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 |
(Exact Name of Registrant as Specified in Its Charter) |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of Principal Executive Offices) | (Zip Code) |
( | ||||||||
(Registrant’s Telephone Number, Including Area Code) |
Title of each class | Trading Symbols | Name of each exchange on which registered | ||||||||||||
Large Accelerated Filer ¨ | |||||
Non-accelerated Filer ¨ | Smaller Reporting Company | ||||
Emerging growth company |
June 30, 2024 | December 31, 2023 | |||||||||||||
(Unaudited) | ||||||||||||||
Assets | ||||||||||||||
Cash and due from banks | $ | $ | ||||||||||||
Interest-bearing deposits | ||||||||||||||
Total cash and cash equivalents | ||||||||||||||
Securities available-for-sale, at fair value (amortized cost of $ | ||||||||||||||
Securities held-to-maturity, at amortized cost, net of allowance for credit losses of $ | ||||||||||||||
Loans held-for-sale | ||||||||||||||
Loans | ||||||||||||||
Allowance for credit losses - loans | ( | ( | ||||||||||||
Net loans | ||||||||||||||
Accrued interest receivable | ||||||||||||||
Federal Home Loan Bank of Indianapolis stock | ||||||||||||||
Cash surrender value of bank-owned life insurance | ||||||||||||||
Premises and equipment, net | ||||||||||||||
Goodwill | ||||||||||||||
Servicing asset, at fair value | ||||||||||||||
Other real estate owned | ||||||||||||||
Accrued income and other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||
Liabilities | ||||||||||||||
Noninterest-bearing deposits | $ | $ | ||||||||||||
Interest-bearing deposits | ||||||||||||||
Total deposits | ||||||||||||||
Advances from Federal Home Loan Bank | ||||||||||||||
Subordinated debt, net of unamortized debt issuance costs of $ | ||||||||||||||
Accrued interest payable | ||||||||||||||
Accrued expenses and other liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and Contingencies | ||||||||||||||
Shareholders’ Equity | ||||||||||||||
Preferred stock, no par value; | ||||||||||||||
Voting common stock, no par value; | ||||||||||||||
Nonvoting common stock, no par value; | ||||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Total shareholders’ equity | ||||||||||||||
Total liabilities and shareholders’ equity | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||||||||||||
Interest Income | ||||||||||||||||||||||||||
Loans | $ | $ | $ | $ | ||||||||||||||||||||||
Securities – taxable | ||||||||||||||||||||||||||
Securities – non-taxable | ||||||||||||||||||||||||||
Other earning assets | ||||||||||||||||||||||||||
Total interest income | ||||||||||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||
Other borrowed funds | ||||||||||||||||||||||||||
Total interest expense | ||||||||||||||||||||||||||
Net Interest Income | ||||||||||||||||||||||||||
Provision for credit losses - loans | ||||||||||||||||||||||||||
Benefit for credit losses - debt securities held to maturity | ( | ( | ||||||||||||||||||||||||
Provision for credit losses - off-balance sheet commitments | ||||||||||||||||||||||||||
Net Interest Income After Provision for Credit Losses | ||||||||||||||||||||||||||
Noninterest Income | ||||||||||||||||||||||||||
Service charges and fees | ||||||||||||||||||||||||||
Loan servicing revenue | ||||||||||||||||||||||||||
Loan servicing asset revaluation | ( | ( | ( | ( | ||||||||||||||||||||||
Mortgage banking activities | ||||||||||||||||||||||||||
Gain on sale of loans | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total noninterest income | ||||||||||||||||||||||||||
Noninterest Expense | ||||||||||||||||||||||||||
Salaries and employee benefits | ||||||||||||||||||||||||||
Marketing, advertising and promotion | ||||||||||||||||||||||||||
Consulting and professional services | ||||||||||||||||||||||||||
Data processing | ||||||||||||||||||||||||||
Loan expenses | ||||||||||||||||||||||||||
Premises and equipment | ||||||||||||||||||||||||||
Deposit insurance premium | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total noninterest expense | ||||||||||||||||||||||||||
Income (Loss) Before Income Taxes | ( | |||||||||||||||||||||||||
Income Tax Provision (Benefit) | ( | ( | ||||||||||||||||||||||||
Net Income | $ | $ | $ | $ | ||||||||||||||||||||||
Income Per Share of Common Stock | ||||||||||||||||||||||||||
Basic | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted-Average Number of Common Shares Outstanding | ||||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||||
Diluted | ||||||||||||||||||||||||||
Dividends Declared Per Share | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Other comprehensive (loss) income | ||||||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||||
Net unrealized holding (losses) gains recorded within other comprehensive (loss) income before income tax | ( | ( | ( | |||||||||||||||||||||||
Income tax (benefit) provision | ( | ( | ( | |||||||||||||||||||||||
Net effect on other comprehensive (loss) income | ( | ( | ( | |||||||||||||||||||||||
Securities held-to-maturity | ||||||||||||||||||||||||||
Amortization of net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity | ||||||||||||||||||||||||||
Income tax provision | ||||||||||||||||||||||||||
Net effect on other comprehensive income | ||||||||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||||||
Net unrealized holding (losses) gains on cash flow hedging derivatives recorded within other comprehensive income (loss) before income tax | ( | ( | ||||||||||||||||||||||||
Income tax (benefit) provision | ( | ( | ||||||||||||||||||||||||
Net effect on other comprehensive (loss) income | ( | ( | ||||||||||||||||||||||||
Total other comprehensive (loss) income | ( | ( | ( | |||||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ |
Voting and Nonvoting Common Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Total Shareholders’ Equity | |||||||||||||||||||||||
Balance, January 1, 2024 | $ | $ | $ | ( | $ | |||||||||||||||||||||
Net income | — | — | ||||||||||||||||||||||||
Other comprehensive loss | — | — | ( | ( | ||||||||||||||||||||||
Dividends declared ($ | — | ( | — | ( | ||||||||||||||||||||||
Recognition of the fair value of share-based compensation | — | — | ||||||||||||||||||||||||
Repurchased shares of common stock ( | ( | — | — | ( | ||||||||||||||||||||||
Excise tax on repurchase of common stock | ( | — | — | ( | ||||||||||||||||||||||
Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units | — | — | ||||||||||||||||||||||||
Common stock redeemed for the net settlement of share-based awards | ( | — | — | ( | ||||||||||||||||||||||
Balance, June 30, 2024 | $ | $ | $ | ( | $ | |||||||||||||||||||||
Balance, January 1, 2023 | $ | $ | $ | ( | $ | |||||||||||||||||||||
— | ( | — | ( | |||||||||||||||||||||||
Net income | — | — | ||||||||||||||||||||||||
Other comprehensive income | — | — | ||||||||||||||||||||||||
Dividends declared ($ | — | ( | — | ( | ||||||||||||||||||||||
Recognition of the fair value of share-based compensation | — | — | ||||||||||||||||||||||||
Repurchased shares of common stock ( | ( | — | — | ( | ||||||||||||||||||||||
Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units | — | — | ||||||||||||||||||||||||
Common stock redeemed for the net settlement of share-based awards | ( | — | — | ( | ||||||||||||||||||||||
Balance, June 30, 2023 | $ | $ | $ | ( | $ |
Voting and Nonvoting Common Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Total Shareholders’ Equity | |||||||||||||||||||||||
Balance, April 1, 2024 | $ | $ | ( | $ | ||||||||||||||||||||||
Net income | — | — | ||||||||||||||||||||||||
Other comprehensive loss | — | — | ( | ( | ||||||||||||||||||||||
Dividends declared ($ | — | ( | — | ( | ||||||||||||||||||||||
Recognition of the fair value of share-based compensation | — | — | ||||||||||||||||||||||||
Excise tax on repurchase of common stock | ( | — | — | ( | ||||||||||||||||||||||
Balance, June 30, 2024 | $ | $ | $ | ( | $ | |||||||||||||||||||||
Balance, April 1, 2023 | $ | $ | $ | ( | $ | |||||||||||||||||||||
Net income | — | — | ||||||||||||||||||||||||
Other comprehensive loss | — | — | ( | ( | ||||||||||||||||||||||
Dividends declared ($ | — | ( | — | ( | ||||||||||||||||||||||
Recognition of the fair value of share-based compensation | — | — | ||||||||||||||||||||||||
Repurchased shares of common stock ( | ( | ( | ||||||||||||||||||||||||
Excise tax on repurchase of common stock | ( | — | — | ( | ||||||||||||||||||||||
Balance, June 30, 2023 | $ | $ | $ | ( | $ |
Six Months Ended June 30, | ||||||||||||||
2024 | 2023 | |||||||||||||
Operating Activities | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Increase in cash surrender value of bank-owned life insurance | ( | ( | ||||||||||||
Provision for credit losses | ||||||||||||||
Share-based compensation expense | ||||||||||||||
Loans originated for sale | ( | ( | ||||||||||||
Proceeds from sale of loans | ||||||||||||||
Gain on loans sold | ( | ( | ||||||||||||
Gain on sale of other real estate owned | ( | |||||||||||||
Decrease in fair value of loans held-for-sale | ||||||||||||||
Gain on derivatives | ||||||||||||||
Gain on bank-owned life insurance | ( | |||||||||||||
Loan servicing asset revaluation | ||||||||||||||
Net change in accrued income and other assets | ( | ( | ||||||||||||
Net change in accrued expenses and other liabilities | ( | ( | ||||||||||||
Net cash provided by (used in) by operating activities | ( | |||||||||||||
Investing Activities | ||||||||||||||
Net loan activity, excluding purchases | ( | ( | ||||||||||||
Proceeds from sale of other real estate owned | ||||||||||||||
Maturities and calls of securities available-for-sale | ||||||||||||||
Purchase of securities available-for-sale | ( | ( | ||||||||||||
Maturities and calls of securities held-to-maturity | ||||||||||||||
Purchase of securities held-to-maturity | ( | ( | ||||||||||||
Purchase of premises and equipment | ( | ( | ||||||||||||
Proceeds from bank-owned life insurance | ||||||||||||||
Loans purchased | ( | ( | ||||||||||||
Other investing activities | ( | ( | ||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Financing Activities | ||||||||||||||
Net increase in deposits | ||||||||||||||
Cash dividends paid | ( | ( | ||||||||||||
Repurchase of common stock | ( | ( | ||||||||||||
Proceeds from advances from Federal Home Loan Bank | ||||||||||||||
Repayment of advances from Federal Home Loan Bank | ( | ( | ||||||||||||
Other, net | ( | ( | ||||||||||||
Net cash provided by financing activities | ||||||||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | ( | |||||||||||||
Cash and Cash Equivalents, Beginning of Period | ||||||||||||||
Cash and Cash Equivalents, End of Period | $ | $ | ||||||||||||
Supplemental Disclosures | ||||||||||||||
Cash paid during the period for interest | ||||||||||||||
Cash paid during the period for taxes | ||||||||||||||
Loans transferred to other real estate owned | ||||||||||||||
Cash dividends declared, paid in subsequent period | ||||||||||||||
Securities purchased during the period, settled in subsequent period | ||||||||||||||
(dollars in thousands, except share and per share data) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
Basic earnings per share | ||||||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted-average common shares | ||||||||||||||||||||||||||
Basic earnings per common share | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted earnings per share | ||||||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted-average common shares | ||||||||||||||||||||||||||
Dilutive effect of equity compensation | ||||||||||||||||||||||||||
Weighted-average common and incremental shares | ||||||||||||||||||||||||||
Diluted earnings per common share 1 | $ | $ | $ | $ | ||||||||||||||||||||||
June 30, 2024 | ||||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||||||||
(in thousands) | Cost | Gains | Losses | Value | ||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||||
U.S. Government-sponsored agencies | $ | $ | $ | ( | $ | |||||||||||||||||||||
Municipal securities | ( | |||||||||||||||||||||||||
Agency mortgage-backed securities - residential 1 | ( | |||||||||||||||||||||||||
Agency mortgage-backed securities - commercial | ( | |||||||||||||||||||||||||
Private label mortgage-backed securities - residential | ( | |||||||||||||||||||||||||
Asset-backed securities | ( | |||||||||||||||||||||||||
Corporate securities | ( | |||||||||||||||||||||||||
Total available-for-sale | $ | $ | $ | ( | $ |
June 30, 2024 | ||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized | Fair Value | Allowance for Credit Losses | Net Carrying Value | ||||||||||||||||||||||||||||||||||
(in thousands) | Gains | Losses | ||||||||||||||||||||||||||||||||||||
Securities held-to-maturity | ||||||||||||||||||||||||||||||||||||||
Municipal securities | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Mortgage-backed securities - residential | ( | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - commercial | ( | |||||||||||||||||||||||||||||||||||||
Corporate securities | ( | ( | ||||||||||||||||||||||||||||||||||||
Total held-to-maturity | $ | $ | $ | ( | $ | $ | ( | $ |
December 31, 2023 | ||||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||||||||
(in thousands) | Cost | Gains | Losses | Value | ||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||||
U.S. Government-sponsored agencies | $ | $ | $ | ( | $ | |||||||||||||||||||||
Municipal securities | ( | |||||||||||||||||||||||||
Agency mortgage-backed securities - residential 1 | ( | |||||||||||||||||||||||||
Agency mortgage-backed securities - commercial | ( | |||||||||||||||||||||||||
Private label mortgage-backed securities - residential | ( | |||||||||||||||||||||||||
Asset-backed securities | ( | |||||||||||||||||||||||||
Corporate securities | ( | |||||||||||||||||||||||||
Total available-for-sale | $ | $ | $ | ( | $ |
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | Allowance for Credit Losses | Net Carrying Value | ||||||||||||||||||||||||||||||||||
(in thousands) | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||||||
Securities held-to-maturity | ||||||||||||||||||||||||||||||||||||||
Municipal securities | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Agency mortgage-backed securities - residential | ( | $ | ||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities - commercial | ( | $ | ||||||||||||||||||||||||||||||||||||
Corporate securities | ( | ( | $ | |||||||||||||||||||||||||||||||||||
Total held-to-maturity | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Available-for-Sale | ||||||||||||||
(in thousands) | Amortized Cost | Fair Value | ||||||||||||
Within one year | $ | $ | ||||||||||||
One to five years | ||||||||||||||
Five to ten years | ||||||||||||||
After ten years | ||||||||||||||
Agency mortgage-backed securities - residential | ||||||||||||||
Agency mortgage-backed securities - commercial | ||||||||||||||
Private label mortgage-backed securities - residential | ||||||||||||||
Asset-backed securities | ||||||||||||||
Total | $ | $ |
Held-to-Maturity | ||||||||||||||
(in thousands) | Amortized Cost | Fair Value | ||||||||||||
Within one year | $ | $ | ||||||||||||
One to five years | ||||||||||||||
Five to ten years | ||||||||||||||
After ten years | ||||||||||||||
Agency mortgage-backed securities - residential | ||||||||||||||
Agency mortgage-backed securities - commercial | ||||||||||||||
Total | $ | $ |
June 30, 2024 | ||||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||||||||||||||||
U.S. Government-sponsored agencies | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
Municipal securities | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities- residential | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities- commercial | ( | ( | ||||||||||||||||||||||||||||||||||||
Private label mortgage-backed securities - residential | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Asset-backed securities | ( | ( | ||||||||||||||||||||||||||||||||||||
Corporate securities | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||||||||||||||||
U.S. Government-sponsored agencies | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
Municipal securities | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities - residential | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities - commercial | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Private label mortgage-backed securities - residential | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Asset-backed securities | ( | ( | ||||||||||||||||||||||||||||||||||||
Corporate securities | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
June 30, 2024 | ||||||||||||||||||||||||||||||||
Held-to-Maturity | ||||||||||||||||||||||||||||||||
(in thousands) | Municipal Securities | Mortgage-Backed Securities - Residential | Mortgage-Backed Securities - Commercial | Corporate Securities | Total | |||||||||||||||||||||||||||
AAA equivalent - agency | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Aa1/AA+ | ||||||||||||||||||||||||||||||||
Aa2/AA | ||||||||||||||||||||||||||||||||
A1/A+ | ||||||||||||||||||||||||||||||||
A2/A | ||||||||||||||||||||||||||||||||
A3/A- | ||||||||||||||||||||||||||||||||
Baa1/BBB+ | ||||||||||||||||||||||||||||||||
Baa2/BBB | ||||||||||||||||||||||||||||||||
Baa3/BBB- | ||||||||||||||||||||||||||||||||
Ba1/BB+ | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
December 31, 2023 | ||||||||||||||||||||||||||||||||
Held-to-Maturity | ||||||||||||||||||||||||||||||||
(in thousands) | Municipal Securities | Mortgage-Backed Securities - Residential | Mortgage-Backed Securities - Commercial | Corporate Securities | Total | |||||||||||||||||||||||||||
AAA equivalent - agency | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Aa1/AA+ | ||||||||||||||||||||||||||||||||
Aa2/AA | ||||||||||||||||||||||||||||||||
A1/A+ | ||||||||||||||||||||||||||||||||
A2/A | ||||||||||||||||||||||||||||||||
A3/A- | ||||||||||||||||||||||||||||||||
Baa1/BBB+ | ||||||||||||||||||||||||||||||||
Baa2/BBB | ||||||||||||||||||||||||||||||||
Baa3/BBB- | ||||||||||||||||||||||||||||||||
Ba1/BB+ | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
(in thousands) | June 30, 2024 | December 31, 2023 | ||||||||||||
Commercial loans | ||||||||||||||
Commercial and industrial | $ | $ | ||||||||||||
Owner-occupied commercial real estate | ||||||||||||||
Investor commercial real estate | ||||||||||||||
Construction | ||||||||||||||
Single tenant lease financing | ||||||||||||||
Public finance | ||||||||||||||
Healthcare finance | ||||||||||||||
Small business lending | ||||||||||||||
Franchise finance | ||||||||||||||
Total commercial loans | ||||||||||||||
Consumer loans | ||||||||||||||
Residential mortgage | ||||||||||||||
Home equity | ||||||||||||||
Other consumer loans | ||||||||||||||
Total consumer loans | ||||||||||||||
Total commercial and consumer loans | ||||||||||||||
Net deferred loan origination fees/costs and premiums/discounts on purchased loans and other1 | ||||||||||||||
Total loans | ||||||||||||||
Allowance for credit losses | ( | ( | ||||||||||||
Net loans | $ | $ |
(in thousands) | Three Months Ended June 30, 2024 | ||||||||||||||||||||||||||||
Allowance for credit losses: | Balance, Beginning of Period | (Credit) Provision Charged to Expense | Losses Charged Off | Recoveries | Balance, End of Period | ||||||||||||||||||||||||
Commercial and industrial | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||
Owner-occupied commercial real estate | ( | ||||||||||||||||||||||||||||
Investor commercial real estate | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Single tenant lease financing | ( | ( | |||||||||||||||||||||||||||
Public finance | ( | ||||||||||||||||||||||||||||
Healthcare finance | ( | ||||||||||||||||||||||||||||
Small business lending | ( | ||||||||||||||||||||||||||||
Franchise finance | ( | ||||||||||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||||||||
Home equity | ( | ||||||||||||||||||||||||||||
Other consumer loans | ( | ||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
(in thousands) | Six Months Ended June 30, 2024 | ||||||||||||||||||||||||||||
Allowance for credit losses: | Balance, Beginning of Period | (Credit) Provision Charged to Expense | Losses Charged Off | Recoveries | Balance, End of Period | ||||||||||||||||||||||||
Commercial and industrial | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||
Owner-occupied commercial real estate | ( | ||||||||||||||||||||||||||||
Investor commercial real estate | ( | ||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Single tenant lease financing | ( | ||||||||||||||||||||||||||||
Public finance | ( | ||||||||||||||||||||||||||||
Healthcare finance | ( | ||||||||||||||||||||||||||||
Small business lending | ( | ||||||||||||||||||||||||||||
Franchise finance | ( | ||||||||||||||||||||||||||||
Residential mortgage | ( | ||||||||||||||||||||||||||||
Home equity | ( | ||||||||||||||||||||||||||||
Other consumer loans | ( | ||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ |
(in thousands) | Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||||
Allowance for credit losses: | Balance, Beginning of Period | (Credit) Provision Charged to Expense | Losses Charged Off | Recoveries | Balance, End of Period | ||||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Owner-occupied commercial real estate | |||||||||||||||||||||||||||||
Investor commercial real estate | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Single tenant lease financing | ( | ||||||||||||||||||||||||||||
Public finance | ( | ||||||||||||||||||||||||||||
Healthcare finance | ( | ( | |||||||||||||||||||||||||||
Small business lending | ( | ||||||||||||||||||||||||||||
Franchise finance | ( | ||||||||||||||||||||||||||||
Residential mortgage | ( | ||||||||||||||||||||||||||||
Home equity | ( | ||||||||||||||||||||||||||||
Other consumer loans | ( | ( | |||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ |
(in thousands) | Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||
Allowance for credit losses: | Balance, Beginning of Period | Adoption of CECL | (Credit) Provision Charged to Expense | Losses Charged Off | Recoveries | Balance, End of Period | |||||||||||||||||||||||||||||
Commercial and industrial | $ | $ | ( | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||
Owner-occupied commercial real estate | |||||||||||||||||||||||||||||||||||
Investor commercial real estate | ( | ||||||||||||||||||||||||||||||||||
Construction | ( | ||||||||||||||||||||||||||||||||||
Single tenant lease financing | ( | ( | |||||||||||||||||||||||||||||||||
Public finance | ( | ( | |||||||||||||||||||||||||||||||||
Healthcare finance | ( | ( | |||||||||||||||||||||||||||||||||
Small business lending | ( | ||||||||||||||||||||||||||||||||||
Franchise finance | ( | ( | |||||||||||||||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||||||||
Other consumer loans | ( | ||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | $ |
(in thousands) | Balance March 31, 2024 | Provision (Benefit) for credit losses | Balance June 30, 2024 | |||||||||||||||||
Off-balance sheet commitments | ||||||||||||||||||||
Commercial loans | ||||||||||||||||||||
Commercial and industrial | $ | $ | ( | $ | ||||||||||||||||
Construction | ||||||||||||||||||||
Small business lending | ( | |||||||||||||||||||
Total commercial loans | ||||||||||||||||||||
Consumer loans | ||||||||||||||||||||
Residential mortgage | ( | |||||||||||||||||||
Home equity | ( | |||||||||||||||||||
Other consumer | ||||||||||||||||||||
Total consumer loans | ( | |||||||||||||||||||
Total allowance for off-balance sheet commitments | $ | $ | $ |
(in thousands) | Balance December 31, 2023 | Provision (Benefit) for credit losses | Balance June 30, 2024 | |||||||||||||||||
Off-balance sheet commitments | ||||||||||||||||||||
Commercial loans | ||||||||||||||||||||
Commercial and industrial | $ | $ | ( | $ | ||||||||||||||||
Owner-occupied commercial real estate | ( | |||||||||||||||||||
Investor commercial real estate | ( | |||||||||||||||||||
Construction | ||||||||||||||||||||
Healthcare finance | ||||||||||||||||||||
Small business lending | ( | |||||||||||||||||||
Total commercial loans | ||||||||||||||||||||
Consumer loans | ||||||||||||||||||||
Residential mortgage | ( | |||||||||||||||||||
Home equity | ( | |||||||||||||||||||
Other consumer | ||||||||||||||||||||
Total consumer loans | ( | |||||||||||||||||||
Total allowance for off-balance sheet commitments | $ | $ | $ |
(in thousands) | Balance March 31, 2023 | Provision (Benefit) for credit losses | Balance June 30, 2023 | |||||||||||||||||
Off-balance sheet commitments | ||||||||||||||||||||
Commercial loans | ||||||||||||||||||||
Commercial and industrial | $ | $ | $ | |||||||||||||||||
Owner-occupied commercial real estate | ||||||||||||||||||||
Investor commercial real estate | ( | |||||||||||||||||||
Construction | ||||||||||||||||||||
Healthcare finance | ( | |||||||||||||||||||
Small business lending | ||||||||||||||||||||
Total commercial loans | ||||||||||||||||||||
Consumer loans | ||||||||||||||||||||
Residential mortgage | ( | |||||||||||||||||||
Home equity | ||||||||||||||||||||
Other consumer | ||||||||||||||||||||
Total consumer loans | ( | |||||||||||||||||||
Total allowance for off-balance sheet commitments | $ | $ | $ |
(in thousands) | Pre-ASC 326 Adoption | Impact of ASC 326 Adoption | Provision (Benefit) for credit losses | Balance June 30, 2023 | ||||||||||||||||||||||
Off-balance sheet commitments | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | ||||||||||||||||||||||
Owner-occupied commercial real estate | ||||||||||||||||||||||||||
Investor commercial real estate | ||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||
Healthcare finance | ( | |||||||||||||||||||||||||
Small business lending | ||||||||||||||||||||||||||
Total commercial loans | ||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||
Residential mortgage | ( | |||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||
Total consumer loans | ( | |||||||||||||||||||||||||
Total allowance for off-balance sheet commitments | $ | $ | $ | $ |
June 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans (amortized cost basis by origination year) | Revolving loans amortized cost basis | Revolving loans converted to term | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | |||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date gross charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total owner-occupied commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date gross charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investor commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total investor commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date gross charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total construction | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date gross charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Single tenant lease financing | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total single tenant lease financing | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date gross charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Public finance | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total public finance | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date gross charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans (amortized cost basis by origination year) | Revolving loans amortized cost basis | Revolving loans converted to term | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | |||||||||||||||||||||||||||||||||||||||||||
Healthcare finance | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total healthcare finance | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date gross charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Small business lending 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total small business lending | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date gross charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Franchise finance | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total franchise finance | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date gross charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date gross charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date gross charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total other consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Total year-to-date gross charge-offs | $ | $ | $ | $ | $ | $ | $ | $ | $ |
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans (amortized cost basis by origination year) | Revolving loans amortized cost basis | Revolving loans converted to term | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | |||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date gross charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total owner-occupied commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date gross charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investor commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total investor commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date gross charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total construction | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date gross charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Single tenant lease financing | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total single tenant lease financing | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date gross charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Public finance | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total public finance | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date gross charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans (amortized cost basis by origination year) | Revolving loans amortized cost basis | Revolving loans converted to term | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | |||||||||||||||||||||||||||||||||||||||||||
Healthcare finance | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total healthcare finance | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date gross charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Small business lending 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total small business lending | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date gross charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Franchise finance | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total franchise finance | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date gross charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date gross charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date gross charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total other consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date gross charge-offs | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Total year-to-date gross charge-offs | $ | $ | $ | $ | $ | $ | $ | $ | $ |
June 30, 2024 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Total Past Due | Current | Total Loans | ||||||||||||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Owner-occupied commercial real estate | ||||||||||||||||||||||||||||||||||||||
Investor commercial real estate | ||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||
Single tenant lease financing | ||||||||||||||||||||||||||||||||||||||
Public finance | ||||||||||||||||||||||||||||||||||||||
Healthcare finance | ||||||||||||||||||||||||||||||||||||||
Small business lending1 | ||||||||||||||||||||||||||||||||||||||
Franchise finance | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Total Past Due | Current | Total Loans | ||||||||||||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Owner-occupied commercial real estate | ||||||||||||||||||||||||||||||||||||||
Investor commercial real estate | ||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||
Single tenant lease financing | ||||||||||||||||||||||||||||||||||||||
Public finance | ||||||||||||||||||||||||||||||||||||||
Healthcare finance | ||||||||||||||||||||||||||||||||||||||
Small business lending1 | ||||||||||||||||||||||||||||||||||||||
Franchise finance | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
June 30, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||
(in thousands) | Nonaccrual Loans | Nonaccrual Loans with no Allowance for Credit Losses | Total Loans 90 Days or More Past Due and Accruing | Nonaccrual Loans | Nonaccrual Loans with no Allowance for Credit Losses | Total Loans 90 Days or More Past Due and Accruing | ||||||||||||||||||||||||||||||||
Small business lending1 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Franchise finance | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ |
June 30, 2024 | ||||||||||||||||||||||||||||||||
(in thousands) | Commercial Real Estate | Residential Real Estate | Other | Total | Allowance on Collateral Dependent Loans | |||||||||||||||||||||||||||
Owner-occupied commercial real estate | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Small business lending1 | ||||||||||||||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||||||||
Other consumer loans | ||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ |
December 31, 2023 | ||||||||||||||||||||||||||||||||
(in thousands) | Commercial Real Estate | Residential Real Estate | Other | Total | Allowance on Collateral Dependent Loans | |||||||||||||||||||||||||||
Owner-occupied commercial real estate | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Small business lending1 | ||||||||||||||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||||||||
Other consumer loans | ||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ |
(in thousands) | June 30, 2024 | December 31, 2023 | ||||||||||||
Land | $ | $ | ||||||||||||
Construction in process | ||||||||||||||
Right of use leased asset | ||||||||||||||
Building and improvements | ||||||||||||||
Furniture and equipment | ||||||||||||||
Less: accumulated depreciation | ( | ( | ||||||||||||
Total | $ | $ |
Three Months Ended | ||||||||||||||
(in thousands) | June 30, 2024 | June 30, 2023 | ||||||||||||
Balance, beginning of period | $ | $ | ||||||||||||
Additions: | ||||||||||||||
Originated | ||||||||||||||
Subtractions | ||||||||||||||
Paydowns: | ( | ( | ||||||||||||
Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model | ( | |||||||||||||
Loan servicing asset revaluation | $ | ( | $ | ( | ||||||||||
Balance, end of period | $ | $ |
Six Months Ended | ||||||||||||||
(in thousands) | June 30, 2024 | June 30, 2023 | ||||||||||||
Balance, beginning of period | $ | $ | ||||||||||||
Additions: | ||||||||||||||
Originated | ||||||||||||||
Subtractions | ||||||||||||||
Paydowns: | ( | ( | ||||||||||||
Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model | ||||||||||||||
Loan servicing asset revaluation | $ | ( | $ | ( | ||||||||||
Balance, end of period | $ | $ |
(in thousands) | June 30, 2024 | December 31, 2023 | ||||||||||||
Loan portfolios serviced for: | ||||||||||||||
SBA guaranteed loans | $ | $ | ||||||||||||
Total | $ | $ | ||||||||||||
June 30, 2024 | December 31, 2023 | ||||||||||||||||||||||
(in thousands) | Principal | Unamortized Discount and Debt Issuance Costs | Principal | Unamortized Discount and Debt Issuance Costs | |||||||||||||||||||
2029 Notes | $ | $ | ( | $ | $ | ( | |||||||||||||||||
2030 Notes | ( | ( | |||||||||||||||||||||
2031 Notes | ( | ( | |||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( |
Restricted Stock Units | Weighted-Average Grant Date Fair Value Per Share | Restricted Stock Awards | Weighted-Average Grant Date Fair Value Per Share | Deferred Stock Units | Weighted-Average Grant Date Fair Value Per Share | ||||||||||||||||||||||||||||||
Unvested at December 31, 2023 | $ | $ | $ | ||||||||||||||||||||||||||||||||
Granted | |||||||||||||||||||||||||||||||||||
Vested | ( | ( | |||||||||||||||||||||||||||||||||
Unvested at June 30, 2024 | $ | $ | $ |
Restricted Stock Units | Weighted-Average Grant Date Fair Value Per Share | Restricted Stock Awards | Weighted-Average Grant Date Fair Value Per Share | Deferred Stock Units | Weighted-Average Grant Date Fair Value Per Share | ||||||||||||||||||||||||||||||
Unvested at December 31, 2023 | $ | $ | $ | ||||||||||||||||||||||||||||||||
Cancelled/Forfeited | ( | ||||||||||||||||||||||||||||||||||
Vested | ( | ||||||||||||||||||||||||||||||||||
Unvested at June 30, 2024 | $ | $ | $ |
Deferred Stock Rights | ||||||||
Outstanding, beginning of period | ||||||||
Granted | ||||||||
Outstanding, end of period |
June 30, 2024 Fair Value Measurements Using | ||||||||||||||||||||||||||
(in thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||
U.S. Government-sponsored agencies | $ | $ | $ | $ | ||||||||||||||||||||||
Municipal securities | ||||||||||||||||||||||||||
Agency mortgage-backed securities - residential | ||||||||||||||||||||||||||
Agency mortgage-backed securities - commercial | ||||||||||||||||||||||||||
Private label mortgage-backed securities - residential | ||||||||||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||
Corporate securities | ||||||||||||||||||||||||||
Total available-for-sale securities | $ | $ | $ | $ | ||||||||||||||||||||||
Servicing asset | ||||||||||||||||||||||||||
Interest rate swap agreements | ||||||||||||||||||||||||||
Interest rate swap agreements - assets (back-to-back) | ||||||||||||||||||||||||||
Interest rate swap agreements - liabilities (back-to-back) | ( | ( | ||||||||||||||||||||||||
December 31, 2023 Fair Value Measurements Using | ||||||||||||||||||||||||||
(in thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||
U.S. Government-sponsored agencies | $ | $ | $ | $ | ||||||||||||||||||||||
Municipal securities | ||||||||||||||||||||||||||
Agency mortgage-backed securities - residential | ||||||||||||||||||||||||||
Agency mortgage-backed securities - commercial | ||||||||||||||||||||||||||
Private label mortgage-backed securities - residential | ||||||||||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||
Corporate securities | ||||||||||||||||||||||||||
Total available-for-sale securities | $ | $ | $ | $ | ||||||||||||||||||||||
Servicing asset | ||||||||||||||||||||||||||
Interest rate swap agreements | ||||||||||||||||||||||||||
Interest rate swap agreements - assets (back-to-back) | ||||||||||||||||||||||||||
Interest rate swap agreements - liabilities (back-to-back) | ( | ( |
Three Months Ended | ||||||||||||||
(in thousands) | Servicing Asset | Interest Rate Lock Commitments | ||||||||||||
Balance as of April 1, 2024 | $ | $ | ||||||||||||
Total realized gains | ||||||||||||||
Additions: | ||||||||||||||
Originated | ||||||||||||||
Subtractions: | ||||||||||||||
Paydowns | ( | |||||||||||||
Change in fair value | ( | |||||||||||||
Balance, June 30, 2024 | $ | $ | ||||||||||||
Balance as of April 1, 2023 | $ | $ | ||||||||||||
Total realized gains | ||||||||||||||
Additions: | ||||||||||||||
Originated | ||||||||||||||
Subtractions: | ||||||||||||||
Paydowns | ( | |||||||||||||
Change in fair value | ||||||||||||||
Balance, June 30, 2023 | $ | $ |
Six Months Ended | ||||||||||||||
(in thousands) | Servicing Asset | Interest Rate Lock Commitments | ||||||||||||
Balance, January 1, 2024 | $ | $ | ||||||||||||
Total realized gains | ||||||||||||||
Additions: | ||||||||||||||
Originated | ||||||||||||||
Subtractions: | — | |||||||||||||
Paydowns | ( | |||||||||||||
Change in fair value | ||||||||||||||
Balance, June 30, 2024 | $ | $ | ||||||||||||
Balance, January 1, 2023 | $ | $ | ||||||||||||
Total realized gains | ||||||||||||||
Additions: | ||||||||||||||
Originated | ||||||||||||||
Subtractions: | ||||||||||||||
Paydowns | ( | |||||||||||||
Change in fair value | ( | |||||||||||||
Balance, June 30, 2023 | $ | $ |
June 30, 2024 | ||||||||||||||||||||||||||
(in thousands) | Fair Value Measurements Using | |||||||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||
Collateral dependent loans | $ | $ | — | $ | — | $ |
December 31, 2023 | ||||||||||||||||||||||||||
(in thousands) | Fair Value Measurements Using | |||||||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||
Collateral dependent loans | $ | $ | — | $ | — | $ |
(dollars in thousands) | Fair Value at June 30, 2024 | Valuation Technique | Significant Unobservable Inputs | Range | Weighted-Average Range | |||||||||||||||||||||||||||
Collateral dependent loans | $ | Fair value of collateral | Discount for type of property and current market conditions | |||||||||||||||||||||||||||||
Servicing asset | Discounted cash flow | Prepayment speeds Discount rate | ||||||||||||||||||||||||||||||
(dollars in thousands) | Fair Value at December 31, 2023 | Valuation Technique | Significant Unobservable Inputs | Range | Weighted-Average Range | |||||||||||||||||||||||||||
Collateral dependent loans | $ | Fair value of collateral | Discount for type of property and current market conditions | |||||||||||||||||||||||||||||
Servicing asset | Discounted cash flow | Prepayment speeds Discount rate | ||||||||||||||||||||||||||||||
June 30, 2024 Fair Value Measurements Using | ||||||||||||||||||||||||||||||||
(in thousands) | Carrying Amount | Fair Value | Quoted Prices In Active Market for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Securities held-to-maturity, net | ||||||||||||||||||||||||||||||||
Loans held-for-sale (best efforts pricing agreements) | ||||||||||||||||||||||||||||||||
Net loans | ||||||||||||||||||||||||||||||||
Accrued interest receivable | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank of Indianapolis stock | ||||||||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||||||||
Advances from Federal Home Loan Bank | ||||||||||||||||||||||||||||||||
Subordinated debt | ||||||||||||||||||||||||||||||||
Accrued interest payable |
December 31, 2023 Fair Value Measurements Using | ||||||||||||||||||||||||||||||||
(in thousands) | Carrying Amount | Fair Value | Quoted Prices In Active Market for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Securities held-to-maturity | ||||||||||||||||||||||||||||||||
Loans held-for-sale (best efforts pricing agreements) | ||||||||||||||||||||||||||||||||
Net loans | ||||||||||||||||||||||||||||||||
Accrued interest receivable | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank of Indianapolis stock | ||||||||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||||||||
Advances from Federal Home Loan Bank | ||||||||||||||||||||||||||||||||
Subordinated debt | ||||||||||||||||||||||||||||||||
Accrued interest payable |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
Gain on loans sold | $ | $ | $ | $ | |||||||||||||||||||
Loss resulting from the change in fair value of loans held-for-sale | ( | ||||||||||||||||||||||
Loss resulting from the change in fair value of derivatives | ( | ||||||||||||||||||||||
Net revenue from mortgage banking activities | $ | $ | $ | $ |
(in thousands) | Carrying amount of the hedged asset | Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets | ||||||||||||||||||||||||
Line item in the condensed consolidated balance sheets in which the hedged item is included | June 30, 2024 | December 31, 2023 | June 30, 2024 | December 31, 2023 | ||||||||||||||||||||||
Securities available-for-sale 1 | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||
(dollars in thousands) June 30, 2024 | Notional Value | Weighted- Average Remaining Maturity (years) | Weighted-Average Ratio | |||||||||||||||||||||||||||||
Instruments Associated With | Fair Value | Receive | Pay | |||||||||||||||||||||||||||||
Securities available-for-sale | $ | $ | 3-month SOFR | % | ||||||||||||||||||||||||||||
Total swap portfolio at June 30, 2024 | $ | $ | 3-month SOFR | % | ||||||||||||||||||||||||||||
(dollars in thousands) December 31, 2023 | Notional Value | Weighted- Average Remaining Maturity (years) | Weighted-Average Ratio | |||||||||||||||||||||||||||||
Instruments Associated With | Fair Value | Receive | Pay | |||||||||||||||||||||||||||||
Securities available-for-sale | $ | $ | 3-month SOFR | % | ||||||||||||||||||||||||||||
Total swap portfolio at December 31, 2023 | $ | $ | 3-month SOFR | % | ||||||||||||||||||||||||||||
(dollars in thousands) June 30, 2024 | Notional Value | Weighted- Average Remaining Maturity (years) | Weighted-Average Ratio | |||||||||||||||||||||||||||||
Cash Flow Hedges | Fair Value | Receive | Pay | |||||||||||||||||||||||||||||
Interest rate swaps | $ | $ | 3-month SOFR | % | ||||||||||||||||||||||||||||
Interest rate swaps | 0.0 | Fed Funds Effective | % | |||||||||||||||||||||||||||||
(dollars in thousands) December 31, 2023 | Notional Value | Weighted- Average Remaining Maturity (years) | Weighted-Average Ratio | |||||||||||||||||||||||||||||
Cash Flow Hedges | Fair Value | Receive | Pay | |||||||||||||||||||||||||||||
Interest rate swaps | $ | $ | 3-month SOFR | % | ||||||||||||||||||||||||||||
Interest rate swaps | Fed Funds Effective | % | ||||||||||||||||||||||||||||||
June 30, 2024 | December 31, 2023 | |||||||||||||||||||||||||
(in thousands) | Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||
Interest rate swaps associated with securities available-for-sale | $ | $ | $ | $ | ||||||||||||||||||||||
Interest rate swaps associated with liabilities | ||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||
Back-to-back swaps | ||||||||||||||||||||||||||
Total contracts | $ | $ | $ | $ | ||||||||||||||||||||||
Liability Derivatives | ||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||
Back-to-back swaps | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Total contracts | $ | $ | ( | $ | $ | ( |
Amount of (Loss) Gain Recognized in Other Comprehensive Income in The Three Months Ended | Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) in The Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | $ | ( | $ | $ | $ | ( |
Amount of Gain / (Loss) Recognized in the Three Months Ended | Amount of Gain / (Loss) Recognized in the Six Months Ended | |||||||||||||||||||||||||
(in thousands) | June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||||||
Liability Derivatives | ||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||
IRLCs | $ | $ | $ | $ | ( | |||||||||||||||||||||
Forward contracts | ( |
(in thousands) Line item in the condensed consolidated statements of operations | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||
Securities - non-taxable | $ | $ | $ | $ | ||||||||||||||||||||||
Total interest income | ||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Deposits | ( | ( | ( | ( | ||||||||||||||||||||||
Other borrowed funds | ( | ( | ( | ( | ||||||||||||||||||||||
Total interest expense | ( | ( | ( | ( | ||||||||||||||||||||||
Net interest income | $ | $ | $ | $ |
(in thousands) | Unrealized Losses On Debt Securities | Unrealized Losses On Debt Securities Transferred From Available-For-Sale To Held-To-Maturity | Cash Flow Hedges | Total | ||||||||||||||||||||||
Balance, January 1, 2024 | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Other comprehensive (loss) income before reclassifications from accumulated other comprehensive loss before tax | ( | ( | ||||||||||||||||||||||||
Reclassifications from accumulated other comprehensive loss to earnings before tax | ||||||||||||||||||||||||||
Other comprehensive (loss) gain before tax | ( | ( | ||||||||||||||||||||||||
Income tax (benefit) provision | ( | ( | ||||||||||||||||||||||||
Other comprehensive (loss) gain - net of tax | ( | ( | ||||||||||||||||||||||||
Balance, June 30, 2024 | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Balance, January 1, 2023 | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications from accumulated other comprehensive loss before tax | ( | |||||||||||||||||||||||||
Reclassifications from accumulated other comprehensive loss to earnings before tax | ||||||||||||||||||||||||||
Other comprehensive gain (loss) before tax | ( | |||||||||||||||||||||||||
Income tax provision (benefit) | ( | |||||||||||||||||||||||||
Other comprehensive income (loss) - net of tax | ( | |||||||||||||||||||||||||
Balance, June 30, 2023 | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
(in thousands) | Unrealized Losses On Debt Securities | Unrealized Losses On Debt Securities Transferred From Available-For-Sale To Held-To-Maturity | Cash Flow Hedges | Total | ||||||||||||||||||||||
Balance, April 1, 2024 | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Other comprehensive loss before reclassifications from accumulated other comprehensive loss before tax | ( | ( | ( | |||||||||||||||||||||||
Reclassifications from accumulated other comprehensive loss to earnings before tax | ||||||||||||||||||||||||||
Other comprehensive (loss) gain before tax | ( | ( | ( | |||||||||||||||||||||||
Income tax (benefit) provision | ( | ( | ( | |||||||||||||||||||||||
Other comprehensive (loss) income - net of tax | ( | ( | ( | |||||||||||||||||||||||
Balance, June 30, 2024 | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Balance, April 1, 2023 | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Other comprehensive (loss) income before reclassifications from accumulated other comprehensive loss before tax | ( | ( | ||||||||||||||||||||||||
Reclassifications from accumulated other comprehensive loss to earnings before tax | ||||||||||||||||||||||||||
Other comprehensive (loss) gain before tax | ( | ( | ||||||||||||||||||||||||
Income tax (benefit) provision | ( | ( | ||||||||||||||||||||||||
Other comprehensive (loss) income - net of tax | ( | ( | ||||||||||||||||||||||||
Balance, June 30, 2023 | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Details About Accumulated Other Comprehensive Loss Components | Amounts Reclassified from Accumulated Other Comprehensive Loss for the | Amounts Reclassified from Accumulated Other Comprehensive Loss for the | Affected Line Item in the Statements of Operations | |||||||||||||||||||||||||||||
Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||
Reclassifications from accumulated other comprehensive loss to earnings before tax | $ | ( | ( | $ | ( | $ | ( | Interest income (loss) | ||||||||||||||||||||||||
Total amount reclassified before tax | ( | ( | ( | ( | Income (loss) before income taxes | |||||||||||||||||||||||||||
Tax benefit | ( | ( | ( | ( | Income tax provision (benefit) | |||||||||||||||||||||||||||
Total reclassifications from accumulated other comprehensive loss | $ | ( | $ | ( | $ | ( | $ | ( | Net income |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2024 | March 31, 2024 | June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest /Dividends | Yield /Cost | Average Balance | Interest /Dividends | Yield /Cost | Average Balance | Interest /Dividends | Yield /Cost | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, including loans held-for-sale | $ | 3,936,723 | $ | 57,094 | 5.83 | % | $ | 3,892,589 | $ | 55,435 | 5.73 | % | $ | 3,656,146 | $ | 46,906 | 5.15 | % | ||||||||||||||||||||||||||||||||||||||
Securities - taxable | 670,502 | 6,476 | 3.88 | % | 627,216 | 5,694 | 3.65 | % | 531,040 | 3,835 | 2.90 | % | ||||||||||||||||||||||||||||||||||||||||||||
Securities - non-taxable | 74,035 | 970 | 5.27 | % | 76,293 | 969 | 5.11 | % | 73,142 | 860 | 4.72 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other earning assets | 469,045 | 6,421 | 5.51 | % | 434,118 | 6,067 | 5.62 | % | 511,295 | 6,521 | 5.12 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 5,150,305 | 70,961 | 5.54 | % | 5,030,216 | 68,165 | 5.45 | % | 4,771,623 | 58,122 | 4.89 | % | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses - loans | (41,362) | (38,611) | (36,671) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | 223,833 | 216,331 | 192,760 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 5,332,776 | $ | 5,207,936 | $ | 4,927,712 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 474,124 | $ | 2,567 | 2.18 | % | $ | 415,106 | $ | 2,091 | 2.03 | % | $ | 359,969 | $ | 1,509 | 1.68 | % | ||||||||||||||||||||||||||||||||||||||
Savings accounts | 22,987 | 48 | 0.84 | % | 22,521 | 48 | 0.86 | % | 29,915 | 64 | 0.86 | % | ||||||||||||||||||||||||||||||||||||||||||||
Money market accounts | 1,243,011 | 13,075 | 4.23 | % | 1,217,966 | 12,671 | 4.18 | % | 1,274,453 | 12,314 | 3.88 | % | ||||||||||||||||||||||||||||||||||||||||||||
BaaS - brokered deposits | 119,662 | 1,299 | 4.37 | % | 85,366 | 931 | 4.39 | % | 22,918 | 230 | 4.03 | % | ||||||||||||||||||||||||||||||||||||||||||||
Certificates and brokered deposits | 2,313,192 | 27,506 | 4.78 | % | 2,246,050 | 26,388 | 4.73 | % | 2,025,831 | 20,559 | 4.07 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 4,172,976 | 44,495 | 4.29 | % | 3,987,009 | 42,129 | 4.25 | % | 3,713,086 | 34,676 | 3.75 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other borrowed funds | 652,176 | 5,139 | 3.17 | % | 716,735 | 5,302 | 2.98 | % | 719,577 | 5,301 | 2.95 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 4,825,152 | 49,634 | 4.14 | % | 4,703,744 | 47,431 | 4.06 | % | 4,432,663 | 39,977 | 3.62 | % | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 116,939 | 113,341 | 117,496 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 20,860 | 21,480 | 19,241 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 4,962,951 | 4,838,565 | 4,569,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 369,825 | 369,371 | 358,312 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 5,332,776 | $ | 5,207,936 | $ | 4,927,712 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 21,327 | $ | 20,734 | $ | 18,145 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread 1 | 1.40% | 1.39% | 1.27 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin 2 | 1.67% | 1.66% | 1.53 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin - FTE 3 | 1.76% | 1.75% | 1.64 | % |
Six Months Ended | ||||||||||||||||||||||||||||||||||||||
June 30, 2024 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest /Dividends | Yield /Cost | Average Balance | Interest /Dividends | Yield /Cost | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Interest-earning assets | ||||||||||||||||||||||||||||||||||||||
Loans, including loans held-for-sale | $ | 3,914,656 | $ | 112,529 | 5.78 | % | $ | 3,619,883 | $ | 90,749 | 5.06 | % | ||||||||||||||||||||||||||
Securities - taxable | 648,860 | 12,170 | 3.77 | % | 521,533 | 7,441 | 2.88 | % | ||||||||||||||||||||||||||||||
Securities - non-taxable | 75,163 | 1,939 | 5.19 | % | 73,244 | 1,658 | 4.56 | % | ||||||||||||||||||||||||||||||
Other earning assets | 451,582 | 12,488 | 5.56 | % | 421,793 | 10,307 | 4.93 | % | ||||||||||||||||||||||||||||||
Total interest-earning assets | 5,090,261 | 139,126 | 5.50 | % | 4,636,453 | 110,155 | 4.79 | % | ||||||||||||||||||||||||||||||
Allowance for credit losses - loans | (39,986) | (35,877) | ||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | 220,081 | 187,633 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 5,270,356 | $ | 4,788,209 | ||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 444,615 | $ | 4,658 | 2.11 | % | $ | 346,878 | $ | 2,409 | 1.40 | % | ||||||||||||||||||||||||||
Savings accounts | 22,754 | 96 | 0.85 | % | 34,175 | 145 | 0.86 | % | ||||||||||||||||||||||||||||||
Money market accounts | 1,230,488 | 25,746 | 4.21 | % | 1,325,741 | 24,614 | 3.74 | % | ||||||||||||||||||||||||||||||
BaaS - brokered deposits | 102,514 | 2,230 | 4.37 | % | 18,852 | 368 | 3.94 | % | ||||||||||||||||||||||||||||||
Certificates and brokered deposits | 2,279,621 | 53,894 | 4.75 | % | 1,837,713 | 34,410 | 3.78 | % | ||||||||||||||||||||||||||||||
Total interest-bearing deposits | 4,079,992 | 86,624 | 4.27 | % | 3,563,359 | 61,946 | 3.51 | % | ||||||||||||||||||||||||||||||
Other borrowed funds | 684,456 | 10,441 | 3.07 | % | 719,538 | 10,490 | 2.94 | % | ||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 4,764,448 | 97,065 | 4.10 | % | 4,282,897 | 72,436 | 3.41 | % | ||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 115,140 | 126,194 | ||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 21,170 | 18,339 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 4,900,758 | 4,427,430 | ||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 369,598 | 360,779 | ||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 5,270,356 | $ | 4,788,209 | ||||||||||||||||||||||||||||||||||
Net interest income | $ | 42,061 | $ | 37,719 | ||||||||||||||||||||||||||||||||||
Interest rate spread 1 | 1.40% | 1.38% | ||||||||||||||||||||||||||||||||||||
Net interest margin 2 | 1.67% | 1.64% | ||||||||||||||||||||||||||||||||||||
Net interest margin - FTE 3 | 1.76% | 1.76% |
Three Months Ended June 30, 2024 vs. March 31, 2024 Due to Changes in | Three Months Ended June 30, 2024 vs. June 30, 2023 Due to Changes in | Six Months Ended June 30, 2024 vs. June 30, 2023 Due to Changes in | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Volume | Rate | Net | Volume | Rate | Net | Volume | Rate | Net | |||||||||||||||||||||||||||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, including loans held-for-sale | $ | 653 | $ | 1,006 | $ | 1,659 | $ | 3,745 | $ | 6,443 | $ | 10,188 | $ | 7,928 | $ | 13,852 | $ | 21,780 | ||||||||||||||||||||||||||||||||||||||
Securities – taxable | 409 | 373 | 782 | 1,155 | 1,486 | 2,641 | 2,087 | 2,642 | 4,729 | |||||||||||||||||||||||||||||||||||||||||||||||
Securities – non-taxable | (118) | 119 | 1 | 10 | 100 | 110 | 45 | 236 | 281 | |||||||||||||||||||||||||||||||||||||||||||||||
Other earning assets | 1,053 | (699) | 354 | (2,127) | 2,027 | (100) | 777 | 1,404 | 2,181 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | 1,997 | 799 | 2,796 | 2,783 | 10,056 | 12,839 | 10,837 | 18,134 | 28,971 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | 1,969 | 397 | 2,366 | 4,540 | 5,279 | 9,819 | 9,897 | 14,781 | 24,678 | |||||||||||||||||||||||||||||||||||||||||||||||
Other borrowed funds | (1,690) | 1,527 | (163) | (1,853) | 1,691 | (162) | (1,006) | 957 | (49) | |||||||||||||||||||||||||||||||||||||||||||||||
Total | 279 | 1,924 | 2,203 | 2,687 | 6,970 | 9,657 | 8,891 | 15,738 | 24,629 | |||||||||||||||||||||||||||||||||||||||||||||||
Increase in net interest income | $ | 1,718 | $ | (1,125) | $ | 593 | $ | 96 | $ | 3,086 | $ | 3,182 | $ | 1,946 | $ | 2,396 | $ | 4,342 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||||||||||||||||||
Service charges and fees | $ | 246 | $ | 220 | $ | 216 | $ | 208 | $ | 218 | $ | 466 | $ | 427 | |||||||||||||||||||||||||||
Loan servicing revenue | 1,470 | 1,323 | 1,134 | 1,064 | 850 | 2,793 | 1,635 | ||||||||||||||||||||||||||||||||||
Loan servicing asset revaluation | (829) | (434) | (793) | (257) | (358) | (1,263) | (413) | ||||||||||||||||||||||||||||||||||
Mortgage banking activities | — | — | — | — | — | — | 76 | ||||||||||||||||||||||||||||||||||
Gain on sale of loans | 8,292 | 6,536 | 6,028 | 5,569 | 4,868 | 14,828 | 8,929 | ||||||||||||||||||||||||||||||||||
Other | 1,854 | 702 | 816 | 823 | 293 | 2,556 | 663 | ||||||||||||||||||||||||||||||||||
Total noninterest income | $ | 11,033 | $ | 8,347 | $ | 7,401 | $ | 7,407 | $ | 5,871 | $ | 19,380 | $ | 11,317 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||||||||||||||||||
Salaries and employee benefits | $ | 12,462 | $ | 11,796 | $ | 11,055 | $ | 11,767 | $ | 10,706 | $ | 24,258 | $ | 22,500 | |||||||||||||||||||||||||||
Marketing, advertising and promotion | 609 | 736 | 518 | 500 | 705 | 1,345 | 1,549 | ||||||||||||||||||||||||||||||||||
Consulting and professional services | 1,022 | 853 | 893 | 552 | 711 | 1,875 | 1,637 | ||||||||||||||||||||||||||||||||||
Data processing | 606 | 564 | 493 | 701 | 520 | 1,170 | 1,179 | ||||||||||||||||||||||||||||||||||
Loan expenses | 1,597 | 1,445 | 1,371 | 1,336 | 1,072 | 3,042 | 3,049 | ||||||||||||||||||||||||||||||||||
Premises and equipment | 3,154 | 2,826 | 2,846 | 2,315 | 2,661 | 5,980 | 5,438 | ||||||||||||||||||||||||||||||||||
Deposit insurance premium | 1,172 | 1,145 | 1,334 | 1,067 | 936 | 2,317 | 1,479 | ||||||||||||||||||||||||||||||||||
Other | 1,714 | 1,658 | 1,546 | 1,518 | 1,359 | 3,372 | 2,793 | ||||||||||||||||||||||||||||||||||
Total noninterest expense | $ | 22,336 | $ | 21,023 | $ | 20,056 | $ | 19,756 | $ | 18,670 | $ | 43,359 | $ | 39,624 |
(in thousands) | ||||||||||||||||||||||||||||||||
Balance Sheet Data: | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||
Total assets | $ | 5,343,302 | $ | 5,340,667 | $ | 5,167,572 | $ | 5,169,023 | $ | 4,947,049 | ||||||||||||||||||||||
Loans | 3,961,146 | 3,909,804 | 3,840,220 | 3,735,068 | 3,646,832 | |||||||||||||||||||||||||||
Total securities | 758,921 | 718,169 | 702,008 | 682,755 | — | 609,999 | ||||||||||||||||||||||||||
Loans held-for-sale | 19,384 | 22,589 | 22,052 | 31,669 | 32,001 | |||||||||||||||||||||||||||
Noninterest-bearing deposits | 126,438 | 130,760 | 123,464 | 125,265 | 119,291 | |||||||||||||||||||||||||||
Interest-bearing deposits | 4,147,484 | 4,143,008 | 3,943,509 | 3,958,280 | 3,735,017 | |||||||||||||||||||||||||||
Total deposits | 4,273,922 | 4,273,768 | 4,066,973 | 4,083,545 | 3,854,308 | |||||||||||||||||||||||||||
Advances from Federal Home Loan Bank | 575,000 | 574,936 | 614,934 | 614,933 | 614,931 | |||||||||||||||||||||||||||
Total shareholders’ equity | 371,953 | 366,739 | 362,795 | 347,744 | 354,332 |
(dollars in thousands) | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 115,585 | 2.9 | % | $ | 133,897 | 3.4 | % | $ | 129,349 | 3.4 | % | $ | 114,265 | 3.1 | % | $ | 112,423 | 3.1 | % | |||||||||||||||||||||||||||||||||||||||
Owner-occupied commercial real estate | 58,089 | 1.5 | % | 57,787 | 1.5 | % | 57,286 | 1.5 | % | 58,486 | 1.6 | % | 59,564 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Investor commercial real estate | 188,409 | 4.8 | % | 128,276 | 3.3 | % | 132,077 | 3.4 | % | 129,831 | 3.5 | % | 137,504 | 3.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Construction | 328,922 | 8.3 | % | 325,597 | 8.3 | % | 261,750 | 6.8 | % | 252,105 | 6.7 | % | 192,453 | 5.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Single tenant lease financing | 927,462 | 23.4 | % | 941,597 | 24.1 | % | 936,616 | 24.4 | % | 933,873 | 25.0 | % | 947,466 | 25.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Public finance | 486,200 | 12.3 | % | 498,262 | 12.7 | % | 521,764 | 13.6 | % | 535,960 | 14.3 | % | 575,541 | 15.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Healthcare finance | 202,079 | 5.1 | % | 213,332 | 5.5 | % | 222,793 | 5.8 | % | 235,622 | 6.3 | % | 245,072 | 6.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Small business lending | 270,129 | 6.8 | % | 239,263 | 6.1 | % | 218,506 | 5.7 | % | 192,996 | 5.2 | % | 170,550 | 4.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Franchise finance | 551,133 | 13.9 | % | 543,122 | 13.9 | % | 525,783 | 13.7 | % | 455,094 | 12.2 | % | 390,479 | 10.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | 3,128,008 | 79.0 | % | 3,081,133 | 78.8 | % | 3,005,924 | 78.3 | % | 2,908,232 | 77.9 | % | 2,831,052 | 77.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 382,549 | 9.7 | % | 390,009 | 10.0 | % | 395,648 | 10.3 | % | 393,501 | 10.5 | % | 396,154 | 10.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Home equity | 21,405 | 0.5 | % | 22,753 | 0.6 | % | 23,669 | 0.6 | % | 23,544 | 0.6 | % | 24,375 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other consumer | 396,527 | 10.0 | % | 380,675 | 9.7 | % | 377,614 | 9.8 | % | 369,451 | 9.9 | % | 352,124 | 9.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | 800,481 | 20.2 | % | 793,437 | 20.3 | % | 796,931 | 20.7 | % | 786,496 | 21.0 | % | 772,653 | 21.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Net deferred loan origination costs, premiums and discounts on purchased loans and other 1 | 32,657 | 0.8 | % | 35,234 | 0.9 | % | 37,365 | 1.0 | % | 40,340 | 1.1 | % | 43,127 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total loans | 3,961,146 | 100.0 | % | 3,909,804 | 100.0 | % | 3,840,220 | 100.0 | % | 3,735,068 | 100.0 | % | 3,646,832 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses - loans | (43,405) | (40,891) | (38,774) | (36,452) | (36,058) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loans | $ | 3,917,741 | $ | 3,868,913 | $ | 3,801,446 | $ | 3,698,616 | $ | 3,610,774 |
(dollars in thousands) | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | ||||||||||||||||||||||||
Nonaccrual loans | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Owner-occupied commercial real estate | $ | — | $ | — | $ | — | $ | — | $ | 1,405 | |||||||||||||||||||
Small business lending 1 | 10,246 | 9,532 | 6,824 | 4,443 | 3,729 | ||||||||||||||||||||||||
Franchise finance | — | 295 | 303 | — | — | ||||||||||||||||||||||||
Total commercial loans | 10,246 | 9,827 | 7,127 | 4,443 | 5,134 | ||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||
Residential mortgage | 2,117 | 2,309 | 1,911 | 1,354 | 992 | ||||||||||||||||||||||||
Other consumer | 54 | 129 | 86 | 88 | 101 | ||||||||||||||||||||||||
Total consumer loans | 2,171 | 2,438 | 1,997 | 1,442 | 1,093 | ||||||||||||||||||||||||
Total nonaccrual loans | 12,417 | 12,265 | 9,124 | 5,885 | 6,227 | ||||||||||||||||||||||||
Past Due 90 days and accruing loans | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Franchise finance | 556 | 230 | — | — | — | ||||||||||||||||||||||||
Total commercial loans | 556 | 230 | — | — | — | ||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||
Residential mortgage | — | 555 | 838 | — | — | ||||||||||||||||||||||||
Other consumer | 5 | — | — | — | — | ||||||||||||||||||||||||
Total consumer loans | 5 | 555 | 838 | — | — | ||||||||||||||||||||||||
Total past due 90 days and accruing loans | 561 | 785 | 838 | — | — | ||||||||||||||||||||||||
Total nonperforming loans | 12,978 | 13,050 | 9,962 | 5,885 | 6,227 | ||||||||||||||||||||||||
Other real estate owned | |||||||||||||||||||||||||||||
Residential mortgage | — | 375 | 375 | 106 | 106 | ||||||||||||||||||||||||
Total other real estate owned | — | 375 | 375 | 106 | 106 | ||||||||||||||||||||||||
Other nonperforming assets | 77 | — | 17 | 78 | 64 | ||||||||||||||||||||||||
Total nonperforming assets | $ | 13,055 | $ | 13,425 | $ | 10,354 | $ | 6,069 | $ | 6,397 | |||||||||||||||||||
Total nonperforming loans to total loans 2 | 0.33 | % | 0.33 | % | 0.26 | % | 0.16 | % | 0.17 | % | |||||||||||||||||||
Total nonperforming assets to total assets 2 | 0.24 | % | 0.25 | % | 0.20 | % | 0.12 | % | 0.13 | % | |||||||||||||||||||
Allowance for credit losses - loans to total loans | 1.10 | % | 1.05 | % | 1.01 | % | 0.98 | % | 0.99 | % | |||||||||||||||||||
Nonaccrual loans to total loans | 0.31 | % | 0.31 | % | 0.24 | % | 0.16 | % | 0.17 | % | |||||||||||||||||||
Allowance for credit losses - loans to nonaccrual loans 2 | 349.6 | % | 333.4 | % | 425.0 | % | 619.4 | % | 579.1 | % | |||||||||||||||||||
Allowance for credit losses - loans to nonperforming loans 2 | 334.5 | % | 313.3 | % | 389.2 | % | 619.4 | % | 579.1 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 40,891 | $ | 38,774 | $ | 36,452 | $ | 36,058 | $ | 36,879 | $ | 38,774 | $ | 31,737 | |||||||||||||||||||||||||||
Adoption of ASU 2016-13 (CECL) | — | — | — | — | — | — | 2,962 | ||||||||||||||||||||||||||||||||||
Balance, beginning of period | 40,891 | 38,774 | 36,452 | 36,058 | 36,879 | 38,774 | 34,699 | ||||||||||||||||||||||||||||||||||
Provision charged to expense | 3,920 | 2,582 | 3,478 | 1,850 | 753 | 6,502 | 10,126 | ||||||||||||||||||||||||||||||||||
Losses charged off | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | — | 6,965 | ||||||||||||||||||||||||||||||||||
Investor commercial real estate | — | — | — | 591 | — | — | — | ||||||||||||||||||||||||||||||||||
Single tenant lease financing | 195 | — | — | — | — | 195 | — | ||||||||||||||||||||||||||||||||||
Healthcare finance | — | — | 580 | — | 25 | — | 25 | ||||||||||||||||||||||||||||||||||
Small business lending | 573 | 289 | 417 | 751 | 1,358 | 862 | 1,418 | ||||||||||||||||||||||||||||||||||
Franchise finance | 577 | — | — | — | 331 | 577 | 331 | ||||||||||||||||||||||||||||||||||
Residential mortgage | — | 69 | 84 | 56 | — | 69 | — | ||||||||||||||||||||||||||||||||||
Other consumer | 160 | 175 | 164 | 120 | 150 | 335 | 382 | ||||||||||||||||||||||||||||||||||
Total losses charged off | 1,505 | 533 | 1,245 | 1,518 | 1,864 | 2,038 | 9,121 | ||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 2 | 2 | 23 | 2 | 217 | 4 | 218 | ||||||||||||||||||||||||||||||||||
Small business lending | 65 | 40 | 23 | 14 | 37 | 105 | 40 | ||||||||||||||||||||||||||||||||||
Residential mortgage | — | 1 | 1 | 1 | 1 | 1 | 3 | ||||||||||||||||||||||||||||||||||
Home equity | 1 | 2 | 1 | 2 | 2 | 3 | 3 | ||||||||||||||||||||||||||||||||||
Other consumer | 31 | 23 | 41 | 43 | 33 | 54 | 90 | ||||||||||||||||||||||||||||||||||
Total recoveries | 99 | 68 | 89 | 62 | 290 | 167 | 354 | ||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 43,405 | $ | 40,891 | $ | 38,774 | $ | 36,452 | $ | 36,058 | $ | 43,405 | $ | 36,058 | |||||||||||||||||||||||||||
Net charge-offs | $ | 1,406 | $ | 465 | $ | 1,156 | $ | 1,456 | $ | 1,574 | $ | 1,871 | $ | 8,767 | |||||||||||||||||||||||||||
Net charge-offs (recoveries) to average loans (annualized) | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 0.00 | % | (0.01 | %) | (0.02 | %) | 0.00 | % | (0.46 | %) | (0.01 | %) | 13.74 | % | |||||||||||||||||||||||||||
Investor commercial real estate | 0.00 | % | 0.00 | % | 0.00 | % | 0.59 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||||||||||||||||||
Single tenant lease financing | 0.04 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.04 | % | 0.00 | % | |||||||||||||||||||||||||||
Healthcare finance | 0.00 | % | 0.00 | % | 0.25 | % | 0.00 | % | 0.02 | % | 0.00 | % | 0.02 | % | |||||||||||||||||||||||||||
Small business lending | 0.37 | % | 0.40 | % | 0.17 | % | 0.50 | % | 1.50 | % | 0.57 | % | 1.69 | % | |||||||||||||||||||||||||||
Franchise finance | 0.21 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.17 | % | 0.21 | % | 0.18 | % | |||||||||||||||||||||||||||
Total commercial net charge-offs | 0.08 | % | 0.03 | % | 0.03 | % | 0.06 | % | 0.10 | % | 0.10 | % | 0.61 | % | |||||||||||||||||||||||||||
Residential mortgage | 0.00 | % | 0.07 | % | 0.08 | % | 0.06 | % | 0.00 | % | 0.04 | % | 0.00 | % | |||||||||||||||||||||||||||
Home equity | (0.01 | %) | (0.03 | %) | 0.00 | % | (0.01 | %) | (0.02 | %) | (0.03 | %) | (0.02 | %) | |||||||||||||||||||||||||||
Other consumer | 0.20 | % | 0.21 | % | 0.22 | % | 0.18 | % | 0.21 | % | 0.20 | % | 0.28 | % | |||||||||||||||||||||||||||
Total consumer net charge-offs | 0.03 | % | 0.11 | % | 0.03 | % | 0.02 | % | 0.03 | % | 0.09 | % | 0.08 | % | |||||||||||||||||||||||||||
Total net charge-offs to average loans | 0.14 | % | 0.05 | % | 0.12 | % | 0.16 | % | 0.17 | % | 0.10 | % | 0.49 | % | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Amortized Cost | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | ||||||||||||||||||||||||
Securities available-for-sale | |||||||||||||||||||||||||||||
U.S. Government-sponsored agencies | $ | 88,694 | $ | 93,323 | $ | 96,404 | $ | 98,594 | $ | 41,024 | |||||||||||||||||||
Municipal securities | 68,057 | 69,289 | 69,494 | 69,031 | 68,931 | ||||||||||||||||||||||||
Agency mortgage-backed securities - residential | 262,758 | 253,181 | 237,798 | 235,468 | 239,263 | ||||||||||||||||||||||||
Agency mortgage-backed securities - commercial | 37,986 | 39,367 | 40,215 | 37,931 | 16,311 | ||||||||||||||||||||||||
Private label mortgage-backed securities - residential | 26,709 | 23,307 | 21,742 | 20,292 | 14,749 | ||||||||||||||||||||||||
Asset-backed securities | 8,383 | 7,417 | 8,071 | 6,713 | 1,000 | ||||||||||||||||||||||||
Corporate securities | 37,070 | 37,081 | 39,591 | 39,603 | 43,613 | ||||||||||||||||||||||||
Total available-for-sale | 529,657 | 522,965 | 513,315 | 507,632 | 424,891 | ||||||||||||||||||||||||
Securities held-to-maturity, net carrying value | |||||||||||||||||||||||||||||
Municipal securities | 13,368 | 13,381 | 13,889 | 13,900 | 13,913 | ||||||||||||||||||||||||
Agency mortgage-backed securities - residential | 213,440 | 178,800 | 166,750 | 170,524 | 169,186 | ||||||||||||||||||||||||
Agency mortgage-backed securities - commercial | 5,738 | 5,752 | 5,767 | 5,782 | 5,795 | ||||||||||||||||||||||||
Corporate securities | 37,803 | 37,805 | 40,747 | 41,722 | 41,711 | ||||||||||||||||||||||||
Total held-to-maturity, net carrying value | 270,349 | 235,738 | 227,153 | 231,928 | 230,605 | ||||||||||||||||||||||||
Total securities | $ | 800,006 | $ | 758,703 | $ | 740,468 | $ | 739,560 | $ | 655,496 |
(in thousands) | |||||||||||||||||||||||||||||
Approximate Fair Value | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | ||||||||||||||||||||||||
Securities available-for-sale | |||||||||||||||||||||||||||||
U.S. Government-sponsored agencies | $ | 87,746 | $ | 92,101 | $ | 95,177 | $ | 97,178 | $ | 39,474 | |||||||||||||||||||
Municipal securities | 64,412 | 67,415 | 68,446 | 62,772 | 67,209 | ||||||||||||||||||||||||
Agency mortgage-backed securities - residential | 230,045 | 220,484 | 206,649 | 193,096 | 204,141 | ||||||||||||||||||||||||
Agency mortgage-backed securities - commercial | 36,891 | 38,081 | 38,885 | 36,163 | 14,891 | ||||||||||||||||||||||||
Private label mortgage-backed securities - residential | 25,631 | 22,266 | 20,779 | 18,576 | 13,415 | ||||||||||||||||||||||||
Asset-backed securities | 8,429 | 7,459 | 8,081 | 6,703 | 1,000 | ||||||||||||||||||||||||
Corporate securities | 35,418 | 34,625 | 36,838 | 36,339 | 39,264 | ||||||||||||||||||||||||
Total available-for-sale | 488,572 | 482,431 | 474,855 | 450,827 | 379,394 | ||||||||||||||||||||||||
Securities held-to-maturity | |||||||||||||||||||||||||||||
Municipal securities | 12,326 | 12,450 | 13,040 | 12,449 | 12,950 | ||||||||||||||||||||||||
Agency mortgage-backed securities - residential | 195,337 | 161,915 | 152,642 | 147,412 | 153,593 | ||||||||||||||||||||||||
Agency mortgage-backed securities - commercial | 4,699 | 4,560 | 4,521 | 4,190 | 4,551 | ||||||||||||||||||||||||
Corporate securities | 35,068 | 35,295 | 37,369 | 37,599 | 37,549 | ||||||||||||||||||||||||
Total held-to-maturity | 247,430 | 214,220 | 207,572 | 201,650 | 208,643 | ||||||||||||||||||||||||
Total securities | $ | 736,002 | $ | 696,651 | $ | 682,427 | $ | 652,477 | $ | 588,037 |
(dollars in thousands) | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | $ | 126,438 | 3.0 | % | $ | 130,760 | 3.1 | % | $ | 123,464 | 3.0 | % | $ | 125,265 | 3.1 | % | $ | 119,291 | 3.1 | % | ||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | 480,141 | 11.2 | % | 423,529 | 9.9 | % | 402,976 | 9.9 | % | 374,915 | 9.2 | % | 398,899 | 10.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | 22,619 | 0.5 | % | 23,554 | 0.6 | % | 21,364 | 0.5 | % | 23,811 | 0.6 | % | 28,239 | 0.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Money market accounts | 1,222,197 | 28.6 | % | 1,251,230 | 29.2 | % | 1,248,319 | 30.8 | % | 1,222,511 | 29.9 | % | 1,232,719 | 32.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||
BaaS - brokered deposits | 140,180 | 3.3 | % | 107,911 | 2.5 | % | 74,401 | 1.8 | % | 41,884 | 1.0 | % | 25,549 | 0.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposits | 1,829,644 | 42.8 | % | 1,738,996 | 40.7 | % | 1,605,156 | 39.5 | % | 1,624,447 | 39.8 | % | 1,366,409 | 35.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | 452,703 | 10.6 | % | 597,788 | 14.0 | % | 591,293 | 14.5 | % | 670,712 | 16.4 | % | 683,202 | 17.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | $ | 4,273,922 | 100.0 | % | $ | 4,273,768 | 100.0 | % | $ | 4,066,973 | 100.0 | % | $ | 4,083,545 | 100.0 | % | $ | 3,854,308 | 100.0 | % |
Actual | Minimum Capital Required - Basel III | Minimum Required to be Considered Well Capitalized | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Capital Amount | Ratio | Capital Amount | Ratio | Capital Amount | Ratio | |||||||||||||||||||||||||||||
As of June 30, 2024: | |||||||||||||||||||||||||||||||||||
Common equity tier 1 capital to risk-weighted assets | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 388,597 | 9.47 | % | $ | 287,242 | 7.00 | % | N/A | N/A | |||||||||||||||||||||||||
Bank | 468,594 | 11.47 | % | 285,926 | 7.00 | % | $ | 265,503 | 6.50 | % | |||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | |||||||||||||||||||||||||||||||||||
Consolidated | 388,597 | 9.47 | % | 348,793 | 8.50 | % | N/A | N/A | |||||||||||||||||||||||||||
Bank | 468,594 | 11.47 | % | 347,196 | 8.50 | % | 326,773 | 8.00 | % | ||||||||||||||||||||||||||
Total capital to risk-weighted assets | |||||||||||||||||||||||||||||||||||
Consolidated | 538,764 | 13.13 | % | 430,862 | 10.50 | % | N/A | N/A | |||||||||||||||||||||||||||
Bank | 513,768 | 12.58 | % | 428,890 | 10.50 | % | 408,466 | 10.00 | % | ||||||||||||||||||||||||||
Leverage ratio | |||||||||||||||||||||||||||||||||||
Consolidated | 388,597 | 7.24 | % | 214,553 | 4.00 | % | N/A | N/A | |||||||||||||||||||||||||||
Bank | 468,594 | 8.77 | % | 213,822 | 4.00 | % | 267,277 | 5.00 | % |
Actual | Minimum Capital Required - Basel III | Minimum Required to be Considered Well Capitalized | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Capital Amount | Ratio | Capital Amount | Ratio | Capital Amount | Ratio | |||||||||||||||||||||||||||||
As of December 31, 2023: | |||||||||||||||||||||||||||||||||||
Common equity tier 1 capital to risk-weighted assets | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 381,001 | 9.60 | % | $ | 277,914 | 7.00 | % | N/A | N/A | |||||||||||||||||||||||||
Bank | 464,390 | 11.73 | % | 277,063 | 7.00 | % | $ | 257,273 | 6.50 | % | |||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | |||||||||||||||||||||||||||||||||||
Consolidated | 381,001 | 9.60 | % | 337,467 | 8.50 | % | N/A | N/A | |||||||||||||||||||||||||||
Bank | 464,390 | 11.73 | % | 336,434 | 8.50 | % | 316,644 | 8.00 | % | ||||||||||||||||||||||||||
Total capital to risk-weighted assets | |||||||||||||||||||||||||||||||||||
Consolidated | 525,283 | 13.23 | % | 416,870 | 10.50 | % | N/A | N/A | |||||||||||||||||||||||||||
Bank | 503,834 | 12.73 | % | 415,595 | 10.50 | % | 395,804 | 10.00 | % | ||||||||||||||||||||||||||
Leverage ratio | |||||||||||||||||||||||||||||||||||
Consolidated | 381,001 | 7.33 | % | 207,929 | 4.00 | % | N/A | N/A | |||||||||||||||||||||||||||
Bank | 464,390 | 8.95 | % | 207,479 | 4.00 | % | 259,349 | 5.00 | % |
(dollars in thousands, except share and per share data) | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||
June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||||||||||||||||||||||||
Total equity - GAAP | $ | 371,953 | $ | 366,739 | $ | 362,795 | $ | 347,744 | $ | 354,332 | $ | 371,953 | $ | 354,332 | |||||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||||||||
Goodwill | (4,687) | (4,687) | (4,687) | (4,687) | (4,687) | (4,687) | (4,687) | ||||||||||||||||||||||||||||||||||
Tangible common equity | $ | 367,266 | $ | 362,052 | $ | 358,108 | $ | 343,057 | $ | 349,645 | $ | 367,266 | $ | 349,645 | |||||||||||||||||||||||||||
Total assets - GAAP | $ | 5,343,302 | $ | 5,340,667 | $ | 5,167,572 | $ | 5,169,023 | $ | 4,947,049 | $ | 5,343,302 | $ | 4,947,049 | |||||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||||||||
Goodwill | (4,687) | (4,687) | (4,687) | (4,687) | (4,687) | (4,687) | (4,687) | ||||||||||||||||||||||||||||||||||
Tangible assets | $ | 5,338,615 | $ | 5,335,980 | $ | 5,162,885 | $ | 5,164,336 | $ | 4,942,362 | $ | 5,338,615 | $ | 4,942,362 | |||||||||||||||||||||||||||
Common shares outstanding | 8,667,894 | 8,655,854 | 8,644,451 | 8,669,673 | 8,774,507 | 8,667,894 | 8,774,507 | ||||||||||||||||||||||||||||||||||
Book value per common share | $ | 42.91 | $ | 42.37 | $ | 41.97 | $ | 40.11 | $ | 40.38 | $ | 42.91 | $ | 40.38 | |||||||||||||||||||||||||||
Effect of goodwill | (0.54) | (0.54) | (0.54) | (0.54) | (0.53) | (0.54) | (0.53) | ||||||||||||||||||||||||||||||||||
Tangible book value per common share | $ | 42.37 | $ | 41.83 | $ | 41.43 | $ | 39.57 | $ | 39.85 | $ | 42.37 | $ | 39.85 | |||||||||||||||||||||||||||
Total shareholders’ equity to assets | 6.96 | % | 6.87 | % | 7.02 | % | 6.73 | % | 7.16 | % | 6.96 | % | 7.16 | % | |||||||||||||||||||||||||||
Effect of goodwill | (0.08 | %) | (0.08 | %) | (0.08 | %) | (0.09 | %) | (0.09 | %) | (0.08 | %) | (0.09 | %) | |||||||||||||||||||||||||||
Tangible common equity to tangible assets | 6.88 | % | 6.79 | % | 6.94 | % | 6.64 | % | 7.07 | % | 6.88 | % | 7.07 | % | |||||||||||||||||||||||||||
Total average equity - GAAP | $ | 369,825 | $ | 369,371 | $ | 353,037 | $ | 356,701 | $ | 358,312 | $ | 369,598 | $ | 360,779 | |||||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||||||||
Average goodwill | (4,687) | (4,687) | (4,687) | (4,687) | (4,687) | (4,687) | (4,687) | ||||||||||||||||||||||||||||||||||
Average tangible common equity | $ | 365,138 | $ | 364,684 | $ | 348,350 | $ | 352,014 | $ | 353,625 | $ | 364,911 | $ | 356,092 | |||||||||||||||||||||||||||
Return on average shareholders’ equity | 6.28 | % | 5.64 | % | 4.66 | % | 3.79 | % | 4.35 | % | 5.96 | % | 0.48 | % | |||||||||||||||||||||||||||
Effect of goodwill | 0.08 | % | 0.07 | % | 0.06 | % | 0.05 | % | 0.05 | % | 0.08 | % | 0.01 | % | |||||||||||||||||||||||||||
Return on average tangible common equity | 6.36 | % | 5.71 | % | 4.72 | % | 3.84 | % | 4.40 | % | 6.04 | % | 0.49 | % | |||||||||||||||||||||||||||
(dollars in thousands, except share and per share data) | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||
June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||||||||||||||||||||||||
Total interest income | $ | 70,961 | $ | 68,165 | $ | 66,272 | $ | 63,015 | $ | 58,122 | $ | 139,126 | $ | 110,155 | |||||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||||||||
Fully-taxable equivalent adjustments 1 | 1,175 | 1,190 | 1,238 | 1,265 | 1,347 | 2,365 | 2,731 | ||||||||||||||||||||||||||||||||||
Total interest income - FTE | $ | 72,136 | $ | 69,355 | $ | 67,510 | $ | 64,280 | $ | 59,469 | $ | 141,491 | $ | 112,886 | |||||||||||||||||||||||||||
Net interest income | $ | 21,327 | $ | 20,734 | $ | 19,807 | $ | 17,378 | $ | 18,145 | $ | 42,061 | $ | 37,719 | |||||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||||||||
Fully-taxable equivalent adjustments 1 | 1,175 | 1,190 | 1,238 | 1,265 | 1,347 | 2,365 | 2,731 | ||||||||||||||||||||||||||||||||||
Net interest income - FTE | $ | 22,502 | $ | 21,924 | $ | 21,045 | $ | 18,643 | $ | 19,492 | $ | 44,426 | $ | 40,450 | |||||||||||||||||||||||||||
Net interest margin | 1.67 | % | 1.66 | % | 1.58 | % | 1.39 | % | 1.53 | % | 1.67 | % | 1.64 | % | |||||||||||||||||||||||||||
Effect of fully-taxable equivalent adjustments 1 | 0.09 | % | 0.09 | % | 0.10 | % | 0.10 | % | 0.11 | % | 0.09 | % | 0.12 | % | |||||||||||||||||||||||||||
Net interest margin - FTE | 1.76 | % | 1.75 | % | 1.68 | % | 1.49 | % | 1.64 | % | 1.76 | % | 1.76 | % | |||||||||||||||||||||||||||
1 Assuming a 21% tax rate | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except share and per share data) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Total Revenue- GAAP | $ | 32,360 | $ | 29,081 | $ | 27,208 | $ | 24,785 | $ | 24,016 | $ | 61,441 | $ | 49,036 | ||||||||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-related revenue | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Adjusted total revenue | $ | 32,360 | $ | 29,081 | $ | 27,208 | $ | 24,785 | $ | 24,016 | $ | 61,441 | $ | 49,036 | ||||||||||||||||||||||||||||||
Noninterest income - GAAP | $ | 11,033 | $ | 8,347 | $ | 7,401 | $ | 7,407 | $ | 5,871 | $ | 19,380 | $ | 11,317 | ||||||||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-related revenue | — | — | — | — | — | — | (65) | |||||||||||||||||||||||||||||||||||||
Adjusted noninterest income | $ | 11,033 | $ | 8,347 | $ | 7,401 | $ | 7,407 | $ | 5,871 | $ | 19,380 | $ | 11,252 | ||||||||||||||||||||||||||||||
Noninterest expense - GAAP | $ | 22,336 | $ | 21,023 | $ | 20,056 | $ | 19,756 | $ | 18,670 | $ | 43,359 | $ | 39,624 | ||||||||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-related costs | — | — | — | — | — | — | (3,052) | |||||||||||||||||||||||||||||||||||||
IT Termination fees | (452) | — | — | — | — | (452) | — | |||||||||||||||||||||||||||||||||||||
Anniversary expenses | (120) | — | — | — | — | (120) | — | |||||||||||||||||||||||||||||||||||||
Adjusted noninterest expense | $ | 21,764 | $ | 21,023 | $ | 20,056 | $ | 19,756 | $ | 18,670 | $ | 42,787 | $ | 36,572 | ||||||||||||||||||||||||||||||
Income (loss) before income taxes - GAAP | $ | 5,993 | $ | 5,610 | $ | 3,558 | $ | 3,083 | $ | 3,648 | $ | 11,603 | $ | (1,701) | ||||||||||||||||||||||||||||||
Adjustments:1 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-related revenue | — | — | — | — | — | — | (65) | |||||||||||||||||||||||||||||||||||||
Mortgage-related costs | — | — | — | — | — | — | 3,052 | |||||||||||||||||||||||||||||||||||||
Partial charge-off of C&I participation loan | — | — | — | — | — | — | 6,914 | |||||||||||||||||||||||||||||||||||||
IT Termination fees | 452 | — | — | — | — | 452 | — | |||||||||||||||||||||||||||||||||||||
Anniversary expenses | 120 | — | — | — | — | 120 | — | |||||||||||||||||||||||||||||||||||||
Adjusted income before income taxes | $ | 6,565 | $ | 5,610 | $ | 3,558 | $ | 3,083 | $ | 3,648 | $ | 12,175 | $ | 8,200 | ||||||||||||||||||||||||||||||
Income tax provision (benefit) - GAAP | $ | 218 | $ | 429 | $ | (585) | $ | (326) | $ | (234) | $ | 647 | $ | (2,566) | ||||||||||||||||||||||||||||||
Adjustments:1 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-related revenue | — | — | — | — | — | — | (14) | |||||||||||||||||||||||||||||||||||||
Mortgage-related costs | — | — | — | — | — | — | 641 | |||||||||||||||||||||||||||||||||||||
Partial charge-off of C&I participation loan | — | — | — | — | — | — | 1,452 | |||||||||||||||||||||||||||||||||||||
IT Termination fees | 95 | — | — | — | — | 95 | — | |||||||||||||||||||||||||||||||||||||
Anniversary expenses | 25 | — | — | — | — | 25 | — | |||||||||||||||||||||||||||||||||||||
Adjusted income tax provision (benefit) | $ | 338 | $ | 429 | $ | (585) | $ | (326) | $ | (234) | $ | 767 | $ | (487) | ||||||||||||||||||||||||||||||
1 Assuming a 21% tax rate |
(dollars in thousands, except share and per share data) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Net income - GAAP | $ | 5,775 | $ | 5,181 | $ | 4,143 | $ | 3,409 | $ | 3,882 | $ | 10,956 | $ | 865 | ||||||||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-related revenue | — | — | — | — | — | — | (51) | |||||||||||||||||||||||||||||||||||||
Mortgage-related costs | — | — | — | — | — | — | 2,411 | |||||||||||||||||||||||||||||||||||||
Partial charge-off of C&I participation loan | — | — | — | — | — | — | 5,462 | |||||||||||||||||||||||||||||||||||||
IT Termination fees | 357 | — | — | — | — | 357 | — | |||||||||||||||||||||||||||||||||||||
Anniversary expenses | 95 | — | — | — | — | 95 | — | |||||||||||||||||||||||||||||||||||||
Adjusted net income | $ | 6,227 | $ | 5,181 | $ | 4,143 | $ | 3,409 | $ | 3,882 | $ | 11,408 | $ | 8,687 | ||||||||||||||||||||||||||||||
Diluted average common shares outstanding | 8,656,215 | 8,750,297 | 8,720,078 | 8,767,217 | 8,908,180 | 8,750,017 | 8,980,262 | |||||||||||||||||||||||||||||||||||||
Diluted earnings per share - GAAP | $ | 0.67 | $ | 0.59 | $ | 0.48 | $ | 0.39 | $ | 0.44 | $ | 1.25 | $ | 0.10 | ||||||||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-related revenue | — | — | — | — | — | — | (0.01) | |||||||||||||||||||||||||||||||||||||
Mortgage-related costs | — | — | — | — | — | — | 0.27 | |||||||||||||||||||||||||||||||||||||
Effect of partial charge-off of C&I participation loan | — | — | — | — | — | — | 0.61 | |||||||||||||||||||||||||||||||||||||
Effect of IT termination fees | 0.04 | — | — | — | — | 0.04 | — | |||||||||||||||||||||||||||||||||||||
Effect of anniversary expenses | 0.01 | — | — | — | — | 0.01 | — | |||||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per share | $ | 0.72 | $ | 0.59 | $ | 0.48 | $ | 0.39 | $ | 0.44 | $ | 1.30 | $ | 0.97 | ||||||||||||||||||||||||||||||
Return on average assets | 0.44 | % | 0.40 | % | 0.32 | % | 0.26 | % | 0.32 | % | 0.42 | % | 0.04 | % | ||||||||||||||||||||||||||||||
Effect of mortgage-related revenue | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Effect of mortgage-related costs | — | — | — | — | — | — | 0.10 | % | ||||||||||||||||||||||||||||||||||||
Effect of partial charge-off of C&I participation loan | — | — | — | — | — | — | 0.23 | % | ||||||||||||||||||||||||||||||||||||
Effect of IT termination fees | 0.03 | % | — | — | — | — | 0.01 | % | 0.00 | % | ||||||||||||||||||||||||||||||||||
Effect of anniversary expenses | 0.01 | % | — | — | — | — | 0.00 | % | — | |||||||||||||||||||||||||||||||||||
Adjusted return on average assets | 0.48 | % | 0.40 | % | 0.32 | % | 0.26 | % | 0.32 | % | 0.43 | % | 0.37 | % | ||||||||||||||||||||||||||||||
Return on average shareholders' equity | 6.28 | % | 5.64 | % | 4.66 | % | 3.79 | % | 4.35 | % | 5.96 | % | 0.48 | % | ||||||||||||||||||||||||||||||
Effect of mortgage-related revenue | — | — | — | — | — | — | (0.03 | %) | ||||||||||||||||||||||||||||||||||||
Effect of mortgage-related costs | — | — | — | — | — | — | 1.35 | % | ||||||||||||||||||||||||||||||||||||
Effect of partial charge-off of C&I participation loan | — | — | — | — | — | — | 3.05 | % | ||||||||||||||||||||||||||||||||||||
Effect of IT termination fees | 0.39 | % | — | — | — | — | 0.19 | % | — | |||||||||||||||||||||||||||||||||||
Effect of anniversary expenses | 0.10 | % | — | — | — | — | 0.05 | % | — | |||||||||||||||||||||||||||||||||||
Adjusted return on average shareholders' equity | 6.77 | % | 5.64 | % | 4.66 | % | 3.79 | % | 4.35 | % | 6.20 | % | 4.85 | % | ||||||||||||||||||||||||||||||
(dollars in thousands, except share and per share data) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Return on average tangible common equity | 6.36 | % | 5.71 | % | 4.72 | % | 3.84 | % | 4.40 | % | 6.04 | % | 0.49 | % | ||||||||||||||||||||||||||||||
Effect of mortgage-related revenue | — | — | — | — | — | — | (0.03 | %) | ||||||||||||||||||||||||||||||||||||
Effect of mortgage-related costs | — | — | — | — | — | — | 1.37 | % | ||||||||||||||||||||||||||||||||||||
Effect of partial charge-off of C&I participation loan | — | — | — | — | — | — | 3.09 | % | ||||||||||||||||||||||||||||||||||||
Effect of IT termination fees | 0.39 | % | — | — | — | — | 0.20 | % | 0.00 | % | ||||||||||||||||||||||||||||||||||
Effect of anniversary expenses | 0.10 | % | — | — | — | — | 0.05 | % | 0.00 | % | ||||||||||||||||||||||||||||||||||
Adjusted return on average tangible common equity | 6.85 | % | 5.71 | % | 4.72 | % | 3.84 | % | 4.40 | % | 6.29 | % | 4.92 | % | ||||||||||||||||||||||||||||||
% Change from Base Case for Instantaneous Parallel Changes in Rates | |||||||||||||||||||||||||||||
Implied Forward Curve -200 Basis Points | Implied Forward Curve -100 Basis Points | Base Implied Forward Curve | Implied Forward Curve +50 Basis Points | Implied Forward Curve +100 Basis Points | |||||||||||||||||||||||||
NII - Year 1 | 16.60 | % | 9.25 | % | N/A | (3.66 | %) | (7.32 | %) | ||||||||||||||||||||
NII - Year 2 | 44.46 | % | 41.04 | % | 32.79 | % | 28.82 | % | 24.67 | % | |||||||||||||||||||
EVE | 21.68 | % | 13.96 | % | N/A | (6.65 | %) | (13.44 | %) |
% Change from Base Case for Gradual Changes in Rates | |||||||||||||||||||||||||||||
Implied Forward Curve -200 Basis Points | Implied Forward Curve -100 Basis Points | Base Implied Forward Curve | Implied Forward Curve +50 Basis Points | Implied Forward Curve +100 Basis Points | |||||||||||||||||||||||||
NII - Year 1 | 7.21 | % | 3.78 | % | N/A | (2.23 | %) | (4.60 | %) | ||||||||||||||||||||
NII - Year 2 | 46.28 | % | 41.67 | % | 32.79 | % | 27.28 | % | 21.52 | % | |||||||||||||||||||
EVE | 19.91 | % | 12.95 | % | N/A | (7.48 | %) | (15.10 | %) |
(dollars in thousands, except per share data) | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased As Part of Publicly Announced Programs | Approximate Dollar Value Of Shares That May Yet Be Purchased Under The Program | |||||||||||||||||||
April 1, 2024 - April 30, 2024 | — | $ | — | — | $ | 14,334 | |||||||||||||||||
May 1, 2024 - May 31, 2024 | — | $ | — | — | $ | 14,334 | |||||||||||||||||
June 1, 2024 - June 30, 2024 | — | $ | — | — | $ | 14,334 | |||||||||||||||||
Total | — | — |
Exhibit No. | Description | Method of Filing | ||||||||||||
Amended and Restated Articles of Incorporation of First Internet Bancorp (incorporated by reference to Exhibit 3.1 to current report on Form 8-K filed May 21, 2020) | Incorporated by Reference | |||||||||||||
Amended and Restated Bylaws of First Internet Bancorp (incorporated by reference to Exhibit 3.2 to current report on Form 8-K filed May 21, 2020) | Incorporated by Reference | |||||||||||||
Filed Electronically | ||||||||||||||
Filed Electronically | ||||||||||||||
Filed Electronically | ||||||||||||||
101 | Inline XBRL Instance Document (does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document) | Filed Electronically | ||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema | Filed Electronically | ||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | Filed Electronically | ||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | Filed Electronically | ||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | Filed Electronically | ||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | Filed Electronically | ||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | Filed Electronically |
FIRST INTERNET BANCORP | ||||||||
8/7/2024 | By | /s/ David B. Becker | ||||||
David B. Becker, Chairman and Chief Executive Officer (on behalf of Registrant) | ||||||||
8/7/2024 | By | /s/ Kenneth J. Lovik | ||||||
Kenneth J. Lovik, Executive Vice President and Chief Financial Officer (principal financial officer) |
Date: | August 7, 2024 | |||||||
/s/ David B. Becker | ||||||||
David B. Becker, Chief Executive Officer |
Date: | August 7, 2024 | |||||||
/s/ Kenneth J. Lovik | ||||||||
Kenneth J. Lovik, Chief Financial Officer |
/s/ David B. Becker | |||||
David B. Becker | |||||
Chief Executive Officer | |||||
August 7, 2024 | |||||
/s/ Kenneth J. Lovik | |||||
Kenneth J. Lovik | |||||
Chief Financial Officer | |||||
August 7, 2024 |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Securities available-for-sale, amortized cost | $ 529,657 | $ 513,315 |
Securities held-to-maturity, allowance for credit losses | 229 | 293 |
Securities held-to-maturity, net, fair value | 247,430 | 207,572 |
Unamortized debt issuance costs | $ 2,007 | $ 2,162 |
Preferred stock, authorized (in shares) | 4,913,779 | 4,913,779 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Voting Common Stock | ||
Common stock, authorized (in shares) | 45,000,000 | 45,000,000 |
Common stock, issued (in shares) | 8,667,894 | 8,644,451 |
Common stock, outstanding (in shares) | 8,667,894 | 8,644,451 |
Nonvoting Common Stock | ||
Common stock, authorized (in shares) | 86,221 | 86,221 |
Common stock, issued (in shares) | 0 | 0 |
Common stock, outstanding (in shares) | 0 | 0 |
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared (in dollars per share) | $ 0.06 | $ 0.12 | $ 0.12 |
Repurchased shares of common stock (in shares) | 85,000 | 10,500 | 364,691 |
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Operating Activities | ||
Net income | $ 10,956 | $ 865 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 3,846 | 2,918 |
Increase in cash surrender value of bank-owned life insurance | (540) | (498) |
Provision for credit losses | 6,479 | 11,113 |
Share-based compensation expense | 901 | 487 |
Loans originated for sale | (200,500) | (170,112) |
Proceeds from sale of loans | 214,291 | 166,469 |
Gain on loans sold | (14,828) | (9,400) |
Gain on sale of other real estate owned | (31) | 0 |
Decrease in fair value of loans held-for-sale | 0 | 143 |
Gain on derivatives | 1,803 | 368 |
Gain on bank-owned life insurance | (149) | 0 |
Loan servicing asset revaluation | 1,263 | 413 |
Net change in accrued income and other assets | (3,370) | (4,985) |
Net change in accrued expenses and other liabilities | (1,305) | (2,625) |
Net cash provided by (used in) by operating activities | 18,816 | (4,844) |
Investing Activities | ||
Net loan activity, excluding purchases | (57,851) | (37,490) |
Proceeds from sale of other real estate owned | 406 | 0 |
Maturities and calls of securities available-for-sale | 33,701 | 25,446 |
Purchase of securities available-for-sale | (50,947) | (14,863) |
Maturities and calls of securities held-to-maturity | 11,418 | 11,332 |
Purchase of securities held-to-maturity | (53,977) | (49,443) |
Purchase of premises and equipment | (1,496) | (3,132) |
Proceeds from bank-owned life insurance | 737 | 0 |
Loans purchased | (64,944) | (118,813) |
Other investing activities | (10,438) | (2,094) |
Net cash used in investing activities | (193,391) | (189,057) |
Financing Activities | ||
Net increase in deposits | 206,949 | 410,951 |
Cash dividends paid | (1,049) | (1,091) |
Repurchase of common stock | (283) | (6,774) |
Proceeds from advances from Federal Home Loan Bank | 320,000 | 220,000 |
Repayment of advances from Federal Home Loan Bank | (360,000) | (220,000) |
Other, net | (154) | (106) |
Net cash provided by financing activities | 165,463 | 402,980 |
Net (Decrease) Increase in Cash and Cash Equivalents | (9,112) | 209,079 |
Cash and Cash Equivalents, Beginning of Period | 405,898 | 256,552 |
Cash and Cash Equivalents, End of Period | 396,786 | 465,631 |
Supplemental Disclosures | ||
Cash paid during the period for interest | 97,494 | 72,013 |
Cash paid during the period for taxes | 378 | 818 |
Loans transferred to other real estate owned | 0 | 106 |
Cash dividends declared, paid in subsequent period | 520 | 526 |
Securities purchased during the period, settled in subsequent period | $ 0 | $ 2,632 |
Basis of Presentation |
6 Months Ended |
---|---|
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information or footnotes necessary for a complete presentation of financial condition, results of operations, changes in shareholders’ equity, or cash flows in accordance with GAAP. In our opinion, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation have been included. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results expected for the year ending December 31, 2024 or any other period. The June 30, 2024 condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the First Internet Bancorp Annual Report on Form 10-K for the year ended December 31, 2023. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, or assumptions that could have a material effect on the carrying value of certain assets and liabilities. These estimates, judgments, and assumptions affect the amounts reported in the condensed consolidated financial statements and the disclosures provided. The determination of the allowance for credit losses, income taxes, valuations and impairments of investment securities and goodwill, as well as fair value measurements of derivatives and loans held-for-sale are highly dependent upon management’s estimates, judgments, and assumptions, and changes in any of these could have a significant impact on the condensed consolidated financial statements. The condensed consolidated financial statements include the accounts of First Internet Bancorp (the “Company”), its wholly owned subsidiary, First Internet Bank of Indiana (the “Bank”), and the Bank’s three wholly owned subsidiaries, First Internet Public Finance Corp., JKH Realty Services, LLC and SPF15, Inc. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company is subject to claims and lawsuits that arise primarily in the ordinary course of business. It is the opinion of management that the disposition or ultimate resolution of such claims and lawsuits will not have a material adverse effect on the consolidated financial position, results of operations, and cash flows of the Company.
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Earnings Per Share |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Earnings per share of common stock are based on the weighted-average number of basic shares and dilutive shares outstanding during the period. The following is a reconciliation of the weighted-average common shares for the basic and diluted earnings per share computations for the three and six months ended June 30, 2024 and 2023.
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Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities The following tables summarize securities AFS and securities HTM as of June 30, 2024 and December 31, 2023.
1 Includes $0.3 million of additional premium related to terminated interest rate swaps associated with agency mortgage-backed securities - residential as of June 30, 2024.
1 Includes $0.4 million of additional premium related to terminated interest rate swaps associated with agency mortgage-backed securities - residential as of December 31, 2023. Accrued interest receivable on AFS and HTM securities at June 30, 2024 was $2.8 million and $1.3 million, respectively, compared to $2.9 million and $1.2 million, respectively, at December 31, 2023, and is included in accrued interest receivable on the condensed consolidated balance sheet. The Company elected to exclude all accrued interest receivable from securities when estimating credit losses. At both June 30, 2024 and December 31, 2023, over 95% of mortgage-backed securities (including both AFS and HTM) held by the Company are issued by U.S. government-sponsored entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses; therefore, the Company did not record an ACL on these securities. Additionally, the Company evaluated credit impairment for individual AFS securities that are in an unrealized loss position and determined that the unrealized losses are unrelated to credit quality and are primarily attributable to changes in interest rates and volatility in the financial markets. As the Company does not intend to sell the AFS securities that are in an unrealized loss position, and it is unlikely that it will be required to sell these securities before recovery of their amortized cost basis, the Company did not record an ACL on these securities. In accordance with the adoption of ASC 326, the Company also evaluated its HTM securities that are in an unrealized loss position and considered issuer bond ratings, historical loss rates for bond ratings and economic forecasts. As a result, the Company recorded in an initial ACL in retained earnings of $0.3 million on January 1, 2023. The Company reevaluated these securities at June 30, 2024 and determined no additional ACL was necessary. The carrying value of securities at June 30, 2024 is shown below by their contractual maturity date. Actual maturities will differ because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
There were no gross gains or losses resulting from the sale of available-for-sale securities during the three and six months ended June 30, 2024 and June 30, 2023, respectively. Certain investments in debt securities are reported in the condensed consolidated financial statements at an amount less than their historical cost. The total fair value of these investments at June 30, 2024 and December 31, 2023 was $603.2 million and $578.9 million, which was approximately 82% and 85%, respectively, of the Company’s AFS and HTM securities portfolios. As of June 30, 2024, the Company’s security portfolio consisted of 553 securities, of which 493 were in an unrealized loss position. As of December 31, 2023, the Company’s security portfolio consisted of 512 securities, of which 434 were in an unrealized loss position. The unrealized losses are related to the categories noted below. U. S. Government-Sponsored Agencies, Municipal Securities and Corporate Securities The unrealized losses on the Company’s investments in securities issued by U.S. Government-sponsored agencies, municipal organizations and corporate entities were caused primarily by interest rate changes. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be upon maturity. Agency Mortgage-Backed and Private Label Mortgage-Backed Securities The unrealized losses on the Company’s investments in agency mortgage-backed and private label mortgage-backed securities were caused primarily by interest rate changes. The Company expects to recover the amortized cost basis over the terms of the securities. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be upon maturity. The following tables show the securities portfolio’s gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2024 and December 31, 2023.
The following tables summarize ratings for the Company’s HTM portfolio as of June 30, 2024 and December 31, 2023.
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Loans |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans Loan balances as of June 30, 2024 and December 31, 2023 are summarized in the table below. Categories of loans include:
1 Includes carrying value adjustments of $25.6 million and $27.8 million related to terminated interest rate swaps associated with public finance loans as of June 30, 2024 and December 31, 2023, respectively. Risk characteristics of each loan portfolio segment are as follows: Commercial and Industrial: Commercial and industrial loans’ sources of repayment are primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected, and the collateral securing these loans may fluctuate in value. Loans are made for working capital, equipment purchases, or other purposes. Most commercial and industrial loans are secured by the assets being financed and may incorporate a personal guarantee. This portfolio segment is generally concentrated in the Midwest and Southwest regions of the United States. Owner-Occupied Commercial Real Estate: The primary source of repayment is the cash flow from the ongoing operations and activities conducted by the borrower, or an affiliate of the borrower, who owns the property. This portfolio segment is generally concentrated in the Midwest and Southwest regions of the United States and its loans are often secured by manufacturing and service facilities. Investor Commercial Real Estate: These loans are made on a nationwide basis and are underwritten primarily based on the cash flow expected to be generated from the property and are secondarily supported by the value of the real estate. These loans typically incorporate a personal guarantee from the primary sponsor or sponsors. This portfolio segment generally involves larger loan amounts with repayment primarily dependent on the successful leasing and operation of the property securing the loan or the business conducted on the property securing the loan. Investor commercial real estate loans may be more adversely affected by changing economic conditions in the real estate markets, industry dynamics or the overall health of the local economy where the property is located. The properties securing the Company’s investor commercial real estate portfolio tend to be diverse in terms of property type. Management monitors and evaluates commercial real estate loans based on property financial performance, collateral value, guarantor strength, economic and industry conditions together with other risk grade criteria. As a general rule, the Company avoids financing special use projects unless other underwriting factors are present to mitigate these additional risks. Construction: Construction loans are made on a nationwide basis and are secured by land and related improvements and are made to assist in the construction of new structures, which may include commercial (retail, industrial, office, and multi-family) properties, land development for residential properties or single family residential properties offered for sale by the builder. These loans generally finance a variety of project costs, including land, site preparation, architectural services, construction, closing and soft costs and interim financing needs. The cash flows of builders, while initially predictable, may fluctuate with market conditions, and the value of the collateral securing these loans may be subject to fluctuations based on general economic changes. Single Tenant Lease Financing: These loans are made on a nationwide basis to owners of real estate subject to long-term lease arrangements with single tenant operators. The real estate is typically operated by regionally, nationally or globally branded businesses. The loans are underwritten based on the financial strength of the borrower, characteristics of the real estate, cash flows generated from the lease arrangements and the financial strength of the tenant. Similar to the other loan portfolio segments, management monitors and evaluates these loans based on borrower and tenant financial performance, collateral value, industry trends and other risk grade criteria. Public Finance: These loans are made on a nationwide basis to governmental and not-for-profit entities to provide both tax-exempt and taxable loans for a variety of purposes including: short-term cash-flow needs; debt refinancing; economic development; quality of life projects; infrastructure improvements; renewable energy projects; and equipment financing. The primary sources of repayment for public finance loans include pledged revenue sources including but not limited to: general obligations; property taxes; income taxes; tax increment revenue; utility revenue; gaming revenues; sales tax; and pledged general revenue. Certain loans may also include an additional collateral pledge of mortgaged property or a security interest in financed equipment. Healthcare Finance: These loans are made on a nationwide basis to healthcare providers, primarily dentists, for practice acquisition financing or refinancing that occasionally includes owner-occupied commercial real estate and equipment purchases. The sources of repayment are primarily based on the identified cash flows from operations of the borrower and related entities and secondarily on the underlying collateral provided by the borrower. Small Business Lending: These loans are made on a nationwide basis to small businesses and generally carry a partial guaranty from the U.S. Small Business Administration (“SBA”) under its 7(a) loan program. We generally sell the government guaranteed portion of SBA loans into the secondary market while retaining the non-guaranteed portion of the loan and the servicing rights. Loans in the small business lending portfolio have sources of repayment that are primarily based on the identified cash flows of the borrower and secondarily on any underlying collateral provided by the borrower. Loans may, but do not always, have a collateral shortfall. For SBA loans where the guaranteed portion is retained, the SBA guaranty provides a tertiary source of repayment to the Bank in event of borrower default. Cash flows of borrowers, however, may not be as expected and collateral securing these loans may fluctuate in value. Loans are made for a broad array of purposes including, but not limited to, providing operating cash flow, funding ownership changes, and facilitating equipment and commercial real estate purchases. Franchise Finance: These loans are made on a nationwide basis through our partnership with ApplePie Capital, which through their deep relationships with franchise brands provides franchisees with financing options for new franchise units, recapitalization, expansion, equipment and working capital. The sources of repayment are either based on identified cash flows from existing operations of the borrower or pro forma cash flow for new franchise locations. Residential Mortgage: With respect to residential loans that are secured by 1-to-4 family residences and are generally owner occupied, the Company typically establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Repayment of these loans is primarily dependent on the financial circumstances of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Repayment can also be impacted by changes in residential property values. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers in geographically diverse locations throughout the country. Home Equity: Home equity loans and lines of credit are typically secured by a subordinate interest in 1-to-4 family residences. The properties securing the home equity portfolio segment are generally geographically diverse as the Company offers these products on a nationwide basis. Repayment of these loans and lines of credit is primarily dependent on the financial circumstances of the borrowers and may be impacted by changes in unemployment levels and property values on residential properties, among other economic conditions in the market. Other Consumer: These loans primarily consist of consumer loans and credit cards. Consumer loans may be secured by consumer assets such as horse trailers or recreational vehicles. Some consumer loans are unsecured, such as small installment loans, home improvement loans and certain lines of credit. Repayment of consumer loans is primarily dependent upon the personal income of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers in geographically diverse locations throughout the country. Allowance for Credit Losses (“ACL”) Methodology The ACL for loans represents management's estimate of all expected credit losses over the expected life of the Company’s existing loan portfolio. Management estimates the ACL balance using relevant available information about the collectability of cash flows, from internal and external sources, including historical information relating to past events, current conditions, and reasonable and supportable forecasts of future economic conditions. When the Company is unable to forecast future economic events, management may revert to historical information. The Company's methodologies incorporate a one-year reasonable and supportable forecast period with a one-year straight line reversion to the long-term historical average. The ACL methodology may also consider other adjustments to address changes in conditions, trends, and circumstances such as local industry changes that could have a significant impact on the risk profile of the loan portfolio and provide for adjustments that may not be reflected and/or captured in the historical loss data. These factors include: lending policies, imprecision in forecasting future economic conditions, loan profile, lending staff, problem loan trends, loan review, collateral, credit concentration, or other internal and external factors. The Company also includes qualitative adjustments to the allowance based on factors and considerations that have not otherwise been fully accounted for. Qualitative adjustments include, but are not limited to: •Changes in lending policies and procedures, including changes in underwriting standards and collections, charge-offs and recovery practices •Changes in international, national, regional and local conditions •Changes in the nature and volume of the portfolio and terms of loans •Changes in the experience, depth and ability of lending management •Changes in the volume and severity of past due loans and other similar conditions •Changes in the quality of the organization’s loan review system •Changes in the value of underlying collateral for collateral dependent loans •The existence and effect of any concentrations of credit and changes in the levels of such concentrations •The effect of other external factors (i.e. competition, legal and regulatory requirements) on the level of estimated credit losses The ACL is measured on a collective or pool basis when similar risk characteristics exist. The Company segments its portfolio generally by Federal Financial Institutions Examination Council ("FFIEC") Call Report codes that align with its lines of business. Additional sub-segmentation may be utilized to identify groups of loans with unique risk characteristics relative to the rest of the portfolio. Loans that do not share similar risk characteristics are evaluated on an individual basis. These evaluations are typically performed on loans with a deteriorated internal risk rating. The allowance for credit loss is determined based on several methods, including estimating the fair value of the underlying collateral or the present value of expected cash flows. The Company relies on a third-party platform that offers multiple methodologies to measure historical life-of-loan losses. Modified Loans to Borrowers Experiencing Financial Difficulty The Company may make modifications to certain loans in order to alleviate temporary difficulties in the borrower’s financial condition and/or constraints on the borrower’s ability to repay the loan, and to minimize potential losses to the Company. Modifications may include changes in the amortization terms of the loan, reductions in interest rates, acceptance of interest only payments, and/or reductions to the outstanding loan balance. Such loans are typically placed on nonaccrual status when there is doubt concerning the full repayment of principal and interest or the loan has been delinquent for a period of 90 days or more. These loans may be returned to accrual status when all contractual amounts past due have been brought current, and the borrower’s performance under the modified terms of the loan agreement and the ultimate collectability of all contractual amounts due under the modified terms is no longer in doubt. The Company typically measures the ACL on modified loans to borrowers experiencing financial difficulty on an individual basis when the loans are deemed to no longer share risk characteristics that are similar with other loans in the portfolio. The determination of the ACL for these loans is based on a discounted cash flow approach for both those measured collectively and individually, unless the loan is deemed collateral dependent, which requires measurement of the ACL based on the estimated expected fair value of the underlying collateral, less costs to sell. GAAP requires the Company to make certain disclosures related to these loans, including certain types of modifications, as well as how such loans have performed since their modifications. Provision for Credit Losses A provision for estimated losses on loans is charged to income based upon management’s evaluation of the potential losses. Such an evaluation, which includes a review of all loans for which full repayment may not be reasonably assured, considers, among other matters, the estimated net realizable value of the underlying collateral, as applicable, economic conditions, loan loss experience, and other factors that are particularly susceptible to changes that could result in a material adjustment in the near term. While management attempts to use the best information available in making its evaluations, future allowance adjustments may be necessary if economic conditions change substantially from the assumptions used in making the evaluations. Policy for Charging Off Loans The Company’s policy is to charge off a loan at any point in time when it no longer can be considered a bankable asset, meaning collectible within the parameters of policy. A secured loan is generally charged down to the estimated fair value of the collateral, less costs to sell, no later than when it is 120 days past due as to principal or interest. An unsecured loan generally is charged off no later than when it is 180 days past due as to principal or interest. A home improvement loan generally is charged off no later than when it is 90 days past due as to principal or interest. The following tables present changes in the balance of the ACL during the three and six months ended June 30, 2024 and 2023.
Accrued interest receivable on loans totaled $28.1 million and $26.7 million at June 30, 2024 and December 31, 2023, respectively, and is excluded from the estimate of credit losses. The Company made the accounting policy election to not measure an ACL for accrued interest receivable. Accrued interest deemed uncollectible will be written off through interest income. In addition to the ACL, the Company established a reserve for off-balance sheet commitments, classified in other liabilities, as required by the adoption of the CECL methodology for measuring credit losses. This reserve is maintained at a level management believes to be sufficient to absorb losses arising from unfunded loan commitments. The day one entry for off-balance sheet commitments resulted in a reserve of $2.5 million. The adequacy of the reserve for unfunded commitments is determined quarterly based on methodology similar to the methodology for determining the ACL. The following tables detail activity in the provision (benefit) for credit losses on off-balance sheet commitments for the three and six months ended June 30, 2024.
The following table details activity in the provision for credit losses on off-balance sheet commitments for the three and six months ended June 30, 2023.
The Company utilizes a risk grading matrix to assign a risk grade to each of its commercial loans. A description of the general characteristics of the risk grades is as follows: •“Pass” - Higher quality loans that do not fit any of the other categories described below. •“Special Mention” - Loans that possess some credit deficiency or potential weakness, which deserve close attention. •“Substandard” - Loans that possess a defined weakness or weaknesses that jeopardize the liquidation of the debt. Loans characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. •“Doubtful” - Such loans have been placed on nonaccrual status and may be heavily dependent upon collateral possessing a value that is difficult to determine or based upon some near-term event that lacks clear certainty. These loans have all of the weaknesses of those classified as Substandard; however, based on existing conditions, these weaknesses make full collection of the principal balance highly improbable. •“Loss” - Loans that are considered uncollectible and of such little value that continuing to carry them as assets is not warranted. The Company does not risk grade its consumer loans. It classifies them as either performing or nonperforming. Below is a description of those classifications: •“Performing” - Loans that are accruing and full collection of principal and interest is expected. •“Nonperforming” - Loans that are 90 days delinquent or for which the full collection of principal and interest may be in doubt. The following tables present the credit risk profile of the Company’s commercial and consumer loan portfolios by loan class and by year of origination for the years indicated based on rating category and payment activity as of June 30, 2024 and December 31, 2023.
1 Balance in “Substandard” is partially guaranteed by the U.S. government.
The following tables present the Company’s loan portfolio delinquency analysis as of June 30, 2024 and December 31, 2023.
1 Balance is partially guaranteed by the U.S. government.
1 Balance is partially guaranteed by the U.S. government. Loans are reclassified to a non-accruing status when, in management’s judgment, the collateral value and financial condition of the borrower do not justify accruing interest. At the time the accrual is discontinued, all unpaid accrued interest is reversed against earnings. Interest income accrued in prior years, if any, is charged to the allowance for credit losses. Payments subsequently received on nonaccrual loans are applied to principal. A loan is returned to accrual status when principal and interest are no longer past due and collectability is probable, typically after a minimum of nine consecutive months of performance. The Company recorded less than $0.1 million interest income recognized on nonaccrual loans for both the six months ended June 30, 2024 and 2023. The following table summarizes the Company’s nonaccrual loans and loans past due 90 days or more and still accruing by loan class for the periods indicated:
1 Balance is partially guaranteed by the U.S. government. Determining fair value for collateral dependent loans requires obtaining a current independent appraisal of the collateral and applying a discount factor, which includes selling costs if applicable, to the value. The fair value of real estate is generally based on appraisals by qualified licensed appraisers. The appraisers typically determine the value of the real estate by utilizing an income or market valuation approach. If an appraisal is not available, the fair value may be determined by using a cash flow analysis. Fair value on other collateral such as business assets is typically ascertained by assessing, either singularly or some combination of, asset appraisals, accounts receivable aging reports, inventory listings and/or customer financial statements. Both appraised values and values based on borrower’s financial information are discounted as considered appropriate based on age and quality of the information and current market conditions. The following tables present the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses as of June 30, 2024 and December 31, 2023.
1 Balance is partially guaranteed by the U.S. government.
1 Balance is partially guaranteed by the U.S. government. Loan Modifications to Borrowers Experiencing Financial Difficulty In January 2023, the Company adopted ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt restructurings and Vintage Disclosures” (“ASU 2022-02”), which eliminated the accounting guidance for troubled debt restructurings (“TDRs”) while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. This guidance was applied on a prospective basis. Upon adoption of this guidance, the Company no longer establishes a specific reserve for modifications to borrowers experiencing financial difficulty. Instead, these modifications are included in their respective loan pool and a historical loss rate is applied to the current loan balance to arrive at the quantitative baseline portion of the ACL. Modifications to borrowers experiencing financial difficulty may include interest rate reductions, principal or interest forgiveness, forbearances, term extensions and other actions intended to minimize loss and to avoid foreclosure or repossession of collateral. The Company did not have any loan modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2024 and 2023. Other Real Estate Owned The Company had no other real estate owned (“OREO”) as of June 30, 2024. The Company had $0.4 million in other real estate owned (“OREO”) as of December 31, 2023, which consisted of two residential mortgage properties. There were two loans totaling $0.5 million and one loan totaling $0.8 million, in the process of foreclosure at June 30, 2024 and December 31, 2023, respectively.
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Premises and Equipment |
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Premises and Equipment | Premises and Equipment The following table summarizes premises and equipment at June 30, 2024 and December 31, 2023.
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Goodwill |
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Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill As of June 30, 2024 and December 31, 2023, the carrying amount of goodwill was $4.7 million. There have been no changes in the carrying amount of goodwill for the three and six months ended June 30, 2024 or June 30, 2023. Goodwill is assessed for impairment annually as of August 31, or more frequently if events occur or circumstances change that indicate an impairment may exist. When assessing goodwill for impairment, first, a qualitative assessment can be made to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its estimated carrying value. If the results of the qualitative assessment are not conclusive, a quantitative goodwill test is performed. Alternatively, a quantitative goodwill test can be performed without performing a qualitative assessment. Goodwill was assessed for impairment using a quantitative test performed as of August 31, 2023. The estimated fair value of the reporting unit exceeded the net carrying value, and therefore no goodwill impairment existed as of that date.
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Servicing Asset |
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Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Servicing Asset | Servicing Asset Activity for the servicing asset and the related changes in fair value for the three and six months ended June 2024 and 2023 are shown in the table below.
Loans serviced for others are not included in the condensed consolidated balance sheets. The unpaid principal balances of these loans serviced for others as of June 30, 2024 and December 31, 2023 are shown in the table below.
Loan servicing revenue totaled $1.5 million and $2.8 million for the three and six months ended June 30, 2024, respectively, and $0.9 million and $1.6 million for the three and six months ended June 30, 2023, respectively. Loan servicing asset revaluation, which represents the change in fair value of the servicing asset, resulted in a $0.8 million and $1.3 million downward valuation for the three and six months ended June 30, 2024, respectively, and a $0.4 million downward valuation for both the three and six months ended June 30, 2023. The fair value of servicing rights is highly sensitive to changes in underlying assumptions. Though fluctuations in prepayment speeds and changes in secondary market premiums generally have the most substantial impact on the fair value of servicing rights, other influencing factors include changing economic conditions, changes to the discount rate assumption and the weighted average life of the servicing portfolio. Measurement of fair value is limited to the conditions existing and the assumptions used as of a particular point in time; however, those assumptions may change over time. Refer to Note 11 - Fair Value of Financial Instruments for further details.
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Subordinated Debt |
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Subordinated Debt | Subordinated Debt In June 2019, the Company issued $37.0 million aggregate principal amount of 6.0% Fixed-to-Floating Rate Subordinated Notes due 2029 (the “2029 Notes”) in a public offering. The 2029 Notes bear interest at a floating rate equal to three-month Term SOFR plus 4.376%. All interest on the 2029 Notes is payable quarterly. The 2029 Notes are scheduled to mature on June 30, 2029. The 2029 Notes are unsecured subordinated obligations of the Company and may be repaid, without penalty, on any interest payment date on or after June 30, 2024. The 2029 Notes are intended to qualify as Tier 2 capital under regulatory guidelines. In October 2020, the Company entered into a term loan in the principal amount of $10.0 million, evidenced by a term note due 2030 (the “2030 Note”). The 2030 Note initially bears a fixed interest rate of 6.0% per year to, but excluding, November 1, 2025 and thereafter at a floating rate equal to the then-current benchmark rate (initially three-month Term SOFR plus 5.795%). The 2030 Note is scheduled to mature on November 1, 2030. The 2030 Note is an unsecured subordinated obligation of the Company and may be repaid, without penalty, on any interest payment date on or after November 1, 2025. The 2030 Note is intended to qualify as Tier 2 capital under regulatory guidelines. The Company used the net proceeds from the issuance of the 2030 Note to redeem a subordinated term note that had been entered into in October 2015. In August 2021, the Company issued $60.0 million aggregate principal amount of 3.75% Fixed-to-Floating Rate Subordinated Notes due 2031 (the “2031 Notes”) in a private placement. The 2031 Notes initially bear a fixed interest rate of 3.75% per year to, but excluding, September 1, 2026, and thereafter a floating rate equal to the then-current benchmark rate (initially three-month Term SOFR plus 3.11%). The 2031 Notes are scheduled to mature on September 1, 2031. The 2031 Notes are unsecured subordinated obligations of the Company and may be repaid, without penalty, on any interest payment date on or after September 1, 2026. The 2031 Notes are intended to qualify as Tier 2 capital under regulatory guidelines. The Company used a portion of the net proceeds from the issuance of the 2031 Notes to redeem subordinated notes issued by the Company in 2016. Pursuant to the terms of a Registration Rights Agreement between the Company and the initial purchasers of the 2031 Notes, the Company offered to exchange the 2031 Notes for subordinated notes that are registered under the Securities Act of 1933, as amended, and have substantially the same terms as the 2031 Notes. On December 30, 2021, we completed an exchange of $59.3 million principal amount of the unregistered 2031 Notes for registered 2031 Notes in satisfaction of our obligations under the registration rights agreement. Holders of $0.7 million of unregistered 2031 Notes did not participate in the exchange. The following table presents the principal balance and unamortized discount and debt issuance costs for the 2029 Notes, the 2030 Note, and the 2031 Notes as of June 30, 2024 and December 31, 2023.
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Benefit Plans |
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Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans | Benefit Plans Employment Agreements The Company is party to certain employment agreements with each of its Chief Executive Officer, President and Chief Operating Officer and Executive Vice President and Chief Financial Officer. The employment agreements each provide for annual base salaries and annual bonuses, if any, as determined from time to time by the Compensation Committee of our Board of Directors. The annual bonuses are to be determined with reference to the achievement of annual performance objectives established by the Compensation Committee. The agreements also provide that each of the Chief Executive Officer, President and Chief Operating Officer and Executive Vice President and Chief Financial Officer, may be awarded additional compensation, benefits, or consideration as the Compensation Committee may determine. The agreements also provide for the continuation of salary and certain other benefits for a specified period of time upon termination of employment under certain circumstances, including resignation for “good reason,” termination by the Company without “cause” at any time or any termination of employment within twelve months following a “change in control,” along with other specific conditions. 2022 Equity Incentive Plan The First Internet Bancorp 2022 Equity Incentive Plan (the “2022 Plan”) was approved by our Board of Directors and ratified by our shareholders on May 16, 2022. The plan permits awards of incentive and non-statutory stock options, stock appreciation rights, restricted stock awards, stock unit awards, performance awards and other stock-based awards. All employees, consultants and advisors of the Company or any subsidiary, as well as all non-employee directors of the Company, are eligible to receive awards under the 2022 Plan. The 2022 Plan initially authorized the issuance of 400,000 new shares of the Company’s common stock plus all shares of common stock that remained available for future grants under the First Internet Bancorp 2013 Equity Incentive Plan (the “2013 Plan”). Award Activity Under 2022 Plan The Company recorded $0.4 million and $0.7 million of share-based compensation expense for the three and six months ended June 30, 2024, respectively, related to stock-based awards under the 2022 Plan. The Company recorded less than $0.1 million of share-based compensation expense for both the three and six months ended June 30, 2023, related to stock-based awards under the 2022 Plan. The following table summarizes the stock-based award activity under the 2022 Plan for the six months ended June 30, 2024.
At June 30, 2024, the total unrecognized compensation cost related to unvested stock-based awards under the 2022 Plan was $2.8 million with a weighted-average expense recognition period of 2.0 years. 2013 Equity Incentive Plan The 2013 Plan authorized the issuance of 750,000 shares of the Company’s common stock in the form of stock-based awards to employees, directors, and other eligible persons. Although outstanding stock-based awards under the 2013 Plan remain in place according to their terms, our authority to grant new awards under the 2013 Plan terminated upon shareholder approval of the 2022 Plan. Award Activity Under 2013 Plan The Company recorded $0.1 million and $0.2 million of share-based compensation expense for the three and six months ended June 30, 2024, respectively, related to stock-based awards under the 2013 Plan. The Company recorded less than $0.1 million and $0.5 million of share-based compensation expense for the three and six months ended June 30, 2023, respectively, related to stock-based awards under the 2013 Plan. The following table summarizes the stock-based award activity under the 2013 Plan for the six months ended June 30, 2024.
At June 30, 2024, the total unrecognized compensation cost related to unvested stock-based awards under the 2013 Plan was $0.2 million with a weighted-average expense recognition period of 0.6 years. Directors Deferred Stock Plan Until January 2014, the Company had a practice of granting awards under a stock compensation plan for members of the Board of Directors (“Directors Deferred Stock Plan”). The Company reserved 180,000 shares of common stock that could have been issued pursuant to the Directors Deferred Stock Plan. The plan provided directors the option to elect to receive up to 100% of their annual retainer in either common stock or deferred stock rights. Deferred stock rights were to be settled in common stock following the end of the deferral period payable on the basis of one share of common stock for each deferred stock right. The following table summarizes the status of deferred stock rights related to the Directors Deferred Stock Plan for the six months ended June 30, 2024.
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Commitments and Credit Risk |
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Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Credit Risk | Commitments and Credit Risk |
Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC Topic 820, Fair Value Measurement, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also specifies a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying condensed consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. Available-for-Sale Securities Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. The Company did not own any securities classified within Level 1 of the hierarchy as of June 30, 2024 or December 31, 2023. Level 2 securities include U.S. Government-sponsored agencies, municipal securities, mortgage and asset-backed securities and corporate securities. Matrix pricing is a mathematical technique widely used in the banking industry to value investment securities. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. Fair values are calculated using discounted cash flows. Discounted cash flows are calculated based off of the anticipated future cash flows updated to incorporate loss severities. Rating agency and industry research reports as well as default and deferral activity are reviewed and incorporated into the calculation. The Company did not own any securities classified within Level 3 of the hierarchy as of June 30, 2024 or December 31, 2023. Loans Held-for-Sale (mandatory pricing agreements) The fair value of loans held-for-sale is determined using quoted prices for similar assets, adjusted for specific attributes of that loan (Level 2). Servicing Asset Fair value is based on a loan-by-loan basis taking into consideration the origination to maturity dates of the loans, the current age of the loans and the remaining term to maturity. The valuation methodology utilized for the servicing asset begins with generating estimated future cash flows for each servicing asset based on their unique characteristics and market-based assumptions for prepayment speeds and costs to service. The present value of the future cash flows is then calculated utilizing market-based discount rate assumptions (Level 3). Interest Rate Swap Agreements The fair values of interest rate swap agreements are estimated using current market interest rates as of the balance sheet date and calculated using discounted cash flows that are observable or that can be corroborated by observable market data (Level 2). Back-to-Back Swap Agreements The Company offers interest rate swaps to certain loan customers to allow them to hedge the risk of rising interest rates on their variable rate loans. The Company originates a variable rate loan and enters into a variable-to-fixed interest rate contract with the customer. The Company also enters into an offsetting interest rate swap with a correspondent bank. These back-to-back swap agreements are intended to offset each other and allow the Company to originate a variable rate loan, while providing a contract for fixed interest payments for the customer. The net cash flow for the Company is equal to the interest income received from a variable rate loan originated with the customer. The fair value of these derivatives is based on a discounted cash flow approach. The fair value assets and liabilities of centrally cleared interest rate swaps are net of variation margin settled-to-market (Level 2). Interest Rate Lock Commitments The fair values of IRLCs are determined using the projected sale price of individual loans based on changes in market interest rates, projected pull-through rates (the probability that an IRLC will ultimately result in an originated loan), the reduction in the value of the applicant’s option due to the passage of time, and the remaining origination costs to be incurred based on management’s estimate of market costs (Level 3). The following tables present the fair value measurements of assets and liabilities recognized in the accompanying condensed consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2024 and December 31, 2023.
The following tables reconcile the beginning and ending balances of recurring fair value measurements recognized in the accompanying condensed consolidated balance sheets using significant unobservable (Level 3) inputs for the three and six months ended June 30, 2024 and 2023.
The following describes the valuation methodologies and inputs used for assets measured at fair value on a nonrecurring basis, as well as the general classification of such assets pursuant to the valuation hierarchy. Individually Analyzed Collateral Dependent Loans Loans for which it is probable that the Company will not collect all principal and interest due according to contractual terms are measured for impairment. The amount of impairment may be determined based on the fair value of the underlying collateral, less costs to sell, the estimated present value of future cash flows or the loan’s observable market price. If the individually analyzed loan is identified as collateral dependent, the fair value of the underlying collateral, less costs to sell, is used to measure impairment. This method requires obtaining a current independent appraisal of the collateral and applying a discount factor to the value. If the individually analyzed loan is not collateral dependent, the Company utilizes a discounted cash flow analysis to measure impairment. Individually analyzed loans with a specific valuation allowance based on the value of the underlying collateral or a discounted cash flow analysis are classified as Level 3 assets. The following table presents the fair value measurements of assets and liabilities recognized in the accompanying condensed consolidated balance sheets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurement falls at June 30, 2024 and December 31, 2023.
Significant Unobservable (Level 3) Inputs The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements.
The following methods were used to estimate the fair value of all other financial instruments recognized in the accompanying condensed consolidated balance sheets at amounts other than fair value. Cash and Cash Equivalents For these instruments, the carrying amount is a reasonable estimate of fair value. Securities Held-to-Maturity Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include highly liquid mutual funds. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. Level 2 securities include agency mortgage-backed securities - residential, municipal securities and corporate securities. Matrix pricing is a mathematical technique widely used in the banking industry to value investment securities. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. Fair values are calculated using discounted cash flows. Discounted cash flows are calculated based off of the anticipated future cash flows updated to incorporate loss severities. Rating agency and industry research reports as well as default and deferral activity are reviewed and incorporated into the calculation. The Company did not own any securities classified within Level 3 of the hierarchy as of June 30, 2024 or December 31, 2023. Loans Held-for-Sale (best efforts pricing agreements) The fair value of these loans approximates carrying value. Loans The fair value of loans is estimated on an exit price basis incorporating discounts for credit, liquidity and marketability factors. Accrued Interest Receivable The fair value of these financial instruments approximates carrying value. Federal Home Loan Bank of Indianapolis Stock The fair value of this financial instrument approximates carrying value. Deposits The fair value of noninterest-bearing and interest-bearing demand deposits, savings and money market accounts approximates carrying value. The fair value of fixed maturity certificates of deposit and brokered deposits are estimated using rates currently offered for deposits of similar remaining maturities. Advances from Federal Home Loan Bank The fair value of fixed rate advances is estimated using rates currently available for advances with similar remaining maturities. The carrying value of variable rate advances approximates fair value. Subordinated Debt The fair value of the Company’s publicly traded subordinated debt is obtained from quoted market prices. The fair value of the Company’s remaining subordinated debt is estimated using discounted cash flow analysis, based on current borrowing rates for similar types of debt instruments. Accrued Interest Payable The fair value of these financial instruments approximates carrying value. Commitments The fair value of commitments to extend credit are based on fees currently charged to enter into similar agreements with similar maturities and interest rates. The Company determined that the fair value of commitments was zero based on the contractual value of outstanding commitments at each of June 30, 2024 and December 31, 2023. The following tables present the carrying value and estimated fair value of all financial assets and liabilities that are not measured at fair value on a recurring basis at June 30, 2024 and December 31, 2023.
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Mortgage Banking Activities |
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Mortgage Banking [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Banking Activities | Mortgage Banking Activities The Bank’s residential real estate lending business originated mortgage loans for customers and typically sold a majority of the originated loans into the secondary market. For most of the mortgages sold in the secondary market, the Bank hedged its mortgage banking pipeline by entering into forward contracts for the future delivery of mortgage loans to third party investors and entering into IRLCs with potential borrowers to fund specific mortgage loans that would be sold into the secondary market. To facilitate the hedging of the loans, the Bank elected the fair value option for loans originated and intended for sale in the secondary market under mandatory pricing agreements. Changes in the fair value of loans held-for-sale, IRLCs and forward contracts are recorded in the mortgage banking activities line item within noninterest income. Refer to Note 13 for further information on derivative financial instruments. During both the three and six months ended June 30, 2024, the Company had no mortgage loans held-for-sale or sold mortgage loans into the secondary market. During the three months ended June 30, 2023, the Company had no mortgage loans held-for-sale and sold $3.1 million of mortgage loans into the secondary market. During the six months ended June 30, 2023, the Company originated $36.3 million of mortgage loans held-for-sale and sold $46.5 million of mortgage loans, respectively, into the secondary market. During the first quarter 2023, the Company made the decision to exit the residential mortgage business. The following table presents the components of income from mortgage banking activities for the three and six months ended June 30, 2024 and 2023.
Fluctuations in interest rates and changes in IRLC and loan volume within the mortgage banking pipeline may cause volatility in the fair value of loans held-for-sale and the fair value of derivatives used to hedge the mortgage banking pipeline.
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Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments The Company uses derivative financial instruments to help manage exposure to interest rate risk and the effects that changes in interest rates may have on net income and the fair value of assets and liabilities. The Company enters into interest rate swap agreements as part of its asset/liability management strategy to help manage its interest rate risk position. Additionally, the Company entered into forward contracts for the future delivery of mortgage loans to third-party investors and entered into IRLCs with potential borrowers to fund specific mortgage loans that were sold into the secondary market. The forward contracts were entered into in order to economically hedge the effect of changes in interest rates resulting from the Company’s commitment to fund the loans. The Company had various interest rate swap agreements designated and qualifying as accounting hedges during the reported periods. Designating an interest rate swap as an accounting hedge allows the Company to recognize gains and losses in the condensed consolidated statements of income within the same period that the hedged item affects earnings. The Company includes the gain or loss on the hedged items in the same line item as the offsetting loss or gain on the related interest rate swaps. For derivative instruments that are designated and qualify as cash flow hedges, any gains or losses related to changes in fair value are recorded in accumulated other comprehensive loss, net of tax. The fair value of interest rate swaps with a positive fair value are reported in accrued income and other assets in the condensed consolidated balance sheets, while interest rate swaps with a negative fair value are reported in accrued expenses and other liabilities in the condensed consolidated balance sheets. The Company offers interest rate swaps to certain loan customers to allow them to hedge the risk of rising interest rates on their variable rate loans. The Company originates a variable rate loan and enters into a variable-to-fixed interest rate contract with the customer. The Company also enters into an offsetting interest rate swap with a correspondent bank. These back-to-back swap agreements are intended to offset each other and allow the Company to originate a variable rate loan, while providing a contract for fixed interest payments for the customer. The net cash flow for the Company is equal to the interest income received from a variable rate loan originated with the customer. The fair value of these derivatives is based on a discounted cash flow approach. The fair value assets and liabilities of centrally cleared interest rate swaps are net of variation margin settled-to-market. The IRLCs and forward contracts are not designated as accounting hedges and are recorded at fair value with changes in fair value reflected in noninterest income on the condensed consolidated statements of income. The fair value of derivative instruments with a positive fair value are reported in accrued income and other assets in the condensed consolidated balance sheets, while derivative instruments with a negative fair value are reported in accrued expenses and other liabilities in the condensed consolidated balance sheets. The following table presents amounts that were recorded on the condensed consolidated balance sheets related to cumulative basis adjustments for interest rate swap derivatives designated as fair value accounting hedges as of June 30, 2024 and December 31, 2023.
1 These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. The designated hedged items were $50.0 million at both June 30, 2024 and December 31, 2023. The following tables present a summary of interest rate swap derivatives designated as fair value accounting hedges of fixed-rate receivables used in the Company’s asset/liability management activities at June 30, 2024 and December 31, 2023, identified by the underlying interest rate-sensitive instruments.
In March 2021, the Company terminated the last layer of interest rate swaps associated with available-for-sale agency mortgage-backed securities - residential, which resulted in swap termination payments to counterparties totaling $1.9 million. The corresponding fair value hedging adjustment was allocated pro-rata to the underlying hedged securities and is being amortized over the remaining lives of the designated securities. The Company had amortization expense totaling less than $0.1 million for both the three and six months ended June 30, 2024 and 2023, which was recognized as a reduction to interest income on securities. In June 2020, the Company terminated all fair value hedging relationships associated with loans, which resulted in swap termination payments to counterparties totaling $46.1 million. The corresponding loan fair value hedging adjustment as of the date of termination is being amortized over the remaining lives of the designated loans, which have a weighted average term to maturity of 10.0 years as of June 30, 2024. The Company had amortization expense totaling $1.2 million and $2.2 million for the three and six months ended June 30, 2024, respectively, and $1.0 million and $2.0 million for the three and six months ended June 30 2023, respectively, related to these previously terminated fair value hedges was recognized as a reduction to interest income on loans. The following tables present a summary of interest rate swap derivatives designated as cash flow accounting hedges of variable-rate liabilities used in the Company’s asset/liability management activities at June 30, 2024 and December 31, 2023.
These derivative financial instruments were entered into for the purpose of managing the interest rate risk of certain assets and liabilities. The Company received $5.5 million and $5.2 million of cash collateral from counterparties as security for their obligations related to these swap transactions at June 30, 2024 and December 31, 2023. The Company had no pledged cash collateral as of June 30, 2024 and December 31, 2023 to counterparties on interest rate swap agreements as security for its obligations related to these agreements. Collateral posted and received is dependent on the market valuation of the underlying hedges. The following table presents the notional amount and fair value of interest rate swaps utilized by the Company at June 30, 2024 and December 31, 2023.
The fair value of interest rate swaps was estimated using a discounted cash flow method that incorporates current market interest rates as of the balance sheet date. Back-to-back swaps consist of two interest-rate swaps (a customer swap and an offsetting counterparty swap). As a result of this offsetting relationship, no net gains or losses are recognized in income. The following table presents the effects of the Company’s cash flow hedge relationships on the condensed consolidated statements of comprehensive income during the three and six months ended June 30, 2024 and 2023.
The following table summarizes the periodic changes in the fair value of derivatives not designated as hedging instruments on the condensed consolidated statements of income for the three and six months ended June 30, 2024 and 2023.
The following table presents the effects of the Company’s interest rate swap agreements on the condensed consolidated statements of operations during the three and six months ended June 30, 2024 and 2023.
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Accumulated Other Comprehensive Loss |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss, included in shareholders' equity, for the six months ended June 30, 2024 and 2023, respectively, are presented in the table below.
The components of accumulated other comprehensive loss, included in stockholders' equity, for the three months ended June 30, 2024 and 2023, respectively, are presented in the table below.
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Recent Accounting Pronouncements |
6 Months Ended |
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Jun. 30, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements ASU 2023-02 - Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (March 2023) In March 2023, the FASB issued ASU No. 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. This ASU permits companies to account for tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. The Company adopted this guidance on January 1, 2024 and it did not have a material impact on its consolidated financial statements. ASU 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segments (November 2023) In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segments. This ASU enhances financial reporting by requiring disclosure of incremental segment information on an annual and interim basis. The guidance is effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the impact of this ASU on its condensed consolidated financial statements. ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures (December 2023) In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. This ASU enhances the transparency and usefulness of income tax disclosures, which addresses investor requests for more transparency about income tax disclosures related primarily to the rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the impact of this ASU on its condensed consolidated financial statements.
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Recent Accounting Pronouncements (Policies) |
6 Months Ended |
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Jun. 30, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements ASU 2023-02 - Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (March 2023) In March 2023, the FASB issued ASU No. 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. This ASU permits companies to account for tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. The Company adopted this guidance on January 1, 2024 and it did not have a material impact on its consolidated financial statements. ASU 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segments (November 2023) In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segments. This ASU enhances financial reporting by requiring disclosure of incremental segment information on an annual and interim basis. The guidance is effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the impact of this ASU on its condensed consolidated financial statements. ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures (December 2023) In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. This ASU enhances the transparency and usefulness of income tax disclosures, which addresses investor requests for more transparency about income tax disclosures related primarily to the rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the impact of this ASU on its condensed consolidated financial statements.
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Number of Shares | The following is a reconciliation of the weighted-average common shares for the basic and diluted earnings per share computations for the three and six months ended June 30, 2024 and 2023.
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Securities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | The following tables summarize securities AFS and securities HTM as of June 30, 2024 and December 31, 2023.
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Schedule Of Held-To-Maturity Securities Reconciliation |
1 Includes $0.3 million of additional premium related to terminated interest rate swaps associated with agency mortgage-backed securities - residential as of June 30, 2024.
1 Includes $0.4 million of additional premium related to terminated interest rate swaps associated with agency mortgage-backed securities - residential as of December 31, 2023.
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Available-for-sale Securities | The carrying value of securities at June 30, 2024 is shown below by their contractual maturity date. Actual maturities will differ because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
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Held-to-maturity Securities |
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Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | The following tables show the securities portfolio’s gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2024 and December 31, 2023.
The following tables summarize ratings for the Company’s HTM portfolio as of June 30, 2024 and December 31, 2023.
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Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive loss, included in shareholders' equity, for the six months ended June 30, 2024 and 2023, respectively, are presented in the table below.
The components of accumulated other comprehensive loss, included in stockholders' equity, for the three months ended June 30, 2024 and 2023, respectively, are presented in the table below.
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Loans (Tables) |
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Schedule of Accounts, Notes, Loans and Financing Receivable | Loan balances as of June 30, 2024 and December 31, 2023 are summarized in the table below. Categories of loans include:
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Allowance for Credit Losses on Financing Receivables | The following tables present changes in the balance of the ACL during the three and six months ended June 30, 2024 and 2023.
The following tables present the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses as of June 30, 2024 and December 31, 2023.
1 Balance is partially guaranteed by the U.S. government.
1 Balance is partially guaranteed by the U.S. government.
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Financing Receivables, Provision For Credit Losses On Off-Balance Sheet Commitments | The following tables detail activity in the provision (benefit) for credit losses on off-balance sheet commitments for the three and six months ended June 30, 2024.
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Allowance For Credit Losses On Financing Receivables Portfolio Segment |
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Financing Receivable Credit Quality Indicators | The following tables present the credit risk profile of the Company’s commercial and consumer loan portfolios by loan class and by year of origination for the years indicated based on rating category and payment activity as of June 30, 2024 and December 31, 2023.
1 Balance in “Substandard” is partially guaranteed by the U.S. government.
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Past Due Financing Receivables | The following tables present the Company’s loan portfolio delinquency analysis as of June 30, 2024 and December 31, 2023.
1 Balance is partially guaranteed by the U.S. government.
1 Balance is partially guaranteed by the U.S. government. The following table summarizes the Company’s nonaccrual loans and loans past due 90 days or more and still accruing by loan class for the periods indicated:
1 Balance is partially guaranteed by the U.S. government.
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Premises and Equipment (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | The following table summarizes premises and equipment at June 30, 2024 and December 31, 2023.
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Servicing Asset (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Servicing Assets at Fair Value | Activity for the servicing asset and the related changes in fair value for the three and six months ended June 2024 and 2023 are shown in the table below.
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Schedule Of Unpaid Principal Balances Of Loans Serviced For Others | The unpaid principal balances of these loans serviced for others as of June 30, 2024 and December 31, 2023 are shown in the table below.
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Subordinated Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Subordinated Borrowing |
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Benefit Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonvested Restricted Stock Shares Activity | The following table summarizes the stock-based award activity under the 2022 Plan for the six months ended June 30, 2024.
The following table summarizes the stock-based award activity under the 2013 Plan for the six months ended June 30, 2024.
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Schedule Of Deferred Stock Option Plan | The following table summarizes the status of deferred stock rights related to the Directors Deferred Stock Plan for the six months ended June 30, 2024.
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Fair Value of Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis | The following tables present the fair value measurements of assets and liabilities recognized in the accompanying condensed consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2024 and December 31, 2023.
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables reconcile the beginning and ending balances of recurring fair value measurements recognized in the accompanying condensed consolidated balance sheets using significant unobservable (Level 3) inputs for the three and six months ended June 30, 2024 and 2023.
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Schedule Of Impaired Loans, Including Valuation Allowance, Fair Value, Unobservable Inputs Reconciliation | The following table presents the fair value measurements of assets and liabilities recognized in the accompanying condensed consolidated balance sheets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurement falls at June 30, 2024 and December 31, 2023.
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Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements.
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Fair Value, by Balance Sheet Grouping | The following tables present the carrying value and estimated fair value of all financial assets and liabilities that are not measured at fair value on a recurring basis at June 30, 2024 and December 31, 2023.
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Mortgage Banking Activities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Banking [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Participating Mortgage Loans | The following table presents the components of income from mortgage banking activities for the three and six months ended June 30, 2024 and 2023.
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Derivative Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Derivative Instruments, Cumulative Basis Adjustments | The following table presents amounts that were recorded on the condensed consolidated balance sheets related to cumulative basis adjustments for interest rate swap derivatives designated as fair value accounting hedges as of June 30, 2024 and December 31, 2023.
1 These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. The designated hedged items were $50.0 million at both June 30, 2024 and December 31, 2023.
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Schedule Of Derivative Instruments Of Fixed Rate Receivables | The following tables present a summary of interest rate swap derivatives designated as fair value accounting hedges of fixed-rate receivables used in the Company’s asset/liability management activities at June 30, 2024 and December 31, 2023, identified by the underlying interest rate-sensitive instruments.
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Schedule Of Derivative Instruments Of Variable Rate Liabilities | The following tables present a summary of interest rate swap derivatives designated as cash flow accounting hedges of variable-rate liabilities used in the Company’s asset/liability management activities at June 30, 2024 and December 31, 2023.
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the notional amount and fair value of interest rate swaps utilized by the Company at June 30, 2024 and December 31, 2023.
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Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents the effects of the Company’s cash flow hedge relationships on the condensed consolidated statements of comprehensive income during the three and six months ended June 30, 2024 and 2023.
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Schedule of Derivative Instruments in Statements of Income Fair Value | The following table summarizes the periodic changes in the fair value of derivatives not designated as hedging instruments on the condensed consolidated statements of income for the three and six months ended June 30, 2024 and 2023.
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Schedule Of Effects Of Interest Rate Swap Agreements On Statements Of Income | The following table presents the effects of the Company’s interest rate swap agreements on the condensed consolidated statements of operations during the three and six months ended June 30, 2024 and 2023.
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Accumulated Other Comprehensive Loss (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive loss, included in shareholders' equity, for the six months ended June 30, 2024 and 2023, respectively, are presented in the table below.
The components of accumulated other comprehensive loss, included in stockholders' equity, for the three months ended June 30, 2024 and 2023, respectively, are presented in the table below.
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Basis of Presentation (Details) |
Jun. 30, 2024
subsidiary
|
---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of wholly-owned subsidiaries | 3 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Basic earnings per share | ||||
Net income | $ 5,775 | $ 3,882 | $ 10,956 | $ 865 |
Weighted-average common shares (in shares) | 8,594,315 | 8,903,213 | 8,684,093 | 8,963,308 |
Basic earnings (loss) per common share ( in dollars per share) | $ 0.67 | $ 0.44 | $ 1.26 | $ 0.10 |
Diluted earnings per share | ||||
Net income | $ 5,775 | $ 3,882 | $ 10,956 | $ 865 |
Weighted-average common shares (in shares) | 8,594,315 | 8,903,213 | 8,684,093 | 8,963,308 |
Dilutive effect of equity compensation (in shares) | 61,900 | 4,967 | 65,924 | 16,954 |
Weighted-average common and incremental shares (in shares) | 8,656,215 | 8,908,180 | 8,750,017 | 8,980,262 |
Diluted earnings (loss) per common share (in dollars per share) | $ 0.67 | $ 0.44 | $ 1.25 | $ 0.10 |
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 0 | 79,313 | 0 | 35,033 |
Securities (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Available-for-sale Securities [Abstract] | ||
Amortized cost | $ 529,657 | $ 513,315 |
Gross Unrealized Gains | 1,139 | 1,054 |
Gross Unrealized Losses | (42,224) | (39,514) |
Fair Value | 488,572 | 474,855 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Held-to-maturity securities, amortized cost | 270,578 | 227,446 |
Held-to-maturity securities, Gross Unrealized Gains | 15 | 5 |
Held-to-maturity securities, Gross Unrealized Losses | (23,163) | (19,879) |
Securities held-to-maturity, net, fair value | 247,430 | 207,572 |
Held-to-maturity, debt securities, allowance for credit loss | (229) | (293) |
Held-to-maturity, debt securities, after allowance for credit loss | 270,349 | 227,153 |
Derivative, terminated, premium | 400 | |
Significant Other Observable Inputs (Level 2) | ||
Available-for-sale Securities [Abstract] | ||
Fair Value | 488,572 | 474,855 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Securities held-to-maturity, net, fair value | 247,430 | 207,572 |
U.S. Government-sponsored agencies | ||
Available-for-sale Securities [Abstract] | ||
Amortized cost | 88,694 | 96,404 |
Gross Unrealized Gains | 505 | 402 |
Gross Unrealized Losses | (1,453) | (1,629) |
Fair Value | 87,746 | 95,177 |
U.S. Government-sponsored agencies | Significant Other Observable Inputs (Level 2) | ||
Available-for-sale Securities [Abstract] | ||
Fair Value | 87,746 | 95,177 |
Municipal securities | ||
Available-for-sale Securities [Abstract] | ||
Amortized cost | 68,057 | 69,494 |
Gross Unrealized Gains | 31 | 356 |
Gross Unrealized Losses | (3,676) | (1,404) |
Fair Value | 64,412 | 68,446 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Held-to-maturity securities, amortized cost | 13,371 | 13,892 |
Held-to-maturity securities, Gross Unrealized Gains | 0 | 1 |
Held-to-maturity securities, Gross Unrealized Losses | (1,045) | (853) |
Securities held-to-maturity, net, fair value | 12,326 | 13,040 |
Held-to-maturity, debt securities, allowance for credit loss | (3) | (3) |
Held-to-maturity, debt securities, after allowance for credit loss | 13,368 | 13,889 |
Municipal securities | Significant Other Observable Inputs (Level 2) | ||
Available-for-sale Securities [Abstract] | ||
Fair Value | 64,412 | 68,446 |
Agency mortgage-backed securities - residential | ||
Available-for-sale Securities [Abstract] | ||
Amortized cost | 262,758 | 237,798 |
Gross Unrealized Gains | 162 | 101 |
Gross Unrealized Losses | (32,875) | (31,250) |
Fair Value | 230,045 | 206,649 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Held-to-maturity securities, amortized cost | 213,440 | 166,750 |
Held-to-maturity securities, Gross Unrealized Gains | 4 | |
Held-to-maturity securities, Gross Unrealized Losses | (14,112) | |
Securities held-to-maturity, net, fair value | 195,337 | 152,642 |
Held-to-maturity, debt securities, allowance for credit loss | 0 | |
Held-to-maturity, debt securities, after allowance for credit loss | 166,750 | |
Derivative, terminated, premium | 300 | |
Agency mortgage-backed securities - residential | Significant Other Observable Inputs (Level 2) | ||
Available-for-sale Securities [Abstract] | ||
Fair Value | 206,649 | |
Agency mortgage-backed securities - commercial | ||
Available-for-sale Securities [Abstract] | ||
Amortized cost | 37,986 | 40,215 |
Gross Unrealized Gains | 202 | 9 |
Gross Unrealized Losses | (1,297) | (1,339) |
Fair Value | 36,891 | 38,885 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Held-to-maturity securities, amortized cost | 5,738 | 5,767 |
Held-to-maturity securities, Gross Unrealized Gains | 0 | 0 |
Held-to-maturity securities, Gross Unrealized Losses | (1,039) | (1,246) |
Securities held-to-maturity, net, fair value | 4,699 | 4,521 |
Held-to-maturity, debt securities, allowance for credit loss | 0 | 0 |
Held-to-maturity, debt securities, after allowance for credit loss | 5,738 | 5,767 |
Agency mortgage-backed securities - commercial | Significant Other Observable Inputs (Level 2) | ||
Available-for-sale Securities [Abstract] | ||
Fair Value | 36,891 | 38,885 |
Private label mortgage-backed securities - residential | ||
Available-for-sale Securities [Abstract] | ||
Amortized cost | 26,709 | 21,742 |
Gross Unrealized Gains | 86 | 144 |
Gross Unrealized Losses | (1,164) | (1,107) |
Fair Value | 25,631 | 20,779 |
Asset-backed securities | ||
Available-for-sale Securities [Abstract] | ||
Amortized cost | 8,383 | 8,071 |
Gross Unrealized Gains | 47 | 17 |
Gross Unrealized Losses | (1) | (7) |
Fair Value | 8,429 | 8,081 |
Asset-backed securities | Significant Other Observable Inputs (Level 2) | ||
Available-for-sale Securities [Abstract] | ||
Fair Value | 8,429 | 8,081 |
Corporate securities | ||
Available-for-sale Securities [Abstract] | ||
Amortized cost | 37,070 | 39,591 |
Gross Unrealized Gains | 106 | 25 |
Gross Unrealized Losses | (1,758) | (2,778) |
Fair Value | 35,418 | 36,838 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Held-to-maturity securities, amortized cost | 38,029 | 41,037 |
Held-to-maturity securities, Gross Unrealized Gains | 0 | 0 |
Held-to-maturity securities, Gross Unrealized Losses | (2,961) | (3,668) |
Securities held-to-maturity, net, fair value | 35,068 | 37,369 |
Held-to-maturity, debt securities, allowance for credit loss | (226) | (290) |
Held-to-maturity, debt securities, after allowance for credit loss | 37,803 | 40,747 |
Corporate securities | Significant Other Observable Inputs (Level 2) | ||
Available-for-sale Securities [Abstract] | ||
Fair Value | 35,418 | $ 36,838 |
Mortgage-backed securities - residential | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Held-to-maturity securities, amortized cost | 213,440 | |
Held-to-maturity securities, Gross Unrealized Gains | 15 | |
Held-to-maturity securities, Gross Unrealized Losses | (18,118) | |
Securities held-to-maturity, net, fair value | 195,337 | |
Held-to-maturity, debt securities, allowance for credit loss | 0 | |
Held-to-maturity, debt securities, after allowance for credit loss | $ 213,440 |
Securities (Details Textual) |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2024
USD ($)
security
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
security
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
security
|
|
Debt Securities, Available-for-Sale [Line Items] | |||||
Held-to-maturity, debt securities, allowance for credit loss | $ 229,000 | $ 229,000 | $ 293,000 | ||
Available-for-sale securities, gross realized gain (loss) | 0 | $ 0 | 0 | $ 0 | |
Continuous unrealized loss position, fair value | $ 603,200,000 | $ 603,200,000 | $ 578,900,000 | ||
Continuous unrealized loss position, fair value (as a percent) | 82.00% | 85.00% | |||
Number of securities in portfolio | security | 553 | 553 | 512 | ||
Securities in unrealized loss position | security | 493 | 493 | 434 | ||
Accrued interest, available for sale | $ 2,800,000 | $ 2,800,000 | $ 2,900,000 | ||
Accrued interest, held to maturity | $ 1,300,000 | $ 1,300,000 | $ 1,200,000 | ||
Mortgage-backed securities | |||||
Debt Securities, Available-for-Sale [Line Items] | |||||
Percentage of investments issued by U.S. government-sponsored entities and agencies | 95.00% | 95.00% | 95.00% | ||
Cumulative Effect, Period of Adoption, Adjustment | |||||
Debt Securities, Available-for-Sale [Line Items] | |||||
Held-to-maturity, debt securities, allowance for credit loss | $ 300,000 |
Securities - Carrying Value (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
---|---|---|---|
Amortized Cost | |||
Within one year | $ 10,001 | ||
One to five years | 21,133 | ||
Five to ten years | 72,660 | ||
After ten years | 90,027 | ||
Amortized Cost | 193,821 | ||
Amortized cost | 529,657 | $ 513,315 | |
Held-to-maturity securities, within one year | 1,005 | ||
Held-to-maturity securities, One to five years | 12,611 | ||
Held-to-maturity securities, Five to ten years | 34,278 | ||
Held-to-maturity securities, After ten years | 3,506 | ||
Held-to-maturity securities, Amortized Cost | $ 51,400 | ||
Held-to-maturity securities, amortized cost | 270,578 | 227,446 | |
Fair Value | |||
Within one year | 9,825 | ||
One to five years | 21,530 | ||
Five to ten years | 70,261 | ||
After ten years | 85,960 | ||
Fair Value | 187,576 | ||
Fair Value | 488,572 | 474,855 | |
Held-to-maturity securities, within one year | 995 | ||
Held-to-maturity securities, One to five years | 12,029 | ||
Held-to-maturity securities, Five to ten years | 31,345 | ||
Held-to-maturity securities, After ten years | 3,025 | ||
Held-to-maturity securities, Fair Value | $ 47,394 | ||
Securities held-to-maturity, net, fair value | 247,430 | 207,572 | |
Agency mortgage-backed securities - residential | |||
Amortized Cost | |||
Amortized cost | 262,758 | 237,798 | |
Held-to-maturity securities, amortized cost | 213,440 | 166,750 | |
Fair Value | |||
Fair Value | 230,045 | 206,649 | |
Securities held-to-maturity, net, fair value | 195,337 | 152,642 | |
Private label mortgage-backed securities - residential | |||
Amortized Cost | |||
Amortized cost | 26,709 | 21,742 | |
Fair Value | |||
Fair Value | 25,631 | 20,779 | |
Asset-backed securities | |||
Amortized Cost | |||
Amortized cost | 8,383 | 8,071 | |
Fair Value | |||
Fair Value | $ 8,429 | $ 8,081 |
Securities - Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Less Than 12 Months, Fair Value | $ 65,615 | $ 73,884 |
Less Than 12 Months, Unrealized Losses | (837) | (720) |
12 Months or Longer, Fair Value | 302,539 | 302,785 |
12 Months or Longer, Unrealized Losses | (41,387) | (38,794) |
Total, Fair Value | 368,154 | 376,669 |
Total, Unrealized Losses | (42,224) | (39,514) |
U.S. Government-sponsored agencies | ||
Less Than 12 Months, Fair Value | 22,285 | 41,934 |
Less Than 12 Months, Unrealized Losses | (97) | (161) |
12 Months or Longer, Fair Value | 19,514 | 24,579 |
12 Months or Longer, Unrealized Losses | (1,356) | (1,468) |
Total, Fair Value | 41,799 | 66,513 |
Total, Unrealized Losses | (1,453) | (1,629) |
Municipal securities | ||
Less Than 12 Months, Fair Value | 4,452 | 2,399 |
Less Than 12 Months, Unrealized Losses | (195) | (103) |
12 Months or Longer, Fair Value | 54,022 | 36,193 |
12 Months or Longer, Unrealized Losses | (3,481) | (1,301) |
Total, Fair Value | 58,474 | 38,592 |
Total, Unrealized Losses | (3,676) | (1,404) |
Private label mortgage-backed securities - residential | ||
Less Than 12 Months, Fair Value | 4,924 | 3,567 |
Less Than 12 Months, Unrealized Losses | (32) | (29) |
12 Months or Longer, Fair Value | 11,387 | 9,114 |
12 Months or Longer, Unrealized Losses | (1,132) | (1,078) |
Total, Fair Value | 16,311 | 12,681 |
Total, Unrealized Losses | (1,164) | (1,107) |
Asset-backed securities | ||
Less Than 12 Months, Fair Value | 1,348 | 1,654 |
Less Than 12 Months, Unrealized Losses | (1) | (7) |
12 Months or Longer, Fair Value | 0 | 0 |
12 Months or Longer, Unrealized Losses | 0 | 0 |
Total, Fair Value | 1,348 | 1,654 |
Total, Unrealized Losses | (1) | (7) |
Corporate securities | ||
Less Than 12 Months, Fair Value | 4,625 | 1,680 |
Less Than 12 Months, Unrealized Losses | (375) | (365) |
12 Months or Longer, Fair Value | 22,650 | 24,587 |
12 Months or Longer, Unrealized Losses | (1,383) | (2,413) |
Total, Fair Value | 27,275 | 26,267 |
Total, Unrealized Losses | (1,758) | (2,778) |
Mortgage-backed securities - residential | ||
Less Than 12 Months, Fair Value | 27,981 | 1,089 |
Less Than 12 Months, Unrealized Losses | (137) | (5) |
12 Months or Longer, Fair Value | 181,940 | 194,095 |
12 Months or Longer, Unrealized Losses | (32,738) | (31,245) |
Total, Fair Value | 209,921 | 195,184 |
Total, Unrealized Losses | (32,875) | (31,250) |
Agency mortgage-backed securities - commercial | ||
Less Than 12 Months, Fair Value | 0 | 21,561 |
Less Than 12 Months, Unrealized Losses | 0 | (50) |
12 Months or Longer, Fair Value | 13,026 | 14,217 |
12 Months or Longer, Unrealized Losses | (1,297) | (1,289) |
Total, Fair Value | 13,026 | 35,778 |
Total, Unrealized Losses | $ (1,297) | $ (1,339) |
Securities - HTM Portfolio Credit Rating (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | $ 270,578 | $ 227,446 |
Standard & Poor's, AAA Rating | Moody's, Aaa Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 219,178 | 172,517 |
Standard & Poor's, AA+ Rating | Moody's, Aa1 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 9,400 | 9,917 |
Standard & Poor's, AA Rating | Moody's, Aa2 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 2,178 | 1,538 |
Standard & Poor's, A+ Rating | Moody's, A1 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 1,793 | 1,794 |
Standard & Poor's, A Rating | Moody's, A2 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 5,000 | 5,643 |
Standard & Poor's, A- Rating | Moody's, A3 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 4,504 | 4,509 |
Standard & Poor's, BBB+ Rating | Moody's, Baa1 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 8,500 | 8,500 |
Standard & Poor's, BBB Rating | Moody's, Baa2 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 8,500 | 8,500 |
Standard & Poor's, BBB- Rating | Moody's, Baa3 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 9,525 | 12,528 |
Standard & Poor's, BB+ Rating | Moody's, Ba1 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 2,000 | 2,000 |
Municipal securities | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 13,371 | 13,892 |
Municipal securities | Standard & Poor's, AAA Rating | Moody's, Aaa Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Municipal securities | Standard & Poor's, AA+ Rating | Moody's, Aa1 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 9,400 | 9,917 |
Municipal securities | Standard & Poor's, AA Rating | Moody's, Aa2 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 2,178 | 1,538 |
Municipal securities | Standard & Poor's, A+ Rating | Moody's, A1 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 1,793 | 1,794 |
Municipal securities | Standard & Poor's, A Rating | Moody's, A2 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 643 |
Municipal securities | Standard & Poor's, A- Rating | Moody's, A3 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Municipal securities | Standard & Poor's, BBB+ Rating | Moody's, Baa1 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Municipal securities | Standard & Poor's, BBB Rating | Moody's, Baa2 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Municipal securities | Standard & Poor's, BBB- Rating | Moody's, Baa3 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Municipal securities | Standard & Poor's, BB+ Rating | Moody's, Ba1 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Agency mortgage-backed securities - residential | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 213,440 | 166,750 |
Agency mortgage-backed securities - residential | Standard & Poor's, AAA Rating | Moody's, Aaa Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 213,440 | 166,750 |
Agency mortgage-backed securities - residential | Standard & Poor's, AA+ Rating | Moody's, Aa1 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Agency mortgage-backed securities - residential | Standard & Poor's, AA Rating | Moody's, Aa2 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Agency mortgage-backed securities - residential | Standard & Poor's, A+ Rating | Moody's, A1 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Agency mortgage-backed securities - residential | Standard & Poor's, A Rating | Moody's, A2 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Agency mortgage-backed securities - residential | Standard & Poor's, A- Rating | Moody's, A3 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Agency mortgage-backed securities - residential | Standard & Poor's, BBB+ Rating | Moody's, Baa1 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Agency mortgage-backed securities - residential | Standard & Poor's, BBB Rating | Moody's, Baa2 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Agency mortgage-backed securities - residential | Standard & Poor's, BBB- Rating | Moody's, Baa3 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Agency mortgage-backed securities - residential | Standard & Poor's, BB+ Rating | Moody's, Ba1 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Agency mortgage-backed securities - commercial | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 5,738 | 5,767 |
Agency mortgage-backed securities - commercial | Standard & Poor's, AAA Rating | Moody's, Aaa Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 5,738 | 5,767 |
Agency mortgage-backed securities - commercial | Standard & Poor's, AA+ Rating | Moody's, Aa1 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Agency mortgage-backed securities - commercial | Standard & Poor's, AA Rating | Moody's, Aa2 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Agency mortgage-backed securities - commercial | Standard & Poor's, A+ Rating | Moody's, A1 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Agency mortgage-backed securities - commercial | Standard & Poor's, A Rating | Moody's, A2 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Agency mortgage-backed securities - commercial | Standard & Poor's, A- Rating | Moody's, A3 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Agency mortgage-backed securities - commercial | Standard & Poor's, BBB+ Rating | Moody's, Baa1 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Agency mortgage-backed securities - commercial | Standard & Poor's, BBB Rating | Moody's, Baa2 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Agency mortgage-backed securities - commercial | Standard & Poor's, BBB- Rating | Moody's, Baa3 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Agency mortgage-backed securities - commercial | Standard & Poor's, BB+ Rating | Moody's, Ba1 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Corporate Securities | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 38,029 | 41,037 |
Corporate Securities | Standard & Poor's, AAA Rating | Moody's, Aaa Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Corporate Securities | Standard & Poor's, AA+ Rating | Moody's, Aa1 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Corporate Securities | Standard & Poor's, AA Rating | Moody's, Aa2 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Corporate Securities | Standard & Poor's, A+ Rating | Moody's, A1 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 0 | 0 |
Corporate Securities | Standard & Poor's, A Rating | Moody's, A2 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 5,000 | 5,000 |
Corporate Securities | Standard & Poor's, A- Rating | Moody's, A3 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 4,504 | 4,509 |
Corporate Securities | Standard & Poor's, BBB+ Rating | Moody's, Baa1 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 8,500 | 8,500 |
Corporate Securities | Standard & Poor's, BBB Rating | Moody's, Baa2 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 8,500 | 8,500 |
Corporate Securities | Standard & Poor's, BBB- Rating | Moody's, Baa3 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 9,525 | 12,528 |
Corporate Securities | Standard & Poor's, BB+ Rating | Moody's, Ba1 Rating | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | $ 2,000 | $ 2,000 |
Loans - Categories (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | $ 3,928,489 | $ 3,802,855 | ||||
Net deferred loan origination fees/costs and premiums/discounts on purchased loans and other | 32,657 | 37,365 | ||||
Total loans | 3,961,146 | 3,840,220 | ||||
Allowance for credit losses | (43,405) | $ (40,891) | (38,774) | $ (36,058) | $ (36,879) | $ (31,737) |
Net loans | 3,917,741 | 3,801,446 | ||||
Commercial and industrial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | (1,389) | (1,800) | (2,185) | (1,849) | (1,437) | (1,711) |
Owner-occupied commercial real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | (561) | (769) | (825) | (789) | (712) | (651) |
Investor commercial real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | (1,172) | (798) | (1,311) | (1,416) | (1,276) | (1,099) |
Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | (3,140) | (2,942) | (2,167) | (1,940) | (1,551) | (2,074) |
Single tenant lease financing | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | (8,256) | (8,471) | (8,129) | (9,970) | (10,273) | (10,519) |
Public finance | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | (742) | (1,336) | (1,372) | (1,509) | (1,570) | (1,753) |
Healthcare finance | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | (1,809) | (1,917) | (1,976) | (2,421) | (3,695) | (2,997) |
Franchise finance | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | (5,991) | (6,166) | (6,363) | (4,484) | (4,672) | (3,988) |
Small business lending | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | (11,993) | (8,868) | (6,532) | (2,618) | (2,340) | (2,168) |
Residential mortgage | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | (2,112) | (1,945) | (2,054) | (2,550) | (2,561) | (1,559) |
Home equity | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | (118) | (125) | (171) | (224) | (254) | (69) |
Other consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | (6,122) | $ (5,754) | (5,689) | $ (6,288) | $ (6,538) | $ (3,149) |
Commercial Portfolio Segment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 3,128,008 | 3,005,924 | ||||
Commercial Portfolio Segment | Commercial and industrial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 115,585 | 129,349 | ||||
Total loans | 115,585 | 129,349 | ||||
Commercial Portfolio Segment | Owner-occupied commercial real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 58,089 | 57,286 | ||||
Total loans | 58,089 | 57,286 | ||||
Commercial Portfolio Segment | Investor commercial real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 188,409 | 132,077 | ||||
Total loans | 188,409 | 132,077 | ||||
Commercial Portfolio Segment | Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 328,922 | 261,750 | ||||
Total loans | 328,922 | 261,750 | ||||
Commercial Portfolio Segment | Single tenant lease financing | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 927,462 | 936,616 | ||||
Total loans | 927,462 | 936,616 | ||||
Commercial Portfolio Segment | Public finance | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 486,200 | 521,764 | ||||
Total loans | 486,200 | 521,764 | ||||
Commercial Portfolio Segment | Public finance | Interest rate swaps | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 25,600 | 27,800 | ||||
Commercial Portfolio Segment | Healthcare finance | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 202,079 | 222,793 | ||||
Commercial Portfolio Segment | Franchise finance | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 551,133 | 525,783 | ||||
Commercial Portfolio Segment | Small business lending | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 270,129 | 218,506 | ||||
Consumer Portfolio | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 800,481 | 796,931 | ||||
Consumer Portfolio | Residential mortgage | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 382,549 | 395,648 | ||||
Consumer Portfolio | Home equity | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 21,405 | 23,669 | ||||
Consumer Portfolio | Other consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | $ 396,527 | $ 377,614 |
Loans - Change in the Balances of the ALLL (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
|
Allowance for loan losses: | |||||
Beginning balance | $ 40,891 | $ 36,879 | $ 38,774 | $ 31,737 | $ 31,737 |
Provision for credit losses | 3,920 | 753 | 6,502 | 10,126 | |
Losses Charged Off | (1,505) | (1,864) | (2,038) | (9,121) | (11,884) |
Recoveries | 99 | 290 | 167 | 354 | |
Ending balance | 43,405 | 36,058 | 43,405 | 36,058 | 38,774 |
Accrued interest receivable | 28,100 | 28,100 | 26,700 | ||
Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for loan losses: | |||||
Beginning balance | 2,962 | 2,962 | |||
Commercial and industrial | |||||
Allowance for loan losses: | |||||
Beginning balance | 1,800 | 1,437 | 2,185 | 1,711 | 1,711 |
Provision for credit losses | (413) | 195 | (800) | 7,005 | |
Losses Charged Off | 0 | 0 | 0 | (6,965) | |
Recoveries | 2 | 217 | 4 | 218 | |
Ending balance | 1,389 | 1,849 | 1,389 | 1,849 | 2,185 |
Commercial and industrial | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for loan losses: | |||||
Beginning balance | (120) | (120) | |||
Owner-occupied commercial real estate | |||||
Allowance for loan losses: | |||||
Beginning balance | 769 | 712 | 825 | 651 | 651 |
Provision for credit losses | (208) | 77 | (264) | 76 | |
Losses Charged Off | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Ending balance | 561 | 789 | 561 | 789 | 825 |
Owner-occupied commercial real estate | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for loan losses: | |||||
Beginning balance | 62 | 62 | |||
Investor commercial real estate | |||||
Allowance for loan losses: | |||||
Beginning balance | 798 | 1,276 | 1,311 | 1,099 | 1,099 |
Provision for credit losses | 374 | 140 | (139) | 508 | |
Losses Charged Off | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Ending balance | 1,172 | 1,416 | 1,172 | 1,416 | 1,311 |
Investor commercial real estate | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for loan losses: | |||||
Beginning balance | (191) | (191) | |||
Construction | |||||
Allowance for loan losses: | |||||
Beginning balance | 2,942 | 1,551 | 2,167 | 2,074 | 2,074 |
Provision for credit losses | 198 | 389 | 973 | 301 | |
Losses Charged Off | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Ending balance | 3,140 | 1,940 | 3,140 | 1,940 | 2,167 |
Construction | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for loan losses: | |||||
Beginning balance | (435) | (435) | |||
Single tenant lease financing | |||||
Allowance for loan losses: | |||||
Beginning balance | 8,471 | 10,273 | 8,129 | 10,519 | 10,519 |
Provision for credit losses | (20) | (303) | 322 | (203) | |
Losses Charged Off | (195) | 0 | (195) | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Ending balance | 8,256 | 9,970 | 8,256 | 9,970 | 8,129 |
Single tenant lease financing | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for loan losses: | |||||
Beginning balance | (346) | (346) | |||
Public finance | |||||
Allowance for loan losses: | |||||
Beginning balance | 1,336 | 1,570 | 1,372 | 1,753 | 1,753 |
Provision for credit losses | (594) | (61) | (630) | (109) | |
Losses Charged Off | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Ending balance | 742 | 1,509 | 742 | 1,509 | 1,372 |
Public finance | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for loan losses: | |||||
Beginning balance | (135) | (135) | |||
Healthcare finance | |||||
Allowance for loan losses: | |||||
Beginning balance | 1,917 | 3,695 | 1,976 | 2,997 | 2,997 |
Provision for credit losses | (108) | (1,249) | (167) | (1,585) | |
Losses Charged Off | 0 | (25) | 0 | (25) | |
Recoveries | 0 | 0 | 0 | 0 | |
Ending balance | 1,809 | 2,421 | 1,809 | 2,421 | 1,976 |
Healthcare finance | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for loan losses: | |||||
Beginning balance | 1,034 | 1,034 | |||
Small business lending | |||||
Allowance for loan losses: | |||||
Beginning balance | 8,868 | 2,340 | 6,532 | 2,168 | 2,168 |
Provision for credit losses | 3,633 | 1,599 | 6,218 | 1,493 | |
Losses Charged Off | (573) | (1,358) | (862) | (1,417) | |
Recoveries | 65 | 37 | 105 | 40 | |
Ending balance | 11,993 | 2,618 | 11,993 | 2,618 | 6,532 |
Small business lending | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for loan losses: | |||||
Beginning balance | 334 | 334 | |||
Franchise finance | |||||
Allowance for loan losses: | |||||
Beginning balance | 6,166 | 4,672 | 6,363 | 3,988 | 3,988 |
Provision for credit losses | 402 | 143 | 205 | 1,140 | |
Losses Charged Off | (577) | (331) | (577) | (331) | |
Recoveries | 0 | 0 | 0 | 0 | |
Ending balance | 5,991 | 4,484 | 5,991 | 4,484 | 6,363 |
Franchise finance | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for loan losses: | |||||
Beginning balance | (313) | (313) | |||
Residential mortgage | |||||
Allowance for loan losses: | |||||
Beginning balance | 1,945 | 2,561 | 2,054 | 1,559 | 1,559 |
Provision for credit losses | 167 | (12) | 126 | 582 | |
Losses Charged Off | 0 | 0 | (69) | 0 | |
Recoveries | 0 | 1 | 1 | 3 | |
Ending balance | 2,112 | 2,550 | 2,112 | 2,550 | 2,054 |
Residential mortgage | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for loan losses: | |||||
Beginning balance | 406 | 406 | |||
Home equity | |||||
Allowance for loan losses: | |||||
Beginning balance | 125 | 254 | 171 | 69 | 69 |
Provision for credit losses | (8) | (32) | (56) | 19 | |
Losses Charged Off | 0 | 0 | 0 | 0 | |
Recoveries | 1 | 2 | 3 | 3 | |
Ending balance | 118 | 224 | 118 | 224 | 171 |
Home equity | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for loan losses: | |||||
Beginning balance | 133 | 133 | |||
Other consumer loans | |||||
Allowance for loan losses: | |||||
Beginning balance | 5,754 | 6,538 | 5,689 | 3,149 | 3,149 |
Provision for credit losses | 497 | (133) | 714 | 899 | |
Losses Charged Off | (160) | (150) | (335) | (383) | |
Recoveries | 31 | 33 | 54 | 90 | |
Ending balance | $ 6,122 | $ 6,288 | $ 6,122 | 6,288 | 5,689 |
Other consumer loans | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for loan losses: | |||||
Beginning balance | $ 2,533 | $ 2,533 |
Loans - Provision For Credit Losses On Off-Balance Sheet Commitments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Jan. 01, 2023 |
Dec. 31, 2022 |
|
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Off-balance sheet commitments | $ 3,786 | $ 3,491 | $ 3,786 | $ 3,491 | $ 3,673 | $ 3,745 | $ 2,546 | $ 0 | |
Provision for credit losses | 113 | 945 | 41 | 987 | |||||
Cumulative Effect, Period of Adoption, Adjustment | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Off-balance sheet commitments | $ 2,500 | 2,504 | |||||||
Provision for credit losses | 987 | ||||||||
Commercial Portfolio Segment | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Off-balance sheet commitments | 3,739 | 3,355 | 3,739 | 3,355 | 3,622 | 3,678 | 2,361 | 0 | |
Provision for credit losses | 117 | 994 | 61 | ||||||
Commercial Portfolio Segment | Cumulative Effect, Period of Adoption, Adjustment | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Off-balance sheet commitments | 2,314 | ||||||||
Provision for credit losses | 1,041 | ||||||||
Commercial Portfolio Segment | Commercial and industrial | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Off-balance sheet commitments | 188 | 188 | 188 | 188 | 193 | 233 | 149 | 0 | |
Provision for credit losses | (5) | 39 | (45) | ||||||
Commercial Portfolio Segment | Commercial and industrial | Cumulative Effect, Period of Adoption, Adjustment | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Off-balance sheet commitments | 110 | ||||||||
Provision for credit losses | 78 | ||||||||
Commercial Portfolio Segment | Owner-occupied commercial real estate | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Off-balance sheet commitments | 0 | 8 | 0 | 8 | 9 | 8 | 0 | ||
Provision for credit losses | 0 | (9) | |||||||
Commercial Portfolio Segment | Owner-occupied commercial real estate | Cumulative Effect, Period of Adoption, Adjustment | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Off-balance sheet commitments | 0 | ||||||||
Provision for credit losses | 8 | ||||||||
Commercial Portfolio Segment | Investor commercial real estate | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Off-balance sheet commitments | 0 | 20 | 0 | 20 | 6 | 48 | 0 | ||
Provision for credit losses | (28) | (6) | |||||||
Commercial Portfolio Segment | Investor commercial real estate | Cumulative Effect, Period of Adoption, Adjustment | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Off-balance sheet commitments | 9 | ||||||||
Provision for credit losses | 11 | ||||||||
Commercial Portfolio Segment | Construction | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Off-balance sheet commitments | 3,420 | 2,897 | 3,420 | 2,897 | 3,270 | 2,889 | 2,154 | 0 | |
Provision for credit losses | 150 | 743 | 531 | ||||||
Commercial Portfolio Segment | Construction | Cumulative Effect, Period of Adoption, Adjustment | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Off-balance sheet commitments | 2,193 | ||||||||
Provision for credit losses | 704 | ||||||||
Commercial Portfolio Segment | Healthcare finance | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Off-balance sheet commitments | 0 | 0 | 0 | 0 | 0 | 2 | 0 | ||
Provision for credit losses | (2) | 0 | |||||||
Commercial Portfolio Segment | Healthcare finance | Cumulative Effect, Period of Adoption, Adjustment | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Off-balance sheet commitments | 2 | ||||||||
Provision for credit losses | (2) | ||||||||
Commercial Portfolio Segment | Small business lending | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Off-balance sheet commitments | 131 | 242 | 131 | 242 | 159 | 541 | 0 | 0 | |
Provision for credit losses | (28) | 242 | (410) | ||||||
Commercial Portfolio Segment | Small business lending | Cumulative Effect, Period of Adoption, Adjustment | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Off-balance sheet commitments | 0 | ||||||||
Provision for credit losses | 242 | ||||||||
Consumer Portfolio | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Off-balance sheet commitments | 47 | 136 | 47 | 136 | 51 | 67 | 185 | 0 | |
Provision for credit losses | (4) | (49) | (20) | ||||||
Consumer Portfolio | Cumulative Effect, Period of Adoption, Adjustment | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Off-balance sheet commitments | 190 | ||||||||
Provision for credit losses | (54) | ||||||||
Consumer Portfolio | Residential mortgage | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Off-balance sheet commitments | 3 | 59 | 3 | 59 | 5 | 11 | 113 | 0 | |
Provision for credit losses | (2) | (54) | (8) | ||||||
Consumer Portfolio | Residential mortgage | Cumulative Effect, Period of Adoption, Adjustment | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Off-balance sheet commitments | 127 | ||||||||
Provision for credit losses | (68) | ||||||||
Consumer Portfolio | Home equity | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Off-balance sheet commitments | 33 | 63 | 33 | 63 | 35 | 45 | 62 | 0 | |
Provision for credit losses | (2) | 1 | (12) | ||||||
Consumer Portfolio | Home equity | Cumulative Effect, Period of Adoption, Adjustment | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Off-balance sheet commitments | 52 | ||||||||
Provision for credit losses | 11 | ||||||||
Consumer Portfolio | Other consumer loans | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Off-balance sheet commitments | 11 | 14 | 11 | 14 | $ 11 | $ 11 | $ 10 | 0 | |
Provision for credit losses | $ 0 | $ 4 | $ 0 | ||||||
Consumer Portfolio | Other consumer loans | Cumulative Effect, Period of Adoption, Adjustment | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Off-balance sheet commitments | $ 11 | ||||||||
Provision for credit losses | $ 3 |
Loans - Credit Risk Profile and Loan Portfolio Delinquency (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | $ 267,100 | $ 267,100 | $ 624,674 | ||
Fiscal year before current year | 647,437 | 647,437 | 1,040,686 | ||
Two fiscal years before current year | 1,013,188 | 1,013,188 | 463,824 | ||
Three fiscal years before current year | 455,850 | 455,850 | 300,968 | ||
Four fiscal years before current year | 275,916 | 275,916 | 362,098 | ||
More than five years before current year | 1,210,797 | 1,210,797 | 937,458 | ||
Revolving loans amortized, cost basis | 56,810 | 56,810 | 71,369 | ||
Revolving loans converted to term | 1,391 | 1,391 | 1,778 | ||
Total loans | 3,961,146 | 3,961,146 | 3,840,220 | ||
Current fiscal year, writeoff | 0 | 164 | |||
Fiscal year before current year, writeoff | 599 | 1,238 | |||
Two fiscal years before current year, writeoff | 590 | 7,420 | |||
Three fiscal years before current year, writeoff | 409 | 1,420 | |||
Four fiscal years before current year, writeoff | 73 | 808 | |||
More than five years before current year, writeoff | 367 | 834 | |||
Revolving loans amortized cost basis, writeoff | 0 | 0 | |||
Revolving loans converted to term, writeoff | 0 | 0 | |||
Year-to-date gross charge-offs | 1,505 | $ 1,864 | 2,038 | $ 9,121 | 11,884 |
Loans | 3,928,489 | 3,928,489 | 3,802,855 | ||
Nonaccural, interest income (less than) | 100 | 100 | |||
30-59 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 11,043 | 11,043 | 3,013 | ||
60-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 4,841 | 4,841 | 3,778 | ||
90 Days or More Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 6,261 | 6,261 | 4,813 | ||
Financial Asset, Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 22,145 | 22,145 | 11,604 | ||
Financial Asset, Not Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 3,906,344 | 3,906,344 | 3,791,251 | ||
Residential mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Year-to-date gross charge-offs | 0 | 0 | 69 | 0 | |
Commercial and industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Year-to-date gross charge-offs | 0 | 0 | 0 | 6,965 | |
Owner-occupied commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Year-to-date gross charge-offs | 0 | 0 | 0 | 0 | |
Investor commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Year-to-date gross charge-offs | 0 | 0 | 0 | 0 | |
Construction | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Year-to-date gross charge-offs | 0 | 0 | 0 | 0 | |
Single tenant lease financing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Year-to-date gross charge-offs | 195 | 0 | 195 | 0 | |
Public finance | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Year-to-date gross charge-offs | 0 | 0 | 0 | 0 | |
Healthcare finance | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Year-to-date gross charge-offs | 0 | 25 | 0 | 25 | |
Small business lending | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Year-to-date gross charge-offs | 573 | 1,358 | 862 | 1,417 | |
Franchise finance | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Year-to-date gross charge-offs | 577 | 331 | 577 | 331 | |
Home equity | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Year-to-date gross charge-offs | 0 | 0 | 0 | 0 | |
Other consumer loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Year-to-date gross charge-offs | 160 | $ 150 | 335 | $ 383 | |
Commercial Portfolio Segment | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 3,128,008 | 3,128,008 | 3,005,924 | ||
Commercial Portfolio Segment | Commercial and industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 12,036 | 12,036 | 24,329 | ||
Fiscal year before current year | 17,401 | 17,401 | 24,019 | ||
Two fiscal years before current year | 20,735 | 20,735 | 15,464 | ||
Three fiscal years before current year | 15,318 | 15,318 | 2,502 | ||
Four fiscal years before current year | 2,431 | 2,431 | 12,365 | ||
More than five years before current year | 19,953 | 19,953 | 8,703 | ||
Revolving loans amortized, cost basis | 27,711 | 27,711 | 41,967 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 115,585 | 115,585 | 129,349 | ||
Current fiscal year, writeoff | 0 | 0 | |||
Fiscal year before current year, writeoff | 0 | 0 | |||
Two fiscal years before current year, writeoff | 0 | 6,914 | |||
Three fiscal years before current year, writeoff | 0 | 5 | |||
Four fiscal years before current year, writeoff | 0 | 130 | |||
More than five years before current year, writeoff | 0 | 0 | |||
Revolving loans amortized cost basis, writeoff | 0 | 0 | |||
Revolving loans converted to term, writeoff | 0 | 0 | |||
Year-to-date gross charge-offs | 0 | 7,049 | |||
Loans | 115,585 | 115,585 | 129,349 | ||
Commercial Portfolio Segment | Commercial and industrial | 30-59 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 9 | 9 | 40 | ||
Commercial Portfolio Segment | Commercial and industrial | 60-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 21 | ||
Commercial Portfolio Segment | Commercial and industrial | 90 Days or More Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Commercial and industrial | Financial Asset, Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 9 | 9 | 61 | ||
Commercial Portfolio Segment | Commercial and industrial | Financial Asset, Not Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 115,576 | 115,576 | 129,288 | ||
Commercial Portfolio Segment | Owner-occupied commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 3,254 | 3,254 | 1,492 | ||
Fiscal year before current year | 1,475 | 1,475 | 11,315 | ||
Two fiscal years before current year | 11,135 | 11,135 | 8,912 | ||
Three fiscal years before current year | 8,684 | 8,684 | 14,983 | ||
Four fiscal years before current year | 14,084 | 14,084 | 5,255 | ||
More than five years before current year | 19,457 | 19,457 | 15,329 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 58,089 | 58,089 | 57,286 | ||
Current fiscal year, writeoff | 0 | 0 | |||
Fiscal year before current year, writeoff | 0 | 0 | |||
Two fiscal years before current year, writeoff | 0 | 0 | |||
Three fiscal years before current year, writeoff | 0 | 0 | |||
Four fiscal years before current year, writeoff | 0 | 0 | |||
More than five years before current year, writeoff | 0 | 0 | |||
Revolving loans amortized cost basis, writeoff | 0 | 0 | |||
Revolving loans converted to term, writeoff | 0 | 0 | |||
Year-to-date gross charge-offs | 0 | 0 | |||
Loans | 58,089 | 58,089 | 57,286 | ||
Commercial Portfolio Segment | Owner-occupied commercial real estate | 30-59 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Owner-occupied commercial real estate | 60-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Owner-occupied commercial real estate | 90 Days or More Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Owner-occupied commercial real estate | Financial Asset, Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Owner-occupied commercial real estate | Financial Asset, Not Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 58,089 | 58,089 | 57,286 | ||
Commercial Portfolio Segment | Investor commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 52,000 | 52,000 | 6,571 | ||
Fiscal year before current year | 2,894 | 2,894 | 35,209 | ||
Two fiscal years before current year | 67,153 | 67,153 | 26,841 | ||
Three fiscal years before current year | 24,250 | 24,250 | 9,864 | ||
Four fiscal years before current year | 9,737 | 9,737 | 47,827 | ||
More than five years before current year | 32,375 | 32,375 | 5,765 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 188,409 | 188,409 | 132,077 | ||
Current fiscal year, writeoff | 0 | 0 | |||
Fiscal year before current year, writeoff | 0 | 0 | |||
Two fiscal years before current year, writeoff | 0 | 0 | |||
Three fiscal years before current year, writeoff | 0 | 0 | |||
Four fiscal years before current year, writeoff | 0 | 0 | |||
More than five years before current year, writeoff | 0 | 591 | |||
Revolving loans amortized cost basis, writeoff | 0 | 0 | |||
Revolving loans converted to term, writeoff | 0 | 0 | |||
Year-to-date gross charge-offs | 0 | 591 | |||
Loans | 188,409 | 188,409 | 132,077 | ||
Commercial Portfolio Segment | Investor commercial real estate | 30-59 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Investor commercial real estate | 60-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Investor commercial real estate | 90 Days or More Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Investor commercial real estate | Financial Asset, Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Investor commercial real estate | Financial Asset, Not Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 188,409 | 188,409 | 132,077 | ||
Commercial Portfolio Segment | Construction | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 11,886 | 11,886 | 26,539 | ||
Fiscal year before current year | 77,716 | 77,716 | 153,066 | ||
Two fiscal years before current year | 152,610 | 152,610 | 70,175 | ||
Three fiscal years before current year | 82,159 | 82,159 | 6,121 | ||
Four fiscal years before current year | 2,429 | 2,429 | 0 | ||
More than five years before current year | 0 | 0 | 0 | ||
Revolving loans amortized, cost basis | 2,122 | 2,122 | 5,849 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 328,922 | 328,922 | 261,750 | ||
Current fiscal year, writeoff | 0 | 0 | |||
Fiscal year before current year, writeoff | 0 | 0 | |||
Two fiscal years before current year, writeoff | 0 | 0 | |||
Three fiscal years before current year, writeoff | 0 | 0 | |||
Four fiscal years before current year, writeoff | 0 | 0 | |||
More than five years before current year, writeoff | 0 | 0 | |||
Revolving loans amortized cost basis, writeoff | 0 | 0 | |||
Revolving loans converted to term, writeoff | 0 | 0 | |||
Year-to-date gross charge-offs | 0 | 0 | |||
Loans | 328,922 | 328,922 | 261,750 | ||
Commercial Portfolio Segment | Construction | 30-59 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Construction | 60-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Construction | 90 Days or More Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Construction | Financial Asset, Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Construction | Financial Asset, Not Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 328,922 | 328,922 | 261,750 | ||
Commercial Portfolio Segment | Single tenant lease financing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 18,976 | 18,976 | 52,360 | ||
Fiscal year before current year | 52,073 | 52,073 | 226,326 | ||
Two fiscal years before current year | 223,517 | 223,517 | 95,773 | ||
Three fiscal years before current year | 93,042 | 93,042 | 68,895 | ||
Four fiscal years before current year | 65,703 | 65,703 | 142,023 | ||
More than five years before current year | 474,151 | 474,151 | 351,239 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 927,462 | 927,462 | 936,616 | ||
Current fiscal year, writeoff | 0 | 0 | |||
Fiscal year before current year, writeoff | 0 | 0 | |||
Two fiscal years before current year, writeoff | 0 | 0 | |||
Three fiscal years before current year, writeoff | 0 | 0 | |||
Four fiscal years before current year, writeoff | 0 | 0 | |||
More than five years before current year, writeoff | 195 | 0 | |||
Revolving loans amortized cost basis, writeoff | 0 | 0 | |||
Revolving loans converted to term, writeoff | 0 | 0 | |||
Year-to-date gross charge-offs | 195 | 0 | |||
Loans | 927,462 | 927,462 | 936,616 | ||
Commercial Portfolio Segment | Single tenant lease financing | 30-59 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Single tenant lease financing | 60-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Single tenant lease financing | 90 Days or More Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Single tenant lease financing | Financial Asset, Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Single tenant lease financing | Financial Asset, Not Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 927,462 | 927,462 | 936,616 | ||
Commercial Portfolio Segment | Public finance | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 5,957 | 5,957 | 3,805 | ||
Fiscal year before current year | 1,788 | 1,788 | 30,583 | ||
Two fiscal years before current year | 12,028 | 12,028 | 29,750 | ||
Three fiscal years before current year | 28,790 | 28,790 | 719 | ||
Four fiscal years before current year | 719 | 719 | 43,611 | ||
More than five years before current year | 436,918 | 436,918 | 413,296 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 486,200 | 486,200 | 521,764 | ||
Current fiscal year, writeoff | 0 | 0 | |||
Fiscal year before current year, writeoff | 0 | 0 | |||
Two fiscal years before current year, writeoff | 0 | 0 | |||
Three fiscal years before current year, writeoff | 0 | 0 | |||
Four fiscal years before current year, writeoff | 0 | 0 | |||
More than five years before current year, writeoff | 0 | 0 | |||
Revolving loans amortized cost basis, writeoff | 0 | 0 | |||
Revolving loans converted to term, writeoff | 0 | 0 | |||
Year-to-date gross charge-offs | 0 | 0 | |||
Loans | 486,200 | 486,200 | 521,764 | ||
Commercial Portfolio Segment | Public finance | 30-59 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Public finance | 60-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Public finance | 90 Days or More Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Public finance | Financial Asset, Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Public finance | Financial Asset, Not Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 486,200 | 486,200 | 521,764 | ||
Commercial Portfolio Segment | Healthcare finance | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 0 | ||
Two fiscal years before current year | 0 | 0 | 9,955 | ||
Three fiscal years before current year | 9,472 | 9,472 | 124,654 | ||
Four fiscal years before current year | 114,826 | 114,826 | 64,700 | ||
More than five years before current year | 77,781 | 77,781 | 23,484 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Current fiscal year, writeoff | 0 | 0 | |||
Fiscal year before current year, writeoff | 0 | 0 | |||
Two fiscal years before current year, writeoff | 0 | 0 | |||
Three fiscal years before current year, writeoff | 0 | 0 | |||
Four fiscal years before current year, writeoff | 0 | 605 | |||
More than five years before current year, writeoff | 0 | 0 | |||
Revolving loans amortized cost basis, writeoff | 0 | 0 | |||
Revolving loans converted to term, writeoff | 0 | 0 | |||
Year-to-date gross charge-offs | 0 | 605 | |||
Loans | 202,079 | 202,079 | 222,793 | ||
Commercial Portfolio Segment | Healthcare finance | 30-59 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Healthcare finance | 60-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Healthcare finance | 90 Days or More Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Healthcare finance | Financial Asset, Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Healthcare finance | Financial Asset, Not Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 202,079 | 202,079 | 222,793 | ||
Commercial Portfolio Segment | Small business lending | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 56,182 | 56,182 | 120,587 | ||
Fiscal year before current year | 124,279 | 124,279 | 44,427 | ||
Two fiscal years before current year | 37,952 | 37,952 | 15,232 | ||
Three fiscal years before current year | 13,857 | 13,857 | 16,066 | ||
Four fiscal years before current year | 12,674 | 12,674 | 6,002 | ||
More than five years before current year | 14,488 | 14,488 | 10,330 | ||
Revolving loans amortized, cost basis | 10,697 | 10,697 | 5,862 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Current fiscal year, writeoff | 0 | 67 | |||
Fiscal year before current year, writeoff | 218 | 739 | |||
Two fiscal years before current year, writeoff | 487 | 416 | |||
Three fiscal years before current year, writeoff | 0 | 1,364 | |||
Four fiscal years before current year, writeoff | 72 | 0 | |||
More than five years before current year, writeoff | 85 | 0 | |||
Revolving loans amortized cost basis, writeoff | 0 | 0 | |||
Revolving loans converted to term, writeoff | 0 | 0 | |||
Year-to-date gross charge-offs | 862 | 2,586 | |||
Loans | 270,129 | 270,129 | 218,506 | ||
Commercial Portfolio Segment | Small business lending | 30-59 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 5,216 | 5,216 | 2,680 | ||
Commercial Portfolio Segment | Small business lending | 60-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 1,329 | 1,329 | 57 | ||
Commercial Portfolio Segment | Small business lending | 90 Days or More Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 4,995 | 4,995 | 2,794 | ||
Commercial Portfolio Segment | Small business lending | Financial Asset, Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 11,540 | 11,540 | 5,531 | ||
Commercial Portfolio Segment | Small business lending | Financial Asset, Not Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 258,589 | 258,589 | 212,975 | ||
Commercial Portfolio Segment | Franchise finance | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 52,006 | 52,006 | 256,944 | ||
Fiscal year before current year | 247,634 | 247,634 | 210,617 | ||
Two fiscal years before current year | 196,945 | 196,945 | 58,222 | ||
Three fiscal years before current year | 54,548 | 54,548 | 0 | ||
Four fiscal years before current year | 0 | 0 | 0 | ||
More than five years before current year | 0 | 0 | 0 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Current fiscal year, writeoff | 0 | 0 | |||
Fiscal year before current year, writeoff | 281 | 331 | |||
Two fiscal years before current year, writeoff | 0 | 0 | |||
Three fiscal years before current year, writeoff | 296 | 0 | |||
Four fiscal years before current year, writeoff | 0 | 0 | |||
More than five years before current year, writeoff | 0 | 0 | |||
Revolving loans amortized cost basis, writeoff | 0 | 0 | |||
Revolving loans converted to term, writeoff | 0 | 0 | |||
Year-to-date gross charge-offs | 577 | 331 | |||
Loans | 551,133 | 551,133 | 525,783 | ||
Commercial Portfolio Segment | Franchise finance | 30-59 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 4,442 | 4,442 | 0 | ||
Commercial Portfolio Segment | Franchise finance | 60-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 909 | 909 | 2,923 | ||
Commercial Portfolio Segment | Franchise finance | 90 Days or More Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 555 | 555 | 303 | ||
Commercial Portfolio Segment | Franchise finance | Financial Asset, Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 5,906 | 5,906 | 3,226 | ||
Commercial Portfolio Segment | Franchise finance | Financial Asset, Not Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 545,227 | 545,227 | 522,557 | ||
Commercial Portfolio Segment | Pass | Commercial and industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 12,036 | 12,036 | 24,329 | ||
Fiscal year before current year | 17,401 | 17,401 | 19,382 | ||
Two fiscal years before current year | 16,381 | 16,381 | 15,464 | ||
Three fiscal years before current year | 15,318 | 15,318 | 2,502 | ||
Four fiscal years before current year | 2,431 | 2,431 | 12,365 | ||
More than five years before current year | 19,953 | 19,953 | 8,703 | ||
Revolving loans amortized, cost basis | 27,711 | 27,711 | 41,967 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 111,231 | 111,231 | 124,712 | ||
Commercial Portfolio Segment | Pass | Owner-occupied commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 3,254 | 3,254 | 1,492 | ||
Fiscal year before current year | 1,475 | 1,475 | 10,731 | ||
Two fiscal years before current year | 10,558 | 10,558 | 7,990 | ||
Three fiscal years before current year | 7,779 | 7,779 | 6,591 | ||
Four fiscal years before current year | 5,814 | 5,814 | 5,255 | ||
More than five years before current year | 16,628 | 16,628 | 12,485 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 45,508 | 45,508 | 44,544 | ||
Commercial Portfolio Segment | Pass | Investor commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 52,000 | 52,000 | 6,571 | ||
Fiscal year before current year | 2,894 | 2,894 | 35,209 | ||
Two fiscal years before current year | 67,153 | 67,153 | 26,841 | ||
Three fiscal years before current year | 24,250 | 24,250 | 9,864 | ||
Four fiscal years before current year | 9,737 | 9,737 | 47,827 | ||
More than five years before current year | 32,375 | 32,375 | 5,765 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 188,409 | 188,409 | 132,077 | ||
Commercial Portfolio Segment | Pass | Construction | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 11,886 | 11,886 | 26,539 | ||
Fiscal year before current year | 77,716 | 77,716 | 153,066 | ||
Two fiscal years before current year | 152,610 | 152,610 | 70,175 | ||
Three fiscal years before current year | 82,159 | 82,159 | 6,121 | ||
Four fiscal years before current year | 2,429 | 2,429 | 0 | ||
More than five years before current year | 0 | 0 | 0 | ||
Revolving loans amortized, cost basis | 2,122 | 2,122 | 5,849 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 328,922 | 328,922 | 261,750 | ||
Commercial Portfolio Segment | Pass | Single tenant lease financing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 17,736 | 17,736 | 52,360 | ||
Fiscal year before current year | 52,073 | 52,073 | 221,964 | ||
Two fiscal years before current year | 220,920 | 220,920 | 89,075 | ||
Three fiscal years before current year | 88,674 | 88,674 | 65,863 | ||
Four fiscal years before current year | 64,537 | 64,537 | 142,023 | ||
More than five years before current year | 464,691 | 464,691 | 346,695 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 908,631 | 908,631 | 917,980 | ||
Commercial Portfolio Segment | Pass | Public finance | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 5,957 | 5,957 | 3,805 | ||
Fiscal year before current year | 1,788 | 1,788 | 30,583 | ||
Two fiscal years before current year | 12,028 | 12,028 | 29,750 | ||
Three fiscal years before current year | 28,790 | 28,790 | 719 | ||
Four fiscal years before current year | 719 | 719 | 43,611 | ||
More than five years before current year | 434,798 | 434,798 | 411,176 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 484,080 | 484,080 | 519,644 | ||
Commercial Portfolio Segment | Pass | Healthcare finance | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 0 | ||
Two fiscal years before current year | 0 | 0 | 9,955 | ||
Three fiscal years before current year | 9,472 | 9,472 | 124,654 | ||
Four fiscal years before current year | 114,826 | 114,826 | 63,486 | ||
More than five years before current year | 77,099 | 77,099 | 23,484 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Loans | 201,397 | 201,397 | 221,579 | ||
Commercial Portfolio Segment | Pass | Small business lending | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 56,182 | 56,182 | 119,149 | ||
Fiscal year before current year | 118,343 | 118,343 | 42,077 | ||
Two fiscal years before current year | 34,334 | 34,334 | 15,180 | ||
Three fiscal years before current year | 13,395 | 13,395 | 13,948 | ||
Four fiscal years before current year | 10,817 | 10,817 | 4,582 | ||
More than five years before current year | 12,013 | 12,013 | 9,215 | ||
Revolving loans amortized, cost basis | 10,035 | 10,035 | 5,388 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Loans | 255,119 | 255,119 | 209,539 | ||
Commercial Portfolio Segment | Pass | Franchise finance | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 52,006 | 52,006 | 256,944 | ||
Fiscal year before current year | 247,634 | 247,634 | 210,617 | ||
Two fiscal years before current year | 195,745 | 195,745 | 57,919 | ||
Three fiscal years before current year | 54,548 | 54,548 | 0 | ||
Four fiscal years before current year | 0 | 0 | 0 | ||
More than five years before current year | 0 | 0 | 0 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Loans | 549,933 | 549,933 | 525,480 | ||
Commercial Portfolio Segment | Special Mention | Commercial and industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 4,637 | ||
Two fiscal years before current year | 4,354 | 4,354 | 0 | ||
Three fiscal years before current year | 0 | 0 | 0 | ||
Four fiscal years before current year | 0 | 0 | 0 | ||
More than five years before current year | 0 | 0 | 0 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 4,354 | 4,354 | 4,637 | ||
Commercial Portfolio Segment | Special Mention | Owner-occupied commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 584 | ||
Two fiscal years before current year | 577 | 577 | 922 | ||
Three fiscal years before current year | 905 | 905 | 8,392 | ||
Four fiscal years before current year | 8,270 | 8,270 | 0 | ||
More than five years before current year | 1,174 | 1,174 | 1,189 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 10,926 | 10,926 | 11,087 | ||
Commercial Portfolio Segment | Special Mention | Investor commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 0 | ||
Two fiscal years before current year | 0 | 0 | 0 | ||
Three fiscal years before current year | 0 | 0 | 0 | ||
Four fiscal years before current year | 0 | 0 | 0 | ||
More than five years before current year | 0 | 0 | 0 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Special Mention | Construction | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 0 | ||
Two fiscal years before current year | 0 | 0 | 0 | ||
Three fiscal years before current year | 0 | 0 | 0 | ||
Four fiscal years before current year | 0 | 0 | 0 | ||
More than five years before current year | 0 | 0 | 0 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Special Mention | Single tenant lease financing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 1,240 | 1,240 | 0 | ||
Fiscal year before current year | 0 | 0 | 4,362 | ||
Two fiscal years before current year | 2,597 | 2,597 | 6,698 | ||
Three fiscal years before current year | 4,368 | 4,368 | 3,032 | ||
Four fiscal years before current year | 1,166 | 1,166 | 0 | ||
More than five years before current year | 9,460 | 9,460 | 4,544 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 18,831 | 18,831 | 18,636 | ||
Commercial Portfolio Segment | Special Mention | Public finance | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 0 | ||
Two fiscal years before current year | 0 | 0 | 0 | ||
Three fiscal years before current year | 0 | 0 | 0 | ||
Four fiscal years before current year | 0 | 0 | 0 | ||
More than five years before current year | 2,120 | 2,120 | 2,120 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 2,120 | 2,120 | 2,120 | ||
Commercial Portfolio Segment | Special Mention | Healthcare finance | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 0 | ||
Two fiscal years before current year | 0 | 0 | 0 | ||
Three fiscal years before current year | 0 | 0 | 0 | ||
Four fiscal years before current year | 0 | 0 | 1,214 | ||
More than five years before current year | 682 | 682 | 0 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Loans | 682 | 682 | 1,214 | ||
Commercial Portfolio Segment | Special Mention | Small business lending | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 343 | ||
Fiscal year before current year | 2,632 | 2,632 | 496 | ||
Two fiscal years before current year | 660 | 660 | 0 | ||
Three fiscal years before current year | 390 | 390 | 341 | ||
Four fiscal years before current year | 374 | 374 | 265 | ||
More than five years before current year | 592 | 592 | 698 | ||
Revolving loans amortized, cost basis | 199 | 199 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Loans | 4,847 | 4,847 | 2,143 | ||
Commercial Portfolio Segment | Special Mention | Franchise finance | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 0 | ||
Two fiscal years before current year | 1,200 | 1,200 | 0 | ||
Three fiscal years before current year | 0 | 0 | 0 | ||
Four fiscal years before current year | 0 | 0 | 0 | ||
More than five years before current year | 0 | 0 | 0 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Loans | 1,200 | 1,200 | 0 | ||
Commercial Portfolio Segment | Substandard | Commercial and industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 0 | ||
Two fiscal years before current year | 0 | 0 | 0 | ||
Three fiscal years before current year | 0 | 0 | 0 | ||
Four fiscal years before current year | 0 | 0 | 0 | ||
More than five years before current year | 0 | 0 | 0 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Substandard | Owner-occupied commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 0 | ||
Two fiscal years before current year | 0 | 0 | 0 | ||
Three fiscal years before current year | 0 | 0 | 0 | ||
Four fiscal years before current year | 0 | 0 | 0 | ||
More than five years before current year | 1,655 | 1,655 | 1,655 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 1,655 | 1,655 | 1,655 | ||
Commercial Portfolio Segment | Substandard | Investor commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 0 | ||
Two fiscal years before current year | 0 | 0 | 0 | ||
Three fiscal years before current year | 0 | 0 | 0 | ||
Four fiscal years before current year | 0 | 0 | 0 | ||
More than five years before current year | 0 | 0 | 0 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Substandard | Construction | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 0 | ||
Two fiscal years before current year | 0 | 0 | 0 | ||
Three fiscal years before current year | 0 | 0 | 0 | ||
Four fiscal years before current year | 0 | 0 | 0 | ||
More than five years before current year | 0 | 0 | 0 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Substandard | Single tenant lease financing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 0 | ||
Two fiscal years before current year | 0 | 0 | 0 | ||
Three fiscal years before current year | 0 | 0 | 0 | ||
Four fiscal years before current year | 0 | 0 | 0 | ||
More than five years before current year | 0 | 0 | 0 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Substandard | Public finance | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 0 | ||
Two fiscal years before current year | 0 | 0 | 0 | ||
Three fiscal years before current year | 0 | 0 | 0 | ||
Four fiscal years before current year | 0 | 0 | 0 | ||
More than five years before current year | 0 | 0 | 0 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Substandard | Healthcare finance | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 0 | ||
Two fiscal years before current year | 0 | 0 | 0 | ||
Three fiscal years before current year | 0 | 0 | 0 | ||
Four fiscal years before current year | 0 | 0 | 0 | ||
More than five years before current year | 0 | 0 | 0 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Substandard | Small business lending | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 1,095 | ||
Fiscal year before current year | 3,304 | 3,304 | 1,854 | ||
Two fiscal years before current year | 2,958 | 2,958 | 52 | ||
Three fiscal years before current year | 72 | 72 | 1,777 | ||
Four fiscal years before current year | 1,483 | 1,483 | 1,155 | ||
More than five years before current year | 1,883 | 1,883 | 417 | ||
Revolving loans amortized, cost basis | 463 | 463 | 474 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Loans | 10,163 | 10,163 | 6,824 | ||
Commercial Portfolio Segment | Substandard | Franchise finance | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 0 | ||
Two fiscal years before current year | 0 | 0 | 303 | ||
Three fiscal years before current year | 0 | 0 | 0 | ||
Four fiscal years before current year | 0 | 0 | 0 | ||
More than five years before current year | 0 | 0 | 0 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Loans | 0 | 0 | 303 | ||
Commercial Portfolio Segment | Doubtful | Commercial and industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 0 | ||
Two fiscal years before current year | 0 | 0 | 0 | ||
Three fiscal years before current year | 0 | 0 | 0 | ||
Four fiscal years before current year | 0 | 0 | 0 | ||
More than five years before current year | 0 | 0 | 0 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Doubtful | Owner-occupied commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 0 | ||
Two fiscal years before current year | 0 | 0 | 0 | ||
Three fiscal years before current year | 0 | 0 | 0 | ||
Four fiscal years before current year | 0 | 0 | 0 | ||
More than five years before current year | 0 | 0 | 0 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Doubtful | Investor commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 0 | ||
Two fiscal years before current year | 0 | 0 | 0 | ||
Three fiscal years before current year | 0 | 0 | 0 | ||
Four fiscal years before current year | 0 | 0 | 0 | ||
More than five years before current year | 0 | 0 | 0 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Doubtful | Construction | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 0 | ||
Two fiscal years before current year | 0 | 0 | 0 | ||
Three fiscal years before current year | 0 | 0 | 0 | ||
Four fiscal years before current year | 0 | 0 | 0 | ||
More than five years before current year | 0 | 0 | 0 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Doubtful | Single tenant lease financing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 0 | ||
Two fiscal years before current year | 0 | 0 | 0 | ||
Three fiscal years before current year | 0 | 0 | 0 | ||
Four fiscal years before current year | 0 | 0 | 0 | ||
More than five years before current year | 0 | 0 | 0 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Doubtful | Public finance | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 0 | ||
Two fiscal years before current year | 0 | 0 | 0 | ||
Three fiscal years before current year | 0 | 0 | 0 | ||
Four fiscal years before current year | 0 | 0 | 0 | ||
More than five years before current year | 0 | 0 | 0 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Doubtful | Healthcare finance | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 0 | ||
Two fiscal years before current year | 0 | 0 | 0 | ||
Three fiscal years before current year | 0 | 0 | 0 | ||
Four fiscal years before current year | 0 | 0 | 0 | ||
More than five years before current year | 0 | 0 | 0 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Doubtful | Small business lending | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 0 | ||
Two fiscal years before current year | 0 | 0 | 0 | ||
Three fiscal years before current year | 0 | 0 | 0 | ||
Four fiscal years before current year | 0 | 0 | 0 | ||
More than five years before current year | 0 | 0 | 0 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Loans | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Doubtful | Franchise finance | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 0 | ||
Two fiscal years before current year | 0 | 0 | 0 | ||
Three fiscal years before current year | 0 | 0 | 0 | ||
Four fiscal years before current year | 0 | 0 | 0 | ||
More than five years before current year | 0 | 0 | 0 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Loans | 0 | 0 | 0 | ||
Consumer Portfolio | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 800,481 | 800,481 | 796,931 | ||
Consumer Portfolio | Residential mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 14,942 | ||
Fiscal year before current year | 13,973 | 13,973 | 196,191 | ||
Two fiscal years before current year | 192,216 | 192,216 | 91,466 | ||
Three fiscal years before current year | 88,049 | 88,049 | 30,165 | ||
Four fiscal years before current year | 29,321 | 29,321 | 13,072 | ||
More than five years before current year | 58,990 | 58,990 | 49,812 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Current fiscal year, writeoff | 0 | 0 | |||
Fiscal year before current year, writeoff | 0 | 53 | |||
Two fiscal years before current year, writeoff | 13 | 70 | |||
Three fiscal years before current year, writeoff | 56 | 0 | |||
Four fiscal years before current year, writeoff | 0 | 17 | |||
More than five years before current year, writeoff | 0 | 0 | |||
Revolving loans amortized cost basis, writeoff | 0 | 0 | |||
Revolving loans converted to term, writeoff | 0 | 0 | |||
Year-to-date gross charge-offs | 69 | 140 | |||
Loans | 382,549 | 382,549 | 395,648 | ||
Consumer Portfolio | Residential mortgage | 30-59 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 1,182 | 1,182 | 70 | ||
Consumer Portfolio | Residential mortgage | 60-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 2,563 | 2,563 | 709 | ||
Consumer Portfolio | Residential mortgage | 90 Days or More Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 673 | 673 | 1,663 | ||
Consumer Portfolio | Residential mortgage | Financial Asset, Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 4,418 | 4,418 | 2,442 | ||
Consumer Portfolio | Residential mortgage | Financial Asset, Not Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 378,131 | 378,131 | 393,206 | ||
Consumer Portfolio | Home equity | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 1,369 | ||
Fiscal year before current year | 1,228 | 1,228 | 1,997 | ||
Two fiscal years before current year | 1,898 | 1,898 | 436 | ||
Three fiscal years before current year | 372 | 372 | 467 | ||
Four fiscal years before current year | 441 | 441 | 141 | ||
More than five years before current year | 600 | 600 | 585 | ||
Revolving loans amortized, cost basis | 15,475 | 15,475 | 16,896 | ||
Revolving loans converted to term | 1,391 | 1,391 | 1,778 | ||
Current fiscal year, writeoff | 0 | 0 | |||
Fiscal year before current year, writeoff | 0 | 0 | |||
Two fiscal years before current year, writeoff | 0 | 0 | |||
Three fiscal years before current year, writeoff | 0 | 0 | |||
Four fiscal years before current year, writeoff | 0 | 0 | |||
More than five years before current year, writeoff | 0 | 0 | |||
Revolving loans amortized cost basis, writeoff | 0 | 0 | |||
Revolving loans converted to term, writeoff | 0 | 0 | |||
Year-to-date gross charge-offs | 0 | 0 | |||
Loans | 21,405 | 21,405 | 23,669 | ||
Consumer Portfolio | Home equity | 30-59 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Consumer Portfolio | Home equity | 60-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Consumer Portfolio | Home equity | 90 Days or More Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Consumer Portfolio | Home equity | Financial Asset, Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | 0 | ||
Consumer Portfolio | Home equity | Financial Asset, Not Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 21,405 | 21,405 | 23,669 | ||
Consumer Portfolio | Other consumer loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 54,803 | 54,803 | 115,736 | ||
Fiscal year before current year | 106,976 | 106,976 | 106,936 | ||
Two fiscal years before current year | 96,999 | 96,999 | 41,598 | ||
Three fiscal years before current year | 37,309 | 37,309 | 26,532 | ||
Four fiscal years before current year | 23,551 | 23,551 | 27,102 | ||
More than five years before current year | 76,084 | 76,084 | 58,915 | ||
Revolving loans amortized, cost basis | 805 | 805 | 795 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Current fiscal year, writeoff | 0 | 97 | |||
Fiscal year before current year, writeoff | 100 | 115 | |||
Two fiscal years before current year, writeoff | 90 | 20 | |||
Three fiscal years before current year, writeoff | 57 | 51 | |||
Four fiscal years before current year, writeoff | 1 | 56 | |||
More than five years before current year, writeoff | 87 | 243 | |||
Revolving loans amortized cost basis, writeoff | 0 | 0 | |||
Revolving loans converted to term, writeoff | 0 | 0 | |||
Year-to-date gross charge-offs | 335 | 582 | |||
Loans | 396,527 | 396,527 | 377,614 | ||
Consumer Portfolio | Other consumer loans | 30-59 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 194 | 194 | 223 | ||
Consumer Portfolio | Other consumer loans | 60-89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 40 | 40 | 68 | ||
Consumer Portfolio | Other consumer loans | 90 Days or More Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 38 | 38 | 53 | ||
Consumer Portfolio | Other consumer loans | Financial Asset, Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 272 | 272 | 344 | ||
Consumer Portfolio | Other consumer loans | Financial Asset, Not Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 396,255 | 396,255 | 377,270 | ||
Consumer Portfolio | Performing | Residential mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 14,942 | ||
Fiscal year before current year | 13,973 | 13,973 | 195,453 | ||
Two fiscal years before current year | 191,732 | 191,732 | 91,010 | ||
Three fiscal years before current year | 87,717 | 87,717 | 30,092 | ||
Four fiscal years before current year | 29,250 | 29,250 | 13,072 | ||
More than five years before current year | 58,287 | 58,287 | 48,330 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Loans | 380,959 | 380,959 | 392,899 | ||
Consumer Portfolio | Performing | Home equity | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 1,369 | ||
Fiscal year before current year | 1,228 | 1,228 | 1,997 | ||
Two fiscal years before current year | 1,898 | 1,898 | 436 | ||
Three fiscal years before current year | 372 | 372 | 467 | ||
Four fiscal years before current year | 441 | 441 | 141 | ||
More than five years before current year | 600 | 600 | 585 | ||
Revolving loans amortized, cost basis | 15,475 | 15,475 | 16,896 | ||
Revolving loans converted to term | 1,391 | 1,391 | 1,778 | ||
Loans | 21,405 | 21,405 | 23,669 | ||
Consumer Portfolio | Performing | Other consumer loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 54,803 | 54,803 | 115,736 | ||
Fiscal year before current year | 106,976 | 106,976 | 106,883 | ||
Two fiscal years before current year | 96,992 | 96,992 | 41,598 | ||
Three fiscal years before current year | 37,282 | 37,282 | 26,527 | ||
Four fiscal years before current year | 23,548 | 23,548 | 27,087 | ||
More than five years before current year | 76,067 | 76,067 | 58,902 | ||
Revolving loans amortized, cost basis | 805 | 805 | 795 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Loans | 396,473 | 396,473 | 377,528 | ||
Consumer Portfolio | Nonaccrual | Residential mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 738 | ||
Two fiscal years before current year | 484 | 484 | 456 | ||
Three fiscal years before current year | 332 | 332 | 73 | ||
Four fiscal years before current year | 71 | 71 | 0 | ||
More than five years before current year | 703 | 703 | 1,482 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Loans | 1,590 | 1,590 | 2,749 | ||
Consumer Portfolio | Nonaccrual | Home equity | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 0 | ||
Two fiscal years before current year | 0 | 0 | 0 | ||
Three fiscal years before current year | 0 | 0 | 0 | ||
Four fiscal years before current year | 0 | 0 | 0 | ||
More than five years before current year | 0 | 0 | 0 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Loans | 0 | 0 | 0 | ||
Consumer Portfolio | Nonaccrual | Other consumer loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Current year | 0 | 0 | 0 | ||
Fiscal year before current year | 0 | 0 | 53 | ||
Two fiscal years before current year | 7 | 7 | 0 | ||
Three fiscal years before current year | 27 | 27 | 5 | ||
Four fiscal years before current year | 3 | 3 | 15 | ||
More than five years before current year | 17 | 17 | 13 | ||
Revolving loans amortized, cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | 0 | ||
Loans | $ 54 | $ 54 | $ 86 |
Loans - Nonaccrual Loans and Loans Past Due 90 Days or More (Details) - Nonaccrual - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Commercial Portfolio Segment | Small business lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Nonaccrual Loans | $ 10,246 | $ 6,824 |
Nonaccrual Loans with no Allowance for Credit Losses | 2,865 | 904 |
Total Loans 90 Days or More Past Due and Accruing | 2 | 0 |
Commercial Portfolio Segment | Franchise finance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Nonaccrual Loans | 0 | 303 |
Nonaccrual Loans with no Allowance for Credit Losses | 0 | 0 |
Total Loans 90 Days or More Past Due and Accruing | 555 | 0 |
Consumer Portfolio | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Nonaccrual Loans | 12,417 | 9,124 |
Nonaccrual Loans with no Allowance for Credit Losses | 5,036 | 2,901 |
Total Loans 90 Days or More Past Due and Accruing | 561 | 838 |
Consumer Portfolio | Residential mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Nonaccrual Loans | 2,117 | 1,911 |
Nonaccrual Loans with no Allowance for Credit Losses | 2,117 | 1,911 |
Total Loans 90 Days or More Past Due and Accruing | 0 | 838 |
Consumer Portfolio | Other consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Nonaccrual Loans | 54 | 86 |
Nonaccrual Loans with no Allowance for Credit Losses | 54 | 86 |
Total Loans 90 Days or More Past Due and Accruing | $ 4 | $ 0 |
Loans - Collateral Dependent Loans (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | $ 43,405 | $ 40,891 | $ 38,774 | $ 36,058 | $ 36,879 | $ 31,737 |
Total | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonaccrual loans | 13,160 | 9,962 | ||||
Allowance for credit losses | 5,144 | 2,391 | ||||
Commercial Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonaccrual loans | 2,003 | 2,875 | ||||
Residential Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonaccrual loans | 2,117 | 3,121 | ||||
Other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonaccrual loans | 9,040 | 3,966 | ||||
Owner-occupied commercial real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | 561 | 769 | 825 | 789 | 712 | 651 |
Owner-occupied commercial real estate | Total | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonaccrual loans | 1,654 | 1,654 | ||||
Allowance for credit losses | 0 | 0 | ||||
Owner-occupied commercial real estate | Commercial Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonaccrual loans | 0 | 0 | ||||
Owner-occupied commercial real estate | Residential Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonaccrual loans | 0 | 0 | ||||
Owner-occupied commercial real estate | Other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonaccrual loans | 1,654 | 1,654 | ||||
Small business lending | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | 11,993 | 8,868 | 6,532 | 2,618 | 2,340 | 2,168 |
Small business lending | Total | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonaccrual loans | 9,335 | 6,311 | ||||
Allowance for credit losses | 5,144 | 2,391 | ||||
Small business lending | Commercial Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonaccrual loans | 2,003 | 2,875 | ||||
Small business lending | Residential Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonaccrual loans | 0 | 1,210 | ||||
Small business lending | Other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonaccrual loans | 7,332 | 2,226 | ||||
Residential mortgage | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | 2,112 | 1,945 | 2,054 | 2,550 | 2,561 | 1,559 |
Residential mortgage | Total | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonaccrual loans | 2,117 | 1,911 | ||||
Allowance for credit losses | 0 | 0 | ||||
Residential mortgage | Commercial Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonaccrual loans | 0 | 0 | ||||
Residential mortgage | Residential Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonaccrual loans | 2,117 | 1,911 | ||||
Residential mortgage | Other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonaccrual loans | 0 | 0 | ||||
Other consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | 6,122 | $ 5,754 | 5,689 | $ 6,288 | $ 6,538 | $ 3,149 |
Other consumer loans | Total | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonaccrual loans | 54 | 86 | ||||
Allowance for credit losses | 0 | 0 | ||||
Other consumer loans | Commercial Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonaccrual loans | 0 | 0 | ||||
Other consumer loans | Residential Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonaccrual loans | 0 | 0 | ||||
Other consumer loans | Other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonaccrual loans | $ 54 | $ 86 |
Loans - Other Real Estate Owned (Details) $ in Thousands |
Jun. 30, 2024
USD ($)
property
loan
|
Dec. 31, 2023
USD ($)
loan
property
|
---|---|---|
Receivables [Abstract] | ||
Other real estate owned | $ 0 | $ 375 |
Other real estate owned, number of properties | property | 2 | 2 |
Mortgage loans in process of foreclosure, amount | $ 500 | $ 800 |
Mortgage loans in process of foreclosure, number of loans | loan | 2 | 1 |
Premises and Equipment - Summary (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Less: accumulated depreciation | $ (17,138) | $ (14,855) |
Premises and equipment, net | 72,516 | 73,463 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 5,598 | 5,598 |
Right of use leased asset | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 17 | 66 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 665 | 1,119 |
Building and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 61,971 | 60,699 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 21,403 | $ 20,836 |
Goodwill (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 4,687 | $ 4,687 |
Servicing Asset (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Balance, beginning of period | $ 11,760 | $ 7,312 | $ 10,567 | $ 6,255 |
Originated | 2,078 | 1,298 | 3,705 | 2,410 |
Paydowns: | (797) | (528) | (1,408) | (867) |
Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model | (32) | 170 | 145 | 454 |
Loan servicing asset revaluation | (829) | (358) | (1,263) | (413) |
Balance, end of period | $ 13,009 | $ 8,252 | $ 13,009 | $ 8,252 |
Servicing Asset - Unpaid principal balance (Details) - Loan servicing - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Servicing Assets at Fair Value [Line Items] | ||
Loans serviced for others | $ 676,497 | $ 531,927 |
SBA guaranteed loans | ||
Servicing Assets at Fair Value [Line Items] | ||
Loans serviced for others | $ 676,497 | $ 531,927 |
Servicing Asset - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Servicing Assets at Fair Value [Line Items] | ||||
Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model | $ 32 | $ (170) | $ (145) | $ (454) |
Loan servicing | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Loan servicing revenue | 1,470 | 850 | 2,793 | 1,635 |
Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model | $ 800 | $ 400 | $ 1,300 | $ 400 |
Subordinated Debt (Details Textual) - Subordinated Debt - USD ($) |
1 Months Ended | |||
---|---|---|---|---|
Aug. 31, 2021 |
Oct. 31, 2020 |
Jun. 30, 2019 |
Dec. 30, 2021 |
|
2031 Notes | ||||
Debt Instrument [Line Items] | ||||
Subordinated debenture, principal amount | $ 37,000,000.0 | |||
Fixed annual interest rate (as a percent) | 6.00% | |||
2030 Notes | ||||
Debt Instrument [Line Items] | ||||
Subordinated debenture, principal amount | $ 10,000,000 | |||
Fixed annual interest rate (as a percent) | 6.00% | |||
2031 Notes | ||||
Debt Instrument [Line Items] | ||||
Subordinated debenture, principal amount | $ 60,000,000 | |||
Fixed annual interest rate (as a percent) | 3.75% | |||
Unregistered 2031 Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Principal Amount Exchanged | $ 59,300,000 | |||
Debt Instrument, Principal Amount Remaining | $ 700,000 | |||
LIBOR | 2031 Notes | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 4.376% | |||
Secured Overnight Financing Rate (SOFR) | 2030 Notes | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 5.795% | |||
Secured Overnight Financing Rate (SOFR) | 2031 Notes | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 3.11% |
Subordinated Debt - Schedule of Subordinated Debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Instrument [Line Items] | ||
Unamortized Discount and Debt Issuance Costs | $ (2,007) | $ (2,162) |
Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Principal | 107,000 | 107,000 |
Unamortized Discount and Debt Issuance Costs | (2,007) | (2,162) |
Subordinated Debt | 2029 Notes | ||
Debt Instrument [Line Items] | ||
Principal | 37,000 | 37,000 |
Unamortized Discount and Debt Issuance Costs | (783) | (862) |
Subordinated Debt | 2030 Notes | ||
Debt Instrument [Line Items] | ||
Principal | 10,000 | 10,000 |
Unamortized Discount and Debt Issuance Costs | (149) | (160) |
Subordinated Debt | 2031 Notes | ||
Debt Instrument [Line Items] | ||
Principal | 60,000 | 60,000 |
Unamortized Discount and Debt Issuance Costs | $ (1,075) | $ (1,140) |
Benefit Plans - Activity (Details) |
6 Months Ended |
---|---|
Jun. 30, 2024
$ / shares
shares
| |
Restricted Stock Units | 2022 Plan | |
Awards/Units Outstanding (in shares) | |
Balance at beginning of period (in shares) | shares | 72,354 |
Granted (in shares) | shares | 75,222 |
Vested (in shares) | shares | (14,294) |
Balance at end of period (in shares) | shares | 133,282 |
Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 24.61 |
Granted (in dollars per share) | $ / shares | 24.13 |
Vested (in dollars per share) | $ / shares | 24.52 |
Balance at end of period (in dollars per share) | $ / shares | $ 24.35 |
Restricted Stock Units | 2013 Plan | |
Awards/Units Outstanding (in shares) | |
Balance at beginning of period (in shares) | shares | 53,985 |
Cancelled/Forfeited (in shares) | shares | (22,685) |
Vested (in shares) | shares | (8,089) |
Balance at end of period (in shares) | shares | 23,211 |
Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 39.86 |
Cancelled/Forfeited (in dollars per share) | $ / shares | 30.45 |
Vested (in dollars per share) | $ / shares | 46.64 |
Balance at end of period (in dollars per share) | $ / shares | $ 46.69 |
Restricted Stock Awards | 2022 Plan | |
Awards/Units Outstanding (in shares) | |
Balance at beginning of period (in shares) | shares | 30,030 |
Granted (in shares) | shares | 12,040 |
Vested (in shares) | shares | (30,030) |
Balance at end of period (in shares) | shares | 12,040 |
Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 11.18 |
Granted (in dollars per share) | $ / shares | 31.46 |
Vested (in dollars per share) | $ / shares | 11.18 |
Balance at end of period (in dollars per share) | $ / shares | $ 31.46 |
Restricted Stock Awards | 2013 Plan | |
Awards/Units Outstanding (in shares) | |
Balance at beginning of period (in shares) | shares | 0 |
Cancelled/Forfeited (in shares) | shares | 0 |
Vested (in shares) | shares | 0 |
Balance at end of period (in shares) | shares | 0 |
Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 0 |
Cancelled/Forfeited (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 0 |
Balance at end of period (in dollars per share) | $ / shares | $ 0 |
Deferred Stock Units | 2022 Plan | |
Awards/Units Outstanding (in shares) | |
Balance at beginning of period (in shares) | shares | 0 |
Granted (in shares) | shares | 0 |
Vested (in shares) | shares | 0 |
Balance at end of period (in shares) | shares | 0 |
Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 0 |
Balance at end of period (in dollars per share) | $ / shares | $ 0 |
Deferred Stock Units | 2013 Plan | |
Awards/Units Outstanding (in shares) | |
Balance at beginning of period (in shares) | shares | 0 |
Cancelled/Forfeited (in shares) | shares | 0 |
Vested (in shares) | shares | 0 |
Balance at end of period (in shares) | shares | 0 |
Weighted-Average Grant Date Fair Value Per Share (in dollars per share) | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 0 |
Cancelled/Forfeited (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 0 |
Balance at end of period (in dollars per share) | $ / shares | $ 0 |
Benefit Plans - Deferred Stock Rights (Details) |
6 Months Ended |
---|---|
Jun. 30, 2024
shares
| |
Deferred Stock Rights | |
Outstanding, beginning of period (in shares) | 28,538,000 |
Granted (in shares) | 142,000 |
Outstanding, end of period (in shares) | 28,680,000 |
Benefit Plans (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
May 16, 2022 |
|
Allocated share-based compensation expense | $ 458 | $ 115 | $ 901 | $ 487 | |
Compensation cost not yet recognized | $ 200 | $ 200 | |||
Period for recognition | 7 months 6 days | ||||
Percentage of annual retainer received in either common stock or deferred stock rights | 100.00% | ||||
2013 Plan | |||||
Number of shares authorized (in shares) | 750,000 | 750,000 | |||
2022 Plan | |||||
Share-based compensation expense (less than for 2023) | $ 400 | 100 | $ 700 | 100 | |
Number of shares authorized (in shares) | 400,000 | ||||
Director | |||||
Common stock shares reserved for future grants (in shares) | 180,000 | ||||
2022 Plan | Restricted Stock Units | |||||
Compensation cost not yet recognized | 2,800 | $ 2,800 | |||
Period for recognition | 2 years | ||||
Voting and Nonvoting Common Stock | Voting and Nonvoting Common Stock | |||||
Allocated share-based compensation expense | 458 | 115 | $ 901 | 487 | |
Voting and Nonvoting Common Stock | Voting and Nonvoting Common Stock | 2013 Plan | |||||
Allocated share-based compensation expense | $ 100 | $ 100 | $ 200 | $ 500 |
Commitments and Credit Risk (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Loan commitments | $ 715.0 | $ 755.4 |
Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Total available-for-sale securities | $ 488,572 | $ 474,855 |
Servicing asset | 13,009 | 10,567 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Total available-for-sale securities | 0 | 0 |
Servicing asset | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Total available-for-sale securities | 488,572 | 474,855 |
Servicing asset | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Total available-for-sale securities | 0 | 0 |
Servicing asset | 13,009 | 10,567 |
U.S. Government-sponsored agencies | ||
Total available-for-sale securities | 87,746 | 95,177 |
U.S. Government-sponsored agencies | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Total available-for-sale securities | 0 | 0 |
U.S. Government-sponsored agencies | Significant Other Observable Inputs (Level 2) | ||
Total available-for-sale securities | 87,746 | 95,177 |
U.S. Government-sponsored agencies | Significant Unobservable Inputs (Level 3) | ||
Total available-for-sale securities | 0 | 0 |
Municipal securities | ||
Total available-for-sale securities | 64,412 | 68,446 |
Municipal securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Total available-for-sale securities | 0 | 0 |
Municipal securities | Significant Other Observable Inputs (Level 2) | ||
Total available-for-sale securities | 64,412 | 68,446 |
Municipal securities | Significant Unobservable Inputs (Level 3) | ||
Total available-for-sale securities | 0 | 0 |
Agency mortgage-backed securities - residential | ||
Total available-for-sale securities | 230,045 | 206,649 |
Agency mortgage-backed securities - residential | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Total available-for-sale securities | 0 | 0 |
Agency mortgage-backed securities - residential | Significant Other Observable Inputs (Level 2) | ||
Total available-for-sale securities | 206,649 | |
Agency mortgage-backed securities - residential | Significant Unobservable Inputs (Level 3) | ||
Total available-for-sale securities | 0 | 0 |
Agency mortgage-backed securities - commercial | ||
Total available-for-sale securities | 36,891 | 38,885 |
Agency mortgage-backed securities - commercial | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Total available-for-sale securities | 0 | 0 |
Agency mortgage-backed securities - commercial | Significant Other Observable Inputs (Level 2) | ||
Total available-for-sale securities | 36,891 | 38,885 |
Agency mortgage-backed securities - commercial | Significant Unobservable Inputs (Level 3) | ||
Total available-for-sale securities | 0 | 0 |
Private label mortgage-backed securities - residential | ||
Total available-for-sale securities | 25,631 | 20,779 |
Private label mortgage-backed securities - residential | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Total available-for-sale securities | 0 | 0 |
Private label mortgage-backed securities - residential | Significant Unobservable Inputs (Level 3) | ||
Total available-for-sale securities | 0 | 0 |
Asset-backed securities | ||
Total available-for-sale securities | 8,429 | 8,081 |
Asset-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Total available-for-sale securities | 0 | 0 |
Asset-backed securities | Significant Other Observable Inputs (Level 2) | ||
Total available-for-sale securities | 8,429 | 8,081 |
Asset-backed securities | Significant Unobservable Inputs (Level 3) | ||
Total available-for-sale securities | 0 | 0 |
Corporate securities | ||
Total available-for-sale securities | 35,418 | 36,838 |
Corporate securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Total available-for-sale securities | 0 | 0 |
Corporate securities | Significant Other Observable Inputs (Level 2) | ||
Total available-for-sale securities | 35,418 | 36,838 |
Corporate securities | Significant Unobservable Inputs (Level 3) | ||
Total available-for-sale securities | 0 | 0 |
Interest rate swaps | ||
Derivative assets | 4,681 | 5,139 |
Interest rate swaps | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Derivative assets | 0 | 0 |
Interest rate swaps | Significant Other Observable Inputs (Level 2) | ||
Derivative assets | 4,681 | 5,139 |
Interest rate swaps | Significant Unobservable Inputs (Level 3) | ||
Derivative assets | 0 | 0 |
Interest rate swaps, back-to-back | ||
Derivative assets | 12 | 677 |
Derivative liabilities | (12) | (677) |
Interest rate swaps, back-to-back | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Interest rate swaps, back-to-back | Significant Other Observable Inputs (Level 2) | ||
Derivative assets | 12 | 677 |
Derivative liabilities | (12) | (677) |
Interest rate swaps, back-to-back | Significant Unobservable Inputs (Level 3) | ||
Derivative assets | 0 | 0 |
Derivative liabilities | $ 0 | $ 0 |
Fair Value of Financial Instruments - Fair Value Roll Forward (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Servicing asset | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 11,760 | $ 7,312 | $ 10,567 | $ 6,255 |
Additions: | 2,078 | 1,298 | 3,705 | 2,410 |
Paydowns | (797) | (528) | (1,408) | (867) |
Change in fair value | (32) | 170 | 145 | 454 |
Ending balance | 13,009 | 8,252 | 13,009 | 8,252 |
Interest Rate Lock Commitments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 0 | 0 | 0 | 133 |
Additions: | 0 | 0 | 0 | 0 |
Paydowns | 0 | 0 | 0 | 0 |
Change in fair value | 0 | 0 | 0 | (133) |
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value of Financial Instruments - Quantitative Information About Unobservable Inputs (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2024 |
Dec. 31, 2023 |
|
Servicing asset | $ 13,009 | $ 10,567 |
Significant Unobservable Inputs (Level 3) | ||
Servicing asset | 13,009 | 10,567 |
Collateral dependent loans | Significant Unobservable Inputs (Level 3) | ||
Impaired loans, recorded investment | 2,528 | 2,799 |
Servicing asset | Significant Unobservable Inputs (Level 3) | ||
Servicing asset | $ 13,009 | $ 10,567 |
Discount for type of property and current market conditions | Fair value of collateral | Collateral dependent loans | Significant Unobservable Inputs (Level 3) | Minimum | ||
Impaired loans, measurement input | 0.00% | 0.00% |
Discount for type of property and current market conditions | Fair value of collateral | Collateral dependent loans | Significant Unobservable Inputs (Level 3) | Maximum | ||
Impaired loans, measurement input | 90.00% | 90.00% |
Discount for type of property and current market conditions | Fair value of collateral | Collateral dependent loans | Significant Unobservable Inputs (Level 3) | Weighted-Average Range | ||
Impaired loans, measurement input | 25.00% | 28.00% |
Prepayment speeds | Discounted cash flow | Servicing asset | Significant Unobservable Inputs (Level 3) | Minimum | ||
Servicing asset, discount rate | 0.00% | 0.00% |
Prepayment speeds | Discounted cash flow | Servicing asset | Significant Unobservable Inputs (Level 3) | Maximum | ||
Servicing asset, discount rate | 25.00% | 25.00% |
Prepayment speeds | Discounted cash flow | Servicing asset | Significant Unobservable Inputs (Level 3) | Weighted-Average Range | ||
Servicing asset, discount rate | 11.70% | 11.30% |
Discount rate | Discounted cash flow | Servicing asset | Significant Unobservable Inputs (Level 3) | ||
Servicing asset, discount rate | 15.00% | 15.00% |
Discount rate | Discounted cash flow | Servicing asset | Significant Unobservable Inputs (Level 3) | Weighted-Average Range | ||
Servicing asset, discount rate | 15.00% | 15.00% |
Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Cash and cash equivalents | $ 396,786 | $ 405,898 |
Cash and cash equivalents, Fair Value | 396,786 | 405,898 |
Securities held-to-maturity, net | 270,349 | 227,153 |
Securities held-to-maturity, net, fair value | 247,430 | 207,572 |
Loans held-for-sale (best efforts pricing agreements) | 19,384 | 22,052 |
Loans held for sale, Fair Value | 19,384 | 22,052 |
Net loans | 3,917,741 | 3,801,446 |
Net loans, fair value | 3,751,788 | 3,611,909 |
Accrued interest receivable | 28,118 | 26,746 |
Accrued interest receivable, Fair Value | 28,118 | 26,746 |
Federal Home Loan Bank of Indianapolis stock | 28,350 | 28,350 |
Federal Home Loan Bank of Indianapolis stock, Fair Value | 28,350 | 28,350 |
Deposits | 4,273,922 | 4,066,973 |
Deposits, Fair Value | 4,255,761 | 4,059,447 |
Advances from Federal Home Loan Bank | 575,000 | 614,934 |
Advances from Federal Home Loan Bank, Fair Value | 565,906 | 605,366 |
Subordinated debt | 104,993 | 104,838 |
Subordinated debt, Fair Value | 106,578 | 102,632 |
Accrued interest payable | 3,419 | 3,848 |
Accrued interest payable, Fair Value | 3,419 | 3,848 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Cash and cash equivalents, Fair Value | 396,786 | 405,898 |
Securities held-to-maturity, net, fair value | 0 | 0 |
Loans held for sale, Fair Value | 0 | 0 |
Net loans, fair value | 0 | 0 |
Accrued interest receivable, Fair Value | 28,118 | 26,746 |
Federal Home Loan Bank of Indianapolis stock, Fair Value | 0 | 0 |
Deposits, Fair Value | 1,851,395 | 1,796,123 |
Advances from Federal Home Loan Bank, Fair Value | 0 | 0 |
Subordinated debt, Fair Value | 36,526 | 32,560 |
Accrued interest payable, Fair Value | 3,419 | 3,848 |
Significant Other Observable Inputs (Level 2) | ||
Cash and cash equivalents, Fair Value | 0 | 0 |
Securities held-to-maturity, net, fair value | 247,430 | 207,572 |
Loans held for sale, Fair Value | 19,384 | 22,052 |
Net loans, fair value | 0 | 0 |
Accrued interest receivable, Fair Value | 0 | 0 |
Federal Home Loan Bank of Indianapolis stock, Fair Value | 28,350 | 28,350 |
Deposits, Fair Value | 0 | 0 |
Advances from Federal Home Loan Bank, Fair Value | 565,906 | 605,366 |
Subordinated debt, Fair Value | 70,052 | 70,072 |
Accrued interest payable, Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Cash and cash equivalents, Fair Value | 0 | 0 |
Securities held-to-maturity, net, fair value | 0 | 0 |
Loans held for sale, Fair Value | 0 | 0 |
Net loans, fair value | 3,751,788 | 3,611,909 |
Accrued interest receivable, Fair Value | 0 | 0 |
Federal Home Loan Bank of Indianapolis stock, Fair Value | 0 | 0 |
Deposits, Fair Value | 2,404,366 | 2,263,324 |
Advances from Federal Home Loan Bank, Fair Value | 0 | 0 |
Subordinated debt, Fair Value | 0 | 0 |
Accrued interest payable, Fair Value | $ 0 | $ 0 |
Mortgage Banking Activities (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Mortgage Banking [Abstract] | ||||
Loans originated for sale | $ 0 | $ 0 | $ 0 | $ 36,300 |
Proceeds from sale of loans | 0 | 3,100 | 0 | 46,500 |
Mortgage banking activities | ||||
Principal Transaction Revenue [Line Items] | ||||
Gain on loans sold | 0 | 0 | 0 | 471 |
Loss resulting from the change in fair value of loans held-for-sale | 0 | 0 | 0 | (143) |
Loss resulting from the change in fair value of derivatives | 0 | 0 | 0 | (252) |
Net revenue from mortgage banking activities | $ 0 | $ 0 | $ 0 | $ 76 |
Derivative Financial Instruments - Carrying Amount and Adjustment (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2024 |
Dec. 31, 2023 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amortized cost | $ 529,657 | $ 513,315 |
Derivatives designated as hedging instruments | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative assets | 68,064 | 69,504 |
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets | (549) | $ (1,143) |
Amortized cost | $ 50,000 |
Derivative Financial Instruments - Interest Swap Derivatives (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|---|
Mar. 31, 2021 |
Jun. 30, 2020 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||
Notional Value | $ 12,325 | $ 12,325 | $ 1,778 | ||||
Fair Value | (12) | (12) | (677) | ||||
Payments for swap termination payments | $ 46,100 | ||||||
Cash pledged as collateral | 5,500 | 5,500 | 5,200 | ||||
Interest rate swaps | Derivatives designated as hedging instruments | |||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||
Notional Value | 50,000 | $ 50,000 | $ 50,000 | ||||
Weighted Average Remaining Maturity (years) | 3 months 18 days | 9 months 18 days | |||||
Fair Value | $ 556 | $ 556 | $ 1,153 | ||||
Weighted-Average Rate | 2.33% | 2.33% | 2.33% | ||||
Loans | Interest rate swaps | Derivatives designated as hedging instruments | |||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||
Weighted Average Remaining Maturity (years) | 10 years | ||||||
Amortization Expense | $ 1,200 | $ 1,000 | $ 2,200 | $ 2,000 | |||
Securities available-for-sale | Interest rate swaps | Derivatives designated as hedging instruments | |||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||
Notional Value | 50,000 | $ 50,000 | $ 50,000 | ||||
Weighted Average Remaining Maturity (years) | 3 months 18 days | 9 months 18 days | |||||
Fair Value | $ 556 | $ 556 | $ 1,153 | ||||
Weighted-Average Rate | 2.33% | 2.33% | 2.33% | ||||
Payments for swap termination payments | $ 1,900 | ||||||
Amortization Expense | $ 100 | $ 100 | $ 100 | $ 100 | |||
3-month SOFR | Interest rate swaps | Derivatives designated as hedging instruments | |||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||
Notional Value | 110,000 | $ 110,000 | $ 110,000 | ||||
Weighted Average Remaining Maturity (years) | 2 years 7 months 6 days | 3 years 1 month 6 days | |||||
Fair Value | $ 4,623 | $ 4,623 | $ 3,596 | ||||
Derivative, variable interest rate | 2.88% | 2.88% | 2.88% | ||||
Fed Funds Effective | Interest rate swaps | Derivatives designated as hedging instruments | |||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||
Notional Value | $ 20,000 | $ 20,000 | $ 40,000 | ||||
Weighted Average Remaining Maturity (years) | 4 months 24 days | ||||||
Fair Value | $ 3 | $ 3 | $ 390 | ||||
Derivative, variable interest rate | 2.78% | 2.78% | 2.78% |
Derivative Financial Instruments - Notional Amounts and Fair Value (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Asset Derivatives | ||
Notional Amount | $ 192,325 | $ 201,778 |
Fair Value | 5,194 | 5,816 |
Derivative Liability [Abstract] | ||
Notional Value | 12,325 | 1,778 |
Derivative, fair value | (12) | (677) |
Derivatives designated as hedging instruments | Interest rate swaps | ||
Derivative Liability [Abstract] | ||
Notional Value | 50,000 | 50,000 |
Derivative, fair value | 556 | 1,153 |
Derivatives not designated as hedging instruments | Back to Back Swaps | ||
Asset Derivatives | ||
Notional Amount | 12,325 | 1,778 |
Fair Value | 12 | 677 |
Derivative Liability [Abstract] | ||
Notional Value | 12,325 | 1,778 |
Derivative, fair value | (12) | (677) |
Loans | Derivatives designated as hedging instruments | Interest rate swaps | ||
Asset Derivatives | ||
Notional Amount | 50,000 | 50,000 |
Fair Value | 556 | 1,153 |
Securities available-for-sale | Derivatives designated as hedging instruments | Interest rate swaps | ||
Asset Derivatives | ||
Notional Amount | 130,000 | 150,000 |
Fair Value | 4,626 | 3,986 |
Derivative Liability [Abstract] | ||
Notional Value | 50,000 | 50,000 |
Derivative, fair value | $ 556 | $ 1,153 |
Derivative Financial Instruments - Gain (Loss) Recognized (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Interest rate swaps | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income | $ (262) | $ 2,094 | $ 640 | $ (76) |
Interest rate swap agreements - liabilities (back-to-back) | Liability Derivatives | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain / (Loss) Recognized | 0 | 0 | 0 | (133) |
Forward contracts | Liability Derivatives | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain / (Loss) Recognized | $ 0 | $ 0 | $ 0 | $ (119) |
Derivative Financial Instruments - Effect Of Derivatives on Income (Details) - Interest rate swaps - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Securities - non-taxable | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on the condensed consolidated statements of income | $ 415 | $ 354 | $ 829 | $ 648 |
Total interest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on the condensed consolidated statements of income | 415 | 354 | 829 | 648 |
Deposits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on the condensed consolidated statements of income | (169) | (539) | (424) | (957) |
Other borrowed funds | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on the condensed consolidated statements of income | (760) | (595) | (1,522) | (1,117) |
Total interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on the condensed consolidated statements of income | (929) | (1,134) | (1,946) | (2,074) |
Net interest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on the condensed consolidated statements of income | $ 1,344 | $ 1,488 | $ 2,775 | $ 2,722 |
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | $ 366,739 | $ 355,572 | $ 362,795 | $ 364,974 |
Net change in unrealized gain | (813) | (2,716) | (1,985) | 226 |
Reclassification of net loss realized and included in earnings | 188 | 206 | 422 | 364 |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | (625) | (2,510) | (1,563) | 590 |
Income tax provision (benefit) | (140) | (577) | (351) | 140 |
Other Comprehensive Income (Loss), Net of Tax | (485) | (1,933) | (1,212) | 450 |
Balance, end of period | 371,953 | 354,332 | 371,953 | 354,332 |
Reclassifications from accumulated other comprehensive loss to earnings before tax | (188) | (206) | (422) | (364) |
Tax benefit | (46) | (49) | (103) | (95) |
Total reclassifications from accumulated other comprehensive loss | (142) | (157) | (319) | (269) |
Available-For-Sale Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | (31,773) | (31,889) | (30,174) | (35,831) |
Net change in unrealized gain | (551) | (4,810) | (2,625) | 302 |
Reclassification of net loss realized and included in earnings | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | (551) | (4,810) | (2,625) | 302 |
Income tax provision (benefit) | (126) | (1,107) | (601) | 63 |
Other Comprehensive Income (Loss), Net of Tax | (425) | (3,703) | (2,024) | 239 |
Balance, end of period | (32,198) | (35,592) | (32,198) | (35,592) |
Cash Flow Hedges | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | 4,433 | 4,043 | 3,738 | 5,714 |
Net change in unrealized gain | (262) | 2,094 | 640 | (76) |
Reclassification of net loss realized and included in earnings | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | (262) | 2,094 | 640 | (76) |
Income tax provision (benefit) | (60) | 481 | 147 | (18) |
Other Comprehensive Income (Loss), Net of Tax | (202) | 1,613 | 493 | (58) |
Balance, end of period | 4,231 | 5,656 | 4,231 | 5,656 |
Accumulated Other Comprehensive Loss | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | (30,102) | (31,253) | (29,375) | (33,636) |
Other Comprehensive Income (Loss), Net of Tax | (485) | (1,933) | (1,212) | 450 |
Balance, end of period | (30,587) | (33,186) | (30,587) | (33,186) |
AOCI, Accumulated Gain (Loss), Debt Securities, Held-To-Maturity, Parent | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | (2,762) | (3,407) | (2,939) | (3,519) |
Net change in unrealized gain | 0 | 0 | 0 | 0 |
Reclassification of net loss realized and included in earnings | 188 | 206 | 422 | 364 |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | 188 | 206 | 422 | 364 |
Income tax provision (benefit) | 46 | 49 | 103 | 95 |
Other Comprehensive Income (Loss), Net of Tax | 142 | 157 | 319 | 269 |
Balance, end of period | $ (2,620) | $ (3,250) | $ (2,620) | $ (3,250) |
Label | Element | Value |
---|---|---|
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |
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