Pennsylvania | 23-1886144 | |||||||
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of class | Trading symbol | Name of each exchange on which registered | ||||||
Common Stock, $5 par value | UVSP | The NASDAQ Stock Market |
Large accelerated filer
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☐ |
Accelerated filer
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☒ | ||||||||
Non-accelerated filer
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☐ | Smaller reporting company |
☐
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Emerging growth company |
☐
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
☐
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Common Stock, $5 par value | 29,317,550 | |||||||
(Title of Class) | (Number of shares outstanding at February 12, 2021) |
PART I | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 1B. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Item 7. | ||||||||
Item 7A. | ||||||||
Item 8. | ||||||||
Item 9. | ||||||||
Item 9A. | ||||||||
Item 9B. | ||||||||
PART III | ||||||||
Item 10. | ||||||||
Item 11. | ||||||||
Item 12. | ||||||||
Item 13. | ||||||||
Item 14. | ||||||||
PART IV | ||||||||
Item 15. | ||||||||
Item 16. | ||||||||
Property Address | Owned/Leased | |||||||
Full Service Branches (Banking Segment): | ||||||||
195 East Butler Ave., Chalfont, PA 18914 | Owned | |||||||
4390 Davisville Rd., Hatboro, PA 19040 | (3) | Owned |
3220 Tillman Dr., Suite 503, Bensalem, PA 19020 | (1) (3) | Leased | ||||||
1317 2nd Ave., Cumberland, WI 54829 | (1) | Leased | ||||||
1980 S. Easton Rd., Doylestown, PA 18901 | (1) (2) (3) | Leased | ||||||
Greenfield Corporate Center, 1869 Charter Ln., Suite 301, Lancaster, PA 17601 | (3) | Leased | ||||||
2000 Market St., Suite 700, Philadelphia, PA 19103 | (3) | Leased |
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||||||
Univest Financial Corporation | 100.00 | 153.35 | 143.12 | 113.54 | 145.40 | 116.10 | ||||||||||||||
NASDAQ Stock Market (US) | 100.00 | 108.92 | 141.27 | 137.33 | 187.72 | 272.32 | ||||||||||||||
NASDAQ Banks | 100.00 | 137.85 | 145.31 | 121.93 | 151.63 | 140.45 |
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 - 31, 2020 | — | $ | — | — | 679,174 | ||||||||||||||||||
November 1 - 30, 2020 | — | — | — | 679,174 | |||||||||||||||||||
December 1 – 31, 2020 | — | — | — | 679,174 | |||||||||||||||||||
Total | — | $ | — | — |
Period | Total Number of Shares Purchased | Average Price Paid per Share | |||||||||
October 1 - 31, 2020 | — | $ | — | ||||||||
November 1 - 30, 2020 | — | — | |||||||||
December 1 – 31, 2020 | — | — | |||||||||
Total | — | $ | — |
For the Years Ended December 31, | |||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
Earnings | |||||||||||||||||||||||||||||
Interest income | $ | 203,945 | $ | 214,093 | $ | 190,488 | $ | 163,015 | $ | 126,607 | |||||||||||||||||||
Interest expense | 29,584 | 44,861 | 32,426 | 19,839 | 12,382 | ||||||||||||||||||||||||
Net interest income | 174,361 | 169,232 | 158,062 | 143,176 | 114,225 | ||||||||||||||||||||||||
Provision for credit losses (1)
|
40,794 | 8,511 | 20,310 | 9,892 | 4,821 | ||||||||||||||||||||||||
Net interest income after provision for credit losses | 133,567 | 160,721 | 137,752 | 133,284 | 109,404 | ||||||||||||||||||||||||
Noninterest income | 78,328 | 65,422 | 60,173 | 59,240 | 55,963 | ||||||||||||||||||||||||
Noninterest expense | 154,998 | 146,090 | 137,239 | 130,713 | 141,981 | ||||||||||||||||||||||||
Net income before income taxes | 56,897 | 80,053 | 60,686 | 61,811 | 23,386 | ||||||||||||||||||||||||
Income taxes | 9,981 | 14,334 | 10,143 | 17,717 | 3,881 | ||||||||||||||||||||||||
Net income | $ | 46,916 | $ | 65,719 | $ | 50,543 | $ | 44,094 | $ | 19,505 | |||||||||||||||||||
Financial Condition at Year End | |||||||||||||||||||||||||||||
Cash and interest-earning deposits | $ | 219,858 | $ | 125,128 | $ | 109,420 | $ | 75,409 | $ | 57,825 | |||||||||||||||||||
Investment securities, net of allowance for credit losses | 373,176 | 441,599 | 473,306 | 454,082 | 468,518 | ||||||||||||||||||||||||
Net loans and leases held for investment | 5,223,797 | 4,351,505 | 3,977,210 | 3,598,512 | 3,268,387 | ||||||||||||||||||||||||
Assets | 6,336,496 | 5,380,924 | 4,984,347 | 4,554,862 | 4,230,528 | ||||||||||||||||||||||||
Deposits | 5,242,715 | 4,360,075 | 3,885,933 | 3,554,919 | 3,257,567 | ||||||||||||||||||||||||
Borrowings | 311,421 | 263,596 | 429,672 | 355,590 | 417,780 | ||||||||||||||||||||||||
Shareholders' equity | 692,472 | 675,122 | 624,133 | 603,374 | 505,209 | ||||||||||||||||||||||||
Per Common Share Data | |||||||||||||||||||||||||||||
Average shares outstanding (in thousands) | 29,244 | 29,300 | 29,370 | 26,862 | 23,098 | ||||||||||||||||||||||||
Earnings per share – basic | $ | 1.60 | $ | 2.24 | $ | 1.72 | $ | 1.64 | $ | 0.85 | |||||||||||||||||||
Earnings per share – diluted | 1.60 | 2.24 | 1.72 | 1.64 | 0.84 | ||||||||||||||||||||||||
Dividends declared per share | 0.60 | 0.80 | 0.80 | 0.80 | 0.80 | ||||||||||||||||||||||||
Book value (at year-end) | 23.64 | 23.01 | 21.32 | 20.57 | 19.00 | ||||||||||||||||||||||||
Dividends declared to net income | 37.4 | % | 35.7 | % | 46.5 | % | 49.6 | % | 94.5 | % | |||||||||||||||||||
Profitability Ratios | |||||||||||||||||||||||||||||
Return on average assets | 0.78 | % | 1.26 | % | 1.07 | % | 1.01 | % | 0.56 | % | |||||||||||||||||||
Return on average equity | 7.02 | 10.07 | 8.26 | 8.37 | 4.46 | ||||||||||||||||||||||||
Average equity to average assets | 11.12 | 12.49 | 12.92 | 12.10 | 12.50 | ||||||||||||||||||||||||
Efficiency ratio | 60.6 | 61.4 | 61.9 | 62.2 | 80.1 | ||||||||||||||||||||||||
Asset Quality Ratios | |||||||||||||||||||||||||||||
Nonaccrual loans and leases (including nonaccrual, troubled debt restructured loans and lease modifications) to loans and leases held for investment | 0.60 | % | 0.88 | % | 0.65 | % | 0.40 | % | 0.55 | % | |||||||||||||||||||
Nonperforming loans and leases to loans and leases held for investment | 0.62 | 0.88 | 0.67 | 0.74 | 0.67 | ||||||||||||||||||||||||
Nonperforming assets to total assets | 0.64 | 0.73 | 0.56 | 0.63 | 0.64 | ||||||||||||||||||||||||
Net charge-offs to average loans and leases outstanding | 0.10 | 0.06 | 0.33 | 0.17 | 0.18 | ||||||||||||||||||||||||
Allowance for credit losses, loans and leases, to total loans and leases held for investment | 1.56 | 0.81 | 0.73 | 0.60 | 0.53 | ||||||||||||||||||||||||
Allowance for credit losses, loans and leases, to nonaccrual loans and leases | 262.03 | 91.58 | 112.04 | 148.48 | 97.67 | ||||||||||||||||||||||||
Allowance for credit losses, loans and leases, to nonperforming loans and leases | 250.61 | 91.12 | 108.99 | 80.69 | 78.98 | ||||||||||||||||||||||||
(1) The Corporation adopted CECL effective January 1, 2020, as discussed in Note 1. "Summary of Significant Accounting Policies" in the Notes to the Consolidated Financial Statements. Amounts reported for 2019-2016 were previously referred to as Provision for loan and lease losses in prior filings and accounted for under legacy accounting standards.
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For the Years Ended December 31, | Amount of Change | Percent Change | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | 2020 | 2019 | 2018 | 2020 to 2019 | 2019 to 2018 | 2020 to 2019 | 2019 to 2018 | ||||||||||||||||||||||||||||||||||
Net income | $ | 46,916 | $ | 65,719 | $ | 50,543 | $ | (18,803) | $ | 15,176 | (28.6) | % | 30.0 | % | |||||||||||||||||||||||||||
Net income per share: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 1.60 | $ | 2.24 | $ | 1.72 | $ | (0.64) | $ | 0.52 | (28.6) | 30.2 | |||||||||||||||||||||||||||||
Diluted | 1.60 | 2.24 | 1.72 | (0.64) | 0.52 | (28.6) | 30.2 | ||||||||||||||||||||||||||||||||||
Return on average assets | 0.78 | % | 1.26 | % | 1.07 | % | (48 BP) | 19 BP | (38.1) | 17.8 | |||||||||||||||||||||||||||||||
Return on average equity | 7.02 | % | 10.07 | % | 8.26 | % | (305 BP) | 181 BP | (30.3) | 21.9 |
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Average
Balance |
Income/
Expense |
Average
Rate |
Average
Balance |
Income/
Expense |
Average
Rate |
Average
Balance |
Income/
Expense |
Average
Rate |
||||||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning deposits with other banks | $ | 274,372 | $ | 574 | 0.21 | % | $ | 141,774 | $ | 2,876 | 2.03 | % | $ | 56,984 | $ | 1,101 | 1.93 | % | |||||||||||||||||||||||||||||||||||
U.S. government obligations | 7,132 | 145 | 2.03 | 14,665 | 254 | 1.73 | 22,930 | 364 | 1.59 | ||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political
subdivisions |
23,065 | 825 | 3.58 | 50,360 | 1,693 | 3.36 | 69,842 | 2,330 | 3.34 | ||||||||||||||||||||||||||||||||||||||||||||
Other debt and equity securities | 371,814 | 7,697 | 2.07 | 396,816 | 10,406 | 2.62 | 363,840 | 9,024 | 2.48 | ||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and other earning assets | 29,726 | 1,746 | 5.87 | 31,446 | 2,154 | 6.85 | 30,786 | 1,965 | 6.38 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning deposits, investments and other interest-earning assets | 706,109 | 10,987 | 1.56 | 635,061 | 17,383 | 2.74 | 544,382 | 14,784 | 2.72 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural loans | 817,489 | 30,657 | 3.75 | 815,472 | 40,496 | 4.97 | 793,028 | 39,156 | 4.94 | ||||||||||||||||||||||||||||||||||||||||||||
Paycheck Protection Program loans | 342,920 | 8,072 | 2.35 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Real estate—commercial and construction loans | 2,312,996 | 94,962 | 4.11 | 1,936,073 | 91,634 | 4.73 | 1,689,983 | 78,498 | 4.64 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate—residential loans | 1,007,915 | 42,047 | 4.17 | 950,743 | 46,031 | 4.84 | 870,846 | 41,270 | 4.74 | ||||||||||||||||||||||||||||||||||||||||||||
Loans to individuals | 28,792 | 1,332 | 4.63 | 31,912 | 1,976 | 6.19 | 30,242 | 1,866 | 6.17 | ||||||||||||||||||||||||||||||||||||||||||||
Municipal loans and leases | 283,495 | 11,857 | 4.18 | 331,831 | 13,262 | 4.00 | 316,280 | 12,049 | 3.81 | ||||||||||||||||||||||||||||||||||||||||||||
Lease financings | 95,194 | 6,498 | 6.83 | 82,588 | 5,904 | 7.15 | 76,561 | 5,514 | 7.20 | ||||||||||||||||||||||||||||||||||||||||||||
Gross loans and leases | 4,888,801 | 195,425 | 4.00 | 4,148,619 | 199,303 | 4.80 | 3,776,940 | 178,353 | 4.72 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 5,594,910 | 206,412 | 3.69 | 4,783,680 | 216,686 | 4.53 | 4,321,322 | 193,137 | 4.47 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 52,000 | 48,877 | 45,979 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses, loans and leases | (73,459) | (32,389) | (25,154) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment, net | 55,888 | 58,237 | 61,006 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease right-of-use asset | 34,277 | 35,712 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 343,261 | 330,466 | 334,619 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 6,006,877 | $ | 5,224,583 | $ | 4,737,772 | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing checking deposits | $ | 692,049 | 2,173 | 0.31 | $ | 500,295 | 2,790 | 0.56 | $ | 461,676 | 1,924 | 0.42 | |||||||||||||||||||||||||||||||||||||||||
Money market savings | 1,113,039 | 5,551 | 0.50 | 995,403 | 15,843 | 1.59 | 764,777 | 9,137 | 1.19 | ||||||||||||||||||||||||||||||||||||||||||||
Regular savings | 874,366 | 2,057 | 0.24 | 802,865 | 3,660 | 0.46 | 798,332 | 2,357 | 0.30 | ||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 572,103 | 9,835 | 1.72 | 677,199 | 13,276 | 1.96 | 601,674 | 8,768 | 1.46 | ||||||||||||||||||||||||||||||||||||||||||||
Total time and interest-bearing deposits | 3,251,557 | 19,616 | 0.60 | 2,975,762 | 35,569 | 1.20 | 2,626,459 | 22,186 | 0.84 | ||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 86,658 | 327 | 0.38 | 56,882 | 1,012 | 1.78 | 144,312 | 2,420 | 1.68 | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 189,410 | 2,879 | 1.52 | 156,366 | 3,236 | 2.07 | 150,032 | 2,777 | 1.85 | ||||||||||||||||||||||||||||||||||||||||||||
Subordinated notes | 134,949 | 6,762 | 5.01 | 94,695 | 5,044 | 5.33 | 94,451 | 5,043 | 5.34 | ||||||||||||||||||||||||||||||||||||||||||||
Total borrowings | 411,017 | 9,968 | 2.43 | 307,943 | 9,292 | 3.02 | 388,795 | 10,240 | 2.63 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 3,662,574 | 29,584 | 0.81 | 3,283,705 | 44,861 | 1.37 | 3,015,254 | 32,426 | 1.08 | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 1,599,333 | 1,210,577 | 1,069,805 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease liabilities | 37,557 | 38,791 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities | 39,212 | 39,057 | 40,516 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 5,338,676 | 4,572,130 | 4,125,575 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 157,784 | 157,784 | 157,784 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 296,023 | 293,784 | 291,148 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retained earnings and other equity | 214,394 | 200,885 | 163,265 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total shareholders' equity | 668,201 | 652,453 | 612,197 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 6,006,877 | $ | 5,224,583 | $ | 4,737,772 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 176,828 | $ | 171,825 | $ | 160,711 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread | 2.88 | 3.16 | 3.39 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of net interest-free funding sources | 0.28 | 0.43 | 0.33 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | 3.16 | % | 3.59 | % | 3.72 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | 152.76 | % | 145.68 | % | 143.32 | % |
For the Years Ended December 31, 2020 Versus 2019 | For the Years Ended December 31, 2019 Versus 2018 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Volume
Change |
Rate
Change |
Total |
Volume
Change |
Rate
Change |
Total | |||||||||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||||||||||||||
Interest-earning deposits with other banks | $ | 1,459 | $ | (3,761) | $ | (2,302) | $ | 1,715 | $ | 60 | $ | 1,775 | |||||||||||||||||||||||
U.S. government obligations | (147) | 38 | (109) | (140) | 30 | (110) | |||||||||||||||||||||||||||||
Obligations of states and political subdivisions | (972) | 104 | (868) | (651) | 14 | (637) | |||||||||||||||||||||||||||||
Other debt and equity securities | (625) | (2,084) | (2,709) | 852 | 530 | 1,382 | |||||||||||||||||||||||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock | (113) | (295) | (408) | 42 | 147 | 189 | |||||||||||||||||||||||||||||
Interest on deposits, investments and other interest-earning assets | (398) | (5,998) | (6,396) | 1,818 | 781 | 2,599 | |||||||||||||||||||||||||||||
Commercial, financial and agricultural loans | 100 | (9,939) | (9,839) | 1,103 | 237 | 1,340 | |||||||||||||||||||||||||||||
Paycheck Protection Program loans | 8,072 | — | 8,072 | — | — | — | |||||||||||||||||||||||||||||
Real estate—commercial and construction loans | 16,336 | (13,008) | 3,328 | 11,592 | 1,544 | 13,136 | |||||||||||||||||||||||||||||
Real estate—residential loans | 2,652 | (6,636) | (3,984) | 3,871 | 890 | 4,761 | |||||||||||||||||||||||||||||
Loans to individuals | (180) | (464) | (644) | 104 | 6 | 110 | |||||||||||||||||||||||||||||
Municipal loans and leases | (1,986) | 581 | (1,405) | 602 | 611 | 1,213 | |||||||||||||||||||||||||||||
Lease financings | 868 | (274) | 594 | 428 | (38) | 390 | |||||||||||||||||||||||||||||
Interest and fees on loans and leases | 25,862 | (29,740) | (3,878) | 17,700 | 3,250 | 20,950 | |||||||||||||||||||||||||||||
Total interest income | 25,464 | (35,738) | (10,274) | 19,518 | 4,031 | 23,549 | |||||||||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||||||||||||||
Interest-bearing checking deposits | 871 | (1,488) | (617) | 174 | 692 | 866 | |||||||||||||||||||||||||||||
Money market savings | 1,677 | (11,969) | (10,292) | 3,171 | 3,535 | 6,706 | |||||||||||||||||||||||||||||
Regular savings | 303 | (1,906) | (1,603) | 14 | 1,289 | 1,303 | |||||||||||||||||||||||||||||
Time deposits | (1,924) | (1,517) | (3,441) | 1,210 | 3,298 | 4,508 | |||||||||||||||||||||||||||||
Interest on time and interest-bearing deposits | 927 | (16,880) | (15,953) | 4,569 | 8,814 | 13,383 | |||||||||||||||||||||||||||||
Short-term borrowings | 363 | (1,048) | (685) | (1,545) | 137 | (1,408) | |||||||||||||||||||||||||||||
Long-term debt | 604 | (961) | (357) | 120 | 339 | 459 | |||||||||||||||||||||||||||||
Subordinated notes | 2,036 | (318) | 1,718 | 11 | (10) | 1 | |||||||||||||||||||||||||||||
Interest on borrowings | 3,003 | (2,327) | 676 | (1,414) | 466 | (948) | |||||||||||||||||||||||||||||
Total interest expense | 3,930 | (19,207) | (15,277) | 3,155 | 9,280 | 12,435 | |||||||||||||||||||||||||||||
Net interest income | $ | 21,534 | $ | (16,531) | $ | 5,003 | $ | 16,363 | $ | (5,249) | $ | 11,114 |
For the Years Ended December 31, | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | 2020 to 2019 | 2019 to 2018 | 2020 to 2019 | 2019 to 2018 | ||||||||||||||||||||||||||||||||||
Trust fee income | $ | 7,703 | $ | 7,826 | $ | 7,882 | $ | (123) | $ | (56) | (1.6 | %) | (0.7 | %) | |||||||||||||||||||||||||||
Service charges on deposit accounts | 4,845 | 5,946 | 5,632 | (1,101) | 314 | (18.5) | 5.6 | ||||||||||||||||||||||||||||||||||
Investment advisory commission and fee income | 15,944 | 15,940 | 15,098 | 4 | 842 | — | 5.6 | ||||||||||||||||||||||||||||||||||
Insurance commission and fee income | 16,087 | 16,571 | 15,658 | (484) | 913 | (2.9) | 5.8 | ||||||||||||||||||||||||||||||||||
Other service fee income | 7,543 | 9,341 | 9,332 | (1,798) | 9 | (19.2) | 0.1 | ||||||||||||||||||||||||||||||||||
Bank owned life insurance income | 2,940 | 3,179 | 3,174 | (239) | 5 | (7.5) | 0.2 | ||||||||||||||||||||||||||||||||||
Net gain on sales of investment securities | 871 | 54 | 10 | 817 | 44 | N/M | 440.0 | ||||||||||||||||||||||||||||||||||
Net gain on mortgage banking activities | 16,442 | 3,946 | 3,125 | 12,496 | 821 | 316.7 | 26.3 | ||||||||||||||||||||||||||||||||||
Other income | 5,953 | 2,619 | 262 | 3,334 | 2,357 | 127.3 | 899.6 | ||||||||||||||||||||||||||||||||||
Total noninterest income | $ | 78,328 | $ | 65,422 | $ | 60,173 | $ | 12,906 | $ | 5,249 | 19.7 | % | 8.7 | % |
For the Years Ended December 31, | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | 2020 to 2019 | 2019 to 2018 | 2020 to 2019 | 2019 to 2018 | ||||||||||||||||||||||||||||||||||
Salaries, benefits and commissions | $ | 93,208 | $ | 88,289 | $ | 80,488 | $ | 4,919 | $ | 7,801 | 5.6 | % | 9.7 | % | |||||||||||||||||||||||||||
Net occupancy | 10,358 | 10,221 | 10,260 | 137 | (39) | 1.3 | (0.4) | ||||||||||||||||||||||||||||||||||
Equipment | 3,841 | 4,170 | 4,146 | (329) | 24 | (7.9) | 0.6 | ||||||||||||||||||||||||||||||||||
Data processing | 11,333 | 10,450 | 9,014 | 883 | 1,436 | 8.4 | 15.9 | ||||||||||||||||||||||||||||||||||
Professional fees | 5,338 | 5,563 | 5,391 | (225) | 172 | (4.0) | 3.2 | ||||||||||||||||||||||||||||||||||
Marketing and advertising | 1,975 | 2,594 | 2,642 | (619) | (48) | (23.9) | (1.8) | ||||||||||||||||||||||||||||||||||
Deposit insurance premiums | 2,591 | 780 | 1,836 | 1,811 | (1,056) | 232.2 | (57.5) | ||||||||||||||||||||||||||||||||||
Intangible expenses | 1,216 | 1,595 | 2,166 | (379) | (571) | (23.8) | (26.4) | ||||||||||||||||||||||||||||||||||
Restructuring charges | 1,439 | — | 571 | 1,439 | (571) | N/M | (100.0) | ||||||||||||||||||||||||||||||||||
Other expense | 23,699 | 22,428 | 20,725 | 1,271 | 1,703 | 5.7 | 8.2 | ||||||||||||||||||||||||||||||||||
Total noninterest expense | $ | 154,998 | $ | 146,090 | $ | 137,239 | $ | 8,908 | $ | 8,851 | 6.1 | % | 6.4 | % |
At December 31, | |||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||
Cash and interest-earning deposits | $ | 219,858 | $ | 125,128 | $ | 94,730 | 75.7 | % | |||||||||||||||
Investment securities, net of allowance for credit losses | 373,176 | 441,599 | (68,423) | (15.5) | |||||||||||||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost | 28,183 | 28,254 | (71) | (0.3) | |||||||||||||||||||
Loans held for sale | 37,039 | 5,504 | 31,535 | 572.9 | |||||||||||||||||||
Loans and leases held for investment | 5,306,841 | 4,386,836 | 920,005 | 21.0 | |||||||||||||||||||
Allowance for credit losses, loans and leases | (83,044) | (35,331) | (47,713) | 135.0 | |||||||||||||||||||
Premises and equipment, net | 55,636 | 56,676 | (1,040) | (1.8) | |||||||||||||||||||
Operating lease right-of-use asset | 34,325 | 34,418 | (93) | (0.3) | |||||||||||||||||||
Goodwill and other intangibles, net | 181,425 | 182,843 | (1,418) | (0.8) | |||||||||||||||||||
Bank owned life insurance | 117,718 | 114,778 | 2,940 | 2.6 | |||||||||||||||||||
Accrued interest receivable and other assets | 65,339 | 40,219 | 25,120 | 62.5 | |||||||||||||||||||
Total assets | $ | 6,336,496 | $ | 5,380,924 | $ | 955,572 | 17.8 | % |
At December 31, | |||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
U.S. government corporations and agencies | $ | 6,998 | $ | 7,297 | $ | 22,311 | |||||||||||
State and political subdivisions | 13,537 | 34,595 | 65,415 | ||||||||||||||
Residential mortgage-backed securities | 258,422 | 303,515 | 287,400 | ||||||||||||||
Collateralized mortgage obligations | 5,321 | 2,361 | 2,888 | ||||||||||||||
Corporate bonds | 85,619 | 91,208 | 93,127 | ||||||||||||||
Equity securities | 3,279 | 2,623 | 2,165 | ||||||||||||||
Total investment securities | $ | 373,176 | $ | 441,599 | $ | 473,306 |
At December 31, | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2020 Amount | 2020 Yield | 2019 Amount | 2019 Yield | 2018 Amount | 2018 Yield | |||||||||||||||||||||||||||||
1 Year or less | $ | 501 | 0.78 | % | $ | 6,622 | 1.81 | % | $ | 28,654 | 1.58 | % | |||||||||||||||||||||||
After 1 Year to 5 Years | 41,846 | 2.34 | 42,491 | 2.66 | 46,641 | 2.18 | |||||||||||||||||||||||||||||
After 5 Years to 10 Years | 72,962 | 1.27 | 78,278 | 2.39 | 121,533 | 2.53 | |||||||||||||||||||||||||||||
After 10 Years | 254,588 | 1.62 | 311,585 | 2.79 | 274,313 | 2.77 | |||||||||||||||||||||||||||||
No stated maturity | 3,279 | 0.54 | 2,623 | 2.08 | 2,165 | 2.63 | |||||||||||||||||||||||||||||
Total | $ | 373,176 | 1.62 | % | $ | 441,599 | 2.69 | % | $ | 473,306 | 2.58 | % |
At December 31, | |||||||||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 892,665 | $ | 947,029 | $ | 937,685 | $ | 896,211 | $ | 823,266 | |||||||||||||||||||
Paycheck Protection Program | 483,773 | — | — | — | — | ||||||||||||||||||||||||
Real estate-commercial | 2,458,872 | 2,040,441 | 1,741,204 | 1,542,141 | 1,374,949 | ||||||||||||||||||||||||
Real estate-construction | 243,355 | 232,595 | 215,513 | 175,836 | 174,844 | ||||||||||||||||||||||||
Real estate-residential | 1,035,655 | 987,467 | 937,457 | 847,811 | 747,715 | ||||||||||||||||||||||||
Loans to individuals | 27,482 | 29,883 | 32,759 | 28,300 | 30,373 | ||||||||||||||||||||||||
Lease financings | 165,039 | 149,421 | 141,956 | 129,768 | 134,739 | ||||||||||||||||||||||||
Total loans and leases held for investment, net of deferred income | $ | 5,306,841 | $ | 4,386,836 | $ | 4,006,574 | $ | 3,620,067 | $ | 3,285,886 |
(Dollars in thousands) | Total | Due in One Year or Less | Due after One Year to Five Years | Due After Five Years | |||||||||||||||||||
Commercial, financial and agricultural | $ | 892,665 | $ | 607,366 | $ | 218,090 | $ | 67,209 | |||||||||||||||
Paycheck Protection Program | 483,773 | — | 483,773 | — | |||||||||||||||||||
Real estate-commercial | 2,458,872 | 939,490 | 1,282,094 | 237,288 | |||||||||||||||||||
Real estate-construction | 243,355 | 138,290 | 58,324 | 46,741 | |||||||||||||||||||
Real estate-residential | 1,035,655 | 274,712 | 376,783 | 384,160 | |||||||||||||||||||
Loans to individuals | 27,482 | 20,685 | 4,608 | 2,189 | |||||||||||||||||||
Lease financings | 165,039 | 54,437 | 108,380 | 2,222 | |||||||||||||||||||
Total gross loans and leases held for investment | $ | 5,306,841 | $ | 2,034,980 | $ | 2,532,052 | $ | 739,809 | |||||||||||||||
Loans and leases with fixed predetermined interest rates | $ | 2,698,308 | $ | 325,466 | $ | 2,021,765 | $ | 351,077 | |||||||||||||||
Loans and leases with variable or floating interest rates | 2,608,533 | 1,709,514 | 510,287 | 388,732 | |||||||||||||||||||
Total gross loans and leases held for investment | $ | 5,306,841 | $ | 2,034,980 | $ | 2,532,052 | $ | 739,809 |
At December 31, | |||||||||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
Nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and lease modifications*: | |||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 2,827 | $ | 3,442 | $ | 3,365 | $ | 4,448 | $ | 5,746 | |||||||||||||||||||
Real estate—commercial | 22,739 | 27,928 | 18,214 | 4,285 | 5,651 | ||||||||||||||||||||||||
Real estate—construction | — | 257 | 106 | 365 | — | ||||||||||||||||||||||||
Real estate—residential | 5,919 | 6,445 | 4,353 | 3,820 | 5,983 | ||||||||||||||||||||||||
Lease financings | 207 | 506 | 170 | 1,599 | 536 | ||||||||||||||||||||||||
Total nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and lease modifications* | 31,692 | 38,578 | 26,208 | 14,517 | 17,916 | ||||||||||||||||||||||||
Accruing troubled debt restructured loans and lease modifications not included in the above | 53 | 54 | 542 | 11,435 | 3,252 | ||||||||||||||||||||||||
Accruing loans and leases 90 days or more past due: | |||||||||||||||||||||||||||||
Commercial, financial and agricultural | 50 | 20 | — | — | — | ||||||||||||||||||||||||
Real estate—commercial | 945 | — | — | — | — | ||||||||||||||||||||||||
Real estate—residential | — | — | — | 310 | 652 | ||||||||||||||||||||||||
Loans to individuals | 185 | 74 | 55 | 195 | 142 | ||||||||||||||||||||||||
Lease financings | 212 | 49 | 137 | 256 | 193 | ||||||||||||||||||||||||
Total accruing loans and leases, 90 days or more past due | 1,392 | 143 | 192 | 761 | 987 | ||||||||||||||||||||||||
Total nonperforming loans and leases | 33,137 | 38,775 | 26,942 | 26,713 | 22,155 | ||||||||||||||||||||||||
Other real estate owned | 7,355 | 516 | 1,187 | 1,843 | 4,969 | ||||||||||||||||||||||||
Total nonperforming assets | $ | 40,492 | $ | 39,291 | $ | 28,129 | $ | 28,556 | $ | 27,124 | |||||||||||||||||||
Nonaccrual loans and leases (including nonaccrual troubled debt restructured loans and lease modifications) / loans and leases held for investment | 0.60 | % | 0.88 | % | 0.65 | % | 0.40 | % | 0.55 | % | |||||||||||||||||||
Nonperforming loans and leases / loans and leases held for investment | 0.62 | % | 0.88 | % | 0.67 | % | 0.74 | % | 0.67 | % | |||||||||||||||||||
Nonperforming assets / total assets | 0.64 | % | 0.73 | % | 0.56 | % | 0.63 | % | 0.64 | % | |||||||||||||||||||
Allowance for credit losses, loans and leases | $ | 83,044 | $ | 35,331 | $ | 29,364 | $ | 21,555 | $ | 17,499 | |||||||||||||||||||
Allowance for credit losses, loans and leases / loans and leases held for investment | 1.56 | % | 0.81 | % | 0.73 | % | 0.60 | % | 0.53 | % | |||||||||||||||||||
Allowance for credit losses, loans and leases / loans and leases held for investment, excluding PPP loans | 1.72 | % | 0.81 | % | 0.73 | % | 0.60 | % | 0.53 | % | |||||||||||||||||||
Allowance for credit losses, loans and leases / nonaccrual loans and leases | 262.03 | % | 91.58 | % | 112.04 | % | 148.48 | % | 97.67 | % | |||||||||||||||||||
Allowance for credit losses, loans and leases / nonperforming loans and leases | 250.61 | % | 91.12 | % | 108.99 | % | 80.69 | % | 78.98 | % | |||||||||||||||||||
* Nonaccrual troubled debt restructured loans and lease modifications included in nonaccrual loans and leases in the above table | $ | 14,069 | $ | 13,817 | $ | 1,284 | $ | 2,513 | $ | 1,753 |
At December 31, | |||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Total nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and lease modifications | $ | 31,692 | $ | 38,578 | $ | 26,208 | $ | 14,517 | |||||||||||||||
Nonaccrual loans and leases with partial charge-offs | 4,227 | 1,966 | 2,210 | 5,397 | |||||||||||||||||||
Life-to-date partial charge-offs on nonaccrual loans and leases | 2,377 | 1,320 | 1,320 | 4,107 | |||||||||||||||||||
Specific reserves on individually analyzed loans | 585 | 2,108 | 1,415 | 131 |
(Dollars in thousands) | As of December 31, 2020 | ||||||||||||||||||||||||||||
Industry Description | Total Outstanding Balance (excl PPP) | % of Commercial Loan Portfolio | PPP $ (1) | $ Balance of Modified Loans (2) | Modified Loans as a % of Portfolio (2) | ||||||||||||||||||||||||
CRE - Retail | $ | 342,910 | 8.6 | % | $ | 239 | $ | 3,950 | 1.2 | % | |||||||||||||||||||
Animal Production | 263,623 | 6.6 | 706 | 40 | — | ||||||||||||||||||||||||
CRE - 1-4 Family Residential Investment | 245,022 | 6.2 | 1,282 | — | — | ||||||||||||||||||||||||
CRE - Office | 237,752 | 6.0 | — | — | — | ||||||||||||||||||||||||
CRE - Multi-family | 201,995 | 5.1 | — | — | — | ||||||||||||||||||||||||
Real Estate Lenders, Secondary Market Financing | 181,493 | 4.6 | 4,318 | 52 | — | ||||||||||||||||||||||||
Hotels & Motels (Accommodation) | 175,923 | 4.4 | 2,407 | 24,296 | 13.8 | ||||||||||||||||||||||||
CRE - Industrial / Warehouse | 169,015 | 4.3 | 139 | — | — | ||||||||||||||||||||||||
Nursing and Residential Care Facilities | 154,736 | 3.9 | 7,935 | — | — | ||||||||||||||||||||||||
Specialty Trade Contractors | 117,301 | 2.9 | 67,267 | 109 | 0.1 | ||||||||||||||||||||||||
CRE - Mixed-Use - Residential | 116,506 | 2.9 | — | 8,237 | 7.1 | ||||||||||||||||||||||||
Professional, Scientific, and Technical Services | 92,857 | 2.3 | — | — | — | ||||||||||||||||||||||||
CRE - Medical Office | 92,196 | 2.3 | — | — | — | ||||||||||||||||||||||||
Homebuilding (tract developers, remodelers) | 87,027 | 2.2 | 12,931 | — | — | ||||||||||||||||||||||||
Merchant Wholesalers, Durable Goods | 75,241 | 1.9 | 17,674 | — | — | ||||||||||||||||||||||||
Education | 68,846 | 1.7 | 72,072 | 2,637 | 3.8 | ||||||||||||||||||||||||
Crop Production | 66,998 | 1.7 | 270 | — | — | ||||||||||||||||||||||||
Motor Vehicle and Parts Dealers | 66,516 | 1.7 | 11,391 | — | — | ||||||||||||||||||||||||
Fabricated Metal Product Manufacturing | 62,077 | 1.6 | 12,760 | — | — | ||||||||||||||||||||||||
Administrative and Support Services | 59,708 | 1.5 | 28,814 | 100 | 0.2 | ||||||||||||||||||||||||
Food Services and Drinking Places | 58,067 | 1.5 | 15,971 | 2,893 | 5.0 | ||||||||||||||||||||||||
Wood Product Manufacturing | 50,079 | 1.3 | 3,886 | — | — | ||||||||||||||||||||||||
Industries with >$50 million in outstandings | $ | 2,985,888 | 75.2 | % | $ | 260,062 | $ | 42,314 | 1.4 | % | |||||||||||||||||||
Industries with <$50 million in outstandings | $ | 990,450 | 24.8 | % | $ | 223,711 | $ | 18,228 | 1.8 | % | |||||||||||||||||||
Total Commercial Loans | $ | 3,976,338 | 100.0 | % | $ | 483,773 | $ | 60,542 | 1.5 | % | |||||||||||||||||||
Consumer Loans and Lease Financings | Total Outstanding Balance | PPP $ (1) | $ Balance of Modified Loans (2) | Modified Loans as a % of Portfolio (2) | |||||||||||||||||||||||||
Real Estate-Residential Secured for Personal Purpose | $ | 487,600 | $ | — | $ | 7,444 | 1.5 | ||||||||||||||||||||||
Real Estate-Home Equity Secured for Personal Purpose | 166,609 | — | 3 | — | |||||||||||||||||||||||||
Loans to Individuals | 27,482 | — | 35 | 0.1 | |||||||||||||||||||||||||
Lease Financings | 165,039 | — | — | — | |||||||||||||||||||||||||
Total Consumer Loans and Lease Financings | $ | 846,730 | $ | — | $ | 7,482 | 0.9 | % | |||||||||||||||||||||
Total | $ | 4,823,068 | $ | 483,773 | $ | 68,024 | 1.4 | % |
For the Years Ended December 31, | |||||||||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
Average amount of loans and leases outstanding | $ | 4,888,801 | $ | 4,148,619 | $ | 3,776,940 | $ | 3,420,847 | $ | 2,699,973 | |||||||||||||||||||
Allowance for credit losses, loans and leases, beginning of period | 35,331 | 29,364 | 21,555 | 17,499 | 17,628 | ||||||||||||||||||||||||
Impact of adoption of ASU 2016-13 | 12,922 | — | — | — | — | ||||||||||||||||||||||||
Charge-offs: | |||||||||||||||||||||||||||||
Commercial, financial and agricultural loans | 1,884 | 1,965 | 14,655 | 1,030 | 4,827 | ||||||||||||||||||||||||
Real estate loans | 3,222 | 736 | 71 | 1,798 | 1,007 | ||||||||||||||||||||||||
Loans to individuals | 267 | 335 | 353 | 317 | 395 | ||||||||||||||||||||||||
Lease financings | 526 | 427 | 572 | 3,992 | 759 | ||||||||||||||||||||||||
Total charge-offs | 5,899 | 3,463 | 15,651 | 7,137 | 6,988 | ||||||||||||||||||||||||
Recoveries: | |||||||||||||||||||||||||||||
Commercial, financial and agricultural loans | 745 | 367 | 2,140 | 801 | 1,454 | ||||||||||||||||||||||||
Real estate loans | 125 | 226 | 691 | 158 | 260 | ||||||||||||||||||||||||
Loans to individuals | 80 | 75 | 88 | 136 | 133 | ||||||||||||||||||||||||
Lease financings | 301 | 244 | 231 | 206 | 191 | ||||||||||||||||||||||||
Total recoveries | 1,251 | 912 | 3,150 | 1,301 | 2,038 | ||||||||||||||||||||||||
Net charge-offs | 4,648 | 2,551 | 12,501 | 5,836 | 4,950 | ||||||||||||||||||||||||
Provision for credit losses, loans and leases | 39,439 | 8,518 | 20,310 | 9,892 | 4,821 | ||||||||||||||||||||||||
Allowance for credit losses, loans and leases, end of period | $ | 83,044 | $ | 35,331 | $ | 29,364 | $ | 21,555 | $ | 17,499 | |||||||||||||||||||
Ratio of net charge-offs to average loans and leases | 0.10 | % | 0.06 | % | 0.33 | % | 0.17 | % | 0.18 | % |
At December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACL | % of Loans to Total Loans | ALLL | % of Loans to Total Loans | ALLL | % of Loans to Total Loans | ALLL | % of Loans to Total Loans | ALLL | % of Loans to Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural loans | $ | 13,584 | 16.8 | % | $ | 8,759 | 21.6 | % | $ | 7,983 | 23.4 | % | $ | 6,742 | 24.8 | % | $ | 7,037 | 25.1 | % | |||||||||||||||||||||||||||||||||||||||
Paycheck Protection Program loans (1)
|
— | 9.1 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate loans | 67,076 | 70.5 | 24,607 | 74.3 | 19,338 | 72.3 | 13,254 | 70.8 | 9,272 | 69.9 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans to individuals | 533 | 0.5 | 470 | 0.7 | 484 | 0.8 | 373 | 0.8 | 364 | 0.9 | |||||||||||||||||||||||||||||||||||||||||||||||||
Lease financings | 1,701 | 3.1 | 1,311 | 3.4 | 1,288 | 3.5 | 1,132 | 3.6 | 788 | 4.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | 150 | N/A | 184 | N/A | 271 | N/A | 54 | N/A | 38 | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 83,044 | 100.0 | % | $ | 35,331 | 100.0 | % | $ | 29,364 | 100.0 | % | $ | 21,555 | 100.0 | % | $ | 17,499 | 100.0 | % |
At December 31, | |||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||
Deposits | $ | 5,242,715 | $ | 4,360,075 | $ | 882,640 | 20.2 | % | |||||||||||||||
Short-term borrowings | 17,906 | 18,680 | (774) | (4.1) | |||||||||||||||||||
Long-term debt | 110,000 | 150,098 | (40,098) | (26.7) | |||||||||||||||||||
Subordinated notes | 183,515 | 94,818 | 88,697 | 93.5 | |||||||||||||||||||
Operating lease liabilities | 37,690 | 37,617 | 73 | 0.2 | |||||||||||||||||||
Accrued interest payable and other liabilities | 52,198 | 44,514 | 7,684 | 17.3 | |||||||||||||||||||
Total liabilities | $ | 5,644,024 | $ | 4,705,802 | $ | 938,222 | 19.9 | % |
For the Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Noninterest-bearing deposits | $ | 1,599,333 | $ | 1,210,577 | $ | 1,069,805 | |||||||||||
Interest-bearing checking deposits | 692,049 | 500,295 | 461,676 | ||||||||||||||
Money market savings | 1,113,039 | 995,403 | 764,777 | ||||||||||||||
Regular savings | 874,366 | 802,865 | 798,332 | ||||||||||||||
Time deposits | 572,103 | 677,199 | 601,674 | ||||||||||||||
Total average deposits | $ | 4,850,890 | $ | 4,186,339 | $ | 3,696,264 |
(Dollars in thousands) | At December 31, 2020 | ||||
Due Three Months or Less | $ | 89,382 | |||
Due Over Three Months to Six Months | 42,393 | ||||
Due Over Six Months to Twelve Months | 53,170 | ||||
Due Over Twelve Months | 111,775 | ||||
Total | $ | 296,720 |
(Dollars in thousands) | Balance at End of Year | Weighted Average Interest Rate | Maximum Amount Outstanding at Month End During the Year | Average Amount Outstanding During the Year | Weighted Average Interest Rate During the Year | ||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||
Short-term borrowings | $ | 17,906 | 0.05 | % | $ | 232,551 | $ | 86,658 | 0.38 | % | |||||||||||||||||||
Long-term debt | 110,000 | 1.42 | 210,069 | 189,410 | 1.52 | ||||||||||||||||||||||||
Subordinated notes | 183,515 | 4.96 | 193,481 | 134,949 | 5.01 | ||||||||||||||||||||||||
2019 | |||||||||||||||||||||||||||||
Short-term borrowings | $ | 18,680 | 0.05 | % | $ | 206,640 | $ | 56,882 | 1.78 | % | |||||||||||||||||||
Long-term debt | 150,098 | 2.04 | 170,218 | 156,366 | 2.07 | ||||||||||||||||||||||||
Subordinated notes | 94,818 | 5.32 | 94,818 | 94,695 | 5.33 | ||||||||||||||||||||||||
2018 | |||||||||||||||||||||||||||||
Short-term borrowings | $ | 189,768 | 2.32 | % | $ | 290,309 | $ | 144,312 | 1.68 | % | |||||||||||||||||||
Long-term debt | 145,330 | 2.03 | 155,782 | 150,032 | 1.85 | ||||||||||||||||||||||||
Subordinated notes | 94,574 | 5.33 | 94,574 | 94,451 | 5.34 |
At December 31, | |||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||
Common stock | $ | 157,784 | $ | 157,784 | $ | — | — | % | |||||||||||||||
Additional paid-in capital | 296,186 | 294,999 | 1,187 | 0.4 | |||||||||||||||||||
Retained earnings | 306,899 | 288,803 | 18,096 | 6.3 | |||||||||||||||||||
Accumulated other comprehensive loss | (22,144) | (21,730) | (414) | 1.9 | |||||||||||||||||||
Treasury stock | (46,253) | (44,734) | (1,519) | 3.4 | |||||||||||||||||||
Total shareholders' equity | $ | 692,472 | $ | 675,122 | $ | 17,350 | 2.6 | % |
(Dollars in thousands) | Within Three Months | After Three Months to Twelve Months | After One Year to Five Years | Over Five Years | Non-Rate Sensitive | Total | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | — | $ | — | $ | — | $ | — | $ | 62,555 | $ | 62,555 | |||||||||||||||||||||||
Interest-earning deposits with other banks | 157,303 | — | — | — | — | 157,303 | |||||||||||||||||||||||||||||
Investment securities, net of allowance for credit losses | 81,319 | 59,600 | 151,495 | 77,380 | 3,382 | 373,176 | |||||||||||||||||||||||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost | — | — | — | — | 28,183 | 28,183 | |||||||||||||||||||||||||||||
Loans held for sale | 37,039 | — | — | — | — | 37,039 | |||||||||||||||||||||||||||||
Loans and leases, net of allowance for credit losses* | 3,275,565 | 346,403 | 1,362,726 | 322,147 | (83,044) | 5,223,797 | |||||||||||||||||||||||||||||
Other assets | — | — | — | — | 454,443 | 454,443 | |||||||||||||||||||||||||||||
Total assets | $ | 3,551,226 | $ | 406,003 | $ | 1,514,221 | $ | 399,527 | $ | 465,519 | $ | 6,336,496 | |||||||||||||||||||||||
Liabilities and shareholders' equity: | |||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | $ | — | $ | — | $ | — | $ | — | $ | 1,690,663 | $ | 1,690,663 | |||||||||||||||||||||||
Interest-bearing demand deposits | 2,070,183 | — | — | — | — | 2,070,183 | |||||||||||||||||||||||||||||
Savings deposits | 918,094 | — | — | — | — | 918,094 | |||||||||||||||||||||||||||||
Time deposits | 143,884 | 172,138 | 244,429 | 3,324 | — | 563,775 | |||||||||||||||||||||||||||||
Borrowings | 71,421 | 45,000 | 195,000 | — | — | 311,421 | |||||||||||||||||||||||||||||
Other liabilities | — | — | — | — | 89,888 | 89,888 | |||||||||||||||||||||||||||||
Shareholders' equity | — | — | — | — | 692,472 | 692,472 | |||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 3,203,582 | $ | 217,138 | $ | 439,429 | $ | 3,324 | $ | 2,473,023 | $ | 6,336,496 | |||||||||||||||||||||||
Interest rate swaps | $ | 15,644 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Incremental gap | $ | 363,288 | $ | 188,865 | $ | 1,074,792 | $ | 396,203 | $ | (2,007,504) | |||||||||||||||||||||||||
Cumulative gap | $ | 363,288 | $ | 552,153 | $ | 1,626,945 | $ | 2,023,148 | |||||||||||||||||||||||||||
Cumulative gap as a percentage of interest-earning assets | 6.1 | % | 9.3 | % | 27.5 | % | 34.3 | % |
Estimated Change in Net Interest Income Over Next 12 Months | |||||||||||
(Dollars in thousands) | Amount | Percent | |||||||||
Rate shock - Change in interest rates | |||||||||||
+300 basis points | $ | 41,757 | 25.10 | % | |||||||
+200 basis points | 28,983 | 17.42 | |||||||||
+100 basis points | 15,545 | 9.34 | |||||||||
-100 basis points | (3,683) | (2.21) | |||||||||
Payments Due by Period | |||||||||||||||||||||||||||||
(Dollars in thousands) | Total | Due in One Year or Less | Due after One Year to Three Years | Due after Three Years to Five Years | Due in Over Five Years | ||||||||||||||||||||||||
Short-term borrowings | $ | 17,906 | $ | 17,906 | $ | — | $ | — | $ | — | |||||||||||||||||||
Long-term debt and interest | 113,615 | 16,300 | 37,209 | 60,106 | — | ||||||||||||||||||||||||
Subordinated notes (a) | 251,277 | 8,288 | 17,507 | 17,348 | 208,134 | ||||||||||||||||||||||||
Time deposits (b) | 578,635 | 320,542 | 218,945 | 35,547 | 3,601 | ||||||||||||||||||||||||
Operating leases | 50,689 | 3,866 | 7,692 | 7,288 | 31,843 | ||||||||||||||||||||||||
Standby, performance and other letters of credit | 70,550 | 55,713 | 14,837 | — | — | ||||||||||||||||||||||||
Commitments to extend credit (c) | 1,443,141 | 446,916 | 215,618 | 73,892 | 706,715 | ||||||||||||||||||||||||
Net asset/liability derivative loan commitments (d) | 2,576 | 2,576 | — | — | — | ||||||||||||||||||||||||
Other long-term obligations (e) | 12,979 | 7,831 | 4,846 | 297 | 5 | ||||||||||||||||||||||||
Total contractual obligations | $ | 2,541,368 | $ | 879,938 | $ | 516,654 | $ | 194,478 | $ | 950,298 |
Notes: | (a) | Includes interest for fixed and variable rate components. As specified in the note agreements, the Corporation has the option to redeem the Notes in whole or in part at a redemption price equal to 100% of the principal amount of the redeemed Notes, plus accrued and unpaid interest to the date of the redemption. | ||||||
(b) | Includes interest on both fixed and variable rate obligations. The interest expense is based upon the fourth quarter average interest rate. | |||||||
(c) | Includes both revolving and straight lines of credit. Revolving lines are reported in the "Due in One Year or Less" category. | |||||||
(d) | Includes the fair value of these contractual arrangements at December 31, 2020. | |||||||
(e) | Represents obligations to the Corporation's third-party data processing provider and other vendors. |
Page | |||||
At December 31, | |||||||||||
(Dollars in thousands, except share data) | 2020 | 2019 | |||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | 62,555 | $ | 50,571 | |||||||
Interest-earning deposits with other banks | 157,303 | 74,557 | |||||||||
Cash and cash equivalents | 219,858 | 125,128 | |||||||||
Investment securities held-to-maturity (fair value $156,325 and $194,886 at December 31, 2020 and 2019, respectively)
|
151,257 | 192,052 | |||||||||
Investment securities available-for-sale (amortized cost $221,254 and $251,014, net of allowance for credit losses of $869 and $— at December 31, 2020 and 2019, respectively)
|
218,640 | 246,924 | |||||||||
Investments in equity securities | 3,279 | 2,623 | |||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost | 28,183 | 28,254 | |||||||||
Loans held for sale | 37,039 | 5,504 | |||||||||
Loans and leases held for investment | 5,306,841 | 4,386,836 | |||||||||
Less: Allowance for credit losses, loans and leases | (83,044) | (35,331) | |||||||||
Net loans and leases held for investment | 5,223,797 | 4,351,505 | |||||||||
Premises and equipment, net | 55,636 | 56,676 | |||||||||
Operating lease right-of-use asset | 34,325 | 34,418 | |||||||||
Goodwill | 172,559 | 172,559 | |||||||||
Other intangibles, net of accumulated amortization | 8,866 | 10,284 | |||||||||
Bank owned life insurance | 117,718 | 114,778 | |||||||||
Accrued interest receivable and other assets | 65,339 | 40,219 | |||||||||
Total assets | $ | 6,336,496 | $ | 5,380,924 | |||||||
LIABILITIES | |||||||||||
Noninterest-bearing deposits | $ | 1,690,663 | $ | 1,279,681 | |||||||
Interest-bearing deposits: | |||||||||||
Demand deposits | 2,070,183 | 1,677,682 | |||||||||
Savings deposits | 918,094 | 796,702 | |||||||||
Time deposits | 563,775 | 606,010 | |||||||||
Total deposits | 5,242,715 | 4,360,075 | |||||||||
Short-term borrowings | 17,906 | 18,680 | |||||||||
Long-term debt | 110,000 | 150,098 | |||||||||
Subordinated notes | 183,515 | 94,818 | |||||||||
Operating lease liabilities | 37,690 | 37,617 | |||||||||
Accrued interest payable and other liabilities | 52,198 | 44,514 | |||||||||
Total liabilities | 5,644,024 | 4,705,802 | |||||||||
SHAREHOLDERS' EQUITY | |||||||||||
Common stock, $5 par value: 48,000,000 shares authorized at December 31, 2020 and 2019; 31,556,799 shares issued at December 31, 2020 and 2019; 29,295,052 and 29,334,629 shares outstanding at December 31, 2020 and 2019, respectively
|
157,784 | 157,784 | |||||||||
Additional paid-in capital | 296,186 | 294,999 | |||||||||
Retained earnings | 306,899 | 288,803 | |||||||||
Accumulated other comprehensive loss, net of tax benefit | (22,144) | (21,730) | |||||||||
Treasury stock, at cost; 2,261,747 and 2,222,170 shares at December 31, 2020 and 2019, respectively
|
(46,253) | (44,734) | |||||||||
Total shareholders' equity | 692,472 | 675,122 | |||||||||
Total liabilities and shareholders' equity | $ | 6,336,496 | $ | 5,380,924 |
For the Years Ended December 31, | |||||||||||||||||
(Dollars in thousands, except per share data) | 2020 | 2019 | 2018 | ||||||||||||||
Interest income | |||||||||||||||||
Interest and fees on loans and leases: | |||||||||||||||||
Taxable | $ | 183,568 | $ | 186,041 | $ | 166,304 | |||||||||||
Exempt from federal income taxes | 9,537 | 10,942 | 9,889 | ||||||||||||||
Total interest and fees on loans and leases | 193,105 | 196,983 | 176,193 | ||||||||||||||
Interest and dividends on investment securities: | |||||||||||||||||
Taxable | 7,842 | 10,660 | 9,388 | ||||||||||||||
Exempt from federal income taxes | 678 | 1,420 | 1,841 | ||||||||||||||
Interest on deposits with other banks | 574 | 2,876 | 1,101 | ||||||||||||||
Interest and dividends on other earning assets | 1,746 | 2,154 | 1,965 | ||||||||||||||
Total interest income | 203,945 | 214,093 | 190,488 | ||||||||||||||
Interest expense | |||||||||||||||||
Interest on demand deposits | 7,724 | 18,633 | 11,061 | ||||||||||||||
Interest on savings deposits | 2,057 | 3,660 | 2,357 | ||||||||||||||
Interest on time deposits | 9,835 | 13,276 | 8,768 | ||||||||||||||
Interest on short-term borrowings | 327 | 1,012 | 2,420 | ||||||||||||||
Interest on long-term debt | 9,641 | 8,280 | 7,820 | ||||||||||||||
Total interest expense | 29,584 | 44,861 | 32,426 | ||||||||||||||
Net interest income | 174,361 | 169,232 | 158,062 | ||||||||||||||
Provision for credit losses | 40,794 | 8,511 | 20,310 | ||||||||||||||
Net interest income after provision for credit losses | 133,567 | 160,721 | 137,752 | ||||||||||||||
Noninterest income | |||||||||||||||||
Trust fee income | 7,703 | 7,826 | 7,882 | ||||||||||||||
Service charges on deposit accounts | 4,845 | 5,946 | 5,632 | ||||||||||||||
Investment advisory commission and fee income | 15,944 | 15,940 | 15,098 | ||||||||||||||
Insurance commission and fee income | 16,087 | 16,571 | 15,658 | ||||||||||||||
Other service fee income | 7,543 | 9,341 | 9,332 | ||||||||||||||
Bank owned life insurance income | 2,940 | 3,179 | 3,174 | ||||||||||||||
Net gain on sales of investment securities | 871 | 54 | 10 | ||||||||||||||
Net gain on mortgage banking activities | 16,442 | 3,946 | 3,125 | ||||||||||||||
Other income | 5,953 | 2,619 | 262 | ||||||||||||||
Total noninterest income | 78,328 | 65,422 | 60,173 | ||||||||||||||
Noninterest expense | |||||||||||||||||
Salaries, benefits and commissions | 93,208 | 88,289 | 80,488 | ||||||||||||||
Net occupancy | 10,358 | 10,221 | 10,260 | ||||||||||||||
Equipment | 3,841 | 4,170 | 4,146 | ||||||||||||||
Data processing | 11,333 | 10,450 | 9,014 | ||||||||||||||
Professional fees | 5,338 | 5,563 | 5,391 | ||||||||||||||
Marketing and advertising | 1,975 | 2,594 | 2,642 | ||||||||||||||
Deposit insurance premiums | 2,591 | 780 | 1,836 | ||||||||||||||
Intangible expenses | 1,216 | 1,595 | 2,166 | ||||||||||||||
Restructuring charges | 1,439 | — | 571 | ||||||||||||||
Other expense | 23,699 | 22,428 | 20,725 | ||||||||||||||
Total noninterest expense | 154,998 | 146,090 | 137,239 | ||||||||||||||
Income before income taxes | 56,897 | 80,053 | 60,686 | ||||||||||||||
Income tax expense | 9,981 | 14,334 | 10,143 | ||||||||||||||
Net income | $ | 46,916 | $ | 65,719 | $ | 50,543 | |||||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 1.60 | $ | 2.24 | $ | 1.72 | |||||||||||
Diluted | 1.60 | 2.24 | 1.72 |
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Before
Tax Amount |
Tax
Expense (Benefit) |
Net of
Tax Amount |
Before
Tax Amount |
Tax
Expense (Benefit) |
Net of
Tax Amount |
Before
Tax Amount |
Tax
Expense (Benefit) |
Net of
Tax Amount |
|||||||||||||||||||||||||||||||||||||||||||||
Income | $ | 56,897 | $ | 9,981 | $ | 46,916 | $ | 80,053 | $ | 14,334 | $ | 65,719 | $ | 60,686 | $ | 10,143 | $ | 50,543 | |||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) on available-for-sale investment securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized holding gains (losses) arising during the period | 2,346 | 493 | 1,853 | 10,168 | 2,135 | 8,033 | (7,280) | (1,529) | (5,751) | ||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | 569 | 119 | 450 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Less: reclassification adjustment for net gains on sales realized in net income (1) | (871) | (183) | (688) | (54) | (11) | (43) | (10) | (2) | (8) | ||||||||||||||||||||||||||||||||||||||||||||
Total net unrealized gains (losses) on available-for-sale investment securities | 2,044 | 429 | 1,615 | 10,114 | 2,124 | 7,990 | (7,290) | (1,531) | (5,759) | ||||||||||||||||||||||||||||||||||||||||||||
Net unrealized (losses) gains on interest rate swaps used in cash flow hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized holding (losses) gains arising during the period | (553) | (116) | (437) | (420) | (88) | (332) | 74 | 16 | 58 | ||||||||||||||||||||||||||||||||||||||||||||
Less: reclassification adjustment for net losses (gains) realized in net income (2) | 254 | 53 | 201 | (22) | (5) | (17) | 15 | 3 | 12 | ||||||||||||||||||||||||||||||||||||||||||||
Total net unrealized (losses) gains on interest rate swaps used in cash flow hedges | (299) | (63) | (236) | (442) | (93) | (349) | 89 | 19 | 70 | ||||||||||||||||||||||||||||||||||||||||||||
Defined benefit pension plans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized losses arising during the period | (3,772) | (792) | (2,980) | (2,308) | (485) | (1,823) | (1,603) | (337) | (1,266) | ||||||||||||||||||||||||||||||||||||||||||||
Less: amortization of net actuarial loss included in net periodic pension costs (3) | 1,202 | 252 | 950 | 1,176 | 248 | 928 | 1,124 | 236 | 888 | ||||||||||||||||||||||||||||||||||||||||||||
Less: accretion of prior service cost included in net periodic pension costs (3) | — | — | — | (181) | (38) | (143) | (283) | (59) | (224) | ||||||||||||||||||||||||||||||||||||||||||||
Total defined benefit pension plans | (2,570) | (540) | (2,030) | (1,313) | (275) | (1,038) | (762) | (160) | (602) | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | (825) | (174) | (651) | 8,359 | 1,756 | 6,603 | (7,963) | (1,672) | (6,291) | ||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | $ | 56,072 | $ | 9,807 | $ | 46,265 | $ | 88,412 | $ | 16,090 | $ | 72,322 | $ | 52,723 | $ | 8,471 | $ | 44,252 |
(Dollars in thousands, except per share data) |
Common
Shares Outstanding |
Common
Stock |
Additional
Paid-in Capital |
Retained
Earnings |
Accumulated
Other Comprehensive (Loss) Income |
Treasury
Stock |
Total | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2017 | 29,334,859 | $ | 157,784 | $ | 290,133 | $ | 216,761 | $ | (17,771) | $ | (43,533) | $ | 603,374 | ||||||||||||||||||||||||||||
Adjustment to initially apply ASU No. 2016-01 for equity securities measured at fair value | — | — | — | 433 | (433) | — | — | ||||||||||||||||||||||||||||||||||
Adjustment to initially apply ASU No. 2018-02 for reclassification of stranded net tax charges | — | — | — | 3,921 | (3,921) | — | |||||||||||||||||||||||||||||||||||
Net income | — | — | — | 50,543 | — | — | 50,543 | ||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of income tax benefit | — | — | — | — | (6,291) | — | (6,291) | ||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.80 per share)
|
— | — | — | (23,492) | — | — | (23,492) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 2,557 | — | — | — | 2,557 | ||||||||||||||||||||||||||||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 84,466 | — | 152 | 1 | — | 2,142 | 2,295 | ||||||||||||||||||||||||||||||||||
Exercise of stock options | 59,750 | — | (43) | — | — | 1,174 | 1,131 | ||||||||||||||||||||||||||||||||||
Restricted stock awards granted, net of cancellations | 25,754 | — | (398) | — | — | 398 | — | ||||||||||||||||||||||||||||||||||
Purchases of treasury stock | (233,977) | — | — | — | — | (5,984) | (5,984) | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | 29,270,852 | $ | 157,784 | $ | 292,401 | $ | 248,167 | $ | (28,416) | $ | (45,803) | $ | 624,133 | ||||||||||||||||||||||||||||
Adjustment to initially apply ASU No. 2016-02 for leases | — | — | — | (1,525) | — | — | (1,525) | ||||||||||||||||||||||||||||||||||
Adjustment to initially apply ASU No. 2017-12 for derivatives | — | — | — | (83) | 83 | — | — | ||||||||||||||||||||||||||||||||||
Adjustment to initially apply ASU No. 2017-08 for premium amortization on purchased callable debt securities | — | — | — | (39) | — | — | (39) | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | 65,719 | — | — | 65,719 | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of income tax | — | — | — | — | 6,603 | — | 6,603 | ||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.80 per share)
|
— | — | — | (23,437) | — | — | (23,437) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 2,277 | — | — | — | 2,277 | ||||||||||||||||||||||||||||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 90,669 | — | 162 | 1 | — | 2,070 | 2,233 | ||||||||||||||||||||||||||||||||||
Exercise of stock options | 69,038 | — | (182) | — | — | 1,385 | 1,203 | ||||||||||||||||||||||||||||||||||
Cancellations of performance-based restricted stock awards | (17,349) | — | 341 | — | — | (341) | — | ||||||||||||||||||||||||||||||||||
Purchases of treasury stock | (78,581) | — | — | — | — | (2,045) | (2,045) | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 29,334,629 | $ | 157,784 | $ | 294,999 | $ | 288,803 | $ | (21,730) | $ | (44,734) | $ | 675,122 | ||||||||||||||||||||||||||||
Adjustment to initially apply ASU No. 2016-13 for CECL (1) | — | — | — | (11,284) | 237 | — | (11,047) | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | 46,916 | — | — | 46,916 | ||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of income tax benefit | — | — | — | — | (651) | — | (651) | ||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.60 per share)
|
— | — | — | (17,522) | — | — | (17,522) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 1,367 | (14) | — | — | 1,353 | ||||||||||||||||||||||||||||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 140,721 | — | (197) | — | — | 2,566 | 2,369 | ||||||||||||||||||||||||||||||||||
Vesting of restricted stock unit awards | 17,035 | — | (346) | — | — | 346 | — | ||||||||||||||||||||||||||||||||||
Exercise of stock options | 21,500 | — | (55) | — | — | 439 | 384 | ||||||||||||||||||||||||||||||||||
Cancellations of performance-based restricted stock awards | (14,777) | — | 418 | — | — | (418) | — | ||||||||||||||||||||||||||||||||||
Purchases of treasury stock | (204,056) | — | — | — | — | (4,452) | (4,452) | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 29,295,052 | $ | 157,784 | $ | 296,186 | $ | 306,899 | $ | (22,144) | $ | (46,253) | $ | 692,472 |
For the Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income | $ | 46,916 | $ | 65,719 | $ | 50,543 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Provision for credit losses | 40,794 | 8,511 | 20,310 | ||||||||||||||
Depreciation of premises and equipment | 4,780 | 5,277 | 5,581 | ||||||||||||||
Net gain on sales of investment securities | (871) | (54) | (10) | ||||||||||||||
Net gain on mortgage banking activities | (16,442) | (3,946) | (3,125) | ||||||||||||||
Bank owned life insurance income | (2,940) | (3,179) | (3,174) | ||||||||||||||
Net amortization of investment securities premiums and discounts | 2,594 | 1,738 | 1,602 | ||||||||||||||
Amortization, fair market value adjustments and capitalization of servicing rights | 218 | 141 | (196) | ||||||||||||||
Net amortization (accretion) of acquisition accounting fair value adjustments | 42 | (761) | (1,037) | ||||||||||||||
Stock-based compensation | 1,480 | 2,348 | 2,557 | ||||||||||||||
Intangible expenses | 1,216 | 1,595 | 2,166 | ||||||||||||||
Other adjustments to reconcile net income to cash (used in) provided by operating activities | (5,485) | (1,635) | 305 | ||||||||||||||
Deferred tax benefit | (9,854) | (1,807) | (599) | ||||||||||||||
Originations of loans held for sale | (484,842) | (227,083) | (158,097) | ||||||||||||||
Proceeds from the sale of loans held for sale | 468,070 | 227,473 | 161,357 | ||||||||||||||
Contributions to pension and other postretirement benefit plans | (270) | (266) | (3,264) | ||||||||||||||
(Increase) decrease in accrued interest receivable and other assets | (2,835) | (2,332) | 4,547 | ||||||||||||||
Increase in accrued interest payable and other liabilities | 8,608 | 1,409 | 6,540 | ||||||||||||||
Net cash provided by operating activities | 51,179 | 73,148 | 86,006 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Proceeds from sale of premises and equipment | 4 | 1,410 | 1,169 | ||||||||||||||
Purchases of premises and equipment | (3,753) | (3,856) | (4,288) | ||||||||||||||
Proceeds from maturities, calls and principal repayments of securities held-to-maturity | 81,850 | 34,207 | 11,526 | ||||||||||||||
Proceeds from maturities, calls and principal repayments of securities available-for-sale | 54,758 | 67,020 | 54,702 | ||||||||||||||
Proceeds from sales of securities available-for-sale | 66,421 | 26,494 | 1,010 | ||||||||||||||
Purchases of investment securities held-to-maturity | (43,115) | (84,733) | (99,132) | ||||||||||||||
Purchases of investment securities available-for-sale | (91,273) | (2,993) | (1,986) | ||||||||||||||
Proceeds from sales of money market mutual funds | 12,297 | 5,035 | 11,225 | ||||||||||||||
Purchases of money market mutual funds | (13,139) | (5,413) | (6,482) | ||||||||||||||
Net decrease (increase) in other investments | 71 | 83 | (1,133) | ||||||||||||||
Proceeds from sale of loans originally held-for-investment | 14,416 | — | — | ||||||||||||||
Net increase in loans and leases | (947,204) | (381,343) | (398,240) | ||||||||||||||
Proceeds from sales of other real estate owned | 1,275 | 720 | 490 | ||||||||||||||
Purchases of bank owned life insurance | — | — | (1,563) | ||||||||||||||
Proceeds from bank owned life insurance | — | — | 1,384 | ||||||||||||||
Net cash used in investing activities | (867,392) | (343,369) | (431,318) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Net increase in deposits | 882,625 | 474,190 | 331,170 | ||||||||||||||
Net (decrease) increase in short-term borrowings | (774) | (171,088) | 84,337 | ||||||||||||||
Proceeds from issuance of long-term debt | 125,000 | 25,000 | 10,000 | ||||||||||||||
Repayment of long-term debt | (165,000) | (20,000) | (20,000) | ||||||||||||||
Proceeds from issuance of subordinated notes | 100,000 | — | — | ||||||||||||||
Subordinated notes issuance costs | (1,552) | — | — | ||||||||||||||
Repayment of subordinated notes | (10,000) | — | — | ||||||||||||||
Payment of contingent consideration on acquisitions | (121) | (129) | (131) | ||||||||||||||
Purchases of treasury stock | (4,452) | (2,045) | (5,984) | ||||||||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 2,369 | 2,233 | 2,295 | ||||||||||||||
Proceeds from exercise of stock options | 384 | 1,203 | 1,131 | ||||||||||||||
Cash dividends paid | (17,536) | (23,435) | (23,495) |
Net cash provided by financing activities | 910,943 | 285,929 | 379,323 | ||||||||||||||
Net increase in cash and cash equivalents | 94,730 | 15,708 | 34,011 | ||||||||||||||
Cash and cash equivalents at beginning of year | 125,128 | 109,420 | 75,409 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 219,858 | $ | 125,128 | $ | 109,420 | |||||||||||
For the Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Supplemental disclosures of cash flow information: | |||||||||||||||||
Cash paid for interest | $ | 29,233 | $ | 44,479 | $ | 30,875 | |||||||||||
Cash paid for income taxes, net of refunds | 17,316 | 17,171 | 2,022 | ||||||||||||||
Non cash transactions: | |||||||||||||||||
Transfer of loans to other real estate owned | $ | 8,405 | $ | 71 | $ | 477 | |||||||||||
Transfer of loans to loans held for sale | 14,416 | — | — | ||||||||||||||
January 1, 2020 | |||||||||||||||||
(Dollars in thousands) | Pre-adoption | Adoption Impact | As Reported | ||||||||||||||
Assets: | |||||||||||||||||
ACL on debt securities: available-for-sale: | |||||||||||||||||
Corporate bonds | $ | — | $ | 300 | $ | 300 | |||||||||||
ACL on loans and leases: | |||||||||||||||||
Commercial, financial and agricultural | 8,759 | 5,284 | 14,043 | ||||||||||||||
Real estate-commercial | 15,750 | 6,208 | 21,958 | ||||||||||||||
Real estate-construction | 2,446 | 29 | 2,475 | ||||||||||||||
Real estate-residential secured for business purpose | 2,622 | 2,502 | 5,124 | ||||||||||||||
Real estate-residential secured for personal purpose | 2,713 | (706) | 2,007 | ||||||||||||||
Real estate-home equity secured for personal purpose | 1,076 | (364) | 712 | ||||||||||||||
Loans to individuals | 470 | 104 | 574 | ||||||||||||||
Lease financings | 1,311 | (135) | 1,176 | ||||||||||||||
Unallocated | 184 | — | 184 | ||||||||||||||
Total ACL on loans and leases | 35,331 | 12,922 | 48,253 | ||||||||||||||
Liabilities: | |||||||||||||||||
Reserve for unfunded commitments | $ | 420 | $ | 1,145 | $ | 1,565 |
For the Years Ended December 31, | |||||||||||||||||
(Dollars and shares in thousands, except per share data) | 2020 | 2019 | 2018 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 46,916 | $ | 65,719 | $ | 50,543 | |||||||||||
Net income allocated to unvested restricted stock awards | (69) | (236) | (333) | ||||||||||||||
Net income allocated to common shares | $ | 46,847 | $ | 65,483 | $ | 50,210 | |||||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding | 29,244 | 29,300 | 29,370 | ||||||||||||||
Average unvested restricted stock awards | (46) | (107) | (193) | ||||||||||||||
Denominator for basic earnings per share—weighted-average shares outstanding
|
29,198 | 29,193 | 29,177 | ||||||||||||||
Effect of dilutive securities—employee stock options and restricted stock units | 70 | 68 | 82 | ||||||||||||||
Denominator for diluted earnings per share—adjusted weighted-average shares outstanding
|
29,268 | 29,261 | 29,259 | ||||||||||||||
Basic earnings per share | $ | 1.60 | $ | 2.24 | $ | 1.72 | |||||||||||
Diluted earnings per share | $ | 1.60 | $ | 2.24 | $ | 1.72 | |||||||||||
Average anti-dilutive options and restricted stock units excluded from computation of diluted earnings per share | 491 | 325 | 319 |
At December 31, 2020 | At December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Allowance for Credit Losses | Fair Value |
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Fair Value | ||||||||||||||||||||||||||||||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government corporations and agencies: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
After 1 year to 5 years | $ | 6,998 | $ | 171 | $ | — | — | $ | 7,169 | $ | 6,997 | $ | 66 | $ | — | $ | 7,063 | ||||||||||||||||||||||||||||||||||||
6,998 | 171 | — | — | 7,169 | 6,997 | 66 | — | 7,063 | |||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
After 5 years to 10 years | 6,325 | 253 | — | — | 6,578 | 9,083 | 129 | — | 9,212 | ||||||||||||||||||||||||||||||||||||||||||||
Over 10 years | 137,934 | 4,644 | — | — | 142,578 | 175,972 | 2,749 | (110) | 178,611 | ||||||||||||||||||||||||||||||||||||||||||||
144,259 | 4,897 | — | — | 149,156 | 185,055 | 2,878 | (110) | 187,823 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 151,257 | $ | 5,068 | $ | — | $ | — | $ | 156,325 | $ | 192,052 | $ | 2,944 | $ | (110) | $ | 194,886 | |||||||||||||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government corporations and agencies: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Within 1 year | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 301 | $ | — | $ | (1) | $ | 300 | |||||||||||||||||||||||||||||||||||
— | — | — | — | — | 301 | — | (1) | 300 | |||||||||||||||||||||||||||||||||||||||||||||
State and political subdivisions: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
After 1 year to 5 years | 3,560 | 33 | — | — | 3,593 | 4,717 | 23 | — | 4,740 | ||||||||||||||||||||||||||||||||||||||||||||
After 5 years to 10 years | 9,881 | 63 | — | — | 9,944 | 29,563 | 292 | — | 29,855 | ||||||||||||||||||||||||||||||||||||||||||||
13,441 | 96 | — | — | 13,537 | 34,280 | 315 | — | 34,595 | |||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Within 1 year | — | — | — | — | — | 304 | 9 | — | 313 | ||||||||||||||||||||||||||||||||||||||||||||
After 1 year to 5 years | 323 | 10 | — | — | 333 | 611 | 3 | (1) | 613 | ||||||||||||||||||||||||||||||||||||||||||||
After 5 years to 10 years | 1,664 | 58 | — | — | 1,722 | 36,893 | 107 | (21) | 36,979 | ||||||||||||||||||||||||||||||||||||||||||||
Over 10 years | 110,018 | 2,153 | (63) | — | 112,108 | 80,630 | 378 | (453) | 80,555 | ||||||||||||||||||||||||||||||||||||||||||||
112,005 | 2,221 | (63) | — | 114,163 | 118,438 | 497 | (475) | 118,460 | |||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
After 5 years to 10 years | 754 | 21 | — | — | 775 | 2,377 | 6 | (22) | 2,361 | ||||||||||||||||||||||||||||||||||||||||||||
Over 10 years | 4,561 | — | (15) | — | 4,546 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
5,315 | 21 | (15) | — | 5,321 | 2,377 | 6 | (22) | 2,361 | |||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Within 1 year | 499 | 2 | — | — | 501 | 6,012 | 1 | (4) | 6,009 | ||||||||||||||||||||||||||||||||||||||||||||
After 1 year to 5 years | 29,498 | 1,440 | — | (16) | 30,922 | 29,606 | 596 | (61) | 30,141 | ||||||||||||||||||||||||||||||||||||||||||||
After 5 years to 10 years | 60,496 | 3 | (5,450) | (853) | 54,196 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Over 10 years | — | — | — | — | — | 60,000 | — | (4,942) | 55,058 | ||||||||||||||||||||||||||||||||||||||||||||
90,493 | 1,445 | (5,450) | (869) | 85,619 | 95,618 | 597 | (5,007) | 91,208 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 221,254 | $ | 3,783 | $ | (5,528) | $ | (869) | $ | 218,640 | $ | 251,014 | $ | 1,415 | $ | (5,505) | $ | 246,924 |
For the Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Securities available-for-sale: | |||||||||||||||||
Proceeds from sales | $ | 66,421 | $ | 26,494 | $ | 1,010 | |||||||||||
Gross realized gains on sales | 885 | 78 | 10 | ||||||||||||||
Gross realized losses on sales | 14 | 24 | — | ||||||||||||||
Tax expense related to net realized gains on sales | 183 | 11 | 2 |
Less than
Twelve Months |
Twelve Months
or Longer |
Total | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value |
Unrealized
Losses |
Fair Value |
Unrealized
Losses |
Fair Value |
Unrealized
Losses |
|||||||||||||||||||||||||||||
At December 31, 2020 | |||||||||||||||||||||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 13,677 | $ | (62) | $ | 31 | $ | (1) | $ | 13,708 | $ | (63) | |||||||||||||||||||||||
Collateralized mortgage obligations | 4,545 | (15) | — | — | 4,545 | (15) | |||||||||||||||||||||||||||||
Total | $ | 18,222 | $ | (77) | $ | 31 | $ | (1) | $ | 18,253 | $ | (78) | |||||||||||||||||||||||
At December 31, 2019 | |||||||||||||||||||||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 26,767 | $ | (110) | $ | — | $ | — | $ | 26,767 | $ | (110) | |||||||||||||||||||||||
Total | $ | 26,767 | $ | (110) | $ | — | $ | — | $ | 26,767 | $ | (110) | |||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||||||||
U.S. government corporations and agencies | $ | — | $ | — | $ | 300 | $ | (1) | $ | 300 | $ | (1) | |||||||||||||||||||||||
Residential mortgage-backed securities | 21,827 | (62) | 48,672 | (413) | 70,499 | (475) | |||||||||||||||||||||||||||||
Collateralized mortgage obligations | — | — | 1,295 | (22) | 1,295 | (22) | |||||||||||||||||||||||||||||
Corporate bonds | 998 | — | 65,506 | (5,007) | 66,504 | (5,007) | |||||||||||||||||||||||||||||
Total | $ | 22,825 | $ | (62) | $ | 115,773 | $ | (5,443) | $ | 138,598 | $ | (5,505) |
(Dollars in thousands) | Corporate Bonds | ||||
For the Year Ended December 31, 2020 | |||||
Securities Available-for-Sale | |||||
Beginning balance | $ | — | |||
Adjustment to initially apply ASU No. 2016-13 for CECL | (300) | ||||
Change in securities for which a previous expected credit loss was recognized | (569) | ||||
Ending balance | $ | (869) |
At December 31, | |||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||
Commercial, financial and agricultural | $ | 892,665 | $ | 947,029 | |||||||
Paycheck Protection Program | 483,773 | — | |||||||||
Real estate-commercial | 2,458,872 | 2,040,441 | |||||||||
Real estate-construction | 243,355 | 232,595 | |||||||||
Real estate-residential secured for business purpose | 381,446 | 373,973 | |||||||||
Real estate-residential secured for personal purpose | 487,600 | 439,059 | |||||||||
Real estate-home equity secured for personal purpose | 166,609 | 174,435 | |||||||||
Loans to individuals | 27,482 | 29,883 | |||||||||
Lease financings | 165,039 | 149,421 | |||||||||
Loans and leases held for investment, net of deferred income | 5,306,841 | 4,386,836 | |||||||||
Less: Allowance for credit losses, loans and leases | (83,044) | (35,331) | |||||||||
Net loans and leases held for investment | $ | 5,223,797 | $ | 4,351,505 | |||||||
Imputed interest on lease financings, included in the above table | $ | (17,670) | $ | (16,340) | |||||||
Net deferred (fees) costs, included in the above table | (2,903) | 5,999 | |||||||||
Overdraft deposits included in the above table | 948 | 407 |
Accruing Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
30-59
Days Past Due |
60-89
Days Past Due |
90 Days
or more Past Due |
Total
Past Due |
Current | Total Accruing Loans and Leases | Nonaccrual Loans and Leases |
Total Loans
and Leases Held for Investment |
|||||||||||||||||||||||||||||||||||||||
At December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,104 | $ | 279 | $ | 50 | $ | 1,433 | $ | 888,405 | $ | 889,838 | $ | 2,827 | $ | 892,665 | |||||||||||||||||||||||||||||||
Paycheck Protection Program | — | — | — | — | 483,773 | 483,773 | — | 483,773 | |||||||||||||||||||||||||||||||||||||||
Real estate—commercial real estate and construction: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 3,230 | 859 | 945 | 5,034 | 2,431,099 | 2,436,133 | 22,739 | 2,458,872 | |||||||||||||||||||||||||||||||||||||||
Construction | 361 | — | — | 361 | 242,994 | 243,355 | — | 243,355 | |||||||||||||||||||||||||||||||||||||||
Real estate—residential and home equity: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential secured for business purpose | 3,726 | 603 | — | 4,329 | 374,331 | 378,660 | 2,786 | 381,446 | |||||||||||||||||||||||||||||||||||||||
Residential secured for personal purpose | 6,057 | 80 | — | 6,137 | 479,377 | 485,514 | 2,086 | 487,600 | |||||||||||||||||||||||||||||||||||||||
Home equity secured for personal purpose | 607 | 32 | — | 639 | 164,923 | 165,562 | 1,047 | 166,609 | |||||||||||||||||||||||||||||||||||||||
Loans to individuals | 190 | 74 | 185 | 449 | 27,033 | 27,482 | — | 27,482 | |||||||||||||||||||||||||||||||||||||||
Lease financings | 898 | 291 | 212 | 1,401 | 163,431 | 164,832 | 207 | 165,039 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 16,173 | $ | 2,218 | $ | 1,392 | $ | 19,783 | $ | 5,255,366 | $ | 5,275,149 | $ | 31,692 | $ | 5,306,841 |
Accruing Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
30-59
Days Past Due |
60-89
Days Past Due |
90 Days
or more Past Due |
Total
Past Due |
Current | Total Accruing Loans and Leases | Acquired Credit Impaired | Nonaccrual Loans and Leases |
Total Loans
and Leases Held for Investment |
||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 2,602 | $ | 150 | $ | 20 | $ | 2,772 | $ | 940,815 | $ | 943,587 | $ | — | $ | 3,442 | $ | 947,029 | |||||||||||||||||||||||||||||||||||
Real estate—commercial real estate and construction: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 3,473 | 266 | — | 3,739 | 2,008,568 | 2,012,307 | 206 | 27,928 | 2,040,441 | ||||||||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 232,338 | 232,338 | — | 257 | 232,595 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate—residential and home equity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential secured for business purpose | 2,078 | 2,442 | — | 4,520 | 366,473 | 370,993 | — | 2,980 | 373,973 | ||||||||||||||||||||||||||||||||||||||||||||
Residential secured for personal purpose | 2,969 | 446 | — | 3,415 | 433,548 | 436,963 | 58 | 2,038 | 439,059 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity secured for personal purpose | 605 | 297 | — | 902 | 172,106 | 173,008 | — | 1,427 | 174,435 | ||||||||||||||||||||||||||||||||||||||||||||
Loans to individuals | 157 | 73 | 74 | 304 | 29,579 | 29,883 | — | — | 29,883 | ||||||||||||||||||||||||||||||||||||||||||||
Lease financings | 1,409 | 296 | 49 | 1,754 | 147,161 | 148,915 | — | 506 | 149,421 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 13,293 | $ | 3,970 | $ | 143 | $ | 17,406 | $ | 4,330,588 | $ | 4,347,994 | $ | 264 | $ | 38,578 | $ | 4,386,836 |
At December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Nonaccrual
Loans and Leases* |
Accruing
Troubled Debt Restructured Loans and Lease Modifications |
Loans and
Leases 90 Days or more Past Due and Accruing Interest |
Total Nonperforming
Loans and Leases |
Nonaccrual
Loans and Leases* |
Accruing
Troubled Debt Restructured Loans and Lease Modifications |
Loans and
Leases 90 Days or more Past Due and Accruing Interest |
Total Nonperforming
Loans and Leases |
|||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 2,827 | $ | — | $ | 50 | $ | 2,877 | $ | 3,442 | $ | — | $ | 20 | $ | 3,462 | |||||||||||||||||||||||||||||||
Real estate—commercial real estate and construction: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 22,739 | — | 945 | 23,684 | 27,928 | — | — | 27,928 | |||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 257 | — | — | 257 | |||||||||||||||||||||||||||||||||||||||
Real estate—residential and home equity: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential secured for business purpose | 2,786 | — | — | 2,786 | 2,980 | — | — | 2,980 | |||||||||||||||||||||||||||||||||||||||
Residential secured for personal purpose | 2,086 | — | — | 2,086 | 2,038 | — | — | 2,038 | |||||||||||||||||||||||||||||||||||||||
Home equity secured for personal purpose | 1,047 | 53 | — | 1,100 | 1,427 | 54 | — | 1,481 | |||||||||||||||||||||||||||||||||||||||
Loans to individuals | — | — | 185 | 185 | — | — | 74 | 74 | |||||||||||||||||||||||||||||||||||||||
Lease financings | 207 | — | 212 | 419 | 506 | — | 49 | 555 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 31,692 | $ | 53 | $ | 1,392 | $ | 33,137 | $ | 38,578 | $ | 54 | $ | 143 | $ | 38,775 |
(Dollars in thousands) | Nonaccrual With No ACL | Nonaccrual With ACL | Total Nonaccrual | Loans 90 Days or more Past Due and Accruing Interest | |||||||||||||||||||
At December 31, 2020 | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 2,187 | $ | 640 | $ | 2,827 | $ | 50 | |||||||||||||||
Real estate-commercial | 22,739 | — | 22,739 | 945 | |||||||||||||||||||
Real estate-residential secured for business purpose | 2,663 | 123 | 2,786 | — | |||||||||||||||||||
Real estate-residential secured for personal purpose | 1,958 | 128 | 2,086 | — | |||||||||||||||||||
Real estate-home equity secured for personal purpose | 1,047 | — | 1,047 | — | |||||||||||||||||||
Loans to individuals | — | — | — | 185 | |||||||||||||||||||
Lease financings | — | 207 | 207 | 212 | |||||||||||||||||||
Total | $ | 30,594 | $ | 1,098 | $ | 31,692 | $ | 1,392 |
(Dollars in thousands) | Real Estate |
Other (1)
|
None (2)
|
Total | |||||||||||||||||||
At December 31, 2020 | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,351 | $ | 1,194 | $ | 282 | $ | 2,827 | |||||||||||||||
Real estate-commercial | 22,739 | — | — | 22,739 | |||||||||||||||||||
Real estate-residential secured for business purpose | 2,786 | — | — | 2,786 | |||||||||||||||||||
Real estate-residential secured for personal purpose | 2,086 | — | — | 2,086 | |||||||||||||||||||
Real estate-home equity secured for personal purpose | 1,047 | — | — | 1,047 | |||||||||||||||||||
Total | $ | 30,009 | $ | 1,194 | $ | 282 | $ | 31,485 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amortized Cost Basis | Total | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1. Pass | $ | 162,547 | $ | 93,967 | $ | 74,722 | $ | 38,906 | $ | 17,371 | $ | 56,053 | $ | 427,336 | $ | 870,902 | |||||||||||||||||||||||||||||||||||||
2. Special Mention | 2,723 | 783 | 316 | 500 | 777 | 1,144 | 8,318 | 14,561 | |||||||||||||||||||||||||||||||||||||||||||||
3. Substandard | — | 430 | 362 | 28 | — | 627 | 5,755 | 7,202 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 165,270 | $ | 95,180 | $ | 75,400 | $ | 39,434 | $ | 18,148 | $ | 57,824 | $ | 441,409 | $ | 892,665 | |||||||||||||||||||||||||||||||||||||
Paycheck Protection Program | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1. Pass | $ | 483,773 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 483,773 | |||||||||||||||||||||||||||||||||||||
2. Special Mention | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
3. Substandard | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 483,773 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 483,773 | |||||||||||||||||||||||||||||||||||||
Real Estate-Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1. Pass | $ | 1,084,157 | $ | 481,997 | $ | 223,646 | $ | 268,236 | $ | 143,041 | $ | 157,503 | $ | 43,008 | $ | 2,401,588 | |||||||||||||||||||||||||||||||||||||
2. Special Mention | 6,220 | 10,076 | 3,498 | — | 1,250 | 5,870 | 1,247 | 28,161 | |||||||||||||||||||||||||||||||||||||||||||||
3. Substandard | 3,803 | 3,998 | 709 | 11,383 | 1,207 | 6,690 | 1,333 | 29,123 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,094,180 | $ | 496,071 | $ | 227,853 | $ | 279,619 | $ | 145,498 | $ | 170,063 | $ | 45,588 | $ | 2,458,872 | |||||||||||||||||||||||||||||||||||||
Real Estate-Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1. Pass | $ | 116,840 | $ | 59,507 | $ | 39,009 | $ | 113 | $ | 2,950 | $ | — | $ | 3,711 | $ | 222,130 | |||||||||||||||||||||||||||||||||||||
2. Special Mention | 21,225 | — | — | — | — | — | — | 21,225 | |||||||||||||||||||||||||||||||||||||||||||||
3. Substandard | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 138,065 | $ | 59,507 | $ | 39,009 | $ | 113 | $ | 2,950 | $ | — | $ | 3,711 | $ | 243,355 | |||||||||||||||||||||||||||||||||||||
Real Estate-Residential Secured for Business Purpose | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1. Pass | $ | 118,925 | $ | 72,149 | $ | 52,775 | $ | 43,347 | $ | 37,768 | $ | 25,170 | $ | 25,510 | $ | 375,644 | |||||||||||||||||||||||||||||||||||||
2. Special Mention | 1,354 | — | 188 | 77 | 175 | 130 | — | 1,924 | |||||||||||||||||||||||||||||||||||||||||||||
3. Substandard | 28 | 991 | 50 | 64 | 1,065 | 962 | 718 | 3,878 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 120,307 | $ | 73,140 | $ | 53,013 | $ | 43,488 | $ | 39,008 | $ | 26,262 | $ | 26,228 | $ | 381,446 | |||||||||||||||||||||||||||||||||||||
Totals By Risk Rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1. Pass | $ | 1,966,242 | $ | 707,620 | $ | 390,152 | $ | 350,602 | $ | 201,130 | $ | 238,726 | $ | 499,565 | $ | 4,354,037 | |||||||||||||||||||||||||||||||||||||
2. Special Mention | 31,522 | 10,859 | 4,002 | 577 | 2,202 | 7,144 | 9,565 | 65,871 | |||||||||||||||||||||||||||||||||||||||||||||
3. Substandard | 3,831 | 5,419 | 1,121 | 11,475 | 2,272 | 8,279 | 7,806 | 40,203 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,001,595 | $ | 723,898 | $ | 395,275 | $ | 362,654 | $ | 205,604 | $ | 254,149 | $ | 516,936 | $ | 4,460,111 |
(Dollars in thousands) |
Commercial,
Financial and Agricultural |
Real Estate—
Commercial |
Real Estate—
Construction |
Real Estate—
Residential Secured for Business Purpose |
Total | ||||||||||||||||||||||||
At December 31, 2019 | |||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||
1. Pass | $ | 911,848 | $ | 1,974,561 | $ | 201,424 | $ | 367,122 | $ | 3,454,955 | |||||||||||||||||||
2. Special Mention | 18,843 | 24,199 | 20,987 | 3,769 | 67,798 | ||||||||||||||||||||||||
3. Substandard | 16,338 | 41,681 | 10,184 | 3,082 | 71,285 | ||||||||||||||||||||||||
Total | $ | 947,029 | $ | 2,040,441 | $ | 232,595 | $ | 373,973 | $ | 3,594,038 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amortized Cost Basis | Total | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate-Residential Secured for Personal Purpose | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Payment Performance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1. Performing | $ | 191,987 | $ | 61,880 | $ | 56,314 | $ | 50,983 | $ | 38,975 | $ | 84,138 | $ | 1,237 | $ | 485,514 | |||||||||||||||||||||||||||||||||||||
2. Nonperforming | 666 | — | 56 | — | — | 1,364 | — | 2,086 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 192,653 | $ | 61,880 | $ | 56,370 | $ | 50,983 | $ | 38,975 | $ | 85,502 | $ | 1,237 | $ | 487,600 | |||||||||||||||||||||||||||||||||||||
Real Estate-Home Equity Secured for Personal Purpose | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Payment Performance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1. Performing | $ | 1,195 | $ | 815 | $ | 829 | $ | 1,160 | $ | 518 | $ | 2,189 | $ | 158,803 | $ | 165,509 | |||||||||||||||||||||||||||||||||||||
2. Nonperforming | — | — | 198 | — | — | 36 | 866 | 1,100 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,195 | $ | 815 | $ | 1,027 | $ | 1,160 | $ | 518 | $ | 2,225 | $ | 159,669 | $ | 166,609 | |||||||||||||||||||||||||||||||||||||
Loans to Individuals | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Payment Performance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1. Performing | $ | 1,795 | $ | 1,425 | $ | 970 | $ | 441 | $ | 220 | $ | 2,266 | $ | 20,180 | $ | 27,297 | |||||||||||||||||||||||||||||||||||||
2. Nonperforming | — | — | — | — | — | 23 | 162 | 185 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,795 | $ | 1,425 | $ | 970 | $ | 441 | $ | 220 | $ | 2,289 | $ | 20,342 | $ | 27,482 | |||||||||||||||||||||||||||||||||||||
Lease Financings | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Payment Performance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1. Performing | $ | 72,173 | $ | 45,972 | $ | 30,679 | $ | 11,613 | $ | 3,616 | $ | 567 | $ | — | $ | 164,620 | |||||||||||||||||||||||||||||||||||||
2. Nonperforming | 12 | 182 | 5 | 205 | 7 | 8 | — | 419 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 72,185 | $ | 46,154 | $ | 30,684 | $ | 11,818 | $ | 3,623 | $ | 575 | $ | — | $ | 165,039 | |||||||||||||||||||||||||||||||||||||
Totals by Payment Performance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1. Performing | $ | 267,150 | $ | 110,092 | $ | 88,792 | $ | 64,197 | $ | 43,329 | $ | 89,160 | $ | 180,220 | $ | 842,940 | |||||||||||||||||||||||||||||||||||||
2. Nonperforming | 678 | 182 | 259 | 205 | 7 | 1,431 | 1,028 | 3,790 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 267,828 | $ | 110,274 | $ | 89,051 | $ | 64,402 | $ | 43,336 | $ | 90,591 | $ | 181,248 | $ | 846,730 |
(Dollars in thousands) |
Real Estate—
Residential Secured for Personal Purpose |
Real Estate—
Home Equity Secured for Personal Purpose |
Loans to
Individuals |
Lease
Financings |
Total | ||||||||||||||||||||||||
At December 31, 2019 | |||||||||||||||||||||||||||||
Performing | $ | 437,021 | $ | 172,954 | $ | 29,809 | $ | 148,866 | $ | 788,650 | |||||||||||||||||||
Nonperforming | 2,038 | 1,481 | 74 | 555 | 4,148 | ||||||||||||||||||||||||
Total | $ | 439,059 | $ | 174,435 | $ | 29,883 | $ | 149,421 | $ | 792,798 |
Allowance for credit losses, loans and leases | Loans and leases held for investment | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Ending balance: individually analyzed | Ending balance: pooled | Total ending balance | Ending balance: individually analyzed | Ending balance: pooled | Loans measured at fair value | Total ending balance | ||||||||||||||||||||||||||||||||||
At December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 535 | $ | 13,049 | $ | 13,584 | $ | 2,827 | $ | 889,838 | $ | — | $ | 892,665 | |||||||||||||||||||||||||||
Paycheck Protection Program | — | — | — | — | 483,773 | — | 483,773 | ||||||||||||||||||||||||||||||||||
Real Estate-Commercial | — | 52,230 | 52,230 | 22,739 | 2,435,946 | 187 | 2,458,872 | ||||||||||||||||||||||||||||||||||
Real Estate-Construction | — | 3,298 | 3,298 | — | 243,355 | — | 243,355 | ||||||||||||||||||||||||||||||||||
Real Estate-Residential Secured for Business Purpose | 24 | 7,293 | 7,317 | 2,786 | 378,660 | — | 381,446 | ||||||||||||||||||||||||||||||||||
Real Estate-Residential Secured for Personal Purpose | 26 | 3,029 | 3,055 | 2,086 | 485,514 | — | 487,600 | ||||||||||||||||||||||||||||||||||
Real Estate-Home Equity Secured for Personal Purpose | — | 1,176 | 1,176 | 1,047 | 165,562 | — | 166,609 | ||||||||||||||||||||||||||||||||||
Loans to Individuals | — | 533 | 533 | — | 27,482 | — | 27,482 | ||||||||||||||||||||||||||||||||||
Lease Financings | — | 1,701 | 1,701 | — | 165,039 | — | 165,039 | ||||||||||||||||||||||||||||||||||
Unallocated | N/A | 150 | 150 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||
Total | $ | 585 | $ | 82,459 | $ | 83,044 | $ | 31,485 | $ | 5,275,169 | $ | 187 | $ | 5,306,841 | |||||||||||||||||||||||||||
At December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 44 | $ | 8,715 | $ | 8,759 | $ | 3,442 | $ | 943,587 | $ | — | $ | 947,029 | |||||||||||||||||||||||||||
Real Estate-Commercial and Construction | 1,562 | 16,634 | 18,196 | 28,185 | 2,244,534 | 317 | 2,273,036 | ||||||||||||||||||||||||||||||||||
Real Estate-Residential Secured for Business Purpose | 306 | 2,316 | 2,622 | 2,980 | 370,993 | — | 373,973 | ||||||||||||||||||||||||||||||||||
Real Estate-Residential and Home Equity Secured for Personal Purpose | 196 | 3,593 | 3,789 | 3,519 | 609,975 | — | 613,494 | ||||||||||||||||||||||||||||||||||
Loans to Individuals | — | 470 | 470 | — | 29,883 | — | 29,883 | ||||||||||||||||||||||||||||||||||
Lease Financings | — | 1,311 | 1,311 | 277 | 149,144 | — | 149,421 | ||||||||||||||||||||||||||||||||||
Unallocated | N/A | 184 | 184 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||
Total | $ | 2,108 | $ | 33,223 | $ | 35,331 | $ | 38,403 | $ | 4,348,116 | $ | 317 | $ | 4,386,836 |
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Number
of Loans |
Pre-
Restructuring Outstanding Recorded Investment |
Post-
Restructuring Outstanding Recorded Investment |
Number
of Loans |
Pre-
Restructuring Outstanding Recorded Investment |
Post-
Restructuring Outstanding Recorded Investment |
|||||||||||||||||||||||||||||||||||||||||
Accruing Troubled Debt Restructured Loans: | |||||||||||||||||||||||||||||||||||||||||||||||
Real estate—home equity secured for personal purpose | — | $ | — | $ | — | 1 | $ | 55 | $ | 55 | |||||||||||||||||||||||||||||||||||||
Total | — | $ | — | $ | — | 1 | $ | 55 | $ | 55 | |||||||||||||||||||||||||||||||||||||
Nonaccrual Troubled Debt Restructured Loans: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | 1 | $ | 619 | $ | 619 | 4 | $ | 1,475 | $ | 1,475 | |||||||||||||||||||||||||||||||||||||
Real estate—commercial real estate | — | — | — | 2 | 12,414 | 12,414 | |||||||||||||||||||||||||||||||||||||||||
Real estate—residential secured for personal purpose | 1 | 544 | 544 | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Total | 2 | $ | 1,163 | $ | 1,163 | 6 | $ | 13,889 | $ | 13,889 |
Maturity Date
Extension |
Amortization Period Extension | Incremental Extension of Credit |
Total Concessions
Granted |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
No. of
Loans |
Amount |
No. of
Loans |
Amount |
No. of
Loans |
Amount |
No. of
Loans |
Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accruing Troubled Debt Restructured Loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | — | $ | — | — | $ | — | — | $ | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual Troubled Debt Restructured Loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | — | $ | — | 1 | $ | 619 | — | $ | — | 1 | $ | 619 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate—residential secured for personal purpose | — | — | 1 | 544 | — | — | 1 | 544 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | — | $ | — | 2 | $ | 1,163 | — | $ | — | 2 | $ | 1,163 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accruing Troubled Debt Restructured Loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate—home equity secured for personal purpose | — | $ | — | 1 | $ | 55 | — | $ | — | 1 | $ | 55 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | — | $ | — | 1 | $ | 55 | — | $ | — | 1 | $ | 55 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual Troubled Debt Restructured Loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | 1 | $ | 19 | 2 | $ | 956 | 1 | $ | 500 | 4 | $ | 1,475 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate—commercial real estate | — | — | 1 | 1,313 | 1 | 11,101 | 2 | 12,414 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 1 | $ | 19 | 3 | $ | 2,269 | 2 | $ | 11,601 | 6 | $ | 13,889 |
For the Years Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
(Dollars in thousands) |
Number
of Loans |
Recorded
Investment |
Number
of Loans |
Recorded
Investment |
|||||||||||||||||||
Accruing Troubled Debt Restructured Loans: | |||||||||||||||||||||||
Total | — | $ | — | — | $ | — | |||||||||||||||||
Nonaccrual Troubled Debt Restructured Loans: | |||||||||||||||||||||||
Commercial, financial and agricultural | — | $ | — | 1 | $ | 17 | |||||||||||||||||
Total | — | $ | — | 1 | $ | 17 | |||||||||||||||||
(Dollars in thousands) | At December 31, 2020 | At December 31, 2019 | |||||||||
Real estate-residential secured for personal purpose | $ | 64 | $ | 714 | |||||||
Real estate-home equity secured for personal purpose | — | 1,058 | |||||||||
Total | $ | 64 | $ | 1,772 |
(Dollars in thousands) | At December 31, 2020 | At December 31, 2019 | |||||||||
Foreclosed residential real estate | $ | — | $ | 71 | |||||||
(Dollars in thousands) | At December 31, 2020 | At December 31, 2019 | |||||||||
2020 | N/A | $ | 57,515 | ||||||||
2021 | 61,724 | 45,510 | |||||||||
2022 | 49,970 | 32,233 | |||||||||
2023 | 35,631 | 18,345 | |||||||||
2024 | 20,821 | 6,639 | |||||||||
2025 | 8,319 | 957 | |||||||||
Thereafter | 2,763 | 1,302 | |||||||||
Total lease financing receivables | 179,228 | 162,501 | |||||||||
Plus: Unguaranteed residual | 914 | 886 | |||||||||
Plus: Initial direct costs | 2,567 | 2,374 | |||||||||
Less: Imputed interest | (17,670) | (16,340) | |||||||||
Net investment in lease financing receivables | $ | 165,039 | $ | 149,421 |
At December 31, | |||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||
Land and land improvements | $ | 14,549 | $ | 14,292 | |||||||
Premises and improvements | 55,703 | 54,158 | |||||||||
Furniture and equipment | 30,374 | 28,678 | |||||||||
Total cost | 100,626 | 97,128 | |||||||||
Less: accumulated depreciation | (44,990) | (40,452) | |||||||||
Net book value | $ | 55,636 | $ | 56,676 |
(Dollars in thousands) | Banking | Wealth Management | Insurance | Consolidated | |||||||||||||||||||
Balance at December 31, 2018 | $ | 138,476 | $ | 15,434 | $ | 18,649 | $ | 172,559 | |||||||||||||||
Addition to goodwill from acquisitions | — | — | — | — | |||||||||||||||||||
Balance at December 31, 2019 | 138,476 | 15,434 | 18,649 | 172,559 | |||||||||||||||||||
Addition to goodwill from acquisitions | — | — | — | — | |||||||||||||||||||
Balance at December 31, 2020 | $ | 138,476 | $ | 15,434 | $ | 18,649 | $ | 172,559 |
At December 31, 2020 | At December 31, 2019 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Gross Carrying Amount |
Accumulated Amortization (1)
|
Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||
Amortized intangible assets: | |||||||||||||||||||||||||||||||||||
Core deposit intangibles | $ | 6,788 | $ | 4,787 | $ | 2,001 | $ | 6,788 | $ | 4,026 | $ | 2,762 | |||||||||||||||||||||||
Customer related intangibles | 7,604 | 7,147 | 457 | 8,819 | 7,923 | 896 | |||||||||||||||||||||||||||||
Servicing rights | 22,354 | 15,946 | 6,408 | 19,160 | 12,534 | 6,626 | |||||||||||||||||||||||||||||
Total amortized intangible assets | $ | 36,746 | $ | 27,880 | $ | 8,866 | $ | 34,767 | $ | 24,483 | $ | 10,284 |
(Dollars in thousands) | ||||||||
Year | Amount | |||||||
2021 | $ | 923 | ||||||
2022 | 666 | |||||||
2023 | 409 | |||||||
2024 | 267 | |||||||
2025 | 144 | |||||||
Thereafter | 49 | |||||||
Total | $ | 2,458 |
For the Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Beginning of period | $ | 6,626 | $ | 6,768 | $ | 6,573 | |||||||||||
Servicing rights capitalized | 3,194 | 1,787 | 1,458 | ||||||||||||||
Amortization of servicing rights | (3,325) | (1,929) | (1,263) | ||||||||||||||
Changes in valuation allowance | (87) | — | — | ||||||||||||||
End of period | $ | 6,408 | $ | 6,626 | $ | 6,768 | |||||||||||
Loans serviced for others | $ | 1,200,742 | $ | 1,080,905 | $ | 1,031,506 |
For the Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Valuation allowance, beginning of period | $ | — | $ | — | $ | — | |||||||||||
Additions | (87) | — | — | ||||||||||||||
Valuation allowance, end of period | $ | (87) | $ | — | $ | — | |||||||||||
(Dollars in thousand) | ||||||||
Year | Amount | |||||||
2021 | $ | 1,675 | ||||||
2022 | 1,250 | |||||||
2023 | 931 | |||||||
2024 | 693 | |||||||
2025 | 427 | |||||||
Thereafter | 1,432 | |||||||
Total | $ | 6,408 |
At December 31, | |||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||
Other real estate owned | $ | 7,355 | $ | 516 | |||||||
Accrued interest receivable | 16,475 | 14,100 | |||||||||
Accrued income and other receivables | 7,340 | 6,973 | |||||||||
Fair market value of derivative financial instruments | 2,894 | 399 | |||||||||
Other prepaid expenses | 11,470 | 13,936 | |||||||||
Net deferred tax assets | 16,514 | 3,615 | |||||||||
Other | 3,291 | 680 | |||||||||
Total accrued interest and other assets | $ | 65,339 | $ | 40,219 |
December 31, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | Amount | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Noninterest-bearing deposits | — | % | $ | 1,690,663 | — | % | $ | 1,279,681 | |||||||||||||||
Demand deposits | 0.22 | 2,070,183 | 0.96 | 1,677,682 | |||||||||||||||||||
Savings deposits | 0.08 | 918,094 | 0.37 | 796,702 | |||||||||||||||||||
Time deposits | 1.30 | 563,775 | 1.95 | 606,010 | |||||||||||||||||||
Total | 0.24 | % | $ | 5,242,715 | 0.71 | % | $ | 4,360,075 |
(Dollars in thousands) | ||||||||
Year | Amount | |||||||
Due in 2021 | $ | 12,178 | ||||||
Due in 2022 | 304,928 | |||||||
Due in 2023 | 93,332 | |||||||
Due in 2024 | 115,886 | |||||||
Due in 2025 | 24,000 | |||||||
Thereafter | 13,451 | |||||||
Total | $ | 563,775 |
Balance at End of Year | Weighted Average Interest Rate | Maximum Amount Outstanding at Month End During the Year | Average Amount Outstanding During the Year | Weighted Average Interest Rate During the Year | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||
Short-term borrowings: | |||||||||||||||||||||||||||||
FHLB borrowings | $ | — | — | % | $ | — | $ | 5,048 | 1.68 | % | |||||||||||||||||||
Federal funds purchased | — | — | 40,000 | 1,388 | 1.64 | ||||||||||||||||||||||||
Customer repurchase agreements | 17,906 | 0.05 | % | 39,615 | 20,747 | 0.05 | |||||||||||||||||||||||
Other short-term borrowings | — | — | 192,936 | 59,475 | 0.35 | ||||||||||||||||||||||||
Long-term debt: | |||||||||||||||||||||||||||||
FHLB advances | $ | 110,000 | 1.42 | % | $ | 200,000 | $ | 181,722 | 1.54 | % | |||||||||||||||||||
Subordinated notes | $ | 183,515 | 4.96 | % | $ | 193,481 | $ | 134,949 | 5.01 | % | |||||||||||||||||||
2019 | |||||||||||||||||||||||||||||
Short-term borrowings: | |||||||||||||||||||||||||||||
FHLB borrowings | $ | — | — | % | $ | 190,740 | $ | 23,485 | 2.57 | % | |||||||||||||||||||
Federal funds purchased | — | — | 8,500 | 15,217 | 2.63 | ||||||||||||||||||||||||
Customer repurchase agreements | 18,680 | 0.05 | 22,995 | 18,180 | 0.05 | ||||||||||||||||||||||||
Long-term debt: | |||||||||||||||||||||||||||||
FHLB advances | $ | 140,000 | 2.04 | % | $ | 150,000 | $ | 139,397 | 2.00 | % | |||||||||||||||||||
Security repurchase agreements | 10,098 | 2.07 | 20,308 | 16,969 | 2.61 | ||||||||||||||||||||||||
Subordinated notes | $ | 94,818 | 5.32 | % | $ | 94,818 | $ | 94,695 | 5.33 | % |
(Dollars in thousands) | As of December 31, 2020 | Weighted Average Rate | |||||||||
2021 | $ | 15,000 | 1.93 | % | |||||||
2022 | — | — | |||||||||
2023 | 35,000 | 1.94 | |||||||||
2024 | 60,000 | 0.98 | |||||||||
2025 | — | — | |||||||||
Thereafter | — | — | |||||||||
Total | $ | 110,000 | 1.42 | % |
For the Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Current: | |||||||||||||||||
Federal | $ | 18,498 | $ | 15,043 | $ | 9,770 | |||||||||||
State | 1,337 | 1,098 | 972 | ||||||||||||||
Deferred: | |||||||||||||||||
Federal | (9,288) | (1,068) | (862) | ||||||||||||||
State | (566) | (739) | 263 | ||||||||||||||
$ | 9,981 | $ | 14,334 | $ | 10,143 |
For the Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Expected provision at statutory rate | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||
Difference resulting from: | |||||||||||||||||
Tax exempt interest income, net of disallowance | (3.8) | (3.2) | (4.0) | ||||||||||||||
Increase in value of bank owned life insurance assets | (1.1) | (0.8) | (1.1) | ||||||||||||||
Stock-based compensation | 0.2 | — | (0.2) | ||||||||||||||
State income taxes, net of federal benefits | 1.1 | 0.4 | 1.6 | ||||||||||||||
Adjustment to deferred tax assets and liabilities for enacted changes in tax laws and rates | — | — | (0.5) | ||||||||||||||
Changes in valuation allowance | 0.2 | 0.2 | 0.1 | ||||||||||||||
Other | (0.1) | 0.3 | (0.2) | ||||||||||||||
Effective tax rate | 17.5 | % | 17.9 | % | 16.7 | % |
At December 31, | |||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||
Deferred tax assets: | |||||||||||
Allowance for credit losses, loans and leases | $ | 18,113 | $ | 7,680 | |||||||
Deferred compensation | 1,625 | 1,834 | |||||||||
Actuarial adjustments on retirement benefits* | 5,408 | 4,868 | |||||||||
State net operating losses | 5,621 | 5,071 | |||||||||
Other-than-temporary impairments on equity securities | 151 | 151 | |||||||||
Net unrealized holding losses on securities available-for-sale and swaps* | 483 | 915 | |||||||||
Lease liability | 8,227 | 8,177 | |||||||||
Deferred loan fees and costs | 583 | — | |||||||||
Other deferred tax assets | 2,148 | 1,146 | |||||||||
Gross deferred tax assets | 42,359 | 29,842 | |||||||||
Valuation allowance | (4,766) | (4,284) | |||||||||
Total deferred tax assets, net of valuation allowance | 37,593 | 25,558 | |||||||||
Deferred tax liabilities: | |||||||||||
Mortgage servicing rights | 1,370 | 1,404 | |||||||||
Retirement plans | 5,309 | 5,299 | |||||||||
Deferred loan fees and costs | — | 1,330 | |||||||||
Acquisition-related fair value adjustments | 1,236 | 1,515 | |||||||||
Intangible assets | 2,580 | 1,956 | |||||||||
Accounting method change adjustment | 385 | 768 | |||||||||
Depreciation | 888 | 1,137 | |||||||||
Right of use asset | 7,491 | 7,481 | |||||||||
Other deferred tax liabilities | 1,820 | 1,053 | |||||||||
Total deferred tax liabilities | 21,079 | 21,943 | |||||||||
Net deferred tax assets | $ | 16,514 | $ | 3,615 |
Retirement Plans | Other Postretirement Benefits | ||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 53,685 | $ | 46,868 | $ | 3,069 | $ | 2,283 | |||||||||||||||
Service cost | 477 | 436 | 109 | 67 | |||||||||||||||||||
Interest cost | 1,692 | 1,905 | 96 | 94 | |||||||||||||||||||
Actuarial loss | 6,423 | 7,104 | 377 | 731 | |||||||||||||||||||
Benefits paid | (2,846) | (2,628) | (111) | (106) | |||||||||||||||||||
Benefit obligation at end of year | $ | 59,431 | $ | 53,685 | $ | 3,540 | $ | 3,069 | |||||||||||||||
Change in plan assets: | |||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 51,607 | $ | 45,379 | $ | — | $ | — | |||||||||||||||
Actual return on plan assets | 6,306 | 8,696 | — | — | |||||||||||||||||||
Benefits paid | (2,846) | (2,628) | (111) | (106) | |||||||||||||||||||
Corrective payment | 140 | — | — | — | |||||||||||||||||||
Employer contribution and non-qualified benefit payments | 159 | 160 | 111 | 106 | |||||||||||||||||||
Fair value of plan assets at end of year | $ | 55,366 | $ | 51,607 | $ | — | $ | — | |||||||||||||||
Funded status | (4,065) | (2,078) | (3,540) | (3,069) | |||||||||||||||||||
Unrecognized net actuarial loss | 24,526 | 22,433 | 989 | 638 | |||||||||||||||||||
Net amount recognized | $ | 20,461 | $ | 20,355 | $ | (2,551) | $ | (2,431) |
At December 31, | |||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||
Projected benefit obligation | $ | 57,116 | $ | 51,443 | |||||||
Accumulated benefit obligation | 55,642 | 48,629 | |||||||||
Fair value of plan assets | 55,366 | 51,607 |
Retirement Plans | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||
Service cost | $ | 477 | $ | 436 | $ | 560 | $ | 109 | $ | 67 | $ | 88 | |||||||||||||||||||||||
Interest cost | 1,692 | 1,905 | 1,760 | 96 | 94 | 92 | |||||||||||||||||||||||||||||
Expected loss on plan assets | (3,291) | (3,061) | (3,287) | — | — | — | |||||||||||||||||||||||||||||
Amortization of net actuarial loss | 1,176 | 1,176 | 1,120 | 26 | — | 4 | |||||||||||||||||||||||||||||
Accretion of prior service cost | — | (181) | (283) | — | — | — | |||||||||||||||||||||||||||||
Net periodic benefit cost (income) | $ | 54 | $ | 275 | $ | (130) | $ | 231 | $ | 161 | $ | 184 |
(Dollars in thousands) | Retirement Plans | Other Postretirement Benefits | |||||||||
Expected amortization expense for 2021: | |||||||||||
Amortization of net actuarial loss | $ | 1,270 | $ | 46 | |||||||
Accretion of prior service cost | — | — |
(Dollars in thousands) | Retirement Plans | Other Postretirement Benefits | ||||||||||||
For the fiscal year ending: | ||||||||||||||
2021 | $ | 2,956 | $ | 94 | ||||||||||
2022 | 2,985 | 96 | ||||||||||||
2023 | 3,049 | 102 | ||||||||||||
2024 | 3,063 | 107 | ||||||||||||
2025 | 3,050 | 109 | ||||||||||||
Years 2026-2030 | 15,336 | 703 | ||||||||||||
Total | $ | 30,439 | $ | 1,211 |
Retirement Plans | Other Postretirement Benefits | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Assumed discount rate | 2.4 | % | 3.2 | % | 2.4 | % | 3.2 | % | |||||||||||||||
Assumed salary increase rate | 3%-6% | 3% - 6% | — | — |
Retirement Plans | Other Postretirement Benefits | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Assumed discount rate | 3.2 | % | 4.2 | % | 3.2 | % | 4.2 | % | |||||||||||||||
Assumed long-term rate of investment return | 6.5 | % | 7.0 | % | — | — | |||||||||||||||||
Assumed salary increase rate | 3%-6% | 3% - 6% | — | — |
Percentage of Plan Assets at December 31, | |||||||||||
2020 | 2019 | ||||||||||
Asset Category: | |||||||||||
Equity securities | 60 | % | 61 | % | |||||||
Debt securities | 37 | 38 | |||||||||
Other | 3 | 1 | |||||||||
Total | 100 | % | 100 | % |
Fair Value Measurements at December 31, | |||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||
Level 1: | |||||||||||
Mutual funds | $ | 37,602 | $ | 34,332 | |||||||
Short-term investments | 1,984 | 1,068 | |||||||||
Level 2: | |||||||||||
U.S. government obligations | 5,721 | 6,167 | |||||||||
Corporate bonds | 6,204 | 6,540 | |||||||||
Certificates of deposit | 3,855 | 3,500 | |||||||||
Level 3: | |||||||||||
Total fair value of plan assets | $ | 55,366 | $ | 51,607 |
(Dollars in thousands, except per share data) | Shares Under Option | Weighted Average Exercise Price Per Share | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value at December 31, 2020 | |||||||||||||||||||
Outstanding at December 31, 2019 | 508,111 | $ | 24.83 | ||||||||||||||||||||
Expired | (2,000) | 28.33 | |||||||||||||||||||||
Forfeited | (30,826) | 26.10 | |||||||||||||||||||||
Exercised | (21,500) | 17.84 | |||||||||||||||||||||
Outstanding at December 31, 2020 | 453,785 | 25.06 | 5.8 | $ | 268 | ||||||||||||||||||
Exercisable at December 31, 2020 | 404,014 | 24.63 | 5.6 | 268 |
(Dollars in thousands, except per share data) | Nonvested Stock Options | Weighted Average Grant Date Fair Value | |||||||||
Nonvested stock options at December 31, 2019 | 163,261 | $ | 6.54 | ||||||||
Vested | (106,131) | 6.58 | |||||||||
Forfeited | (7,359) | 6.48 | |||||||||
Nonvested stock options at December 31, 2020 | 49,771 | 6.46 |
For the Year Ended December 31, | |||||||||||||||||
2018 | |||||||||||||||||
Expected option life in years | 6.6 | ||||||||||||||||
Risk free interest rate | 2.80 | % | |||||||||||||||
Expected dividend yield | 2.81 | % | |||||||||||||||
Expected volatility | 27.15 | % | |||||||||||||||
Fair value of options | $6.46 |
(Dollars in thousands, except per share data) | Nonvested Stock Awards and Units | Weighted Average Grant Date Fair Value | |||||||||
Nonvested share awards at December 31, 2019 | 209,378 | $ | 26.76 | ||||||||
Granted (1)
|
262,844 | 19.00 | |||||||||
Vested | (59,855) | 27.17 | |||||||||
Cancelled (2)
|
(106,663) | 23.39 | |||||||||
Nonvested share awards and units at December 31, 2020 | 305,704 | 21.18 |
For the Years Ended December 31, | |||||||||||||||||
(Dollars in thousands, except per share data) | 2020 | 2019 | 2018 | ||||||||||||||
Restricted stock awards and units granted | 262,844 | 114,729 | 59,953 | ||||||||||||||
Weighted average grant date fair value | $ | 19.00 | $ | 25.65 | $ | 28.39 | |||||||||||
Intrinsic value of awards granted | $ | 4,994 | $ | 3,072 | $ | 1,293 | |||||||||||
Restricted stock awards and units vested | 59,855 | 44,807 | 97,201 | ||||||||||||||
Weighted average grant date fair value | $ | 27.17 | $ | 21.65 | $ | 20.13 | |||||||||||
Intrinsic value of awards vested | $ | 1,375 | $ | 1,119 | $ | 2,709 |
(Dollars in thousands) | Unrecognized Compensation Cost | Weighted-Average Period Remaining (Years) | |||||||||
Stock options | $ | 62 | 0.2 | ||||||||
Restricted stock awards and units | 4,072 | 1.7 | |||||||||
$ | 4,134 | 1.7 |
For the Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Stock-based compensation expense: | |||||||||||||||||
Stock options | $ | 338 | $ | 716 | $ | 1,020 | |||||||||||
Restricted stock awards and units | 1,142 | 1,632 | 1,537 | ||||||||||||||
Employee stock purchase plan | 88 | 74 | 68 | ||||||||||||||
Total | $ | 1,568 | $ | 2,422 | $ | 2,625 | |||||||||||
Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options | $ | 278 | $ | 518 | $ | 620 |
(Dollars in thousands) |
Net Unrealized
(Losses) Gains on Available-for-Sale Investment Securities |
Net Change
Related to Derivatives Used for Cash Flow Hedges |
Net Change
Related to Defined Benefit Pension Plans |
Accumulated
Other Comprehensive (Loss) Income |
|||||||||||||||||||
Balance, December 31, 2017 | $ | (4,061) | $ | 9 | $ | (13,719) | $ | (17,771) | |||||||||||||||
Adjustment to initially apply ASU No. 2016-01 for equity securities measured at fair value | (433) | — | — | (433) | |||||||||||||||||||
Adjustment to initially apply ASU No. 2018-02 for reclassification of stranded net tax charges | (968) | 2 | (2,955) | (3,921) | |||||||||||||||||||
Other comprehensive (loss) income | (5,759) | 70 | (602) | (6,291) | |||||||||||||||||||
Balance, December 31, 2018 | (11,221) | 81 | (17,276) | (28,416) | |||||||||||||||||||
Adjustment to initially apply ASU No. 2017-12 for derivatives | — | 83 | — | 83 | |||||||||||||||||||
Other comprehensive income (loss) | 7,990 | (349) | (1,038) | 6,603 | |||||||||||||||||||
Balance, December 31, 2019 | (3,231) | (185) | (18,314) | (21,730) | |||||||||||||||||||
Adjustment to initially apply ASU No. 2016-13 for CECL (1) | 237 | — | — | 237 | |||||||||||||||||||
Other comprehensive income (loss) | 1,615 | (236) | (2,030) | (651) | |||||||||||||||||||
Balance, December 31, 2020 | $ | (1,379) | $ | (421) | $ | (20,344) | $ | (22,144) |
For the Years Ended December 31, | |||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||
Operating lease cost | $ | 3,862 | $ | 3,789 | |||||||
Short-term lease cost | 12 | — | |||||||||
Variable lease cost | 5 | 2 | |||||||||
Total lease cost | $ | 3,879 | $ | 3,791 | |||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows from leases | 3,693 | 3,536 | |||||||||
At December 31, 2020 | At December 31, 2019 | ||||||||||
Weighted-average remaining lease term in years | 13.9 | 14.8 | |||||||||
Weighted-average discount rate | 4.14 | % | 4.24 | % |
(Dollars in thousands) | Contract/Notional Amount | ||||
Financial instruments representing credit risk: | |||||
Commitments to extend credit | $ | 1,443,141 | |||
Performance letters of credit | 34,215 | ||||
Financial standby letters of credit | 35,998 | ||||
Other letters of credit | 337 |
(Dollars in thousands) | |||||
Year | Amount | ||||
2021 | $ | 7,831 | |||
2022 | 4,327 | ||||
2023 | 519 | ||||
2024 | 252 | ||||
2025 | 45 | ||||
Thereafter | 5 | ||||
Total | $ | 12,979 |
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||
(Dollars in thousands) |
Notional
Amount |
Balance Sheet
Classification |
Fair
Value |
Balance Sheet
Classification |
Fair
Value |
||||||||||||||||||||||||
At December 31, 2020 | |||||||||||||||||||||||||||||
Interest rate swap - cash flow hedge | $ | 15,465 | $ | — | Other liabilities | $ | 533 | ||||||||||||||||||||||
Total | $ | 15,465 | $ | — | $ | 533 | |||||||||||||||||||||||
At December 31, 2019 | |||||||||||||||||||||||||||||
Interest rate swap - cash flow hedge | $ | 16,286 | $ | — | Other liabilities | $ | 235 | ||||||||||||||||||||||
Total | $ | 16,286 | $ | — | $ | 235 |
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||
(Dollars in thousands) |
Notional
Amount |
Balance Sheet
Classification |
Fair
Value |
Balance Sheet
Classification |
Fair
Value |
||||||||||||||||||||||||
At December 31, 2020 | |||||||||||||||||||||||||||||
Interest rate swap | $ | 179 | $ | — | Other liabilities | $ | 8 | ||||||||||||||||||||||
Credit derivatives | 643,556 | — | Other liabilities | 535 | |||||||||||||||||||||||||
Interest rate locks with customers | 77,246 | Other assets | 2,894 | — | |||||||||||||||||||||||||
Forward loan sale commitments | 112,690 | — | Other liabilities | 752 | |||||||||||||||||||||||||
Total | $ | 833,671 | $ | 2,894 | $ | 1,295 | |||||||||||||||||||||||
At December 31, 2019 | |||||||||||||||||||||||||||||
Interest rate swap | $ | 303 | $ | — | Other liabilities | $ | 14 | ||||||||||||||||||||||
Credit derivatives | 270,147 | — | Other liabilities | 176 | |||||||||||||||||||||||||
Interest rate locks with customers | 19,966 | Other assets | 399 | — | |||||||||||||||||||||||||
Forward loan sale commitments | 21,846 | — | Other liabilities | 19 | |||||||||||||||||||||||||
Total | $ | 312,262 | $ | 399 | $ | 209 |
Statement of Income Classification | For the Years Ended December 31, | ||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||||||||
Interest rate swap—cash flow hedge—net interest payments | Interest expense | $ | 254 | $ | (22) | $ | 15 | ||||||||||||||||
Interest rate swap—fair value hedge—effectiveness | Interest income | — | (5) | — | |||||||||||||||||||
Interest rate swap—cash flow hedge—ineffectiveness | Other noninterest income | — | — | 83 | |||||||||||||||||||
Interest rate swap—fair value hedge—ineffectiveness | Other noninterest income | — | — | 3 | |||||||||||||||||||
Total net (loss) gain | $ | (254) | $ | 17 | $ | 71 |
Statement of Income Classification | For the Years Ended December 31, | ||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||||||||
Credit derivatives | Other noninterest income | $ | 5,733 | $ | 1,350 | $ | 262 | ||||||||||||||||
Interest rate locks with customers | Net gain (loss) on mortgage banking activities | 2,495 | (91) | (37) | |||||||||||||||||||
Forward loan sale commitments | Net (loss) gain on mortgage banking activities | (733) | 131 | (211) | |||||||||||||||||||
Total net gain | $ | 7,495 | $ | 1,390 | $ | 14 |
Accumulated Other
Comprehensive Income |
At December 31, | ||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||||||||
Interest rate swap—cash flow hedge | Fair value, net of taxes | $ | (421) | $ | (185) | ||||||||||||
Total | $ | (421) | $ | (185) |
At December 31, 2020 | |||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 |
Assets/
Liabilities at Fair Value |
|||||||||||||||||||
Assets: | |||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
State and political subdivisions | $ | — | $ | 13,537 | $ | — | $ | 13,537 | |||||||||||||||
Residential mortgage-backed securities | — | 114,163 | — | 114,163 | |||||||||||||||||||
Collateralized mortgage obligations | — | 5,321 | — | 5,321 | |||||||||||||||||||
Corporate bonds | — | 76,019 | 9,600 | 85,619 | |||||||||||||||||||
Total available-for-sale securities | — | 209,040 | 9,600 | 218,640 | |||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Equity securities - financial services industry | 818 | — | — | 818 | |||||||||||||||||||
Money market mutual funds | 2,461 | — | — | 2,461 | |||||||||||||||||||
Total equity securities | 3,279 | — | — | 3,279 | |||||||||||||||||||
Loans* | — | — | 187 | 187 | |||||||||||||||||||
Loans held for sale | — | 37,039 | — | 37,039 | |||||||||||||||||||
Interest rate locks with customers* | — | 2,894 | — | 2,894 | |||||||||||||||||||
Total assets | $ | 3,279 | $ | 248,973 | $ | 9,787 | $ | 262,039 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Contingent consideration liability | $ | — | $ | — | $ | 55 | $ | 55 | |||||||||||||||
Interest rate swaps* | — | 541 | — | 541 | |||||||||||||||||||
Credit derivatives* | — | — | 535 | 535 | |||||||||||||||||||
Forward loan sale commitments* | — | 752 | — | 752 | |||||||||||||||||||
Total liabilities | $ | — | $ | 1,293 | $ | 590 | $ | 1,883 |
At December 31, 2019 | |||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 |
Assets/
Liabilities at Fair Value |
|||||||||||||||||||
Assets: | |||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
U.S. government corporations and agencies | $ | — | $ | 300 | $ | — | $ | 300 | |||||||||||||||
State and political subdivisions | — | 34,595 | — | 34,595 | |||||||||||||||||||
Residential mortgage-backed securities | — | 118,460 | — | 118,460 | |||||||||||||||||||
Collateralized mortgage obligations | — | 2,361 | — | 2,361 | |||||||||||||||||||
Corporate bonds | — | 91,208 | — | 91,208 | |||||||||||||||||||
Total available-for-sale securities | — | 246,924 | — | 246,924 | |||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Equity securities - financial services industry | 1,004 | — | — | 1,004 | |||||||||||||||||||
Money market mutual funds | 1,619 | — | — | 1,619 | |||||||||||||||||||
Total equity securities | 2,623 | — | — | 2,623 | |||||||||||||||||||
Loans* | — | — | 317 | 317 | |||||||||||||||||||
Interest rate locks with customers* | — | 399 | — | 399 | |||||||||||||||||||
Total assets | $ | 2,623 | $ | 247,323 | $ | 317 | $ | 250,263 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Contingent consideration liability | $ | — | $ | — | $ | 160 | $ | 160 | |||||||||||||||
Interest rate swaps* | — | 249 | — | 249 | |||||||||||||||||||
Credit derivatives* | — | — | 176 | 176 | |||||||||||||||||||
Forward loan sale commitments* | — | 19 | — | 19 | |||||||||||||||||||
Total liabilities | $ | — | $ | 268 | $ | 336 | $ | 604 |
For the Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Balance at
December 31, 2019 |
Additions | Payments received | (Decrease) Increase in value | Transfer from Level 3 | Transfer into Level 3 | Balance at December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | — | $ | — | $ | — | $ | (400) | $ | — | $ | 10,000 | $ | 9,600 | |||||||||||||||||||||||||||||||||||||||
Loans | 317 | — | (123) | (7) | — | — | 187 | ||||||||||||||||||||||||||||||||||||||||||||||
Credit derivatives | (176) | (6,092) | — | 5,733 | — | — | (535) | ||||||||||||||||||||||||||||||||||||||||||||||
Net total | $ | 141 | $ | (6,092) | $ | (123) | $ | 5,326 | $ | — | $ | 10,000 | $ | 9,252 |
For the Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Balance at
December 31, 2018 |
Additions | Payments received | Increase (decrease) in value | Transfer from Level 3 | Transfer into Level 3 | Balance at December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 25,729 | $ | — | $ | — | $ | 675 | $ | (26,404) | — | $ | — | ||||||||||||||||||||||||||||||||||||||||
Loans | 1,779 | — | (1,461) | (1) | — | — | 317 | ||||||||||||||||||||||||||||||||||||||||||||||
Credit derivatives | (72) | (1,454) | — | 1,350 | — | — | (176) | ||||||||||||||||||||||||||||||||||||||||||||||
Net total | $ | 27,436 | $ | (1,454) | $ | (1,461) | $ | 2,024 | $ | (26,404) | $ | — | $ | 141 |
For the Year Ended December 31, 2020 | |||||||||||||||||||||||||||||
(Dollars in thousands) |
Balance at
December 31, 2019 |
Contingent
Consideration from New Acquisition |
Payment of
Contingent Consideration |
Adjustment
of Contingent Consideration |
Balance at December 31, 2020 | ||||||||||||||||||||||||
Girard Partners | $ | 160 | $ | — | $ | 121 | $ | 16 | $ | 55 | |||||||||||||||||||
Total contingent consideration liability | $ | 160 | $ | — | $ | 121 | $ | 16 | $ | 55 |
For the Year Ended December 31, 2019 | |||||||||||||||||||||||||||||
(Dollars in thousands) |
Balance at
December 31, 2018 |
Contingent
Consideration from New Acquisition |
Payment of
Contingent Consideration |
Adjustment
of Contingent Consideration |
Balance at December 31, 2019 | ||||||||||||||||||||||||
Girard Partners | $ | 259 | $ | — | $ | 129 | $ | 30 | $ | 160 | |||||||||||||||||||
Total contingent consideration liability | $ | 259 | $ | — | $ | 129 | $ | 30 | $ | 160 |
At December 31, 2020 | |||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 |
Assets at
Fair Value |
|||||||||||||||||||
Individually analyzed loans held for investment | $ | — | $ | — | $ | 30,900 | $ | 30,900 | |||||||||||||||
Other real estate owned | — | — | 7,355 | 7,355 | |||||||||||||||||||
Total | $ | — | $ | — | $ | 38,255 | $ | 38,255 |
At December 31, 2019 | |||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 |
Assets at
Fair Value |
|||||||||||||||||||
Impaired loans held for investment | $ | — | $ | — | $ | 36,018 | $ | 36,018 | |||||||||||||||
Impaired leases held for investment | — | — | 277 | 277 | |||||||||||||||||||
Other real estate owned | — | — | 516 | 516 | |||||||||||||||||||
Total | $ | — | $ | — | $ | 36,811 | $ | 36,811 |
At December 31, 2020 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 |
Fair
Value |
Carrying
Amount |
||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash and short-term interest-earning assets | $ | 219,858 | $ | — | $ | — | $ | 219,858 | $ | 219,858 | |||||||||||||||||||
Held-to-maturity securities | — | 156,325 | — | 156,325 | 151,257 | ||||||||||||||||||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock | N/A | N/A | N/A | N/A | 28,183 | ||||||||||||||||||||||||
Net loans and leases held for investment | — | — | 5,338,782 | 5,338,782 | 5,192,710 | ||||||||||||||||||||||||
Servicing rights | — | — | 6,783 | 6,783 | 6,408 | ||||||||||||||||||||||||
Total assets | $ | 219,858 | $ | 156,325 | $ | 5,345,565 | $ | 5,721,748 | $ | 5,598,416 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||
Demand and savings deposits, non-maturity | $ | 4,678,940 | $ | — | $ | — | $ | 4,678,940 | $ | 4,678,940 | |||||||||||||||||||
Time deposits | — | 574,018 | — | 574,018 | 563,775 | ||||||||||||||||||||||||
Total deposits | 4,678,940 | 574,018 | — | 5,252,958 | 5,242,715 | ||||||||||||||||||||||||
Short-term borrowings | — | 17,906 | — | 17,906 | 17,906 | ||||||||||||||||||||||||
Long-term debt | — | 112,968 | — | 112,968 | 110,000 | ||||||||||||||||||||||||
Subordinated notes | — | 190,045 | — | 190,045 | 183,515 | ||||||||||||||||||||||||
Total liabilities | $ | 4,678,940 | $ | 894,937 | $ | — | $ | 5,573,877 | $ | 5,554,136 | |||||||||||||||||||
At December 31, 2019 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 |
Fair
Value |
Carrying
Amount |
||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash and short-term interest-earning assets | $ | 125,128 | $ | — | $ | — | $ | 125,128 | $ | 125,128 | |||||||||||||||||||
Held-to-maturity securities | — | 194,886 | — | 194,886 | 192,052 | ||||||||||||||||||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock | N/A | N/A | N/A | N/A | 28,254 | ||||||||||||||||||||||||
Loans held for sale | — | 5,560 | — | 5,560 | 5,504 | ||||||||||||||||||||||||
Net loans and leases held for investment | — | — | 4,309,208 | 4,309,208 | 4,314,893 | ||||||||||||||||||||||||
Servicing rights | — | — | 9,340 | 9,340 | 6,626 | ||||||||||||||||||||||||
Total assets | $ | 125,128 | $ | 200,446 | $ | 4,318,548 | $ | 4,644,122 | $ | 4,672,457 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||
Demand and savings deposits, non-maturity | $ | 3,754,065 | $ | — | $ | — | $ | 3,754,065 | $ | 3,754,065 | |||||||||||||||||||
Time deposits | — | 609,387 | — | 609,387 | 606,010 | ||||||||||||||||||||||||
Total deposits | 3,754,065 | 609,387 | — | 4,363,452 | 4,360,075 | ||||||||||||||||||||||||
Short-term borrowings | — | 18,680 | — | 18,680 | 18,680 | ||||||||||||||||||||||||
Long-term debt | — | 151,343 | — | 151,343 | 150,098 | ||||||||||||||||||||||||
Subordinated notes | — | 96,663 | — | 96,663 | 94,818 | ||||||||||||||||||||||||
Total liabilities | $ | 3,754,065 | $ | 876,073 | $ | — | $ | 4,630,138 | $ | 4,623,671 | |||||||||||||||||||
Actual |
For Capital Adequacy
Purposes |
To Be Well-Capitalized
Under Prompt Corrective Action Provisions |
|||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
At December 31, 2020 | |||||||||||||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | $ | 801,368 | 15.31 | % | $ | 418,811 | 8.00 | % | $ | 523,513 | 10.00 | % | |||||||||||||||||||||||
Bank | 632,183 | 12.12 | 417,416 | 8.00 | 521,769 | 10.00 | |||||||||||||||||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | 563,491 | 10.76 | 314,108 | 6.00 | 418,811 | 8.00 | |||||||||||||||||||||||||||||
Bank | 569,821 | 10.92 | 313,062 | 6.00 | 417,416 | 8.00 | |||||||||||||||||||||||||||||
Tier 1 Common Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | 563,491 | 10.76 | 235,581 | 4.50 | 340,284 | 6.50 | |||||||||||||||||||||||||||||
Bank | 569,821 | 10.92 | 234,796 | 4.50 | 339,150 | 6.50 | |||||||||||||||||||||||||||||
Tier 1 Capital (to Average Assets): | |||||||||||||||||||||||||||||||||||
Corporation | 563,491 | 9.08 | 248,224 | 4.00 | 310,280 | 5.00 | |||||||||||||||||||||||||||||
Bank | 569,821 | 9.21 | 247,494 | 4.00 | 309,368 | 5.00 | |||||||||||||||||||||||||||||
At December 31, 2019 | |||||||||||||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | $ | 655,010 | 13.78 | % | $ | 380,276 | 8.00 | % | $ | 475,344 | 10.00 | % | |||||||||||||||||||||||
Bank | 552,142 | 11.66 | 378,724 | 8.00 | 473,405 | 10.00 | |||||||||||||||||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | 524,137 | 11.03 | 285,207 | 6.00 | 380,276 | 8.00 | |||||||||||||||||||||||||||||
Bank | 516,087 | 10.90 | 284,043 | 6.00 | 378,724 | 8.00 | |||||||||||||||||||||||||||||
Tier 1 Common Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | 524,137 | 11.03 | 213,905 | 4.50 | 308,974 | 6.50 | |||||||||||||||||||||||||||||
Bank | 516,087 | 10.90 | 213,032 | 4.50 | 307,713 | 6.50 | |||||||||||||||||||||||||||||
Tier 1 Capital (to Average Assets): | |||||||||||||||||||||||||||||||||||
Corporation | 524,137 | 10.02 | 209,330 | 4.00 | 261,663 | 5.00 | |||||||||||||||||||||||||||||
Bank | 516,087 | 9.90 | 208,589 | 4.00 | 260,737 | 5.00 |
(Dollars in thousands) | |||||
Balance at January 1, 2020 | $ | 3,123 | |||
Additions | 25 | ||||
Amounts collected and other reductions | (1,633) | ||||
Balance at December 31, 2020 | $ | 1,515 |
(Dollars in thousands) | At December 31, 2020 | ||||
Commitments to extend credit | $ | 4,114 | |||
Deposits received | 25,118 |
● | The Banking segment provides financial services to individuals, businesses, municipalities and nonprofit organizations. These services include a full range of banking services such as deposit taking, loan origination and servicing, mortgage banking, other general banking services and equipment lease financing. | ||||
● |
The Wealth Management segment offers investment advisory, financial planning, trust and brokerage services. The Wealth Management segment serves a diverse client base of private families and individuals, municipal pension plans, retirement plans, trusts and guardianships.
|
||||
● | The Insurance segment includes a full-service insurance brokerage agency offering commercial property and casualty insurance, employee benefit solutions, personal insurance lines and human resources consulting. |
(Dollars in thousands) | Banking | Wealth Management | Insurance | Other | Consolidated | ||||||||||||||||||||||||
For the Year Ended December 31, 2020 | |||||||||||||||||||||||||||||
Interest income | $ | 203,904 | $ | 8 | $ | — | $ | 33 | $ | 203,945 | |||||||||||||||||||
Interest expense | 22,822 | — | — | 6,762 | 29,584 | ||||||||||||||||||||||||
Net interest income (expense) | 181,082 | 8 | — | (6,729) | 174,361 | ||||||||||||||||||||||||
Provision for credit losses | 40,794 | — | — | — | 40,794 | ||||||||||||||||||||||||
Noninterest income | 37,910 | 23,814 | 16,682 | (78) | 78,328 | ||||||||||||||||||||||||
Noninterest expense | 126,131 | 15,720 | 12,142 | 1,005 | 154,998 | ||||||||||||||||||||||||
Intersegment (revenue) expense* | (1,103) | 627 | 476 | — | — | ||||||||||||||||||||||||
Income (expense) before income taxes | 53,170 | 7,475 | 4,064 | (7,812) | 56,897 | ||||||||||||||||||||||||
Income tax expense (benefit) | 9,153 | 1,525 | 858 | (1,555) | 9,981 | ||||||||||||||||||||||||
Net income (loss) | $ | 44,017 | $ | 5,950 | $ | 3,206 | $ | (6,257) | $ | 46,916 | |||||||||||||||||||
Total assets | $ | 6,234,336 | $ | 48,646 | $ | 35,906 | $ | 17,608 | $ | 6,336,496 | |||||||||||||||||||
Net capital expenditures | $ | 3,646 | $ | 24 | $ | 46 | $ | 33 | $ | 3,749 | |||||||||||||||||||
For the Year Ended December 31, 2019 | |||||||||||||||||||||||||||||
Interest income | $ | 214,020 | $ | 41 | $ | — | $ | 32 | $ | 214,093 | |||||||||||||||||||
Interest expense | 39,818 | — | — | 5,043 | 44,861 | ||||||||||||||||||||||||
Net interest income (expense) | 174,202 | 41 | — | (5,011) | 169,232 | ||||||||||||||||||||||||
Provision for credit losses | 8,511 | — | — | — | 8,511 | ||||||||||||||||||||||||
Noninterest income | 23,748 | 23,946 | 17,318 | 410 | 65,422 | ||||||||||||||||||||||||
Noninterest expense | 116,283 | 15,799 | 12,477 | 1,531 | 146,090 | ||||||||||||||||||||||||
Intersegment (revenue) expense* | (1,204) | 688 | 516 | — | — | ||||||||||||||||||||||||
Income (expense) before income taxes | 74,360 | 7,500 | 4,325 | (6,132) | 80,053 | ||||||||||||||||||||||||
Income tax expense (benefit) | 13,859 | 1,392 | 443 | (1,360) | 14,334 | ||||||||||||||||||||||||
Net income (loss) | $ | 60,501 | $ | 6,108 | $ | 3,882 | $ | (4,772) | $ | 65,719 | |||||||||||||||||||
Total assets | $ | 5,282,505 | $ | 44,591 | $ | 34,291 | $ | 19,537 | $ | 5,380,924 | |||||||||||||||||||
Net capital expenditures | $ | 1,886 | $ | 84 | $ | 104 | $ | 372 | $ | 2,446 | |||||||||||||||||||
For the Year Ended December 31, 2018 | |||||||||||||||||||||||||||||
Interest income | $ | 190,425 | $ | 32 | $ | — | $ | 31 | $ | 190,488 | |||||||||||||||||||
Interest expense | 27,383 | — | — | 5,043 | 32,426 | ||||||||||||||||||||||||
Net interest income (expense) | 163,042 | 32 | — | (5,012) | 158,062 | ||||||||||||||||||||||||
Provision for credit losses | 20,310 | — | — | — | 20,310 | ||||||||||||||||||||||||
Noninterest income | 20,815 | 23,179 | 16,442 | (263) | 60,173 | ||||||||||||||||||||||||
Noninterest expense | 108,657 | 15,398 | 12,893 | 291 | 137,239 | ||||||||||||||||||||||||
Intersegment (revenue) expense* | (1,113) | 612 | 501 | — | — | ||||||||||||||||||||||||
Income (expense) before income taxes | 56,003 | 7,201 | 3,048 | (5,566) | 60,686 | ||||||||||||||||||||||||
Income tax expense (benefit) | 9,085 | 1,913 | 752 | (1,607) | 10,143 | ||||||||||||||||||||||||
Net income (loss) | $ | 46,918 | $ | 5,288 | $ | 2,296 | $ | (3,959) | $ | 50,543 | |||||||||||||||||||
Net capital expenditures | $ | 3,091 | $ | 45 | $ | 30 | $ | 201 | $ | 3,367 |
(Dollars in thousands) | Banking | Wealth Management | Insurance | Other | Consolidated | ||||||||||||||||||||||||
For the Year Ended December 31, 2020 | |||||||||||||||||||||||||||||
Net interest income (1) | $ | 181,082 | $ | 8 | $ | — | $ | (6,729) | $ | 174,361 | |||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||||
Trust fee income | — | 7,703 | — | — | 7,703 | ||||||||||||||||||||||||
Service charges on deposit accounts | 4,845 | — | — | — | 4,845 | ||||||||||||||||||||||||
Investment advisory commission and fee income | — | 15,944 | — | — | 15,944 | ||||||||||||||||||||||||
Insurance commission and fee income | — | — | 16,087 | — | 16,087 | ||||||||||||||||||||||||
Other service fee income (2) | 6,781 | 167 | 595 | — | 7,543 | ||||||||||||||||||||||||
Bank owned life insurance income (1) | 2,831 | — | — | 109 | 2,940 | ||||||||||||||||||||||||
Net gain on sales of investment securities (1) | 871 | — | — | — | 871 | ||||||||||||||||||||||||
Net gain on mortgage banking activities (1) | 16,442 | — | — | — | 16,442 | ||||||||||||||||||||||||
Other income (loss) (2) | 6,140 | — | — | (187) | 5,953 | ||||||||||||||||||||||||
Total noninterest income | $ | 37,910 | $ | 23,814 | $ | 16,682 | $ | (78) | $ | 78,328 |
(Dollars in thousands) | Banking | Wealth Management | Insurance | Other | Consolidated | ||||||||||||||||||||||||
For the Year Ended December 31, 2019 | |||||||||||||||||||||||||||||
Net interest income (1) | $ | 174,202 | $ | 41 | $ | — | $ | (5,011) | $ | 169,232 | |||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||||
Trust fee income | — | 7,826 | — | — | 7,826 | ||||||||||||||||||||||||
Service charges on deposit accounts | 5,946 | — | — | — | 5,946 | ||||||||||||||||||||||||
Investment advisory commission and fee income | — | 15,940 | — | — | 15,940 | ||||||||||||||||||||||||
Insurance commission and fee income | — | — | 16,571 | — | 16,571 | ||||||||||||||||||||||||
Other service fee income (2) | 8,414 | 180 | 747 | — | 9,341 | ||||||||||||||||||||||||
Bank owned life insurance income (1) | 2,849 | — | — | 330 | 3,179 | ||||||||||||||||||||||||
Net gain on sales of investment securities (1) | 54 | — | — | — | 54 | ||||||||||||||||||||||||
Net gain on mortgage banking activities (1) | 3,946 | — | — | — | 3,946 | ||||||||||||||||||||||||
Other income (2) | 2,539 | — | — | 80 | 2,619 | ||||||||||||||||||||||||
Total noninterest income | $ | 23,748 | $ | 23,946 | $ | 17,318 | $ | 410 | $ | 65,422 |
(Dollars in thousands) | Banking | Wealth Management | Insurance | Other | Consolidated | ||||||||||||||||||||||||
For the Year Ended December 31, 2018 | |||||||||||||||||||||||||||||
Net interest income (1) | $ | 163,042 | $ | 32 | $ | — | $ | (5,012) | $ | 158,062 | |||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||||
Trust fee income | — | 7,882 | — | — | 7,882 | ||||||||||||||||||||||||
Service charges on deposit accounts | 5,632 | — | — | — | 5,632 | ||||||||||||||||||||||||
Investment advisory commission and fee income | — | 15,098 | — | — | 15,098 | ||||||||||||||||||||||||
Insurance commission and fee income | — | — | 15,658 | — | 15,658 | ||||||||||||||||||||||||
Other service fee income (2) | 8,347 | 199 | 786 | — | 9,332 | ||||||||||||||||||||||||
Bank owned life insurance income (1) | 3,284 | — | — | (110) | 3,174 | ||||||||||||||||||||||||
Net gain on sales of investment securities (1) | 10 | — | — | — | 10 | ||||||||||||||||||||||||
Net gain on mortgage banking activities (1) | 3,125 | — | — | — | 3,125 | ||||||||||||||||||||||||
Other income (loss) (2) | 417 | — | (2) | (153) | 262 | ||||||||||||||||||||||||
Total noninterest income | $ | 20,815 | $ | 23,179 | $ | 16,442 | $ | (263) | $ | 60,173 |
(Dollars in thousands) | At December 31, | ||||||||||
Balance Sheets | 2020 | 2019 | |||||||||
Assets: | |||||||||||
Cash | $ | 154,422 | $ | 82,673 | |||||||
Interest-earning deposits with other banks | 211 | 177 | |||||||||
Cash and cash equivalents | 154,633 | 82,850 | |||||||||
Investments in securities | 818 | 1,004 | |||||||||
Investments in subsidiaries, at equity in net assets: | |||||||||||
Bank | 719,146 | 685,387 | |||||||||
Non-banks | — | — | |||||||||
Other assets | 16,579 | 18,355 | |||||||||
Total assets | $ | 891,176 | $ | 787,596 | |||||||
Liabilities: | |||||||||||
Dividends payable | $ | — | $ | 5,865 | |||||||
Subordinated notes | 183,515 | 94,818 | |||||||||
Other liabilities | 15,189 | 11,791 | |||||||||
Total liabilities | 198,704 | 112,474 | |||||||||
Shareholders' equity: | 692,472 | 675,122 | |||||||||
Total liabilities and shareholders' equity | $ | 891,176 | $ | 787,596 |
(Dollars in thousands) | For the Years Ended December 31, | ||||||||||||||||
Statements of Income | 2020 | 2019 | 2018 | ||||||||||||||
Dividends from Bank | $ | 9,746 | $ | 29,681 | $ | 22,359 | |||||||||||
Dividends from non-bank | — | — | — | ||||||||||||||
Other income | 21,803 | 23,943 | 26,631 | ||||||||||||||
Total operating income | 31,549 | 53,624 | 48,990 | ||||||||||||||
Interest expense | 6,762 | 5,043 | 5,043 | ||||||||||||||
Operating expenses | 22,852 | 25,032 | 27,155 | ||||||||||||||
Income before income tax benefit and equity in undistributed income of subsidiaries | 1,935 | 23,549 | 16,792 | ||||||||||||||
Income tax benefit | (1,555) | (1,360) | (1,607) | ||||||||||||||
Income before equity in undistributed income of subsidiaries | 3,490 | 24,909 | 18,399 | ||||||||||||||
Equity in undistributed income of subsidiaries: | |||||||||||||||||
Bank | 43,426 | 40,810 | 32,144 | ||||||||||||||
Non-banks | — | — | — | ||||||||||||||
Net income | $ | 46,916 | $ | 65,719 | $ | 50,543 |
(Dollars in thousands) | For the Years Ended December 31, | ||||||||||||||||
Statements of Cash Flows | 2020 | 2019 | 2018 | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income | $ | 46,916 | $ | 65,719 | $ | 50,543 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Equity in undistributed net income of subsidiaries | (43,426) | (40,810) | (32,144) | ||||||||||||||
Bank owned life insurance (income) expense | (108) | (331) | 109 | ||||||||||||||
Depreciation of premises and equipment | 320 | 328 | 386 | ||||||||||||||
Stock based compensation | 1,480 | 2,348 | 2,557 | ||||||||||||||
Contributions to pension and other postretirement benefit plans | (270) | (266) | (3,264) | ||||||||||||||
Decrease in other assets | 2,321 | 554 | 14,205 | ||||||||||||||
Decrease in other liabilities | (4,631) | (1,319) | (865) | ||||||||||||||
Net cash provided by operating activities | 2,602 | 26,223 | 31,527 | ||||||||||||||
Cash flow from investing activities: | |||||||||||||||||
Other, net | (32) | (371) | (188) | ||||||||||||||
Net cash used in investing activities | (32) | (371) | (188) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Proceeds from issuance of subordinated notes | 98,448 | — | — | ||||||||||||||
Repayment of subordinated debt | (10,000) | — | — | ||||||||||||||
Purchases of treasury stock | (4,452) | (2,045) | (5,984) | ||||||||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 2,369 | 2,233 | 2,295 | ||||||||||||||
Proceeds from exercise of stock options | 384 | 1,203 | 1,131 | ||||||||||||||
Cash dividends paid | (17,536) | (23,435) | (23,495) | ||||||||||||||
Net cash provided by (used in) financing activities | 69,213 | (22,044) | (26,053) | ||||||||||||||
Net increase in cash and due from financial institutions | 71,783 | 3,808 | 5,286 | ||||||||||||||
Cash and cash equivalents at beginning of year | 82,850 | 79,042 | 73,756 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 154,633 | $ | 82,850 | $ | 79,042 | |||||||||||
Supplemental disclosures of cash flow information: | |||||||||||||||||
Cash paid during the year for: | |||||||||||||||||
Interest | $ | 5,121 | $ | 4,800 | $ | 4,800 | |||||||||||
Income tax, net of refunds received | 16,172 | 16,460 | 643 |
(Dollars and shares in thousands, except per share data) | |||||||||||||||||||||||
2020 Quarterly Financial Data: | Fourth | Third | Second | First | |||||||||||||||||||
Interest income | $ | 51,334 | $ | 50,612 | $ | 49,980 | $ | 52,019 | |||||||||||||||
Interest expense | 6,813 | 6,758 | 6,462 | 9,551 | |||||||||||||||||||
Net interest income | 44,521 | 43,854 | 43,518 | 42,468 | |||||||||||||||||||
(Reversal of provision) provision for credit losses | (8,721) | 3,935 | 23,737 | 21,843 | |||||||||||||||||||
Net interest income after provision for credit losses | 53,242 | 39,919 | 19,781 | 20,625 | |||||||||||||||||||
Noninterest income | 20,139 | 21,805 | 18,000 | 18,384 | |||||||||||||||||||
Noninterest expense | 41,734 | 38,527 | 35,960 | 38,777 | |||||||||||||||||||
Income before income taxes | 31,647 | 23,197 | 1,821 | 232 | |||||||||||||||||||
Income tax expense (benefit) | 5,773 | 5,078 | (264) | (606) | |||||||||||||||||||
Net income | $ | 25,874 | $ | 18,119 | $ | 2,085 | $ | 838 | |||||||||||||||
Per share data: | |||||||||||||||||||||||
Weighted average shares outstanding - basic earnings per share | 29,237 | 29,189 | 29,149 | 29,218 | |||||||||||||||||||
Weighted average shares outstanding - diluted earnings per share | 29,309 | 29,217 | 29,164 | 29,283 | |||||||||||||||||||
Basic earnings per share | $ | 0.88 | $ | 0.62 | $ | 0.07 | $ | 0.03 | |||||||||||||||
Diluted earnings per share | $ | 0.88 | $ | 0.62 | $ | 0.07 | $ | 0.03 | |||||||||||||||
Dividends declared per share | $ | — | $ | 0.20 | $ | 0.20 | $ | 0.20 |
(Dollars and shares in thousands, except per share data) | |||||||||||||||||||||||
2019 Quarterly Financial Data: | Fourth | Third | Second | First | |||||||||||||||||||
Interest income | $ | 53,369 | $ | 54,300 | $ | 54,060 | $ | 52,364 | |||||||||||||||
Interest expense | 10,940 | 11,655 | 11,425 | 10,841 | |||||||||||||||||||
Net interest income | 42,429 | 42,645 | 42,635 | 41,523 | |||||||||||||||||||
Provision for credit losses | 2,225 | 1,533 | 2,073 | 2,680 | |||||||||||||||||||
Net interest income after provision for credit losses | 40,204 | 41,112 | 40,562 | 38,843 | |||||||||||||||||||
Noninterest income | 16,170 | 16,599 | 16,356 | 16,297 | |||||||||||||||||||
Noninterest expense | 37,480 | 36,267 | 36,781 | 35,562 | |||||||||||||||||||
Income before income taxes | 18,894 | 21,444 | 20,137 | 19,578 | |||||||||||||||||||
Income tax expense | 3,384 | 3,782 | 3,669 | 3,499 | |||||||||||||||||||
Net income | $ | 15,510 | $ | 17,662 | $ | 16,468 | $ | 16,079 | |||||||||||||||
Per share data: | |||||||||||||||||||||||
Weighted average shares outstanding - basic earnings per share | 29,232 | 29,211 | 29,181 | 29,146 | |||||||||||||||||||
Weighted average shares outstanding - diluted earnings per share | 29,313 | 29,285 | 29,243 | 29,205 | |||||||||||||||||||
Basic earnings per share | $ | 0.53 | $ | 0.60 | $ | 0.56 | $ | 0.55 | |||||||||||||||
Diluted earnings per share | $ | 0.53 | $ | 0.60 | $ | 0.56 | $ | 0.55 | |||||||||||||||
Dividends declared per share | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 |
(a) | 1. & 2. Financial Statements and Schedules | ||||
The financial statements listed in the accompanying index to financial statements are filed as part of this annual report. | |||||
3. Listing of Exhibits | |||||
The exhibits listed on the accompanying index to exhibits are filed as part of this annual report. | |||||
(b) | Exhibits - The response to this portion of Item 15 is submitted as separate section. | ||||
(c) | Financial Statements Schedules - none. |
Page | |||||
(3.1) | ||||||||
(3.2) | ||||||||
(4.1) | ||||||||
(4.2) | ||||||||
(4.3) | ||||||||
(4.4) | ||||||||
(4.5) | ||||||||
(4.6) | ||||||||
(4.7) | ||||||||
(10.1)* | ||||||||
(10.2)* | ||||||||
(10.3)* | ||||||||
(10.4)* | ||||||||
(21) | ||||||||
(23.1) | ||||||||
(31.1) | ||||||||
(31.2) | ||||||||
(32.1)** | ||||||||
(32.2)** | ||||||||
Exhibit 101 | The following financial statements from the Corporation's Annual Report on Form 10-K for the year ended December 31, 2020, formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Shareholders' Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to the Consolidated Financial Statements, tagged as blocks of text and including detailed tags. | |||||||
Exhibit 104 | The cover page from the Corporation's Annual Report on Form 10-K for the year ended December 31, 2020, formatted in Inline XBRL. |
UNIVEST FINANCIAL CORPORATION | |||||
Registrant | |||||
By: /s/ Brian J. Richardson | |||||
Brian J. Richardson
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
|||||
February 26, 2021 |
Signature | Title | Date | ||||||
/s/ WILLIAM S. AICHELE
William S. Aichele
|
Chairman and Director | February 26, 2021 | ||||||
/s/ JEFFREY M. SCHWEITZER
Jeffrey M. Schweitzer
|
President, Chief Executive Officer
and Director
(Principal Executive Officer)
|
February 26, 2021 | ||||||
/s/ ROGER H. BALLOU
Roger H. Ballou
|
Director | February 26, 2021 | ||||||
/s/ TODD S. BENNING
Todd S. Benning
|
Director | February 26, 2021 | ||||||
/s/ SUZANNE KEENAN
Suzanne Keenan
|
Director | February 26, 2021 | ||||||
/s/ GLENN E. MOYER
Glenn E. Moyer
|
Director | February 26, 2021 | ||||||
/s/ K. LEON MOYER
K. Leon Moyer
|
Director | February 26, 2021 | ||||||
/s/ NATALYE PAQUIN
Natalye Paquin
|
Director | February 26, 2021 | ||||||
/s/ THOMAS M. PETRO
Thomas M. Petro
|
Director | February 26, 2021 | ||||||
/s/ MICHAEL L. TURNER
Michael L. Turner
|
Director | February 26, 2021 | ||||||
/s/ ROBERT C. WONDERLING
Robert C. Wonderling
|
Director | February 26, 2021 | ||||||
/s/ CHARLES H. ZIMMERMAN III
Charles H. Zimmerman III
|
Director | February 26, 2021 |