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CONSOLIDATED STATEMENTS OF CONDITION - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
ASSETS    
Cash and due from banks $ 6,171 $ 6,591
Federal funds sold 102 102
Interest-earning deposits 767,730 201,492
Total cash and cash equivalents 774,003 208,185
Securities available for sale 400,558 390,755
Equity security, at fair value 14,034 10,836
FHLB and FRB stock, at cost 40,871 24,068
Loans held for sale, at fair value 3,853 2,881
Loans held for sale, at lower of cost or fair value 4,122 14,667
Loans 4,408,005 4,394,137
Less: Allowance for loan and lease losses 63,783 43,676
Net loans 4,344,222 4,350,461
Premises and equipment 21,243 20,913
Other real estate owned 50 50
Accrued interest receivable 11,816 10,494
Bank owned life insurance 46,309 46,128
Goodwill 30,208 30,208
Other intangible assets 10,057 10,380
Finance lease right-of-use assets 4,891 5,078
Operating lease right-of-use assets 11,553 12,132
Other assets 113,668 45,643
TOTAL ASSETS 5,831,458 5,182,879
Deposits:    
Noninterest-bearing demand deposits 581,085 529,281
Interest-bearing deposits:    
Checking [1] 1,680,452 1,510,363
Savings 112,668 112,652
Money market accounts 1,163,410 1,196,313
Certificates of deposit - retail 651,000 633,763
Certificates of deposit - listing service 38,895 47,430
Subtotal deposits 4,227,510 4,029,802
Interest-bearing demand - brokered 180,000 180,000
Certificates of deposit - brokered 33,723 33,709
Total deposits 4,441,233 4,243,511
Short-term borrowings 515,000 128,100
Federal Home Loan Bank advances 105,000 105,000
Finance lease liabilities 7,402 7,598
Operating lease liabilities 11,852 12,423
Subordinated debt, net 83,473 83,417
Deferred tax liabilities, net 28,462 26,151
Due to brokers, securities settlements 10,885 7,951
Accrued expenses and other liabilities 131,711 65,076
TOTAL LIABILITIES 5,335,018 4,679,227
SHAREHOLDERS’ EQUITY    
Preferred stock (no par value; authorized 500,000 shares; liquidation preference of $1,000 per share)
Common stock (no par value; stated value $0.83 per share; authorized 42,000,000 shares; issued shares, 20,220,701 at March 31, 2020 and 20,074,766 at December 31, 2019; outstanding shares, 18,852,523 at March 31, 2020 and 18,926,810 at December 31, 2019 16,854 16,733
Surplus 320,269 319,375
Treasury stock at cost, 1,368,178 shares at March 31, 2020 and 1,147,956 shares at December 31, 2019 (36,477) (29,990)
Retained earnings 199,453 199,029
Accumulated other comprehensive loss, net of income tax (3,659) (1,495)
TOTAL SHAREHOLDERS’ EQUITY 496,440 503,652
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY $ 5,831,458 $ 5,182,879
[1] Interest-bearing checking includes $569.4 million at March 31, 2020 and $423.8 million at December 31, 2019 of reciprocal balances in the Reich & Tang or Promontory Demand Deposit Marketplace program.