10/29/2024 | Press release | Distributed by Public on 10/29/2024 14:25
☒ | 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 |
Pennsylvania | 23-1886144 |
(State or other jurisdiction of incorporation or organization) |
(IRS Employer Identification No.) |
Title of class | Trading symbol | Name of exchange on which registered |
Common Stock, $5 par value | UVSP | The NASDAQ Stock Market |
Large accelerated filer | ☐ |
Accelerated filer
|
☒ |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
Emerging growth company | ☐ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Common Stock, $5 par value | 29,042,929 |
(Title of Class) | (Number of shares outstanding at October 28, 2024) |
Page Number | ||
Part I. |
Financial Information:
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|
Item 1. |
Financial Statements (Unaudited)
|
|
Condensed Consolidated Balance Sheets at September 30, 2024 and December 31, 2023
|
2
|
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Condensed Consolidated Statements of Income for theThree and NineMonths Ended September 30, 2024 and 2023
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3
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Condensed Consolidated Statements of Comprehensive Income for theThree and Nine Months Ended September 30, 2024 and 2023
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4
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Condensed Consolidated Statements of Changes in Shareholders' Equity for theThree and Nine Months Ended September 30, 2024 and 2023
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6
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Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023
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8
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Notes to Condensed Consolidated Financial Statements
|
10
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Item 2. |
Management's Discussion and Analysis of Financial Condition and Results of Operations
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47
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Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
|
62
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Item 4. |
Controls and Procedures
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62
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Part II. |
Other Information
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Item 1. |
Legal Proceedings
|
63
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Item 1A. |
Risk Factors
|
63
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Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds
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63
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Item 3. |
Defaults Upon Senior Securities
|
63
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Item 4. |
Mine Safety Disclosures
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63
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Item 5. |
Other Information
|
64
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Item 6. |
Exhibits
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65
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Signatures
|
66
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(Unaudited) | ||||
(Dollars in thousands, except share data) | At September 30, 2024 | At December 31, 2023 | ||
ASSETS | ||||
Cash and due from banks | $ | 78,346 | $ | 72,815 |
Interest-earning deposits with other banks | 426,354 | 176,984 | ||
Cash and cash equivalents | 504,700 | 249,799 | ||
Investment securities held-to-maturity (fair value $123,103 and $128,277 at September 30, 2024 and December 31, 2023, respectively)
|
137,681 | 145,777 | ||
Investment securities available-for-sale (amortized cost $389,342 and $395,727, net of allowance for credit losses of $642 and $731 at September 30, 2024 and December 31, 2023, respectively)
|
354,100 | 351,553 | ||
Investments in equity securities | 2,406 | 3,293 | ||
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost | 40,235 | 40,499 | ||
Loans held for sale | 17,131 | 11,637 | ||
Loans and leases held for investment | 6,730,734 | 6,567,214 | ||
Less: Allowance for credit losses, loans and leases | (86,041) | (85,387) | ||
Net loans and leases held for investment | 6,644,693 | 6,481,827 | ||
Premises and equipment, net | 47,411 | 51,441 | ||
Operating lease right-of-use assets | 29,260 | 31,795 | ||
Goodwill | 175,510 | 175,510 | ||
Other intangibles, net of accumulated amortization | 7,158 | 10,950 | ||
Bank owned life insurance | 138,744 | 131,344 | ||
Accrued interest receivable and other assets | 106,708 | 95,203 | ||
Total assets | $ | 8,205,737 | $ | 7,780,628 |
LIABILITIES | ||||
Noninterest-bearing deposits | $ | 1,323,953 | $ | 1,468,320 |
Interest-bearing deposits | 5,530,195 | 4,907,461 | ||
Total deposits | 6,854,148 | 6,375,781 | ||
Short-term borrowings | 8,256 | 6,306 | ||
Long-term debt | 225,000 | 310,000 | ||
Subordinated notes | 149,136 | 148,761 | ||
Operating lease liabilities | 32,246 | 34,851 | ||
Accrued interest payable and other liabilities | 59,880 | 65,721 | ||
Total liabilities | 7,328,666 | 6,941,420 | ||
SHAREHOLDERS' EQUITY | ||||
Common stock, $5 par value: 48,000,000 shares authorized at September 30, 2024 and December 31, 2023; 31,556,799 shares issued at September 30, 2024 and December 31, 2023; 29,081,108 and 29,511,721 shares outstanding at September 30, 2024 and December 31, 2023, respectively
|
157,784 | 157,784 | ||
Additional paid-in capital | 301,262 | 301,066 | ||
Retained earnings | 512,938 | 474,691 | ||
Accumulated other comprehensive loss, net of tax benefit | (41,623) | (50,646) | ||
Treasury stock, at cost; 2,475,691 and 2,045,078 shares at September 30, 2024 and December 31, 2023, respectively
|
(53,290) | (43,687) | ||
Total shareholders' equity | 877,071 | 839,208 | ||
Total liabilities and shareholders' equity | $ | 8,205,737 | $ | 7,780,628 |
Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
(Dollars in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | ||||
Interest income | ||||||||
Interest and fees on loans and leases | $ | 98,359 | $ | 90,974 | $ | 285,252 | $ | 254,949 |
Interest and dividends on investment securities: | ||||||||
Taxable | 3,706 | 3,540 | 11,094 | 10,547 | ||||
Exempt from federal income taxes | 7 | 15 | 26 | 44 | ||||
Interest on deposits with other banks | 3,624 | 1,865 | 6,341 | 2,856 | ||||
Interest and dividends on other earning assets | 742 | 712 | 2,166 | 2,102 | ||||
Total interest income | 106,438 | 97,106 | 304,879 | 270,498 | ||||
Interest expense | ||||||||
Interest on deposits | 48,170 | 37,082 | 133,648 | 82,885 | ||||
Interest on short-term borrowings | 1 | 1,117 | 248 | 7,094 | ||||
Interest on long-term debt and subordinated notes | 5,063 | 5,317 | 15,285 | 13,282 | ||||
Total interest expense | 53,234 | 43,516 | 149,181 | 103,261 | ||||
Net interest income | 53,204 | 53,590 | 155,698 | 167,237 | ||||
Provision for credit losses | 1,414 | 2,024 | 3,553 | 8,839 | ||||
Net interest income after provision for credit losses | 51,790 | 51,566 | 152,145 | 158,398 | ||||
Noninterest income | ||||||||
Trust fee income | 2,110 | 1,910 | 6,226 | 5,789 | ||||
Service charges on deposit accounts | 2,037 | 1,816 | 5,890 | 5,088 | ||||
Investment advisory commission and fee income | 5,319 | 4,843 | 15,751 | 14,303 | ||||
Insurance commission and fee income | 5,238 | 4,852 | 17,606 | 16,447 | ||||
Other service fee income | 1,815 | 3,020 | 11,274 | 9,414 | ||||
Bank owned life insurance income | 921 | 806 | 2,849 | 2,362 | ||||
Net gain on sales of investment securities | 18 | - | 18 | - | ||||
Net gain on mortgage banking activities | 1,296 | 1,216 | 3,945 | 2,880 | ||||
Other income | 1,396 | 228 | 3,166 | 1,921 | ||||
Total noninterest income | 20,150 | 18,691 | 66,725 | 58,204 | ||||
Noninterest expense | ||||||||
Salaries, benefits and commissions | 30,702 | 29,978 | 92,227 | 90,867 | ||||
Net occupancy | 2,723 | 2,594 | 8,274 | 7,935 | ||||
Equipment | 1,107 | 1,087 | 3,306 | 3,066 | ||||
Data processing | 4,154 | 4,189 | 12,810 | 12,355 | ||||
Professional fees | 1,579 | 1,763 | 4,733 | 5,373 | ||||
Marketing and advertising | 490 | 555 | 1,621 | 1,548 | ||||
Deposit insurance premiums | 1,097 | 1,258 | 3,330 | 3,475 | ||||
Intangible expenses | 164 | 220 | 539 | 726 | ||||
Restructuring charges | - | - | - | 1,330 | ||||
Other expense | 6,536 | 7,344 | 20,494 | 21,641 | ||||
Total noninterest expense | 48,552 | 48,988 | 147,334 | 148,316 | ||||
Income before income taxes | 23,388 | 21,269 | 71,536 | 68,286 | ||||
Income tax expense | 4,810 | 4,253 | 14,546 | 13,436 | ||||
Net income | $ | 18,578 | $ | 17,016 | $ | 56,990 | $ | 54,850 |
Net income per share: | ||||||||
Basic | $ | 0.64 | $ | 0.58 | $ | 1.95 | $ | 1.86 |
Diluted | 0.63 | 0.58 | 1.94 | 1.86 |
Three Months Ended September 30, | ||||||||||||
(Dollars in thousands) | 2024 | 2023 | ||||||||||
Before Tax Amount |
Tax Expense (Benefit) |
Net of Tax Amount |
Before Tax Amount |
Tax Expense (Benefit) |
Net of Tax Amount |
|||||||
Income | $ | 23,388 | $ | 4,810 | $ | 18,578 | $ | 21,269 | $ | 4,253 | $ | 17,016 |
Other comprehensive income (loss): | ||||||||||||
Net unrealized gains (losses) on available-for-sale investment securities: | ||||||||||||
Net unrealized holding gains (losses) arising during the period | 11,791 | 2,476 | 9,315 | (12,622) | (2,651) | (9,971) | ||||||
Reversal of provision for credit losses | (139) | (29) | (110) | - | - | - | ||||||
Less: reclassification adjustment for net gains on sales realized in net income | (18) | (4) | (14) | - | - | - | ||||||
Total net unrealized gains (losses) on available-for-sale investment securities | 11,634 | 2,443 | 9,191 | (12,622) | (2,651) | (9,971) | ||||||
Net unrealized gains (losses) on interest rate swaps used in cash flow hedges: | ||||||||||||
Net unrealized holding gains (losses) arising during the period | 3,098 | 650 | 2,448 | (2,541) | (534) | (2,007) | ||||||
Less: reclassification adjustment for net losses realized in net income | 575 | 121 | 454 | 1,558 | 327 | 1,231 | ||||||
Reclassification adjustment recorded in earnings (1) | 370 | 78 | 292 | - | - | - | ||||||
Total net unrealized gains (losses) on interest rate swaps used in cash flow hedges | 4,043 | 849 | 3,194 | (983) | (207) | (776) | ||||||
Defined benefit pension plans: | ||||||||||||
Amortization of net actuarial gains included in net periodic pension costs (2) | 147 | 31 | 116 | 247 | 52 | 195 | ||||||
Total defined benefit pension plans | 147 | 31 | 116 | 247 | 52 | 195 | ||||||
Other comprehensive income (loss) | 15,824 | 3,323 | 12,501 | (13,358) | (2,806) | (10,552) | ||||||
Total comprehensive income | $ | 39,212 | $ | 8,133 | $ | 31,079 | $ | 7,911 | $ | 1,447 | $ | 6,464 |
Nine Months Ended September 30, | ||||||||||||
(Dollars in thousands) | 2024 | 2023 | ||||||||||
Before Tax Amount |
Tax Expense (Benefit) |
Net of Tax Amount |
Before Tax Amount |
Tax Expense (Benefit) |
Net of Tax Amount |
|||||||
Income | $ | 71,536 | $ | 14,546 | $ | 56,990 | $ | 68,286 | $ | 13,436 | $ | 54,850 |
Other comprehensive income (loss): | ||||||||||||
Net unrealized gains (losses) on available-for-sale investment securities: | ||||||||||||
Net unrealized holding gains (losses) arising during the period | 8,950 | 1,880 | 7,070 | (10,411) | (2,186) | (8,225) | ||||||
(Reversal of provision) provision for credit losses | (89) | (19) | (70) | 397 | 83 | 314 | ||||||
Less: reclassification adjustment for net gains on sales realized in net income | (18) | (4) | (14) | - | - | - | ||||||
Total net unrealized gains (losses) on available-for-sale investment securities | 8,843 | 1,857 | 6,986 | (10,014) | (2,103) | (7,911) | ||||||
Net unrealized gains (losses) on interest rate swaps used in cash flow hedges: | ||||||||||||
Net unrealized holding losses arising during the period | (1,979) | (416) | (1,563) | (6,716) | (1,411) | (5,305) | ||||||
Less: reclassification adjustment for net losses realized in net income | 3,747 | 787 | 2,960 | 3,989 | 838 | 3,151 | ||||||
Reclassification adjustment recorded in earnings (1) | 370 | 78 | 292 | - | - | - | ||||||
Total net unrealized gains (losses) on interest rate swaps used in cash flow hedges | 2,138 | 449 | 1,689 | (2,727) | (573) | (2,154) | ||||||
Defined benefit pension plans: | ||||||||||||
Amortization of net actuarial gains included in net periodic pension costs (2) | 441 | 93 | 348 | 739 | 156 | 583 | ||||||
Total defined benefit pension plans | 441 | 93 | 348 | 739 | 156 | 583 | ||||||
Other comprehensive income (loss) | 11,422 | 2,399 | 9,023 | (12,002) | (2,520) | (9,482) | ||||||
Total comprehensive income | $ | 82,958 | $ | 16,945 | $ | 66,013 | $ | 56,284 | $ | 10,916 | $ | 45,368 |
(Dollars in thousands, except per share data) |
Common Shares Outstanding |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Treasury Stock |
Total | ||||||
Three Months Ended September 30, 2024 | |||||||||||||
Balance at June 30, 2024 | 29,190,640 | $ | 157,784 | $ | 300,166 | $ | 500,482 | $ | (54,124) | $ | (50,171) | $ | 854,137 |
Net income | - | - | - | 18,578 | - | - | 18,578 | ||||||
Other comprehensive income, net of income tax | - | - | - | - | 12,501 | - | 12,501 | ||||||
Cash dividends declared ($0.21 per share)
|
- | - | - | (6,122) | - | - | (6,122) | ||||||
Stock-based compensation | - | - | 1,078 | - | - | - | 1,078 | ||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 21,906 | - | 57 | - | - | 530 | 587 | ||||||
Vesting of restricted stock units, net of shares withheld to cover taxes | 238 | - | (7) | - | - | 5 | (2) | ||||||
Exercise of stock options | 25,052 | - | (32) | - | - | 536 | 504 | ||||||
Purchases of treasury stock | (156,728) | - | - | - | - | (4,190) | (4,190) | ||||||
Balance at September 30, 2024 | 29,081,108 | $ | 157,784 | $ | 301,262 | $ | 512,938 | $ | (41,623) | $ | (53,290) | $ | 877,071 |
(Dollars in thousands, except per share data) |
Common Shares Outstanding |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Treasury Stock |
Total | ||||||
Three Months Ended September 30, 2023 | |||||||||||||
Balance at June 30, 2023 | 29,471,124 | $ | 157,784 | $ | 299,212 | $ | 453,806 | $ | (61,034) | $ | (44,546) | $ | 805,222 |
Net income | - | - | - | 17,016 | - | - | 17,016 | ||||||
Other comprehensive loss, net of income tax benefit | - | - | - | - | (10,552) | - | (10,552) | ||||||
Cash dividends declared ($0.21 per share)
|
- | - | - | (6,190) | - | - | (6,190) | ||||||
Stock-based compensation | - | - | 1,031 | 2 | - | - | 1,033 | ||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 36,766 | - | (65) | - | - | 735 | 670 | ||||||
Vesting of restricted stock units, net of shares withheld to cover taxes | 238 | - | (7) | - | - | 6 | (1) | ||||||
Balance at September 30, 2023 | 29,508,128 | $ | 157,784 | $ | 300,171 | $ | 464,634 | $ | (71,586) | $ | (43,805) | $ | 807,198 |
(Dollars in thousands, except per share data) |
Common Shares Outstanding |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Treasury Stock |
Total | ||||||
Nine Months Ended September 30, 2024 | |||||||||||||
Balance at December 31, 2023 | 29,511,721 | $ | 157,784 | $ | 301,066 | $ | 474,691 | $ | (50,646) | $ | (43,687) | $ | 839,208 |
Net income | - | - | - | 56,990 | - | - | 56,990 | ||||||
Other comprehensive income, net of income tax | - | - | - | - | 9,023 | - | 9,023 | ||||||
Cash dividends declared ($0.63 per share)
|
- | - | - | (18,454) | - | - | (18,454) | ||||||
Stock-based compensation | - | - | 3,426 | (289) | - | - | 3,137 | ||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 81,133 | - | 69 | - | - | 1,786 | 1,855 | ||||||
Vesting of restricted stock units, net of shares withheld to cover taxes | 107,615 | - | (3,219) | - | - | 2,360 | (859) | ||||||
Exercise of stock options | 44,840 | - | (80) | - | - | 957 | 877 | ||||||
Purchases of treasury stock | (664,201) | - | - | - | - | (14,706) | (14,706) | ||||||
Balance at September 30, 2024 | 29,081,108 | $ | 157,784 | $ | 301,262 | $ | 512,938 | $ | (41,623) | $ | (53,290) | $ | 877,071 |
(Dollars in thousands, except per share data) |
Common Shares Outstanding |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive (Loss) Income |
Treasury Stock |
Total | ||||||
Nine Months Ended September 30, 2023 | |||||||||||||
Balance at December 31, 2022 | 29,271,915 | $ | 157,784 | $ | 300,808 | $ | 428,637 | $ | (62,104) | $ | (48,625) | $ | 776,500 |
Net income | - | - | - | 54,850 | - | - | 54,850 | ||||||
Other comprehensive loss, net of income tax benefit | - | - | - | - | (9,482) | - | (9,482) | ||||||
Cash dividends declared ($0.63 per share)
|
- | - | - | (18,521) | - | - | (18,521) | ||||||
Stock-based compensation | - | - | 3,322 | (332) | - | - | 2,990 | ||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 98,402 | - | (84) | - | - | 2,063 | 1,979 | ||||||
Vesting of restricted stock units, net of shares withheld to cover taxes | 131,601 | - | (3,857) | - | - | 2,625 | (1,232) | ||||||
Exercise of stock options | 6,210 | - | (18) | - | - | 132 | 114 | ||||||
Balance at September 30, 2023 | 29,508,128 | $ | 157,784 | $ | 300,171 | $ | 464,634 | $ | (71,586) | $ | (43,805) | $ | 807,198 |
Nine Months Ended September 30, | ||||
(Dollars in thousands) | 2024 | 2023 | ||
Cash flows from operating activities: | ||||
Net income | $ | 56,990 | $ | 54,850 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Provision for credit losses | 3,553 | 8,839 | ||
Depreciation of premises and equipment | 4,096 | 3,752 | ||
Net amortization of investment securities premiums and discounts | 794 | 873 | ||
Amortization, fair market value adjustments and capitalization of servicing rights | 3,290 | (350) | ||
Net gain on sales of investment securities | (18) | - | ||
Net gain on mortgage banking activities | (3,945) | (2,880) | ||
Bank owned life insurance income | (2,849) | (2,362) | ||
Stock-based compensation | 3,414 | 3,229 | ||
Intangible expenses | 539 | 726 | ||
Other adjustments to reconcile net income to cash used in operating activities | (1,881) | (1,105) | ||
Originations of loans held for sale | (235,166) | (165,076) | ||
Proceeds from the sale of loans held for sale | 234,788 | 162,728 | ||
Contributions to pension and other postretirement benefit plans | (187) | (186) | ||
Increase in accrued interest receivable and other assets | (14,980) | (8,200) | ||
(Decrease) increase in accrued interest payable and other liabilities | (1,376) | 7,029 | ||
Net cash provided by operating activities | 47,062 | 61,867 | ||
Cash flows from investing activities: | ||||
Proceeds from sale of premises and equipment | 2,450 | 1,032 | ||
Purchases of premises and equipment | (2,467) | (5,220) | ||
Proceeds from maturities, calls and principal repayments of securities held-to-maturity | 10,462 | 11,225 | ||
Proceeds from maturities, calls and principal repayments of securities available-for-sale | 43,146 | 24,052 | ||
Proceeds from sales of securities available-for-sale | 505 | - | ||
Purchases of investment securities held-to-maturity | (2,640) | (6,253) | ||
Purchases of investment securities available-for-sale | (37,794) | (19,348) | ||
Proceeds from sales of equity securities | 3,437 | 252 | ||
Purchases of money market mutual funds | (2,482) | (1,845) | ||
Net decrease (increase) in other investments | 264 | (8,576) | ||
Proceeds from sale of loans originally held-for-investment | - | 19,631 | ||
Net increase in loans and leases | (165,648) | (481,200) | ||
Proceeds from sales of foreclosed / repossessed assets | 68 | 260 | ||
Purchases of bank owned life insurance | (5,710) | (7,862) | ||
Proceeds from bank owned life insurance | 1,159 | - | ||
Net cash used in investing activities | (155,250) | (473,852) | ||
Cash flows from financing activities: | ||||
Net increase in deposits | 478,350 | 525,619 | ||
Net increase (decrease) in short-term borrowings | 1,950 | (182,465) | ||
Proceeds from issuance of long-term debt | - | 250,000 | ||
Repayment of long-term debt | (85,000) | (25,000) | ||
Payment of contingent consideration on acquisitions | (635) | (635) | ||
Payment for shares withheld to cover taxes on vesting of restricted stock units | (859) | (1,232) | ||
Purchases of treasury stock | (14,706) | - | ||
Stock issued under dividend reinvestment and employee stock purchase plans | 1,855 | 1,979 | ||
Proceeds from exercise of stock options | 877 | 114 | ||
Cash dividends paid | (18,743) | (18,853) | ||
Net cash provided by financing activities | 363,089 | 549,527 | ||
Net decrease in cash and cash equivalents | 254,901 | 137,542 | ||
Cash and cash equivalents at beginning of year | 249,799 | 152,799 | ||
Cash and cash equivalents at end of period | $ | 504,700 | $ | 290,341 |
Supplemental disclosures of cash flow information: | ||||
Cash paid for interest | $ | 140,759 | $ | 93,435 |
Cash paid for income taxes, net of refunds | 15,740 | 13,232 | ||
Nine Months Ended September 30, | ||||
(Dollars in thousands) | 2024 | 2023 | ||
Non cash transactions: | ||||
Transfer of loans to other real estate owned | $ | 407 | $ | 79 |
Transfer of leases to repossessed assets | 167 | - | ||
Transfer of loans to loans held for sale | - | 25,646 |
Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
(Dollars and shares in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | ||||
Numerator for basic and diluted earnings per share-net income available to common shareholders
|
$ | 18,578 | $ | 17,016 | $ | 56,990 | $ | 54,850 |
Denominator for basic earnings per share-weighted-average shares outstanding
|
29,133 | 29,479 | 29,264 | 29,411 | ||||
Effect of dilutive securities-stock options and restricted stock units | 213 | 79 | 153 | 95 | ||||
Denominator for diluted earnings per share-adjusted weighted-average shares outstanding
|
29,346 | 29,558 | 29,417 | 29,506 | ||||
Basic earnings per share | $ | 0.64 | $ | 0.58 | $ | 1.95 | $ | 1.86 |
Diluted earnings per share | $ | 0.63 | $ | 0.58 | $ | 1.94 | $ | 1.86 |
Average antidilutive options and restricted stock units excluded from computation of diluted earnings per share | 195 | 540 | 228 | 432 |
At September 30, 2024 | ||||||||||
(Dollars in thousands) |
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Allowance for Credit Losses | Fair Value | |||||
Securities Held-to-Maturity | ||||||||||
Residential mortgage-backed securities: | ||||||||||
After 1 year to 5 years | $ | 1,283 | $ | - | $ | (26) | $ | - | $ | 1,257 |
After 5 years to 10 years | 10,762 | - | (262) | - | 10,500 | |||||
Over 10 years | 125,636 | 12 | (14,302) | - | 111,346 | |||||
137,681 | 12 | (14,590) | - | 123,103 | ||||||
Total | $ | 137,681 | $ | 12 | $ | (14,590) | $ | - | $ | 123,103 |
Securities Available-for-Sale | ||||||||||
State and political subdivisions: | ||||||||||
Within 1 year | $ | 1,299 | $ | - | $ | (12) | $ | - | $ | 1,287 |
1,299 | - | (12) | - | 1,287 | ||||||
Residential mortgage-backed securities: | ||||||||||
After 1 year to 5 years | 373 | - | (8) | - | 365 | |||||
After 5 years to 10 years | 11,870 | - | (608) | - | 11,262 | |||||
Over 10 years | 297,067 | 757 | (28,652) | - | 269,172 | |||||
309,310 | 757 | (29,268) | - | 280,799 | ||||||
Collateralized mortgage obligations: | ||||||||||
After 5 years to 10 years | 175 | - | (5) | - | 170 | |||||
Over 10 years | 1,735 | - | (117) | - | 1,618 | |||||
1,910 | - | (122) | - | 1,788 | ||||||
Corporate bonds: | ||||||||||
Within 1 year | 6,400 | 8 | (71) | (6) | 6,331 | |||||
After 1 year to 5 years | 10,423 | 49 | (305) | (23) | 10,144 | |||||
After 5 years to 10 years | 60,000 | - | (5,636) | (613) | 53,751 | |||||
76,823 | 57 | (6,012) | (642) | 70,226 | ||||||
Total | $ | 389,342 | $ | 814 | $ | (35,414) | $ | (642) | $ | 354,100 |
At December 31, 2023 | ||||||||||
(Dollars in thousands) |
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Allowance for Credit Losses | Fair Value | |||||
Securities Held-to-Maturity | ||||||||||
Residential mortgage-backed securities: | ||||||||||
After 1 year to 5 years | $ | 1,871 | $ | - | $ | (62) | $ | - | $ | 1,809 |
After 5 years to 10 years | 12,047 | - | (462) | - | 11,585 | |||||
Over 10 years | 131,859 | - | (16,976) | - | 114,883 | |||||
145,777 | - | (17,500) | - | 128,277 | ||||||
Total | $ | 145,777 | $ | - | $ | (17,500) | $ | - | $ | 128,277 |
Securities Available-for-Sale | ||||||||||
State and political subdivisions: | ||||||||||
Within 1 year | $ | 1,030 | $ | - | $ | (1) | $ | - | $ | 1,029 |
After 1 year to 5 years | 1,298 | - | (26) | - | 1,272 | |||||
2,328 | - | (27) | - | 2,301 | ||||||
Residential mortgage-backed securities: | ||||||||||
After 1 year to 5 years | 567 | - | (20) | - | 547 | |||||
After 5 years to 10 years | 13,653 | - | (964) | - | 12,689 | |||||
Over 10 years | 285,628 | 131 | (34,443) | - | 251,316 | |||||
299,848 | 131 | (35,427) | - | 264,552 | ||||||
Collateralized mortgage obligations: | ||||||||||
After 5 years to 10 years | 241 | - | (11) | - | 230 | |||||
Over 10 years | 1,960 | - | (189) | - | 1,771 | |||||
2,201 | - | (200) | - | 2,001 | ||||||
Corporate bonds: | ||||||||||
Within 1 year | 18,011 | 1 | (176) | (27) | 17,809 | |||||
After 1 year to 5 years | 13,339 | 23 | (671) | (43) | 12,648 | |||||
After 5 years to 10 years | 60,000 | - | (7,097) | (661) | 52,242 | |||||
91,350 | 24 | (7,944) | (731) | 82,699 | ||||||
Total | $ | 395,727 | $ | 155 | $ | (43,598) | $ | (731) | $ | 351,553 |
Nine Months Ended September 30, | ||||
(Dollars in thousands) | 2024 | 2023 | ||
Securities available-for-sale: | ||||
Proceeds from sales | $ | 505 | $ | - |
Gross realized gains on sales | 18 | - | ||
Tax expense related to net realized gains on sales | 4 | - |
Less than Twelve Months |
Twelve Months or Longer |
Total | ||||||||||
(Dollars in thousands) | Fair Value |
Unrealized Losses |
Fair Value |
Unrealized Losses |
Fair Value |
Unrealized Losses |
||||||
At September 30, 2024 | ||||||||||||
Securities Held-to-Maturity | ||||||||||||
Residential mortgage-backed securities | $ | - | $ | - | $ | 120,463 | $ | (14,590) | $ | 120,463 | $ | (14,590) |
Total | $ | - | $ | - | $ | 120,463 | $ | (14,590) | $ | 120,463 | $ | (14,590) |
Securities Available-for-Sale | ||||||||||||
Residential mortgage-backed securities | $ | - | $ | - | $ | 220,491 | $ | (29,268) | $ | 220,491 | $ | (29,268) |
Collateralized mortgage obligations | - | - | 1,788 | (122) | 1,788 | (122) | ||||||
Total | $ | - | $ | - | $ | 222,279 | $ | (29,390) | $ | 222,279 | $ | (29,390) |
At December 31, 2023 | ||||||||||||
Securities Held-to-Maturity | ||||||||||||
Residential mortgage-backed securities | $ | 6,005 | $ | (94) | $ | 122,272 | $ | (17,406) | $ | 128,277 | $ | (17,500) |
Total | $ | 6,005 | $ | (94) | $ | 122,272 | $ | (17,406) | $ | 128,277 | $ | (17,500) |
Securities Available-for-Sale | ||||||||||||
State and political subdivisions | $ | 1,029 | $ | (1) | $ | - | $ | - | $ | 1,029 | $ | (1) |
Residential mortgage-backed securities | 16,992 | (65) | 238,053 | (35,362) | 255,045 | (35,427) | ||||||
Collateralized mortgage obligations | - | - | 2,001 | (200) | 2,001 | (200) | ||||||
Corporate bonds | 780 | (1) | - | - | 780 | (1) | ||||||
Total | $ | 18,801 | $ | (67) | $ | 240,054 | $ | (35,562) | $ | 258,855 | $ | (35,629) |
(Dollars in thousands) | Corporate Bonds | |
Nine months ended September 30, 2024 | ||
Securities Available-for-Sale | ||
Beginning balance | $ | (731) |
Change in securities for which a previous expected credit loss was recognized | 89 | |
Ending balance | $ | (642) |
Nine months ended September 30, 2023 | ||
Securities Available-for-Sale | ||
Beginning balance | $ | (1,140) |
Additions for securities for which no previous expected credit losses were recognized | (2) | |
Change in securities for which a previous expected credit loss was recognized | (395) | |
Ending balance | $ | (1,537) |
Nine Months Ended September 30, | ||
(Dollars in thousands) | 2024 | 2023 |
Equity Securities: | ||
Net gains (losses) recognized during the period | 68 | (118) |
Less: Net losses recognized during the period on equity securities sold during the period | (68) | - |
Unrealized (losses) recognized during the reporting period on equity securities still held at the reporting date | - | (118) |
(Dollars in thousands) | At September 30, 2024 | At December 31, 2023 | ||
Commercial, financial and agricultural | $ | 1,044,043 | $ | 989,723 |
Real estate-commercial | 3,442,083 | 3,302,798 | ||
Real estate-construction | 285,616 | 394,462 | ||
Real estate-residential secured for business purpose | 530,674 | 517,002 | ||
Real estate-residential secured for personal purpose | 969,562 | 909,015 | ||
Real estate-home equity secured for personal purpose | 182,901 | 179,282 | ||
Loans to individuals | 26,794 | 27,749 | ||
Lease financings | 249,061 | 247,183 | ||
Total loans and leases held for investment, net of deferred income | $ | 6,730,734 | $ | 6,567,214 |
Less: Allowance for credit losses, loans and leases | (86,041) | (85,387) | ||
Net loans and leases held for investment | $ | 6,644,693 | $ | 6,481,827 |
Imputed interest on lease financings, included in the above table | $ | (32,337) | $ | (30,485) |
Net deferred costs, included in the above table | 7,810 | 7,949 | ||
Overdraft deposits included in the above table | 148 | 280 |
Accruing Loans and Leases | ||||||||||||||||
(Dollars in thousands) |
30-59 Days Past Due |
60-89 Days Past Due |
90 Days or more Past Due |
Total Past Due |
Current | Total Accruing Loans and Leases | Nonaccrual Loans and Leases |
Total Loans and Leases Held for Investment |
||||||||
At September 30, 2024 | ||||||||||||||||
Commercial, financial and agricultural | $ | 1,008 | $ | 888 | $ | - | $ | 1,896 | $ | 1,039,444 | $ | 1,041,340 | $ | 2,703 | $ | 1,044,043 |
Real estate-commercial real estate and construction: | ||||||||||||||||
Commercial real estate | 3,539 | 975 | - | 4,514 | 3,433,889 | 3,438,403 | 3,680 | 3,442,083 | ||||||||
Construction | 1,831 | - | - | 1,831 | 280,986 | 282,817 | 2,799 | 285,616 | ||||||||
Real estate-residential and home equity: | ||||||||||||||||
Residential secured for business purpose | 1,720 | 169 | - | 1,889 | 528,155 | 530,044 | 630 | 530,674 | ||||||||
Residential secured for personal purpose | 3,292 | 644 | - | 3,936 | 961,641 | 965,577 | 3,985 | 969,562 | ||||||||
Home equity secured for personal purpose | 429 | 829 | - | 1,258 | 180,640 | 181,898 | 1,003 | 182,901 | ||||||||
Loans to individuals | 70 | 77 | 28 | 175 | 26,604 | 26,779 | 15 | 26,794 | ||||||||
Lease financings | 840 | 1,665 | 282 | 2,787 | 245,770 | 248,557 | 504 | 249,061 | ||||||||
Total | $ | 12,729 | $ | 5,247 | $ | 310 | $ | 18,286 | $ | 6,697,129 | $ | 6,715,415 | $ | 15,319 | $ | 6,730,734 |
Accruing Loans and Leases | ||||||||||||||||
(Dollars in thousands) |
30-59 Days Past Due |
60-89 Days Past Due |
90 Days or more Past Due |
Total Past Due |
Current | Total Accruing Loans and Leases | Nonaccrual Loans and Leases |
Total Loans and Leases Held for Investment |
||||||||
At December 31, 2023 | ||||||||||||||||
Commercial, financial and agricultural | $ | 1,355 | $ | 348 | $ | 285 | $ | 1,988 | $ | 985,469 | $ | 987,457 | $ | 2,266 | $ | 989,723 |
Real estate-commercial real estate and construction: | ||||||||||||||||
Commercial real estate | 1,763 | 1,072 | - | 2,835 | 3,294,254 | 3,297,089 | 5,709 | 3,302,798 | ||||||||
Construction | 10,022 | 45 | - | 10,067 | 378,328 | 388,395 | 6,067 | 394,462 | ||||||||
Real estate-residential and home equity: | ||||||||||||||||
Residential secured for business purpose | 930 | 643 | - | 1,573 | 514,339 | 515,912 | 1,090 | 517,002 | ||||||||
Residential secured for personal purpose | 6,464 | 76 | - | 6,540 | 898,262 | 904,802 | 4,213 | 909,015 | ||||||||
Home equity secured for personal purpose | 721 | 144 | - | 865 | 177,301 | 178,166 | 1,116 | 179,282 | ||||||||
Loans to individuals | 191 | 84 | 37 | 312 | 27,437 | 27,749 | - | 27,749 | ||||||||
Lease financings | 987 | 374 | 212 | 1,573 | 245,552 | 247,125 | 58 | 247,183 | ||||||||
Total | $ | 22,433 | $ | 2,786 | $ | 534 | $ | 25,753 | $ | 6,520,942 | $ | 6,546,695 | $ | 20,519 | $ | 6,567,214 |
At September 30, 2024 | At December 31, 2023 | |||||||||||
(Dollars in thousands) |
Nonaccrual Loans and Leases |
Loans and Leases 90 Days or more Past Due and Accruing Interest |
Total Nonperforming Loans and Leases |
Nonaccrual Loans and Leases |
Loans and Leases 90 Days or more Past Due and Accruing Interest |
Total Nonperforming Loans and Leases |
||||||
Loans held for sale | $ | - | $ | - | $ | - | $ | 8 | $ | - | $ | 8 |
Loans and leases held for investment: | ||||||||||||
Commercial, financial and agricultural | $ | 2,703 | $ | - | $ | 2,703 | $ | 2,266 | $ | 285 | $ | 2,551 |
Real estate-commercial real estate and construction: | ||||||||||||
Commercial real estate | 3,680 | - | 3,680 | 5,709 | - | 5,709 | ||||||
Construction | 2,799 | - | 2,799 | 6,067 | - | 6,067 | ||||||
Real estate-residential and home equity: | ||||||||||||
Residential secured for business purpose | 630 | - | 630 | 1,090 | - | 1,090 | ||||||
Residential secured for personal purpose | 3,985 | - | 3,985 | 4,213 | - | 4,213 | ||||||
Home equity secured for personal purpose | 1,003 | - | 1,003 | 1,116 | - | 1,116 | ||||||
Loans to individuals | 15 | 28 | 43 | - | 37 | 37 | ||||||
Lease financings | 504 | 282 | 786 | 58 | 212 | 270 | ||||||
Total | $ | 15,319 | $ | 310 | $ | 15,629 | $ | 20,527 | $ | 534 | $ | 21,061 |
(Dollars in thousands) | Nonaccrual With No Allowance for Credit Losses | Nonaccrual With Allowance for Credit Losses | Total Nonaccrual | Loans and Leases 90 Days or more Past Due and Accruing Interest | ||||
At September 30, 2024 | ||||||||
Commercial, financial and agricultural | $ | 297 | $ | 2,406 | $ | 2,703 | $ | - |
Real estate-commercial | 2,835 | 845 | 3,680 | - | ||||
Real estate-construction | 2,799 | - | 2,799 | - | ||||
Real estate-residential secured for business purpose | 630 | - | 630 | - | ||||
Real estate-residential secured for personal purpose | 3,985 | - | 3,985 | - | ||||
Real estate-home equity secured for personal purpose | 1,003 | - | 1,003 | - | ||||
Loans to individuals | 15 | - | 15 | 28 | ||||
Lease financings | - | 504 | 504 | 282 | ||||
Total | $ | 11,564 | $ | 3,755 | $ | 15,319 | $ | 310 |
At December 31, 2023 | ||||||||
Commercial, financial and agricultural | $ | 332 | $ | 1,934 | $ | 2,266 | $ | 285 |
Real estate-commercial | 5,687 | 22 | 5,709 | - | ||||
Real estate-construction | 2,931 | 3,136 | 6,067 | - | ||||
Real estate-residential secured for business purpose | 1,090 | - | 1,090 | - | ||||
Real estate-residential secured for personal purpose | 4,213 | - | 4,213 | - | ||||
Real estate-home equity secured for personal purpose | 1,116 | - | 1,116 | - | ||||
Loans to individuals | - | - | - | 37 | ||||
Lease financings | - | 58 | 58 | 212 | ||||
Total | $ | 15,369 | $ | 5,150 | $ | 20,519 | $ | 534 |
(Dollars in thousands) | Real Estate |
Other (1)
|
None (2)
|
Total | ||||
At September 30, 2024 | ||||||||
Commercial, financial and agricultural | $ | 1,591 | $ | 617 | $ | 495 | $ | 2,703 |
Real estate-commercial | 3,654 | 8 | 18 | 3,680 | ||||
Real estate-construction | 2,799 | - | - | 2,799 | ||||
Real estate-residential secured for business purpose | 630 | - | - | 630 | ||||
Real estate-residential secured for personal purpose | 3,985 | - | - | 3,985 | ||||
Real estate-home equity secured for personal purpose | 1,003 | - | - | 1,003 | ||||
Loans to individuals | - | - | 15 | 15 | ||||
Lease financings | - | 504 | - | 504 | ||||
Total | $ | 13,662 | $ | 1,129 | $ | 528 | $ | 15,319 |
(Dollars in thousands) | Real Estate |
Other (1)
|
None | Total | ||||
At December 31, 2023 | ||||||||
Commercial, financial and agricultural | $ | 2,236 | $ | 30 | $ | - | $ | 2,266 |
Real estate-commercial | 5,709 | - | - | 5,709 | ||||
Real estate-construction | 6,067 | - | - | 6,067 | ||||
Real estate-residential secured for business purpose | 1,090 | - | - | 1,090 | ||||
Real estate-residential secured for personal purpose | 4,213 | - | - | 4,213 | ||||
Real estate-home equity secured for personal purpose | 1,116 | - | - | 1,116 | ||||
Lease financings | - | 58 | - | 58 | ||||
Total | $ | 20,431 | $ | 88 | $ | - | $ | 20,519 |
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||
(Dollars in thousands) | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | |||||||||
At September 30, 2024 | ||||||||||||||||||
Commercial, Financial and Agricultural | ||||||||||||||||||
Risk Rating | ||||||||||||||||||
1. Pass | $ | 135,459 | $ | 93,186 | $ | 90,971 | $ | 118,956 | $ | 18,160 | $ | 46,760 | $ | 473,047 | $ | 415 | $ | 976,954 |
2. Special Mention | 3,748 | 695 | 12,097 | 115 | 459 | - | 15,864 | - | 32,978 | |||||||||
3. Substandard | - | - | 1,922 | 7,135 | - | 6,495 | 18,559 | - | 34,111 | |||||||||
Total | $ | 139,207 | $ | 93,881 | $ | 104,990 | $ | 126,206 | $ | 18,619 | $ | 53,255 | $ | 507,470 | $ | 415 | $ | 1,044,043 |
Current period gross charge-offs | $ | 64 | $ | - | $ | - | $ | 70 | $ | - | $ | - | $ | 1,887 | $ | - | $ | 2,021 |
Real Estate-Commercial | ||||||||||||||||||
Risk Rating | ||||||||||||||||||
1. Pass | $ | 345,128 | $ | 449,928 | $ | 876,697 | $ | 591,966 | $ | 557,715 | $ | 524,602 | $ | 68,857 | $ | - | $ | 3,414,893 |
2. Special Mention | - | - | - | - | 1,684 | 9,208 | - | - | 10,892 | |||||||||
3. Substandard | - | 3,360 | 4,565 | 4,049 | 8 | 1,371 | 2,945 | - | 16,298 | |||||||||
Total | $ | 345,128 | $ | 453,288 | $ | 881,262 | $ | 596,015 | $ | 559,407 | $ | 535,181 | $ | 71,802 | $ | - | $ | 3,442,083 |
Current period gross charge-offs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 35 | $ | - | $ | - | $ | 35 |
Real Estate-Construction | ||||||||||||||||||
Risk Rating | ||||||||||||||||||
1. Pass | $ | 50,947 | $ | 110,331 | $ | 82,815 | $ | 4,154 | $ | 1,706 | $ | 1,929 | $ | 22,557 | $ | - | $ | 274,439 |
2. Special Mention | - | 1,079 | - | - | - | - | - | - | 1,079 | |||||||||
3. Substandard | 251 | - | 3,838 | 2,649 | 2,403 | - | 957 | - | 10,098 | |||||||||
Total | $ | 51,198 | $ | 111,410 | $ | 86,653 | $ | 6,803 | $ | 4,109 | $ | 1,929 | $ | 23,514 | $ | - | $ | 285,616 |
Current period gross charge-offs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 500 | $ | - | $ | 500 |
Real Estate-Residential Secured for Business Purpose | ||||||||||||||||||
Risk Rating | ||||||||||||||||||
1. Pass | $ | 72,383 | $ | 95,082 | $ | 141,285 | $ | 107,521 | $ | 51,058 | $ | 31,183 | $ | 31,532 | $ | - | $ | 530,044 |
2. Special Mention | - | - | - | - | - | - | - | - | - | |||||||||
3. Substandard | - | - | - | - | 586 | 44 | - | - | 630 | |||||||||
Total | $ | 72,383 | $ | 95,082 | $ | 141,285 | $ | 107,521 | $ | 51,644 | $ | 31,227 | $ | 31,532 | $ | - | $ | 530,674 |
Totals By Risk Rating | ||||||||||||||||||
1. Pass | $ | 603,917 | $ | 748,527 | $ | 1,191,768 | $ | 822,597 | $ | 628,639 | $ | 604,474 | $ | 595,993 | $ | 415 | $ | 5,196,330 |
2. Special Mention | 3,748 | 1,774 | 12,097 | 115 | 2,143 | 9,208 | 15,864 | - | 44,949 | |||||||||
3. Substandard | 251 | 3,360 | 10,325 | 13,833 | 2,997 | 7,910 | 22,461 | - | 61,137 | |||||||||
Total | $ | 607,916 | $ | 753,661 | $ | 1,214,190 | $ | 836,545 | $ | 633,779 | $ | 621,592 | $ | 634,318 | $ | 415 | $ | 5,302,416 |
Total current period gross charge-offs | $ | 64 | $ | - | $ | - | $ | 70 | $ | - | $ | 35 | $ | 2,387 | $ | - | $ | 2,556 |
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | |||||||||
At December 31, 2023 | ||||||||||||||||||
Commercial, Financial and Agricultural | ||||||||||||||||||
Risk Rating | ||||||||||||||||||
1. Pass | $ | 130,755 | $ | 121,402 | $ | 135,550 | $ | 26,745 | $ | 19,029 | $ | 40,973 | $ | 455,076 | $ | 653 | $ | 930,183 |
2. Special Mention | - | 13,454 | - | - | 6,029 | - | 15,251 | - | 34,734 | |||||||||
3. Substandard | - | 2,195 | 8,206 | - | 216 | - | 14,189 | - | 24,806 | |||||||||
Total | $ | 130,755 | $ | 137,051 | $ | 143,756 | $ | 26,745 | $ | 25,274 | $ | 40,973 | $ | 484,516 | $ | 653 | $ | 989,723 |
Real Estate-Commercial | ||||||||||||||||||
Risk Rating | ||||||||||||||||||
1. Pass | $ | 480,527 | $ | 841,529 | $ | 642,133 | $ | 604,700 | $ | 329,443 | $ | 296,802 | $ | 74,947 | $ | - | $ | 3,270,081 |
2. Special Mention | 1,238 | 227 | 3,132 | 5,821 | - | 10,416 | - | - | 20,834 | |||||||||
3. Substandard | 1,324 | 2,732 | 2,768 | - | 226 | 1,911 | 2,922 | - | 11,883 | |||||||||
Total | $ | 483,089 | $ | 844,488 | $ | 648,033 | $ | 610,521 | $ | 329,669 | $ | 309,129 | $ | 77,869 | $ | - | $ | 3,302,798 |
Real Estate-Construction | ||||||||||||||||||
Risk Rating | ||||||||||||||||||
1. Pass | $ | 112,127 | $ | 218,637 | $ | 4,139 | $ | 2,600 | $ | 241 | $ | 2,211 | $ | 14,440 | $ | - | $ | 354,395 |
2. Special Mention | - | 7,655 | - | - | 4,045 | 5,265 | 10,908 | - | 27,873 | |||||||||
3. Substandard | 2,400 | 1,574 | 2,932 | - | - | - | 5,288 | - | 12,194 | |||||||||
Total | $ | 114,527 | $ | 227,866 | $ | 7,071 | $ | 2,600 | $ | 4,286 | $ | 7,476 | $ | 30,636 | $ | - | $ | 394,462 |
Real Estate-Residential Secured for Business Purpose | ||||||||||||||||||
Risk Rating | ||||||||||||||||||
1. Pass | $ | 104,904 | $ | 151,680 | $ | 120,035 | $ | 60,360 | $ | 38,006 | $ | 11,631 | $ | 29,295 | $ | - | $ | 515,911 |
2. Special Mention | - | - | - | - | - | - | - | - | - | |||||||||
3. Substandard | - | 162 | - | 620 | - | 309 | - | - | 1,091 | |||||||||
Total | $ | 104,904 | $ | 151,842 | $ | 120,035 | $ | 60,980 | $ | 38,006 | $ | 11,940 | $ | 29,295 | $ | - | $ | 517,002 |
Totals By Risk Rating | ||||||||||||||||||
1. Pass | $ | 828,313 | $ | 1,333,248 | $ | 901,857 | $ | 694,405 | $ | 386,719 | $ | 351,617 | $ | 573,758 | $ | 653 | $ | 5,070,570 |
2. Special Mention | 1,238 | 21,336 | 3,132 | 5,821 | 10,074 | 15,681 | 26,159 | - | 83,441 | |||||||||
3. Substandard | 3,724 | 6,663 | 13,906 | 620 | 442 | 2,220 | 22,399 | - | 49,974 | |||||||||
Total | $ | 833,275 | $ | 1,361,247 | $ | 918,895 | $ | 700,846 | $ | 397,235 | $ | 369,518 | $ | 622,316 | $ | 653 | $ | 5,203,985 |
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||
(Dollars in thousands) | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||
At September 30, 2024 | ||||||||||||||||
Real Estate-Residential Secured for Personal Purpose | ||||||||||||||||
Payment Performance | ||||||||||||||||
1. Performing | $ | 15,359 | $ | 181,305 | $ | 356,799 | $ | 198,409 | $ | 123,725 | $ | 89,980 | $ | - | $ | 965,577 |
2. Nonperforming | - | - | 144 | 38 | 2,839 | 964 | - | 3,985 | ||||||||
Total | $ | 15,359 | $ | 181,305 | $ | 356,943 | $ | 198,447 | $ | 126,564 | $ | 90,944 | $ | - | $ | 969,562 |
Real Estate-Home Equity Secured for Personal Purpose | ||||||||||||||||
Payment Performance | ||||||||||||||||
1. Performing | $ | 267 | $ | 364 | $ | 2,359 | $ | 417 | $ | 346 | $ | 1,390 | $ | 176,755 | $ | 181,898 |
2. Nonperforming | - | - | - | - | - | - | 1,003 | 1,003 | ||||||||
Total | $ | 267 | $ | 364 | $ | 2,359 | $ | 417 | $ | 346 | $ | 1,390 | $ | 177,758 | $ | 182,901 |
Loans to Individuals | ||||||||||||||||
Payment Performance | ||||||||||||||||
1. Performing | $ | 1,952 | $ | 1,084 | $ | 560 | $ | 345 | $ | 40 | $ | 638 | $ | 22,132 | $ | 26,751 |
2. Nonperforming | - | - | 14 | - | - | 29 | - | 43 | ||||||||
Total | $ | 1,952 | $ | 1,084 | $ | 574 | $ | 345 | $ | 40 | $ | 667 | $ | 22,132 | $ | 26,794 |
Current period gross charge-offs | $ | 153 | $ | 102 | $ | 31 | $ | 3 | $ | - | $ | 88 | $ | 353 | $ | 730 |
Lease Financings | ||||||||||||||||
Payment Performance | ||||||||||||||||
1. Performing | $ | 68,208 | $ | 89,367 | $ | 52,820 | $ | 27,077 | $ | 8,621 | $ | 2,182 | $ | - | $ | 248,275 |
2. Nonperforming | 145 | 246 | 16 | 358 | - | 21 | - | 786 | ||||||||
Total | $ | 68,353 | $ | 89,613 | $ | 52,836 | $ | 27,435 | $ | 8,621 | $ | 2,203 | $ | - | $ | 249,061 |
Current period gross charge-offs | $ | - | $ | 92 | $ | 119 | $ | 203 | $ | 14 | $ | 7 | $ | - | $ | 435 |
Totals by Payment Performance | ||||||||||||||||
1. Performing | $ | 85,786 | $ | 272,120 | $ | 412,538 | $ | 226,248 | $ | 132,732 | $ | 94,190 | $ | 198,887 | $ | 1,422,501 |
2. Nonperforming | 145 | 246 | 174 | 396 | 2,839 | 1,014 | 1,003 | 5,817 | ||||||||
Total | $ | 85,931 | $ | 272,366 | $ | 412,712 | $ | 226,644 | $ | 135,571 | $ | 95,204 | $ | 199,890 | $ | 1,428,318 |
Total current period gross charge-offs | $ | 153 | $ | 194 | $ | 150 | $ | 206 | $ | 14 | $ | 95 | $ | 353 | $ | 1,165 |
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||
At December 31, 2023 | ||||||||||||||||
Real Estate-Residential Secured for Personal Purpose | ||||||||||||||||
Payment Performance | ||||||||||||||||
1. Performing | $ | 139,765 | $ | 328,383 | $ | 206,285 | $ | 128,157 | $ | 22,798 | $ | 79,296 | $ | 118 | $ | 904,802 |
2. Nonperforming | - | 153 | 43 | 2,749 | - | 1,268 | - | 4,213 | ||||||||
Total | $ | 139,765 | $ | 328,536 | $ | 206,328 | $ | 130,906 | $ | 22,798 | $ | 80,564 | $ | 118 | $ | 909,015 |
Real Estate-Home Equity Secured for Personal Purpose | ||||||||||||||||
Payment Performance | ||||||||||||||||
1. Performing | $ | 511 | $ | 2,567 | $ | 510 | $ | 409 | $ | 165 | $ | 1,463 | $ | 172,541 | $ | 178,166 |
2. Nonperforming | - | - | - | - | - | - | 1,116 | 1,116 | ||||||||
Total | $ | 511 | $ | 2,567 | $ | 510 | $ | 409 | $ | 165 | $ | 1,463 | $ | 173,657 | $ | 179,282 |
Loans to Individuals | ||||||||||||||||
Payment Performance | ||||||||||||||||
1. Performing | $ | 1,831 | $ | 894 | $ | 530 | $ | 107 | $ | 48 | $ | 1,004 | $ | 23,298 | $ | 27,712 |
2. Nonperforming | - | - | - | - | - | 37 | - | 37 | ||||||||
Total | $ | 1,831 | $ | 894 | $ | 530 | $ | 107 | $ | 48 | $ | 1,041 | $ | 23,298 | $ | 27,749 |
Lease Financings | ||||||||||||||||
Payment Performance | ||||||||||||||||
1. Performing | $ | 110,832 | $ | 70,070 | $ | 41,392 | $ | 17,874 | $ | 5,681 | $ | 1,064 | $ | - | $ | 246,913 |
2. Nonperforming | 11 | 104 | 88 | 19 | 36 | 12 | - | 270 | ||||||||
Total | $ | 110,843 | $ | 70,174 | $ | 41,480 | $ | 17,893 | $ | 5,717 | $ | 1,076 | $ | - | $ | 247,183 |
Totals by Payment Performance | ||||||||||||||||
1. Performing | $ | 252,939 | $ | 401,914 | $ | 248,717 | $ | 146,547 | $ | 28,692 | $ | 82,827 | $ | 195,957 | $ | 1,357,593 |
2. Nonperforming | 11 | 257 | 131 | 2,768 | 36 | 1,317 | 1,116 | 5,636 | ||||||||
Total | $ | 252,950 | $ | 402,171 | $ | 248,848 | $ | 149,315 | $ | 28,728 | $ | 84,144 | $ | 197,073 | $ | 1,363,229 |
(Dollars in thousands) | Beginning balance | Provision (reversal of provision) for credit losses | Charge-offs | Recoveries | Ending balance | |||||
Three Months Ended September 30, 2024 | ||||||||||
Allowance for credit losses, loans and leases: | ||||||||||
Commercial, financial and agricultural | $ | 14,545 | $ | 544 | $ | (508) | $ | 108 | $ | 14,689 |
Real estate-commercial | 45,978 | 688 | (35) | 3 | 46,634 | |||||
Real estate-construction | 6,153 | (611) | - | - | 5,542 | |||||
Real estate-residential secured for business purpose | 7,739 | (89) | - | - | 7,650 | |||||
Real estate-residential secured for personal purpose | 6,606 | 287 | - | - | 6,893 | |||||
Real estate-home equity secured for personal purpose | 1,688 | 7 | - | - | 1,695 | |||||
Loans to individuals | 348 | 304 | (324) | 12 | 340 | |||||
Lease financings | 2,688 | (14) | (83) | 7 | 2,598 | |||||
Total | $ | 85,745 | $ | 1,116 | $ | (950) | $ | 130 | $ | 86,041 |
Three Months Ended September 30, 2023 | ||||||||||
Allowance for credit losses, loans and leases: | ||||||||||
Commercial, financial and agricultural | $ | 13,871 | $ | 979 | $ | (744) | $ | 30 | $ | 14,136 |
Real estate-commercial | 44,757 | 519 | - | 3 | 45,279 | |||||
Real estate-construction | 5,433 | 298 | - | 1 | 5,732 | |||||
Real estate-residential secured for business purpose | 8,696 | (44) | - | 4 | 8,656 | |||||
Real estate-residential secured for personal purpose | 5,588 | 254 | - | - | 5,842 | |||||
Real estate-home equity secured for personal purpose | 1,296 | (38) | - | 33 | 1,291 | |||||
Loans to individuals | 560 | (61) | (124) | 12 | 387 | |||||
Lease financings | 2,508 | 190 | (189) | 5 | 2,514 | |||||
Total | $ | 82,709 | $ | 2,097 | $ | (1,057) | $ | 88 | $ | 83,837 |
(Dollars in thousands) | Beginning balance | Provision (reversal of provision) for credit losses | Charge-offs | Recoveries | Ending balance | |||||
Nine Months Ended September 30, 2024 | ||||||||||
Allowance for credit losses, loans and leases: | ||||||||||
Commercial, financial and agricultural | $ | 13,699 | $ | 2,807 | $ | (2,021) | $ | 204 | $ | 14,689 |
Real estate-commercial | 45,849 | 810 | (35) | 10 | 46,634 | |||||
Real estate-construction | 6,543 | (501) | (500) | - | 5,542 | |||||
Real estate-residential secured for business purpose | 8,692 | (1,277) | - | 235 | 7,650 | |||||
Real estate-residential secured for personal purpose | 6,349 | 410 | - | 134 | 6,893 | |||||
Real estate-home equity secured for personal purpose | 1,289 | 406 | - | - | 1,695 | |||||
Loans to individuals | 392 | 609 | (730) | 69 | 340 | |||||
Lease financings | 2,574 | 425 | (435) | 34 | 2,598 | |||||
Total | $ | 85,387 | $ | 3,689 | $ | (3,721) | $ | 686 | $ | 86,041 |
Nine Months Ended September 30, 2023 | ||||||||||
Allowance for credit losses, loans and leases: | ||||||||||
Commercial, financial and agricultural | $ | 16,920 | $ | 937 | $ | (3,891) | $ | 170 | $ | 14,136 |
Real estate-commercial | 41,673 | 3,647 | (50) | 9 | 45,279 | |||||
Real estate-construction | 4,952 | 986 | (207) | 1 | 5,732 | |||||
Real estate-residential secured for business purpose | 7,054 | 1,417 | - | 185 | 8,656 | |||||
Real estate-residential secured for personal purpose | 3,685 | 2,157 | - | - | 5,842 | |||||
Real estate-home equity secured for personal purpose | 1,287 | 6 | (85) | 83 | 1,291 | |||||
Loans to individuals | 351 | 314 | (340) | 62 | 387 | |||||
Lease financings | 3,082 | (308) | (314) | 54 | 2,514 | |||||
Total | $ | 79,004 | $ | 9,156 | $ | (4,887) | $ | 564 | $ | 83,837 |
Allowance for credit losses, loans and leases | Loans and leases held for investment | |||||||||||
(Dollars in thousands) | Ending balance: individually analyzed | Ending balance: pooled | Total ending balance | Ending balance: individually analyzed | Ending balance: pooled | Total ending balance | ||||||
At September 30, 2024 | ||||||||||||
Commercial, financial and agricultural | $ | 1,010 | $ | 13,679 | $ | 14,689 | $ | 2,703 | $ | 1,041,340 | $ | 1,044,043 |
Real estate-commercial | 23 | 46,611 | 46,634 | 3,680 | 3,438,403 | 3,442,083 | ||||||
Real estate-construction | - | 5,542 | 5,542 | 2,799 | 282,817 | 285,616 | ||||||
Real estate-residential secured for business purpose | - | 7,650 | 7,650 | 630 | 530,044 | 530,674 | ||||||
Real estate-residential secured for personal purpose | - | 6,893 | 6,893 | 3,985 | 965,577 | 969,562 | ||||||
Real estate-home equity secured for personal purpose | - | 1,695 | 1,695 | 1,003 | 181,898 | 182,901 | ||||||
Loans to individuals | - | 340 | 340 | 15 | 26,779 | 26,794 | ||||||
Lease financings | - | 2,598 | 2,598 | - | 249,061 | 249,061 | ||||||
Total | $ | 1,033 | $ | 85,008 | $ | 86,041 | $ | 14,815 | $ | 6,715,919 | $ | 6,730,734 |
At September 30, 2023 | ||||||||||||
Commercial, financial and agricultural | $ | 814 | $ | 13,322 | $ | 14,136 | $ | 1,754 | $ | 1,048,250 | $ | 1,050,004 |
Real estate-commercial | 20 | 45,259 | 45,279 | 4,863 | 3,270,277 | 3,275,140 | ||||||
Real estate-construction | - | 5,732 | 5,732 | - | 427,561 | 427,561 | ||||||
Real estate-residential secured for business purpose | - | 8,656 | 8,656 | 936 | 515,535 | 516,471 | ||||||
Real estate-residential secured for personal purpose | - | 5,842 | 5,842 | 4,246 | 856,876 | 861,122 | ||||||
Real estate-home equity secured for personal purpose | - | 1,291 | 1,291 | 753 | 176,102 | 176,855 | ||||||
Loans to individuals | - | 387 | 387 | - | 27,331 | 27,331 | ||||||
Lease financings | - | 2,514 | 2,514 | - | 240,474 | 240,474 | ||||||
Total | $ | 834 | $ | 83,003 | $ | 83,837 | $ | 12,552 | $ | 6,562,406 | $ | 6,574,958 |
Term Extension | ||||||||||||||
Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 | |||||||||||||
(Dollars in thousands) |
Number of Loans |
Amortized Cost Basis* | % of Total Class of Financing Receivable |
Related Reserve |
Number of Loans |
Amortized Cost Basis* | % of Total Class of Financing Receivable |
Related Reserve |
||||||
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty: | ||||||||||||||
Commercial, financial and agricultural | 1 | $ | 4,925 | 0.47 | % | $ | 23 | - | $ | - | - | % | $ | - |
Real estate-commercial | 2 | 3,212 | 0.09 | 1 | 1 | 1,948 | 0.06 | - | ||||||
Total | 3 | $ | 8,137 | $ | 24 | 1 | $ | 1,948 | $ | - | ||||
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty: | ||||||||||||||
Real estate-commercial | - | - | - | - | 1 | $ | 1,741 | 0.05 | % | $ | - | |||
Real estate-construction | 2 | 2,799 | 0.98 | - | - | - | - | - | ||||||
Total | 2 | $ | 2,799 | $ | - | 1 | $ | 1,741 | $ | - |
Other-Than-Insignificant Payment Delay | ||||||||||||||
Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 | |||||||||||||
(Dollars in thousands) |
Number of Loans |
Amortized Cost Basis* | % of Total Class of Financing Receivable |
Related Reserve |
Number of Loans |
Amortized Cost Basis* | % of Total Class of Financing Receivable |
Related Reserve |
||||||
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty: | ||||||||||||||
Commercial, financial and agricultural | 2 | $ | 7,167 | 0.69 | % | $ | 32 | - | $ | - | - | % | $ | - |
Total | 2 | $ | 7,167 | $ | 32 | - | $ | - | $ | - | ||||
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty: | ||||||||||||||
Total | - | $ | - | $ | - | - | $ | - | $ | - |
Term Extension | Other-Than-Insignificant Payment Delay | |||
(Dollars in thousands) |
No. of Loans |
Financial Effect |
No. of Loans |
Financial Effect |
Nine Months Ended September 30, 2024 | ||||
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty: | ||||
Commercial, financial and agricultural | 1 |
Added 10 months to the life of the loan, which reduced monthly payment amount for the borrower.
|
2 |
Provided 3-month payment deferrals to assist borrowers.
|
Real estate-commercial | 2 |
Added a weighted-average 8 months to the life of the loans, which reduced monthly payment amounts for the borrowers.
|
- | |
Total | 3 | 2 | ||
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty: | ||||
Real estate-construction | 2 |
Added a weighted-average 8 months to the life of the loans, which reduced monthly payment amounts for the borrowers.
|
- | |
Total | 2 | - | ||
Nine Months Ended September 30, 2023 | ||||
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty: | ||||
Real estate-commercial | 1 |
Added 5 months to the life of the loan, which reduced monthly payment amount for the borrower.
|
- | |
Total | 1 | - | ||
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty: | ||||
Real estate-commercial | 1 |
Added 16 months to the life of the loan, which reduced monthly payment amount for the borrower.
|
- | |
Total | 1 | - |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Term Extension | Term Extension | |||||||||||
(Dollars in thousands) |
Number of Loans |
Amortized Cost Basis |
Number of Loans |
Amortized Cost Basis |
Number of Loans |
Amortized Cost Basis |
Number of Loans |
Amortized Cost Basis | ||||
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty: | ||||||||||||
Real estate-commercial | 1 | $ | 1,900 | - | - | 1 | $ | 1,900 | - | - | ||
Total | 1 | $ | 1,900 | - | $ | - | 1 | $ | 1,900 | - | $ | - |
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty: | ||||||||||||
Total | - | $ | - | - | $ | - | - | $ | - | - | $ | - |
At September 30, 2024 | ||||||||
(Dollars in thousands) | Current | 30-89 Days Past Due | 90 Days or More Past Due | Total | ||||
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty: | ||||||||
Commercial, financial and agricultural | $ | 12,092 | $ | - | $ | - | $ | 12,092 |
Real estate-commercial | 6,158 | 1,900 | - | 8,058 | ||||
Total | $ | 18,250 | $ | 1,900 | $ | - | $ | 20,150 |
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty: | ||||||||
Real estate-construction | $ | 2,799 | $ | - | $ | - | $ | 2,799 |
Total | $ | 2,799 | $ | - | $ | - | $ | 2,799 |
(Dollars in thousands) | At September 30, 2024 | At December 31, 2023 | ||
Real estate-residential secured for personal purpose | $ | 3,176 | $ | 5,147 |
Real estate-home equity secured for personal purpose | 45 | - | ||
Total | $ | 3,221 | $ | 5,147 |
(Dollars in thousands) | At September 30, 2024 | At December 31, 2023 | ||
Foreclosed residential real estate | $ | 234 | $ | 79 |
(Dollars in thousands) | At September 30, 2024 | At December 31, 2023 | ||
2024 (excluding the nine months ended September 30, 2024) | $ | 25,254 | $ | 87,101 |
2025 | 88,976 | 74,002 | ||
2026 | 72,203 | 56,525 | ||
2027 | 51,904 | 36,944 | ||
2028 | 28,418 | 14,945 | ||
Thereafter | 9,918 | 3,506 | ||
Total future minimum lease payments receivable | 276,673 | 273,023 | ||
Plus: Unguaranteed residual | 1,505 | 1,242 | ||
Plus: Initial direct costs | 3,220 | 3,403 | ||
Less: Imputed interest | (32,337) | (30,485) | ||
Lease financings | $ | 249,061 | $ | 247,183 |
(Dollars in thousands) | Banking | Wealth Management | Insurance | Consolidated | ||||
Balance at December 31, 2023 | $ | 138,476 | $ | 15,434 | $ | 21,600 | $ | 175,510 |
Addition to goodwill from acquisitions | - | - | - | - | ||||
Balance at September 30, 2024 | $ | 138,476 | $ | 15,434 | $ | 21,600 | $ | 175,510 |
At September 30, 2024 | At December 31, 2023 | |||||||||||
(Dollars in thousands) | Gross Carrying Amount |
Accumulated Amortization(1)
|
Net Carrying Amount | Gross Carrying Amount |
Accumulated Amortization(1)
|
Net Carrying Amount | ||||||
Amortized intangible assets: | ||||||||||||
Core deposit intangibles | $ | 6,788 | $ | 6,541 | $ | 247 | $ | 6,788 | $ | 6,329 | $ | 459 |
Customer related intangibles | 2,476 | 1,257 | 1,219 | 4,162 | 2,653 | 1,509 | ||||||
Servicing rights | 11,617 | 5,925 | 5,692 | 30,850 | 21,868 | 8,982 | ||||||
Total amortized intangible assets | $ | 20,881 | $ | 13,723 | $ | 7,158 | $ | 41,800 | $ | 30,850 | $ | 10,950 |
Year | (Dollars in thousands) | Amount |
Remainder of 2024 | $ | 147 |
2025 | 469 | |
2026 | 318 | |
2027 | 216 | |
2028 | 161 | |
Thereafter | 155 | |
Total | $ | 1,466 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
(Dollars in thousands) | 2024 | 2023 | 2024 | 2023 | ||||
Beginning of period | $ | 6,083 | $ | 8,568 | $ | 8,982 | $ | 8,572 |
Servicing rights capitalized | 541 | 707 | 1,504 | 1,456 | ||||
Amortization of servicing rights | (151) | (350) | (628) | (1,100) | ||||
Sold servicing rights | - | - | (3,466) | - | ||||
Changes in valuation allowance | (781) | (4) | (700) | (7) | ||||
End of period | $ | 5,692 | $ | 8,921 | $ | 5,692 | $ | 8,921 |
Loans serviced for others | $ | 996,701 | $ | 1,568,817 | $ | 996,701 | $ | 1,568,817 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
(Dollars in thousands) | 2024 | 2023 | 2024 | 2023 | ||||
Valuation allowance, beginning of period | $ | (17) | $ | (8) | $ | (98) | $ | (5) |
Additions | (781) | (4) | (700) | (7) | ||||
Valuation allowance, end of period | $ | (798) | $ | (12) | $ | (798) | $ | (12) |
Year | (Dollars in thousands) | Amount |
Remainder of 2024 | $ | 1,324 |
2025 | 1,014 | |
2026 | 792 | |
2027 | 628 | |
2028 | 506 | |
Thereafter | 1,428 | |
Total | $ | 5,692 |
At September 30, 2024 | At December 31, 2023 | |||||||
Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | Amount | |||||
(Dollars in thousands) | ||||||||
Noninterest-bearing deposits | - | % | $ | 1,323,953 | - | % | $ | 1,468,320 |
Demand deposits | 3.81 | 3,292,600 | 3.34 | 2,973,784 | ||||
Savings deposits | 0.49 | 719,853 | 0.48 | 779,885 | ||||
Time deposits | 4.50 | 1,517,742 | 4.22 | 1,153,792 | ||||
Total | 2.88 | % | $ | 6,854,148 | 2.38 | % | $ | 6,375,781 |
Year | (Dollars in thousands) | Amount |
Remainder of 2024 | $ | 255,529 |
2025 | 859,008 | |
2026 | 85,242 | |
2027 | 131,153 | |
2028 | 147,171 | |
Thereafter | 39,639 | |
Total | $ | 1,517,742 |
At September 30, 2024 | At December 31, 2023 | |||||||
(Dollars in thousands) | Balance at End of Period | Weighted Average Interest Rate at End of Period | Balance at End of Period | Weighted Average Interest Rate at End of Period | ||||
Short-term borrowings: | ||||||||
Customer repurchase agreements | $ | 8,256 | 0.05 | % | $ | 6,306 | 0.05 | % |
Long-term debt: | ||||||||
FHLB advances | $ | 225,000 | 4.35 | % | $ | 310,000 | 3.73 | % |
Subordinated notes | 149,136 | 6.08 | 148,761 | 6.08 |
(Dollars in thousands) | As of September 30, 2024 | Weighted Average Rate | ||
Remainder of 2024 | $ | - | - | % |
2025 | 75,000 | 4.46 | ||
2026 | 100,000 | 4.29 | ||
2027 | 25,000 | 3.99 | ||
2028 | 25,000 | 4.61 | ||
Thereafter | - | - | ||
Total | $ | 225,000 | 4.35 | % |
Three Months Ended September 30, | ||||||||
2024 | 2023 | 2024 | 2023 | |||||
(Dollars in thousands) | Retirement Plans |
Other Post Retirement Benefits |
||||||
Service cost | $ | 141 | $ | 133 | $ | 14 | $ | 19 |
Interest cost | 596 | 590 | 27 | 32 | ||||
Expected loss on plan assets | (870) | (762) | - | - | ||||
Amortization of net actuarial loss (gain) | 175 | 250 | (28) | (3) | ||||
Net periodic benefit cost | $ | 42 | $ | 211 | $ | 13 | $ | 48 |
Nine Months Ended September 30, | ||||||||
2024 | 2023 | 2024 | 2023 | |||||
(Dollars in thousands) | Retirement Plans |
Other Post Retirement Benefits |
||||||
Service cost | $ | 424 | $ | 399 | $ | 42 | $ | 57 |
Interest cost | 1,788 | 1,774 | 81 | 96 | ||||
Expected loss on plan assets | (2,610) | (2,293) | - | - | ||||
Amortization of net actuarial loss (gain) | 526 | 750 | (85) | (11) | ||||
Net periodic benefit cost | $ | 128 | $ | 630 | $ | 38 | $ | 142 |
(Dollars in thousands, except per share data) | Shares Under Option | Weighted Average Exercise Price Per Share | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value at September 30, 2024 | ||
Outstanding at December 31, 2023 | 269,914 | $ | 26.14 | |||
Forfeited | (11,322) | 28.31 | ||||
Exercised | (44,840) | 19.48 | ||||
Outstanding at September 30, 2024 | 213,752 | $ | 27.42 | 2.7 | $ | 192 |
Exercisable at September 30, 2024 | 213,752 | $ | 27.42 | 2.7 | $ | 192 |
(Dollars in thousands, except per share data) | Nonvested Stock Units | Weighted Average Grant Date Fair Value | |
Nonvested stock units at December 31, 2023 | 392,548 | $ | 26.54 |
Granted | 277,134 | 19.81 | |
Added by performance factor | 10,125 | 28.42 | |
Vested | (151,375) | 27.66 | |
Forfeited | (17,925) | 24.52 | |
Nonvested stock units at September 30, 2024 | 510,507 | $ | 22.66 |
Nine Months Ended September 30, | ||||
(Dollars in thousands, except per share data) | 2024 | 2023 | ||
Restricted stock units granted | 277,134 | 213,429 | ||
Weighted average grant date fair value | $ | 19.81 | $ | 25.04 |
Intrinsic value of units granted | $ | 5,490 | $ | 5,345 |
Restricted stock units vested | 151,375 | 181,508 | ||
Weighted average grant date fair value | $ | 27.66 | $ | 22.21 |
Intrinsic value of units vested | $ | 2,990 | $ | 4,512 |
(Dollars in thousands) | Unrecognized Compensation Cost | Weighted-Average Period Remaining (Years) | |
Restricted stock units | $ | 7,116 | 1.9 |
Nine Months Ended September 30, | ||||
(Dollars in thousands) | 2024 | 2023 | ||
Stock-based compensation expense: | ||||
Restricted stock units | $ | 3,414 | $ | 3,229 |
Employee stock purchase plan | 73 | 83 | ||
Total | $ | 3,487 | $ | 3,312 |
Tax benefit on nonqualified stock option expense and disqualifying dispositions of incentive stock options | $ | 879 | $ | 492 |
(Dollars in thousands) |
Net Unrealized Losses on Available-for-Sale Investment Securities |
Net Change Related to Derivatives Used for Cash Flow Hedges |
Net Change Related to Defined Benefit Pension Plans |
Accumulated Other Comprehensive Loss |
||||
Balance, December 31, 2023 | $ | (34,321) | $ | (4,566) | $ | (11,759) | $ | (50,646) |
Other comprehensive income | 6,986 | 1,397 | 348 | 8,731 | ||||
Reclassification adjustment recorded in earnings (1) | - | 292 | - | 292 | ||||
Balance, September 30, 2024 | $ | (27,335) | $ | (2,877) | $ | (11,411) | $ | (41,623) |
Balance, December 31, 2022 | $ | (40,066) | $ | (6,831) | $ | (15,207) | $ | (62,104) |
Other comprehensive (loss) income | (7,911) | (2,154) | 583 | (9,482) | ||||
Balance, September 30, 2023 | $ | (47,977) | $ | (8,985) | $ | (14,624) | $ | (71,586) |
Derivative Assets | Derivative Liabilities | |||||||
(Dollars in thousands) |
Notional Amount |
Balance Sheet Classification |
Fair Value |
Balance Sheet Classification |
Fair Value |
|||
At September 30, 2024 | ||||||||
Total | $ | - | $ | - | $ | - | ||
At December 31, 2023 | ||||||||
Interest rate swap - cash flow hedge | $ | 250,000 | $ | - | Other liabilities | $ | 5,779 | |
Total | $ | 250,000 | $ | - | $ | 5,779 |
Derivative Assets | Derivative Liabilities | |||||||
(Dollars in thousands) |
Notional Amount |
Balance Sheet Classification |
Fair Value |
Balance Sheet Classification |
Fair Value |
|||
At September 30, 2024 | ||||||||
Credit derivatives | $ | 846,634 | $ | - | Other liabilities | $ | 123 | |
Interest rate locks with customers | 34,095 | Other assets | 578 | - | ||||
Forward loan sale commitments | 51,226 | - | Other liabilities | 75 | ||||
Total | $ | 931,955 | $ | 578 | $ | 198 | ||
At December 31, 2023 | ||||||||
Credit derivatives | $ | 862,756 | $ | - | Other liabilities | $ | 186 | |
Interest rate locks with customers | 21,174 | Other assets | 717 | - | ||||
Forward loan sale commitments | 32,811 | - | Other liabilities | 427 | ||||
Total | $ | 916,741 | $ | 717 | $ | 613 |
Statement of Income Classification |
Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | ||||||||
(Dollars in thousands) | 2024 | 2023 | 2024 | 2023 | |||||
Interest rate swap-cash flow hedge-net interest payments | Interest income | $ | (575) | $ | (1,558) | $ | (3,747) | $ | (3,989) |
Reclassification adjustment included in earnings (1) | Interest income | (370) | - | (370) | - | ||||
Total net loss | $ | (945) | $ | (1,558) | $ | (4,117) | $ | (3,989) |
Statement of Income Classification | Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | ||||||||
(Dollars in thousands) | 2024 | 2023 | 2024 | 2023 | |||||
Credit derivatives | Other noninterest income | $ | 22 | $ | 263 | $ | 360 | $ | 1,170 |
Interest rate locks with customers | Net (loss) gain on mortgage banking activities | (169) | (66) | (139) | 16 | ||||
Forward loan sale commitments | Net gain (loss) on mortgage banking activities | 63 | (13) | 352 | 119 | ||||
Total net (loss) gain | $ | (84) | $ | 184 | $ | 573 | $ | 1,305 |
(Dollars in thousands) |
Accumulated Other Comprehensive (Loss) Income |
At September 30, 2024 | At December 31, 2023 | ||
Interest rate swap-cash flow hedge (1) | Fair value, net of taxes | $ | (2,877) | $ | (4,566) |
Total | $ | (2,877) | $ | (4,566) |
At September 30, 2024 | ||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 |
Assets/ Liabilities at Fair Value |
||||
Assets: | ||||||||
Available-for-sale securities: | ||||||||
State and political subdivisions | $ | - | $ | 1,287 | $ | - | $ | 1,287 |
Residential mortgage-backed securities | - | 280,799 | - | 280,799 | ||||
Collateralized mortgage obligations | - | 1,788 | - | 1,788 | ||||
Corporate bonds | - | 70,226 | - | 70,226 | ||||
Total available-for-sale securities | - | 354,100 | - | 354,100 | ||||
Equity securities: | ||||||||
Money market mutual funds | 2,406 | - | - | 2,406 | ||||
Total equity securities | 2,406 | - | - | 2,406 | ||||
Loans held for sale | - | 17,131 | - | 17,131 | ||||
Interest rate locks with customers* | - | 578 | - | 578 | ||||
Total assets | $ | 2,406 | $ | 371,809 | $ | - | $ | 374,215 |
Liabilities: | ||||||||
Contingent consideration liability | $ | - | $ | - | $ | 627 | $ | 627 |
Credit derivatives* | - | - | 123 | 123 | ||||
Forward loan sale commitments* | - | 75 | - | 75 | ||||
Total liabilities | $ | - | $ | 75 | $ | 750 | $ | 825 |
At December 31, 2023 | ||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 |
Assets/ Liabilities at Fair Value |
||||
Assets: | ||||||||
Available-for-sale securities: | ||||||||
State and political subdivisions | $ | - | $ | 2,301 | $ | - | $ | 2,301 |
Residential mortgage-backed securities | - | 264,552 | - | 264,552 | ||||
Collateralized mortgage obligations | - | 2,001 | - | 2,001 | ||||
Corporate bonds | - | 82,699 | - | 82,699 | ||||
Total available-for-sale securities | - | 351,553 | - | 351,553 | ||||
Equity securities: | ||||||||
Equity securities - financial services industry | 764 | - | - | 764 | ||||
Money market mutual funds | 2,529 | - | - | 2,529 | ||||
Total equity securities | 3,293 | - | - | 3,293 | ||||
Loans held for sale | - | 11,637 | - | 11,637 | ||||
Interest rate locks with customers* | - | 717 | - | 717 | ||||
Total assets | $ | 3,293 | $ | 363,907 | $ | - | $ | 367,200 |
Liabilities: | ||||||||
Contingent consideration liability | $ | - | $ | - | $ | 1,224 | $ | 1,224 |
Interest rate swaps* | - | 5,779 | - | 5,779 | ||||
Credit derivatives* | - | - | 186 | 186 | ||||
Forward loan sale commitments* | - | 427 | - | 427 | ||||
Total liabilities | $ | - | $ | 6,206 | $ | 1,410 | $ | 7,616 |
Nine Months Ended September 30, 2024 | ||||||||
(Dollars in thousands) |
Balance at December 31, 2023 |
Additions | Increase in value | Balance at September 30, 2024 | ||||
Credit derivatives | $ | (186) | $ | (297) | $ | 360 | $ | (123) |
Net total | $ | (186) | $ | (297) | $ | 360 | $ | (123) |
Nine Months Ended September 30, 2023 | ||||||||
(Dollars in thousands) |
Balance at December 31, 2022 |
Additions | Increase in value | Balance at September 30, 2023 | ||||
Credit derivatives | $ | (360) | $ | (973) | $ | 1,166 | $ | (167) |
Net total | $ | (360) | $ | (973) | $ | 1,166 | $ | (167) |
Nine Months Ended September 30, 2024 | ||||||||
(Dollars in thousands) |
Balance at December 31, 2023 |
Payment of Contingent Consideration |
Adjustment of Contingent Consideration |
Balance at September 30, 2024 | ||||
Paul I. Sheaffer Insurance Agency | $ | 1,224 | $ | 635 | $ | 38 | $ | 627 |
Total contingent consideration liability | $ | 1,224 | $ | 635 | $ | 38 | $ | 627 |
Nine Months Ended September 30, 2023 | ||||||||
(Dollars in thousands) |
Balance at December 31, 2022 |
Payment of Contingent Consideration |
Adjustment of Contingent Consideration |
Balance at September 30, 2023 | ||||
Paul I. Sheaffer Insurance Agency | $ | 1,765 | $ | 635 | $ | 73 | $ | 1,203 |
Total contingent consideration liability | $ | 1,765 | $ | 635 | $ | 73 | $ | 1,203 |
At September 30, 2024 | ||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 |
Assets at Fair Value |
||||
Individually analyzed loans held for investment | $ | - | $ | - | $ | 13,782 | $ | 13,782 |
Other real estate owned | - | - | 20,915 | 20,915 | ||||
Repossessed assets | - | - | 79 | 79 | ||||
Total | $ | - | $ | - | $ | 34,776 | $ | 34,776 |
At December 31, 2023 | ||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 |
Assets at Fair Value |
||||
Individually analyzed loans held for investment | $ | - | $ | - | $ | 18,960 | $ | 18,960 |
Other real estate owned | - | - | 19,032 | 19,032 | ||||
Total | $ | - | $ | - | $ | 37,992 | $ | 37,992 |
At September 30, 2024 | ||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 |
Fair Value |
Carrying Amount |
|||||
Assets: | ||||||||||
Cash and short-term interest-earning assets | $ | 504,700 | $ | - | $ | - | $ | 504,700 | $ | 504,700 |
Held-to-maturity securities | - | 123,103 | - | 123,103 | 137,681 | |||||
Federal Home Loan Bank, Federal Reserve Bank and other stock | NA | NA | NA | NA | 40,235 | |||||
Net loans and leases held for investment | - | - | 6,444,735 | 6,444,735 | 6,630,911 | |||||
Servicing rights | - | - | 9,693 | 9,693 | 5,692 | |||||
Total assets | $ | 504,700 | $ | 123,103 | $ | 6,454,428 | $ | 7,082,231 | $ | 7,319,219 |
Liabilities: | ||||||||||
Deposits: | ||||||||||
Demand and savings deposits, non-maturity | $ | 5,336,406 | $ | - | $ | - | $ | 5,336,406 | $ | 5,336,406 |
Time deposits | - | 1,525,692 | - | 1,525,692 | 1,517,742 | |||||
Total deposits | 5,336,406 | 1,525,692 | - | 6,862,098 | 6,854,148 | |||||
Short-term borrowings | 8,256 | - | - | 8,256 | 8,256 | |||||
Long-term debt | - | 227,096 | - | 227,096 | 225,000 | |||||
Subordinated notes | - | 146,750 | - | 146,750 | 149,136 | |||||
Total liabilities | $ | 5,344,662 | $ | 1,899,538 | $ | - | $ | 7,244,200 | $ | 7,236,540 |
At December 31, 2023 | ||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 |
Fair Value |
Carrying Amount |
|||||
Assets: | ||||||||||
Cash and short-term interest-earning assets | $ | 249,799 | $ | - | $ | - | $ | 249,799 | $ | 249,799 |
Held-to-maturity securities | - | 128,277 | - | 128,277 | 145,777 | |||||
Federal Home Loan Bank, Federal Reserve Bank and other stock | NA | NA | NA | NA | 40,499 | |||||
Net loans and leases held for investment | - | - | 6,290,455 | 6,290,455 | 6,462,867 | |||||
Servicing rights | - | - | 17,724 | 17,724 | 8,982 | |||||
Total assets | $ | 249,799 | $ | 128,277 | $ | 6,308,179 | $ | 6,686,255 | $ | 6,907,924 |
Liabilities: | ||||||||||
Deposits: | ||||||||||
Demand and savings deposits, non-maturity | $ | 5,221,989 | $ | - | $ | - | $ | 5,221,989 | $ | 5,221,989 |
Time deposits | - | 1,153,775 | - | 1,153,775 | 1,153,792 | |||||
Total deposits | 5,221,989 | 1,153,775 | - | 6,375,764 | 6,375,781 | |||||
Short-term borrowings | 6,306 | - | - | 6,306 | 6,306 | |||||
Long-term debt | - | 310,817 | - | 310,817 | 310,000 | |||||
Subordinated notes | - | 140,500 | - | 140,500 | 148,761 | |||||
Total liabilities | $ | 5,228,295 | $ | 1,605,092 | $ | - | $ | 6,833,387 | $ | 6,840,848 |
● | The Banking segment provides financial services to individuals, businesses, municipalities and nonprofit organizations. These services include a full range of banking services such as deposit taking, loan origination and servicing, mortgage banking, other general banking services and equipment lease financing. |
● | The Wealth Management segment offers investment advisory, financial planning, trust and brokerage services. The Wealth Management segment serves a diverse client base of private families and individuals, municipal pension plans, retirement plans, trusts and guardianships. |
● | The Insurance segment includes a full-service insurance brokerage agency offering commercial property and casualty insurance, employee benefit solutions, personal insurance lines and human resources consulting. |
(Dollars in thousands) | At September 30, 2024 | At December 31, 2023 | At September 30, 2023 | |||
Banking | $ | 8,069,321 | $ | 7,656,154 | $ | 7,706,141 |
Wealth Management | 65,355 | 57,715 | 57,845 | |||
Insurance | 53,388 | 48,535 | 47,507 | |||
Other | 17,673 | 18,224 | 16,573 | |||
Consolidated assets | $ | 8,205,737 | $ | 7,780,628 | $ | 7,828,066 |
Three Months Ended | ||||||||||
September 30, 2024 | ||||||||||
(Dollars in thousands) | Banking | Wealth Management | Insurance | Other | Consolidated | |||||
Interest income | $ | 106,419 | $ | 19 | $ | - | $ | - | $ | 106,438 |
Interest expense | 50,953 | - | - | 2,281 | 53,234 | |||||
Net interest income (expense) | 55,466 | 19 | - | (2,281) | 53,204 | |||||
Provision for credit losses | 1,414 | - | - | - | 1,414 | |||||
Noninterest income | 7,281 | 7,481 | 5,247 | 141 | 20,150 | |||||
Noninterest expense | 39,392 | 5,587 | 4,018 | (445) | 48,552 | |||||
Intersegment (revenue) expense* | (560) | 437 | 123 | - | - | |||||
Income (loss) before income taxes | 22,501 | 1,476 | 1,106 | (1,695) | 23,388 | |||||
Income tax expense (benefit) | 4,688 | 302 | 259 | (439) | 4,810 | |||||
Net income (loss) | $ | 17,813 | $ | 1,174 | $ | 847 | $ | (1,256) | $ | 18,578 |
Net capital expenditures | $ | 544 | $ | - | $ | 6 | $ | 60 | $ | 610 |
Three Months Ended | ||||||||||
September 30, 2023 | ||||||||||
(Dollars in thousands) | Banking | Wealth Management | Insurance | Other | Consolidated | |||||
Interest income | $ | 97,079 | $ | 18 | $ | - | $ | 9 | $ | 97,106 |
Interest expense | 41,235 | - | - | 2,281 | 43,516 | |||||
Net interest income (expense) | 55,844 | 18 | - | (2,272) | 53,590 | |||||
Provision for credit losses | 2,024 | - | - | - | 2,024 | |||||
Noninterest income | 6,950 | 6,803 | 4,912 | 26 | 18,691 | |||||
Noninterest expense | 39,299 | 5,130 | 3,987 | 572 | 48,988 | |||||
Intersegment (revenue) expense* | (236) | 114 | 122 | - | - | |||||
Income (loss) before income taxes | 21,707 | 1,577 | 803 | (2,818) | 21,269 | |||||
Income tax expense (benefit) | 4,452 | 284 | 185 | (668) | 4,253 | |||||
Net income (loss) | $ | 17,255 | $ | 1,293 | $ | 618 | $ | (2,150) | $ | 17,016 |
Net capital expenditures | $ | 560 | $ | 9 | $ | 5 | $ | 33 | $ | 607 |
Nine Months Ended | ||||||||||
September 30, 2024 | ||||||||||
(Dollars in thousands) | Banking | Wealth Management | Insurance | Other | Consolidated | |||||
Interest income | $ | 304,805 | $ | 56 | $ | - | $ | 18 | $ | 304,879 |
Interest expense | 142,336 | - | - | 6,845 | 149,181 | |||||
Net interest income (expense) | 162,468 | 56 | - | (6,826) | 155,698 | |||||
Provision for credit losses | 3,553 | - | - | - | 3,553 | |||||
Noninterest income | 26,706 | 22,134 | 17,721 | 164 | 66,725 | |||||
Noninterest expense | 116,211 | 16,591 | 12,058 | 2,474 | 147,334 | |||||
Intersegment (revenue) expense* | (1,680) | 1,310 | 370 | - | - | |||||
Income (loss) before income taxes | 71,090 | 4,289 | 5,293 | (9,136) | 71,536 | |||||
Income tax expense (benefit) | 14,553 | 839 | 1,184 | (2,030) | 14,546 | |||||
Net income (loss) | $ | 56,537 | $ | 3,450 | $ | 4,109 | $ | (7,106) | $ | 56,990 |
Net capital expenditures | $ | (234) | $ | 11 | $ | 73 | $ | 167 | $ | 17 |
Nine Months Ended | ||||||||||
September 30, 2023 | ||||||||||
(Dollars in thousands) | Banking | Wealth Management | Insurance | Other | Consolidated | |||||
Interest income | $ | 270,422 | $ | 49 | $ | - | $ | 27 | $ | 270,498 |
Interest expense | 96,417 | - | - | 6,844 | 103,261 | |||||
Net interest income (expense) | 174,005 | 49 | - | (6,817) | 167,237 | |||||
Provision for credit losses | 8,839 | - | - | - | 8,839 | |||||
Noninterest income | 21,139 | 20,246 | 16,846 | (27) | 58,204 | |||||
Noninterest expense | 119,984 | 14,790 | 11,877 | 1,665 | 148,316 | |||||
Intersegment (revenue) expense* | (709) | 344 | 365 | - | - | |||||
Income (loss) before income taxes | 67,030 | 5,161 | 4,604 | (8,509) | 68,286 | |||||
Income tax expense (benefit) | 13,913 | 580 | 1,015 | (2,072) | 13,436 | |||||
Net income (loss) | $ | 53,117 | $ | 4,581 | $ | 3,589 | $ | (6,437) | $ | 54,850 |
Net capital expenditures | $ | 3,595 | $ | 15 | $ | 124 | $ | 454 | $ | 4,188 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | Change | September 30, | Change | |||||||||||||
(Dollars in thousands, except per share data) | 2024 | 2023 | Amount | Percent | 2024 | 2023 | Amount | Percent | ||||||||
Net income | $ | 18,578 | $ | 17,016 | $ | 1,562 | 9.2 | % | $ | 56,990 | $ | 54,850 | $ | 2,140 | 3.9 | % |
Net income per share: | ||||||||||||||||
Basic | $ | 0.64 | $ | 0.58 | $ | 0.06 | 10.3 | $ | 1.95 | $ | 1.86 | $ | 0.09 | 4.8 | ||
Diluted | 0.63 | 0.58 | 0.05 | 8.6 | 1.94 | 1.86 | 0.08 | 4.3 | ||||||||
Return on average assets | 0.92 | % | 0.88 | % | 4 BP | 4.5 | 0.97 | % | 0.98 | % | (1 BP) | (1.0) | ||||
Return on average equity | 8.55 | % | 8.32 | % | 23 BP | 2.8 | 8.95 | % | 9.14 | % | (19 BP) | (2.1) |
Three Months Ended September 30, | ||||||||||||
2024 | 2023 | |||||||||||
(Dollars in thousands) |
Average Balance |
Income/ Expense |
Average Rate |
Average Balance |
Income/ Expense |
Average Rate |
||||||
Assets: | ||||||||||||
Interest-earning deposits with other banks | $ | 270,724 | $ | 3,624 | 5.33 | % | $ | 143,109 | $ | 1,865 | 5.17 | % |
Obligations of states and political subdivisions* | 1,283 | 7 | 2.17 | 2,281 | 16 | 2.78 | ||||||
Other debt and equity securities | 492,051 | 3,706 | 3.00 | 504,060 | 3,540 | 2.79 | ||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock | 38,769 | 742 | 7.61 | 40,406 | 712 | 6.99 | ||||||
Total interest-earning deposits, investments and other interest-earning assets | 802,827 | 8,079 | 4.00 | 689,856 | 6,133 | 3.53 | ||||||
Commercial, financial and agricultural loans | 997,465 | 18,459 | 7.36 | 995,355 | 17,545 | 6.99 | ||||||
Real estate-commercial and construction loans | 3,592,556 | 52,672 | 5.83 | 3,552,709 | 49,548 | 5.53 | ||||||
Real estate-residential loans | 1,692,361 | 21,127 | 4.97 | 1,543,360 | 18,270 | 4.70 | ||||||
Loans to individuals | 26,651 | 549 | 8.20 | 26,538 | 525 | 7.85 | ||||||
Tax-exempt loans and leases | 232,159 | 2,565 | 4.40 | 234,685 | 2,430 | 4.11 | ||||||
Lease financings | 189,599 | 3,275 | 6.87 | 184,522 | 2,928 | 6.30 | ||||||
Gross loans and leases | 6,730,791 | 98,647 | 5.83 | 6,537,169 | 91,246 | 5.54 | ||||||
Total interest-earning assets | 7,533,618 | 106,726 | 5.64 | 7,227,025 | 97,379 | 5.35 | ||||||
Cash and due from banks | 62,902 | 62,673 | ||||||||||
Allowance for credit losses, loans and leases | (86,517) | (83,827) | ||||||||||
Premises and equipment, net | 47,989 | 52,071 | ||||||||||
Operating lease right-of-use assets | 29,620 | 31,647 | ||||||||||
Other assets | 417,653 | 404,394 | ||||||||||
Total assets | $ | 8,005,265 | $ | 7,693,983 | ||||||||
Liabilities: | ||||||||||||
Interest-bearing checking deposits | $ | 1,215,166 | $ | 8,824 | 2.89 | % | $ | 1,070,063 | $ | 6,703 | 2.49 | % |
Money market savings | 1,849,628 | 21,213 | 4.56 | 1,645,210 | 17,850 | 4.30 | ||||||
Regular savings | 727,395 | 878 | 0.48 | 828,672 | 861 | 0.41 | ||||||
Time deposits | 1,491,560 | 17,255 | 4.60 | 1,140,622 | 11,668 | 4.06 | ||||||
Total time and interest-bearing deposits | 5,283,749 | 48,170 | 3.63 | 4,684,567 | 37,082 | 3.14 | ||||||
Short-term borrowings | 8,210 | 1 | 0.05 | 93,028 | 1,117 | 4.76 | ||||||
Long-term debt | 247,826 | 2,781 | 4.46 | 320,000 | 3,036 | 3.76 | ||||||
Subordinated notes | 149,068 | 2,282 | 6.09 | 148,568 | 2,281 | 6.09 | ||||||
Total borrowings | 405,104 | 5,064 | 4.97 | 561,596 | 6,434 | 4.55 | ||||||
Total interest-bearing liabilities | 5,688,853 | 53,234 | 3.72 | 5,246,163 | 43,516 | 3.29 | ||||||
Noninterest-bearing deposits | 1,357,575 | 1,538,143 | ||||||||||
Operating lease liabilities | 32,627 | 34,788 | ||||||||||
Accrued expenses and other liabilities | 61,804 | 63,374 | ||||||||||
Total liabilities | 7,140,859 | 6,882,468 | ||||||||||
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds") | 7,046,428 | 3.01 | 6,784,306 | 2.54 | ||||||||
Shareholders' Equity: | ||||||||||||
Common stock | 157,784 | 157,784 | ||||||||||
Additional paid-in capital | 300,565 | 299,575 | ||||||||||
Retained earnings and other equity | 406,057 | 354,156 | ||||||||||
Total shareholders' equity | 864,406 | 811,515 | ||||||||||
Total liabilities and shareholders' equity | $ | 8,005,265 | $ | 7,693,983 | ||||||||
Net interest income | $ | 53,492 | $ | 53,863 | ||||||||
Net interest spread | 1.92 | 2.06 | ||||||||||
Effect of net interest-free funding sources | 0.90 | 0.90 | ||||||||||
Net interest margin | 2.82 | % | 2.96 | % | ||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | 132.43 | % | 137.76 | % |
Nine Months Ended September 30, | ||||||||||||
2024 | 2023 | |||||||||||
(Dollars in thousands) |
Average Balance |
Income/ Expense |
Average Rate |
Average Balance |
Income/ Expense |
Average Rate |
||||||
Assets: | ||||||||||||
Interest-earning deposits with other banks | $ | 159,114 | $ | 6,341 | 5.32 | % | $ | 79,630 | $ | 2,856 | 4.80 | % |
Obligations of states and political subdivisions* | 1,500 | 26 | 2.32 | 2,284 | 48 | 2.81 | ||||||
Other debt and equity securities | 494,310 | 11,094 | 3.00 | 511,420 | 10,547 | 2.76 | ||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock | 38,392 | 2,166 | 7.54 | 39,664 | 2,102 | 7.09 | ||||||
Total interest-earning deposits, investments and other interest-earning assets | 693,316 | 19,627 | 3.78 | 632,998 | 15,553 | 3.29 | ||||||
Commercial, financial and agricultural loans | 972,003 | 52,429 | 7.21 | 997,590 | 50,002 | 6.70 | ||||||
Real estate-commercial and construction loans | 3,572,375 | 153,890 | 5.75 | 3,447,551 | 137,929 | 5.35 | ||||||
Real estate-residential loans | 1,657,142 | 61,095 | 4.92 | 1,478,871 | 51,216 | 4.63 | ||||||
Loans to individuals | 26,928 | 1,639 | 8.13 | 26,859 | 1,453 | 7.23 | ||||||
Tax-exempt loans and leases | 231,679 | 7,505 | 4.33 | 233,211 | 7,159 | 4.10 | ||||||
Lease financings | 189,733 | 9,549 | 6.72 | 175,416 | 8,128 | 6.20 | ||||||
Gross loans and leases | 6,649,860 | 286,107 | 5.75 | 6,359,498 | 255,887 | 5.38 | ||||||
Total interest-earning assets | 7,343,176 | 305,734 | 5.56 | 6,992,496 | 271,440 | 5.19 | ||||||
Cash and due from banks | 58,070 | 59,811 | ||||||||||
Allowance for credit losses, loans and leases | (86,435) | (81,829) | ||||||||||
Premises and equipment, net | 49,098 | 52,067 | ||||||||||
Operating lease right-of-use assets | 30,359 | 31,384 | ||||||||||
Other assets | 414,246 | 399,141 | ||||||||||
Total assets | $ | 7,808,514 | $ | 7,453,070 | ||||||||
Liabilities: | ||||||||||||
Interest-bearing checking deposits | $ | 1,163,526 | $ | 24,353 | 2.80 | % | $ | 980,725 | $ | 15,259 | 2.08 | % |
Money market savings | 1,749,592 | 59,564 | 4.55 | 1,532,318 | 43,020 | 3.75 | ||||||
Regular savings | 752,336 | 2,712 | 0.48 | 900,448 | 2,375 | 0.35 | ||||||
Time deposits | 1,384,576 | 47,019 | 4.54 | 845,635 | 22,231 | 3.51 | ||||||
Total time and interest-bearing deposits | 5,050,030 | 133,648 | 3.54 | 4,259,126 | 82,885 | 2.60 | ||||||
Short-term borrowings | 15,919 | 248 | 2.08 | 195,606 | 7,094 | 4.85 | ||||||
Long-term debt | 263,380 | 8,441 | 4.28 | 245,366 | 6,438 | 3.51 | ||||||
Subordinated notes | 148,944 | 6,844 | 6.14 | 148,444 | 6,844 | 6.16 | ||||||
Total borrowings | 428,243 | 15,533 | 4.85 | 589,416 | 20,376 | 4.62 | ||||||
Total interest-bearing liabilities | 5,478,273 | 149,181 | 3.64 | 4,848,542 | 103,261 | 2.85 | ||||||
Noninterest-bearing deposits | 1,383,707 | 1,709,533 | ||||||||||
Operating lease liabilities | 33,389 | 34,548 | ||||||||||
Accrued expenses and other liabilities | 62,586 | 57,906 | ||||||||||
Total liabilities | 6,957,955 | 6,650,529 | ||||||||||
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds") | 6,861,980 | 2.90 | 6,558,075 | 2.11 | ||||||||
Shareholders' Equity: | ||||||||||||
Common stock | 157,784 | 157,784 | ||||||||||
Additional paid-in capital | 300,224 | 299,550 | ||||||||||
Retained earnings and other equity | 392,551 | 345,207 | ||||||||||
Total shareholders' equity | 850,559 | 802,541 | ||||||||||
Total liabilities and shareholders' equity | $ | 7,808,514 | $ | 7,453,070 | ||||||||
Net interest income | $ | 156,553 | $ | 168,179 | ||||||||
Net interest spread | 1.92 | 2.34 | ||||||||||
Effect of net interest-free funding sources | 0.93 | 0.88 | ||||||||||
Net interest margin | 2.85 | % | 3.22 | % | ||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | 134.04 | % | 144.22 | % |
Three Months Ended | Nine Months Ended | |||||||||||
September 30, 2024 Versus 2023 | September 30, 2024 Versus 2023 | |||||||||||
(Dollars in thousands) |
Volume Change |
Rate Change |
Total |
Volume Change |
Rate Change |
Total | ||||||
Interest income: | ||||||||||||
Interest-earning deposits with other banks | $ | 1,700 | $ | 59 | $ | 1,759 | $ | 3,144 | $ | 341 | $ | 3,485 |
Obligations of states and political subdivisions | (6) | (3) | (9) | (15) | (7) | (22) | ||||||
Other debt and equity securities | (88) | 254 | 166 | (359) | 906 | 547 | ||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock | (30) | 60 | 30 | (68) | 132 | 64 | ||||||
Interest on deposits, investments and other earning assets | 1,576 | 370 | 1,946 | 2,702 | 1,372 | 4,074 | ||||||
Commercial, financial and agricultural loans | 35 | 879 | 914 | (1,307) | 3,734 | 2,427 | ||||||
Real estate-commercial and construction loans | 534 | 2,590 | 3,124 | 5,211 | 10,750 | 15,961 | ||||||
Real estate-residential loans | 1,789 | 1,068 | 2,857 | 6,503 | 3,376 | 9,879 | ||||||
Loans to individuals | 2 | 22 | 24 | 4 | 182 | 186 | ||||||
Tax-exempt loans and leases | (27) | 162 | 135 | (48) | 394 | 346 | ||||||
Lease financings | 80 | 267 | 347 | 702 | 719 | 1,421 | ||||||
Interest and fees on loans and leases | 2,413 | 4,988 | 7,401 | 11,065 | 19,155 | 30,220 | ||||||
Total interest income | 3,989 | 5,358 | 9,347 | 13,767 | 20,527 | 34,294 | ||||||
Interest expense: | ||||||||||||
Interest-bearing checking deposits | 969 | 1,152 | 2,121 | 3,185 | 5,909 | 9,094 | ||||||
Money market savings | 2,260 | 1,103 | 3,363 | 6,609 | 9,935 | 16,544 | ||||||
Regular savings | (114) | 131 | 17 | (434) | 771 | 337 | ||||||
Time deposits | 3,898 | 1,689 | 5,587 | 16,978 | 7,810 | 24,788 | ||||||
Total time and interest-bearing deposits | 7,013 | 4,075 | 11,088 | 26,338 | 24,425 | 50,763 | ||||||
Short-term borrowings | (535) | (581) | (1,116) | (4,223) | (2,623) | (6,846) | ||||||
Long-term debt | (757) | 502 | (255) | 502 | 1,501 | 2,003 | ||||||
Subordinated notes | 1 | - | 1 | - | - | - | ||||||
Interest on borrowings | (1,291) | (79) | (1,370) | (3,721) | (1,122) | (4,843) | ||||||
Total interest expense | 5,722 | 3,996 | 9,718 | 22,617 | 23,303 | 45,920 | ||||||
Net interest income | $ | (1,733) | $ | 1,362 | $ | (371) | $ | (8,850) | $ | (2,776) | $ | (11,626) |
(Dollars in thousands) | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | |||||
Allowance for credit losses, loans and leases | $ | 86,041 | $ | 85,745 | $ | 85,632 | $ | 85,387 | $ | 83,837 |
Loans and leases held for investment | 6,730,734 | 6,684,837 | 6,579,086 | 6,567,214 | 6,574,958 | |||||
Allowance for credit losses, loans and leases / loans and leases held for investment | 1.28 | % | 1.28 | % | 1.30 | % | 1.30 | % | 1.28 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | Change | September 30, | Change | |||||||||||||
(Dollars in thousands) | 2024 | 2023 | Amount | Percent | 2024 | 2023 | Amount | Percent | ||||||||
Trust fee income | $ | 2,110 | $ | 1,910 | $ | 200 | 10.5 | % | $ | 6,226 | $ | 5,789 | $ | 437 | 7.5 | % |
Service charges on deposit accounts | 2,037 | 1,816 | 221 | 12.2 | 5,890 | 5,088 | 802 | 15.8 | ||||||||
Investment advisory commission and fee income | 5,319 | 4,843 | 476 | 9.8 | 15,751 | 14,303 | 1,448 | 10.1 | ||||||||
Insurance commission and fee income | 5,238 | 4,852 | 386 | 8.0 | 17,606 | 16,447 | 1,159 | 7.0 | ||||||||
Other service fee income | 1,815 | 3,020 | (1,205) | (39.9) | 11,274 | 9,414 | 1,860 | 19.8 | ||||||||
Bank owned life insurance income | 921 | 806 | 115 | 14.3 | 2,849 | 2,362 | 487 | 20.6 | ||||||||
Net gain on sales of investment securities | 18 | - | 18 | N/M | 18 | - | 18 | N/M | ||||||||
Net gain on mortgage banking activities | 1,296 | 1,216 | 80 | 6.6 | 3,945 | 2,880 | 1,065 | 37.0 | ||||||||
Other income | 1,396 | 228 | 1,168 | 512.3 | 3,166 | 1,921 | 1,245 | 64.8 | ||||||||
Total noninterest income | $ | 20,150 | $ | 18,691 | $ | 1,459 | 7.8 | % | $ | 66,725 | $ | 58,204 | $ | 8,521 | 14.6 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | Change | September 30, | Change | |||||||||||||
(Dollars in thousands) | 2024 | 2023 | Amount | Percent | 2024 | 2023 | Amount | Percent | ||||||||
Salaries, benefits and commissions | $ | 30,702 | $ | 29,978 | $ | 724 | 2.4 | % | $ | 92,227 | $ | 90,867 | $ | 1,360 | 1.5 | % |
Net occupancy | 2,723 | 2,594 | 129 | 5.0 | 8,274 | 7,935 | 339 | 4.3 | ||||||||
Equipment | 1,107 | 1,087 | 20 | 1.8 | 3,306 | 3,066 | 240 | 7.8 | ||||||||
Data processing | 4,154 | 4,189 | (35) | (0.8) | 12,810 | 12,355 | 455 | 3.7 | ||||||||
Professional fees | 1,579 | 1,763 | (184) | (10.4) | 4,733 | 5,373 | (640) | (11.9) | ||||||||
Marketing and advertising | 490 | 555 | (65) | (11.7) | 1,621 | 1,548 | 73 | 4.7 | ||||||||
Deposit insurance premiums | 1,097 | 1,258 | (161) | (12.8) | 3,330 | 3,475 | (145) | (4.2) | ||||||||
Intangible expenses | 164 | 220 | (56) | (25.5) | 539 | 726 | (187) | (25.8) | ||||||||
Restructuring charges | - | - | - | N/M | - | 1,330 | (1,330) | N/M | ||||||||
Other expense | 6,536 | 7,344 | (808) | (11.0) | 20,494 | 21,641 | (1,147) | (5.3) | ||||||||
Total noninterest expense | $ | 48,552 | $ | 48,988 | $ | (436) | (0.9 | %) | $ | 147,334 | $ | 148,316 | $ | (982) | (0.7 | %) |
At September 30, 2024 | At December 31, 2023 | Change | ||||||
(Dollars in thousands) | Amount | Percent | ||||||
Cash, interest-earning deposits and federal funds sold | $ | 504,700 | $ | 249,799 | $ | 254,901 | 102.0 | % |
Investment securities | 494,187 | 500,623 | (6,436) | (1.3) | ||||
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost | 40,235 | 40,499 | (264) | (0.7) | ||||
Loans held for sale | 17,131 | 11,637 | 5,494 | 47.2 | ||||
Loans and leases held for investment | 6,730,734 | 6,567,214 | 163,520 | 2.5 | ||||
Allowance for credit losses, loans and leases | (86,041) | (85,387) | (654) | 0.8 | ||||
Premises and equipment, net | 47,411 | 51,441 | (4,030) | (7.8) | ||||
Operating lease right-of-use assets | 29,260 | 31,795 | (2,535) | (8.0) | ||||
Goodwill and other intangibles, net | 182,668 | 186,460 | (3,792) | (2.0) | ||||
Bank owned life insurance | 138,744 | 131,344 | 7,400 | 5.6 | ||||
Accrued interest receivable and other assets | 106,708 | 95,203 | 11,505 | 12.1 | ||||
Total assets | $ | 8,205,737 | $ | 7,780,628 | $ | 425,109 | 5.5 | % |
(Dollars in thousands) | At September 30, 2024 | At December 31, 2023 | ||
Nonaccrual loans held for sale | $ | - | $ | 8 |
Nonaccrual loans and leases held for investment | 15,319 | 20,519 | ||
Accruing loans and leases, 90 days or more past due | 310 | 534 | ||
Total nonperforming loans and leases | $ | 15,629 | $ | 21,061 |
Other real estate owned | 20,915 | 19,032 | ||
Repossessed assets | 79 | - | ||
Total nonperforming assets | $ | 36,623 | $ | 40,093 |
Loans and leases held for investment | $ | 6,730,734 | $ | 6,567,214 |
Allowance for credit losses, loans and leases | 86,041 | 85,387 | ||
Allowance for credit losses, loans and leases / loans and leases held for investment | 1.28 | % | 1.30 | % |
Nonaccrual loans and leases / loans and leases held for investment | 0.23 | % | 0.31 | % |
Allowance for credit losses, loans and leases / nonaccrual loans and leases | 561.66 | % | 415.97 | % |
(Dollars in thousands) | At September 30, 2024 | At December 31, 2023 | ||
Nonaccrual loans and leases, held for investment | $ | 15,319 | $ | 20,519 |
Nonaccrual loans and leases with partial charge-offs | 349 | 814 | ||
Life-to-date partial charge-offs on nonaccrual loans and leases | 682 | 885 | ||
Reserves on individually analyzed loans | 1,033 | 1,787 |
(Dollars in thousands) | At September 30, 2024 | |||
Industry Description | Total Outstanding Balance | % of Commercial Loan Portfolio | ||
CRE - Retail | $ | 458,230 | 8.6 | % |
Animal Production | 384,554 | 7.2 | ||
CRE - Multi-family | 340,181 | 6.4 | ||
CRE - 1-4 Family Residential Investment | 295,454 | 5.6 | ||
CRE - Office | 294,508 | 5.6 | ||
CRE - Industrial / Warehouse | 254,019 | 4.8 | ||
Hotels & Motels (Accommodation) | 186,130 | 3.5 | ||
Specialty Trade Contractors | 180,486 | 3.4 | ||
Nursing and Residential Care Facilities | 167,467 | 3.2 | ||
Education | 167,282 | 3.2 | ||
Motor Vehicle and Parts Dealers | 129,799 | 2.4 | ||
Repair and Maintenance | 127,927 | 2.4 | ||
Merchant Wholesalers, Durable Goods | 125,009 | 2.4 | ||
Homebuilding (tract developers, remodelers) | 120,040 | 2.2 | ||
CRE - Mixed-Use - Residential | 110,137 | 2.1 | ||
Crop Production | 104,343 | 2.0 | ||
Wood Product Manufacturing | 93,505 | 1.8 | ||
Food Services and Drinking Places | 88,178 | 1.7 | ||
Real Estate Lenders, Secondary Market Financing | 85,171 | 1.6 | ||
Rental and Leasing Services | 79,876 | 1.5 | ||
Religious Organizations, Advocacy Groups | 73,802 | 1.4 | ||
Fabricated Metal Product Manufacturing | 72,794 | 1.4 | ||
CRE - Mixed-Use - Commercial | 72,268 | 1.4 | ||
Administrative and Support Services | 71,787 | 1.4 | ||
Personal and Laundry Services | 71,184 | 1.3 | ||
Merchant Wholesalers, Nondurable Goods | 69,363 | 1.3 | ||
Amusement, Gambling, and Recreation Industries | 69,052 | 1.3 | ||
Miniwarehouse / Self-Storage | 65,176 | 1.2 | ||
Food Manufacturing | 61,472 | 1.1 | ||
Truck Transportation | 52,570 | 1.0 | ||
Industries with >$50 million in outstandings | $ | 4,471,764 | 84.3 | % |
Industries with <$50 million in outstandings | $ | 830,652 | 15.7 | % |
Total Commercial Loans | $ | 5,302,416 | 100.0 | % |
Consumer Loans and Lease Financings | Total Outstanding Balance | |||
Real Estate-Residential Secured for Personal Purpose | $ | 969,562 | ||
Real Estate-Home Equity Secured for Personal Purpose | 182,901 | |||
Loans to Individuals | 26,794 | |||
Lease Financings | 249,061 | |||
Total Consumer Loans and Lease Financings | $ | 1,428,318 | ||
Total | $ | 6,730,734 |
(Dollars in thousands) | At September 30, 2024 | At December 31, 2023 | Change | |||||
Amount | Percent | |||||||
Deposits | $ | 6,854,148 | $ | 6,375,781 | $ | 478,367 | 7.5 | % |
Short-term borrowings | 8,256 | 6,306 | 1,950 | 30.9 | ||||
Long-term debt | 225,000 | 310,000 | (85,000) | (27.4) | ||||
Subordinated notes | 149,136 | 148,761 | 375 | 0.3 | ||||
Operating lease liabilities | 32,246 | 34,851 | (2,605) | (7.5) | ||||
Accrued interest payable and other liabilities | 59,880 | 65,721 | (5,841) | (8.9) | ||||
Total liabilities | $ | 7,328,666 | $ | 6,941,420 | $ | 387,246 | 5.6 | % |
(Dollars in thousands) | At September 30, 2024 | At December 31, 2023 | Change | |||||
Amount | Percent | |||||||
Common stock | $ | 157,784 | $ | 157,784 | $ | - | - | % |
Additional paid-in capital | 301,262 | 301,066 | 196 | 0.1 | ||||
Retained earnings | 512,938 | 474,691 | 38,247 | 8.1 | ||||
Accumulated other comprehensive loss | (41,623) | (50,646) | 9,023 | (17.8) | ||||
Treasury stock | (53,290) | (43,687) | (9,603) | 22.0 | ||||
Total shareholders' equity | $ | 877,071 | $ | 839,208 | $ | 37,863 | 4.5 | % |
Actual |
For Capital Adequacy Purposes |
To Be Well-Capitalized Under Prompt Corrective Action Provisions |
||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||
At September 30, 2024 | ||||||||||||
Total Capital (to Risk-Weighted Assets): | ||||||||||||
Corporation | $ | 984,852 | 14.27 | % | $ | 552,226 | 8.00 | % | $ | 690,282 | 10.00 | % |
Bank | 852,945 | 12.41 | 549,899 | 8.00 | 687,374 | 10.00 | ||||||
Tier 1 Capital (to Risk-Weighted Assets): | ||||||||||||
Corporation | 751,271 | 10.88 | 414,169 | 6.00 | 552,226 | 8.00 | ||||||
Bank | 768,500 | 11.18 | 412,424 | 6.00 | 549,899 | 8.00 | ||||||
Tier 1 Common Capital (to Risk-Weighted Assets): | ||||||||||||
Corporation | 751,271 | 10.88 | 310,627 | 4.50 | 448,683 | 6.50 | ||||||
Bank | 768,500 | 11.18 | 309,318 | 4.50 | 446,793 | 6.50 | ||||||
Tier 1 Capital (to Average Assets): | ||||||||||||
Corporation | 751,271 | 9.53 | 315,213 | 4.00 | 394,016 | 5.00 | ||||||
Bank | 768,500 | 9.78 | 314,367 | 4.00 | 392,959 | 5.00 | ||||||
At December 31, 2023 | ||||||||||||
Total Capital (to Risk-Weighted Assets): | ||||||||||||
Corporation | $ | 953,889 | 13.90 | % | $ | 549,160 | 8.00 | % | $ | 686,450 | 10.00 | % |
Bank | 810,449 | 11.86 | 546,782 | 8.00 | 683,478 | 10.00 | ||||||
Tier 1 Capital (to Risk-Weighted Assets): | ||||||||||||
Corporation | 726,478 | 10.58 | 411,870 | 6.00 | 549,160 | 8.00 | ||||||
Bank | 731,799 | 10.71 | 410,087 | 6.00 | 546,782 | 8.00 | ||||||
Tier 1 Common Capital (to Risk-Weighted Assets): | ||||||||||||
Corporation | 726,478 | 10.58 | 308,903 | 4.50 | 446,193 | 6.50 | ||||||
Bank | 731,799 | 10.71 | 307,565 | 4.50 | 444,260 | 6.50 | ||||||
Tier 1 Capital (to Average Assets): | ||||||||||||
Corporation | 726,478 | 9.36 | 310,520 | 4.00 | 388,150 | 5.00 | ||||||
Bank | 731,799 | 9.45 | 309,753 | 4.00 | 387,191 | 5.00 |
ISSUER PURCHASES OF EQUITY SECURITIES | |||||
Period |
Total Number of Shares Purchased |
Average
Price Paid
per Share 1
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs |
|
July 1 - 31, 2024 | 21,603 | $ | 22.95 | 21,603 | 674,771 |
August 1 - 31, 2024 | 73,411 | 26.72 | 73,411 | 601,360 | |
September 1 - 30, 2024 | 61,714 | 28.08 | 61,714 | 539,646 | |
Total | 156,728 | $ | 26.74 | 156,728 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | |
July 1 - 31, 2024 | - | $ | - |
August 1 - 31, 2024 | - | - | |
September 1 - 30, 2024 | - | - | |
Total | - | $ | - |
a. | Exhibits |
Exhibit 3.1 | |
Exhibit 3.2 | |
Exhibit 31.1 |
Certification of Jeffrey M. Schweitzer, Chairman, President and Chief Executive Officer of the Corporation, pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002.
|
Exhibit 31.2 |
Certification of Brian J. Richardson, Senior Executive Vice President and Chief Financial Officer of the Corporation, pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002.
|
Exhibit 32.1 |
Certification of Jeffrey M. Schweitzer, Chairman, President and Chief Executive Officer of the Corporation, pursuant to 18 United States Code Section 1350, as enacted by Section 906 of the Sarbanes-Oxley Act of 2002.
|
Exhibit 32.2 |
Certification of Brian J. Richardson, Senior Executive Vice President and Chief Financial Officer of the Corporation, pursuant to 18 United States Code Section 1350, as enacted by Section 906 of the Sarbanes-Oxley Act of 2002.
|
Exhibit 101 |
The following financial statements from the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Income, (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Changes in Shareholders' Equity, (v) Condensed Consolidated Statements of Cash Flows, and (vi) Notes to the Condensed Unaudited Consolidated Financial Statements, tagged as blocks of text and including detailed tags.
|
Exhibit 104 |
The cover page from the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in Inline XBRL.
|
Univest Financial Corporation | |
(Registrant) | |
Date: October 29, 2024 | /s/ Jeffrey M. Schweitzer |
Jeffrey M. Schweitzer Chairman, President and Chief Executive Officer (Principal Executive Officer) |
|
Date: October 29, 2024 | /s/ Brian J. Richardson |
Brian J. Richardson Senior Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |