Companies: 10,796     total market cap: $140.744 T
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Midland States Bancorp
MSBI
#7218
Rank
$0.51 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$23.98
Share price
-1.03%
Change (1 day)
64.02%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Midland States Bancorp
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q2

Midland States Bancorp - 10-Q quarterly report FY2025 Q2


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2025
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________ to _______________
Commission File Number 001-35272
MIDLAND STATES BANCORP, INC.
(Exact name of registrant as specified in its charter)
Illinois37-1233196
(State of other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1201 Network Centre Drive62401
Effingham, IL
(Zip Code)
(Address of principal executive offices)
(217) 342-7321
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, $0.01 par valueMSBI
The Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/40th interest in a share of 7.75% fixed rate reset non-cumulative perpetual preferred stock, Series AMSBIP
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☐Accelerated filer ☒Non-accelerated filer ☐Smaller reporting company ☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☒ No
As of August 22, 2025, the Registrant had 21,543,555 shares of outstanding common stock, $0.01 par value.

MIDLAND STATES BANCORP, INC.
TABLE OF CONTENTS
Page
PART I. FINANCIAL INFORMATION
Financial Statements:
Consolidated Balance Sheets at June 30, 2025 (Unaudited) and December 31, 2024
3
Consolidated Statements of Income (Unaudited) for the three and six months ended June 30, 2025 and 2024
4
Consolidated Statements of Comprehensive Income (Unaudited) for the three and six months ended June 30, 2025 and 2024
5
Consolidated Statements of Shareholders’ Equity (Unaudited) for the three and six months ended June 30, 2025 and 2024
6
Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024
7
Notes to Consolidated Financial Statements (Unaudited)
8
Management’s Discussion and Analysis of Financial Condition and Results of Operations
47
Quantitative and Qualitative Disclosures about Market Risk
72
Controls and Procedures
73
Legal Proceedings
73
Risk Factors
73
Unregistered Sales of Equity Securities and Use of Proceeds
74
Other Information
74
Exhibits
75
76


1
GLOSSARY OF ABBREVIATIONS AND ACRONYMS
As used in this report, references to the "Company," "we," "our," "us," and similar terms refer to the consolidated entity consisting of Midland States Bancorp, Inc. and its wholly owned subsidiaries. Midland States Bancorp refers solely to the parent holding company and Midland States Bank (the "Bank") refers to our wholly owned banking subsidiary.
The acronyms and abbreviations identified below are used throughout this report, including the Notes to the Consolidated Financial Statements. You may find it helpful to refer to this page as you read this report.
2019 Incentive PlanThe Amended and Restated Midland States Bancorp, Inc. 2019 Long-Term Incentive Plan
ACLAllowance for credit losses on loans
ASUAccounting Standards Update
ATMAutomated teller machine
BaaSBanking-as-a-Service
Basel III RuleBasel III regulatory capital reforms required by the Dodd-Frank Act
BHCABank Holding Company Act of 1956, as amended
CBLRCommunity Bank Leverage Ratio
CFPBConsumer Financial Protection Bureau 
CISACybersecurity and Infrastructure Security Agency
CRACommunity Reinvestment Act
CRA ProposalJoint Proposal to Strengthen and Modernize Community Reinvestment Act Regulations 
CRECommercial Real Estate
CRE GuidanceConcentrations in Commercial Real Estate Lending, Sound Risk Management Practices guidance
DFPRIllinois Department of Financial and Professional Regulation
DIFDeposit Insurance Fund
EADExposure at default
Exchange ActSecurities Exchange Act of 1934
FASBFinancial Accounting Standards Board 
FDICFederal Deposit Insurance Corporation
Federal ReserveBoard of Governors of the Federal Reserve System
FHAFederal Housing Administration
FHLBFederal Home Loan Bank
FinTechFinancial Technology
FOMCFederal Open Market Committee
FRBFederal Reserve Bank
GAAPU.S. generally accepted accounting principles 
GreenSkyGreenSky, LLC
Illinois CRAIllinois Community Reinvestment Act 
LendingPointLendingPoint, LLC
LGDLoss given default
Midland TrustMidland States Preferred Securities Trust
NasdaqNasdaq Global Select Market
NII at RiskNet Interest Income at Risk 
OREOOther real estate owned
PCAOBPublic Company Accounting Oversight Board
PCDPurchased credit deteriorated
PDProbability of default
Q-FactorQualitative factor
Regulatory Relief ActEconomic Growth, Regulatory Relief and Consumer Protection Act
SBASmall Business Administration
SECU.S. Securities and Exchange Commission
SOFRSecured Overnight Financing Rate
TreasuryU.S. Department of the Treasury


2
PART I – FINANCIAL INFORMATION
ITEM 1 – FINANCIAL STATEMENTS
MIDLAND STATES BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)
June 30,
2025		December 31,
2024
(unaudited)
Assets
Cash and due from banks$175,897 $114,055 
Federal funds sold690 711 
Cash and cash equivalents176,587 114,766 
Investment securities available for sale, at fair value1,350,357 1,207,574 
Equity securities, at fair value4,295 4,792 
Loans5,035,295 5,167,574 
Allowance for credit losses on loans(92,690)(111,204)
Total loans, net4,942,605 5,056,370 
Loans held for sale37,299 344,947 
Premises and equipment, net86,240 85,710 
Other real estate owned393 4,941 
Nonmarketable equity securities37,692 33,723 
Accrued interest receivable25,053 25,329 
Loan servicing rights, at lower of cost or fair value16,720 17,842 
Goodwill7,927 161,904 
Other intangible assets, net10,362 12,100 
Company-owned life insurance214,392 211,168 
Credit enhancement asset5,800 16,804 
Other assets192,156 208,839 
Total assets$7,107,878 $7,506,809 
Liabilities and Shareholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing demand deposits$1,074,212 $1,055,564 
Interest-bearing deposits4,872,707 5,141,679 
Total deposits5,946,919 6,197,243 
Short-term borrowings8,654 87,499 
Federal Home Loan Bank advances and other borrowings345,000 258,000 
Subordinated debt77,759 77,749 
Trust preferred debentures51,518 51,205 
Accrued interest payable and other liabilities104,323 124,266 
Total liabilities6,534,173 6,795,962 
Shareholders’ Equity:
Preferred stock, $2.00 par value; 4,000,000 shares authorized; 115,000 Series A shares, $1,000 per share liquidation preference, issued and outstanding at June 30, 2025 and December 31, 2024, respectively
110,548 110,548 
Common stock, $0.01 par value; 40,000,000 shares authorized; 21,515,138 and 21,494,485 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively
215 215 
Capital surplus436,205 434,346 
Retained earnings100,725 247,698 
Accumulated other comprehensive loss, net of tax(73,988)(81,960)
Total shareholders’ equity573,705 710,847 
Total liabilities and shareholders’ equity$7,107,878 $7,506,809 
The accompanying notes are an integral part of the consolidated financial statements.
3
MIDLAND STATES BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME — (UNAUDITED)
(dollars in thousands, except per share data)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Interest income:
Loans including fees:
Taxable$78,514 $92,095 $156,182 $184,941 
Tax exempt573 384 929 774 
Loans held for sale377 84 4,940 139 
Investment securities:
Taxable16,618 12,483 31,593 22,662 
Tax exempt432 254 860 672 
Nonmarketable equity securities694 963 1,341 1,650 
Federal funds sold and cash investments716 875 1,434 1,826 
Total interest income97,924 107,138 197,279 212,664 
Interest expense:
Deposits32,290 39,476 66,905 78,690 
Short-term borrowings573 308 1,273 1,144 
Federal Home Loan Bank advances and other borrowings3,766 5,836 6,929 8,872 
Subordinated debt1,394 1,265 2,781 2,545 
Trust preferred debentures1,206 1,358 2,406 2,747 
Total interest expense39,229 48,243 80,294 93,998 
Net interest income58,695 58,895 116,985 118,666 
Provision for credit losses:
Provision for credit losses on loans17,369 8,482 28,219 28,424 
Recapture of credit losses on unfunded commitments— (200)— (200)
Total provision for credit losses17,369 8,282 28,219 28,224 
Net interest income after provision for credit losses41,326 50,613 88,766 90,442 
Noninterest income:
Wealth management revenue7,379 6,801 14,729 13,933 
Service charges on deposit accounts3,351 3,121 6,656 6,237 
Interchange revenue3,463 3,563 6,614 6,921 
Residential mortgage banking revenue756 557 1,432 1,084 
Income on company-owned life insurance2,068 1,925 4,402 3,726 
Loss on sales of investment securities, net— (152)— (152)
Credit enhancement income3,848 14,328 3,270 30,982 
Other income2,669 1,841 4,194 7,094 
Total noninterest income23,534 31,984 41,297 69,825 
Noninterest expense:
Salaries and employee benefits25,685 22,872 52,101 46,974 
Occupancy and equipment4,166 3,964 8,664 8,106 
Data processing7,035 7,205 13,954 13,927 
FDIC insurance1,422 1,219 2,885 2,493 
Professional services2,792 2,243 5,533 4,498 
Marketing1,283 741 2,076 1,478 
Communications334 336 663 678 
Loan expense1,990 1,250 3,325 2,481 
Loan servicing fees1,386 3,305 2,136 7,046 
Impairment on goodwill— — 153,977 — 
Amortization of intangible assets827 1,016 1,738 2,105 
Other expense3,072 6,633 5,945 9,606 
Total noninterest expense49,992 50,784 252,997 99,392 
Income (loss) before income taxes14,868 31,813 (122,934)60,875 
Income tax expense2,844 6,094 6,016 12,493 
Net income (loss)12,024 25,719 (128,950)48,382 
Preferred dividends2,228 2,228 4,456 4,456 
Net income (loss) available to common shareholders$9,796 $23,491 $(133,406)$43,926 
Per common share data:
Basic earnings (loss) per common share$0.44 $1.06 $(6.13)$1.99 
Diluted earnings (loss) per common share$0.44 $1.06 $(6.13)$1.99 
Weighted average common shares outstanding21,820,190 21,731,195 21,808,475 21,753,056 
Weighted average diluted common shares outstanding21,820,190 21,734,849 21,808,475 21,761,492 
The accompanying notes are an integral part of the consolidated financial statements.
4
MIDLAND STATES BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME — (UNAUDITED)
(dollars in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net income (loss)$12,024 $25,719 $(128,950)$48,382 
Other comprehensive income:
Investment securities available for sale:
Unrealized (losses) gains that occurred during the period(2,915)(2,678)8,482 (8,772)
Reclassification adjustment for realized net losses on sales of investment securities included in net income
— 152 — 152 
Income tax effect628 655 (2,415)2,298 
Change in investment securities available for sale, net of tax(2,287)(1,871)6,067 (6,322)
Cash flow hedges:
Net unrealized derivative gains (losses) on cash flow hedges223 (209)1,087 (1,856)
Reclassification adjustment for net losses realized in net income642 1,181 1,479 2,533 
Income tax effect(227)(263)(661)(183)
Change in cash flow hedges, net of tax638 709 1,905 494 
Other comprehensive (loss) income, net of tax(1,649)(1,162)7,972 (5,828)
Total comprehensive income (loss)$10,375 $24,557 $(120,978)$42,554 
The accompanying notes are an integral part of the consolidated financial statements.
5
MIDLAND STATES BANCORP, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY — (UNAUDITED)
(dollars in thousands, except per share data)
Preferred stockCommon
stock		Capital
surplus		Retained
earnings		Accumulated
other
comprehensive
(loss) income 		Total
shareholders'
equity
Balances, March 31, 2025$110,548 $215 $435,299 $97,714 $(72,339)$571,437 
Net income— — — 12,024 — 12,024 
Other comprehensive loss— — — — (1,649)(1,649)
Common dividends declared ($0.31 per share)
— — — (6,785)— (6,785)
Preferred dividends declared ($19.375 per share)
— — — (2,228)— (2,228)
Share-based compensation expense— — 750 — — 750 
Issuance of common stock under employee benefit plans— — 156 — — 156 
Balances, June 30, 2025$110,548 $215 $436,205 $100,725 $(73,988)$573,705 
Balances, December 31, 2024$110,548 $215 $434,346 $247,698 $(81,960)$710,847 
Net loss— — — (128,950)— (128,950)
Other comprehensive income— — — — 7,972 7,972 
Common dividends declared ($0.62 per share)
— — — (13,567)— (13,567)
Preferred dividends declared ($38.750 per share)
— — — (4,456)— (4,456)
Share-based compensation expense— — 1,534 — — 1,534 
Issuance of common stock under employee benefit plans— — 325 — — 325 
Balances, June 30, 2025$110,548 $215 $436,205 $100,725 $(73,988)$573,705 
Balances, March 31, 2024$110,548 $215 $434,398 $259,302 $(81,419)$723,044 
Net income— — — 25,719 — 25,719 
Other comprehensive loss— — — — (1,162)(1,162)
Common dividends declared ($0.31 per share)
— — — (6,764)— (6,764)
Preferred dividends declared ($19.375 per share)
— — — (2,228)— (2,228)
Common stock repurchased— (1)(3,025)— — (3,026)
Share-based compensation expense— — 705 — — 705 
Issuance of common stock under employee benefit plans— — 491 — — 491 
Balances, June 30, 2024$110,548 $214 $432,569 $276,029 $(82,581)$736,779 
Balances, December 31, 2023$110,548 $216 $435,463 $245,639 $(76,753)$715,113 
Net income— — — 48,382 — 48,382 
Other comprehensive loss— — — — (5,828)(5,828)
Common dividends declared ($0.62 per share)
— — — (13,536)— (13,536)
Preferred dividends declared ($38.750 per share)
— — — (4,456)— (4,456)
Common stock repurchased— (2)(4,968)— — (4,970)
Share-based compensation expense— — 1,406 — — 1,406 
Issuance of common stock under employee benefit plans— — 668 — — 668 
Balances, June 30, 2024$110,548 $214 $432,569 $276,029 $(82,581)$736,779 
The accompanying notes are an integral part of the consolidated financial statements.
6
MIDLAND STATES BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS — (UNAUDITED)
(dollars in thousands)
Six Months Ended June 30,
20252024
Cash flows from operating activities:
Net (loss) income$(128,950)$48,382 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses28,219 28,224 
Depreciation on premises and equipment2,456 2,478 
Impairment on goodwill153,977 — 
Amortization of intangible assets1,738 2,105 
Amortization of operating lease right-of-use asset788 803 
Amortization of loan servicing rights1,139 1,351 
Share-based compensation expense1,534 1,406 
Increase in cash surrender value of life insurance(4,059)(3,726)
Gain on proceeds from company-owned life insurance(343)— 
Investment securities accretion, net(6,937)(2,340)
Loss on sales of investment securities, net— 152 
Gain on repurchase of subordinated debt— (167)
Gain on sales of other real estate owned(39)(22)
Impairment on other real estate owned— 730 
Origination of loans held for sale(45,532)(32,361)
Proceeds from sales of loans and leases held for sale47,026 45,807 
Gain on sale of loans held for sale(1,303)(892)
Net change in operating assets and liabilities:
Accrued interest receivable276 18 
Credit enhancement asset11,004 (2,813)
Other assets12,539 (9,820)
Accrued expenses and other liabilities(20,777)(4,801)
Net cash provided by operating activities52,756 74,514 
Cash flows from investing activities:
Purchases of investment securities available for sale(218,307)(322,891)
Proceeds from sales of investment securities available for sale— 45,825 
Maturities and payments on investment securities available for sale95,792 91,216 
Purchases of equity securities(33)(150)
Net decrease in loans331,643 227,718 
Proceeds from sale of consumer loans held for sale61,099 — 
Purchases of premises and equipment(3,233)(2,078)
Purchases of nonmarketable equity securities(80,200)(114,232)
Proceeds from redemptions of nonmarketable equity securities76,231 108,652 
Proceeds from sales of other real estate owned4,774 301 
Proceeds from company-owned life insurance, net1,166 — 
Net cash provided by investing activities268,932 34,361 
Cash flows from financing activities:
Net decrease in deposits(250,324)(191,506)
Net decrease in short-term borrowings(78,845)(27,657)
Net increase in short-term FHLB borrowings82,000 179,000 
Proceeds from long-term FHLB borrowings203,000 130,000 
Payments made on long-term FHLB borrowings and other borrowings(198,000)(185,000)
Payments made on subordinated debt— (1,833)
Cash dividends paid on preferred stock(4,456)(4,456)
Cash dividends paid on common stock(13,567)(13,536)
Common stock repurchased— (4,970)
Proceeds from issuance of common stock under employee benefit plans325 668 
Net cash used in financing activities(259,867)(119,290)
Net increase (decrease) in cash and cash equivalents61,821 (10,415)
Cash and cash equivalents:
Beginning of period114,766 135,061 
End of period$176,587 $124,646 
Supplemental disclosures of cash flow information:
Cash payments for:
Interest paid on deposits and borrowed funds$82,580 $92,962 
Income tax paid (net of refunds)761 21,020 
Supplemental disclosures of noncash investing and financing activities:
Transfer of loans to loans held for sale29,400 — 
Transfer of loans to other real estate owned187 122 
Right of use assets obtained in exchange for lease obligations837 1,539 
Transfer of premises and equipment, net to assets held for sale245 — 
Loans provided for sale of consumer loans held for sale219,212 — 
Pending settlements on securities purchased— 1,000 
The accompanying notes are an integral part of the consolidated financial statements.
7
MIDLAND STATES BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (UNAUDITED)

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
Midland States Bancorp, Inc. is a diversified financial holding company headquartered in Effingham, Illinois. Our wholly owned banking subsidiary, Midland States Bank, has branches across Illinois and in Missouri, and provides a full range of commercial and consumer banking products and services, business equipment financing, merchant credit card services, trust and investment management services, and insurance and financial planning services.
Our principal business activity has been lending to and accepting deposits from individuals, businesses, municipalities and other entities. We have derived income principally from interest charged on loans and, to a lesser extent, from interest and dividends earned on investment securities. We have also derived income from noninterest sources, such as: fees received in connection with various lending and deposit services; wealth management services; mortgage loan originations, sales and servicing; and, from time to time, gains on sales of assets. Our principal expenses include interest expense on deposits and borrowings, operating expenses, such as salaries and employee benefits, occupancy and equipment expenses, data processing costs, professional fees and other noninterest expenses, provisions for credit losses and income tax expense.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with GAAP and guidance provided by the SEC for interim financial information. Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for completed financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from these estimates.
The consolidated financial statements of the Company should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on July 1, 2025. Certain reclassifications of 2024 amounts have been made to conform to the 2025 presentation. All significant transactions and accounts between subsidiaries have been eliminated. Assets held for customers in a fiduciary or agency capacity are not assets of the Company and, accordingly, other than trust cash on deposit with the Bank, are not included in the accompanying unaudited balance sheets. Management has evaluated subsequent events for potential
8
recognition or disclosure. Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025 or any other period.
Accounting Guidance Adopted in 2025
FASB ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures - In December 2023, the FASB issued ASU No. 2023-09, which requires public entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories, if items meet a quantitative threshold. The pronouncement also requires entities to disclose income taxes paid, net of refunds, disaggregated by federal, state, and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold, among other things. The ASU is effective for fiscal years beginning after December 15, 2024. The adoption of this accounting pronouncement will have no material impact aside from additional disclosures presented in the Notes to Consolidated Financial Statements in the Annual Report on Form 10-K for the year ending December 31, 2025.
Accounting Guidance Not Yet Adopted
FASB ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses - In November 2024, the FASB issued ASU 2024-03 in order to improve the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The amendments in ASU 2024-03 require disclosure, in the notes to the financial statements, of specified information about certain costs and expenses in interim and year-end reporting periods. The amendments in this ASU apply to all public business entities and are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments are to be applied either (1) prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to any or all prior periods presented in the financial statements. The Company will update the related disclosures upon adoption.
9
NOTE 2 – INVESTMENT SECURITIES
Investment Securities Available for Sale
Investment securities available for sale at June 30, 2025 and December 31, 2024 were as follows:
June 30, 2025
(dollars in thousands)Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
Investment securities available for sale
U.S. government sponsored entities and U.S. agency securities
$26,227 $27 $(1,190)$25,064 
Mortgage-backed securities - agency (1)
1,074,154 504 (85,058)989,600 
Mortgage-backed securities - non-agency94,781 1,424 (2,933)93,272 
Asset-backed student loans45,409 14 (346)45,077 
State and municipal securities75,726 81 (5,990)69,817 
Collateralized loan obligations48,036 77 (63)48,050 
Corporate securities84,758 38 (5,319)79,477 
Total available for sale securities$1,449,091 $2,165 $(100,899)$1,350,357 
(1)The amount of fair value hedging adjustment included in the amortized cost amount of the hedged investment securities available-for-sale as of June 30, 2025 was $(3.0) million. See Note 7 - Derivative Instruments for additional information regarding these derivative financial instruments.

December 31, 2024
(dollars in thousands)Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
Investment securities available for sale
U.S. government sponsored entities and U.S. agency securities$21,655 $25 $(1,539)$20,141 
Mortgage-backed securities - agency (1)
938,513 3,411 (94,868)847,056 
Mortgage-backed securities - non-agency103,051 1,410 (3,449)101,012 
Asset-backed student loans50,007 66 (100)49,973 
State and municipal securities75,597 96 (6,632)69,061 
Collateralized loan obligations40,365 92 (7)40,450 
Corporate securities85,602 42 (5,763)79,881 
Total available for sale securities$1,314,790 $5,142 $(112,358)$1,207,574 
(1)The amount of fair value hedging adjustment included in the amortized cost amount of the hedged investment securities available-for-sale as of December 31, 2024 was $1.9 million. See Note 7 - Derivative Instruments for additional information regarding these derivative financial instruments.
Excluding securities issued or backed by U.S. government or its sponsored entities and agencies, there were no investments in securities from one issuer that exceeded 10% of shareholders' equity as of June 30, 2025 and December 31, 2024.
The table below shows the amortized cost and fair value of the investment securities portfolio by contractual maturity for all securities other than mortgage-backed securities, at June 30, 2025. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
10
(dollars in thousands)Amortized
cost		Fair
value
Investment securities available for sale
Within one year$4,471 $4,386 
After one year through five years60,845 57,791 
After five years through ten years109,589 102,078 
After ten years105,251 103,230 
Mortgage-backed securities1,168,935 1,082,872 
Total available for sale securities$1,449,091 $1,350,357 
    
Proceeds and gross realized gains and losses on sales of investment securities available for sale for the three and six months ended June 30, 2025 and 2024 are summarized as follows:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Investment securities available for sale
Proceeds from sales$— $45,825 $— $45,825 
Gross realized gains on sales— 307 — 307 
Gross realized losses on sales— (459)— (459)
Unrealized losses and fair values for investment securities available for sale as of June 30, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are summarized as follows:
June 30, 2025
Less than 12 Months12 Months or moreTotal
(dollars in thousands)Fair
value		Unrealized
loss		Fair
value		Unrealized
loss		Fair
value		Unrealized
loss
Investment securities available for sale
U.S. government sponsored entities and U.S. agency securities$9,960 $26 $8,836 $1,164 $18,796 $1,190 
Mortgage-backed securities - agency297,137 7,212 413,979 77,846 711,116 85,058 
Mortgage-backed securities - non-agency5,508 15 23,217 2,918 28,725 2,933 
Asset-backed student loans21,241 137 16,963 209 38,204 346 
State and municipal securities19,019 316 45,179 5,674 64,198 5,990 
Collateralized loan obligations10,444 52 2,367 11 12,811 63 
Corporate securities3,248 2 70,455 5,317 73,703 5,319 
Total available for sale securities$366,557 $7,760 $580,996 $93,139 $947,553 $100,899 
11
December 31, 2024
Less than 12 Months12 Months or moreTotal
(dollars in thousands)Fair
value		Unrealized
loss		Fair
value		Unrealized
loss		Fair
value		Unrealized
loss
Investment securities available for sale
U.S. government sponsored entities and U.S. agency securities$4,973 $27 $8,488 $1,512 $13,461 $1,539 
Mortgage-backed securities - agency300,427 9,735 385,332 85,133 685,759 94,868 
Mortgage-backed securities - non-agency12,433 33 24,153 3,416 36,586 3,449 
Asset-backed student loans17,734 99 2,130 1 19,864 100 
State and municipal securities21,209 365 43,131 6,267 64,340 6,632 
Collateralized loan obligations7,468 7 — — 7,468 7 
Corporate securities23,833 1,910 52,271 3,853 76,104 5,763 
Total available for sale securities$388,077 $12,176 $515,505 $100,182 $903,582 $112,358 
    At June 30, 2025, 284 investment securities available for sale had unrealized losses with aggregate depreciation of 9.62% from their amortized cost basis. For all of the above investment securities, the unrealized losses were generally due to changes in interest rates and other market conditions, and unrealized losses were considered to be temporary as the fair value is expected to recover as the securities approach their respective maturity dates and principal is paid back in full. The Company does not intend to sell and it is likely that the Company will not be required to sell the securities prior to their anticipated recovery.
NOTE 3 – LOANS
The following table presents total loans outstanding by portfolio class, as of June 30, 2025 and December 31, 2024:
(dollars in thousands)June 30,
2025		December 31,
2024
Commercial:
Commercial$1,073,578 $818,496 
Commercial other470,808 541,324 
Commercial real estate:
Commercial real estate non-owner occupied1,480,685 1,628,961 
Commercial real estate owner occupied413,959 440,806 
Multi-family418,390 454,249 
Farmland70,327 67,648 
Construction and land development258,729 299,842 
Total commercial loans4,186,476 4,251,326 
Residential real estate:
Residential first lien299,725 315,775 
Other residential61,536 64,782 
Consumer:
Consumer90,213 96,202 
Consumer other50,190 48,099 
Lease financing347,155 391,390 
Total loans$5,035,295 $5,167,574 
Total loans include net deferred loan costs of $0.6 million and $1.4 million at June 30, 2025 and December 31, 2024, respectively, and unearned discounts of $49.0 million and $56.7 million within the lease financing portfolio at June 30, 2025 and December 31, 2024, respectively.
12
Classifications of Loan Portfolio
The Company monitors and assesses the credit risk of its loan portfolio using the classes set forth below. These classes also represent the segments by which the Company monitors the performance of its loan portfolio and estimates its allowance for credit losses on loans.
Commercial—Loans to varying types of businesses, including municipalities, school districts and nonprofit organizations, for the purpose of supporting working capital, operational needs and term financing of equipment. Repayment of such loans is generally provided through operating cash flows of the business. Commercial loans are predominately secured by equipment, inventory, accounts receivable, and other sources of repayment.
Commercial real estate—Loans secured by real estate occupied by the borrower for ongoing operations, including loans to borrowers engaged in agricultural production, and non-owner occupied real estate leased to one or more tenants, including commercial office, industrial, special purpose, retail and multi-family residential real estate loans.
Construction and land development—Secured loans for the construction of business and residential properties. Real estate construction loans often convert to a real estate commercial loan at the completion of the construction period. Secured development loans are made to borrowers for the purpose of infrastructure improvements to vacant land to create finished marketable residential and commercial lots/land. Most land development loans are originated with the intention that the loans will be paid through the sale of developed lots/land by the developers within twelve months of the completion date. Interest reserves may be established on real estate construction loans.
Residential real estate—Loans, secured by residential properties, that generally do not qualify for secondary market sale; however, the risk to return and/or overall relationship are considered acceptable to the Company. This category also includes loans whereby consumers utilize equity in their personal residence, generally through a second mortgage, as collateral to secure the loan.
Consumer—Loans to consumers primarily for the purpose of home improvements or acquiring automobiles, recreational vehicles and boats. Consumer loans consist of relatively small amounts that are spread across many individual borrowers.
Lease financing—Our leasing business provides financing leases to varying types of businesses, nationwide, for purchases of business equipment. The financing is secured by a first priority interest in the financed assets and generally requires monthly payments.
Commercial, commercial real estate, and construction and land development loans are collectively referred to as the Company’s commercial loan portfolio, while residential real estate, consumer loans and lease financing receivables are collectively referred to as the Company’s other loan portfolio.
We have extended loans to certain of our directors, executive officers, principal shareholders and their affiliates. These loans were made in the ordinary course of business upon substantially the same terms as comparable transactions with non-insiders, including collateralization and interest rates prevailing at the time. The new loans, other additions, repayments and other reductions for the three and six months ended June 30, 2025 and 2024, are summarized as follows:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Beginning balance$42,028 $20,726 $40,410 $20,990 
New loans and other additions3,317 500 5,675 500 
Repayments and other reductions(859)(332)(1,599)(596)
Ending balance$44,486 $20,894 $44,486 $20,894 

13
The following table represents, by loan portfolio segment, a summary of changes in the allowance for credit losses on loans for the three and six months ended June 30, 2025 and 2024:
Commercial Loan PortfolioOther Loan Portfolio
(dollars in thousands)CommercialCommercial
real
estate		Construction
and land
development		Residential
real
estate		ConsumerLease
financing		Total
Changes in allowance for credit losses on loans for the three months ended June 30, 2025:
Balance, beginning of period$33,554 $39,069 $3,021 $7,874 $5,935 $15,723 $105,176 
Provision for credit losses on loans5,773 10,186 (1,181)(860)296 3,155 17,369 
Charge-offs(6,161)(22,453)— — (884)(3,886)(33,384)
Recoveries1,013 637 1,029 90 357 403 3,529 
Balance, end of period$34,179 $27,439 $2,869 $7,104 $5,704 $15,395 $92,690 
Changes in allowance for credit losses on loans for the six months ended June 30, 2025:
Balance, beginning of period$42,776 $36,837 $3,550 $8,002 $5,400 $14,639 $111,204 
Provision for credit losses on loans9,355 13,139 (1,711)(934)1,236 7,134 28,219 
Charge-offs(19,461)(23,176)— (72)(1,337)(7,334)(51,380)
Recoveries1,509 639 1,030 108 405 956 4,647 
Balance, end of period$34,179 $27,439 $2,869 $7,104 $5,704 $15,395 $92,690 
Changes in allowance for credit losses on loans for the three months ended June 30, 2024:
Balance, beginning of period$26,704 $21,367 $12,629 $5,655 $81,023 $13,466 $160,844 
Provision for credit losses on loans9,217 (1,253)336 (475)(1,185)1,842 8,482 
Charge-offs(3,838)(5)— — (10,338)(2,084)(16,265)
Recoveries153 2,088 1 13 63 64 2,382 
Balance, end of period$32,236 $22,197 $12,966 $5,193 $69,563 $13,288 $155,443 
Changes in allowance for credit losses on loans for the six months ended June 30, 2024:
Balance, beginning of period$29,672 $20,229 $4,163 $5,553 $86,762 $12,940 $159,319 
Provision for credit losses on loans10,993 424 8,802 (393)4,746 3,852 28,424 
Charge-offs(8,698)(696)— (35)(22,095)(3,749)(35,273)
Recoveries269 2,240 1 68 150 245 2,973 
Balance, end of period$32,236 $22,197 $12,966 $5,193 $69,563 $13,288 $155,443 
The Company utilizes a combination of models which measure probability of default and loss given default in determining expected future credit losses.
The probability of default is the risk that the borrower will be unable or unwilling to repay its debt in full or on time. The risk of default is derived by analyzing the obligor’s capacity to repay the debt in accordance with contractual terms. Probability of default is generally associated with financial characteristics such as inadequate cash flow to service debt, declining revenues or operating margins, high leverage, declining or marginal liquidity, and the inability to successfully implement a business plan. In addition to these quantifiable factors, the borrower’s willingness to repay also must be evaluated.
The probability of default is forecasted, for most commercial and retail loans, using a regression model that determines the likelihood of default within the twelve month time horizon. The regression model uses forward-looking economic forecasts including variables such as gross domestic product, housing price index, and real disposable income to predict default rates.
The loss given default component is the percentage of defaulted loan balance that is ultimately charged off. As a method for estimating the allowance, a form of migration analysis is used that combines the estimated probability of loans experiencing default events and the losses ultimately associated with the loans experiencing those defaults. Multiplying one by the other gives the Company its loss rate, which is then applied to the loan portfolio balance to determine expected future losses.
14
Within the model, the loss given default approach produces segmented loss given default estimates using a loss curve methodology, which is based on historical net losses from charge-off and recovery information. The main principle of a loss curve model is that the loss follows a steady timing schedule based on how long the defaulted loan has been on the books.
The Company’s expected loss estimate is anchored in historical credit loss experience, with an emphasis on all available portfolio data. The Company’s historical look-back period includes January 2012 through the current period on a monthly basis. When historical credit loss experience is not sufficient for a specific portfolio, the Company may supplement its own portfolio data with external models or data.
Historical data is evaluated in multiple components of the expected credit loss, including the reasonable and supportable forecast and the post-reversion period of each loan segment. The historical experience is used to infer probability of default and loss given default in the reasonable and supportable forecast period. In the post-reversion period, long-term average loss rates are segmented by loan pool.
Qualitative reserves reflect management’s overall estimate of the extent to which current expected credit losses on collectively evaluated loans will differ from historical loss experience. The analysis takes into consideration other analytics performed within the organization, such as enterprise and concentration management, along with other credit-related analytics as deemed appropriate. Management attempts to quantify qualitative reserves whenever possible.
The Company segments the loan portfolio into pools based on the following risk characteristics: financial asset type, collateral type, loan characteristics, credit characteristics, outstanding loan balances, contractual terms and prepayment assumptions, industry of borrower and concentrations, historical or expected credit loss patterns, and reasonable and supportable forecast periods. Within the probability of default segmentation, credit metrics are identified to further segment the financial assets. The Company utilizes risk ratings for the commercial portfolios and days past due for the consumer and the lease financing portfolios.
The Company has defined five transitioning risk states for each asset pool within the expected credit loss model. The below table illustrates the transition matrix:
Risk stateCommercial loans
risk rating		Consumer loans and
equipment finance loans and leases
days past due
10-5
0-14
26
15-29
37
30-59
48
60-89
Default9+ and nonaccrual
90+ and nonaccrual
Expected Credit Losses
In calculating expected credit losses, the Company individually evaluates loans on nonaccrual status, loans past due 90 days or more and still accruing interest, and loans that do not share similar risk characteristics with other loans in the pool.
15
The following table presents the amortized cost basis of individually evaluated loans on nonaccrual status as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
(dollars in thousands)Nonaccrual with allowanceNonaccrual with no allowanceTotal nonaccrualNonaccrual with allowanceNonaccrual with no allowanceTotal nonaccrual
Commercial:
Commercial$3,775 $3,850 $7,625 $2,678 $7,074 $9,752 
Commercial other6,606 1,240 7,846 3,439 — 3,439 
Commercial real estate:
Commercial real estate non-owner occupied11,948 6,092 18,040 9,173 24,187 33,360 
Commercial real estate owner occupied1,961 11,469 13,430 1,407 16,871 18,278 
Multi-family716 8,140 8,856 2,363 51,770 54,133 
Farmland1,556 — 1,556 1,148 — 1,148 
Construction and land development39 8,399 8,438 39 8,399 8,438 
Total commercial loans26,601 39,190 65,791 20,247 108,301 128,548 
Residential real estate:
Residential first lien3,391 469 3,860 2,501 491 2,992 
Other residential492 — 492 446 — 446 
Consumer:
Consumer62 — 62 20 — 20 
Lease financing6,299 — 6,299 8,132 — 8,132 
Total loans$36,845 $39,659 $76,504 $31,346 $108,792 $140,138 
    There was no interest income recognized on nonaccrual loans during the three and six months ended June 30, 2025 and 2024 while the loans were in nonaccrual status. Additional interest income that would have been recorded on nonaccrual loans had they been current in accordance with their original terms was $3.4 million and $6.7 million for the three and six months ended June 30, 2025 and $2.3 million and $3.6 million for the three and six months ended June 30, 2024, respectively.
Collateral Dependent Financial Assets
A collateral dependent financial asset is a loan that relies solely on the operation or sale of the collateral for repayment. In evaluating the overall risk associated with a loan, the Company considers character, overall financial condition and resources, and payment record of the borrower; the prospects for support from any financially responsible guarantors; and the nature and degree of protection provided by the cash flow and value of any underlying collateral. However, as other sources of repayment become inadequate over time, the significance of the collateral’s value increases and the loan may become collateral dependent.
16
The table below presents the amortized cost basis of individually evaluated, collateral dependent loans by loan class, for borrowers experiencing financial difficulty, as of June 30, 2025 and December 31, 2024:
Type of Collateral
(dollars in thousands)Real EstateBlanket LienEquipmentTotal
June 30, 2025
Commercial:
Commercial$— $3,850 $— $3,850 
Commercial other— 1,239 778 2,017 
Commercial real estate:
Non-owner occupied16,587 — — 16,587 
Owner occupied9,873 1,596 — 11,469 
Multi-family8,857 — — 8,857 
Construction and land development8,398 — — 8,398 
Lease financing— — 431 431 
Total collateral dependent loans$43,715 $6,685 $1,209 $51,609 
December 31, 2024
Commercial:
Commercial$— $7,074 $— $7,074 
Commercial other— — — — 
Commercial real estate:
Non-owner occupied24,188 — — 24,188 
Owner occupied9,284 7,587 — 16,871 
Multi-family54,133 — — 54,133 
Construction and land development8,399 — — 8,399 
Lease financing— — 465 465 
Total collateral dependent loans$96,004 $14,661 $465 $111,130 

17
The aging status of the recorded investment in loans by class as of June 30, 2025 was as follows:
Accruing loans
(dollars in thousands)30-59
days
past due		60-89 days past duePast due
90 days
or more		Total
past due		NonaccrualCurrentTotal
Commercial:
Commercial$1,548 $2,079 $— $3,627 $7,625 $1,062,326 $1,073,578 
Commercial other11,038 6,147 3,608 20,793 7,846 442,169 470,808 
Commercial real estate:
Commercial real estate non-owner occupied
3,005 — — 3,005 18,040 1,459,640 1,480,685 
Commercial real estate owner occupied177 90 — 267 13,430 400,262 413,959 
Multi-family— — — — 8,856 409,534 418,390 
Farmland— 47 — 47 1,556 68,724 70,327 
Construction and land development3,873 — — 3,873 8,438 246,418 258,729 
Total commercial loans19,641 8,363 3,608 31,612 65,791 4,089,073 4,186,476 
Residential real estate:
Residential first lien54 323 — 377 3,860 295,488 299,725 
Other residential90 35 — 125 492 60,919 61,536 
Consumer:
Consumer487 17 — 504 62 89,647 90,213 
Consumer other446 239 — 685 — 49,505 50,190 
Lease financing7,443 3,821 — 11,264 6,299 329,592 347,155 
Total loans$28,161 $12,798 $3,608 $44,567 $76,504 $4,914,224 $5,035,295 
The aging status of the recorded investment in loans by class as of December 31, 2024 was as follows:
Accruing loans
(dollars in thousands)30-59
days
past due		60-89
days
past due		Past due
90 days
or more		Total
past due		NonaccrualCurrentTotal
Commercial:
Commercial$4,562 $349 $— $4,911 $9,752 $803,833 $818,496 
Commercial other9,578 6,284 10,769 26,631 3,439 511,254 541,324 
Commercial real estate:
Commercial real estate non-owner occupied11,732 — — 11,732 33,360 1,583,869 1,628,961 
Commercial real estate owner occupied985 — — 985 18,278 421,543 440,806 
Multi-family— — — — 54,133 400,116 454,249 
Farmland48 — — 48 1,148 66,452 67,648 
Construction and land development— — — — 8,438 291,404 299,842 
Total commercial loans26,905 6,633 10,769 44,307 128,548 4,078,471 4,251,326 
Residential real estate:
Residential first lien21 650 — 671 2,992 312,112 315,775 
Other residential91 38 — 129 446 64,207 64,782 
Consumer:
Consumer314 40 — 354 20 95,828 96,202 
Consumer other345 211 — 556 — 47,543 48,099 
Lease financing4,679 3,754 — 8,433 8,132 374,825 391,390 
Total loans$32,355 $11,326 $10,769 $54,450 $140,138 $4,972,986 $5,167,574 
18
Loan Restructurings
The Company may offer various types of concessions when a borrower is experiencing financial difficulties that result in a direct change in the timing or amount of contractual cash flows including principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions, and combinations of the listed modifications. Commercial loans modified in a loan restructuring often involve temporary interest-only payments, term extensions, and converting revolving credit lines to term loans. Additional collateral, a co-borrower, or a guarantor is often requested.
Loans modified in a loan restructuring for the Company may have the financial effect of increasing the specific allowance associated with the loan. An allowance for loans that have been modified in a loan restructuring is measured based on the probability of default and loss given default model, the loan's observable market price, or the estimated fair value of the collateral, less any selling costs, if the loan is collateral dependent. Management exercises significant judgment in developing these estimates.
Commercial and consumer loans modified in a loan restructuring are closely monitored for delinquency as an early indicator of possible future default. If loans modified in a loan restructuring subsequently default, the Company evaluates the loan for possible further loss. The allowance may be increased, adjustments may be made in the allocation of the allowance, or partial charge-offs may be taken to further write-down the carrying value of the loan.
19
The following table represents, by loan portfolio segment, a summary of the loan restructuring for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(dollars in thousands)BalanceCount BalanceCountBalanceCountBalanceCount
Commercial:
Commercial$94 1 $— — $1,068 2$— — 
Commercial other561 2 1,161 8 861 41,90712
Commercial real estate:
Commercial real estate non-owner occupied— — 6,456 1 — — 6,456 1 
Commercial real estate owner occupied201 1 — — 201 1 — — 
Farmland267 1 — — 267 1 — — 
Construction and land development— — — — — — — — 
Total commercial loans1,123 5 7,617 9 2,397 8 8,363 13 
Residential real estate:
Residential first lien— — 66 1 156 4 66 1 
Other residential— — 81 2 — — 81 2 
Consumer:
Consumer— — 26 1 — — 26 1 
Lease financing— — 1,416 6 — — 2,132 9
Total loan restructurings$1,123 5 $9,206 19 $2,553 12 $10,668 26 
BalanceCountBalanceCountBalanceCountBalanceCount
Interest Rate Reduction$— — $480 2 $300 2$480 2 
Term Extension94 1 2,270 16 1,224 63,732 23
Payment Deferral— — 6,456 1 — — 6,456 1 
Interest Rate Reduction and Payment Deferral201 1 — — 201 1 — — 
Term Extension and Payment Deferral828 3 — — 828 3 — — 
Total loan restructurings$1,123 5 $9,206 19 $2,553 12 $10,668 26 
The Company has not committed to lend any additional amounts to the borrowers that have been granted a loan modification.









20
The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of our modification efforts. The following table presents the performance of such loans that have been modified in the last twelve months as of June 30, 2025:
(dollars in thousands)30-59
days
past due		60-89
days
past due		Past due
90 days
or more		Total
past due		CurrentTotal
Commercial:
Commercial$— $— $77 $77 $1,393 $1,470 
Commercial other— — 15 15 1,113 1,128 
Commercial real estate:
Commercial real estate non-owner occupied— — 4,456 4,456 21,422 25,878 
Commercial real estate owner occupied201 — — 201 6,038 6,239 
Multi-family— — — — — — 
Farmland— — — — 267 267 
Construction and land development— — — — 1,571 1,571 
Total commercial loans201 — 4,548 4,749 31,804 36,553 
Residential real estate:
Residential first lien133 10 — 143 339 482 
Consumer:
Consumer— — — — 15 15 
Lease financing— 668 139 807 188 995 
Total loan restructurings$334 $678 $4,687 $5,699 $32,346 $38,045 
Credit Quality Monitoring
The Company maintains loan policies and credit underwriting standards as part of the process of managing credit risk. These standards include making loans generally within the Company’s four geographic regions. In addition, our specialty finance division does nationwide bridge lending for FHA and HUD developments and originates loans for multifamily, assisted and senior living and multi-use properties. Our equipment leasing business provides financing to business customers across the country.
The Company has a loan approval process involving underwriting and individual and group loan approval authorities to consider credit quality and loss exposure at loan origination. The loans in the Company’s commercial loan portfolio are risk rated based on the grading system set forth below. All loan authority is based on the aggregate credit to a borrower and its related entities.
Loans in the commercial loan portfolio tend to be larger and more complex than those in the other loan portfolio, and therefore, are subject to more intensive monitoring. All loans in the commercial loan portfolio have an assigned relationship manager, and most borrowers provide periodic financial and operating information that allows the relationship managers to stay abreast of credit quality during the life of the loans. The risk ratings of loans in the commercial loan portfolio are reassessed at least annually, with loans below an acceptable risk rating reassessed more frequently and reviewed by various individuals within the Company at least quarterly.
The Company’s consumer loan portfolio is primarily comprised of both secured and unsecured loans that are relatively small and are evaluated at origination on a centralized basis against standardized underwriting criteria. The ongoing measurement of credit quality of the consumer loan portfolio is largely done on an exception basis. If payments are made on schedule, as agreed, then no further monitoring is performed. However, if delinquency occurs, the delinquent loans are turned over to the Company’s Consumer Collections Group for resolution. Credit quality for the entire consumer loan portfolio is measured by the periodic delinquency rate, nonaccrual amounts and actual losses incurred.
The Company maintains a centralized independent loan review function that monitors the approval process and ongoing asset quality of the loan portfolio, including the accuracy of loan grades. The Company also maintains an independent appraisal review function that participates in the review of all appraisals obtained by the Company.

21
Credit Quality Indicators
The Company uses a ten grade risk rating system to monitor the ongoing credit quality of its commercial loan portfolio. These loan grades rank the credit quality of a borrower by measuring liquidity, debt capacity, and coverage and payment behavior as shown in the borrower’s financial statements. The risk grades also measure the quality of the borrower’s management and the repayment support offered by any guarantors.
The Company considers all loans with Risk Grades 1 - 6 as acceptable credit risks and structures and manages such relationships accordingly. Periodic financial and operating data combined with regular loan officer interactions are deemed adequate to monitor borrower performance. Loans with Risk Grades of 7 are considered "watch credits" categorized as special mention and the frequency of loan officer contact and receipt of financial data is increased to stay abreast of borrower performance. Loans with Risk Grades of 8 - 10 are considered problematic and require special care. Risk Grade 8 is categorized as substandard, 9 as substandard - nonaccrual and 10 as doubtful. Further, loans with Risk Grades of 7 - 10 are managed regularly through a number of processes, procedures and committees, including oversight by a loan administration committee comprised of executive and senior management of the Company, which includes highly structured reporting of financial and operating data, intensive loan officer intervention and strategies to exit, as well as potential management by the Company's Special Assets Group. Loans not graded in the commercial loan portfolio are monitored by aging status and payment activity.
As discussed previously in Loan Restructurings, the Company does provide various types of concessions when a borrower is experiencing financial difficulties that result in a direct change in the timing or amount of contractual cash flows. Modified loans with terms at least as favorable to the lender as the terms for other customers with similar collection risks and with terms that are more than minor compared to the original terms are treated as a new loan to the borrower.
22
The following tables present the recorded investment of the commercial loan portfolio by risk category as of June 30, 2025 and December 31, 2024:
June 30, 2025
Term Loans
Amortized Cost Basis by Origination Year
(dollars in thousands)20252024202320222021PriorRevolving loansTotal
CommercialCommercialAcceptable credit quality$409,916 $96,319 $91,564 $21,005 $50,201 $53,582 $333,654 $1,056,241 
Special mention— — — — — 40 163 203 
Substandard— 44 2,575 264 347 1,461 4,818 9,509 
Substandard – nonaccrual— 84 876 4,251 508 647 1,259 7,625 
Doubtful— — — — — — — — 
Not graded— — — — — — — — 
Subtotal409,916 96,447 95,015 25,520 51,056 55,730 339,894 1,073,578 
Commercial otherAcceptable credit quality39,789 86,067 76,141 102,106 40,686 22,686 89,412 456,887 
Special mention— 1 1,948 1,200 1,689 196 — 5,034 
Substandard— — 29 — — 64 895 988 
Substandard – nonaccrual— 231 2,193 2,203 743 659 1,817 7,846 
Doubtful— — — — — — — — 
Not graded— — — — 53 — — 53 
Subtotal39,789 86,299 80,311 105,509 43,171 23,605 92,124 470,808 
Commercial real estateNon-owner occupiedAcceptable credit quality160,880 298,946 147,674 389,040 217,961 170,612 11,644 1,396,757 
Special mention110 15,649 3,199 9,851 174 169 — 29,152 
Substandard— 62 — — 4,063 32,611 — 36,736 
Substandard – nonaccrual— 4,524 — 61 — 13,455 — 18,040 
Doubtful— — — — — — — — 
Not graded— — — — — — — — 
Subtotal160,990 319,181 150,873 398,952 222,198 216,847 11,644 1,480,685 
Owner occupiedAcceptable credit quality47,793 59,960 47,374 92,493 70,201 77,704 626 396,151 
Special mention— 845 — — — 159 — 1,004 
Substandard— 471 — — 30 2,873 — 3,374 
Substandard – nonaccrual— 308 — 11,365 264 1,189 304 13,430 
Doubtful— — — — — — — — 
Not graded— — — — — — — — 
Subtotal47,793 61,584 47,374 103,858 70,495 81,925 930 413,959 
Multi-familyAcceptable credit quality21,773 34,612 14,459 199,889 74,796 18,072 323 363,924 
Special mention— — 7,628 32,752 — — — 40,380 
Substandard— — — — 5,191 39 — 5,230 
Substandard – nonaccrual— 8,140 — — — 716 — 8,856 
Doubtful— — — — — — — — 
Not graded— — — — — — — — 
Subtotal21,773 42,752 22,087 232,641 79,987 18,827 323 418,390 
FarmlandAcceptable credit quality15,734 2,069 8,055 3,785 8,093 26,753 1,920 66,409 
Special mention— — — — — — — — 
Substandard600 — 1,210 — 13 539 — 2,362 
Substandard – nonaccrual— — — 107 267 1,134 48 1,556 
Doubtful— — — — — — — — 
Not graded— — — — — — — — 
Subtotal16,334 2,069 9,265 3,892 8,373 28,426 1,968 70,327 
Construction and land developmentAcceptable credit quality57,907 105,419 25,359 26,846 12,859 778 14,124 243,292 
Special mention— 1,571 — — — — — 1,571 
Substandard— — — — — — — — 
Substandard – nonaccrual— — — — 8,399 39 — 8,438 
Doubtful— — — — — — — — 
Not graded1,706 2,987 398 316 — 21 — 5,428 
Subtotal59,613 109,977 25,757 27,162 21,258 838 14,124 258,729 
TotalAcceptable credit quality753,792 683,392 410,626 835,164 474,797 370,187 451,703 3,979,661 
Special mention110 18,066 12,775 43,803 1,863 564 163 77,344 
Substandard600 577 3,814 264 9,644 37,587 5,713 58,199 
Substandard – nonaccrual— 13,287 3,069 17,987 10,181 17,839 3,428 65,791 
Doubtful— — — — — — — — 
Not graded1,706 2,987 398 316 53 21 — 5,481 
Total commercial loans$756,208 $718,309 $430,682 $897,534 $496,538 $426,198 $461,007 $4,186,476 
23
December 31, 2024
Term Loans
Amortized Cost Basis by Origination Year
(dollars in thousands)20242023202220212020PriorRevolving loansTotal
CommercialCommercialAcceptable credit quality$103,345 $100,478 $66,135 $59,613 $28,661 $39,895 $343,577 $741,704 
Special mention54,838 — — — — 60 277 55,175 
Substandard464 2,964 626 1,311 196 1,239 5,065 11,865 
Substandard – nonaccrual— 635 4,601 514 12 3,202 788 9,752 
Doubtful— — — — — — — — 
Not graded— — — — — — — — 
Subtotal158,647 104,077 71,362 61,438 28,869 44,396 349,707 818,496 
Commercial otherAcceptable credit quality101,877 94,515 133,745 59,701 25,688 14,016 103,794 533,336 
Special mention1 2,132 1,100 964 197 94 — 4,488 
Substandard— 31 — — — — 30 61 
Substandard – nonaccrual119 646 1,406 682 93 394 99 3,439 
Doubtful— — — — — — — — 
Not graded— — — — — — — — 
Subtotal101,997 97,324 136,251 61,347 25,978 14,504 103,923 541,324 
Commercial real estateNon-owner occupiedAcceptable credit quality404,475 179,499 460,447 261,886 79,830 130,160 6,729 1,523,026 
Special mention12,392 4,079 — 178 3,988 274 — 20,911 
Substandard62 2,061 8,149 4,190 4,463 32,739 — 51,664 
Substandard – nonaccrual80 7,737 7,861 4,509 — 13,173 — 33,360 
Doubtful— — — — — — — — 
Not graded— — — — — — — — 
Subtotal417,009 193,376 476,457 270,763 88,281 176,346 6,729 1,628,961 
Owner occupiedAcceptable credit quality61,613 43,344 95,334 101,717 46,914 62,723 629 412,274 
Special mention849 — — — — 214 — 1,063 
Substandard469 5,469 381 — — 2,872 — 9,191 
Substandard – nonaccrual317 — 16,971 264 1 421 304 18,278 
Doubtful— — — — — — — — 
Not graded— — — — — — — — 
Subtotal63,248 48,813 112,686 101,981 46,915 66,230 933 440,806 
Multi-familyAcceptable credit quality49,292 14,682 224,849 60,428 27,417 9,519 978 387,165 
Special mention— 7,650 — — — — — 7,650 
Substandard— — — 5,258 — 43 — 5,301 
Substandard – nonaccrual27,354 8,890 — 899 — 16,990 — 54,133 
Doubtful— — — — — — — — 
Not graded— — — — — — — — 
Subtotal76,646 31,222 224,849 66,585 27,417 26,552 978 454,249 
FarmlandAcceptable credit quality4,157 9,540 4,557 16,794 10,046 19,588 1,690 66,372 
Special mention— — — — — — — — 
Substandard— — — 13 — 115 — 128 
Substandard – nonaccrual— — — — — 1,100 48 1,148 
Doubtful— — — — — — — — 
Not graded— — — — — — — — 
Subtotal4,157 9,540 4,557 16,807 10,046 20,803 1,738 67,648 
Construction and land developmentAcceptable credit quality71,889 27,121 106,277 25,780 — 1,153 38,829 271,049 
Special mention11,409 — — — — — — 11,409 
Substandard5,848 — — — — — — 5,848 
Substandard – nonaccrual— — — 8,399 — 39 — 8,438 
Doubtful— — — — — — — — 
Not graded2,232 470 374 — — 22 — 3,098 
Subtotal91,378 27,591 106,651 34,179 — 1,214 38,829 299,842 
TotalAcceptable credit quality796,648 469,179 1,091,344 585,919 218,556 277,054 496,226 3,934,926 
Special mention79,489 13,861 1,100 1,142 4,185 642 277 100,696 
Substandard6,843 10,525 9,156 10,772 4,659 37,008 5,095 84,058 
Substandard – nonaccrual27,870 17,908 30,839 15,267 106 35,319 1,239 128,548 
Doubtful— — — — — — — — 
Not graded2,232 470 374 — — 22 — 3,098 
Total commercial loans$913,082 $511,943 $1,132,813 $613,100 $227,506 $350,045 $502,837 $4,251,326 

24
The following table presents the gross charge-offs by class of loan and year of origination on the commercial loan portfolio for the three and six months ended June 30, 2025 and 2024:
Term Loans by Origination Year
(dollars in thousands)20252024202320222021PriorRevolving LoansTotal
For the three months ended June 30, 2025
CommercialCommercial$— $— $— $— $— $88 $— $88 
Commercial Other— 14 243 915 179 39 4,683 6,073 
Commercial Real EstateNon-owner occupied— — — 7,782 — 5,743 — 13,525 
Commercial Real EstateOwner occupied— — — 5,847 — — — 5,847 
Multi-family— — — 2,354 — 727 — 3,081 
Construction and land development
— — — — — — — — 
Total gross commercial charge-offs$— $14 $243 $16,898 $179 $6,597 $4,683 $28,614 
Term Loans by Origination Year
20252024202320222021PriorRevolving LoansTotal
For the six months ended June 30, 2025
CommercialCommercial$— $— $— $— $— $152 $— $152 
Commercial Other— 56 1,035 1,930 406 117 15,765 19,309 
Commercial Real EstateNon-owner occupied— — — 7,782 — 5,743 — 13,525 
Owner occupied— — — 5,847 — — — 5,847 
Multi-family— — — 2,354 — 1,450 — 3,804 
Construction and land development
— — — — — — — — 
Total gross commercial charge-offs$— $56 $1,035 $17,913 $406 $7,462 $15,765 $42,637 
Term Loans by Origination Year
(dollars in thousands)20242023202220212020PriorRevolving LoansTotal
For the three months ended June 30, 2024
CommercialCommercial$— $475 $— $750 $— $14 $— $1,239 
Commercial Other— 579 1,807 127 3 83 — 2,599 
Commercial Real EstateNon-owner occupied— — — — — 5 — 5 
Commercial Real EstateOwner occupied— — — — — — — — 
Multi-family— — — — — — — — 
Construction and land development
— — — — — — — — 
Total gross commercial charge-offs$— $1,054 $1,807 $877 $3 $102 $— $3,843 
Term Loans by Origination Year
20242023202220212020PriorRevolving LoansTotal
For the six months ended June 30, 2024
CommercialCommercial$— $475 $— $750 $10 $15 $102 $1,352 
Commercial Other— 1,445 5,331 421 23 126 — 7,346 
Commercial Real EstateNon-owner occupied— — — — 5 — 5 
Owner occupied— — — — 138 553 — 691 
Multi-family— — — — — — — — 
Construction and land development
— — — — — — — — 
Total gross commercial charge-offs$— $1,920 $5,331 $1,171 $171 $699 $102 $9,394 

25
The Company evaluates the credit quality of its other loan portfolios, which includes residential real estate, consumer and leases, based primarily on the aging status of the loan and payment activity. Accordingly, loans on nonaccrual status and loans past due 90 days or more and still accruing interest are considered to be nonperforming for purposes of credit quality evaluation. The following tables present the recorded investment of our other loan portfolio based on the credit risk profile of loans that are performing and loans that are nonperforming as of June 30, 2025 and December 31, 2024:
June 30, 2025
Term Loans
Amortized Cost Basis by Origination Year
(dollars in thousands)20252024202320222021PriorRevolving LoansTotal
Residential real estateResidential first lienPerforming$2,769 $29,869 $40,255 $65,857 $29,975 $127,140 $— $295,865 
Nonperforming— — 318 196 302 3,044 — 3,860 
Subtotal2,769 29,869 40,573 66,053 30,277 130,184 — 299,725 
Other residentialPerforming842 2,248 2,071 729 227 1,786 53,141 61,044 
Nonperforming— — — — — 148 344 492 
Subtotal842 2,248 2,071 729 227 1,934 53,485 61,536 
ConsumerConsumerPerforming8,891 18,787 17,436 13,792 21,053 9,142 1,050 90,151 
Nonperforming— — 33 3 — 23 3 62 
Subtotal8,891 18,787 17,469 13,795 21,053 9,165 1,053 90,213 
Consumer otherPerforming— — 357 33,270 7,218 9,345 — 50,190 
Nonperforming— — — — — — — — 
Subtotal— — 357 33,270 7,218 9,345 — 50,190 
Leases financingPerforming40,212 79,294 82,512 81,333 32,440 25,065 — 340,856 
Nonperforming— 689 1,252 3,386 685 287 — 6,299 
Subtotal40,212 79,983 83,764 84,719 33,125 25,352 — 347,155 
TotalPerforming52,714 130,198 142,631 194,981 90,913 172,478 54,191 838,106 
Nonperforming— 689 1,603 3,585 987 3,502 347 10,713 
Total other loans$52,714 $130,887 $144,234 $198,566 $91,900 $175,980 $54,538 $848,819 
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December 31, 2024
Term Loans
Amortized Cost Basis by Origination Year
(dollars in thousands)20242023202220212020PriorRevolving loansTotal
Residential real estateResidential first lienPerforming$29,754 $41,263 $69,334 $35,539 $27,282 $109,572 $39 $312,783 
Nonperforming— 137 196 312 139 2,208 — 2,992 
Subtotal29,754 41,400 69,530 35,851 27,421 111,780 39 315,775 
Other residentialPerforming2,620 2,218 874 257 308 1,822 56,237 64,336 
Nonperforming— — — — — 148 298 446 
Subtotal2,620 2,218 874 257 308 1,970 56,535 64,782 
ConsumerConsumerPerforming22,405 21,182 16,636 23,632 3,542 7,874 911 96,182 
Nonperforming— — 5 — — 12 3 20 
Subtotal22,405 21,182 16,641 23,632 3,542 7,886 914 96,202 
Consumer otherPerforming— 536 29,939 7,510 3,677 6,437 — 48,099 
Nonperforming— — — — — — — — 
Subtotal— 536 29,939 7,510 3,677 6,437 — 48,099 
Leases financingPerforming94,432 96,171 106,809 44,213 24,774 16,859 — 383,258 
Nonperforming77 3,720 3,017 992 239 87 — 8,132 
Subtotal94,509 99,891 109,826 45,205 25,013 16,946 — 391,390 
Total
Performing149,211 161,370 223,592 111,151 59,583 142,564 57,187 904,658 
Nonperforming77 3,857 3,218 1,304 378 2,455 301 11,590 
Total other loans$149,288 $165,227 $226,810 $112,455 $59,961 $145,019 $57,488 $916,248 

The following table presents the gross charge-offs by class of loan and year of origination on the other loan portfolio for the three and six months ended June 30, 2025 and 2024:
Term Loans by Origination Year
(dollars in thousands)20252024202320222021PriorRevolving LoansTotal
For the three months ended June 30, 2025
Residential real estateResidential first lien$— $— $— $— $— $— $— $— 
Other residential— — — — — — — — 
ConsumerConsumer— 29 7 — — — 9 45 
Consumer other22 27 33 269 124 364 — 839 
Lease financing— 324 1,712 1,187 184 479 — 3,886 
Total gross other charge-offs$22 $380 $1,752 $1,456 $308 $843 $9 $4,770 
Term Loans by Origination Year
20252024202320222021PriorRevolving LoansTotal
For the six months ended June 30, 2025
Residential real estateResidential first lien$— $— $— $— $— $27 $— $27 
Other residential— — — 25 — 1 19 45 
ConsumerConsumer— 30 12 2 — 1 13 58 
Consumer other26 79 50 284 129 711 — 1,279 
Lease financing— 467 3,418 2,418 393 638 — 7,334 
Total gross other charge-offs$26 $576 $3,480 $2,729 $522 $1,378 $32 $8,743 
27
Term Loans
(dollars in thousands)20242023202220212020PriorRevolving LoansTotal
For the three months ended June 30, 2024
Residential real estateResidential first lien$— $— $— $— $— $— $— $— 
Other residential— — — — — — — — 
ConsumerConsumer— 22 — 5 10 — 1 38 
Consumer other1 2,377 4,981 1,466 552 923 — 10,300 
Lease financing— 946 900 223 15 — — 2,084 
Total gross other charge-offs$1 $3,345 $5,881 $1,694 $577 $923 $1 $12,422 
Term Loans
20242023202220212020PriorRevolving LoansTotal
For the six months ended June 30, 2024
Residential real estateResidential first lien$— $— $11 $— $— $— $— $11 
Other residential— — 16 — — — 8 24 
ConsumerConsumer— 22 — 5 16 27 1 71 
Consumer other1 5,034 10,707 2,841 1,414 2,027 — 22,024 
Lease financing— 1,069 2,271 337 52 20 — 3,749 
Total gross other charge-offs$1 $6,125 $13,005 $3,183 $1,482 $2,074 $9 $25,879 
NOTE 4 – PREMISES, EQUIPMENT AND LEASES
A summary of premises, equipment and leases at June 30, 2025 and December 31, 2024 is as follows:
June 30,December 31,
(dollars in thousands)20252024
Land$15,856 $15,986 
Buildings and improvements85,322 83,296 
Furniture and equipment37,363 36,526 
Lease right-of-use assets8,862 8,830 
Total147,403 144,638 
Accumulated depreciation(61,163)(58,928)
Premises and equipment, net$86,240 $85,710 
    Depreciation expense for the three and six months ended June 30, 2025 was $1.2 million and $2.5 million, respectively, and $1.2 million and $2.5 million for the three and six months ended June 30, 2024, respectively.
The Company has entered into operating leases, primarily for banking offices, operating facilities and ATMs, which have remaining lease terms of 6 months to 13 years, some of which may include options to extend the lease terms for up to an additional 10 years. The options to extend are included in the remaining lease term if they are reasonably certain to be exercised. The Company had operating lease right-of-use assets of $8.9 million and $8.8 million as of June 30, 2025 and December 31, 2024, respectively, included in premises and equipment on our consolidated balance sheets. The operating lease liabilities of the Company were $10.1 million as of both June 30, 2025 and December 31, 2024, and are included in accrued interest payable and other liabilities on our consolidated balance sheets.
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Information related to operating leases for the three and six months ended June 30, 2025 and 2024 was as follows:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Operating lease cost$480 $481 $978 $957 
Operating cash flows from leases485 577 1,003 1,149 
Right-of-use assets obtained in exchange for lease obligations— 1,317 837 1,539 
Weighted average remaining lease term6.51 years7.37 years6.51 years7.37 years
Weighted average discount rate3.72 %3.58 %3.72 %3.58 %
The projected minimum rental payments under the terms of the leases as of June 30, 2025 were as follows:
(dollars in thousands)Amount
Year ending December 31:
2026$1,768 
20271,824 
20281,708 
20291,659 
20301,445 
Thereafter3,103 
Total future minimum lease payments11,507 
Less imputed interest(1,395)
Total operating lease liabilities$10,112 

NOTE 5 - OPERATING LEASES - LESSOR
The Company provides financing for various types of equipment through operating leasing arrangements. The equipment leased to others is carried at cost less accumulated depreciation in other assets on our consolidated balance sheets. The Company had equipment leased to others of $25.6 million and $30.7 million at June 30, 2025 and December 31, 2024, respectively, net of accumulated depreciation of $16.9 million and $18.1 million at June 30, 2025 and December 31, 2024, respectively. The Company recorded lease income related to lease payments for operating leases in other income on our consolidated statements of income of $2.8 million and $4.4 million for the three months ended June 30, 2025 and 2024, respectively, and $5.9 million and $8.8 million for the six months ended June 30, 2025 and 2024, respectively. Depreciation expense related to leased equipment was $2.3 million and $3.4 million for the three months ended June 30, 2025 and 2024, respectively, and $4.6 million and $7.0 million for the six months ended June 30, 2025 and 2024, respectively.
The Company performs assessment of the recoverability of long-lived assets when events or changes in circumstances indicate their carrying values may not be recoverable.
The future lease payments receivable from operating leases as of June 30, 2025 are as follows:
(dollars in thousands)Amount
Year ending December 31:
2025 remaining$6,654 
20263,038 
20271,750 
2028773 
2029435 
Thereafter48 
Total future minimum lease payments$12,698 
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NOTE 6 – GOODWILL
The carrying amount of goodwill by segment at June 30, 2025 and December 31, 2024 is summarized as follows:
(dollars in thousands)20252024
Banking$3,181 $157,158 
Wealth management4,746 4,746 
Total goodwill$7,927 $161,904 
    The Company performed a quantitative impairment test on its Banking reporting unit as of December 31, 2024, and engaged a third-party service provider to assist Management with the determination of the fair value of the Company. The resulting calculation indicated that the fair value of the Banking reporting unit exceeded its carrying amount by approximately 7% as of December 31, 2024, which resulted in a determination of no impairment loss.
During the first quarter of 2025, Management determined that a triggering event had occurred at its Banking reporting unit as a result of further deteriorated credit quality coupled with the trends in the Company's stock price. The Company performed a quantitative impairment test on its Banking reporting unit as of March 31, 2025, and engaged a third-party service provider to assist with the determination of the fair value. The resulting calculation indicated that the carrying amount exceeded the fair value of the Company's Banking reporting unit. As a result of the assessment, the Company recognized $154.0 million of goodwill impairment expense. The impairment did not impact our regulatory capital ratios, tangible common equity ratio, or our liquidity position.
Significant judgment is necessary in the determination of the fair value of a reporting unit. The income valuation methodology requires an estimation of future cash flows, considering the after-tax results of operations, the extent and timing of credit losses, and appropriate discount and growth rates. Actual future cash flows may differ from forecasted results based on the assumptions used.
In performing the discounted cash flow analysis, the Company utilized multi-year cash projections that rely on internal forecasts of loan and deposit growth, bond mix, financing composition, market pricing of securities, credit performance, forward interest rates, future returns driven by net interest margin, fee generation and expense incurrence, industry and economic trends, and other relevant considerations. The long-term growth rate used in the calculation of fair value was derived from published projections of the inflation rate, along with Management estimates.
The discount rate was calculated as the cost of equity capital using the modified capital asset pricing model, which includes variables including the risk-free interest rate, beta, equity risk premium, size premium, and company-specific risk premium.
NOTE 7 – DERIVATIVE INSTRUMENTS
The Company enters into derivative instruments, which may include interest rate swaps and interest rate options, in connection with our risk-management activities. Our primary objective for using derivative financial instruments is to manage interest rate risk associated with our fixed-rate and variable-rate assets and liabilities.
Interest Rate Risk
We monitor our mix of fixed-rate and variable-rate assets and liabilities and may enter into interest rate swaps, forwards, and options to achieve a more desired mix of fixed-rate and variable-rate assets and liabilities. We execute these trades to modify our exposure to interest rate risk by converting certain fixed-rate instruments to a variable-rate and certain variable-rate instruments to a fixed-rate. We use a mix of both derivatives that qualify for hedge accounting treatment and economic hedges that do not qualify for hedge accounting treatment.
Derivatives qualifying for hedge accounting treatment can include receive-fixed swaps designated as fair value hedges of specific fixed-rate unsecured debt obligations, receive-fixed swaps designated as fair value hedges of specific fixed-rate FHLB advances, and pay-fixed swaps designated as fair value hedges of securities within our available-for-sale portfolio. Other derivatives qualifying for hedge accounting consist of interest rate floor contracts designated as cash flow hedges of the expected future cash flows in the form of interest receipts on a portion of our commercial and commercial real estate loans. Both the fair value hedges and cash flow hedges were determined to be effective during all periods presented and the Company expects the hedges to remain effective during the remaining terms of the swaps.
30
We have the ability to execute economic hedges, which could consist of interest rate swaps, interest rate caps, forwards, and options to mitigate interest rate risk.
We also enter into interest rate lock commitments and forward commitments that are executed as part of our mortgage business that do not meet the accounting definition of hedges, as well as interest rate swap contracts sold to commercial customers who wish to modify their interest rate sensitivity. These swaps are offset by contracts simultaneously purchased by the Company from other financial dealer institutions with mirror-image terms. Because of the mirror-image terms of the offsetting contracts, in addition to collateral provisions which mitigate the impact of non-performance risk, changes in the fair value subsequent to initial recognition have a minimal effect on earnings.
Balance Sheet Presentation
The following table summarizes the fair value of derivative instruments reported on our consolidated balance sheet. The amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories. Derivative assets and derivative liabilities are included in other assets and other liabilities, respectively, on the consolidated balance sheet.
Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk.
June 30, 2025December 31, 2024
Fair ValueFair Value
(dollars in thousands)AssetsLiabilitiesNotional amountAssetsLiabilitiesNotional amount
Derivatives designated as accounting hedges
Interest rate contracts
Fair value hedges
Investment securities available for sale$523 $3,518 $279,658 $2,653 $654 $167,363 
Cash flow hedges
Investment securities available for sale1,343 — 90,000 — — — 
Pools of commercial and commercial real estate loans2,578 2,394 300,000 — 4,502 200,000 
FHLB advances, brokered CDs and other borrowings115 522 125,000 863 281 75,000 
Total derivatives designated as accounting hedges$4,558 $6,434 $794,658 $3,516 $5,437 $442,363 
Derivatives not designated as accounting hedges
Interest rate contracts
Swaps$392 $392 $53,514 $218 $218 $54,390 
Interest rate lock commitments253 — 8,621 71 — 3,907 
Forward commitments to sell mortgage-backed securities— 91 13,750 32 — 10,198 
Total derivatives not designated as accounting hedges$645 $483 $75,885 $321 $218 $68,495 
The following table presents amounts recorded in the consolidated balance sheets related to cumulative basis adjustments for fair value hedges.
Carrying amount of the hedged itemsCumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items
(dollars in thousands)June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Investment securities available for sale$366,460 $286,982 $(2,995)$1,999 


+


31
Statement of Income Presentation
The following table summarizes the effect of derivative instruments in fair value hedging relationships on the consolidated statements of income.
Location of gain (loss) recognized in income on derivativeGain (loss) recognized in income on derivativeLocation of gain (loss) recognized in income on related hedged itemGain (loss) recognized in income on related hedged items
(dollars in thousands)2025202420252024
Three Months Ended June 30,
Gain (loss) on fair value hedging relationships
Interest rate contracts
Fixed-rate mortgage-backed securitiesInterest income on investment securities$(1,508)$160 Interest income on investment securities available for sale$1,549 $(119)
Six Months Ended June 30,
Gain (loss) on fair value hedging relationships
Interest rate contracts
Fixed-rate mortgage-backed securitiesInterest income on investment securities available for sale$(4,994)$1,178 Interest income on investment securities available for sale$5,040 $(1,137)
The following table summarizes the effect of derivative instruments in cash flow hedging relationships on the consolidated statements of income.
Gain (loss) recognized in AOCI on derivativeLocation of gain (loss) recognized in income on derivativeGain (loss) reclassified from AOCI into income
(dollars in thousands)2025202420252024
Three Months Ended June 30,
Gain (loss) on cash flow hedging relationships
Interest rate contracts
Pools of commercial and commercial real estate loans$238 $(931)Interest income on loans$(741)$(1,547)
Investment securities available for sale71 — Interest income on investment securities(5)— 
FHLB advances, brokered CDs and other borrowings(86)722 Interest expense104 366 
Total gain (loss) on cash flow hedging relationships$223 $(209)$(642)$(1,181)
Six Months Ended June 30,
Gain (loss) on cash flow hedging relationships
Interest rate contracts
Pools of commercial and commercial real estate loans$1,355 $(4,001)Interest income on loans$(1,806)$(3,094)
Investment securities available for sale517 — Interest income on investment securities82 — 
FHLB advances, brokered CDs and other borrowings(785)2,145 Interest expense245 561 
Total gain (loss) on cash flow hedging relationships$1,087 $(1,856)$(1,479)$(2,533)
During the next 12 months, we estimate $1.4 million of losses will be reclassified into pretax earnings from derivatives designated as cash flow hedges.
The following table summarizes the effect of derivative instruments not designated as accounting hedges on the consolidated statements of income.
32
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)Location of gain (loss) recognized in income on derivative2025202420252024
Six Months Ended June 30,
Gain (loss) on derivative instruments not designated as accounting hedges
Interest rate contractsResidential mortgage banking revenue$(11)$10 $59 $128 
Total (loss) gain on derivative instruments not designated as accounting hedges$(11)$10 $59 $128 
NOTE 8 – DEPOSITS
The following table summarizes the classification of deposits as of June 30, 2025 and December 31, 2024:
(dollars in thousands)June 30, 2025December 31, 2024
Noninterest-bearing demand$1,074,212 $1,055,564 
Interest-bearing:
Checking2,180,717 2,378,256 
Money market1,216,357 1,173,630 
Savings511,470 507,305 
Time964,163 1,082,488 
Total deposits$5,946,919 $6,197,243 


NOTE 9 – FHLB ADVANCES AND OTHER BORROWINGS
The following table summarizes our FHLB advances and other borrowings as of June 30, 2025 and December 31, 2024:
(dollars in thousands)June 30, 2025December 31, 2024
FHLB advances – fixed rate, fixed term at rates averaging 4.38% and 4.50% at June 30, 2025 and December 31, 2024 - maturing through October 2029
$138,000 $133,000 
FHLB advances – putable fixed rate at rates averaging 3.69% and 3.69% at June 30, 2025 and December 31, 2024, respectively – maturing through July 2034 with call provisions through August 2025
125,000 125,000 
FHLB advances – Short term fixed rate at rates of 4.43% at June 30, 2025
82,000 — 
Total FHLB advances and other borrowings$345,000 $258,000 
    The Company’s advances from the FHLB are collateralized by a blanket collateral agreement of qualifying mortgage and home equity line of credit loans and certain commercial real estate loans totaling approximately $3.10 billion and $3.23 billion at June 30, 2025 and December 31, 2024, respectively. Based on this collateral, the Company was eligible to borrow $1.18 billion from the FHLB at June 30, 2025.
33
NOTE 10 – SUBORDINATED DEBT
The following table summarizes the Company’s subordinated debt at June 30, 2025 and December 31, 2024:
Subordinated debt
Fixed to Float
(dollars in thousands)Issued September 2019Issued September 2019Total
At June 30, 2025
Outstanding amount$50,750 $27,004 $77,754 
Carrying amount50,750 27,009 77,759 
Current rate7.91 %5.50 %
At December 31, 2024
Outstanding amount$50,750 $27,250 $78,000 
Carrying amount50,750 26,999 77,749 
Current rate7.94 %5.50 %
Maturity date9/30/20299/30/2034
Optional redemption date9/30/20249/30/2029
Fixed to variable conversion date9/30/20249/30/2029
Variable rate
3-month SOFR plus 3.61%
3-month SOFR plus 4.05%
Interest payment termsSemiannually through 9/30/2024; Quarterly for all subsequent periodsSemiannually through 9/30/2029; Quarterly for all subsequent periods
The value of subordinated debentures have been reduced by the debt issuance costs, which are being amortized on a straight line basis through the earlier of the redemption option or maturity date. All of the subordinated debentures above may be included in Tier 2 capital (with certain limitations applicable) under current regulatory guidelines and interpretations.
On August 27, 2025, the Company notified holders that the Company will redeem on September 30, 2025 all of the outstanding Fixed-to-Floating Rate Subordinated Notes due September 30, 2029, having an aggregate current principal amount of $50.8 million. The aggregate redemption price will be 100% of the aggregate principal amount of the subordinated notes, plus accrued and unpaid interest. The interest rate on the subordinated notes is currently 7.91%, equating to approximately $4.0 million of annual interest expense.
34
NOTE 11 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table summarizes the changes within each classification of AOCI, net of tax:
(dollars in thousands)Unrealized gains and losses on investment securities available for saleUnrealized gains and losses on cash flow hedgesTotal
Changes in AOCI for the three months ended June 30, 2025
Balance, beginning of period$(70,667)$(1,672)$(72,339)
Other comprehensive income (loss) before reclassifications(2,287)165 (2,122)
Amounts reclassified from AOCI to income(1)
— 473 473 
Balance, end of period$(72,954)$(1,034)$(73,988)
Changes in AOCI for the three months ended June 30, 2024
Balance, beginning of period$(76,007)$(5,412)$(81,419)
Other comprehensive income (loss) before reclassifications(1,871)(153)(2,024)
Amounts reclassified from AOCI to income(1)
— 862 862 
Balance, end of period$(77,878)$(4,703)$(82,581)
Changes in AOCI for the six months ended June 30, 2025
Balance, beginning of period$(79,021)$(2,939)$(81,960)
Other comprehensive income (loss) before reclassifications6,067 815 6,882 
Amounts reclassified from AOCI to income(1)
— 1,090 1,090 
Balance, end of period$(72,954)$(1,034)$(73,988)
Changes in AOCI for the six months ended June 30, 2024
Balance, beginning of period$(71,556)$(5,197)$(76,753)
Other comprehensive income (loss) before reclassifications(6,322)(1,355)(7,677)
Amounts reclassified from AOCI to income(1)
— 1,849 1,849 
Balance, end of period$(77,878)$(4,703)$(82,581)
See table below for details about reclassifications to income.
The following table summarizes the significant amounts reclassified out of each component of AOCI:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Details about AOCI componentsAmounts reclassified from AOCIAmounts reclassified from AOCIAffected line item in the statement of income
Gains and losses on cash flow hedges$(642)$(1,181)$(1,479)$(2,533)Interest income (expense)
169 319 389 684 Income tax (expense) benefit
$(473)$(862)$(1,090)$(1,849)Net income
35
NOTE 12 – EARNINGS PER COMMON SHARE
Earnings per common share is calculated utilizing the two-class method. Basic earnings per common share is calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per common share is calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of shares adjusted for the dilutive effect of common stock awards. Presented below are the calculations for basic and diluted earnings per common share for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands, except per share data)2025202420252024
Net income (loss)$12,024 $25,719 $(128,950)$48,382 
Preferred dividends declared(2,228)(2,228)(4,456)(4,456)
Net income (loss) available to common shareholders9,796 23,491 (133,406)43,926 
Common shareholder dividends(6,670)(6,661)(13,336)(13,327)
Unvested restricted stock award dividends(115)(103)(231)(209)
Undistributed earnings to unvested restricted stock awards(48)(250)— (460)
Undistributed earnings (loss) to common shareholders$2,963 $16,477 $(146,973)$29,930 
Basic
Distributed earnings to common shareholders$6,670 $6,661 $13,336 $13,327 
Undistributed earnings (loss) to common shareholders2,963 16,477 (146,973)29,930 
Total common shareholders earnings (loss), basic$9,633 $23,138 $(133,637)$43,257 
Diluted
Distributed earnings to common shareholders$6,670 $6,661 $13,336 $13,327 
Undistributed earnings (loss) to common shareholders2,963 16,477 (146,973)29,930 
Total common shareholders earnings (loss)9,633 23,138 (133,637)43,257 
Add back:
Undistributed earnings reallocated from unvested restricted stock awards— — — — 
Total common shareholders earnings (loss), diluted$9,633 $23,138 $(133,637)$43,257 
Weighted average common shares outstanding, basic21,820,190 21,731,195 21,808,475 21,753,056 
Dilutive effect of options— 3,654 — 8,436 
Weighted average common shares outstanding, diluted21,820,190 21,734,849 21,808,475 21,761,492 
Basic earnings (loss) per common share$0.44 $1.06 $(6.13)$1.99 
Diluted earnings (loss) per common share0.44 1.06 (6.13)1.99 
Antidilutive stock options(1)
249,277 235,652 249,277 235,652 
(1)The diluted earnings per common share computation excludes antidilutive stock options because the exercise prices of these stock options exceeded the average market prices of the Company's common shares for those respective periods.
NOTE 13 – FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date reflecting assumptions that a market participant would use when pricing an asset or liability. The hierarchy uses three levels of inputs to measure the fair value of assets and liabilities as follows:
•Level 1: Unadjusted quoted prices for identical assets or liabilities traded in active markets.
•Level 2: Significant other observable inputs other than Level 1, including quoted prices for similar assets and liabilities in active markets, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data.
36
•Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument:
Investment securities. The fair value of investment securities available for sale are determined by quoted market prices, if available (Level 1). For investment securities available for sale where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For investment securities available for sale where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). Securities classified as Level 3 are not actively traded, and as a result, fair value is determined utilizing third-party valuation services through consensus pricing. There were no transfers between Levels 1, 2 or 3 during the period presented for assets measured at fair value on a recurring basis. The fair value of equity securities is determined using quoted prices or market prices for similar securities (Level 2).
Residential loans held for sale. The fair value of residential loans held for sale is determined using quoted prices for a similar asset, adjusted for specific attributes of that loan (Level 2).
Credit enhancement asset. The fair value of the credit enhancement asset is calculated using the Income Approach Valuation Method (Level 3).
Derivative instruments. The fair value of derivative instruments are determined based on derivative valuation models using observable market data as of the measurement date (Level 2).
Nonperforming loans. Nonaccrual loans are considered nonperforming and are reviewed individually for the amount of impairment, if any. We measure collateral dependent nonperforming loans based on the estimated fair value of such collateral. In cases where the Company has an agreed upon selling price for the collateral, the fair value is set at the selling price (Level 1). The fair value of each loan’s collateral is generally based on estimated market prices from an independently prepared appraisal, which is then adjusted for the cost related to liquidating such collateral (Level 2). When adjustments are made to an appraised value to reflect various factors such as the age of the appraisal or known changes in the market or the collateral, such valuation inputs are considered unobservable (Level 3). The nonperforming loans categorized as Level 3 also include unsecured loans and other secured loans whose fair values are based significantly on unobservable inputs such as the strength of a guarantor, cash flows discounted at the effective loan rate, and management’s judgment.
Commercial loans held for sale. The fair value of commercial loans held for sale may be based upon third party bids to purchase the specific notes, or the estimated fair value of the underlying collateral. The fair value of the collateral is based on estimated market prices from an independently prepared appraisal, which is adjusted to reflect the cost of liquidating such collateral, and various other factors such as the age of the appraisal or known changes in the market or the collateral, such valuation inputs are considered unobservable (Level 3).
Consumer loans held for sale. The fair value of consumer loans held for sale are calculated using discounted cash flows or other market indicators (Level 3).
Other Real Estate Owned. OREO is initially recorded at fair value at the date of foreclosure less estimated costs of disposal, which establishes a new cost basis. After foreclosure, OREO is held for sale and is carried at the lower of cost or fair value less estimated costs of disposal. Fair value for OREO is based on an appraisal performed upon foreclosure. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between comparable sales and income data available. Property is evaluated regularly to ensure the recorded amount is supported by its fair value less estimated costs to dispose. After the initial foreclosure appraisal, fair value is generally determined by an annual appraisal unless known events warrant adjustments to the recorded value (Level 2). When adjustments are made to an appraised value to reflect various factors such as the age of the appraisal or known changes in the market or the collateral, such valuation inputs are considered unobservable (Level 3).
Appraisals for both collateral-dependent loans and other real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, a member of the Company’s asset quality or collections department reviews the assumptions and approaches utilized in the appraisal.

37
Assets and liabilities measured and recorded at fair value, including financial assets for which the Company has elected the fair value option, on a recurring and nonrecurring basis at June 30, 2025 and December 31, 2024, are summarized below:
June 30, 2025
(dollars in thousands)Carrying
amount		Quoted prices
in active
markets
for identical
assets
(Level 1)		Significant
other
observable
inputs
(Level 2)		Significant unobservable
inputs
(Level 3)
Assets and liabilities measured at fair value on a recurring basis:
Assets
Investment securities available for sale:
U.S. government sponsored entities and U.S. agency securities$25,064 $— $25,064 $— 
Mortgage-backed securities - agency989,600 — 989,600 — 
Mortgage-backed securities - non-agency93,272 — 93,272 — 
Asset-backed student loans45,077 — 45,077 — 
State and municipal securities69,817 — 69,817 — 
Collateralized loan obligations48,050 — 48,050 — 
Corporate securities79,477 — 79,477 — 
Equity securities4,295 4,295 — — 
Residential loans held for sale7,899 — 7,899 — 
Derivative assets5,203 — 5,203 — 
Total$1,367,754 $4,295 $1,363,459 $— 
Liabilities
Derivative liabilities$6,917 $— $6,917 $— 
Total$6,917 $— $6,917 $— 
Assets measured at fair value on a non-recurring basis:
Nonperforming loans$52,156 $— $— $52,156 
Commercial loans held for sale29,400 — — 29,400 
Other real estate owned393 — — 393 
Credit enhancement asset5,800 — — 5,800 
38
December 31, 2024
(dollars in thousands)Carrying
amount		Quoted prices
in active
markets
for identical
assets
(Level 1)		Significant
other
observable
inputs
(Level 2)		Significant unobservable
inputs
(Level 3)
Assets and liabilities measured at fair value on a recurring basis:
Assets
Investment securities available for sale:
U.S. government sponsored entities and U.S. agency securities$20,141 $— $20,141 $— 
Mortgage-backed securities - agency847,056 — 847,056 — 
Mortgage-backed securities - non-agency101,012 — 101,012 — 
Asset-backed student loans49,973 — 49,973 — 
State and municipal securities69,061 — 69,061 — 
Collateralized loan obligations40,450 — 40,450 — 
Corporate securities79,881 — 79,881 — 
Equity securities4,792 4,792 — — 
Loans held for sale8,228 — 8,228 — 
Credit enhancement asset16,804 — — 16,804 
Derivative assets3,837 — 3,837 — 
Total$1,241,235 $4,792 $1,219,639 $16,804 
Liabilities
Derivative liabilities$5,655 $— $5,655 $— 
Total$5,655 $— $5,655 $— 
Assets measured at fair value on a non-recurring basis:
Nonperforming loans$120,222 $— $— $120,222 
Consumer loans held for sale336,719 — — 336,719 
Other real estate owned4,941 — — 4,941 
    The following table presents losses recognized on assets measured on a nonrecurring basis for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Nonperforming loans$8,281 $3,647 10,293 13,870 
Other real estate owned— 730 — 730 
Total losses on assets measured on a nonrecurring basis$8,281 $4,377 $10,293 $14,600 
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    The following tables present quantitative information about significant unobservable inputs used in fair value measurements of Level 3 assets measured on a nonrecurring basis at June 30, 2025 and December 31, 2024:
(dollars in thousands)Fair valueValuation
technique		Unobservable
input / assumptions
Range (weighted average)(1)
June 30, 2025
Nonperforming loans$52,156 Fair value of collateralDiscount for type of property, age of appraisal, and/or current status
0.00% - 39.01% (1.96%)
Other real estate owned393 Fair value of collateralDiscount for type of property, age of appraisal, and/or current status
54.10% - 70.67% (58.17%)
Commercial loans held for sale29,400 Market approachNone - Fair value equals contracted sales price; no significant unobservable inputsN/A
December 31, 2024
Nonperforming loans$120,222 Fair value of collateralDiscount to reflect current market conditions and ultimate collectability
0.00% - 34.15% (0.67%)
Other real estate owned4,941 Fair value of collateralDiscount for type of property, age of appraisal, and/or current status
0.00% - 43.54% (10.68%.)
Consumer loans held for sale(2)
336,719 Discounted cash flowDiscount rate8.98%
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)There was one pool of loans at December 31, 2024 with write-downs during 2024, so no range or weighted average is reported.
ASC Topic 825, Financial Instruments, requires disclosure of the estimated fair value of certain financial instruments and the methods and significant assumptions used to estimate such fair values. Additionally, certain financial instruments and all nonfinancial instruments are excluded from the applicable disclosure requirements.
The Company has elected the fair value option for newly originated residential loans held for sale. These loans are intended for sale and are hedged with derivative instruments. We have elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplification.

The following table presents the difference between the aggregate fair value and the aggregate remaining principal balance for loans for which the fair value option has been elected as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
(dollars in thousands)Aggregate
fair value		DifferenceContractual
principal		Aggregate
fair value		DifferenceContractual
principal
Residential loans held for sale$7,899 $419 $7,480 $8,228 $282 $7,946 
The following table presents the amount of gains (losses) from fair value changes included in income before income taxes for financial assets carried at fair value for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Residential loans held for sale$48 $(1)$135 $17 
40
    The carrying values and estimated fair value of certain financial instruments not carried at fair value at June 30, 2025 and December 31, 2024 were as follows:
June 30, 2025
(dollars in thousands)Carrying
amount		Fair valueQuoted prices
in active
markets
for identical
assets
(Level 1)		Significant
other
observable
inputs
(Level 2)		Significant
unobservable
inputs
(Level 3)
Assets
Cash and due from banks$175,897 $175,897 $175,897 $— $— 
Federal funds sold690 690 690 — — 
Loans5,035,295 4,909,675 — — 4,909,675 
Accrued interest receivable25,053 25,053 — 25,053 — 
Liabilities
Deposits$5,946,919 $5,932,931 $— $5,932,931 $— 
Short-term borrowings8,654 8,654 8,654 — 
FHLB and other borrowings345,000 344,016 — 344,016 — 
Subordinated debt77,759 72,112 — 72,112 — 
Trust preferred debentures51,518 50,677 — 50,677 — 
December 31, 2024
(dollars in thousands)Carrying
amount		Fair valueQuoted prices
in active
markets
for identical
assets
(Level 1)		Significant
other
observable
inputs
(Level 2)		Significant
unobservable
inputs
(Level 3)
Assets
Cash and due from banks$114,055 $114,055 $114,055 $— $— 
Federal funds sold711 711 711 — — 
Loans5,167,574 4,979,885 — — 4,979,885 
Accrued interest receivable25,329 25,329 — 25,329 — 
Liabilities
Deposits$6,197,243 $6,183,807 $— $6,183,807 $— 
Short-term borrowings87,499 87,499 75,000 12,499 — 
FHLB and other borrowings258,000 253,520 — 253,520 — 
Subordinated debt77,749 69,827 — 69,827 — 
Trust preferred debentures51,205 49,056 — 49,056 — 
The methods utilized to measure fair value of financial instruments at June 30, 2025 and December 31, 2024 represent an approximation of exit price; however, an actual exit price may differ.
NOTE 14 – COMMITMENTS, CONTINGENCIES AND CREDIT RISK
In the normal course of business, there are outstanding various contingent liabilities such as claims and legal actions, which are not reflected in the consolidated financial statements. No other material losses are anticipated as a result of these actions or claims.
We are a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of our customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance
41
sheet. The contract amounts of those instruments reflect the extent of involvement we have in particular classes of financial instruments.
Our exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Company used the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. The commitments are principally tied to variable rates. Loan commitments as of June 30, 2025 and December 31, 2024 were as follows:
(dollars in thousands)June 30, 2025December 31, 2024
Commitments to extend credit$799,331 $754,202 
Financial guarantees – standby letters of credit18,625 22,298 
NOTE 15 – SEGMENT INFORMATION
The Company's reportable segments are determined by the Chief Executive Officer, who is the designated chief operating decision maker, based upon information provided about the Company's products and services offered, primarily distinguished between Banking, Wealth Management and Corporate. They are also distinguished by the level of information provided to the chief operating decision maker, who uses such information to review performance of various components of the business, which are then aggregated if operating performance, products and services, and customers are similar. The chief operating decision maker analyzes the financial performance of the Company's segments, allocates resources and assesses compensation of certain employees by evaluating revenue streams, significant expenses and budget to actual results. The performance of the Banking segment is assessed by monitoring the margin between interest income and interest expense related to loans, investments, deposits and other borrowings. Pretax profit and loss is used to assess the performance of the Wealth Management segment. Interest expense, provisions for credit losses and payroll provide the significant expenses in the Banking segment, while payroll provides the significant expenses in the Wealth Management segment.
The Banking segment provides a wide range of financial products and services to consumers and businesses, including commercial, commercial real estate, mortgage and other consumer loan products; commercial equipment financing; mortgage loan sales and servicing; letters of credit; various types of deposit products, including checking, savings and time deposit accounts; merchant services; and corporate treasury management services.
The Wealth Management segment consists of trust and fiduciary services, brokerage and retirement planning services.
The Corporate segment includes the holding company financing and investment activities, administrative expenses, as well as the elimination of intercompany transactions.
Reported segments and the financial information of the reported segments are not necessarily comparable with similar information reported by other financial institutions. Additionally, because of the interrelationships of the various segments, the information presented is not indicative of how the segments would perform if they operated as independent entities. Changes in management structure or allocation methodologies and procedures may result in future changes to previously reported segment financial data. The accounting policies of the segments are substantially the same as those described in the “Summary of Significant Accounting Policies” in Note 1 of the Company’s 2024 Annual Report on Form 10-K.
Transactions between segments consist primarily of borrowed funds and servicing fees. Noninterest income and expense directly attributable to a segment are assigned to it with various shared service costs such as human resources, accounting, finance, risk management and information technology expense assigned to the Banking segment.


42
Selected business segment financial information for the three and six months ended June 30, 2025 and 2024 were as follows:
(dollars in thousands)BankingWealth
Management		CorporateTotal
Three Months Ended June 30, 2025
Interest income$97,924 $— $— $97,924 
Interest expense36,879 18 2,332 39,229 
Net interest income (expense)61,045 (18)(2,332)58,695 
Provision for credit losses17,369 — — 17,369 
Wealth management revenue— 7,379 — 7,379 
Other noninterest income16,972 — (817)16,155 
Total noninterest income16,972 7,379 (817)23,534 
Salaries and employee benefits21,330 4,355 — 25,685 
Depreciation expense1,207 11 — 1,218 
Amortization of intangible assets572 255 — 827 
Other noninterest expense21,297 1,715 (750)22,262 
Total noninterest expense44,406 6,336 (750)49,992 
Income (loss) before income taxes (benefit)16,242 1,025 (2,399)14,868 
Income taxes (benefit)3,037 528 (721)2,844 
Net income (loss)$13,205 $497 $(1,678)$12,024 
Total assets$7,114,866 $33,786 $(40,774)$7,107,878 
Six Months Ended June 30, 2025
Interest income$197,279 $— $— $197,279 
Interest expense75,609 35 4,650 80,294 
Net interest income (expense)121,670 (35)(4,650)116,985 
Provision for credit losses28,219 — — 28,219 
Wealth management revenue— 14,729 — 14,729 
Other noninterest income28,322 — (1,754)26,568 
Total noninterest income28,322 14,729 (1,754)41,297 
Salaries and employee benefits44,244 7,857 — 52,101 
Depreciation expense2,435 21 — 2,456 
Amortization of intangible assets1,216 522 — 1,738 
Impairment on goodwill153,977 — — 153,977 
Other noninterest expense(1)
40,833 3,431 (1,539)42,725 
Total noninterest expense242,705 11,831 (1,539)252,997 
(Loss) income before income (benefit) taxes(120,932)2,863 (4,865)(122,934)
Income (benefit) taxes 6,144 1,288 (1,416)6,016 
Net (loss) income$(127,076)$1,575 $(3,449)$(128,950)
Total assets$7,114,866 $33,786 $(40,774)$7,107,878 
(dollars in thousands)BankingWealth
Management		CorporateTotal
Three Months Ended June 30, 2024
Interest income$107,130 $— $8 $107,138 
Interest expense46,065 12 2,166 48,243 
Net interest income (expense)61,065 (12)(2,158)58,895 
Provision for credit losses8,282 — — 8,282 
Wealth management revenue— 6,801 — 6,801 
Other noninterest income25,203 — (20)25,183 
43
Total noninterest income25,203 6,801 (20)31,984 
Salaries and employee benefits19,423 3,449 — 22,872 
Depreciation expense1,235 12 — 1,247 
Amortization of intangible assets741 275 — 1,016 
Other noninterest expense24,698 1,606 (655)25,649 
Total noninterest expense46,097 5,342 (655)50,784 
Income (loss) before income taxes (benefit)31,889 1,447 (1,523)31,813 
Income taxes (benefit)6,119 618 (643)6,094 
Net income (loss)$25,770 $829 $(880)$25,719 
Total assets$7,685,175 $34,940 $(12,041)$7,708,074 
Six Months Ended June 30, 2024
Interest income$212,649 $— $15 $212,664 
Interest expense89,516 20 4,462 93,998 
Net interest income (expense)123,133 (20)(4,447)118,666 
Provision for credit losses28,224 — — 28,224 
Wealth management revenue— 13,933 — 13,933 
Other noninterest income56,348 — (456)55,892 
Total noninterest income56,348 13,933 (456)69,825 
Salaries and employee benefits40,205 6,769 — 46,974 
Depreciation expense2,452 26 — 2,478 
Amortization of intangible assets1,542 563 — 2,105 
Other noninterest expense(1)
45,737 3,396 (1,298)47,835 
Total noninterest expense89,936 10,754 (1,298)99,392 
Income (loss) before income taxes (benefit)61,321 3,159 (3,605)60,875 
Income taxes (benefit)12,624 1,308 (1,439)12,493 
Net income (loss)$48,697 $1,851 $(2,166)$48,382 
Total assets$7,685,175 $34,940 $(12,041)$7,708,074 
(1)    Other noninterest expense for Banking includes occupancy and equipment, data processing, FDIC insurance, professional services, marketing, communications, loan expense and other miscellaneous expenses. Other noninterest expense for Wealth Management includes occupancy and equipment, data processing, professional services, marketing, communications and other miscellaneous expenses. Other noninterest expense for Corporate includes data processing, professional services, marketing and other miscellaneous expenses.
44
NOTE 16 – REVENUE FROM CONTRACTS WITH CUSTOMERS
The Company’s revenue from contracts with customers in the scope of Topic 606 is recognized within noninterest income in the consolidated statements of income. The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and six months ended June 30, 2025 and 2024.
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Noninterest income - in-scope of Topic 606
Wealth management revenue:
Trust management/administration fees$6,435 $5,853 $12,879 $12,120 
Investment advisory and brokerage fees522 500 1,004 923 
Other422 448 846 890 
Service charges on deposit accounts:
Nonsufficient fund fees2,018 1,836 3,971 3,658 
Other1,333 1,285 2,685 2,579 
Interchange revenues3,463 3,563 6,614 6,921 
Other income:
Merchant services revenue359 357 697 701 
Other823 513 1,116 612 
Noninterest income - out-of-scope of Topic 6068,159 17,629 11,485 41,421 
Total noninterest income$23,534 $31,984 $41,297 $69,825 
    Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and investment securities. In addition, certain noninterest income streams such as commercial FHA revenue, residential mortgage banking revenue, credit enhancement income, and gain on sales of investment securities, net, are also not in scope of Topic 606. Topic 606 is applicable to noninterest income streams such as wealth management revenue, service charges on deposit accounts, interchange revenue, gain on sales of other real estate owned, and certain other noninterest income streams. The noninterest income streams considered in-scope by Topic 606 are discussed below.
Wealth Management Revenue
Wealth management revenue is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Company also earns investment advisory fees through its SEC registered investment advisory subsidiary. The Company’s performance obligation in both of these instances is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and contractually determined fee schedules. Payment is generally received a few days after month end through a direct charge to each customer’s account. The Company does not earn performance-based incentives. Optional services such as real estate sales and tax return preparation services are also available to existing trust and asset management customers. The Company’s performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e., as incurred). Payment is received shortly after services are rendered. Fees generated from transactions executed by the Company’s third party broker dealer are remitted to the Company on a monthly basis for that month’s transactional activity.
Service Charges on Deposit Accounts
Service charges on deposit accounts consist of fees received under depository agreements with customers to provide access to deposited funds, serve as custodian of deposited funds, and when applicable, pay interest on deposits. These service charges primarily include non-sufficient fund fees and other account related service charges. Non-sufficient fund fees are earned when a depositor presents an item for payment in excess of available funds, and the Company, at its discretion, provides the necessary funds to complete the transaction. The Company generates other account related service charge revenue by providing depositors proper safeguard and remittance of funds as well as by delivering optional services for depositors, such as check imaging or treasury management, that are performed upon the depositor’s request. The Company’s performance obligation for the proper safeguard and remittance of funds, monthly account analysis and any other monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Payment for service charges on deposit accounts is typically received immediately or in the following month through a direct charge to a customer’s account.
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Interchange Revenue
Interchange revenue includes debit / credit card income and ATM user fees. Card income is primarily comprised of interchange fees earned for standing ready to authorize and providing settlement on card transactions processed through the MasterCard interchange network. The levels and structure of interchange rates are set by MasterCard and can vary based on cardholder purchase volumes. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with completion of the Company’s performance obligation, the transaction processing services provided to the cardholder. Payment is typically received immediately or in the following month. ATM fees are primarily generated when a Company cardholder withdraws funds from a non-Company ATM or a non-Company cardholder withdraws funds from a Company ATM. The Company satisfies its performance obligation for each transaction at the point in time when the ATM withdrawal is processed.
Other Noninterest Income
The other noninterest income revenue streams within the scope of Topic 606 consist of merchant services revenue, safe deposit box rentals, wire transfer fees, paper statement fees, check printing commissions, gain on sales of other real estate owned and other noninterest related fees. Revenue from the Company’s merchant services business consists principally of transaction and account management fees charged to merchants for the electronic processing of transactions. These fees are net of interchange fees paid to the credit card issuing bank, card company assessments, and revenue sharing amounts. Account management fees are considered earned at the time the merchant’s transactions are processed or other services are performed. Fees related to the other components of other noninterest income within the scope of Topic 606 are largely transactional based, and therefore, the Company’s performance obligation is satisfied and related revenue recognized, at the point in time the customer uses the selected service to execute a transaction.
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ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following is Management's discussion and analysis of certain significant factors which have affected the financial condition and results of operations of the Company as reflected in the unaudited consolidated balance sheet as of June 30, 2025, as compared to December 31, 2024, and unaudited consolidated operating results for the three and six months ended June 30, 2025 and 2024. This disclosure should be read in conjunction with the Company's unaudited consolidated financial statements and accompanying notes appearing elsewhere herein and the audited financial statements and accompanying notes provided in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on July 1, 2025.
In addition to the historical information contained herein, this Quarterly Report on Form 10-Q includes “forward-looking statements” within the meaning of such term under the Private Securities Litigation Reform Act of 1995. These statements are subject to many risks and uncertainties, including interest rates and other general economic, business and political conditions, including the rate of inflation; changes in the financial markets; changes in business plans as circumstances warrant; risks related to legal proceedings; risks related to mergers and acquisitions and the integration of acquired businesses; changes to U.S. tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the SEC. Readers should note that the forward-looking statements included herein are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” or “continue,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this document, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
The preparation of our consolidated financial statements requires Management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. These estimates are based upon historical experience and on various other assumptions that management believes are reasonable under current circumstances. These estimates form the basis for making judgments about the carrying value of certain assets and liabilities that are not readily available from other sources. Actual results may differ from these estimates under different assumptions or conditions. The estimates and judgments that management believes have the greatest effect on the Company’s reported financial position and results of operations are set forth in “Note 1 – Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements, included in our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no significant changes to the Company's critical accounting policies as disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, except as indicated in "Accounting Standards Adopted in 2025" in Note 1 to the Consolidated Financial Statements in the report.
Allowance for Credit Losses on Loans
Management’s evaluation process used to determine the appropriateness of the allowance for credit losses on loans is subject to the use of estimates, assumptions, and judgments. The evaluation process combines many factors: management’s ongoing review and grading of the loan portfolio leveraging probability of default and loss given default, consideration of historical loan loss and delinquency experience, trends in past due and nonaccrual loans, risk characteristics of the various classifications of loans, concentrations of loans to specific borrowers or industries, existing economic conditions and forecasts, the fair value of underlying collateral, and other qualitative and quantitative factors which could affect future credit losses. Because current economic conditions and forecasts can change and future events are inherently difficult to predict, the anticipated amount of estimated credit losses on loans, and therefore the appropriateness of the allowance for credit losses on loans, could change significantly. It is difficult to estimate how potential changes in any one economic factor or input might affect the overall allowance because a wide variety of factors and inputs are considered in estimating the allowance and changes in those factors and inputs considered may not occur at the same rate and may not be consistent across all product types. Additionally, changes in factors and inputs may be directionally inconsistent, such that improvement in one factor may offset deterioration in others. As an integral part of their examination process, various regulatory agencies also review the allowance for credit losses on loans. Such agencies may require additions to the allowance for credit losses on loans or may require that certain loan balances be charged-off or downgraded into criticized loan categories when their credit evaluations differ from those of management, based on their judgments about information available to them at the time of their examination. The Company believes the level of the allowance for credit losses on loans is appropriate.


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Goodwill

Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Goodwill is subject to impairment testing, which must be conducted at least annually or upon the occurrence of a triggering event. Various factors, such as the Company’s results of operations, the trading price of the Company’s common stock relative to the book value per share, macroeconomic conditions and conditions in the banking sector, inform whether a triggering event for an interim goodwill impairment test has occurred. Goodwill is recorded and evaluated for impairment at its reporting units, Banking and Wealth Management. The Company's policy is to test goodwill for impairment annually as of August 31, or on an interim basis if an event triggering an impairment assessment is determined to have occurred.

Testing of goodwill impairment comprises a two-step process. First, the Company performs a qualitative assessment to evaluate relevant events or circumstances to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that it is more likely than not that an impairment has occurred, it proceeds to the quantitative impairment test, whereby it calculates the fair value of the reporting unit and compares it with its carrying amount, including goodwill. In its performance of impairment testing, the Company has the unconditional option to proceed directly to the quantitative impairment test, bypassing the qualitative assessment. If the carrying amount of the reporting unit exceeds the fair value, the amount by which the carrying amount exceeds fair value, up to the carrying value of goodwill, is recorded through earnings as an impairment charge. If the results of the qualitative assessment indicate that it is not more likely than not that an impairment has occurred, or if the quantitative impairment test results in a fair value of the reporting unit that is greater than the carrying amount, then no impairment charge is recorded.

The Company performed a quantitative impairment test on its Banking reporting unit as of December 31, 2024, and engaged a third-party service provider to assist Management with the determination of the fair value. The resulting calculation indicated that the fair value exceeded the carrying amount of the Company's Banking reporting unit by approximately 7% as of December 31, 2024, which resulted in a determination of no impairment loss.

The method employed was a discounted cash flow analysis. Significant judgment is necessary in the determination of the fair value of a reporting unit. This valuation methodology requires an estimation of future cash flows, considering the after-tax results of operations, the extent and timing of credit losses, and appropriate discount and growth rates. Actual future cash flows may differ from forecasted results based on the assumptions used.

In performing the discounted cash flow analysis, the Company utilized multi-year cash projections that rely on internal forecasts of loan and deposit growth, bond mix, financing composition, market pricing of securities, credit performance, forward interest rates, future returns driven by net interest margin, fee generation and expense incurrence, industry and economic trends, and other relevant considerations. The long-term growth rate used in the calculation of fair value was derived from published projections of the inflation rate, along with Management estimates.

The discount rate was calculated as the cost of equity capital using the modified capital asset pricing model, which includes variables including the risk-free interest rate, beta, equity risk premium, size premium and company-specific risk premium.

Subsequently, during the first quarter of 2025, Management determined that a triggering event had occurred at its Banking reporting unit as a result of further deteriorated credit quality coupled with the trends in the Company's stock price. The Company performed a quantitative impairment test on its Banking reporting unit as of March 31, 2025, and, with the assistance of a third-party service provider, utilized a discounted cash flow analysis to calculate the fair value. Projected near-term earnings were lowered resulting from higher projected provisions for loan losses and lower projected noninterest income. In addition, the interim quantitative impairment test performed as of March 31, 2025 used a 15.9% discount rate (vs. 13.4% at December 31, 2024) as the Company specific risk premium increased from 2.5% to 6.0%. The resulting calculation indicated that the carrying amount exceeded the fair value of the Company's Banking reporting unit. As a result of the assessment, the Company recognized goodwill impairment expense $154.0 million in the first quarter of 2025. This non-cash impairment expense did not impact our regulatory capital ratios, tangible common equity ratio or our liquidity position.

Third-party loan origination and servicing programs
Prior to March 31, 2025, the Company operated three significant programs to originate and service unsecured commercial and consumer loans. Loan options under the programs included traditional fully-amortizing loans and promotional loans with no interest, or “same-as-cash”, features if the loan was fully repaid in the promotional window. The loans were originated at par in the Company’s name and had terms ranging from five months to 25 years with a much shorter effective life due to amortization and prepayments. As of June 30, 2025, the Company is operating only one such program.
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The program is governed by multiple interrelated agreements including the loan agreements between the Company and the customer, the Company and the program sponsor, and the Company and the servicer. Key characteristics of the program with a sponsor include:
•The program sponsor guarantees a targeted return which is paid first by customer payments and, if necessary, supplemented by the program sponsor.
•Excess yield on the portfolio after realized charge-offs and above an agreed upon target rate due to the Company is paid to the program sponsor as a “performance fee.”
•In the event charge-offs exceed the amount available as a performance fee the program sponsor reimburses the Company for all excess charge-offs.
Under U.S. GAAP, agreements with multiple counterparties, such as the customer, servicer and program sponsor, are generally required to be accounted for separately even if the agreements are highly interrelated. As a result, we account for the program as multiple units of account with the following impacts:
•The loans are accounted for as one unit of account under U.S. GAAP including revenue recognition and inclusion in our CECL allowance methodology.
•The agreement that governs the yield maintenance or credit enhancement from the program sponsor is a separate unit of account and meets the definition of a derivative under U.S. GAAP and is accounted for at fair value in our financial statements. The primary drivers of the derivative value include estimated prepayment activity on promotional loans that would trigger reimbursement from the third-party program sponsor to us and estimated excess yield above projected credit losses that would lead to performance fee payments from us to the third-party program sponsor. The credit risk of the third-party and discount rates used in the calculation also impact the value of the derivative. Changes in the fair value of the derivative are recorded as gains or losses in noninterest income.
•Noninterest income each period includes actual amounts received during the period from the program sponsor for interest income guarantees and credit enhancements described above, offset by amounts paid during the period for performance fees as defined in our agreement with the program sponsor.
•Noninterest expense each period includes actual amounts paid during the period for servicing fees as defined in our agreement with the servicer.

At June 30, 2025 and December 31, 2024, loans outstanding in this program were $53.7 million and $62.3 million, respectively.
Factors Affecting Comparability
Goodwill impairment. During the first quarter of 2025, Management determined that a triggering event had occurred at its Banking reporting unit as a result of further deteriorated credit quality coupled with the trends in the stock price. The Company performed a quantitative impairment test on its Banking reporting unit as of March 31, 2025, and engaged a third-party service provider to assist Management with the determination of the fair value. The resulting calculation indicated that the carrying amount exceeded the fair value of the Company's Banking reporting unit. As a result of the assessment, the Company recognized $154.0 million of goodwill impairment expense. The impairment expense did not impact our regulatory capital ratios, tangible common equity ratio or our liquidity position.
Sale of non-core consumer loan portfolios. During the fourth quarter of 2024, the Company sold our $87.1 million LendingPoint portfolio, recognizing net charge-offs of $17.3 million on the sale. We also committed to a plan to sell our GreenSky consumer loan portfolio and recognized net charge-offs of $35.0 million when these loans were transferred to held for sale. On April 9, 2025, we sold participation interests in $317.5 million of our GreenSky consumer loan portfolio, with the intent to retain the remaining portion of the portfolio.
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Results of Operations
Overview. The following table sets forth condensed income statement information of the Company for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands, except per share data)2025202420252024
Income Statement Data:
Interest income$97,924 $107,138 $197,279 $212,664 
Interest expense39,229 48,243 80,294 93,998 
Net interest income58,695 58,895 116,985 118,666 
Provision for credit losses17,369 8,282 28,219 28,224 
Noninterest income23,534 31,984 41,297 69,825 
Noninterest expense49,992 50,784 252,997 99,392 
Income (loss) before income taxes14,868 31,813 (122,934)60,875 
Income taxes2,844 6,094 6,016 12,493 
Net income (loss)12,024 25,719 (128,950)48,382 
Preferred dividends2,228 2,228 4,456 4,456 
Net income (loss) available to common shareholders$9,796 $23,491 $(133,406)$43,926 
Per Share Data:
Basic earnings (loss) per common share$0.44 $1.06 $(6.13)$1.99 
Diluted earnings (loss) per common share$0.44 $1.06 $(6.13)$1.99 
Performance Metrics:
Return on average assets0.67 %1.33 %(3.56)%1.25 %
Return on average shareholders' equity8.43 %13.20 %(40.41)%12.36 %
During the three months ended June 30, 2025, we generated net income of $12.0 million, or diluted earnings per common share of $0.44, compared to net income of $25.7 million, or diluted earnings per common share of $1.06, in the three months ended June 30, 2024. Earnings for the second quarter of 2025 compared to the second quarter of 2024 decreased primarily due to a $0.2 million decrease in net interest income, a $9.1 million increase in provision for credit losses, and an $8.4 million decrease in noninterest income. These results were partially offset by a $0.8 million decrease in noninterest expense, and a $3.2 million decrease in income tax expense.
During the six months ended June 30, 2025, we generated a net loss of $129.0 million, or diluted loss per common share of $6.13, compared to net income of $48.4 million, or diluted earnings per common share of $1.99, in the six months ended June 30, 2024. Earnings for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, included a $1.7 million decrease in net interest income, a $28.5 million decrease in noninterest income, and a $153.6 million increase in noninterest expense, primarily as a result of $154.0 million of goodwill impairment recognized in the first quarter of 2025. These results were partially offset by a $6.5 million decrease in income tax expense.
Net Interest Income and Margin. Our primary source of revenue is net interest income, which is the difference between interest income from interest-earning assets (primarily loans and securities) and interest expense of funding sources (primarily interest-bearing deposits and borrowings). Net interest income is influenced by many factors, primarily the volume and mix of interest-earning assets, funding sources and interest rate fluctuations. Noninterest-bearing sources of funds, such as demand deposits and shareholders’ equity, also support interest-earning assets. Net interest margin is calculated as net interest income divided by average interest-earning assets. Net interest margin is presented on a tax-equivalent basis, which means that tax-free interest income has been adjusted to a pretax-equivalent income, assuming a federal income tax rate of 21% for 2025 and 2024.
At its July 2025 meeting, the FOMC kept its key borrowing rate targeted in a range between 4.25%-4.50%, where it has been since December 2024. The post-meeting statement stated "The unemployment rate remains low, and labor market conditions remain solid. Inflation remains somewhat elevated.” Federal Reserve Chair Jerome Powell said at a news conference that the committee had not yet determined whether it would cut rates at its September meeting. He stated that he believes their obligation is to keep longer term inflation expectations well anchored and to prevent a one time increase in the price level from becoming an ongoing inflation problem. The benchmark federal funds rate began 2024 at a target range between 5.25%-5.50%.
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At its September 2024 FOMC meeting, the Federal Reserve cut its benchmark interest rate by 0.50 percentage points, marking the first reduction in four years.
During the three months ended June 30, 2025, net interest income, on a tax-equivalent basis, totaled $59.0 million compared to $59.1 million for the three months ended June 30, 2024. The tax-equivalent net interest margin increased to 3.56% for the second quarter of 2025 compared to 3.33% in the second quarter of 2024.
During the six months ended June 30, 2025, net interest income, on a tax-equivalent basis, decreased to $117.5 million with a tax-equivalent net interest margin of 3.52% compared to net interest income, on a tax-equivalent basis, of $119.1 million with a tax-equivalent net interest margin of 3.36% for the six months ended June 30, 2024.
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Average Balance Sheet, Interest and Yield/Rate Analysis. The following tables present the average balance sheets, interest income, interest expense and the corresponding average yields earned and rates paid for the three and six months ended June 30, 2025 and 2024. The average balances are principally daily averages and, for loans, include both performing and nonperforming balances. Interest income on loans includes the effects of discount accretion and net deferred loan origination costs accounted for as yield adjustments.
Three Months Ended June 30,
20252024
(tax-equivalent basis, dollars in thousands)Average
balance		Interest
& fees		Yield/
Rate		Average
balance		Interest
& fees		Yield/
Rate
Interest-earning assets:
Federal funds sold and cash investments$67,326 $716 4.27 %$65,250 $875 5.40 %
Investment securities:
Taxable investment securities1,309,821 16,618 5.09 1,041,187 12,483 4.82 
Investment securities exempt from federal income tax (1)
57,359 546 3.82 57,265 322 2.26 
Total securities1,367,180 17,164 5.04 1,098,452 12,805 4.69 
Loans:
Loans (2)
5,063,295 78,514 6.22 5,869,074 92,095 6.31 
Loans exempt from federal income tax (1)
60,263 726 4.83 46,449 486 4.21 
Total loans5,123,558 79,240 6.20 5,915,523 92,581 6.29 
Loans held for sale44,642 377 3.39 4,910 84 6.84 
Nonmarketable equity securities38,803 694 7.17 44,216 963 8.76 
Total interest-earning assets6,641,509 98,191 5.93 7,128,351 107,308 6.05 
Noninterest-earning assets513,801 669,370 
Total assets$7,155,310 $7,797,721 
Interest-bearing liabilities:
Deposits:
Checking and money market deposits$3,342,014 $23,539 2.83 %$3,555,629 $29,612 3.35 %
Savings deposits516,797 326 0.25 545,681 471 0.35 
Time deposits821,322 6,702 3.27 846,481 7,752 3.68 
Brokered time deposits165,476 1,723 4.18 153,574 1,641 4.30 
Total interest-bearing deposits4,845,609 32,290 2.67 5,101,365 39,476 3.11 
Short-term borrowings60,117 573 3.82 30,449 308 4.07 
FHLB advances and other borrowings363,505 3,766 4.16 500,758 5,836 4.69 
Subordinated debt77,757 1,394 7.19 93,090 1,265 5.47 
Trust preferred debentures51,439 1,206 9.40 50,921 1,358 10.73 
Total interest-bearing liabilities5,398,427 39,229 2.91 5,776,583 48,243 3.36 
Noninterest-bearing liabilities:
Noninterest-bearing deposits1,075,945 1,132,451 
Other noninterest-bearing liabilities108,819 104,841 
Total noninterest-bearing liabilities1,184,764 1,237,292 
Shareholders’ equity572,119 783,846 
Total liabilities and shareholders’ equity$7,155,310 $7,797,721 
Net interest income / net interest margin (3)
$58,962 3.56 %$59,065 3.33 %
(1)Interest income and average rates for tax-exempt loans and securities are presented on a tax-equivalent basis, assuming a federal income tax rate of 21%. Tax-equivalent adjustments totaled $0.3 million and $0.2 million for the three months ended June 30, 2025 and 2024, respectively.
(2)Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.
(3)Net interest margin during the periods presented represents: (i) the difference between interest income on interest-earning assets and the interest expense on interest-bearing liabilities, divided by (ii) average interest-earning assets for the period.
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Six Months Ended June 30,
20252024
(tax-equivalent basis, dollars in thousands)Average
balance		Interest
& fees		Yield/
Rate		Average
balance		Interest
& fees		Yield/
Rate
Interest-earning assets:
Federal funds sold and cash investments$67,995 $1,434 4.25 %$67,283 $1,826 5.46 %
Investment securities:
Taxable investment securities1,282,053 31,593 4.97 987,487 22,662 4.62 
Investment securities exempt from federal income tax (1)
57,633 1,088 3.81 56,098 851 3.05 
Total securities1,339,686 32,681 4.92 1,043,585 23,513 4.53 
Loans:
Loans (2)
5,038,964 156,182 6.25 5,916,764 184,941 6.29 
Loans exempt from federal income tax (1)
51,694 1,177 4.59 47,013 979 4.19 
Total loans5,090,658 157,359 6.23 5,963,777 185,920 6.27 
Loans held for sale184,717 4,940 5.39 4,157 139 6.72 
Nonmarketable equity securities37,217 1,341 7.27 40,072 1,650 8.28 
Total interest-earning assets6,720,273 197,755 5.93 7,118,874 213,048 6.02 
Noninterest-earning assets590,446 669,370 
Total assets$7,310,719 $7,788,244 
Interest-bearing liabilities:
Deposits:
Checking and money market deposits$3,425,642 $48,679 2.87 %$3,580,789 $58,850 3.31 %
Savings deposits516,791 655 0.26 550,674 947 0.35 
Time deposits821,513 13,533 3.32 849,460 15,062 3.57 
Brokered time deposits195,423 4,038 4.17 167,319 3,831 4.60 
Total interest-bearing deposits4,959,369 66,905 2.72 5,148,242 78,690 3.07 
Short-term borrowings66,904 1,273 3.84 47,815 1,144 4.81 
FHLB advances and other borrowings331,718 6,929 4.21 406,940 8,872 4.38 
Subordinated debt77,754 2,781 7.21 93,337 2,545 5.45 
Trust preferred debentures51,362 2,406 9.45 50,814 2,747 10.87 
Total interest-bearing liabilities5,487,107 80,294 2.95 5,747,148 93,998 3.29 
Noninterest-bearing liabilities:
Noninterest-bearing deposits1,063,937 1,141,996 
Other noninterest-bearing liabilities116,175 112,223 
Total noninterest-bearing liabilities1,180,112 1,254,219 
Shareholders’ equity643,500 786,877 
Total liabilities and shareholders’ equity$7,310,719 $7,788,244 
Net interest income / net interest margin (3)
$117,461 3.52 %$119,050 3.36 %
(1)Interest income and average rates for tax-exempt loans and securities are presented on a tax-equivalent basis, assuming a federal income tax rate of 21%. Tax-equivalent adjustments totaled $0.5 million and $0.4 million for the six months ended June 30, 2025 and 2024, respectively.
(2)Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.
(3)Net interest margin during the periods presented represents: (i) the difference between interest income on interest-earning assets and the interest expense on interest-bearing liabilities, divided by (ii) average interest-earning assets for the period.
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Interest Rates and Operating Interest Differential. Increases and decreases in interest income and interest expense result from changes in average balances (volume) of interest-earning assets and interest-bearing liabilities, as well as changes in average interest rates. The following table shows the effect that these factors had on the interest earned on our interest-earning assets and the interest incurred on our interest-bearing liabilities. The effect of changes in volume is determined by multiplying the change in volume by the previous period’s average rate. Similarly, the effect of rate changes is calculated by multiplying the change in average rate by the previous period’s volume. Changes which are not due solely to volume or rate have been allocated proportionally to the change due to volume and the change due to rate.
Three Months Ended June 30, 2025 compared with Three Months Ended June 30, 2024Six Months Ended June 30, 2025 compared with Six Months Ended June 30, 2024
Change due to:Interest
Variance		Change due to:Interest
Variance
(tax-equivalent basis, dollars in thousands)VolumeRateVolumeRate
Earning assets:
Federal funds sold and cash investments$26 $(185)$(159)$15 $(407)$(392)
Investment securities:
Taxable investment securities3,318 817 4,135 6,909 2,022 8,931 
Investment securities exempt from federal income tax— 224 224 22 215 237 
Total securities3,318 1,041 4,359 6,931 2,237 9,168 
Loans:
Loans(12,461)(1,120)(13,581)(27,541)(1,218)(28,759)
Loans exempt from federal income tax156 84 240 101 97 198 
Total loans(12,305)(1,036)(13,341)(27,440)(1,121)(28,561)
Loans held for sale506 (213)293 5,424 (623)4,801 
Nonmarketable equity securities(106)(163)(269)(112)(197)(309)
Total earning assets(8,561)(556)(9,117)(15,182)(111)(15,293)
Interest-bearing liabilities:
Checking and money market deposits(1,604)(4,469)(6,073)(2,455)(7,716)(10,171)
Savings deposits(21)(124)(145)(52)(240)(292)
Time deposits(207)(843)(1,050)(498)(1,031)(1,529)
Brokered time deposits128 (46)82 606 (399)207 
Total interest-bearing deposits(1,704)(5,482)(7,186)(2,399)(9,386)(11,785)
Short-term borrowings292 (27)265 408 (279)129 
FHLB advances and other borrowings(1,505)(565)(2,070)(1,616)(327)(1,943)
Subordinated debt(241)370 129 (489)725 236 
Trust preferred debentures14 (166)(152)24 (365)(341)
Total interest-bearing liabilities(3,144)(5,870)(9,014)(4,072)(9,632)(13,704)
Net interest income$(5,417)$5,314 $(103)$(11,110)$9,521 $(1,589)
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Interest Income. Interest income, on a tax-equivalent basis, decreased $9.1 million to $98.2 million in the three months ended June 30, 2025 as compared to the same quarter in 2024, primarily due to a decline in earning assets. The yield on earning assets decreased 12 basis points to 5.93% from 6.05%.
Average earning assets decreased to $6.64 billion in the second quarter of 2025 from $7.13 billion in the same quarter in 2024. A decrease in average loans of $792.0 million was partially offset by an increase in investment securities of $268.7 million.
Average loans decreased $792.0 million in the second quarter of 2025 compared to the same quarter of 2024. Average consumer loans decreased $665.8 million. In the fourth quarter of 2024, the Company accelerated the reduction of our non-core consumer loan portfolio through sales. In December 2024, we sold our LendingPoint portfolio and committed to a plan to sell the majority of our GreenSky consumer loan portfolio, transferring these loans to held for sale. In the second quarter of 2024, the average balances of the LendingPoint and GreenSky portfolios were $100.0 million and $534.1 million, respectively. Average equipment finance loan and lease balances decreased $184.9 million to $732.7 million as the Company continued to reduce its concentration of this product within the overall loan portfolio.
For the six months ended June 30, 2025, interest income, on a tax-equivalent basis, decreased $15.3 million to $197.8 million as compared to the same period in 2024, primarily due to a decline in earning assets. The yield on earning assets decreased nine basis points to 5.93% from 6.02%.
Average earning assets decreased to $6.72 billion in the first six months of 2025 from $7.12 billion in the same period in 2024. Average loans decreased $873.1 million. This decrease was partially offset by increases in investment securities and loans held for sale of $296.1 million and $180.6 million, respectively.
Average loans decreased $873.1 million in the first half of 2025 compared to the same period of 2024. Average consumer loans decreased $724.8 million due to the sale of our non-core consumer loan portfolios. Average equipment finance loan and lease balances decreased $187.9 million to $758.3 million.
Average loans held for sale for the first half of 2025 primarily reflected the GreenSky consumer loans which were transferred to held for sale in December 2024. The Company completed the sale of this portfolio in April 2025.
Interest Expense. Interest expense decreased $9.0 million to $39.2 million for the three months ended June 30, 2025 from the comparable period in 2024. The cost of interest-bearing liabilities decreased to 2.91% for the second quarter of 2025, compared to 3.36% for the second quarter of 2024, due to the decrease in deposit costs as a result of the rate decreases announced by the Federal Reserve in late 2024.
Interest expense on deposits decreased $7.2 million to $32.3 million for the three months ended June 30, 2025 from the comparable period in 2024. The decrease was primarily due to a decrease in rates paid on deposits. Average balances of interest-bearing deposit accounts decreased $255.8 million, or 5.0%, to $4.85 billion for the three months ended June 30, 2025 compared to the same period one year earlier. Decreases in interest-bearing checking account, savings account, and time account balances of $213.6 million, $28.9 million, and $25.2 million, respectively, were partially offset by an increase in brokered time deposits of $11.9 million.
For the six month period ended June 30, 2025, interest expense decreased $13.7 million to $80.3 million compared to the six months ended June 30, 2024. The cost of interest-bearing liabilities increased to 2.95% for the first six months of 2025 compared to 3.29% for the same period of 2024. Interest expense on deposits decreased to $66.9 million from $78.7 million for the comparable period in 2024, primarily due to decreases in interest rates on deposits.
Interest expense on FHLB advances and other borrowings decreased $1.9 million for the six months ended June 30, 2025, from the comparable period in 2024. Average balances decreased $75.2 million for the six months ended June 30, 2025, from the comparable period in 2024 as the reduction in earning assets allowed the Company to reduce its reliance on this higher-costing funding source.
Provision for Credit Losses. The Company's provision for credit losses totaled $17.4 million for the three months ended June 30, 2025, compared to $8.3 million for the three months ended June 30, 2024. Net charge-offs in the second quarter of 2025 totaled $29.9 million, $22.5 million which were related to commercial real estate loans. Three relationships totaling $8.4 million were not previously reserved for, resulting in the increase in provision expense. For the six months ended June 30, 2025 and 2024, the provision for credit losses was $28.2 million for both periods, respectively.
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The provision for credit losses on loans recognized during the three and six months ended June 30, 2025 was made at a level deemed necessary by management to absorb estimated losses in the loan portfolio. A detailed evaluation of the adequacy of the allowance for credit losses is completed quarterly by management, the results of which are used to determine provision for credit losses. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions and reasonable and supportable forecasts along with other qualitative and quantitative factors.
Noninterest Income. The following table sets forth the major components of our noninterest income for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Increase
(decrease)		Six Months Ended June 30,Increase
(decrease)
(dollars in thousands)2025202420252024
Noninterest income:
Wealth management revenue$7,379 $6,801 $578 $14,729 $13,933 $796 
Service charges on deposit accounts3,351 3,121 230 6,656 6,237 419 
Interchange revenue3,463 3,563 (100)6,614 6,921 (307)
Residential mortgage banking revenue756 557 199 1,432 1,084 348 
Income on company-owned life insurance2,068 1,925 143 4,402 3,726 676 
Loss on sales of investment securities, net— (152)152 — (152)152 
Credit enhancement income3,848 14,328 (10,480)3,270 30,982 (27,712)
Other income2,669 1,841 828 4,194 7,094 (2,900)
Total noninterest income$23,534 $31,984 $(8,450)$41,297 $69,825 $(28,528)
Wealth management revenue. Wealth management revenue increased $0.6 million and $0.8 million for the three and six months ended June 30, 2025 respectively, as compared to the same periods in 2024. Assets under administration increased to $4.18 billion at June 30, 2025 from $4.00 billion at June 30, 2024.
Income on company-owned life insurance. Income on company-owned life insurance increased $0.7 million for the six months ended June 30, 2025, as compared to the same period in 2024 primarily due to death benefits of $0.3 million received in the first quarter of 2025.
Credit enhancement income. The Company is party to third-party loan origination programs. As part of these programs, the third-party providers offer various credit enhancements with respect to loans originated under the programs, including contributions to reserve accounts, yield maintenance and certain other payments. Credit enhancement income declined $10.5 million and $27.7 million for the three and six months ended June 30, 2025 compared to the same periods of 2024 as a result of loan payoffs and a cessation in loans originated through the GreenSky and LendingPoint programs.
Other noninterest income. Other income decreased $2.9 million for the six months ended June 30, 2025, as compared to the same period in 2024. The Company recognized incremental servicing revenues related to the GreenSky portfolio of $0.3 million in the first quarter of 2025 compared to $3.7 million in the same period of 2024.
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Noninterest Expense. The following table sets forth the major components of noninterest expense for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Increase
(decrease)		Six Months Ended June 30,Increase
(decrease)
(dollars in thousands)2025202420252024
Noninterest expense:
Salaries and employee benefits$25,685 $22,872 $2,813 $52,101 $46,974 $5,127 
Occupancy and equipment4,166 3,964 202 8,664 8,106 558 
Data processing7,035 7,205 (170)13,954 13,927 27 
FDIC insurance1,422 1,219 203 2,885 2,493 392 
Professional services2,792 2,243 549 5,533 4,498 1,035 
Marketing1,283 741 542 2,076 1,478 598 
Communications334 336 (2)663 678 (15)
Loan expense1,990 1,250 740 3,325 2,481 844 
Loan servicing fees1,386 3,305 (1,919)2,136 7,046 (4,910)
Impairment on goodwill— — — 153,977 — 153,977 
Amortization of intangible assets827 1,016 (189)1,738 2,105 (367)
Other expense3,072 6,633 (3,561)5,945 9,606 (3,661)
Total noninterest expense$49,992 $50,784 $(792)$252,997 $99,392 $153,605 
    Salaries and employee benefits. For the three months ended June 30, 2025, salaries and employee benefits expense increased $2.8 million, as compared to the same period in 2024, primarily due to annual salary increases, severance expense of $0.8 million, and increased variable compensation expense, including commissions and annual bonuses. Severance expense accounts for $2.4 million of the $5.1 million increase in salaries and employee benefits expense for the six months ended June 30, 2025, compared to the same period of 2024. The Company employed 880 employees at June 30, 2025 compared to 895 employees at June 30, 2024.
Occupancy and equipment expense. For the three and six months ended June 30, 2025, occupancy and equipment expense increased $0.2 million and $0.6 million, respectively, as compared to the same periods in 2024 due primarily to the investments made to upgrade ATM fleet that was completed in the fourth quarter of 2024.
Professional services expense. The $0.5 million and $1.0 million increases in professional services expense for the three and six months ended June 30, 2025, respectively, as compared to the same periods in 2024, were primarily the result of increased audit and consulting fees related to the evaluation of the accounting and reporting of the Company's third-party lending and servicing programs.
Loan expense. The $0.7 million and $0.8 million increase in loan expense for the three and six months ended June 30, 2025, respectively, as compared to the same periods in 2024, is primarily for loan collection expenses due to the volume of nonperforming loans and assets.
Loan servicing fees. Loan servicing fees expense represents servicing fees paid to third parties associated with our third party lending programs. The decline in servicing fees was a result of loan payoffs and a cessation in loans originated through the GreenSky and LendingPoint programs.
Impairment on goodwill. As mentioned previously, the Company recognized $154.0 million of goodwill impairment expense during the first quarter of 2025, in its Banking reporting unit.
Other expense. Total noninterest expense decreased $3.6 million and $3.7 million in the three and six months ended June 30, 2025, as compared to the same period of 2024. Other expense for the second quarter of 2024 included $4.1 million related to OREO impairment, OREO property taxes, and expenses related to various legal actions.    
Income Tax Expense. The Company's effective tax rates were 19.1% and 19.4% for the three and six months ended June 30, 2025, respectively, compared to 19.2% and 20.5% for the three and six months ended June 30, 2024, respectively. The effective tax rate calculation for the six months June 30, 2025, excludes the goodwill impairment charge of $154.0 million, as this item is not deductible for tax purposes.
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Financial Condition
Assets. Total assets were $7.11 billion at June 30, 2025, as compared to $7.51 billion at December 31, 2024.
Loans. The loan portfolio is the largest category of our assets. The principal segments of our loan portfolio are discussed below:
Commercial loans. We provide a mix of variable and fixed rate commercial loans. The loans are typically made to small- and medium-sized manufacturing, wholesale, retail and service businesses for working capital needs, business expansions and farm operations. Commercial loans generally include lines of credit and loans with maturities of five years or less. The loans are generally made with business operations as the primary source of repayment, but may also include collateralization by inventory, accounts receivable and equipment, and generally include personal guarantees. The commercial loan category also includes loans originated by the equipment financing business that are secured by the underlying equipment.
Commercial real estate loans. Our commercial real estate loans consist of both real estate occupied by the borrower for ongoing operations and non-owner occupied real estate properties. The real estate securing our existing commercial real estate loans includes a wide variety of property types, such as owner occupied offices, warehouses and production facilities, office buildings, hotels, mixed-use residential and commercial facilities, retail centers, multifamily properties, skilled nursing and assisted living facilities. Our commercial real estate loan portfolio also includes farmland loans. Farmland loans are generally made to a borrower actively involved in farming rather than to passive investors.
Construction and land development loans. Our construction and land development loans are comprised of residential construction, commercial construction and land acquisition and development loans. Interest reserves are generally established on real estate construction loans.
The following table presents the balance and associated percentage of the major property types within our commercial real estate and construction and land development loan portfolios at June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
(dollars in thousands)BalancePercentBalancePercent
Multi-Family$454,647 17.2 %$547,016 18.9 %
Skilled Nursing234,848 8.9 400,902 13.8 
Retail454,847 17.2 460,283 15.9 
Industrial/Warehouse245,422 9.3 235,674 8.2 
Hotel/Motel263,990 10.0 228,764 7.9 
Office138,326 5.2 146,295 5.1 
All other850,010 32.2 872,572 30.2 
Total commercial real estate and construction and land development loans$2,642,090 100.0 %$2,891,506 100.0 %
Loans secured by office space totaled $138.3 million and $146.3 million at June 30, 2025 and December 31, 2024, respectively, primarily located in suburban locations in Illinois and Missouri.
Residential real estate loans. Our residential real estate loans are loans secured by residential properties that generally do not qualify for secondary market sale.
Consumer loans. Our consumer loans include direct personal loans, indirect automobile loans, lines of credit and installment loans originated through home improvement specialty retailers and contractors. Personal loans are generally secured by automobiles, boats and other types of personal property and are made on an installment basis.
Lease financing. Our equipment leasing business provides financing leases to varying types of businesses nationwide for purchases of business equipment and software. The financing is secured by a first priority interest in the financed asset and generally requires monthly payments.
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The following table presents the balance and associated percentage of each major category in our loan portfolio at June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
(dollars in thousands)Book Value%Book Value%
Loans:
Commercial1,544,386 30.7 1,359,820 26.3 
Commercial real estate2,383,361 47.3 2,591,664 50.1 
Construction and land development258,729 5.1 299,842 5.8 
Residential real estate361,261 7.2 380,557 7.4 
Consumer140,403 2.8 144,301 2.8 
Lease financing347,155 6.9 $391,390 7.6 
Total loans, gross5,035,295 100.0 %5,167,574 100.0 %
Allowance for credit losses on loans(92,690)(111,204)
Total loans, net$4,942,605 $5,056,370 
The Company's loan portfolio is assigned to the following internal business sectors:
•Community bank represents predominately in-market loans originated through our banking center network.
•Specialty Finance provides bridge loan financing for commercial real estate projects, primarily multi-family and healthcare. These projects can include construction and short term financing in anticipation of obtaining permanent secondary market financing. The loans are typically outside of the Company’s primary market areas.
•Equipment finance portfolio includes loans and leases originated to varying types of businesses throughout the United States for purchases of business equipment and software. As previously disclosed, management has determined to reduce the overall size of the Company's equipment finance portfolio following elevated charge-offs in the portfolio during 2024.
•Non-core and other includes our third-party origination and servicing programs, and capital market credits, including loans to finance the sale of the GreenSky portfolio.
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The following tables present our outstanding loans by business sector at June 30, 2025 and December 31, 2024:
June 30, 2025
(dollars in thousands)Community bankSpecialty financeEquipment financeNon-core and otherTotal
Commercial$736,258 $173,453 $364,526 $270,149 $1,544,386 
Commercial real estate1,969,521 413,840 — — 2,383,361 
Construction and land development175,456 83,273 — — 258,729 
Residential real estate361,261 — — — 361,261 
Consumer78,353 — — 62,050 140,403 
Lease financing— — 347,155 — 347,155 
Total$3,320,849 $670,566 $711,681 $332,199 $5,035,295 
December 31, 2024
(dollars in thousands)Community bankSpecialty financeEquipment financeNon-core and otherTotal
Commercial$582,546 $269,620 $416,969 $90,685 $1,359,820 
Commercial real estate1,950,498 641,166 — — 2,591,664 
Construction and land development184,185 115,657 — — 299,842 
Residential real estate380,557 — — — 380,557 
Consumer82,075 — — 62,226 144,301 
Lease financing— — 391,390 — 391,390 
Total$3,179,861 $1,026,443 $808,359 $152,911 $5,167,574 
Total loans decreased $132.3 million, or 2.6%, to $5.04 billion at June 30, 2025, as compared to December 31, 2024. Community bank portfolio increased $141.0 million, or 4.4%, during the first half of 2025. This growth partially offset the strategic declines in the Specialty finance and Equipment finance portfolios of $355.9 million and $96.7 million, respectively. The increase in our Non-core and other business sector is the due to the financing we provided related to the sale of the GreenSky portfolio.
The following table shows the contractual maturities of our loan portfolio and the distribution between fixed and adjustable interest rate loans at June 30, 2025:
June 30, 2025
Within One YearOne Year to Five YearsFive Years to 15 YearsAfter 15 Years
(dollars in thousands)Fixed RateAdjustable
Rate		Fixed RateAdjustable
Rate		Fixed RateAdjustable
Rate		Fixed RateAdjustable
Rate		Total
Commercial$89,284 $363,354 $498,384 $136,824 $289,353 $88,310 $— $78,877 $1,544,386 
Commercial real estate361,821 220,164 1,009,252 281,428 264,548 223,353 5,533 17,262 2,383,361 
Construction and land development36,973 85,932 9,329 68,442 3,355 53,364 83 1,251 258,729 
Total commercial loans488,078 669,450 1,516,965 486,694 557,256 365,027 5,616 97,390 4,186,476 
Residential real estate5,082 2,973 7,527 18,500 20,390 36,808 178,992 90,989 361,261 
Consumer9,157 735 97,751 — 30,296 2,464 — — 140,403 
Lease financing22,081 — 267,453 — 57,621 — — — 347,155 
Total loans$524,398 $673,158 $1,889,696 $505,194 $665,563 $404,299 $184,608 $188,379 $5,035,295 
Loan Quality
We use what we believe is a comprehensive methodology to monitor credit quality and prudently manage credit concentration within our loan portfolio. Our underwriting policies and practices govern the risk profile, credit and geographic concentration for our loan portfolio. We also have what we believe to be a comprehensive methodology to monitor these credit quality standards, including a risk classification system that identifies potential problem loans based on risk characteristics by loan type as well as the early identification of deterioration at the individual loan level.
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Analysis of the Allowance for Credit Losses on Loans. The allowance for credit losses on loans was $92.7 million, or 1.84% of total loans, at June 30, 2025, compared to $111.2 million, or 2.15% of total loans, at December 31, 2024. The following table allocates the allowance for credit losses on loans by loan category:
June 30, 2025December 31, 2024
(dollars in thousands)Allowance
Percent (1)
Allowance
Percent (1)
Commercial$34,179 2.21 %$42,776 3.15 %
Commercial real estate27,439 1.15 36,837 1.42 
Construction and land development2,869 1.11 3,550 1.18 
Total commercial loans64,487 1.54 83,163 1.96 
Residential real estate7,104 1.97 8,002 2.10 
Consumer5,704 4.06 5,400 3.74 
Lease financing15,395 4.43 14,639 3.74 
Total allowance for credit losses on loans$92,690 1.84 %$111,204 2.15 %
(1)Represents the percentage of the allowance to total loans in the respective category.
We measure expected credit losses over the life of each loan utilizing a combination of models which measure probability of default and loss given default, among other things. The measurement of expected credit losses is impacted by loan and borrower attributes and certain macroeconomic variables. Models are adjusted to reflect the impact of certain current macroeconomic variables as well as their expected changes over a reasonable and supportable forecast period.
In estimating expected credit losses as of June 30, 2025, we utilized certain forecasted macroeconomic variables from Oxford Economics in our models. The forecasted projections included, among other things, (i) U.S. gross domestic product ranging from 1.0% to 1.6% over the next four quarters; (ii) the 10-year treasury rate ranging from 4.5% to 4.9% over the next four quarters; and (iii) Illinois unemployment rate averaging 5.2% through the second quarter of 2026.
We qualitatively adjust the model results based on this scenario for various risk factors that are not considered within our modeling processes but are nonetheless relevant in assessing the expected credit losses within our loan pools. These Q-Factor adjustments are based upon management judgment and current assessment as to the impact of risks related to changes in lending policies and procedures; economic and business conditions; loan portfolio attributes and credit concentrations; and external factors, among other things, that are not already fully captured within the modeling inputs, assumptions and other processes. Management assesses the potential impact of such items within a range of severely negative impact to positive impact and adjusts the modeled expected credit loss by an aggregate adjustment percentage based upon the assessment. The qualitative factor adjustment at June 30, 2025, was approximately 60 basis points of total loans, decreasing slightly from 62 basis points at December 31, 2024.
The allowance allocated to commercial loans totaled $34.2 million, or 2.21% of total commercial loans, at June 30, 2025, compared to $42.8 million, or 3.15%, at December 31, 2024. First quarter of 2025 charge-offs related to the non-core loan program of $11.1 million resulted in a significant decrease in the allowance allocated to commercial loans. Excluding these charge-offs, modeled expected credit losses increased $2.3 million. Specific allocations for commercial loans that were evaluated for expected credit losses on an individual basis increased $0.3 million.
The allowance allocated to commercial real estate loans totaled $27.4 million, or 1.15% of total commercial real estate loans, at June 30, 2025, decreasing $9.4 million, from $36.8 million, or 1.42% of total commercial real estate loans, at December 31, 2024. Outstanding loan balances decreased $208.3 million, or 8.0%, during the first half of 2025. Specific allocations for loans that were individually evaluated decreased $9.8 million as three relationships totaling $10.9 million were charged-off in the second quarter of 2025. The commercial real estate portfolio does not include significant exposure to urban office properties.
The allowance allocated to construction and land development loans totaled $2.9 million, or 1.11% of total construction and land development loans, at June 30, 2025, decreasing $0.7 million, from $3.6 million, or 1.18% of total constructions loans, at December 31, 2024. Modeled expected credit losses decreased $0.3 million and qualitative factor adjustments related to construction loans decreased $0.4 million. There were no specific allocations for construction loans that were evaluated for expected credit losses on an individual basis at December 31, 2024.
The allowance allocated to residential real estate loans totaled $7.1 million, or 1.97% of total residential real estate loans, at June 30, 2025, decreasing $0.9 million, from $8.0 million, or 2.10% of total residential real estate loans, at December
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31, 2024. Modeled expected credit losses and qualitative factor adjustments decreased $0.8 million and $0.1 million, respectively. There were no specific allocations for residential real estate loans that were evaluated for expected credit losses on an individual basis at June 30, 2025, or December 31, 2024.
The allowance allocated to consumer loans totaled $5.7 million, or 4.06% of total consumer loans, at June 30, 2025, compared to $5.4 million, or 3.74%, at December 31, 2024. Qualitative factor adjustments and specific allocation reserves increased $0.2 million and $0.1 million, respectively.
The allowance allocated to the lease portfolio totaled $15.4 million, or 4.43% of total commercial leases, at June 30, 2025, increasing $0.8 million, from $14.6 million, or 3.74% of total commercial leases at December 31, 2024. Modeled expected credit losses increased $1.0 million as recent charge-off activity led to an increase in loss given default factors in the model. Qualitative factor adjustments decreased $0.3 million.
The following table provides an analysis of the allowance for credit losses on loans, provision for credit losses on loans and net charge-offs for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Balance, beginning of period$105,176 $160,844 $111,204 $159,319 
Charge-offs:
Commercial6,161 3,838 19,461 8,698 
Commercial real estate22,453 5 23,176 696 
Construction and land development— — — — 
Residential real estate— — 72 35 
Consumer884 10,338 1,337 22,095 
Lease financing3,886 2,084 7,334 3,749 
Total charge-offs33,384 16,265 51,380 35,273 
Recoveries:
Commercial1,013 153 1,509 269 
Commercial real estate637 2,088 639 2,240 
Construction and land development1,029 1 1,030 1 
Residential real estate90 13 108 68 
Consumer357 63 405 150 
Lease financing403 64 956 245 
Total recoveries3,529 2,382 4,647 2,973 
Net charge-offs29,855 13,883 46,733 32,300 
Provision for credit losses on loans17,369 8,482 28,219 28,424 
Balance, end of period$92,690 $155,443 $92,690 $155,443 
Gross loans, end of period$5,035,295 $5,851,994 $5,035,295 $5,851,994 
Average total loans$5,123,558 $5,915,523 $5,090,659 $5,963,777 
Net charge-offs to average loans2.34 %0.94 %1.85 %1.09 %
Allowance for credit losses to total loans1.84 %2.67 %1.84 %2.67 %
Individual loans considered to be uncollectible are charged-off against the allowance. Factors used in determining the amount and timing of charge-offs on loans include consideration of the loan type, length of delinquency, sufficiency of collateral value, lien priority and the overall financial condition of the borrower. Collateral value is determined using updated appraisals and/or other market comparable information. Charge-offs are generally taken on loans when the collectability of a loan balance is unlikely. Recoveries on loans previously charged-off are added to the allowance.
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The following tables present charge-offs by business sector for the three months ended June 30, 2025 and 2024:
Three months ended June 30, 2025
(dollars in thousands)Community bankSpecialty financeEquipment financeNon-core and otherTotal charge-offs
Commercial$77 $57 $1,344 $4,683 $6,161 
Commercial real estate8,642 13,811 — — 22,453 
Construction and land development— — — — — 
Residential real estate— — — — — 
Consumer178 — — 706 884 
Lease financing— — 3,886 — 3,886 
Total$8,897 $13,868 $5,230 $5,389 $33,384 
Three months ended June 30, 2024
(dollars in thousands)Community bankSpecialty financeEquipment financeNon-core and otherTotal charge-offs
Commercial$1,251 $13 $1,704 $870 $3,838 
Commercial real estate5 — — — 5 
Construction and land development— — — — — 
Residential real estate— — — — — 
Consumer199 — — 10,139 10,338 
Lease financing— — 2,084 — 2,084 
Total$1,455 $13 $3,788 $11,009 $16,265 
Charge-offs in the second quarter of 2025 were $33.4 million compared to $16.3 million in the second quarter of 2024. The Community Bank commercial real estate charge-offs were related to three separate relationships, none of which were previously reserved for. Commercial real estate charge-offs within the Specialty finance sector were primarily related to two relationships, both of which were reserved for in 2024. Our equipment finance business saw charge-offs increase $1.4 million in the second quarter of 2025 compared to the same period one year prior, due primarily to continued weakness within the trucking sector.








63
The following tables present charge-offs by business sector for the six months ended June 30, 2025 and 2024:
Six months ended June 30, 2025
(dollars in thousands)Community bankSpecialty financeEquipment financeNon-core and otherTotal charge-offs
Commercial$83 $152 $3,461 $15,765 $19,461 
Commercial real estate9,365 13,811 — — 23,176 
Construction and land development— — — — — 
Residential real estate72 — — — 72 
Consumer360 — — 977 1,337 
Lease financing— — 7,334 — 7,334 
Total$9,880 $13,963 $10,795 $16,742 $51,380 
Six months ended June 30, 2024
(dollars in thousands)Community bankSpecialty financeEquipment financeNon-core and otherTotal charge-offs
Commercial$1,453 $21 $3,957 $3,267 $8,698 
Commercial real estate696 — — — 696 
Construction and land development— — — — — 
Residential real estate35 — — — 35 
Consumer434 — — 21,661 22,095 
Lease financing— — 3,749 — 3,749 
Total$2,618 $21 $7,706 $24,928 $35,273 

Charge-offs in the six months ended June 30, 2025 were $51.4 million compared to $35.3 million in the same period one year prior. Community Bank commercial real estate charge-offs were related to four separate relationships, with one being partially reserved for in a prior period. Charge-offs within the Specialty finance sector were primarily related to two relationships, both of which were reserved for in 2024. Our equipment finance business saw charge-offs increase $3.1 million in the six months ended June 30, 2025 compared to the same period last year. The non-core sector saw charge-offs decrease $8.2 million in the six months ended June 30, 2025 compared to the same period last year primarily due to the sales of the LendingPoint and GreenSky portfolios in the fourth quarter of 2024 and first quarter of 2025, respectively.

Nonperforming Loans. The following table presents the change in our nonperforming loans for the six months ended June 30, 2025:
(dollars in thousands)Six months ended
June 30, 2025
Balance, beginning of period$150,907 
New nonperforming loans29,698 
Return to performing status(1,325)
Payments received(26,552)
Transfer to OREO and other repossessed assets(12)
Transfer to loans held for sale(29,400)
Charge-offs(43,204)
Balance, end of period$80,112 
Nonperforming loans were $80.1 million at June 30, 2025, compared to $150.9 million million at December 31, 2024. Nonperforming loans to total loans decreased from 2.92% at December 31, 2024 to 1.59% at June 30, 2025. The Company continues to prioritize improving its credit quality by improving its loan underwriting standards and pursuing opportunities to resolve nonperforming loans.
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The following table sets forth our nonperforming assets by asset categories as of the dates indicated. Nonperforming loans include nonaccrual loans and loans past due 90 days or more and still accruing interest. The balance of nonperforming loans reflect the net investment in these assets.
(dollars in thousands)June 30, 2025December 31, 2024
Nonperforming loans:
Commercial$19,079 $23,960 
Commercial real estate41,882 106,919 
Construction and land development8,438 8,438 
Residential real estate4,352 3,438 
Consumer62 20 
Lease financing6,299 8,132 
Total nonperforming loans80,112 150,907 
Other real estate owned and other repossessed assets1,663 6,502 
Nonperforming assets$81,775 $157,409 
Nonperforming loans to total loans1.59 %2.92 %
Nonperforming assets to total assets1.15 %2.10 %
Allowance for credit losses to nonperforming loans115.70 %73.69 %
There was no interest income recognized on nonaccrual loans during the three and six months ended June 30, 2025 and 2024 while the loans were in nonaccrual status. Additional interest income that would have been recorded on nonaccrual loans had they been current in accordance with their original terms was $3.4 million and $6.7 million for the three and six months ended June 30, 2025 and $2.3 million and $3.6 million for the three and six months ended June 30, 2024, respectively.

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Investment Securities. Our investment strategy aims to maximize earnings while maintaining liquidity in securities with minimal credit risk. The types and maturities of securities purchased are primarily based on our current and projected liquidity and interest rate sensitivity positions. In the periods presented, all investment securities of the Company are classified as available for sale and, therefore, the book value of investment securities is equal to the fair market value.
The following table sets forth the book value and percentage of each category of investment securities at June 30, 2025 and December 31, 2024.
June 30, 2025December 31, 2024
(dollars in thousands)BalancePercentBalancePercent
Investment securities available for sale:                
U.S. government sponsored entities and U.S. agency securities$25,064 1.9 %$20,141 1.7 %
Mortgage-backed securities - agency989,600 73.2 847,056 70.1 
Mortgage-backed securities - non-agency93,272 6.9 101,012 8.4 
Asset-backed student loans45,077 3.3 49,973 4.1 
State and municipal securities69,817 5.2 69,061 5.7 
Collateralized loan obligations48,050 3.6 40,450 3.4 
Corporate securities79,477 5.9 79,881 6.6 
Total investment securities, available for sale, at fair value$1,350,357 100.0 %$1,207,574 100.0 %
    
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The following table sets forth the book value, maturities and weighted average yields for our investment portfolio at June 30, 2025.
(dollars in thousands)BalancePercentWeighted average yield
Investment securities available for sale:            
U.S. government sponsored entities and U.S. agency securities:
Maturing within one year$— — %— %
Maturing in one to five years8,836 0.7 1.13 
Maturing in five to ten years14,960 1.1 5.28 
Maturing after ten years1,268 0.1 5.36 
Total U.S. government sponsored entities and U.S. agency securities$25,064 1.9 %3.82 %
Mortgage-backed securities - agency:
Maturing within one year$— — %— %
Maturing in one to five years33,003 2.4 1.93 
Maturing in five to ten years15,915 1.2 4.21 
Maturing after ten years940,682 69.6 4.56 
Total mortgage-backed securities - agency$989,600 73.2 %4.47 %
Mortgage-backed securities - non-agency:
Maturing within one year$— — %— %
Maturing in one to five years5,033 0.4 7.71 
Maturing in five to ten years7,670 0.6 5.00 
Maturing after ten years80,569 5.9 4.83 
Total mortgage-backed securities - non-agency$93,272 6.9 %5.00 %
Asset-backed student loans:
Maturing within one year$3,691 0.3 %5.17 %
Maturing in one to five years— — — 
Maturing in five to ten years1,394 0.1 5.21 
Maturing after ten years39,992 2.9 5.30 
Total asset-backed student loans$45,077 3.3 %5.29 %
State and municipal securities (1):
Maturing within one year$695 0.1 %1.60 %
Maturing in one to five years9,405 0.7 2.55 
Maturing in five to ten years24,622 1.7 2.40 
Maturing after ten years35,095 2.7 4.95 
Total state and municipal securities$69,817 5.2 %3.69 %
Collateralized loan obligations:
Maturing within one year$— — %— %
Maturing in one to five years— — — 
Maturing in five to ten years21,175 1.6 5.83 
Maturing after ten years26,875 2.0 6.46 
Total collateralized loan obligations$48,050 3.6 %6.19 %
Corporate securities:
Maturing within one year$— — %— %
Maturing in one to five years39,550 2.9 5.95 
Maturing in five to ten years39,927 3.0 3.64 
Maturing after ten years— — — 
Total corporate securities$79,477 5.9 %4.79 %
Total investment securities, available for sale$1,350,357 100.0 %4.56 %
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(1)Weighted average yield for tax-exempt securities are presented on a tax-equivalent basis assuming a federal income tax rate of 21%.
The table below presents the credit ratings for our investment securities classified as available for sale, at fair value, at June 30, 2025.
AmortizedFairAverage credit rating
(dollars in thousands)costValueAAAAA+/-A+/-BBB+/-<BBB-Not Rated
Investment securities available for sale:
U.S. government sponsored entities and U.S. agency securities$26,227 $25,064 $— $25,064 $— $— $— $— 
Mortgage-backed securities - agency1,074,154 989,600 — 989,600 — — — — 
Mortgage-backed securities - non-agency94,781 93,272 — 93,272 — — — — 
Asset-backed student loans45,409 45,077 — 45,077 — — — — 
State and municipal securities75,726 69,817 7,378 59,334 335 — — 2,770 
Collateralized loan obligations48,036 48,050 48,050 — — — — — 
Corporate securities84,758 79,477 — — 15,678 61,391 — 2,408 
Total investment securities, available for sale$1,449,091 $1,350,357 $55,428 $1,212,347 $16,013 $61,391 $— $5,178 
Loans Held for Sale. Loans held for sale totaled $37.3 million at June 30, 2025, comprised of $29.4 million of commercial real estate loans and $7.9 million of residential real estate loans. The commercial real estate loans were three credit-deteriorated loans that were ultimately sold in July 2025. Loans held for sale totaled $344.9 million at December 31, 2024, comprised of $336.7 million of consumer loans and $8.2 million of residential real estate loans. At December 31, 2024, we committed to a plan to sell our GreenSky consumer loan portfolio and transferred these loans to held for sale. The sale was completed in April 2025.
Credit enhancement asset. The Company has recognized derivative instruments associated with agreements entered into with third-party providers that support loan programs for which the Company originates and holds loans on its balance sheet. These third-party agreements include contractual credit enhancements that transfer certain risks and benefits to or from the Company, resulting in recognition of a derivative. The value of these derivatives consists primarily of two components: (1) the credit loss reimbursement value, representing the present value of expected future payments from the third party for loan losses, and (2) the interest yield guarantee value, representing the present value of cash flows the Company expects to receive to ensure a minimum yield (e.g., Prime + 2%) on the portfolio when actual borrower payments fall short. Under certain programs, additional features such as reimbursement for waived promotional interest are also included in the derivative valuation. At June 30, 2025, the Company had only one such agreement in place.
The fair value of these derivative instruments was $5.8 million and $16.8 million as of June 30, 2025 and December 31, 2024, respectively. The decrease in the asset value is primarily due to loan charge-offs of $11.1 million that were recognized on the third-party loan origination program in the first quarter of 2025. These charge-offs were fully recovered from the third-party partner, as required by the credit enhancements offered through the program agreement.
Liabilities. At June 30, 2025, liabilities totaled $6.53 billion compared to $6.80 billion at December 31, 2024.
Deposits. We emphasize developing total client relationships with our customers in order to increase our retail and commercial core deposit bases, which are our primary funding sources. Our deposits consist of noninterest-bearing and interest-bearing demand, savings and time deposit accounts.
Total deposits decreased $250.3 million to $5.95 billion at June 30, 2025, as compared to December 31, 2024. Decreases in interest-bearing checking account and time deposit account balance of $197.5 million and $118.3 million, respectively, during this period, were partially offset by increases in noninterest-bearing demand, money market account and savings account balances. Brokered time deposit account balances decreased to $145.4 million at June 30, 2025 from $259.5 million at December 31, 2024, accounting for the decrease in time deposit account balances.
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(dollars in thousands)June 30, 2025December 31, 2024
BalancePercentBalancePercent
Noninterest-bearing demand$1,074,212 18.1 %$1,055,564 17.0 %
Interest-bearing:
Checking2,180,717 36.6 2,378,256 38.4 
Money market1,216,357 20.5 1,173,630 18.9 
Savings511,470 8.6 507,305 8.2 
Time964,163 16.2 1,082,488 17.5 
Total deposits$5,946,919 100.0 %$6,197,243 100.0 %
The following table sets forth the maturity of uninsured time deposits as of June 30, 2025:
(dollars in thousands)Amount
Three months or less$27,527 
Three to six months20,814 
Six to 12 months 19,225 
After 12 months10,566 
Total$78,132 
Capital Resources and Liquidity Management
Capital Resources. Shareholders’ equity is influenced primarily by earnings, dividends, issuances and redemptions of common and preferred stock and changes in accumulated other comprehensive income caused primarily by fluctuations in unrealized holding gains or losses, net of taxes, on available-for-sale investment securities, fair value hedges and cash flow hedges.
Shareholders’ equity decreased $137.1 million to $573.7 million at June 30, 2025, as compared to December 31, 2024. The change in shareholders’ equity was the result of the net loss of $128.9 million, dividends to common shareholders of $13.6 million, dividends to preferred shareholders of $4.5 million, and decrease in accumulated other comprehensive losses of $8.0 million.
Liquidity Management. Liquidity refers to the measure of our ability to meet the cash flow requirements of depositors and borrowers, while at the same time meeting our operating, capital and strategic cash flow needs, all at a reasonable cost. We continuously monitor our liquidity position to ensure that assets and liabilities are managed in a manner that will meet all short-term and long-term cash requirements. We manage our liquidity position to meet the daily cash flow needs of customers, while maintaining an appropriate balance between assets and liabilities to meet the return on investment objectives of our shareholders.
Integral to our liquidity management is the administration of short-term borrowings. To the extent we are unable to obtain sufficient liquidity through core deposits, we seek to meet our liquidity needs through wholesale funding or other borrowings on either a short- or long-term basis.
Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature within one to four days from the transaction date. Securities sold under agreements to repurchase are reflected at the amount of cash received in connection with the transaction, which represents the amount of the Bank’s obligation. The Bank may be required to provide additional collateral based on the fair value of the underlying securities. Investment securities with a carrying amount of $10.4 million and $20.9 million at June 30, 2025 and December 31, 2024, respectively, were pledged for securities sold under agreements to repurchase.
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The table below presents our sources of liquidity as of June 30, 2025 and December 31, 2024:
(dollars in thousands)June 30, 2025December 31, 2024
Cash and cash equivalents$176,587 $114,766 
Unpledged securities797,230 672,399 
FHLB committed liquidity1,178,313 1,290,246 
FRB discount window availability464,023 538,835 
Total Estimated Liquidity$2,616,153 $2,616,246 
Conditional Funding Based on Market Conditions
Additional credit facility$442,000 $360,000 
Brokered CDs (additional capacity)450,000 350,000 
ICS One Way Buy (additional capacity)450,000 — 
The Company is a corporation separate and apart from the Bank and, therefore, must provide for its own liquidity. The Company’s main source of funding is dividends declared and paid to it by the Bank. There are statutory, regulatory and debt covenant limitations that affect the ability of the Bank to pay dividends to the Company. Management believed at June 30, 2025, that these limitations will not impact our ability to meet our ongoing short-term cash obligations.
Regulatory Capital Requirements
We are subject to various regulatory capital requirements administered by the federal and state banking regulators. Failure to meet regulatory capital requirements may result in certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our financial statements. Under capital adequacy guidelines and the regulatory framework for “prompt corrective action”, we must meet specific capital guidelines that involve quantitative measures of our assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting policies.
The Company adopted the five-year CECL transition option in 2020 provided for by the Office of the Comptroller of the Currency, the Federal Reserve, and the FDIC in March 2020. This transition terminated December 31, 2024.
At June 30, 2025, the Company and the Bank exceeded the regulatory minimums and met the regulatory definition of well-capitalized. The following table presents the Company's and the Bank’s capital ratios and the minimum requirements at June 30, 2025:
RatioActual
Minimum
Regulatory
Requirements (1)
Well
Capitalized
Total risk-based capital ratio
Midland States Bancorp, Inc.14.50 %10.50 %N/A
Midland States Bank13.74 10.50 10.00 %
Tier 1 risk-based capital ratio
Midland States Bancorp, Inc.12.07 8.50 N/A
Midland States Bank12.49 8.50 8.00 
Common equity tier 1 risk-based capital ratio
Midland States Bancorp, Inc.9.02 7.00 N/A
Midland States Bank12.49 7.00 6.50 
Tier 1 leverage ratio
Midland States Bancorp, Inc.9.59 4.00 N/A
Midland States Bank9.92 4.00 5.00 
(1)Total risk-based capital ratio, Tier 1 risk-based capital ratio and Common equity tier 1 risk-based capital ratio include the capital conservation buffer of 2.5%.
Quantitative and Qualitative Disclosures About Market Risk
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Market Risk. Market risk represents the risk of loss due to changes in market values of assets and liabilities. We incur market risk in the normal course of business through exposures to market interest rates, equity prices, and credit spreads. We are primarily exposed to interest rate risk as a result of offering a wide array of financial products to our customers and secondarily to price risk from investments in securities.
Interest Rate Risk. Interest rate risk is the risk to earnings arising from changes in market interest rates. Interest rate risk arises from timing differences in the repricings and maturities of interest-earning assets and interest-bearing liabilities (reprice risk), changes in the expected maturities of assets and liabilities arising from embedded options, such as borrowers’ ability to prepay residential mortgage loans at any time and depositors’ ability to redeem certificates of deposit before maturity (option risk), changes in the shape of the yield curve where interest rates increase or decrease in a nonparallel fashion (yield curve risk), and changes in spread relationships between different yield curves, such as U.S. Treasuries and SOFR (basis risk).
Interest rate risk management is an active process that encompasses monitoring loan and deposit flows complemented by investment, funding and hedging activities. Effective management of interest rate risk begins with understanding the dynamic characteristics of assets and liabilities and determining the appropriate interest rate risk posture given business forecasts, management objectives, market expectations, and policy constraints.
Changes in market interest rates may result in changes in the fair market value of our financial instruments, cash flows, and net interest income. We seek to achieve a stable net interest income profile while managing volatility arising from shifts in market interest rates. Our Board of Directors’ Risk Policy and Compliance Committee oversees interest rate risk, as well as the establishment of risk measures, limits, and policy guidelines for managing the amount of interest rate risk and its effect on net interest income. The Committee meets quarterly to monitor the level of interest rate risk sensitivity to ensure compliance with the board of directors’ approved risk limits.
An asset sensitive position refers to a balance sheet position in which an increase in short-term interest rates is expected to generate higher net interest income, as rates earned on our interest-earning assets would reprice upward more quickly than rates paid on our interest-bearing liabilities, thus expanding our net interest margin. Conversely, a liability sensitive position refers to a balance sheet position in which an increase in short-term interest rates is expected to generate lower net interest income, as rates paid on our interest-bearing liabilities would reprice upward more quickly than rates earned on our interest-earning assets, thus compressing our net interest margin.
Interest rate risk measurement is calculated and reported to the Risk Policy and Compliance Committee at least quarterly. The information reported includes period-end results and identifies any policy limits exceeded, along with an assessment of the policy limit breach and the action plan and timeline for resolution, mitigation, or assumption of the risk.
We use NII at Risk to model interest rate risk utilizing various assumptions for assets, liabilities, and derivatives. NII at Risk uses net interest income simulation analysis which involves forecasting net interest earnings under a variety of scenarios including changes in the level of interest rates, the shape of the yield curve, and spreads between market interest rates. The sensitivity of net interest income to changes in interest rates is measured using numerous interest rate scenarios including shocks, gradual ramps, curve flattening, curve steepening as well as forecasts of likely interest rates scenarios. Modeling the sensitivity of net interest earnings to changes in market interest rates is highly dependent on numerous assumptions incorporated into the modeling process. To the extent that actual performance is different than what was assumed, actual net interest earnings sensitivity may be different than projected. We use various ad-hoc reports to continuously refine, stress and validate these assumptions. Assumptions and methodologies regarding administered rate liabilities (e.g., savings accounts, money market accounts and interest-bearing checking accounts), balance trends, and repricing relationships reflect our best estimate of expected behavior and these assumptions are reviewed periodically.
71
The following table shows NII at Risk at the dates indicated:
Net interest income sensitivity (Shocks)
Immediate change in rates
(dollars in thousands)-200-100+100+200
June 30, 2025:            
Dollar change$4,405 $1,558 $(150)$(754)
Percent change1.9 %0.7 %(0.1)%(0.3)%
December 31, 2024:
Dollar change$2,395 $1,395 $(2,727)$(5,596)
Percent change1.1 %0.6 %(1.2)%(2.5)%
We report NII at Risk to isolate the change in income related solely to interest-earning assets and interest-bearing liabilities. The NII at Risk results included in the table above reflect the analysis used quarterly by management. It models -200, −100, +100 and +200 basis point parallel shifts in market interest rates. We were within board policy limits for all scenarios at June 30, 2025.
Tolerance levels for risk management require the continuing development of remedial plans to maintain residual risk within approved levels as we adjust the balance sheet. NII at Risk reported at June 30, 2025 projects that our earnings exhibit increasing profitability in a declining rate environment, consistent with our modeling at December 31, 2024. Throughout the course of 2024, the Bank exhibited similar trends to the industry concerning its beta assumptions related to its non-maturity deposit portfolio. Coupled with the Federal Reserve lowering rates in the second half of 2024, the Bank continued its strategy of layering on protection to lower short-term rates through deposit pricing, securities purchase selection and hedging. These aspects are reflective of the Bank becoming more biased to lower rates year over year.
Price Risk. Price risk represents the risk of loss arising from adverse movements in the prices of financial instruments that are carried at fair value and are subject to fair value accounting. We have price risk from investment securities, derivative instruments, and equity investments.
ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The quantitative and qualitative disclosures about market risk are included under “Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations – Quantitative and Qualitative Disclosures about Market Risk”.
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ITEM 4 – CONTROLS AND PROCEDURES
Evaluation of disclosure controls and procedures. The Company’s management, including our President and
Chief Executive Officer and our Chief Financial Officer, have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act), as of the end of the period covered by this report. Based on such evaluation, our President and Chief Executive Officer and our Chief Financial Officer have concluded that these controls and procedures are not effective as of the end of the period covered by this Quarterly Report on Form 10-Q. This conclusion was reached as a result of the continued remediation of previously identified material weaknesses in our internal controls over financial reporting as further described in Item 9A in the 2024 Annual Report on Form 10-K.
Notwithstanding the material weaknesses that have not been fully remediated, the Company's management, including the Chief Executive Officer and our Chief Financial Officer, has concluded that the consolidated financial statements, included in this Form 10-Q, as of and for the three and six months ended June 30, 2025, fairly present, in all material respects, the Company's financial condition, results of operations and cash flows for the periods presented in conformity with generally accepted accounting principles for interim financial statements.
Changes in internal control over financial reporting. There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. The Company continued to remediate the material weaknesses in its internal control over financial reporting as previously identified and disclosed in Item 9A in the 2024 Annual Report on Form 10-K. Management continues to put controls in place to remediate the previously identified material weaknesses and the material weaknesses will not be remediated until the necessary controls are in place and operating effectively for a sufficient amount of time.
PART II – OTHER INFORMATION
ITEM 1 – LEGAL PROCEEDINGS
There are no material pending legal proceedings, other than ordinary routine litigation incidental to the business, to which we or any of our subsidiaries is a party or of which any of our property is the subject. However, given the nature, scope and complexity of the extensive legal and regulatory landscape applicable to our business, we, like all banking organizations, are subject to various legal proceedings from time to time, including those referenced in "Note 14 - Commitments, Contingencies and Credit Risk" to our consolidated financial statements.
ITEM 1A– RISK FACTORS
There have been no material changes from the risk factors previously disclosed in the “Risk Factors” section included in our Annual Report on Form 10-K for the year ended December 31, 2024.
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ITEM 2 – UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Unregistered Sales of Equity Securities
None.
Issuer Purchases of Equity Securities
The following table sets forth information regarding the Company’s repurchase of shares of its outstanding common stock during the second quarter of 2025.
Period
Total number of shares purchased(1)
Average price paid per shareTotal number of shares purchased as part of publicly announced plans or programs
Approximate dollar value of shares that may yet be purchased under the plans or programs (2)
April 1 - 30, 2025— $— — $— 
May 1 - 31, 20251,056 17.80 — — 
June 1 - 30, 2025— — — — 
Total1,056 $17.80 — $— 
(1)Represents shares of the Company’s common stock repurchased under the employee stock purchase program and shares withheld to satisfy tax withholding obligations upon the vesting of awards of restricted stock.
ITEM 5 – OTHER INFORMATION
During the three months ended June 30, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
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Table of Contents
ITEM 6 – EXHIBITS
Exhibit No.Description
31.1
31.2
32.1
32.2
101
Financial information from the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 formatted in iXBRL (Inline extensible Business Reporting Language): (i) Consolidated Balance Sheets; (ii) Consolidated Statements of Income; (iii) Consolidated Statements of Comprehensive Income; (iv) Consolidated Statements of Shareholders’ Equity; (v) Consolidated Statements of Cash Flows; and (vi) Notes to Consolidated Financial Statements – filed herewith.
104
The cover page from Midland States Bancorp, Inc.’s Form 10-Q Report for the quarterly period ended June 30, 2025 formatted in inline XBRL and contained in Exhibit 101.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Midland States Bancorp, Inc.
Date: September 8, 2025
By:/s/Jeffrey G. Ludwig
Jeffrey G. Ludwig
President and Chief Executive Officer
(Principal Executive Officer)
Date: September 8, 2025
By:/s/Eric T. Lemke
Eric T. Lemke
Chief Financial Officer
(Principal Financial Officer)

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