QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the quarterly period ended | |||||
OR | |||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the transition period from __________ to __________ |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbols | Name of each exchange on which registered | ||||||||||||
Large Accelerated Filer | o | x | |||||||||||||||
Non-Accelerated Filer | o | Smaller Reporting Company | Emerging Growth Company |
March 31, 2024 (Unaudited) | December 31, 2023 | ||||||||||
Assets | |||||||||||
Cash and due from banks | $ | $ | |||||||||
Short-term investments | |||||||||||
Cash and cash equivalents | |||||||||||
Securities available-for-sale, at fair value | |||||||||||
Loans | |||||||||||
Less: Allowance for credit losses | |||||||||||
Loans, net | |||||||||||
Payments in advance of funding | |||||||||||
Premises and equipment, net | |||||||||||
Investment in bank-owned life insurance | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Accounts and drafts receivable from customers | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Shareholders’ Equity | |||||||||||
Liabilities: | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing | $ | $ | |||||||||
Interest-bearing | |||||||||||
Total deposits | |||||||||||
Accounts and drafts payable | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Shareholders’ Equity: | |||||||||||
Preferred stock, par value $ | |||||||||||
Common stock, par value $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Common shares in treasury, at cost ( | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders’ equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Fee Revenue and Other Income: | |||||||||||
Processing fees | $ | $ | |||||||||
Financial fees | |||||||||||
Other | |||||||||||
Total fee revenue and other income | |||||||||||
Interest Income: | |||||||||||
Interest and fees on loans | |||||||||||
Interest and dividends on securities: | |||||||||||
Taxable | |||||||||||
Exempt from federal income taxes | |||||||||||
Interest on federal funds sold and other short-term investments | |||||||||||
Total interest income | |||||||||||
Interest Expense: | |||||||||||
Interest on deposits | |||||||||||
Interest on short-term borrowings | |||||||||||
Total interest expense | |||||||||||
Net interest income | |||||||||||
Provision for (release of) credit losses | ( | ||||||||||
Net interest income after provision for (release of) credit losses | |||||||||||
Total net revenue | |||||||||||
Operating Expense: | |||||||||||
Personnel | |||||||||||
Occupancy | |||||||||||
Equipment | |||||||||||
Amortization of intangible assets | |||||||||||
Other operating expense | |||||||||||
Total operating expense | |||||||||||
Income before income tax expense | |||||||||||
Income tax expense | |||||||||||
Net income | $ | $ | |||||||||
Basic earnings per share | $ | $ | |||||||||
Diluted earnings per share |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Comprehensive Income: | |||||||||||
Net income | $ | $ | |||||||||
Other comprehensive income: | |||||||||||
Net unrealized (loss) gain on securities available-for-sale | ( | ||||||||||
Tax effect | ( | ||||||||||
Reclassification adjustments for gains included in net income | ( | ||||||||||
Tax effect | |||||||||||
Foreign currency translation adjustments | ( | ||||||||||
Total comprehensive income | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Cash Flows From Operating Activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Amortization of intangible assets | |||||||||||
Net amortization of premium/discount on investment securities | |||||||||||
Depreciation | |||||||||||
Gains on sales of securities | ( | ||||||||||
Stock-based compensation expense | |||||||||||
Provision for (release of) for credit losses | ( | ||||||||||
Increase in current income tax liability | |||||||||||
Increase in pension liability | |||||||||||
Increase in accounts receivable | ( | ( | |||||||||
Other operating activities, net | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash Flows From Investing Activities: | |||||||||||
Proceeds from sales of securities available-for-sale | |||||||||||
Proceeds from maturities of securities available-for-sale | |||||||||||
Purchase of securities available-for-sale | ( | ( | |||||||||
Net (increase) decrease in loans | ( | ||||||||||
(Increase) decrease in payments in advance of funding | ( | ||||||||||
Purchases of premises and equipment, net | ( | ( | |||||||||
Net cash (used in) provided by investing activities | ( | ||||||||||
Cash Flows From Financing Activities: | |||||||||||
Net decrease in noninterest-bearing demand deposits | ( | ( | |||||||||
Net increase (decrease) in interest-bearing demand and savings deposits | ( | ||||||||||
Net (decrease) increase in time deposits | ( | ||||||||||
Net decrease in accounts and drafts receivable from customers | |||||||||||
Net decrease in accounts and drafts payable | ( | ( | |||||||||
Cash dividends paid | ( | ( | |||||||||
Purchase of common shares for treasury | ( | ||||||||||
Other financing activities, net | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net (decrease) increase in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Supplemental information: | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Cash paid for income taxes |
Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||
Cash dividends ($ | ( | ( | |||||||||||||||||||||||||||||||||
Issuance of | ( | ( | |||||||||||||||||||||||||||||||||
Exercise of SARs | ( | ( | |||||||||||||||||||||||||||||||||
Stock-based compensation expense | |||||||||||||||||||||||||||||||||||
Other comprehensive gain | |||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Balance, December 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||
Cash dividends ($ | ( | ( | |||||||||||||||||||||||||||||||||
Issuance of | ( | ( | |||||||||||||||||||||||||||||||||
Stock-based compensation expense | ( | ||||||||||||||||||||||||||||||||||
Purchase of | ( | ( | |||||||||||||||||||||||||||||||||
Other comprehensive loss | ( | ( | |||||||||||||||||||||||||||||||||
Balance, March 31, 2024 | $ | $ | $ | $ | ( | $ | ( | $ |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
(In thousands) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||||
Assets eligible for amortization: | |||||||||||||||||||||||
Customer lists | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Patents | ( | ( | |||||||||||||||||||||
Software | ( | ( | |||||||||||||||||||||
Trade name | ( | ( | |||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||
Unamortized intangible assets: | |||||||||||||||||||||||
Goodwill | — | — | |||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | $ | ( |
(In thousands except share and per share data) | Three Months Ended March 31, | ||||||||||
2024 | 2023 | ||||||||||
Basic | |||||||||||
Net income | $ | $ | |||||||||
Weighted-average common shares outstanding | |||||||||||
Basic earnings per share | $ | $ | |||||||||
Diluted | |||||||||||
Net income | $ | $ | |||||||||
Weighted-average common shares outstanding | |||||||||||
Effect of dilutive restricted stock and stock appreciation rights | |||||||||||
Weighted-average common shares outstanding assuming dilution | |||||||||||
Diluted earnings per share | $ | $ |
(In thousands) | Information Services | Banking Services | Corporate, Eliminations and Other | Total | |||||||||||||||||||
Three Months Ended March 31, 2024: | |||||||||||||||||||||||
Fee income | $ | $ | $ | $ | |||||||||||||||||||
Interest income | ( | ||||||||||||||||||||||
Interest expense | ( | ||||||||||||||||||||||
Intersegment income (expense) | ( | — | |||||||||||||||||||||
Pre-tax income | |||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||
Other intangible assets, net | |||||||||||||||||||||||
Total assets | ( | ||||||||||||||||||||||
Average funding sources | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended March 31, 2023: | |||||||||||||||||||||||
Fee income | $ | $ | $ | $ | |||||||||||||||||||
Interest income | ( | ||||||||||||||||||||||
Interest expense | ( | ||||||||||||||||||||||
Intersegment income (expense) | ( | — | |||||||||||||||||||||
Pre-tax income | |||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||
Other intangible assets, net | |||||||||||||||||||||||
Total assets | ( | ||||||||||||||||||||||
Average funding sources | $ | $ | $ | $ | |||||||||||||||||||
(In thousands) | March 31, 2024 | December 31, 2023 | |||||||||
Commercial and industrial | $ | $ | |||||||||
Real estate: | |||||||||||
Commercial: | |||||||||||
Mortgage | |||||||||||
Construction | |||||||||||
Faith-based: | |||||||||||
Mortgage | |||||||||||
Construction | |||||||||||
Other | |||||||||||
Total loans | $ | $ |
Performing | Nonperforming | ||||||||||||||||||||||||||||||||||
(In thousands) | Current | 30-59 Days | 60-89 Days | 90 Days and Over | Non- accrual | Total Loans | |||||||||||||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||
Faith-based: | |||||||||||||||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||
Faith-based: | |||||||||||||||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
(In thousands) | Loans Subject to Normal Monitoring1 | Performing Loans Subject to Special Monitoring2 | Nonperforming Loans Subject to Special Monitoring2 | Total Loans | |||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | |||||||||||||||||||
Real estate | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||
Construction | |||||||||||||||||||||||
Faith-based: | |||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||
Construction | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | |||||||||||||||||||
Real estate | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||
Construction | |||||||||||||||||||||||
Faith-based: | |||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||
Construction | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
1 Loans subject to normal monitoring involve borrowers of acceptable-to-strong credit quality and risk, who have the apparent ability to satisfy their loan obligations. | ||
2 Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention. |
(In thousands) | Payment Delay | Term Extension | Interest Rate Reduction | Combination Term Extension and Interest Rate Reduction | Percentage of Total Loans Held for Investment | ||||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Total | $ | $ | $ | $ | % |
(In thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Total Past Due | ||||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
(In thousands) | C&I | CRE | Faith-based CRE | Construction | Total | ||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Provision for (release of) credit losses | ( | ( | ( | ||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
(Release of) provision for credit losses (1) | ( | ||||||||||||||||||||||||||||
Balance at March 31, 2024 | $ | $ | $ | $ | $ |
(1) | For the three month period ended March 31, 2024 and year-ended December 31, 2023, there was a release of credit losses of $115,000 and $100,000, respectively, for unfunded commitments. |
Three Months Ended March 31, 2024 | |||||||||||
Shares | Fair Value | ||||||||||
Balance at December 31, 2023 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeitures | ( | ||||||||||
Balance at March 31, 2024 | $ |
Three Months Ended March 31, 2024 | |||||||||||
Shares | Fair Value | ||||||||||
Balance at December 31, 2023 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeitures | ( | ||||||||||
Balance at March 31, 2024 | $ |
Shares | Weighted- Average Exercise Price | Average Remaining Contractual Term Years | Aggregate Intrinsic Value (In thousands) | ||||||||||||||||||||
Balance at December 31, 2023 | $ | $ | |||||||||||||||||||||
Forfeited | ( | 0.00 | — | ||||||||||||||||||||
Exercisable at March 31, 2024 | $ | $ |
(In thousands) | Estimated 2024 | Actual 2023 | |||||||||
Interest cost on projected benefit obligations | $ | $ | |||||||||
Expected return on plan assets | ( | ( | |||||||||
Net amortization | |||||||||||
Net periodic pension cost | $ | $ |
(In thousands) | Estimated 2024 | Actual 2023 | |||||||||
Interest cost on projected benefit obligation | $ | $ | |||||||||
Net periodic pension cost | $ | $ |
March 31, 2024 | |||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
State and political subdivisions | $ | $ | $ | ( | $ | ||||||||||||||||||
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises | ( | ||||||||||||||||||||||
Corporate bonds | ( | ||||||||||||||||||||||
Treasury securities | ( | ||||||||||||||||||||||
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
December 31, 2023 | |||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
State and political subdivisions | $ | $ | $ | ( | $ | ||||||||||||||||||
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises | ( | ||||||||||||||||||||||
Corporate bonds | ( | ||||||||||||||||||||||
Treasury securities | ( | ||||||||||||||||||||||
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
March 31, 2024 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
(In thousands) | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
State and political subdivisions | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises | |||||||||||||||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||||||||||||||
Treasury securities | |||||||||||||||||||||||||||||||||||
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
December 31, 2023 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
(In thousands) | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
State and political subdivisions | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises | |||||||||||||||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||||||||||||||
Treasury securities | |||||||||||||||||||||||||||||||||||
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
March 31, 2024 | |||||||||||
(In thousands) | Amortized Cost | Fair Value | |||||||||
Due in 1 year or less | $ | $ | |||||||||
Due after 1 year through 5 years | |||||||||||
Due after 5 years through 10 years | |||||||||||
Due after 10 years | |||||||||||
Total | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
(In thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||
Balance sheet assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Investment securities | |||||||||||||||||||||||
Loans, net | |||||||||||||||||||||||
Accrued interest receivable | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Balance sheet liabilities: | |||||||||||||||||||||||
Deposits | $ | $ | $ | $ | |||||||||||||||||||
Accounts and drafts payable | |||||||||||||||||||||||
Accrued interest payable | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
For the Three Months Ended March 31, | |||||||||||
(In thousands) | 2024 | 2023 | |||||||||
Fee revenue and other income | |||||||||||
In-scope of FASB ASC 606 | |||||||||||
Processing fees | $ | $ | |||||||||
Financial fees | |||||||||||
Information services payment and processing revenue | |||||||||||
Bank service fees | |||||||||||
Fee revenue (in-scope of FASB ASC 606) | |||||||||||
Other income (out-of-scope of FASB ASC 606) | |||||||||||
Total fee revenue and other income | $ | $ |
(In thousands) | March 31, 2024 | ||||
Lease payments due | |||||
Less than 1 year | $ | ||||
1-2 years | |||||
2-3 years | |||||
3-4 years | |||||
4-5 years | |||||
Over 5 years | |||||
Total undiscounted cash flows | |||||
Discount on cash flows | |||||
Total lease liability | $ |
(In thousands except per share data) | First Quarter of | ||||||||||||||||
2024 | 2023 | % Change | |||||||||||||||
Processing fees | $ | 21,253 | $ | 19,513 | 8.9 | % | |||||||||||
Financial fees | 10,777 | 11,259 | (4.3) | % | |||||||||||||
Net interest income | 16,476 | 16,898 | (2.5) | % | |||||||||||||
Provision for (release of) credit loss | 95 | (340) | (127.9) | % | |||||||||||||
Other | 1,267 | 1,335 | (5.1) | % | |||||||||||||
Total net revenue | 49,678 | 49,345 | 0.7 | % | |||||||||||||
Operating expense | 40,671 | 40,372 | 0.7 | % | |||||||||||||
Income before income tax expense | 9,007 | 8,973 | 0.4 | % | |||||||||||||
Income tax expense | 1,855 | 1,856 | (0.1) | % | |||||||||||||
Net income | $ | 7,152 | $ | 7,117 | 0.5 | % | |||||||||||
Diluted earnings per share | $ | 0.52 | $ | 0.51 | 2.0 | % | |||||||||||
Return on average assets | 1.20 | % | 1.15 | % | — | ||||||||||||
Return on average equity | 12.66 | % | 13.76 | % | — |
(In thousands) | First Quarter of | ||||||||||||||||
2024 | 2023 | % Change | |||||||||||||||
Transportation invoice volume | 8,771 | 9,098 | (3.6) | % | |||||||||||||
Transportation invoice dollar volume | $ | 8,939,646 | $ | 10,268,451 | (12.9) | % | |||||||||||
Facility-related transaction volume 1 | 4,264 | 3,468 | 23.0 | % | |||||||||||||
Facility-related dollar volume 1 | $ | 5,329,566 | $ | 5,313,385 | 0.3 | % | |||||||||||
Average payments in advance of funding | $ | 194,338 | $ | 240,890 | (19.3) | % | |||||||||||
Processing fees | $ | 21,253 | $ | 19,513 | 8.9 | % | |||||||||||
Financial fees | $ | 10,777 | $ | 11,259 | (4.3) | % | |||||||||||
Other fees | $ | 1,267 | $ | 1,335 | (5.1) | % |
(In thousands) | First Quarter of | ||||||||||||||||
2024 | 2023 | % Change | |||||||||||||||
Average earning assets | $ | 2,063,239 | $ | 2,162,734 | (4.6) | % | |||||||||||
Average interest-bearing liabilities | 631,622 | 591,102 | 6.9 | % | |||||||||||||
Net interest income* | 16,720 | 17,219 | (2.9) | % | |||||||||||||
Net interest margin* | 3.26 | % | 3.23 | % | |||||||||||||
Yield on earning assets* | 4.27 | % | 3.84 | % | |||||||||||||
Cost of interest-bearing liabilities | 3.30 | % | 2.20 | % |
(In thousands) | First Quarter of 2024 | First Quarter of 2023 | |||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | ||||||||||||||||||||||||||||||
Assets1 | |||||||||||||||||||||||||||||||||||
Interest-earning assets | |||||||||||||||||||||||||||||||||||
Loans2: | $ | 1,016,246 | $ | 12,776 | 5.06 | % | $ | 1,076,221 | $ | 12,235 | 4.61 | % | |||||||||||||||||||||||
Investment securities3: | |||||||||||||||||||||||||||||||||||
Taxable | 521,144 | 3,519 | 2.72 | % | 571,673 | 3,586 | 2.54 | % | |||||||||||||||||||||||||||
Tax-exempt4 | 173,685 | 1,162 | 2.69 | % | 219,690 | 1,529 | 2.82 | % | |||||||||||||||||||||||||||
Short-term investments | 352,163 | 4,441 | 5.07 | % | 295,150 | 3,113 | 4.28 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 2,063,238 | 21,898 | 4.27 | % | 2,162,734 | 20,463 | 3.84 | % | |||||||||||||||||||||||||||
Non-interest-earning assets | |||||||||||||||||||||||||||||||||||
Cash and due from banks | 23,226 | 22,044 | |||||||||||||||||||||||||||||||||
Premises and equipment, net | 31,531 | 20,433 | |||||||||||||||||||||||||||||||||
Bank-owned life insurance | 49,284 | 48,111 | |||||||||||||||||||||||||||||||||
Goodwill and other intangibles | 20,574 | 21,355 | |||||||||||||||||||||||||||||||||
Payments in advance of funding | 194,338 | 240,890 | |||||||||||||||||||||||||||||||||
Unrealized loss on investment securities | (59,407) | (66,525) | |||||||||||||||||||||||||||||||||
Other assets | 71,889 | 63,834 | |||||||||||||||||||||||||||||||||
Allowance for credit losses | (13,091) | (13,535) | |||||||||||||||||||||||||||||||||
Total assets | $ | 2,381,582 | $ | 2,499,341 | |||||||||||||||||||||||||||||||
Liabilities and Shareholders’ Equity1 | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 548,071 | $ | 4,404 | 3.23 | % | $ | 523,410 | $ | 2,824 | 2.19 | % | |||||||||||||||||||||||
Savings deposits | 7,445 | 32 | 1.73 | % | 7,102 | 22 | 1.26 | % | |||||||||||||||||||||||||||
Time deposits >= $100 | 27,627 | 257 | 3.74 | % | 23,803 | 110 | 1.87 | % | |||||||||||||||||||||||||||
Other time deposits | 48,479 | 485 | 4.02 | % | 36,787 | 215 | 2.37 | % | |||||||||||||||||||||||||||
Total interest-bearing deposits | 631,622 | 5,178 | 3.30 | % | 591,102 | 3,171 | 2.18 | % | |||||||||||||||||||||||||||
Short-term borrowings | 11 | — | — | % | 5,833 | 73 | 5.08 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 631,633 | 5,178 | 3.30 | % | 596,935 | 3,244 | 2.20 | % | |||||||||||||||||||||||||||
Non-interest bearing liabilities | |||||||||||||||||||||||||||||||||||
Demand deposits | 447,900 | 553,644 | |||||||||||||||||||||||||||||||||
Accounts and drafts payable | 1,035,833 | 1,095,182 | |||||||||||||||||||||||||||||||||
Other liabilities | 39,547 | 43,789 | |||||||||||||||||||||||||||||||||
Total liabilities | 2,154,913 | 2,289,550 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 226,669 | 209,791 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,381,582 | $ | 2,499,341 | |||||||||||||||||||||||||||||||
Net interest income | $ | 16,720 | $ | 17,219 | |||||||||||||||||||||||||||||||
Net interest margin | 3.26 | % | 3.23 | % | |||||||||||||||||||||||||||||||
Interest spread | 0.97 | % | 1.64 | % |
(In thousands) | First Quarter of 2024 Compared to First Quarter of 2023 | ||||||||||||||||
Volume | Rate | Total | |||||||||||||||
Increase (decrease) in interest income: | |||||||||||||||||
Loans1: | $ | (677) | $ | 1,218 | $ | 541 | |||||||||||
Investment securities: | |||||||||||||||||
Taxable | (316) | 249 | (67) | ||||||||||||||
Tax-exempt2 | (300) | (67) | (367) | ||||||||||||||
Short-term investments | 677 | 651 | 1,328 | ||||||||||||||
Total interest income | (616) | 2,051 | 1,435 | ||||||||||||||
Increase (decrease) in interest expense: | |||||||||||||||||
Interest-bearing demand deposits | 142 | 1,438 | 1,580 | ||||||||||||||
Savings deposits | 1 | 9 | 10 | ||||||||||||||
Time deposits >=$100 | 20 | 127 | 147 | ||||||||||||||
Other time deposits | 85 | 185 | 270 | ||||||||||||||
Short-term borrowings | (36) | (37) | (73) | ||||||||||||||
Total interest expense | 212 | 1,722 | 1,934 | ||||||||||||||
Net interest income | $ | (828) | $ | 329 | $ | (499) |
First Quarter of | |||||||||||
(In thousands) | 2024 | 2023 | |||||||||
Allowance for credit losses at beginning of period | $ | 13,089 | $ | 13,539 | |||||||
Provision for (release of) credit losses | 210 | (285) | |||||||||
Net recoveries | — | — | |||||||||
Allowance for credit losses at end of period | $ | 13,299 | $ | 13,254 | |||||||
Allowance for unfunded commitments at beginning of period | $ | 132 | $ | 232 | |||||||
Provision for (release of) credit losses | (115) | (55) | |||||||||
Allowance for unfunded commitments at end of period | $ | 17 | $ | 177 | |||||||
Loans outstanding: | |||||||||||
Average | $ | 1,016,246 | $ | 1,076,221 | |||||||
March 31 | $ | 1,036,997 | $ | 1,070,373 | |||||||
Ratio of allowance for credit losses to loans outstanding at March 31 | 1.28 | % | 1.24 | % |
(In thousands) | First Quarter of | ||||||||||
2024 | 2023 | ||||||||||
Salaries and commissions | $ | 23,976 | $ | 22,605 | |||||||
Share-based compensation | 1,226 | 1,950 | |||||||||
Net periodic pension cost (benefit) | 195 | 100 | |||||||||
Other benefits | 5,210 | 5,371 | |||||||||
Personnel | $ | 30,607 | $ | 30,026 | |||||||
Occupancy | 861 | 855 | |||||||||
Equipment | 1,881 | 2,082 | |||||||||
Amortization of intangible assets | 191 | 195 | |||||||||
Other operating | 7,131 | 7,214 | |||||||||
Total operating expense | $ | 40,671 | $ | 40,372 |
Actual | Capital Requirements | Requirement to be Well-Capitalized | |||||||||||||||||||||||||||||||||
(In thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
At March 31, 2024 | |||||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||
Cass Information Systems, Inc. | $ | 271,145 | 15.60 | % | $ | 139,011 | 8.00 | % | $ N/A | N/A % | |||||||||||||||||||||||||
Cass Commercial Bank | 205,707 | 18.68 | 88,109 | 8.00 | 110,137 | 10.00 | |||||||||||||||||||||||||||||
Common Equity Tier I Capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||
Cass Information Systems, Inc. | 257,826 | 14.84 | 78,194 | 4.50 | N/A | N/A | |||||||||||||||||||||||||||||
Cass Commercial Bank | 193,197 | 17.54 | 49,562 | 4.50 | 71,589 | 6.50 | |||||||||||||||||||||||||||||
Tier I capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||
Cass Information Systems, Inc. | 257,826 | 14.84 | 104,258 | 6.00 | N/A | N/A | |||||||||||||||||||||||||||||
Cass Commercial Bank | 193,197 | 17.54 | 66,082 | 6.00 | 88,109 | 8.00 | |||||||||||||||||||||||||||||
Tier I capital (to average assets) | |||||||||||||||||||||||||||||||||||
Cass Information Systems, Inc. | 257,826 | 10.92 | 94,445 | 4.00 | N/A | N/A | |||||||||||||||||||||||||||||
Cass Commercial Bank | 193,197 | 12.83 | 60,240 | 4.00 | 75,300 | 5.00 | |||||||||||||||||||||||||||||
At December 31, 2023 | |||||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||
Cass Information Systems, Inc. | $ | 269,580 | 15.49 | % | $ | 139,266 | 8.00 | % | $ N/A | N/A % | |||||||||||||||||||||||||
Cass Commercial Bank | 204,584 | 19.04 | 85,964 | 8.00 | 107,455 | 10.00 | |||||||||||||||||||||||||||||
Common Equity Tier I Capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||
Cass Information Systems, Inc. | 256,359 | 14.73 | 78,337 | 4.50 | N/A | N/A | |||||||||||||||||||||||||||||
Cass Commercial Bank | 192,104 | 17.88 | 48,355 | 4.50 | 69,846 | 6.50 | |||||||||||||||||||||||||||||
Tier I capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||
Cass Information Systems, Inc. | 256,359 | 14.73 | 104,449 | 6.00 | N/A | N/A | |||||||||||||||||||||||||||||
Cass Commercial Bank | 192,104 | 17.88 | 64,473 | 6.00 | 85,964 | 8.00 | |||||||||||||||||||||||||||||
Tier I capital (to average assets) | |||||||||||||||||||||||||||||||||||
Cass Information Systems, Inc. | 256,359 | 10.71 | 95,760 | 4.00 | N/A | N/A | |||||||||||||||||||||||||||||
Cass Commercial Bank | 192,104 | 12.49 | 61,526 | 4.00 | 76,908 | 5.00 |
% change in projected net interest income | ||||||||||||||
March 31, 2024 | December 31, 2023 | |||||||||||||
+200 basis points | 11.5 | % | 14.7 | % | ||||||||||
+100 basis points | 6.7 | % | 6.5 | % | ||||||||||
Flat rates | — | % | — | % | ||||||||||
-100 basis points | (0.9) | % | (3.2) | % | ||||||||||
-200 basis points | (1.4) | % | (6.0) | % |
Period | Total Number of Shares Purchased(1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||||||||||||
January 1, 2024–January 31, 2024 | 43,942 | $ | 44.01 | — | 486,036 | ||||||||||||||||||
February 1, 2024–February 29, 2024 | 18,765 | 44.94 | 18,765 | 467,271 | |||||||||||||||||||
March 1, 2024–March 31, 2024 | 4,506 | 46.79 | 4,506 | 462,765 | |||||||||||||||||||
Total | 67,213 | $ | 44.46 | 23,271 | 462,765 |
Exhibit 101.INS XBRL Instance Document. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||
Exhibit 101.SCH Inline XBRL Taxonomy Extension Schema Document. | ||
Exhibit 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document. | ||
Exhibit 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document. | ||
Exhibit 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document. | ||
Exhibit 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document. | ||
Exhibit 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | ||
*Management contract or compensatory plan arrangement. |
CASS INFORMATION SYSTEMS, INC. | ||||||||
DATE: May 3, 2024 | By | /s/ Martin H. Resch | ||||||
Martin H. Resch | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
DATE: May 3, 2024 | By | /s/ Michael J. Normile | ||||||
Michael J. Normile | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(Principal Financial and Accounting Officer) |
Date: May 3, 2024 | |||||
/s/ Martin H. Resch | |||||
Martin H. Resch | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) |
Date: May 3, 2024 | |||||
/s/ Michael J. Normile | |||||
Michael J. Normile | |||||
Executive Vice President and Chief | |||||
Financial Officer | |||||
(Principal Financial and Accounting Officer) |
/s/ Martin H. Resch | |||||
Martin H. Resch | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) | |||||
May 3, 2024 |
/s/ Michael J. Normile | |||||
Michael J. Normile | |||||
Executive Vice President and Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) | |||||
May 3, 2024 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par or stated value per share (in dollars per share) | $ 0.50 | $ 0.50 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par or stated value per share (in dollars per share) | $ 0.50 | $ 0.50 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares, issued (in shares) | 15,505,772 | 15,505,772 |
Common stock, shares, outstanding (in shares) | 13,627,848 | 13,582,375 |
Treasury stock shares (in shares) | 1,877,924 | 1,923,397 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Comprehensive Income | ||
Net income | $ 7,152 | $ 7,117 |
Other comprehensive income: | ||
Net unrealized (loss) gain on securities available-for-sale | (2,096) | 9,181 |
Tax effect | 499 | (2,185) |
Reclassification adjustments for gains included in net income | 0 | (39) |
Tax effect | 0 | 9 |
Foreign currency translation adjustments | (90) | 85 |
Total comprehensive income | $ 5,465 | $ 14,168 |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends (in dollars per share) | $ 0.30 | $ 0.29 |
Issuance of common shares pursuant to stock-based compensation plan, net (in shares) | 105,686 | 61,534 |
Purchase of common shares (in shares) | 23,271 | 0 |
Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. Certain amounts in prior-period financial statements have been reclassified to conform to the current period’s presentation. Such reclassifications have no effect on previously reported net income or shareholders’ equity. For further information, refer to the audited consolidated financial statements and related footnotes included in Cass Information System, Inc.’s (the “Company” or “Cass”) Annual Report on Form 10-K for the year ended December 31, 2023 ("2023 Form 10-K"). |
Intangible Assets |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | Intangible Assets The Company accounts for intangible assets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350, Goodwill and Other Intangible Assets, which requires that intangibles with indefinite useful lives be tested annually for impairment, or when management deems there is a triggering event, and those with finite useful lives be amortized over their useful lives. Details of the Company’s intangible assets are as follows:
|
Earnings Per Share |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the sum of the weighted-average number of common shares outstanding and the weighted-average number of potential common shares outstanding. Under the treasury stock method, stock appreciation rights (“SARs”) are dilutive when the average market price of the Company’s common stock, combined with the effect of any unamortized compensation expense, exceeds the SAR price during a period. The calculations of basic and diluted earnings per share are as follows:
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Stock Repurchases |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Equity [Abstract] | |
Stock Repurchases | Stock Repurchases The Company maintains a treasury stock buyback program pursuant to which, in October 2023, the Board of Directors authorized the repurchase of up to 500,000 shares of the Company’s common stock with no expiration date. As of March 31, 2024, the Company had 462,765 shares remaining available for repurchase under the program. The Company repurchased 23,271 and 0 shares during the three-month periods ended March 31, 2024 and 2023, respectively. Repurchases may be made in the open market or through negotiated transactions from time to time depending on market conditions. |
Industry Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry Segment Information | Industry Segment Information The services provided by the Company are classified into two reportable segments: Information Services and Banking Services. Each of these segments provides distinct services that are marketed through different channels. They are managed separately due to their unique service and processing requirements. The Information Services segment provides transportation, energy, telecommunication, and environmental invoice processing and payment services to large corporations. In addition, this segment provides church management software and on-line generosity services primarily for faith-based ministries. The Banking Services segment provides banking services primarily to privately held businesses, franchise restaurants, and faith-based ministries, as well as supporting the banking needs of the Information Services segment. The Company’s accounting policies for segments are the same as those described in the summary of significant accounting policies in the Company’s 2023 Form 10-K. Management evaluates segment performance based on pre-tax income after allocations for corporate expenses. Transactions between segments are accounted for at what management believes to be fair value. Substantially all revenue originates from, and all long-lived assets are located within, the United States and no revenue from any customer of any segment exceeds 10% of the Company’s consolidated revenue. Funding sources represent average balances and deposits generated by Information Services and Banking Services and there is no allocation methodology used. Banking Services interest income is determined by actual interest income on loans minus actual interest expense paid on deposits plus/minus an allocation for interest income or expense dependent on the remaining available liquidity of the segment. Information Services interest income is determined by multiplying available liquidity by actual yields on short-term investments and investment securities. Any difference between total segment interest income and overall total Company interest income is included in Corporate, Eliminations, and Other. Summarized information about the Company’s operations in each industry segment is as follows:
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Loans by Type |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans by Type | Loans by Type A summary of loans is as follows:
The following table presents the aging of loans past due by category at March 31, 2024 and December 31, 2023:
The following table presents the credit exposure of the loan portfolio by internally assigned credit grade as of March 31, 2024 and December 31, 2023:
Loan modifications to borrowers experiencing financial difficulty may be in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, a term extension, or a combination thereof, among other things. There were no loans modified during the three months ended March 31, 2024. The following table shows the amortized cost of loans that were both experiencing financial difficulty and modified during the three months ended March 31, 2023, segregated by category and type of modification.
There were two loans modified during the three months ended March 31, 2023. The terms were extended by periods of two and three years and there was not an interest rate reduction associated with the modifications. The following table shows the payment status of loans that have been modified to borrowers experiencing financial difficulty in the last twelve months:
At March 31, 2024, the Company had no commitments to lend additional funds to borrowers experiencing financial difficulty for which the Company modified the terms of the loans in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, or a term extension during the current period. There were no modified loans that had a payment default during the three months ended March 31, 2024 or 2023 and that had been modified due to the borrower experiencing financial difficulty within the 12 previous months preceding the default. Upon the Company's determination that a modified loan has subsequently been deemed uncollectible, the loan is written off. There were no loans written off during the three months ended March 31, 2024 or 2023. The Company had no loans evaluated for expected credit losses on an individual basis as of March 31, 2024, and December 31, 2023, respectively. There were no foreclosed loans recorded as other real estate owned as of March 31, 2024 or December 31, 2023. A summary of the activity in the allowance for credit losses (“ACL”) by category for the three-month period ended March 31, 2024 and year-ended December 31, 2023 is as follows:
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Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the normal course of business, the Company is party to activities that contain credit, market and operational risks that are not reflected in whole or in part in the Company’s consolidated financial statements. As more fully described in the Form 10-K, such activities include traditional off-balance sheet credit-related financial instruments. These financial instruments include commitments to extend credit, commercial letters of credit and standby letters of credit. The Company’s maximum potential exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit, commercial letters of credit and standby letters of credit is represented by the contractual amounts of those instruments. Commitments to extend credit and letters of credit are subject to the same underwriting standards as those financial instruments included on the consolidated balance sheets. An allowance for unfunded commitments of $17,000 and $132,000 had been recorded at March 31, 2024 and December 31, 2023, respectively. At March 31, 2024, the balances of unfunded commitments, standby and commercial letters of credit were $223.6 million, $13.5 million, and $569,000, respectively. Since some of the financial instruments may expire without being drawn upon, the total amounts do not necessarily represent future cash requirements. On March 19, 2024, the Company filed a claim against Rubicon Technologies, Inc. ("Rubicon") for failed reimbursement of invoices that were processed and paid by the Company on Rubicon's behalf and fees for Company services that are due for invoice management services and bill pay services. The Company has a receivable at March 31, 2024 for $8.1 million related to these amounts. There is
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Stock-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation On February 16, 2023, the Board of Directors adopted the 2023 Omnibus Stock and Performance Compensation Plan (the "2023 Omnibus Plan"), which was approved by the Company's shareholders on April 18, 2023. The 2023 Omnibus Plan permits the issuance of up to 1.0 million shares of the Company’s common stock in the form of stock options, SARs, restricted stock, restricted stock units, phantom stock, and performance awards. During the three months ended March 31, 2024, 36,852 time-based restricted shares and 51,261 performance-based restricted shares were granted under the 2023 Omnibus Plan. Stock-based compensation expense for the three months ended March 31, 2024 and 2023 was $1.2 million and $2.0 million, respectively. Restricted Stock Restricted shares granted to Company employees are amortized to expense over a three-year cliff vesting period, or until vesting occurs upon retirement. Restricted shares granted to members of the Board of Directors are amortized to expense over a one-year service period, with the exception of those shares granted in lieu of cash payments for retainer fees which are expensed in the period earned. As of March 31, 2024, the total unrecognized compensation expense related to non-vested restricted shares was $2.4 million, and the related weighted-average period over which it is expected to be recognized is approximately 0.97 years. Following is a summary of the activity of the Company's restricted stock for the three months ended March 31, 2024, with total shares and weighted-average fair value:
Performance-Based Restricted Stock The Company has granted three-year performance-based restricted stock (“PBRS”) awards which are contingent upon the Company’s achievement of pre-established financial goals over a three-year cliff vest period. The number of shares issued ranges from 0% to 150% of the target opportunity based on the actual achievement of financial goals for the three-year performance period. Following is a summary of the activity of the PBRS for the three months ended March 31, 2024, based on 100% of target value:
The PBRS that vested during the three months ended March 31, 2024 were based on the Company's achievement of 135.4% of target financial goals for the 2021-2023 performance period, resulting in the issuance of 68,834 shares of common stock. The outstanding PBRS at March 31, 2024 will vest at scheduled vesting dates and the actual number of shares of common stock issued will range from 0% to 150% of the target opportunity based on the actual achievement of financial goals for the respective three-year performance period. SARs There were no SARs granted and no expense recognized during the three months ended March 31, 2024. Following is a summary of the activity of the Company’s SARs program for the three months ended March 31, 2024:
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Defined Pension Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Pension Plans | Defined Pension Plans The Company has a noncontributory defined-benefit pension plan (the “Plan”), which covers eligible employees. Effective December 31, 2016, the Plan was closed to all new participants. Additionally, the Plan’s benefits were frozen for all remaining participants as of February 28, 2021. As such, subsequent to February 28, 2021, there is no service cost associated with the Plan. The following table represents the components of net periodic pension cost:
The Company recorded net periodic pension cost of $195,000 and $100,000 for the three-month periods ended March 31, 2024, and March 31, 2023, respectively. The Company made no contributions to the Plan during the three-month period ended March 31, 2024 and is evaluating the amount of contributions, if any, for the remainder of 2024. In addition to the above funded defined-benefit pension plan, the Company has an unfunded supplemental executive retirement plan (the "SERP"). There are no current employees earning benefits and therefore, there is no service cost associated with the SERP. The following table represents the components of the net periodic cost for the SERP:
SERP cost recorded to expense was $113,000 and $118,000 for the three month periods ended March 31, 2024, and March 31, 2023, respectively.
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Income Taxes |
3 Months Ended |
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Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate was 20.6% and 20.7% for the three month periods ended March 31, 2024, and March 31, 2023, respectively. The effective tax rate for all periods differs from the statutory rate of 21% primarily due to the tax-exempt interest received from municipal bonds and bank-owned life insurance, among other factors. |
Investment in Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Securities | Investment in Securities Investment securities available-for-sale are recorded at fair value on a recurring basis. The Company’s investment securities available-for-sale are measured at fair value using Level 2 valuations. The market evaluation utilizes several sources which include “observable inputs” rather than “significant unobservable inputs” and therefore fall into the Level 2 category. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows:
The fair values of securities with unrealized losses are as follows:
There were 267 securities, or 96.0% (228 of which for greater than 12 months), in an unrealized loss position as of March 31, 2024. The unrealized losses at March 31, 2024 were primarily attributable to changes in market interest rates after the securities were purchased. The Company does not currently intend to sell, and based on current conditions, the Company does not believe it will be required to sell these available-for-sale securities before the recovery of the amortized cost basis, which may be the maturity dates of the securities. Therefore, the unrealized losses are recorded in accumulated other comprehensive loss. There were 275 securities, or 98.9% (210 of which for greater than 12 months), in an unrealized loss position as of December 31, 2023. At March 31, 2024 and December 31, 2023, the Company had not recorded an allowance for credit losses on securities. The amortized cost and fair value of investment securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.
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Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments Following is a summary of the carrying amounts and fair values of the Company’s financial instruments:
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash and Cash Equivalents - The carrying amount approximates fair value. Investment in Securities - The fair value is measured on a recurring basis using Level 2 valuations. Refer to Note 11, “Investment in Securities,” for fair value and unrealized gains and losses by investment type. Loans - The fair value is estimated using present values of future cash flows discounted at risk-adjusted interest rates for each loan category designated by management and is therefore a Level 3 valuation. Management believes that the risk factor embedded in the interest rates along with the allowance for credit losses result in a fair valuation. Accrued Interest Receivable - The carrying amount approximates fair value. Deposits - The fair value of demand deposits, savings deposits and certain money market deposits is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities and therefore, is a Level 2 valuation. The fair value estimates above do not include the benefit that results from the low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market or the benefit derived from the customer relationship inherent in existing deposits. Accounts and Drafts Payable - The carrying amount approximates fair value. Accrued Interest Payable - The carrying amount approximates fair value.
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Revenue from Contracts with Customers |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customers | Revenue from Contracts with Customers Revenue is recognized as the obligation to the customer is satisfied. The following is detail of the Company’s revenue from contracts with clients. Processing fees – The Company earns fees on a per-item or monthly basis for the invoice processing services rendered on behalf of customers. Per-item fees are recognized at the point in time when the performance obligation is satisfied. Monthly fees are earned over the course of a month, representing the period over which the performance obligation is satisfied. The contracts have no significant impact of variable consideration and no significant financing components. Financial fees – The Company earns fees on a transaction level basis for invoice payment services when making customer payments. Fees are recognized at the point in time when the payment transactions are made, which is when the performance obligation is satisfied. The contracts have no significant impact of variable consideration and no significant financing components. Bank service fees – Revenue from service fees consists of service charges and fees on deposit accounts under depository agreements with customers to provide access to deposited funds. Service charges on deposit accounts are transaction-based fees that are recognized at the point in time when the performance obligation is satisfied. The contracts have no significant impact of variable consideration and no significant financing components. The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope for the periods ended March 31, 2024 and 2023.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company leases certain premises under operating leases. As of March 31, 2024, the Company had lease liabilities of $8.2 million and right-of-use assets of $7.8 million. Lease liabilities and right-of-use assets are reflected in and , respectively. Presented within occupancy expense on the Consolidated Statements of Income for the three months ended March 31, 2024, operating lease cost was $341,000, short-term lease cost was $81,000, and there was no variable lease cost. At March 31, 2024, the weighted-average remaining lease term for the operating leases was 7.1 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 3.56%. Certain of the Company’s leases contain options to renew the lease; however, these renewal options are not included in the calculation of the lease liabilities as they are not reasonably certain to be exercised. See the Company’s 2023 Form 10-K for information regarding these commitments. A maturity analysis of operating lease liabilities and undiscounted cash flows as of March 31, 2024 is as follows:
There were no sale and leaseback transactions, leveraged leases, or lease transactions with related parties during the three months ended March 31, 2024.
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Subsequent Events |
3 Months Ended |
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Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | In accordance with FASB ASC 855, Subsequent Events, the Company has evaluated subsequent events after the consolidated balance sheet date of March 31, 2024. There were no events identified that would require additional disclosures to prevent the Company’s unaudited consolidated financial statements from being misleading.
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Intangible Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill | Details of the Company’s intangible assets are as follows:
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The calculations of basic and diluted earnings per share are as follows:
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Industry Segment Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Summarized information about the Company’s operations in each industry segment is as follows:
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Loans by Type (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Loan Categories | A summary of loans is as follows:
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Schedule of Debt | The following table presents the aging of loans past due by category at March 31, 2024 and December 31, 2023:
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Schedule of Credit Exposure of the Loan Portfolio | The following table presents the credit exposure of the loan portfolio by internally assigned credit grade as of March 31, 2024 and December 31, 2023:
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Financing Receivable, Troubled Debt Restructuring | The following table shows the amortized cost of loans that were both experiencing financial difficulty and modified during the three months ended March 31, 2023, segregated by category and type of modification.
The following table shows the payment status of loans that have been modified to borrowers experiencing financial difficulty in the last twelve months:
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Summary of ACL by Category | A summary of the activity in the allowance for credit losses (“ACL”) by category for the three-month period ended March 31, 2024 and year-ended December 31, 2023 is as follows:
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Stock-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restricted Stock Activity | Following is a summary of the activity of the Company's restricted stock for the three months ended March 31, 2024, with total shares and weighted-average fair value:
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Schedule of Performance Shares Activity | Following is a summary of the activity of the PBRS for the three months ended March 31, 2024, based on 100% of target value:
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Schedule of Stock Appreciation Right Activity | Following is a summary of the activity of the Company’s SARs program for the three months ended March 31, 2024:
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Defined Pension Plans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments | The following table represents the components of net periodic pension cost:
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Schedule of Net Benefit Costs | The following table represents the components of the net periodic cost for the SERP:
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Investment in Securities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investment Securities | The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows:
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Schedule of Unrealized Loss on Investments | The fair values of securities with unrealized losses are as follows:
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The amortized cost and fair value of investment securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.
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Fair Value of Financial Instruments (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value Measurements by Balance Sheet Grouping | Following is a summary of the carrying amounts and fair values of the Company’s financial instruments:
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Revenue from Contracts with Customers (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue |
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Leases (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating Lease Maturity | A maturity analysis of operating lease liabilities and undiscounted cash flows as of March 31, 2024 is as follows:
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Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Basic | ||
Net income | $ 7,152 | $ 7,117 |
Weighted-average common shares outstanding (in shares) | 13,530,228 | 13,599,472 |
Basic earnings per share (in dollars per share) | $ 0.53 | $ 0.52 |
Diluted | ||
Net Income | $ 7,152 | $ 7,117 |
Weighted-average common shares outstanding (in shares) | 13,530,228 | 13,599,472 |
Effect of dilutive restricted stock and stock appreciation rights (in shares) | 255,049 | 263,926 |
Weighted-average common shares outstanding assuming dilution (in shares) | 13,785,277 | 13,863,398 |
Diluted earnings per share (in dollars per share) | $ 0.52 | $ 0.51 |
Stock Repurchases (Details) - shares |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Oct. 31, 2021 |
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Equity [Abstract] | |||
Number of shares authorized to be repurchased (in shares) | 500,000 | ||
Remaining number of shares authorized to be repurchased (in shares) | 462,765 | ||
Treasury stock, shares repurchased (in shares) | 23,271 | 0 |
Loans by Type - Summary of Loan Categories (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Participating Mortgage Loans [Line Items] | ||
Total loans | $ 1,036,997 | $ 1,014,318 |
Commercial and industrial | ||
Participating Mortgage Loans [Line Items] | ||
Total loans | 526,486 | 498,502 |
Commercial: | Mortgage | ||
Participating Mortgage Loans [Line Items] | ||
Total loans | 114,200 | 118,371 |
Commercial: | Construction | ||
Participating Mortgage Loans [Line Items] | ||
Total loans | 8,812 | 8,233 |
Faith-based: | Mortgage | ||
Participating Mortgage Loans [Line Items] | ||
Total loans | 378,158 | 381,368 |
Faith-based: | Construction | ||
Participating Mortgage Loans [Line Items] | ||
Total loans | 9,336 | 7,790 |
Other | ||
Participating Mortgage Loans [Line Items] | ||
Total loans | $ 5 | $ 54 |
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Loss Contingencies [Line Items] | ||
Allowance for unfunded commitments | $ 17 | $ 132 |
Unused loan commitments | 223,600 | |
Invoice Reimbursement [Abstract] | 8,100 | |
Financial Standby Letter of Credit | ||
Loss Contingencies [Line Items] | ||
Letters of credit | 13,500 | |
Stand by Letters Of Credit Member | ||
Loss Contingencies [Line Items] | ||
Letters of credit | $ 569 |
Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock |
3 Months Ended |
---|---|
Mar. 31, 2024
$ / shares
shares
| |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance (in shares) | shares | 237,780 |
Granted (in shares) | shares | 36,852 |
Vested (in shares) | shares | (37,577) |
Forfeitures (in shares) | shares | (710) |
Ending balance (in shares) | shares | 236,345 |
Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 42.17 |
Granted (in dollars per share) | $ / shares | 44.39 |
Vested (in dollars per share) | $ / shares | 40.49 |
Forfeitures (in dollars per share) | $ / shares | 43.70 |
Ending balance (in dollars per share) | $ / shares | $ 42.79 |
Stock-Based Compensation - Summary of PBRS Activity (Details) - Performance-based Restricted Stock |
3 Months Ended |
---|---|
Mar. 31, 2024
$ / shares
shares
| |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance (in shares) | shares | 159,073 |
Granted (in shares) | shares | 51,261 |
Vested (in shares) | shares | (50,840) |
Forfeitures (in shares) | shares | (1,066) |
Ending balance (in shares) | shares | 158,428 |
Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 42.74 |
Granted (in dollars per share) | $ / shares | 48.19 |
Vested (in dollars per share) | $ / shares | 40.74 |
Forfeitures (in dollars per share) | $ / shares | 43.70 |
Ending balance (in dollars per share) | $ / shares | $ 43.87 |
Stock-Based Compensation - Summary of Company's SARs Activity (Details) - SARs - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Mar. 31, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
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Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Beginning balance (in shares) | 30,409 | ||
Ending balance (in shares) | 0 | ||
Fair Value | |||
Beginning balance (in dollars per share) | $ 46.70 | ||
Ending balance (in dollars per share) | $ 0 | ||
Outstanding, average remaining contractual term (in years) | 0 years | 29 days | |
Aggregate intrinsic value | $ 0 | $ 0 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Forfeitures | 30,409 | ||
Forfeited (in dollars per share) | $ 46.70 |
Defined Pension Plans - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Jun. 30, 2023 |
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Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic cost (benefit) | $ 195 | $ 100 | $ 733 |
Contributions | 0 | ||
Supplemental Employee Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic cost (benefit) | $ 113 | $ 118 | $ 472 |
Income Taxes (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Tax Disclosure [Abstract] | ||
Effective income tax rate reconciliation, percent | 20.60% | 20.70% |
Investment in Securities - Narrative (Details) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024
USD ($)
security
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023
security
|
|
Investments, Debt and Equity Securities [Abstract] | |||
Available-for-sale securities, number of positions | security | 267 | 275 | |
Available-for-sale securities, percentage of total securities | 96.00% | 98.90% | |
Available-for-sale securities, number of positions, greater than one year | security | 228 | 210 | |
Proceeds from sales of securities available-for-sale | $ 0 | $ 61,418 | |
Available-for-sale securities, gross realized gains | 0 | 187 | |
Available-for-sale securities, gross realized losses | 0 | 148 | |
Marketable Securities [Line Items] | |||
Available-for-sale securities, gross realized losses | $ 0 | $ 148 |
Investment in Securities - Schedule of Amortized Cost and Fair Value of Investment Securities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Amortized Cost | ||
Due in 1 year or less | $ 199,175 | |
Due after 1 year through 5 years | 94,092 | |
Due after 5 years through 10 years | 208,628 | |
Due after 10 years | 179,930 | |
Amortized Cost | 681,825 | $ 684,917 |
Fair Value | ||
Due in 1 year or less | 197,437 | |
Due after 1 year through 5 years | 92,440 | |
Due after 5 years through 10 years | 183,284 | |
Due after 10 years | 148,768 | |
Total | $ 621,929 | $ 627,117 |
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Balance sheet assets: | ||
Investment securities | $ 621,929 | $ 627,117 |
Carrying Amount | ||
Balance sheet assets: | ||
Accrued interest receivable | 8,965 | 8,450 |
Total | 1,847,395 | 2,009,264 |
Balance sheet liabilities: | ||
Accrued interest payable | 387 | 635 |
Total | 2,024,272 | 2,212,818 |
Fair Value | ||
Balance sheet assets: | ||
Cash and cash equivalents | 192,803 | 372,468 |
Investment securities | 621,929 | 627,117 |
Loans, net | 987,496 | 962,223 |
Accrued interest receivable | 8,965 | 8,450 |
Total | 1,811,193 | 1,970,258 |
Balance sheet liabilities: | ||
Deposits | 1,079,092 | 1,140,814 |
Accounts and drafts payable | 944,793 | 1,071,369 |
Accrued interest payable | 387 | 635 |
Total | $ 2,024,272 | $ 2,212,818 |
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Revenue, Performance Obligation [Abstract] | ||
Fee revenues, in-scope of FASB ASC 606 | $ 32,311 | $ 31,036 |
Other income (out-of-scope of FASB ASC 606) | 986 | 1,071 |
Total fee revenue and other income | 33,297 | 32,107 |
Processing fees | ||
Revenue, Performance Obligation [Abstract] | ||
Fee revenues, in-scope of FASB ASC 606 | 21,253 | 19,513 |
Financial fees | ||
Revenue, Performance Obligation [Abstract] | ||
Fee revenues, in-scope of FASB ASC 606 | 10,777 | 11,259 |
Information services payment and processing revenue | ||
Revenue, Performance Obligation [Abstract] | ||
Fee revenues, in-scope of FASB ASC 606 | 32,030 | 30,772 |
Bank service fees | ||
Revenue, Performance Obligation [Abstract] | ||
Fee revenues, in-scope of FASB ASC 606 | $ 281 | $ 264 |
Leases - Narrative (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
| |
Leases [Abstract] | |
Operating lease, liability | $ 8,217 |
Operating lease, right-of-use asset | $ 7,800 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other liabilities |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets |
Operating lease, cost | $ 341 |
Short-term lease, cost | 81 |
Variable lease, cost | $ 0 |
Operating lease, weighted average remaining lease term | 7 years 1 month 6 days |
Operating lease, weighted average discount rate, percent | 3.56% |
Leases - Schedule of Operating Lease Maturity (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
|
---|---|
Lease payments due | |
Less than 1 year | $ 1,325 |
1-2 years | 1,352 |
2-3 years | 1,347 |
3-4 years | 1,364 |
4-5 years | 1,287 |
Over 5 years | 2,588 |
Total undiscounted cash flows | 9,263 |
Discount on cash flows | 1,046 |
Total lease liability | $ 8,217 |
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