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CONSOLIDATED STATEMENTS OF CONDITION - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
ASSETS    
Cash and due from banks $ 8,129 $ 5,887
Interest-earning deposits 484,529 181,784
Total cash and cash equivalents 492,658 187,671
Securities available for sale 682,713 550,617
Securities held to maturity (fair value $92,438 at September 30, 2024 and $94,415 at December 31, 2023) 103,158 107,755
CRA equity security, at fair value 13,445 13,166
FHLB and FRB stock, at cost [1] 12,459 31,044
Loans held for sale, at fair value 561 100
Loans held for sale, at lower of cost or fair value 4,189 6,695
Loans 5,315,417 5,429,325
Less: allowance for credit losses 71,283 65,888
Net loans 5,244,134 5,363,437
Premises and equipment 25,716 24,166
Accrued interest receivable 31,973 30,676
Bank owned life insurance 47,837 47,581
Goodwill 36,212 36,212
Other intangible assets 8,986 9,802
Finance lease right-of-use assets 1,020 2,087
Operating lease right-of-use assets 41,650 12,096
Deferred tax assets, net 8,756 505
Other assets 38,325 53,247
TOTAL ASSETS 6,793,792 6,476,857
Deposits:    
Noninterest-bearing demand deposits 1,079,877 957,687
Interest-bearing deposits:    
Checking [2] 3,316,217 2,882,193
Savings 103,979 111,573
Money market accounts 902,562 740,559
Certificates of deposit - retail 515,297 443,791
Certificates of deposit - listing service 7,454 7,804
Subtotal deposits 5,925,386 5,143,607
Interest-bearing demand - brokered 10,000 10,000
Certificates of deposit - brokered 0 120,507
Total deposits 5,935,386 5,274,114
Short-term borrowings   403,814
Finance lease liabilities 1,388 3,430
Operating lease liabilities 44,775 12,876
Subordinated debt, net 133,489 133,274
Accrued expenses and other liabilities 71,140 65,668
TOTAL LIABILITIES 6,186,178 5,893,176
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, 21,526,987 at September 30, 2024 and 21,388,917 at December 31, 2023; outstanding shares, 17,577,747 at September 30, 2024 and 17,739,677 at December 31, 2023) 17,946 17,831
Surplus 346,811 346,954
Treasury stock at cost (3,949,240 shares at September 30, 2024 and 3,649,240 shares at December 31, 2023) (117,509) (110,320)
Retained earnings 415,186 394,094
Accumulated other comprehensive loss, net of income tax (54,820) (64,878)
TOTAL SHAREHOLDERS’ EQUITY 607,614 583,681
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY $ 6,793,792 $ 6,476,857
[1] FHLB means "Federal Home Loan Bank" and FRB means "Federal Reserve Bank."
[2] Interest-bearing checking includes $1.4 billion at September 30, 2024 and $990.7 million at December 31, 2023 of reciprocal balances in the Reich & Tang or Promontory Demand Deposit Marketplace program.