QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
(Address of principal executive offices) |
Zip Code |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
☒ | Accelerated filer | ☐ | ||||
Non-accelerated filer |
☐ | Smaller reporting company | ||||
Emerging growth company |
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Item 1. |
FINANCIAL STATEMENTS (UNAUDITED) |
(Dollars in thousands, except par value) |
March 31 2022 |
December 31 2021 |
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Assets |
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Cash and due from banks |
$ | $ | ||||||
Interest-bearing deposits with other banks |
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Federal funds sold |
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Total cash and cash equivalents |
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Securities available for sale at estimated fair value (amortized cost-$ |
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Securities held to maturity, net of allowance for credit losses of $ |
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Equity securities at estimated fair value |
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Other investment securities |
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Loans held for sale measured using fair value option |
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Loans and leases |
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Less: Unearned income |
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Loans and leases, net of unearned income |
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Less: Allowance for loan and lease losses |
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Net loans and leases |
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Bank premises and equipment |
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Operating lease right-of-use |
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Goodwill |
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Mortgage servicing rights, net of valuation allowance of $ |
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Bank-owned life insurance (“BOLI”) |
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Accrued interest receivable, net of allowance for credit losses of $ |
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Other assets |
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TOTAL ASSETS |
$ | $ | ||||||
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Liabilities |
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Deposits: |
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Noninterest-bearing |
$ | $ | ||||||
Interest-bearing |
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Total deposits |
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Borrowings: |
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Securities sold under agreements to repurchase |
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Federal Home Loan Bank (“FHLB”) borrowings |
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Other long-term borrowings |
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Reserve for lending-related commitments |
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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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Shareholders’ Equity |
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Preferred stock, $ Authorized- shares, |
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Common stock, $ Authorized- shares; issued- and |
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Surplus |
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Retained earnings |
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Accumulated other comprehensive loss |
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Treasury stock, at cost |
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TOTAL SHAREHOLDERS’ EQUITY |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | $ | ||||||
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(Dollars in thousands, except per share data) |
Three Months Ended March 31 |
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2022 |
2021 |
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Interest income |
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Interest and fees on loans |
$ | $ | ||||||
Interest on federal funds sold and other short-term investments |
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Interest and dividends on securities: |
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Taxable |
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Tax-exempt |
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Total interest income |
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Interest expense |
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Interest on deposits |
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Interest on short-term borrowings |
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Interest on long-term borrowings |
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Total interest expense |
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Net interest income |
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Provision for credit losses |
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Net interest income after provision for credit losses |
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Other income |
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Fees from trust services |
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Fees from brokerage services |
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Fees from deposit services |
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Bankcard fees and merchant discounts |
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Other service charges, commissions, and fees |
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Income from bank-owned life insurance |
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Income from mortgage banking activities |
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Mortgage loan servicing income |
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Net investment securities (losses) gains |
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Other income |
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Total other income |
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Other expense |
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Employee compensation |
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Employee benefits |
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Net occupancy expense |
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Other real estate owned (“OREO”) expense |
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Equipment expense |
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Data processing expense |
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Mortgage loan servicing expense and impairment |
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Bankcard processing expense |
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FDIC insurance expense |
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Other expense |
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Total other expense |
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Income before income taxes |
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Income taxes |
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Net income |
$ | $ | ||||||
(Dollars in thousands, except per share data) |
Three Months Ended March 31 |
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2022 |
2021 |
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Earnings per common share: |
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Basic |
$ |
$ |
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Diluted |
$ |
$ |
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Average outstanding shares: |
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Basic |
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Diluted |
(Dollars in thousands) |
Three Months Ended March 31 |
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2022 |
2021 |
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Net income |
$ | $ | ||||||
Change in net unrealized loss on available for sale (“ AFS”) securities, net of tax |
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Change in net unrealized gain on cash flow hedge, net of tax |
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Change in defined benefit pension plan, net of tax |
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Comprehensive (loss) income, net of tax |
$ | ( |
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(Dollars in thousands, except per share data) |
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Three Months Ended March 31, 2022 |
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Common Stock |
Surplus |
Retained Earnings |
Accumulated Other Comprehensive (Loss) Income |
Treasury Stock |
Total Shareholders’ Equity |
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Shares |
Par Value |
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Balance at January 1, 2022 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||||||||
Comprehensive income: |
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Net income |
0 | |||||||||||||||||||||||||||
Other comprehensive loss , net of tax |
0 | ( |
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Total comprehensive loss , net of tax |
( |
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Stock based compensation expense |
0 | |||||||||||||||||||||||||||
Stock grant forfeiture ( |
0 | ( |
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Purchase of treasury stock ( |
0 | ( |
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Cash dividends ($ |
0 | ( |
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Net issuance of common stock under stock-based (compensation plans |
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Balance at March 31, 2022 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||||||||
Three Months Ended March 31, 2021 |
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Common Stock |
Surplus |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Treasury Stock |
Total Shareholders’ Equity |
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Shares |
Par Value |
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Balance at January 1, 2021 |
$ | $ | $ | $ | $ | ( |
) | $ | ||||||||||||||||||||
Comprehensive income: |
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Net income |
0 | |||||||||||||||||||||||||||
Other comprehensive income, net of tax |
0 | ( |
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Total comprehensive income, net of tax |
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Stock based compensation expense |
0 | |||||||||||||||||||||||||||
Purchase of treasury stock ( |
0 | ( |
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Cash dividends ($ |
0 | ( |
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Net issuance of common stock under stock-based (compensation plans |
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Balance at March 31, 2021 |
$ | $ | $ | $ | $ | ( |
) | $ | ||||||||||||||||||||
(Dollars in thousands) |
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Three Months Ended March 31 |
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2022 |
2021 |
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NET CASH PROVIDED BY OPERATING ACTIVITIES |
$ | $ | ||||||
INVESTING ACTIVITIES |
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Proceeds from maturities and calls of securities held to maturity |
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Proceeds from sales of securities available for sale |
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Proceeds from maturities and calls of securities available for sale |
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Purchases of securities available for sale |
( |
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Proceeds from sales of equity securities |
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Purchases of equity securities |
( |
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Proceeds from sales and redemptions of other investment securities |
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Purchases of other investment securities |
( |
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Redemption of bank-owned life insurance policies |
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Purchases of bank premises and equipment |
( |
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Proceeds from sales of bank premises and equipment |
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Proceeds from the sales of OREO properties |
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Net change in loans and leases |
( |
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NET CASH USED IN INVESTING ACTIVITIES |
( |
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FINANCING ACTIVITIES |
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Cash dividends paid |
( |
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Acquisition of treasury stock |
( |
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Proceeds from exercise of stock options |
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Repayment of long-term Federal Home Loan Bank borrowings |
( |
) | ( |
) | ||||
Proceeds from issuance of long-term Federal Home Loan Bank borrowings |
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Changes in: |
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Deposits |
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Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings |