Capital, Liquidity and Asset Quality Remain
Strong
CAMDEN,
Maine, April 25, 2023 /PRNewswire/ -- Camden
National Corporation (NASDAQ: CAC; "Camden National" or the
"Company"), a $5.7 billion bank
holding company headquartered in Camden,
Maine, reported net income of $12.7
million and diluted earnings per share of ("EPS") of
$0.87 for the first quarter of 2023,
each a decrease of 17% compared to the fourth quarter of 2022,
while earnings before income tax expense and provision (non-GAAP)
decreased 9% on a linked quarter-basis. This quarter's performance
was primarily the result of continued interest rate volatility,
normal seasonal deposit outflows along with increasing deposit
competition, as well as a $1.8
million loss on an investment security. The Company's return
on average equity was 11.16% and return on average tangible equity
(non-GAAP) was 14.21% for the first quarter of 2023, compared to
14.03% and 18.18%, respectively, for the fourth quarter of
2022.
"The industry and economic events of the last quarter reinforce
our commitment to the long-term stability of our organization and
customers," said Gregory A. Dufour,
President and Chief Executive Officer. "Our strategies are focused
on optimizing our funding costs through our diversified deposit
base, maintaining our strong asset quality and capital levels,
exercising disciplined expense management, and, of course, growing
our relationships with our customers."
The Company believes it is well positioned to manage through
recent market disruptions and volatility through the strength of
our balance sheet, which includes strong capital, liquidity, and
asset quality. At March 31, 2023, the
Company's regulatory capital ratios were well in excess of
regulatory requirements; total uninsured FDIC and uncollateralized
deposits1 were $691.5
million, or 15% of total deposits, compared to $1.3 billion of available liquidity (not
including access to brokered markets); and nonperforming assets
were 0.09% of total assets and loans 30-89 days past due were 0.05%
of total loans.
In March, the Company announced a cash dividend of $0.42 per share, payable on April 28, 2023, to shareholders of record on
April 14, 2023, representing an
annualized dividend yield of 4.64%, based on the Company's closing
share price of $36.19, as reported by
NASDAQ on March 31, 2023.
_________________________________
|
1
Uncollateralized deposits are customer deposits for which the
Company has not pledged any of its assets, including investment
securities, or provided any other type of guarantee.
|
FIRST QUARTER 2023 HIGHLIGHTS
- Uninsured FDIC and uncollateralized deposits were 15% of total
deposits at March 31, 2023, compared
to 16% at December 31, 2022.
- Available liquidity sources totaled $1.3
billion, or 28% of total deposits, at March 31, 2023, compared to $1.5 billion, or 31% of total deposits, at
December 31, 2022 (not including
brokered market availability).
- Loan-to-deposit ratio was 88% at March
31, 2023, compared to 83% at December
31, 2022.
- Asset quality remained strong, with non-performing assets
totaling 0.09% of total assets and 0.13% of total loans, and loans
30-89 days delinquent were 0.05% to total loans, and, as a result,
the allowance for credit losses ("ACL") on loans to total loans
ratio remained stable at 0.91% of total loans, a decrease of 1
basis point from December 31,
2022.
- Net income decreased by $2.6
million, or 17%, compared to the fourth quarter, and
earnings before income taxes and provision (non-GAAP) decreased
$1.8 million, or 9% between
periods.
- Net interest margin decreased 22 basis points to 2.54%,
compared to the fourth quarter of 2022, as funding costs increased
49 basis points while interest-earning asset yields increased 25
basis points.
- Wrote-off a $1.8 million
Signature Bank bond in the first quarter of 2023.
FINANCIAL CONDITION
As of March 31, 2023, total assets
were $5.7 billion, an increase of
$44.8 million, or 1%, since
December 31, 2022.
Loans
Loans at March 31, 2023, totaled
$4.1 billion, an increase of 2% since
December 31, 2022.
- Commercial real estate loans grew 3% and residential real
estate loans grew 2% in the first quarter of 2023.
- Residential real estate production for the first quarter of
2023 decreased 35% in comparison to the fourth quarter as a result
of local market seasonality and a deliberate shift in our loan
pricing strategy to slow on-books loan production in light of the
current interest rate environment.
- The Company sold 40% of its residential mortgage production for
the first quarter of 2023, compared to 16% for the fourth quarter
2022.
- At March 31, 2023, the committed
retail and commercial loan portfolio pipelines totaled $45.5 million and $43.6
million, respectively.
Investments
Investments totaled $1.2 billion
as of March 31, 2023, a decrease of
1% since December 31, 2022.
- At March 31, 2023, the Company
wrote-off a $1.8 million Signature
Bank bond due to Signature Bank's failure during the first quarter
of 2023.
- As of March 31, 2023, the
Company's debt securities designated as available-for-sale ("AFS")
and held-to-maturity ("HTM") were in a net unrealized loss position
of $122.0 million, compared to
$141.5 million as of December 31, 2022. The decrease in the net change
in unrealized loss during the first quarter reflects the change in
interest rates between periods.
- As of March 31, 2023, the
weighted-average life and duration of the Company's debt securities
investments was 8.1 years and 5.7 years, respectively, compared to
7.8 years and 5.8 years at December 31,
2022.
Deposits
As of March 31, 2023, deposits
totaled $4.6 billion, a decrease of
$184.2 million, or 4%, since
December 31, 2022, which was
primarily the result of one large municipal deposit relationship
decreasing its interest checking balance by $122.4 million during the first quarter of 2023.
The Company has the ability to move funds in and out of this
deposit relationship when it is cost advantageous compared to other
alternative funding sources, such as FHLB borrowings. Excluding the
impact of this one large municipal deposit relationship, the
Company's total deposits decreased $61.8
million, or 1%, during the first quarter of 2023.
- Core deposits (non-GAAP) decreased $278.5 million, or 6%, during the first quarter
of 2023, as checking deposit balances decreased 9% and savings and
money market balances decreased 2%. However, excluding the impact
of the one large municipal deposit relationship discussed above,
core deposits decreased $156.1
million, or 4%, during the first quarter of 2023. The
decrease in core deposits was primarily the result of normal
seasonal outflows combined with pricing pressures as depositors
look for alternative products with higher interest rates in the
current environment, such as certificates of deposit ("CD"), which
increased $59.7 million, or 20%,
during the first quarter of 2023.
- Brokered deposits increased $34.7
million, or 19%, during the first quarter of 2023 in
connection with the Company's laddered brokered CD strategy that it
implemented during the fourth quarter of 2022 and again utilized in
the first quarter of 2023, to protect a portion of its funding from
the risk of further rising interest rates, as well as to supplement
overnight borrowings when cost advantageous.
- As of March 31, 2023, uninsured
FDIC and uncollateralized deposits totaled 15% of total deposits,
compared to 16% as of December 31,
2022.
- As of March 31, 2023 the Company
had $1.3 billion in available
liquidity from different sources, or 28% of total deposits (not
including brokered market availability).
- The loan-to-deposit ratio was 88% at March 31, 2023, compared to 83% at December 31, 2022.
Borrowings
As of March 31, 2023, borrowings
totaled $530.6 million, an increase
of $221.1 million, or 71%, since
December 31, 2022.
- Federal Home Loan Bank ("FHLB") borrowings have been used to
supplement funding needs to support asset growth as well as net
deposit outflows during the first quarter of 2023. The Company has
continued to keep its FHLB borrowing position short. At
March 31, 2023, FHLB borrowings
totaled $289.4 million, compared to
$68.7 million as of December 31, 2022.
- As of March 31, 2023, the Company
did not have any borrowings from either the Federal Reserve's
Discount Window or the Bank Term Funding Program ("BTFP").
Subsequent to March 31, 2023, the
Company added the BTFP as an additional contingent liquidity
source.
Derivatives
The Company executed four fixed-for-floating interest rate swaps
for a total of $300.0 million of
notional in the first quarter of 2023. These derivatives
contributed $479,000 of interest
income in the first quarter of 2023, and were executed to promote
short-term asset sensitivity.
Capital
As of March 31, 2023, the
Company's regulatory capital ratios were each well in excess of
regulatory capital requirements. The Company announced a cash
dividend of $0.42 per share, payable
on April 28, 2023, to shareholders of
record on April 14, 2023,
representing an annualized dividend yield of 4.64%, based on the
Company's closing share price of $36.19, as reported by NASDAQ on March 31, 2023.
- As of March 31, 2023, the
Company's common equity ratio was 8.13%, and its tangible common
equity ratio (non-GAAP) was 6.56%, compared to 7.96% and 6.37% as
of December 31, 2022,
respectively.
- As of March 31, 2023, the
Company's book value per share was $31.87, and its tangible book value per share
(non-GAAP) was $25.28, compared to
$30.98 and $24.37 as of December 31,
2022, respectively.
ASSET QUALITY
The Company's credit quality within its loan portfolio remained
very strong throughout the first quarter of 2023. The Company
continues to actively monitor its loan portfolio for signs of
credit stress and, as of March 31,
2023, there have been no materials trends or concerns
identified.
- Annualized net charge-offs to average loans decreased 1 basis
point on a linked quarter-basis to 0.02% for the first quarter of
2023.
- Non-performing loans were 0.13% of total loans at March 31, 2023 and December 31, 2022.
- Loans 30-89 days past due decreased 1 basis point during the
first quarter of 2023 to 0.05% of total loans at March 31, 2023.
Each quarter the Company evaluates its investment portfolio for
potential credit risk, and, in the first quarter of 2023, the
Company fully wrote-off one $1.8
million Signature Bank corporate bond. Through our
evaluation of our holdings there were no other credit concerns
identified within our investment portfolio as of March 31, 2023.
- At March 31, 2023, the book value
of the Company's corporate bonds totaled $44.6 million, of which 79% carry an
investment-grade credit rating and the remaining are non-rated
community banks within our markets.
- At March 31, 2023, the book value
of the Company's municipal bonds totaled $105.2 million and all carry an investment-grade
credit rating.
FINANCIAL OPERATING RESULTS (Q1 2023 vs. Q4 2022)
Net income for the first quarter of 2023 was $12.7 million, a decrease of $2.6 million, or 17%, compared to the fourth
quarter of 2022. Excluding income taxes and provision for credit
losses, adjusted earnings (non-GAAP) for the first quarter of 2023
were $18.0 million, a decrease of
$1.8 million, or 9%, compared to last
quarter.
Net Interest Income and Net Interest Margin
Net interest income for the first quarter of 2023 was
$34.3 million, a decrease of
$2.7 million, or 7%, compared to the
fourth quarter of 2022. The decrease reflects the speed in which
funding costs have risen in the current interest rate environment,
as well as the level of deposit competition across our markets,
which has resulted in higher deposit and funding betas for the
first quarter of 2023. As a result, our net interest margin for the
first quarter of 2023 decreased 22 basis points on a linked
quarter-basis to 2.54% for the first quarter of 2023.
- Funding costs rose 49 basis points during the first quarter of
2023 to 1.45%. The rise in funding costs during the quarter
reflects the impact of two increases in the Federal Funds Interest
Rate in the fourth quarter of 2022 and two increases in the first
quarter of 2023, resulting in a total increase of 175 basis points
over the last two quarters. Cost of deposits for the first quarter
of 2023 were 1.22%, an increase of 38 basis points over the
previous quarter, and costs of borrowings were 3.13%, an increase
of 99 basis points over the previous quarter.
- Yield on average interest-earning assets during the first
quarter of 2023 rose 25 basis points to 3.92% driven by a rise in
our loan yield of 29 basis points over this same period. The
increase in interest-earning asset yields reflects the continued
increase in interest rates through the first quarter of 2023,
continued redeployment of lower yielding cash and investments to
help fund the average loan growth during the quarter, as well as
higher loan pricing on new originations.
Provision for Credit Losses
Asset quality remained very strong in the first quarter of 2023,
although the risk of a macroeconomic slow-down in future periods
remains, consistent with the previous quarter's forecast. At
March 31, 2023, the ACL on loans was
0.91% of total loans and was 7.3 times total non-performing loans,
compared to 0.92% and 7.2 times, respectively, at December 31, 2022.
The change in provision for credit losses between periods is
highlighted in the table below:
($ in
thousands)
|
|
Q1
2023
|
|
Q4
2022
|
|
Increase
/
(Decrease)
|
Provision for credit
losses - loans
|
|
$
439
|
|
$
642
|
|
$
(203)
|
Credit for credit
losses - off-balance sheet credit exposures
|
|
(275)
|
|
(176)
|
|
(99)
|
Provision for credit
losses - HTM debt securities
|
|
1,838
|
|
—
|
|
1,838
|
Provision for credit
losses
|
|
$
2,002
|
|
$
466
|
|
$
1,536
|
The provision for credit losses on HTM debt securities was
driven by the full write-off of one corporate bond related to a
bank failure in March 2023.
Non-Interest Income
Non-interest income for the first quarter of 2023 was
$9.9 million, an increase of
$84,000, or 1%, over the fourth
quarter of 2022.
- In the fourth quarter of 2022, the Company executed an
investment restructure trade and recorded a $903,000 loss on the sale of securities, with no
corresponding loss in the first quarter of 2023.
- Generated additional fee income of $288,000 upon execution of back-to-back customer
loan swaps in the first quarter of 2023.
- Lower debit card income of $1.0
million on a linked quarter-basis primarily because of the
timing of recognition of our annual debit card volume-based
incentive of $806,000 in the fourth
quarter of 2022.
- Lower mortgage banking income of $319,000 primarily driven by the change in fair
value on the residential mortgage loan pipeline on a linked-quarter
basis. The Company sold 40% of its residential mortgage
originations in the first quarter of 2023, compared to 16% in the
fourth quarter of 2022, which resulted in higher sold production of
$14.1 million on a linked
quarter-basis. The Company anticipates over the next several
quarters it will continue to sell more residential mortgage
production as a percent of total production in comparison to more
recent periods as it manages its on-books production in the current
interest rate environment.
Non-Interest Expense
Non-interest expense for the first quarter of 2023 was
$26.2 million, a decrease of
$828,000, or 3%, compared to the
fourth quarter of 2022. The Company's GAAP efficiency ratio and
non-GAAP efficiency ratio for the first quarter of 2023 was 59.27%
and 58.96%, respectively, compared to 57.72% and 56.35% for the
fourth quarter of 2022. The increase in the GAAP and non-GAAP
efficiency ratio on a linked quarter-basis reflects the decrease in
revenues from net interest income. The Company's overhead ratio,
which compares annualized non-interest expense for the quarter to
average assets, for the first quarter of 2023 was 1.84%, compared
to 1.93% for the fourth quarter of 2022.
- Salaries and employees benefits costs were $689,000 lower on a linked quarter-basis,
primarily the result of lower incentive accruals.
- Other expenses were $496,000
lower on a linked quarter-basis, primarily due to lower losses on
customer fraud claims and other seasonal costs.
Q1 2023 CONFERENCE CALL
Camden National will host a conference call and webcast at
3:00 p.m., Eastern Time, on
Tuesday, April 25, 2023 to discuss
its first quarter 2023 financial results and outlook. Participants
should dial into the call 10 - 15 minutes before it begins.
Information about the conference call is as follows:
Live dial-in
(Domestic):
|
(833)
470-1428
|
Live dial-in (All other
locations):
|
(929)
526-1599
|
Participant access
code:
|
523637
|
Live
webcast:
|
https://events.q4inc.com/attendee/122489444
|
A link to the live webcast will be available on Camden
National's website under "About — Investor Relations" at
CamdenNational.bank prior to the meeting, and a replay of the
webcast will be available on Camden National's website following
the conference call. The transcript of the conference call will
also be available on Camden National's website approximately two
days after the conference call.
2023 ANNUAL MEETING OF SHAREHOLDERS
Camden National has scheduled its annual meeting of shareholders
("Annual Meeting") for Tuesday, May 23,
2023, at 9:00 a.m., Eastern Daylight
Time. The Annual Meeting will be held virtually via a live
audio webcast at www.virtualshareholdermeeting.com/CAC2023 and
in person at Camden National's Hanley Center, Fox Ridge Office
Park, 245 Commercial Street, Rockport,
Maine 04856. We encourage all shareholders as of the
March 27, 2023 record date to attend
the Annual Meeting.
ABOUT CAMDEN NATIONAL CORPORATION
Camden National Corporation (NASDAQ: CAC) is the largest
publicly traded bank holding company in Northern New England with
$5.7 billion in assets, and was
proudly listed as one of the Best Places to Work in Maine in 2021 and 2022. Founded in 1875,
Camden National Bank is a
full-service community bank dedicated to customers at every stage
of their financial journey. With 24/7 live phone support, 58
banking centers, and additional lending offices in New Hampshire and Massachusetts, Camden
National Bank offers the latest in digital banking,
complemented by award-winning, personalized service. To learn more,
visit CamdenNational.bank. Member FDIC. Equal Housing
Lender.
Comprehensive wealth management, investment and financial
planning services are delivered by Camden National Wealth
Management.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release that are not
statements of historical fact constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, as amended, including certain plans, expectations, goals,
projections and other statements, which are subject to numerous
risks, assumptions and uncertainties. Forward-looking statements
can be identified by the fact that they do not relate strictly to
historical or current facts. They often include words like
"believe," "expect," "anticipate," "estimate," and "intend" or
future or conditional verbs such as "will," "would," "should,"
"could" or "may." Certain factors that could cause actual results
to differ materially from expected results include increased
competitive pressures; inflation; ongoing competition in labor
markets and employee turnover; deterioration in the value of Camden
National's investment securities; changes in consumer spending and
savings habits; changes in the interest rate environment; changes
in general economic conditions; operational risks including, but
not limited to, cybersecurity, fraud and natural disasters;
legislative and regulatory changes that adversely affect the
business in which Camden National is engaged; turmoil and
volatility in the financial services industry, including failures
or rumors of failures of other depository institutions, including
the Company, to attract and retain depositors, and could affect the
ability of financial services providers, including the Company, to
borrow or raise capital; actions taken by governmental agencies to
stabilize the financial system and the effectiveness of such
actions; changes to regulatory capital requirements in response to
recent developments affecting the banking sector; changes in the
securities markets and other risks and uncertainties disclosed from
time to time in Camden National's Annual Report on Form 10-K for
the year ended December 31, 2022, as
updated by other filings with the Securities and Exchange
Commission ("SEC"). Further, statements regarding the potential
effects of the war in Ukraine, the
COVID-19 pandemic and other notable and global current events on
the Company's business, financial condition, liquidity and results
of operations may constitute forward-looking statements and are
subject to the risk that the actual effects may differ, possible
materially, from what is reflected in those forward-looking
statements due to factors and future developments that are
uncertain, unpredictable and in many cases beyond the Company's
control. Camden National does not have any obligation to update
forward-looking statements.
USE OF NON-GAAP MEASURES
In addition to evaluating the Company's results of operations in
accordance with generally accepted accounting principles in
the United States ("GAAP"),
management supplements this evaluation with certain non-GAAP
financial measures, such as earnings before income taxes and
provision and earnings before income taxes, provision and SBA PPP
loan income; return on average tangible equity; the efficiency and
tangible common equity ratios; tangible book value per share; core
deposits and average core deposits; and total loans, excluding SBA
PPP loans. Management utilizes these non-GAAP financial measures
for purposes of measuring our performance against our peer group
and other financial institutions and analyzing our internal
performance. We also believe these non-GAAP financial measures help
investors better understand the Company's operating performance and
trends and allow for better performance comparisons to other
financial institutions. In addition, these non-GAAP financial
measures remove the impact of unusual items that may obscure trends
in the Company's underlying performance. These disclosures should
not be viewed as a substitute for GAAP operating results, nor are
they necessarily comparable to non-GAAP performance measures that
may be presented by other financial institutions. Reconciliations
to the comparable GAAP financial measures can be found in this
document.
ANNUALIZED DATA
Certain returns, yields and performance ratios are presented on
an "annualized" basis. This is done for analytical and
decision-making purposes to better discern underlying performance
trends when compared to full-year or year-over-year amounts.
Annualized data may not be indicative of any four-quarter period,
and is presented for illustrative purposes only.
Selected Financial
Data
|
(unaudited)
|
|
|
|
At or For
The
Three Months
Ended
|
(In thousands,
except number of shares and per share data)
|
|
March 31,
2023
|
|
December 31,
2022
|
|
March 31,
2022
|
Financial Condition
Data
|
|
|
|
|
|
|
Investments
|
|
$
1,249,882
|
|
$
1,259,161
|
|
$
1,437,410
|
Loans and loans held
for sale
|
|
$
4,077,670
|
|
$
4,015,550
|
|
$
3,540,923
|
Allowance for credit
losses on loans
|
|
$
37,134
|
|
$
36,922
|
|
$
31,770
|
Total assets
|
|
$
5,716,605
|
|
$
5,671,850
|
|
$
5,420,415
|
Deposits
|
|
$
4,642,734
|
|
$
4,826,929
|
|
$
4,576,664
|
Borrowings
|
|
$ 530,649
|
|
$
309,507
|
|
$
281,999
|
Shareholders'
equity
|
|
$ 464,874
|
|
$
451,278
|
|
$
482,446
|
Operating
Data
|
|
|
|
|
|
|
Net interest
income
|
|
$
34,280
|
|
$
36,982
|
|
$
36,365
|
Provision (credit) for
credit losses
|
|
2,002
|
|
466
|
|
(1,075)
|
Non-interest
income
|
|
9,866
|
|
9,782
|
|
9,825
|
Non-interest
expense
|
|
26,165
|
|
26,993
|
|
26,209
|
Income before income
tax expense
|
|
15,979
|
|
19,305
|
|
21,056
|
Income tax
expense
|
|
3,252
|
|
3,954
|
|
4,261
|
Net income
|
|
$
12,727
|
|
$
15,351
|
|
$
16,795
|
Key
Ratios
|
|
|
|
|
|
|
Return on average
assets
|
|
0.91 %
|
|
1.09 %
|
|
1.26 %
|
Return on average
equity
|
|
11.16 %
|
|
14.03 %
|
|
12.96 %
|
GAAP efficiency
ratio
|
|
59.27 %
|
|
57.72 %
|
|
56.74 %
|
Net interest margin
(fully-taxable equivalent)
|
|
2.54 %
|
|
2.76 %
|
|
2.87 %
|
Non-performing assets
to total assets
|
|
0.09 %
|
|
0.09 %
|
|
0.12 %
|
Common equity
ratio
|
|
8.13 %
|
|
7.96 %
|
|
8.90 %
|
Tier 1 leverage capital
ratio
|
|
9.24 %
|
|
9.22 %
|
|
9.30 %
|
Common equity tier 1
risk-based capital ratio
|
|
11.90 %
|
|
11.74 %
|
|
12.38 %
|
Total risk-based
capital ratio
|
|
13.95 %
|
|
13.80 %
|
|
14.51 %
|
Per Share
Data
|
|
|
|
|
|
|
Basic earnings per
share
|
|
$
0.87
|
|
$
1.05
|
|
$
1.14
|
Diluted earnings per
share
|
|
$
0.87
|
|
$
1.05
|
|
$
1.13
|
Cash dividends declared
per share
|
|
$
0.42
|
|
$
0.42
|
|
$
0.40
|
Book value per
share
|
|
$
31.87
|
|
$
30.98
|
|
$
32.72
|
Non-GAAP
Measures(1)
|
|
|
|
|
|
|
Earnings before income
taxes and provision for credit losses
|
|
$
17,981
|
|
$
19,771
|
|
$
19,981
|
Earnings before income
taxes, and provision (credit) for credit losses and SBA PPP loan
income
|
|
$
17,977
|
|
$
19,765
|
|
$
18,948
|
Tangible book value per
share
|
|
$
25.28
|
|
$
24.37
|
|
$
26.16
|
Tangible common equity
ratio
|
|
6.56 %
|
|
6.37 %
|
|
7.25 %
|
Return on average
tangible equity
|
|
14.21 %
|
|
18.18 %
|
|
16.01 %
|
Efficiency
ratio
|
|
58.96 %
|
|
56.35 %
|
|
56.47 %
|
|
|
(1)
|
Please see
"Reconciliation of non-GAAP to GAAP Financial Measures
(unaudited)."
|
Consolidated
Statements of Condition Data
|
(unaudited)
|
|
(In thousands)
|
|
March 31,
2023
|
|
December 31,
2022
|
|
March 31,
2022
|
ASSETS
|
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash
|
|
$
75,741
|
|
$
75,427
|
|
$
139,383
|
Investments:
|
|
|
|
|
|
|
Trading
securities
|
|
3,971
|
|
3,990
|
|
4,124
|
Available-for-sale
securities, at fair value (amortized cost of $777,621, $796,960,
and
$1,516,057 respectively)
|
|
686,423
|
|
695,875
|
|
1,421,809
|
Held-to-maturity
securities, at amortized cost (fair value of $509,250, $506,193
and
$1,300 respectively)
|
|
540,074
|
|
546,583
|
|
1,290
|
Other
investments
|
|
19,414
|
|
12,713
|
|
10,187
|
Total
investments
|
|
1,249,882
|
|
1,259,161
|
|
1,437,410
|
Loans held for sale, at
fair value (book value of $4,539, $5,259, and 6,818
respectively)
|
|
4,562
|
|
5,197
|
|
6,705
|
Loans:
|
|
|
|
|
|
|
Commercial real
estate
|
|
1,666,617
|
|
1,624,937
|
|
1,503,890
|
Commercial
|
|
420,530
|
|
429,499
|
|
403,352
|
SBA PPP
|
|
569
|
|
632
|
|
6,311
|
Residential real
estate
|
|
1,733,147
|
|
1,700,266
|
|
1,392,199
|
Consumer and home
equity
|
|
252,245
|
|
255,019
|
|
228,466
|
Total loans
|
|
4,073,108
|
|
4,010,353
|
|
3,534,218
|
Less: allowance for
credit losses on loans
|
|
(37,134)
|
|
(36,922)
|
|
(31,770)
|
Net
loans
|
|
4,035,974
|
|
3,973,431
|
|
3,502,448
|
Goodwill and core
deposit intangible assets
|
|
96,112
|
|
96,260
|
|
96,729
|
Other assets
|
|
254,334
|
|
262,374
|
|
237,740
|
Total
assets
|
|
$
5,716,605
|
|
$
5,671,850
|
|
$
5,420,415
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Non-interest
checking
|
|
$
1,047,491
|
|
$
1,141,753
|
|
$
1,200,807
|
Interest
checking
|
|
1,609,330
|
|
1,763,850
|
|
1,440,390
|
Savings and money
market
|
|
1,409,861
|
|
1,439,622
|
|
1,474,300
|
Certificates of
deposit
|
|
360,103
|
|
300,451
|
|
299,865
|
Brokered
deposits
|
|
215,949
|
|
181,253
|
|
161,302
|
Total
deposits
|
|
4,642,734
|
|
4,826,929
|
|
4,576,664
|
Short-term
borrowings
|
|
486,318
|
|
265,176
|
|
237,668
|
Junior subordinated
debentures
|
|
44,331
|
|
44,331
|
|
44,331
|
Accrued interest and
other liabilities
|
|
78,348
|
|
84,136
|
|
79,306
|
Total
liabilities
|
|
5,251,731
|
|
5,220,572
|
|
4,937,969
|
Commitments and
Contingencies
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
Common stock, no par
value: authorized 40,000,000 shares, issued and outstanding
14,587,906, 14,567,325 and 14,746,410 shares on March 31,
2023, December 31, 2022
and March 31, 2022, respectively
|
|
115,590
|
|
115,069
|
|
123,012
|
Retained
earnings
|
|
468,755
|
|
462,164
|
|
435,347
|
Accumulated other
comprehensive loss:
|
|
|
|
|
|
|
Net unrealized loss on
debt securities, net of tax
|
|
(122,445)
|
|
(131,539)
|
|
(73,984)
|
Net unrealized gain on
cash flow hedging derivative instruments, net of tax
|
|
3,286
|
|
5,891
|
|
1,166
|
Net unrecognized loss
on postretirement plans, net of tax
|
|
(312)
|
|
(307)
|
|
(3,095)
|
Total accumulated
other comprehensive loss
|
|
(119,471)
|
|
(125,955)
|
|
(75,913)
|
Total shareholders'
equity
|
|
464,874
|
|
451,278
|
|
482,446
|
Total liabilities
and shareholders' equity
|
|
$
5,716,605
|
|
$
5,671,850
|
|
$
5,420,415
|
Consolidated
Statements of Income Data
|
(unaudited)
|
|
|
|
For
The
Three Months
Ended
|
(In thousands, except per
share data)
|
|
March 31,
2023
|
|
December 31,
2022
|
|
March 31,
2022
|
Interest
Income
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
45,332
|
|
$
41,985
|
|
$
32,035
|
Taxable interest on
investments
|
|
5,963
|
|
5,944
|
|
5,789
|
Nontaxable interest on
investments
|
|
763
|
|
772
|
|
764
|
Dividend
income
|
|
219
|
|
182
|
|
106
|
Other interest
income
|
|
448
|
|
436
|
|
164
|
Total interest
income
|
|
52,725
|
|
49,319
|
|
38,858
|
Interest
Expense
|
|
|
|
|
|
|
Interest on
deposits
|
|
15,832
|
|
10,520
|
|
1,833
|
Interest on
borrowings
|
|
2,085
|
|
1,277
|
|
131
|
Interest on junior
subordinated debentures
|
|
528
|
|
540
|
|
529
|
Total interest
expense
|
|
18,445
|
|
12,337
|
|
2,493
|
Net interest
income
|
|
34,280
|
|
36,982
|
|
36,365
|
Provision (credit)
for credit losses
|
|
2,002
|
|
466
|
|
(1,075)
|
Net interest income
after provision (credit) for credit losses
|
|
32,278
|
|
36,516
|
|
37,440
|
Non-Interest
Income
|
|
|
|
|
|
|
Debit card
income
|
|
2,938
|
|
3,969
|
|
2,924
|
Service charges on
deposit accounts
|
|
1,762
|
|
1,882
|
|
1,833
|
Income from fiduciary
services
|
|
1,600
|
|
1,560
|
|
1,631
|
Brokerage and insurance
commissions
|
|
1,093
|
|
878
|
|
994
|
Mortgage banking
income, net
|
|
716
|
|
1,035
|
|
1,034
|
Bank-owned life
insurance
|
|
592
|
|
382
|
|
576
|
Net loss on sale of
securities
|
|
—
|
|
(903)
|
|
—
|
Other income
|
|
1,165
|
|
979
|
|
833
|
Total non-interest
income
|
|
9,866
|
|
9,782
|
|
9,825
|
Non-Interest
Expense
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
14,573
|
|
15,262
|
|
15,506
|
Furniture, equipment
and data processing
|
|
3,211
|
|
3,404
|
|
3,132
|
Net occupancy
costs
|
|
2,079
|
|
1,863
|
|
2,144
|
Debit card
expense
|
|
1,201
|
|
1,192
|
|
1,066
|
Consulting and
professional fees
|
|
1,055
|
|
959
|
|
1,007
|
Regulatory
assessments
|
|
845
|
|
593
|
|
655
|
Amortization of core
deposit intangible assets
|
|
148
|
|
156
|
|
156
|
Other real estate owned
and collection costs (recoveries), net
|
|
5
|
|
20
|
|
(85)
|
Other
expenses
|
|
3,048
|
|
3,544
|
|
2,628
|
Total non-interest
expense
|
|
26,165
|
|
26,993
|
|
26,209
|
Income before
income tax expense
|
|
15,979
|
|
19,305
|
|
21,056
|
Income Tax
Expense
|
|
3,252
|
|
3,954
|
|
4,261
|
Net
Income
|
|
$
12,727
|
|
$
15,351
|
|
$
16,795
|
Per Share
Data
|
|
|
|
|
|
|
Basic earnings per
share
|
|
$
0.87
|
|
$
1.05
|
|
$
1.14
|
Diluted earnings per
share
|
|
$
0.87
|
|
$
1.05
|
|
$
1.13
|
Quarterly Average
Balance and Yield/Rate Analysis
|
(unaudited)
|
|
|
|
Average
Balance
|
|
Yield/Rate
|
|
|
For The Three Months
Ended
|
|
For The Three Months
Ended
|
(Dollars in
thousands)
|
|
March 31,
2023
|
|
December 31,
2022
|
|
March 31,
2022
|
|
March 31,
2023
|
|
December 31,
2022
|
|
March 31,
2022
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits in other banks
and other interest-earning assets
|
|
$
26,018
|
|
$
28,219
|
|
$
100,002
|
|
3.89 %
|
|
3.52 %
|
|
0.13 %
|
Investments -
taxable
|
|
1,237,351
|
|
1,256,135
|
|
1,409,567
|
|
2.06 %
|
|
2.01 %
|
|
1.71 %
|
Investments -
nontaxable(1)
|
|
105,502
|
|
106,921
|
|
115,021
|
|
3.66 %
|
|
3.65 %
|
|
3.36 %
|
Loans(2):
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate
|
|
1,646,005
|
|
1,591,392
|
|
1,489,304
|
|
5.49 %
|
|
4.37 %
|
|
3.64 %
|
Commercial(1)
|
|
409,112
|
|
409,233
|
|
372,910
|
|
5.49 %
|
|
4.91 %
|
|
3.54 %
|
SBA PPP
|
|
594
|
|
652
|
|
21,687
|
|
2.55 %
|
|
3.50 %
|
|
19.05 %
|
Municipal(1)
|
|
15,997
|
|
20,693
|
|
15,221
|
|
3.56 %
|
|
3.28 %
|
|
3.46 %
|
Residential real
estate
|
|
1,715,192
|
|
1,667,256
|
|
1,347,427
|
|
3.78 %
|
|
3.58 %
|
|
3.46 %
|
Consumer and home
equity
|
|
253,760
|
|
255,355
|
|
226,731
|
|
7.10 %
|
|
6.24 %
|
|
4.26 %
|
Total loans
|
|
4,040,660
|
|
3,944,581
|
|
3,473,280
|
|
4.50 %
|
|
4.21 %
|
|
3.70 %
|
Total
interest-earning assets
|
|
5,409,531
|
|
5,335,856
|
|
5,097,870
|
|
3.92 %
|
|
3.67 %
|
|
3.07 %
|
Other assets
|
|
278,136
|
|
267,215
|
|
323,233
|
|
|
|
|
|
|
Total
assets
|
|
$
5,687,667
|
|
$
5,603,071
|
|
$
5,421,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities &
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
checking
|
|
$
1,076,469
|
|
$
1,182,999
|
|
$
1,199,456
|
|
— %
|
|
— %
|
|
— %
|
Interest
checking
|
|
1,689,862
|
|
1,665,360
|
|
1,414,704
|
|
2.00 %
|
|
1.56 %
|
|
0.19 %
|
Savings
|
|
734,804
|
|
763,858
|
|
750,899
|
|
0.08 %
|
|
0.05 %
|
|
0.04 %
|
Money
market
|
|
699,080
|
|
689,738
|
|
710,256
|
|
2.20 %
|
|
1.46 %
|
|
0.30 %
|
Certificates of
deposit
|
|
320,209
|
|
289,476
|
|
304,720
|
|
1.73 %
|
|
0.68 %
|
|
0.45 %
|
Total
deposits
|
|
4,520,424
|
|
4,591,431
|
|
4,380,035
|
|
1.22 %
|
|
0.84 %
|
|
0.15 %
|
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokered
deposits
|
|
220,559
|
|
120,150
|
|
176,399
|
|
4.05 %
|
|
2.75 %
|
|
0.55 %
|
Customer repurchase
agreements
|
|
182,754
|
|
203,105
|
|
208,147
|
|
1.07 %
|
|
0.82 %
|
|
0.25 %
|
Subordinated
debentures
|
|
44,331
|
|
44,331
|
|
44,331
|
|
4.83 %
|
|
4.83 %
|
|
4.84 %
|
Other
borrowings
|
|
175,223
|
|
123,142
|
|
1,613
|
|
3.71 %
|
|
2.76 %
|
|
0.39 %
|
Total
borrowings
|
|
622,867
|
|
490,728
|
|
430,490
|
|
3.13 %
|
|
2.14 %
|
|
0.85 %
|
Total funding
liabilities
|
|
5,143,291
|
|
5,082,159
|
|
4,810,525
|
|
1.45 %
|
|
0.96 %
|
|
0.21 %
|
Other
liabilities
|
|
81,725
|
|
86,827
|
|
85,140
|
|
|
|
|
|
|
Shareholders'
equity
|
|
462,651
|
|
434,085
|
|
525,438
|
|
|
|
|
|
|
Total liabilities
& shareholders' equity
|
|
$
5,687,667
|
|
$
5,603,071
|
|
$
5,421,103
|
|
|
|
|
|
|
Net interest rate
spread (fully-taxable equivalent)
|
|
2.47 %
|
|
2.71 %
|
|
2.86 %
|
Net interest margin
(fully-taxable equivalent)
|
|
2.54 %
|
|
2.76 %
|
|
2.87 %
|
|
|
(1)
|
Reported on a
tax-equivalent basis calculated using the federal corporate income
tax rate of 21%, including certain commercial loans.
|
(2)
|
Non-accrual loans and
loans held for sale are included in total average loans.
|
Asset Quality
Data
|
(unaudited)
|
|
(In
thousands)
|
|
At or For
The
Three Months
Ended
March 31,
2023
|
|
At or For
The
Year
Ended
December 31,
2022
|
|
At or For
The
Nine Months
Ended
September 30,
2022
|
|
At or For
The
Six Months
Ended
June 30,
2022
|
|
At or For
The
Three Months
Ended
March 31,
2022
|
Non-accrual
loans:
|
|
|
|
|
|
|
|
|
|
|
Residential real
estate
|
|
$
1,713
|
|
$
1,733
|
|
$
1,562
|
|
$
1,831
|
|
$
2,052
|
Commercial real
estate
|
|
56
|
|
57
|
|
73
|
|
182
|
|
183
|
Commercial
|
|
748
|
|
715
|
|
541
|
|
723
|
|
1,045
|
Consumer and home
equity
|
|
441
|
|
486
|
|
589
|
|
769
|
|
1,172
|
Total non-accrual
loans
|
|
2,958
|
|
2,991
|
|
2,765
|
|
3,505
|
|
4,452
|
Accruing troubled-debt
restructured loans not
included above
|
|
2,154
|
|
2,114
|
|
2,285
|
|
2,316
|
|
2,303
|
Total non-performing
loans
|
|
5,112
|
|
5,105
|
|
5,050
|
|
5,821
|
|
6,755
|
Other real estate
owned
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Total non-performing
assets
|
|
$
5,112
|
|
$
5,105
|
|
$
5,050
|
|
$
5,821
|
|
$
6,755
|
Loans 30-89 days
past due:
|
|
|
|
|
|
|
|
|
|
|
Residential real
estate
|
|
$
313
|
|
$
1,038
|
|
$
2,326
|
|
$
918
|
|
$
575
|
Commercial real
estate
|
|
111
|
|
323
|
|
195
|
|
258
|
|
91
|
Commercial
|
|
1,030
|
|
802
|
|
1,344
|
|
422
|
|
169
|
Consumer and home
equity
|
|
684
|
|
391
|
|
843
|
|
577
|
|
466
|
Total loans 30-89
days past due
|
|
$
2,138
|
|
$
2,554
|
|
$
4,708
|
|
$
2,175
|
|
$
1,301
|
ACL on loans at the
beginning of the period
|
|
$
36,922
|
|
$
33,256
|
|
$
33,256
|
|
$
33,256
|
|
$
33,256
|
Provision (credit) for
loan losses
|
|
439
|
|
4,430
|
|
3,788
|
|
1,275
|
|
(1,236)
|
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
Residential real
estate
|
|
18
|
|
66
|
|
65
|
|
16
|
|
—
|
Commercial
|
|
312
|
|
1,042
|
|
744
|
|
561
|
|
245
|
Consumer and home
equity
|
|
4
|
|
134
|
|
130
|
|
84
|
|
67
|
Total
charge-offs
|
|
334
|
|
1,242
|
|
939
|
|
661
|
|
312
|
Total
recoveries
|
|
(107)
|
|
(478)
|
|
(437)
|
|
(374)
|
|
(62)
|
Net
charge-offs
|
|
227
|
|
764
|
|
502
|
|
287
|
|
250
|
ACL on loans at the
end of the period
|
|
$
37,134
|
|
$
36,922
|
|
$
36,542
|
|
$
34,244
|
|
$
31,770
|
Components of
ACL:
|
|
|
|
|
|
|
|
|
|
|
ACL on
loans
|
|
$
37,134
|
|
$
36,922
|
|
$
36,542
|
|
$
34,244
|
|
$
31,770
|
ACL on off-balance
sheet credit exposures(1)
|
|
2,990
|
|
3,265
|
|
3,441
|
|
3,190
|
|
3,356
|
ACL, end of
period
|
|
$
40,124
|
|
$
40,187
|
|
$
39,983
|
|
$
37,434
|
|
$
35,126
|
Ratios:
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to
total loans
|
|
0.13 %
|
|
0.13 %
|
|
0.13 %
|
|
0.16 %
|
|
0.19 %
|
Non-performing assets
to total assets
|
|
0.09 %
|
|
0.09 %
|
|
0.09 %
|
|
0.11 %
|
|
0.12 %
|
ACL on loans to total
loans
|
|
0.91 %
|
|
0.92 %
|
|
0.95 %
|
|
0.92 %
|
|
0.90 %
|
Net charge-offs to
average loans (annualized):
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
|
|
0.02 %
|
|
0.03 %
|
|
0.02 %
|
|
— %
|
|
0.03 %
|
Year-to-date
|
|
0.02 %
|
|
0.02 %
|
|
0.02 %
|
|
0.02 %
|
|
0.03 %
|
ACL on loans to
non-performing loans
|
|
726.41 %
|
|
723.25 %
|
|
723.60 %
|
|
588.28 %
|
|
470.32 %
|
Loans 30-89 days past
due to total loans
|
|
0.05 %
|
|
0.06 %
|
|
0.12 %
|
|
0.06 %
|
|
0.04 %
|
|
|
(1)
|
Presented within
accrued interest and other liabilities on the consolidated
statements of condition.
|
Reconciliation of non-GAAP to GAAP Financial Measures
(unaudited)
|
Return on Average Tangible
Equity:
|
|
|
For
the
Three Months
Ended
|
(Dollars in
thousands)
|
|
March
31,
2023
|
|
December 31,
2022
|
|
March 31,
2022
|
Net income, as
presented
|
|
$
12,727
|
|
$
15,351
|
|
$
16,795
|
Add: amortization of
core deposit intangible assets, net of tax(1)
|
|
117
|
|
123
|
|
123
|
Net income, adjusted
for amortization of core deposit intangible assets
|
|
$
12,844
|
|
$
15,474
|
|
$
16,918
|
Average equity, as
presented
|
|
$ 462,651
|
|
$ 434,085
|
|
$ 525,438
|
Less: average goodwill
and core deposit intangible assets
|
|
(96,191)
|
|
(96,336)
|
|
(96,815)
|
Average tangible
equity
|
|
$ 366,460
|
|
$ 337,749
|
|
$ 428,623
|
Return on average
equity
|
|
11.16 %
|
|
14.03 %
|
|
12.96 %
|
Return on average
tangible equity
|
|
14.21 %
|
|
18.18 %
|
|
16.01 %
|
|
|
(1)
|
Assumed a 21% tax
rate.
|
Efficiency Ratio:
|
|
|
|
|
|
|
|
|
For
the
Three Months
Ended
|
(Dollars in
thousands)
|
|
March 31,
2023
|
|
December 31,
2022
|
|
March 31,
2022
|
Non-interest expense,
as presented
|
|
$
26,165
|
|
$
26,993
|
|
$
26,209
|
Net interest income, as
presented
|
|
$
34,280
|
|
$
36,982
|
|
$
36,365
|
Add: effect of
tax-exempt income(1)
|
|
229
|
|
237
|
|
226
|
Non-interest income, as
presented
|
|
9,866
|
|
9,782
|
|
9,825
|
Add: net loss on sale
of securities
|
|
—
|
|
903
|
|
—
|
Adjusted net interest
income plus non-interest income
|
|
$
44,375
|
|
$
47,904
|
|
$
46,416
|
GAAP efficiency
ratio
|
|
59.27 %
|
|
57.72 %
|
|
56.74 %
|
Non-GAAP efficiency
ratio
|
|
58.96 %
|
|
56.35 %
|
|
56.47 %
|
|
|
(1)
|
Assumed a 21% tax
rate.
|
Earnings before Income Taxes and Provision, and
Earnings before Income Taxes, Provision and SBA PPP Loan
Income:
|
|
|
For
the
Three Months
Ended
|
(In
thousands)
|
|
March 31,
2023
|
|
December 31,
2022
|
|
March 31,
2022
|
Net income, as
presented
|
|
$
12,727
|
|
$
15,351
|
|
$
16,795
|
Add: provision
(credit) for credit losses
|
|
2,002
|
|
466
|
|
(1,075)
|
Add: income tax
expense
|
|
3,252
|
|
3,954
|
|
4,261
|
Earnings before income
taxes and provision (credit) for credit losses
|
|
17,981
|
|
19,771
|
|
19,981
|
Less: SBA PPP loan
income
|
|
(4)
|
|
(6)
|
|
(1,033)
|
Earnings before income
taxes and provision (credit) for credit losses and SBA
PPP loan income
|
|
$
17,977
|
|
$
19,765
|
|
$
18,948
|
Tangible Book Value Per Share and Tangible Common
Equity Ratio:
|
|
|
March 31,
2023
|
|
December 31,
2022
|
|
March 31,
2022
|
(In thousands,
except number of shares, per share data and ratios)
|
|
Tangible Book Value Per
Share:
|
|
|
|
|
|
|
Shareholders' equity,
as presented
|
|
$ 464,874
|
|
$ 451,278
|
|
$ 482,446
|
Less: goodwill and
core deposit intangible assets
|
|
(96,112)
|
|
(96,260)
|
|
(96,729)
|
Tangible shareholders'
equity
|
|
$ 368,762
|
|
$ 355,018
|
|
$ 385,717
|
Shares outstanding at
period end
|
|
14,587,906
|
|
14,567,325
|
|
14,746,410
|
Book value per
share
|
|
$
31.87
|
|
$
30.98
|
|
$
32.72
|
Tangible book value per
share
|
|
$
25.28
|
|
$
24.37
|
|
$
26.16
|
Tangible Common Equity
Ratio:
|
Total assets
|
|
$
5,716,605
|
|
$
5,671,850
|
|
$
5,420,415
|
Less: goodwill and
core deposit intangible assets
|
|
(96,112)
|
|
(96,260)
|
|
(96,729)
|
Tangible
assets
|
|
$
5,620,493
|
|
$
5,575,590
|
|
$
5,323,686
|
Common equity
ratio
|
|
8.13 %
|
|
7.96 %
|
|
8.90 %
|
Tangible common equity
ratio
|
|
6.56 %
|
|
6.37 %
|
|
7.25 %
|
Core Deposits:
|
(In
thousands)
|
|
March 31,
2023
|
|
December 31,
2022
|
|
March 31,
2022
|
Total
deposits
|
|
$
4,642,734
|
|
$
4,826,929
|
|
$
4,576,664
|
Less: certificates of
deposit
|
|
(360,103)
|
|
(300,451)
|
|
(299,865)
|
Less: brokered
deposits
|
|
(215,949)
|
|
(181,253)
|
|
(161,302)
|
Core
deposits
|
|
$
4,066,682
|
|
$
4,345,225
|
|
$
4,115,497
|
Average Core Deposits:
|
|
|
For
the
Three Months
Ended
|
(In
thousands)
|
|
March 31,
2023
|
|
December 31,
2022
|
|
March 31,
2022
|
Total average deposits,
as presented(1)
|
|
$
4,520,424
|
|
$
4,591,431
|
|
$
4,380,035
|
Less: average
certificates of deposit
|
|
(320,209)
|
|
(289,476)
|
|
(304,720)
|
Average core
deposits
|
|
$
4,200,215
|
|
$
4,301,955
|
|
$
4,075,315
|
|
|
(1)
|
Brokered deposits
excluded from total average deposits, as presented on the Average
Balance, Interest and Yield/Rate analysis table.
|
Total loans, excluding SBA PPP
loans:
|
|
|
|
|
|
|
(In
thousands)
|
|
March
31, 2023
|
|
December 31,
2022
|
|
March 31,
2022
|
Total loans, as
presented
|
|
$
4,073,108
|
|
$
4,010,353
|
|
$
3,534,218
|
Less: SBA PPP
loans
|
|
(569)
|
|
(632)
|
|
(6,311)
|
Total loans, excluding
SBA PPP loans
|
|
$
4,072,539
|
|
$
4,009,721
|
|
$
3,527,907
|
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SOURCE Camden National Corporation