First Business Bank Reports Fourth Quarter 2023 Net Income of $9.6 Million

About this update from First Business Financial Services, Inc.

[{"type":"text","content":" \n-- Robust deposit and loan growth and positive operating leverage support continued tangible book value expansion --\n\n \n-- Private Wealth assets under management cross $3 billion milestone --\n\n \n MADISON, Wis. --(BUSINESS WIRE)--\n First Business Financial Services, Inc. (the “Company”, the “Bank”, or “First Business Bank”) (Nasdaq:FBIZ) reported quarterly net income available to common shareholders of $9.6 million , or earnings per share of $1.15 on a diluted basis. This compares to net income available to common shareholders of $9.7 million , or $1.17 per share, in the third quarter of 2023 and $9.9 million , or $1.18 per share, in the fourth quarter of 2022.\n\n \n“We had tremendous success attracting new client relationships in the fourth quarter, which again drove robust loan and deposit growth and resulted in record pre-tax, pre-provision income,” said Corey Chambas , Chief Executive Officer. “2023 marked the culmination of our five-year strategic plan in which First Business Bank committed to growing loans, deposits, and revenues at a 10% annual pace. We surpassed our own expectations by achieving a 17% increase in loans, a 29% increase in deposits, and a 13% increase in operating revenue. We outperformed our peers and delivered significant value to our shareholders by growing pre-tax, pre-provision adjusted earnings by 17% over 2022, while tangible book value per share rose 13%. Additionally, we grew Private Wealth assets under management and administration to record levels, exceeding $3 billion for the first time. Our team executed our plan with consistency and efficiency, producing outstanding results even as industry net interest margins narrowed and industry asset quality began to normalize away from the historically pristine levels seen in recent years.”\n\n \n“We are pleased with our ability to manage net interest margin in the current interest rate environment,” Chambas added. “Much of our success stems from our relationship-based approach to deposit generation. This requires accepting incremental short-term costs due to marketplace pricing. The fourth quarter demonstrated the success of this long-held deposit-centric strategy, with deposit growth exceeding loan growth and new deposit account balances comprising nearly $70 million of the linked quarter increase.”\n\n \n“Comprehensive planning has been underway for the past year to develop our strategies and establish our goals for the next five-year period,” Chambas continued. “It is expected this updated strategic plan will be rolled out company-wide in 2024. We expect our team to prioritize quality balance sheet and revenue growth while optimizing technology for the benefit of our clients and stakeholders, evolving with our industry in a manner that stays true to First Business Bank’s deep-rooted culture.”\n\n \n Quarterly Highlights \n\n \n \n Robust Deposit Growth. Total deposits grew $139.8 million , increasing 21.0% annualized from the third quarter and $628.6 million , or 29.0%, from the fourth quarter of 2022. In-market deposits grew to a record $2.339 billion , up $149.8 million , or 27.4% annualized, from the third quarter and $373.1 million , or 19.0%, from the fourth quarter of 2022. Successful execution of client deposit initiatives attracted new relationships, which drove in-market deposit growth. New relationships also contributed to increased gross Treasury Management service charges, which grew 16.8% to $1.5 million , compared to $1.3 million in the fourth quarter of 2022.\n\n \n \n \n Strong Loan Growth. Loans increased $86.2 million , or 12.5% annualized, from the third quarter of 2023, and $407.2 million , or 16.7%, from the fourth quarter of 2022, reflecting ongoing expansion across the Company’s products and geographies in the fourth quarter.\n\n \n \n \n Net Interest Income Expansion. Net interest income grew 3.3% from the linked quarter and 7.6% from the prior year quarter. The Company’s continued success in driving double-digit loan and deposit growth supported this expansion, offsetting the ongoing impact of industry-wide net interest margin compression. Net interest margin of 3.69% declined seven basis points from the linked quarter. Recent deposit client acquisition and retention at higher deposit rates drove the decline during the quarter.\n\n \n \n \n Record Pre-Tax, Pre-Provision (“PTPP”) Income. PTPP income grew to $15.3 million , up 8.4% from the linked quarter and 17.8% from the prior year quarter. This performance reflects solid growth across the Company’s balance sheet and efficient execution of the Company’s revenue growth strategies. PTPP adjusted return on average assets measured 1.77%, compared to 1.72% and 1.81% for the linked and prior year quarters, respectively.\n\n \n \n \n Tangible Book Value Growth. The Company’s strong earnings generation produced a 13.9% annualized increase in tangible book value per common share compared to the linked quarter and 12.9% compared to the prior year quarter.\n\n \n \n Quarterly Financial Results \n\n \n \n \n (Unaudited) \n\n \n\n \n\n \n \n\n \n\n \n\n \n As of and for the Three Months Ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n As of and for the Year Ended \n\n \n\n \n\n \n \n \n (Dollars in thousands, except per share amounts) \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2022 \n\n \n\n \n\n \n \n \nNet interest income\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n29,540\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n28,596\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n27,452\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n112,588\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n98,422\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted non-interest income (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,094\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,430\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,164\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n31,353\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28,619\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOperating revenue (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n36,634\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n37,026\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n33,616\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n143,941\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n127,041\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOperating expense (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n21,374\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22,943\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n20,658\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n87,788\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n79,155\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPre-tax, pre-provision adjusted earnings (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,260\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,083\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,958\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n56,153\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n47,886\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLess:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProvision for credit losses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,573\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,817\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n702\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,182\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,868\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nNet loss on repossessed assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n49\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nContribution to First Business Charitable Foundation \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n809\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n809\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSBA recourse provision\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n210\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n242\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(322\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n775\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(188\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nTax credit investment impairment recovery\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(351\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nAdd:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBank-owned life insurance claim\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n809\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n809\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet loss on sale of securities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(45\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIncome before income tax expense\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,473\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,020\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,556\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n47,139\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n52,244\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIncome tax expense\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,703\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,079\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,400\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10,112\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11,386\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet income\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n9,770\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n9,941\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n10,156\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n37,027\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n40,858\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPreferred stock dividends\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n219\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n218\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n219\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n875\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n683\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet income available to common shareholders\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n9,551\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n9,723\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n9,937\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n36,152\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n40,175\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nEarnings per share, diluted\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.15\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.17\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.18\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4.33\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4.75\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBook value per share\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n33.39\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n32.32\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n29.74\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n33.39\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n29.74\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTangible book value per share (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n31.94\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n30.87\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n28.28\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n31.94\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n28.28\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet interest margin (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.69\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.76\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.15\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.78\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.82\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nAdjusted net interest margin (1)(2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.50\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.66\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.94\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.63\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.63\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nFee income ratio (non-interest income / total revenue)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19.36\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22.77\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n20.26\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n21.76\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23.02\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nEfficiency ratio (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58.34\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n61.96\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n61.45\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n60.99\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n62.31\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nReturn on average assets (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.11\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.19\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.39\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.13\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.46\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nPre-tax, pre-provision adjusted return on average assets (1)(2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.77\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.72\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.81\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.75\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.74\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nReturn on average common equity (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13.99\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14.62\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16.26\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13.79\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16.79\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPeriod-end loans and leases receivable\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,850,261\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,764,014\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,443,066\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,850,261\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,443,066\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAverage loans and leases receivable\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,810,793\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,711,851\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,384,091\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,647,851\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,304,990\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPeriod-end in-market deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,339,071\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,189,264\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,965,970\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,339,071\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,965,970\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAverage in-market deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,247,639\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,105,716\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,950,625\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,098,153\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,928,815\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAllowance for credit losses, including unfunded commitment reserves\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n32,997\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n31,036\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n24,230\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n32,997\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n24,230\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNon-performing assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n20,844\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n17,689\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,754\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n20,844\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,754\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAllowance for credit losses as a percent of total gross loans and leases\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.16\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.12\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.99\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.16\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.99\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nNon-performing assets as a percent of total assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.59\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.52\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.13\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.59\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.13\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n(1)\n\n \n\n \n\n \n \nThis is a non-GAAP financial measure. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate financial performance, provide greater understanding of ongoing operations, and enhance comparability of results with prior periods. See the section titled Non-GAAP Reconciliations at the end of this release for a reconciliation of GAAP financial measures to non-GAAP financial measures.\n\n \n\n \n\n \n \n \n(2)\n\n \n\n \n\n \n \nCalculation is annualized.\n\n \n\n \n\n \n \n Fourth Quarter 2023 Compared to Third Quarter 2023 \n\n \nNet interest income increased $944,000 , or 3.3%, to $29.5 million .\n\n \n \nThe increase in net interest income was driven by an increase in average loans and leases receivable and fees in lieu of interest, partially offset by a decrease in net interest margin. Average loans and leases receivable increased $98.9 million , or 14.6% annualized, to $2.811 billion . Fees in lieu of interest, which vary from quarter to quarter based on client-driven activity, totaled $1.1 million , compared to $582,000 in the prior quarter. Excluding fees in lieu of interest, net interest income increased $450,000 , or 1.6%.\n\n \n \n \nThe yield on average interest-earning assets increased 14 basis points to 6.85% from 6.71%. Excluding fees in lieu of interest, the yield earned on average interest-earning assets increased 8 basis points to 6.71% from 6.63%. The daily average effective federal funds rate increased 7 basis points compared to the linked quarter, which equates to an average adjusted interest-earning asset beta of 118.5% for the three months ended December 31, 2023 , compared to 104.8% in the linked quarter. The cumulative adjusted interest-earning asset beta since December 31, 2021 was 60.4%. The change in yield of the respective interest-earning asset or the rate paid on interest-bearing liability compared to the change in short-term market rates is commonly referred to as a beta.\n\n \n \n \nThe rate paid for average interest-bearing, in-market deposits increased 25 basis points to 3.99% from 3.74% due to heightened competition for deposits. Similarly, the rate paid for average total bank funding increased 20 basis points to 3.27% from 3.07%. Total bank funding is defined as total deposits plus Federal Home Loan Bank (“FHLB”) advances. The cumulative bank funding beta since December 31, 2021 was 56.0%.\n\n \n \n \nNet interest margin was 3.69%, down 7 basis points compared to 3.76% in the linked quarter. Adjusted net interest margin1 was 3.50%, down 16 basis points compared to 3.66% in the linked quarter. The decrease in adjusted net interest margin was due to an increase in the rate paid on total bank funding, partially offset by an increase in the yield on average interest earning assets.\n\n \n \n \nManagement believes net interest margin is nearing a floor, and based on current trends we believe our net interest margin should stabilize above our existing strategic plan goal of 3.50%.\n\n \n \nThe Bank reported a provision expense of $2.6 million , compared to $1.8 million in the third quarter of 2023. The fourth quarter provision expense included increases of $2.0 million in net specific reserves, $629,000 due to strong loan growth, and net charge-offs of $610,000 . This expense was partially offset by a $432,000 reduction due to qualitative factor changes and a $260,000 reduction in general reserve due to an improved economic outlook in our model forecast compared to the prior period. Similar to the third quarter, the increase in specific reserves and charge-offs was primarily related to defaults by transportation and logistics borrowers in our Equipment Finance loan portfolio, which management believes is consistent with the cyclical nature of this industry, and to a lesser extent, the SBA portfolio. The Company expects continued stress within this group of borrowers in 2024.\n\n \nNon-interest income decreased $1.3 million , or 15.8%, to $7.1 million .\n\n \n \nPrivate Wealth and Company Retirement Plan (“Private Wealth”) fee income decreased $12,000 , or 0.4% to $2.9 million . Private Wealth assets under management and administration measured $3.122 billion on December 31, 2023 , up $206.9 million from the prior quarter. Fee income is based on overall asset levels and market value performance and is recognized on a one-month lag. The decrease in fourth quarter fees reflects weaker market performance in September and October, partially offset by improved performance in November.\n\n \n \n \nGains on sale of SBA loans decreased $567,000 , or 66.6%, to $284,000 driven by the timing of loan sales. SBA gross loan production totaled $14.2 million for the first six months of 2023 and $26.6 million for the last six months of 2023.\n\n \n \n \nCommercial loan swap fee income of $438,000 decreased by $554,000 , or 55.8%. Swap fee income varies from period to period based on loan activity and the interest rate environment.\n\n \n \n \nOther fee income decreased $299,000 to $1.7 million , compared to $2.0 million in the prior quarter. The decrease was primarily due to lower returns on the Company’s investments in mezzanine funds in the fourth quarter. Income from mezzanine funds was $860,000 in the fourth quarter, compared to $1.2 million in the linked quarter. Income from mezzanine funds varies from period to period based on changes in the realized and unrealized fair value of underlying investments. Frequency of the income recognized from mezzanine funds will occur quarterly, prospectively.\n\n \n \n \n \n1 Adjusted net interest margin is a non-GAAP measure representing net interest income excluding fees in lieu of interest and other recurring, but volatile, components of net interest margin divided by average interest-earning assets less other recurring, but volatile, components of average interest-earning assets.\n\n \n\n \n\n \n \nNon-interest expense decreased $1.6 million , or 6.9%, to $21.6 million , while operating expense decreased $1.6 million , or 6.8%, to $21.4 million .\n\n \n \nCompensation expense was $14.5 million , reflecting a decrease of $1.1 million , or 7.2%, from the linked quarter primarily due to a $563,000 decrease in the annual cash incentive bonus and profit sharing accruals, a $240,000 decrease in incentive compensation mainly due to timing of payouts on loan and deposit production, and a $101,000 decrease in Social Security expenses as employees met annual maximums in the prior quarter. Average full-time equivalents (“FTEs”) for the fourth quarter of 2023 were 343, down from 349 in the linked quarter. The Company’s compensation philosophy is to provide base salaries competitive with the market. Given the competitive job market and the critical importance to the Company of retaining employees, annual base salaries were increased an additional $1.5 million , or approximately 4.1%, in the aggregate for 2024. As of December 31, 2023 , we had 15 open positions, 11 of which were filled in January 2024 .\n\n \n \n \nProfessional fees were $1.3 million , decreasing $116,000 , or 8.1%, from the linked quarter primarily due to a decrease in recruiting expenses.\n\n \n \n \n FDIC insurance expense was $585,000 , decreasing $95,000 , or 14.0%, from the linked quarter primarily due to a decrease in the assessment rate.\n\n \n \n \nOther non-interest expense decreased $231,000 , or 14.6%, to $1.4 million from the linked quarter primarily due to a $570,000 decrease in liquidation expense related to an Asset-Based Lending (“ABL”) ABL loan relationship. In past loan resolutions, the Bank has been able to recover similar liquidation expenses. These decreases were partially offset by an increase in charitable contributions and travel expense.\n\n \n \nIncome tax expense increased $624,000 , or 30.0%, to $2.7 million . The effective tax rate was 21.7% for the three months ended December 31, 2023 , compared to 17.3% for the linked quarter. Management completed its analysis of the Wisconsin State Budget 2023, which included language that provides an exemption for state tax on certain loan income for loans to Wisconsin small businesses. Management estimates this law will eliminate the Bank’s Wisconsin state income tax in 2023 and the foreseeable future. This conclusion results in a 2023 benefit of $2.3 million more than offset by a one-time $2.8 million charge to state income tax expense to recognize a valuation allowance on deferred state income taxes. Based on expected earnings, reduction in state tax, and future tax credit investments, the Company expects to report an effective tax rate between 18% and 19% for 2024.\n\n \nTotal period-end loans and leases receivable increased $86.2 million , or 12.5% annualized, to $2.850 billion . Management expects loan growth to moderate to our long term target of 10% in future quarters. Management is evaluating loan sale and participation strategies as a means of adding to and further diversifying fee income while maintaining regulatory capital ratios at greater than well-capitalized levels. The average rate earned on average loans and leases receivable was 7.21%, up 15 basis points from 7.06% in the prior quarter. Additionally, $247.5 million of new and renewed loans were originated in the quarter at a weighted average yield of 7.86%.\n\n \n \n Commercial Real Estate (“CRE”) loans increased by $64.5 million , or 15.8% annualized, to $1.700 billion . The increase was primarily due to an increase in non-owner occupied CRE and multi-family loans.\n\n \n \n \nCommercial & Industrial (“C&I”) loans increased $22.1 million , or 8.0% annualized, to $1.106 billion . The increase was due to growth across the majority of the Bank’s C&I products and geographies.\n\n \n \nTotal period-end in-market deposits increased $149.8 million , or 27.4% annualized, to $2.339 billion , compared to $2.189 billion . The average rate paid was 3.20%, up 23 basis points from 2.97% in the prior quarter.\n\n \n \nThe increase was due to growth in all major in-market deposit categories. During the quarter, non-maturity deposit balance increases were split between $68.3 million in growth from new accounts at a weighted average rate of 3.54% and $76.0 million in growth from existing accounts at a weighted average rate of 2.83%, compared to 2.72% in the linked quarter. Certificate of deposit runoff of $163.4 million at a weighted average rate of 4.22% was replaced by new and renewed certificates of deposit of $170.8 million at a weighted average rate of 4.69%.\n\n \n \nPeriod-end wholesale funding, including FHLB advances, brokered deposits, and deposits gathered through internet deposit listing services, decreased $43.0 million , or 22.0% annualized, to $739.2 million .\n\n \n \nWholesale deposits decreased $10.0 million to $457.7 million , compared to $467.7 million , as in-market deposit growth exceeded earning asset growth . Consistent with the Bank’s long-held philosophy to manage interest rate risk, management will continue to utilize the most efficient and cost-effective source of wholesale funds to match-fund fixed-rate loans as necessary. The average rate paid on wholesale deposits decreased 8 basis points to 4.15% and the weighted average original maturity increased to 4.4 years from 4.0 years.\n\n \n \n \nFHLB advances decreased $33.0 million to $281.5 million . The average rate paid on FHLB advances decreased 3 basis points to 2.45% and the weighted average original maturity was 5.2 years for both periods.\n\n \n \nNon-performing assets increased $3.2 million to $20.8 million , or 0.59% of total assets, up from 0.52% in the prior quarter driven by Equipment Finance loans within the C&I portfolio. The increase in non-performing assets was primarily related to defaults by transportation and logistics borrowers in our Equipment Finance loan portfolio, which management believes is consistent with the cyclical nature of this industry. While we continue to expect full repayment of the one ABL loan that defaulted during the second quarter of 2023, the liquidation process has transitioned into Chapter 7 bankruptcy, likely delaying final resolution until the second half of 2024. Excluding the ABL loan, non-performing assets totaled $12.0 million , or 0.34% of total assets in the current quarter and $8.1 million , or 0.24% of total assets in the linked quarter.\n\n \nThe allowance for credit losses, including the unfunded credit commitments reserve, increased $2.0 million , or 6.3%, as increases in specific reserves and the general reserve from loan growth were partially offset by a decrease in the general reserve due a decrease in qualitative factors and an improved economic outlook in our model forecast. The allowance for credit losses, including unfunded credit commitment reserves, as a percent of total gross loans and leases was 1.16% compared to 1.12% in the prior quarter.\n\n \n Fourth Quarter 2023 Compared to Fourth Quarter 2022 \n\n \nNet interest income increased $2.1 million , or 7.6%, to $29.5 million .\n\n \n \nThe increase in net interest income primarily reflects an increase in average gross loans and leases, partially offset by lower fees in lieu of interest and net interest margin compression. Fees in lieu of interest decreased from $1.3 million to $1.1 million . Excluding fees in lieu of interest, net interest income increased $2.3 million , or 8.9%.\n\n \n \n \nThe yield on average interest-earning assets measured 6.85% compared to 5.79%. Excluding fees in lieu of interest, the yield on average interest-earning assets measured 6.71%, compared to 5.59%. This increase in yield was primarily due to the increase in short-term market rates and the reinvestment of cash flows from the securities and fixed rate loan portfolios in a rising rate environment. The daily average effective federal funds rate increased 168 basis points compared to the prior year quarter, which equates to an average adjusted interest-earning asset beta of 67.0% for the three months ended December 31, 2023 , compared to the prior year period.\n\n \n \n \nThe rate paid for average interest-bearing in-market deposits increased 198 basis points to 3.99% from 2.01%. The rate paid for average total bank funding increased 159 basis points to 3.27% from 1.67%. The total bank funding beta was 94.6% for the three months ended December 31, 2023 , compared to the prior year period.\n\n \n \n \nNet interest margin decreased 46 basis points to 3.69% from 4.15%. Adjusted net interest margin decreased 44 basis points to 3.50% from 3.94%.\n\n \n \nThe Company reported a provision expense of $2.6 million , compared to $702,000 in the fourth quarter of 2022. The increase compared to the prior year quarter is mainly due to an increase in specific reserves related to the Equipment Finance lending portfolio.\n\n \nNon-interest income of $7.1 million increased by $121,000 , or 1.7%, from $7.0 million in the prior year period.\n\n \n \nPrivate Wealth fee income increased $363,000 , or 14.1%, to $2.9 million . Private Wealth assets under management and administration measured $3.122 billion at December 31, 2023 , up $461.5 million , or 17.3%.\n\n \n \n \nCommercial loan swap fee income of $438,000 decreased by $318,000 , or 42.1%. Swap fee income varies from period to period based on loan activity and the interest rate environment.\n\n \n \n \nService charges on deposits increased $57,000 , or 7.2%, to $848,000 , driven by new in-market deposit relationships partially offset by an increase in the earnings credit rate commensurate with the rising rate environment.\n\n \n \n \nOther fee income decreased $18,000 , or 1.0%, to $1.7 million , primarily due to the recognition of a $809,000 bank-owned life insurance death benefit in the prior year quarter, partially offset by higher returns on the Company’s investments in mezzanine funds. Income from mezzanine funds was $860,000 in the fourth quarter, compared to $92,000 in the prior year quarter. Income on mezzanine funds varies from period to period based on changes in the value of underlying investments.\n\n \n \nNon-interest expense increased $421,000 , or 2.0%, to $21.6 million . Operating expense increased $0.7 million , or 3.5%, to $21.4 million .\n\n \n \nCompensation expense decreased $817,000 , or 5.4%, to $14.5 million . The decrease in compensation expense was primarily due to a lower estimated annual incentive cash bonus program accrual partially offset by an increase in average FTEs and annual merit increases and promotions. Average FTEs increased 2% to 343 in the fourth quarter of 2023, compared to 336 in the fourth quarter of 2022, as a result of expanded hiring efforts that have successfully driven growth while maintaining positive operating leverage.\n\n \n \n \n FDIC insurance increased $382,000 , or 188.2%, to $585,000 , primarily due to an increase in the assessment rate and the assessable base.\n\n \n \n \nComputer software expense increased $228,000 , or 20.9%, to $1.3 million , primarily due to continued investment in technology to support the Company’s growth initiatives.\n\n \n \n \nData processing expense increased $130,000 , or 16.1%, to $936,000 , primarily due to an increase in core processing costs commensurate with loan and deposit account growth, as well as various project implementations.\n\n \n \n \nProfessional fees expense increased $103,000 , or 8.5%, to $1.3 million , primarily due to an increase in recruiting expense and a general increase in other professional consulting services for various projects.\n\n \n \n \nMarketing expense increased $83,000 , or 12.9%, to $724,000 , primarily due to an increase in business development efforts and advertising projects commensurate with our expanded sales force.\n\n \n \n \nOther expenses increased $429,000 , or 46.5%, to $1.4 million , primarily due to increases in SBA recourse provision, travel expenses, swap credit valuation, and liquidation expenses. This was partially offset by a decrease in donations and contributions due to a non-recurring contribution to First Business Charitable Foundation totaling $809,000 in the prior year quarter.\n\n \n \nTotal period-end loans and leases receivable increased $407.2 million , or 16.7%, to $2.850 billion .\n\n \n \nC&I loans increased $252.5 million , or 29.6%, to $1.106 billion , due to growth across all products and geographies.\n\n \n \n \nCRE loans increased $157.9 million , or 10.2%, to $1.700 billion , primarily due to increases in non-owner occupied CRE and multi-family loans.\n\n \n \nTotal period-end in-market deposits grew $373.1 million , or 19.0%, to $2.339 billion , and the average rate paid increased 177 basis points to 3.20%. The increase in rate paid on in-market deposits was primarily due to a change in product mix.\n\n \nPeriod-end wholesale funding increased $120.6 million to $739.2 million .\n\n \n \nWholesale deposits increased $255.5 million to $457.7 million , as the Bank utilized more wholesale deposits in lieu of FHLB advances to build excess liquidity and to match-fund fixed rate assets. The average rate paid on wholesale deposits increased 49 basis points to 4.15% and the weighted average effective maturity increased to 4.4 years from 2.1 years. Consistent with our balance sheet strategy to use the most efficient and cost-effective source of wholesale funding, the Company has entered into several derivative contracts hedging a portion of the wholesale deposits to reduce the fixed rate funding costs.\n\n \n \n \nFHLB advances decreased $134.9 million to $281.5 million . The average rate paid on FHLB advances increased 24 basis points to 2.45% and the weighted average original maturity decreased to 5.2 years from 3.7 years.\n\n \n \nNon-performing assets increased to $20.8 million , or 0.59% of total assets, compared to $3.8 million , or 0.13% of total assets, driven by the ABL, SBA, and Equipment Finance loan portfolios within the C&I portfolio. Excluding one ABL loan for which we expect full repayment, non-performing assets totaled $12.0 million , or 0.34% of total assets.\n\n \nThe allowance for credit losses, including unfunded commitment reserves, increased $8.8 million to $33.0 million , compared to $24.2 million due to an increase in specific reserves, loan growth, and a change in accounting standard. The allowance for credit losses as a percent of total gross loans and leases was 1.16%, compared to the allowance for loan losses of 0.99% under the incurred loss model.\n\n \n Share Repurchase Program Update \n\n \nAs previously announced, effective January 27, 2023 , the Company’s Board of Directors authorized the repurchase by the Company of shares of its common stock with a maximum aggregate purchase price of $5.0 million , effective January 31, 2023 through January 31, 2024 . As of December 31, 2023 , the Company had repurchased a total of 65,112 shares for approximately $2.0 million at an average cost of $30.72 per share. At this time, the Company does not expect to renew the current plan or adopt a new plan upon its expiration due to strong balance sheet growth.\n\n \n Investor Presentation \n\n \nThe Company has prepared investor presentation materials that management intends to use from time to time in discussions about the Company’s operations and performance. The presentation will be available for viewing in the Investor Relations section of the Company’s website at firstbusiness.bank and will also be furnished to the U.S. Securities and Exchange Commission on January 26, 2024 .\n\n \nAbout First Business Bank \n\n \n First Business Bank ® specializes in Business Banking, including Commercial Banking and Specialty Finance, Private Wealth, and Bank Consulting services, and through its refined focus delivers unmatched expertise, accessibility, and responsiveness. Specialty Finance solutions are delivered through First Business Bank’s wholly owned subsidiary First Business Specialty Finance, LLC ®. First Business Bank is a wholly owned subsidiary of First Business Financial Services, Inc ®. (Nasdaq: FBIZ). For additional information, visit firstbusiness.bank .\n\n \nThis release may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, which reflect First Business Bank’s current views with respect to future events and financial performance. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results, or other developments. Forward-looking statements are based on management’s expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, uncertainties, and other factors that may cause actual results to differ materially from the views, beliefs, and projections expressed in such statements. Such statements are subject to risks and uncertainties, including among other things:\n\n \n \nAdverse changes in the economy or business conditions, either nationally or in our markets including, without limitation, inflation, supply chain issues, labor shortages, or any future public health epidemics.\n\n \n \n \nCompetitive pressures among depository and other financial institutions nationally and in the Company’s markets.\n\n \n \n \nIncreases in defaults by borrowers and other delinquencies.\n\n \n \n \nManagement’s ability to manage growth effectively, including the successful expansion of our client service, administrative infrastructure, and internal management systems.\n\n \n \n \nFluctuations in interest rates and market prices.\n\n \n \n \nChanges in legislative or regulatory requirements applicable to the Company and its subsidiaries.\n\n \n \n \nChanges in tax requirements, including tax rate changes, new tax laws, and revised tax law interpretations.\n\n \n \n \nFraud, including client and system failure or breaches of our network security, including the Company’s internet banking activities.\n\n \n \n \nFailure to comply with the applicable SBA regulations in order to maintain the eligibility of the guaranteed portion of SBA loans.\n\n \n \n \nRecent volatility in the banking sector may result in new legislation, regulations or policy changes that could subject the Company and the Bank to increased government regulation and supervision.\n\n \n \n \nThe proportion of the Company’s deposit account balances that exceed FDIC insurance limits may expose the Bank to enhanced liquidity risk.\n\n \n \n \nThe Company may be subject to increases in FDIC insurance assessments as a result of the recent bank failures.\n\n \n \nFor further information about the factors that could affect the Company’s future results, please see the Company’s annual report on Form 10-K for the year ended December 31, 2022 and other filings with the Securities and Exchange Commission .\n\n \n SELECTED FINANCIAL CONDITION DATA \n\n \n \n \n (Unaudited) \n\n \n\n \n\n \n \n\n \n\n \n\n \n As of \n\n \n\n \n\n \n \n \n (in thousands) \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2022 \n\n \n\n \n\n \n \n \n Assets \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash and cash equivalents\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n139,510\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n132,915\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n112,809\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n185,973\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n102,682\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSecurities available-for-sale, at fair value\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n297,006\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n272,163\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n253,626\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n236,989\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n212,024\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSecurities held-to-maturity, at amortized cost\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,503\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,689\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,830\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11,461\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,635\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLoans held for sale\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,589\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,168\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,191\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,697\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,632\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLoans and leases receivable\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,850,261\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,764,014\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,674,583\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,539,363\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,443,066\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAllowance for credit losses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(31,275\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(29,331\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(28,115\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(26,140\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(24,230\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nLoans and leases receivable, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,818,986\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,734,683\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,646,468\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,513,223\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,418,836\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPremises and equipment, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,190\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,157\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,094\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,933\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,340\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRepossessed assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n247\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n61\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n65\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n89\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n95\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRight-of-use assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,559\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,800\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,049\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,355\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,690\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBank-owned life insurance\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n55,536\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n55,123\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n54,747\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n54,383\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n54,018\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Federal Home Loan Bank stock, at cost\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,042\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,528\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,482\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,088\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n17,812\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Goodwill and other intangible assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,023\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,110\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,073\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,160\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,159\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDerivatives\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n55,597\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n93,702\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n70,440\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n54,612\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n68,581\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccrued interest receivable and other assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n91,058\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n78,751\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n76,864\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n67,448\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n63,107\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,507,846\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,418,850\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,265,738\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,164,411\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,976,611\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Liabilities and Stockholders’ Equity \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIn-market deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,339,071\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,189,264\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,073,744\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,054,752\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,965,970\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nWholesale deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n457,708\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n467,743\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n455,108\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n422,088\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n202,236\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,796,779\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,657,007\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,528,852\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,476,840\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,168,206\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Federal Home Loan Bank advances and other borrowings\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n330,916\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n363,891\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n370,113\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n341,859\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n456,808\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLease liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,954\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,236\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,499\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,822\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10,175\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDerivatives\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n51,949\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n78,696\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n61,147\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n49,012\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n61,419\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccrued interest payable and other liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n29,660\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n29,262\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23,495\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n20,297\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19,363\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,218,258\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,138,092\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,993,106\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,897,830\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,715,971\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal stockholders’ equity\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n289,588\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n280,758\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n272,632\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n266,581\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n260,640\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal liabilities and stockholders’ equity\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,507,846\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,418,850\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,265,738\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,164,411\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,976,611\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n STATEMENTS OF INCOME \n\n \n \n \n (Unaudited) \n\n \n\n \n\n \n \n\n \n\n \n\n \n As of and for the Three Months Ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n As of and for the Year Ended \n\n \n\n \n\n \n \n \n (Dollars in thousands, except per share amounts) \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2022 \n\n \n\n \n\n \n \n \nTotal interest income\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n54,762\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n50,941\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n47,161\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n42,064\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n38,319\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n194,928\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n121,371\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal interest expense\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n25,222\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22,345\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19,414\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,359\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10,867\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n82,340\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22,949\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet interest income\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n29,540\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28,596\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,747\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n26,705\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,452\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n112,588\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n98,422\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProvision for credit losses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,573\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,817\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,231\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,561\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n702\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,182\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,868\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nNet interest income after provision for credit losses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n26,967\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n26,779\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n25,516\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n25,144\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n26,750\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n104,406\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n102,290\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPrivate wealth management service fees\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,933\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,945\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,893\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,654\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,570\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11,425\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10,881\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGain on sale of SBA loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n284\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n851\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n444\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n476\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n269\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,055\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,537\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nService charges on deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n848\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n835\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n766\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n682\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n791\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,131\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,849\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLoan fees\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n869\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n786\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n905\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n803\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n847\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,363\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,010\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLoss on sale of securities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(45\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(45\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSwap fees\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n438\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n992\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n977\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n557\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n756\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,964\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,793\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther non-interest income\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,722\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,021\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,434\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,238\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,740\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,415\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,358\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal non-interest income\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,094\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,430\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,374\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,410\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,973\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n31,308\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n29,428\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCompensation\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,450\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,573\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,129\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,908\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,267\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n61,059\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n57,742\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOccupancy\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n571\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n575\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n603\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n631\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n669\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,381\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,358\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProfessional fees\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,313\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,429\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,240\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,343\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,210\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,325\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,881\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nData processing\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n936\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n953\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,061\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n875\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n806\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,826\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,197\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nMarketing\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n724\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n758\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n779\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n628\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n641\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,889\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,354\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nEquipment\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n340\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n349\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n355\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n295\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n359\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,340\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,091\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nComputer software\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,317\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,289\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,197\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,183\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,089\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,985\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,416\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n FDIC insurance\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n585\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n680\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n580\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n394\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n203\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,238\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,042\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther non-interest expense\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,352\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,583\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,087\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n510\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n923\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,532\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,393\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal non-interest expense\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n21,588\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23,189\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22,031\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n21,767\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n21,167\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n88,575\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n79,474\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIncome before income tax expense\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,473\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,020\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10,859\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11,787\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,556\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n47,139\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n52,244\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIncome tax expense\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,703\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,079\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,522\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,808\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,400\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10,112\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11,386\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet income\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n9,770\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n9,941\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n8,337\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n8,979\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n10,156\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n37,027\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n40,858\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPreferred stock dividends\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n219\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n218\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n219\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n219\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n219\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n875\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n683\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet income available to common shareholders\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n9,551\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n9,723\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n8,118\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n8,760\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n9,937\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n36,152\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n40,175\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPer common share:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBasic earnings\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.15\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.17\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.98\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.05\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.18\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4.33\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4.75\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDiluted earnings\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.15\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.17\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.98\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.05\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.18\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.33\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.75\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDividends declared\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.2275\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.2275\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.2275\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.2275\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.1975\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.91\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.79\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBook value\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n33.39\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n32.32\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n31.34\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n30.65\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n29.74\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n33.39\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n29.74\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTangible book value\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n31.94\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n30.87\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n29.89\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n29.19\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28.28\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n31.94\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28.28\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nWeighted-average common shares outstanding(1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,110,462\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,107,641\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,061,841\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,148,525\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,180,531\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,131,251\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,226,943\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nWeighted-average diluted common shares outstanding(1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,110,462\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,107,641\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,061,841\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,148,525\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,180,531\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,131,251\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,226,943\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n(1)\n\n \n\n \n\n \nExcluding participating securities.\n\n \n\n \n\n \n \n NET INTEREST INCOME ANALYSIS \n\n \n \n \n (Unaudited) \n\n \n\n \n\n \n \n\n \n\n \n\n \n For the Three Months Ended \n\n \n\n \n\n \n \n \n (Dollars in thousands) \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31, 2022 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Average\n Balance \n\n \n\n \n\n \n \n\n \n\n \n\n \n Interest \n\n \n\n \n\n \n \n\n \n\n \n\n \n Average\n Yield/Rate(4) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Average\n Balance \n\n \n\n \n\n \n \n\n \n\n \n\n \n Interest \n\n \n\n \n\n \n \n\n \n\n \n\n \n Average\n Yield/Rate(4) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Average\n Balance \n\n \n\n \n\n \n \n\n \n\n \n\n \n Interest \n\n \n\n \n\n \n \n\n \n\n \n\n \n Average\n Yield/Rate(4) \n\n \n\n \n\n \n \n \n Interest-earning assets \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCommercial real estate and other mortgage loans(1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,675,926\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n27,359\n\n \n\n \n\n \n \n\n \n\n \n\n \n6.53\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,605,464\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n25,623\n\n \n\n \n\n \n \n\n \n\n \n\n \n6.38\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,515,975\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n20,948\n\n \n\n \n\n \n \n\n \n\n \n\n \n5.53\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nCommercial and industrial loans(1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,089,558\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22,751\n\n \n\n \n\n \n \n\n \n\n \n\n \n8.35\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,059,512\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n21,635\n\n \n\n \n\n \n \n\n \n\n \n\n \n8.17\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n819,766\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,972\n\n \n\n \n\n \n \n\n \n\n \n\n \n7.31\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nConsumer and other loans(1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n45,309\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n577\n\n \n\n \n\n \n \n\n \n\n \n\n \n5.09\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n46,875\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n610\n\n \n\n \n\n \n \n\n \n\n \n\n \n5.21\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n48,350\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n514\n\n \n\n \n\n \n \n\n \n\n \n\n \n4.25\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nTotal loans and leases receivable(1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,810,793\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n50,687\n\n \n\n \n\n \n \n\n \n\n \n\n \n7.21\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,711,851\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n47,868\n\n \n\n \n\n \n \n\n \n\n \n\n \n7.06\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,384,091\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n36,434\n\n \n\n \n\n \n \n\n \n\n \n\n \n6.11\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nMortgage-related securities(2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n221,708\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,061\n\n \n\n \n\n \n \n\n \n\n \n\n \n3.72\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n204,291\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,681\n\n \n\n \n\n \n \n\n \n\n \n\n \n3.29\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n164,120\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,008\n\n \n\n \n\n \n \n\n \n\n \n\n \n2.46\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nOther investment securities(3)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n67,444\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n541\n\n \n\n \n\n \n \n\n \n\n \n\n \n3.21\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n67,546\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n517\n\n \n\n \n\n \n \n\n \n\n \n\n \n3.06\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n49,850\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n261\n\n \n\n \n\n \n \n\n \n\n \n\n \n2.09\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nFHLB stock\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,960\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n279\n\n \n\n \n\n \n \n\n \n\n \n\n \n8.61\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,770\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n323\n\n \n\n \n\n \n \n\n \n\n \n\n \n8.75\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16,281\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n301\n\n \n\n \n\n \n \n\n \n\n \n\n \n7.40\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nShort-term investments\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n86,580\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,193\n\n \n\n \n\n \n \n\n \n\n \n\n \n5.51\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n40,318\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n552\n\n \n\n \n\n \n \n\n \n\n \n\n \n5.48\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n34,807\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n315\n\n \n\n \n\n \n \n\n \n\n \n\n \n3.62\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nTotal interest-earning assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,199,485\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n54,761\n\n \n\n \n\n \n \n\n \n\n \n\n \n6.85\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,038,776\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n50,941\n\n \n\n \n\n \n \n\n \n\n \n\n \n6.71\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,649,149\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n38,319\n\n \n\n \n\n \n \n\n \n\n \n\n \n5.79\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nNon-interest-earning assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n255,167\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n237,464\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n218,326\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,454,652\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,276,240\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,867,475\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Interest-bearing liabilities \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTransaction accounts\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n785,480\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,657\n\n \n\n \n\n \n \n\n \n\n \n\n \n3.90\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n731,529\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,774\n\n \n\n \n\n \n \n\n \n\n \n\n \n3.70\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n492,586\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,360\n\n \n\n \n\n \n \n\n \n\n \n\n \n1.92\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nMoney market\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n734,903\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,145\n\n \n\n \n\n \n \n\n \n\n \n\n \n3.89\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n657,183\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,871\n\n \n\n \n\n \n \n\n \n\n \n\n \n3.57\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n748,502\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,784\n\n \n\n \n\n \n \n\n \n\n \n\n \n2.02\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nCertificates of deposit\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n278,438\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,160\n\n \n\n \n\n \n \n\n \n\n \n\n \n4.54\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n282,674\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,986\n\n \n\n \n\n \n \n\n \n\n \n\n \n4.23\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n148,949\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n849\n\n \n\n \n\n \n \n\n \n\n \n\n \n2.28\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nWholesale deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n450,880\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,682\n\n \n\n \n\n \n \n\n \n\n \n\n \n4.15\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n410,494\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,172\n\n \n\n \n\n \n \n\n \n\n \n\n \n4.07\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n128,908\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,180\n\n \n\n \n\n \n \n\n \n\n \n\n \n3.66\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nTotal interest-bearing deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,249,701\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22,644\n\n \n\n \n\n \n \n\n \n\n \n\n \n4.03\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,081,880\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19,803\n\n \n\n \n\n \n \n\n \n\n \n\n \n3.80\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,518,945\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,173\n\n \n\n \n\n \n \n\n \n\n \n\n \n2.15\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nFHLB advances\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n301,773\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,851\n\n \n\n \n\n \n \n\n \n\n \n\n \n2.45\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n342,117\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,117\n\n \n\n \n\n \n \n\n \n\n \n\n \n2.48\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n389,310\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,149\n\n \n\n \n\n \n \n\n \n\n \n\n \n2.21\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nOther borrowings\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n49,394\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n727\n\n \n\n \n\n \n \n\n \n\n \n\n \n5.89\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n34,745\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n425\n\n \n\n \n\n \n \n\n \n\n \n\n \n4.89\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n41,143\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n545\n\n \n\n \n\n \n \n\n \n\n \n\n \n5.30\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nTotal interest-bearing liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,600,868\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n25,222\n\n \n\n \n\n \n \n\n \n\n \n\n \n3.88\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,458,742\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22,345\n\n \n\n \n\n \n \n\n \n\n \n\n \n3.64\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,949,398\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10,867\n\n \n\n \n\n \n \n\n \n\n \n\n \n2.23\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nNon-interest-bearing demand deposit accounts\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n448,818\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n434,330\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n560,588\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther non-interest-bearing liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n119,833\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n105,079\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100,998\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,169,519\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,998,151\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,610,984\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nStockholders’ equity\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n285,133\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n278,089\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n256,491\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal liabilities and stockholders’ equity\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,454,652\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,276,240\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,867,475\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet interest income\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n29,539\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n28,596\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n27,452\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nInterest rate spread\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.97\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.07\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.56\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nNet interest-earning assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n598,617\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n580,034\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n699,751\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet interest margin\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.69\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.76\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.15\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n(1)\n\n \n\n \n\n \nThe average balances of loans and leases include non-accrual loans and leases and loans held for sale. Interest income related to non-accrual loans and leases is recognized when collected. Interest income includes net loan fees collected in lieu of interest.\n\n \n\n \n\n \n \n \n(2)\n\n \n\n \n\n \nIncludes amortized cost basis of assets available for sale and held to maturity.\n\n \n\n \n\n \n \n \n(3)\n\n \n\n \n\n \nYields on tax-exempt municipal obligations are not presented on a tax-equivalent basis in this table.\n\n \n\n \n\n \n \n \n(4)\n\n \n\n \n\n \nRepresents annualized yields/rates.\n\n \n\n \n\n \n \n NET INTEREST INCOME ANALYSIS \n\n \n \n \n (Unaudited) \n\n \n\n \n\n \n \n\n \n\n \n\n \n For the Year Ended \n\n \n\n \n\n \n \n \n (Dollars in thousands) \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31, 2022 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Average\n Balance \n\n \n\n \n\n \n \n\n \n\n \n\n \n Interest \n\n \n\n \n\n \n \n\n \n\n \n\n \n Average\n Yield/Rate(4) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Average\n Balance \n\n \n\n \n\n \n \n\n \n\n \n\n \n Interest \n\n \n\n \n\n \n \n\n \n\n \n\n \n Average\n Yield/Rate(4) \n\n \n\n \n\n \n \n \n Interest-earning assets \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCommercial real estate and other mortgage loans(1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,586,967\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n98,370\n\n \n\n \n\n \n \n\n \n\n \n\n \n6.20\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,484,239\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n66,917\n\n \n\n \n\n \n \n\n \n\n \n\n \n4.51\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nCommercial and industrial loans(1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,013,866\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n81,963\n\n \n\n \n\n \n \n\n \n\n \n\n \n8.08\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n771,056\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n46,575\n\n \n\n \n\n \n \n\n \n\n \n\n \n6.04\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nConsumer and other loans(1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n47,018\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,316\n\n \n\n \n\n \n \n\n \n\n \n\n \n4.93\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n49,695\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,876\n\n \n\n \n\n \n \n\n \n\n \n\n \n3.78\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nTotal loans and leases receivable(1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,647,851\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n182,649\n\n \n\n \n\n \n \n\n \n\n \n\n \n6.90\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,304,990\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n115,368\n\n \n\n \n\n \n \n\n \n\n \n\n \n5.01\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nMortgage-related securities(2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n200,383\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,433\n\n \n\n \n\n \n \n\n \n\n \n\n \n3.21\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n173,495\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,486\n\n \n\n \n\n \n \n\n \n\n \n\n \n2.01\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nOther investment securities(3)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n62,921\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,770\n\n \n\n \n\n \n \n\n \n\n \n\n \n2.81\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n51,700\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n986\n\n \n\n \n\n \n \n\n \n\n \n\n \n1.91\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nFHLB stock\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,162\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,231\n\n \n\n \n\n \n \n\n \n\n \n\n \n8.12\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16,462\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n989\n\n \n\n \n\n \n \n\n \n\n \n\n \n6.01\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nShort-term investments\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n54,311\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,845\n\n \n\n \n\n \n \n\n \n\n \n\n \n5.24\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n30,845\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n542\n\n \n\n \n\n \n \n\n \n\n \n\n \n1.76\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nTotal interest-earning assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,980,628\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n194,928\n\n \n\n \n\n \n \n\n \n\n \n\n \n6.54\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,577,492\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n121,371\n\n \n\n \n\n \n \n\n \n\n \n\n \n4.71\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nNon-interest-earning assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n231,521\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n175,424\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,212,149\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,752,916\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Interest-bearing liabilities \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\...

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