QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
x | Accelerated filer | o | |||||||||
Non accelerated filer | o | Smaller reporting company | |||||||||
Emerging growth company |
Pages | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
(Unaudited) | |||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Cash and due from banks | $ | $ | |||||||||
Interest-bearing deposits in depository institutions | |||||||||||
Cash and Cash Equivalents | |||||||||||
Investment securities available for sale, at fair value (amortized cost $ | |||||||||||
Other securities | |||||||||||
Total Investment Securities | |||||||||||
Gross loans | |||||||||||
Allowance for credit losses | ( | ( | |||||||||
Net Loans | |||||||||||
Bank owned life insurance | |||||||||||
Premises and equipment, net | |||||||||||
Accrued interest receivable | |||||||||||
Deferred tax assets, net | |||||||||||
Goodwill and other intangible assets, net | |||||||||||
Other assets | |||||||||||
Total Assets | $ | $ | |||||||||
Liabilities | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing | $ | $ | |||||||||
Interest-bearing: | |||||||||||
Demand deposits | |||||||||||
Savings deposits | |||||||||||
Time deposits | |||||||||||
Total Deposits | |||||||||||
Customer repurchase agreements | |||||||||||
FHLB long-term advances | |||||||||||
Other liabilities | |||||||||||
Total Liabilities | |||||||||||
Commitments and contingencies - see Note I | |||||||||||
Shareholders’ Equity | |||||||||||
Preferred stock, par value $ | |||||||||||
Common stock, par value $ | |||||||||||
Capital surplus | |||||||||||
Retained earnings | |||||||||||
Cost of common stock in treasury | ( | ( | |||||||||
Accumulated other comprehensive (loss) income: | |||||||||||
Unrealized (loss) on securities available-for-sale | ( | ( | |||||||||
Underfunded pension liability | ( | ( | |||||||||
Total Accumulated Other Comprehensive (Loss) Income | ( | ( | |||||||||
Total Shareholders’ Equity | |||||||||||
Total Liabilities and Shareholders’ Equity | $ | $ |
Interest Income | Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Interest and fees on loans | $ | $ | $ | $ | |||||||||||||
Interest and dividends on investment securities: | |||||||||||||||||
Taxable | |||||||||||||||||
Tax-exempt | |||||||||||||||||
Interest on deposits in depository institutions | |||||||||||||||||
Total Interest Income | |||||||||||||||||
Interest Expense | |||||||||||||||||
Interest on deposits | |||||||||||||||||
Interest on customer repurchase agreements | |||||||||||||||||
Interest on FHLB long-term advances | |||||||||||||||||
Total Interest Expense | |||||||||||||||||
Net Interest Income | |||||||||||||||||
Provision for (recovery of) credit losses | ( | ||||||||||||||||
Net Interest Income After Provision for (Recovery of) Credit Losses | |||||||||||||||||
Non-Interest Income | |||||||||||||||||
Gains on sale of investment securities, net | |||||||||||||||||
Unrealized gains (losses) recognized on equity securities still held, net | ( | ( | ( | ||||||||||||||
Service charges | |||||||||||||||||
Bankcard revenue | |||||||||||||||||
Trust and investment management fee income | |||||||||||||||||
Bank owned life insurance | |||||||||||||||||
Other income | |||||||||||||||||
Total Non-Interest Income | |||||||||||||||||
Non-Interest Expense | |||||||||||||||||
Salaries and employee benefits | |||||||||||||||||
Occupancy related expense | |||||||||||||||||
Equipment and software related expense | |||||||||||||||||
FDIC insurance expense | |||||||||||||||||
Advertising | |||||||||||||||||
Bankcard expenses | |||||||||||||||||
Postage, delivery, and statement mailings | |||||||||||||||||
Office supplies | |||||||||||||||||
Legal and professional fees | |||||||||||||||||
Telecommunications | |||||||||||||||||
Repossessed asset losses (gains), net of expenses | ( | ||||||||||||||||
Merger related expenses | |||||||||||||||||
Other expenses | |||||||||||||||||
Total Non-Interest Expense | |||||||||||||||||
Income Before Income Taxes |
Income tax expense | |||||||||||||||||
Net Income Available to Common Shareholders | $ | $ | $ | $ | |||||||||||||
Average shares outstanding, basic | |||||||||||||||||
Effect of dilutive securities | |||||||||||||||||
Average shares outstanding, diluted | |||||||||||||||||
Basic earnings per common share | $ | $ | $ | $ | |||||||||||||
Diluted earnings per common share | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Net income available to common shareholders | $ | $ | $ | $ | ||||||||||
Available-for-Sale Securities | ||||||||||||||
Unrealized (losses) gains on available-for-sale securities arising during the period | ( | ( | ( | |||||||||||
Reclassification adjustment for gains | ( | |||||||||||||
Other comprehensive (loss) income before income taxes | ( | ( | ( | |||||||||||
Tax effect | ( | |||||||||||||
Other comprehensive (loss) income, net of tax | ( | ( | ( | |||||||||||
Comprehensive Income (Loss), Net of Tax | $ | $ | ( | $ | $ | ( |
Common Stock | Capital Surplus | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | |||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||
Net income | — | — | — | — | ||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | ||||||||||||||
Cash dividends declared ($ | — | — | ( | — | — | ( | ||||||||||||||
Stock-based compensation expense | — | — | — | — | ||||||||||||||||
Restricted awards granted | — | ( | — | — | ||||||||||||||||
Exercise of | — | ( | — | — | ||||||||||||||||
Purchase of | — | — | — | ( | — | ( | ||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ |
Common Stock | Capital Surplus | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | |||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||
Net income | — | — | — | — | ||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | ||||||||||||||
Cash dividends declared ($ | — | — | ( | — | — | ( | ||||||||||||||
Stock-based compensation expense | — | — | — | — | ||||||||||||||||
Restricted awards granted | — | ( | — | — | ||||||||||||||||
Purchase of | — | — | — | ( | — | ( | ||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ |
Common Stock | Capital Surplus | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | |||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | ( | $ | $ | |||||||||||||
Net income | — | — | — | — | ||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | ||||||||||||||
Cash dividends declared ($ | — | — | ( | — | — | ( | ||||||||||||||
Stock-based compensation expense | — | — | — | — | ||||||||||||||||
Restricted awards granted | — | ( | — | — | ||||||||||||||||
Exercise of | — | (385) | — | 1,046 | — | 661 | ||||||||||||||
Purchase of | — | — | — | ( | — | ( | ||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ |
Common Stock | Capital Surplus | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | |||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||
Adoption of ASU No. 2022-02 | — | — | — | — | ||||||||||||||||
Balances at January 1, 2023 | ( | ( | ||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||
Other comprehensive income | — | — | — | — | ||||||||||||||||
Cash dividends declared ($ | — | — | ( | — | — | ( | ||||||||||||||
Stock-based compensation expense | — | — | — | — | ||||||||||||||||
Restricted awards granted | — | ( | — | — | ||||||||||||||||
Purchase of | — | — | — | ( | — | ( | ||||||||||||||
Acquisition of Citizens Commerce Bancshares, Inc. | — | — | — | |||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ |
Six months ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Amortization and (accretion), net | |||||||||||
Provision for (recovery of) credit losses | ( | ||||||||||
Depreciation of premises and equipment | |||||||||||
Deferred income tax (benefit) expense | ( | ||||||||||
Net periodic employee benefit cost | |||||||||||
Unrealized and realized investment securities (gains) losses, net | ( | ||||||||||
Stock-compensation expense | |||||||||||
Excess tax expense (benefit) from stock-compensation | ( | ||||||||||
Increase in value of bank-owned life insurance | ( | ( | |||||||||
Loans held for sale | |||||||||||
Loans originated for sale | ( | ( | |||||||||
Proceeds from the sale of loans originated for sale | |||||||||||
Gain on sale of loans | ( | ( | |||||||||
Change in accrued interest receivable | ( | ||||||||||
Change in other assets | ( | ||||||||||
Change in other liabilities | ( | ||||||||||
Net Cash Provided by Operating Activities | |||||||||||
Net decrease (increase) in loans | ( | ( | |||||||||
Securities available-for-sale | |||||||||||
Purchases | ( | ( | |||||||||
Proceeds from sales of securities available-for-sale | |||||||||||
Proceeds from maturities and calls | |||||||||||
Other investments | |||||||||||
Purchases | ( | ( | |||||||||
Proceeds from sales | |||||||||||
Proceeds from maturities and calls | |||||||||||
Purchases of premises and equipment | ( | ( | |||||||||
Proceeds from the disposals of premises and equipment | |||||||||||
Proceeds from bank-owned life insurance policies | |||||||||||
Payments for low income housing tax credits | ( | ( | |||||||||
Acquisition of Citizens Commerce Bancshares, Inc. | |||||||||||
Net Cash Provided by (Used in) Investing Activities | ( | ||||||||||
Net (decrease) increase in non-interest-bearing deposits | ( | ||||||||||
Net (decrease) increase in interest-bearing deposits | ( | ||||||||||
Net (decrease) increase in short-term borrowings | ( | ||||||||||
Proceeds from long-term debt | |||||||||||
Purchases of treasury stock | ( | ( | |||||||||
Proceeds from exercise of stock options | |||||||||||
Lease payments | ( | ( | |||||||||
Dividends paid | ( | ( | |||||||||
Net Cash (Used in) Provided by Financing Activities | ( | ||||||||||
Increase in Cash and Cash Equivalents | |||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and Cash Equivalents at End of Period | $ | $ |
Supplemental Cash Flow Information: | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Cash paid for income taxes | |||||||||||
Acquisition | |||||||||||
Identifiable assets acquired (net of purchase consideration) | $ | $ | |||||||||
Liabilities assumed | ( | ||||||||||
Goodwill | |||||||||||
Core deposit intangible |
Consideration: | |||||
Common stock | $ | ||||
Stock option buyout | |||||
Cash | |||||
Identifiable assets: | |||||
Cash and cash equivalents | |||||
Investment securities | |||||
FHLB stock | |||||
Loans | |||||
Fixed assets | |||||
Bank owned life insurance | |||||
Deferred tax assets, net | |||||
Other assets | |||||
Total identifiable assets | |||||
Identifiable liabilities: | |||||
Deposits | |||||
Short-term borrowings | |||||
Other liabilities | |||||
Total identifiable liabilities | |||||
Net identifiable assets (liabilities) | |||||
Goodwill | |||||
Core deposit intangible | |||||
$ |
Goodwill | |||||
Balance at December 31, 2022 | $ | ||||
Adjustment to goodwill acquired in conjunction with the acquisition of Citizens | |||||
Balance at June 30, 2023 | $ |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||
Obligations of states and | ||||||||||||||||||||||||||
political subdivisions | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||
U.S. government agencies | ||||||||||||||||||||||||||
Private label | ||||||||||||||||||||||||||
Trust preferred securities | ||||||||||||||||||||||||||
Corporate securities | ||||||||||||||||||||||||||
Total Securities Available-for-Sale | $ | $ | $ | $ | $ | $ | $ | $ |
June 30, 2023 | ||||||||||||||||||||
Less Than Twelve Months | Twelve Months or Greater | Total | ||||||||||||||||||
Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | |||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||
Obligations of states and political subdivisions | $ | $ | $ | $ | $ | $ | ||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||
U.S. Government agencies | ||||||||||||||||||||
Private label | ||||||||||||||||||||
Trust preferred securities | ||||||||||||||||||||
Corporate securities | ||||||||||||||||||||
Total available-for-sale | $ | $ | $ | $ | $ | $ |
December 31, 2022 | ||||||||||||||||||||
Less Than Twelve Months | Twelve Months or Greater | Total | ||||||||||||||||||
Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | |||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||
Obligations of states and political subdivisions | $ | $ | $ | $ | $ | $ | ||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||
U.S. Government agencies | ||||||||||||||||||||
Private label | ||||||||||||||||||||
Trust preferred securities | ||||||||||||||||||||
Corporate securities | ||||||||||||||||||||
Total available-for-sale | $ | $ | $ | $ | $ | $ |
Amortized Cost | Estimated Fair Value | |||||||
Available-for-Sale Debt Securities | ||||||||
Due in one year or less | $ | $ | ||||||
Due after one year through five years | ||||||||
Due after five years through ten years | ||||||||
Due after ten years | ||||||||
Total | $ | $ |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Gross realized gains on securities sold | $ | $ | $ | $ | |||||||||||||
Gross realized losses on securities sold | ( | ||||||||||||||||
Net investment security gains | $ | $ | $ | $ | |||||||||||||
Gross unrealized gains recognized on equity securities still held | $ | $ | $ | $ | |||||||||||||
Gross unrealized losses recognized on equity securities still held | ( | ( | ( | ( | |||||||||||||
Net unrealized gains recognized on equity securities still held | $ | ( | $ | ( | $ | $ | ( |
June 30, 2023 | December 31, 2022 | |||||||
Commercial and industrial | $ | $ | ||||||
1-4 Family | ||||||||
Hotels | ||||||||
Multi-family | ||||||||
Non Residential Non-Owner Occupied | ||||||||
Non Residential Owner Occupied | ||||||||
Commercial real estate | ||||||||
Residential real estate | ||||||||
Home equity | ||||||||
Consumer | ||||||||
Demand deposit account (DDA) overdrafts | ||||||||
Gross loans | ||||||||
Allowance for credit losses | ( | ( | ||||||
Net loans | $ | $ | ||||||
Construction loans included in: | ||||||||
Commercial real estate | $ | $ | ||||||
Residential real estate |
Beginning Balance | Impact of Adopting ASU 2022-02 | PCD Loan Reserves | Charge-offs | Recoveries | Provision for (recovery of) credit losses | Ending Balance | |||||||||||||||||
Six months ended June 30, 2023 | |||||||||||||||||||||||
Commercial and industrial | $ | ( | $ | $ | $ | ||||||||||||||||||
1-4 Family | ( | ( | |||||||||||||||||||||
Hotels | ( | ( | |||||||||||||||||||||
Multi-family | |||||||||||||||||||||||
Non Residential Non-Owner Occupied | |||||||||||||||||||||||
Non Residential Owner Occupied | |||||||||||||||||||||||
Commercial real estate | ( | ( | |||||||||||||||||||||
Residential real estate | ( | ( | |||||||||||||||||||||
Home equity | ( | ( | |||||||||||||||||||||
Consumer | ( | ( | |||||||||||||||||||||
DDA overdrafts | ( | ||||||||||||||||||||||
$ | $ | ( | $ | $ | ( | $ | $ | $ | |||||||||||||||
Six months ended June 30, 2022 | |||||||||||||||||||||||
Commercial and industrial | $ | — | — | ( | $ | $ | ( | $ | |||||||||||||||
1-4 Family | — | — | ( | ( | |||||||||||||||||||
Hotels | — | — | |||||||||||||||||||||
Multi-family | — | — | ( | ||||||||||||||||||||
Non Residential Non-Owner Occupied | — | — | ( | ||||||||||||||||||||
Non Residential Owner Occupied | — | — | ( | ||||||||||||||||||||
Commercial real estate | — | — | ( | ( | |||||||||||||||||||
Residential real estate | — | — | ( | ( | |||||||||||||||||||
Home equity | — | — | ( | ( | |||||||||||||||||||
Consumer | — | — | ( | ( | |||||||||||||||||||
DDA Overdrafts | — | — | ( | ||||||||||||||||||||
$ | $ | — | $ | — | $ | ( | $ | $ | ( | $ | |||||||||||||
Beginning Balance | Impact of Adopting ASU 2022-02 | PCD Loan Reserves | Charge-offs | Recoveries | Provision for (recovery of) credit losses | Ending Balance | |||||||||||||||||
Three months ended June 30, 2023 | |||||||||||||||||||||||
Commercial and industrial | $ | — | — | ( | $ | $ | $ | ||||||||||||||||
1-4 Family | — | — | ( | ||||||||||||||||||||
Hotels | — | — | ( | ( | |||||||||||||||||||
Multi-family | — | — | ( | ||||||||||||||||||||
Non Residential Non-Owner Occupied | — | — | ( | ||||||||||||||||||||
Non Residential Owner Occupied | — | — | ( | ||||||||||||||||||||
Commercial real estate | — | — | ( | ( | |||||||||||||||||||
Residential real estate | — | — | ( | ||||||||||||||||||||
Home equity | — | — | ( | ||||||||||||||||||||
Consumer | — | — | ( | ||||||||||||||||||||
DDA overdrafts | — | — | ( | ||||||||||||||||||||
$ | $ | — | $ | — | $ | ( | $ | $ | $ | ||||||||||||||
Three months ended June 30, 2022 | |||||||||||||||||||||||
Commercial and industrial | $ | — | — | $ | $ | $ | |||||||||||||||||
1-4 Family | — | — | ( | ||||||||||||||||||||
Hotels | — | — | ( | ||||||||||||||||||||
Multi-family | — | — | ( | ||||||||||||||||||||
Non Residential Non-Owner Occupied | — | — | ( | ||||||||||||||||||||
Non Residential Owner Occupied | — | — | |||||||||||||||||||||
Commercial real estate | — | — | ( | ( | |||||||||||||||||||
Residential real estate | — | — | ( | ||||||||||||||||||||
Home equity | — | — | ( | ( | |||||||||||||||||||
Consumer | — | — | ( | ( | |||||||||||||||||||
DDA Overdrafts | — | — | ( | ||||||||||||||||||||
$ | $ | — | $ | — | $ | ( | $ | $ | $ | ||||||||||||||
Non-accrual With No | Non-accrual With | Loans Past Due | |||||||||
Allowance for | Allowance for | Over 90 Days | |||||||||
Credit Losses | Credit Losses | Still Accruing | |||||||||
Commercial & Industrial | $ | $ | $ | ||||||||
1-4 Family | |||||||||||
Hotels | |||||||||||
Multi-family | |||||||||||
Non Residential Non-Owner Occupied | |||||||||||
Non Residential Owner Occupied | |||||||||||
Commercial Real Estate | |||||||||||
Residential Real Estate | |||||||||||
Home Equity | |||||||||||
Consumer | |||||||||||
Total | $ | $ | $ |
Non-accrual With No | Non-accrual With | Loans Past Due | |||||||||
Allowance for | Allowance for | Over 90 Days | |||||||||
Credit Losses | Credit Losses | Still Accruing | |||||||||
Commercial & Industrial | $ | $ | $ | ||||||||
1-4 Family | |||||||||||
Hotels | |||||||||||
Multi-family | |||||||||||
Non Residential Non-Owner Occupied | |||||||||||
Non Residential Owner Occupied | |||||||||||
Commercial Real Estate | |||||||||||
Residential Real Estate | |||||||||||
Home Equity | |||||||||||
Consumer | |||||||||||
Total | $ | $ | $ |
June 30, 2023 | |||||||||||||||||||||||
30-59 | 60-89 | 90+ | Total | Current | Non- | Total | |||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Loans | accrual | Loans | |||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
1-4 Family | |||||||||||||||||||||||
Hotels | |||||||||||||||||||||||
Multi-family | |||||||||||||||||||||||
Non Residential Non-Owner Occupied | |||||||||||||||||||||||
Non Residential Owner Occupied | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||
Home Equity | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||
Overdrafts | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
December 31, 2022 | |||||||||||||||||||||||
30-59 | 60-89 | 90+ | Total | Current | Non- | Total | |||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Loans | accrual | Loans | |||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
1-4 Family | |||||||||||||||||||||||
Hotels | |||||||||||||||||||||||
Multi-family | |||||||||||||||||||||||
Non Residential Non-Owner Occupied | |||||||||||||||||||||||
Non Residential Owner Occupied | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||
Home Equity | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||
Overdrafts | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
Risk Rating | Description | ||||
Pass Ratings: | |||||
(a) Exceptional | Loans classified as exceptional are secured with liquid collateral conforming to the internal loan policy. Loans rated within this category pose minimal risk of loss to the bank. | ||||
(b) Good | Loans classified as good have similar characteristics that include a strong balance sheet, satisfactory debt service coverage ratios, strong management and/or guarantors, and little exposure to economic cycles. Loans in this category generally have a low chance of loss to the bank. | ||||
(c) Acceptable | Loans classified as acceptable have acceptable liquidity levels, adequate debt service coverage ratios, experienced management, and have average exposure to economic cycles. Loans within this category generally have a low risk of loss to the bank. | ||||
(d) Pass/watch | Loans classified as pass/watch have erratic levels of leverage and/or liquidity, cash flow is volatile and the borrower is subject to moderate economic risk. A borrower in this category poses a low to moderate risk of loss to the bank. | ||||
Special mention | Loans classified as special mention have a potential weakness(es) that deserves management’s close attention. The potential weakness could result in deterioration of the loan repayment or the bank’s credit position at some future date. A loan rated in this category poses a moderate loss risk to the bank. | ||||
Substandard | Loans classified as substandard reflect a customer with a well-defined weakness that jeopardizes the liquidation of the debt. Loans in this category have the possibility that the bank will sustain some loss if the deficiencies are not corrected and the bank’s collateral value is weakened by the financial deterioration of the borrower. | ||||
Doubtful | Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristics that make collection of the full contract amount highly improbable. Loans rated in this category are most likely to cause the bank to have a loss due to a collateral shortfall or a negative capital position. |
Revolving | ||||||||||||||||||||||||||
Term Loans | Loans | |||||||||||||||||||||||||
Amortized Cost Basis by Origination Year and Risk Level | Amortized | |||||||||||||||||||||||||
June 30, 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Cost Basis | Total | ||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
YTD Gross Charge-offs | $ | $ | $ | $ | $ | $ | $ | $ |
Revolving | ||||||||||||||||||||||||||
Term Loans | Loans | |||||||||||||||||||||||||
Amortized Cost Basis by Origination Year and Risk Level | Amortized | |||||||||||||||||||||||||
December 31, 2022 | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Cost Basis | Total | ||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
Revolving | ||||||||||||||||||||||||||
Term Loans | Loans | |||||||||||||||||||||||||
Amortized Cost Basis by Origination Year and Risk Level | Amortized | |||||||||||||||||||||||||
June 30, 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Cost Basis | Total | ||||||||||||||||||
Commercial real estate - | ||||||||||||||||||||||||||
1-4 Family | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
YTD Gross Charge-offs | $ | $ | $ | $ | $ | $ | $ | $ |
Revolving | ||||||||||||||||||||||||||
Term Loans | Loans | |||||||||||||||||||||||||
Amortized Cost Basis by Origination Year and Risk Level | Amortized | |||||||||||||||||||||||||
December 31, 2022 | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Cost Basis | Total | ||||||||||||||||||
Commercial real estate - | ||||||||||||||||||||||||||
1-4 Family | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
Revolving | ||||||||||||||||||||||||||
Term Loans | Loans | |||||||||||||||||||||||||
Amortized Cost Basis by Origination Year and Risk Level | Amortized | |||||||||||||||||||||||||
June 30, 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Cost Basis | Total | ||||||||||||||||||
Commercial real estate - | ||||||||||||||||||||||||||
Hotels | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
YTD Gross Charge-offs | $ | $ | $ | $ | $ | $ | $ | $ |
Revolving | ||||||||||||||||||||||||||
Term Loans | Loans | |||||||||||||||||||||||||
Amortized Cost Basis by Origination Year and Risk Level | Amortized | |||||||||||||||||||||||||
December 31, 2022 | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Cost Basis | Total | ||||||||||||||||||
Commercial real estate - | ||||||||||||||||||||||||||
Hotels | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
Revolving | ||||||||||||||||||||||||||
Term Loans | Loans | |||||||||||||||||||||||||
Amortized Cost Basis by Origination Year and Risk Level | Amortized | |||||||||||||||||||||||||
June 30, 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Cost Basis | Total | ||||||||||||||||||
Commercial real estate - | ||||||||||||||||||||||||||
Multi-family | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
YTD Gross Charge-offs | $ | $ | $ | $ | $ | $ | $ | $ |
Revolving | ||||||||||||||||||||||||||
Term Loans | Loans | |||||||||||||||||||||||||
Amortized Cost Basis by Origination Year and Risk Level | Amortized | |||||||||||||||||||||||||
December 31, 2022 | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Cost Basis | Total | ||||||||||||||||||
Commercial real estate - | ||||||||||||||||||||||||||
Multi-family | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
Revolving | ||||||||||||||||||||||||||
Term Loans | Loans | |||||||||||||||||||||||||
Amortized Cost Basis by Origination Year and Risk Level | Amortized | |||||||||||||||||||||||||
June 30, 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Cost Basis | Total | ||||||||||||||||||
Commercial real estate - | ||||||||||||||||||||||||||
Non Residential Non-Owner Occupied | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
YTD Gross Charge-offs | $ | $ | $ | $ | $ | $ | $ | $ |
Revolving | ||||||||||||||||||||||||||
Term Loans | Loans | |||||||||||||||||||||||||
Amortized Cost Basis by Origination Year and Risk Level | Amortized | |||||||||||||||||||||||||
December 31, 2022 | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Cost Basis | Total | ||||||||||||||||||
Commercial real estate - | ||||||||||||||||||||||||||
Non Residential Non-Owner Occupied | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
Revolving | ||||||||||||||||||||||||||
Term Loans | Loans | |||||||||||||||||||||||||
Amortized Cost Basis by Origination Year and Risk Level | Amortized | |||||||||||||||||||||||||
June 30, 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Cost Basis | Total | ||||||||||||||||||
Commercial real estate - | ||||||||||||||||||||||||||
Non Residential Owner Occupied | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
YTD Gross Charge-offs | $ | $ | $ | $ | $ | $ | $ | $ |
Revolving | ||||||||||||||||||||||||||
Term Loans | Loans | |||||||||||||||||||||||||
Amortized Cost Basis by Origination Year and Risk Level | Amortized | |||||||||||||||||||||||||
December 31, 2022 | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Cost Basis | Total | ||||||||||||||||||
Commercial real estate - | ||||||||||||||||||||||||||
Non Residential Owner Occupied | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
Revolving | ||||||||||||||||||||||||||
Term Loans | Loans | |||||||||||||||||||||||||
Amortized Cost Basis by Origination Year and Risk Level | Amortized | |||||||||||||||||||||||||
June 30, 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Cost Basis | Total | ||||||||||||||||||
Commercial real estate - | ||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
YTD Gross Charge-offs | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Revolving | ||||||||||||||||||||||||||
Term Loans | Loans | |||||||||||||||||||||||||
Amortized Cost Basis by Origination Year and Risk Level | Amortized | |||||||||||||||||||||||||
December 31, 2022 | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Cost Basis | Total | ||||||||||||||||||
Commercial real estate - | ||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Revolving | ||||||||||||||||||||||||||
Term Loans | Loans | |||||||||||||||||||||||||
Amortized Cost Basis by Origination Year and Risk Level | Amortized | |||||||||||||||||||||||||
June 30, 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Cost Basis | Total | ||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Non-performing | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
YTD Gross Charge-offs | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Revolving | ||||||||||||||||||||||||||
Term Loans | Loans | |||||||||||||||||||||||||
Amortized Cost Basis by Origination Year and Risk Level | Amortized | |||||||||||||||||||||||||
December 31, 2022 | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Cost Basis | Total | ||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Non-performing | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
Revolving | ||||||||||||||||||||||||||
Term Loans | Loans | |||||||||||||||||||||||||
Amortized Cost Basis by Origination Year and Risk Level | Amortized | |||||||||||||||||||||||||
June 30, 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Cost Basis | Total | ||||||||||||||||||
Home equity | ||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Non-performing | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
YTD Gross Charge-offs | $ | $ | $ | $ | $ | $ | $ | $ |
Revolving | ||||||||||||||||||||||||||
Term Loans | Loans | |||||||||||||||||||||||||
Amortized Cost Basis by Origination Year and Risk Level | Amortized | |||||||||||||||||||||||||
December 31, 2022 | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Cost Basis | Total | ||||||||||||||||||
Home equity | ||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Non-performing | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
Revolving | ||||||||||||||||||||||||||
Term Loans | Loans | |||||||||||||||||||||||||
Amortized Cost Basis by Origination Year and Risk Level | Amortized | |||||||||||||||||||||||||
June 30, 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Cost Basis | Total | ||||||||||||||||||
Consumer | ||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Non-performing | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
YTD Gross Charge-offs | $ | $ | $ | $ | $ | $ | $ | $ |
Revolving | ||||||||||||||||||||||||||
Term Loans | Loans | |||||||||||||||||||||||||
Amortized Cost Basis by Origination Year and Risk Level | Amortized | |||||||||||||||||||||||||
December 31, 2022 | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Cost Basis | Total | ||||||||||||||||||
Consumer | ||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Non-performing | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
June 30, 2023 | December 31, 2022 | |||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||
Non-hedging interest rate derivatives: | ||||||||||||||
Customer counterparties: | ||||||||||||||
Loan interest rate swap - assets | $ | $ | $ | $ | ||||||||||
Loan interest rate swap - liabilities | ||||||||||||||
Non-hedging interest rate derivatives: | ||||||||||||||
Financial institution counterparties: | ||||||||||||||
Loan interest rate swap - assets | ||||||||||||||
Loan interest rate swap - liabilities |
Three months ended June 30, | Six months ended June 30, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Change in Fair Value Non-Hedging Interest Rate Derivatives: | ||||||||||||||
Other income (expense) - derivative assets | $ | $ | $ | ( | $ | |||||||||
Other (expense) income - derivative liabilities | ( | ( | ( | |||||||||||
Other income (expense) - derivative liabilities | ( |
June 30, 2023 | December 31, 2022 | |||||||
Investment securities available for sale, at fair value | $ | ( | $ | ( | ||||
Other assets | ||||||||
Cumulative adjustment to Interest and dividends on investment securities |
June 30, 2023 | |||||
Gross loans | $ | ( | |||
Other assets | |||||
Cumulative adjustment to Interest and fees on loans |
Six months ended June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Restricted Awards | Average Market Price at Grant | Restricted Awards | Average Market Price at Grant | |||||||||||
Outstanding at January 1 | $ | $ | ||||||||||||
Granted | ||||||||||||||
Vested | ( | ( | ||||||||||||
Outstanding at June 30 | $ | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Stock-based compensation expense associated with restricted shares | $ | $ | $ | $ | ||||||||||
At period-end: | June 30, 2023 | |||||||||||||
Unrecognized stock-based compensation expense associated with restricted shares | $ | |||||||||||||
Weighted average period (in years) in which the above amount is expected to be recognized |
Three months ended June 30, | Six months ended June 30, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Components of net periodic cost: | ||||||||||||||
Interest cost | $ | $ | $ | $ | ||||||||||
Expected return on plan assets | ( | ( | ( | ( | ||||||||||
Net amortization and deferral | ||||||||||||||
Net Periodic Pension Cost | $ | $ | $ | $ |
June 30, 2023 | December 31, 2022 | |||||||
Commitments to extend credit: | ||||||||
Home equity lines | $ | $ | ||||||
Commercial real estate | ||||||||
Other commitments | ||||||||
Standby letters of credit | ||||||||
Commercial letters of credit |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
Defined | Defined | ||||||||||||||||||||||
Benefit | Securities | Benefit | Securities | ||||||||||||||||||||
Pension | Available- | Pension | Available- | ||||||||||||||||||||
Plan | -for-Sale | Total | Plan | -for-Sale | Total | ||||||||||||||||||
2023 | |||||||||||||||||||||||
Beginning Balance | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive (loss) income before reclassifications | ( | ( | |||||||||||||||||||||
Amounts reclassified from other comprehensive income | ( | ( | |||||||||||||||||||||
( | ( | — | |||||||||||||||||||||
Ending Balance | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||
2022 | |||||||||||||||||||||||
Beginning Balance | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||
Other comprehensive loss | ( | ( | ( | ( | |||||||||||||||||||
( | ( | ( | ( | ||||||||||||||||||||
Ending Balance | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
Amounts reclassified from Other Comprehensive (Loss) Income | |||||||||||||||||
Three months ended | Six months ended | Affected line item | |||||||||||||||
June 30, | June 30, | in the Consolidated Statements | |||||||||||||||
2023 | 2022 | 2023 | 2022 | of Income | |||||||||||||
Securities available-for-sale: | |||||||||||||||||
Net securities gains reclassified into earnings | $ | $ | $ | $ | Gains on sale of investment securities, net | ||||||||||||
Related income tax expense | ( | Income tax expense | |||||||||||||||
Net effect on accumulated other comprehensive (loss) income | $ | $ | $ | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Net income available to common shareholders | $ | $ | $ | $ | ||||||||||
Less: earnings allocated to participating securities | ( | ( | ( | ( | ||||||||||
Net earnings allocated to common shareholders | $ | $ | $ | $ | ||||||||||
Distributed earnings allocated to common stock | $ | $ | $ | $ | ||||||||||
Undistributed earnings allocated to common stock | ||||||||||||||
Net earnings allocated to common shareholders | $ | $ | $ | $ | ||||||||||
Average shares outstanding | ||||||||||||||
Effect of dilutive securities: | ||||||||||||||
Employee stock awards | ||||||||||||||
Shares for diluted earnings per share | ||||||||||||||
Basic earnings per share | $ | $ | $ | $ | ||||||||||
Diluted earnings per share | $ | $ | $ | $ |
Total | Level 1 | Level 2 | Level 3 | Total Gains (Losses) | |||||||||||||
June 30, 2023 | |||||||||||||||||
Recurring fair value measurements | |||||||||||||||||
Financial Assets | |||||||||||||||||
Obligations of states and political subdivisions | $ | $ | $ | $ | |||||||||||||
Mortgage-backed securities: | |||||||||||||||||
U.S. Government agencies | |||||||||||||||||
Private label | |||||||||||||||||
Trust preferred securities | |||||||||||||||||
Corporate securities | |||||||||||||||||
Marketable equity securities | |||||||||||||||||
Certificates of deposit held for investment | |||||||||||||||||
Derivative assets | |||||||||||||||||
Financial Liabilities | |||||||||||||||||
Derivative liabilities | |||||||||||||||||
Nonrecurring fair value measurements | |||||||||||||||||
Non-Financial Assets | |||||||||||||||||
Other real estate owned | |||||||||||||||||
December 31, 2022 | |||||||||||||||||
Recurring fair value measurements | |||||||||||||||||
Financial Assets | |||||||||||||||||
Obligations of states and political subdivisions | $ | $ | $ | $ | |||||||||||||
Mortgage-backed securities: | |||||||||||||||||
U.S. Government agencies | |||||||||||||||||
Private label | |||||||||||||||||
Trust preferred securities | |||||||||||||||||
Corporate securities | |||||||||||||||||
Marketable equity securities | |||||||||||||||||
Certificates of deposit held for investment | |||||||||||||||||
Derivative assets | |||||||||||||||||
Financial Liabilities | |||||||||||||||||
Derivative liabilities | |||||||||||||||||
Nonrecurring fair value measurements | |||||||||||||||||
Non-Financial Assets | |||||||||||||||||
Other real estate owned | ( |
Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
June 30, 2023 | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||
Securities available-for-sale | |||||||||||||||||
Marketable equity securities | |||||||||||||||||
Net loans | |||||||||||||||||
Accrued interest receivable | |||||||||||||||||
Derivative assets | |||||||||||||||||
Liabilities: | |||||||||||||||||
Deposits | |||||||||||||||||
Customer repurchase agreements | |||||||||||||||||
Long-term debt | 100,000 | 100,000 | — | 100,000 | — | ||||||||||||
Accrued interest payable | |||||||||||||||||
Derivative liabilities | |||||||||||||||||
December 31, 2022 | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||
Securities available-for-sale | |||||||||||||||||
Marketable equity securities | |||||||||||||||||
Net loans | |||||||||||||||||
Accrued interest receivable | |||||||||||||||||
Derivative assets | |||||||||||||||||
Liabilities: | |||||||||||||||||
Deposits | |||||||||||||||||
Short-term debt | |||||||||||||||||
Accrued interest payable | |||||||||||||||||
Derivative liabilities |
Portfolio Segment | Measurement Method | ||||
Commercial and industrial | Migration | ||||
Commercial real estate: | |||||
1-4 family | Migration | ||||
Hotels | Migration | ||||
Multi-family | Migration | ||||
Non Residential Non-Owner Occupied | Migration | ||||
Non Residential Owner Occupied | Migration | ||||
Residential real estate | Vintage | ||||
Home equity | Vintage | ||||
Consumer | Vintage |
Six months ended June 30, | ||||||||
2023 | 2022 | |||||||
Net income available to common shareholders (in thousands) | $ | 57,074 | $ | 44,025 | ||||
Earnings per common share, basic | $ | 3.80 | $ | 2.92 | ||||
Earnings per common share, diluted | $ | 3.79 | $ | 2.92 | ||||
Dividend payout ratio | 34.3 | % | 41.1 | % | ||||
ROA* | 1.89 | % | 1.47 | % | ||||
ROE* | 18.3 | % | 13.6 | % | ||||
ROATCE* | 23.7 | % | 16.6 | % | ||||
Average equity to average assets ratio | 10.4 | % | 10.8 | % |
Three months ended June 30, | ||||||||
2023 | 2022 | |||||||
Net income available to common shareholders (in thousands) | $ | 32,733 | $ | 22,683 | ||||
Earnings per common share, basic | $ | 2.16 | $ | 1.51 | ||||
Earnings per common share, diluted | $ | 2.16 | $ | 1.51 | ||||
Dividend payout ratio | 30.0 | % | 39.8 | % | ||||
ROA* | 2.12 | % | 1.51 | % | ||||
ROE* | 20.4 | % | 14.7 | % | ||||
ROATCE* | 27.4 | % | 18.1 | % | ||||
Average equity to average assets ratio | 10.4 | % | 10.3 | % |
June 30, | December 31, | |||||||||||||
2023 | 2022 | $ Change | % Change | |||||||||||
Cash and cash equivalents | 231.3 | 200.0 | $ | 31.3 | 15.7 | % | ||||||||
Total investment securities | 1,449.2 | 1,529.3 | $ | (80.1) | (5.2) | % | ||||||||
Gross loans | 3,922.1 | 3,646.3 | 275.8 | 7.6 | % | |||||||||
Goodwill and other intangible assets, net | 163.4 | 115.7 | 47.7 | 41.2 | % | |||||||||
Total deposits | 5,015.1 | 4,869.9 | 145.2 | 3.0 | % | |||||||||
FHLB long-term advances | 100.0 | — | 100.0 | N/A |
Assets | Six months ended June 30, | |||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||||
Loan portfolio(1): | ||||||||||||||||||||
Residential real estate(2) | $ | 1,869,375 | $ | 41,707 | 4.50 | % | $ | 1,697,727 | $ | 31,892 | 3.79 | % | ||||||||
Commercial, financial, and agriculture(2) | 1,866,177 | 56,001 | 6.05 | 1,801,999 | 31,952 | 3.58 | ||||||||||||||
Installment loans to individuals(2),(3) | 63,229 | 1,648 | 5.26 | 43,916 | 1,238 | 5.68 | ||||||||||||||
Total loans | 3,798,781 | 99,356 | 5.27 | 3,543,642 | 65,082 | 3.70 | ||||||||||||||
Securities: | ||||||||||||||||||||
Taxable | 1,312,118 | 23,567 | 3.62 | 1,238,361 | 13,770 | 2.24 | ||||||||||||||
Tax-exempt(4) | 188,984 | 2,674 | 2.85 | 223,992 | 3,065 | 2.76 | ||||||||||||||
Total securities | 1,501,102 | 26,241 | 3.53 | 1,462,353 | 16,835 | 2.32 | ||||||||||||||
Deposits in depository institutions | 192,266 | 4,176 | 4.38 | 490,445 | 1,020 | 0.42 | ||||||||||||||
Total interest-earning assets | 5,492,149 | 129,773 | 4.76 | 5,496,440 | 82,937 | 3.04 | ||||||||||||||
Cash and due from banks | 69,931 | 102,171 | ||||||||||||||||||
Bank premises and equipment | 72,441 | 73,354 | ||||||||||||||||||
Goodwill and intangible assets | 144,305 | 116,818 | ||||||||||||||||||
Other assets | 320,646 | 237,115 | ||||||||||||||||||
Less: allowance for credit losses | (20,608) | (18,103) | ||||||||||||||||||
Total assets | $ | 6,078,864 | $ | 6,007,795 | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,282,009 | $ | 4,514 | 0.71 | % | $ | 1,149,277 | $ | 278 | 0.05 | % | ||||||||
Savings deposits | 1,371,077 | 3,290 | 0.48 | 1,407,416 | 357 | 0.05 | ||||||||||||||
Time deposits(2) | 932,606 | 6,453 | 1.40 | 1,026,149 | 2,214 | 0.44 | ||||||||||||||
Customer repurchase agreements | 288,092 | 5,344 | 3.74 | 282,228 | 238 | 0.17 | ||||||||||||||
FHLB long-term advances | 33,149 | 649 | 3.95 | — | — | — | ||||||||||||||
Total interest-bearing liabilities | 3,906,933 | 20,250 | 1.05 | 3,865,070 | 3,087 | 0.16 | ||||||||||||||
Noninterest-bearing demand deposits | 1,420,221 | 1,417,060 | ||||||||||||||||||
Other liabilities | 122,709 | 79,610 | ||||||||||||||||||
Stockholders’ equity | 629,001 | 646,055 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 6,078,864 | $ | 6,007,795 | ||||||||||||||||
Net interest income | $ | 109,524 | $ | 79,850 | ||||||||||||||||
Net yield on earning assets | 4.02 | % | 2.93 | % | ||||||||||||||||
(1) | For purposes of this table, non-accruing loans have been included in average balances and the following amounts (in thousands) of net loan fees have been included in interest income: | ||||||||||||||||
Loan fees, net | $ | 911 | $ | 301 | |||||||||||||
(2) | Included in the above table are the following amounts (in thousands) for the accretion of the fair value adjustments related to the Company's acquisitions: | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
Residential real estate | $ | 117 | 167 | ||||||||||||||
Commercial, financial and agriculture | 855 | 404 | |||||||||||||||
Installment loans to individuals | 11 | 34 | |||||||||||||||
Time deposits | 164 | 41 | |||||||||||||||
$ | 1,147 | $ | 646 | ||||||||||||||
(3) | Includes the Company’s consumer and DDA overdrafts loan categories. | ||||||||||||||||
(4) | Computed on a fully federal tax-equivalent basis assuming a tax rate of approximately 21%. |
Six months ended June 30, 2023 vs. 2022 | |||||||||||
Interest-earning assets: | Increase (Decrease) Due to Change In: | ||||||||||
Volume | Rate | Net | |||||||||
Loan portfolio | |||||||||||
Residential real estate | $ | 3,224 | $ | 6,591 | $ | 9,815 | |||||
Commercial, financial, and agriculture | 1,138 | 22,911 | 24,049 | ||||||||
Installment loans to individuals | 544 | (134) | 410 | ||||||||
Total loans | 4,906 | 29,368 | 34,274 | ||||||||
Securities: | |||||||||||
Taxable | 820 | 8,977 | 9,797 | ||||||||
Tax-exempt(1) | (479) | 88 | (391) | ||||||||
Total securities | 341 | 9,065 | 9,406 | ||||||||
Deposits in depository institutions | (620) | 3,776 | 3,156 | ||||||||
Total interest-earning assets | $ | 4,627 | $ | 42,209 | $ | 46,836 | |||||
Interest-bearing liabilities: | |||||||||||
Interest-bearing demand deposits | $ | 32 | $ | 4,203 | $ | 4,235 | |||||
Savings deposits | (9) | 2,942 | 2,933 | ||||||||
Time deposits | (202) | 4,441 | 4,239 | ||||||||
Customer repurchase agreements | 5 | 5,101 | 5,106 | ||||||||
FHLB long-term advances | 649 | — | 649 | ||||||||
Total interest-bearing liabilities | 475 | 16,687 | 17,162 | ||||||||
Net Interest Income | $ | 4,152 | $ | 25,522 | $ | 29,674 |
Assets | Three months ended June 30, | |||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||||
Loan portfolio(1): | ||||||||||||||||||||
Residential real estate(2) | $ | 1,894,269 | $ | 21,702 | 4.60 | % | $ | 1,730,617 | $ | 16,156 | 3.74 | % | ||||||||
Commercial, financial, and agriculture(2) | 1,933,238 | 29,754 | 6.17 | 1,785,511 | 16,421 | 3.69 | ||||||||||||||
Installment loans to individuals(2),(3) | 68,777 | 898 | 5.24 | 43,585 | 631 | 5.81 | ||||||||||||||
Total loans | 3,896,284 | 52,354 | 5.39 | 3,559,713 | 33,208 | 3.74 | ||||||||||||||
Securities: | ||||||||||||||||||||
Taxable | 1,301,063 | 11,794 | 3.64 | 1,269,049 | 7,548 | 2.39 | ||||||||||||||
Tax-exempt(4) | 174,410 | 1,203 | 2.77 | 215,603 | 1,526 | 2.84 | ||||||||||||||
Total securities | 1,475,473 | 12,997 | 3.53 | 1,484,652 | 9,074 | 2.45 | ||||||||||||||
Deposits in depository institutions | 224,064 | 2,585 | 4.63 | 441,239 | 781 | 0.71 | ||||||||||||||
Total interest-earning assets | 5,595,821 | 67,936 | 4.87 | 5,485,604 | 43,063 | 3.15 | ||||||||||||||
Cash and due from banks | 71,949 | 102,532 | ||||||||||||||||||
Bank premises and equipment | 73,450 | 72,887 | ||||||||||||||||||
Goodwill and intangible assets | 163,847 | 116,645 | ||||||||||||||||||
Other assets | 313,925 | 256,354 | ||||||||||||||||||
Less: allowance for credit losses | (23,046) | (17,755) | ||||||||||||||||||
Total assets | $ | 6,195,946 | $ | 6,016,267 | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,328,520 | $ | 2,773 | 0.84 | % | $ | 1,156,200 | $ | 148 | 0.05 | % | ||||||||
Savings deposits | 1,365,894 | 1,942 | 0.57 | 1,430,121 | 182 | 0.05 | ||||||||||||||
Time deposits(2) | 962,299 | 3,852 | 1.61 | 1,004,356 | 999 | 0.40 | ||||||||||||||
Customer repurchase agreements | 294,255 | 2,963 | 4.04 | 288,031 | 123 | 0.17 | ||||||||||||||
FHLB long-term advances | 65,934 | 649 | 3.95 | — | — | — | ||||||||||||||
Total interest-bearing liabilities | 4,016,902 | 12,179 | 1.22 | 3,878,708 | 1,452 | 0.15 | ||||||||||||||
Noninterest-bearing demand deposits | 1,419,771 | 1,435,256 | ||||||||||||||||||
Other liabilities | 116,083 | 85,075 | ||||||||||||||||||
Shareholders’ equity | 643,190 | 617,228 | ||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 6,195,946 | $ | 6,016,267 | ||||||||||||||||
Net interest income | $ | 55,757 | $ | 41,611 | ||||||||||||||||
Net yield on earning assets | 4.00 | % | 3.04 | % | ||||||||||||||||
(1) | For purposes of this table, non-accruing loans have been included in average balances and the following amounts (in thousands) of net loan fees have been included in interest income: | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
Loan fees, net | $ | 393 | $ | 3 | |||||||||||||
(2) | Included in the above table are the following amounts (in thousands) for the accretion of the fair value adjustments related to the Company's acquisitions: | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
Residential real estate | $ | 78 | $ | 77 | |||||||||||||
Commercial, financial and agriculture | 709 | 118 | |||||||||||||||
Installment loans to individuals | 8 | 15 | |||||||||||||||
Time deposits | 154 | 21 | |||||||||||||||
$ | 949 | $ | 231 | ||||||||||||||
(3) | Includes the Company’s consumer and DDA overdrafts loan categories. | ||||||||||||||||
(4) | Computed on a fully federal tax-equivalent basis assuming a tax rate of 21%. |
Three months ended June 30, 2023 vs. 2022 | |||||||||||
Interest-earning assets: | Increase (Decrease) Due to Change In: | ||||||||||
Volume | Rate | Net | |||||||||
Loan portfolio | |||||||||||
Residential real estate | $ | 1,528 | $ | 4,018 | $ | 5,546 | |||||
Commercial, financial, and agriculture | 1,359 | 11,974 | 13,333 | ||||||||
Installment loans to individuals | 365 | (98) | 267 | ||||||||
Total loans | 3,252 | 15,894 | 19,146 | ||||||||
Securities: | |||||||||||
Taxable | 190 | 4,056 | 4,246 | ||||||||
Tax-exempt(1) | (292) | (31) | (323) | ||||||||
Total securities | (102) | 4,025 | 3,923 | ||||||||
Deposits in depository institutions | (384) | 2,188 | 1,804 | ||||||||
Total interest-earning assets | $ | 2,766 | $ | 22,107 | $ | 24,873 | |||||
Interest-bearing liabilities: | |||||||||||
Interest-bearing demand deposits | $ | 22 | $ | 2,603 | $ | 2,625 | |||||
Savings deposits | (8) | 1,768 | 1,760 | ||||||||
Time deposits | (42) | 2,895 | 2,853 | ||||||||
Customer repurchase agreements | 3 | 2,837 | 2,840 | ||||||||
Long-term debt | 649 | 0 | 649 | ||||||||
Total interest-bearing liabilities | $ | 624 | $ | 10,103 | $ | 10,727 | |||||
Net Interest Income | $ | 2,142 | $ | 12,004 | $ | 14,146 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Net interest income ("GAAP") | $ | 55,502 | $ | 41,290 | $ | 108,961 | $ | 79,206 | ||||||
Taxable equivalent adjustment | 255 | 321 | 563 | 644 | ||||||||||
Net interest income, fully taxable equivalent | $ | 55,757 | $ | 41,611 | $ | 109,524 | $ | 79,850 | ||||||
Equity to assets ("GAAP") | 10.35 | % | 9.48 | % | ||||||||||
Effect of goodwill and other intangibles, net | (2.45) | (1.72) | ||||||||||||
Tangible common equity to tangible assets | 7.90 | % | 7.76 | % | ||||||||||
Return on average tangible equity ("GAAP") | 27.4 | % | 18.1 | % | 23.7 | % | 16.6 | % | ||||||
Impact of merger related expenses | — | — | 1.8 | — | ||||||||||
Impact of merger related provision | — | — | 0.7 | — | ||||||||||
Return on tangible equity, excluding merger related expenses and provision | 27.4 | % | 18.1 | % | 26.2 | % | 16.6 | % | ||||||
Return on assets ("GAAP") | 2.12 | % | 1.51 | % | 1.89 | % | 1.47 | % | ||||||
Impact of merger related expenses | — | — | 0.15 | — | ||||||||||
Impact of merger related provision | — | — | 0.05 | — | ||||||||||
Return on assets, excluding merger related expenses and provision | 2.12 | % | 1.51 | % | 2.09 | % | 1.47 | % | ||||||
Efficiency ratio | 44.6 | % | 50.5 | % | 49.0 | % | 51.1 | % | ||||||
Impact of merger expenses | — | — | 3.8 | — | ||||||||||
Efficiency ratio, net of merger expenses | 44.6 | % | 50.5 | % | 45.2 | % | 51.1 | % |
June 30, 2023 | December 31, 2022 | June 30, 2022 | |||||||||
Commercial and industrial | $ | 417,847 | $ | 373,890 | $ | 360,481 | |||||
1-4 Family | 123,701 | 116,192 | 108,765 | ||||||||
Hotels | 324,745 | 340,404 | 337,910 | ||||||||
Multi-family | 191,483 | 174,786 | 203,856 | ||||||||
Non Residential Non-Owner Occupied | 673,921 | 585,964 | 551,240 | ||||||||
Non Residential Owner Occupied | 222,852 | 174,961 | 180,188 | ||||||||
Commercial real estate | 1,536,702 | 1,392,307 | 1,381,959 | ||||||||
Residential real estate | 1,746,618 | 1,693,523 | 1,651,005 | ||||||||
Home equity | 151,012 | 134,317 | 125,742 | ||||||||
Consumer | 65,201 | 48,806 | 44,580 | ||||||||
DDA overdrafts | 4,762 | 3,415 | 2,991 | ||||||||
Total loans | $ | 3,922,142 | $ | 3,646,258 | $ | 3,566,758 |
As of June 30, | As of December 31, | ||||||||||
2023 | 2022 | 2022 | |||||||||
Commercial and industrial | $ | 4,330 | $ | 3,519 | $ | 3,568 | |||||
1-4 Family | 598 | 574 | 566 | ||||||||
Hotels | 2,133 | 2,508 | 2,332 | ||||||||
Multi-family | 1,009 | 460 | 380 | ||||||||
Non Residential Non-Owner Occupied | 4,786 | 2,096 | 2,019 | ||||||||
Non Residential Owner Occupied | 2,378 | 1,395 | 1,315 | ||||||||
Commercial real estate | 10,904 | 7,033 | 6,612 | ||||||||
Residential real estate | 5,573 | 4,994 | 5,427 | ||||||||
Home equity | 408 | 338 | 290 | ||||||||
Consumer | 334 | 78 | 110 | ||||||||
DDA overdrafts | 1,202 | 1,053 | 1,101 | ||||||||
Allowance for Credit Losses | $ | 22,751 | $ | 17,015 | $ | 17,108 |
Six months ended June 30, | ||||||||||||||
2023 | 2022 | $ Change | % Change | |||||||||||
Net investment securities gains (losses) | $ | 0.8 | $ | (1.3) | $ | 2.1 | 161.5 | % | ||||||
Non-interest income, excluding net investment securities (losses) gains | 38.1 | 36.6 | 1.5 | 4.1 | ||||||||||
Non-interest expense, less merger-related expenses | 67.7 | 60.2 | 7.5 | 12.5 |
Three months ended June 30, | ||||||||||||||
2023 | 2022 | $ Change | % Change | |||||||||||
Net investment securities gains (losses) | $ | (0.3) | $ | (0.6) | 0.3 | 50.0 | % | |||||||
Non-interest income, excluding net investment securities gains (losses) | 20.6 | 18.5 | $ | 2.1 | 11.4 | % | ||||||||
Non-interest expense, less merger-related expenses | 34.8 | 30.7 | 4.1 | 13.4 | % |
Immediate Basis Point Change in Interest Rates | Implied Federal Funds Rate Associated with Change in Interest Rates | Estimated Increase or Decrease in Net Income Over 12 Months | ||||||
June 30, 2023 | ||||||||
+300 | 8.25 | % | -2.5 | % | ||||
+200 | 7.25 | -1.1 | ||||||
+100 | 6.25 | — | ||||||
-100 | 4.25 | -4.4 | ||||||
-200 | 3.25 | -11.2 | ||||||
-300 | 2.25 | -18.2 | ||||||
December 31, 2022 | ||||||||
+300 | 7.50 | % | -4.5 | % | ||||
+200 | 6.50 | -2.6 | ||||||
+100 | 5.50 | -1.2 | ||||||
-100 | 3.50 | -5.5 | ||||||
-200 | 2.50 | -14.4 | ||||||
-300 | 1.50 | -19.3 |
June 30, 2023 | December 31, 2022 | |||||||
Noninterest-Bearing Demand Deposits | 17 | % | 20 | % | ||||
Interest-Bearing Deposits | ||||||||
Demand Deposits | 7 | % | 10 | % | ||||
Savings Deposits | 11 | % | 14 | % | ||||
Time Deposits | 14 | % | 13 | % | ||||
Total Deposits | 12 | % | 14 | % |
June 30, 2023 | Actual | Minimum Required - Basel III | Required to be Considered Well Capitalized | |||||||||||||||||
Capital Amount | Ratio | Capital Amount | Ratio | Capital Amount | Ratio | |||||||||||||||
CET I Capital | ||||||||||||||||||||
City Holding Company | $ | 605,661 | 15.5 | % | $ | 273,971 | 7.0 | % | $ | 254,402 | 6.5 | % | ||||||||
City National Bank | 577,578 | 14.8 | % | 272,878 | 7.0 | % | 253,387 | 6.5 | % | |||||||||||
Tier I Capital | ||||||||||||||||||||
City Holding Company | 605,661 | 15.5 | % | 332,679 | 8.5 | % | 313,110 | 8.0 | % | |||||||||||
City National Bank | 577,578 | 14.8 | % | 331,352 | 8.5 | % | 311,861 | 8.0 | % | |||||||||||
Total Capital | ||||||||||||||||||||
City Holding Company | 626,730 | 16.0 | % | 410,956 | 10.5 | % | 391,387 | 10.0 | % | |||||||||||
City National Bank | 598,648 | 15.4 | % | 409,317 | 10.5 | % | 389,826 | 10.0 | % | |||||||||||
Tier I Leverage Ratio | ||||||||||||||||||||
City Holding Company | 605,661 | 9.8 | % | 247,250 | 4.0 | % | 309,062 | 5.0 | % | |||||||||||
City National Bank | 577,578 | 9.4 | % | 246,929 | 4.0 | % | 308,661 | 5.0 | % | |||||||||||
December 31, 2022 | Actual | Minimum Required - Basel III | Required to be Considered Well Capitalized | |||||||||||||||||
Capital Amount | Ratio | Capital Amount | Ratio | Capital Amount | Ratio | |||||||||||||||
CET I Capital | ||||||||||||||||||||
City Holding Company | $ | 598,068 | 16.2 | % | $ | 257,965 | 7.0 | % | $ | 239,538 | 6.5 | % | ||||||||
City National Bank | 508,586 | 13.9 | % | 256,520 | 7.0 | % | 238,197 | 6.5 | % | |||||||||||
Tier I Capital | ||||||||||||||||||||
City Holding Company | 598,068 | 16.2 | % | 313,243 | 8.5 | % | 294,817 | 8.0 | % | |||||||||||
City National Bank | 508,586 | 13.9 | % | 311,488 | 8.5 | % | 293,166 | 8.0 | % | |||||||||||
Total Capital | ||||||||||||||||||||
City Holding Company | 612,654 | 16.6 | % | 386,947 | 10.5 | % | 368,521 | 10.0 | % | |||||||||||
City National Bank | 523,172 | 14.3 | % | 384,780 | 10.5 | % | 366,457 | 10.0 | % | |||||||||||
Tier I Leverage Ratio | ||||||||||||||||||||
City Holding Company | 598,068 | 10.0 | % | 238,954 | 4.0 | % | 298,692 | 5.0 | % | |||||||||||
City National Bank | 508,586 | 8.6 | % | 237,973 | 4.0 | % | 297,466 | 5.0 | % | |||||||||||
Total Number | Maximum Number | |||||||||||||
of Shares Purchased | of Shares that May | |||||||||||||
as Part of Publicly | Yet Be Purchased | |||||||||||||
Total Number of | Average Price | Announced Plans | Under the Plans | |||||||||||
Period | Shares Purchased | Paid per Share | or Programs | or Programs | ||||||||||
April 1 - April 30, 2023 | 190,039 | 89.74 | 1,417,724 | 408,606 | ||||||||||
May 1 - May 31, 2023* | 79,299 | 87.00 | 1,497,023 | 329,307 |
Agreement and Plan of Merger, dated October 18, 2022, by and among City Holding Company and Citizens Commerce Bancshares, Inc. (attached to, and incorporated by reference from, City Holding Company’s Form 8-K dated October 18, 2022, and filed with the Securities and Exchange Commission on October 18, 2022). | |||||||||||
Agreement and Plan of Merger, dated July 11, 2018, by and among Poage Bankshares, Inc., Town Square Bank, City Holding Company and City National Bank of West Virginia (attached to, and incorporated by reference from, City Holding Company’s Form 8-K dated July 11, 2018, and filed with the Securities and Exchange Commission on July 12, 2018). | |||||||||||
Agreement and Plan of Merger, dated July 11, 2018, by and among Farmers Deposit Bancorp, Inc., Farmers Deposit Bank, City Holding Company and City National Bank of West Virginia (attached to, and incorporated by reference from, City Holding Company’s Form 8-K dated July 11, 2018, and filed with the Securities and Exchange Commission on July 12, 2018). | |||||||||||
Amended and Restated Articles of Incorporation of City Holding Company (attached to, and incorporated by reference from City Holding Company's Form 10-Q Quarterly Report for the quarter ending September 30, 2021, filed November 4, 2021 with the Securities Exchange Commission). | |||||||||||
Amended and Restated Bylaws of City Holding Company, revised December 18, 2019 (attached to, and incorporated by reference from, City Holding Company’s Current Report on Form 8-K filed December 20, 2019 with the Securities and Exchange Commission). | |||||||||||
Rights Agreement dated as of June 13, 2001 (attached to, and incorporated by reference from, City Holding Company's Form 8–A, filed June 22, 2001, with the Securities and Exchange Commission). | |||||||||||
Amendment No. 1 to the Rights Agreement dated as of November 30, 2005 (attached to, and incorporated by reference from, City Holding Company’s Amendment No. 1 on Form 8-A, filed December 21, 2005, with the Securities and Exchange Commission). | |||||||||||
Change in Control Agreement for David L. Bumgarner, effective as of May 4, 2022. | |||||||||||
Change in Control Agreement for Jeffrey D. Legge, effective as of May 4, 2022. | |||||||||||
Change in Control Agreement for Michael T. Quinlan, Jr., effective as of May 4, 2022. | |||||||||||
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Charles R. Hageboeck. | |||||||||||
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for David L. Bumgarner. | |||||||||||
Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Charles R. Hageboeck. | |||||||||||
Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for David L. Bumgarner. | |||||||||||
101 | Interactive Data File - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | ||||||||||
101.SCH | XBRL Taxonomy Extension Schema* | ||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase* | ||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase* | ||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase* | ||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase* | ||||||||||
104 | Cover Page Interactive Data file (formatted as inline XBRL and contained in Exhibit 101). | ||||||||||
* Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability. |
City Holding Company | ||||||||
(Registrant) | ||||||||
/s/ Charles R. Hageboeck | ||||||||
Charles R. Hageboeck | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
/s/ David L. Bumgarner | ||||||||
David L. Bumgarner | ||||||||
Executive Vice President, Chief Financial Officer and Principal Accounting Officer | ||||||||
(Principal Financial Officer) |
/s/ Charles R. Hageboeck | ||||||||
Charles R. Hageboeck | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
/s/ David L. Bumgarner | ||||||||
David L. Bumgarner | ||||||||
Executive Vice President, Chief Financial Officer and Principal Accounting Officer | ||||||||
(Principal Financial Officer) |
/s/ Charles R. Hageboeck | ||||||||
Charles R. Hageboeck | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
/s/ David L. Bumgarner | ||||||||
David L. Bumgarner | ||||||||
Executive Vice President, Chief Financial Officer and Principal Accounting Officer | ||||||||
(Principal Financial Officer) |
Consolidated Balance Sheets (Parenthetical) - USD ($) |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares authorized (in shares) | 500,000 | 500,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 19,047,548 | 19,047,548 |
Common stock, treasury shares (in shares) | 4,040,493 | 4,259,399 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 0 | $ 0 |
Consolidated Statements Of Income (Unaudited) - USD ($) shares in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Interest Income | ||||
Interest and fees on loans | $ 52,352,000 | $ 33,208,000 | $ 99,356,000 | $ 65,082,000 |
Interest and dividends on investment securities: | ||||
Taxable | 11,794,000 | 7,547,000 | 23,567,000 | 13,770,000 |
Tax-exempt | 950,000 | 1,205,000 | 2,112,000 | 2,421,000 |
Interest on deposits in depository institutions | 2,585,000 | 782,000 | 4,176,000 | 1,020,000 |
Total Interest Income | 67,681,000 | 42,742,000 | 129,211,000 | 82,293,000 |
Interest Expense | ||||
Interest on deposits | 8,567,000 | 1,328,000 | 14,257,000 | 2,849,000 |
Interest on customer repurchase agreements | 2,963,000 | 124,000 | 5,344,000 | 238,000 |
Interest on FHLB long-term advances | 649,000 | 0 | 649,000 | 0 |
Total Interest Expense | 12,179,000 | 1,452,000 | 20,250,000 | 3,087,000 |
Net Interest Income | 55,502,000 | 41,290,000 | 108,961,000 | 79,206,000 |
Provision for (recovery of) credit losses | 425,000 | 0 | 3,343,000 | (756,000) |
Net Interest Income After Provision for (Recovery of) Credit Losses | 55,077,000 | 41,290,000 | 105,618,000 | 79,962,000 |
Non-Interest Income | ||||
Gains on sale of investment securities, net | 0 | 0 | 773,000 | 0 |
Unrealized gains (losses) recognized on equity securities still held, net | (294,000) | (601,000) | 67,000 | (1,324,000) |
Bank owned life insurance | 3,208,000 | 978,000 | 4,012,000 | 2,992,000 |
Other income | 952,000 | 1,243,000 | 2,278,000 | 2,034,000 |
Total Non-Interest Income | 20,301,000 | 17,849,000 | 38,983,000 | 35,297,000 |
Non-Interest Expense | ||||
Salaries and employee benefits | 18,429,000 | 16,413,000 | 36,102,000 | 31,990,000 |
Occupancy related expense | 2,811,000 | 2,620,000 | 5,451,000 | 5,329,000 |
Equipment and software related expense | 2,883,000 | 2,732,000 | 5,975,000 | 5,501,000 |
FDIC insurance expense | 690,000 | 409,000 | 1,135,000 | 844,000 |
Advertising | 974,000 | 951,000 | 1,734,000 | 1,749,000 |
Bankcard expenses | 1,736,000 | 1,665,000 | 3,245,000 | 3,271,000 |
Postage, delivery, and statement mailings | 596,000 | 551,000 | 1,243,000 | 1,187,000 |
Office supplies | 591,000 | 427,000 | 1,011,000 | 837,000 |
Legal and professional fees | 558,000 | 525,000 | 1,028,000 | 1,052,000 |
Telecommunications | 623,000 | 754,000 | 1,229,000 | 1,338,000 |
Repossessed asset losses (gains), net of expenses | 22,000 | (32,000) | 38,000 | 8,000 |
Merger related expenses | 0 | 0 | 5,645,000 | 0 |
Other expenses | 4,848,000 | 3,674,000 | 9,548,000 | 7,110,000 |
Total Non-Interest Expense | 34,761,000 | 30,689,000 | 73,384,000 | 60,216,000 |
Income Before Income Taxes | 40,617,000 | 28,450,000 | 71,217,000 | 55,043,000 |
Income tax expense | 7,884,000 | 5,767,000 | 14,143,000 | 11,018,000 |
Net Income Available to Common Shareholders | $ 32,733,000 | $ 22,683,000 | $ 57,074,000 | $ 44,025,000 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Average shares outstanding, basic (in shares) | 14,994 | 14,888 | 14,897 | 14,930 |
Effect of dilutive securities (in shares) | 18 | 21 | 22 | 24 |
Average shares outstanding, diluted (in shares) | 15,012 | 14,909 | 14,919 | 14,954 |
Earnings Per Share [Abstract] | ||||
Basic earnings per common share (in dollars per share) | $ 2.16 | $ 1.51 | $ 3.80 | $ 2.92 |
Diluted earnings per common share (in dollars per share) | $ 2.16 | $ 1.51 | $ 3.79 | $ 2.92 |
Service charges | ||||
Non-Interest Income | ||||
Revenue from contract with customer | $ 6,906,000 | $ 7,067,000 | $ 13,469,000 | $ 13,792,000 |
Bankcard revenue | ||||
Non-Interest Income | ||||
Revenue from contract with customer | 7,190,000 | 7,062,000 | 13,793,000 | 13,506,000 |
Trust and investment management fee income | ||||
Non-Interest Income | ||||
Revenue from contract with customer | $ 2,339,000 | $ 2,100,000 | $ 4,591,000 | $ 4,297,000 |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income available to common shareholders | $ 32,733 | $ 22,683 | $ 57,074 | $ 44,025 |
Available-for-Sale Securities | ||||
Unrealized (losses) gains on available-for-sale securities arising during the period | (18,492) | (51,806) | 2,140 | (129,608) |
Reclassification adjustment for gains | 0 | 0 | (773) | 0 |
Other comprehensive (loss) income before income taxes | (18,492) | (51,806) | 1,367 | (129,608) |
Tax effect | 4,433 | 12,537 | (327) | 31,365 |
Other comprehensive (loss) income, net of tax | (14,059) | (39,269) | 1,040 | (98,243) |
Comprehensive Income (Loss), Net of Tax | $ 18,674 | $ (16,586) | $ 58,114 | $ (54,218) |
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Revision of Prior Period, Accounting Standards Update, Adjustment |
Previously Reported |
Common Stock |
Common Stock
Previously Reported
|
Capital Surplus |
Capital Surplus
Previously Reported
|
Retained Earnings |
Retained Earnings
Revision of Prior Period, Accounting Standards Update, Adjustment
|
Retained Earnings
Previously Reported
|
Treasury Stock |
Treasury Stock
Previously Reported
|
Accumulated Other Comprehensive Income (Loss) |
Accumulated Other Comprehensive Income (Loss)
Previously Reported
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2021 | $ 681,105 | $ 47,619 | $ 170,942 | $ 641,826 | $ (193,542) | $ 14,260 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 44,025 | 44,025 | ||||||||||||
Other comprehensive income (loss) | (98,243) | (98,243) | ||||||||||||
Cash dividends declared | (17,918) | (17,918) | ||||||||||||
Stock-based compensation expense | 1,658 | 1,658 | ||||||||||||
Restricted awards granted | 0 | (2,658) | 2,658 | |||||||||||
Purchase of treasury shares | (19,295) | (19,295) | ||||||||||||
Ending balance at Jun. 30, 2022 | 591,993 | 47,619 | 169,557 | 667,933 | (209,133) | (83,983) | ||||||||
Beginning Balance at Mar. 31, 2022 | 632,430 | 47,619 | 170,206 | 654,138 | (194,819) | (44,714) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 22,683 | 22,683 | ||||||||||||
Other comprehensive income (loss) | (39,269) | (39,269) | ||||||||||||
Cash dividends declared | (8,888) | (8,888) | ||||||||||||
Stock-based compensation expense | 687 | 687 | ||||||||||||
Restricted awards granted | 0 | (951) | 951 | |||||||||||
Exercise of stock options | 661 | (385) | 1,046 | |||||||||||
Purchase of treasury shares | (16,311) | (16,311) | ||||||||||||
Ending balance at Jun. 30, 2022 | 591,993 | 47,619 | 169,557 | 667,933 | (209,133) | (83,983) | ||||||||
Beginning Balance at Dec. 31, 2022 | 578,027 | $ 175 | $ 577,852 | 47,619 | $ 47,619 | 170,980 | $ 170,980 | 706,871 | $ 175 | $ 706,696 | (215,955) | $ (215,955) | (131,488) | $ (131,488) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 57,074 | 57,074 | ||||||||||||
Other comprehensive income (loss) | 1,040 | 1,040 | ||||||||||||
Cash dividends declared | (19,697) | (19,697) | ||||||||||||
Stock-based compensation expense | 1,726 | 1,726 | ||||||||||||
Restricted awards granted | 0 | (3,534) | 3,534 | |||||||||||
Purchase of treasury shares | (44,056) | (44,056) | ||||||||||||
Acquisition of Citizens Commerce Bancshares, Inc. | 62,078 | 7,574 | 54,504 | |||||||||||
Ending balance at Jun. 30, 2023 | 636,192 | 47,619 | 176,746 | 744,248 | (201,973) | (130,448) | ||||||||
Beginning Balance at Mar. 31, 2023 | 651,050 | 47,619 | 177,529 | 721,727 | (179,436) | (116,389) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 32,733 | 32,733 | ||||||||||||
Other comprehensive income (loss) | (14,059) | (14,059) | ||||||||||||
Cash dividends declared | (10,212) | (10,212) | ||||||||||||
Stock-based compensation expense | 633 | 633 | ||||||||||||
Restricted awards granted | 0 | (1,416) | 1,416 | |||||||||||
Purchase of treasury shares | (23,953) | (23,953) | ||||||||||||
Ending balance at Jun. 30, 2023 | $ 636,192 | $ 47,619 | $ 176,746 | $ 744,248 | $ (201,973) | $ (130,448) |
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared (in dollars per share) | $ 0.65 | $ 0.60 | $ 1.30 | $ 1.20 |
Exercise of stock options (in shares) | 13,078 | 13,078 | ||
Purchase of treasury shares (in shares) | 269,338 | 208,243 | 487,587 | 246,450 |
Background and Basis of Presentation |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background and Basis of Presentation | Background and Basis of Presentation City Holding Company ("City Holding"), a West Virginia corporation headquartered in Charleston, West Virginia, is a registered financial holding company under the Bank Holding Company Act and conducts its principal activities through its wholly-owned subsidiary, City National Bank of West Virginia ("City National"). City National is a retail and consumer-oriented community bank with 99 banking offices in West Virginia (58), Kentucky (24), Virginia (13) and southeastern Ohio (4). City National provides credit, deposit, and trust and investment management services to its customers in a broad geographical area that includes many rural and small community markets in addition to larger cities including Charleston (WV), Huntington (WV), Martinsburg (WV), Ashland (KY), Lexington (KY), Winchester (VA) and Staunton (VA). In addition to its branch network, City National's delivery channels include automated-teller-machines ("ATMs"), interactive-teller machines ("ITMs"), mobile banking, debit cards, interactive voice response systems, and Internet technology. The Company’s business activities are currently limited to one reportable business segment, which is community banking. On March 10, 2023, the Company acquired 100% of the outstanding common shares of Citizens Commerce Bancshares, Inc. ("Citizens") and its principal banking subsidiary, Citizens Commerce Bank of Versailles, Kentucky. See Note C for additional information on the acquisition. The accompanying consolidated financial statements, which are unaudited, include all of the accounts of City Holding and its wholly-owned subsidiaries (collectively, the "Company"). All material intercompany transactions have been eliminated. The consolidated financial statements include all adjustments that, in the opinion of management, are necessary for a fair presentation of the results of operations and financial condition for each of the periods presented. Such adjustments are of a normal recurring nature. The results of operations for the six months ended June 30, 2023 are not necessarily indicative of the results of operations that can be expected for the year ending December 31, 2023. The Company’s accounting and reporting policies conform with generally accepted accounting principles for interim financial information, with the instructions to Form 10-Q and Article 10 of Regulation S-X, and with Industry Guide 3, Statistical Disclosure by Bank Holding Companies. Such policies require management to make estimates and develop assumptions that affect the amounts reported in the consolidated financial statements and related footnotes. Actual results could differ from management’s estimates. The consolidated balance sheet as of December 31, 2022 has been derived from audited financial statements included in the Company’s 2022 Annual Report to Shareholders. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been omitted. These financial statements should be read in conjunction with the financial statements and notes thereto included in the 2022 Annual Report of the Company.
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Recent Accounting Pronouncements |
6 Months Ended |
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Jun. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted In October 2018, the FASB issued ASU No. 2018-16, "Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes." This amendment permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the UST, the LIBOR swap rate, the OIS rate based on the Federal Funds Effective Rate, and the SIFMA Municipal Swap Rate. This ASU became effective for the Company on January 1, 2019 with anticipation the LIBOR index would be phased out by the end of 2021. In March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." This amendment provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and is effective as of March 12, 2020 through December 31, 2022. In January 2021, the FASB issued ASU No. 2021-01, "Reference Rate Reform (Topic 848): Scope," which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. In December 2022, the FASB issued ASU No. 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848," which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The adoption of ASU No. 2020-04 did not have a material impact on the Company's financial statements. In March 2022, the FASB issued ASU No. 2022-01, "Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method." The amendments in this update allow nonprepayable financial assets to be included in a closed portfolio hedged using the portfolio layer method. This expanded scope permits an entity to apply the same portfolio hedging method to both prepayable and nonprepayable financial assets, thereby allowing consistent accounting for similar hedges. This ASU became effective for the Company on January 1, 2023. The adoption of ASU No. 2022-01 did not have a material impact on the Company's financial statements. In March 2022, the FASB issued ASU No. 2022-02, "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." The amendments in this update eliminate the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The amendments in this update also require that an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. This ASU became effective for the Company on January 1, 2023. The Company adopted ASU No. 2022-02 using the modified retrospective method, which resulted in a $0.2 million adjustment to shareholders' equity and the allowance for credit losses. See Note F for additional information. Pending Adoption In March 2023, the FASB issued ASU No. 2023-02, "Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures using the Proportional Amortization Method." The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. This ASU will become effective for the Company on January 1, 2024. The adoption of ASU No. 2023-02 is not expected to have a material impact on the Company's financial statements.
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Acquisition and Preliminary Purchase Price Allocation |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition and Preliminary Purchase Price Allocation | Acquisition and Preliminary Purchase Price AllocationOn March 10, 2023, the Company acquired 100% of the outstanding common shares of Citizens Commerce Bancshares, Inc. ("Citizens") and its principal banking subsidiary, Citizens Commerce Bank of Versailles, Kentucky, in order to strengthen the Company's market presence in the Lexington, Kentucky area. The acquisition of Citizens was structured as a stock transaction in which the Company issued approximately 0.7 million shares, valued at approximately $62.1 million. The following table summarizes the consideration paid for Citizens and the amounts of the assets acquired and liabilities assumed as of the date of acquisition (in thousands):
Investment Securities The gain on the sale of investment securities recognized in the first six months of 2023 was primarily due to the sale of Citizens investment portfolio of approximately $41 million shortly after the acquisition date. Acquired Loans The fair value of net assets acquired includes fair value adjustments to certain receivables that were not considered impaired as of the acquisition date. The fair value adjustments were determined using discounted contractual cash flows. However, the Company believes that there was not deterioration of credit at the date of acquisition. As such, these receivables were not considered impaired at the acquisition date and were not subject to the guidance relating to purchased credit deteriorated loans, which have shown evidence of credit deterioration since origination. Receivables acquired that were not subject to these requirements include non-impaired loans with a fair value of $246.4 million on the date of acquisition. In connection with the completion of the acquisition of Citizens during the six months ended June 30, 2023, the Company recorded $2.0 million of credit loss expense associated with loans acquired from Citizens in its total provision for credit losses. The fair value of purchased financial assets with credit deterioration ("PCD") was $4.9 million on the date of acquisition. The gross contractual amounts receivable relating to the purchased financial asset with credit deterioration was $8.5 million. The Company estimates, on the date of acquisition, that $3.6 million of the contractual cash flows specific to the purchased financial assets with credit deterioration will not be collected. Acquired Deposits The fair values of non-time deposits approximated their carrying value at the acquisition date. For time deposits, the fair values were estimated based on discounted cash flows, using interest rates that were being offered at the time of acquisition compared to the contractual interest rates. Based on this analysis, management recorded a premium on time deposits acquired of $0.6 million which is being amortized over 5 years. Core Deposit Intangible The Company believes that the customer relationships with the deposits acquired have an intangible value. In connection with the acquisition, the Company recorded a core deposit intangible asset of $8.3 million. The core deposit intangible asset represents the value that the acquiree had with their deposit customers. The fair value was estimated based on a discounted cash flow methodology that considered the type of deposit, deposit retention and the cost of the deposit base. The core deposit intangible is being amortized over 10 years. Goodwill Under GAAP, management has up to twelve months following the date of the acquisition to finalize the fair value of acquired assets and liabilities. The measurement period ends as soon as the Company receives information it was seeking about facts and circumstances that existed as of the acquisition date or learns that more information is not obtainable. Any subsequent adjustments to the fair value of the acquired assets and liabilities, intangible assets or other purchase accounting adjustments will result in adjustments to the goodwill recorded. Among the items that are still preliminary at June 30, 2023 is the finalization of the final tax return, which management anticipates completing during 2023. Given the form of the transaction, the $40.5 million goodwill preliminarily recorded in conjunction with the Citizens acquisition is not expected to be deductible for tax purposes. The following table summarizes adjustments to goodwill subsequent to December 31, 2022 (in thousands):
Merger Related Costs During the six months ended June, 2023, the Company incurred $5.6 million of merger-related costs in connection with the acquisition of Citizens, primarily for professional fees ($1.6 million), severance ($1.4 million), and data processing costs ($1.3 million).
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Investments |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments The aggregate carrying and approximate fair values of investment securities follow (in thousands). Fair values are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable financial instruments.
The Company's other investment securities include marketable equity securities, non-marketable equity securities and certificates of deposits held for investment. At June 30, 2023 and December 31, 2022, the Company held $7.6 million in marketable equity securities. Changes in the fair value of the marketable equity securities are recorded in "unrealized gains (losses) recognized on equity securities still held" in the consolidated statements of income. The Company's non-marketable securities consist of securities with limited marketability, such as stock in the Federal Reserve Bank ("FRB") or the Federal Home Loan Bank ("FHLB"). At June 30, 2023 and December 31, 2022, the Company held $21.4 million and $15.5 million, respectively, in non-marketable equity securities. These securities are carried at cost due to the restrictions placed on their transferability. At June 30, 2023 and December 31, 2022, the Company held $0.2 million and $0.7 million in certificates of deposits held for investment, respectively. The Company's mortgage-backed U.S. government agency securities consist of both residential and commercial securities, all of which are guaranteed by Fannie Mae ("FNMA"), Freddie Mac ("FHLMC"), or Ginnie Mae ("GNMA"). At June 30, 2023 and December 31, 2022 there were no securities of any non-governmental issuer whose aggregate carrying value or estimated fair value exceeded 10% of shareholders' equity. Certain investment securities owned by the Company were in an unrealized loss position (i.e., amortized cost basis exceeded the estimated fair value of the securities) as of June 30, 2023 and December 31, 2022. The following table shows the gross unrealized losses and fair value of the Company’s investments aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):
As of June 30, 2023, management does not intend to sell any impaired security and it is not more than likely that it will be required to sell any impaired security before the recovery of its amortized cost basis. The unrealized losses on debt securities are primarily the result of interest rate changes, credit spread fluctuations on agency-issued mortgage-related securities, general financial market uncertainty and market volatility. These conditions should not prohibit the Company from receiving its contractual principal and interest payments on its debt securities. The fair value is expected to recover as the securities approach their maturity date or repricing date. As of June 30, 2023, management believes the unrealized losses detailed in the table above are temporary and therefore no allowance for credit losses has been recognized on the Company’s securities. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss will be recognized in net income in the period the other-than-temporary impairment is identified, while any noncredit loss will be recognized in other comprehensive income. During the three months ended June 30, 2023 and 2022, the Company had no credit-related net investment impairment losses. The amortized cost and estimated fair value of debt securities at June 30, 2023, by contractual maturity, is shown in the following table (in thousands). Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. Mortgage-backed securities have been allocated to their respective maturity groupings based on their contractual maturity.
Gross gains and gross losses recognized by the Company from investment security transactions are summarized in the table below (in thousands):
The carrying value of securities pledged to secure public deposits and for other purposes as required or permitted by law approximated $759 million and $886 million at June 30, 2023 and December 31, 2022, respectively.
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Loans |
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Loans and Leases Receivable, Net Amount [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans The following table summarizes the Company’s major classifications for loans (in thousands):
The Company’s commercial and residential real estate construction loans are primarily secured by real estate within the Company’s principal markets. These loans were originated under the Company’s loan policies, which are focused on the risk characteristics of the loan portfolio, including construction loans. In the judgment of the Company's management, adequate consideration has been given to these loans in establishing the Company's allowance for credit losses.
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Allowance For Credit Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance For Credit Losses | The following table summarizes the activity in the allowance for credit losses, by portfolio loan classification, for the six months ended June 30, 2023 and 2022 (in thousands). The allocation of a portion of the allowance in one portfolio segment does not preclude its availability to absorb losses in other portfolio segments.
During the six months ended June 30, 2023, the Company recorded $2.8 million of allowance for credit losses due to acquired Citizens PCD loans. Further, in connection with the completion of the acquisition of Citizens during the six months ended June 30, 2023, the Company recorded $2.0 million of provision for credit losses associated with loans acquired from Citizens. In addition, the provision for credit losses for the six months ended June 30, 2023 included $0.9 million that was primarily related to the downgrade of two commercial loans. Management systematically monitors the loan portfolio and the appropriateness of the allowance for credit losses on a quarterly basis to provide for expected losses inherent in the portfolio. Management assesses the risk in each loan type based on historical trends, the general economic environment of its local markets, individual loan performance and other relevant factors. The Company's estimate of future economic conditions utilized in its provision estimate is primarily dependent on expected unemployment ranges over a two-year period. Beyond two years, a straight line reversion to historical average loss rates is applied over the life of the loan pool in the migration methodology. The vintage methodology applies future average loss rates based on net losses in historical periods where the unemployment rate was within the forecasted range. Individual credits in excess of $1 million are selected at least annually for detailed loan reviews, which are utilized by management to assess the risk in the portfolio and the appropriateness of the allowance. Non-Performing Loans Interest income on loans is accrued and credited to operations based upon the principal amount outstanding, using methods that generally result in level rates of return. Loan origination fees, and certain direct costs, are deferred and amortized as an adjustment to the yield over the term of the loan. The accrual of interest generally is discontinued when a loan becomes 90 days past due as to principal or interest for all loan types. However, any loan may be placed on non-accrual status if the Company receives information that indicates a borrower is unable to meet the contractual terms of its respective loan agreement. Other indicators considered for placing a loan on non-accrual status include the borrower’s involvement in bankruptcies, foreclosures, repossessions, litigation and any other situation resulting in doubt as to whether full collection of contractual principal and interest is attainable. When interest accruals are discontinued, unpaid interest recognized in income in the current year is reversed, and interest accrued in prior years is charged to the allowance for credit losses. Management may elect to continue the accrual of interest when the net realizable value of collateral exceeds the principal balance and related accrued interest, and the loan is in the process of collection. Generally for all loan classes, interest income during the period the loan is non-performing is recorded on a cash basis after recovery of principal is reasonably assured. Cash payments received on nonperforming loans are typically applied directly against the outstanding principal balance until the loan is fully repaid. Generally, loans are restored to accrual status when the obligation is brought current, the borrower has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The following table presents the amortized cost basis of loans on non-accrual status and loans past due over 90 days still accruing as of June 30, 2023 (in thousands):
The following table presents the amortized cost basis of loans on non-accrual status and loans past due over 90 days still accruing as of December 31, 2022 (in thousands):
The Company recognized no interest income on non-accrual loans during each of the three and six months ended June 30, 2023 and 2022. There were no individually evaluated impaired collateral-dependent loans as of June 30, 2023 or December 31, 2022. Changes in the fair value of the collateral for collateral-dependent loans are reported as a provision for credit loss or a recovery of credit loss in the period of change. There were no significant commitments to provide additional funds on non-accrual or individually evaluated loans at June 30, 2023. Generally, all loan types are considered past due when the contractual terms of a loan are not met and the borrower is 30 days or more past due on a payment. Furthermore, residential and home equity loans are generally subject to charge-off when the loan becomes 120 days past due, depending on the estimated fair value of the collateral less cost to dispose, versus the outstanding loan balance. Commercial loans are generally charged off when the loan becomes 120 days past due. Open-end consumer loans are generally charged off when the loan becomes 180 days past due. The following tables present the aging of the amortized cost basis in past-due loans as of June 30, 2023 and December 31, 2022 by class of loan (in thousands):
Loan Restructurings The Company adopted the accounting guidance in ASU No. 2022-02, effective as of January 1, 2023, which eliminates the recognition and measurement of troubled debt restructurings ("TDRs"). Due to the removal of the TDR designation, the Company evaluates all loan restructurings according to the accounting guidance for loan modifications to determine if the restructuring results in a new loan or a continuation of the existing loan. Loan modifications to borrowers experiencing financial difficulty that result in a direct change in the timing or amount of contractual cash flows include situations where there is principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions, and combinations of the listed modifications. Therefore, the disclosures related to loan restructurings are only for modifications that directly affect cash flows. During the three and six months ended June 30, 2023, the Company had no loan modifications that were considered restructured loans. A loan that is considered a restructured loan may be subject to the individually evaluated loan analysis, otherwise, the restructured loan will remain in the appropriate segment in the Allowance for Credit Losses model and associated reserves will be adjusted based on changes in the discounted cash flows resulting from the modification of the restructured loan. Credit Quality Indicators All commercial loans within the portfolio are subject to internal risk rating. All non-commercial loans are evaluated based on payment history. The Company’s internal risk ratings for commercial loans are: Exceptional, Good, Acceptable, Pass/Watch, Special Mention, Substandard and Doubtful. Each internal risk rating is defined in the loan policy using the following criteria: balance sheet yields; ratios and leverage; cash flow spread and coverage; prior history; capability of management; market position/industry; potential impact of changing economic, legal, regulatory or environmental conditions; purpose; structure; collateral support; and guarantor support. Risk grades are generally assigned by the primary lending officer and are periodically evaluated by the Company’s internal loan review process. Based on an individual loan’s risk grade, estimated loss percentages are applied to the outstanding balance of the loan to determine the amount of expected loss. The Company categorizes loans into risk categories based on relevant information regarding the customer’s debt service ability, capacity and overall collateral position, along with other economic trends and historical payment performance. The risk rating for each credit is updated when the Company receives current financial information, the loan is reviewed by the Company’s internal loan review and credit administration departments, or the loan becomes delinquent or impaired. The risk grades are updated a minimum of annually for loans rated Exceptional, Good, Acceptable, or Pass/Watch. Loans rated Special Mention, Substandard or Doubtful are reviewed at least quarterly. The Company uses the following definitions for its risk ratings:
Based on the most recent analysis performed, the risk category of loans by class of loans at June 30, 2023 and December 31, 2022 is as follows (in thousands), with the loans acquired from Citizens categorized by their origination date:
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Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments As of June 30, 2023 and December 31, 2022, the Company primarily utilizes non-hedging derivative financial instruments with commercial banking customers to facilitate their interest rate management strategies. For these instruments, the Company acts as an intermediary for its customers and has offsetting contracts with financial institution counterparties. Changes in the fair value of these underlying derivative contracts generally offset each other and do not significantly impact the Company's results of operations. The following table summarizes the notional and fair value of these derivative instruments (in thousands):
The following table summarizes the change in fair value of these derivative instruments (in thousands):
Certain financial instruments, including derivatives, may be eligible for offset in the consolidated balance sheet and/or subject to master netting arrangements. The Company's derivative transactions with financial institution counterparties are generally executed under International Swaps and Derivative Association ("ISDA") master agreements which include "right of setoff" provisions. In such cases there is generally a legally enforceable right to offset recognized amounts and there may be an intention to settle such amounts on a net basis. Nonetheless, the Company does not generally offset financial instruments for financial reporting purposes. Pursuant to the Company's agreements with certain of its derivative financial institution counterparties, the Company may receive collateral or post collateral, which may be in the form of cash or securities, based upon mark-to-mark positions. The Company has received collateral with a value of $75.7 million and $83.0 million as of June 30, 2023 and December 31, 2022, respectively. Loans associated with a customer counterparty loan interest rate swap agreement may be subject to a make whole penalty upon termination of the agreement. The dollar amount of the make whole penalty varies based on the remaining term of the agreement and market rates at that time. The make whole penalty is secured by equity in the specific collateral securing the loan. The Company estimates the make whole penalty when determining if there is sufficient collateral to pay off both the potential make whole penalty and the outstanding loan balance at the origination of the loan. In the event of a customer default, the make whole penalty is capitalized into the existing loan balance; however, no guarantees can be made that the collateral will be sufficient to cover both the make whole provision and the outstanding loan balance at the time of foreclosure. Fair Value Hedges During the year ended December 31, 2020, the Company entered into a series of fair value hedge agreements to reduce the interest rate risk associated with the change in fair value of certain securities. The total notional amount of these agreements was $150 million and the amortized cost of the hedged assets was $313.7 million and $330.0 million as of June 30, 2023 and December 31, 2022, respectively. During the six months ended June 30, 2023 and 2022, the fair value hedge agreements were effective. The gains or losses on these hedges are recognized in current earnings as fair value changes. The following table summarizes the financial statement impact of these derivative instruments (in thousands):
During the six months ended June 30, 2023, the Company entered into a fair value hedge agreement to reduce the interest rate risk associated with the change in fair value of certain loans. The total notional amount of these agreements was $100 million. During the six months ended June 30, 2023, the fair value hedge agreements were effective. The gains or losses on these hedges are recognized in current earnings as fair value changes. The following table summarizes the financial statement impact of these derivative instruments (in thousands):
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Employee Benefit Plans |
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Share-Based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans Restricted Shares, Restricted Stock Units, Performance Share Units The Company records compensation expense with respect to restricted shares, restricted stock units and performance share units in an amount equal to the fair value of the common stock covered by each award on the date of grant. These awards become fully vested after various periods of continued employment from the respective dates of grant. The Company is entitled to an income tax deduction in an amount equal to the taxable income reported by the holders of the restricted shares when the restrictions are released and the shares are issued. Compensation is being charged to expense over the respective vesting periods. Restricted shares are forfeited if the awarded officer or employee terminates his employment with the Company prior to the lapsing of restrictions. The Company records forfeitures of restricted stock as treasury share repurchases and any compensation cost previously recognized is reversed in the period of forfeiture. Recipients of restricted shares do not pay any cash consideration to the Company for the shares, and, except for restricted stock units and performance share units, have the right to vote all shares subject to such grant and receive all dividends with respect to such shares, whether or not the shares have vested. For restricted shares and performance share units that have performance-based criteria, management has evaluated those criteria and has determined that, as of June 30, 2023, the criteria were probable of being met. A summary of the Company’s restricted shares activity and related information is presented below:
Information regarding stock-based compensation associated with restricted shares is provided in the following table (in thousands):
Shares issued in conjunction with restricted stock awards are issued from available treasury shares. If no treasury shares are available, new shares would be issued from available authorized shares. During the six months ended June 30, 2023 and 2022, all shares issued in connection with restricted stock awards were issued from available treasury stock. Benefit Plans The Company provides retirement benefits to its employees through the City Holding Company 401(k) Plan and Trust (the “401(k) Plan”), which is intended to be compliant with Employee Retirement Income Security Act (ERISA) section 404(c). The Company also maintains a frozen defined benefit pension plan (the “Defined Benefit Plan”), which was inherited from the Company's acquisition of the plan sponsor (Horizon Bancorp, Inc.). The following table presents the components of the Company's net periodic benefit cost, which is included in the line item "other expenses" in the consolidated statements of income (in thousands):
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Credit-Related Financial Instruments The Company is a party to certain financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. The Company has entered into agreements with certain customers to extend credit or provide a conditional commitment to provide payment on drafts presented in accordance with the terms of the underlying credit documents. The Company also provides overdraft protection to certain demand deposit customers that represent an unfunded commitment. Overdraft protection commitments, which are included with other commitments below, are uncollateralized and are paid at the Company’s discretion. Conditional commitments generally include standby and commercial letters of credit. Standby letters of credit represent an obligation of the Company to a designated third party contingent upon the failure of a customer of the Company to perform under the terms of the underlying contract between the customer and the third party. Commercial letters of credit are issued specifically to facilitate trade or commerce. Under the terms of a commercial letter of credit, drafts will be drawn when the underlying transaction is consummated, as intended, between the customer and a third party. The majority of the Company's commitments have variable interest rates. The funded portion of these financial instruments is reflected in the Company’s balance sheet, while the unfunded portion of these commitments is not reflected in the balance sheet. The table below presents a summary of the contractual obligations of the Company resulting from significant commitments (in thousands):
Loan commitments and standby and commercial letters of credit have credit risks essentially the same as those involved in extending loans to customers and are subject to the Company’s standard credit policies. Collateral is obtained based on management’s credit assessment of the customer. Management does not anticipate any material losses as a result of these commitments. Litigation In addition, the Company is engaged in various legal actions that it deems to be in the ordinary course of business. As these legal actions are resolved, the Company could realize positive and/or negative impact to its financial performance in the period in which these legal actions are ultimately resolved. There can be no assurance that current legal actions will have an immaterial impact on financial results, either positive or negative, or that no material legal actions may be presented in the future.
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Accumulated Other Comprehensive (Loss) Income |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income The activity in accumulated other comprehensive (loss) income is presented in the tables below (in thousands). All amounts are shown net of tax, which is calculated using a combined federal and state income tax rate approximating 24%.
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Earnings per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share The following table sets forth the computation of basic and diluted earnings per share using the two class method (in thousands, except per share data):
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Fair Value Measurements |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC Topic 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Company has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company bases fair value of assets and liabilities on quoted market prices, prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data. If such information is not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty creditworthiness, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Financial Assets and Liabilities The Company used the following methods and significant assumptions to estimate fair value for financial assets and liabilities measured on a recurring basis. Securities Available for Sale. Securities available for sale are reported at fair value utilizing Level 1, Level 2, and Level 3 inputs. The fair value of securities available for sale is determined by utilizing a market approach by obtaining quoted prices on nationally recognized securities exchanges (other than forced or distressed transactions) that occur in sufficient volume or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted securities. If such measurements are unavailable, the security is classified as Level 3. Significant judgment is required to make this determination. The Company utilizes a third party pricing service provider to value its Level 1 and Level 2 investment securities. Annually, the Company obtains an independent auditor’s report from its third party pricing service provider regarding its controls over investment securities. On a quarterly basis, the Company reprices its debt securities with a third party that is independent of the primary pricing service provider to verify the reasonableness of the fair values. Derivatives. Derivatives are reported at fair value utilizing Level 2 inputs. The Company utilizes a market approach by obtaining dealer quotations to value its customer interest rate swaps. The Company’s derivatives are included within "other assets" and "other liabilities" in the accompanying consolidated balance sheets. Derivative assets are typically secured through securities with financial counterparties or cross collateralization with a borrowing customer. Derivative liabilities are typically secured by the Company pledging securities to financial counterparties or, in the case of a borrowing customer, by the right of setoff. The Company considers factors such as the likelihood of default by itself and its counterparties, right of setoff, and remaining maturities in determining the appropriate fair value adjustments. All derivative counterparties approved by the Company's Asset and Liability Committee ("ALCO") are regularly reviewed, and appropriate business action is taken to adjust the exposure to certain counterparties, if necessary. Counterparty exposure is evaluated by netting positions that are subject to master netting agreements, as well as considering the amount of marketable collateral securing the position. This approach used to estimate impacted exposures to counterparties is also used by the Company to estimate its own credit risk in derivative liability positions. To date, no material losses have been incurred due to a counterparty's inability to pay any undercollateralized position. There was no significant change in the value of derivative assets and liabilities attributed to credit risk that would have resulted in a derivative credit risk valuation adjustment at June 30, 2023. The Company may be required, from time to time, to measure certain financial assets and financial liabilities at fair value on a nonrecurring basis. Financial assets measured at fair value on a nonrecurring basis include individually evaluated loans reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. Collateral values are estimated using Level 3 inputs based on observable market data for both real estate collateral and non-real estate collateral. The following table presents assets and liabilities measured at fair value (in thousands):
The Company's financial assets and liabilities measured at fair value on a nonrecurring basis using significant unobservable inputs (Level 3) include individually evaluated loans that were remeasured and reported at fair value through a specific valuation allowance allocation of the allowance for credit losses based upon the fair value of the underlying collateral (in thousands). The fair value of individually evaluated loans is estimated using one of several methods, including collateral value, liquidation value and discounted cash flows. The significant unobservable inputs used in the fair value measurement of collateral for collateral-dependent individually evaluated loans primarily relate to discounts applied to the customers’ reported amount of collateral. The amount of collateral discount depends upon the marketability of the underlying collateral. During the six months ended June 30, 2023 and 2022, collateral discounts ranged from 10% to 30%. During the six months ended June 30, 2023 and 2022, the Company had no Level 2 financial assets and liabilities that were measured on a nonrecurring basis. Non-Financial Assets and Liabilities The Company has no non-financial assets or liabilities measured at fair value on a recurring basis. Certain non-financial assets measured at fair value on a non-recurring basis include other real estate owned (“OREO”), which is measured at the lower of cost or fair value. Fair Value of Financial Instruments ASC Topic 825 “Financial Instruments,” as amended, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including discount rates and estimate of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. ASC Topic 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The following table represents the estimates of fair value of financial instruments (in thousands). For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For financial liabilities such as noninterest-bearing demand, interest-bearing demand and savings deposits, the carrying amount is a reasonable estimate of fair value due to these products having no stated maturity.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
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Pay vs Performance Disclosure | ||||
Net income available to common shareholders | $ 32,733 | $ 22,683 | $ 57,074 | $ 44,025 |
Insider Trading Arrangements |
3 Months Ended |
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Jun. 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 |
Acquisition and Preliminary Purchase Price Allocation (Tables) |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Acquisition | The following table summarizes the consideration paid for Citizens and the amounts of the assets acquired and liabilities assumed as of the date of acquisition (in thousands):
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Schedule of Goodwill | The following table summarizes adjustments to goodwill subsequent to December 31, 2022 (in thousands):
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Investments (Tables) |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities, Available-for-sale |
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Gross Unrealized Losses And Fair Value Of Investments | The following table shows the gross unrealized losses and fair value of the Company’s investments aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):
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Amortized Cost And Estimated Fair Value Of Debt Securities By Contractual Maturity | The amortized cost and estimated fair value of debt securities at June 30, 2023, by contractual maturity, is shown in the following table (in thousands). Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. Mortgage-backed securities have been allocated to their respective maturity groupings based on their contractual maturity.
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Gross Gains And Losses Realized | Gross gains and gross losses recognized by the Company from investment security transactions are summarized in the table below (in thousands):
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Loans (Tables) |
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Loans and Leases Receivable, Net Amount [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Major Classifications for Loans | The following table summarizes the Company’s major classifications for loans (in thousands):
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Allowance For Credit Losses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivable, Allowance for Credit Loss |
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Financing Receivable, Nonaccrual | The following table presents the amortized cost basis of loans on non-accrual status and loans past due over 90 days still accruing as of June 30, 2023 (in thousands):
The following table presents the amortized cost basis of loans on non-accrual status and loans past due over 90 days still accruing as of December 31, 2022 (in thousands):
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Financing Receivable, Past Due | The following tables present the aging of the amortized cost basis in past-due loans as of June 30, 2023 and December 31, 2022 by class of loan (in thousands):
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Financing Receivable, Credit Quality Indicators | Based on the most recent analysis performed, the risk category of loans by class of loans at June 30, 2023 and December 31, 2022 is as follows (in thousands), with the loans acquired from Citizens categorized by their origination date:
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Derivative Instruments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Of Derivative Instruments | The following table summarizes the notional and fair value of these derivative instruments (in thousands):
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Change In Fair Value Of Derivative Instruments | The following table summarizes the change in fair value of these derivative instruments (in thousands):
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Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table summarizes the financial statement impact of these derivative instruments (in thousands):
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Schedule of Derivative Assets at Fair Value | The following table summarizes the financial statement impact of these derivative instruments (in thousands):
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Employee Benefit Plans (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Noncash Expense [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Shares Activity And Related Information | A summary of the Company’s restricted shares activity and related information is presented below:
Information regarding stock-based compensation associated with restricted shares is provided in the following table (in thousands):
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Pension and Other Postretirement Benefits | The following table presents the components of the Company's net periodic benefit cost, which is included in the line item "other expenses" in the consolidated statements of income (in thousands):
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Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Contractual Obligations From Significant Commitments | The table below presents a summary of the contractual obligations of the Company resulting from significant commitments (in thousands):
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Accumulated Other Comprehensive (Loss) Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes In Each Component of Accumulated Other Comprehensive Income | The activity in accumulated other comprehensive (loss) income is presented in the tables below (in thousands). All amounts are shown net of tax, which is calculated using a combined federal and state income tax rate approximating 24%.
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Schedule of Amounts Reclassified Out Of Accumulated Other Comprehensive Income |
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Earnings per Share (Tables) |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Computation Of Basic And Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share using the two class method (in thousands, except per share data):
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring And Nonrecurring Basis | The following table presents assets and liabilities measured at fair value (in thousands):
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Schedule Of Estimates Of Fair Value Of Financial Instruments | The following table represents the estimates of fair value of financial instruments (in thousands). For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For financial liabilities such as noninterest-bearing demand, interest-bearing demand and savings deposits, the carrying amount is a reasonable estimate of fair value due to these products having no stated maturity.
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Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|---|---|
Accounting Changes and Error Corrections [Abstract] | ||||||
Equity, Attributable to Parent | $ 636,192 | $ 651,050 | $ 578,027 | $ 591,993 | $ 632,430 | $ 681,105 |
Acquisition and Preliminary Purchase Price Allocation - Goodwill (Details) |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Goodwill [Roll Forward] | |
Balance at December 31, 2022 | $ 108,941 |
Goodwill, Acquired During Period | 40,458 |
Balance at June 30, 2023 | $ 149,399 |
Investments (Narrative) (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Schedule of Investments [Line Items] | |||
Federal Home Loan Bank Stock and Federal Reserve Bank Stock | $ 15,500,000 | $ 21,400,000 | |
Certificates of deposit, at carrying value | 200,000 | 700,000 | |
Non-governmental issues exceeding 10% shareholders equity threshold | 0 | 0 | |
Credit-related investment impairment losses | 0 | $ 0 | |
Asset Pledged as Collateral | |||
Schedule of Investments [Line Items] | |||
Carrying value of securities pledged | 759,000,000 | $ 886,000,000 | |
Marketable equity securities | |||
Schedule of Investments [Line Items] | |||
Investment securities | $ 7,600,000 |
Investments (Amortized Cost And Estimated Fair Value Of Debt Securities By Contractual Maturity) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Amortized Cost | ||
Due in one year or less | $ 1,814 | |
Due after one year through five years | 51,378 | |
Due after five years through ten years | 511,736 | |
Due after ten years | 1,021,942 | |
Total | 1,586,870 | $ 1,673,864 |
Estimated Fair Value | ||
Due in one year or less | 1,796 | |
Due after one year through five years | 47,776 | |
Due after five years through ten years | 472,381 | |
Due after ten years | 897,980 | |
Total | $ 1,419,933 | $ 1,505,520 |
Investments (Gross Gains And Losses Realized) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Investments [Abstract] | ||||
Gross realized gains on securities sold | $ 0 | $ 0 | $ 975 | $ 0 |
Gross realized losses on securities sold | 0 | 0 | (202) | 0 |
Net investment security gains | 0 | 0 | 773 | 0 |
Gross unrealized gains recognized on equity securities still held | 8 | 2 | 368 | 42 |
Gross unrealized losses recognized on equity securities still held | (302) | (603) | (301) | (1,366) |
Net unrealized gains recognized on equity securities still held | $ (294) | $ (601) | $ 67 | $ (1,324) |
Derivative Instruments (Narrative) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Derivatives, Fair Value [Line Items] | ||
Collateral already posted, aggregate fair value | $ 75,700 | $ 83,000 |
Hedged Asset, Fair Value Hedge, Last-of-Layer, Cumulative Increase (Decrease) | 45 | 132 |
Hedged Asset, Fair Value Hedge, Last-of-Layer, Amount | 313,700 | 330,000 |
Fair Value Hedge Agreement, Notional Amount | 100,000 | |
Interest Rate Swap | Non-hedging interest rate derivatives: | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ 150,000 | $ 150,000 |
Derivative Instruments (Fair Value Of Derivative Instruments) (Details) - Non-hedging interest rate derivatives: - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Loan interest rate swap - assets | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 27,463 | $ 28,238 |
Fair Value | 1,458 | 1,298 |
Loan interest rate swap - liabilities | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 586,928 | 619,150 |
Fair Value | 57,812 | 63,758 |
Loan interest rate swap - assets | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 604,928 | 637,150 |
Fair Value | 59,204 | 65,217 |
Loan interest rate swap - liabilities | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 27,463 | 28,238 |
Fair Value | $ 1,458 | $ 1,298 |
Derivative Instruments (Change In Fair Value Of Derivative Instruments) (Details) - Non-hedging interest rate derivatives: - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Other Assets | Other Income | Customer Back-to-Back Swap Program | ||||
Derivatives, Fair Value [Line Items] | ||||
Change in Fair Value Non-Hedging Interest Rate Derivatives: | $ 10,653 | $ 15,448 | $ (5,477) | $ 18,524 |
Other Liabilities | Other Income | Customer Back-to-Back Swap Program | ||||
Derivatives, Fair Value [Line Items] | ||||
Change in Fair Value Non-Hedging Interest Rate Derivatives: | (10,653) | (15,448) | 5,477 | (18,524) |
Other Liabilities | Other Expense | ||||
Derivatives, Fair Value [Line Items] | ||||
Change in Fair Value Non-Hedging Interest Rate Derivatives: | $ 131 | $ 311 | $ (67) | $ 888 |
Derivative Instruments (Fair Value of Fair Value Hedges) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Hedged Asset, Fair Value Hedge, Last-of-Layer, Cumulative Increase (Decrease) | $ 45 | $ 132 |
Available-for-sale Securities | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Hedges, Net | (14,429) | (15,394) |
Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Hedges, Net | $ 14,384 | $ 15,262 |
Derivative Instruments - Derivative Instruments (Details) |
Jun. 30, 2023
USD ($)
|
---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Gross loans | $ (2,066,000) |
Derivative assets | 2,050,000 |
Cumulative adjustment to Interest and fees on loans | $ (16,000) |
Employee Benefit Plans (Pension and Other Postretirement Benefits) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Components of net periodic cost: | ||||
Interest cost | $ 137 | $ 90 | $ 274 | $ 180 |
Expected return on plan assets | (210) | (221) | (420) | (442) |
Net amortization and deferral | 86 | 195 | 172 | 390 |
Net Periodic Pension Cost | $ 13 | $ 64 | $ 26 | $ 128 |
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Other Commitments [Line Items] | ||
Commitments and contingencies | ||
Commitments to extend credit: | Home equity | ||
Other Commitments [Line Items] | ||
Commitments and contingencies | 249,262 | 232,295 |
Commitments to extend credit: | Commercial real estate | ||
Other Commitments [Line Items] | ||
Commitments and contingencies | 58,494 | 53,226 |
Commitments to extend credit: | Other commitments | ||
Other Commitments [Line Items] | ||
Commitments and contingencies | 304,940 | 257,222 |
Standby letters of credit | ||
Other Commitments [Line Items] | ||
Commitments and contingencies | 5,279 | 5,205 |
Commercial letters of credit | ||
Other Commitments [Line Items] | ||
Commitments and contingencies | $ 2,026 | $ 2,006 |
Accumulated Other Comprehensive (Loss) Income (Narrative) (Details) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Equity [Abstract] | ||||
Combined Federal and State income tax rate (percent) | 24.00% | 24.00% | 24.00% | 24.00% |
Accumulated Other Comprehensive (Loss) Income (Schedule Of Amounts Reclassified Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net securities gains reclassified into earnings | $ 0 | $ 0 | $ 773 | $ 0 |
Related income tax expense | (7,884) | (5,767) | (14,143) | (11,018) |
Net income available to common shareholders | 32,733 | 22,683 | 57,074 | 44,025 |
Securities available-for-sale: | Amounts reclassified from Other Comprehensive (Loss) Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net securities gains reclassified into earnings | 0 | 0 | 773 | 0 |
Related income tax expense | 0 | 0 | (185) | 0 |
Net income available to common shareholders | $ 0 | $ 0 | $ 588 | $ 0 |
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Earnings Per Share [Abstract] | ||||
Net income available to common shareholders | $ 32,733 | $ 22,683 | $ 57,074 | $ 44,025 |
Less: earnings allocated to participating securities | (291) | (203) | (505) | (403) |
Net earnings allocated to common shareholders | 32,442 | 22,480 | 56,569 | 43,622 |
Distributed earnings allocated to common stock | 9,668 | 8,837 | 19,336 | 17,671 |
Undistributed earnings allocated to common stock | $ 22,774 | $ 13,643 | $ 37,233 | $ 25,951 |
Average shares outstanding (in shares) | 14,994 | 14,888 | 14,897 | 14,930 |
Effect of dilutive securities: | ||||
Employee stock awards (in shares) | 18 | 21 | 22 | 24 |
Average shares outstanding, diluted (in shares) | 15,012 | 14,909 | 14,919 | 14,954 |
Basic earnings per common share (in dollars per share) | $ 2.16 | $ 1.51 | $ 3.80 | $ 2.92 |
Diluted earnings per share (in dollars per share) | $ 2.16 | $ 1.51 | $ 3.79 | $ 2.92 |
Fair Value Measurements (Narrative) (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Material losses related to counterparty's inability to pay undercollateralized position | $ 0 | |
Significant change in the value of derivative assets and liabilities attributed to credit risk | $ 0 | |
Minimum | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Collateral discount | 10.00% | 10.00% |
Maximum | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Collateral discount | 30.00% | 30.00% |
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