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David P. Boyle
Chief Executive Officer Burke & Herbert Financial Services Corp. |
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Andrew Samuel
Chief Executive Officer LINKBANCORP, Inc. |
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| | | | | By Order of the Board of Directors | |
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David P. Boyle
Chief Executive Officer Burke & Herbert Financial Services Corp. |
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| | January 30, 2026 | | | | |
| | | | | By Order of the Board of Directors | |
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Andrew Samuel
Chief Executive Officer LINKBANCORP, Inc. |
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| | January 30, 2026 | | | | |
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if you are a Burke & Herbert shareholder:
Burke & Herbert Financial Services Corp. 100 S. Fairfax Street Alexandria, VA 22314 Attention: Investor Relations (703) 666-3555 |
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if you are a LNKB shareholder:
LINKBANCORP, Inc. 1250 Camp Hill Bypass, Suite 202, Camp Hill, PA 17011 Attention: Investor Relations (717) 678-7935 |
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Burke & Herbert
Common Stock |
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LNKB
Common Stock |
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Implied Value of
One Share of LNKB Common Stock |
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December 17, 2025
|
| | | $ | 69.45 | | | | | $ | 8.36 | | | | | $ | 9.38 | | |
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January 28, 2026
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| | | $ | 63.43 | | | | | $ | 8.46 | | | | | $ | 8.56 | | |
| | S&T Bancorp, Inc. | | | Community Trust Bancorp, Inc. | |
| | Peoples Bancorp Inc. | | | Shore Bancshares, Inc. | |
| | Stock Yards Bancorp, Inc. | | | Mid Penn Bancorp, Inc. | |
| | Univest Financial Corporation | | | Orrstown Financial Services, Inc. | |
| | CNB Financial Corporation | | | Farmers National Banc Corp. | |
| | Republic Bancorp, Inc. | | | Peoples Financial Services Corp. | |
| | City Holding Company | | | | |
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Selected Companies
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Burke &
Herbert |
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Average
|
| |
Median
|
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25th
Percentile |
| |
75th
Percentile |
| |||||||||||||||
|
MRQ Core Return on Average Assets(1)
|
| | | | 1.66% | | | | | | 1.39% | | | | | | 1.39% | | | | | | 1.22% | | | | | | 1.60% | | |
|
MRQ Core Return on Average Tangible Common Equity(1)
|
| | | | 18.3% | | | | | | 15.7% | | | | | | 13.4% | | | | | | 12.8% | | | | | | 18.3% | | |
|
MRQ Net Interest Margin
|
| | | | 4.11% | | | | | | 3.76% | | | | | | 3.63% | | | | | | 3.57% | | | | | | 4.07% | | |
| | | | | | | | | |
Selected Companies
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| | | |
Burke &
Herbert |
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Average
|
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Median
|
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25th
Percentile |
| |
75th
Percentile |
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MRQ Fee Income / Revenue Ratio(2)
|
| | | | 13.4% | | | | | | 19.0% | | | | | | 20.7% | | | | | | 13.4% | | | | | | 24.1% | | |
|
MRQ Efficiency Ratio
|
| | | | 51.4% | | | | | | 55.4% | | | | | | 56.5% | | | | | | 57.4% | | | | | | 52.2% | | |
| | | | | | | | | |
Selected Companies
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| | | |
Burke &
Herbert |
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Average
|
| |
Median
|
| |
25th
Percentile |
| |
75th
Percentile |
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|
Tangible Common Equity / Tangible Assets
|
| | | | 9.4% | | | | | | 9.5% | | | | | | 9.0% | | | | | | 8.1% | | | | | | 10.5% | | |
|
CET1 Ratio
|
| | | | 12.8% | | | | | | 12.7% | | | | | | 11.6% | | | | | | 11.1% | | | | | | 14.1% | | |
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Total Capital Ratio
|
| | | | 15.4% | | | | | | 14.9% | | | | | | 14.3% | | | | | | 13.6% | | | | | | 15.8% | | |
|
Loans / Deposits
|
| | | | 86.7% | | | | | | 90.4% | | | | | | 90.2% | | | | | | 88.2% | | | | | | 93.7% | | |
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Loan Loss Reserves / Loans
|
| | | | 1.22% | | | | | | 1.12% | | | | | | 1.21% | | | | | | 1.05% | | | | | | 1.23% | | |
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Nonperforming Assets / Loans & OREO
|
| | | | 1.59% | | | | | | 0.57% | | | | | | 0.57% | | | | | | 0.62% | | | | | | 0.43% | | |
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MRQ Net Charge-Offs / Average Loans
|
| | | | 0.02% | | | | | | 0.11% | | | | | | 0.06% | | | | | | 0.15% | | | | | | 0.02% | | |
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Selected Companies
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Burke &
Herbert |
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Average
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Median
|
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25th
Percentile |
| |
75th
Percentile |
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One-Year Stock Price Change
|
| | | | 0.0% | | | | | | 0.3% | | | | | | (0.6)% | | | | | | (5.0)% | | | | | | 5.2% | | |
|
One-Year Total Return
|
| | | | 3.7% | | | | | | 3.7% | | | | | | 2.2% | | | | | | (0.2)% | | | | | | 8.4% | | |
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Year-To-Date Stock Price Change
|
| | | | 11.4% | | | | | | 7.5% | | | | | | 6.9% | | | | | | 2.0% | | | | | | 12.7% | | |
|
Stock Price / Tangible Book Value per Share
|
| | | | 1.43x | | | | | | 1.60x | | | | | | 1.43x | | | | | | 1.29x | | | | | | 1.58x | | |
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Stock Price / 2025 Estimated EPS
|
| | | | 9.1x | | | | | | 10.9x | | | | | | 10.5x | | | | | | 9.8x | | | | | | 11.4x | | |
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Stock Price / 2026 Estimated EPS
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| | | | 9.1x | | | | | | 10.5x | | | | | | 9.7x | | | | | | 9.0x | | | | | | 12.0x | | |
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Stock Price / 2027 Estimated EPS
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| | | | 8.8x | | | | | | 9.7x | | | | | | 9.0x | | | | | | 7.7x | | | | | | 11.4x | | |
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Dividend Yield
|
| | | | 3.2% | | | | | | 3.2% | | | | | | 2.7% | | | | | | 2.6% | | | | | | 3.5% | | |
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Core LTM Dividend Payout
|
| | | | 31.3% | | | | | | 37.5% | | | | | | 36.2% | | | | | | 28.6% | | | | | | 41.5% | | |
| | Carter Bankshares, Inc. | | | Meridian Corporation | |
| | First Bank | | | Blue Ridge Bankshares, Inc. | |
| | Primis Financial Corp. | | | Norwood Financial Corp. | |
| | Capital Bancorp, Inc. | | | John Marshall Bancorp, Inc. | |
| | BCB Bancorp, Inc. | | | FVCBankcorp, Inc. | |
| | ACNB Corporation | | | Franklin Financial Services Corporation | |
| | First Community Bankshares, Inc. | | | Princeton Bancorp, Inc. | |
| | Citizens Financial Services, Inc. | | | Parke Bancorp, Inc. | |
| | Unity Bancorp, Inc. | | | MainStreet Bancshares, Inc. | |
| | Fidelity D & D Bancorp, Inc. | | | First National Corporation | |
| | C&F Financial Corporation | | | First United Corporation | |
| | Citizens & Northern Corporation | | | | |
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Selected Companies
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LNKB
|
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Average
|
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Median
|
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25th
Percentile |
| |
75th
Percentile |
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MRQ Core Return on Average Assets(1)
|
| | | | 1.17% | | | | | | 1.21% | | | | | | 1.12% | | | | | | 0.93% | | | | | | 1.42% | | |
|
MRQ Core Return on Average Tangible Common
Equity(1) |
| | | | 15.4% | | | | | | 12.8% | | | | | | 13.6% | | | | | | 9.3% | | | | | | 15.1% | | |
|
MRQ Net Interest Margin
|
| | | | 3.79% | | | | | | 3.73% | | | | | | 3.66% | | | | | | 3.28% | | | | | | 3.87% | | |
|
MRQ Fee Income / Revenue Ratio(1)
|
| | | | 9.6% | | | | | | 15.7% | | | | | | 14.9% | | | | | | 8.4% | | | | | | 22.4% | | |
|
MRQ Efficiency Ratio
|
| | | | 58.4% | | | | | | 60.2% | | | | | | 59.9% | | | | | | 66.1% | | | | | | 55.0% | | |
| | | | | | | | | |
Selected Companies
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LNKB
|
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Average
|
| |
Median
|
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25th
Percentile |
| |
75th
Percentile |
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Tangible Common Equity / Tangible Assets
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| | | | 7.6% | | | | | | 9.7% | | | | | | 9.2% | | | | | | 8.3% | | | | | | 10.8% | | |
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CET1 Ratio
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| | | | 11.4% | | | | | | 13.2% | | | | | | 13.4% | | | | | | 11.1% | | | | | | 14.5% | | |
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Total Capital Ratio
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| | | | 12.3% | | | | | | 15.2% | | | | | | 15.3% | | | | | | 13.4% | | | | | | 16.2% | | |
|
Loans / Deposits
|
| | | | 92.1% | | | | | | 94.4% | | | | | | 94.8% | | | | | | 88.9% | | | | | | 99.1% | | |
|
Loan Loss Reserves / Loans
|
| | | | 1.03% | | | | | | 1.26% | | | | | | 1.21% | | | | | | 1.03% | | | | | | 1.33% | | |
|
Nonperforming Assets / Loans & OREO
|
| | | | 0.98% | | | | | | 1.26% | | | | | | 0.71% | | | | | | 1.30% | | | | | | 0.39% | | |
|
MRQ Net Charge-Offs / Average Loans
|
| | | | 0.05% | | | | | | 0.21% | | | | | | 0.04% | | | | | | 0.23% | | | | | | 0.00% | | |
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Selected Companies
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LNKB
|
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Average
|
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Median
|
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25th
Percentile |
| |
75th
Percentile |
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One-Year Stock Price Change
|
| | | | 8.2% | | | | | | 7.9% | | | | | | 8.9% | | | | | | (2.4)% | | | | | | 15.4% | | |
|
One-Year Total Return
|
| | | | 12.6% | | | | | | 11.5% | | | | | | 8.9% | | | | | | 0.3% | | | | | | 19.6% | | |
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Year-To-Date Stock Price Change
|
| | | | 11.8% | | | | | | 16.2% | | | | | | 14.4% | | | | | | 5.3% | | | | | | 25.2% | | |
|
Stock Price / Tangible Book Value per Share
|
| | | | 1.36x | | | | | | 1.25x | | | | | | 1.19x | | | | | | 1.09x | | | | | | 1.42x | | |
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Stock Price / 2025 Estimated EPS
|
| | | | 10.0x(1) | | | | | | 12.3x | | | | | | 11.6x | | | | | | 10.6x | | | | | | 13.2x | | |
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Stock Price / 2026 Estimated EPS
|
| | | | 8.6x | | | | | | 9.8x | | | | | | 9.5x | | | | | | 8.7x | | | | | | 10.6x | | |
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Stock Price / 2027 Estimated EPS
|
| | | | 7.4x | | | | | | 8.9x | | | | | | 8.8x | | | | | | 8.1x | | | | | | 9.6x | | |
|
Dividend Yield(2)
|
| | | | 3.6% | | | | | | 2.9% | | | | | | 2.8% | | | | | | 1.8% | | | | | | 3.5% | | |
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LTM Dividend Payout(2)
|
| | | | 29.4% | | | | | | 32.7% | | | | | | 28.2% | | | | | | 21.3% | | | | | | 46.1% | | |
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Acquiror
|
| |
Acquired Company
|
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Community West Bancshares
Fulton Financial Corporation Park National Corporation Farmers National Banc Corp. HBT Financial, Inc. Prosperity Bancshares, Inc. First Merchants Corporation Heritage Financial Corporation National Bank Holdings Corporation TowneBank Prosperity Bancshares, Inc. Bank First Corporation Glacier Bancorp, Inc. First Financial Bancorp. NB Bancorp, Inc. Eastern Bankshares, Inc. MIDFLORIDA Credit Union TowneBank FB Financial Corporation MetroCity Bankshares, Inc. Old Second Bancorp, Inc. Glacier Bancorp, Inc. CNB Financial Corporation |
| |
United Security Bancshares
Blue Foundry Bancorp First Citizens Bancshares, Inc. Middlefield Banc Corp. CNB Bank Shares, Inc. Southwest Bancshares, Inc. First Savings Financial Group, Inc. Olympic Bancorp, Inc. Vista Bancshares Inc. Dogwood State Bank American Bank Holding Corporation Centre 1 Bancorp, Inc. Guaranty Bancshares, Inc. Westfield Bancorp Provident Bancorp, Inc. HarborOne Bancorp, Inc. Prime Meridian Holding Company Old Point Financial Corporation Southern States Bancshares, Inc. First IC Corporation Bancorp Financial, Inc. Bank of Idaho Holding Company ESSA Bancorp, Inc. |
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Selected Companies
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Burke &
Herbert / LNKB |
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75th
Percentile |
| |
Average
|
| |
Median
|
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25th
Percentile |
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Price / Tangible Book Value per Share
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| | | | 1.52% | | | | | | 1.72% | | | | | | 1.54% | | | | | | 1.51% | | | | | | 1.33% | | |
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Pay to Trade Ratio
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| | | | 1.07% | | | | | | 1.01% | | | | | | 0.93% | | | | | | 0.92% | | | | | | 0.79% | | |
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Core Deposit Premium
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| | | | 5.7% | | | | | | 8.8% | | | | | | 6.4% | | | | | | 7.3% | | | | | | 4.6% | | |
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Price / LTM Core EPS(1)
|
| | | | 10.4x | | | | | | 18.6x | | | | | | 15.9x | | | | | | 14.7x | | | | | | 12.3x | | |
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Price / Est. EPS
|
| | | | 11.3x(2) | | | | | | 15.1x | | | | | | 13.7x | | | | | | 13.6x | | | | | | 11.5x | | |
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Price / FWD EPS
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| | | | 9.7x | | | | | | 13.0x | | | | | | 12.0x | | | | | | 11.7x | | | | | | 10.5x | | |
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One-Day Market Premium
|
| | | | 12.2% | | | | | | 46.2% | | | | | | 33.0% | | | | | | 24.1% | | | | | | 14.4% | | |
| | | |
Burke & Herbert
% of Total |
| |
LNKB
% of Total |
| ||||||
| Ownership: | | | | | | | | | | | | | |
|
Pro Forma Ownership at 0.1350x fixed exchange ratio
|
| | | | 74.7% | | | | | | 25.3% | | |
| Balance Sheet: | | | | | | | | | | | | | |
|
Assets
|
| | | | 71.6% | | | | | | 28.4% | | |
|
Gross Loans Held For Investment
|
| | | | 69.4% | | | | | | 30.6% | | |
|
Deposits
|
| | | | 70.6% | | | | | | 29.4% | | |
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Tangible Common Equity
|
| | | | 76.1% | | | | | | 23.9% | | |
| Income Statement: | | | | | | | | | | | | | |
|
LTM Core Earnings(1)
|
| | | | 78.7% | | | | | | 21.3% | | |
|
2025 Estimated Earnings
|
| | | | 78.1% | | | | | | 21.9%(2) | | |
|
2026 Estimated Earnings
|
| | | | 76.1% | | | | | | 23.9% | | |
|
2027 Estimated Earnings
|
| | | | 73.9% | | | | | | 26.1% | | |
| Market Capitalization: | | | | | | | | | | | | | |
|
Pre-Transaction Market Capitalization
|
| | | | 76.9% | | | | | | 23.1% | | |
| |
Transaction Value / Reported Tangible Book Value
|
| | | | 1.52x | | |
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Transaction Value / Last Twelve Months (“LTM”) Core Earnings(1)
|
| | | | 11.4x | | |
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Transaction Value / 2026 Estimated Earnings(2)
|
| | | | 9.7x | | |
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Transaction Value / 2027 Estimated Earnings(2)
|
| | | | 8.3x | | |
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Core Deposit Premium(3)
|
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5.7%
|
| |||
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Home Bancorp Inc. (HBCP)
|
| |
Unity Bancorp Inc. (UNTY)
|
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Farmers & Merchants Bancorp (FMAO)
|
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Investar Holding Corp. (ISTR)
|
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Capital Bancorp Inc. (CBNK)
|
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Avidia Bancorp (AVBC)
|
|
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ACNB Corp. (ACNB)
|
| |
USCB Financial Holdings Inc. (USCB)
|
|
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Bankwell Financial Group Inc. (BWFG)
|
| |
Fidelity D & D Bancorp Inc. (FDBC)
|
|
| |
First Western Financial Inc. (MYFW)
|
| |
Western New England Bancorp (WNEB)
|
|
| |
Red River Bancshares Inc. (RRBI)
|
| |
C&F Financial Corp. (CFFI)
|
|
| |
The First Bancorp (FNLC)
|
| |
Chemung Financial Corp. (CHMG)
|
|
| |
First Community Bankshares Inc (FCBC)
|
| |
Citizens & Northern Corp. (CZNC)
|
|
| |
Colony Bankcorp Inc. (CBAN)
|
| |
Orange County Bancorp Inc. (OBT)
|
|
| |
Citizens Financial Services (CZFS)
|
| |
Meridian Corp. (MRBK)
|
|
|
Company
|
| |
Ticker
|
| |
Total
Assets ($M) |
| |
Loans /
Deposits (%) |
| |
TCE /
TA (%) |
| |
CRE /
TRBC (%) |
| |
NIB /
Total Deposits (%) |
| |
NPAs /
Assets (%) |
| |
Core
ROAA (%) |
| |
Market
Cap ($M) |
| |
Price
|
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| |
Tang.
BV (x) |
| |
LTM Core
EPS (x) |
| |
2026E
EPS (x) |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Home Bancorp Inc.
|
| | HBCP | | | | $ | 3,494 | | | | | | 91.0% | | | | | | 9.9% | | | | | | 225% | | | | | | 27% | | | | | | 0.88% | | | | | | 1.45% | | | | | $ | 478 | | | | | | 1.40 | | | | | | 10.5 | | | | | | 10.6 | | |
|
Farmers & Merchants
Bancorp |
| | FMAO | | | | | 3,391 | | | | | | 96.8% | | | | | | 8.2% | | | | | | 234% | | | | | | 18% | | | | | | 0.15% | | | | | | 1.10% | | | | | | 385 | | | | | | 1.39 | | | | | | 11.5 | | | | | | 10.8 | | |
|
Capital Bancorp Inc.
|
| | CBNK | | | | | 3,389 | | | | | | 97.6% | | | | | | 10.5% | | | | | | 257% | | | | | | 29% | | | | | | 1.58% | | | | | | 1.87% | | | | | | 492 | | | | | | 1.41 | | | | | | 8.7 | | | | | | 9.1 | | |
|
ACNB Corp.
|
| | ACNB | | | | | 3,251 | | | | | | 95.4% | | | | | | 10.1% | | | | | | 228% | | | | | | 24% | | | | | | 0.22% | | | | | | 1.94% | | | | | | 551 | | | | | | 1.71 | | | | | | 11.9 | | | | | | 10.4 | | |
|
Bankwell Financial Group
Inc. |
| | BWFG | | | | | 3,244 | | | | | | 98.4% | | | | | | 8.9% | | | | | | 331% | | | | | | 14% | | | | | | 0.56% | | | | | | 1.25% | | | | | | 393 | | | | | | 1.35 | | | | | | 13.6 | | | | | | 9.8 | | |
|
First Western Financial Inc.
|
| | MYFW | | | | | 3,240 | | | | | | 91.7% | | | | | | 7.2% | | | | | | 324% | | | | | | 13% | | | | | | 0.70% | | | | | | 0.41% | | | | | | 250 | | | | | | 1.09 | | | | | | 19.6 | | | | | | 13.0 | | |
|
Red River Bancshares Inc.
|
| | RRBI | | | | | 3,214 | | | | | | 76.7% | | | | | | 10.9% | | | | | | 156% | | | | | | 32% | | | | | | 0.08% | | | | | | 1.33% | | | | | | 486 | | | | | | 1.38 | | | | | | 12.3 | | | | | | 11.3 | | |
|
The First Bancorp
|
| | FNLC | | | | | 3,198 | | | | | | 87.6% | | | | | | 7.7% | | | | | | 210% | | | | | | 11% | | | | | | 0.30% | | | | | | 1.14% | | | | | | 317 | | | | | | 1.30 | | | | | | 10.0 | | | | | | — | | |
|
First Community Bankshares Inc
|
| | FCBC | | | | | 3,190 | | | | | | 88.6% | | | | | | 11.7% | | | | | | 190% | | | | | | 33% | | | | | | 0.53% | | | | | | 1.66% | | | | | | 654 | | | | | | 1.81 | | | | | | 12.7 | | | | | | 12.5 | | |
|
Colony Bankcorp Inc.
|
| | CBAN | | | | | 3,153 | | | | | | 79.6% | | | | | | 8.0% | | | | | | 247% | | | | | | 17% | | | | | | 0.32% | | | | | | 1.09% | | | | | | 322 | | | | | | 1.30 | | | | | | 10.3 | | | | | | 8.7 | | |
|
Citizens Financial Services
|
| | CZFS | | | | | 3,056 | | | | | | 97.4% | | | | | | 8.1% | | | | | | 290% | | | | | | 22% | | | | | | 0.75% | | | | | | 1.33% | | | | | | 298 | | | | | | 1.23 | | | | | | 8.7 | | | | | | — | | |
|
Unity Bancorp Inc.
|
| | UNTY | | | | | 2,876 | | | | | | 108.9% | | | | | | 11.6% | | | | | | 226% | | | | | | 20% | | | | | | 0.59% | | | | | | 2.07% | | | | | | 558 | | | | | | 1.68 | | | | | | 11.0 | | | | | | 9.7 | | |
|
Investar Holding Corp.
|
| | ISTR | | | | | 2,801 | | | | | | 90.6% | | | | | | 8.1% | | | | | | 216% | | | | | | 19% | | | | | | 0.44% | | | | | | 0.90% | | | | | | 270 | | | | | | 1.21 | | | | | | 13.2 | | | | | | 9.0 | | |
|
Avidia Bancorp
|
| | AVBC | | | | | 2,787 | | | | | | 109.7% | | | | | | 13.0% | | | | | | 284% | | | | | | 20% | | | | | | 0.63% | | | | | | 0.99% | | | | | | 347 | | | | | | 0.95 | | | | | | — | | | | | | 13.8 | | |
|
USCB Financial Holdings
Inc. |
| | USCB | | | | | 2,768 | | | | | | 86.8% | | | | | | 7.6% | | | | | | 346% | | | | | | 24% | | | | | | 0.05% | | | | | | 1.28% | | | | | | 354 | | | | | | 1.69 | | | | | | 12.4 | | | | | | 9.1 | | |
|
Fidelity D & D Bancorp Inc.
|
| | FDBC | | | | | 2,737 | | | | | | 77.6% | | | | | | 7.7% | | | | | | 163% | | | | | | 22% | | | | | | 0.11% | | | | | | 1.09% | | | | | | 283 | | | | | | 1.37 | | | | | | 10.6 | | | | | | — | | |
|
Western New England
Bancorp |
| | WNEB | | | | | 2,736 | | | | | | 90.7% | | | | | | 8.4% | | | | | | 318% | | | | | | 25% | | | | | | 0.21% | | | | | | 0.48% | | | | | | 271 | | | | | | 1.18 | | | | | | 20.3 | | | | | | 14.5 | | |
|
C&F Financial Corp.
|
| | CFFI | | | | | 2,711 | | | | | | 88.8% | | | | | | 8.5% | | | | | | 261% | | | | | | 24% | | | | | | 0.17% | | | | | | 1.04% | | | | | | 248 | | | | | | 1.10 | | | | | | 9.7 | | | | | | — | | |
|
Chemung Financial Corp.
|
| | CHMG | | | | | 2,697 | | | | | | 93.5% | | | | | | 8.4% | | | | | | 369% | | | | | | 27% | | | | | | 0.30% | | | | | | 1.15% | | | | | | 286 | | | | | | 1.28 | | | | | | 10.7 | | | | | | 8.7 | | |
|
Citizens & Northern Corp.
|
| | CZNC | | | | | 2,664 | | | | | | 89.9% | | | | | | 9.2% | | | | | | 250% | | | | | | 23% | | | | | | 0.95% | | | | | | 1.12% | | | | | | 339 | | | | | | 1.42 | | | | | | 11.9 | | | | | | 9.3 | | |
|
Orange County Bancorp Inc.
|
| | OBT | | | | | 2,636 | | | | | | 84.9% | | | | | | 10.0% | | | | | | 374% | | | | | | 31% | | | | | | 0.46% | | | | | | 1.27% | | | | | | 387 | | | | | | 1.46 | | | | | | 10.7 | | | | | | 9.1 | | |
|
Meridian Corp.
|
| | MRBK | | | | | 2,541 | | | | | | 102.8% | | | | | | 7.1% | | | | | | 290% | | | | | | 11% | | | | | | 2.31% | | | | | | 1.05% | | | | | | 208 | | | | | | 1.12 | | | | | | 9.7 | | | | | | 7.9 | | |
|
75th Percentile
|
| | | | | | $ | 3,234 | | | | | | 87.9% | | | | | | 10.1% | | | | | | 225% | | | | | | 26% | | | | | | 0.21% | | | | | | 1.33% | | | | | $ | 457 | | | | | | 1.42 | | | | | | 12.4 | | | | | | 11.2 | | |
|
Median
|
| | | | | | $ | 2,966 | | | | | | 90.9% | | | | | | 8.5% | | | | | | 254% | | | | | | 23% | | | | | | 0.45% | | | | | | 1.14% | | | | | $ | 343 | | | | | | 1.36 | | | | | | 11.0 | | | | | | 9.7 | | |
|
25th Percentile
|
| | | | | | $ | 2,736 | | | | | | 97.3% | | | | | | 8.0% | | | | | | 311% | | | | | | 18% | | | | | | 0.68% | | | | | | 1.06% | | | | | $ | 284 | | | | | | 1.22 | | | | | | 10.3 | | | | | | 9.1 | | |
|
LINKBANCORP Inc.
|
| | | | | | $ | 3,122 | | | | | | 92.1% | | | | | | 7.6% | | | | | | 358% | | | | | | 24% | | | | | | 0.77% | | | | | | 1.13%⁽¹⁾ | | | | | $ | 313 | | | | | | 1.37 | | | | | | 10.2x⁽¹⁾ | | | | | | 8.7 | | |
| |
Orrstown Financial Services (ORRF)
|
| |
Unity Bancorp Inc. (UNTY)
|
|
| |
Peoples Financial Services (PFIS)
|
| |
Citizens & Northern Corp. (CZNC)
|
|
| |
First Bank (FRBA)
|
| |
Orange County Bancorp Inc. (OBT)
|
|
| |
Capital Bancorp Inc. (CBNK)
|
| |
Parke Bancorp Inc. (PKBK)
|
|
| |
ACNB Corp. (ACNB)
|
| |
Northeast Community Bancorp (NECB)
|
|
| |
Citizens Financial Services (CZFS)
|
| |
First United Corp. (FUNC)
|
|
|
Company
|
| |
Ticker
|
| |
Total
Assets ($M) |
| |
Loans /
Deposits (%) |
| |
TCE /
TA (%) |
| |
CRE /
TRBC (%) |
| |
NIB /
Total Deposits (%) |
| |
NPAs /
Assets (%) |
| |
Core
ROAA (%) |
| |
Market
Cap ($M) |
| |
Price
|
| |||||||||||||||||||||||||||||||||||||||
| |
Tang.
BV (x) |
| |
LTM Core
EPS (x) |
| |
2026E
EPS (x) |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Orrstown Financial Services
|
| | ORRF | | | | $ | 5,470 | | | | | | 87.9% | | | | | | 8.6% | | | | | | 311% | | | | | | 20% | | | | | | 0.48% | | | | | | 1.75% | | | | | $ | 728 | | | | | | 1.59 | | | | | | 8.4 | | | | | | 8.8 | | |
|
Peoples Financial Services
|
| | PFIS | | | | | 5,160 | | | | | | 93.6% | | | | | | 8.0% | | | | | | 267% | | | | | | 21% | | | | | | 0.36% | | | | | | 1.34% | | | | | | 523 | | | | | | 1.30 | | | | | | 8.4 | | | | | | 8.3 | | |
|
First Bank
|
| | FRBA | | | | | 4,033 | | | | | | 104.7% | | | | | | 9.6% | | | | | | 370% | | | | | | 18% | | | | | | 0.32% | | | | | | 1.20% | | | | | | 442 | | | | | | 1.15 | | | | | | 10.4 | | | | | | 9.2 | | |
|
Capital Bancorp Inc.
|
| | CBNK | | | | | 3,389 | | | | | | 97.6% | | | | | | 10.5% | | | | | | 257% | | | | | | 29% | | | | | | 1.58% | | | | | | 1.87% | | | | | | 492 | | | | | | 1.41 | | | | | | 8.7 | | | | | | 9.1 | | |
|
ACNB Corp.
|
| | ACNB | | | | | 3,251 | | | | | | 95.4% | | | | | | 10.1% | | | | | | 228% | | | | | | 24% | | | | | | 0.22% | | | | | | 1.94% | | | | | | 551 | | | | | | 1.71 | | | | | | 11.9 | | | | | | 10.4 | | |
|
Citizens Financial Services
|
| | CZFS | | | | | 3,056 | | | | | | 97.4% | | | | | | 8.1% | | | | | | 290% | | | | | | 22% | | | | | | 0.75% | | | | | | 1.33% | | | | | | 298 | | | | | | 1.23 | | | | | | 8.7 | | | | | | — | | |
|
Unity Bancorp Inc.
|
| | UNTY | | | | | 2,876 | | | | | | 108.9% | | | | | | 11.6% | | | | | | 226% | | | | | | 20% | | | | | | 0.59% | | | | | | 2.07% | | | | | | 558 | | | | | | 1.68 | | | | | | 11.0 | | | | | | 9.7 | | |
|
Citizens & Northern Corp.
|
| | CZNC | | | | | 2,664 | | | | | | 89.9% | | | | | | 9.2% | | | | | | 250% | | | | | | 23% | | | | | | 0.95% | | | | | | 1.12% | | | | | | 339 | | | | | | 1.42 | | | | | | 11.9 | | | | | | 9.3 | | |
|
Orange County Bancorp Inc.
|
| | OBT | | | | | 2,636 | | | | | | 84.9% | | | | | | 10.0% | | | | | | 374% | | | | | | 31% | | | | | | 0.46% | | | | | | 1.27% | | | | | | 387 | | | | | | 1.46 | | | | | | 10.7 | | | | | | 9.1 | | |
|
Parke Bancorp Inc.
|
| | PKBK | | | | | 2,172 | | | | | | 111.8% | | | | | | 14.5% | | | | | | 228% | | | | | | 11% | | | | | | 0.65% | | | | | | 2.00% | | | | | | 293 | | | | | | 0.94 | | | | | | 8.9 | | | | | | — | | |
|
Northeast Community
Bancorp |
| | NECB | | | | | 2,056 | | | | | | 123.6% | | | | | | 16.7% | | | | | | 536% | | | | | | 19% | | | | | | 0.03% | | | | | | 2.33% | | | | | | 331 | | | | | | 0.97 | | | | | | 7.3 | | | | | | 6.9 | | |
|
First United Corp.
|
| | FUNC | | | | | 2,024 | | | | | | 89.2% | | | | | | 9.3% | | | | | | 173% | | | | | | 26% | | | | | | 0.47% | | | | | | 1.36% | | | | | | 266 | | | | | | 1.42 | | | | | | 10.6 | | | | | | 9.7 | | |
|
75th Percentile
|
| | | | | | $ | 3,550 | | | | | | 89.7% | | | | | | 10.8% | | | | | | 228% | | | | | | 24% | | | | | | 0.35% | | | | | | 1.95% | | | | | $ | 530 | | | | | | 1.50 | | | | | | 10.8 | | | | | | 9.6 | | |
|
Median
|
| | | | | | $ | 2,966 | | | | | | 96.4% | | | | | | 9.8% | | | | | | 262% | | | | | | 21% | | | | | | 0.48% | | | | | | 1.55% | | | | | $ | 414 | | | | | | 1.41 | | | | | | 9.7 | | | | | | 9.2 | | |
|
25th Percentile
|
| | | | | | $ | 2,520 | | | | | | 105.7% | | | | | | 9.0% | | | | | | 326% | | | | | | 20% | | | | | | 0.67% | | | | | | 1.32% | | | | | $ | 323 | | | | | | 1.21 | | | | | | 8.6 | | | | | | 8.9 | | |
|
LINKBANCORP Inc.
|
| | | | | | $ | 3,122 | | | | | | 92.1% | | | | | | 7.6% | | | | | | 358% | | | | | | 24% | | | | | | 0.77% | | | | | | 1.13%⁽¹⁾ | | | | | $ | 313 | | | | | | 1.37 | | | | | | 10.2x⁽¹⁾ | | | | | | 8.7 | | |
| |
TriCo Bancshares (TCBK)
|
| |
Univest Financial Corp. (UVSP)
|
|
| |
S&T Bancorp Inc. (STBA)
|
| |
Tompkins Financial Corporation (TMP)
|
|
| |
Byline Bancorp Inc. (BY)
|
| |
German American Bancorp Inc. (GABC)
|
|
| |
Origin Bancorp Inc. (OBK)
|
| |
Southside Bancshares Inc. (SBSI)
|
|
| |
Capitol Federal Financial Inc (CFFN)
|
| |
CNB Financial Corp. (CCNE)
|
|
| |
Peoples Bancorp Inc. (PEBO)
|
| |
Bus. First Bancshares Inc. (BFST)
|
|
| |
QCR Holdings Inc. (QCRH)
|
| |
First Mid Bancshares (FMBH)
|
|
| |
Stock Yards Bancorp Inc. (SYBT)
|
| |
Central Pacific Financial Corp (CPF)
|
|
| |
1st Source Corp. (SRCE)
|
| |
Republic Bancorp Inc. (RBCA.A)
|
|
| |
Nicolet Bankshares Inc. (NIC)
|
| |
Heritage Financial Corp. (HFWA)
|
|
|
Company
|
| |
Ticker
|
| |
Total
Assets ($M) |
| |
Loans /
Deposits (%) |
| |
TCE /
TA (%) |
| |
CRE /
TRBC (%) |
| |
NIB /
Total Deposits (%) |
| |
NPAs /
Assets (%) |
| |
Core
ROAA (%) |
| |
Market
Cap ($M) |
| |
Price
|
| |||||||||||||||||||||||||||||||||||||||
| |
Tang.
BV (x) |
| |
LTM Core
EPS (x) |
| |
2026E
EPS (x) |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
TriCo Bancshares
|
| | TCBK | | | | $ | 9,879 | | | | | | 84.1% | | | | | | 10.4% | | | | | | 306% | | | | | | 31% | | | | | | 0.66% | | | | | | 1.46% | | | | | $ | 1,619 | | | | | | 1.62 | | | | | | 13.6 | | | | | | 12.4 | | |
|
S&T Bancorp Inc.
|
| | STBA | | | | | 9,817 | | | | | | 100.7% | | | | | | 11.6% | | | | | | 280% | | | | | | 28% | | | | | | 0.51% | | | | | | 1.43% | | | | | | 1,626 | | | | | | 1.47 | | | | | | 12.1 | | | | | | 12.1 | | |
|
Byline Bancorp Inc.
|
| | BY | | | | | 9,812 | | | | | | 95.3% | | | | | | 10.7% | | | | | | 142% | | | | | | 25% | | | | | | 0.60% | | | | | | 1.59% | | | | | | 1,411 | | | | | | 1.37 | | | | | | 10.3 | | | | | | 10.5 | | |
|
Company
|
| |
Ticker
|
| |
Total
Assets ($M) |
| |
Loans /
Deposits (%) |
| |
TCE /
TA (%) |
| |
CRE /
TRBC (%) |
| |
NIB /
Total Deposits (%) |
| |
NPAs /
Assets (%) |
| |
Core
ROAA (%) |
| |
Market
Cap ($M) |
| |
Price
|
| |||||||||||||||||||||||||||||||||||||||
| |
Tang.
BV (x) |
| |
LTM Core
EPS (x) |
| |
2026E
EPS (x) |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Origin Bancorp Inc.
|
| | OBK | | | | | 9,791 | | | | | | 90.5% | | | | | | 10.9% | | | | | | 207% | | | | | | 24% | | | | | | 0.91% | | | | | | 0.14% | | | | | | 1,220 | | | | | | 1.15 | | | | | | 14.3 | | | | | | 10.7 | | |
|
Capitol Federal Financial
Inc |
| | CFFN | | | | | 9,779 | | | | | | 123.4% | | | | | | 10.6% | | | | | | 166% | | | | | | 9% | | | | | | 0.49% | | | | | | 0.77% | | | | | | 951 | | | | | | 0.90 | | | | | | 13.8 | | | | | | 12.0 | | |
|
Peoples Bancorp Inc.
|
| | PEBO | | | | | 9,624 | | | | | | 88.2% | | | | | | 8.5% | | | | | | 179% | | | | | | 20% | | | | | | 0.41% | | | | | | 1.39% | | | | | | 1,130 | | | | | | 1.43 | | | | | | 10.0 | | | | | | 9.5 | | |
|
QCR Holdings Inc.
|
| | QCRH | | | | | 9,568 | | | | | | 97.3% | | | | | | 10.0% | | | | | | 318% | | | | | | 13% | | | | | | 0.45% | | | | | | 1.59% | | | | | | 1,455 | | | | | | 1.56 | | | | | | 11.9 | | | | | | 10.9 | | |
|
Stock Yards Bancorp Inc.
|
| | SYBT | | | | | 9,307 | | | | | | 90.7% | | | | | | 9.2% | | | | | | 251% | | | | | | 21% | | | | | | 0.20% | | | | | | 1.60% | | | | | | 2,016 | | | | | | 2.44 | | | | | | 14.6 | | | | | | 14.4 | | |
|
1st Source Corp.
|
| | SRCE | | | | | 9,057 | | | | | | 94.1% | | | | | | 12.8% | | | | | | 56% | | | | | | 22% | | | | | | 0.69% | | | | | | 1.94% | | | | | | 1,613 | | | | | | 1.40 | | | | | | 10.6 | | | | | | 10.3 | | |
|
Nicolet Bankshares Inc.
|
| | NIC | | | | | 9,029 | | | | | | 90.5% | | | | | | 9.6% | | | | | | 154% | | | | | | 24% | | | | | | 0.21% | | | | | | 1.90% | | | | | | 1,951 | | | | | | 2.38 | | | | | | 13.5 | | | | | | 11.0 | | |
|
Univest Financial Corp.
|
| | UVSP | | | | | 8,574 | | | | | | 94.1% | | | | | | 9.0% | | | | | | 222% | | | | | | 19% | | | | | | 0.60% | | | | | | 1.22% | | | | | | 980 | | | | | | 1.31 | | | | | | 11.6 | | | | | | 10.8 | | |
|
Tompkins Financial Corporation
|
| | TMP | | | | | 8,469 | | | | | | 89.2% | | | | | | 8.3% | | | | | | 306% | | | | | | 27% | | | | | | 0.62% | | | | | | 1.14% | | | | | | 1,107 | | | | | | 1.57 | | | | | | 13.0 | | | | | | 10.5 | | |
|
German American Bancorp Inc.
|
| | GABC | | | | | 8,401 | | | | | | 82.5% | | | | | | 8.9% | | | | | | 206% | | | | | | 28% | | | | | | 0.28% | | | | | | 1.75% | | | | | | 1,546 | | | | | | 2.18 | | | | | | 13.0 | | | | | | 11.3 | | |
|
Southside Bancshares Inc.
|
| | SBSI | | | | | 8,383 | | | | | | 68.5% | | | | | | 7.7% | | | | | | 261% | | | | | | 20% | | | | | | 0.10% | | | | | | 1.16% | | | | | | 968 | | | | | | 1.52 | | | | | | 13.9 | | | | | | 10.4 | | |
|
CNB Financial Corp.
|
| | CCNE | | | | | 8,254 | | | | | | 93.7% | | | | | | 8.1% | | | | | | 280% | | | | | | 16% | | | | | | 0.49% | | | | | | 0.52% | | | | | | 814 | | | | | | 1.24 | | | | | | 12.8 | | | | | | 8.0 | | |
|
Bus. First Bancshares Inc.
|
| | BFST | | | | | 7,954 | | | | | | 92.5% | | | | | | 8.6% | | | | | | 252% | | | | | | 21% | | | | | | 0.78% | | | | | | 1.16% | | | | | | 831 | | | | | | 1.23 | | | | | | 10.6 | | | | | | 9.2 | | |
|
First Mid Bancshares
|
| | FMBH | | | | | 7,830 | | | | | | 92.6% | | | | | | 9.0% | | | | | | 249% | | | | | | 23% | | | | | | 0.28% | | | | | | 1.33% | | | | | | 1,011 | | | | | | 1.49 | | | | | | 10.0 | | | | | | 10.0 | | |
|
Central Pacific Financial
Corp |
| | CPF | | | | | 7,421 | | | | | | 81.6% | | | | | | 7.9% | | | | | | 175% | | | | | | 29% | | | | | | 0.19% | | | | | | 1.08% | | | | | | 883 | | | | | | 1.49 | | | | | | 11.7 | | | | | | 10.4 | | |
|
Republic Bancorp Inc.
|
| |
RBCA.A
|
| | | | 7,015 | | | | | | 99.7% | | | | | | 14.9% | | | | | | 122% | | | | | | 23% | | | | | | 0.33% | | | | | | 1.70% | | | | | | 1,449 | | | | | | 1.38 | | | | | | 11.4 | | | | | | 12.2 | | |
|
Heritage Financial Corp.
|
| | HFWA | | | | | 7,012 | | | | | | 81.4% | | | | | | 9.8% | | | | | | 280% | | | | | | 28% | | | | | | 0.21% | | | | | | 1.14% | | | | | | 872 | | | | | | 1.30 | | | | | | 12.6 | | | | | | 13.0 | | |
|
75th Percentile
|
| | | | | | $ | 9,663 | | | | | | 87.2% | | | | | | 10.6% | | | | | | 172% | | | | | | 27% | | | | | | 0.26% | | | | | | 1.60% | | | | | $ | 1,563 | | | | | | 1.56 | | | | | | 13.5 | | | | | | 12.0 | | |
|
Median
|
| | | | | | $ | 8,802 | | | | | | 91.6% | | | | | | 9.4% | | | | | | 236% | | | | | | 23% | | | | | | 0.47% | | | | | | 1.36% | | | | | $ | 1,175 | | | | | | 1.45 | | | | | | 12.4 | | | | | | 10.7 | | |
|
25th Percentile
|
| | | | | | $ | 8,179 | | | | | | 94.4% | | | | | | 8.6% | | | | | | 280% | | | | | | 20% | | | | | | 0.61% | | | | | | 1.14% | | | | | $ | 964 | | | | | | 1.31 | | | | | | 11.2 | | | | | | 10.4 | | |
|
Burke & Herbert Finl Svcs Corp
|
| | | | | | $ | 7,889 | | | | | | 86.7% | | | | | | 9.4% | | | | | | 325% | | | | | | 21% | | | | | | 1.12% | | | | | | 1.48%⁽¹⁾ | | | | | $ | 1,044 | | | | | | 1.42 | | | | | | 9.5x⁽¹⁾ | | | | | | 9.1 | | |
|
Comparison of Public Trading Multiples
|
| |
Range of Implied Exchange Ratios
|
|
| Current P/TBV | | |
0.0984x – 0.1372x
|
|
| P/Estimated 2026 Earnings | | |
0.0958x – 0.1370x
|
|
|
Acquirer
|
| |
Target
|
| |
Annc.
Date |
| |
Deal
Value ($M) |
| |
Transaction Multiples
|
| |
Target Financial Data
|
| |||||||||||||||||||||||||||||||||||||||
| |
Target
Price/ TBV (x) |
| |
Price/
LTM EPS (x) |
| |
Core
Deposit Prem. (%) |
| |
Total
Assets ($M) |
| |
TCE/
TA (%) |
| |
NPAs/
Assets (%) |
| |
LTM
ROAA (%) |
| |||||||||||||||||||||||||||||||||||
|
Fulton Financial Corp.
|
| | Blue Foundry Bancorp | | |
11/24/25
|
| | | $ | 243 | | | | | | 0.77 | | | | | | NM | | | | | | (7.7)% | | | | | $ | 2,156 | | | | | | 14.6% | | | | | | 0.5% | | | | | | (0.44)% | | |
|
TowneBank
|
| | Old Point Financial Corp. | | |
4/3/25
|
| | | | 202 | | | | | | 1.75 | | | | | | 20.2 | | | | | | 7.7% | | | | | | 1,451 | | | | | | 8.0% | | | | | | 0.2% | | | | | | 0.68% | | |
|
CNB Financial Corp.
|
| | ESSA Bancorp Inc. | | |
1/10/25
|
| | | | 210 | | | | | | 0.99 | | | | | | 11.6 | | | | | | (0.4)% | | | | | | 2,188 | | | | | | 10.0% | | | | | | 0.6% | | | | | | 0.78% | | |
|
Northwest Bancshares, Inc.
|
| | Penns Woods Bancorp Inc. | | |
12/17/24
|
| | | | 270 | | | | | | 1.39 | | | | | | 13.1 | | | | | | 5.0% | | | | | | 2,259 | | | | | | 8.3% | | | | | | 0.2% | | | | | | 0.88% | | |
|
NBT Bancorp Inc.
|
| | Evans Bancorp Inc. | | |
9/9/24
|
| | | | 236 | | | | | | 1.32 | | | | | | 12.2 | | | | | | 3.7% | | | | | | 2,257 | | | | | | 7.8% | | | | | | 1.3% | | | | | | 0.88% | | |
|
ConnectOne Bancorp Inc.
|
| |
The Frst of Long Island Corp.
|
| |
9/5/24
|
| | | | 281 | | | | | | 0.74 | | | | | | 12.7 | | | | | | (3.1)% | | | | | | 4,209 | | | | | | 8.9% | | | | | | 0.1% | | | | | | 0.52% | | |
|
Peoples Financial Services
|
| | FNCB Bancorp Inc. | | |
9/27/23
|
| | | | 128 | | | | | | 1.02 | | | | | | 8.0 | | | | | | 0.3% | | | | | | 1,862 | | | | | | 6.7% | | | | | | 0.3% | | | | | | 0.91% | | |
|
Atlantic Union Bkshs
Corp. |
| |
American National Bankshares
|
| |
7/25/23
|
| | | | 444 | | | | | | 1.85 | | | | | | 13.2 | | | | | | 8.4% | | | | | | 3,113 | | | | | | 7.9% | | | | | | 0.0% | | | | | | 1.09% | | |
|
First Bank
|
| | Malvern Bancorp Inc | | |
12/14/22
|
| | | | 150 | | | | | | 1.02 | | | | | | 21.4 | | | | | | 0.6% | | | | | | 1,044 | | | | | | 14.0% | | | | | | 0.6% | | | | | | 0.63% | | |
|
First Commonwealth
Financial |
| | Centric Financial Corp. | | |
8/30/22
|
| | | | 138 | | | | | | 1.31 | | | | | | 14.8 | | | | | | 4.8% | | | | | | 1,036 | | | | | | 9.6% | | | | | | 1.2% | | | | | | 0.85% | | |
|
Brookline Bancorp Inc.
|
| | PCSB Financial Corp. | | |
5/24/22
|
| | | | 320 | | | | | | 1.18 | | | | | | 20.3 | | | | | | 3.3% | | | | | | 1,985 | | | | | | 13.7% | | | | | | 0.4% | | | | | | 0.79% | | |
|
Farmers National Banc
Corp. |
| | Emclaire Financial Corp | | |
3/24/22
|
| | | | 107 | | | | | | 1.42 | | | | | | 10.4 | | | | | | 4.1% | | | | | | 1,060 | | | | | | 7.0% | | | | | | 0.3% | | | | | | 0.95% | | |
|
Fulton Financial Corp.
|
| | Prudential Bancorp Inc. | | |
3/2/22
|
| | | | 138 | | | | | | 1.07 | | | | | | 17.9 | | | | | | 1.7% | | | | | | 1,084 | | | | | | 11.8% | | | | | | 1.2% | | | | | | 0.69% | | |
|
75th Percentile
|
| | | | | | | | | $ | 270 | | | | | | 1.39 | | | | | | 18.5 | | | | | | 4.8% | | | | | $ | 2,257 | | | | | | 11.8% | | | | | | 0.2% | | | | | | 0.88% | | |
|
Median
|
| | | | | | | | | $ | 210 | | | | | | 1.18 | | | | | | 13.1 | | | | | | 3.3% | | | | | $ | 1,985 | | | | | | 8.9% | | | | | | 0.4% | | | | | | 0.79% | | |
|
25th Percentile
|
| | | | | | | | | $ | 138 | | | | | | 1.02 | | | | | | 12.0 | | | | | | 0.3% | | | | | $ | 1,084 | | | | | | 7.9% | | | | | | 0.6% | | | | | | 0.68% | | |
|
Burke & Herbert Finl Svcs Corp
|
| | LINKBANCORP Inc. | | | | | | | $ | 354 | | | | | | 1.52 | | | | | | 11.4⁽¹⁾ | | | | | | 5.7% | | | | | $ | 3,122 | | | | | | 7.6% | | | | | | 0.8% | | | | | | 1.06%⁽¹⁾ | | |
| | | | | | | | | | | | | | | |
Transaction Multiples
|
| |
Target Financial Data
|
| ||||||||||||||||||||||||||||||||||||
|
Acquirer
|
| |
Target
|
| |
Annc.
Date |
| |
Deal
Value ($M) |
| |
Target
Price/ TBV (x) |
| |
Price/
LTM EPS (x) |
| |
Core
Deposit Prem. (%) |
| |
Total
Assets ($M) |
| |
TCE/
TA (%) |
| |
NPAs/
Assets (%) |
| |
LTM
ROAA (%) |
| ||||||||||||||||||||||||
|
QNB Corp.
|
| | The Victory Bancorp | | |
9/23/25
|
| | | $ | 39 | | | | | | 1.26 | | | | | | 16.4 | | | | | | 3.6% | | | | | $ | 477 | | | | | | 6.5% | | | | | | — | | | | | | 0.51% | | |
|
Norwood Financial Corp.
|
| | PB Bankshares | | |
7/7/25
|
| | | | 55 | | | | | | 1.07 | | | | | | 24.9 | | | | | | 3.6% | | | | | | 467 | | | | | | 10.6% | | | | | | 0.2% | | | | | | 0.43% | | |
|
Citizens & Northern
Corp. |
| |
Susquehanna Community Finl Inc
|
| |
4/23/25
|
| | | | 44 | | | | | | 1.26 | | | | | | 16.4 | | | | | | 2.1% | | | | | | 598 | | | | | | 5.9% | | | | | | 0.2% | | | | | | 0.45% | | |
|
CNB Financial Corp.
|
| | ESSA Bancorp Inc. | | |
1/10/25
|
| | | | 210 | | | | | | 0.99 | | | | | | 11.6 | | | | | | (0.4)% | | | | | | 2,188 | | | | | | 10.0% | | | | | | 0.6% | | | | | | 0.78% | | |
|
Northwest Bancshares,
Inc. |
| | Penns Woods Bancorp Inc. | | |
12/17/24
|
| | | | 270 | | | | | | 1.39 | | | | | | 13.1 | | | | | | 5.0% | | | | | | 2,259 | | | | | | 8.3% | | | | | | 0.2% | | | | | | 0.88% | | |
|
Mid Penn Bancorp Inc.
|
| | William Penn Bancorp. | | |
11/1/24
|
| | | | 126 | | | | | | 1.01 | | | | | | NM | | | | | | 1.0% | | | | | | 812 | | | | | | 15.2% | | | | | | 0.4% | | | | | | (0.00)% | | |
|
ACNB Corp.
|
| | Traditions Bancorp | | |
7/24/24
|
| | | | 87 | | | | | | 1.28 | | | | | | 16.4 | | | | | | 3.1% | | | | | | 859 | | | | | | 7.8% | | | | | | 0.5% | | | | | | 0.62% | | |
|
Peoples Financial
Services |
| | FNCB Bancorp Inc. | | |
9/27/23
|
| | | | 128 | | | | | | 1.02 | | | | | | 8.0 | | | | | | 0.3% | | | | | | 1,862 | | | | | | 6.7% | | | | | | 0.3% | | | | | | 0.91% | | |
|
First Bank
|
| | Malvern Bancorp Inc | | |
12/14/22
|
| | | | 150 | | | | | | 1.02 | | | | | | 21.4 | | | | | | 0.6% | | | | | | 1,044 | | | | | | 14.0% | | | | | | 0.6% | | | | | | 0.63% | | |
|
Citizens Financial
Services |
| | HV Bancorp Inc. | | |
10/19/22
|
| | | | 68 | | | | | | 1.55 | | | | | | 21.8 | | | | | | 5.7% | | | | | | 571 | | | | | | 7.2% | | | | | | 0.5% | | | | | | 0.49% | | |
|
First Commonwealth Financial
|
| | Centric Financial Corp. | | |
8/30/22
|
| | | | 138 | | | | | | 1.31 | | | | | | 14.8 | | | | | | 4.8% | | | | | | 1,036 | | | | | | 9.6% | | | | | | 1.2% | | | | | | 0.85% | | |
|
Farmers National Banc Corp.
|
| | Emclaire Financial Corp | | |
3/24/22
|
| | | | 107 | | | | | | 1.42 | | | | | | 10.4 | | | | | | 4.1% | | | | | | 1,060 | | | | | | 7.0% | | | | | | 0.3% | | | | | | 0.95% | | |
|
Fulton Financial Corp.
|
| | Prudential Bancorp Inc. | | |
3/2/22
|
| | | | 138 | | | | | | 1.07 | | | | | | 17.9 | | | | | | 1.7% | | | | | | 1,084 | | | | | | 11.8% | | | | | | 1.2% | | | | | | 0.69% | | |
|
Mid Penn Bancorp Inc.
|
| | Riverview Financial Corp. | | |
6/30/21
|
| | | | 125 | | | | | | 1.21 | | | | | | 12.2 | | | | | | 2.3% | | | | | | 1,215 | | | | | | 8.5% | | | | | | 1.0% | | | | | | 0.75% | | |
|
WSFS Financial Corp.
|
| | Bryn Mawr Bank Corp. | | |
3/10/21
|
| | | | 990 | | | | | | 2.29 | | | | | | 29.8 | | | | | | 13.6% | | | | | | 5,432 | | | | | | 8.1% | | | | | | 0.2% | | | | | | 0.64% | | |
|
Fidelity D & D Bancorp
Inc. |
| | Landmark Bancorp Inc. | | |
2/26/21
|
| | | | 44 | | | | | | 1.21 | | | | | | NM | | | | | | 3.0% | | | | | | 354 | | | | | | 10.2% | | | | | | 0.4% | | | | | | 0.38% | | |
|
75th Percentile
|
| | | | | | | | | $ | 141 | | | | | | 1.33 | | | | | | 20.5 | | | | | | 4.3% | | | | | $ | 1,377 | | | | | | 10.3% | | | | | | 0.2% | | | | | | 0.79% | | |
|
Median
|
| | | | | | | | | $ | 125 | | | | | | 1.24 | | | | | | 16.4 | | | | | | 3.1% | | | | | $ | 1,040 | | | | | | 8.4% | | | | | | 0.4% | | | | | | 0.64% | | |
|
25th Percentile
|
| | | | | | | | | $ | 64 | | | | | | 1.06 | | | | | | 12.4 | | | | | | 1.6% | | | | | $ | 591 | | | | | | 7.2% | | | | | | 0.6% | | | | | | 0.48% | | |
|
Burke & Herbert Finl Svcs Corp
|
| | LINKBANCORP Inc. | | | | | | | $ | 354 | | | | | | 1.52 | | | | | | 11.4⁽¹⁾ | | | | | | 5.7% | | | | | $ | 3,122 | | | | | | 7.6% | | | | | | 0.8% | | | | | | 1.06%⁽¹⁾ | | |
| |
2030 LINKBANCORP Net Income to Common ($M)
|
| | | $ | 48.5 | | | | | $ | 48.5 | | | | | $ | 48.5 | | | | | $ | 48.5 | | | | | $ | 48.5 | | |
| |
x Terminal Multiple
|
| | | | 8.00x | | | | | | 8.75x | | | | | | 9.50x | | | | | | 10.25x | | | | | | 11.00x | | |
| |
Terminal Value ($M)
|
| | | $ | 388.1 | | | | | $ | 424.4 | | | | | $ | 460.8 | | | | | $ | 497.2 | | | | | $ | 533.6 | | |
| |
2030 Burke & Herbert Net Income to Common ($M)
|
| | | $ | 131.3 | | | | | $ | 131.3 | | | | | $ | 131.3 | | | | | $ | 131.3 | | | | | $ | 131.3 | | |
| |
x Terminal Multiple
|
| | | | 8.00x | | | | | | 9.00x | | | | | | 10.00x | | | | | | 11.00x | | | | | | 12.00x | | |
| |
Terminal Value ($M)
|
| | | $ | 1,050.2 | | | | | $ | 1,181.4 | | | | | $ | 1,312.7 | | | | | $ | 1,444.0 | | | | | $ | 1,575.3 | | |
| | | |
Implied Per Share Value
|
| |
Implied Exchange Ratio
|
| ||||||||||||||||||||||||||||||
| | | |
LINKBANCORP
|
| |
Burke & Herbert
|
| ||||||||||||||||||||||||||||||
| | | |
Low
|
| |
High
|
| |
Low
|
| |
High
|
| |
Low
|
| |
High
|
| ||||||||||||||||||
|
Net Present Value per Share
|
| | | $ | 6.76 | | | | | $ | 9.37 | | | | | $ | 61.41 | | | | | $ | 87.18 | | | | | | 0.0776x | | | | | | 0.1526x | | |
|
Exchange Ratio in Transaction
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
0.1350x
|
| |||||||||
|
As of
|
| |
6/30/26
|
| |
12/31/26
|
| |
12/31/27
|
| |||||||||
| Balance Sheet | | | | | | | | | | | | | | | | | | | |
|
Total Assets ($ billions)
|
| | | $ | 8.2 | | | | | $ | 8.5 | | | | | $ | 9.0 | | |
|
For the Year Ended
|
| |
12/31/25
|
| |
12/31/26
|
| |
12/31/27
|
| |||||||||
| Income Statement | | | | | | | | | | | | | | | | | | | |
|
Net Income to Common ($ millions)
|
| | | $ | 112.3 | | | | | $ | 114.9 | | | | | $ | 120.0 | | |
|
As of
|
| |
6/30/26
|
| |
12/31/26
|
| |
12/31/27
|
| |||||||||
| Balance Sheet | | | | | | | | | | | | | | | | | | | |
|
Total Assets ($ billions)
|
| | | $ | 3.3 | | | | | $ | 3.4 | | | | | $ | 3.7 | | |
|
For the Year Ended
|
| |
12/31/25
|
| |
12/31/26
|
| |
12/31/27
|
| |||||||||
| Income Statement | | | | | | | | | | | | | | | | | | | |
|
Net Income to Common ($ millions)
|
| | | $ | 39.2 | | | | | $ | 36.1 | | | | | $ | 42.3 | | |
| | | |
3 Months
Ended |
| |
6 Months
Ended |
| |
Full Year Projections Ended
|
| |||||||||||||||||||||||||||||||||
| | | |
To Year End
12/31/2025 |
| |
To Close
6/30/2026 |
| |
12/31/2026
|
| |
12/31/2027
|
| |
12/31/2028
|
| |
12/31/2029
|
| |
12/31/2030
|
| |||||||||||||||||||||
|
Net Income ($000s)
|
| | | $ | 8,594 | | | | | $ | 18,068 | | | | | $ | 36,137 | | | | | $ | 42,288 | | | | | $ | 44,402 | | | | | $ | 46,623 | | | | | $ | 48,954 | | |
|
Earnings per Share
|
| | | $ | 0.23 | | | | | $ | 0.48 | | | | | $ | 0.97 | | | | | $ | 1.13 | | | | | $ | 1.19 | | | | | $ | 1.25 | | | | | $ | 1.31 | | |
|
Tangible Assets
($000s) |
| | | $ | 3,083,628 | | | | | $ | 3,197,076 | | | | | $ | 3,329,073 | | | | | $ | 3,613,194 | | | | | $ | 3,800,000 | | | | | $ | 3,996,007 | | | | | $ | 4,201,601 | | |
| | | |
3 Months
Ended |
| |
6 Months
Ended |
| |
Full Year Projections Ended
|
| |||||||||||||||||||||||||||||||||
| | | |
To Year End
12/31/2025 |
| |
To Close
6/30/2026 |
| |
12/31/2026
|
| |
12/31/2027
|
| |
12/31/2028
|
| |
12/31/2029
|
| |
12/31/2030
|
| |||||||||||||||||||||
|
Net Income ($000s)
|
| | | $ | 25,953 | | | | | $ | 57,425 | | | | | $ | 114,850 | | | | | $ | 119,990 | | | | | $ | 125,990 | | | | | $ | 132,289 | | | | | $ | 138,903 | | |
|
Earnings per Share
|
| | | $ | 1.86 | | | | | $ | 3.81 | | | | | $ | 7.62 | | | | | $ | 7.92 | | | | | $ | 8.31 | | | | | $ | 8.73 | | | | | $ | 9.16 | | |
|
Tangible Assets
($000s) |
| | | $ | 7,892,104 | | | | | $ | 8,108,153 | | | | | $ | 8,428,450 | | | | | $ | 8,965,251 | | | | | $ | 9,424,307 | | | | | $ | 9,903,451 | | | | | $ | 10,404,629 | | |
|
Directors and Executive Officers
|
| |
LNKB
Restricted Stock Awards (#) |
| |
Aggregate LNKB
Restricted Stock Award Value ($) |
| ||||||
|
Anson Flake
|
| | | | 1,200 | | | | | | 10,380 | | |
|
Debra Pierson
|
| | | | 1,200 | | | | | | 10,380 | | |
|
Diane Poillon
|
| | | | 1,200 | | | | | | 10,380 | | |
|
George Parmer
|
| | | | 1,200 | | | | | | 10,380 | | |
|
Joseph C. Michetti, Jr.
|
| | | | 1,200 | | | | | | 10,380 | | |
|
Kenneth Lehman
|
| | | | — | | | | | | — | | |
|
Kristen Snyder
|
| | | | 1,200 | | | | | | 10,380 | | |
|
Michael Clarke
|
| | | | — | | | | | | — | | |
|
Robert Wheatley
|
| | | | — | | | | | | — | | |
|
William Pommerening
|
| | | | 1,200 | | | | | | 10,380 | | |
|
Andrew Samuel
|
| | | | 9,600 | | | | | | 83,040 | | |
|
Brent Smith
|
| | | | 4,800 | | | | | | 41,520 | | |
|
Carl Lundblad
|
| | | | 6,000 | | | | | | 51,900 | | |
|
Tiffanie Horton
|
| | | | 4,800 | | | | | | 41,520 | | |
|
Kristofer Paul
|
| | | | 3,600 | | | | | | 31,140 | | |
|
Deirdre Bonora
|
| | | | 1,200 | | | | | | 10,380 | | |
|
Catherine Eisel
|
| | | | — | | | | | | — | | |
|
Directors and Executive Officers
|
| |
LNKB RSU
Awards (#) |
| |
Aggregate LNKB
RSU Award Value ($) |
| ||||||
|
Anson Flake
|
| | | | 4,334 | | | | | | 37,489 | | |
|
Debra Pierson
|
| | | | 4,334 | | | | | | 37,489 | | |
|
Diane Poillon
|
| | | | 4,334 | | | | | | 37,489 | | |
|
George Parmer
|
| | | | 4,334 | | | | | | 37,489 | | |
|
Joseph C. Michetti, Jr.
|
| | | | 4,334 | | | | | | 37,489 | | |
|
Kenneth Lehman
|
| | | | 4,334 | | | | | | 37,489 | | |
|
Kristen Snyder
|
| | | | 4,334 | | | | | | 37,489 | | |
|
Michael Clarke
|
| | | | 4,334 | | | | | | 37,489 | | |
|
Robert Wheatley
|
| | | | 4,334 | | | | | | 37,489 | | |
|
William Pommerening
|
| | | | 4,334 | | | | | | 37,489 | | |
|
Andrew Samuel
|
| | | | 35,667 | | | | | | 308,520 | | |
|
Brent Smith
|
| | | | 15,334 | | | | | | 132,639 | | |
|
Carl Lundblad
|
| | | | 21,667 | | | | | | 187,420 | | |
|
Tiffanie Horton
|
| | | | 15,334 | | | | | | 132,639 | | |
|
Kristofer Paul
|
| | | | 12,001 | | | | | | 103,809 | | |
|
Deirdre Bonora
|
| | | | 12,001 | | | | | | 103,809 | | |
|
Catherine Eisel
|
| | | | 5,000 | | | | | | 43,250 | | |
| | | |
As of September 30, 2025
|
| ||||||||||||||||||||||||
| | | |
Burke & Herbert
Financial Services Corp. (As Reclassified) |
| |
LINKBANCORP, Inc.
(As Reclassified) |
| |
Transaction
Accounting Adjustments |
| |
Note
|
| |
Combined
Pro Forma |
| ||||||||||||
| Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Cash and cash equivalents
|
| | | $ | 131,713 | | | | | $ | 194,153 | | | | | $ | (41,080) | | | |
[1]
|
| | | $ | 284,786 | | |
|
Securities available for sale, at fair value
|
| | | | 1,598,407 | | | | | | 267,930 | | | | | | 25,595 | | | |
[2]
|
| | | | 1,891,932 | | |
|
Securities held to maturity, at carrying value
|
| | | | — | | | | | | 26,595 | | | | | | (26,595) | | | |
[2]
|
| | | | — | | |
|
Restricted stock, at cost
|
| | | | 42,187 | | | | | | 4,791 | | | | | | — | | | | | | | | | 46,978 | | |
|
Loans held for sale, at fair value
|
| | | | 1,303 | | | | | | — | | | | | | — | | | | | | | | | 1,303 | | |
|
Loans held for investment, net of deferred fees and costs
|
| | | | 5,559,479 | | | | | | 2,456,977 | | | | | | (51,535) | | | |
[3]
|
| | | | 7,964,921 | | |
|
Less: allowance for credit losses
|
| | | | (67,604) | | | | | | (25,342) | | | | | | (10,346) | | | |
[4]
|
| | | | (103,292) | | |
|
Total loans held for investment, net
|
| | | | 5,491,875 | | | | | | 2,431,635 | | | | | | (61,881) | | | | | | | | | 7,861,629 | | |
|
Premises and equipment, net
|
| | | | 136,117 | | | | | | 15,822 | | | | | | — | | | | | | | | | 151,939 | | |
|
Other real estate owned
|
| | | | 2,742 | | | | | | — | | | | | | — | | | | | | | | | 2,742 | | |
|
Goodwill
|
| | | | 34,149 | | | | | | 58,806 | | | | | | 37,378 | | | |
[II]
|
| | | | 130,333 | | |
|
Amortizable intangibles, net
|
| | | | 45,431 | | | | | | 16,407 | | | | | | 28,693 | | | |
[5]
|
| | | | 90,531 | | |
|
Company-owned life insurance
|
| | | | 182,980 | | | | | | 53,263 | | | | | | — | | | | | | | | | 236,243 | | |
|
Other assets
|
| | | | 222,133 | | | | | | 52,969 | | | | | | 8,103 | | | |
[6] [4]
|
| | | | 283,205 | | |
|
Total assets
|
| | | $ | 7,889,037 | | | | | $ | 3,122,371 | | | | | $ | (29,787) | | | | | | | | $ | 10,981,621 | | |
| Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Non-interest bearing demand deposits
|
| | | $ | 1,358,250 | | | | | $ | 640,100 | | | | | $ | — | | | | | | | | $ | 1,998,350 | | |
|
Interest-bearing deposits
|
| | | | 5,053,802 | | | | | | 2,027,999 | | | | | | (200) | | | |
[7]
|
| | | | 7,081,601 | | |
|
Total deposits
|
| | | | 6,412,052 | | | | | | 2,668,099 | | | | | | (200) | | | | | | | | | 9,079,951 | | |
|
Other short-term borrowings
|
| | | | 450,000 | | | | | | — | | | | | | — | | | | | | | | | 450,000 | | |
|
Long-term borrowings
|
| | | | — | | | | | | 40,000 | | | | | | 100 | | | |
[8]
|
| | | | 40,100 | | |
|
Subordinated debt and TRUPS
|
| | | | 86,110 | | | | | | 62,255 | | | | | | 3,500 | | | |
[9]
|
| | | | 151,865 | | |
|
Other liabilities
|
| | | | 118,644 | | | | | | 46,560 | | | | | | 1,000 | | | |
[10]
|
| | | | 166,204 | | |
|
Total liabilities
|
| | | | 7,066,806 | | | | | | 2,816,914 | | | | | | 4,400 | | | | | | | | | 9,888,120 | | |
| Shareholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Preferred stock
|
| | | | 10,413 | | | | | | — | | | | | | — | | | | | | | | | 10,413 | | |
|
Common stock
|
| | | | 7,800 | | | | | | 370 | | | | | | 2,177 | | | |
[11]
|
| | | | 10,347 | | |
|
Additional paid-in-capital
|
| | | | 404,656 | | | | | | 265,637 | | | | | | 55,175 | | | |
[11]
|
| | | | 725,468 | | |
|
Retained earnings
|
| | | | 495,400 | | | | | | 42,157 | | | | | | (94,246) | | | |
[11]
|
| | | | 443,311 | | |
|
Accumulated other comprehensive income (loss)
|
| | | | (68,454) | | | | | | (2,707) | | | | | | 2,707 | | | |
[11]
|
| | | | (68,454) | | |
|
Treasury stock
|
| | | | (27,584) | | | | | | — | | | | | | — | | | | | | | | | (27,584) | | |
|
Total shareholders’ equity
|
| | | | 822,231 | | | | | | 305,457 | | | | | | (34,187) | | | | | | | | | 1,093,501 | | |
|
Total liabilities and shareholders’ equity
|
| | | $ | 7,889,037 | | | | | $ | 3,122,371 | | | | | $ | (29,787) | | | | | | | | $ | 10,981,621 | | |
| | | |
For the Nine Months Ended September 30, 2025
|
| ||||||||||||||||||||||||
| | | |
Burke &
Herbert Financial Services Corp. (As Reclassified) |
| |
LINKBANCORP, Inc.
(As Reclassified) |
| |
Transaction
Accounting Adjustments |
| |
Note
|
| |
Combined
Pro Forma |
| ||||||||||||
| Interest and dividend income | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Interest and fees on loans
|
| | | $ | 289,102 | | | | | $ | 110,828 | | | | | $ | 14,186 | | | |
[3]
|
| | | $ | 414,116 | | |
|
Interest and dividends on
securities |
| | | | 39,921 | | | | | | 6,702 | | | | | | 400 | | | |
[2]
|
| | | | 47,023 | | |
|
Other interest income
|
| | | | 4,830 | | | | | | 3,962 | | | | | | — | | | | | | | | | 8,792 | | |
|
Total interest and dividend income
|
| | | | 333,853 | | | | | | 121,492 | | | | | | 14,586 | | | | | | | | | 469,931 | | |
| Interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Interest on deposits
|
| | | $ | 92,568 | | | | | $ | 38,501 | | | | | $ | 119 | | | |
[7]
|
| | | $ | 131,188 | | |
|
Interest on borrowings
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Short-term borrowings
|
| | | | 12,088 | | | | | | 2,867 | | | | | | — | | | | | | | | | 14,955 | | |
|
Long-term borrowings
|
| | | | 8,207 | | | | | | 2,958 | | | | | | (355) | | | |
[8] [9]
|
| | | | 10,810 | | |
|
Total interest expense
|
| | | | 112,863 | | | | | | 44,326 | | | | | | (236) | | | | | | | | | 156,953 | | |
|
Net interest income
|
| | | | 220,990 | | | | | | 77,166 | | | | | | 14,822 | | | | | | | | | 312,978 | | |
|
Provision for credit losses
|
| | | | 1,387 | | | | | | 1,575 | | | | | | (750) | | | |
[10]
|
| | | | 2,212 | | |
|
Net interest income after provision for credit losses
|
| | | | 219,603 | | | | | | 75,591 | | | | | | 15,572 | | | | | | | | | 310,766 | | |
| Non-interest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Income from company-owned life insurance
|
| | | | 5,327 | | | | | | 1,327 | | | | | | — | | | | | | | | | 6,654 | | |
|
Service charges and fees
|
| | | | 6,195 | | | | | | 3,237 | | | | | | — | | | | | | | | | 9,432 | | |
|
(Loss) gain on sale of securities
|
| | | | 251 | | | | | | 361 | | | | | | — | | | | | | | | | 612 | | |
|
Fiduciary and wealth
management |
| | | | 7,532 | | | | | | — | | | | | | — | | | | | | | | | 7,532 | | |
|
Other non-interest income
|
| | | | 15,180 | | | | | | 14,070 | | | | | | — | | | | | | | | | 29,250 | | |
|
Total non-interest income
|
| | | | 34,485 | | | | | | 18,995 | | | | | | — | | | | | | | | | 53,480 | | |
| Non-interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Salaries and benefits
|
| | | | 76,741 | | | | | | 31,921 | | | | | | — | | | | | | | | | 108,662 | | |
|
Premises and equipment
|
| | | | 23,137 | | | | | | 10,286 | | | | | | — | | | | | | | | | 33,423 | | |
|
Marketing and advertising
|
| | | | 1,156 | | | | | | 448 | | | | | | — | | | | | | | | | 1,604 | | |
|
Legal, accounting and consulting
|
| | | | 4,492 | | | | | | 1,808 | | | | | | — | | | | | | | | | 6,300 | | |
|
FDIC and regulatory
|
| | | | 2,978 | | | | | | 1,575 | | | | | | — | | | | | | | | | 4,553 | | |
|
Other expenses
|
| | | | 38,557 | | | | | | 9,856 | | | | | | 57,284 | | | |
[1] [5]
|
| | | | 105,697 | | |
|
Total non-interest expenses
|
| | | | 147,061 | | | | | | 55,894 | | | | | | 57,284 | | | | | | | | | 260,239 | | |
|
Income before income taxes
|
| | | | 107,027 | | | | | | 38,692 | | | | | | (41,712) | | | | | | | | | 104,007 | | |
|
Income tax expense
|
| | | | 19,965 | | | | | | 8,123 | | | | | | — | | | | | | | | | 28,088 | | |
|
Net income
|
| | | | 87,062 | | | | | | 30,569 | | | | | | (41,712) | | | | | | | | | 75,919 | | |
|
Dividends on preferred stock
|
| | | | 675 | | | | | | — | | | | | | — | | | | | | | | | 675 | | |
|
Net income applicable to common shareholders
|
| | | $ | 86,387 | | | | | $ | 30,569 | | | | | $ | (41,712) | | | | | | | | $ | 75,244 | | |
| | | |
For the Nine Months Ended September 30, 2025
|
| ||||||||||||||||||||||||
| | | |
Burke &
Herbert Financial Services Corp. (As Reclassified) |
| |
LINKBANCORP, Inc.
(As Reclassified) |
| |
Transaction
Accounting Adjustments |
| |
Note
|
| |
Combined
Pro Forma |
| ||||||||||||
|
Basic earnings per common share
|
| | | | 5.76 | | | | | | 0.82 | | | | | | (2.84) | | | | | | | | | 3.74 | | |
|
Diluted earnings per common share
|
| | | | 5.74 | | | | | | 0.82 | | | | | | (2.82) | | | | | | | | | 3.74 | | |
|
Basic weighted average number of common shares outstanding
|
| | | | 14,999,230 | | | | | | | | | | | | | | | |
[12]
|
| | | | 20,093,050 | | |
|
Diluted weighted average number of common shares outstanding
|
| | | | 15,036,905 | | | | | | | | | | | | | | | |
[12]
|
| | | | 20,130,725 | | |
| | | |
For the Year Ended December 31, 2024
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | | |
Burke &
Herbert Financial Services Corp. (As Reclassified) |
| |
(Thru 5/3/2024)
Summit
Financial Group, Inc. (As Reclassified) |
| |
Summit
Financial Group, Inc.
Transaction
Accounting Adjustments |
| |
Note
|
| |
Combined
Pro Forma Subtotal |
| |
LINKBANCORP,
Inc. (As Reclassified) |
| |
LINKBANCORP,
Inc.
Transaction
Accounting Adjustments |
| |
Note
|
| |
Combined
Pro Forma |
| |||||||||||||||||||||
| Interest and dividend income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Interest and fees on loans
|
| | | $ | 311,421 | | | | | $ | 79,273 | | | | | $ | 14,350 | | | |
[A]
|
| | | $ | 405,044 | | | | | $ | 146,175 | | | | | $ | 18,915 | | | |
[3]
|
| | | $ | 570,134 | | |
|
Interest and dividends on securities
|
| | | | 50,060 | | | | | | 8,396 | | | | | | 3,247 | | | |
[B]
|
| | | | 61,703 | | | | | | 7,659 | | | | | | 500 | | | |
[2]
|
| | | | 69,862 | | |
|
Other interest income
|
| | | | 4,680 | | | | | | 200 | | | | | | — | | | | | | | | | 4,880 | | | | | | 4,890 | | | | | | — | | | | | | | | | 9,770 | | |
|
Total interest and dividend income
|
| | | | 366,161 | | | | | | 87,869 | | | | | | 17,597 | | | | | | | | | 471,627 | | | | | | 158,724 | | | | | | 19,415 | | | | | | | | | 649,766 | | |
| Interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Interest on deposits
|
| | | $ | 118,664 | | | | | $ | 28,770 | | | | | $ | 1,202 | | | |
[C]
|
| | | $ | 148,636 | | | | | $ | 51,033 | | | | | $ | 158 | | | |
[7]
|
| | | $ | 199,827 | | |
|
Interest on borrowings
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Short-term borrowings
|
| | | | 14,300 | | | | | | 3,445 | | | | | | — | | | | | | | | | 17,745 | | | | | | 3,977 | | | | | | — | | | | | | | | | 21,722 | | |
|
Long-term borrowings
|
| | | | 7,412 | | | | | | 2,014 | | | | | | 1,913 | | | |
[D]
|
| | | | 11,339 | | | | | | 3,820 | | | | | | (474) | | | |
[8] [9]
|
| | | | 14,685 | | |
|
Total interest expense
|
| | | | 140,376 | | | | | | 34,229 | | | | | | 3,115 | | | | | | | | | 177,720 | | | | | | 58,830 | | | | | | (316) | | | | | | | | | 236,234 | | |
|
Net interest income
|
| | | | 225,785 | | | | | | 53,640 | | | | | | 14,482 | | | | | | | | | 293,907 | | | | | | 99,894 | | | | | | 19,731 | | | | | | | | | 413,532 | | |
|
Provision for credit
losses |
| | | | 24,220 | | | | | | — | | | | | | — | | | |
[E]
|
| | | | 24,220 | | | | | | 257 | | | | | | (1,000) | | | |
[4] [10]
|
| | | | 23,477 | | |
|
Net interest income after provision for credit losses
|
| | | | 201,565 | | | | | | 53,640 | | | | | | 14,482 | | | | | | | | | 269,687 | | | | | | 99,637 | | | | | | 20,731 | | | | | | | | | 390,055 | | |
| Non-interest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Income from company-owned life insurance
|
| | | | 4,686 | | | | | | 630 | | | | | | — | | | | | | | | | 5,316 | | | | | | 1,633 | | | | | | — | | | | | | | | | 6,949 | | |
|
Service charges and fees
|
| | | | 15,594 | | | | | | 2,560 | | | | | | — | | | | | | | | | 18,154 | | | | | | 4,036 | | | | | | — | | | | | | | | | 22,190 | | |
|
(Loss) gain on sale of securities
|
| | | | 1,357 | | | | | | (94) | | | | | | — | | | | | | | | | 1,263 | | | | | | 4 | | | | | | — | | | | | | | | | 1,267 | | |
|
Fiduciary and wealth management
|
| | | | 8,411 | | | | | | 1,149 | | | | | | — | | | | | | | | | 9,560 | | | | | | — | | | | | | — | | | | | | | | | 9,560 | | |
|
Other non-interest income
|
| | | | 6,118 | | | | | | 2,893 | | | | | | — | | | | | | | | | 9,011 | | | | | | 3,189 | | | | | | — | | | | | | | | | 12,200 | | |
|
Total non-interest income
|
| | | | 36,166 | | | | | | 7,138 | | | | | | — | | | | | | | | | 43,304 | | | | | | 8,862 | | | | | | — | | | | | | | | | 52,166 | | |
| Non-interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Salaries and benefits
|
| | | | 94,275 | | | | | | 17,032 | | | | | | — | | | | | | | | | 111,307 | | | | | | 41,061 | | | | | | — | | | | | | | | | 152,368 | | |
|
Premises and equipment
|
| | | | 34,751 | | | | | | 5,628 | | | | | | 764 | | | |
[F]
|
| | | | 41,143 | | | | | | 13,119 | | | | | | — | | | | | | | | | 54,262 | | |
|
Marketing and advertising
|
| | | | 1,894 | | | | | | 364 | | | | | | — | | | | | | | | | 2,258 | | | | | | 633 | | | | | | — | | | | | | | | | 2,891 | | |
|
Legal, accounting and consulting
|
| | | | 12,546 | | | | | | 502 | | | | | | — | | | | | | | | | 13,048 | | | | | | 2,830 | | | | | | — | | | | | | | | | 15,878 | | |
|
FDIC and regulatory
|
| | | | 3,329 | | | | | | 947 | | | | | | — | | | | | | | | | 4,276 | | | | | | 2,396 | | | | | | — | | | | | | | | | 6,672 | | |
|
Goodwill impairment
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
|
Other expenses
|
| | | | 51,038 | | | | | | 11,568 | | | | | | 4,447 | | | |
[G]
|
| | | | 67,053 | | | | | | 14,865 | | | | | | 58,558 | | | |
[1] [5]
|
| | | | 140,476 | | |
|
Total non-interest expenses
|
| | | | 197,833 | | | | | | 36,041 | | | | | | 5,211 | | | | | | | | | 239,085 | | | | | | 74,904 | | | | | | 58,558 | | | | | | | | | 372,547 | | |
|
Income before income
taxes |
| | | | 39,898 | | | | | | 24,737 | | | | | | 9,271 | | | | | | | | | 73,906 | | | | | | 33,595 | | | | | | (37,827) | | | | | | | | | 69,674 | | |
| | | |
For the Year Ended December 31, 2024
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | | |
Burke &
Herbert Financial Services Corp. (As Reclassified) |
| |
(Thru 5/3/2024)
Summit
Financial Group, Inc. (As Reclassified) |
| |
Summit
Financial Group, Inc.
Transaction
Accounting Adjustments |
| |
Note
|
| |
Combined
Pro Forma Subtotal |
| |
LINKBANCORP,
Inc. (As Reclassified) |
| |
LINKBANCORP,
Inc.
Transaction
Accounting Adjustments |
| |
Note
|
| |
Combined
Pro Forma |
| |||||||||||||||||||||
|
Income tax expense
|
| | | | 4,190 | | | | | | 5,857 | | | | | | — | | | | | | | | | 10,047 | | | | | | 7,386 | | | | | | — | | | | | | | | | 17,433 | | |
|
Net income
|
| | | | 35,708 | | | | | | 18,880 | | | | | | 9,271 | | | | | | | | | 63,859 | | | | | | 26,209 | | | | | | (37,827) | | | | | | | | | 52,241 | | |
|
Dividends on preferred
stock |
| | | | 675 | | | | | | 225 | | | | | | — | | | | | | | | | 900 | | | | | | — | | | | | | — | | | | | | | | | 900 | | |
|
Net income applicable
to common shareholders |
| | | $ | 35,033 | | | | | $ | 18,655 | | | | | $ | 9,271 | | | | | | | | $ | 62,959 | | | | | $ | 26,209 | | | | | $ | (37,827) | | | | | | | | $ | 51,341 | | |
|
Basic earnings per common share
|
| | | | 2.83 | | | | | | 1.27 | | | | | | 0.98 | | | | | | | | | 5.08 | | | | | | 0.71 | | | | | | (2.85) | | | | | | | | | 2.94 | | |
|
Diluted earnings per common share
|
| | | | 2.82 | | | | | | 1.26 | | | | | | 0.98 | | | | | | | | | 5.06 | | | | | | 0.71 | | | | | | (2.84) | | | | | | | | | 2.93 | | |
|
Basic weighted average number
of common shares outstanding |
| | | | | | | | | | | | | | | | | | | | | | | | | 12,393,677 | | | | | | | | | | | | | | | |
[12]
|
| | | | 17,487,497 | | |
|
Diluted weighted average number of common shares outstanding
|
| | | | | | | | | | | | | | | | | | | | | | | | | 12,441,831 | | | | | | | | | | | | | | | |
[12]
|
| | | | 17,535,651 | | |
|
(Dollars in thousands)
|
| |
LNKB Book
Value |
| |
Fair Value
Adjustments |
| |
Notes
|
| |
LNKB Fair
Value |
| |||||||||
|
Total purchase price consideration
|
| | | | | | | | | | | | | | | | | | | 323,359 | | |
|
Recognized amounts of identifiable assets acquired and liabilities assumed
|
| | | | | | | | | | | | | | | | | | | | | |
|
Cash and equivalents
|
| | | $ | 194,153 | | | | | | | | | | | | | | $ | 194,153 | | |
|
Securities
|
| | | | 299,316 | | | | | | (1,000) | | | |
[2]
|
| | | | 298,316 | | |
|
Loans, gross
|
| | | | 2,456,977 | | | | | | (37,600) | | | |
[3]
|
| | | | 2,419,377 | | |
|
Allowance for credit losses
|
| | | | (25,342) | | | | | | (10,346) | | | |
[4]
|
| | | | (35,688) | | |
|
Loans, net of allowance
|
| | | | 2,431,635 | | | | | | (47,946) | | | | | | | | | 2,383,689 | | |
|
Premises and equipment
|
| | | | 15,822 | | | | | | | | | | | | | | | 15,822 | | |
|
Goodwill and intangibles
|
| | | | 75,213 | | | | | | (30,113) | | | |
[5]
|
| | | | 45,100 | | |
|
Other assets
|
| | | | 106,232 | | | | | | 5,177 | | | |
[6]
|
| | | | 111,409 | | |
|
Total identifiable assets acquired
|
| | | | 3,122,371 | | | | | | (73,882) | | | | | | | | | 3,048,489 | | |
|
Deposits
|
| | | | 2,668,099 | | | | | | (200) | | | |
[7]
|
| | | | 2,667,899 | | |
|
Borrowings
|
| | | | 40,000 | | | | | | 100 | | | |
[8]
|
| | | | 40,100 | | |
|
Subordinated debentures
|
| | | | 62,255 | | | | | | 3,500 | | | |
[9]
|
| | | | 65,755 | | |
|
Other liabilities
|
| | | | 46,560 | | | | | | 1,000 | | | |
[10]
|
| | | | 47,560 | | |
|
Total liabilities assumed
|
| | | | 2,816,914 | | | | | | 4,400 | | | | | | | | | 2,821,314 | | |
|
Total identifiable net assets
|
| | | | 305,457 | | | | | | (78,282) | | | | | | | | | 227,175 | | |
|
Goodwill
|
| | | | | | | | | | | | | | | | | | $ | 96,184 | | |
|
(Dollars in thousands, except share information)
|
| | | | | | | |
10% Increase
|
| |
10% Decrease
|
| ||||||
|
Common shares of LNKB
|
| | | | 37,457,914 | | | | | | 37,457,914 | | | | | | 37,457,914 | | |
|
LNKB unvested restricted stock unit awards
|
| | | | 274,087 | | | | | | 274,087 | | | | | | 274,087 | | |
|
Total shares to be exchanged
|
| | | | 37,732,001 | | | | | | 37,732,001 | | | | | | 37,732,001 | | |
|
Exchange ratio
|
| | | | 0.1350 | | | | | | 0.1350 | | | | | | 0.1350 | | |
|
Burke & Herbert shares to be issued
|
| | | | 5,093,820 | | | | | | 5,093,820 | | | | | | 5,093,820 | | |
|
(Dollars in thousands, except share information)
|
| | | | | | | |
10% Increase
|
| |
10% Decrease
|
| ||||||
|
Price per share of Burke & Herbert common stock
|
| | | $ | 63.40 | | | | | $ | 69.74 | | | | | $ | 57.06 | | |
|
Purchase price consideration for common stock
|
| | | | 322,948 | | | | | | 355,243 | | | | | | 290,653 | | |
|
Implied value of in the money options
|
| | | | 410 | | | | | | 410 | | | | | | 410 | | |
|
Fully diluted transaction value
|
| | | | 323,358 | | | | | | 355,653 | | | | | | 291,063 | | |
|
Pro Forma Goodwill
|
| | | $ | 96,183 | | | | | $ | 128,478 | | | | | $ | 63,888 | | |
| | |||||||||||||||||||
|
(Dollars in Thousands)
|
| |
Burke & Herbert
(As Reclassified) |
| |
(Thru 5/3/2024)
Summit
(As Reclassified) |
| | | | | | | |
Summit
Transaction Accounting Adjustments |
| |||||||||
|
Interest income and fees on loans
|
| | | $ | 311,421 | | | | | $ | 79,273 | | | | |
|
[A]
|
| | | | $ | 14,350 | | |
|
Interest income and dividends on securities
|
| | | | 50,060 | | | | | | 8,396 | | | | |
|
[B]
|
| | | | | 3,247 | | |
|
Interest expense on deposits
|
| | | $ | 118,664 | | | | | $ | 28,770 | | | | |
|
[C]
|
| | | | $ | 1,202 | | |
|
Long-term borrowings expense
|
| | | | 7,412 | | | | | | 2,014 | | | | |
|
[D]
|
| | | | | 1,913 | | |
|
Provision for credit losses
|
| | | | 24,220 | | | | | | — | | | | |
|
[E]
|
| | | | | — | | |
|
Premises and equipment expense
|
| | | | 34,751 | | | | | | 5,628 | | | | |
|
[F]
|
| | | | | 764 | | |
|
Other expenses
|
| | | | 51,038 | | | | | | 11,568 | | | | |
|
[G]
|
| | | | | 4,447 | | |
| | | | | | | | | | | | | | | | | | | | | | | $ | 9,271 | | |
| | | |
Balance Sheet
|
| |
Income Statement
|
| ||||||||||||
|
($ in thousands)
|
| |
September 30, 2025
|
| |
December 31, 2024
|
| |
September 30, 2025
|
| |||||||||
|
Merger-related exp.
|
| | | | 52,000 | | | | | | 52,000 | | | | | | 52,000 | | |
|
Tax impact
|
| | | | (10,920) | | | | | | (10,920) | | | | | | (10,920) | | |
|
After-tax Exp.
|
| | | | 41,080 | | | | | | 41,080 | | | | | | 41,080 | | |
| | | |
Balance Sheet
|
| |
Income Statement
|
| ||||||||||||
|
($ in thousands)
|
| |
September 30, 2025
|
| |
December 31, 2024
|
| |
September 30, 2025
|
| |||||||||
|
HTM Securities
|
| | | | (1,000) | | | | | | 500 | | | | | | 400 | | |
|
HTM reclass to AFS
|
| | | | (26,595) | | | | | | — | | | | | | — | | |
| | | |
Balance Sheet
|
| |
Income Statement
|
| ||||||||||||
|
($ in thousands)
|
| |
September 30, 2025
|
| |
December 31, 2024
|
| |
September 30, 2025
|
| |||||||||
| Fair value adjustments on loans acquired | | | | | | | | | | | | | | | | | | | |
|
Non-credit fair value mark
|
| | | | (75,660) | | | | | | | | | | | | | | |
|
Non-PCD loans (credit fair value)
|
| | | | (13,935) | | | | | | | | | | | | | | |
|
Reversal of marks
|
| | | | 38,060 | | | | | | | | | | | | | | |
|
Total fair value adjustment assigned to loans
|
| | | | (51,535) | | | | | | 18,915 | | | | | | 14,186 | | |
| | | |
Balance Sheet
|
| |
Income Statement
|
| ||||||||||||
|
($ in thousands)
|
| |
September 30, 2025
|
| |
December 31, 2024
|
| |
September 30, 2025
|
| |||||||||
| Allowance for credit losses | | | | | | | | | | | | | | | | | | | |
|
Reversal of existing allowance
|
| | | | 25,342 | | | |
|
| |
|
| ||||||
|
CECL ACL for Non-PCD loans
|
| | | | (13,935) | | | | | | | | | | | | | | |
|
FV of PCD loans assigned to ACL
|
| | | | (21,753) | | | | | | | | | | | | | | |
|
Total adjustment to allowance for credit losses
|
| | | | (10,346) | | | | | | — | | | | | | — | | |
|
Retained Earnings Impact to non-PCD
|
| | | | | | | | | | — | | | | | | | | |
|
CECL ACL for Non-PCD loans
|
| | | | (13,935) | | | | | | | | | | | | | | |
|
Deferred tax asset impact (included in other assets)
|
| | | | 2,926 | | | | | | | | | | | | | | |
|
Retained earnings impact
|
| | | | (11,009) | | | | | | | | | | | | | | |
| | | |
Balance Sheet
|
| |
Income Statement
|
| ||||||||||||
|
($ in thousands)
|
| |
September 30, 2025
|
| |
December 31, 2024
|
| |
September 30, 2025
|
| |||||||||
|
CDI
|
| | | | 28,693 | | | | | | 6,558 | | | | | | 5,284 | | |
| | | |
Balance Sheet
|
| |
Income Statement
|
| ||||||||||||
|
($ in thousands)
|
| |
September 30, 2025
|
| |
December 31, 2024
|
| |
June 30, 2025
|
| |||||||||
| Deferred tax asset/liab. Impact | | | | | | | | | | | | | | | | | | | |
|
FV Adjustments
|
| | | | (53,346) | | | | | | — | | | | | | — | | |
|
Recording of CDI
|
| | | | 28,693 | | | | | | — | | | | | | — | | |
|
Items subject to tax
|
| | | | (24,653) | | | | | | — | | | | | | — | | |
|
Tax impact (21%)
|
| | | | (5,177) | | | | | | — | | | | | | — | | |
| | | |
Balance Sheet
|
| |
Income Statement
|
| ||||||||||||
|
($ in thousands)
|
| |
September 30, 2025
|
| |
December 31, 2024
|
| |
September 30, 2025
|
| |||||||||
|
Time Deposits
|
| | | | (200) | | | | | | (158) | | | | | | (119) | | |
| | | |
Balance Sheet
|
| |
Income Statement
|
| ||||||||||||
|
($ in thousands)
|
| |
September 30, 2025
|
| |
December 31, 2024
|
| |
September 30, 2025
|
| |||||||||
|
Borrowings
|
| | | | 100 | | | | | | 79 | | | | | | 59 | | |
| | | |
Balance Sheet
|
| |
Income Statement
|
| ||||||||||||
|
($ in thousands)
|
| |
September 30, 2025
|
| |
December 31, 2024
|
| |
September 30, 2025
|
| |||||||||
|
Sub Debt
|
| | | | 3,500 | | | | | | 395 | | | | | | 296 | | |
| | | |
Balance Sheet
|
| |
Income Statement
|
| ||||||||||||
|
($ in thousands)
|
| |
September 30, 2025
|
| |
December 31, 2024
|
| |
September 30, 2025
|
| |||||||||
|
Other Liabilities
|
| | | | 1,000 | | | | | | (1,000) | | | | | | (750) | | |
| | | | | | | | | |
Balance Sheet
|
| |||
|
(Dollars in thousands, except share information)
|
| | | | | | | |
September 30, 2025
|
| |||
| Transaction accounting adjustment for common stock | | | | | | | | | | | | | |
|
Reversal of LINKBANCORP’s common stock to APIC
|
| | | | | | | | | $ | (370) | | |
|
Number of Burke & Herbert shares issued
|
| | | | 5,093,820 | | | | | | | | |
|
Par value of Burke & Herbert common stock
|
| | | $ | 0.50 | | | | | | | | |
|
Par value of Burke & Herbert shares issued for merger
|
| | | | | | | | | | 2,547 | | |
|
Total transaction accounting adjustment for common stock
|
| | | | | | | | | $ | 2,177 | | |
| | | | | | | | | |
Balance Sheet
|
| |||
|
(Dollars in thousands, except share information)
|
| | | | | | | |
September 30, 2025
|
| |||
| Transaction accounting adjustment for APIC | | | | | | | | | | | | | |
|
Reclass LINKBANCORP’s common stock to APIC
|
| | | | | | | | | $ | 370 | | |
|
Reclass LINKBANCORP’s retained earnings to APIC
|
| | | | | | | | | | 42,157 | | |
|
Reclass LINKBANCORP’s AOCI to APIC
|
| | | | | | | | | | (2,707) | | |
|
LINKBANCORP shares outstanding
|
| | | | 37,732,001 | | | | | | | | |
|
Exchange ratio
|
| | | | 0.135 | | | | | | | | |
| | | | | | | | | |
Balance Sheet
|
| |||
|
(Dollars in thousands, except share information)
|
| | | | | | | |
September 30, 2025
|
| |||
|
Number of Burke & Herbert shares issued
|
| | | | 5,093,820 | | | | | | | | |
|
Value assigned to Burke & Herbert common shares
|
| | | | 63.40 | | | | | | | | |
|
Purchase price consideration for common stock
|
| | | | 322,948 | | | | | | | | |
|
Implied value of RSUs/Options
|
| | | | 411 | | | | | | | | |
|
Less: par value of Burke & Herbert common stock issued for merger
|
| | | | 2,547 | | | | | | | | |
|
APIC adjustment for Burke & Herbert shares issued
|
| | | | 320,812 | | | | | | | | |
|
Less: Existing LINKBANCORP Shareholder Equity
|
| | | | (305,457) | | | | | | | | |
|
Net adjustment to APIC for stock consideration
|
| | | | | | | | | | 15,355 | | |
|
Total transaction accounting adjustment for APIC
|
| | | | | | | | | $ | 55,175 | | |
| | |||||||||||||
| | | |
Balance Sheet
|
| |||
|
(Dollars in thousands)
|
| |
September 30, 2025
|
| |||
| Transaction accounting adjustment for retained earnings | | | | | | | |
|
Reversal of LINKBANCORP’s retained earnings to APIC
|
| | | $ | (42,157) | | |
|
Provision for credit losses for Non-PCD loans (see note 4)
|
| | | | (11,009) | | |
|
Merger cost adjustment (see note 1)
|
| | | | (41,080) | | |
|
Bargain Purchase Gain
|
| | | | — | | |
|
Total transaction accounting adjustments for retained earnings
|
| | | $ | (94,246) | | |
| | | |
Balance Sheet
|
| |||
|
(Dollars in thousands)
|
| |
September 30, 2025
|
| |||
| Transaction accounting adjustments for AOCI | | | | | | | |
|
Reversal of LINKBANCORP’s AOCI to APIC
|
| | | $ | 2,707 | | |
|
Total transaction accounting adjustment for AOCI
|
| | | $ | 2,707 | | |
| | | | |
LNKB
|
| |
Burke & Herbert
|
|
| |
Authorized Capital Stock
|
| |
The authorized capital stock of LNKB consists of 55,000,000 shares, of which 50,000,000 shares are common stock, par value $0.01 per share, and 5,000,000 shares are preferred stock, no par value. As of January 28, 2026, the last practicable trading day prior to the date of this joint proxy statement/prospectus, there were 37,465,183 shares of LNKB’s common stock outstanding, and no shares of preferred stock outstanding.
|
| |
Burke & Herbert’s authorized capital stock consists of 40,000,000 shares of common stock, par value $0.50 per share and 2,000,000 shares of serial preferred stock, par value $1.00 per share. As of January 28, 2026, the last practicable trading day prior to the date of this joint proxy statement/prospectus, there were 15,034,013 shares of common stock outstanding and 1,500 shares of preferred stock outstanding, all of which is the Burke & Herbert Series 2021 Preferred Stock.
|
|
| |
Voting
|
| |
LNKB’s articles of incorporation provide that, except as otherwise provided in the certificate filed pursuant to law with respect to any series of preferred stock or as otherwise provided by law, the preferred stock shall not have any right to vote for any purpose. The governing documents provide that each outstanding share of common stock entitled to vote shall be entitled to one vote upon each matter submitted to a vote at a meeting of shareholders. LNKB shareholders do not have cumulative voting rights in the case election of directors.
|
| |
Burke & Herbert’s articles of incorporation provide that, except to the extent to which the board of directors shall have specified voting power with respect to any other class of stock and except as otherwise provided by law, the exclusive voting power shall be vested in its common stock, and that each share of common stock is entitled to one vote at a meeting of shareholders. Burke & Herbert shareholders do not have cumulative voting rights in the election of directors.
|
|
| |
Size of Board of Directors
|
| |
The PBCL provides that a board of directors shall consist of one or more members, with the number fixed by, or in the manner provided in, the bylaws or stated in the articles of incorporation.
LNKB’s amended and restated articles of incorporation and bylaws provide that it will have no fewer than three and no more than 24 directors. LNKB’s
|
| |
The VSCA provides that a board of directors shall consist of one or more individuals, with the exact number or range of number of directors to be specified in or fixed in accordance with the articles of incorporation or bylaws.
Burke & Herbert’s articles provide that the number of directors shall be no less than five or more than fifteen and that
|
|
| | | | |
LNKB
|
| |
Burke & Herbert
|
|
| | | | |
articles of incorporation authorize the number of directors to be fixed from time to time by resolution of the board of directors.
|
| |
the number of directors may be increased or decreased from time to time by the board of directors. Burke & Herbert’s bylaws provide that the exact number of directors may be fixed by the board, from time to time. Pursuant to the merger agreement, prior to the effective time, Burke & Herbert shall take all necessary actions to cause the number of directors that will comprise the full board of directors of the continuing corporation at the effective time to be increased by two members (or less to the extent there are vacant seats) and appoint the LNKB continuing directors.
|
|
| |
Classes of Directors
|
| |
LNKB has a single class of directors, with each director elected annually by shareholders for a term of one year to serve until their successors are elected and qualified.
|
| |
Burke & Herbert has a single class of directors, with each director elected annually by shareholders for a term of one year to serve until their successors are elected and qualified.
|
|
| |
Director Eligibility and Mandatory Retirement
|
| |
LNKB’s governing documents do not have a similar provision.
|
| |
Burke & Herbert’s bylaws provide that no person who is age 75 or older shall be eligible to serve on the board after the annual meeting of shareholders following his or her 75th birthday; provided, however, that the board may, upon a majority vote thereof and with the written consent of the director, grant one or more one-year extensions of any director’s term beyond his or her 75th birthday.
|
|
| |
Removal of Directors
|
| |
The PBCL provides that any member of a non-classified board may be removed, with or without cause, unless otherwise provided in the bylaws or the articles of incorporation.
LNKB’s bylaws provide that a director may be removed only for cause by a vote of the shareholders entitled to elect directors.
|
| |
The VSCA allows shareholders to remove directors with or without cause, unless the articles of incorporation provide that directors may be removed only for cause.
Burke & Herbert’s articles state that shareholders of the corporation may remove directors only for cause and with the affirmative vote of at least 2/3 of the outstanding shares entitled to vote.
|
|
| |
Filling Vacancies on the Board of Directors
|
| |
LNKB’s bylaws provide that any vacancy resulting from the removal of a director may be filled by the shareholders at an annual or special meeting of shareholders. Any director elected by the shareholders to fill a vacancy resulting from removal shall serve for the remaining term of his or her predecessor and until a successor is elected and qualified.
|
| |
Burke & Herbert’s bylaws provide that any director elected to fill a vacancy shall be elected to serve the remaining term of the director they replace and shall be elected by affirmative vote of a majority of the total number of directors.
|
|
| | | | |
LNKB
|
| |
Burke & Herbert
|
|
| | | | |
Any vacancy resulting from an increase in the authorized number of directors may be filled by a majority of the directors then in office, although less than a quorum. Any director elected to fill a vacancy created by an increase in the number of directors shall serve until the next meeting of shareholders at which directors are elected.
|
| | | |
| |
Control Share Acquisition Provisions
|
| |
While the PBCL contains provisions relating to control share acquisitions, transactions that are approved pursuant to the provisions set forth in 15 Pa.C.S. § 321 (relating to approval of transactions by a business corporation) are exempt.
Under LNKB’s articles, any merger, consolidation, liquidation or dissolution of LNKB or any action that would result in the sale or disposition of all or substantially all of LNKB’s assets, is subject to a heightened shareholder vote standard and requires the affirmative vote of the holders of at least 75% of the outstanding shares of common stock of LNKB, unless two-thirds of LNKB’s board of directors has previously approved the transaction. Additionally, this provision in the LNKB charter may not be amended unless the amendment is approved by 75% of the outstanding shares of the common stock of LNKB.
|
| |
Under the VSCA’s control share acquisitions statute (Va. Code § 13.1-728.1 et seq.), voting rights of shares of stock of a Virginia corporation acquired by an acquiring person or other entity at ownership levels of 20%, 331∕3%, and 50% of the outstanding shares may, under certain circumstances, be denied. The voting rights may be denied:
•
unless conferred by a special shareholder vote of a majority of the outstanding shares entitled to vote for directors, other than shares held by the acquiring person and officers and directors of the corporation; or
•
among other exceptions, unless such acquisition of shares is made pursuant to an affiliation agreement with the corporation or the corporation’s articles of incorporation or bylaws permit the acquisition of such shares before the acquiring person’s acquisition thereof.
If authorized in the corporation’s articles of incorporation or bylaws, the statute also permits the corporation to redeem the acquired shares at the average per share price paid for them if the voting rights are not approved or if the acquiring person does not file a “control share acquisition statement” with the corporation within 60 days of the last acquisition of such shares. If voting rights are approved for control shares comprising more than 50% of the corporation’s outstanding stock, objecting shareholders may have the right to have their shares repurchased by the corporation for “fair value.” The provisions of the control share acquisition statute are only applicable to
|
|
| | | | |
LNKB
|
| |
Burke & Herbert
|
|
| | | | | | | |
public corporations that have more than 300 shareholders.
Corporations may provide in their articles of incorporation or bylaws to opt-out of the control share acquisition statute, but Burke & Herbert has not done so.
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Combinations and Transactions with Interested Shareholders
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The PBCL does not contain statutory provisions concerning restrictions on business combinations with interested shareholders, so long as the material facts of the relationship or interest are known, and the transaction is properly approved.
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The affiliated transaction statute of the VSCA (Va. Code § 13.1-725 et seq.) contains provisions governing “affiliated transactions.” These include various transactions such as mergers, share exchanges, sales, leases, or other dispositions of material assets, issuances of securities, dissolutions, and similar transactions with an “interested shareholder.” An interested shareholder is generally the beneficial owner of more than 10% of any class of a corporation’s outstanding voting shares. During the three years following the date a shareholder becomes an interested shareholder, any affiliated transaction with the interested shareholder must be approved by both a majority (but not less than two) of the “disinterested directors” (those directors who were directors before the interested shareholder became an interested shareholder or who were recommended for election by a majority of the disinterested directors) and by the affirmative vote of the holders of 2/3 of the corporation’s voting shares other than shares beneficially owned by the interested shareholder. These requirements do not apply to affiliated transactions if, among other things, a majority of the disinterested directors approve the interested shareholder’s acquisition of voting shares making such a person an interested shareholder before such acquisition. Beginning three years after the shareholder becomes an interested shareholder, the corporation may engage in an affiliated transaction with the interested shareholder if:
•
the transaction is approved by the holders of 2/3 of the corporation’s voting shares, other than shares beneficially owned by the interested shareholder;
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LNKB
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Burke & Herbert
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•
the affiliated transaction has been approved by a majority of the disinterested directors; or
•
subject to certain additional requirements, the holders of each class or series of voting shares in the affiliated transaction will receive consideration meeting specified fair price and other requirements designed to ensure that all shareholders receive fair and equivalent consideration, regardless of when they tendered their shares.
A corporation may elect to opt out of the affiliated transactions statute by adopting a provision in its articles of incorporation or bylaws, but Burke & Herbert has not done so. Further, the affiliated transactions statute does not apply to any corporation that has fewer than 300 shareholders of record (unless the reduction in the number of shareholders is the result of action by an interested shareholder).
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Calling Special Meetings of Shareholders
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LNKB’s bylaws provide that special meetings of the shareholders may be called by the Chairman of the Board of Directors, the Chief Executive Officer, the President or a majority of the board of directors. Under the PBCL, shareholders representing at least 20% of the outstanding common stock entitled to vote at a meeting may call a special shareholders’ meeting.
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Virginia law provides that a corporation shall hold a special meeting of shareholders on the call of the chair of the board, the president, the board of directors, or any person or persons authorized to do so by the corporation’s articles of incorporation or bylaws.
Burke & Herbert’s bylaws state that special meetings of the shareholders may be called by resolution of the board of directors, the chair of the board of directors, or the chief executive officer.
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Quorum for Shareholder Meetings
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LNKB’s bylaws provide that a majority of the votes entitled to be cast on a matter, represented in person or by proxy, shall constitute a quorum at a meeting of shareholders, unless otherwise provided by law. LNKB’s bylaws further provide if less than a majority of the votes to be cast are represented at a meeting, a majority of the votes so represented may adjourn the meeting from time to time without further notice. The shareholders present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the
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A majority of the outstanding shares of Burke & Herbert entitled to vote, represented in person or by proxy, shall constitute a quorum at a meeting of shareholders. Once a share is represented as present at a meeting, either in person or by proxy, it is deemed present for quorum purposes for the remainder of the meeting and for adjournment of that meeting unless a new date is set of record for adjournment of that meeting.
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LNKB
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Burke & Herbert
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withdrawal of enough shareholders to leave less than a quorum.
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Notice of Shareholder Meetings
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Under the PBCL, a corporation is required to notify shareholders of the date, time, and place of each shareholder meeting at least 10 days before the meeting date in the case of meetings to consider entity transactions or fundamental changes and at least 5 days before the meeting date in all other cases. The PBCL provides that notice of an annual meeting need not include a description of the purpose or purposes for which the meeting is called. Notice of a special meeting, however, must specify the general nature of the business to be transacted.
LNKB’s bylaws provide that, not less than 10 days before the date of the meeting, shareholders will be given written notice stating the time, date, place, purpose for which the meeting is called (if the meeting is a special meeting or if notice of the meeting’s purpose is required by Pennsylvania law) and the means of any remote communications by which shareholders and proxyholders may be considered present and may vote at the meeting.
Notice shall be given to shareholders by first class or express mail (or by bulk mail with at least 20 days’ notice), postage prepaid, or courier notice, charges prepaid, to the shareholder’s postal address or by email or other electronic communication to the number or address supplied by the shareholder, unless the shareholder files a written waiver of notice with the secretary of the corporation before or after the meeting.
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Burke & Herbert’s bylaws require written notice stating the place, day and hour of a meeting of shareholders, and in case of a special meeting, the purpose for which the meeting is called, and require that such notice shall be given not less than 10 days nor more than sixty 60 days before the date of the meeting (unless a different time is required by statute) by mail to each shareholder of record entitled to vote at such meeting. Such notice shall be deemed to have been given when deposited in the United States mail and addressed to the shareholder at the address as it appears on the stock transfer books of Burke & Herbert, with postage thereon prepaid.
Under the VSCA, notice of a shareholders’ meeting to act on an amendment of the articles of incorporation, a plan of merger, share exchange, domestication, or conversion, certain sales of assets, or the dissolution of the corporation shall be given not fewer than 25 nor more than 60 days before the meeting date.
Any notice to shareholders given by Burke & Herbert, under any provision of Virginia law or Burke & Herbert’s articles of incorporation or bylaws, shall be effective if given by a form of electronic transmission consented to by the shareholder to whom the notice is given. Any such consent shall be revocable by the shareholder by written notice to Burke & Herbert.
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Advance Notice of Shareholder Nominations
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LNKB’s bylaws provide that any shareholder of record may nominate a candidate for director if, at least 90 days but not more than 120 days prior to the first anniversary of the previous year’s annual meeting, the shareholder provides the secretary with the following information: (i) the name and address of such shareholder, (ii) the class and number of shares of LNKB held by such shareholder, (iii) the name, age and business and residence address of the
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For any shareholder proposal to be presented in connection with an annual meeting of shareholders of Burke & Herbert, including any nomination or proposal relating to the nomination of a director to be elected to the Burke & Herbert’s board of directors, shareholders must give written notice to Burke & Herbert’s secretary at its principal executive offices not less than 90 days or more than 120 days prior to the first anniversary of the preceding
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LNKB
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Burke & Herbert
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candidate, (iv) the principal occupation or employment of the candidate, and (v) the class and number of shares of LNKB beneficially owned by the candidate.
If, however, LNKB did not hold an annual meeting the previous year or if the current year’s meeting is called for a date that is not within 30 days of the anniversary of the previous year’s annual meeting, notice must be received no later than 10 calendar days following the day on which public announcement of the date of the annual meeting is first made. No adjournment or postponement of an annual meeting of shareholders shall begin a new time period for giving a proposing shareholder’s notice.
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year’s annual meeting. However, in the event that the date of the annual meeting is changed by more than 30 days from such anniversary date, notice by the shareholder to be timely must be so delivered no earlier than the 120th day prior to such annual meeting and no later than the close of business on the later of the 90th day prior to such annual meeting or the 10th day following the day on which notice of the date of annual meeting was mailed or public announcement of the date of the meeting was first made. No adjournment or postponement of an annual meeting shall commence a new period for the giving of notice of a shareholder proposal hereunder. Such notice must meet certain requirements as set forth in Burke & Herbert’s bylaws.
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Limitation of Personal Liability of Directors and Officers
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The PBCL permits the shareholders of a Pennsylvania corporation to adopt bylaws to limit the personal liability of directors and officers for monetary damages for any action taken unless the director or officer did not act in good faith, in a manner he or she reasonably believes to be in the best interests of the corporation and with such care, including reasonable inquiry, skill and diligence, as a person of ordinary prudence would use under similar circumstances or the director’s or officer’s breach or failure to perform constitutes self-dealing, willful misconduct or recklessness. LNKB’s bylaws do not have such a provision.
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The VSCA provides that in any proceeding brought by or in the right of a corporation or brought by or on behalf of shareholders of the corporation, the damages assessed against an officer or director arising out of a single transaction, occurrence or course of conduct may not exceed the lesser of (a) the monetary amount, including the elimination of liability, specified in the articles of incorporation or, if approved by the shareholders, in the bylaws as a limitation on or elimination of the liability of the officer or director, or (b) the greater of (i) $100,000 or (ii) the amount of cash compensation received by the officer or director from the corporation during the 12 months immediately preceding the act or omission for which liability was imposed. The liability of an officer or director is not limited under the VSCA or a corporation’s articles of incorporation and bylaws if the officer or director engaged in willful misconduct or a knowing violation of the criminal law or of any federal or state securities law.
Burke & Herbert’s articles of incorporation provide that in any proceeding brought by or in the right of Burke & Herbert or brought by or on
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LNKB
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Burke & Herbert
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behalf of its shareholders, a director or officer shall not be liable in any monetary amount for damages arising out of or resulting from a single transaction, occurrence or course of conduct. However, such liability will not be eliminated if the director or officer engaged in willful misconduct or a knowing violation of the criminal law or of any federal or state securities law, including without limitation, any claim of unlawful insider trading or manipulation of the market for any security.
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Indemnification of Directors and Officers
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LNKB’s bylaws provide broad indemnification for current and former directors, officers and employees in civil, criminal, administrative and investigative suits if the individual acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of LNKB and, with respect to any criminal actions or proceeding, had no reasonable cause to believe that his or her conduct was unlawful.
Additionally, LNKB’s bylaws permit it, but do not require it, to advance expenses incurred in defending a civil or criminal action, suit or proceeding prior to the final disposition of the same, upon receipt of an undertaking by or on behalf of the director, officer or employee to repay such amount if it shall ultimately be determined that he or she is not entitled to be indemnified by the corporation.
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Burke & Herbert’s articles of incorporation provide that it shall indemnify its directors and officers against liability for costs and expenses arising out of any criminal or civil suit or proceeding against the director or officer by reason of being its director or officer if the director or officer conduct himself or herself in good faith, believed the conduct was in the best interests of the company, and had no reasonable cause to believe the conduct was unlawful.
However, a director or officer shall not be indemnified against willful misconduct or a knowing violation of the criminal law or against any liability incurred by him or her in any proceeding charging improper personal benefit to him or her, whether or not by or in the right of Burke & Herbert or involving action in his or her official capacity, in which he or she was adjudged liable by a court of competent jurisdiction on the basis that personal benefit was improperly received by him or her.
Additionally, Burke & Herbert’s articles permit it, but do not require it, to indemnify and advance expenses to its employees and agents to the same extent as provided in this Article with respect to directors and officers.
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Appraisal or Dissenters’ Rights
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Under the PBCL, shareholders are generally entitled, in the case of a merger or consolidation, to obtain a judicial appraisal of the fair value of their shares, if they have neither voted in favor of nor consented in writing to the merger or
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The VSCA provides appraisal rights to shareholders of a Virginia corporation in certain circumstances, including upon consummation of a merger to which the corporation is a party if shareholder approval is required for the merger under
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LNKB
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Burke & Herbert
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consolidation. Shareholders do not, however, have appraisal rights with respect to shares of any class or series of stock if such shares of stock, at the record date fixed to determine the shareholders entitled to receive notice of the meeting of shareholders are either (1) listed on a national securities exchange or (2) held of record by more than 2,000 holders, with certain exceptions.
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the VSCA. The VSCA further provides that appraisal rights are not available to holders of shares of any class or series of shares of a Virginia corporation in a merger when the stock is either listed on a national securities exchange or is held by at least 2,000 shareholders of record and has a public float of at least $20 million. Despite this exception, appraisal rights will be available to holders of common stock of a Virginia corporation in a merger if:
•
the articles of incorporation provide for appraisal rights regardless of an available exception;
•
in the case of a merger or share exchange, shareholders are required by the terms of the merger to accept anything for their shares other than cash, shares of the surviving or acquiring corporation, or shares of another corporation that are either listed on a national securities exchange or held by more than 2,000 shareholders of record having a public float of at least $20 million, or a combination of cash or such shares; or
•
the merger is an “affiliated transaction,” as described in the section above entitled “— Combinations and Transactions with Interested Shareholders” and it has not been approved by a majority of the disinterested directors.
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Dividends
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The board of directors of a Pennsylvania corporation may declare and pay dividends, unless after paying such distribution the corporation would be unable to pay its debts as they become due or if the total assets of the corporation would be less than the sum of its total liabilities plus the amount that would be needed, if the corporation were to be dissolved at the time as of which the distribution is measured, to satisfy the preferential rights upon dissolution of shareholders whose preferential rights were superior to those receiving the distribution.
LNKB’s articles provide that LNKB may issue shares of preferred classes:
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The VSCA generally permits corporations to make shareholder distributions, provided that the distribution would not make the corporation unable to pay its debts as they become due in the usual course of business or the corporation’s total assets would be less than the sum of its total liabilities plus the amount that would be needed, if the corporation were to be dissolved at the time of the distribution, to satisfy any shareholders who have preferential rights superior to those receiving the dividend.
Subject to the provisions of law and the rights of holders of shares at the time outstanding of all classes of stock
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LNKB
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Burke & Herbert
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(i)
entitling the holders thereof to cumulative or non-cumulative dividends;
(ii)
having preference over any other class or classes of shares as to the payment of dividends; or
(iii)
convertible into shares of any other class or into shares of any series of the same or any other class.
No dividends shall be declared or paid upon or set apart for payment for the common stock until dividends on the outstanding preferred stock of each series are declared and paid or set apart for payment.
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having prior rights as to dividends, the holders of Burke & Herbert’s common stock at the time outstanding shall be entitled to receive dividends at such times and in such amounts as the board of directors may deem advisable.
Burke & Herbert’s articles of incorporation provide that the holders of any serial preferred stock as to which the board of directors shall have specified a rate of dividend shall be entitled to receive, if and when declared payable by the board of directors, dividends at the dividend rate for such series, and not exceeding such rate except to the extent of any participation right. Such dividends shall be payable on such dates as shall be specified for such series. Dividends, if cumulative and in arrears, shall not bear interest.
No dividends shall be declared or paid upon or set apart for the common stock or for stock of any other class hereafter created ranking junior to the serial preferred stock in respect to dividends or assets unless and until (i) full dividends on the outstanding serial preferred stock at the dividend rate or rates therefor, together with the full additional amount required by any participation right, shall have been paid or declared and set apart for payment with respect to all past dividend periods, to the extent that the holders of the serial preferred stock are entitled to dividends with respect to any past dividend period, and the current dividend period, and (ii) all mandatory sinking fund payments that shall have become due in respect of any series of the serial preferred stock shall have been made.
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Amendments to Articles and Certain Transactions
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LNKB’s articles may be amended by the affirmative vote of not less than a majority of the votes cast at a meeting of shareholders.
The provision of the LNKB articles addressing the anti-takeover provisions, as described under “— Control Share Acquisition Provisions” may not be amended unless approved by the affirmative vote of the holders of at least
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Burke & Herbert’s articles of incorporation require that an amendment to its articles of incorporation, a plan of merger or share exchange, a transaction involving the sale of all or substantially all the corporation’s assets other than in the regular course of business, and a plan of dissolution must be approved by 80% or more of all the votes entitled to be cast on such transactions by each voting
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LNKB
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Burke & Herbert
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75% of the common shares then outstanding.
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group entitled to vote on the transaction. If, however, such an action has been approved and recommended by at least two-thirds of the Burke & Herbert directors in office at the time of such approval and recommendation, then the approval of such action will require approval by the vote of a majority of all the votes entitled to be cast on such actions by each voting group entitled to vote on the transaction at a meeting at which a quorum of the voting group is present.
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Amendments to Bylaws
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Pursuant to the PBCL, LNKB’s bylaws may be amended or repealed at any regular or special meeting by the affirmative vote of two-thirds of all votes of shareholders entitled to vote at such meeting. The notice of any meeting at which action shall be taken to alter the bylaws must include a copy of the proposed amendment or a summary of the proposed changes. Pennsylvania law provides further that a corporation’s board of directors may amend or repeal the corporation’s bylaws unless the corporation’s articles of incorporation or the PBCL reserves that power exclusively to the shareholders.
LNKB’s bylaws provide that its bylaws may be amended or repealed at any regular or special meeting of the board of directors at which a quorum is present by the affirmative vote of the majority of members attending, except with respect to any provision that the LNKB charter, the LNKB bylaws, or the PBCL requires action by the shareholders and is subject to the power of the shareholders to change such action.
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Burke & Herbert’s bylaws state that the bylaws may be amended or altered at any meeting of the board of directors by affirmative vote of a majority of the number of directors then fixed, unless proscribed by law or the articles of incorporation. Burke & Herbert’s articles of incorporation do not address amending the bylaws.
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Action by Written Consent of Shareholders
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In accordance with the PBCL, LNKB’s bylaws provide that any action required or permitted to be taken at a meeting of the board of shareholders may be taken without a meeting if, prior or after the action, a consent or consents thereto are signed by all of the shareholders who would be entitled to vote at a meeting for such purpose and the consent or consents are filed with the secretary of the corporation for inclusion with the
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The VSCA provides that any action required or permitted to be taken at a shareholder’s meeting may be taken without a meeting if the action is taken by all shareholders entitled to vote on the action. Any such written action shall bear the date on which each shareholder signed the consent and be delivered to the corporation’s secretary for inclusion in the minutes or filing with the corporate records.
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LNKB
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Burke & Herbert
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meeting records of the shareholders of the corporation.
The PBCL also provides for shareholder action without a meeting by less than unanimous written consent, if the corporation’s bylaws authorize action by less than unanimous written consent. LNKB’s bylaws do not contain such a provision.
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The VSCA also provides for shareholder action without a meeting by less than unanimous written consent, if the corporation’s articles of incorporation authorize action by less than unanimous written consent. Burke & Herbert’s articles do not address shareholder action without a meeting.
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Shareholder Rights Plan
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LNKB does not currently have a shareholders’ rights plan in effect.
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Burke & Herbert does not currently have a shareholders’ rights plan in effect.
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Forum Selection Bylaw
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LNKB’s articles of incorporation and bylaws do not require any exclusive forum with respect to legal actions against or involving LNKB.
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Burke & Herbert’s bylaws designate the United States District Court for the Eastern District of Virginia, Alexandria Division or, in the event that court lacks jurisdiction, the Circuit Court of the City of Alexandria, Virginia, as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by Burke & Herbert’s shareholders.
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if you are a Burke & Herbert shareholder
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if you are a LNKB shareholder:
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Burke & Herbert Financial Services Corp.
100 S. Fairfax Street Alexandria, VA 22314 Attention: Investor Relations (703) 666-3555 |
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LINKBANCORP, Inc.
1250 Camp Hill Bypass, Suite 202 Camp Hill, PA 17011 Attention: Investor Relations (717) 678-7935 |
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Burke & Herbert filings (SEC File No. 001-41633)
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Periods Covered or Date of Filing with the SEC
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| | Annual Report on Form 10-K | | | | |
| | Proxy Statement for 2025 Annual Meeting of Shareholders | | | | |
| | Quarterly Reports on Form 10-Q | | | | |
| | Current Reports on Forms 8-K | | |
Filed January 24, 2025
Filed January 29, 2025 Filed January 30, 2025 Filed March 6, 2025 Filed March 19, 2025 Filed April 21, 2025 Filed April 25, 2025 |
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Burke & Herbert filings (SEC File No. 001-41633)
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Periods Covered or Date of Filing with the SEC
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Filed May 23, 2025 Filed July 24, 2025 Filed October 23, 2025 Filed October 29, 2025 Filed December 18, 2025 Filed December 23, 2025 Filed January 28, 2026 |
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LNKB (SEC File No. 001-41633)
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Periods Covered or Date of Filing with the SEC
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| | Annual Report on Form 10-K | | | | |
| | Proxy Statement for 2025 Annual Meeting of Shareholders | | | | |
| | Quarterly Reports on Form 10-Q | | |
For the quarter ended March 31, 2025, filed May 9, 2025
For the quarter ended June 30, 2025, filed August 8, 2025 For the quarter ended September 30, 2025, filed November 7, 2025 |
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| | Current Reports on Forms 8-K | | |
Filed March 3, 2025
Filed March 26, 2025 Filed April 1, 2025 Filed May 23, 2025 Filed August 8, 2025 |
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if you are a Burke & Herbert shareholder
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if you are a LNKB shareholder:
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Burke & Herbert Financial Services Corp.
100 S. Fairfax Street Alexandria, VA 22314 Attention: Investor Relations (703) 666-3555 |
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LINKBANCORP, Inc.
1250 Camp Hill Bypass, Suite 202 Camp Hill, PA 17011 Attention: Investor Relations (717) 678-7935 |
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Page
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ARTICLE 1
The Merger |
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| | | | | A-2 | | | | |||
| | | | | A-2 | | | | |||
| | | | | A-2 | | | | |||
| | | | | A-2 | | | | |||
| | | | | A-2 | | | | |||
| | | | | A-3 | | | | |||
| | | | | A-3 | | | | |||
| | | | | A-4 | | | | |||
| | | | | A-4 | | | | |||
| | | | | A-5 | | | | |||
| | | | | A-5 | | | | |||
| | | | | A-6 | | | | |||
| | | | | A-6 | | | | |||
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ARTICLE 2
Exchange of Shares |
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| | | | | A-6 | | | | |||
| | | | | A-7 | | | | |||
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ARTICLE 3
Representations and Warranties of LNKB |
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| | | | | A-9 | | | | |||
| | | | | A-10 | | | | |||
| | | | | A-11 | | | | |||
| | | | | A-12 | | | | |||
| | | | | A-13 | | | | |||
| | | | | A-13 | | | | |||
| | | | | A-14 | | | | |||
| | | | | A-14 | | | | |||
| | | | | A-15 | | | | |||
| | | | | A-15 | | | | |||
| | | | | A-16 | | | | |||
| | | | | A-19 | | | | |||
| | | | | A-19 | | | | |||
| | | | | A-20 | | | | |||
| | | | | A-21 | | | | |||
| | | | | A-21 | | | | |||
| | | | | A-22 | | | | |||
| | | | | A-22 | | | | |||
| | | | | A-22 | | | | |||
| | | | | A-23 | | | | |||
| | | | | A-23 | | | | |||
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Page
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| | | | | A-24 | | | |
| | | | | A-24 | | | |
| | | | | A-24 | | | |
| | | | | A-24 | | | |
| | | | | A-24 | | | |
| | | | | A-26 | | | |
| | | | | A-26 | | | |
| | | | | A-26 | | | |
| | | | | A-27 | | | |
| | | | | A-27 | | | |
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ARTICLE 4
Representations and Warranties of BHRB |
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| | | | | A-28 | | | |
| | | | | A-29 | | | |
| | | | | A-30 | | | |
| | | | | A-30 | | | |
| | | | | A-31 | | | |
| | | | | A-31 | | | |
| | | | | A-32 | | | |
| | | | | A-33 | | | |
| | | | | A-33 | | | |
| | | | | A-33 | | | |
| | | | | A-34 | | | |
| | | | | A-35 | | | |
| | | | | A-35 | | | |
| | | | | A-36 | | | |
| | | | | A-37 | | | |
| | | | | A-37 | | | |
| | | | | A-37 | | | |
| | | | | A-37 | | | |
| | | | | A-38 | | | |
| | | | | A-38 | | | |
| | | | | A-38 | | | |
| | | | | A-38 | | | |
| | | | | A-39 | | | |
| | | | | A-39 | | | |
| | | | | A-39 | | | |
| | | | | A-39 | | | |
| | | | | A-40 | | | |
| | | | | A-41 | | | |
| | | | | A-41 | | | |
| | | | | A-41 | | | |
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Page
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ARTICLE 5
Covenants Relating to Conduct of Business |
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| | | | | A-42 | | | | | |||||
| | | | | A-42 | | | | | |||||
| | | | | A-45 | | | | | |||||
| | | | | A-45 | | | | | |||||
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ARTICLE 6
Additional Agreements |
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| | | | | A-46 | | | | | |||||
| | | | | A-47 | | | | | |||||
| | | | | A-48 | | | | | |||||
| | | | | A-49 | | | | | |||||
| | | | | A-50 | | | | | |||||
| | | | | A-50 | | | | | |||||
| | | | | A-52 | | | | | |||||
| | | | | A-52 | | | | | |||||
| | | | | A-53 | | | | | |||||
| | | | | A-53 | | | | | |||||
| | | | | A-53 | | | | | |||||
| | | | | A-53 | | | | | |||||
| | | | | A-54 | | | | | |||||
| | | | | A-55 | | | | | |||||
| | | | | A-55 | | | | | |||||
| | | | | A-55 | | | | | |||||
| | | | | A-55 | | | | | |||||
| | | | | A-55 | | | | | |||||
| | | | | A-56 | | | | | |||||
| | | | | A-56 | | | | | |||||
|
ARTICLE 7
Conditions Precedent |
| | | ||||||||||
| | | | | A-56 | | | | | |||||
| | | | | A-56 | | | | | |||||
| | | | | A-57 | | | | | |||||
|
ARTICLE 8
Termination and Amendment |
| | | | | | | ||||||
| | | | | A-58 | | | | | |||||
| | | | | A-59 | | | | | |||||
|
ARTICLE 9
General Provisions |
| | | ||||||||||
| | | | | A-60 | | | | | |||||
| | | | | A-60 | | | | | |||||
| | | | | A-61 | | | | | |||||
| | | | | A-61 | | | | | |||||
| | | |
Page
|
| |||
| | | | | A-61 | | | |
| | | | | A-62 | | | |
| | | | | A-62 | | | |
| | | | | A-62 | | | |
| | | | | A-62 | | | |
| | | | | A-62 | | | |
| | | | | A-63 | | | |
| | | | | A-63 | | | |
| | | | | A-63 | | | |
| | | | | A-63 | | | |
| | | | | A-63 | | | |
| Exhibit A — Plan of Merger | | | | | | | |
| Exhibit B — Form of Subsidiary Bank Agreement and Plan of Merger | | | | | | | |
| Exhibit C — Form of LNKB Support Agreement | | | | | | | |
| Exhibit D — Form of BHRB Support Agreement | | | | | | | |
| | | |
Page
|
| |||
|
Acquisition Proposal
|
| | | | 77 | | |
|
affiliate
|
| | | | 88 | | |
|
Agreement
|
| | | | 1 | | |
|
Articles of Merger
|
| | | | 3 | | |
|
Assumed Option
|
| | | | 5 | | |
|
B&H Bank
|
| | | | 7 | | |
|
Bank Merger Act
|
| | | | 17 | | |
|
BFI
|
| | | | 17 | | |
|
BHC Act
|
| | | | 12 | | |
|
BHRB
|
| | | | 1 | | |
|
BHRB ACL
|
| | | | 56 | | |
|
BHRB Articles
|
| | | | 40 | | |
|
BHRB Benefit Plans
|
| | | | 48 | | |
|
BHRB Board Recommendation
|
| | | | 68 | | |
|
BHRB Bylaws
|
| | | | 40 | | |
|
BHRB Common Stock
|
| | | | 3 | | |
|
BHRB Contract
|
| | | | 51 | | |
|
BHRB Disclosure Schedule
|
| | | | 17 | | |
|
BHRB Equity Awards
|
| | | | 41 | | |
|
BHRB ESPP
|
| | | | 41 | | |
|
BHRB Meeting
|
| | | | 68 | | |
|
BHRB Owned Properties
|
| | | | 53 | | |
|
BHRB Preferred Stock
|
| | | | 41 | | |
|
BHRB Real Property
|
| | | | 54 | | |
|
BHRB Regulatory Agencies
|
| | | | 44 | | |
|
BHRB Reports
|
| | | | 50 | | |
|
BHRB RSU Awards
|
| | | | 41 | | |
|
BHRB Securities
|
| | | | 42 | | |
|
BHRB Subsidiary
|
| | | | 40 | | |
|
BHRB Subsidiary Securities
|
| | | | 42 | | |
|
BHRB Supervisory Action
|
| | | | 52 | | |
|
BHRB Support Agreement
|
| | | | 2 | | |
|
business day
|
| | | | 88 | | |
|
Capitalization Date
|
| | | | 14 | | |
|
CARES Act
|
| | | | 28 | | |
|
Chosen Courts
|
| | | | 88 | | |
|
Closing
|
| | | | 2 | | |
|
Closing Date
|
| | | | 2 | | |
|
Code
|
| | | | 1 | | |
|
Collective Bargaining Agreement
|
| | | | 26 | | |
|
Confidentiality Agreement
|
| | | | 68 | | |
| | | |
Page
|
| |||
|
Continuing Bank
|
| | | | 7 | | |
|
Continuing Employee
|
| | | | 70 | | |
|
DOL
|
| | | | 23 | | |
|
Effective Time
|
| | | | 3 | | |
|
Employee Benefit Plan
|
| | | | 23 | | |
|
Enforceability Exceptions
|
| | | | 16 | | |
|
Environmental Laws
|
| | | | 31 | | |
|
ERISA
|
| | | | 23 | | |
|
ERISA Affiliate
|
| | | | 23 | | |
|
Exchange Act
|
| | | | 19 | | |
|
Exchange Agent
|
| | | | 9 | | |
|
Exchange Fund
|
| | | | 9 | | |
|
Exchange Ratio
|
| | | | 3 | | |
|
Excluded Benefits
|
| | | | 71 | | |
|
FCPA
|
| | | | 38 | | |
|
FDIC
|
| | | | 14 | | |
|
Federal Reserve Board
|
| | | | 17 | | |
|
FINRA
|
| | | | 37 | | |
|
GAAP
|
| | | | 13 | | |
|
Governmental Entity
|
| | | | 17 | | |
|
HSR Act
|
| | | | 17 | | |
|
Intellectual Property
|
| | | | 33 | | |
|
Intended Tax Treatment
|
| | | | 1 | | |
|
Investment Advisers Act
|
| | | | 37 | | |
|
IRS
|
| | | | 23 | | |
|
IT Assets
|
| | | | 33 | | |
|
Key Employee
|
| | | | 61 | | |
|
knowledge
|
| | | | 87 | | |
|
Liens
|
| | | | 15 | | |
|
Link
|
| | | | 7 | | |
|
Link Continuing Director
|
| | | | 7 | | |
|
Litigation
|
| | | | 76 | | |
|
LNKB
|
| | | | 1 | | |
|
LNKB ACL
|
| | | | 37 | | |
|
LNKB Articles
|
| | | | 13 | | |
|
LNKB Benefit Plans
|
| | | | 22 | | |
|
LNKB Board Recommendation
|
| | | | 68 | | |
|
LNKB Bylaws
|
| | | | 13 | | |
|
LNKB Common Stock
|
| | | | 3 | | |
|
LNKB Continuing Directors
|
| | | | 7 | | |
|
LNKB Contract
|
| | | | 29 | | |
|
LNKB Director Resignations
|
| | | | 8 | | |
|
LNKB Disclosure Schedule
|
| | | | 12 | | |
| | | |
Page
|
| |||
|
LNKB DRSPP
|
| | | | 14 | | |
|
LNKB Equity Awards
|
| | | | 5 | | |
|
LNKB ESPP
|
| | | | 6 | | |
|
LNKB Indemnified Parties
|
| | | | 74 | | |
|
LNKB Insiders
|
| | | | 79 | | |
|
LNKB Meeting
|
| | | | 68 | | |
|
LNKB Option
|
| | | | 5 | | |
|
LNKB Owned Properties
|
| | | | 32 | | |
|
LNKB Preferred Stock
|
| | | | 14 | | |
|
LNKB Qualified Plans
|
| | | | 24 | | |
|
LNKB Real Property
|
| | | | 32 | | |
|
LNKB Regulatory Agencies
|
| | | | 18 | | |
|
LNKB Reports
|
| | | | 27 | | |
|
LNKB Restricted Stock Award
|
| | | | 4 | | |
|
LNKB RSU Award
|
| | | | 5 | | |
|
LNKB RSU Award Consideration
|
| | | | 5 | | |
|
LNKB Securities
|
| | | | 15 | | |
|
LNKB Stock Plan
|
| | | | 4 | | |
|
LNKB Subsidiary
|
| | | | 14 | | |
|
LNKB Subsidiary Securities
|
| | | | 15 | | |
|
LNKB Supervisory Action
|
| | | | 30 | | |
|
LNKB Support Agreement
|
| | | | 2 | | |
|
LNKB Warrant
|
| | | | 6 | | |
|
Loans
|
| | | | 34 | | |
|
made available
|
| | | | 88 | | |
|
Material Adverse Effect
|
| | | | 12 | | |
|
Materially Burdensome Regulatory Condition
|
| | | | 67 | | |
|
MD OCFR
|
| | | | 17 | | |
|
Merger
|
| | | | 1 | | |
|
Merger Consideration
|
| | | | 3 | | |
|
Multiemployer Plan
|
| | | | 24 | | |
|
Multiple Employer Plan
|
| | | | 24 | | |
|
OFAC
|
| | | | 38 | | |
|
Old Certificate
|
| | | | 3 | | |
|
OREO
|
| | | | 35 | | |
|
PA DOBS
|
| | | | 17 | | |
|
PBCL
|
| | | | 2 | | |
|
Pennsylvania DOS
|
| | | | 3 | | |
|
Permitted Encumbrances
|
| | | | 32 | | |
|
person
|
| | | | 88 | | |
|
Personal Data
|
| | | | 28 | | |
|
Premium Cap
|
| | | | 74 | | |
|
Proxy Statement
|
| | | | 17 | | |
| | | |
Page
|
| |||
|
Recommendation Change
|
| | | | 69 | | |
|
Representatives
|
| | | | 76 | | |
|
Requisite BHRB Vote
|
| | | | 42 | | |
|
Requisite LNKB Vote
|
| | | | 16 | | |
|
Requisite Regulatory Approvals
|
| | | | 66 | | |
|
Riegle-Neal Act
|
| | | | 17 | | |
|
S-4
|
| | | | 17 | | |
|
Sanctions
|
| | | | 38 | | |
|
Sarbanes-Oxley Act
|
| | | | 19 | | |
|
SEC
|
| | | | 17 | | |
|
Securities Act
|
| | | | 27 | | |
|
Subsidiary
|
| | | | 13 | | |
|
Subsidiary Merger
|
| | | | 7 | | |
|
Subsidiary Merger Effective Time
|
| | | | 7 | | |
|
Surviving Corporation
|
| | | | 1 | | |
|
Takeover Statutes
|
| | | | 34 | | |
|
Tax
|
| | | | 22 | | |
|
Tax Return
|
| | | | 22 | | |
|
Taxes
|
| | | | 22 | | |
|
Termination Date
|
| | | | 82 | | |
|
Termination Fee
|
| | | | 84 | | |
|
VSCA
|
| | | | 2 | | |
|
VSCC
|
| | | | 3 | | |
| | | | | BURKE & HERBERT FINANCIAL SERVICES CORP. | | |||
| | | | | By: | | |
/s/ David P. Boyle
Name:
David P. Boyle
|
|
| | | | | | | |
Title:
Chairman of the Board and Chief Executive Officer
|
|
| | | | | LINKBANCORP, INC. | | |||
| | | | | By: | | |
/s/ Andrew Samuel
Name:
Andrew Samuel
|
|
| | | | | | | |
Title:
Chief Executive Officer
|
|
| | | | | BURKE & HERBERT BANK & TRUST COMPANY | | |||
| | | | | By: | | |
David P. Boyle
President and Chief Executive Officer |
|
| | | | | LINKBANK | | |||
| | | | | By: | | |
Andrew Samuel
Chief Executive Officer |
|
| | | | | BURKE & HERBERT FINANCIAL SERVICES CORP. | | |||
| | | | | By: | | |
David P. Boyle
Chairman and Chief Executive Officer |
|
| | | | | LINKBANCORP, INC. | | |||
| | | | | By: | | |
Andrew Samuel
Chief Executive Officer |
|
| | | | | SHAREHOLDER | | |||
| | | | |
[Insert Name]
|
| |||
| | | | |
Number of Shares
(including restricted stock): |
| |||
| | | | | Number of Shares Underlying LNKB Restricted Stock Awards | | |||
| | | | | Number of Shares Underlying LNKB RSU Awards | | |||
| | | | | Number of Shares Underlying LNKB Option Awards | | |||
| | | | | Number of Shares Underlying LNKB Warrants | | |||
| | By: | | |
David P. Boyle
Chairman and Chief Executive Officer |
|
| | By: | | |
Andrew Samuel
Chief Executive Officer |
|
| Number of Shares Underlying BHRB RSU Awards |
|
| |
Pennsylvania
|
| |
82-5130531
|
|
| |
(State or other jurisdiction of
incorporation or organization) |
| |
(I.R.S. Employer
Identification No.) |
|
| |
Title of each class
|
| |
Trading Symbol(s)
|
| |
Name of each exchange on which registered
|
|
| |
Common Stock, $0.01 par value per share
|
| |
LNKB
|
| |
The NASDAQ Stock Market LLC
|
|
| | Large Accelerated Filer | | | ☐ | | | Accelerated Filer | | | ☐ | |
| | Non-Accelerated Filer | | | ☒ | | | Smaller Reporting Company | | | ☒ | |
| | | | | | | | Emerging Growth Company | | | ☒ | |
| | | |
Page
|
| |||
| PART I | | | | | | | |
| | | | | D-2 | | | |
| | | | | D-18 | | | |
| | | | | D-34 | | | |
| | | | | D-34 | | | |
| | | | | D-36 | | | |
| | | | | D-38 | | | |
| | | | | D-38 | | | |
| PART II | | | | | | | |
| | | | | D-38 | | | |
| | | | | D-38 | | | |
| | | | | D-38 | | | |
| | | | | D-54 | | | |
| | | | | D-55 | | | |
| | | | | D-113 | | | |
| | | | | D-113 | | | |
| | | | | D-114 | | | |
| | | | | D-114 | | | |
| PART III | | | | | | | |
| | | | | D-114 | | | |
| | | | | D-114 | | | |
| | | | | D-114 | | | |
| | | | | D-115 | | | |
| | | | | D-115 | | | |
| PART IV | | | | | | | |
| | | | | D-116 | | | |
| | | | | D-119 | | | |
|
(In Thousands)
|
| |
December 31,
2024 |
| |
Percent
|
| ||||||
|
Agriculture loans
|
| | | $ | 67,741 | | | | | | 3.00% | | |
|
Construction loans
|
| | | | 152,619 | | | | | | 6.77 | | |
|
Commercial & industrial loans
|
| | | | 245,833 | | | | | | 10.90 | | |
| Commercial real estate loans | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 211,778 | | | | | | 9.39 | | |
|
Owner occupied
|
| | | | 477,742 | | | | | | 21.19 | | |
|
Non-owner occupied
|
| | | | 628,237 | | | | | | 27.86 | | |
| Residential real estate loans | | | | | | | | | | | | | |
|
First liens
|
| | | | 373,469 | | | | | | 16.56 | | |
|
Second liens and lines of credit
|
| | | | 76,713 | | | | | | 3.40 | | |
|
Consumer and other loans
|
| | | | 17,086 | | | | | | 0.76 | | |
|
Municipal loans
|
| | | | 3,886 | | | | | | 0.17 | | |
| | | | | | 2,255,104 | | | | | | 100% | | |
|
Deferred costs
|
| | | | 645 | | | | | | | | |
|
Allowance for credit losses
|
| | | | (26,435) | | | | | | | | |
|
Total
|
| | | $ | 2,229,314 | | | | | | | | |
| | | |
December 31, 2024
|
| |||||||||
|
(In Thousands)
|
| |
Amount
|
| |
%
|
| ||||||
|
Demand, noninterest-bearing
|
| | | $ | 658,646 | | | | | | 27.89% | | |
|
Demand, interest-bearing
|
| | | | 525,173 | | | | | | 22.25 | | |
|
Money market and savings
|
| | | | 540,030 | | | | | | 22.88 | | |
|
Time deposits, $250 and over
|
| | | | 164,901 | | | | | | 6.99 | | |
|
Time deposits, other
|
| | | | 368,217 | | | | | | 15.60 | | |
|
Brokered time deposits
|
| | | | 103,615 | | | | | | 4.39 | | |
|
Total Deposits
|
| | | $ | 2,360,582 | | | | | | 100.00% | | |
|
Description
|
| |
Address
|
| |
Owned / Leased
|
|
| Pennsylvania Locations: | | | | | | | |
| Camp Hill Headquarters | | |
1250 Camp Hill Bypass, Suite 202 Camp Hill, PA 17011
|
| | Leased | |
| Camp Hill Solutions Center | | | 3045 Market Street Camp Hill, PA 17011 | | | Leased | |
| Gratz Solutions Center | | | 32 West Market Street Gratz, PA 17030 | | | Owned | |
| Harrisburg Solutions Center | | | 2057 EG Drive Harrisburg, PA 17110 | | | Leased | |
| Herndon Solutions Center | | | 4231 State Route 147 Herndon, PA 17830 | | | Owned | |
| Lancaster Solutions Center | | | 2010 Fruitville Pike Lancaster, PA 17601 | | | Leased | |
| Pottsville Solutions Center | | | 2221 West Market Street Pottsville, PA 17901 | | | Owned | |
| Valley View Solutions Center | | | 1625 West Main Street Valley View, PA 17983 | | | Owned | |
| West Chester Loan Production Office | | |
535 N. Church Street, Suite 350 West Chester, PA 19380
|
| | Leased | |
| West Chester Solutions Center | | | 1436 Pottstown Pike West Chester, PA 19380 | | | Leased | |
| York Loan Production Office | | |
155 North George Street, Suite 201 York, PA 17401
|
| | Leased | |
| Delaware Locations: | | | | | | | |
| Dagsboro Solutions Center | | | 28280 Clayton Street Dagsboro, DE 19939 | | | Owned | |
| Laurel Solutions Center | | | 200 E. Market Street Laurel, DE 19956 | | | Owned | |
| Rehoboth Solutions Center | | |
18572 Coastal Highway, Rehoboth Beach, DE 19971
|
| | Leased | |
| Rehoboth Loan Production Office | | |
19264 Miller Road, Unit A, Rehoboth Beach, DE 19971
|
| | Leased | |
| Seaford Solutions Center | | |
910 Norman Eskridge Highway, Seaford, DE 19973
|
| | Leased | |
| Maryland Locations: | | | | | | | |
| Annapolis Solutions Center (opened February 2025) | | |
900 Bestgate Road, Suite 104, Annapolis, MD 21401
|
| | Leased | |
| Delmar Solutions Center | | | 9550 Ocean Highway Delmar, MD 21875 | | | Owned | |
| Delmarva Regional Headquarters | | | 2245 Northwood Dr. Salisbury, MD 21801 | | | Owned | |
| East Salisbury Solutions Center | | | 241 Beaglin Park Drive Salisbury, MD 21804 | | | Owned | |
| Eastern Shore Drive Solutions Center | | | 921 Eastern Shore Drive Salisbury, MD 21804 | | | Owned | |
| La Plata Solutions Center | | | 115 East Charles Street, La Plata, MD 20646 | | |
Land Leased;
Building Owned |
|
| North Salisbury Solutions Center | | |
2727 N. Salisbury Boulevard Salisbury, MD 21801
|
| | Owned | |
| Pecan Square Solutions Center | | | 1206 Nanticoke Road Salisbury, MD 21801 | | | Owned | |
| 26th Street Ocean City Solutions Center | | | 201 B 26th Street, Ocean City, MD 21842 | | | Leased | |
| New Jersey Locations: | | | | | | | |
| Cherry Hill Solutions Center | | | 2099 Route 70 East, Cherry Hill, NJ 08003 | | | Leased | |
| Evesham Solutions Center | | | 145 North Maple Avenue, Marlton, NJ 08053 | | | Owned | |
| Moorestown Client Solutions Center | | |
227 West Camden Avenue, Moorestown, NJ 08057
|
| | Leased | |
| Virginia Locations: | | | | | | | |
| Reston Solutions Center | | |
1821 Michael Faraday Drive, Suite 101, Reston, VA 20190
|
| | Leased | |
| Salem Church Solutions Center | | | 4210 Plank Road, Fredericksburg, VA 22407 | | | Leased | |
| Spotsylvania Solution Center | | |
7415 Laughlin Boulevard, Spotsylvania, VA 22553
|
| | Leased | |
| William Street Solutions Center | | | 410 William Street, Fredericksburg, VA 22401 | | |
50% Owned /
50% Leased |
|
| | | |
Within 1 Year
|
| |
1 – 5 Years
|
| |
After 5 – 10 Years
|
| |
After 10 Years
|
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||||||||
|
(in thousands)
|
| |
Amount
|
| |
Weighted
Average Yield |
| |
Amount
|
| |
Weighted
Average Yield |
| |
Amount
|
| |
Weighted
Average Yield |
| |
Amount
|
| |
Weighted
Average Yield |
| |
Amount
|
| |
Weighted
Average Yield |
| ||||||||||||||||||||||||||||||
| Available for Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
US Government Agency securities
|
| | | $ | — | | | | | | — | | | | | $ | 4,823 | | | | | | 4.85% | | | | | $ | 7,154 | | | | | | 5.22% | | | | | $ | 1,096 | | | | | | 6.12% | | | | | $ | 13,073 | | | | | | 5.16% | | |
|
Obligations of state and political
subdivisions |
| | | | 655 | | | | | | 2.95% | | | | | | 8,956 | | | | | | 2.89% | | | | | | 13,774 | | | | | | 3.24% | | | | | | 23,816 | | | | | | 3.95% | | | | | | 47,201 | | | | | | 3.53% | | |
|
Mortgage-backed securities in government-sponsored entities
|
| | | | 39 | | | | | | 2.47% | | | | | | 367 | | | | | | 2.70% | | | | | | 16,691 | | | | | | 2.25% | | | | | | 67,686 | | | | | | 4.62% | | | | | | 84,783 | | | | | | 4.15% | | |
|
Other securities
|
| | | | — | | | | | | — | | | | | | 377 | | | | | | 5.31% | | | | | | — | | | | | | — | | | | | | 156 | | | | | | (13.75)% | | | | | | 533 | | | | | | (2.00)% | | |
|
Total
|
| | | $ | 694 | | | | | | 2.93% | | | | | $ | 14,523 | | | | | | 3.58% | | | | | $ | 37,619 | | | | | | 3.18% | | | | | $ | 92,754 | | | | | | 4.44% | | | | | $ | 145,590 | | | | | | 4.02% | | |
| | | |
Within 1 Year
|
| |
1 – 5 Years
|
| |
After 5 – 10 Years
|
| |
After 10 Years
|
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||||||||
|
(in thousands)
|
| |
Amount
|
| |
Weighted
Average Yield |
| |
Amount
|
| |
Weighted
Average Yield |
| |
Amount
|
| |
Weighted
Average Yield |
| |
Amount
|
| |
Weighted
Average Yield |
| |
Amount
|
| |
Weighted
Average Yield |
| ||||||||||||||||||||||||||||||
| Held to Maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Corporate debentures
|
| | | $ | 3,000 | | | | | | 8.50% | | | | | $ | 3,000 | | | | | | 4.38% | | | | | $ | 9,250 | | | | | | 5.29% | | | | | $ | — | | | | | | — | | | | | $ | 15,250 | | | | | | 5.81% | | |
|
Structured mortgage-backed
securities |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,717 | | | | | | 4.63% | | | | | | 16,717 | | | | | | 4.63% | | |
|
Total
|
| | | $ | 3,000 | | | | | | 8.50% | | | | | $ | 3,000 | | | | | | 4.38% | | | | | $ | 9,250 | | | | | | 5.31% | | | | | $ | 16,717 | | | | | | 4.63% | | | | | $ | 31,967 | | | | | | 5.19% | | |
| | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
(dollars in thousands)
|
| |
December 31,
2024 |
| |
December 31,
2023 |
| |
Change
|
| |
%
|
| ||||||||||||
|
Agriculture loans
|
| | | $ | 67,741 | | | | | $ | 65,861 | | | | | $ | 1,880 | | | | | | 2.85% | | |
|
Construction loans
|
| | | | 152,619 | | | | | | 161,825 | | | | | | (9,206) | | | | | | (5.69) | | |
|
Commercial loans
|
| | | | 245,833 | | | | | | 232,412 | | | | | | 13,421 | | | | | | 5.77 | | |
| Commercial real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 211,778 | | | | | | 176,843 | | | | | | 34,935 | | | | | | 19.75 | | |
|
Owner occupied
|
| | | | 477,742 | | | | | | 474,964 | | | | | | 2,778 | | | | | | 0.58 | | |
|
Non-owner occupied
|
| | | | 628,237 | | | | | | 551,481 | | | | | | 76,756 | | | | | | 13.92 | | |
| Residential real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 373,469 | | | | | | 376,092 | | | | | | (2,623) | | | | | | (0.70) | | |
|
Second liens and lines of credit
|
| | | | 76,713 | | | | | | 66,648 | | | | | | 10,065 | | | | | | 15.10 | | |
|
Consumer and other loans
|
| | | | 17,086 | | | | | | 16,740 | | | | | | 346 | | | | | | 2.07 | | |
|
Municipal loans
|
| | | | 3,886 | | | | | | 5,244 | | | | | | (1,358) | | | | | | (25.90) | | |
|
Total Loans
|
| | |
|
2,255,104
|
| | | |
|
2,128,110
|
| | | | | 126,994 | | | | | | 5.97 | | |
|
Deferred costs
|
| | | | 645 | | | | | | 174 | | | | | | 471 | | | | | | 270.69 | | |
|
Allowance for credit losses
|
| | | | (26,435) | | | | | | (23,767) | | | | | | (2,668) | | | | | | 11.23 | | |
|
Total
|
| | |
$
|
2,229,314
|
| | | |
$
|
2,104,517
|
| | | | | 124,797 | | | | | | 5.93% | | |
|
(In Thousands)
|
| |
Due in One
Year or Less |
| |
After One
but Within Five Years |
| |
After Five
but Within Fifteen Years |
| |
After
Fifteen Years |
| |
Total due
after One Year |
| |
Total
|
| ||||||||||||||||||
|
Agriculture loans
|
| | | $ | 5,677 | | | | | $ | 18,793 | | | | | $ | 23,812 | | | | | $ | 19,459 | | | | | $ | 62,064 | | | | | $ | 67,741 | | |
|
Construction loans
|
| | | | 73,978 | | | | | | 35,532 | | | | | | 29,593 | | | | | | 13,516 | | | | | | 78,641 | | | | | | 152,619 | | |
|
Commercial & industrial
|
| | | | 30,905 | | | | | | 84,386 | | | | | | 47,640 | | | | | | 82,902 | | | | | | 214,928 | | | | | | 245,833 | | |
|
Commercial real estate loans
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 5,186 | | | | | | 45,514 | | | | | | 125,504 | | | | | | 35,574 | | | | | | 206,592 | | | | | | 211,778 | | |
|
Owner occupied
|
| | | | 21,577 | | | | | | 168,633 | | | | | | 188,174 | | | | | | 99,358 | | | | | | 456,165 | | | | | | 477,742 | | |
|
Non-owner occupied
|
| | | | 14,145 | | | | | | 200,066 | | | | | | 281,262 | | | | | | 132,764 | | | | | | 614,092 | | | | | | 628,237 | | |
|
Residential real estate loans
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 26,678 | | | | | | 84,267 | | | | | | 92,488 | | | | | | 170,036 | | | | | | 346,791 | | | | | | 373,469 | | |
|
Second liens
|
| | | | 4,180 | | | | | | 5,542 | | | | | | 17,078 | | | | | | 49,913 | | | | | | 72,533 | | | | | | 76,713 | | |
|
Consumer and other loans
|
| | | | 540 | | | | | | 4,231 | | | | | | 11,277 | | | | | | 1,038 | | | | | | 16,546 | | | | | | 17,086 | | |
|
Municipal loans
|
| | | | 410 | | | | | | 1,248 | | | | | | 644 | | | | | | 1,584 | | | | | | 3,476 | | | | | | 3,886 | | |
|
Total
|
| | | $ | 183,276 | | | | | $ | 648,212 | | | | | $ | 817,472 | | | | | $ | 606,144 | | | | | $ | 2,071,828 | | | | | $ | 2,255,104 | | |
| Loans with fixed interest rates | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Agriculture loans
|
| | | $ | 752 | | | | | $ | 6,060 | | | | | $ | 11,488 | | | | | $ | — | | | | | $ | 17,548 | | | | | $ | 18,300 | | |
|
Construction loans
|
| | | | 29,558 | | | | | | 14,239 | | | | | | 5,151 | | | | | | 4,761 | | | | | | 24,151 | | | | | | 53,709 | | |
|
Commercial & industrial
|
| | | | 4,203 | | | | | | 59,213 | | | | | | 28,322 | | | | | | 404 | | | | | | 87,939 | | | | | | 92,142 | | |
|
Commercial real estate loans
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 1,993 | | | | | | 24,615 | | | | | | 29,421 | | | | | | 1,217 | | | | | | 55,253 | | | | | | 57,246 | | |
|
Owner occupied
|
| | | | 14,300 | | | | | | 114,326 | | | | | | 47,377 | | | | | | 3,386 | | | | | | 165,089 | | | | | | 179,389 | | |
|
Non-owner occupied
|
| | | | 7,692 | | | | | | 144,935 | | | | | | 94,095 | | | | | | 2,401 | | | | | | 241,431 | | | | | | 249,123 | | |
|
Residential real estate loans
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 16,458 | | | | | | 67,502 | | | | | | 23,279 | | | | | | 26,865 | | | | | | 117,646 | | | | | | 134,104 | | |
|
Second liens
|
| | | | 346 | | | | | | 1,775 | | | | | | 740 | | | | | | — | | | | | | 2,515 | | | | | | 2,861 | | |
|
Consumer and other loans
|
| | | | 538 | | | | | | 2,662 | | | | | | 7,818 | | | | | | 278 | | | | | | 10,758 | | | | | | 11,296 | | |
|
Municipal loans
|
| | | | 355 | | | | | | 1,248 | | | | | | 471 | | | | | | 305 | | | | | | 2,024 | | | | | | 2,379 | | |
|
Total
|
| | | $ | 76,195 | | | | | $ | 436,575 | | | | | $ | 248,162 | | | | | $ | 39,617 | | | | | $ | 724,354 | | | | | $ | 800,549 | | |
|
Loans with floating or adjustable interest rates
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Agriculture loans
|
| | | $ | 4,925 | | | | | $ | 12,733 | | | | | $ | 12,324 | | | | | $ | 19,459 | | | | | $ | 44,516 | | | | | $ | 49,441 | | |
|
Construction loans
|
| | | | 44,420 | | | | | | 21,293 | | | | | | 24,442 | | | | | | 8,755 | | | | | | 54,490 | | | | | | 98,910 | | |
|
Commercial & industrial
|
| | | | 26,702 | | | | | | 25,173 | | | | | | 19,318 | | | | | | 82,498 | | | | | | 126,989 | | | | | | 153,691 | | |
|
Commercial real estate loans
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 3,193 | | | | | | 20,899 | | | | | | 96,083 | | | | | | 34,357 | | | | | | 151,339 | | | | | | 154,532 | | |
|
Owner occupied
|
| | | | 7,277 | | | | | | 54,307 | | | | | | 140,797 | | | | | | 95,972 | | | | | | 291,076 | | | | | | 298,353 | | |
|
Non-owner occupied
|
| | | | 6,453 | | | | | | 55,131 | | | | | | 187,167 | | | | | | 130,363 | | | | | | 372,661 | | | | | | 379,114 | | |
|
Residential real estate loans
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 10,220 | | | | | | 16,765 | | | | | | 69,209 | | | | | | 143,171 | | | | | | 229,145 | | | | | | 239,365 | | |
|
Second liens
|
| | | | 3,834 | | | | | | 3,767 | | | | | | 16,338 | | | | | | 49,913 | | | | | | 70,018 | | | | | | 73,852 | | |
|
Consumer and other loans
|
| | | | 2 | | | | | | 1,569 | | | | | | 3,459 | | | | | | 760 | | | | | | 5,788 | | | | | | 5,790 | | |
|
Municipal loans
|
| | | | 55 | | | | | | — | | | | | | 173 | | | | | | 1,279 | | | | | | 1,452 | | | | | | 1,507 | | |
|
Total
|
| | | $ | 107,081 | | | | | $ | 211,637 | | | | | $ | 569,310 | | | | | $ | 566,527 | | | | | $ | 1,347,474 | | | | | $ | 1,454,555 | | |
| | | |
December 31, 2024
|
| |||||||||||||||
| | | |
Total Loans
|
| |
Non-Accrual Loans
|
| ||||||||||||
|
(In Thousands)
|
| |
Amount
|
| |
Percent of
Loans in Category |
| ||||||||||||
|
Agriculture loans
|
| | | $ | 67,741 | | | | | $ | — | | | | | | — | | |
|
Construction loans
|
| | | | 152,619 | | | | | | 9 | | | | | | 0.01% | | |
|
Commercial & industrial loans
|
| | | | 245,833 | | | | | | 132 | | | | | | 0.05% | | |
| Commercial real estate loans | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 211,778 | | | | | | — | | | | | | — | | |
|
Owner occupied
|
| | | | 477,742 | | | | | | 9,752 | | | | | | 2.04% | | |
|
Non-owner occupied
|
| | | | 628,237 | | | | | | 4,329 | | | | | | 0.69% | | |
| Residential real estate loans | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 373,469 | | | | | | 1,975 | | | | | | 0.53% | | |
|
Second liens and lines of credit
|
| | | | 76,713 | | | | | | 482 | | | | | | 0.63% | | |
|
Consumer and other loans
|
| | | | 17,086 | | | | | | — | | | | | | — | | |
|
Municipal loans
|
| | | | 3,886 | | | | | | — | | | | | | — | | |
|
Total
|
| | | $ | 2,255,104 | | | | | $ | 16,679 | | | | | | 0.74% | | |
|
Allowance for credit losses
|
| | | | | | | | | $ | 26,435 | | | | | | | | |
|
Ratio of allowance for credit losses to total loans
|
| | | | | | | | | | 1.17% | | | | | | | | |
|
Ratio of non-accrual loans to total loans
|
| | | | | | | | | | 0.74% | | | | | | | | |
|
Ratio of allowance for credit losses to non-accrual loans
|
| | | | | | | | | | 158.49% | | | | | | | | |
| | | |
December 31, 2023
|
| |||||||||||||||
| | | | | | | | | |
Non-Accrual Loans
|
| |||||||||
| | | |
Total Loans
|
| |
Amount
|
| |
Percent of
Loans in Category |
| |||||||||
|
Agriculture loans
|
| | | $ | 65,861 | | | | | $ | — | | | | | | — | | |
|
Construction loans
|
| | | | 161,825 | | | | | | 191 | | | | | | 0.12% | | |
|
Commercial & industrial loans
|
| | | | 232,412 | | | | | | 61 | | | | | | 0.03% | | |
| Commercial real estate loans | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 176,843 | | | | | | — | | | | | | — | | |
|
Owner occupied
|
| | | | 474,964 | | | | | | 2,548 | | | | | | 0.54% | | |
|
Non-owner occupied
|
| | | | 551,481 | | | | | | 1,229 | | | | | | 0.22% | | |
| Residential real estate loans | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 376,092 | | | | | | 2,707 | | | | | | 0.72% | | |
|
Second liens and lines of credit
|
| | | | 66,648 | | | | | | 294 | | | | | | 0.44% | | |
|
Consumer and other loans
|
| | | | 16,740 | | | | | | 7 | | | | | | 0.04% | | |
|
Municipal loans
|
| | | | 5,244 | | | | | | — | | | | | | — | | |
|
Total
|
| | | $ | 2,128,110 | | | | | $ | 7,037 | | | | | | 0.33% | | |
|
Allowance for credit losses
|
| | | | | | | | | $ | 23,767 | | | | | | | | |
|
Ratio of allowance for credit losses to total loans
|
| | | | | | | | | | 1.12% | | | | | | | | |
|
Ratio of non-accrual loans to total loans
|
| | | | | | | | | | 0.33% | | | | | | | | |
|
Ratio of allowance for credit losses to non-accrual loans
|
| | | | | | | | | | 337.74% | | | | | | | | |
|
(In Thousands)
|
| |
Amount of
Allowance Allocated |
| |
Percent of Loans
in Each Category to Total Loans |
| |
Total Loans
|
| |
Ratio of Allowance
Allocated to Loans in Each Category |
| ||||||||||||
| December 31, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Agriculture loans
|
| | | $ | 11 | | | | | | 3.00% | | | | | $ | 67,741 | | | | | | 0.02% | | |
|
Construction loans
|
| | | | 893 | | | | | | 6.77% | | | | | | 152,619 | | | | | | 0.59% | | |
|
Commercial & industrial loans
|
| | | | 4,093 | | | | | | 10.90% | | | | | | 245,833 | | | | | | 1.66% | | |
|
Commercial real estate loans
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 1,805 | | | | | | 9.39% | | | | | | 211,778 | | | | | | 0.85% | | |
|
Owner occupied
|
| | | | 5,611 | | | | | | 21.19% | | | | | | 477,742 | | | | | | 1.17% | | |
|
Non-owner occupied
|
| | | | 9,345 | | | | | | 27.86% | | | | | | 628,237 | | | | | | 1.49% | | |
|
Residential real estate loans
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 3,395 | | | | | | 16.56% | | | | | | 373,469 | | | | | | 0.91% | | |
|
Second liens and lines of credit
|
| | | | 1,154 | | | | | | 3.40% | | | | | | 76,713 | | | | | | 1.50% | | |
|
Consumer and other loans
|
| | | | 80 | | | | | | 0.76% | | | | | | 17,086 | | | | | | 0.47% | | |
|
Municipal loans
|
| | | | 48 | | | | | | 0.17% | | | | | | 3,886 | | | | | | 1.24% | | |
|
Total
|
| | | $ | 26,435 | | | | | | 100.00% | | | | | $ | 2,255,104 | | | | | | 1.17% | | |
| December 31, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Agriculture loans
|
| | | $ | 12 | | | | | | 3.10% | | | | | $ | 65,861 | | | | | | 0.02% | | |
|
Construction loans
|
| | | | 959 | | | | | | 7.60% | | | | | | 161,825 | | | | | | 0.59% | | |
|
Commercial & industrial loans
|
| | | | 2,940 | | | | | | 10.92% | | | | | | 232,412 | | | | | | 1.26% | | |
|
Commercial real estate loans
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 1,483 | | | | | | 8.31% | | | | | | 176,843 | | | | | | 0.84% | | |
|
Owner occupied
|
| | | | 6,572 | | | | | | 22.32% | | | | | | 474,964 | | | | | | 1.38% | | |
|
Non-owner occupied
|
| | | | 5,773 | | | | | | 25.91% | | | | | | 551,481 | | | | | | 1.05% | | |
|
Residential real estate loans
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 4,778 | | | | | | 17.67% | | | | | | 376,092 | | | | | | 1.27% | | |
|
Second liens and lines of credit
|
| | | | 1,072 | | | | | | 3.13% | | | | | | 66,648 | | | | | | 1.61% | | |
|
Consumer and other loans
|
| | | | 99 | | | | | | 0.79% | | | | | | 16,740 | | | | | | 0.59% | | |
|
Municipal loans
|
| | | | 79 | | | | | | 0.25% | | | | | | 5,244 | | | | | | 1.51% | | |
|
Total
|
| | | $ | 23,767 | | | | | | 100.00% | | | | | $ | 2,128,110 | | | | | | 1.12% | | |
|
(In Thousands)
|
| |
Provision
Expense (Benefit) |
| |
Net (Charge-Offs)
Recoveries |
| |
Average
Loans |
| |
Ratio of Annualized
Net (Charge-Offs) Recoveries to Average Loans |
| ||||||||||||
| 2024 | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Agriculture and farmland loans
|
| | | $ | (1) | | | | | $ | — | | | | | $ | 66,156 | | | | | | —% | | |
|
Construction loans
|
| | | | (70) | | | | | | 4 | | | | | | 183,336 | | | | | | 0.00 | | |
|
Commercial & industrial loans
|
| | | | 1,216 | | | | | | (63) | | | | | | 239,797 | | | | | | (0.03) | | |
| Commercial real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 320 | | | | | | 2 | | | | | | 199,993 | | | | | | 0.00 | | |
|
Owner occupied
|
| | | | (933) | | | | | | (28) | | | | | | 494,221 | | | | | | (0.01) | | |
|
Non-owner occupied
|
| | | | 1,315 | | | | | | (43) | | | | | | 609,536 | | | | | | (0.01) | | |
| Residential real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | (1,405) | | | | | | 22 | | | | | | 403,828 | | | | | | 0.01 | | |
|
Second liens and lines of credit
|
| | | | 77 | | | | | | 5 | | | | | | 72,613 | | | | | | 0.01 | | |
|
Consumer and other loans
|
| | | | 154 | | | | | | (173) | | | | | | 16,677 | | | | | | (1.04) | | |
|
Municipal loans
|
| | | | (31) | | | | | | — | | | | | | 4,461 | | | | | | — | | |
|
Total
|
| | | $ | 642 | | | | | $ | (274) | | | | | $ | 2,290,618 | | | | | | (0.01)% | | |
| 2023 | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Agriculture and farmland loans
|
| | | $ | (77) | | | | | $ | — | | | | | $ | 53,708 | | | | | | —% | | |
|
Construction loans
|
| | | | 133 | | | | | | — | | | | | | 66,230 | | | | | | — | | |
|
Commercial & industrial loans
|
| | | | 1,970 | | | | | | (199) | | | | | | 118,923 | | | | | | (0.17) | | |
| Commercial real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 566 | | | | | | — | | | | | | 117,786 | | | | | | — | | |
|
Owner occupied
|
| | | | 3,361 | | | | | | — | | | | | | 170,825 | | | | | | — | | |
|
Non-owner occupied
|
| | | | (475) | | | | | | — | | | | | | 296,944 | | | | | | — | | |
| Residential real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 3,018 | | | | | | 54 | | | | | | 193,648 | | | | | | 0.03 | | |
|
Second liens and lines of credit
|
| | | | 589 | | | | | | 61 | | | | | | 33,895 | | | | | | 0.18 | | |
|
Consumer and other loans
|
| | | | 69 | | | | | | — | | | | | | 11,352 | | | | | | — | | |
|
Municipal loans
|
| | | | 73 | | | | | | — | | | | | | 4,365 | | | | | | — | | |
|
Total
|
| | | $ | 9,227 | | | | | $ | (84) | | | | | $ | 1,067,676 | | | | | | (0.01)% | | |
|
(in thousands)
|
| |
December 31,
2024 |
| |
December 31,
2023 |
| |
Change
|
| |
%
|
| ||||||||||||
|
Demand, noninterest-bearing
|
| | | $ | 658,646 | | | | | $ | 624,780 | | | | | $ | 33,866 | | | | | | 5.4% | | |
|
Demand, interest-bearing
|
| | | | 525,173 | | | | | | 425,551 | | | | | | 99,622 | | | | | | 23.4 | | |
|
Money market and savings
|
| | | | 540,030 | | | | | | 554,204 | | | | | | (14,174) | | | | | | (2.6) | | |
|
Time deposits, $250,000 and over
|
| | | | 164,901 | | | | | | 128,334 | | | | | | 36,567 | | | | | | 28.5 | | |
|
Time deposits, other
|
| | | | 368,217 | | | | | | 346,519 | | | | | | 21,698 | | | | | | 6.3 | | |
|
Brokered time deposits
|
| | | | 103,615 | | | | | | 119,411 | | | | | | (15,796) | | | | | | (13.2) | | |
|
Total deposits
|
| | | $ | 2,360,582 | | | | | $ | 2,198,799 | | | | | $ | 161,783 | | | | | | 7.4% | | |
| | | |
December 31, 2024
|
| |
December 31, 2023
|
| ||||||||||||||||||
|
(In Thousands)
|
| |
Average
Balance |
| |
Average
Rate Paid |
| |
Average
Balance |
| |
Average
Rate Paid |
| ||||||||||||
|
Demand, noninterest-bearing
|
| | | $ | 653,966 | | | | | | 0.00% | | | | | $ | 245,703 | | | | | | 0.00% | | |
|
Demand, interest-bearing
|
| | | | 476,686 | | | | | | 2.17% | | | | | | 269,615 | | | | | | 2.11% | | |
|
Money market and savings
|
| | | | 579,232 | | | | | | 2.24% | | | | | | 278,418 | | | | | | 2.53% | | |
|
Time deposits, other
|
| | | | 617,894 | | | | | | 4.48% | | | | | | 301,101 | | | | | | 3.29% | | |
|
Total Deposits
|
| | | $ | 2,327,778 | | | | | | 2.19% | | | | | $ | 1,094,837 | | | | | | 2.07% | | |
|
(In Thousands)
|
| |
December 31, 2024
|
| |||
|
Due within 3 months or less
|
| | | $ | 38,059 | | |
|
Due after 3 months and within 6 months
|
| | | | 61,288 | | |
|
Due after 6 months and within 12 months
|
| | | | 47,456 | | |
|
Due after 12 months
|
| | | | 9,986 | | |
| | | | | $ | 156,789 | | |
| | | |
For the Year Ended December 31,
|
| |||||||||||||||||||||||||||||||||
| | | |
2024
|
| |
2023
|
| ||||||||||||||||||||||||||||||
|
(Dollars in thousands)
|
| |
Avg Bal
|
| |
Interest(2)
|
| |
Yield/Rate
|
| |
Avg Bal
|
| |
Interest(2)
|
| |
Yield/Rate
|
| ||||||||||||||||||
|
Int. Earn. Cash
|
| | | $ | 111,790 | | | | | $ | 4,890 | | | | | | 4.37% | | | | | $ | 55,501 | | | | | $ | 1,966 | | | | | | 3.54% | | |
|
Securities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Taxable(1)
|
| | | | 128,140 | | | | | | 6,206 | | | | | | 4.84% | | | | | | 84,860 | | | | | | 3,260 | | | | | | 3.84% | | |
|
Tax-Exempt
|
| | | | 43,134 | | | | | | 1,839 | | | | | | 4.26% | | | | | | 38,591 | | | | | | 1,495 | | | | | | 3.87% | | |
|
Total Securities
|
| | | | 171,274 | | | | | | 8,045 | | | | | | 4.70% | | | | | | 123,451 | | | | | | 4,755 | | | | | | 3.85% | | |
|
Total Cash Equiv. and
Investments |
| | | | 283,064 | | | | | | 12,935 | | | | | | 4.57% | | | | | | 178,952 | | | | | | 6,721 | | | | | | 3.76% | | |
|
Total Loans(3)(4)
|
| | | | 2,290,618 | | | | | | 146,175 | | | | | | 6.38% | | | | | | 1,071,864 | | | | | | 58,791 | | | | | | 5.48% | | |
|
Total Interest-Earning Assets
|
| | | | 2,573,682 | | | | | | 159,110 | | | | | | 6.18% | | | | | | 1,250,816 | | | | | | 65,512 | | | | | | 5.24% | | |
|
Other Assets
|
| | | | 205,568 | | | | | | | | | | | | | | | | | | 106,267 | | | | | | | | | | | | | | |
|
Total Assets
|
| | | $ | 2,779,250 | | | | | | | | | | | | | | | | | $ | 1,357,083 | | | | | | | | | | | | | | |
|
Interest bearing demand(5)
|
| | | $ | 476,686 | | | | | $ | 10,344 | | | | | | 2.17% | | | | | $ | 269,615 | | | | | $ | 5,684 | | | | | | 2.11% | | |
|
Money market demand(5)
|
| | | | 579,232 | | | | | | 12,981 | | | | | | 2.24% | | | | | | 278,418 | | | | | | 7,053 | | | | | | 2.53% | | |
|
Time deposits(5)
|
| | | | 617,894 | | | | | | 27,708 | | | | | | 4.48% | | | | | | 301,101 | | | | | | 9,901 | | | | | | 3.29% | | |
|
Total Borrowings(6)
|
| | | | 149,572 | | | | | | 7,797 | | | | | | 5.21% | | | | | | 90,468 | | | | | | 3,849 | | | | | | 4.25% | | |
|
Total Interest-Bearing Liabilities
|
| | | | 1,823,384 | | | | | | 58,830 | | | | | | 3.23% | | | | | | 939,602 | | | | | | 26,487 | | | | | | 2.82% | | |
|
Non Int Bearing Deposits(5)
|
| | | | 653,966 | | | | | | | | | | | | | | | | | | 245,703 | | | | | | | | | | | | | | |
|
Total Cost of Funds
|
| | | $ | 2,477,350 | | | | | $ | 58,830 | | | | | | 2.37% | | | | | $ | 1,185,305 | | | | | $ | 26,487 | | | | | | 2.23% | | |
|
Other Liabilities
|
| | | | 29,515 | | | | | | | | | | | | | | | | | | 19,850 | | | | | | | | | | | | | | |
|
Total Liabilities
|
| | | $ | 2,506,865 | | | | | | | | | | | | | | | | | $ | 1,205,155 | | | | | | | | | | | | | | |
|
Shareholders’ Equity
|
| | | $ | 272,385 | | | | | | | | | | | | | | | | | $ | 151,928 | | | | | | | | | | | | | | |
|
Total Liabilities & Shareholders’
Equity |
| | | $ | 2,779,250 | | | | | | | | | | | | | | | | | $ | 1,357,083 | | | | | | | | | | | | | | |
|
Net Interest Income/
Spread (FTE) |
| | | | | | | | | | 100,280 | | | | | | 2.95% | | | | | | | | | | | | 39,025 | | | | | | 2.42% | | |
|
Tax-Equivalent Basis
Adjustment |
| | | | | | | | | | (386) | | | | | | | | | | | | | | | | | | (314) | | | | | | | | |
|
Net Interest Income
|
| | | | | | | | | $ | 99,894 | | | | | | | | | | | | | | | | | $ | 38,711 | | | | | | | | |
|
Net Interest Margin
|
| | | | | | | | | | | | | | | | 3.88% | | | | | | | | | | | | | | | | | | 3.09% | | |
| | | |
Year Ended December 31, 2024 vs. 2023
Increase (Decrease) Due To: |
| |||||||||||||||
|
(Dollars in thousands)
|
| |
Rate
|
| |
Volume
|
| |
Net
|
| |||||||||
| Interest Income: | | | | | | | | | | | | | | | | | | | |
|
Int. Earn. Cash
|
| | | $ | 928 | | | | | $ | 1,996 | | | | | $ | 2,924 | | |
|
Securities
|
| | | | | | | | | | | | | | | | | | |
|
Taxable
|
| | | | 1,281 | | | | | | 1,665 | | | | | | 2,946 | | |
|
Tax-Exempt
|
| | | | 168 | | | | | | 176 | | | | | | 344 | | |
|
Total Securities
|
| | | | 1,449 | | | | | | 1,841 | | | | | | 3,290 | | |
|
Total Loans
|
| | | | 20,616 | | | | | | 66,768 | | | | | | 87,384 | | |
|
Total Interest-Earning Assets
|
| | | | 22,993 | | | | | | 70,605 | | | | | | 93,598 | | |
| Interest Expense: | | | | | | | | | | | | | | | | | | | |
|
Interest bearing demand
|
| | | | 286 | | | | | | 4,374 | | | | | | 4,660 | | |
|
Money market demand
|
| | | | (1,680) | | | | | | 7,608 | | | | | | 5,928 | | |
|
Time deposits
|
| | | | 7,353 | | | | | | 10,454 | | | | | | 17,807 | | |
|
Total Borrowings
|
| | | | 1,436 | | | | | | 2,512 | | | | | | 3,948 | | |
|
Total Interest-Bearing Liabilities
|
| | | | 7,395 | | | | | | 24,948 | | | | | | 32,343 | | |
|
Change in Net Interest Income
|
| | | $ | 15,598 | | | | | $ | 45,657 | | | | | $ | 61,255 | | |
|
(In Thousands)
Liquidity Source |
| |
Capacity
|
| |
Outstanding
|
| |
Available
|
| |||||||||
|
Federal Home Loan Bank
|
| | | $ | 773,832 | | | | | $ | 50,000 | | | | | $ | 723,832 | | |
|
Federal Reserve Bank Discount Window
|
| | | | 24,070 | | | | | | — | | | | | | 24,070 | | |
|
Correspondent Banks
|
| | | | 77,000 | | | | | | — | | | | | | 77,000 | | |
|
Total
|
| | | $ | 874,902 | | | | | $ | 50,000 | | | | | $ | 824,902 | | |
| | | | | | D-56 | | | |
| | | | | | D-57 | | | |
| | | | | | D-58 | | | |
| | | | | | D-59 | | | |
| | | | | | D-60 | | | |
| | | | | | D-61 | | | |
| | | | | | D-63 | | |
|
(In Thousands, except share and per share data)
|
| |
December 31,
2024 |
| |
December 31,
2023 |
| ||||||
| ASSETS | | | | | | | | | | | | | |
|
Noninterest-bearing cash equivalents
|
| | | $ | 13,834 | | | | | $ | 13,089 | | |
|
Interest-bearing deposits with other institutions
|
| | | | 152,266 | | | | | | 67,101 | | |
|
Cash and cash equivalents
|
| | | | 166,100 | | | | | | 80,190 | | |
|
Securities available for sale, at fair value
|
| | | | 145,590 | | | | | | 115,490 | | |
|
Securities held to maturity (Fair value of $30,284 and $34,236, respectively)
|
| | | | 31,967 | | | | | | 36,735 | | |
|
Less: Allowance for credit losses – held to maturity securities
|
| | | | (459) | | | | | | (512) | | |
|
Securities held to maturity, net
|
| | | | 31,508 | | | | | | 36,223 | | |
|
Loans receivable
|
| | | | 2,255,749 | | | | | | 2,128,284 | | |
|
Less: Allowance for credit losses – loans
|
| | | | (26,435) | | | | | | (23,767) | | |
|
Net loans
|
| | | | 2,229,314 | | | | | | 2,104,517 | | |
|
Investments in restricted bank stock
|
| | | | 5,209 | | | | | | 3,965 | | |
|
Premises and equipment, net
|
| | | | 18,029 | | | | | | 20,130 | | |
|
Right-of-Use Asset – Premises
|
| | | | 14,913 | | | | | | 15,497 | | |
|
Bank-owned life insurance
|
| | | | 52,079 | | | | | | 48,847 | | |
|
Goodwill
|
| | | | 58,806 | | | | | | 56,968 | | |
|
Other intangible assets, net
|
| | | | 20,955 | | | | | | 25,733 | | |
|
Deferred tax asset
|
| | | | 18,866 | | | | | | 24,153 | | |
|
Assets held for sale
|
| | | | 94,146 | | | | | | 115,499 | | |
|
Accrued interest receivable and other assets
|
| | | | 23,263 | | | | | | 22,113 | | |
|
TOTAL ASSETS
|
| | | $ | 2,878,778 | | | | | $ | 2,669,325 | | |
| LIABILITIES | | | | | | | | | | | | | |
|
Deposits:
|
| | | | | | | | | | | | |
|
Demand, noninterest bearing
|
| | | $ | 658,646 | | | | | $ | 624,780 | | |
|
Interest bearing
|
| | | | 1,701,936 | | | | | | 1,574,019 | | |
|
Total deposits
|
| | | | 2,360,582 | | | | | | 2,198,799 | | |
|
Long-term borrowings
|
| | | | 40,000 | | | | | | — | | |
|
Short-term borrowings
|
| | | | 10,000 | | | | | | 10,000 | | |
|
Note payable
|
| | | | 565 | | | | | | 590 | | |
|
Subordinated debt
|
| | | | 61,984 | | | | | | 61,444 | | |
|
Lease liabilities
|
| | | | 15,666 | | | | | | 16,361 | | |
|
Allowance for credit losses – unfunded commitments
|
| | | | 1,857 | | | | | | 2,189 | | |
|
Liabilities held for sale
|
| | | | 93,777 | | | | | | 99,777 | | |
|
Accrued interest payable and other liabilities
|
| | | | 14,126 | | | | | | 14,369 | | |
|
TOTAL LIABILITIES
|
| | | | 2,598,557 | | | | | | 2,403,529 | | |
| COMMITMENTS AND CONTINGENT LIABILITIES (Notes 1, 7, and 17) | | | | | | | | | | | | | |
| SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
|
Preferred stock (At December 31, 2024 and 2023: no par value; 5,000,000 shares authorized; no shares issued and outstanding.)
|
| | | | — | | | | | | — | | |
|
Common stock (At December 31, 2024 and 2023: $0.01 par value; 50,000,000 shares authorized; 37,370,917 and 37,340,700 shares issued and outstanding, respectively.)
|
| | | | 370 | | | | | | 369 | | |
|
Surplus
|
| | | | 264,449 | | | | | | 263,310 | | |
|
Retained earnings
|
| | | | 19,947 | | | | | | 4,843 | | |
|
Accumulated other comprehensive loss
|
| | | | (4,545) | | | | | | (3,209) | | |
|
Total equity attributable to parent
|
| | | | 280,221 | | | | | | 265,313 | | |
|
Noncontrolling interest in consolidated subsidiary
|
| | | | — | | | | | | 483 | | |
|
TOTAL SHAREHOLDERS’ EQUITY
|
| | | | 280,221 | | | | | | 265,796 | | |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | $ | 2,878,778 | | | | | $ | 2,669,325 | | |
| | | |
Year Ended December 31,
|
| |||||||||
|
(In Thousands, except share and per share data)
|
| |
2024
|
| |
2023
|
| ||||||
| INTEREST AND DIVIDEND INCOME | | | | | | | | | | | | | |
|
Loans receivable, including fees
|
| | | $ | 146,175 | | | | | $ | 58,791 | | |
|
Investment securities and certificates of deposit:
|
| | | | | | | | | | | | |
|
Taxable
|
| | | | 6,206 | | | | | | 3,260 | | |
|
Exempt from federal income tax
|
| | | | 1,453 | | | | | | 1,181 | | |
|
Other
|
| | | | 4,890 | | | | | | 1,966 | | |
|
Total interest and dividend income
|
| | |
|
158,724
|
| | | |
|
65,198
|
| |
| INTEREST EXPENSE | | | | | | | | | | | | | |
|
Deposits
|
| | | | 51,033 | | | | | | 22,638 | | |
|
Other borrowings
|
| | | | 3,977 | | | | | | 1,923 | | |
|
Subordinated debt
|
| | | | 3,820 | | | | | | 1,926 | | |
|
Total interest expense
|
| | |
|
58,830
|
| | | |
|
26,487
|
| |
|
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES
|
| | | | 99,894 | | | | | | 38,711 | | |
|
Provision for credit losses
|
| | | | 257 | | | | | | 9,295 | | |
|
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES
|
| | |
|
99,637
|
| | | |
|
29,416
|
| |
| NONINTEREST INCOME | | | | | | | | | | | | | |
|
Service charges on deposit accounts
|
| | | | 4,036 | | | | | | 978 | | |
|
Bank-owned life insurance
|
| | | | 1,633 | | | | | | 738 | | |
|
Net realized gains (losses) on the sales of debt securities
|
| | | | 4 | | | | | | (2,370) | | |
|
Gain on sale of loans
|
| | | | 270 | | | | | | 465 | | |
|
Other
|
| | | | 2,919 | | | | | | 1,276 | | |
|
Total noninterest income
|
| | |
|
8,862
|
| | | |
|
1,087
|
| |
| NONINTEREST EXPENSE | | | | | | | | | | | | | |
|
Salaries and employee benefits
|
| | | | 41,061 | | | | | | 20,612 | | |
|
Occupancy
|
| | | | 5,945 | | | | | | 3,015 | | |
|
Equipment and data processing
|
| | | | 7,174 | | | | | | 3,720 | | |
|
Professional fees
|
| | | | 2,830 | | | | | | 1,698 | | |
|
FDIC insurance and supervisory fees
|
| | | | 2,396 | | | | | | 817 | | |
|
Bank shares tax
|
| | | | 2,796 | | | | | | 1,158 | | |
|
Intangible amortization
|
| | | | 4,778 | | | | | | 663 | | |
|
Merger & system conversion related expenses
|
| | | | 914 | | | | | | 11,176 | | |
|
Advertising
|
| | | | 633 | | | | | | 329 | | |
|
Other
|
| | | | 6,377 | | | | | | 2,644 | | |
|
Total noninterest expense
|
| | |
|
74,904
|
| | | |
|
45,832
|
| |
|
Income (loss) before income tax expense (benefit)
|
| | | | 33,595 | | | | | | (15,329) | | |
|
Income tax expense (benefit)
|
| | | | 7,386 | | | | | | (3,361) | | |
|
NET INCOME (LOSS)
|
| | | $ | 26,209 | | | | | $ | (11,968) | | |
|
EARNINGS (LOSS) PER SHARE, BASIC
|
| | | $ | 0.71 | | | | | $ | (0.67) | | |
|
EARNINGS (LOSS) PER SHARE, DILUTED
|
| | | $ | 0.71 | | | | | $ | (0.67) | | |
| WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING, | | | | | | | | | | | | | |
|
BASIC
|
| | | | 36,990,672 | | | | | | 17,753,914 | | |
|
DILUTED
|
| | | | 37,105,614 | | | | | | 17,753,914 | | |
| | | |
Year Ended December 31,
|
| |||||||||
|
(In Thousands)
|
| |
2024
|
| |
2023
|
| ||||||
|
Net income (loss)
|
| | | $ | 26,209 | | | | | $ | (11,968) | | |
| Components of other comprehensive (loss) income: | | | | | | | | | | | | | |
|
Unrealized (loss) gain on available-for-sale securities
|
| | | | (2,626) | | | | | | 3,225 | | |
|
Tax effect
|
| | | | 552 | | | | | | (595) | | |
|
Net of tax amount
|
| | | | (2,074) | | | | | | 2,630 | | |
|
Unrealized (loss) gain on cash flow hedges
|
| | | | (484) | | | | | | 324 | | |
|
Adjustment for amounts reclassified into net income
|
| | | | 1,422 | | | | | | 392 | | |
|
Tax effect
|
| | | | (197) | | | | | | (150) | | |
|
Net of tax amount
|
| | | | 741 | | | | | | 566 | | |
|
Reclassification adjustment for debt securities gains (losses) realized in net income
|
| | | | (4) | | | | | | — | | |
|
Tax effect
|
| | | | 1 | | | | | | — | | |
|
Net of tax amount
|
| | | | (3) | | | | | | — | | |
|
Total other comprehensive (loss) income
|
| | | | (1,336) | | | | | | 3,196 | | |
|
Total comprehensive income (loss)
|
| | | $ | 24,873 | | | | | $ | (8,772) | | |
|
(In Thousands, except share data)
|
| |
Common
Stock Shares |
| |
Common
Stock Amount |
| |
Surplus
|
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Loss |
| |
Total Equity
Attributable to Parent |
| |
Noncontrolling
interest in consolidated subsidiary |
| |
Total
Shareholders’ Equity |
| ||||||||||||||||||||||||
|
Balance, December 31, 2023
|
| | | | 37,340,700 | | | | | $ | 369 | | | | | $ | 263,310 | | | | | $ | 4,843 | | | | | $ | (3,209) | | | | | $ | 265,313 | | | | | $ | 483 | | | | | $ | 265,796 | | |
|
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 26,209 | | | | | | — | | | | | | 26,209 | | | | | | — | | | | | | 26,209 | | |
|
Dividends declared ($0.30 per share)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (11,105) | | | | | | — | | | | | | (11,105) | | | | | | — | | | | | | (11,105) | | |
|
Exercise of stock options
|
| | | | 2,377 | | | | | | — | | | | | | 14 | | | | | | — | | | | | | — | | | | | | 14 | | | | | | — | | | | | | 14 | | |
|
Employee stock purchase plan
|
| | | | 30,199 | | | | | | 1 | | | | | | 152 | | | | | | — | | | | | | — | | | | | | 153 | | | | | | — | | | | | | 153 | | |
|
Stock compensation amortization
|
| | | | — | | | | | | — | | | | | | 988 | | | | | | — | | | | | | — | | | | | | 988 | | | | | | — | | | | | | 988 | | |
|
Dissolution of Minority Interest
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (483) | | | | | | (483) | | |
|
Retirement of restricted shares
|
| | | | (2,359) | | | | | | — | | | | | | (15) | | | | | | — | | | | | | — | | | | | | (15) | | | | | | — | | | | | | (15) | | |
|
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,336) | | | | | | (1,336) | | | | | | — | | | | | | (1,336) | | |
|
Balance, December 31, 2024
|
| | | | 37,370,917 | | | | | $ | 370 | | | | | $ | 264,449 | | | | | $ | 19,947 | | | | | $ | (4,545) | | | | | $ | 280,221 | | | | | $ | — | | | | | $ | 280,221 | | |
|
(In Thousands, except share data)
|
| |
Common
Stock Shares |
| |
Common
Stock Amount |
| |
Surplus
|
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Loss |
| |
Total Equity
Attributable to Parent |
| |
Noncontrolling
interest in consolidated subsidiary |
| |
Total
|
| ||||||||||||||||||||||||
|
Balance, December 31, 2022
|
| | | | 14,939,640 | | | | | $ | 149 | | | | | $ | 117,709 | | | | | $ | 27,100 | | | | | $ | (6,405) | | | | | $ | 138,553 | | | | | $ | — | | | | | $ | 138,553 | | |
|
Cumulative effect of change in accounting principles (Note 1)
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (5,419) | | | | |
|
—
|
| | | | | (5,419) | | | | | | — | | | | | | (5,419) | | |
|
Balance, January 1, 2023, as adjusted
|
| | | | 14,939,640 | | | | | | 149 | | | | | | 117,709 | | | | | | 21,681 | | | | | | (6,405) | | | | | | 133,134 | | | | | | — | | | | | | 133,134 | | |
|
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (11,968) | | | | | | — | | | | | | (11,968) | | | | | | — | | | | | | (11,968) | | |
|
Dividends declared ($0.30 per share)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (4,870) | | | | | | — | | | | | | (4,870) | | | | | | — | | | | | | (4,870) | | |
|
Issuance of shares of common stock, net proceeds
|
| | | | 1,282,052 | | | | | | 13 | | | | | | 9,945 | | | | | | — | | | | | | — | | | | | | 9,958 | | | | | | — | | | | | | 9,958 | | |
|
Exercise of stock options
|
| | | | 29,632 | | | | | | — | | | | | | 150 | | | | | | — | | | | | | — | | | | | | 150 | | | | | | — | | | | | | 150 | | |
|
Employee stock purchase plan
|
| | | | 21,494 | | | | | | — | | | | | | 174 | | | | | | — | | | | | | — | | | | | | 174 | | | | | | — | | | | | | 174 | | |
| Share-based compensation expense: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Restricted Stock Issuance
|
| | | | 384,724 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Stock Compensation Amortization
|
| | | | — | | | | | | — | | | | | | 244 | | | | | | — | | | | | | — | | | | | | 244 | | | | | | — | | | | | | 244 | | |
|
Impact of merger with Partners Bancorp
|
| | | | 20,683,158 | | | | | | 207 | | | | | | 135,088 | | | | | | — | | | | | | — | | | | | | 135,295 | | | | | | 483 | | | | | | 135,778 | | |
|
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,196 | | | | | | 3,196 | | | | | | — | | | | | | 3,196 | | |
|
Balance, December 31, 2023
|
| | | | 37,340,700 | | | | | $ | 369 | | | | | $ | 263,310 | | | | | $ | 4,843 | | | | | $ | (3,209) | | | | | $ | 265,313 | | | | | $ | 483 | | | | | $ | 265,796 | | |
| | | |
For the Twelve Months Ended
December 31, |
| |||||||||
|
(In Thousands)
|
| |
2024
|
| |
2023
|
| ||||||
| OPERATING ACTIVITIES | | | | | | | | | | | | | |
|
Net income (loss)
|
| | | $ | 26,209 | | | | | $ | (11,968) | | |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
| | | | | | | | | | | | |
|
Provision for credit losses
|
| | | | 257 | | | | | | 9,295 | | |
|
Depreciation
|
| | | | 1,892 | | | | | | 1,121 | | |
|
Amortization of intangible assets
|
| | | | 4,778 | | | | | | 663 | | |
|
Accretion of discounts, net
|
| | | | (11,747) | | | | | | (204) | | |
|
Origination of loans to be sold
|
| | | | (10,093) | | | | | | (4,210) | | |
|
Proceeds from loan sales
|
| | | | 10,363 | | | | | | 4,537 | | |
|
Gain on sale of loans
|
| | | | (270) | | | | | | (465) | | |
|
Share-based and deferred compensation
|
| | | | 1,864 | | | | | | 1,049 | | |
|
Bank-owned life insurance income
|
| | | | (1,633) | | | | | | (738) | | |
|
(Gain) loss on sale of debt securities
|
| | | | (4) | | | | | | 2,370 | | |
|
Change in accrued interest receivable and other assets
|
| | | | 5,939 | | | | | | (3,800) | | |
|
Change in accrued interest payable and other liabilities
|
| | | | (1,977) | | | | | | 2,340 | | |
|
Other, net
|
| | | | (136) | | | | | | — | | |
|
Net cash provided by (used in) operating activities
|
| | | | 25,442 | | | | | | (10) | | |
| INVESTING ACTIVITIES | | | | | | | | | | | | | |
|
Investment securities available for sale:
|
| | | | | | | | | | | | |
|
Proceeds from sales
|
| | | | 1,691 | | | | | | 91,364 | | |
|
Proceeds from calls and maturities
|
| | | | 10,230 | | | | | | — | | |
|
Proceeds from principal repayments
|
| | | | 13,255 | | | | | | 8,285 | | |
|
Purchases
|
| | | | (57,322) | | | | | | (9,756) | | |
|
Investment securities held to maturity:
|
| | | | | | | | | | | | |
|
Proceeds from principal repayments
|
| | | | 5,055 | | | | | | 3,436 | | |
|
Purchases
|
| | | | (250) | | | | | | (11,289) | | |
|
Proceeds from redemptions of certificates of deposit with other banks
|
| | | | — | | | | | | 5,623 | | |
|
Purchase of restricted investment in bank stocks
|
| | | | (16,530) | | | | | | (15,624) | | |
|
Redemption of restricted investment in bank stocks
|
| | | | 15,286 | | | | | | 21,799 | | |
|
Increase in loans, net
|
| | | | (91,433) | | | | | | (65,915) | | |
|
Purchase of bank-owned life insurance
|
| | | | (1,599) | | | | | | (9,712) | | |
|
Cash paid to buy-out minority interest
|
| | | | (483) | | | | | | — | | |
|
Proceeds from disposal of premises and equipment
|
| | | | 2,967 | | | | | | — | | |
|
Purchase of premises and equipment
|
| | | | (2,885) | | | | | | (1,153) | | |
|
Purchase of computer software
|
| | | | — | | | | | | (220) | | |
|
Net cash acquired through merger and acquisition
|
| | | | — | | | | | | 41,745 | | |
|
Net cash (used in) provided by investing activities
|
| | | | (122,018) | | | | | | 58,583 | | |
| FINANCING ACTIVITIES | | | | | | | | | | | | | |
|
Increase in deposits, net
|
| | | | 153,425 | | | | | | 51,834 | | |
|
Change in short-term borrowings, net
|
| | | | — | | | | | | (65,640) | | |
|
Proceeds from long-term borrowings
|
| | | | 40,000 | | | | | | — | | |
|
Issuance of shares from exercise of stock options
|
| | | | 14 | | | | | | 150 | | |
|
Dividends paid
|
| | | | (11,105) | | | | | | (4,870) | | |
|
Net proceeds from issuance of common stock
|
| | | | 152 | | | | | | 10,132 | | |
|
Net cash provided by (used in) financing activities
|
| | | | 182,486 | | | | | | (8,394) | | |
|
Increase in cash and cash equivalents
|
| | | | 85,910 | | | | | | 50,179 | | |
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
| | | | 80,190 | | | | | | 30,011 | | |
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
| | | $ | 166,100 | | | | | $ | 80,190 | | |
| | | |
For the Twelve Months Ended
December 31, |
| |||||||||
|
(In Thousands)
|
| |
2024
|
| |
2023
|
| ||||||
| SUPPLEMENTAL CASH FLOW DISCLOSURES | | | | | | | | | | | | | |
|
Cash paid during the period for:
|
| | | | | | | | | | | | |
|
Interest
|
| | | $ | 58,431 | | | | | $ | 27,874 | | |
|
Income taxes
|
| | | | — | | | | | | — | | |
|
Reclassification of New Jersey branch loans from portfolio loans to assets held-for-sale, net
|
| | | $ | (21,528) | | | | | | — | | |
|
Reclassification of New Jersey branch assets to assets held-for-sale
|
| | | $ | 175 | | | | | | — | | |
|
Reclassification of New Jersey branch deposits to liabilities held-for-sale, net
|
| | | $ | 6,124 | | | | | | — | | |
|
Reclassification of New Jersey branch liabilities to liabilities held-for-sale
|
| | | $ | (124) | | | | | | — | | |
| MERGER AND ACQUISITION CASH FLOW DISCLOSURES | | | | | | | | | | | | | |
|
Non-cash assets acquired:
|
| | | | | | | | | | | | |
|
Securities available for sale
|
| | | $ | — | | | | | $ | 123,440 | | |
|
Loans
|
| | | | — | | | | | | 1,240,334 | | |
|
Investments in restricted bank stock
|
| | | | — | | | | | | 6,763 | | |
|
Premises and equipment
|
| | | | — | | | | | | 15,504 | | |
|
Right-of-Use Asset
|
| | | | — | | | | | | 6,042 | | |
|
Bank-owned life insurance
|
| | | | — | | | | | | 19,153 | | |
|
Goodwill
|
| | | | — | | | | | | 21,126 | | |
|
Intangible Assets
|
| | | | — | | | | | | 25,344 | | |
|
Deferred tax assets
|
| | | | — | | | | | | 14,466 | | |
|
Accrued interest receivable and other assets
|
| | | | — | | | | | | 10,730 | | |
|
Liabilities assumed:
|
| | | | | | | | | | | | |
|
Deposits
|
| | | | — | | | | | | 1,299,867 | | |
|
Other borrowings
|
| | | | — | | | | | | 55,292 | | |
|
Subordinated debt
|
| | | | — | | | | | | 21,078 | | |
|
Operating lease liabilities
|
| | | | — | | | | | | 6,908 | | |
|
Accrued interest payable and other liabilities
|
| | | | — | | | | | | 5,724 | | |
|
Net non-cash assets acquired
|
| | | | — | | | | | | 94,033 | | |
|
Cash and cash equivalents acquired
|
| | | $ | — | | | | | $ | 41,745 | | |
| | |||||||||||||
|
Portfolio Segment
|
| |
Measurement Method
|
|
| Agriculture and farmland | | | Remaining life | |
| Construction | | | Discounted cash flow | |
| Commercial & industrial | | | Discounted cash flow | |
| Commercial real estate | | | | |
|
Multifamily
|
| | Discounted cash flow | |
|
Owner occupied
|
| | Discounted cash flow | |
|
Non-owner occupied
|
| | Discounted cash flow | |
| Residential real estate | | | | |
|
First liens
|
| | Discounted cash flow | |
|
Second liens and lines of credit
|
| | Discounted cash flow | |
| Municipal | | | Remaining life | |
| Consumer and other loans | | | Remaining life | |
| |
Total Consideration in the Merger
|
| | | | | | | | | $ | 135,779 | | |
| | Calculated Fair Value of Assets Acquired | | | | | | | | | | | | | |
| |
Cash and cash equivalents
|
| | | $ | 34,586 | | | | | | | | |
| |
Federal funds sold
|
| | | | 7,159 | | | | | | | | |
| |
Securities available for sale
|
| | | | 123,440 | | | | | | | | |
| |
Loans, net of ACL(1)
|
| | | | 1,238,087 | | | | | | | | |
| |
Premises and equipment
|
| | | | 15,422 | | | | | | | | |
| |
Right-of-use asset
|
| | | | 6,042 | | | | | | | | |
| |
Core deposit intangible
|
| | | | 25,344 | | | | | | | | |
| |
Deferred taxes
|
| | | | 14,986 | | | | | | | | |
| |
Investments in restricted bank stock
|
| | | | 6,763 | | | | | | | | |
| |
Accrued interest receivable and other assets
|
| | | | 29,855 | | | | | | | | |
| |
Total Assets Acquired
|
| | | | 1,501,684 | | | | | | | | |
| | Calculated Fair Value of Liabilities Assumed | | | | | | | | | | | | | |
| |
Deposits
|
| | | | 1,299,867 | | | | | | | | |
| |
Long term borrowings
|
| | | | 55,292 | | | | | | | | |
| |
Subordinated debt
|
| | | | 21,078 | | | | | | | | |
| |
Operating lease liabilities
|
| | | | 6,908 | | | | | | | | |
| |
Other liabilities
|
| | | | 5,724 | | | | | | | | |
| |
Total Liabilities Assumed
|
| | | | 1,388,869 | | | | | | | | |
| |
Net Assets Acquired
|
| | | | | | | | | | 112,815 | | |
| |
Goodwill From the Merger
|
| | | | | | | | | $ | 22,964 | | |
|
Consideration paid
|
| | | | | | | | | | | | |
|
(dollars in thousands)
|
| | | | | | | | | | | | |
| Common stock consideration: | | | | | | | | | | | | | |
|
Common shares of Partners Bancorp
|
| | | | | | | | | | 17,985,577 | | |
|
Exchange ratio
|
| | | | | | | | | | 1.15 | | |
|
LINKBANCORP, Inc. common stock issued
|
| | | | | | | | | | 20,683,158 | | |
|
LINKBANCORP, Inc. stock price on acquisition date
|
| | | | | | | | | $ | 6.47 | | |
|
Purchase price assigned to Partners Bancorp common shares
|
| | | | | | | | | | 133,820 | | |
| Restricted stock consideration | | | | | | | | | | | | | |
|
Partners Bancorp restricted stock shares
|
| | | | | | | | | | 297,726 | | |
|
LINKBANCORP, Inc. stock price on acquisition date
|
| | | | | | | | | $ | 6.47 | | |
|
Total purchase price assigned to Partners Bancorp restricted shares
|
| | | | | | | | | | 1,926 | | |
|
Cash paid in exchange for Partners Bancorp stock options and fractional shares
|
| | | | | | | | | | 33 | | |
|
Total consideration
|
| | | | | | | | | $ | 135,779 | | |
| Net Assets Acquired | | | | | | | | | | | | | |
|
Partners Bancorp shareholders’ equity
|
| | | $ | 143,817 | | | | | | | | |
|
Partners Bancorp goodwill and intangibles
|
| | | | (10,699) | | | | | | | | |
| Fair Value Adjustments: | | | | | | | | | | | | | |
|
Securities available for sale
|
| | | | (921) | | | | | | | | |
| Loans | | | | | | | | | | | | | |
|
Interest rate
|
| | | | (53,681) | | | | | | | | |
|
General credit
|
| | | | (11,607) | | | | | | | | |
|
Credit adjustment for loans acquired with deteriorated credit quality(1)
|
| | | | (8,263) | | | | | | | | |
|
Remove existing deferred loan fees, net at acquisition
|
| | | | 2,462 | | | | | | | | |
|
Remove the allowance for credit losses present at acquisition
|
| | | | 16,124 | | | | | | | | |
|
Premises and equipment
|
| | | | 2,963 | | | | | | | | |
|
Core deposit intangible
|
| | | | 25,344 | | | | | | | | |
|
Other assets
|
| | | | 4,527 | | | | | | | | |
| Liabilities | | | | | | | | | | | | | |
|
Time deposits
|
| | | | 3,595 | | | | | | | | |
|
Subordinated debt
|
| | | | 1,179 | | | | | | | | |
|
Other liabilities
|
| | | | (2,025) | | | | | | | | |
| | | | | | | | | | | | 112,815 | | |
|
Goodwill From the Merger
|
| | | | | | | | | $ | 22,964 | | |
|
(Dollars in thousands)
|
| |
Year ended December 31,
2023 |
| |||
|
Net interest income
|
| | | $ | 102,941 | | |
|
Non-interest income
|
| | | | 5,252 | | |
|
Net income
|
| | | | 26,255 | | |
|
Basic earnings per common share
|
| | | $ | 0.71 | | |
|
Diluted earnings per common share
|
| | | $ | 0.71 | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||||||||
|
(In Thousands)
|
| |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Allowance for
Credit Losses |
| |
Fair Value
|
| |||||||||||||||
| Available for Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
US Government Agency securities
|
| | | $ | 13,017 | | | | | $ | 96 | | | | | $ | (40) | | | | | $ | — | | | | | $ | 13,073 | | |
|
Obligations of state and political subdivisions
|
| | | | 51,254 | | | | | | 10 | | | | | | (4,063) | | | | | | — | | | | | | 47,201 | | |
|
Mortgage-backed securities in government-sponsored entities
|
| | | | 88,289 | | | | | | 61 | | | | | | (3,567) | | | | | | — | | | | | | 84,783 | | |
|
Other securities
|
| | | | 542 | | | | | | — | | | | | | (9) | | | | | | — | | | | | | 533 | | |
| | | | | $ | 153,102 | | | | | $ | 167 | | | | | $ | (7,679) | | | | | $ | — | | | | | $ | 145,590 | | |
| | | |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| |
Allowance for
Credit Losses |
| |||||||||||||||
| Held to Maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Corporate debentures
|
| | | $ | 15,250 | | | | | $ | — | | | | | $ | (984) | | | | | $ | 14,266 | | | | | $ | (459) | | |
|
Structured mortgage-backed securities
|
| | | | 16,717 | | | | | | 6 | | | | | | (705) | | | | | | 16,018 | | | | | | — | | |
| | | | | $ | 31,967 | | | | | $ | 6 | | | | | $ | (1,689) | | | | | $ | 30,284 | | | | | $ | (459) | | |
| | | |
December 31, 2023
|
| |||||||||||||||||||||||||||
|
(In Thousands)
|
| |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Allowance for
Credit Losses |
| |
Fair
Value |
| |||||||||||||||
| Available for Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
US Government Agency securities
|
| | | $ | 12,711 | | | | | $ | 279 | | | | | $ | (5) | | | | | $ | — | | | | | $ | 12,985 | | |
|
US Government Treasury securities
|
| | | | 4,925 | | | | | | 17 | | | | | | — | | | | | | — | | | | | | 4,942 | | |
|
Obligations of state and political subdivisions
|
| | | | 49,640 | | | | | | 420 | | | | | | (3,015) | | | | | | — | | | | | | 47,045 | | |
|
Mortgage-backed securities in government-sponsored entities
|
| | | | 50,795 | | | | | | 515 | | | | | | (3,129) | | | | | | — | | | | | | 48,181 | | |
|
Other securities
|
| | | | 2,301 | | | | | | 49 | | | | | | (13) | | | | | | — | | | | | | 2,337 | | |
| | | | | $ | 120,372 | | | | | $ | 1,280 | | | | | $ | (6,162) | | | | | $ | — | | | | | $ | 115,490 | | |
| | | |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Loss |
| |
Fair Value
|
| |
Allowance for
Credit Losses |
| |||||||||||||||
| Held to Maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Corporate debentures
|
| | | $ | 15,000 | | | | | $ | — | | | | | $ | (1,592) | | | | | $ | 13,408 | | | | | $ | (512) | | |
|
Structured mortgage-backed securities
|
| | | | 21,735 | | | | | | — | | | | | | (907) | | | | | | 20,828 | | | | | | — | | |
| | | | |
$
|
36,735
|
| | | | $ | — | | | | |
$
|
(2,499)
|
| | | |
$
|
34,236
|
| | | |
$
|
(512)
|
| |
| | | |
December 31, 2024
|
| |||||||||||||||||||||||||||||||||
| | | |
Less Than Twelve Months
|
| |
Twelve Months or Greater
|
| |
Total
|
| |||||||||||||||||||||||||||
|
(In Thousands)
|
| |
Fair Value
|
| |
Gross
Unrealized Loss |
| |
Fair Value
|
| |
Gross
Unrealized Loss |
| |
Fair Value
|
| |
Gross
Unrealized Loss |
| ||||||||||||||||||
| Available for Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
US Government Agency securities
|
| | | $ | 3,960 | | | | | $ | (40) | | | | | $ | — | | | | | $ | — | | | | | $ | 3,960 | | | | | $ | (40) | | |
|
Obligations of state and political subdivisions
|
| | | | 11,433 | | | | | | (273) | | | | | | 34,345 | | | | | | (3,790) | | | | | | 45,778 | | | | | | (4,063) | | |
|
Mortgage-backed securities in government-
sponsored entities |
| | | | 45,629 | | | | | | (902) | | | | | | 29,877 | | | | | | (2,665) | | | | | | 75,506 | | | | | | (3,567) | | |
|
Other securities
|
| | | | — | | | | | | — | | | | | | 407 | | | | | | (9) | | | | | | 407 | | | | | | (9) | | |
| | | | | $ | 61,022 | | | | | $ | (1,215) | | | | | $ | 64,629 | | | | | $ | (6,464) | | | | | $ | 125,651 | | | | | $ | (7,679) | | |
| | | |
December 31, 2023
|
| |||||||||||||||||||||||||||||||||
| | | |
Less Than Twelve Months
|
| |
Twelve Months or Greater
|
| |
Total
|
| |||||||||||||||||||||||||||
|
(In Thousands)
|
| |
Fair Value
|
| |
Gross
Unrealized Loss |
| |
Fair Value
|
| |
Gross
Unrealized Loss |
| |
Fair Value
|
| |
Gross
Unrealized Loss |
| ||||||||||||||||||
| Available for Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
US Government Agency Securities
|
| | | $ | 1,995 | | | | | $ | (5) | | | | | $ | — | | | | | $ | — | | | | | $ | 1,995 | | | | | $ | (5) | | |
|
Obligations of state and political subdivisions
|
| | | | 4,836 | | | | | | (247) | | | | | | 27,736 | | | | | | (2,768) | | | | | | 32,572 | | | | | | (3,015) | | |
|
Mortgage-backed securities in government-
sponsored entities |
| | | | 4,703 | | | | | | (136) | | | | | | 31,249 | | | | | | (2,993) | | | | | | 35,952 | | | | | | (3,129) | | |
|
Other securities
|
| | | | — | | | | | | — | | | | | | 601 | | | | | | (13) | | | | | | 601 | | | | | | (13) | | |
| | | | | $ | 11,534 | | | | | $ | (388) | | | | | $ | 59,586 | | | | | $ | (5,774) | | | | | $ | 71,120 | | | | | $ | (6,162) | | |
|
(in Thousands)
|
| |
For the Twelve Months Ended
December 31, 2024 |
| |||
|
Balance, December 31, 2023
|
| | | $ | 512 | | |
|
Changes in the allowance for credit losses
|
| | | | (53) | | |
|
Balance, December 31, 2024
|
| | | $ | 459 | | |
|
(in Thousands)
|
| |
For the Twelve Months Ended
December 31, 2023 |
| |||
|
Balance, December 31, 2022
|
| | | $ | — | | |
|
Impact of adopting ASC 326
|
| | | | 602 | | |
|
Changes in the allowance for credit losses
|
| | | | 51 | | |
|
Securities charged-off
|
| | | | (141) | | |
|
Balance, December 31, 2023
|
| | | $ | 512 | | |
| | | |
Available for Sale Securities
|
| |
Held to Maturity Securities
|
| ||||||||||||||||||
|
(In Thousands)
|
| |
Amortized
Cost |
| |
Fair
Value |
| |
Amortized
Cost |
| |
Fair
Value |
| ||||||||||||
|
Due within one year
|
| | | $ | 660 | | | | | $ | 655 | | | | | $ | 3,000 | | | | | $ | 2,982 | | |
|
Due after one year through five years
|
| | | | 14,109 | | | | | | 13,779 | | | | | | 3,000 | | | | | | 2,944 | | |
|
Due after five years through ten years
|
| | | | 21,973 | | | | | | 20,928 | | | | | | 9,250 | | | | | | 8,340 | | |
|
Due after ten years
|
| | | | 27,529 | | | | | | 24,912 | | | | | | — | | | | | | — | | |
|
Mortgage-backed securities and Collateralized mortgage obligations
|
| | | | 88,289 | | | | | | 84,783 | | | | | | 16,717 | | | | | | 16,018 | | |
|
Other securities
|
| | | | 542 | | | | | | 533 | | | | | | — | | | | | | — | | |
| | | | | $ | 153,102 | | | | | $ | 145,590 | | | | | $ | 31,967 | | | | | $ | 30,284 | | |
| | | |
For the year ended December 31,
|
| |||||||||
|
(In Thousands)
|
| |
2024
|
| |
2023
|
| ||||||
|
Proceeds
|
| | | $ | 1,691 | | | | | $ | 91,364 | | |
|
Gross gains
|
| | | | 4 | | | | | | — | | |
|
Gross losses
|
| | | | — | | | | | | 2,370 | | |
|
Net gain (loss)
|
| | | $ | 4 | | | | | $ | (2,370) | | |
|
(In Thousands)
|
| |
December 31, 2024
|
| |
December 31, 2023
|
| ||||||
|
Agriculture and farmland loans
|
| | | $ | 67,741 | | | | | $ | 65,861 | | |
|
Construction loans
|
| | | | 152,619 | | | | | | 161,825 | | |
|
Commercial & industrial loans
|
| | | | 245,833 | | | | | | 232,412 | | |
| Commercial real estate loans | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 211,778 | | | | | | 176,843 | | |
|
Owner occupied
|
| | | | 477,742 | | | | | | 474,964 | | |
|
Non-owner occupied
|
| | | | 628,237 | | | | | | 551,481 | | |
| Residential real estate loans | | | | | | | | | | | | | |
|
First liens
|
| | | | 373,469 | | | | | | 376,092 | | |
|
Second liens and lines of credit
|
| | | | 76,713 | | | | | | 66,648 | | |
|
Consumer and other loans
|
| | | | 17,086 | | | | | | 16,740 | | |
|
Municipal loans
|
| | | | 3,886 | | | | | | 5,244 | | |
| | | | | | 2,255,104 | | | | | | 2,128,110 | | |
|
Deferred costs
|
| | | | 645 | | | | | | 174 | | |
|
Allowance for credit losses
|
| | | | (26,435) | | | | | | (23,767) | | |
|
Total
|
| | | $ | 2,229,314 | | | | | $ | 2,104,517 | | |
| | | |
For the Year Ended December 31, 2024
|
| |||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
Beginning
balance |
| |
Charge-offs
|
| |
Recoveries
|
| |
Allowance for
Credit Losses on PCD Acquired Loans |
| |
Provision
for credit losses |
| |
Ending
balance |
| ||||||||||||||||||
| Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Agriculture and farmland
|
| | | $ | 12 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (1) | | | | | $ | 11 | | |
|
Construction
|
| | | | 959 | | | | | | — | | | | | | 4 | | | | | | — | | | | | | (70) | | | | | | 893 | | |
|
Commercial & industrial
|
| | | | 2,940 | | | | | | (152) | | | | | | 89 | | | | | | — | | | | | | 1,216 | | | | | | 4,093 | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 1,483 | | | | | | — | | | | | | 2 | | | | | | — | | | | | | 320 | | | | | | 1,805 | | |
|
Owner occupied
|
| | | | 6,572 | | | | | | (29) | | | | | | 1 | | | | | | — | | | | | | (933) | | | | | | 5,611 | | |
|
Non-owner occupied
|
| | | | 5,773 | | | | | | (54) | | | | | | 11 | | | | | | 2,300 | | | | | | 1,315 | | | | | | 9,345 | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 4,778 | | | | | | (4) | | | | | | 26 | | | | | | — | | | | | | (1,405) | | | | | | 3,395 | | |
|
Second liens and lines of credit
|
| | | | 1,072 | | | | | | (9) | | | | | | 14 | | | | | | — | | | | | | 77 | | | | | | 1,154 | | |
|
Municipal
|
| | | | 79 | | | | | | — | | | | | | — | | | | | | — | | | | | | (31) | | | | | | 48 | | |
|
Consumer and other loans
|
| | | | 99 | | | | | | (185) | | | | | | 12 | | | | | | — | | | | | | 154 | | | | | | 80 | | |
|
Total
|
| | | $ | 23,767 | | | | | $ | (433) | | | | | $ | 159 | | | | | $ | 2,300 | | | | | $ | 642 | | | | | $ | 26,435 | | |
| | | |
For the Year Ended December 31, 2023
|
| |||||||||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
Beginning
balance |
| |
Impact of
adopting ASC 326 |
| |
Allowance for
Credit Losses on PCD Acquired Loans |
| |
Charge-offs
|
| |
Recoveries
|
| |
Provision
for credit losses |
| |
Ending
balance |
| |||||||||||||||||||||
| Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Agriculture and farmland
|
| | | $ | 279 | | | | | $ | (190) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (77) | | | | | $ | 12 | | |
|
Construction
|
| | | | 274 | | | | | | 513 | | | | | | 39 | | | | | | — | | | | | | — | | | | | | 133 | | | | | | 959 | | |
|
Commercial & industrial
|
| | | | 583 | | | | | | 283 | | | | | | 303 | | | | | | (200) | | | | | | 1 | | | | | | 1,970 | | | | | | 2,940 | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 480 | | | | | | 340 | | | | | | 97 | | | | | | — | | | | | | — | | | | | | 566 | | | | | | 1,483 | | |
|
Owner occupied
|
| | | | 635 | | | | | | 760 | | | | | | 1,816 | | | | | | — | | | | | | — | | | | | | 3,361 | | | | | | 6,572 | | |
|
Non-owner occupied
|
| | | | 1,116 | | | | | | 3,195 | | | | | | 1,937 | | | | | | — | | | | | | — | | | | | | (475) | | | | | | 5,773 | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 1,029 | | | | | | 635 | | | | | | 42 | | | | | | — | | | | | | 54 | | | | | | 3,018 | | | | | | 4,778 | | |
|
Second liens and lines of credit
|
| | | | 218 | | | | | | 140 | | | | | | 64 | | | | | | — | | | | | | 61 | | | | | | 589 | | | | | | 1,072 | | |
|
Municipal
|
| | | | 12 | | | | | | (2) | | | | | | — | | | | | | — | | | | | | — | | | | | | 69 | | | | | | 79 | | |
|
Consumer and other loans
|
| | | | 40 | | | | | | (19) | | | | | | 5 | | | | | | — | | | | | | — | | | | | | 73 | | | | | | 99 | | |
|
Total
|
| | | $ | 4,666 | | | | | $ | 5,655 | | | | | $ | 4,303 | | | | | $ | (200) | | | | | $ | 116 | | | | | $ | 9,227 | | | | | $ | 23,767 | | |
| | | |
As of December 31, 2024
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Nonaccrual with No
Allowance for Credit Loss |
| |
Nonaccrual with a
related Allowance for Credit Loss |
| |
Total
Nonaccrual |
| |
Loans 90 days or
greater past due still accruing |
| ||||||||||||
|
Agriculture and farmland
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
Construction
|
| | | | 9 | | | | | | — | | | | | | 9 | | | | | | 157 | | |
|
Commercial & industrial
|
| | | | 125 | | | | | | 7 | | | | | | 132 | | | | | | — | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Owner occupied
|
| | | | 6,171 | | | | | | 3,581 | | | | | | 9,752 | | | | | | — | | |
|
Non-owner occupied
|
| | | | 398 | | | | | | 3,931 | | | | | | 4,329 | | | | | | — | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 1,975 | | | | | | — | | | | | | 1,975 | | | | | | 289 | | |
|
Second liens and lines of credit
|
| | | | 482 | | | | | | — | | | | | | 482 | | | | | | — | | |
|
Municipal
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer and other loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | 48 | | |
|
Total
|
| | |
$
|
9,160
|
| | | |
$
|
7,519
|
| | | |
$
|
16,679
|
| | | |
$
|
494
|
| |
| | | |
As of December 31, 2023
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Nonaccrual with No
Allowance for Credit Loss |
| |
Nonaccrual with a
related Allowance for Credit Loss |
| |
Total
Nonaccrual |
| |
Loans 90 days or
greater past due still accruing |
| ||||||||||||
|
Agriculture and farmland
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
Construction
|
| | | | 191 | | | | | | — | | | | | | 191 | | | | | | — | | |
|
Commercial & industrial
|
| | | | 53 | | | | | | 8 | | | | | | 61 | | | | | | 58 | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Owner occupied
|
| | | | 2,465 | | | | | | 83 | | | | | | 2,548 | | | | | | 6 | | |
|
Non-owner occupied
|
| | | | 948 | | | | | | 281 | | | | | | 1,229 | | | | | | — | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 2,346 | | | | | | 361 | | | | | | 2,707 | | | | | | 149 | | |
|
Second liens and lines of credit
|
| | | | 294 | | | | | | — | | | | | | 294 | | | | | | — | | |
|
Municipal
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer and other loans
|
| | | | 7 | | | | | | — | | | | | | 7 | | | | | | — | | |
|
Total
|
| | |
$
|
6,304
|
| | | |
$
|
733
|
| | | |
$
|
7,037
|
| | | |
$
|
213
|
| |
| | | |
December 31, 2024
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Real Estate
|
| |
Business
Assets |
| |
Other
|
| |
Total
|
| ||||||||||||
|
Agriculture and farmland loans
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
Construction
|
| | | | 9 | | | | | | — | | | | | | — | | | | | | 9 | | |
|
Commercial & industrial loans
|
| | | | — | | | | | | 132 | | | | | | — | | | | | | 132 | | |
| Commercial real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Owner occupied
|
| | | | 9,752 | | | | | | — | | | | | | — | | | | | | 9,752 | | |
|
Non-owner occupied
|
| | | | 4,329 | | | | | | — | | | | | | — | | | | | | 4,329 | | |
| Residential real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 1,975 | | | | | | — | | | | | | — | | | | | | 1,975 | | |
|
Second liens and lines of credit
|
| | | | 482 | | | | | | — | | | | | | — | | | | | | 482 | | |
|
Municipal
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer and other loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total
|
| | | $ | 16,547 | | | | | $ | 132 | | | | | $ | — | | | | | $ | 16,679 | | |
| | | |
December 31, 2023
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Real Estate
|
| |
Business
Assets |
| |
Other
|
| |
Total
|
| ||||||||||||
|
Agriculture and farmland loans
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
Construction
|
| | | | 191 | | | | | | — | | | | | | — | | | | | | 191 | | |
|
Commercial & industrial loans
|
| | | | — | | | | | | 61 | | | | | | — | | | | | | 61 | | |
| Commercial real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Owner occupied
|
| | | | 2,548 | | | | | | — | | | | | | — | | | | | | 2,548 | | |
|
Non-owner occupied
|
| | | | 1,229 | | | | | | — | | | | | | — | | | | | | 1,229 | | |
| Residential real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 2,707 | | | | | | — | | | | | | — | | | | | | 2,707 | | |
|
Second liens and lines of credit
|
| | | | 294 | | | | | | — | | | | | | — | | | | | | 294 | | |
|
Municipal
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer and other loans
|
| | | | — | | | | | | — | | | | | | 7 | | | | | | 7 | | |
|
Total
|
| | | $ | 6,969 | | | | | $ | 61 | | | | | $ | 7 | | | | | $ | 7,037 | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
30 – 59
Days Past Due |
| |
60 – 89
Days Past Due |
| |
90 Days
or Greater Past Due |
| |
Total
Past Due |
| |
Current
|
| |
Total
Loans |
| ||||||||||||||||||
|
Agriculture and farmland
|
| | | $ | 23 | | | | | $ | — | | | | | $ | — | | | | | $ | 23 | | | | | $ | 67,718 | | | | | $ | 67,741 | | |
|
Construction
|
| | | | 197 | | | | | | — | | | | | | 166 | | | | | | 363 | | | | | | 152,256 | | | | | | 152,619 | | |
|
Commercial & industrial
|
| | | | 41 | | | | | | — | | | | | | 90 | | | | | | 131 | | | | | | 245,702 | | | | | | 245,833 | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 314 | | | | | | — | | | | | | — | | | | | | 314 | | | | | | 211,464 | | | | | | 211,778 | | |
|
Owner occupied
|
| | | | 334 | | | | | | 660 | | | | | | 8,768 | | | | | | 9,762 | | | | | | 467,980 | | | | | | 477,742 | | |
|
Non-owner occupied
|
| | | | — | | | | | | — | | | | | | 398 | | | | | | 398 | | | | | | 627,839 | | | | | | 628,237 | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 686 | | | | | | 317 | | | | | | 1,220 | | | | | | 2,223 | | | | | | 371,246 | | | | | | 373,469 | | |
|
Second liens and lines of credit
|
| | | | 191 | | | | | | 119 | | | | | | 276 | | | | | | 586 | | | | | | 76,127 | | | | | | 76,713 | | |
|
Consumer and other loans
|
| | | | 7 | | | | | | 1 | | | | | | 48 | | | | | | 56 | | | | | | 17,030 | | | | | | 17,086 | | |
|
Municipal
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,886 | | | | | | 3,886 | | |
|
Total
|
| | |
$
|
1,793
|
| | | |
$
|
1,097
|
| | | |
$
|
10,966
|
| | | |
$
|
13,856
|
| | | |
$
|
2,241,248
|
| | | |
$
|
2,255,104
|
| |
| | | |
December 31, 2023
|
| |||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
30 – 59
Days Past Due |
| |
60 – 89
Days Past Due |
| |
90 Days
or Greater Past Due |
| |
Total
Past Due |
| |
Current
|
| |
Total
Loans |
| ||||||||||||||||||
|
Agriculture and farmland
|
| | | $ | 14 | | | | | $ | — | | | | | $ | — | | | | | $ | 14 | | | | | $ | 65,847 | | | | | $ | 65,861 | | |
|
Construction
|
| | | | 10 | | | | | | — | | | | | | 191 | | | | | | 201 | | | | | | 161,624 | | | | | | 161,825 | | |
|
Commercial & industrial
|
| | | | 46 | | | | | | 1 | | | | | | 118 | | | | | | 165 | | | | | | 232,247 | | | | | | 232,412 | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 176,843 | | | | | | 176,843 | | |
|
Owner occupied
|
| | | | 156 | | | | | | 2,802 | | | | | | 137 | | | | | | 3,095 | | | | | | 471,869 | | | | | | 474,964 | | |
|
Non-owner occupied
|
| | | | — | | | | | | 86 | | | | | | 1,239 | | | | | | 1,325 | | | | | | 550,156 | | | | | | 551,481 | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 719 | | | | | | 419 | | | | | | 872 | | | | | | 2,010 | | | | | | 374,082 | | | | | | 376,092 | | |
|
Second liens and lines of credit
|
| | | | 279 | | | | | | 128 | | | | | | 97 | | | | | | 504 | | | | | | 66,144 | | | | | | 66,648 | | |
|
Consumer and other loans
|
| | | | 15 | | | | | | 15 | | | | | | 7 | | | | | | 37 | | | | | | 16,703 | | | | | | 16,740 | | |
|
Municipal
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,244 | | | | | | 5,244 | | |
|
Total
|
| | |
$
|
1,239
|
| | | |
$
|
3,451
|
| | | |
$
|
2,661
|
| | | |
$
|
7,351
|
| | | |
$
|
2,120,759
|
| | | |
$
|
2,128,110
|
| |
| | | |
December 31, 2024
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Term Loans Amortized Cost Basis by Origination Year
|
| |
Revolving
loans amortized cost basis |
| |
Revolving
loans converted to term |
| |
Total
|
| ||||||||||||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
2024
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
Prior
|
| ||||||||||||||||||||||||||||||||||||
| Agriculture and farmland | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | $ | 11,357 | | | | | $ | 1,040 | | | | | $ | 13,682 | | | | | $ | 8,761 | | | | | $ | 4,780 | | | | | $ | 21,105 | | | | | $ | 5,320 | | | | | $ | — | | | | | $ | 66,045 | | |
|
Special mention
|
| | | | — | | | | | | 10 | | | | | | — | | | | | | 51 | | | | | | — | | | | | | 1,387 | | | | | | 248 | | | | | | — | | | | | | 1,696 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Agriculture and farmland
|
| | | $ | 11,357 | | | | | $ | 1,050 | | | | | $ | 13,682 | | | | | $ | 8,812 | | | | | $ | 4,780 | | | | | $ | 22,492 | | | | | $ | 5,568 | | | | | $ | — | | | | | $ | 67,741 | | |
| Agriculture and farmland | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Construction | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 38,681 | | | | | | 54,929 | | | | | | 17,645 | | | | | | 18,952 | | | | | | 1,226 | | | | | | 8,567 | | | | | | 12,422 | | | | | | — | | | | | | 152,422 | | |
|
Special mention
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Substandard or lower
|
| | | | — | | | | | | 197 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 197 | | |
|
Total Construction
|
| | | | 38,681 | | | | | | 55,126 | | | | | | 17,645 | | | | | | 18,952 | | | | | | 1,226 | | | | | | 8,567 | | | | | | 12,422 | | | | | | — | | | | | | 152,619 | | |
| Construction | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Commercial & industrial | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 36,194 | | | | | | 23,645 | | | | | | 18,632 | | | | | | 18,880 | | | | | | 10,145 | | | | | | 8,154 | | | | | | 115,655 | | | | | | — | | | | | | 231,305 | | |
|
Special mention
|
| | | | 301 | | | | | | 153 | | | | | | 4,606 | | | | | | 88 | | | | | | — | | | | | | 363 | | | | | | 7,023 | | | | | | — | | | | | | 12,534 | | |
|
Substandard or lower
|
| | | | 74 | | | | | | 51 | | | | | | 384 | | | | | | 47 | | | | | | — | | | | | | 299 | | | | | | 1,139 | | | | | | — | | | | | | 1,994 | | |
|
Total Commercial & industrial
|
| | | | 36,569 | | | | | | 23,849 | | | | | | 23,622 | | | | | | 19,015 | | | | | | 10,145 | | | | | | 8,816 | | | | | | 123,817 | | | | | | — | | | | | | 245,833 | | |
| Commercial & industrial | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20 | | | | | | 7 | | | | | | 125 | | | | | | — | | | | | | 152 | | |
| Commercial real estate – Multifamily | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 34,006 | | | | | | 11,064 | | | | | | 84,497 | | | | | | 49,859 | | | | | | 19,451 | | | | | | 11,232 | | | | | | 685 | | | | | | — | | | | | | 210,794 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | 984 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 984 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Commercial real estate – Multifamily
|
| | | | 34,006 | | | | | | 11,064 | | | | | | 85,481 | | | | | | 49,859 | | | | | | 19,451 | | | | | | 11,232 | | | | | | 685 | | | | | | — | | | | | | 211,778 | | |
| Commercial real estate – Multifamily | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Term Loans Amortized Cost Basis by Origination Year
|
| |
Revolving
loans amortized cost basis |
| |
Revolving
loans converted to term |
| |
Total
|
| ||||||||||||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
2024
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
Prior
|
| ||||||||||||||||||||||||||||||||||||
|
Commercial real estate – Owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 52,566 | | | | | | 56,674 | | | | | | 101,351 | | | | | | 83,703 | | | | | | 48,003 | | | | | | 99,600 | | | | | | 15,120 | | | | | | — | | | | | | 457,017 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | 365 | | | | | | 1,984 | | | | | | 416 | | | | | | 5,608 | | | | | | 262 | | | | | | — | | | | | | 8,635 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | 9,327 | | | | | | — | | | | | | — | | | | | | 2,632 | | | | | | 131 | | | | | | — | | | | | | 12,090 | | |
|
Total Commercial real estate – Owner
occupied |
| | | | 52,566 | | | | | | 56,674 | | | | | | 111,043 | | | | | | 85,687 | | | | | | 48,419 | | | | | | 107,840 | | | | | | 15,513 | | | | | | — | | | | | | 477,742 | | |
|
Commercial real estate – Owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 23 | | | | | | 6 | | | | | | — | | | | | | — | | | | | | 29 | | |
|
Commercial real estate – Non-owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 78,928 | | | | | | 60,584 | | | | | | 187,113 | | | | | | 111,191 | | | | | | 48,512 | | | | | | 120,340 | | | | | | 8,535 | | | | | | — | | | | | | 615,203 | | |
|
Special mention
|
| | | | 744 | | | | | | — | | | | | | — | | | | | | 1,536 | | | | | | 3,352 | | | | | | 3,073 | | | | | | — | | | | | | — | | | | | | 8,705 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | 3,931 | | | | | | — | | | | | | 324 | | | | | | 74 | | | | | | — | | | | | | 4,329 | | |
|
Total Commercial real estate – Non-owner occupied
|
| | | | 79,672 | | | | | | 60,584 | | | | | | 187,113 | | | | | | 116,658 | | | | | | 51,864 | | | | | | 123,737 | | | | | | 8,609 | | | | | | — | | | | | | 628,237 | | |
|
Commercial real estate – Non-owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 54 | | | | | | — | | | | | | — | | | | | | 54 | | |
| Municipal | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 71 | | | | | | 356 | | | | | | — | | | | | | 350 | | | | | | 939 | | | | | | 2,088 | | | | | | 82 | | | | | | — | | | | | | 3,886 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Municipal
|
| | | | 71 | | | | | | 356 | | | | | | — | | | | | | 350 | | | | | | 939 | | | | | | 2,088 | | | | | | 82 | | | | | | — | | | | | | 3,886 | | |
| Municipal | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | $ | 251,803 | | | | | $ | 208,292 | | | | | $ | 422,920 | | | | | $ | 291,696 | | | | | $ | 133,056 | | | | | $ | 271,086 | | | | | $ | 157,819 | | | | | $ | — | | | | | $ | 1,736,672 | | |
|
Special mention
|
| | | | 1,045 | | | | | | 163 | | | | | | 5,955 | | | | | | 3,659 | | | | | | 3,768 | | | | | | 10,431 | | | | | | 7,533 | | | | | | — | | | | | | 32,554 | | |
|
Substandard or lower
|
| | | | 74 | | | | | | 248 | | | | | | 9,711 | | | | | | 3,978 | | | | | | — | | | | | | 3,255 | | | | | | 1,344 | | | | | | — | | | | | | 18,610 | | |
|
Total
|
| | | $ | 252,922 | | | | | $ | 208,703 | | | | | $ | 438,586 | | | | | $ | 299,333 | | | | | $ | 136,824 | | | | | $ | 284,772 | | | | | $ | 166,696 | | | | | $ | — | | | | | $ | 1,787,836 | | |
| | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
December 31, 2023
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Term Loans Amortized Cost Basis by Origination Year
|
| |
Revolving
loans amortized cost basis |
| |
Revolving
loans converted to term |
| |
Total
|
| ||||||||||||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| |
Prior
|
| ||||||||||||||||||||||||||||||||||||
| Agriculture and farmland | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | $ | 1,466 | | | | | $ | 14,372 | | | | | $ | 9,613 | | | | | $ | 5,147 | | | | | $ | 2,319 | | | | | $ | 22,627 | | | | | $ | 5,114 | | | | | $ | 29 | | | | | $ | 60,687 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | 30 | | | | | | — | | | | | | 811 | | | | | | 1,206 | | | | | | 342 | | | | | | — | | | | | | 2,389 | | |
|
Substandard or lower
|
| | | | 13 | | | | | | — | | | | | | 15 | | | | | | 121 | | | | | | — | | | | | | 2,576 | | | | | | 60 | | | | | | — | | | | | | 2,785 | | |
|
Total Agriculture and farmland
|
| | | $ | 1,479 | | | | | $ | 14,372 | | | | | $ | 9,658 | | | | | $ | 5,268 | | | | | $ | 3,130 | | | | | $ | 26,409 | | | | | $ | 5,516 | | | | | $ | 29 | | | | | $ | 65,861 | | |
| | | |
December 31, 2023
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Term Loans Amortized Cost Basis by Origination Year
|
| |
Revolving
loans amortized cost basis |
| |
Revolving
loans converted to term |
| |
Total
|
| ||||||||||||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| |
Prior
|
| ||||||||||||||||||||||||||||||||||||
| Agriculture and farmland | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Construction | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 55,462 | | | | | | 45,206 | | | | | | 30,593 | | | | | | 2,932 | | | | | | 6,161 | | | | | | 5,446 | | | | | | 14,424 | | | | | | 1,317 | | | | | | 161,541 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 93 | | | | | | — | | | | | | 93 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | 98 | | | | | | — | | | | | | — | | | | | | — | | | | | | 93 | | | | | | 191 | | |
|
Total Construction
|
| | | | 55,462 | | | | | | 45,206 | | | | | | 30,593 | | | | | | 3,030 | | | | | | 6,161 | | | | | | 5,446 | | | | | | 14,517 | | | | | | 1,410 | | | | | | 161,825 | | |
| Construction | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Commercial & industrial | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 29,586 | | | | | | 31,653 | | | | | | 24,184 | | | | | | 13,831 | | | | | | 4,285 | | | | | | 7,536 | | | | | | 119,602 | | | | | | 68 | | | | | | 230,745 | | |
|
Special mention
|
| | | | — | | | | | | 113 | | | | | | 139 | | | | | | — | | | | | | 15 | | | | | | 4 | | | | | | 1,071 | | | | | | — | | | | | | 1,342 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | 47 | | | | | | — | | | | | | 194 | | | | | | — | | | | | | 43 | | | | | | 41 | | | | | | 325 | | |
|
Total Commercial & industrial
|
| | | | 29,586 | | | | | | 31,766 | | | | | | 24,370 | | | | | | 13,831 | | | | | | 4,494 | | | | | | 7,540 | | | | | | 120,716 | | | | | | 109 | | | | | $ | 232,412 | | |
| Commercial & industrial | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 200 | | | | | | — | | | | | | 200 | | |
| Commercial real estate – Multifamily | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 12,587 | | | | | | 80,127 | | | | | | 50,320 | | | | | | 18,871 | | | | | | 6,031 | | | | | | 6,737 | | | | | | 298 | | | | | | — | | | | | | 174,971 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,872 | | | | | | — | | | | | | — | | | | | | 1,872 | | |
|
Total Commercial real estate – Multifamily
|
| | | | 12,587 | | | | | | 80,127 | | | | | | 50,320 | | | | | | 18,871 | | | | | | 6,031 | | | | | | 8,609 | | | | | | 298 | | | | | | — | | | | | | 176,843 | | |
| Commercial real estate – Multifamily | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Commercial real estate – Owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 53,765 | | | | | | 127,684 | | | | | | 96,193 | | | | | | 50,888 | | | | | | 39,043 | | | | | | 83,753 | | | | | | 7,801 | | | | | | 6 | | | | | | 459,133 | | |
|
Special mention
|
| | | | — | | | | | | 377 | | | | | | 3,125 | | | | | | — | | | | | | 6,318 | | | | | | — | | | | | | 429 | | | | | | — | | | | | | 10,249 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | 626 | | | | | | 2,408 | | | | | | 2,391 | | | | | | 157 | | | | | | — | | | | | | 5,582 | | |
|
Total Commercial real estate – Owner
occupied |
| | | | 53,765 | | | | | | 128,061 | | | | | | 99,318 | | | | | | 51,514 | | | | | | 47,769 | | | | | | 86,144 | | | | | | 8,387 | | | | | | 6 | | | | | | 474,964 | | |
|
Commercial real estate – Owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Commercial real estate – Non-owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 58,210 | | | | | | 173,415 | | | | | | 118,081 | | | | | | 56,025 | | | | | | 59,792 | | | | | | 78,465 | | | | | | 6,177 | | | | | | 86 | | | | | | 550,251 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | 42 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 42 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | 325 | | | | | | — | | | | | | 56 | | | | | | 558 | | | | | | 249 | | | | | | — | | | | | | 1,188 | | |
|
Total Commercial real estate – Non-owner occupied
|
| | | | 58,210 | | | | | | 173,415 | | | | | | 118,448 | | | | | | 56,025 | | | | | | 59,848 | | | | | | 79,023 | | | | | | 6,426 | | | | | | 86 | | | | | | 551,481 | | |
| | | |
December 31, 2023
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Term Loans Amortized Cost Basis by Origination Year
|
| |
Revolving
loans amortized cost basis |
| |
Revolving
loans converted to term |
| |
Total
|
| ||||||||||||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| |
Prior
|
| ||||||||||||||||||||||||||||||||||||
|
Commercial real estate – Non-owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Municipal | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 529 | | | | | | — | | | | | | 420 | | | | | | 1,675 | | | | | | — | | | | | | 2,526 | | | | | | 94 | | | | | | — | | | | | | 5,244 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total – Municipal
|
| | | | 529 | | | | | | — | | | | | | 420 | | | | | | 1,675 | | | | | | — | | | | | | 2,526 | | | | | | 94 | | | | | | — | | | | | | 5,244 | | |
| Municipal | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | $ | 211,605 | | | | | $ | 472,457 | | | | | $ | 329,404 | | | | | $ | 149,369 | | | | | $ | 117,631 | | | | | $ | 207,090 | | | | | $ | 153,510 | | | | | $ | 1,506 | | | | | $ | 1,642,572 | | |
|
Special mention
|
| | | | — | | | | | | 490 | | | | | | 3,336 | | | | | | — | | | | | | 7,144 | | | | | | 1,210 | | | | | | 1,935 | | | | | | — | | | | | | 14,115 | | |
|
Substandard or lower
|
| | | | 13 | | | | | | — | | | | | | 387 | | | | | | 845 | | | | | | 2,658 | | | | | | 7,397 | | | | | | 509 | | | | | | 134 | | | | | | 11,943 | | |
|
Total
|
| | | $ | 211,618 | | | | | $ | 472,947 | | | | | $ | 333,127 | | | | | $ | 150,214 | | | | | $ | 127,433 | | | | | $ | 215,697 | | | | | $ | 155,954 | | | | | $ | 1,640 | | | | | $ | 1,668,630 | | |
| | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
December 31, 2024
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Term Loans Amortized Cost Basis by Origination Year
|
| |
Revolving
loans amortized cost basis |
| |
Revolving
loans converted to term |
| |
Total
|
| ||||||||||||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
2024
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
Prior
|
| ||||||||||||||||||||||||||||||||||||
| Residential real estate – First liens | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | $ | 28,532 | | | | | $ | 48,601 | | | | | $ | 86,197 | | | | | $ | 82,086 | | | | | $ | 35,962 | | | | | $ | 78,244 | | | | | $ | 11,583 | | | | | $ | — | | | | | $ | 371,205 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | 219 | | | | | | 29 | | | | | | 2,016 | | | | | | — | | | | | | — | | | | | | 2,264 | | |
|
Total Residential real estate – First liens
|
| | | $ | 28,532 | | | | | $ | 48,601 | | | | | $ | 86,197 | | | | | $ | 82,305 | | | | | $ | 35,991 | | | | | $ | 80,260 | | | | | $ | 11,583 | | | | | $ | — | | | | | $ | 373,469 | | |
| Residential real estate – First liens | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4 | | | | | | — | | | | | | — | | | | | | 4 | | |
|
Residential real estate – Second liens
and lines of credit |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | | 2,643 | | | | | | 940 | | | | | | 985 | | | | | | 349 | | | | | | 61 | | | | | | 1,666 | | | | | | 68,937 | | | | | | 650 | | | | | | 76,231 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 294 | | | | | | 188 | | | | | | — | | | | | | 482 | | |
|
Total Residential real estate – Second liens and lines of credit
|
| | | | 2,643 | | | | | | 940 | | | | | | 985 | | | | | | 349 | | | | | | 61 | | | | | | 1,960 | | | | | | 69,125 | | | | | | 650 | | | | | | 76,713 | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Term Loans Amortized Cost Basis by Origination Year
|
| |
Revolving
loans amortized cost basis |
| |
Revolving
loans converted to term |
| |
Total
|
| ||||||||||||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
2024
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
Prior
|
| ||||||||||||||||||||||||||||||||||||
|
Residential real estate – Second liens
and lines of credit |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9 | | | | | | — | | | | | | — | | | | | | 9 | | |
| Consumer and other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | | 2,610 | | | | | | 4,433 | | | | | | 1,863 | | | | | | 113 | | | | | | 52 | | | | | | 67 | | | | | | 7,900 | | | | | | — | | | | | | 17,038 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 48 | | | | | | — | | | | | | — | | | | | | 48 | | |
|
Total Consumer and other
|
| | | | 2,610 | | | | | | 4,433 | | | | | | 1,863 | | | | | | 113 | | | | | | 52 | | | | | | 115 | | | | | | 7,900 | | | | | | — | | | | | | 17,086 | | |
| Consumer and other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | 6 | | | | | | 4 | | | | | | 6 | | | | | | 1 | | | | | | 18 | | | | | | 150 | | | | | | — | | | | | | 185 | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | $ | 33,785 | | | | | $ | 53,974 | | | | | $ | 89,045 | | | | | $ | 82,548 | | | | | $ | 36,075 | | | | | $ | 79,977 | | | | | $ | 88,420 | | | | | $ | 650 | | | | | $ | 464,474 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | 219 | | | | | | 29 | | | | | | 2,358 | | | | | | 188 | | | | | | — | | | | | | 2,794 | | |
|
Total
|
| | | $ | 33,785 | | | | | $ | 53,974 | | | | | $ | 89,045 | | | | | $ | 82,767 | | | | | $ | 36,104 | | | | | $ | 82,335 | | | | | $ | 88,608 | | | | | $ | 650 | | | | | $ | 467,268 | | |
| | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
December 31, 2023
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Term Loans Amortized Cost Basis by Origination Year
|
| |
Revolving
loans amortized cost basis |
| |
Revolving
loans converted to term |
| |
Total
|
| ||||||||||||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| |
Prior
|
| ||||||||||||||||||||||||||||||||||||
|
Residential real estate – First liens
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | $ | 41,984 | | | | | $ | 90,220 | | | | | $ | 95,232 | | | | | $ | 37,966 | | | | | $ | 22,934 | | | | | $ | 75,918 | | | | | $ | 8,982 | | | | | $ | — | | | | | $ | 373,236 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | 33 | | | | | | 101 | | | | | | 208 | | | | | | 2,514 | | | | | | — | | | | | | — | | | | | | 2,856 | | |
|
Total Residential real estate – First liens
|
| | | $ | 41,984 | | | | | $ | 90,220 | | | | | $ | 95,265 | | | | | $ | 38,067 | | | | | $ | 23,142 | | | | | $ | 78,432 | | | | | $ | 8,982 | | | | | $ | — | | | | | $ | 376,092 | | |
|
Residential real estate – First liens
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Residential real estate – Second liens and lines of credit
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | | 1,045 | | | | | | 1,702 | | | | | | 386 | | | | | | 184 | | | | | | 205 | | | | | | 2,259 | | | | | | 60,573 | | | | | | — | | | | | | 66,354 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 294 | | | | | | — | | | | | | 294 | | |
|
Total Residential real estate – Second liens and lines of credit
|
| | | | 1,045 | | | | | | 1,702 | | | | | | 386 | | | | | | 184 | | | | | | 205 | | | | | | 2,259 | | | | | | 60,867 | | | | | | — | | | | | | 66,648 | | |
|
Residential real estate – Second liens and lines of credit
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Consumer and other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | | 5,007 | | | | | | 437 | | | | | | 213 | | | | | | 150 | | | | | | 73 | | | | | | 85 | | | | | | 10,768 | | | | | | — | | | | | | 16,733 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7 | | | | | | — | | | | | | 7 | | |
|
Total Consumer and other
|
| | | | 5,007 | | | | | | 437 | | | | | | 213 | | | | | | 150 | | | | | | 73 | | | | | | 85 | | | | | | 10,775 | | | | | | — | | | | | | 16,740 | | |
| | | |
December 31, 2023
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Term Loans Amortized Cost Basis by Origination Year
|
| |
Revolving
loans amortized cost basis |
| |
Revolving
loans converted to term |
| |
Total
|
| ||||||||||||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| |
Prior
|
| ||||||||||||||||||||||||||||||||||||
| Consumer and other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | — | | | | | | 1 | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | $ | 48,036 | | | | | $ | 92,359 | | | | | $ | 95,831 | | | | | $ | 38,300 | | | | | $ | 23,212 | | | | | $ | 78,262 | | | | | $ | 80,323 | | | | | $ | — | | | | | $ | 456,323 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | 33 | | | | | | 101 | | | | | | 208 | | | | | | 2,514 | | | | | | 301 | | | | | | — | | | | | | 3,157 | | |
|
Total
|
| | | $ | 48,036 | | | | | $ | 92,359 | | | | | $ | 95,864 | | | | | $ | 38,401 | | | | | $ | 23,420 | | | | | $ | 80,776 | | | | | $ | 80,624 | | | | | $ | — | | | | | $ | 459,480 | | |
| | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
2024
|
| |||
|
Purchase price of loans at acquisition
|
| | | $ | 435,704 | | |
|
Allowance for credit losses at acquisition
|
| | | | 6,603 | | |
|
Non-credit (discount) premium at acquisition
|
| | | | (16,981) | | |
|
Par value of acquired loans at acquisition
|
| | | $ | 425,326 | | |
| | | |
December 31,
|
| |||||||||
|
(In Thousands)
|
| |
2024
|
| |
2023
|
| ||||||
|
Land
|
| | | $ | 2,334 | | | | | $ | 3,099 | | |
|
Buildings and improvements
|
| | | | 11,629 | | | | | | 13,307 | | |
|
Furniture, fixtures, and equipment
|
| | | | 6,489 | | | | | | 6,340 | | |
|
Leasehold Improvements
|
| | | | 4,128 | | | | | | 3,450 | | |
| | | | | | 24,580 | | | | | | 26,196 | | |
|
Accumulated Depreciation
|
| | | | (6,551) | | | | | | (6,066) | | |
|
Total
|
| | | $ | 18,029 | | | | | $ | 20,130 | | |
|
(In Thousands)
|
| |
December 31,
2024 |
| |
December 31,
2023 |
| ||||||
| Right-of-Use Asset | | | | | | | | | | | | | |
|
Operating leases
|
| | | $ | 14,039 | | | | | $ | 14,527 | | |
|
Finance leases
|
| | | | 874 | | | | | | 970 | | |
|
Total Right-of-Use Asset
|
| | | $ | 14,913 | | | | | $ | 15,497 | | |
| Lease Liabilities | | | | | | | | | | | | | |
|
Operating leases
|
| | | $ | 14,412 | | | | | $ | 15,006 | | |
|
Finance leases
|
| | | | 1,254 | | | | | | 1,355 | | |
|
Total lease liabilities
|
| | | $ | 15,666 | | | | | $ | 16,361 | | |
|
(In Thousands)
|
| |
December 31,
2024 |
| |
December 31,
2023 |
| ||||||
| Finance lease cost | | | | | | | | | | | | | |
|
Right-of-Use amortization
|
| | | $ | 88 | | | | | | 7 | | |
|
Interest expense
|
| | | | 34 | | | | | | 3 | | |
|
Operating lease cost
|
| | | | 2,334 | | | | | | 1,358 | | |
|
Total lease cost
|
| | | $ | 2,456 | | | | | $ | 1,368 | | |
| | | |
2024
|
| |
2023
|
| ||||||
|
Finance lease weighted-average remaining term (years)
|
| | | | 9.92 | | | | | | 10.92 | | |
|
Finance lease weighted-average discount rate
|
| | | | 2.59% | | | | | | 2.59% | | |
|
Operating lease weighted-average remaining term (years)
|
| | | | 9.01 | | | | | | 9.72 | | |
|
Operating lease weighted-average discount rate
|
| | | | 4.74% | | | | | | 4.15% | | |
|
(In Thousands)
|
| |
Operating
Leases |
| |
Finance
Leases |
| ||||||
|
2025
|
| | | $ | 2,053 | | | | | $ | 138 | | |
|
2026
|
| | | | 2,026 | | | | | | 138 | | |
|
2027
|
| | | | 1,982 | | | | | | 138 | | |
|
2028
|
| | | | 1,841 | | | | | | 138 | | |
|
2029 and thereafter
|
| | | | 10,100 | | | | | | 886 | | |
|
Total Undiscounted Cash Flows
|
| | | $ | 18,002 | | | | | $ | 1,438 | | |
|
Discount on Cash Flows
|
| | | | (3,590) | | | | | | (184) | | |
|
Total lease liabilities
|
| | |
$
|
14,412
|
| | | |
$
|
1,254
|
| |
| | | |
2024
|
| |
2023
|
| ||||||
|
Beginning of year
|
| | | $ | 56,968 | | | | | $ | 35,842 | | |
|
Acquired Goodwill
|
| | | | — | | | | | | 21,126 | | |
|
Measurement period adjustment
|
| | | | 1,838 | | | | | | — | | |
|
Impairment
|
| | | | — | | | | | | — | | |
|
End of year
|
| | | $ | 58,806 | | | | | $ | 56,968 | | |
| | | |
2024
|
| |
2023
|
| ||||||||||||||||||
| | | |
Gross Carrying
Amount |
| |
Accumulated
Amortization |
| |
Gross Carrying
Amount |
| |
Accumulated
Amortization |
| ||||||||||||
| Amortized intangible assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Core deposit intangibles
|
| | | $ | 26,910 | | | | | $ | 6,061 | | | | | $ | 26,910 | | | | | $ | 1,344 | | |
|
Trade name intangibles
|
| | | | 348 | | | | | | 242 | | | | | | 348 | | | | | | 181 | | |
|
Total
|
| | | $ | 27,258 | | | | | $ | 6,303 | | | | | $ | 27,258 | | | | | $ | 1,525 | | |
|
(In Thousands)
|
| | | | | | |
|
2025
|
| | | $ | 4,291 | | |
|
2026
|
| | | | 3,795 | | |
|
2027
|
| | | | 3,271 | | |
|
2028
|
| | | | 2,791 | | |
|
2029
|
| | | | 2,312 | | |
|
2030 and thereafter
|
| | | | 4,495 | | |
| | | | | $ | 20,955 | | |
| | | |
December 31, 2024
|
| |
December 31, 2023
|
| ||||||||||||||||||
|
(In Thousands)
|
| |
Amount
|
| |
%
|
| |
Amount
|
| |
%
|
| ||||||||||||
|
Demand, noninterest-bearing
|
| | | $ | 658,646 | | | | | | 27.89% | | | | | $ | 624,780 | | | | | | 28.42% | | |
|
Demand, interest-bearing
|
| | | | 525,173 | | | | | | 22.25 | | | | | | 425,551 | | | | | | 19.35 | | |
|
Money market and savings
|
| | | | 540,030 | | | | | | 22.88 | | | | | | 554,204 | | | | | | 25.20 | | |
|
Time deposits, $250 and over
|
| | | | 164,901 | | | | | | 6.99 | | | | | | 128,334 | | | | | | 5.84 | | |
|
Time deposits, other
|
| | | | 368,217 | | | | | | 15.60 | | | | | | 346,519 | | | | | | 15.76 | | |
|
Brokered time deposits
|
| | | | 103,615 | | | | | | 4.39 | | | | | | 119,411 | | | | | | 5.43 | | |
| | | | | $ | 2,360,582 | | | | | | 100.0% | | | | | $ | 2,198,799 | | | | | | 100.0% | | |
|
(In Thousands)
|
| |
December 31,
2024 |
| |||
|
One year or less
|
| | | $ | 581,981 | | |
|
More than one year to two years
|
| | | | 35,902 | | |
|
More than two years to three years
|
| | | | 9,522 | | |
|
More than three years to four years
|
| | | | 6,097 | | |
|
More than four years to five years
|
| | | | 2,601 | | |
|
More than five years
|
| | | | 630 | | |
| Total | | | | $ | 636,733 | | |
|
(in Thousands)
|
| |
December 31,
2024 |
| |
December 31,
2023 |
| ||||||
|
Long-term borrowings
|
| | | $ | 40,000 | | | | | $ | — | | |
|
Short-term borrowings
|
| | | | 10,000 | | | | | | 10,000 | | |
|
Subordinated Debt
|
| | | | 61,984 | | | | | | 61,444 | | |
|
Note payable
|
| | | | 565 | | | | | | 590 | | |
| Total | | | | $ | 112,549 | | | | | $ | 72,034 | | |
| | | |
For the Year Ended December 31,
|
| |||||||||
|
(In Thousands)
|
| |
2024
|
| |
2023
|
| ||||||
| Current tax expense | | | | | | | | | | | | | |
|
Federal
|
| | | $ | 716 | | | | | $ | 81 | | |
|
State
|
| | | | 140 | | | | | | 4 | | |
|
Total Current tax expense
|
| | | $ | 856 | | | | | $ | 85 | | |
| Deferred tax (benefit) expense | | | | | | | | | | | | | |
|
Federal
|
| | | $ | 6,182 | | | | | $ | (3,187) | | |
|
State
|
| | | | 348 | | | | | | (259) | | |
|
Total Deferred tax expense (benefit)
|
| | | | 6,530 | | | | | | (3,446) | | |
|
Total tax expense (benefit)
|
| | | $ | 7,386 | | | | | $ | (3,361) | | |
|
(In Thousands)
|
| |
December 31,
2024 |
| |
December 31,
2023 |
| ||||||
| Deferred tax assets: | | | | | | | | | | | | | |
|
Allowance for credit losses
|
| | | $ | 6,516 | | | | | $ | 6,009 | | |
|
Deferred compensation
|
| | | | 965 | | | | | | 757 | | |
|
Net fair value adjustment on acquired net assets
|
| | | | 8,550 | | | | | | 10,355 | | |
|
Net unrealized loss on debt securities
|
| | | | 1,577 | | | | | | 1,025 | | |
|
Net operating loss carryforwards
|
| | | | 2,652 | | | | | | 6,877 | | |
|
Lease liability
|
| | | | 3,659 | | | | | | 3,811 | | |
|
Other
|
| | | | 697 | | | | | | 1,175 | | |
|
Total deferred tax assets
|
| | | $ | 24,616 | | | | | $ | 30,009 | | |
|
(In Thousands)
|
| |
December 31,
2024 |
| |
December 31,
2023 |
| ||||||
| Deferred tax liabilities: | | | | | | | | | | | | | |
|
Premises and equipment
|
| | | $ | (1,701) | | | | | $ | (1,867) | | |
|
Net unrealized gain on cash flow hedge
|
| | | | (347) | | | | | | (150) | | |
|
Right of use asset
|
| | | | (3,488) | | | | | | (3,611) | | |
|
Other
|
| | | | (214) | | | | | | (228) | | |
|
Total deferred tax liabilities
|
| | | | (5,750) | | | | | | (5,856) | | |
|
Net deferred tax asset
|
| | |
$
|
18,866
|
| | | |
$
|
24,153
|
| |
| | |||||||||||||
| | | |
For the Year Ended December 31,
|
| |||||||||||||||||||||
| | | |
2024
|
| |
2023
|
| ||||||||||||||||||
|
(In Thousands)
|
| |
Amount
|
| |
% of Pretax
Income |
| |
Amount
|
| |
% of Pretax
Income |
| ||||||||||||
|
Provision (benefit) at statutory rate
|
| | | $ | 7,055 | | | | | | 21.0% | | | | | $ | (3,219) | | | | | | 21.0% | | |
|
Tax-exempt income, net of TEFRA disallowance
|
| | | | (190) | | | | | | (0.6) | | | | | | (162) | | | | | | 1.1 | | |
|
State income taxes, net of federal income taxes
|
| | | | 385 | | | | | | 1.2 | | | | | | (202) | | | | | | 1.3 | | |
|
Bank-owned life insurance
|
| | | | (343) | | | | | | (1.0) | | | | | | (155) | | | | | | 1.0 | | |
|
Non-deductible merger expenses
|
| | | | — | | | | | | — | | | | | | 387 | | | | | | (2.5) | | |
|
Revaluation of deferred taxes for state tax rates
|
| | | | — | | | | | | — | | | | | | (177) | | | | | | 1.1 | | |
|
Other
|
| | | | 479 | | | | | | 1.4 | | | | | | 167 | | | | | | (1.1) | | |
|
Actual tax expense (benefit) and effective rate
|
| | | $ | 7,386 | | | | | | 22.0% | | | | | $ | (3,361) | | | | | | 21.9% | | |
| | Level I: | | | Quoted prices are available in active markets for identical assets or liabilities as of the reported date. | |
| |
Level II:
|
| | Pricing inputs are other than the quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently and items that are fair-valued using other financial instruments, the parameters of which can be directly observed. | |
| |
Level III:
|
| | Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | |
| | | |
At December 31, 2024
|
| |
At December 31, 2023
|
| ||||||||||||||||||
|
(In Thousands)
|
| |
Carrying
Amount |
| |
Fair
Value |
| |
Carrying
Amount |
| |
Fair
Value |
| ||||||||||||
|
Financial assets:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Cash and cash equivalents (Level 1)
|
| | | $ | 166,100 | | | | | $ | 166,100 | | | | | $ | 80,190 | | | | | $ | 80,190 | | |
|
Securities held to maturity (Level 2)
|
| | | | 31,508 | | | | | | 30,284 | | | | | | 36,223 | | | | | | 34,236 | | |
|
Loans, net of allowance for credit losses (Level 3)
|
| | | | 2,229,314 | | | | | | 2,231,057 | | | | | | 2,104,517 | | | | | | 2,027,937 | | |
|
Accrued interest receivable (Level 1)
|
| | | | 9,870 | | | | | | 9,870 | | | | | | 9,831 | | | | | | 9,831 | | |
|
Restricted investments in bank stock (Level 1)
|
| | | | 5,209 | | | | | | 5,209 | | | | | | 3,965 | | | | | | 3,965 | | |
|
Cash surrender value of life insurance (Level 1)
|
| | | | 52,079 | | | | | | 52,079 | | | | | | 48,847 | | | | | | 48,847 | | |
| | | |
At December 31, 2024
|
| |
At December 31, 2023
|
| ||||||||||||||||||
|
(In Thousands)
|
| |
Carrying
Amount |
| |
Fair
Value |
| |
Carrying
Amount |
| |
Fair
Value |
| ||||||||||||
|
Financial liabilities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Non-maturity deposits (Level 1)
|
| | | | 1,723,849 | | | | | | 1,723,849 | | | | | | 1,604,535 | | | | | | 1,604,535 | | |
|
Time Deposits (Level 3)
|
| | | | 636,733 | | | | | | 634,875 | | | | | | 594,264 | | | | | | 589,699 | | |
|
Long-term borrowings (Level 3)
|
| | | | 40,000 | | | | | | 40,256 | | | | | | — | | | | | | — | | |
|
Short-term borrowings (Level 1)
|
| | | | 10,000 | | | | | | 10,000 | | | | | | 10,000 | | | | | | 10,000 | | |
|
Note payable (Level 3)
|
| | | | 565 | | | | | | 565 | | | | | | 590 | | | | | | 590 | | |
|
Subordinated Notes (Level 3)
|
| | | | 61,984 | | | | | | 60,251 | | | | | | 61,444 | | | | | | 57,303 | | |
|
Accrued interest payable (Level 1)
|
| | | | 1,865 | | | | | | 1,865 | | | | | | 1,466 | | | | | | 1,466 | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
US Government Agency securities
|
| | | $ | — | | | | | $ | 13,073 | | | | | $ | — | | | | | $ | 13,073 | | |
|
Obligations of state and political subdivisions
|
| | | | — | | | | | | 47,201 | | | | | | — | | | | | | 47,201 | | |
|
Mortgage backed securities in government-sponsored entities
|
| | | | — | | | | | | 84,783 | | | | | | — | | | | | | 84,783 | | |
|
Other securities
|
| | | | — | | | | | | 533 | | | | | | — | | | | | | 533 | | |
| Total | | | | $ | — | | | | | $ | 145,590 | | | | | $ | — | | | | | $ | 145,590 | | |
|
Derivative
|
| | | $ | — | | | | | $ | — | | | | | $ | 1,654 | | | | | $ | 1,654 | | |
| | | |
December 31, 2023
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
US Government Agency securities
|
| | | $ | — | | | | | $ | 12,985 | | | | | $ | — | | | | | $ | 12,985 | | |
|
US Government Treasury securities
|
| | | | — | | | | | | 4,942 | | | | | | — | | | | | | 4,942 | | |
|
Obligations of state and political subdivisions
|
| | | | — | | | | | | 47,045 | | | | | | — | | | | | | 47,045 | | |
|
Mortgage backed securities in government-sponsored entities
|
| | | | — | | | | | | 48,181 | | | | | | — | | | | | | 48,181 | | |
|
Other securities
|
| | | | — | | | | | | 2,337 | | | | | | — | | | | | | 2,337 | | |
| Total | | | | $ | — | | | | | $ | 115,490 | | | | | $ | — | | | | | $ | 115,490 | | |
|
Derivative
|
| | | $ | — | | | | | $ | — | | | | | $ | 716 | | | | | $ | 716 | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
|
Loans individually evaluated
|
| | | $ | — | | | | | $ | — | | | | | $ | 21,519 | | | | | $ | 21,519 | | |
| | | |
December 31, 2023
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
|
Loans individually evaluated
|
| | | $ | — | | | | | $ | — | | | | | $ | 13,223 | | | | | $ | 13,223 | | |
| | | |
December 31, 2024
|
| |||||||||||||||
| | | |
Quantitative Information About
Level III Fair Value Measurements |
| |||||||||||||||
|
(In Thousands)
|
| |
Fair Value
|
| |
Valuation
Techniques |
| |
Unobservable
Input |
| |
Range (Weighted
Average) |
| ||||||
|
Loans individually evaluated
|
| | | $ | 21,519 | | | |
Appraisal of
collateral(1) |
| |
Liquidation
expenses |
| | | | 10% | | |
| | | |
December 31, 2023
|
| |||||||||||||||
| | | |
Quantitative Information About
Level III Fair Value Measurements |
| |||||||||||||||
|
(In Thousands)
|
| |
Fair Value
|
| |
Valuation
Techniques |
| |
Unobservable
Input |
| |
Range (Weighted
Average) |
| ||||||
|
Loans individually evaluated
|
| | | $ | 13,223 | | | |
Appraisal of
collateral(1) |
| |
Liquidation
expenses |
| | | | 10% | | |
| | | |
2024
|
| |
2023
|
| ||||||
|
Beginning balance
|
| | | $ | 40,749 | | | | | $ | 1,853 | | |
|
New loans
|
| | | | 2,560 | | | | | | 659 | | |
|
Effect of changes in composition of related parties
|
| | | | — | | | | | | 38,536 | | |
|
Net repayments in existing accounts
|
| | | | (9,976) | | | | | | (299) | | |
|
Ending balance
|
| | | $ | 33,333 | | | | | $ | 40,749 | | |
| | | |
Number
of Shares |
| |
Weighted-
Average Exercise Price |
| |
Weighted-
Average Remaining Contractual Term in Years |
| |
Aggregate
Intrinsic Value (in ‘000s) |
| ||||||||||||
|
Outstanding, December 31, 2023
|
| | | | 514,000 | | | | | $ | 9.72 | | | | | | 6.8 | | | | | $ | — | | |
|
Granted
|
| | | | 150,193 | | | | | | 6.46 | | | | | | 7.7 | | | | | | — | | |
|
Expired/terminated
|
| | | | (70,025) | | | | | | 8.08 | | | | | | — | | | | | | | | |
|
Exercised
|
| | | | (2,377) | | | | | | 5.56 | | | | | | — | | | | | | | | |
|
Outstanding, December 31, 2024
|
| | | | 591,791 | | | | | $ | 9.10 | | | | | | 6.0 | | | | | $ | 145 | | |
|
Exercisable at period end
|
| | | | 401,991 | | | | | $ | 9.73 | | | | | | 4.7 | | | | | $ | 47 | | |
| | | |
December 31,
|
| |||||||||
| | | |
2024
|
| |
2023
|
| ||||||
|
Weighted average fair value of options granted
|
| | | $ | 1.66 | | | | | $ | 1.84 | | |
|
Dividend yield
|
| | | | 4.60% | | | | | | 4.29% | | |
|
Expected volatility
|
| | | | 35.24% | | | | | | 35.45% | | |
|
Risk-free interest rate
|
| | | | 4.47% | | | | | | 4.20% | | |
|
Expected life (in years)
|
| | | | 6.1 | | | | | | 6.5 | | |
|
Assumed forfeiture rate
|
| | | | 0.00% | | | | | | 4.00% | | |
| | | |
Number
of Shares |
| |
Average Market
Price at Grant |
| ||||||
|
Outstanding, December 31, 2023
|
| | | | 384,724 | | | | | $ | 6.30 | | |
|
Restricted Stock Units Granted
|
| | | | 125,000 | | | | | | 6.58 | | |
|
Expired/terminated
|
| | | | — | | | | | | | | |
|
Vested
|
| | | | (116,641) | | | | | | | | |
|
Outstanding, December 31, 2024
|
| | | | 393,083 | | | | | $ | 6.40 | | |
| | | |
December 31,
|
| |||||||||
|
(in thousands, except share data)
|
| |
2024
|
| |
2023
|
| ||||||
|
Stock-based compensation expense recognized
|
| | | $ | 988 | | | | | $ | 244 | | |
| Number of unvested shares: | | | | | | | | | | | | | |
|
Restricted stock plans
|
| | | | 393,083 | | | | | | 384,724 | | |
|
Stock option plans
|
| | | | 189,800 | | | | | | 223,500 | | |
| Fair value of unvested stock options: | | | | | | | | | | | | | |
|
Restricted stock plans
|
| | | $ | 2,518 | | | | | $ | 2,422 | | |
|
Stock option plans
|
| | | $ | 193 | | | | | $ | 355 | | |
| Amount remaining to be recognized as expense | | | | | | | | | | | | | |
|
Restricted stock plans
|
| | | $ | 2,246 | | | | | $ | 2,314 | | |
|
Stock option plans
|
| | | $ | 161 | | | | | $ | 310 | | |
| | | |
December 31, 2024
|
| |
December 31, 2023
|
| ||||||||||||||||||
|
(In Thousands)
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||
| Total capital | | | | | | | | | | | | | | | | | | | | | | | | | |
| (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Actual
|
| | | $ | 282,736 | | | | | | 11.55% | | | | | $ | 251,042 | | | | | | 10.62% | | |
|
For capital adequacy purposes
|
| | | | 195,914 | | | | | | 8.00 | | | | | | 188,807 | | | | | | 8.00 | | |
|
To be well capitalized
|
| | | | 244,892 | | | | | | 10.00 | | | | | | 236,009 | | | | | | 10.00 | | |
| Tier 1 capital | | | | | | | | | | | | | | | | | | | | | | | | | |
| (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Actual
|
| | | $ | 263,058 | | | | | | 10.74% | | | | | $ | 234,533 | | | | | | 9.92% | | |
|
For capital adequacy purposes
|
| | | | 146,935 | | | | | | 6.00 | | | | | | 141,605 | | | | | | 6.00 | | |
|
To be well capitalized
|
| | | | 195,914 | | | | | | 8.00 | | | | | | 188,807 | | | | | | 8.00 | | |
| Common equity | | | | | | | | | | | | | | | | | | | | | | | | | |
| (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Actual
|
| | | $ | 263,058 | | | | | | 10.74% | | | | | $ | 234,533 | | | | | | 9.92% | | |
|
For capital adequacy purposes
|
| | | | 110,201 | | | | | | 4.50 | | | | | | 106,204 | | | | | | 4.50 | | |
|
To be well capitalized
|
| | | | 159,180 | | | | | | 6.50 | | | | | | 153,406 | | | | | | 6.50 | | |
| Tier 1 capital | | | | | | | | | | | | | | | | | | | | | | | | | |
| (to average assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Actual
|
| | | $ | 263,058 | | | | | | 9.49% | | | | | $ | 234,533 | | | | | | 14.13% | | |
|
For capital adequacy purposes
|
| | | | 110,867 | | | | | | 4.00 | | | | | | 66,412 | | | | | | 4.00 | | |
|
To be well capitalized
|
| | | | 138,584 | | | | | | 5.00 | | | | | | 83,016 | | | | | | 5.00 | | |
|
(In Thousands)
|
| |
December 31,
2024 |
| |
December 31,
2023 |
| ||||||
| Unfunded commitments under lines of credit: | | | | | | | | | | | | | |
|
Home equity loans
|
| | | $ | 97,677 | | | | | $ | 116,964 | | |
|
Commercial real estate, construction, and land development
|
| | | | 161,551 | | | | | | 186,966 | | |
|
Commercial and industrial
|
| | | | 353,078 | | | | | | 306,024 | | |
|
Total
|
| | |
$
|
612,306
|
| | | |
$
|
609,954
|
| |
| | | |
Year Ended December 31,
|
| |||||||||
|
(In Thousands, except share and per share data)
|
| |
2024
|
| |
2023
|
| ||||||
|
Net income (loss)
|
| | | $ | 26,209 | | | | | $ | (11,968) | | |
|
Basic weighted average common shares outstanding
|
| | | | 36,990,672 | | | | | | 17,753,914 | | |
|
Net effect of dilutive stock options and warrants
|
| | | | 5,792 | | | | | | — | | |
|
Net effect of dilutive restricted stock awards
|
| | | | 109,150 | | | | | | — | | |
|
Diluted weighted average common shares outstanding
|
| | | | 37,105,614 | | | | | | 17,753,914 | | |
| Net income (loss) per common share: | | | | | | | | | | | | | |
|
Basic
|
| | | $ | 0.71 | | | | | $ | (0.67) | | |
|
Diluted
|
| | | $ | 0.71 | | | | | $ | (0.67) | | |
| | | |
Year Ended December 31,
|
| |||||||||
| | | |
2024
|
| |
2023
|
| ||||||
|
Stock Options
|
| | | | 110,191 | | | | | | — | | |
|
Warrants
|
| | | | — | | | | | | — | | |
|
Restricted Stock Awards
|
| | | | 388,083 | | | | | | — | | |
|
Total dilutive securities
|
| | | | 498,274 | | | | | | — | | |
| | | |
Year Ended December 31,
|
| |||||||||
| | | |
2024
|
| |
2023
|
| ||||||
|
Stock Options
|
| | | | 481,600 | | | | | | — | | |
|
Warrants
|
| | | | 1,537,484 | | | | | | 1,537,484 | | |
|
Restricted Stock Awards
|
| | | | 5,000 | | | | | | 5,304 | | |
|
Total anti-dilutive securities
|
| | | | 2,024,084 | | | | | | 1,542,788 | | |
| | | |
For the Year Ended December 31,
|
| |||||||||
| | | |
2024
|
| |
2023
|
| ||||||
| Non-interest income in-scope of Topic 606 | | | | | | | | | | | | | |
|
Service charges and activity fees on deposits
|
| | | $ | 4,518 | | | | | $ | 1,150 | | |
|
Fees on loan related activity
|
| | | | 1,854 | | | | | | 581 | | |
|
Other
|
| | | | 361 | | | | | | 327 | | |
|
Non-interest income (in-scope of Topic 606)
|
| | | | 6,733 | | | | | | 2,058 | | |
|
Non-interest income (out-of-scope of Topic 606)
|
| | | | 2,129 | | | | | | (971) | | |
|
Total non-interest income
|
| | | $ | 8,862 | | | | | $ | 1,087 | | |
| | | |
December 31,
|
| |||||||||
|
(In thousands)
|
| |
2024
|
| |
2023
|
| ||||||
| ASSETS | | | | | | | | | | | | | |
|
Noninterest-bearing cash equivalents
|
| | | $ | 376 | | | | | $ | 12,547 | | |
|
Investment in subsidiaries
|
| | | | 334,381 | | | | | | 309,015 | | |
|
Other Assets
|
| | | | 8,197 | | | | | | 7,075 | | |
|
TOTAL ASSETS
|
| | | $ | 342,954 | | | | | $ | 328,637 | | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
|
Subordinated debt
|
| | | $ | 61,984 | | | | | $ | 61,444 | | |
|
Other liabilities
|
| | | | 749 | | | | | | 1,397 | | |
|
Shareholders’ equity
|
| | | | 280,221 | | | | | | 265,796 | | |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | $ | 342,954 | | | | | $ | 328,637 | | |
| | | |
Years Ended December 31,
|
| |||||||||
|
(in thousands)
|
| |
2024
|
| |
2023
|
| ||||||
| Income: | | | | | | | | | | | | | |
|
Interest income
|
| | | $ | — | | | | | $ | — | | |
|
Dividend income from subsidiaries
|
| | | | 3,900 | | | | | | — | | |
|
Other income
|
| | | | 86 | | | | | | — | | |
| Expenses: | | | | | | | | | | | | | |
|
Interest expense
|
| | | | 3,869 | | | | | | 1,926 | | |
|
Other noninterest expenses
|
| | | | 1,245 | | | | | | 5,135 | | |
|
Income before income tax
|
| | | | (1,128) | | | | | | (7,061) | | |
|
Income tax benefit
|
| | | | (1,056) | | | | | | (1,128) | | |
| | | | | | (72) | | | | | | (5,933) | | |
|
Equity in undistributed subsidiary (loss) income
|
| | | | 26,281 | | | | | | (6,035) | | |
|
Net income (loss)
|
| | | $ | 26,209 | | | | | $ | (11,968) | | |
|
Comprehensive income (loss)
|
| | | $ | 24,873 | | | | | $ | (8,772) | | |
| | | |
Years Ended December 31,
|
| |||||||||
|
(in thousands)
|
| |
2024
|
| |
2023
|
| ||||||
| OPERATING ACTIVITIES | | | | | | | | | | | | | |
|
Net income (loss)
|
| | | $ | 26,209 | | | | | $ | (11,968) | | |
| Adjustments: | | | | | | | | | | | | | |
|
Undistributed (loss) earnings of subsidiaries
|
| | | | (30,181) | | | | | | 6,035 | | |
|
Accretion (amortization) of premiums and discounts
|
| | | | 540 | | | | | | (118) | | |
|
Share-based and deferred compensation
|
| | | | 85 | | | | | | — | | |
|
Other, net
|
| | | | (1,786) | | | | | | (549) | | |
|
Net cash used in operating activities
|
| | | | (5,133) | | | | | | (6,600) | | |
| | | |
Years Ended December 31,
|
| |||||||||
|
(in thousands)
|
| |
2024
|
| |
2023
|
| ||||||
| INVESTING ACTIVITIES | | | | | | | | | | | | | |
|
Net cash acquired through merger and acquisition
|
| | | | — | | | | | | 8,014 | | |
|
Investments in subsidiaries
|
| | | | — | | | | | | (10,400) | | |
|
Cash dividends from subsidiaries
|
| | | | 3,900 | | | | | | — | | |
|
Net cash from dissolution of subsidiary
|
| | | | — | | | | | | 635 | | |
|
Net cash used in investing activities
|
| | | | 3,900 | | | | | | (1,751) | | |
| FINANCING ACTIVITIES | | | | | | | | | | | | | |
|
Proceeds from issuance of common stock, net
|
| | | | 153 | | | | | | 10,132 | | |
|
Issuance of shares from exercise of stock options
|
| | | | 14 | | | | | | 150 | | |
|
Dividends paid
|
| | | | (11,105) | | | | | | (4,870) | | |
|
Net cash provided by financing activities
|
| | | | (10,938) | | | | | | 5,412 | | |
|
(Decrease) Increase in cash and cash equivalents
|
| | | | (12,171) | | | | | | (2,939) | | |
|
Cash and cash equivalents at the beginning of the period
|
| | | | 12,547 | | | | | | 15,486 | | |
|
Cash and cash equivalents at the end of the period
|
| | | $ | 376 | | | | | $ | 12,547 | | |
| | |||||||||||||
| | | |
For the year ended December 31,
|
| |||||||||
|
(In thousands)
|
| |
2024
|
| |
2023
|
| ||||||
|
Interest Income
|
| | | $ | 158,724 | | | | | $ | 65,198 | | |
| Reconciliation of revenue | | | | | | | | | | | | | |
|
Other revenues
|
| | | | 8,862 | | | | | | 1,087 | | |
|
Total consolidated revenues
|
| | | $ | 167,586 | | | | | $ | 66,285 | | |
|
Interest Expense
|
| | | | 58,830 | | | | | | 26,487 | | |
|
Segment net interest income and noninterest income
|
| | | $ | 108,756 | | | | | $ | 39,798 | | |
|
Provision for credit losses
|
| | | | 257 | | | | | | 9,295 | | |
|
Salaries and employee benefits
|
| | | | 41,061 | | | | | | 20,612 | | |
|
Other Expenses
|
| | | | 41,229 | | | | | | 21,859 | | |
|
Consolidated net income (loss)
|
| | | $ | 26,209 | | | | | $ | (11,968) | | |
| Other segment disclosures | | | | | | | | | | | | | |
| | | |
For the year ended December 31,
|
| |||||||||
|
(In thousands)
|
| |
2024
|
| |
2023
|
| ||||||
|
Interest income
|
| | | $ | 158,724 | | | | | $ | 65,198 | | |
|
Interest expense
|
| | | $ | 58,830 | | | | | $ | 26,487 | | |
|
Depreciation
|
| | | $ | 1,892 | | | | | $ | 1,121 | | |
|
Amortization
|
| | | $ | 4,778 | | | | | $ | 663 | | |
| Other significant noncash items: | | | | | | | | | | | | | |
|
Provision for credit loss
|
| | | $ | 257 | | | | | $ | 9,295 | | |
|
Total consolidated assets
|
| | | $ | 2,878,778 | | | | | $ | 2,669,325 | | |
|
December 31, 2024
|
| |
Gains and
Losses on Cash Flow Hedges |
| |
Unrealized
Gains and Losses on Available-for- Sale Securities |
| |
Total
|
| |||||||||
|
Beginning balance
|
| | | $ | 566 | | | | | $ | (3,775) | | | | | $ | (3,209) | | |
|
Other comprehensive income before reclassification
|
| | | | (382) | | | | | | (2,074) | | | | | | (2,456) | | |
|
Amounts reclassified from accumulated other comprehensive income
|
| | | | 1,123 | | | | | | (3) | | | | | | 1,120 | | |
|
Net current period other comprehensive income
|
| | | | 741 | | | | | | (2,077) | | | | | | (1,336) | | |
|
Ending balance
|
| | | $ | 1,307 | | | | | $ | (5,852) | | | | | $ | (4,545) | | |
|
December 31, 2023
|
| |
Gains and
Losses on Cash Flow Hedges |
| |
Unrealized
Gains and Losses on Available-for- Sale Securities |
| |
Total
|
| |||||||||
|
Beginning balance
|
| | | $ | — | | | | | $ | (6,405) | | | | | $ | (6,405) | | |
|
Other comprehensive income before reclassification
|
| | | | 256 | | | | | | 2,630 | | | | | | 2,886 | | |
|
Amounts reclassified from accumulated other comprehensive income
|
| | | | 310 | | | | | | — | | | | | | 310 | | |
|
Net current period other comprehensive income
|
| | | | 566 | | | | | | 2,630 | | | | | | 3,196 | | |
|
Ending balance
|
| | | $ | 566 | | | | | $ | (3,775) | | | | | $ | (3,209) | | |
|
Details About Accumulated Other Comprehensive Income Components
|
| |
Amount
Reclassified from Accumulated Other Comprehensive Income |
| |
Affected Line in the Consolidated
Statement of Operations |
| |||
| Gains and losses on cash flow hedges | | | | | | | | | | |
|
Interest rate contracts
|
| | | | | | | | | |
|
Total before tax
|
| | | $ | 1,422 | | | |
Interest expense
|
|
|
Tax effect
|
| | | | (299) | | | |
Income tax expense (benefit)
|
|
|
Net of tax
|
| | | $ | 1,123 | | | | | |
|
Unrealized gains and losses on available-for-sale securities
|
| | | | | | | | | |
|
Realized gains on securities available-for-sale securities
|
| | | $ | (4) | | | |
Net realized gains on the
sales of debt securities |
|
|
Tax effect
|
| | | | 1 | | | |
Income tax expense (benefit)
|
|
|
Net of tax
|
| | | $ | (3) | | | | | |
|
Total Reclassification for the period, net of tax
|
| | | $ | 1,120 | | | | | |
|
Details About Accumulated Other Comprehensive Income Components
|
| |
Amount
Reclassified from Accumulated Other Comprehensive Income |
| |
Affected Line in the Consolidated
Statement of Operations |
| |||
| Gains and losses on cash flow hedges | | | | | | | | | | |
|
Interest rate contracts
|
| | | | | | | | | |
|
Total before tax
|
| | | $ | 392 | | | |
Interest expense
|
|
|
Tax effect
|
| | | | (82) | | | |
Income tax expense (benefit)
|
|
|
Total Reclassification for the period, net of tax
|
| | | $ | 310 | | | | | |
|
Plan Category
|
| |
Number of
Securities to be Issued Upon Exercise of Outstanding Options, Warrants, and Rights (a) |
| |
Weighted-Average
Exercise Price of Outstanding Options, Warrants, and Rights (b) |
| |
Number of Securities
Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column (a)) (c) |
| |||||||||
|
Equity compensation plans approved by security holders
|
| | | | | | | | | | | | | | | | | | |
|
2019 Equity Incentive Plan
|
| | | | 352,000 | | | | | $ | 10.27 | | | | | | — | | |
|
2022 Equity Incentive Plan
|
| | | | 215,100 | | | | | $ | 7.57 | | | | | | 65,300 | | |
|
Equity compensation plans not approved by security holders
|
| | | | — | | | | | $ | — | | | | | | — | | |
|
Total
|
| | | | 567,100 | | | | | $ | — | | | | | | 65,300 | | |
| |
Exhibit
Number |
| |
Description
|
|
| | 2.1 | | |
Branch Purchase and Assumption Agreement by and between American Heritage Federal Credit Union and LINKBANK, dated May 9, 2024, incorporated by reference to Exhibit 10.1 to form 10-Q, filed August 12, 2024.
|
|
| | 3.1 | | |
Articles of Incorporation, as amended, incorporated by reference to Exhibit 3.1 to Form S-4 Registration Statement, filed May 7, 2021
|
|
| | 3.2 | | | Amendment to Articles of Incorporation, dated November 20, 2023 | |
| | 3.3 | | |
Amended and Restated Bylaws, incorporated by reference to Exhibit 3.1 to Form 8-K filed December 1, 2023
|
|
| | 4.1 | | |
Specimen stock certificate, incorporated by reference to Exhibit 4.1 to Form S-4 Registration Statement, filed May 6, 2021
|
|
| | 4.2. | | |
LINKBANCORP, inc. 5.00% Fixed to Floating Rate Subordinated Note Due October 1, 2030, incorporated by reference to Exhibit 4.2 to Form S-4 Registration Statement, filed May 7, 2021
|
|
| | 4.3 | | |
Form of Warrant, incorporated by reference to Exhibit 4.3 to Form S-4 Registration Statement, filed May 7, 2021
|
|
| | 4.4 | | |
Form of 4.50% Fixed to Floating Rate Subordinated Note due 2032 of LINKBANCORP, Inc., incorporated by reference to Exhibit 4.1 to Form 8-K, filed on April 11, 2022
|
|
| | 4.5 | | |
Description of Common Stock incorporated by reference to Exhibit 4.5 to the Form 10-K filed on March 30, 2023
|
|
| | 10.1* | | |
LINKBANCORP 2019 Equity Incentive Plan, incorporated by reference to Exhibit 10.7 to Form S-4 Registration Statement, filed May 7, 2021
|
|
| | 10.2* | | |
Form of Incentive Stock Option (ISO) Agreement, incorporated by reference to Exhibit 10.8 to Form S-4 Registration Statement, filed May 7, 2021
|
|
| | 10.3* | | |
Form of Non-Qualified Stock Option Agreement, incorporated by reference to Exhibit 10.9 to Form S-4 Registration Statement, filed May 7, 2021
|
|
| | 10.4* | | |
Form of Amendment to the Executive Employment Agreement, incorporated by reference to Exhibit 10.1 to Form 8-K, filed on February 22, 2023
|
|
| | 10.5* | | |
Form of Waiver of Accelerated Vesting Upon Change in Control, incorporated by reference to Exhibit 10.2 to Form 8-K, filed on February 22, 2023
|
|
| | 10.6* | | |
Amendment to the Supplemental Retirement Plan Agreement for Andrew Samuel, incorporated by reference to Exhibit 10.3 to Form 8-K, filed on February 22, 2023
|
|
| | 10.7* | | |
LINKBANK Split Dollar Life Insurance Plan, dated January 24, 2019, incorporated by reference to Exhibit 10.13 to Form S-4 Registration Statement, filed May 7, 2021
|
|
| | 10.8* | | | [Reserved] | |
| | 10.9* | | |
Employment Agreement between LINKBANCORP, Inc., The Gratz Bank and Andrew S. Samuel dated October 28, 2021, incorporated by reference to Exhibit 10.1 to Form 8-K filed November 3, 2021
|
|
| | 10.10* | | |
Employment Agreement between LINKBANCORP, Inc., The Gratz Bank and Carl Lundblad dated October 28, 2021, incorporated by reference to Exhibit 10.2 to Form 8-K filed November 3, 2021
|
|
| | 10.11* | | |
Employment Agreement between LINKBANCORP, Inc., The Gratz Bank and Brent Smith dated October 28, 2021, incorporated by reference to Exhibit 10.3 to Form 8-K filed November 3, 2021
|
|
| | 10.12* | | |
Change in Control Agreement between LINKBANCORP, Inc., The Gratz Bank and Kristofer Paul dated October 28, 2021, incorporated by reference to Exhibit 10.4 to Form 8-K filed November 3, 2021
|
|
| |
Exhibit
Number |
| |
Description
|
|
| | 10.13* | | |
Supplemental Executive Retirement Plan Agreement between The Gratz Bank and Andrew S. Samuel dated October 28, 2021, incorporated by reference to Exhibit 10.5 to Form 8-K filed November 3, 2021
|
|
| | 10.14* | | |
Deferred Compensation Agreement between The Gratz Bank and Carl Lundblad dated October 28, 2021, incorporated by reference to Exhibit 10.6 to Form 8-K filed November 3, 2021
|
|
| | 10.15* | | |
Deferred Compensation Agreement between The Gratz Bank and Kristofer Paul dated October 28, 2021, incorporated by reference to Exhibit 10.7 to Form 8-K filed November 3, 2021
|
|
| | 10.16* | | |
Deferred Compensation Agreement between The Gratz Bank and Brent Smith dated October 28, 2021, incorporated by reference to Exhibit 10.8 to Form 8-K filed November 3, 2021
|
|
| | 10.17* | | |
LINKBANCORP, Inc. Executive Incentive Plan, incorporated by reference to Exhibit 10.1 to Form 8-K filed February 1, 2022
|
|
| | 10.18* | | |
First Amendment to Deferred Compensation Agreement between LINKBANK and Carl Lundblad, dated October 24, 2024, incorporated by reference to Exhibit 10.1 to Form 8-K filed October 28, 2024.
|
|
| | 10.19* | | |
First Amendment to Deferred Compensation Agreement between LINKBANK and Brent Smith, dated October 24, 2024, incorporated by reference to Exhibit 10.2 to Form 8-K filed October 28, 2024.
|
|
| | 10.20* | | |
Director Deferred Compensation Agreement with David H. Koppenhaver, incorporated by reference to Exhibit 10.20 to Form 10-K filed March 31, 2022
|
|
| | 10.21* | | | [Reserved] | |
| | 10.22* | | | [Reserved] | |
| | 10.23* | | |
Director Deferred Compensation Agreement with Joseph Michetti, Jr., incorporated by reference to Exhibit 10.23 to Form 10-K filed March 31, 2022
|
|
| | 10.24* | | | [Reserved] | |
| | 10.25 | | |
Form of Subordinated Note Purchase Agreement, dated April 8, 2022, by and between LINKBANCORP, Inc. and the several Purchasers, incorporated by reference to Exhibit 10.1 to Form 8-K filed April, 11, 2022
|
|
| | 10.26* | | |
LINKBANCORP, Inc. 2022 Equity Incentive Plan, incorporated by reference to Exhibit 10.1 to Form 8-K filed June 2, 2022
|
|
| | 10.27* | | |
LINKBANCORP, Inc. 2022 Employee Stock Purchase Plan, incorporated by reference to Exhibit 10.2 to Form 8-K filed June 2, 2022
|
|
| | 10.28* | | |
Employment Agreement, dated as of February 22, 2023, by and among LINKBANCORP, Inc., LINKBANK and John W. Breda, incorporated by reference to Exhibit 10.1 to Form 8-K filed December 1, 2023
|
|
| | 10.29* | | |
Separation and Non-Competition Agreement, dated as of April 19, 2023, by and between LINKBANCORP, Inc. and Lloyd B. Harrison, III, incorporated by reference to Exhibit 10.2 to Form 8-K filed December 1, 2023
|
|
| | 10.30* | | |
Amendment to the Supplemental Retirement Plan Agreement for Andrew Samuel, effective as of December 1, 2023, incorporated by reference to Exhibit 10.3 to Form 8-K filed December 1, 2023
|
|
| | 14.1 | | |
Code of Ethics for Senior Officers, incorporated by reference to Exhibit 14.1 to the Form 10-K filed on March 30, 2023
|
|
| | 19 | | | Inside Information and Insider Trading Policy | |
| | 21.1 | | | Subsidiaries of LINKBANCORP, Inc. | |
| |
Exhibit
Number |
| |
Description
|
|
| | 23.1 | | | Consent of Snodgrass P.C. | |
| | 31.1 | | |
Certification of Principal Executive Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
|
|
| | 31.2 | | |
Certification of Principal Financial Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
|
|
| | 32 | | | Section 1350 Certification | |
| | 97 | | | Policy Relating to Recovery of Erroneously Awarded Compensation | |
| |
101 INS**
|
| |
The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document
|
|
| |
101 SCH**
|
| | Inline XBRL Taxonomy Extension Schema Document | |
| |
101 CAL**
|
| | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
| |
101 DEF**
|
| | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
| |
101 LAB**
|
| | Inline XBRL Taxonomy Extension Label Linkbase Document | |
| |
101 PRE**
|
| | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
| | 104 | | |
Cover Page Interactive Data File — the cover page interactive data file does not appear in the interactive date file because its XBRL tags are embedded with the inline XBRL document.
|
|
| |
Signature
|
| |
Title
|
| |
Date
|
| | | ||||
| |
/s/ Andrew Samuel
Andrew Samuel
|
| | Chief Executive Officer (Principal Executive Officer) and Director | | |
March 31, 2025
|
| | | ||||
| |
/s/ Kristofer Paul
Kristofer Paul
|
| | Chief Financial Officer (Principal Financial and Accounting Officer) | | |
March 31, 2025
|
| | | ||||
| |
/s/ Mona Albertine
Mona Albertine
|
| | Director | | |
March 31, 2025
|
| | | ||||
| |
/s/ John Breda
John Breda
|
| | Director | | |
March 31, 2025
|
| | | | | | |
| |
/s/ Michael Clarke
Michael Clarke
|
| | Director | | |
March 31, 2025
|
| | | ||||
| |
/s/ Jennifer Delaye
Jennifer Delaye
|
| | Director | | |
March 31, 2025
|
| | | ||||
| |
/s/ David Doane
David Doane
|
| | Director | | |
March 31, 2025
|
| | | ||||
| |
/s/ Anson Flake
Anson Flake
|
| | Director | | |
March 31, 2025
|
| | | ||||
| |
/s/ Lloyd Harrison
Lloyd Harrison
|
| | Director | | |
March 31, 2025
|
| | | ||||
| |
/s/ William Jones
William Jones
|
| | Director | | |
March 31, 2025
|
| | | ||||
| |
/s/ David Koppenhaver
David Koppenhaver
|
| | Director | | |
March 31, 2025
|
| | | ||||
| |
/s/ Kenneth Lehman
Kenneth Lehman
|
| | Director | | |
March 31, 2025
|
| | | ||||
| |
Signature
|
| |
Title
|
| |
Date
|
|
| |
/s/ Joseph C. Michetti, Jr.
Joseph C. Michetti, Jr.
|
| | Chairman and Director | | |
March 31, 2025
|
|
| |
/s/ George Parmer
George Parmer
|
| | Director | | |
March 31, 2025
|
|
| |
/s/ Debra Pierson
Debra Pierson
|
| | Director | | |
March 31, 2025
|
|
| |
/s/ Diane Poillon
Diane Poillon
|
| | Director | | |
March 31, 2025
|
|
| |
/s/ William Pommerening
William Pommerening
|
| | Director | | |
March 31, 2025
|
|
| |
/s/ George Snead
George Snead
|
| | Director | | |
March 31, 2025
|
|
| |
/s/ Kristen Snyder
Kristen Snyder
|
| | Director | | |
March 31, 2025
|
|
| |
/s/ James Tamburro
James Tamburro
|
| | Director | | |
March 31, 2025
|
|
| |
/s/ Steven Tressler
Steven Tressler
|
| | Director | | |
March 31, 2025
|
|
| |
/s/ Robert Wheatley
Robert Wheatley
|
| | Director | | |
March 31, 2025
|
|
| | | | | Sincerely, | |
| |
|
| |
|
|
| |
Joseph C. Michetti, Jr.
Chairman |
| |
Andrew Samuel
Chief Executive Officer |
|
|
Name of Beneficial Owner
|
| |
Number of
Shares Owned |
| |
Options and
Warrants Exercisable within 60 Days |
| |
Total
Beneficial Ownership of Common Stock(1) |
| |
Percentage of
Shares Outstanding(2) |
| ||||||||||||
|
AllianceBernstein L.P.
501 Commerce Street Nashville, Tennessee 37203 |
| | | | 1,965,305(3) | | | | | | — | | | | | | 1,965,305(3) | | | | | | 5.26% | | |
|
Financial Opportunity Fund LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Financial Hybrid Opportunity Fund LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Financial Hybrid Opportunity SPVI LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
FJ Capital Management LLC
Martin Friedman 7901 Jones Branch Drive, Suite 210 McLean, Virginia 22102 |
| | | | 3,539,938(4) | | | | | | — | | | | | | 3,539,938(4) | | | | | | 9.47% | | |
|
Andrew Samuel
|
| | | | 31,558(5) | | | | | | 955,040(6) | | | | | | 986,598 | | | | | | 2.64% | | |
|
Brent Smith
|
| | | | 74,220(7) | | | | | | 280,000(8) | | | | | | 354,220 | | | | | | * | | |
|
Carl Lundblad
|
| | | | 74,341(9) | | | | | | 90,000(10) | | | | | | 164,341 | | | | | | * | | |
|
Mona D. Albertine
|
| | | | 38,353 | | | | | | — | | | | | | 38,353 | | | | | | * | | |
|
John W. Breda
|
| | | | 34,437 | | | | | | — | | | | | | 34,437 | | | | | | * | | |
|
Michael W. Clarke
|
| | | | 250,224(11) | | | | | | — | | | | | | 250,224 | | | | | | * | | |
|
Jennifer Delaye
|
| | | | 24,714(12) | | | | | | 5,000(19) | | | | | | 29,714 | | | | | | * | | |
|
David Doane
|
| | | | 3,125 | | | | | | | | | | | | 3,125 | | | | | | * | | |
|
Anson Flake
|
| | | | 104,027(13) | | | | | | 5,000(19) | | | | | | 109,027 | | | | | | * | | |
|
Lloyd B. Harrison, III
|
| | | | 211,044(14) | | | | | | — | | | | | | 211,044 | | | | | | * | | |
|
Kenneth R. Lehman
|
| | | | 8,725,254 | | | | | | — | | | | | | 8,725,254 | | | | | | 23.34% | | |
|
George Parmer
|
| | | | 1,866,703(15) | | | | | | 5,000(19) | | | | | | 1,871,703 | | | | | | 5.01% | | |
|
Debra Pierson
|
| | | | 52,876(16) | | | | | | 5,000(19) | | | | | | 57,876 | | | | | | * | | |
|
Diane Poillon
|
| | | | 9,951(17) | | | | | | 5,000(19) | | | | | | 14,951 | | | | | | * | | |
|
William E. Pommerening
|
| | | | 65,058(18) | | | | | | 5,000(19) | | | | | | 70,058 | | | | | | * | | |
|
William L. Jones, III
|
| | | | 14,377(20) | | | | | | — | | | | | | 14,377 | | | | | | * | | |
|
David H. Koppenhaver
|
| | | | 402,882(21) | | | | | | — | | | | | | 402,882 | | | | | | 1.08% | | |
|
Joseph C. Michetti, Jr.
|
| | | | 112,481(22) | | | | | | — | | | | | | 112,481 | | | | | | * | | |
|
George P. Snead
|
| | | | 29,785 | | | | | | — | | | | | | 29,785 | | | | | | * | | |
|
Kristen Snyder
|
| | | | 58,024(23) | | | | | | — | | | | | | 58,024 | | | | | | * | | |
|
James A. Tamburro
|
| | | | 27,405(24) | | | | | | — | | | | | | 27,405 | | | | | | * | | |
|
Name of Beneficial Owner
|
| |
Number of
Shares Owned |
| |
Options and
Warrants Exercisable within 60 Days |
| |
Total
Beneficial Ownership of Common Stock(1) |
| |
Percentage of
Shares Outstanding(2) |
| ||||||||||||
|
Steven I. Tressler
|
| | | | 271,294(25) | | | | | | — | | | | | | 271,294 | | | | | | * | | |
|
Robert C. Wheatley
|
| | | | 19,930 | | | | | | — | | | | | | 19,930 | | | | | | * | | |
|
All directors, named executive officers and other executive officers as a group (26 persons)
|
| | | | 12,574,494(26) | | | | | | 1,430,744(27) | | | | | | 14,005,238 | | | | | | 37.47% | | |
|
Name
|
| |
Position(s) Held With LINK
|
| |
Age(1)
|
| |
Director
Since |
| |
Term
Expires |
|
| | | | DIRECTORS AND NOMINEES | | | | | | | | | | |
| Andrew Samuel | | | Chief Executive Officer, Director and Nominee | | | 63 | | | 2018 | | | 2025 | |
| Michael W. Clarke | | | Director and Nominee | | | 64 | | | 2023 | | | 2025 | |
| Anson Flake | | | Director and Nominee | | | 59 | | | 2019 | | | 2025 | |
| Kenneth R. Lehman | | | Director and Nominee | | | 66 | | | 2023 | | | 2025 | |
| George Parmer | | | Director and Nominee | | | 85 | | | 2018 | | | 2025 | |
| Debra Pierson | | | Director and Nominee | | | 57 | | | 2018 | | | 2025 | |
| Diane Poillon | | | Director and Nominee | | | 55 | | | 2019 | | | 2025 | |
| William E. Pommerening | | | Director and Nominee | | | 66 | | | 2018 | | | 2025 | |
| Joseph C. Michetti, Jr. | | | Chairman of the Board and Nominee | | | 70 | | | 2021 | | | 2025 | |
| Kristen Snyder | | | Director and Nominee | | | 40 | | | 2021 | | | 2025 | |
| Robert C. Wheatley | | | Director and Nominee | | | 69 | | | 2023 | | | 2025 | |
| Mona D. Albertine | | | Director | | | 76 | | | 2023 | | | 2025 | |
| John W. Breda | | | Director | | | 64 | | | 2023 | | | 2025 | |
| Jennifer Delaye | | | Director | | | 59 | | | 2018 | | | 2025 | |
| David Doane | | | Director | | | 70 | | | 2023 | | | 2025 | |
| Lloyd B. Harrison, III | | | Director | | | 68 | | | 2023 | | | 2025 | |
| William L. Jones, III | | | Director | | | 70 | | | 2021 | | | 2025 | |
| David H. Koppenhaver | | | Director | | | 76 | | | 2021 | | | 2025 | |
| George P. Snead | | | Director | | | 56 | | | 2023 | | | 2025 | |
| James A. Tamburro | | | Director | | | 59 | | | 2023 | | | 2025 | |
| Steven I. Tressler | | | Director | | | 70 | | | 2021 | | | 2025 | |
|
Name
|
| |
Position(s) Held With LINK
|
| |
Age(1)
|
| |
Director
Since |
| |
Term
Expires |
|
|
EXECUTIVE OFFICERS WHO ARE NOT DIRECTORS
|
| ||||||||||||
| Carl Lundblad | | | President | | | 54 | | | N/A | | | N/A | |
| Brent Smith | | | Executive Vice President, President of LINKBANK | | | 42 | | | N/A | | | N/A | |
| Tiffanie Horton | | | Chief Credit Officer | | | 44 | | | N/A | | | N/A | |
| Kristofer Paul | | | Chief Financial Officer | | | 44 | | | N/A | | | N/A | |
| Deirdre Bonora | | | Chief Operations and Technology Officer | | | 52 | | | N/A | | | N/A | |
| Catherine Eisel | | | Chief Risk Officer | | | 32 | | | N/A | | | N/A | |
|
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($) |
| |
Stock
Awards ($)(1) |
| |
Non-Equity
Incentive Plan Compensation ($) |
| |
All Other
Compensation ($)(2) |
| |
Total
($) |
| |||||||||||||||||||||
|
Andrew Samuel
Chief Executive Officer |
| | | | 2024 | | | | | | 750,000 | | | | | | — | | | | | | 105,280 | | | | | | 375,000 | | | | | | 20,766 | | | | | | 1,251,046 | | |
| | | | 2023 | | | | | | 634,616 | | | | | | 550,000 | | | | | | 112,000 | | | | | | 525,000 | | | | | | 19,963 | | | | | | 1,841,579 | | | ||
|
Carl Lundblad
President |
| | | | 2024 | | | | | | 400,000 | | | | | | — | | | | | | 65,800 | | | | | | 160,000 | | | | | | 54,544 | | | | | | 680,344 | | |
| | | | 2023 | | | | | | 312,308 | | | | | | 225,000 | | | | | | 70,000 | | | | | | 240,000 | | | | | | 23,861 | | | | | | 871,169 | | | ||
|
Brent Smith
Executive Vice President, President of LINKBANK |
| | | | 2024 | | | | | | 350,000 | | | | | | — | | | | | | 52,640 | | | | | | 140,000 | | | | | | 51,859 | | | | | | 594,499 | | |
| | | | 2023 | | | | | | 280,769 | | | | | | 175,000 | | | | | | 56,000 | | | | | | 210,000 | | | | | | 25,331 | | | | | | 747,100 | | | ||
|
Name
|
| |
Year
|
| |
401(k)
Match ($) |
| |
Deferred
Compensation Plan ($) |
| |
Life
Insurance ($) |
| |
Country
Club Dues ($) |
| |
Vehicle
Related ($)(a) |
| |
Total ($)
|
| |||||||||||||||||||||
|
Andrew Samuel
|
| | | | 2024 | | | | | | 12,500 | | | | | | — | | | | | | 1,431 | | | | | | 4,994 | | | | | | 1,841 | | | | | | 20,766 | | |
|
Carl Lundblad
|
| | | | 2024 | | | | | | 12,023 | | | | | | 40,000 | | | | | | 778 | | | | | | — | | | | | | 1,743 | | | | | | 54,544 | | |
|
Brent Smith
|
| | | | 2024 | | | | | | 10,244 | | | | | | 35,000 | | | | | | 336 | | | | | | 4,994 | | | | | | 1,285 | | | | | | 51,859 | | |
| | | | | | | | | |
Option Awards
|
| |
Restricted Stock
Awards |
| |
Restricted Stock
Units |
| |||||||||||||||||||||||||||||||||||||||
|
Name
|
| |
Grant Date
|
| |
Number of
Securities Underlying Unexercised Options Exercisable |
| |
Number of
Securities Underlying Unexercised Options Unexercisable(1) |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |
Number
of Shares That Have Not Vested (#)(2) |
| |
Market
Value of Shares That Have Not Vested ($)(3) |
| |
Number
of Units That Have Not Vested (#)(4) |
| |
Market
Value of Units That Have Not Vested ($)(5) |
| |||||||||||||||||||||||||||
|
Andrew Samuel
|
| | | | 10/21/2019 | | | | | | 40,000 | | | | | | — | | | | | | 10.00 | | | | | | 10/21/2029 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | 8/31/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,800 | | | | | $ | 95,744 | | | | | | — | | | | | | — | | | ||
| | | | 5/23/2024 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,000 | | | | | $ | 119,680 | | | ||
|
Carl Lundblad
|
| | | | 6/14/2019 | | | | | | 30,000 | | | | | | — | | | | | | 10.00 | | | | | | 06/14/2029 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | 8/31/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,000 | | | | | $ | 59,840 | | | | | | — | | | | | | — | | | ||
| | | | 5/23/2024 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,000 | | | | | $ | 74,800 | | | ||
|
Brent Smith
|
| | | | 6/14/2019 | | | | | | 40,000 | | | | | | — | | | | | | 10.00 | | | | | | 06/14/2029 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | 8/31/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,400 | | | | | $ | 47,872 | | | | | | — | | | | | | — | | | ||
| | | | 5/23/2024 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,000 | | | | | $ | 59,840 | | | ||
|
Name
|
| |
Fees Earned
or Paid in Cash ($) |
| |
Restricted
Stock Units ($)(1) |
| |
All Other
Compensation ($) |
| |
Total
($) |
| ||||||||||||
|
Jennifer Delaye
|
| | | | 30,000 | | | | | | 13,160 | | | | | | — | | | | | | 43,160 | | |
|
Anson Flake
|
| | | | 30,000 | | | | | | 13,160 | | | | | | — | | | | | | 43,160 | | |
|
George Parmer
|
| | | | 32,500 | | | | | | 13,160 | | | | | | — | | | | | | 45,660 | | |
|
Debra Pierson
|
| | | | 22,500 | | | | | | 13,160 | | | | | | — | | | | | | 35,660 | | |
|
Diane Poillon
|
| | | | 30,000 | | | | | | 13,160 | | | | | | — | | | | | | 43,160 | | |
|
William E. Pommerening
|
| | | | 32,500 | | | | | | 13,160 | | | | | | — | | | | | | 45,660 | | |
|
William L. Jones, III
|
| | | | 32,500 | | | | | | 13,160 | | | | | | — | | | | | | 45,660 | | |
|
David H. Koppenhaver
|
| | | | 32,500 | | | | | | 13,160 | | | | | | — | | | | | | 45,660 | | |
|
Joseph C. Michetti, Jr
|
| | | | 35,000 | | | | | | 13,160 | | | | | | — | | | | | | 48,160 | | |
|
Kristen Snyder
|
| | | | 30,000 | | | | | | 13,160 | | | | | | — | | | | | | 43,160 | | |
|
Steven I. Tressler
|
| | | | 30,000 | | | | | | 13,160 | | | | | | — | | | | | | 43,160 | | |
|
Mona Albertine
|
| | | | 30,000 | | | | | | 13,160 | | | | | | — | | | | | | 43,160 | | |
|
Michael Clarke
|
| | | | 30,000 | | | | | | 13,160 | | | | | | — | | | | | | 43,160 | | |
|
David Doane
|
| | | | 30,000 | | | | | | 13,160 | | | | | | — | | | | | | 43,160 | | |
|
Lloyd Harrison, III
|
| | | | 30,000 | | | | | | 13,160 | | | | | | — | | | | | | 43,160 | | |
|
Jeffrey Turner(2)
|
| | | | 2,500 | | | | | | — | | | | | | — | | | | | | 2,500 | | |
|
John Breda(3)
|
| | | | — | | | | | | — | | | | | | 449,836 | | | | | | 449,836 | | |
|
Kenneth Lehman
|
| | | | 30,000 | | | | | | 13,160 | | | | | | — | | | | | | 43,160 | | |
|
George Snead
|
| | | | 30,000 | | | | | | 13,160 | | | | | | — | | | | | | 43,160 | | |
|
James Tamburro
|
| | | | 30,000 | | | | | | 13,160 | | | | | | — | | | | | | 43,160 | | |
|
Robert Wheatley
|
| | | | 30,000 | | | | | | 13,160 | | | | | | — | | | | | | 43,160 | | |
| | | |
Year Ended
December 31, 2024 |
| |
Year Ended
December 31, 2023 |
| ||||||
|
Audit Fees
|
| | | $ | 297,446 | | | | | $ | 309,341 | | |
|
Audit-Related Fees
|
| | | $ | — | | | | | $ | — | | |
|
Tax Fees
|
| | | $ | 25,756 | | | | | $ | 12,021 | | |
|
All Other Fees
|
| | | $ | — | | | | | $ | — | | |
| |
(a)
Share reserve increase for 2025 Plan subject to shareholder approval
|
| | | | 1,100,000 | | |
| |
(b)
Shares underlying stock options outstanding under existing plans (including options assumed in connection with mergers)
|
| | | | 591,791 | | |
| |
(c)
Shares underlying unvested restricted stock units outstanding under existing plans
|
| | | | 125,000 | | |
| |
(d)
Shares available for future issuances under existing plans (assuming approval of the 2025 Plan)
|
| | | | 0 | | |
| |
(e)
Total shares requested, underlying or available for awards (a+b+c+d)
|
| | | | 1,816,791 | | |
| |
(f)
Total shares of Company common stock outstanding(1)
|
| | | | 37,377,342 | | |
| |
(g)
Basic diluted overhang (e/(e+f))
|
| | | | 4.64% | | |
|
Key Attribute
|
| |
Feature
|
| |
Discussion
|
|
| Equity Award Types | | |
Stock Options, Restricted Stock and Restricted Stock Units.
|
| |
The Plan provides the Company with equity award types predominately used in the marketplace to provide flexibility in meeting its compensation objectives.
|
|
| Vesting Period | | |
The Compensation Committee will determine the vesting schedule or performance criteria for each Award. At least 95% of the Awards under the Plan will vest no earlier than one year after the grant date.
|
| |
While the Compensation Committee may set the vesting schedule or conditions. The Compensation Committee views equity awards as a longer-term compensation element.
|
|
| Prohibition Against Stock Option Repricing | | |
Neither the Compensation Committee nor the Board of Directors shall have the right or authority to make any adjustment or amendment that reduces or would have the effect of reducing the exercise price of a Stock Option previously granted under the Plan, except in the event of certain corporate transactions set forth in the 2025 Equity Incentive Plan (including stock splits, and stock dividends) or adjustments approved by the Company’s shareholders.
|
| |
The Compensation Committee believes that repricing Stock Options is contrary to the objectives of Stock Options and would not be in alignment with the interest of shareholders.
|
|
| Dividends on Restricted Stock Awards and Dividend Equivalent Rights on Restricted Stock Units | | |
Dividends paid on Restricted Stock Awards and dividend equivalent rights paid on Restricted Stock Units subject to time-based vesting or performance-based vesting will not be paid while awards are unvested and shall only be distributed to a participant upon the vesting date of such Restricted Stock Awards or settlement of Restricted Stock Unit, as applicable. If the Award does not vest, the participant will not receive such dividends.
|
| |
The Compensation Committee believes that the timing of dividend payments is appropriately aligned with the interests of shareholders.
|
|
| Acceleration of Vesting — Termination of Service due to Death and Disability | | |
Unless otherwise specified by the Compensation Committee, Awards vest upon a participant’s termination of service due to death
|
| |
The Compensation Committee believes that recognizing participant contributions and vesting Awards upon death and
|
|
|
Key Attribute
|
| |
Feature
|
| |
Discussion
|
|
| | | |
or Disability and Stock Options remain exercisable for one year.
|
| |
Disability is appropriately aligned with the interests of shareholders.
|
|
| Acceleration of Vesting — Termination of Service for Cause or resignation for any reason (except death, Disability or following a Change in Control) | | |
Unless otherwise specified by the Compensation Committee, no Awards will vest upon a participant’s termination for cause or a voluntary resignation for any reason (except death or disability).
Generally, all vested Stock Options remain exercisable for three months from the date of termination of service due to a resignation for any reason (except death or disability, in which case they will remain exercisable for one year).
Upon a termination for cause, all unvested Awards, including unexercised Stock Options, will be forfeited.
|
| |
The Compensation Committee believes that acceleration of vesting following a termination of service for reasons other than death, disability, or in certain instances following a Change in Control is not appropriately aligned with the objectives of the 2025 Equity Incentive Plan or the interests of shareholders.
|
|
| Acceleration of Vesting — Committee Discretion | | |
Vesting of Awards may be accelerated by the Compensation Committee, at its discretion, except that the Compensation Committee may not accelerate the vesting of any Award within the first year following the date of grant.
|
| |
The Compensation Committee determined that discretion to accelerate awards is important to allow the Company to respond to employment-related matters or other unforeseen circumstances that could warrant consideration of acceleration.
|
|
| Acceleration of Vesting — Termination of Service without Cause or Resignation for Good Reason following a Change in Control (i.e., an Involuntary Termination of Service) | | |
Unless otherwise specified by the Compensation Committee:
All unvested service-based Awards will vest upon an Involuntary Termination of Service following a Change in Control. Stock Options will remain exercisable for one year following an Involuntary Termination of Service following a Change in Control.
All Performance Awards will vest upon an Involuntary Termination of Service following a Change in Control based on the greater of actual performance or at the target level.
|
| |
The Compensation Committee determined that a “double trigger” vesting acceleration in connection with a Change in Control is appropriate in providing the Company with a meaningful retention tool as an independent company, and any future acquirer with the ability to appropriately manage human resources during any merger integration.
|
|
| Share Limitations, Freezing of equity grants under the Plan | | |
The maximum number of shares of stock that may be delivered to participants under the Plan is 1,100,000 shares.
As of April 4, 2025 2025 (the latest practicable date before the printing of this Proxy Statement) the
|
| |
The Compensation Committee evaluated a number of factors in determining the appropriate plan size, including past grant practices, the grant practices of peer community banks, the shareholder value transfer to participants, and
|
|
|
Key Attribute
|
| |
Feature
|
| |
Discussion
|
|
| | | |
closing price of the Company’s Common Stock, as reported on NASDAQ, was $6.55.
If shareholders approve the 2025 Equity Incentive Plan, the Company will not make any more grants under the 2022 Plan; the 2022 Plan will be frozen and equity awards that would otherwise be available for grant under that Plan will not be granted. The Compensation Committee will continue to administer outstanding grants under the 2022 Plan.
|
| | publications of proxy advisors. | |
| Limitation of Grants to Non-Employee Directors | | |
The sum of the grant date fair value of equity awards granted to any one non-employee director under the 2025 Equity Incentive Plan, including Stock Options, Restricted Stock and Restricted Stock Units may not exceed $50,000 for any calendar year.
|
| |
The Compensation Committee believes it is important to provide calendar year plan limitations of grant date fair value to participants.
|
|
| Limitation of Grants to Employees | | |
The sum of the grant date fair value of Restricted Stock and Restricted Stock Units granted to any one employee under the 2025 Equity Incentive Plan, may not exceed $500,000 for any calendar year, and the maximum number of shares subject to Stock Options granted to any one employee is 30,000 for any calendar year.
|
| |
The Compensation Committee believes it is important to provide calendar year plan limitations of grant date fair value to participants.
|
|
| Recycling of Equity Awards | | |
Only forfeited and expired Awards are available for reissuance under the Plan.
|
| |
The Compensation Committee believes that conservative recycling of equity awards is an important provision in the 2025 Equity Incentive Plan and properly aligns with the interests of shareholders.
|
|
| Automatic Exercise of Stock Options | | |
At the Compensation Committee’s discretion, Stock Options that are exercisable but unexercised as of the day immediately before their expiration date may be automatically exercised on behalf of a participant, in accordance with procedures established by the Compensation Committee.
|
| |
The Compensation Committee believes that providing for an automatic exercise is in the best interest of the Company and participants and provides for an efficient mechanism to exercise Stock Options.
|
|
| Clawback of Equity Awards | | |
The 2025 Equity Incentive Plan provides for a number of forfeiture events including termination for cause, violation of material
|
| |
The Compensation Committee believes it is necessary to maintain strong clawback provisions for equity awards.
|
|
|
Key Attribute
|
| |
Feature
|
| |
Discussion
|
|
| | | |
policies of the Company, automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002 related to accounting restatements, and any clawback policy of the Company.
|
| | | |
| Holding Period Required | | |
The Compensation Committee may require participants to hold a vested Award or Common Stock received upon exercise of a Stock option until the later of (i) 12 months or (ii) the date the individual meets the minimum ownership requirements (if any) applicable to that individual, except in the event of death, Disability, Involuntary Termination following a Change in Control, or, in general, if shares of Stock are withheld to satisfy tax withholding.
|
| |
The Compensation Committee believes that a required holding period is appropriately aligned with the interests of shareholders.
|
|
|
Plan Category
|
| |
Number of Securities
to be Issued Upon Exercise of Outstanding Options, Warrants, and Rights (a) |
| |
Weighted-Average
Exercise Price of Outstanding Options, Warrants, and Rights (b) |
| |
Number of Securities
Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column (a)) (c) |
| |||||||||
|
Equity compensation plans approved by security holders
|
| | | | | | | | | | | | | | | | | | |
|
2019 Equity Incentive Plan
|
| | | | 352,000 | | | | | $ | 10.27 | | | | | | — | | |
|
2022 Equity Incentive Plan
|
| | | | 215,100 | | | | | $ | 7.57 | | | | | | 47,300 | | |
|
Equity compensation plans not approved by security holders
|
| | | | — | | | | | $ | — | | | | | | — | | |
|
Total
|
| | | | 567,100 | | | | | $ | — | | | | | | 47,300 | | |
| |
Pennsylvania
(State or other jurisdiction of
incorporation or organization) |
| |
82-5130531
(I.R.S. Employer
Identification No.) |
|
| |
Title of each class
|
| |
Trading
Symbol(s) |
| |
Name of each exchange
on which registered |
|
| |
Common Stock, $0.01 par value per share
|
| |
LNKB
|
| |
The NASDAQ Stock Market LLC
|
|
| |
Large Accelerated Filer
|
| | ☐ | | | Accelerated Filer | | | ☐ | |
| |
Non-Accelerated Filer
|
| | ☒ | | |
Smaller Reporting Company
|
| | ☒ | |
| | | | | | | |
Emerging Growth Company
|
| | ☒ | |
| | | |
PAGE
|
| |||
| | | | | F-1 | | | |
| | | | | F-1 | | | |
| | | | | F-1 | | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-34 | | | |
| | | | | F-46 | | | |
| | | | | F-46 | | | |
| | | | | F-46 | | | |
| | | | | F-46 | | | |
| | | | | F-46 | | | |
| | | | | F-47 | | | |
| | | | | F-47 | | | |
| | | | | F-47 | | | |
| | | | | F-47 | | | |
| | | | | F-48 | | | |
| | | | | F-49 | | | |
|
(In Thousands, except share and per share data)
|
| |
March 31,
2025 |
| |
December 31,
2024 |
| ||||||
| ASSETS | | | | | | | | | | | | | |
|
Noninterest-bearing cash equivalents
|
| | | $ | 14,830 | | | | | $ | 13,834 | | |
|
Interest-bearing deposits with other institutions
|
| | | | 205,352 | | | | | | 152,266 | | |
|
Cash and cash equivalents
|
| | | | 220,182 | | | | | | 166,100 | | |
|
Securities available for sale, at fair value
|
| | | | 159,183 | | | | | | 145,590 | | |
|
Securities held to maturity (Fair value of $26,764 and $30,284, respectively)
|
| | | | 28,083 | | | | | | 31,967 | | |
|
Less: Allowance for credit losses – securities
|
| | | | (421) | | | | | | (459) | | |
|
Securities held to maturity, net
|
| | | | 27,662 | | | | | | 31,508 | | |
|
Loans receivable
|
| | | | 2,273,941 | | | | | | 2,255,749 | | |
|
Less: Allowance for credit losses – loans
|
| | | | (26,619) | | | | | | (26,435) | | |
|
Net loans
|
| | | | 2,247,322 | | | | | | 2,229,314 | | |
|
Investments in restricted bank stock
|
| | | | 4,780 | | | | | | 5,209 | | |
|
Premises and equipment, net
|
| | | | 17,920 | | | | | | 18,029 | | |
|
Right-of-Use Asset – Premises
|
| | | | 14,537 | | | | | | 14,913 | | |
|
Bank-owned life insurance
|
| | | | 52,507 | | | | | | 52,079 | | |
|
Goodwill
|
| | | | 58,806 | | | | | | 58,806 | | |
|
Other intangible assets, net
|
| | | | 18,573 | | | | | | 20,955 | | |
|
Deferred tax asset
|
| | | | 16,729 | | | | | | 18,866 | | |
|
Assets held for sale
|
| | | | — | | | | | | 94,146 | | |
|
Accrued interest receivable and other assets
|
| | | | 23,288 | | | | | | 23,263 | | |
|
TOTAL ASSETS
|
| | | $ | 2,861,489 | | | | | $ | 2,878,778 | | |
| LIABILITIES | | | | | | | | | | | | | |
|
Deposits:
|
| | | | | | | | | | | | |
|
Demand, noninterest bearing
|
| | | $ | 646,002 | | | | | $ | 658,646 | | |
|
Interest bearing
|
| | | | 1,787,692 | | | | | | 1,701,936 | | |
|
Total deposits
|
| | | | 2,433,694 | | | | | | 2,360,582 | | |
|
Long-term borrowings
|
| | | | 40,000 | | | | | | 40,000 | | |
|
Short-term borrowings
|
| | | | — | | | | | | 10,000 | | |
|
Note payable
|
| | | | 559 | | | | | | 565 | | |
|
Subordinated debt
|
| | | | 62,129 | | | | | | 61,984 | | |
|
Lease liabilities
|
| | | | 15,284 | | | | | | 15,666 | | |
|
Allowance for credit losses – unfunded commitments
|
| | | | 1,857 | | | | | | 1,857 | | |
|
Liabilities held for sale
|
| | | | — | | | | | | 93,777 | | |
|
Accrued interest payable and other liabilities
|
| | | | 13,900 | | | | | | 14,126 | | |
|
TOTAL LIABILITIES
|
| | | | 2,567,423 | | | | | | 2,598,557 | | |
| COMMITMENTS AND CONTINGENT LIABILITIES (Note 11) | | | | | | | | | | | | | |
| SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
|
Preferred stock (At March 31, 2025 and December 31, 2024: no par value; 5,000,000 shares authorized; no shares issued and outstanding.)
|
| | | | — | | | | | | — | | |
|
Common stock (At March 31, 2025 and December 31, 2024: $0.01 par value; 50,000,000 shares authorized; 37,377,342 and 37,370,917 shares issued and outstanding, respectively.)
|
| | | | 370 | | | | | | 370 | | |
|
Surplus
|
| | | | 264,871 | | | | | | 264,449 | | |
|
Retained earnings
|
| | | | 32,507 | | | | | | 19,947 | | |
|
Accumulated other comprehensive loss
|
| | | | (3,682) | | | | | | (4,545) | | |
|
TOTAL SHAREHOLDERS’ EQUITY
|
| | | | 294,066 | | | | | | 280,221 | | |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | $ | 2,861,489 | | | | | $ | 2,878,778 | | |
| | | |
Three Months Ended
March 31, |
| |||||||||
|
(In Thousands, except share and per share data)
|
| |
2025
|
| |
2024
|
| ||||||
| INTEREST AND DIVIDEND INCOME | | | | | | | | | | | | | |
|
Loans receivable, including fees
|
| | | $ | 37,041 | | | | | $ | 36,125 | | |
|
Investment securities and certificates of deposit:
|
| | | | | | | | | | | | |
|
Taxable
|
| | | | 1,749 | | | | | | 1,391 | | |
|
Exempt from federal income tax
|
| | | | 380 | | | | | | 361 | | |
|
Other
|
| | | | 972 | | | | | | 898 | | |
|
Total interest and dividend income
|
| | |
|
40,142
|
| | | |
|
38,775
|
| |
| INTEREST EXPENSE | | | | | | | | | | | | | |
|
Deposits
|
| | | | 12,357 | | | | | | 11,847 | | |
|
Other borrowings
|
| | | | 986 | | | | | | 1,152 | | |
|
Subordinated debt
|
| | | | 968 | | | | | | 892 | | |
|
Total interest expense
|
| | |
|
14,311
|
| | | |
|
13,891
|
| |
|
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES
|
| | | | 25,831 | | | | | | 24,884 | | |
|
Provision for credit losses
|
| | | | 228 | | | | | | 40 | | |
|
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES
|
| | |
|
25,603
|
| | | |
|
24,844
|
| |
| NONINTEREST INCOME | | | | | | | | | | | | | |
|
Service charges on deposit accounts
|
| | | | 1,061 | | | | | | 780 | | |
|
Bank-owned life insurance
|
| | | | 428 | | | | | | 383 | | |
|
Gain on sale of branches
|
| | | | 11,093 | | | | | | — | | |
|
Gain on sale of loans
|
| | | | 77 | | | | | | 50 | | |
|
Other
|
| | | | 598 | | | | | | 516 | | |
|
Total noninterest income
|
| | |
|
13,257
|
| | | |
|
1,729
|
| |
| NONINTEREST EXPENSE | | | | | | | | | | | | | |
|
Salaries and employee benefits
|
| | | | 11,156 | | | | | | 11,118 | | |
|
Occupancy
|
| | | | 1,464 | | | | | | 1,578 | | |
|
Equipment and data processing
|
| | | | 2,043 | | | | | | 1,826 | | |
|
Professional fees
|
| | | | 487 | | | | | | 748 | | |
|
FDIC insurance and supervisory fees
|
| | | | 599 | | | | | | 352 | | |
|
Bank shares tax
|
| | | | 614 | | | | | | 591 | | |
|
Intangible amortization
|
| | | | 1,084 | | | | | | 1,207 | | |
|
Merger & restructuring expenses
|
| | | | 41 | | | | | | 56 | | |
|
Advertising
|
| | | | 144 | | | | | | 234 | | |
|
Other
|
| | | | 2,026 | | | | | | 1,540 | | |
|
Total noninterest expense
|
| | |
|
19,658
|
| | | |
|
19,250
|
| |
|
Income before income tax expense
|
| | | | 19,202 | | | | | | 7,323 | | |
|
Income tax expense
|
| | | | 3,859 | | | | | | 1,597 | | |
|
NET INCOME
|
| | | $ | 15,343 | | | | | $ | 5,726 | | |
|
EARNINGS PER SHARE, BASIC
|
| | | $ | 0.41 | | | | | $ | 0.15 | | |
|
EARNINGS PER SHARE, DILUTED
|
| | | $ | 0.41 | | | | | $ | 0.15 | | |
| WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING, | | | | | | | | | | | | | |
|
BASIC
|
| | | | 37,105,480 | | | | | | 36,962,005 | | |
|
DILUTED
|
| | | | 37,221,939 | | | | | | 37,045,230 | | |
| | | |
Three Months Ended
March 31, |
| |||||||||
|
(In Thousands)
|
| |
2025
|
| |
2024
|
| ||||||
|
Net income
|
| | | $ | 15,343 | | | | | $ | 5,726 | | |
| Components of other comprehensive income (loss): | | | | | | | | | | | | | |
|
Unrealized gain (loss) on available-for-sale securities
|
| | | | 2,060 | | | | | | (1,611) | | |
|
Tax effect
|
| | | | (433) | | | | | | 338 | | |
|
Net of tax amount
|
| | | | 1,627 | | | | | | (1,273) | | |
|
Unrealized (loss) gain on cash flow hedges
|
| | | | (1,163) | | | | | | 949 | | |
|
Adjustment for amounts reclassified into net income
|
| | | | 198 | | | | | | 386 | | |
|
Tax effect
|
| | | | 201 | | | | | | (280) | | |
|
Net of tax amount
|
| | | | (764) | | | | | | 1,055 | | |
|
Total other comprehensive income (loss)
|
| | | | 863 | | | | | | (218) | | |
|
Total comprehensive income
|
| | | $ | 16,206 | | | | | $ | 5,508 | | |
|
(In Thousands, except share data)
|
| |
Common
Stock Shares |
| |
Common
Stock Amount |
| |
Surplus
|
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
Shareholders’ Equity |
| ||||||||||||||||||
|
Balance, December 31, 2024
|
| | | | 37,370,917 | | | | | $ | 370 | | | | | $ | 264,449 | | | | | $ | 19,947 | | | | | $ | (4,545) | | | | | $ | 280,221 | | |
|
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 15,343 | | | | | | — | | | | | | 15,343 | | |
|
Dividends declared ($0.075 per share)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (2,783) | | | | | | — | | | | | | (2,783) | | |
|
Employee stock purchase plan
|
| | | | 6,425 | | | | | | — | | | | | | 45 | | | | | | — | | | | | | — | | | | | | 45 | | |
|
Stock compensation amortization
|
| | | | — | | | | | | — | | | | | | 377 | | | | | | — | | | | | | — | | | | | | 377 | | |
|
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 863 | | | | | | 863 | | |
|
Balance, March 31, 2025
|
| | | | 37,377,342 | | | | | $ | 370 | | | | | $ | 264,871 | | | | | $ | 32,507 | | | | | $ | (3,682) | | | | | $ | 294,066 | | |
|
(In Thousands, except share data)
|
| |
Common
Stock Shares |
| |
Common
Stock Amount |
| |
Surplus
|
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Income (Loss) |
| |
Total
Equity Attributable to Parent |
| |
Noncontrolling
interest in consolidated subsidiary |
| |
Total
Shareholders’ Equity |
| ||||||||||||||||||||||||
|
Balance, December 31, 2023
|
| | | | 37,340,700 | | | | | $ | 369 | | | | | $ | 263,310 | | | | | $ | 4,843 | | | | | $ | (3,209) | | | | | $ | 265,313 | | | | | $ | 483 | | | | | $ | 265,796 | | |
|
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 5,726 | | | | | | — | | | | | | 5,726 | | | | | | — | | | | | | 5,726 | | |
|
Dividends declared ($0.075 per share)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (2,845) | | | | | | — | | | | | | (2,845) | | | | | | — | | | | | | (2,845) | | |
|
Exercise of stock options
|
| | | | 1,777 | | | | | | — | | | | | | 11 | | | | | | — | | | | | | — | | | | | | 11 | | | | | | — | | | | | | 11 | | |
|
Employee stock purchase plan
|
| | | | 5,674 | | | | | | — | | | | | | 54 | | | | | | — | | | | | | — | | | | | | 54 | | | | | | — | | | | | | 54 | | |
|
Stock compensation amortization
|
| | | | — | | | | | | — | | | | | | 202 | | | | | | — | | | | | | — | | | | | | 202 | | | | | | — | | | | | | 202 | | |
|
Dissolution of Minority Interest
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (483) | | | | | | (483) | | |
|
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (218) | | | | | | (218) | | | | | | — | | | | | | (218) | | |
|
Balance, March 31, 2024
|
| | | | 37,348,151 | | | | | $ | 369 | | | | | $ | 263,577 | | | | | $ | 7,724 | | | | | $ | (3,427) | | | | | $ | 268,243 | | | | | $ | — | | | | | $ | 268,243 | | |
| | | |
For the Three Months Ended
March 31, |
| |||||||||
|
(In Thousands)
|
| |
2025
|
| |
2024
|
| ||||||
| OPERATING ACTIVITIES | | | | | | | | | | | | | |
|
Net income
|
| | | $ | 15,343 | | | | | $ | 5,726 | | |
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
| | | | | | | | | | | | |
|
Gain on sale of branches
|
| | | | (11,093) | | | | | | — | | |
|
Provision for credit losses
|
| | | | 228 | | | | | | 40 | | |
|
Depreciation
|
| | | | 417 | | | | | | 498 | | |
|
Amortization of intangible assets
|
| | | | 1,084 | | | | | | 1,207 | | |
|
Accretion of discounts, net
|
| | | | (3,207) | | | | | | (3,268) | | |
|
Origination of loans to be sold
|
| | | | (2,523) | | | | | | (201) | | |
|
Proceeds from loan sales
|
| | | | 2,600 | | | | | | 251 | | |
|
Gain on sale of loans
|
| | | | (77) | | | | | | (50) | | |
|
Share-based and deferred compensation
|
| | | | 526 | | | | | | 402 | | |
|
Bank-owned life insurance income
|
| | | | (428) | | | | | | (383) | | |
|
Change in accrued interest receivable and other assets
|
| | | | (1,495) | | | | | | (2,046) | | |
|
Change in accrued interest payable and other liabilities
|
| | | | 1,204 | | | | | | (2,863) | | |
|
Other, net
|
| | | | — | | | | | | (84) | | |
|
Net cash provided by (used in) operating activities
|
| | | | 2,579 | | | | | | (771) | | |
| INVESTING ACTIVITIES | | | | | | | | | | | | | |
|
Investment securities available for sale:
|
| | | | | | | | | | | | |
|
Proceeds from calls and maturities
|
| | | | — | | | | | | 295 | | |
|
Proceeds from principal repayments
|
| | | | 3,666 | | | | | | 2,357 | | |
|
Purchases
|
| | | | (15,115) | | | | | | (22,622) | | |
|
Investment securities held to maturity:
|
| | | | | | | | | | | | |
|
Proceeds from principal repayments
|
| | | | 3,893 | | | | | | 133 | | |
|
Purchase of restricted investment in bank stocks
|
| | | | (3,000) | | | | | | (6,440) | | |
|
Redemption of restricted investment in bank stocks
|
| | | | 3,429 | | | | | | 6,119 | | |
|
(Increase) decrease in loans, net
|
| | | | (20,664) | | | | | | 213 | | |
|
Cash paid to buy-out minority interest
|
| | | | — | | | | | | (483) | | |
|
Purchase of premises and equipment
|
| | | | (357) | | | | | | (452) | | |
|
Proceeds from sale of branches, net
|
| | | | 26,194 | | | | | | — | | |
|
Net cash used in investing activities
|
| | | | (1,954) | | | | | | (20,880) | | |
| FINANCING ACTIVITIES | | | | | | | | | | | | | |
|
Increase in deposits, net
|
| | | | 66,195 | | | | | | 86,524 | | |
|
Change in short-term borrowings, net
|
| | | | (10,000) | | | | | | (10,000) | | |
|
Proceeds from long-term borrowings
|
| | | | — | | | | | | 40,000 | | |
|
Issuance of shares from exercise of stock options
|
| | | | — | | | | | | 11 | | |
|
Dividends paid
|
| | | | (2,783) | | | | | | (2,845) | | |
|
Net proceeds from issuance of common stock
|
| | | | 45 | | | | | | 54 | | |
|
Net cash provided by financing activities
|
| | | | 53,457 | | | | | | 113,744 | | |
|
Increase in cash and cash equivalents
|
| | | | 54,082 | | | | | | 92,093 | | |
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
| | | | 166,100 | | | | | | 80,190 | | |
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
| | | $ | 220,182 | | | | | $ | 172,283 | | |
| SUPPLEMENTAL CASH FLOW DISCLOSURES | | | | | | | | | | | | | |
|
Cash paid during the period for:
|
| | | | | | | | | | | | |
|
Interest
|
| | | $ | 13,595 | | | | | $ | 12,844 | | |
|
Income taxes
|
| | | $ | — | | | | | $ | — | | |
| | | |
March 31, 2025
|
| |||||||||||||||||||||||||||
|
(In Thousands)
|
| |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Allowance
for Credit Losses |
| |
Fair
Value |
| |||||||||||||||
| Available for Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
US Government Agency securities
|
| | | $ | 13,097 | | | | | $ | 208 | | | | | $ | (32) | | | | | $ | — | | | | | $ | 13,273 | | |
|
Obligations of state and political subdivisions
|
| | | | 51,221 | | | | | | 26 | | | | | | (3,782) | | | | | | — | | | | | | 47,465 | | |
|
Mortgage-backed securities in government-sponsored entities
|
| | | | 99,909 | | | | | | 626 | | | | | | (2,490) | | | | | | — | | | | | | 98,045 | | |
|
Other securities
|
| | | | 408 | | | | | | — | | | | | | (8) | | | | | | — | | | | | | 400 | | |
| | | | | $ | 164,635 | | | | | $ | 860 | | | | | $ | (6,312) | | | | | $ | — | | | | | $ | 159,183 | | |
| | | |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| |
Allowance
for Credit Losses |
| |||||||||||||||
| Held to Maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Corporate debentures
|
| | | $ | 12,250 | | | | | $ | — | | | | | $ | (828) | | | | | $ | 11,422 | | | | | $ | (421) | | |
|
Structured mortgage-backed securities
|
| | | | 15,833 | | | | | | 7 | | | | | | (498) | | | | | | 15,342 | | | | | | — | | |
| | | | | $ | 28,083 | | | | | $ | 7 | | | | | $ | (1,326) | | | | | $ | 26,764 | | | | | $ | (421) | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||||||||
|
(In Thousands)
|
| |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Allowance
for Credit Losses |
| |
Fair
Value |
| |||||||||||||||
| Available for Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
US Government Agency securities
|
| | | $ | 13,017 | | | | | $ | 96 | | | | | $ | (40) | | | | | $ | — | | | | | $ | 13,073 | | |
|
Obligations of state and political subdivisions
|
| | | | 51,254 | | | | | | 10 | | | | | | (4,063) | | | | | | — | | | | | | 47,201 | | |
|
Mortgage-backed securities in government-sponsored entities
|
| | | | 88,289 | | | | | | 61 | | | | | | (3,567) | | | | | | — | | | | | | 84,783 | | |
|
Other securities
|
| | | | 542 | | | | | | — | | | | | | (9) | | | | | | — | | | | | | 533 | | |
| | | | | $ | 153,102 | | | | | $ | 167 | | | | | $ | (7,679) | | | | | $ | — | | | | | $ | 145,590 | | |
| | | |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| |
Allowance
for Credit Losses |
| |||||||||||||||
| Held to Maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Corporate debentures
|
| | | $ | 15,250 | | | | | $ | — | | | | | $ | (984) | | | | | $ | 14,266 | | | | | $ | (459) | | |
|
Structured mortgage-backed securities
|
| | | | 16,717 | | | | | | 6 | | | | | | (705) | | | | | | 16,018 | | | | | | — | | |
| | | | | $ | 31,967 | | | | | $ | 6 | | | | | $ | (1,689) | | | | | $ | 30,284 | | | | | $ | (459) | | |
| | | |
March 31, 2025
|
| |||||||||||||||||||||||||||||||||
| | | |
Less Than
Twelve Months |
| |
Twelve Months
or Greater |
| |
Total
|
| |||||||||||||||||||||||||||
|
(In Thousands)
|
| |
Fair Value
|
| |
Gross
Unrealized Loss |
| |
Fair Value
|
| |
Gross
Unrealized Loss |
| |
Fair Value
|
| |
Gross
Unrealized Loss |
| ||||||||||||||||||
| Available for Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
US Government Agency Securities
|
| | | $ | 3,968 | | | | | $ | (32) | | | | | $ | — | | | | | $ | — | | | | | $ | 3,968 | | | | | $ | (32) | | |
|
Obligations of state and political subdivisions
|
| | | | 9,501 | | | | | | (204) | | | | | | 33,890 | | | | | | (3,578) | | | | | | 43,391 | | | | | | (3,782) | | |
|
Mortgage-backed securities in government-sponsored entities
|
| | | | 20,656 | | | | | | (315) | | | | | | 28,900 | | | | | | (2,175) | | | | | | 49,556 | | | | | | (2,490) | | |
|
Other securities
|
| | | | — | | | | | | — | | | | | | 400 | | | | | | (8) | | | | | | 400 | | | | | | (8) | | |
| | | | | $ | 34,125 | | | | | $ | (551) | | | | | $ | 63,190 | | | | | $ | (5,761) | | | | | $ | 97,315 | | | | | $ | (6,312) | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||||||||||||||
| | | |
Less Than
Twelve Months |
| |
Twelve Months
or Greater |
| |
Total
|
| |||||||||||||||||||||||||||
|
(In Thousands)
|
| |
Fair Value
|
| |
Gross
Unrealized Loss |
| |
Fair Value
|
| |
Gross
Unrealized Loss |
| |
Fair Value
|
| |
Gross
Unrealized Loss |
| ||||||||||||||||||
| Available for Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
US Government Agency Securities
|
| | | $ | 3,960 | | | | | $ | (40) | | | | | $ | — | | | | | $ | — | | | | | $ | 3,960 | | | | | $ | (40) | | |
|
Obligations of state and political subdivisions
|
| | | | 11,433 | | | | | | (273) | | | | | | 34,345 | | | | | | (3,790) | | | | | | 45,778 | | | | | | (4,063) | | |
|
Mortgage-backed securities in government-sponsored entities
|
| | | | 45,629 | | | | | | (902) | | | | | | 29,877 | | | | | | (2,665) | | | | | | 75,506 | | | | | | (3,567) | | |
|
Other securities
|
| | | | — | | | | | | — | | | | | | 407 | | | | | | (9) | | | | | | 407 | | | | | | (9) | | |
| | | | | $ | 61,022 | | | | | $ | (1,215) | | | | | $ | 64,629 | | | | | $ | (6,464) | | | | | $ | 125,651 | | | | | $ | (7,679) | | |
|
(in Thousands)
|
| |
For the
Three Months Ended March 31, 2025 |
| |||
|
Balance, December 31, 2024
|
| | | $ | 459 | | |
|
Credit to the allowance for credit losses
|
| | | | (38) | | |
|
Balance, March 31, 2025
|
| | | $ | 421 | | |
|
(in Thousands)
|
| |
For the
Three Months Ended March 31, 2024 |
| |||
|
Balance, December 31, 2023
|
| | | $ | 512 | | |
|
Credit to allowance for credit losses
|
| | | | (5) | | |
|
Balance, March 31, 2024
|
| | | $ | 507 | | |
| | | |
Available for Sale Securities
|
| |
Held to Maturity Securities
|
| ||||||||||||||||||
|
(In Thousands)
|
| |
Amortized
Cost |
| |
Fair
Value |
| |
Amortized
Cost |
| |
Fair
Value |
| ||||||||||||
|
Due within one year
|
| | | $ | 657 | | | | | $ | 654 | | | | | $ | — | | | | | $ | — | | |
|
Due after one year through five years
|
| | | | 15,020 | | | | | | 14,801 | | | | | | 3,000 | | | | | | 2,962 | | |
|
Due after five years through ten years
|
| | | | 22,407 | | | | | | 21,422 | | | | | | 9,250 | | | | | | 8,460 | | |
|
Due after ten years
|
| | | | 26,234 | | | | | | 23,861 | | | | | | — | | | | | | — | | |
|
Mortgage-backed securities and Collateralized mortgage obligations
|
| | | | 99,909 | | | | | | 98,045 | | | | | | 15,833 | | | | | | 15,342 | | |
|
Other securities
|
| | | | 408 | | | | | | 400 | | | | | | — | | | | | | — | | |
| | | | | $ | 164,635 | | | | | $ | 159,183 | | | | | $ | 28,083 | | | | | $ | 26,764 | | |
|
(In Thousands)
|
| |
March 31,
2025 |
| |
December 31,
2024 |
| ||||||
|
Agriculture and farmland loans
|
| | | $ | 66,684 | | | | | $ | 67,741 | | |
|
Construction loans
|
| | | | 136,421 | | | | | | 152,619 | | |
|
Commercial & industrial loans
|
| | | | 257,302 | | | | | | 245,833 | | |
| Commercial real estate loans | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 215,916 | | | | | | 211,778 | | |
|
Owner occupied
|
| | | | 472,895 | | | | | | 477,742 | | |
|
Non-owner occupied
|
| | | | 645,793 | | | | | | 628,237 | | |
| Residential real estate loans | | | | | | | | | | | | | |
|
First liens
|
| | | | 378,420 | | | | | | 373,469 | | |
|
Second liens and lines of credit
|
| | | | 79,905 | | | | | | 76,713 | | |
|
Consumer and other loans
|
| | | | 17,097 | | | | | | 17,086 | | |
|
Municipal loans
|
| | | | 3,012 | | | | | | 3,886 | | |
| | | | | | 2,273,445 | | | | | | 2,255,104 | | |
|
Deferred costs
|
| | | | 496 | | | | | | 645 | | |
|
Allowance for credit losses
|
| | | | (26,619) | | | | | | (26,435) | | |
| Total | | | | $ | 2,247,322 | | | | | $ | 2,229,314 | | |
| | | |
Beginning
balance |
| |
Charge-offs
|
| |
Recoveries
|
| |
Provision
for credit losses |
| |
Ending
balance |
| |||||||||||||||
|
(In Thousands)
|
| |
For the Three Months Ended March 31, 2025
|
| |||||||||||||||||||||||||||
| Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Agriculture and farmland
|
| | | $ | 11 | | | | | $ | — | | | | | $ | — | | | | | $ | (1) | | | | | $ | 10 | | |
|
Construction
|
| | | | 893 | | | | | | — | | | | | | 2 | | | | | | 465 | | | | | | 1,360 | | |
|
Commercial & industrial
|
| | | | 4,093 | | | | | | (74) | | | | | | 3 | | | | | | 381 | | | | | | 4,403 | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 1,805 | | | | | | — | | | | | | — | | | | | | 8 | | | | | | 1,813 | | |
|
Owner occupied
|
| | | | 5,611 | | | | | | — | | | | | | — | | | | | | (272) | | | | | | 5,339 | | |
|
Non-owner occupied
|
| | | | 9,345 | | | | | | — | | | | | | — | | | | | | (295) | | | | | | 9,050 | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 3,395 | | | | | | — | | | | | | 4 | | | | | | (100) | | | | | | 3,299 | | |
|
Second liens and lines of credit
|
| | | | 1,154 | | | | | | — | | | | | | 1 | | | | | | 53 | | | | | | 1,208 | | |
|
Municipal
|
| | | | 48 | | | | | | — | | | | | | — | | | | | | (12) | | | | | | 36 | | |
|
Consumer
|
| | | | 80 | | | | | | (18) | | | | | | 1 | | | | | | 38 | | | | | | 101 | | |
| Total | | | | $ | 26,435 | | | | | $ | (92) | | | | | $ | 11 | | | | | $ | 265 | | | | | $ | 26,619 | | |
| | | |
Beginning
balance |
| |
Charge-offs
|
| |
Recoveries
|
| |
Provision
for credit losses |
| |
Ending
balance |
| |||||||||||||||
|
(In Thousands)
|
| |
For the Three Months Ended March 31, 2024
|
| |||||||||||||||||||||||||||
| Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Agriculture and farmland
|
| | | $ | 12 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 12 | | |
|
Construction
|
| | | | 959 | | | | | | — | | | | | | 1 | | | | | | 563 | | | | | | 1,523 | | |
|
Commercial & industrial
|
| | | | 2,940 | | | | | | (6) | | | | | | 2 | | | | | | 26 | | | | | | 2,962 | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 1,483 | | | | | | — | | | | | | — | | | | | | 109 | | | | | | 1,592 | | |
|
Owner occupied
|
| | | | 6,572 | | | | | | (6) | | | | | | — | | | | | | (828) | | | | | | 5,738 | | |
|
Non-owner occupied
|
| | | | 5,773 | | | | | | (54) | | | | | | — | | | | | | 380 | | | | | | 6,099 | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 4,778 | | | | | | — | | | | | | 8 | | | | | | (111) | | | | | | 4,675 | | |
|
Second liens and lines of credit
|
| | | | 1,072 | | | | | | — | | | | | | 6 | | | | | | (7) | | | | | | 1,071 | | |
|
Municipal
|
| | | | 79 | | | | | | — | | | | | | — | | | | | | (11) | | | | | | 68 | | |
|
Consumer
|
| | | | 99 | | | | | | (22) | | | | | | 1 | | | | | | 24 | | | | | | 102 | | |
| Total | | | | $ | 23,767 | | | | | $ | (88) | | | | | $ | 18 | | | | | $ | 145 | | | | | $ | 23,842 | | |
| | | |
As of March 31, 2025
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Nonaccrual
with No Allowance for Credit Loss |
| |
Nonaccrual
with a related Allowance for Credit Loss |
| |
Total
Nonaccrual |
| |
Loans 90 days
or greater past due still accruing |
| ||||||||||||
|
Agriculture and farmland
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
Construction
|
| | | | 9 | | | | | | 195 | | | | | | 204 | | | | | | — | | |
|
Commercial & industrial
|
| | | | 5,889 | | | | | | 391 | | | | | | 6,280 | | | | | | — | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Owner occupied
|
| | | | 8,066 | | | | | | 1,587 | | | | | | 9,653 | | | | | | — | | |
|
Non-owner occupied
|
| | | | 3,295 | | | | | | 3,910 | | | | | | 7,205 | | | | | | 124 | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 2,080 | | | | | | — | | | | | | 2,080 | | | | | | 9 | | |
|
Second liens and lines of credit
|
| | | | 488 | | | | | | — | | | | | | 488 | | | | | | — | | |
|
Municipal
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total
|
| | |
$
|
19,827
|
| | | |
$
|
6,083
|
| | | |
$
|
25,910
|
| | | |
$
|
133
|
| |
| | | |
December 31, 2024
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Nonaccrual
with No Allowance for Credit Loss |
| |
Nonaccrual
with a related Allowance for Credit Loss |
| |
Total
Nonaccrual |
| |
Loans 90 days
or greater past due still accruing |
| ||||||||||||
|
Agriculture and farmland
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
Construction
|
| | | | 9 | | | | | | — | | | | | | 9 | | | | | | 157 | | |
|
Commercial & industrial
|
| | | | 125 | | | | | | 7 | | | | | | 132 | | | | | | — | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Owner occupied
|
| | | | 6,171 | | | | | | 3,581 | | | | | | 9,752 | | | | | | — | | |
|
Non-owner occupied
|
| | | | 398 | | | | | | 3,931 | | | | | | 4,329 | | | | | | — | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 1,975 | | | | | | — | | | | | | 1,975 | | | | | | 289 | | |
|
Second liens and lines of credit
|
| | | | 482 | | | | | | — | | | | | | 482 | | | | | | — | | |
|
Municipal
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | 48 | | |
|
Total
|
| | |
$
|
9,160
|
| | | |
$
|
7,519
|
| | | |
$
|
16,679
|
| | | |
$
|
494
|
| |
| | | |
March 31, 2025
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Real Estate
|
| |
Business
Assets |
| |
Other
|
| |
Total
|
| ||||||||||||
|
Agriculture and farmland loans
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
Construction
|
| | | | 204 | | | | | | — | | | | | | — | | | | | | 204 | | |
|
Commercial & industrial loans
|
| | | | 5,840 | | | | | | 440 | | | | | | — | | | | | | 6,280 | | |
| Commercial real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Owner occupied
|
| | | | 9,653 | | | | | | — | | | | | | — | | | | | | 9,653 | | |
|
Non-owner occupied
|
| | | | 7,205 | | | | | | — | | | | | | — | | | | | | 7,205 | | |
| Residential real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 2,080 | | | | | | — | | | | | | — | | | | | | 2,080 | | |
|
Second liens and lines of credit
|
| | | | 488 | | | | | | — | | | | | | — | | | | | | 488 | | |
|
Municipal
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | $ | 25,470 | | | | | $ | 440 | | | | | $ | — | | | | | $ | 25,910 | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Real Estate
|
| |
Business
Assets |
| |
Other
|
| |
Total
|
| ||||||||||||
|
Agriculture and farmland loans
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
Construction
|
| | | | 9 | | | | | | — | | | | | | — | | | | | | 9 | | |
|
Commercial & industrial loans
|
| | | | — | | | | | | 132 | | | | | | — | | | | | | 132 | | |
| Commercial real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Owner occupied
|
| | | | 9,752 | | | | | | — | | | | | | — | | | | | | 9,752 | | |
|
Non-owner occupied
|
| | | | 4,329 | | | | | | — | | | | | | — | | | | | | 4,329 | | |
| Residential real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 1,975 | | | | | | — | | | | | | — | | | | | | 1,975 | | |
|
Second liens and lines of credit
|
| | | | 482 | | | | | | — | | | | | | — | | | | | | 482 | | |
|
Municipal
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | $ | 16,547 | | | | | $ | 132 | | | | | $ | — | | | | | $ | 16,679 | | |
| | | |
March 31, 2025
|
| |||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
30-59
Days Past Due |
| |
60-89
Days Past Due |
| |
90 Days
or Greater Past Due |
| |
Total
Past Due |
| |
Current
|
| |
Total
Loans |
| ||||||||||||||||||
|
Agriculture and farmland
|
| | | $ | 892 | | | | | $ | — | | | | | $ | — | | | | | $ | 892 | | | | | $ | 65,792 | | | | | $ | 66,684 | | |
|
Construction
|
| | | | — | | | | | | — | | | | | | 204 | | | | | | 204 | | | | | | 136,217 | | | | | | 136,421 | | |
|
Commercial & industrial
|
| | | | 6,241 | | | | | | — | | | | | | 400 | | | | | | 6,641 | | | | | | 250,661 | | | | | | 257,302 | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 401 | | | | | | 313 | | | | | | — | | | | | | 714 | | | | | | 215,202 | | | | | | 215,916 | | |
|
Owner occupied
|
| | | | — | | | | | | 170 | | | | | | 9,606 | | | | | | 9,776 | | | | | | 463,119 | | | | | | 472,895 | | |
|
Non-owner occupied
|
| | | | — | | | | | | 2,943 | | | | | | 352 | | | | | | 3,295 | | | | | | 642,498 | | | | | | 645,793 | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 992 | | | | | | 428 | | | | | | 595 | | | | | | 2,015 | | | | | | 376,405 | | | | | | 378,420 | | |
|
Second liens and lines of credit
|
| | | | 178 | | | | | | 120 | | | | | | 223 | | | | | | 521 | | | | | | 79,384 | | | | | | 79,905 | | |
|
Municipal
|
| | | | 1 | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 3,011 | | | | | | 3,012 | | |
|
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 17,097 | | | | | | 17,097 | | |
|
Total
|
| | |
$
|
8,705
|
| | | |
$
|
3,974
|
| | | |
$
|
11,380
|
| | | |
$
|
24,059
|
| | | |
$
|
2,249,386
|
| | | |
$
|
2,273,445
|
| |
| | | |
December 31, 2024
|
| |||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
30-59
Days Past Due |
| |
60-89
Days Past Due |
| |
90 Days
or Greater Past Due |
| |
Total
Past Due |
| |
Current
|
| |
Total
Loans |
| ||||||||||||||||||
|
Agriculture and farmland
|
| | | $ | 23 | | | | | $ | — | | | | | $ | — | | | | | $ | 23 | | | | | $ | 67,718 | | | | | $ | 67,741 | | |
|
Construction
|
| | | | 197 | | | | | | — | | | | | | 166 | | | | | | 363 | | | | | | 152,256 | | | | | | 152,619 | | |
|
Commercial & industrial
|
| | | | 41 | | | | | | — | | | | | | 90 | | | | | | 131 | | | | | | 245,702 | | | | | | 245,833 | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 314 | | | | | | — | | | | | | — | | | | | | 314 | | | | | | 211,464 | | | | | | 211,778 | | |
|
Owner occupied
|
| | | | 334 | | | | | | 660 | | | | | | 8,768 | | | | | | 9,762 | | | | | | 467,980 | | | | | | 477,742 | | |
|
Non-owner occupied
|
| | | | — | | | | | | — | | | | | | 398 | | | | | | 398 | | | | | | 627,839 | | | | | | 628,237 | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 686 | | | | | | 317 | | | | | | 1,220 | | | | | | 2,223 | | | | | | 371,246 | | | | | | 373,469 | | |
|
Second liens and lines of credit
|
| | | | 191 | | | | | | 119 | | | | | | 276 | | | | | | 586 | | | | | | 76,127 | | | | | | 76,713 | | |
|
Municipal
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,886 | | | | | | 3,886 | | |
|
Consumer
|
| | | | 7 | | | | | | 1 | | | | | | 48 | | | | | | 56 | | | | | | 17,030 | | | | | | 17,086 | | |
|
Total
|
| | |
$
|
1,793
|
| | | |
$
|
1,097
|
| | | |
$
|
10,966
|
| | | |
$
|
13,856
|
| | | |
$
|
2,241,248
|
| | | |
$
|
2,255,104
|
| |
| | | |
March 31, 2025
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Term Loans Amortized Cost Basis by Origination Year
|
| |
Revolving
loans amortized cost basis |
| |
Revolving
loans converted to term |
| |
Total
|
| ||||||||||||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
Prior
|
| ||||||||||||||||||||||||||||||||||||
| Agriculture and farmland | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | $ | 511 | | | | | $ | 10,928 | | | | | $ | 1,026 | | | | | $ | 13,523 | | | | | $ | 8,619 | | | | | $ | 25,900 | | | | | $ | 5,230 | | | | | $ | 32 | | | | | $ | 65,769 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 179 | | | | | | 250 | | | | | | — | | | | | | 429 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 486 | | | | | | — | | | | | | — | | | | | | 486 | | |
|
Total Agriculture and farmland
|
| | | $ | 511 | | | | | $ | 10,928 | | | | | $ | 1,026 | | | | | $ | 13,523 | | | | | $ | 8,619 | | | | | $ | 26,565 | | | | | $ | 5,480 | | | | | $ | 32 | | | | | $ | 66,684 | | |
| Agriculture and farmland | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Construction | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 6,783 | | | | | | 38,591 | | | | | | 40,666 | | | | | | 17,619 | | | | | | 17,739 | | | | | | 6,601 | | | | | | 8,218 | | | | | | — | | | | | | 136,217 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | 204 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 204 | | |
|
Total Construction
|
| | | | 6,783 | | | | | | 38,591 | | | | | | 40,870 | | | | | | 17,619 | | | | | | 17,739 | | | | | | 6,601 | | | | | | 8,218 | | | | | | — | | | | | | 136,421 | | |
| Construction | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Commercial & industrial | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 14,296 | | | | | | 38,759 | | | | | | 22,913 | | | | | | 16,633 | | | | | | 17,653 | | | | | | 15,920 | | | | | | 117,844 | | | | | | 246 | | | | | | 244,264 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | 4,391 | | | | | | 78 | | | | | | — | | | | | | 1,007 | | | | | | — | | | | | | 5,476 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | 41 | | | | | | 384 | | | | | | 23 | | | | | | 265 | | | | | | 6,849 | | | | | | — | | | | | | 7,562 | | |
|
Total Commercial & industrial
|
| | | | 14,296 | | | | | | 38,759 | | | | | | 22,954 | | | | | | 21,408 | | | | | | 17,754 | | | | | | 16,185 | | | | | | 125,700 | | | | | | 246 | | | | | | 257,302 | | |
| Commercial & industrial | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | 74 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 74 | | |
| Commercial real estate – Multifamily | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 150 | | | | | | 34,152 | | | | | | 17,836 | | | | | | 82,440 | | | | | | 49,215 | | | | | | 30,712 | | | | | | 816 | | | | | | — | | | | | | 215,321 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | 595 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 595 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Commercial real estate – Multifamily
|
| | | | 150 | | | | | | 34,152 | | | | | | 17,836 | | | | | | 83,035 | | | | | | 49,215 | | | | | | 30,712 | | | | | | 816 | | | | | | — | | | | | | 215,916 | | |
| Commercial real estate – Multifamily | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Commercial real estate – Owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 4,110 | | | | | | 53,437 | | | | | | 55,980 | | | | | | 98,534 | | | | | | 82,506 | | | | | | 142,746 | | | | | | 15,407 | | | | | | — | | | | | | 452,720 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | 362 | | | | | | 1,959 | | | | | | 5,603 | | | | | | 296 | | | | | | — | | | | | | 8,220 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | 9,272 | | | | | | — | | | | | | 2,609 | | | | | | 74 | | | | | | — | | | | | | 11,955 | | |
|
Total Commercial real estate – Owner occupied
|
| | | | 4,110 | | | | | | 53,437 | | | | | | 55,980 | | | | | | 108,168 | | | | | | 84,465 | | | | | | 150,958 | | | | | | 15,777 | | | | | | — | | | | | | 472,895 | | |
| Commercial real estate – Owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Commercial real estate – Non-owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 36,865 | | | | | | 78,727 | | | | | | 48,572 | | | | | | 185,578 | | | | | | 109,035 | | | | | | 158,731 | | | | | | 9,381 | | | | | | — | | | | | | 626,889 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,523 | | | | | | 6,322 | | | | | | — | | | | | | — | | | | | | 7,845 | | |
|
Substandard or lower
|
| | | | — | | | | | | 724 | | | | | | — | | | | | | — | | | | | | 3,910 | | | | | | 6,277 | | | | | | 74 | | | | | | 74 | | | | | | 11,059 | | |
|
Total Commercial real estate – Non-owner
occupied |
| | | | 36,865 | | | | | | 79,451 | | | | | | 48,572 | | | | | | 185,578 | | | | | | 114,468 | | | | | | 171,330 | | | | | | 9,455 | | | | | | 74 | | | | | | 645,793 | | |
| Commercial real estate – Non-owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Municipal | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | — | | | | | | 67 | | | | | | 344 | | | | | | — | | | | | | 336 | | | | | | 2,176 | | | | | | 89 | | | | | | — | | | | | | 3,012 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Commercial real estate – Municipal
|
| | | | — | | | | | | 67 | | | | | | 344 | | | | | | — | | | | | | 336 | | | | | | 2,176 | | | | | | 89 | | | | | | — | | | | | | 3,012 | | |
| Municipal | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | $ | 62,715 | | | | | $ | 254,661 | | | | | $ | 187,337 | | | | | $ | 414,327 | | | | | $ | 285,103 | | | | | $ | 382,786 | | | | | $ | 156,985 | | | | | $ | 278 | | | | | $ | 1,744,192 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | 5,348 | | | | | | 3,560 | | | | | | 12,104 | | | | | | 1,553 | | | | | | — | | | | | | 22,565 | | |
|
Substandard or lower
|
| | | | — | | | | | | 724 | | | | | | 245 | | | | | | 9,656 | | | | | | 3,933 | | | | | | 9,637 | | | | | | 6,997 | | | | | | 74 | | | | | | 31,266 | | |
|
Total
|
| | | $ | 62,715 | | | | | $ | 255,385 | | | | | $ | 187,582 | | | | | $ | 429,331 | | | | | $ | 292,596 | | | | | $ | 404,527 | | | | | $ | 165,535 | | | | | $ | 352 | | | | | $ | 1,798,023 | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Term Loans Amortized Cost Basis by Origination Year
|
| |
Revolving
loans amortized cost basis |
| |
Revolving
loans converted to term |
| |
Total
|
| ||||||||||||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
2024
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
Prior
|
| ||||||||||||||||||||||||||||||||||||
| Agriculture and farmland | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | $ | 11,357 | | | | | $ | 1,040 | | | | | $ | 13,682 | | | | | $ | 8,761 | | | | | $ | 4,780 | | | | | $ | 21,105 | | | | | $ | 5,320 | | | | | $ | — | | | | | $ | 66,045 | | |
|
Special mention
|
| | | | — | | | | | | 10 | | | | | | — | | | | | | 51 | | | | | | — | | | | | | 1,387 | | | | | | 248 | | | | | | — | | | | | | 1,696 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Agriculture and farmland
|
| | | $ | 11,357 | | | | | $ | 1,050 | | | | | $ | 13,682 | | | | | $ | 8,812 | | | | | $ | 4,780 | | | | | $ | 22,492 | | | | | $ | 5,568 | | | | | $ | — | | | | | $ | 67,741 | | |
| Agriculture and farmland | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Construction | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 38,681 | | | | | | 54,929 | | | | | | 17,645 | | | | | | 18,952 | | | | | | 1,226 | | | | | | 8,567 | | | | | | 12,422 | | | | | | — | | | | | | 152,422 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Substandard or lower
|
| | | | — | | | | | | 197 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 197 | | |
|
Total Construction
|
| | | | 38,681 | | | | | | 55,126 | | | | | | 17,645 | | | | | | 18,952 | | | | | | 1,226 | | | | | | 8,567 | | | | | | 12,422 | | | | | | — | | | | | | 152,619 | | |
| Construction | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Commercial & industrial | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 36,194 | | | | | | 23,645 | | | | | | 18,632 | | | | | | 18,880 | | | | | | 10,145 | | | | | | 8,154 | | | | | | 115,655 | | | | | | — | | | | | | 231,305 | | |
|
Special mention
|
| | | | 301 | | | | | | 153 | | | | | | 4,606 | | | | | | 88 | | | | | | — | | | | | | 363 | | | | | | 7,023 | | | | | | — | | | | | | 12,534 | | |
|
Substandard or lower
|
| | | | 74 | | | | | | 51 | | | | | | 384 | | | | | | 47 | | | | | | — | | | | | | 299 | | | | | | 1,139 | | | | | | — | | | | | | 1,994 | | |
|
Total Commercial & industrial
|
| | | | 36,569 | | | | | | 23,849 | | | | | | 23,622 | | | | | | 19,015 | | | | | | 10,145 | | | | | | 8,816 | | | | | | 123,817 | | | | | | — | | | | | | 245,833 | | |
| Commercial & industrial | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20 | | | | | | 7 | | | | | | 125 | | | | | | — | | | | | | 152 | | |
| Commercial real estate – Multifamily | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 34,006 | | | | | | 11,064 | | | | | | 84,497 | | | | | | 49,859 | | | | | | 19,451 | | | | | | 11,232 | | | | | | 685 | | | | | | — | | | | | | 210,794 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | 984 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 984 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Commercial real estate – Multifamily
|
| | | | 34,006 | | | | | | 11,064 | | | | | | 85,481 | | | | | | 49,859 | | | | | | 19,451 | | | | | | 11,232 | | | | | | 685 | | | | | | — | | | | | | 211,778 | | |
| Commercial real estate – Multifamily | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Commercial real estate – Owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 52,566 | | | | | | 56,674 | | | | | | 101,351 | | | | | | 83,703 | | | | | | 48,003 | | | | | | 99,600 | | | | | | 15,120 | | | | | | — | | | | | | 457,017 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | 365 | | | | | | 1,984 | | | | | | 416 | | | | | | 5,608 | | | | | | 262 | | | | | | — | | | | | | 8,635 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | 9,327 | | | | | | — | | | | | | — | | | | | | 2,632 | | | | | | 131 | | | | | | — | | | | | | 12,090 | | |
|
Total Commercial real estate – Owner occupied
|
| | | | 52,566 | | | | | | 56,674 | | | | | | 111,043 | | | | | | 85,687 | | | | | | 48,419 | | | | | | 107,840 | | | | | | 15,513 | | | | | | — | | | | | | 477,742 | | |
| Commercial real estate – Owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 23 | | | | | | 6 | | | | | | — | | | | | | — | | | | | | 29 | | |
| Commercial real estate – Non-owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 78,928 | | | | | | 60,584 | | | | | | 187,113 | | | | | | 111,191 | | | | | | 48,512 | | | | | | 120,340 | | | | | | 8,535 | | | | | | — | | | | | | 615,203 | | |
|
Special mention
|
| | | | 744 | | | | | | — | | | | | | — | | | | | | 1,536 | | | | | | 3,352 | | | | | | 3,073 | | | | | | — | | | | | | — | | | | | | 8,705 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | 3,931 | | | | | | — | | | | | | 324 | | | | | | 74 | | | | | | — | | | | | | 4,329 | | |
|
Total Commercial real estate – Non-owner
occupied |
| | | | 79,672 | | | | | | 60,584 | | | | | | 187,113 | | | | | | 116,658 | | | | | | 51,864 | | | | | | 123,737 | | | | | | 8,609 | | | | | | — | | | | | | 628,237 | | |
| Commercial real estate – Non-owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 54 | | | | | | — | | | | | | — | | | | | | 54 | | |
| Municipal | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 71 | | | | | | 356 | | | | | | — | | | | | | 350 | | | | | | 939 | | | | | | 2,088 | | | | | | 82 | | | | | | — | | | | | | 3,886 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Commercial real estate – Municipal
|
| | | | 71 | | | | | | 356 | | | | | | — | | | | | | 350 | | | | | | 939 | | | | | | 2,088 | | | | | | 82 | | | | | | — | | | | | | 3,886 | | |
| Municipal | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | $ | 251,803 | | | | | $ | 208,292 | | | | | $ | 422,920 | | | | | $ | 291,696 | | | | | $ | 133,056 | | | | | $ | 271,086 | | | | | $ | 157,819 | | | | | $ | — | | | | | $ | 1,736,672 | | |
|
Special mention
|
| | | | 1,045 | | | | | | 163 | | | | | | 5,955 | | | | | | 3,659 | | | | | | 3,768 | | | | | | 10,431 | | | | | | 7,533 | | | | | | — | | | | | | 32,554 | | |
|
Substandard or lower
|
| | | | 74 | | | | | | 248 | | | | | | 9,711 | | | | | | 3,978 | | | | | | — | | | | | | 3,255 | | | | | | 1,344 | | | | | | — | | | | | | 18,610 | | |
|
Total
|
| | | $ | 252,922 | | | | | $ | 208,703 | | | | | $ | 438,586 | | | | | $ | 299,333 | | | | | $ | 136,824 | | | | | $ | 284,772 | | | | | $ | 166,696 | | | | | $ | — | | | | | $ | 1,787,836 | | |
| | | |
March 31, 2025
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Term Loans Amortized Cost Basis by Origination Year
|
| |
Revolving
loans amortized cost basis |
| |
Revolving
loans converted to term |
| |
Total
|
| ||||||||||||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
Prior
|
| ||||||||||||||||||||||||||||||||||||
| Residential real estate – First liens | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | $ | 6,357 | | | | | $ | 29,358 | | | | | $ | 49,722 | | | | | $ | 85,343 | | | | | $ | 79,985 | | | | | $ | 111,338 | | | | | $ | 14,159 | | | | | $ | 69 | | | | | $ | 376,331 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 166 | | | | | | 1,923 | | | | | | — | | | | | | — | | | | | | 2,089 | | |
|
Total Residential real estate – First liens
|
| | | $ | 6,357 | | | | | $ | 29,358 | | | | | $ | 49,722 | | | | | $ | 85,343 | | | | | $ | 80,151 | | | | | $ | 113,261 | | | | | $ | 14,159 | | | | | $ | 69 | | | | | $ | 378,420 | | |
| Residential real estate – First liens | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Residential real estate – Second liens and lines of credit | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | | — | | | | | | 2,731 | | | | | | 1,524 | | | | | | 947 | | | | | | 229 | | | | | | 1,245 | | | | | | 72,741 | | | | | | — | | | | | | 79,417 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 215 | | | | | | 273 | | | | | | — | | | | | | 488 | | |
|
Total Residential real estate – Second liens and lines of credit
|
| | | | — | | | | | | 2,731 | | | | | | 1,524 | | | | | | 947 | | | | | | 229 | | | | | | 1,460 | | | | | | 73,014 | | | | | | — | | | | | | 79,905 | | |
| Residential real estate – Second liens and lines of credit | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Consumer and other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | | 832 | | | | | | 1,888 | | | | | | 3,716 | | | | | | 1,767 | | | | | | 163 | | | | | | 183 | | | | | | 8,548 | | | | | | — | | | | | | 17,097 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Consumer and other
|
| | | | 832 | | | | | | 1,888 | | | | | | 3,716 | | | | | | 1,767 | | | | | | 163 | | | | | | 183 | | | | | | 8,548 | | | | | | — | | | | | | 17,097 | | |
| Consumer and other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | 10 | | | | | | 7 | | | | | | — | | | | | | — | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 18 | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | $ | 7,189 | | | | | $ | 33,977 | | | | | $ | 54,962 | | | | | $ | 88,057 | | | | | $ | 80,377 | | | | | $ | 112,766 | | | | | $ | 95,448 | | | | | $ | 69 | | | | | $ | 472,845 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 166 | | | | | | 2,138 | | | | | | 273 | | | | | | — | | | | | | 2,577 | | |
|
Total
|
| | | $ | 7,189 | | | | | $ | 33,977 | | | | | $ | 54,962 | | | | | $ | 88,057 | | | | | $ | 80,543 | | | | | $ | 114,904 | | | | | $ | 95,721 | | | | | $ | 69 | | | | | $ | 475,422 | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Term Loans Amortized Cost Basis by Origination Year
|
| |
Revolving
loans amortized cost basis |
| |
Revolving
loans converted to term |
| |
Total
|
| ||||||||||||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
2024
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
Prior
|
| ||||||||||||||||||||||||||||||||||||
| Residential real estate – First liens | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | $ | 28,532 | | | | | $ | 48,601 | | | | | $ | 86,197 | | | | | $ | 82,086 | | | | | $ | 35,962 | | | | | $ | 78,244 | | | | | $ | 11,583 | | | | | $ | — | | | | | $ | 371,205 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | 219 | | | | | | 29 | | | | | | 2,016 | | | | | | — | | | | | | — | | | | | | 2,264 | | |
|
Total Residential real estate – First liens
|
| | | $ | 28,532 | | | | | $ | 48,601 | | | | | $ | 86,197 | | | | | $ | 82,305 | | | | | $ | 35,991 | | | | | $ | 80,260 | | | | | $ | 11,583 | | | | | $ | — | | | | | $ | 373,469 | | |
| Residential real estate – First liens | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4 | | | | | | — | | | | | | — | | | | | | 4 | | |
| Residential real estate – Second liens and lines of credit | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | | 2,643 | | | | | | 940 | | | | | | 985 | | | | | | 349 | | | | | | 61 | | | | | | 1,666 | | | | | | 68,937 | | | | | | 650 | | | | | | 76,231 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 294 | | | | | | 188 | | | | | | — | | | | | | 482 | | |
|
Total Residential real estate – Second liens and lines of credit
|
| | | | 2,643 | | | | | | 940 | | | | | | 985 | | | | | | 349 | | | | | | 61 | | | | | | 1,960 | | | | | | 69,125 | | | | | | 650 | | | | | | 76,713 | | |
| Residential real estate – Second liens and lines of credit | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9 | | | | | | — | | | | | | — | | | | | | 9 | | |
| Consumer and other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | | 2,610 | | | | | | 4,433 | | | | | | 1,863 | | | | | | 113 | | | | | | 52 | | | | | | 67 | | | | | | 7,900 | | | | | | — | | | | | | 17,038 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 48 | | | | | | — | | | | | | — | | | | | | 48 | | |
|
Total Consumer and other
|
| | | | 2,610 | | | | | | 4,433 | | | | | | 1,863 | | | | | | 113 | | | | | | 52 | | | | | | 115 | | | | | | 7,900 | | | | | | — | | | | | | 17,086 | | |
| Consumer and other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | 6 | | | | | | 4 | | | | | | 6 | | | | | | 1 | | | | | | 18 | | | | | | 150 | | | | | | — | | | | | | 185 | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | $ | 33,785 | | | | | $ | 53,974 | | | | | $ | 89,045 | | | | | $ | 82,548 | | | | | $ | 36,075 | | | | | $ | 79,977 | | | | | $ | 88,420 | | | | | $ | 650 | | | | | $ | 464,474 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | 219 | | | | | | 29 | | | | | | 2,358 | | | | | | 188 | | | | | | — | | | | | | 2,794 | | |
|
Total
|
| | | $ | 33,785 | | | | | $ | 53,974 | | | | | $ | 89,045 | | | | | $ | 82,767 | | | | | $ | 36,104 | | | | | $ | 82,335 | | | | | $ | 88,608 | | | | | $ | 650 | | | | | $ | 467,268 | | |
| | | |
March 31,
2025 |
| |
December 31,
2024 |
| ||||||||||||||||||
|
(Dollars in Thousands)
|
| |
Amount
|
| |
%
|
| |
Amount
|
| |
%
|
| ||||||||||||
|
Demand, noninterest-bearing
|
| | | $ | 646,002 | | | | | | 26.55% | | | | | $ | 658,646 | | | | | | 27.89% | | |
|
Demand, interest-bearing
|
| | | | 577,170 | | | | | | 23.71 | | | | | | 525,173 | | | | | | 22.25 | | |
|
Money market and savings
|
| | | | 553,240 | | | | | | 22.73 | | | | | | 540,030 | | | | | | 22.88 | | |
|
Time deposits, $250 and over
|
| | | | 166,441 | | | | | | 6.84 | | | | | | 164,901 | | | | | | 6.99 | | |
|
Time deposits, other
|
| | | | 387,226 | | | | | | 15.91 | | | | | | 368,217 | | | | | | 15.60 | | |
|
Brokered time deposits
|
| | | | 103,615 | | | | | | 4.26 | | | | | | 103,615 | | | | | | 4.39 | | |
| | | | | $ | 2,433,694 | | | | | | 100.0% | | | | | $ | 2,360,582 | | | | | | 100.0% | | |
|
(in Thousands)
|
| |
March 31,
2025 |
| |
December 31,
2024 |
| ||||||
|
Long-term borrowings
|
| | | $ | 40,000 | | | | | $ | 40,000 | | |
|
Short-term borrowings
|
| | | | — | | | | | | 10,000 | | |
|
Note payable
|
| | | | 559 | | | | | | 565 | | |
|
Subordinated debt
|
| | | | 62,129 | | | | | | 61,984 | | |
| Total | | | | $ | 102,688 | | | | | $ | 112,549 | | |
| | | |
At March 31, 2025
|
| |
At December 31, 2024
|
| ||||||||||||||||||
|
(In Thousands)
|
| |
Carrying
Amount |
| |
Fair
Value |
| |
Carrying
Amount |
| |
Fair
Value |
| ||||||||||||
|
Financial assets:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Cash and cash equivalents (Level 1)
|
| | | $ | 220,182 | | | | | $ | 220,182 | | | | | $ | 166,100 | | | | | $ | 166,100 | | |
|
Securities held to maturity (Level 2)
|
| | | | 28,083 | | | | | | 26,764 | | | | | | 31,508 | | | | | | 30,284 | | |
|
Loans, net of allowance for credit losses (Level 3)
|
| | | | 2,247,322 | | | | | | 2,250,242 | | | | | | 2,229,314 | | | | | | 2,231,057 | | |
|
Accrued interest receivable (Level 1)
|
| | | | 9,545 | | | | | | 9,545 | | | | | | 9,870 | | | | | | 9,870 | | |
|
Restricted investments in bank stock (Level 1)
|
| | | | 4,780 | | | | | | 4,780 | | | | | | 5,209 | | | | | | 5,209 | | |
|
Cash surrender value of life insurance (Level 1)
|
| | | | 52,507 | | | | | | 52,507 | | | | | | 52,079 | | | | | | 52,079 | | |
|
Financial liabilities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Non-maturity deposits (Level 1)
|
| | | | 1,776,412 | | | | | | 1,776,412 | | | | | | 1,723,849 | | | | | | 1,723,849 | | |
|
Time Deposits (Level 3)
|
| | | | 657,282 | | | | | | 655,882 | | | | | | 636,733 | | | | | | 634,875 | | |
|
Long-term borrowings (Level 3)
|
| | | | 40,000 | | | | | | 40,280 | | | | | | 40,000 | | | | | | 40,256 | | |
|
Short-term borrowings (Level 1)
|
| | | | — | | | | | | — | | | | | | 10,000 | | | | | | 10,000 | | |
|
Note payable (Level 3)
|
| | | | 559 | | | | | | 559 | | | | | | 565 | | | | | | 565 | | |
|
Subordinated Notes (Level 3)
|
| | | | 62,129 | | | | | | 60,700 | | | | | | 61,984 | | | | | | 60,251 | | |
|
Accrued interest payable (Level 1)
|
| | | | 2,581 | | | | | | 2,581 | | | | | | 1,865 | | | | | | 1,865 | | |
| | | |
March 31, 2025
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
US Government Agency securities
|
| | | $ | — | | | | | $ | 13,273 | | | | | $ | — | | | | | $ | 13,273 | | |
|
Obligations of state and political subdivisions
|
| | | | — | | | | | | 47,465 | | | | | | — | | | | | | 47,465 | | |
|
Mortgage backed securities in government-sponsored entities
|
| | | | — | | | | | | 98,045 | | | | | | — | | | | | | 98,045 | | |
|
Other securities
|
| | | | — | | | | | | 400 | | | | | | — | | | | | | 400 | | |
| Total | | | | $ | — | | | | | $ | 159,183 | | | | | $ | — | | | | | $ | 159,183 | | |
|
Derivative
|
| | | $ | — | | | | | $ | — | | | | | $ | 689 | | | | | $ | 689 | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
US Government Agency Securities
|
| | | $ | — | | | | | $ | 13,073 | | | | | $ | — | | | | | $ | 13,073 | | |
|
Obligations of state and political subdivisions
|
| | | | — | | | | | | 47,201 | | | | | | — | | | | | | 47,201 | | |
|
Mortgage backed securities in government-sponsored entities
|
| | | | — | | | | | | 84,783 | | | | | | — | | | | | | 84,783 | | |
|
Other securities
|
| | | | — | | | | | | 533 | | | | | | — | | | | | | 533 | | |
| Total | | | | $ | — | | | | | $ | 145,590 | | | | | $ | — | | | | | $ | 145,590 | | |
|
Derivative
|
| | | $ | — | | | | | $ | — | | | | | $ | 1,654 | | | | | $ | 1,654 | | |
| | | |
March 31, 2025
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
|
Loans individually evaluated
|
| | | $ | — | | | | | $ | — | | | | | $ | 31,280 | | | | | $ | 31,280 | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
|
Loans individually evaluated
|
| | | $ | — | | | | | $ | — | | | | | $ | 21,519 | | | | | $ | 21,519 | | |
| | | |
March 31, 2025
|
| |||||||||||||||
| | | |
Quantitative Information About Level III Fair Value Measurements
|
| |||||||||||||||
|
(In Thousands)
|
| |
Fair Value
|
| |
Valuation
Techniques |
| |
Unobservable
Input |
| |
Range
(Weighted Average) |
| ||||||
|
Loans individually evaluated
|
| | | $ | 31,280 | | | |
Appraisal of
collateral(1) |
| |
Liquidation
expenses |
| | | | 10% | | |
| | | |
December 31, 2024
|
| |||||||||||||||
| | | |
Quantitative Information About Level III Fair Value Measurements
|
| |||||||||||||||
|
(In Thousands)
|
| |
Fair Value
|
| |
Valuation
Techniques |
| |
Unobservable
Input |
| |
Range
(Weighted Average) |
| ||||||
|
Loans individually evaluated
|
| | | $ | 21,519 | | | |
Appraisal of
collateral(1) |
| |
Liquidation
expenses |
| | | | 10% | | |
| | | |
Number
of Shares |
| |
Weighted-
Average Exercise Price |
| |
Weighted-
Average Remaining Contractual Term in Years |
| |
Aggregate
Intrinsic Value (in ‘000s) |
| ||||||||||||
|
Outstanding, December 31, 2024
|
| | | | 591,791 | | | | | $ | 9.10 | | | | | | 6.0 | | | | | $ | 145 | | |
|
Granted
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Expired/terminated
|
| | | | (10,600) | | | | | | 9.88 | | | | | | — | | | | | | | | |
|
Exercised
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | |
|
Outstanding, March 31, 2025
|
| | | | 581,191 | | | | | $ | 9.09 | | | | | | 5.8 | | | | | $ | 41 | | |
|
Exercisable at period end
|
| | | | 396,391 | | | | | $ | 9.75 | | | | | | 4.6 | | | | | $ | 24 | | |
| | | |
Number
of Shares |
| |
Average Market
Price at Grant |
| ||||||
|
Outstanding, December 31, 2024
|
| | | | 393,083 | | | | | $ | 6.40 | | |
|
Restricted stock units granted
|
| | | | 3,000 | | | | | | 7.53 | | |
|
Expired/terminated
|
| | | | — | | | | | | | | |
|
Vested
|
| | | | — | | | | | | | | |
|
Outstanding, March 31, 2025
|
| | | | 396,083 | | | | | $ | 6.41 | | |
| | | |
March 31, 2025
|
| |
December 31, 2024
|
| ||||||||||||||||||
|
(Dollars in Thousands)
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||
| Total capital | | | | | | | | | | | | | | | | | | | | | | | | | |
| (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Actual
|
| | | $ | 300,631 | | | | | | 12.61% | | | | | $ | 282,736 | | | | | | 11.55% | | |
|
For capital adequacy purposes
|
| | | | 190,666 | | | | | | 8.00 | | | | | | 195,914 | | | | | | 8.00 | | |
|
To be well capitalized
|
| | | | 238,333 | | | | | | 10.00 | | | | | | 244,892 | | | | | | 10.00 | | |
| Tier 1 capital | | | | | | | | | | | | | | | | | | | | | | | | | |
| (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Actual
|
| | | $ | 279,092 | | | | | | 11.71% | | | | | $ | 263,058 | | | | | | 10.74% | | |
|
For capital adequacy purposes
|
| | | | 143,000 | | | | | | 6.00 | | | | | | 146,935 | | | | | | 6.00 | | |
|
To be well capitalized
|
| | | | 190,666 | | | | | | 8.00 | | | | | | 195,914 | | | | | | 8.00 | | |
| | | |
March 31, 2025
|
| |
December 31, 2024
|
| ||||||||||||||||||
|
(Dollars in Thousands)
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||
| Common equity | | | | | | | | | | | | | | | | | | | | | | | | | |
| (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Actual
|
| | | $ | 279,092 | | | | | | 11.71% | | | | | $ | 263,058 | | | | | | 10.74% | | |
|
For capital adequacy purposes
|
| | | | 107,250 | | | | | | 4.50 | | | | | | 110,201 | | | | | | 4.50 | | |
|
To be well capitalized
|
| | | | 154,916 | | | | | | 6.50 | | | | | | 159,180 | | | | | | 6.50 | | |
| Tier 1 capital | | | | | | | | | | | | | | | | | | | | | | | | | |
| (to average assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Actual
|
| | | $ | 279,092 | | | | | | 10.02% | | | | | $ | 263,058 | | | | | | 9.49% | | |
|
For capital adequacy purposes
|
| | | | 111,433 | | | | | | 4.00 | | | | | | 110,867 | | | | | | 4.00 | | |
|
To be well capitalized
|
| | | | 139,292 | | | | | | 5.00 | | | | | | 138,584 | | | | | | 5.00 | | |
|
(In Thousands)
|
| |
March 31,
2025 |
| |
December 31,
2024 |
| ||||||
| Unfunded commitments under lines of credit: | | | | | | | | | | | | | |
|
Home equity loans
|
| | | $ | 91,167 | | | | | $ | 97,677 | | |
|
Commercial real estate, construction, and land development
|
| | | | 148,159 | | | | | | 161,551 | | |
|
Commercial and industrial
|
| | | | 332,514 | | | | | | 353,078 | | |
|
Total
|
| | |
$
|
571,840
|
| | | |
$
|
612,306
|
| |
| | | |
Three Months Ended March 31,
|
| |||||||||
|
(In Thousands, except share and per share data)
|
| |
2025
|
| |
2024
|
| ||||||
|
Net income
|
| | | $ | 15,343 | | | | | $ | 5,726 | | |
|
Basic weighted average common shares outstanding
|
| | | | 37,105,480 | | | | | | 36,962,005 | | |
|
Net effect of dilutive stock options and warrants
|
| | | | 4,693 | | | | | | 6,700 | | |
|
Net effect of dilutive restricted stock awards and units
|
| | | | 111,766 | | | | | | 76,525 | | |
|
Diluted weighted average common shares outstanding
|
| | | | 37,221,939 | | | | | | 37,045,230 | | |
| Net income per common share: | | | | | | | | | | | | | |
|
Basic
|
| | | $ | 0.41 | | | | | $ | 0.15 | | |
|
Diluted
|
| | | $ | 0.41 | | | | | $ | 0.15 | | |
| | | |
Three Months Ended March 31,
|
| |||||||||
| | | |
2025
|
| |
2024
|
| ||||||
|
Stock Options
|
| | | | 24,791 | | | | | | 24,691 | | |
|
Warrants
|
| | | | — | | | | | | — | | |
|
Restricted Stock Awards and Units
|
| | | | 393,083 | | | | | | 384,724 | | |
|
Total dilutive securities
|
| | | | 417,874 | | | | | | 409,415 | | |
| | | |
Three Months Ended March 31,
|
| |||||||||
| | | |
2025
|
| |
2024
|
| ||||||
|
Stock Options
|
| | | | 556,400 | | | | | | 511,400 | | |
|
Warrants
|
| | | | 1,537,484 | | | | | | 1,537,484 | | |
|
Restricted Stock Awards and Units
|
| | | | 3,000 | | | | | | — | | |
|
Total anti-dilutive securities
|
| | | | 2,096,884 | | | | | | 2,048,884 | | |
| | | |
For the Three Months Ended March 31,
|
| |||||||||
|
(In thousands)
|
| |
2025
|
| |
2024
|
| ||||||
|
Interest Income
|
| | | $ | 40,142 | | | | | $ | 38,775 | | |
| Reconciliation of revenue | | | | | | | | | | | | | |
|
Other revenues
|
| | | | 13,257 | | | | | | 1,729 | | |
|
Total consolidated revenues
|
| | | $ | 53,399 | | | | | $ | 40,504 | | |
|
Interest Expense
|
| | | | 14,311 | | | | | | 13,891 | | |
|
Segment net interest income and noninterest income
|
| | | $ | 39,088 | | | | | $ | 26,613 | | |
|
Provision for credit losses
|
| | | | 228 | | | | | | 40 | | |
|
Salaries and employee benefits
|
| | | | 11,156 | | | | | | 11,118 | | |
|
Other Expenses
|
| | | | 12,361 | | | | | | 9,729 | | |
|
Consolidated net income (loss)
|
| | | $ | 15,343 | | | | | $ | 5,726 | | |
| Other segment disclosures | | | | | | | | | | | | | |
|
Gain on sale of branches
|
| | | $ | 11,093 | | | | | $ | — | | |
|
Interest income
|
| | | $ | 40,142 | | | | | $ | 38,775 | | |
|
Interest expense
|
| | | $ | 14,311 | | | | | $ | 13,891 | | |
|
Depreciation
|
| | | $ | 417 | | | | | $ | 498 | | |
|
Amortization of intangible assets
|
| | | $ | 1,084 | | | | | $ | 1,207 | | |
| Other significant noncash items: | | | | | | | | | | | | | |
|
Provision for credit loss
|
| | | $ | 228 | | | | | $ | 40 | | |
|
(dollars in thousands)
|
| |
March 31,
2025 |
| |
December 31,
2024 |
| |
Change
|
| |
%
|
| ||||||||||||
|
Agriculture loans
|
| | | $ | 66,684 | | | | | $ | 67,741 | | | | | $ | (1,057) | | | | | | (1.56)% | | |
|
Construction loans
|
| | | | 136,421 | | | | | | 152,619 | | | | | | (16,198) | | | | | | (10.61) | | |
|
Commercial loans
|
| | | | 257,302 | | | | | | 245,833 | | | | | | 11,469 | | | | | | 4.67 | | |
| Commercial real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 215,916 | | | | | | 211,778 | | | | | | 4,138 | | | | | | 1.95 | | |
|
Owner occupied
|
| | | | 472,895 | | | | | | 477,742 | | | | | | (4,847) | | | | | | (1.01) | | |
|
Non-owner occupied
|
| | | | 645,793 | | | | | | 628,237 | | | | | | 17,556 | | | | | | 2.79 | | |
| Residential real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 378,420 | | | | | | 373,469 | | | | | | 4,951 | | | | | | 1.33 | | |
|
Second liens and lines of credit
|
| | | | 79,905 | | | | | | 76,713 | | | | | | 3,192 | | | | | | 4.16 | | |
|
Consumer and other loans
|
| | | | 17,097 | | | | | | 17,086 | | | | | | 11 | | | | | | 0.06 | | |
|
Municipal loans
|
| | | | 3,012 | | | | | | 3,886 | | | | | | (874) | | | | | | (22.49) | | |
|
Total Loans
|
| | |
|
2,273,445
|
| | | |
|
2,255,104
|
| | | | | 18,341 | | | | | | 0.81 | | |
|
Deferred costs
|
| | | | 496 | | | | | | 645 | | | | | | (149) | | | | | | (23.10) | | |
|
Allowance for credit losses
|
| | | | (26,619) | | | | | | (26,435) | | | | | | (184) | | | | | | 0.70 | | |
|
Total
|
| | |
$
|
2,247,322
|
| | | |
$
|
2,229,314
|
| | | | | 18,008 | | | | | | 0.81% | | |
|
(in thousands)
|
| |
March 31,
2025 |
| |
December 31,
2024 |
| |
Change
|
| |
%
|
| ||||||||||||
|
Demand, noninterest-bearing
|
| | | $ | 646,002 | | | | | $ | 658,646 | | | | | $ | (12,644) | | | | | | (1.9)% | | |
|
Demand, interest-bearing
|
| | | | 577,170 | | | | | | 525,173 | | | | | | 51,997 | | | | | | 9.9 | | |
|
Money market and savings
|
| | | | 553,240 | | | | | | 540,030 | | | | | | 13,210 | | | | | | 2.4 | | |
|
Time deposits, $250,000 and over
|
| | | | 166,441 | | | | | | 164,901 | | | | | | 1,540 | | | | | | 0.9 | | |
|
Time deposits, other
|
| | | | 387,226 | | | | | | 368,217 | | | | | | 19,009 | | | | | | 5.2 | | |
|
Brokered deposits
|
| | | | 103,615 | | | | | | 103,615 | | | | | | — | | | | | | — | | |
|
Total deposits
|
| | | $ | 2,433,694 | | | | | $ | 2,360,582 | | | | | $ | 73,112 | | | | | | 3.1% | | |
| | | |
For the Three Months Ended March 31,
|
| |||||||||||||||||||||||||||||||||
| | | |
2025
|
| |
2024
|
| ||||||||||||||||||||||||||||||
|
(Dollars in thousands)
|
| |
Avg Bal
|
| |
Interest(2)
|
| |
Yield/Rate
|
| |
Avg Bal
|
| |
Interest(2)
|
| |
Yield/Rate
|
| ||||||||||||||||||
|
Int. Earn. Cash
|
| | | $ | 119,269 | | | | | $ | 972 | | | | | | 3.31% | | | | | $ | 82,420 | | | | | $ | 898 | | | | | | 4.38% | | |
|
Securities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Taxable(1)
|
| | | | 142,867 | | | | | | 1,749 | | | | | | 4.96% | | | | | | 114,896 | | | | | | 1,391 | | | | | | 4.87% | | |
|
Tax-Exempt
|
| | | | 43,845 | | | | | | 481 | | | | | | 4.45% | | | | | | 42,984 | | | | | | 457 | | | | | | 4.28% | | |
|
Total Securities
|
| | | | 186,712 | | | | | | 2,230 | | | | | | 4.84% | | | | | | 157,880 | | | | | | 1,848 | | | | | | 4.71% | | |
|
Total Cash Equiv. and Investments
|
| | | | 305,981 | | | | | | 3,202 | | | | | | 4.24% | | | | | | 240,300 | | | | | | 2,746 | | | | | | 4.60% | | |
|
Total Loans(3)
|
| | | | 2,350,031 | | | | | | 37,041 | | | | | | 6.39% | | | | | | 2,240,714 | | | | | | 36,125 | | | | | | 6.48% | | |
|
Total Interest-Earning Assets
|
| | | | 2,656,012 | | | | | | 40,243 | | | | | | 6.14% | | | | | | 2,481,014 | | | | | | 38,871 | | | | | | 6.30% | | |
|
Other Assets
|
| | | | 191,469 | | | | | | | | | | | | | | | | | | 210,826 | | | | | | | | | | | | | | |
|
Total Assets
|
| | | $ | 2,847,481 | | | | | | | | | | | | | | | | | $ | 2,691,840 | | | | | | | | | | | | | | |
|
Interest bearing demand
|
| | | $ | 545,475 | | | | | $ | 3,048 | | | | | | 2.27% | | | | | $ | 424,781 | | | | | $ | 1,942 | | | | | | 1.84% | | |
|
Money market demand
|
| | | | 555,663 | | | | | | 2,937 | | | | | | 2.14% | | | | | | 587,455 | | | | | | 3,174 | | | | | | 2.17% | | |
|
Time deposits
|
| | | | 632,649 | | | | | | 6,372 | | | | | | 4.08% | | | | | | 608,192 | | | | | | 6,731 | | | | | | 4.45% | | |
|
Total Borrowings(4)
|
| | | | 149,922 | | | | | | 1,954 | | | | | | 5.29% | | | | | | 140,621 | | | | | | 2,044 | | | | | | 5.85% | | |
|
Total Interest-Bearing Liabilities
|
| | | | 1,883,709 | | | | | | 14,311 | | | | | | 3.08% | | | | | | 1,761,049 | | | | | | 13,891 | | | | | | 3.17% | | |
|
Non Int Bearing Deposits
|
| | | | 649,440 | | | | | | | | | | | | | | | | | | 632,637 | | | | | | | | | | | | | | |
|
Total Cost of Funds
|
| | | $ | 2,533,149 | | | | | $ | 14,311 | | | | | | 2.29% | | | | | $ | 2,393,686 | | | | | $ | 13,891 | | | | | | 2.33% | | |
|
Other Liabilities
|
| | | | 30,229 | | | | | | | | | | | | | | | | | | 31,359 | | | | | | | | | | | | | | |
|
Total Liabilities
|
| | | $ | 2,563,378 | | | | | | | | | | | | | | | | | $ | 2,425,045 | | | | | | | | | | | | | | |
|
Shareholders’ Equity
|
| | | $ | 284,103 | | | | | | | | | | | | | | | | | $ | 266,795 | | | | | | | | | | | | | | |
|
Total Liabilities & Shareholders’ Equity
|
| | | $ | 2,847,481 | | | | | | | | | | | | | | | | | $ | 2,691,840 | | | | | | | | | | | | | | |
|
Net Interest Income/Spread (FTE)
|
| | | | | | | | | | 25,932 | | | | | | 3.06% | | | | | | | | | | | | 24,980 | | | | | | 3.13% | | |
|
Tax-Equivalent Basis
Adjustment |
| | | | | | | | | | (101) | | | | | | | | | | | | | | | | | | (96) | | | | | | | | |
|
Net Interest Income
|
| | | | | | | | | $ | 25,831 | | | | | | | | | | | | | | | | | $ | 24,884 | | | | | | | | |
|
Net Interest Margin
|
| | | | | | | | | | | | | | | | 3.94% | | | | | | | | | | | | | | | | | | 4.03% | | |
| | | |
Three Months Ended March 31, 2025 vs. 2024
Increase (Decrease) Due To: |
| |||||||||||||||
|
(Dollars in thousands)
|
| |
Rate
|
| |
Volume
|
| |
Net
|
| |||||||||
| Interest Income: | | | | | | | | | | | | | | | | | | | |
|
Int. Earn. Cash
|
| | | $ | (315) | | | | | $ | 389 | | | | | $ | 74 | | |
|
Securities
|
| | | | | | | | | | | | | | | | | | |
|
Taxable
|
| | | | 32 | | | | | | 326 | | | | | | 358 | | |
|
Tax-Exempt
|
| | | | 18 | | | | | | 6 | | | | | | 24 | | |
|
Total Securities
|
| | | | 50 | | | | | | 332 | | | | | | 382 | | |
|
Total Loans
|
| | | | (522) | | | | | | 1,438 | | | | | | 916 | | |
|
Total Interest-Earning Assets
|
| | | | (787) | | | | | | 2,159 | | | | | | 1,372 | | |
| Interest Expense: | | | | | | | | | | | | | | | | | | | |
|
Interest bearing demand
|
| | | | 558 | | | | | | 548 | | | | | | 1,106 | | |
|
Money market demand
|
| | | | (41) | | | | | | (196) | | | | | | (237) | | |
|
Time deposits
|
| | | | (627) | | | | | | 268 | | | | | | (359) | | |
|
Total Borrowings
|
| | | | (224) | | | | | | 134 | | | | | | (90) | | |
|
Total Interest-Bearing Liabilities
|
| | | | (334) | | | | | | 754 | | | | | | 420 | | |
|
Change in Net Interest Income
|
| | | $ | (453) | | | | | $ | 1,405 | | | | | $ | 952 | | |
|
(In Thousands)
Liquidity Source |
| |
Capacity
|
| |
Outstanding
|
| |
Available
|
| |||||||||
|
Federal Home Loan Bank
|
| | | $ | 775,676 | | | | | $ | 40,000 | | | | | $ | 735,676 | | |
|
Federal Reserve Bank Discount Window
|
| | | | 23,920 | | | | | | — | | | | | | 23,920 | | |
|
Correspondent Banks
|
| | | | 77,000 | | | | | | — | | | | | | 77,000 | | |
|
Total
|
| | | $ | 876,596 | | | | | $ | 40,000 | | | | | $ | 836,596 | | |
| |
Exhibit
Number |
| |
Description
|
|
| | 3.1 | | |
Articles of Incorporation, as amended, incorporated by reference to Exhibit 3.1 to Form S-4 Registration Statement, filed May 7, 2021
|
|
| | 3.2 | | |
Amendment to Articles of Incorporation, incorporated by reference to Exhibit 3.2 to Form 10-K, filed March 31, 2025
|
|
| | 3.3 | | |
Amended and Restated Bylaws, incorporated by reference to Exhibit 3.1 to Form 8-K, filed December 1, 2023
|
|
| | 31.1 | | |
Certification of Principal Executive Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
|
|
| | 31.2 | | |
Certification of Principal Financial Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
|
|
| | 32 | | | Section 1350 Certification | |
| |
101 INS**
|
| |
The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document
|
|
| |
101 SCH**
|
| | Inline XBRL Taxonomy Extension Schema Document | |
| |
101 CAL**
|
| | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
| |
101 DEF**
|
| | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
| |
101 LAB**
|
| | Inline XBRL Taxonomy Extension Label Linkbase Document | |
| |
101 PRE**
|
| | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
| | 104 | | |
Cover Page Interactive Data File — the cover page interactive data file does not appear in the interactive date file because its XBRL tags are embedded with the inline XBRL document.
|
|
| | ☒ | | |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
| | ☐ | | |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
| |
Pennsylvania
(State or other jurisdiction of
incorporation or organization) |
| |
82-5130531
(I.R.S. Employer
Identification No.) |
|
| |
Title of each class
|
| |
Trading
Symbol(s) |
| |
Name of each exchange
on which registered |
|
| |
Common Stock, $0.01 par value per share
|
| |
LNKB
|
| |
The NASDAQ Stock Market LLC
|
|
| |
Large Accelerated Filer
☐
|
| |
Accelerated Filer
☐
|
|
| |
Non-Accelerated Filer
☒
|
| |
Smaller Reporting Company
☒
|
|
| | | | |
Emerging Growth Company
☒
|
|
| | | |
PAGE
|
| |||
| PART I — FINANCIAL INFORMATION | | ||||||
| | | | | | | | |
| | | | | G-1 | | | |
| | | | | G-2 | | | |
| | | | | G-3 | | | |
| | | | | G-4 | | | |
| | | | | G-6 | | | |
| | | | | G-7 | | | |
| | | | | G-40 | | | |
| | | | | G-55 | | | |
| | | | | G-55 | | | |
| PART II — OTHER INFORMATION | | ||||||
| | | | | G-55 | | | |
| | | | | G-56 | | | |
| | | | | G-56 | | | |
| | | | | G-56 | | | |
| | | | | G-56 | | | |
| | | | | G-56 | | | |
| | | | | G-57 | | | |
| | | | | G-58 | | | |
|
(In Thousands, except share and per share data)
|
| |
June 30,
2025 |
| |
December 31,
2024 |
| ||||||
| ASSETS | | | | | | | | | | | | | |
|
Noninterest-bearing cash equivalents
|
| | | $ | 15,319 | | | | | $ | 13,834 | | |
|
Interest-bearing deposits with other institutions
|
| | | | 139,764 | | | | | | 152,266 | | |
|
Cash and cash equivalents
|
| | | | 155,083 | | | | | | 166,100 | | |
|
Securities available for sale, at fair value
|
| | | | 169,569 | | | | | | 145,590 | | |
|
Securities held to maturity (Fair value of $26,104 and $30,284,
respectively) |
| | | | 27,284 | | | | | | 31,967 | | |
|
Less: Allowance for credit losses – securities
|
| | | | (475) | | | | | | (459) | | |
|
Securities held to maturity, net
|
| | | | 26,809 | | | | | | 31,508 | | |
|
Loans receivable
|
| | | | 2,356,609 | | | | | | 2,255,749 | | |
|
Less: Allowance for credit losses – loans
|
| | | | (24,651) | | | | | | (26,435) | | |
|
Net loans
|
| | | | 2,331,958 | | | | | | 2,229,314 | | |
|
Investments in restricted bank stock
|
| | | | 4,821 | | | | | | 5,209 | | |
|
Premises and equipment, net
|
| | | | 15,861 | | | | | | 18,029 | | |
|
Right-of-Use Asset – Premises
|
| | | | 15,410 | | | | | | 14,913 | | |
|
Bank-owned life insurance
|
| | | | 52,943 | | | | | | 52,079 | | |
|
Goodwill
|
| | | | 58,806 | | | | | | 58,806 | | |
|
Other intangible assets, net
|
| | | | 17,490 | | | | | | 20,955 | | |
|
Deferred tax asset
|
| | | | 16,474 | | | | | | 18,866 | | |
|
Assets held for sale
|
| | | | — | | | | | | 94,146 | | |
|
Accrued interest receivable and other assets
|
| | | | 21,330 | | | | | | 23,263 | | |
|
TOTAL ASSETS
|
| | | $ | 2,886,554 | | | | | $ | 2,878,778 | | |
| LIABILITIES | | | | | | | | | | | | | |
|
Deposits:
|
| | | | | | | | | | | | |
|
Demand, noninterest bearing
|
| | | $ | 646,654 | | | | | $ | 658,646 | | |
|
Interest bearing
|
| | | | 1,809,755 | | | | | | 1,701,936 | | |
|
Total deposits
|
| | | | 2,456,409 | | | | | | 2,360,582 | | |
|
Long-term borrowings
|
| | | | 40,000 | | | | | | 40,000 | | |
|
Short-term borrowings
|
| | | | — | | | | | | 10,000 | | |
|
Note payable
|
| | | | — | | | | | | 565 | | |
|
Subordinated debt
|
| | | | 62,279 | | | | | | 61,984 | | |
|
Lease liabilities
|
| | | | 15,740 | | | | | | 15,666 | | |
|
Allowance for credit losses – unfunded commitments
|
| | | | 2,057 | | | | | | 1,857 | | |
|
Liabilities held for sale
|
| | | | — | | | | | | 93,777 | | |
|
Accrued interest payable and other liabilities
|
| | | | 12,071 | | | | | | 14,126 | | |
|
TOTAL LIABILITIES
|
| | | | 2,588,556 | | | | | | 2,598,557 | | |
| COMMITMENTS AND CONTINGENT LIABILITIES (Note 11) | | | | | | | | | | | | | |
| SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
|
Preferred stock (At June 30, 2025 and December 31, 2024: no par value; 5,000,000 shares authorized; no shares issued and outstanding.)
|
| | | | — | | | | | | — | | |
|
Common stock (At June 30, 2025 and December 31, 2024: $0.01 par value;
50,000,000 shares authorized; 37,441,879 and 37,370,917 shares issued and outstanding, respectively.) |
| | | | 370 | | | | | | 370 | | |
|
Surplus
|
| | | | 265,293 | | | | | | 264,449 | | |
|
Retained earnings
|
| | | | 37,107 | | | | | | 19,947 | | |
|
Accumulated other comprehensive loss
|
| | | | (4,772) | | | | | | (4,545) | | |
|
TOTAL SHAREHOLDERS’ EQUITY
|
| | | | 297,998 | | | | | | 280,221 | | |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | $ | 2,886,554 | | | | | $ | 2,878,778 | | |
| | | |
Three Months Ended
June 30, |
| |
Six Months Ended
June 30, |
| ||||||||||||||||||
|
(In Thousands, except share and per share data)
|
| |
2025
|
| |
2024
|
| |
2025
|
| |
2024
|
| ||||||||||||
| INTEREST AND DIVIDEND INCOME | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Loans receivable, including fees
|
| | | $ | 36,032 | | | | | $ | 36,112 | | | | | $ | 73,073 | | | | | $ | 72,237 | | |
|
Investment securities and certificates of deposit:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Taxable
|
| | | | 1,819 | | | | | | 1,592 | | | | | | 3,568 | | | | | | 2,983 | | |
|
Exempt from federal income tax
|
| | | | 378 | | | | | | 350 | | | | | | 758 | | | | | | 711 | | |
|
Other
|
| | | | 1,097 | | | | | | 1,395 | | | | | | 2,069 | | | | | | 2,293 | | |
|
Total interest and dividend income
|
| | |
|
39,326
|
| | | |
|
39,449
|
| | | |
|
79,468
|
| | | |
|
78,224
|
| |
| INTEREST EXPENSE | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Deposits
|
| | | | 12,467 | | | | | | 13,071 | | | | | | 24,824 | | | | | | 24,918 | | |
|
Other borrowings
|
| | | | 931 | | | | | | 932 | | | | | | 1,917 | | | | | | 2,018 | | |
|
Subordinated debt
|
| | | | 979 | | | | | | 962 | | | | | | 1,947 | | | | | | 1,920 | | |
|
Total interest expense
|
| | |
|
14,377
|
| | | |
|
14,965
|
| | | |
|
28,688
|
| | | |
|
28,856
|
| |
|
NET INTEREST INCOME BEFORE PROVISION
FOR CREDIT LOSSES |
| | | | 24,949 | | | | | | 24,484 | | | | | | 50,780 | | | | | | 49,368 | | |
|
Provision for credit losses
|
| | | | 344 | | | | | | — | | | | | | 572 | | | | | | 40 | | |
|
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES
|
| | |
|
24,605
|
| | | |
|
24,484
|
| | | |
|
50,208
|
| | | |
|
49,328
|
| |
| NONINTEREST INCOME | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Service charges on deposit accounts
|
| | | | 1,056 | | | | | | 865 | | | | | | 2,117 | | | | | | 1,645 | | |
|
Bank-owned life insurance
|
| | | | 436 | | | | | | 386 | | | | | | 864 | | | | | | 769 | | |
|
Net realized gains (losses) on the sales of debt securities
|
| | | | — | | | | | | 4 | | | | | | — | | | | | | 4 | | |
|
Gain on sale of loans
|
| | | | 128 | | | | | | 12 | | | | | | 205 | | | | | | 62 | | |
|
Gain on sale of branches
|
| | | | — | | | | | | — | | | | | | 11,093 | | | | | | — | | |
|
Other
|
| | | | 1,313 | | | | | | 591 | | | | | | 1,911 | | | | | | 1,107 | | |
|
Total noninterest income
|
| | |
|
2,933
|
| | | |
|
1,858
|
| | | |
|
16,190
|
| | | |
|
3,587
|
| |
| NONINTEREST EXPENSE | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Salaries and employee benefits
|
| | | | 10,252 | | | | | | 9,941 | | | | | | 21,408 | | | | | | 21,059 | | |
|
Occupancy
|
| | | | 1,308 | | | | | | 1,559 | | | | | | 2,772 | | | | | | 3,137 | | |
|
Equipment and data processing
|
| | | | 2,052 | | | | | | 1,824 | | | | | | 4,095 | | | | | | 3,650 | | |
|
Professional fees
|
| | | | 728 | | | | | | 788 | | | | | | 1,215 | | | | | | 1,536 | | |
|
FDIC insurance and supervisory fees
|
| | | | 537 | | | | | | 545 | | | | | | 1,136 | | | | | | 897 | | |
|
Intangible amortization
|
| | | | 1,083 | | | | | | 1,204 | | | | | | 2,167 | | | | | | 2,411 | | |
|
Merger & restructuring expenses
|
| | | | 16 | | | | | | 631 | | | | | | 57 | | | | | | 687 | | |
|
Advertising
|
| | | | 176 | | | | | | 241 | | | | | | 320 | | | | | | 475 | | |
|
Other
|
| | | | 1,913 | | | | | | 2,167 | | | | | | 4,553 | | | | | | 4,298 | | |
|
Total noninterest expense
|
| | |
|
18,065
|
| | | |
|
18,900
|
| | | |
|
37,723
|
| | | |
|
38,150
|
| |
|
Income before income tax expense
|
| | | | 9,473 | | | | | | 7,442 | | | | | | 28,675 | | | | | | 14,765 | | |
|
Income tax expense
|
| | | | 2,086 | | | | | | 1,638 | | | | | | 5,945 | | | | | | 3,235 | | |
|
NET INCOME
|
| | | $ | 7,387 | | | | | $ | 5,804 | | | | | $ | 22,730 | | | | | $ | 11,530 | | |
|
EARNINGS PER SHARE, BASIC
|
| | | $ | 0.20 | | | | | $ | 0.16 | | | | | $ | 0.61 | | | | | $ | 0.31 | | |
|
EARNINGS PER SHARE, DILUTED
|
| | | $ | 0.20 | | | | | $ | 0.16 | | | | | $ | 0.61 | | | | | $ | 0.31 | | |
|
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING,
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
BASIC
|
| | | | 37,136,851 | | | | | | 36,970,768 | | | | | | 37,122,883 | | | | | | 36,966,371 | | |
|
DILUTED
|
| | | | 37,244,008 | | | | | | 37,040,748 | | | | | | 37,231,839 | | | | | | 37,042,896 | | |
| | | |
Three Months Ended
June 30, |
| |
Six Months Ended
June 30, |
| ||||||||||||||||||
|
(In Thousands)
|
| |
2025
|
| |
2024
|
| |
2025
|
| |
2024
|
| ||||||||||||
|
Net income
|
| | | $ | 7,387 | | | | | $ | 5,804 | | | | | $ | 22,730 | | | | | $ | 11,530 | | |
| Components of other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Unrealized gain (loss) on available-for-sale securities
|
| | | | (836) | | | | | | (361) | | | | | | 1,224 | | | | | | (1,972) | | |
|
Tax effect
|
| | | | 176 | | | | | | 76 | | | | | | (257) | | | | | | 414 | | |
|
Net of tax amount
|
| | | | (660) | | | | | | (285) | | | | | | 967 | | | | | | (1,558) | | |
|
Unrealized (loss) gain on cash flow hedges
|
| | | | (346) | | | | | | 551 | | | | | | (1,114) | | | | | | 2,272 | | |
|
Adjustment for amounts reclassified into net income
|
| | | | (198) | | | | | | (387) | | | | | | (396) | | | | | | (773) | | |
|
Tax effect
|
| | | | 114 | | | | | | (34) | | | | | | 316 | | | | | | (314) | | |
|
Net of tax amount
|
| | | | (430) | | | | | | 130 | | | | | | (1,194) | | | | | | 1,185 | | |
|
Total other comprehensive loss
|
| | | | (1,090) | | | | | | (155) | | | | | | (227) | | | | | | (373) | | |
|
Total comprehensive income
|
| | | $ | 6,297 | | | | | $ | 5,649 | | | | | $ | 22,503 | | | | | $ | 11,157 | | |
|
(In Thousands, except share data)
|
| |
Common
Stock Shares |
| |
Common
Stock Amount |
| |
Surplus
|
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
|
| ||||||||||||||||||
|
Balance, March 31, 2025
|
| | | | 37,377,342 | | | | | $ | 370 | | | | | $ | 264,871 | | | | | $ | 32,507 | | | | | $ | (3,682) | | | | | $ | 294,066 | | |
|
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 7,387 | | | | | | — | | | | | | 7,387 | | |
|
Dividends declared ($0.075 per share)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (2,787) | | | | | | — | | | | | | (2,787) | | |
|
Employee stock purchase plan
|
| | | | 8,592 | | | | | | — | | | | | | 55 | | | | | | — | | | | | | — | | | | | | 55 | | |
|
Issuance of common stock including proceeds from exercise of common stock compensation plans(1)
|
| | | | 55,945 | | | | | | — | | | | | | 73 | | | | | | — | | | | | | — | | | | | | 73 | | |
|
Stock compensation amortization
|
| | | | — | | | | | | — | | | | | | 294 | | | | | | — | | | | | | — | | | | | | 294 | | |
|
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,090) | | | | | | (1,090) | | |
|
Balance, June 30, 2025
|
| | | | 37,441,879 | | | | | $ | 370 | | | | | $ | 265,293 | | | | | $ | 37,107 | | | | | $ | (4,772) | | | | | $ | 297,998 | | |
|
(In Thousands, except share data)
|
| |
Common
Stock Shares |
| |
Common
Stock Amount |
| |
Surplus
|
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
|
| ||||||||||||||||||
|
Balance, March 31, 2024
|
| | | | 37,348,151 | | | | | $ | 369 | | | | | $ | 263,577 | | | | | $ | 7,724 | | | | | $ | (3,427) | | | | | $ | 268,243 | | |
|
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 5,804 | | | | | | — | | | | | | 5,804 | | |
|
Dividends declared ($0.075 per share)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (2,702) | | | | | | — | | | | | | (2,702) | | |
|
Employee stock purchase plan
|
| | | | 8,127 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | |
|
Stock option expense
|
| | | | — | | | | | | — | | | | | | 218 | | | | | | — | | | | | | — | | | | | | 218 | | |
|
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (155) | | | | | | (155) | | |
|
Balance, June 30, 2024
|
| | | | 37,356,278 | | | | | $ | 370 | | | | | $ | 263,795 | | | | | $ | 10,826 | | | | | $ | (3,582) | | | | | $ | 271,409 | | |
|
(In Thousands, except share data)
|
| |
Common
Stock Shares |
| |
Common
Stock Amount |
| |
Surplus
|
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
Shareholders’ Equity |
| ||||||||||||||||||
|
Balance, December 31, 2024
|
| | | | 37,370,917 | | | | | $ | 370 | | | | | $ | 264,449 | | | | | $ | 19,947 | | | | | $ | (4,545) | | | | | $ | 280,221 | | |
|
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 22,730 | | | | | | — | | | | | | 22,730 | | |
|
Dividends declared ($0.15 per share)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (5,570) | | | | | | — | | | | | | (5,570) | | |
|
Employee stock purchase plan
|
| | | | 15,017 | | | | | | — | | | | | | 101 | | | | | | — | | | | | | — | | | | | | 101 | | |
|
Issuance of common stock including proceeds from exercise of common stock compensation plans(1)
|
| | | | 55,945 | | | | | | — | | | | | | 73 | | | | | | — | | | | | | — | | | | | | 73 | | |
|
Stock compensation amortization
|
| | | | — | | | | | | — | | | | | | 670 | | | | | | — | | | | | | — | | | | | | 670 | | |
|
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (227) | | | | | | (227) | | |
|
Balance, June 30, 2025
|
| | | | 37,441,879 | | | | | $ | 370 | | | | | $ | 265,293 | | | | | $ | 37,107 | | | | | $ | (4,772) | | | | | $ | 297,998 | | |
|
(In Thousands, except
share data) |
| |
Common
Stock Shares |
| |
Common
Stock Amount |
| |
Surplus
|
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Loss |
| |
Total Equity
Attributable to Parent |
| |
Noncontrolling
interest in consolidated subsidiary |
| |
Total
Shareholders’ Equity |
| ||||||||||||||||||||||||
|
Balance, December 31,
2023 |
| | | | 37,340,700 | | | | | $ | 369 | | | | | $ | 263,310 | | | | | $ | 4,843 | | | | | $ | (3,209) | | | | | $ | 265,313 | | | | | $ | 483 | | | | | $ | 265,796 | | |
|
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 11,530 | | | | | | — | | | | | | 11,530 | | | | | | — | | | | | | 11,530 | | |
|
Dividends declared ($0.15 per share)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (5,547) | | | | | | — | | | | | | (5,547) | | | | | | — | | | | | | (5,547) | | |
|
Exercise of stock options
|
| | | | 1,777 | | | | | | — | | | | | | 11 | | | | | | — | | | | | | — | | | | | | 11 | | | | | | — | | | | | | 11 | | |
|
Employee stock purchase plan
|
| | | | 13,801 | | | | | | 1 | | | | | | 54 | | | | | | — | | | | | | — | | | | | | 55 | | | | | | — | | | | | | 55 | | |
|
Stock compensation amortization
|
| | | | — | | | | | | — | | | | | | 420 | | | | | | — | | | | | | — | | | | | | 420 | | | | | | — | | | | | | 420 | | |
|
Dissolution of Minority Interest
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (483) | | | | | | (483) | | |
|
Other comprehensive
loss |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (373) | | | | | | (373) | | | | | | — | | | | | | (373) | | |
|
Balance, June 30,
2024 |
| | | | 37,356,278 | | | | | $ | 370 | | | | | $ | 263,795 | | | | | $ | 10,826 | | | | | $ | (3,582) | | | | | $ | 271,409 | | | | | $ | — | | | | | $ | 271,409 | | |
| | | |
For the Six Months
Ended June 30, |
| |||||||||
|
(In Thousands)
|
| |
2025
|
| |
2024
|
| ||||||
| OPERATING ACTIVITIES | | | | | | | | | | | | | |
|
Net income
|
| | | $ | 22,730 | | | | | $ | 11,530 | | |
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
| | | | | | | | | | | | |
|
Gain on sale of branches
|
| | | | (11,093) | | | | | | — | | |
|
Provision for credit losses
|
| | | | 572 | | | | | | 40 | | |
|
Depreciation
|
| | | | 823 | | | | | | 1,012 | | |
|
Amortization of intangible assets
|
| | | | 2,167 | | | | | | 2,411 | | |
|
Accretion of discounts, net
|
| | | | (5,510) | | | | | | (6,043) | | |
|
Origination of loans to be sold
|
| | | | (6,545) | | | | | | (967) | | |
|
Proceeds from loan sales
|
| | | | 6,750 | | | | | | 1,029 | | |
|
Gain on sale of loans
|
| | | | (205) | | | | | | (62) | | |
|
Share-based and deferred compensation
|
| | | | 1,112 | | | | | | 825 | | |
|
Bank-owned life insurance income
|
| | | | (864) | | | | | | (769) | | |
|
(Gain) loss on sale of debt securities, available for sale
|
| | | | — | | | | | | (4) | | |
|
Change in accrued interest receivable and other assets
|
| | | | (1,166) | | | | | | 723 | | |
|
Change in accrued interest payable and other liabilities
|
| | | | 548 | | | | | | (4,017) | | |
|
Other, net
|
| | | | (477) | | | | | | (87) | | |
|
Net cash provided by operating activities
|
| | | | 8,842 | | | | | | 5,621 | | |
| INVESTING ACTIVITIES | | | | | | | | | | | | | |
|
Investment securities available for sale:
|
| | | | | | | | | | | | |
|
Proceeds from sales
|
| | | | — | | | | | | 1,691 | | |
|
Proceeds from calls and maturities
|
| | | | 430 | | | | | | 1,295 | | |
|
Proceeds from principal repayments
|
| | | | 8,935 | | | | | | 5,548 | | |
|
Purchases
|
| | | | (31,873) | | | | | | (34,916) | | |
|
Investment securities held to maturity:
|
| | | | | | | | | | | | |
|
Proceeds from principal repayments
|
| | | | 4,703 | | | | | | 915 | | |
|
Purchase of restricted investment in bank stocks
|
| | | | (6,062) | | | | | | (10,131) | | |
|
Redemption of restricted investment in bank stocks
|
| | | | 6,450 | | | | | | 9,168 | | |
|
Increase in loans, net
|
| | | | (102,833) | | | | | | (59,541) | | |
|
Cash paid to buy-out minority interest
|
| | | | — | | | | | | (483) | | |
|
Proceeds from disposal of premises and equipment
|
| | | | 1,326 | | | | | | 1,135 | | |
|
Purchase of premises and equipment
|
| | | | (508) | | | | | | (507) | | |
|
Proceeds from sale of branches, net
|
| | | | 26,194 | | | | | | — | | |
|
Net cash used in investing activities
|
| | | | (93,238) | | | | | | (85,826) | | |
| FINANCING ACTIVITIES | | | | | | | | | | | | | |
|
Increase in deposits, net
|
| | | | 88,775 | | | | | | 157,153 | | |
|
Change in short-term borrowings, net
|
| | | | (10,000) | | | | | | (10,000) | | |
|
Proceeds from long-term borrowings
|
| | | | — | | | | | | 40,000 | | |
|
Issuance of shares from exercise of stock options
|
| | | | 73 | | | | | | 11 | | |
|
Dividends paid
|
| | | | (5,570) | | | | | | (5,547) | | |
|
Net proceeds from issuance of common stock
|
| | | | 101 | | | | | | 55 | | |
|
Net cash provided by financing activities
|
| | | | 73,379 | | | | | | 181,672 | | |
|
(Decrease) Increase in cash and cash equivalents
|
| | | | (11,017) | | | | | | 101,467 | | |
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
| | | | 166,100 | | | | | | 80,190 | | |
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
| | | $ | 155,083 | | | | | $ | 181,657 | | |
| SUPPLEMENTAL CASH FLOW DISCLOSURES | | | | | | | | | | | | | |
|
Cash paid during the period for:
|
| | | | | | | | | | | | |
|
Interest
|
| | | $ | 28,888 | | | | | $ | 28,636 | | |
|
Income taxes
|
| | | $ | — | | | | | $ | — | | |
|
Reclassification of New Jersey branch loans from portfolio loans to assets held-for-sale, net
|
| | | $ | — | | | | | $ | (2,863) | | |
|
Reclassification of New Jersey branch assets to assets held-for-sale, net
|
| | | $ | — | | | | | $ | 114 | | |
|
Reclassification of New Jersey branch deposits to liabilities held-for-sale, net
|
| | | $ | — | | | | | $ | (2,861) | | |
|
Reclassification of New Jersey branch liabilities to liabilities held-for-sale, net
|
| | | $ | — | | | | | $ | (76) | | |
| | | |
June 30, 2025
|
| |||||||||||||||||||||||||||
|
(In Thousands)
|
| |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Allowance
for Credit Losses |
| |
Fair
Value |
| |||||||||||||||
| Available for Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
US Government Agency securities
|
| | | $ | 13,177 | | | | | $ | 186 | | | | | $ | (18) | | | | | $ | — | | | | | $ | 13,345 | | |
|
Obligations of state and political subdivisions
|
| | | | 50,758 | | | | | | 16 | | | | | | (4,455) | | | | | | — | | | | | | 46,319 | | |
|
Mortgage-backed securities in government-sponsored entities
|
| | | | 111,564 | | | | | | 544 | | | | | | (2,554) | | | | | | — | | | | | | 109,554 | | |
|
Other securities
|
| | | | 358 | | | | | | — | | | | | | (7) | | | | | | — | | | | | | 351 | | |
| | | | | $ | 175,857 | | | | | $ | 746 | | | | | $ | (7,034) | | | | | $ | — | | | | | $ | 169,569 | | |
| | | |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair Value
|
| |
Allowance
for Credit Losses |
| |||||||||||||||
| Held to Maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Corporate debentures
|
| | | $ | 12,250 | | | | | $ | — | | | | | $ | (728) | | | | | $ | 11,522 | | | | | $ | (475) | | |
|
Structured mortgage-backed securities
|
| | | | 15,034 | | | | | | 6 | | | | | | (458) | | | | | | 14,582 | | | | | | — | | |
| | | | | $ | 27,284 | | | | | $ | 6 | | | | | $ | (1,186) | | | | | $ | 26,104 | | | | | $ | (475) | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||||||||
|
(In Thousands)
|
| |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Allowance
for Credit Losses |
| |
Fair Value
|
| |||||||||||||||
| Available for Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
US Government Agency securities
|
| | | $ | 13,017 | | | | | $ | 96 | | | | | $ | (40) | | | | | $ | — | | | | | $ | 13,073 | | |
|
Obligations of state and political subdivisions
|
| | | | 51,254 | | | | | | 10 | | | | | | (4,063) | | | | | | — | | | | | | 47,201 | | |
|
Mortgage-backed securities in government-sponsored entities
|
| | | | 88,289 | | | | | | 61 | | | | | | (3,567) | | | | | | — | | | | | | 84,783 | | |
|
Other securities
|
| | | | 542 | | | | | | — | | | | | | (9) | | | | | | — | | | | | | 533 | | |
| | | | | $ | 153,102 | | | | | $ | 167 | | | | | $ | (7,679) | | | | | $ | — | | | | | $ | 145,590 | | |
| | | |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair Value
|
| |
Allowance
for Credit Losses |
| |||||||||||||||
| Held to Maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Corporate debentures
|
| | | $ | 15,250 | | | | | $ | — | | | | | $ | (984) | | | | | $ | 14,266 | | | | | $ | (459) | | |
|
Structured mortgage-backed securities
|
| | | | 16,717 | | | | | | 6 | | | | | | (705) | | | | | | 16,018 | | | | | | — | | |
| | | | | $ | 31,967 | | | | | $ | 6 | | | | | $ | (1,689) | | | | | $ | 30,284 | | | | | $ | (459) | | |
| | | |
June 30, 2025
|
| |||||||||||||||||||||||||||||||||
| | | |
Less Than Twelve Months
|
| |
Twelve Months or Greater
|
| |
Total
|
| |||||||||||||||||||||||||||
|
(In Thousands)
|
| |
Fair Value
|
| |
Gross
Unrealized Loss |
| |
Fair Value
|
| |
Gross
Unrealized Loss |
| |
Fair Value
|
| |
Gross
Unrealized Loss |
| ||||||||||||||||||
| Available for Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
US Government Agency Securities
|
| | | $ | 3,982 | | | | | $ | (18) | | | | | $ | — | | | | | $ | — | | | | | $ | 3,982 | | | | | $ | (18) | | |
|
Obligations of state and political subdivisions
|
| | | | 10,961 | | | | | | (309) | | | | | | 33,554 | | | | | | (4,146) | | | | | | 44,515 | | | | | | (4,455) | | |
|
Mortgage-backed securities in government-sponsored entities
|
| | | | 31,384 | | | | | | (375) | | | | | | 31,339 | | | | | | (2,179) | | | | | | 62,723 | | | | | | (2,554) | | |
|
Other securities
|
| | | | — | | | | | | — | | | | | | 351 | | | | | | (7) | | | | | | 351 | | | | | | (7) | | |
| | | | | $ | 46,327 | | | | | $ | (702) | | | | | $ | 65,244 | | | | | $ | (6,332) | | | | | $ | 111,571 | | | | | $ | (7,034) | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||||||||||||||
| | | |
Less Than Twelve Months
|
| |
Twelve Months or Greater
|
| |
Total
|
| |||||||||||||||||||||||||||
|
(In Thousands)
|
| |
Fair Value
|
| |
Gross
Unrealized Loss |
| |
Fair Value
|
| |
Gross
Unrealized Loss |
| |
Fair Value
|
| |
Gross
Unrealized Loss |
| ||||||||||||||||||
| Available for Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
US Government Agency Securities
|
| | | $ | 3,960 | | | | | $ | (40) | | | | | $ | — | | | | | $ | — | | | | | $ | 3,960 | | | | | $ | (40) | | |
|
Obligations of state and political subdivisions
|
| | | | 11,433 | | | | | | (273) | | | | | | 34,345 | | | | | | (3,790) | | | | | | 45,778 | | | | | | (4,063) | | |
|
Mortgage-backed securities in government-sponsored entities
|
| | | | 45,629 | | | | | | (902) | | | | | | 29,877 | | | | | | (2,665) | | | | | | 75,506 | | | | | | (3,567) | | |
|
Other securities
|
| | | | — | | | | | | — | | | | | | 407 | | | | | | (9) | | | | | | 407 | | | | | | (9) | | |
| | | | | $ | 61,022 | | | | | $ | (1,215) | | | | | $ | 64,629 | | | | | $ | (6,464) | | | | | $ | 125,651 | | | | | $ | (7,679) | | |
|
(in Thousands)
|
| |
For the
Three Months Ended June 30, 2025 |
| |||
|
Balance, March 31, 2025
|
| | | $ | 421 | | |
|
Changes in the allowance for credit losses
|
| | | | 54 | | |
|
Balance June 30, 2025
|
| | | $ | 475 | | |
|
(in Thousands)
|
| |
For the
Three Months Ended June 30, 2024 |
| |||
|
Balance, March 31, 2024
|
| | | $ | 507 | | |
|
Changes in the allowance for credit losses
|
| | | | (5) | | |
|
Balance June 30, 2024
|
| | | $ | 502 | | |
|
(in Thousands)
|
| |
For the
Six Months Ended June 30, 2025 |
| |||
|
Balance, December 31, 2024
|
| | | $ | 459 | | |
|
Changes in the allowance for credit losses
|
| | | | 16 | | |
|
Balance, June 30, 2025
|
| | | $ | 475 | | |
|
(in Thousands)
|
| |
For the
Six Months Ended June 30, 2024 |
| |||
|
Balance, December 31, 2023
|
| | | $ | 512 | | |
|
Credit to allowance for credit losses
|
| | | | (10) | | |
|
Balance, June 30, 2024
|
| | | $ | 502 | | |
| | | |
Available for Sale Securities
|
| |
Held to Maturity Securities
|
| ||||||||||||||||||
|
(In Thousands)
|
| |
Amortized
Cost |
| |
Fair
Value |
| |
Amortized
Cost |
| |
Fair
Value |
| ||||||||||||
|
Due within one year
|
| | | $ | 222 | | | | | $ | 222 | | | | | $ | — | | | | | $ | — | | |
|
Due after one year through five years
|
| | | | 16,430 | | | | | | 16,161 | | | | | | 3,000 | | | | | | 2,970 | | |
|
Due after five years through ten years
|
| | | | 22,142 | | | | | | 21,327 | | | | | | 9,250 | | | | | | 8,552 | | |
|
Due after ten years
|
| | | | 25,141 | | | | | | 21,954 | | | | | | — | | | | | | — | | |
|
Mortgage-backed securities and Collateralized mortgage obligations
|
| | | | 111,564 | | | | | | 109,554 | | | | | | 15,034 | | | | | | 14,582 | | |
|
Other securities
|
| | | | 358 | | | | | | 351 | | | | | | — | | | | | | — | | |
| | | | | $ | 175,857 | | | | | $ | 169,569 | | | | | $ | 27,284 | | | | | $ | 26,104 | | |
|
(In Thousands)
|
| |
For the
Three Months Ended June 30, 2024 |
| |||
|
Proceeds
|
| | | $ | 1,691 | | |
|
Gross gains
|
| | | | 4 | | |
|
Gross losses
|
| | | | — | | |
|
Net gains (losses)
|
| | | $ | 4 | | |
|
(In Thousands)
|
| |
For the
Six Months Ended June 30, 2024 |
| |||
|
Proceeds
|
| | | $ | 1,691 | | |
|
Gross gains
|
| | | | 4 | | |
|
Gross losses
|
| | | | — | | |
|
Net gains (losses)
|
| | | $ | 4 | | |
|
(In Thousands)
|
| |
June 30, 2025
|
| |
December 31, 2024
|
| ||||||
|
Agriculture and farmland loans
|
| | | $ | 61,996 | | | | | $ | 67,741 | | |
|
Construction loans
|
| | | | 140,976 | | | | | | 152,619 | | |
|
Commercial & industrial loans
|
| | | | 259,877 | | | | | | 245,833 | | |
| Commercial real estate loans | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 231,469 | | | | | | 211,778 | | |
|
Owner occupied
|
| | | | 502,515 | | | | | | 477,742 | | |
|
Non-owner occupied
|
| | | | 681,521 | | | | | | 628,237 | | |
| Residential real estate loans | | | | | | | | | | | | | |
|
First liens
|
| | | | 375,879 | | | | | | 373,469 | | |
|
Second liens and lines of credit
|
| | | | 81,194 | | | | | | 76,713 | | |
|
Consumer and other loans
|
| | | | 17,525 | | | | | | 17,086 | | |
|
Municipal loans
|
| | | | 2,917 | | | | | | 3,886 | | |
| | | | | | 2,355,869 | | | | | | 2,255,104 | | |
|
Deferred costs
|
| | | | 740 | | | | | | 645 | | |
|
Allowance for credit losses
|
| | | | (24,651) | | | | | | (26,435) | | |
| Total | | | | $ | 2,331,958 | | | | | $ | 2,229,314 | | |
| | | |
Beginning
balance |
| |
Charge-offs
|
| |
Charge-offs
on PCD Acquired Loans |
| |
Recoveries
|
| |
Provision
for credit losses |
| |
Ending
balance |
| ||||||||||||||||||
|
(In Thousands)
|
| |
For the Three Months Ended June 30, 2025
|
| |||||||||||||||||||||||||||||||||
| Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Agriculture and farmland
|
| | | $ | 10 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (1) | | | | | $ | 9 | | |
|
Construction
|
| | | | 1,360 | | | | | | — | | | | | | — | | | | | | 2 | | | | | | 116 | | | | | | 1,478 | | |
|
Commercial & industrial
|
| | | | 4,403 | | | | | | — | | | | | | — | | | | | | — | | | | | | (161) | | | | | | 4,242 | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 1,813 | | | | | | — | | | | | | — | | | | | | — | | | | | | 66 | | | | | | 1,879 | | |
|
Owner occupied
|
| | | | 5,339 | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 423 | | | | | | 5,763 | | |
|
Non-owner occupied
|
| | | | 9,050 | | | | | | (35) | | | | | | (2,018) | | | | | | — | | | | | | (273) | | | | | | 6,724 | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 3,299 | | | | | | (3) | | | | | | — | | | | | | 5 | | | | | | (74) | | | | | | 3,227 | | |
|
Second liens and lines of credit
|
| | | | 1,208 | | | | | | — | | | | | | — | | | | | | — | | | | | | (20) | | | | | | 1,188 | | |
|
Municipal
|
| | | | 36 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 37 | | |
|
Consumer
|
| | | | 101 | | | | | | (11) | | | | | | — | | | | | | 1 | | | | | | 13 | | | | | | 104 | | |
| Total | | | | $ | 26,619 | | | | | $ | (49) | | | | | $ | (2,018) | | | | | $ | 9 | | | | | $ | 90 | | | | | $ | 24,651 | | |
| | | |
Beginning
balance |
| |
Charge-offs
|
| |
Recoveries
|
| |
Allowance
for Credit Losses on PCD Acquired Loans |
| |
Provision
for credit losses |
| |
Ending
balance |
| ||||||||||||||||||
|
(In Thousands)
|
| |
For the Three Months Ended June 30, 2024
|
| |||||||||||||||||||||||||||||||||
| Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Agriculture and farmland
|
| | | $ | 12 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 12 | | |
|
Construction
|
| | | | 1,523 | | | | | | — | | | | | | 2 | | | | | | — | | | | | | 316 | | | | | | 1,841 | | |
|
Commercial & industrial
|
| | | | 2,962 | | | | | | (4) | | | | | | 6 | | | | | | — | | | | | | 471 | | | | | | 3,435 | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 1,592 | | | | | | — | | | | | | 2 | | | | | | — | | | | | | 320 | | | | | | 1,914 | | |
|
Owner occupied
|
| | | | 5,738 | | | | | | — | | | | | | — | | | | | | — | | | | | | 143 | | | | | | 5,881 | | |
|
Non-owner occupied
|
| | | | 6,099 | | | | | | — | | | | | | 4 | | | | | | 2,300 | | | | | | (377) | | | | | | 8,026 | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 4,675 | | | | | | — | | | | | | 6 | | | | | | — | | | | | | (634) | | | | | | 4,047 | | |
|
Second liens and lines of credit
|
| | | | 1,071 | | | | | | — | | | | | | 3 | | | | | | — | | | | | | (97) | | | | | | 977 | | |
|
Municipal
|
| | | | 68 | | | | | | — | | | | | | — | | | | | | — | | | | | | (4) | | | | | | 64 | | |
|
Consumer
|
| | | | 102 | | | | | | (2) | | | | | | 3 | | | | | | — | | | | | | (12) | | | | | | 91 | | |
| Total | | | | $ | 23,842 | | | | | $ | (6) | | | | | $ | 26 | | | | | $ | 2,300 | | | | | $ | 126 | | | | | $ | 26,288 | | |
| | | |
Beginning
balance |
| |
Charge-offs
|
| |
Charge-offs
on PCD Acquired Loans |
| |
Recoveries
|
| |
Provision
for credit losses |
| |
Ending
balance |
| ||||||||||||||||||
|
(In Thousands)
|
| |
For the Six Months Ended June 30, 2025
|
| |||||||||||||||||||||||||||||||||
| Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Agriculture and farmland
|
| | | $ | 11 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (2) | | | | | $ | 9 | | |
|
Construction
|
| | | | 893 | | | | | | — | | | | | | — | | | | | | 3 | | | | | | 582 | | | | | | 1,478 | | |
|
Commercial & industrial
|
| | | | 4,093 | | | | | | (74) | | | | | | — | | | | | | 4 | | | | | | 219 | | | | | | 4,242 | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 1,805 | | | | | | — | | | | | | — | | | | | | — | | | | | | 74 | | | | | | 1,879 | | |
|
Owner occupied
|
| | | | 5,611 | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 151 | | | | | | 5,763 | | |
|
Non-owner occupied
|
| | | | 9,345 | | | | | | (35) | | | | | | (2,018) | | | | | | — | | | | | | (568) | | | | | | 6,724 | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 3,395 | | | | | | (3) | | | | | | — | | | | | | 9 | | | | | | (174) | | | | | | 3,227 | | |
|
Second liens and lines of credit
|
| | | | 1,154 | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 33 | | | | | | 1,188 | | |
|
Municipal
|
| | | | 48 | | | | | | — | | | | | | — | | | | | | — | | | | | | (11) | | | | | | 37 | | |
|
Consumer
|
| | | | 80 | | | | | | (29) | | | | | | | | | | | | 2 | | | | | | 51 | | | | | | 104 | | |
| Total | | | | $ | 26,435 | | | | | $ | (141) | | | | | $ | (2,018) | | | | | $ | 20 | | | | | $ | 355 | | | | | $ | 24,651 | | |
| | | |
Beginning
balance |
| |
Charge-offs
|
| |
Recoveries
|
| |
Allowance
for Credit Losses on PCD Acquired Loans |
| |
Provision
for credit losses |
| |
Ending
balance |
| ||||||||||||||||||
|
(In Thousands)
|
| |
For the Six Months Ended June 30, 2024
|
| |||||||||||||||||||||||||||||||||
| Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Agriculture and farmland
|
| | | $ | 12 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 12 | | |
|
Construction
|
| | | | 959 | | | | | | — | | | | | | 2 | | | | | | — | | | | | | 880 | | | | | | 1,841 | | |
|
Commercial & industrial
|
| | | | 2,940 | | | | | | (10) | | | | | | 8 | | | | | | — | | | | | | 497 | | | | | | 3,435 | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 1,483 | | | | | | — | | | | | | 2 | | | | | | — | | | | | | 429 | | | | | | 1,914 | | |
|
Owner occupied
|
| | | | 6,572 | | | | | | (6) | | | | | | 1 | | | | | | — | | | | | | (686) | | | | | | 5,881 | | |
|
Non-owner occupied
|
| | | | 5,773 | | | | | | (54) | | | | | | 4 | | | | | | 2,300 | | | | | | 3 | | | | | | 8,026 | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 4,778 | | | | | | — | | | | | | 13 | | | | | | — | | | | | | (744) | | | | | | 4,047 | | |
|
Second liens and lines of credit
|
| | | | 1,072 | | | | | | — | | | | | | 10 | | | | | | — | | | | | | (105) | | | | | | 977 | | |
|
Municipal
|
| | | | 79 | | | | | | — | | | | | | — | | | | | | — | | | | | | (15) | | | | | | 64 | | |
|
Consumer
|
| | | | 99 | | | | | | (25) | | | | | | 5 | | | | | | — | | | | | | 12 | | | | | | 91 | | |
| Total | | | | $ | 23,767 | | | | | $ | (95) | | | | | $ | 45 | | | | | $ | 2,300 | | | | | $ | 271 | | | | | $ | 26,288 | | |
| | | |
As of June 30, 2025
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Nonaccrual with
No Allowance for Credit Loss |
| |
Nonaccrual with
a related Allowance for Credit Loss |
| |
Total
Nonaccrual |
| |
Loans 90 days
or greater past due still accruing |
| ||||||||||||
|
Agriculture and farmland
|
| | | $ | — | | | | | $ | 362 | | | | | $ | 362 | | | | | $ | 20 | | |
|
Construction
|
| | | | 151 | | | | | | 9 | | | | | | 160 | | | | | | — | | |
|
Commercial & industrial
|
| | | | 1,780 | | | | | | 4,700 | | | | | | 6,480 | | | | | | 300 | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Owner occupied
|
| | | | 944 | | | | | | 8,039 | | | | | | 8,983 | | | | | | — | | |
|
Non-owner occupied
|
| | | | — | | | | | | 2,906 | | | | | | 2,906 | | | | | | — | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | — | | | | | | 2,149 | | | | | | 2,149 | | | | | | 58 | | |
|
Second liens and lines of credit
|
| | | | — | | | | | | 460 | | | | | | 460 | | | | | | — | | |
|
Municipal
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total
|
| | |
$
|
2,875
|
| | | |
$
|
18,625
|
| | | |
$
|
21,500
|
| | | |
$
|
378
|
| |
| | | |
December 31, 2024
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Nonaccrual with
No Allowance for Credit Loss |
| |
Nonaccrual with
a related Allowance for Credit Loss |
| |
Total
Nonaccrual |
| |
Loans 90 days
or greater past due still accruing |
| ||||||||||||
|
Agriculture and farmland
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
Construction
|
| | | | 9 | | | | | | — | | | | | | 9 | | | | | | 157 | | |
|
Commercial & industrial
|
| | | | 125 | | | | | | 7 | | | | | | 132 | | | | | | — | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Owner occupied
|
| | | | 6,171 | | | | | | 3,581 | | | | | | 9,752 | | | | | | — | | |
|
Non-owner occupied
|
| | | | 398 | | | | | | 3,931 | | | | | | 4,329 | | | | | | — | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 1,975 | | | | | | — | | | | | | 1,975 | | | | | | 289 | | |
|
Second liens and lines of credit
|
| | | | 482 | | | | | | — | | | | | | 482 | | | | | | — | | |
|
Municipal
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | 48 | | |
|
Total
|
| | |
$
|
9,160
|
| | | |
$
|
7,519
|
| | | |
$
|
16,679
|
| | | |
$
|
494
|
| |
| | | |
June 30, 2025
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Real Estate
|
| |
Business Assets
|
| |
Other
|
| |
Total
|
| ||||||||||||
|
Agriculture and farmland loans
|
| | | $ | 362 | | | | | $ | — | | | | | $ | — | | | | | $ | 362 | | |
|
Construction
|
| | | | 160 | | | | | | — | | | | | | — | | | | | | 160 | | |
|
Commercial & industrial loans
|
| | | | 5,840 | | | | | | 640 | | | | | | — | | | | | | 6,480 | | |
| Commercial real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Owner occupied
|
| | | | 8,983 | | | | | | — | | | | | | — | | | | | | 8,983 | | |
|
Non-owner occupied
|
| | | | 2,906 | | | | | | — | | | | | | — | | | | | | 2,906 | | |
| Residential real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 2,149 | | | | | | — | | | | | | — | | | | | | 2,149 | | |
|
Second liens and lines of credit
|
| | | | 460 | | | | | | — | | | | | | — | | | | | | 460 | | |
|
Municipal
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | $ | 20,860 | | | | | $ | 640 | | | | | $ | — | | | | | $ | 21,500 | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Real Estate
|
| |
Business Assets
|
| |
Other
|
| |
Total
|
| ||||||||||||
|
Agriculture and farmland loans
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
Construction
|
| | | | 9 | | | | | | — | | | | | | — | | | | | | 9 | | |
|
Commercial & industrial loans
|
| | | | — | | | | | | 132 | | | | | | — | | | | | | 132 | | |
| Commercial real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Owner occupied
|
| | | | 9,752 | | | | | | — | | | | | | — | | | | | | 9,752 | | |
|
Non-owner occupied
|
| | | | 4,329 | | | | | | — | | | | | | — | | | | | | 4,329 | | |
| Residential real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 1,975 | | | | | | — | | | | | | — | | | | | | 1,975 | | |
|
Second liens and lines of credit
|
| | | | 482 | | | | | | — | | | | | | — | | | | | | 482 | | |
|
Municipal
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | $ | 16,547 | | | | | $ | 132 | | | | | $ | — | | | | | $ | 16,679 | | |
| | | |
June 30, 2025
|
| |||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
30 – 59
Days Past Due |
| |
60 – 89
Days Past Due |
| |
90 Days
or Greater Past Due |
| |
Total
Past Due |
| |
Current
|
| |
Total
Loans |
| ||||||||||||||||||
|
Agriculture and farmland
|
| | | $ | 323 | | | | | $ | — | | | | | $ | 382 | | | | | $ | 705 | | | | | $ | 61,291 | | | | | $ | 61,996 | | |
|
Construction
|
| | | | — | | | | | | — | | | | | | 9 | | | | | | 9 | | | | | | 140,967 | | | | | | 140,976 | | |
|
Commercial & industrial
|
| | | | 394 | | | | | | 6,065 | | | | | | 700 | | | | | | 7,159 | | | | | | 252,718 | | | | | | 259,877 | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | — | | | | | | 311 | | | | | | — | | | | | | 311 | | | | | | 231,158 | | | | | | 231,469 | | |
|
Owner occupied
|
| | | | 875 | | | | | | 587 | | | | | | 8,983 | | | | | | 10,445 | | | | | | 492,070 | | | | | | 502,515 | | |
|
Non-owner occupied
|
| | | | 2,629 | | | | | | 23 | | | | | | 277 | | | | | | 2,929 | | | | | | 678,592 | | | | | | 681,521 | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 2,422 | | | | | | 684 | | | | | | 716 | | | | | | 3,822 | | | | | | 372,057 | | | | | | 375,879 | | |
|
Second liens and lines of credit
|
| | | | 192 | | | | | | 34 | | | | | | 301 | | | | | | 527 | | | | | | 80,667 | | | | | | 81,194 | | |
|
Municipal
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,917 | | | | | | 2,917 | | |
|
Consumer
|
| | | | 1 | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 17,524 | | | | | | 17,525 | | |
|
Total
|
| | |
$
|
6,836
|
| | | |
$
|
7,704
|
| | | |
$
|
11,368
|
| | | |
$
|
25,908
|
| | | |
$
|
2,329,961
|
| | | |
$
|
2,355,869
|
| |
| | | |
December 31, 2024
|
| |||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
30 – 59
Days Past Due |
| |
60 – 89
Days Past Due |
| |
90 Days
or Greater Past Due |
| |
Total
Past Due |
| |
Current
|
| |
Total
Loans |
| ||||||||||||||||||
|
Agriculture and farmland
|
| | | $ | 23 | | | | | $ | — | | | | | $ | — | | | | | $ | 23 | | | | | $ | 67,718 | | | | | $ | 67,741 | | |
|
Construction
|
| | | | 197 | | | | | | — | | | | | | 166 | | | | | | 363 | | | | | | 152,256 | | | | | | 152,619 | | |
|
Commercial & industrial
|
| | | | 41 | | | | | | — | | | | | | 90 | | | | | | 131 | | | | | | 245,702 | | | | | | 245,833 | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 314 | | | | | | — | | | | | | — | | | | | | 314 | | | | | | 211,464 | | | | | | 211,778 | | |
|
Owner occupied
|
| | | | 334 | | | | | | 660 | | | | | | 8,768 | | | | | | 9,762 | | | | | | 467,980 | | | | | | 477,742 | | |
|
Non-owner occupied
|
| | | | — | | | | | | — | | | | | | 398 | | | | | | 398 | | | | | | 627,839 | | | | | | 628,237 | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 686 | | | | | | 317 | | | | | | 1,220 | | | | | | 2,223 | | | | | | 371,246 | | | | | | 373,469 | | |
|
Second liens and lines of credit
|
| | | | 191 | | | | | | 119 | | | | | | 276 | | | | | | 586 | | | | | | 76,127 | | | | | | 76,713 | | |
|
Municipal
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,886 | | | | | | 3,886 | | |
|
Consumer
|
| | | | 7 | | | | | | 1 | | | | | | 48 | | | | | | 56 | | | | | | 17,030 | | | | | | 17,086 | | |
|
Total
|
| | |
$
|
1,793
|
| | | |
$
|
1,097
|
| | | |
$
|
10,966
|
| | | |
$
|
13,856
|
| | | |
$
|
2,241,248
|
| | | |
$
|
2,255,104
|
| |
| | | |
June 30, 2025
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Term Loans Amortized Cost Basis by Origination Year
|
| |
Revolving
loans amortized cost basis |
| |
Revolving
loans converted to term |
| | | | | | | |||||||||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
Prior
|
| |
Total
|
| |||||||||||||||||||||||||||||||||
| Agriculture and farmland | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | $ | 667 | | | | | $ | 10,319 | | | | | $ | 760 | | | | | $ | 13,318 | | | | | $ | 8,251 | | | | | $ | 23,187 | | | | | $ | 3,961 | | | | | $ | 20 | | | | | $ | 60,483 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | 245 | | | | | | — | | | | | | — | | | | | | 177 | | | | | | 250 | | | | | | — | | | | | | 672 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 841 | | | | | | — | | | | | | — | | | | | | 841 | | |
|
Total Agriculture and farmland
|
| | | $ | 667 | | | | | $ | 10,319 | | | | | $ | 1,005 | | | | | $ | 13,318 | | | | | $ | 8,251 | | | | | $ | 24,205 | | | | | $ | 4,211 | | | | | $ | 20 | | | | | $ | 61,996 | | |
| Agriculture and farmland | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Construction | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 14,826 | | | | | | 40,923 | | | | | | 35,671 | | | | | | 17,304 | | | | | | 17,181 | | | | | | 6,372 | | | | | | 8,194 | | | | | | — | | | | | | 140,471 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | 505 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 505 | | |
|
Total Construction
|
| | | | 14,826 | | | | | | 40,923 | | | | | | 36,176 | | | | | | 17,304 | | | | | | 17,181 | | | | | | 6,372 | | | | | | 8,194 | | | | | | — | | | | | | 140,976 | | |
| Construction | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Commercial & industrial | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 24,177 | | | | | | 40,393 | | | | | | 20,448 | | | | | | 15,291 | | | | | | 16,462 | | | | | | 12,019 | | | | | | 113,558 | | | | | | 4,329 | | | | | | 246,677 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | 4,377 | | | | | | 66 | | | | | | — | | | | | | 1,309 | | | | | | — | | | | | | 5,752 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | 15 | | | | | | 383 | | | | | | — | | | | | | 247 | | | | | | 6,803 | | | | | | — | | | | | | 7,448 | | |
| | | |
June 30, 2025
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Term Loans Amortized Cost Basis by Origination Year
|
| |
Revolving
loans amortized cost basis |
| |
Revolving
loans converted to term |
| | | | | | | |||||||||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
Prior
|
| |
Total
|
| |||||||||||||||||||||||||||||||||
|
Total Commercial & industrial
|
| | | | 24,177 | | | | | | 40,393 | | | | | | 20,463 | | | | | | 20,051 | | | | | | 16,528 | | | | | | 12,266 | | | | | | 121,670 | | | | | | 4,329 | | | | | | 259,877 | | |
| Commercial & industrial | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | 74 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 74 | | |
|
Commercial real estate – Multifamily
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 23,034 | | | | | | 34,083 | | | | | | 17,900 | | | | | | 78,381 | | | | | | 48,650 | | | | | | 28,983 | | | | | | 438 | | | | | | — | | | | | | 231,469 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Commercial real estate – Multifamily
|
| | | | 23,034 | | | | | | 34,083 | | | | | | 17,900 | | | | | | 78,381 | | | | | | 48,650 | | | | | | 28,983 | | | | | | 438 | | | | | | — | | | | | | 231,469 | | |
|
Commercial real estate – Multifamily
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Commercial real estate – Owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 50,627 | | | | | | 52,919 | | | | | | 45,359 | | | | | | 95,756 | | | | | | 80,810 | | | | | | 136,859 | | | | | | 16,185 | | | | | | — | | | | | | 478,515 | | |
|
Special mention
|
| | | | — | | | | | | 671 | | | | | | 3,049 | | | | | | 359 | | | | | | 1,934 | | | | | | 5,275 | | | | | | 280 | | | | | | — | | | | | | 11,568 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | 9,220 | | | | | | 587 | | | | | | 2,582 | | | | | | 43 | | | | | | — | | | | | | 12,432 | | |
|
Total Commercial real estate – Owner occupied
|
| | | | 50,627 | | | | | | 53,590 | | | | | | 48,408 | | | | | | 105,335 | | | | | | 83,331 | | | | | | 144,716 | | | | | | 16,508 | | | | | | — | | | | | | 502,515 | | |
|
Commercial real estate – Owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Commercial real estate – Non-owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 79,961 | | | | | | 78,479 | | | | | | 55,176 | | | | | | 182,377 | | | | | | 108,413 | | | | | | 154,634 | | | | | | 11,205 | | | | | | — | | | | | | 670,245 | | |
|
Special mention
|
| | | | 3,004 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,355 | | | | | | 3,311 | | | | | | — | | | | | | — | | | | | | 7,670 | | |
|
Substandard or lower
|
| | | | — | | | | | | 700 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,906 | | | | | | — | | | | | | — | | | | | | 3,606 | | |
|
Total Commercial real estate – Non-owner occupied
|
| | | | 82,965 | | | | | | 79,179 | | | | | | 55,176 | | | | | | 182,377 | | | | | | 109,768 | | | | | | 160,851 | | | | | | 11,205 | | | | | | — | | | | | | 681,521 | | |
|
Commercial real estate – Non-owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
June 30, 2025
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Term Loans Amortized Cost Basis by Origination Year
|
| |
Revolving
loans amortized cost basis |
| |
Revolving
loans converted to term |
| | | | | | | |||||||||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
Prior
|
| |
Total
|
| |||||||||||||||||||||||||||||||||
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,018 | | | | | | 35 | | | | | | — | | | | | | — | | | | | | 2,053 | | |
| Municipal | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | — | | | | | | 63 | | | | | | 306 | | | | | | — | | | | | | 315 | | | | | | 2,147 | | | | | | 86 | | | | | | — | | | | | | 2,917 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Municipal
|
| | | | — | | | | | | 63 | | | | | | 306 | | | | | | — | | | | | | 315 | | | | | | 2,147 | | | | | | 86 | | | | | | — | | | | | | 2,917 | | |
| Municipal | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | $ | 193,292 | | | | | $ | 257,179 | | | | | $ | 175,620 | | | | | $ | 402,427 | | | | | $ | 280,082 | | | | | $ | 364,201 | | | | | $ | 153,627 | | | | | $ | 4,349 | | | | | $ | 1,830,777 | | |
|
Special mention
|
| | | | 3,004 | | | | | | 671 | | | | | | 3,294 | | | | | | 4,736 | | | | | | 3,355 | | | | | | 8,763 | | | | | | 1,839 | | | | | | — | | | | | | 25,662 | | |
|
Substandard or lower
|
| | | | — | | | | | | 700 | | | | | | 520 | | | | | | 9,603 | | | | | | 587 | | | | | | 6,576 | | | | | | 6,846 | | | | | | — | | | | | | 24,832 | | |
|
Total
|
| | | $ | 196,296 | | | | | $ | 258,550 | | | | | $ | 179,434 | | | | | $ | 416,766 | | | | | $ | 284,024 | | | | | $ | 379,540 | | | | | $ | 162,312 | | | | | $ | 4,349 | | | | | $ | 1,881,271 | | |
| | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
December 31, 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
|
| |||||||||||||||||||||||||||||||||
| Agriculture and farmland | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | $ | 11,357 | | | | | $ | 1,040 | | | | | $ | 13,682 | | | | | $ | 8,761 | | | | | $ | 4,780 | | | | | $ | 21,105 | | | | | $ | 5,320 | | | | | $ | — | | | | | $ | 66,045 | | |
|
Special mention
|
| | | | — | | | | | | 10 | | | | | | — | | | | | | 51 | | | | | | — | | | | | | 1,387 | | | | | | 248 | | | | | | — | | | | | | 1,696 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Agriculture and farmland
|
| | | $ | 11,357 | | | | | $ | 1,050 | | | | | $ | 13,682 | | | | | $ | 8,812 | | | | | $ | 4,780 | | | | | $ | 22,492 | | | | | $ | 5,568 | | | | | $ | — | | | | | $ | 67,741 | | |
| Agriculture and farmland | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Construction | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 38,681 | | | | | | 54,929 | | | | | | 17,645 | | | | | | 18,952 | | | | | | 1,226 | | | | | | 8,567 | | | | | | 12,422 | | | | | | — | | | | | | 152,422 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Substandard or lower
|
| | | | — | | | | | | 197 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 197 | | |
|
Total Construction
|
| | | | 38,681 | | | | | | 55,126 | | | | | | 17,645 | | | | | | 18,952 | | | | | | 1,226 | | | | | | 8,567 | | | | | | 12,422 | | | | | | — | | | | | | 152,619 | | |
| Construction | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Commercial & industrial | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 36,194 | | | | | | 23,645 | | | | | | 18,632 | | | | | | 18,880 | | | | | | 10,145 | | | | | | 8,154 | | | | | | 115,655 | | | | | | — | | | | | | 231,305 | | |
|
Special mention
|
| | | | 301 | | | | | | 153 | | | | | | 4,606 | | | | | | 88 | | | | | | — | | | | | | 363 | | | | | | 7,023 | | | | | | — | | | | | | 12,534 | | |
|
Substandard or lower
|
| | | | 74 | | | | | | 51 | | | | | | 384 | | | | | | 47 | | | | | | — | | | | | | 299 | | | | | | 1,139 | | | | | | — | | | | | | 1,994 | | |
|
Total Commercial & industrial
|
| | | | 36,569 | | | | | | 23,849 | | | | | | 23,622 | | | | | | 19,015 | | | | | | 10,145 | | | | | | 8,816 | | | | | | 123,817 | | | | | | — | | | | | | 245,833 | | |
| Commercial & industrial | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20 | | | | | | 7 | | | | | | 125 | | | | | | — | | | | | | 152 | | |
|
Commercial real estate – Multifamily
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 34,006 | | | | | | 11,064 | | | | | | 84,497 | | | | | | 49,859 | | | | | | 19,451 | | | | | | 11,232 | | | | | | 685 | | | | | | — | | | | | | 210,794 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | 984 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 984 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Commercial real estate – Multifamily
|
| | | | 34,006 | | | | | | 11,064 | | | | | | 85,481 | | | | | | 49,859 | | | | | | 19,451 | | | | | | 11,232 | | | | | | 685 | | | | | | — | | | | | | 211,778 | | |
|
Commercial real estate – Multifamily
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | |
December 31, 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 real estate – Owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 52,566 | | | | | | 56,674 | | | | | | 101,351 | | | | | | 83,703 | | | | | | 48,003 | | | | | | 99,600 | | | | | | 15,120 | | | | | | — | | | | | | 457,017 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | 365 | | | | | | 1,984 | | | | | | 416 | | | | | | 5,608 | | | | | | 262 | | | | | | — | | | | | | 8,635 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | 9,327 | | | | | | — | | | | | | — | | | | | | 2,632 | | | | | | 131 | | | | | | — | | | | | | 12,090 | | |
|
Total Commercial real estate – Owner occupied
|
| | | | 52,566 | | | | | | 56,674 | | | | | | 111,043 | | | | | | 85,687 | | | | | | 48,419 | | | | | | 107,840 | | | | | | 15,513 | | | | | | — | | | | | | 477,742 | | |
|
Commercial real estate – Owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 23 | | | | | | 6 | | | | | | — | | | | | | — | | | | | | 29 | | |
|
Commercial real estate – Non-
owner occupied |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 78,928 | | | | | | 60,584 | | | | | | 187,113 | | | | | | 111,191 | | | | | | 48,512 | | | | | | 120,340 | | | | | | 8,535 | | | | | | — | | | | | | 615,203 | | |
|
Special mention
|
| | | | 744 | | | | | | — | | | | | | — | | | | | | 1,536 | | | | | | 3,352 | | | | | | 3,073 | | | | | | — | | | | | | — | | | | | | 8,705 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | 3,931 | | | | | | — | | | | | | 324 | | | | | | 74 | | | | | | — | | | | | | 4,329 | | |
|
Total Commercial real estate – Non-owner occupied
|
| | | | 79,672 | | | | | | 60,584 | | | | | | 187,113 | | | | | | 116,658 | | | | | | 51,864 | | | | | | 123,737 | | | | | | 8,609 | | | | | | — | | | | | | 628,237 | | |
|
Commercial real estate – Non-
owner occupied |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 54 | | | | | | — | | | | | | — | | | | | | 54 | | |
| Municipal | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 71 | | | | | | 356 | | | | | | — | | | | | | 350 | | | | | | 939 | | | | | | 2,088 | | | | | | 82 | | | | | | — | | | | | | 3,886 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Commercial real estate – Municipal
|
| | | | 71 | | | | | | 356 | | | | | | — | | | | | | 350 | | | | | | 939 | | | | | | 2,088 | | | | | | 82 | | | | | | — | | | | | | 3,886 | | |
| Municipal | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | $ | 251,803 | | | | | $ | 208,292 | | | | | $ | 422,920 | | | | | $ | 291,696 | | | | | $ | 133,056 | | | | | $ | 271,086 | | | | | $ | 157,819 | | | | | $ | — | | | | | $ | 1,736,672 | | |
|
Special mention
|
| | | | 1,045 | | | | | | 163 | | | | | | 5,955 | | | | | | 3,659 | | | | | | 3,768 | | | | | | 10,431 | | | | | | 7,533 | | | | | | — | | | | | | 32,554 | | |
|
Substandard or lower
|
| | | | 74 | | | | | | 248 | | | | | | 9,711 | | | | | | 3,978 | | | | | | — | | | | | | 3,255 | | | | | | 1,344 | | | | | | — | | | | | | 18,610 | | |
|
Total
|
| | | $ | 252,922 | | | | | $ | 208,703 | | | | | $ | 438,586 | | | | | $ | 299,333 | | | | | $ | 136,824 | | | | | $ | 284,772 | | | | | $ | 166,696 | | | | | $ | — | | | | | $ | 1,787,836 | | |
| | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
June 30, 2025
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Term Loans Amortized Cost Basis by Origination Year
|
| |
Revolving
loans amortized cost basis |
| |
Revolving
loans converted to term |
| | | | | | | |||||||||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
Prior
|
| |
Total
|
| |||||||||||||||||||||||||||||||||
| Residential real estate – First liens | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | $ | 18,970 | | | | | $ | 28,833 | | | | | $ | 46,650 | | | | | $ | 81,917 | | | | | $ | 76,831 | | | | | $ | 105,936 | | | | | $ | 14,535 | | | | | $ | — | | | | | $ | 373,672 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 315 | | | | | | 1,892 | | | | | | — | | | | | | — | | | | | | 2,207 | | |
|
Total Residential real estate – First liens
|
| | | $ | 18,970 | | | | | $ | 28,833 | | | | | $ | 46,650 | | | | | $ | 81,917 | | | | | $ | 77,146 | | | | | $ | 107,828 | | | | | $ | 14,535 | | | | | $ | — | | | | | $ | 375,879 | | |
| Residential real estate – First liens | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3 | | | | | | — | | | | | | — | | | | | | 3 | | |
|
Residential real estate – Second liens and lines of credit
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | | 236 | | | | | | 2,699 | | | | | | 1,500 | | | | | | 588 | | | | | | 316 | | | | | | 1,739 | | | | | | 73,581 | | | | | | 75 | | | | | | 80,734 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 210 | | | | | | 250 | | | | | | — | | | | | | 460 | | |
|
Total Residential real estate – Second liens and lines of credit
|
| | | | 236 | | | | | | 2,699 | | | | | | 1,500 | | | | | | 588 | | | | | | 316 | | | | | | 1,949 | | | | | | 73,831 | | | | | | 75 | | | | | | 81,194 | | |
|
Residential real estate – Second liens and lines of credit
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Consumer and other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | | 4,167 | | | | | | 1,791 | | | | | | 3,249 | | | | | | 2,352 | | | | | | 80 | | | | | | 97 | | | | | | 5,788 | | | | | | 1 | | | | | | 17,525 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Consumer and other
|
| | | | 4,167 | | | | | | 1,791 | | | | | | 3,249 | | | | | | 2,352 | | | | | | 80 | | | | | | 97 | | | | | | 5,788 | | | | | | 1 | | | | | | 17,525 | | |
| Consumer and other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | 10 | | | | | | 7 | | | | | | 5 | | | | | | — | | | | | | 7 | | | | | | — | | | | | | — | | | | | | 29 | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | $ | 23,373 | | | | | $ | 33,323 | | | | | $ | 51,399 | | | | | $ | 84,857 | | | | | $ | 77,227 | | | | | $ | 107,772 | | | | | $ | 93,904 | | | | | $ | 76 | | | | | $ | 471,931 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 315 | | | | | | 2,102 | | | | | | 250 | | | | | | — | | | | | | 2,667 | | |
|
Total
|
| | | $ | 23,373 | | | | | $ | 33,323 | | | | | $ | 51,399 | | | | | $ | 84,857 | | | | | $ | 77,542 | | | | | $ | 109,874 | | | | | $ | 94,154 | | | | | $ | 76 | | | | | $ | 474,598 | | |
| | | |
December 31, 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
|
| |||||||||||||||||||||||||||||||||
| Residential real estate – First liens | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | $ | 28,532 | | | | | $ | 48,601 | | | | | $ | 86,197 | | | | | $ | 82,086 | | | | | $ | 35,962 | | | | | $ | 78,244 | | | | | $ | 11,583 | | | | | $ | — | | | | | $ | 371,205 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | 219 | | | | | | 29 | | | | | | 2,016 | | | | | | — | | | | | | — | | | | | | 2,264 | | |
|
Total Residential real estate – First liens
|
| | | $ | 28,532 | | | | | $ | 48,601 | | | | | $ | 86,197 | | | | | $ | 82,305 | | | | | $ | 35,991 | | | | | $ | 80,260 | | | | | $ | 11,583 | | | | | $ | — | | | | | $ | 373,469 | | |
| Residential real estate – First liens | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4 | | | | | | — | | | | | | — | | | | | | 4 | | |
|
Residential real estate – Second liens and lines of credit
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | | 2,643 | | | | | | 940 | | | | | | 985 | | | | | | 349 | | | | | | 61 | | | | | | 1,666 | | | | | | 68,937 | | | | | | 650 | | | | | | 76,231 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 294 | | | | | | 188 | | | | | | — | | | | | | 482 | | |
|
Total Residential real estate – Second
liens and lines of credit |
| | | | 2,643 | | | | | | 940 | | | | | | 985 | | | | | | 349 | | | | | | 61 | | | | | | 1,960 | | | | | | 69,125 | | | | | | 650 | | | | | | 76,713 | | |
|
Residential real estate – Second liens and lines of credit
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9 | | | | | | — | | | | | | — | | | | | | 9 | | |
| Consumer and other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | | 2,610 | | | | | | 4,433 | | | | | | 1,863 | | | | | | 113 | | | | | | 52 | | | | | | 67 | | | | | | 7,900 | | | | | | — | | | | | | 17,038 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 48 | | | | | | — | | | | | | — | | | | | | 48 | | |
|
Total Consumer and other
|
| | | | 2,610 | | | | | | 4,433 | | | | | | 1,863 | | | | | | 113 | | | | | | 52 | | | | | | 115 | | | | | | 7,900 | | | | | | — | | | | | | 17,086 | | |
| Consumer and other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | 6 | | | | | | 4 | | | | | | 6 | | | | | | 1 | | | | | | 18 | | | | | | 150 | | | | | | — | | | | | | 185 | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | $ | 33,785 | | | | | $ | 53,974 | | | | | $ | 89,045 | | | | | $ | 82,548 | | | | | $ | 36,075 | | | | | $ | 79,977 | | | | | $ | 88,420 | | | | | $ | 650 | | | | | $ | 464,474 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | 219 | | | | | | 29 | | | | | | 2,358 | | | | | | 188 | | | | | | — | | | | | | 2,794 | | |
|
Total
|
| | | $ | 33,785 | | | | | $ | 53,974 | | | | | $ | 89,045 | | | | | $ | 82,767 | | | | | $ | 36,104 | | | | | $ | 82,335 | | | | | $ | 88,608 | | | | | $ | 650 | | | | | $ | 467,268 | | |
| | | |
June 30, 2025
|
| |
December 31, 2024
|
| ||||||||||||||||||
|
(Dollars in Thousands)
|
| |
Amount
|
| |
%
|
| |
Amount
|
| |
%
|
| ||||||||||||
|
Demand, noninterest-bearing
|
| | | $ | 646,654 | | | | | | 26.33% | | | | | $ | 658,646 | | | | | | 27.89% | | |
|
Demand, interest-bearing
|
| | | | 576,050 | | | | | | 23.45 | | | | | | 525,173 | | | | | | 22.25 | | |
|
Money market and savings
|
| | | | 580,143 | | | | | | 23.62 | | | | | | 540,030 | | | | | | 22.88 | | |
|
Time deposits, $250 and over
|
| | | | 177,897 | | | | | | 7.24 | | | | | | 164,901 | | | | | | 6.99 | | |
|
Time deposits, other
|
| | | | 400,665 | | | | | | 16.31 | | | | | | 368,217 | | | | | | 15.60 | | |
|
Brokered time deposits
|
| | | | 75,000 | | | | | | 3.05 | | | | | | 103,615 | | | | | | 4.39 | | |
| | | | | $ | 2,456,409 | | | | | | 100.0% | | | | | $ | 2,360,582 | | | | | | 100.0% | | |
|
(in Thousands)
|
| |
June 30, 2025
|
| |
December 31, 2024
|
| ||||||
|
Long-term borrowings
|
| | | $ | 40,000 | | | | | $ | 40,000 | | |
|
Short-term borrowings
|
| | | | — | | | | | | 10,000 | | |
|
Note payable
|
| | | | — | | | | | | 565 | | |
|
Subordinated debt
|
| | | | 62,279 | | | | | | 61,984 | | |
| Total | | | | $ | 102,279 | | | | | $ | 112,549 | | |
| | | |
At June 30, 2025
|
| |
At December 31, 2024
|
| ||||||||||||||||||
|
(In Thousands)
|
| |
Carrying
Amount |
| |
Fair
Value |
| |
Carrying
Amount |
| |
Fair
Value |
| ||||||||||||
|
Financial assets:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Cash and cash equivalents (Level 1)
|
| | | $ | 155,083 | | | | | $ | 155,083 | | | | | $ | 166,100 | | | | | $ | 166,100 | | |
|
Securities held to maturity, net of allowance for credit losses (Level 2)
|
| | | | 26,809 | | | | | | 26,104 | | | | | | 31,508 | | | | | | 30,284 | | |
|
Loans, net of allowance for credit losses (Level 3)
|
| | | | 2,331,958 | | | | | | 2,344,768 | | | | | | 2,229,314 | | | | | | 2,231,057 | | |
|
Accrued interest receivable (Level 1)
|
| | | | 9,821 | | | | | | 9,821 | | | | | | 9,870 | | | | | | 9,870 | | |
|
Restricted investments in bank stock (Level 1)
|
| | | | 4,821 | | | | | | 4,821 | | | | | | 5,209 | | | | | | 5,209 | | |
|
Cash surrender value of life insurance (Level 1)
|
| | | | 52,943 | | | | | | 52,943 | | | | | | 52,079 | | | | | | 52,079 | | |
|
Financial liabilities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Non-maturity deposits (Level 1)
|
| | | | 1,802,847 | | | | | | 1,802,847 | | | | | | 1,723,849 | | | | | | 1,723,849 | | |
|
Time Deposits (Level 3)
|
| | | | 653,562 | | | | | | 652,317 | | | | | | 636,733 | | | | | | 634,875 | | |
|
Long-term borrowings (Level 3)
|
| | | | 40,000 | | | | | | 40,165 | | | | | | 40,000 | | | | | | 40,256 | | |
|
Short-term borrowings (Level 1)
|
| | | | — | | | | | | — | | | | | | 10,000 | | | | | | 10,000 | | |
|
Note payable (Level 3)
|
| | | | — | | | | | | — | | | | | | 565 | | | | | | 565 | | |
|
Subordinated Notes (Level 3)
|
| | | | 62,279 | | | | | | 61,374 | | | | | | 61,984 | | | | | | 60,251 | | |
|
Accrued interest payable (Level 1)
|
| | | | 1,665 | | | | | | 1,665 | | | | | | 1,865 | | | | | | 1,865 | | |
| | | |
June 30, 2025
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
US Government Agency securities
|
| | | $ | — | | | | | $ | 13,345 | | | | | $ | — | | | | | $ | 13,345 | | |
|
Obligations of state and political subdivisions
|
| | | | — | | | | | | 46,319 | | | | | | — | | | | | | 46,319 | | |
|
Mortgage backed securities in government-sponsored entities
|
| | | | — | | | | | | 109,554 | | | | | | — | | | | | | 109,554 | | |
|
Other securities
|
| | | | — | | | | | | 351 | | | | | | — | | | | | | 351 | | |
| Total | | | | $ | — | | | | | $ | 169,569 | | | | | $ | — | | | | | $ | 169,569 | | |
|
Derivative
|
| | | $ | — | | | | | $ | — | | | | | $ | 144 | | | | | $ | 144 | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
US Government Agency Securities
|
| | | $ | — | | | | | $ | 13,073 | | | | | $ | — | | | | | $ | 13,073 | | |
|
Obligations of state and political subdivisions
|
| | | | — | | | | | | 47,201 | | | | | | — | | | | | | 47,201 | | |
|
Mortgage backed securities in government-sponsored entities
|
| | | | — | | | | | | 84,783 | | | | | | — | | | | | | 84,783 | | |
|
Other securities
|
| | | | — | | | | | | 533 | | | | | | — | | | | | | 533 | | |
| Total | | | | $ | — | | | | | $ | 145,590 | | | | | $ | — | | | | | $ | 145,590 | | |
|
Derivative
|
| | | $ | — | | | | | $ | — | | | | | $ | 1,654 | | | | | $ | 1,654 | | |
| | | |
June 30, 2025
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
|
Loans individually evaluated
|
| | | $ | — | | | | | $ | — | | | | | $ | 23,650 | | | | | $ | 23,650 | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
|
Loans individually evaluated
|
| | | $ | — | | | | | $ | — | | | | | $ | 21,519 | | | | | $ | 21,519 | | |
| | | |
June 30, 2025
|
| |||||||||||||||
| | | |
Quantitative Information About Level III Fair Value Measurements
|
| |||||||||||||||
|
(In Thousands)
|
| |
Fair Value
|
| |
Valuation Techniques
|
| |
Unobservable Input
|
| |
Range (Weighted
Average) |
| ||||||
|
Loans individually evaluated
|
| | | $ | 23,650 | | | |
Appraisal of collateral(1)
|
| |
Liquidation expenses
|
| | | | 10% | | |
| | | |
December 31, 2024
|
| |||||||||||||||
| | | |
Quantitative Information About Level III Fair Value Measurements
|
| |||||||||||||||
|
(In Thousands)
|
| |
Fair Value
|
| |
Valuation Techniques
|
| |
Unobservable Input
|
| |
Range (Weighted
Average) |
| ||||||
|
Loans individually evaluated
|
| | | $ | 21,519 | | | |
Appraisal of collateral(1)
|
| |
Liquidation expenses
|
| | | | 10% | | |
| | | |
Number
of Shares |
| |
Weighted-
Average Exercise Price |
| |
Weighted-
Average Remaining Contractual Term in Years |
| |
Aggregate
Intrinsic Value (in ‘000s) |
| ||||||||||||
|
Outstanding, December 31, 2024
|
| | | | 591,791 | | | | | $ | 9.10 | | | | | | 6.0 | | | | | $ | 145 | | |
|
Granted
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Expired/terminated
|
| | | | (18,600) | | | | | | 10.07 | | | | | | — | | | | | | | | |
|
Exercised
|
| | | | (10,227) | | | | | | 5.49 | | | | | | — | | | | | | | | |
|
Outstanding, June 30, 2025
|
| | | | 562,964 | | | | | $ | 9.13 | | | | | | 5.6 | | | | | $ | 94 | | |
|
Exercisable at period end
|
| | | | 401,314 | | | | | $ | 9.71 | | | | | | 4.5 | | | | | $ | 33 | | |
| | | |
Number
of Shares |
| |
Average Market
Price at Grant |
| ||||||
|
Outstanding, December 31, 2024
|
| | | | 393,083 | | | | | $ | 6.40 | | |
|
Restricted stock units granted
|
| | | | 203,400 | | | | | | 6.90 | | |
|
Expired/terminated
|
| | | | (800) | | | | | | | | |
|
Vested
|
| | | | (58,380) | | | | | | | | |
|
Outstanding, June 30, 2025
|
| | | | 537,303 | | | | | $ | 6.57 | | |
| | | |
June 30, 2025
|
| |
December 31, 2024
|
| ||||||||||||||||||
|
(Dollars in Thousands)
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||
| Total capital | | | | | | | | | | | | | | | | | | | | | | | | | |
| (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Actual
|
| | | $ | 307,222 | | | | | | 12.43% | | | | | $ | 282,736 | | | | | | 11.55% | | |
|
For capital adequacy purposes
|
| | | | 197,757 | | | | | | 8.00 | | | | | | 195,914 | | | | | | 8.00 | | |
|
To be well capitalized
|
| | | | 247,196 | | | | | | 10.00 | | | | | | 244,892 | | | | | | 10.00 | | |
| Tier 1 capital | | | | | | | | | | | | | | | | | | | | | | | | | |
| (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Actual
|
| | | $ | 284,441 | | | | | | 11.51% | | | | | $ | 263,058 | | | | | | 10.74% | | |
|
For capital adequacy purposes
|
| | | | 148,318 | | | | | | 6.00 | | | | | | 146,935 | | | | | | 6.00 | | |
|
To be well capitalized
|
| | | | 197,757 | | | | | | 8.00 | | | | | | 195,914 | | | | | | 8.00 | | |
| Common equity | | | | | | | | | | | | | | | | | | | | | | | | | |
| (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Actual
|
| | | $ | 284,441 | | | | | | 11.51% | | | | | $ | 263,058 | | | | | | 10.74% | | |
|
For capital adequacy purposes
|
| | | | 111,238 | | | | | | 4.50 | | | | | | 110,201 | | | | | | 4.50 | | |
|
To be well capitalized
|
| | | | 160,678 | | | | | | 6.50 | | | | | | 159,180 | | | | | | 6.50 | | |
| Tier 1 capital | | | | | | | | | | | | | | | | | | | | | | | | | |
| (to average assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Actual
|
| | | $ | 284,441 | | | | | | 10.34% | | | | | $ | 263,058 | | | | | | 9.49% | | |
|
For capital adequacy purposes
|
| | | | 110,056 | | | | | | 4.00 | | | | | | 110,867 | | | | | | 4.00 | | |
|
To be well capitalized
|
| | | | 137,569 | | | | | | 5.00 | | | | | | 138,584 | | | | | | 5.00 | | |
|
(In Thousands)
|
| |
June 30,
2025 |
| |
December 31,
2024 |
| ||||||
| Unfunded commitments under lines of credit: | | | | | | | | | | | | | |
|
Home equity loans
|
| | | $ | 92,338 | | | | | $ | 97,677 | | |
|
Commercial real estate, construction, and land development
|
| | | | 142,773 | | | | | | 161,551 | | |
|
Commercial and industrial
|
| | | | 317,228 | | | | | | 353,078 | | |
|
Total
|
| | |
$
|
552,339
|
| | | |
$
|
612,306
|
| |
| | | |
Three Months Ended June 30,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||
|
(In Thousands, except share and per share data)
|
| |
2025
|
| |
2024
|
| |
2025
|
| |
2024
|
| ||||||||||||
|
Net income
|
| | | $ | 7,387 | | | | | $ | 5,804 | | | | | $ | 22,730 | | | | | $ | 11,530 | | |
|
Basic weighted average common shares outstanding
|
| | | | 37,136,851 | | | | | | 36,970,768 | | | | | | 37,122,883 | | | | | | 36,966,371 | | |
|
Net effect of dilutive stock options and
warrants |
| | | | 2,957 | | | | | | 2,353 | | | | | | 3,787 | | | | | | 4,637 | | |
|
Net effect of dilutive restricted stock awards and units
|
| | | | 104,200 | | | | | | 67,627 | | | | | | 105,169 | | | | | | 71,888 | | |
|
Diluted weighted average common shares outstanding
|
| | | | 37,244,008 | | | | | | 37,040,748 | | | | | | 37,231,839 | | | | | | 37,042,896 | | |
| Net income per common share: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Basic
|
| | | $ | 0.20 | | | | | $ | 0.16 | | | | | $ | 0.61 | | | | | $ | 0.31 | | |
|
Diluted
|
| | | $ | 0.20 | | | | | $ | 0.16 | | | | | $ | 0.61 | | | | | $ | 0.31 | | |
| | | |
Three Months Ended June 30,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||
| | | |
2025
|
| |
2024
|
| |
2025
|
| |
2024
|
| ||||||||||||
|
Stock Options
|
| | | | 14,814 | | | | | | 24,961 | | | | | | 14,914 | | | | | | 117,191 | | |
|
Warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Restricted Stock Awards and Units
|
| | | | 333,903 | | | | | | 384,724 | | | | | | 336,903 | | | | | | 384,724 | | |
|
Total dilutive securities
|
| | | | 348,717 | | | | | | 409,685 | | | | | | 351,817 | | | | | | 501,915 | | |
| | | |
Three Months Ended June 30,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||
| | | |
2025
|
| |
2024
|
| |
2025
|
| |
2024
|
| ||||||||||||
|
Stock Options
|
| | | | 548,200 | | | | | | 599,000 | | | | | | 548,100 | | | | | | 506,500 | | |
|
Warrants
|
| | | | 1,537,484 | | | | | | 1,537,484 | | | | | | 1,537,484 | | | | | | 1,537,484 | | |
|
Restricted Stock Awards and Units
|
| | | | 203,400 | | | | | | 120,000 | | | | | | 200,400 | | | | | | 120,000 | | |
|
Total anti-dilutive securities
|
| | | | 2,289,084 | | | | | | 2,256,484 | | | | | | 2,285,984 | | | | | | 2,163,984 | | |
| | | |
For the Three Months Ended June 30,
|
| |
For the Six Months Ended June 30,
|
| ||||||||||||||||||
|
(In thousands)
|
| |
2025
|
| |
2024
|
| |
2025
|
| |
2024
|
| ||||||||||||
|
Interest Income
|
| | | $ | 39,326 | | | | | $ | 39,449 | | | | | $ | 79,468 | | | | | $ | 78,224 | | |
| Reconciliation of revenue | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Other revenues
|
| | | | 2,933 | | | | | | 1,858 | | | | | | 16,190 | | | | | | 3,587 | | |
|
Total consolidated revenues
|
| | | $ | 42,259 | | | | | $ | 41,307 | | | | | $ | 95,658 | | | | | $ | 81,811 | | |
|
Interest Expense
|
| | | | 14,377 | | | | | | 14,965 | | | | | | 28,688 | | | | | | 28,856 | | |
|
Segment net interest income and noninterest
income |
| | | $ | 27,882 | | | | | $ | 26,342 | | | | | $ | 66,970 | | | | | $ | 52,955 | | |
|
Provision for credit losses
|
| | | | 344 | | | | | | — | | | | | | 572 | | | | | | 40 | | |
|
Salaries and employee benefits
|
| | | | 10,252 | | | | | | 9,941 | | | | | | 21,408 | | | | | | 21,059 | | |
|
Other Expenses
|
| | | | 9,899 | | | | | | 10,597 | | | | | | 22,260 | | | | | | 20,326 | | |
|
Consolidated net income
|
| | | $ | 7,387 | | | | | $ | 5,804 | | | | | $ | 22,730 | | | | | $ | 11,530 | | |
| Other segment disclosures | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Gain on sale of branches
|
| | | $ | — | | | | | $ | — | | | | | $ | 11,093 | | | | | $ | — | | |
|
Interest income
|
| | | $ | 39,326 | | | | | $ | 39,449 | | | | | $ | 79,468 | | | | | $ | 78,224 | | |
|
Interest expense
|
| | | $ | 14,377 | | | | | $ | 14,965 | | | | | $ | 28,688 | | | | | $ | 28,856 | | |
|
Depreciation
|
| | | $ | 406 | | | | | $ | 514 | | | | | $ | 823 | | | | | $ | 1,012 | | |
|
Amortization of intangible assets
|
| | | $ | 1,083 | | | | | $ | 1,204 | | | | | $ | 2,167 | | | | | $ | 2,411 | | |
| Other significant noncash items: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Provision for credit loss
|
| | | $ | 344 | | | | | $ | — | | | | | $ | 572 | | | | | $ | 40 | | |
|
(dollars in thousands)
|
| |
June 30,
2025 |
| |
December 31,
2024 |
| |
Change
|
| |
%
|
| ||||||||||||
|
Agriculture loans
|
| | | $ | 61,996 | | | | | $ | 67,741 | | | | | $ | (5,745) | | | | | | (8.48)% | | |
|
Construction loans
|
| | | | 140,976 | | | | | | 152,619 | | | | | | (11,643) | | | | | | (7.63) | | |
|
Commercial loans
|
| | | | 259,877 | | | | | | 245,833 | | | | | | 14,044 | | | | | | 5.71 | | |
| Commercial real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 231,469 | | | | | | 211,778 | | | | | | 19,691 | | | | | | 9.30 | | |
|
Owner occupied
|
| | | | 502,515 | | | | | | 477,742 | | | | | | 24,773 | | | | | | 5.19 | | |
|
Non-owner occupied
|
| | | | 681,521 | | | | | | 628,237 | | | | | | 53,284 | | | | | | 8.48 | | |
| Residential real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 375,879 | | | | | | 373,469 | | | | | | 2,410 | | | | | | 0.65 | | |
|
Second liens and lines of credit
|
| | | | 81,194 | | | | | | 76,713 | | | | | | 4,481 | | | | | | 5.84 | | |
|
Consumer and other loans
|
| | | | 17,525 | | | | | | 17,086 | | | | | | 439 | | | | | | 2.57 | | |
|
Municipal loans
|
| | | | 2,917 | | | | | | 3,886 | | | | | | (969) | | | | | | (24.94) | | |
|
Total Loans
|
| | |
|
2,355,869
|
| | | |
|
2,255,104
|
| | | | | 100,765 | | | | | | 4.47 | | |
|
Deferred costs
|
| | | | 740 | | | | | | 645 | | | | | | 95 | | | | | | 14.73 | | |
|
Allowance for credit losses
|
| | | | (24,651) | | | | | | (26,435) | | | | | | (1,784) | | | | | | (6.75) | | |
|
Total
|
| | |
$
|
2,331,958
|
| | | |
$
|
2,229,314
|
| | | | | 102,644 | | | | | | 4.60% | | |
|
(dollars in thousands)
|
| | | | | | |
|
Original principal outstanding at acquisition
|
| | | $ | 3,948 | | |
|
PCD specific reserve established
|
| | | | (2,289) | | |
|
Net book value of PCD loan
|
| | | | 1,659 | | |
|
Cash received upon payoff of PCD loan
|
| | | | 1,930 | | |
|
Net reduction of PCD reserve at loan sale
|
| | | | (271) | | |
|
Net reversal of PCD specific reserve
|
| | | $ | (2,018) | | |
|
(in thousands)
|
| |
June 30,
2025 |
| |
December 31,
2024 |
| |
Change
|
| |
%
|
| ||||||||||||
|
Demand, noninterest-bearing
|
| | | $ | 646,654 | | | | | $ | 658,646 | | | | | $ | (11,992) | | | | | | (1.8)% | | |
|
Demand, interest-bearing
|
| | | | 576,050 | | | | | | 525,173 | | | | | | 50,877 | | | | | | 9.7 | | |
|
Money market and savings
|
| | | | 580,143 | | | | | | 540,030 | | | | | | 40,113 | | | | | | 7.4 | | |
|
Time deposits, $250,000 and over
|
| | | | 177,897 | | | | | | 164,901 | | | | | | 12,996 | | | | | | 7.9 | | |
|
Time deposits, other
|
| | | | 400,665 | | | | | | 368,217 | | | | | | 32,448 | | | | | | 8.8 | | |
|
Brokered deposits
|
| | | | 75,000 | | | | | | 103,615 | | | | | | (28,615) | | | | | | (27.6) | | |
|
Total deposits
|
| | | $ | 2,456,409 | | | | | $ | 2,360,582 | | | | | $ | 95,827 | | | | | | 4.1% | | |
| | | |
For the Three Months Ended June 30,
|
| |||||||||||||||||||||||||||||||||
| | | |
2025
|
| |
2024
|
| ||||||||||||||||||||||||||||||
|
(Dollars in thousands)
|
| |
Avg Bal
|
| |
Interest(2)
|
| |
Yield/Rate
|
| |
Avg Bal
|
| |
Interest(2)
|
| |
Yield/Rate
|
| ||||||||||||||||||
|
Int. Earn. Cash
|
| | | $ | 114,315 | | | | | $ | 1,097 | | | | | | 3.85% | | | | | $ | 121,340 | | | | | $ | 1,395 | | | | | | 4.62% | | |
|
Securities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Taxable(1)
|
| | | | 152,185 | | | | | | 1,819 | | | | | | 4.79% | | | | | | 125,885 | | | | | | 1,592 | | | | | | 5.09% | | |
|
Tax-Exempt
|
| | | | 42,688 | | | | | | 478 | | | | | | 4.49% | | | | | | 41,776 | | | | | | 443 | | | | | | 4.26% | | |
|
Total Securities
|
| | | | 194,873 | | | | | | 2,297 | | | | | | 4.73% | | | | | | 167,661 | | | | | | 2,035 | | | | | | 4.88% | | |
|
Total Cash Equiv. and Investments
|
| | | | 309,188 | | | | | | 3,394 | | | | | | 4.40% | | | | | | 289,001 | | | | | | 3,430 | | | | | | 4.77% | | |
|
Total Loans(3)
|
| | | | 2,324,897 | | | | | | 36,032 | | | | | | 6.22% | | | | | | 2,280,041 | | | | | | 36,112 | | | | | | 6.37% | | |
|
Total Interest-Earning Assets
|
| | | | 2,634,085 | | | | | | 39,426 | | | | | | 6.00% | | | | | | 2,569,042 | | | | | | 39,542 | | | | | | 6.19% | | |
|
Other Assets
|
| | | | 183,156 | | | | | | | | | | | | | | | | | | 212,097 | | | | | | | | | | | | | | |
|
Total Assets
|
| | | $ | 2,817,241 | | | | | | | | | | | | | | | | | $ | 2,781,139 | | | | | | | | | | | | | | |
|
Interest bearing demand
|
| | | $ | 547,177 | | | | | $ | 3,207 | | | | | | 2.35% | | | | | $ | 446,109 | | | | | $ | 2,457 | | | | | | 2.22% | | |
|
Money market demand
|
| | | | 553,294 | | | | | | 3,099 | | | | | | 2.25% | | | | | | 581,223 | | | | | | 3,271 | | | | | | 2.26% | | |
|
Time deposits
|
| | | | 609,322 | | | | | | 6,161 | | | | | | 4.06% | | | | | | 642,919 | | | | | | 7,343 | | | | | | 4.59% | | |
|
Total Borrowings(4)
|
| | | | 152,668 | | | | | | 1,910 | | | | | | 5.02% | | | | | | 151,596 | | | | | | 1,894 | | | | | | 5.02% | | |
|
Total Interest-Bearing Liabilities
|
| | | | 1,862,461 | | | | | | 14,377 | | | | | | 3.10% | | | | | | 1,821,847 | | | | | | 14,965 | | | | | | 3.30% | | |
|
Non Int Bearing Deposits
|
| | | | 628,962 | | | | | | | | | | | | | | | | | | 657,939 | | | | | | | | | | | | | | |
|
Total Cost of Funds
|
| | | $ | 2,491,423 | | | | | $ | 14,377 | | | | | | 2.31% | | | | | $ | 2,479,786 | | | | | $ | 14,965 | | | | | | 2.43% | | |
| | | |
For the Three Months Ended June 30,
|
| |||||||||||||||||||||||||||||||||
| | | |
2025
|
| |
2024
|
| ||||||||||||||||||||||||||||||
|
(Dollars in thousands)
|
| |
Avg Bal
|
| |
Interest(2)
|
| |
Yield/Rate
|
| |
Avg Bal
|
| |
Interest(2)
|
| |
Yield/Rate
|
| ||||||||||||||||||
|
Other Liabilities
|
| | | | 30,815 | | | | | | | | | | | | | | | | | | 31,519 | | | | | | | | | | | | | | |
|
Total Liabilities
|
| | | $ | 2,522,238 | | | | | | | | | | | | | | | | | $ | 2,511,305 | | | | | | | | | | | | | | |
|
Shareholders’ Equity
|
| | | $ | 295,003 | | | | | | | | | | | | | | | | | $ | 269,834 | | | | | | | | | | | | | | |
|
Total Liabilities & Shareholders’ Equity
|
| | | $ | 2,817,241 | | | | | | | | | | | | | | | | | $ | 2,781,139 | | | | | | | | | | | | | | |
|
Net Interest Income/Spread (FTE)
|
| | | | | | | | | | 25,049 | | | | | | 2.90% | | | | | | | | | | | | 24,577 | | | | | | 2.89% | | |
|
Tax-Equivalent Basis Adjustment
|
| | | | | | | | | | (100) | | | | | | | | | | | | | | | | | | (93) | | | | | | | | |
|
Net Interest Income
|
| | | | | | | | | $ | 24,949 | | | | | | | | | | | | | | | | | $ | 24,484 | | | | | | | | |
|
Net Interest Margin
|
| | | | | | | | | | | | | | | | 3.80% | | | | | | | | | | | | | | | | | | 3.83% | | |
| | | |
Three Months Ended June 30, 2025 vs. 2024
Increase (Decrease) Due To: |
| |||||||||||||||
|
(Dollars in thousands)
|
| |
Rate
|
| |
Volume
|
| |
Net
|
| |||||||||
| Interest Income: | | | | | | | | | | | | | | | | | | | |
|
Int. Earn. Cash
|
| | | $ | (217) | | | | | $ | (81) | | | | | $ | (298) | | |
|
Securities
|
| | | | | | | | | | | | | | | | | | |
|
Taxable
|
| | | | (114) | | | | | | 341 | | | | | | 227 | | |
|
Tax-Exempt
|
| | | | 25 | | | | | | 10 | | | | | | 35 | | |
|
Total Securities
|
| | | | (89) | | | | | | 351 | | | | | | 262 | | |
|
Total Loans
|
| | | | (792) | | | | | | 712 | | | | | | (80) | | |
|
Total Interest-Earning Assets
|
| | | | (1,098) | | | | | | 982 | | | | | | (116) | | |
| Interest Expense: | | | | | | | | | | | | | | | | | | | |
|
Interest bearing demand
|
| | | | 177 | | | | | | 573 | | | | | | 750 | | |
|
Money market demand
|
| | | | (14) | | | | | | (158) | | | | | | (172) | | |
|
Time deposits
|
| | | | (798) | | | | | | (384) | | | | | | (1,182) | | |
|
Total Borrowings
|
| | | | — | | | | | | 16 | | | | | | 16 | | |
|
Total Interest-Bearing Liabilities
|
| | | | (635) | | | | | | 47 | | | | | | (588) | | |
|
Change in Net Interest Income
|
| | | $ | (463) | | | | | $ | 935 | | | | | $ | 472 | | |
| | | |
For the Six Months Ended June 30,
|
| |||||||||||||||||||||||||||||||||
| | | |
2025
|
| |
2024
|
| ||||||||||||||||||||||||||||||
|
(Dollars in thousands)
|
| |
Avg Bal
|
| |
Interest(2)
|
| |
Yield/Rate
|
| |
Avg Bal
|
| |
Interest(2)
|
| |
Yield/Rate
|
| ||||||||||||||||||
|
Int. Earn. Cash
|
| | | $ | 113,957 | | | | | $ | 2,069 | | | | | | 3.66% | | | | | $ | 102,471 | | | | | $ | 2,293 | | | | | | 4.50% | | |
|
Securities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Taxable(1)
|
| | | | 147,952 | | | | | | 3,568 | | | | | | 4.86% | | | | | | 121,333 | | | | | | 2,983 | | | | | | 4.94% | | |
|
Tax-Exempt
|
| | | | 43,240 | | | | | | 959 | | | | | | 4.47% | | | | | | 42,344 | | | | | | 900 | | | | | | 4.27% | | |
|
Total Securities
|
| | | | 191,192 | | | | | | 4,527 | | | | | | 4.77% | | | | | | 163,677 | | | | | | 3,883 | | | | | | 4.77% | | |
|
Total Cash Equiv. and Investments
|
| | | | 305,149 | | | | | | 6,596 | | | | | | 4.36% | | | | | | 266,148 | | | | | | 6,176 | | | | | | 4.67% | | |
|
Total Loans(3)(4)
|
| | | | 2,340,413 | | | | | | 73,073 | | | | | | 6.30% | | | | | | 2,263,595 | | | | | | 72,237 | | | | | | 6.42% | | |
|
Total Interest-Earning Assets
|
| | | | 2,645,562 | | | | | | 79,669 | | | | | | 6.07% | | | | | | 2,529,743 | | | | | | 78,413 | | | | | | 6.23% | | |
|
Other Assets
|
| | | | 191,799 | | | | | | | | | | | | | | | | | | 211,138 | | | | | | | | | | | | | | |
|
Total Assets
|
| | | $ | 2,837,361 | | | | | | | | | | | | | | | | | $ | 2,740,881 | | | | | | | | | | | | | | |
| | | |
For the Six Months Ended June 30,
|
| |||||||||||||||||||||||||||||||||
| | | |
2025
|
| |
2024
|
| ||||||||||||||||||||||||||||||
|
(Dollars in thousands)
|
| |
Avg Bal
|
| |
Interest(2)
|
| |
Yield/Rate
|
| |
Avg Bal
|
| |
Interest(2)
|
| |
Yield/Rate
|
| ||||||||||||||||||
|
Interest bearing demand(5)
|
| | | $ | 546,906 | | | | | $ | 6,255 | | | | | | 2.31% | | | | | $ | 437,011 | | | | | $ | 4,400 | | | | | | 2.02% | | |
|
Money market demand(5)
|
| | | | 557,551 | | | | | | 6,036 | | | | | | 2.18% | | | | | | 584,121 | | | | | | 6,445 | | | | | | 2.22% | | |
|
Time deposits(5)
|
| | | | 621,040 | | | | | | 12,533 | | | | | | 4.07% | | | | | | 628,616 | | | | | | 14,073 | | | | | | 4.50% | | |
|
Total Borrowings(6)
|
| | | | 151,269 | | | | | | 3,864 | | | | | | 5.15% | | | | | | 144,509 | | | | | | 3,938 | | | | | | 5.48% | | |
|
Total Interest-Bearing Liabilities
|
| | | | 1,876,766 | | | | | | 28,688 | | | | | | 3.08% | | | | | | 1,794,257 | | | | | | 28,856 | | | | | | 3.23% | | |
|
Non Int Bearing Deposits(5)
|
| | | | 640,730 | | | | | | | | | | | | | | | | | | 646,728 | | | | | | | | | | | | | | |
|
Total Cost of Funds
|
| | | $ | 2,517,496 | | | | | $ | 28,688 | | | | | | 2.30% | | | | | $ | 2,440,985 | | | | | $ | 28,856 | | | | | | 2.38% | | |
|
Other Liabilities
|
| | | | 30,368 | | | | | | | | | | | | | | | | | | 31,360 | | | | | | | | | | | | | | |
|
Total Liabilities
|
| | | $ | 2,547,864 | | | | | | | | | | | | | | | | | $ | 2,472,345 | | | | | | | | | | | | | | |
|
Shareholders’ Equity
|
| | | $ | 289,497 | | | | | | | | | | | | | | | | | $ | 268,536 | | | | | | | | | | | | | | |
|
Total Liabilities & Shareholders’ Equity
|
| | | $ | 2,837,361 | | | | | | | | | | | | | | | | | $ | 2,740,881 | | | | | | | | | | | | | | |
|
Net Interest Income/Spread (FTE)
|
| | | | | | | | | | 50,981 | | | | | | 2.99% | | | | | | | | | | | | 49,557 | | | | | | 3.00% | | |
|
Tax-Equivalent Basis Adjustment
|
| | | | | | | | | | (201) | | | | | | | | | | | | | | | | | | (189) | | | | | | | | |
|
Net Interest Income
|
| | | | | | | | | $ | 50,780 | | | | | | | | | | | | | | | | | $ | 49,368 | | | | | | | | |
|
Net Interest Margin
|
| | | | | | | | | | | | | | | | 3.87% | | | | | | | | | | | | | | | | | | 3.92% | | |
| | | |
Six Months Ended June 30, 2025 vs. 2024
Increase (Decrease) Due To: |
| |||||||||||||||
|
(Dollars in thousands)
|
| |
Rate
|
| |
Volume
|
| |
Net
|
| |||||||||
| Interest Income: | | | | | | | | | | | | | | | | | | | |
|
Int. Earn. Cash
|
| | | $ | (480) | | | | | $ | 256 | | | | | $ | (224) | | |
|
Securities
|
| | | | | | | | | | | | | | | | | | |
|
Taxable
|
| | | | (59) | | | | | | 644 | | | | | | 585 | | |
|
Tax-Exempt
|
| | | | 40 | | | | | | 19 | | | | | | 59 | | |
|
Total Securities
|
| | | | (19) | | | | | | 663 | | | | | | 644 | | |
|
Total Loans
|
| | | | (1,393) | | | | | | 2,229 | | | | | | 836 | | |
|
Total Interest-Earning Assets
|
| | | | (1,892) | | | | | | 3,148 | | | | | | 1,256 | | |
| Interest Expense: | | | | | | | | | | | | | | | | | | | |
|
Interest bearing demand
|
| | | | 786 | | | | | | 1,069 | | | | | | 1,855 | | |
|
Money market demand
|
| | | | (111) | | | | | | (298) | | | | | | (409) | | |
|
Time deposits
|
| | | | (1,371) | | | | | | (169) | | | | | | (1,540) | | |
|
Total Borrowings
|
| | | | (258) | | | | | | 184 | | | | | | (74) | | |
|
Total Interest-Bearing Liabilities
|
| | | | (954) | | | | | | 786 | | | | | | (168) | | |
|
Change in Net Interest Income
|
| | | $ | (938) | | | | | $ | 2,362 | | | | | $ | 1,424 | | |
|
(In Thousands)
|
| | | | | | | | | | | | | | | | | | |
|
Liquidity Source
|
| |
Capacity
|
| |
Outstanding
|
| |
Available
|
| |||||||||
|
Federal Home Loan Bank
|
| | | $ | 755,311 | | | | | $ | 40,000 | | | | | $ | 715,311 | | |
|
Federal Reserve Bank Discount Window
|
| | | | 23,576 | | | | | | — | | | | | | 23,576 | | |
|
Correspondent Banks
|
| | | | 77,000 | | | | | | — | | | | | | 77,000 | | |
|
Total
|
| | | $ | 855,887 | | | | | $ | 40,000 | | | | | $ | 815,887 | | |
| |
Exhibit
Number |
| |
Description
|
|
| |
3.1
|
| |
Articles of Incorporation, as amended, incorporated by reference to Exhibit 3.1 to Form S-4 Registration Statement, filed May 7, 2021
|
|
| |
3.2
|
| |
Amendment to Articles of Incorporation, incorporated by reference to Exhibit 3.2 to Form 10-K, filed March 31, 2025
|
|
| |
3.3
|
| | Amended and Restated Bylaws | |
| |
31.1
|
| |
Certification of Principal Executive Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
|
|
| |
31.2
|
| |
Certification of Principal Financial Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
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|
| |
32
|
| | Section 1350 Certification | |
| |
101 INS**
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| |
The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document
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|
| |
101 SCH**
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| | Inline XBRL Taxonomy Extension Schema Document | |
| |
101 CAL**
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| | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
| |
101 DEF**
|
| | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
| |
101 LAB**
|
| | Inline XBRL Taxonomy Extension Label Linkbase Document | |
| |
101 PRE**
|
| | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
| |
104
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| |
Cover Page Interactive Data File — the cover page interactive data file does not appear in the interactive date file because its XBRL tags are embedded with the inline XBRL document.
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| |
Pennsylvania
|
| |
82-5130531
|
|
| |
(State or other jurisdiction of
incorporation or organization) |
| |
(I.R.S. Employer
Identification No.) |
|
| |
Title of each class
|
| |
Trading
Symbol(s) |
| |
Name of each exchange
on which registered |
|
| |
Common Stock, $0.01 par value per share
|
| |
LNKB
|
| |
The NASDAQ Stock Market LLC
|
|
| |
Large Accelerated Filer
☐
|
| |
Accelerated Filer
☐
|
|
| |
Non-Accelerated Filer
☒
|
| |
Smaller Reporting Company
☒
|
|
| | | | |
Emerging Growth Company
☒
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| | | |
PAGE
|
| |||
| PART I — FINANCIAL INFORMATION | | | |||||
| | | | | | | | |
| | | | | H-1 | | | |
| | | | | H-2 | | | |
| | | | | H-3 | | | |
| | | | | H-5 | | | |
| | | | | H-6 | | | |
| | | | | H-7 | | | |
| | | | | H-39 | | | |
| | | | | H-55 | | | |
| | | | | H-55 | | | |
| PART II — OTHER INFORMATION | | | | | | | |
| | | | | H-56 | | | |
| | | | | H-56 | | | |
| | | | | H-56 | | | |
| | | | | H-56 | | | |
| | | | | H-56 | | | |
| | | | | H-56 | | | |
| | | | | H-57 | | | |
| | | | | H-58 | | | |
|
(In Thousands, except share and per share data)
|
| |
September 30,
2025 |
| |
December 31,
2024 |
| ||||||
| ASSETS | | | | | | | | | | | | | |
|
Noninterest-bearing cash equivalents
|
| | | $ | 15,321 | | | | | $ | 13,834 | | |
|
Interest-bearing deposits with other institutions
|
| | | | 178,832 | | | | | | 152,266 | | |
|
Cash and cash equivalents
|
| | | | 194,153 | | | | | | 166,100 | | |
|
Securities available for sale, at fair value
|
| | | | 267,930 | | | | | | 145,590 | | |
|
Securities held to maturity (Fair value of $26,024 and $30,284, respectively)
|
| | | | 26,982 | | | | | | 31,967 | | |
|
Less: Allowance for credit losses – securities
|
| | | | (387) | | | | | | (459) | | |
|
Securities held to maturity, net
|
| | | | 26,595 | | | | | | 31,508 | | |
|
Loans receivable
|
| | | | 2,456,977 | | | | | | 2,255,749 | | |
|
Less: Allowance for credit losses – loans
|
| | | | (25,342) | | | | | | (26,435) | | |
|
Net loans
|
| | | | 2,431,635 | | | | | | 2,229,314 | | |
|
Investments in restricted bank stock
|
| | | | 4,791 | | | | | | 5,209 | | |
|
Premises and equipment, net
|
| | | | 15,822 | | | | | | 18,029 | | |
|
Right-of-Use Asset – Premises
|
| | | | 15,632 | | | | | | 14,913 | | |
|
Bank-owned life insurance
|
| | | | 53,263 | | | | | | 52,079 | | |
|
Goodwill
|
| | | | 58,806 | | | | | | 58,806 | | |
|
Other intangible assets, net
|
| | | | 16,407 | | | | | | 20,955 | | |
|
Deferred tax asset
|
| | | | 15,003 | | | | | | 18,866 | | |
|
Assets held for sale
|
| | | | — | | | | | | 94,146 | | |
|
Accrued interest receivable and other assets
|
| | | | 22,334 | | | | | | 23,263 | | |
|
TOTAL ASSETS
|
| | | $ | 3,122,371 | | | | | $ | 2,878,778 | | |
| LIABILITIES | | | | | | | | | | | | | |
|
Deposits:
|
| | | | | | | | | | | | |
|
Demand, noninterest bearing
|
| | | $ | 640,100 | | | | | $ | 658,646 | | |
|
Interest bearing
|
| | | | 2,027,999 | | | | | | 1,701,936 | | |
|
Total deposits
|
| | | | 2,668,099 | | | | | | 2,360,582 | | |
|
Long-term borrowings
|
| | | | 40,000 | | | | | | 40,000 | | |
|
Short-term borrowings
|
| | | | — | | | | | | 10,000 | | |
|
Note payable
|
| | | | — | | | | | | 565 | | |
|
Subordinated debt
|
| | | | 62,255 | | | | | | 61,984 | | |
|
Lease liabilities
|
| | | | 15,965 | | | | | | 15,666 | | |
|
Allowance for credit losses – unfunded commitments
|
| | | | 2,157 | | | | | | 1,857 | | |
|
Liabilities held for sale
|
| | | | — | | | | | | 93,777 | | |
|
Accrued interest payable and other liabilities
|
| | | | 28,438 | | | | | | 14,126 | | |
|
TOTAL LIABILITIES
|
| | | | 2,816,914 | | | | | | 2,598,557 | | |
| COMMITMENTS AND CONTINGENT LIABILITIES (Note 11) | | | | | | | | | | | | | |
| SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
|
Preferred stock (At September 30, 2025 and December 31, 2024: no par value; 5,000,000 shares authorized; no shares issued and outstanding.)
|
| | | | — | | | | | | — | | |
|
Common stock (At September 30, 2025 and December 31, 2024: $0.01 par value; 50,000,000 shares authorized; 37,447,026 and 37,370,917 shares issued and outstanding, respectively.)
|
| | | | 370 | | | | | | 370 | | |
|
Surplus
|
| | | | 265,637 | | | | | | 264,449 | | |
|
Retained earnings
|
| | | | 42,157 | | | | | | 19,947 | | |
|
Accumulated other comprehensive loss
|
| | | | (2,707) | | | | | | (4,545) | | |
|
TOTAL SHAREHOLDERS’ EQUITY
|
| | | | 305,457 | | | | | | 280,221 | | |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | $ | 3,122,371 | | | | | $ | 2,878,778 | | |
| | | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
|
(In Thousands, except share and per share data)
|
| |
2025
|
| |
2024
|
| |
2025
|
| |
2024
|
| ||||||||||||
| INTEREST AND DIVIDEND INCOME | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Loans receivable, including fees
|
| | | $ | 37,755 | | | | | $ | 36,856 | | | | | $ | 110,828 | | | | | $ | 109,093 | | |
|
Investment securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Taxable
|
| | | | 2,089 | | | | | | 1,683 | | | | | | 5,657 | | | | | | 4,666 | | |
|
Exempt from federal income tax
|
| | | | 287 | | | | | | 359 | | | | | | 1,045 | | | | | | 1,069 | | |
|
Other
|
| | | | 1,893 | | | | | | 1,296 | | | | | | 3,962 | | | | | | 3,590 | | |
|
Total interest and dividend income
|
| | |
|
42,024
|
| | | |
|
40,194
|
| | | |
|
121,492
|
| | | |
|
118,418
|
| |
| INTEREST EXPENSE | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Deposits
|
| | | | 13,677 | | | | | | 13,292 | | | | | | 38,501 | | | | | | 38,210 | | |
|
Other borrowings
|
| | | | 950 | | | | | | 949 | | | | | | 2,867 | | | | | | 2,967 | | |
|
Subordinated debt
|
| | | | 1,011 | | | | | | 972 | | | | | | 2,958 | | | | | | 2,892 | | |
|
Total interest expense
|
| | |
|
15,638
|
| | | |
|
15,213
|
| | | |
|
44,326
|
| | | |
|
44,069
|
| |
|
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES
|
| | | | 26,386 | | | | | | 24,981 | | | | | | 77,166 | | | | | | 74,349 | | |
|
Provision for credit losses
|
| | | | 1,003 | | | | | | 84 | | | | | | 1,575 | | | | | | 125 | | |
|
NET INTEREST INCOME AFTER PROVISION
FOR CREDIT LOSSES |
| | |
|
25,383
|
| | | |
|
24,897
|
| | | |
|
75,591
|
| | | |
|
74,224
|
| |
| NONINTEREST INCOME | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Service charges on deposit accounts
|
| | | | 1,120 | | | | | | 1,052 | | | | | | 3,237 | | | | | | 2,697 | | |
|
Bank-owned life insurance
|
| | | | 463 | | | | | | 430 | | | | | | 1,327 | | | | | | 1,199 | | |
|
Net realized gains on the sales of debt
securities |
| | | | — | | | | | | — | | | | | | — | | | | | | 4 | | |
|
Gain on sale of loans
|
| | | | 157 | | | | | | 138 | | | | | | 361 | | | | | | 200 | | |
|
Gain on sale of branches
|
| | | | — | | | | | | — | | | | | | 11,093 | | | | | | — | | |
|
Other
|
| | | | 1,065 | | | | | | 1,060 | | | | | | 2,977 | | | | | | 2,167 | | |
|
Total noninterest income
|
| | |
|
2,805
|
| | | |
|
2,680
|
| | | |
|
18,995
|
| | | |
|
6,267
|
| |
| NONINTEREST EXPENSE | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Salaries and employee benefits
|
| | | | 10,513 | | | | | | 9,855 | | | | | | 31,921 | | | | | | 30,914 | | |
|
Occupancy
|
| | | | 1,356 | | | | | | 1,440 | | | | | | 4,128 | | | | | | 4,577 | | |
|
Equipment and data processing
|
| | | | 2,063 | | | | | | 1,640 | | | | | | 6,158 | | | | | | 5,290 | | |
|
Professional fees
|
| | | | 593 | | | | | | 763 | | | | | | 1,808 | | | | | | 2,299 | | |
|
FDIC insurance and supervisory fees
|
| | | | 439 | | | | | | 812 | | | | | | 1,575 | | | | | | 1,709 | | |
|
Intangible amortization
|
| | | | 1,083 | | | | | | 1,205 | | | | | | 3,250 | | | | | | 3,615 | | |
|
Merger & restructuring expenses
|
| | | | — | | | | | | 171 | | | | | | 57 | | | | | | 858 | | |
|
Advertising
|
| | | | 128 | | | | | | 163 | | | | | | 448 | | | | | | 505 | | |
|
Other
|
| | | | 1,996 | | | | | | 2,403 | | | | | | 6,549 | | | | | | 6,834 | | |
|
Total noninterest expense
|
| | |
|
18,171
|
| | | |
|
18,452
|
| | | |
|
55,894
|
| | | |
|
56,601
|
| |
|
Income before income tax expense
|
| | | | 10,017 | | | | | | 9,125 | | | | | | 38,692 | | | | | | 23,890 | | |
|
Income tax expense
|
| | | | 2,178 | | | | | | 2,030 | | | | | | 8,123 | | | | | | 5,265 | | |
|
NET INCOME
|
| | | $ | 7,839 | | | | | $ | 7,095 | | | | | $ | 30,569 | | | | | $ | 18,625 | | |
|
EARNINGS PER SHARE, BASIC
|
| | | $ | 0.21 | | | | | $ | 0.19 | | | | | $ | 0.82 | | | | | $ | 0.50 | | |
|
EARNINGS PER SHARE, DILUTED
|
| | | $ | 0.21 | | | | | $ | 0.19 | | | | | $ | 0.82 | | | | | $ | 0.50 | | |
|
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING,
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
BASIC
|
| | | | 37,192,313 | | | | | | 36,983,637 | | | | | | 37,146,280 | | | | | | 36,972,127 | | |
|
DILUTED
|
| | | | 37,335,646 | | | | | | 37,090,111 | | | | | | 37,257,831 | | | | | | 37,061,512 | | |
| | | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
|
(In Thousands)
|
| |
2025
|
| |
2024
|
| |
2025
|
| |
2024
|
| ||||||||||||
|
Net income
|
| | | $ | 7,839 | | | | | $ | 7,095 | | | | | $ | 30,569 | | | | | $ | 18,625 | | |
| Components of other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Unrealized gain on available-for-sale securities
|
| | | | 2,724 | | | | | | 4,058 | | | | | | 3,945 | | | | | | 2,086 | | |
|
Tax effect
|
| | | | (572) | | | | | | (854) | | | | | | (828) | | | | | | (440) | | |
|
Net of tax amount
|
| | | | 2,152 | | | | | | 3,204 | | | | | | 3,117 | | | | | | 1,646 | | |
|
Unrealized gain (loss) on cash flow hedges
|
| | | | 29 | | | | | | (1,952) | | | | | | (1,085) | | | | | | 320 | | |
|
Adjustment for amounts reclassified into net income
|
| | | | (138) | | | | | | (383) | | | | | | (534) | | | | | | (1,156) | | |
|
Tax effect
|
| | | | 22 | | | | | | 490 | | | | | | 340 | | | | | | 176 | | |
|
Net of tax amount
|
| | | | (87) | | | | | | (1,845) | | | | | | (1,279) | | | | | | (660) | | |
|
Total other comprehensive income
|
| | | | 2,065 | | | | | | 1,359 | | | | | | 1,838 | | | | | | 986 | | |
|
Total comprehensive income
|
| | | $ | 9,904 | | | | | $ | 8,454 | | | | | $ | 32,407 | | | | | $ | 19,611 | | |
|
(In Thousands, except share data)
|
| |
Common
Stock Shares |
| |
Common
Stock Amount |
| |
Surplus
|
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
|
| ||||||||||||||||||
|
Balance, June 30, 2025
|
| | | | 37,441,879 | | | | | $ | 370 | | | | | $ | 265,293 | | | | | $ | 37,107 | | | | | $ | (4,772) | | | | | $ | 297,998 | | |
|
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 7,839 | | | | | | — | | | | | | 7,839 | | |
|
Dividends declared ($0.075 per share)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (2,789) | | | | | | — | | | | | | (2,789) | | |
|
Employee stock purchase plan
|
| | | | 7,194 | | | | | | — | | | | | | 50 | | | | | | — | | | | | | — | | | | | | 50 | | |
|
Issuance of common stock including proceeds from exercise of common stock compensation plans
|
| | | | 250 | | | | | | — | | | | | | 2 | | | | | | — | | | | | | — | | | | | | 2 | | |
|
Retirement of restricted shares
|
| | | | (2,297) | | | | | | — | | | | | | (59) | | | | | | — | | | | | | — | | | | | | (59) | | |
|
Stock compensation amortization
|
| | | | — | | | | | | — | | | | | | 351 | | | | | | — | | | | | | — | | | | | | 351 | | |
|
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,065 | | | | | | 2,065 | | |
|
Balance, September 30, 2025
|
| | | | 37,447,026 | | | | | $ | 370 | | | | | $ | 265,637 | | | | | $ | 42,157 | | | | | $ | (2,707) | | | | | $ | 305,457 | | |
|
(In Thousands, except share data)
|
| |
Common
Stock Shares |
| |
Common
Stock Amount |
| |
Surplus
|
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
|
| ||||||||||||||||||
|
Balance, June 30, 2024
|
| | | | 37,356,278 | | | | | $ | 370 | | | | | $ | 263,795 | | | | | $ | 10,826 | | | | | $ | (3,582) | | | | | $ | 271,409 | | |
|
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 7,095 | | | | | | — | | | | | | 7,095 | | |
|
Dividends declared ($0.075 per share)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (2,774) | | | | | | — | | | | | | (2,774) | | |
|
Employee stock purchase plan
|
| | | | 7,641 | | | | | | — | | | | | | 44 | | | | | | — | | | | | | — | | | | | | 44 | | |
|
Stock compensation amortization
|
| | | | — | | | | | | — | | | | | | 220 | | | | | | — | | | | | | — | | | | | | 220 | | |
|
Retirement of restricted shares
|
| | | | (2,359) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,359 | | | | | | 1,359 | | |
|
Balance, September 30, 2024
|
| | | | 37,361,560 | | | | | $ | 370 | | | | | $ | 264,059 | | | | | $ | 15,147 | | | | | $ | (2,223) | | | | | $ | 277,353 | | |
|
(In Thousands, except share data)
|
| |
Common
Stock Shares |
| |
Common
Stock Amount |
| |
Surplus
|
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Loss |
| |
Total Shareholders’
Equity |
| ||||||||||||||||||
|
Balance, December 31, 2024
|
| | | | 37,370,917 | | | | | $ | 370 | | | | | $ | 264,449 | | | | | $ | 19,947 | | | | | $ | (4,545) | | | | | $ | 280,221 | | |
|
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 30,569 | | | | | | — | | | | | | 30,569 | | |
|
Dividends declared ($0.225 per
share) |
| | | | — | | | | | | — | | | | | | — | | | | | | (8,359) | | | | | | — | | | | | | (8,359) | | |
|
Employee stock purchase plan
|
| | | | 22,211 | | | | | | — | | | | | | 151 | | | | | | — | | | | | | — | | | | | | 151 | | |
|
Issuance of common stock including
proceeds from exercise of common stock compensation plans(1) |
| | | | 56,195 | | | | | | — | | | | | | 75 | | | | | | — | | | | | | — | | | | | | 75 | | |
|
Retirement of restricted shares
|
| | | | (2,297) | | | | | | — | | | | | | (59) | | | | | | — | | | | | | — | | | | | | (59) | | |
|
Stock compensation amortization
|
| | | | — | | | | | | — | | | | | | 1,021 | | | | | | — | | | | | | — | | | | | | 1,021 | | |
|
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,838 | | | | | | 1,838 | | |
|
Balance, September 30, 2025
|
| | | | 37,447,026 | | | | | $ | 370 | | | | | $ | 265,637 | | | | | $ | 42,157 | | | | | $ | (2,707) | | | | | $ | 305,457 | | |
|
(In Thousands, except share data)
|
| |
Common
Stock Shares |
| |
Common
Stock Amount |
| |
Surplus
|
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Loss |
| |
Total Equity
Attributable to Parent |
| |
Noncontrolling
interest in consolidated subsidiary |
| |
Total
Shareholders’ Equity |
| ||||||||||||||||||||||||
|
Balance, December 31, 2023
|
| | | | 37,340,700 | | | | | $ | 369 | | | | | $ | 263,310 | | | | | $ | 4,843 | | | | | $ | (3,209) | | | | | $ | 265,313 | | | | | $ | 483 | | | | | $ | 265,796 | | |
|
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 18,625 | | | | | | — | | | | | | 18,625 | | | | | | — | | | | | | 18,625 | | |
|
Dividends declared ($0.225 per share)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (8,321) | | | | | | — | | | | | | (8,321) | | | | | | — | | | | | | (8,321) | | |
|
Exercise of stock options
|
| | | | 1,777 | | | | | | — | | | | | | 11 | | | | | | — | | | | | | — | | | | | | 11 | | | | | | — | | | | | | 11 | | |
|
Employee stock purchase plan
|
| | | | 21,442 | | | | | | 1 | | | | | | 98 | | | | | | — | | | | | | — | | | | | | 99 | | | | | | — | | | | | | 99 | | |
|
Stock compensation
amortization |
| | | | — | | | | | | — | | | | | | 640 | | | | | | — | | | | | | — | | | | | | 640 | | | | | | — | | | | | | 640 | | |
|
Dissolution of Minority Interest
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (483) | | | | | | (483) | | |
|
Retirement of restricted shares
|
| | | | (2,359) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 986 | | | | | | 986 | | | | | | — | | | | | | 986 | | |
|
Balance, September 30, 2024
|
| | | | 37,361,560 | | | | | $ | 370 | | | | | $ | 264,059 | | | | | $ | 15,147 | | | | | $ | (2,223) | | | | | $ | 277,353 | | | | | $ | — | | | | | $ | 277,353 | | |
| | | |
For the Nine Months Ended
September 30, |
| |||||||||
|
(In Thousands)
|
| |
2025
|
| |
2024
|
| ||||||
| OPERATING ACTIVITIES | | | | | | | | | | | | | |
|
Net income
|
| | | $ | 30,569 | | | | | $ | 18,625 | | |
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
| | | | | | | | | | | | |
|
Gain on sale of branches
|
| | | | (11,093) | | | | | | — | | |
|
Provision for credit losses
|
| | | | 1,575 | | | | | | 125 | | |
|
Depreciation
|
| | | | 1,231 | | | | | | 1,472 | | |
|
Amortization of intangible assets
|
| | | | 3,250 | | | | | | 3,615 | | |
|
Accretion of discounts, net
|
| | | | (8,098) | | | | | | (8,796) | | |
|
Origination of loans to be sold
|
| | | | (14,787) | | | | | | (6,722) | | |
|
Proceeds from loan sales
|
| | | | 15,148 | | | | | | 6,922 | | |
|
Gain on sale of loans
|
| | | | (361) | | | | | | (200) | | |
|
Share-based and deferred compensation
|
| | | | 1,671 | | | | | | 1,338 | | |
|
Bank-owned life insurance income
|
| | | | (1,327) | | | | | | (1,199) | | |
|
Gain on sale of debt securities, available for sale
|
| | | | — | | | | | | (4) | | |
|
Change in accrued interest receivable and other assets
|
| | | | (1,758) | | | | | | 3,062 | | |
|
Change in accrued interest payable and other liabilities
|
| | | | 16,873 | | | | | | 1,458 | | |
|
Other, net
|
| | | | (477) | | | | | | (113) | | |
|
Net cash provided by operating activities
|
| | | | 32,416 | | | | | | 19,583 | | |
| INVESTING ACTIVITIES | | | | | | | | | | | | | |
|
Investment securities available for sale:
|
| | | | | | | | | | | | |
|
Proceeds from sales
|
| | | | — | | | | | | 1,691 | | |
|
Proceeds from calls and maturities
|
| | | | 2,430 | | | | | | 8,375 | | |
|
Proceeds from principal repayments
|
| | | | 13,919 | | | | | | 8,920 | | |
|
Purchases
|
| | | | (134,274) | | | | | | (50,379) | | |
|
Investment securities held to maturity:
|
| | | | | | | | | | | | |
|
Proceeds from principal repayments
|
| | | | 5,017 | | | | | | 2,137 | | |
|
Purchase of restricted investment in bank stocks
|
| | | | (9,063) | | | | | | (13,131) | | |
|
Redemption of restricted investment in bank stocks
|
| | | | 9,481 | | | | | | 12,192 | | |
|
Increase in loans, net
|
| | | | (200,873) | | | | | | (65,137) | | |
|
Purchase of bank-owned life insurance
|
| | | | — | | | | | | (1,600) | | |
|
Payment of death benefit under bank owned life insurance
|
| | | | 143 | | | | | | — | | |
|
Cash paid to buy-out minority interest
|
| | | | — | | | | | | (483) | | |
|
Proceeds from disposal of premises and equipment
|
| | | | 1,326 | | | | | | 2,310 | | |
|
Purchase of premises and equipment
|
| | | | (877) | | | | | | (1,389) | | |
|
Proceeds from sale of branches, net
|
| | | | 26,194 | | | | | | — | | |
|
Net cash used in investing activities
|
| | | | (286,577) | | | | | | (96,494) | | |
| FINANCING ACTIVITIES | | | | | | | | | | | | | |
|
Increase in deposits, net
|
| | | | 300,347 | | | | | | 166,164 | | |
|
Change in short-term borrowings, net
|
| | | | (10,000) | | | | | | (10,000) | | |
|
Proceeds from long-term borrowings
|
| | | | — | | | | | | 40,000 | | |
|
Issuance of shares from exercise of stock options
|
| | | | 75 | | | | | | 11 | | |
|
Dividends paid
|
| | | | (8,359) | | | | | | (8,321) | | |
|
Net proceeds from issuance of common stock
|
| | | | 151 | | | | | | 99 | | |
|
Net cash provided by financing activities
|
| | | | 282,214 | | | | | | 187,953 | | |
|
Increase in cash and cash equivalents
|
| | | | 28,053 | | | | | | 111,042 | | |
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
| | | | 166,100 | | | | | | 80,190 | | |
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
| | | $ | 194,153 | | | | | $ | 191,232 | | |
| SUPPLEMENTAL CASH FLOW DISCLOSURES | | | | | | | | | | | | | |
|
Cash paid during the period for:
|
| | | | | | | | | | | | |
|
Interest
|
| | | $ | 44,010 | | | | | $ | 43,056 | | |
|
Income taxes
|
| | | $ | 10,439 | | | | | $ | 10,184 | | |
|
Reclassification of New Jersey branch loans from portfolio loans to assets held-for-sale, net
|
| | | $ | — | | | | | $ | 10,839 | | |
|
Reclassification of New Jersey branch assets to assets held-for-sale, net
|
| | | $ | — | | | | | $ | 197 | | |
|
Reclassification of New Jersey branch deposits to liabilities held-for-sale, net
|
| | | $ | — | | | | | $ | (5,549) | | |
|
Reclassification of New Jersey branch liabilities to liabilities held-for-sale, net
|
| | | $ | — | | | | | $ | (159) | | |
| | | |
September 30, 2025
|
| |||||||||||||||||||||||||||
|
(In Thousands)
|
| |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Allowance for
Credit Losses |
| |
Fair
Value |
| |||||||||||||||
| Available for Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
US Government Agency securities
|
| | | $ | 11,257 | | | | | $ | 324 | | | | | $ | (2) | | | | | $ | — | | | | | $ | 11,579 | | |
|
Obligations of state and political subdivisions
|
| | | | 50,731 | | | | | | 87 | | | | | | (2,848) | | | | | | — | | | | | | 47,970 | | |
|
Mortgage-backed securities in government-sponsored entities
|
| | | | 209,168 | | | | | | 1,178 | | | | | | (2,298) | | | | | | — | | | | | | 208,048 | | |
|
Other securities
|
| | | | 341 | | | | | | — | | | | | | (8) | | | | | | — | | | | | | 333 | | |
| | | | | $ | 271,497 | | | | | $ | 1,589 | | | | | $ | (5,156) | | | | | $ | — | | | | | $ | 267,930 | | |
| | | |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| |
Allowance for
Credit Losses |
| |||||||||||||||
| Held to Maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Corporate debentures
|
| | | $ | 12,250 | | | | | $ | — | | | | | $ | (651) | | | | | $ | 11,599 | | | | | $ | (387) | | |
|
Structured mortgage-backed securities
|
| | | | 14,732 | | | | | | 5 | | | | | | (312) | | | | | | 14,425 | | | | | | — | | |
| | | | | $ | 26,982 | | | | | $ | 5 | | | | | $ | (963) | | | | | $ | 26,024 | | | | | $ | (387) | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||||||||
|
(In Thousands)
|
| |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Allowance for
Credit Losses |
| |
Fair
Value |
| |||||||||||||||
| Available for Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
US Government Agency securities
|
| | | $ | 13,017 | | | | | $ | 96 | | | | | $ | (40) | | | | | $ | — | | | | | $ | 13,073 | | |
|
Obligations of state and political subdivisions
|
| | | | 51,254 | | | | | | 10 | | | | | | (4,063) | | | | | | — | | | | | | 47,201 | | |
|
Mortgage-backed securities in government-sponsored entities
|
| | | | 88,289 | | | | | | 61 | | | | | | (3,567) | | | | | | — | | | | | | 84,783 | | |
|
Other securities
|
| | | | 542 | | | | | | — | | | | | | (9) | | | | | | — | | | | | | 533 | | |
| | | | | $ | 153,102 | | | | | $ | 167 | | | | | $ | (7,679) | | | | | $ | — | | | | | $ | 145,590 | | |
| | | |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair Value
|
| |
Allowance for
Credit Losses |
| |||||||||||||||
| Held to Maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Corporate debentures
|
| | | $ | 15,250 | | | | | $ | — | | | | | $ | (984) | | | | | $ | 14,266 | | | | | $ | (459) | | |
|
Structured mortgage-backed securities
|
| | | | 16,717 | | | | | | 6 | | | | | | (705) | | | | | | 16,018 | | | | | | — | | |
| | | | | $ | 31,967 | | | | | $ | 6 | | | | | $ | (1,689) | | | | | $ | 30,284 | | | | | $ | (459) | | |
| | | |
September 30, 2025
|
| |||||||||||||||||||||||||||||||||
| | | |
Less Than Twelve Months
|
| |
Twelve Months or Greater
|
| |
Total
|
| |||||||||||||||||||||||||||
|
(In Thousands)
|
| |
Fair Value
|
| |
Gross
Unrealized Loss |
| |
Fair Value
|
| |
Gross
Unrealized Loss |
| |
Fair Value
|
| |
Gross
Unrealized Loss |
| ||||||||||||||||||
| Available for Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
US Government Agency Securities
|
| | | $ | 1,998 | | | | | $ | (2) | | | | | $ | — | | | | | $ | — | | | | | $ | 1,998 | | | | | $ | (2) | | |
|
Obligations of state and political subdivisions
|
| | | | 4,003 | | | | | | (65) | | | | | | 32,096 | | | | | | (2,783) | | | | | | 36,099 | | | | | | (2,848) | | |
|
Mortgage-backed securities in government-sponsored entities
|
| | | | 75,716 | | | | | | (488) | | | | | | 33,303 | | | | | | (1,810) | | | | | | 109,019 | | | | | | (2,298) | | |
|
Other securities
|
| | | | — | | | | | | — | | | | | | 333 | | | | | | (8) | | | | | | 333 | | | | | | (8) | | |
| | | | | $ | 81,717 | | | | | $ | (555) | | | | | $ | 65,732 | | | | | $ | (4,601) | | | | | $ | 147,449 | | | | | $ | (5,156) | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||||||||||||||
| | | |
Less Than Twelve Months
|
| |
Twelve Months or Greater
|
| |
Total
|
| |||||||||||||||||||||||||||
|
(In Thousands)
|
| |
Fair Value
|
| |
Gross
Unrealized Loss |
| |
Fair Value
|
| |
Gross
Unrealized Loss |
| |
Fair Value
|
| |
Gross
Unrealized Loss |
| ||||||||||||||||||
| Available for Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
US Government Agency Securities
|
| | | $ | 3,960 | | | | | $ | (40) | | | | | $ | — | | | | | $ | — | | | | | $ | 3,960 | | | | | $ | (40) | | |
|
Obligations of state and political subdivisions
|
| | | | 11,433 | | | | | | (273) | | | | | | 34,345 | | | | | | (3,790) | | | | | | 45,778 | | | | | | (4,063) | | |
|
Mortgage-backed securities in government-sponsored entities
|
| | | | 45,629 | | | | | | (902) | | | | | | 29,877 | | | | | | (2,665) | | | | | | 75,506 | | | | | | (3,567) | | |
|
Other securities
|
| | | | — | | | | | | — | | | | | | 533 | | | | | | (9) | | | | | | 533 | | | | | | (9) | | |
| | | | | $ | 61,022 | | | | | $ | (1,215) | | | | | $ | 64,755 | | | | | $ | (6,464) | | | | | $ | 125,777 | | | | | $ | (7,679) | | |
|
(in Thousands)
|
| |
For the Three
Months Ended September 30, 2025 |
| |||
|
Balance, June 30, 2025
|
| | | $ | 475 | | |
|
Changes in the allowance for credit losses
|
| | | | (88) | | |
|
Balance, September 30, 2025
|
| | | $ | 387 | | |
|
(in Thousands)
|
| |
For the Three
Months Ended September 30, 2024 |
| |||
|
Balance, June 30, 2024
|
| | | $ | 502 | | |
|
Changes in the allowance for credit losses
|
| | | | (31) | | |
|
Balance, September 30, 2024
|
| | | $ | 471 | | |
|
(in Thousands)
|
| |
For the Nine
Months Ended September 30, 2025 |
| |||
|
Balance, December 31, 2024
|
| | | $ | 459 | | |
|
Changes in the allowance for credit losses
|
| | | | (72) | | |
|
Balance, September 30, 2025
|
| | | $ | 387 | | |
|
(in Thousands)
|
| |
For the Nine
Months Ended September 30, 2024 |
| |||
|
Balance, December 31, 2023
|
| | | $ | 512 | | |
|
Credit to allowance for credit losses
|
| | | | (41) | | |
|
Balance, September 30, 2024
|
| | | $ | 471 | | |
| | | |
Available for Sale Securities
|
| |
Held to Maturity Securities
|
| ||||||||||||||||||
|
(In Thousands)
|
| |
Amortized
Cost |
| |
Fair
Value |
| |
Amortized
Cost |
| |
Fair
Value |
| ||||||||||||
|
Due within one year
|
| | | $ | 1,191 | | | | | $ | 1,197 | | | | | $ | — | | | | | $ | — | | |
|
Due after one year through five years
|
| | | | 16,823 | | | | | | 16,786 | | | | | | 3,000 | | | | | | 2,855 | | |
|
Due after five years through ten years
|
| | | | 19,347 | | | | | | 19,118 | | | | | | 9,250 | | | | | | 8,744 | | |
|
Due after ten years
|
| | | | 24,627 | | | | | | 22,448 | | | | | | — | | | | | | — | | |
|
Mortgage-backed securities and Collateralized mortgage obligations
|
| | | | 209,168 | | | | | | 208,048 | | | | | | 14,732 | | | | | | 14,425 | | |
|
Other securities
|
| | | | 341 | | | | | | 333 | | | | | | — | | | | | | — | | |
| | | | | $ | 271,497 | | | | | $ | 267,930 | | | | | $ | 26,982 | | | | | $ | 26,024 | | |
|
(In Thousands)
|
| |
For the Three
Months Ended September 30, 2024 |
| |||
|
Proceeds
|
| | | $ | — | | |
|
Gross gains
|
| | | | — | | |
|
Gross losses
|
| | | | — | | |
|
Net gains (losses)
|
| | | $ | — | | |
|
(In Thousands)
|
| |
For the Nine
Months Ended September 30, 2024 |
| |||
|
Proceeds
|
| | | $ | 1,691 | | |
|
Gross gains
|
| | | | 4 | | |
|
Gross losses
|
| | | | — | | |
|
Net gains (losses)
|
| | | $ | 4 | | |
|
(In Thousands)
|
| |
September 30,
2025 |
| |
December 31,
2024 |
| ||||||
|
Agriculture and farmland loans
|
| | | $ | 62,098 | | | | | $ | 67,741 | | |
|
Construction loans
|
| | | | 155,542 | | | | | | 152,619 | | |
|
Commercial & industrial loans
|
| | | | 266,765 | | | | | | 245,833 | | |
| Commercial real estate loans | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 236,534 | | | | | | 211,778 | | |
|
Owner occupied
|
| | | | 522,674 | | | | | | 477,742 | | |
|
Non-owner occupied
|
| | | | 730,740 | | | | | | 628,237 | | |
| Residential real estate loans | | | | | | | | | | | | | |
|
(In Thousands)
|
| |
September 30,
2025 |
| |
December 31,
2024 |
| ||||||
|
First liens
|
| | | | 377,226 | | | | | | 373,469 | | |
|
Second liens and lines of credit
|
| | | | 84,395 | | | | | | 76,713 | | |
|
Consumer and other loans
|
| | | | 17,645 | | | | | | 17,086 | | |
|
Municipal loans
|
| | | | 2,816 | | | | | | 3,886 | | |
| | | | | | 2,456,435 | | | | | | 2,255,104 | | |
|
Deferred costs
|
| | | | 542 | | | | | | 645 | | |
|
Allowance for credit losses
|
| | | | (25,342) | | | | | | (26,435) | | |
| Total | | | | $ | 2,431,635 | | | | | $ | 2,229,314 | | |
| | |||||||||||||
| | | |
Beginning balance
|
| |
Charge-offs
|
| |
Recoveries
|
| |
Provision for
credit losses |
| |
Ending balance
|
| |||||||||||||||
|
(In Thousands)
|
| |
For the Three Months Ended September 30, 2025
|
| |||||||||||||||||||||||||||
| Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Agriculture and farmland
|
| | | $ | 9 | | | | | $ | — | | | | | $ | — | | | | | $ | 3 | | | | | $ | 12 | | |
|
Construction
|
| | | | 1,478 | | | | | | (8) | | | | | | 1 | | | | | | 601 | | | | | | 2,072 | | |
|
Commercial & industrial
|
| | | | 4,242 | | | | | | (300) | | | | | | 1 | | | | | | (199) | | | | | | 3,744 | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 1,879 | | | | | | — | | | | | | — | | | | | | 233 | | | | | | 2,112 | | |
|
Owner occupied
|
| | | | 5,763 | | | | | | — | | | | | | 1 | | | | | | (18) | | | | | | 5,746 | | |
|
Non-owner occupied
|
| | | | 6,724 | | | | | | — | | | | | | — | | | | | | 343 | | | | | | 7,067 | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 3,227 | | | | | | — | | | | | | 4 | | | | | | (14) | | | | | | 3,217 | | |
|
Second liens and lines of credit
|
| | | | 1,188 | | | | | | — | | | | | | — | | | | | | 28 | | | | | | 1,216 | | |
|
Municipal
|
| | | | 37 | | | | | | — | | | | | | — | | | | | | 4 | | | | | | 41 | | |
|
Consumer
|
| | | | 104 | | | | | | — | | | | | | 1 | | | | | | 10 | | | | | | 115 | | |
| Total | | | | $ | 24,651 | | | | | $ | (308) | | | | | $ | 8 | | | | | $ | 991 | | | | | $ | 25,342 | | |
| | | |
Beginning balance
|
| |
Charge-offs
|
| |
Recoveries
|
| |
Provision for
credit losses |
| |
Ending balance
|
| |||||||||||||||
|
(In Thousands)
|
| |
For the Three Months Ended September 30, 2024
|
| |||||||||||||||||||||||||||
| Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Agriculture and farmland
|
| | | $ | 12 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 12 | | |
|
Construction
|
| | | | 1,841 | | | | | | — | | | | | | 1 | | | | | | (537) | | | | | | 1,305 | | |
|
Commercial & industrial
|
| | | | 3,435 | | | | | | — | | | | | | 37 | | | | | | (368) | | | | | | 3,104 | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 1,914 | | | | | | — | | | | | | — | | | | | | 263 | | | | | | 2,177 | | |
|
Owner occupied
|
| | | | 5,882 | | | | | | (23) | | | | | | — | | | | | | 148 | | | | | | 6,007 | | |
|
Non-owner occupied
|
| | | | 8,026 | | | | | | — | | | | | | — | | | | | | 730 | | | | | | 8,756 | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 4,047 | | | | | | — | | | | | | 6 | | | | | | (285) | | | | | | 3,768 | | |
|
Second liens and lines of credit
|
| | | | 977 | | | | | | — | | | | | | 3 | | | | | | 119 | | | | | | 1,099 | | |
|
Municipal
|
| | | | 64 | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 65 | | |
|
Consumer
|
| | | | 91 | | | | | | — | | | | | | 4 | | | | | | 154 | | | | | | 249 | | |
| Total | | | | $ | 26,289 | | | | | $ | (23) | | | | | $ | 51 | | | | | $ | 225 | | | | | $ | 26,542 | | |
| | | |
Beginning
balance |
| |
Charge-offs
|
| |
Charge-offs on
PCD Acquired Loans |
| |
Recoveries
|
| |
Provision for
credit losses |
| |
Ending balance
|
| ||||||||||||||||||
|
(In Thousands)
|
| |
For the Nine Months Ended September 30, 2025
|
| |||||||||||||||||||||||||||||||||
| Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Agriculture and farmland
|
| | | $ | 11 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1 | | | | | $ | 12 | | |
|
Construction
|
| | | | 893 | | | | | | (8) | | | | | | — | | | | | | 4 | | | | | | 1,183 | | | | | | 2,072 | | |
|
Commercial & industrial
|
| | | | 4,093 | | | | | | (374) | | | | | | — | | | | | | 4 | | | | | | 21 | | | | | | 3,744 | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 1,805 | | | | | | — | | | | | | — | | | | | | — | | | | | | 307 | | | | | | 2,112 | | |
|
Owner occupied
|
| | | | 5,611 | | | | | | — | | | | | | — | | | | | | 2 | | | | | | 133 | | | | | | 5,746 | | |
|
Non-owner occupied
|
| | | | 9,345 | | | | | | (35) | | | | | | (2,018) | | | | | | — | | | | | | (225) | | | | | | 7,067 | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 3,395 | | | | | | (4) | | | | | | — | | | | | | 14 | | | | | | (188) | | | | | | 3,217 | | |
|
Second liens and lines of credit
|
| | | | 1,154 | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 61 | | | | | | 1,216 | | |
|
Municipal
|
| | | | 48 | | | | | | — | | | | | | — | | | | | | — | | | | | | (7) | | | | | | 41 | | |
|
Consumer
|
| | | | 80 | | | | | | (29) | | | | | | | | | | | | 2 | | | | | | 62 | | | | | | 115 | | |
| Total | | | | $ | 26,435 | | | | | $ | (450) | | | | | $ | (2,018) | | | | | $ | 27 | | | | | $ | 1,348 | | | | | $ | 25,342 | | |
| | | |
Beginning
balance |
| |
Charge-offs
|
| |
Recoveries
|
| |
Allowance for
Credit Losses on PCD Acquired Loans |
| |
Provision for
credit losses |
| |
Ending balance
|
| ||||||||||||||||||
|
(In Thousands)
|
| |
For the Nine Months Ended September 30, 2024
|
| |||||||||||||||||||||||||||||||||
| Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Agriculture and farmland
|
| | | $ | 12 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 12 | | |
|
Construction
|
| | | | 959 | | | | | | — | | | | | | 3 | | | | | | — | | | | | | 343 | | | | | | 1,305 | | |
|
Commercial & industrial
|
| | | | 2,940 | | | | | | (10) | | | | | | 46 | | | | | | — | | | | | | 128 | | | | | | 3,104 | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 1,483 | | | | | | — | | | | | | 2 | | | | | | — | | | | | | 692 | | | | | | 2,177 | | |
|
Owner occupied
|
| | | | 6,572 | | | | | | (29) | | | | | | 1 | | | | | | — | | | | | | (537) | | | | | | 6,007 | | |
|
Non-owner occupied
|
| | | | 5,773 | | | | | | (54) | | | | | | 5 | | | | | | 2,300 | | | | | | 732 | | | | | | 8,756 | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 4,778 | | | | | | — | | | | | | 19 | | | | | | — | | | | | | (1,029) | | | | | | 3,768 | | |
|
Second liens and lines of credit
|
| | | | 1,072 | | | | | | — | | | | | | 12 | | | | | | — | | | | | | 15 | | | | | | 1,099 | | |
|
Municipal
|
| | | | 79 | | | | | | — | | | | | | — | | | | | | — | | | | | | (14) | | | | | | 65 | | |
|
Consumer
|
| | | | 99 | | | | | | (25) | | | | | | 8 | | | | | | — | | | | | | 167 | | | | | | 249 | | |
| Total | | | | $ | 23,767 | | | | | $ | (118) | | | | | $ | 96 | | | | | $ | 2,300 | | | | | $ | 497 | | | | | $ | 26,542 | | |
| | | |
As of September 30, 2025
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Nonaccrual with No
Allowance for Credit Loss |
| |
Nonaccrual with a
related Allowance for Credit Loss |
| |
Total Nonaccrual
|
| |
Loans 90 days or
greater past due still accruing |
| ||||||||||||
|
Agriculture and farmland
|
| | | $ | 353 | | | | | $ | — | | | | | $ | 353 | | | | | $ | 478 | | |
|
Construction
|
| | | | 354 | | | | | | 146 | | | | | | 500 | | | | | | — | | |
|
Commercial & industrial
|
| | | | 6,098 | | | | | | 407 | | | | | | 6,505 | | | | | | 15 | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 512 | | | | | | — | | | | | | 512 | | | | | | — | | |
|
Owner occupied
|
| | | | 8,504 | | | | | | 944 | | | | | | 9,448 | | | | | | — | | |
|
Non-owner occupied
|
| | | | 2,754 | | | | | | — | | | | | | 2,754 | | | | | | — | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 3,591 | | | | | | — | | | | | | 3,591 | | | | | | — | | |
|
Second liens and lines of credit
|
| | | | 448 | | | | | | — | | | | | | 448 | | | | | | 23 | | |
|
Municipal
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total
|
| | |
$
|
22,614
|
| | | |
$
|
1,497
|
| | | |
$
|
24,111
|
| | | |
$
|
516
|
| |
| | | |
December 31, 2024
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Nonaccrual with No
Allowance for Credit Loss |
| |
Nonaccrual with a
related Allowance for Credit Loss |
| |
Total Nonaccrual
|
| |
Loans 90 days or
greater past due still accruing |
| ||||||||||||
|
Agriculture and farmland
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
Construction
|
| | | | 9 | | | | | | — | | | | | | 9 | | | | | | 157 | | |
|
Commercial & industrial
|
| | | | 125 | | | | | | 7 | | | | | | 132 | | | | | | — | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Owner occupied
|
| | | | 6,171 | | | | | | 3,581 | | | | | | 9,752 | | | | | | — | | |
|
Non-owner occupied
|
| | | | 398 | | | | | | 3,931 | | | | | | 4,329 | | | | | | — | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 1,975 | | | | | | — | | | | | | 1,975 | | | | | | 289 | | |
|
Second liens and lines of credit
|
| | | | 482 | | | | | | — | | | | | | 482 | | | | | | — | | |
|
Municipal
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | 48 | | |
|
Total
|
| | |
$
|
9,160
|
| | | |
$
|
7,519
|
| | | |
$
|
16,679
|
| | | |
$
|
494
|
| |
| | | |
September 30, 2025
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Real Estate
|
| |
Business Assets
|
| |
Other
|
| |
Total
|
| ||||||||||||
|
Agriculture and farmland loans
|
| | | $ | 353 | | | | | $ | — | | | | | $ | — | | | | | $ | 353 | | |
|
Construction
|
| | | | 500 | | | | | | — | | | | | | — | | | | | | 500 | | |
|
Commercial & industrial loans
|
| | | | 5,867 | | | | | | 638 | | | | | | — | | | | | | 6,505 | | |
| Commercial real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 512 | | | | | | — | | | | | | — | | | | | | 512 | | |
|
Owner occupied
|
| | | | 9,448 | | | | | | — | | | | | | — | | | | | | 9,448 | | |
|
Non-owner occupied
|
| | | | 2,754 | | | | | | — | | | | | | — | | | | | | 2,754 | | |
| Residential real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 3,591 | | | | | | — | | | | | | — | | | | | | 3,591 | | |
|
Second liens and lines of credit
|
| | | | 448 | | | | | | — | | | | | | — | | | | | | 448 | | |
|
Municipal
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | $ | 23,473 | | | | | $ | 638 | | | | | $ | — | | | | | $ | 24,111 | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Real Estate
|
| |
Business Assets
|
| |
Other
|
| |
Total
|
| ||||||||||||
|
Agriculture and farmland loans
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
Construction
|
| | | | 9 | | | | | | — | | | | | | — | | | | | | 9 | | |
|
Commercial & industrial loans
|
| | | | — | | | | | | 132 | | | | | | — | | | | | | 132 | | |
| Commercial real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Owner occupied
|
| | | | 9,752 | | | | | | — | | | | | | — | | | | | | 9,752 | | |
|
Non-owner occupied
|
| | | | 4,329 | | | | | | — | | | | | | — | | | | | | 4,329 | | |
| Residential real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 1,975 | | | | | | — | | | | | | — | | | | | | 1,975 | | |
|
Second liens and lines of credit
|
| | | | 482 | | | | | | — | | | | | | — | | | | | | 482 | | |
|
Municipal
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | $ | 16,547 | | | | | $ | 132 | | | | | $ | — | | | | | $ | 16,679 | | |
| | | |
September 30, 2025
|
| |||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
30 – 59
Days Past Due |
| |
60 – 89
Days Past Due |
| |
90 Days
or Greater Past Due |
| |
Total
Past Due |
| |
Current
|
| |
Total
Loans |
| ||||||||||||||||||
|
Agriculture and farmland
|
| | | $ | 110 | | | | | $ | 196 | | | | | $ | 478 | | | | | $ | 784 | | | | | $ | 61,314 | | | | | $ | 62,098 | | |
|
Construction
|
| | | | — | | | | | | 146 | | | | | | 354 | | | | | | 500 | | | | | | 155,042 | | | | | | 155,542 | | |
|
Commercial & industrial
|
| | | | 376 | | | | | | 9 | | | | | | 6,529 | | | | | | 6,914 | | | | | | 259,851 | | | | | | 266,765 | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | — | | | | | | 512 | | | | | | — | | | | | | 512 | | | | | | 236,022 | | | | | | 236,534 | | |
|
Owner occupied
|
| | | | 669 | | | | | | 484 | | | | | | 9,448 | | | | | | 10,601 | | | | | | 512,073 | | | | | | 522,674 | | |
|
Non-owner occupied
|
| | | | 93 | | | | | | — | | | | | | 250 | | | | | | 343 | | | | | | 730,397 | | | | | | 730,740 | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 1,311 | | | | | | 421 | | | | | | 388 | | | | | | 2,120 | | | | | | 375,106 | | | | | | 377,226 | | |
|
Second liens and lines of credit
|
| | | | 131 | | | | | | 108 | | | | | | 276 | | | | | | 515 | | | | | | 83,880 | | | | | | 84,395 | | |
|
Municipal
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,816 | | | | | | 2,816 | | |
|
Consumer
|
| | | | 166 | | | | | | — | | | | | | — | | | | | | 166 | | | | | | 17,479 | | | | | | 17,645 | | |
|
Total
|
| | |
$
|
2,856
|
| | | |
$
|
1,876
|
| | | |
$
|
17,723
|
| | | |
$
|
22,455
|
| | | |
$
|
2,433,980
|
| | | |
$
|
2,456,435
|
| |
| | | |
December 31, 2024
|
| |||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
30 – 59
Days Past Due |
| |
60 – 89
Days Past Due |
| |
90 Days
or Greater Past Due |
| |
Total
Past Due |
| |
Current
|
| |
Total
Loans |
| ||||||||||||||||||
|
Agriculture and farmland
|
| | | $ | 23 | | | | | $ | — | | | | | $ | — | | | | | $ | 23 | | | | | $ | 67,718 | | | | | $ | 67,741 | | |
|
Construction
|
| | | | 197 | | | | | | — | | | | | | 166 | | | | | | 363 | | | | | | 152,256 | | | | | | 152,619 | | |
|
Commercial & industrial
|
| | | | 41 | | | | | | — | | | | | | 90 | | | | | | 131 | | | | | | 245,702 | | | | | | 245,833 | | |
| Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 314 | | | | | | — | | | | | | — | | | | | | 314 | | | | | | 211,464 | | | | | | 211,778 | | |
|
Owner occupied
|
| | | | 334 | | | | | | 660 | | | | | | 8,768 | | | | | | 9,762 | | | | | | 467,980 | | | | | | 477,742 | | |
|
Non-owner occupied
|
| | | | — | | | | | | — | | | | | | 398 | | | | | | 398 | | | | | | 627,839 | | | | | | 628,237 | | |
| Residential real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 686 | | | | | | 317 | | | | | | 1,220 | | | | | | 2,223 | | | | | | 371,246 | | | | | | 373,469 | | |
|
Second liens and lines of credit
|
| | | | 191 | | | | | | 119 | | | | | | 276 | | | | | | 586 | | | | | | 76,127 | | | | | | 76,713 | | |
|
Municipal
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,886 | | | | | | 3,886 | | |
|
Consumer
|
| | | | 7 | | | | | | 1 | | | | | | 48 | | | | | | 56 | | | | | | 17,030 | | | | | | 17,086 | | |
|
Total
|
| | |
$
|
1,793
|
| | | |
$
|
1,097
|
| | | |
$
|
10,966
|
| | | |
$
|
13,856
|
| | | |
$
|
2,241,248
|
| | | |
$
|
2,255,104
|
| |
| | | |
September 30, 2025
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Term Loans Amortized Cost Basis by Origination Year
|
| |
Revolving
loans amortized cost basis |
| |
Revolving
loans converted to term |
| |
Total
|
| ||||||||||||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
Prior
|
| ||||||||||||||||||||||||||||||||||||
| Agriculture and farmland | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | $ | 2,672 | | | | | $ | 10,273 | | | | | $ | 986 | | | | | $ | 13,188 | | | | | $ | 7,997 | | | | | $ | 22,323 | | | | | $ | 3,413 | | | | | $ | — | | | | | $ | 60,852 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 175 | | | | | | 240 | | | | | | — | | | | | | 415 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 831 | | | | | | — | | | | | | — | | | | | | 831 | | |
|
Total Agriculture and farmland
|
| | | $ | 2,672 | | | | | $ | 10,273 | | | | | $ | 986 | | | | | $ | 13,188 | | | | | $ | 7,997 | | | | | $ | 23,329 | | | | | $ | 3,653 | | | | | $ | — | | | | | $ | 62,098 | | |
| Agriculture and farmland | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Construction | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 37,341 | | | | | | 45,444 | | | | | | 28,555 | | | | | | 16,536 | | | | | | 13,166 | | | | | | 5,101 | | | | | | 4,610 | | | | | | 4,289 | | | | | | 155,042 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | 500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 500 | | |
|
Total Construction
|
| | | | 37,341 | | | | | | 45,444 | | | | | | 29,055 | | | | | | 16,536 | | | | | | 13,166 | | | | | | 5,101 | | | | | | 4,610 | | | | | | 4,289 | | | | | | 155,542 | | |
| Construction | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8 | | | | | | — | | | | | | — | | | | | | 8 | | |
| Commercial & industrial | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 28,497 | | | | | | 39,049 | | | | | | 19,018 | | | | | | 13,888 | | | | | | 14,701 | | | | | | 9,368 | | | | | | 129,932 | | | | | | 24 | | | | | | 254,477 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 56 | | | | | | — | | | | | | 642 | | | | | | — | | | | | | 698 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | 15 | | | | | | 4,746 | | | | | | — | | | | | | 239 | | | | | | 6,590 | | | | | | — | | | | | | 11,590 | | |
|
Total Commercial & industrial
|
| | | | 28,497 | | | | | | 39,049 | | | | | | 19,033 | | | | | | 18,634 | | | | | | 14,757 | | | | | | 9,607 | | | | | | 137,164 | | | | | | 24 | | | | | | 266,765 | | |
| Commercial & industrial | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | 74 | | | | | | — | | | | | | 300 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 374 | | |
| Commercial real estate – Multifamily | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 34,422 | | | | | | 32,695 | | | | | | 17,631 | | | | | | 74,693 | | | | | | 41,976 | | | | | | 27,721 | | | | | | 441 | | | | | | — | | | | | | 229,579 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | 309 | | | | | | 3,082 | | | | | | 2,878 | | | | | | 686 | | | | | | — | | | | | | — | | | | | | 6,955 | | |
|
Total Commercial real estate – Multifamily
|
| | | | 34,422 | | | | | | 32,695 | | | | | | 17,940 | | | | | | 77,775 | | | | | | 44,854 | | | | | | 28,407 | | | | | | 441 | | | | | | — | | | | | | 236,534 | | |
| Commercial real estate – Multifamily | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | |
September 30, 2025
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Term Loans Amortized Cost Basis by Origination Year
|
| |
Revolving
loans amortized cost basis |
| |
Revolving
loans converted to term |
| |
Total
|
| ||||||||||||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
Prior
|
| ||||||||||||||||||||||||||||||||||||
|
Commercial real estate – Owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 80,475 | | | | | | 52,771 | | | | | | 46,475 | | | | | | 94,392 | | | | | | 79,756 | | | | | | 136,440 | | | | | | 14,798 | | | | | | — | | | | | | 505,107 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | 3,039 | | | | | | 356 | | | | | | 1,896 | | | | | | 945 | | | | | | 298 | | | | | | — | | | | | | 6,534 | | |
|
Substandard or lower
|
| | | | — | | | | | | 669 | | | | | | — | | | | | | 7,315 | | | | | | 587 | | | | | | 2,462 | | | | | | — | | | | | | — | | | | | | 11,033 | | |
|
Total Commercial real estate – Owner occupied
|
| | | | 80,475 | | | | | | 53,440 | | | | | | 49,514 | | | | | | 102,063 | | | | | | 82,239 | | | | | | 139,847 | | | | | | 15,096 | | | | | | — | | | | | | 522,674 | | |
|
Commercial real estate – Owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Commercial real estate – Non-owner
occupied |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 146,164 | | | | | | 71,036 | | | | | | 54,407 | | | | | | 180,887 | | | | | | 103,320 | | | | | | 147,623 | | | | | | 11,805 | | | | | | — | | | | | | 715,242 | | |
|
Special mention
|
| | | | 4,776 | | | | | | — | | | | | | 1,002 | | | | | | — | | | | | | 1,341 | | | | | | 4,949 | | | | | | — | | | | | | — | | | | | | 12,068 | | |
|
Substandard or lower
|
| | | | — | | | | | | 676 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,754 | | | | | | — | | | | | | — | | | | | | 3,430 | | |
|
Total Commercial real estate – Non-
owner occupied |
| | | | 150,940 | | | | | | 71,712 | | | | | | 55,409 | | | | | | 180,887 | | | | | | 104,661 | | | | | | 155,326 | | | | | | 11,805 | | | | | | — | | | | | | 730,740 | | |
|
Commercial real estate – Non-owner
occupied |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,018 | | | | | | 35 | | | | | | — | | | | | | — | | | | | | 2,053 | | |
| Municipal | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 50 | | | | | | 60 | | | | | | 251 | | | | | | — | | | | | | 303 | | | | | | 2,059 | | | | | | 93 | | | | | | — | | | | | | 2,816 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Municipal
|
| | | | 50 | | | | | | 60 | | | | | | 251 | | | | | | — | | | | | | 303 | | | | | | 2,059 | | | | | | 93 | | | | | | — | | | | | | 2,816 | | |
| Municipal | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | $ | 329,621 | | | | | $ | 251,328 | | | | | $ | 167,323 | | | | | $ | 393,584 | | | | | $ | 261,219 | | | | | $ | 350,635 | | | | | $ | 165,092 | | | | | $ | 4,313 | | | | | $ | 1,923,115 | | |
|
Special mention
|
| | | | 4,776 | | | | | | — | | | | | | 4,041 | | | | | | 356 | | | | | | 3,293 | | | | | | 6,069 | | | | | | 1,180 | | | | | | — | | | | | | 19,715 | | |
|
Substandard or lower
|
| | | | — | | | | | | 1,345 | | | | | | 824 | | | | | | 15,143 | | | | | | 3,465 | | | | | | 6,972 | | | | | | 6,590 | | | | | | — | | | | | | 34,339 | | |
|
Total
|
| | | $ | 334,397 | | | | | $ | 252,673 | | | | | $ | 172,188 | | | | | $ | 409,083 | | | | | $ | 267,977 | | | | | $ | 363,676 | | | | | $ | 172,862 | | | | | $ | 4,313 | | | | | $ | 1,977,169 | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Term Loans Amortized Cost Basis by Origination Year
|
| |
Revolving
loans amortized cost basis |
| |
Revolving
loans converted to term |
| |
Total
|
| ||||||||||||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
2024
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
Prior
|
| ||||||||||||||||||||||||||||||||||||
| Agriculture and farmland | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | $ | 11,357 | | | | | $ | 1,040 | | | | | $ | 13,682 | | | | | $ | 8,761 | | | | | $ | 4,780 | | | | | $ | 21,105 | | | | | $ | 5,320 | | | | | $ | — | | | | | $ | 66,045 | | |
|
Special mention
|
| | | | — | | | | | | 10 | | | | | | — | | | | | | 51 | | | | | | — | | | | | | 1,387 | | | | | | 248 | | | | | | — | | | | | | 1,696 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Agriculture and farmland
|
| | | $ | 11,357 | | | | | $ | 1,050 | | | | | $ | 13,682 | | | | | $ | 8,812 | | | | | $ | 4,780 | | | | | $ | 22,492 | | | | | $ | 5,568 | | | | | $ | — | | | | | $ | 67,741 | | |
| Agriculture and farmland | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Construction | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 38,681 | | | | | | 54,929 | | | | | | 17,645 | | | | | | 18,952 | | | | | | 1,226 | | | | | | 8,567 | | | | | | 12,422 | | | | | | — | | | | | | 152,422 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Substandard or lower
|
| | | | — | | | | | | 197 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 197 | | |
|
Total Construction
|
| | | | 38,681 | | | | | | 55,126 | | | | | | 17,645 | | | | | | 18,952 | | | | | | 1,226 | | | | | | 8,567 | | | | | | 12,422 | | | | | | — | | | | | | 152,619 | | |
| Construction | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Commercial & industrial | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 36,194 | | | | | | 23,645 | | | | | | 18,632 | | | | | | 18,880 | | | | | | 10,145 | | | | | | 8,154 | | | | | | 115,655 | | | | | | — | | | | | | 231,305 | | |
|
Special mention
|
| | | | 301 | | | | | | 153 | | | | | | 4,606 | | | | | | 88 | | | | | | — | | | | | | 363 | | | | | | 7,023 | | | | | | — | | | | | | 12,534 | | |
|
Substandard or lower
|
| | | | 74 | | | | | | 51 | | | | | | 384 | | | | | | 47 | | | | | | — | | | | | | 299 | | | | | | 1,139 | | | | | | — | | | | | | 1,994 | | |
|
Total Commercial & industrial
|
| | | | 36,569 | | | | | | 23,849 | | | | | | 23,622 | | | | | | 19,015 | | | | | | 10,145 | | | | | | 8,816 | | | | | | 123,817 | | | | | | — | | | | | | 245,833 | | |
| Commercial & industrial | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20 | | | | | | 7 | | | | | | 125 | | | | | | — | | | | | | 152 | | |
| Commercial real estate – Multifamily | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 34,006 | | | | | | 11,064 | | | | | | 84,497 | | | | | | 49,859 | | | | | | 19,451 | | | | | | 11,232 | | | | | | 685 | | | | | | — | | | | | | 210,794 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | 984 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 984 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Commercial real estate – Multifamily
|
| | | | 34,006 | | | | | | 11,064 | | | | | | 85,481 | | | | | | 49,859 | | | | | | 19,451 | | | | | | 11,232 | | | | | | 685 | | | | | | — | | | | | | 211,778 | | |
| Commercial real estate – Multifamily | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Term Loans Amortized Cost Basis by Origination Year
|
| |
Revolving
loans amortized cost basis |
| |
Revolving
loans converted to term |
| |
Total
|
| ||||||||||||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
2024
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
Prior
|
| ||||||||||||||||||||||||||||||||||||
|
Commercial real estate – Owner
occupied |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 52,566 | | | | | | 56,674 | | | | | | 101,351 | | | | | | 83,703 | | | | | | 48,003 | | | | | | 99,600 | | | | | | 15,120 | | | | | | — | | | | | | 457,017 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | 365 | | | | | | 1,984 | | | | | | 416 | | | | | | 5,608 | | | | | | 262 | | | | | | — | | | | | | 8,635 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | 9,327 | | | | | | — | | | | | | — | | | | | | 2,632 | | | | | | 131 | | | | | | — | | | | | | 12,090 | | |
|
Total Commercial real estate – Owner occupied
|
| | | | 52,566 | | | | | | 56,674 | | | | | | 111,043 | | | | | | 85,687 | | | | | | 48,419 | | | | | | 107,840 | | | | | | 15,513 | | | | | | — | | | | | | 477,742 | | |
|
Commercial real estate – Owner
occupied |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 23 | | | | | | 6 | | | | | | — | | | | | | — | | | | | | 29 | | |
|
Commercial real estate – Non-owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 78,928 | | | | | | 60,584 | | | | | | 187,113 | | | | | | 111,191 | | | | | | 48,512 | | | | | | 120,340 | | | | | | 8,535 | | | | | | — | | | | | | 615,203 | | |
|
Special mention
|
| | | | 744 | | | | | | — | | | | | | — | | | | | | 1,536 | | | | | | 3,352 | | | | | | 3,073 | | | | | | — | | | | | | — | | | | | | 8,705 | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | 3,931 | | | | | | — | | | | | | 324 | | | | | | 74 | | | | | | — | | | | | | 4,329 | | |
|
Total Commercial real estate – Non-owner occupied
|
| | | | 79,672 | | | | | | 60,584 | | | | | | 187,113 | | | | | | 116,658 | | | | | | 51,864 | | | | | | 123,737 | | | | | | 8,609 | | | | | | — | | | | | | 628,237 | | |
|
Commercial real estate – Non-owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 54 | | | | | | — | | | | | | — | | | | | | 54 | | |
| Municipal | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | | 71 | | | | | | 356 | | | | | | — | | | | | | 350 | | | | | | 939 | | | | | | 2,088 | | | | | | 82 | | | | | | — | | | | | | 3,886 | | |
|
Special mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Substandard or lower
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Commercial real estate – Municipal
|
| | | | 71 | | | | | | 356 | | | | | | — | | | | | | 350 | | | | | | 939 | | | | | | 2,088 | | | | | | 82 | | | | | | — | | | | | | 3,886 | | |
| Municipal | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pass
|
| | | $ | 251,803 | | | | | $ | 208,292 | | | | | $ | 422,920 | | | | | $ | 291,696 | | | | | $ | 133,056 | | | | | $ | 271,086 | | | | | $ | 157,819 | | | | | $ | — | | | | | $ | 1,736,672 | | |
|
Special mention
|
| | | | 1,045 | | | | | | 163 | | | | | | 5,955 | | | | | | 3,659 | | | | | | 3,768 | | | | | | 10,431 | | | | | | 7,533 | | | | | | — | | | | | | 32,554 | | |
|
Substandard or lower
|
| | | | 74 | | | | | | 248 | | | | | | 9,711 | | | | | | 3,978 | | | | | | — | | | | | | 3,255 | | | | | | 1,344 | | | | | | — | | | | | | 18,610 | | |
|
Total
|
| | | $ | 252,922 | | | | | $ | 208,703 | | | | | $ | 438,586 | | | | | $ | 299,333 | | | | | $ | 136,824 | | | | | $ | 284,772 | | | | | $ | 166,696 | | | | | $ | — | | | | | $ | 1,787,836 | | |
| | | |
September 30, 2025
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Term Loans Amortized Cost Basis by Origination Year
|
| |
Revolving
loans amortized cost basis |
| |
Revolving
loans converted to term |
| |
Total
|
| ||||||||||||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
Prior
|
| ||||||||||||||||||||||||||||||||||||
| Residential real estate – First liens | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | $ | 39,508 | | | | | $ | 24,911 | | | | | $ | 43,201 | | | | | $ | 80,510 | | | | | $ | 73,187 | | | | | $ | 98,099 | | | | | $ | 14,219 | | | | | $ | — | | | | | $ | 373,635 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 300 | | | | | | 3,291 | | | | | | — | | | | | | — | | | | | | 3,591 | | |
|
Total Residential real estate – First liens
|
| | | $ | 39,508 | | | | | $ | 24,911 | | | | | $ | 43,201 | | | | | $ | 80,510 | | | | | $ | 73,487 | | | | | $ | 101,390 | | | | | $ | 14,219 | | | | | $ | — | | | | | $ | 377,226 | | |
| Residential real estate – First liens | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4 | | | | | | — | | | | | | — | | | | | | 4 | | |
|
Residential real estate – Second liens and lines of credit
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | | 441 | | | | | | 2,669 | | | | | | 1,478 | | | | | | 410 | | | | | | 170 | | | | | | 1,049 | | | | | | 77,688 | | | | | | 19 | | | | | | 83,924 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 23 | | | | | | 205 | | | | | | 243 | | | | | | — | | | | | | 471 | | |
|
Total Residential real estate – Second liens and lines of credit
|
| | | | 441 | | | | | | 2,669 | | | | | | 1,478 | | | | | | 410 | | | | | | 193 | | | | | | 1,254 | | | | | | 77,931 | | | | | | 19 | | | | | | 84,395 | | |
|
Residential real estate – Second liens and lines of credit
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Consumer and other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | | 4,544 | | | | | | 1,749 | | | | | | 3,076 | | | | | | 2,295 | | | | | | 71 | | | | | | 89 | | | | | | 5,821 | | | | | | — | | | | | | 17,645 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Consumer and other
|
| | | | 4,544 | | | | | | 1,749 | | | | | | 3,076 | | | | | | 2,295 | | | | | | 71 | | | | | | 89 | | | | | | 5,821 | | | | | | — | | | | | | 17,645 | | |
| Consumer and other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | 10 | | | | | | 7 | | | | | | 5 | | | | | | — | | | | | | 7 | | | | | | — | | | | | | — | | | | | | 29 | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | $ | 44,493 | | | | | $ | 29,329 | | | | | $ | 47,755 | | | | | $ | 83,215 | | | | | $ | 73,428 | | | | | $ | 99,237 | | | | | $ | 97,728 | | | | | $ | 19 | | | | | $ | 475,204 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 323 | | | | | | 3,496 | | | | | | 243 | | | | | | — | | | | | | 4,062 | | |
|
Total
|
| | | $ | 44,493 | | | | | $ | 29,329 | | | | | $ | 47,755 | | | | | $ | 83,215 | | | | | $ | 73,751 | | | | | $ | 102,733 | | | | | $ | 97,971 | | | | | $ | 19 | | | | | $ | 479,266 | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Term Loans Amortized Cost Basis by Origination Year
|
| |
Revolving
loans amortized cost basis |
| |
Revolving
loans converted to term |
| |
Total
|
| ||||||||||||||||||||||||||||||||||||||||||
|
(In Thousands)
|
| |
2024
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
Prior
|
| ||||||||||||||||||||||||||||||||||||
| Residential real estate – First liens | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | $ | 28,532 | | | | | $ | 48,601 | | | | | $ | 86,197 | | | | | $ | 82,086 | | | | | $ | 35,962 | | | | | $ | 78,244 | | | | | $ | 11,583 | | | | | $ | — | | | | | $ | 371,205 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | 219 | | | | | | 29 | | | | | | 2,016 | | | | | | — | | | | | | — | | | | | | 2,264 | | |
|
Total Residential real estate – First liens
|
| | | $ | 28,532 | | | | | $ | 48,601 | | | | | $ | 86,197 | | | | | $ | 82,305 | | | | | $ | 35,991 | | | | | $ | 80,260 | | | | | $ | 11,583 | | | | | $ | — | | | | | $ | 373,469 | | |
| Residential real estate – First liens | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4 | | | | | | — | | | | | | — | | | | | | 4 | | |
|
Residential real estate – Second liens and lines of credit
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | | 2,643 | | | | | | 940 | | | | | | 985 | | | | | | 349 | | | | | | 61 | | | | | | 1,666 | | | | | | 68,937 | | | | | | 650 | | | | | | 76,231 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 294 | | | | | | 188 | | | | | | — | | | | | | 482 | | |
|
Total Residential real estate – Second liens and lines of credit
|
| | | | 2,643 | | | | | | 940 | | | | | | 985 | | | | | | 349 | | | | | | 61 | | | | | | 1,960 | | | | | | 69,125 | | | | | | 650 | | | | | | 76,713 | | |
|
Residential real estate – Second liens and lines of credit
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9 | | | | | | — | | | | | | — | | | | | | 9 | | |
| Consumer and other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | | 2,610 | | | | | | 4,433 | | | | | | 1,863 | | | | | | 113 | | | | | | 52 | | | | | | 67 | | | | | | 7,900 | | | | | | — | | | | | | 17,038 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 48 | | | | | | — | | | | | | — | | | | | | 48 | | |
|
Total Consumer and other
|
| | | | 2,610 | | | | | | 4,433 | | | | | | 1,863 | | | | | | 113 | | | | | | 52 | | | | | | 115 | | | | | | 7,900 | | | | | | — | | | | | | 17,086 | | |
| Consumer and other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current period gross charge-offs
|
| | | | — | | | | | | 6 | | | | | | 4 | | | | | | 6 | | | | | | 1 | | | | | | 18 | | | | | | 150 | | | | | | — | | | | | | 185 | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Performing
|
| | | $ | 33,785 | | | | | $ | 53,974 | | | | | $ | 89,045 | | | | | $ | 82,548 | | | | | $ | 36,075 | | | | | $ | 79,977 | | | | | $ | 88,420 | | | | | $ | 650 | | | | | $ | 464,474 | | |
|
Nonperforming
|
| | | | — | | | | | | — | | | | | | — | | | | | | 219 | | | | | | 29 | | | | | | 2,358 | | | | | | 188 | | | | | | — | | | | | | 2,794 | | |
|
Total
|
| | | $ | 33,785 | | | | | $ | 53,974 | | | | | $ | 89,045 | | | | | $ | 82,767 | | | | | $ | 36,104 | | | | | $ | 82,335 | | | | | $ | 88,608 | | | | | $ | 650 | | | | | $ | 467,268 | | |
| | | |
September 30, 2025
|
| |
December 31, 2024
|
| ||||||||||||||||||
|
(Dollars in Thousands)
|
| |
Amount
|
| |
%
|
| |
Amount
|
| |
%
|
| ||||||||||||
|
Demand, noninterest-bearing
|
| | | $ | 640,100 | | | | | | 23.99% | | | | | $ | 658,646 | | | | | | 27.89% | | |
|
Demand, interest-bearing
|
| | | | 677,496 | | | | | | 25.39 | | | | | | 525,173 | | | | | | 22.25 | | |
|
Money market and savings
|
| | | | 656,727 | | | | | | 24.61 | | | | | | 540,030 | | | | | | 22.88 | | |
|
Time deposits, $250 and over
|
| | | | 201,648 | | | | | | 7.56 | | | | | | 164,901 | | | | | | 6.99 | | |
|
Time deposits, other
|
| | | | 417,128 | | | | | | 15.64 | | | | | | 368,217 | | | | | | 15.60 | | |
|
Brokered time deposits
|
| | | | 75,000 | | | | | | 2.81 | | | | | | 103,615 | | | | | | 4.39 | | |
| | | | | $ | 2,668,099 | | | | | | 100.0% | | | | | $ | 2,360,582 | | | | | | 100.0% | | |
|
(in Thousands)
|
| |
September 30,
2025 |
| |
December 31,
2024 |
| ||||||
|
Long-term borrowings
|
| | | $ | 40,000 | | | | | $ | 40,000 | | |
|
Short-term borrowings
|
| | | | — | | | | | | 10,000 | | |
|
Note payable
|
| | | | — | | | | | | 565 | | |
|
Subordinated debt
|
| | | | 62,255 | | | | | | 61,984 | | |
| Total | | | | $ | 102,255 | | | | | $ | 112,549 | | |
| | | |
At September 30, 2025
|
| |
At December 31, 2024
|
| ||||||||||||||||||
|
(In Thousands)
|
| |
Carrying
Amount |
| |
Fair
Value |
| |
Carrying
Amount |
| |
Fair
Value |
| ||||||||||||
|
Financial assets:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Cash and cash equivalents (Level 1)
|
| | | $ | 194,153 | | | | | $ | 194,153 | | | | | $ | 166,100 | | | | | $ | 166,100 | | |
|
Securities held to maturity, net of allowance for credit losses (Level 2)
|
| | | | 26,595 | | | | | | 26,024 | | | | | | 31,508 | | | | | | 30,284 | | |
|
Loans, net of allowance for credit losses (Level 3)
|
| | | | 2,431,635 | | | | | | 2,456,233 | | | | | | 2,229,314 | | | | | | 2,231,057 | | |
|
Accrued interest receivable (Level 1)
|
| | | | 10,567 | | | | | | 10,567 | | | | | | 9,870 | | | | | | 9,870 | | |
|
Restricted investments in bank stock (Level 1)
|
| | | | 4,791 | | | | | | 4,791 | | | | | | 5,209 | | | | | | 5,209 | | |
|
Cash surrender value of life insurance (Level 1)
|
| | | | 53,263 | | | | | | 53,263 | | | | | | 52,079 | | | | | | 52,079 | | |
|
Financial liabilities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Non-maturity deposits (Level 1)
|
| | | | 1,974,323 | | | | | | 1,974,323 | | | | | | 1,723,849 | | | | | | 1,723,849 | | |
|
Time Deposits (Level 3)
|
| | | | 693,776 | | | | | | 693,186 | | | | | | 636,733 | | | | | | 634,875 | | |
|
Long-term borrowings (Level 3)
|
| | | | 40,000 | | | | | | 40,149 | | | | | | 40,000 | | | | | | 40,256 | | |
|
Short-term borrowings (Level 1)
|
| | | | — | | | | | | — | | | | | | 10,000 | | | | | | 10,000 | | |
|
Note payable (Level 3)
|
| | | | — | | | | | | — | | | | | | 565 | | | | | | 565 | | |
|
Subordinated Notes (Level 3)
|
| | | | 62,255 | | | | | | 61,423 | | | | | | 61,984 | | | | | | 60,251 | | |
|
Accrued interest payable (Level 1)
|
| | | | 2,181 | | | | | | 2,181 | | | | | | 1,865 | | | | | | 1,865 | | |
| | | |
September 30, 2025
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
US Government Agency securities
|
| | | $ | — | | | | | $ | 11,579 | | | | | $ | — | | | | | $ | 11,579 | | |
|
Obligations of state and political subdivisions
|
| | | | — | | | | | | 47,970 | | | | | | — | | | | | | 47,970 | | |
|
Mortgage backed securities in government-sponsored entities
|
| | | | — | | | | | | 208,048 | | | | | | — | | | | | | 208,048 | | |
|
Other securities
|
| | | | — | | | | | | 333 | | | | | | — | | | | | | 333 | | |
| Total | | | | $ | — | | | | | $ | 267,930 | | | | | $ | — | | | | | $ | 267,930 | | |
|
Derivative
|
| | | $ | — | | | | | $ | — | | | | | $ | 35 | | | | | $ | 35 | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
US Government Agency Securities
|
| | | $ | — | | | | | $ | 13,073 | | | | | $ | — | | | | | $ | 13,073 | | |
|
Obligations of state and political subdivisions
|
| | | | — | | | | | | 47,201 | | | | | | — | | | | | | 47,201 | | |
|
Mortgage backed securities in government-sponsored entities
|
| | | | — | | | | | | 84,783 | | | | | | — | | | | | | 84,783 | | |
|
Other securities
|
| | | | — | | | | | | 533 | | | | | | — | | | | | | 533 | | |
| Total | | | | $ | — | | | | | $ | 145,590 | | | | | $ | — | | | | | $ | 145,590 | | |
|
Derivative
|
| | | $ | — | | | | | $ | — | | | | | $ | 1,654 | | | | | $ | 1,654 | | |
| | | |
September 30, 2025
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
|
Loans individually evaluated
|
| | | $ | — | | | | | $ | — | | | | | $ | 25,987 | | | | | $ | 25,987 | | |
| | | |
December 31, 2024
|
| |||||||||||||||||||||
|
(In Thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
|
Loans individually evaluated
|
| | | $ | — | | | | | $ | — | | | | | $ | 21,519 | | | | | $ | 21,519 | | |
| | | |
September 30, 2025
|
| |||||||||||||||
| | | |
Quantitative Information About Level III Fair Value Measurements
|
| |||||||||||||||
|
(In Thousands)
|
| |
Fair Value
|
| |
Valuation Techniques
|
| |
Unobservable Input
|
| |
Range (Weighted
Average) |
| ||||||
|
Loans individually evaluated
|
| | | $ | 25,987 | | | |
Appraisal of collateral(1)
|
| |
Liquidation expenses
|
| | | | 10% | | |
| | | |
December 31, 2024
|
| |||||||||||||||
| | | |
Quantitative Information About Level III Fair Value Measurements
|
| |||||||||||||||
|
(In Thousands)
|
| |
Fair Value
|
| |
Valuation Techniques
|
| |
Unobservable Input
|
| |
Range (Weighted
Average) |
| ||||||
|
Loans individually evaluated
|
| | | $ | 21,519 | | | |
Appraisal of collateral(1)
|
| |
Liquidation expenses
|
| | | | 10% | | |
| | | |
Number
of Shares |
| |
Weighted-
Average Exercise Price |
| |
Weighted-
Average Remaining Contractual Term in Years |
| |
Aggregate
Intrinsic Value (in ‘000s) |
| ||||||||||||
|
Outstanding, December 31, 2024
|
| | | | 591,791 | | | | | $ | 9.10 | | | | | | 6.0 | | | | | $ | 145 | | |
|
Granted
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Expired/terminated
|
| | | | (29,200) | | | | | | 10.25 | | | | | | — | | | | | | | | |
|
Exercised
|
| | | | (10,477) | | | | | | 5.53 | | | | | | — | | | | | | | | |
|
Outstanding, September 30, 2025
|
| | | | 552,114 | | | | | $ | 9.11 | | | | | | 5.4 | | | | | $ | 98 | | |
|
Exercisable at period end
|
| | | | 401,814 | | | | | $ | 9.61 | | | | | | 4.4 | | | | | $ | 27 | | |
| | | |
Number
of Shares |
| |
Average
Market Price at Grant |
| ||||||
|
Outstanding, December 31, 2024
|
| | | | 393,083 | | | | | $ | 6.40 | | |
|
Restricted stock units granted
|
| | | | 203,400 | | | | | | 6.90 | | |
|
Expired/terminated
|
| | | | (1,467) | | | | | | | | |
|
Vested
|
| | | | (73,980) | | | | | | | | |
|
Outstanding, September 30, 2025
|
| | | | 521,036 | | | | | $ | 6.55 | | |
| | | |
September 30, 2025
|
| |
December 31, 2024
|
| ||||||||||||||||||
|
(Dollars in Thousands)
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||
| Total capital | | | | | | | | | | | | | | | | | | | | | | | | | |
| (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Actual
|
| | | $ | 313,713 | | | | | | 12.31% | | | | | $ | 282,736 | | | | | | 11.55% | | |
|
For capital adequacy purposes
|
| | | | 203,872 | | | | | | 8.00 | | | | | | 195,914 | | | | | | 8.00 | | |
|
To be well capitalized
|
| | | | 254,839 | | | | | | 10.00 | | | | | | 244,892 | | | | | | 10.00 | | |
| Tier 1 capital | | | | | | | | | | | | | | | | | | | | | | | | | |
| (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Actual
|
| | | $ | 290,271 | | | | | | 11.39% | | | | | $ | 263,058 | | | | | | 10.74% | | |
|
For capital adequacy purposes
|
| | | | 152,904 | | | | | | 6.00 | | | | | | 146,935 | | | | | | 6.00 | | |
|
To be well capitalized
|
| | | | 203,872 | | | | | | 8.00 | | | | | | 195,914 | | | | | | 8.00 | | |
| Common equity | | | | | | | | | | | | | | | | | | | | | | | | | |
| (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Actual
|
| | | $ | 290,271 | | | | | | 11.39% | | | | | $ | 263,058 | | | | | | 10.74% | | |
|
For capital adequacy purposes
|
| | | | 114,678 | | | | | | 4.50 | | | | | | 110,201 | | | | | | 4.50 | | |
|
To be well capitalized
|
| | | | 165,646 | | | | | | 6.50 | | | | | | 159,180 | | | | | | 6.50 | | |
| | | |
September 30, 2025
|
| |
December 31, 2024
|
| ||||||||||||||||||
|
(Dollars in Thousands)
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||
| Tier 1 capital | | | | | | | | | | | | | | | | | | | | | | | | | |
| (to average assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Actual
|
| | | $ | 290,271 | | | | | | 9.95% | | | | | $ | 263,058 | | | | | | 9.49% | | |
|
For capital adequacy purposes
|
| | | | 116,644 | | | | | | 4.00 | | | | | | 110,867 | | | | | | 4.00 | | |
|
To be well capitalized
|
| | | | 145,805 | | | | | | 5.00 | | | | | | 138,584 | | | | | | 5.00 | | |
|
(In Thousands)
|
| |
September 30,
2025 |
| |
December 31,
2024 |
| ||||||
| Unfunded commitments under lines of credit: | | | | | | | | | | | | | |
|
Home equity loans
|
| | | $ | 94,719 | | | | | $ | 97,677 | | |
|
Commercial real estate, construction, and land development
|
| | | | 148,046 | | | | | | 161,551 | | |
|
Commercial and industrial
|
| | | | 325,105 | | | | | | 353,078 | | |
|
Total
|
| | |
$
|
567,870
|
| | | |
$
|
612,306
|
| |
| | | |
Three Months Ended September 30,
|
| |
Nine Months Ended September 30,
|
| ||||||||||||||||||
|
(In Thousands, except share and per share data)
|
| |
2025
|
| |
2024
|
| |
2025
|
| |
2024
|
| ||||||||||||
|
Net income
|
| | | $ | 7,839 | | | | | $ | 7,095 | | | | | $ | 30,569 | | | | | $ | 18,625 | | |
|
Basic weighted average common shares outstanding
|
| | | | 37,192,313 | | | | | | 36,983,637 | | | | | | 37,146,280 | | | | | | 36,972,127 | | |
|
Net effect of dilutive stock options and warrants
|
| | | | 2,409 | | | | | | 2,734 | | | | | | 3,370 | | | | | | 4,380 | | |
|
Net effect of dilutive restricted stock awards and units
|
| | | | 140,924 | | | | | | 103,740 | | | | | | 108,181 | | | | | | 85,005 | | |
|
Diluted weighted average common shares outstanding
|
| | | | 37,335,646 | | | | | | 37,090,111 | | | | | | 37,257,831 | | | | | | 37,061,512 | | |
| Net income per common share: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Basic
|
| | | $ | 0.21 | | | | | $ | 0.19 | | | | | $ | 0.82 | | | | | $ | 0.50 | | |
|
Diluted
|
| | | $ | 0.21 | | | | | $ | 0.19 | | | | | $ | 0.82 | | | | | $ | 0.50 | | |
| | | |
Three Months Ended September 30,
|
| |
Nine Months Ended September 30,
|
| ||||||||||||||||||
| | | |
2025
|
| |
2024
|
| |
2025
|
| |
2024
|
| ||||||||||||
|
Stock Options
|
| | | | 14,914 | | | | | | 24,691 | | | | | | 14,914 | | | | | | 116,191 | | |
|
Warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Restricted Stock Awards and Units
|
| | | | 521,036 | | | | | | 487,324 | | | | | | 320,636 | | | | | | 487,324 | | |
|
Total dilutive securities
|
| | | | 535,950 | | | | | | 512,015 | | | | | | 335,550 | | | | | | 603,515 | | |
| | | |
Three Months Ended September 30,
|
| |
Nine Months Ended September 30,
|
| ||||||||||||||||||
| | | |
2025
|
| |
2024
|
| |
2025
|
| |
2024
|
| ||||||||||||
|
Stock Options
|
| | | | 537,200 | | | | | | 585,700 | | | | | | 537,200 | | | | | | 494,200 | | |
|
Warrants
|
| | | | 1,537,484 | | | | | | 1,537,484 | | | | | | 1,537,484 | | | | | | 1,537,484 | | |
|
Restricted Stock Awards and Units
|
| | | | — | | | | | | — | | | | | | 200,400 | | | | | | — | | |
|
Total anti-dilutive securities
|
| | | | 2,074,684 | | | | | | 2,123,184 | | | | | | 2,275,084 | | | | | | 2,031,684 | | |
| | | |
For the Three Months Ended
September 30, |
| |
For the Nine Months Ended
September 30, |
| ||||||||||||||||||
|
(In thousands)
|
| |
2025
|
| |
2024
|
| |
2025
|
| |
2024
|
| ||||||||||||
|
Interest Income
|
| | | $ | 42,024 | | | | | $ | 40,194 | | | | | $ | 121,492 | | | | | $ | 118,418 | | |
| Reconciliation of revenue | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Other revenues
|
| | | | 2,805 | | | | | | 2,680 | | | | | | 18,995 | | | | | | 6,267 | | |
|
Total consolidated revenues
|
| | | $ | 44,829 | | | | | $ | 42,874 | | | | | $ | 140,487 | | | | | $ | 124,685 | | |
|
Interest Expense
|
| | | | 15,638 | | | | | | 15,213 | | | | | | 44,326 | | | | | | 44,069 | | |
|
Segment net interest income and noninterest income
|
| | | $ | 29,191 | | | | | $ | 27,661 | | | | | $ | 96,161 | | | | | $ | 80,616 | | |
|
Provision for credit losses
|
| | | | 1,003 | | | | | | 84 | | | | | | 1,575 | | | | | | 125 | | |
|
Salaries and employee benefits
|
| | | | 10,513 | | | | | | 9,855 | | | | | | 31,921 | | | | | | 30,914 | | |
|
Other Expenses
|
| | | | 9,836 | | | | | | 10,627 | | | | | | 32,096 | | | | | | 30,952 | | |
|
Consolidated net income
|
| | | $ | 7,839 | | | | | $ | 7,095 | | | | | $ | 30,569 | | | | | $ | 18,625 | | |
| Other segment disclosures | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Gain on sale of branches
|
| | | $ | — | | | | | $ | — | | | | | $ | 11,093 | | | | | $ | — | | |
|
Interest income
|
| | | $ | 42,024 | | | | | $ | 40,194 | | | | | $ | 121,492 | | | | | $ | 118,418 | | |
|
Interest expense
|
| | | $ | 15,638 | | | | | $ | 15,213 | | | | | $ | 44,326 | | | | | $ | 44,069 | | |
|
Depreciation
|
| | | $ | 408 | | | | | $ | 514 | | | | | $ | 1,231 | | | | | $ | 1,472 | | |
|
Amortization of intangible assets
|
| | | $ | 1,083 | | | | | $ | 1,205 | | | | | $ | 3,250 | | | | | $ | 3,615 | | |
| Other significant noncash items: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Provision for credit loss
|
| | | $ | 1,003 | | | | | $ | 84 | | | | | $ | 1,575 | | | | | $ | 125 | | |
|
(dollars in thousands)
|
| |
September 30,
2025 |
| |
December 31,
2024 |
| |
Change
|
| |
%
|
| ||||||||||||
|
Agriculture loans
|
| | | $ | 62,098 | | | | | $ | 67,741 | | | | | $ | (5,643) | | | | | | (8.33)% | | |
|
Construction loans
|
| | | | 155,542 | | | | | | 152,619 | | | | | | 2,923 | | | | | | 1.92 | | |
|
Commercial loans
|
| | | | 266,765 | | | | | | 245,833 | | | | | | 20,932 | | | | | | 8.51 | | |
| Commercial real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 236,534 | | | | | | 211,778 | | | | | | 24,756 | | | | | | 11.69 | | |
|
Owner occupied
|
| | | | 522,674 | | | | | | 477,742 | | | | | | 44,932 | | | | | | 9.41 | | |
|
Non-owner occupied
|
| | | | 730,740 | | | | | | 628,237 | | | | | | 102,503 | | | | | | 16.32 | | |
| Residential real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | |
|
First liens
|
| | | | 377,226 | | | | | | 373,469 | | | | | | 3,757 | | | | | | 1.01 | | |
|
Second liens and lines of credit
|
| | | | 84,395 | | | | | | 76,713 | | | | | | 7,682 | | | | | | 10.01 | | |
|
Consumer and other loans
|
| | | | 17,645 | | | | | | 17,086 | | | | | | 559 | | | | | | 3.27 | | |
|
Municipal loans
|
| | | | 2,816 | | | | | | 3,886 | | | | | | (1,070) | | | | | | (27.53) | | |
|
Total Loans
|
| | |
|
2,456,435
|
| | | |
|
2,255,104
|
| | | | | 201,331 | | | | | | 8.93 | | |
|
Deferred costs
|
| | | | 542 | | | | | | 645 | | | | | | (103) | | | | | | (15.97) | | |
|
Allowance for credit losses
|
| | | | (25,342) | | | | | | (26,435) | | | | | | (1,093) | | | | | | (4.13) | | |
|
Total
|
| | |
$
|
2,431,635
|
| | | |
$
|
2,229,314
|
| | | | | 202,321 | | | | | | 9.08% | | |
|
(dollars in thousands)
|
| | | | | | |
|
Original principal outstanding at acquisition
|
| | | $ | 3,948 | | |
|
PCD specific reserve established
|
| | | | (2,289) | | |
|
Net book value of PCD loan
|
| | | | 1,659 | | |
|
Cash received upon payoff of PCD loan
|
| | | | 1,930 | | |
|
Net reduction of PCD reserve at loan sale
|
| | | | (271) | | |
|
Net reversal of PCD specific reserve
|
| | | $ | (2,018) | | |
|
(in thousands)
|
| |
September 30,
2025 |
| |
December 31,
2024 |
| |
Change
|
| |
%
|
| ||||||||||||
|
Demand, noninterest-bearing
|
| | | $ | 640,100 | | | | | $ | 658,646 | | | | | $ | (18,546) | | | | | | (2.8)% | | |
|
Demand, interest-bearing
|
| | | | 677,496 | | | | | | 525,173 | | | | | | 152,323 | | | | | | 29.0 | | |
|
Money market and savings
|
| | | | 656,727 | | | | | | 540,030 | | | | | | 116,697 | | | | | | 21.6 | | |
|
Time deposits, $250,000 and over
|
| | | | 201,648 | | | | | | 164,901 | | | | | | 36,747 | | | | | | 22.3 | | |
|
Time deposits, other
|
| | | | 417,128 | | | | | | 368,217 | | | | | | 48,911 | | | | | | 13.3 | | |
|
Brokered deposits
|
| | | | 75,000 | | | | | | 103,615 | | | | | | (28,615) | | | | | | (27.6) | | |
|
Total deposits
|
| | | $ | 2,668,099 | | | | | $ | 2,360,582 | | | | | $ | 307,517 | | | | | | 13.0% | | |
| | | |
For the Three Months Ended September 30,
|
| |||||||||||||||||||||||||||||||||
| | | |
2025
|
| |
2024
|
| ||||||||||||||||||||||||||||||
|
(Dollars in thousands)
|
| |
Avg Bal
|
| |
Interest(2)
|
| |
Yield/Rate
|
| |
Avg Bal
|
| |
Interest(2)
|
| |
Yield/Rate
|
| ||||||||||||||||||
|
Int. Earn. Cash
|
| | | $ | 190,584 | | | | | $ | 1,893 | | | | | | 3.94% | | | | | $ | 114,383 | | | | | $ | 1,296 | | | | | | 4.51% | | |
| Securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Taxable(1) | | | | | 162,865 | | | | | | 2,089 | | | | | | 5.09% | | | | | | 133,443 | | | | | | 1,683 | | | | | | 5.02% | | |
|
Tax-Exempt
|
| | | | 42,763 | | | | | | 363 | | | | | | 3.37% | | | | | | 42,800 | | | | | | 453 | | | | | | 4.21% | | |
|
Total Securities
|
| | | | 205,628 | | | | | | 2,452 | | | | | | 4.73% | | | | | | 176,243 | | | | | | 2,136 | | | | | | 4.82% | | |
|
Total Cash Equiv. and Investments
|
| | | | 396,212 | | | | | | 4,345 | | | | | | 4.35% | | | | | | 290,626 | | | | | | 3,432 | | | | | | 4.70% | | |
|
Total Loans(3)
|
| | | | 2,393,119 | | | | | | 37,755 | | | | | | 6.26% | | | | | | 2,313,228 | | | | | | 36,856 | | | | | | 6.34% | | |
|
Total Interest-Earning Assets
|
| | | | 2,789,331 | | | | | | 42,100 | | | | | | 5.99% | | | | | | 2,603,854 | | | | | | 40,288 | | | | | | 6.16% | | |
|
Other Assets
|
| | | | 194,442 | | | | | | | | | | | | | | | | | | 208,407 | | | | | | | | | | | | | | |
|
Total Assets
|
| | | $ | 2,983,773 | | | | | | | | | | | | | | | | | $ | 2,812,261 | | | | | | | | | | | | | | |
|
Interest bearing demand
|
| | | $ | 592,572 | | | | | $ | 3,498 | | | | | | 2.34% | | | | | $ | 497,100 | | | | | $ | 2,902 | | | | | | 2.32% | | |
|
Money market demand
|
| | | | 635,450 | | | | | | 3,985 | | | | | | 2.49% | | | | | | 580,766 | | | | | | 3,396 | | | | | | 2.33% | | |
|
Time deposits
|
| | | | 623,505 | | | | | | 6,194 | | | | | | 3.94% | | | | | | 613,402 | | | | | | 6,993 | | | | | | 4.54% | | |
|
Total Borrowings(4)
|
| | | | 153,493 | | | | | | 1,961 | | | | | | 5.07% | | | | | | 153,699 | | | | | | 1,922 | | | | | | 4.97% | | |
|
Total Interest-Bearing Liabilities
|
| | | | 2,005,020 | | | | | | 15,638 | | | | | | 3.09% | | | | | | 1,844,967 | | | | | | 15,213 | | | | | | 3.28% | | |
|
Non Int Bearing Deposits
|
| | | | 646,608 | | | | | | | | | | | | | | | | | | 659,825 | | | | | | | | | | | | | | |
|
Total Cost of Funds
|
| | | $ | 2,651,628 | | | | | $ | 15,638 | | | | | | 2.34% | | | | | $ | 2,504,792 | | | | | $ | 15,213 | | | | | | 2.42% | | |
|
Other Liabilities
|
| | | | 31,044 | | | | | | | | | | | | | | | | | | 33,534 | | | | | | | | | | | | | | |
|
Total Liabilities
|
| | | $ | 2,682,672 | | | | | | | | | | | | | | | | | $ | 2,538,326 | | | | | | | | | | | | | | |
|
Shareholders’ Equity
|
| | | $ | 301,101 | | | | | | | | | | | | | | | | | $ | 273,935 | | | | | | | | | | | | | | |
|
Total Liabilities & Shareholders’ Equity
|
| | | $ | 2,983,773 | | | | | | | | | | | | | | | | | $ | 2,812,261 | | | | | | | | | | | | | | |
|
Net Interest Income/Spread (FTE)
|
| | | | | | | | | | 26,462 | | | | | | 2.90% | | | | | | | | | | | | 25,075 | | | | | | 2.88% | | |
|
Tax-Equivalent Basis Adjustment
|
| | | | | | | | | | (76) | | | | | | | | | | | | | | | | | | (94) | | | | | | | | |
|
Net Interest Income
|
| | | | | | | | | $ | 26,386 | | | | | | | | | | | | | | | | | $ | 24,981 | | | | | | | | |
|
Net Interest Margin
|
| | | | | | | | | | | | | | | | 3.75% | | | | | | | | | | | | | | | | | | 3.82% | | |
| | | |
Three Months Ended September 30, 2025 vs. 2024
Increase (Decrease) Due To: |
| |||||||||||||||
|
(Dollars in thousands)
|
| |
Rate
|
| |
Volume
|
| |
Net
|
| |||||||||
| Interest Income: | | | | | | | | | | | | | | | | | | | |
|
Int. Earn. Cash
|
| | | $ | (274) | | | | | $ | 871 | | | | | $ | 597 | | |
|
Securities
|
| | | | | | | | | | | | | | | | | | |
|
Taxable
|
| | | | 29 | | | | | | 377 | | | | | | 406 | | |
|
Tax-Exempt
|
| | | | (90) | | | | | | 0 | | | | | | (90) | | |
|
Total Securities
|
| | | | (61) | | | | | | 377 | | | | | | 316 | | |
|
Total Loans
|
| | | | (483) | | | | | | 1,382 | | | | | | 899 | | |
|
Total Interest-Earning Assets
|
| | | | (818) | | | | | | 2,630 | | | | | | 1,812 | | |
| Interest Expense: | | | | | | | | | | | | | | | | | | | |
|
Interest bearing demand
|
| | | | 30 | | | | | | 566 | | | | | | 596 | | |
|
Money market demand
|
| | | | 256 | | | | | | 333 | | | | | | 589 | | |
|
Time deposits
|
| | | | (915) | | | | | | 116 | | | | | | (799) | | |
|
Total Borrowings
|
| | | | 42 | | | | | | (3) | | | | | | 39 | | |
|
Total Interest-Bearing Liabilities
|
| | | | (587) | | | | | | 1,012 | | | | | | 425 | | |
|
Change in Net Interest Income
|
| | | $ | (231) | | | | | $ | 1,618 | | | | | $ | 1,387 | | |
| | | |
For the Nine Months Ended September 30,
|
| |||||||||||||||||||||||||||||||||
| | | |
2025
|
| |
2024
|
| ||||||||||||||||||||||||||||||
|
(Dollars in thousands)
|
| |
Avg Bal
|
| |
Interest(2)
|
| |
Yield/Rate
|
| |
Avg Bal
|
| |
Interest(2)
|
| |
Yield/Rate
|
| ||||||||||||||||||
|
Int. Earn. Cash
|
| | | $ | 138,531 | | | | | $ | 3,962 | | | | | | 3.82% | | | | | $ | 106,334 | | | | | $ | 3,590 | | | | | | 4.51% | | |
| Securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Taxable(1)
|
| | | | 155,818 | | | | | | 5,657 | | | | | | 4.85% | | | | | | 125,264 | | | | | | 4,666 | | | | | | 4.98% | | |
|
Tax-Exempt
|
| | | | 43,142 | | | | | | 1,323 | | | | | | 4.10% | | | | | | 42,606 | | | | | | 1,353 | | | | | | 4.24% | | |
|
Total Securities
|
| | | | 198,960 | | | | | | 6,980 | | | | | | 4.69% | | | | | | 167,870 | | | | | | 6,019 | | | | | | 4.79% | | |
|
Total Cash Equiv. and
Investments |
| | | | 337,491 | | | | | | 10,942 | | | | | | 4.33% | | | | | | 274,204 | | | | | | 9,609 | | | | | | 4.68% | | |
|
Total Loans(3)
|
| | | | 2,360,524 | | | | | | 110,828 | | | | | | 6.28% | | | | | | 2,279,378 | | | | | | 109,093 | | | | | | 6.39% | | |
|
Total Interest-Earning Assets
|
| | | | 2,698,015 | | | | | | 121,770 | | | | | | 6.03% | | | | | | 2,553,582 | | | | | | 118,702 | | | | | | 6.21% | | |
|
Other Assets
|
| | | | 192,203 | | | | | | | | | | | | | | | | | | 210,962 | | | | | | | | | | | | | | |
|
Total Assets
|
| | | $ | 2,890,218 | | | | | | | | | | | | | | | | | $ | 2,764,544 | | | | | | | | | | | | | | |
|
Interest bearing demand
|
| | | $ | 564,320 | | | | | $ | 9,753 | | | | | | 2.31% | | | | | $ | 458,184 | | | | | $ | 7,301 | | | | | | 2.13% | | |
|
Money market demand
|
| | | | 584,401 | | | | | | 10,021 | | | | | | 2.29% | | | | | | 582,998 | | | | | | 9,841 | | | | | | 2.25% | | |
|
Time deposits
|
| | | | 623,723 | | | | | | 18,727 | | | | | | 4.01% | | | | | | 621,881 | | | | | | 21,068 | | | | | | 4.53% | | |
|
Total Borrowings(4)
|
| | | | 151,403 | | | | | | 5,825 | | | | | | 5.14% | | | | | | 147,557 | | | | | | 5,859 | | | | | | 5.30% | | |
|
Total Interest-Bearing Liabilities
|
| | | | 1,923,847 | | | | | | 44,326 | | | | | | 3.08% | | | | | | 1,810,620 | | | | | | 44,069 | | | | | | 3.25% | | |
|
Non Int Bearing Deposits
|
| | | | 641,967 | | | | | | | | | | | | | | | | | | 650,384 | | | | | | | | | | | | | | |
|
Total Cost of Funds
|
| | | $ | 2,565,814 | | | | | $ | 44,326 | | | | | | 2.31% | | | | | $ | 2,461,004 | | | | | $ | 44,069 | | | | | | 2.39% | | |
|
Other Liabilities
|
| | | | 31,092 | | | | | | | | | | | | | | | | | | 33,086 | | | | | | | | | | | | | | |
|
Total Liabilities
|
| | | $ | 2,596,906 | | | | | | | | | | | | | | | | | $ | 2,494,090 | | | | | | | | | | | | | | |
|
Shareholders’ Equity
|
| | | $ | 293,312 | | | | | | | | | | | | | | | | | $ | 270,454 | | | | | | | | | | | | | | |
|
Total Liabilities & Shareholders’ Equity
|
| | | $ | 2,890,218 | | | | | | | | | | | | | | | | | $ | 2,764,544 | | | | | | | | | | | | | | |
|
Net Interest Income/Spread
(FTE) |
| | | | | | | | | | 77,444 | | | | | | 2.95% | | | | | | | | | | | | 74,633 | | | | | | 2.96% | | |
|
Tax-Equivalent Basis
Adjustment |
| | | | | | | | | | (278) | | | | | | | | | | | | | | | | | | (284) | | | | | | | | |
|
Net Interest Income
|
| | | | | | | | | $ | 77,166 | | | | | | | | | | | | | | | | | $ | 74,349 | | | | | | | | |
|
Net Interest Margin
|
| | | | | | | | | | | | | | | | 3.82% | | | | | | | | | | | | | | | | | | 3.89% | | |
| | | |
Nine Months Ended September 30, 2025 vs. 2024
Increase (Decrease) Due To: |
| |||||||||||||||
|
(Dollars in thousands)
|
| |
Rate
|
| |
Volume
|
| |
Net
|
| |||||||||
| Interest Income: | | | | | | | | | | | | | | | | | | | |
|
Int. Earn. Cash
|
| | | $ | (715) | | | | | $ | 1,087 | | | | | $ | 372 | | |
|
Securities
|
| | | | | | | | | | | | | | | | | | |
|
Taxable
|
| | | | (152) | | | | | | 1,143 | | | | | | 991 | | |
|
Tax-Exempt
|
| | | | (47) | | | | | | 17 | | | | | | (30) | | |
|
Total Securities
|
| | | | (199) | | | | | | 1,160 | | | | | | 961 | | |
|
Total Loans
|
| | | | (1,942) | | | | | | 3,677 | | | | | | 1,735 | | |
|
Total Interest-Earning Assets
|
| | | | (2,856) | | | | | | 5,924 | | | | | | 3,068 | | |
| Interest Expense: | | | | | | | | | | | | | | | | | | | |
|
Interest bearing demand
|
| | | | 760 | | | | | | 1,692 | | | | | | 2,452 | | |
|
Money market demand
|
| | | | 156 | | | | | | 24 | | | | | | 180 | | |
|
Time deposits
|
| | | | (2,403) | | | | | | 62 | | | | | | (2,341) | | |
|
Total Borrowings
|
| | | | (186) | | | | | | 152 | | | | | | (34) | | |
|
Total Interest-Bearing Liabilities
|
| | | | (1,673) | | | | | | 1,930 | | | | | | 257 | | |
|
Change in Net Interest Income
|
| | | $ | (1,183) | | | | | $ | 3,994 | | | | | $ | 2,811 | | |
|
(In Thousands)
|
| | | | | | | | | | | | | | | | | | |
|
Liquidity Source
|
| |
Capacity
|
| |
Outstanding
|
| |
Available
|
| |||||||||
|
Federal Home Loan Bank
|
| | | $ | 752,927 | | | | | $ | 40,000 | | | | | $ | 712,927 | | |
|
Federal Reserve Bank Discount Window
|
| | | | 23,371 | | | | | | — | | | | | | 23,371 | | |
|
Correspondent Banks
|
| | | | 77,000 | | | | | | — | | | | | | 77,000 | | |
|
Total
|
| | | $ | 853,298 | | | | | $ | 40,000 | | | | | $ | 813,298 | | |
| |
Exhibit
Number |
| |
Description
|
|
| |
3.1
|
| |
Articles of Incorporation, as amended, incorporated by reference to Exhibit 3.1 to Form S-4 Registration Statement, filed May 7, 2021
|
|
| |
3.2
|
| |
Amendment to Articles of Incorporation, incorporated by reference to Exhibit 3.2 to Form 10-K, filed March 31, 2025
|
|
| |
3.3
|
| |
Amended and Restated Bylaws, incorporated by reference to Exhibit 3.3 to Form 10-Q, filed August 8, 2025
|
|
| |
31.1
|
| |
Certification of Principal Executive Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
|
|
| |
31.2
|
| |
Certification of Principal Financial Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
|
|
| |
32
|
| | Section 1350 Certification | |
| |
101 INS**
|
| |
The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document
|
|
| |
101 SCH**
|
| | Inline XBRL Taxonomy Extension Schema Document | |
| |
101 CAL**
|
| | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
| |
101 DEF**
|
| | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
| |
101 LAB**
|
| | Inline XBRL Taxonomy Extension Label Linkbase Document | |
| |
101 PRE**
|
| | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
| |
104
|
| |
Cover Page Interactive Data File — the cover page interactive data file does not appear in the interactive date file because its XBRL tags are embedded with the inline XBRL document.
|
|
| |
Pennsylvania
|
| |
001-41505
|
| |
82-5130531
|
|
| |
(State or Other Jurisdiction
of Incorporation) |
| |
(Commission File Number)
|
| |
(IRS Employer
Identification No.) |
|
| |
1250 Camp Hill Bypass, Suite 202
Camp Hill, Pennsylvania |
| | | | |
17011
(Zip Code)
|
|
| |
(Address of Principal Executive Offices)
|
| | | | | | |
| |
Title of each class
|
| |
Trading Symbol(s)
|
| |
Name of each exchange on which registered
|
|
| |
Common Stock, par value $0.01
|
| |
LNKB
|
| |
The Nasdaq Stock Market LLC
|
|
| | (a) | | | Financial statements of businesses acquired. None. | |
| | (b) | | | Pro forma financial information. None. | |
| | (c) | | | Shell company transactions. None. | |
| | (d) | | | Exhibits. | |
| | | | |
104
Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL)
|
|
| | | | | | | | | | | LINKBANCORP, INC. | |
| | Date: | | | March 3, 2025 | | | By: | | |
/s/ Carl D. Lundblad
Carl D. Lundblad
|
|
| | | | | | | | | | | President | |
| |
Pennsylvania
|
| |
001-41505
|
| |
82-5130531
|
|
| |
(State or Other Jurisdiction
of Incorporation) |
| |
(Commission File Number)
|
| |
(IRS Employer
Identification No.) |
|
| |
1250 Camp Hill Bypass, Suite 202
Camp Hill, Pennsylvania |
| | | | |
17011
(Zip Code)
|
|
| |
(Address of Principal Executive Offices)
|
| | | | | | |
| |
Title of each class
|
| |
Trading Symbol(s)
|
| |
Name of each exchange on which registered
|
|
| |
Common Stock, par value $0.01
|
| |
LNKB
|
| |
The Nasdaq Stock Market LLC
|
|
| | (a) | | | Financial statements of businesses acquired. None. | |
| | (b) | | | Pro forma financial information. None. | |
| | (c) | | | Shell company transactions. None. | |
| | (d) | | | Exhibits. | |
| | | | |
99.1
Press release dated March 26, 2025
|
|
| | | | |
104
Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL)
|
|
| | | | | | | | | | | LINKBANCORP, INC. | |
| | Date: | | | March 26, 2025 | | | By: | | |
/s/ Carl D. Lundblad
Carl D. Lundblad
|
|
| | | | | | | | | | | President | |
| |
Pennsylvania
|
| |
001-41505
|
| |
82-5130531
|
|
| |
(State or Other Jurisdiction
of Incorporation) |
| |
(Commission File Number)
|
| |
(IRS Employer
Identification No.) |
|
| |
1250 Camp Hill Bypass, Suite 202
Camp Hill, Pennsylvania |
| | | | |
17011
(Zip Code)
|
|
| |
(Address of Principal Executive Offices)
|
| | | | | | |
| |
Title of each class
|
| |
Trading Symbol(s)
|
| |
Name of each exchange on which registered
|
|
| |
Common Stock, par value $0.01
|
| |
LNKB
|
| |
The Nasdaq Stock Market LLC
|
|
| | (a) | | | Financial statements of businesses acquired. None. | |
| | (b) | | | Pro forma financial information. None. | |
| | (c) | | | Shell company transactions. None. | |
| | (d) | | | Exhibits. | |
| | | | | 99.1 Press release dated April 1, 2025 | |
| | | | | 104 Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL) | |
| | | | | | | | | | | LINKBANCORP, INC. | |
| | Date: | | | April 1, 2025 | | | By: | | |
/s/ Carl D. Lundblad
Carl D. Lundblad
|
|
| | | | | | | | | | | President | |
| |
Pennsylvania
(State or Other Jurisdiction
of Incorporation) |
| |
001-41505
(Commission File Number) |
| |
82-5130531
(IRS Employer
Identification No.) |
|
| |
1250 Camp Hill Bypass, Suite 202
Camp Hill, Pennsylvania
(Address of Principal Executive Offices)
|
| |
17011
(Zip Code)
|
|
| |
Title of each class
|
| |
Trading
Symbol(s) |
| |
Name of each exchange on which registered
|
|
| |
Common Stock, par value $0.01
|
| |
LNKB
|
| |
The Nasdaq Stock Market LLC
|
|
|
Nominees for One-Year Term
|
| |
Number of Votes
FOR |
| |
Number of Votes
AGAINST |
| |
Number of Votes
ABSTAINING |
| |
Number of Broker
Non-Votes |
| ||||||||||||
|
Andrew Samuel
|
| | | | 27,570,423.30 | | | | | | 621,996.00 | | | | | | 62,157.08 | | | | | | 3,612,321 | | |
|
Anson Flake
|
| | | | 27,632,721.30 | | | | | | 568,102.00 | | | | | | 53,752.08 | | | | | | 3,612,322 | | |
|
George Parmer
|
| | | | 23,219,572.30 | | | | | | 4,980,323.00 | | | | | | 54,679.08 | | | | | | 3,612,323 | | |
|
Debra Pierson
|
| | | | 18,775,123.30 | | | | | | 9,430,124.00 | | | | | | 49,327.08 | | | | | | 3,612,323 | | |
|
Diane Poillon
|
| | | | 27,641,367.30 | | | | | | 558,702.00 | | | | | | 54,507.08 | | | | | | 3,612,321 | | |
|
William E. Pommerening
|
| | | | 27,636,377.30 | | | | | | 560,201.00 | | | | | | 57,998.08 | | | | | | 3,612,321 | | |
|
Joseph C. Michetti, Jr.
|
| | | | 27,528,723.30 | | | | | | 644,445.00 | | | | | | 81,408.08 | | | | | | 3,612,321 | | |
|
Kristen Snyder
|
| | | | 27,528,875.30 | | | | | | 659,154.28 | | | | | | 66,545.80 | | | | | | 3,612,322 | | |
|
Michael W. Clarke
|
| | | | 27,372,288.30 | | | | | | 630,074.00 | | | | | | 252,213.08 | | | | | | 3,612,322 | | |
|
Kenneth R. Lehman
|
| | | | 23,079,199.30 | | | | | | 5,073,437.00 | | | | | | 101,938.08 | | | | | | 3,612,323 | | |
|
Robert C. Wheatley
|
| | | | 27,488,849.30 | | | | | | 665,249.00 | | | | | | 100,477.08 | | | | | | 3,612,322 | | |
| |
For
|
| |
Against
|
| |
Abstain
|
| |
Broker Non-Votes
|
|
| |
31,795,320.30
|
| |
30,915.00
|
| |
40,661.08
|
| |
—
|
|
| |
For
|
| |
Against
|
| |
Abstain
|
| |
Broker Non-Votes
|
|
| |
27,291,911.07
|
| |
897,340.31
|
| |
65,323.00
|
| |
3,612,323
|
|
| | (a) | | | Financial statements of businesses acquired. None. | |
| | (b) | | | Pro forma financial information. None. | |
| | (c) | | | Shell company transactions. None. | |
| | (d) | | | Exhibits. | |
| | 10.1 | | | LINKBANCORP, Inc. 2025 Equity Incentive Plan | |
| | 104 | | | Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL) | |
| | Date: May 23, 2025 | | |
By:
/s/ Carl D. Lundblad
Carl D. Lundblad
President |
|
| |
Pennsylvania
|
| |
001-41505
|
| |
82-5130531
|
|
| |
(State or Other Jurisdiction
of Incorporation) |
| |
(Commission File Number)
|
| |
(IRS Employer
Identification No.) |
|
| |
1250 Camp Hill Bypass, Suite 202
Camp Hill, Pennsylvania |
| |
17011
|
|
| |
(Address of Principal Executive Offices)
|
| |
(Zip Code)
|
|
| |
Title of each class
|
| |
Trading Symbol(s)
|
| |
Name of each exchange
on which registered |
|
| |
Common Stock, par value $0.01
|
| |
LNKB
|
| |
The Nasdaq Stock Market LLC
|
|
|
Nominees for One-Year Term
|
| |
Number of
Votes FOR |
| |
Number of
Votes AGAINST |
| |
Number of
Votes ABSTAINING |
| |
Number of
Broker Non-Votes |
| ||||||||||||
|
Andrew Samuel
|
| | | | 27,570,423.30 | | | | | | 621,996.00 | | | | | | 62,157.08 | | | | | | 3,612,321 | | |
|
Anson Flake
|
| | | | 27,632,721.30 | | | | | | 568,102.00 | | | | | | 53,752.08 | | | | | | 3,612,322 | | |
|
George Parmer
|
| | | | 23,219,572.30 | | | | | | 4,980,323.00 | | | | | | 54,679.08 | | | | | | 3,612,323 | | |
|
Debra Pierson
|
| | | | 18,775,123.30 | | | | | | 9,430,124.00 | | | | | | 49,327.08 | | | | | | 3,612,323 | | |
|
Diane Poillon
|
| | | | 27,641,367.30 | | | | | | 558,702.00 | | | | | | 54,507.08 | | | | | | 3,612,321 | | |
|
William E. Pommerening
|
| | | | 27,636,377.30 | | | | | | 560,201.00 | | | | | | 57,998.08 | | | | | | 3,612,321 | | |
|
Joseph C. Michetti, Jr.
|
| | | | 27,528,723.30 | | | | | | 644,445.00 | | | | | | 81,408.08 | | | | | | 3,612,321 | | |
|
Kristen Snyder
|
| | | | 27,528,875.30 | | | | | | 659,154.28 | | | | | | 66,545.80 | | | | | | 3,612,322 | | |
|
Michael W. Clarke
|
| | | | 27,372,288.30 | | | | | | 630,074.00 | | | | | | 252,213.08 | | | | | | 3,612,322 | | |
|
Kenneth R. Lehman
|
| | | | 23,079,199.30 | | | | | | 5,073,437.00 | | | | | | 101,938.08 | | | | | | 3,612,323 | | |
|
Robert C. Wheatley
|
| | | | 27,488,849.30 | | | | | | 665,249.00 | | | | | | 100,477.08 | | | | | | 3,612,322 | | |
| |
For
|
| |
Against
|
| |
Abstain
|
| |
Broker Non-Votes
|
| |||||||||
| |
31,795,320.30
|
| | | | 30,915.00 | | | | | | 40,661.08 | | | | | | — | | |
| |
For
|
| |
Against
|
| |
Abstain
|
| |
Broker Non-Votes
|
| |||||||||
| |
27,291,911.07
|
| | | | 897,340.31 | | | | | | 65,323.00 | | | | | | 3,612,323 | | |
| | (a) | | | Financial statements of businesses acquired. None. | |
| | (b) | | | Pro forma financial information. None. | |
| | (c) | | | Shell company transactions. None. | |
| | (d) | | | Exhibits. | |
| | 3.2 | | | Amended Article III of the LINKBANCORP, Inc. Bylaws | |
| | 10.1 | | | LINKBANCORP, Inc. 2025 Equity Incentive Plan | |
| | 104 | | | Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL) | |
| | | | | LINKBANCORP, INC. | |
| | Date: August 7, 2025 | | |
By:
/s/ Carl D. Lundblad
Carl D. Lundblad
President |
|
| |
West Virginia
|
| |
55-0672148
|
|
| |
(State or other jurisdiction of
incorporation or organization) |
| |
(I.R.S. Employer
Identification No.) |
|
| |
300 N. Main Street
Moorefield, West Virginia |
| |
26836
|
|
| |
(Address of principal executive offices)
|
| |
(Zip Code)
|
|
| |
Title of each class
|
| |
Trading Symbol(s)
|
| |
Name of each exchange on which registered
|
|
| |
Common
|
| |
SMMF
|
| |
NASDAQ Global Select Market
|
|
| | Large accelerated filer | | | ☐ | | | Accelerated Filer | | | ☒ | |
| | Non-accelerated filer | | | ☐ | | | Smaller reporting company | | | ☐ | |
| | | | | | | | Emerging growth company | | | ☐ | |
| |
Document
|
| |
Part of Form 10-K into which document is incorporated
|
|
| |
Portions of the Registrant’s Proxy Statement for the
Annual Meeting of Shareholders to be held May 23, 2024 |
| |
Part III — Items 10, 11, 12, 13 and 14
|
|
| | | |
Page
|
| |||
| PART I. | | | | | | | |
| | | | | J-1 | | | |
| | | | | J-15 | | | |
| | | | | J-28 | | | |
| | | | | J-28 | | | |
| | | | | J-30 | | | |
| | | | | J-30 | | | |
| | | | | J-30 | | | |
| PART II. | | | | | | | |
| | | | | J-31 | | | |
| | | | | J-32 | | | |
| | | | | J-32 | | | |
| | | | | J-56 | | | |
| | | | | J-61 | | | |
| | | | | J-129 | | | |
| | | | | J-129 | | | |
| | | | | J-129 | | | |
| | | | | J-129 | | | |
| PART III. | | | | | | | |
| | | | | J-130 | | | |
| | | | | J-130 | | | |
| | | | | J-130 | | | |
| | | | | J-131 | | | |
| | | | | J-131 | | | |
| PART IV. | | | | | | | |
| | | | | J-131 | | | |
| | | | | J-135 | | | |
| | | | | J-136 | | | |
| | | |
Regulatory LTV
Guideline |
| |
Summit LTV
Policy Limit |
| ||||||
|
Undeveloped land
|
| | | | 65% | | | | | | 65% | | |
|
Land development
|
| | | | 75% | | | | | | 70% | | |
|
Land development – Finished building lots
|
| | | | 85% | | | | | | 85% | | |
| Construction: | | | | | | | | | | | | | |
|
Commercial, multifamily and other non-residential
|
| | | | 80% | | | | | | 80% | | |
|
1-4 family residential, consumer borrower
|
| | | | 85% | | | | | | 85% | | |
|
1-4 family residential, pre-sold commercial borrower
|
| | | | 80% | | | | | | 80% | | |
|
1-4 family residential, spec, commercial borrower
|
| | | | 80% | | | | | | 70% | | |
| Improved property: | | | | | | | | | | | | | |
|
Residential real estate – nonowner occupied
|
| | | | 85% | | | | | | 85% | | |
|
Commercial real estate – owner occupied
|
| | | | 85% | | | | | | 85% | | |
|
Commercial real estate – nonowner occupied
|
| | | | 85% | | | | | | 85% | | |
|
Owner occupied 1-4 family
|
| | | | 90% | | | | | | 90% | | |
|
Home equity
|
| | | | 90% | | | | | | 90% | | |
| | | |
million
|
| |||
|
Undeveloped land
|
| | | $ | 4.9 | | |
|
Land development
|
| | | $ | 4.1 | | |
|
Land development – Finished building lots
|
| | | $ | 0.1 | | |
| Construction: | | | | | | | |
|
Commercial, multifamily and other non-residential
|
| | | $ | 8.3 | | |
| | | |
million
|
| |||
|
1-4 family residential, consumer borrower
|
| | | $ | 0.2 | | |
|
1-4 family residential, pre-sold, commercial borrower
|
| | | $ | — | | |
|
1-4 family residential, spec, commercial borrower
|
| | | $ | 1.6 | | |
| Improved property: | | | | | | | |
|
Residential real estate – nonowner occupied
|
| | | $ | 5.4 | | |
|
Commercial real estate – owner occupied
|
| | | $ | 9.6 | | |
|
Commercial real estate – nonowner occupied
|
| | | $ | 30.4 | | |
|
Owner occupied 1-4 family
|
| | | $ | 28.1 | | |
|
Home equity
|
| | | $ | 0.2 | | |
| | | |
Number of Offices
|
| |||||||||||||||
|
Office Locations by State
|
| |
Owned
|
| |
Leased
|
| |
Total
|
| |||||||||
| Summit Community Bank | | | | | | | | | | | | | | | | | | | |
|
West Virginia
|
| | | | 26 | | | | | | 3 | | | | | | 29 | | |
|
Virginia
|
| | | | 10 | | | | | | 4 | | | | | | 14 | | |
|
Maryland
|
| | | | 5 | | | | | | 4 | | | | | | 9 | | |
|
Delaware
|
| | | | — | | | | | | 1 | | | | | | 1 | | |
|
Kentucky
|
| | | | — | | | | | | 1 | | | | | | 1 | | |
|
Period
|
| |
Total Number
of Shares Purchased |
| |
Average Price
Paid per Share |
| |
Total Number
of Shares Purchased as Part of Publicly Announced Plans or Programs |
| |
Maximum
Number of Shares that May Yet be Purchased Under the Plans or Programs |
| ||||||||||||
|
October 1, 2023 – October 31, 2023
|
| | | | — | | | | | $ | — | | | | | | — | | | | | | 426,423 | | |
|
November 1, 2023 – November 30, 2023
|
| | | | — | | | | | | — | | | | | | — | | | | | | 426,423 | | |
|
December 1, 2023 – December 31, 2023
|
| | | | — | | | | | | — | | | | | | — | | | | | | 426,423 | | |
| | | |
For the Year Ended
|
| |||||||||||||||||||||||||||||||||
|
Index
|
| |
12/31/2018
|
| |
12/31/2019
|
| |
12/31/2020
|
| |
12/31/2021
|
| |
12/31/2022
|
| |
12/31/2023
|
| ||||||||||||||||||
|
Summit Financial Group, Inc.
|
| | | | 100.00 | | | | | | 143.47 | | | | | | 121.68 | | | | | | 155.57 | | | | | | 145.18 | | | | | | 185.62 | | |
|
NASDAQ Composite
|
| | | | 100.00 | | | | | | 136.69 | | | | | | 198.10 | | | | | | 242.03 | | | | | | 163.28 | | | | | | 236.17 | | |
|
S&P U.S. SmallCap Banks Index
|
| | | | 100.00 | | | | | | 125.46 | | | | | | 113.94 | | | | | | 158.62 | | | | | | 139.85 | | | | | | 140.55 | | |
| | | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
|
Federal funds – high target
|
| | | | 5.20% | | | | | | 1.87% | | | | | | 0.25% | | |
|
Interest on reserve balances
|
| | | | 5.10 | | | | | | 1.76 | | | | | | 0.13 | | |
|
Prime
|
| | | | 8.20 | | | | | | 4.86 | | | | | | 3.25 | | |
|
SOFR
|
| | | | 5.01 | | | | | | 1.65 | | | | | | 0.04 | | |
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
| ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest earning assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Loans, net of unearned interest(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Taxable
|
| | | $ | 3,472,844 | | | | | $ | 2,949,350 | | | | | $ | 2,487,885 | | | | | $ | 2,150,294 | | | | | $ | 1,782,477 | | |
|
Tax-exempt(2)
|
| | | | 4,618 | | | | | | 4,961 | | | | | | 9,681 | | | | | | 15,352 | | | | | | 15,315 | | |
|
Securities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Taxable
|
| | | | 392,720 | | | | | | 295,264 | | | | | | 301,446 | | | | | | 256,893 | | | | | | 205,340 | | |
|
Tax-exempt(2)
|
| | | | 210,945 | | | | | | 195,558 | | | | | | 159,266 | | | | | | 122,386 | | | | | | 90,823 | | |
|
Interest bearing deposits with other banks
|
| | | | 34,948 | | | | | | 46,248 | | | | | | 175,615 | | | | | | 56,399 | | | | | | 39,408 | | |
| | | | | | 4,116,075 | | | | | | 3,491,381 | | | | | | 3,133,893 | | | | | | 2,601,324 | | | | | | 2,133,363 | | |
| Noninterest earning assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Cash and due from banks
|
| | | | 21,948 | | | | | | 17,473 | | | | | | 19,582 | | | | | | 16,139 | | | | | | 12,939 | | |
|
Premises and equipment
|
| | | | 60,123 | | | | | | 55,219 | | | | | | 54,762 | | | | | | 50,418 | | | | | | 41,778 | | |
|
Other assets
|
| | | | 282,735 | | | | | | 230,860 | | | | | | 178,535 | | | | | | 143,284 | | | | | | 107,456 | | |
|
Allowance for credit losses on
loans |
| | | | (44,564) | | | | | | (34,630) | | | | | | (33,491) | | | | | | (26,915) | | | | | | (13,225) | | |
|
Total assets
|
| | | $ | 4,436,317 | | | | | $ | 3,760,303 | | | | | $ | 3,353,281 | | | | | $ | 2,784,250 | | | | | $ | 2,282,311 | | |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest bearing liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Interest bearing demand deposits
|
| | | $ | 2,009,253 | | | | | $ | 1,350,227 | | | | | $ | 1,044,817 | | | | | $ | 789,064 | | | | | $ | 586,938 | | |
|
Savings deposits
|
| | | | 490,219 | | | | | | 627,630 | | | | | | 673,259 | | | | | | 539,625 | | | | | | 317,569 | | |
|
Time deposits
|
| | | | 479,573 | | | | | | 479,545 | | | | | | 569,420 | | | | | | 598,085 | | | | | | 660,910 | | |
|
Short-term borrowings
|
| | | | 238,351 | | | | | | 204,265 | | | | | | 140,146 | | | | | | 130,411 | | | | | | 194,450 | | |
|
Long-term borrowings and subordinated debentures
|
| | | | 123,777 | | | | | | 123,331 | | | | | | 58,974 | | | | | | 28,396 | | | | | | 20,315 | | |
| | | | | | 3,341,173 | | | | | | 2,784,998 | | | | | | 2,486,616 | | | | | | 2,085,581 | | | | | | 1,780,182 | | |
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
| Noninterest bearing liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Demand deposits
|
| | | | 641,806 | | | | | | 597,199 | | | | | | 518,311 | | | | | | 401,502 | | | | | | 244,559 | | |
|
Other liabilities
|
| | | | 49,966 | | | | | | 42,005 | | | | | | 38,545 | | | | | | 31,712 | | | | | | 20,341 | | |
|
Total liabilities
|
| | | | 4,032,945 | | | | | | 3,424,202 | | | | | | 3,043,472 | | | | | | 2,518,795 | | | | | | 2,045,082 | | |
|
Shareholders’ equity – preferred
|
| | | | 14,920 | | | | | | 14,920 | | | | | | 10,327 | | | | | | — | | | | | | — | | |
|
Shareholders’ equity – common
|
| | | | 388,452 | | | | | | 321,181 | | | | | | 299,482 | | | | | | 265,455 | | | | | | 237,229 | | |
|
Total shareholders’ equity
|
| | | | 403,372 | | | | | | 336,101 | | | | | | 309,809 | | | | | | 265,455 | | | | | | 237,229 | | |
|
Total liabilities and shareholders’ equity
|
| | | $ | 4,436,317 | | | | | $ | 3,760,303 | | | | | $ | 3,353,281 | | | | | $ | 2,784,250 | | | | | $ | 2,282,311 | | |
|
Net Interest Income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Net Interest Margin
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |||||||||||||||||||||||||||||||
| | | |
Interest Earnings/Expense
|
| |
Average Yield/Rate
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||||||||||||||
| ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest earning assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Loans, net of unearned interest(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Taxable
|
| | | $ | 217,615 | | | | | $ | 145,188 | | | | | $ | 112,268 | | | | | $ | 104,986 | | | | | $ | 96,499 | | | | | | 6.27% | | | | | | 4.92% | | | | | | 4.51% | | | | | | 4.88% | | | | | | 5.41% | | |
|
Tax-exempt(2)
|
| | | | 304 | | | | | | 222 | | | | | | 458 | | | | | | 732 | | | | | | 780 | | | | | | 6.58% | | | | | | 4.47% | | | | | | 4.73% | | | | | | 4.77% | | | | | | 5.09% | | |
|
Securities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Taxable
|
| | | | 18,412 | | | | | | 8,442 | | | | | | 5,884 | | | | | | 5,996 | | | | | | 6,511 | | | | | | 4.69% | | | | | | 2.86% | | | | | | 1.95% | | | | | | 2.33% | | | | | | 3.17% | | |
|
Tax-exempt(2)
|
| | | | 7,024 | | | | | | 5,836 | | | | | | 4,540 | | | | | | 4,020 | | | | | | 3,608 | | | | | | 3.33% | | | | | | 2.98% | | | | | | 2.85% | | | | | | 3.28% | | | | | | 3.97% | | |
|
Interest bearing deposits with other banks
|
| | | | 732 | | | | | | 331 | | | | | | 315 | | | | | | 266 | | | | | | 595 | | | | | | 2.09% | | | | | | 0.72% | | | | | | 0.18% | | | | | | 0.47% | | | | | | 1.51% | | |
|
Total assets
|
| | | $ | 244,087 | | | | | $ | 160,019 | | | | | $ | 123,465 | | | | | $ | 116,000 | | | | | $ | 107,993 | | | | | | 5.93% | | | | | | 4.58% | | | | | | 3.94% | | | | | | 4.46% | | | | | | 5.06% | | |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest bearing liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Interest bearing demand deposits
|
| | | | 55,471 | | | | | | 13,863 | | | | | | 1,408 | | | | | | 2,187 | | | | | | 6,394 | | | | | | 2.76% | | | | | | 1.03% | | | | | | 0.13% | | | | | | 0.28% | | | | | | 1.09% | | |
|
Savings deposits
|
| | | | 7,935 | | | | | | 4,155 | | | | | | 2,471 | | | | | | 4,178 | | | | | | 3,969 | | | | | | 1.62% | | | | | | 0.66% | | | | | | 0.37% | | | | | | 0.77% | | | | | | 1.25% | | |
|
Time deposits
|
| | | | 9,785 | | | | | | 2,665 | | | | | | 4,302 | | | | | | 9,679 | | | | | | 13,334 | | | | | | 2.04% | | | | | | 0.56% | | | | | | 0.76% | | | | | | 1.62% | | | | | | 2.02% | | |
|
Short-term borrowings
|
| | | | 6,816 | | | | | | 3,786 | | | | | | 1,768 | | | | | | 2,330 | | | | | | 5,303 | | | | | | 2.86% | | | | | | 1.85% | | | | | | 1.26% | | | | | | 1.79% | | | | | | 2.73% | | |
|
Long-term borrowings and subordinated debentures
|
| | | | 5,972 | | | | | | 5,292 | | | | | | 2,534 | | | | | | 1,147 | | | | | | 987 | | | | | | 4.82% | | | | | | 4.29% | | | | | | 4.30% | | | | | | 4.04% | | | | | | 4.86% | | |
|
Total interest bearing liabilities
|
| | | $ | 85,979 | | | | | $ | 29,761 | | | | | $ | 12,483 | | | | | $ | 19,521 | | | | | $ | 29,987 | | | | | | 2.57% | | | | | | 1.07% | | | | | | 0.50% | | | | | | 0.94% | | | | | | 1.68% | | |
|
Net Interest Income
|
| | | $ | 158,108 | | | | | $ | 130,258 | | | | | $ | 110,982 | | | | | $ | 96,479 | | | | | $ | 78,006 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Net Interest Margin
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3.84% | | | | | | 3.73% | | | | | | 3.54% | | | | | | 3.71% | | | | | | 3.66% | | |
| | | |
2023 Versus 2022
|
| |
2022 Versus 2021
|
| ||||||||||||||||||||||||||||||
| | | |
Increase (Decrease)
Due to Change in:
|
| |
Increase (Decrease)
Due to Change in:
|
| ||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Volume
|
| |
Rate
|
| |
Net
|
| |
Volume
|
| |
Rate
|
| |
Net
|
| ||||||||||||||||||
| Interest earned on | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Loans | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Taxable
|
| | | $ | 28,542 | | | | | $ | 43,885 | | | | | $ | 72,427 | | | | | $ | 22,094 | | | | | $ | 10,826 | | | | | $ | 32,920 | | |
|
Tax-exempt
|
| | | | (16) | | | | | | 98 | | | | | | 82 | | | | | | (212) | | | | | | (24) | | | | | | (236) | | |
| Securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Taxable
|
| | | | 3,393 | | | | | | 6,577 | | | | | | 9,970 | | | | | | (123) | | | | | | 2,682 | | | | | | 2,559 | | |
|
Tax-exempt
|
| | | | 481 | | | | | | 707 | | | | | | 1,188 | | | | | | 1,075 | | | | | | 220 | | | | | | 1,295 | | |
|
Interest bearing deposits with other
banks |
| | | | (99) | | | | | | 500 | | | | | | 401 | | | | | | (369) | | | | | | 385 | | | | | | 16 | | |
|
Total interest earned on interest earning assets
|
| | | | 32,301 | | | | | | 51,767 | | | | | | 84,068 | | | | | | 22,465 | | | | | | 14,089 | | | | | | 36,554 | | |
| Interest paid on | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Interest bearing demand deposits
|
| | | | 9,328 | | | | | | 32,280 | | | | | | 41,608 | | | | | | 527 | | | | | | 11,928 | | | | | | 12,455 | | |
|
Savings deposits
|
| | | | (1,083) | | | | | | 4,863 | | | | | | 3,780 | | | | | | (177) | | | | | | 1,861 | | | | | | 1,684 | | |
|
Time deposits
|
| | | | — | | | | | | 7,120 | | | | | | 7,120 | | | | | | (612) | | | | | | (1,025) | | | | | | (1,637) | | |
|
Short-term borrowings
|
| | | | 713 | | | | | | 2,317 | | | | | | 3,030 | | | | | | 996 | | | | | | 1,022 | | | | | | 2,018 | | |
|
Long-term borrowings and subordinated debentures
|
| | | | 19 | | | | | | 661 | | | | | | 680 | | | | | | 2,761 | | | | | | (3) | | | | | | 2,758 | | |
|
Total interest paid on interest bearing liabilities
|
| | | | 8,977 | | | | | | 47,241 | | | | | | 56,218 | | | | | | 3,495 | | | | | | 13,783 | | | | | | 17,278 | | |
|
Net interest income
|
| | | $ | 23,324 | | | | | $ | 4,526 | | | | | $ | 27,850 | | | | | $ | 18,970 | | | | | $ | 306 | | | | | $ | 19,276 | | |
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| ||||||
| Provision for credit losses-loans | | | | | | | | | | | | | |
|
Due to changes in:
|
| | | | | | | | | | | | |
|
Volume and mix
|
| | | $ | 5,805 | | | | | $ | 8,971 | | |
|
Loss experience
|
| | | | (3,562) | | | | | | (2,703) | | |
|
Reasonable and supportable economic forecasts & other qualitative
factors |
| | | | 2,159 | | | | | | 1,727 | | |
|
Individually evaluated credits
|
| | | | 4,048 | | | | | | (717) | | |
|
Acquired loans
|
| | | | 3,005 | | | | | | — | | |
|
Total provision for credit losses – loans
|
| | |
|
11,455
|
| | | |
|
7,278
|
| |
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| ||||||
| Provision for credit losses-unfunded commitments | | | | | | | | | | | | | |
|
Due to changes in:
|
| | | | | | | | | | | | |
|
Volume and mix
|
| | | | 707 | | | | | | 521 | | |
|
Loss experience
|
| | | | (313) | | | | | | (616) | | |
|
Reasonable and supportable economic forecasts & other qualitative
factors |
| | | | 166 | | | | | | (233) | | |
|
Acquired loan commitments
|
| | | | 235 | | | | | | — | | |
|
Total provision for credit losses – unfunded commitments
|
| | |
|
795
|
| | | |
|
(328)
|
| |
|
Total provision for credit losses – debt securities
|
| | |
|
—
|
| | | |
|
—
|
| |
|
Total provision for credit losses
|
| | | $ | 12,250 | | | | | $ | 6,950 | | |
| | |||||||||||||
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
|
Trust and wealth management fees
|
| | | $ | 3,436 | | | | | $ | 2,978 | | | | | $ | 2,886 | | |
|
Mortgage origination revenue
|
| | | | 577 | | | | | | 1,480 | | | | | | 3,999 | | |
|
Service charges on deposit accounts
|
| | | | 6,977 | | | | | | 6,150 | | | | | | 5,032 | | |
|
Bank card revenue
|
| | | | 7,299 | | | | | | 6,261 | | | | | | 5,896 | | |
|
Net gains on equity investments
|
| | | | 740 | | | | | | 265 | | | | | | 202 | | |
|
Net realized (losses)/gains on debt securities
|
| | | | (266) | | | | | | (708) | | | | | | 425 | | |
|
Bank owned life insurance and annuities income
|
| | | | 1,576 | | | | | | 1,211 | | | | | | 1,026 | | |
|
Other
|
| | | | 537 | | | | | | 516 | | | | | | 742 | | |
|
Total
|
| | | $ | 20,876 | | | | | $ | 18,153 | | | | | $ | 20,208 | | |
| | | |
2023
|
| |
Change
|
| |
2022
|
| |
Change
|
| |
2021
|
| |||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
$
|
| |
%
|
| |
$
|
| |
%
|
| ||||||||||||||||||||||||||||||
|
Salaries, commissions and employee benefits
|
| | | $ | 46,296 | | | | | $ | 5,844 | | | | | | 14.4% | | | | | $ | 40,452 | | | | | $ | 6,066 | | | | | | 17.6% | | | | | $ | 34,386 | | |
|
Net occupancy expense
|
| | | | 5,851 | | | | | | 723 | | | | | | 14.1% | | | | | | 5,128 | | | | | | 304 | | | | | | 6.3% | | | | | | 4,824 | | |
|
Equipment expense
|
| | | | 9,094 | | | | | | 1,841 | | | | | | 25.4% | | | | | | 7,253 | | | | | | 263 | | | | | | 3.8% | | | | | | 6,990 | | |
|
Professional fees
|
| | | | 1,775 | | | | | | 147 | | | | | | 9.0% | | | | | | 1,628 | | | | | | 50 | | | | | | 3.2% | | | | | | 1,578 | | |
|
Advertising and public relations
|
| | | | 1,113 | | | | | | 220 | | | | | | 24.6% | | | | | | 893 | | | | | | 196 | | | | | | 28.1% | | | | | | 697 | | |
|
Amortization of intangibles
|
| | | | 3,335 | | | | | | 1,895 | | | | | | 131.6% | | | | | | 1,440 | | | | | | (123) | | | | | | (7.9)% | | | | | | 1,563 | | |
|
FDIC premiums
|
| | | | 2,458 | | | | | | 1,234 | | | | | | 100.8% | | | | | | 1,224 | | | | | | (225) | | | | | | (15.5)% | | | | | | 1,449 | | |
|
Bank card expense
|
| | | | 3,429 | | | | | | 501 | | | | | | 17.1% | | | | | | 2,928 | | | | | | 260 | | | | | | 9.7% | | | | | | 2,668 | | |
|
Foreclosed properties expense, net of (gains)/losses
|
| | | | 89 | | | | | | (147) | | | | | | (62.3)% | | | | | | 236 | | | | | | (1,509) | | | | | | (86.5)% | | | | | | 1,745 | | |
|
Acquisition-related expense
|
| | | | 6,444 | | | | | | 6,330 | | | | | | n/m | | | | | | 114 | | | | | | (1,110) | | | | | | (90.7)% | | | | | | 1,224 | | |
|
Other
|
| | | | 14,909 | | | | | | 3,326 | | | | | | 28.7% | | | | | | 11,583 | | | | | | (32) | | | | | | (0.3)% | | | | | | 11,615 | | |
|
Total
|
| | | $ | 94,793 | | | | | $ | 21,914 | | | | | | 30.1% | | | | | $ | 72,879 | | | | | $ | 4,140 | | | | | | 6.0% | | | | | $ | 68,739 | | |
|
Dollars in thousands
|
| |
December 31,
2022 |
| |
Impact of PSB
Acquisition |
| |
Increase
(Decrease) |
| |
December 31,
2023 |
| ||||||||||||
| Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Cash and cash equivalents
|
| | | $ | 44,717 | | | | | $ | 14,364 | | | | | $ | (6,849) | | | | | $ | 52,232 | | |
|
Debt securities available for sale
|
| | | | 405,201 | | | | | | 140,925 | | | | | | (43,364) | | | | | | 502,762 | | |
|
Debt securities held to maturity
|
| | | | 96,163 | | | | | | — | | | | | | (1,936) | | | | | | 94,227 | | |
|
Equity investments
|
| | | | 29,494 | | | | | | 63 | | | | | | (18,599) | | | | | | 10,958 | | |
|
Other investments
|
| | | | 16,029 | | | | | | 554 | | | | | | 4,547 | | | | | | 21,130 | | |
|
Loans, net of unearned fees
|
| | | | 3,082,818 | | | | | | 363,006 | | | | | | 235,788 | | | | | | 3,681,612 | | |
|
Less: allowance for credit losses
|
| | | | (38,899) | | | | | | — | | | | | | (9,191) | | | | | | (48,090) | | |
|
Loans, net
|
| | | | 3,043,919 | | | | | | 363,006 | | | | | | 226,597 | | | | | | 3,633,522 | | |
|
Property held for sale
|
| | | | 5,067 | | | | | | — | | | | | | (1,338) | | | | | | 3,729 | | |
|
Premises and equipment
|
| | | | 53,981 | | | | | | 6,175 | | | | | | 2,882 | | | | | | 63,038 | | |
|
Accrued interest and fees receivable
|
| | | | 15,866 | | | | | | 1,500 | | | | | | 2,638 | | | | | | 20,004 | | |
|
Goodwill and other intangibles
|
| | | | 62,150 | | | | | | 15,615 | | | | | | (3,335) | | | | | | 74,430 | | |
|
Cash surrender value of life insurance policies and
annuities |
| | | | 71,640 | | | | | | 12,290 | | | | | | 1,749 | | | | | | 85,679 | | |
|
Derivative financial instruments
|
| | | | 40,506 | | | | | | — | | | | | | (7,361) | | | | | | 33,145 | | |
|
Other assets
|
| | | | 31,959 | | | | | | 6,775 | | | | | | 732 | | | | | | 39,466 | | |
|
Total assets
|
| | | $ | 3,916,692 | | | | | $ | 561,267 | | | | | $ | 156,363 | | | | | $ | 4,634,322 | | |
|
Dollars in thousands
|
| |
December 31,
2022 |
| |
Impact of PSB
Acquisition |
| |
Increase
(Decrease) |
| |
December 31,
2023 |
| ||||||||||||
| Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Non-interest bearing deposits
|
| | | $ | 553,616 | | | | | $ | 160,079 | | | | | $ | (120,119) | | | | | $ | 593,576 | | |
|
Interest bearing deposits
|
| | | | 2,616,263 | | | | | | 337,474 | | | | | | 167,835 | | | | | | 3,121,572 | | |
|
Total deposits
|
| | | | 3,169,879 | | | | | | 497,553 | | | | | | 47,716 | | | | | | 3,715,148 | | |
|
Short-term borrowings
|
| | | | 225,999 | | | | | | 17,650 | | | | | | 59,308 | | | | | | 302,957 | | |
|
Long-term borrowings
|
| | | | 658 | | | | | | 5,143 | | | | | | (5,164) | | | | | | 637 | | |
|
Subordinated debentures
|
| | | | 103,296 | | | | | | — | | | | | | 486 | | | | | | 103,782 | | |
|
Subordinated debentures owed to unconsolidated subsidiary trusts
|
| | | | 19,589 | | | | | | — | | | | | | — | | | | | | 19,589 | | |
|
Other liabilities
|
| | | | 42,741 | | | | | | 1,988 | | | | | | 7,272 | | | | | | 52,001 | | |
|
Shareholders’ equity – preferred
|
| | | | 14,920 | | | | | | — | | | | | | — | | | | | | 14,920 | | |
|
Shareholders’ equity – common
|
| | | | 339,610 | | | | | | 38,933 | | | | | | 46,745 | | | | | | 425,288 | | |
|
Total liabilities and shareholders’ equity
|
| | | $ | 3,916,692 | | | | | $ | 561,267 | | | | | $ | 156,363 | | | | | $ | 4,634,322 | | |
| | |||||||||||||||||||||||||
|
Dollars in thousands
|
| |
December 31, 2021
|
| |
Increase (Decrease)
|
| |
December 31, 2022
|
| |||||||||
| Assets | | | | | | | | | | | | | | | | | | | |
|
Cash and cash equivalents
|
| | | $ | 78,458 | | | | | $ | (33,741) | | | | | $ | 44,717 | | |
|
Debt securities available for sale
|
| | | | 401,103 | | | | | | 4,098 | | | | | | 405,201 | | |
|
Debt securities held to maturity
|
| | | | 98,060 | | | | | | (1,897) | | | | | | 96,163 | | |
|
Equity investments
|
| | | | 20,609 | | | | | | 8,885 | | | | | | 29,494 | | |
|
Other investments
|
| | | | 10,897 | | | | | | 5,132 | | | | | | 16,029 | | |
|
Loans, net of unearned fees
|
| | | | 2,761,391 | | | | | | 321,427 | | | | | | 3,082,818 | | |
|
Less: allowance for credit losses
|
| | | | (32,298) | | | | | | (6,601) | | | | | | (38,899) | | |
|
Loans, net
|
| | | | 2,729,093 | | | | | | 314,826 | | | | | | 3,043,919 | | |
|
Property held for sale
|
| | | | 9,858 | | | | | | (4,791) | | | | | | 5,067 | | |
|
Premises and equipment
|
| | | | 56,371 | | | | | | (2,390) | | | | | | 53,981 | | |
|
Accrued interest and fees receivable
|
| | | | 10,578 | | | | | | 5,288 | | | | | | 15,866 | | |
|
Goodwill and other intangibles
|
| | | | 63,590 | | | | | | (1,440) | | | | | | 62,150 | | |
|
Cash surrender value of life insurance policies and
annuities |
| | | | 60,613 | | | | | | 11,027 | | | | | | 71,640 | | |
|
Derivative financial instruments
|
| | | | 11,187 | | | | | | 29,319 | | | | | | 40,506 | | |
|
Other assets
|
| | | | 26,302 | | | | | | 5,657 | | | | | | 31,959 | | |
|
Total assets
|
| | | $ | 3,576,719 | | | | | $ | 339,973 | | | | | $ | 3,916,692 | | |
|
Dollars in thousands
|
| |
December 31, 2021
|
| |
Increase (Decrease)
|
| |
December 31, 2022
|
| |||||||||
| Liabilities | | | | | | | | | | | | | | | | | | | |
|
Non-interest bearing deposits
|
| | | $ | 568,986 | | | | | $ | (15,370) | | | | | $ | 553,616 | | |
|
Interest bearing deposits
|
| | | | 2,374,103 | | | | | | 242,160 | | | | | | 2,616,263 | | |
|
Total deposits
|
| | | | 2,943,089 | | | | | | 226,790 | | | | | | 3,169,879 | | |
|
Short-term borrowings
|
| | | | 140,146 | | | | | | 85,853 | | | | | | 225,999 | | |
|
Long-term borrowings
|
| | | | 679 | | | | | | (21) | | | | | | 658 | | |
|
Subordinated debentures
|
| | | | 102,891 | | | | | | 405 | | | | | | 103,296 | | |
|
Subordinated debentures owed to unconsolidated subsidiary trusts
|
| | | | 19,589 | | | | | | — | | | | | | 19,589 | | |
|
Other liabilities
|
| | | | 42,852 | | | | | | (111) | | | | | | 42,741 | | |
|
Shareholders’ equity – preferred
|
| | | | 14,920 | | | | | | — | | | | | | 14,920 | | |
|
Shareholders’ equity – common
|
| | | | 312,553 | | | | | | 27,057 | | | | | | 339,610 | | |
|
Total liabilities and shareholders’ equity
|
| | | $ | 3,576,719 | | | | | $ | 339,973 | | | | | $ | 3,916,692 | | |
| | |||||||||||||||||||
|
Dollars in thousands
|
| |
Within 1 Year
|
| |
After 1 but
within 5 Years |
| |
After 5 but
within 15 Years |
| |
After
15 Years |
| ||||||||||||
|
Commercial
|
| | | $ | 164,175 | | | | | $ | 236,741 | | | | | $ | 101,199 | | | | | $ | 1,727 | | |
| Commercial real estate – owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Professional & medical
|
| | | | 4,636 | | | | | | 46,767 | | | | | | 62,912 | | | | | | 42,626 | | |
|
Retail
|
| | | | 4,266 | | | | | | 40,749 | | | | | | 92,229 | | | | | | 33,147 | | |
|
Other
|
| | | | 12,149 | | | | | | 42,852 | | | | | | 82,583 | | | | | | 80,192 | | |
| Commercial real estate – non-owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Hotels & motels
|
| | | | 32,588 | | | | | | 28,176 | | | | | | 87,774 | | | | | | 67,104 | | |
|
Mini-storage
|
| | | | 260 | | | | | | 2,009 | | | | | | 27,498 | | | | | | 38,750 | | |
|
Multifamily
|
| | | | 15,940 | | | | | | 97,912 | | | | | | 52,965 | | | | | | 135,481 | | |
|
Retail
|
| | | | 10,208 | | | | | | 85,631 | | | | | | 94,675 | | | | | | 63,732 | | |
|
Other
|
| | | | 13,385 | | | | | | 219,958 | | | | | | 143,291 | | | | | | 37,000 | | |
| Construction and development | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Land & land development
|
| | | | 29,058 | | | | | | 75,457 | | | | | | 29,894 | | | | | | 10,849 | | |
|
Construction
|
| | | | 134,302 | | | | | | 132,536 | | | | | | 23,516 | | | | | | 83,672 | | |
| Residential 1-4 family real estate | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Personal residence
|
| | | | 881 | | | | | | 8,312 | | | | | | 65,344 | | | | | | 288,196 | | |
|
Rental – small loan
|
| | | | 11,042 | | | | | | 19,448 | | | | | | 43,538 | | | | | | 68,637 | | |
|
Rental – large loan
|
| | | | 10,577 | | | | | | 10,304 | | | | | | 33,611 | | | | | | 62,122 | | |
|
Home equity
|
| | | | 1,031 | | | | | | 1,241 | | | | | | 9,118 | | | | | | 69,736 | | |
|
Mortgage warehouse lines
|
| | | | 108,848 | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | 5,763 | | | | | | 28,390 | | | | | | 9,422 | | | | | | 181 | | |
| Other | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Credit cards
|
| | | | 2,286 | | | | | | — | | | | | | — | | | | | | — | | |
|
Overdrafts
|
| | | | 1,013 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | $ | 562,408 | | | | | $ | 1,076,483 | | | | | $ | 959,569 | | | | | $ | 1,083,152 | | |
| | | |
Loans maturing after one year with:
|
| |||||||||||||||
|
Dollars in thousands
|
| |
Fixed Interest
Rates |
| |
Floating Interest
Rates |
| |
Adjustable
Interest Rates |
| |||||||||
|
Commercial
|
| | | $ | 111,342 | | | | | $ | 172,171 | | | | | $ | 56,154 | | |
| Commercial real estate – owner occupied | | | | | | | | | | | | | | | | | | | |
|
Professional & medical
|
| | | | 37,710 | | | | | | 48,386 | | | | | | 66,209 | | |
|
Retail
|
| | | | 72,908 | | | | | | 11,230 | | | | | | 81,987 | | |
|
Other
|
| | | | 84,760 | | | | | | 18,187 | | | | | | 102,680 | | |
| Commercial real estate – non-owner occupied | | | | | | | | | | | | | | | | | | | |
|
Hotels & motels
|
| | | | 36,235 | | | | | | 15,564 | | | | | | 131,255 | | |
|
Mini-storage
|
| | | | 6,118 | | | | | | 13,721 | | | | | | 48,418 | | |
|
Multifamily
|
| | | | 71,964 | | | | | | 85,562 | | | | | | 128,832 | | |
|
Retail
|
| | | | 95,841 | | | | | | 10,615 | | | | | | 137,582 | | |
|
Other
|
| | | | 191,096 | | | | | | 57,915 | | | | | | 151,238 | | |
| Construction and development(1) | | | | | | | | | | | | | | | | | | | |
|
Land & land development
|
| | | | 71,155 | | | | | | 17,890 | | | | | | 27,155 | | |
|
Construction
|
| | | | 87,769 | | | | | | 62,651 | | | | | | 89,304 | | |
| Residential 1-4 family real estate | | | | | | | | | | | | | | | | | | | |
|
Personal residence
|
| | | | 224,665 | | | | | | 50 | | | | | | 137,137 | | |
|
Rental – small loan
|
| | | | 37,264 | | | | | | 13,259 | | | | | | 81,100 | | |
|
Rental – large loan
|
| | | | 37,726 | | | | | | 3,983 | | | | | | 64,328 | | |
|
Home equity
|
| | | | 142 | | | | | | 79,953 | | | | | | — | | |
|
Mortgage warehouse lines
|
| | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | 37,098 | | | | | | 812 | | | | | | 83 | | |
| Other | | | | | | | | | | | | | | | | | | | |
|
Credit cards
|
| | | | — | | | | | | — | | | | | | — | | |
|
Overdrafts
|
| | | | — | | | | | | — | | | | | | — | | |
| | | | | $ | 1,203,793 | | | | | $ | 611,949 | | | | | $ | 1,303,462 | | |
| | | |
Within one year
|
| |
After one but within
five years |
| |
After five but within
ten years |
| |
After ten years
|
| ||||||||||||||||||||||||||||||||||||
|
(At amortized cost, dollars in thousands)
|
| |
Amount
|
| |
Yield
|
| |
Amount
|
| |
Yield
|
| |
Amount
|
| |
Yield
|
| |
Amount
|
| |
Yield
|
| ||||||||||||||||||||||||
|
State and political subdivisions
|
| | | $ | — | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | 4,025 | | | | | | 2.6% | | | | | $ | 90,202 | | | | | | 2.5% | | |
|
Total
|
| | | $ | — | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | 4,025 | | | | | | 2.6% | | | | | $ | 90,202 | | | | | | 2.5% | | |
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| ||||||
|
Noninterest bearing demand
|
| | | $ | 593,576 | | | | | $ | 553,616 | | |
|
Interest bearing demand
|
| | | | 2,164,522 | | | | | | 1,743,299 | | |
|
Savings
|
| | | | 450,527 | | | | | | 496,751 | | |
|
Time deposits
|
| | | | 506,523 | | | | | | 376,213 | | |
|
Total deposits
|
| | | $ | 3,715,148 | | | | | $ | 3,169,879 | | |
| | | |
December 31,
|
| |||||||||
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| ||||||
|
Total shareholders’ equity
|
| | | $ | 440,208 | | | | | $ | 354,530 | | |
|
Less preferred stock
|
| | | | 14,920 | | | | | | 14,920 | | |
|
Common shareholders’ equity
|
| | | | 425,288 | | | | | | 339,610 | | |
|
Less goodwill and intangible assets
|
| | | | 74,430 | | | | | | 62,150 | | |
|
Tangible common equity (TCE)
|
| | | $ | 350,858 | | | | | $ | 277,460 | | |
|
Common shares outstanding
|
| | | | 14,683,457 | | | | | | 12,783,646 | | |
|
Book value per common share(1)
|
| | | $ | 28.96 | | | | | $ | 26.57 | | |
|
Tangible book value per common share(2)
|
| | | $ | 23.89 | | | | | $ | 21.70 | | |
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| ||||||
| Accruing loans past due 90 days or more | | | | | | | | | | | | | |
|
Commercial
|
| | | $ | — | | | | | $ | — | | |
|
Commercial real estate
|
| | | | — | | | | | | — | | |
|
Residential construction & development
|
| | | | — | | | | | | — | | |
|
Residential 1-4 family real estate
|
| | | | 307 | | | | | | — | | |
|
Consumer
|
| | | | 5 | | | | | | — | | |
|
Other
|
| | | | 23 | | | | | | 12 | | |
|
Total accruing loans 90+ days past due
|
| | | | 335 | | | | | | 12 | | |
| Nonaccrual loans | | | | | | | | | | | | | |
|
Commercial
|
| | | | 1,088 | | | | | | 93 | | |
|
Commercial real estate
|
| | | | 5,675 | | | | | | 1,750 | | |
|
Commercial construction & development
|
| | | | — | | | | | | — | | |
|
Residential construction & development
|
| | | | 708 | | | | | | 851 | | |
|
Residential 1-4 family real estate
|
| | | | 4,524 | | | | | | 5,117 | | |
|
Consumer
|
| | | | 109 | | | | | | — | | |
|
Other
|
| | | | — | | | | | | — | | |
|
Total nonaccrual loans
|
| | | | 12,104 | | | | | | 7,811 | | |
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| ||||||
| Foreclosed properties | | | | | | | | | | | | | |
|
Commercial
|
| | | | — | | | | | | — | | |
|
Commercial real estate
|
| | | | 297 | | | | | | 297 | | |
|
Commercial construction & development
|
| | | | 1,253 | | | | | | 2,187 | | |
|
Residential construction & development
|
| | | | 1,924 | | | | | | 2,293 | | |
|
Residential 1-4 family real estate
|
| | | | 255 | | | | | | 290 | | |
|
Total foreclosed properties
|
| | | | 3,729 | | | | | | 5,067 | | |
|
Repossessed assets
|
| | | | — | | | | | | — | | |
|
Total nonperforming assets
|
| | | $ | 16,168 | | | | | $ | 12,890 | | |
|
Total nonperforming loans as a percentage of total loans
|
| | | | 0.34% | | | | | | 0.25% | | |
|
Total nonperforming assets as a percentage of total assets
|
| | | | 0.35% | | | | | | 0.33% | | |
|
Allowance for credit losses on loans as a percentage of period end loans
|
| | | | 1.31% | | | | | | 1.26% | | |
|
Total nonaccrual loans as a percentage of total loans
|
| | | | 0.33% | | | | | | 0.25% | | |
|
Allowance for credit losses on loans as a percentage of nonaccrual loans
|
| | | | 397.31% | | | | | | 498.00% | | |
| | |||||||||||||
| | | |
2023
|
| |
2022
|
| ||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Amount
|
| |
Allowance as
% of total loans |
| |
% of loans in
each category to total loans |
| |
Amount
|
| |
Allowance as
% of total loans |
| |
% of loans in
each category to total loans |
| ||||||||||||||||||
|
Commercial
|
| | | $ | 4,319 | | | | | | 0.12% | | | | | | 13.7% | | | | | $ | 4,941 | | | | | | 0.16% | | | | | | 16.3% | | |
|
Commercial real estate
|
| | | | 13,963 | | | | | | 0.38% | | | | | | 48.9% | | | | | | 10,574 | | | | | | 0.34% | | | | | | 47.7% | | |
|
Construction and development
|
| | | | 19,859 | | | | | | 0.54% | | | | | | 14.1% | | | | | | 14,620 | | | | | | 0.47% | | | | | | 12.6% | | |
|
Residential 1-4 family real estate
|
| | | | 9,464 | | | | | | 0.26% | | | | | | 19.1% | | | | | | 8,219 | | | | | | 0.27% | | | | | | 17.9% | | |
|
Mortgage warehouse lines
|
| | | | — | | | | | | —% | | | | | | 3.0% | | | | | | — | | | | | | —% | | | | | | 4.2% | | |
|
Consumer
|
| | | | 205 | | | | | | 0.01% | | | | | | 1.2% | | | | | | 174 | | | | | | 0.01% | | | | | | 1.1% | | |
|
Other
|
| | | | 280 | | | | | | 0.01% | | | | | | 0.1% | | | | | | 371 | | | | | | 0.01% | | | | | | 0.1% | | |
|
Total
|
| | | $ | 48,090 | | | | | | 1.31% | | | | | | 100.0% | | | | | $ | 38,899 | | | | | | 1.26% | | | | | | 100.0% | | |
|
Dollars in thousands
|
| |
Provision for
Credit Loss — Loans Expense (Benefit) |
| |
(Net Charge-offs)
Recoveries |
| |
Average
Loans |
| |
Ratio of Net
Charge-Offs (Recoveries) to Average Loans |
| ||||||||||||
|
2023
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Commercial
|
| | | $ | (570) | | | | | $ | (52) | | | | | $ | 510,832 | | | | | | 0.01% | | |
|
Commercial real estate
|
| | | | 5,777 | | | | | | (3,614) | | | | | | 1,709,718 | | | | | | 0.21% | | |
|
Construction and development
|
| | | | 5,230 | | | | | | 8 | | | | | | 443,092 | | | | | | —% | | |
|
Residential 1-4 family real estate
|
| | | | 353 | | | | | | 624 | | | | | | 660,379 | | | | | | (0.09)% | | |
|
Mortgage warehouse lines
|
| | | | — | | | | | | — | | | | | | 108,599 | | | | | | —% | | |
|
Consumer
|
| | | | 251 | | | | | | (220) | | | | | | 40,699 | | | | | | 0.54% | | |
|
Other
|
| | | | 414 | | | | | | (505) | | | | | | 4,143 | | | | | | 12.19% | | |
|
Total
|
| | | $ | 11,455 | | | | | $ | (3,759) | | | | | $ | 3,477,462 | | | | | | 0.11% | | |
|
2022
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Commercial
|
| | | | 1,774 | | | | | | (51) | | | | | | 465,878 | | | | | | 0.01% | | |
|
Commercial real estate
|
| | | | 228 | | | | | | (63) | | | | | | 1,427,845 | | | | | | —% | | |
|
Construction and development
|
| | | | 4,868 | | | | | | (62) | | | | | | 321,950 | | | | | | 0.02% | | |
|
Residential 1-4 family real estate
|
| | | | (145) | | | | | | (106) | | | | | | 534,763 | | | | | | 0.02% | | |
|
Mortgage warehouse lines
|
| | | | — | | | | | | — | | | | | | 166,879 | | | | | | —% | | |
|
Consumer
|
| | | | 70 | | | | | | (59) | | | | | | 33,647 | | | | | | 0.18% | | |
|
Other
|
| | | | 483 | | | | | | (336) | | | | | | 3,349 | | | | | | 10.03% | | |
|
Total
|
| | | $ | 7,278 | | | | | $ | (677) | | | | | $ | 2,954,311 | | | | | | 0.02% | | |
|
2021
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Commercial
|
| | | | 1,112 | | | | | | (198) | | | | | | | | | | | | | | |
|
Commercial real estate
|
| | | | (278) | | | | | | (225) | | | | | | | | | | | | | | |
|
Construction and development
|
| | | | 1,070 | | | | | | 12 | | | | | | | | | | | | | | |
|
Residential 1-4 family real estate
|
| | | | (1,210) | | | | | | (355) | | | | | | | | | | | | | | |
|
Mortgage warehouse lines
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
|
Consumer
|
| | | | (44) | | | | | | (9) | | | | | | | | | | | | | | |
|
Other
|
| | | | 265 | | | | | | (179) | | | | | | | | | | | | | | |
|
Total
|
| | | $ | 915 | | | | | $ | (954) | | | | | $ | 2,497,566 | | | | | | 0.04% | | |
| | | |
2023
|
| |||||||||||||||||||||
|
Dollars in thousands, except per share amounts
|
| |
First
Quarter |
| |
Second
Quarter |
| |
Third
Quarter |
| |
Fourth
Quarter |
| ||||||||||||
|
Interest income
|
| | | $ | 50,475 | | | | | $ | 60,863 | | | | | $ | 64,694 | | | | | $ | 66,516 | | |
|
Net interest income
|
| | | | 34,189 | | | | | | 40,313 | | | | | | 41,273 | | | | | | 40,793 | | |
|
Net income
|
| | | | 14,101 | | | | | | 8,209 | | | | | | 16,332 | | | | | | 16,597 | | |
|
Basic earnings per share
|
| | | $ | 1.09 | | | | | $ | 0.54 | | | | | $ | 1.10 | | | | | $ | 1.12 | | |
|
Diluted earnings per share
|
| | | $ | 1.08 | | | | | $ | 0.54 | | | | | $ | 1.09 | | | | | $ | 1.11 | | |
| | | |
2022
|
| |||||||||||||||||||||
|
Dollars in thousands, except per share amounts
|
| |
First
Quarter |
| |
Second
Quarter |
| |
Third
Quarter |
| |
Fourth
Quarter |
| ||||||||||||
|
Interest income
|
| | | $ | 32,893 | | | | | $ | 35,563 | | | | | $ | 42,451 | | | | | $ | 47,840 | | |
|
Net interest income
|
| | | | 29,554 | | | | | | 30,965 | | | | | | 34,113 | | | | | | 34,353 | | |
|
Net income
|
| | | | 11,693 | | | | | | 12,014 | | | | | | 14,423 | | | | | | 15,086 | | |
|
Basic earnings per share
|
| | | $ | 0.90 | | | | | $ | 0.92 | | | | | $ | 1.11 | | | | | $ | 1.16 | | |
|
Diluted earnings per share
|
| | | $ | 0.90 | | | | | $ | 0.92 | | | | | $ | 1.11 | | | | | $ | 1.16 | | |
| | | |
Estimated % Change in
Net Interest Income over: |
| |||||||||
|
Change in Interest Rates
|
| |
0 – 12 Months
|
| |
13 – 24 Months
|
| ||||||
|
Down 100 basis points(1)
|
| | | | 0.7% | | | | | | 5.6% | | |
|
Down 200 basis points(1)
|
| | | | 1.8% | | | | | | 4.7% | | |
|
Down 200 basis points – steepening curve(2)
|
| | | | 6.1% | | | | | | 18.7% | | |
|
Up 200 basis points(1)
|
| | | | -2.1% | | | | | | 4.2% | | |
| |
/s/ H. Charles Maddy, III
President and Chief Executive
Officer |
| |
/s/ Robert S. Tissue
Executive Vice President and
Chief Financial Officer |
| |
/s/ Julie R. Markwood
Executive Vice President and
Chief Accounting Officer |
|
| | | |
December 31,
|
| |||||||||
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| ||||||
| ASSETS | | | | | | | | | | | | | |
|
Cash and due from banks
|
| | | $ | 21,834 | | | | | $ | 16,469 | | |
|
Interest bearing deposits with other banks
|
| | |
|
30,398
|
| | | | | 28,248 | | |
|
Cash and cash equivalents
|
| | |
|
52,232
|
| | | | | 44,717 | | |
|
Debt securities available for sale (at fair value)
|
| | |
|
502,762
|
| | | | | 405,201 | | |
|
Debt securities held to maturity (at amortized cost; estimated fair value – $88,319 – 2023, $86,627 – 2022)
|
| | |
|
94,227
|
| | | | | 96,163 | | |
|
Less: allowance for credit losses
|
| | | | — | | | | | | — | | |
|
Debt securities held to maturity, net
|
| | |
|
94,227
|
| | | | | 96,163 | | |
|
Equity investments (at fair value)
|
| | |
|
10,958
|
| | | | | 29,494 | | |
|
Other investments
|
| | |
|
21,130
|
| | | | | 16,029 | | |
|
Loans net of unearned fees
|
| | |
|
3,681,612
|
| | | | | 3,082,818 | | |
|
Less: allowance for credit losses
|
| | |
|
(48,090)
|
| | | | | (38,899) | | |
|
Loans, net
|
| | |
|
3,633,522
|
| | | | | 3,043,919 | | |
|
Property held for sale
|
| | |
|
3,729
|
| | | | | 5,067 | | |
|
Premises and equipment, net
|
| | |
|
63,038
|
| | | | | 53,981 | | |
|
Accrued interest and fees receivable
|
| | |
|
20,004
|
| | | | | 15,866 | | |
|
Goodwill and other intangible assets, net
|
| | |
|
74,430
|
| | | | | 62,150 | | |
|
Cash surrender value of life insurance policies and annuities
|
| | |
|
85,679
|
| | | | | 71,640 | | |
|
Derivative financial instruments
|
| | |
|
33,145
|
| | | | | 40,506 | | |
|
Other assets
|
| | |
|
39,466
|
| | | | | 31,959 | | |
|
Total assets
|
| | | $ | 4,634,322 | | | | | $ | 3,916,692 | | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | | |
|
Deposits
|
| | | | | | | | | | | | |
|
Non-interest bearing
|
| | | $ | 593,576 | | | | | $ | 553,616 | | |
|
Interest bearing
|
| | |
|
3,121,572
|
| | | | | 2,616,263 | | |
|
Total deposits
|
| | |
|
3,715,148
|
| | | | | 3,169,879 | | |
|
Short-term borrowings
|
| | |
|
302,957
|
| | | | | 225,999 | | |
|
Long-term borrowings
|
| | |
|
637
|
| | | | | 658 | | |
|
Subordinated debentures, net
|
| | |
|
103,782
|
| | | | | 103,296 | | |
|
Subordinated debentures owed to unconsolidated subsidiary trusts
|
| | |
|
19,589
|
| | | | | 19,589 | | |
|
Other liabilities
|
| | |
|
52,001
|
| | | | | 42,741 | | |
|
Total liabilities
|
| | |
|
4,194,114
|
| | | | | 3,562,162 | | |
| Commitments and Contingencies | | | | | | | | | | | | | |
| Shareholders’ Equity | | | | | | | | | | | | | |
|
Preferred stock, $1.00 par value, authorized 250,000 shares; issued: 2023 and 2022 – 1,500 shares
|
| | |
|
14,920
|
| | | | | 14,920 | | |
|
Common stock and related surplus, $2.50 par value; authorized 20,000,000
shares; issued and oustanding: 2023 – 14,683,457 shares, 2022 – 12,783,646 shares |
| | |
|
129,990
|
| | | | | 90,696 | | |
|
Retained earnings
|
| | |
|
302,783
|
| | | | | 260,393 | | |
|
Accumulated other comprehensive loss
|
| | |
|
(7,485)
|
| | | | | (11,479) | | |
|
Total shareholders’ equity
|
| | |
|
440,208
|
| | | | | 354,530 | | |
|
Total liabilities and shareholders’ equity
|
| | | $ | 4,634,322 | | | | | $ | 3,916,692 | | |
| | | |
For the Year Ended December 31,
|
| |||||||||||||||
|
Dollars in thousands (except per share amounts)
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
| Interest income | | | | | | | | | | | | | | | | | | | |
|
Loans, including fees
|
| | | | | | | | | | | | | | | | | | |
|
Taxable
|
| | | $ | 217,615 | | | | | $ | 145,188 | | | | | $ | 112,268 | | |
|
Tax-exempt
|
| | |
|
240
|
| | | | | 176 | | | | | | 362 | | |
|
Securities
|
| | | | | | | | | | | | | | | | | | |
|
Taxable
|
| | |
|
18,412
|
| | | | | 8,442 | | | | | | 5,884 | | |
|
Tax-exempt
|
| | |
|
5,549
|
| | | | | 4,610 | | | | | | 3,586 | | |
|
Interest on interest bearing deposits with other banks
|
| | |
|
732
|
| | | | | 331 | | | | | | 315 | | |
|
Total interest income
|
| | |
|
242,548
|
| | | | | 158,747 | | | | | | 122,415 | | |
| Interest expense | | | | | | | | | | | | | | | | | | | |
|
Deposits
|
| | |
|
73,191
|
| | | | | 20,683 | | | | | | 8,181 | | |
|
Short-term borrowings
|
| | |
|
6,816
|
| | | | | 3,786 | | | | | | 1,768 | | |
|
Long-term borrowings and subordinated debentures
|
| | |
|
5,972
|
| | | | | 5,292 | | | | | | 2,534 | | |
|
Total interest expense
|
| | |
|
85,979
|
| | | | | 29,761 | | | | | | 12,483 | | |
|
Net interest income
|
| | |
|
156,569
|
| | | | | 128,986 | | | | | | 109,932 | | |
|
Provision for credit losses
|
| | |
|
12,250
|
| | | | | 6,950 | | | | | | 4,000 | | |
|
Net interest income after provision for credit losses
|
| | |
|
144,319
|
| | | | | 122,036 | | | | | | 105,932 | | |
| Noninterest income | | | | | | | | | | | | | | | | | | | |
|
Trust and wealth management fees
|
| | |
|
3,436
|
| | | | | 2,978 | | | | | | 2,886 | | |
|
Mortgage origination revenue
|
| | |
|
577
|
| | | | | 1,480 | | | | | | 3,999 | | |
|
Service charges on deposit accounts
|
| | |
|
6,977
|
| | | | | 6,150 | | | | | | 5,032 | | |
|
Bank card revenue
|
| | |
|
7,299
|
| | | | | 6,261 | | | | | | 5,896 | | |
|
Net realized (losses)/gains on debt securities
|
| | |
|
(266)
|
| | | | | (708) | | | | | | 425 | | |
|
Net gains on equity investments
|
| | |
|
740
|
| | | | | 265 | | | | | | 202 | | |
|
Bank owned life insurance and annuities income
|
| | |
|
1,576
|
| | | | | 1,211 | | | | | | 1,026 | | |
|
Other
|
| | |
|
537
|
| | | | | 516 | | | | | | 742 | | |
|
Total noninterest income
|
| | |
|
20,876
|
| | | | | 18,153 | | | | | | 20,208 | | |
| Noninterest expenses | | | | | | | | | | | | | | | | | | | |
|
Salaries, commissions and employee benefits
|
| | |
|
46,296
|
| | | | | 40,452 | | | | | | 34,386 | | |
|
Net occupancy expense
|
| | |
|
5,851
|
| | | | | 5,128 | | | | | | 4,824 | | |
|
Equipment expense
|
| | |
|
9,094
|
| | | | | 7,253 | | | | | | 6,990 | | |
|
Professional fees
|
| | |
|
1,775
|
| | | | | 1,628 | | | | | | 1,578 | | |
|
Advertising and public relations
|
| | |
|
1,113
|
| | | | | 893 | | | | | | 697 | | |
|
Amortization of intangibles
|
| | |
|
3,335
|
| | | | | 1,440 | | | | | | 1,563 | | |
|
FDIC premiums
|
| | |
|
2,458
|
| | | | | 1,224 | | | | | | 1,449 | | |
|
Bank card expense
|
| | |
|
3,429
|
| | | | | 2,928 | | | | | | 2,668 | | |
|
Foreclosed properties expense, net of (gains)/losses
|
| | |
|
89
|
| | | | | 236 | | | | | | 1,745 | | |
|
Acquisition-related expenses
|
| | |
|
6,444
|
| | | | | 114 | | | | | | 1,224 | | |
|
Other
|
| | |
|
14,909
|
| | | | | 11,583 | | | | | | 11,615 | | |
|
Total noninterest expenses
|
| | |
|
94,793
|
| | | | | 72,879 | | | | | | 68,739 | | |
|
Income before income tax expense
|
| | |
|
70,402
|
| | | | | 67,310 | | | | | | 57,401 | | |
|
Income tax expense
|
| | |
|
15,163
|
| | | | | 14,094 | | | | | | 11,663 | | |
|
Net income
|
| | | $ | 55,239 | | | | | $ | 53,216 | | | | | $ | 45,738 | | |
|
Preferred stock dividends
|
| | |
|
900
|
| | | | | 900 | | | | | | 589 | | |
|
Net income applicable to common shares
|
| | | $ | 54,339 | | | | | $ | 52,316 | | | | | $ | 45,149 | | |
|
Basic earnings per common share
|
| | | $ | 3.82 | | | | | $ | 4.10 | | | | | $ | 3.49 | | |
|
Diluted earnings per common share
|
| | | $ | 3.81 | | | | | $ | 4.08 | | | | | $ | 3.47 | | |
| | | |
For the Year Ended December 31,
|
| |||||||||||||||
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
|
Net income
|
| | | $ | 55,239 | | | | | $ | 53,216 | | | | | $ | 45,738 | | |
| Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | |
| Net unrealized (loss) gain on cashflow hedges of: | | | | | | | | | | | | | | | | | | | |
|
2023 – $(6,641), net of deferred taxes of $1,594; 2022 – $22,203, net of deferred taxes of $(5,329); 2021 – $6,743, net of deferred taxes of $(1,618)
|
| | |
|
(5,047)
|
| | | | | 16,874 | | | | | | 5,125 | | |
|
Net unrealized gain (loss) on fair value hedge of available for sale securities
of: |
| | | | | | | | | | | | | | | | | | |
|
2023 – $439, net of deferred taxes of $(105); 2022 – $7,663, net of deferred taxes of $(1,839); 2021 – $(550), net of deferred taxes of
$132 |
| | |
|
334
|
| | | | | 5,824 | | | | | | (418) | | |
| Net unrealized gain (loss) on debt securities available for sale of: | | | | | | | | | | | | | | | | | | | |
|
2023 – $11,434, net of deferred taxes of $(2,744) and reclassification
adjustment for net realized losses included in net income of $(266), net of tax of $64 |
| | |
|
8,690
|
| | | | | | | | | | | | | |
|
2022 – $(52,327) net of deferred taxes of $12,558 and reclassification
adjustment for net realized losses included in net income of $(708), net of tax of $170 |
| | | | | | | | | | (39,769) | | | | | | | | |
|
2021 – $(6,510), net of deferred taxes of $1,562 and reclassification adjustment for net realized gains included in net income of $425, net of tax of $(102)
|
| | | | | | | | | | | | | | | | (4,948) | | |
| Net change in actuarial (loss) gain on post-retirement benefits plan of: | | | | | | | | | | | | | | | | | | | |
|
2023 – $(33), net of deferred taxes of $8; 2022 – $214, net of deferred taxes of $(51); 2021 – $64, net of deferred taxes of $(15)
|
| | |
|
(25)
|
| | | | | 163 | | | | | | 49 | | |
| Net change in actuarial gain (loss) on defined-benefit pension plan of: | | | | | | | | | | | | | | | | | | | |
|
2023 – $55, net of deferred taxes of $(13); 2022 – $(70), net of deferred taxes of $17; 2021 – $301, net of deferred taxes of $(72)
|
| | |
|
42
|
| | | | | (53) | | | | | | 229 | | |
|
Total other comprehensive income (loss)
|
| | |
|
3,994
|
| | | | | (16,961) | | | | | | 37 | | |
|
Total comprehensive income
|
| | | $ | 59,233 | | | | | $ | 36,255 | | | | | $ | 45,775 | | |
|
Dollars in thousands (except per share amounts)
|
| |
Preferred
Stock and Related Surplus |
| |
Common
Stock and Related Surplus |
| |
Unallocated
Common Stock Held by ESOP |
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive (Loss) Income |
| |
Total
Shareholders’ Equity |
| ||||||||||||||||||
|
Balance, December 31, 2020
|
| | | $ | — | | | | | $ | 94,964 | | | | | $ | (472) | | | | | $ | 181,643 | | | | | $ | 5,445 | | | | | $ | 281,580 | | |
|
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 45,738 | | | | | | — | | | | | | 45,738 | | |
|
Other comprehensive income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 37 | | | | | | 37 | | |
|
Exercise of stock options and SARs – 10,604 shares
|
| | | | — | | | | | | 16 | | | | | | — | | | | | | — | | | | | | — | | | | | | 16 | | |
|
Vesting of RSUs – 4,171 shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Share-based compensation expense
|
| | | | — | | | | | | 646 | | | | | | — | | | | | | — | | | | | | — | | | | | | 646 | | |
|
Issuance of 1,500 shares of preferred stock, net of issuance costs
|
| | | | 14,920 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,920 | | |
|
Unallocated ESOP shares committed to be released – 23,002 shares
|
| | | | — | | | | | | 315 | | | | | | 248 | | | | | | — | | | | | | — | | | | | | 563 | | |
|
Purchase and retirement of 248,244 shares of common stock
|
| | | | — | | | | | | (6,710) | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,710) | | |
|
Common stock issuances from reinvested dividends – 11,588
shares |
| | | | — | | | | | | 294 | | | | | | — | | | | | | — | | | | | | — | | | | | | 294 | | |
|
Preferred stock cash dividends declared
|
| | | | — | | | | | | — | | | | | | — | | | | | | (589) | | | | | | | | | | | | (589) | | |
|
Common stock cash dividends declared ($0.70 per share)
|
| | | | — | | | | |
|
—
|
| | | | | — | | | | | | (9,022) | | | | | | — | | | | | | (9,022) | | |
|
Balance, December 31, 2021
|
| | | | 14,920 | | | | | | 89,525 | | | | | | (224) | | | | | | 217,770 | | | | | | 5,482 | | | | | | 327,473 | | |
|
Net income
|
| | | | — | | | | |
|
—
|
| | | | | — | | | | | | 53,216 | | | | | | — | | | | | | 53,216 | | |
|
Other comprehensive loss
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (16,961) | | | | | | (16,961) | | |
|
Exercise of SARs – 5,841 shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Vesting of RSUs – 6,205 shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Share-based compensation expense
|
| | | | — | | | | | | 624 | | | | | | — | | | | | | — | | | | | | — | | | | | | 624 | | |
|
Unallocated ESOP shares committed to be released – 20,702 shares
|
| | | | — | | | | | | 344 | | | | | | 224 | | | | | | — | | | | | | — | | | | | | 568 | | |
|
Common stock issuances from reinvested dividends – 7,773
shares |
| | | | — | | | | | | 203 | | | | | | — | | | | | | — | | | | | | — | | | | | | 203 | | |
|
Preferred stock cash dividends declared
|
| | | | — | | | | | | — | | | | | | — | | | | | | (900) | | | | | | — | | | | | | (900) | | |
|
Common stock cash dividends declared ($0.76 per share)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (9,693) | | | | | | — | | | | | | (9,693) | | |
|
Balance, December 31, 2022
|
| | | | 14,920 | | | | | | 90,696 | | | | | | — | | | | | | 260,393 | | | | | | (11,479) | | | | | | 354,530 | | |
|
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | |
|
55,239
|
| | | | | — | | | | |
|
55,239
|
| |
|
Other comprehensive income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
3,994
|
| | | |
|
3,994
|
| |
|
Exercise of SARs – 5,470 shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Vesting of RSUs – 3,484 shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Share-based compensation expense
|
| | | | — | | | | |
|
739
|
| | | | | — | | | | | | — | | | | | | — | | | | |
|
739
|
| |
|
Common stock issuances from reinvested dividends – 10,124
shares |
| | | | — | | | | |
|
249
|
| | | |
|
—
|
| | | | | — | | | | | | — | | | | |
|
249
|
| |
|
Dollars in thousands (except per share amounts)
|
| |
Preferred
Stock and Related Surplus |
| |
Common
Stock and Related Surplus |
| |
Unallocated
Common Stock Held by ESOP |
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive (Loss) Income |
| |
Total
Shareholders’ Equity |
| ||||||||||||||||||
|
Acquisition of PSB Holding Corp. – 1,880,732 shares, net of issuance costs
|
| | | | — | | | | |
|
39,020
|
| | | |
|
—
|
| | | | | — | | | | | | — | | | | |
|
39,020
|
| |
|
Purchase of minority interest
|
| | | | — | | | | |
|
(714)
|
| | | | | — | | | | | | — | | | | | | — | | | | |
|
(714)
|
| |
|
Preferred stock cash dividends declared
|
| | | | — | | | | | | — | | | | |
|
—
|
| | | |
|
(900)
|
| | | | | — | | | | |
|
(900)
|
| |
|
Common stock cash dividends declared ($0.84 per share)
|
| | | | — | | | | | | — | | | | |
|
—
|
| | | |
|
(11,949)
|
| | | | | — | | | | |
|
(11,949)
|
| |
|
Balance, December 31, 2023
|
| | | $ | 14,920 | | | | | $ | 129,990 | | | | | $ | — | | | | | $ | 302,783 | | | | | $ | (7,485) | | | | | $ | 440,208 | | |
| | |||||||||||||||||||||||||||||||||||||
| | | |
For the Year Ended December 31,
|
| |||||||||||||||
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
|
Net income
|
| | | $ | 55,239 | | | | | $ | 53,216 | | | | | $ | 45,738 | | |
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
| | | | | | | | | | | | | | | | | | |
|
Depreciation
|
| | |
|
3,848
|
| | | | | 3,608 | | | | | | 3,587 | | |
|
Provision for credit losses
|
| | |
|
12,250
|
| | | | | 6,950 | | | | | | 4,000 | | |
|
Share-based compensation expense
|
| | |
|
739
|
| | | | | 624 | | | | | | 646 | | |
|
Deferred income tax (benefit) expense
|
| | |
|
(303)
|
| | | | | 218 | | | | | | 264 | | |
|
Loans originated for sale
|
| | |
|
(4,383)
|
| | | | | (19,158) | | | | | | (107,097) | | |
|
Proceeds from sale of loans
|
| | |
|
4,460
|
| | | | | 19,712 | | | | | | 111,020 | | |
|
Gains on loans held for sale
|
| | |
|
(77)
|
| | | | | (327) | | | | | | (2,153) | | |
|
Realized losses (gains) on debt securities, net
|
| | |
|
266
|
| | | | | 708 | | | | | | (425) | | |
|
Gains on equity investments
|
| | |
|
(740)
|
| | | | | (265) | | | | | | (202) | | |
|
Gain on disposal of assets
|
| | |
|
(71)
|
| | | | | (21) | | | | | | (108) | | |
|
Write-downs of foreclosed properties
|
| | |
|
132
|
| | | | | 187 | | | | | | 1,417 | | |
|
Amortization of securities premiums, net
|
| | |
|
1,118
|
| | | | | 4,746 | | | | | | 4,348 | | |
|
Accretion related to acquisition adjustments, net
|
| | |
|
(3,899)
|
| | | | | (1,111) | | | | | | (1,583) | | |
|
Amortization of intangibles
|
| | |
|
3,335
|
| | | | | 1,440 | | | | | | 1,563 | | |
|
Earnings on bank owned life insurance and annuities
|
| | |
|
(1,715)
|
| | | | | (993) | | | | | | (1,140) | | |
|
(Increase) decrease in accrued interest receivable
|
| | |
|
(2,638)
|
| | | | | (5,288) | | | | | | 1,563 | | |
|
Decrease in other assets
|
| | |
|
1,878
|
| | | | | 434 | | | | | | 139 | | |
|
Increase in other liabilities
|
| | |
|
4,290
|
| | | | | 3,264 | | | | | | 269 | | |
|
Net cash provided by operating activities
|
| | |
|
73,729
|
| | | | | 67,944 | | | | | | 61,846 | | |
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
|
Proceeds from maturities and calls of debt securities available for sale
|
| | |
|
4,492
|
| | | | | 1,875 | | | | | | 8,070 | | |
|
Proceeds from sales of debt securities available for sale
|
| | |
|
135,701
|
| | | | | 69,211 | | | | | | 64,932 | | |
|
Principal payments received on debt securities available for sale
|
| | |
|
40,702
|
| | | | | 37,860 | | | | | | 29,869 | | |
|
Purchases of debt securities available for sale
|
| | |
|
(125,547)
|
| | | | | (168,928) | | | | | | (226,427) | | |
|
Purchase of equity investments
|
| | |
|
(744)
|
| | | | | (8,619) | | | | | | (20,000) | | |
|
Purchases of other investments
|
| | |
|
(28,860)
|
| | | | | (24,797) | | | | | | (1,152) | | |
|
Proceeds from redemptions of equity investments
|
| | |
|
21,413
|
| | | | | — | | | | | | — | | |
|
Proceeds from redemptions of other investments
|
| | |
|
23,233
|
| | | | | 18,489 | | | | | | 3,139 | | |
|
Net loan originations
|
| | |
|
(234,696)
|
| | | | | (323,320) | | | | | | (296,679) | | |
|
Purchases of premises and equipment
|
| | |
|
(7,087)
|
| | | | | (1,346) | | | | | | (4,537) | | |
|
Proceeds from disposal of premises and equipment
|
| | |
|
116
|
| | | | | 85 | | | | | | 558 | | |
|
Improvements to property held for sale
|
| | |
|
(2)
|
| | | | | (36) | | | | | | 100 | | |
|
Proceeds from sale of repossessed assets and property held for
sale |
| | |
|
1,531
|
| | | | | 4,732 | | | | | | 4,715 | | |
|
Cash and cash equivalents from acquisitions, net of cash consideration paid – 2023 – $595; 2021 – $48,920
|
| | |
|
14,364
|
| | | | | — | | | | | | 95,699 | | |
|
Purchases of life insurance contracts and annuities
|
| | |
|
(34)
|
| | | | | (10,034) | | | | | | (34) | | |
|
Net cash used in investing activities
|
| | |
|
(155,418)
|
| | | | | (404,828) | | | | | | (341,747) | | |
| CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
|
Net increase in demand deposit, NOW and savings accounts
|
| | |
|
41,045
|
| | | | | 399,225 | | | | | | 279,913 | | |
|
Net increase (decrease) in time deposits
|
| | |
|
7,335
|
| | | | | (171,524) | | | | | | (95,230) | | |
|
Net increase in short-term borrowings
|
| | |
|
59,308
|
| | | | | 85,853 | | | | | | — | | |
| | | |
For the Year Ended December 31,
|
| |||||||||||||||
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
|
Repayment of long-term borrowings
|
| | |
|
(5,165)
|
| | | | | (21) | | | | | | (20) | | |
|
Proceeds from subordinated debt
|
| | |
|
—
|
| | | | | — | | | | | | 75,000 | | |
|
Proceeds from issuance of common stock, net of issuance costs
|
| | |
|
244
|
| | | | | 203 | | | | | | 294 | | |
|
Proceeds from issuance of preferred stock, net of issuance costs
|
| | |
|
—
|
| | | | | — | | | | | | 14,920 | | |
|
Purchase and retirement of common stock
|
| | |
|
—
|
| | | | | — | | | | | | (6,710) | | |
|
Purchase of minority interest
|
| | |
|
(714)
|
| | | | | — | | | | | | — | | |
|
Exercise of stock options
|
| | |
|
—
|
| | | | | — | | | | | | 16 | | |
|
Dividends paid on common stock
|
| | |
|
(11,949)
|
| | | | | (9,693) | | | | | | (9,022) | | |
|
Dividends paid on preferred stock
|
| | |
|
(900)
|
| | | | | (900) | | | | | | (589) | | |
|
Net cash provided by financing activities
|
| | |
|
89,204
|
| | | | | 303,143 | | | | | | 258,572 | | |
|
Increase (decrease) in cash and cash equivalents
|
| | |
|
7,515
|
| | | | | (33,741) | | | | | | (21,329) | | |
|
Cash and cash equivalents
|
| | | | | | | | | | | | | | | | | | |
|
Beginning
|
| | |
|
44,717
|
| | | | | 78,458 | | | | | | 99,787 | | |
|
Ending
|
| | | $ | 52,232 | | | | | $ | 44,717 | | | | | $ | 78,458 | | |
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
| | | | | | | | | | | | | | | | | | |
|
Cash payments for:
|
| | | | | | | | | | | | | | | | | | |
|
Interest
|
| | | $ | 82,482 | | | | | $ | 27,034 | | | | | $ | 12,425 | | |
|
Income taxes
|
| | | $ | 13,264 | | | | | $ | 12,566 | | | | | $ | 10,257 | | |
|
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING
AND FINANCING ACTIVITIES |
| | | | | | | | | | | | | | | | | | |
|
Real property and other assets acquired in settlement of loans
|
| | | $ | 217 | | | | | $ | 6 | | | | | $ | 532 | | |
|
Right of use assets obtained in exchange for lease obligations
|
| | | $ | 3,950 | | | | | $ | 370 | | | | | $ | 2,023 | | |
|
SUPPLEMENTAL DISCLOSURES OF NONCASH TRANSACTIONS INCLUDED IN ACQUISITION
|
| | | | | | | | | | | | | | | | | | |
|
Assets acquired
|
| | | $ | 546,216 | | | | | $ | — | | | | | $ | 58,054 | | |
|
Liabilities assumed
|
| | | $ | 522,242 | | | | | $ | — | | | | | $ | 164,085 | | |
| | |||||||||||||||||||
| | Mergers and Acquisitions | | | | | | ||
| | Fair Value Measurements | | | | | | ||
| | Debt Securities | | | | | | ||
| | Equity and Other Investments | | | | | | ||
| | Loans and Allowance for Credit Losses on Loans | | | | | | ||
| | Property Held for Sale | | | | | | ||
| | Premises and Equipment | | | | | | ||
| | Lease Commitments | | | | | | ||
| | Goodwill and Other Intangible Assets | | | | | | ||
| | Borrowed Funds | | | | | | ||
| | Derivative Financial Instruments | | | | | | ||
| | Income Taxes | | | | | | ||
| | Employee Benefits | | | | | | ||
| | Share-Based Compensation | | | | | | ||
| | Earnings Per Share | | | | | | ||
| | Accumulated Other Comprehensive (Loss) Income | | | | | | ||
| | Revenue From Contracts with Customers | | | | | |
|
(Dollars in thousands)
|
| |
As Recorded
by Provident |
| |
Estimated
Fair Value Adjustments |
| |
Estimated
Fair Values as Recorded by Summit |
| |||||||||
|
Cash consideration
|
| | | | | | | | | | | | | | | $ | 595 | | |
|
Stock consideration
|
| | | | | | | | | | | | | | | | 39,025 | | |
|
Total consideration
|
| | | | | | | | | | | | | | | | 39,620 | | |
| Identifiable assets acquired: | | | | | | | | | | | | | | | | | | | |
|
Cash and cash equivalents
|
| | | $ | 14,959 | | | | | $ | — | | | | | $ | 14,959 | | |
|
Securities available for sale, at fair value
|
| | | | 122,734 | | | | | | — | | | | | | 122,734 | | |
|
Securities held to maturity
|
| | | | 20,466 | | | | | | (2,275) | | | | | | 18,191 | | |
|
Loans
|
| | | | | | | | | | | | | | | | | | |
|
Purchased performing
|
| | | | 363,446 | | | | | | (17,418) | | | | | | 346,028 | | |
|
Purchased credit deteriorated
|
| | | | 18,473 | | | | | | (1,495) | | | | | | 16,978 | | |
|
Allowance for credit losses on loans
|
| | | | (3,341) | | | | | | 3,341 | | | | | | — | | |
|
Premises and equipment
|
| | | | 6,600 | | | | | | (425) | | | | | | 6,175 | | |
|
Core deposit intangibles
|
| | | | — | | | | | | 14,928 | | | | | | 14,928 | | |
|
Other assets
|
| | | | 24,981 | | | | | | (3,799) | | | | | | 21,182 | | |
|
Total identifiable assets acquired
|
| | | $ | 568,318 | | | | | $ | (7,143) | | | | | $ | 561,175 | | |
| Identifiable liabilities assumed: | | | | | | | | | | | | | | | | | | | |
|
Deposits
|
| | | | 497,802 | | | | | | (249) | | | | | | 497,553 | | |
|
Short-term borrowings
|
| | | | 17,650 | | | | | | — | | | | | | 17,650 | | |
|
Long-term borrowings
|
| | | | 5,209 | | | | | | (66) | | | | | | 5,143 | | |
|
Other liabilities
|
| | | | 7,284 | | | | | | (5,388) | | | | | | 1,896 | | |
|
Total identifiable liabilities assumed
|
| | | $ | 527,945 | | | | | $ | (5,703) | | | | | $ | 522,242 | | |
|
Net identifiable assets acquired
|
| | | $ | 40,373 | | | | | $ | (1,440) | | | | | $ | 38,933 | | |
|
Preliminary goodwill resulting from acquisition
|
| | | | | | | | | | | | | | |
$
|
687
|
| |
|
(Dollars in thousands)
|
| |
As Recorded
by MVB |
| |
Estimated
Fair Value Adjustments |
| |
Estimated
Fair Values as Recorded by Summit |
| |||||||||
|
Cash consideration
|
| | | | | | | | | | | | | | | $ | 9,807 | | |
|
Total consideration
|
| | | | | | | | | | | | | | | | 9,807 | | |
| Identifiable assets acquired: | | | | | | | | | | | | | | | | | | | |
|
Cash and cash equivalents
|
| | | $ | 946 | | | | | $ | — | | | | | $ | 946 | | |
|
Loans
|
| | | | | | | | | | | | | | | | | | |
|
Purchased performing
|
| | | | 53,440 | | | | | | 478 | | | | | | 53,918 | | |
|
Purchased credit deteriorated
|
| | | | 488 | | | | | | (91) | | | | | | 397 | | |
|
Premises and equipment
|
| | | | 3,431 | | | | | | (129) | | | | | | 3,302 | | |
|
Core deposit intangibles
|
| | | | — | | | | | | 178 | | | | | | 178 | | |
|
Other assets
|
| | | | 260 | | | | | | — | | | | | | 260 | | |
|
Total identifiable assets acquired
|
| | | $ | 58,565 | | | | | $ | 436 | | | | | $ | 59,001 | | |
| Identifiable liabilities assumed: | | | | | | | | | | | | | | | | | | | |
|
Deposits
|
| | | | 163,081 | | | | | | 959 | | | | | | 164,040 | | |
|
Other liabilities
|
| | | | 45 | | | | | | — | | | | | | 45 | | |
|
Total identifiable liabilities assumed
|
| | | $ | 163,126 | | | | | $ | 959 | | | | | $ | 164,085 | | |
|
Net liabilities assumed
|
| | | $ | (104,561) | | | | | $ | (523) | | | | | $ | (105,084) | | |
|
Net cash received from MVB
|
| | | | | | | | | | | | | | | | 94,753 | | |
|
Goodwill resulting from acquisition
|
| | | | | | | | | | | | | | |
$
|
10,331
|
| |
| | | |
For the Year
Ended December 31, |
| |||||||||
|
Dollars in thousands
|
| |
2023
|
| |
2021
|
| ||||||
|
Purchase price of PCD loans at acquisition
|
| | | $ | 18,473 | | | | | $ | 488 | | |
|
Allowance for credit losses – loans at acquisition
|
| | | | 1,495 | | | | | | 91 | | |
|
Non-credit discount at acquisition
|
| | | | 729 | | | | | | (2) | | |
|
Par value of PCD loans at acquisition
|
| | | | 16,249 | | | | | | 399 | | |
|
Dollars in thousands
|
| |
Balance at
December 31, 2023 |
| |
Fair Value Measurements Using:
|
| ||||||||||||||||||
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||||||||||
| Debt securities available for sale | | | | | | | | | | | | | | | | | | | | | | | | | |
|
U.S. Government sponsored agencies
|
| | | $ | 22,825 | | | | | $ | — | | | | | $ | 22,825 | | | | | $ | — | | |
|
Residential mortgage-backed securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Government sponsored agencies
|
| | | | 129,567 | | | | | | — | | | | | | 129,567 | | | | | | — | | |
|
Nongovernment sponsored entities
|
| | | | 73,869 | | | | | | — | | | | | | 69,262 | | | | | | 4,607 | | |
|
State and political subdivisions
|
| | | | 94,929 | | | | | | — | | | | | | 94,929 | | | | | | — | | |
|
Corporate debt securities
|
| | | | 37,907 | | | | | | — | | | | | | 37,907 | | | | | | — | | |
|
Asset-backed securities
|
| | | | 44,205 | | | | | | — | | | | | | 44,205 | | | | | | — | | |
|
Tax-exempt state and political subdivisions
|
| | | | 99,460 | | | | | | — | | | | | | 99,460 | | | | | | — | | |
|
Total debt securities available for sale
|
| | | $ | 502,762 | | | | | $ | — | | | | | $ | 498,155 | | | | | $ | 4,607 | | |
|
Equity investments
|
| | | $ | 10,958 | | | | | $ | 6,557 | | | | | $ | 4,401 | | | | | $ | — | | |
| Derivative financial assets | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Interest rate caps
|
| | | $ | 24,314 | | | | | $ | — | | | | | $ | 24,314 | | | | | $ | — | | |
|
Interest rate swaps
|
| | | | 8,831 | | | | | | — | | | | | | 8,831 | | | | | | — | | |
|
Dollars in thousands
|
| |
Balance at
December 31, 2022 |
| |
Fair Value Measurements Using:
|
| ||||||||||||||||||
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||||||||||
| Debt securities available for sale | | | | | | | | | | | | | | | | | | | | | | | | | |
|
U.S. Government sponsored agencies
|
| | | $ | 20,219 | | | | | $ | — | | | | | $ | 20,219 | | | | | $ | — | | |
|
Residential mortgage-backed securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Government sponsored agencies
|
| | | | 51,456 | | | | | | — | | | | | | 51,456 | | | | | | — | | |
|
Nongovernment sponsored entities
|
| | | | 61,617 | | | | | | — | | | | | | 61,617 | | | | | | — | | |
|
State and political subdivisions
|
| | | | 93,067 | | | | | | — | | | | | | 93,067 | | | | | | — | | |
|
Corporate debt securities
|
| | | | 31,628 | | | | | | — | | | | | | 29,788 | | | | | | 1,840 | | |
|
Asset-backed securities
|
| | | | 19,476 | | | | | | — | | | | | | 19,476 | | | | | | — | | |
|
Tax-exempt state and political subdivisions
|
| | | | 127,738 | | | | | | — | | | | | | 127,738 | | | | | | — | | |
|
Total debt securities available for sale
|
| | | $ | 405,201 | | | | | $ | — | | | | | $ | 403,361 | | | | | $ | 1,840 | | |
|
Equity investments
|
| | | $ | 29,494 | | | | | $ | 25,766 | | | | | $ | 3,728 | | | | | $ | — | | |
| Derivative financial assets | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Interest rate caps
|
| | | $ | 30,601 | | | | | $ | — | | | | | $ | 30,601 | | | | | $ | — | | |
|
Interest rate swaps
|
| | | | 9,905 | | | | | | — | | | | | | 9,905 | | | | | | — | | |
|
Dollars in thousands
|
| |
Balance at
December 31, 2023 |
| |
Fair Value Measurements Using:
|
| ||||||||||||||||||
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||||||||||
| Collateral-dependent loans with an ACLL | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Commercial real estate
|
| | | $ | 13,488 | | | | | $ | — | | | | | $ | 13,488 | | | | | $ | — | | |
|
Construction and development
|
| | | | 248 | | | | | | — | | | | | | 248 | | | | | | — | | |
|
Residential real estate
|
| | | | 637 | | | | | | — | | | | | | 637 | | | | | | — | | |
|
Total collateral-dependent loans with an ACLL
|
| | | $ | 14,373 | | | | | $ | — | | | | | $ | 14,373 | | | | | $ | — | | |
| Property held for sale | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Commercial real estate
|
| | | $ | 297 | | | | | $ | — | | | | | $ | 297 | | | | | $ | — | | |
|
Construction and development
|
| | | | 3,176 | | | | | | — | | | | | | 3,176 | | | | | | — | | |
|
Total property held for sale
|
| | | $ | 3,473 | | | | | $ | — | | | | | $ | 3,473 | | | | | $ | — | | |
|
Dollars in thousands
|
| |
Balance at
December 31, 2022 |
| |
Fair Value Measurements Using:
|
| ||||||||||||||||||
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||||||||||
| Collateral-dependent loans with an ACLL | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Commercial real estate
|
| | | $ | 3,051 | | | | | $ | — | | | | | $ | 3,051 | | | | | $ | — | | |
|
Construction and development
|
| | | | 350 | | | | | | — | | | | | | 350 | | | | | | — | | |
|
Residential real estate
|
| | | | 182 | | | | | | — | | | | | | 182 | | | | | | — | | |
|
Total collateral-dependent loans with an ACLL
|
| | | $ | 3,583 | | | | | $ | — | | | | | $ | 3,583 | | | | | $ | — | | |
| Property held for sale | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Commercial real estate
|
| | | $ | 297 | | | | | $ | — | | | | | $ | 297 | | | | | $ | — | | |
|
Construction and development
|
| | | | 4,480 | | | | | | — | | | | | | 4,480 | | | | | | — | | |
|
Total property held for sale
|
| | | $ | 4,777 | | | | | $ | — | | | | | $ | 4,777 | | | | | $ | — | | |
| | | |
At December 31, 2023
|
| |
Fair Value Measurements Using:
|
| ||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Carrying
Value |
| |
Estimated
Fair Value |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||||||||
| Financial assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Cash and cash equivalents
|
| | | $ | 52,232 | | | | | $ | 52,232 | | | | | $ | 21,834 | | | | | $ | 30,398 | | | | | $ | — | | |
|
Debt securities available for sale
|
| | | | 502,762 | | | | | | 502,762 | | | | | | — | | | | | | 498,155 | | | | | | 4,607 | | |
|
Debt securities held to maturity
|
| | | | 94,227 | | | | | | 88,319 | | | | | | — | | | | | | 88,319 | | | | | | — | | |
|
Equity investments
|
| | | | 10,958 | | | | | | 10,958 | | | | | | 6,557 | | | | | | 4,401 | | | | | | — | | |
|
Other investments
|
| | | | 21,130 | | | | | | 21,130 | | | | | | — | | | | | | 21,130 | | | | | | — | | |
|
Loans, net
|
| | | | 3,633,522 | | | | | | 3,467,324 | | | | | | — | | | | | | 14,373 | | | | | | 3,452,951 | | |
|
Accrued interest receivable
|
| | | | 20,004 | | | | | | 20,004 | | | | | | — | | | | | | 20,004 | | | | | | — | | |
|
Cash surrender value of life insurance policies and annuities
|
| | | | 85,679 | | | | | | 85,679 | | | | | | — | | | | | | 85,679 | | | | | | — | | |
|
Derivative financial assets
|
| | | | 33,145 | | | | | | 33,145 | | | | | | — | | | | | | 33,145 | | | | | | — | | |
| | | | | $ | 4,453,659 | | | | | $ | 4,281,553 | | | | | $ | 28,391 | | | | | $ | 795,604 | | | | | $ | 3,457,558 | | |
| Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Deposits
|
| | | $ | 3,715,148 | | | | | $ | 3,706,250 | | | | | $ | — | | | | | $ | 3,706,250 | | | | | $ | — | | |
|
Short-term borrowings
|
| | | | 302,957 | | | | | | 302,957 | | | | | | — | | | | | | 302,957 | | | | | | — | | |
|
Long-term borrowings
|
| | | | 637 | | | | | | 642 | | | | | | — | | | | | | 642 | | | | | | — | | |
|
Subordinated debentures
|
| | | | 103,782 | | | | | | 90,902 | | | | | | — | | | | | | 90,902 | | | | | | — | | |
|
Subordinated debentures owed to unconsolidated subsidiary trusts
|
| | | | 19,589 | | | | | | 19,589 | | | | | | — | | | | | | 19,589 | | | | | | — | | |
|
Accrued interest payable
|
| | | | 3,980 | | | | | | 3,980 | | | | | | — | | | | | | 3,980 | | | | | | — | | |
| | | | | $ | 4,146,093 | | | | | $ | 4,124,320 | | | | | $ | — | | | | | $ | 4,124,320 | | | | | $ | — | | |
| | | |
At December 31, 2022
|
| |
Fair Value Measurements Using:
|
| ||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Carrying
Value |
| |
Estimated
Fair Value |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||||||||
| Financial assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Cash and cash equivalents
|
| | | $ | 44,717 | | | | | $ | 44,717 | | | | | $ | 16,469 | | | | | $ | 28,248 | | | | | $ | — | | |
|
Debt securities available for sale
|
| | | | 405,201 | | | | | | 405,201 | | | | | | — | | | | | | 403,361 | | | | | | 1,840 | | |
|
Debt securities held to maturity
|
| | | | 96,163 | | | | | | 86,627 | | | | | | — | | | | | | 86,627 | | | | | | — | | |
|
Equity investments
|
| | | | 29,494 | | | | | | 29,494 | | | | | | 25,766 | | | | | | 3,728 | | | | | | — | | |
|
Other investments
|
| | | | 16,029 | | | | | | 16,029 | | | | | | — | | | | | | 16,029 | | | | | | — | | |
|
Loans, net
|
| | | | 3,043,919 | | | | | | 2,966,814 | | | | | | — | | | | | | 3,583 | | | | | | 2,963,231 | | |
|
Accrued interest receivable
|
| | | | 15,866 | | | | | | 15,866 | | | | | | — | | | | | | 15,866 | | | | | | — | | |
|
Cash surrender value of life insurance policies and annuities
|
| | | | 71,640 | | | | | | 71,640 | | | | | | — | | | | | | 71,640 | | | | | | — | | |
|
Derivative financial assets
|
| | | | 40,506 | | | | | | 40,506 | | | | | | — | | | | | | 40,506 | | | | | | — | | |
| | | | | $ | 3,763,535 | | | | | $ | 3,676,894 | | | | | $ | 42,235 | | | | | $ | 669,588 | | | | | $ | 2,965,071 | | |
| | | |
At December 31, 2022
|
| |
Fair Value Measurements Using:
|
| ||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Carrying
Value |
| |
Estimated
Fair Value |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||||||||
| Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Deposits
|
| | | $ | 3,169,879 | | | | | $ | 3,155,725 | | | | | $ | — | | | | | $ | 3,155,725 | | | | | $ | — | | |
|
Short-term borrowings
|
| | | | 225,999 | | | | | | 225,999 | | | | | | — | | | | | | 225,999 | | | | | | — | | |
|
Long-term borrowings
|
| | | | 658 | | | | | | 667 | | | | | | — | | | | | | 667 | | | | | | — | | |
|
Subordinated debentures
|
| | | | 103,296 | | | | | | 91,801 | | | | | | — | | | | | | 91,801 | | | | | | — | | |
|
Subordinated debentures owed to unconsolidated subsidiary trusts
|
| | | | 19,589 | | | | | | 19,589 | | | | | | — | | | | | | 19,589 | | | | | | — | | |
|
Accrued interest payable
|
| | | | 2,357 | | | | | | 2,357 | | | | | | — | | | | | | 2,357 | | | | | | — | | |
| | | | | $ | 3,521,778 | | | | | $ | 3,496,138 | | | | | $ | — | | | | | $ | 3,496,138 | | | | | $ | — | | |
| | |||||||||||||||||||||||||||||||
| | | |
December 31, 2023
|
| |||||||||||||||||||||
| | | | | | | | | |
Unrealized
|
| | | | | | | |||||||||
|
Dollars in thousands
|
| |
Amortized
Cost |
| |
Gains
|
| |
Losses
|
| |
Fair Value
|
| ||||||||||||
| Debt Securities Available for Sale | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Taxable debt securities
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
U.S. Government and agencies and corporations
|
| | | $ | 23,295 | | | | | $ | 38 | | | | | $ | 508 | | | | | $ | 22,825 | | |
|
Residential mortgage-backed securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Government-sponsored agencies
|
| | | | 133,709 | | | | | | 729 | | | | | | 4,871 | | | | | | 129,567 | | |
|
Nongovernment-sponsored entities
|
| | | | 78,350 | | | | | | 22 | | | | | | 4,503 | | | | | | 73,869 | | |
|
State and political subdivisions
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
General obligations
|
| | | | 79,323 | | | | | | 3 | | | | | | 14,995 | | | | | | 64,331 | | |
|
Various tax revenues
|
| | | | 10,665 | | | | | | — | | | | | | 2,107 | | | | | | 8,558 | | |
|
Other revenues
|
| | | | 26,822 | | | | | | — | | | | | | 4,782 | | | | | | 22,040 | | |
|
Corporate debt securities
|
| | | | 39,618 | | | | | | 52 | | | | | | 1,763 | | | | | | 37,907 | | |
|
Asset-backed securities
|
| | | | 44,388 | | | | | | 81 | | | | | | 264 | | | | | | 44,205 | | |
|
Total taxable debt securities
|
| | | | 436,170 | | | | | | 925 | | | | | | 33,793 | | | | | | 403,302 | | |
|
Tax-exempt debt securities
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
State and political subdivisions
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
General obligations
|
| | | | 80,144 | | | | | | 581 | | | | | | 3,716 | | | | | | 77,009 | | |
|
Other revenues
|
| | | | 24,882 | | | | | | 28 | | | | | | 2,459 | | | | | | 22,451 | | |
|
Total tax-exempt debt securities
|
| | | | 105,026 | | | | | | 609 | | | | | | 6,175 | | | | | | 99,460 | | |
|
Total debt securities available for sale
|
| | | $ | 541,196 | | | | | $ | 1,534 | | | | | $ | 39,968 | | | | | $ | 502,762 | | |
| | | |
December 31, 2022
|
| |||||||||||||||||||||
| | | | | | | | | |
Unrealized
|
| | | | | | | |||||||||
|
Dollars in thousands
|
| |
Amortized
Cost |
| |
Gains
|
| |
Losses
|
| |
Fair Value
|
| ||||||||||||
| Debt Securities Available for Sale | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Taxable debt securities
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
U.S. Government and agencies and corporations
|
| | | $ | 20,446 | | | | | $ | 83 | | | | | $ | 310 | | | | | $ | 20,219 | | |
|
Residential mortgage-backed securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Government-sponsored agencies
|
| | | | 55,184 | | | | | | 80 | | | | | | 3,808 | | | | | | 51,456 | | |
|
Nongovernment-sponsored entities
|
| | | | 65,860 | | | | | | 48 | | | | | | 4,291 | | | | | | 61,617 | | |
|
State and political subdivisions
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
General obligations
|
| | | | 82,410 | | | | | | 9 | | | | | | 19,924 | | | | | | 62,495 | | |
| | | |
December 31, 2022
|
| |||||||||||||||||||||
| | | | | | | | | |
Unrealized
|
| | | | | | | |||||||||
|
Dollars in thousands
|
| |
Amortized
Cost |
| |
Gains
|
| |
Losses
|
| |
Fair Value
|
| ||||||||||||
|
Various tax revenues
|
| | | | 10,699 | | | | | | — | | | | | | 2,591 | | | | | | 8,108 | | |
|
Other revenues
|
| | | | 29,044 | | | | | | — | | | | | | 6,580 | | | | | | 22,464 | | |
|
Corporate debt securities
|
| | | | 33,409 | | | | | | 44 | | | | | | 1,825 | | | | | | 31,628 | | |
|
Asset-backed securities
|
| | | | 20,009 | | | | | | — | | | | | | 533 | | | | | | 19,476 | | |
|
Total taxable debt securities
|
| | | | 317,061 | | | | | | 264 | | | | | | 39,862 | | | | | | 277,463 | | |
|
Tax-exempt debt securities
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
State and political subdivisions
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
General obligations
|
| | | | 93,910 | | | | | | 281 | | | | | | 6,719 | | | | | | 87,472 | | |
|
Water and sewer revenues
|
| | | | 17,560 | | | | | | 120 | | | | | | 1,154 | | | | | | 16,526 | | |
|
Lease revenues
|
| | | | 7,411 | | | | | | 47 | | | | | | 411 | | | | | | 7,047 | | |
|
Various tax revenues
|
| | | | 7,851 | | | | | | — | | | | | | 1,115 | | | | | | 6,736 | | |
|
Other revenues
|
| | | | 11,274 | | | | | | 9 | | | | | | 1,326 | | | | | | 9,957 | | |
|
Total tax-exempt debt securities
|
| | | | 138,006 | | | | | | 457 | | | | | | 10,725 | | | | | | 127,738 | | |
|
Total debt securities available for sale
|
| | | $ | 455,067 | | | | | $ | 721 | | | | | $ | 50,587 | | | | | $ | 405,201 | | |
| | |||||||||||||||||||||||||
| | | |
December 31, 2023
|
| |||||||||||||||||||||
| | | | | | | | | |
Unrealized
|
| | | | | | | |||||||||
|
Dollars in thousands
|
| |
Amortized
Cost |
| |
Gains
|
| |
Losses
|
| |
Fair Value
|
| ||||||||||||
|
California
|
| | | $ | 43,903 | | | | | $ | — | | | | | $ | 8,423 | | | | | $ | 35,480 | | |
|
Texas
|
| | | | 29,284 | | | | | | 220 | | | | | | 3,604 | | | | | | 25,900 | | |
|
Michigan
|
| | | | 18,749 | | | | | | 8 | | | | | | 1,481 | | | | | | 17,276 | | |
|
Oregon
|
| | | | 14,719 | | | | | | — | | | | | | 3,006 | | | | | | 11,713 | | |
|
Pennsylvania
|
| | | | 11,214 | | | | | | 19 | | | | | | 1,231 | | | | | | 10,002 | | |
|
Dollars in thousands
|
| |
Proceeds from
|
| |
Gross realized
|
| ||||||||||||||||||||||||
|
Years ended December 31,
|
| |
Sales
|
| |
Calls and
Maturities |
| |
Principal
Payments |
| |
Gains
|
| |
Losses
|
| |||||||||||||||
|
2023
|
| | | $ | 135,701 | | | | | $ | 4,492 | | | | | $ | 40,702 | | | | | $ | 1,254 | | | | | $ | 1,520 | | |
|
2022
|
| | | | 69,211 | | | | | | 1,875 | | | | | | 37,860 | | | | | | 288 | | | | | | 996 | | |
|
2021
|
| | | | 64,932 | | | | | | 8,070 | | | | | | 29,869 | | | | | | 1,210 | | | | | | 785 | | |
|
Dollars in thousands
|
| |
Amortized
Cost |
| |
Fair Value
|
| ||||||
|
Due in one year or less
|
| | | $ | 61,455 | | | | | $ | 59,934 | | |
|
Due from one to five years
|
| | | | 161,414 | | | | | | 156,157 | | |
|
Due from five to ten years
|
| | | | 112,930 | | | | | | 105,048 | | |
|
Due after ten years
|
| | | | 205,397 | | | | | | 181,623 | | |
|
Total
|
| | | $ | 541,196 | | | | | $ | 502,762 | | |
| | | |
2023
|
| |||||||||||||||||||||||||||||||||||||||
| | | | | | | | | |
Less than 12 months
|
| |
12 months or more
|
| |
Total
|
| |||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
# of
securities in loss position |
| |
Fair Value
|
| |
Unrealized
Loss |
| |
Fair Value
|
| |
Unrealized
Loss |
| |
Fair Value
|
| |
Unrealized
Loss |
| |||||||||||||||||||||
| Taxable debt securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
U.S. Government agencies and corporations
|
| | | | 39 | | | | | $ | 11,809 | | | | | $ | 287 | | | | | $ | 9,329 | | | | | $ | 221 | | | | | $ | 21,138 | | | | | $ | 508 | | |
|
Residential mortgage-backed securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Government-sponsored
agencies |
| | | | 133 | | | | | | 68,815 | | | | | | 1,528 | | | | | | 32,902 | | | | | | 3,343 | | | | | | 101,717 | | | | | | 4,871 | | |
|
Nongovernment-sponsored entities
|
| | | | 35 | | | | | | 27,804 | | | | | | 1,493 | | | | | | 40,274 | | | | | | 3,010 | | | | | | 68,078 | | | | | | 4,503 | | |
|
State and political subdivisions:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
General obligations
|
| | | | 54 | | | | | | — | | | | | | — | | | | | | 63,336 | | | | | | 14,995 | | | | | | 63,336 | | | | | | 14,995 | | |
|
Various tax revenues
|
| | | | 7 | | | | | | — | | | | | | — | | | | | | 8,558 | | | | | | 2,107 | | | | | | 8,558 | | | | | | 2,107 | | |
|
Other revenues
|
| | | | 21 | | | | | | 1,530 | | | | | | 56 | | | | | | 18,854 | | | | | | 4,726 | | | | | | 20,384 | | | | | | 4,782 | | |
|
Corporate debt securities
|
| | | | 21 | | | | | | 6,758 | | | | | | 341 | | | | | | 18,310 | | | | | | 1,422 | | | | | | 25,068 | | | | | | 1,763 | | |
|
Asset-backed securities
|
| | | | 17 | | | | | | 23,823 | | | | | | 110 | | | | | | 9,961 | | | | | | 154 | | | | | | 33,784 | | | | | | 264 | | |
| | | |
2023
|
| |||||||||||||||||||||||||||||||||||||||
| | | | | | | | | |
Less than 12 months
|
| |
12 months or more
|
| |
Total
|
| |||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
# of
securities in loss position |
| |
Fair Value
|
| |
Unrealized
Loss |
| |
Fair Value
|
| |
Unrealized
Loss |
| |
Fair Value
|
| |
Unrealized
Loss |
| |||||||||||||||||||||
| Tax-exempt debt securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
State and political subdivisions:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
General obligations
|
| | | | 39 | | | | | | 7,479 | | | | | | 69 | | | | | | 43,626 | | | | | | 3,647 | | | | | | 51,105 | | | | | | 3,716 | | |
|
Other revenues
|
| | | | 19 | | | | | | 807 | | | | | | 28 | | | | | | 19,317 | | | | | | 2,431 | | | | | | 20,124 | | | | | | 2,459 | | |
|
Total
|
| | | | 385 | | | | | $ | 148,825 | | | | | $ | 3,912 | | | | | $ | 264,467 | | | | | $ | 36,056 | | | | | $ | 413,292 | | | | | $ | 39,968 | | |
| | |||||||||||||||||||||||||||||||||||||||||||
| | | |
2022
|
| |||||||||||||||||||||||||||||||||||||||
| | | | | | | | | |
Less than 12 months
|
| |
12 months or more
|
| |
Total
|
| |||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
# of
securities in loss position |
| |
Fair Value
|
| |
Unrealized
Loss |
| |
Fair Value
|
| |
Unrealized
Loss |
| |
Fair Value
|
| |
Unrealized
Loss |
| |||||||||||||||||||||
| Taxable debt securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
U.S. Government agencies and corporations
|
| | | | 28 | | | | | $ | 8,012 | | | | | $ | 99 | | | | | $ | 9,577 | | | | | $ | 211 | | | | | $ | 17,589 | | | | | $ | 310 | | |
|
Residential mortgage-backed securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Government-sponsored
agencies |
| | | | 58 | | | | | | 21,831 | | | | | | 1,104 | | | | | | 19,459 | | | | | | 2,704 | | | | | | 41,290 | | | | | | 3,808 | | |
|
Nongovernment-sponsored entities
|
| | | | 27 | | | | | | 35,727 | | | | | | 2,974 | | | | | | 10,041 | | | | | | 1,317 | | | | | | 45,768 | | | | | | 4,291 | | |
|
State and political subdivisions:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
General obligations
|
| | | | 56 | | | | | | 11,258 | | | | | | 1,476 | | | | | | 49,858 | | | | | | 18,448 | | | | | | 61,116 | | | | | | 19,924 | | |
|
Various tax revenues
|
| | | | 7 | | | | | | 1,352 | | | | | | 276 | | | | | | 6,756 | | | | | | 2,315 | | | | | | 8,108 | | | | | | 2,591 | | |
|
Other revenues
|
| | | | 23 | | | | | | 6,361 | | | | | | 1,040 | | | | | | 16,103 | | | | | | 5,540 | | | | | | 22,464 | | | | | | 6,580 | | |
|
Corporate debt securities
|
| | | | 20 | | | | | | 8,308 | | | | | | 591 | | | | | | 13,072 | | | | | | 1,234 | | | | | | 21,380 | | | | | | 1,825 | | |
|
Asset-backed securities
|
| | | | 13 | | | | | | 11,680 | | | | | | 277 | | | | | | 7,796 | | | | | | 256 | | | | | | 19,476 | | | | | | 533 | | |
| Tax-exempt debt securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
State and political subdivisions:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
General obligations
|
| | | | 52 | | | | | | 50,671 | | | | | | 1,823 | | | | | | 26,062 | | | | | | 4,896 | | | | | | 76,733 | | | | | | 6,719 | | |
|
Water and sewer revenues
|
| | | | 13 | | | | | | 8,800 | | | | | | 403 | | | | | | 4,471 | | | | | | 751 | | | | | | 13,271 | | | | | | 1,154 | | |
|
Lease revenues
|
| | | | 2 | | | | | | 3,330 | | | | | | 11 | | | | | | 1,985 | | | | | | 400 | | | | | | 5,315 | | | | | | 411 | | |
|
Various tax revenues
|
| | | | 4 | | | | | | 3,597 | | | | | | 439 | | | | | | 3,139 | | | | | | 676 | | | | | | 6,736 | | | | | | 1,115 | | |
|
Other revenues
|
| | | | 7 | | | | | | 2,900 | | | | | | 393 | | | | | | 4,812 | | | | | | 933 | | | | | | 7,712 | | | | | | 1,326 | | |
|
Total
|
| | | | 310 | | | | | $ | 173,827 | | | | | $ | 10,906 | | | | | $ | 173,131 | | | | | $ | 39,681 | | | | | $ | 346,958 | | | | | $ | 50,587 | | |
| | | |
December 31, 2023
|
| |||||||||||||||||||||
|
Dollars in thousands
|
| |
Amortized
Cost |
| |
Unrealized
|
| |
Estimated
Fair Value |
| |||||||||||||||
| |
Gains
|
| |
Losses
|
| ||||||||||||||||||||
| Debt Securities Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Tax-exempt debt securities
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
State and political subdivisions
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
General obligations
|
| | | $ | 68,966 | | | | | $ | — | | | | | $ | 4,029 | | | | | $ | 64,937 | | |
|
Water and sewer revenues
|
| | | | 7,816 | | | | | | — | | | | | | 417 | | | | | | 7,399 | | |
|
Lease revenues
|
| | | | 4,151 | | | | | | — | | | | | | 321 | | | | | | 3,830 | | |
|
Sales tax revenues
|
| | | | 4,446 | | | | | | — | | | | | | 409 | | | | | | 4,037 | | |
|
Various tax revenues
|
| | | | 5,425 | | | | | | — | | | | | | 536 | | | | | | 4,889 | | |
|
Other revenues
|
| | | | 3,423 | | | | | | — | | | | | | 196 | | | | | | 3,227 | | |
|
Total Debt Securities Held to Maturity
|
| | | $ | 94,227 | | | | | $ | — | | | | | $ | 5,908 | | | | | $ | 88,319 | | |
| | | |
December 31, 2022
|
| |||||||||||||||||||||
|
Dollars in thousands
|
| |
Amortized
Cost |
| |
Unrealized
|
| |
Estimated
Fair Value |
| |||||||||||||||
| |
Gains
|
| |
Losses
|
| ||||||||||||||||||||
| Debt Securities Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Tax-exempt debt securities
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
State and political subdivisions
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
General obligations
|
| | | $ | 70,401 | | | | | $ | — | | | | | $ | 6,480 | | | | | $ | 63,921 | | |
|
Water and sewer revenues
|
| | | | 8,006 | | | | | | — | | | | | | 672 | | | | | | 7,334 | | |
|
Lease revenues
|
| | | | 4,234 | | | | | | — | | | | | | 534 | | | | | | 3,700 | | |
|
Sales tax revenues
|
| | | | 4,515 | | | | | | — | | | | | | 689 | | | | | | 3,826 | | |
|
Various tax revenues
|
| | | | 5,511 | | | | | | — | | | | | | 871 | | | | | | 4,640 | | |
|
Other revenues
|
| | | | 3,496 | | | | | | — | | | | | | 290 | | | | | | 3,206 | | |
|
Total Debt Securities Held to Maturity
|
| | | $ | 96,163 | | | | | $ | — | | | | | $ | 9,536 | | | | | $ | 86,627 | | |
| | | |
December 31, 2023
|
| |||||||||||||||||||||
|
Dollars in thousands
|
| |
Amortized
Cost |
| |
Unrealized
|
| |
Estimated
Fair Value |
| |||||||||||||||
| |
Gains
|
| |
Losses
|
| ||||||||||||||||||||
|
Texas
|
| | | $ | 14,795 | | | | | $ | — | | | | | $ | 854 | | | | | $ | 13,941 | | |
|
California
|
| | | | 9,450 | | | | | | — | | | | | | 454 | | | | | | 8,996 | | |
|
Pennsylvania
|
| | | | 8,322 | | | | | | — | | | | | | 439 | | | | | | 7,883 | | |
|
Florida
|
| | | | 7,331 | | | | | | — | | | | | | 637 | | | | | | 6,694 | | |
|
Michigan
|
| | | | 6,772 | | | | | | — | | | | | | 503 | | | | | | 6,269 | | |
| | | |
December 31, 2023
|
| |||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
AAA
|
| |
AA
|
| |
A
|
| |
BBB
|
| |
Below
Investment Grade |
| |||||||||||||||
|
Tax-exempt state and political subdivisions
|
| | | $ | 14,866 | | | | | $ | 72,086 | | | | | $ | 7,275 | | | | | $ | — | | | | | $ | — | | |
| | | |
December 31, 2022
|
| |||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
AAA
|
| |
AA
|
| |
A
|
| |
BBB
|
| |
Below
Investment Grade |
| |||||||||||||||
|
Tax-exempt state and political subdivisions
|
| | | $ | 12,846 | | | | | $ | 75,932 | | | | | $ | 7,385 | | | | | $ | — | | | | | $ | — | | |
|
Dollars in thousands
|
| |
Amortized
Cost |
| |
Estimated
Fair Value |
| ||||||
|
Due in one year or less
|
| | | $ | — | | | | | $ | — | | |
|
Due from one to five years
|
| | | | — | | | | | | — | | |
|
Due from five to ten years
|
| | | | 4,025 | | | | | | 3,856 | | |
|
Due after ten years
|
| | | | 90,202 | | | | | | 84,463 | | |
|
Total
|
| | | $ | 94,227 | | | | | $ | 88,319 | | |
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| ||||||
|
Commercial
|
| | | $ | 503,842 | | | | | $ | 501,844 | | |
| Commercial real estate – owner occupied | | | | | | | | | | | | | |
|
Professional & medical
|
| | | | 156,941 | | | | | | 120,872 | | |
|
Retail
|
| | | | 170,391 | | | | | | 188,196 | | |
|
Other
|
| | | | 217,776 | | | | | | 157,982 | | |
| Commercial real estate – non-owner occupied | | | | | | | | | | | | | |
|
Hotels & motels
|
| | | | 215,642 | | | | | | 141,042 | | |
|
Mini-storage
|
| | | | 68,517 | | | | | | 51,109 | | |
|
Multifamily
|
| | | | 302,298 | | | | | | 272,705 | | |
|
Retail
|
| | | | 254,246 | | | | | | 192,270 | | |
|
Other
|
| | | | 413,634 | | | | | | 347,242 | | |
| Construction and development | | | | | | | | | | | | | |
|
Land & land development
|
| | | | 145,258 | | | | | | 106,362 | | |
|
Construction
|
| | | | 374,026 | | | | | | 282,935 | | |
| Residential 1-4 family real estate | | | | | | | | | | | | | |
|
Personal residence
|
| | | | 362,733 | | | | | | 265,326 | | |
|
Rental – small loan
|
| | | | 142,665 | | | | | | 121,548 | | |
|
Rental – large loan
|
| | | | 116,614 | | | | | | 92,103 | | |
|
Home equity
|
| | | | 81,126 | | | | | | 71,986 | | |
|
Mortgage warehouse lines
|
| | | | 108,848 | | | | | | 130,390 | | |
|
Consumer
|
| | | | 43,756 | | | | | | 35,372 | | |
| Other | | | | | | | | | | | | | |
|
Credit cards
|
| | | | 2,286 | | | | | | 2,182 | | |
|
Overdrafts
|
| | | | 1,013 | | | | | | 1,352 | | |
|
Total loans, net of unearned fees
|
| | | | 3,681,612 | | | | | | 3,082,818 | | |
|
Less allowance for credit losses – loans
|
| | | | 48,090 | | | | | | 38,899 | | |
|
Loans, net
|
| | | $ | 3,633,522 | | | | | $ | 3,043,919 | | |
| | | |
At December 31, 2023
|
| |||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Past Due
|
| |
Current
|
| |
90 days
or more and Accruing |
| |||||||||||||||||||||||||||
| |
30 – 59 days
|
| |
60 – 89 days
|
| |
90 days or
more |
| |
Total
|
| ||||||||||||||||||||||||||
|
Commercial
|
| | | $ | 1,092 | | | | | $ | 60 | | | | | $ | 485 | | | | | $ | 1,637 | | | | | $ | 502,205 | | | | | $ | — | | |
| Commercial real estate – owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Professional & medical
|
| | | | 327 | | | | | | — | | | | | | 357 | | | | | | 684 | | | | | | 156,257 | | | | | | — | | |
|
Retail
|
| | | | 195 | | | | | | 165 | | | | | | 119 | | | | | | 479 | | | | | | 169,912 | | | | | | — | | |
|
Other
|
| | | | 270 | | | | | | — | | | | | | — | | | | | | 270 | | | | | | 217,506 | | | | | | — | | |
|
Commercial real estate – non-owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Hotels & motels
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 215,642 | | | | | | — | | |
|
Mini-storage
|
| | | | 130 | | | | | | — | | | | | | — | | | | | | 130 | | | | | | 68,387 | | | | | | — | | |
|
Multifamily
|
| | | | 211 | | | | | | — | | | | | | — | | | | | | 211 | | | | | | 302,087 | | | | | | — | | |
|
Retail
|
| | | | 777 | | | | | | 18 | | | | | | — | | | | | | 795 | | | | | | 253,451 | | | | | | — | | |
|
Other
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 413,634 | | | | | | — | | |
| Construction and development | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Land & land development
|
| | | | 295 | | | | | | 275 | | | | | | — | | | | | | 570 | | | | | | 144,688 | | | | | | — | | |
|
Construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 374,026 | | | | | | — | | |
| Residential 1-4 family real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Personal residence
|
| | | | 3,511 | | | | | | 489 | | | | | | 1,071 | | | | | | 5,071 | | | | | | 357,662 | | | | | | — | | |
|
Rental – small loan
|
| | | | 331 | | | | | | 78 | | | | | | 75 | | | | | | 484 | | | | | | 142,181 | | | | | | — | | |
|
Rental – large loan
|
| | | | — | | | | | | — | | | | | | 411 | | | | | | 411 | | | | | | 116,203 | | | | | | — | | |
|
Home equity
|
| | | | 1,723 | | | | | | 269 | | | | | | 466 | | | | | | 2,458 | | | | | | 78,668 | | | | | | 307 | | |
|
Mortgage warehouse lines
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 108,848 | | | | | | — | | |
|
Consumer
|
| | | | 228 | | | | | | 181 | | | | | | 106 | | | | | | 515 | | | | | | 43,241 | | | | | | 5 | | |
| Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Credit cards
|
| | | | 40 | | | | | | 3 | | | | | | 22 | | | | | | 65 | | | | | | 2,221 | | | | | | 23 | | |
|
Overdrafts
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,013 | | | | | | — | | |
|
Total
|
| | | $ | 9,130 | | | | | $ | 1,538 | | | | | $ | 3,112 | | | | | $ | 13,780 | | | | | $ | 3,667,832 | | | | | $ | 335 | | |
| | | |
At December 31, 2022
|
| |||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Past Due
|
| |
Current
|
| |
90 days
or more and Accruing |
| |||||||||||||||||||||||||||
| |
30 – 59 days
|
| |
60 – 89 days
|
| |
90 days or
more |
| |
Total
|
| ||||||||||||||||||||||||||
|
Commercial
|
| | | $ | 2,982 | | | | | $ | 201 | | | | | $ | 34 | | | | | $ | 3,217 | | | | | $ | 498,627 | | | | | $ | — | | |
| Commercial real estate – owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Professional & medical
|
| | | | 100 | | | | | | — | | | | | | — | | | | | | 100 | | | | | | 120,772 | | | | | | — | | |
|
Retail
|
| | | | — | | | | | | — | | | | | | 221 | | | | | | 221 | | | | | | 187,975 | | | | | | — | | |
|
Other
|
| | | | 376 | | | | | | 135 | | | | | | 37 | | | | | | 548 | | | | | | 157,434 | | | | | | — | | |
|
Commercial real estate – non-owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Hotels & motels
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 141,042 | | | | | | — | | |
|
Mini-storage
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 51,109 | | | | | | — | | |
|
Multifamily
|
| | | | — | | | | | | — | | | | | | 58 | | | | | | 58 | | | | | | 272,647 | | | | | | — | | |
|
Retail
|
| | | | 165 | | | | | | — | | | | | | 438 | | | | | | 603 | | | | | | 191,667 | | | | | | — | | |
|
Other
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 347,242 | | | | | | — | | |
| Construction and development | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Land & land development
|
| | | | 317 | | | | | | 852 | | | | | | — | | | | | | 1,169 | | | | | | 105,193 | | | | | | — | | |
|
Construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 282,935 | | | | | | — | | |
| Residential 1-4 family real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Personal residence
|
| | | | 3,768 | | | | | | 741 | | | | | | 1,969 | | | | | | 6,478 | | | | | | 258,848 | | | | | | — | | |
|
Rental – small loan
|
| | | | 1,093 | | | | | | 582 | | | | | | 816 | | | | | | 2,491 | | | | | | 119,057 | | | | | | — | | |
|
Rental – large loan
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 92,103 | | | | | | — | | |
|
Home equity
|
| | | | 1,401 | | | | | | 105 | | | | | | 52 | | | | | | 1,558 | | | | | | 70,428 | | | | | | — | | |
|
Mortgage warehouse lines
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 130,390 | | | | | | — | | |
|
Consumer
|
| | | | 182 | | | | | | 71 | | | | | | — | | | | | | 253 | | | | | | 35,119 | | | | | | — | | |
| Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Credit cards
|
| | | | 9 | | | | | | 13 | | | | | | 12 | | | | | | 34 | | | | | | 2,148 | | | | | | 12 | | |
|
Overdrafts
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,352 | | | | | | — | | |
|
Total
|
| | | $ | 10,393 | | | | | $ | 2,700 | | | | | $ | 3,637 | | | | | $ | 16,730 | | | | | $ | 3,066,088 | | | | | $ | 12 | | |
| | | |
December 31, 2023
|
| |
December 31, 2022
|
| ||||||||||||||||||
|
Dollars in thousands
|
| |
Nonaccrual
|
| |
Nonaccrual with
No Allowance for Credit Losses – Loans |
| |
Nonaccrual
|
| |
Nonaccrual with
No Allowance for Credit Losses – Loans |
| ||||||||||||
|
Commercial
|
| | | $ | 1,088 | | | | | $ | 2 | | | | | $ | 93 | | | | | $ | 48 | | |
| Commercial real estate – owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Professional & medical
|
| | | | 395 | | | | | | — | | | | | | — | | | | | | — | | |
|
Retail
|
| | | | 525 | | | | | | — | | | | | | 350 | | | | | | — | | |
|
Other
|
| | | | 236 | | | | | | — | | | | | | 423 | | | | | | — | | |
| Commercial real estate – non-owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Hotels & motels
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Mini-storage
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Multifamily
|
| | | | 446 | | | | | | — | | | | | | 538 | | | | | | — | | |
| | | |
December 31, 2023
|
| |
December 31, 2022
|
| ||||||||||||||||||
|
Dollars in thousands
|
| |
Nonaccrual
|
| |
Nonaccrual with
No Allowance for Credit Losses – Loans |
| |
Nonaccrual
|
| |
Nonaccrual with
No Allowance for Credit Losses – Loans |
| ||||||||||||
|
Retail
|
| | | | 4,073 | | | | | | 3,520 | | | | | | 439 | | | | | | — | | |
|
Other
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Construction and development | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Land & land development
|
| | | | 708 | | | | | | — | | | | | | 852 | | | | | | — | | |
|
Construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Residential 1-4 family real estate | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Personal residence
|
| | | | 1,879 | | | | | | — | | | | | | 2,892 | | | | | | — | | |
|
Rental – small loan
|
| | | | 1,922 | | | | | | 245 | | | | | | 2,066 | | | | | | — | | |
|
Rental – large loan
|
| | | | 410 | | | | | | — | | | | | | — | | | | | | — | | |
|
Home equity
|
| | | | 313 | | | | | | — | | | | | | 158 | | | | | | — | | |
|
Mortgage warehouse lines
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | 109 | | | | | | — | | | | | | — | | | | | | — | | |
| Other | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Credit cards
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Overdrafts
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total
|
| | | $ | 12,104 | | | | | $ | 3,767 | | | | | $ | 7,811 | | | | | $ | 48 | | |
| | |||||||||||||||||||||||||
| | | |
For the Year Ended December 31, 2023
|
| |||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Payment
Delay |
| |
Term
Extension |
| |
Combination Term
Extension and Payment Delay |
| |
Total
|
| |
% of Total
Class of Loans |
| |||||||||||||||
|
Commercial
|
| | | $ | — | | | | | $ | 307 | | | | | $ | — | | | | | $ | 307 | | | | | | 0.1% | | |
| Commercial real estate – owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Other
|
| | | | — | | | | | | 35 | | | | | | — | | | | | | 35 | | | | | | 0.0% | | |
| Commercial real estate – non-owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | — | | | | | | 9,760 | | | | | | — | | | | | | 9,760 | | | | | | 3.2% | | |
|
Retail
|
| | | | — | | | | | | 387 | | | | | | — | | | | | | 387 | | | | | | 0.2% | | |
| Residential 1-4 family real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Personal residence
|
| | | | 107 | | | | | | — | | | | | | 66 | | | | | | 173 | | | | | | 0.0% | | |
|
Rental – small loan
|
| | | | — | | | | | | 345 | | | | | | — | | | | | | 345 | | | | | | 0.2% | | |
|
Total
|
| | | $ | 107 | | | | | $ | 10,834 | | | | | $ | 66 | | | | | $ | 11,007 | | | | | | 0.3% | | |
| | | |
For the Year Ended
December 31, 2023 |
| |||||||||
|
Dollars in thousands
|
| |
Weighted-Average
Payment Delay in Months |
| |
Weighted-Average
Term Extension in Months |
| ||||||
|
Commercial
|
| | | | — | | | | | | 12 | | |
| Commercial real estate – owner occupied | | | | | | | | | | | | | |
|
Other
|
| | | | — | | | | | | 12 | | |
| Commercial real estate – non-owner occupied | | | | | | | | | | | | | |
|
Multifamily
|
| | | | — | | | | |
|
6
|
| |
|
Retail
|
| | | | — | | | | | | 20 | | |
| Residential 1-4 family real estate | | | | | | | | | | | | | |
|
Personal residence
|
| | | | 8 | | | | | | 5 | | |
|
Rental – small loan
|
| | | | — | | | | | | 16 | | |
| | | |
December 31, 2023
|
| |||||||||
|
Dollars in thousands
|
| |
Term
Extension |
| |
Combination Term
Extension and Payment Delay |
| ||||||
|
Commercial
|
| | | $ | 278 | | | | | $ | — | | |
| Residential 1-4 family real estate | | | | | | | | | | | | | |
|
Personal residence
|
| | | | — | | | | | | 66 | | |
|
Rental – small loan
|
| | | | 160 | | | | | | — | | |
|
Total
|
| | | $ | 438 | | | | | $ | 66 | | |
| | | |
December 31, 2023
|
| |||||||||||||||||||||||||||
| | | | | | | | | |
Past Due
|
| |||||||||||||||||||||
|
Dollars in thousands
|
| |
Current
|
| |
30 – 59 Days
|
| |
60 – 89 Days
|
| |
90 Days
or More |
| |
Total
|
| |||||||||||||||
|
Commercial
|
| | | $ | 307 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 307 | | |
| Commercial real estate – owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Other
|
| | | | 35 | | | | | | — | | | | | | — | | | | | | — | | | | | | 35 | | |
| Commercial real estate – non-owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Multifamily
|
| | | | 9,760 | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,760 | | |
|
Retail
|
| | | | 387 | | | | | | — | | | | | | — | | | | | | — | | | | | | 387 | | |
| Residential 1-4 family real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Personal residence
|
| | | | 173 | | | | | | — | | | | | | — | | | | | | — | | | | | | 173 | | |
|
Rental – small loan
|
| | | | 345 | | | | | | — | | | | | | — | | | | | | — | | | | | | 345 | | |
|
Total
|
| | | $ | 11,007 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 11,007 | | |
| | | |
2022
|
| |
2021
|
| ||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Number of
Modifications |
| |
Pre-
modification Recorded Investment |
| |
Post-
modification Recorded Investment |
| |
Number of
Modifications |
| |
Pre-
modification Recorded Investment |
| |
Post-
modification Recorded Investment |
| ||||||||||||||||||
|
Residential 1-4 family real estate
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Personal residence
|
| | | | 9 | | | | | $ | 692 | | | | | $ | 692 | | | | | | 4 | | | | | $ | 294 | | | | | $ | 294 | | |
|
Rental – large loan
|
| | | | 1 | | | | | | 671 | | | | | | 671 | | | | | | — | | | | | | — | | | | | | — | | |
|
Home equity
|
| | | | 2 | | | | | | 158 | | | | | | 158 | | | | | | — | | | | | | — | | | | | | — | | |
|
Total
|
| | | | 12 | | | | | $ | 1,521 | | | | | $ | 1,521 | | | | | | 4 | | | | | $ | 294 | | | | | $ | 294 | | |
| | | |
2022
|
| |
2021
|
| ||||||||||||||||||
|
Dollars in thousands
|
| |
Number of
Defaults |
| |
Recorded
Investment at Default Date |
| |
Number of
Defaults |
| |
Recorded
Investment at Default Date |
| ||||||||||||
| Residential 1-4 family real estate | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Personal residence
|
| | | | 1 | | | | | $ | 22 | | | | | | 1 | | | | | $ | 44 | | |
|
Home equity
|
| | | | 1 | | | | | | 107 | | | | | | — | | | | | | — | | |
|
Total
|
| | | | 2 | | | | | $ | 129 | | | | | | 1 | | | | | $ | 44 | | |
| | | |
December 31, 2023
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Risk Rating
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| |
Prior
|
| |
Revolving
|
| |
Revolving-
Term |
| |
Total
|
| |||||||||||||||||||||||||||
|
Commercial
|
| |
Pass
|
| | | $ | 63,526 | | | | | $ | 130,075 | | | | | $ | 55,932 | | | | | $ | 17,841 | | | | | $ | 15,802 | | | | | $ | 9,693 | | | | | $ | 205,654 | | | | | $ | — | | | | | $ | 498,523 | | |
| | | |
Special Mention
|
| | | | 369 | | | | | | 402 | | | | | | 299 | | | | | | 251 | | | | | | 218 | | | | | | 1,897 | | | | | | 966 | | | | | | — | | | | | | 4,402 | | |
| | | |
Substandard
|
| | | | 78 | | | | | | 124 | | | | | | 447 | | | | | | — | | | | | | 40 | | | | | | — | | | | | | 228 | | | | | | — | | | | | | 917 | | |
|
Total Commercial
|
| | | | | | | 63,973 | | | | | | 130,601 | | | | | | 56,678 | | | | | | 18,092 | | | | | | 16,060 | | | | | | 11,590 | | | | | | 206,848 | | | | | | — | | | | | | 503,842 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | (1) | | | | | | — | | | | | | — | | | | | | (3) | | | | | | (58) | | | | | | — | | | | | | (62) | | |
|
Commercial Real Estate – Owner Occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Professional & medical
|
| |
Pass
|
| | | | 20,453 | | | | | | 18,882 | | | | | | 53,241 | | | | | | 9,522 | | | | | | 7,668 | | | | | | 42,993 | | | | | | 1,723 | | | | | | — | | | | | | 154,482 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,092 | | | | | | — | | | | | | 867 | | | | | | — | | | | | | — | | | | | | 1,959 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | 67 | | | | | | — | | | | | | 433 | | | | | | — | | | | | | — | | | | | | 500 | | |
|
Total Professional & Medical
|
| | | | | | | 20,453 | | | | | | 18,882 | | | | | | 53,241 | | | | | | 10,681 | | | | | | 7,668 | | | | | | 44,293 | | | | | | 1,723 | | | | | | — | | | | | | 156,941 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3) | | | | | | — | | | | | | — | | | | | | (3) | | |
|
Retail
|
| |
Pass
|
| | | | 5,600 | | | | | | 22,936 | | | | | | 66,848 | | | | | | 11,794 | | | | | | 23,778 | | | | | | 34,173 | | | | | | 3,116 | | | | | | — | | | | | | 168,245 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,756 | | | | | | — | | | | | | — | | | | | | 1,756 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 390 | | | | | | — | | | | | | — | | | | | | 390 | | |
|
Total Retail
|
| | | | | | | 5,600 | | | | | | 22,936 | | | | | | 66,848 | | | | | | 11,794 | | | | | | 23,778 | | | | | | 36,319 | | | | | | 3,116 | | | | | | — | | | | | | 170,391 | | |
| | | |
December 31, 2023
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Risk Rating
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| |
Prior
|
| |
Revolving
|
| |
Revolving-
Term |
| |
Total
|
| |||||||||||||||||||||||||||
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Other
|
| |
Pass
|
| | | | 27,260 | | | | | | 47,405 | | | | | | 36,980 | | | | | | 25,611 | | | | | | 14,807 | | | | | | 59,992 | | | | | | 2,823 | | | | | | — | | | | | | 214,878 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | 53 | | | | | | — | | | | | | 128 | | | | | | 1,670 | | | | | | — | | | | | | — | | | | | | 1,851 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 367 | | | | | | 644 | | | | | | 36 | | | | | | — | | | | | | 1,047 | | |
|
Total Other
|
| | | | | | | 27,260 | | | | | | 47,405 | | | | | | 37,033 | | | | | | 25,611 | | | | | | 15,302 | | | | | | 62,306 | | | | | | 2,859 | | | | | | — | | | | | | 217,776 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (28) | | | | | | — | | | | | | — | | | | | | (28) | | |
|
Total Commercial Real Estate – Owner Occupied
|
| | | | | | | 53,313 | | | | | | 89,223 | | | | | | 157,122 | | | | | | 48,086 | | | | | | 46,748 | | | | | | 142,918 | | | | | | 7,698 | | | | | | — | | | | | | 545,108 | | |
|
Commercial Real Estate – Non-Owner Occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Hotels & motels
|
| |
Pass
|
| | | | 55,770 | | | | | | 37,994 | | | | | | 11,995 | | | | | | 9,161 | | | | | | 53,781 | | | | | | 28,209 | | | | | | 1,650 | | | | | | — | | | | | | 198,560 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,647 | | | | | | 14,238 | | | | | | 197 | | | | | | — | | | | | | — | | | | | | 17,082 | | |
|
Total Hotels & Motels
|
| | | | | | | 55,770 | | | | | | 37,994 | | | | | | 11,995 | | | | | | 11,808 | | | | | | 68,019 | | | | | | 28,406 | | | | | | 1,650 | | | | | | — | | | | | | 215,642 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Mini-storage
|
| |
Pass
|
| | | | 1,488 | | | | | | 22,994 | | | | | | 12,460 | | | | | | 5,047 | | | | | | 4,288 | | | | | | 22,184 | | | | | | 16 | | | | | | — | | | | | | 68,477 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 40 | | | | | | — | | | | | | — | | | | | | 40 | | |
|
Total Mini-storage
|
| | | | | | | 1,488 | | | | | | 22,994 | | | | | | 12,460 | | | | | | 5,047 | | | | | | 4,288 | | | | | | 22,224 | | | | | | 16 | | | | | | — | | | | | | 68,517 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Multifamily
|
| |
Pass
|
| | | | 15,406 | | | | | | 69,803 | | | | | | 72,257 | | | | | | 52,648 | | | | | | 21,966 | | | | | | 68,610 | | | | | | 1,163 | | | | | | — | | | | | | 301,853 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | 400 | | | | | | — | | | | | | 45 | | | | | | — | | | | | | — | | | | | | 445 | | |
|
Total Multifamily
|
| | | | | | | 15,406 | | | | | | 69,803 | | | | | | 72,257 | | | | | | 53,048 | | | | | | 21,966 | | | | | | 68,655 | | | | | | 1,163 | | | | | | — | | | | | | 302,298 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (57) | | | | | | — | | | | | | — | | | | | | (57) | | |
|
Retail
|
| |
Pass
|
| | | | 39,462 | | | | | | 53,109 | | | | | | 57,587 | | | | | | 49,146 | | | | | | 10,623 | | | | | | 35,241 | | | | | | 4,046 | | | | | | — | | | | | | 249,214 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | 66 | | | | | | — | | | | | | — | | | | | | 893 | | | | | | — | | | | | | — | | | | | | 959 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,520 | | | | | | 553 | | | | | | — | | | | | | — | | | | | | 4,073 | | |
|
Total Retail
|
| | | | | | | 39,462 | | | | | | 53,109 | | | | | | 57,653 | | | | | | 49,146 | | | | | | 14,143 | | | | | | 36,687 | | | | | | 4,046 | | | | | | — | | | | | | 254,246 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,658) | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,658) | | |
|
Other
|
| |
Pass
|
| | | | 45,146 | | | | | | 104,191 | | | | | | 114,862 | | | | | | 56,165 | | | | | | 15,509 | | | | | | 55,330 | | | | | | 9,237 | | | | | | — | | | | | | 400,440 | | |
| | | |
Special Mention
|
| | | | — | | | | | | 5,466 | | | | | | — | | | | | | — | | | | | | — | | | | | | 176 | | | | | | — | | | | | | — | | | | | | 5,642 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,237 | | | | | | 5,315 | | | | | | — | | | | | | — | | | | | | 7,552 | | |
|
Total Other
|
| | | | | | | 45,146 | | | | | | 109,657 | | | | | | 114,862 | | | | | | 56,165 | | | | | | 17,746 | | | | | | 60,821 | | | | | | 9,237 | | | | | | — | | | | | | 413,634 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Commercial Real Estate – Non-Owner
Occupied |
| | | | | | | 157,272 | | | | | | 293,557 | | | | | | 269,227 | | | | | | 175,214 | | | | | | 126,162 | | | | | | 216,793 | | | | | | 16,112 | | | | | | — | | | | | | 1,254,337 | | |
| Construction and Development | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Land & land development
|
| |
Pass
|
| | | | 56,159 | | | | | | 26,369 | | | | | | 20,843 | | | | | | 9,383 | | | | | | 4,008 | | | | | | 15,072 | | | | | | 11,486 | | | | | | — | | | | | | 143,320 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | 144 | | | | | | 155 | | | | | | 419 | | | | | | — | | | | | | — | | | | | | 718 | | |
| | | |
Substandard
|
| | | | — | | | | | | 95 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,125 | | | | | | — | | | | | | — | | | | | | 1,220 | | |
|
Total Land & land development
|
| | | | | | | 56,159 | | | | | | 26,464 | | | | | | 20,843 | | | | | | 9,527 | | | | | | 4,163 | | | | | | 16,616 | | | | | | 11,486 | | | | | | — | | | | | | 145,258 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Construction
|
| |
Pass
|
| | | | 53,929 | | | | | | 98,497 | | | | | | 178,043 | | | | | | 41,800 | | | | | | — | | | | | | 1,302 | | | | | | 455 | | | | | | — | | | | | | 374,026 | | |
|
Total Construction
|
| | | | | | | 53,929 | | | | | | 98,497 | | | | | | 178,043 | | | | | | 41,800 | | | | | | — | | | | | | 1,302 | | | | | | 455 | | | | | | — | | | | | | 374,026 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Construction and Development
|
| | | | | | | 110,088 | | | | | | 124,961 | | | | | | 198,886 | | | | | | 51,327 | | | | | | 4,163 | | | | | | 17,918 | | | | | | 11,941 | | | | | | — | | | | | | 519,284 | | |
| | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
December 31, 2023
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Risk Rating
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| |
Prior
|
| |
Revolving
|
| |
Revolving-
Term |
| |
Total
|
| |||||||||||||||||||||||||||
| Residential 1-4 Family Real Estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Personal residence
|
| |
Pass
|
| | | | 54,170 | | | | | | 65,858 | | | | | | 55,445 | | | | | | 32,016 | | | | | | 16,499 | | | | | | 121,272 | | | | | | — | | | | | | — | | | | | | 345,260 | | |
| | | |
Special Mention
|
| | | | 217 | | | | | | 73 | | | | | | 51 | | | | | | — | | | | | | 176 | | | | | | 8,889 | | | | | | — | | | | | | — | | | | | | 9,406 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | 66 | | | | | | — | | | | | | 533 | | | | | | 7,468 | | | | | | — | | | | | | — | | | | | | 8,067 | | |
|
Total Personal Residence
|
| | | | | | | 54,387 | | | | | | 65,931 | | | | | | 55,562 | | | | | | 32,016 | | | | | | 17,208 | | | | | | 137,629 | | | | | | — | | | | | | — | | | | | | 362,733 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (89) | | | | | | — | | | | | | — | | | | | | (89) | | |
|
Rental – small loan
|
| |
Pass
|
| | | | 17,930 | | | | | | 21,637 | | | | | | 27,323 | | | | | | 11,244 | | | | | | 10,951 | | | | | | 40,298 | | | | | | 7,490 | | | | | | — | | | | | | 136,873 | | |
| | | |
Special Mention
|
| | | | — | | | | | | 280 | | | | | | 219 | | | | | | 99 | | | | | | 182 | | | | | | 2,283 | | | | | | — | | | | | | — | | | | | | 3,063 | | |
| | | |
Substandard
|
| | | | 534 | | | | | | 153 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,942 | | | | | | 100 | | | | | | — | | | | | | 2,729 | | |
|
Total Rental – Small Loan
|
| | | | | | | 18,464 | | | | | | 22,070 | | | | | | 27,542 | | | | | | 11,343 | | | | | | 11,133 | | | | | | 44,523 | | | | | | 7,590 | | | | | | — | | | | | | 142,665 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Rental – large loan
|
| |
Pass
|
| | | | 7,490 | | | | | | 43,818 | | | | | | 35,605 | | | | | | 10,185 | | | | | | 2,379 | | | | | | 9,554 | | | | | | 3,028 | | | | | | — | | | | | | 112,059 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,516 | | | | | | — | | | | | | — | | | | | | 3,516 | | |
| | | |
Substandard
|
| | | | — | | | | | | 629 | | | | | | — | | | | | | — | | | | | | — | | | | | | 410 | | | | | | — | | | | | | — | | | | | | 1,039 | | |
|
Total Rental – Large Loan
|
| | | | | | | 7,490 | | | | | | 44,447 | | | | | | 35,605 | | | | | | 10,185 | | | | | | 2,379 | | | | | | 13,480 | | | | | | 3,028 | | | | | | — | | | | | | 116,614 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Home equity
|
| |
Pass
|
| | | | — | | | | | | 100 | | | | | | 326 | | | | | | 97 | | | | | | 82 | | | | | | 1,756 | | | | | | 76,234 | | | | | | — | | | | | | 78,595 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 17 | | | | | | 609 | | | | | | 1,093 | | | | | | — | | | | | | 1,719 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | 25 | | | | | | — | | | | | | 37 | | | | | | 600 | | | | | | 150 | | | | | | — | | | | | | 812 | | |
|
Total Home Equity
|
| | | | | | | — | | | | | | 100 | | | | | | 351 | | | | | | 97 | | | | | | 136 | | | | | | 2,965 | | | | | | 77,477 | | | | | | — | | | | | | 81,126 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Residential 1-4 Family Real Estate
|
| | | | | | | 80,341 | | | | | | 132,548 | | | | | | 119,060 | | | | | | 53,641 | | | | | | 30,856 | | | | | | 198,597 | | | | | | 88,095 | | | | | | — | | | | | | 703,138 | | |
|
Mortgage warehouse lines
|
| |
Pass
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 108,848 | | | | | | — | | | | | | 108,848 | | |
|
Total Mortgage Warehouse Lines
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 108,848 | | | | | | — | | | | | | 108,848 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| |
Pass
|
| | | | 21,206 | | | | | | 11,580 | | | | | | 3,953 | | | | | | 1,720 | | | | | | 695 | | | | | | 1,011 | | | | | | 912 | | | | | | — | | | | | | 41,077 | | |
| | | |
Special Mention
|
| | | | 1,171 | | | | | | 749 | | | | | | 160 | | | | | | 94 | | | | | | 39 | | | | | | 76 | | | | | | 4 | | | | | | — | | | | | | 2,293 | | |
| | | |
Substandard
|
| | | | 127 | | | | | | 160 | | | | | | 37 | | | | | | 35 | | | | | | — | | | | | | 2 | | | | | | 25 | | | | | | — | | | | | | 386 | | |
|
Total Consumer
|
| | | | | | | 22,504 | | | | | | 12,489 | | | | | | 4,150 | | | | | | 1,849 | | | | | | 734 | | | | | | 1,089 | | | | | | 941 | | | | | | — | | | | | | 43,756 | | |
|
Current Period Charge-Offs
|
| | | | | | | (124) | | | | | | (170) | | | | | | (39) | | | | | | (10) | | | | | | (1) | | | | | | (7) | | | | | | — | | | | | | — | | | | | | (351) | | |
| Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Credit cards
|
| |
Pass
|
| | | | 2,286 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,286 | | |
|
Total Credit Cards
|
| | | | | | | 2,286 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,286 | | |
|
Current Period Charge-Offs
|
| | | | | | | (93) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (93) | | |
|
Overdrafts
|
| |
Pass
|
| | | | 1,013 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,013 | | |
|
Total Overdrafts
|
| | | | | | | 1,013 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,013 | | |
|
Current Period Charge-Offs
|
| | | | | | | (503) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (503) | | |
|
Total Other
|
| | | | | | | 3,299 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,299 | | |
|
Total
|
| | | | | | $ | 490,790 | | | | | $ | 783,379 | | | | | $ | 805,123 | | | | | $ | 348,209 | | | | | $ | 224,723 | | | | | $ | 588,905 | | | | | $ | 440,483 | | | | | $ | — | | | | | | 3,681,612 | | |
|
Total Charge-Offs
|
| | | | | | $ | (720) | | | | | $ | (170) | | | | | $ | (40) | | | | | $ | (10) | | | | | $ | (3,659) | | | | | $ | (187) | | | | | $ | (58) | | | | | $ | — | | | | | | (4,844) | | |
| | | |
December 31, 2022
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Risk Rating
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
Prior
|
| |
Revolving
|
| |
Revolving-
Term |
| |
Total
|
| |||||||||||||||||||||||||||
|
Commercial
|
| |
Pass
|
| | | $ | 145,996 | | | | | $ | 73,702 | | | | | $ | 27,247 | | | | | $ | 20,300 | | | | | $ | 3,056 | | | | | $ | 10,429 | | | | | $ | 194,641 | | | | | $ | — | | | | | $ | 475,371 | | |
| | | |
Special Mention
|
| | | | 689 | | | | | | 23,055 | | | | | | 267 | | | | | | 51 | | | | | | 17 | | | | | | 149 | | | | | | 2,010 | | | | | | — | | | | | | 26,238 | | |
| | | |
Substandard
|
| | | | 52 | | | | | | 56 | | | | | | — | | | | | | 48 | | | | | | 24 | | | | | | — | | | | | | 55 | | | | | | — | | | | | | 235 | | |
|
Total Commercial
|
| | | | | | | 146,737 | | | | | | 96,813 | | | | | | 27,514 | | | | | | 20,399 | | | | | | 3,097 | | | | | | 10,578 | | | | | | 196,706 | | | | | | — | | | | | | 501,844 | | |
|
Commercial Real Estate – Owner Occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Professional & medical
|
| |
Pass
|
| | | | 13,750 | | | | | | 47,010 | | | | | | 10,312 | | | | | | 6,621 | | | | | | 3,981 | | | | | | 35,476 | | | | | | 2,090 | | | | | | — | | | | | | 119,240 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | 1,119 | | | | | | — | | | | | | — | | | | | | 233 | | | | | | — | | | | | | — | | | | | | 1,352 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | 72 | | | | | | — | | | | | | — | | | | | | 208 | | | | | | — | | | | | | — | | | | | | 280 | | |
|
Total Professional & Medical
|
| | | | | | | 13,750 | | | | | | 47,010 | | | | | | 11,503 | | | | | | 6,621 | | | | | | 3,981 | | | | | | 35,917 | | | | | | 2,090 | | | | | | — | | | | | | 120,872 | | |
|
Retail
|
| |
Pass
|
| | | | 23,604 | | | | | | 70,257 | | | | | | 28,128 | | | | | | 28,327 | | | | | | 8,163 | | | | | | 26,538 | | | | | | 2,226 | | | | | | — | | | | | | 187,243 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 603 | | | | | | — | | | | | | — | | | | | | 603 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 350 | | | | | | — | | | | | | — | | | | | | 350 | | |
|
Total Retail
|
| | | | | | | 23,604 | | | | | | 70,257 | | | | | | 28,128 | | | | | | 28,327 | | | | | | 8,163 | | | | | | 27,491 | | | | | | 2,226 | | | | | | — | | | | | | 188,196 | | |
|
Other
|
| |
Pass
|
| | | | 43,811 | | | | | | 27,174 | | | | | | 24,870 | | | | | | 7,778 | | | | | | 15,346 | | | | | | 34,720 | | | | | | 3,412 | | | | | | — | | | | | | 157,111 | | |
| | | |
Special Mention
|
| | | | — | | | | | | 56 | | | | | | — | | | | | | — | | | | | | — | | | | | | 392 | | | | | | — | | | | | | — | | | | | | 448 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 107 | | | | | | 316 | | | | | | — | | | | | | — | | | | | | 423 | | |
|
Total Other
|
| | | | | | | 43,811 | | | | | | 27,230 | | | | | | 24,870 | | | | | | 7,778 | | | | | | 15,453 | | | | | | 35,428 | | | | | | 3,412 | | | | | | — | | | | | | 157,982 | | |
|
Total Commercial Real Estate – Owner Occupied
|
| | | | | | | 81,165 | | | | | | 144,497 | | | | | | 64,501 | | | | | | 42,726 | | | | | | 27,597 | | | | | | 98,836 | | | | | | 7,728 | | | | | | — | | | | | | 467,050 | | |
|
Commercial Real Estate – Non-Owner Occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Hotels & motels
|
| |
Pass
|
| | | | 32,059 | | | | | | 1,695 | | | | | | 3,192 | | | | | | 32,688 | | | | | | 15,358 | | | | | | 12,899 | | | | | | 4,081 | | | | | | — | | | | | | 101,972 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | 36,131 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 36,131 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | 2,716 | | | | | | — | | | | | | — | | | | | | 223 | | | | | | — | | | | | | — | | | | | | 2,939 | | |
|
Total Hotels & Motels
|
| | | | | | | 32,059 | | | | | | 1,695 | | | | | | 5,908 | | | | | | 68,819 | | | | | | 15,358 | | | | | | 13,122 | | | | | | 4,081 | | | | | | — | | | | | | 141,042 | | |
|
Mini-storage
|
| |
Pass
|
| | | | 2,868 | | | | | | 13,191 | | | | | | 7,679 | | | | | | 3,776 | | | | | | 13,017 | | | | | | 10,419 | | | | | | 115 | | | | | | — | | | | | | 51,065 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 44 | | | | | | — | | | | | | — | | | | | | 44 | | |
|
Total Mini-storage
|
| | | | | | | 2,868 | | | | | | 13,191 | | | | | | 7,679 | | | | | | 3,776 | | | | | | 13,017 | | | | | | 10,463 | | | | | | 115 | | | | | | — | | | | | | 51,109 | | |
|
Multifamily
|
| |
Pass
|
| | | | 57,727 | | | | | | 56,073 | | | | | | 53,558 | | | | | | 29,479 | | | | | | 21,359 | | | | | | 53,244 | | | | | | 646 | | | | | | — | | | | | | 272,086 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | 81 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 81 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | 480 | | | | | | — | | | | | | — | | | | | | 58 | | | | | | — | | | | | | — | | | | | | 538 | | |
|
Total Multifamily
|
| | | | | | | 57,727 | | | | | | 56,073 | | | | | | 54,119 | | | | | | 29,479 | | | | | | 21,359 | | | | | | 53,302 | | | | | | 646 | | | | | | — | | | | | | 272,705 | | |
|
Retail
|
| |
Pass
|
| | | | 46,278 | | | | | | 52,387 | | | | | | 39,609 | | | | | | 5,449 | | | | | | 6,999 | | | | | | 25,315 | | | | | | 7,053 | | | | | | — | | | | | | 183,090 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 964 | | | | | | — | | | | | | — | | | | | | 964 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | 7,778 | | | | | | — | | | | | | 438 | | | | | | — | | | | | | — | | | | | | 8,216 | | |
|
Total Retail
|
| | | | | | | 46,278 | | | | | | 52,387 | | | | | | 39,609 | | | | | | 13,227 | | | | | | 6,999 | | | | | | 26,717 | | | | | | 7,053 | | | | | | — | | | | | | 192,270 | | |
|
Other
|
| |
Pass
|
| | | | 94,765 | | | | | | 123,551 | | | | | | 52,592 | | | | | | 12,281 | | | | | | 5,444 | | | | | | 47,752 | | | | | | 1,953 | | | | | | — | | | | | | 338,338 | | |
| | | |
Special Mention
|
| | | | 5,465 | | | | | | — | | | | | | — | | | | | | — | | | | | | 538 | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,003 | | |
| | | |
Doubtful
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,901 | | | | | | — | | | | | | — | | | | | | 2,901 | | |
|
Total Other
|
| | | | | | | 100,230 | | | | | | 123,551 | | | | | | 52,592 | | | | | | 12,281 | | | | | | 5,982 | | | | | | 50,653 | | | | | | 1,953 | | | | | | — | | | | | | 347,242 | | |
|
Total Commercial Real Estate – Non-
Owner Occupied |
| | | | | | | 239,162 | | | | | | 246,897 | | | | | | 159,907 | | | | | | 127,582 | | | | | | 62,715 | | | | | | 154,257 | | | | | | 13,848 | | | | | | — | | | | | | 1,004,368 | | |
| | | |
December 31, 2022
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Risk Rating
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
Prior
|
| |
Revolving
|
| |
Revolving-
Term |
| |
Total
|
| |||||||||||||||||||||||||||
| Construction and Development | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
|
Land & land development
|
| |
Pass
|
| | | | 27,857 | | | | | | 23,490 | | | | | | 10,670 | | | | | | 13,395 | | | | | | 5,142 | | | | | | 15,859 | | | | | | 7,484 | | | | | | — | | | | | | 103,897 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | 149 | | | | | | 109 | | | | | | — | | | | | | 473 | | | | | | — | | | | | | — | | | | | | 731 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,734 | | | | | | — | | | | | | — | | | | | | 1,734 | | |
|
Total Land & land development
|
| | | | | | | 27,857 | | | | | | 23,490 | | | | | | 10,819 | | | | | | 13,504 | | | | | | 5,142 | | | | | | 18,066 | | | | | | 7,484 | | | | | | — | | | | | | 106,362 | | |
|
Construction
|
| |
Pass
|
| | | | 82,650 | | | | | | 140,764 | | | | | | 54,584 | | | | | | 317 | | | | | | 1,355 | | | | | | — | | | | | | 2,940 | | | | | | — | | | | | | 282,610 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 325 | | | | | | — | | | | | | — | | | | | | — | | | | | | 325 | | |
|
Total Construction
|
| | | | | | | 82,650 | | | | | | 140,764 | | | | | | 54,584 | | | | | | 317 | | | | | | 1,680 | | | | | | — | | | | | | 2,940 | | | | | | — | | | | | | 282,935 | | |
|
Total Construction and Development
|
| | | | | | | 110,507 | | | | | | 164,254 | | | | | | 65,403 | | | | | | 13,821 | | | | | | 6,822 | | | | | | 18,066 | | | | | | 10,424 | | | | | | — | | | | | | 389,297 | | |
| Residential 1-4 Family Real Estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Personal residence
|
| |
Pass
|
| | | | 38,783 | | | | | | 39,416 | | | | | | 30,297 | | | | | | 16,003 | | | | | | 16,581 | | | | | | 105,822 | | | | | | — | | | | | | — | | | | | | 246,902 | | |
| | | |
Special Mention
|
| | | | — | | | | | | 53 | | | | | | — | | | | | | 180 | | | | | | 74 | | | | | | 9,074 | | | | | | — | | | | | | — | | | | | | 9,381 | | |
| | | |
Substandard
|
| | | | — | | | | | | 68 | | | | | | — | | | | | | 620 | | | | | | 901 | | | | | | 7,454 | | | | | | — | | | | | | — | | | | | | 9,043 | | |
|
Total Personal Residence
|
| | | | | | | 38,783 | | | | | | 39,537 | | | | | | 30,297 | | | | | | 16,803 | | | | | | 17,556 | | | | | | 122,350 | | | | | | — | | | | | | — | | | | | | 265,326 | | |
|
Rental – small loan
|
| |
Pass
|
| | | | 22,692 | | | | | | 26,654 | | | | | | 11,609 | | | | | | 10,995 | | | | | | 8,103 | | | | | | 30,508 | | | | | | 5,784 | | | | | | — | | | | | | 116,345 | | |
| | | |
Special Mention
|
| | | | — | | | | | | 224 | | | | | | 103 | | | | | | — | | | | | | — | | | | | | 1,100 | | | | | | — | | | | | | — | | | | | | 1,427 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | 156 | | | | | | 239 | | | | | | 3,269 | | | | | | 112 | | | | | | — | | | | | | 3,776 | | |
|
Total Rental – Small Loan
|
| | | | | | | 22,692 | | | | | | 26,878 | | | | | | 11,712 | | | | | | 11,151 | | | | | | 8,342 | | | | | | 34,877 | | | | | | 5,896 | | | | | | — | | | | | | 121,548 | | |
|
Rental – large loan
|
| |
Pass
|
| | | | 28,090 | | | | | | 31,401 | | | | | | 11,033 | | | | | | 3,631 | | | | | | 3,932 | | | | | | 9,045 | | | | | | 894 | | | | | | — | | | | | | 88,026 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 26 | | | | | | — | | | | | | — | | | | | | 26 | | |
| | | |
Substandard
|
| | | | 670 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,381 | | | | | | — | | | | | | — | | | | | | 4,051 | | |
|
Total Rental – Large Loan
|
| | | | | | | 28,760 | | | | | | 31,401 | | | | | | 11,033 | | | | | | 3,631 | | | | | | 3,932 | | | | | | 12,452 | | | | | | 894 | | | | | | — | | | | | | 92,103 | | |
|
Home equity
|
| |
Pass
|
| | | | 65 | | | | | | 219 | | | | | | 55 | | | | | | 50 | | | | | | 192 | | | | | | 2,118 | | | | | | 67,155 | | | | | | — | | | | | | 69,854 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 125 | | | | | | 626 | | | | | | 757 | | | | | | — | | | | | | 1,508 | | |
| | | |
Substandard
|
| | | | 51 | | | | | | — | | | | | | — | | | | | | — | | | | | | 58 | | | | | | 461 | | | | | | 54 | | | | | | — | | | | | | 624 | | |
|
Total Home Equity
|
| | | | | | | 116 | | | | | | 219 | | | | | | 55 | | | | | | 50 | | | | | | 375 | | | | | | 3,205 | | | | | | 67,966 | | | | | | — | | | | | | 71,986 | | |
|
Total Residential 1-4 Family Real Estate
|
| | | | | | | 90,351 | | | | | | 98,035 | | | | | | 53,097 | | | | | | 31,635 | | | | | | 30,205 | | | | | | 172,884 | | | | | | 74,756 | | | | | | — | | | | | | 550,963 | | |
|
Mortgage warehouse lines
|
| |
Pass
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 130,390 | | | | | | — | | | | | | 130,390 | | |
|
Total Mortgage Warehouse Lines
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 130,390 | | | | | | — | | | | | | 130,390 | | |
|
Consumer
|
| |
Pass
|
| | | | 17,594 | | | | | | 7,620 | | | | | | 3,066 | | | | | | 1,806 | | | | | | 749 | | | | | | 1,221 | | | | | | 889 | | | | | | — | | | | | | 32,945 | | |
| | | |
Special Mention
|
| | | | 1,332 | | | | | | 362 | | | | | | 179 | | | | | | 83 | | | | | | 18 | | | | | | 102 | | | | | | 6 | | | | | | — | | | | | | 2,082 | | |
| | | |
Substandard
|
| | | | 207 | | | | | | 75 | | | | | | 31 | | | | | | — | | | | | | 3 | | | | | | 1 | | | | | | 28 | | | | | | — | | | | | | 345 | | |
|
Total Consumer
|
| | | | | | | 19,133 | | | | | | 8,057 | | | | | | 3,276 | | | | | | 1,889 | | | | | | 770 | | | | | | 1,324 | | | | | | 923 | | | | | | — | | | | | | 35,372 | | |
| Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Credit cards
|
| |
Pass
|
| | | | 2,182 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,182 | | |
|
Total Credit Cards
|
| | | | | | | 2,182 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,182 | | |
|
Overdrafts
|
| |
Pass
|
| | | | 1,352 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,352 | | |
|
Total Overdrafts
|
| | | | | | | 1,352 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,352 | | |
|
Total Other
|
| | | | | | | 3,534 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,534 | | |
|
Total
|
| | | | | | $ | 690,589 | | | | | $ | 758,553 | | | | | $ | 373,698 | | | | | $ | 238,052 | | | | | $ | 131,206 | | | | | $ | 455,945 | | | | | $ | 434,775 | | | | | $ | — | | | | | $ | 3,082,818 | | |
| | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| ||||||
|
Balance, beginning
|
| | | $ | 49,309 | | | | | $ | 53,212 | | |
|
Additions
|
| | | | 1,417 | | | | | | 516 | | |
|
Amounts collected
|
| | | | (3,648) | | | | | | (4,419) | | |
|
Other changes, net
|
| | | | (7,882) | | | | | | — | | |
|
Balance, ending
|
| | | $ | 39,196 | | | | | $ | 49,309 | | |
| | | |
For the Year Ended December 31, 2023
|
| |||||||||||||||||||||||||||||||||
| | | |
Allowance for Credit Losses – Loans
|
| |||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Beginning
Balance |
| |
Provision
for Credit Losses – Loans |
| |
Adjustment
for PCD Acquired Loans |
| |
Charge-offs
|
| |
Recoveries
|
| |
Ending
Balance |
| ||||||||||||||||||
|
Commercial
|
| | | $ | 4,941 | | | | | $ | (570) | | | | | $ | — | | | | | $ | (62) | | | | | $ | 10 | | | | | $ | 4,319 | | |
|
Commercial real estate – owner occupied
|
| | | | | | | | | | | | |||||||||||||||||||||||||
|
Professional & medical
|
| | | | 966 | | | | | | 216 | | | | | | 28 | | | | | | (3) | | | | | | — | | | | | | 1,207 | | |
|
Retail
|
| | | | 1,176 | | | | | | (716) | | | | | | 82 | | | | | | — | | | | | | 1 | | | | | | 543 | | |
|
Other
|
| | | | 426 | | | | | | (181) | | | | | | 384 | | | | | | (28) | | | | | | — | | | | | | 601 | | |
|
Commercial real estate – non-owner occupied
|
| | | | | | | | | | | | |||||||||||||||||||||||||
|
Hotels & motels
|
| | | | 1,203 | | | | | | 1,921 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,124 | | |
|
Mini-storage
|
| | | | 82 | | | | | | (3) | | | | | | — | | | | | | — | | | | | | — | | | | | | 79 | | |
|
Multifamily
|
| | | | 2,907 | | | | | | 288 | | | | | | 1 | | | | | | (57) | | | | | | 5 | | | | | | 3,144 | | |
|
Retail
|
| | | | 1,362 | | | | | | 4,601 | | | | | | 99 | | | | | | (3,658) | | | | | | 114 | | | | | | 2,518 | | |
|
Other
|
| | | | 2,452 | | | | | | (349) | | | | | | 632 | | | | | | — | | | | | | 12 | | | | | | 2,747 | | |
| Construction and development | | | | | | | | | | | | | |||||||||||||||||||||||||
|
Land & land development
|
| | | | 3,482 | | | | | | 2,085 | | | | | | 1 | | | | | | — | | | | | | 8 | | | | | | 5,576 | | |
|
Construction
|
| | | | 11,138 | | | | | | 3,145 | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,283 | | |
|
Residential 1-4 family real estate
|
| | | | | | | | | | | | |||||||||||||||||||||||||
|
Personal residence
|
| | | | 2,939 | | | | | | 57 | | | | | | 69 | | | | | | (89) | | | | | | 341 | | | | | | 3,317 | | |
|
Rental – small loan
|
| | | | 1,907 | | | | | | (135) | | | | | | 68 | | | | | | — | | | | | | 31 | | | | | | 1,871 | | |
|
Rental – large loan
|
| | | | 2,668 | | | | | | (112) | | | | | | 1 | | | | | | — | | | | | | 289 | | | | | | 2,846 | | |
|
Home equity
|
| | | | 705 | | | | | | 543 | | | | | | 130 | | | | | | — | | | | | | 52 | | | | | | 1,430 | | |
|
Mortgage warehouse lines
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | 174 | | | | | | 251 | | | | | | — | | | | | | (351) | | | | | | 131 | | | | | | 205 | | |
| Other | | | | | | | | | | | | | |||||||||||||||||||||||||
|
Credit cards
|
| | | | 17 | | | | | | 93 | | | | | | — | | | | | | (93) | | | | | | 9 | | | | | | 26 | | |
|
Overdrafts
|
| | | | 354 | | | | | | 321 | | | | | | — | | | | | | (503) | | | | | | 82 | | | | | | 254 | | |
|
Total
|
| | | $ | 38,899 | | | | | $ | 11,455 | | | | | $ | 1,495 | | | | | $ | (4,844) | | | | | $ | 1,085 | | | | | $ | 48,090 | | |
| | | |
For the Year Ended December 31, 2022
|
| |||||||||||||||||||||||||||
| | | |
Allowance for Credit Losses – Loans
|
| |||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Beginning
Balance |
| |
Provision
for Credit Losses – Loans |
| |
Charge-offs
|
| |
Recoveries
|
| |
Ending
Balance |
| |||||||||||||||
|
Commercial
|
| | | $ | 3,218 | | | | | $ | 1,774 | | | | | $ | (237) | | | | | $ | 186 | | | | | $ | 4,941 | | |
|
Commercial real estate – owner occupied
|
| | | | | | | | | | | ||||||||||||||||||||
|
Professional & medical
|
| | | | 1,092 | | | | | | (126) | | | | | | — | | | | | | — | | | | | | 966 | | |
|
Retail
|
| | | | 1,362 | | | | | | (79) | | | | | | (108) | | | | | | 1 | | | | | | 1,176 | | |
|
Other
|
| | | | 575 | | | | | | (88) | | | | | | (61) | | | | | | — | | | | | | 426 | | |
| Commercial real estate – non-owner occupied | | | | | | | | | | | | ||||||||||||||||||||
|
Hotels & motels
|
| | | | 2,532 | | | | | | (1,329) | | | | | | — | | | | | | — | | | | | | 1,203 | | |
|
Mini-storage
|
| | | | 133 | | | | | | (51) | | | | | | — | | | | | | — | | | | | | 82 | | |
|
Multifamily
|
| | | | 1,821 | | | | | | 1,080 | | | | | | — | | | | | | 6 | | | | | | 2,907 | | |
|
Retail
|
| | | | 1,074 | | | | | | 228 | | | | | | — | | | | | | 60 | | | | | | 1,362 | | |
|
Other
|
| | | | 1,820 | | | | | | 593 | | | | | | — | | | | | | 39 | | | | | | 2,452 | | |
| Construction and development | | | | | | | | | | | | ||||||||||||||||||||
|
Land & land development
|
| | | | 3,468 | | | | | | 76 | | | | | | (71) | | | | | | 9 | | | | | | 3,482 | | |
|
Construction
|
| | | | 6,346 | | | | | | 4,792 | | | | | | — | | | | | | — | | | | | | 11,138 | | |
| Residential 1-4 family real estate | | | | | | | | | | | | ||||||||||||||||||||
|
Personal residence
|
| | | | 2,765 | | | | | | 230 | | | | | | (112) | | | | | | 56 | | | | | | 2,939 | | |
|
Rental – small loan
|
| | | | 2,834 | | | | | | (848) | | | | | | (211) | | | | | | 132 | | | | | | 1,907 | | |
|
Rental – large loan
|
| | | | 2,374 | | | | | | 294 | | | | | | — | | | | | | — | | | | | | 2,668 | | |
|
Home equity
|
| | | | 497 | | | | | | 179 | | | | | | (8) | | | | | | 37 | | | | | | 705 | | |
|
Mortgage warehouse lines
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | 163 | | | | | | 70 | | | | | | (174) | | | | | | 115 | | | | | | 174 | | |
| Other | | | | | | | | | | | | ||||||||||||||||||||
|
Credit cards
|
| | | | 17 | | | | | | 7 | | | | | | (24) | | | | | | 17 | | | | | | 17 | | |
|
Overdrafts
|
| | | | 207 | | | | | | 476 | | | | | | (433) | | | | | | 104 | | | | | | 354 | | |
|
Total
|
| | | $ | 32,298 | | | | | $ | 7,278 | | | | | $ | (1,439) | | | | | $ | 762 | | | | | $ | 38,899 | | |
| | | |
December 31, 2023
|
| |||||||||||||||||||||||||||||||||
| | | |
Loan Balances
|
| |
Allowance for Credit Losses – Loans
|
| ||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Loans
Individually Evaluated |
| |
Loans
Collectively Evaluated(1) |
| |
Total
|
| |
Loans
Individually Evaluated |
| |
Loans
Collectively Evaluated |
| |
Total
|
| ||||||||||||||||||
|
Commercial
|
| | | $ | 92 | | | | | $ | 503,750 | | | | | $ | 503,842 | | | | | $ | — | | | | | $ | 4,319 | | | | | $ | 4,319 | | |
| Commercial real estate – owner occupied | | | | | | | | ||||||||||||||||||||||||||||||
|
Professional & medical
|
| | | | — | | | | | | 156,941 | | | | | | 156,941 | | | | | | — | | | | | | 1,207 | | | | | | 1,207 | | |
|
Retail
|
| | | | 572 | | | | | | 169,819 | | | | | | 170,391 | | | | | | 23 | | | | | | 520 | | | | | | 543 | | |
|
Other
|
| | | | — | | | | | | 217,776 | | | | | | 217,776 | | | | | | — | | | | | | 601 | | | | | | 601 | | |
|
Commercial real estate – non-owner occupied
|
| | | | | | | ||||||||||||||||||||||||||||||
|
Hotels & motels
|
| | | | 17,083 | | | | | | 198,559 | | | | | | 215,642 | | | | | | 1,456 | | | | | | 1,668 | | | | | | 3,124 | | |
| | | |
December 31, 2023
|
| |||||||||||||||||||||||||||||||||
| | | |
Loan Balances
|
| |
Allowance for Credit Losses – Loans
|
| ||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Loans
Individually Evaluated |
| |
Loans
Collectively Evaluated(1) |
| |
Total
|
| |
Loans
Individually Evaluated |
| |
Loans
Collectively Evaluated |
| |
Total
|
| ||||||||||||||||||
|
Mini-storage
|
| | | | — | | | | | | 68,517 | | | | | | 68,517 | | | | | | — | | | | | | 79 | | | | | | 79 | | |
|
Multifamily
|
| | | | — | | | | | | 302,298 | | | | | | 302,298 | | | | | | — | | | | | | 3,144 | | | | | | 3,144 | | |
|
Retail
|
| | | | 3,906 | | | | | | 250,340 | | | | | | 254,246 | | | | | | 103 | | | | | | 2,415 | | | | | | 2,518 | | |
|
Other
|
| | | | 7,823 | | | | | | 405,811 | | | | | | 413,634 | | | | | | 214 | | | | | | 2,533 | | | | | | 2,747 | | |
| Construction and development | | | | | | | | ||||||||||||||||||||||||||||||
|
Land & land development
|
| | | | 708 | | | | | | 144,550 | | | | | | 145,258 | | | | | | 460 | | | | | | 5,116 | | | | | | 5,576 | | |
|
Construction
|
| | | | — | | | | | | 374,026 | | | | | | 374,026 | | | | | | — | | | | | | 14,283 | | | | | | 14,283 | | |
| Residential 1-4 family real estate | | | | | | | | | | | | | |||||||||||||||||||||||||
|
Personal residence
|
| | | | — | | | | | | 362,733 | | | | | | 362,733 | | | | | | — | | | | | | 3,317 | | | | | | 3,317 | | |
|
Rental – small loan
|
| | | | 1,247 | | | | | | 141,418 | | | | | | 142,665 | | | | | | 104 | | | | | | 1,767 | | | | | | 1,871 | | |
|
Rental – large loan
|
| | | | 1,256 | | | | | | 115,358 | | | | | | 116,614 | | | | | | — | | | | | | 2,846 | | | | | | 2,846 | | |
|
Home equity
|
| | | | — | | | | | | 81,126 | | | | | | 81,126 | | | | | | — | | | | | | 1,430 | | | | | | 1,430 | | |
|
Mortgage warehouse lines
|
| | | | — | | | | | | 108,848 | | | | | | 108,848 | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | — | | | | | | 43,756 | | | | | | 43,756 | | | | | | — | | | | | | 205 | | | | | | 205 | | |
| Other | | | | | | | | | | | | | |||||||||||||||||||||||||
|
Credit cards
|
| | | | — | | | | | | 2,286 | | | | | | 2,286 | | | | | | — | | | | | | 26 | | | | | | 26 | | |
|
Overdrafts
|
| | | | — | | | | | | 1,013 | | | | | | 1,013 | | | | | | — | | | | | | 254 | | | | | | 254 | | |
|
Total
|
| | | $ | 32,687 | | | | | $ | 3,648,925 | | | | | $ | 3,681,612 | | | | | $ | 2,360 | | | | | $ | 45,730 | | | | | $ | 48,090 | | |
| | |||||||||||||||||||||||||||||||||||||
| | | |
December 31, 2022
|
| |||||||||||||||||||||||||||||||||
| | | |
Loan Balances
|
| |
Allowance for Credit Losses – Loans
|
| ||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Loans
Individually Evaluated |
| |
Loans
Collectively Evaluated(1) |
| |
Total
|
| |
Loans
Individually Evaluated |
| |
Loans
Collectively Evaluated |
| |
Total
|
| ||||||||||||||||||
|
Commercial
|
| | | $ | 104 | | | | | $ | 501,740 | | | | | $ | 501,844 | | | | | $ | — | | | | | $ | 4,941 | | | | | $ | 4,941 | | |
|
Commercial real estate – owner occupied
|
| | | | | | | | | | | | |||||||||||||||||||||||||
|
Professional & medical
|
| | | | 1,969 | | | | | | 118,903 | | | | | | 120,872 | | | | | | 212 | | | | | | 754 | | | | | | 966 | | |
|
Retail
|
| | | | 4,544 | | | | | | 183,652 | | | | | | 188,196 | | | | | | — | | | | | | 1,176 | | | | | | 1,176 | | |
|
Other
|
| | | | — | | | | | | 157,982 | | | | | | 157,982 | | | | | | — | | | | | | 426 | | | | | | 426 | | |
|
Commercial real estate – non-owner occupied
|
| | | | | | | | | | | | |||||||||||||||||||||||||
|
Hotels & motels
|
| | | | 2,939 | | | | | | 138,103 | | | | | | 141,042 | | | | | | — | | | | | | 1,203 | | | | | | 1,203 | | |
|
Mini-storage
|
| | | | — | | | | | | 51,109 | | | | | | 51,109 | | | | | | — | | | | | | 82 | | | | | | 82 | | |
|
Multifamily
|
| | | | — | | | | | | 272,705 | | | | | | 272,705 | | | | | | — | | | | | | 2,907 | | | | | | 2,907 | | |
|
Retail
|
| | | | 9,906 | | | | | | 182,364 | | | | | | 192,270 | | | | | | 95 | | | | | | 1,267 | | | | | | 1,362 | | |
|
Other
|
| | | | 5,551 | | | | | | 341,691 | | | | | | 347,242 | | | | | | 287 | | | | | | 2,165 | | | | | | 2,452 | | |
| | | |
December 31, 2022
|
| |||||||||||||||||||||||||||||||||
| | | |
Loan Balances
|
| |
Allowance for Credit Losses – Loans
|
| ||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Loans
Individually Evaluated |
| |
Loans
Collectively Evaluated(1) |
| |
Total
|
| |
Loans
Individually Evaluated |
| |
Loans
Collectively Evaluated |
| |
Total
|
| ||||||||||||||||||
| Construction and development | | | | | | | | | | | | | |||||||||||||||||||||||||
|
Land & land development
|
| | | | 1,398 | | | | | | 104,964 | | | | | | 106,362 | | | | | | 502 | | | | | | 2,980 | | | | | | 3,482 | | |
|
Construction
|
| | | | — | | | | | | 282,935 | | | | | | 282,935 | | | | | | — | | | | | | 11,138 | | | | | | 11,138 | | |
| Residential 1-4 family real estate | | | | | | | | | | | | | |||||||||||||||||||||||||
|
Personal residence
|
| | | | — | | | | | | 265,326 | | | | | | 265,326 | | | | | | — | | | | | | 2,939 | | | | | | 2,939 | | |
|
Rental – small loan
|
| | | | 1,159 | | | | | | 120,389 | | | | | | 121,548 | | | | | | 282 | | | | | | 1,625 | | | | | | 1,907 | | |
|
Rental – large loan
|
| | | | 3,675 | | | | | | 88,428 | | | | | | 92,103 | | | | | | — | | | | | | 2,668 | | | | | | 2,668 | | |
|
Home equity
|
| | | | — | | | | | | 71,986 | | | | | | 71,986 | | | | | | — | | | | | | 705 | | | | | | 705 | | |
|
Mortgage warehouse lines
|
| | | | — | | | | | | 130,390 | | | | | | 130,390 | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | — | | | | | | 35,372 | | | | | | 35,372 | | | | | | — | | | | | | 174 | | | | | | 174 | | |
| Other | | | | | | | | | | | | | |||||||||||||||||||||||||
|
Credit cards
|
| | | | — | | | | | | 2,182 | | | | | | 2,182 | | | | | | — | | | | | | 17 | | | | | | 17 | | |
|
Overdrafts
|
| | | | — | | | | | | 1,352 | | | | | | 1,352 | | | | | | — | | | | | | 354 | | | | | | 354 | | |
|
Total
|
| | | $ | 31,245 | | | | | $ | 3,051,573 | | | | | $ | 3,082,818 | | | | | $ | 1,378 | | | | | $ | 37,521 | | | | | $ | 38,899 | | |
| | |||||||||||||||||||||||||||||||||||||
| | | |
December 31, 2023
|
| |||||||||||||||||||||
|
Dollars in thousands
|
| |
Real Estate
Secured Loans |
| |
Non-Real Estate
Secured Loans |
| |
Total Loans
|
| |
Allowance
for Credit Losses – Loans |
| ||||||||||||
|
Commercial
|
| | | $ | — | | | | | $ | 92 | | | | | $ | 92 | | | | | $ | — | | |
| Commercial real estate – owner occupied | | | | | | | | | | | |||||||||||||||
|
Professional & medical
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Retail
|
| | | | 572 | | | | | | — | | | | | | 572 | | | | | | 23 | | |
|
Other
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Commercial real estate – non-owner occupied | | | | | | | | | | | |||||||||||||||
|
Hotels & motels
|
| | | | 17,083 | | | | | | — | | | | | | 17,083 | | | | | | 1,456 | | |
|
Mini-storage
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Multifamily
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Retail
|
| | | | 3,906 | | | | | | — | | | | | | 3,906 | | | | | | 103 | | |
|
Other
|
| | | | 7,823 | | | | | | — | | | | | | 7,823 | | | | | | 214 | | |
| Construction and development | | | | | | | | | | | |||||||||||||||
|
Land & land development
|
| | | | 708 | | | | | | — | | | | | | 708 | | | | | | 460 | | |
|
Construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Residential 1-4 family real estate | | | | | | | | | | | |||||||||||||||
|
Personal residence
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Rental – small loan
|
| | | | 1,247 | | | | | | — | | | | | | 1,247 | | | | | | 104 | | |
|
Rental – large loan
|
| | | | 1,256 | | | | | | — | | | | | | 1,256 | | | | | | — | | |
|
Home equity
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | |
December 31, 2023
|
| |||||||||||||||||||||
|
Dollars in thousands
|
| |
Real Estate
Secured Loans |
| |
Non-Real Estate
Secured Loans |
| |
Total Loans
|
| |
Allowance
for Credit Losses – Loans |
| ||||||||||||
|
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Other | | | | | | | | | | | |||||||||||||||
|
Credit cards
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Overdrafts
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total
|
| | | $ | 32,595 | | | | | $ | 92 | | | | | $ | 32,687 | | | | | $ | 2,360 | | |
| | |||||||||||||||||||||||||
| | | |
December 31, 2022
|
| |||||||||||||||||||||
|
Dollars in thousands
|
| |
Real Estate
Secured Loans |
| |
Non-Real Estate
Secured Loans |
| |
Total Loans
|
| |
Allowance for
Credit Losses – Loans |
| ||||||||||||
|
Commercial
|
| | | $ | — | | | | | $ | 104 | | | | | $ | 104 | | | | | $ | — | | |
| Commercial real estate – owner occupied | | | | | | | | | | | |||||||||||||||
|
Professional & medical
|
| | | | 1,969 | | | | | | — | | | | | | 1,969 | | | | | | 212 | | |
|
Retail
|
| | | | 4,544 | | | | | | — | | | | | | 4,544 | | | | | | — | | |
|
Other
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Commercial real estate – non-owner occupied | | | | | | | | | | | |||||||||||||||
|
Hotels & motels
|
| | | | 2,939 | | | | | | — | | | | | | 2,939 | | | | | | — | | |
|
Mini-storage
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Multifamily
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Retail
|
| | | | 9,906 | | | | | | — | | | | | | 9,906 | | | | | | 95 | | |
|
Other
|
| | | | 5,551 | | | | | | — | | | | | | 5,551 | | | | | | 287 | | |
| Construction and development | | | | | | | | | | | |||||||||||||||
|
Land & land development
|
| | | | 1,398 | | | | | | — | | | | | | 1,398 | | | | | | 502 | | |
|
Construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Residential 1-4 family real estate | | | | | | | | | | | |||||||||||||||
|
Personal residence
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Rental – small loan
|
| | | | 1,159 | | | | | | — | | | | | | 1,159 | | | | | | 282 | | |
|
Rental – large loan
|
| | | | 3,675 | | | | | | — | | | | | | 3,675 | | | | | | — | | |
|
Home equity
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Other | | | | | | | | | | | |||||||||||||||
|
Credit cards
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Overdrafts
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total
|
| | | $ | 31,141 | | | | | $ | 104 | | | | | $ | 31,245 | | | | | $ | 1,378 | | |
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
|
Beginning balance
|
| | | $ | 5,067 | | | | | $ | 9,858 | | | | | $ | 15,588 | | |
|
Acquisitions
|
| | | | 217 | | | | | | 6 | | | | | | 532 | | |
|
Capitalized improvements
|
| | | | 2 | | | | | | 36 | | | | | | — | | |
|
Dispositions
|
| | | | (1,425) | | | | | | (4,646) | | | | | | (4,845) | | |
|
Valuation adjustments
|
| | | | (132) | | | | | | (187) | | | | | | (1,417) | | |
|
Balance at year end
|
| | | $ | 3,729 | | | | | $ | 5,067 | | | | | $ | 9,858 | | |
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| ||||||
|
Land
|
| | | $ | 14,708 | | | | | $ | 13,729 | | |
|
Buildings and improvements
|
| | | | 53,370 | | | | | | 44,620 | | |
|
Furniture and equipment
|
| | | | 33,900 | | | | | | 31,827 | | |
| | | | | | 101,978 | | | | | | 90,176 | | |
|
Less accumulated depreciation
|
| | | | (38,940) | | | | | | (36,195) | | |
|
Total premises and equipment, net
|
| | | $ | 63,038 | | | | | $ | 53,981 | | |
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
|
Amortization of lease right-of-use assets
|
| | | $ | 1,245 | | | | | $ | 961 | | | | | $ | 858 | | |
|
Short-term lease expense
|
| | | | 110 | | | | | | 38 | | | | | | 46 | | |
|
Total
|
| | | $ | 1,355 | | | | | $ | 999 | | | | | $ | 904 | | |
|
Future Lease Payments
|
| | | | | | |
|
Dollars in thousands
|
| | | | | | |
|
2024
|
| | | $ | 1,309 | | |
|
2025
|
| | | | 1,266 | | |
|
2026
|
| | | | 1,202 | | |
|
2027
|
| | | | 1,073 | | |
|
2028
|
| | | | 948 | | |
|
Thereafter
|
| | | | 4,562 | | |
|
Total undiscounted operating lease liability
|
| | | $ | 10,360 | | |
|
Imputed interest
|
| | | | (1,439) | | |
|
Total operating lease liability included in the accompanying balance sheet
|
| | | $ | 8,921 | | |
| | | |
Other Intangible Assets
|
| |||||||||
|
Dollars in thousands
|
| |
December 31,
2023 |
| |
December 31,
2022 |
| ||||||
| Identified intangible assets | | | | | | | | | |||||
|
Gross carrying amount
|
| | | $ | 30,755 | | | | | $ | 15,828 | | |
|
Less: accumulated amortization
|
| | | | 12,359 | | | | | | 9,025 | | |
|
Net carrying amount
|
| | | $ | 18,396 | | | | | $ | 6,803 | | |
|
Dollars in thousands
|
| |
Core Deposit
Intangible |
| |||
| Actual: | | | | | | | |
|
2021
|
| | | $ | 1,563 | | |
|
2022
|
| | | | 1,440 | | |
|
2023
|
| | | | 3,335 | | |
| Expected: | | | | | | | |
|
2024
|
| | | | 3,669 | | |
|
2025
|
| | | | 3,258 | | |
|
2026
|
| | | | 2,846 | | |
|
2027
|
| | | | 2,433 | | |
|
2028
|
| | | | 2,021 | | |
|
Thereafter
|
| | | | 4,099 | | |
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| ||||||
|
Demand deposits, interest bearing
|
| | | $ | 2,164,522 | | | | | $ | 1,743,299 | | |
|
Savings deposits
|
| | | | 450,527 | | | | | | 496,751 | | |
|
Time deposits
|
| | | | 506,523 | | | | | | 376,213 | | |
|
Total
|
| | | $ | 3,121,572 | | | | | $ | 2,616,263 | | |
|
Dollars in thousands
|
| |
Amount
|
| |||
|
2024
|
| | | $ | 404,391 | | |
|
2025
|
| | | | 57,841 | | |
|
2026
|
| | | | 22,335 | | |
|
2027
|
| | | | 9,842 | | |
|
2028
|
| | | | 7,313 | | |
|
Thereafter
|
| | | | 4,801 | | |
|
Total
|
| | | $ | 506,523 | | |
|
Dollars in thousands
|
| |
Amount
|
| |||
|
Three months or less
|
| | | $ | 35,791 | | |
|
Three through six months
|
| | | | 25,165 | | |
|
Six through twelve months
|
| | | | 49,596 | | |
|
Over twelve months
|
| | | | 27,593 | | |
|
Total
|
| | | $ | 138,145 | | |
| | | |
December 31,
|
| |||||||||||||||||||||
| | | |
2023
|
| |
2022
|
| ||||||||||||||||||
|
Dollars in thousands
|
| |
Short-term
FHLB Advances |
| |
Federal Funds
Purchased and Short-term Repurchase Agreements |
| |
Short-term
FHLB Advances |
| |
Federal Funds
Purchased and Short-term Repurchase Agreements |
| ||||||||||||
|
Balance at December 31
|
| | | $ | 302,800 | | | | | $ | 157 | | | | | $ | 225,850 | | | | | $ | 149 | | |
|
Average balance outstanding for the period
|
| | | | 229,850 | | | | | | 8,502 | | | | | | 204,118 | | | | | | 147 | | |
|
Maximum balance outstanding at any month end during period
|
| | | | 355,100 | | | | | | 20,533 | | | | | | 298,900 | | | | | | 149 | | |
|
Weighted average interest rate for the period
|
| | | | 5.53% | | | | | | 2.37% | | | | | | 2.37% | | | | | | 1.87% | | |
|
Weighted average interest rate for balances outstanding
at December 31 |
| | | | 5.64% | | | | | | 5.50% | | | | | | 4.47% | | | | | | 4.50% | | |
|
Dollars in thousands
|
| |
Long-term
borrowings |
| |
Subordinated
debentures |
| |
Subordinated
debentures owed to unconsolidated subsidiary trusts |
| |||||||||
|
2024
|
| | | $ | 23 | | | | | $ | — | | | | | $ | — | | |
|
2025
|
| | | | 24 | | | | | | — | | | | | | — | | |
|
2026
|
| | | | 590 | | | | | | — | | | | | | — | | |
|
2027
|
| | | | — | | | | | | — | | | | | | — | | |
|
2028
|
| | | | — | | | | | | — | | | | | | — | | |
|
Thereafter
|
| | | | — | | | | | | 105,000 | | | | | | 19,589 | | |
|
Total
|
| | | $ | 637 | | | | | $ | 105,000 | | | | | $ | 19,589 | | |
| | | |
December 31, 2023
|
| |||||||||||||||||||||
| | | |
Notional
Amount |
| |
Derivative Fair Value
|
| |
Net Ineffective
Hedge Gains/(Losses) |
| |||||||||||||||
|
Dollars in thousands
|
| |
Asset
|
| |
Liability
|
| ||||||||||||||||||
| CASH FLOW HEDGES | | | | | | | | | | | | | | | | | | | | | | | | | |
| Pay-fixed/receive-variable interest rate swaps hedging: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Short term borrowings
|
| | | $ | 120,000 | | | | | $ | 1,059 | | | | | $ | 375 | | | | | $ | — | | |
| Interest rate caps hedging : | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Short term borrowings
|
| | | $ | 100,000 | | | | | $ | 17,578 | | | | | $ | — | | | | | $ | — | | |
|
Indexed interest bearing demand deposit accounts
|
| | | | 100,000 | | | | | | 6,736 | | | | | | — | | | | | | — | | |
| FAIR VALUE HEDGES | | | | | | | | | | | | | | | | | | | | | | | | | |
| Pay-fixed/receive-variable interest rate swaps hedging: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Commercial real estate loans
|
| | | $ | 16,175 | | | | | $ | 583 | | | | | $ | — | | | | | $ | — | | |
|
Available for sale taxable municipal securities
|
| | | | 71,245 | | | | | | 7,564 | | | | | | — | | | | | | 1 | | |
|
Total
|
| | | $ | 407,420 | | | | | $ | 33,520 | | | | | $ | 375 | | | | | $ | 1 | | |
| | | |
December 31, 2022
|
| |||||||||||||||||||||
| | | |
Notional
Amount |
| |
Derivative Fair Value
|
| |
Net Ineffective
Hedge Gains/(Losses) |
| |||||||||||||||
|
Dollars in thousands
|
| |
Asset
|
| |
Liability
|
| ||||||||||||||||||
| CASH FLOW HEDGES | | | | | | | | | | | | | | | | | | | | | | | | | |
| Pay-fixed/receive-variable interest rate swaps hedging: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Short term borrowings
|
| | | $ | 40,000 | | | | | $ | 1,871 | | | | | $ | — | | | | | $ | — | | |
| Interest rate caps hedging: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Short term borrowings
|
| | | $ | 100,000 | | | | | $ | 20,554 | | | | | $ | — | | | | | $ | — | | |
|
Indexed interest bearing demand deposit accounts
|
| | | | 100,000 | | | | | | 10,047 | | | | | | — | | | | | | — | | |
| FAIR VALUE HEDGES | | | | | | | | | | | | | | | | | | | | | | | | | |
| Pay-fixed/receive-variable interest rate swaps hedging: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Commercial real estate loans
|
| | | $ | 16,876 | | | | | $ | 911 | | | | | $ | — | | | | | $ | — | | |
|
Available for sale taxable municipal securities
|
| | | | 71,245 | | | | | | 7,123 | | | | | | — | | | | | | (12) | | |
|
Total
|
| | | $ | 328,121 | | | | | $ | 40,506 | | | | | $ | — | | | | | $ | (12) | | |
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
| Current | | | | | | | | | | | | | | | | | | | |
|
Federal
|
| | | $ | 13,432 | | | | | $ | 12,222 | | | | | $ | 10,189 | | |
|
State
|
| | | | 2,034 | | | | | | 1,654 | | | | | | 1,210 | | |
| | | | | | 15,466 | | | | | | 13,876 | | | | | | 11,399 | | |
| Deferred | | | | | | | | | | | | | | | | | | | |
|
Federal
|
| | | | (265) | | | | | | 191 | | | | | | 231 | | |
|
State
|
| | | | (38) | | | | | | 27 | | | | | | 33 | | |
| | | | | | (303) | | | | | | 218 | | | | | | 264 | | |
|
Total
|
| | | $ | 15,163 | | | | | $ | 14,094 | | | | | $ | 11,663 | | |
| | | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||
|
Computed tax at applicable statutory rate
|
| | | $ | 14,784 | | | | | | 21 | | | | | $ | 14,135 | | | | | | 21 | | | | | $ | 12,054 | | | | | | 21 | | |
| Increase (decrease) in taxes resulting from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Tax-exempt interest and dividends, net
|
| | | | (1,216) | | | | | | (2) | | | | | | (1,005) | | | | | | (2) | | | | | | (829) | | | | | | (1) | | |
|
Low-income housing and rehabilitation tax credits
|
| | | | (200) | | | | | | — | | | | | | (214) | | | | | | — | | | | | | (206) | | | | | | — | | |
|
State income taxes, net of Federal income tax benefit
|
| | | | 1,577 | | | | | | 2 | | | | | | 1,328 | | | | | | 2 | | | | | | 982 | | | | | | 2 | | |
|
Other, net
|
| | | | 218 | | | | | | — | | | | | | (150) | | | | | | — | | | | | | (338) | | | | | | (1) | | |
|
Applicable income taxes
|
| | | $ | 15,163 | | | | | | 21 | | | | | $ | 14,094 | | | | | | 21 | | | | | $ | 11,663 | | | | | | 21 | | |
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| ||||||
| Deferred tax assets | | | | | | | | | | | | | |
|
Allowance for credit losses
|
| | | $ | 13,400 | | | | | $ | 11,003 | | |
|
Foreclosed properties
|
| | | | 504 | | | | | | 789 | | |
|
Deferred compensation
|
| | | | 5,156 | | | | | | 4,830 | | |
|
Other deferred costs and accrued expenses
|
| | | | 1,343 | | | | | | 1,096 | | |
|
Lease liability
|
| | | | 2,141 | | | | | | — | | |
|
Net unrealized loss on debt securities available for sale
|
| | | | 9,224 | | | | | | 11,968 | | |
|
Net unrealized loss on equity investments
|
| | | | 49 | | | | | | 17 | | |
|
Acquisition accounting adjustments and goodwill
|
| | | | 434 | | | | | | — | | |
|
Total
|
| | | | 32,251 | | | | | | 29,703 | | |
| Deferred tax liabilities | | | | | | | | | | | | | |
|
Depreciation
|
| | | | 627 | | | | | | 726 | | |
|
Accretion on tax-exempt securities
|
| | | | 73 | | | | | | 8 | | |
|
Right of use asset
|
| | | | 2,088 | | | | | | — | | |
|
Net unrealized gain on interest rate swaps
|
| | | | 6,811 | | | | | | 8,299 | | |
|
Other post-retirement benefits
|
| | | | 52 | | | | | | 46 | | |
|
Acquisition accounting adjustments and goodwill
|
| | | | — | | | | | | 2,944 | | |
|
Total
|
| | | | 9,651 | | | | | | 12,023 | | |
|
Net deferred tax assets
|
| | | $ | 22,600 | | | | | $ | 17,680 | | |
| | | |
At December 31,
|
| |||||||||
| | | |
2023
|
| |
2022
|
| ||||||
|
Allocated shares
|
| | | | 560,914 | | | | | | 528,628 | | |
|
Shares committed to be released
|
| | | | — | | | | | | 20,702 | | |
|
Unallocated shares
|
| | | | — | | | | | | — | | |
|
Total ESOP shares
|
| | | | 560,914 | | | | | | 549,330 | | |
| | | |
2023 Grants
|
| |
2021 Grants
|
| ||||||||||||||||||
| | | |
7 year
expiration |
| |
5 year
expiration |
| |
7 year
expiration |
| |
5 year
expiration |
| ||||||||||||
|
Risk-free interest rate
|
| | | | 3.79% | | | | | | 3.87% | | | | | | 1.06% | | | | | | 0.74% | | |
|
Expected dividend yield
|
| | | | 3.00% | | | | | | 3.00% | | | | | | 3.00% | | | | | | 3.00% | | |
|
Expected common stock volatility
|
| | | | 40.76% | | | | | | 40.76% | | | | | | 55.59% | | | | | | 55.59% | | |
|
Expected life (in years)
|
| | | | 7 | | | | | | 6.5 | | | | | | 7 | | | | | | 5.5 | | |
| | | | | | | | | | | | | | | |
Weighted Average
|
| |||||||||
|
Dollars in thousands, except per share amounts
|
| |
SARs/Options
|
| |
Aggregate
Intrinsic Value |
| |
Remaining
Contractual Term (Yrs.) |
| |
Exercise Price
|
| ||||||||||||
|
Outstanding, December 31, 2020
|
| | | | 329,203 | | | | | | | | | | | | | | | | | $ | 20.47 | | |
|
Granted
|
| | | | 177,489 | | | | | | | | | | | | | | | | | | 21.85 | | |
|
Exercised
|
| | | | (14,900) | | | | | | | | | | | | | | | | | | 8.92 | | |
|
Forfeited
|
| | | | — | | | | | | | | | | | | | | | | | | — | | |
|
Expired
|
| | | | — | | | | | | | | | | | | | | | | | | — | | |
|
Outstanding, December 31, 2021
|
| | | | 491,792 | | | | | | | | | | | | | | | | | $ | 21.32 | | |
|
Granted
|
| | | | — | | | | | | | | | | | | | | | | | | — | | |
|
Exercised
|
| | | | (18,580) | | | | | | | | | | | | | | | | | | 20.21 | | |
|
Forfeited
|
| | | | — | | | | | | | | | | | | | | | | | | — | | |
|
Expired
|
| | | | — | | | | | | | | | | | | | | | | | | — | | |
|
Outstanding, December 31, 2022
|
| | | | 473,212 | | | | | | | | | | | | | | | | | $ | 21.36 | | |
|
Granted
|
| | | | 176,384 | | | | | | | | | | | | | | | | | | 26.37 | | |
|
Exercised
|
| | | | (10,000) | | | | | | | | | | | | | | | | | | 12.01 | | |
|
Forfeited
|
| | | | (45,035) | | | | | | | | | | | | | | | | | | 23.99 | | |
|
Expired
|
| | | | — | | | | | | | | | | | | | | | | | | — | | |
|
Outstanding, December 31, 2023
|
| | | | 594,561 | | | | | $ | 4,686 | | | | | | 6.17 | | | | | $ | 22.81 | | |
| | | | | | | | | | | | | | | |
Weighted Average
|
| |||||||||
|
Dollars in thousands, except per share amounts
|
| |
SARs/Options
|
| |
Aggregate
Intrinsic Value |
| |
Remaining
Contractual Term (Yrs.) |
| |
Exercise Price
|
| ||||||||||||
| Exercisable Options/SARs: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
December 31, 2023
|
| | | | 290,418 | | | | | $ | 2,839 | | | | | | 4.12 | | | | | $ | 20.92 | | |
|
December 31, 2022
|
| | | | 259,037 | | | | | | 1,262 | | | | | | 4.57 | | | | | | 20.33 | | |
|
December 31, 2021
|
| | | | 204,116 | | | | | | 1,683 | | | | | | 4.81 | | | | | | 19.20 | | |
|
Dollars in thousands, except per share amounts
|
| |
RSUs
|
| |
Weighted Average
Grant Date Fair Value |
| ||||||
|
Nonvested, December 31, 2020
|
| | | | 15,686 | | | | | $ | 20.40 | | |
|
Granted
|
| | | | 1,500 | | | | | | 27.63 | | |
|
Forfeited
|
| | | | — | | | | | | — | | |
|
Vested
|
| | | | (4,171) | | | | | | 20.38 | | |
|
Nonvested, December 31, 2021
|
| | | | 13,015 | | | | | $ | 21.24 | | |
|
Granted
|
| | | | 707 | | | | | | 28.28 | | |
|
Forfeited
|
| | | | (313) | | | | | | 26.63 | | |
|
Vested
|
| | | | (6,205) | | | | | | 22.65 | | |
|
Nonvested, December 31, 2022
|
| | | | 7,204 | | | | | $ | 20.49 | | |
|
Granted
|
| | | | — | | | | | | — | | |
|
Forfeited
|
| | | | (1,321) | | | | | | 18.93 | | |
|
Vested
|
| | | | (3,484) | | | | | | 20.23 | | |
|
Nonvested, December 31, 2023
|
| | | | 2,399 | | | | | $ | 21.73 | | |
|
Dollars in thousands
|
| |
December 31, 2023
|
| |
December 31, 2022
|
| ||||||
| Commitments to extend credit: | | | | | | | | | | | | | |
|
Revolving home equity and credit card lines
|
| | | $ | 118,742 | | | | | $ | 104,475 | | |
|
Construction loans
|
| | | | 283,842 | | | | | | 271,062 | | |
|
Other loans
|
| | | | 488,734 | | | | | | 493,592 | | |
|
Standby letters of credit
|
| | | | 58,683 | | | | | | 56,528 | | |
|
Total
|
| | | $ | 950,001 | | | | | $ | 925,657 | | |
| | | |
Actual
|
| |
Minimum Required
Capital – Basel III |
| |
Minimum Required
To Be Well Capitalized |
| |||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||
| As of December 31, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| CET1 (to risk weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Summit
|
| | | $ | 369,935 | | | | | | 9.1% | | | | | $ | 285,338 | | | | | | 7.0% | | | | |
|
N/A
|
| | | |
|
N/A
|
| |
|
Summit Community
|
| | | | 475,785 | | | | | | 11.7% | | | | | | 284,873 | | | | | | 7.0% | | | | | | 264,525 | | | | | | 6.5% | | |
| Tier I Capital (to risk weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Summit
|
| | | | 403,855 | | | | | | 9.9% | | | | | | 346,481 | | | | | | 8.5% | | | | |
|
N/A
|
| | | |
|
N/A
|
| |
|
Summit Community
|
| | | | 475,785 | | | | | | 11.7% | | | | | | 345,917 | | | | | | 8.5% | | | | | | 325,569 | | | | | | 8.0% | | |
| Total Capital (to risk weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Summit
|
| | | | 556,590 | | | | | | 13.7% | | | | | | 428,006 | | | | | | 10.5% | | | | |
|
N/A
|
| | | |
|
N/A
|
| |
|
Summit Community
|
| | | | 524,737 | | | | | | 12.9% | | | | | | 427,309 | | | | | | 10.5% | | | | | | 406,961 | | | | | | 10.0% | | |
| Tier I Capital (to average assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Summit
|
| | | | 403,855 | | | | | | 8.7% | | | | | | 186,747 | | | | | | 4.0% | | | | |
|
N/A
|
| | | |
|
N/A
|
| |
|
Summit Community
|
| | | | 475,785 | | | | | | 10.2% | | | | | | 186,057 | | | | | | 4.0% | | | | | | 232,571 | | | | | | 5.0% | | |
| As of December 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| CET1 (to risk weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Summit
|
| | | $ | 299,993 | | | | | | 8.6% | | | | | $ | 245,141 | | | | | | 7.0% | | | | |
|
N/A
|
| | | |
|
N/A
|
| |
|
Summit Community
|
| | | | 405,430 | | | | | | 11.6% | | | | | | 244,502 | | | | | | 7.0% | | | | | | 227,038 | | | | | | 6.5% | | |
| Tier I Capital (to risk weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Summit
|
| | | | 333,913 | | | | | | 9.5% | | | | | | 297,672 | | | | | | 8.5% | | | | |
|
N/A
|
| | | |
|
N/A
|
| |
|
Summit Community
|
| | | | 405,430 | | | | | | 11.6% | | | | | | 296,896 | | | | | | 8.5% | | | | | | 279,431 | | | | | | 8.0% | | |
| Total Capital (to risk weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Summit
|
| | | | 472,955 | | | | | | 13.5% | | | | | | 367,712 | | | | | | 10.5% | | | | |
|
N/A
|
| | | |
|
N/A
|
| |
|
Summit Community
|
| | | | 441,177 | | | | | | 12.6% | | | | | | 366,754 | | | | | | 10.5% | | | | | | 349,289 | | | | | | 10.0% | | |
| Tier I Capital (to average assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Summit
|
| | | | 333,913 | | | | | | 8.5% | | | | | | 156,852 | | | | | | 4.0% | | | | |
|
N/A
|
| | | |
|
N/A
|
| |
|
Summit Community
|
| | | | 405,430 | | | | | | 10.4% | | | | | | 156,338 | | | | | | 4.0% | | | | | | 195,422 | | | | | | 5.0% | | |
| | | |
For the Year Ended December 31,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||||||||||||||||||||||||||||||||
|
Dollars in thousands, except per share
amounts |
| |
Income
(Numerator) |
| |
Common
Shares (Denominator) |
| |
Per
Share |
| |
Income
(Numerator) |
| |
Common
Shares (Denominator) |
| |
Per
Share |
| |
Income
(Numerator) |
| |
Common
Shares (Denominator) |
| |
Per
Share |
| |||||||||||||||||||||||||||
|
Net income
|
| | | $ | 55,239 | | | | | | | | | | | | | | | | | $ | 53,216 | | | | | | | | | | | | | | | | | $ | 45,738 | | | | | | | | | | | | | | |
|
Less preferred stock dividends
|
| | | | (900) | | | | | | | | | | | | | | | | | | (900) | | | | | | | | | | | | | | | | | | (589) | | | | | | | | | | | | | | |
|
Basic EPS
|
| | | $ | 54,339 | | | | | | 14,206,811 | | | | | $ | 3.82 | | | | | $ | 52,316 | | | | | | 12,760,649 | | | | | $ | 4.10 | | | | | $ | 45,149 | | | | | | 12,943,883 | | | | | $ | 3.49 | | |
|
Effect of dilutive securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Stock options
|
| | | | | | | | | | — | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | | | | 44 | | | | | | | | |
|
SARs
|
| | | | | | | | | | 39,847 | | | | | | | | | | | | | | | | | | 56,616 | | | | | | | | | | | | | | | | | | 53,964 | | | | | | | | |
|
RSUs
|
| | | | | | | | | | 2,471 | | | | | | | | | | | | | | | | | | 4,268 | | | | | | | | | | | | | | | | | | 5,537 | | | | | | | | |
|
Diluted EPS
|
| | | $ | 54,339 | | | | | | 14,249,129 | | | | | $ | 3.81 | | | | | $ | 52,316 | | | | | | 12,821,533 | | | | | $ | 4.08 | | | | | $ | 45,149 | | | | | | 13,003,428 | | | | | $ | 3.47 | | |
| | | |
December 31, 2023
|
| |||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Gains and
Losses on Pension Plan |
| |
Gains and
Losses on Other Post- Retirement Benefits |
| |
Gains and
Losses on Cash Flow Hedges |
| |
Unrealized
Gains and Losses on Debt Securities Available for Sale |
| |
Unrealized
Gains on Securities Fair Value Hedge |
| |
Total
|
| ||||||||||||||||||
|
Beginning balance
|
| | | $ | (23) | | | | | $ | 172 | | | | | $ | 20,867 | | | | | $ | (37,901) | | | | | $ | 5,406 | | | | | $ | (11,479) | | |
|
Other comprehensive income (loss) before reclassification, net of
tax |
| | | | 42 | | | | | | (25) | | | | | | (5,047) | | | | | | 8,488 | | | | | | 334 | | | | | | 3,792 | | |
|
Amounts reclassified from
accumulated other comprehensive loss, net of tax |
| | | | — | | | | | | — | | | | | | — | | | | | | 202 | | | | | | — | | | | | | 202 | | |
|
Net current period other comprehensive income (loss)
|
| | | | 42 | | | | | | (25) | | | | | | (5,047) | | | | | | 8,690 | | | | | | 334 | | | | | | 3,994 | | |
|
Ending balance
|
| | | $ | 19 | | | | | $ | 147 | | | | | $ | 15,820 | | | | | $ | (29,211) | | | | | $ | 5,740 | | | | | $ | (7,485) | | |
| | | |
December 31, 2022
|
| |||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Gains and
Losses on Pension Plan |
| |
Gains on
Other Post- Retirement Benefits |
| |
Gains and
Losses on Cash Flow Hedges |
| |
Unrealized
Gains and Losses on Debt Securities Available for Sale |
| |
Unrealized
Gains and Losses on Securities Fair Value Hedge |
| |
Total
|
| ||||||||||||||||||
|
Beginning balance
|
| | | $ | 30 | | | | | $ | 9 | | | | | $ | 3,993 | | | | | $ | 1,868 | | | | | $ | (418) | | | | | $ | 5,482 | | |
|
Other comprehensive (loss) income before reclassification, net of
tax |
| | | | (53) | | | | | | 163 | | | | | | 16,874 | | | | | | (40,307) | | | | | | 5,824 | | | | | | (17,499) | | |
|
Amounts reclassified from
accumulated other comprehensive loss, net of tax |
| | | | — | | | | | | — | | | | | | — | | | | | | 538 | | | | | | — | | | | | | 538 | | |
|
Net current period other comprehensive (loss) income
|
| | | | (53) | | | | | | 163 | | | | | | 16,874 | | | | | | (39,769) | | | | | | 5,824 | | | | | | (16,961) | | |
|
Ending balance
|
| | | $ | (23) | | | | | $ | 172 | | | | | $ | 20,867 | | | | | $ | (37,901) | | | | | $ | 5,406 | | | | | $ | (11,479) | | |
| | | |
December 31, 2021
|
| |||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Gains and
Losses on Pension Plan |
| |
Gains and
Losses on Other Post- Retirement Benefits |
| |
Gains and
Losses on Cash Flow Hedges |
| |
Unrealized
Gains and Losses on Debt Securities Available for Sale |
| |
Unrealized
Losses on Securities Fair Value Hedge |
| |
Total
|
| ||||||||||||||||||
|
Beginning balance
|
| | | $ | (199) | | | | | $ | (40) | | | | | $ | (1,132) | | | | | $ | 6,816 | | | | | $ | — | | | | | $ | 5,445 | | |
|
Other comprehensive income (loss) before reclassification, net of tax
|
| | | | 229 | | | | | | 49 | | | | | | 5,125 | | | | | | (4,625) | | | | | | (418) | | | | | | 360 | | |
|
Amounts reclassified from accumulated other comprehensive income, net of tax
|
| | | | — | | | | | | — | | | | | | — | | | | | | (323) | | | | | | — | | | | | | (323) | | |
|
Net current period other comprehensive income (loss)
|
| | | | 229 | | | | | | 49 | | | | | | 5,125 | | | | | | (4,948) | | | | | | (418) | | | | | | 37 | | |
|
Ending balance
|
| | | $ | 30 | | | | | $ | 9 | | | | | $ | 3,993 | | | | | $ | 1,868 | | | | | $ | (418) | | | | | $ | 5,482 | | |
| | | |
For the Year Ended December 31,
|
| |||||||||||||||
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
|
Service fees on deposit accounts
|
| | | $ | 6,977 | | | | | $ | 6,150 | | | | | $ | 5,032 | | |
|
Bank card revenue
|
| | | | 7,299 | | | | | | 6,261 | | | | | | 5,896 | | |
|
Trust and wealth management fees
|
| | | | 3,436 | | | | | | 2,978 | | | | | | 2,886 | | |
|
Other
|
| | | | 552 | | | | | | 516 | | | | | | 626 | | |
|
Net revenue from contracts with customers
|
| | | | 18,264 | | | | | | 15,905 | | | | | | 14,440 | | |
|
Non-interest income within the scope of other ASC topics
|
| | | | 2,612 | | | | | | 2,248 | | | | | | 5,768 | | |
|
Total noninterest income
|
| | | $ | 20,876 | | | | | $ | 18,153 | | | | | $ | 20,208 | | |
| | | |
December 31,
|
| |||||||||
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| ||||||
| Assets | | | | | | | | | | | | | |
|
Cash
|
| | | $ | 31,459 | | | | | $ | 11,043 | | |
|
Investment in subsidiaries
|
| | | | 531,138 | | | | | | 445,048 | | |
|
Equity investments (at fair value)
|
| | | | 6,436 | | | | | | 25,858 | | |
|
Other investments
|
| | | | 82 | | | | | | — | | |
|
Premises and equipment
|
| | | | 115 | | | | | | 92 | | |
|
Other assets
|
| | | | 1,905 | | | | | | 1,802 | | |
|
Total assets
|
| | | $ | 571,135 | | | | | $ | 483,843 | | |
| Liabilities and Shareholders’ Equity | | | | | | | | | | | | | |
|
Subordinated debentures, net
|
| | | $ | 103,782 | | | | | $ | 103,296 | | |
|
Subordinated debentures owed to unconsolidated subsidiary trusts
|
| | | | 19,589 | | | | | | 19,589 | | |
|
Other liabilities
|
| | | | 7,556 | | | | | | 6,428 | | |
|
Total liabilities
|
| | | | 130,927 | | | | | | 129,313 | | |
| | | |
December 31,
|
| |||||||||
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| ||||||
|
Preferred stock, $1.00 par value, authorized 250,000 shares; issued: 2023 and 2022 – 1,500 shares
|
| | | | 14,920 | | | | | | 14,920 | | |
|
Common stock and related surplus, $2.50 par value; authorized 20,000,000 shares; issued and oustanding: 2023 – 14,683,457 shares, 2022 – 12,783,646 shares
|
| | | | 129,990 | | | | | | 90,696 | | |
|
Retained earnings
|
| | | | 302,783 | | | | | | 260,393 | | |
|
Accumulated other comprehensive loss
|
| | | | (7,485) | | | | | | (11,479) | | |
|
Total shareholders’ equity
|
| | | | 440,208 | | | | | | 354,530 | | |
|
Total liabilities and shareholders’ equity
|
| | | $ | 571,135 | | | | | $ | 483,843 | | |
| | |||||||||||||
| | | |
For the Year Ended December 31,
|
| |||||||||||||||
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
| Income | | | | | | | | | | | | | | | | | | | |
|
Dividends from subsidiaries
|
| | | $ | 17,300 | | | | | $ | 15,800 | | | | | $ | 12,100 | | |
|
Other dividends and interest income
|
| | | | 500 | | | | | | 26 | | | | | | 16 | | |
|
Net gains on equity investments
|
| | | | 740 | | | | | | 265 | | | | | | 202 | | |
|
Management and service fees from subsidiaries
|
| | | | 1,776 | | | | | | 2,088 | | | | | | 1,920 | | |
|
Total income
|
| | | | 20,316 | | | | | | 18,179 | | | | | | 14,238 | | |
| Expense | | | | | | | | | | | | | | | | | | | |
|
Interest expense
|
| | | | 5,937 | | | | | | 5,256 | | | | | | 2,497 | | |
|
Operating expenses
|
| | | | 3,812 | | | | | | 3,283 | | | | | | 3,736 | | |
|
Total expenses
|
| | | | 9,749 | | | | | | 8,539 | | | | | | 6,233 | | |
|
Income before income taxes and equity in undistributed income of subsidiaries
|
| | | | 10,567 | | | | | | 9,640 | | | | | | 8,005 | | |
|
Income tax (benefit)
|
| | | | (1,345) | | | | | | (1,251) | | | | | | (830) | | |
|
Income before equity in undistributed income of subsidiaries
|
| | | | 11,912 | | | | | | 10,891 | | | | | | 8,835 | | |
|
Equity in undistributed income of subsidiaries
|
| | | | 43,327 | | | | | | 42,325 | | | | | | 36,903 | | |
|
Net income
|
| | | $ | 55,239 | | | | | $ | 53,216 | | | | | $ | 45,738 | | |
|
Preferred stock dividends
|
| | | | 900 | | | | | | 900 | | | | | | 589 | | |
|
Net income applicable to common shares
|
| | | $ | 54,339 | | | | | $ | 52,316 | | | | | $ | 45,149 | | |
| | | |
For the Year Ended December 31,
|
| |||||||||||||||
|
Dollars in thousands
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
|
Net income
|
| | | $ | 55,239 | | | | | $ | 53,216 | | | | | $ | 45,738 | | |
|
Adjustments to reconcile net income to net cash provided by operating
activities: |
| | | | | | | | | | | | | | | | | | |
|
Equity in undistributed net income of subsidiaries
|
| | | | (43,327) | | | | | | (42,325) | | | | | | (36,903) | | |
|
Deferred tax benefit
|
| | | | (112) | | | | | | (14) | | | | | | (164) | | |
|
Depreciation
|
| | | | 39 | | | | | | 37 | | | | | | 46 | | |
|
Gain on equity investments
|
| | | | (740) | | | | | | (265) | | | | | | (202) | | |
|
Share-based compensation expense
|
| | | | 274 | | | | | | 231 | | | | | | 244 | | |
|
Earnings on bank owned life insurance
|
| | | | 10 | | | | | | 17 | | | | | | 4 | | |
|
Decrease in other assets
|
| | | | 131 | | | | | | 432 | | | | | | 163 | | |
|
Increase in other liabilities
|
| | | | 1,614 | | | | | | 1,209 | | | | | | 584 | | |
|
Net cash provided by operating activities
|
| | | | 13,128 | | | | | | 12,538 | | | | | | 9,510 | | |
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
|
Purchase of equity investments
|
| | | | (744) | | | | | | (5,384) | | | | | | (20,000) | | |
|
Redemption of equity investments
|
| | | | 21,413 | | | | | | — | | | | | | — | | |
|
Investment in bank subsidiary
|
| | | | — | | | | | | — | | | | | | (55,000) | | |
|
Purchases of premises and equipment
|
| | | | (62) | | | | | | — | | | | | | (124) | | |
|
Proceeds from transfer of premises and equipment
|
| | | | — | | | | | | — | | | | | | 47 | | |
|
Net cash provided by (used in) investing activities
|
| | | | 20,607 | | | | | | (5,384) | | | | | | (75,077) | | |
| CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
|
Dividends paid on preferred stock
|
| | | | (900) | | | | | | (900) | | | | | | (589) | | |
|
Dividends paid on common stock
|
| | | | (11,949) | | | | | | (9,693) | | | | | | (9,022) | | |
|
Exercise of stock options
|
| | | | — | | | | | | — | | | | | | 16 | | |
|
Proceeds from issuance of subordinated debt
|
| | | | — | | | | | | — | | | | | | 75,000 | | |
|
Purchase and retirement of common stock
|
| | | | — | | | | | | — | | | | | | (6,710) | | |
|
Purchase of minority interest
|
| | | | (714) | | | | | | — | | | | | | — | | |
|
Proceeds from issuance of preferred stock, net of issuance costs
|
| | | | — | | | | | | — | | | | | | 14,920 | | |
|
Proceeds from issuance of common stock, net of issuance costs
|
| | | | 244 | | | | | | 203 | | | | | | 294 | | |
|
Net cash (used in) provided by financing activities
|
| | | | (13,319) | | | | | | (10,390) | | | | | | 73,909 | | |
|
Increase (decrease) in cash
|
| | | | 20,416 | | | | | | (3,236) | | | | | | 8,342 | | |
|
Cash:
|
| | | | | | | | | | | | | | | | | | |
|
Beginning
|
| | | | 11,043 | | | | | | 14,279 | | | | | | 5,937 | | |
|
Ending
|
| | | $ | 31,459 | | | | | $ | 11,043 | | | | | $ | 14,279 | | |
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
| | | | | | | | | | | | | | | | | | |
|
Cash payments for:
|
| | | | | | | | | | | | | | | | | | |
|
Interest
|
| | | $ | 5,048 | | | | | $ | 4,786 | | | | | $ | 2,195 | | |
|
Plan Category
|
| |
Number of securities to
be issued upon exercise of outstanding options, warrants and rights (#)(1) |
| |
Weighted-average exercise
price of outstanding options, warrants and rights ($) |
| |
Number of securities
remaining available for future issuance under equity compensation plans (#)(2) |
| |||||||||
|
Equity compensation plans approved by stockholders
|
| | | | 155,102 | | | | | $ | 22.81 | | | | | | 39,446 | | |
|
Equity compensation plans not approved by stockholders
|
| | | | — | | | | | | — | | | | | | — | | |
|
Total
|
| | | | 155,102 | | | | | $ | 22.81 | | | | | | 39,446 | | |
| | | | | | | |
Filed
Herewith |
| |
Incorporated by Reference*
|
| | | | | | | |||||||||||||||||||||
| |
Exhibit Number
|
| |
Exhibit Description
|
| |
Form
|
| |
Exhibit
|
| |
Filing Date
|
| | | | | | | ||||||||||||||||||
| | (2) Plan of acquisition, reorganization, arrangement, liquidation or succession: | | | | | | | | ||||||||||||||||||||||||||||||
| | | | | (i) | | | Agreement and Plan of Merger dated as of September 17, 2019 by and between Summit Financial Group, Inc. and Cornerstone Financial Services, Inc. | | | | | |
8-K
|
| |
2.1
|
| |
9/18/2019
|
| | | | | | | ||||||||||||
| | | | | (ii) | | | Purchase and Assumption Agreement dated as of November 21, 2019 by and between Summit Community Bank, Inc. and MVB Bank, Inc. | | | | | |
8-K
|
| |
2.1
|
| |
11/22/2019
|
| | | | | | | ||||||||||||
| | | | | (iii) | | | Agreement and Plan of Merger dated as of September 28, 2020 by and between Summit Community Bank, Inc. SMMF Thoroughbred Opportunities, Inc. and WinFirst Financial Corp. | | | | | |
8-K
|
| |
2.1
|
| |
9/28/2020
|
| | | | | | | ||||||||||||
| | | | | (iv) | | | Purchase and Assumption Agreement dated April 22, 2021 by and between Summit Community Bank Inc. and MVB Bank, Inc. | | | | | |
8-K
|
| |
2.1
|
| |
4/23/2021
|
| | | | | | | ||||||||||||
| | | | | (v) | | | Agreement and Plan of Merger, dated as of December 9, 2022, by and between Summit Financial Group, Inc. and PSB Holding Corp. | | | | | |
8-K
|
| |
2.1
|
| |
12/9/2022
|
| | | | | | | ||||||||||||
| | | | | (vi) | | | Agreement and Plan of Reorganization, dated as of August 24, 2023, by and between Burke & Herbert Financial Services Corp. and Summit Financial Group, Inc. | | | | | |
8-K
|
| |
2.1
|
| |
8/25/2023
|
| | | | | | | ||||||||||||
| | (3) Articles of Incorporation and By-Laws: | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| | | | | (i) | | | Amended and Restated Articles of Incorporation of Summit Financial Group, Inc. | | | | | |
8-K
|
| |
3.2
|
| |
4/30/2021
|
| | | | | | | ||||||||||||
| | | | | (ii) | | | Articles of Amendment 2009 | | | | | |
8-K
|
| |
3.1
|
| |
9/30/2009
|
| | | | | | | ||||||||||||
| | | | | (iii) | | | Articles of Amendment 2011 | | | | | |
8-K
|
| |
3.1
|
| |
11/3/2011
|
| | | | | | | ||||||||||||
| | | | | | | |
Filed
Herewith |
| |
Incorporated by Reference*
|
| | | | | | | |||||||||||||||||||||
| |
Exhibit Number
|
| |
Exhibit Description
|
| |
Form
|
| |
Exhibit
|
| |
Filing Date
|
| | | | | | | ||||||||||||||||||
| | | | | (iv) | | | Articles of Amendment 2021 | | | | | |
8-K
|
| |
3.1
|
| |
4/30/2021
|
| | | | | | | ||||||||||||
| | | | | (v) | | | Amended and Restated By-laws of Summit Financial Group, Inc. | | | | | |
8-K
|
| |
3.1
|
| |
3/2/2022
|
| | | | | | | ||||||||||||
| | (4) Instruments Defining the Rights of Securities Holders, Including Indentures | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| | | | | (i) | | | Description of Registrant’s Securities Registered Pursuant to Section 12 of the Securities and Exchange Act of 1934 | | | | | |
10-K
|
| |
4.1
|
| |
3/6/2020
|
| | | | | | | ||||||||||||
| | | | | (ii) | | | Specimen stock certificate representing Summit Financial Group, Inc. Common Stock | | | | | |
S-3
|
| |
4.1
|
| |
5/7/2010
|
| | | | | | | ||||||||||||
| | | | | (iii) | | | Form of 5.00% Fixed-to-Floating Rate Subordinated Notes due 2030 (included as Exhibit A to the Form of Subordinated Note Purchase Agreement dated as of September 22, 2020, by and between Summit Financial Group, Inc. and each of the Purchasers) | | | | | |
8-K
|
| |
10.1
|
| |
9/23/2020
|
| | | | | | | ||||||||||||
| | | | | (iv) | | | Forms of 3.25% Fixed-to-Floating Rate Subordinated Note due 2031 (included as Exhibit A-1 and Exhibit A-2 to the Indenture, dated as of November 16, 2021, by and between Summit Financial Group, Inc. and UMB Bank, N.A., as Trustee) | | | | | |
8-K
|
| |
4.1
|
| |
11/17/2021
|
| | | | | | | ||||||||||||
| | | | | (v) | | | Indenture, dated as of November 16, 2021, by and between Summit Financial Group, Inc. and UMB Bank, N.A., as Trustee Indenture, dated as of November 16, 2021, by and between Summit Financial Group, Inc. and UMB Bank, N.A., as Trustee | | | | | |
8-K
|
| |
4.1
|
| |
11/17/2021
|
| | | | | | | ||||||||||||
| | (10) Material Contracts | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| | | | | (i) | | | Amended and Restated Employment Agreement with H. Charles Maddy, III | | | | | |
10-K
|
| |
10.1
|
| |
3/16/2009
|
| | | | | | | ||||||||||||
| | | | | (ii) | | | First Amendment to Amended and Restated Employment Agreement with H. Charles Maddy, III | | | | | |
8-K
|
| |
10.1
|
| |
2/4/2010
|
| | | | | | | ||||||||||||
| | | | | (iii) | | | Second Amendment to Amended and Restated Employment Agreement with H. Charles Maddy, III | | | | | |
8-K
|
| |
10.1
|
| |
12/14/2010
|
| | | | | | | ||||||||||||
| | | | | (iv) | | | Third Amendment to Amended and Restated Employment Agreement with H. Charles Maddy, III | | | | | |
8-K
|
| |
10.1
|
| |
2/23/2012
|
| | | | | | | ||||||||||||
| | | | | (v) | | | Fourth Amendment to Amended and Restated Employment Agreement with H. Charles Maddy, III | | | | | |
8-K
|
| |
10.1
|
| |
2/21/2013
|
| | | | | | | ||||||||||||
| | | | | (vi) | | | Fifth Amendment to Amended and Restated Employment Agreement with H. Charles Maddy, III | | | | | |
8-K
|
| |
10.1
|
| |
2/25/2014
|
| | | | | | | ||||||||||||
| | | | | | | |
Filed
Herewith |
| |
Incorporated by Reference*
|
| |||||||||
| |
Exhibit Number
|
| |
Exhibit Description
|
| |
Form
|
| |
Exhibit
|
| |
Filing Date
|
| ||||||
| | | | | (vii) | | | Sixth Amendment to Amended and Restated Employment Agreement with H. Charles Maddy, III | | | | | |
8-K
|
| |
10.1
|
| |
2/23/2015
|
|
| | | | | (viii) | | | Seventh Amendment to Amended and Restated Employment Agreement with H. Charles Maddy, III | | | | | |
8-K
|
| |
10.1
|
| |
2/17/2016
|
|
| | | | | (ix) | | | Eighth Amendment to Amended and Restated Employment Agreement with H. Charles Maddy, III | | | | | |
8-K
|
| |
10.1
|
| |
2/15/2017
|
|
| | | | | (x) | | | Ninth Amendment to Amended and Restated Employment Agreement with H. Charles Maddy, III | | | | | |
8-K
|
| |
10.1
|
| |
2/9/2018
|
|
| | | | | (xi) | | | Tenth Amendment to Amended and Restated Employment Agreement with H. Charles Maddy, III | | | | | |
8-K
|
| |
10.1
|
| |
2/7/2019
|
|
| | | | | (xii) | | | Eleventh Amendment to Amended and Restated Employment Agreement with H. Charles Maddy, III | | | | | |
8-K
|
| |
10.1
|
| |
2/12/2020
|
|
| | | | | (xiii) | | | Twelfth Amendment to Amended and Restated Employment Agreement with H. Charles Maddy, III | | | | | |
8-K
|
| |
10.1
|
| |
2/17/2021
|
|
| | | | | (xiv) | | | Thirteenth Amendment to Amended and Restated Employment Agreement with H. Charles Maddy, III | | | | | |
8-K
|
| |
10.1
|
| |
2/18/2022
|
|
| | | | | (xv) | | | Fourteenth Amendment to Amended and Restated Employment Agreement with H. Charles Maddy, III | | | | | |
8-K
|
| |
10.1
|
| |
2/13/2023
|
|
| | | | | (xvi) | | | Change in Control Agreement with H. Charles Maddy, III | | | | | |
10-K
|
| |
10.2
|
| |
3/16/2009
|
|
| | | | | (xvii) | | | Executive Salary Continuation Agreement with H. Charles Maddy, III | | | | | |
10-K
|
| |
10.3
|
| |
3/16/2009
|
|
| | | | | (xviii) | | | Form of Amended and Restated Employment Agreement entered into with Robert S. Tissue, Patrick N. Frye and Scott C. Jennings | | | | | |
10-K
|
| |
10.4
|
| |
3/16/2009
|
|
| | | | | (xix) | | | First Amendment to Amended and Restated Employment Agreement with Patrick N. Frye | | | | | |
10-K
|
| |
10.8
|
| |
3/1/2012
|
|
| | | | | (xx) | | | Form of Executive Salary Continuation Agreement entered into with Robert S. Tissue, Patrick N. Frye and Scott C. Jennings | | | | | |
10-K
|
| |
10.5
|
| |
3/16/2009
|
|
| | | | | (xxi) | | | Amended and Restated Employment Agreement with Bradford E. Ritchie | | | | | |
10-K
|
| |
10.12
|
| |
3/1/2012
|
|
| | | | | (xxii) | | | Executive Salary Continuation Agreement with Bradford E. Ritchie | | | | | |
10-K
|
| |
10.13
|
| |
3/1/2012
|
|
| | | | | (xxiii) | | | Form of Indemnification Agreement between Summit and each Director of Summit | | | | | |
8-K
|
| |
1.01
|
| |
2/12/2009
|
|
| | | | | | | |
Filed
Herewith |
| |
Incorporated by Reference*
|
| |||||||||
| |
Exhibit Number
|
| |
Exhibit Description
|
| |
Form
|
| |
Exhibit
|
| |
Filing Date
|
| ||||||
| | | | | (xxiv) | | | 1998 Officers Stock Option Plan | | | | | |
10-QSB
|
| |
10
|
| |
8/17/1998
|
|
| | | | | (xxv) | | | Summit Financial Group, Inc. Directors Deferral Plan | | | | | |
10-K
|
| |
10.10
|
| |
3/14/2006
|
|
| | | | | (xxvi) | | | Amendment No. 1 to Directors Deferral Plan | | | | | |
10-K
|
| |
10.11
|
| |
3/14/2006
|
|
| | | | | (xxvii) | | | Amendment No. 2 to Directors Deferral Plan | | | | | |
10-K
|
| |
10.14
|
| |
3/16/2009
|
|
| | | | | (xxviii) | | | Summit Community Bank, Inc. Amended and Restated Directors Deferral Plan | | | | | |
10-K
|
| |
10.15
|
| |
3/16/2009
|
|
| | | | | (xxix) | | | Rabbi Trust for The Summit Financial Group, Inc. Directors Deferral Plan | | | | | |
10-K
|
| |
10.16
|
| |
3/16/2009
|
|
| | | | | (xxx) | | | Amendment No. One to Rabbi Trust for Summit Financial Group, Inc. Directors Deferral Plan | | | | | |
10-K
|
| |
10.2
|
| |
3/16/2009
|
|
| | | | | (xxxi) | | | Amendment No. One to Rabbi Trust for Summit Community Bank, Inc. (successor in interest to Capital State Bank, Inc.) Directors Deferral Plan | | | | | |
10-K
|
| |
10.2
|
| |
3/16/2009
|
|
| | | | | (xxxii) | | | Amendment No. One to Rabbi Trust for Summit Community Bank, Inc. (successor in interest to Shenandoah Valley National Bank, Inc.) Directors Deferral Plan | | | | | |
10-K
|
| |
10.2
|
| |
3/16/2009
|
|
| | | | | (xxxiii) | | | Amendment No. One to Rabbi Trust for Summit Community Bank, Inc. (successor in interest to South Branch Valley National Bank) Directors Deferral Plan | | | | | |
10-K
|
| |
10.2
|
| |
3/16/2009
|
|
| | | | | (xxxiv) | | | Form of Non-Qualified Stock Option Grant Agreement | | | | | |
10-Q
|
| |
10.3
|
| |
5/10/2006
|
|
| | | | | (xxxv) | | | Form of First Amendment to Non-Qualified Stock Option Grant Agreement | | | | | |
10-Q
|
| |
10.4
|
| |
5/10/2006
|
|
| | | | | (xxxvi) | | | 2009 Officer Stock Option Plan | | | | | |
8-K
|
| |
10.1
|
| |
5/14/2009
|
|
| | | | | (xxxvii) | | | SFGI 2014 Long-Term Incentive Plan | | | | | |
S-8
|
| |
4
|
| |
9/25/2014
|
|
| | | | | (xxxviii) | | | Form of Summit Financial Group, Inc. 2014 Long-Term Incentive Plan Stock-Settled Stock Appreciation Rights Agreement 2015 award | | | | | |
8-K
|
| |
10.1
|
| |
4/29/2015
|
|
| | | | | (xxxix) | | | Form of Summit Financial Group, Inc. 2014 Long-Term Incentive Plan Stock-Settled Stock Appreciation Rights Agreement 2017 award | | | | | |
8-K/A
|
| |
10.3
|
| |
2/15/2017
|
|
| | | | | (xl) | | | Form of Summit Financial Group, Inc. 2014 Long-Term Incentive Plan Stock-Settled Stock Appreciation Rights Agreement 2019 award | | | | | |
8-K
|
| |
10.3
|
| |
2/7/2019
|
|
| | | | | (xli) | | | Form of Summit Financial Group, Inc. 2014 Long-Term Incentive Plan Stock-Settled Stock Appreciation Rights Agreement 2021 award | | | | | |
8-K
|
| |
10.2
|
| |
7/21/2021
|
|
| | | | | | | |
Filed
Herewith |
| |
Incorporated by Reference*
|
| |||||||||
| |
Exhibit Number
|
| |
Exhibit Description
|
| |
Form
|
| |
Exhibit
|
| |
Filing Date
|
| ||||||
| | | | | (xlii) | | | Securities Purchase Agreement with Castle Creek Capital Partners V, LP | | | | | |
8-K
|
| |
10.1
|
| |
8/25/2014
|
|
| | | | | (xliii) | | | Executive Officer Management Incentive Plan for 2023 | | | | | |
8-K
|
| |
10.2
|
| |
2/13/2023
|
|
| |
(10.1)
|
| | Board Attendance and Compensation Policy, as amended | | | | | |
8-K
|
| |
10.1
|
| |
3/2/2022
|
| |||
| |
(21)
|
| | Subsidiaries of Registrant | | |
X
|
| | | | | | | | | | |||
| |
(23)
|
| | Consent of Yount, Hyde & Barbour, P.C. | | |
X
|
| | | | | | | | | | |||
| |
(24)
|
| | Power of Attorney | | |
X
|
| | | | | | | | | | |||
| |
(31.1)
|
| | Sarbanes-Oxley Act Section 302 Certification of Chief Executive Officer | | |
X
|
| | | | | | | | | | |||
| |
(31.2)
|
| | Sarbanes-Oxley Act Section 302 Certification of Chief Financial Officer | | |
X
|
| | | | | | | | | | |||
| |
(32.1)**
|
| | Sarbanes-Oxley Act Section 906 Certification of Chief Executive Officer | | |
X
|
| | | | | | | | | | |||
| |
(32.2)**
|
| | Sarbanes-Oxley Act Section 906 Certification of Chief Financial Officer | | |
X
|
| | | | | | | | | | |||
| |
(97.1)
|
| | Summit Financial Group, Inc. Compensation Recoupment Policy | | |
X
|
| | | | | | | | | | |||
| |
(101)
|
| | Interactive data file (Inline XBRL) | | |
X
|
| | | | | | | | | | |||
| |
(104)
|
| |
Cover Page
Interactive Data File (formatted as inline XBRL and contained in the Exhibit 101) |
| |
X
|
| | | | | | | | | | |||
| |
/s/ H. Charles Maddy, III
H. Charles Maddy, III
President & Chief Executive Officer |
| |
3/12/2024
Date
|
| |
/s/ Julie R. Markwood
Julie R. Markwood
Executive Vice President & Chief Accounting Officer |
| |
3/12/2024
Date
|
|
| |
/s/ Robert S. Tissue
Robert S. Tissue
Executive Vice President & Chief Financial Officer |
| |
3/12/2024
Date
|
| | | ||||
| |
/s/ Robert S. Tissue
Robert S. Tissue
Attorney-in-fact |
| |
3/12/2024
Date
|
| | | | | | |
| |
West Virginia
|
| |
55-0672148
|
|
| |
(State or other jurisdiction of
incorporation or organization) |
| |
(IRS Employer
Identification No.) |
|
| |
300 North Main Street
Moorefield, West Virginia |
| |
26836
|
|
| |
(Address of principal executive offices)
|
| |
(Zip Code)
|
|
| |
Large accelerated filer
☐
|
| |
Accelerated filer
☒
|
|
| |
Non-accelerated filer
☐
|
| |
Smaller reporting company
☐
|
|
| | | | |
Emerging growth company
☐
|
|
| |
Title of each class
|
| |
Trading
Symbol(s) |
| |
Name of each exchange
on which registered |
|
| |
Common Stock, Par Value $2.50 per share
|
| |
SMMF
|
| |
NASDAQ Global Select Market
|
|
| | | |
Page
|
| |||
| PART I. FINANCIAL INFORMATION | | | | | | | |
|
|
| | | | | | |
| | | | | K-1 | | | |
| | | | | K-2 | | | |
| | | | | K-3 | | | |
| | | | | K-4 | | | |
| | | | | K-5 | | | |
| | | | | K-6 | | | |
| | | | | K-41 | | | |
| | | | | K-53 | | | |
| | | | | K-54 | | | |
| PART II. OTHER INFORMATION | | | | | | | |
| | | | | K-55 | | | |
| | | | | K-55 | | | |
| | | | | K-55 | | | |
|
Item 3.
Defaults upon Senior Securities
|
| | | | K- | | |
|
Item 4.
Mine Safety Disclosures
|
| | | | K- | | |
| | | | | K-55 | | | |
| | | | | K-56 | | | |
| | | | | K-57 | | | |
| | | | | K-58 | | | |
|
Dollars in thousands (except per share amounts)
|
| |
March 31,
2024 |
| |
December 31,
2023 |
| ||||||
| | | |
(unaudited)
|
| |
(*)
|
| ||||||
| ASSETS | | | | | | | | | | | | | |
|
Cash and due from banks
|
| | |
$
|
23,706
|
| | | | $ | 21,834 | | |
|
Interest bearing deposits with other banks
|
| | |
|
31,950
|
| | | | | 30,398 | | |
|
Cash and cash equivalents
|
| | |
|
55,656
|
| | | | | 52,232 | | |
|
Debt securities available for sale (at fair value)
|
| | |
|
490,271
|
| | | | | 502,762 | | |
|
Debt securities held to maturity (at amortized cost; estimated fair value – $87,029 – 2024, $88,319 – 2023)
|
| | |
|
93,737
|
| | | | | 94,227 | | |
|
Less: allowance for credit losses
|
| | | | — | | | | | | — | | |
|
Debt securities held to maturity, net
|
| | |
|
93,737
|
| | | | | 94,227 | | |
|
Equity investments (at fair value)
|
| | |
|
11,571
|
| | | | | 10,958 | | |
|
Other investments
|
| | |
|
21,842
|
| | | | | 21,130 | | |
|
Loans, net of unearned fees
|
| | |
|
3,697,042
|
| | | | | 3,681,612 | | |
|
Less: allowance for credit losses
|
| | |
|
(49,232)
|
| | | | | (48,090) | | |
|
Loans, net
|
| | |
|
3,647,810
|
| | | | | 3,633,522 | | |
|
Property held for sale
|
| | |
|
3,432
|
| | | | | 3,729 | | |
|
Premises and equipment, net
|
| | |
|
62,293
|
| | | | | 63,038 | | |
|
Accrued interest and fees receivable
|
| | |
|
20,238
|
| | | | | 20,004 | | |
|
Goodwill and other intangible assets, net
|
| | |
|
73,443
|
| | | | | 74,430 | | |
|
Cash surrender value of life insurance policies and annuities
|
| | |
|
86,230
|
| | | | | 85,679 | | |
|
Derivative financial instruments
|
| | |
|
36,803
|
| | | | | 33,145 | | |
|
Other assets
|
| | |
|
39,558
|
| | | | | 39,466 | | |
|
Total assets
|
| | |
$
|
4,642,884
|
| | | | $ | 4,634,322 | | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | | |
|
Deposits
|
| | | | | | | | | | | | |
|
Non-interest bearing
|
| | |
$
|
605,509
|
| | | | $ | 593,576 | | |
|
Interest bearing
|
| | |
|
3,142,906
|
| | | | | 3,121,572 | | |
|
Total deposits
|
| | |
|
3,748,415
|
| | | | | 3,715,148 | | |
|
Short-term borrowings
|
| | |
|
262,359
|
| | | | | 302,957 | | |
|
Long-term borrowings
|
| | |
|
630
|
| | | | | 637 | | |
|
Subordinated debentures, net
|
| | |
|
103,904
|
| | | | | 103,782 | | |
|
Subordinated debentures owed to unconsolidated subsidiary trusts
|
| | |
|
19,589
|
| | | | | 19,589 | | |
|
Other liabilities
|
| | |
|
53,706
|
| | | | | 52,001 | | |
|
Total liabilities
|
| | |
|
4,188,603
|
| | | | | 4,194,114 | | |
| Commitments and Contingencies | | | | | | | | | | | | | |
| Shareholders’ Equity | | | | | | | | | | | | | |
|
Preferred stock and related surplus, $1.00 par value, authorized 250,000 shares; issued: 2024 and 2023 – 1,500 shares
|
| | |
|
14,920
|
| | | | | 14,920 | | |
|
Common stock and related surplus, $2.50 par value; authorized 20,000,000 shares; issued and outstanding: 2024 – 14,686,738 shares and 2023 – 14,683,457 shares
|
| | |
|
130,235
|
| | | | | 129,990 | | |
|
Retained earnings
|
| | |
|
316,375
|
| | | | | 302,783 | | |
|
Accumulated other comprehensive loss
|
| | |
|
(7,249)
|
| | | | | (7,485) | | |
|
Total shareholders’ equity
|
| | |
|
454,281
|
| | | | | 440,208 | | |
|
Total liabilities and shareholders’ equity
|
| | |
$
|
4,642,884
|
| | | | $ | 4,634,322 | | |
| | | |
For the Three Months
Ended March 31, |
| |||||||||
|
Dollars in thousands (except per share amounts)
|
| |
2024
|
| |
2023
|
| ||||||
| Interest income | | | | | | | | | | | | | |
|
Loans, including fees
|
| | | | | | | | | | | | |
|
Taxable
|
| | |
$
|
59,204
|
| | | | $ | 45,421 | | |
|
Tax-exempt
|
| | |
|
45
|
| | | | | 64 | | |
|
Securities
|
| | | | | | | | | | | | |
|
Taxable
|
| | |
|
5,025
|
| | | | | 3,412 | | |
|
Tax-exempt
|
| | |
|
1,116
|
| | | | | 1,407 | | |
|
Interest on interest bearing deposits with other banks
|
| | |
|
132
|
| | | | | 171 | | |
|
Total interest income
|
| | |
|
65,522
|
| | | | | 50,475 | | |
| Interest expense | | | | | | | | | | | | | |
|
Deposits
|
| | |
|
21,430
|
| | | | | 14,000 | | |
|
Short-term borrowings
|
| | |
|
2,661
|
| | | | | 824 | | |
|
Long-term borrowings and subordinated debentures
|
| | |
|
1,508
|
| | | | | 1,462 | | |
|
Total interest expense
|
| | |
|
25,599
|
| | | | | 16,286 | | |
|
Net interest income
|
| | |
|
39,923
|
| | | | | 34,189 | | |
|
Provision for credit losses
|
| | |
|
—
|
| | | | | 1,500 | | |
|
Net interest income after provision for credit losses
|
| | |
|
39,923
|
| | | | | 32,689 | | |
| Noninterest income | | | | | | | | | | | | | |
|
Trust and wealth management fees
|
| | |
|
847
|
| | | | | 811 | | |
|
Mortgage origination revenue
|
| | |
|
154
|
| | | | | 171 | | |
|
Service charges on deposit accounts
|
| | |
|
1,723
|
| | | | | 1,392 | | |
|
Bank card revenue
|
| | |
|
1,833
|
| | | | | 1,568 | | |
|
Net realized losses on available for sale debt securities
|
| | |
|
(94)
|
| | | | | (59) | | |
|
Net gains on equity investments
|
| | |
|
40
|
| | | | | 45 | | |
|
Bank owned life insurance and annuities income
|
| | |
|
463
|
| | | | | 336 | | |
|
Other
|
| | |
|
112
|
| | | | | 122 | | |
|
Total noninterest income
|
| | |
|
5,078
|
| | | | | 4,386 | | |
| Noninterest expenses | | | | | | | | | | | | | |
|
Salaries, commissions and employee benefits
|
| | |
|
12,058
|
| | | | | 10,807 | | |
|
Net occupancy expense
|
| | |
|
1,695
|
| | | | | 1,333 | | |
|
Equipment expense
|
| | |
|
2,508
|
| | | | | 2,030 | | |
|
Professional fees
|
| | |
|
385
|
| | | | | 376 | | |
|
Advertising and public relations
|
| | |
|
272
|
| | | | | 170 | | |
|
Amortization of intangibles
|
| | |
|
987
|
| | | | | 343 | | |
|
FDIC premiums
|
| | |
|
717
|
| | | | | 330 | | |
|
Bank card expense
|
| | |
|
832
|
| | | | | 696 | | |
|
Foreclosed properties expense, net of losses
|
| | |
|
12
|
| | | | | 15 | | |
|
Merger-related expenses
|
| | |
|
53
|
| | | | | 331 | | |
|
Other
|
| | |
|
3,439
|
| | | | | 2,968 | | |
|
Total noninterest expenses
|
| | |
|
22,958
|
| | | | | 19,399 | | |
|
Income before income tax expense
|
| | |
|
22,043
|
| | | | | 17,676 | | |
|
Income tax expense
|
| | |
|
4,996
|
| | | | | 3,575 | | |
|
Net income
|
| | |
|
17,047
|
| | | | | 14,101 | | |
|
Preferred stock dividends
|
| | |
|
225
|
| | | | | 225 | | |
|
Net income applicable to common shares
|
| | |
$
|
16,822
|
| | | | $ | 13,876 | | |
|
Basic earnings per common share
|
| | |
$
|
1.15
|
| | | | $ | 1.09 | | |
|
Diluted earnings per common share
|
| | |
$
|
1.14
|
| | | | $ | 1.08 | | |
| | | |
For the Three Months
Ended March 31, |
| |||||||||
|
Dollars in thousands
|
| |
2024
|
| |
2023
|
| ||||||
|
Net income
|
| | |
$
|
17,047
|
| | | | $ | 14,101 | | |
| Other comprehensive (loss) income: | | | | | | | | | | | | | |
| Net unrealized gain (loss) on cashflow hedges of: | | | | | | | | | | | | | |
|
2024 – $1,776, net of deferred taxes of $(426); 2023 – $(4,126), net of deferred taxes of $990
|
| | |
|
1,350
|
| | | | | (3,136) | | |
| Net unrealized gain (loss) on fair value hedge of debt securities available for sale of: | | | | | | | | | | | | | |
|
2024 – $2,080, net of deferred taxes of $(499); 2023 – $(1,247), net of deferred taxes of $299
|
| | |
|
1,581
|
| | | | | (948) | | |
| Net unrealized (loss) gain on debt securities available for sale of: | | | | | | | | | | | | | |
|
2024 – $(3,546), net of deferred taxes of $851 and reclassification adjustment for
net realized losses included in net income of $(94), net of tax of $23; 2023 – $9,918, net of deferred taxes of $(2,380) and reclassification adjustment for net realized losses included in net income of $(59), net of tax of $14 |
| | |
|
(2,695)
|
| | | | | 7,538 | | |
|
Total other comprehensive income
|
| | |
|
236
|
| | | | | 3,454 | | |
|
Total comprehensive income
|
| | |
$
|
17,283
|
| | | | $ | 17,555 | | |
|
Dollars in thousands (except per share amounts)
|
| |
Preferred
Stock and Related Surplus |
| |
Common
Stock and Related Surplus |
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive (Loss) Income |
| |
Total
Shareholders’ Equity |
| |||||||||||||||
|
Balance December 31, 2023
|
| | | $ | 14,920 | | | | | $ | 129,990 | | | | | $ | 302,783 | | | | | $ | (7,485) | | | | | $ | 440,208 | | |
| Three Months Ended March 31, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Net income
|
| | | | — | | | | | | — | | | | |
|
17,047
|
| | | | | — | | | | |
|
17,047
|
| |
|
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | |
|
236
|
| | | |
|
236
|
| |
|
Exercise of SARs – 272 shares
|
| | | | — | | | | | | — | | | | |
|
—
|
| | | | | — | | | | | | — | | |
|
Share-based compensation expense
|
| | | | — | | | | |
|
163
|
| | | | | — | | | | | | — | | | | |
|
163
|
| |
|
Common stock issuances from reinvested dividends – 3,009 shares
|
| | | | — | | | | |
|
82
|
| | | | | — | | | | | | — | | | | |
|
82
|
| |
|
Preferred stock cash dividends declared
|
| | | | — | | | | | | — | | | | |
|
(225)
|
| | | | | — | | | | |
|
(225)
|
| |
|
Common stock cash dividends declared ($0.22 per share)
|
| | | | — | | | | | | — | | | | |
|
(3,230)
|
| | | | | — | | | | |
|
(3,230)
|
| |
|
Balance, March 31, 2024
|
| | | $ | 14,920 | | | | | $ | 130,235 | | | | | $ | 316,375 | | | | | $ | (7,249) | | | | | $ | 454,281 | | |
|
Balance December 31, 2022
|
| | | $ | 14,920 | | | | | $ | 90,696 | | | | | $ | 260,393 | | | | | $ | (11,479) | | | | | $ | 354,530 | | |
| Three Months Ended March 31, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Net income
|
| | | | — | | | | | | — | | | | | | 14,101 | | | | | | — | | | | | | 14,101 | | |
|
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 3,454 | | | | | | 3,454 | | |
|
Exercise of SARs – 522 shares
|
| | | | — | | | | | | — | | | | |
|
—
|
| | | | | — | | | | | | — | | |
|
Share-based compensation expense
|
| | | | — | | | | | | 196 | | | | | | — | | | | | | — | | | | | | 196 | | |
|
Common stock issuances from reinvested dividends – 2,236 shares
|
| | | | — | | | | | | 47 | | | | | | — | | | | | | — | | | | | | 47 | | |
|
Preferred stock cash dividends declared
|
| | | | — | | | | | | — | | | | | | (225) | | | | | | — | | | | | | (225) | | |
|
Common stock cash dividends declared ($0.20 per share)
|
| | | | — | | | | | | — | | | | | | (2,557) | | | | | | — | | | | | | (2,557) | | |
|
Balance, March 31, 2023
|
| | | $ | 14,920 | | | | | $ | 90,939 | | | | | $ | 271,712 | | | | | $ | (8,025) | | | | | $ | 369,546 | | |
| | | |
Three Months Ended
|
| |||||||||
|
Dollars in thousands
|
| |
March 31,
2024 |
| |
March 31,
2023 |
| ||||||
| Cash Flows from Operating Activities | | | | | | | | | | | | | |
|
Net income
|
| | |
$
|
17,047
|
| | | | $ | 14,101 | | |
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
| | | | | | | | | | | | |
|
Depreciation
|
| | |
|
1,059
|
| | | | | 869 | | |
|
Provision for credit losses
|
| | |
|
—
|
| | | | | 1,500 | | |
|
Share-based compensation expense
|
| | |
|
163
|
| | | | | 196 | | |
|
Deferred income tax expense (benefit)
|
| | |
|
322
|
| | | | | (413) | | |
|
Loans originated for sale
|
| | |
|
(1,154)
|
| | | | | (946) | | |
|
Proceeds from sale of loans
|
| | |
|
1,178
|
| | | | | 963 | | |
|
Gains on loans held for sale
|
| | |
|
(24)
|
| | | | | (17) | | |
|
Realized losses on debt securities, net
|
| | |
|
94
|
| | | | | 59 | | |
|
Gain on equity investments
|
| | |
|
(40)
|
| | | | | (45) | | |
|
Gain on disposal of assets
|
| | |
|
(8)
|
| | | | | (5) | | |
|
Amortization of securities premiums, net
|
| | |
|
118
|
| | | | | 843 | | |
|
Accretion related to acquisition adjustments, net
|
| | |
|
(931)
|
| | | | | (167) | | |
|
Amortization of intangibles
|
| | |
|
987
|
| | | | | 343 | | |
|
Earnings on bank owned life insurance and annuities
|
| | |
|
(551)
|
| | | | | (379) | | |
|
Increase in accrued interest receivable
|
| | |
|
(234)
|
| | | | | (398) | | |
|
Increase in other assets
|
| | |
|
(834)
|
| | | | | (916) | | |
|
Increase in other liabilities
|
| | |
|
2,171
|
| | | | | 1,590 | | |
|
Net cash provided by operating activities
|
| | |
|
19,363
|
| | | | | 17,178 | | |
| Cash Flows from Investing Activities | | | | | | | | | | | | | |
|
Proceeds from maturities and calls of debt securities available for sale
|
| | |
|
1,500
|
| | | | | 1,145 | | |
|
Proceeds from sales of debt securities available for sale
|
| | |
|
14,874
|
| | | | | 36,940 | | |
|
Principal payments received on debt securities available for sale
|
| | |
|
10,721
|
| | | | | 8,048 | | |
|
Purchases of debt securities available for sale
|
| | |
|
(17,871)
|
| | | | | (63,369) | | |
|
Purchase of equity investments
|
| | |
|
(23)
|
| | | | | (41) | | |
|
Purchases of other investments
|
| | |
|
(9,542)
|
| | | | | (3,171) | | |
|
Proceeds from redemptions of other investments
|
| | |
|
8,486
|
| | | | | 6,141 | | |
|
Net loan originations
|
| | |
|
(13,351)
|
| | | | | (16,872) | | |
|
Purchases of premises and equipment
|
| | |
|
(684)
|
| | | | | (1,384) | | |
|
Proceeds from disposal of premises and equipment
|
| | |
|
381
|
| | | | | 12 | | |
|
Improvements to property held for sale
|
| | |
|
—
|
| | | | | (2) | | |
|
Proceeds from sales of repossessed assets & property held for sale
|
| | |
|
294
|
| | | | | — | | |
|
Net cash used in investing activities
|
| | |
|
(5,215)
|
| | | | | (32,553) | | |
| Cash Flows from Financing Activities | | | | | | | | | | | | | |
|
Net (decrease) increase in demand deposit, NOW and savings accounts
|
| | |
|
(18,839)
|
| | | | | 107,693 | | |
|
Net increase in time deposits
|
| | |
|
52,093
|
| | | | | 22,370 | | |
|
Net decrease in short-term borrowings
|
| | |
|
(40,598)
|
| | | | | (85,849) | | |
|
Repayment of long-term borrowings
|
| | |
|
(7)
|
| | | | | (5) | | |
|
Proceeds from issuance of common stock
|
| | |
|
82
|
| | | | | 47 | | |
|
Dividends paid on common stock
|
| | |
|
(3,230)
|
| | | | | (2,557) | | |
|
Dividends paid on preferred stock
|
| | |
|
(225)
|
| | | | | (225) | | |
|
Net cash (used in) provided by financing activities
|
| | |
|
(10,724)
|
| | | | | 41,474 | | |
|
Increase in cash and cash equivalents
|
| | |
|
3,424
|
| | | | | 26,099 | | |
| Cash and cash equivalents: | | | | | | | | | | | | | |
|
Beginning
|
| | |
|
52,232
|
| | | | | 44,717 | | |
|
Ending
|
| | |
$
|
55,656
|
| | | | $ | 70,816 | | |
| Supplemental Disclosures of Cash Flow Information | | | | | | | | | | | | | |
|
Cash payments for:
|
| | | | | | | | | | | | |
|
Interest
|
| | |
$
|
24,451
|
| | | | $ | 15,545 | | |
| Supplemental Disclosures of Noncash Investing and Financing Activities | | | | | | | | | | | | | |
|
Real property and other assets acquired in settlement of loans
|
| | |
$
|
—
|
| | | | $ | 59 | | |
|
Right of use assets obtained in exchange for lease obligations
|
| | |
$
|
—
|
| | | | $ | 733 | | |
| | | |
Balance at
March 31, 2024 |
| |
Fair Value Measurements Using:
|
| ||||||||||||||||||
|
Dollars in thousands
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||||||||
| Debt securities available for sale | | | | | | | | | | | | | | | | | | | | | | | | | |
|
U.S. Government sponsored agencies and corporations
|
| | | $ | 21,503 | | | | | $ | — | | | | | $ | 21,503 | | | | | $ | — | | |
|
Residential mortgage-backed securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Government sponsored agencies
|
| | | | 123,119 | | | | | | — | | | | | | 123,119 | | | | | | — | | |
|
Nongovernment sponsored entities
|
| | | | 73,856 | | | | | | — | | | | | | 69,389 | | | | | | 4,467 | | |
|
State and political subdivisions
|
| | | | 95,992 | | | | | | — | | | | | | 95,992 | | | | | | — | | |
|
Corporate debt securities
|
| | | | 36,589 | | | | | | — | | | | | | 36,589 | | | | | | — | | |
|
Asset-backed securities
|
| | | | 41,350 | | | | | | — | | | | | | 41,350 | | | | | | — | | |
|
Tax-exempt state and political subdivisions
|
| | | | 97,862 | | | | | | — | | | | | | 97,862 | | | | | | — | | |
|
Total debt securities available for sale
|
| | | $ | 490,271 | | | | | $ | — | | | | | $ | 485,804 | | | | | $ | 4,467 | | |
|
Equity investments
|
| | | $ | 11,571 | | | | | $ | 7,107 | | | | | $ | 4,464 | | | | | $ | — | | |
| Derivative financial assets | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Interest rate caps
|
| | | $ | 25,321 | | | | | $ | — | | | | | $ | 25,321 | | | | | $ | — | | |
|
Interest rate swaps
|
| | | | 11,482 | | | | | | — | | | | | | 11,482 | | | | | | — | | |
| | | |
Balance at
December 31, 2023 |
| |
Fair Value Measurements Using:
|
| ||||||||||||||||||
|
Dollars in thousands
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||||||||
| Debt securities available for sale | | | | | | | | | | | | | | | | | | | | | | | | | |
|
U.S. Government sponsored agencies and corporations
|
| | | $ | 22,825 | | | | | $ | — | | | | | $ | 22,825 | | | | | $ | — | | |
|
Residential mortgage-backed securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Government sponsored agencies
|
| | | | 129,567 | | | | | | — | | | | | | 129,567 | | | | | | — | | |
|
Nongovernment sponsored entities
|
| | | | 73,869 | | | | | | — | | | | | | 69,262 | | | | | | 4,607 | | |
|
State and political subdivisions
|
| | | | 94,929 | | | | | | — | | | | | | 94,929 | | | | | | — | | |
|
Corporate debt securities
|
| | | | 37,907 | | | | | | — | | | | | | 37,907 | | | | | | — | | |
|
Asset-backed securities
|
| | | | 44,205 | | | | | | — | | | | | | 44,205 | | | | | | — | | |
|
Tax-exempt state and political subdivisions
|
| | | | 99,460 | | | | | | — | | | | | | 99,460 | | | | | | — | | |
|
Total debt securities available for sale
|
| | | $ | 502,762 | | | | | $ | — | | | | | $ | 498,155 | | | | | $ | 4,607 | | |
|
Equity investments
|
| | | $ | 10,958 | | | | | $ | 6,557 | | | | | $ | 4,401 | | | | | $ | — | | |
| Derivative financial assets | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Interest rate caps
|
| | | $ | 24,314 | | | | | $ | — | | | | | $ | 24,314 | | | | | $ | — | | |
|
Interest rate swaps
|
| | | | 8,831 | | | | | | — | | | | | | 8,831 | | | | | | — | | |
| | | |
Balance at
March 31, 2024 |
| |
Fair Value Measurements Using:
|
| ||||||||||||||||||
|
Dollars in thousands
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||||||||
| Collateral-dependent loans with an ACLL | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Commercial
|
| | | $ | 3,299 | | | | | $ | — | | | | | $ | 3,299 | | | | | $ | — | | |
|
Commercial real estate
|
| | | | 16,653 | | | | | | — | | | | | | 16,653 | | | | | | — | | |
|
Construction and development
|
| | | | 248 | | | | | | — | | | | | | 248 | | | | | | — | | |
|
Residential real estate
|
| | | | 352 | | | | | | — | | | | | | 352 | | | | | | — | | |
|
Total collateral-dependent loans with an ACLL
|
| | | $ | 20,552 | | | | | $ | — | | | | | $ | 20,552 | | | | | $ | — | | |
| Property held for sale | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Commercial real estate
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
Construction and development
|
| | | | 3,176 | | | | | | — | | | | | | 3,176 | | | | | | — | | |
|
Total property held for sale
|
| | | $ | 3,176 | | | | | $ | — | | | | | $ | 3,176 | | | | | $ | — | | |
| | | |
Balance at
December 31, 2023 |
| |
Fair Value Measurements Using:
|
| ||||||||||||||||||
|
Dollars in thousands
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||||||||
| Collateral-dependent loans with an ACLL | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Commercial real estate
|
| | | $ | 13,488 | | | | | $ | — | | | | | $ | 13,488 | | | | | $ | — | | |
|
Construction and development
|
| | | | 248 | | | | | | — | | | | | | 248 | | | | | | — | | |
|
Residential real estate
|
| | | | 637 | | | | | | — | | | | | | 637 | | | | | | — | | |
|
Total collateral-dependent loans with an ACLL
|
| | | $ | 14,373 | | | | | $ | — | | | | | $ | 14,373 | | | | | $ | — | | |
| Property held for sale | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Commercial real estate
|
| | | $ | 297 | | | | | $ | — | | | | | $ | 297 | | | | | $ | — | | |
|
Construction and development
|
| | | | 3,176 | | | | | | — | | | | | | 3,176 | | | | | | — | | |
|
Total property held for sale
|
| | | $ | 3,473 | | | | | $ | — | | | | | $ | 3,473 | | | | | $ | — | | |
| | | |
March 31, 2024
|
| |
Fair Value Measurements Using:
|
| ||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Carrying
Value |
| |
Estimated
Fair Value |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||||||||
| Financial assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Cash and cash equivalents
|
| | | $ | 55,656 | | | | | $ | 55,656 | | | | | $ | 23,706 | | | | | $ | 31,950 | | | | | $ | — | | |
|
Debt securities available for sale
|
| | | | 490,271 | | | | | | 490,271 | | | | | | — | | | | | | 485,804 | | | | | | 4,467 | | |
|
Debt securities held to maturity
|
| | | | 93,737 | | | | | | 87,029 | | | | | | — | | | | | | 87,029 | | | | | | — | | |
|
Equity investments
|
| | | | 11,571 | | | | | | 11,571 | | | | | | 7,107 | | | | | | 4,464 | | | | | | — | | |
|
Other investments
|
| | | | 21,842 | | | | | | 21,842 | | | | | | — | | | | | | 21,842 | | | | | | — | | |
|
Loans, net
|
| | | | 3,647,810 | | | | | | 3,483,889 | | | | | | — | | | | | | 20,552 | | | | | | 3,463,337 | | |
|
Accrued interest receivable
|
| | | | 20,238 | | | | | | 20,238 | | | | | | — | | | | | | 20,238 | | | | | | — | | |
|
Cash surrender value of life insurance policies and annuities
|
| | | | 86,230 | | | | | | 86,230 | | | | | | — | | | | | | 86,230 | | | | | | — | | |
|
Derivative financial assets
|
| | | | 36,803 | | | | | | 36,803 | | | | | | — | | | | | | 36,803 | | | | | | — | | |
| | | | | $ | 4,464,158 | | | | | $ | 4,293,529 | | | | | $ | 30,813 | | | | | $ | 794,912 | | | | | $ | 3,467,804 | | |
| | | |
March 31, 2024
|
| |
Fair Value Measurements Using:
|
| ||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Carrying
Value |
| |
Estimated
Fair Value |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||||||||
| Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Deposits
|
| | | $ | 3,748,415 | | | | | $ | 3,740,170 | | | | | $ | — | | | | | $ | 3,740,170 | | | | | $ | — | | |
|
Short-term borrowings
|
| | | | 262,359 | | | | | | 262,359 | | | | | | — | | | | | | 262,359 | | | | | | — | | |
|
Long-term borrowings
|
| | | | 630 | | | | | | 632 | | | | | | — | | | | | | 632 | | | | | | — | | |
|
Subordinated debentures
|
| | | | 103,904 | | | | | | 91,605 | | | | | | — | | | | | | 91,605 | | | | | | — | | |
|
Subordinated debentures owed to unconsolidated subsidiary trusts
|
| | | | 19,589 | | | | | | 19,589 | | | | | | — | | | | | | 19,589 | | | | | | — | | |
|
Accrued interest payable
|
| | | | 4,646 | | | | | | 4,646 | | | | | | — | | | | | | 4,646 | | | | | | — | | |
| | | | | $ | 4,139,543 | | | | | $ | 4,119,001 | | | | | $ | — | | | | | $ | 4,119,001 | | | | | $ | — | | |
| | |||||||||||||||||||||||||||||||
| | | |
December 31, 2023
|
| |
Fair Value Measurements Using:
|
| ||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Carrying
Value |
| |
Estimated
Fair Value |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||||||||
| Financial assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Cash and cash equivalents
|
| | | $ | 52,232 | | | | | $ | 52,232 | | | | | $ | 21,834 | | | | | $ | 30,398 | | | | | $ | — | | |
|
Debt securities available for sale
|
| | | | 502,762 | | | | | | 502,762 | | | | | | — | | | | | | 498,155 | | | | | | 4,607 | | |
|
Debt securities held to maturity
|
| | | | 94,227 | | | | | | 88,319 | | | | | | — | | | | | | 88,319 | | | | | | — | | |
|
Equity investments
|
| | | | 10,958 | | | | | | 10,958 | | | | | | 6,557 | | | | | | 4,401 | | | | | | — | | |
|
Other investments
|
| | | | 21,130 | | | | | | 21,130 | | | | | | — | | | | | | 21,130 | | | | | | — | | |
|
Loans, net
|
| | | | 3,633,522 | | | | | | 3,467,324 | | | | | | — | | | | | | 14,373 | | | | | | 3,452,951 | | |
|
Accrued interest receivable
|
| | | | 20,004 | | | | | | 20,004 | | | | | | — | | | | | | 20,004 | | | | | | — | | |
|
Cash surrender value of life insurance policies and annuities
|
| | | | 85,679 | | | | | | 85,679 | | | | | | — | | | | | | 85,679 | | | | | | — | | |
|
Derivative financial assets
|
| | | | 33,145 | | | | | | 33,145 | | | | | | — | | | | | | 33,145 | | | | | | — | | |
| | | | | $ | 4,453,659 | | | | | $ | 4,281,553 | | | | | $ | 28,391 | | | | | $ | 795,604 | | | | | $ | 3,457,558 | | |
| Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Deposits
|
| | | $ | 3,715,148 | | | | | $ | 3,706,250 | | | | | $ | — | | | | | $ | 3,706,250 | | | | | $ | — | | |
|
Short-term borrowings
|
| | | | 302,957 | | | | | | 302,957 | | | | | | — | | | | | | 302,957 | | | | | | — | | |
|
Long-term borrowings
|
| | | | 637 | | | | | | 642 | | | | | | — | | | | | | 642 | | | | | | — | | |
|
Subordinated debentures
|
| | | | 103,782 | | | | | | 90,902 | | | | | | — | | | | | | 90,902 | | | | | | — | | |
|
Subordinated debentures owed to unconsolidated subsidiary trusts
|
| | | | 19,589 | | | | | | 19,589 | | | | | | — | | | | | | 19,589 | | | | | | — | | |
|
Accrued interest payable
|
| | | | 3,980 | | | | | | 3,980 | | | | | | — | | | | | | 3,980 | | | | | | — | | |
| | | | | $ | 4,146,093 | | | | | $ | 4,124,320 | | | | | $ | — | | | | | $ | 4,124,320 | | | | | $ | — | | |
| | | |
For the Three Months Ended March 31,
|
| |||||||||||||||||||||||||||||||||
| | | |
2024
|
| |
2023
|
| ||||||||||||||||||||||||||||||
|
Dollars in thousands, except per share amounts
|
| |
Net Income
(Numerator) |
| |
Common
Shares (Denominator) |
| |
Per
Share |
| |
Net Income
(Numerator) |
| |
Common
Shares (Denominator) |
| |
Per
Share |
| ||||||||||||||||||
|
Net income
|
| | | $ | 17,047 | | | | | | | | | | | | | | | | | $ | 14,101 | | | | | | | | | | | | | | |
|
Less preferred stock dividends
|
| | | | (225) | | | | | | | | | | | | | | | | | | (225) | | | | | | | | | | | | | | |
|
Basic earnings per share
|
| | | $ | 16,822 | | | | | | 14,683,596 | | | | | $ | 1.15 | | | | | $ | 13,876 | | | | | | 12,783,851 | | | | | $ | 1.09 | | |
|
Effect of dilutive securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Stock appreciation rights (“SARs”)
|
| | | | | | | | | | 65,017 | | | | | | | | | | | | | | | | | | 43,287 | | | | | | | | |
|
Restricted stock units (“RSUs”)
|
| | | | | | | | | | 1,439 | | | | | | | | | | | | | | | | | | 2,964 | | | | | | | | |
|
Diluted earnings per share
|
| | | $ | 16,822 | | | | | | 14,750,052 | | | | | $ | 1.14 | | | | | $ | 13,876 | | | | | | 12,830,102 | | | | | $ | 1.08 | | |
| | | |
March 31, 2024
|
| | | | |||||||||||||||||||||
|
Dollars in thousands
|
| |
Amortized
Cost |
| |
Unrealized
|
| |
Estimated
Fair Value |
| | |||||||||||||||||
| |
Gains
|
| |
Losses
|
| | ||||||||||||||||||||||
| Debt Securities Available for Sale | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
|
Taxable debt securities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | ||
|
U.S. Government sponsored agencies and corporations
|
| | | $ | 22,116 | | | | | $ | 33 | | | | | $ | 646 | | | | | $ | 21,503 | | | | ||
|
Residential mortgage-backed securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | ||
|
Government-sponsored agencies
|
| | | | 129,634 | | | | | | 133 | | | | | | 6,648 | | | | | | 123,119 | | | | ||
|
Nongovernment-sponsored entities
|
| | | | 78,023 | | | | | | 137 | | | | | | 4,304 | | | | | | 73,856 | | | | ||
|
State and political subdivisions
|
| | | | | | | | | | | | | | | | | | | | | | | | | | ||
|
General obligations
|
| | | | 80,334 | | | | | | 12 | | | | | | 14,978 | | | | | | 65,368 | | | | ||
|
Various tax revenues
|
| | | | 10,657 | | | | | | — | | | | | | 2,052 | | | | | | 8,605 | | | | ||
|
Other revenues
|
| | | | 26,816 | | | | | | — | | | | | | 4,797 | | | | | | 22,019 | | | | ||
|
Corporate debt securities
|
| | | | 38,201 | | | | | | 39 | | | | | | 1,651 | | | | | | 36,589 | | | | ||
|
Asset-backed securities
|
| | | | 41,287 | | | | | | 133 | | | | | | 70 | | | | | | 41,350 | | | | ||
|
Total taxable debt securities
|
| | | | 427,068 | | | | | | 487 | | | | | | 35,146 | | | | | | 392,409 | | | | ||
| | | |
March 31, 2024
|
| | | | |||||||||||||||||||||
|
Dollars in thousands
|
| |
Amortized
Cost |
| |
Unrealized
|
| |
Estimated
Fair Value |
| | |||||||||||||||||
| |
Gains
|
| |
Losses
|
| | ||||||||||||||||||||||
|
Tax-exempt debt securities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | ||
|
State and political subdivisions
|
| | | | | | | | | | | | | | | | | | | | | | | | | | ||
|
General obligations
|
| | | | 80,408 | | | | | | 100 | | | | | | 4,699 | | | | | | 75,809 | | | | ||
|
Other revenues
|
| | | | 24,774 | | | | | | 4 | | | | | | 2,725 | | | | | | 22,053 | | | | ||
|
Total tax-exempt debt securities
|
| | | | 105,182 | | | | | | 104 | | | | | | 7,424 | | | | | | 97,862 | | | | ||
|
Total debt securities available for sale
|
| | | $ | 532,250 | | | | | $ | 591 | | | | | $ | 42,570 | | | | | $ | 490,271 | | | | ||
| | ||||||||||||||||||||||||||||
| | | |
December 31, 2023
|
| |||||||||||||||||||||
|
Dollars in thousands
|
| |
Amortized
Cost |
| |
Unrealized
|
| |
Estimated
Fair Value |
| |||||||||||||||
| |
Gains
|
| |
Losses
|
| ||||||||||||||||||||
| Debt Securities Available for Sale | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Taxable debt securities
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
U.S. Government sponsored agencies and corporations
|
| | | $ | 23,295 | | | | | $ | 38 | | | | | $ | 508 | | | | | $ | 22,825 | | |
|
Residential mortgage-backed securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Government-sponsored agencies
|
| | | | 133,709 | | | | | | 729 | | | | | | 4,871 | | | | | | 129,567 | | |
|
Nongovernment-sponsored entities
|
| | | | 78,350 | | | | | | 22 | | | | | | 4,503 | | | | | | 73,869 | | |
|
State and political subdivisions
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
General obligations
|
| | | | 79,323 | | | | | | 3 | | | | | | 14,995 | | | | | | 64,331 | | |
|
Various tax revenues
|
| | | | 10,665 | | | | | | — | | | | | | 2,107 | | | | | | 8,558 | | |
|
Other revenues
|
| | | | 26,822 | | | | | | — | | | | | | 4,782 | | | | | | 22,040 | | |
|
Corporate debt securities
|
| | | | 39,618 | | | | | | 52 | | | | | | 1,763 | | | | | | 37,907 | | |
|
Asset-backed securities
|
| | | | 44,388 | | | | | | 81 | | | | | | 264 | | | | | | 44,205 | | |
|
Total taxable debt securities
|
| | | | 436,170 | | | | | | 925 | | | | | | 33,793 | | | | | | 403,302 | | |
|
Tax-exempt debt securities
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
State and political subdivisions
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
General obligations
|
| | | | 80,144 | | | | | | 581 | | | | | | 3,716 | | | | | | 77,009 | | |
|
Other revenues
|
| | | | 24,882 | | | | | | 28 | | | | | | 2,459 | | | | | | 22,451 | | |
|
Total tax-exempt debt securities
|
| | | | 105,026 | | | | | | 609 | | | | | | 6,175 | | | | | | 99,460 | | |
|
Total debt securities available for sale
|
| | | $ | 541,196 | | | | | $ | 1,534 | | | | | $ | 39,968 | | | | | $ | 502,762 | | |
| | | |
March 31, 2024
|
| |||||||||||||||||||||
|
Dollars in thousands
|
| |
Amortized
Cost |
| |
Unrealized
|
| |
Estimated
Fair Value |
| |||||||||||||||
| |
Gains
|
| |
Losses
|
| ||||||||||||||||||||
|
California
|
| | | $ | 43,888 | | | | | $ | — | | | | | $ | 8,389 | | | | | $ | 35,499 | | |
|
Texas
|
| | | | 27,926 | | | | | | 28 | | | | | | 3,733 | | | | | | 24,221 | | |
|
Oregon
|
| | | | 16,283 | | | | | | — | | | | | | 2,938 | | | | | | 13,345 | | |
|
Michigan
|
| | | | 14,502 | | | | | | — | | | | | | 1,616 | | | | | | 12,886 | | |
|
Pennsylvania
|
| | | | 10,662 | | | | | | 7 | | | | | | 1,273 | | | | | | 9,396 | | |
|
Dollars in thousands
|
| |
Amortized
Cost |
| |
Estimated
Fair Value |
| ||||||
|
Due in one year or less
|
| | | $ | 61,182 | | | | | $ | 59,324 | | |
|
Due from one to five years
|
| | | | 155,429 | | | | | | 149,212 | | |
|
Due from five to ten years
|
| | | | 113,695 | | | | | | 104,397 | | |
|
Due after ten years
|
| | | | 201,944 | | | | | | 177,338 | | |
|
Total
|
| | | $ | 532,250 | | | | | $ | 490,271 | | |
| | | |
Proceeds from
|
| |
Gross realized
|
| ||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Sales
|
| |
Calls and
Maturities |
| |
Principal
Payments |
| |
Gains
|
| |
Losses
|
| |||||||||||||||
| For the Three Months Ended March 31, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
2024
|
| | | $ | 14,874 | | | | | $ | 1,500 | | | | | $ | 10,721 | | | | | $ | 55 | | | | | $ | 149 | | |
|
2023
|
| | | $ | 36,940 | | | | | $ | 1,145 | | | | | $ | 8,048 | | | | | $ | 446 | | | | | $ | 505 | | |
| | | |
March 31, 2024
|
| |||||||||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
# of securities
in loss position |
| |
Less than 12 months
|
| |
12 months or more
|
| |
Total
|
| ||||||||||||||||||||||||||||||
| |
Estimated
Fair Value |
| |
Unrealized
Loss |
| |
Estimated
Fair Value |
| |
Unrealized
Loss |
| |
Estimated
Fair Value |
| |
Unrealized
Loss |
| ||||||||||||||||||||||||||
|
Taxable debt securities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
U.S. Government sponsored agencies and corporations
|
| | | | 38 | | | | | $ | 1,929 | | | | | $ | 4 | | | | | $ | 18,013 | | | | | $ | 642 | | | | | $ | 19,942 | | | | | $ | 646 | | |
|
Residential mortgage-backed securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Government-sponsored agencies
|
| | | | 140 | | | | | | 35,647 | | | | | | 1,060 | | | | | | 75,938 | | | | | | 5,588 | | | | | | 111,585 | | | | | | 6,648 | | |
|
Nongovernment-sponsored entities
|
| | | | 34 | | | | | | 5,955 | | | | | | 736 | | | | | | 58,633 | | | | | | 3,568 | | | | | | 64,588 | | | | | | 4,304 | | |
|
State and political subdivisions:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
General obligations
|
| | | | 54 | | | | | | — | | | | | | — | | | | | | 63,352 | | | | | | 14,978 | | | | | | 63,352 | | | | | | 14,978 | | |
|
Various tax revenues
|
| | | | 7 | | | | | | — | | | | | | — | | | | | | 8,605 | | | | | | 2,052 | | | | | | 8,605 | | | | | | 2,052 | | |
|
Other revenues
|
| | | | 21 | | | | | | — | | | | | | — | | | | | | 22,020 | | | | | | 4,797 | | | | | | 22,020 | | | | | | 4,797 | | |
|
Corporate debt securities
|
| | | | 19 | | | | | | 4,626 | | | | | | 44 | | | | | | 19,089 | | | | | | 1,607 | | | | | | 23,715 | | | | | | 1,651 | | |
|
Asset-backed securities
|
| | | | 9 | | | | | | 4,397 | | | | | | 9 | | | | | | 7,219 | | | | | | 61 | | | | | | 11,616 | | | | | | 70 | | |
|
Tax-exempt debt securities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
State and political subdivisions:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
General obligations
|
| | | | 52 | | | | | | 28,338 | | | | | | 419 | | | | | | 41,116 | | | | | | 4,280 | | | | | | 69,454 | | | | | | 4,699 | | |
|
Other revenues
|
| | | | 21 | | | | | | 1,237 | | | | | | 12 | | | | | | 19,762 | | | | | | 2,713 | | | | | | 20,999 | | | | | | 2,725 | | |
|
Total
|
| | | | 395 | | | | | $ | 82,129 | | | | | $ | 2,284 | | | | | $ | 333,747 | | | | | $ | 40,286 | | | | | $ | 415,876 | | | | | $ | 42,570 | | |
| | | |
December 31, 2023
|
| |||||||||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
# of securities
in loss position |
| |
Less than 12 months
|
| |
12 months or more
|
| |
Total
|
| ||||||||||||||||||||||||||||||
| |
Estimated
Fair Value |
| |
Unrealized
Loss |
| |
Estimated
Fair Value |
| |
Unrealized
Loss |
| |
Estimated
Fair Value |
| |
Unrealized
Loss |
| ||||||||||||||||||||||||||
|
Taxable debt securities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
U.S. Government sponsored agencies and corporations
|
| | | | 39 | | | | | $ | 11,809 | | | | | $ | 287 | | | | | $ | 9,329 | | | | | $ | 221 | | | | | $ | 21,138 | | | | | $ | 508 | | |
|
Residential mortgage-backed securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Government-sponsored agencies
|
| | | | 133 | | | | | | 68,815 | | | | | | 1,528 | | | | | | 32,902 | | | | | | 3,343 | | | | | | 101,717 | | | | | | 4,871 | | |
|
Nongovernment-sponsored entities
|
| | | | 35 | | | | | | 27,804 | | | | | | 1,493 | | | | | | 40,274 | | | | | | 3,010 | | | | | | 68,078 | | | | | | 4,503 | | |
|
State and political subdivisions:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
General obligations
|
| | | | 54 | | | | | | — | | | | | | — | | | | | | 63,336 | | | | | | 14,995 | | | | | | 63,336 | | | | | | 14,995 | | |
|
Various tax revenues
|
| | | | 7 | | | | | | — | | | | | | — | | | | | | 8,558 | | | | | | 2,107 | | | | | | 8,558 | | | | | | 2,107 | | |
|
Other revenues
|
| | | | 21 | | | | | | 1,530 | | | | | | 56 | | | | | | 18,854 | | | | | | 4,726 | | | | | | 20,384 | | | | | | 4,782 | | |
|
Corporate debt securities
|
| | | | 21 | | | | | | 6,758 | | | | | | 341 | | | | | | 18,310 | | | | | | 1,422 | | | | | | 25,068 | | | | | | 1,763 | | |
|
Asset-backed securities
|
| | | | 17 | | | | | | 23,823 | | | | | | 110 | | | | | | 9,961 | | | | | | 154 | | | | | | 33,784 | | | | | | 264 | | |
|
Tax-exempt debt securities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
State and political subdivisions:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
General obligations
|
| | | | 39 | | | | | | 7,479 | | | | | | 69 | | | | | | 43,626 | | | | | | 3,647 | | | | | | 51,105 | | | | | | 3,716 | | |
|
Other revenues
|
| | | | 19 | | | | | | 807 | | | | | | 28 | | | | | | 19,317 | | | | | | 2,431 | | | | | | 20,124 | | | | | | 2,459 | | |
|
Total
|
| | | | 385 | | | | | $ | 148,825 | | | | | $ | 3,912 | | | | | $ | 264,467 | | | | | $ | 36,056 | | | | | $ | 413,292 | | | | | $ | 39,968 | | |
| | | |
March 31, 2024
|
| |||||||||||||||||||||
|
Dollars in thousands
|
| |
Amortized
Cost |
| |
Unrealized
|
| |
Estimated
Fair Value |
| |||||||||||||||
| |
Gains
|
| |
Losses
|
| ||||||||||||||||||||
| Debt Securities Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Tax-exempt debt securities
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
State and political subdivisions:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
General obligations
|
| | | $ | 68,603 | | | | | $ | — | | | | | $ | 4,567 | | | | | $ | 64,036 | | |
|
Water and sewer revenues
|
| | | | 7,768 | | | | | | — | | | | | | 461 | | | | | | 7,307 | | |
|
Lease revenues
|
| | | | 4,130 | | | | | | — | | | | | | 354 | | | | | | 3,776 | | |
|
Sales tax revenues
|
| | | | 4,428 | | | | | | — | | | | | | 450 | | | | | | 3,978 | | |
|
Various tax revenues
|
| | | | 5,403 | | | | | | — | | | | | | 649 | | | | | | 4,754 | | |
|
Other revenues
|
| | | | 3,405 | | | | | | — | | | | | | 227 | | | | | | 3,178 | | |
|
Total debt securities held to maturity
|
| | | $ | 93,737 | | | | | $ | — | | | | | $ | 6,708 | | | | | $ | 87,029 | | |
| | | |
December 31, 2023
|
| |||||||||||||||||||||
|
Dollars in thousands
|
| |
Amortized
Cost |
| |
Unrealized
|
| |
Estimated
Fair Value |
| |||||||||||||||
| |
Gains
|
| |
Losses
|
| ||||||||||||||||||||
| Debt Securities Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Tax-exempt debt securities
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
State and political subdivisions:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
General obligations
|
| | | $ | 68,966 | | | | | $ | — | | | | | $ | 4,029 | | | | | $ | 64,937 | | |
|
Water and sewer revenues
|
| | | | 7,816 | | | | | | — | | | | | | 417 | | | | | | 7,399 | | |
|
Lease revenues
|
| | | | 4,151 | | | | | | — | | | | | | 321 | | | | | | 3,830 | | |
|
Sales tax revenues
|
| | | | 4,446 | | | | | | — | | | | | | 409 | | | | | | 4,037 | | |
|
Various tax revenues
|
| | | | 5,425 | | | | | | — | | | | | | 536 | | | | | | 4,889 | | |
|
Other revenues
|
| | | | 3,423 | | | | | | — | | | | | | 196 | | | | | | 3,227 | | |
|
Total debt securities held to maturity
|
| | | $ | 94,227 | | | | | $ | — | | | | | $ | 5,908 | | | | | $ | 88,319 | | |
| | | |
March 31, 2024
|
| |||||||||||||||||||||
|
Dollars in thousands
|
| |
Amortized
Cost |
| |
Unrealized
|
| |
Estimated
Fair Value |
| |||||||||||||||
| |
Gains
|
| |
Losses
|
| ||||||||||||||||||||
|
Texas
|
| | | $ | 14,718 | | | | | $ | — | | | | | $ | 955 | | | | | $ | 13,763 | | |
|
California
|
| | | | 9,396 | | | | | | — | | | | | | 521 | | | | | | 8,875 | | |
|
Pennsylvania
|
| | | | 8,282 | | | | | | — | | | | | | 493 | | | | | | 7,789 | | |
|
Florida
|
| | | | 7,297 | | | | | | — | | | | | | 710 | | | | | | 6,587 | | |
|
Michigan
|
| | | | 6,739 | | | | | | — | | | | | | 561 | | | | | | 6,178 | | |
| | | |
March 31, 2024
|
| |||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
AAA
|
| |
AA
|
| |
A
|
| |
BBB
|
| |
Below Investment
Grade |
| |||||||||||||||
|
Tax-exempt state and political subdivisions
|
| | | $ | 14,791 | | | | | $ | 71,697 | | | | | $ | 7,249 | | | | | $ | — | | | | | $ | — | | |
| | | |
December 31, 2023
|
| |||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
AAA
|
| |
AA
|
| |
A
|
| |
BBB
|
| |
Below Investment
Grade |
| |||||||||||||||
|
Tax-exempt state and political subdivisions
|
| | | $ | 14,866 | | | | | $ | 72,086 | | | | | $ | 7,275 | | | | | $ | — | | | | | $ | — | | |
|
Dollars in thousands
|
| |
Amortized
Cost |
| |
Estimated
Fair Value |
| ||||||
|
Due in one year or less
|
| | | $ | — | | | | | $ | — | | |
|
Due from one to five years
|
| | | | — | | | | | | — | | |
|
Due from five to ten years
|
| | | | 4,003 | | | | | | 3,809 | | |
|
Due after ten years
|
| | | | 89,734 | | | | | | 83,220 | | |
|
Total
|
| | | $ | 93,737 | | | | | $ | 87,029 | | |
|
Dollars in thousands
|
| |
March 31,
2024 |
| |
December 31,
2023 |
| ||||||
|
Commercial
|
| | | $ | 533,214 | | | | | $ | 503,842 | | |
| Commercial real estate – owner occupied | | | | | | | | | | | | | |
|
Professional & medical
|
| | | | 167,386 | | | | | | 156,941 | | |
|
Retail
|
| | | | 178,994 | | | | | | 170,391 | | |
|
Other
|
| | | | 223,027 | | | | | | 217,776 | | |
| Commercial real estate – non-owner occupied | | | | | | | | | | | | | |
|
Hotels & motels
|
| | | | 216,170 | | | | | | 215,642 | | |
|
Mini-storage
|
| | | | 80,838 | | | | | | 68,517 | | |
|
Multifamily
|
| | | | 309,190 | | | | | | 302,298 | | |
|
Retail
|
| | | | 247,109 | | | | | | 254,246 | | |
|
Other
|
| | | | 427,641 | | | | | | 413,634 | | |
| Construction and development | | | | | | | | | | | | | |
|
Land & land development
|
| | | | 105,425 | | | | | | 145,258 | | |
|
Construction
|
| | | | 341,727 | | | | | | 374,026 | | |
|
Dollars in thousands
|
| |
March 31,
2024 |
| |
December 31,
2023 |
| ||||||
| Residential 1 – 4 family real estate | | | | | | | | | | | | | |
|
Personal residence
|
| | | | 362,942 | | | | | | 362,733 | | |
|
Rental – small loan
|
| | | | 144,657 | | | | | | 142,665 | | |
|
Rental – large loan
|
| | | | 123,132 | | | | | | 116,614 | | |
|
Home equity
|
| | | | 80,027 | | | | | | 81,126 | | |
|
Mortgage warehouse lines
|
| | | | 108,858 | | | | | | 108,848 | | |
|
Consumer
|
| | | | 43,107 | | | | | | 43,756 | | |
| Other | | | | | | | | | | | | | |
|
Credit cards
|
| | | | 2,251 | | | | | | 2,286 | | |
|
Overdrafts
|
| | | | 1,347 | | | | | | 1,013 | | |
|
Total loans, net of unearned fees
|
| | | | 3,697,042 | | | | | | 3,681,612 | | |
|
Less allowance for credit losses – loans
|
| | | | 49,232 | | | | | | 48,090 | | |
|
Loans, net
|
| | | $ | 3,647,810 | | | | | $ | 3,633,522 | | |
| | |||||||||||||
| | | |
March 31, 2024
|
| |||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Past Due
|
| |
Current
|
| |
90 days or more
and Accruing |
| |||||||||||||||||||||||||||
| |
30 – 59 days
|
| |
60 – 89 days
|
| |
90 days or
more |
| |
Total
|
| ||||||||||||||||||||||||||
|
Commercial
|
| | | $ | 6,111 | | | | | $ | — | | | | | $ | 880 | | | | | $ | 6,991 | | | | | $ | 526,223 | | | | | $ | 290 | | |
| Commercial real estate – owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Professional & medical
|
| | | | 61 | | | | | | — | | | | | | 357 | | | | | | 418 | | | | | | 166,968 | | | | | | — | | |
|
Retail
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 178,994 | | | | | | — | | |
|
Other
|
| | | | 1,512 | | | | | | 19 | | | | | | 72 | | | | | | 1,603 | | | | | | 221,424 | | | | | | — | | |
|
Commercial real estate – non-owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Hotels & motels
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 216,170 | | | | | | — | | |
|
Mini-storage
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 80,838 | | | | | | — | | |
|
Multifamily
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 309,190 | | | | | | — | | |
|
Retail
|
| | | | — | | | | | | — | | | | | | 487 | | | | | | 487 | | | | | | 246,622 | | | | | | — | | |
|
Other
|
| | | | 455 | | | | | | 858 | | | | | | — | | | | | | 1,313 | | | | | | 426,328 | | | | | | — | | |
| Construction and development | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Land & land development
|
| | | | — | | | | | | — | | | | | | 216 | | | | | | 216 | | | | | | 105,209 | | | | | | — | | |
|
Construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 341,727 | | | | | | — | | |
| Residential 1 – 4 family real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Personal residence
|
| | | | 2,809 | | | | | | 273 | | | | | | 1,435 | | | | | | 4,517 | | | | | | 358,425 | | | | | | 114 | | |
|
Rental – small loan
|
| | | | 487 | | | | | | 401 | | | | | | 263 | | | | | | 1,151 | | | | | | 143,506 | | | | | | 77 | | |
|
Rental – large loan
|
| | | | — | | | | | | — | | | | | | 181 | | | | | | 181 | | | | | | 122,951 | | | | | | — | | |
|
Home equity
|
| | | | 728 | | | | | | 206 | | | | | | 313 | | | | | | 1,247 | | | | | | 78,780 | | | | | | — | | |
| | | |
March 31, 2024
|
| |||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Past Due
|
| |
Current
|
| |
90 days or more
and Accruing |
| |||||||||||||||||||||||||||
| |
30 – 59 days
|
| |
60 – 89 days
|
| |
90 days or
more |
| |
Total
|
| ||||||||||||||||||||||||||
|
Mortgage warehouse lines
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 108,858 | | | | | | — | | |
|
Consumer
|
| | | | 284 | | | | | | 119 | | | | | | 53 | | | | | | 456 | | | | | | 42,651 | | | | | | 12 | | |
| Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Credit cards
|
| | | | 10 | | | | | | — | | | | | | 13 | | | | | | 23 | | | | | | 2,228 | | | | | | 13 | | |
|
Overdrafts
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,347 | | | | | | — | | |
|
Total
|
| | | $ | 12,457 | | | | | $ | 1,876 | | | | | $ | 4,270 | | | | | $ | 18,603 | | | | | $ | 3,678,439 | | | | | $ | 506 | | |
| | |||||||||||||||||||||||||||||||||||||
| | | |
December 31, 2023
|
| |||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Past Due
|
| |
Current
|
| |
90 days or more
and Accruing |
| |||||||||||||||||||||||||||
| |
30 – 59 days
|
| |
60 – 89 days
|
| |
90 days or
more |
| |
Total
|
| ||||||||||||||||||||||||||
|
Commercial
|
| | | $ | 1,092 | | | | | $ | 60 | | | | | $ | 485 | | | | | $ | 1,637 | | | | | $ | 502,205 | | | | | $ | — | | |
|
Commercial real estate – owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Professional & medical
|
| | | | 327 | | | | | | — | | | | | | 357 | | | | | | 684 | | | | | | 156,257 | | | | | | — | | |
|
Retail
|
| | | | 195 | | | | | | 165 | | | | | | 119 | | | | | | 479 | | | | | | 169,912 | | | | | | — | | |
|
Other
|
| | | | 270 | | | | | | — | | | | | | — | | | | | | 270 | | | | | | 217,506 | | | | | | — | | |
|
Commercial real estate – non-owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Hotels & motels
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 215,642 | | | | | | — | | |
|
Mini-storage
|
| | | | 130 | | | | | | — | | | | | | — | | | | | | 130 | | | | | | 68,387 | | | | | | — | | |
|
Multifamily
|
| | | | 211 | | | | | | — | | | | | | — | | | | | | 211 | | | | | | 302,087 | | | | | | — | | |
|
Retail
|
| | | | 777 | | | | | | 18 | | | | | | — | | | | | | 795 | | | | | | 253,451 | | | | | | — | | |
|
Other
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 413,634 | | | | | | — | | |
| Construction and development | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Land & land development
|
| | | | 295 | | | | | | 275 | | | | | | — | | | | | | 570 | | | | | | 144,688 | | | | | | — | | |
|
Construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 374,026 | | | | | | — | | |
| Residential 1 – 4 family real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Personal residence
|
| | | | 3,511 | | | | | | 489 | | | | | | 1,071 | | | | | | 5,071 | | | | | | 357,662 | | | | | | — | | |
|
Rental – small loan
|
| | | | 331 | | | | | | 78 | | | | | | 75 | | | | | | 484 | | | | | | 142,181 | | | | | | — | | |
|
Rental – large loan
|
| | | | — | | | | | | — | | | | | | 411 | | | | | | 411 | | | | | | 116,203 | | | | | | — | | |
|
Home equity
|
| | | | 1,723 | | | | | | 269 | | | | | | 466 | | | | | | 2,458 | | | | | | 78,668 | | | | | | 307 | | |
|
Mortgage warehouse lines
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 108,848 | | | | | | — | | |
|
Consumer
|
| | | | 228 | | | | | | 181 | | | | | | 106 | | | | | | 515 | | | | | | 43,241 | | | | | | 5 | | |
| Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Credit cards
|
| | | | 40 | | | | | | 3 | | | | | | 22 | | | | | | 65 | | | | | | 2,221 | | | | | | 23 | | |
|
Overdrafts
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,013 | | | | | | — | | |
|
Total
|
| | | $ | 9,130 | | | | | $ | 1,538 | | | | | $ | 3,112 | | | | | $ | 13,780 | | | | | $ | 3,667,832 | | | | | $ | 335 | | |
| | | |
March 31, 2024
|
| |
December 31, 2023
|
| ||||||||||||||||||
|
Dollars in thousands
|
| |
Nonaccrual
|
| |
Nonaccrual
with No Allowance for Credit Losses — Loans |
| |
Nonaccrual
|
| |
Nonaccrual
with No Allowance for Credit Losses — Loans |
| ||||||||||||
|
Commercial
|
| | | $ | 7,537 | | | | | $ | — | | | | | $ | 1,088 | | | | | $ | 2 | | |
| Commercial real estate – owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Professional & medical
|
| | | | 357 | | | | | | — | | | | | | 395 | | | | | | — | | |
|
Retail
|
| | | | 254 | | | | | | — | | | | | | 525 | | | | | | — | | |
|
Other
|
| | | | 1,553 | | | | | | 73 | | | | | | 236 | | | | | | — | | |
| Commercial real estate – non-owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Hotels & motels
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Mini-storage
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Multifamily
|
| | | | 434 | | | | | | — | | | | | | 446 | | | | | | — | | |
|
Retail
|
| | | | 4,467 | | | | | | 3,300 | | | | | | 4,073 | | | | | | 3,520 | | |
|
Other
|
| | | | 1,313 | | | | | | 456 | | | | | | — | | | | | | — | | |
| Construction and development | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Land & land development
|
| | | | 891 | | | | | | — | | | | | | 708 | | | | | | — | | |
|
Construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Residential 1 – 4 family real estate | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Personal residence
|
| | | | 1,873 | | | | | | — | | | | | | 1,879 | | | | | | — | | |
|
Rental – small loan
|
| | | | 1,822 | | | | | | 439 | | | | | | 1,922 | | | | | | 245 | | |
|
Rental – large loan
|
| | | | 181 | | | | | | — | | | | | | 410 | | | | | | — | | |
|
Home equity
|
| | | | 369 | | | | | | — | | | | | | 313 | | | | | | — | | |
|
Mortgage warehouse lines
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | 70 | | | | | | — | | | | | | 109 | | | | | | — | | |
| Other | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Credit cards
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Overdrafts
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total
|
| | | $ | 21,121 | | | | | $ | 4,268 | | | | | $ | 12,104 | | | | | $ | 3,767 | | |
| | | |
March 31, 2024
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Risk Rating
|
| |
2024
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
Prior
|
| |
Revolving
|
| |
Revolving-
Term |
| |
Total
|
| |||||||||||||||||||||||||||
|
Commercial
|
| |
Pass
|
| | | $ | 35,472 | | | | | $ | 60,037 | | | | | $ | 99,157 | | | | | $ | 49,650 | | | | | $ | 14,627 | | | | | $ | 17,027 | | | | | $ | 204,092 | | | | | $ | — | | | | | $ | 480,062 | | |
| | | |
Special Mention
|
| | | | — | | | | | | 718 | | | | | | 5,535 | | | | | | 3,793 | | | | | | 2,400 | | | | | | 2,721 | | | | | | 30,172 | | | | | | — | | | | | | 45,339 | | |
| | | |
Substandard
|
| | | | — | | | | | | 110 | | | | | | 968 | | | | | | 506 | | | | | | — | | | | | | 5,972 | | | | | | 257 | | | | | | — | | | | | | 7,813 | | |
|
Total Commercial
|
| | | | | | | 35,472 | | | | | | 60,865 | | | | | | 105,660 | | | | | | 53,949 | | | | | | 17,027 | | | | | | 25,720 | | | | | | 234,521 | | | | | | — | | | | | | 533,214 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | (22) | | | | | | — | | | | | | — | | | | | | — | | | | | | (16) | | | | | | — | | | | | | — | | | | | | (38) | | |
|
Commercial Real Estate – Owner Occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
|
Professional & medical
|
| |
Pass
|
| | | | 575 | | | | | | 20,207 | | | | | | 18,994 | | | | | | 63,814 | | | | | | 9,376 | | | | | | 48,660 | | | | | | 1,457 | | | | | | — | | | | | | 163,083 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,935 | | | | | | 1,085 | | | | | | 849 | | | | | | — | | | | | | — | | | | | | 3,869 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 434 | | | | | | — | | | | | | — | | | | | | 434 | | |
|
Total Professional &
Medical |
| | | | | | | 575 | | | | | | 20,207 | | | | | | 18,994 | | | | | | 65,749 | | | | | | 10,461 | | | | | | 49,943 | | | | | | 1,457 | | | | | | — | | | | | | 167,386 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Retail
|
| |
Pass
|
| | | | 1,464 | | | | | | 5,430 | | | | | | 22,717 | | | | | | 76,843 | | | | | | 11,575 | | | | | | 56,069 | | | | | | 3,157 | | | | | | — | | | | | | 177,255 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,379 | | | | | | — | | | | | | — | | | | | | 1,379 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 360 | | | | | | — | | | | | | — | | | | | | 360 | | |
|
Total Retail
|
| | | | | | | 1,464 | | | | | | 5,430 | | | | | | 22,717 | | | | | | 76,843 | | | | | | 11,575 | | | | | | 57,808 | | | | | | 3,157 | | | | | | — | | | | | | 178,994 | | |
| | | |
March 31, 2024
|
| | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Risk Rating
|
| |
2024
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
Prior
|
| |
Revolving
|
| |
Revolving-
Term |
| |
Total
|
| | |||||||||||||||||||||||||||||
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
|
Other
|
| |
Pass
|
| | | | 1,183 | | | | | | 32,323 | | | | | | 48,256 | | | | | | 37,961 | | | | | | 20,458 | | | | | | 71,010 | | | | | | 3,277 | | | | | | — | | | | | | 214,468 | | | | ||
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | 52 | | | | | | 4,645 | | | | | | 1,789 | | | | | | — | | | | | | — | | | | | | 6,486 | | | | ||
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,037 | | | | | | 36 | | | | | | — | | | | | | 2,073 | | | | ||
|
Total Other
|
| | | | | | | 1,183 | | | | | | 32,323 | | | | | | 48,256 | | | | | | 38,013 | | | | | | 25,103 | | | | | | 74,836 | | | | | | 3,313 | | | | | | — | | | | | | 223,027 | | | | ||
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
|
Total Commercial Real Estate – Owner Occupied
|
| | | | | | | 3,222 | | | | | | 57,960 | | | | | | 89,967 | | | | | | 180,605 | | | | | | 47,139 | | | | | | 182,587 | | | | | | 7,927 | | | | | | — | | | | | | 569,407 | | | | ||
|
Commercial Real Estate – Non-
Owner Occupied |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
|
Hotels & motels
|
| |
Pass
|
| | | | — | | | | | | 55,682 | | | | | | 41,328 | | | | | | 11,931 | | | | | | 9,104 | | | | | | 80,535 | | | | | | 550 | | | | | | — | | | | | | 199,130 | | | | ||
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| | | ||
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,631 | | | | | | 14,409 | | | | | | — | | | | | | — | | | | | | 17,040 | | | | ||
|
Total Hotels & Motels
|
| | | | | | | — | | | | | | 55,682 | | | | | | 41,328 | | | | | | 11,931 | | | | | | 11,735 | | | | | | 94,944 | | | | | | 550 | | | | | | — | | | | | | 216,170 | | | | ||
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
|
Mini-storage
|
| |
Pass
|
| | | | 710 | | | | | | 1,707 | | | | | | 30,227 | | | | | | 15,279 | | | | | | 6,587 | | | | | | 26,263 | | | | | | 26 | | | | | | — | | | | | | 80,799 | | | | ||
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 39 | | | | | | — | | | | | | — | | | | | | 39 | | | | ||
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| | | ||
|
Total Mini-storage
|
| | | | | | | 710 | | | | | | 1,707 | | | | | | 30,227 | | | | | | 15,279 | | | | | | 6,587 | | | | | | 26,302 | | | | | | 26 | | | | | | — | | | | | | 80,838 | | | | ||
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
|
Multifamily
|
| |
Pass
|
| | | | 2,558 | | | | | | 15,381 | | | | | | 68,569 | | | | | | 95,618 | | | | | | 41,911 | | | | | | 75,418 | | | | | | 1,386 | | | | | | — | | | | | | 300,841 | | | | ||
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,916 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,916 | | | | ||
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 391 | | | | | | 42 | | | | | | — | | | | | | — | | | | | | 433 | | | | ||
|
Total Multifamily
|
| | | | | | | 2,558 | | | | | | 15,381 | | | | | | 68,569 | | | | | | 95,618 | | | | | | 50,218 | | | | | | 75,460 | | | | | | 1,386 | | | | | | — | | | | | | 309,190 | | | | ||
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
|
Retail
|
| |
Pass
|
| | | | 199 | | | | | | 36,392 | | | | | | 49,341 | | | | | | 53,050 | | | | | | 48,691 | | | | | | 44,541 | | | | | | 3,998 | | | | | | — | | | | | | 236,212 | | | | ||
| | | |
Special Mention
|
| | | | — | | | | | | 2,777 | | | | | | 3,340 | | | | | | 65 | | | | | | — | | | | | | 873 | | | | | | — | | | | | | — | | | | | | 7,055 | | | | ||
| | | |
Substandard
|
| | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,842 | | | | | | — | | | | | | — | | | | | | 3,842 | | | | ||
|
Total Retail
|
| | | | | | | 199 | | | | | | 39,169 | | | | | | 52,681 | | | | | | 53,115 | | | | | | 48,691 | | | | | | 49,256 | | | | | | 3,998 | | | | | | — | | | | | | 247,109 | | | | ||
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
|
Other
|
| |
Pass
|
| | | | 1,905 | | | | | | 84,478 | | | | | | 103,578 | | | | | | 90,545 | | | | | | 55,678 | | | | | | 61,613 | | | | | | 12,059 | | | | | | — | | | | | | 409,856 | | | | ||
| | | |
Special Mention
|
| | | | | | | | | | 443 | | | | | | 5,449 | | | | | | — | | | | | | — | | | | | | 7,578 | | | | | | — | | | | | | — | | | | | | 13,470 | | | | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,315 | | | | | | — | | | | | | — | | | | | | 4,315 | | | | ||
|
Total Other
|
| | | | | | | 1,905 | | | | | | 84,921 | | | | | | 109,027 | | | | | | 90,545 | | | | | | 55,678 | | | | | | 73,506 | | | | | | 12,059 | | | | | | — | | | | | | 427,641 | | | | ||
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (286) | | | | | | — | | | | | | — | | | | | | (286) | | | | ||
|
Total Commercial Real Estate – Non-Owner
Occupied |
| | | | | | | 5,372 | | | | | | 196,860 | | | | | | 301,832 | | | | | | 266,488 | | | | | | 172,909 | | | | | | 319,468 | | | | | | 18,019 | | | | | | — | | | | | | 1,280,948 | | | | ||
|
Construction and Development
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
|
Land & land development
|
| |
Pass
|
| | | | 1,638 | | | | | | 16,916 | | | | | | 21,255 | | | | | | 19,945 | | | | | | 9,319 | | | | | | 18,545 | | | | | | 11,312 | | | | | | — | | | | | | 98,930 | | | | ||
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | 4,488 | | | | | | — | | | | | | 143 | | | | | | 561 | | | | | | — | | | | | | — | | | | | | 5,192 | | | | ||
| | | |
Substandard
|
| | | | — | | | | | | 121 | | | | | | 95 | | | | | | — | | | | | | — | | | | | | 1,087 | | | | | | — | | | | | | — | | | | | | 1,303 | | | | ||
|
Total Land & land
development |
| | | | | | | 1,638 | | | | | | 17,037 | | | | | | 25,838 | | | | | | 19,945 | | | | | | 9,462 | | | | | | 20,193 | | | | | | 11,312 | | | | | | — | | | | | | 105,425 | | | | ||
| | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
March 31, 2024
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Risk Rating
|
| |
2024
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
Prior
|
| |
Revolving
|
| |
Revolving-
Term |
| |
Total
|
| |||||||||||||||||||||||||||
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Construction
|
| |
Pass
|
| | | | 1,296 | | | | | | 71,615 | | | | | | 81,729 | | | | | | 147,730 | | | | | | 38,093 | | | | | | — | | | | | | 600 | | | | | | — | | | | | | 341,063 | | |
| | | |
Special Mention
|
| | | | — | | | | | | 664 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 664 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| |
|
Total Construction
|
| | | | | | | 1,296 | | | | | | 72,279 | | | | | | 81,729 | | | | | | 147,730 | | | | | | 38,093 | | | | | | — | | | | | | 600 | | | | | | — | | | | | | 341,727 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Construction and Development
|
| | | | | | | 2,934 | | | | | | 89,316 | | | | | | 107,567 | | | | | | 167,675 | | | | | | 47,555 | | | | | | 20,193 | | | | | | 11,912 | | | | | | — | | | | | | 447,152 | | |
|
Residential 1 – 4 Family Real Estate
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Personal residence
|
| |
Pass
|
| | | | 8,402 | | | | | | 54,486 | | | | | | 62,806 | | | | | | 54,423 | | | | | | 31,357 | | | | | | 133,857 | | | | | | — | | | | | | — | | | | | | 345,331 | | |
| | | |
Special Mention
|
| | | | 54 | | | | | | 217 | | | | | | 51 | | | | | | 51 | | | | | | 203 | | | | | | 8,752 | | | | | | — | | | | | | — | | | | | | 9,328 | | |
| | | |
Substandard
|
| | | | — | | | | | | 162 | | | | | | 54 | | | | | | 65 | | | | | | — | | | | | | 8,002 | | | | | | — | | | | | | — | | | | | | 8,283 | | |
|
Total Personal Residence
|
| | | | | | | 8,456 | | | | | | 54,865 | | | | | | 62,911 | | | | | | 54,539 | | | | | | 31,560 | | | | | | 150,611 | | | | | | — | | | | | | — | | | | | | 362,942 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6) | | | | | | — | | | | | | — | | | | | | (6) | | |
|
Rental – small loan
|
| |
Pass
|
| | | | 5,333 | | | | | | 18,155 | | | | | | 22,045 | | | | | | 26,265 | | | | | | 10,866 | | | | | | 49,027 | | | | | | 6,790 | | | | | | — | | | | | | 138,481 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | 277 | | | | | | 360 | | | | | | 98 | | | | | | 2,501 | | | | | | 174 | | | | | | — | | | | | | 3,410 | | |
| | | |
Substandard
|
| | | | — | | | | | | 534 | | | | | | 151 | | | | | | — | | | | | | — | | | | | | 1,984 | | | | | | 97 | | | | | | — | | | | | | 2,766 | | |
|
Total Rental – Small Loan
|
| | | | | | | 5,333 | | | | | | 18,689 | | | | | | 22,473 | | | | | | 26,625 | | | | | | 10,964 | | | | | | 53,512 | | | | | | 7,061 | | | | | | — | | | | | | 144,657 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Rental – large loan
|
| |
Pass
|
| | | | 6,912 | | | | | | 6,745 | | | | | | 41,397 | | | | | | 35,163 | | | | | | 12,171 | | | | | | 13,428 | | | | | | 3,641 | | | | | | — | | | | | | 119,457 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,865 | | | | | | — | | | | | | — | | | | | | 2,865 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | 629 | | | | | | — | | | | | | — | | | | | | 181 | | | | | | — | | | | | | — | | | | | | 810 | | |
|
Total Rental – Large Loan
|
| | | | | | | 6,912 | | | | | | 6,745 | | | | | | 42,026 | | | | | | 35,163 | | | | | | 12,171 | | | | | | 16,474 | | | | | | 3,641 | | | | | | — | | | | | | 123,132 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Home equity
|
| |
Pass
|
| | | | — | | | | | | 11 | | | | | | 822 | | | | | | 423 | | | | | | 206 | | | | | | 2,629 | | | | | | 72,974 | | | | | | — | | | | | | 77,065 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | 31 | | | | | | 311 | | | | | | 100 | | | | | | 818 | | | | | | 838 | | | | | | — | | | | | | 2,098 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | 25 | | | | | | — | | | | | | 794 | | | | | | 45 | | | | | | — | | | | | | 864 | | |
|
Total Home Equity
|
| | | | | | | — | | | | | | 11 | | | | | | 853 | | | | | | 759 | | | | | | 306 | | | | | | 4,241 | | | | | | 73,857 | | | | | | — | | | | | | 80,027 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (15) | | | | | | — | | | | | | — | | | | | | (15) | | |
|
Total Residential 1 – 4 Family Real Estate
|
| | | | | | | 20,701 | | | | | | 80,310 | | | | | | 128,263 | | | | | | 117,086 | | | | | | 55,001 | | | | | | 224,838 | | | | | | 84,559 | | | | | | — | | | | | | 710,758 | | |
|
Mortgage warehouse lines
|
| |
Pass
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 108,858 | | | | | | — | | | | | | 108,858 | | |
|
Total Mortgage Warehouse Lines
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 108,858 | | | | | | — | | | | | | 108,858 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| |
Pass
|
| | | | 8,256 | | | | | | 16,304 | | | | | | 8,864 | | | | | | 3,286 | | | | | | 1,481 | | | | | | 1,376 | | | | | | 969 | | | | | | — | | | | | | 40,536 | | |
| | | |
Special Mention
|
| | | | 278 | | | | | | 925 | | | | | | 645 | | | | | | 134 | | | | | | 84 | | | | | | 100 | | | | | | 3 | | | | | | — | | | | | | 2,169 | | |
| | | |
Substandard
|
| | | | 70 | | | | | | 138 | | | | | | 132 | | | | | | 34 | | | | | | — | | | | | | 2 | | | | | | 26 | | | | | | — | | | | | | 402 | | |
|
Total Consumer
|
| | | | | | | 8,604 | | | | | | 17,367 | | | | | | 9,641 | | | | | | 3,454 | | | | | | 1,565 | | | | | | 1,478 | | | | | | 998 | | | | | | — | | | | | | 43,107 | | |
|
Current Period Charge-Offs
|
| | | | | | | (70) | | | | | | (21) | | | | | | (70) | | | | | | (11) | | | | | | (35) | | | | | | — | | | | | | — | | | | | | — | | | | | | (207) | | |
| Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Credit cards
|
| |
Pass
|
| | | | 2,251 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,251 | | |
|
Total Credit Cards
|
| | | | | | | 2,251 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,251 | | |
| | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
March 31, 2024
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Risk Rating
|
| |
2024
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
Prior
|
| |
Revolving
|
| |
Revolving-
Term |
| |
Total
|
| |||||||||||||||||||||||||||
|
Current Period Charge-Offs
|
| | | | | | | (7) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (7) | | |
|
Overdrafts
|
| |
Pass
|
| | | | 1,347 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,347 | | |
|
Total Overdrafts
|
| | | | | | | 1,347 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,347 | | |
|
Current Period Charge-Offs
|
| | | | | | | (217) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (217) | | |
|
Total Other
|
| | | | | | | 3,598 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,598 | | |
|
Total
|
| | | | | | $ | 79,903 | | | | | $ | 502,678 | | | | | $ | 742,930 | | | | | $ | 789,257 | | | | | $ | 341,196 | | | | | $ | 774,284 | | | | | $ | 466,794 | | | | | $ | — | | | | | $ | 3,697,042 | | |
|
Total Charge-Offs
|
| | | | | | $ | (294) | | | | | $ | (43) | | | | | $ | (70) | | | | | $ | (11) | | | | | $ | (35) | | | | | $ | (323) | | | | | $ | — | | | | | $ | — | | | | | $ | (776) | | |
| | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
December 31, 2023
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Risk Rating
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| |
Prior
|
| |
Revolving
|
| |
Revolving-
Term |
| |
Total
|
| |||||||||||||||||||||||||||
|
Commercial
|
| |
Pass
|
| | | $ | 63,526 | | | | | $ | 130,075 | | | | | $ | 55,932 | | | | | $ | 17,841 | | | | | $ | 15,802 | | | | | $ | 9,693 | | | | | $ | 205,654 | | | | | $ | — | | | | | $ | 498,523 | | |
| | | |
Special Mention
|
| | | | 369 | | | | | | 402 | | | | | | 299 | | | | | | 251 | | | | | | 218 | | | | | | 1,897 | | | | | | 966 | | | | | | — | | | | | | 4,402 | | |
| | | |
Substandard
|
| | | | 78 | | | | | | 124 | | | | | | 447 | | | | | | — | | | | | | 40 | | | | | | — | | | | | | 228 | | | | | | — | | | | | | 917 | | |
|
Total Commercial
|
| | | | | | | 63,973 | | | | | | 130,601 | | | | | | 56,678 | | | | | | 18,092 | | | | | | 16,060 | | | | | | 11,590 | | | | | | 206,848 | | | | | | — | | | | | | 503,842 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | (1) | | | | | | — | | | | | | — | | | | | | (3) | | | | | | (58) | | | | | | — | | | | | | (62) | | |
|
Commercial Real Estate – Owner Occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Professional & medical
|
| |
Pass
|
| | | | 20,453 | | | | | | 18,882 | | | | | | 53,241 | | | | | | 9,522 | | | | | | 7,668 | | | | | | 42,993 | | | | | | 1,723 | | | | | | — | | | | | | 154,482 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,092 | | | | | | — | | | | | | 867 | | | | | | — | | | | | | — | | | | | | 1,959 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | 67 | | | | | | — | | | | | | 433 | | | | | | — | | | | | | — | | | | | | 500 | | |
|
Total Professional &
Medical |
| | | | | | | 20,453 | | | | | | 18,882 | | | | | | 53,241 | | | | | | 10,681 | | | | | | 7,668 | | | | | | 44,293 | | | | | | 1,723 | | | | | | — | | | | | | 156,941 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3) | | | | | | — | | | | | | — | | | | | | (3) | | |
|
Retail
|
| |
Pass
|
| | | | 5,600 | | | | | | 22,936 | | | | | | 66,848 | | | | | | 11,794 | | | | | | 23,778 | | | | | | 34,173 | | | | | | 3,116 | | | | | | — | | | | | | 168,245 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,756 | | | | | | — | | | | | | — | | | | | | 1,756 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 390 | | | | | | — | | | | | | — | | | | | | 390 | | |
|
Total Retail
|
| | | | | | | 5,600 | | | | | | 22,936 | | | | | | 66,848 | | | | | | 11,794 | | | | | | 23,778 | | | | | | 36,319 | | | | | | 3,116 | | | | | | — | | | | | | 170,391 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Other
|
| |
Pass
|
| | | | 27,260 | | | | | | 47,405 | | | | | | 36,980 | | | | | | 25,611 | | | | | | 14,807 | | | | | | 59,992 | | | | | | 2,823 | | | | | | — | | | | | | 214,878 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | 53 | | | | | | — | | | | | | 128 | | | | | | 1,670 | | | | | | — | | | | | | — | | | | | | 1,851 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 367 | | | | | | 644 | | | | | | 36 | | | | | | — | | | | | | 1,047 | | |
|
Total Other
|
| | | | | | | 27,260 | | | | | | 47,405 | | | | | | 37,033 | | | | | | 25,611 | | | | | | 15,302 | | | | | | 62,306 | | | | | | 2,859 | | | | | | — | | | | | | 217,776 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (28) | | | | | | — | | | | | | — | | | | | | (28) | | |
|
Total Commercial Real Estate – Owner
Occupied |
| | | | | | | 53,313 | | | | | | 89,223 | | | | | | 157,122 | | | | | | 48,086 | | | | | | 46,748 | | | | | | 142,918 | | | | | | 7,698 | | | | | | — | | | | | | 545,108 | | |
|
Commercial Real Estate – Non-
Owner Occupied |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Hotels & motels
|
| |
Pass
|
| | | | 55,770 | | | | | | 37,994 | | | | | | 11,995 | | | | | | 9,161 | | | | | | 53,781 | | | | | | 28,209 | | | | | | 1,650 | | | | | | — | | | | | | 198,560 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,647 | | | | | | 14,238 | | | | | | 197 | | | | | | — | | | | | | — | | | | | | 17,082 | | |
|
Total Hotels & Motels
|
| | | | | | | 55,770 | | | | | | 37,994 | | | | | | 11,995 | | | | | | 11,808 | | | | | | 68,019 | | | | | | 28,406 | | | | | | 1,650 | | | | | | — | | | | | | 215,642 | | |
| | | |
December 31, 2023
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Risk Rating
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| |
Prior
|
| |
Revolving
|
| |
Revolving-
Term |
| |
Total
|
| |||||||||||||||||||||||||||
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Mini-storage
|
| |
Pass
|
| | | | 1,488 | | | | | | 22,994 | | | | | | 12,460 | | | | | | 5,047 | | | | | | 4,288 | | | | | | 22,184 | | | | | | 16 | | | | | | — | | | | | | 68,477 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 40 | | | | | | — | | | | | | — | | | | | | 40 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Mini-storage
|
| | | | | | | 1,488 | | | | | | 22,994 | | | | | | 12,460 | | | | | | 5,047 | | | | | | 4,288 | | | | | | 22,224 | | | | | | 16 | | | | | | — | | | | | | 68,517 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Multifamily
|
| |
Pass
|
| | | | 15,406 | | | | | | 69,803 | | | | | | 72,257 | | | | | | 52,648 | | | | | | 21,966 | | | | | | 68,610 | | | | | | 1,163 | | | | | | — | | | | | | 301,853 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | 400 | | | | | | — | | | | | | 45 | | | | | | — | | | | | | — | | | | | | 445 | | |
|
Total Multifamily
|
| | | | | | | 15,406 | | | | | | 69,803 | | | | | | 72,257 | | | | | | 53,048 | | | | | | 21,966 | | | | | | 68,655 | | | | | | 1,163 | | | | | | — | | | | | | 302,298 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (57) | | | | | | — | | | | | | — | | | | | | (57) | | |
|
Retail
|
| |
Pass
|
| | | | 39,462 | | | | | | 53,109 | | | | | | 57,587 | | | | | | 49,146 | | | | | | 10,623 | | | | | | 35,241 | | | | | | 4,046 | | | | | | — | | | | | | 249,214 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | 66 | | | | | | — | | | | | | — | | | | | | 893 | | | | | | — | | | | | | — | | | | | | 959 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,520 | | | | | | 553 | | | | | | — | | | | | | — | | | | | | 4,073 | | |
|
Total Retail
|
| | | | | | | 39,462 | | | | | | 53,109 | | | | | | 57,653 | | | | | | 49,146 | | | | | | 14,143 | | | | | | 36,687 | | | | | | 4,046 | | | | | | — | | | | | | 254,246 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,658) | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,658) | | |
|
Other
|
| |
Pass
|
| | | | 45,146 | | | | | | 104,191 | | | | | | 114,862 | | | | | | 56,165 | | | | | | 15,509 | | | | | | 55,330 | | | | | | 9,237 | | | | | | — | | | | | | 400,440 | | |
| | | |
Special Mention
|
| | | | — | | | | | | 5,466 | | | | | | — | | | | | | — | | | | | | — | | | | | | 176 | | | | | | — | | | | | | — | | | | | | 5,642 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,237 | | | | | | 5,315 | | | | | | — | | | | | | — | | | | | | 7,552 | | |
|
Total Other
|
| | | | | | | 45,146 | | | | | | 109,657 | | | | | | 114,862 | | | | | | 56,165 | | | | | | 17,746 | | | | | | 60,821 | | | | | | 9,237 | | | | | | — | | | | | | 413,634 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Commercial Real Estate – Non-Owner Occupied
|
| | | | | | | 157,272 | | | | | | 293,557 | | | | | | 269,227 | | | | | | 175,214 | | | | | | 126,162 | | | | | | 216,793 | | | | | | 16,112 | | | | | | — | | | | | | 1,254,337 | | |
|
Construction and Development
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Land & land development
|
| |
Pass
|
| | | | 56,159 | | | | | | 26,369 | | | | | | 20,843 | | | | | | 9,383 | | | | | | 4,008 | | | | | | 15,072 | | | | | | 11,486 | | | | | | — | | | | | | 143,320 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | 144 | | | | | | 155 | | | | | | 419 | | | | | | — | | | | | | — | | | | | | 718 | | |
| | | |
Substandard
|
| | | | — | | | | | | 95 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,125 | | | | | | — | | | | | | — | | | | | | 1,220 | | |
|
Total Land & land development
|
| | | | | | | 56,159 | | | | | | 26,464 | | | | | | 20,843 | | | | | | 9,527 | | | | | | 4,163 | | | | | | 16,616 | | | | | | 11,486 | | | | | | — | | | | | | 145,258 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Construction
|
| |
Pass
|
| | | | 53,929 | | | | | | 98,497 | | | | | | 178,043 | | | | | | 41,800 | | | | | | — | | | | | | 1,302 | | | | | | 455 | | | | | | — | | | | | | 374,026 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Construction
|
| | | | | | | 53,929 | | | | | | 98,497 | | | | | | 178,043 | | | | | | 41,800 | | | | | | — | | | | | | 1,302 | | | | | | 455 | | | | | | — | | | | | | 374,026 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Construction and Development
|
| | | | | | | 110,088 | | | | | | 124,961 | | | | | | 198,886 | | | | | | 51,327 | | | | | | 4,163 | | | | | | 17,918 | | | | | | 11,941 | | | | | | — | | | | | | 519,284 | | |
|
Residential 1 – 4 Family Real Estate
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Personal residence
|
| |
Pass
|
| | | | 54,170 | | | | | | 65,858 | | | | | | 55,445 | | | | | | 32,016 | | | | | | 16,499 | | | | | | 121,272 | | | | | | — | | | | | | — | | | | | | 345,260 | | |
| | | |
Special Mention
|
| | | | 217 | | | | | | 73 | | | | | | 51 | | | | | | — | | | | | | 176 | | | | | | 8,889 | | | | | | — | | | | | | — | | | | | | 9,406 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | 66 | | | | | | — | | | | | | 533 | | | | | | 7,468 | | | | | | — | | | | | | — | | | | | | 8,067 | | |
|
Total Personal Residence
|
| | | | | | | 54,387 | | | | | | 65,931 | | | | | | 55,562 | | | | | | 32,016 | | | | | | 17,208 | | | | | | 137,629 | | | | | | — | | | | | | — | | | | | | 362,733 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (89) | | | | | | — | | | | | | — | | | | | | (89) | | |
| | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
December 31, 2023
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Risk Rating
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| |
Prior
|
| |
Revolving
|
| |
Revolving-
Term |
| |
Total
|
| |||||||||||||||||||||||||||
|
Rental – small loan
|
| |
Pass
|
| | | | 17,930 | | | | | | 21,637 | | | | | | 27,323 | | | | | | 11,244 | | | | | | 10,951 | | | | | | 40,298 | | | | | | 7,490 | | | | | | — | | | | | | 136,873 | | |
| | | |
Special Mention
|
| | | | — | | | | | | 280 | | | | | | 219 | | | | | | 99 | | | | | | 182 | | | | | | 2,283 | | | | | | — | | | | | | — | | | | | | 3,063 | | |
| | | |
Substandard
|
| | | | 534 | | | | | | 153 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,942 | | | | | | 100 | | | | | | — | | | | | | 2,729 | | |
|
Total Rental – Small Loan
|
| | | | | | | 18,464 | | | | | | 22,070 | | | | | | 27,542 | | | | | | 11,343 | | | | | | 11,133 | | | | | | 44,523 | | | | | | 7,590 | | | | | | — | | | | | | 142,665 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Rental – large loan
|
| |
Pass
|
| | | | 7,490 | | | | | | 43,818 | | | | | | 35,605 | | | | | | 10,185 | | | | | | 2,379 | | | | | | 9,554 | | | | | | 3,028 | | | | | | — | | | | | | 112,059 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,516 | | | | | | — | | | | | | — | | | | | | 3,516 | | |
| | | |
Substandard
|
| | | | — | | | | | | 629 | | | | | | — | | | | | | — | | | | | | — | | | | | | 410 | | | | | | — | | | | | | — | | | | | | 1,039 | | |
|
Total Rental – Large Loan
|
| | | | | | | 7,490 | | | | | | 44,447 | | | | | | 35,605 | | | | | | 10,185 | | | | | | 2,379 | | | | | | 13,480 | | | | | | 3,028 | | | | | | — | | | | | | 116,614 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Home equity
|
| |
Pass
|
| | | | — | | | | | | 100 | | | | | | 326 | | | | | | 97 | | | | | | 82 | | | | | | 1,756 | | | | | | 76,234 | | | | | | — | | | | | | 78,595 | | |
| | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 17 | | | | | | 609 | | | | | | 1,093 | | | | | | — | | | | | | 1,719 | | |
| | | |
Substandard
|
| | | | — | | | | | | — | | | | | | 25 | | | | | | — | | | | | | 37 | | | | | | 600 | | | | | | 150 | | | | | | — | | | | | | 812 | | |
|
Total Home Equity
|
| | | | | | | — | | | | | | 100 | | | | | | 351 | | | | | | 97 | | | | | | 136 | | | | | | 2,965 | | | | | | 77,477 | | | | | | — | | | | | | 81,126 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total Residential 1 – 4 Family Real Estate
|
| | | | | | | 80,341 | | | | | | 132,548 | | | | | | 119,060 | | | | | | 53,641 | | | | | | 30,856 | | | | | | 198,597 | | | | | | 88,095 | | | | | | — | | | | | | 703,138 | | |
|
Mortgage warehouse lines
|
| |
Pass
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 108,848 | | | | | | — | | | | | | 108,848 | | |
|
Total Mortgage Warehouse Lines
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 108,848 | | | | | | — | | | | | | 108,848 | | |
|
Current Period Charge-Offs
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| |
Pass
|
| | | | 21,206 | | | | | | 11,580 | | | | | | 3,953 | | | | | | 1,720 | | | | | | 695 | | | | | | 1,011 | | | | | | 912 | | | | | | — | | | | | | 41,077 | | |
| | | |
Special Mention
|
| | | | 1,171 | | | | | | 749 | | | | | | 160 | | | | | | 94 | | | | | | 39 | | | | | | 76 | | | | | | 4 | | | | | | — | | | | | | 2,293 | | |
| | | |
Substandard
|
| | | | 127 | | | | | | 160 | | | | | | 37 | | | | | | 35 | | | | | | — | | | | | | 2 | | | | | | 25 | | | | | | — | | | | | | 386 | | |
|
Total Consumer
|
| | | | | | | 22,504 | | | | | | 12,489 | | | | | | 4,150 | | | | | | 1,849 | | | | | | 734 | | | | | | 1,089 | | | | | | 941 | | | | | | — | | | | | | 43,756 | | |
|
Current Period Charge-Offs
|
| | | | | | | (124) | | | | | | (170) | | | | | | (39) | | | | | | (10) | | | | | | (1) | | | | | | (7) | | | | | | — | | | | | | — | | | | | | (351) | | |
| Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Credit cards
|
| |
Pass
|
| | | | 2,286 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,286 | | |
|
Total Credit Cards
|
| | | | | | | 2,286 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,286 | | |
|
Current Period Charge-Offs
|
| | | | | | | (93) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (93) | | |
|
Overdrafts
|
| |
Pass
|
| | | | 1,013 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,013 | | |
|
Total Overdrafts
|
| | | | | | | 1,013 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,013 | | |
|
Current Period Charge-Offs
|
| | | | | | | (503) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (503) | | |
|
Total Other
|
| | | | | | | 3,299 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,299 | | |
|
Total
|
| | | | | | $ | 490,790 | | | | | $ | 783,379 | | | | | $ | 805,123 | | | | | $ | 348,209 | | | | | $ | 224,723 | | | | | $ | 588,905 | | | | | $ | 440,483 | | | | | $ | — | | | | | $ | 3,681,612 | | |
|
Total Charge-Offs
|
| | | | | | $ | (720) | | | | | $ | (170) | | | | | $ | (40) | | | | | $ | (10) | | | | | $ | (3,659) | | | | | $ | (187) | | | | | $ | (58) | | | | | $ | — | | | | | $ | (4,844) | | |
| | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
For the Three Months Ended March 31, 2024
Allowance for Credit Losses — Loans |
| |||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Beginning
Balance |
| |
Provision
for Credit Losses — Loans |
| |
Charge-
offs |
| |
Recoveries
|
| |
Ending
Balance |
| |||||||||||||||
|
Commercial
|
| | | $ | 4,319 | | | | | $ | 3,519 | | | | | $ | (38) | | | | | $ | 5 | | | | | $ | 7,805 | | |
| Commercial real estate – owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Professional & medical
|
| | | | 1,207 | | | | | | 64 | | | | | | — | | | | | | — | | | | | | 1,271 | | |
|
Retail
|
| | | | 543 | | | | | | (87) | | | | | | — | | | | | | — | | | | | | 456 | | |
|
Other
|
| | | | 601 | | | | | | 561 | | | | | | — | | | | | | — | | | | | | 1,162 | | |
| Commercial real estate – non-owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Hotels & motels
|
| | | | 3,124 | | | | | | 589 | | | | | | — | | | | | | — | | | | | | 3,713 | | |
|
Mini-storage
|
| | | | 79 | | | | | | 107 | | | | | | — | | | | | | — | | | | | | 186 | | |
|
Multifamily
|
| | | | 3,144 | | | | | | (30) | | | | | | — | | | | | | 1 | | | | | | 3,115 | | |
|
Retail
|
| | | | 2,518 | | | | | | 111 | | | | | | — | | | | | | 18 | | | | | | 2,647 | | |
|
Other
|
| | | | 2,747 | | | | | | 446 | | | | | | (286) | | | | | | 3 | | | | | | 2,910 | | |
| Construction and development | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Land & land development
|
| | | | 5,576 | | | | | | (2,215) | | | | | | — | | | | | | 224 | | | | | | 3,585 | | |
|
Construction
|
| | | | 14,283 | | | | | | (1,636) | | | | | | — | | | | | | — | | | | | | 12,647 | | |
| Residential 1-4 family real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Personal residence
|
| | | | 3,317 | | | | | | (314) | | | | | | (6) | | | | | | 34 | | | | | | 3,031 | | |
|
Rental – small loan
|
| | | | 1,871 | | | | | | (70) | | | | | | — | | | | | | 74 | | | | | | 1,875 | | |
|
Rental – large loan
|
| | | | 2,846 | | | | | | (399) | | | | | | — | | | | | | 440 | | | | | | 2,887 | | |
|
Home equity
|
| | | | 1,430 | | | | | | (58) | | | | | | (15) | | | | | | 11 | | | | | | 1,368 | | |
|
Mortgage warehouse lines
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | 205 | | | | | | 172 | | | | | | (207) | | | | | | 32 | | | | | | 202 | | |
| Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Credit cards
|
| | | | 26 | | | | | | 3 | | | | | | (7) | | | | | | 2 | | | | | | 24 | | |
|
Overdrafts
|
| | | | 254 | | | | | | 287 | | | | | | (217) | | | | | | 24 | | | | | | 348 | | |
|
Total
|
| | | $ | 48,090 | | | | | $ | 1,050 | | | | | $ | (776) | | | | | $ | 868 | | | | | $ | 49,232 | | |
| | | |
For the Three Months Ended March 31, 2023
Allowance for Credit Losses — Loans |
| |||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Beginning
Balance |
| |
Provision
for Credit Losses — Loans |
| |
Charge-
offs |
| |
Recoveries
|
| |
Ending
Balance |
| |||||||||||||||
|
Commercial
|
| | | $ | 4,941 | | | | | $ | (242) | | | | | $ | (21) | | | | | $ | 2 | | | | | $ | 4,680 | | |
| Commercial real estate – owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Professional & medical
|
| | | | 966 | | | | | | (95) | | | | | | — | | | | | | — | | | | | | 871 | | |
|
Retail
|
| | | | 1,176 | | | | | | (51) | | | | | | — | | | | | | — | | | | | | 1,125 | | |
|
Other
|
| | | | 426 | | | | | | 34 | | | | | | — | | | | | | — | | | | | | 460 | | |
| | | |
For the Three Months Ended March 31, 2023
Allowance for Credit Losses — Loans |
| |||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Beginning
Balance |
| |
Provision
for Credit Losses — Loans |
| |
Charge-
offs |
| |
Recoveries
|
| |
Ending
Balance |
| |||||||||||||||
| Commercial real estate – non-owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Hotels & motels
|
| | | | 1,203 | | | | | | (65) | | | | | | — | | | | | | — | | | | | | 1,138 | | |
|
Mini-storage
|
| | | | 82 | | | | | | 8 | | | | | | — | | | | | | — | | | | | | 90 | | |
|
Multifamily
|
| | | | 2,907 | | | | | | 395 | | | | | | — | | | | | | 1 | | | | | | 3,303 | | |
|
Retail
|
| | | | 1,362 | | | | | | 510 | | | | | | — | | | | | | 69 | | | | | | 1,941 | | |
|
Other
|
| | | | 2,452 | | | | | | (46) | | | | | | — | | | | | | 4 | | | | | | 2,410 | | |
| Construction and development | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Land & land development
|
| | | | 3,482 | | | | | | 486 | | | | | | — | | | | | | 2 | | | | | | 3,970 | | |
|
Construction
|
| | | | 11,138 | | | | | | 621 | | | | | | — | | | | | | — | | | | | | 11,759 | | |
| Residential 1-4 family real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Personal residence
|
| | | | 2,939 | | | | | | (468) | | | | | | (23) | | | | | | 71 | | | | | | 2,519 | | |
|
Rental – small loan
|
| | | | 1,907 | | | | | | (50) | | | | | | — | | | | | | 8 | | | | | | 1,865 | | |
|
Rental – large loan
|
| | | | 2,668 | | | | | | 1,165 | | | | | | — | | | | | | — | | | | | | 3,833 | | |
|
Home equity
|
| | | | 705 | | | | | | (310) | | | | | | — | | | | | | 13 | | | | | | 408 | | |
|
Mortgage warehouse lines
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | 174 | | | | | | — | | | | | | (34) | | | | | | 38 | | | | | | 178 | | |
| Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Credit cards
|
| | | | 17 | | | | | | 10 | | | | | | (11) | | | | | | 1 | | | | | | 17 | | |
|
Overdrafts
|
| | | | 354 | | | | | | (27) | | | | | | (76) | | | | | | 18 | | | | | | 269 | | |
|
Total
|
| | | $ | 38,899 | | | | | $ | 1,875 | | | | | $ | (165) | | | | | $ | 227 | | | | | $ | 40,836 | | |
| | |||||||||||||||||||||||||||||||
| | | |
For the Twelve Months Ended December 31, 2023
Allowance for Credit Losses — Loans |
| |||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Beginning
Balance |
| |
Provision
for Credit Losses — Loans |
| |
Adjustment for
PCD Acquired Loans |
| |
Charge-
offs |
| |
Recoveries
|
| |
Ending
Balance |
| ||||||||||||||||||
|
Commercial
|
| | | $ | 4,941 | | | | | $ | (570) | | | | | $ | — | | | | | $ | (62) | | | | | $ | 10 | | | | | $ | 4,319 | | |
|
Commercial real estate – owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Professional & medical
|
| | | | 966 | | | | | | 216 | | | | | | 28 | | | | | | (3) | | | | | | — | | | | | | 1,207 | | |
|
Retail
|
| | | | 1,176 | | | | | | (716) | | | | | | 82 | | | | | | — | | | | | | 1 | | | | | | 543 | | |
|
Other
|
| | | | 426 | | | | | | (181) | | | | | | 384 | | | | | | (28) | | | | | | — | | | | | | 601 | | |
|
Commercial real estate – non-owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Hotels & motels
|
| | | | 1,203 | | | | | | 1,921 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,124 | | |
|
Mini-storage
|
| | | | 82 | | | | | | (3) | | | | | | — | | | | | | — | | | | | | — | | | | | | 79 | | |
|
Multifamily
|
| | | | 2,907 | | | | | | 288 | | | | | | 1 | | | | | | (57) | | | | | | 5 | | | | | | 3,144 | | |
|
Retail
|
| | | | 1,362 | | | | | | 4,601 | | | | | | 99 | | | | | | (3,658) | | | | | | 114 | | | | | | 2,518 | | |
|
Other
|
| | | | 2,452 | | | | | | (349) | | | | | | 632 | | | | | | — | | | | | | 12 | | | | | | 2,747 | | |
| Construction and development | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Land & land development
|
| | | | 3,482 | | | | | | 2,085 | | | | | | 1 | | | | | | — | | | | | | 8 | | | | | | 5,576 | | |
| | | |
For the Twelve Months Ended December 31, 2023
Allowance for Credit Losses — Loans |
| |||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Beginning
Balance |
| |
Provision
for Credit Losses — Loans |
| |
Adjustment for
PCD Acquired Loans |
| |
Charge-
offs |
| |
Recoveries
|
| |
Ending
Balance |
| ||||||||||||||||||
|
Construction
|
| | | | 11,138 | | | | | | 3,145 | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,283 | | |
| Residential 1-4 family real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Personal residence
|
| | | | 2,939 | | | | | | 57 | | | | | | 69 | | | | | | (89) | | | | | | 341 | | | | | | 3,317 | | |
|
Rental – small loan
|
| | | | 1,907 | | | | | | (135) | | | | | | 68 | | | | | | — | | | | | | 31 | | | | | | 1,871 | | |
|
Rental – large loan
|
| | | | 2,668 | | | | | | (112) | | | | | | 1 | | | | | | — | | | | | | 289 | | | | | | 2,846 | | |
|
Home equity
|
| | | | 705 | | | | | | 543 | | | | | | 130 | | | | | | — | | | | | | 52 | | | | | | 1,430 | | |
|
Mortgage warehouse lines
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | 174 | | | | | | 251 | | | | | | — | | | | | | (351) | | | | | | 131 | | | | | | 205 | | |
| Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Credit cards
|
| | | | 17 | | | | | | 93 | | | | | | — | | | | | | (93) | | | | | | 9 | | | | | | 26 | | |
|
Overdrafts
|
| | | | 354 | | | | | | 321 | | | | | | — | | | | | | (503) | | | | | | 82 | | | | | | 254 | | |
|
Total
|
| | | $ | 38,899 | | | | | $ | 11,455 | | | | | $ | 1,495 | | | | | $ | (4,844) | | | | | $ | 1,085 | | | | | $ | 48,090 | | |
| | |||||||||||||||||||||||||||||||||||||
| | | |
March 31, 2024
|
| |||||||||||||||||||||||||||||||||
| | | |
Loan Balances
|
| |
Allowance for Credit Losses — Loans
|
| ||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Loans Individually
Evaluated |
| |
Loans Collectively
Evaluated(1) |
| |
Total
|
| |
Loans Individually
Evaluated |
| |
Loans Collectively
Evaluated |
| |
Total
|
| ||||||||||||||||||
|
Commercial
|
| | | $ | 5,996 | | | | | $ | 527,218 | | | | | $ | 533,214 | | | | | $ | 2,614 | | | | | $ | 5,191 | | | | | $ | 7,805 | | |
|
Commercial real estate – owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Professional & medical
|
| | | | — | | | | | | 167,386 | | | | | | 167,386 | | | | | | — | | | | | | 1,271 | | | | | | 1,271 | | |
|
Retail
|
| | | | 566 | | | | | | 178,428 | | | | | | 178,994 | | | | | | 22 | | | | | | 434 | | | | | | 456 | | |
|
Other
|
| | | | 1,250 | | | | | | 221,777 | | | | | | 223,027 | | | | | | 167 | | | | | | 995 | | | | | | 1,162 | | |
|
Commercial real estate – non-owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Hotels & motels
|
| | | | 17,041 | | | | | | 199,129 | | | | | | 216,170 | | | | | | 1,435 | | | | | | 2,278 | | | | | | 3,713 | | |
|
Mini-storage
|
| | | | — | | | | | | 80,838 | | | | | | 80,838 | | | | | | — | | | | | | 186 | | | | | | 186 | | |
|
Multifamily
|
| | | | — | | | | | | 309,190 | | | | | | 309,190 | | | | | | — | | | | | | 3,115 | | | | | | 3,115 | | |
|
Retail
|
| | | | 3,680 | | | | | | 243,429 | | | | | | 247,109 | | | | | | 97 | | | | | | 2,550 | | | | | | 2,647 | | |
|
Other
|
| | | | 4,580 | | | | | | 423,061 | | | | | | 427,641 | | | | | | 211 | | | | | | 2,699 | | | | | | 2,910 | | |
| Construction and development | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Land & land development
|
| | | | 676 | | | | | | 104,749 | | | | | | 105,425 | | | | | | 428 | | | | | | 3,157 | | | | | | 3,585 | | |
|
Construction
|
| | | | — | | | | | | 341,727 | | | | | | 341,727 | | | | | | — | | | | | | 12,647 | | | | | | 12,647 | | |
| Residential 1-4 family real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Personal residence
|
| | | | — | | | | | | 362,942 | | | | | | 362,942 | | | | | | — | | | | | | 3,031 | | | | | | 3,031 | | |
|
Rental – small loan
|
| | | | 1,237 | | | | | | 143,420 | | | | | | 144,657 | | | | | | 187 | | | | | | 1,688 | | | | | | 1,875 | | |
|
Rental – large loan
|
| | | | 628 | | | | | | 122,504 | | | | | | 123,132 | | | | | | — | | | | | | 2,887 | | | | | | 2,887 | | |
|
Home equity
|
| | | | — | | | | | | 80,027 | | | | | | 80,027 | | | | | | — | | | | | | 1,368 | | | | | | 1,368 | | |
|
Mortgage warehouse lines
|
| | | | — | | | | | | 108,858 | | | | | | 108,858 | | | | | | — | | | | | | — | | | | | | — | | |
| | | |
March 31, 2024
|
| |||||||||||||||||||||||||||||||||
| | | |
Loan Balances
|
| |
Allowance for Credit Losses — Loans
|
| ||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Loans Individually
Evaluated |
| |
Loans Collectively
Evaluated(1) |
| |
Total
|
| |
Loans Individually
Evaluated |
| |
Loans Collectively
Evaluated |
| |
Total
|
| ||||||||||||||||||
|
Consumer
|
| | | | — | | | | | | 43,107 | | | | | | 43,107 | | | | | | — | | | | | | 202 | | | | | | 202 | | |
| Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Credit cards
|
| | | | — | | | | | | 2,251 | | | | | | 2,251 | | | | | | — | | | | | | 24 | | | | | | 24 | | |
|
Overdrafts
|
| | | | — | | | | | | 1,347 | | | | | | 1,347 | | | | | | — | | | | | | 348 | | | | | | 348 | | |
|
Total
|
| | | $ | 35,654 | | | | | $ | 3,661,388 | | | | | $ | 3,697,042 | | | | | $ | 5,161 | | | | | $ | 44,071 | | | | | $ | 49,232 | | |
| | |||||||||||||||||||||||||||||||||||||
| | | |
December 31, 2023
|
| |||||||||||||||||||||||||||||||||
| | | |
Loan Balances
|
| |
Allowance for Credit Losses — Loans
|
| ||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Loans Individually
Evaluated |
| |
Loans Collectively
Evaluated(1) |
| |
Total
|
| |
Loans Individually
Evaluated |
| |
Loans Collectively
Evaluated |
| |
Total
|
| ||||||||||||||||||
|
Commercial
|
| | | $ | 92 | | | | | $ | 503,750 | | | | | $ | 503,842 | | | | | $ | — | | | | | $ | 4,319 | | | | | $ | 4,319 | | |
|
Commercial real estate – owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Professional & medical
|
| | | | — | | | | | | 156,941 | | | | | | 156,941 | | | | | | — | | | | | | 1,207 | | | | | | 1,207 | | |
|
Retail
|
| | | | 572 | | | | | | 169,819 | | | | | | 170,391 | | | | | | 23 | | | | | | 520 | | | | | | 543 | | |
|
Other
|
| | | | — | | | | | | 217,776 | | | | | | 217,776 | | | | | | — | | | | | | 601 | | | | | | 601 | | |
|
Commercial real estate – non-owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Hotels & motels
|
| | | | 17,083 | | | | | | 198,559 | | | | | | 215,642 | | | | | | 1,456 | | | | | | 1,668 | | | | | | 3,124 | | |
|
Mini-storage
|
| | | | — | | | | | | 68,517 | | | | | | 68,517 | | | | | | — | | | | | | 79 | | | | | | 79 | | |
|
Multifamily
|
| | | | — | | | | | | 302,298 | | | | | | 302,298 | | | | | | — | | | | | | 3,144 | | | | | | 3,144 | | |
|
Retail
|
| | | | 3,906 | | | | | | 250,340 | | | | | | 254,246 | | | | | | 103 | | | | | | 2,415 | | | | | | 2,518 | | |
|
Other
|
| | | | 7,823 | | | | | | 405,811 | | | | | | 413,634 | | | | | | 214 | | | | | | 2,533 | | | | | | 2,747 | | |
| Construction and development | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Land & land development
|
| | | | 708 | | | | | | 144,550 | | | | | | 145,258 | | | | | | 460 | | | | | | 5,116 | | | | | | 5,576 | | |
|
Construction
|
| | | | — | | | | | | 374,026 | | | | | | 374,026 | | | | | | — | | | | | | 14,283 | | | | | | 14,283 | | |
| Residential 1-4 family real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Personal residence
|
| | | | — | | | | | | 362,733 | | | | | | 362,733 | | | | | | — | | | | | | 3,317 | | | | | | 3,317 | | |
|
Rental – small loan
|
| | | | 1,247 | | | | | | 141,418 | | | | | | 142,665 | | | | | | 104 | | | | | | 1,767 | | | | | | 1,871 | | |
|
Rental – large loan
|
| | | | 1,256 | | | | | | 115,358 | | | | | | 116,614 | | | | | | — | | | | | | 2,846 | | | | | | 2,846 | | |
|
Home equity
|
| | | | — | | | | | | 81,126 | | | | | | 81,126 | | | | | | — | | | | | | 1,430 | | | | | | 1,430 | | |
|
Mortgage warehouse lines
|
| | | | — | | | | | | 108,848 | | | | | | 108,848 | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | — | | | | | | 43,756 | | | | | | 43,756 | | | | | | — | | | | | | 205 | | | | | | 205 | | |
| Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Credit cards
|
| | | | — | | | | | | 2,286 | | | | | | 2,286 | | | | | | — | | | | | | 26 | | | | | | 26 | | |
|
Overdrafts
|
| | | | — | | | | | | 1,013 | | | | | | 1,013 | | | | | | — | | | | | | 254 | | | | | | 254 | | |
|
Total
|
| | | $ | 32,687 | | | | | $ | 3,648,925 | | | | | $ | 3,681,612 | | | | | $ | 2,360 | | | | | $ | 45,730 | | | | | $ | 48,090 | | |
| | | |
March 31, 2024
|
| |||||||||||||||||||||
|
Dollars in thousands
|
| |
Real Estate
Secured Loans |
| |
Non-Real Estate
Secured Loans |
| |
Total Loans
|
| |
Allowance
forCredit Losses — Loans |
| ||||||||||||
|
Commercial
|
| | | $ | — | | | | | $ | 5,996 | | | | | $ | 5,996 | | | | | $ | 2,614 | | |
| Commercial real estate – owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Professional & medical
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Retail
|
| | | | 566 | | | | | | — | | | | | | 566 | | | | | | 22 | | |
|
Other
|
| | | | 1,250 | | | | | | — | | | | | | 1,250 | | | | | | 167 | | |
| Commercial real estate – non-owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Hotels & motels
|
| | | | 17,041 | | | | | | — | | | | | | 17,041 | | | | | | 1,435 | | |
|
Mini-storage
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Multifamily
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Retail
|
| | | | 3,680 | | | | | | — | | | | | | 3,680 | | | | | | 97 | | |
|
Other
|
| | | | 4,580 | | | | | | — | | | | | | 4,580 | | | | | | 211 | | |
| Construction and development | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Land & land development
|
| | | | 676 | | | | | | — | | | | | | 676 | | | | | | 428 | | |
|
Construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Residential 1 – 4 family real estate | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Personal residence
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Rental – small loan
|
| | | | 1,237 | | | | | | — | | | | | | 1,237 | | | | | | 187 | | |
|
Rental – large loan
|
| | | | 628 | | | | | | — | | | | | | 628 | | | | | | — | | |
|
Home equity
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Other | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Credit cards
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Overdrafts
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total
|
| | | $ | 29,658 | | | | | $ | 5,996 | | | | | $ | 35,654 | | | | | $ | 5,161 | | |
| | | |
December 31, 2023
|
| |||||||||||||||||||||
|
Dollars in thousands
|
| |
Real Estate
Secured Loans |
| |
Non-Real Estate
Secured Loans |
| |
Total Loans
|
| |
Allowance
for Credit Losses — Loans |
| ||||||||||||
|
Commercial
|
| | | $ | — | | | | | $ | 92 | | | | | $ | 92 | | | | | $ | — | | |
| Commercial real estate – owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Professional & medical
|
| | | | 572 | | | | | | — | | | | | | 572 | | | | | | — | | |
|
Retail
|
| | | | — | | | | | | — | | | | | | — | | | | | | 23 | | |
|
Other
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Commercial real estate – non-owner occupied | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Hotels & motels
|
| | | | 17,083 | | | | | | — | | | | | | 17,083 | | | | | | 1,456 | | |
|
Mini-storage
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | |
December 31, 2023
|
| |||||||||||||||||||||
|
Dollars in thousands
|
| |
Real Estate
Secured Loans |
| |
Non-Real Estate
Secured Loans |
| |
Total Loans
|
| |
Allowance
for Credit Losses — Loans |
| ||||||||||||
|
Multifamily
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Retail
|
| | | | 3,906 | | | | | | — | | | | | | 3,906 | | | | | | 103 | | |
|
Other
|
| | | | 7,823 | | | | | | — | | | | | | 7,823 | | | | | | 214 | | |
| Construction and development | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Land & land development
|
| | | | 708 | | | | | | — | | | | | | 708 | | | | | | 460 | | |
|
Construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Residential 1 – 4 family real estate | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Personal residence
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Rental – small loan
|
| | | | 1,247 | | | | | | — | | | | | | 1,247 | | | | | | 104 | | |
|
Rental – large loan
|
| | | | 1,256 | | | | | | — | | | | | | 1,256 | | | | | | — | | |
|
Home equity
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Other | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Credit cards
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Overdrafts
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total
|
| | | $ | 32,595 | | | | | $ | 92 | | | | | $ | 32,687 | | | | | $ | 2,360 | | |
| | |||||||||||||||||||||||||
| | | |
Other Intangible Assets
|
| |||||||||
|
Dollars in thousands
|
| |
March 31, 2024
|
| |
December 31, 2023
|
| ||||||
| Identifiable intangible assets | | | | | | | | | | | | | |
|
Gross carrying amount
|
| | | $ | 30,755 | | | | | $ | 30,755 | | |
|
Less: accumulated amortization
|
| | | | 13,346 | | | | | | 12,359 | | |
|
Net carrying amount
|
| | | $ | 17,409 | | | | | $ | 18,396 | | |
|
Dollars in thousands
|
| |
Core Deposit
Intangible |
| |||
|
Nine month period ending December 31, 2024
|
| | | $ | 2,682 | | |
|
Year ending December 31, 2025
|
| | | | 3,258 | | |
|
Year ending December 31, 2026
|
| | | | 2,846 | | |
|
Year ending December 31, 2027
|
| | | | 2,433 | | |
|
Year ending December 31, 2028
|
| | | | 2,021 | | |
|
Thereafter
|
| | | | 4,099 | | |
|
Dollars in thousands
|
| |
March 31,
2024 |
| |
December 31,
2023 |
| ||||||
|
Demand deposits, interest bearing
|
| | | $ | 2,145,824 | | | | | $ | 2,164,522 | | |
|
Savings deposits
|
| | | | 438,451 | | | | | | 450,527 | | |
|
Time deposits
|
| | | | 558,631 | | | | | | 506,523 | | |
|
Total
|
| | | $ | 3,142,906 | | | | | $ | 3,121,572 | | |
|
Dollars in thousands
|
| | | | | | |
|
Nine month period ending December 31, 2024
|
| | | $ | 419,100 | | |
|
Year ending December 31, 2025
|
| | | | 93,387 | | |
|
Year ending December 31, 2026
|
| | | | 23,027 | | |
|
Year ending December 31, 2027
|
| | | | 9,938 | | |
|
Year ending December 31, 2028
|
| | | | 7,520 | | |
|
Thereafter
|
| | | | 5,659 | | |
|
Total
|
| | | $ | 558,631 | | |
| | | |
Three Months Ended March 31,
|
| |||||||||||||||||||||
| | | |
2024
|
| |
2023
|
| ||||||||||||||||||
|
Dollars in thousands
|
| |
Short-term
FHLB Advances |
| |
Federal
Funds Purchased and Short- term Repurchase Agreements |
| |
Short-term
FHLB Advances |
| |
Federal
Funds Purchased and Short- term Repurchase Agreements |
| ||||||||||||
|
Balance at March 31
|
| | | $ | 262,200 | | | | | $ | 159 | | | | | $ | 140,000 | | | | | $ | 150 | | |
|
Average balance outstanding for the period
|
| | | | 298,167 | | | | | | 158 | | | | | | 166,215 | | | | | | 150 | | |
|
Maximum balance outstanding at any month end during period
|
| | | | 325,700 | | | | | | 159 | | | | | | 140,000 | | | | | | 150 | | |
|
Weighted average interest rate for the period(1)
|
| | | | 5.73% | | | | | | 5.47% | | | | | | 4.88% | | | | | | 4.62% | | |
|
Weighted average interest rate for balances outstanding at March 31(1)
|
| | | | 5.67% | | | | | | 5.50% | | | | | | 5.20% | | | | | | 5.00% | | |
| | | |
Year Ended December 31, 2023
|
| |||||||||
|
Dollars in thousands
|
| |
Short-term
FHLB Advances |
| |
Federal Funds
Purchased and Short-term Repurchase Agreements |
| ||||||
|
Balance at December 31
|
| | | $ | 302,800 | | | | | $ | 157 | | |
|
Average balance outstanding for the period
|
| | | | 229,850 | | | | | | 8,502 | | |
|
Maximum balance outstanding at any month end during period
|
| | | | 355,100 | | | | | | 20,533 | | |
|
Weighted average interest rate for the period(1)
|
| | | | 5.53% | | | | | | 2.37% | | |
|
Weighted average interest rate for balances outstanding at December 31(1)
|
| | | | 5.64% | | | | | | 5.50% | | |
|
Dollars in thousands
|
| | | | | | | |
Long-term
borrowings |
| |
Subordinated
debentures |
| |
Subordinated
debentures owed to unconsolidated subsidiary trusts |
| |||||||||
|
Year Ending December 31,
|
| | |
|
2024
|
| | | | $ | 17 | | | | | $ | — | | | | | $ | — | | |
| | | | |
|
2025
|
| | | | | 24 | | | | | | — | | | | | | — | | |
| | | | |
|
2026
|
| | | | | 589 | | | | | | — | | | | | | — | | |
| | | | |
|
2027
|
| | | | | — | | | | | | — | | | | | | — | | |
| | | | |
|
2028
|
| | | | | — | | | | | | — | | | | | | — | | |
| | | | |
|
Thereafter
|
| | | | | — | | | | | | 105,000 | | | | | | 19,589 | | |
| | | | | | | | | | | $ | 630 | | | | | $ | 105,000 | | | | | $ | 19,589 | | |
| | | |
2023 grant with 7 year
expiration |
| |
2023 grant with 5 year
expiration |
| ||||||
|
Risk-free interest rate
|
| | | | 3.79% | | | | | | 3.87% | | |
|
Expected dividend yield
|
| | | | 3.00% | | | | | | 3.00% | | |
|
Expected common stock volatility
|
| | | | 40.76% | | | | | | 40.76% | | |
|
Expected life (in years)
|
| | | | 7 | | | | | | 6.5 | | |
| | | |
For the Three Months Ended March 31, 2024
|
| |||||||||||||||||||||
| | | |
Options/SARs
|
| |
Aggregate
Intrinsic Value (in thousands) |
| |
Remaining
Contractual Term (Yrs.) |
| |
Weighted-
Average Exercise Price |
| ||||||||||||
|
Outstanding, January 1
|
| | | | 594,561 | | | | | | | | | | | | | | | | | $ | 22.81 | | |
|
Granted
|
| | | | — | | | | | | | | | | | | | | | | | | — | | |
|
Exercised
|
| | | | (500) | | | | | | | | | | | | | | | | | | 12.01 | | |
|
Forfeited
|
| | | | — | | | | | | | | | | | | | | | | | | — | | |
|
Expired
|
| | | | — | | | | | | | | | | | | | | | | | | — | | |
|
Outstanding, March 31
|
| | | | 594,061 | | | | | $ | 2,580 | | | | | | 5.92 | | | | | $ | 22.82 | | |
|
Exercisable, March 31
|
| | | | 347,396 | | | | | $ | 1,909 | | | | | | 4.37 | | | | | $ | 21.66 | | |
| | | |
For the Three Months Ended March 31, 2023
|
| |||||||||||||||||||||
| | | |
Options/SARs
|
| |
Aggregate
Intrinsic Value (in thousands) |
| |
Remaining
Contractual Term (Yrs.) |
| |
Weighted-
Average Exercise Price |
| ||||||||||||
|
Outstanding, January 1
|
| | | | 473,212 | | | | | | | | | | | | | | | | | $ | 21.36 | | |
|
Granted
|
| | | | 176,384 | | | | | | | | | | | | | | | | | | 26.37 | | |
|
Exercised
|
| | | | (1,000) | | | | | | | | | | | | | | | | | | 12.01 | | |
|
Forfeited
|
| | | | — | | | | | | | | | | | | | | | | | | — | | |
|
Expired
|
| | | | — | | | | | | | | | | | | | | | | | | — | | |
|
Outstanding, March 31
|
| | | | 648,596 | | | | | $ | 740 | | | | | | 6.86 | | | | | $ | 22.74 | | |
|
Exercisable, March 31
|
| | | | 288,517 | | | | | $ | 740 | | | | | | 4.47 | | | | | $ | 20.78 | | |
| | | |
RSUs
|
| |
Weighted Average
Grant Date Fair Value |
| ||||||
|
Nonvested, December 31, 2023
|
| | | | 2,399 | | | | | $ | 21.73 | | |
|
Granted
|
| | | | — | | | | | | — | | |
|
Forfeited
|
| | | | — | | | | | | — | | |
|
Vested
|
| | | | — | | | | | | — | | |
|
Nonvested, March 31, 2024
|
| | | | 2,399 | | | | | $ | 21.73 | | |
| | | |
RSUs
|
| |
Weighted Average
Grant Date Fair Value |
| ||||||
|
Nonvested, December 31, 2022
|
| | | | 7,204 | | | | | $ | 20.49 | | |
|
Granted
|
| | | | — | | | | | | — | | |
|
Forfeited
|
| | | | — | | | | | | — | | |
|
Vested
|
| | | | — | | | | | | — | | |
|
Nonvested, March 31, 2023
|
| | | | 7,204 | | | | | $ | 20.49 | | |
|
Dollars in thousands
|
| |
March 31,
2024 |
| |||
| Commitments to extend credit: | | | | | | | |
|
Revolving home equity and credit card lines
|
| | | $ | 116,403 | | |
|
Construction loans
|
| | | | 250,672 | | |
|
Other loans
|
| | | | 485,637 | | |
|
Standby letters of credit
|
| | | | 58,420 | | |
|
Total
|
| | | $ | 911,132 | | |
| | | |
Actual
|
| |
Minimum Required
Capital — Basel III |
| |
Minimum Required To
Be Well Capitalized |
| |||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||
| As of March 31, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| CET1 (to risk weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Summit
|
| | | $ | 381,890 | | | | | | 9.4% | | | | | $ | 285,018 | | | | | | 7.0% | | | | |
|
N/A
|
| | | |
|
N/A
|
| |
|
Summit Community
|
| | | | 488,335 | | | | | | 12.0% | | | | | | 284,426 | | | | | | 7.0% | | | | | | 264,110 | | | | | | 6.5% | | |
| Tier I Capital (to risk weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Summit
|
| | | | 415,810 | | | | | | 10.2% | | | | | | 346,093 | | | | | | 8.5% | | | | |
|
N/A
|
| | | |
|
N/A
|
| |
|
Summit Community
|
| | | | 488,335 | | | | | | 12.0% | | | | | | 345,375 | | | | | | 8.5% | | | | | | 325,059 | | | | | | 8.0% | | |
| Total Capital (to risk weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Summit
|
| | | | 570,628 | | | | | | 14.0% | | | | | | 427,527 | | | | | | 10.5% | | | | |
|
N/A
|
| | | |
|
N/A
|
| |
|
Summit Community
|
| | | | 539,145 | | | | | | 13.3% | | | | | | 426,640 | | | | | | 10.5% | | | | | | 406,324 | | | | | | 10.0% | | |
| Tier I Capital (to average assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Summit
|
| | | | 415,810 | | | | | | 9.0% | | | | | | 184,166 | | | | | | 4.0% | | | | |
|
N/A
|
| | | |
|
N/A
|
| |
|
Summit Community
|
| | | | 488,335 | | | | | | 10.6% | | | | | | 183,982 | | | | | | 4.0% | | | | | | 229,977 | | | | | | 5.0% | | |
| | | |
Actual
|
| |
Minimum Required
Capital — Basel III |
| |
Minimum Required To
Be Well Capitalized |
| |||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||
| As of December 31, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| CET1 (to risk weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Summit
|
| | | | 369,935 | | | | | | 9.1% | | | | | | 285,338 | | | | | | 7.0% | | | | |
|
N/A
|
| | | |
|
N/A
|
| |
|
Summit Community
|
| | | | 475,785 | | | | | | 11.7% | | | | | | 284,873 | | | | | | 7.0% | | | | | | 264,525 | | | | | | 6.5% | | |
| Tier I Capital (to risk weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Summit
|
| | | | 403,855 | | | | | | 9.9% | | | | | | 346,481 | | | | | | 8.5% | | | | |
|
N/A
|
| | | |
|
N/A
|
| |
|
Summit Community
|
| | | | 475,785 | | | | | | 11.7% | | | | | | 345,917 | | | | | | 8.5% | | | | | | 325,569 | | | | | | 8.0% | | |
| Total Capital (to risk weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Summit
|
| | | | 556,590 | | | | | | 13.7% | | | | | | 428,006 | | | | | | 10.5% | | | | |
|
N/A
|
| | | |
|
N/A
|
| |
|
Summit Community
|
| | | | 524,737 | | | | | | 12.9% | | | | | | 427,309 | | | | | | 10.5% | | | | | | 406,961 | | | | | | 10.0% | | |
| Tier I Capital (to average assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Summit
|
| | | | 403,855 | | | | | | 8.7% | | | | | | 186,747 | | | | | | 4.0% | | | | |
|
N/A
|
| | | |
|
N/A
|
| |
|
Summit Community
|
| | | | 475,785 | | | | | | 10.2% | | | | | | 186,057 | | | | | | 4.0% | | | | | | 232,571 | | | | | | 5.0% | | |
| | | |
March 31, 2024
|
| |||||||||||||||||||||
|
Dollars in thousands
|
| |
Notional
Amount |
| |
Derivative Fair Value
|
| |
Net Ineffective
Hedge Gains/(Losses) |
| |||||||||||||||
| |
Asset
|
| |
Liability
|
| ||||||||||||||||||||
| CASH FLOW HEDGES | | | | | | | | | | | | | | | | | | | | | | | | | |
| Pay-fixed/receive-variable interest rate swaps | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Short term borrowings
|
| | | $ | 120,000 | | | | | $ | 1,248 | | | | | $ | — | | | | | $ | — | | |
| Interest rate cap hedging: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Short term borrowings
|
| | | $ | 100,000 | | | | | $ | 18,596 | | | | | $ | — | | | | | $ | — | | |
|
Indexed interest bearing demand deposit accounts
|
| | | | 100,000 | | | | | | 6,725 | | | | | | — | | | | | | — | | |
| FAIR VALUE HEDGES | | | | | | | | | | | | | | | | | | | | | | | | | |
| Pay-fixed/receive-variable interest rate swaps | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Commercial real estate loans
|
| | | $ | 15,994 | | | | | $ | 592 | | | | | $ | — | | | | | $ | — | | |
|
Available for sale taxable municipal securities
|
| | | | 71,245 | | | | | | 9,642 | | | | | | — | | | | | | (2) | | |
|
Total
|
| | | $ | 407,239 | | | | | $ | 36,803 | | | | | $ | — | | | | | $ | (2) | | |
| | | |
December 31, 2023
|
| |||||||||||||||||||||
|
Dollars in thousands
|
| |
Notional
Amount |
| |
Derivative Fair Value
|
| |
Net Ineffective
Hedge Gains/(Losses) |
| |||||||||||||||
| |
Asset
|
| |
Liability
|
| ||||||||||||||||||||
| CASH FLOW HEDGES | | | | | | | | | | | | | | | | | | | | | | | | | |
| Pay-fixed/receive-variable interest rate swaps | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Short term borrowings
|
| | | $ | 120,000 | | | | | $ | 1,059 | | | | | $ | 375 | | | | | $ | — | | |
| Interest rate cap hedging: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Short term borrowings
|
| | | $ | 100,000 | | | | | $ | 17,578 | | | | | $ | — | | | | | $ | — | | |
|
Indexed interest bearing demand deposit accounts
|
| | | | 100,000 | | | | | | 6,736 | | | | | | — | | | | | | — | | |
| FAIR VALUE HEDGES | | | | | | | | | | | | | | | | | | | | | | | | | |
| Pay-fixed/receive-variable interest rate swaps | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Commercial real estate loans
|
| | | $ | 16,175 | | | | | $ | 583 | | | | | $ | — | | | | | $ | — | | |
|
Available for sale taxable municipal securities
|
| | | | 71,245 | | | | | | 7,564 | | | | | | — | | | | | | 1 | | |
|
Total
|
| | | $ | 407,420 | | | | | $ | 33,520 | | | | | $ | 375 | | | | | $ | 1 | | |
| | | |
For the Three Months Ended March 31, 2024
|
| |||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Gains and
(Losses) on Pension Plan |
| |
Gains and (Losses)
on Other Post- Retirement Benefits |
| |
Gains and
(Losses) on Cash Flow Hedges |
| |
Unrealized
Gains (Losses) on Debt Securities Available for Sale |
| |
Unrealized
Gains (Losses) on Securities Fair Value Hedge |
| |
Total
|
| ||||||||||||||||||
|
Beginning balance
|
| | | $ | 19 | | | | | $ | 147 | | | | | $ | 15,820 | | | | | $ | (29,211) | | | | | $ | 5,740 | | | | | $ | (7,485) | | |
|
Other comprehensive (loss) income before
reclassification |
| | | | — | | | | | | — | | | | | | 1,350 | | | | | | (2,766) | | | | | | 1,581 | | | | | | 165 | | |
|
Amounts reclassified from accumulated other comprehensive loss, net of tax
|
| | | | — | | | | | | — | | | | | | — | | | | | | 71 | | | | | | — | | | | | | 71 | | |
|
Net current period other comprehensive (loss) income
|
| | | | — | | | | | | — | | | | | | 1,350 | | | | | | (2,695) | | | | | | 1,581 | | | | | | 236 | | |
|
Ending balance
|
| | | $ | 19 | | | | | $ | 147 | | | | | $ | 17,170 | | | | | $ | (31,906) | | | | | $ | 7,321 | | | | | $ | (7,249) | | |
| | | |
For the Three Months Ended March 31, 2023
|
| |||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Gains and
(Losses) on Pension Plan |
| |
Gains and (Losses)
on Other Post- Retirement Benefits |
| |
Gains and
(Losses) on Cash Flow Hedges |
| |
Unrealized
Gains (Losses) on Debt Securities Available for Sale |
| |
Unrealized
Gains (Losses) on Securities Fair Value Hedge |
| |
Total
|
| ||||||||||||||||||
|
Beginning balance
|
| | | $ | (23) | | | | | $ | 172 | | | | | $ | 20,867 | | | | | $ | (37,901) | | | | | $ | 5,406 | | | | | $ | (11,479) | | |
|
Other comprehensive income (loss) before reclassification
|
| | | | — | | | | | | — | | | | | | (3,136) | | | | | | 7,493 | | | | | | (948) | | | | | | 3,409 | | |
|
Amounts reclassified from accumulated
other comprehensive loss, net of tax |
| | | | — | | | | | | — | | | | | | — | | | | | | 45 | | | | | | — | | | | | | 45 | | |
|
Net current period other comprehensive
income (loss) |
| | | | — | | | | | | — | | | | | | (3,136) | | | | | | 7,538 | | | | | | (948) | | | | | | 3,454 | | |
|
Ending balance
|
| | | $ | (23) | | | | | $ | 172 | | | | | $ | 17,731 | | | | | $ | (30,363) | | | | | $ | 4,458 | | | | | $ | (8,025) | | |
| | | |
For the Three Months Ended March 31,
|
| |||||||||
| | | |
2024
|
| |
2023
|
| ||||||
| | | |
Percent
|
| |
Percent
|
| ||||||
|
Applicable statutory rate
|
| | | | 21.0% | | | | | | 21.0% | | |
| Increase (decrease) in rate resulting from: | | | | | | | | | | | | | |
|
Tax-exempt interest and dividends, net
|
| | | | (1.1)% | | | | | | (1.8)% | | |
|
State income taxes, net of Federal income tax benefit
|
| | | | 2.1% | | | | | | 1.8% | | |
|
Low-income housing and rehabilitation tax credits
|
| | | | (0.4)% | | | | | | (0.3)% | | |
|
Other, net
|
| | | | 1.1% | | | | | | (0.5)% | | |
|
Effective income tax rate
|
| | | | 22.7% | | | | | | 20.2% | | |
| | | |
For the Three Months
Ended March 31, |
| |||||||||
|
Dollars in thousands
|
| |
2024
|
| |
2023
|
| ||||||
| Current | | | | | | | | | | | | | |
|
Federal
|
| | | $ | 4,134 | | | | | $ | 3,537 | | |
|
State
|
| | | | 540 | | | | | | 451 | | |
| | | | | | 4,674 | | | | | | 3,988 | | |
| Deferred | | | | | | | | | | | | | |
|
Federal
|
| | | | 282 | | | | | | (364) | | |
|
State
|
| | | | 40 | | | | | | (49) | | |
| | | | | | 322 | | | | | | (413) | | |
|
Total
|
| | | $ | 4,996 | | | | | $ | 3,575 | | |
| | | |
Three Months Ended March 31,
|
| |||||||||
|
Dollars in thousands
|
| |
2024
|
| |
2023
|
| ||||||
|
Service fees on deposit accounts
|
| | | $ | 1,723 | | | | | $ | 1,392 | | |
|
Bank card revenue
|
| | | | 1,833 | | | | | | 1,568 | | |
|
Trust and wealth management fees
|
| | | | 847 | | | | | | 811 | | |
|
Other
|
| | | | 97 | | | | | | 122 | | |
|
Net revenue from contracts with customers
|
| | | | 4,500 | | | | | | 3,893 | | |
|
Non-interest income within the scope of other ASC topics
|
| | | | 578 | | | | | | 493 | | |
|
Total noninterest income
|
| | | $ | 5,078 | | | | | $ | 4,386 | | |
|
Dollars in thousands
|
| |
March 31,
2024 |
| |
December 31,
2023 |
| ||||||
|
Total shareholders’ equity
|
| | | $ | 454,281 | | | | | $ | 440,208 | | |
|
Less preferred stock
|
| | | | 14,920 | | | | | | 14,920 | | |
|
Common shareholders’ equity
|
| | | | 439,361 | | | | | | 425,288 | | |
|
Less goodwill and intangible assets
|
| | | | 73,443 | | | | | | 74,430 | | |
|
Tangible common equity (TCE)
|
| | | $ | 365,918 | | | | | $ | 350,858 | | |
|
Common shares outstanding
|
| | | | 14,686,738 | | | | | | 14,683,457 | | |
|
Book value per common share(1)
|
| | | $ | 29.92 | | | | | $ | 28.96 | | |
|
Tangible book value per common share(2)
|
| | | $ | 24.91 | | | | | $ | 23.89 | | |
| | | |
For the Quarter Ended
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
March 31, 2024
|
| |
December 31, 2023
|
| |
March 31, 2023
|
| |||||||||||||||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Average
Balance |
| |
Earnings/
Expense |
| |
Yield/
Rate |
| |
Average
Balance |
| |
Earnings/
Expense |
| |
Yield/
Rate |
| |
Average
Balance |
| |
Earnings/
Expense |
| |
Yield/
Rate |
| |||||||||||||||||||||||||||
| Interest earning assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Loans, net of unearned fees(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Taxable
|
| | | | 3,686,788 | | | | | $ | 59,204 | | | | | | 6.46% | | | | | $ | 3,688,505 | | | | | $ | 59,802 | | | | | | 6.43% | | | | | $ | 3,087,068 | | | | | $ | 45,421 | | | | | | 5.97% | | |
|
Tax-exempt(2)
|
| | | | 4,427 | | | | | | 57 | | | | | | 5.18% | | | | | | 4,357 | | | | | | 68 | | | | | | 6.19% | | | | | | 6,086 | | | | | | 81 | | | | | | 5.40% | | |
|
Securities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Taxable
|
| | | | 413,656 | | | | | | 5,025 | | | | | | 4.89% | | | | | | 410,211 | | | | | | 5,129 | | | | | | 4.96% | | | | | | 314,004 | | | | | | 3,412 | | | | | | 4.41% | | |
|
Tax-exempt(2)
|
| | | | 184,810 | | | | | | 1,413 | | | | | | 3.08% | | | | | | 206,375 | | | | | | 1,784 | | | | | | 3.43% | | | | | | 216,430 | | | | | | 1,781 | | | | | | 3.34% | | |
|
Federal funds sold and interest bearing
deposits with other banks |
| | | | 29,287 | | | | | | 132 | | | | | | 1.81% | | | | | | 31,053 | | | | | | 122 | | | | | | 1.56% | | | | | | 34,330 | | | | | | 171 | | | | | | 2.02% | | |
|
Total interest earning assets
|
| | | | 4,318,968 | | | | | | 65,831 | | | | | | 6.13% | | | | | | 4,340,501 | | | | | | 66,905 | | | | | | 6.12% | | | | | | 3,657,918 | | | | | | 50,866 | | | | | | 5.64% | | |
| | | |
For the Quarter Ended
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
March 31, 2024
|
| |
December 31, 2023
|
| |
March 31, 2023
|
| |||||||||||||||||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Average
Balance |
| |
Earnings/
Expense |
| |
Yield/
Rate |
| |
Average
Balance |
| |
Earnings/
Expense |
| |
Yield/
Rate |
| |
Average
Balance |
| |
Earnings/
Expense |
| |
Yield/
Rate |
| |||||||||||||||||||||||||||
|
Noninterest earning assets
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Cash & due from banks
|
| | | | 24,037 | | | | | | | | | | | | | | | | | | 22,485 | | | | | | | | | | | | | | | | | | 17,387 | | | | | | | | | | | | | | |
|
Premises and equipment
|
| | | | 62,773 | | | | | | | | | | | | | | | | | | 63,298 | | | | | | | | | | | | | | | | | | 54,112 | | | | | | | | | | | | | | |
|
Property held for sale
|
| | | | 3,559 | | | | | | | | | | | | | | | | | | 4,463 | | | | | | | | | | | | | | | | | | 5,110 | | | | | | | | | | | | | | |
|
Intangible assets
|
| | | | 74,057 | | | | | | | | | | | | | | | | | | 75,043 | | | | | | | | | | | | | | | | | | 62,024 | | | | | | | | | | | | | | |
|
Other assets
|
| | | | 191,135 | | | | | | | | | | | | | | | | | | 211,358 | | | | | | | | | | | | | | | | | | 185,423 | | | | | | | | | | | | | | |
|
Allowance for credit losses‑loans
|
| | | | (48,897) | | | | | | | | | | | | | | | | | | (47,834) | | | | | | | | | | | | | | | | | | (39,507) | | | | | ||||||||||
|
Total assets
|
| | | $ | 4,625,632 | | | | | | | | | | | | | | | | | $ | 4,669,314 | | | | | | | | | | | | | | | | | $ | 3,942,467 | | | | | | | | | | | | | | |
| Interest bearing liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Interest bearing demand deposits
|
| | | $ | 2,126,722 | | | | | $ | 15,480 | | | | | | 2.93% | | | | | $ | 2,170,953 | | | | | $ | 16,196 | | | | | | 2.96% | | | | | $ | 1,819,505 | | | | | $ | 10,796 | | | | | | 2.41% | | |
|
Savings deposits
|
| | | | 442,122 | | | | | | 1,822 | | | | | | 1.66% | | | | | | 459,277 | | | | | | 1,986 | | | | | | 1.72% | | | | | | 480,207 | | | | | | 1,917 | | | | | | 1.62% | | |
|
Time deposits
|
| | | | 531,125 | | | | | | 4,128 | | | | | | 3.13% | | | | | | 508,383 | | | | | | 3,235 | | | | | | 2.52% | | | | | | 389,252 | | | | | | 1,287 | | | | | | 1.34% | | |
|
Short-term borrowings
|
| | | | 298,325 | | | | | | 2,661 | | | | | | 3.59% | | | | | | 309,657 | | | | | | 2,791 | | | | | | 3.58% | | | | | | 166,365 | | | | | | 824 | | | | | | 2.01% | | |
|
Long-term borrowings, subordinated debentures and capital trust securities
|
| | | | 124,060 | | | | | | 1,508 | | | | | | 4.89% | | | | | | 123,954 | | | | | | 1,515 | | | | | | 4.85% | | | | | | 123,599 | | | | | | 1,462 | | | | | | 4.80% | | |
|
Total interest bearing
liabilities |
| | | | 3,522,354 | | | | | | 25,599 | | | | | | 2.92% | | | | | | 3,572,224 | | | | | | 25,723 | | | | | | 2.86% | | | | | | 2,978,928 | | | | | | 16,286 | | | | | | 2.22% | | |
|
Noninterest bearing liabilities and shareholders’ equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Demand deposits
|
| | | | 605,190 | | | | | | | | | | | | | | | | | | 621,082 | | | | | | | | | | | | | | | | | | 557,209 | | | | | | | | | | | | | | |
|
Other liabilities
|
| | | | 54,513 | | | | | | | | | | | | | | | | | | 54,160 | | | | | | | | | | | | | | | | | | 43,508 | | | | | | | | | | | | | | |
|
Total liabilities
|
| | | | 4,182,057 | | | | | | | | | | | | | | | | | | 4,247,466 | | | | | | | | | | | | | | | | | | 3,579,645 | | | | | | | | | | | | | | |
|
Shareholders’ equity – preferred
|
| | | | 14,920 | | | | | | | | | | | | | | | | | | 14,920 | | | | | | | | | | | | | | | | | | 14,920 | | | | | | | | | | | | | | |
|
Shareholders’ equity – common
|
| | | | 428,655 | | | | | | | | | | | | | | | | | | 406,928 | | | | | | | | | | | | | | | | | | 347,902 | | | | | | | | | | | | | | |
|
Total liabilities and shareholders’ equity
|
| | | $ | 4,625,632 | | | | | | | | | | | | | | | | | $ | 4,669,314 | | | | | | | | | | | | | | | | | $ | 3,942,467 | | | | | | | | | | | | | | |
|
Net interest earnings
|
| | | | | | | | | $ | 40,232 | | | | | | | | | | | | | | | | | $ | 41,182 | | | | | | | | | | | | | | | | | $ | 34,580 | | | | | | | | |
|
Net yield on interest earning assets
|
| | | | | | | | | | | | | | | | 3.75% | | | | | | | | | | | | | | | | | | 3.76% | | | | | | | | | | | | | | | | | | 3.83% | | |
| | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
For the Quarter Ended
March 31, 2024 vs. December 31, 2023 |
| |
For the Quarter Ended
March 31, 2024 vs. March 31, 2023 |
| ||||||||||||||||||||||||||||||
| | | |
Increase (Decrease) Due to Change in:
|
| |
Increase (Decrease) Due to Change in:
|
| ||||||||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Volume
|
| |
Rate
|
| |
Net
|
| |
Volume
|
| |
Rate
|
| |
Net
|
| ||||||||||||||||||
| Interest earned on: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Loans | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Taxable
|
| | | $ | (111) | | | | | $ | (487) | | | | | $ | (598) | | | | | $ | 9,372 | | | | | $ | 4,411 | | | | | | 13,783 | | |
|
Tax-exempt
|
| | | | 1 | | | | | | (12) | | | | | | (11) | | | | | | (21) | | | | | | (3) | | | | | | (24) | | |
| Securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Taxable
|
| | | | 18 | | | | | | (122) | | | | | | (104) | | | | | | 1,176 | | | | | | 437 | | | | | | 1,613 | | |
|
Tax-exempt
|
| | | | (186) | | | | | | (185) | | | | | | (371) | | | | | | (248) | | | | | | (120) | | | | | | (368) | | |
|
Federal funds sold and interest bearing deposits with other banks
|
| | | | (8) | | | | | | 18 | | | | | | 10 | | | | | | (23) | | | | | | (16) | | | | | | (39) | | |
|
Total interest earned on interest earning assets
|
| | | | (286) | | | | | | (788) | | | | | | (1,074) | | | | | | 10,256 | | | | | | 4,709 | | | | | | 14,965 | | |
| Interest paid on: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Interest bearing demand deposits
|
| | | | (466) | | | | | | (250) | | | | | | (716) | | | | | | 1,999 | | | | | | 2,685 | | | | | | 4,684 | | |
|
Savings deposits
|
| | | | (86) | | | | | | (78) | | | | | | (164) | | | | | | (155) | | | | | | 60 | | | | | | (95) | | |
|
Time deposits
|
| | | | 141 | | | | | | 752 | | | | | | 893 | | | | | | 603 | | | | | | 2,238 | | | | | | 2,841 | | |
|
Short-term borrowings
|
| | | | (136) | | | | | | 6 | | | | | | (130) | | | | | | 914 | | | | | | 923 | | | | | | 1,837 | | |
|
Long-term borrowings, subordinated debentures and capital trust securities
|
| | | | (1) | | | | | | (6) | | | | | | (7) | | | | | | 5 | | | | | | 41 | | | | | | 46 | | |
|
Total interest paid on interest bearing liabilities
|
| | | | (548) | | | | | | 424 | | | | | | (124) | | | | | | 3,366 | | | | | | 5,947 | | | | | | 9,313 | | |
|
Net interest income
|
| | | $ | 262 | | | | | $ | (1,212) | | | | | $ | (950) | | | | | $ | 6,890 | | | | | $ | (1,238) | | | | | $ | 5,652 | | |
| | | |
For the Three Months Ended
March 31, |
| |||||||||
|
Dollars in thousands
|
| |
2024
|
| |
2023
|
| ||||||
| Provision for credit losses-loans | | | | | | | | | | | | | |
|
Due to changes in:
|
| | | | | | | | | | | | |
|
Loan volume and mix
|
| | | $ | (1,636) | | | | | $ | 683 | | |
|
Loss experience
|
| | | | (606) | | | | | | (802) | | |
|
Reasonable and supportable economic forecasts & other qualitative adjustments
|
| | | | 1,927 | | | | | | 2,393 | | |
|
Individually evaluated credits
|
| | | | 1,365 | | | | | | (399) | | |
|
Total provision for credit losses – loans
|
| | |
|
1,050
|
| | | |
|
1,875
|
| |
| | | |
For the Three Months
Ended March 31, |
| |||||||||
|
Dollars in thousands
|
| |
2024
|
| |
2023
|
| ||||||
| (Recovery of) provision for credit losses-unfunded commitments | | | | | | | | | | | | | |
|
Due to changes in:
|
| | | | | | | | | | | | |
|
Loan volume and mix
|
| | | | (1,110) | | | | | | (535) | | |
|
Loss experience
|
| | | | (72) | | | | | | (83) | | |
|
Reasonable and supportable economic forecasts & other qualitative adjustments
|
| | | | 132 | | | | | | 243 | | |
|
Total recovery of credit losses – unfunded commitments
|
| | |
|
(1,050)
|
| | | |
|
(375)
|
| |
|
Total provision for credit losses – debt securities
|
| | |
|
—
|
| | | |
|
—
|
| |
|
Total provision for credit losses
|
| | | $ | — | | | | | $ | 1,500 | | |
| | |||||||||||||
| | | |
For the Three Months Ended
March 31, |
| |||||||||
|
Dollars in thousands
|
| |
2024
|
| |
2023
|
| ||||||
|
Trust and wealth management fees
|
| | | | 847 | | | | | | 811 | | |
|
Mortgage origination revenue
|
| | | | 154 | | | | | | 171 | | |
|
Service charges on deposit accounts
|
| | | | 1,723 | | | | | | 1,392 | | |
|
Bank card revenue
|
| | | | 1,833 | | | | | | 1,568 | | |
|
Net realized losses on debt securities
|
| | | | (94) | | | | | | (59) | | |
|
Net gains on equity investments
|
| | | | 40 | | | | | | 45 | | |
|
Bank owned life insurance and annuities income
|
| | | | 463 | | | | | | 336 | | |
|
Other
|
| | | | 112 | | | | | | 122 | | |
|
Total
|
| | | $ | 5,078 | | | | | $ | 4,386 | | |
| | | |
For the Three Months Ended March 31,
|
| |||||||||||||||||||||
| | | | | | | | | |
Change
|
| | | | | | | |||||||||
|
Dollars in thousands
|
| |
2024
|
| |
$
|
| |
%
|
| |
2023
|
| ||||||||||||
|
Salaries, commissions, and employee benefits
|
| | | $ | 12,058 | | | | | $ | 1,251 | | | | | | 11.6% | | | | | $ | 10,807 | | |
|
Net occupancy expense
|
| | | | 1,695 | | | | | | 362 | | | | | | 27.2% | | | | | | 1,333 | | |
|
Equipment expense
|
| | | | 2,508 | | | | | | 478 | | | | | | 23.5% | | | | | | 2,030 | | |
|
Professional fees
|
| | | | 385 | | | | | | 9 | | | | | | 2.4% | | | | | | 376 | | |
|
Advertising and public relations
|
| | | | 272 | | | | | | 102 | | | | | | 60.0% | | | | | | 170 | | |
|
Amortization of intangibles
|
| | | | 987 | | | | | | 644 | | | | | | 187.8% | | | | | | 343 | | |
|
FDIC premiums
|
| | | | 717 | | | | | | 387 | | | | | | 117.3% | | | | | | 330 | | |
| | | |
For the Three Months Ended March 31,
|
| |||||||||||||||||||||
| | | | | | | | | |
Change
|
| | | | | | | |||||||||
|
Dollars in thousands
|
| |
2024
|
| |
$
|
| |
%
|
| |
2023
|
| ||||||||||||
|
Bank card expense
|
| | | | 832 | | | | | | 136 | | | | | | 19.5% | | | | | | 696 | | |
|
Foreclosed properties expense, net of losses/(gains)
|
| | | | 12 | | | | | | (3) | | | | | | (20.0)% | | | | | | 15 | | |
|
Merger-related expenses
|
| | | | 53 | | | | | | (278) | | | | | | (84.0)% | | | | | | 331 | | |
|
Other
|
| | | | 3,439 | | | | | | 471 | | | | | | 15.9% | | | | | | 2,968 | | |
|
Total
|
| | | $ | 22,958 | | | | | $ | 3,559 | | | | | | 18.3% | | | | | $ | 19,399 | | |
| | |||||||||||||||||||||||||
|
Dollars in thousands
|
| |
Balance at
December 31, 2023 |
| |
Increase
(Decrease) |
| |
Balance at
March 31, 2024 |
| |||||||||
| Assets | | | | | | | | | | | | | | | | | | | |
|
Cash and cash equivalents
|
| | | $ | 52,232 | | | | | $ | 3,424 | | | | | $ | 55,656 | | |
|
Debt securities available for sale
|
| | | | 502,762 | | | | | | (12,491) | | | | | | 490,271 | | |
|
Debt securities held to maturity
|
| | | | 94,227 | | | | | | (490) | | | | | | 93,737 | | |
|
Equity investments
|
| | | | 10,958 | | | | | | 613 | | | | | | 11,571 | | |
|
Other investments
|
| | | | 21,130 | | | | | | 712 | | | | | | 21,842 | | |
|
Loans, net of unearned fees
|
| | | | 3,681,612 | | | | | | 15,430 | | | | | | 3,697,042 | | |
|
Less: allowance for credit losses
|
| | | | (48,090) | | | | | | (1,142) | | | | | | (49,232) | | |
|
Loans, net
|
| | | | 3,633,522 | | | | | | 14,288 | | | | | | 3,647,810 | | |
|
Property held for sale
|
| | | | 3,729 | | | | | | (297) | | | | | | 3,432 | | |
|
Premises and equipment
|
| | | | 63,038 | | | | | | (745) | | | | | | 62,293 | | |
|
Accrued interest and fees receivable
|
| | | | 20,004 | | | | | | 234 | | | | | | 20,238 | | |
|
Goodwill and other intangibles
|
| | | | 74,430 | | | | | | (987) | | | | | | 73,443 | | |
|
Cash surrender value of life insurance policies and annuities
|
| | | | 85,679 | | | | | | 551 | | | | | | 86,230 | | |
|
Derivative financial instruments
|
| | | | 33,145 | | | | | | 3,658 | | | | | | 36,803 | | |
|
Other assets
|
| | | | 39,466 | | | | | | 92 | | | | | | 39,558 | | |
|
Total assets
|
| | | $ | 4,634,322 | | | | | $ | 8,562 | | | | | $ | 4,642,884 | | |
| Liabilities | | | | | | | | | | | | | | | | | | | |
|
Non-interest bearing deposits
|
| | | $ | 593,576 | | | | | $ | 11,933 | | | | | $ | 605,509 | | |
|
Interest bearing deposits
|
| | | | 3,121,572 | | | | | | 21,334 | | | | | | 3,142,906 | | |
|
Total deposits
|
| | | | 3,715,148 | | | | | | 33,267 | | | | | | 3,748,415 | | |
|
Short-term borrowings
|
| | | | 302,957 | | | | | | (40,598) | | | | | | 262,359 | | |
|
Long-term borrowings
|
| | | | 637 | | | | | | (7) | | | | | | 630 | | |
|
Subordinated debentures
|
| | | | 103,782 | | | | | | 122 | | | | | | 103,904 | | |
|
Subordinated debentures owed to unconsolidated subsidiary trusts
|
| | | | 19,589 | | | | | | — | | | | | | 19,589 | | |
|
Other liabilities
|
| | | | 52,001 | | | | | | 1,705 | | | | | | 53,706 | | |
|
Shareholders’ Equity – preferred
|
| | | | 14,920 | | | | | | — | | | | | | 14,920 | | |
|
Shareholders’ Equity – common
|
| | | | 425,288 | | | | | | 14,073 | | | | | | 439,361 | | |
|
Total liabilities and shareholders’ equity
|
| | | $ | 4,634,322 | | | | | $ | 8,562 | | | | | $ | 4,642,884 | | |
| | | |
March 31,
|
| |
December 31,
2023 |
| | | | ||||||||||||
|
Dollars in thousands
|
| |
2024
|
| |
2023
|
| | ||||||||||||||
|
Accruing loans past due 90 days or more
|
| | | $ | 506 | | | | | $ | 17 | | | | | $ | 335 | | | | ||
| Nonaccrual loans | | | | | | | | | | | | | | | | | | | | | ||
|
Commercial
|
| | | | 7,537 | | | | | | 402 | | | | | | 1,088 | | | | ||
|
Commercial real estate
|
| | | | 8,378 | | | | | | 1,700 | | | | | | 5,675 | | | | ||
|
Commercial construction and development
|
| | | | — | | | | | | — | | | | | | — | | | | ||
|
Residential construction and development
|
| | | | 891 | | | | | | 813 | | | | | | 708 | | | | ||
|
Residential real estate
|
| | | | 4,245 | | | | | | 4,322 | | | | | | 4,524 | | | | ||
|
Consumer
|
| | | | 70 | | | | | | 48 | | | | | | 109 | | | | ||
|
Other
|
| | | | — | | | | | | — | | | | | | — | | | | ||
|
Total nonaccrual loans
|
| | | | 21,121 | | | | | | 7,285 | | | | | | 12,104 | | | | ||
| | | |
March 31,
|
| |
December 31,
2023 |
| | | | ||||||||||||
|
Dollars in thousands
|
| |
2024
|
| |
2023
|
| | ||||||||||||||
| Foreclosed properties | | | | | | | | | | | | | | | | | | | | | ||
|
Commercial
|
| | | | — | | | | | | — | | | | | | — | | | | ||
|
Commercial real estate
|
| | | | — | | | | | | 297 | | | | | | 297 | | | | ||
|
Commercial construction and development
|
| | | | 1,253 | | | | | | 2,187 | | | | | | 1,253 | | | | ||
|
Residential construction and development
|
| | | | 1,924 | | | | | | 2,293 | | | | | | 1,924 | | | | ||
|
Residential real estate
|
| | | | 255 | | | | | | 351 | | | | | | 255 | | | | ||
|
Total foreclosed properties
|
| | | | 3,432 | | | | | | 5,128 | | | | | | 3,729 | | | | ||
|
Repossessed assets
|
| | | | — | | | | | | — | | | | | | — | | | | ||
|
Total nonperforming assets
|
| | | $ | 25,059 | | | | | $ | 12,430 | | | | | $ | 16,168 | | | | ||
|
Total nonperforming loans as a percentage of total loans
|
| | | | 0.58% | | | | | | 0.24% | | | | | | 0.34% | | | | ||
|
Total nonperforming assets as a percentage of total assets
|
| | | | 0.54% | | | | | | 0.31% | | | | | | 0.35% | | | | ||
|
Allowance for credit losses-loans as a percentage of period end loans
|
| | | | 1.33% | | | | | | 1.32% | | | | | | 1.31% | | | | ||
|
Total nonaccrual loans as a percentage of total loans
|
| | | | 0.57% | | | | | | 0.24% | | | | | | 0.33% | | | | ||
|
Allowance for credit losses on loans as a percentage of nonaccrual loans
|
| | | | 233.10% | | | | | | 560.55% | | | | | | 397.31% | | | | ||
| | ||||||||||||||||||||||
| | | |
For the Three Months
Ended March 31, |
| |||||||||
|
Dollars in thousands
|
| |
2024
|
| |
2023
|
| ||||||
|
Beginning balance
|
| | | $ | 3,729 | | | | | $ | 5,067 | | |
|
Acquisitions
|
| | | | — | | | | | | 59 | | |
|
Improvements
|
| | | | — | | | | | | 2 | | |
|
Disposals
|
| | | | (297) | | | | | | — | | |
|
Balance March 31
|
| | | $ | 3,432 | | | | | $ | 5,128 | | |
|
Dollars in thousands
|
| |
Long
Term Debt |
| |
Subordinated
Debentures |
| |
Capital
Trust Securities |
| |
Operating
Leases |
| ||||||||||||
|
2024
|
| | | $ | 17 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,006 | | |
|
2025
|
| | | | 24 | | | | | | — | | | | | | — | | | | | | 1,282 | | |
|
2026
|
| | | | 589 | | | | | | — | | | | | | — | | | | | | 1,201 | | |
|
2027
|
| | | | — | | | | | | — | | | | | | — | | | | | | 950 | | |
|
2028
|
| | | | — | | | | | | — | | | | | | — | | | | | | 730 | | |
|
Thereafter
|
| | | | — | | | | | | 105,000 | | | | | | 19,589 | | | | | | 2,531 | | |
|
Total
|
| | | $ | 630 | | | | | $ | 105,000 | | | | | $ | 19,589 | | | | | $ | 7,700 | | |
|
Dollars in thousands
|
| |
March 31,
2024 |
| |||
| Commitments to extend credit: | | | | | | | |
|
Revolving home equity and credit card lines
|
| | | $ | 116,403 | | |
|
Construction loans
|
| | | | 250,672 | | |
|
Other loans
|
| | | | 485,637 | | |
|
Standby letters of credit
|
| | | | 58,420 | | |
|
Total
|
| | | $ | 911,132 | | |
| | | |
Estimated % Change in
Net Interest Income over: |
| |||||||||
|
Change in Interest Rates
|
| |
0 – 12 Months
|
| |
13 – 24 Months
|
| ||||||
| |
Actual
|
| |
Actual
|
| ||||||||
|
Down 100 basis points(1)
|
| | | | 0.9% | | | | | | 5.7% | | |
|
Down 200 basis points(1)
|
| | | | 1.8% | | | | | | 5.2% | | |
|
Down 200 basis points – steepening curve(2)
|
| | | | 6.0% | | | | | | 19.3% | | |
|
Up 200 basis points(1)
|
| | | | -1.7% | | | | | | 2.6% | | |
|
Period
|
| |
Total Number of
Shares Purchased(a) |
| |
Average Price
Paid per Share |
| |
Total Number of Shares
Purchased as Part of Publicly Announced Plans or Programs |
| |
Maximum Number
of Shares that May Yet be Purchased Under the Plans or Programs |
| ||||||||||||
|
January 1, 2024 – January 31, 2024
|
| | | | — | | | | | $ | — | | | | | | — | | | | | | 426,423 | | |
|
February 1, 2024 – February 29, 2024
|
| | | | — | | | | | | — | | | | | | — | | | | | | 426,423 | | |
|
March 1, 2024 – March 31, 2024
|
| | | | — | | | | | | — | | | | | | — | | | | | | 426,423 | | |
| | Exhibit 3.i | | | Amended and Restated Articles of Incorporation of Summit Financial Group, Inc. | |
| | Exhibit 3.ii | | | Articles of Amendment 2009 | |
| | Exhibit 3.iii | | | Articles of Amendment 2011 | |
| | Exhibit 3.iv | | | Amended and Restated Articles of Amendment 2021 | |
| | Exhibit 3.v | | | Amended and Restated By-Laws of Summit Financial Group, Inc. | |
| | Exhibit 11 | | | Statement re: Computation of Earnings per Share — Information contained in Note 4 to the Consolidated Financial Statements on page K-10 of this Quarterly Report is incorporated herein by reference. | |
| | Exhibit 31.1 | | | Sarbanes-Oxley Act Section 302 Certification of Chief Executive Officer | |
| | Exhibit 31.2 | | | Sarbanes-Oxley Act Section 302 Certification of Chief Financial Officer | |
| | Exhibit 32.1 | | | Sarbanes-Oxley Act Section 906 Certification of Chief Executive Officer | |
| | Exhibit 32.2 | | | Sarbanes-Oxley Act Section 906 Certification of Chief Financial Officer | |
| | Exhibit 101 | | | Interactive Data File (Inline XBRL) | |
| | Exhibit 104 | | | Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101) | |
|
Exhibit No.
|
| |
Description
|
| |
Page
Number |
|
| (3) | | | Articles of Incorporation and By-laws: | | | | |
| | | |
(i)
Amended and Restated Articles of Incorporation of Summit Financial Group, Inc.
|
| |
(a)
|
|
| | | |
(ii)
Articles of Amendment 2009
|
| |
(b)
|
|
| | | |
(iii)
Articles of Amendment 2011
|
| |
(c)
|
|
| | | |
(iv)
Amended and Restated Articles of Amendment 2021
|
| |
(d)
|
|
| | | |
(v)
Amended and Restated By-laws of Summit Financial Group, Inc.
|
| |
(e)
|
|
| 11 | | | Statement re: Computation of Earnings per Share | | |
14
|
|
| 31.1 | | | Sarbanes-Oxley Act Section 302 Certification of Chief Executive Officer | | | | |
| 31.2 | | | Sarbanes-Oxley Act Section 302 Certification of Chief Financial Officer | | | | |
| 32.1* | | | Sarbanes-Oxley Act Section 906 Certification of Chief Executive Officer | | | | |
| 32.2* | | | Sarbanes-Oxley Act Section 906 Certification of Chief Financial Officer | | | | |
| 101** | | | Interactive data file (Inline XBRL) | | | | |
| 104 | | | Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101) | | | | |
| | | | | | | | SUMMIT FINANCIAL GROUP, INC. | | |||
| | | | | | | | (registrant) | | | | |
| | | | | | | | By: | | |
/s/ H. Charles Maddy, III
H. Charles Maddy, III,
President and Chief Executive Officer |
|
| | | | | | | | By: | | |
/s/ Robert S. Tissue
Robert S. Tissue,
Executive Vice President and Chief Financial Officer |
|
| | | | | | | | By: | | |
/s/ Julie R. Markwood
Julie R. Markwood,
Executive Vice President and Chief Accounting Officer |
|
| | Date: | | |
May 2, 2024
|
| | | ||||