Sierra Bancorp Reports First Quarter 2024 Results

About this update from Sierra Bancorp

[{"type":"text","content":" PORTERVILLE, Calif. --(BUSINESS WIRE)--\n Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra , today announced its unaudited financial results for the quarter ended March 31, 2024 . Sierra Bancorp reported consolidated net income of $9.3 million , or $0.64 per diluted share, for the first quarter of 2024 compared to $8.8 million , or $0.58 per diluted share, in the first quarter of 2023. The favorable variance in net income came largely from a $0.6 million increase in net interest income due mostly to a $0.7 million decline in other borrowing costs as a result of the strategic balance sheet restructuring during the quarter. The Company's return on average assets and return on average equity was 1.06% and 11.09%, respectively, in the first quarter of 2024 as compared to 0.97% and 11.53%, respectively, in the first quarter of 2023.\n\n \n Highlights for the first quarter of 2024: \n\n \n \n Improved Earnings \n \n \nNet Income of $9.3 million , up 48% versus the fourth quarter of 2023 (the prior linked quarter).\n\n \n \nImproved Return on Average Assets to 1.06% from 0.67% in the prior linked quarter.\n\n \n \nIncreased Return on Average Equity to 11.09% from 8.03% in the prior linked quarter.\n\n \n \nImproved Net Interest Margin to 3.62% from 3.31% in the prior linked quarter.\n\n \n \n\n \n \n Solid Asset Quality \n \n \nTotal Nonperforming Assets at 0.66% of total gross loans.\n\n \n \nProvision for loan loss of $0.1 million , a reduction of $3.5 million from the prior linked quarter.\n\n \n \nRegulatory Commercial Real Estate concentration ratio of 248%, and a 13% decline in total commercial real estate the past three years.\n\n \n \n\n \n \n Loan and Deposit Growth \n \n \nLoan growth of $66.8 million , or 13% annualized, during the first quarter of 2024.\n\n \n \nTotal deposits increased by $85.8 million , or 12% annualized, during the first quarter of 2024.\n\n \n \nNoninterest-bearing deposits of $969.0 million at March 31, 2024 , represent 34% of total deposits.\n\n \n \nUninsured deposits are approximately 28% of total deposit balances.\n\n \n \n\n \n \n Strong Capital and Liquidity \n \n \nIncreased Tangible Book Value (non-GAAP) per share by 3% to $21.61 per share during the quarter.\n\n \n \nStrong regulatory Community Bank Leverage Ratio of 11.6% for our subsidiary bank.\n\n \n \nTangible Common Equity Ratio (non-GAAP) of 9.0% on a consolidated basis and 10.6% for our subsidiary bank.\n\n \n \nRepurchased 178,937 shares of stock during the quarter.\n\n \n \nDividend declared of $0.23 per share, payable on May 13, 2024 .\n\n \n \nOverall primary and secondary liquidity sources of $2.5 billion at March 31, 2024 .\n\n \n \n\n \n \n Completion of Balance Sheet Restructuring to Improve Future Earnings \n \n \nCompleted initial sale of $196.7 million in investments in early January 2024 .\n \n \nBonds sold had a weighted average yield of 2.61%.\n\n \n \nProceeds from bond sale were used to pay down short-term borrowings.\n\n \n \n\n \n \nSold an additional $53.9 million in bonds in late March 2024 .\n \n \nBonds sold had a weighted average yield of 3.02%.\n\n \n \nProceeds from bond sale will be used to fund anticipated loan growth.\n\n \n \n\n \n \n\n \n \n“Each fresh peak ascended teaches something.” – Sir Martin Conway \n\n \n“Our first quarter results demonstrate our strength and commitment to banking fundamentals coupled with strategic repositioning, especially in this challenging rate environment that continues to affect the banking industry,” stated Kevin McPhaill , CEO and President. “Following the completion of our balance sheet restructuring last quarter, our return on assets and net interest margin both showed strong improvement this quarter. In addition, both our capital and liquidity positions strengthened. We also grew outstanding loans by 3.2% during the quarter while maintaining strong total and low-cost deposits. This is a direct result of the efforts of our banking team! Our bankers continue to understand the importance of relationship-based community banking and we are grateful for our loyal customers and communities. We are excited for the opportunities ahead in 2024 and beyond!” McPhaill concluded.\n\n \n Quarterly Changes (comparisons to the first quarter of 2023) \n\n \n \nNet income for the first quarter of 2024 increased $0.6 million , or 7%, to $9.3 million due primarily to an increase in net interest income of $0.6 million . Additionally, the favorable change in the credit loss expense on loans and improvements in noninterest income, was mostly offset by higher noninterest expenses.\n\n \n \nThe $0.6 million increase in net interest income for the quarter was driven by a 15 basis point increase in the net interest margin due to higher yields on investments and lower costs of borrowings, partially offset by higher deposit costs.\n\n \n \nNoninterest income for the first quarter of 2024 as compared to the same period in 2023 increased $2.0 million or 31%. There was a favorable variance of $1.0 million in bank owned life insurance (BOLI), a gain on the sale/leaseback of two bank owned branch buildings for $3.8 million , increases in service charges and fees on deposit accounts for $0.3 million or 6%, offset by a loss on the sale of bonds from a balance sheet restructure for $3.0 million .\n\n \n \n Linked Quarter Changes (comparisons to the three months ended December 31, 2023 ) \n\n \n \nNet income increased by $3.0 million , or 48%, driven mostly by a $3.4 million decline in the provision for credit losses. The higher provision for credit losses in the three months ended December 31, 2023 , was due to a $2.3 million charge-off related to commercial real estate.\n\n \n \nNet interest income increased by $0.8 million , or 3%, during the quarter due mostly to higher yields on investments and lower costs of borrowing due to the strategic balance sheet restructuring, as well as growth in mortgage warehouse loan income. These favorable variances were partially offset by higher deposit costs.\n\n \n \nOther expenses were $0.4 million higher in the quarter due mostly to higher deferred directors fee expense of $0.8 million (which was offset by higher BOLI income).\n\n \n \n Balance Sheet Quarterly Changes (comparisons to December 31, 2023 ) \n\n \n \nTotal assets decreased $176.7 million , or 5% to $3.6 billion , during the first three months of 2024, due mostly to a strategic sale of lower yielding investment securities, with funds received used to paydown higher cost borrowings.\n\n \n \nGross loans increased $66.8 million due to a $87.6 million increase in mortgage warehouse line utilization.\n\n \n \nDeposits increased by $85.8 million , or 3%. The growth in deposits came from brokered deposits, as overall customer deposits decreased $50.9 million .\n\n \n \nOther financial highlights are reflected in the following table.\n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n FINANCIAL HIGHLIGHTS \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n(Dollars in Thousands, Except Per Share Data, Unaudited)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n As of or for the \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n three months ended \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 3/31/2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 12/31/2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 3/31/2023 \n\n \n\n \n\n \n \n \nNet income\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n9,330\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,290\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n8,751\n\n \n\n \n\n \n \n \nDiluted earnings per share\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.64\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.43\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.58\n\n \n\n \n\n \n \n \nReturn on average assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.06%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.67%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.97%\n\n \n\n \n\n \n \n \nReturn on average equity\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11.09%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.03%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11.53%\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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\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 (tax-equivalent) (1)\n\n \n\n \n\n \n \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\n \n\n \n\n \n3.31%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.47%\n\n \n\n \n\n \n \n \nYield on average loans\n\n \n\n \n\n \n \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 \n4.78%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.50%\n\n \n\n \n\n \n \n \nYield on investments\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.59%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.35%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.73%\n\n \n\n \n\n \n \n \nCost of average total deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.38%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.24%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.83%\n\n \n\n \n\n \n \n \nCost of funds\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.58%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.73%\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 \nEfficiency ratio (tax-equivalent) (1) (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n65.97%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n67.10%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n64.87%\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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\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 \n3,553,072\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,729,799\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,693,984\n\n \n\n \n\n \n \n \nLoans net of deferred fees\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,157,078\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,090,384\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,033,992\n\n \n\n \n\n \n \n \nNoninterest demand deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n968,996\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,020,772\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,041,748\n\n \n\n \n\n \n \n \nTotal deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,847,004\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,761,223\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,948,988\n\n \n\n \n\n \n \n \nNoninterest-bearing deposits over total deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n34.0%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n37.0%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n35.3%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nShareholders' equity / total assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.7%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.1%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.3%\n\n \n\n \n\n \n \n \nTangible common equity ratio (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.0%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.4%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.6%\n\n \n\n \n\n \n \n \nBook value per share\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n23.56\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n22.85\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n20.40\n\n \n\n \n\n \n \n \nTangible book value per share (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n21.61\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n20.91\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n18.44\n\n \n\n \n\n \n \n \nCommunity bank leverage ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11.6%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11.3%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.7%\n\n \n\n \n\n \n \n \nTangible common equity ratio (bank only) (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.6%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.3%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.2%\n\n \n\n \n\n \n \n \n (1) \n \nComputed on a tax equivalent basis utilizing a federal income tax rate of 21%.\n\n \n\n \n\n \n \n (2) \n \nSee reconciliation of non-GAAP financial measures to the corresponding GAAP measurement in \"Non-GAAP Financial Measures\".\n\n \n\n \n\n \n \n INCOME STATEMENT HIGHLIGHTS \n\n \n Net Interest Income \n\n \nNet interest income was $28.7 million for the first quarter of 2024, an increase of $0.8 million , or 3%, as compared to the fourth quarter of 2023 and an increase of $0.6 million , or 2%, as compared to the first quarter of 2023. This increase in interest income was due primarily to a $2.3 million decrease in interest expense due to the reduction in borrowed funds facilitated by a balance sheet restructuring, partially offset by a related decline in interest income on investments of $1.5 million , or 3%, due to the sale of low yielding investments.\n\n \nFor the first quarter of 2024 as compared to the same quarter in 2023, the $3.5 million increase in interest income is due primarily to a $56.8 million increase in average loan balances, as well as a 39 basis point increase in yield. However, this was partially offset by a $3.0 million increase in interest expense due to the movement of deposits from lower cost transaction accounts to higher cost time deposits including wholesale brokered deposits. Deposit costs increased 82 basis points in the first quarter of 2024 as compared to the same quarter in 2023, while there was a 35 basis points decrease in the cost of borrowed funds.\n\n \nAt March 31, 2024 , 54% (fair value) of the Investment portfolio are variable rate AA and AAA rated collateralized loan obligations (CLOs). These securities have a market yield of 7.22% with rates that adjust quarterly. At March 31, 2024 , these CLOs have a net unrealized gain of $0.5 million . These securities account for 68% of the interest income on investments in the first quarter of 2024 and were mostly purchased in 2021 and 2022 when rates were at historical lows to complement our fixed-rate earning assets.\n\n \nAt March 31, 2024 , approximately 22% of the Bank’s loan portfolio is scheduled to mature or reprice within twelve months and an additional 13% that could reprice within three years. In addition, approximately $563.6 million , or 53.3%, of the securities portfolio consists of floating rate bonds that will reprice in less than 90 days.\n\n \nInterest expense was $12.2 million for the first quarter of 2024, a $2.3 million decrease, or 16%, from the linked quarter, and an increase of $3.0 million , or 32% from the same period in 2023. The decrease in the linked quarter comparison is attributable to the strategic balance sheet restructuring that resulted in a shift from being a net purchaser of Federal Funds at December 31, 2023 , to maintaining excess funds at the Federal Reserve Bank at March 31, 2024 . The increase in the quarterly comparison was primarily due to an increase in rates paid on customer variable rate Certificates of Deposits. The rate on the variable account is tied to a spread to the Wall Street Journal Prime Rate and varies from Prime minus 600 basis points to Prime minus 375 basis points. During the twelve-month period from March 31, 2023 , to March 31, 2024 , the Prime rate increased 50 basis points.\n\n \nOur net interest margin was 3.62% for the first quarter of 2024, as compared to 3.31% for the linked quarter and 3.47% for the quarter ending March 31, 2023 . While the yield of interest-earning assets increased 14 basis points for the first quarter of 2024 as compared to the linked quarter, the cost of interest-bearing liabilities decreased 20 basis points for the same period of comparison. The average balance of interest-earning assets decreased $175.4 million for the linked quarter while the decrease in interest-bearing liabilities was $168.8 million for the same period. The decrease in interest rates on a larger volume of interest-bearing liabilities (mostly higher cost borrowed funds) over the increase in yield on interest-earning assets improved the net interest margin in the linked quarter.\n\n \n Provision for Credit Losses \n\n \nThe Company recorded a provision for credit losses of $0.1 million in the first quarter of 2024, as compared to $3.5 million in the fourth quarter of 2023, and $0.3 million in the first quarter of 2023. The lower provision for credit losses in the first quarter of 2024 over the linked quarter was primarily due to the impact of one $2.3 million commercial real estate credit charged off in the fourth quarter of 2023. The decrease in provision in the first quarter of 2024 as compared to the same quarter in 2023 was a result of reduced quantitative reserves from an improved economic forecast coupled with lower loan balances in most categories. Some of the calculated reserve reduction was offset by higher net loan charge-offs, however the overall reserve for credit losses was $0.05 million higher at March 31, 2024 , as compared to March 31, 2023 .\n\n \nThe Company did not record a provision for credit losses on available-for-sale debt securities. Although there were debt securities in an unrealized loss position, the declines in market values were primarily attributable to changes in interest rates and volatility in the financial markets and not a result of an expected credit loss.\n\n \n Noninterest Income \n\n \nNoninterest income increased by $0.5 million , or 7%, to $8.6 million in the first quarter of 2024 as compared to the linked quarter. Noninterest income increased by $2.0 million , or 31%, in the first quarter of 2024 as compared to the same quarter in 2023. The first quarter 2024 increase of $0.5 million , compared to the fourth quarter of 2023, is primarily due to net gains on the sale of branch properties that were a part of our sale/leaseback transaction and related securities sales strategy along with favorable changes in bank owned life insurance associated with deferred compensation plans. Partially offsetting these favorable variances were $0.3 million in service charges and fees decreases and lower life insurance death benefits.\n\n \nFor the first quarter of 2024 compared to the same quarter in 2023, reasons for the increase were mostly the same although service charges and fees on deposit accounts increased by $0.3 million for the quarterly comparison instead of a decrease in the linked quarter comparison.\n\n \nService charges and fees on customer deposit accounts declined by $0.3 million , or 4%, to $5.7 million in the first quarter of 2024 as compared to the fourth quarter of 2023. Lower seasonal analysis fees and lower debit card interchange fees were the primary drivers of the unfavorable variance. Service charges and fees were $0.3 million higher in the first quarter of 2024 as compared to the first quarter of 2023 due to higher ATM fees and higher overdraft-related fees.\n\n \n Noninterest Expense \n\n \nTotal noninterest expense increased $0.4 million , or 2%, in the first quarter of 2024 as compared to the fourth quarter of 2023 and increased $1.5 million , or 7%, compared to the first quarter of 2023. The primary driver of higher expense in the first quarter of 2024 is deferred directors’ fees as part of the Company’s deferred compensation plan. The higher deferred compensation expense was offset by higher bank-owned life insurance income, mostly due to fluctuations in underlying values of assets in the separate account BOLI policies that are designed to have similar assets to those in the deferred compensation plans.\n\n \nSalaries and benefits were $0.2 million lower in the first quarter of 2024 as compared to the fourth quarter of 2023 and $0.4 million higher than the first quarter of 2023. The decrease in the linked quarter was due to a strategic reduction in force to drive operational efficiencies. The increase in the year-over-year quarterly comparison is due to several factors, including merit increases for employees due to annual performance evaluations during the first quarter of 2024, higher payroll taxes in the first quarter, and severance payments of $0.9 million for the reduction in force initiative previously mentioned. Overall full-time equivalent employees were 487 at March 31, 2024 , as compared to 485 at December 31, 2023 , and 500 at March 31, 2023 .\n\n \nOccupancy expense was up $0.1 million for the linked quarters and up $0.7 million for the first quarter of 2024 as compared to the same quarter last year. The reason for the increases in both comparisons is mostly due to increased rent expense from the sale/leaseback transaction in December 2023 .\n\n \nOther noninterest expense increased $0.5 million , or 6%, in the first quarter of 2024 as compared to both the fourth quarter of 2023 and the first quarter of 2023. The primary reason for the negative variance in the first quarter of 2024 over the same period in 2023 was increased FDIC assessment costs, and increased directors deferred compensation expense which is linked to the fluctuation in BOLI income, although lower advertising expenses and foreclosed asset costs mitigated some of this negative variance. In the first quarter of 2024 as compared to the fourth quarter of 2023, directors deferred compensation expense accounted for the increase, partially offset by lower advertising costs.\n\n \nThe Company's effective tax rate was 26.3% in the first quarter of 2024 relative to 23.8% in the fourth quarter of 2023 and 23.6% for the first quarter of 2023. The increase in the effective tax rate for the first quarter of 2024 over the linked quarter and as compared to the same period in 2023, is due to tax credits and tax-exempt income representing a smaller percentage of total taxable income.\n\n \n Balance Sheet Summary \n\n \nThe $176.7 million , or 5%, decrease in total assets during the first quarter of 2024, is primarily a result of a $281.1 million decrease in investment securities, from the sale of bonds from the strategic securities transaction, partially offset by a $66.8 million increase in gross loans and a $40.6 million increase in cash on hand.\n\n \nGross loan balances increased $66.8 million , or 3%, during the first quarter of 2024. Although most loan categories declined modestly, mortgage warehouse line utilization increased $87.6 million or 75%. Larger loan category decreases include a $12.8 million decrease in other commercial loans.\n\n \nOver the past several years, the Company has strategically focused on reducing concentrations in commercial real estate, especially amongst areas management deemed to be higher risk, such as construction, office real estate, and hospitality. At March 31, 2024 , the total regulatory CRE concentration ratio of total CRE over Tier 1 Capital plus allowance was 248%. Further, the overall level of construction and land development lending had declined to 1% of regulatory capital plus allowance for credit losses at March 31, 2024 . At March 31, 2024 , our non-owner occupied commercial real estate includes $304 million of retail, $155 million of warehouse/industrial, $186 million of office, and $182 million of hospitality. Approximately 5% of the office real estate matures in less than two years.\n\n \nAs indicated in the loan rollforward below, new credit extended for the first quarter of 2024 decreased $17.6 million over the same period in 2023 but increased $8.3 million for the linked quarter comparisons. For the first three months ended 2024, we had $30.8 million in loan paydowns and maturities, along with a $24.9 million decrease in line of credit utilization, counterbalanced by an $87.6 million increase in mortgage warehouse utilization.\n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n LOAN ROLLFORWARD \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n(Dollars in Thousands, Unaudited)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n For the three months ended: \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31, 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31, 2023 \n\n \n\n \n\n \n \n \nGross loans beginning balance\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,090,075\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,100,810\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,052,940\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNew credit extended\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n34,966\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n26,704\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n52,609\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nChanges in line of credit utilization\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(24,928\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 \n4,377\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(25,790\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nChange in mortgage warehouse\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n87,561\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,415\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 \n3,033\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPay-downs, maturities, charge-offs and amortization\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(30,810\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(50,231\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 \n(48,824\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nGross loans ending balance\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,156,864\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,090,075\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,033,968\n\n \n\n \n\n \n \n\n \n\n \n\n \n \nLine utilization, unused commitments, excluding mortgage warehouse and overdraft lines, were $234.4 million at March 31, 2024 , compared to $203.6 million at December 31, 2023 . Total utilization excluding mortgage warehouse and overdraft lines was 58% at March 31, 2024 , compared to 53% at December 31, 2023 . Mortgage warehouse utilization was 50% at March 31, 2024 , compared to 36% at December 31, 2023 . The increase in mortgage warehouse utilization during the first quarter of 2024 was due to new customers in the mortgage warehouse product that ramped up their utilization.\n\n \nDeposit balances grew by $85.8 million , or 3%, during the first quarter of 2024 to $2.8 billion at March 31, 2024 . Core non-maturity deposits decreased $56.7 million , or 3%, for the first three months of 2024, while customer time deposits increased by $5.9 million . Brokered deposits increased $136.6 million during the quarter. Overall noninterest-bearing deposits as a percent of total deposits decreased to 34.0% at March 31, 2024 , compared to 37.0% at December 31, 2023 , and from 35.3% at March 31, 2023 .\n\n \nOverall uninsured deposits are estimated to be approximately $784.4 million , or 28% of total deposit balances, excluding public agency deposits that are subject to collateralization through a letter of credit issued by the FHLB. In addition, uninsured deposits of the bank’s customers are eligible for FDIC pass-through insurance if the customer opens an IntraFi Insured Cash Sweep account or a reciprocal time deposit through the Certificate of Deposit Account Registry System (CDARS). IntraFi allows for up to $150 million of combined pass-through FDIC insurance which would more than cover each of the Bank’s deposit customers if such customer desired to have such pass-through insurance. The Bank maintains a diversified deposit base with no significant customer concentrations and does not bank any cryptocurrency companies. At March 31, 2024 , the Company had approximately 121,000 accounts and the 25 largest deposit balance customers had balances of less than 13% of overall deposits.\n\n \nLong-term debt at March 31, 2024 , consisted of $49.3 million of subordinated debt. Subordinated debentures related to trust preferred securities were $35.7 million at both March 31, 2024 , and December 31, 2023 .\n\n \nCustomer repurchase agreements increased from $107.1 million at December 31, 2023 , to $121.9 million at March 31, 2024 . Customer repurchase agreements provide collateral for customers that sweep excess deposit balances each day into a separate repurchase agreement account where the Company effectively sells certain government bonds to customers daily and then repurchases the same bonds on the next business day. Although these accounts are not deposits and are not FDIC insured, they provide customers with larger account balances the ability to have their account secured with collateral.\n\n \nOther borrowings declined $280.5 million to $80.0 million at March 31, 2024 , from $360.5 million at December 31, 2023 , and consist of term FHLB advances. The decline in other borrowings is due mostly to a balance sheet restructuring in which the Company sold bonds with an average book yield of 2.61% to paydown borrowed funds at an average rate of 5.52%.\n\n \nThe Company continues to have substantial liquidity. At March 31, 2024 , and December 31, 2023 , the Company had the following sources of primary and secondary liquidity (dollars in thousands):\n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Primary and secondary liquidity sources \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31, 2024 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n December 31, 2023 \n\n \n\n \n\n \n \n \nCash and cash equivalents\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n119,244\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n78,602\n\n \n\n \n\n \n \n \nUnpledged investment securities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n555,766\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n792,965\n\n \n\n \n\n \n \n \nExcess pledged securities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n316,889\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n382,965\n\n \n\n \n\n \n \n \nFHLB borrowing availability\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n676,829\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n586,726\n\n \n\n \n\n \n \n \nUnsecured lines of credit\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n504,785\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n374,785\n\n \n\n \n\n \n \n \nFunds available through fed discount window\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n376,216\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n392,034\n\n \n\n \n\n \n \n \n Totals \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 2,549,729 \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 2,608,077 \n\n \n\n \n\n \n \nTotal capital of $345.1 million at March 31, 2024 , reflects an increase of $7.0 million , or 2%, compared to December 31, 2023 . The increase in equity during the first quarter of 2024 is due to net income of $9.3 million , offset by a $3.4 million dividend paid to shareholders, $3.3 million in share repurchases, and a $4.1 million favorable swing in other comprehensive income/loss due principally to changes in investment securities’ fair value. The remaining difference is related to equity compensation recognized during the quarter.\n\n \n Asset Quality \n\n \nTotal nonperforming assets, comprised of non-accrual loans and foreclosed assets, increased by $6.2 million , or 78%, during the first quarter of 2024. The increase resulted from an increase in non-accrual loans, primarily as a result of one dairy industry real estate secured loan. This loan was written down by $0.4 million and no further allowance for credit losses was deemed necessary on this loan. The Company's ratio of nonperforming assets to loans plus foreclosed assets increased to 0.66% at March 31, 2024 , from 0.38% at December 31, 2023 , due primarily to the one dairy loan previously mentioned. All of the Company's nonperforming assets are individually evaluated for credit loss quarterly and management believes the established allowance for credit loss on such loans is appropriate.\n\n \nOverall delinquent loans increased from $1.9 million at March 31, 2023 , to $15.6 million at March 31, 2024 . This is primarily due to one agricultural production loan and one commercial real estate loan both currently written down to the current fair market value of the collateral.\n\n \nThe Company's allowance for credit losses on loans was $23.1 million at March 31, 2024 , as compared to $23.5 million at December 31, 2023 , and $23.1 million at March 31, 2023 . The allowance was 1.07% of total loans at March 31, 2024 , 1.12% of total loans at December 31, 2023 , and 1.14% of total loans at March 31, 2023 . Management's detailed analysis indicates that the Company's allowance for credit losses on loans should be sufficient to cover credit losses for the life of the loans outstanding as of March 31, 2024 , but no assurance can be given that the Company will not experience substantial future losses relative to the size of the credit loss allowance for loans.\n\n \n About Sierra Bancorp \n\n \n Sierra Bancorp is the holding Company for Bank of the Sierra ( www.bankofthesierra.com ), which is in its 47th year of operations and is the largest independent bank headquartered in the South San Joaquin Valley . Bank of the Sierra is a community-centric regional bank, which offers a broad range of retail and commercial banking services through full-service branches located within the counties of Tulare , Kern , Kings , Fresno , Ventura , San Luis Obispo , and Santa Barbara . The Bank also maintains an online branch and provides specialized lending services through an agricultural credit center in Templeton, California , and a dedicated loan production office in Roseville, California . In 2023, Bank of the Sierra was recognized as one of the strongest and top-performing community banks in the country, with a 5-star rating from Bauer Financial.\n\n \n Forward-Looking Statements \n\n \nThe statements contained in this release that are not historical facts are forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Readers are cautioned not to unduly rely on forward looking statements. Actual results may differ from those projected. These forward-looking statements involve risks and uncertainties including but not limited to the health of the national and local economies, loan portfolio performance, the Company's ability to attract and retain skilled employees, customers' service expectations, the Company's ability to successfully deploy new technology, the success of acquisitions and branch expansion, changes in interest rates, and other factors detailed in the Company's SEC filings, including the \"Risk Factors\" and \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" sections of the Company's most recent Form 10‑K and Form 10‑Q.\n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n STATEMENT OF CONDITION \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n(Dollars in Thousands, Unaudited)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \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 3/31/2024 \n\n \n\n \n\n \n \n \n 12/31/2023 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n 9/30/2023 \n\n \n\n \n\n \n \n \n 6/30/2023 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n 3/31/2023 \n\n \n\n \n\n \n \n \nCash and due from banks\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n119,244\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n78,602\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n88,542\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n103,483\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n83,506\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nInvestment 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 \n\n \n\n \n\n \n \n \nAvailable-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 \n741,789\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,019,201\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,010,377\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,027,538\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,040,920\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nHeld-to-maturity, at amortized cost, net of allowance for credit losses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n316,406\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 \n320,057\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n323,544\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n328,478\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n332,728\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nReal estate loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nResidential real estate\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n406,443\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n412,063\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n418,782\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n426,608\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n433,185\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCommercial real estate\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,327,482\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 \n1,328,224\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,334,663\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,317,945\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,318,627\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther construction/land\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,115\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 \n6,256\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,320\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16,020\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 \n15,653\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nFarmland\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n66,133\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 \n67,276\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n90,993\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n92,728\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n92,906\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal real estate loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,806,173\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,813,819\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,851,758\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 \n1,853,301\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,860,371\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther commercial\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n143,448\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 \n156,272\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n137,407\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n126,360\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n101,118\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nMortgage warehouse lines\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n203,561\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n116,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n107,584\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n110,617\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 \n68,472\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nConsumer loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,682\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,984\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 \n4,061\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 \n4,113\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 \n4,007\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGross loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,156,864\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 \n2,090,075\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,100,810\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,094,391\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,033,968\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDeferred loan fees\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n214\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n309\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n163\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n73\n\n \n\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\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAllowance for credit losses on loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(23,140\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(23,500\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(23,060\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(23,010\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(23,090\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nNet loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,133,938\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,066,884\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,077,913\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,071,454\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,010,902\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\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 premises and equipment\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16,067\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16,907\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n21,926\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22,072\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22,321\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n225,628\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n228,148\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n216,578\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n209,436\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n203,607\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Total assets \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 3,553,072 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 3,729,799 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 3,738,880 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 3,762,461 \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 \n 3,693,984 \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 \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n LIABILITIES AND CAPITAL \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNoninterest demand deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n968,996\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,020,772\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,059,878\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,066,498\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,041,748\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nInterest-bearing transaction accounts\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n532,791\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n533,947\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n561,257\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n584,263\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n637,549\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSavings deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n378,057\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n370,806\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n400,940\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n415,793\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 \n441,758\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nMoney market deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n134,533\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n145,591\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n130,914\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n124,834\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n123,162\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCustomer time deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n560,979\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n555,107\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n551,731\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n552,371\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n519,771\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nWholesale brokered deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n271,648\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n135,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n165,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n175,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n185,000\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 \n2,847,004\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,761,223\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 \n2,869,720\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,918,759\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,948,988\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLong-term debt\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n49,326\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 \n49,304\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n49,281\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n49,259\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n49,236\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSubordinated debentures\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n35,704\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n35,660\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 \n35,615\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n35,570\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n35,526\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther interest-bearing liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n201,851\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 \n467,621\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n411,865\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n398,922\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n310,861\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal deposits and interest-bearing liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,133,885\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,313,808\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,366,481\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,402,510\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 \n3,344,611\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAllowance for credit losses on unfunded loan commitments\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n540\n\n \n\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 \n \n\n \n\n \n\n \n600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n750\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n850\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n73,553\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n77,384\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n62,940\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n49,609\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n41,513\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal capital\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n345,094\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 \n338,097\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n308,859\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 \n309,592\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n307,010\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Total liabilities and capital \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 3,553,072 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 3,729,799 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 3,738,880 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 3,762,461 \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 \n 3,693,984 \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\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n GOODWILL AND INTANGIBLE 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(Dollars in Thousands, Unaudited)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 3/31/2024 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 12/31/2023 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 9/30/2023 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 6/30/2023 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 3/31/2023 \n\n \n\n \n\n \n \n \n \n Goodwill \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n27,357\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n27,357\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n27,357\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n27,357\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n27,357\n\n \n\n \n\n \n \n \n \nCore deposit intangible\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\n \n \n\n \n\n \n\n \n1,399\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,618\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,837\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,056\n\n \n\n \n\n \n \n \n \n Total intangible assets \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 28,537 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 28,756 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 28,975 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 29,194 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 29,413 \n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n \n \n \n CREDIT QUALITY \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n(Dollars in Thousands, Unaudited)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 3/31/2024 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 12/31/2023 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 9/30/2023 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 6/30/2023 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 3/31/2023 \n\n \n\n \n\n \n \n \n \nNon-accruing loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n14,188\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7,985\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n781\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,141\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n938\n\n \n\n \n\n \n \n \n \nForeclosed 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 Total nonperforming assets \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 14,188 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 7,985 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 781 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 1,141 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 938 \n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n \n \n \nQuarterly net charge offs\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n457\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,618\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n67\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n157\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n220\n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \nPast due and still accruing (30-89)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,563\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n255\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n806\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,873\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,241\n\n \n\n \n\n \n \n \n \nClassified loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n34,100\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n35,577\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n39,958\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n37,298\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n35,739\n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \nNon-performing loans to gross loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.66%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.38%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.04%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.05%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.05%\n\n \n\n \n\n \n \n \n \nNPA's to loans plus foreclosed assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.66%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.38%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.04%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.05%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.05%\n\n \n\n \n\n \n \n \n \nAllowance for credit losses on loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.07%\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 \n1.10%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.10%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.14%\n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n SELECT PERIOD-END STATISTICS \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n(Unaudited)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 3/31/2024 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 12/31/2023 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 9/30/2023 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 6/30/2023 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 3/31/2023 \n\n \n\n \n\n \n \n \n \nShareholders' equity / total assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.7%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.1%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.3%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.2%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.3%\n\n \n\n \n\n \n \n \n \nGross loans / deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n75.8%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n75.7%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n73.2%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n71.8%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n69.0%\n\n \n\n \n\n \n \n \n \nNoninterest-bearing deposits / total deposits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n34.0%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n37.0%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n36.9%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n36.5%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n35.3%\n\n \n\n \n\n \n \n \n \n \n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n CONSOLIDATED INCOME STATEMENT \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n(Dollars in Thousands, Unaudited)\n\n \n\n \n\n \n \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 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 3/31/2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 12/31/2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 3/31/2023 \n\n \n\n \n\n \n \n \nInterest income\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n40,961\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n42,443\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n37,419\n\n \n\n \n\n \n \n \nInterest expense\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,244\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,573\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 \n9,287\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 \n28,717\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,870\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28,132\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCredit loss expense - loans\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n97\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,615\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n250\n\n \n\n \n\n \n \n \nCredit loss expense (benefit) - unfunded commitments\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n30\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(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 \n10\n\n \n\n \n\n \n \n \nNet interest income after provision\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28,590\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n24,345\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,872\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nService charges and fees on deposit accounts\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,726\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,977\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,380\n\n \n\n \n\n \n \n \n(Loss) gain on sale of investments\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,883\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n-\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n45\n\n \n\n \n\n \n \n \nGain on sale of fixed assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,799\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,255\n\n \n\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\n\n \n\n \n\n \n \n \nBOLI income\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,215\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n379\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n172\n\n \n\n \n\n \n \n \nRealized gain (loss) on available for sale securities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n66\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(14,500\n\n \n\n \n\n \n)\n\n \n\n \n\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 noninterest income\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n666\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n934\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n968\n\n \n\n \n\n \n \n \nTotal noninterest income\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,589\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 \n8,045\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,579\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \nSalaries and benefits\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,197\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 \n13,410\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,816\n\n \n\n \n\n \n \n \nOccupancy expense\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,025\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,909\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,330\n\n \n\n \n\n \n \n \nOther noninterest expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,304\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,817\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 \n7,846\n\n \n\n \n\n \n \n \nTotal noninterest expense\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n24,526\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n24,136\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22,992\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \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 taxes\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,653\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,254\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11,459\n\n \n\n \n\n \n \n \nProvision for income taxes\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,323\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,964\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 \n2,708\n\n \n\n \n\n \n \n \n Net income \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 9,330 \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 6,290 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 8,751 \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 \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n TAX DATA \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTax-exempt muni income\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,989\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,675\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,813\n\n \n\n \n\n \n \n \nInterest income - fully tax equivalent\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n41,490\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n43,154\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n38,167\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 \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n PER SHARE DATA \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n(Unaudited)\n\n \n\n \n\n \n \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 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 3/31/2024 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 12/31/2023 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 3/31/2023 \n\n \n\n \n\n \n \n \nBasic earnings per share\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.64\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.43\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.58\n\n \n\n \n\n \n \n \nDiluted earnings per share\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.64\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.43\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.58\n\n \n\n \n\n \n \n \nCommon dividends\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.23\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.23\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.23\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nWeighted average shares outstanding\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,508,468\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,539,701\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,971,842\n\n \n\n \n\n \n \n \nWeighted average diluted shares\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,553,627\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,588,027\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,002,366\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBook value per basic share (EOP)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n23.56\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n22.85\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n20.40\n\n \n\n \n\n \n \n \nTangible book value per share (EOP) (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n21.61\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n20.91\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n18.44\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCommon shares outstanding (EOP)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,647,872\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,793,832\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,050,740\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n KEY FINANCIAL RATIOS \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n(Unaudited)\n\n \n\n \n\n \n \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 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 3/31/2024 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 12/31/2023 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 3/31/2023 \n\n \n\n \n\n \n \n \nReturn on average equity\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11.09%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.03%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11.53%\n\n \n\n \n\n \n \n \nReturn on average assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.06%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.67%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.97%\n\n \n\n \n\n \n \n \nNet interest margin (tax-equivalent) (1)\n\n \n\n \n\n \n \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 \n\n \n\n \n\n \n3.31%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.47%\n\n \n\n \n\n \n \n \nEfficiency ratio (tax-equivalent) (1) (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n65.97%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n67.10%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n64.87%\n\n \n\n \n\n \n \n \nNet charge offs to average loans (not annualized)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.02%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.15%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.01%\n\n \n\n \n\n \n \n \n (1) \n \nComputed on a tax equivalent basis utilizing a federal income tax rate of 21%.\n\n \n\n \n\n \n \n (2) \n \nSee reconciliation of non-GAAP financial measures to the corresponding GAAP measurement in \"Non-GAAP Financial Measures\".\n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n NON-GAAP FINANCIAL MEASURES \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n(Dollars in Thousands, Unaudited)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 3/31/2024 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 12/31/2023 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 3/31/2023 \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 \n345,094\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n338,097\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n307,010\n\n \n\n \n\n \n \n \nLess: 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 \n28,537\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28,756\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n29,413\n\n \n\n \n\n \n \n \nTangible common equity\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n316,557\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n309,341\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n277,597\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,553,072\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,729,799\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,693,984\n\n \n\n \n\n \n \n \nLess: 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 \n28,537\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28,756\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n29,413\n\n \n\n \n\n \n \n \nTangible assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,524,535\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,701,043\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,664,571\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal stockholders' equity (bank only)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n401,742\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n409,862\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n364,870\n\n \n\n \n\n \n \n \nLess: goodwill and other intangible assets (bank only)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28,537\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28,756\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n29,413\n\n \n\n \n\n \n \n \nTangible common equity (bank only)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n373,205\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n381,106\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n335,457\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal assets (bank only)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,550,459\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,724,733\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,694,796\n\n \n\n \n\n \n \n \nLess: goodwill and other intangible assets (bank only)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28,537\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28,756\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n29,413\n\n \n\n \n\n \n \n \nTangible assets (bank only)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,521,922\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,695,977\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,665,383\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCommon shares outstanding\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,647,872\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,793,832\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,050,740\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBook value per common share (total stockholders' equity / shares outstanding)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n23.56\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n22.85\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n20.40\n\n \n\n \n\n \n \n \nTangible book value per common share (tangible common equity / shares outstanding)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n21.61\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n20.91\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n18.44\n\n \n\n \n\n \n \n \nEquity ratio - GAAP (total stockholders' equity / total assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.71\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.06\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.31%\n\n \n\n \n\n \n \n \nTangible common equity ratio (tangible common equity / tangible assets)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.98\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.36\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.58%\n\n \n\n \n\n \n \n \nTangible common equity ratio (bank only) (tangible common equity / tangible assets)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.60\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.31\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.15%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n For the three months ended: \n\n \n\n \n\n \n \n \n Efficiency Ratio: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 3/31/2024 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 12/31/2023 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 3/31/2023 \n\n \n\n \n\n \n \n \nNoninterest expense\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n24,526\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n24,136\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n22,992\n\n \n\n \n\n \n \n \nDivided by:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \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 \n28,717\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,870\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28,132\n\n \n\n \n\n \n \n \nTax-equivalent interest income adjustments\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n529\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n711\n\n \n\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\n\n \n\n \n\n \n \n \nNet interest income, adjusted\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n29,246\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28,581\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 \n28,880\n\n \n\n \n\n \n \n \nNoninterest income\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,589\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 \n8,045\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,579\n\n \n\n \n\n \n \n \nLess (loss) gain 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(2,883\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n-\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n45\n\n \n\n \n\n \n \n \nLess gain on sale of fixed assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,799\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,255\n\n \n\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\n\n \n\n \n\n \n \n \nLess realized gain (loss) on available-for-sale securities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n66\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(14,500\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n-\n\n \n\n \n\n \n \n \nTax-equivalent noninterest income adjustments\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 \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n101\n\n \n\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\n\n \n\n \n\n \n \n \nNoninterest income, adjusted\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,930\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,391\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,566\n\n \n\n \n\n \n \n \nNet interest income plus noninterest income, adjusted\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n37,176\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n35,972\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n35,445\n\n \n\n \n\n \n \n \nEfficiency Ratio (tax-equivalent)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n65.97%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n67.10%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n64.87%\n\n \n\n \n\n \n \n \n \n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n NONINTEREST INCOME/EXPENSE \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n(Dollars in Thousands, Unaudited)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n For the three months ended: \n\n \n\n \n\n \n \n \n Noninterest income: \n\n \n\n \n\n \n \n\n \n\n \n\n \n 3/31/2024 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n 12/31/2023 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n 3/31/2023 \n\n \n\n \n\n \n \n \nService charges and fees on deposit accounts\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n5,726\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n5,977\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n5,380\n\n \n\n \n\n \n \n \nNet (loss) gain on sale of securities available-for-sale\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,883\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n45\n\n \n\n \n\n \n \n \nGain on sale of fixed assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,799\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,255\n\n \n\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\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 \n1,215\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n379\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n172\n\n \n\n \n\n \n \n \nRealized loss on available for sale securities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n66\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(14,500\n\n \n\n \n\n \n)\n\n \n\n \n\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\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n666\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n934\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n968\n\n \n\n \n\n \n \n \nTotal noninterest income\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n8,589\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n8,045\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,579\n\n \n\n \n\n \n \n \nAs a % of average interest-earning assets (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.06%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.93%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.79%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Noninterest expense: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSalaries and employee benefits\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n13,197\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n13,410\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n12,816\n\n \n\n \n\n \n \n \nOccupancy and equipment costs\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,025\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,909\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,330\n\n \n\n \n\n \n \n \nAdvertising and marketing costs\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n343\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n569\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n513\n\n \n\n \n\n \n \n \nData processing costs\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,509\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,397\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,528\n\n \n\n \n\n \n \n \nDeposit services costs\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,133\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 \n2,207\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,023\n\n \n\n \n\n \n \n \nLoan services costs\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLoan processing\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n151\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n144\n\n \n\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\n\n \n\n \n\n \n \n \nForeclosed 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 \n758\n\n \n\n \n\n \n \n \nOther operating costs\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n926\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,118\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 \n989\n\n \n\n \n\n \n \n \nProfessional services costs\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLegal & accounting services\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n715\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n615\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n646\n\n \n\n \n\n \n \n \nDirector's costs\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,254\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n504\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n275\n\n \n\n \n\n \n \n \nOther professional service\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 \n708\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n515\n\n \n\n \n\n \n \n \nStationery & supply costs\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n148\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n117\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n141\n\n \n\n \n\n \n \n \nSundry & tellers\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n316\n\n \n\n \n\n \n \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 \n \n\n \n\n \n\n \n331\n\n \n\n \n\n \n \n \nTotal noninterest expense\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n24,526\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n24,136\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n22,992\n\n \n\n \n\n \n \n \nAs a % of average interest-earning assets (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.04%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.80%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.76%\n\n \n\n \n\n \n \n \nEfficiency ratio (tax-equivalent) (2)(3)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n65.97%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n67.10%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n64.87%\n\n \n\n \n\n \n \n \n (1) \n \nAnnualized\n\n \n\n \n\n \n \n (2) \n \nComputed on a tax equivalent basis utilizing a federal income tax rate of 21%.\n\n \n\n \n\n \n \n (3) \n \nSee reconciliation of non-GAAP financial measures to the corresponding GAAP measurement in \"Non-GAAP Financial Measures\".\n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n AVERAGE BALANCES AND RATES \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n(Dollars in Thousands, Unaudited)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n For the quarter ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n For the quarter ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n For the quarter ended \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n March 31, 2024 \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 March 31, 2023 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Average Balance (1) \n\n \n\n \n\n \n Income/ Expense \n\n \n\n \n\n \n Yield/ Rate (2) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Average Balance (1) \n\n \n\n \n\n \n Income/ Expense \n\n \n\n \n\n \n Yield/ Rate (2) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Average Balance (1) \n\n \n\n \n\n \n Income/ Expense \n\n \n\n \n\n \n Yield/ Rate (2) \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\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nInvestments:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nFederal funds sold/interest-earning due from\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ 16,996 \n\n \n\n \n\n \n $ 243 \n\n \n\n \n\n \n5.75%\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ 13,661 \n\n \n\n \n\n \n $ 193 \n\n \n\n \n\n \n5.61%\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ 5,312 \n\n \n\n \n\n \n $ 70 \n\n \n\n \n\n \n5.34%\n\n \n\n \n\n \n \n \nTaxable\n\n \n\n \n\n \n \n\n \n\n \n\n \n893,171\n\n \n\n \n\n \n13,303\n\n \n\n \n\n \n5.99%\n\n \n\n \n\n \n \n\n \n\n \n\n \n994,814\n\n \n\n \n\n \n14,520\n\n \n\n \n\n \n5.79%\n\n \n\n \n\n \n \n\n \n\n \n\n \n972,051\n\n \n\n \n\n \n11,986\n\n \n\n \n\n \n5.00%\n\n \n\n \n\n \n \n \nNon-taxable\n\n \n\n \n\n \n \n\n \n\n \n\n \n244,997\n\n \n\n \n\n \n1,989\n\n \n\n \n\n \n4.13%\n\n \n\n \n\n \n \n\n \n\n \n\n \n334,836\n\n \n\n \n\n \n2,675\n\n \n\n \n\n \n4.01%\n\n \n\n \n\n \n \n\n \n\n \n\n \n361,328\n\n \n\n \n\n \n2,813\n\n \n\n \n\n \n4.00%\n\n \n\n \n\n \n \n \nTotal investments\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,155,164\n\n \n\n \n\n \n15,535\n\n \n\n \n\n \n5.59%\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,343,311\n\n \n\n \n\n \n17,388\n\n \n\n \n\n \n5.35%\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,338,691\n\n \n\n \n\n \n14,869\n\n \n\n \n\n \n4.73%\n\n \n\n \n\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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