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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
CALIFORNIA |
||
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification Number) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
☒ |
☐ |
Accelerated filer | ||||
☐ |
Non-accelerated filer |
☐ |
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☐ |
Page |
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39 |
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58 |
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58 |
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60 |
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Exhibits |
||||
Item 1. |
Financial Statements (unaudited) |
At June 30, 2019 |
At December 31, 2018 |
|||||||
Assets: |
||||||||
Cash and due from banks |
$ | $ | ||||||
Cash at Federal Reserve and other banks |
||||||||
Cash and cash equivalents |
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Investment securities: |
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Marketable equity securities |
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Available for sale debt securities |
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Held to maturity debt securities |
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Restricted equity securities |
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Loans held for sale |
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Loans |
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Allowance for loan losses |
( |
) | ( |
) | ||||
Total loans, net |
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Premises and equipment, net |
||||||||
Cash value of life insurance |
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Accrued interest receivable |
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Goodwill |
||||||||
Other intangible assets, net |
||||||||
Operating leases, right-of-use |
— |
|||||||
Other assets |
||||||||
Total assets |
$ | $ | ||||||
Liabilities and Shareholders’ Equity: |
||||||||
Liabilities: |
||||||||
Deposits: |
||||||||
Noninterest-bearing demand |
$ | $ | ||||||
Interest-bearing |
||||||||
Total deposits |
||||||||
Accrued interest payable |
||||||||
Operating lease liability |
— |
|||||||
Other liabilities |
||||||||
Other borrowings |
||||||||
Junior subordinated debt |
||||||||
Total liabilities |
||||||||
Commitments and contingencies (Note 8) |
||||||||
Shareholders’ equity: |
||||||||
Preferred stock, December 31, 2018 |
||||||||
Common stock, at June 30, 2019 and December 31, 2018, respectively |
||||||||
Retained earnings |
||||||||
Accumulated other comprehensive loss, net of tax |
( |
) | ( |
) | ||||
Total shareholders’ equity |
||||||||
Total liabilities and shareholders’ equity |
$ | $ | ||||||
| Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
| 2019 |
2018 |
2019 |
2018 |
|||||||||||||
| Interest and dividend income: |
||||||||||||||||
| Loans, including fees |
$ | |
$ | |
$ | |
$ | |
||||||||
| Investments: |
||||||||||||||||
| Taxable securities |
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| Tax exempt securities |
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| Dividends |
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| Interest bearing cash at Federal Reserve and other banks |
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| Total interest and dividend income |
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| Interest expense: |
||||||||||||||||
| Deposits |
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| Other borrowings |
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| Junior subordinated debt |
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| Total interest expense |
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| Net interest income |
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| Provision for (reversal of) loan losses |
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( |
) | ( |
) | ( |
) | |||||||||
| Net interest income after provision for (benefit from reversal of) loan losses |
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||||||||||||
| Noninterest income: |
||||||||||||||||
| Service charges and fees |
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| Gain on sale of loans |
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| Asset management and commission income |
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| Increase in cash value of life insurance |
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| Other |
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| Total noninterest income |
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| Noninterest expense: |
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| Salaries and related benefits |
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| Other |
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| Total noninterest expense |
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| Income before provision for income taxes |
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| Provision for income taxes |
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||||||||||||
| Net income |
$ | |
$ | |
$ | |
$ | |
||||||||
| Earnings per share: |
||||||||||||||||
| Basic |
$ | |
$ | |
$ | |
$ | |
||||||||
| Diluted |
$ | |
$ | |
$ | |
$ | |
||||||||
| Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
| 2019 |
2018 |
2019 |
2018 |
|||||||||||||
| Net income |
$ | |
$ | |
$ | |
$ | |
||||||||
| Other comprehensive income (loss), net of tax: |
||||||||||||||||
| Unrealized gains (losses) on available for sale securities arising during the period |
|
( |
) | |
( |
) | ||||||||||
| Change in minimum pension liability |
— |
|
— |
|
||||||||||||
| Other comprehensive income (loss) |
|
( |
) | |
( |
) | ||||||||||
| Comprehensive income |
$ | |
$ | |
$ | |
$ | |
||||||||
Shares of Common Stock |
Common Stock |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Total |
||||||||||||||||
Balance at March 31, 2019 |
$ | $ | $ | ( |
) | $ | ||||||||||||||
Net income |
||||||||||||||||||||
Other comprehensive income |
||||||||||||||||||||
Stock option vesting |
||||||||||||||||||||
Stock options exercised |
||||||||||||||||||||
RSU vesting |
||||||||||||||||||||
PSU vesting |
||||||||||||||||||||
RSUs released |
— |
|||||||||||||||||||
PSUs released |
— |
|||||||||||||||||||
Repurchase of common stock |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Dividends paid ($ |
( |
) | ( |
) | ||||||||||||||||
Three months ending June 30, 2019 |
$ | $ | $ | ( |
) | $ | ||||||||||||||
Balance at January 1, 2019 |
$ | $ | $ | ( |
) | $ | ||||||||||||||
Net income |
||||||||||||||||||||
Other comprehensive income |
||||||||||||||||||||
Stock option vesting |
||||||||||||||||||||
Stock options exercised |
||||||||||||||||||||
RSU vesting |
||||||||||||||||||||
PSU vesting |
||||||||||||||||||||
RSUs released |
— |
|||||||||||||||||||
PSUs released |
— |
|||||||||||||||||||
Repurchase of common stock |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Dividends paid ($ |
( |
) | ( |
) | ||||||||||||||||
Six months ending June 30, 2019 |
$ | $ | $ | ( |
) | $ | ||||||||||||||
Shares of Common Stock |
Common Stock |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Total |
||||||||||||||||
Balance at March 31, 2018 |
$ | $ | $ | ( |
) | $ | ||||||||||||||
Net income |
||||||||||||||||||||
Adoption ASU 2016-01 |
||||||||||||||||||||
Adoption ASU 2018-02 |
||||||||||||||||||||
Other comprehensive loss |
( |
) | ( |
) | ||||||||||||||||
Stock option vesting |
||||||||||||||||||||
Stock options exercised |
||||||||||||||||||||
RSU vesting |
||||||||||||||||||||
PSU vesting |
||||||||||||||||||||
RSUs released |
— |
|||||||||||||||||||
PSUs released |
— |
|||||||||||||||||||
Repurchase of common stock |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Dividends paid ($ |
( |
) | ( |
) | ||||||||||||||||
Three months ending June 30, 2018 |
$ | $ | $ | ( |
) | $ | ||||||||||||||
Balance at January 1, 2018 |
$ | $ | $ | ( |
) | $ | ||||||||||||||
Net income |
||||||||||||||||||||
Adoption ASU 2016-01 |
( |
) | — |
|||||||||||||||||
Adoption ASU 2018-02 |
( |
) |
— |
|||||||||||||||||
Other comprehensive loss |
( |
) | ( |
) | ||||||||||||||||
Stock option vesting |
||||||||||||||||||||
Stock options exercised |
||||||||||||||||||||
RSU vesting |
||||||||||||||||||||
PSU vesting |
||||||||||||||||||||
RSUs released |
— |
|||||||||||||||||||
PSUs released |
— |
|||||||||||||||||||
Repurchase of common stock |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Dividends paid ($ |
( |
) | ( |
) | ||||||||||||||||
Six months ending June 30, 2018 |
$ | $ | $ | ( |
) | $ | ||||||||||||||
For the six months ended June 30, |
||||||||
2019 |
2018 |
|||||||
Operating activities: |
||||||||
Net income |
$ | $ | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation of premises and equipment, and amortization |
||||||||
Amortization of intangible assets |
||||||||
Reversal of provision for loan losses |
( |
) | ( |
) | ||||
Amortization of investment securities premium, net |
||||||||
Originations of loans for resale |
( |
) | ( |
) | ||||
Proceeds from sale of loans originated for resale |
||||||||
Gain on sale of loans |
( |
) | ( |
) | ||||
Change in market value of mortgage servicing rights |
( |
) | ||||||
Provision for losses on foreclosed assets |
||||||||
Gain on transfer of loans to foreclosed assets |
( |
) | ||||||
Gain on sale of foreclosed assets |
( |
) | ( |
) | ||||
Loss on disposal of fixed assets |
||||||||
Increase in cash value of life insurance |
( |
) | ( |
) | ||||
Gain on life insurance death benefit |
( |
) | ||||||
(Gain) loss on marketable equity securities |
( |
) | ||||||
Equity compensation vesting expense |
||||||||
Change in: |
||||||||
Interest receivable |
( |
) | ( |
) | ||||
Interest payable |
||||||||
Other assets and liabilities, net |
( |
) | ( |
) | ||||
Net cash from operating activities |
||||||||
Investing activities: |
||||||||
Proceeds from maturities of securities available for sale |
||||||||
Proceeds from maturities of securities held to maturity |
||||||||
Purchases of securities available for sale |
( |
) | ( |
) | ||||
Loan origination and principal collections, net |
( |
) | ( |
) | ||||
Proceeds from sale of other real estate owned |
||||||||
Proceeds from sale of premises and equipment |
||||||||
Purchases of premises and equipment |
( |
) | ( |
) | ||||
Net cash from investing activities |
( |
) | ( |
) | ||||
Financing activities: |
||||||||
Net change in deposits |
( |
) | ||||||
Net change in other borrowings |
( |
) | ||||||
Repurchase of common stock, net |
( |
) | ||||||
Dividends paid |
( |
) | ( |
) | ||||
Net cash used by financing activities |
( |
) | ||||||
Net change in cash and cash equivalents |
( |
) | ( |
) | ||||
Cash and cash equivalents and beginning of year |
||||||||
Cash and cash equivalents at end of year |
$ | $ | ||||||
Supplemental disclosure of noncash activities: |
||||||||
Unrealized gain (loss) on securities available for sale |
$ | $ | ( |
) | ||||
Loans transferred to foreclosed assets |
||||||||
Market value of shares tendered in-lieu of cash to pay for exercise of options and/or related taxes |
||||||||
Obligations incurred in conjunction with leased assets |
||||||||
Supplemental disclosure of cash flow activity: |
||||||||
Cash paid for interest expense |
||||||||
Cash paid for income taxes |
||||||||
| FNB Bancorp |
||||
| July 6, 2018 |
||||
| Fair value of consideration transferred: |
||||
| Fair value of shares issued |
$ | |
||
| Cash consideration |
|
|||
| Total fair value of consideration transferred |
|
|||
| Assets acquired: |
||||
| Cash and cash equivalents |
|
|||
| Securities available for sale |
|
|||
| Restricted equity securities |
|
|||
| Loans |
|
|||
| Premises and equipment |
|
|||
| Cash value of life insurance |
|
|||
| Core deposit intangible |
|
|||
| Other assets |
|
|||
| Total assets acquired |
|
|||
| Liabilities assumed: |
||||
| Deposits |
|
|||
| Other liabilities |
|
|||
| Short-term borrowings - Federal Home Loan Bank |
|
|||
| Total liabilities assumed |
|
|||
| Total net assets acquired |
|
|||
| Goodwill recognized |
$ | 156,661 |
||
| FNB Bancorp |
||||
| July 6, 2018 |
||||
| Value of stock consideration paid to FNB Bancorp Shareholders |
$ | |
||
| Cash consideration |
|
|||
| Less: |
||||
| Cost basis net assets acquired |
|
|||
| Fair value adjustments: |
||||
| Investments |
( |
) | ||
| Loans |
( |
) | ||
| Premises and equipment |
|
|||
| Core deposit intangible |
|
|||
| Deferred income taxes |
( |
) | ||
| Other |
|
|||
| Goodwill |
$ | |
||
June 30, 2019 |
||||||||||||||||
Gross |
Gross |
Estimated |
||||||||||||||
Amortized |
Unrealized |
Unrealized |
Fair |
|||||||||||||
Cost |
Gains |
Losses |
Value |
|||||||||||||
(in thousands) |
||||||||||||||||
Debt Securities Available for Sale |
||||||||||||||||
Obligations of U.S. government agencies |
$ | $ | $ | ( |
) | $ | ||||||||||
Obligations of states and political subdivisions |
( |
) | ||||||||||||||
Corporate bonds |
— |
|||||||||||||||
Asset backed securities |
( |
) | ||||||||||||||
Total debt securities available for sale |
$ | $ | $ | ( |
) | $ | ||||||||||
Debt Securities Held to Maturity |
||||||||||||||||
Obligations of U.S. government agencies |
$ | $ | $ | ( |
) | $ | ||||||||||
Obligations of states and political subdivisions |
— |
|||||||||||||||
Total debt securities held to maturity |
$ | $ | $ | ( |
) | $ | ||||||||||
December 31, 2018 |
||||||||||||||||
Gross |
Gross |
Estimated |
||||||||||||||
Amortized |
Unrealized |
Unrealized |
Fair |
|||||||||||||
Cost |
Gains |
Losses |
Value |
|||||||||||||
(in thousands) |
||||||||||||||||
Debt Securities Available for Sale |
||||||||||||||||
Obligations of U.S. government agencies |
$ | $ | $ | ( |
) | $ | ||||||||||
Obligations of states and political subdivisions |
( |
) | ||||||||||||||
Corporate bonds |
— |
|||||||||||||||
Asset backed securities |
( |
) | ||||||||||||||
Total debt securities available for sale |
$ | $ | $ | ( |
) | $ | ||||||||||
Debt Securities Held to Maturity |
||||||||||||||||
Obligations of U.S. government agencies |
$ | $ | $ | ( |
) | $ | ||||||||||
Obligations of states and political subdivisions |
( |
) | ||||||||||||||
Total debt securities held to maturity |
$ | $ | $ | ( |
) | $ | ||||||||||
Debt Securities |
Available for Sale |
Held to Maturity |
||||||||||||||
(In thousands) |
Amortized |
Estimated |
Amortized |
Estimated |
||||||||||||
Cost |
Fair Value |
Cost |
Fair Value |
|||||||||||||
Due in one year |
$ | $ | $ | — |
$ | — |
||||||||||
Due after one year through five years |
||||||||||||||||
Due after five years through ten years |
||||||||||||||||
Due after ten years |
||||||||||||||||
Totals |
$ | $ | $ | $ | ||||||||||||
Less than 12 months |
12 months or more |
Total |
||||||||||||||||||||||
Fair |
Unrealized |
Fair |
Unrealized |
Fair |
Unrealized |
|||||||||||||||||||
Value |
Loss |
Value |
Loss |
Value |
Loss |
|||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||
June 30, 2019 |
||||||||||||||||||||||||
Debt Securities Available for Sale |
||||||||||||||||||||||||
Obligations of U.S. government agencies |
$ | — |
$ | — |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||
Obligations of states and political subdivisions |
( |
) | — |
— |
( |
) | ||||||||||||||||||
Corporate Bonds |
— |
— |
— |
— |
— |
— |
||||||||||||||||||
Asset backed securities |
( |
) | — |
— |
( |
) | ||||||||||||||||||
Total debt securities available for sale |
$ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||
Debt Securities Held to Maturity |
||||||||||||||||||||||||
Obligations of U.S. government agencies |
$ | — |
$ | — |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||
Obligations of states and political subdivisions |
— |
— |
— |
— |
— |
— |
||||||||||||||||||
Total debt securities held to maturity |
$ | — |
$ | — |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||
Less than 12 months |
12 months or more |
Total |
||||||||||||||||||||||
Fair |
Unrealized |
Fair |
Unrealized |
Fair |
Unrealized |
|||||||||||||||||||
Value |
Loss |
Value |
Loss |
Value |
Loss |
|||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||
December 31, 2018 |
||||||||||||||||||||||||
Debt Securities Available for Sale |
||||||||||||||||||||||||
Obligations of U.S. government agencies |
$ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||
Obligations of states and political subdivisions |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Asset backed securities |
( |
) | — |
— |
( |
) | ||||||||||||||||||
Total debt securities available for sale |
$ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||
Debt Securities Held to Maturity |
||||||||||||||||||||||||
Obligations of U.S. government agencies |
$ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||
Obligations of states and political subdivisions |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Total debt securities held to maturity |
$ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||
| June 30, 2019 |
||||||||||||||||
| Originated |
PNCI |
PCI |
Total |
|||||||||||||
| Mortgage loans on real estate: |
||||||||||||||||
| Residential 1-4 family |
$ | |
$ | |
$ | |
$ | |
||||||||
| Commercial |
|
|
|
|
||||||||||||
| Total mortgage loan on real estate |
|
|
|
|
||||||||||||
| Consumer: |
||||||||||||||||
| Home equity lines of credit |
|
|
|
|
||||||||||||
| Home equity loans |
|
|
|
|
||||||||||||
| Other |
|
|
|
|
||||||||||||
| Total consumer loans |
|
|
|
|
||||||||||||
| Commercial |
|
|
|
|
||||||||||||
| Construction: |
||||||||||||||||
| Residential |
|
|
— |
|
||||||||||||
| Commercial |
|
|
— |
|
||||||||||||
| Total construction |
|
|
— |
|
||||||||||||
| Total loans, net of deferred loan fees and discounts |
$ | |
$ | |
$ | |
$ | |
||||||||
| Total principal balance of loans owed, net of charge-offs |
$ | |
$ | |
$ | |
$ | |
||||||||
| Unamortized net deferred loan fees |
( |
) | — |
— |
( |
) | ||||||||||
| Discounts to principal balance of loans owed, net of charge-offs |
— |
( |
) | ( |
) | ( |
) | |||||||||
| Total loans, net of unamortized deferred loan fees and discounts |
$ | 3,184,888 |
$ | 907,304 |
$ | 11,495 |
$ | 4,103,687 |
||||||||
| Allowance for loan losses |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( 32,868 |
) | ||||
| December 31, 2018 |
||||||||||||||||
| Originated |
PNCI |
PCI |
Total |
|||||||||||||
| Mortgage loans on real estate: |
||||||||||||||||
| Residential 1-4 family |
$ | |
$ | |
$ | |
$ | |
||||||||
| Commercial |
|
|
|
|
||||||||||||
| Total mortgage loan on real estate |
|
|
|
|
||||||||||||
| Consumer: |
||||||||||||||||
| Home equity lines of credit |
|
|
|
|
||||||||||||
| Home equity loans |
|
|
|
|
||||||||||||
| Other |
|
|
|
|
||||||||||||
| Total consumer loans |
|
|
|
|
||||||||||||
| Commercial |
|
|
|
|
||||||||||||
| Construction: |
||||||||||||||||
| Residential |
|
|
— |
|
||||||||||||
| Commercial |
|
|
— |
|
||||||||||||
| Total construction |
|
|
— |
|
||||||||||||
| Total loans, net of deferred loan fees and discounts |
$ | 2,981,456 |
$ | 1,026,335 |
$ | 14,223 |
$ | 4,022,014 |
||||||||
| Total principal balance of loans owed, net of charge-offs |
$ | |
$ | |
$ | |
$ | |
||||||||
| Unamortized net deferred loan fees |
( |
) | — |
— |
( |
) | ||||||||||
| Discounts to principal balance of loans owed, net of charge-offs |
— |
( |
) | ( |
) | ( |
) | |||||||||
| Total loans, net of unamortized deferred loan fees and discounts |
$ | |
$ | |
$ | |
$ | |
||||||||
| Allowance for loan losses |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
| Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
| 2019 |
2018 |
2019 |
2018 |
|||||||||||||
| Change in accretable yield: |
||||||||||||||||
| Balance at beginning of period |
$ | |
$ | |
$ | |
$ | |
||||||||
| Accretion to interest income |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Reclassification (to) from nonaccretable difference |
( |
) | |
( |
) | |
||||||||||
| Balance at end of period |
$ | |
$ | |
$ | |
$ | |
||||||||
| Allowance for Loan Losses – Three Months Ended June 30, 2019 |
||||||||||||||||||||
| (in thousands) |
Beginning Balance |
Charge-offs |
Recoveries |
Provision (benefit) |
Ending Balance |
|||||||||||||||
| Mortgage loans on real estate: |
||||||||||||||||||||
| Residential 1-4 family |
$ | |
$ | ( |
) | $ | |
$ | |
$ | |
|||||||||
| Commercial |
|
— |
|
( |
) | |
||||||||||||||
| Total mortgage loans on real estate |
|
( |
) | |
( |
) | |
|||||||||||||
| Consumer: |
||||||||||||||||||||
| Home equity lines of credit |
|
— |
|
( |
) | |
||||||||||||||
| Home equity loans |
|
— |
|
( |
) | |
||||||||||||||
| Other |
|
( |
) | |
|
|
||||||||||||||
| Total consumer loans |
|
( |
) | |
( |
) | |
|||||||||||||
| Commercial |
|
( |
) | |
|
|
||||||||||||||
| Construction: |
||||||||||||||||||||
| Residential |
|
— |
— |
|
|
|||||||||||||||
| Commercial |
|
— |
— |
( |
) | |
||||||||||||||
| Total construction |
|
— |
— |
|
|
|||||||||||||||
| Total |
$ | |
$ | ( |
) | $ | |
$ | |
$ | |
|||||||||
| Allowance for Loan Losses – Six Months Ended June 30, 2019 |
||||||||||||||||||||
| (in thousands) |
Beginning Balance |
Charge-offs |
Recoveries |
Provision (benefit) |
Ending Balance |
|||||||||||||||
| Mortgage loans on real estate: |
||||||||||||||||||||
| Residential 1-4 family |
$ | |
$ | ( |
) | $ | |
$ | ( |
) | $ | |
||||||||
| Commercial |
|
— |
|
( |
) | |
||||||||||||||
| Total mortgage loans on real estate |
|
( |
) | |
( |
) | |
|||||||||||||
| Consumer: |
||||||||||||||||||||
| Home equity lines of credit |
|
— |
|
( |
) | |
||||||||||||||
| Home equity loans |
|
— |
|
( |
) | |
||||||||||||||
| Other |
|
( |
) | |
|
|
||||||||||||||
| Total consumer loans |
|
( |
) | |
( |
) | |
|||||||||||||
| Commercial |
|
( |
) | |
|
|
||||||||||||||
| Construction: |
||||||||||||||||||||
| Residential |
|
— |
— |
|
|
|||||||||||||||
| Commercial |
|
— |
— |
( |
) | |
||||||||||||||
| Total construction |
|
— |
— |
|
|
|||||||||||||||
| Total |
$ | |
$ | ( |
) | $ | |
$ | ( |
) | $ | |
||||||||
| Allowance for Loan Losses – As of June 30, 2019 |
||||||||||||||||
| (in thousands) |
Loans pooled for evaluation |
Individually evaluated for impairment |
Loans acquired with deteriorated credit quality |
Total allowance for loan losses |
||||||||||||
| Mortgage loans on real estate: |
||||||||||||||||
| Residential 1-4 family |
$ | |
$ | |
$ | — |
$ | |
||||||||
| Commercial |
|
|
— |
|
||||||||||||
| Total mortgage loans on real estate |
|
|
— |
|
||||||||||||
| Consumer: |
||||||||||||||||
| Home equity lines of credit |
|
|
|
|
||||||||||||
| Home equity loans |
|
|
— |
|
||||||||||||
| Other |
|
|
— |
|
||||||||||||
| Total consumer loans |
|
|
|
|
||||||||||||
| Commercial |
|
|
— |
|
||||||||||||
| Construction: |
||||||||||||||||
| Residential |
|
— |
— |
|
||||||||||||
| Commercial |
|
— |
— |
|
||||||||||||
| Total construction |
|
— |
— |
|
||||||||||||
| Total |
$ | |
$ | |
$ | |
$ | |
||||||||
| Loans, Net of Unearned fees – As of June 30, 2019 |
||||||||||||||||
| (in thousands) |
Loans pooled for evaluation |
Individually evaluated for impairment |
Loans acquired with deteriorated credit quality |
Total loans, net of unearned fees |
||||||||||||
| Mortgage loans on real estate: |
||||||||||||||||
| Residential 1-4 family |
$ | |
$ | |
$ | |
$ | |
||||||||
| Commercial |
|
|
|
|
||||||||||||
| Total mortgage loans on real estate |
|
|
|
|
||||||||||||
| Consumer: |
||||||||||||||||
| Home equity lines of credit |
|
|
|
|
||||||||||||
| Home equity loans |
|
|
|
|
||||||||||||
| Other |
|
|
|
|
||||||||||||
| Total consumer loans |
|
|
|
|
||||||||||||
| Commercial |
|
|
|
|
||||||||||||
| Construction: |
||||||||||||||||
| Residential |
|
— |
— |
|
||||||||||||
| Commercial |
|
— |
— |
|
||||||||||||
| Total construction |
|
— |
— |
|
||||||||||||
| Total |
$ | |
$ | |
$ | |
$ | |
||||||||
| Allowance for Loan Losses – Year Ended December 31, 2018 |
||||||||||||||||||||
| (in thousands) |
Beginning Balance |
Charge-offs |
Recoveries |
Provision (benefit) |
Ending Balance |
|||||||||||||||
| Mortgage loans on real estate: |
||||||||||||||||||||
| Residential 1-4 family |
$ | |
$ | ( |
) | $ | — |
$ | |
$ | |
|||||||||
| Commercial |
|
( |
) | |
|
|
||||||||||||||
| Total mortgage loans on real estate |
|
( |
) | |
|
|
||||||||||||||
| Consumer: |
||||||||||||||||||||
| Home equity lines of credit |
|
( |
) | |
( |
) | |
|||||||||||||
| Home equity loans |
|
( |
) | |
( |
) | |
|||||||||||||
| Other |
|
( |
) | |
|
|
||||||||||||||
| Total consumer loans |
|
( |
) | |
( |
) | |
|||||||||||||
| Commercial |
|
( |
) | |
|
|
||||||||||||||
| Construction: |
||||||||||||||||||||
| Residential |
|
— |
— |
|
|
|||||||||||||||
| Commercial |
|
— |
— |
|
|
|||||||||||||||
| Total construction |
|
— |
— |
|
|
|||||||||||||||
| Total |
$ | |
$ | ( |
) | $ | |
$ | |
$ | |
|||||||||
| Allowance for Loan Losses – As of December 31, 2018 |
||||||||||||||||
| (in thousands) |
Loans pooled for evaluation |
Individually evaluated for impairment |
Loans acquired with deteriorated credit quality |
Total allowance for loan losses |
||||||||||||
| Mortgage loans on real estate: |
||||||||||||||||
| Residential 1-4 family |
$ | |
$ | |
$ | — |
$ | |
||||||||
| Commercial |
|
|
|
|
||||||||||||
| Total mortgage loans on real estate |
|
|
|
|
||||||||||||
| Consumer: |
||||||||||||||||
| Home equity lines of credit |
|
|
|
|
||||||||||||
| Home equity loans |
|
|
— |
|
||||||||||||
| Other |
|
|
— |
|
||||||||||||
| Total consumer loans |
|
|
|
|
||||||||||||
| Commercial |
|
|
— |
|
||||||||||||
| Construction: |
||||||||||||||||
| Residential |
|
— |
— |
|
||||||||||||
| Commercial |
|
— |
— |
|
||||||||||||
| Total construction |
|
— |
— |
|
||||||||||||
| Total |
$ | |
$ | |
$ | |
$ | |
||||||||
| Loans, Net of Unearned fees – As of December 31, 2018 |
||||||||||||||||
| (in thousands) |
Loans pooled for evaluation |
Individually evaluated for impairment |
Loans acquired with deteriorated credit quality |
Total loans, net of unearned fees |
||||||||||||
| Mortgage loans on real estate: |
||||||||||||||||
| Residential 1-4 family |
$ | |
$ | |
$ | |
$ | |
||||||||
| Commercial |
|
|
|
|
||||||||||||
| Total mortgage loans on real estate |
|
|
|
|
||||||||||||
| Consumer: |
||||||||||||||||
| Home equity lines of credit |
|
|
|
|
||||||||||||
| Home equity loans |
|
|
|
|
||||||||||||
| Other |
|
|
|
|
||||||||||||
| Total consumer loans |
|
|
|
|
||||||||||||
| Commercial |
|
|
|
|
||||||||||||
| Construction: |
||||||||||||||||
| Residential |
|
— |
— |
|
||||||||||||
| Commercial |
|
— |
— |
|
||||||||||||
| Total construction |
|
— |
— |
|
||||||||||||
| Total |
$ | |
$ | |
$ | |
$ | |
||||||||
| Allowance for Loan Losses – Three Months Ended June 30, 2018 |
||||||||||||||||||||
| (in thousands) |
Beginning Balance |
Charge-offs |
Recoveries |
Provision (benefit) |
Ending Balance |
|||||||||||||||
| Mortgage loans on real estate: |
||||||||||||||||||||
| Residential 1-4 family |
$ | |
$ | ( |
) | $ | — |
$ | ( |
) | $ | |
||||||||
| Commercial |
|
( |
) | |
|
|
||||||||||||||
| Total mortgage loans on real estate |
|
( |
) | |
( |
) | |
|||||||||||||
| Consumer: |
||||||||||||||||||||
| Home equity lines of credit |
|
( |
) | |
( |
) | |
|||||||||||||
| Home equity loans |
|
— |
|
( |
) | |
||||||||||||||
| Other |
|
( |
) | |
|
|
||||||||||||||
| Total consumer loans |
|
( |
) | |
( |
) | |
|||||||||||||
| Commercial |
|
( |
) | |
( |
) | |
|||||||||||||
| Construction: |
||||||||||||||||||||
| Residential |
|
— |
— |
|
|
|||||||||||||||
| Commercial |
|
— |
— |
|
|
|||||||||||||||
| Total construction |
|
— |
— |
|
|
|||||||||||||||
| Total |
$ | |
$ | ( |
) | $ | |
$ | ( |
) | $ | |
||||||||
| Allowance for Loan Losses – Six Months Ended June 30, 2018 |
||||||||||||||||||||
| (in thousands) |
Beginning Balance |
Charge-offs |
Recoveries |
Provision (benefit) |
Ending Balance |
|||||||||||||||
| Mortgage loans on real estate: |
||||||||||||||||||||
| Residential 1-4 family |
$ | |
$ | ( |
) | $ | — |
$ | ( |
) | $ | |
||||||||
| Commercial |
|
( |
) | |
|
|
||||||||||||||
| Total mortgage loans on real estate |
|
( |
) | |
( |
) | |
|||||||||||||
| Consumer: |
||||||||||||||||||||
| Home equity lines of credit |
|
( |
) | |
( |
) | |
|||||||||||||
| Home equity loans |
|
— |
|
( |
) | |
||||||||||||||
| Other |
|
( |
) | |
|
|
||||||||||||||
| Total consumer loans |
|
( |
) | |
( |
) | |
|||||||||||||
| Commercial |
|
( |
) | |
( |
) | |
|||||||||||||
| Construction: |
||||||||||||||||||||
| Residential |
|
— |
— |
|
|
|||||||||||||||
| Commercial |
|
— |
— |
|
|
|||||||||||||||
| Total construction |
|
— |
— |
|
|
|||||||||||||||
| Total |
$ | |
$ | ( |
) | $ | |
$ | ( |
) | $ | |
||||||||
| Allowance for Loan Losses – As of June 30, 2018 |
||||||||||||||||
| (in thousands) |
Loans pooled for evaluation |
Individually evaluated for impairment |
Loans acquired with deteriorated credit quality |
Total allowance for loan losses |
||||||||||||
| Mortgage loans on real estate: |
||||||||||||||||
| Residential 1-4 family |
$ | |
$ | |
$ | |
$ | |
||||||||
| Commercial |
|
|
|
|
||||||||||||
| Total mortgage loans on real estate |
|
|
|
|
||||||||||||
| Consumer: |
||||||||||||||||
| Home equity lines of credit |
|
|
|
|
||||||||||||
| Home equity loans |
|
|
— |
|
||||||||||||
| Other |
|
|
— |
|
||||||||||||
| Total consumer loans |
|
|
|
|
||||||||||||
| Commercial |
|
|
|
|
||||||||||||
| Construction: |
||||||||||||||||
| Residential |
|
— |
— |
|
||||||||||||
| Commercial |
|
— |
— |
|
||||||||||||
| Total construction |
|
— |
— |
|
||||||||||||
| Total |
$ | |
$ | |
$ | |
$ | |
||||||||
| Loans, Net of Unearned fees – As of June 30, 2018 |
||||||||||||||||
| (in thousands) |
Loans pooled for evaluation |
Individually evaluated for impairment |
Loans acquired with deteriorated credit quality |
Total loans, net of unearned fees |
||||||||||||
| Mortgage loans on real estate: |
||||||||||||||||
| Residential 1-4 family |
$ | |
$ | |
$ | |
$ | |
||||||||
| Commercial |
|
|
|
|
||||||||||||
| Total mortgage loans on real estate |
|
|
|
|
||||||||||||
| Consumer: |
||||||||||||||||
| Home equity lines of credit |
|
|
|
|
||||||||||||
| Home equity loans |
|
|
|
|
||||||||||||
| Other |
|
|
|
|
||||||||||||
| Total consumer loans |
|
|
|
|
||||||||||||
| Commercial |
|
|
|
|
||||||||||||
| Construction: |
||||||||||||||||
| Residential |
|
— |
— |
|
||||||||||||
| Commercial |
|
— |
— |
|
||||||||||||
| Total construction |
|
|
— |
|
||||||||||||
| Total |
$ | |
$ | |
$ | |
$ | |
||||||||
| • | Pass |
| • | Special Mention |
| • | Substandard |
| • | Doubtful |
| • | Loss |
| Credit Quality Indicators Originated Loans – As of June 30, 2019 |
||||||||||||||||||||
| (in thousands) |
Pass |
Special Mention |
Substandard |
Doubtful / Loss |
Total Originated Loans |
|||||||||||||||
| Mortgage loans on real estate: |
||||||||||||||||||||
| Residential 1-4 family |
$ | |
$ | |
$ | |
$ | — |
$ | |
||||||||||
| Commercial |
|
|
|
— |
|
|||||||||||||||
| Total mortgage loans on real estate |
|
|
|
— |
|
|||||||||||||||
| Consumer: |
||||||||||||||||||||
| Home equity lines of credit |
|
|
|
— |
|
|||||||||||||||
| Home equity loans |
|
|
|
— |
|
|||||||||||||||
| Other |
|
|
|
— |
|
|||||||||||||||
| Total consumer loans |
|
|
|
— |
|
|||||||||||||||
| Commercial |
|
|
|
|
|
|||||||||||||||
| Construction: |
||||||||||||||||||||
| Residential |
|
— |
|
— |
|
|||||||||||||||
| Commercial |
|
|
— |
— |
|
|||||||||||||||
| Total construction |
|
|
|
— |
|
|||||||||||||||
| Total loans |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||
| Credit Quality Indicators PNCI Loans – As of June 30, 2019 |
||||||||||||||||||||
| (in thousands) |
Pass |
Special Mention |
Substandard |
Doubtful / Loss |
Total PNCI Loans |
|||||||||||||||
| Mortgage loans on real estate: |
||||||||||||||||||||
| Residential 1-4 family |
$ | |
$ | |
$ | |
$ | — |
$ | |
||||||||||
| Commercial |
|
|
|
— |
|
|||||||||||||||
| Total mortgage loans on real estate |
|
|
|
— |
|
|||||||||||||||
| Consumer: |
||||||||||||||||||||
| Home equity lines of credit |
|
|
|
— |
|
|||||||||||||||
| Home equity loans |
|
|
|
— |
|
|||||||||||||||
| Other |
|
|
|
— |
|
|||||||||||||||
| Total consumer loans |
|
|
|
— |
|
|||||||||||||||
| Commercial |
|
|
|
— |
|
|||||||||||||||
| Construction: |
||||||||||||||||||||
| Residential |
|
— |
— |
— |
|
|||||||||||||||
| Commercial |
|
— |
|
— |
|
|||||||||||||||
| Total construction |
|
— |
|
— |
|
|||||||||||||||
| Total loans |
$ | |
$ | |
$ | |
$ | — |
$ | |
||||||||||
| Credit Quality Indicators Originated Loans – As of December 31, 2018 |
||||||||||||||||||||
| (in thousands) |
Pass |
Special Mention |
Substandard |
Doubtful / Loss |
Total Originated Loans |
|||||||||||||||
| Mortgage loans on real estate: |
||||||||||||||||||||
| Residential 1-4 family |
$ | |
$ | |
$ | |
$ | — |
$ | |
||||||||||
| Commercial |
|
|
|
— |
|
|||||||||||||||
| Total mortgage loans on real estate |
|
|
|
— |
|
|||||||||||||||
| Consumer: |
||||||||||||||||||||
| Home equity lines of credit |
|
|
|
— |
|
|||||||||||||||
| Home equity loans |
|
|
|
— |
|
|||||||||||||||
| Other |
|
|
|
— |
|
|||||||||||||||
| Total consumer loans |
|
|
|
— |
|
|||||||||||||||
| Commercial |
|
|
|
— |
|
|||||||||||||||
| Construction: |
||||||||||||||||||||
| Residential |
|
|
|
— |
|
|||||||||||||||
| Commercial |
|
|
— |
— |
|
|||||||||||||||
| Total construction |
|
|
|
— |
|
|||||||||||||||
| Total loans |
$ | |
$ | |
$ | |
$ | — |
$ | |
||||||||||
| Credit Quality Indicators PNCI Loans – As of December 31, 2018 |
||||||||||||||||||||
| (in thousands) |
Pass |
Special Mention |
Substandard |
Doubtful / Loss |
Total PNCI Loans |
|||||||||||||||
| Mortgage loans on real estate: |
||||||||||||||||||||
| Residential 1-4 family |
$ | |
$ | |
$ | |
$ | — |
$ | |
||||||||||
| Commercial |
|
|
|
— |
|
|||||||||||||||
| Total mortgage loans on real estate |
|
|
|
— |
|
|||||||||||||||
| Consumer: |
||||||||||||||||||||
| Home equity lines of credit |
|
|
|
— |
|
|||||||||||||||
| Home equity loans |
|
|
|
— |
|
|||||||||||||||
| Other |
|
|
|
— |
|
|||||||||||||||
| Total consumer loans |
|
|
|
— |
|
|||||||||||||||
| Commercial |
|
|
|
— |
|
|||||||||||||||
| Construction: |
||||||||||||||||||||
| Residential |
|
— |
— |
— |
|
|||||||||||||||
| Commercial |
|
— |
— |
— |
|
|||||||||||||||
| Total construction |
|
— |
— |
— |
|
|||||||||||||||
| Total |
$ | |
$ | |
$ | |
$ | — |
$ | |
||||||||||
| Analysis of Originated Past Due Loans - As of June 30, 2019 |
||||||||||||||||||||||||||||
| (in thousands) |
30-59 days |
60-89 days |
> 90 days |
Total Past Due Loans |
Current |
Total |
> 90 Days and Still Accruing |
|||||||||||||||||||||
| Mortgage loans on real estate: |
||||||||||||||||||||||||||||
| Residential 1-4 family |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | — |
||||||||||||||
| Commercial |
|
|
|
|
|
|
— |
|||||||||||||||||||||
| Total mortgage loans on real estate |
|
|
|
|
|
|
— |
|||||||||||||||||||||
| Consumer: |
||||||||||||||||||||||||||||
| Home equity lines of credit |
|
|
|
|
|
|
— |
|||||||||||||||||||||
| Home equity loans |
|
|
|
|
|
|
||||||||||||||||||||||
| Other |
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total consumer loans |
|
|
|
|
|
|
|
|||||||||||||||||||||
| Commercial |
|
|
|
|
|
|
|
|||||||||||||||||||||
| Construction: |
||||||||||||||||||||||||||||
| Residential |
|
— |
— |
|
|
|
— |
|||||||||||||||||||||
| Commercial |
— |
— |
— |
— |
|
|
— |
|||||||||||||||||||||
| Total construction |
|
— |
— |
|
|
|
— |
|||||||||||||||||||||
| Total originated loans |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||||||
| Analysis of PNCI Past Due Loans - As of June 30, 2019 |
||||||||||||||||||||||||||||
| (in thousands) |
30-59 days |
60-89 days |
> 90 days |
Total Past Due Loans |
Current |
Total |
> 90 Days and Still Accruing |
|||||||||||||||||||||
| Mortgage loans on real estate: |
||||||||||||||||||||||||||||
| Residential 1-4 family |
$ | |
$ | |
$ | — |
$ | |
$ | |
$ | |
$ | — |
||||||||||||||
| Commercial |
|
|
|
|
|
|
— |
|||||||||||||||||||||
| Total mortgage loans on real estate |
|
|
|
|
|
|
— |
|||||||||||||||||||||
| Consumer: |
||||||||||||||||||||||||||||
| Home equity lines of credit |
|
|
|
|
|
|
— |
|||||||||||||||||||||
| Home equity loans |
|
— |
— |
|
|
|
— |
|||||||||||||||||||||
| Other |
|
— |
— |
|
|
|
— |
|||||||||||||||||||||
| Total consumer loans |
|
|
|
|
|
|
— |
|||||||||||||||||||||
| Commercial |
|
|
|
|
|
|
— |
|||||||||||||||||||||
| Construction: |
||||||||||||||||||||||||||||
| Residential |
— |
— |
— |
— |
|
|
— |
|||||||||||||||||||||
| Commercial |
|
— |
— |
|
|
|
— |
|||||||||||||||||||||
| Total construction |
|
— |
— |
|
|
|
— |
|||||||||||||||||||||
| Total PNCI loans |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | — |
||||||||||||||
| Analysis of Originated Past Due Loans - As of December 31, 2018 |
||||||||||||||||||||||||||||
| (in thousands) |
30-59 days |
60-89 days |
> 90 days |
Total Past Due Loans |
Current |
Total |
> 90 Days and Still Accruing |
|||||||||||||||||||||
| Mortgage loans on real estate: |
||||||||||||||||||||||||||||
| Residential 1-4 family |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | — |
||||||||||||||
| Commercial |
|
|
|
|
|
|
— |
|||||||||||||||||||||
| Total mortgage loans on real estate |
|
|
|
|
|
|
— |
|||||||||||||||||||||
| Consumer: |
||||||||||||||||||||||||||||
| Home equity lines of credit |
|
|
|
|
|
|
— |
|||||||||||||||||||||
| Home equity loans |
|
|
|
|
|
|
— |
|||||||||||||||||||||
| Other |
|
|
— |
|
|
|
— |
|||||||||||||||||||||
| Total consumer loans |
|
|
|
|
|
|
— |
|||||||||||||||||||||
| Commercial |
|
|
|
|
|
|
— |
|||||||||||||||||||||
| Construction: |
||||||||||||||||||||||||||||
| Residential |
|
— |
— |
|
|
|
— |
|||||||||||||||||||||
| Commercial |
— |
— |
— |
— |
|
|
— |
|||||||||||||||||||||
| Total construction |
|
— |
— |
|
|
|
— |
|||||||||||||||||||||
| Total loans |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | — |
||||||||||||||
| Analysis of PNCI Past Due Loans - As of December 31, 2018 |
||||||||||||||||||||||||||||
| (in thousands) |
30-59 days |
60-89 days |
> 90 days |
Total Past Due Loans |
Current |
Total |
> 90 Days and Still Accruing |
|||||||||||||||||||||
| Mortgage loans on real estate: |
||||||||||||||||||||||||||||
| Residential 1-4 family |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | — |
||||||||||||||
| Commercial |
|
|
|
|
|
|
— |
|||||||||||||||||||||
| Total mortgage loans on real estate |
|
|
|
|
|
|
— |
|||||||||||||||||||||
| Consumer: |
||||||||||||||||||||||||||||
| Home equity lines of credit |
|
|
|
|
|
|
— |
|||||||||||||||||||||
| Home equity loans |
|
— |
— |
|
|
|
— |
|||||||||||||||||||||
| Other |
|
— |
— |
|
|
|
— |
|||||||||||||||||||||
| Total consumer loans |
|
|
|
|
|
|
— |
|||||||||||||||||||||
| Commercial |
|
|
|
|
|
|
— |
|||||||||||||||||||||
| Construction: |
||||||||||||||||||||||||||||
| Residential |
— |
— |
— |
— |
|
|
— |
|||||||||||||||||||||
| Commercial |
— |
— |
— |
— |
|
|
— |
|||||||||||||||||||||
| Total construction |
— |
— |
— |
— |
|
|
— |
|||||||||||||||||||||
| Total loans |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | — |
||||||||||||||
| Non Accrual Loans |
||||||||||||||||||||||||
| As of June 30, 2019 |
As of December 31, 2018 |
|||||||||||||||||||||||
| (in thousands) |
Originated |
PNCI |
Total |
Originated |
PNCI |
Total |
||||||||||||||||||
| Mortgage loans on real estate: |
||||||||||||||||||||||||
| Residential 1-4 family |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||||
| Commercial |
|
|
|
|
|
|
||||||||||||||||||
| Total mortgage loans on real estate |
|
|
|
|
|
|
||||||||||||||||||
| Consumer: |
||||||||||||||||||||||||
| Home equity lines of credit |
|
|
|
|
|
|
||||||||||||||||||
| Home equity loans |
|
|
|
|
|
|
||||||||||||||||||
| Other |
|
|
|
|
|
|
||||||||||||||||||
| Total consumer loans |
|
|
|
|
|
|
||||||||||||||||||
| Commercial |
|
|
|
|
|
|
||||||||||||||||||
| Construction: |
||||||||||||||||||||||||
| Residential |
— |
— |
— |
— |
— |
— |
||||||||||||||||||
| Commercial |
— |
— |
— |
— |
— |
— |
||||||||||||||||||
| Total construction |
— |
— |
— |
— |
— |
— |
||||||||||||||||||
| Total non accrual loans |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||||
| Impaired Originated Loans – As of, or for the Six Months Ended, June 30, 2019 |
||||||||||||||||||||||||||||
| (in thousands) |
Unpaid principal balance |
Recorded investment with no related allowance |
Recorded investment with related allowance |
Total recorded investment |
Related Allowance |
Average recorded investment |
Interest income recognized |
|||||||||||||||||||||
| Mortgage loans on real estate: |
||||||||||||||||||||||||||||
| Residential 1-4 family |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||||||
| Commercial |
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total mortgage loans on real estate |
|
|
|
|
|
|
|
|||||||||||||||||||||
| Consumer: |
||||||||||||||||||||||||||||
| Home equity lines of credit |
|
|
— |
|
— |
|
|
|||||||||||||||||||||
| Home equity loans |
|
|
|
|
|
|
|
|||||||||||||||||||||
| Other |
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total consumer loans |
|
|
|
|
|
|
|
|||||||||||||||||||||
| Commercial |
|
|
|
|
|
|
|
|||||||||||||||||||||
| Construction: |
||||||||||||||||||||||||||||
| Residential |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
| Commercial |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
| Total construction |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
| Total |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||||||
| Impaired PNCI Loans – As of, or for the Six Months Ended, June 30, 2019 |
||||||||||||||||||||||||||||
| (in thousands) |
Unpaid principal balance |
Recorded investment with no related allowance |
Recorded investment with related allowance |
Total recorded investment |
Related Allowance |
Average recorded investment |
Interest income recognized |
|||||||||||||||||||||
| Mortgage loans on real estate: |
||||||||||||||||||||||||||||
| Residential 1-4 family |
$ | |
$ | |
$ | — |
$ | |
$ | — |
$ | |
$ | — |
||||||||||||||
| Commercial |
|
|
— |
|
— |
|
|
|||||||||||||||||||||
| Total mortgage loans on real estate |
|
|
— |
|
— |
|
|
|||||||||||||||||||||
| Consumer: |
||||||||||||||||||||||||||||
| Home equity lines of credit |
|
|
|
|
|
|
— |
|||||||||||||||||||||
| Home equity loans |
|
|
|
|
|
|
— |
|||||||||||||||||||||
| Other |
|
|
|
|
|
|
— |
|||||||||||||||||||||
| Total consumer loans |
|
|
|
|
|
|
— |
|||||||||||||||||||||
| Commercial |
|
|
|
|
|
|
||||||||||||||||||||||
| Construction: |
||||||||||||||||||||||||||||
| Residential |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
| Commercial |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
| Total construction |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
| Total |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||||||
| Impaired Originated Loans – As of, or for the Twelve Months Ended, December 31, 2018 |
||||||||||||||||||||||||||||
| (in thousands) |
Unpaid principal balance |
Recorded investment with no related allowance |
Recorded investment with related allowance |
Total recorded investment |
Related Allowance |
Average recorded investment |
Interest income recognized |
|||||||||||||||||||||
| Mortgage loans on real estate: |
||||||||||||||||||||||||||||
| Residential 1-4 family |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||||||
| Commercial |
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total mortgage loans on real estate |
|
|
|
|
|
|
|
|||||||||||||||||||||
| Consumer: |
||||||||||||||||||||||||||||
| Home equity lines of credit |
|
|
|
|
|
|
|
|||||||||||||||||||||
| Home equity loans |
|
|
|
|
|
|
|
|||||||||||||||||||||
| Other |
|
— |
|
|
|
|
|
|||||||||||||||||||||
| Total consumer loans |
|
|
|
|
|
|
|
|||||||||||||||||||||
| Commercial |
|
|
|
|
|
|
|
|||||||||||||||||||||
| Construction: |
||||||||||||||||||||||||||||
| Residential |
— |
— |
— |
— |
— |
|
— |
|||||||||||||||||||||
| Commercial |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
| Total construction |
— |
— |
— |
— |
— |
|
— |
|||||||||||||||||||||
| Total |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||||||
Impaired PNCI Loans – As of, or for the Twelve Months Ended, December 31, 2018 |
||||||||||||||||||||||||||||
(in thousands) |
Unpaid principal balance |
Recorded investment with no related allowance |
Recorded investment with related allowance |
Total recorded investment |
Related Allowance |
Average recorded investment |
Interest income recognized |
|||||||||||||||||||||
Mortgage loans on real estate: |
||||||||||||||||||||||||||||
Residential 1-4 family |
$ | $ | $ | — |
$ | $ | — |
$ | $ | |||||||||||||||||||
Commercial |
— |
— |
||||||||||||||||||||||||||
Total mortgage loans on real estate |
— |
— |
||||||||||||||||||||||||||
Consumer: |
||||||||||||||||||||||||||||
Home equity lines of credit |
||||||||||||||||||||||||||||
Home equity loans |
— |
|||||||||||||||||||||||||||
Other |
— |
|||||||||||||||||||||||||||
Total consumer loans |
||||||||||||||||||||||||||||
Commercial |
||||||||||||||||||||||||||||
Construction: |
||||||||||||||||||||||||||||
Residential |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Commercial |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Total construction |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Impaired Originated Loans – As of, or for the Six Months Ended, June 30, 2018 |
||||||||||||||||||||||||||||
(in thousands) |
Unpaid principal balance |
Recorded investment with no related allowance |
Recorded investment with related allowance |
Total recorded investment |
Related Allowance |
Average recorded investment |
Interest income recognized |
|||||||||||||||||||||
Mortgage loans on real estate: |
||||||||||||||||||||||||||||
Residential 1-4 family |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Commercial |
||||||||||||||||||||||||||||
Total mortgage loans on real estate |
||||||||||||||||||||||||||||
Consumer: |
||||||||||||||||||||||||||||
Home equity lines of credit |
||||||||||||||||||||||||||||
Home equity loans |
||||||||||||||||||||||||||||
Other |
— |
— |
||||||||||||||||||||||||||
Total consumer loans |
||||||||||||||||||||||||||||
Commercial |
||||||||||||||||||||||||||||
Construction: |
||||||||||||||||||||||||||||
Residential |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||
Commercial |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Total construction |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Impaired PNCI Loans – As of, or for the Six Months Ended, June 30, 2018 |
||||||||||||||||||||||||||||
(in thousands) |
Unpaid principal balance |
Recorded investment with no related allowance |
Recorded investment with related allowance |
Total recorded investment |
Related Allowance |
Average recorded investment |
Interest income recognized |
|||||||||||||||||||||
Mortgage loans on real estate: |
||||||||||||||||||||||||||||
Residential 1-4 family |
$ | $ | $ | — |
$ | $ | — |
$ | $ | — |
||||||||||||||||||
Commercial |
— |
— |
||||||||||||||||||||||||||
Total mortgage loans on real estate |
— |
— |
||||||||||||||||||||||||||
Consumer: |
||||||||||||||||||||||||||||
Home equity lines of credit |
||||||||||||||||||||||||||||
Home equity loans |
— |
|||||||||||||||||||||||||||
Other |
— |
— |
||||||||||||||||||||||||||
Total consumer loans |
||||||||||||||||||||||||||||
Commercial |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||
Construction: |
||||||||||||||||||||||||||||
Residential |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Commercial |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Total construction |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
TDR Information for the Three Months Ended June 30, 2019 |
||||||||||||||||||||||||||||
(dollars in thousands) |
Number |
Pre-mod outstanding principal balance |
Post-mod outstanding principal balance |
Financial impact due to TDR taken as additional provision |
Number that defaulted during the period |
Recorded investment of TDRs that defaulted during the period |
Financial impact due to the default of previous TDR taken as charge- offs or additional provisions |
|||||||||||||||||||||
Mortgage loans on real estate: |
||||||||||||||||||||||||||||
Residential 1-4 family |
$ | $ | $ | — |
— |
$ | — |
$ | — |
|||||||||||||||||||
Commercial |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Total mortgage loans on real estate |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Consumer: |
||||||||||||||||||||||||||||
Home equity lines of credit |
— |
— |
— |
— |
||||||||||||||||||||||||
Home equity loans |
— |
— |
— |
|||||||||||||||||||||||||
Other |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Total consumer loans |
— |
— |
— |
|||||||||||||||||||||||||
Commercial |
— |
|||||||||||||||||||||||||||
Construction: |
||||||||||||||||||||||||||||
Residential |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Commercial |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Total construction |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Total |
$ | $ | $ | — |
$ | — |
$ | — |
||||||||||||||||||||
TDR Information for the Six Months Ended June 30, 2019 |
||||||||||||||||||||||||||||
(dollars in thousands) |
Number |
Pre-mod outstanding principal balance |
Post-mod outstanding principal balance |
Financial impact due to TDR taken as additional provision |
Number that defaulted during the period |
Recorded investment of TDRs that defaulted during the period |
Financial impact due to the default of previous TDR taken as charge- offs or additional provisions |
|||||||||||||||||||||
Mortgage loans on real estate: |
||||||||||||||||||||||||||||
Residential 1-4 family |
$ | $ | $ | — |
— |
$ | — |
$ | — |
|||||||||||||||||||
Commercial |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Total mortgage loans on real estate |
— |
— |
— |
— |
||||||||||||||||||||||||
Consumer: |
||||||||||||||||||||||||||||
Home equity lines of credit |
— |
— |
— |
— |
||||||||||||||||||||||||
Home equity loans |
— |
— |
— |
|||||||||||||||||||||||||
Other |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Total consumer loans |
— |
— |
— |
|||||||||||||||||||||||||
Commercial |
— |
|||||||||||||||||||||||||||
Construction: |
||||||||||||||||||||||||||||
Residential |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Commercial |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Total construction |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | — |
||||||||||||||||||||||
TDR Information for the Three Months Ended June 30, 2018 |
||||||||||||||||||||||||||||
(dollars in thousands) |
Number |
Pre-mod outstanding principal balance |
Post-mod outstanding principal balance |
Financial impact due to TDR taken as additional provision |
Number that defaulted during the period |
Recorded investment of TDRs that defaulted during the period |
Financial impact due to the default of previous TDR taken as charge- offs or additional provisions |
|||||||||||||||||||||
Mortgage loans on real estate: |
||||||||||||||||||||||||||||
Residential 1-4 family |
— |
$ | — |
$ | — |
$ | — |
— |
$ | — |
$ | — |
||||||||||||||||
Commercial |
— |
— |
— |
|||||||||||||||||||||||||
Total mortgage loans on real estate |
— |
— |
— |
|||||||||||||||||||||||||
Consumer: |
||||||||||||||||||||||||||||
Home equity lines of credit |
— |
— |
— |
— |
||||||||||||||||||||||||
Home equity loans |
— |
— |
— |
— |
||||||||||||||||||||||||
Other |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Total consumer loans |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Commercial |
( |
) | ( |
) | ||||||||||||||||||||||||
Construction: |
||||||||||||||||||||||||||||
Residential |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Commercial |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Total construction |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | ( |
) | |||||||||||||||||||||
TDR Information for the Six Months Ended June 30, 2018 |
||||||||||||||||||||||||||||
(dollars in thousands) |
Number |
Pre-mod outstanding principal balance |
Post-mod outstanding principal balance |
Financial impact due to TDR taken as additional provision |
Number that defaulted during the period |
Recorded investment of TDRs that defaulted during the period |
Financial impact due to the default of previous TDR taken as charge- offs or additional provisions |
|||||||||||||||||||||
Mortgage loans on real estate: |
||||||||||||||||||||||||||||
Residential 1-4 family |
— |
$ | — |
$ | — |
$ | — |
— |
$ | — |
$ | — |
||||||||||||||||
Commercial |
— |
|||||||||||||||||||||||||||
Total mortgage loans on real estate |
— |
|||||||||||||||||||||||||||
Consumer: |
||||||||||||||||||||||||||||
Home equity lines of credit |
— |
— |
— |
— |
||||||||||||||||||||||||
Home equity loans |
— |
— |
— |
— |
||||||||||||||||||||||||
Other |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Total consumer loans |
— |
— |
— |
— |
||||||||||||||||||||||||
Commercial |
( |
) | ( |
) | ||||||||||||||||||||||||
Construction: |
||||||||||||||||||||||||||||
Residential |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Commercial |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Total construction |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | ( |
) | |||||||||||||||||||||
(in thousands) |
Three months ended June 30, 2019 |
Six months ended June 30, 2019 |
||||||
Operating lease cost |
$ | $ | ||||||
Short-term lease cost |
||||||||
Variable lease cost |
( |
) | ( |
) | ||||
Sublease income |
( |
) | ( |
) | ||||
Total lease cost |
$ | $ | ||||||
(in thousands) |
Three months ended June 30, 2019 |
Six months ended June 30, 2019 |
||||||
Cash paid for amounts included in the measurement of lease liabilities: |
||||||||
Operating cash flows for operating leases |
$ | $ | ||||||
ROUA obtained in exchange for operating lease liabilities |
$ | $ | 32,162 |
|||||
Weighted-average remaining lease term |
||||
Weighted-average discount rate |
% |
(in thousands) |
||||
Periods ending December 31, |
||||
2019 |
$ | |||
2020 |
||||
2021 |
||||
2022 |
||||
2023 |
||||
Thereafter |
||||
Discount for present value of expected cash flows |
( |
) | ||
Lease liability at June 30, 2019 |
$ | |||
June 30, 2019 |
December 31, 2018 |
|||||||
Noninterest-bearing demand |
$ | $ | ||||||
Interest-bearing demand |
||||||||
Savings |
||||||||
Time certificates, $250,000 or more |
||||||||
Other time certificates |
||||||||
Total deposits |
$ | $ | ||||||
(in thousands) |
June 30, 2019 |
December 31, 2018 |
||||||
Financial instruments whose amounts represent risk: |
||||||||
Commitments to extend credit: |
||||||||
Commercial loans |
$ | $ | ||||||
Consumer loans |
||||||||
Real estate mortgage loans |
||||||||
Real estate construction loans |
||||||||
Standby letters of credit |
||||||||
Deposit account overdraft privilege |
||||||||
Number of Shares |
Option Price per Share |
Weighted Average Exercise Price |
||||||||||
Outstanding at December 31, 2018 |
$ |
$ | ||||||||||
Options granted |
— |
— to — |
— |
|||||||||
Options exercised |
( |
) | $ |
|||||||||
Options forfeited |
— |
— to — |
— |
|||||||||
Outstanding at June 30, 2019 |
$ |
$ | ||||||||||
Currently Exercisable |
Currently Not Exercisable |
Total Outstanding |
||||||||||
Number of options |
||||||||||||
Weighted average exercise price |
$ | $ | $ | |||||||||
Intrinsic value (in thousands) |
$ | $ | $ | |||||||||
Weighted average remaining contractual term (yrs.) |
||||||||||||
| Service Condition Vesting RSUs |
Market Plus Service Condition Vesting RSUs |
|||||||
| Outstanding at December 31, 2018 |
|
|
||||||
| RSUs granted |
|
|
||||||
| RSUs added through dividend and performance credits |
|
|
||||||
| RSUs released |
( |
) | ( |
) | ||||
| RSUs forfeited/expired |
— |
— |
||||||
| Outstanding at June 30, 2019 |
|
|
||||||
| Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
| (dollars in thousands) |
2019 |
2018 |
2019 |
2018 |
||||||||||||
| ATM and interchange fees |
$ | |
$ | |
$ | |
$ | |
||||||||
| Service charges on deposit accounts |
|
|
|
|
||||||||||||
| Other service fees |
|
|
|
|
||||||||||||
| Mortgage banking service fees |
|
|
|
|
||||||||||||
| Change in value of mortgage servicing rights |
( |
) | ( |
) | ( |
) | |
|||||||||
| Total service charges and fees |
|
|
|
|
||||||||||||
| Increase in cash value of life insurance |
|
|
|
|
||||||||||||
| Asset management and commission income |
|
|
|
|
||||||||||||
| Gain on sale of loans |
|
|
|
|
||||||||||||
| Lease brokerage income |
|
|
|
|
||||||||||||
| Sale of customer checks |
|
|
|
|
||||||||||||
| Gain on sale of foreclosed assets |
|
|
296 |
|
||||||||||||
| Gain (loss) on marketable equity securities |
|
( |
) | |
( |
) | ||||||||||
| Loss on disposal of fixed assets |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Other |
|
|
|
|
||||||||||||
| Total other noninterest income |
|
|
|
|
||||||||||||
| Total noninterest income |
$ | |
$ | |
$ | |
$ | |
||||||||
| Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
| 2019 |
2018 |
2019 |
2018 |
|||||||||||||
| Base salaries, net of deferred loan origination costs |
$ | |
$ | |
$ | |
$ | |
||||||||
| Incentive compensation |
|
|
|
|
||||||||||||
| Benefits and other compensation costs |
|
|
|
|
||||||||||||
| Total salaries and benefits expense |
|
|
|
|
||||||||||||
| Occupancy |
|
|
|
|
||||||||||||
| Data processing and software |
|
|
|
|
||||||||||||
| Equipment |
|
|
|
|
||||||||||||
| Intangible amortization |
|
|
|
|
||||||||||||
| Advertising |
|
|
|
|
||||||||||||
| ATM and POS network charges |
|
|
|
|
||||||||||||
| Professional fees |
|
|
|
|
||||||||||||
| Telecommunications |
|
|
|
|
||||||||||||
| Regulatory assessments and insurance |
|
|
|
|
||||||||||||
| Merger and acquisition expense |
— |
|
— |
|
||||||||||||
| Postage |
|
|
|
|
||||||||||||
| Operational losses |
|
|
|
|
||||||||||||
| Courier service |
|
|
|
|
||||||||||||
| Other miscellaneous expense |
|
|
|
|
||||||||||||
| Total other noninterest expense |
|
|
|
|
||||||||||||
| Total noninterest expense |
$ | |
$ | |
$ | |
$ | |
||||||||
| Three months ended June 30, |
||||||||
| (in thousands) |
2019 |
2018 |
||||||
| Net income |
$ | |
$ | |
||||
| Average number of common shares outstanding |
|
|
||||||
| Effect of dilutive stock options and restricted stock |
|
|
||||||
| Average number of common shares outstanding used to calculate diluted earnings per share |
|
|
||||||
| Options excluded from diluted earnings per share because the effect of these options was antidilutive |
— |
— |
||||||
| Six months ended June 30, |
||||||||
| (in thousands) |
2019 |
2018 |
||||||
| Net income |
$ | |
$ | |
||||
| Average number of common shares outstanding |
|
|
||||||
| Effect of dilutive stock options and restricted stock |
|
|
||||||
| Average number of common shares outstanding used to calculate diluted earnings per share |
|
|
||||||
| Options excluded from diluted earnings per share because the effect of these options was antidilutive |
— |
— |
||||||
| Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
| (in thousands) |
2019 |
2018 |
2019 |
2018 |
||||||||||||
| Unrealized holding gains (losses) on available for sale securities before reclassifications |
$ | |
$ | ( |
) | $ | |
$ | ( |
) | ||||||
| Amounts reclassified out of accumulated other comprehensive income: |
||||||||||||||||
| Adoption ASU 2016-01 |
— |
|
— |
|
||||||||||||
| Adoption ASU 2018-02 |
— |
|
— |
( |
) | |||||||||||
| Total amounts reclassified out of accumulated other comprehensive income |
— |
|
— |
( |
) | |||||||||||
| Unrealized holding gains (losses) on available for sale securities after reclassifications |
|
( |
) | |
( |
) | ||||||||||
| Tax effect |
( |
) | |
( |
) | |
||||||||||
| Unrealized holding gains (losses) on available for sale securities, net of tax |
|
( |
) | |
( |
) | ||||||||||
| Change in unfunded status of the supplemental retirement plans before reclassifications |
( |
) | |
( |
) | |
||||||||||
| Amounts reclassified out of accumulated other comprehensive income: |
||||||||||||||||
| Amortization of prior service cost |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Amortization of actuarial losses |
|
|
|
|
||||||||||||
| Adoption ASU 2018-02 |
— |
|
— |
( |
) | |||||||||||
| Total amounts reclassified out of accumulated other comprehensive income |
|
|
|
( |
) | |||||||||||
| Change in unfunded status of the supplemental retirement plans after reclassifications |
— |
|
— |
|
||||||||||||
| Tax effect |
— |
( |
) | — |
( |
) | ||||||||||
| Change in unfunded status of the supplemental retirement plans, net of tax |
— |
|
— |
|
||||||||||||
| Total other comprehensive income (loss) |
$ | |
$ | ( |
) | $ | |
$ | ( |
) | ||||||
| June 30, |
December 31, |
|||||||
| (in thousands) |
2019 |
2018 |
||||||
| Net unrealized loss on available for sale securities |
$ | |
$ | ( |
) | |||
| Tax effect |
( |
) | |
|||||
| Unrealized holding loss on available for sale securities, net of tax |
|
( |
) | |||||
| Unfunded status of the supplemental retirement plans |
( |
) | ( |
) | ||||
| Tax effect |
|
|
||||||
| Unfunded status of the supplemental retirement plans, net of tax |
( |
) | ( |
) | ||||
| Joint beneficiary agreement liability |
|
|
||||||
| Tax effect |
— |
— |
||||||
| Joint beneficiary agreement liability, net of tax |
|
|
||||||
| Accumulated other comprehensive loss |
$ | ( |
) | $ | ( |
) | ||
| Fair value at June 30, 2019 |
Total |
Level 1 |
Level 2 |
Level 3 |
||||||||||||
| Marketable equity securities |
$ | |
$ | |
$ | — |
$ | — |
||||||||
| Debt securities available for sale: |
||||||||||||||||
| Obligations of U.S. government corporations and agencies |
|
— |
|
— |
||||||||||||
| Obligations of states and political subdivisions |
|
— |
|
— |
||||||||||||
| Corporate bonds |
|
— |
|
— |
||||||||||||
| Asset backed securities |
|
— |
|
— |
||||||||||||
| Loans held for sale |
|
— |
|
— |
||||||||||||
| Mortgage servicing rights |
|
— |
— |
|
||||||||||||
| Total assets measured at fair value |
$ | |
$ | |
$ | |
$ | |
||||||||
| Fair value at December 31, 2018 |
Total |
Level 1 |
Level 2 |
Level 3 |
||||||||||||
| Marketable equity securities |
$ | |
$ | |
$ | — |
$ | — |
||||||||
| Debt securities available for sale: |
||||||||||||||||
| Obligations of U.S. government corporations and agencies |
|
— |
|
— |
||||||||||||
| Obligations of states and political subdivisions |
|
— |
|
— |
||||||||||||
| Corporate bonds |
|
— |
|
— |
||||||||||||
| Asset backed securities |
|
— |
|
— |
||||||||||||
| Loans held for sale |
|
— |
|
— |
||||||||||||
| Mortgage servicing rights |
|
— |
— |
|
||||||||||||
| Total assets measured at fair value |
$ | |
$ | |
$ | |
$ | |
||||||||
| Transfers |
Change |
|||||||||||||||||||
| Beginning |
into (out of) |
Included |
Ending |
|||||||||||||||||
| Three months ended June 30, |
Balance |
Level 3 |
in Earnings |
Issuances |
Balance |
|||||||||||||||
| 2019: Mortgage servicing rights |
$ | |
— |
$ | ( |
) | $ | |
$ | |
||||||||||
| 2018: Mortgage servicing rights |
$ | |
— |
$ | ( |
) | $ | |
$ | |
||||||||||
| Six months ended June 30, |
Beginning Balance |
Transfers into (out of) Level 3 |
Change Included in Earnings |
Issuances |
Ending Balance |
|||||||||||||||
| 2019: Mortgage servicing rights |
$ | |
— |
$ | ( |
) | $ | |
$ | |
||||||||||
| 2018: Mortgage servicing rights |
$ | |
— |
$ | |
$ | |
$ | |
|||||||||||
| Fair Value |
Valuation |
Unobservable |
Range, Weighted |
|||||||||||||
| As of June 30, 2019: |
(in thousands) |
Technique |
Inputs |
Average |
||||||||||||
| Mortgage Servicing Rights |
$ | |
Discounted cash flow |
Constant prepayment rate |
- |
% | ||||||||||
| Discount rate |
|
% | ||||||||||||||
| As of December 31, 2018: |
||||||||||||||||
| Mortgage Servicing Rights |
$ | |
Discounted cash flow |
Constant prepayment rate |
|
% | ||||||||||
| Discount rate |
|
% | ||||||||||||||
| Total Gains |
||||||||||||||||||||
| June 30, 2019 |
Total |
Level 1 |
Level 2 |
Level 3 |
(Losses) |
|||||||||||||||
| Fair value: |
||||||||||||||||||||
| Impaired Originated & PNCI loans |
$ | |
— |
— |
$ | |
$ | ( |
) | |||||||||||
| Foreclosed assets |
|
— |
— |
|
( |
) | ||||||||||||||
| Total assets measured at fair value |
$ | |
— |
— |
$ | |
$ | ( |
) | |||||||||||
| Total Gains |
||||||||||||||||||||
| December 31, 2018 |
Total |
Level 1 |
Level 2 |
Level 3 |
(Losses) |
|||||||||||||||
| Fair value: |
||||||||||||||||||||
| Impaired Originated & PNCI loans |
$ | |
— |
— |
$ | |
$ | ( |
) | |||||||||||
| Foreclosed assets |
|
— |
— |
|
( |
) | ||||||||||||||
| Total assets measured at fair value |
$ | |
— |
— |
$ | |
$ | ( |
) | |||||||||||
| Total Gains |
||||||||||||||||||||
| June 30, 2018 |
Total |
Level 1 |
Level 2 |
Level 3 |
(Losses) |
|||||||||||||||
| Fair value: |
||||||||||||||||||||
| Impaired Originated & PNCI loans |
$ | |
— |
— |
$ | |
$ | ( |
) | |||||||||||
| Foreclosed assets |
|
— |
— |
|
( |
) | ||||||||||||||
| Total assets measured at fair value |
$ | |
— |
— |
$ | |
$ | ( |
) | |||||||||||
| June 30, 2019 |
Fair Value (in thousands) |
Valuation Technique |
Unobservable Inputs |
Range, Weighted Average |
||||||||||||
| Impaired Originated & PNCI loans |
$ | |
Sales comparison approach Income approach |
Adjustment for differences between comparable sales Capitalization rate |
Not meaningful N/A |
|||||||||||
| Foreclosed assets (Residential real estate) |
$ | |
Sales comparison approach |
Adjustment for differences between comparable sales |
Not meaningful |
|||||||||||
| December 31, 2018 |
Fair Value (in thousands) |
Valuation Technique |
Unobservable Inputs |
Range, Weighted Average |
||||||||||||
| Impaired Originated & PNCI loans |
$ | |
Sales comparison approach Income approach |
Adjustment for differences between comparable sales Capitalization rate |
( - |
|||||||||||
| Foreclosed assets (Residential real estate) |
$ | |
Sales comparison approach |
Adjustment for differences between comparable sales |
( ( |
|||||||||||
| Foreclosed assets (Commercial real estate) |
$ | |
Sales comparison approach |
Adjustment for differences between comparable sales |
( |
|||||||||||
| June 30, 2019 |
December 31, 2018 |
|||||||||||||||
| (in thouands) |
Carrying Amount |
Fair Value |
Carrying Amount |
Fair Value |
||||||||||||
| Financial assets: |
||||||||||||||||
| Level 1 inputs: |
||||||||||||||||
| Cash and due from banks |
$ | |
$ | |
$ | |
$ | |
||||||||
| Cash at Federal Reserve and other banks |
|
|
|
|
||||||||||||
| Level 2 inputs: |
||||||||||||||||
| Securities held to maturity |
|
|
|
|
||||||||||||
| Restricted equity securities |
|
N/A |
|
N/A |
||||||||||||
| Loans held for sale |
|
|
|
|
||||||||||||
| Level 3 inputs: |
||||||||||||||||
| Loans, net |
|
|
|
|
||||||||||||
| Financial liabilities: |
||||||||||||||||
| Level 2 inputs: |
||||||||||||||||
| Deposits |
|
|
|
|
||||||||||||
| Other borrowings |
|
|
|
|
||||||||||||
| Level 3 inputs: |
||||||||||||||||
| Junior subordinated debt |
|
|
|
|
||||||||||||
| (in thouands) |
Contract Amount |
Fair Value |
Contract Amount |
Fair Value |
||||||||||||
| Off-balance sheet: |
||||||||||||||||
| Level 3 inputs: |
||||||||||||||||
| Commitments |
$ | |
$ | |
$ | |
$ | |
||||||||
| Standby letters of credit |
|
|
|
|
||||||||||||
| Overdraft privilege commitments |
|
|
|
|
||||||||||||
| Actual |
Minimum Capital Required – Basel III Fully Phased In |
Required to be Considered Well Capitalized |
||||||||||||||||||||||
| Amount |
Ratio |
Amount |
Ratio |
Amount |
Ratio |
|||||||||||||||||||
| (dollars in thousands) |
||||||||||||||||||||||||
| As of June 30, 2019: |
||||||||||||||||||||||||
| Total Capital (to Risk Weighted Assets): |
||||||||||||||||||||||||
| Consolidated |
$ | |
|
% | $ | |
|
% | N/A |
N/A |
||||||||||||||
| Tri Counties Bank |
$ | |
|
% | $ | |
|
% | $ | |
|
% | ||||||||||||
| Tier 1 Capital (to Risk Weighted Assets): |
||||||||||||||||||||||||
| Consolidated |
$ | |
|
% | $ | |
|
% | N/A |
N/A |
||||||||||||||
| Tri Counties Bank |
$ | |
|
% | $ | |
|
% | $ | |
|
% | ||||||||||||
| Common equity Tier 1 Capital (to Risk Weighted Assets): |
||||||||||||||||||||||||
| Consolidated |
$ | |
|
% | $ | |
|
% | N/A |
N/A |
||||||||||||||
| Tri Counties Bank |
$ | |
|
% | $ | |
|
% | $ | |
|
% | ||||||||||||
| Tier 1 Capital (to Average Assets): |
||||||||||||||||||||||||
| Consolidated |
$ | |
|
% | $ | |
|
% | N/A |
N/A |
||||||||||||||
| Tri Counties Bank |
$ | |
|
% | $ | |
|
% | $ | |
|
% | ||||||||||||
| Actual |
Minimum Capital Required – Basel III Phase-in Schedule |
Minimum Capital Required – Basel III Fully Phased In |
Required to be Considered Well Capitalized |
|||||||||||||||||||||||||||||
| Amount |
Ratio |
Amount |
Ratio |
Amount |
Ratio |
Amount |
Ratio |
|||||||||||||||||||||||||
| (dollars in thousands) |
||||||||||||||||||||||||||||||||
| As of December 31, 2018: |
||||||||||||||||||||||||||||||||
| Total Capital (to Risk Weighted Assets): |
||||||||||||||||||||||||||||||||
| Consolidated |
$ | |
|
% | $ | |
|
% | $ | |
|
% | N/A |
N/A |
||||||||||||||||||
| Tri Counties Bank |
$ | |
|
% | $ | |
|
% | $ | |
|
% | $ | |
|
% | ||||||||||||||||
| Tier 1 Capital (to Risk Weighted Assets): |
||||||||||||||||||||||||||||||||
| Consolidated |
$ | |
|
% | $ | |
|
% | $ | |
|
% | N/A |
N/A |
||||||||||||||||||
| Tri Counties Bank |
$ | |
|
% | $ | |
|
% | $ | |
|
% | $ | |
|
% | ||||||||||||||||
| Common equity Tier 1 Capital (to Risk Weighted Assets): |
||||||||||||||||||||||||||||||||
| Consolidated |
$ | |
|
% | $ | |
|
% | $ | |
|
% | N/A |
N/A |
||||||||||||||||||
| Tri Counties Bank |
$ | |
|
% | $ | |
|
% | $ | |
|
% | $ | |
|
% | ||||||||||||||||
| Tier 1 Capital (to Average Assets): |
||||||||||||||||||||||||||||||||
| Consolidated |
$ | |
|
% | $ | |
|
% | $ | |
|
% | N/A |
N/A |
||||||||||||||||||
| Tri Counties Bank |
$ | |
|
% | $ | |
|
% | $ | |
|
% | $ | |
|
% | ||||||||||||||||
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
| • | For the three and six months ended June 30, 2019, the Company’s return on average assets was 1.44% and 1.43%, respectively, and the return on average equity was 10.65% and 10.71%, respectively. |
| • | As of June 30, 2019, the Company reported total loans, total assets and total deposits of $4.10 billion, $6.40 billion and $5.34 billion, respectively. |
| • | The loan to deposit ratio was 76.8% as of June 30, 2019 as compared to 74.3% at March 31, 2019 and 77.2% at June 30, 2018. |
| • | Net interest margin grew 34 basis points to 4.48% on a tax equivalent basis as compared to 4.14% in the quarter ended June 30, 2018 and increased 2 basis points from the trailing quarter. |
| • | Non-interest bearing deposits as a percentage of total deposits were 33.3% at June 30, 2019, as compared to 32.4% at March 31, 2019 and 33.6% at June 30, 2018. |
| • | The average rate of interest paid on deposits, including noninterest-bearing deposits, remained low but increased slightly to 0.22% for the second quarter of 2019 as compared with 0.20% for the trailing quarter, and an increase of 10 basis points from the average rate paid during the same quarter of the prior year. |
| • | Non-performing assets to total assets were 0.35% at June 30, 2019 as compared to 0.34% as of March 31, 2019 and 0.47% at December 31, 2018. |
| • | The balance of nonperforming loans increased by $1.0 million, however recoveries on previously charged-off loans were $0.3 million and loans past due thirty days or more decreased by $2.18 million during the quarter. |
| • | The efficiency ratio remained flat at 60.15% as compared to the trailing quarter, which had an efficiency ratio of 60.10%. |
| Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
| 2019 |
2018 |
2019 |
2018 |
|||||||||||||
| Net interest income |
$ | 64,315 |
$ | 45,869 |
$ | 128,185 |
$ | 90,855 |
||||||||
| (Provision for) benefit from reversal of loan losses |
(537 |
) | 638 |
1,063 |
874 |
|||||||||||
| Noninterest income |
13,578 |
12,174 |
25,442 |
24,464 |
||||||||||||
| Noninterest expense |
(46,852 |
) | (37,870 |
) | (92,365 |
) | (76,032 |
) | ||||||||
| Provision for income taxes |
(7,443 |
) | (5,782 |
) | (16,538 |
) | (11,222 |
) | ||||||||
| Net income |
$ | 23,061 |
$ | 15,029 |
$ | 45,787 |
$ | 28,939 |
||||||||
| Per Share Data: |
||||||||||||||||
| Basic earnings per share |
$ | 0.76 |
$ | 0.65 |
$ | 1.50 |
$ | 1.26 |
||||||||
| Diluted earnings per share |
$ | 0.75 |
$ | 0.65 |
$ | 1.49 |
$ | 1.24 |
||||||||
| Dividends paid |
$ | 0.19 |
$ | 0.17 |
$ | 0.38 |
$ | 0.34 |
||||||||
| Book value at period end |
$ | 28.71 |
$ | 22.27 |
||||||||||||
| Average common shares outstanding |
30,458 |
22,983 |
30,441 |
22,970 |
||||||||||||
| Average diluted common shares outstanding |
30,643 |
23,276 |
30,650 |
23,280 |
||||||||||||
| Shares outstanding at period end |
30,503 |
23,004 |
||||||||||||||
| At period end: |
||||||||||||||||
| Loans, net |
4,070,819 |
3,116,789 |
||||||||||||||
| Total investment securities |
1,566,720 |
1,251,776 |
||||||||||||||
| Total assets |
6,395,172 |
4,863,153 |
||||||||||||||
| Total deposits |
5,342,173 |
4,077,222 |
||||||||||||||
| Other borrowings |
13,292 |
152,839 |
||||||||||||||
| Shareholders’ equity |
875,886 |
512,344 |
||||||||||||||
| Financial Ratios: |
||||||||||||||||
| During the period (annualized): |
||||||||||||||||
| Return on average assets |
1.44 |
% | 1.25 |
% | 1.43 |
% | 1.21 |
% | ||||||||
| Return on average equity |
10.65 |
% | 11.78 |
% | 10.71 |
% | 11.39 |
% | ||||||||
| Net interest margin 1 |
4.48 |
% | 4.14 |
% | 4.47 |
% | 4.14 |
% | ||||||||
| Efficiency ratio |
60.1 |
% | 65.2 |
% | 60.1 |
% | 65.9 |
% | ||||||||
| Average equity to average assets |
13.6 |
% | 10.6 |
% | 13.3 |
% | 10.6 |
% | ||||||||
| At end of period: |
||||||||||||||||
| Equity to assets |
13.70 |
% | 10.54 |
% | ||||||||||||
| Total capital to risk-sdjusted assets |
14.93 |
% | 13.91 |
% | ||||||||||||
1 |
Fully taxable equivalent (FTE) |
| Three months ended |
Six months ended |
|||||||||||||||
| June 30, |
June 30, |
|||||||||||||||
| 2019 |
2018 |
2019 |
2018 |
|||||||||||||
| Net interest income (FTE) |
$ | 64,613 |
$ | 46,182 |
$ | 128,804 |
$ | 91,480 |
||||||||
| (Provision for) Benefit from reversal of loan losses |
(537 |
) | 638 |
1,063 |
874 |
|||||||||||
| Noninterest income |
13,578 |
12,174 |
25,442 |
24,464 |
||||||||||||
| Noninterest expense |
(46,852 |
) | (37,870 |
) | (92,365 |
) | (76,032 |
) | ||||||||
| Provision for income taxes (FTE) |
(7,741 |
) | (6,095 |
) | (17,157 |
) | (11,847 |
) | ||||||||
| Net income |
$ | 23,061 |
$ | 15,029 |
$ | 45,787 |
$ | 28,939 |
||||||||
| Three months ended |
Six months ended |
|||||||||||||||
| June 30, |
June 30, |
|||||||||||||||
| 2019 |
2018 |
2019 |
2018 |
|||||||||||||
| Interest income |
$ | 68,180 |
$ | 48,478 |
$ | 135,637 |
$ | 95,599 |
||||||||
| Interest expense |
(3,865 |
) | (2,609 |
) | (7,452 |
) | (4,744 |
) | ||||||||
| FTE adjustment |
298 |
313 |
619 |
625 |
||||||||||||
| Net interest income (FTE) |
$ | 64,613 |
$ | 46,182 |
$ | 128,804 |
$ | 91,480 |
||||||||
| Net interest margin (FTE) |
4.48 |
% | 4.14 |
% | 4.47 |
% | 4.14 |
% | ||||||||
| Acquired loans discount accretion, net: |
||||||||||||||||
| Amount (included in interest income) |
$ | 1,904 |
$ | 559 |
$ | 3,559 |
$ | 1,191 |
||||||||
| Effect on average loan yield |
0.19 |
% | 0.07 |
% | 0.18 |
% | 0.08 |
% | ||||||||
| Effect on net interest margin (FTE) |
0.13 |
% | 0.05 |
% | 0.12 |
% | 0.05 |
% | ||||||||
| For the three months ended |
||||||||||||||||||||||||
| June 30, 2019 |
June 30, 2018 |
|||||||||||||||||||||||
| Average Balance |
Interest Income/ Expense |
Rates Earned /Paid |
Average Balance |
Interest Income/ Expense |
Rates Earned /Paid |
|||||||||||||||||||
| Assets: |
||||||||||||||||||||||||
| Loans |
$ | 4,044,044 |
$ | 55,492 |
5.49 |
% | $ | 3,104,126 |
$ | 39,304 |
5.06 |
% | ||||||||||||
| Investment securities - taxable |
1,432,550 |
10,762 |
3.00 |
% | 1,122,534 |
7,736 |
2.76 |
% | ||||||||||||||||
| Investment securities - nontaxable (1) |
140,562 |
1,358 |
3.86 |
% | 136,126 |
1,355 |
3.98 |
% | ||||||||||||||||
| Total investments |
1,573,112 |
12,120 |
3.08 |
% | 1,258,660 |
9,091 |
2.89 |
% | ||||||||||||||||
| Cash at Federal Reserve and other banks |
147,810 |
866 |
2.34 |
% | 94,874 |
396 |
1.67 |
% | ||||||||||||||||
| Total interest-earning assets |
5,764,966 |
68,478 |
4.75 |
% | 4,457,660 |
48,791 |
4.38 |
% | ||||||||||||||||
| Other assets |
620,923 |
356,863 |
||||||||||||||||||||||
| Total assets |
$ | 6,385,889 |
$ | 4,814,523 |
||||||||||||||||||||
| Liabilities and shareholders’ equity: |
||||||||||||||||||||||||
| Interest-bearing demand deposits |
$ | 1,276,388 |
$ | 289 |
0.09 |
% | $ | 995,528 |
$ | 214 |
0.09 |
% | ||||||||||||
| Savings deposits |
1,888,234 |
1,306 |
0.28 |
% | 1,393,121 |
427 |
0.12 |
% | ||||||||||||||||
| Time deposits |
441,116 |
1,404 |
1.27 |
% | 313,556 |
593 |
0.76 |
% | ||||||||||||||||
| Total interest-bearing deposits |
3,605,738 |
2,999 |
0.33 |
% | 2,702,205 |
1,234 |
0.18 |
% | ||||||||||||||||
| Other borrowings |
17,963 |
37 |
0.82 |
% | 139,307 |
586 |
1.68 |
% | ||||||||||||||||
| Junior subordinated debt |
57,222 |
829 |
5.79 |
% | 56,928 |
789 |
5.54 |
% | ||||||||||||||||
| Total interest-bearing liabilities |
3,680,923 |
3,865 |
0.42 |
% | 2,898,440 |
2,609 |
0.36 |
% | ||||||||||||||||
| Noninterest-bearing deposits |
1,765,141 |
1,339,905 |
||||||||||||||||||||||
| Other liabilities |
73,541 |
65,745 |
||||||||||||||||||||||
| Shareholders’ equity |
866,284 |
510,433 |
||||||||||||||||||||||
| Total liabilities and shareholders’ equity |
$ | 6,385,889 |
$ | 4,814,523 |
||||||||||||||||||||
| Net interest spread (2) |
4.33 |
% | 4.02 |
% | ||||||||||||||||||||
| Net interest income and interest margin (3) |
$ | 64,613 |
4.48 |
% | $ | 46,182 |
4.14 |
% | ||||||||||||||||
(1) |
Fully taxable equivalent (FTE) |
(2) |
Net interest spread represents the average yield earned on interest-earning assets minus the average rate paid on interest-bearing liabilities. |
(3) |
Net interest margin is computed by calculating the difference between interest income and interest expense, divided by the average balance of interest-earning assets. |
| As of June 30, |
Acquired |
Organic |
Organic |
|||||||||||||||||||||
| ($‘s in thousands) |
2019 |
2018 |
$ Change |
Balances |
$ Change |
% Change |
||||||||||||||||||
| Ending balances |
||||||||||||||||||||||||
| Total assets |
$ | 6,395,172 |
$ | 4,863,153 |
$ | 1,532,019 |
$ | 1,463,200 |
$ | 68,819 |
1.4 |
% | ||||||||||||
| Total loans |
4,103,687 |
3,146,313 |
957,374 |
834,683 |
122,691 |
3.9 |
% | |||||||||||||||||
| Total investments |
1,566,720 |
1,251,776 |
314,944 |
335,667 |
(20,723 |
) | (1.7 |
%) | ||||||||||||||||
| Total deposits |
$ | 5,342,173 |
$ | 4,077,222 |
$ | 1,264,951 |
$ | 991,935 |
$ | 273,016 |
6.7 |
% | ||||||||||||
| For the six months ended |
||||||||||||||||||||||||
| June 30, 2019 |
June 30, 2018 |
|||||||||||||||||||||||
| Average Balance |
Interest Income/ Expense |
Rates Earned /Paid |
Average Balance |
Interest Income/ Expense |
Rates Earned /Paid |
|||||||||||||||||||
| Assets: |
||||||||||||||||||||||||
| Loans |
$ | 4,033,954 |
$ | 109,889 |
5.45 |
% | $ | 3,066,152 |
$ | 77,353 |
5.05 |
% | ||||||||||||
| Investment securities - taxable |
1,428,951 |
21,677 |
3.03 |
% | 1,123,964 |
15,394 |
2.74 |
% | ||||||||||||||||
| Investment securities - nontaxable (1) |
141,397 |
2,753 |
3.89 |
% | 136,143 |
2,708 |
3.98 |
% | ||||||||||||||||
| Total investments |
1,570,348 |
24,430 |
3.11 |
% | 1,260,107 |
18,102 |
2.87 |
% | ||||||||||||||||
| Cash at Federal Reserve and other banks |
158,164 |
1,937 |
2.45 |
% | 92,869 |
769 |
1.66 |
% | ||||||||||||||||
| Total interest-earning assets |
5,762,466 |
136,256 |
4.73 |
% | 4,419,128 |
96,224 |
4.35 |
% | ||||||||||||||||
| Other assets |
643,592 |
358,747 |
||||||||||||||||||||||
| Total assets |
$ | 6,406,058 |
$ | 4,777,875 |
||||||||||||||||||||
| Liabilities and shareholders’ equity: |
||||||||||||||||||||||||
| Interest-bearing demand deposits |
$ | 1,274,882 |
$ | 576 |
0.09 |
% | $ | 994,867 |
$ | 425 |
0.09 |
% | ||||||||||||
| Savings deposits |
1,907,677 |
2,439 |
0.26 |
% | 1,382,249 |
838 |
0.12 |
% | ||||||||||||||||
| Time deposits |
441,447 |
2,703 |
1.22 |
% | 310,035 |
1,067 |
0.69 |
% | ||||||||||||||||
| Total interest-bearing deposits |
3,624,006 |
5,718 |
0.32 |
% | 2,687,151 |
2,330 |
0.17 |
% | ||||||||||||||||
| Other borrowings |
16,736 |
50 |
0.60 |
% | 123,544 |
928 |
1.50 |
% | ||||||||||||||||
| Junior subordinated debt |
57,086 |
1,684 |
5.90 |
% | 56,905 |
1,486 |
5.22 |
% | ||||||||||||||||
| Total interest-bearing liabilities |
3,697,828 |
7,452 |
0.40 |
% | 2,867,600 |
4,744 |
0.33 |
% | ||||||||||||||||
| Noninterest-bearing deposits |
1,754,973 |
1,336,070 |
||||||||||||||||||||||
| Other liabilities |
98,570 |
65,982 |
||||||||||||||||||||||
| Shareholders’ equity |
854,687 |
508,223 |
||||||||||||||||||||||
| Total liabilities and shareholders’ equity |
$ | 6,406,058 |
$ | 4,777,875 |
||||||||||||||||||||
| Net interest spread (2) |
4.33 |
% | 4.02 |
% | ||||||||||||||||||||
| Net interest income and interest margin (3) |
$ | 128,804 |
4.47 |
% | $ | 91,480 |
4.14 |
% | ||||||||||||||||
(1) |
Fully taxable equivalent (FTE) |
(2) |
Net interest spread represents the average yield earned on interest-earning assets minus the average rate paid on interest-bearing liabilities. |
(3) |
Net interest margin is computed by calculating the difference between interest income and interest expense, divided by the average balance of interest-earning assets. |
| Three months ended June 30, 2019 compared with three months ended June 30, 2018 |
||||||||||||
| Volume |
Rate |
Total |
||||||||||
| Increase in interest income: |
||||||||||||
| Loans |
$ | 12,681 |
$ | 3,507 |
$ | 16,188 |
||||||
| Investment securities (1) |
2,391 |
638 |
3,029 |
|||||||||
| Cash at Federal Reserve and other banks |
273 |
197 |
470 |
|||||||||
| Total interest-earning assets |
15,345 |
4,342 |
19,687 |
|||||||||
| Increase (decrease) in interest expense: |
||||||||||||
| Interest-bearing demand deposits |
63 |
12 |
75 |
|||||||||
| Savings deposits |
194 |
685 |
879 |
|||||||||
| Time deposits |
303 |
508 |
811 |
|||||||||
| Other borrowings |
(346 |
) | (203 |
) | (549 |
) | ||||||
| Junior subordinated debt |
4 |
36 |
40 |
|||||||||
| Total interest-bearing liabilities |
218 |
1,038 |
1,256 |
|||||||||
| Increase in net interest income |
$ | 15,127 |
$ | 3,304 |
$ | 18,431 |
||||||
(1) |
Fully taxable equivalent (FTE) |
| Six months ended June 30, 2019 compared with six months ended June 30, 2018 |
||||||||||||
| Volume |
Rate |
Total |
||||||||||
| Increase in interest income: |
||||||||||||
| Loans |
$ | 25,971 |
$ | 6,565 |
$ | 32,536 |
||||||
| Investment securities (1) |
4,733 |
1,595 |
6,328 |
|||||||||
| Cash at Federal Reserve and other banks |
695 |
473 |
1,168 |
|||||||||
| Total interest-earning assets |
31,399 |
8,633 |
40,032 |
|||||||||
| Increase (decrease) in interest expense: |
||||||||||||
| Interest-bearing demand deposits |
126 |
25 |
151 |
|||||||||
| Savings deposits |
408 |
1,193 |
1,601 |
|||||||||
| Time deposits |
576 |
1,060 |
1,636 |
|||||||||
| Other borrowings |
(518 |
) | (360 |
) | (878 |
) | ||||||
| Junior subordinated debt |
4 |
194 |
198 |
|||||||||
| Total interest-bearing liabilities |
596 |
2,112 |
2,708 |
|||||||||
| Increase in net interest income |
$ | 30,803 |
$ | 6,521 |
$ | 37,324 |
||||||
(1) |
Fully taxable equivalent (FTE) |
| Three months ended June 30, |
||||||||||||||||
| (dollars in thousands) |
2019 |
2018 |
$ Change |
% Change |
||||||||||||
| ATM and interchange fees |
$ | 5,404 |
$ | 4,510 |
$ | 894 |
19.8 |
% | ||||||||
| Service charges on deposit accounts |
4,182 |
3,613 |
569 |
15.7 |
% | |||||||||||
| Other service fees |
619 |
630 |
(11 |
) | (1.7 |
%) | ||||||||||
| Mortgage banking service fees |
475 |
511 |
(36 |
) | (7.0 |
%) | ||||||||||
| Change in value of mortgage servicing rights |
(552 |
) | (36 |
) | (516 |
) | 1433.3 |
% | ||||||||
| Total service charges and fees |
10,128 |
9,228 |
900 |
9.8 |
% | |||||||||||
| Increase in cash value of life insurance |
746 |
656 |
90 |
13.7 |
% | |||||||||||
| Asset management and commission income |
739 |
810 |
(71 |
) | (8.8 |
%) | ||||||||||
| Gain on sale of loans |
575 |
666 |
(91 |
) | (13.7 |
%) | ||||||||||
| Lease brokerage income |
239 |
200 |
39 |
19.5 |
% | |||||||||||
| Sale of customer checks |
135 |
138 |
(3 |
) | (2.2 |
%) | ||||||||||
| Gain on sale of foreclosed assets |
197 |
17 |
180 |
1058.8 |
% | |||||||||||
| Gain (loss) on marketable equity securities |
42 |
(23 |
) | 65 |
(282.6 |
%) | ||||||||||
| Loss on disposal of fixed assets |
(42 |
) | (41 |
) | (1 |
) | 2.4 |
% | ||||||||
| Other |
819 |
523 |
296 |
56.6 |
% | |||||||||||
| Total other noninterest income |
3,450 |
2,946 |
504 |
17.1 |
% | |||||||||||
| Total noninterest income |
$ | 13,578 |
$ | 12,174 |
$ | 1,404 |
11.5 |
% | ||||||||
| Six months ended June 30, |
||||||||||||||||
| (dollars in thousands) |
2019 |
2018 |
$ Change |
% Change |
||||||||||||
| ATM and interchange fees |
$ | 9,985 |
$ | 8,745 |
$ | 1,240 |
14.2 |
% | ||||||||
| Service charges on deposit accounts |
8,062 |
7,392 |
670 |
9.1 |
% | |||||||||||
| Other service fees |
1,390 |
1,344 |
46 |
3.4 |
% | |||||||||||
| Mortgage banking service fees |
958 |
1,028 |
(70 |
) | (6.8 |
%) | ||||||||||
| Change in value of mortgage servicing rights |
(1,197 |
) | 75 |
(1,272 |
) | (1696.0 |
%) | |||||||||
| Total service charges and fees |
19,198 |
18,584 |
614 |
3.3 |
% | |||||||||||
| Increase in cash value of life insurance |
1,521 |
1,264 |
257 |
20.3 |
% | |||||||||||
| Asset management and commission income |
1,381 |
1,686 |
(305 |
) | (18.1 |
%) | ||||||||||
| Gain on sale of loans |
987 |
1,292 |
(305 |
) | (23.6 |
%) | ||||||||||
| Lease brokerage income |
459 |
328 |
131 |
39.9 |
% | |||||||||||
| Sale of customer checks |
275 |
239 |
36 |
15.1 |
% | |||||||||||
| Gain on sale of foreclosed assets |
199 |
388 |
(189 |
) | (48.7 |
%) | ||||||||||
| Gain (loss) on marketable equity securities |
78 |
(70 |
) | 148 |
(211.4 |
%) | ||||||||||
| Loss on disposal of fixed assets |
(80 |
) | (54 |
) | (26 |
) | 48.1 |
% | ||||||||
| Other |
1,424 |
807 |
617 |
76.5 |
% | |||||||||||
| Total other noninterest income |
6,244 |
5,880 |
364 |
6.2 |
% | |||||||||||
| Total noninterest income |
$ | 25,442 |
$ | 24,464 |
$ | 978 |
4.0 |
% | ||||||||
| Three months ended June 30, |
||||||||||||||||
| 2019 |
2018 |
$ Change |
% Change |
|||||||||||||
| Base salaries, net of deferred loan origination costs |
$ | 17,211 |
$ | 14,429 |
$ | 2,782 |
19.3 |
% | ||||||||
| Incentive compensation |
3,706 |
2,159 |
1,547 |
71.7 |
% | |||||||||||
| Benefits and other compensation costs |
5,802 |
4,865 |
937 |
19.3 |
% | |||||||||||
| Total salaries and benefits expense |
26,719 |
21,453 |
5,266 |
24.5 |
% | |||||||||||
| Occupancy |
3,738 |
2,720 |
1,018 |
37.4 |
% | |||||||||||
| Data processing and software |
3,354 |
2,679 |
675 |
25.2 |
% | |||||||||||
| Equipment |
1,752 |
1,637 |
115 |
7.0 |
% | |||||||||||
| Intangible amortization |
1,431 |
339 |
1,092 |
322.1 |
% | |||||||||||
| Advertising |
1,533 |
1,035 |
498 |
48.1 |
% | |||||||||||
| ATM and POS network charges |
1,270 |
1,437 |
(167 |
) | (11.6 |
%) | ||||||||||
| Professional fees |
1,057 |
774 |
283 |
36.6 |
% | |||||||||||
| Telecommunications |
773 |
681 |
92 |
13.5 |
% | |||||||||||
| Regulatory assessments and insurance |
490 |
417 |
73 |
17.5 |
% | |||||||||||
| Merger and acquisition expense |
— |
601 |
(601 |
) | (100.0 |
%) | ||||||||||
| Postage |
315 |
301 |
14 |
4.7 |
% | |||||||||||
| Operational losses |
226 |
252 |
(26 |
) | (10.3 |
%) | ||||||||||
| Courier service |
412 |
224 |
188 |
83.9 |
% | |||||||||||
| Other miscellaneous expense |
3,782 |
3,320 |
462 |
13.9 |
% | |||||||||||
| Total other noninterest expense |
20,133 |
16,417 |
3,716 |
22.6 |
% | |||||||||||
| Total noninterest expense |
$ | 46,852 |
$ | 37,870 |
$ | 8,982 |
23.7 |
% | ||||||||
| Average full time equivalent staff |
1,138 |
1,001 |
137 |
13.7 |
% | |||||||||||
| Six months ended June 30, |
||||||||||||||||
| 2019 |
2018 |
$ Change |
% Change |
|||||||||||||
| Base salaries, net of deferred loan origination costs |
$ | 33,968 |
$ | 28,391 |
$ | 5,577 |
19.6 |
% | ||||||||
| Incentive compensation |
6,273 |
4,611 |
1,662 |
36.0 |
% | |||||||||||
| Benefits and other compensation costs |
11,606 |
10,103 |
1,503 |
14.9 |
% | |||||||||||
| Total salaries and benefits expense |
51,847 |
43,105 |
8,742 |
20.3 |
% | |||||||||||
| Occupancy |
7,512 |
5,401 |
2,111 |
39.1 |
% | |||||||||||
| Data processing and software |
6,703 |
5,193 |
1,510 |
29.1 |
% | |||||||||||
| Equipment |
3,619 |
3,188 |
431 |
13.5 |
% | |||||||||||
| Intangible amortization |
2,862 |
678 |
2,184 |
322.1 |
% | |||||||||||
| Advertising |
2,864 |
1,873 |
991 |
52.9 |
% | |||||||||||
| ATM and POS network charges |
2,593 |
2,663 |
(70 |
) | (2.6 |
%) | ||||||||||
| Professional fees |
1,896 |
1,546 |
350 |
22.6 |
% | |||||||||||
| Telecommunications |
1,570 |
1,382 |
188 |
13.6 |
% | |||||||||||
| Regulatory assessments and insurance |
1,001 |
847 |
154 |
18.2 |
% | |||||||||||
| Merger and acquisition expense |
— |
1,077 |
(1,077 |
) | (100.0 |
%) | ||||||||||
| Postage |
625 |
659 |
(34 |
) | (5.2 |
%) | ||||||||||
| Operational losses |
451 |
546 |
(95 |
) | (17.4 |
%) | ||||||||||
| Courier service |
682 |
491 |
191 |
38.9 |
% | |||||||||||
| Other miscellaneous expense |
8,140 |
7,383 |
757 |
10.3 |
% | |||||||||||
| Total other noninterest expense |
40,518 |
32,927 |
7,591 |
23.1 |
% | |||||||||||
| Total noninterest expense |
$ | 92,365 |
$ | 76,032 |
$ | 16,333 |
21.5 |
% | ||||||||
| Average full time equivalent staff |
1,137 |
1,001 |
136 |
13.6 |
% | |||||||||||
| (dollars in thousands) |
June 30, 2019 |
December 31, 2018 |
||||||||||||||
| Fair Value |
% |
Fair Value |
% |
|||||||||||||
| Debt securities available for sale: |
||||||||||||||||
| Obligations of U.S. government agencies |
$ | 630,911 |
55.6 |
% | $ | 629,981 |
56.5 |
% | ||||||||
| Obligations of states and political subdivisions |
125,980 |
11.1 |
% | 126,072 |
11.3 |
% | ||||||||||
| Corporate bonds |
4,521 |
0.4 |
% | 4,478 |
0.4 |
% | ||||||||||
| Asset backed securities |
372,582 |
32.9 |
% | 354,505 |
31.8 |
% | ||||||||||
| Total debt securities available for sale |
$ | 1,133,994 |
100.0 |
% | $ | 1,115,036 |
100.0 |
% | ||||||||
| (dollars in thousands) |
June 30, 2019 |
December 31, 2018 |
||||||||||||||
| Amortized Cost |
% |
Amortized Cost |
% |
|||||||||||||
| Debt securities held to maturity: |
||||||||||||||||
| Obligations of U.S. government and agencies |
$ | 398,714 |
96.7 |
% | $ | 430,343 |
96.7 |
% | ||||||||
| Obligations of states and political subdivisions |
13,810 |
3.3 |
% | 14,593 |
3.3 |
% | ||||||||||
| Total debt securities held to maturity |
$ | 412,524 |
100 |
% | $ | 444,936 |
100.0 |
% | ||||||||
| (dollars in thousands) |
June 30, 2019 |
December 31, 2018 |
||||||||||||||
| Real estate mortgage |
$ | 3,178,730 |
77.5 |
% | $ | 3,143,100 |
78.1 |
% | ||||||||
| Consumer |
434,388 |
10.6 |
% | 418,982 |
10.4 |
% | ||||||||||
| Commercial |
276,045 |
6.7 |
% | 276,548 |
6.9 |
% | ||||||||||
| Real estate construction |
214,524 |
5.2 |
% | 183,384 |
4.6 |
% | ||||||||||
| Total loans |
$ | 4,103,687 |
100 |
% | $ | 4,022,014 |
100 |
% | ||||||||
| (dollars in thousands) |
June 30, 2019 |
December 31, 2018 |
||||||
| Performing nonaccrual loans |
$ | 17,825 |
$ | 22,689 |
||||
| Nonperforming nonaccrual loans |
3,844 |
4,805 |
||||||
| Total nonaccrual loans |
21,669 |
27,494 |
||||||
| Loans 90 days past due and still accruing |
22 |
— |
||||||
| Total nonperforming loans |
21,691 |
27,494 |
||||||
| Foreclosed assets |
1,548 |
2,280 |
||||||
| Total nonperforming assets |
$ | 23,239 |
$ | 29,774 |
||||
| Nonperforming assets to total assets |
0.36 |
% | 0.47 |
% | ||||
| Nonperforming loans to total loans |
0.53 |
% | 0.68 |
% | ||||
| Allowance for loan losses to nonperforming loans |
152 |
% | 119 |
% | ||||
| Allowance for loan losses, unamortized loan fees, and discounts to loan principal balances owed |
1.97 |
% | 2.11 |
% | ||||
| June 30, 2019 |
||||||||||||||||
| (dollars in thousands) |
Originated |
PNCI |
PCI |
Total |
||||||||||||
| Performing nonaccrual loans |
$ | 11,773 |
$ | 3,410 |
$ | 2,642 |
$ | 17,825 |
||||||||
| Nonperforming nonaccrual loans |
2,360 |
1,087 |
397 |
3,844 |
||||||||||||
| Total nonaccrual loans |
14,133 |
4,497 |
3,039 |
21,669 |
||||||||||||
| Loans 90 days past due and still accruing |
22 |
— |
— |
22 |
||||||||||||
| Total nonperforming loans |
14,155 |
4,497 |
3,039 |
21,691 |
||||||||||||
| Foreclosed assets |
1,103 |
— |
445 |
1,548 |
||||||||||||
| Total nonperforming assets |
$ | 15,258 |
$ | 4,497 |
$ | 3,484 |
$ | 23,239 |
||||||||
| U.S. government, including its agencies and its government-sponsored agencies, guaranteed portion of nonperforming loans |
$ | 790 |
$ | — |
$ | 294 |
$ | 1,084 |
||||||||
| Nonperforming assets to total assets |
0.24 |
% | 0.07 |
% | 0.05 |
% | 0.36 |
% | ||||||||
| Nonperforming loans to total loans |
0.35 |
% | 0.11 |
% | 0.07 |
% | 0.53 |
% | ||||||||
| Allowance for loan losses to nonperforming loans |
228 |
% | 13 |
% | 0.33 |
% | 152 |
% | ||||||||
| Allowance for loan losses, unamortized loan fees, and discounts to loan principal balances owed |
1.29 |
% | 3.60 |
% | 36.11 |
% | 1.97 |
% | ||||||||
| December 31, 2018 |
||||||||||||||||
| (dollars in thousands) |
Originated |
PNCI |
PCI |
Total |
||||||||||||
| Performing nonaccrual loans |
$ | 16,573 |
$ | 1,269 |
$ | 4,847 |
$ | 22,689 |
||||||||
| Nonperforming nonaccrual loans |
2,843 |
1,589 |
373 |
4,805 |
||||||||||||
| Total nonaccrual loans |
19,416 |
2,858 |
5,220 |
27,494 |
||||||||||||
| Loans 90 days past due and still accruing |
— |
— |
— |
— |
||||||||||||
| Total nonperforming loans |
19,416 |
2,858 |
5,220 |
27,494 |
||||||||||||
| Foreclosed assets |
1,490 |
— |
790 |
2,280 |
||||||||||||
| Total nonperforming assets |
$ | 20,906 |
$ | 2,858 |
$ | 6,010 |
$ | 29,774 |
||||||||
| U.S. government, including its agencies and its government-sponsored agencies, guaranteed portion of nonperforming loans |
$ | 800 |
$ | — |
$ | — |
$ | 800 |
||||||||
| Nonperforming assets to total assets |
0.33 |
% | 0.04 |
% | 0.09 |
% | 0.47 |
% | ||||||||
| Nonperforming loans to total loans |
0.48 |
% | 0.07 |
% | 0.13 |
% | 0.68 |
% | ||||||||
| Allowance for loan losses to nonperforming loans |
164 |
% | 23.3 |
% | 2.34 |
% | 119 |
% | ||||||||
| Allowance for loan losses, unamortized loan fees, and discounts to loan principal balances owed |
1.39 |
% | 3.48 |
% | 33.69 |
% | 2.11 |
% | ||||||||
| (in thousands): |
Balance at June 30, 2019 |
New NPA / Valuation Adjustments |
Pay-downs /Sales /Upgrades |
Charge-offs/ Write-downs |
Transfers to Foreclosed Assets |
Balance at March 31, 2019 |
||||||||||||||||||
| Real estate mortgage: |
||||||||||||||||||||||||
| Residential |
$ | 4,350 |
$ | 2,187 |
$ | (503 |
) | $ | (2 |
) | $ | — |
$ | 2,668 |
||||||||||
| Commercial |
8,678 |
579 |
(207 |
) | — |
— |
8,306 |
|||||||||||||||||
| Consumer |
||||||||||||||||||||||||
| Home equity lines |
2,476 |
67 |
(25 |
) | — |
— |
2,434 |
|||||||||||||||||
| Home equity loans |
2,047 |
168 |
(708 |
) | — |
— |
2,587 |
|||||||||||||||||
| Other consumer |
74 |
81 |
(40 |
) | (37 |
) | — |
70 |
||||||||||||||||
| Commercial |
4,066 |
1,126 |
(422 |
) | (138 |
) | — |
3,500 |
||||||||||||||||
| Construction: |
||||||||||||||||||||||||
| Residential |
— |
— |
— |
— |
— |
— |
||||||||||||||||||
| Commercial |
— |
— |
— |
— |
— |
— |
||||||||||||||||||
| Total nonperforming loans |
21,691 |
4,208 |
(1,905 |
) | (177 |
) | — |
19,565 |
||||||||||||||||
| Foreclosed assets |
1,548 |
(63 |
) | (704 |
) | — |
— |
2,315 |
||||||||||||||||
| Total nonperforming assets |
$ | 23,239 |
$ | 4,145 |
$ | (2,609 |
) | $ | (177 |
) | $ | — |
$ | 21,880 |
||||||||||
| (in thousands): |
Balance at June 30, 2019 |
New NPA / Valuation Adjustments |
Pay-downs /Sales /Upgrades |
Charge-offs/ Write-downs |
Transfers to Foreclosed Assets |
Balance at December 31, 2018 |
||||||||||||||||||
| Real estate mortgage: |
||||||||||||||||||||||||
| Residential |
$ | 4,350 |
$ | 2,187 |
$ | (573 |
) | $ | (2 |
) | $ | (116 |
) | $ | 2,854 |
|||||||||
| Commercial |
8,678 |
846 |
(7,214 |
) | — |
— |
15,046 |
|||||||||||||||||
| Consumer |
||||||||||||||||||||||||
| Home equity lines |
2,476 |
91 |
(364 |
) | — |
— |
2,749 |
|||||||||||||||||
| Home equity loans |
2,047 |
200 |
(1,116 |
) | — |
— |
2,963 |
|||||||||||||||||
| Other consumer |
74 |
145 |
(41 |
) | (37 |
) | — |
7 |
||||||||||||||||
| Commercial |
4,066 |
1,399 |
(581 |
) | (627 |
) | — |
3,875 |
||||||||||||||||
| Construction: |
||||||||||||||||||||||||
| Residential |
— |
— |
— |
— |
— |
— |
||||||||||||||||||
| Commercial |
— |
— |
— |
— |
— |
— |
||||||||||||||||||
| Total nonperforming loans |
21,691 |
4,868 |
(9,889 |
) | (666 |
) | (116 |
) | 27,494 |
|||||||||||||||
| Foreclosed assets |
1,548 |
35 |
(883 |
) | — |
116 |
2,280 |
|||||||||||||||||
| Total nonperforming assets |
$ | 23,239 |
$ | 4,903 |
$ | (10,772 |
) | $ | (666 |
) | $ | — |
$ | 29,774 |
||||||||||
| (dollars in thousands) |
2019 |
2018 |
||||||
| Allowance for originated and PNCI loan losses: |
||||||||
| Environmental factors allowance |
$ | 12,455 |
$ | 11,577 |
||||
| Formula allowance |
17,961 |
18,689 |
||||||
| Total allowance for originated and PNCI loan losses |
30,416 |
30,266 |
||||||
| Allowance for impaired loans |
2,442 |
2,194 |
||||||
| Allowance for PCI loan losses |
10 |
122 |
||||||
| Total allowance for loan losses |
$ | 32,868 |
$ | 32,582 |
||||
| Allowance for loan losses to loans |
0.80 |
% | 0.81 |
% | ||||
| Real estate mortgage |
$ | 14,675 |
44.7 |
% | $ | 15,620 |
47.9 |
% | ||||||||
| Consumer |
8,552 |
26.0 |
% | 8,375 |
25.7 |
% | ||||||||||
| Commercial |
6,745 |
20.5 |
% | 6,090 |
18.7 |
% | ||||||||||
| Real estate construction |
2,896 |
8.8 |
% | 2,497 |
7.7 |
% | ||||||||||
| Total allowance for loan losses |
$ | 32,868 |
100.0 |
% | $ | 32,582 |
100.0 |
% | ||||||||
| Real estate mortgage |
$ | 3,178,730 |
0.46 |
% | $ | 3,143,100 |
0.50 |
% | ||||||||
| Consumer |
434,388 |
1.97 |
% | 418,982 |
2.00 |
% | ||||||||||
| Commercial |
276,045 |
2.44 |
% | 276,548 |
2.20 |
% | ||||||||||
| Real estate construction |
214,524 |
1.35 |
% | 183,384 |
1.36 |
% | ||||||||||
| Total allowance for loan losses |
$ | 4,103,687 |
0.80 |
% | $ | 4,022,014 |
0.81 |
% | ||||||||
| (in thousands) |
2019 |
2018 |
2019 |
2018 |
||||||||||||
| Allowance for loan losses: |
||||||||||||||||
| Balance at beginning of period |
$ | 32,064 |
$ | 29,973 |
$ | 32,582 |
$ | 30,323 |
||||||||
| Reversal of provision for loan losses |
537 |
(638 |
) | (1,063 |
) | (874 |
) | |||||||||
| Loans charged off: |
||||||||||||||||
| Real estate mortgage: |
||||||||||||||||
| Residential |
(2 |
) | (51 |
) | (2 |
) | (52 |
) | ||||||||
| Commercial |
— |
(15 |
) | — |
(15 |
) | ||||||||||
| Consumer: |
||||||||||||||||
| Home equity lines |
— |
(24 |
) | — |
(104 |
) | ||||||||||
| Home equity loans |
— |
— |
— |
— |
||||||||||||
| Other consumer |
(153 |
) | (174 |
) | (360 |
) | (368 |
) | ||||||||
| Commercial |
(138 |
) | (54 |
) | (657 |
) | (259 |
) | ||||||||
| Construction: |
||||||||||||||||
| Residential |
— |
— |
— |
— |
||||||||||||
| Commercial |
— |
— |
— |
— |
||||||||||||
| Total loans charged off |
(293 |
) | (318 |
) | (1,019 |
) | (798 |
) | ||||||||
| Recoveries of previously charged-off loans: |
||||||||||||||||
| Real estate mortgage: |
||||||||||||||||
| Residential |
3 |
— |
5 |
— |
||||||||||||
| Commercial |
10 |
21 |
1,391 |
36 |
||||||||||||
| Consumer: |
||||||||||||||||
| Home equity lines |
183 |
317 |
278 |
526 |
||||||||||||
| Home equity loans |
171 |
23 |
258 |
37 |
||||||||||||
| Other consumer |
108 |
66 |
183 |
144 |
||||||||||||
| Commercial |
85 |
80 |
253 |
130 |
||||||||||||
| Construction: |
||||||||||||||||
| Residential |
— |
— |
— |
— |
||||||||||||
| Commercial |
— |
— |
— |
— |
||||||||||||
| Total recoveries of previously charged off loans |
560 |
507 |
2,368 |
873 |
||||||||||||
| Net recoveries (charge-offs) |
267 |
189 |
1,349 |
75 |
||||||||||||
| Balance at end of period |
$ | 32,868 |
$ | 29,524 |
$ | 32,868 |
$ | 29,524 |
||||||||
| Average total loans |
$ | 4,044,044 |
$ | 3,104,126 |
$ | 4,033,954 |
$ | 3,066,152 |
||||||||
| Ratios (annualized): |
||||||||||||||||
| Net charge-offs (recoveries) during period to average loans outstanding during period |
(0.03 |
)% | (0.02 |
)% | (0.13 |
)% | (0.01 |
)% | ||||||||
| Benefit from reversal of loan losses to average loans outstanding during period |
0.05 |
% | (0.08 |
)% | (0.11 |
)% | (0.11 |
)% | ||||||||
| (in thousands) |
Balance at June 30, 2019 |
Sales |
Valuation Adjustments |
Transfers from Loans |
Balance at December 31, 2018 |
|||||||||||||||
| Land & Construction |
$ | 445 |
$ | — |
$ | — |
$ | — |
$ | 445 |
||||||||||
| Residential real estate |
1,015 |
(883 |
) | 40 |
116 |
1,742 |
||||||||||||||
| Commercial real estate |
88 |
— |
(5 |
) | — |
93 |
||||||||||||||
| Total foreclosed assets |
$ | 1,548 |
$ | (883 |
) | $ | 35 |
$ | 116 |
$ | 2,280 |
|||||||||
| June 30, 2019 |
December 31, 2018 |
|||||||||||||||
| Ratio |
Minimum Regulatory Requirement |
Ratio |
Minimum Regulatory Requirement |
|||||||||||||
| Total capital |
14.93 |
% | 10.50 |
% | 14.40 |
% | 9.25 |
% | ||||||||
| Tier I capital |
14.19 |
% | 8.50 |
% | 13.66 |
% | 7.25 |
% | ||||||||
| Common equity Tier 1 capital |
13.03 |
% | 7.00 |
% | 12.49 |
% | 5.75 |
% | ||||||||
| Leverage |
11.08 |
% | 4.00 |
% | 10.68 |
% | 4.00 |
% | ||||||||
Item 3. |
Quantitative and Qualitative Disclosures about Market Risk |
Item 4. |
Controls and Procedures |
| Period |
(a) Total number of shares purchased (1) |
(b) Average price paid per share |
(c) Total number of shares purchased as of part of publicly announced plans or programs |
(d) Maximum number of shares that may yet be purchased under the plans or programs (2) |
||||||||||||
| April 1-30, 2019 |
38,087 |
$ | 39.91 |
— |
303,434 |
|||||||||||
| May 1-31, 2019 |
12,487 |
$ | 39.88 |
— |
303,434 |
|||||||||||
| June 1-30, 2019 |
43,181 |
$ | 38.28 |
— |
303,434 |
|||||||||||
| Total |
93,755 |
$ | 39.16 |
— |
303,434 |
|||||||||||
(1) |
Includes shares purchased by the Company’s Employee Stock Ownership Plan and pursuant to various other equity incentive plans. See Note 9 to the condensed consolidated financial statements at Item 1 of Part I of this report, for a discussion of the Company’s stock repurchased under equity compensation plans. |
(2) |
Does not include shares that may be purchased by the Company’s Employee Stock Ownership Plan and pursuant to various other equity incentive plans. |
| Exhibit No. |
Exhibit | |||
| 31.1 |
||||
| 31.2 |
||||
| 32.1 |
||||
| 32.2 |
||||
| 99.1* |
||||
| 99.2* |
||||
| 99.3* |
||||
| 101.INS |
XBRL Instance Document | |||
| 101.SCH |
XBRL Taxonomy Extension Schema Document | |||
| 101.CAL |
XBRL Taxonomy Extension Calculation Linkbase Document | |||
| 101.LAB |
XBRL Taxonomy Extension Label Linkbase Document | |||
| 101.PRE |
XBRL Taxonomy Extension Presentation Linkbase Document | |||
| 101.DEF |
XBRL Taxonomy Extension Definition Linkbase Document | |||
| * | Management contract or compensatory plan or arrangement. |
| TRICO BANCSHARES | ||||||
| (Registrant) | ||||||
| Date: August 9, 2019 |
/s/ Peter G. Wiese | |||||
| Peter G. Wiese | ||||||
| Executive Vice President and Chief Financial Officer | ||||||
| (Duly authorized officer and principal financial and chief accounting officer) |
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|