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CONSOLIDATED STATEMENTS OF CONDITION - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
ASSETS    
Cash and due from banks $ 5,066 $ 5,929
Interest-earning deposits 103,214 140,875
Total cash and cash equivalents 108,280 146,804
Securities available for sale 497,880 796,753
Securities held to maturity (fair value $87,857 at September 30, 2022 and $108,460 at December 31, 2021) 103,551 108,680
Equity security, at fair value 12,957 14,685
FHLB and FRB stock, at cost 14,986 12,950
Loans held for sale, at fair value 1,333 3,040
Loans held for sale, at lower of cost or fair value 10,102 34,051
Loans 5,177,194 4,806,721
Less: Allowance for credit losses [1] 59,683 61,697
Net loans 5,117,511 4,745,024
Premises and equipment 23,781 23,044
Other real estate owned 116  
Accrued interest receivable 17,816 21,589
Bank owned life insurance 47,072 46,663
Goodwill 36,212 36,212
Other intangible assets 11,486 12,690
Finance lease right-of-use assets 3,021 3,582
Operating lease right-of-use assets 13,404 9,775
Other assets 67,753 62,451
TOTAL ASSETS 6,087,261 6,077,993
Deposits:    
Noninterest-bearing demand deposits 1,317,954 956,482
Interest-bearing deposits:    
Checking [2] 2,149,629 2,287,894
Savings 166,821 154,914
Money market accounts 1,178,112 1,307,051
Certificates of deposit - retail 345,047 409,608
Certificates of deposit - listing service 30,647 31,382
Subtotal deposits 5,188,210 5,147,331
Interest-bearing demand - brokered 85,000 85,000
Certificates of deposit - brokered 25,974 33,818
Total deposits 5,299,184 5,266,149
Short-term borrowings 32,369  
Finance lease liabilities 5,003 5,820
Operating lease liabilities 14,101 10,111
Subordinated debt, net 132,916 132,701
Deferred tax liabilities, net 14,490 39,322
Accrued expenses and other liabilities 73,684 77,502
TOTAL LIABILITIES 5,571,747 5,531,605
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, 20,973,770 at September 30, 2022 and 20,656,810 at December 31, 2021; outstanding shares, 17,920,571 at September 30, 2022 and 18,393,888 at December 31, 2021) 17,484 17,220
Surplus 336,534 332,358
Treasury stock at cost, 3,053,199 shares at September 30, 2022 and 2,262,922 shares at December 31, 2021 (92,637) (65,104)
Retained earnings 329,116 274,288
Accumulated other comprehensive loss, net of income tax (74,983) (12,374)
TOTAL SHAREHOLDERS’ EQUITY 515,514 546,388
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY $ 6,087,261 $ 6,077,993
[1] Commencing on January 1, 2022, the allowance calculation is based on the current expected credit loss ("CECL") methodology. Prior to January 1, 2022, the calculation was based on the incurred loss methodology.
[2] Interest-bearing checking includes $567.3 million at September 30, 2022 and $647.8 million at December 31, 2021 of reciprocal balances in the Reich & Tang or Promontory Demand Deposit Marketplace program.