UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
____________
FORM
(Mark One)
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For the quarterly period ended | |
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For the transition period from | to |
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Commission file number
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
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(Address of principal executive offices) | (Zip Code) |
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(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large Accelerated Filer ¨ | |
Non-Accelerated Filer ¨ | Emerging Growth Company |
Smaller Reporting Company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ¨ No
As of October 31, 2022, the registrant had
TABLE OF CONTENTS
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PART I. |
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ITEM 1. | Financial Statements (Unaudited) |
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| 4 | |
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ITEM 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 19 |
ITEM 3. | 26 | |
ITEM 4. | 28 | |
PART II. |
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ITEM 1. | 28 | |
ITEM 1A. | 28 | |
ITEM 2. | 29 | |
ITEM 3. | 29 | |
ITEM 4. | 29 | |
ITEM 5. | 29 | |
ITEM 6. | 29 | |
| 31 |
PART 1. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
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| September 30, |
| December 31, | ||
(dollars in thousands) |
| 2022 |
| 2021 | ||
Assets: |
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Cash and cash equivalents |
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Investment securities available-for-sale, at fair value |
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Loans: |
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Commercial and industrial |
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Secured by real estate: |
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Commercial mortgages |
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Residential mortgages |
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Home equity lines |
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Consumer and other |
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Allowance for credit losses |
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Restricted stock, at cost |
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Bank premises and equipment, net |
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Right-of-use asset - operating leases |
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Bank-owned life insurance |
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Pension plan assets, net |
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Deferred income tax benefit |
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Other assets |
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Liabilities: |
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Deposits: |
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Checking |
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Savings, NOW and money market |
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Time |
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Short-term borrowings |
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Long-term debt |
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Operating lease liability |
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Accrued expenses and other liabilities |
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Stockholders' Equity: |
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Common stock, par value $ |
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Authorized, |
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Issued and outstanding, |
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Surplus |
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Retained earnings |
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Accumulated other comprehensive loss, net of tax |
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See notes to unaudited consolidated financial statements
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
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| Nine Months Ended |
| Three Months Ended | ||||||||
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(in thousands, except per share data) |
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| 2021 | ||||
Interest and dividend income: |
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Loans |
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Investment securities: |
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Taxable |
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Nontaxable |
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Interest expense: |
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Savings, NOW and money market deposits |
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Time deposits |
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Short-term borrowings |
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Long-term debt |
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Net interest income |
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Provision (credit) for credit losses |
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Net interest income after provision (credit) for credit losses |
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Noninterest income: |
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Bank-owned life insurance |
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Service charges on deposit accounts |
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Net gains on sales of securities |
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Other |
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Noninterest expense: |
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Salaries and employee benefits |
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Occupancy and equipment |
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Other |
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Income before income taxes |
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Income tax expense |
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Net income |
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Weighted average: |
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Common shares |
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Dilutive restricted stock units |
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Earnings per share: |
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Basic |
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Diluted |
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Cash dividends declared per share |
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See notes to unaudited consolidated financial statements
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
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| Nine Months Ended |
| Three Months Ended | ||||||||
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| September 30, |
| September 30, | ||||||||
(in thousands) |
| 2022 |
| 2021 |
| 2022 |
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Net income |
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Other comprehensive loss: |
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Change in net unrealized holding gains or losses on |
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Change in net unrealized loss on derivative instruments |
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Other comprehensive loss before income taxes |
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Income tax benefit |
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Other comprehensive loss |
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Comprehensive income (loss) |
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See notes to unaudited consolidated financial statements
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)
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| Nine Months Ended September 30, 2022 | |||||||||||||||
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| Accumulated |
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| Other |
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| Common Stock |
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| Retained |
| Comprehensive |
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(dollars in thousands) |
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| Amount |
| Surplus |
| Earnings |
| Loss |
| Total | |||||
Balance, January 1, 2022 |
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Net income |
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