v3.25.1
CONSOLIDATED STATEMENTS OF CONDITION - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
ASSETS    
Cash and due from banks $ 7,885 $ 8,492
Interest-earning deposits 224,032 382,875
Total cash and cash equivalents 231,917 391,367
Securities available for sale 832,030 784,544
Securities held to maturity (fair value $88,687 at March 31, 2025 and $88,650 at December 31, 2024) 100,285 101,635
CRA equity security, at fair value 13,236 13,041
FHLB and FRB stock, at cost [1] 12,311 12,373
Loans held for sale, at fair value 707  
Loans held for sale, at lower of cost or fair value 7,979 8,594
Loans 5,747,986 5,512,326
Less: allowance for credit losses 75,150 72,992
Net loans 5,672,836 5,439,334
Premises and equipment 31,639 28,888
Accrued interest receivable 31,968 29,898
Bank owned life insurance 48,110 47,981
Goodwill 36,212 36,212
Other intangible assets 8,443 8,714
Finance lease right-of-use assets 950 985
Operating lease right-of-use assets 39,456 40,289
Deferred tax assets, net 10,291 16,381
Other assets 42,282 51,002
TOTAL ASSETS 7,120,652 7,011,238
Deposits:    
Noninterest-bearing demand deposits 1,184,860 1,112,734
Interest-bearing deposits:    
Checking [2] 3,450,014 3,334,269
Savings 107,581 103,136
Money market accounts [3] 1,087,959 1,078,024
Certificates of deposit - retail 442,369 483,998
Certificates of deposit - listing service 3,773 6,861
Subtotal deposits 6,276,556 6,119,022
Interest-bearing demand - brokered 10,000 10,000
Total deposits 6,286,556 6,129,022
Finance lease liabilities 1,308 1,348
Operating lease liabilities 42,948 43,569
Subordinated debt, net 98,884 133,561
Due to brokers   18,514
Accrued expenses and other liabilities 69,083 79,375
TOTAL LIABILITIES 6,498,779 6,405,389
SHAREHOLDERS’ EQUITY    
Preferred stock (no par value; authorized 500,000 shares; liquidation preference of $1,000 per share)
Common stock (no par value; stated value $0.83 per share; authorized 42,000,000 shares; issued shares, 21,675,491 at March 31, 2025 and 21,535,856 at December 31, 2024; outstanding shares, 17,726,251 at March 31, 2025 and 17,586,616 at December 31, 2024) 18,070 17,953
Surplus 348,762 348,264
Treasury stock at cost (3,949,240 shares at both March 31, 2025 and December 31, 2024, respectively) (117,509) (117,509)
Retained earnings 430,267 423,552
Accumulated other comprehensive loss, net of income tax (57,717) (66,411)
TOTAL SHAREHOLDERS’ EQUITY 621,873 605,849
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY $ 7,120,652 $ 7,011,238
[1] FHLB means "Federal Home Loan Bank" and FRB means "Federal Reserve Bank."
[2] Interest-bearing checking includes $1.75 billion at March 31, 2025 and $1.57 billion at December 31, 2024 of reciprocal balances in the Reich & Tang or Promontory Demand Deposit Marketplace program.
[3] Money market includes $101.7 million at March 31, 2025 and $85.3 million at December 31, 2024 of reciprocal balances in the Promontory Demand Deposit Marketplace program.