UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
For the quarterly period ended
Commission File Number:
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Alerus Financial Corporation and Subsidiaries
Table of Contents
PART 1. FINANCIAL INFORMATION
Item 1 - Consolidated Financial Statements
Alerus Financial Corporation and Subsidiaries
Consolidated Balance Sheets
| March 31, |
| December 31, | |||
(dollars in thousands, except share and per share data) |
| 2023 |
| 2022 | ||
Assets |
| (Unaudited) |
| (Audited) | ||
Cash and cash equivalents | $ | | $ | | ||
Investment securities |
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Available-for-sale, at fair value |
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Held-to-maturity, at carrying value (allowance for credit losses on investments of $ |
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Loans held for sale |
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Loans |
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Allowance for credit losses on loans |
| ( |
| ( | ||
Net loans |
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Land, premises and equipment, net |
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Operating lease right-of-use assets |
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Accrued interest receivable |
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Bank-owned life insurance |
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Goodwill |
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Other intangible assets |
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Servicing rights |
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Deferred income taxes, net |
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Other assets |
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Total assets | $ | | $ | | ||
Liabilities and Stockholders’ Equity |
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Deposits |
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Noninterest-bearing | $ | | $ | | ||
Interest-bearing |
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Total deposits |
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Short-term borrowings |
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Long-term debt |
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Operating lease liabilities |
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Accrued expenses and other liabilities |
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Total liabilities |
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Stockholders’ equity |
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Preferred stock, $ | ||||||
Common stock, $ |
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Additional paid-in capital |
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Retained earnings |
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Accumulated other comprehensive income (loss) |
| ( |
| ( | ||
Total stockholders’ equity |
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Total liabilities and stockholders’ equity | $ | | $ | |
See accompanying notes to consolidated financial statements (unaudited)
1
Alerus Financial Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
Three months ended | ||||||
March 31, | ||||||
(dollars and shares in thousands, except per share data) |
| 2023 |
| 2022 | ||
Interest Income | ||||||
Loans, including fees | $ | | $ | | ||
Investment securities |
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Taxable |
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Exempt from federal income taxes |
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Other |
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Total interest income | |
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Interest Expense |
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Deposits |
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Short-term borrowings |
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| — | ||
Long-term debt |
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Total interest expense |
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Net interest income |
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Provision for credit losses |
| |
| — | ||
Net interest income after provision for credit losses |
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Noninterest Income |
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Retirement and benefit services |
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Wealth management |
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Mortgage banking |
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Service charges on deposit accounts |
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Other |
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Total noninterest income |
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Noninterest Expense |
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Compensation |
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Employee taxes and benefits |
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Occupancy and equipment expense |
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Business services, software and technology expense |
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Intangible amortization expense |
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Professional fees and assessments |
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Marketing and business development |
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Supplies and postage |
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Travel |
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Mortgage and lending expenses |
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Other |
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Total noninterest expense |
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Income before income taxes |
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Income tax expense |
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Net income | $ | | $ | | ||
Per Common Share Data | ||||||
Basic earnings per common share | $ | | $ | | ||
Diluted earnings per common share | $ | | $ | | ||
Dividends declared per common share | $ | | $ | | ||
Average common shares outstanding |
| |
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Diluted average common shares outstanding |
| |
| |
See accompanying notes to consolidated financial statements (unaudited)
2
Alerus Financial Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Unaudited)
Three months ended | ||||||
March 31, | ||||||
(dollars in thousands) |
| 2023 |
| 2022 | ||
Net Income | $ | | $ | | ||
Other Comprehensive Income (Loss), Net of Tax |
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|
| ||
Unrealized gains (losses) on available-for-sale securities |
| |
| ( | ||
Accretion of (gains) losses on debt securities reclassified to held-to-maturity | ( | ( | ||||
Net change in unrealized gain (losses) on derivatives | ( | — | ||||
Total other comprehensive income (loss), before tax |
| |
| ( | ||
Income tax expense (benefit) related to items of other comprehensive income (loss) |
| |
| ( | ||
Other comprehensive income (loss), net of tax |
| |
| ( | ||
Total comprehensive income (loss) | $ | | $ | ( |
See accompanying notes to consolidated financial statements (unaudited)
3
Alerus Financial Corporation and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
Three months ended March 31, 2023 | |||||||||||||||
Accumulated | |||||||||||||||
Additional | Other | ||||||||||||||
Common | Paid-in | Retained | Comprehensive | ||||||||||||
(dollars in thousands) |
| Stock |
| Capital |
| Earnings |
| Income (Loss) |
| Total | |||||
Balance as of December 31, 2022 | $ | | $ | | $ | | $ | ( | $ | | |||||
Cumulative effect of change in accounting principles, net of tax | — | — | ( | — | ( | ||||||||||
Balance as of January 1, 2023 | | | | ( | | ||||||||||
Net income |
| — |
| — |
| |
| — |
| | |||||
Other comprehensive income (loss) |
| — |
| — |
| — |
| |
| | |||||
Common stock repurchased |
| ( |
| ( |
| — |
| — |
| ( | |||||
Common stock dividends |
| — |
| — |
| ( |
| — |
| ( | |||||
Share‑based compensation expense |
| — |
| |
| — |
| — |
| | |||||
Vesting of restricted stock |
| |
| ( |
| — |
| — |
| — | |||||
Balance as of March 31, 2023 | $ | | $ | | $ | | $ | ( | $ | |
Three months ended March 31, 2022 | |||||||||||||||
Accumulated | |||||||||||||||
Additional | Other | ||||||||||||||
Common | Paid-in | Retained | Comprehensive | ||||||||||||
(dollars in thousands) |
| Stock |
| Capital |
| Earnings |
| Income (Loss) |
| Total | |||||
Balance as of December 31, 2021 | $ | | $ | | $ | | $ | ( | $ | | |||||
Net income |
| — |
| — |
| |
| — |
| | |||||
Other comprehensive income (loss) |
| — |
| — |
| — |
| ( |
| ( | |||||
Common stock repurchased |
| ( |
| ( |
| — |
| — |
| ( | |||||
Common stock dividends |
| — |
| — |
| ( |
| — |
| ( | |||||
Share‑based compensation expense |
| — |
| |
| — |
| — |
| | |||||
Vesting of restricted stock |
| |
| ( |
| — |
| — |
| — | |||||
Balance as of March 31, 2022 | $ | | $ | | $ | | $ | ( | $ | |
See accompanying notes to consolidated financial statements (unaudited)
4
Alerus Financial Corporation and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
Three months ended | ||||||
March 31, | ||||||
(dollars in thousands) |
| 2023 |
| 2022 | ||
Operating Activities |
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| ||
Net income | $ | | $ | | ||
Adjustments to reconcile net income to net cash provided (used) by operating activities |
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Deferred income taxes |
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Provision for credit losses |
| |
| — | ||
Depreciation and amortization |
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Amortization and accretion of premiums/discounts on investment securities |
| |
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Amortization of operating lease right-of-use assets | ( | ( | ||||
Stock-based compensation |
| |
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Originations on loans held for sale | ( | ( | ||||
Proceeds on loans held for sale | | | ||||
Increase (decrease) in value of bank-owned life insurance |
| |
| ( | ||
Realized loss (gain) on sale of fixed assets | ( |
| — | |||
Realized loss (gain) on derivative instruments |
| ( |
| | ||
Realized loss (gain) on loans sold |
| ( |
| ( | ||
Realized loss (gain) on sale of foreclosed assets |
| |
| ( | ||
Realized loss (gain) on servicing rights |
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| ( | ||
Net change in: |
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Accrued interest receivable |
| ( |
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Other assets |
| |
| ( | ||
Accrued expenses and other liabilities |
| ( |
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Net cash provided (used) by operating activities |
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Investing Activities |
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Proceeds from maturities of investment securities available-for-sale |
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Purchases of investment securities available-for-sale |
| — |
| ( | ||
Proceeds from calls of investment securities held-to-maturity | | | ||||
Proceeds from maturities of investment securities held-to-maturity | | | ||||
Net (increase) decrease in loans |
| ( |
| ( | ||
Net (increase) decrease in FHLB stock | ( |
| ( | |||
Purchases of premises and equipment |
| ( |
| ( | ||
Proceeds from sales of foreclosed assets |
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Net cash provided (used) by investing activities |
| ( |
| ( | ||
Financing Activities |
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Net increase (decrease) in deposits |
| |
| ( | ||
Net increase (decrease) in short-term borrowings |
| ( |
| — | ||
Repayments of long-term debt |
| — |
| ( | ||
Cash dividends paid on common stock |
| ( |
| ( | ||
Repurchase of common stock |
| ( |
| ( | ||
Net cash provided (used) by financing activities |
| |
| ( | ||
Net change in cash and cash equivalents |
| |
| ( | ||
Cash and cash equivalents at beginning of period |
| |
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Cash and cash equivalents at end of period | $ | | $ | |
See accompanying notes to consolidated financial statements (unaudited)
5
Three months ended | ||||||
March 31, | ||||||
Supplemental Cash Flow Disclosures |
| 2023 |
| 2022 | ||
Cash paid for: |
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Interest | $ | | $ | | ||
Income taxes |
| — |
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Non-cash information |
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Loan collateral transferred to foreclosed assets |
| — |
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Unrealized gain (loss) on investment securities available-for-sale |
| |
| ( | ||
Accretion of unrealized (gain) loss on investment securities held-to-maturity | ( | ( | ||||
Right-of-use assets obtained in exchange for new operating lease liabilities | | — |
See accompanying notes to consolidated financial statements (unaudited)
6
Alerus Financial Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
NOTE 1 Significant Accounting Policies
Organization
Alerus Financial Corporation, or the Company, is a financial holding company organized under the laws of the state of Delaware. The Company and its subsidiaries operate as a diversified financial services company headquartered in Grand Forks, North Dakota. Through its subsidiary, Alerus Financial, National Association, or the Bank, the Company provides financial solutions to businesses and consumers through
Basis of Presentation
The accompanying unaudited consolidated financial statements and notes thereto of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or SEC, and conform to practices within the banking industry and include all of the information and disclosures required by generally accepted accounting principles in the United States of America, or GAAP, for interim financial reporting. The accompanying unaudited consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of financial results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results for the full year or any other period. The Company has also evaluated all subsequent events for potential recognition and disclosure through the date of the filing of this Quarterly Report on Form 10-Q. These interim unaudited financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto as of and for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 13, 2023.
Principles of Consolidation
The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company’s principal operating subsidiary is the Bank.
In the normal course of business, the Company may enter into a transaction with a variable interest entity or VIE. VIE’s are legal entities whose investors lack the ability to make decisions about the entity’s activities, or whose equity investors do not have the right to receive the residual returns of the entity. The applicable accounting guidance requires the Company to perform ongoing quantitative and qualitative analysis to determine whether it must consolidate any VIE. The Company does not have any ownership interest in, or exert any control, over any VIE, and thus no VIE’s are included in the consolidated financial statements.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Material estimates that are particularly susceptible to significant change in the near term include the valuation of investment securities, determination of the allowance for credit losses, valuation of reporting units for the purpose of testing goodwill and other intangible assets for impairment, valuation of deferred tax assets, and fair values of financial instruments.
7
Reclassifications
Certain items previously reported have been reclassified to conform to the current period’s reporting format. Such reclassifications did not affect net income or stockholders’ equity.
Emerging Growth Company
The Company qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012, or the JOBS Act, and may take advantage of certain exemptions from various reporting requirements that are applicable to public companies that are not emerging growth companies, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. In addition, even if the Company complies with the greater obligations of public companies that are not emerging growth companies, the Company may avail itself of the reduced requirements applicable to emerging growth companies from time to time in the future, so long as the Company is an emerging growth company. The Company will continue to be an emerging growth company until the earliest to occur of: (1) the end of the fiscal year following the fifth anniversary of the date of the first sale of common equity securities under the Company’s Registration Statement on Form S-1, which was declared effective by the SEC on September 12, 2019; (2) the last day of the fiscal year in which the Company has $1.235 billion or more in annual revenues; (3) the date on which the Company is deemed to be a “large accelerated filer” under the Securities Exchange Act of 1934, as amended, or the Exchange Act; or (4) the date on which the Company has, during the previous three-year period, issued publicly or privately, more than $1.0 billion in non-convertible debt securities.
Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933 for complying with new or revised accounting standards. As an emerging growth company, the Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company elected to take advantage of the benefits of this extended transition period.
Allowance for credit losses
Investment securities available-for-sale. For available-for-sale investment securities in an unrealized loss position, the Company evaluates the securities to determine whether the decline in fair value below the amortized cost basis, or impairment, is due to credit-related factors or noncredit-related factors. Any impairment that is not credit related is recognized in other comprehensive income (loss), net of applicable taxes. Credit-related impairment is recognized as an allowance for credit losses, or ACL, related to investment securities available-for-sale on the balance sheet, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Both the ACL and the adjustment to net income may be reversed if conditions change. However, if the Company intends to sell an impaired available-for-sale investment security or is required to sell such a security before recovering its amortized cost basis, the entire impairment amount must be recognized in earnings with a corresponding adjustment to the security’s amortized cost basis. Because the security’s amortized cost basis is adjusted to fair value, there is no ACL in this situation.
In evaluating available-for-sale securities in unrealized loss positions for impairment and the criteria regarding its intent or requirement to sell such securities, the Company considers the extent to which fair value is less than amortized cost, whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers’ financial condition, among other factors.
Accrued interest receivable is excluded from the estimate of credit losses.
Investment securities held-to-maturity. Management measures expected credit losses on held-to-maturity investment securities on a collective basis by major security type. The Company evaluates held-to-maturity investment securities by credit rating and an external study, updated annually, that includes historical information such as
8
probability of default and loss going back several years. Accrued interest receivable on held-to-maturity investment securities is excluded from the estimate of credit losses.
Loans held for investment. Under the current expected credit loss, or CECL, model the ACL is a valuation estimated at each balance sheet date and deducted from the amortized cost basis of loans held for investment to present the net amount expected to be collected.
The Company estimates the ACL based on the underlying assets’ amortized cost basis, which is the amount at which the financing receivable is originated or acquired, adjusted for collection of cash and charge-offs, as well as applicable accretion or amortization of premium, discount and net deferred fees or costs. In the event that collection of principal becomes uncertain, the Company has policies in place to reverse accrued interest in a timely manner. Therefore, the Company has made the policy election to exclude accrued interest from the measurement of ACL.
Expected credit losses are reflected in the ACL through a charge to provision for credit losses when the Company deems all or a portion of the financial asset will be uncollectible; the appropriate amount is written off and the ACL is reduced by the same amount. The Company applies judgement to determine when a financial asset is deemed uncollectible; however, generally, an asset will be considered uncollectible no later than when all efforts of collection have been exhausted. Subsequent recoveries, if any, are credited to the ACL when received.
Upon the adoption of the CECL model, the Company elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. Upon the adoption of the CECL model, the ACL was determined for each pool and added to the pools’ carrying amount to establish a new amortized cost basis. Loans that do not share similar risk characteristics are evaluated on an individual basis.
Management estimates the ACL using relevant information, from internal and external sources, relating to past events, current conditions, and reasonable supportable forecasts. Historical loss experience provides the basis for estimation of expected credit losses. Adjustments to historical loss information are made for differences in the current loan-specific risk characteristics such as different underwriting standards, portfolio mix, delinquency level, or life of the loan, as well as changes in environmental conditions, levels of economic activity, unemployment rates, property values and other relevant factors. The calculation also contemplates that the Company may not be able to make or obtain such forecasts for the entire life of the financial assets and requires a reversion to historical loss information.
Ongoing impacts of CECL will be dependent upon changes in economic conditions and forecasts, originated and acquired loan portfolio composition, credit performance trends, portfolio duration and other forecasts.
Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. The ACL on individually evaluated loans is recognized on the basis of the present value of expected future cash flows discounted at the effective interest rate, the fair value of collateral adjusted of estimated costs to sell, or observable market price as of the relevant date.
Reserve for off-balance sheet credit exposures. In estimating expected credit losses for off-balance sheet credit exposures, the Company is required to estimate expected credit losses over the contractual period in which it is exposed to credit risk via a present contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the issuer. To be considered unconditionally cancellable for accounting purposes, the Company must have the ability to, at any time, with or without cause, refuse to extend credit under the commitment. Off-balance sheet credit exposure segments share the same risk characteristics as portfolio loans. The Company incorporates a probability of funding and utilizes the ACL loss rates to calculate the reserve. The reserve for off-balance sheet credit exposure is carried on the balance sheet in accrued expenses and other liabilities rather than as a component of the allowance. The reserve for off-balance sheet credit exposure is adjusted as a provision for off-balance sheet credit exposure reported as a component of the provision for credit loss expense in the accompanying unaudited Consolidated Statements of Income.
9
NOTE 2 Recent Accounting Pronouncements
The following Financial Accounting Standards Board, or FASB, Accounting Standards Updates, or ASUs, are divided into pronouncements which have been adopted by the Company since January 1, 2023, and those which are not yet effective and have been evaluated or are currently being evaluated by management as of March 31, 2023.
Adopted Pronouncements
On January 1, 2023, the Company adopted ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The measurement of expected credit losses under the CECL accounting standard is applicable to financial assets measured at amortized cost, including loan receivables. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar agreements). In addition, ASC 326 made changes to the accounting for held-to-maturity debt securities. One such change is to require credit losses to be presented as an allowance, rather than as a write-down.
The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost, off-balance sheet credit exposures, and held-to-maturity securities. Results for reporting periods beginning after December 31, 2022, are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a net decrease to retained earnings of $
The Company adopted ASC 326 using the prospective transition approach for financial assets purchased with credit deterioration previously classified as purchased credit impaired and accounted for under ASC 310-30. In accordance with the standard, management did not reassess whether purchased credit impaired, or PCI, assets met the criteria of purchased credit deteriorated, or PCD, assets as of the date of adoption.
The following table illustrates the impact of ASC 326:
January 1, 2023 | |||||||||
As reported | Pre-tax impact of | ||||||||
(dollars in thousands) |
| under | Pre-ASC 326 | ASC 326 | |||||
Assets: |
| ASC 326 | Adoption | Adoption | |||||
Investments | |||||||||
Held-to-maturity | |||||||||
Obligations of state and political agencies | $ | | $ | — | $ | | |||
Mortgage backed securities | |||||||||
Residential agency | | — | | ||||||
Total allowance for held-to-maturity investment securities | | — | | ||||||
Loans | |||||||||
Commercial | |||||||||
Commercial and industrial | | | ( | ||||||
Real estate construction | | | | ||||||
Commercial real estate | | | ( | ||||||
Total commercial | | | | ||||||
Consumer | |||||||||
Residential real estate first mortgage | | | | ||||||
Residential real estate junior lien | | | ( | ||||||
Other revolving and installment | | | ( | ||||||
Total consumer | | | | ||||||
Unallocated | | | | ||||||
Total allowance for loans | | | | ||||||
Allowance for credit losses on loans and investments securities | $ | | $ | | $ | | |||
Liabilities: | |||||||||
Allowance for credit losses on unfunded commitments | $ | | $ | | $ | |
10
In March 2022, the FASB issued ASU No. 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method, which clarifies the guidance on fair value hedge accounting of interest rate risk portfolios of financial assets. ASU 2022-01 updates guidance in Topic 815, to expand the scope of the current last-of-layer method to allow multiple hedged layers to be designated for a single closed portfolio of financial assets or one or more beneficial interest secured by a portfolio of financial instruments on a prospective basis. Additionally, ASU 2022-01 clarifies that basis adjustments related to existing portfolio layer hedge relationships should not be considered when measuring credit losses on the financial assets included in the closed portfolio. Further, ASU 2022-01 clarifies that any reversal of fair value hedge basis adjustments associated with an actual breach should be recognized in interest income immediately. ASU 2022-01 was effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company adopted ASU 2022-01 effective January 1, 2023 and entered into a fair value hedge agreement on February 10, 2023 and adopted the portfolio layer method of accounting for this transaction. This adoption had no impact on our consolidated financial statements as we did not have any hedged assets using the last-of-layer hedge accounting method.
In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the accounting guidance for Troubled Debt Restructurings, or TDRs, by creditors in Subtopic 310-40. Receivables – Troubled Debt Restructurings by Creditors, while enhancing the disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. For public business entities, this amendment also has vintage disclosures that require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20 Financial Instruments – Credit Losses – Measured at Amortized Cost. For entities that had not yet adopted the amendment in AS 2016-13, the effective date for the amendments in this update are same as the effective date for ASU 2016-13. The Company adopted this ASU on January 1, 2023, and had
NOTE 3 Investment Securities
The following tables present amortized cost, gross unrealized gains and losses, and fair value of the available-for-sale investment securities and the amortized cost, gross unrealized gains and losses and fair value of held-to-maturity securities as of March 31, 2023 and December 31, 2022:
March 31, 2023 | |||||||||||||||
Amortized | Unrealized | Unrealized | Allowance for | Fair | |||||||||||
(dollars in thousands) |
| Cost | Gains | Losses | Credit Losses |
| Value | ||||||||
Available-for-sale | |||||||||||||||
U.S. Treasury and agencies | $ | | $ | | $ | ( | $ | — | $ | | |||||
Mortgage backed securities |
|
|
|
|
| ||||||||||
Residential agency |
| |
| |
| ( | — |
| | ||||||
Commercial |
| |
| — |
| ( | — |
| | ||||||
Asset backed securities |
| |
| — |
| — | — |
| | ||||||
Corporate bonds |
| |
| — |
| ( | — |
| | ||||||
Total available-for-sale investment securities | | | ( | — | | ||||||||||
Held-to-maturity | |||||||||||||||
Obligations of state and political agencies | |
| — |
| ( | |
| | |||||||
Mortgage backed securities | |||||||||||||||
Residential agency | |
| — |
| ( | |
| | |||||||
Total held-to-maturity investment securities | | — | ( | | | ||||||||||
Total investment securities | $ | | $ | | $ | ( | $ | | $ | |
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