☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
PEOPLES BANCORP INC. | ||||||||||||||||||||
(Exact name of registrant as specified in its charter) | ||||||||||||||||||||
Ohio | 31-0987416 | |||||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||||||||
138 Putnam Street, P.O. Box 738, | ||||||||||||||||||||
Marietta, | Ohio | 45750-0738 | ||||||||||||||||||
(Address of principal executive offices) | (Zip Code) | |||||||||||||||||||
Registrant’s telephone number, including area code: | (740) | 373-3155 | ||||||||||||||||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||||||||
Common shares, without par value | PEBO | The Nasdaq Stock Market | ||||||||||||||||||
Securities registered pursuant to Section 12(g) of the Act: | None |
Large accelerated filer |
o
|
Accelerated filer |
x
|
||||||||
Non-accelerated filer |
o
|
Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
Location | Address |
Lease Expiration Date
|
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South Parkersburg Walmart Office |
2900 Pike Street
Parkersburg, West Virginia |
January 2020 (a) | ||||||
Cincinnati Mortgage Origination Division |
11025 Reed Hartman Highway
Cincinnati, Ohio |
February 2020 (a) | ||||||
South Shore Office |
347 James Hannah Drive
South Shore, Kentucky |
July 2020 (b) | ||||||
Pikeville Insurance Office |
108 Trivett Drive
Pikeville, Kentucky |
September 2020 (a) | ||||||
Lancaster Fair Avenue Office |
2211 West Fair Avenue
Lancaster, Ohio |
March 2021 (a) | ||||||
Infinity Insurance Group |
5231 Mayfield Road
Lyndhurst, Ohio |
April 2021 (a) | ||||||
Huntington Business Production Office |
1200 Third Avenue
Huntington, West Virginia |
May 2021 (b) | ||||||
Athens Mall Office |
801 East State Street
Athens, Ohio |
June 2021 (b) | ||||||
Akron Business Production Office |
354 South Main Street
Akron, Ohio |
June 2021 (a) | ||||||
Cincinnati East Loan Production Office |
151 Castleberry Court
Milford, Ohio |
June 2021 (b) | ||||||
At December 31, | ||||||||||||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||||||||||||||||||||||
Peoples Bancorp Inc. | $ | 100.00 | $ | 74.66 | $ | 132.32 | $ | 136.44 | $ | 129.97 | $ | 155.88 | ||||||||||||||||||||||||||
Russell 2000 Index | $ | 100.00 | $ | 95.59 | $ | 115.93 | $ | 132.94 | $ | 118.36 | $ | 148.52 | ||||||||||||||||||||||||||
Russell 2000 Financial Services Index | $ | 100.00 | $ | 100.60 | $ | 131.84 | $ | 139.42 | $ | 124.26 | $ | 154.20 |
At or For the Year Ended December 31, | |||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||
Operating Data (a) | |||||||||||||||||||||||||||||
Total interest income | $ | 170,095 | $ | 151,264 | $ | 126,525 | $ | 115,444 | $ | 108,333 | |||||||||||||||||||
Total interest expense | 29,257 | 21,652 | 13,148 | 10,579 | 10,721 | ||||||||||||||||||||||||
Net interest income | 140,838 | 129,612 | 113,377 | 104,865 | 97,612 | ||||||||||||||||||||||||
Provision for loan losses | 2,504 | 5,448 | 3,772 | 3,539 | 14,097 | ||||||||||||||||||||||||
Net gain (loss) on investment securities | 164 | (146) | 2,983 | 930 | 729 | ||||||||||||||||||||||||
Net loss on asset disposals and other transactions | (782) | (334) | (63) | (1,133) | (1,788) | ||||||||||||||||||||||||
Total non-interest income excluding net gains and losses (b) | 64,892 | 57,234 | 52,653 | 51,070 | 47,441 | ||||||||||||||||||||||||
Total non-interest expense | 137,250 | 125,977 | 107,975 | 106,911 | 115,081 | ||||||||||||||||||||||||
Net income (c) | $ | 53,695 | $ | 46,255 | $ | 38,471 | $ | 31,157 | $ | 10,941 | |||||||||||||||||||
Balance Sheet Data (a) | |||||||||||||||||||||||||||||
Total investment securities | $ | 1,010,578 | $ | 871,837 | $ | 874,486 | $ | 859,455 | $ | 868,830 | |||||||||||||||||||
Loans, net of deferred fees and costs ("total loans") | 2,873,525 | 2,728,778 | 2,357,137 | 2,224,936 | 2,072,440 | ||||||||||||||||||||||||
Allowance for loan losses | 21,556 | 20,195 | 18,793 | 18,429 | 16,779 | ||||||||||||||||||||||||
Goodwill and other intangible assets | 177,503 | 162,085 | 144,576 | 146,018 | 149,617 | ||||||||||||||||||||||||
Total assets | 4,354,165 | 3,991,454 | 3,581,686 | 3,432,348 | 3,258,970 | ||||||||||||||||||||||||
Non-interest-bearing deposits | 671,208 | 607,877 | 556,010 | 734,421 | 717,939 | ||||||||||||||||||||||||
Brokered certificates of deposits | 207,939 | 263,854 | 159,618 | 38,832 | 47,635 | ||||||||||||||||||||||||
Other interest-bearing deposits | 2,412,265 | 2,083,734 | 2,014,702 | 1,759,605 | 1,784,148 | ||||||||||||||||||||||||
Short-term borrowings | 316,977 | 356,198 | 209,491 | 305,607 | 160,386 | ||||||||||||||||||||||||
Junior subordinated debentures held by subsidiary trust | 7,451 | 7,283 | 7,107 | 6,924 | 6,736 | ||||||||||||||||||||||||
Other long-term borrowings | 75,672 | 102,361 | 136,912 | 138,231 | 106,934 | ||||||||||||||||||||||||
Total stockholders' equity | 594,393 | 520,140 | 458,592 | 435,261 | 419,789 | ||||||||||||||||||||||||
Tangible assets (d) | 4,176,662 | 3,829,369 | 3,437,110 | 3,286,330 | 3,109,353 | ||||||||||||||||||||||||
Tangible equity (d) | $ | 416,890 | $ | 358,055 | $ | 314,016 | $ | 289,243 | $ | 270,172 | |||||||||||||||||||
Per Common Share Data (a) | |||||||||||||||||||||||||||||
Earnings per common share – basic | $ | 2.65 | $ | 2.42 | $ | 2.12 | $ | 1.72 | $ | 0.62 | |||||||||||||||||||
Earnings per common share – diluted | 2.63 | 2.41 | 2.10 | 1.71 | 0.61 | ||||||||||||||||||||||||
Cash dividends declared per common share | 1.32 | 1.12 | 0.84 | 0.64 | 0.60 | ||||||||||||||||||||||||
Book value per common share (e) | 28.72 | 26.59 | 25.08 | 23.92 | 22.81 | ||||||||||||||||||||||||
Tangible book value per common share (d)(e) | $ | 20.14 | $ | 18.30 | $ | 17.17 | $ | 15.89 | $ | 14.68 | |||||||||||||||||||
Weighted-average number of common shares outstanding – basic | 20,120,119 | 18,991,768 | 18,050,189 | 18,013,693 | 17,555,140 | ||||||||||||||||||||||||
Weighted-average number of common shares outstanding – diluted | 20,273,725 | 19,122,260 | 18,208,684 | 18,155,463 | 17,687,795 | ||||||||||||||||||||||||
Common shares outstanding at end of period | 20,698,941 | 19,565,029 | 18,287,449 | 18,200,067 | 18,404,864 | ||||||||||||||||||||||||
Closing stock price at end of period | $ | 34.66 | $ | 30.10 | $ | 32.62 | $ | 32.46 | $ | 18.84 |
At or For the Year Ended December 31, | |||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||
Significant Ratios (a) | |||||||||||||||||||||||||||||
Return on average stockholders' equity | 9.48 | % | 9.48 | % | 8.54 | % | 7.20 | % | 2.69 | % | |||||||||||||||||||
Return on average tangible equity (f) | 14.35 | 14.81 | 13.33 | 11.86 | 5.16 | ||||||||||||||||||||||||
Return on average assets | 1.27 | 1.19 | 1.10 | 0.94 | 0.35 | ||||||||||||||||||||||||
Return on average assets adjusted for non-core items (g) | 1.42 | 1.32 | 1.08 | 0.97 | 0.62 | ||||||||||||||||||||||||
Average stockholders' equity to average assets | 13.41 | 12.61 | 12.83 | 13.03 | 13.09 | ||||||||||||||||||||||||
Average total loans to average deposits | 86.35 | 89.37 | 86.10 | 83.22 | 80.08 | ||||||||||||||||||||||||
Net interest margin (h) | 3.69 | 3.71 | 3.62 | 3.54 | 3.53 | ||||||||||||||||||||||||
Efficiency ratio (i) | 64.74 | 65.33 | 62.20 | 65.13 | 75.50 | ||||||||||||||||||||||||
Efficiency ratio adjusted for non-core items (j) | 61.09 | 61.32 | 61.85 | 64.30 | 67.49 | ||||||||||||||||||||||||
Pre-provision net revenue to total average assets (k) | 1.62 | 1.57 | 1.65 | 1.48 | 0.96 | ||||||||||||||||||||||||
Dividend payout ratio | 50.08 | 46.65 | 39.86 | 37.40 | 96.35 | ||||||||||||||||||||||||
Total loans to deposits (e) | 87.50 | 92.51 | 86.42 | 88.81 | 81.80 | ||||||||||||||||||||||||
Total investment securities as percentage of total assets (e) | 23.21 | % | 21.84 | % | 24.42 | % | 25.04 | % | 26.67 | % | |||||||||||||||||||
Asset Quality Ratios (a) | |||||||||||||||||||||||||||||
Nonperforming loans as a percent of total loans (e)(l) | 0.75 | % | 0.71 | % | 0.73 | % | 1.13 | % | 0.94 | % | |||||||||||||||||||
Nonperforming assets as a percent of total assets (e)(l) | 0.50 | 0.49 | 0.49 | 0.75 | 0.62 | ||||||||||||||||||||||||
Nonperforming assets as a percent of total loans and other real estate owned ("OREO") (e)(l) | 0.76 | 0.71 | 0.74 | 1.16 | 0.98 | ||||||||||||||||||||||||
Criticized loans as a percent of total loans (e)(m) | 3.37 | 4.18 | 3.84 | 4.46 | 5.89 | ||||||||||||||||||||||||
Classified loans as a percent of total loans (e)(n) | 2.30 | 1.61 | 1.97 | 2.59 | 2.91 | ||||||||||||||||||||||||
Allowance for loan losses as a percent of total loans (e) | 0.75 | 0.74 | 0.80 | 0.83 | 0.81 | ||||||||||||||||||||||||
Allowance for loan losses as a percent of nonperforming loans (e)(l) | 99.28 | 104.35 | 108.52 | 73.43 | 86.05 | ||||||||||||||||||||||||
Provision for loan losses as a percent of average total loans | 0.09 | 0.21 | 0.16 | 0.17 | 0.72 | ||||||||||||||||||||||||
Net charge-offs as a percent of average total loans (o) | 0.04 | % | 0.15 | % | 0.15 | % | 0.09 | % | 0.78 | % | |||||||||||||||||||
Capital Information (a)(e) | |||||||||||||||||||||||||||||
Common equity tier 1 capital ratio (p) | 14.59 | % | 13.66 | % | 13.26 | % | 12.91 | % | 13.36 | % | |||||||||||||||||||
Tier 1 risk-based capital ratio | 14.84 | 13.92 | 13.55 | 13.21 | 13.67 | ||||||||||||||||||||||||
Total risk-based capital ratio (tier 1 and tier 2) | 15.58 | 14.65 | 14.43 | 14.11 | 14.54 | ||||||||||||||||||||||||
Tier 1 leverage ratio | 10.41 | % | 9.99 | % | 9.75 | % | 9.65 | % | 9.52 | % | |||||||||||||||||||
Common equity tier 1 capital | $ | 427,415 | $ | 378,855 | $ | 327,172 | $ | 306,506 | $ | 288,416 | |||||||||||||||||||
Tier 1 capital | 434,866 | 386,138 | 334,279 | 313,430 | 295,151 | ||||||||||||||||||||||||
Total capital (tier 1 and tier 2) | 456,422 | 406,333 | 355,977 | 334,957 | 313,974 | ||||||||||||||||||||||||
Total risk-weighted assets | $ | 2,930,355 | $ | 2,773,383 | $ | 2,466,620 | $ | 2,373,359 | $ | 2,158,713 | |||||||||||||||||||
Total stockholders' equity to total assets | 13.65 | % | 13.03 | % | 12.80 | % | 12.68 | % | 12.88 | % | |||||||||||||||||||
Tangible equity to tangible assets (d) | 9.98 | % | 9.35 | % | 9.14 | % | 8.80 | % | 8.69 | % | |||||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Net interest income | $ | 140,838 | $ | 129,612 | $ | 113,377 | |||||
Taxable equivalent adjustments | 1,068 | 881 | 1,912 | ||||||||
FTE net interest income | $ | 141,906 | $ | 130,493 | $ | 115,289 |
2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Average Balance | Income/ Expense | Yield/Cost | Average Balance | Income/Expense | Yield/Cost | Average Balance | Income/ Expense | Yield/Cost | ||||||||||||||||||||||||||||||||||||||||||||
Short-term investments | $ | 43,157 | $ | 919 | 2.13 | % | $ | 19,462 | $ | 402 | 2.07 | % | $ | 12,616 | $ | 144 | 1.14 | % | |||||||||||||||||||||||||||||||||||
Investment securities (a)(b): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable (c) | 870,921 | 23,420 | 2.69 | % | 784,108 | 23,283 | 2.97 | % | 768,336 | 20,598 | 2.68 | % | |||||||||||||||||||||||||||||||||||||||||
Nontaxable | 106,437 | 3,331 | 3.13 | % | 94,023 | 3,123 | 3.32 | % | 107,604 | 4,497 | 4.18 | % | |||||||||||||||||||||||||||||||||||||||||
Total investment securities | 977,358 | 26,751 | 2.74 | % | 878,131 | 26,406 | 3.01 | % | 875,940 | 25,095 | 2.86 | % | |||||||||||||||||||||||||||||||||||||||||
Loans (b)(d): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 111,734 | 6,008 | 5.30 | % | 122,007 | 5,970 | 4.83 | % | 110,124 | 4,800 | 4.30 | % | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate, other | 829,581 | 44,574 | 5.30 | % | 819,606 | 41,102 | 4.95 | % | 743,517 | 35,240 | 4.67 | % | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 601,900 | 31,611 | 5.18 | % | 517,026 | 26,042 | 4.97 | % | 439,178 | 19,944 | 4.48 | % | |||||||||||||||||||||||||||||||||||||||||
Residential real estate (e) | 641,053 | 30,671 | 4.78 | % | 577,858 | 25,965 | 4.49 | % | 514,024 | 22,256 | 4.33 | % | |||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 132,235 | 7,715 | 5.83 | % | 127,852 | 6,712 | 5.25 | % | 110,910 | 4,965 | 4.48 | % | |||||||||||||||||||||||||||||||||||||||||
Consumer, indirect | 416,768 | 17,350 | 4.16 | % | 373,450 | 14,627 | 3.92 | % | 306,338 | 10,975 | 3.58 | % | |||||||||||||||||||||||||||||||||||||||||
Consumer, direct
|
78,838 | 5,564 | 7.06 | % | 73,171 | 4,919 | 6.72 | % | 69,889 | 5,018 | 7.18 | % | |||||||||||||||||||||||||||||||||||||||||
Total loans | 2,812,109 | 143,493 | 5.06 | % | 2,610,970 | 125,337 | 4.75 | % | 2,293,980 | 103,198 | 4.50 | % | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses
|
(21,239) | (19,359) | (18,713) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net loans | 2,790,870 | 143,493 | 5.10 | % | 2,591,611 | 125,337 | 4.80 | % | 2,275,267 | 103,198 | 4.50 | % | |||||||||||||||||||||||||||||||||||||||||
Total earning assets | 3,811,385 | 171,163 | 4.46 | % | 3,489,204 | 152,145 | 4.33 | % | 3,163,823 | 128,437 | 4.03 | % | |||||||||||||||||||||||||||||||||||||||||
Goodwill and other intangible assets | 173,529 | 158,115 | 144,696 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 237,568 | 224,513 | 201,755 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets
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$ | 4,222,482 | $ | 3,871,832 | $ | 3,510,274 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | $ | 511,112 | $ | 437 | 0.09 | % | $ | 468,624 | $ | 303 | 0.06 | % | $ | 442,684 | $ | 249 | 0.06 | % | |||||||||||||||||||||||||||||||||||
Government deposit accounts
|
323,768 | 3,220 | 0.99 | % | 306,356 | 1,521 | 0.50 | % | 294,053 | 704 | 0.24 | % | |||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand accounts
|
605,637 | 1,111 | 0.18 | % | 564,345 | 750 | 0.13 | % | 367,699 | 543 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||
Money market accounts | 425,207 | 2,745 | 0.65 | % | 386,607 | 1,359 | 0.35 | % | 389,885 | 877 | 0.22 | % | |||||||||||||||||||||||||||||||||||||||||
Retail certificates of deposit | 465,381 | 8,002 | 1.72 | % | 383,929 | 4,842 | 1.26 | % | 358,307 | 2,997 | 0.84 | % | |||||||||||||||||||||||||||||||||||||||||
Brokered certificates of deposits | 272,553 | 6,695 | 2.46 | % | 220,109 | 4,930 | 2.24 | % | 98,793 | 1,784 | 1.81 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits
|
2,603,658 | 22,210 | 0.85 | % | 2,329,970 | 13,705 | 0.59 | % | 1,951,421 | 7,154 | 0.37 | % | |||||||||||||||||||||||||||||||||||||||||
Borrowed funds: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term FHLB advances | 197,987 | 4,455 | 2.25 | % | 219,897 | 4,494 | 2.04 | % | 100,205 | 1,160 | 1.16 | % | |||||||||||||||||||||||||||||||||||||||||
Repurchase agreements and other | 46,812 | 257 | 0.55 | % | 79,149 | 744 | 0.94 | % | 82,042 | 374 | 0.46 | % | |||||||||||||||||||||||||||||||||||||||||
Total short-term borrowings | 244,799 | 4,712 | 1.92 | % | 299,046 | 5,238 | 1.75 | % | 182,247 | 1,534 | 0.84 | % | |||||||||||||||||||||||||||||||||||||||||
Long-term FHLB advances | 87,472 | 1,814 | 2.07 | % | 109,944 | 2,192 | 1.99 | % | 136,799 | 2,794 | 2.04 | % | |||||||||||||||||||||||||||||||||||||||||
Wholesale repurchase agreements
|
— | — | — | % | — | — | — | % | 33,315 | 1,225 | 3.68 | % | |||||||||||||||||||||||||||||||||||||||||
Other borrowings | 7,368 | 521 | 7.07 | % | 7,338 | 517 | 7.05 | % | 6,977 | 441 | 6.34 | % | |||||||||||||||||||||||||||||||||||||||||
Total long-term borrowings | 94,840 | 2,335 | 2.46 | % | 117,282 | 2,709 | 2.31 | % | 177,091 | 4,460 | 2.52 | % | |||||||||||||||||||||||||||||||||||||||||
Total borrowed funds | 339,639 | 7,047 | 2.07 | % | 416,328 | 7,947 | 1.90 | % | 359,338 | 5,994 | 1.67 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities
|
2,943,297 | 29,257 | 0.99 | % | 2,746,298 | 21,652 | 0.79 | % | 2,310,759 | 13,148 | 0.57 | % | |||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing deposits | 653,082 | 591,592 | 713,027 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 59,980 | 45,803 | 36,109 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 3,656,359 | 3,383,693 | 3,059,895 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 566,123 | 488,139 | 450,379 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 4,222,482 | $ | 3,871,832 | $ | 3,510,274 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread (b) | $ | 141,906 | 3.47 | % | $ | 130,493 | 3.54 | % | $ | 115,289 | 3.46 | % | |||||||||||||||||||||||||||||||||||||||||
Net interest margin (b) | 3.69 | % | 3.71 | % | 3.62 | % |
(Dollars in thousands) | Changes from 2018 to 2019 | Changes from 2017 to 2018 | |||||||||||||||||||||||||||||||||
Increase (decrease) in: | Rate | Volume |
Total (a)
|
Rate | Volume |
Total (a)
|
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INTEREST INCOME: | |||||||||||||||||||||||||||||||||||
Short-term investments | $ | 24 | $ | 493 | $ | 517 | $ | 155 | $ | 103 | $ | 258 | |||||||||||||||||||||||
Investment Securities (b): | |||||||||||||||||||||||||||||||||||
Taxable | (2,309) | 2,446 | 137 | 2,254 | 431 | 2,685 | |||||||||||||||||||||||||||||
Nontaxable | (188) | 396 | 208 | (851) | (523) | (1,374) | |||||||||||||||||||||||||||||
Total investment income | (2,497) | 2,842 | 345 | 1,403 | (92) | 1,311 | |||||||||||||||||||||||||||||
Loans (b):
|
|||||||||||||||||||||||||||||||||||
Construction | 556 | (518) | 38 | 622 | 548 | 1,170 | |||||||||||||||||||||||||||||
Commercial real estate, other | 2,967 | 505 | 3,472 | 2,122 | 3,740 | 5,862 | |||||||||||||||||||||||||||||
Commercial and industrial | 1,149 | 4,420 | 5,569 | 2,324 | 3,774 | 6,098 | |||||||||||||||||||||||||||||
Residential real estate | 1,750 | 2,956 | 4,706 | 865 | 2,844 | 3,709 | |||||||||||||||||||||||||||||
Home equity lines of credit | 767 | 236 | 1,003 | 928 | 819 | 1,747 | |||||||||||||||||||||||||||||
Consumer, indirect | 957 | 1,766 | 2,723 | 1,090 | 2,562 | 3,652 | |||||||||||||||||||||||||||||
Consumer, direct | 252 | 393 | 645 | (329) | 230 | (99) | |||||||||||||||||||||||||||||
Total loan income | 8,398 | 9,758 | 18,156 | 7,622 | 14,517 | 22,139 | |||||||||||||||||||||||||||||
Total interest income | 5,925 | 13,093 | 19,018 | 9,180 | 14,528 | 23,708 | |||||||||||||||||||||||||||||
INTEREST EXPENSE: | |||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Savings accounts | 105 | 29 | 134 | 38 | 16 | 54 | |||||||||||||||||||||||||||||
Government deposit accounts | 1,608 | 91 | 1,699 | 787 | 30 | 817 | |||||||||||||||||||||||||||||
Interest-bearing demand accounts | 303 | 58 | 361 | (59) | 266 | 207 | |||||||||||||||||||||||||||||
Money market accounts | 1,238 | 148 | 1,386 | 489 | (7) | 482 | |||||||||||||||||||||||||||||
Retail certificates of deposit | 1,995 | 1,165 | 3,160 | 1,618 | 227 | 1,845 | |||||||||||||||||||||||||||||
Brokered certificates of deposit | 510 | 1,255 | 1,765 | 515 | 2,631 | 3,146 | |||||||||||||||||||||||||||||
Total deposit cost | 5,759 | 2,746 | 8,505 | 3,388 | 3,163 | 6,551 | |||||||||||||||||||||||||||||
Borrowed funds: | |||||||||||||||||||||||||||||||||||
Short-term borrowings | 49 | (575) | (526) | 469 | 3,235 | 3,704 | |||||||||||||||||||||||||||||
Long-term borrowings | 87 | (461) | (374) | (628) | (1,123) | (1,751) | |||||||||||||||||||||||||||||
Total borrowed funds cost | 136 | (1,036) | (900) | (159) | 2,112 | 1,953 | |||||||||||||||||||||||||||||
Total interest expense | 5,895 | 1,710 | 7,605 | 3,229 | 5,275 | 8,504 | |||||||||||||||||||||||||||||
Net interest income | $ | 30 | $ | 11,383 | $ | 11,413 | $ | 5,951 | $ | 9,253 | $ | 15,204 |
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Provision for other loan losses | $ | 1,845 | $ | 4,677 | $ | 3,050 | |||||
Provision for checking account overdrafts | 659 | 771 | 722 | ||||||||
Provision for loan losses | $ | 2,504 | $ | 5,448 | $ | 3,772 | |||||
As a percent of average total loans | 0.09 | % | 0.21 | % | 0.16 | % |
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Net gain (loss) on investment securities | $ | 164 | $ | (146) | $ | 2,983 | |||||
Net loss on asset disposals and other transactions: | |||||||||||
Net (loss) gain on other assets | $ | (692) | $ | (224) | $ | 28 | |||||
Net loss on debt extinguishment | — | (13) | — | ||||||||
Net loss on OREO | (98) | (21) | (116) | ||||||||
Net gain (loss) on other transactions | 8 | (76) | 25 | ||||||||
Net loss on asset disposals and other transactions | $ | (782) | $ | (334) | $ | (63) |
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Property and casualty insurance commissions | $ | 10,526 | $ | 10,589 | $ | 10,298 | |||||
Change in deferred income from property and casualty insurance commissions (a) | 79 | (77) | — | ||||||||
Total property and casualty insurance commissions
|
10,605 | 10,512 | 10,298 | ||||||||
Life and health insurance commissions | 1,839 | 1,830 | 1,759 | ||||||||
Change in deferred income from life and health insurance commissions (a)
|
226 | 446 | — | ||||||||
Total life and health insurance commissions
|
2,065 | 2,276 | 1,759 | ||||||||
Performance-based commissions | 1,530 | 1,452 | 1,457 | ||||||||
Other fees and charges | 602 | 572 | 690 | ||||||||
Insurance income | $ | 14,802 | $ | 14,812 | $ | 14,204 |
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
E-banking income | $ | 13,680 | $ | 11,477 | $ | 10,358 |
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Fiduciary | $ | 6,761 | $ | 6,579 | $ | 6,360 | |||||
Brokerage | 4,198 | 4,001 | 3,538 | ||||||||
Employee benefits | 2,200 | 1,963 | 1,660 | ||||||||
Trust and investment income | $ | 13,159 | $ | 12,543 | $ | 11,558 |
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Assets under administration and management:
|
|||||||||||
Trust | $ | 1,572,933 | $ | 1,384,113 | $ | 1,452,959 | |||||
Brokerage | 944,002 | 849,118 | 887,303 | ||||||||
Total | $ | 2,516,935 | $ | 2,233,231 | $ | 2,340,262 | |||||
Annual average | $ | 2,382,017 | $ | 2,342,102 | $ | 2,221,747 |
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Overdraft and non-sufficient funds fees | $ | 7,069 | $ | 6,571 | $ | 6,720 | |||||
Account maintenance fees | 3,832 | 2,718 | 2,276 | ||||||||
Other fees and charges | 799 | 489 | 618 | ||||||||
Deposit account service charges | $ | 11,700 | $ | 9,778 | $ | 9,614 |
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Mortgage banking income | $ | 4,328 | $ | 3,333 | $ | 1,872 | |||||
Bank owned life insurance income | 2,430 | 1,955 | 1,950 | ||||||||
Commercial loan swap fees | 2,228 | 681 | 1,232 | ||||||||
Other non-interest income (a) | $ | 2,565 | $ | 2,655 | $ | 1,865 | |||||
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Base salaries and wages | $ | 51,835 | $ | 46,438 | $ | 39,669 | |||||
Sales-based and incentive compensation | 11,850 | 11,703 | 10,223 | ||||||||
Employee benefit costs | 8,497 | 6,528 | 6,487 | ||||||||
Stock-based compensation | 3,655 | 2,575 | 1,802 | ||||||||
Deferred personnel costs | (2,768) | (2,151) | (1,835) | ||||||||
Payroll taxes and other employment costs | 4,791 | 4,215 | 3,930 | ||||||||
Salaries and employee benefit costs | $ | 77,860 | $ | 69,308 | $ | 60,276 | |||||
Full-time equivalent employees: | |||||||||||
Actual at end of the period | 900 | 871 | 774 | ||||||||
Average during the period | 900 | 840 | 778 |
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Depreciation expense | $ | 5,702 | $ | 4,937 | $ | 4,850 | |||||
Repairs and maintenance costs | 3,016 | 2,825 | 2,573 | ||||||||
Net rent expense | 1,022 | 961 | 931 | ||||||||
Property taxes, utilities and other costs | 2,691 | 2,549 | 2,279 | ||||||||
Net occupancy and equipment expense | $ | 12,431 | $ | 11,272 | $ | 10,633 |
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
E-banking expense | $ | 7,186 | $ | 6,057 | $ | 5,874 | |||||
Professional fees | 7,095 | 7,862 | 6,575 | ||||||||
Data processing and software expense | 6,332 | 5,419 | 4,441 | ||||||||
Amortization of other intangible assets | 3,359 | 3,338 | 3,516 | ||||||||
Franchise tax expense | 3,071 | 2,771 | 2,246 | ||||||||
Marketing expense | 2,291 | 1,962 | 1,714 | ||||||||
Foreclosed real estate and other loan expenses | 1,956 | 1,431 | 873 | ||||||||
Communication expense | 1,181 | 1,265 | 1,475 | ||||||||
FDIC insurance expense | 602 | 1,546 | 1,816 | ||||||||
Other non-interest expense | $ | 13,886 | $ | 13,746 | $ | 8,536 | |||||
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||
Income before income taxes | $ | 65,358 | $ | 54,941 | $ | 57,203 | $ | 45,282 | $ | 14,816 | |||||||
Add: provision for loan losses | 2,504 | 5,448 | 3,772 | 3,539 | 14,097 | ||||||||||||
Add: net loss on debt extinguishment | — | 13 | — | 707 | 520 | ||||||||||||
Add: net loss on OREO | 98 | 21 | 116 | 34 | 529 | ||||||||||||
Add: net loss on investment securities | — | 146 | — | — | — | ||||||||||||
Add: net loss on other assets | 692 | 224 | — | 188 | 696 | ||||||||||||
Add: net loss on other transactions | — | 76 | — | 204 | 43 | ||||||||||||
Less: net gain on investment securities | 164 | — | 2,983 | 930 | 729 | ||||||||||||
Less: net gain on other assets | 8 | — | 28 | — | — | ||||||||||||
Less: net gain on other transactions | — | — | 25 | — | — | ||||||||||||
Pre-provision net revenue | $ | 68,480 | $ | 60,869 | $ | 58,055 | $ | 49,024 | $ | 29,972 | |||||||
Total average assets | $ | 4,222,482 | $ | 3,871,832 | $ | 3,510,274 | $ | 3,320,447 | $ | 3,111,853 | |||||||
Pre-provision net revenue to total average assets | 1.62 | % | 1.57 | % | 1.65 | % | 1.48 | % | 0.96 | % |
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||
Core non-interest income: | |||||||||||||||||
Total non-interest income | $ | 64,274 | $ | 56,754 | $ | 55,573 | $ | 50,867 | $ | 46,382 | |||||||
Less: net gain (loss) on investment securities | 164 | (146) | 2,983 | 930 | 729 | ||||||||||||
Less: net loss on asset disposals and other transactions | (782) | (334) | (63) | (1,133) | (1,788) | ||||||||||||
Total non-interest income excluding net gains and losses | $ | 64,892 | $ | 57,234 | $ | 52,653 | $ | 51,070 | $ | 47,441 | |||||||
Plus: core banking system conversion revenue waived | — | — | — | 85 | — | ||||||||||||
Core non-interest income excluding net gains and losses | $ | 64,892 | $ | 57,234 | $ | 52,653 | $ | 51,155 | $ | 47,441 |
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||
Core non-interest expense: | |||||||||||||||||
Total non-interest expense | $ | 137,250 | $ | 125,977 | $ | 107,975 | $ | 106,911 | $ | 115,081 | |||||||
Less: system conversion expenses | — | — | — | 1,259 | — | ||||||||||||
Less: acquisition-related expenses | 7,287 | 7,262 | 341 | — | 10,722 | ||||||||||||
Less: pension settlement charges | — | 267 | 242 | — | 459 | ||||||||||||
Less: severance expenses | 270 | — | — | — | — | ||||||||||||
Less: other non-core charges | — | — | — | — | 592 | ||||||||||||
Core non-interest expense | $ | 129,693 | $ | 118,448 | $ | 107,392 | $ | 105,652 | $ | 103,308 |
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||
Efficiency ratio: | |||||||||||||||||
Total non-interest expense | $ | 137,250 | $ | 125,977 | $ | 107,975 | $ | 106,911 | $ | 115,081 | |||||||
Less: amortization of other intangible assets | 3,359 | 3,338 | 3,516 | 4,030 | 4,077 | ||||||||||||
Adjusted total non-interest expense | 133,891 | 122,639 | 104,459 | 102,881 | 111,004 | ||||||||||||
Total non-interest income | 64,274 | 56,754 | 55,573 | 50,867 | 46,382 | ||||||||||||
Less: net gain (loss) on investment securities | 164 | (146) | 2,983 | 930 | 729 | ||||||||||||
Less: net loss on asset disposals and other transactions | (782) | (334) | (63) | (1,133) | (1,788) | ||||||||||||
Total non-interest income, excluding net gains and losses | 64,892 | 57,234 | 52,653 | 51,070 | 47,441 | ||||||||||||
Net interest income | 140,838 | 129,612 | 113,377 | 104,865 | 97,612 | ||||||||||||
Add: FTE adjustment (a) | 1,068 | 881 | 1,912 | 2,027 | 1,978 | ||||||||||||
Net interest income on an FTE basis | 141,906 | 130,493 | 115,289 | 106,892 | 99,590 | ||||||||||||
Adjusted revenue | $ | 206,798 | $ | 187,727 | $ | 167,942 | $ | 157,962 | $ | 147,031 | |||||||
Efficiency ratio | 64.74 | % | 65.33 | % | 62.20 | % | 65.13 | % | 75.50 | % | |||||||
Efficiency ratio adjusted for non-core items: | |||||||||||||||||
Core non-interest expense | $ | 129,693 | $ | 118,448 | $ | 107,392 | $ | 105,652 | $ | 103,308 | |||||||
Less: amortization of other intangible assets | 3,359 | 3,338 | 3,516 | 4,030 | 4,077 | ||||||||||||
Adjusted core non-interest expense | 126,334 | 115,110 | 103,876 | 101,622 | 99,231 | ||||||||||||
Core non-interest income excluding net gains and losses | 64,892 | 57,234 | 52,653 | 51,155 | 47,441 | ||||||||||||
Net interest income on an FTE basis | 141,906 | 130,493 | 115,289 | 106,892 | 99,590 | ||||||||||||
Adjusted core revenue | $ | 206,798 | $ | 187,727 | $ | 167,942 | $ | 158,047 | $ | 147,031 | |||||||
Efficiency ratio adjusted for non-core items | 61.09 | % | 61.32 | % | 61.85 | % | 64.30 | % | 67.49 | % |
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||
Net income adjusted for non-core items: | ||||||||||||||||||||||||||
Net income | $ | 53,695 | $ | 46,255 | $ | 38,471 | $ | 31,157 | $ | 10,941 | ||||||||||||||||
Add: core banking system conversion revenue waived | — | — | — | 85 | — | |||||||||||||||||||||
Less: tax effect of core banking system conversion revenue waived (a)
|
— | — | — | 30 | — | |||||||||||||||||||||
Add: net loss on investment securities
|
— | 146 | — | — | — | |||||||||||||||||||||
Less: tax effect of net loss on investment securities (a)
|
— | 31 | — | — | — | |||||||||||||||||||||
Less: net gain on investment securities
|
164 | — | 2,983 | 930 | 729 | |||||||||||||||||||||
Add: tax effect of net gain on investment securities (a)
|
34 | — | 1,044 | 325 | 255 | |||||||||||||||||||||
Add: net loss on asset disposals and other transactions
|
782 | 334 | 63 | 1,133 | 1,788 | |||||||||||||||||||||
Less: tax effect of net loss on asset disposals and other transactions (a)
|
164 | 70 | 22 | 397 | 626 | |||||||||||||||||||||
Add: system conversion expenses | — | — | — | 1,259 | — | |||||||||||||||||||||
Less: tax effect of system conversion expenses (a)
|
— | — | — | 441 | — | |||||||||||||||||||||
Add: acquisition-related expenses
|
7,287 | 7,262 | 341 | — | 10,722 | |||||||||||||||||||||
Less: tax effect of acquisition-related expenses (a)
|
1,530 | 1,525 | 119 | — | 3,753 | |||||||||||||||||||||
Add: severance expenses | 270 | — | — | — | — | |||||||||||||||||||||
Less: tax effect of severance expenses (a) | 57 | — | — | — | — | |||||||||||||||||||||
Add: pension settlement charges (a)
|
— | 267 | 242 | — | 459 | |||||||||||||||||||||
Less: tax effect of pension settlement charges (a)
|
— | 56 | 85 | — | 161 | |||||||||||||||||||||
Add: other non-core charges | — | — | — | — | 592 | |||||||||||||||||||||
Less: tax effect of other non-core charges (a)
|
— | — | — | — | 207 | |||||||||||||||||||||
Less: release of deferred tax asset valuation allowance | — | 805 | — | — | — | |||||||||||||||||||||
Less: impact of TCJ Act on deferred tax liability | — | 705 | — | — | — | |||||||||||||||||||||
Add: impact of TCJ Act on deferred tax assets | — | — | 897 | — | — | |||||||||||||||||||||
Net income adjusted for non-core items | $ | 60,153 | $ | 51,072 | $ | 37,849 | $ | 32,161 | $ | 19,281 | ||||||||||||||||
Return on average assets: | ||||||||||||||||||||||||||
Net income | $ | 53,695 | $ | 46,255 | $ | 38,471 | $ | 31,157 | $ | 10,941 | ||||||||||||||||
Total average assets | 4,222,482 | 3,871,832 | 3,510,274 | 3,320,447 | 3,111,853 | |||||||||||||||||||||
Return on average assets | 1.27 | % | 1.19 | % | 1.10 | % | 0.94 | % | 0.35 | % | ||||||||||||||||
Return on average assets adjusted for non-core items: | ||||||||||||||||||||||||||
Net income adjusted for non-core items
|
$60,153 | $51,072 | $37,849 | $32,161 | $19,281 | |||||||||||||||||||||
Total average assets
|
4,222,482 | 3,871,832 | 3,510,274 | 3,320,447 | 3,111,853 | |||||||||||||||||||||
Return on average assets adjusted for non-core items
|
1.42 | % | 1.32 | % | 1.08 | % | 0.97 | % | 0.62 | % |
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Available-for-sale securities, at fair value: | ||||||||||||||||||||
Obligations of: | ||||||||||||||||||||
U.S. government sponsored agencies | $ | 8,209 | $ | — | $ | — | $ | 1,000 | $ | 2,966 | ||||||||||
States and political subdivisions | 114,104 | 88,587 | 101,569 | 117,230 | 114,726 | |||||||||||||||
Residential mortgage-backed securities | 791,009 | 692,608 | 673,664 | 626,567 | 632,293 | |||||||||||||||
Commercial mortgage-backed securities | 18,088 | 6,707 | 6,976 | 19,291 | 23,845 | |||||||||||||||
Bank-issued trust preferred securities | 4,691 | 3,989 | 5,129 | 4,899 | 4,635 | |||||||||||||||
Equity investment securities (a) | — | — | 7,849 | 8,953 | 6,236 | |||||||||||||||
Total fair value | $ | 936,101 | $ | 791,891 | $ | 795,187 | $ | 777,940 | $ | 784,701 | ||||||||||
Total amortized cost | $ | 929,395 | $ | 804,655 | $ | 797,732 | $ | 777,017 | $ | 780,304 | ||||||||||
Net unrealized gain (loss) | $ | 6,706 | $ | (12,764) | $ | (2,545) | $ | 923 | $ | 4,397 | ||||||||||
Held-to-maturity securities, at amortized cost: | ||||||||||||||||||||
Obligations of: | ||||||||||||||||||||
States and political subdivisions | $ | 4,346 | $ | 4,403 | $ | 3,810 | $ | 3,820 | $ | 3,831 | ||||||||||
Residential mortgage-backed securities | 21,494 | 29,044 | 32,487 | 33,858 | 35,367 | |||||||||||||||
Commercial mortgage-backed securities | 5,907 | 3,514 | 4,631 | 5,466 | 6,530 | |||||||||||||||
Total amortized cost | $ | 31,747 | $ | 36,961 | $ | 40,928 | $ | 43,144 | $ | 45,728 | ||||||||||
Other investment securities (a) | $ | 42,730 | $ | 42,985 | $ | 38,371 | $ | 38,371 | $ | 38,401 | ||||||||||
Total investment securities: | ||||||||||||||||||||
Amortized cost | $ | 1,003,872 | $ | 884,601 | $ | 877,031 | $ | 858,532 | $ | 864,433 | ||||||||||
Carrying value | $ | 1,010,578 | $ | 871,837 | $ | 874,486 | $ | 859,455 | $ | 868,830 |
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||
Originated loans: | |||||||||||||||||
Construction | $ | 83,283 | $ | 124,013 | $ | 107,118 | $ | 84,626 | $ | 63,785 | |||||||
Commercial real estate, other | 671,576 | 632,200 | 595,447 | 531,557 | 471,184 | ||||||||||||
Commercial real estate | 754,859 | 756,213 | 702,565 | 616,183 | 534,969 | ||||||||||||
Commercial and industrial | 622,175 | 530,207 | 438,051 | 378,131 | 288,130 | ||||||||||||
Residential real estate | 314,935 | 296,860 | 304,523 | 307,490 | 288,783 | ||||||||||||
Home equity lines of credit | 93,013 | 93,326 | 88,902 | 85,617 | 74,176 | ||||||||||||
Consumer, indirect | 417,127 | 407,167 | 340,390 | 252,024 | 165,320 | ||||||||||||
Consumer, direct | 70,852 | 71,674 | 67,010 | 67,579 | 61,813 | ||||||||||||
Consumer | 487,979 | 478,841 | 407,400 | 319,603 | 227,133 | ||||||||||||
Deposit account overdrafts | 878 | 583 | 849 | 1,080 | 1,448 | ||||||||||||
Total originated loans | $ | 2,273,839 | $ | 2,156,030 | $ | 1,942,290 | $ | 1,708,104 | $ | 1,414,639 | |||||||
Acquired loans: | |||||||||||||||||
Construction | $ | 5,235 | $ | 12,404 | $ | 8,319 | $ | 10,100 | $ | 12,114 | |||||||
Commercial real estate, other | 161,662 | 184,711 | 165,120 | 204,466 | 265,092 | ||||||||||||
Commercial real estate | 166,897 | 197,115 | 173,439 | 214,566 | 277,206 | ||||||||||||
Commercial and industrial | 40,818 | 35,537 | 34,493 | 44,208 | 63,589 | ||||||||||||
Residential real estate | 346,541 | 296,937 | 184,864 | 228,435 | 276,772 | ||||||||||||
Home equity lines of credit | 39,691 | 40,653 | 20,575 | 25,875 | 32,253 | ||||||||||||
Consumer, indirect | 58 | 136 | 329 | 808 | 1,776 | ||||||||||||
Consumer, direct | 5,681 | 2,370 | 1,147 | 2,940 | 6,205 | ||||||||||||
Consumer | 5,739 | 2,506 | 1,476 | 3,748 | 7,981 | ||||||||||||
Total acquired loans (a) | $ | 599,686 | $ | 572,748 | $ | 414,847 | $ | 516,832 | $ | 657,801 | |||||||
Total loans | $ | 2,873,525 | $ | 2,728,778 | $ | 2,357,137 | $ | 2,224,936 | $ | 2,072,440 | |||||||
Average total loans | 2,812,109 | 2,610,970 | 2,293,980 | 2,133,175 | 1,952,241 | ||||||||||||
Average allowance for loan losses | (21,239) | (19,359) | (18,713) | (17,564) | (19,174) | ||||||||||||
Average loans, net of average allowance for loan losses | $ | 2,790,870 | $ | 2,591,611 | $ | 2,275,267 | $ | 2,115,611 | $ | 1,933,067 | |||||||
Percent of loans to total loans: | |||||||||||||||||
Construction | 3.1 | % | 5.1 | % | 4.9 | % | 4.3 | % | 3.7 | % | |||||||
Commercial real estate, other | 29.0 | % | 29.9 | % | 32.3 | % | 33.0 | % | 35.5 | % | |||||||
Commercial real estate | 32.1 | % | 35.0 | % | 37.2 | % | 37.3 | % | 39.2 | % | |||||||
Commercial and industrial | 23.1 | % | 20.7 | % | 20.0 | % | 19.0 | % | 17.0 | % | |||||||
Residential real estate | 23.0 | % | 21.8 | % | 20.8 | % | 24.1 | % | 27.3 | % | |||||||
Home equity lines of credit | 4.6 | % | 4.9 | % | 4.6 | % | 5.0 | % | 5.1 | % | |||||||
Consumer, indirect | 14.5 | % | 14.9 | % | 14.5 | % | 11.4 | % | 8.0 | % | |||||||
Consumer, direct | 2.7 | % | 2.7 | % | 2.9 | % | 3.2 | % | 3.3 | % | |||||||
Consumer | 17.2 | % | 17.6 | % | 17.4 | % | 14.6 | % | 11.3 | % | |||||||
Deposit account overdrafts (b) | NM | NM | NM | NM | 0.1 | % | |||||||||||
Total percentage | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||
Residential real estate loans being serviced for others | $ | 496,802 | $ | 461,256 | $ | 412,965 | $ | 398,134 | $ | 390,398 |
(Dollars in thousands) | Due in One Year or Less | Due in One to Five Years | Due After Five Years | Total | % of Total | ||||||||||||
Construction: | |||||||||||||||||
Fixed | $ | 1,172 | $ | 14,899 | $ | 4,570 | $ | 20,641 | 23.3 | % | |||||||
Variable | 60,833 | 4,742 | 2,302 | 67,877 | 76.7 | % | |||||||||||
Total | 62,005 | 19,641 | 6,872 | 88,518 | 100.0 | % | |||||||||||
Commercial real estate, other: | |||||||||||||||||
Fixed | 31,694 | 117,446 | 132,408 | 281,548 | 33.8 | % | |||||||||||
Variable | 364,794 | 164,597 | 22,299 | 551,690 | 66.2 | % | |||||||||||
Total | 396,488 | 282,043 | 154,707 | 833,238 | 100.0 | % | |||||||||||
Commercial and industrial: | |||||||||||||||||
Fixed | 8,704 | 66,885 | 42,435 | 118,024 | 17.8 | % | |||||||||||
Variable | 428,472 | 97,702 | 18,795 | 544,969 | 82.2 | % | |||||||||||
Total | 437,176 | 164,587 | 61,230 | 662,993 | 100.0 | % | |||||||||||
Total commercial loans: | |||||||||||||||||
Fixed | 41,570 | 199,230 | 179,413 | 420,213 | 26.5 | % | |||||||||||
Variable | 854,099 | 267,041 | 43,396 | 1,164,536 | 73.5 | % | |||||||||||
Total | $ | 895,669 | $ | 466,271 | $ | 222,809 | $ | 1,584,749 | 100.0 | % |
(Dollars in thousands) | Outstanding Balance | Available Loan Commitments | Total Exposure | % of Total | ||||||||||
Construction: | ||||||||||||||
Assisted living facilities and nursing homes | $ | 25,792 | $ | 37,723 | $ | 63,515 | 34.7 | % | ||||||
Apartment complexes | 17,008 | 26,622 | 43,630 | 23.8 | % | |||||||||
Education services | 13,327 | 475 | 13,802 | 7.5 | % | |||||||||
Mixed commercial use facilities | 5,924 | 1,392 | 7,316 | 4.0 | % | |||||||||
Land only | 4,739 | 1,190 | 5,929 | 3.2 | % | |||||||||
Retail | 3,450 | 2,363 | 5,813 | 3.2 | % | |||||||||
Office buildings | 1,726 | 3,634 | 5,360 | 2.9 | % | |||||||||
Residential property | 1,545 | 3,596 | 5,141 | 2.8 | % | |||||||||
Child care | 3,791 | — | 3,791 | 2.1 | % | |||||||||
Land development | 1,989 | 1,685 | 3,674 | 2.0 | % | |||||||||
Other (a) | 9,227 | 15,746 | 24,973 | 13.8 | % | |||||||||
Construction | $ | 88,518 | $ | 94,426 | $ | 182,944 | 100.0 | % |
(Dollars in thousands) | Outstanding Balance | Available Loan Commitments | Total Exposure | % of Total | ||||||||||
Commercial real estate, other: | ||||||||||||||
Office buildings and complexes: | ||||||||||||||
Owner occupied | $ | 78,929 | $ | 2,637 | $ | 81,566 | 9.4 | % | ||||||
Non-owner occupied | 70,631 | 4,855 | 75,486 | 8.7 | % | |||||||||
Total office buildings and complexes | 149,560 | 7,492 | 157,052 | 18.1 | % | |||||||||
Mixed commercial use facilities: | ||||||||||||||
Owner occupied | 60,822 | 1,267 | 62,089 | 7.2 | % | |||||||||
Non-owner occupied | 44,490 | 607 | 45,097 | 5.2 | % | |||||||||
Total mixed commercial use facilities | 105,312 | 1,874 | 107,186 | 12.4 | % | |||||||||
Retail facilities: | ||||||||||||||
Owner occupied | 36,802 | 625 | 37,427 | 4.3 | % | |||||||||
Non-owner occupied | 54,713 | 98 | 54,811 | 6.3 | % | |||||||||
Total retail facilities | 91,515 | 723 | 92,238 | 10.6 | % | |||||||||
Apartment complexes | 82,849 | 4,309 | 87,158 | 10.1 | % | |||||||||
Light industrial facilities: | ||||||||||||||
Owner occupied | 49,779 | 1,528 | 51,307 | 5.9 | % | |||||||||
Non-owner occupied | 22,171 | 1,088 | 23,259 | 2.7 | % | |||||||||
Total light industrial facilities | 71,950 | 2,616 | 74,566 | 8.6 | % | |||||||||
Warehouse facilities | 66,127 | 7,027 | 73,154 | 8.4 | % | |||||||||
Lodging and lodging related | 41,716 | 1,164 | 42,880 | 4.9 | % | |||||||||
Assisted living facilities and nursing homes | 41,146 | 300 | 41,446 | 4.8 | % | |||||||||
Land only | 18,385 | 2,254 | 20,639 | 2.4 | % | |||||||||
Health care facilities: | ||||||||||||||
Owner occupied | 9,875 | 219 | 10,094 | 1.2 | % | |||||||||
Non-owner occupied | 9,976 | 2 | 9,978 | 1.2 | % | |||||||||
Total health care facilities | 19,851 | 221 | 20,072 | 2.4 | % | |||||||||
Day care facilities: | ||||||||||||||
Owner occupied | 15,794 | 1,047 | 16,841 | 1.9 | % | |||||||||
Non-owner occupied | 2,317 | — | 2,317 | 0.3 | % | |||||||||
Total day care facilities | 18,111 | 1,047 | 19,158 | 2.2 | % | |||||||||
Education Services | 894 | — | 894 | 0.1 | % | |||||||||
Other (a) | 125,822 | 4,301 | 130,123 | 15.0 | % | |||||||||
Commercial real estate, other | $ | 833,238 | $ | 33,328 | $ | 866,566 | 100.0 | % |
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||
Commercial real estate | $ | 7,333 | $ | 8,003 | $ | 7,797 | $ | 7,172 | $ | 7,076 | |||||||
Commercial and industrial | 8,432 | 6,178 | 5,813 | 6,353 | 5,382 | ||||||||||||
Total commercial | 15,765 | 14,181 | 13,610 | 13,525 | 12,458 | ||||||||||||
Residential real estate | 1,191 | 1,214 | 904 | 982 | 1,257 | ||||||||||||
Home equity lines of credit | 546 | 618 | 693 | 688 | 732 | ||||||||||||
Consumer, indirect | 2,937 | 3,214 | 2,944 | 2,312 | 1,427 | ||||||||||||
Consumer, direct | 294 | 351 | 464 | 518 | 544 | ||||||||||||
Consumer | 3,231 | 3,565 | 3,408 | 2,830 | 1,971 | ||||||||||||
Deposit account overdrafts | 94 | 81 | 70 | 171 | 121 | ||||||||||||
Originated allowance for loan losses | 20,827 | 19,659 | 18,685 | 18,196 | 16,539 | ||||||||||||
Acquired allowance for loan losses | 729 | 536 | 108 | 233 | 240 | ||||||||||||
Allowance for loan losses | $ | 21,556 | $ | 20,195 | $ | 18,793 | $ | 18,429 | $ | 16,779 | |||||||
As a percent of total loans | 0.75 | % | 0.74 | % | 0.80 | % | 0.83 | % | 0.81 | % |
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||
Allowance for loan losses, January 1 | $ | 20,195 | $ | 18,793 | $ | 18,429 | $ | 16,779 | $ | 17,881 | ||||||||||||||||
Gross charge-offs: | ||||||||||||||||||||||||||
Commercial real estate (a)(b) | 156 | 849 | 408 | 68 | 302 | |||||||||||||||||||||
Commercial and industrial | 1,062 | 38 | 175 | 1,017 | 13,576 | |||||||||||||||||||||
Residential real estate (c) | 312 | 357 | 637 | 611 | 631 | |||||||||||||||||||||
Home equity lines of credit | 55 | 107 | 131 | 73 | 125 | |||||||||||||||||||||
Consumer, indirect | 1,829 | 2,515 | 2,110 | 2,072 | 931 | |||||||||||||||||||||
Consumer, direct (d) | 211 | 358 | 379 | 583 | 422 | |||||||||||||||||||||
Consumer | 2,040 | 2,873 | 2,489 | 2,655 | 1,353 | |||||||||||||||||||||
Deposit account overdrafts | 851 | 965 | 1,038 | 774 | 774 | |||||||||||||||||||||
Total gross charge-offs | 4,476 | 5,189 | 4,878 | 5,198 | 16,761 | |||||||||||||||||||||
Recoveries: | ||||||||||||||||||||||||||
Commercial real estate | 151 | 60 | 146 | 1,209 | 104 | |||||||||||||||||||||
Commercial and industrial | 2,415 | 18 | 1 | 306 | 98 | |||||||||||||||||||||
Residential real estate | 229 | 232 | 152 | 278 | 315 | |||||||||||||||||||||
Home equity lines of credit | 11 | 14 | 13 | 56 | 119 | |||||||||||||||||||||
Consumer, indirect | 270 | 474 | 764 | 1,059 | 505 | |||||||||||||||||||||
Consumer, direct | 52 | 140 | 179 | 226 | 250 | |||||||||||||||||||||
Consumer | 322 | 614 | 943 | 1,285 | 755 | |||||||||||||||||||||
Deposit account overdrafts | 205 | 205 | 215 | 175 | 171 | |||||||||||||||||||||
Total recoveries | 3,333 | 1,143 | 1,470 | 3,309 | 1,562 | |||||||||||||||||||||
Net charge-offs (recoveries): | ||||||||||||||||||||||||||
Commercial real estate | 5 | 789 | 262 | (1,141) | 198 | |||||||||||||||||||||
Commercial and industrial | (1,353) | 20 | 174 | 711 | 13,478 | |||||||||||||||||||||
Residential real estate | 83 | 125 | 485 | 333 | 316 | |||||||||||||||||||||
Home equity lines of credit | 44 | 93 | 118 | 17 | 6 | |||||||||||||||||||||
Consumer, indirect | 1,559 | 2,041 | 1,346 | 1,013 | 426 | |||||||||||||||||||||
Consumer, direct | 159 | 218 | 200 | 357 | 172 | |||||||||||||||||||||
Consumer | 1,718 | 2,259 | 1,546 | 1,370 | 598 | |||||||||||||||||||||
Deposit account overdrafts | 646 | 760 | 823 | 599 | 603 | |||||||||||||||||||||
Total net charge-offs (recoveries) | $ | 1,143 | $ | 4,046 | $ | 3,408 | $ | 1,889 | $ | 15,199 | ||||||||||||||||
Provision for loan losses, December 31 (e)(f) | 2,504 | 5,448 | 3,772 | 3,539 | 14,097 | |||||||||||||||||||||
Allowance for loan losses, December 31 | $ | 21,556 | $ | 20,195 | $ | 18,793 | $ | 18,429 | $ | 16,779 | ||||||||||||||||
Net charge-offs (recoveries) as a percent of average total loans (g): | ||||||||||||||||||||||||||
Commercial real estate | — | % | 0.03 | % | 0.01 | % | (0.05) | % | 0.01 | % | ||||||||||||||||
Commercial and industrial | (0.05) | % | — | % | 0.01 | % | 0.03 | % | 0.69 | % | ||||||||||||||||
Residential real estate | — | % | — | % | 0.02 | % | 0.02 | % | 0.02 | % | ||||||||||||||||
Home equity lines of credit | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||
Consumer, indirect | 0.06 | % | 0.08 | % | 0.06 | % | 0.04 | % | 0.02 | % | ||||||||||||||||
Consumer, direct | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | 0.01 | % | ||||||||||||||||
Consumer | 0.07 | % | 0.09 | % | 0.07 | % | 0.06 | % | 0.03 | % | ||||||||||||||||
Deposit account overdrafts | 0.02 | % | 0.03 | % | 0.04 | % | 0.03 | % | 0.03 | % | ||||||||||||||||
Total | 0.04 | % | 0.15 | % | 0.15 | % | 0.09 | % | 0.78 | % |
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||
Loans 90+ days past due and accruing: | ||||||||||||||||||||||||||||||||
Commercial real estate, other | $ | 907 | $ | 801 | $ | 215 | $ | 1,506 | $ | 2,425 | ||||||||||||||||||||||
Commercial and industrial | 155 | 18 | 45 | 387 | 1,986 | |||||||||||||||||||||||||||
Residential real estate | 2,677 | 1,430 | 1,278 | 1,855 | 1,522 | |||||||||||||||||||||||||||
Home equity lines of credit | 108 | 7 | 72 | — | 35 | |||||||||||||||||||||||||||
Consumer, indirect | — | — | — | — | 1 | |||||||||||||||||||||||||||
Consumer, direct | 85 | — | 16 | 23 | — | |||||||||||||||||||||||||||
Consumer | 85 | — | 16 | 23 | 1 | |||||||||||||||||||||||||||
Total loans 90+ days past due and accruing | 3,932 | 2,256 | 1,626 | 3,771 | 5,969 | |||||||||||||||||||||||||||
Nonaccrual loans: | ||||||||||||||||||||||||||||||||
Construction | 411 | 710 | 754 | 826 | 921 | |||||||||||||||||||||||||||
Commercial real estate, other | 6,699 | 6,730 | 6,348 | 10,792 | 7,357 | |||||||||||||||||||||||||||
Commercial real estate | 7,110 | 7,440 | 7,102 | 11,618 | 8,278 | |||||||||||||||||||||||||||
Commercial and industrial | 1,824 | 1,304 | 506 | 1,620 | 350 | |||||||||||||||||||||||||||
Residential real estate | 4,471 | 4,075 | 4,267 | 4,481 | 2,991 | |||||||||||||||||||||||||||
Home equity lines of credit | 955 | 1,023 | 772 | 554 | 340 | |||||||||||||||||||||||||||
Consumer, indirect | 629 | 324 | 158 | 9 | 31 | |||||||||||||||||||||||||||
Consumer, direct | 48 | 56 | 32 | 81 | — | |||||||||||||||||||||||||||
Consumer | 677 | 380 | 190 | 90 | 31 | |||||||||||||||||||||||||||
Total nonaccrual loans | 15,037 | 14,222 | 12,837 | 18,363 | 11,990 | |||||||||||||||||||||||||||
Nonaccrual troubled debt restructurings ("TDRs)": | ||||||||||||||||||||||||||||||||
Commercial real estate, other | 102 | 154 | 721 | 751 | 153 | |||||||||||||||||||||||||||
Commercial real estate | 102 | 154 | 721 | 751 | 153 | |||||||||||||||||||||||||||
Commercial and industrial | 331 | 405 | 492 | 482 | 377 | |||||||||||||||||||||||||||
Residential real estate | 1,890 | 1,951 | 1,447 | 1,614 | 864 | |||||||||||||||||||||||||||
Home equity lines of credit | 210 | 210 | 90 | 60 | 79 | |||||||||||||||||||||||||||
Consumer, indirect | 211 | 156 | 98 | 6 | 34 | |||||||||||||||||||||||||||
Consumer, direct | — | — | 7 | 49 | 34 | |||||||||||||||||||||||||||
Consumer | 211 | 156 | 105 | 55 | 68 | |||||||||||||||||||||||||||
Total nonaccrual TDRs | 2,744 | 2,876 | 2,855 | 2,962 | 1,541 | |||||||||||||||||||||||||||
Total nonperforming loans ("NPLs") | 21,713 | 19,354 | 17,318 | 25,096 | 19,500 | |||||||||||||||||||||||||||
OREO: | ||||||||||||||||||||||||||||||||
Commercial | 145 | — | — | 594 | 644 | |||||||||||||||||||||||||||
Residential | 82 | 94 | 208 | 67 | 89 | |||||||||||||||||||||||||||
Total OREO | 227 | 94 | 208 | 661 | 733 | |||||||||||||||||||||||||||
Total nonperforming assets ("NPAs") | $ | 21,940 | $ | 19,448 | $ | 17,526 | $ | 25,757 | $ | 20,233 | ||||||||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||
Criticized loans (a) | $ | 96,830 | $ | 114,188 | $ | 90,418 | $ | 99,182 | $ | 122,147 | |||||||
Classified loans (b) | 66,154 | 43,818 | 46,380 | 57,736 | 60,315 | ||||||||||||
Asset Quality Ratios: | |||||||||||||||||
NPLs as a percent of total loans (c)(d) | 0.75 | % | 0.71 | % | 0.73 | % | 1.13 | % | 0.94 | % | |||||||
NPAs as a percent of total assets (c)(d) | 0.50 | % | 0.49 | % | 0.49 | % | 0.75 | % | 0.62 | % | |||||||
NPAs as a percent of total loans and OREO (c)(d) | 0.76 | % | 0.71 | % | 0.74 | % | 1.16 | % | 0.98 | % | |||||||
Allowance for loan losses as a percent of NPLs (c) | 99.28 | % | 104.35 | % | 108.52 | % | 73.43 | % | 86.05 | % | |||||||
Criticized loans as a percent of total loans (a)(c) | 3.37 | % | 4.18 | % | 3.84 | % | 4.46 | % | 5.89 | % | |||||||
Classified loans as a percent of total loans (b)(c) | 2.30 | % | 1.61 | % | 1.97 | % | 2.59 | % | 2.91 | % |
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||
Non-interest-bearing deposits (a) | $ | 671,208 | $ | 607,877 | $ | 556,010 | $ | 734,421 | $ | 717,939 | |||||||
Interest-bearing deposits: | |||||||||||||||||
Interest-bearing demand accounts (a) | 635,720 | 573,702 | 593,415 | 278,975 | 250,023 | ||||||||||||
Savings accounts | 521,914 | 468,500 | 446,714 | 436,344 | 414,375 | ||||||||||||
Retail CDs | 490,830 | 394,335 | 338,673 | 361,725 | 435,214 | ||||||||||||
Money market deposit accounts | 469,893 | 379,878 | 371,376 | 407,754 | 394,119 | ||||||||||||
Governmental deposit accounts | 293,908 | 267,319 | 264,524 | 251,671 | 276,639 | ||||||||||||
Brokered CDs | 207,939 | 263,854 | 159,618 | 38,832 | 47,635 | ||||||||||||
Total interest-bearing deposits | 2,620,204 | 2,347,588 | 2,174,320 | 1,775,301 | 1,818,005 | ||||||||||||
Total deposits | $ | 3,291,412 | $ | 2,955,465 | $ | 2,730,330 | $ | 2,509,722 | $ | 2,535,944 |
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||
3 months or less | $ | 36,623 | $ | 28,214 | $ | 24,118 | $ | 27,780 | $ | 36,597 | |||||||
Over 3 to 6 months | 48,581 | 28,436 | 20,011 | 20,102 | 24,401 | ||||||||||||
Over 6 to 12 months | 49,796 | 32,578 | 27,129 | 25,028 | 32,227 | ||||||||||||
Over 12 months | 104,914 | 89,431 | 74,849 | 75,860 | 72,115 | ||||||||||||
Total | $ | 239,914 | $ | 178,659 | $ | 146,107 | $ | 148,770 | $ | 165,340 |
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||
Short-term borrowings: | |||||||||||||||||
FHLB overnight borrowings | $ | 141,000 | $ | 165,000 | $ | 62,000 | $ | 231,000 | $ | 76,000 | |||||||
FHLB 90-day advances | 110,000 | 110,000 | — | — | — | ||||||||||||
Current portion of long-term FHLB advances | 23,009 | 30,000 | 30,592 | — | — | ||||||||||||
Repurchase agreements | 42,968 | 51,202 | 116,899 | 74,607 | 84,386 | ||||||||||||
Unamortized debt issuance cost (a) | — | (4) | — | — | — | ||||||||||||
Total short-term borrowings | 316,977 | 356,198 | 209,491 | 305,607 | 160,386 | ||||||||||||
Long-term borrowings: | |||||||||||||||||
FHLB advances | 75,672 | 102,361 | 136,939 | 98,282 | 66,934 | ||||||||||||
National market repurchase agreements | — | — | — | 40,000 | 40,000 | ||||||||||||
Unamortized debt issuance costs (a) | — | — | (27) | (51) | — | ||||||||||||
Junior subordinated debt securities | 7,451 | 7,283 | 7,107 | 6,924 | 6,736 | ||||||||||||
Total long-term borrowings | 83,123 | 109,644 | 144,019 | 145,155 | 113,670 | ||||||||||||
Total borrowed funds | $ | 400,100 | $ | 465,842 | $ | 353,510 | $ | 450,762 | $ | 274,056 | |||||||
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||
Capital Amounts: | |||||||||||||||||
Common equity tier 1 | $ | 427,415 | $ | 378,855 | $ | 327,172 | $ | 306,506 | $ | 288,416 | |||||||
Tier 1 | 434,866 | 386,138 | 334,279 | 313,430 | 295,151 | ||||||||||||
Total (tier 1 and tier 2) | 456,422 | 406,333 | 355,977 | 334,957 | 313,974 | ||||||||||||
Net risk-weighted assets | $ | 2,930,355 | $ | 2,773,383 | $ | 2,466,620 | $ | 2,373,359 | $ | 2,158,713 | |||||||
Capital Ratios: | |||||||||||||||||
Common equity tier 1 | 14.59 | % | 13.66 | % | 13.26 | % | 12.91 | % | 13.36 | % | |||||||
Tier 1 | 14.84 | % | 13.92 | % | 13.55 | % | 13.21 | % | 13.67 | % | |||||||
Total (tier 1 and tier 2) | 15.58 | % | 14.65 | % | 14.43 | % | 14.11 | % | 14.54 | % | |||||||
Tier 1 leverage ratio | 10.41 | % | 9.99 | % | 9.75 | % | 9.65 | % | 9.52 | % |
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||
Tangible equity: | ||||||||||||||||||||||||||||||||
Total stockholders' equity | $ | 594,393 | $ | 520,140 | $ | 458,592 | $ | 435,261 | $ | 419,789 | ||||||||||||||||||||||
Less: goodwill and other intangible assets | 177,503 | 162,085 | 144,576 | 146,018 | 149,617 | |||||||||||||||||||||||||||
Tangible equity | $ | 416,890 | $ | 358,055 | $ | 314,016 | $ | 289,243 | $ | 270,172 | ||||||||||||||||||||||
Tangible assets: | ||||||||||||||||||||||||||||||||
Total assets | $ | 4,354,165 | $ | 3,991,454 | $ | 3,581,686 | $ | 3,432,348 | $ | 3,258,970 | ||||||||||||||||||||||
Less: goodwill and other intangible assets | 177,503 | 162,085 | 144,576 | 146,018 | 149,617 | |||||||||||||||||||||||||||
Tangible assets | $ | 4,176,662 | $ | 3,829,369 | $ | 3,437,110 | $ | 3,286,330 | $ | 3,109,353 | ||||||||||||||||||||||
Tangible book value per common share:
|
||||||||||||||||||||||||||||||||
Tangible equity | $ | 416,890 | $ | 358,055 | $ | 314,016 | $ | 289,243 | $ | 270,172 | ||||||||||||||||||||||
Common shares outstanding | 20,698,941 | 19,565,029 | 18,287,449 | 18,200,067 | 18,404,864 | |||||||||||||||||||||||||||
Tangible book value per common share | $ | 20.14 | $ | 18.30 | $ | 17.17 | $ | 15.89 | $ | 14.68 | ||||||||||||||||||||||
Tangible equity to tangible assets ratio: | ||||||||||||||||||||||||||||||||
Tangible equity | $ | 416,890 | $ | 358,055 | $ | 314,016 | $ | 289,243 | $ | 270,172 | ||||||||||||||||||||||
Tangible assets | $ | 4,176,662 | $ | 3,829,369 | $ | 3,437,110 | $ | 3,286,330 | $ | 3,109,353 | ||||||||||||||||||||||
Tangible equity to tangible assets | 9.98 | % | 9.35 | % | 9.14 | % | 8.80 | % | 8.69 | % | ||||||||||||||||||||||
Immediate and Sustained Shift in Interest Rates | Net Interest Income | Economic Value of Equity | ||||||
+ / - 100 basis points | -5% | -10% | ||||||
+ / - 200 basis points | -10% | -15% | ||||||
+ / - 300 basis points | -15% | -20% |
Activity or Obligation | Note | ||||
Off-balance sheet credit-related financial instruments | 15 | ||||
Operating lease obligations | 5 | ||||
Long-term borrowing obligations | 9 |
Payments due by period | ||||||||||||||||||||||||||
(Dollars in thousands) | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | |||||||||||||||||||||
Time deposits | $ | 698,769 | $ | 473,348 | $ | 167,361 | $ | 58,030 | $ | 30 | ||||||||||||||||
Long-term borrowings (a) | 83,123 | 2,555 | 38,500 | 2,026 | 40,042 | |||||||||||||||||||||
Operating leases | 9,702 | 1,237 | 2,204 | 1,511 | 4,750 | |||||||||||||||||||||
Contingent consideration related to acquisitions (b) | 295 | 295 | — | — | — | |||||||||||||||||||||
Total | $ | 791,889 | $ | 477,435 | $ | 208,065 | $ | 61,567 | $ | 44,822 |
By: /s/ | CHARLES W. SULERZYSKI | By: /s/ | JOHN C. ROGERS | |||||||||||
Charles W. Sulerzyski | John C. Rogers | |||||||||||||
President and Chief Executive Officer | Executive Vice President, | |||||||||||||
Chief Financial Officer and Treasurer |
/s/ Ernst & Young LLP |
/s/ Ernst & Young LLP |
December 31, | |||||||||||
(Dollars in thousands) | 2019 | 2018 | |||||||||
Assets | |||||||||||
Cash and cash equivalents: | |||||||||||
Cash and due from banks | $ | 53,263 | $ | 61,775 | |||||||
Interest-bearing deposits in other banks | 61,930 | 15,837 | |||||||||
Total cash and cash equivalents | 115,193 | 77,612 | |||||||||
Available-for-sale investment securities, at fair value (amortized cost of $929,395 at December 31, 2019 and $804,655 at December 31, 2018)
|
936,101 | 791,891 | |||||||||
Held-to-maturity investment securities, at amortized cost (fair value of $32,541 at December 31, 2019 and $36,963 at December 31, 2018)
|
31,747 | 36,961 | |||||||||
Other investment securities | 42,730 | 42,985 | |||||||||
Total investment securities | 1,010,578 | 871,837 | |||||||||
Loans, net of deferred fees and costs (a) | 2,873,525 | 2,728,778 | |||||||||
Allowance for loan losses | (21,556) | (20,195) | |||||||||
Net loans | 2,851,969 | 2,708,583 | |||||||||
Loans held for sale | 6,499 | 5,470 | |||||||||
Bank premises and equipment, net of accumulated depreciation | 61,846 | 56,542 | |||||||||
Bank owned life insurance | 69,722 | 68,934 | |||||||||
Goodwill | 165,701 | 151,245 | |||||||||
Other intangible assets | 11,802 | 10,840 | |||||||||
Other assets | 60,855 | 40,391 | |||||||||
Total assets | $ | 4,354,165 | $ | 3,991,454 | |||||||
Liabilities | |||||||||||
Deposits: | |||||||||||
Non-interest-bearing | $ | 671,208 | $ | 607,877 | |||||||
Interest-bearing | 2,620,204 | 2,347,588 | |||||||||
Total deposits | 3,291,412 | 2,955,465 | |||||||||
Short-term borrowings | 316,977 | 356,198 | |||||||||
Long-term borrowings | 83,123 | 109,644 | |||||||||
Accrued expenses and other liabilities | 68,260 | 50,007 | |||||||||
Total liabilities | 3,759,772 | 3,471,314 | |||||||||
Stockholders’ Equity | |||||||||||
Preferred stock, no par value, 50,000 shares authorized, no shares issued at December 31, 2019 and December 31, 2018
|
— | — | |||||||||
Common stock, no par value, 24,000,000 shares authorized, 21,156,143 shares issued at December 31, 2019 and 20,124,378 shares issued at December 31, 2018, including shares held in treasury
|
420,876 | 386,814 | |||||||||
Retained earnings | 187,149 | 160,346 | |||||||||
Accumulated other comprehensive loss, net of deferred income taxes | (1,425) | (12,933) | |||||||||
Treasury stock, at cost, 504,182 shares at December 31, 2019 and 601,289 shares at December 31, 2018
|
(12,207) | (14,087) | |||||||||
Total stockholders’ equity | 594,393 | 520,140 | |||||||||
Total liabilities and stockholders’ equity | $ | 4,354,165 | $ | 3,991,454 |
(Dollars in thousands, except per share data) | 2019 | 2018 | 2017 | ||||||||
Interest income: | |||||||||||
Interest and fees on loans | $ | 143,340 | $ | 125,263 | $ | 103,043 | |||||
Interest and dividends on taxable investment securities | 23,205 | 23,132 | 20,415 | ||||||||
Interest on tax-exempt investment securities | 2,631 | 2,467 | 2,923 | ||||||||
Other interest income | 919 | 402 | 144 | ||||||||
Total interest income | 170,095 | 151,264 | 126,525 | ||||||||
Interest expense: | |||||||||||
Interest on deposits | 22,210 | 13,705 | 7,154 | ||||||||
Interest on short-term borrowings | 4,712 | 5,238 | 1,534 | ||||||||
Interest on long-term borrowings | 2,335 | 2,709 | 4,460 | ||||||||
Total interest expense | 29,257 | 21,652 | 13,148 | ||||||||
Net interest income | 140,838 | 129,612 | 113,377 | ||||||||
Provision for loan losses | 2,504 | 5,448 | 3,772 | ||||||||
Net interest income after provision for loan losses | 138,334 | 124,164 | 109,605 | ||||||||
Non-interest income: | |||||||||||
Insurance income | 14,802 | 14,812 | 14,204 | ||||||||
Electronic banking income | 13,680 | 11,477 | 10,358 | ||||||||
Trust and investment income | 13,159 | 12,543 | 11,558 | ||||||||
Deposit account service charges | 11,700 | 9,778 | 9,614 | ||||||||
Mortgage banking income | 4,328 | 3,333 | 1,872 | ||||||||
Bank owned life insurance income | 2,430 | 1,955 | 1,950 | ||||||||
Commercial loan swap fees | 2,228 | 681 | 1,232 | ||||||||
Net gain (loss) on investment securities | 164 | (146) | 2,983 | ||||||||
Net loss on asset disposals and other transactions | (782) | (334) | (63) | ||||||||
Other non-interest income (a) | 2,565 | 2,655 | 1,865 | ||||||||
Total non-interest income | 64,274 | 56,754 | 55,573 | ||||||||
Non-interest expense: | |||||||||||
Salaries and employee benefit costs | 77,860 | 69,308 | 60,276 | ||||||||
Net occupancy and equipment expense | 12,431 | 11,272 | 10,633 | ||||||||
Electronic banking expense | 7,186 | 6,057 | 5,874 | ||||||||
Professional fees | 7,095 | 7,862 | 6,575 | ||||||||
Data processing and software expense | 6,332 | 5,419 | 4,441 | ||||||||
Amortization of other intangible assets | 3,359 | 3,338 | 3,516 | ||||||||
Franchise tax expense | 3,071 | 2,771 | 2,246 | ||||||||
Marketing expense | 2,291 | 1,962 | 1,714 | ||||||||
Foreclosed real estate and other loan expenses | 1,956 | 1,431 | 873 | ||||||||
Communication expense | 1,181 | 1,265 | 1,475 | ||||||||
FDIC insurance expense | 602 | 1,546 | 1,816 | ||||||||
Other non-interest expense | 13,886 | 13,746 | 8,536 | ||||||||
Total non-interest expense | 137,250 | 125,977 | 107,975 | ||||||||
Income before income taxes | 65,358 | 54,941 | 57,203 | ||||||||
Income tax expense | 11,663 | 8,686 | 18,732 | ||||||||
Net income | $ | 53,695 | $ | 46,255 | $ | 38,471 | |||||
Earnings per common share – basic
|
$ | 2.65 | $ | 2.42 | $ | 2.12 | |||||
Earnings per common share – diluted
|
$ | 2.63 | $ | 2.41 | $ | 2.10 | |||||
Weighted-average number of common shares outstanding – basic
|
20,120,119 | 18,991,768 | 18,050,189 | ||||||||
Weighted-average number of common shares outstanding – diluted
|
20,273,725 | 19,122,260 | 18,208,684 |
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Net income | $ | 53,695 | $ | 46,255 | $ | 38,471 | |||||
Other comprehensive income (loss): | |||||||||||
Available-for-sale investment securities: | |||||||||||
Gross unrealized holding gain (loss) arising in the period | 19,635 | (3,910) | (555) | ||||||||
Related tax (expense) benefit | (4,123) | 821 | 195 | ||||||||
Less: reclassification adjustment for net gain (loss) included in net income | 164 | (146) | 2,983 | ||||||||
Related tax (expense) benefit | (34) | 31 | (1,044) | ||||||||
Amounts reclassified out of accumulated other comprehensive loss per ASU 2018-02 (a) | — | — | (370) | ||||||||
Amounts reclassified out of accumulated other comprehensive loss per ASU 2016-01 (b) | — | (5,020) | — | ||||||||
Net effect on other comprehensive income (loss) | 15,382 | (7,994) | (2,669) | ||||||||
Defined benefit plans: | |||||||||||
Net (loss) gain arising during the period | (385) | 325 | (616) | ||||||||
Related tax benefit (expense) | 81 | (69) | 216 | ||||||||
Amortization of unrecognized gain on service benefit plans | 72 | 99 | 96 | ||||||||
Related tax expense | (15) | (21) | (34) | ||||||||
Recognition of loss due to settlement and curtailment | — | 267 | 242 | ||||||||
Related tax expense | — | (56) | (85) | ||||||||
Amounts reclassified out of accumulated other comprehensive loss per ASU 2018-02 (a) | — | — | (754) | ||||||||
Net effect on other comprehensive (loss) income | (247) | 545 | (935) | ||||||||
Cash flow hedges: | |||||||||||
Net loss arising during the period | (4,591) | (341) | (395) | ||||||||
Related tax benefit | 964 | 72 | 138 | ||||||||
Amounts reclassified out of accumulated other comprehensive loss per ASU 2018-02 (a) | — | — | 200 | ||||||||
Net effect on other comprehensive loss | (3,627) | (269) | (57) | ||||||||
Total other comprehensive income (loss), net of tax | 11,508 | (7,718) | (3,661) | ||||||||
Total comprehensive income | $ | 65,203 | $ | 38,537 | $ | 34,810 |
Common Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Stockholders' Equity | |||||||||||||
(Dollars in thousands) | |||||||||||||||||
Balance, December 31, 2016 | $ | 344,404 | $ | 110,294 | $ | (1,554) | $ | (17,883) | $ | 435,261 | |||||||
Net income | — | 38,471 | — | — | 38,471 | ||||||||||||
Other comprehensive loss, net of tax (a)
|
— | 924 | (3,661) | — | (2,737) | ||||||||||||
Cash dividends declared
|
— | (15,327) | — | — | (15,327) | ||||||||||||
Exercise of stock appreciation rights
|
(6) | — | — | 6 | — | ||||||||||||
Reissuance of treasury stock for common share awards
|
(1,455) | — | — | 1,455 | — | ||||||||||||
Reissuance of treasury stock for deferred compensation plan for Boards of Directors
|
— | — | — | 500 | 500 | ||||||||||||
Purchase of treasury stock in connection with employee incentive plan and under compensation plan for Boards of Directors
|
— | — | — | (508) | (508) | ||||||||||||
Common shares issued under dividend reinvestment plan
|
525 | — | — | — | 525 | ||||||||||||
Common shares issued under compensation plan for Board of Directors
|
88 | — | — | 207 | 295 | ||||||||||||
Stock-based compensation
|
1,747 | — | — | — | 1,747 | ||||||||||||
Common shares issued under employee stock purchase plan
|
109 | — | — | 256 | 365 | ||||||||||||
Balance, December 31, 2017 | $ | 345,412 | $ | 134,362 | $ | (5,215) | $ | (15,967) | $ | 458,592 | |||||||
Net income | — | 46,255 | — | — | 46,255 | ||||||||||||
Other comprehensive loss, net of tax (b)
|
— | 5,020 | (7,718) | — | (2,698) | ||||||||||||
Cash dividends declared
|
— | (21,578) | — | — | (21,578) | ||||||||||||
Exercise of stock appreciation rights
|
(2) | — | — | 2 | — | ||||||||||||
Reissuance of treasury stock for common share awards
|
(2,748) | — | — | 2,748 | — | ||||||||||||
Reissuance of treasury stock for deferred compensation plan for Boards of Directors
|
— | — | — | 46 | 46 | ||||||||||||
Purchase of treasury stock in connection with employee incentive plan and under compensation plan for Boards of Directors
|
— | — | — | (1,380) | (1,380) | ||||||||||||
Common shares issued under dividend reinvestment plan
|
668 | — | — | — | 668 | ||||||||||||
Common shares issued under compensation plan for Board of Directors
|
104 | — | — | 194 | 298 | ||||||||||||
Stock-based compensation | 2,359 | — | — | — | 2,359 | ||||||||||||
Common shares issued under employee stock purchase plan
|
123 | — | — | 270 | 393 | ||||||||||||
Issuance of common shares related to merger with ASB Financial Corp. ("ASB")
|
40,898 | — | — | — | 40,898 | ||||||||||||
Amounts reclassified out of retained earnings, net of tax, per ASU 2014-09 (c)
|
— | (3,713) | — | — | (3,713) | ||||||||||||
Balance, December 31, 2018 | $ | 386,814 | $ | 160,346 | $ | (12,933) | $ | (14,087) | $ | 520,140 | |||||||
PEOPLES BANCORP INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (CONTINUED) | ||||||||||||||||||||||||||||||||
Common Stock | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock | Total Stockholders' Equity | ||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Net income | $ | — | $ | 53,695 | $ | — | $ | — | $ | 53,695 | ||||||||||||||||||||||
Other comprehensive income, net of tax
|
— | — | 11,508 | — | 11,508 | |||||||||||||||||||||||||||
Cash dividends declared
|
— | (26,892) | — | — | (26,892) | |||||||||||||||||||||||||||
Reissuance of treasury stock for common share awards
|
(2,931) | — | — | 2,931 | — | |||||||||||||||||||||||||||
Reissuance of treasury stock for deferred compensation plan for Boards of Directors
|
— | — | — | 53 | 53 | |||||||||||||||||||||||||||
Purchase of treasury stock in connection with employee incentive plan and under compensation plan for Boards of Directors
|
— | — | — | (845) | (845) | |||||||||||||||||||||||||||
Common shares repurchased under share repurchase program
|
— | — | — | (805) | (805) | |||||||||||||||||||||||||||
Common shares issued under dividend reinvestment plan
|
904 | — | — | — | 904 | |||||||||||||||||||||||||||
Common shares issued under compensation plan for Board of Directors
|
78 | — | — | 235 | 313 | |||||||||||||||||||||||||||
Stock-based compensation | 3,462 | — | — | — | 3,462 | |||||||||||||||||||||||||||
Common shares issued under employee stock purchase plan
|
112 | — | — | 311 | 423 | |||||||||||||||||||||||||||
Issuance of common shares related to merger with First Prestonsburg Bancshares Inc. ("First Prestonsburg")
|
32,437 | — | — | — | 32,437 | |||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | 420,876 | $ | 187,149 | $ | (1,425) | $ | (12,207) | $ | 594,393 |
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Operating activities: | |||||||||||
Net income | $ | 53,695 | $ | 46,255 | $ | 38,471 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation, amortization and accretion, net | 17,861 | 18,204 | 18,142 | ||||||||
Provision for loan losses | 2,504 | 5,448 | 3,772 | ||||||||
Bank owned life insurance income | (2,430) | (1,955) | (1,950) | ||||||||
Net (gain) loss on investment securities | (164) | 146 | (2,983) | ||||||||
Loss on debt extinguishment | — | 13 | — | ||||||||
Fair value adjustment on equity investment securities | (831) | (207) | — | ||||||||
Loans originated for sale | (156,058) | (123,134) | (63,730) | ||||||||
Proceeds from sales of loans | 157,752 | 124,796 | 66,025 | ||||||||
Net gains on sales of loans | (3,667) | (2,846) | (1,445) | ||||||||
Deferred income tax expense (benefit) | 109 | (309) | (2,779) | ||||||||
Increase in accrued expenses | 366 | 147 | 950 | ||||||||
Decrease (increase) in interest receivable | 613 | (854) | (807) | ||||||||
(Increase) decrease in other assets | (1,227) | (533) | 6,050 | ||||||||
Non cash lease expense | 55 | — | — | ||||||||
Other, net | (1,421) | 10,072 | 1,311 | ||||||||
Net cash provided by operating activities | 67,157 | 75,243 | 61,027 | ||||||||
Investing activities: | |||||||||||
Available-for-sale investment securities: | |||||||||||
Purchases | (271,924) | (137,818) | (180,109) | ||||||||
Proceeds from sales | 72,706 | 14,489 | 8,355 | ||||||||
Proceeds from principal payments, calls and prepayments | 199,870 | 122,986 | 143,000 | ||||||||
Held-to-maturity investment securities: | |||||||||||
Purchases | — | — | (1,310) | ||||||||
Proceeds from principal payments | 4,945 | 4,281 | 3,142 | ||||||||
Other investment securities: | |||||||||||
Purchases | (3,114) | (2,689) | — | ||||||||
Proceeds from sales | 7,340 | 7,622 | — | ||||||||
Proceeds from insurance claim | 26 | — | — | ||||||||
Net increase in loans held for investment | (10,661) | (134,071) | (130,397) | ||||||||
Net expenditures for premises and equipment | (2,809) | (4,531) | (4,865) | ||||||||
Proceeds from sales of other real estate owned | 239 | 278 | 556 | ||||||||
Proceeds from bank owned life insurance | 1,642 | — | — | ||||||||
Business acquisitions, net of cash received | 7,814 | 4,695 | (1,069) | ||||||||
(Investment in) return of limited partnership and tax credit funds | (5,021) | (5,398) | 9 | ||||||||
Net cash provided by (used in) investing activities | 1,053 | (130,156) | (162,688) | ||||||||
Financing activities: | |||||||||||
Net increase (decrease) in non-interest-bearing deposits | 4,832 | 22,380 | (178,411) | ||||||||
Net increase in interest-bearing deposits | 72,841 | 3,449 | 398,991 | ||||||||
Net (decrease) increase in short-term borrowings | (76,809) | 61,883 | (146,721) | ||||||||
Proceeds from long-term borrowings | — | — | 55,000 | ||||||||
Payments on long-term borrowings | (3,501) | (4,591) | (5,738) | ||||||||
Cash dividends paid | (25,942) | (20,915) | (14,706) | ||||||||
Repurchase of treasury stock under share repurchase program | (805) | — | — | ||||||||
Purchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors to be held as treasury stock | (845) | (1,380) | (508) | ||||||||
Proceeds from issuance of common shares | 6 | 25 | 9 | ||||||||
Contingent consideration payments made after a business acquisition | (406) | (520) | (207) | ||||||||
Net cash (used in) provided by financing activities | (30,629) | 60,331 | 107,709 | ||||||||
Net increase in cash, cash equivalents and restricted cash | 37,581 | 5,418 | 6,048 | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | 77,612 | 72,194 | 66,146 | ||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 115,193 | $ | 77,612 | $ | 72,194 | |||||
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Supplemental cash flow information: | |||||||||||
Interest paid | $ | 28,887 | $ | 19,920 | $ | 13,001 | |||||
Income taxes paid | 11,450 | 6,135 | 14,036 | ||||||||
Supplemental noncash disclosures: | |||||||||||
Transfers from loans to other real estate owned | $ | 153 | $ | 90 | $ | 219 | |||||
Available-for-sale investment security sales settled in a subsequent period | — | — | 229 | ||||||||
Lease right-of-use assets obtained in exchange for lessee operating lease liabilities | 3,701 | — | — |
Recurring Fair Value Measurements at Reporting Date | |||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Available-for-sale investment securities: | |||||||||||||||||||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored agencies | $ | — | $ | 8,209 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||
States and political subdivisions
|
— | 114,104 | — | — | 88,587 | — | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | — | 791,009 | — | — | 692,608 | — | |||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 18,088 | — | — | 6,707 | — | |||||||||||||||||||||||||||||||||||
Bank-issued trust preferred securities | — | 4,691 | — | — | 3,989 | — | |||||||||||||||||||||||||||||||||||
Total available-for-sale securities | — | 936,101 | — | — | 791,891 | — | |||||||||||||||||||||||||||||||||||
Equity investment securities (a) | 123 | 198 | — | 94 | 183 | — | |||||||||||||||||||||||||||||||||||
Derivative assets (b) | — | 11,419 | — | — | 4,544 | — | |||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Derivative liabilities (c) | $ | — | $ | 15,116 | $ | — | $ | — | $ | 3,562 | $ | — |
Non-Recurring Fair Value Measurements at Reporting Date | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 29,100 | $ | — | $ | — | $ | 24,129 | ||||||||||||||||||||||||||||||||
OREO | — | — | 227 | — | — | 94 |
Fair Value Measurements of Other Financial Instruments | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value Hierarchy Level | December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1 | $ | 115,193 | $ | 115,193 | $ | 77,612 | $ | 77,612 | ||||||||||||||||||||||||||
Held-to-maturity investment securities: | |||||||||||||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||||||||||||
States and political subdivisions | 2 | 4,346 | 4,791 | 4,403 | 4,896 | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 2 | 21,494 | 21,569 | 29,044 | 28,603 | ||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 2 | 5,907 | 6,181 | 3,514 | 3,464 | ||||||||||||||||||||||||||||||
Total held-to-maturity securities | 31,747 | 32,541 | 36,961 | 36,963 | |||||||||||||||||||||||||||||||
Other investment securities: | |||||||||||||||||||||||||||||||||||
FHLB stock | 2 | 27,235 | 27,235 | 29,367 | 29,367 | ||||||||||||||||||||||||||||||
FRB stock | 2 | 13,310 | 13,310 | 12,294 | 12,294 | ||||||||||||||||||||||||||||||
Nonqualified deferred compensation | 2 | 1,499 | 1,499 | 987 | 987 | ||||||||||||||||||||||||||||||
Other investment securities | 2 | 365 | 365 | 60 | 60 | ||||||||||||||||||||||||||||||
Other investment securities (a) | 42,409 | 42,409 | 42,708 | 42,708 | |||||||||||||||||||||||||||||||
Net loans | 3 | 2,851,969 | 3,147,190 | 2,708,583 | 2,907,537 | ||||||||||||||||||||||||||||||
Loans held for sale | 2 | 6,499 | 6,553 | 5,470 | 5,492 | ||||||||||||||||||||||||||||||
Bank owned life insurance | 3 | 69,722 | 69,722 | 68,934 | 68,934 | ||||||||||||||||||||||||||||||
Servicing rights (b) | 3 | 2,742 | 3,881 | 2,655 | 4,568 | ||||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||||
Deposits | 2 | $ | 3,291,412 | $ | 3,292,950 | $ | 2,955,465 | $ | 2,953,452 | ||||||||||||||||||||||||||
Short-term borrowings | 2 | 316,977 | 317,973 | 356,198 | 349,994 | ||||||||||||||||||||||||||||||
Long-term borrowings | 2 | 83,123 | 82,701 | 109,644 | 107,696 |
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||
2019 | ||||||||||||||
Obligations of: | ||||||||||||||
U.S. government sponsored agencies | $ | 7,917 | $ | 292 | $ | — | $ | 8,209 | ||||||
States and political subdivisions | 111,217 | 3,018 | (131) | 114,104 | ||||||||||
Residential mortgage-backed securities | 787,430 | 7,763 | (4,184) | 791,009 | ||||||||||
Commercial mortgage-backed securities | 18,135 | 88 | (135) | 18,088 | ||||||||||
Bank-issued trust preferred securities | 4,696 | 137 | (142) | 4,691 | ||||||||||
Total available-for-sale securities | $ | 929,395 | $ | 11,298 | $ | (4,592) | $ | 936,101 | ||||||
2018 | ||||||||||||||
Obligations of: | ||||||||||||||
States and political subdivisions | $ | 88,358 | $ | 787 | $ | (558) | $ | 88,587 | ||||||
Residential mortgage-backed securities | 705,289 | 2,720 | (15,401) | 692,608 | ||||||||||
Commercial mortgage-backed securities | 6,812 | — | (105) | 6,707 | ||||||||||
Bank-issued trust preferred securities | 4,196 | 75 | (282) | 3,989 | ||||||||||
Total available-for-sale securities | $ | 804,655 | $ | 3,582 | $ | (16,346) | $ | 791,891 |
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Gross gains realized | $ | 252 | $ | 6 | $ | 2,999 | |||||
Gross losses realized | 88 | 152 | 16 | ||||||||
Net gain (loss) realized | $ | 164 | $ | (146) | $ | 2,983 |
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Fair
Value
|
Unrealized Loss | No. of Securities |
Fair
Value
|
Unrealized Loss | No. of Securities |
Fair
Value
|
Unrealized Loss | |||||||||||||||||||||||||||||||||||||||
2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||||||||||||||||||||||||
States and political subdivisions | $ | 6,226 | $ | 74 | 2 | $ | 2,441 | $ | 57 | 1 | $ | 8,667 | $ | 131 | |||||||||||||||||||||||||||||||||
Residential mortgage-backed securities
|
284,096 | 2,527 | 62 | 88,993 | 1,657 | 39 | 373,089 | 4,184 | |||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities
|
970 | 21 | 1 | 2,409 | 114 | 3 | 3,379 | 135 | |||||||||||||||||||||||||||||||||||||||
Bank-issued trust preferred securities
|
— | — | — | 1,858 | 142 | 2 | 1,858 | 142 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 291,292 | $ | 2,622 | 65 | $ | 95,701 | $ | 1,970 | 45 | $ | 386,993 | $ | 4,592 | |||||||||||||||||||||||||||||||||
2018 | |||||||||||||||||||||||||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||||||||||||||||||||||||
States and political subdivisions | $ | 10,173 | $ | 18 | 17 | $ | 19,918 | $ | 540 | 20 | $ | 30,091 | $ | 558 | |||||||||||||||||||||||||||||||||
Residential mortgage-backed securities
|
47,562 | 226 | 50 | 517,335 | 15,175 | 170 | 564,897 | 15,401 | |||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities
|
— | — | — | 6,707 | 105 | 3 | 6,707 | 105 | |||||||||||||||||||||||||||||||||||||||
Bank-issued trust preferred securities
|
— | — | — | 1,718 | 282 | 2 | 1,718 | 282 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 57,735 | $ | 244 | 67 | $ | 545,678 | $ | 16,102 | 195 | $ | 603,413 | $ | 16,346 |
(Dollars in thousands) | Within 1 Year | 1 to 5 Years | 5 to 10 Years | Over 10 Years | Total | ||||||||||||
Amortized cost | |||||||||||||||||
Obligations of: | |||||||||||||||||
U.S. government sponsored agencies | $ | — | $ | 1,993 | $ | 5,924 | $ | — | $ | 7,917 | |||||||
States and political subdivisions | 4,303 | 24,842 | 43,699 | 38,373 | 111,217 | ||||||||||||
Residential mortgage-backed securities | 1 | 1,860 | 77,441 | 708,128 | 787,430 | ||||||||||||
Commercial mortgage-backed securities | 2,372 | 11,267 | 982 | 3,514 | 18,135 | ||||||||||||
Bank-issued trust preferred securities | — | — | 4,696 | — | 4,696 | ||||||||||||
Total available-for-sale securities | $ | 6,676 | $ | 39,962 | $ | 132,742 | $ | 750,015 | $ | 929,395 | |||||||
Fair value | |||||||||||||||||
Obligations of: | |||||||||||||||||
U.S. government sponsored agencies | $ | — | $ | 2,045 | $ | 6,164 | $ | — | $ | 8,209 | |||||||
States and political subdivisions | 4,316 | 25,224 | 45,445 | 39,119 | 114,104 | ||||||||||||
Residential mortgage-backed securities | 1 | 1,890 | 77,076 | 712,042 | 791,009 | ||||||||||||
Commercial mortgage-backed securities | 2,374 | 11,325 | 1,010 | 3,379 | 18,088 | ||||||||||||
Bank-issued trust preferred securities | — | — | 4,691 | — | 4,691 | ||||||||||||
Total available-for-sale securities | $ | 6,691 | $ | 40,484 | $ | 134,386 | $ | 754,540 | $ | 936,101 | |||||||
Total weighted-average yield | 2.32 | % | 2.63 | % | 2.71 | % | 2.67 | % | 2.68 | % |
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||
2019 | ||||||||||||||
Obligations of: | ||||||||||||||
States and political subdivisions | $ | 4,346 | $ | 445 | $ | — | $ | 4,791 | ||||||
Residential mortgage-backed securities | 21,494 | 169 | (94) | 21,569 | ||||||||||
Commercial mortgage-backed securities | 5,907 | 275 | (1) | 6,181 | ||||||||||
Total held-to-maturity securities | $ | 31,747 | $ | 889 | $ | (95) | $ | 32,541 | ||||||
2018 | ||||||||||||||
Obligations of: | ||||||||||||||
States and political subdivisions | $ | 4,403 | $ | 493 | $ | — | $ | 4,896 | ||||||
Residential mortgage-backed securities | 29,044 | 191 | (632) | 28,603 | ||||||||||
Commercial mortgage-backed securities | 3,514 | — | (50) | 3,464 | ||||||||||
Total held-to-maturity securities | $ | 36,961 | $ | 684 | $ | (682) | $ | 36,963 |
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Fair
Value
|
Unrealized Loss | No. of Securities |
Fair
Value
|
Unrealized Loss | No. of Securities |
Fair
Value
|
Unrealized Loss | |||||||||||||||||||||||||||||||||||||||
2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities
|
$ | 7,731 | $ | 67 | 1 | $ | 890 | $ | 27 | 1 | $ | 8,621 | $ | 94 | |||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities
|
1,666 | 1 | 1 | — | — | — | 1,666 | 1 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 9,397 | $ | 68 | 2 | $ | 890 | $ | 27 | 1 | $ | 10,287 | $ | 95 | |||||||||||||||||||||||||||||||||
2018 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities
|
$ | — | $ | — | — | $ | 13,102 | $ | 632 | 5 | $ | 13,102 | $ | 632 | |||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities
|
— | — | — | 3,464 | 50 | 1 | 3,464 | 50 | |||||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | — | — | $ | 16,566 | $ | 682 | 6 | $ | 16,566 | $ | 682 |
(Dollars in thousands) | Within 1 Year | 1 to 5 Years | 5 to 10 Years | Over 10 Years | Total | ||||||||||||
Amortized cost | |||||||||||||||||
Obligations of: | |||||||||||||||||
States and political subdivisions | $ | 302 | $ | — | $ | 3,543 | $ | 501 | $ | 4,346 | |||||||
Residential mortgage-backed securities | — | — | 3,648 | 17,846 | 21,494 | ||||||||||||
Commercial mortgage-backed securities | — | 398 | 3,842 | 1,667 | 5,907 | ||||||||||||
Total held-to-maturity securities | $ | 302 | $ | 398 | $ | 11,033 | $ | 20,014 | $ | 31,747 | |||||||
Fair value | |||||||||||||||||
Obligations of: | |||||||||||||||||
States and political subdivisions | $ | 303 | $ | — | $ | 3,986 | $ | 502 | $ | 4,791 | |||||||
Residential mortgage-backed securities | — | — | 3,715 | 17,854 | 21,569 | ||||||||||||
Commercial mortgage-backed securities | — | 402 | 4,113 | 1,666 | 6,181 | ||||||||||||
Total held-to-maturity securities | $ | 303 | $ | 402 | $ | 11,814 | $ | 20,022 | $ | 32,541 | |||||||
Total weighted-average yield | 2.61 | % | 2.29 | % | 2.79 | % | 2.82 | % | 2.80 | % |
(Dollars in thousands) | 2019 | 2018 | ||||||
FHLB stock | $ | 27,235 | $ | 29,367 | ||||
FRB stock | 13,310 | 12,294 | ||||||
Nonqualified deferred compensation | 1,499 | 987 | ||||||
Equity investment securities | 321 | 277 | ||||||
Other investment securities | 365 | 60 | ||||||
Total other investment securities | $ | 42,730 | $ | 42,985 |
Carrying Amount | |||||||||||
(Dollars in thousands) | 2019 | 2018 | |||||||||
Securing public and trust department deposits, and Repurchase Agreements: | |||||||||||
Available-for-sale | $ | 527,655 | $ | 429,987 | |||||||
Held-to-maturity | 12,975 | 16,928 | |||||||||
Securing additional borrowing capacity at the FHLB and the FRB: | |||||||||||
Available-for-sale | 44,618 | 60,058 | |||||||||
Held-to-maturity | 14,155 | 16,731 |
(Dollars in thousands) | 2019 | 2018 | ||||||
Originated loans: | ||||||||
Construction | $ | 83,283 | $ | 124,013 | ||||
Commercial real estate, other | 671,576 | 632,200 | ||||||
Commercial real estate | 754,859 | 756,213 | ||||||
Commercial and industrial | 622,175 | 530,207 | ||||||
Residential real estate | 314,935 | 296,860 | ||||||
Home equity lines of credit | 93,013 | 93,326 | ||||||
Consumer, indirect | 417,127 | 407,167 | ||||||
Consumer, direct | 70,852 | 71,674 | ||||||
Consumer | 487,979 | 478,841 | ||||||
Deposit account overdrafts | 878 | 583 | ||||||
Total originated loans | $ | 2,273,839 | $ | 2,156,030 | ||||
Acquired loans: | ||||||||
Construction | $ | 5,235 | $ | 12,404 | ||||
Commercial real estate, other | 161,662 | 184,711 | ||||||
Commercial real estate | 166,897 | 197,115 | ||||||
Commercial and industrial | 40,818 | 35,537 | ||||||
Residential real estate | 346,541 | 296,937 | ||||||
Home equity lines of credit | 39,691 | 40,653 | ||||||
Consumer, indirect | 58 | 136 | ||||||
Consumer, direct | 5,681 | 2,370 | ||||||
Consumer | 5,739 | 2,506 | ||||||
Total acquired loans | $ | 599,686 | $ | 572,748 | ||||
Total loans | $ | 2,873,525 | $ | 2,728,778 |
(Dollars in thousands) | 2019 | 2018 | ||||||
Commercial real estate | $ | 9,150 | $ | 11,955 | ||||
Commercial and industrial | 3,689 | 1,287 | ||||||
Residential real estate | 23,814 | 20,062 | ||||||
Consumer | 385 | 58 | ||||||
Total outstanding balance | $ | 37,038 | $ | 33,362 | ||||
Net carrying amount | $ | 23,750 | $ | 22,475 |
(Dollars in thousands) | 2019 | 2018 | ||||||
Balance, beginning of period | $ | 8,955 | $ | 6,704 | ||||
Reclassification from nonaccretable to accretable | 199 | 2,019 | ||||||
Additions: | ||||||||
ASB | — | 2,047 | ||||||
First Prestonsburg | 3,860 | — | ||||||
Accretion | (2,955) | (1,815) | ||||||
Balance, December 31 | $ | 10,059 | $ | 8,955 |
(Dollars in thousands) | 2019 | 2018 | ||||||
Loans pledged to FHLB of Cincinnati | $ | 458,227 | $ | 505,676 | ||||
Loans pledged to FRB of Cleveland | 172,693 | 180,909 |
(Dollars in thousands) | |||||
Balance, December 31, 2018 | $ | 16,789 | |||
New loans and disbursements | 4,198 | ||||
Repayments | (5,607) | ||||
Balance, December 31, 2019 | $ | 15,380 |
Loans 90+ Days Past Due and Accruing | ||||||||||||||||||||
Nonaccrual Loans | ||||||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||
Originated loans: | ||||||||||||||||||||
Construction | $ | — | $ | 710 | $ | — | $ | — | ||||||||||||
Commercial real estate, other | 6,626 | 6,565 | — | 786 | ||||||||||||||||
Commercial real estate | 6,626 | 7,275 | — | 786 | ||||||||||||||||
Commercial and industrial | 2,060 | 1,673 | — | — | ||||||||||||||||
Residential real estate | 4,365 | 4,105 | 755 | 398 | ||||||||||||||||
Home equity lines of credit | 458 | 596 | 51 | 7 | ||||||||||||||||
Consumer, indirect | 840 | 480 | — | — | ||||||||||||||||
Consumer, direct | 43 | 56 | — | — | ||||||||||||||||
Consumer | 883 | 536 | — | — | ||||||||||||||||
Total originated loans | $ | 14,392 | $ | 14,185 | $ | 806 | $ | 1,191 | ||||||||||||
Acquired loans: | ||||||||||||||||||||
Construction | $ | 411 | $ | — | $ | — | $ | — | ||||||||||||
Commercial real estate, other | 175 | 319 | 907 | 15 | ||||||||||||||||
Commercial real estate | 586 | 319 | 907 | 15 | ||||||||||||||||
Commercial and industrial | 95 | 36 | 155 | 18 | ||||||||||||||||
Residential real estate | 1,996 | 1,921 | 1,922 | 1,032 | ||||||||||||||||
Home equity lines of credit | 707 | 637 | 57 | — | ||||||||||||||||
Consumer, direct | 5 | — | 85 | — | ||||||||||||||||
Total acquired loans | $ | 3,389 | $ | 2,913 | $ | 3,126 | $ | 1,065 | ||||||||||||
Total loans | $ | 17,781 | $ | 17,098 | $ | 3,932 | $ | 2,256 |
Loans Past Due | Current | Total | ||||||||||||||||||||||||||||||
(Dollars in thousands) |
30 – 59 days
|
60 – 89 days
|
90 + Days | Total | ||||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||
Originated loans: | ||||||||||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | $ | — | $ | 83,283 | $ | 83,283 | ||||||||||||||||||||
Commercial real estate, other | 75 | 12 | 6,432 | 6,519 | 665,057 | 671,576 | ||||||||||||||||||||||||||
Commercial real estate | 75 | 12 | 6,432 | 6,519 | 748,340 | 754,859 | ||||||||||||||||||||||||||
Commercial and industrial | 2,477 | 292 | 994 | 3,763 | 618,412 | 622,175 | ||||||||||||||||||||||||||
Residential real estate | 4,487 | 1,231 | 3,104 | 8,822 | 306,113 | 314,935 | ||||||||||||||||||||||||||
Home equity lines of credit | 396 | 267 | 405 | 1,068 | 91,945 | 93,013 | ||||||||||||||||||||||||||
Consumer, indirect | 3,574 | 714 | 370 | 4,658 | 412,469 | 417,127 | ||||||||||||||||||||||||||
Consumer, direct | 459 | 53 | 27 | 539 | 70,313 | 70,852 | ||||||||||||||||||||||||||
Consumer | 4,033 | 767 | 397 | 5,197 | 482,782 | 487,979 | ||||||||||||||||||||||||||
Deposit account overdrafts | — | — | — | — | 878 | 878 | ||||||||||||||||||||||||||
Total originated loans | $ | 11,468 | $ | 2,569 | $ | 11,332 | $ | 25,369 | $ | 2,248,470 | $ | 2,273,839 | ||||||||||||||||||||
Acquired loans: | ||||||||||||||||||||||||||||||||
Construction | $ | 5 | $ | — | $ | 411 | $ | 416 | $ | 4,819 | $ | 5,235 | ||||||||||||||||||||
Commercial real estate, other | 301 | 325 | 1,069 | 1,695 | 159,967 | 161,662 | ||||||||||||||||||||||||||
Commercial real estate | 306 | 325 | 1,480 | 2,111 | 164,786 | 166,897 | ||||||||||||||||||||||||||
Commercial and industrial | 303 | 20 | 250 | 573 | 40,245 | 40,818 | ||||||||||||||||||||||||||
Residential real estate | 6,051 | 1,687 | 2,768 | 10,506 | 336,035 | 346,541 | ||||||||||||||||||||||||||
Home equity lines of credit | 246 | 243 | 628 | 1,117 | 38,574 | 39,691 | ||||||||||||||||||||||||||
Consumer, indirect | — | — | — | — | 58 | 58 | ||||||||||||||||||||||||||
Consumer, other | 160 | 64 | 85 | 309 | 5,372 | 5,681 | ||||||||||||||||||||||||||
Consumer | 160 | 64 | 85 | 309 | 5,430 | 5,739 | ||||||||||||||||||||||||||
Total acquired loans | $ | 7,066 | $ | 2,339 | $ | 5,211 | $ | 14,616 | $ | 585,070 | $ | 599,686 | ||||||||||||||||||||
Total loans | $ | 18,534 | $ | 4,908 | $ | 16,543 | $ | 39,985 | $ | 2,833,540 | $ | 2,873,525 | ||||||||||||||||||||
Loans Past Due | Current | Total | ||||||||||||||||||||||||||||||
(Dollars in thousands) |
30 – 59 days
|
60 – 89 days
|
90 + Days | Total | ||||||||||||||||||||||||||||
2018 | ||||||||||||||||||||||||||||||||
Originated loans: | ||||||||||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | 710 | $ | 710 | $ | 123,303 | $ | 124,013 | ||||||||||||||||||||
Commercial real estate, other | 12 | 736 | 7,151 | 7,899 | 624,301 | 632,200 | ||||||||||||||||||||||||||
Commercial real estate | 12 | 736 | 7,861 | 8,609 | 747,604 | 756,213 | ||||||||||||||||||||||||||
Commercial and industrial | 1,678 | 3,520 | 1,297 | 6,495 | 523,712 | 530,207 | ||||||||||||||||||||||||||
Residential real estate | 4,457 | 1,319 | 2,595 | 8,371 | 288,489 | 296,860 | ||||||||||||||||||||||||||
Home equity lines of credit | 531 | 30 | 431 | 992 | 92,334 | 93,326 | ||||||||||||||||||||||||||
Consumer, indirect | 3,266 | 488 | 165 | 3,919 | 403,248 | 407,167 | ||||||||||||||||||||||||||
Consumer, direct | 308 | 50 | 42 | 400 | 71,274 | 71,674 | ||||||||||||||||||||||||||
Consumer | 3,574 | 538 | 207 | 4,319 | 474,522 | 478,841 | ||||||||||||||||||||||||||
Deposit account overdrafts | — | — | — | — | 583 | 583 | ||||||||||||||||||||||||||
Total originated loans | $ | 10,252 | $ | 6,143 | $ | 12,391 | $ | 28,786 | $ | 2,127,244 | $ | 2,156,030 | ||||||||||||||||||||
Acquired loans: | ||||||||||||||||||||||||||||||||
Construction | $ | 511 | $ | — | $ | — | $ | 511 | $ | 11,893 | $ | 12,404 | ||||||||||||||||||||
Commercial real estate, other | 523 | 457 | 233 | 1,213 | 183,498 | 184,711 | ||||||||||||||||||||||||||
Commercial real estate | 1,034 | 457 | 233 | 1,724 | 195,391 | 197,115 | ||||||||||||||||||||||||||
Commercial and industrial | 111 | 13 | 18 | 142 | 35,395 | 35,537 | ||||||||||||||||||||||||||
Residential real estate | 6,124 | 1,823 | 1,885 | 9,832 | 287,105 | 296,937 | ||||||||||||||||||||||||||
Home equity lines of credit | 238 | 233 | 534 | 1,005 | 39,648 | 40,653 | ||||||||||||||||||||||||||
Consumer, indirect | — | — | — | — | 136 | 136 | ||||||||||||||||||||||||||
Consumer, direct | 23 | 6 | — | 29 | 2,341 | 2,370 | ||||||||||||||||||||||||||
Consumer | 23 | 6 | — | 29 | 2,477 | 2,506 | ||||||||||||||||||||||||||
Total acquired loans | $ | 7,530 | $ | 2,532 | $ | 2,670 | $ | 12,732 | $ | 560,016 | $ | 572,748 | ||||||||||||||||||||
Total loans | $ | 17,782 | $ | 8,675 | $ | 15,061 | $ | 41,518 | $ | 2,687,260 | $ | 2,728,778 |
Pass Rated | Special Mention | Substandard | Doubtful |
Not
Rated
|
Total | |||||||||||||||
(Dollars in thousands) |
(Grades 1 – 4)
|
(Grade 5) | (Grade 6) | (Grade 7) | ||||||||||||||||
2019 | ||||||||||||||||||||
Originated loans: | ||||||||||||||||||||
Construction | $ | 81,771 | $ | — | $ | — | $ | — | $ | 1,512 | $ | 83,283 | ||||||||
Commercial real estate, other | 640,745 | 12,130 | 18,694 | 7 | — | 671,576 | ||||||||||||||
Commercial real estate | 722,516 | 12,130 | 18,694 | 7 | 1,512 | 754,859 | ||||||||||||||
Commercial and industrial | 601,578 | 7,821 | 12,776 | — | — | 622,175 | ||||||||||||||
Residential real estate | 17,713 | 916 | 15,488 | 159 | 280,659 | 314,935 | ||||||||||||||
Home equity lines of credit | 1,348 | — | — | — | 91,665 | 93,013 | ||||||||||||||
Consumer, indirect | — | — | — | — | 417,127 | 417,127 | ||||||||||||||
Consumer, direct | 26 | — | — | — | 70,826 | 70,852 | ||||||||||||||
Consumer | 26 | — | — | — | 487,953 | 487,979 | ||||||||||||||
Deposit account overdrafts | — | — | — | — | 878 | 878 | ||||||||||||||
Total originated loans | $ | 1,343,181 | $ | 20,867 | $ | 46,958 | $ | 166 | $ | 862,667 | $ | 2,273,839 | ||||||||
Pass Rated | Special Mention | Substandard | Doubtful |
Not
Rated
|
Total | |||||||||||||||
(Dollars in thousands) |
(Grades 1 – 4)
|
(Grade 5) | (Grade 6) | (Grade 7) | ||||||||||||||||
2019 | ||||||||||||||||||||
Acquired loans: | ||||||||||||||||||||
Construction | $ | 3,578 | $ | 150 | $ | 1,507 | $ | — | $ | — | $ | 5,235 | ||||||||
Commercial real estate, other | 146,973 | 5,442 | 9,164 | 83 | — | 161,662 | ||||||||||||||
Commercial real estate | 150,551 | 5,592 | 10,671 | 83 | — | 166,897 | ||||||||||||||
Commercial and industrial | 35,508 | 1,595 | 3,715 | — | — | 40,818 | ||||||||||||||
Residential real estate | 32,193 | 2,468 | 4,436 | 125 | 307,319 | 346,541 | ||||||||||||||
Home equity lines of credit | 1,812 | 154 | — | — | 37,725 | 39,691 | ||||||||||||||
Consumer, indirect | — | — | — | — | 58 | 58 | ||||||||||||||
Consumer, direct | 26 | — | — | — | 5,655 | 5,681 | ||||||||||||||
Consumer | 26 | — | — | — | 5,713 | 5,739 | ||||||||||||||
Total acquired loans | $ | 220,090 | $ | 9,809 | $ | 18,822 | $ | 208 | $ | 350,757 | $ | 599,686 | ||||||||
Total loans | $ | 1,563,271 | $ | 30,676 | $ | 65,780 | $ | 374 | $ | 1,213,424 | $ | 2,873,525 | ||||||||
2018 | ||||||||||||||||||||
Originated loans: | ||||||||||||||||||||
Construction | $ | 121,457 | $ | — | $ | 1,472 | $ | — | $ | 1,084 | $ | 124,013 | ||||||||
Commercial real estate, other | 612,099 | 10,898 | 9,203 | — | — | 632,200 | ||||||||||||||
Commercial real estate | 733,556 | 10,898 | 10,675 | — | 1,084 | 756,213 | ||||||||||||||
Commercial and industrial | 476,290 | 45,990 | 7,692 | — | 235 | 530,207 | ||||||||||||||
Residential real estate | 14,229 | 500 | 11,971 | 409 | 269,751 | 296,860 | ||||||||||||||
Home equity lines of credit | 453 | — | — | — | 92,873 | 93,326 | ||||||||||||||
Consumer, indirect | 8 | — | — | — | 407,159 | 407,167 | ||||||||||||||
Consumer, direct | 30 | — | — | — | 71,644 | 71,674 | ||||||||||||||
Consumer | 38 | — | — | — | 478,803 | 478,841 | ||||||||||||||
Deposit account overdrafts | — | — | — | — | 583 | 583 | ||||||||||||||
Total originated loans | $ | 1,224,566 | $ | 57,388 | $ | 30,338 | $ | 409 | $ | 843,329 | $ | 2,156,030 | ||||||||
Acquired loans: | ||||||||||||||||||||
Construction | $ | 8,976 | $ | 1,795 | $ | 1,633 | $ | — | $ | — | $ | 12,404 | ||||||||
Commercial real estate, other | 169,260 | 7,241 | 8,114 | 96 | — | 184,711 | ||||||||||||||
Commercial real estate | 178,236 | 9,036 | 9,747 | 96 | — | 197,115 | ||||||||||||||
Commercial and industrial | 32,471 | 2,008 | 1,058 | — | — | 35,537 | ||||||||||||||
Residential real estate | 17,370 | 1,938 | 2,033 | 137 | 275,459 | 296,937 | ||||||||||||||
Home equity lines of credit | 33 | — | — | — | 40,620 | 40,653 | ||||||||||||||
Consumer, indirect | 4 | — | — | — | 132 | 136 | ||||||||||||||
Consumer, direct | 31 | — | — | — | 2,339 | 2,370 | ||||||||||||||
Consumer | 35 | — | — | — | 2,471 | 2,506 | ||||||||||||||
Total acquired loans | $ | 228,145 | $ | 12,982 | $ | 12,838 | $ | 233 | $ | 318,550 | $ | 572,748 | ||||||||
Total loans | $ | 1,452,711 | $ | 70,370 | $ | 43,176 | $ | 642 | $ | 1,161,879 | $ | 2,728,778 |
Unpaid
Principal
Balance
|
Recorded Investment |
Total
Recorded Investment
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
||||||||||||||||||||||
With | Without |
Related
Allowance
|
||||||||||||||||||||||||
(Dollars in thousands) | Allowance | Allowance | ||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||
Construction | $ | 1,509 | $ | — | $ | 1,423 | $ | 1,423 | $ | — | $ | 1,297 | $ | 44 | ||||||||||||
Commercial real estate, other | 14,519 | 4,754 | 8,829 | 13,583 | 430 | 13,210 | 475 | |||||||||||||||||||
Commercial real estate | 16,028 | 4,754 | 10,252 | 15,006 | 430 | 14,507 | 519 | |||||||||||||||||||
Commercial and industrial | 6,018 | 2,294 | 2,829 | 5,123 | 698 | 3,205 | 160 | |||||||||||||||||||
Residential real estate | 26,581 | 123 | 24,566 | 24,689 | 15 | 23,370 | 1,436 | |||||||||||||||||||
Home equity lines of credit | 1,583 | 414 | 1,170 | 1,584 | 9 | 1,384 | 92 | |||||||||||||||||||
Consumer, indirect | 767 | 298 | 494 | 792 | 53 | 359 | 33 | |||||||||||||||||||
Consumer, direct | 387 | 55 | 329 | 384 | 7 | 200 | 21 | |||||||||||||||||||
Consumer | 1,154 | 353 | 823 | 1,176 | 60 | 559 | 54 | |||||||||||||||||||
Total | $ | 51,364 | $ | 7,938 | $ | 39,640 | $ | 47,578 | $ | 1,212 | $ | 43,025 | $ | 2,261 | ||||||||||||
2018 | ||||||||||||||||||||||||||
Construction | $ | 2,376 | $ | — | $ | 2,376 | 2,376 | $ | — | $ | 1,732 | $ | 74 | |||||||||||||
Commercial real estate, other | 15,464 | 274 | 14,946 | 15,220 | 119 | 14,043 | 455 | |||||||||||||||||||
Commercial real estate | 17,840 | 274 | 17,322 | 17,596 | 119 | 15,775 | 529 | |||||||||||||||||||
Commercial and industrial | 3,305 | 790 | 2,436 | 3,226 | 157 | 2,423 | 72 | |||||||||||||||||||
Residential real estate | 25,990 | 644 | 24,034 | 24,678 | 154 | 22,769 | 1,134 | |||||||||||||||||||
Home equity lines of credit | 2,291 | 424 | 1,869 | 2,293 | 73 | 1,832 | 109 | |||||||||||||||||||
Consumer, indirect | 496 | — | 503 | 503 | — | 278 | 15 | |||||||||||||||||||
Consumer, direct | 79 | 22 | 57 | 79 | 6 | 63 | 20 | |||||||||||||||||||
Consumer | 575 | 22 | 560 | 582 | 6 | 341 | 35 | |||||||||||||||||||
Total | $ | 50,001 | $ | 2,154 | $ | 46,221 | $ | 48,375 | $ | 509 | $ | 43,140 | $ | 1,879 |
2018 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Contracts | Recorded Investment (1) | Impact on the Allowance for Loan Losses | ||||||||||||||||||||||||||||||||
Originated loans: | |||||||||||||||||||||||||||||||||||
Residential real estate | 1 | $ | 56 | $ | — | ||||||||||||||||||||||||||||||
Home equity lines of credit | 1 | 32 | — | ||||||||||||||||||||||||||||||||
Total | 2 | $ | 88 | $ | — | ||||||||||||||||||||||||||||||
Acquired loans: | |||||||||||||||||||||||||||||||||||
Home equity lines of credit | 1 | $ | 10 | $ | — | ||||||||||||||||||||||||||||||
Total | 1 | $ | 10 | $ | — | ||||||||||||||||||||||||||||||
(1) The amounts shown are inclusive of all partial paydowns and charge-offs. Loans modified in a TDR that were fully paid down, charged-off or foreclosed upon by period end are not reported. |
(Dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Residential Real Estate | Home Equity Lines of Credit | Consumer, indirect | Consumer, direct | Deposit Account Overdrafts | Total | ||||||||||||||||||
Balance, January 1, 2019 | $ | 8,003 | $ | 6,178 | $ | 1,214 | $ | 618 | $ | 3,214 | $ | 351 | $ | 81 | $ | 19,659 | ||||||||||
Charge-offs | (153) | (1,062) | (312) | (55) | (1,829) | (211) | (851) | (4,473) | ||||||||||||||||||
Recoveries | 151 | 2,415 | 229 | 11 | 270 | 52 | 205 | 3,333 | ||||||||||||||||||
Net (charge-offs) recoveries | (2) | 1,353 | (83) | (44) | (1,559) | (159) | (646) | (1,140) | ||||||||||||||||||
(Recovery of) provision for loan losses | (668) | 901 | 60 | (28) | 1,282 | 102 | 659 | 2,308 | ||||||||||||||||||
Balance, December 31, 2019 | $ | 7,333 | $ | 8,432 | $ | 1,191 | $ | 546 | $ | 2,937 | $ | 294 | $ | 94 | $ | 20,827 | ||||||||||
Balance, January 1, 2018 | $ | 7,797 | $ | 5,813 | $ | 904 | $ | 693 | $ | 2,944 | $ | 464 | $ | 70 | $ | 18,685 | ||||||||||
Charge-offs | (849) | (38) | (355) | (107) | (2,515) | (358) | (965) | (5,187) | ||||||||||||||||||
Recoveries | 60 | 18 | 232 | 14 | 474 | 140 | 205 | 1,143 | ||||||||||||||||||
Net charge-offs | (789) | (20) | (123) | (93) | (2,041) | (218) | (760) | (4,044) | ||||||||||||||||||
Provision for loan losses | 995 | 385 | 433 | 18 | 2,311 | 105 | 771 | 5,018 | ||||||||||||||||||
Balance, December 31, 2018 | $ | 8,003 | $ | 6,178 | $ | 1,214 | $ | 618 | $ | 3,214 | $ | 351 | $ | 81 | $ | 19,659 | ||||||||||
(Dollars in thousands) | 2019 | 2018 | ||||||||||||
Nonimpaired loans: | ||||||||||||||
Balance, January 1 | $ | 383 | $ | — | ||||||||||
Charge-offs | (3) | — | ||||||||||||
Provision for loan losses | 215 | 383 | ||||||||||||
Balance, December 31 | $ | 595 | $ | 383 | ||||||||||
Purchased credit impaired loans: | ||||||||||||||
Balance, January 1 | $ | 153 | $ | 108 | ||||||||||
Charge-offs | — | (2) | ||||||||||||
(Recovery of) provision for loan losses | (19) | 47 | ||||||||||||
Balance, December 31 | $ | 134 | $ | 153 |
(Dollars in thousands) | 2019 | 2018 | ||||||||||||
Land | $ | 15,317 | $ | 13,776 | ||||||||||
Building and premises | 73,097 | 68,245 | ||||||||||||
Furniture, fixtures and equipment | 30,268 | 28,523 | ||||||||||||
Total bank premises and equipment | 118,682 | 110,544 | ||||||||||||
Accumulated depreciation | (56,836) | (54,002) | ||||||||||||
Net book value | $ | 61,846 | $ | 56,542 |
(Dollars in thousands) | 2019 | ||||
Operating lease expense | $ | 1,227 | |||
Short-term lease expense | 137 | ||||
Total lease expense | $ | 1,364 |
(Dollars in thousands) | December 31, 2019 | ||||
Right-of-use asset: | |||||
Other assets | $ | 7,606 | |||
Lease liability: | |||||
Accrued expenses and other liabilities | $ | 7,813 | |||
Other information: | |||||
Weighted-average remaining lease term | 12.4 years | ||||
Weighted-average discount rate | 3.16 | % | |||
Cash paid during the year for operating leases | $ | 1,172 | |||
Additions for right-of-use assets obtained during the year ended | $ | 3,701 |
(Dollars in thousands) | Payments | ||||
Year ending December 31, 2020
|
$ | 1,237 | |||
Year ending December 31, 2021 | 1,137 | ||||
Year ending December 31, 2022 | 1,067 | ||||
Year ending December 31, 2023 | 882 | ||||
Year ending December 31, 2024 | 629 | ||||
Thereafter | 4,750 | ||||
Total undiscounted lease payments | $ | 9,702 | |||
Imputed Interest | (1,889) | ||||
Total lease liability | $ | 7,813 |
(Dollars in thousands) | 2019 | 2018 | ||||||
Goodwill, beginning of year | $ | 151,245 | $ | 133,111 | ||||
Goodwill recorded from acquisitions | 14,456 | 18,134 | ||||||
Goodwill, end of year | $ | 165,701 | $ | 151,245 | ||||
(Dollars in thousands) | Core Deposits | Customer Relationships | Total | ||||||||||||||
2019 | |||||||||||||||||
Gross intangibles | $ | 17,999 | $ | 7,480 | $ | 25,479 | |||||||||||
Intangibles recorded from acquisitions | 4,234 | — | 4,234 | ||||||||||||||
Accumulated amortization | (15,120) | (5,533) | (20,653) | ||||||||||||||
Total acquisition-related intangibles | $ | 7,113 | $ | 1,947 | $ | 9,060 | |||||||||||
Servicing rights | 2,742 | ||||||||||||||||
Total other intangibles | $ | 11,802 | |||||||||||||||
2018 | |||||||||||||||||
Gross intangibles | $ | 15,636 | $ | 7,480 | $ | 23,116 | |||||||||||
Intangibles recorded from acquisitions | 2,363 | — | 2,363 | ||||||||||||||
Accumulated amortization | (12,540) | (4,754) | (17,294) | ||||||||||||||
Total acquisition-related intangibles | $ | 5,459 | $ | 2,726 | $ | 8,185 | |||||||||||
Servicing rights | 2,655 | ||||||||||||||||
Total other intangibles | $ | 10,840 | |||||||||||||||
(Dollars in thousands) | Core Deposits | Customer Relationships | Total | |||||||||||||||||
2020 | $ | 2,178 | $ | 629 | $ | 2,807 | ||||||||||||||
2021 | 1,568 | 470 | 2,038 | |||||||||||||||||
2022 | 1,011 | 318 | 1,329 | |||||||||||||||||
2023 | 727 | 217 | 944 | |||||||||||||||||
2024 | 587 | 149 | 736 | |||||||||||||||||
Thereafter | 1,042 | 164 | 1,206 | |||||||||||||||||
Total | $ | 7,113 | $ | 1,947 | $ | 9,060 |
(Dollars in thousands) | 2019 | 2018 | 2017 | |||||||||||||||||
Balance, beginning of year | $ | 2,655 | $ | 2,305 | $ | 2,305 | ||||||||||||||
Amortization | (871) | (1,155) | (663) | |||||||||||||||||
Servicing rights originated | 958 | 1,229 | 663 | |||||||||||||||||
Servicing rights acquired | — | 276 | — | |||||||||||||||||
Balance, end of year | $ | 2,742 | $ | 2,655 | $ | 2,305 |
(Dollars in thousands) | 2019 | 2018 | ||||||
Retail CDs: | ||||||||
$100,000 or more | $ | 242,476 | $ | 182,717 | ||||
Less than $100,000 | 248,354 | 211,618 | ||||||
Retail CDs | 490,830 | 394,335 | ||||||
Interest-bearing deposit accounts | 635,720 | 573,702 | ||||||
Savings accounts | 521,914 | 468,500 | ||||||
Money market deposit accounts | 469,893 | 379,878 | ||||||
Governmental deposit accounts | 293,908 | 267,319 | ||||||
Brokered CDs | 207,939 | 263,854 | ||||||
Total interest-bearing deposits | 2,620,204 | 2,347,588 | ||||||
Non-interest-bearing deposits | 671,208 | 607,877 | ||||||
Total deposits | $ | 3,291,412 | $ | 2,955,465 |
(Dollars in thousands) | Retail | Brokered | Total | ||||||||
2020 | $ | 275,443 | $ | 197,905 | $ | 473,348 | |||||
2021 | 88,596 | 5,413 | 94,009 | ||||||||
2022 | 69,216 | 4,136 | 73,352 | ||||||||
2023 | 24,270 | 485 | 24,755 | ||||||||
2024 | 33,275 | — | 33,275 | ||||||||
Thereafter | 30 | — | 30 | ||||||||
Total CDs | $ | 490,830 | $ | 207,939 | $ | 698,769 |
(Dollars in thousands) | Retail Repurchase Agreements |
FHLB
Advances
|
National Market Repurchase Agreements | Other (a) | |||||||||||||
2019 | |||||||||||||||||
Ending balance | $ | 42,968 | $ | 274,009 | $ | — | $ | — | |||||||||
Average balance | 46,686 | 197,987 | — | 126 | |||||||||||||
Highest month-end balance | 49,081 | 274,009 | — | 2,200 | |||||||||||||
Interest expense | $ | 266 | $ | 4,455 | $ | — | $ | — | |||||||||
Weighted-average interest rate: | |||||||||||||||||
End of year | 0.37 | % | 1.74 | % | — | % | — | % | |||||||||
During the year | 0.57 | % | 2.25 | % | — | % | NM | ||||||||||
2018 | |||||||||||||||||
Ending balance | $ | 51,202 | $ | 305,000 | $ | — | $ | (4) | |||||||||
Average balance | 64,519 | 219,897 | 14,329 | 301 | |||||||||||||
Highest month-end balance | 72,822 | 307,561 | 30,000 | 1,553 | |||||||||||||
Interest expense | $ | 194 | $ | 4,494 | $ | 527 | $ | 23 | |||||||||
Weighted-average interest rate: | |||||||||||||||||
End of year | 0.48 | % | 2.32 | % | — | % | — | % | |||||||||
During the year | 0.30 | % | 2.04 | % | 3.68 | % | NM | ||||||||||
2017 | |||||||||||||||||
Ending balance | $ | 76,899 | $ | 92,592 | $ | 40,000 | $ | — | |||||||||
Average balance | 75,344 | 100,205 | 6,685 | 13 | |||||||||||||
Highest month-end balance | 80,649 | 208,000 | 40,000 | — | |||||||||||||
Interest expense | $ | 128 | $ | 1,160 | $ | 246 | $ | — | |||||||||
Weighted-average interest rate: | |||||||||||||||||
End of year | 0.17 | % | 1.91 | % | 3.68 | % | — | % | |||||||||
During the year | 0.17 | % | 1.16 | % | 3.68 | % | 1.30 | % |
2019 | 2018 | ||||||||||||||||||||||
(Dollars in thousands) | Balance |
Weighted-
Average
Rate
|
Balance |
Weighted-
Average
Rate
|
|||||||||||||||||||
FHLB putable, non-amortizing, fixed rate advances | $ | 65,000 | 2.18 | % | $ | 85,000 | 2.05 | % | |||||||||||||||
FHLB amortizing, fixed rate advances | 10,672 | 1.74 | % | 17,361 | 2.09 | % | |||||||||||||||||
Junior subordinated debt securities | 7,451 | 6.55 | % | 7,283 | 7.83 | % | |||||||||||||||||
Long-term borrowings | $ | 83,123 | 2.51 | % | $ | 109,644 | 2.44 | % |
Common Stock |
Treasury
Stock
|
|||||||
Shares at December 31, 2016 | 18,939,091 | 795,758 | ||||||
Changes related to stock-based compensation awards: | ||||||||
Grant of restricted common shares | — | (68,707) | ||||||
Release of restricted common shares | — | 10,452 | ||||||
Cancellation of restricted common shares | (3,554) | 5,050 | ||||||
Exercise of stock options for common shares | — | (266) | ||||||
Grant of common shares | — | (300) | ||||||
Changes related to deferred compensation plan for Boards of Directors: | ||||||||
Purchase of treasury stock | — | 5,413 | ||||||
Disbursed out of treasury stock | — | (24,634) | ||||||
Common shares issued under dividend reinvestment plan | 16,848 | — | ||||||
Common shares issued under compensation plan for Boards of Directors | — | (9,092) | ||||||
Common shares issued under employee stock purchase plan | — | (11,225) | ||||||
Shares at December 31, 2017 | 18,952,385 | 702,449 | ||||||
Changes related to stock-based compensation awards: | ||||||||
Grant of restricted common shares | — | (106,805) | ||||||
Release of restricted common shares | — | 32,082 | ||||||
Cancellation of restricted common shares | — | 2,011 | ||||||
Exercise of stock options for common shares | — | (102) | ||||||
Grant of common shares | — | (16,544) | ||||||
Changes related to deferred compensation plan for Boards of Directors: | ||||||||
Purchase of treasury stock | — | 6,526 | ||||||
Sale of treasury stock | — | (10) | ||||||
Disbursed out of treasury stock | — | (2,089) | ||||||
Common shares issued under dividend reinvestment plan | 19,282 | — | ||||||
Common shares issued under compensation plan for Board of Directors | — | (4,699) | ||||||
Common shares issued under employee stock purchase plan | — | (11,530) | ||||||
Issuance of common shares related to acquisition of ASB | 1,152,711 | — | ||||||
Shares at December 31, 2018 | 20,124,378 | 601,289 | ||||||
Changes related to stock-based compensation awards: | ||||||||
Grant of restricted common shares | — | (133,926) | ||||||
Release of restricted common shares | — | 19,174 | ||||||
Cancellation of restricted common shares | — | 11,113 | ||||||
Grant of common shares | — | (5,130) | ||||||
Changes related to deferred compensation plan for Board of Directors: | ||||||||
Purchase of treasury stock | — | 7,227 | ||||||
Disbursed out of treasury stock | — | (2,187) | ||||||
Common shares repurchased under repurchase program | — | 26,427 | ||||||
Common shares issued under dividend reinvestment plan | 26,287 | — | ||||||
Common shares issued under compensation plan for Board of Directors | — | (6,755) | ||||||
Common shares issued under employee stock purchase plan | — | (13,050) | ||||||
Issuance of common shares related to acquisition of First Prestonsburg | 1,005,478 | — | ||||||
Shares at December 31, 2019 | 21,156,143 | 504,182 |
2019 | 2018 | |||||||
First Quarter | $ | 0.30 | $ | 0.26 | ||||
Second Quarter | 0.34 | 0.28 | ||||||
Third Quarter | 0.34 | 0.28 | ||||||
Fourth Quarter | 0.34 | 0.30 | ||||||
Total dividends declared | $ | 1.32 | $ | 1.12 |
(Dollars in thousands) | Unrealized Gain (Loss) on Securities | Unrecognized Net Pension and Postretirement Costs | Unrealized Gain (Loss) on Cash Flow Hedge | Accumulated Other Comprehensive (Loss) Income | ||||||||||
Balance, December 31, 2016 | $ | 581 | $ | (3,321) | $ | 1,186 | $ | (1,554) | ||||||
Reclassification adjustments to net income: | ||||||||||||||
Realized gain on sale of securities, net of tax | (1,939) | — | — | (1,939) | ||||||||||
Realized loss due to settlement and curtailment, net of tax | — | 157 | — | 157 | ||||||||||
Amounts reclassified out of accumulated other comprehensive (loss) income per ASU 2018-02 | (370) | (754) | 200 | (924) | ||||||||||
Other comprehensive loss, net of reclassifications and tax | (360) | (338) | (257) | (955) | ||||||||||
Balance, December 31, 2017 | $ | (2,088) | $ | (4,256) | $ | 1,129 | $ | (5,215) | ||||||
Reclassification adjustments to net income: | ||||||||||||||
Realized loss on sale of securities, net of tax | 115 | — | — | 115 | ||||||||||
Realized loss due to settlement and curtailment, net of tax | — | 211 | — | 211 | ||||||||||
Amounts reclassified out of accumulated other comprehensive loss per ASU 2016-01 | (5,020) | — | — | (5,020) | ||||||||||
Other comprehensive (loss) income, net of reclassifications and tax | (3,089) | 334 | (269) | (3,024) | ||||||||||
Balance, December 31, 2018 | $ | (10,082) | $ | (3,711) | $ | 860 | $ | (12,933) | ||||||
Reclassification adjustments to net income: | ||||||||||||||
Realized gain on sale of securities, net of tax | (130) | — | — | (130) | ||||||||||
Other comprehensive income (loss), net of reclassifications and tax | 15,512 | (247) | (3,627) | 11,638 | ||||||||||
Balance, December 31, 2019 | $ | 5,300 | $ | (3,958) | $ | (2,767) | $ | (1,425) |
Pension Benefits | Post-retirement Benefits | ||||||||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||
Obligation at January 1 | $ | 10,995 | $ | 12,991 | $ | 83 | $ | 91 | |||||||||||||||
Interest cost | 438 | 423 | 3 | 3 | |||||||||||||||||||
Plan participants’ contributions | — | — | 121 | 46 | |||||||||||||||||||
Actuarial loss (gain) | 1,696 | (1,519) | — | — | |||||||||||||||||||
Benefit payments | (461) | (197) | (132) | (57) | |||||||||||||||||||
Settlements | — | (703) | — | — | |||||||||||||||||||
Obligation at December 31 | $ | 12,668 | $ | 10,995 | $ | 75 | $ | 83 | |||||||||||||||
Accumulated benefit obligation at December 31 | $ | 12,668 | $ | 10,995 | $ | 75 | $ | 83 | |||||||||||||||
Change in plan assets: | |||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 10,234 | $ | 8,493 | $ | — | $ | — | |||||||||||||||
Actual return (loss) on plan assets | 2,093 | (554) | — | — | |||||||||||||||||||
Employer contributions | — | 3,195 | 11 | 11 | |||||||||||||||||||
Plan participants’ contributions | — | — | 121 | 46 | |||||||||||||||||||
Benefit payments | (461) | (197) | (132) | (57) | |||||||||||||||||||
Settlements | — | (703) | — | — | |||||||||||||||||||
Fair value of plan assets at December 31 | $ | 11,866 | $ | 10,234 | $ | — | $ | — | |||||||||||||||
Funded status at December 31 | $ | (802) | $ | (761) | $ | (75) | $ | (83) | |||||||||||||||
Amounts recognized in Consolidated Balance Sheets: | |||||||||||||||||||||||
Accrued benefit liability | $ | (802) | $ | (761) | $ | (75) | $ | (83) | |||||||||||||||
Net amount recognized | $ | (802) | $ | (761) | $ | (75) | $ | (83) | |||||||||||||||
Amounts recognized in Accumulated Other Comprehensive Loss: | |||||||||||||||||||||||
Unrecognized prior service cost | $ | — | $ | — | $ | — | $ | (1) | |||||||||||||||
Unrecognized net loss (gain) | 4,004 | 3,761 | (48) | (52) | |||||||||||||||||||
Total | $ | 4,004 | $ | 3,761 | $ | (48) | $ | (53) | |||||||||||||||
Weighted-average assumptions at year-end: | |||||||||||||||||||||||
Discount rate | 4.20 | % | 3.55 | % | 4.20 | % | 3.40 | % |
Pension Benefits | Post-retirement Benefits | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||
Interest cost | $ | 438 | $ | 423 | $ | 451 | $ | 3 | $ | 3 | $ | 3 | |||||||||||||||||||||||
Expected return on plan assets | (782) | (640) | (553) | — | — | — | |||||||||||||||||||||||||||||
Amortization of prior service credit | — | — | — | (1) | — | — | |||||||||||||||||||||||||||||
Amortization of net loss (gain) | 78 | 104 | 102 | (5) | (5) | (6) | |||||||||||||||||||||||||||||
Settlement of benefit obligation | — | 267 | 242 | — | — | — | |||||||||||||||||||||||||||||
Net periodic (benefit) cost | $ | (266) | $ | 154 | $ | 242 | $ | (3) | $ | (2) | $ | (3) | |||||||||||||||||||||||
Weighted-average assumptions: | |||||||||||||||||||||||||||||||||||
Discount rate | 4.20 | % | 3.55 | % | 3.80 | % | 4.20 | % | 3.40 | % | 3.80 | % | |||||||||||||||||||||||
Expected return on plan assets | 7.50 | % | 7.50 | % | 7.50 | % | n/a | n/a | n/a | ||||||||||||||||||||||||||
Rate of compensation increase | n/a | n/a | n/a | n/a | n/a | n/a |
(Dollars in thousands) | Fair Value |
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
||||||||||||||
2019 | |||||||||||||||||
Equity securities: | |||||||||||||||||
Mutual funds – equity
|
$ | 8,443 | $ | 8,443 | $ | — | |||||||||||
Debt securities: | |||||||||||||||||
Mutual funds – taxable income
|
3,163 | 3,163 | — | ||||||||||||||
Total fair value of pension assets | $ | 11,606 | $ | 11,606 | $ | — | |||||||||||
2018 | |||||||||||||||||
Equity securities: | |||||||||||||||||
Mutual funds – equity
|
$ | 6,750 | $ | 6,750 | $ | — | |||||||||||
Debt securities: | |||||||||||||||||
Mutual funds – taxable income
|
2,746 | 2,746 | — | ||||||||||||||
Total fair value of pension assets | $ | 9,496 | $ | 9,496 | $ | — |
(Dollars in thousands) | Pension Benefits | Post-retirement Benefits | |||||||||
2020 | $ | 1,545 | $ | 11 | |||||||
2021 | 1,610 | 10 | |||||||||
2022 | 854 | 9 | |||||||||
2023 | 775 | 9 | |||||||||
2024 | 822 | 8 | |||||||||
2025 to 2029 | 3,128 | 26 | |||||||||
Total | $ | 8,734 | $ | 73 |
(Dollars in thousands) | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||
Amount | Rate | Amount | Rate | Amount | Rate | |||||||||||||||||||||||||||||||||
Income tax computed at statutory federal corporate income tax rate | $ | 13,725 | 21.0 | % | $ | 11,505 | 21.0 | % | $ | 20,045 | 35.0 | % | ||||||||||||||||||||||||||
Differences in rate resulting from: | ||||||||||||||||||||||||||||||||||||||
Tax-exempt interest income | (659) | (1.0) | % | (554) | (1.0) | % | (1,092) | (1.9) | % | |||||||||||||||||||||||||||||
Investments in tax credit funds | (530) | (0.8) | % | (125) | (0.2) | % | (221) | (0.4) | % | |||||||||||||||||||||||||||||
Bank owned life insurance | (510) | (0.8) | % | (393) | (0.7) | % | (683) | (1.2) | % | |||||||||||||||||||||||||||||
Stock awards | (135) | (0.2) | % | (332) | (0.6) | % | (154) | (0.3) | % | |||||||||||||||||||||||||||||
Release of valuation allowance | — | — | % | (805) | (1.5) | % | — | — | % | |||||||||||||||||||||||||||||
TCJ Act | — | — | % | (705) | (1.3) | % | 897 | 1.6 | % | |||||||||||||||||||||||||||||
Other, net | (228) | (0.4) | % | 95 | 0.2 | % | (60) | (0.1) | % | |||||||||||||||||||||||||||||
Income tax expense | $ | 11,663 | 17.8 | % | $ | 8,686 | 15.9 | % | $ | 18,732 | 32.7 | % |
(Dollars in thousands) | 2019 | 2018 | 2017 | |||||||||||||||||
Current income tax expense | $ | 11,554 | $ | 8,995 | $ | 21,511 | ||||||||||||||
Deferred income tax expense (benefit) | 109 | (309) | (2,779) | |||||||||||||||||
Income tax expense | $ | 11,663 | $ | 8,686 | $ | 18,732 |
(Dollars in thousands) | 2019 | 2018 | ||||||||||||
Deferred tax assets: | ||||||||||||||
Allowance for loan losses | $ | 9,714 | $ | 8,559 | ||||||||||
Available-for-sale securities | — | $ | 2,678 | |||||||||||
Accrued employee benefits | 2,039 | 1,843 | ||||||||||||
Lease obligation | 1,640 | — | ||||||||||||
Tax credit investments | 1,130 | 805 | ||||||||||||
Derivative instruments | 736 | — | ||||||||||||
Other | 14 | 73 | ||||||||||||
Total deferred tax assets | $ | 15,273 | $ | 13,958 | ||||||||||
Deferred tax liabilities: | ||||||||||||||
Purchase accounting adjustments | $ | 5,970 | $ | 5,839 | ||||||||||
Bank premises and equipment (a) | 3,300 | 2,047 | ||||||||||||
Deferred loan income | 3,120 | 3,061 | ||||||||||||
Lease right-of-use assets | 1,597 | |||||||||||||
Available-for-sale securities | 1,410 | — | ||||||||||||
Derivative instruments | — | 228 | ||||||||||||
Tax credit investments | — | 82 | ||||||||||||
Other | 797 | 673 | ||||||||||||
Total deferred tax liabilities | $ | 16,194 | $ | 11,930 | ||||||||||
Net deferred tax (liability) asset | $ | (921) | $ | 2,028 |
(Dollars in thousands) | 2019 | 2018 | |||||||||
Uncertain tax positions, beginning of year | $ | 423 | $ | 550 | |||||||
Gross increase based on tax positions related to current year | $ | 39 | $ | 55 | |||||||
Gross increase for tax position taken during prior years | $ | 8 | $ | 13 | |||||||
Gross decrease due to the statute of limitations | $ | (220) | $ | (195) | |||||||
Uncertain tax positions, end of year | $ | 250 | $ | 423 |
(Dollars in thousands, except per common share data) | 2019 | 2018 | 2017 | ||||||||
Distributed earnings allocated to common shareholders | $ | 26,503 | $ | 21,334 | $ | 15,159 | |||||
Undistributed earnings allocated to common shareholders | 26,796 | 24,660 | 23,115 | ||||||||
Net earnings allocated to common shareholders | $ | 53,299 | $ | 45,994 | $ | 38,274 | |||||
Weighted-average common shares outstanding | 20,120,119 | 18,991,768 | 18,050,189 | ||||||||
Effect of potentially dilutive common shares | 153,606 | 130,492 | 158,495 | ||||||||
Total weighted-average diluted common shares outstanding | 20,273,725 | 19,122,260 | 18,208,684 | ||||||||
Earnings per common share: | |||||||||||
Basic | $ | 2.65 | $ | 2.42 | $ | 2.12 | |||||
Diluted | $ | 2.63 | $ | 2.41 | $ | 2.10 | |||||
Anti-dilutive common shares excluded from calculation: | |||||||||||
Restricted shares, stock options and stock appreciation rights | — | 1,748 | 453 |
(Dollars in thousands)
|
2019 | 2018 | ||||||
Notional amount | $ | 160,000 | $ | 110,000 | ||||
Weighted average pay rates | 2.18 | % | 2.37 | % | ||||
Weighted average receive rates | 1.73 | % | 2.57 | % | ||||
Weighted average maturity | 5.4 years | 6.2 years | ||||||
Pre-tax unrealized (losses) gains included in AOCL | (3,503) | 1,088 |
(Dollars in thousands)
|
2019 | 2018 | ||||||
Amount of loss recognized in AOCL, pre-tax | $ | 4,591 | $ | 341 | ||||
Amount of (loss) gain recognized in earnings | (19) | 18 |
(Dollars in thousands)
|
2019 | 2018 | ||||||||||||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||||||
Included in other assets: | ||||||||||||||||||||||||||
Interest rate swaps related to debt | $ | 55,000 | $ | 644 | $ | 60,000 | $ | 2,093 | ||||||||||||||||||
Total included in other assets | $ | 55,000 | $ | 644 | $ | 60,000 | $ | 2,093 | ||||||||||||||||||
Included in accrued expenses and other liabilities: | ||||||||||||||||||||||||||
Interest rate swaps related to debt | $ | 105,000 | $ | 4,340 | $ | 50,000 | $ | 1,111 | ||||||||||||||||||
Total included in accrued expenses and other liabilities | $ | 105,000 | $ | 4,340 | $ | 50,000 | $ | 1,111 |
(Dollars in thousands)
|
2019 | 2018 | ||||||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||
Included in other assets: | ||||||||||||||||||||
Interest rate swaps related to commercial loans | $ | 321,394 | $ | 10,776 | $ | 226,662 | $ | 2,451 | ||||||||||||
Total included in other assets | 321,394 | 10,776 | 226,662 | 2,451 | ||||||||||||||||
Included in accrued expenses and other liabilities: | ||||||||||||||||||||
Interest rate swaps related to commercial loans | $ | 321,394 | $ | 10,776 | $ | 226,662 | $ | 2,451 | ||||||||||||
Total included in accrued expenses and other liabilities | 321,394 | 10,776 | 226,662 | 2,451 |
(Dollars in thousands)
|
2019 | 2018 | ||||||
Home equity lines of credit | $ | 112,464 | $ | 101,265 | ||||
Unadvanced construction loans | 102,491 | 74,734 | ||||||
Other loan commitments | 353,137 | 314,271 | ||||||
Loan commitments | 568,092 | 490,270 | ||||||
Standby letters of credit | $ | 12,498 | $ | 10,214 |
Time-Based Vesting | Performance-Based Vesting | ||||||||||||||||||||||
Number of Common Shares | Weighted-Average Grant Date Fair Value | Number of Common Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||||||||
Outstanding at January 1 | 43,679 | $ | 29.64 | 175,772 | $ | 31.08 | |||||||||||||||||
Awarded | 16,153 | 31.35 | 117,773 | 32.20 | |||||||||||||||||||
Released | 22,750 | 24.73 | 33,400 | 17.86 | |||||||||||||||||||
Forfeited | 4,852 | 35.87 | 6,261 | 33.21 | |||||||||||||||||||
Outstanding at December 31 | 32,230 | $ | 33.05 | 253,884 | $ | 33.29 |
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Employee stock-based compensation expense: | |||||||||||
Stock grant expense | $ | 3,462 | $ | 2,359 | $ | 1,747 | |||||
Employee stock purchase plan expense | 63 | 60 | 55 | ||||||||
Performance stock unit expense | 130 | 156 | — | ||||||||
Total employee stock-based compensation expense | 3,655 | 2,575 | 1,802 | ||||||||
Non-employee director stock-based compensation expense | 308 | 345 | 322 | ||||||||
Total stock-based compensation expense | 3,963 | 2,920 | 2,124 | ||||||||
Recognized tax benefit | (832) | (613) | (446) | ||||||||
Net expense recognized | $ | 3,131 | $ | 2,307 | $ | 1,678 |
(Dollars in thousands) | 2019 | 2018 | ||||||||||||
Insurance income: | ||||||||||||||
Commission and fees from sale of insurance policies (a) | $ | 12,670 | $ | 12,787 | ||||||||||
Fees related to third-party administration services (a) | 602 | 573 | ||||||||||||
Performance-based commissions (b) | 1,530 | 1,452 | ||||||||||||
Trust and investment income (a) | 13,159 | 12,543 | ||||||||||||
Electronic banking income: | ||||||||||||||
Interchange income (a) | 10,797 | 9,721 | ||||||||||||
Promotional and usage income (a) | 2,883 | 1,756 | ||||||||||||
Deposit account service charges: | ||||||||||||||
Ongoing maintenance fees for deposit accounts (a) | 3,832 | 2,718 | ||||||||||||
Transactional-based fees (b) | 7,868 | 7,060 | ||||||||||||
Commercial loan swap fees (b) | 2,228 | 681 | ||||||||||||
Other non-interest income transactional-based fees (b) | 716 | 961 | ||||||||||||
Total | $ | 56,285 | $ | 50,252 | ||||||||||
Timing of revenue recognition: | ||||||||||||||
Services transferred over time | $ | 43,943 | $ | 40,098 | ||||||||||
Services transferred at a point in time | 12,342 | 10,154 | ||||||||||||
Total | $ | 56,285 | $ | 50,252 |
(Dollars in thousands) | Contract Assets | Contract Liabilities | ||||||
Balance, January 1, 2019 | $ | 207 | $ | 5,055 | ||||
Additional income receivable | 404 | — | ||||||
Additional deferred income | — | 4,525 | ||||||
Receipt of income previously receivable | (11) | — | ||||||
Recognition of income previously deferred | — | (4,390) | ||||||
Balance, December 31, 2019 | $ | 600 | $ | 5,190 |
(Dollars in thousands, except per share data) | |||||
Consideration | |||||
Common shares | 80,362 | ||||
Number of common shares of Peoples issued for each common share of acquired company | 12.512 | ||||
Price per Peoples common share, based at closing date | $ | 32.26 | |||
Common share consideration | $ | 32,437 | |||
Net Assets at Fair Value | |||||
Assets | |||||
Cash and due from banks | $ | 5,016 | |||
Interest-bearing deposits in other banks | 2,797 | ||||
Total cash and cash equivalents | 7,813 | ||||
Available-for-sale investment securities | 136,596 | ||||
Other investment securities | 3,077 | ||||
Total investment securities | 139,673 | ||||
Loans | 129,365 | ||||
Bank premises and equipment, net of accumulated depreciation | 7,407 | ||||
Other intangible assets | 4,234 | ||||
Other assets | 2,415 | ||||
Total assets | $ | 290,907 | |||
Liabilities | |||||
Deposits: | |||||
Non-interest-bearing | $ | 40,089 | |||
Interest-bearing | 217,151 | ||||
Total deposits | 257,240 | ||||
Short-term borrowings | 14,400 | ||||
Accrued expenses and other liabilities | 1,286 | ||||
Total liabilities | $ | 272,926 | |||
Net assets | $ | 17,981 | |||
Goodwill | $ | 14,456 |
(Dollars in thousands) | Change in Fair Value | ||||
Net Assets | |||||
Bank premises and equipment, net of accumulated depreciation | $ | (190) | |||
Other assets | 208 | ||||
Accrued expenses and other liabilities | (775) | ||||
Change in Goodwill | $ | 793 |
Condensed Balance Sheets | December 31, | ||||||||||
(Dollars in thousands) | 2019 | 2018 | |||||||||
Assets: | |||||||||||
Cash and due from other banks | $ | 50 | $ | 50 | |||||||
Interest-bearing deposits in subsidiary bank | 20,094 | 13,750 | |||||||||
Due from subsidiary bank | 140 | 584 | |||||||||
Other investment securities | 237 | 216 | |||||||||
Investments in subsidiaries: | |||||||||||
Bank | 573,429 | 506,200 | |||||||||
Non-bank | 9,418 | 8,298 | |||||||||
Other assets | 3,067 | 2,808 | |||||||||
Total assets | $ | 606,435 | $ | 531,906 | |||||||
Liabilities: | |||||||||||
Accrued expenses and other liabilities | $ | 1,955 | $ | 1,898 | |||||||
Dividends payable | 342 | 291 | |||||||||
Mandatorily redeemable capital securities of subsidiary trust | 9,745 | 9,577 | |||||||||
Total liabilities | 12,042 | 11,766 | |||||||||
Total stockholders' equity | 594,393 | 520,140 | |||||||||
Total liabilities and stockholders' equity | $ | 606,435 | $ | 531,906 |
Condensed Statements of Income | Year Ended December 31, | ||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||||||||
Income: | |||||||||||||||||
Dividends from subsidiary bank | $ | 37,000 | $ | 13,500 | $ | 27,000 | |||||||||||
Dividends from non-bank subsidiary | — | 2,500 | 20,000 | ||||||||||||||
Net gain on investment securities | — | — | 2,602 | ||||||||||||||
Interest and other income | 81 | 357 | 237 | ||||||||||||||
Total income | 37,081 | 16,357 | 49,839 | ||||||||||||||
Expense: | |||||||||||||||||
Trust preferred securities expense | 534 | 520 | 346 | ||||||||||||||
Intercompany management fees | 1,607 | 1,561 | 1,361 | ||||||||||||||
Other expense | 5,432 | 4,647 | 3,380 | ||||||||||||||
Total expense | 7,573 | 6,728 | 5,087 | ||||||||||||||
Income before federal income taxes and equity in undistributed earnings of subsidiaries | 29,508 | 9,629 | 44,752 | ||||||||||||||
Applicable income tax expense | (1,670) | (2,511) | (1,309) | ||||||||||||||
Equity in (excess dividends from) undistributed earnings of subsidiaries | 22,517 | 34,115 | (7,590) | ||||||||||||||
Net income | $ | 53,695 | $ | 46,255 | $ | 38,471 |
Statements of Cash Flows | Year Ended December 31, | ||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||||||||
Operating activities | |||||||||||||||||
Net income | $ | 53,695 | $ | 46,255 | $ | 38,471 | |||||||||||
Adjustments to reconcile net income to cash provided by operations: | |||||||||||||||||
Depreciation, amortization and accretion, net | 168 | 9,177 | (6,525) | ||||||||||||||
(Equity in) excess dividends from undistributed earnings of subsidiaries | (22,517) | (34,115) | 7,590 | ||||||||||||||
Gain on investment securities | — | — | (2,602) | ||||||||||||||
Other, net | 3,801 | 31 | 2,810 | ||||||||||||||
Net cash provided by operating activities | 35,147 | 21,348 | 39,744 | ||||||||||||||
Investing activities | |||||||||||||||||
Net proceeds from sales and maturities of investment securities | — | 5,388 | 2,359 | ||||||||||||||
Investment in subsidiaries | (18,874) | (31,813) | (50,883) | ||||||||||||||
Decrease in receivable from subsidiary | 18,869 | 32,236 | 25,496 | ||||||||||||||
Business combinations, net of cash received | (1,438) | (637) | — | ||||||||||||||
Other, net | 226 | 228 | (229) | ||||||||||||||
Net cash (used in) provided by investing activities | (1,217) | 5,402 | (23,257) | ||||||||||||||
Financing activities | |||||||||||||||||
Purchase of treasury stock | (1,650) | (1,380) | (508) | ||||||||||||||
Proceeds from issuance of common stock | 6 | 25 | 9 | ||||||||||||||
Cash dividends paid | (25,942) | (20,915) | (14,706) | ||||||||||||||
Net cash used in financing activities | (27,586) | (22,270) | (15,205) | ||||||||||||||
Net increase in cash and cash equivalents | 6,344 | 4,480 | 1,282 | ||||||||||||||
Cash and cash equivalents at the beginning of year | 13,800 | 9,320 | 8,038 | ||||||||||||||
Cash and cash equivalents at the end of year
|
$ | 20,144 | $ | 13,800 | $ | 9,320 | |||||||||||
Supplemental cash flow information: | |||||||||||||||||
Interest paid | $ | 544 | $ | 513 | $ | 364 |
2019 | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||||||||||||||||||||||
Total interest income | $ | 40,576 | $ | 43,621 | $ | 43,609 | $ | 42,289 | ||||||||||||||||||||||||||||||||||||
Total interest expense | 6,662 | 7,572 | 7,855 | 7,168 | ||||||||||||||||||||||||||||||||||||||||
Net interest income | 33,914 | 36,049 | 35,754 | 35,121 | ||||||||||||||||||||||||||||||||||||||||
(Recoveries of) provision for loan losses | (263) | 626 | 1,005 | 1,136 | ||||||||||||||||||||||||||||||||||||||||
Net gain (loss) on investment securities (a) | 30 | (57) | 97 | 94 | ||||||||||||||||||||||||||||||||||||||||
Net loss on asset disposals and other transactions (a) | (182) | (293) | (78) | (229) | ||||||||||||||||||||||||||||||||||||||||
Total non-interest income excluding net gains and losses (a) | 15,581 | 15,639 | 16,374 | 17,298 | ||||||||||||||||||||||||||||||||||||||||
Amortization of other intangible assets | 694 | 824 | 953 | 888 | ||||||||||||||||||||||||||||||||||||||||
Acquisition-related expenses | 253 | 6,770 | 199 | 65 | ||||||||||||||||||||||||||||||||||||||||
Total non-interest expense excluding amortization of other intangible assets and acquisition-related expenses | 30,913 | 31,282 | 31,841 | 32,568 | ||||||||||||||||||||||||||||||||||||||||
Income tax expense | 3,377 | 2,238 | 3,281 | 2,767 | ||||||||||||||||||||||||||||||||||||||||
Net income | $ | 14,369 | $ | 9,598 | $ | 14,868 | $ | 14,860 | ||||||||||||||||||||||||||||||||||||
Earnings per common share – basic
|
$ | 0.74 | $ | 0.47 | $ | 0.72 | $ | 0.72 | ||||||||||||||||||||||||||||||||||||
Earnings per common share – diluted
|
$ | 0.73 | $ | 0.46 | $ | 0.72 | $ | 0.72 | ||||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding – basic
|
19,366,008 | 20,277,028 | 20,415,245 | 20,407,505 | ||||||||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding – diluted
|
19,508,868 | 20,442,366 | 20,595,769 | 20,599,127 |
2018 | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||||||||||||||||||||||
Total interest income | $ | 33,226 | $ | 37,769 | $ | 39,631 | $ | 40,638 | ||||||||||||||||||||||||||||||||||||
Total interest expense | 3,867 | 4,961 | 6,307 | 6,517 | ||||||||||||||||||||||||||||||||||||||||
Net interest income | 29,359 | 32,808 | 33,324 | 34,121 | ||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | 1,983 | 1,188 | 1,302 | 975 | ||||||||||||||||||||||||||||||||||||||||
Net gain (loss) on investment securities (a) | 1 | (147) | — | — | ||||||||||||||||||||||||||||||||||||||||
Net gain (loss) on asset disposals and other transactions (a) | 74 | (405) | 12 | (15) | ||||||||||||||||||||||||||||||||||||||||
Total non-interest income excluding net gains and losses (a) | 14,894 | 13,807 | 14,341 | 14,192 | ||||||||||||||||||||||||||||||||||||||||
Amortization of other intangible assets | 754 | 861 | 862 | 861 | ||||||||||||||||||||||||||||||||||||||||
Acquisition-related expenses | 149 | 6,056 | 675 | 382 | ||||||||||||||||||||||||||||||||||||||||
Total non-interest expense excluding amortization of other intangible and acquisition-related expenses | 27,318 | 29,054 | 29,292 | 29,713 | ||||||||||||||||||||||||||||||||||||||||
Income tax expense | 2,383 | 1,012 | 2,821 | 2,470 | ||||||||||||||||||||||||||||||||||||||||
Net income | $ | 11,741 | $ | 7,892 | $ | 12,725 | $ | 13,897 | ||||||||||||||||||||||||||||||||||||
Earnings per common share – basic
|
$ | 0.64 | $ | 0.41 | $ | 0.65 | $ | 0.71 | ||||||||||||||||||||||||||||||||||||
Earnings per common share – diluted
|
$ | 0.64 | $ | 0.41 | $ | 0.65 | $ | 0.71 | ||||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding – basic
|
18,126,089 | 19,160,728 | 19,325,457 | 19,337,403 | ||||||||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding – diluted
|
18,256,035 | 19,293,381 | 19,466,865 | 19,483,452 |
Plan Category |
(a)
Number of common shares to be issued upon exercise of outstanding options, warrants and rights
|
(b)
Weighted-average exercise price of outstanding options, warrants and rights
|
(c)
Number of common shares remaining available for future issuance under equity compensation plans (excluding common shares reflected in column (a))
|
|||||||||||||||||
Equity compensation plans approved by shareholders | 323,985 |
(1)
|
$ | — |
(2)
|
603,227 |
(3)
|
|||||||||||||
Equity compensation plans not approved by shareholders | — | — | — | |||||||||||||||||
Total | 323,985 | $ | — | 603,227 |
Page | |||||
Report of Independent Registered Public Accounting Firm (Ernst & Young LLP) on Effectiveness of Internal Control Over Financial Reporting
|
79 | ||||
Report of Independent Registered Public Accounting Firm (Ernst & Young LLP) on Consolidated Financial Statements
|
80 | ||||
Consolidated Balance Sheets as of December 31, 2019 and 2018
|
81 | ||||
Consolidated Statements of Income for each of the fiscal years in the three-year period ended December 31, 2019
|
82 | ||||
Consolidated Statements of Comprehensive Income for each of the fiscal years in the three-year period ended December 31, 2019
|
83 | ||||
Consolidated Statements of Stockholders’ Equity for each of the fiscal years in the three-year period ended December 31, 2019
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84 | ||||
Consolidated Statements of Cash Flows for each of the fiscal years in the three-year period ended December 31, 2019
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86 | ||||
Notes to the Consolidated Financial Statements
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88 | ||||
Peoples Bancorp Inc. Parent Company Only Financial Information is included in Note 20 of the Notes to the Consolidated Financial Statements
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140 |
Exhibit
Number |
Description
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Exhibit Location
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Agreement and Plan of Merger, dated as of August 4, 2014, as amended, between Peoples Bancorp Inc. and NB&T Financial Group, Inc.+
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Included as Annex A to the definitive proxy statement/prospectus which forms a part of the Registration Statement of Peoples Bancorp Inc. on Form S-4/A (Registration No. 333-199152) | |||||||||||||||||||||||||
Agreement and Plan of Merger, dated as of October 23, 2017, between Peoples Bancorp Inc. and ASB Financial Corp.+
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Included as Annex A to the definitive proxy statement/prospectus which forms a part of the Registration Statement of Peoples Bancorp Inc. on Form S-4/A (Registration No. 333-222054) | |||||||||||||||||||||||||
Agreement and Plan of Merger, dated as of October 29, 2018, as amended on December 18, 2018, between Peoples Bancorp Inc. and First Prestonsburg Bancshares Inc.+
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Included as Annex A to the definitive proxy statement/prospectus which forms a part of the Registration Statement of Peoples Bancorp Inc. on Form S-4/A (Registration No. 333-228745) | |||||||||||||||||||||||||
3.1(a) |
Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on May 3, 1993) P
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Incorporated herein by reference to Exhibit 3(a) to the Registration Statement of Peoples Bancorp Inc. on Form 8-B filed on July 20, 1993 (File No. 0-16772) | ||||||||||||||||||||||||
Certificate of Amendment to the Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on April 22, 1994) | Incorporated herein by reference to Exhibit 3.1(b) to the Quarterly Report on Form 10-Q of Peoples Bancorp Inc. for the quarterly period ended September 30, 2017 (File No. 0-16772) ("Peoples' September 30, 2017 Form 10-Q") | |||||||||||||||||||||||||
Certificate of Amendment to the Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on April 9, 1996) | Incorporated herein by reference to Exhibit 3.1(c) to Peoples’ September 30, 2017 Form 10-Q | |||||||||||||||||||||||||
Certificate of Amendment to the Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on April 23, 2003) | Incorporated herein by reference to Exhibit 3(a) to the Quarterly Report on Form 10-Q of Peoples Bancorp Inc. for the quarterly period ended March 31, 2003 (File No. 0-16772) (“Peoples’ March 31, 2003 Form 10-Q”) | |||||||||||||||||||||||||
Certificate of Amendment by Shareholders to the Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on January 22, 2009) | Incorporated herein by reference to Exhibit 3.1 to the Current Report of Peoples Bancorp Inc. on Form 8-K dated and filed on January 23, 2009 (File No. 0-16772) | |||||||||||||||||||||||||
Certificate of Amendment by Directors to Articles filed with the Ohio Secretary of State on January 28, 2009, evidencing adoption of amendments by the Board of Directors of Peoples Bancorp Inc. to Article FOURTH of the Amended Articles of Incorporation to establish express terms of Fixed Rate Cumulative Perpetual Preferred Shares, Series A, each without par value, of Peoples Bancorp Inc. | Incorporated herein by reference to Exhibit 3.1 to the Current Report of Peoples Bancorp Inc. on Form 8-K dated and filed on February 2, 2009 (File No. 0-16772) | |||||||||||||||||||||||||
Amended Articles of Incorporation of Peoples Bancorp Inc. [This document represents the Amended Articles of Incorporation of Peoples Bancorp Inc. in compiled form incorporating all amendments. The compiled document has not been filed with the Ohio Secretary of State.] | Incorporated herein by reference to Exhibit 3.1(g) to the Annual Report of Peoples Bancorp Inc. on Form 10-K for the fiscal year ended December 31, 2008 (File No. 0-16772) (“Peoples’ 2008 Form 10-K”) | |||||||||||||||||||||||||
3.2(a) |
Code of Regulations of Peoples Bancorp Inc.P
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Incorporated herein by reference to Exhibit 3(b) to the Registration Statement of Peoples Bancorp Inc. on Form 8-B filed July 20, 1993 (File No. 0-16772) | ||||||||||||||||||||||||
Certified Resolutions Regarding Adoption of Amendments to Sections 1.03, 1.04, 1.05, 1.06, 1.08, 1.10, 2.03(C), 2.07, 2.08, 2.10 and 6.02 of the Code of Regulations of Peoples Bancorp Inc. by shareholders on April 10, 2003 | Incorporated herein by reference to Exhibit 3(c) to Peoples’ March 31, 2003 Form 10-Q | |||||||||||||||||||||||||
+Schedules and exhibits have been omitted pursuant to Item 601(b)(2) of SEC Regulation S-K, as in effect at the time of filing of the Agreement and Plan of Merger. A copy of any omitted schedules or exhibits will be furnished supplementally by Peoples Bancorp Inc. to the SEC on a confidential basis upon request.
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PPeoples Bancorp Inc. filed this exhibit with the SEC in paper form originally and this exhibit has not been filed with the SEC in electronic format.
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Exhibit
Number |
Description
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Exhibit Location
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101.INS | Inline XBRL Instance Document ## | Submitted electronically herewith # | ||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | Submitted electronically herewith # | ||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | Submitted electronically herewith # | ||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | Submitted electronically herewith # | ||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | Submitted electronically herewith # | ||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | Submitted electronically herewith # | ||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101) | Submitted electronically herewith | ||||||||||||||||||||||||
# Attached as Exhibit 101 to the Annual Report on Form 10-K for the fiscal year ended December 31, 2019 of Peoples Bancorp Inc. are the following documents formatted in Inline XBRL (eXtensive Business Reporting Language): (i) Consolidated Balance Sheets at December 31, 2019 and December 31, 2018; (ii) Consolidated Statements of Income for the years ended December 31, 2019, 2018 and 2017; (iii) Consolidated Statements of Comprehensive Income for the years ended December 31, 2019, 2018 and 2017; (iv) Consolidated Statements of Stockholders' Equity for the years ended December 31, 2019, 2018 and 2017; (v) Consolidated Statements of Cash Flows for the years ended December 31, 2019, 2018, and 2017 and (vi) Notes to the Consolidated Financial Statements. | ||||||||||||||||||||||||||
## The instance document does not appear in the interactive data file because its XBRL tags are imbedded within the Inline XBRL document. |
PEOPLES BANCORP INC. | ||||||||||||||
Date: | March 2, 2020 | By: /s/ | CHARLES W. SULERZYSKI | |||||||||||
Charles W. Sulerzyski | ||||||||||||||
President and Chief Executive Officer |
1. | Reward employees of Peoples Bancorp Inc. (“Peoples”) and subsidiaries of Peoples for enhancing shareholder value. | ||||
2. | Contribute toward a compensation program that serves to retain, recruit and develop talented financial services personnel and management. | ||||
3. | Discourage unnecessary and excessive risk-taking. |
1. | The Compensation Committee approves the participation of executive officers and other senior officers of Peoples and its subsidiaries in the annual incentive program. Executive officers identify other officers and employees who serve Peoples in leadership or support roles for inclusion in the annual incentive program. | ||||
2. | Participants must be employed as of the payout date in respect of a measurement period to receive payment for such measurement period; provided, however, that participants not employed as of the payout date may still receive payment if they are employed as of the last day of the measurement period and their employment terminated either due to Retirement or involuntarily without Cause. The terms “Retirement” and “Cause” have the meanings given to them in the Peoples Bancorp Third Amended and Restated 2006 Equity Plan. | ||||
3. | Participants must be employed before October 1 of Peoples’ fiscal year to be eligible for payment for the related measurement period. Exceptions to this requirement may be made at the discretion of the Compensation Committee. | ||||
4. | The Compensation Committee retains the right to exercise discretion in the awarding of actual level of payments under the annual incentive program. |
1. | The annual incentive program is designed to recognize and reward performance against established financial and non-financial targets. | ||||||||||||||||||||||
a. | Corporate goals and individual goals are established on an annual basis. | ||||||||||||||||||||||
i. | Corporate goals are established for the measurement period by the Board of Directors of Peoples Bancorp Inc. at its discretion. | ||||||||||||||||||||||
ii. | It is contemplated the corporate goals will be comprised of a variety of metrics related to Peoples’ consolidated financial performance. | ||||||||||||||||||||||
iii. | Individual goals for the executive officers of Peoples will be approved by the Compensation Committee on an annual basis. Goals for other participants are established under the oversight of the Compensation Committee. | ||||||||||||||||||||||
b. | An absolute minimum level of corporate performance in respect of one or more of the financial goals will be established on an annual basis by the Board of Directors of Peoples. This is the minimum level of corporate performance that must be achieved before any incentive payout, which may otherwise be earned in respect of the level of achievement for any other corporate or individual goal(s) can be made. If Peoples fails to achieve the designated absolute minimum level of corporate performance, participants will generally not be eligible for any incentive payout. However, the Compensation Committee retains the right to make incentive payouts in its discretion based on achievement of the established corporate and/or individual goals earned for a measurement period, even if the absolute minimum level of corporate performance is not attained. | ||||||||||||||||||||||
2. | Three levels of achievement are established for each goal: threshold, target and maximum. | ||||||||||||||||||||||
3. | All potential payouts under the annual incentive program will represent a percentage of each participant’s base annual salary (or its equivalent based upon the participant’s role within a subsidiary of Peoples) earned in the measurement period, which percentage may vary by the participant as determined by the Compensation Committee. | ||||||||||||||||||||||
4. | All awards earned for a measurement period under the annual incentive program will be paid in cash by March 15 of the year following the measurement period, which is Peoples' fiscal year. |
Name | Position/Title | Base Salary | ||||||
Charles W. Sulerzyski | President and Chief Executive Officer | $ | 600,000 | |||||
John C. Rogers | Executive Vice President, Chief Financial Officer and Treasurer | 321,000 | ||||||
Doug Wyatt | Executive Vice President, Chief Commercial Banking Officer | 265,000 | ||||||
Carol A. Schneeberger | Executive Vice President, Chief Administrative Officer | 265,000 | ||||||
Robyn A. Stevens | Executive Vice President, Chief Credit Officer | 240,000 | ||||||
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If to the Company, to: | If to the Executive, to: | |||||||||||||||||||
Attn: General Counsel | Ryan Kirkham | |||||||||||||||||||
PEOPLES BANCORP INC. | 158 Balbriggan Lane | |||||||||||||||||||
138 Putnam Street | Granville, OH 43023 | |||||||||||||||||||
Marietta, Ohio 45750 |
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Fax: (740) 568-1422 |
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EXECUTIVE:
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PEOPLES BANCORP INC. | ||||||||
By: /s/ RYAN KIRKHAM | By: /s/ TONYA L. STEELE | |||||||
Printed: Ryan Kirkham | Printed Name: Tonya L. Steele | |||||||
Title: Secretary, Compensation Committee |
Subsidiaries of Peoples Bancorp Inc. | ||||||||||||||
The following are the only subsidiaries of Peoples Bancorp Inc.: | ||||||||||||||
Name of Subsidiary |
Jurisdiction of
Incorporation or Organization
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Peoples Bank | Ohio | |||||||||||||
Peoples Insurance Agency, LLC (also does business as “Peoples Insurance”) | Ohio | |||||||||||||
Peoples Tax Credit Equity, LLC | Ohio | |||||||||||||
Marietta Mills Limited Partnership | Ohio | |||||||||||||
Peoples Investment Company | Ohio | |||||||||||||
NB&T Statutory Trust III | Delaware | |||||||||||||
Peoples Risk Management, Inc. | Nevada |
1) |
Registration Statements (Form S-8, No. 333-189744) related to the Peoples Bancorp Inc. Retirement Savings Plan,
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2) | Registration Statements (Form S-8, No. 333-43629 and Form S-8, No. 333-179897) related to the Peoples Bancorp Inc. Third Amended and Restated Deferred Compensation Plan for Directors of Peoples Bancorp Inc. and Subsidiaries as amended (formerly known as the Peoples Bancorp Inc. Second Amended and Restated Deferred Compensation Plan for Directors of Peoples Bancorp Inc. and Subsidiaries and the Peoples Bancorp Inc. Deferred Compensation Plan for Directors of Peoples Bancorp Inc. and Subsidiaries), | ||||
3) | Registration Statements (Form S-8, No. 333-136383, Form S-8, No. 333-188149 and Form S-8, No. 333-226451) related to the Peoples Bancorp Inc. Third Amended and Restated 2006 Equity Plan (formerly known as the Peoples Bancorp Inc. Second Amended and Restated 2006 Equity Plan, the Peoples Bancorp Inc. Amended and Restated 2006 Equity Plan and the Peoples Bancorp Inc. 2006 Equity Plan), | ||||
4) | Registration Statement (Form S-8, No. 333-195986) related to the Peoples Bancorp Inc. Employee Stock Purchase Plan, | ||||
5) | Registration Statement (Form S-3, No. 033-54003) related to the Peoples Bancorp Inc. Dividend Reinvestment Plan, | ||||
6) | Registration Statement (Form S-3/A, No. 033-54003) pertaining to Post-Effective Amendments No. 1, 2, and 3 to Form S-3 related to the Peoples Bancorp Inc. Dividend Reinvestment and Stock Purchase Plan, | ||||
7) | Registration Statement (Form S-3, No. 333-211637) related to Peoples Bancorp Inc. Dividend Reinvestment and Stock Purchase Plan, | ||||
8) | Registration Statement (Form S-3, No. 333-226470) related to Peoples Bancorp Inc.’s shelf registration of common shares, preferred shares, depositary shares, debt securities, warrants and units, | ||||
9) | Registration Statement (Form S-4, No. 333-194626), related to common shares to be issued as contemplated by the Agreement and Plan of Merger, dated as of January 21, 2014, between Peoples Bancorp Inc. and Midwest Bancshares, Inc., | ||||
10) | Registration Statement (Form S-4, No. 333-196872), related to common shares to be issued as contemplated by the Agreement and Plan of Merger, dated as of April 4, 2014, between Peoples Bancorp Inc. and Ohio Heritage Bancorp, Inc., | ||||
11) | Registration Statement (Form S-4, No. 333-197736), related to common shares to be issued as contemplated by the Agreement and Plan of Merger, dated as of April 21, 2014, as amended effective as of July 25, 2015, among Peoples Bancorp Inc., Peoples Bank, National Association and North Akron Savings Bank, | ||||
12) | Registration Statement (Form S-4, No. 333-199152), related to common shares to be issued as contemplated by the Agreement and Plan of Merger, dated as of August 4, 2014, as amended, between Peoples Bancorp Inc. and NB&T Financial Group, Inc. | ||||
13) | Registration Statement (Form S-4, No. 333-222054), related to common shares to be issued as contemplated by the Agreement and Plan of Merger, dated as of October 23, 2017, between Peoples Bancorp Inc. and ASB Financial Corp., Inc., and | ||||
14) |
Registration Statement (From S-4, No. 333-228745), related to common shares to be issued as contemplated by the Agreement and Plan of Merger, dated as of October 29, 2018, as amended on December 18, 2018, between Peoples Bancorp Inc. and First Prestonsburg Bancshares Inc.
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/s/ Ernst & Young LLP |
/s/ | TARA M. ABRAHAM | ||||||||||
[Signature] | |||||||||||
Tara M. Abraham | |||||||||||
[Printed Name] |
/s/ | S. CRAIG BEAM | ||||||||||
[Signature] | |||||||||||
S. Craig Beam | |||||||||||
[Printed Name] |
/s/ | GEORGE W. BROUGHTON | ||||||||||
[Signature] | |||||||||||
George W. Broughton | |||||||||||
[Printed Name] |
/s/ | DAVID F. DIERKER | ||||||||||
[Signature] | |||||||||||
David F. Dierker | |||||||||||
[Printed Name] |
/s/ | JAMES S. HUGGINS | ||||||||||
[Signature] | |||||||||||
James S. Huggins | |||||||||||
[Printed Name] |
/s/ | BROOKE W. JAMES | ||||||||||
[Signature] | |||||||||||
Brooke W. James | |||||||||||
[Printed Name] |
/s/ | DAVID L. MEAD | ||||||||||
[Signature] | |||||||||||
David L. Mead | |||||||||||
[Printed Name] |
/s/ | SUSAN D. RECTOR | ||||||||||
[Signature] | |||||||||||
Susan D. Rector | |||||||||||
[Printed Name] |
Date: | March 2, 2020 | By:/s/ | CHARLES W. SULERZYSKI | |||||||||||
Charles W. Sulerzyski | ||||||||||||||
President and Chief Executive Officer |
Date: | March 2, 2020 | By:/s/ | JOHN C. ROGERS | |||||||||||
John C. Rogers | ||||||||||||||
Executive Vice President, | ||||||||||||||
Chief Financial Officer and Treasurer |
Date: | March 2, 2020 | By:/s/ | CHARLES W. SULERZYSKI | |||||||||||
Charles W. Sulerzyski | ||||||||||||||
President and Chief Executive Officer |
Date: | March 2, 2020 | By:/s/ | JOHN C. ROGERS | |||||||||||
John C. Rogers | ||||||||||||||
Executive Vice President, | ||||||||||||||
Chief Financial Officer and Treasurer |