 derivatives is determined using inputs that are observable in the market place obtained from third parties including yield curves, publicly available volatilities, and floating indexes. Fair Value Methodology for Assets and Liabilities Measured on a Nonrecurring Basis The fair value of collateral dependent evaluated loans and other real estate owned was based on third-party appraisals less estimated cost to sell. The appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. Other assets which might have been included in this table include mortgage servicing rights, goodwill and other intangible assets. Arrow evaluates each of these assets for impairment at least annually, with no impairment recognized for these assets at September 30, 2023, December 31, 2022 and September 30, 2022. Fair Value Methodology for Financial Instruments Not Measured on a Recurring or Nonrecurring Basis The fair value for HTM securities is determined utilizing an independent bond pricing service for identical assets or significantly similar securities. The pricing service uses a variety of techniques to arrive at fair value including market maker bids, quotes and pricing models. Inputs to the pricing models include recent trades, benchmark interest rates, spreads and actual and projected cash flows. ASU 2016-01 "Recognition and Measurement of Financial Assets and Financial Liabilities" requires that the fair value for loans must be disclosed using the "exit price" notion which is a reasonable estimate of what another party might pay in an orderly transaction. Fair values for loans are calculated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial, commercial real estate, residential mortgage, indirect auto and other consumer loans. Each loan category is further segmented into fixed and adjustable interest rate terms and by performing and nonperforming categories. The fair value of performing loans is calculated by determining the estimated future cash flow, which is the contractual cash flow adjusted for estimated prepayments. The discount rate is determined by starting with current market yields, and first adjusting for a liquidity premium. This premium is separately determined for each loan type. Then a credit loss component is determined utilizing the credit loss assumptions used in the allowance for credit loss model. Finally, a discount spread is applied separately for consumer loans vs. commercial loans based on market information and utilization of the swap curve. The fair value of time deposits is based on the discounted value of contractual cash flows, except that the fair value is limited to the extent that the customer could redeem the certificate after imposition of a premature withdrawal penalty. The discount rates are estimated using the FHLBNY yield curve, which is considered representative of Arrow’s time deposit rates. The fair value of all other deposits is equal to the carrying value. Within borrowings, the fair value of FHLBNY term advances is calculated by the FHLBNY and the fair value of the BTFP advances was determined using a discounted cash flow against the FHLB funding curve. The carrying value of all other borrowings approximate their market value. The carrying amount of FHLBNY and FRB stock approximates fair value. If the stock was redeemed, the Company will receive an amount equal to the par value of the stock. The book value of the outstanding trust preferred securities (Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts) are considered to approximate fair value since the interest rates are variable (currently indexed to SOFR) and Arrow is well-capitalized. Fair Value by Balance Sheet Grouping The following table presents a summary of the carrying amount, the fair value or an amount approximating fair value and the fair value hierarchy of Arrow’s financial instruments:
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Leases |
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Leases | LEASES (Dollars In Thousands) Arrow is a lessee in its leases, which are mainly for financial services locations in addition to leases for corporate vehicles. These leases generally require Arrow to pay third-party expenses on behalf of the Lessor, which are referred to as variable payments. Under some leases, Arrow pays the variable payments to the lessor, and in other leases, Arrow pays the variable payments directly to the applicable third party. None of Arrow's current leases include any residual value guarantees or any subleases, and there are no significant rights and obligations of Arrow for leases that have not commenced as of the reporting date. Arrow leases two of its branch offices, at market rates, from Stewart’s Shops Corp. Mr. Gary C. Dake, President of Stewart’s Shops Corp., serves as a Director on the Board of Directors of Arrow and its two subsidiary banks. The following includes quantitative data related to Arrow's leases as of and for the nine months ended September 30, 2023 and September 30, 2022:
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Leases | LEASES (Dollars In Thousands) Arrow is a lessee in its leases, which are mainly for financial services locations in addition to leases for corporate vehicles. These leases generally require Arrow to pay third-party expenses on behalf of the Lessor, which are referred to as variable payments. Under some leases, Arrow pays the variable payments to the lessor, and in other leases, Arrow pays the variable payments directly to the applicable third party. None of Arrow's current leases include any residual value guarantees or any subleases, and there are no significant rights and obligations of Arrow for leases that have not commenced as of the reporting date. Arrow leases two of its branch offices, at market rates, from Stewart’s Shops Corp. Mr. Gary C. Dake, President of Stewart’s Shops Corp., serves as a Director on the Board of Directors of Arrow and its two subsidiary banks. The following includes quantitative data related to Arrow's leases as of and for the nine months ended September 30, 2023 and September 30, 2022:
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Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (In Thousands) Arrow is exposed to certain risks arising from both its business operations and economic conditions. Arrow principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. Arrow manages economic risks, including interest rate, primarily by managing the amount, sources and duration of its assets and liabilities and through the use of derivative instruments. Specifically, Arrow enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Arrow's derivative financial instruments are used to manage differences in the amount, timing and duration of known or expected cash receipts and its known or expected cash payments principally related to certain fixed rate borrowings. Arrow also has interest rate derivatives that result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk in Arrow's assets or liabilities. Arrow manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. Derivatives Not Designated as Hedging Instruments Arrow enters into interest rate swap agreements with its commercial customers to provide them with a long-term fixed rate, while simultaneously entering into offsetting interest rate swap agreements with a counterparty to swap the fixed rate to a variable rate to manage interest rate exposure. These interest rate swap agreements are not designated as a hedge for accounting purposes. As the interest rate swap agreements have substantially equivalent and offsetting terms, they do not present any material exposure to Arrow's consolidated statements of income. Arrow records its interest rate swap agreements at fair value and is presented on a gross basis within other assets and other liabilities on the consolidated balance sheets. Changes in the fair value of assets and liabilities arising from these derivatives are included, net, in other income in the consolidated statement of income. The following table depicts the fair value adjustment recorded related to the notional amount of derivatives, not designated as hedging instruments, outstanding as well as the notional amount of the interest rate swap agreements:
Derivatives Designated as Hedging Instruments Arrow entered into two pay-fixed portfolio layer method fair value swaps, designated as hedging instruments, with a total notional amount of $250 million and $50 million, respectively, in the third quarter of 2023. Arrow is designating the fair value swaps under the portfolio layer method ("PLM"). Under PLM, the hedged items are designated as hedged layers of a closed portfolio of financial loans that are anticipated to remain outstanding for the designated hedged period. Adjustments will be made to record the swaps at fair value on the Consolidated Balance Sheets, with changes in fair value recognized in interest income. The carrying value of the fair value swaps on the Consolidated Balance Sheets will also be adjusted through interest income, based on changes in fair value attributable to changes in the hedged risk. The following table depicts the fair value adjustment recorded related to the notional amount of derivatives, designed as hedging instruments, outstanding as well as the notional amount of the interest rate swap agreements:
The following table summarizes the effect of the fair value hedging relationship recognized on the unaudited interim consolidated statement of income:
The following table represents the carrying value of the portfolio layer method hedged assets and the cumulative fair value hedging adjustment included in the carrying value of the hedged asset:
Arrow has entered into interest rate swaps to synthetically fix the variable rate interest payments associated with $20 million in outstanding subordinated trust securities. These agreements are designated as cash flow hedges. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in Accumulated Other Comprehensive Income (AOCI) and subsequently reclassified into interest expense in the same period during which the hedge transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on Arrow's Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts borrowings. The following table indicates the effect of cash flow hedge accounting on AOCI and on the unaudited interim consolidated statement of income:
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Related Party Transactions |
9 Months Ended |
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Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONSA member of the GFNB Board of Directors, is the Chief Executive Officer of the general contractor leading the multi-year renovation project to enhance and improve the downtown Glens Falls Main Campus. The recently completed reconstruction provides added energy efficiency and more collaborative work space. Through September 30, 2023, Arrow paid $2.70 million to this general contractor. GFNB is a subsidiary of Arrow. |
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Pay vs Performance Disclosure | ||||
Net Income | $ 7,743 | $ 12,163 | $ 22,352 | $ 36,712 |
Insider Trading Arrangements |
3 Months Ended |
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Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Management's Use of Estimates | Management’s Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Management utilized estimates and assumptions in its evaluation of potential impairment of Arrow's right-of-use lease assets, goodwill and intangible assets. Our most significant estimate is the allowance for credit losses. Other estimates include the fair value of financial instruments, evaluation of pension and other post-retirement liabilities, an analysis of a need for a valuation allowance for deferred tax assets and a reserve for unfunded loan commitments recorded as an other liability. Actual results could differ from those estimates. A material estimate that is particularly susceptible to significant change in the near term is the allowance for credit losses. In connection with the determination of the allowance for credit losses management obtains economic forecasts from reliable sources and appraisals for properties. The allowance for credit losses is management’s best estimate of the life of loan losses as of the balance sheet date. While management uses available information to recognize losses on loans, future adjustments to the allowance for credit losses may be necessary based on changes in economic conditions.
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Allowance for Credit Losses | Allowance for Credit Losses – Loans - Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (CECL) approach requires an estimate of the credit losses expected over the life of a loan (or pool of loans). It replaces the incurred loss approach’s threshold that required the recognition of a credit loss when it was probable that a loss event was incurred. The allowance for credit losses is a valuation account that is deducted from, or added to, the loans’ amortized cost basis to present the net lifetime amount expected to be collected on the loans. Credit losses are charged off against the allowance when management believes a loan balance is confirmed to be uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged off and expected to be charged off. Management estimates the allowance using relevant available information from internal and external sources related to past events, current conditions, and a reasonable and supportable single economic forecast. Historical credit loss experience provides the basis for the estimation of expected credit losses. Arrow's historical loss experience was supplemented with peer information when there was insufficient loss data for Arrow. Peer selection was based on a review of institutions with comparable loss experience as well as loan yield, bank size, portfolio concentration and geography. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in credit concentrations, delinquency level, collateral values and underwriting standards as well as changes in economic conditions or other relevant factors. Management judgment is required at each point in the measurement process. Portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses. Upon adoption of CECL, management revised the manner in which loans were pooled for similar risk characteristics. Management developed portfolio segments for estimating loss based on type of borrower and collateral as follows: Commercial Loans Commercial Real Estate Loans Consumer Loans Residential Loans Further details related to loan portfolio segments is included in Note 5 Loans. Historical credit loss experience for both Arrow and segment-specific peers provides the basis for the estimation of expected credit losses. Arrow utilized regression analyses of peer data, of which Arrow is included, where observed credit losses and selected economic factors were utilized to determine suitable loss drivers for modeling lifetime probability of default (PD) rates. Arrow uses the discounted cash flow (DCF) method to estimate expected credit losses for the commercial, commercial real estate, and residential segments. For each of these loan segments, Arrow generates cash flow projections at the instrument level wherein payment expectations are adjusted for estimated prepayment speed, curtailments, time to recovery, PD, and segment-specific loss given default (LGD) risk factors. The modeling of expected prepayment speeds, curtailment rates, and time to recovery are based on historical internal data and adjusted, if necessary, based on the reasonable and supportable forecast of economic conditions. For the loan segments utilizing the DCF method, (commercial, commercial real estate, and residential) management utilizes externally developed economic forecast of the following economic factors as loss drivers: national unemployment, gross domestic product and Case-Shiller U.S. National Home Price Index ("HPI"). The economic forecast is applied over a reasonable and supportable forecast period. Arrow utilizes a six quarter reasonable and supportable forecast period with an eight quarter reversion to the historic mean on a straight-line basis. The combination of adjustments for credit expectations (default and loss) and timing expectations (prepayment, curtailment, and time to recovery) produces an expected cash flow stream at the instrument level. Instrument effective yield is calculated, net of the impacts of prepayment assumptions, and the instrument expected cash flows are then discounted at that effective yield to produce an instrument-level net present value (NPV) of expected cash flows. An allowance for credit loss is established for the difference between the instrument’s NPV and amortized cost basis. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring (TDR) will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by Arrow. Arrow uses the vintage analysis method to estimate expected credit losses for the consumer loan segment. The vintage method was selected since the loans within the consumer loan segment are homogeneous, not just by risk characteristic, but by loan structure. Under the vintage analysis method, a loss rate is calculated based on the quarterly net charge-offs to the outstanding loan balance for each vintage year over the lookback period. Once this periodic loss rate is calculated for each quarter in the lookback period, the periodic rates are averaged into the loss rate. The loss rate is then applied to the outstanding loan balances based on the loan's vintage year. Arrow maintains, over the life of the loan, the loss curve by vintage year. If estimated losses computed by the vintage method need to be adjusted based on current conditions and the reasonable and supportable economic forecast, these adjustments would be incorporated over a six quarter reasonable and supportable forecast period, reverting to historical losses using a straight-line method over an eight quarter period. Based on current conditions and the reasonable and supportable economic forecast, no adjustment to the loss rate for each vintage is currently required. The vintage and DCF models also consider the need to qualitatively adjust expected loss estimates for information not already captured in the quantitative loss estimation process. Qualitative considerations include limitations inherent in the quantitative model; trends experienced in nonperforming and delinquent loans; changes in value of underlying collateral; changes in lending policies and procedures; nature and composition of loans; portfolio concentrations that may affect loss experience across one or more components or the portfolio; the experience, ability and depth of lending management and staff; Arrow's credit review system; and the effect of external factors such as competition, legal and regulatory requirements. These qualitative factor adjustments may increase or decrease Arrow's estimate of expected credit losses so that the allowance for credit loss is reflective of the estimate of lifetime losses that exist in the loan portfolio at the balance sheet date. All loans not included in the vintage analysis method that exceed $250,000 which are on nonaccrual, are evaluated on an individual basis. For collateral dependent financial assets where Arrow has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and Arrow expects repayment of the financial asset to be provided substantially through the operation or sale of the collateral, Arrow has elected a practical expedient to measure the allowance for credit loss as the difference between the fair value of the collateral less cost to sell, and the amortized cost basis of the asset as of the measurement date. In the event the repayment of a collateral dependent financial asset is expected to be provided substantially through the operating of the collateral, Arrow will use fair value of the collateral at the reporting date when recording the net carrying amount of the asset and determining the allowance for credit losses. When repayment is expected to be from the sale of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the financial asset exceeds the fair value of the underlying collateral less estimated cost to sell. The allowance for credit losses may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the financial asset. ASU No. 2022-02, “Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”), was issued in March 2022 to provide updates on the accounting treatment for TDRs and related disclosures requirements, as well as modifying the disclosure requirement associated with the existing credit quality indicators “vintage” disclosure. With respect to TDRs, ASU 2022-02 eliminates the recognition and measurement guidance for TDRs under current GAAP and instead requires that Arrow evaluate whether the modification represents a new loan or a continuation of an existing loan, consistent with the current GAAP treatment for other loan modifications. In addition, ASU 2022-02 eliminates existing disclosure requirements on TDRs and replaces with enhanced disclosure requirements related to certain loan modifications made to borrowers experiencing financial difficulty. ASU 2022-02 also provides an update to the existing credit quality indicators “vintage” tabular disclosure requiring current period gross write-offs to be disclosed by year of origination for each loan segment. The provisions of ASU 2022-02 were effective January 1, 2023 and Arrow adopted the provisions on a prospective basis. Historical disclosures on TDRs were removed from this report in accordance with the provisions of this ASU. The adoption of this ASU did not have a material impact on the consolidated financial statements. Estimated Credit Losses on Off-Balance Sheet Credit Exposures Recognized as Other Liabilities - Arrow estimates expected credit losses over the contractual period in which Arrow has exposure to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by Arrow. The allowance for credit losses on off-balance sheet credit exposures recognized in other liabilities, is adjusted as an expense in other non-interest expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over their estimated lives. Estimating credit losses on unfunded commitments requires Arrow to consider the following categories of off-balance sheet credit exposure: unfunded commitments to extend credit, unfunded lines of credit, and standby letters of credit. Each of these unfunded commitments is then analyzed for a probability of funding to calculate a probable funding amount. The life of loan loss factor by related portfolio segment from the loan allowance for credit loss calculation is then applied to the probable funding amount to calculate the estimated credit losses on off-balance sheet credit exposures recognized as other liabilities. Accrued Interest Receivable - Upon adoption of CECL on January 1, 2021, Arrow made the following elections regarding accrued interest receivable: (1) presented accrued interest receivable balances separately within the other assets balance sheet line item; (2) excluded interest receivable that is included in amortized cost of financing receivables from related disclosures requirements and (3) continued its policy to write off accrued interest receivable by reversing interest income. For loans, write off typically occurs upon becoming over 90 to 120 days past due and therefore the amount of such write offs are immaterial. Historically, Arrow has not experienced uncollectible accrued interest receivable on investment securities. Allowance for Credit Losses – Held-to-Maturity (HTM) Debt Securities - Arrow's HTM debt securities are also required to utilize the CECL approach to estimate expected credit losses. Management measures expected credit losses on HTM debt securities on a collective basis by major security types that share similar risk characteristics, such as financial asset type and collateral type adjusted for current conditions and reasonable and supportable forecasts. Management classifies the HTM portfolio into the following major security types: U.S. government agency or U.S. government sponsored mortgage-backed and collateralized mortgage obligations securities, and state and municipal debt securities. The mortgage-backed and collateralized mortgage obligations HTM securities are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government as to timely repayment of principal and interest, are highly rated by major rating agencies, and have a long history of no credit losses. Therefore, Arrow did not record a credit loss for these securities. State and municipal bonds carry an investment grade from an accredited ratings agency, primarily with an investment grade rating. In addition, Arrow has a limited amount of New York state local municipal bonds that are not rated. The estimate of expected credit losses on the HTM portfolio is based on the expected cash flows of each individual CUSIP over its contractual life and utilized a municipal loss forecast model for determining PD and LGD rates. Management may exercise discretion to make adjustments based on environmental factors. A calculated expected credit loss for individual securities was determined using the PD and LGD rates. Arrow determined that the expected credit loss on its municipal bond portfolio was de minimis, and therefore, an allowance for credit losses was not recorded. Allowance for Credit Losses – Available-for-Sale (AFS) Debt Securities - The impairment model for AFS debt securities differs from the CECL approach utilized by HTM debt securities since AFS debt securities are measured at fair value rather than amortized cost. For AFS debt securities in an unrealized loss position, Arrow first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For AFS debt securities that do not meet the aforementioned criteria, in making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, adverse conditions specifically related to the security, failure of the issuer of the debt security to make scheduled interest or principal payments, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. The cash flows are estimated using information relevant to the collectability of the security, including information about past events, current conditions and reasonable and supportable forecasts. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Investments in Federal Reserve Bank ("FRB") and Federal Home Loan Bank ("FHLB") stock are required for membership in those organizations and are carried at cost since there is no market value available. The FHLB New York ("FHLBNY") continues to pay dividends and repurchase stock. As such, the Company has not recognized any impairment on its holdings of FRB and FHLB stock.
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Cash and Cash Equivalents (Tables) |
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Cash and Cash Equivalents [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and Cash Equivalents |
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Restrictions on Cash and Cash Equivalents |
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Investment Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities, Available-For-Sale | The following table is the schedule of Available-For-Sale Securities at September 30, 2023, December 31, 2022 and September 30, 2022:
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Held-To-Maturity Securities | The following table is the schedule of Held-To-Maturity Securities at September 30, 2023, December 31, 2022 and September 30, 2022:
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Debt Securities, Trading, and Equity Securities, FV-NI | The following table is the schedule of Equity Securities at September 30, 2023, December 31, 2022 and September 30, 2022:
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Unrealized Gain (Loss) on Investments | The following is a summary of realized and unrealized gains and losses recognized in net income on equity securities during the three and nine month periods ended September 30, 2023 and 2022:
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Loans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due Financing Receivables | The following two tables present loan balances outstanding as of September 30, 2023 and an analysis of the recorded investment in loans that are past due at these dates. Generally, Arrow considers a loan past due 30 or more days when the borrower is two payments past due. Loans held-for-sale of $165, $656 and $483 as of September 30, 2023, December 31, 2022 and September 30, 2022, respectively, are included in the residential real estate balances for current loans.
The increase in loans past due 30-59 days within Commercial Real Estate is primarily attributable to one commercial loan relationship. The Company is actively working with the borrower to allow the borrower to stabilize the property’s cash flow. The property's collateral value exceeds the loan exposure.
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Allowance for Credit Losses on Financing Receivables | The following table details activity in the allowance for credit losses on loans for the three and nine months ended September 30, 2023 and September 30, 2022:
The following tables present the amortized cost basis of collateral-dependent loans by class of loans as of September 30, 2023, December 31, 2022 and September 30, 2022:
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Financing Receivable Credit Quality Indicators | The following tables present credit quality indicators by total loans amortized cost basis by origination year as of September 30, 2023, December 31, 2022 and September 30, 2022:
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Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Schedule of Borrowings:
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Schedule of Maturities of Short-Term Debt | Maturity Schedule of FHLBNY Term Advances:
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Schedule of Long-Term Debt Instruments | Schedule of Guaranteed Preferred Beneficial Interests in Corporation's Junior Subordinated Debentures
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Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Guarantor Obligations | The following table presents the notional amount and fair value of Arrow's off-balance sheet commitments to extend credit and commitments under standby letters of credit as of September 30, 2023, December 31, 2022 and September 30, 2022:
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Comprehensive Loss (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Comprehensive Income | The following table presents the components of other comprehensive loss for the three and nine month periods ended September 30, 2023 and 2022:
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Changes in Accumulated Other Comprehensive Income By Component | The following table presents the changes in accumulated other comprehensive (loss) income by component:
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Reclassification out of Accumulated Other Comprehensive Income | The following table presents the reclassifications out of accumulated other comprehensive income or loss:
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Stock-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table summarizes information about stock option activity for the year to date period ended September 30, 2023:
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Schedule of Stock Options Roll Forward | The following table summarizes information about stock option activity for the year to date period ended September 30, 2023:
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Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table presents information on the amounts expensed related to stock options for the three and nine month periods ended September 30, 2023 and 2022:
The following table presents information on the amounts expensed related to restricted stock units for the periods ended September 30, 2023 and 2022:
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Schedule of Nonvested Restricted Stock Units Activity | The following table summarizes information about restricted stock unit activity for the periods ended September 30, 2023 and 2022:
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Retirement Benefit Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | The following tables provide the components of net periodic benefit costs for the three and nine-month periods ended September 30, 2023 and 2022:
Footnotes: 1. Included in Salaries and Employee Benefits on the Consolidated Statements of Income 2. Included in Other Operating Expense on the Consolidated Statements of Income
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Earnings Per Common Share (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table presents a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per common share (EPS) for periods ended September 30, 2023 and 2022. When applicable, share and per share amounts have been adjusted for the September 26, 2023, 3% stock dividend.
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Fair Values (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring | The table below presents the financial instrument's fair value and the amounts within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement:
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Fair Value, by Balance Sheet Grouping | The following table presents a summary of the carrying amount, the fair value or an amount approximating fair value and the fair value hierarchy of Arrow’s financial instruments:
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Leases (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost | The following includes quantitative data related to Arrow's leases as of and for the nine months ended September 30, 2023 and September 30, 2022:
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Lessee, Operating Lease, Liability, Maturity |
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Finance Lease, Liability, Maturity |
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Derivative Instruments and Hedging Activities (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments | The following table depicts the fair value adjustment recorded related to the notional amount of derivatives, not designated as hedging instruments, outstanding as well as the notional amount of the interest rate swap agreements:
The following table represents the carrying value of the portfolio layer method hedged assets and the cumulative fair value hedging adjustment included in the carrying value of the hedged asset:
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Derivative Instruments, Gain (Loss) | The following table summarizes the effect of the fair value hedging relationship recognized on the unaudited interim consolidated statement of income:
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Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table indicates the effect of cash flow hedge accounting on AOCI and on the unaudited interim consolidated statement of income:
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Risks and Uncertainties (Details) |
9 Months Ended |
---|---|
Sep. 30, 2023
bank
subsidiaryBusinessTrust
| |
Risks and Uncertainties [Abstract] | |
Number of banks | bank | 2 |
Number of business subsidiary trusts | subsidiaryBusinessTrust | 2 |
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|
Cash and Cash Equivalents [Abstract] | ||||
Cash and Due From Banks | $ 39,778 | $ 31,886 | $ 44,872 | |
Interest-Bearing Deposits at Banks | 254,961 | 32,774 | 328,557 | |
Total Cash and Cash Equivalents | $ 294,739 | $ 64,660 | $ 373,429 | $ 457,696 |
Investment Securities - Available for Sale (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
security
|
Dec. 31, 2022
USD ($)
security
|
Sep. 30, 2022
USD ($)
security
|
---|---|---|---|
Available-For-Sale Securities | |||
Available-For-Sale Securities, at Amortized Cost | $ 589,603 | $ 639,095 | $ 646,825 |
Gross Unrealized Gains | 1 | 80 | 3 |
Gross Unrealized Losses | (70,364) | (65,680) | (71,774) |
Available-for-Sale at Fair Value | 519,240 | 573,495 | 575,054 |
Maturities of Debt Securities, at Amortized Cost: | |||
Within One Year | 15,586 | ||
From 1 - 5 Years | 390,671 | ||
From 5 - 10 Years | 183,346 | ||
Over 10 Years | 0 | ||
Maturities of Debt Securities, at Fair Value: | |||
Within One Year | 15,305 | ||
From 1 - 5 Years | 355,384 | ||
From 5 - 10 Years | 148,551 | ||
Over 10 Years | 0 | ||
Securities in a Continuous Loss Position, at Fair Value: | |||
Less than 12 Months | 26,176 | 250,558 | 345,910 |
12 Months or Longer | 492,496 | 293,555 | 228,674 |
Total | $ 518,672 | $ 544,113 | $ 574,584 |
Number of Securities in a Continuous Loss Position | security | 180 | 174 | 181 |
Unrealized Losses on Securities in a Continuous Loss Position: | |||
Less than 12 Months | $ 403 | $ 22,066 | $ 34,102 |
12 Months or Longer | 69,961 | 43,614 | 37,672 |
Total | 70,364 | 65,680 | 71,774 |
Collateral Pledged | |||
Available-For-Sale Securities | |||
Available-For-Sale Securities, Pledged as Collateral, at Fair Value | 390,923 | 308,266 | 414,929 |
U.S. Government & Agency Obligations | |||
Available-For-Sale Securities | |||
Available-For-Sale Securities, at Amortized Cost | 190,000 | 190,000 | 180,000 |
Gross Unrealized Gains | 0 | 15 | 0 |
Gross Unrealized Losses | (13,579) | (14,816) | (16,035) |
Available-for-Sale at Fair Value | 176,421 | 175,199 | 163,965 |
Maturities of Debt Securities, at Amortized Cost: | |||
Within One Year | 15,000 | ||
From 1 - 5 Years | 175,000 | ||
From 5 - 10 Years | 0 | ||
Over 10 Years | 0 | ||
Maturities of Debt Securities, at Fair Value: | |||
Within One Year | 14,736 | ||
From 1 - 5 Years | 161,685 | ||
From 5 - 10 Years | 0 | ||
Over 10 Years | 0 | ||
Securities in a Continuous Loss Position, at Fair Value: | |||
Less than 12 Months | 14,914 | 66,690 | 71,419 |
12 Months or Longer | 161,506 | 93,493 | 92,545 |
Total | $ 176,420 | $ 160,183 | $ 163,964 |
Number of Securities in a Continuous Loss Position | security | 25 | 23 | 24 |
Unrealized Losses on Securities in a Continuous Loss Position: | |||
Less than 12 Months | $ 86 | $ 3,310 | $ 3,581 |
12 Months or Longer | 13,493 | 11,506 | 12,454 |
Total | 13,579 | 14,816 | 16,035 |
U.S. Government & Agency Obligations | Agency Securities | |||
Available-For-Sale Securities | |||
Available-For-Sale Securities, at Amortized Cost | 190,000 | 190,000 | 180,000 |
Available-for-Sale at Fair Value | 176,421 | 175,199 | 163,965 |
State and Municipal Obligations | |||
Available-For-Sale Securities | |||
Available-For-Sale Securities, at Amortized Cost | 280 | 340 | 340 |
Gross Unrealized Gains | 0 | 0 | 0 |
Gross Unrealized Losses | 0 | 0 | 0 |
Available-for-Sale at Fair Value | 280 | 340 | 340 |
Maturities of Debt Securities, at Amortized Cost: | |||
Within One Year | 0 | ||
From 1 - 5 Years | 0 | ||
From 5 - 10 Years | 280 | ||
Over 10 Years | 0 | ||
Maturities of Debt Securities, at Fair Value: | |||
Within One Year | 0 | ||
From 1 - 5 Years | 0 | ||
From 5 - 10 Years | 280 | ||
Over 10 Years | 0 | ||
Securities in a Continuous Loss Position, at Fair Value: | |||
Less than 12 Months | 0 | 0 | 0 |
12 Months or Longer | 0 | 0 | 0 |
Total | $ 0 | $ 0 | $ 0 |
Number of Securities in a Continuous Loss Position | security | 0 | 0 | 0 |
Unrealized Losses on Securities in a Continuous Loss Position: | |||
Less than 12 Months | $ 0 | $ 0 | $ 0 |
12 Months or Longer | 0 | 0 | 0 |
Total | 0 | 0 | 0 |
State and Municipal Obligations | Municipal Bonds | |||
Available-For-Sale Securities | |||
Available-For-Sale Securities, at Amortized Cost | 280 | 340 | 340 |
Available-for-Sale at Fair Value | 280 | 340 | 340 |
Mortgage- Backed Securities | |||
Available-For-Sale Securities | |||
Available-For-Sale Securities, at Amortized Cost | 398,323 | 447,755 | 465,485 |
Gross Unrealized Gains | 1 | 65 | 3 |
Gross Unrealized Losses | (56,585) | (50,664) | (55,539) |
Available-for-Sale at Fair Value | 341,739 | 397,156 | 409,949 |
Maturities of Debt Securities, at Amortized Cost: | |||
Within One Year | 586 | ||
From 1 - 5 Years | 215,671 | ||
From 5 - 10 Years | 182,066 | ||
Over 10 Years | 0 | ||
Maturities of Debt Securities, at Fair Value: | |||
Within One Year | 569 | ||
From 1 - 5 Years | 193,699 | ||
From 5 - 10 Years | 147,471 | ||
Over 10 Years | 0 | ||
Securities in a Continuous Loss Position, at Fair Value: | |||
Less than 12 Months | 11,262 | 183,868 | 274,491 |
12 Months or Longer | 330,190 | 199,262 | 135,329 |
Total | $ 341,452 | $ 383,130 | $ 409,820 |
Number of Securities in a Continuous Loss Position | security | 154 | 150 | 156 |
Unrealized Losses on Securities in a Continuous Loss Position: | |||
Less than 12 Months | $ 317 | $ 18,756 | $ 30,521 |
12 Months or Longer | 56,268 | 31,908 | 25,018 |
Total | 56,585 | 50,664 | 55,539 |
Mortgage- Backed Securities | US Government Agencies Debt Securities | |||
Available-For-Sale Securities | |||
Available-For-Sale Securities, at Amortized Cost | 7,416 | 7,934 | 8,243 |
Available-for-Sale at Fair Value | 6,885 | 7,433 | 7,842 |
Mortgage- Backed Securities | US Government-sponsored Enterprises Debt Securities | |||
Available-For-Sale Securities | |||
Available-For-Sale Securities, at Amortized Cost | 390,907 | 439,821 | 457,242 |
Available-for-Sale at Fair Value | 334,854 | 389,723 | 402,107 |
Corporate and Other Debt Securities | |||
Available-For-Sale Securities | |||
Available-For-Sale Securities, at Amortized Cost | 1,000 | 1,000 | 1,000 |
Gross Unrealized Gains | 0 | 0 | 0 |
Gross Unrealized Losses | (200) | (200) | (200) |
Available-for-Sale at Fair Value | 800 | 800 | 800 |
Maturities of Debt Securities, at Amortized Cost: | |||
Within One Year | 0 | ||
From 1 - 5 Years | 0 | ||
From 5 - 10 Years | 1,000 | ||
Over 10 Years | 0 | ||
Maturities of Debt Securities, at Fair Value: | |||
Within One Year | 0 | ||
From 1 - 5 Years | 0 | ||
From 5 - 10 Years | 800 | ||
Over 10 Years | 0 | ||
Securities in a Continuous Loss Position, at Fair Value: | |||
Less than 12 Months | 0 | 0 | 0 |
12 Months or Longer | 800 | 800 | 800 |
Total | $ 800 | $ 800 | $ 800 |
Number of Securities in a Continuous Loss Position | security | 1 | 1 | 1 |
Unrealized Losses on Securities in a Continuous Loss Position: | |||
Less than 12 Months | $ 0 | $ 0 | $ 0 |
12 Months or Longer | 200 | 200 | 200 |
Total | 200 | 200 | 200 |
Corporate and Other Debt Securities | Corporate Trust Preferred Securities | |||
Available-For-Sale Securities | |||
Available-For-Sale Securities, at Amortized Cost | 1,000 | 1,000 | 1,000 |
Available-for-Sale at Fair Value | $ 800 | $ 800 | $ 800 |
Investment Securities - Held to Maturity (Details) |
3 Months Ended | ||
---|---|---|---|
Sep. 30, 2023
USD ($)
security
|
Dec. 31, 2022
USD ($)
security
|
Sep. 30, 2022
USD ($)
security
|
|
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt securities, available-for-sale, allowance for credit loss, excluding accrued interest | $ 0 | ||
Held-To-Maturity Securities, at Amortized Cost | 140,577,000 | $ 175,364,000 | $ 182,178,000 |
Gross Unrealized Gains | 0 | 1,000 | 1,000 |
Gross Unrealized Losses | (5,766,000) | (3,742,000) | (6,379,000) |
Held-To-Maturity Securities, at Fair Value | 134,811,000 | 171,623,000 | 175,800,000 |
Maturities of Debt Securities, at Amortized Cost: | |||
Within One Year | 56,686,000 | ||
From 1 - 5 Years | 81,554,000 | ||
From 5 - 10 Years | 2,308,000 | ||
Over 10 Years | 29,000 | ||
Maturities of Debt Securities, at Fair Value: | |||
Within One Year | 55,883,000 | ||
From 1 - 5 Years | 76,714,000 | ||
From 5 - 10 Years | 2,185,000 | ||
Over 10 Years | 29,000 | ||
Securities in a Continuous Loss Position, at Fair Value: | |||
Less than 12 Months | 1,575,000 | 148,926,000 | 153,083,000 |
12 Months or Longer | 117,090,000 | 0 | 0 |
Total | $ 118,665,000 | $ 148,926,000 | $ 153,083,000 |
Number of Securities in a Continuous Loss Position | security | 355 | 413 | 435,000 |
Unrealized Losses on Securities in a Continuous Loss Position: | |||
Less than 12 Months | $ 86,000 | $ 3,742,000 | $ 6,379,000 |
12 Months or Longer | 5,680,000 | 0 | 0 |
Total | 5,766,000 | 3,742,000 | 6,379,000 |
Debt securities, available-for-sale, excluding accrued interest, allowance for credit loss, not to sell before recovery, credit loss, previously recorded, expense (reversal) | 0 | ||
Debt securities, held-to-maturity, allowance for credit loss, excluding accrued interest | 0 | ||
Equity Securities | 1,960,000 | 2,174,000 | 2,126,000 |
State and Municipal Obligations | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-To-Maturity Securities, at Amortized Cost | 131,017,000 | 163,600,000 | 169,619,000 |
Gross Unrealized Gains | 0 | 1,000 | 1,000 |
Gross Unrealized Losses | (5,204,000) | (3,131,000) | (5,771,000) |
Held-To-Maturity Securities, at Fair Value | 125,813,000 | 160,470,000 | 163,849,000 |
Maturities of Debt Securities, at Amortized Cost: | |||
Within One Year | 56,686,000 | ||
From 1 - 5 Years | 71,994,000 | ||
From 5 - 10 Years | 2,308,000 | ||
Over 10 Years | 29,000 | ||
Maturities of Debt Securities, at Fair Value: | |||
Within One Year | 55,883,000 | ||
From 1 - 5 Years | 67,716,000 | ||
From 5 - 10 Years | 2,185,000 | ||
Over 10 Years | 29,000 | ||
Securities in a Continuous Loss Position, at Fair Value: | |||
Less than 12 Months | 1,575,000 | 137,773,000 | 141,132,000 |
12 Months or Longer | 108,092,000 | 0 | 0 |
Total | $ 109,667,000 | $ 137,773,000 | $ 141,132,000 |
Number of Securities in a Continuous Loss Position | security | 339 | 397 | 419,000 |
Unrealized Losses on Securities in a Continuous Loss Position: | |||
Less than 12 Months | $ 86,000 | $ 3,131,000 | $ 5,771,000 |
12 Months or Longer | 5,118,000 | 0 | 0 |
Total | 5,204,000 | 3,131,000 | 5,771,000 |
Mortgage-Backed Securities - Residential | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-To-Maturity Securities, at Amortized Cost | 9,560,000 | 11,764,000 | 12,559,000 |
Gross Unrealized Gains | 0 | 0 | 0 |
Gross Unrealized Losses | (562,000) | (611,000) | (608,000) |
Held-To-Maturity Securities, at Fair Value | 8,998,000 | 11,153,000 | 11,951,000 |
Maturities of Debt Securities, at Amortized Cost: | |||
Within One Year | 0 | ||
From 1 - 5 Years | 9,560,000 | ||
From 5 - 10 Years | 0 | ||
Over 10 Years | 0 | ||
Maturities of Debt Securities, at Fair Value: | |||
Within One Year | 0 | ||
From 1 - 5 Years | 8,998,000 | ||
From 5 - 10 Years | 0 | ||
Over 10 Years | 0 | ||
Securities in a Continuous Loss Position, at Fair Value: | |||
Less than 12 Months | 0 | 11,153,000 | 11,951,000 |
12 Months or Longer | 8,998,000 | 0 | 0 |
Total | $ 8,998,000 | $ 11,153,000 | $ 11,951,000 |
Number of Securities in a Continuous Loss Position | security | 16 | 16 | 16,000 |
Unrealized Losses on Securities in a Continuous Loss Position: | |||
Less than 12 Months | $ 0 | $ 611,000 | $ 608,000 |
12 Months or Longer | 562,000 | 0 | 0 |
Total | 562,000 | 611,000 | 608,000 |
Fair Value, Measurements, Recurring | |||
Unrealized Losses on Securities in a Continuous Loss Position: | |||
Equity Securities | 1,960,000 | 2,174,000 | 2,126,000 |
Collateral Pledged | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-To-Maturity Securities, Pledged as Collateral, at Carrying Value | 117,723,000 | 146,722,000 | 159,742,000 |
Held-To-Maturity Securities, Pledged as Collateral, at Fair Value | 111,957,000 | 142,982,000 | 153,364,000 |
US Government Agencies Debt Securities | Mortgage-Backed Securities - Residential | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-To-Maturity Securities, at Amortized Cost | 3,292,000 | 3,898,000 | 4,115,000 |
US Government Agencies Debt Securities | Fair Value, Measurements, Recurring | Mortgage-Backed Securities - Residential | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-To-Maturity Securities, at Fair Value | 3,075,000 | 3,687,000 | 3,924,000 |
US Government-sponsored Enterprises Debt Securities | Mortgage-Backed Securities - Residential | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-To-Maturity Securities, at Amortized Cost | 6,268,000 | 7,866,000 | 8,444,000 |
US Government-sponsored Enterprises Debt Securities | Fair Value, Measurements, Recurring | Mortgage-Backed Securities - Residential | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-To-Maturity Securities, at Fair Value | 5,923,000 | 7,466,000 | 8,027,000 |
Municipal Bonds | State and Municipal Obligations | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-To-Maturity Securities, at Amortized Cost | 131,017,000 | 163,600,000 | 169,619,000 |
Municipal Bonds | Fair Value, Measurements, Recurring | State and Municipal Obligations | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-To-Maturity Securities, at Fair Value | $ 125,813,000 | $ 160,470,000 | $ 163,849,000 |
Investment Securities - Unrealized Gains (Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Net (Loss) Gain on Equity Securities | $ 71 | $ 95 | $ (214) | $ 379 |
Less: Net gain recognized during the reporting period on equity securities sold during the period | 0 | 0 | 0 | 0 |
Unrealized net (loss) gain recognized during the reporting period on equity securities still held at the reporting date | $ 71 | $ 95 | $ (214) | $ 379 |
Loans - Loan Categories and Past Due Loans (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
|
Financing Receivable, Past Due [Line Items] | |||
Loans receivable held-for-sale, net, not part of disposal group | $ 165 | $ 656 | $ 483 |
Total | 3,138,617 | 2,983,207 | 2,924,794 |
Loans 90 or More Days Past Due and Still Accruing Interest | 251 | 1,157 | 514 |
Nonaccrual Loans | 6,023 | 10,757 | 8,812 |
Nonaccrual With No Allowance for Credit Loss | 6,023 | ||
Interest Income on Nonaccrual Loans | 0 | ||
Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 148,066 | 140,293 | 138,973 |
Loans 90 or More Days Past Due and Still Accruing Interest | 0 | 44 | 0 |
Nonaccrual Loans | 3 | 8 | 9 |
Nonaccrual With No Allowance for Credit Loss | 3 | ||
Interest Income on Nonaccrual Loans | 0 | ||
Commercial Real Estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 734,604 | 707,022 | 679,217 |
Loans 90 or More Days Past Due and Still Accruing Interest | 0 | 0 | 0 |
Nonaccrual Loans | 0 | 3,110 | 3,401 |
Nonaccrual With No Allowance for Credit Loss | 0 | ||
Interest Income on Nonaccrual Loans | 0 | ||
Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,107,637 | 1,065,135 | 1,055,585 |
Loans 90 or More Days Past Due and Still Accruing Interest | 0 | 0 | 0 |
Nonaccrual Loans | 1,572 | 3,503 | 1,708 |
Nonaccrual With No Allowance for Credit Loss | 1,572 | ||
Interest Income on Nonaccrual Loans | 0 | ||
Residential | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,148,310 | 1,070,757 | 1,051,019 |
Loans 90 or More Days Past Due and Still Accruing Interest | 251 | 1,113 | 514 |
Nonaccrual Loans | 4,448 | 4,136 | 3,694 |
Nonaccrual With No Allowance for Credit Loss | 4,448 | ||
Interest Income on Nonaccrual Loans | 0 | ||
Financial Asset, Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 39,375 | 28,907 | 20,522 |
Financial Asset, Past Due | Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 309 | 125 | 166 |
Financial Asset, Past Due | Commercial Real Estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 15,764 | 370 | 235 |
Financial Asset, Past Due | Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 18,321 | 21,677 | 14,975 |
Financial Asset, Past Due | Residential | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 4,981 | 6,735 | 5,146 |
Financing Receivables, 30 to 59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 27,590 | 15,908 | 9,349 |
Financing Receivables, 30 to 59 Days Past Due | Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 247 | 48 | 86 |
Financing Receivables, 30 to 59 Days Past Due | Commercial Real Estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 13,787 | 370 | 0 |
Financing Receivables, 30 to 59 Days Past Due | Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 11,864 | 13,657 | 8,870 |
Financing Receivables, 30 to 59 Days Past Due | Residential | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,692 | 1,833 | 393 |
Financing Receivables, 60 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 7,007 | 4,662 | 5,743 |
Financing Receivables, 60 to 89 Days Past Due | Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 59 | 33 | 80 |
Financing Receivables, 60 to 89 Days Past Due | Commercial Real Estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,977 | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due | Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 4,953 | 4,517 | 4,397 |
Financing Receivables, 60 to 89 Days Past Due | Residential | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 18 | 112 | 1,266 |
Financing Receivables, Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 4,778 | 8,337 | 5,430 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 3 | 44 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial Real Estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 0 | 235 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,504 | 3,503 | 1,708 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Residential | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 3,271 | 4,790 | 3,487 |
Financial Asset, Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 3,099,242 | 2,954,300 | 2,904,272 |
Financial Asset, Not Past Due | Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 147,757 | 140,168 | 138,807 |
Financial Asset, Not Past Due | Commercial Real Estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 718,840 | 706,652 | 678,982 |
Financial Asset, Not Past Due | Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,089,316 | 1,043,458 | 1,040,610 |
Financial Asset, Not Past Due | Residential | |||
Financing Receivable, Past Due [Line Items] | |||
Total | $ 1,143,329 | $ 1,064,022 | $ 1,045,873 |
Loans - Additional Information (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023
USD ($)
loan_portfolio
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
loan_portfolio
|
Sep. 30, 2022
USD ($)
|
|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Number of loan portfolios | loan_portfolio | 4 | 4 | ||
Provision | $ 354 | $ 1,715 | $ 2,856 | $ 3,389 |
Off-balance sheet, credit loss, liability | 1,700 | 1,700 | ||
Residential | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision | 306 | 509 | 974 | 425 |
Residential | Contractual Interest Rate Reduction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans modified during period, amount | 1,500 | |||
Monthly impact of loans modified during period | 10 | |||
Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision | 301 | $ 692 | 1,640 | $ 1,505 |
Mortgage loans in process of foreclosure, amount | $ 2,800 | $ 2,800 | ||
Consumer | Minimum | Automobile Loan | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Principal repayment terms, period | 3 years | |||
Consumer | Minimum | Credit Card Receivable | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Principal repayment terms, period | 1 year | |||
Consumer | Maximum | Automobile Loan | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Principal repayment terms, period | 7 years | |||
Consumer | Maximum | Credit Card Receivable | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Principal repayment terms, period | 5 years |
Loans - Allowance for Loan Losses (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
loan
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
loan
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
Rollforward of the Allowance for Credit Losses for the Quarterly Period: | |||||
Allowance for Loan Losses, Beginning balance | $ 31,170 | $ 28,090 | $ 29,952 | $ 27,281 | |
Charge-offs | (1,204) | (1,147) | (3,812) | (2,883) | |
Recoveries | 792 | 574 | 2,116 | 1,445 | |
Provision | 354 | 1,715 | 2,856 | 3,389 | |
Allowance for Loan Losses, Ending balance | $ 31,112 | 29,232 | $ 31,112 | 29,232 | |
Number of loans individually evaluated for impairment | loan | 4 | 4 | |||
Number of loans with an allowance for credit loss on loans individually evaluated for impairment | loan | 0 | 0 | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||
Ending Loan Balance - Collectively Evaluated | $ 3,136,668 | 2,920,134 | $ 3,136,668 | 2,920,134 | $ 2,978,134 |
Allowance for Credit Losses - Loans Collectively Evaluated | 31,112 | 29,232 | 31,112 | 29,232 | 29,952 |
Ending Loan Balance - Individually Evaluated | 1,949 | 4,660 | 1,949 | 4,660 | 5,073 |
Allowance for Credit Losses - Loans Individually Evaluated | 0 | 0 | 0 | 0 | 0 |
Commercial | |||||
Rollforward of the Allowance for Credit Losses for the Quarterly Period: | |||||
Charge-offs | 0 | ||||
Commercial Real Estate | |||||
Rollforward of the Allowance for Credit Losses for the Quarterly Period: | |||||
Charge-offs | 0 | ||||
Consumer | |||||
Rollforward of the Allowance for Credit Losses for the Quarterly Period: | |||||
Allowance for Loan Losses, Beginning balance | 2,646 | 2,358 | 2,585 | 2,402 | |
Charge-offs | (1,204) | (1,103) | (3,806) | (2,805) | |
Recoveries | 792 | 574 | 2,116 | 1,419 | |
Provision | 301 | 692 | 1,640 | 1,505 | |
Allowance for Loan Losses, Ending balance | 2,535 | 2,521 | 2,535 | 2,521 | |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||
Ending Loan Balance - Collectively Evaluated | 1,107,637 | 1,055,585 | 1,107,637 | 1,055,585 | 1,065,135 |
Allowance for Credit Losses - Loans Collectively Evaluated | 2,535 | 2,521 | 2,535 | 2,521 | 2,585 |
Ending Loan Balance - Individually Evaluated | 0 | 0 | 0 | 0 | 0 |
Allowance for Credit Losses - Loans Individually Evaluated | 0 | 0 | 0 | 0 | 0 |
Residential | |||||
Rollforward of the Allowance for Credit Losses for the Quarterly Period: | |||||
Allowance for Loan Losses, Beginning balance | 10,855 | 9,331 | 10,193 | 9,445 | |
Charge-offs | 0 | 0 | (6) | (30) | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | 306 | 509 | 974 | 425 | |
Allowance for Loan Losses, Ending balance | 11,161 | 9,840 | 11,161 | 9,840 | |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||
Ending Loan Balance - Collectively Evaluated | 1,146,361 | 1,049,525 | 1,146,361 | 1,049,525 | 1,068,794 |
Allowance for Credit Losses - Loans Collectively Evaluated | 11,161 | 9,840 | 11,161 | 9,840 | 10,193 |
Ending Loan Balance - Individually Evaluated | 1,949 | 1,494 | 1,949 | 1,494 | 1,963 |
Allowance for Credit Losses - Loans Individually Evaluated | 0 | 0 | 0 | 0 | 0 |
Commercial | |||||
Rollforward of the Allowance for Credit Losses for the Quarterly Period: | |||||
Allowance for Loan Losses, Beginning balance | 1,972 | 2,465 | 1,961 | 2,298 | |
Charge-offs | 0 | (44) | 0 | (48) | |
Recoveries | 0 | 0 | 0 | 26 | |
Provision | (139) | (416) | (128) | (271) | |
Allowance for Loan Losses, Ending balance | 1,833 | 2,005 | 1,833 | 2,005 | |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||
Ending Loan Balance - Collectively Evaluated | 148,066 | 138,973 | 148,066 | 138,973 | 140,293 |
Allowance for Credit Losses - Loans Collectively Evaluated | 1,833 | 2,005 | 1,833 | 2,005 | 1,961 |
Ending Loan Balance - Individually Evaluated | 0 | 0 | 0 | 0 | 0 |
Allowance for Credit Losses - Loans Individually Evaluated | 0 | 0 | 0 | 0 | 0 |
Commercial Real Estate | |||||
Rollforward of the Allowance for Credit Losses for the Quarterly Period: | |||||
Allowance for Loan Losses, Beginning balance | 15,697 | 13,936 | 15,213 | 13,136 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | (114) | 930 | 370 | 1,730 | |
Allowance for Loan Losses, Ending balance | 15,583 | 14,866 | 15,583 | 14,866 | |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||
Ending Loan Balance - Collectively Evaluated | 734,604 | 676,051 | 734,604 | 676,051 | 703,912 |
Allowance for Credit Losses - Loans Collectively Evaluated | 15,583 | 14,866 | 15,583 | 14,866 | 15,213 |
Ending Loan Balance - Individually Evaluated | 0 | 3,166 | 0 | 3,166 | 3,110 |
Allowance for Credit Losses - Loans Individually Evaluated | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Loans - Amortized Cost Basis of Collateral Dependent Loans (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|---|
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Loans | $ 3,107,505 | $ 2,953,255 | $ 2,895,562 |
Real Estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Loans | 1,949 | 5,073 | 4,660 |
Real Estate | Commercial | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Loans | 0 | 0 | 0 |
Real Estate | Commercial Real Estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Loans | 0 | 3,110 | 3,166 |
Real Estate | Consumer | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Loans | 0 | 0 | 0 |
Real Estate | Residential | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Loans | 1,949 | 1,963 | 1,494 |
Residential Real Estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Loans | 1,949 | 1,963 | 1,494 |
Residential Real Estate | Commercial | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Loans | 0 | 0 | 0 |
Residential Real Estate | Commercial Real Estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Loans | 0 | 0 | 0 |
Residential Real Estate | Consumer | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Loans | 0 | 0 | 0 |
Residential Real Estate | Residential | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Loans | 1,949 | 1,963 | 1,494 |
Commercial Real Estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Loans | 0 | 3,110 | 3,166 |
Commercial Real Estate | Commercial | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Loans | 0 | 0 | 0 |
Commercial Real Estate | Commercial Real Estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Loans | 0 | 3,110 | 3,166 |
Commercial Real Estate | Consumer | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Loans | 0 | 0 | 0 |
Commercial Real Estate | Residential | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total Loans | $ 0 | $ 0 | $ 0 |
Loans - Credit Quality Indicators (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Total Loans | |||||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | $ 523,521 | $ 730,646 | $ 523,521 | $ 730,646 | $ 899,034 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 826,878 | 695,363 | 826,878 | 695,363 | 628,578 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 542,761 | 636,937 | 542,761 | 636,937 | 429,480 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 362,766 | 236,251 | 362,766 | 236,251 | 224,846 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 178,279 | 154,837 | 178,279 | 154,837 | 191,012 |
Prior | 582,392 | 331,337 | 582,392 | 331,337 | 483,884 |
Revolving Loans Amortized Cost Basis | 122,020 | 139,423 | 122,020 | 139,423 | 126,373 |
Revolving Loan Converted to Term | 0 | 0 | 0 | 0 | 0 |
Total | 3,138,617 | 2,924,794 | 3,138,617 | 2,924,794 | 2,983,207 |
Total Loans | 3,107,505 | 2,895,562 | 3,107,505 | 2,895,562 | 2,953,255 |
Current-period gross charge-offs | |||||
Total | 1,204 | 1,147 | 3,812 | 2,883 | |
Commercial | |||||
Total Loans | |||||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 37,300 | 34,589 | 37,300 | 34,589 | 42,038 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 36,456 | 35,080 | 36,456 | 35,080 | 28,718 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 23,602 | 27,133 | 23,602 | 27,133 | 17,125 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 10,750 | 7,999 | 10,750 | 7,999 | 8,335 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 4,825 | 9,605 | 4,825 | 9,605 | 8,129 |
Prior | 24,704 | 11,266 | 24,704 | 11,266 | 23,873 |
Revolving Loans Amortized Cost Basis | 10,429 | 13,301 | 10,429 | 13,301 | 12,075 |
Revolving Loan Converted to Term | 0 | 0 | 0 | 0 | 0 |
Total | 148,066 | 138,973 | 148,066 | 138,973 | 140,293 |
Current-period gross charge-offs | |||||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year, writeoff | 0 | ||||
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year, writeoff | 0 | ||||
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year, writeoff | 0 | ||||
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year, writeoff | 0 | ||||
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year, writeoff | 0 | ||||
Prior | 0 | ||||
Revolving Loans Amortized Cost Basis | |||||
Revolving Loan Converted to Term | |||||
Total | 0 | ||||
Commercial Real Estate | |||||
Total Loans | |||||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 57,761 | 125,881 | 57,761 | 125,881 | 163,143 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 170,163 | 141,029 | 170,163 | 141,029 | 115,111 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 107,813 | 262,105 | 107,813 | 262,105 | 127,618 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 124,558 | 42,092 | 124,558 | 42,092 | 44,459 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 42,624 | 35,075 | 42,624 | 35,075 | 69,073 |
Prior | 229,151 | 69,762 | 229,151 | 69,762 | 185,794 |
Revolving Loans Amortized Cost Basis | 2,534 | 3,273 | 2,534 | 3,273 | 1,824 |
Revolving Loan Converted to Term | 0 | 0 | 0 | 0 | 0 |
Total | 734,604 | 679,217 | 734,604 | 679,217 | 707,022 |
Current-period gross charge-offs | |||||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year, writeoff | 0 | ||||
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year, writeoff | 0 | ||||
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year, writeoff | 0 | ||||
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year, writeoff | 0 | ||||
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year, writeoff | 0 | ||||
Prior | 0 | ||||
Revolving Loans Amortized Cost Basis | |||||
Revolving Loan Converted to Term | |||||
Total | 0 | ||||
Consumer | |||||
Total Loans | |||||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 322,193 | 406,474 | 322,193 | 406,474 | 483,288 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 385,232 | 309,589 | 385,232 | 309,589 | 286,299 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 216,796 | 173,325 | 216,796 | 173,325 | 155,426 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 107,935 | 101,762 | 107,935 | 101,762 | 88,490 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 53,714 | 47,932 | 53,714 | 47,932 | 39,009 |
Prior | 21,309 | 16,020 | 21,309 | 16,020 | 12,119 |
Revolving Loans Amortized Cost Basis | 458 | 483 | 458 | 483 | 504 |
Revolving Loan Converted to Term | 0 | 0 | 0 | 0 | 0 |
Total | 1,107,637 | 1,055,585 | 1,107,637 | 1,055,585 | 1,065,135 |
Current-period gross charge-offs | |||||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year, writeoff | 192 | ||||
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year, writeoff | 915 | ||||
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year, writeoff | 1,689 | ||||
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year, writeoff | 477 | ||||
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year, writeoff | 299 | ||||
Prior | 234 | ||||
Revolving Loans Amortized Cost Basis | |||||
Revolving Loan Converted to Term | |||||
Total | 1,204 | 1,103 | 3,806 | 2,805 | |
Residential | |||||
Total Loans | |||||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 106,267 | 163,702 | 106,267 | 163,702 | 210,565 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 235,027 | 209,665 | 235,027 | 209,665 | 198,450 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 194,550 | 174,374 | 194,550 | 174,374 | 129,311 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 119,523 | 84,398 | 119,523 | 84,398 | 83,562 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 77,116 | 62,225 | 77,116 | 62,225 | 74,801 |
Prior | 307,228 | 234,289 | 307,228 | 234,289 | 262,098 |
Revolving Loans Amortized Cost Basis | 108,599 | 122,366 | 108,599 | 122,366 | 111,970 |
Revolving Loan Converted to Term | 0 | 0 | 0 | 0 | 0 |
Total | 1,148,310 | 1,051,019 | 1,148,310 | 1,051,019 | 1,070,757 |
Current-period gross charge-offs | |||||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year, writeoff | 0 | ||||
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year, writeoff | 0 | ||||
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year, writeoff | 0 | ||||
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year, writeoff | 0 | ||||
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year, writeoff | 0 | ||||
Prior | 6 | ||||
Revolving Loans Amortized Cost Basis | |||||
Revolving Loan Converted to Term | |||||
Total | 0 | 0 | 6 | 30 | |
Satisfactory | Commercial | |||||
Total Loans | |||||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 37,300 | 34,589 | 37,300 | 34,589 | 42,038 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 36,456 | 31,762 | 36,456 | 31,762 | 28,718 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 23,602 | 26,654 | 23,602 | 26,654 | 16,870 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 10,622 | 7,554 | 10,622 | 7,554 | 7,857 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 4,799 | 9,605 | 4,799 | 9,605 | 8,129 |
Prior | 21,459 | 11,194 | 21,459 | 11,194 | 20,379 |
Revolving Loans Amortized Cost Basis | 10,328 | 8,008 | 10,328 | 8,008 | 8,909 |
Revolving Loan Converted to Term | 0 | 0 | 0 | 0 | 0 |
Total | 144,566 | 129,366 | 144,566 | 129,366 | 132,900 |
Satisfactory | Commercial Real Estate | |||||
Total Loans | |||||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 57,761 | 106,549 | 57,761 | 106,549 | 152,858 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 157,741 | 136,306 | 157,741 | 136,306 | 115,111 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 106,128 | 247,780 | 106,128 | 247,780 | 121,811 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 121,968 | 40,959 | 121,968 | 40,959 | 43,647 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 41,827 | 30,667 | 41,827 | 30,667 | 63,913 |
Prior | 184,590 | 64,934 | 184,590 | 64,934 | 159,876 |
Revolving Loans Amortized Cost Basis | 2,035 | 3,052 | 2,035 | 3,052 | 1,603 |
Revolving Loan Converted to Term | 0 | 0 | 0 | 0 | 0 |
Total | 672,050 | 630,247 | 672,050 | 630,247 | 658,819 |
Special Mention | Commercial | |||||
Total Loans | |||||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 0 | 0 | 0 | 0 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 0 | 0 | 0 | 0 | 0 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 0 | 0 | 0 | 0 | 0 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 128 | 0 | 128 | 0 | 0 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 0 | 0 | 0 | 0 | 0 |
Prior | 0 | 35 | 0 | 35 | 30 |
Revolving Loans Amortized Cost Basis | 0 | 35 | 0 | 35 | 30 |
Revolving Loan Converted to Term | 0 | 0 | 0 | 0 | 0 |
Total | 128 | 70 | 128 | 70 | 60 |
Special Mention | Commercial Real Estate | |||||
Total Loans | |||||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 0 | 9,801 | 0 | 9,801 | 9,678 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 3,123 | 0 | 3,123 | 0 | 0 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 0 | 2,973 | 0 | 2,973 | 0 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 0 | 0 | 0 | 0 | 0 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 0 | 4,315 | 0 | 4,315 | 789 |
Prior | 4,150 | 1,425 | 4,150 | 1,425 | 241 |
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | 0 | 0 |
Revolving Loan Converted to Term | 0 | 0 | 0 | 0 | 0 |
Total | 7,273 | 18,514 | 7,273 | 18,514 | 10,708 |
Substandard | Commercial | |||||
Total Loans | |||||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 0 | 0 | 0 | 0 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 0 | 3,318 | 0 | 3,318 | 0 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 0 | 479 | 0 | 479 | 255 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 0 | 445 | 0 | 445 | 478 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 26 | 0 | 26 | 0 | 0 |
Prior | 3,245 | 37 | 3,245 | 37 | 3,464 |
Revolving Loans Amortized Cost Basis | 101 | 5,258 | 101 | 5,258 | 3,136 |
Revolving Loan Converted to Term | 0 | 0 | 0 | 0 | 0 |
Total | 3,372 | 9,537 | 3,372 | 9,537 | 7,333 |
Substandard | Commercial Real Estate | |||||
Total Loans | |||||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 0 | 9,531 | 0 | 9,531 | 607 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 9,299 | 4,723 | 9,299 | 4,723 | 0 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 1,685 | 11,352 | 1,685 | 11,352 | 5,807 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 2,590 | 1,133 | 2,590 | 1,133 | 812 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 797 | 93 | 797 | 93 | 4,371 |
Prior | 40,411 | 3,403 | 40,411 | 3,403 | 25,677 |
Revolving Loans Amortized Cost Basis | 499 | 221 | 499 | 221 | 221 |
Revolving Loan Converted to Term | 0 | 0 | 0 | 0 | 0 |
Total | 55,281 | 30,456 | 55,281 | 30,456 | 37,495 |
Doubtful | Commercial | |||||
Total Loans | |||||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 0 | 0 | 0 | 0 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 0 | 0 | 0 | 0 | 0 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 0 | 0 | 0 | 0 | 0 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 0 | 0 | 0 | 0 | 0 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 0 | 0 | 0 | 0 | 0 |
Prior | 0 | 0 | 0 | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | 0 | 0 |
Revolving Loan Converted to Term | 0 | 0 | 0 | 0 | 0 |
Total | 0 | 0 | 0 | 0 | 0 |
Doubtful | Commercial Real Estate | |||||
Total Loans | |||||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 0 | 0 | 0 | 0 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 0 | 0 | 0 | 0 | 0 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 0 | 0 | 0 | 0 | 0 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 0 | 0 | 0 | 0 | 0 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 0 | 0 | 0 | 0 | 0 |
Prior | 0 | 0 | 0 | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | 0 | 0 |
Revolving Loan Converted to Term | 0 | 0 | 0 | 0 | 0 |
Total | 0 | 0 | 0 | 0 | 0 |
Performing | Consumer | |||||
Total Loans | |||||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 322,084 | 406,206 | 322,084 | 406,206 | 482,530 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 384,607 | 309,006 | 384,607 | 309,006 | 284,831 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 216,234 | 172,974 | 216,234 | 172,974 | 154,819 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 107,743 | 101,458 | 107,743 | 101,458 | 88,165 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 53,646 | 47,874 | 53,646 | 47,874 | 38,852 |
Prior | 21,276 | 15,933 | 21,276 | 15,933 | 12,032 |
Revolving Loans Amortized Cost Basis | 0 | 483 | 0 | 483 | 504 |
Revolving Loan Converted to Term | 0 | 0 | 0 | 0 | 0 |
Total | 1,105,590 | 1,053,934 | 1,105,590 | 1,053,934 | 1,061,733 |
Performing | Residential | |||||
Total Loans | |||||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 106,267 | 163,702 | 106,267 | 163,702 | 210,565 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 235,027 | 209,408 | 235,027 | 209,408 | 198,195 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 191,780 | 173,435 | 191,780 | 173,435 | 128,372 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 118,517 | 84,370 | 118,517 | 84,370 | 82,965 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 76,518 | 61,907 | 76,518 | 61,907 | 74,281 |
Prior | 305,076 | 232,021 | 305,076 | 232,021 | 259,787 |
Revolving Loans Amortized Cost Basis | 108,098 | 122,191 | 108,098 | 122,191 | 111,563 |
Revolving Loan Converted to Term | 0 | 0 | 0 | 0 | 0 |
Total | 1,141,283 | 1,047,034 | 1,141,283 | 1,047,034 | 1,065,728 |
Nonperforming | Consumer | |||||
Total Loans | |||||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 109 | 268 | 109 | 268 | 758 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 625 | 583 | 625 | 583 | 1,468 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 562 | 351 | 562 | 351 | 607 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 192 | 304 | 192 | 304 | 325 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 68 | 58 | 68 | 58 | 157 |
Prior | 33 | 87 | 33 | 87 | 87 |
Revolving Loans Amortized Cost Basis | 458 | 0 | 458 | 0 | 0 |
Revolving Loan Converted to Term | 0 | 0 | 0 | 0 | 0 |
Total | 2,047 | 1,651 | 2,047 | 1,651 | 3,402 |
Nonperforming | Residential | |||||
Total Loans | |||||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 0 | 0 | 0 | 0 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 0 | 257 | 0 | 257 | 255 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 2,770 | 939 | 2,770 | 939 | 939 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 1,006 | 28 | 1,006 | 28 | 597 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 598 | 318 | 598 | 318 | 520 |
Prior | 2,152 | 2,268 | 2,152 | 2,268 | 2,311 |
Revolving Loans Amortized Cost Basis | 501 | 175 | 501 | 175 | 407 |
Revolving Loan Converted to Term | 0 | 0 | 0 | 0 | 0 |
Total | $ 7,027 | $ 3,985 | $ 7,027 | $ 3,985 | $ 5,029 |
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|---|
Short-Term Debt [Line Items] | |||
BTFP Advances | $ 150,000 | $ 0 | $ 0 |
FHLBNY Overnight Advances | 10,000 | 27,000 | 0 |
FHLBNY Term Advances | 14,300 | 27,800 | 25,000 |
Total Borrowings | 174,300 | 54,800 | 25,000 |
Federal Home Loan Bank of New York | 607,596 | 663,259 | 799,544 |
Federal Funds Purchased | |||
Short-Term Debt [Line Items] | |||
Maximum Borrowing Capacity | 52,000 | 52,000 | 52,000 |
Available Borrowing Capacity | 52,000 | 52,000 | 52,000 |
Federal Home Loan Bank Advances | |||
Short-Term Debt [Line Items] | |||
Available Borrowing Capacity | 449,296 | 608,458 | 774,544 |
Federal Reserve Bank Advances | |||
Short-Term Debt [Line Items] | |||
Maximum Borrowing Capacity | 722,493 | 649,112 | 650,642 |
Available Borrowing Capacity | $ 722,493 | $ 649,112 | $ 650,642 |
Debt - Narrative (Details) $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Jun. 30, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
class
subsidiaryBusinessTrust
|
|
Debt Instrument [Line Items] | ||
Number of classes of financial instruments | class | 2 | |
Number of business subsidiary trusts | subsidiaryBusinessTrust | 2 | |
Interest Rate Swap | ||
Debt Instrument [Line Items] | ||
Amount of hedged item | $ 20,000 | |
Federal Reserve Bank Advances | ||
Debt Instrument [Line Items] | ||
Collateral, at carrying cost | 1,200,000 | |
Collateral, at fair value | $ 1,000,000 | |
Proceeds from short-term debt | $ 150,000 | |
Weighted average interest rate | 4.83% | |
ACST III | London Interbank Offered Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.00% | |
ACST III | Secured Overnight Financing Rate (SOFR) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.00% | |
Junior Subordinated Debt, Preferred Securities | ACST II | London Interbank Offered Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.15% | |
Junior Subordinated Debt, Preferred Securities | ACST II | Secured Overnight Financing Rate (SOFR) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.15% | |
Federal Home Loan Bank of New York | ||
Debt Instrument [Line Items] | ||
Collateral, at carrying cost | $ 874,000 | |
Collateral, at fair value | $ 741,000 |
Debt - Maturities of Short Term Debt (Details) - Federal Home Loan Bank Advances - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|---|
Balances | |||
First Year | $ 7,800 | $ 27,800 | $ 5,000 |
Second Year | 6,500 | 0 | 20,000 |
Total Borrowings | $ 14,300 | $ 27,800 | $ 25,000 |
Weighted Average Rate | |||
First Year | 5.14% | 2.70% | 1.81% |
Second Year | 5.59% | 0.00% | 1.75% |
Total | 5.38% | 2.70% | 1.77% |
Debt - Schedule of Long-Term Debt Instruments (Details) - Junior Subordinated Debt - USD ($) |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|---|
ACST II | |||
Debt Instrument [Line Items] | |||
Face amount | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 |
Variable Interest Rate | 8.81% | 6.82% | 6.82% |
Fixed Interest Rate resulting from cash flow hedge agreement | 4.00% | 4.00% | 4.00% |
ACST III | |||
Debt Instrument [Line Items] | |||
Face amount | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 |
Variable Interest Rate | 7.66% | 5.67% | 5.67% |
Fixed Interest Rate resulting from cash flow hedge agreement | 2.86% | 2.86% | 2.86% |
Commitments and Contingencies - Commitments to Extend Credit and Letters of Credit (Details) $ in Thousands |
Jun. 23, 2023
security
|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
|
---|---|---|---|---|
Robert C. Ashe Litigation | ||||
Loan Commitments and Letters of Credit [Line Items] | ||||
Number of new claims filed | security | 2 | |||
Commitments to Extend Credit | ||||
Loan Commitments and Letters of Credit [Line Items] | ||||
Notional Amount | $ 464,661 | $ 424,197 | $ 440,167 | |
Fair Value | 0 | 0 | 0 | |
Standby Letters of Credit | ||||
Loan Commitments and Letters of Credit [Line Items] | ||||
Notional Amount | 4,201 | 3,627 | 3,445 | |
Fair Value | $ 10 | $ 2 | $ 0 | |
Minimum | Standby Letters of Credit | ||||
Loan Commitments and Letters of Credit [Line Items] | ||||
Loan commitments, fixed fee percent | 1.00% | |||
Maximum | Standby Letters of Credit | ||||
Loan Commitments and Letters of Credit [Line Items] | ||||
Loan commitments, fixed fee percent | 3.00% |
Comprehensive Loss - Schedule of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Before-Tax Amount | ||||
Other comprehensive (loss) income, before tax | $ (6,697) | $ (26,203) | $ (3,945) | $ (66,388) |
Tax (Expense) Benefit | ||||
Other comprehensive (loss) income, tax | 1,726 | 6,697 | 1,016 | 16,971 |
Net-of-Tax Amount | ||||
Other comprehensive (loss) income before reclassifications | (5,161) | (20,023) | (3,445) | (50,027) |
Reclassification from AOCI, current period | 190 | 517 | 516 | 610 |
Other Comprehensive Loss | (4,971) | (19,506) | (2,929) | (49,417) |
Unrealized Gains and Losses on Available for Sale Securities | ||||
Before-Tax Amount | ||||
OCI, before reclassifications | (7,796) | (27,945) | (4,763) | (70,945) |
Tax (Expense) Benefit | ||||
Other comprehensive (loss) income before reclassifications, tax | 2,010 | 7,144 | 1,227 | 18,137 |
Net-of-Tax Amount | ||||
Other comprehensive (loss) income before reclassifications | (5,786) | (20,801) | (3,536) | (52,808) |
Reclassification from AOCI, current period | 0 | 0 | 0 | 0 |
Other Comprehensive Loss | (5,786) | (20,801) | (3,536) | (52,808) |
Unrealized Gain on Cash Flow Swap | ||||
Before-Tax Amount | ||||
OCI, before reclassifications | 846 | 1,046 | 125 | 3,737 |
Reclassification from AOCI, current period | 242 | 75 | 660 | 57 |
Tax (Expense) Benefit | ||||
Other comprehensive (loss) income before reclassifications, tax | (221) | (268) | (34) | (956) |
Reclassification from AOCI, current period | (61) | (20) | (169) | (15) |
Net-of-Tax Amount | ||||
Other comprehensive (loss) income before reclassifications | 625 | 778 | 91 | 2,781 |
Reclassification from AOCI, current period | 181 | 55 | 491 | 42 |
Other Comprehensive Loss | 806 | 833 | 582 | 2,823 |
Amortization of Net Retirement Plan Actuarial Gain (Loss) | ||||
Before-Tax Amount | ||||
Reclassification from AOCI, current period | (40) | 564 | (121) | 592 |
Tax (Expense) Benefit | ||||
Reclassification from AOCI, current period | 10 | (144) | 31 | (151) |
Net-of-Tax Amount | ||||
Other comprehensive (loss) income before reclassifications | 0 | 0 | 0 | 0 |
Reclassification from AOCI, current period | (30) | 420 | (90) | 441 |
Other Comprehensive Loss | (30) | 420 | (90) | 441 |
Amortization of Defined Benefit Pension, Prior-Service Costs | ||||
Before-Tax Amount | ||||
Reclassification from AOCI, current period | 51 | 57 | 154 | 171 |
Tax (Expense) Benefit | ||||
Reclassification from AOCI, current period | (12) | (15) | (39) | (44) |
Net-of-Tax Amount | ||||
Other comprehensive (loss) income before reclassifications | 0 | 0 | 0 | 0 |
Reclassification from AOCI, current period | 39 | 42 | 115 | 127 |
Other Comprehensive Loss | $ 39 | $ 42 | $ 115 | $ 127 |
Comprehensive Loss - Changes in Accumulated Other Comprehensive Income By Component (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Stockholders' equity, beginning balance | $ 361,443 | $ 356,498 | $ 353,538 | $ 371,186 |
Other comprehensive income or loss before reclassifications | (5,161) | (20,023) | (3,445) | (50,027) |
Amounts reclassified from accumulated other comprehensive income or loss | 190 | 517 | 516 | 610 |
Other Comprehensive Loss | (4,971) | (19,506) | (2,929) | (49,417) |
Stockholders' equity, ending balance | 360,014 | 345,550 | 360,014 | 345,550 |
AOCI Attributable to Parent | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Stockholders' equity, beginning balance | (47,613) | (29,564) | (49,655) | 347 |
Other Comprehensive Loss | (4,971) | (19,506) | (2,929) | (49,417) |
Stockholders' equity, ending balance | (52,584) | (49,070) | (52,584) | (49,070) |
Unrealized Gains and Losses on Available for Sale Securities | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Stockholders' equity, beginning balance | (46,591) | (32,621) | (48,841) | (614) |
Other comprehensive income or loss before reclassifications | (5,786) | (20,801) | (3,536) | (52,808) |
Amounts reclassified from accumulated other comprehensive income or loss | 0 | 0 | 0 | 0 |
Other Comprehensive Loss | (5,786) | (20,801) | (3,536) | (52,808) |
Stockholders' equity, ending balance | (52,377) | (53,422) | (52,377) | (53,422) |
Unrealized Gain on Cash Flow Swap | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Stockholders' equity, beginning balance | 3,830 | 3,310 | 4,054 | 1,320 |
Other comprehensive income or loss before reclassifications | 625 | 778 | 91 | 2,781 |
Amounts reclassified from accumulated other comprehensive income or loss | 181 | 55 | 491 | 42 |
Other Comprehensive Loss | 806 | 833 | 582 | 2,823 |
Stockholders' equity, ending balance | 4,636 | 4,143 | 4,636 | 4,143 |
Net Actuarial Gain (Loss) | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Stockholders' equity, beginning balance | (4,527) | 660 | (4,467) | 639 |
Other comprehensive income or loss before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income or loss | (30) | 420 | (90) | 441 |
Other Comprehensive Loss | (30) | 420 | (90) | 441 |
Stockholders' equity, ending balance | (4,557) | 1,080 | (4,557) | 1,080 |
Net Prior Service (Cost) Credit | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Stockholders' equity, beginning balance | (325) | (913) | (401) | (998) |
Other comprehensive income or loss before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income or loss | 39 | 42 | 115 | 127 |
Other Comprehensive Loss | 39 | 42 | 115 | 127 |
Stockholders' equity, ending balance | $ (286) | $ (871) | $ (286) | $ (871) |
Comprehensive Loss - Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense | $ 16,764 | $ 3,306 | $ 39,021 | $ 5,983 |
Salaries and Employee Benefits | 11,988 | 12,427 | 35,974 | 35,400 |
Total before Tax | 9,570 | 15,565 | 28,138 | 47,370 |
Provision for income taxes | (1,827) | (3,402) | (5,786) | (10,658) |
Net Income | 7,743 | 12,163 | 22,352 | 36,712 |
Amounts Reclassified from Accumulated Other Comprehensive Income | Unrealized Gain on Cash Flow Swap | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense | (242) | (75) | (660) | (57) |
Amounts Reclassified from Accumulated Other Comprehensive Income | Amortization of Defined Benefit Pension, Prior-Service Costs | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Salaries and Employee Benefits | (51) | (57) | (154) | (171) |
Amounts Reclassified from Accumulated Other Comprehensive Income | Amortization of Defined Benefit Pension, Actuarial Loss | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Salaries and Employee Benefits | 40 | (564) | 121 | (592) |
Amounts Reclassified from Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before Tax | (253) | (696) | (693) | (820) |
Provision for income taxes | 63 | 179 | 177 | 210 |
Net Income | $ (190) | $ (517) | $ (516) | $ (610) |
Stock-Based Compensation - Narrative (Details) - plan |
1 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2023 |
Sep. 30, 2023 |
Sep. 26, 2023 |
Sep. 30, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of plans | 3 | |||
Stock dividend, percent | 300.00% | 3.00% | 300.00% | |
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award expiration period (in years) | 10 years | |||
Award vesting period (in years) | 4 years | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period (in years) | 3 years | |||
Employee Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Discount from market price, percent | 5.00% | |||
Employee Stock | Subsequent Event | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Discount from market price, percent | 10.00% |
Stock-Based Compensation - Stock Option Activity (Details) |
9 Months Ended |
---|---|
Sep. 30, 2023
$ / shares
shares
| |
Shares | |
Outstanding, beginning of period (in shares) | shares | 287,444 |
Granted (in shares) | shares | 57,680 |
Exercised (in shares) | shares | (3,885) |
Forfeited (in shares) | shares | (35,139) |
Outstanding, end of period (in shares) | shares | 306,100 |
Vested at period end (in shares) | shares | 207,642 |
Expected to vest (in shares) | shares | 98,458 |
Weighted Average Exercise Price | |
Outstanding at beginning of period (in dollars per share) | $ 28.56 |
Granted (in dollars per share) | 31.47 |
Exercised (in dollars per share) | 20.95 |
Forfeited (in dollars per share) | 30.91 |
Outstanding, end of period (in dollars per share) | 28.94 |
Vested at period end (in dollars per share) | 27.81 |
Expected to vest (in dollars per share) | 31.32 |
Fair Value of Options Granted (in dollars per share) | $ 7.78 |
Dividend Yield | 3.30% |
Expected Volatility | 28.38% |
Risk Free Interest Rate | 3.57% |
Expected Lives (in years) | 8 years 4 months 2 days |
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Employee Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Amount expensed | $ 24 | $ 79 | $ 196 | $ 233 |
Restricted Stock Units (RSU) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Amount expensed | $ 246 | $ 35 | $ 321 | $ 105 |
Stock-Based Compensation - Restricted Stock Units (Details) - Restricted Stock Units (RSU) - $ / shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Restricted Stock Units | ||
Balance at Beginning of Period (in shares) | 13,925 | 14,007 |
Granted (in shares) | 5,164 | 4,441 |
Vested (in shares) | (19,089) | (4,523) |
Balance at End of Period (in shares) | 0 | 13,925 |
Weighted Average Grant Date Fair Value | ||
Outstanding at Beginning of period (in dollars per share) | $ 30.47 | $ 28.42 |
Granted (in dollars per share) | 31.47 | 33.78 |
Vested (in dollars per share) | 30.74 | 27.35 |
Outstanding at End of period (in dollars per share) | $ 30.47 |
Retirement Benefit Plans (Details) |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
Net Periodic Benefit Cost [Line Items] | ||||||
Interest credit under cash balance plan | 0.03 | |||||
Employer matching contribution, percentage | 5.00% | |||||
Service cost and interest cost | $ 3,300,000 | |||||
Unamortized net loss | $ 7,200,000 | |||||
Benefit obligation from lump sum payment to total benefit obligation ratio | 8.06% | |||||
Defined benefit plan, net periodic benefit cost, loss due to settlement | $ 577,000 | |||||
Employees' Pension Plan | ||||||
Net Periodic Benefit Cost [Line Items] | ||||||
Assumptions used calculating benefit obligation, interest rate to annuitize cash balance account | 5.09% | |||||
Defined benefit plan, increase in benefit payable, percent | 3.00% | 3.00% | ||||
Defined benefit plan, benefit obligation, increase (decrease) for plan amendment | $ 351,638 | |||||
Defined benefit plan, amortization of service cost | 9 years 8 months 12 days | |||||
Service Cost | $ 398,000 | $ 469,000 | $ 1,195,000 | $ 1,408,000 | ||
Interest Cost | 524,000 | 360,000 | 1,573,000 | 1,079,000 | ||
Expected Return on Plan Assets | (854,000) | (1,078,000) | (2,562,000) | (3,235,000) | ||
Amortization of Prior Service Cost | 16,000 | 19,000 | 47,000 | 58,000 | ||
Amortization of Net Loss (Gain) | 30,000 | 550,000 | 89,000 | 550,000 | ||
Net Periodic Cost | 114,000 | 320,000 | 342,000 | (140,000) | ||
Plan Contributions During the Period | 0 | 0 | 0 | 0 | ||
Estimated Future Contributions in the Current Fiscal Year | 0 | $ 0 | ||||
Select Executive Retirement Plan | ||||||
Net Periodic Benefit Cost [Line Items] | ||||||
Assumptions used calculating benefit obligation, interest rate to annuitize cash balance account | 5.60% | |||||
Defined benefit plan, amortization of service cost | 12 years 6 months | |||||
Defined benefit plan, benefit obligation, period increase (decrease) | $ 122,797 | |||||
Service Cost | 143,000 | 208,000 | 428,000 | 626,000 | ||
Interest Cost | 85,000 | 57,000 | 244,000 | 169,000 | ||
Expected Return on Plan Assets | 0 | 0 | 0 | 0 | ||
Amortization of Prior Service Cost | 9,000 | 11,000 | 29,000 | 33,000 | ||
Amortization of Net Loss (Gain) | 18,000 | 53,000 | 55,000 | 159,000 | ||
Net Periodic Cost | 255,000 | 329,000 | 756,000 | 987,000 | ||
Plan Contributions During the Period | 99,000 | 116,000 | 325,000 | 347,000 | ||
Estimated Future Contributions in the Current Fiscal Year | 108,000 | 108,000 | ||||
Post-Retirement Benefit Plans | ||||||
Net Periodic Benefit Cost [Line Items] | ||||||
Assumptions used calculating benefit obligation, interest rate to annuitize cash balance account | 5.41% | |||||
Service Cost | 14,000 | 23,000 | 42,000 | 68,000 | ||
Interest Cost | 82,000 | 61,000 | 249,000 | 185,000 | ||
Expected Return on Plan Assets | 0 | 0 | 0 | 0 | ||
Amortization of Prior Service Cost | 26,000 | 27,000 | 78,000 | 80,000 | ||
Amortization of Net Loss (Gain) | (88,000) | (39,000) | (265,000) | (117,000) | ||
Net Periodic Cost | 34,000 | 72,000 | 104,000 | 216,000 | ||
Plan Contributions During the Period | 28,000 | $ 43,000 | 75,000 | $ 131,000 | ||
Estimated Future Contributions in the Current Fiscal Year | $ 25,000 | $ 25,000 | ||||
On or Subsequent to January 1, 2003 | ||||||
Net Periodic Benefit Cost [Line Items] | ||||||
Service credits, percent of eligible salaries | 6.00% | |||||
Minimum | Prior to January 1, 2003 | ||||||
Net Periodic Benefit Cost [Line Items] | ||||||
Service credits, percent of eligible salaries | 6.00% | |||||
Maximum | Prior to January 1, 2003 | ||||||
Net Periodic Benefit Cost [Line Items] | ||||||
Service credits, percent of eligible salaries | 12.00% |
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 26, 2023 |
|||
Earnings Per Share [Abstract] | |||||||
Stock dividend, percent | 300.00% | 300.00% | 300.00% | 300.00% | 3.00% | ||
Net Income | $ 7,743 | $ 12,163 | $ 22,352 | $ 36,712 | |||
Weighted Average Shares - Basic (in shares) | [1] | 17,050 | 17,007 | 17,049 | 17,001 | ||
Earnings Per Share - Basic (in dollars per share) | $ 0.46 | $ 0.72 | $ 1.31 | $ 2.16 | |||
Dilutive Average Shares Attributable to Stock Options (in shares) | 0 | 47 | 0 | 49 | |||
Weighted Average Shares - Diluted (in shares) | [1] | 17,050 | 17,054 | 17,049 | 17,050 | ||
Earnings Per Share - Diluted (in dollars per share) | $ 0.46 | $ 0.72 | $ 1.31 | $ 2.15 | |||
|
Fair Values - Recurring and Nonrecurring (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities | $ 1,960 | $ 2,174 | $ 2,126 |
Available-for-Sale at Fair Value | 519,240 | 573,495 | 575,054 |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities | 1,960 | 2,174 | 2,126 |
Total Securities Measured on a Recurring Basis | 521,200 | 575,669 | 577,180 |
Derivative Assets | 8,860 | 7,506 | 8,508 |
Total Measured on a Recurring Basis | 530,060 | 583,175 | 585,688 |
Derivative Liabilities | 8,733 | 7,506 | 8,508 |
Total Measured on a Recurring Basis | 8,733 | 7,506 | 8,508 |
Available-for-Sale at Fair Value | 519,240 | 573,495 | 575,054 |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets for Indentical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities | 0 | 0 | 0 |
Total Securities Measured on a Recurring Basis | 0 | 0 | 0 |
Derivative Assets | 0 | 0 | 0 |
Total Measured on a Recurring Basis | 0 | 0 | 0 |
Derivative Liabilities | 0 | 0 | 0 |
Total Measured on a Recurring Basis | 0 | 0 | 0 |
Available-for-Sale at Fair Value | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities | 1,960 | 2,174 | 2,126 |
Total Securities Measured on a Recurring Basis | 521,200 | 575,669 | 577,180 |
Derivative Assets | 8,860 | 7,506 | 8,508 |
Total Measured on a Recurring Basis | 530,060 | 583,175 | 585,688 |
Derivative Liabilities | 8,733 | 7,506 | 8,508 |
Total Measured on a Recurring Basis | 8,733 | 7,506 | 8,508 |
Available-for-Sale at Fair Value | 519,240 | 573,495 | 575,054 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities | 0 | 0 | 0 |
Total Securities Measured on a Recurring Basis | 0 | 0 | 0 |
Derivative Assets | 0 | 0 | 0 |
Total Measured on a Recurring Basis | 0 | 0 | 0 |
Derivative Liabilities | 0 | 0 | 0 |
Total Measured on a Recurring Basis | 0 | 0 | 0 |
Available-for-Sale at Fair Value | 0 | 0 | 0 |
Fair Value, Measurements, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral Dependent Evaluated Loans | 0 | 0 | 0 |
Collateral Dependent Impaired Loans, Losses Recognized in Earnings | |||
Other Real Estate Owned and Repossessed Assets, Net | 526 | 593 | 604 |
Other Real Estate owned and Repossessed Assets, Net, Losses Recognized in Earnings | 0 | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Quoted Prices In Active Markets for Indentical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral Dependent Evaluated Loans | 0 | 0 | 0 |
Other Real Estate Owned and Repossessed Assets, Net | 0 | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral Dependent Evaluated Loans | 0 | 0 | 0 |
Other Real Estate Owned and Repossessed Assets, Net | 0 | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral Dependent Evaluated Loans | 0 | 0 | 0 |
Other Real Estate Owned and Repossessed Assets, Net | 526 | 593 | 604 |
U.S. Government & Agency Obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale at Fair Value | 176,421 | 175,199 | 163,965 |
U.S. Government & Agency Obligations | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale at Fair Value | 176,421 | 175,199 | 163,965 |
U.S. Government & Agency Obligations | Fair Value, Measurements, Recurring | Quoted Prices In Active Markets for Indentical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale at Fair Value | 0 | 0 | 0 |
U.S. Government & Agency Obligations | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale at Fair Value | 176,421 | 175,199 | 163,965 |
U.S. Government & Agency Obligations | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale at Fair Value | 0 | 0 | 0 |
State and Municipal Obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale at Fair Value | 280 | 340 | 340 |
State and Municipal Obligations | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale at Fair Value | 280 | 340 | 340 |
State and Municipal Obligations | Fair Value, Measurements, Recurring | Quoted Prices In Active Markets for Indentical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale at Fair Value | 0 | 0 | 0 |
State and Municipal Obligations | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale at Fair Value | 280 | 340 | 340 |
State and Municipal Obligations | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale at Fair Value | 0 | 0 | 0 |
Mortgage-Backed Securities - Residential | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale at Fair Value | 341,739 | 397,156 | 409,949 |
Mortgage-Backed Securities - Residential | Fair Value, Measurements, Recurring | Quoted Prices In Active Markets for Indentical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale at Fair Value | 0 | 0 | 0 |
Mortgage-Backed Securities - Residential | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale at Fair Value | 341,739 | 397,156 | 409,949 |
Mortgage-Backed Securities - Residential | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale at Fair Value | 0 | 0 | 0 |
Corporate and Other Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale at Fair Value | 800 | 800 | 800 |
Corporate and Other Debt Securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale at Fair Value | 800 | 800 | 800 |
Corporate and Other Debt Securities | Fair Value, Measurements, Recurring | Quoted Prices In Active Markets for Indentical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale at Fair Value | 0 | 0 | 0 |
Corporate and Other Debt Securities | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale at Fair Value | 800 | 800 | 800 |
Corporate and Other Debt Securities | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale at Fair Value | $ 0 | $ 0 | $ 0 |
Fair Values - Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|
Carrying Value | ||||
Cash and Cash Equivalents | $ 294,739 | $ 64,660 | $ 373,429 | $ 457,696 |
Securities Available-for-Sale | 519,240 | 573,495 | 575,054 | |
Held-To-Maturity Securities, at Amortized Cost | 140,577 | 175,364 | 182,178 | |
Equity Securities | 1,960 | 2,174 | 2,126 | |
Net Loans | 3,107,505 | 2,953,255 | 2,895,562 | |
Deposits | 3,666,485 | 3,498,364 | 3,795,105 | |
Borrowings | 174,300 | 54,800 | 25,000 | |
Federal Home Loan Bank Term Advances | 10,000 | 27,000 | 0 | |
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | 20,000 | 20,000 | 20,000 | |
Fair Value | ||||
Securities Available-for-Sale | 519,240 | 573,495 | 575,054 | |
Securities Held-to-Maturity | 134,811 | 171,623 | 175,800 | |
Equity Securities | 1,960 | 2,174 | 2,126 | |
Carrying Amount | ||||
Carrying Value | ||||
Cash and Cash Equivalents | 294,739 | 64,660 | 373,429 | |
Securities Available-for-Sale | 519,240 | 573,495 | 575,054 | |
Held-To-Maturity Securities, at Amortized Cost | 140,577 | 175,364 | 182,178 | |
Equity Securities | 1,960 | 2,174 | 2,126 | |
Federal Home Loan Bank and Federal Reserve Bank Stock | 5,110 | 6,064 | 4,720 | |
Net Loans | 3,107,505 | 2,953,255 | 2,895,562 | |
Accrued Interest Receivable | 11,163 | 9,890 | 8,549 | |
Derivative Assets | 8,860 | 7,506 | 8,508 | |
Deposits | 3,666,485 | 3,498,364 | 3,795,105 | |
Federal Home Loan Bank Term Advances | 27,800 | |||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | 20,000 | 20,000 | 20,000 | |
Accrued Interest Payable | 7,432 | 357 | 202 | |
Derivative Liabilities | 8,733 | 7,506 | 8,508 | |
Fair Value | ||||
Securities Available-for-Sale | 519,240 | 573,495 | 575,054 | |
Equity Securities | 1,960 | 2,174 | 2,126 | |
Derivative Assets | 8,860 | 7,506 | 8,508 | |
Federal Home Loan Bank Term Advances | 25,000 | |||
Derivative Liabilities | 8,733 | 7,506 | 8,508 | |
Fair Value | ||||
Carrying Value | ||||
Securities Available-for-Sale | 519,240 | 573,495 | 575,054 | |
Equity Securities | 1,960 | 2,174 | 2,126 | |
Derivative Assets | 8,860 | 7,506 | 8,508 | |
Derivative Liabilities | 8,733 | 7,506 | 8,508 | |
Fair Value | ||||
Cash and Cash Equivalents | 294,739 | 64,660 | 373,429 | |
Securities Available-for-Sale | 519,240 | 573,495 | 575,054 | |
Securities Held-to-Maturity | 134,811 | 171,623 | 175,800 | |
Equity Securities | 1,960 | 2,174 | 2,126 | |
Federal Home Loan Bank and Federal Reserve Bank Stock, Fair Value | 5,110 | 6,064 | 4,720 | |
Net Loans | 2,867,016 | 2,742,721 | 2,714,587 | |
Accrued Interest Receivable | 11,163 | 9,890 | 8,549 | |
Derivative Assets | 8,860 | 7,506 | 8,508 | |
Deposits | 3,660,360 | 3,492,021 | 3,785,960 | |
Borrowings | 173,709 | |||
Federal Home Loan Bank Term Advances | 27,757 | 24,833 | ||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | 20,000 | 20,000 | 20,000 | |
Accrued Interest Payable | 7,432 | 357 | 202 | |
Derivative Liabilities | 8,733 | 7,506 | 8,508 | |
Quoted Prices In Active Markets for Indentical Assets (Level 1) | Fair Value | ||||
Carrying Value | ||||
Securities Available-for-Sale | 0 | 0 | 0 | |
Equity Securities | 0 | 0 | ||
Derivative Assets | 0 | 0 | ||
Derivative Liabilities | 0 | 0 | 0 | |
Fair Value | ||||
Cash and Cash Equivalents | 294,739 | 64,660 | 373,429 | |
Securities Available-for-Sale | 0 | 0 | 0 | |
Securities Held-to-Maturity | 0 | 0 | 0 | |
Equity Securities | 0 | 0 | ||
Federal Home Loan Bank and Federal Reserve Bank Stock, Fair Value | 0 | 0 | 0 | |
Net Loans | 0 | 0 | 0 | |
Accrued Interest Receivable | 0 | 0 | 0 | |
Derivative Assets | 0 | 0 | ||
Deposits | 0 | 0 | 0 | |
Borrowings | 0 | |||
Federal Home Loan Bank Term Advances | 0 | 0 | ||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | 0 | 0 | 0 | |
Accrued Interest Payable | 0 | 0 | 0 | |
Derivative Liabilities | 0 | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Fair Value | ||||
Carrying Value | ||||
Securities Available-for-Sale | 519,240 | 573,495 | 575,054 | |
Equity Securities | 1,960 | 2,174 | 2,126 | |
Derivative Assets | 8,860 | 7,506 | 8,508 | |
Derivative Liabilities | 8,733 | 7,506 | 8,508 | |
Fair Value | ||||
Cash and Cash Equivalents | 0 | 0 | 0 | |
Securities Available-for-Sale | 519,240 | 573,495 | 575,054 | |
Securities Held-to-Maturity | 134,811 | 171,623 | 175,800 | |
Equity Securities | 1,960 | 2,174 | 2,126 | |
Federal Home Loan Bank and Federal Reserve Bank Stock, Fair Value | 5,110 | 6,064 | 4,720 | |
Net Loans | 0 | 0 | 0 | |
Accrued Interest Receivable | 11,163 | 9,890 | 8,549 | |
Derivative Assets | 8,860 | 7,506 | 8,508 | |
Deposits | 3,660,360 | 3,492,021 | 3,785,960 | |
Borrowings | 173,709 | |||
Federal Home Loan Bank Term Advances | 27,757 | 24,833 | ||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | 20,000 | 20,000 | 20,000 | |
Accrued Interest Payable | 7,432 | 357 | 202 | |
Derivative Liabilities | 8,733 | 7,506 | 8,508 | |
Significant Unobservable Inputs (Level 3) | Fair Value | ||||
Carrying Value | ||||
Securities Available-for-Sale | 0 | 0 | 0 | |
Equity Securities | 0 | |||
Derivative Assets | 0 | 0 | ||
Derivative Liabilities | 0 | 0 | 0 | |
Fair Value | ||||
Cash and Cash Equivalents | 0 | 0 | 0 | |
Securities Available-for-Sale | 0 | 0 | 0 | |
Securities Held-to-Maturity | 0 | 0 | 0 | |
Equity Securities | 0 | |||
Federal Home Loan Bank and Federal Reserve Bank Stock, Fair Value | 0 | 0 | 0 | |
Net Loans | 2,867,016 | 2,742,721 | 2,714,587 | |
Accrued Interest Receivable | 0 | 0 | 0 | |
Derivative Assets | 0 | 0 | ||
Deposits | 0 | 0 | 0 | |
Borrowings | 0 | |||
Federal Home Loan Bank Term Advances | 0 | 0 | ||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | 0 | 0 | 0 | |
Accrued Interest Payable | 0 | 0 | 0 | |
Derivative Liabilities | $ 0 | $ 0 | $ 0 |
Leases - Narrative (Details) |
9 Months Ended |
---|---|
Sep. 30, 2023
office
| |
Leases [Abstract] | |
Number of branch offices | 2 |
Leases - Quantitative Lease Data (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Finance Lease Amounts: | |||||
Right-of-Use Assets | $ 4,504 | $ 4,681 | $ 4,504 | $ 4,681 | |
Lease Liabilities | 5,080 | 5,131 | 5,080 | 5,131 | $ 5,119 |
Operating Lease Amounts: | |||||
Right-of-Use Assets | 4,978 | 5,889 | 4,978 | 5,889 | |
Lease Liabilities | $ 5,179 | $ 6,082 | 5,179 | 6,082 | |
Cash Paid For Amounts Included In The Measurement Of Lease Liabilities: | |||||
Operating Outgoing Cash Flows From Finance Leases | 143 | 145 | |||
Operating Outgoing Cash Flows From Operating Leases | 781 | 1,041 | |||
Financing Outgoing Cash Flows From Finance Leases | 39 | 38 | |||
Right-of-Use Assets Obtained In Exchange For New Finance Lease Liabilities | 0 | 0 | |||
Right-of-Use Assets Obtained In Exchange For New Operating Lease Liabilities | $ 19 | $ 0 | |||
Weighted-average Remaining Lease Term - Finance Leases (Yrs.) | 26 years 6 months 14 days | 27 years 6 months | 26 years 6 months 14 days | 27 years 6 months | |
Weighted-average Remaining Lease Term - Operating Leases (Yrs.) | 11 years 5 months 12 days | 11 years 4 months 9 days | 11 years 5 months 12 days | 11 years 4 months 9 days | |
Weighted-average Discount Rate—Finance Leases | 3.75% | 3.75% | 3.75% | 3.75% | |
Weighted-average Discount Rate—Operating Leases | 3.01% | 2.87% | 3.01% | 2.87% | |
Finance Lease Cost: | |||||
Reduction of Right-of-Use Assets | $ 44 | $ 44 | $ 132 | $ 133 | |
Interest on Lease Liabilities | 46 | 48 | 143 | 145 | |
Operating Lease Cost | 195 | 305 | 786 | 925 | |
Short-term Lease Cost | 11 | 9 | 46 | 32 | |
Variable Lease Cost | 58 | 86 | 179 | 253 | |
Total Lease Cost | $ 354 | $ 492 | $ 1,286 | $ 1,488 |
Leases - Future Lease Payments on Finance and Operating Leases (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|---|
Operating Leases | |||
2024 | $ 733 | ||
2025 | 653 | ||
2026 | 590 | ||
2027 | 561 | ||
2028 | 486 | ||
Thereafter | 3,212 | ||
Total Undiscounted Cash Flows | 6,235 | ||
Less: Net Present Value Adjustment | 1,056 | ||
Lease Liabilities | 5,179 | $ 6,082 | |
Financing Leases | |||
2024 | 247 | ||
2025 | 259 | ||
2026 | 268 | ||
2027 | 268 | ||
2028 | 268 | ||
Thereafter | 7,063 | ||
Total Undiscounted Cash Flows | 8,373 | ||
Less: Net Present Value Adjustment | 3,293 | ||
Lease Liabilities | $ 5,080 | $ 5,119 | $ 5,131 |
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements And Fair Value Agreements (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|---|
Not Designated as Hedging Instrument | Interest Rate Swap | |||
Derivative [Line Items] | |||
Derivative asset | $ 8,733 | $ 7,506 | $ 8,508 |
Derivative liability | 8,733 | 7,506 | 8,508 |
Notional amount | 124,350 | 127,763 | 134,406 |
Designated as Hedging Instrument | Fair Value Swap | |||
Derivative [Line Items] | |||
Derivative asset | 885 | 0 | 0 |
Derivative liability | 0 | 0 | 0 |
Notional amount | $ 300,000 | $ 0 | $ 0 |
Derivative Instruments and Hedging Activities - Narrative (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
security
|
Dec. 31, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
|
---|---|---|---|
Fair Value Swap | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional amount | $ 300,000 | $ 0 | $ 0 |
Fair Value Swap | Fair Value Hedging | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative, Number of Instruments Held | security | 2 | ||
Fair Value Swap, 1 | Fair Value Hedging | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional amount | $ 250,000 | ||
Fair Value Swap, 2 | Fair Value Hedging | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional amount | 50,000 | ||
Interest Rate Swap | |||
Derivative [Line Items] | |||
Amount of hedged item | $ 20,000 |
Derivative Instruments and Hedging Activities - Fair Value Hedging Relationships Recognized On Statement Of Income (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Hedged Asset | $ (758) | $ 0 | $ 0 |
Fair value derivative designated as hedging instrument | 885 | 0 | 0 |
Total gain recognized in the consolidated statements of income with interest and fees on loans | $ 127 | $ 0 | $ 0 |
Derivative Instruments and Hedging Activities - Fair Value Swap Agreements (Details) - Fair Value Swap - Fair Value Hedging - Designated as Hedging Instrument - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|---|
Derivative [Line Items] | |||
Carrying Value of Portfolio Layer Method Hedged Asset | $ 299,242 | $ 0 | $ 0 |
Cumulative Fair Value Hedging Adjustment | $ (758) | $ 0 | $ 0 |
Derivative Instruments and Hedging Activities - Cash Flow Hedge Agreements (Details) - Interest Rate Swap - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Mar. 31, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Derivative [Line Items] | ||||
Amount of (loss) gain recognized in AOCI | $ 125 | $ 3,737 | $ 3,467 | |
Amount of (loss) gain reclassified from AOCI to interest expense | $ (204) | $ (660) | $ (57) |
Related Party Transactions (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
| |
Construction Services | Director | |
Related Party Transaction [Line Items] | |
Related party transaction, amounts of transaction | $ 2.7 |
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