XML 14 R2.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF CONDITION - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
ASSETS    
Cash and due from banks $ 5,937 $ 5,929
Interest-earning deposits 184,138 140,875
Total cash and cash equivalents 190,075 146,804
Securities held to maturity (fair value $87,187 at December 31, 2022 and $108,460 at December 31, 2021) 102,291 108,680
Securities available for sale 554,648 796,753
CRA equity security, at fair value 12,985 14,685
FHLB and FRB stock, at cost (1) [1] 30,672 12,950
Loans held for sale, at fair value   3,040
Loans held for sale, at lower of cost or fair value 15,626 34,051
Loans 5,285,246 4,806,721
Less: allowance for credit losses (2) [2] 60,829 61,697
Net loans 5,224,417 4,745,024
Premises and equipment 23,831 23,044
Other real estate owned 116  
Accrued interest receivable 25,157 21,589
Bank owned life insurance 47,147 46,663
Goodwill 36,212 36,212
Other intangible assets 11,121 12,690
Finance lease right-of-use assets 2,835 3,582
Operating lease right-of-use assets 12,873 9,775
Other assets 63,587 62,451
Total assets 6,353,593 6,077,993
Deposits:    
Noninterest-bearing demand deposits 1,246,066 956,482
Interest-bearing deposits:    
Checking [3] 2,143,611 2,287,894
Savings 157,338 154,914
Money market accounts 1,228,234 1,307,051
Certificates of deposit - retail 318,573 409,608
Certificates of deposit - listing service 25,358 31,382
Subtotal deposits 5,119,180 5,147,331
Interest-bearing demand – Brokered 60,000 85,000
Certificates of deposit - Brokered 25,984 33,818
Total deposits 5,205,164 5,266,149
Short-term borrowings 379,530  
Finance lease liabilities 4,696 5,820
Operating lease liabilities 13,704 10,111
Subordinated debt, net 132,987 132,701
Deferred tax liabilities, net 15,432 39,322
Accrued expenses and other liabilities 69,100 77,502
Total liabilities 5,820,613 5,531,605
SHAREHOLDERS’ EQUITY    
Preferred stock (no par value; authorized 500,000 shares)
Common stock (no par value; stated value $0.83 per share; authorized 42,000,000 shares; issued shares, 21,007,350 at December 31, 2022 and 20,656,810 at December 31, 2021; outstanding shares, 17,813,451 at December 31, 2022 and 18,393,888 at December 31, 2021) 17,513 17,220
Surplus 338,706 332,358
Treasury stock at cost (3,193,899 shares at December 31, 2022 and 2,262,922 shares at December 31, 2021) (97,826) (65,104)
Retained earnings 348,798 274,288
Accumulated other comprehensive loss (74,211) (12,374)
Total shareholders’ equity 532,980 546,388
Total liabilities and shareholders’ equity $ 6,353,593 $ 6,077,993
[1] FHLB means "Federal Home Loan Bank" and FRB means "Federal Reserve Bank."
[2] 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.
[3] Interest-bearing checking includes $620.1 million at December 31, 2022 and $647.8 million at December 31, 2021 of reciprocal balances in the Reich & Tang or Promontory Demand Deposit Marketplace programs.