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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bryn Mawr Bank Corporation | NASDAQ:BMTC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 45.01 | 44.00 | 45.24 | 0 | 01:00:00 |
Pennsylvania | 23-2434506 | ||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
||||
801 Lancaster Avenue, Bryn Mawr, Pennsylvania
|
19010 | ||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $1 par value | BMTC | The NASDAQ Stock Market |
Classes | Outstanding at November 1, 2021 | |||||||
Common Stock, par value $1 | 19,900,823 | |||||||
PART I - | ||||||||
ITEM 1. | ||||||||
Page 3
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Page 11
|
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ITEM 2. |
Page 55
|
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ITEM 3. |
Page 78
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ITEM 4. |
Page 78
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PART II - |
Page 79
|
|||||||
ITEM 1. |
Page 79
|
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ITEM 1A. |
Page 79
|
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ITEM 2. |
Page 81
|
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ITEM 3. |
Page 82
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ITEM 4. |
Page 82
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ITEM 5. |
Page 82
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ITEM 6. |
Page 83
|
(dollars in thousands) |
September 30,
2021 |
December 31,
2020 |
||||||||||||
Assets | ||||||||||||||
Cash and due from banks | $ | 9,458 | $ | 11,287 | ||||||||||
Interest bearing deposits with banks | 39,213 | 85,026 | ||||||||||||
Cash and cash equivalents | 48,671 | 96,313 | ||||||||||||
Investment securities available for sale, at fair value (amortized cost of $649,246 and $1,161,098 as of September 30, 2021 and December 31, 2020, respectively)
|
656,501 | 1,174,964 | ||||||||||||
Investment securities held to maturity, at amortized cost (fair value of $11,733 and $15,186 as of September 30, 2021 and December 31, 2020, respectively)
|
11,542 | 14,759 | ||||||||||||
Investment securities, trading | 8,128 | 8,623 | ||||||||||||
Loans held for sale | 634 | 6,000 | ||||||||||||
Portfolio loans and leases, originated | 3,431,903 | 3,380,727 | ||||||||||||
Portfolio loans and leases, acquired | 186,012 | 247,684 | ||||||||||||
Total portfolio loans and leases | 3,617,915 | 3,628,411 | ||||||||||||
Less: Allowance for credit losses on originated loans and leases | (35,218) | (50,783) | ||||||||||||
Less: Allowance for credit losses on acquired loans and leases | (1,328) | (2,926) | ||||||||||||
Total allowance for credit losses on loans and leases | (36,546) | (53,709) | ||||||||||||
Net portfolio loans and leases | 3,581,369 | 3,574,702 | ||||||||||||
Premises and equipment, net | 51,525 | 56,662 | ||||||||||||
Operating lease right-of-use assets | 33,140 | 34,601 | ||||||||||||
Accrued interest receivable | 12,872 | 15,440 | ||||||||||||
Mortgage servicing rights | 2,057 | 2,626 | ||||||||||||
Bank owned life insurance | 61,263 | 60,393 | ||||||||||||
Federal Home Loan Bank stock | 7,212 | 12,666 | ||||||||||||
Goodwill | 184,012 | 184,012 | ||||||||||||
Intangible assets | 13,056 | 15,564 | ||||||||||||
Other investments | 18,300 | 17,742 | ||||||||||||
Other assets | 188,797 | 156,955 | ||||||||||||
Total assets | $ | 4,879,079 | $ | 5,432,022 | ||||||||||
Liabilities | ||||||||||||||
Deposits: | ||||||||||||||
Noninterest-bearing | $ | 1,443,661 | $ | 1,401,843 | ||||||||||
Interest-bearing | 2,371,871 | 2,974,411 | ||||||||||||
Total deposits | 3,815,532 | 4,376,254 | ||||||||||||
Short-term borrowings | 96,965 | 72,161 | ||||||||||||
Long-term FHLB advances | 25,000 | 39,906 | ||||||||||||
Subordinated notes | 99,017 | 98,883 | ||||||||||||
Junior subordinated debentures | 22,079 | 21,935 | ||||||||||||
Operating lease liabilities | 38,719 | 40,284 | ||||||||||||
Accrued interest payable | 5,018 | 6,277 | ||||||||||||
Other liabilities | 121,994 | 154,000 | ||||||||||||
Total liabilities | 4,224,324 | 4,809,700 | ||||||||||||
Shareholders' equity | ||||||||||||||
Common stock, par value $1; authorized 100,000,000 shares; issued 24,749,309 and 24,713,968 shares as of September 30, 2021 and December 31, 2020, respectively and outstanding of 19,900,823 and 19,960,294 as of September 30, 2021 and December 31, 2020, respectively
|
24,749 | 24,714 | ||||||||||||
Paid-in capital in excess of par value | 383,401 | 381,653 | ||||||||||||
Less: Common stock in treasury at cost - 4,848,486 and 4,753,674 shares as of September 30, 2021 and December 31, 2020, respectively
|
(92,294) | (89,164) | ||||||||||||
Accumulated other comprehensive income, net of tax | 2,545 | 8,948 | ||||||||||||
Retained earnings | 337,259 | 296,941 | ||||||||||||
Total Bryn Mawr Bank Corporation shareholders' equity | 655,660 | 623,092 | ||||||||||||
Noncontrolling interest | (905) | (770) | ||||||||||||
Total shareholders' equity | 654,755 | 622,322 | ||||||||||||
Total liabilities and shareholders' equity | $ | 4,879,079 | $ | 5,432,022 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(dollars in thousands, except share and per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Interest and fees on loans and leases | $ | 34,332 | $ | 36,799 | $ | 103,548 | $ | 120,284 | |||||||||||||||
Interest on cash and cash equivalents | 20 | 85 | 58 | 233 | |||||||||||||||||||
Interest on investment securities: | |||||||||||||||||||||||
Taxable | 2,745 | 2,639 | 8,767 | 8,685 | |||||||||||||||||||
Non-taxable | 7 | 18 | 29 | 64 | |||||||||||||||||||
Dividends | — | 1 | 2 | 4 | |||||||||||||||||||
Total interest income | 37,104 | 39,542 | 112,404 | 129,270 | |||||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Interest on deposits | 808 | 2,967 | 3,190 | 15,080 | |||||||||||||||||||
Interest on short-term borrowings | 16 | 8 | 31 | 693 | |||||||||||||||||||
Interest on FHLB advances and other borrowings | 173 | 234 | 581 | 633 | |||||||||||||||||||
Interest on subordinated notes | 1,022 | 1,094 | 3,100 | 3,383 | |||||||||||||||||||
Interest on junior subordinated debentures | 198 | 207 | 595 | 731 | |||||||||||||||||||
Total interest expense | 2,217 | 4,510 | 7,497 | 20,520 | |||||||||||||||||||
Net interest income | 34,887 | 35,032 | 104,907 | 108,750 | |||||||||||||||||||
(Recovery of) provision for credit losses | (3,186) | 4,101 | (15,013) | 42,886 | |||||||||||||||||||
Net interest income after (recovery of) provision for credit losses | 38,073 | 30,931 | 119,920 | 65,864 | |||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||
Fees for wealth management services | 13,618 | 11,707 | 40,485 | 31,944 | |||||||||||||||||||
Insurance commissions | 1,524 | 1,682 | 4,237 | 4,518 | |||||||||||||||||||
Capital markets revenue | 2,823 | 3,314 | 5,709 | 8,650 | |||||||||||||||||||
Service charges on deposits | 751 | 663 | 2,180 | 2,112 | |||||||||||||||||||
Loan servicing and other fees | 327 | 373 | 1,028 | 1,286 | |||||||||||||||||||
Net gain on sale of loans | 671 | 1,021 | 1,446 | 4,937 | |||||||||||||||||||
Net gain on sale of investment securities available for sale | 512 | — | 512 | — | |||||||||||||||||||
Net gain on sale of other real estate owned ("OREO") | — | — | — | 148 | |||||||||||||||||||
Dividends on FHLB and FRB stock | 202 | 127 | 663 | 814 | |||||||||||||||||||
Other operating income | 2,159 | 2,212 | 7,134 | 5,556 | |||||||||||||||||||
Total noninterest income | 22,587 | 21,099 | 63,394 | 59,965 | |||||||||||||||||||
Noninterest expenses: | |||||||||||||||||||||||
Salaries and wages | 16,751 | 17,201 | 50,281 | 51,116 | |||||||||||||||||||
Employee benefits | 3,150 | 3,026 | 10,061 | 9,747 | |||||||||||||||||||
Occupancy and bank premises | 2,514 | 3,055 | 8,035 | 9,103 | |||||||||||||||||||
Furniture, fixtures, and equipment | 2,624 | 2,481 | 7,054 | 7,032 | |||||||||||||||||||
Advertising | 265 | 458 | 854 | 1,055 | |||||||||||||||||||
Amortization of intangible assets | 835 | 870 | 2,508 | 2,698 | |||||||||||||||||||
Due diligence, merger-related and merger integration expenses | 18 | — | 1,930 | — | |||||||||||||||||||
Professional fees | 2,423 | 1,718 | 5,485 | 4,661 | |||||||||||||||||||
Pennsylvania bank shares tax | 538 | 115 | 2,005 | 347 | |||||||||||||||||||
Data processing | 1,421 | 1,403 | 4,269 | 4,276 | |||||||||||||||||||
Other operating expenses | 6,301 | 4,870 | 17,528 | 14,068 | |||||||||||||||||||
Total noninterest expenses | 36,840 | 35,197 | 110,010 | 104,103 | |||||||||||||||||||
Income before income taxes | 23,820 | 16,833 | 73,304 | 21,726 | |||||||||||||||||||
Income tax expense | 5,562 | 3,709 | 16,632 | 4,762 | |||||||||||||||||||
Net income | 18,258 | 13,124 | 56,672 | 16,964 | |||||||||||||||||||
Net loss attributable to noncontrolling interest | (124) | (40) | (135) | (72) | |||||||||||||||||||
Net income attributable to Bryn Mawr Bank Corporation | $ | 18,382 | $ | 13,164 | $ | 56,807 | $ | 17,036 | |||||||||||||||
Basic earnings per common share | $ | 0.92 | $ | 0.66 | $ | 2.86 | $ | 0.85 | |||||||||||||||
Diluted earnings per common share | 0.92 | 0.66 | 2.83 | 0.85 | |||||||||||||||||||
Dividends paid or accrued per common share | 0.28 | 0.27 | 0.82 | 0.79 | |||||||||||||||||||
Weighted-average basic shares outstanding | 19,891,618 | 19,945,634 | 19,892,764 | 19,975,069 | |||||||||||||||||||
Dilutive shares | 170,400 | 75,983 | 163,651 | 87,039 | |||||||||||||||||||
Adjusted weighted-average diluted shares | 20,062,018 | 20,021,617 | 20,056,415 | 20,062,108 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net income attributable to Bryn Mawr Bank Corporation
|
$ | 18,382 | $ | 13,164 | $ | 56,807 | $ | 17,036 | |||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Net change in unrealized (losses) gains on investment securities available for sale:
|
|||||||||||||||||||||||
Net unrealized (losses) gains arising during the period, net of tax (benefit) expense of $(244), $291, $(1,280), and $2,095, respectively
|
(923) | 1,097 | (4,819) | 7,883 | |||||||||||||||||||
Reclassification adjustment for net gain on sale realized in net income, net of tax expense of $108, $0, $108, and $0 respectively
|
(404) | — | (404) | — | |||||||||||||||||||
Net unrealized investment (losses) gains, net of tax expense (benefit) of $(352), $291, $(1,388), and $2,095, respectively
|
(1,327) | 1,097 | (5,223) | 7,883 | |||||||||||||||||||
Net change in unrealized losses on interest rate swaps used in cash flow hedges: | |||||||||||||||||||||||
Net unrealized losses arising during the period, net of benefit of $185, $0, $150, and $0, respectively
|
(700) | — | (559) | — | |||||||||||||||||||
Reclassification adjustment for gains included in net income, net of tax expense of $89, $0, $214, and $0, respectively
|
(333) | — | (807) | — | |||||||||||||||||||
Net unrealized losses on interest rate swaps used in cash flow hedges, net of tax benefit of $274, $0, $364, and $0, respectively
|
(1,033) | — | (1,366) | — | |||||||||||||||||||
Net change in unfunded pension liability: | |||||||||||||||||||||||
Change in unfunded pension liability related to unrealized loss, prior service cost and transition obligation, net of tax expense of $—, $6, $22, and $19, respectively
|
3 | 23 | 82 | 69 | |||||||||||||||||||
Recognition of actuarial loss at termination of postretirement benefit plan, net of tax benefit of $27, $0, $27, and $0, respectively
|
104 | — | 104 | — | |||||||||||||||||||
Total change in unfunded pension liability, net of tax expense of $27, $6, $49, and $19, respectively
|
107 | 23 | 186 | 69 | |||||||||||||||||||
Total other comprehensive (loss) income | (2,253) | 1,120 | (6,403) | 7,952 | |||||||||||||||||||
Total comprehensive income | $ | 16,129 | $ | 14,284 | $ | 50,404 | $ | 24,988 |
Nine Months Ended September 30, | |||||||||||
(dollars in thousands)
|
2021 | 2020 | |||||||||
Operating activities: | |||||||||||
Net income attributable to Bryn Mawr Bank Corporation | $ | 56,807 | $ | 17,036 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
(Recovery of) provision for credit losses | (15,013) | 42,886 | |||||||||
Depreciation of fixed assets | 4,646 | 6,028 | |||||||||
Non-cash operating lease expense | 2,079 | 2,425 | |||||||||
Net amortization of investment premiums and discounts | 5,451 | 3,384 | |||||||||
Net gain on sale of investment securities available for sale | (512) | — | |||||||||
Net gain on sale of loans | (1,446) | (4,937) | |||||||||
Stock based compensation | 1,779 | 2,157 | |||||||||
Amortization and net impairment of mortgage servicing rights | 569 | 1,569 | |||||||||
Net accretion of fair value adjustments | (1,817) | (2,789) | |||||||||
Amortization of intangible assets | 2,508 | 2,698 | |||||||||
Net gain on sale of OREO | — | (148) | |||||||||
Net increase in cash surrender value of bank owned life insurance ("BOLI") | (870) | (993) | |||||||||
Other, net | 2,272 | 1,102 | |||||||||
Loans originated for sale | (25,908) | (80,695) | |||||||||
Proceeds from loans sold | 32,862 | 82,719 | |||||||||
Provision for deferred income taxes | 6,501 | 476 | |||||||||
Change in income taxes payable/receivable, net | (1,004) | (5,323) | |||||||||
Change in accrued interest receivable | 2,616 | (4,127) | |||||||||
Change in accrued interest payable | (1,259) | 1,736 | |||||||||
Change in operating lease liabilities | (2,183) | (2,363) | |||||||||
Change in other assets | (36,963) | (95,577) | |||||||||
Change in other liabilities | (32,079) | 84,925 | |||||||||
Net cash (used in) provided by operating activities | (964) | 52,189 | |||||||||
Investing activities: | |||||||||||
Purchases of investment securities available for sale | (158,069) | (238,008) | |||||||||
Purchases of investment securities held to maturity | — | (1,103) | |||||||||
Proceeds from maturity and paydowns of investment securities available for sale | 622,308 | 594,650 | |||||||||
Proceeds from maturity and paydowns of investment securities held to maturity | 3,101 | 1,842 | |||||||||
Proceeds from sale of investment securities available for sale | 17,060 | — | |||||||||
Net change in FHLB stock | 5,454 | 19,238 | |||||||||
Proceeds from calls of investment securities | 25,730 | 97,775 | |||||||||
Net change in other investments | (558) | (446) | |||||||||
Net portfolio loan and lease originations | 9,516 | (293,873) | |||||||||
Proceeds from sales of loans originally classified as portfolio loans and leases | — | 302,169 | |||||||||
Purchases of premises and equipment | (740) | (1,430) | |||||||||
Proceeds from sale of OREO | — | 534 | |||||||||
Net cash provided by investing activities | 523,802 | 481,348 | |||||||||
Financing activities: | |||||||||||
Change in deposits | (560,580) | 171,651 | |||||||||
Change in short-term borrowings | 24,804 | (469,763) | |||||||||
Dividends paid | (16,428) | (15,957) | |||||||||
Change in long-term FHLB advances and other borrowings | (15,000) | (7,500) | |||||||||
Payment of contingent consideration for business combinations | (150) | (507) | |||||||||
Cash payments to taxing authorities on employees' behalf from shares withheld from stock-based compensation | (441) | (594) | |||||||||
Net purchase of treasury stock for deferred compensation plans | (122) | (128) | |||||||||
Net purchase of treasury stock through publicly announced plans | (2,567) | (7,249) | |||||||||
Proceeds from exercise of stock options | 4 | 12 | |||||||||
Net cash used in financing activities | (570,480) | (330,035) | |||||||||
Change in cash and cash equivalents | (47,642) | 203,502 | |||||||||
Cash and cash equivalents at beginning of period | 96,313 | 53,931 | |||||||||
Cash and cash equivalents at end of period | $ | 48,671 | $ | 257,433 | |||||||
Supplemental cash flow information: | |||||||||||
Cash paid during the year for: | |||||||||||
Income taxes | $ | 11,129 | $ | 9,613 | |||||||
Interest | $ | 8,756 | $ | 18,784 | |||||||
Non-cash information: | |||||||||||
Available for sale securities purchased, not settled | $ | — | $ | 6,500 | |||||||
Change in other comprehensive income | $ | (6,403) | $ | 7,952 | |||||||
Change in deferred tax due to change in comprehensive income | $ | (1,703) | $ | 2,114 | |||||||
Transfer of loans to OREO and repossessed assets | $ | — | $ | 386 | |||||||
For the Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except share and per share data) | Shares of Common Stock Issued |
Common
Stock |
Paid-in Capital |
Treasury
Stock |
Accumulated Other Comprehensive Income |
Retained
Earnings |
Noncontrolling
Interest |
Total Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||
Balance June 30, 2021 | 24,714,768 | $ | 24,715 | $ | 382,655 | $ | (91,825) | $ | 4,798 | $ | 324,450 | $ | (781) | $ | 644,012 | ||||||||||||||||||||||||||||||||
Net income attributable to Bryn Mawr Bank Corporation | — | — | — | — | — | 18,382 | — | 18,382 | |||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | — | — | — | (124) | (124) | |||||||||||||||||||||||||||||||||||||||
Dividends paid or accrued, $0.28 per share
|
— | — | — | — | — | (5,573) | — | (5,573) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax benefit of $599
|
— | — | — | — | (2,253) | — | — | (2,253) | |||||||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | 776 | — | — | — | — | 776 | |||||||||||||||||||||||||||||||||||||||
Net purchase of treasury stock from stock awards for statutory tax withholdings | — | — | — | (429) | — | — | — | (429) | |||||||||||||||||||||||||||||||||||||||
Net treasury stock activity for deferred compensation trusts | — | — | — | (40) | — | — | — | (40) | |||||||||||||||||||||||||||||||||||||||
Common stock issued: | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued through share-based awards and options exercises | 34,541 | 34 | (30) | — | — | — | — | 4 | |||||||||||||||||||||||||||||||||||||||
Balance September 30, 2021 | 24,749,309 | $ | 24,749 | $ | 383,401 | $ | (92,294) | $ | 2,545 | $ | 337,259 | $ | (905) | $ | 654,755 |
For the Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except share and per share data) | Shares of Common Stock Issued |
Common
Stock |
Paid-in Capital |
Treasury
Stock |
Accumulated Other Comprehensive Income |
Retained
Earnings |
Noncontrolling
Interest |
Total Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||
Balance December 31, 2020 | 24,713,968 | $ | 24,714 | $ | 381,653 | $ | (89,164) | $ | 8,948 | $ | 296,941 | $ | (770) | $ | 622,322 | ||||||||||||||||||||||||||||||||
Net income attributable to Bryn Mawr Bank Corporation | — | — | — | — | — | 56,807 | — | 56,807 | |||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | — | — | — | (135) | (135) | |||||||||||||||||||||||||||||||||||||||
Dividends paid or accrued, $0.82 per share
|
— | — | — | — | — | (16,489) | — | (16,489) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax benefit of $1,703
|
— | — | — | — | (6,403) | — | — | (6,403) | |||||||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | 1,779 | — | — | — | — | 1,779 | |||||||||||||||||||||||||||||||||||||||
Net purchase of treasury stock from stock awards for statutory tax withholdings | — | — | — | (441) | — | — | — | (441) | |||||||||||||||||||||||||||||||||||||||
Net treasury stock activity for deferred compensation trusts | — | — | — | (122) | — | — | — | (122) | |||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock through publicly announced plans | — | — | — | (2,567) | — | — | — | (2,567) | |||||||||||||||||||||||||||||||||||||||
Common stock issued: | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued through share-based awards and options exercises | 35,341 | 35 | (31) | — | — | — | — | 4 | |||||||||||||||||||||||||||||||||||||||
Balance September 30, 2021 | 24,749,309 | $ | 24,749 | $ | 383,401 | $ | (92,294) | $ | 2,545 | $ | 337,259 | $ | (905) | $ | 654,755 |
For the Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Shares of Common Stock Issued |
Common
Stock |
Paid-in Capital |
Treasury
Stock |
Accumulated Other Comprehensive Income |
Retained
Earnings |
Noncontrolling
Interest |
Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||
Balance June 30, 2020 | 24,662,161 | $ | 24,662 | $ | 380,167 | $ | (88,612) | $ | 9,019 | $ | 279,165 | $ | (727) | $ | 603,674 | ||||||||||||||||||||||||||||||||
Net income attributable to Bryn Mawr Bank Corporation | — | — | — | — | — | 13,164 | — | 13,164 | |||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | — | — | — | (40) | (40) | |||||||||||||||||||||||||||||||||||||||
Dividends paid or accrued, $0.27 per share
|
— | — | — | — | — | (5,464) | — | (5,464) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax expense of $297
|
— | — | — | — | 1,120 | — | — | 1,120 | |||||||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | 644 | — | — | — | — | 644 | |||||||||||||||||||||||||||||||||||||||
Net purchase of treasury stock from stock awards for statutory tax withholdings | — | — | — | (450) | — | — | — | (450) | |||||||||||||||||||||||||||||||||||||||
Net treasury stock activity for deferred compensation trusts | — | — | — | (38) | — | — | — | (38) | |||||||||||||||||||||||||||||||||||||||
Common stock issued: | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued through share-based awards and options exercises | 47,501 | 48 | (41) | — | — | — | — | 7 | |||||||||||||||||||||||||||||||||||||||
Balance September 30, 2020 | 24,709,662 | $ | 24,710 | $ | 380,770 | $ | (89,100) | $ | 10,139 | $ | 286,865 | $ | (767) | $ | 612,617 |
For the Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Shares of Common Stock Issued |
Common
Stock |
Paid-in Capital |
Treasury
Stock |
Accumulated Other Comprehensive Income |
Retained
Earnings |
Noncontrolling
Interest |
Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||
Balance December 31, 2019 | 24,650,051 | $ | 24,650 | $ | 378,606 | $ | (81,174) | $ | 2,187 | $ | 288,653 | $ | (695) | $ | 612,227 | ||||||||||||||||||||||||||||||||
Net income attributable to Bryn Mawr Bank Corporation | — | — | — | — | — | 17,036 | — | 17,036 | |||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | — | — | — | (72) | (72) | |||||||||||||||||||||||||||||||||||||||
Dividends paid or accrued, $0.79 per share
|
— | — | — | — | — | (16,023) | — | (16,023) | |||||||||||||||||||||||||||||||||||||||
Cumulative-effect adjustment due to the adoption of ASU No. 2016-13 | — | — | — | — | — | (2,801) | — | (2,801) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax expense of $2,114
|
— | — | — | — | 7,952 | — | — | 7,952 | |||||||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | 2,157 | — | — | — | — | 2,157 | |||||||||||||||||||||||||||||||||||||||
Retirement of treasury stock | (3,816) | (4) | (41) | 45 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Net purchase of treasury stock from stock awards for statutory tax withholdings | — | — | — | (594) | — | — | — | (594) | |||||||||||||||||||||||||||||||||||||||
Net treasury stock activity for deferred compensation trusts | — | — | — | (128) | — | — | — | (128) | |||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock through publicly announced plans | — | — | — | (7,249) | — | — | — | (7,249) | |||||||||||||||||||||||||||||||||||||||
Common stock issued: | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued through share-based awards and options exercises | 63,427 | 64 | 48 | — | — | — | — | 112 | |||||||||||||||||||||||||||||||||||||||
Balance September 30, 2020 | 24,709,662 | $ | 24,710 | $ | 380,770 | $ | (89,100) | $ | 10,139 | $ | 286,865 | $ | (767) | $ | 612,617 |
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses |
Fair
Value
|
|||||||||||||||||||
U.S. Treasury securities | $ | 100 | $ | — | $ | — | $ | 100 | |||||||||||||||
Obligations of the U.S. government and agencies | 97,944 | 132 | (1,479) | 96,597 | |||||||||||||||||||
Mortgage-backed securities | 431,860 | 9,124 | (1,802) | 439,182 | |||||||||||||||||||
Collateralized mortgage obligations | 13,192 | 374 | — | 13,566 | |||||||||||||||||||
Collateralized loan obligations | 94,500 | 151 | — | 94,651 | |||||||||||||||||||
Corporate bonds | 11,000 | 755 | — | 11,755 | |||||||||||||||||||
Other investment securities | 650 | — | — | 650 | |||||||||||||||||||
Total | $ | 649,246 | $ | 10,536 | $ | (3,281) | $ | 656,501 |
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses |
Fair
Value
|
|||||||||||||||||||
U.S. Treasury securities | $ | 500,095 | $ | 5 | $ | — | $ | 500,100 | |||||||||||||||
Obligations of the U.S. government and agencies | 92,449 | 868 | (219) | 93,098 | |||||||||||||||||||
Obligations of state and political subdivisions | 2,149 | 22 | — | 2,171 | |||||||||||||||||||
Mortgage-backed securities | 441,575 | 12,739 | (457) | 453,857 | |||||||||||||||||||
Collateralized mortgage obligations | 18,680 | 583 | — | 19,263 | |||||||||||||||||||
Collateralized loan obligations | 94,500 | 1 | (97) | 94,404 | |||||||||||||||||||
Corporate bonds | 11,000 | 421 | — | 11,421 | |||||||||||||||||||
Other investment securities | 650 | — | — | 650 | |||||||||||||||||||
Total | $ | 1,161,098 | $ | 14,639 | $ | (773) | $ | 1,174,964 |
Less than 12
Months |
12 Months
or Longer |
Total | |||||||||||||||||||||||||||||||||
(dollars in thousands) |
Fair
Value |
Unrealized Losses |
Fair
Value |
Unrealized Losses |
Fair
Value |
Unrealized Losses | |||||||||||||||||||||||||||||
Obligations of the U.S. government and agencies | $ | 65,812 | $ | (1,145) | $ | 17,662 | $ | (334) | $ | 83,474 | $ | (1,479) | |||||||||||||||||||||||
Mortgage-backed securities | 155,530 | (1,744) | 12,640 | (58) | 168,170 | (1,802) | |||||||||||||||||||||||||||||
Total | $ | 221,342 | $ | (2,889) | $ | 30,302 | $ | (392) | $ | 251,644 | $ | (3,281) |
Less than 12
Months |
12 Months
or Longer |
Total | |||||||||||||||||||||||||||||||||
(dollars in thousands) |
Fair
Value |
Unrealized Losses |
Fair
Value |
Unrealized Losses |
Fair
Value |
Unrealized Losses | |||||||||||||||||||||||||||||
Obligations of the U.S. government and agencies | $ | 19,777 | $ | (219) | $ | — | $ | — | $ | 19,777 | $ | (219) | |||||||||||||||||||||||
Mortgage-backed securities | 79,990 | (457) | — | — | 79,990 | (457) | |||||||||||||||||||||||||||||
Collateralized loan obligations | 31,903 | (97) | — | — | 31,903 | (97) | |||||||||||||||||||||||||||||
Total | $ | 131,670 | $ | (773) | $ | — | $ | — | $ | 131,670 | $ | (773) |
September 30,
2021 |
December 31,
2020 |
||||||||||||||||||||||
(dollars in thousands) |
Amortized
Cost |
Fair
Value |
Amortized
Cost |
Fair
Value |
|||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
Due in one year or less | $ | 884 | $ | 884 | $ | 502,465 | $ | 502,489 | |||||||||||||||
Due after one year through five years | 26,498 | 27,162 | 18,679 | 19,167 | |||||||||||||||||||
Due after five years through ten years | 87,812 | 86,561 | 77,433 | 77,681 | |||||||||||||||||||
Due after ten years | 89,000 | 89,146 | 102,266 | 102,507 | |||||||||||||||||||
Subtotal | 204,194 | 203,753 | 700,843 | 701,844 | |||||||||||||||||||
Mortgage-related securities(1)
|
445,052 | 452,748 | 460,255 | 473,120 | |||||||||||||||||||
Total | $ | 649,246 | $ | 656,501 | $ | 1,161,098 | $ | 1,174,964 |
(dollars in thousands) |
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Fair Value
|
|||||||||||||||||||
Mortgage-backed securities | $ | 11,542 | $ | 344 | $ | (153) | $ | 11,733 |
(dollars in thousands) |
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Fair Value
|
|||||||||||||||||||
Mortgage-backed securities | $ | 14,759 | $ | 451 | $ | (24) | $ | 15,186 |
Less than 12
Months |
12 Months
or Longer |
Total | |||||||||||||||||||||||||||||||||
(dollars in thousands) |
Fair
Value |
Unrealized
Losses |
Fair
Value |
Unrealized
Losses |
Fair
Value |
Unrealized
Losses |
|||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 400 | $ | (153) | $ | — | $ | — | $ | 400 | $ | (153) |
Less than 12
Months |
12 Months
or Longer |
Total | |||||||||||||||||||||||||||||||||
(dollars in thousands) |
Fair
Value |
Unrealized
Losses |
Fair
Value |
Unrealized
Losses |
Fair
Value |
Unrealized
Losses |
|||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 4,224 | $ | (24) | $ | — | $ | — | $ | 4,224 | $ | (24) |
September 30,
2021 |
December 31,
2020 |
||||||||||||||||||||||
(dollars in thousands) |
Amortized
Cost |
Fair Value |
Amortized
Cost |
Fair Value | |||||||||||||||||||
Mortgage-backed securities(1)
|
$ | 11,542 | $ | 11,733 | $ | 14,759 | $ | 15,186 |
Loans and Leases | |||||||||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Originated | Acquired | Total Loans and Leases | Originated | Acquired | Total Loans and Leases | |||||||||||||||||||||||||||||
Loans held for sale | $ | 634 | $ | — | $ | 634 | $ | 6,000 | $ | — | $ | 6,000 | |||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||
Commercial real estate (CRE) - nonowner-occupied | 1,385,284 | 79,250 | 1,464,534 | 1,330,947 | 104,628 | 1,435,575 | |||||||||||||||||||||||||||||
Commercial real estate (CRE) - owner-occupied | 517,855 | 19,633 | 537,488 | 544,782 | 33,727 | 578,509 | |||||||||||||||||||||||||||||
Home equity lines of credit | 137,329 | 9,423 | 146,752 | 157,385 | 11,952 | 169,337 | |||||||||||||||||||||||||||||
Residential mortgage - 1st liens | 495,771 | 64,175 | 559,946 | 540,307 | 81,062 | 621,369 | |||||||||||||||||||||||||||||
Residential mortgage - junior liens | 23,473 | 951 | 24,424 | 22,375 | 1,420 | 23,795 | |||||||||||||||||||||||||||||
Construction | 226,927 | 8,491 | 235,418 | 153,131 | 8,177 | 161,308 | |||||||||||||||||||||||||||||
Total real estate loans | 2,786,639 | 181,923 | 2,968,562 | 2,748,927 | 240,966 | 2,989,893 | |||||||||||||||||||||||||||||
Commercial & Industrial | 464,741 | 3,238 | 467,979 | 442,283 | 4,155 | 446,438 | |||||||||||||||||||||||||||||
Consumer | 46,399 | 29 | 46,428 | 39,603 | 80 | 39,683 | |||||||||||||||||||||||||||||
Leases | 134,124 | 822 | 134,946 | 149,914 | 2,483 | 152,397 | |||||||||||||||||||||||||||||
Total portfolio loans and leases | 3,431,903 | 186,012 | 3,617,915 | 3,380,727 | 247,684 | 3,628,411 | |||||||||||||||||||||||||||||
Total loans and leases | $ | 3,432,537 | $ | 186,012 | $ | 3,618,549 | $ | 3,386,727 | $ | 247,684 | $ | 3,634,411 | |||||||||||||||||||||||
Loans with fixed rates | $ | 1,093,806 | $ | 96,833 | $ | 1,190,639 | $ | 1,198,908 | $ | 134,084 | $ | 1,332,992 | |||||||||||||||||||||||
Loans with adjustable or floating rates | 2,338,731 | 89,179 | 2,427,910 | 2,187,819 | 113,600 | 2,301,419 | |||||||||||||||||||||||||||||
Total loans and leases | $ | 3,432,537 | $ | 186,012 | $ | 3,618,549 | $ | 3,386,727 | $ | 247,684 | $ | 3,634,411 | |||||||||||||||||||||||
Net deferred loan origination fees (costs) included in the above loan table | $ | 1,337 | $ | — | $ | 1,337 | $ | 673 | $ | — | $ | 673 |
Components of Net Investment in Leases | |||||||||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Originated | Acquired | Total Leases | Originated | Acquired | Total Leases | |||||||||||||||||||||||||||||
Minimum lease payments receivable | $ | 146,225 | $ | 842 | $ | 147,067 | $ | 164,556 | $ | 2,583 | $ | 167,139 | |||||||||||||||||||||||
Unearned lease income | (17,894) | (32) | (17,926) | (20,746) | (138) | (20,884) | |||||||||||||||||||||||||||||
Initial direct costs and deferred fees | 5,793 | 12 | 5,805 | 6,104 | 38 | 6,142 | |||||||||||||||||||||||||||||
Total Leases | $ | 134,124 | $ | 822 | $ | 134,946 | $ | 149,914 | $ | 2,483 | $ | 152,397 |
Nonperforming Loans and Leases | |||||||||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Originated | Acquired | Total Loans and Leases | Originated | Acquired | Total Loans and Leases | |||||||||||||||||||||||||||||
CRE - nonowner-occupied | $ | — | $ | — | $ | — | $ | 57 | $ | — | $ | 57 | |||||||||||||||||||||||
CRE - owner-occupied | 559 | — | 559 | 823 | 836 | 1,659 | |||||||||||||||||||||||||||||
Home equity lines of credit | 747 | 165 | 912 | 515 | 214 | 729 | |||||||||||||||||||||||||||||
Residential mortgage - 1st liens | 2,922 | 113 | 3,035 | 26 | 73 | 99 | |||||||||||||||||||||||||||||
Residential mortgage - junior liens | 33 | 31 | 64 | 50 | 35 | 85 | |||||||||||||||||||||||||||||
Construction | 216 | — | 216 | — | — | — | |||||||||||||||||||||||||||||
Commercial & Industrial | 2,708 | — | 2,708 | 1,657 | 118 | 1,775 | |||||||||||||||||||||||||||||
Consumer | 31 | — | 31 | 30 | — | 30 | |||||||||||||||||||||||||||||
Leases | 464 | 58 | 522 | 791 | 81 | 872 | |||||||||||||||||||||||||||||
Total non-performing loans and leases | $ | 7,680 | $ | 367 | $ | 8,047 | $ | 3,949 | $ | 1,357 | $ | 5,306 |
Payment Status of All Portfolio Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||
Accruing Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2021 |
30 – 59
Days Past Due |
60 – 89
Days Past Due |
Over 89
Days Past Due |
Total Past
Due |
Current |
Total Accruing
Loans and Leases |
Nonaccrual
Loans and Leases |
Total
Loans and Leases |
|||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
CRE - nonowner-occupied | $ | — | $ | — | $ | — | $ | — | $ | 1,464,534 | $ | 1,464,534 | $ | — | $ | 1,464,534 | |||||||||||||||||||||||||||||||
CRE - owner-occupied | — | — | — | — | 536,929 | 536,929 | 559 | 537,488 | |||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | — | — | — | — | 145,840 | 145,840 | 912 | 146,752 | |||||||||||||||||||||||||||||||||||||||
Residential mortgage - 1st liens | 2,663 | 152 | — | 2,815 | 554,096 | 556,911 | 3,035 | 559,946 | |||||||||||||||||||||||||||||||||||||||
Residential mortgage - junior liens | 79 | — | — | 79 | 24,281 | 24,360 | 64 | 24,424 | |||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 235,202 | 235,202 | 216 | 235,418 | |||||||||||||||||||||||||||||||||||||||
Commercial & Industrial | — | — | — | — | 465,271 | 465,271 | 2,708 | 467,979 | |||||||||||||||||||||||||||||||||||||||
Consumer | 9 | 18 | — | 27 | 46,370 | 46,397 | 31 | 46,428 | |||||||||||||||||||||||||||||||||||||||
Leases | 341 | 98 | — | 439 | 133,985 | 134,424 | 522 | 134,946 | |||||||||||||||||||||||||||||||||||||||
Total portfolio loans and leases | $ | 3,092 | $ | 268 | $ | — | $ | 3,360 | $ | 3,606,508 | $ | 3,609,868 | $ | 8,047 | $ | 3,617,915 |
Payment Status of All Portfolio Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||
Accruing Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2020 |
30 – 59
Days Past Due |
60 – 89
Days Past Due |
Over 89
Days Past Due |
Total Past
Due |
Current |
Total Accruing
Loans and Leases |
Nonaccrual
Loans and Leases |
Total
Loans and Leases |
|||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
CRE - nonowner-occupied | $ | — | $ | — | $ | — | $ | — | $ | 1,435,518 | $ | 1,435,518 | $ | 57 | $ | 1,435,575 | |||||||||||||||||||||||||||||||
CRE - owner-occupied | 1,907 | 416 | — | 2,323 | 574,527 | 576,850 | 1,659 | 578,509 | |||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 87 | — | — | 87 | 168,521 | 168,608 | 729 | 169,337 | |||||||||||||||||||||||||||||||||||||||
Residential mortgage - 1st liens | 6,020 | 217 | — | 6,237 | 615,033 | 621,270 | 99 | 621,369 | |||||||||||||||||||||||||||||||||||||||
Residential mortgage - junior liens | 88 | 58 | — | 146 | 23,564 | 23,710 | 85 | 23,795 | |||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 161,308 | 161,308 | — | 161,308 | |||||||||||||||||||||||||||||||||||||||
Commercial & Industrial | — | — | — | — | 444,663 | 444,663 | 1,775 | 446,438 | |||||||||||||||||||||||||||||||||||||||
Consumer | 32 | 16 | — | 48 | 39,605 | 39,653 | 30 | 39,683 | |||||||||||||||||||||||||||||||||||||||
Leases | 1,196 | 810 | — | 2,006 | 149,519 | 151,525 | 872 | 152,397 | |||||||||||||||||||||||||||||||||||||||
Total portfolio loans and leases | $ | 9,330 | $ | 1,517 | $ | — | $ | 10,847 | $ | 3,612,258 | $ | 3,623,105 | $ | 5,306 | $ | 3,628,411 |
Payment Status of Originated Portfolio Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||
Accruing Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2020 |
30 – 59
Days Past Due |
60 – 89
Days Past Due |
Over 89
Days Past Due |
Total Past
Due |
Current |
Total Accruing
Loans and Leases |
Nonaccrual
Loans and Leases |
Total
Loans and Leases |
|||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
CRE - nonowner-occupied | $ | — | $ | — | $ | — | $ | — | $ | 1,330,890 | $ | 1,330,890 | $ | 57 | $ | 1,330,947 | |||||||||||||||||||||||||||||||
CRE - owner-occupied | 1,907 | 416 | — | 2,323 | 541,636 | 543,959 | 823 | 544,782 | |||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 87 | — | — | 87 | 156,783 | 156,870 | 515 | 157,385 | |||||||||||||||||||||||||||||||||||||||
Residential mortgage - 1st liens | 4,109 | 217 | — | 4,326 | 535,955 | 540,281 | 26 | 540,307 | |||||||||||||||||||||||||||||||||||||||
Residential mortgage - junior liens | 84 | 56 | — | 140 | 22,185 | 22,325 | 50 | 22,375 | |||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 153,131 | 153,131 | — | 153,131 | |||||||||||||||||||||||||||||||||||||||
Commercial & Industrial | — | — | — | — | 440,626 | 440,626 | 1,657 | 442,283 | |||||||||||||||||||||||||||||||||||||||
Consumer | 32 | 16 | — | 48 | 39,525 | 39,573 | 30 | 39,603 | |||||||||||||||||||||||||||||||||||||||
Leases | 1,196 | 735 | — | 1,931 | 147,192 | 149,123 | 791 | 149,914 | |||||||||||||||||||||||||||||||||||||||
Total portfolio loans and leases | $ | 7,415 | $ | 1,440 | $ | — | $ | 8,855 | $ | 3,367,923 | $ | 3,376,778 | $ | 3,949 | $ | 3,380,727 |
Payment Status of Acquired Portfolio Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||
Accruing Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2021 |
30 – 59
Days Past Due |
60 – 89
Days Past Due |
Over 89
Days Past Due |
Total Past
Due |
Current |
Total Accruing
Loans and Leases |
Nonaccrual
Loans and Leases |
Total
Loans and Leases |
|||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
CRE - nonowner-occupied | $ | — | $ | — | $ | — | $ | — | $ | 79,250 | $ | 79,250 | $ | — | $ | 79,250 | |||||||||||||||||||||||||||||||
CRE - owner-occupied | — | — | — | — | 19,633 | 19,633 | — | 19,633 | |||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | — | — | — | — | 9,258 | 9,258 | 165 | 9,423 | |||||||||||||||||||||||||||||||||||||||
Residential mortgage - 1st liens | 706 | — | — | 706 | 63,356 | 64,062 | 113 | 64,175 | |||||||||||||||||||||||||||||||||||||||
Residential mortgage - junior liens | — | — | — | — | 920 | 920 | 31 | 951 | |||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 8,491 | 8,491 | — | 8,491 | |||||||||||||||||||||||||||||||||||||||
Commercial & Industrial | — | — | — | — | 3,238 | 3,238 | — | 3,238 | |||||||||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | 29 | 29 | — | 29 | |||||||||||||||||||||||||||||||||||||||
Leases | — | — | — | — | 764 | 764 | 58 | 822 | |||||||||||||||||||||||||||||||||||||||
Total portfolio loans and leases | $ | 706 | $ | — | $ | — | $ | 706 | $ | 184,939 | $ | 185,645 | $ | 367 | $ | 186,012 |
Roll-Forward of ACL on Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | CRE - nonowner-occupied |
CRE -
owner-occupied |
Home equity lines of credit | Residential mortgage - 1st liens | Residential mortgage - junior liens | Construction | Commercial & Industrial | Consumer | Leases | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | 11,902 | $ | 4,546 | $ | 1,030 | $ | 4,620 | $ | 380 | $ | 2,275 | $ | 8,870 | $ | 367 | $ | 5,173 | $ | 39,163 | |||||||||||||||||||||||||||||||||||||||
Loans and leases charged-off | — | — | — | — | — | — | — | (109) | (254) | (363) | |||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries collected | — | 22 | — | 1 | — | 1 | 337 | 22 | 120 | 503 | |||||||||||||||||||||||||||||||||||||||||||||||||
PCL on loans and leases | (520) | (709) | (75) | (246) | (19) | 39 | (852) | 153 | (528) | (2,757) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | $ | 11,382 | $ | 3,859 | $ | 955 | $ | 4,375 | $ | 361 | $ | 2,315 | $ | 8,355 | $ | 433 | $ | 4,511 | $ | 36,546 |
(dollars in thousands) | CRE - nonowner-occupied |
CRE -
owner-occupied |
Home equity lines of credit | Residential mortgage - 1st liens | Residential mortgage - junior liens | Construction | Commercial & Industrial | Consumer | Leases | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 19,382 | $ | 6,982 | $ | 1,406 | $ | 7,782 | $ | 382 | $ | 2,707 | $ | 8,087 | $ | 325 | $ | 6,656 | $ | 53,709 | |||||||||||||||||||||||||||||||||||||||
Loans and leases charged-off | — | (193) | (46) | (25) | — | (116) | (2,721) | (387) | (1,328) | (4,816) | |||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries collected | — | 496 | — | 2 | — | 3 | 789 | 48 | 585 | 1,923 | |||||||||||||||||||||||||||||||||||||||||||||||||
PCL on loans and leases | (8,000) | (3,426) | (405) | (3,384) | (21) | (279) | 2,200 | 447 | (1,402) | (14,270) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | $ | 11,382 | $ | 3,859 | $ | 955 | $ | 4,375 | $ | 361 | $ | 2,315 | $ | 8,355 | $ | 433 | $ | 4,511 | $ | 36,546 |
(dollars in thousands) | CRE - nonowner-occupied |
CRE -
owner-occupied |
Home equity lines of credit | Residential mortgage - 1st liens | Residential mortgage - junior liens | Construction | Commercial & Industrial | Consumer | Leases | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | 15,331 | $ | 5,083 | $ | 1,627 | $ | 8,198 | $ | 521 | $ | 6,061 | $ | 7,988 | $ | 440 | $ | 9,725 | $ | 54,974 | |||||||||||||||||||||||||||||||||||||||
Loans and leases charged-off | — | (508) | — | (15) | — | — | (1,630) | (152) | (588) | (2,893) | |||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries collected | 2 | 14 | — | 27 | — | 1 | 109 | 19 | 534 | 706 | |||||||||||||||||||||||||||||||||||||||||||||||||
PCL on loans and leases | 1,209 | 1,419 | 180 | 192 | (70) | (1,090) | 1,906 | 232 | (337) | 3,641 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | 16,542 | $ | 6,008 | $ | 1,807 | $ | 8,402 | $ | 451 | $ | 4,972 | $ | 8,373 | $ | 539 | $ | 9,334 | $ | 56,428 |
(dollars in thousands) | CRE - nonowner-occupied |
CRE -
owner-occupied |
Home equity lines of credit | Residential mortgage - 1st liens | Residential mortgage - junior liens | Construction | Commercial & Industrial | Consumer | Leases | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 Prior to Adoption of ASC 326 | $ | 7,960 | $ | 2,825 | $ | 1,114 | $ | 2,501 | $ | 338 | $ | 1,230 | $ | 3,835 | $ | 438 | $ | 2,361 | $ | 22,602 | |||||||||||||||||||||||||||||||||||||||
Impact of Adopting ASC 326 | (467) | 16 | (46) | 2,408 | 79 | (359) | (159) | 140 | 1,594 | 3,206 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases charged-off | — | (1,742) | (114) | (1,298) | — | — | (2,779) | (741) | (4,658) | (11,332) | |||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries collected | 8 | 14 | 4 | 164 | — | 3 | 146 | 109 | 1,226 | 1,674 | |||||||||||||||||||||||||||||||||||||||||||||||||
PCL on loans and leases | 9,041 | 4,895 | 849 | 4,627 | 34 | 4,098 | 7,330 | 593 | 8,811 | 40,278 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | 16,542 | $ | 6,008 | $ | 1,807 | $ | 8,402 | $ | 451 | $ | 4,972 | $ | 8,373 | $ | 539 | $ | 9,334 | $ | 56,428 |
Term Loans | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost Basis by Origination Year(1)
|
Amortized Cost Basis | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Risk Rating | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 and Prior | Revolving Lines of Credit | Revolving Lines of Credit Converted to Term Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
CRE - nonowner-occupied | Pass | $ | 202,943 | $ | 254,988 | $ | 413,001 | $ | 153,717 | $ | 94,932 | $ | 148,245 | $ | 32,473 | $ | — | $ | 1,300,299 | ||||||||||||||||||||||||||||||||||||||||
Pass-Watch | 13,934 | 19,466 | 12,831 | 12,423 | 12,303 | 8,080 | — | — | 79,037 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 1,248 | — | 7,871 | 18,881 | 2,728 | 25,687 | — | — | 56,415 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 902 | 6,987 | 13,721 | 827 | — | 6,346 | — | — | 28,783 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 219,027 | $ | 281,441 | $ | 447,424 | $ | 185,848 | $ | 109,963 | $ | 188,358 | $ | 32,473 | $ | — | $ | 1,464,534 | |||||||||||||||||||||||||||||||||||||||||
CRE - owner-occupied | Pass | $ | 45,955 | $ | 127,089 | $ | 109,980 | $ | 77,710 | $ | 60,037 | $ | 63,510 | $ | 13,618 | $ | — | $ | 497,899 | ||||||||||||||||||||||||||||||||||||||||
Pass-Watch | 4,740 | 3,344 | 3,013 | 11,280 | 147 | 1,290 | 25 | — | 23,839 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | 1,384 | 270 | 1,473 | — | 897 | 78 | — | 4,102 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 463 | 2,941 | 2,834 | 3,971 | — | 1,340 | 99 | — | 11,648 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 51,158 | $ | 134,758 | $ | 116,097 | $ | 94,434 | $ | 60,184 | $ | 67,037 | $ | 13,820 | $ | — | $ | 537,488 | |||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | Pass | $ | — | $ | 151 | $ | 614 | $ | — | $ | 79 | $ | 1,333 | $ | 142,738 | $ | 678 | $ | 145,593 | ||||||||||||||||||||||||||||||||||||||||
Pass-Watch | — | — | — | — | — | — | 99 | — | 99 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | — | — | — | 148 | — | 148 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 392 | — | — | 258 | 152 | 110 | — | — | 912 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 392 | $ | 151 | $ | 614 | $ | 258 | $ | 231 | $ | 1,443 | $ | 142,985 | $ | 678 | $ | 146,752 | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage - 1st liens | Pass | $ | 116,552 | $ | 104,801 | $ | 86,871 | $ | 44,845 | $ | 52,559 | $ | 146,872 | $ | 1,227 | $ | — | $ | 553,727 | ||||||||||||||||||||||||||||||||||||||||
Pass-Watch | — | — | 457 | — | — | 612 | — | — | 1,069 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 1,687 | — | — | 340 | — | — | — | — | 2,027 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 1,949 | — | 171 | 128 | 88 | 787 | — | — | 3,123 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 120,188 | $ | 104,801 | $ | 87,499 | $ | 45,313 | $ | 52,647 | $ | 148,271 | $ | 1,227 | $ | — | $ | 559,946 | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage - junior liens | Pass | $ | 8,209 | $ | 2,232 | $ | 3,570 | $ | 2,576 | $ | 2,000 | $ | 5,671 | $ | 67 | $ | — | $ | 24,325 | ||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | 35 | — | — | — | — | 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | 64 | — | — | 64 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 8,209 | $ | 2,232 | $ | 3,570 | $ | 2,611 | $ | 2,000 | $ | 5,735 | $ | 67 | $ | — | $ | 24,424 | |||||||||||||||||||||||||||||||||||||||||
Construction | Pass | $ | 92,060 | $ | 75,703 | $ | 38,399 | $ | 3,850 | $ | 814 | $ | 5,350 | $ | 15,501 | $ | — | $ | 231,677 | ||||||||||||||||||||||||||||||||||||||||
Pass-Watch | — | — | 1,767 | 1,758 | — | — | — | — | 3,525 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 216 | — | — | — | — | — | — | — | 216 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 92,276 | $ | 75,703 | $ | 40,166 | $ | 5,608 | $ | 814 | $ | 5,350 | $ | 15,501 | $ | — | $ | 235,418 | |||||||||||||||||||||||||||||||||||||||||
Commercial & Industrial | Pass | $ | 81,382 | $ | 92,523 | $ | 31,576 | $ | 56,497 | $ | 5,896 | $ | 28,623 | $ | 103,022 | $ | — | $ | 399,519 | ||||||||||||||||||||||||||||||||||||||||
Pass-Watch | 20 | 9,197 | 5,965 | 383 | 1,143 | 302 | 4,681 | — | 21,691 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 9,039 | 14,376 | 701 | 4,448 | — | — | 458 | — | 29,022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 1,922 | 10,250 | 384 | 3,162 | 1,267 | 737 | 25 | — | 17,747 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 92,363 | $ | 126,346 | $ | 38,626 | $ | 64,490 | $ | 8,306 | $ | 29,662 | $ | 108,186 | $ | — | $ | 467,979 | |||||||||||||||||||||||||||||||||||||||||
Consumer | Pass | $ | 581 | $ | 762 | $ | 1,845 | $ | 705 | $ | 73 | $ | 133 | $ | 41,042 | $ | — | $ | 45,141 | ||||||||||||||||||||||||||||||||||||||||
Substandard | — | 1,264 | 15 | 8 | — | — | — | — | 1,287 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 581 | $ | 2,026 | $ | 1,860 | $ | 713 | $ | 73 | $ | 133 | $ | 41,042 | $ | — | $ | 46,428 | |||||||||||||||||||||||||||||||||||||||||
Leases | Pass | $ | 32,773 | $ | 38,864 | $ | 39,528 | $ | 19,958 | $ | 3,245 | $ | 55 | $ | — | $ | — | $ | 134,423 | ||||||||||||||||||||||||||||||||||||||||
Substandard | — | 38 | 163 | 260 | 61 | 1 | — | — | 523 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 32,773 | $ | 38,902 | $ | 39,691 | $ | 20,218 | $ | 3,306 | $ | 56 | $ | — | $ | — | $ | 134,946 | |||||||||||||||||||||||||||||||||||||||||
Total portfolio loans and leases | $ | 616,967 | $ | 766,360 | $ | 775,547 | $ | 419,493 | $ | 237,524 | $ | 446,045 | $ | 355,301 | $ | 678 | $ | 3,617,915 |
As of September 30, 2021
|
||||||||||||||||||||
(dollars in thousands) | Nonaccrual with No ACL | Nonaccrual with ACL | Loans Past Due Over 89 Days Still Accruing | |||||||||||||||||
CRE - nonowner-occupied | $ | — | $ | — | $ | — | ||||||||||||||
CRE - owner-occupied | 559 | — | — | |||||||||||||||||
Home equity lines of credit | 392 | 520 | — | |||||||||||||||||
Residential mortgage - 1st liens | 1,992 | 1,043 | — | |||||||||||||||||
Residential mortgage - junior liens | 31 | 33 | — | |||||||||||||||||
Construction | 216 | — | — | |||||||||||||||||
Commercial & Industrial | 2,708 | — | — | |||||||||||||||||
Consumer | — | 31 | — | |||||||||||||||||
Leases | — | 522 | — | |||||||||||||||||
Total non-performing loans and leases | $ | 5,898 | $ | 2,149 | $ | — |
As of December 31, 2020 | ||||||||||||||||||||
(dollars in thousands) | Nonaccrual with No ACL | Nonaccrual with ACL | Loans Past Due Over 89 Days Still Accruing | |||||||||||||||||
CRE - nonowner-occupied | $ | 57 | $ | — | $ | — | ||||||||||||||
CRE - owner-occupied | 1,659 | — | — | |||||||||||||||||
Home equity lines of credit | 729 | — | — | |||||||||||||||||
Residential mortgage - 1st liens | 99 | — | — | |||||||||||||||||
Residential mortgage - junior liens | 85 | — | — | |||||||||||||||||
Construction | — | — | — | |||||||||||||||||
Commercial & Industrial | 1,775 | — | — | |||||||||||||||||
Consumer | — | 30 | — | |||||||||||||||||
Leases | — | 872 | — | |||||||||||||||||
Total non-performing loans and leases | $ | 4,404 | $ | 902 | $ | — |
As of September 30, 2021
|
|||||||||||||||||
(dollars in thousands) | Real Estate Collateral | Non-Real Estate Collateral | Individually Evaluated ACL | ||||||||||||||
CRE - nonowner-occupied | $ | — | $ | — | $ | — | |||||||||||
CRE - owner-occupied | 559 | — | — | ||||||||||||||
Home equity lines of credit | 912 | — | — | ||||||||||||||
Residential mortgage - 1st liens | 3,035 | — | 26 | ||||||||||||||
Residential mortgage - junior liens | 64 | — | — | ||||||||||||||
Construction | 216 | — | — | ||||||||||||||
Commercial & Industrial | — | 2,708 | — | ||||||||||||||
Consumer | — | 31 | 31 | ||||||||||||||
Leases | — | 522 | 522 | ||||||||||||||
Total collateral-dependent loans and leases
|
$ | 4,786 | $ | 3,261 | $ | 579 |
As of December 31, 2020 | |||||||||||||||||
(dollars in thousands) | Real Estate Collateral | Non-Real Estate Collateral | Individually Evaluated ACL | ||||||||||||||
CRE - nonowner-occupied | $ | 57 | $ | — | $ | — | |||||||||||
CRE - owner-occupied | 1,659 | — | — | ||||||||||||||
Home equity lines of credit | 729 | — | — | ||||||||||||||
Residential mortgage - 1st liens | 99 | — | — | ||||||||||||||
Residential mortgage - junior liens | 85 | — | — | ||||||||||||||
Construction | — | — | — | ||||||||||||||
Commercial & Industrial | — | 1,775 | — | ||||||||||||||
Consumer | — | 30 | 30 | ||||||||||||||
Leases | — | 872 | 814 | ||||||||||||||
Total collateral-dependent loans and leases
|
$ | 2,629 | $ | 2,677 | $ | 844 |
Troubled Debt Restructurings | |||||||||||
(dollars in thousands) |
September 30,
2021 |
December 31,
2020 |
|||||||||
TDRs included in nonperforming loans and leases | $ | 4,753 | $ | 1,737 | |||||||
TDRs in compliance with modified terms | 4,532 | 7,046 | |||||||||
Total TDRs | $ | 9,285 | $ | 8,783 |
Troubled Debt Restructurings | |||||||||||||||||
For the Three Months Ended September 30, 2021 | |||||||||||||||||
(dollars in thousands) | Number of Contracts |
Pre-Modification Outstanding
Recorded Investment |
Post-Modification Outstanding
Recorded Investment |
||||||||||||||
Home equity lines of credit | 1 | $ | 392 | $ | 392 | ||||||||||||
Residential mortgage - first liens | 2 | 1,949 | 1,949 | ||||||||||||||
Construction | 1 | 216 | 216 | ||||||||||||||
Commercial & Industrial | 2 | 1,403 | 1,403 | ||||||||||||||
Total | 6 | $ | 3,960 | $ | 3,960 |
Troubled Debt Restructurings | |||||||||||||||||||||||||||||
Number of Contracts for the Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
Loan Term Extension | Interest Rate Change and Term Extension | Interest Rate Change and/or Interest-Only Period |
Contractual
Payment Reduction (Leases only) |
Temporary Payment Deferral | |||||||||||||||||||||||||
Home equity lines of credit | 1 | — | — | — | — | ||||||||||||||||||||||||
Residential mortgage - first liens | 2 | — | — | — | — | ||||||||||||||||||||||||
Construction | 1 | — | — | — | — | ||||||||||||||||||||||||
Commercial & Industrial | 2 | — | — | — | — | ||||||||||||||||||||||||
Total | 6 | — | — | — | — |
Troubled Debt Restructurings | |||||||||||||||||
For the Nine Months Ended September 30, 2021 | |||||||||||||||||
(dollars in thousands) | Number of Contracts |
Pre-Modification Outstanding
Recorded Investment |
Post-Modification Outstanding
Recorded Investment |
||||||||||||||
Home equity lines of credit | 1 | $ | 392 | $ | 392 | ||||||||||||
Residential mortgage - first liens | 2 | 1,949 | 1,949 | ||||||||||||||
Residential mortgage - junior liens | 1 | 101 | 101 | ||||||||||||||
Construction | 1 | 216 | 216 | ||||||||||||||
Commercial & Industrial | 2 | 1,403 | 1,403 | ||||||||||||||
Leases | 6 | 204 | 204 | ||||||||||||||
Total | 13 | $ | 4,265 | $ | 4,265 |
Troubled Debt Restructurings | |||||||||||||||||||||||||||||
Number of Contracts for the Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
Loan Term Extension | Interest Rate Change and Term Extension | Interest Rate Change and/or Interest-Only Period |
Contractual
Payment Reduction (Leases only) |
Temporary Payment Deferral | |||||||||||||||||||||||||
Home equity lines of credit | 1 | — | — | — | — | ||||||||||||||||||||||||
Residential mortgage - first liens | 2 | — | — | — | — | ||||||||||||||||||||||||
Residential mortgage - junior liens | — | — | 1 | — | — | ||||||||||||||||||||||||
Construction | 1 | — | — | — | — | ||||||||||||||||||||||||
Commercial & Industrial | 2 | — | — | — | — | ||||||||||||||||||||||||
Leases | — | — | — | 6 | — | ||||||||||||||||||||||||
Total | 6 | — | 1 | 6 | — |
Three Months Ended
September 30, |
|||||||||||
(dollars in thousands) | 2021 | 2020 | |||||||||
Balance, beginning of period | $ | 2,173 | $ | 3,440 | |||||||
Additions | — | — | |||||||||
Amortization | (116) | (413) | |||||||||
Impairment | — | (146) | |||||||||
Balance, end of period | $ | 2,057 | $ | 2,881 | |||||||
Fair value | $ | 2,057 | $ | 2,881 | |||||||
Residential mortgage loans serviced for others | $ | 277,380 | $ | 407,781 |
Nine Months Ended
September 30, |
|||||||||||
(dollars in thousands) | 2021 | 2020 | |||||||||
Balance, beginning of period | $ | 2,626 | $ | 4,450 | |||||||
Additions | — | — | |||||||||
Amortization | (521) | (970) | |||||||||
Impairment | (48) | (599) | |||||||||
Balance, end of period | $ | 2,057 | $ | 2,881 | |||||||
(dollars in thousands) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Fair value amount of MSRs | $ | 2,057 | $ | 2,632 | |||||||
Weighted average life (in years) | 4.6 | 4.9 | |||||||||
Prepayment speeds (constant prepayment rate)(1)
|
13.9 | % | 13.1 | % | |||||||
Impact on fair value: | |||||||||||
10% adverse change | $ | (106) | $ | (141) | |||||||
20% adverse change | (205) | (273) | |||||||||
Discount rate | 9.06 | % | 9.56 | % | |||||||
Impact on fair value: | |||||||||||
10% adverse change | $ | (58) | $ | (81) | |||||||
20% adverse change | (113) | (156) |
(dollars in thousands) |
Balance
December 31, 2020 |
Amortization |
Balance
September 30, 2021 |
Amortization
Period |
|||||||||||||||||||||||||||||||
Goodwill – Wealth | $ | 20,412 | $ | — | $ | 20,412 | Indefinite | ||||||||||||||||||||||||||||
Goodwill – Banking | 156,991 | — | 156,991 | Indefinite | |||||||||||||||||||||||||||||||
Goodwill – Insurance | 6,609 | — | 6,609 | Indefinite | |||||||||||||||||||||||||||||||
Total Goodwill | 184,012 | — | 184,012 | ||||||||||||||||||||||||||||||||
Core deposit intangible | 3,488 | (694) | 2,794 | 10 years | |||||||||||||||||||||||||||||||
Customer relationships | 10,012 | (1,347) | 8,665 |
5 to 20 years
|
|||||||||||||||||||||||||||||||
Non-compete agreements | 722 | (142) | 580 |
5 to 10 years
|
|||||||||||||||||||||||||||||||
Trade name | 1,191 | (325) | 866 |
3 to 5 years
|
|||||||||||||||||||||||||||||||
Domain name | 151 | — | 151 | Indefinite | |||||||||||||||||||||||||||||||
Total Intangible Assets | 15,564 | (2,508) | 13,056 | ||||||||||||||||||||||||||||||||
Total Goodwill and Intangible Assets | $ | 199,576 | $ | (2,508) | $ | 197,068 |
(dollars in thousands) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Interest-bearing demand | $ | 681,560 | $ | 885,802 | |||||||
Money market | 1,121,155 | 1,163,620 | |||||||||
Savings | 284,875 | 282,406 | |||||||||
Retail time deposits | 238,597 | 331,527 | |||||||||
Wholesale non-maturity deposits | 39,538 | 275,011 | |||||||||
Wholesale time deposits | 6,146 | 36,045 | |||||||||
Total interest-bearing deposits | 2,371,871 | 2,974,411 | |||||||||
Noninterest-bearing deposits | 1,443,661 | 1,401,843 | |||||||||
Total deposits | $ | 3,815,532 | $ | 4,376,254 |
(dollars in thousands) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Repurchase agreements(1) – commercial customers
|
$ | 16,965 | $ | 38,836 | |||||||
Short-term FHLB advances | 80,000 | 33,325 | |||||||||
Total short-term borrowings | $ | 96,965 | $ | 72,161 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Balance at period-end | $ | 96,965 | $ | 23,456 | $ | 96,965 | $ | 23,456 | |||||||||||||||
Maximum amount outstanding at any month end | 96,965 | 123,629 | 96,965 | 174,431 | |||||||||||||||||||
Average balance outstanding during the period | 35,166 | 29,913 | 29,051 | 102,173 | |||||||||||||||||||
Weighted-average interest rate: | |||||||||||||||||||||||
As of the period-end | 0.29 | % | 0.10 | % | 0.29 | % | 0.10 | % | |||||||||||||||
Paid during the period | 0.18 | % | 0.11 | % | 0.14 | % | 0.91 | % |
(dollars in thousands) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Within one year | $ | 25,000 | $ | 39,906 | |||||||
Over one year through five years | — | — | |||||||||
Total | $ | 25,000 | $ | 39,906 |
Maturity Range(1)
|
Weighted Average Rate(1)
|
Coupon Rate(1)
|
Balance at | ||||||||||||||||||||||||||||||||||||||
Description | From | To | From | To |
September 30,
2021 |
December 31,
2020 |
|||||||||||||||||||||||||||||||||||
Bullet maturity – fixed rate | 11/12/2021 | 11/12/2021 | 1.85 | % | 1.85 | % | 1.85 | % | $ | 25,000 | $ | 39,906 | |||||||||||||||||||||||||||||
September 30,
2021 |
December 31,
2020 |
||||||||||||||||||||||
(dollars in thousands) | Balance |
Rate(1)(2)
|
Balance |
Rate(1)(2)
|
|||||||||||||||||||
Subordinated notes – due 2027 | $ | 69,226 | 4.25 | % | $ | 69,133 | 4.25 | % | |||||||||||||||
Subordinated notes – due 2025 | 29,791 | 3.13 | 29,750 | 3.29 | |||||||||||||||||||
Total subordinated notes | $ | 99,017 | $ | 98,883 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Operating lease expense | $ | 1,014 | $ | 1,199 | $ | 3,130 | $ | 3,595 | |||||||||||||||
Short term lease expense | 15 | 15 | 44 | 44 | |||||||||||||||||||
Variable lease expense | 259 | 323 | 880 | 988 | |||||||||||||||||||
Sublease income | (5) | (11) | (15) | (28) | |||||||||||||||||||
Total lease expense | $ | 1,283 | $ | 1,526 | $ | 4,039 | $ | 4,599 |
Nine Months Ended
September 30, |
|||||||||||
2021 | 2020 | ||||||||||
(dollars in thousands) | |||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows from operating leases | $ | 3,233 | $ | 3,532 | |||||||
ROU assets obtained in exchange for lease liabilities | 575 | — |
September 30,
2021 |
|||||
(dollars in thousands) | |||||
2021 | $ | 1,079 | |||
2022 | 4,212 | ||||
2023 | 3,918 | ||||
2024 | 3,793 | ||||
2025 | 3,859 | ||||
2026 and thereafter | 32,629 | ||||
Total lease payments | 49,490 | ||||
Less: imputed interest | 10,771 | ||||
Present value of operating lease liabilities | $ | 38,719 |
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||
(dollars in thousands) |
Notional
Amount |
Fair
Value(1)
|
Notional
Amount |
Fair
Value(2)
|
|||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||
As of September 30, 2021: | |||||||||||||||||||||||
Customer derivatives – interest rate swaps | $ | 1,272,009 | $ | 80,626 | $ | 1,272,009 | $ | 80,626 | |||||||||||||||
FX forwards | 747 | 23 | — | — | |||||||||||||||||||
RPAs sold | — | — | 45,202 | 16 | |||||||||||||||||||
RPAs purchased | 71,127 | 270 | — | — | |||||||||||||||||||
Total derivatives | $ | 1,343,883 | $ | 80,919 | $ | 1,317,211 | $ | 80,642 | |||||||||||||||
As of December 31, 2020: | |||||||||||||||||||||||
Customer derivatives – interest rate swaps | $ | 1,102,753 | $ | 113,848 | $ | 1,102,753 | $ | 113,848 | |||||||||||||||
FX forwards | 9,146 | 52 | 9,856 | 70 | |||||||||||||||||||
RPAs sold | — | — | 33,111 | 30 | |||||||||||||||||||
RPAs purchased | 55,415 | 342 | — | — | |||||||||||||||||||
Total derivatives | $ | 1,167,314 | $ | 114,242 | $ | 1,145,720 | $ | 113,948 |
(dollars in thousands) | |||||
Notional Amount | $ | 150,000 | |||
Weighted average fixed-receive rate | 1.19 | % | |||
Weighted average pay-float rate | 0.09 | % | |||
Weighted average maturity in years | 8.74 |
(dollars in thousands) | Amount of Gain (Loss) Recognized in OCI on Derivative | Location of Gain (Loss) Reclassified from OCI into Income | Amount of Gain (Loss) Reclassified from OCI into Income | ||||||||||||||
Interest rate swaps | $ | (885) | Interest Income | $ | 422 |
(dollars in thousands) | Amount of Gain (Loss) Recognized in OCI on Derivative | Location of Gain (Loss) Reclassified from OCI into Income | Amount of Gain (Loss) Reclassified from OCI into Income | ||||||||||||||
Interest rate swaps | $ | (709) | Interest Income | $ | 1,021 |
(dollars in thousands) |
Net Change in
Unrealized Gains on Available-for- Sale Investment Securities |
Net Change in Fair Value of Derivative Used for Cash Flow Hedge |
Net Change in
Unfunded Pension Liability |
Accumulated Other Comprehensive Income | |||||||||||||||||||
Balance, June 30, 2021 | $ | 7,058 | $ | (333) | $ | (1,927) | $ | 4,798 | |||||||||||||||
Other comprehensive (loss) income | (1,327) | (1,033) | 107 | (2,253) | |||||||||||||||||||
Balance, September 30, 2021 | $ | 5,731 | $ | (1,366) | $ | (1,820) | $ | 2,545 | |||||||||||||||
Balance, June 30, 2020 | $ | 10,696 | $ | — | $ | (1,677) | $ | 9,019 | |||||||||||||||
Other comprehensive income | 1,097 | — | 23 | 1,120 | |||||||||||||||||||
Balance, September 30, 2020 | $ | 11,793 | $ | — | $ | (1,654) | $ | 10,139 |
(dollars in thousands) |
Net Change in
Unrealized Gains on Available-for- Sale Investment Securities |
Net Change in Fair Value of Derivative Used for Cash Flow Hedge |
Net Change in
Unfunded Pension Liability |
Accumulated Other Comprehensive Income | |||||||||||||||||||
Balance, December 31, 2020 | $ | 10,954 | $ | — | $ | (2,006) | $ | 8,948 | |||||||||||||||
Other comprehensive (loss) income | (5,223) | (1,366) | 186 | (6,403) | |||||||||||||||||||
Balance, September 30, 2021 | $ | 5,731 | $ | (1,366) | $ | (1,820) | $ | 2,545 | |||||||||||||||
Balance, December 31, 2019 | $ | 3,910 | $ | — | $ | (1,723) | $ | 2,187 | |||||||||||||||
Other comprehensive income | 7,883 | — | 69 | 7,952 | |||||||||||||||||||
Balance, September 30, 2020 | $ | 11,793 | $ | — | $ | (1,654) | $ | 10,139 |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
Description of Accumulated Other
Comprehensive Income (Loss) Component |
Three Months Ended
September 30, |
Affected Income Statement Category | ||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Net unrealized gain on investment securities available for sale: | ||||||||||||||||||||
Realization of gain on sale of investment securities available for sale | $ | 512 | $ | — | Net gain on sale of available for sale investment securities | |||||||||||||||
Income tax effect | (108) | — | Income tax expense | |||||||||||||||||
Net of income tax | $ | 404 | $ | — | Net income | |||||||||||||||
Net unrealized losses on interest rate swaps used in cash flow hedges: | ||||||||||||||||||||
Reclassification adjustment for gains included in net income | $ | (422) | $ | — | Interest income | |||||||||||||||
Income tax effect | 88 | — | Income tax expense | |||||||||||||||||
Net of income tax | $ | (334) | $ | — | Net income | |||||||||||||||
Unfunded pension liability: | ||||||||||||||||||||
Amortization of net loss included in net periodic pension costs(1)
|
$ | 35 | $ | 18 | Other operating expenses | |||||||||||||||
Recognition of actuarial loss at termination of postretirement benefit plan | 131 | — | Other operating expenses | |||||||||||||||||
Total | 166 | 18 | ||||||||||||||||||
Income tax effect | (35) | (4) | Income tax expense | |||||||||||||||||
Net of income tax | $ | 131 | $ | 14 | Net income |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
Description of Accumulated Other
Comprehensive Income (Loss) Component |
Nine Months Ended
September 30, |
Affected Income Statement Category | ||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Net unrealized gain on investment securities available for sale: | ||||||||||||||||||||
Realization of gain on sale of investment securities available for sale | $ | 512 | $ | — | Net gain on sale of available for sale investment securities | |||||||||||||||
Income tax effect | (108) | — | Income tax expense | |||||||||||||||||
Net of income tax | $ | 404 | $ | — | Net income | |||||||||||||||
Net unrealized losses on interest rate swaps used in cash flow hedges: | ||||||||||||||||||||
Reclassification adjustment for gains included in net income | $ | (1,021) | $ | — | Interest income | |||||||||||||||
Income tax effect | 214 | — | Income tax expense | |||||||||||||||||
Net of income tax | $ | (807) | $ | — | Net income | |||||||||||||||
Unfunded pension liability: | ||||||||||||||||||||
Amortization of net loss included in net periodic pension costs(1)
|
$ | 104 | $ | 53 | Other operating expenses | |||||||||||||||
Recognition of actuarial loss at termination of postretirement benefit plan | 131 | — | Other operating expenses | |||||||||||||||||
Total | 235 | 53 | ||||||||||||||||||
Income tax effect | (49) | (11) | Income tax expense | |||||||||||||||||
Net of income tax | $ | 186 | $ | 42 | Net income |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(dollars in thousands except share and per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income available to common shareholders | $ | 18,382 | $ | 13,164 | $ | 56,807 | $ | 17,036 | |||||||||||||||
Denominator for basic earnings per share – weighted average shares outstanding
|
19,891,618 | 19,945,634 | 19,892,764 | 19,975,069 | |||||||||||||||||||
Effect of dilutive common shares | 170,400 | 75,983 | 163,651 | 87,039 | |||||||||||||||||||
Denominator for diluted earnings per share – adjusted weighted average shares outstanding
|
20,062,018 | 20,021,617 | 20,056,415 | 20,062,108 | |||||||||||||||||||
Basic earnings per share | $ | 0.92 | $ | 0.66 | $ | 2.86 | $ | 0.85 | |||||||||||||||
Diluted earnings per share | 0.92 | 0.66 | 2.83 | 0.85 | |||||||||||||||||||
Antidilutive shares excluded from computation of average dilutive earnings per share | — | 90,518 | — | 85,723 |
Three Months Ended
September 30, 2021 |
Three Months Ended
September 30, 2020 |
||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking |
Wealth
Management |
Consolidated | Banking |
Wealth
Management |
Consolidated | |||||||||||||||||||||||||||||
Fees for wealth management services | $ | — | $ | 13,618 | $ | 13,618 | $ | — | $ | 11,707 | $ | 11,707 | |||||||||||||||||||||||
Insurance commissions | — | 1,524 | 1,524 | — | 1,682 | 1,682 | |||||||||||||||||||||||||||||
Capital markets revenue(1)
|
2,823 | — | 2,823 | 3,314 | — | 3,314 | |||||||||||||||||||||||||||||
Service charges on deposit accounts | 751 | — | 751 | 663 | — | 663 | |||||||||||||||||||||||||||||
Loan servicing and other fees(1)
|
327 | — | 327 | 373 | — | 373 | |||||||||||||||||||||||||||||
Net gain on sale of loans(1)
|
671 | — | 671 | 1,021 | — | 1,021 | |||||||||||||||||||||||||||||
Net gain on sale of investment securities available for sale(1)
|
512 | — | 512 | — | — | — | |||||||||||||||||||||||||||||
Dividends on FHLB and FRB stock(1)
|
202 | — | 202 | 127 | — | 127 | |||||||||||||||||||||||||||||
Other operating income(2)
|
2,113 | 46 | 2,159 | 2,198 | 14 | 2,212 | |||||||||||||||||||||||||||||
Total noninterest income | $ | 7,399 | $ | 15,188 | $ | 22,587 | $ | 7,696 | $ | 13,403 | $ | 21,099 |
Nine Months Ended
September 30, 2021 |
Nine Months Ended
September 30, 2020 |
||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking |
Wealth
Management |
Consolidated | Banking |
Wealth
Management |
Consolidated | |||||||||||||||||||||||||||||
Fees for wealth management services | $ | — | $ | 40,485 | $ | 40,485 | $ | — | $ | 31,944 | $ | 31,944 | |||||||||||||||||||||||
Insurance commissions | — | 4,237 | 4,237 | — | 4,518 | 4,518 | |||||||||||||||||||||||||||||
Capital markets revenue(1)
|
5,709 | — | 5,709 | 8,650 | — | 8,650 | |||||||||||||||||||||||||||||
Service charges on deposit accounts | 2,180 | — | 2,180 | 2,112 | — | 2,112 | |||||||||||||||||||||||||||||
Loan servicing and other fees(1)
|
1,028 | — | 1,028 | 1,286 | — | 1,286 | |||||||||||||||||||||||||||||
Net gain on sale of loans(1)
|
1,446 | — | 1,446 | 4,937 | — | 4,937 | |||||||||||||||||||||||||||||
Net gain on sale of investment securities available for sale(1)
|
512 | — | 512 | — | — | — | |||||||||||||||||||||||||||||
Net gain on sale of OREO | — | — | — | 148 | — | 148 | |||||||||||||||||||||||||||||
Dividends on FHLB and FRB stock(1)
|
663 | — | 663 | 814 | — | 814 | |||||||||||||||||||||||||||||
Other operating income(2)
|
6,941 | 193 | 7,134 | 5,441 | 115 | 5,556 | |||||||||||||||||||||||||||||
Total noninterest income | $ | 18,479 | $ | 44,915 | $ | 63,394 | $ | 23,388 | $ | 36,577 | $ | 59,965 |
Shares |
Weighted
Average Exercise Price |
Weighted
Average Grant Date Fair Value |
|||||||||||||||
Options outstanding, June 30, 2021 | 225 | $ | 18.33 | $ | 12.93 | ||||||||||||
Forfeited | — | — | — | ||||||||||||||
Expired | — | — | — | ||||||||||||||
Exercised | (225) | 18.33 | 12.93 | ||||||||||||||
Options outstanding, September 30, 2021 | — | — | — |
Shares |
Weighted
Average Exercise Price |
Weighted
Average Grant Date Fair Value |
|||||||||||||||
Options outstanding, December 31, 2020 | 225 | $ | 18.33 | $ | 12.93 | ||||||||||||
Forfeited | — | — | — | ||||||||||||||
Expired | — | — | — | ||||||||||||||
Exercised | (225) | 18.33 | 12.93 | ||||||||||||||
Options outstanding, September 30, 2021 | — | — | — |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Proceeds from exercise of stock options | $ | 4 | $ | 7 | $ | 4 | $ | 12 | |||||||||||||||
Related tax benefit recognized | — | — | — | 2 | |||||||||||||||||||
Net proceeds of options exercised | $ | 4 | $ | 7 | $ | 4 | $ | 14 | |||||||||||||||
Intrinsic value of options exercised | $ | 5 | $ | 4 | $ | 5 | $ | 12 |
Three Months Ended
September 30, 2021 |
Nine Months Ended
September 30, 2021 |
||||||||||||||||||||||
Number of Shares |
Weighted
Average Grant Date Fair Value |
Number of Shares |
Weighted
Average Grant Date Fair Value |
||||||||||||||||||||
Beginning balance | 150,070 | $ | 37.25 | 114,846 | $ | 38.00 | |||||||||||||||||
Granted | — | — | 36,791 | 35.09 | |||||||||||||||||||
Vested | (21,445) | 44.79 | (22,245) | 44.76 | |||||||||||||||||||
Forfeited | (2,088) | 39.49 | (2,855) | 39.24 | |||||||||||||||||||
Ending balance | 126,537 | 35.93 | 126,537 | 35.93 |
Three Months Ended
September 30, 2021 |
Nine Months Ended
September 30, 2021 |
||||||||||||||||||||||
Number of Shares |
Weighted
Average Grant Date Fair Value |
Number of Shares |
Weighted
Average Grant Date Fair Value |
||||||||||||||||||||
Beginning balance | 205,065 | $ | 36.88 | 149,911 | $ | 37.60 | |||||||||||||||||
Granted | — | — | 56,144 | 34.99 | |||||||||||||||||||
Vested | (12,871) | 41.13 | (12,871) | 41.13 | |||||||||||||||||||
Non-vesting (market-based criteria)(1)
|
(6,976) | 41.15 | (6,976) | 41.15 | |||||||||||||||||||
Non-vesting (non-market based criteria)(2)
|
(18,691) | 44.93 | (18,691) | 44.93 | |||||||||||||||||||
Forfeited | (4,229) | 38.99 | (5,219) | 39.12 | |||||||||||||||||||
Ending balance | 162,298 | 35.37 | 162,298 | 35.37 |
As of September 30, 2021 | |||||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||
U.S. Treasury securities | $ | 100 | $ | 100 | $ | — | $ | — | |||||||||||||||
Obligations of U.S. government & agencies | 96,597 | — | 96,597 | — | |||||||||||||||||||
Mortgage-backed securities | 439,182 | — | 439,182 | — | |||||||||||||||||||
Collateralized mortgage obligations | 13,566 | — | 13,566 | — | |||||||||||||||||||
Collateralized loan obligations | 94,651 | — | 94,651 | — | |||||||||||||||||||
Corporate bonds | 11,755 | — | 11,755 | — | |||||||||||||||||||
Other investment securities | 650 | — | 650 | — | |||||||||||||||||||
Total investment securities available for sale | 656,501 | 100 | 656,401 | — | |||||||||||||||||||
Investment securities trading: | |||||||||||||||||||||||
Mutual funds | 8,128 | 8,128 | — | — | |||||||||||||||||||
Derivatives: | |||||||||||||||||||||||
Interest rate swaps | 80,626 | — | 80,626 | — | |||||||||||||||||||
RPAs purchased | 270 | — | 270 | — | |||||||||||||||||||
FX forwards | 23 | — | 23 | — | |||||||||||||||||||
Total derivatives | 80,919 | — | 80,919 | — | |||||||||||||||||||
Total recurring fair value measurements | $ | 745,548 | $ | 8,228 | $ | 737,320 | $ | — |
As of December 31, 2020 | |||||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||
U.S. Treasury securities | $ | 500,100 | $ | 500,100 | $ | — | $ | — | |||||||||||||||
Obligations of U.S. government & agencies | 93,098 | — | 93,098 | — | |||||||||||||||||||
Obligations of state & political subdivisions | 2,171 | — | 2,171 | — | |||||||||||||||||||
Mortgage-backed securities | 453,857 | — | 453,857 | — | |||||||||||||||||||
Collateralized mortgage obligations | 19,263 | — | 19,263 | — | |||||||||||||||||||
Collateralized loan obligations | 94,404 | — | 94,404 | — | |||||||||||||||||||
Corporate bonds | 11,421 | — | 11,421 | — | |||||||||||||||||||
Other investment securities | 650 | — | 650 | — | |||||||||||||||||||
Total investment securities available for sale | 1,174,964 | 500,100 | 674,864 | — | |||||||||||||||||||
Investment securities trading: | |||||||||||||||||||||||
Mutual funds | 8,623 | 8,623 | — | — | |||||||||||||||||||
Derivatives: | |||||||||||||||||||||||
Interest rate swaps | 113,848 | — | 113,848 | — | |||||||||||||||||||
RPAs purchased | 342 | — | 342 | — | |||||||||||||||||||
FX forwards | 52 | — | 52 | — | |||||||||||||||||||
Total derivatives | 114,242 | — | 114,242 | — | |||||||||||||||||||
Total recurring fair value measurements | $ | 1,297,829 | $ | 508,723 | $ | 789,106 | $ | — |
As of September 30, 2021 | |||||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
MSRs | $ | 2,057 | $ | — | $ | — | $ | 2,057 | |||||||||||||||
Loans and leases individually evaluated for credit losses
|
12,118 | — | — | 12,118 | |||||||||||||||||||
Total non-recurring fair value measurements | $ | 14,175 | $ | — | $ | — | $ | 14,175 |
As of December 31, 2020 | |||||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
MSRs | $ | 2,632 | $ | — | $ | — | $ | 2,632 | |||||||||||||||
Loans and leases individually evaluated for credit losses
|
11,142 | — | — | 11,142 | |||||||||||||||||||
Total non-recurring fair value measurements | $ | 13,774 | $ | — | $ | — | $ | 13,774 |
September 30,
2021 |
December 31,
2020 |
||||||||||||||||||||||||||||
(dollars in thousands) |
Fair Value
Hierarchy
Level(1)
|
Carrying
Amount |
Fair Value |
Carrying
Amount |
Fair Value | ||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | Level 1 | $ | 48,671 | $ | 48,671 | $ | 96,313 | $ | 96,313 | ||||||||||||||||||||
Investment securities - available for sale | See Note 20 | 656,501 | 656,501 | 1,174,964 | 1,174,964 | ||||||||||||||||||||||||
Investment securities - trading | See Note 20 | 8,128 | 8,128 | 8,623 | 8,623 | ||||||||||||||||||||||||
Investment securities – held to maturity | Level 2 | 11,542 | 11,733 | 14,759 | 15,186 | ||||||||||||||||||||||||
Loans held for sale | Level 2 | 634 | 634 | 6,000 | 6,000 | ||||||||||||||||||||||||
Net portfolio loans and leases | Level 3 | 3,581,369 | 3,470,749 | 3,574,702 | 3,489,322 | ||||||||||||||||||||||||
MSRs | Level 3 | 2,057 | 2,057 | 2,626 | 2,632 | ||||||||||||||||||||||||
Interest rate swaps | Level 2 | 80,626 | 80,626 | 113,848 | 113,848 | ||||||||||||||||||||||||
FX forwards | Level 2 | 23 | 23 | 52 | 52 | ||||||||||||||||||||||||
RPAs purchased | Level 2 | 270 | 270 | 342 | 342 | ||||||||||||||||||||||||
Other assets | Level 3 | 38,383 | 38,383 | 45,847 | 45,847 | ||||||||||||||||||||||||
Total financial assets | $ | 4,428,204 | $ | 4,317,775 | $ | 5,038,076 | $ | 4,953,129 | |||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits | Level 2 | $ | 3,815,532 | $ | 3,815,796 | $ | 4,376,254 | $ | 4,379,021 | ||||||||||||||||||||
Short-term borrowings | Level 2 | 96,965 | 96,965 | 72,161 | 72,161 | ||||||||||||||||||||||||
Long-term FHLB advances | Level 2 | 25,000 | 25,046 | 39,906 | 40,441 | ||||||||||||||||||||||||
Subordinated notes | Level 2 | 99,017 | 92,118 | 98,883 | 90,735 | ||||||||||||||||||||||||
Junior subordinated debentures | Level 2 | 22,079 | 19,454 | 21,935 | 27,812 | ||||||||||||||||||||||||
Interest rate swaps | Level 2 | 82,356 | 82,356 | 113,848 | 113,848 | ||||||||||||||||||||||||
FX forwards | Level 2 | — | — | 70 | 70 | ||||||||||||||||||||||||
RPAs sold | Level 2 | 16 | 16 | 30 | 30 | ||||||||||||||||||||||||
Other liabilities | Level 3 | 44,640 | 44,640 | 45,734 | 45,734 | ||||||||||||||||||||||||
Total financial liabilities | $ | 4,185,605 | $ | 4,176,391 | $ | 4,768,821 | $ | 4,769,852 |
Three Months Ended
September 30, 2021 |
Three Months Ended
September 30, 2020 |
||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking |
Wealth
Management |
Consolidated | Banking |
Wealth
Management |
Consolidated | |||||||||||||||||||||||||||||
Net interest income | $ | 34,886 | $ | 1 | $ | 34,887 | $ | 35,031 | $ | 1 | $ | 35,032 | |||||||||||||||||||||||
(Recovery of) provision for credit losses | (3,186) | — | (3,186) | 4,101 | — | 4,101 | |||||||||||||||||||||||||||||
Net interest income after PCL | 38,072 | 1 | 38,073 | 30,930 | 1 | 30,931 | |||||||||||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||||||||||
Fees for wealth management services | — | 13,618 | 13,618 | — | 11,707 | 11,707 | |||||||||||||||||||||||||||||
Insurance commissions | — | 1,524 | 1,524 | — | 1,682 | 1,682 | |||||||||||||||||||||||||||||
Capital markets revenue | 2,823 | — | 2,823 | 3,314 | — | 3,314 | |||||||||||||||||||||||||||||
Service charges on deposit accounts | 751 | — | 751 | 663 | — | 663 | |||||||||||||||||||||||||||||
Loan servicing and other fees | 327 | — | 327 | 373 | — | 373 | |||||||||||||||||||||||||||||
Net gain on sale of loans | 671 | — | 671 | 1,021 | — | 1,021 | |||||||||||||||||||||||||||||
Net gain on sale of investment securities available for sale | 512 | — | 512 | — | — | — | |||||||||||||||||||||||||||||
Other operating income | 2,315 | 46 | 2,361 | 2,325 | 14 | 2,339 | |||||||||||||||||||||||||||||
Total noninterest income | 7,399 | 15,188 | 22,587 | 7,696 | 13,403 | 21,099 | |||||||||||||||||||||||||||||
Noninterest expenses: | |||||||||||||||||||||||||||||||||||
Salaries & wages | 11,324 | 5,427 | 16,751 | 11,883 | 5,318 | 17,201 | |||||||||||||||||||||||||||||
Employee benefits | 2,270 | 880 | 3,150 | 2,200 | 826 | 3,026 | |||||||||||||||||||||||||||||
Occupancy and bank premises | 1,997 | 517 | 2,514 | 2,559 | 496 | 3,055 | |||||||||||||||||||||||||||||
Amortization of intangible assets | 232 | 603 | 835 | 263 | 607 | 870 | |||||||||||||||||||||||||||||
Professional fees | 2,241 | 182 | 2,423 | 1,549 | 169 | 1,718 | |||||||||||||||||||||||||||||
Other operating expenses | 9,702 | 1,465 | 11,167 | 8,127 | 1,200 | 9,327 | |||||||||||||||||||||||||||||
Total noninterest expenses | 27,766 | 9,074 | 36,840 | 26,581 | 8,616 | 35,197 | |||||||||||||||||||||||||||||
Segment profit | 17,705 | 6,115 | 23,820 | 12,045 | 4,788 | 16,833 | |||||||||||||||||||||||||||||
Intersegment (revenues) expenses(1)
|
(161) | 161 | — | (133) | 133 | — | |||||||||||||||||||||||||||||
Pre-tax segment profit after eliminations | $ | 17,544 | $ | 6,276 | $ | 23,820 | $ | 11,912 | $ | 4,921 | $ | 16,833 | |||||||||||||||||||||||
% of segment pre-tax profit after eliminations | 73.7 | % | 26.3 | % | 100.0 | % | 70.8 | % | 29.2 | % | 100.0 | % | |||||||||||||||||||||||
Segment assets (dollars in millions)
|
$ | 4,829.2 | $ | 49.9 | $ | 4,879.1 | $ | 4,996.7 | $ | 50.2 | $ | 5,046.9 |
Nine Months Ended
September 30, 2021 |
Nine Months Ended
September 30, 2020 |
||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking |
Wealth
Management |
Consolidated | Banking |
Wealth
Management |
Consolidated | |||||||||||||||||||||||||||||
Net interest income | $ | 104,906 | $ | 1 | $ | 104,907 | $ | 108,747 | $ | 3 | $ | 108,750 | |||||||||||||||||||||||
(Recovery of) provision for credit losses | (15,013) | — | (15,013) | 42,886 | — | 42,886 | |||||||||||||||||||||||||||||
Net interest income after PCL | 119,919 | 1 | 119,920 | 65,861 | 3 | 65,864 | |||||||||||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||||||||||
Fees for wealth management services | — | 40,485 | 40,485 | — | 31,944 | 31,944 | |||||||||||||||||||||||||||||
Insurance commissions | — | 4,237 | 4,237 | — | 4,518 | 4,518 | |||||||||||||||||||||||||||||
Capital markets revenue | 5,709 | — | 5,709 | 8,650 | — | 8,650 | |||||||||||||||||||||||||||||
Service charges on deposit accounts | 2,180 | — | 2,180 | 2,112 | — | 2,112 | |||||||||||||||||||||||||||||
Loan servicing and other fees | 1,028 | — | 1,028 | 1,286 | — | 1,286 | |||||||||||||||||||||||||||||
Net gain on sale of loans | 1,446 | — | 1,446 | 4,937 | — | 4,937 | |||||||||||||||||||||||||||||
Net gain on sale of investment securities available for sale | 512 | — | 512 | — | — | — | |||||||||||||||||||||||||||||
Net gain on sale of OREO | — | — | — | 148 | — | 148 | |||||||||||||||||||||||||||||
Other operating income | 7,604 | 193 | 7,797 | 6,255 | 115 | 6,370 | |||||||||||||||||||||||||||||
Total noninterest income | 18,479 | 44,915 | 63,394 | 23,388 | 36,577 | 59,965 | |||||||||||||||||||||||||||||
Noninterest expenses: | |||||||||||||||||||||||||||||||||||
Salaries & wages | 34,027 | 16,254 | 50,281 | 35,441 | 15,675 | 51,116 | |||||||||||||||||||||||||||||
Employee benefits | 7,121 | 2,940 | 10,061 | 7,098 | 2,649 | 9,747 | |||||||||||||||||||||||||||||
Occupancy and bank premises | 6,476 | 1,559 | 8,035 | 7,610 | 1,493 | 9,103 | |||||||||||||||||||||||||||||
Amortization of intangible assets | 694 | 1,814 | 2,508 | 846 | 1,852 | 2,698 | |||||||||||||||||||||||||||||
Professional fees | 5,035 | 450 | 5,485 | 4,003 | 658 | 4,661 | |||||||||||||||||||||||||||||
Other operating expenses | 29,494 | 4,146 | 33,640 | 22,711 | 4,067 | 26,778 | |||||||||||||||||||||||||||||
Total noninterest expenses | 82,847 | 27,163 | 110,010 | 77,709 | 26,394 | 104,103 | |||||||||||||||||||||||||||||
Segment profit | 55,551 | 17,753 | 73,304 | 11,540 | 10,186 | 21,726 | |||||||||||||||||||||||||||||
Intersegment (revenues) expenses(1)
|
(482) | 482 | — | (488) | 488 | — | |||||||||||||||||||||||||||||
Pre-tax segment profit after eliminations | $ | 55,069 | $ | 18,235 | $ | 73,304 | $ | 11,052 | $ | 10,674 | $ | 21,726 | |||||||||||||||||||||||
% of segment pre-tax profit after eliminations | 75.1 | % | 24.9 | % | 100.0 | % | 50.9 | % | 49.1 | % | 100.0 | % | |||||||||||||||||||||||
Segment assets (dollars in millions)
|
$ | 4,829.2 | $ | 49.9 | $ | 4,879.1 | $ | 4,996.7 | $ | 50.2 | $ | 5,046.9 |
(dollars in millions) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Assets under management, administration, supervision and brokerage | $ | 21,386.7 | $ | 18,976.5 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Return on average equity | 11.17 | % | 8.60 | % | 11.93 | % | 3.74 | % | |||||||||||||||
Return on average assets | 1.49 | 1.02 | 1.54 | 0.45 | |||||||||||||||||||
Tax-equivalent net interest margin | 3.15 | 3.03 | 3.16 | 3.21 | |||||||||||||||||||
Equity to assets ratio | 13.32 | 11.81 | 12.90 | 11.98 | |||||||||||||||||||
Basic earnings per share | $ | 0.92 | $ | 0.66 | $ | 2.86 | $ | 0.85 | |||||||||||||||
Diluted earnings per share | 0.92 | 0.66 | 2.83 | 0.85 | |||||||||||||||||||
Dividends paid or accrued per share | 0.28 | 0.27 | 0.82 | 0.79 | |||||||||||||||||||
Dividends paid or accrued per share to net income per basic common share | 30.4 | % | 40.9 | % | 28.7 | % | 92.9 | % |
(dollars in millions, except per share amounts) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Book value per share | $ | 32.90 | $ | 31.18 | |||||||
ACL on loans and leases as a percentage of portfolio loans and leases | 1.01 | % | 1.48 | % | |||||||
Tier I capital to risk weighted assets | 12.90 | 11.86 | |||||||||
Loan to deposit ratio | 94.8 | 82.9 | |||||||||
Wealth assets under management, administration, supervision and brokerage | $ | 21,386.7 | $ | 18,976.5 | |||||||
Portfolio loans and leases | 3,617.9 | 3,628.4 | |||||||||
Total assets | 4,879.1 | 5,432.0 | |||||||||
Total shareholders’ equity | 654.8 | 622.3 |
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) |
Average
Balance |
Interest
Income/ Expense |
Average
Rates Earned/ Paid |
Average
Balance |
Interest
Income/ Expense |
Average
Rates Earned/ Paid |
||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 67,665 | $ | 20 | 0.12 | % | $ | 336,225 | $ | 85 | 0.10 | % | ||||||||||||||||||||||||||
Investment securities - available for sale: | ||||||||||||||||||||||||||||||||||||||
Taxable | 692,821 | 2,670 | 1.53 | 550,199 | 2,562 | 1.85 | ||||||||||||||||||||||||||||||||
Tax-exempt(4)
|
1,109 | 8 | 2.86 | 3,690 | 23 | 2.48 | ||||||||||||||||||||||||||||||||
Total investment securities – available for sale | 693,930 | 2,678 | 1.53 | 553,889 | 2,585 | 1.86 | ||||||||||||||||||||||||||||||||
Investment securities – held to maturity | 12,179 | 54 | 1.76 | 12,248 | 57 | 1.85 | ||||||||||||||||||||||||||||||||
Investment securities – trading | 8,262 | 21 | 1.01 | 7,957 | 21 | 1.05 | ||||||||||||||||||||||||||||||||
Loans and leases(1)(2)(3)(4)
|
3,617,866 | 34,423 | 3.77 | 3,701,495 | 36,901 | 3.97 | ||||||||||||||||||||||||||||||||
Total interest-earning assets | 4,399,902 | 37,196 | 3.35 | 4,611,814 | 39,649 | 3.42 | ||||||||||||||||||||||||||||||||
Cash and due from banks | 9,799 | 16,557 | ||||||||||||||||||||||||||||||||||||
ACL on loans and leases | (39,218) | (55,285) | ||||||||||||||||||||||||||||||||||||
Other assets | 530,362 | 584,502 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 4,900,845 | $ | 5,157,588 | ||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Savings, NOW, and market rate accounts | $ | 2,111,767 | $ | 276 | 0.05 | $ | 2,282,591 | $ | 1,042 | 0.18 | ||||||||||||||||||||||||||||
Wholesale deposits | 73,497 | 74 | 0.40 | 223,527 | 465 | 0.83 | ||||||||||||||||||||||||||||||||
Retail time deposits | 255,815 | 458 | 0.71 | 385,534 | 1,460 | 1.51 | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 2,441,079 | 808 | 0.13 | 2,891,652 | 2,967 | 0.41 | ||||||||||||||||||||||||||||||||
Short-term borrowings | 35,166 | 16 | 0.18 | 29,913 | 8 | 0.11 | ||||||||||||||||||||||||||||||||
Long-term FHLB advances | 33,795 | 173 | 2.03 | 44,849 | 234 | 2.08 | ||||||||||||||||||||||||||||||||
Subordinated notes | 98,993 | 1,022 | 4.10 | 98,815 | 1,094 | 4.40 | ||||||||||||||||||||||||||||||||
Junior subordinated debt | 22,051 | 198 | 3.56 | 21,859 | 207 | 3.77 | ||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 2,631,084 | 2,217 | 0.33 | 3,087,088 | 4,510 | 0.58 | ||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 1,439,672 | 1,220,570 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 177,365 | 240,737 | ||||||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities | 1,617,037 | 1,461,307 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 4,248,121 | 4,548,395 | ||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 652,724 | 609,193 | ||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,900,845 | $ | 5,157,588 | ||||||||||||||||||||||||||||||||||
Net interest spread | 3.02 | 2.84 | ||||||||||||||||||||||||||||||||||||
Effect of noninterest-bearing sources | 0.13 | 0.19 | ||||||||||||||||||||||||||||||||||||
Net interest income/margin on earning assets(4)
|
$ | 34,979 | 3.15 | $ | 35,139 | 3.03 | ||||||||||||||||||||||||||||||||
Tax-equivalent adjustment(4)
|
$ | 92 | 0.01 | % | $ | 107 | 0.01 | % |
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) |
Average
Balance |
Interest
Income/ Expense |
Average
Rates Earned/ Paid |
Average
Balance |
Interest
Income/ Expense |
Average
Rates Earned/ Paid |
||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 88,181 | $ | 58 | 0.09 | % | $ | 194,652 | $ | 233 | 0.16 | % | ||||||||||||||||||||||||||
Investment securities - available for sale: | ||||||||||||||||||||||||||||||||||||||
Taxable | 723,357 | 8,532 | 1.58 | 527,837 | 8,402 | 2.13 | ||||||||||||||||||||||||||||||||
Tax-exempt(4)
|
1,812 | 36 | 2.66 | 4,388 | 77 | 2.34 | ||||||||||||||||||||||||||||||||
Total investment securities – available for sale | 725,169 | 8,568 | 1.58 | 532,225 | 8,479 | 2.13 | ||||||||||||||||||||||||||||||||
Investment securities – held to maturity | 13,300 | 176 | 1.77 | 12,854 | 217 | 2.26 | ||||||||||||||||||||||||||||||||
Investment securities – trading | 8,552 | 61 | 0.95 | 8,095 | 70 | 1.16 | ||||||||||||||||||||||||||||||||
Loans and leases(1)(2)(3)(4)
|
3,612,225 | 103,827 | 3.84 | 3,792,969 | 120,578 | 4.25 | ||||||||||||||||||||||||||||||||
Total interest-earning assets | 4,447,427 | 112,690 | 3.39 | 4,540,795 | 129,577 | 3.81 | ||||||||||||||||||||||||||||||||
Cash and due from banks | 10,117 | 15,145 | ||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses | (46,611) | (45,099) | ||||||||||||||||||||||||||||||||||||
Other assets | 524,516 | 565,649 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 4,935,449 | $ | 5,076,490 | ||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Savings, NOW, and market rate accounts | $ | 2,147,989 | $ | 924 | 0.06 | $ | 2,264,407 | $ | 8,364 | 0.49 | ||||||||||||||||||||||||||||
Wholesale deposits | 89,885 | 407 | 0.61 | 240,571 | 1,928 | 1.07 | ||||||||||||||||||||||||||||||||
Retail time deposits | 286,280 | 1,859 | 0.87 | 399,799 | 4,788 | 1.60 | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 2,524,154 | 3,190 | 0.17 | 2,904,777 | 15,080 | 0.69 | ||||||||||||||||||||||||||||||||
Short-term borrowings | 29,051 | 31 | 0.14 | 102,173 | 693 | 0.91 | ||||||||||||||||||||||||||||||||
Long-term FHLB advances | 37,868 | 581 | 2.05 | 46,110 | 633 | 1.83 | ||||||||||||||||||||||||||||||||
Subordinated notes | 98,949 | 3,100 | 4.19 | 98,770 | 3,383 | 4.58 | ||||||||||||||||||||||||||||||||
Junior subordinated debt | 22,003 | 595 | 3.62 | 21,814 | 731 | 4.48 | ||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 2,712,025 | 7,497 | 0.37 | 3,173,644 | 20,520 | 0.86 | ||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 1,407,802 | 1,080,837 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 178,926 | 213,750 | ||||||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities | 1,586,728 | 1,294,587 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 4,298,753 | 4,468,231 | ||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 636,696 | 608,259 | ||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,935,449 | $ | 5,076,490 | ||||||||||||||||||||||||||||||||||
Net interest spread | 3.02 | 2.95 | ||||||||||||||||||||||||||||||||||||
Effect of noninterest-bearing sources | 0.14 | 0.26 | ||||||||||||||||||||||||||||||||||||
Net interest income/margin on earning assets(4)
|
$ | 105,193 | 3.16 | $ | 109,057 | 3.21 | ||||||||||||||||||||||||||||||||
Tax-equivalent adjustment(4)
|
$ | 286 | 0.01 | % | $ | 307 | 0.01 | % |
2021 Compared to 2020 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||||||||||||||||
increase/(decrease) | Volume | Rate | Total | Volume | Rate | Total | |||||||||||||||||||||||||||||
Interest Income: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | (88) | $ | 23 | $ | (65) | $ | (128) | $ | (47) | $ | (175) | |||||||||||||||||||||||
Investment securities - taxable | 2,471 | (2,366) | 105 | 4,154 | (4,074) | 80 | |||||||||||||||||||||||||||||
Investment securities -nontaxable | (22) | 7 | (15) | (48) | 7 | (41) | |||||||||||||||||||||||||||||
Loans and leases | (779) | (1,699) | (2,478) | (5,721) | (11,030) | (16,751) | |||||||||||||||||||||||||||||
Total interest income | 1,582 | (4,035) | (2,453) | (1,743) | (15,144) | (16,887) | |||||||||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||||||||||||||
Savings, NOW and market rate accounts | (77) | (689) | (766) | (433) | (7,007) | (7,440) | |||||||||||||||||||||||||||||
Wholesale deposits | (312) | (79) | (391) | (1,211) | (310) | (1,521) | |||||||||||||||||||||||||||||
Retail time deposits | (490) | (512) | (1,002) | (1,362) | (1,567) | (2,929) | |||||||||||||||||||||||||||||
Short-term borrowings | 2 | 6 | 8 | (495) | (167) | (662) | |||||||||||||||||||||||||||||
Long-term FHLB advances | (57) | (4) | (61) | (141) | 89 | (52) | |||||||||||||||||||||||||||||
Subordinated notes | 13 | (85) | (72) | 10 | (293) | (283) | |||||||||||||||||||||||||||||
Junior subordinated debt | 11 | (20) | (9) | 10 | (146) | (136) | |||||||||||||||||||||||||||||
Total interest expense | (910) | (1,383) | (2,293) | (3,622) | (9,401) | (13,023) | |||||||||||||||||||||||||||||
Interest differential | $ | 2,492 | $ | (2,652) | $ | (160) | $ | 1,879 | $ | (5,743) | $ | (3,864) |
Quarter |
Interest-
Earning Asset Yield |
Interest-
Bearing Liability Cost |
Net Interest
Spread |
Effect of Noninterest Bearing Sources |
Net Interest
Margin |
|||||||||||||||||||||||||||
3rd Quarter 2021 | 3.35% | 0.33% | 3.02% | 0.13% | 3.15% | |||||||||||||||||||||||||||
2nd Quarter 2021 | 3.39 | 0.36 | 3.03 | 0.14 | 3.17 | |||||||||||||||||||||||||||
1st Quarter 2021 | 3.42 | 0.41 | 3.01 | 0.15 | 3.16 | |||||||||||||||||||||||||||
4th Quarter 2020 | 3.33 | 0.45 | 2.88 | 0.16 | 3.04 | |||||||||||||||||||||||||||
3rd Quarter 2020 | 3.42 | 0.58 | 2.84 | 0.19 | 3.03 |
Change in Net Interest Income Over the Twelve Months Beginning After September 30, 2021 | Change in Net Interest Income Over the Twelve Months Beginning After December 31, 2020 | ||||||||||||||||||||||
Amount | Percentage | Amount | Percentage | ||||||||||||||||||||
+300 basis points | $ | 23,194 | 16.91 | % | $ | 24,525 | 17.35 | % | |||||||||||||||
+200 basis points | 14,581 | 10.63 | 15,172 | 10.73 | |||||||||||||||||||
+100 basis points | 6,317 | 4.61 | 6,298 | 4.46 | |||||||||||||||||||
-100 basis points | (2,435) | (1.78) | (2,262) | (1.60) | |||||||||||||||||||
(dollars in millions) |
0 to 90
Days |
91 to 365
Days |
1 - 5
Years |
Over
5 Years |
Non-Rate
Sensitive |
Total | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 39.2 | $ | — | $ | — | $ | — | $ | — | $ | 39.2 | |||||||||||||||||||||||
Investment securities(1)
|
119.1 | 112.7 | 312.1 | 132.2 | — | 676.1 | |||||||||||||||||||||||||||||
Loans and leases(2)
|
1,942.1 | 294.6 | 1,038.7 | 343.1 | — | 3,618.5 | |||||||||||||||||||||||||||||
ACL on loans and leases | — | — | — | — | (36.5) | (36.5) | |||||||||||||||||||||||||||||
Cash and due from banks | — | — | — | — | 9.5 | 9.5 | |||||||||||||||||||||||||||||
Operating lease right-of-use assets | 0.6 | 1.9 | 9.4 | 21.2 | — | 33.1 | |||||||||||||||||||||||||||||
Other assets | — | — | — | — | 539.1 | 539.1 | |||||||||||||||||||||||||||||
Total assets | 2,101.0 | 409.2 | 1,360.2 | 496.5 | 512.1 | 4,879.0 | |||||||||||||||||||||||||||||
Liabilities and shareholders’ equity: | |||||||||||||||||||||||||||||||||||
Demand, noninterest-bearing | 41.0 | 123.1 | 425.2 | 854.3 | — | 1,443.6 | |||||||||||||||||||||||||||||
Savings, NOW and market rate | 103.2 | 309.3 | 889.4 | 785.8 | — | 2,087.7 | |||||||||||||||||||||||||||||
Time deposits | 75.1 | 120.0 | 43.5 | — | — | 238.6 | |||||||||||||||||||||||||||||
Wholesale non-maturity deposits | 39.5 | — | — | — | — | 39.5 | |||||||||||||||||||||||||||||
Wholesale time deposits | 0.5 | 0.4 | 5.2 | — | — | 6.1 | |||||||||||||||||||||||||||||
Short-term borrowings | 96.9 | — | — | — | — | 96.9 | |||||||||||||||||||||||||||||
Long-term FHLB advances | 25.0 | — | — | — | — | 25.0 | |||||||||||||||||||||||||||||
Subordinated notes | 30.0 | — | 69.0 | — | — | 99.0 | |||||||||||||||||||||||||||||
Junior subordinated debentures | 22.1 | — | — | — | — | 22.1 | |||||||||||||||||||||||||||||
Operating lease liabilities | 0.7 | 2.2 | 11.0 | 24.8 | — | 38.7 | |||||||||||||||||||||||||||||
Other liabilities | — | — | — | — | 127.0 | 127.0 | |||||||||||||||||||||||||||||
Shareholders’ equity | 23.5 | 70.1 | 374.1 | 187.1 | — | 654.8 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | 457.5 | 625.1 | 1,817.4 | 1,852.0 | 127.0 | 4,879.0 | |||||||||||||||||||||||||||||
Interest-earning assets | 2,100.4 | 407.3 | 1,350.8 | 475.3 | — | 4,333.8 | |||||||||||||||||||||||||||||
Interest-bearing liabilities | 392.3 | 429.7 | 1,007.1 | 785.8 | — | 2,614.9 | |||||||||||||||||||||||||||||
Difference between interest-earning assets and interest-bearing liabilities | 1,708.1 | (22.4) | 343.7 | (310.5) | — | 1,718.9 | |||||||||||||||||||||||||||||
Cumulative difference between interest earning assets and interest-bearing liabilities | $ | 1,708.1 | $ | 1,685.7 | $ | 2,029.4 | $ | 1,718.9 | $ | — | $ | 1,718.9 | |||||||||||||||||||||||
Cumulative earning assets as a % of cumulative interest-bearing liabilities | 535 | % | 305 | % | 211 | % | 166 | % |
Allocation of ACL | |||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
(dollars in thousands) | ACL | % Loans and Leases to Total Loans and Leases | ACL | % Loans and Leases to Total Loans and Leases | |||||||||||||||||||
CRE - nonowner-occupied | $ | 11,382 | 40.5 | % | $ | 19,382 | 39.6 | % | |||||||||||||||
CRE - owner-occupied | 3,859 | 14.9 | 6,982 | 15.9 | |||||||||||||||||||
Home equity lines of credit | 955 | 4.1 | 1,406 | 4.7 | |||||||||||||||||||
Residential mortgage - 1st liens | 4,375 | 15.5 | 7,782 | 17.1 | |||||||||||||||||||
Residential mortgage - junior liens | 361 | 0.7 | 382 | 0.7 | |||||||||||||||||||
Construction | 2,315 | 6.5 | 2,707 | 4.4 | |||||||||||||||||||
Commercial & Industrial | 8,355 | 12.9 | 8,087 | 12.3 | |||||||||||||||||||
Consumer | 433 | 1.3 | 325 | 1.1 | |||||||||||||||||||
Leases | 4,511 | 3.7 | 6,656 | 4.2 | |||||||||||||||||||
Total ACL on loans and leases | $ | 36,546 | 100.0 | % | $ | 53,709 | 100.0 | % |
(dollars in thousands) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Nonperforming Assets: | |||||||||||
Nonperforming loans and leases | $ | 8,047 | $ | 5,306 | |||||||
Other real estate owned | — | — | |||||||||
Total nonperforming assets | $ | 8,047 | $ | 5,306 | |||||||
Troubled Debt Restructurings: | |||||||||||
TDRs included in non-performing loans | $ | 4,753 | $ | 1,737 | |||||||
TDRs in compliance with modified terms | 4,532 | 7,046 | |||||||||
Total TDRs | $ | 9,285 | $ | 8,783 | |||||||
Loan and Lease quality indicators: | |||||||||||
Allowance for credit losses on loans and leases to nonperforming loans and leases | 454.2 | % | 1,012.2 | % | |||||||
Nonperforming loans and leases to total portfolio loans and leases | 0.22 | 0.15 | |||||||||
Allowance for credit losses on loans and leases to total portfolio loans and leases | 1.01 | 1.48 | |||||||||
Nonperforming assets to total loans and leases and OREO | 0.22 | 0.15 | |||||||||
Nonperforming assets to total assets | 0.16 | 0.10 | |||||||||
Total portfolio loans and leases | $ | 3,617,915 | $ | 3,628,411 | |||||||
Allowance for credit losses on loans and leases | 36,546 | 53,709 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Visa debit card income | $ | 714 | $ | 753 | $ | 2,109 | $ | 1,927 | |||||||||||||||
BOLI income | 271 | 343 | 871 | 993 | |||||||||||||||||||
Commissions and fees | 337 | 339 | 1,043 | 907 | |||||||||||||||||||
Safe deposit box rentals | 102 | 106 | 257 | 268 | |||||||||||||||||||
Other investment income | 173 | 13 | 531 | 52 | |||||||||||||||||||
Rental income | 5 | 11 | 15 | 28 | |||||||||||||||||||
(Loss) gain on trading investments | (21) | 357 | 416 | 396 | |||||||||||||||||||
Miscellaneous other income | 578 | 290 | 1,892 | 985 | |||||||||||||||||||
Other operating income | $ | 2,159 | $ | 2,212 | $ | 7,134 | $ | 5,556 |
As of or for the
Three Months Ended September 30, |
As of or for the
Nine Months Ended September 30, |
||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Mortgage originations | $ | 19,370 | $ | 37,621 | $ | 75,790 | $ | 105,755 | |||||||||||||||
Mortgage loans sold: | |||||||||||||||||||||||
Servicing retained | — | — | — | — | |||||||||||||||||||
Servicing released | 5,614 | 33,487 | 31,274 | 80,370 | |||||||||||||||||||
Total mortgage loans sold | $ | 5,614 | $ | 33,487 | $ | 31,274 | $ | 80,370 | |||||||||||||||
Percentage of originated mortgage loans sold | 29.0 | % | 89.0 | % | 41.3 | % | 76.0 | % | |||||||||||||||
Servicing retained % | — | — | — | — | |||||||||||||||||||
Servicing released % | 100.0 | 100.0 | 100.0 | 100.0 | |||||||||||||||||||
Residential mortgage loans serviced for others | $ | 277,380 | $ | 407,781 | $ | 277,380 | $ | 407,781 | |||||||||||||||
Mortgage servicing rights | 2,057 | 2,881 | 2,057 | 2,881 | |||||||||||||||||||
Gain on sale of mortgage loans | 159 | 986 | 720 | 2,199 | |||||||||||||||||||
Loan servicing and other fees | 327 | 373 | 1,028 | 1,286 | |||||||||||||||||||
Amortization of MSRs | 116 | 413 | 521 | 970 | |||||||||||||||||||
(Impairment) recovery of MSRs | — | (146) | (48) | (599) |
(dollars in thousands) | Wealth Assets as of: | ||||||||||||||||||||||||||||
Fee Basis |
September 30,
2021 |
June 30,
2021 |
March 31,
2021 |
December 31,
2020 |
September 30,
2020 |
||||||||||||||||||||||||
Market value | $ | 7,607,235 | $ | 7,614,127 | $ | 7,258,019 | $ | 7,121,474 | $ | 6,557,898 | |||||||||||||||||||
Fixed fee | 13,779,447 | 13,015,941 | 12,801,352 | 11,855,070 | 10,686,409 | ||||||||||||||||||||||||
Total | $ | 21,386,682 | $ | 20,630,068 | $ | 20,059,371 | $ | 18,976,544 | $ | 17,244,307 |
Percentage of Wealth Assets as of: | |||||||||||||||||||||||||||||
Fee Basis |
September 30,
2021 |
June 30,
2021 |
March 31,
2021 |
December 31,
2020 |
September 30,
2020 |
||||||||||||||||||||||||
Market value | 35.6 | % | 36.9 | % | 36.2 | % | 37.5 | % | 38.0 | % | |||||||||||||||||||
Fixed fee | 64.4 | % | 63.1 | % | 63.8 | % | 62.5 | % | 62.0 | % | |||||||||||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
(dollars in thousands) | For the Three Months Ended: | ||||||||||||||||||||||||||||
Fee Basis |
September 30,
2021 |
June 30,
2021 |
March 31,
2021 |
December 31,
2020 |
September 30,
2020 |
||||||||||||||||||||||||
Market value | $ | 10,047 | $ | 9,463 | $ | 9,232 | $ | 8,572 | $ | 8,344 | |||||||||||||||||||
Fixed fee | 3,571 | 4,568 | 3,604 | 4,016 | 3,363 | ||||||||||||||||||||||||
Total | $ | 13,618 | $ | 14,031 | $ | 12,836 | $ | 12,588 | $ | 11,707 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Amortization expense of capitalized costs for cloud computing arrangements | $ | 511 | $ | 90 | $ | 1,354 | $ | 270 | |||||||||||||||
Contributions | — | 396 | 240 | 1,364 | |||||||||||||||||||
Deferred compensation expense | 244 | 129 | 1,050 | (312) | |||||||||||||||||||
Director fees | 119 | 152 | 358 | 456 | |||||||||||||||||||
Dues and subscriptions | 276 | 401 | 1,098 | 1,285 | |||||||||||||||||||
FDIC insurance | 291 | 627 | 1,007 | 1,450 | |||||||||||||||||||
Insurance | 307 | 237 | 916 | 778 | |||||||||||||||||||
Loan processing | 99 | 90 | 399 | 372 | |||||||||||||||||||
Miscellaneous other expenses | 3,015 | 1,304 | 6,890 | 3,775 | |||||||||||||||||||
MSR amortization and impairment | 116 | 559 | 569 | 1,569 | |||||||||||||||||||
Other taxes | 7 | 5 | 27 | 29 | |||||||||||||||||||
Outsourced services | — | 62 | 92 | 187 | |||||||||||||||||||
Wealth custodian fees | 91 | 105 | 317 | 334 | |||||||||||||||||||
Postage | 124 | 138 | 418 | 452 | |||||||||||||||||||
Stationary and supplies | 57 | 100 | 196 | 324 | |||||||||||||||||||
Telephone and data lines | 392 | 426 | 1,328 | 1,292 | |||||||||||||||||||
Temporary help and recruiting | 516 | 41 | 1,022 | 175 | |||||||||||||||||||
Travel and entertainment | 136 | 8 | 247 | 268 | |||||||||||||||||||
Other operating expenses | $ | 6,301 | $ | 4,870 | $ | 17,528 | $ | 14,068 |
September 30,
2021 |
December 31,
2020 |
Change | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance |
Percent of
Portfolio |
Balance |
Percent of
Portfolio |
Amount | Percent | |||||||||||||||||||||||||||||
CRE - nonowner-occupied | $ | 1,464,534 | 40.5 | % | $ | 1,435,575 | 39.6 | % | $ | 28,959 | 2.0 | % | |||||||||||||||||||||||
CRE - owner-occupied | 537,488 | 14.9 | 578,509 | 15.9 | (41,021) | (7.1) | |||||||||||||||||||||||||||||
Home equity lines of credit | 146,752 | 4.1 | 169,337 | 4.7 | (22,585) | (13.3) | |||||||||||||||||||||||||||||
Residential mortgage - 1st liens | 559,946 | 15.5 | 621,369 | 17.1 | (61,423) | (9.9) | |||||||||||||||||||||||||||||
Residential mortgage - jr. liens | 24,424 | 0.7 | 23,795 | 0.7 | 629 | 2.6 | |||||||||||||||||||||||||||||
Construction | 235,418 | 6.5 | 161,308 | 4.4 | 74,110 | 45.9 | |||||||||||||||||||||||||||||
Commercial & Industrial | 467,979 | 12.9 | 446,438 | 12.3 | 21,541 | 4.8 | |||||||||||||||||||||||||||||
Consumer | 46,428 | 1.3 | 39,683 | 1.1 | 6,745 | 17.0 | |||||||||||||||||||||||||||||
Leases | 134,946 | 3.7 | 152,397 | 4.2 | (17,451) | (11.5) | |||||||||||||||||||||||||||||
Total portfolio loans and leases | 3,617,915 | 100.0 | % | 3,628,411 | 100.0 | % | (10,496) | (0.3) | |||||||||||||||||||||||||||
Loans held for sale | 634 | 6,000 | (5,366) | (89.4) | |||||||||||||||||||||||||||||||
Total loans and leases | $ | 3,618,549 | $ | 3,634,411 | $ | (15,862) | (0.4) | % |
September 30,
2021 |
December 31,
2020 |
Change | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance |
Percent of
Deposits |
Balance |
Percent of
Deposits |
Amount | Percent | |||||||||||||||||||||||||||||
Interest-bearing demand | $ | 681,560 | 17.9 | % | $ | 885,802 | 20.2 | % | $ | (204,242) | (23.1) | % | |||||||||||||||||||||||
Money market | 1,121,155 | 29.3 | 1,163,620 | 26.6 | (42,465) | (3.6) | |||||||||||||||||||||||||||||
Savings | 284,875 | 7.5 | 282,406 | 6.5 | 2,469 | 0.9 | |||||||||||||||||||||||||||||
Retail time deposits | 238,597 | 6.3 | 331,527 | 7.6 | (92,930) | (28.0) | |||||||||||||||||||||||||||||
Wholesale non-maturity deposits | 39,538 | 1.0 | 275,011 | 6.3 | (235,473) | (85.6) | |||||||||||||||||||||||||||||
Wholesale time deposits | 6,146 | 0.2 | 36,045 | 0.8 | (29,899) | (82.9) | |||||||||||||||||||||||||||||
Interest-bearing deposits | 2,371,871 | 62.2 | 2,974,411 | 68.0 | (602,540) | (20.3) | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | 1,443,661 | 37.8 | 1,401,843 | 32.0 | 41,818 | 3.0 | |||||||||||||||||||||||||||||
Total deposits | $ | 3,815,532 | 100.0 | % | $ | 4,376,254 | 100.0 | % | $ | (560,722) | (12.8) | % |
September 30,
2021 |
December 31,
2020 |
Change | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance |
Percent of
Borrowings |
Balance |
Percent of
Borrowings |
Amount | Percent | |||||||||||||||||||||||||||||
Short-term borrowings | $ | 96,965 | 39.9 | % | $ | 72,161 | 31.0 | % | $ | 24,804 | 34.4 | % | |||||||||||||||||||||||
Long-term FHLB advances | 25,000 | 10.3 | 39,906 | 17.1 | (14,906) | (37.4) | |||||||||||||||||||||||||||||
Subordinated notes | 99,017 | 40.7 | 98,883 | 42.5 | 134 | 0.1 | |||||||||||||||||||||||||||||
Junior subordinated debentures | 22,079 | 9.1 | 21,935 | 9.4 | 144 | 0.7 | |||||||||||||||||||||||||||||
Total borrowed funds | $ | 243,061 | 100.0 | % | $ | 232,885 | 100.0 | % | $ | 10,176 | 4.4 | % |
Actual |
Minimum to be Well
Capitalized |
||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||
Total capital to risk weighted assets: | |||||||||||||||||||||||
BMBC | $ | 602,036 | 16.08 | % | $ | 374,404 | 10.00 | % | |||||||||||||||
Bank | 523,001 | 13.98 | 374,198 | 10.00 | |||||||||||||||||||
Tier I capital to risk weighted assets: | |||||||||||||||||||||||
BMBC | 482,866 | 12.90 | 299,523 | 8.00 | |||||||||||||||||||
Bank | 490,848 | 13.12 | 299,358 | 8.00 | |||||||||||||||||||
Common equity Tier I risk weighted assets: | |||||||||||||||||||||||
BMBC | 461,692 | 12.33 | 243,362 | 6.50 | |||||||||||||||||||
Bank | 490,848 | 13.12 | 243,229 | 6.50 | |||||||||||||||||||
Tier I leverage ratio (Tier I capital to total quarterly average assets): | |||||||||||||||||||||||
BMBC | 482,866 | 10.27 | 234,978 | 5.00 | |||||||||||||||||||
Bank | 490,848 | 10.45 | 234,818 | 5.00 | |||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
Total capital to risk weighted assets: | |||||||||||||||||||||||
BMBC | 583,057 | 15.55 | 375,045 | 10.00 | |||||||||||||||||||
Bank | 477,792 | 12.75 | 374,758 | 10.00 | |||||||||||||||||||
Tier I capital to risk weighted assets: | |||||||||||||||||||||||
BMBC | 444,640 | 11.86 | 300,036 | 8.00 | |||||||||||||||||||
Bank | 432,258 | 11.53 | 299,807 | 8.00 | |||||||||||||||||||
Common equity Tier I risk weighted assets: | |||||||||||||||||||||||
BMBC | 423,475 | 11.29 | 243,779 | 6.50 | |||||||||||||||||||
Bank | 432,258 | 11.53 | 243,593 | 6.50 | |||||||||||||||||||
Tier I leverage ratio (Tier I capital to total quarterly average assets): | |||||||||||||||||||||||
BMBC | 444,640 | 9.04 | 246,002 | 5.00 | |||||||||||||||||||
Bank | 432,258 | 8.79 | 245,837 | 5.00 | |||||||||||||||||||
(dollars in millions) |
Available
Funds as of September 30, 2021 |
Percent of
Total Borrowing Capacity |
Available
Funds as of December 31, 2020 |
Percent of Total
Borrowing Capacity |
Dollar
Change |
Percent
Change |
|||||||||||||||||||||||||||||
FHLB of Pittsburgh | $ | 1,641.3 | 94.0 | % | $ | 1,696.9 | 95.9 | % | $ | (55.6) | (3.3) | % | |||||||||||||||||||||||
FRB of Philadelphia | 117.8 | 100.0 | 127.7 | 100.0 | (9.9) | (7.8) | |||||||||||||||||||||||||||||
Fed Funds Lines (six banks) | 74.0 | 100.0 | 74.0 | 100.0 | — | — | |||||||||||||||||||||||||||||
Total | $ | 1,833.1 | 94.6 | $ | 1,898.6 | 96.3 | $ | (65.5) | (3.4) |
(dollars in thousands) | Total |
Less Than
1 Year |
1 - 3
Years |
3 - 5
Years |
More Than
5 Years |
||||||||||||||||||||||||
Deposits without a stated maturity | $ | 3,570,789 | $ | 3,570,789 | $ | — | $ | — | $ | — | |||||||||||||||||||
Wholesale and retail time deposit | 244,743 | 194,960 | 38,053 | 10,788 | 942 | ||||||||||||||||||||||||
Short-term borrowings | 96,965 | 96,965 | — | — | — | ||||||||||||||||||||||||
Long-term FHLB Advances | 25,000 | 25,000 | — | — | — | ||||||||||||||||||||||||
Subordinated Notes | 100,000 | — | — | 30,000 | 70,000 | ||||||||||||||||||||||||
Junior subordinated debentures | 25,800 | — | — | — | 25,800 | ||||||||||||||||||||||||
Operating lease liabilities | 49,490 | 4,261 | 7,785 | 7,569 | 29,875 | ||||||||||||||||||||||||
Purchase obligations | 14,127 | 3,885 | 4,369 | 2,835 | 3,038 | ||||||||||||||||||||||||
Total | $ | 4,126,914 | $ | 3,895,860 | $ | 50,207 | $ | 51,192 | $ | 129,655 |
Period |
Total Number of Shares Purchased(1)(2)
|
Average Price Paid Per Share |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(3)
|
Maximum
Number of Shares that May Yet Be Purchased Under the Plan or Programs |
|||||||||||||||||||
July 1, 2021 – July 31, 2021 | 111 | $ | 41.35 | — | 629,244 | ||||||||||||||||||
August 1, 2021 – August 31, 2021 | 10,537 | $ | 40.20 | — | 629,244 | ||||||||||||||||||
September 1, 2021 – September 30, 2021 | 962 | $ | 42.06 | — | 629,244 | ||||||||||||||||||
Total | 11,610 | $ | 40.37 | — |
Exhibit No. | Description and References | |||||||
2.1 | ||||||||
3.1 | ||||||||
3.2 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
*32.1 | ||||||||
*32.2 | ||||||||
101.INS Inline XBRL | Instance Document - the Instance Document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL Document | |||||||
101.SCH Inline XBRL | Taxonomy Extension Schema Document, filed herewith | |||||||
101.CAL Inline XBRL | Taxonomy Extension Calculation Linkbase Document, filed herewith | |||||||
101.DEF Inline XBRL | Taxonomy Extension Definition Linkbase Document, filed herewith | |||||||
101.LAB Inline XBRL | Taxonomy Extension Label Linkbase Document, filed herewith | |||||||
101.PRE Inline XBRL | Taxonomy Extension Presentation Linkbase Document, filed herewith | |||||||
104 | The cover page of Bryn Mawr Bank Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, formatted in Inline XBRL (contained in Exhibit 101) | |||||||
*Furnished herewith. Notwithstanding any incorporation of this Quarterly Statement on Form 10-Q in any other filing by
the Registrant, Exhibits furnished herewith and designated with one (*) shall not be deemed incorporated by reference to any other filing unless specifically otherwise set forth herein or therein. |
||||||||
**Schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule will be furnished supplementally to the SEC upon request; provided, however, that the parties may request confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended, for any document so furnished. | ||||||||
BRYN MAWR BANK CORPORATION | ||||||||||||||
Date: November 4, 2021 | By: | /s/ Francis J. Leto | ||||||||||||
Francis J. Leto | ||||||||||||||
Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) | ||||||||||||||
Date: November 4, 2021 | By: | /s/ Michael W. Harrington | ||||||||||||
Michael W. Harrington | ||||||||||||||
Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
1 Year Bryn Mawr Bank Chart |
1 Month Bryn Mawr Bank Chart |
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