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Three Months Ended September 30,
|
| |
Nine Months Ended September 30,
|
| ||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2024
|
| |
2023
|
| ||||||||||||
Interest and dividend income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and fees on loans
|
| | | $ | 291,089 | | | | | $ | 221,380 | | | | | $ | 810,886 | | | | | $ | 616,544 | | |
Interest on deposits in other banks
|
| | | | 1,060 | | | | | | 1,309 | | | | | | 4,977 | | | | | | 3,815 | | |
Interest and dividends on securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Taxable
|
| | | | 24,247 | | | | | | 16,055 | | | | | | 68,012 | | | | | | 48,373 | | |
Nontaxable
|
| | | | 8,132 | | | | | | 8,415 | | | | | | 24,455 | | | | | | 26,220 | | |
Total interest and dividend income
|
| | | | 324,528 | | | | | | 247,159 | | | | | | 908,330 | | | | | | 694,952 | | |
| | |
Three Months Ended September 30,
|
| |
Nine Months Ended September 30,
|
| ||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2024
|
| |
2023
|
| ||||||||||||
Interest expense: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest on deposits
|
| | | | 130,216 | | | | | | 83,590 | | | | | | 354,584 | | | | | | 200,690 | | |
Interest on short-term borrowings
|
| | | | 5,698 | | | | | | 6,499 | | | | | | 22,049 | | | | | | 22,106 | | |
Interest on long-term borrowings
|
| | | | 5,682 | | | | | | 5,129 | | | | | | 16,407 | | | | | | 14,687 | | |
Total interest expense
|
| | | | 141,596 | | | | | | 95,218 | | | | | | 393,040 | | | | | | 237,483 | | |
Net interest income
|
| | | | 182,932 | | | | | | 151,941 | | | | | | 515,290 | | | | | | 457,469 | | |
Provision for credit losses
|
| | | | 2,603 | | | | | | 4,991 | | | | | | 32,592 | | | | | | 22,911 | | |
Net interest income after provision for credit losses
|
| | | | 180,329 | | | | | | 146,950 | | | | | | 482,698 | | | | | | 434,558 | | |
Noninterest income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Service charges on deposit accounts
|
| | | | 9,792 | | | | | | 8,557 | | | | | | 27,447 | | | | | | 24,577 | | |
Other service charges, commissions and fees
|
| | | | 2,002 | | | | | | 2,632 | | | | | | 5,700 | | | | | | 6,071 | | |
Interchange fees
|
| | | | 3,371 | | | | | | 2,314 | | | | | | 8,791 | | | | | | 7,098 | | |
Fiduciary and asset management fees
|
| | | | 6,858 | | | | | | 4,549 | | | | | | 18,603 | | | | | | 13,169 | | |
Mortgage banking income
|
| | | | 1,214 | | | | | | 666 | | | | | | 3,274 | | | | | | 1,969 | | |
Gain (loss) on sale of securities
|
| | | | 4 | | | | | | (27,594) | | | | | | (6,510) | | | | | | (40,992) | | |
Bank owned life insurance income
|
| | | | 5,037 | | | | | | 2,973 | | | | | | 12,074 | | | | | | 8,671 | | |
Loan-related interest rate swap fees
|
| | | | 1,503 | | | | | | 2,695 | | | | | | 4,353 | | | | | | 6,450 | | |
Other operating income
|
| | | | 4,505 | | | | | | 30,302 | | | | | | 9,919 | | | | | | 33,905 | | |
Total noninterest income
|
| | | | 34,286 | | | | | | 27,094 | | | | | | 83,651 | | | | | | 60,918 | | |
Noninterest expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries and benefits
|
| | | | 69,454 | | | | | | 57,449 | | | | | | 199,867 | | | | | | 179,996 | | |
Occupancy expenses
|
| | | | 7,806 | | | | | | 6,053 | | | | | | 22,267 | | | | | | 18,503 | | |
Furniture and equipment expenses
|
| | | | 3,685 | | | | | | 3,449 | | | | | | 10,799 | | | | | | 10,765 | | |
Technology and data processing
|
| | | | 9,737 | | | | | | 7,923 | | | | | | 28,138 | | | | | | 24,631 | | |
Professional services
|
| | | | 3,994 | | | | | | 3,291 | | | | | | 11,452 | | | | | | 11,138 | | |
Marketing and advertising expense
|
| | | | 3,308 | | | | | | 2,219 | | | | | | 8,609 | | | | | | 7,387 | | |
FDIC assessment premiums and other insurance
|
| | | | 5,282 | | | | | | 4,258 | | | | | | 15,099 | | | | | | 12,231 | | |
Franchise and other taxes
|
| | | | 5,256 | | | | | | 4,510 | | | | | | 14,770 | | | | | | 13,508 | | |
Loan-related expenses
|
| | | | 1,445 | | | | | | 1,388 | | | | | | 4,043 | | | | | | 4,560 | | |
Amortization of intangible assets
|
| | | | 5,804 | | | | | | 2,193 | | | | | | 13,693 | | | | | | 6,687 | | |
Merger-related costs
|
| | | | 1,353 | | | | | | 1,993 | | | | | | 33,005 | | | | | | 1,993 | | |
Other expenses
|
| | | | 5,458 | | | | | | 13,782 | | | | | | 16,117 | | | | | | 31,043 | | |
Total noninterest expenses
|
| | | | 122,582 | | | | | | 108,508 | | | | | | 377,859 | | | | | | 322,442 | | |
Income before income taxes
|
| | | | 92,033 | | | | | | 65,536 | | | | | | 188,490 | | | | | | 173,034 | | |
Income tax expense
|
| | | | 15,618 | | | | | | 11,519 | | | | | | 37,144 | | | | | | 28,123 | | |
Net income
|
| | | | 76,415 | | | | | | 54,017 | | | | | | 151,346 | | | | | | 144,911 | | |
Dividends on preferred stock
|
| | | | 2,967 | | | | | | 2,967 | | | | | | 8,901 | | | | | | 8,901 | | |
Net income available to common shareholders
|
| | | $ | 73,448 | | | | | $ | 51,050 | | | | | $ | 142,445 | | | | | $ | 136,010 | | |
|
| | |
September 30,
|
| |||||||||
| | |
2024
|
| |
2023
|
| ||||||
Assets | | | | | | | | | | | | | |
Securities available for sale, at fair value
|
| | | $ | 2,608,182 | | | | | $ | 2,084,928 | | |
Securities held to maturity, at carrying value
|
| | | | 807,080 | | | | | | 843,269 | | |
Loans held for investment, net of deferred fees and costs
|
| | | | 18,337,299 | | | | | | 15,283,620 | | |
Interest-bearing deposits in other banks
|
| | | | 291,163 | | | | | | 159,718 | | |
Liabilities | | | | | | | | | | | | | |
Total deposits
|
| | | | 20,305,287 | | | | | | 16,786,505 | | |
Securities sold under agreements to repurchase
|
| | | | 59,227 | | | | | | 134,936 | | |
Other short-term borrowings
|
| | | | 375,000 | | | | | | 495,000 | | |
Long-term borrowings
|
| | | | 417,937 | | | | | | 390,733 | | |
| | |
Three Months Ended September 30,
|
| |
Nine Months Ended September 30,
|
| ||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2024
|
| |
2023
|
| ||||||||||||
Interest income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and fees on loans
|
| | | $ | 154,339 | | | | | $ | 147,304 | | | | | $ | 456,309 | | | | | $ | 431,305 | | |
Interest on mortgage loans held for sale
|
| | | | 364 | | | | | | 238 | | | | | | 801 | | | | | | 697 | | |
Interest on SBA loans held for sale
|
| | | | 2 | | | | | | — | | | | | | 2 | | | | | | — | | |
Interest on deposits with banks
|
| | | | 6,191 | | | | | | 6,371 | | | | | | 17,401 | | | | | | 13,979 | | |
Interest and dividend income on investment securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Taxable
|
| | | | 7,440 | | | | | | 6,682 | | | | | | 21,319 | | | | | | 20,538 | | |
Tax-advantaged
|
| | | | 1,762 | | | | | | 1,811 | | | | | | 5,385 | | | | | | 5,376 | | |
Interest on federal funds sold
|
| | | | — | | | | | | 5 | | | | | | 8 | | | | | | 13 | | |
Total interest income
|
| | | | 170,098 | | | | | | 162,411 | | | | | | 501,225 | | | | | | 471,908 | | |
| | |
Three Months Ended September 30,
|
| |
Nine Months Ended September 30,
|
| ||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2024
|
| |
2023
|
| ||||||||||||
Interest expense: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest on deposits
|
| | | | 79,287 | | | | | | 63,102 | | | | | | 227,062 | | | | | | 155,215 | | |
Interest on retail repurchase agreements and federal funds purchased
|
| | | | 452 | | | | | | 4,082 | | | | | | 4,890 | | | | | | 10,377 | | |
Interest on advances from Federal Home Loan Bank of Atlanta
|
| | | | 5,001 | | | | | | 6,200 | | | | | | 16,394 | | | | | | 21,623 | | |
Interest on subordinated debt
|
| | | | 3,946 | | | | | | 3,946 | | | | | | 11,839 | | | | | | 11,839 | | |
Total interest expense
|
| | | | 88,686 | | | | | | 77,330 | | | | | | 260,185 | | | | | | 199,054 | | |
Net interest income:
|
| | | | 81,412 | | | | | | 85,081 | | | | | | 241,040 | | | | | | 272,854 | | |
Provision/ (credit) for credit losses
|
| | | | 6,316 | | | | | | 2,365 | | | | | | 9,724 | | | | | | (14,116) | | |
Net interest income after provision/ (credit) for credit losses
|
| | | | 75,096 | | | | | | 82,716 | | | | | | 231,316 | | | | | | 286,970 | | |
Non-interest income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Service charges on deposit accounts
|
| | | | 3,009 | | | | | | 2,704 | | | | | | 8,765 | | | | | | 7,698 | | |
Mortgage banking activities
|
| | | | 1,529 | | | | | | 1,682 | | | | | | 4,524 | | | | | | 4,744 | | |
Wealth management income
|
| | | | 10,738 | | | | | | 9,391 | | | | | | 31,151 | | | | | | 27,414 | | |
Insurance agency commissions
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Income from bank owned life insurance
|
| | | | 1,307 | | | | | | 845 | | | | | | 4,283 | | | | | | 3,003 | | |
Bank card fees
|
| | | | 435 | | | | | | 450 | | | | | | 1,293 | | | | | | 1,315 | | |
Other income
|
| | | | 2,697 | | | | | | 2,319 | | | | | | 7,653 | | | | | | 6,344 | | |
Total non-interest income
|
| | | | 19,715 | | | | | | 17,391 | | | | | | 57,669 | | | | | | 50,518 | | |
Non-interest expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits
|
| | | | 41,030 | | | | | | 44,853 | | | | | | 115,549 | | | | | | 124,710 | | |
Occupancy expense of premises
|
| | | | 4,657 | | | | | | 4,609 | | | | | | 14,278 | | | | | | 14,220 | | |
Equipment expenses
|
| | | | 3,841 | | | | | | 3,811 | | | | | | 11,672 | | | | | | 11,688 | | |
Marketing
|
| | | | 1,320 | | | | | | 729 | | | | | | 3,350 | | | | | | 3,861 | | |
Outside data services
|
| | | | 3,025 | | | | | | 2,819 | | | | | | 9,414 | | | | | | 8,186 | | |
FDIC insurance
|
| | | | 2,773 | | | | | | 2,333 | | | | | | 8,635 | | | | | | 6,846 | | |
Amortization of intangible assets
|
| | | | 2,323 | | | | | | 1,245 | | | | | | 6,527 | | | | | | 3,820 | | |
Professional fees and services
|
| | | | 6,577 | | | | | | 4,509 | | | | | | 16,403 | | | | | | 12,354 | | |
Other expenses
|
| | | | 7,391 | | | | | | 7,563 | | | | | | 23,219 | | | | | | 22,227 | | |
Total non-interest expense
|
| | | | 72,937 | | | | | | 72,471 | | | | | | 209,047 | | | | | | 207,912 | | |
Income before income tax expense
|
| | | | 21,874 | | | | | | 27,636 | | | | | | 79,938 | | | | | | 129,576 | | |
Income tax expense
|
| | | | 5,665 | | | | | | 6,890 | | | | | | 20,550 | | | | | | 32,832 | | |
Net income
|
| | | $ | 16,209 | | | | | $ | 20,746 | | | | | $ | 59,388 | | | | | $ | 96,744 | | |
|
| | |
September 30
|
| |||||||||
| | |
2024
|
| |
2023
|
| ||||||
Assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 750,346 | | | | | $ | 717,591 | | |
Net loans
|
| | | | 11,360,493 | | | | | | 11,176,932 | | |
Goodwill
|
| | | | 363,436 | | | | | | 363,436 | | |
Liabilities | | | | | | | | | | | | | |
Total deposits
|
| | | | 11,737,694 | | | | | | 11,151,012 | | |
Total borrowings
|
| | | | 892,018 | | | | | | 1,287,234 | | |
| | |
As of June 30, 2024
|
| ||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Atlantic Union
(Historical) |
| |
Sandy Spring
(As Reclassified)(1) |
| |
Transaction
Accounting Adjustments |
| |
Note
|
| |
Combined
Pro Forma |
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 446,014 | | | | | $ | 406,710 | | | | | $ | 221,000 | | | |
(2), (3)
|
| | | $ | 1,073,724 | | |
Securities available for sale, at fair value
|
| | | | 2,555,723 | | | | | | 1,101,846 | | | | | | | | | | | | | | | 3,657,569 | | |
Securities held to maturity, at carrying value
|
| | | | 810,450 | | | | | | 226,233 | | | | | | (41,583) | | | |
(4)
|
| | | | 995,100 | | |
Other investments, at cost
|
| | | | | | | | | | 73,432 | | | | | | | | | | | | | | | 73,432 | | |
Loans held for sale
|
| | | | 12,906 | | | | | | 18,961 | | | | | | | | | | | | | | | 31,867 | | |
Loans held for investment, net of deferred fees and costs
|
| | | | 18,347,190 | | | | | | 11,483,921 | | | | | | (742,386) | | | |
(5)
|
| | | | 29,088,725 | | |
Less: allowance for loan losses
|
| | | | 158,131 | | | | | | 125,863 | | | | | | 46,396 | | | |
(6)
|
| | | | 330,390 | | |
Total loans held for investment,
net |
| | | | 18,189,059 | | | | | | 11,358,058 | | | | | | (788,782) | | | | | | | | | 28,758,335 | | |
Premises and equipment, net
|
| | | | 114,987 | | | | | | 58,212 | | | | | | 9,000 | | | |
(7)
|
| | | | 182,199 | | |
Goodwill
|
| | | | 1,207,484 | | | | | | 363,436 | | | | | | 301,511 | | | |
(8)
|
| | | | 1,872,431 | | |
Amortizable intangibles, net
|
| | | | 95,980 | | | | | | 30,087 | | | | | | 248,079 | | | |
(9)
|
| | | | 374,146 | | |
Bank owned life insurance
|
| | | | 489,550 | | | | | | — | | | | | | | | | | | | | | | 489,550 | | |
Other assets
|
| | | | 839,260 | | | | | | 371,368 | | | | | | 116,878 | | | |
(10)
|
| | | | 1,327,506 | | |
Total assets
|
| | | $ | 24,761,413 | | | | | $ | 14,008,343 | | | | | $ | 66,103 | | | | | | | | $ | 38,835,859 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Noninterest-bearing demand deposits
|
| | | $ | 4,527,248 | | | | | $ | 2,931,405 | | | | | | | | | | | | | | $ | 7,458,653 | | |
Interest-bearing deposits
|
| | | | 15,473,629 | | | | | | 8,408,823 | | | | | | (14,059) | | | |
(11)
|
| | | | 23,868,393 | | |
Total deposits
|
| | | | 20,000,877 | | | | | | 11,340,228 | | | | | | (14,059) | | | | | | | | | 31,327,046 | | |
Other short-term borrowings
|
| | | | 790,085 | | | | | | 575,038 | | | | | | | | | | | | | | | 1,365,123 | | |
Long-term borrowings
|
| | | | 416,649 | | | | | | 371,101 | | | | | | (20,973) | | | |
(12)
|
| | | | 766,777 | | |
Other liabilities
|
| | | | 510,116 | | | | | | 122,972 | | | | | | | | | | | | | | | 633,088 | | |
Total liabilities
|
| | | | 21,717,727 | | | | | | 12,409,339 | | | | | | (35,032) | | | | | | | | | 34,092,034 | | |
Stockholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred stock
|
| | | | 173 | | | | | | — | | | | | | | | | | | | | | | 173 | | |
Common stock
|
| | | | 118,475 | | | | | | 45,110 | | | | | | 22,731 | | | |
(2), (13), (14)
|
| | | | 186,316 | | |
Additional paid-in capital
|
| | | | 2,273,312 | | | | | | 745,336 | | | | | | 1,081,546 | | | |
(2), (13), (14)
|
| | | | 4,100,194 | | |
Retained earnings
|
| | | | 1,034,313 | | | | | | 910,552 | | | | | | (1,105,136) | | | |
(3), (6), (13)
|
| | | | 839,729 | | |
Accumulated other comprehensive
loss |
| | | | (382,587) | | | | | | (101,994) | | | | | | 101,994 | | | |
(13)
|
| | | | (382,587) | | |
Total stockholders’ equity
|
| | | | 3,043,686 | | | | | | 1,599,004 | | | | | | 101,135 | | | | | | | | | 4,743,825 | | |
Total liabilities and stockholders’ equity
|
| | | $ | 24,761,413 | | | | | $ | 14,008,343 | | | | | $ | 66,103 | | | | | | | | $ | 38,835,859 | | |
| | |
For the Six Months Ended June 30, 2024
|
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except
per share amounts) |
| |
Atlantic
Union (Historical) |
| |
American
National (Historical) (for the three months ended March 31, 2024) |
| |
American
National Transaction Accounting Adjustments |
| |
Note
|
| |
Combined
Pro Forma Subtotal |
| |
Sandy Spring
(As Reclassified)(15) |
| |
Sandy Spring
Transaction Accounting Adjustments |
| |
Note
|
| |
Combined
Pro Forma |
| |||||||||||||||||||||
Interest and dividend income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and fees on loans
|
| | | $ | 519,796 | | | | | $ | 28,339 | | | | | $ | 15,007 | | | |
(16)
|
| | | $ | 563,142 | | | | | $ | 301,970 | | | | | $ | 99,427 | | | |
(23)
|
| | | $ | 964,539 | | |
Interest and dividends on securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Taxable
|
| | | | 43,765 | | | | | | 2,615 | | | | | | 4,844 | | | |
(17)
|
| | | | 51,224 | | | | | | 13,879 | | | | | | 22,270 | | | |
(24)
|
| | | | 87,373 | | |
Nontaxable
|
| | | | 16,323 | | | | | | 24 | | | | | | 17 | | | |
(17)
|
| | | | 16,364 | | | | | | 3,623 | | | | | | 5,960 | | | |
(24)
|
| | | | 25,947 | | |
Other interest income
|
| | | | 3,918 | | | | | | 625 | | | | | | | | | | | | | | | 4,543 | | | | | | 11,655 | | | | | | | | | | | | | | | 16,198 | | |
Total interest and dividend income
|
| | | | 583,802 | | | | | | 31,603 | | | | | | 19,868 | | | | | | | | | 635,273 | | | | | | 331,127 | | | | | | 127,657 | | | | | | | | | 1,094,057 | | |
Interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest on deposits
|
| | | | 224,368 | | | | | | 10,871 | | | | | | | | | | | | | | | 235,239 | | | | | | 147,775 | | | | | | 7,030 | | | |
(25)
|
| | | | 390,044 | | |
Interest on borrowings
|
| | | | 27,076 | | | | | | 1,641 | | | | | | 116 | | | |
(18)
|
| | | | 28,833 | | | | | | 23,724 | | | | | | 1,907 | | | |
(26)
|
| | | | 54,464 | | |
Total interest expense
|
| | | | 251,444 | | | | | | 12,512 | | | | | | 116 | | | | | | | | | 264,072 | | | | | | 171,499 | | | | | | 8,937 | | | | | | | | | 444,508 | | |
Net interest income
|
| | | | 332,358 | | | | | | 19,091 | | | | | | 19,752 | | | | | | | | | 371,201 | | | | | | 159,628 | | | | | | 118,720 | | | | | | | | | 649,549 | | |
Provision for credit losses
|
| | | | 29,989 | | | | | | 400 | | | | | | — | | | | | | | | | 30,389 | | | | | | 3,408 | | | | | | — | | | | | | | | | 33,797 | | |
Net interest income after provision for credit losses
|
| | | | 302,369 | | | | | | 18,691 | | | | | | 19,752 | | | | | | | | | 340,812 | | | | | | 156,220 | | | | | | 118,720 | | | | | | | | | 615,752 | | |
Noninterest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Service charges on deposit accounts
|
| | | | 17,655 | | | | | | 518 | | | | | | | | | | | | | | | 18,173 | | | | | | 5,756 | | | | | | | | | | | | | | | 23,929 | | |
(Loss) gain on sale of securities
|
| | | | (6,513) | | | | | | — | | | | | | | | | | | | | | | (6,513) | | | | | | — | | | | | | | | | | | | | | | (6,513) | | |
Other operating income
|
| | | | 38,223 | | | | | | 3,755 | | | | | | (1,068) | | | |
(19), (22)
|
| | | | 40,910 | | | | | | 32,198 | | | | | | | | | | | | | | | 73,108 | | |
Total noninterest income
|
| | | | 49,365 | | | | | | 4,273 | | | | | | (1,068) | | | | | | | | | 52,570 | | | | | | 37,954 | | | | | | — | | | | | | | | | 90,524 | | |
Noninterest expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries and benefits
|
| | | | 130,413 | | | | | | 8,527 | | | | | | | | | | | | | | | 138,940 | | | | | | 74,519 | | | | | | | | | | | | | | | 213,459 | | |
Occupancy expenses
|
| | | | 14,462 | | | | | | 1,555 | | | | | | | | | | | | | | | 16,017 | | | | | | 9,621 | | | | | | | | | | | | | | | 25,638 | | |
Technology and data processing
|
| | | | 18,401 | | | | | | 1,461 | | | | | | | | | | | | | | | 19,862 | | | | | | 6,389 | | | | | | | | | | | | | | | 26,251 | | |
Amortization of intangible assets
|
| | | | 7,889 | | | | | | 215 | | | | | | 4,031 | | | |
(20)
|
| | | | 12,135 | | | | | | 4,204 | | | | | | 19,969 | | | |
(28)
|
| | | | 36,308 | | |
Merger-related costs
|
| | | | 31,652 | | | | | | 165 | | | | | | | | | | | | | | | 31,817 | | | | | | — | | | | | | | | | | | | | | | 31,817 | | |
Other expenses
|
| | | | 52,462 | | | | | | 3,488 | | | | | | (411) | | | |
(22)
|
| | | | 55,539 | | | | | | 41,377 | | | | | | | | | | | | | | | 96,916 | | |
Total noninterest expenses
|
| | | | 255,279 | | | | | | 15,411 | | | | | | 3,620 | | | | | | | | | 274,310 | | | | | | 136,110 | | | | | | 19,969 | | | | | | | | | 430,389 | | |
Income before income taxes
|
| | | | 96,455 | | | | | | 7,553 | | | | | | 15,064 | | | | | | | | | 119,072 | | | | | | 58,064 | | | | | | 98,751 | | | | | | | | | 275,887 | | |
Income tax expense
|
| | | | 21,525 | | | | | | 1,509 | | | | | | 3,465 | | | |
(30)
|
| | | | 26,499 | | | | | | 14,885 | | | | | | 22,713 | | | |
(30)
|
| | | | 64,097 | | |
Net income
|
| | | | 74,930 | | | | | | 6,044 | | | | | | 11,599 | | | | | | | | | 92,573 | | | | | | 43,179 | | | | | | 76,038 | | | | | | | | | 211,790 | | |
Dividends on preferred stock
|
| | | | 5,934 | | | | | | — | | | | | | — | | | | | | | | | 5,934 | | | | | | — | | | | | | — | | | | | | | | | 5,934 | | |
Net income available to common shareholders
|
| | | $ | 68,996 | | | | | $ | 6,044 | | | | | $ | 11,599 | | | | | | | | $ | 86,639 | | | | | $ | 43,179 | | | | | $ | 76,038 | | | | | | | | $ | 205,856 | | |
Basic earnings per common share
|
| | | $ | 0.84 | | | | | $ | 0.57 | | | | | | | | | | | | | | | | | | | | $ | 0.96 | | | | | | | | | | | | | | $ | 1.45 | | |
Diluted earnings per common share
|
| | | $ | 0.84 | | | | | $ | 0.57 | | | | | | | | | | | | | | | | | | | | $ | 0.96 | | | | | | | | | | | | | | $ | 1.45 | | |
Basic weighted average number of common shares outstanding
|
| | | | 82,482,790 | | | | | | 10,630,663 | | | | | | 3,720,732 | | | |
(21)
|
| | | | 96,834,185 | | | | | | 45,009,000 | | | | | | 428,678 | | | |
(31)
|
| | | | 142,271,863 | | |
Diluted weighted average number of common shares outstanding
|
| | | | 82,482,921 | | | | | | 10,630,663 | | | | | | 3,720,732 | | | |
(21)
|
| | | | 96,834,316 | | | | | | 45,113,000 | | | | | | 418,278 | | | |
(31)
|
| | | | 142,365,594 | | |
| | |
For the Year Ended December 31, 2023
|
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except
per share amounts) |
| |
Atlantic
Union (Historical) |
| |
American
National (Historical) |
| |
American
National Transaction Accounting Adjustments |
| |
Note
|
| |
Combined
Pro Forma Subtotal |
| |
Sandy Spring
(As Reclassified)(15) |
| |
Sandy Spring
Transaction Accounting Adjustments |
| |
Note
|
| |
Combined
Pro Forma |
| |||||||||||||||||||||
Interest and dividend income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and fees on loans
|
| | | $ | 846,923 | | | | | $ | 106,471 | | | | | $ | 43,467 | | | |
(16)
|
| | | $ | 996,861 | | | | | $ | 579,960 | | | | | $ | 198,853 | | | |
(23)
|
| | | $ | 1,775,674 | | |
Interest and dividends on securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Taxable
|
| | | | 67,075 | | | | | | 11,034 | | | | | | 16,146 | | | |
(17)
|
| | | | 94,255 | | | | | | 26,992 | | | | | | 44,540 | | | |
(24)
|
| | | | 165,787 | | |
Nontaxable
|
| | | | 34,381 | | | | | | 139 | | | | | | 57 | | | |
(17)
|
| | | | 34,577 | | | | | | 7,224 | | | | | | 11,920 | | | |
(24)
|
| | | | 53,721 | | |
Other interest income
|
| | | | 6,071 | | | | | | 2,585 | | | | | | | | | | | | | | | 8,656 | | | | | | 23,348 | | | | | | | | | | | | | | | 32,004 | | |
Total interest and dividend income
|
| | | | 954,450 | | | | | | 120,229 | | | | | | 59,670 | | | | | | | | | 1,134,349 | | | | | | 637,524 | | | | | | 255,313 | | | | | | | | | 2,027,186 | | |
Interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest on deposits
|
| | | | 296,689 | | | | | | 28,843 | | | | | | | | | | | | | | | 325,532 | | | | | | 225,028 | | | | | | 14,059 | | | |
(25)
|
| | | | 564,619 | | |
Interest on borrowings
|
| | | | 46,748 | | | | | | 6,804 | | | | | | 463 | | | |
(18)
|
| | | | 54,015 | | | | | | 57,946 | | | | | | 3,813 | | | |
(26)
|
| | | | 115,774 | | |
Total interest expense
|
| | | | 343,437 | | | | | | 35,647 | | | | | | 463 | | | | | | | | | 379,547 | | | | | | 282,974 | | | | | | 17,872 | | | | | | | | | 680,393 | | |
Net interest income
|
| | | | 611,013 | | | | | | 84,582 | | | | | | 59,207 | | | | | | | | | 754,802 | | | | | | 354,550 | | | | | | 237,441 | | | | | | | | | 1,346,793 | | |
Provision for credit losses
|
| | | | 31,618 | | | | | | 495 | | | | | | — | | | | | | | | | 32,113 | | | | | | (17,561) | | | | | | 103,355 | | | |
(27)
|
| | | | 117,907 | | |
Net interest income after provision for credit losses
|
| | | | 579,395 | | | | | | 84,087 | | | | | | 59,207 | | | | | | | | | 722,689 | | | | | | 372,111 | | | | | | 134,086 | | | | | | | | | 1,228,886 | | |
Noninterest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Service charges on deposit accounts
|
| | | | 33,240 | | | | | | 2,216 | | | | | | | | | | | | | | | 35,456 | | | | | | 10,447 | | | | | | | | | | | | | | | 45,903 | | |
(Loss) gain on sale of securities
|
| | | | (40,989) | | | | | | (68) | | | | | | | | | | | | | | | (41,057) | | | | | | — | | | | | | | | | | | | | | | (41,057) | | |
Other operating income
|
| | | | 98,626 | | | | | | 16,188 | | | | | | (4,215) | | | |
(19), (22)
|
| | | | 110,599 | | | | | | 56,631 | | | | | | | | | | | | | | | 167,230 | | |
Total noninterest income
|
| | | | 90,877 | | | | | | 18,336 | | | | | | (4,215) | | | | | | | | | 104,998 | | | | | | 67,078 | | | | | | — | | | | | | | | | 172,076 | | |
Noninterest expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries and benefits
|
| | | | 236,682 | | | | | | 36,356 | | | | | | | | | | | | | | | 273,038 | | | | | | 160,192 | | | | | | | | | | | | | | | 433,230 | | |
Occupancy expenses
|
| | | | 25,146 | | | | | | 6,219 | | | | | | | | | | | | | | | 31,365 | | | | | | 18,778 | | | | | | | | | | | | | | | 50,143 | | |
Technology and data processing
|
| | | | 32,484 | | | | | | 5,394 | | | | | | | | | | | | | | | 37,878 | | | | | | 11,186 | | | | | | | | | | | | | | | 49,064 | | |
Amortization of intangible assets
|
| | | | 8,781 | | | | | | 1,069 | | | | | | 14,640 | | | |
(20)
|
| | | | 24,490 | | | | | | 5,223 | | | | | | 39,938 | | | |
(28)
|
| | | | 69,651 | | |
Merger-related costs
|
| | | | — | | | | | | 2,577 | | | | | | | | | | | | | | | 2,577 | | | | | | — | | | | | | 149,351 | | | |
(29)
|
| | | | 151,928 | | |
Other expenses
|
| | | | 127,278 | | | | | | 16,435 | | | | | | (1,309) | | | |
(22)
|
| | | | 142,404 | | | | | | 79,675 | | | | | | | | | | | | | | | 222,079 | | |
Total noninterest expenses
|
| | | | 430,371 | | | | | | 68,050 | | | | | | 13,331 | | | | | | | | | 511,752 | | | | | | 275,054 | | | | | | 189,289 | | | | | | | | | 976,095 | | |
Income before income taxes
|
| | | | 239,901 | | | | | | 34,373 | | | | | | 41,661 | | | | | | | | | 315,935 | | | | | | 164,135 | | | | | | (55,203) | | | | | | | | | 424,867 | | |
Income tax expense
|
| | | | 38,083 | | | | | | 8,214 | | | | | | 9,582 | | | |
(30)
|
| | | | 55,879 | | | | | | 41,291 | | | | | | (12,697) | | | |
(30)
|
| | | | 84,473 | | |
Net income
|
| | | | 201,818 | | | | | | 26,159 | | | | | | 32,079 | | | | | | | | | 260,056 | | | | | | 122,844 | | | | | | (42,506) | | | | | | | | | 340,394 | | |
Dividends on preferred stock
|
| | | | 11,868 | | | | | | — | | | | | | — | | | | | | | | | 11,868 | | | | | | — | | | | | | — | | | | | | | | | 11,868 | | |
Net income available to common
shareholders |
| | | $ | 189,950 | | | | | $ | 26,159 | | | | | $ | 32,079 | | | | | | | | $ | 248,188 | | | | | $ | 122,844 | | | | | $ | (42,506) | | | | | | | | $ | 328,526 | | |
Basic earnings per common share
|
| | | $ | 2.53 | | | | | $ | 2.46 | | | | | | | | | | | | | | | | | | | | $ | 2.74 | | | | | | | | | | | | | | $ | 2.35 | | |
Diluted earnings per common share
|
| | | $ | 2.53 | | | | | $ | 2.46 | | | | | | | | | | | | | | | | | | | | $ | 2.73 | | | | | | | | | | | | | | $ | 2.35 | | |
Basic weighted average number of common shares outstanding
|
| | | | 74,961,390 | | | | | | 10,627,709 | | | | | | 3,719,698 | | | |
(21)
|
| | | | 89,308,797 | | | | | | 44,825,000 | | | | | | 5,376,655 | | | |
(31)
|
| | | | 139,510,452 | | |
Diluted weighted average number of common shares outstanding
|
| | | | 74,962,363 | | | | | | 10,628,559 | | | | | | 3,719,996 | | | |
(21)
|
| | | | 89,310,918 | | | | | | 44,947,000 | | | | | | 5,364,455 | | | |
(31)
|
| | | | 139,622,373 | | |
(Dollars in thousands)
|
| |
June 30, 2024
|
| |||
Credit mark – acquired non-PCD loans
|
| | | $ | (103,355) | | |
Credit mark – acquired PCD loans
|
| | | | (68,904) | | |
Interest rate mark – acquired loans
|
| | | | (639,031) | | |
Net fair value adjustments
|
| | | | (811,290) | | |
Gross up of PCD loans
|
| | | | 68,904 | | |
Cumulative pro forma adjustments to loans held for investment, net of deferred fees
and costs |
| | | $ | (742,386) | | |
(Dollars in thousands)
|
| |
June 30, 2024
|
| |||
Reversal of Sandy Spring’s existing ACL
|
| | | $ | (125,863) | | |
Estimate of lifetime credit losses for PCD loans
|
| | | | 68,904 | | |
CECL ACL for non-PCD loans
|
| | | | 103,355 | | |
Cumulative pro forma adjustment to allowance for credit losses
|
| | | $ | 46,396 | | |
(Dollars in thousands)
|
| | | | | | | | | | | | |
Purchase Price: | | | | | | | | | | | | | |
Fair value of shares of common stock issued
|
| | | | | | | | | $ | 1,558,723 | | |
Total pro forma purchase price
|
| | | | | | | | | $ | 1,558,723 | | |
Fair value of assets acquired: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 406,710 | | | | | | | | |
Securities
|
| | | $ | 1,359,928 | | | | | | | | |
Loans held for sale
|
| | | $ | 18,961 | | | | | | | | |
Net loans held for investment
|
| | | $ | 10,672,632 | | | | | | | | |
Premises and equipment
|
| | | $ | 67,212 | | | | | | | | |
Amortizable intangibles
|
| | | $ | 278,166 | | | | | | | | |
Other assets
|
| | | $ | 464,474 | | | | | | | | |
Total assets
|
| | | $ | 13,268,083 | | | | | | | | |
Fair value of liabilities assumed: | | | | | | | | | | | | | |
Deposits
|
| | | $ | 11,326,169 | | | | | | | | |
Short-term borrowings
|
| | | $ | 575,038 | | | | | | | | |
Long-term borrowings
|
| | | $ | 350,128 | | | | | | | | |
Other liabilities
|
| | | $ | 122,972 | | | | | | | | |
Total liabilities
|
| | | $ | 12,374,307 | | | | | | | | |
Net assets acquired
|
| | | | | | | | | $ | 893,776 | | |
Preliminary pro forma goodwill
|
| | | | | | | | | $ | 664,947 | | |
Share Price Sensitivity (dollars in thousands)
|
| ||||||||||||
| | |
Purchase Price
|
| |
Estimated Goodwill
|
| ||||||
Up 10%
|
| | | $ | 1,714,595 | | | | | $ | 820,819 | | |
As presented in pro forma
|
| | | $ | 1,558,723 | | | | | $ | 664,947 | | |
Down 10%
|
| | | $ | 1,402,851 | | | | | $ | 509,075 | | |
| | |
For the Years Ended December 31,
|
| |||||||||||||||||||||||||||||||||||||||
(in thousands)
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028
|
| |
2029
|
| |
Thereafter
|
| |
Total
|
| |||||||||||||||||||||
Loans
|
| | | $ | 99,427 | | | | | $ | 172,340 | | | | | $ | 145,826 | | | | | $ | 119,312 | | | | | $ | 92,798 | | | | | $ | 112,683 | | | | | $ | 742,386 | | |
Core Deposit Intangibles
|
| | | | (20,300) | | | | | | (36,733) | | | | | | (32,867) | | | | | | (29,000) | | | | | | (25,133) | | | | | | (68,633) | | | | | | (212,666) | | |
Wealth Intangibles
|
| | | | (2,519) | | | | | | (5,038) | | | | | | (5,038) | | | | | | (5,038) | | | | | | (5,038) | | | | | | (42,829) | | | | | | (65,500) | | |
AFS Investment Securities
|
| | | | 16,873 | | | | | | 27,611 | | | | | | 21,475 | | | | | | 15,339 | | | | | | 9,204 | | | | | | 1,535 | | | | | | 92,037 | | |
HTM Investment Securities
|
| | | | 7,624 | | | | | | 12,475 | | | | | | 9,703 | | | | | | 6,931 | | | | | | 4,158 | | | | | | 692 | | | | | | 41,583 | | |
Time Deposits
|
| | | | (7,030) | | | | | | (7,029) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (14,059) | | |
Subordinated Debt
|
| | | | (1,908) | | | | | | (3,813) | | | | | | (3,813) | | | | | | (3,813) | | | | | | (3,813) | | | | | | (3,813) | | | | | | (20,973) | | |
(Dollars in thousands)
|
| |
For the Year
Ended December 31, 2023 |
| |||
Numerator | | | | | | | |
Pro forma net income – basic and diluted
|
| | | $ | 340,394 | | |
Less: Preferred dividends
|
| | | $ | (11,868) | | |
Net earnings allocated to common stock
|
| | | $ | 328,526 | | |
Denominator | | | | | | | |
Pro forma weighted average share of common stock outstanding – basic
|
| | | | 139,510,452 | | |
Pro forma basic earnings per share
|
| | | $ | 2.35 | | |
Add: Dilutive effect of stock options and restricted stock
|
| | | | 111,921 | | |
Pro forma weighted average share of common stock outstanding – diluted
|
| | | | 139,622,373 | | |
Pro forma diluted earnings per share
|
| | | $ | 2.35 | | |
(Dollars in thousands)
|
| |
For the Six Month
Ended June 30, 2024 |
| |||
Numerator | | | | | | | |
Pro forma net income – basic and diluted
|
| | | $ | 211,790 | | |
Less: Preferred dividends
|
| | | $ | (5,934) | | |
Net earnings allocated to common stock
|
| | | $ | 205,856 | | |
Denominator | | | | | | | |
Pro forma weighted average share of common stock outstanding – basic
|
| | | | 142,271,863 | | |
Pro forma basic earnings per share
|
| | | $ | 1.45 | | |
Add: Dilutive effect of stock options and restricted stock
|
| | | | 93,731 | | |
Pro forma weighted average share of common stock outstanding – diluted
|
| | | | 142,365,594 | | |
Pro forma diluted earnings per share
|
| | | $ | 1.45 | | |
| | |
As of December 31,
2023 |
| |||
Outstanding stock options and RSUs of Atlantic Union
|
| | | | 487,623 | | |
RSUs of American National
|
| | | | 111,480 | | |
Options of Sandy Spring
|
| | | | 72,176 | | |
RSUs of Sandy Spring
|
| | | | 413,036 | | |
| | |
As of June 30,
2024 |
| |||
Outstanding stock options and RSUs of Atlantic Union
|
| | | | 691,111 | | |
Options of Sandy Spring
|
| | | | 57,410 | | |
RSUs of Sandy Spring
|
| | | | 523,115 | | |
Underwriters
|
| |
Number of
Shares |
| |||
Morgan Stanley & Co. LLC
|
| | | | 7,394,366 | | |
BofA Securities, Inc.
|
| | | | 1,478,873 | | |
Piper Sandler & Co.
|
| | | | 492,958 | | |
Stephens Inc.
|
| | | | 492,958 | | |
Total:
|
| | | | 9,859,155 | | |
| | | | | | | | |
Total
|
| |||||||||
| | |
Per
Share |
| |
No
Exercise |
| |
Full
Exercise |
| |||||||||
Public offering price
|
| | | $ | 35.50 | | | | | $ | 350,000,002.50 | | | | | $ | 402,499,994.00 | | |
Underwriting discounts and commissions to be paid by us
|
| | | $ | 1.42 | | | | | $ | 14,000,000.10 | | | | | $ | 16,099,999.76 | | |
Proceeds, before expenses, to us(1)
|
| | | $ | 34.08 | | | | | $ | 336,000,002.40 | | | | | $ | 386,399,994.24 | | |
| | |
Page
|
|
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | |
| | |
March 31, 2024
|
| |||
Assets | | | | | | | |
Cash and due from banks
|
| | | $ | 26,565 | | |
Interest-bearing deposits in other banks
|
| | | | 28,495 | | |
Securities available for sale, at fair value
|
| | | | 498,545 | | |
Restricted stock, at cost
|
| | | | 10,549 | | |
Loans held for sale
|
| | | | 2,019 | | |
Loans, net of deferred fees and costs
|
| | | | 2,314,860 | | |
Less allowance for credit losses – loans
|
| | | | (25,764) | | |
Net loans
|
| | | | 2,289,096 | | |
Premises and equipment, net
|
| | | | 31,428 | | |
Goodwill
|
| | | | 85,048 | | |
Core deposit intangibles, net
|
| | | | 2,083 | | |
Bank owned life insurance
|
| | | | 30,627 | | |
Other assets
|
| | | | 73,818 | | |
Total assets
|
| | | $ | 3,078,273 | | |
Liabilities | | | | | | | |
Noninterest-bearing deposits
|
| | | $ | 791,106 | | |
Interest-bearing deposits
|
| | | | 1,796,022 | | |
Total deposits
|
| | | | 2,587,128 | | |
Customer repurchase agreements
|
| | | | 68,336 | | |
Other short-term borrowings
|
| | | | 30,000 | | |
Junior subordinated debt
|
| | | | 28,461 | | |
Other liabilities
|
| | | | 19,075 | | |
Total liabilities
|
| | | | 2,733,000 | | |
Shareholders’ equity | | | | | | | |
Preferred stock, $5 par value, 2,000,000 shares authorized, none outstanding
|
| | | | — | | |
Common stock, $1 par value, 20,000,000 shares authorized, 10,630,663 shares outstanding at March 31, 2024
|
| | | | 10,569 | | |
Capital in excess of par value
|
| | | | 142,894 | | |
Retained earnings
|
| | | | 235,701 | | |
Accumulated other comprehensive loss, net
|
| | | | (43,891) | | |
Total shareholders’ equity
|
| | | | 345,273 | | |
Total liabilities and shareholders’ equity
|
| | | $ | 3,078,273 | | |
| | |
Three Months
Ended March 31, 2024 |
| |||
Interest and Dividend Income: | | | | | | | |
Interest and fees on loans
|
| | | $ | 28,339 | | |
Interest and dividends on securities:
|
| | | | | | |
Taxable
|
| | | | 2,405 | | |
Tax-exempt
|
| | | | 24 | | |
Dividends
|
| | | | 210 | | |
Other interest income
|
| | | | 625 | | |
Total interest and dividend income
|
| | | | 31,603 | | |
Interest Expense: | | | | | | | |
Interest on deposits
|
| | | | 10,871 | | |
Interest on short-term borrowings
|
| | | | 1,119 | | |
Interest on subordinated debt
|
| | | | 522 | | |
Total interest expense
|
| | | | 12,512 | | |
Net Interest Income
|
| | | | 19,091 | | |
Provision for credit losses
|
| | | | 400 | | |
Net Interest Income After Provision for Credit Losses
|
| | | | 18,691 | | |
Noninterest Income: | | | | | | | |
Wealth management income
|
| | | | 1,759 | | |
Service charges on deposit accounts
|
| | | | 518 | | |
Interchange fees
|
| | | | 1,023 | | |
Other fees and commissions
|
| | | | 160 | | |
Mortgage banking income
|
| | | | 164 | | |
Income from Small Business Investment Companies
|
| | | | 69 | | |
Income from insurance investments
|
| | | | 365 | | |
Losses on premises and equipment, net
|
| | | | (45) | | |
Other
|
| | | | 260 | | |
Total noninterest income
|
| | | | 4,273 | | |
Noninterest Expense: | | | | | | | |
Salaries and employee benefits
|
| | | | 8,527 | | |
Occupancy and equipment
|
| | | | 1,555 | | |
FDIC assessment
|
| | | | 366 | | |
Bank franchise tax
|
| | | | 509 | | |
Core deposit intangible amortization
|
| | | | 215 | | |
Data processing
|
| | | | 1,078 | | |
Software
|
| | | | 383 | | |
Merger related expenses
|
| | | | 165 | | |
Other
|
| | | | 2,613 | | |
Total noninterest expense
|
| | | | 15,411 | | |
Income Before Income Taxes
|
| | | | 7,553 | | |
Income Taxes
|
| | | | 1,509 | | |
Net Income
|
| | | $ | 6,044 | | |
Net Income Per Common Share: | | | | | | | |
Basic
|
| | | $ | 0.57 | | |
Diluted
|
| | | $ | 0.57 | | |
Weighted Average Common Shares Outstanding: | | | | | | | |
Basic
|
| | | | 10,630,663 | | |
Diluted
|
| | | | 10,630,663 | | |
| | |
Three Months
Ended March 31, 2024 |
| |||
Net income
|
| | | $ | 6,044 | | |
Other comprehensive loss: | | | | | | | |
Unrealized losses on securities available for sale
|
| | | | (986) | | |
Tax effect
|
| | | | 215 | | |
Amortization of unrealized gains on cash flow hedges
|
| | | | (71) | | |
Tax effect
|
| | | | 15 | | |
Other comprehensive loss
|
| | | | (827) | | |
Comprehensive income
|
| | | $ | 5,217 | | |
| | |
Common
Stock |
| |
Capital in
Excess of Par Value |
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
Shareholders’ Equity |
| |||||||||||||||
Balance, December 31, 2023
|
| | | $ | 10,551 | | | | | $ | 142,834 | | | | | $ | 232,847 | | | | | $ | (43,064) | | | | | $ | 343,168 | | |
Net income
|
| | | | — | | | | | | — | | | | | | 6,044 | | | | | | — | | | | | | 6,044 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (827) | | | | | | (827) | | |
Vesting of restricted stock (14,453 shares)
|
| | | | 14 | | | | | | (14) | | | | | | — | | | | | | — | | | | | | — | | |
Equity based compensation
|
| | | | 4 | | | | | | 74 | | | | | | — | | | | | | — | | | | | | 78 | | |
Cash dividends paid, $0.30 per share
|
| | | | — | | | | | | — | | | | | | (3,190) | | | | | | — | | | | | | (3,190) | | |
Balance, March 31, 2024
|
| | | $ | 10,569 | | | | | $ | 142,894 | | | | | $ | 235,701 | | | | | $ | (43,891) | | | | | $ | 345,273 | | |
| | |
Three Months
Ended March 31, 2024 |
| |||
Cash Flows from Operating Activities: | | | | | | | |
Net income
|
| | | $ | 6,044 | | |
Adjustments to reconcile net income to net cash provided by operating activities:
|
| | | | | | |
Provision for credit losses
|
| | | | 400 | | |
Depreciation
|
| | | | 499 | | |
Net accretion of acquisition accounting adjustments
|
| | | | (220) | | |
Core deposit intangible amortization
|
| | | | 215 | | |
Net amortization of securities
|
| | | | 124 | | |
Net change in loans held for sale
|
| | | | (740) | | |
Equity based compensation expense
|
| | | | 78 | | |
Net change in bank owned life insurance
|
| | | | (218) | | |
Net change in other assets
|
| | | | 4,316 | | |
Net change in other liabilities
|
| | | | 822 | | |
Net cash provided by operating activities
|
| | | | 11,320 | | |
Cash Flows from Investing Activities: | | | | | | | |
Proceeds from maturities, calls and paydowns of securities available for sale
|
| | | | 21,864 | | |
Net change in restricted stock
|
| | | | 65 | | |
Net increase in loans
|
| | | | (26,206) | | |
Purchases of premises and equipment, net
|
| | | | (118) | | |
Net cash used in investing activities
|
| | | | (4,395) | | |
Cash Flows from Financing Activities: | | | | | | | |
Net change in noninterest-bearing deposits
|
| | | | (14,478) | | |
Net change in interest-bearing deposits
|
| | | | (4,904) | | |
Net change in customer repurchase agreements
|
| | | | 8,988 | | |
Repayment of other short-term borrowings
|
| | | | (5,000) | | |
Common stock dividends paid
|
| | | | (3,190) | | |
Net cash used in financing activities
|
| | | | (18,584) | | |
Net Decrease in Cash and Cash Equivalents
|
| | | | (11,659) | | |
Cash and Cash Equivalents at Beginning of Period
|
| | | | 66,719 | | |
Cash and Cash Equivalents at End of Period
|
| | | $ | 55,060 | | |
| | |
March 31, 2024
|
| |||||||||||||||||||||
| | |
Amortized
Cost |
| |
Unrealized
Gains |
| |
Unrealized
Losses |
| |
Fair
Value |
| ||||||||||||
Securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury
|
| | | $ | 121,705 | | | | | $ | — | | | | | $ | 7,871 | | | | | $ | 113,834 | | |
Federal agencies and GSEs
|
| | | | 76,344 | | | | | | 3 | | | | | | 4,467 | | | | | | 71,880 | | |
Mortgage-backed and CMOs
|
| | | | 284,285 | | | | | | 1 | | | | | | 37,079 | | | | | | 247,207 | | |
State and municipal
|
| | | | 42,697 | | | | | | — | | | | | | 3,540 | | | | | | 39,157 | | |
Corporate
|
| | | | 30,816 | | | | | | — | | | | | | 4,349 | | | | | | 26,467 | | |
Total securities available for sale
|
| | | $ | 555,847 | | | | | $ | 4 | | | | | $ | 57,306 | | | | | $ | 498,545 | | |
| | |
Total
|
| |
Less than 12 Months
|
| |
12 Months or More
|
| |||||||||||||||||||||||||||
| | |
Fair
Value |
| |
Unrealized
Loss(1) |
| |
Fair
Value |
| |
Unrealized
Loss |
| |
Fair
Value |
| |
Unrealized
Loss |
| ||||||||||||||||||
U.S. Treasury
|
| | | $ | 113,834 | | | | | $ | 7,871 | | | | | $ | — | | | | | $ | — | | | | | $ | 113,834 | | | | | $ | 7,871 | | |
Federal agencies and GSEs
|
| | | | 71,635 | | | | | | 4,467 | | | | | | 209 | | | | | | — | | | | | | 71,426 | | | | | | 4,467 | | |
Mortgage-backed and CMOs
|
| | | | 247,152 | | | | | | 37,079 | | | | | | 171 | | | | | | 2 | | | | | | 246,981 | | | | | | 37,077 | | |
State and municipal
|
| | | | 36,136 | | | | | | 3,540 | | | | | | 209 | | | | | | 15 | | | | | | 35,927 | | | | | | 3,525 | | |
Corporate
|
| | | | 26,467 | | | | | | 4,349 | | | | | | 1,506 | | | | | | 194 | | | | | | 24,961 | | | | | | 4,155 | | |
Total
|
| | | $ | 495,224 | | | | | $ | 57,306 | | | | | $ | 2,095 | | | | | $ | 211 | | | | | $ | 493,129 | | | | | $ | 57,095 | | |
| | |
March 31, 2024
|
| |||
Commercial
|
| | | $ | 296,525 | | |
Commercial real estate: | | | | | | | |
Construction and land development
|
| | | | 227,849 | | |
Commercial real estate – owner occupied
|
| | | | 418,349 | | |
Commercial real estate – non-owner occupied
|
| | | | 896,611 | | |
Residential real estate: | | | | | | | |
Residential
|
| | | | 378,495 | | |
| | |
March 31, 2024
|
| |||
Home equity
|
| | | | 89,243 | | |
Consumer
|
| | | | 7,788 | | |
Total loans, net of deferred fees and costs
|
| | | $ | 2,314,860 | | |
|
| | |
30 – 59 Days
Past Due |
| |
60 – 89 Days
Past Due |
| |
90 Days +
Past Due and Still Accruing |
| |
Non
Accrual Loans |
| |
Total Past
Due |
| |
Current
|
| |
Total
Loans |
| |||||||||||||||||||||
Commercial
|
| | | $ | 39 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 39 | | | | | $ | 296,486 | | | | | $ | 296,525 | | |
Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction and land development
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 227,849 | | | | | | 227,849 | | |
Commercial real estate – owner occupied
|
| | | | 323 | | | | | | — | | | | | | — | | | | | | 2,451 | | | | | | 2,774 | | | | | | 415,575 | | | | | | 418,349 | | |
Commercial real estate – non-owner occupied
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,308 | | | | | | 2,308 | | | | | | 894,303 | | | | | | 896,611 | | |
Residential: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential
|
| | | | 423 | | | | | | — | | | | | | — | | | | | | 553 | | | | | | 976 | | | | | | 377,519 | | | | | | 378,495 | | |
Home equity
|
| | | | 347 | | | | | | — | | | | | | — | | | | | | 92 | | | | | | 439 | | | | | | 88,804 | | | | | | 89,243 | | |
Consumer
|
| | | | 1 | | | | | | — | | | | | | — | | | | | | 9 | | | | | | 10 | | | | | | 7,778 | | | | | | 7,788 | | |
Total
|
| | | $ | 1,133 | | | | | $ | — | | | | | $ | — | | | | | $ | 5,413 | | | | | $ | 6,546 | | | | | $ | 2,308,314 | | | | | $ | 2,314,860 | | |
| | |
March 31, 2024
Nonaccrual Loans with No Allowance |
| |||
Commercial real estate: | | | | | | | |
Commercial real estate-owner occupied
|
| | | $ | 2,451 | | |
Commercial real estate-non-owner occupied
|
| | | | 2,308 | | |
Residential: | | | | | | | |
Residential
|
| | | | 449 | | |
Total
|
| | | $ | 5,208 | | |
| | |
Residential
Properties |
| |
Business
Assets |
| |
Land
|
| |
Commercial
Property |
| |
Owner
Occupied |
| |
Total
Loans |
| ||||||||||||||||||
Commercial real estate:
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,308 | | | | | $ | 2,451 | | | | | $ | 4,759 | | |
Residential: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential
|
| | | | 449 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 449 | | |
Home equity
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total collateral dependent loans
|
| | | $ | 449 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,308 | | | | | $ | 2,451 | | | | | $ | 5,208 | | |
| | |
Term Loans by Year of Origination
|
| | | | | | | | | | | | | |||||||||||||||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
Prior
|
| |
Revolving
|
| |
Total
|
| ||||||||||||||||||||||||
Commercial | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pass
|
| | | $ | 8,207 | | | | | $ | 38,191 | | | | | $ | 35,192 | | | | | $ | 50,800 | | | | | $ | 17,270 | | | | | $ | 30,300 | | | | | $ | 106,770 | | | | | $ | 286,730 | | |
Special Mention
|
| | | | 45 | | | | | | 1,252 | | | | | | 1,004 | | | | | | 1,947 | | | | | | 49 | | | | | | 341 | | | | | | 1,901 | | | | | | 6,539 | | |
Substandard
|
| | | | — | | | | | | — | | | | | | 122 | | | | | | 14 | | | | | | — | | | | | | 1,039 | | | | | | 2,081 | | | | | | 3,256 | | |
Total commercial
|
| | | $ | 8,252 | | | | | $ | 39,443 | | | | | $ | 36,318 | | | | | $ | 52,761 | | | | | $ | 17,319 | | | | | $ | 31,680 | | | | | $ | 110,752 | | | | | $ | 296,525 | | |
Current period gross write-offs
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (53) | | | | | $ | (53) | | |
Construction and land development
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pass
|
| | | $ | 4,504 | | | | | $ | 64,964 | | | | | $ | 83,475 | | | | | $ | 41,870 | | | | | $ | 7,384 | | | | | $ | 14,093 | | | | | $ | 7,038 | | | | | $ | 223,328 | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | 4,521 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,521 | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total construction and land development
|
| | | $ | 4,504 | | | | | $ | 64,964 | | | | | $ | 83,475 | | | | | $ | 46,391 | | | | | $ | 7,384 | | | | | $ | 14,093 | | | | | $ | 7,038 | | | | | $ | 227,849 | | |
Current period gross write-offs
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Commercial real estate – owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pass
|
| | | $ | 11,335 | | | | | $ | 35,235 | | | | | $ | 59,870 | | | | | $ | 100,644 | | | | | $ | 42,056 | | | | | $ | 152,222 | | | | | $ | 2,960 | | | | | $ | 404,322 | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | 1,189 | | | | | | 1,285 | | | | | | — | | | | | | 3,543 | | | | | | 4,962 | | | | | | 10,979 | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,247 | | | | | | 731 | | | | | | 70 | | | | | | 3,048 | | |
Total commercial real estate – owner
occupied |
| | | $ | 11,335 | | | | | $ | 35,235 | | | | | $ | 61,059 | | | | | $ | 101,929 | | | | | $ | 44,303 | | | | | $ | 156,496 | | | | | $ | 7,992 | | | | | $ | 418,349 | | |
Current period gross write-offs
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Commercial real estate – non-owner occupied
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pass
|
| | | $ | 12,964 | | | | | $ | 47,271 | | | | | $ | 147,365 | | | | | $ | 273,475 | | | | | $ | 127,452 | | | | | $ | 265,771 | | | | | $ | 5,174 | | | | | $ | 879,472 | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 114 | | | | | | 8,163 | | | | | | 74 | | | | | | 8,351 | | |
Substandard
|
| | | | — | | | | | | 3,051 | | | | | | — | | | | | | 1,313 | | | | | | 1,442 | | | | | | 2,982 | | | | | | — | | | | | | 8,788 | | |
Total commercial real estate – non-owner occupied
|
| | | $ | 12,964 | | | | | $ | 50,322 | | | | | $ | 147,365 | | | | | $ | 274,788 | | | | | $ | 129,008 | | | | | $ | 276,916 | | | | | $ | 5,248 | | | | | $ | 896,611 | | |
Current period gross write-offs
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Residential | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pass
|
| | | $ | 13,855 | | | | | $ | 75,522 | | | | | $ | 91,663 | | | | | $ | 81,597 | | | | | $ | 23,110 | | | | | $ | 75,942 | | | | | $ | 13,608 | | | | | $ | 375,297 | | |
| | |
Term Loans by Year of Origination
|
| | | | | | | | | | | | | |||||||||||||||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
Prior
|
| |
Revolving
|
| |
Total
|
| ||||||||||||||||||||||||
Special Mention
|
| | | | — | | | | | | — | | | | | | 254 | | | | | | 197 | | | | | | — | | | | | | 729 | | | | | | — | | | | | | 1,180 | | |
Substandard
|
| | | | 597 | | | | | | — | | | | | | — | | | | | | 255 | | | | | | 224 | | | | | | 942 | | | | | | — | | | | | | 2,018 | | |
Total residential
|
| | | $ | 14,452 | | | | | $ | 75,522 | | | | | $ | 91,917 | | | | | $ | 82,049 | | | | | $ | 23,334 | | | | | $ | 77,613 | | | | | $ | 13,608 | | | | | $ | 378,495 | | |
Current period gross write-offs
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Home equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pass
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 88,465 | | | | | $ | 88,465 | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Substandard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 778 | | | | | | 778 | | |
Total home equity
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 89,243 | | | | | $ | 89,243 | | |
Current period gross write-offs
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Consumer | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pass
|
| | | $ | 1,689 | | | | | $ | 2,095 | | | | | $ | 1,080 | | | | | $ | 403 | | | | | $ | 187 | | | | | $ | 1,701 | | | | | $ | 615 | | | | | $ | 7,770 | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Substandard
|
| | | | — | | | | | | — | | | | | | 2 | | | | | | — | | | | | | — | | | | | | 14 | | | | | | 2 | | | | | | 18 | | |
Total consumer
|
| | | $ | 1,689 | | | | | $ | 2,095 | | | | | $ | 1,082 | | | | | $ | 403 | | | | | $ | 187 | | | | | $ | 1,715 | | | | | $ | 617 | | | | | $ | 7,788 | | |
Current period gross write-offs
|
| | | $ | — | | | | | $ | — | | | | | $ | (1) | | | | | $ | — | | | | | $ | — | | | | | $ | (21) | | | | | $ | (2) | | | | | $ | (24) | | |
| | |
Three Months Ended
March 31, 2024 |
| |||
Allowance for Credit Losses – Loans | | | | | | | |
Balance, beginning of period
|
| | | $ | 25,273 | | |
Provision for credit losses
|
| | | | 400 | | |
Charge-offs
|
| | | | (77) | | |
Recoveries
|
| | | | 168 | | |
Balance, end of period
|
| | | $ | 25,764 | | |
Reserve for Unfunded Lending Commitments | | | | | | | |
Balance, beginning of period
|
| | | $ | 745 | | |
Provision for unfunded commitments
|
| | | | — | | |
Balance, end of period
|
| | | $ | 745 | | |
| | |
Commercial
|
| |
Construction
and Land Development |
| |
Commercial
Real Estate — Owner Occupied |
| |
Commercial
Real Estate — Non-owner Occupied |
| |
Residential
Real Estate |
| |
Home
Equity |
| |
Consumer
|
| |
Total
|
| ||||||||||||||||||||||||
Allowance for Credit Losses – Loans
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at December 31,
2023 |
| | | $ | 3,745 | | | | | $ | 2,847 | | | | | $ | 4,583 | | | | | $ | 9,111 | | | | | $ | 3,928 | | | | | $ | 959 | | | | | $ | 100 | | | | | $ | 25,273 | | |
Provision for (recovery of) credit losses
|
| | | | (77) | | | | | | (444) | | | | | | 98 | | | | | | 771 | | | | | | 45 | | | | | | (11) | | | | | | 18 | | | | | | 400 | | |
Charge-offs
|
| | | | (53) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (24) | | | | | | (77) | | |
Recoveries
|
| | | | 23 | | | | | | 2 | | | | | | 5 | | | | | | 24 | | | | | | 88 | | | | | | 3 | | | | | | 23 | | | | | | 168 | | |
Balance at March 31, 2024
|
| | | $ | 3,638 | | | | | $ | 2,405 | | | | | $ | 4,686 | | | | | $ | 9,906 | | | | | $ | 4,061 | | | | | $ | 951 | | | | | $ | 117 | | | | | $ | 25,764 | | |
| | |
Goodwill
|
| |
Intangibles
|
| ||||||
Balance at December 31, 2023
|
| | | $ | 85,048 | | | | | $ | 2,298 | | |
Amortization
|
| | | | — | | | | | | (215) | | |
Balance at March 31, 2024
|
| | | $ | 85,048 | | | | | $ | 2,083 | | |
| | |
March 31, 2024
|
| |||
Customer repurchase agreements
|
| | | $ | 68,336 | | |
Other short-term borrowings
|
| | | | 30,000 | | |
Total short-term borrowings
|
| | | $ | 98,336 | | |
| | | | | | | | | | | |
Principal Amount
|
| |||
Issuing Entity
|
| |
Date Issued
|
| |
Interest Rate
|
| |
Maturity Date
|
| |
March 31, 2024
|
| |||
AMNB Statutory Trust I
|
| |
4/7/2006
|
| |
SOFR plus 1.35%
|
| |
6/30/2036
|
| | | $ | 20,619 | | |
MidCarolina Trust I
|
| |
10/29/2002
|
| |
SOFR plus 3.45%
|
| |
11/7/2032
|
| | | | 4,671 | | |
MidCarolina Trust II
|
| |
12/3/2003
|
| |
SOFR plus 2.95%
|
| |
10/7/2033
|
| | | | 3,171 | | |
| | | | | | | | | | | | | $ | 28,461 | | |
| | |
Three Months Ended
March 31, 2024 |
| |||||||||
| | |
Shares
|
| |
Per Share
Amount |
| ||||||
Basic earnings per share
|
| | | | 10,630,663 | | | | | $ | 0.57 | | |
Effect of dilutive securities – stock options
|
| | | | — | | | | | | — | | |
Diluted earnings per share
|
| | | | 10,630,663 | | | | | $ | 0.57 | | |
| | |
Fair Value Measurements at March 31, 2024 Using
|
| |||||||||||||||||||||
Description
|
| |
Balance at
March 31, 2024 |
| |
Quoted Prices in
Active Markets for Identical Assets Level 1 |
| |
Significant Other
Observable Inputs Level 2 |
| |
Significant
Unobservable Inputs Level 3 |
| ||||||||||||
Securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury
|
| | | $ | 113,834 | | | | | $ | — | | | | | $ | 113,834 | | | | | $ | — | | |
Federal agencies and GSEs
|
| | | | 71,880 | | | | | | — | | | | | | 71,880 | | | | | | — | | |
| | |
Fair Value Measurements at March 31, 2024 Using
|
| |||||||||||||||||||||
Description
|
| |
Balance at
March 31, 2024 |
| |
Quoted Prices in
Active Markets for Identical Assets Level 1 |
| |
Significant Other
Observable Inputs Level 2 |
| |
Significant
Unobservable Inputs Level 3 |
| ||||||||||||
Mortgage-backed and CMOs
|
| | | | 247,207 | | | | | | — | | | | | | 247,207 | | | | | | — | | |
State and municipal
|
| | | | 39,157 | | | | | | — | | | | | | 39,157 | | | | | | — | | |
Corporate
|
| | | | 26,467 | | | | | | — | | | | | | 26,467 | | | | | | — | | |
Total securities available for sale
|
| | | $ | 498,545 | | | | | $ | — | | | | | $ | 498,545 | | | | | $ | — | | |
Loans held for sale
|
| | | $ | 2,019 | | | | | $ | — | | | | | $ | 2,019 | | | | | $ | — | | |
|
| | |
Fair Value Measurements at March 31, 2024 Using
|
| |||||||||||||||||||||||||||
| | |
Carrying
Value |
| |
Quoted Prices
in Active Markets for Identical Assets Level 1 |
| |
Significant
Other Observable Inputs Level 2 |
| |
Significant
Unobservable Inputs Level 3 |
| |
Fair Value
Balance |
| |||||||||||||||
Financial Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 55,060 | | | | | $ | 55,060 | | | | | $ | — | | | | | $ | — | | | | | $ | 55,060 | | |
Securities available for sale
|
| | | | 498,545 | | | | | | — | | | | | | 498,545 | | | | | | — | | | | | | 498,545 | | |
Restricted stock
|
| | | | 10,549 | | | | | | — | | | | | | 10,549 | | | | | | — | | | | | | 10,549 | | |
Loans held for sale
|
| | | | 2,019 | | | | | | — | | | | | | 2,019 | | | | | | — | | | | | | 2,019 | | |
Loans, net of allowance
|
| | | | 2,289,096 | | | | | | — | | | | | | — | | | | | | 2,151,546 | | | | | | 2,151,546 | | |
Bank owned life insurance
|
| | | | 30,627 | | | | | | — | | | | | | 30,627 | | | | | | — | | | | | | 30,627 | | |
Accrued interest receivable
|
| | | | 7,793 | | | | | | — | | | | | | 7,793 | | | | | | — | | | | | | 7,793 | | |
Financial Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | | $ | 2,587,128 | | | | | $ | — | | | | | $ | 2,583,089 | | | | | $ | — | | | | | $ | 2,583,089 | | |
Repurchase agreements
|
| | | | 68,336 | | | | | | — | | | | | | 68,336 | | | | | | — | | | | | | 68,336 | | |
Other short-term borrowings
|
| | | | 30,000 | | | | | | — | | | | | | 30,000 | | | | | | — | | | | | | 30,000 | | |
Junior subordinated debt
|
| | | | 28,461 | | | | | | — | | | | | | — | | | | | | 24,967 | | | | | | 24,967 | | |
Accrued interest payable
|
| | | | 2,712 | | | | | | — | | | | | | 2,712 | | | | | | — | | | | | | 2,712 | | |
| | |
As of and For the Three Months
Ended March 31, 2024 |
| |||||||||||||||
| | |
Community
Banking |
| |
Wealth
Management |
| |
Total
|
| |||||||||
Interest income
|
| | | $ | 31,603 | | | | | $ | — | | | | | $ | 31,603 | | |
Interest expense
|
| | | | 12,512 | | | | | | — | | | | | | 12,512 | | |
Noninterest income
|
| | | | 2,514 | | | | | | 1,759 | | | | | | 4,273 | | |
Noninterest expense
|
| | | | 14,866 | | | | | | 545 | | | | | | 15,411 | | |
Income before income taxes
|
| | | | 6,339 | | | | | | 1,214 | | | | | | 7,553 | | |
Net income
|
| | | | 5,293 | | | | | | 751 | | | | | | 6,044 | | |
Depreciation and amortization
|
| | | | 713 | | | | | | 1 | | | | | | 714 | | |
Total assets
|
| | | | 3,078,072 | | | | | | 201 | | | | | | 3,078,273 | | |
Goodwill
|
| | | | 85,048 | | | | | | — | | | | | | 85,048 | | |
Capital expenditures
|
| | | | 118 | | | | | | — | | | | | | 118 | | |
| | |
2024
|
| |||
Supplemental Schedule of Cash and Cash Equivalents: | | | | | | | |
Cash and due from banks
|
| | | $ | 26,565 | | |
Interest-bearing deposits in other banks
|
| | | | 28,495 | | |
Cash and Cash Equivalents
|
| | | $ | 55,060 | | |
Supplemental Disclosure of Cash Flow Information: | | | | | | | |
Cash paid for:
|
| | | | | | |
Interest on deposits and borrowed funds
|
| | | $ | 12,163 | | |
Income taxes
|
| | | | 1,150 | | |
Noncash investing and financing activities:
|
| | | | | | |
Net unrealized losses on securities available for sale
|
| | | | (986) | | |
For the Three Months Ended
|
| |
Net Unrealized
Losses on Securities |
| |
Unrealized
Gains (Losses) on Cash Flow Hedges |
| |
Adjustments
Related to Pension Benefits |
| |
Accumulated
Other Comprehensive Loss |
| ||||||||||||
Balance at December 31, 2023
|
| | | $ | (44,115) | | | | | $ | 1,455 | | | | | $ | (404) | | | | | $ | (43,064) | | |
Net unrealized losses on securities available for sale, net of tax, $(215)
|
| | | | (771) | | | | | | — | | | | | | — | | | | | | (771) | | |
Amortization of unrealized gains on cash flow hedges, net of tax, $15
|
| | | | — | | | | | | (56) | | | | | | — | | | | | | (56) | | |
Balance at March 31, 2024
|
| | | $ | (44,886) | | | | | $ | 1,399 | | | | | $ | (404) | | | | | $ | (43,891) | | |
| | |
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