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  4. [10-Q] Midland States Bancorp, Inc. Quarterly Earnings Report

[10-Q] Midland States Bancorp, Inc. Quarterly Earnings Report

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
10-Q
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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 September 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 October 24, 2025, the Registrant had 21,551,721 shares of outstanding common stock, $0.01 par value.

Table of Contents
MIDLAND STATES BANCORP, INC.
TABLE OF CONTENTS
Page
PART I. FINANCIAL INFORMATION
Item 1.
Financial Statements:
Consolidated Balance Sheets at September 30, 2025 (Unaudited) and December 31, 2024
3
Consolidated Statements of Income (Unaudited) for the three and nine months ended September 30, 2025 and 2024
4
Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months ended September 30, 2025 and 2024
5
Consolidated Statements of Shareholders’ Equity (Unaudited) for the three and nine months ended September 30, 2025 and 2024
6
Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024
7
Notes to Consolidated Financial Statements (Unaudited)
8
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
47
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
72
Item 4.
Controls and Procedures
73
PART II. OTHER INFORMATION
Item 1.
Legal Proceedings
73
Item 1A.
Risk Factors
73
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
74
Item 5.
Other Information
74
Item 6.
Exhibits
75
SIGNATURES
76


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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
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PART I – FINANCIAL INFORMATION
ITEM 1 – FINANCIAL STATEMENTS
MIDLAND STATES BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)
September 30,
2025		December 31,
2024
(unaudited)
Assets
Cash and due from banks$165,673 $114,055 
Federal funds sold474 711 
Cash and cash equivalents166,147 114,766 
Investment securities available for sale, at fair value1,378,907 1,207,574 
Equity securities, at fair value4,214 4,792 
Loans4,867,587 5,167,574 
Allowance for credit losses on loans(100,886)(111,204)
Total loans, net4,766,701 5,056,370 
Loans held for sale7,535 344,947 
Premises and equipment, net86,005 85,710 
Other real estate owned393 4,941 
Nonmarketable equity securities37,270 33,723 
Accrued interest receivable26,672 25,329 
Loan servicing rights, at lower of cost or fair value16,165 17,842 
Goodwill7,927 161,904 
Other intangible assets, net9,619 12,100 
Company-owned life insurance216,494 211,168 
Credit enhancement asset5,765 16,804 
Other assets181,701 208,839 
Total assets$6,911,515 $7,506,809 
Liabilities and Shareholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing demand deposits$1,015,930 $1,055,564 
Interest-bearing deposits4,588,895 5,141,679 
Total deposits5,604,825 6,197,243 
Short-term borrowings146,766 87,499 
Federal Home Loan Bank advances and other borrowings373,000 258,000 
Subordinated debt27,014 77,749 
Trust preferred debentures51,684 51,205 
Accrued interest payable and other liabilities124,225 124,266 
Total liabilities6,327,514 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 September 30, 2025 and December 31, 2024, respectively
110,548 110,548 
Common stock, $0.01 par value; 40,000,000 shares authorized; 21,543,557 and 21,494,485 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively
215 215 
Capital surplus437,168 434,346 
Retained earnings99,036 247,698 
Accumulated other comprehensive loss, net of tax(62,966)(81,960)
Total shareholders’ equity584,001 710,847 
Total liabilities and shareholders’ equity$6,911,515 $7,506,809 
The accompanying notes are an integral part of the consolidated financial statements.
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MIDLAND STATES BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME — (UNAUDITED)
(dollars in thousands, except per share data)
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Interest income:
Loans including fees:
Taxable$80,583 $93,020 $236,765 $277,961 
Tax exempt338 382 1,267 1,156 
Loans held for sale147 124 5,087 263 
Investment securities:
Taxable15,418 13,259 47,011 35,921 
Tax exempt443 390 1,303 1,062 
Nonmarketable equity securities715 788 2,056 2,438 
Federal funds sold and cash investments849 1,031 2,283 2,857 
Total interest income98,493 108,994 295,772 321,658 
Interest expense:
Deposits30,219 41,970 97,124 120,660 
Short-term borrowings499 602 1,772 1,746 
Federal Home Loan Bank advances and other borrowings4,044 4,743 10,973 13,615 
Subordinated debt1,393 1,228 4,174 3,773 
Trust preferred debentures1,221 1,341 3,627 4,088 
Total interest expense37,376 49,884 117,670 143,882 
Net interest income61,117 59,110 178,102 177,776 
Provision for credit losses:
Provision for credit losses on loans20,505 17,925 48,724 46,349 
Recapture of credit losses on unfunded commitments(500)— (500)(200)
Total provision for credit losses20,005 17,925 48,224 46,149 
Net interest income after provision for credit losses41,112 41,185 129,878 131,627 
Noninterest income:
Wealth management revenue8,018 7,104 22,747 21,037 
Service charges on deposit accounts3,598 3,411 10,254 9,648 
Interchange revenue3,445 3,506 10,059 10,427 
Residential mortgage banking revenue735 697 2,167 1,781 
Income on company-owned life insurance2,102 1,982 6,504 5,708 
Gain (loss) on sales of investment securities, net14 (44)14 (196)
Credit enhancement income(242)14,206 3,028 45,188 
Other income2,346 2,683 6,540 9,777 
Total noninterest income20,016 33,545 61,313 103,370 
Noninterest expense:
Salaries and employee benefits26,393 24,382 78,494 71,356 
Occupancy and equipment4,206 4,393 12,870 12,499 
Data processing7,186 6,955 21,140 20,882 
FDIC insurance1,512 1,402 4,397 3,895 
Professional services2,017 1,744 7,550 6,242 
Marketing1,460 967 3,536 2,445 
Communications298 359 961 1,037 
Loan expense1,721 1,935 5,046 4,416 
Loan servicing fees1,274 3,031 3,410 10,077 
Impairment on goodwill— — 153,977 — 
Amortization of intangible assets743 951 2,481 3,056 
Other expense3,004 3,645 8,949 13,251 
Total noninterest expense49,814 49,764 302,811 149,156 
Income (loss) before income taxes11,314 24,966 (111,620)85,841 
Income tax expense3,757 4,535 9,773 17,028 
Net income (loss)7,557 20,431 (121,393)68,813 
Preferred dividends2,229 2,229 6,685 6,685 
Net income (loss) available to common shareholders$5,328 $18,202 $(128,078)$62,128 
Per common share data:
Basic earnings (loss) per common share$0.24 $0.83 $(5.88)$2.82 
Diluted earnings (loss) per common share$0.24 $0.83 $(5.88)$2.81 
Weighted average common shares outstanding21,863,911 21,675,818 21,826,566 21,726,143 
Weighted average diluted common shares outstanding21,863,911 21,678,242 21,826,566 21,732,093 
The accompanying notes are an integral part of the consolidated financial statements.
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MIDLAND STATES BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME — (UNAUDITED)
(dollars in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Net income (loss)$7,557 $20,431 $(121,393)$68,813 
Other comprehensive income:
Investment securities available for sale:
Unrealized gains that occurred during the period15,202 30,928 23,684 21,797 
Reclassification adjustment for realized net (gains) losses on sales of investment securities included in net income(14)44 (14)196 
Income tax effect(3,988)(8,902)(6,403)(6,245)
Change in investment securities available for sale, net of tax11,200 22,070 17,267 15,748 
Cash flow hedges:
Net unrealized derivative gains (losses) on cash flow hedges(439)1,090 648 (766)
Reclassification adjustment for net losses realized in net income197 (1,266)1,676 1,267 
Income tax effect64 47 (597)(136)
Change in cash flow hedges, net of tax(178)(129)1,727 365 
Other comprehensive income, net of tax11,022 21,941 18,994 16,113 
Total comprehensive income (loss)$18,579 $42,372 $(102,399)$84,926 
The accompanying notes are an integral part of the consolidated financial statements.
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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, June 30, 2025$110,548 $215 $436,205 $100,725 $(73,988)$573,705 
Net income— — — 7,557 — 7,557 
Other comprehensive income— — — — 11,022 11,022 
Common dividends declared ($0.32 per share)
— — — (7,017)— (7,017)
Preferred dividends declared ($19.375 per share)
— — — (2,229)— (2,229)
Share-based compensation expense— — 651 — — 651 
Issuance of common stock under employee benefit plans— — 312 — — 312 
Balances, September 30, 2025$110,548 $215 $437,168 $99,036 $(62,966)$584,001 
Balances, December 31, 2024$110,548 $215 $434,346 $247,698 $(81,960)$710,847 
Net loss— — — (121,393)— (121,393)
Other comprehensive income— — — — 18,994 18,994 
Common dividends declared ($0.94 per share)
— — — (20,584)— (20,584)
Preferred dividends declared ($58.125 per share)
— — — (6,685)— (6,685)
Share-based compensation expense— — 2,185 — — 2,185 
Issuance of common stock under employee benefit plans— — 637 — — 637 
Balances, September 30, 2025$110,548 $215 $437,168 $99,036 $(62,966)$584,001 
Balances, June 30, 2024$110,548 $214 $432,569 $276,029 $(82,581)$736,779 
Net income— — — 20,431 — 20,431 
Other comprehensive income— — — — 21,941 21,941 
Common dividends declared ($0.31 per share)
— — — (6,747)— (6,747)
Preferred dividends declared ($19.375 per share)
— — — (2,229)— (2,229)
Common stock repurchased— — (534)— — (534)
Share-based compensation expense— — 733 — — 733 
Issuance of common stock under employee benefit plans— — 847 — — 847 
Balances, September 30, 2024$110,548 $214 $433,615 $287,484 $(60,640)$771,221 
Balances, December 31, 2023$110,548 $216 $435,463 $245,639 $(76,753)$715,113 
Net income— — — 68,813 — 68,813 
Other comprehensive income— — — — 16,113 16,113 
Common dividends declared ($0.93 per share)
— — — (20,283)— (20,283)
Preferred dividends declared ($58.125 per share)
— — — (6,685)— (6,685)
Common stock repurchased— (2)(5,502)— — (5,504)
Share-based compensation expense— — 2,139 — — 2,139 
Issuance of common stock under employee benefit plans— — 1,515 — — 1,515 
Balances, September 30, 2024$110,548 $214 $433,615 $287,484 $(60,640)$771,221 
The accompanying notes are an integral part of the consolidated financial statements.
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MIDLAND STATES BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS — (UNAUDITED)
(dollars in thousands)
Nine Months Ended September 30,
20252024
Cash flows from operating activities:
Net (loss) income$(121,393)$68,813 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses48,224 46,149 
Depreciation on premises and equipment3,672 3,721 
Impairment on goodwill153,977 — 
Amortization of intangible assets2,481 3,056 
Amortization of operating lease right-of-use asset1,178 1,219 
Amortization of loan servicing rights1,703 1,925 
Share-based compensation expense2,185 2,139 
Increase in cash surrender value of life insurance(6,149)(5,708)
Gain on proceeds from company-owned life insurance(343)— 
Investment securities accretion, net(10,287)(3,741)
(Gain) loss on sales of investment securities, net(14)196 
Gain on repurchase of subordinated debt— (244)
Gain on sales of other real estate owned(39)(22)
Impairment on other real estate owned— 1,278 
Origination of loans held for sale(75,176)(55,951)
Proceeds from sales of loans and leases held for sale107,025 67,614 
Gain on sale of loans held for sale(1,963)(1,716)
Net change in operating assets and liabilities:
Accrued interest receivable(1,343)(904)
Credit enhancement asset11,039 (5,244)
Other assets22,869 12,117 
Accrued expenses and other liabilities(4,905)(13,675)
Net cash provided by operating activities132,741 121,022 
Cash flows from investing activities:
Purchases of investment securities available for sale(400,318)(471,040)
Proceeds from sales of investment securities available for sale103,759 58,874 
Maturities and payments on investment securities available for sale164,437 140,682 
Purchases of equity securities(152)(214)
Net decrease in loans487,562 305,543 
Proceeds from sales of consumer loans held for sale61,099 — 
Purchases of premises and equipment(4,606)(4,185)
Purchases of nonmarketable equity securities(107,172)(169,806)
Proceeds from redemptions of nonmarketable equity securities103,624 172,057 
Proceeds from sales of other real estate owned4,774 301 
Proceeds from company-owned life insurance, net1,166 — 
Net cash provided by investing activities414,173 32,212 
Cash flows from financing activities:
Net decrease in deposits(592,418)(52,693)
Net increase (decrease) in short-term borrowings59,267 (21,016)
Net increase (decrease) in short-term FHLB advances60,000 (46,000)
Proceeds from long-term FHLB advances328,000 255,000 
Payments made on long-term FHLB advances and other borrowings(273,000)(260,000)
Payments made on subordinated debt(50,750)(10,756)
Cash dividends paid on preferred stock(6,685)(6,685)
Cash dividends paid on common stock(20,584)(20,283)
Common stock repurchased— (5,504)
Proceeds from issuance of common stock under employee benefit plans637 1,515 
Net cash used in financing activities(495,533)(166,422)
Net increase (decrease) in cash and cash equivalents51,381 (13,188)
Cash and cash equivalents:
Beginning of period114,766 135,061 
End of period$166,147 $121,873 
Supplemental disclosures of cash flow information:
Cash payments for:
Interest paid on deposits and borrowed funds$123,045 $144,205 
Income tax paid (net of refunds)(979)21,870 
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 982 
Right of use assets obtained in exchange for lease obligations873 2,707 
Transfer of premises and equipment, net to assets held for sale245 — 
Loans provided for sale of consumer loans held for sale219,212 — 
The accompanying notes are an integral part of the consolidated financial statements.
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MIDLAND STATES BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (UNAUDITED)
Note 1: Summary of Significant Accounting Policies
8
Note 2: Investment Securities
10
Note 3: Loans
12
Note 4: Premises, Equipment and Leases
28
Note 5: Operating Leases - Lessor
29
Note 6: Goodwill
30
Note 7: Derivative Instruments
30
Note 8: Deposits
33
Note 9: FHLB Advances and Other Borrowings
33
Note 10: Subordinated Debt
34
Note 11: Accumulated Other Comprehensive Income
35
Note 12: Earnings per Common Share
36
Note 13: Fair Value of Financial Instruments
36
Note 14: Commitments, Contingencies and Credit Risk
41
Note 15: Segment Information
42
Note 16: Revenue from Contracts with Customers
45

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, 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
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recognition or disclosure. Operating results for the three and nine months ended September 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.
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NOTE 2 – INVESTMENT SECURITIES
Investment Securities Available for Sale
Investment securities available for sale at September 30, 2025 and December 31, 2024 were as follows:
September 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
$16,131 $21 $(1,029)$15,123 
Mortgage-backed securities - agency (1)
1,123,132 4,248 (78,577)1,048,803 
Mortgage-backed securities - non-agency94,974 1,456 (2,570)93,860 
Asset-backed student loans43,341 46 (129)43,258 
State and municipal securities77,574 289 (4,573)73,290 
Collateralized loan obligations47,809 86 (50)47,845 
Corporate securities59,795 44 (3,111)56,728 
Total available for sale securities$1,462,756 $6,190 $(90,039)$1,378,907 
(1)The amount of fair value hedging adjustment included in the amortized cost amount of the hedged investment securities available-for-sale as of September 30, 2025 was $(3.3) 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 September 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 September 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.
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(dollars in thousands)Amortized
cost		Fair
value
Investment securities available for sale
Within one year$4,350 $4,317 
After one year through five years37,879 35,951 
After five years through ten years89,806 84,325 
After ten years112,615 111,651 
Mortgage-backed securities1,218,106 1,142,663 
Total available for sale securities$1,462,756 $1,378,907 
    
Proceeds and gross realized gains and losses on sales of investment securities available for sale for the three and nine months ended September 30, 2025 and 2024 are summarized as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Investment securities available for sale
Proceeds from sales$103,759 $13,049 $103,759 $58,874 
Gross realized gains on sales587 113 587 420 
Gross realized losses on sales(573)(157)(573)(616)
Unrealized losses and fair values for investment securities available for sale as of September 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:
September 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$4,979 $7 $8,979 $1,022 $13,958 $1,029 
Mortgage-backed securities - agency84,803 1,145 539,599 77,432 624,402 78,577 
Mortgage-backed securities - non-agency712 1 22,787 2,569 23,499 2,570 
Asset-backed student loans14,659 36 15,263 93 29,922 129 
State and municipal securities7,336 51 46,740 4,522 54,076 4,573 
Collateralized loan obligations9,957 50 — — 9,957 50 
Corporate securities— — 53,684 3,111 53,684 3,111 
Total available for sale securities$122,446 $1,290 $687,052 $88,749 $809,498 $90,039 
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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 September 30, 2025, 253 investment securities available for sale had unrealized losses with aggregate depreciation of 10.01% 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 September 30, 2025 and December 31, 2024:
(dollars in thousands)September 30,
2025		December 31,
2024
Commercial:
Commercial$1,038,821 $818,496 
Commercial other437,712 541,324 
Commercial real estate:
Commercial real estate non-owner occupied1,457,627 1,628,961 
Commercial real estate owner occupied425,712 440,806 
Multi-family386,585 454,249 
Farmland66,737 67,648 
Construction and land development260,073 299,842 
Total commercial loans4,073,267 4,251,326 
Residential real estate:
Residential first lien292,830 315,775 
Other residential60,645 64,782 
Consumer:
Consumer82,710 96,202 
Consumer other47,152 48,099 
Lease financing310,983 391,390 
Total loans$4,867,587 $5,167,574 
Total loans include net deferred loan costs of $0.8 million and $1.4 million at September 30, 2025 and December 31, 2024, respectively, and unearned discounts of $43.6 million and $56.7 million within the lease financing portfolio at September 30, 2025 and December 31, 2024, respectively.
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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 historically provided 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. We ceased originating new equipment financing leases and loans effective September 30, 2025.
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 nine months ended September 30, 2025 and 2024, are summarized as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Beginning balance$44,486 $20,894 $40,410 $20,990 
New loans and other additions1,352 1,000 7,027 1,500 
Repayments and other reductions(377)(264)(1,976)(860)
Ending balance$45,461 $21,630 $45,461 $21,630 

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The following table represents, by loan portfolio segment, a summary of changes in the allowance for credit losses on loans for the three and nine months ended September 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 September 30, 2025:
Balance, beginning of period$34,179 $27,439 $2,869 $7,104 $5,704 $15,395 $92,690 
Provision for credit losses on loans7,841 2,678 1,480 (711)116 9,101 20,505 
Charge-offs(4,301)(3,798)(2,901)(54)(897)(4,088)(16,039)
Recoveries1,320 494 1,122 54 103 637 3,730 
Balance, end of period$39,039 $26,813 $2,570 $6,393 $5,026 $21,045 $100,886 
Changes in allowance for credit losses on loans for the nine months ended September 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 loans17,196 15,817 (231)(1,645)1,352 16,235 48,724 
Charge-offs(23,762)(26,974)(2,901)(126)(2,234)(11,422)(67,419)
Recoveries2,829 1,133 2,152 162 508 1,593 8,377 
Balance, end of period$39,039 $26,813 $2,570 $6,393 $5,026 $21,045 $100,886 
Changes in allowance for credit losses on loans for the three months ended September 30, 2024:
Balance, beginning of period$32,236 $22,197 $12,966 $5,193 $69,563 $13,288 $155,443 
Provision for credit losses on loans5,442 364 (907)255 9,439 3,332 17,925 
Charge-offs(2,492)(32)— (159)(17,316)(2,979)(22,978)
Recoveries484 1 2 63 44 83 677 
Balance, end of period$35,670 $22,530 $12,061 $5,352 $61,730 $13,724 $151,067 
Changes in allowance for credit losses on loans for the nine months ended September 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 loans16,435 788 7,895 (138)14,185 7,184 46,349 
Charge-offs(11,190)(728)— (194)(39,411)(6,728)(58,251)
Recoveries753 2,241 3 131 194 328 3,650 
Balance, end of period$35,670 $22,530 $12,061 $5,352 $61,730 $13,724 $151,067 
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.
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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, with the exception of our equipment finance loans and leases. In the third quarter of 2025, the look-back period for the equipment finance loans and leases was shortened to 24 months due to the elevated level of incurred losses compared to the modeled results. 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.
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The following table presents the amortized cost basis of individually evaluated loans on nonaccrual status as of September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
(dollars in thousands)Nonaccrual with allowanceNonaccrual with no allowanceTotal nonaccrualNonaccrual with allowanceNonaccrual with no allowanceTotal nonaccrual
Commercial:
Commercial$3,490 $3,849 $7,339 $2,678 $7,074 $9,752 
Commercial other4,695 2,209 6,904 3,439 — 3,439 
Commercial real estate:
Commercial real estate non-owner occupied1,244 18,544 19,788 9,173 24,187 33,360 
Commercial real estate owner occupied995 10,172 11,167 1,407 16,871 18,278 
Multi-family716 — 716 2,363 51,770 54,133 
Farmland1,267 409 1,676 1,148 — 1,148 
Construction and land development— 5,534 5,534 39 8,399 8,438 
Total commercial loans12,407 40,717 53,124 20,247 108,301 128,548 
Residential real estate:
Residential first lien2,597 463 3,060 2,501 491 2,992 
Other residential524 — 524 446 — 446 
Consumer:
Consumer49 — 49 20 — 20 
Lease financing7,364 — 7,364 8,132 — 8,132 
Total loans$22,941 $41,180 $64,121 $31,346 $108,792 $140,138 
    There was no interest income recognized on nonaccrual loans during the three and nine months ended September 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 $2.5 million and $9.3 million for the three and nine months ended September 30, 2025 and $2.7 million and $6.3 million for the three and nine months ended September 30, 2024, respectively.
Collateral Dependent Financial Assets
A collateral dependent financial asset is a loan that relies solely on the operation or sale of the collateral for repayment. In evaluating the overall risk associated with a loan, the Company considers character, overall financial condition and resources, and payment record of the borrower; the prospects for support from any financially responsible guarantors; and the nature and degree of protection provided by the cash flow and value of any underlying collateral. However, as other sources of repayment become inadequate over time, the significance of the collateral’s value increases and the loan may become collateral dependent.
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The table below presents the amortized cost basis of individually evaluated, collateral dependent loans by loan class, for borrowers experiencing financial difficulty, as of September 30, 2025 and December 31, 2024:
Type of Collateral
(dollars in thousands)Real EstateBlanket LienEquipmentTotal
September 30, 2025
Commercial:
Commercial$— $3,849 $— $3,849 
Commercial other— 2,209 801 3,010 
Commercial real estate:
Non-owner occupied18,534 — — 18,534 
Owner occupied8,577 1,595 — 10,172 
Multi-family716 — — 716 
Farmland— 409 — 409 
Construction and land development5,534 — — 5,534 
Lease financing— — — — 
Total collateral dependent loans$33,361 $8,062 $801 $42,224 
December 31, 2024
Commercial:
Commercial$— $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 

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The aging status of the recorded investment in loans by class as of September 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$696 $— $— $696 $7,339 $1,030,786 $1,038,821 
Commercial other10,179 7,035 4,536 21,750 6,904 409,058 437,712 
Commercial real estate:
Commercial real estate non-owner occupied
65 — — 65 19,788 1,437,774 1,457,627 
Commercial real estate owner occupied230 155 — 385 11,167 414,160 425,712 
Multi-family— — — — 716 385,869 386,585 
Farmland— — — — 1,676 65,061 66,737 
Construction and land development— — — — 5,534 254,539 260,073 
Total commercial loans11,170 7,190 4,536 22,896 53,124 3,997,247 4,073,267 
Residential real estate:
Residential first lien23 383 35 441 3,060 289,329 292,830 
Other residential135 40 — 175 524 59,946 60,645 
Consumer:
Consumer190 125 11 326 49 82,335 82,710 
Consumer other571 192 — 763 — 46,389 47,152 
Lease financing4,522 1,478 — 6,000 7,364 297,619 310,983 
Total loans$16,611 $9,408 $4,582 $30,601 $64,121 $4,772,865 $4,867,587 
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 
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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.
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The following table represents, by loan portfolio segment, a summary of the loan restructuring for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(dollars in thousands)BalanceCount BalanceCountBalanceCountBalanceCount
Commercial:
Commercial$10,901 2 $77 2 $11,949 4$77 2
Commercial other— — 370 5 845 42,27717
Commercial real estate:
Commercial real estate non-owner occupied8,069 2 3,552 1 8,069 2 9,941 2 
Commercial real estate owner occupied— — 6,131 3 — — 6,131 3 
Farmland120 1 — — 387 2 — — 
Construction and land development1,571 1 1,334 1 1,571 1 1,334 1 
Total commercial loans20,661 6 11,464 12 22,821 13 19,760 25 
Residential real estate:
Residential first lien20 1 — — 162 4 65 1 
Other residential— — — — 10 1 82 2 
Consumer:
Consumer— — 11 1 — — 37 2 
Lease financing— — 348 2 — — 2,480 11
Total loan restructurings$20,681 7 $11,823 15 $22,993 18 $22,424 41 
BalanceCountBalanceCountBalanceCountBalanceCount
Interest Rate Reduction$— — $77 1 $294 2$556 3 
Term Extension12,542 5 4,897 3 13,741 118,629 26
Payment Deferral120 1 370 5 120 1 6,760 6 
Interest Rate Reduction and Term Extension8,019 1 — — 8,019 1 — — 
Interest Rate Reduction and Payment Deferral— — 893 3 — — 893 3 
Term Extension and Payment Deferral— — 5,586 3 819 3 5,586 3 
Total loan restructurings$20,681 7 $11,823 15 $22,993 18 $22,424 41 
The Company has not committed to lend any additional amounts to the borrowers that have been granted a loan modification.








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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 September 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$— $— $— $— $11,949 $11,949 
Commercial other— — — — 845 845 
Commercial real estate:
Commercial real estate non-owner occupied— — — — 17,920 17,920 
Commercial real estate owner occupied— — — — — — 
Multi-family— — — — — — 
Farmland— — — — 387 387 
Construction and land development— — — — 1,571 1,571 
Total commercial loans— — — — 32,672 32,672 
Residential real estate:
Residential first lien— 6 66 72 473 545 
Other residential— — — — 10 10 
Consumer:
Consumer— — — — 6 6 
Lease financing— — 430 430 169 599 
Total loan restructurings$— $6 $496 $502 $33,330 $33,832 
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 provided 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.
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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.

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.
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The following tables present the recorded investment of the commercial loan portfolio by risk category as of September 30, 2025 and December 31, 2024:
September 30, 2025
Term Loans
Amortized Cost Basis by Origination Year
(dollars in thousands)20252024202320222021PriorRevolving loansTotal
CommercialCommercialAcceptable credit quality$395,628 $92,950 $76,292 $14,413 $28,930 $42,645 $362,054 $1,012,912 
Special mention— — 5,229 — 3,803 31 188 9,251 
Substandard— 39 2,563 241 318 1,448 4,710 9,319 
Substandard – nonaccrual— 142 717 4,251 508 563 1,158 7,339 
Doubtful— — — — — — — — 
Not graded— — — — — — — — 
Subtotal395,628 93,131 84,801 18,905 33,559 44,687 368,110 1,038,821 
Commercial otherAcceptable credit quality44,305 78,661 67,972 86,981 33,710 17,040 94,169 422,838 
Special mention201 704 1,561 2,170 1,489 196 663 6,984 
Substandard— — 28 — — 64 894 986 
Substandard – nonaccrual— 727 2,144 930 530 519 2,054 6,904 
Doubtful— — — — — — — — 
Not graded— — — — — — — — 
Subtotal44,506 80,092 71,705 90,081 35,729 17,819 97,780 437,712 
Commercial real estateNon-owner occupiedAcceptable credit quality251,900 261,820 138,412 345,444 214,777 151,430 8,596 1,372,379 
Special mention106 15,657 3,135 — 174 3,685 — 22,757 
Substandard— 61 — 10,261 — 32,381 — 42,703 
Substandard – nonaccrual— 9,784 — 60 2,867 7,077 — 19,788 
Doubtful— — — — — — — — 
Not graded— — — — — — — — 
Subtotal252,006 287,322 141,547 355,765 217,818 194,573 8,596 1,457,627 
Owner occupiedAcceptable credit quality76,587 61,110 45,209 89,458 68,561 68,169 718 409,812 
Special mention1,357 843 — — — 87 — 2,287 
Substandard— 431 — — 24 1,991 — 2,446 
Substandard – nonaccrual— 200 — 9,710 264 689 304 11,167 
Doubtful— — — — — — — — 
Not graded— — — — — — — — 
Subtotal77,944 62,584 45,209 99,168 68,849 70,936 1,022 425,712 
Multi-familyAcceptable credit quality70,856 30,490 14,393 168,749 39,041 16,275 607 340,411 
Special mention— — 7,595 17,133 — — — 24,728 
Substandard— — — 15,534 5,158 38 — 20,730 
Substandard – nonaccrual— — — — — 716 — 716 
Doubtful— — — — — — — — 
Not graded— — — — — — — — 
Subtotal70,856 30,490 21,988 201,416 44,199 17,029 607 386,585 
FarmlandAcceptable credit quality16,012 2,062 6,995 3,654 6,968 25,187 879 61,757 
Special mention— — — — 847 96 — 943 
Substandard600 — 1,210 — 13 538 — 2,361 
Substandard – nonaccrual— — — 227 267 1,134 48 1,676 
Doubtful— — — — — — — — 
Not graded— — — — — — — — 
Subtotal16,612 2,062 8,205 3,881 8,095 26,955 927 66,737 
Construction and land developmentAcceptable credit quality84,117 95,804 12,804 22,798 14,034 372 8,141 238,070 
Special mention— 1,588 — 9,000 — — — 10,588 
Substandard— — — — 80 — — 80 
Substandard – nonaccrual— — — — 5,534 — — 5,534 
Doubtful— — — — — — — — 
Not graded1,524 3,635 316 306 — 20 — 5,801 
Subtotal85,641 101,027 13,120 32,104 19,648 392 8,141 260,073 
TotalAcceptable credit quality939,405 622,897 362,077 731,497 406,021 321,118 475,164 3,858,179 
Special mention1,664 18,792 17,520 28,303 6,313 4,095 851 77,538 
Substandard600 531 3,801 26,036 5,593 36,460 5,604 78,625 
Substandard – nonaccrual— 10,853 2,861 15,178 9,970 10,698 3,564 53,124 
Doubtful— — — — — — — — 
Not graded1,524 3,635 316 306 — 20 — 5,801 
Total commercial loans$943,193 $656,708 $386,575 $801,320 $427,897 $372,391 $485,183 $4,073,267 
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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 

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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 nine months ended September 30, 2025 and 2024:
Term Loans by Origination Year
(dollars in thousands)20252024202320222021PriorRevolving LoansTotal
For the three months ended September 30, 2025
CommercialCommercial$— $— $— $— $— $— $— $— 
Commercial Other156 6 880 1,253 102 247 1,657 4,301 
Commercial Real EstateNon-owner occupied— 87 — — — 1,906 — 1,993 
Owner occupied— — — 1,297 — 8 — 1,305 
Multi-family— — — 500 — — — 500 
Construction and land development
— — — — 2,860 41 — 2,901 
Total gross commercial charge-offs$156 $93 $880 $3,050 $2,962 $2,202 $1,657 $11,000 
Term Loans by Origination Year
20252024202320222021PriorRevolving LoansTotal
For the nine months ended September 30, 2025
CommercialCommercial$— $— $— $— $— $152 $— $152 
Commercial Other156 62 1,915 3,183 508 364 17,422 23,610 
Commercial Real EstateNon-owner occupied— 87 — 7,782 — 7,649 — 15,518 
Owner occupied— — — 7,144 — 8 — 7,152 
Multi-family— — — 2,854 — 1,450 — 4,304 
Construction and land development
— — — — 2,860 41 — 2,901 
Total gross commercial charge-offs$156 $149 $1,915 $20,963 $3,368 $9,664 $17,422 $53,637 
Term Loans by Origination Year
(dollars in thousands)20242023202220212020PriorRevolving LoansTotal
For the three months ended September 30, 2024
CommercialCommercial$— $— $— $— $22 $2 $— $24 
Commercial Other— 320 1,608 301 43 196 — 2,468 
Commercial Real EstateNon-owner occupied— — — — — — — — 
Owner occupied— — — — — 32 — 32 
Multi-family— — — — — — — — 
Construction and land development
— — — — — — — — 
Total gross commercial charge-offs$— $320 $1,608 $301 $65 $230 $— $2,524 
Term Loans by Origination Year
20242023202220212020PriorRevolving LoansTotal
For the nine months ended September 30, 2024
CommercialCommercial$— $475 $— $750 $32 $17 $102 $1,376 
Commercial Other— 1,765 6,939 722 66 322 — 9,814 
Commercial Real EstateNon-owner occupied— — — — 138 5 — 143 
Owner occupied— — — — — 585 — 585 
Multi-family— — — — — — — — 
Construction and land development
— — — — — — — — 
Total gross commercial charge-offs$— $2,240 $6,939 $1,472 $236 $929 $102 $11,918 

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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 September 30, 2025 and December 31, 2024:
September 30, 2025
Term Loans
Amortized Cost Basis by Origination Year
(dollars in thousands)20252024202320222021PriorRevolving LoansTotal
Residential real estateResidential first lienPerforming$6,114 $29,464 $39,188 $64,054 $29,690 $121,225 $— $289,735 
Nonperforming— — 275 — 300 2,520 — 3,095 
Subtotal6,114 29,464 39,463 64,054 29,990 123,745 — 292,830 
Other residentialPerforming1,000 2,159 1,943 683 206 1,597 52,533 60,121 
Nonperforming— — — — — 155 369 524 
Subtotal1,000 2,159 1,943 683 206 1,752 52,902 60,645 
ConsumerConsumerPerforming9,455 17,503 15,971 12,605 19,584 6,449 1,083 82,650 
Nonperforming— 11 30 2 — 17 — 60 
Subtotal9,455 17,514 16,001 12,607 19,584 6,466 1,083 82,710 
Consumer otherPerforming— — 344 32,073 6,504 8,231 — 47,152 
Nonperforming— — — — — — — — 
Subtotal— — 344 32,073 6,504 8,231 — 47,152 
Leases financingPerforming41,553 73,327 71,790 70,799 26,890 19,260 — 303,619 
Nonperforming— 672 3,179 2,569 670 274 — 7,364 
Subtotal41,553 73,999 74,969 73,368 27,560 19,534 — 310,983 
TotalPerforming58,122 122,453 129,236 180,214 82,874 156,762 53,616 783,277 
Nonperforming— 683 3,484 2,571 970 2,966 369 11,043 
Total other loans$58,122 $123,136 $132,720 $182,785 $83,844 $159,728 $53,985 $794,320 
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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 nine months ended September 30, 2025 and 2024:
Term Loans by Origination Year
(dollars in thousands)20252024202320222021PriorRevolving LoansTotal
For the three months ended September 30, 2025
Residential real estateResidential first lien$— $— $40 $— $— $— $— $40 
Other residential— — — — — 1 13 14 
ConsumerConsumer23 5 9 2 — — 6 45 
Consumer other— 27 18 348 139 320 — 852 
Lease financing— 249 1,605 1,843 330 61 — 4,088 
Total gross other charge-offs$23 $281 $1,672 $2,193 $469 $382 $19 $5,039 
Term Loans by Origination Year
20252024202320222021PriorRevolving LoansTotal
For the nine months ended September 30, 2025
Residential real estateResidential first lien$— $— $40 $— $— $27 $— $67 
Other residential— — — 25 — 2 32 59 
ConsumerConsumer23 35 21 4 — 1 19 103 
Consumer other26 106 68 632 268 1,031 — 2,131 
Lease financing— 716 5,023 4,261 723 699 — 11,422 
Total gross other charge-offs$49 $857 $5,152 $4,922 $991 $1,760 $51 $13,782 
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Term Loans
(dollars in thousands)20242023202220212020PriorRevolving LoansTotal
For the three months ended September 30, 2024
Residential real estateResidential first lien$— $18 $— $— $— $— $— $18 
Other residential— — — — — 1 140 141 
ConsumerConsumer1 — — — — — 7 8 
Consumer other1 2,779 11,732 1,299 632 865 — 17,308 
Lease financing— 583 1,560 464 245 127 — 2,979 
Total gross other charge-offs$2 $3,380 $13,292 $1,763 $877 $993 $147 $20,454 
Term Loans
20242023202220212020PriorRevolving LoansTotal
For the nine months ended September 30, 2024
Residential real estateResidential first lien$— $18 $11 $— $— $— $— $29 
Other residential— — 16 — — 1 148 165 
ConsumerConsumer1 22 — 5 16 27 8 79 
Consumer other2 7,813 22,439 4,140 2,046 2,892 — 39,332 
Lease financing— 1,652 3,831 801 297 147 — 6,728 
Total gross other charge-offs$3 $9,505 $26,297 $4,946 $2,359 $3,067 $156 $46,333 
NOTE 4 – PREMISES, EQUIPMENT AND LEASES
A summary of premises, equipment and leases at September 30, 2025 and December 31, 2024 is as follows:
September 30,December 31,
(dollars in thousands)20252024
Land$15,856 $15,986 
Buildings and improvements85,908 83,296 
Furniture and equipment38,084 36,526 
Lease right-of-use assets8,509 8,830 
Total148,357 144,638 
Accumulated depreciation(62,352)(58,928)
Premises and equipment, net$86,005 $85,710 
    Depreciation expense for the three and nine months ended September 30, 2025 was $1.2 million and $3.7 million, respectively, and $1.2 million and $3.7 million for the three and nine months ended September 30, 2024, respectively.
The Company has entered into operating leases, primarily for banking offices, operating facilities and ATMs, which have remaining lease terms of 3 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 $8.5 million and $8.8 million as of September 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 $9.8 million as of September 30, 2025, and $10.1 million as of 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 nine months ended September 30, 2025 and 2024 was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Operating lease cost$483 $504 $1,461 $1,461 
Operating cash flows from leases464 600 1,467 1,748 
Right-of-use assets obtained in exchange for lease obligations36 1,168 873 2,707 
Weighted average remaining lease term6.30 years7.0 years6.30 years7.0 years
Weighted average discount rate3.72 %3.65 %3.72 %3.65 %
The projected minimum rental payments under the terms of the leases as of September 30, 2025 were as follows:
(dollars in thousands)Amount
Year ending December 31:
2025 remaining$350 
20262,012 
20271,900 
20281,847 
20291,648 
Thereafter3,256 
Total future minimum lease payments11,013 
Less imputed interest(1,234)
Total operating lease liabilities$9,779 

NOTE 5 - OPERATING LEASES - LESSOR
The Company provided 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 $21.8 million and $30.6 million at September 30, 2025 and December 31, 2024, respectively, net of accumulated depreciation of $16.2 million and $18.1 million at September 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 $2.6 million and $3.8 million for the three months ended September 30, 2025 and 2024, respectively, and $8.5 million and $12.7 million for the nine months ended September 30, 2025 and 2024, respectively. Depreciation expense related to leased equipment was $2.1 million and $3.0 million for the three months ended September 30, 2025 and 2024, respectively, and $6.8 million and $10.0 million for the nine months ended September 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 September 30, 2025 are as follows:
(dollars in thousands)Amount
Year ending December 31:
2025 remaining$1,576 
20263,390 
20271,651 
2028583 
2029192 
Thereafter63 
Total future minimum lease payments$7,455 
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NOTE 6 – GOODWILL
The carrying amount of goodwill by segment at September 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.
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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.
September 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$291 $3,611 $273,763 $2,653 $654 $167,363 
Cash flow hedges
Investment securities available for sale987 — 90,000 — — — 
Pools of commercial and commercial real estate loans1,948 1,762 300,000 — 4,502 200,000 
FHLB advances, brokered CDs and other borrowings60 518 125,000 863 281 75,000 
Total derivatives designated as accounting hedges$3,286 $5,891 $788,763 $3,516 $5,437 $442,363 
Derivatives not designated as accounting hedges
Interest rate contracts
Swaps$418 $418 $53,076 $218 $218 $54,390 
Interest rate lock commitments202 — 9,450 71 — 3,907 
Forward commitments to sell mortgage-backed securities4 — 14,373 32 — 10,198 
Total derivatives not designated as accounting hedges$624 $418 $76,899 $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)September 30, 2025December 31, 2024September 30, 2025December 31, 2024
Investment securities available for sale$359,046 $286,982 $(3,322)$1,999 






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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 September 30,
Gain (loss) on fair value hedging relationships
Interest rate contracts
Fixed-rate mortgage-backed securitiesInterest income on investment securities$(328)$(1,731)Interest income on investment securities available for sale$391 $1,790 
Nine Months Ended September 30,
Gain (loss) on fair value hedging relationships
Interest rate contracts
Fixed-rate mortgage-backed securitiesInterest income on investment securities available for sale$(5,322)$(553)Interest income on investment securities available for sale$5,431 $653 
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 September 30,
Gain (loss) on cash flow hedging relationships
Interest rate contracts
Pools of commercial and commercial real estate loans$3 $2,878 Interest income on loans$(111)$1,545 
Investment securities available for sale(356)— Interest income on investment securities(55)— 
FHLB advances, brokered CDs and other borrowings(86)(1,788)Interest expense(31)(279)
Total gain (loss) on cash flow hedging relationships$(439)$1,090 $(197)$1,266 
Nine Months Ended September 30,
Gain (loss) on cash flow hedging relationships
Interest rate contracts
Pools of commercial and commercial real estate loans$1,358 $(1,123)Interest income on loans$(1,857)$(1,549)
Investment securities available for sale161 — Interest income on investment securities(32)— 
FHLB advances, brokered CDs and other borrowings(871)357 Interest expense213 282 
Total gain (loss) on cash flow hedging relationships$648 $(766)$(1,676)$(1,267)
During the next 12 months, we estimate $2.4 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.
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Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)Location of gain (loss) recognized in income on derivative2025202420252024
Nine Months Ended September 30,
Gain (loss) on derivative instruments not designated as accounting hedges
Interest rate contractsResidential mortgage banking revenue$45 $(68)$104 $60 
Total (loss) gain on derivative instruments not designated as accounting hedges$45 $(68)$104 $60 
NOTE 8 – DEPOSITS
The following table summarizes the classification of deposits as of September 30, 2025 and December 31, 2024:
(dollars in thousands)September 30, 2025December 31, 2024
Noninterest-bearing demand$1,015,930 $1,055,564 
Interest-bearing:
Checking1,996,501 2,378,256 
Money market1,240,885 1,173,630 
Savings486,953 507,305 
Time864,556 1,082,488 
Total deposits$5,604,825 $6,197,243 


NOTE 9 – FHLB ADVANCES AND OTHER BORROWINGS
The following table summarizes our FHLB advances and other borrowings as of September 30, 2025 and December 31, 2024:
(dollars in thousands)September 30, 2025December 31, 2024
FHLB advances – fixed rate, fixed term at rates averaging 4.38% and 4.50% at September 30, 2025 and December 31, 2024 - maturing through October 2029
$188,000 $133,000 
FHLB advances – putable fixed rate at rates averaging 3.69% at both September 30, 2025 and December 31, 2024 – maturing through July 2034 with call provisions through November 2025
125,000 125,000 
FHLB advances – Short term fixed rate at rates of 4.20% at September 30, 2025
60,000 — 
Total FHLB advances and other borrowings$373,000 $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 $2.88 billion and $3.23 billion at September 30, 2025 and December 31, 2024, respectively. Based on this collateral, the Company was eligible to borrow $1.05 billion from the FHLB at September 30, 2025.
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NOTE 10 – SUBORDINATED DEBT
The following table summarizes the Company’s subordinated debt at September 30, 2025 and December 31, 2024:
Subordinated debt
Fixed to Float
(dollars in thousands)Issued September 2019Issued September 2019Total
At September 30, 2025
Outstanding amount$— $27,250 $27,250 
Carrying amount— 27,014 27,014 
Current rate— %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 September 30, 2025, the Company redeemed all of our outstanding Fixed-to-Floating Rate Subordinated Notes due September 30, 2029, with an interest rate of 7.91%, which had an aggregate principal amount of $50.8 million. The aggregate redemption price was 100% of the aggregate principal amount of the subordinated notes, plus accrued and unpaid interest. The interest rate on the subordinated notes was 7.91%, equating to approximately $4.0 million of annual interest expense. The Company's $27.3 million aggregate principal amount of Fixed-to-Floating Rate Subordinated Notes due September 30, 2034, with an interest rate of 5.50% as of September 30, 2025, remain outstanding.
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NOTE 11 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table summarizes the changes within each classification of AOCI, net of tax:
(dollars in thousands)Unrealized gains and losses on investment securities available for saleUnrealized gains and losses on cash flow hedgesTotal
Changes in AOCI for the three months ended September 30, 2025
Balance, beginning of period$(72,954)$(1,034)$(73,988)
Other comprehensive income (loss) before reclassifications11,210 (323)10,887 
Amounts reclassified from AOCI to income(1)
(10)145 135 
Balance, end of period$(61,754)$(1,212)$(62,966)
Changes in AOCI for the three months ended September 30, 2024
Balance, beginning of period$(77,878)$(4,703)$(82,581)
Other comprehensive income (loss) before reclassifications22,036 803 22,839 
Amounts reclassified from AOCI to income(1)
34 (932)(898)
Balance, end of period$(55,808)$(4,832)$(60,640)
Changes in AOCI for the nine months ended September 30, 2025
Balance, beginning of period$(79,021)$(2,939)$(81,960)
Other comprehensive income (loss) before reclassifications17,277 492 17,769 
Amounts reclassified from AOCI to income(1)
(10)1,235 1,225 
Balance, end of period$(61,754)$(1,212)$(62,966)
Changes in AOCI for the nine months ended September 30, 2024
Balance, beginning of period$(71,556)$(5,197)$(76,753)
Other comprehensive income (loss) before reclassifications15,604 (504)15,100 
Amounts reclassified from AOCI to income(1)
144 869 1,013 
Balance, end of period$(55,808)$(4,832)$(60,640)
See table below for details about reclassifications to income.
The following table summarizes the significant amounts reclassified out of each component of AOCI:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Details about AOCI componentsAmounts reclassified from AOCIAmounts reclassified from AOCIAffected line item in the statement of income
Gains and losses on cash flow hedges$(197)$1,266 $(1,676)$(1,267)Interest income (expense)
52 (334)441 398 Income tax (expense) benefit
$(145)$932 $(1,235)$(869)Net income
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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 nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands, except per share data)2025202420252024
Net income (loss)$7,557 $20,431 $(121,393)$68,813 
Preferred dividends declared(2,229)(2,229)(6,685)(6,685)
Net income (loss) available to common shareholders5,328 18,202 (128,078)62,128 
Common shareholder dividends(6,893)(6,632)(20,230)(19,959)
Unvested restricted stock award dividends(124)(115)(354)(324)
Undistributed earnings to unvested restricted stock awards— (181)— (645)
Undistributed earnings (loss) to common shareholders$(1,689)$11,274 $(148,662)$41,200 
Basic
Distributed earnings to common shareholders$6,893 $6,632 $20,230 $19,959 
Undistributed earnings (loss) to common shareholders(1,689)11,274 (148,662)41,200 
Total common shareholders earnings (loss), basic$5,204 $17,906 $(128,432)$61,159 
Diluted
Distributed earnings to common shareholders$6,893 $6,632 $20,230 $19,959 
Undistributed earnings (loss) to common shareholders(1,689)11,274 (148,662)41,200 
Total common shareholders earnings (loss)5,204 17,906 (128,432)61,159 
Add back:
Undistributed earnings reallocated from unvested restricted stock awards— — — — 
Total common shareholders earnings (loss), diluted$5,204 $17,906 $(128,432)$61,159 
Weighted average common shares outstanding, basic21,863,911 21,675,818 21,826,566 21,726,143 
Dilutive effect of options— 2,424 — 5,950 
Weighted average common shares outstanding, diluted21,863,911 21,678,242 21,826,566 21,732,093 
Basic earnings (loss) per common share$0.24 $0.83 $(5.88)$2.82 
Diluted earnings (loss) per common share0.24 0.83 (5.88)2.81 
Antidilutive stock options(1)
228,802 279,163 228,802 231,120 
(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.
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•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.

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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 September 30, 2025 and December 31, 2024, are summarized below:
September 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$15,123 $— $15,123 $— 
Mortgage-backed securities - agency1,048,803 — 1,048,803 — 
Mortgage-backed securities - non-agency93,860 — 93,860 — 
Asset-backed student loans43,258 — 43,258 — 
State and municipal securities73,290 — 73,290 — 
Collateralized loan obligations47,845 — 47,845 — 
Corporate securities56,728 — 56,728 — 
Equity securities4,214 4,214 — — 
Residential loans held for sale7,535 — 7,535 — 
Credit enhancement asset5,765 — — 5,765 
Derivative assets3,910 — 3,910 — 
Total$1,400,331 $4,214 $1,390,352 $5,765 
Liabilities
Derivative liabilities$6,309 $— $6,309 $— 
Total$6,309 $— $6,309 $— 
Assets measured at fair value on a non-recurring basis:
Nonperforming loans$44,368 $— $— $44,368 
Other real estate owned393 — — 393 
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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 nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Nonperforming loans$5,821 $355 16,114 14,225 
Other real estate owned— 548 — 1,278 
Total losses on assets measured on a nonrecurring basis$5,821 $903 $16,114 $15,503 
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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 September 30, 2025 and December 31, 2024:
(dollars in thousands)Fair valueValuation
technique		Unobservable
input / assumptions
Range (weighted average)(1)
September 30, 2025
Nonperforming loans$44,368 Fair value of collateralDiscount for type of property, age of appraisal, and/or current status
0.00% - 60.05% (2.58%)
Other real estate owned393 Fair value of collateralDiscount for type of property, age of appraisal, and/or current status
39.00% - 72.88% (56.42%)
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 September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
(dollars in thousands)Aggregate
fair value		DifferenceContractual
principal		Aggregate
fair value		DifferenceContractual
principal
Residential loans held for sale$7,535 $369 $7,166 $8,228 $282 $7,946 
The following table presents the amount of gains (losses) from fair value changes included in income before income taxes for financial assets carried at fair value for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Residential loans held for sale$(56)$133 $80 $150 
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    The carrying values and estimated fair value of certain financial instruments not carried at fair value at September 30, 2025 and December 31, 2024 were as follows:
September 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$165,673 $165,673 $165,673 $— $— 
Federal funds sold474 474 474 — — 
Loans4,766,701 4,688,350 — — 4,688,350 
Accrued interest receivable26,672 26,672 — 26,672 — 
Liabilities
Deposits$5,604,825 $5,567,878 $— $5,567,878 $— 
Short-term borrowings146,766 146,766 — 146,766 — 
FHLB and other borrowings373,000 374,874 — 374,874 — 
Subordinated debt27,014 23,090 — 23,090 — 
Trust preferred debentures51,684 49,781 — 49,781 — 
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 — — 
Loans5,056,370 4,872,824 — — 4,872,824 
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 September 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
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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 September 30, 2025 and December 31, 2024 were as follows:
(dollars in thousands)September 30, 2025December 31, 2024
Commitments to extend credit$830,446 $754,202 
Financial guarantees – standby letters of credit27,652 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.


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Selected business segment financial information for the three and nine months ended September 30, 2025 and 2024 were as follows:
(dollars in thousands)BankingWealth
Management		CorporateTotal
Three Months Ended September 30, 2025
Interest income$98,493 $— $— $98,493 
Interest expense35,011 20 2,345 37,376 
Net interest income (expense)63,482 (20)(2,345)61,117 
Provision for credit losses20,005 — — 20,005 
Wealth management revenue— 8,018 — 8,018 
Other noninterest income13,861 — (1,863)11,998 
Total noninterest income13,861 8,018 (1,863)20,016 
Salaries and employee benefits22,206 4,187 — 26,393 
Depreciation expense1,204 12 — 1,216 
Amortization of intangible assets492 251 — 743 
Other noninterest expense20,727 1,463 (728)21,462 
Total noninterest expense44,629 5,913 (728)49,814 
Income (loss) before income taxes (benefit)12,709 2,085 (3,480)11,314 
Income taxes (benefit)1,614 99 2,044 3,757 
Net income (loss)$11,095 $1,986 $(5,524)$7,557 
Total assets$6,922,828 $35,589 $(46,901)$6,911,515 
Nine Months Ended September 30, 2025
Interest income$295,772 $— $— $295,772 
Interest expense110,620 55 6,995 117,670 
Net interest income (expense)185,152 (55)(6,995)178,102 
Provision for credit losses48,224 — — 48,224 
Wealth management revenue— 22,747 — 22,747 
Other noninterest income42,183 — (3,617)38,566 
Total noninterest income42,183 22,747 (3,617)61,313 
Salaries and employee benefits66,450 12,044 — 78,494 
Depreciation expense3,639 33 — 3,672 
Amortization of intangible assets1,708 773 — 2,481 
Impairment on goodwill153,977 — — 153,977 
Other noninterest expense(1)
61,560 4,894 (2,267)64,187 
Total noninterest expense287,334 17,744 (2,267)302,811 
(Loss) income before income (benefit) taxes(108,223)4,948 (8,345)(111,620)
Income (benefit) taxes 7,758 1,387 628 9,773 
Net (loss) income$(115,981)$3,561 $(8,973)$(121,393)
Total assets$6,922,828 $35,589 $(46,901)$6,911,515 
(dollars in thousands)BankingWealth
Management		CorporateTotal
Three Months Ended September 30, 2024
Interest income$108,994 $— $— $108,994 
Interest expense47,743 16 2,125 49,884 
Net interest income (expense)61,251 (16)(2,125)59,110 
Provision for credit losses17,925 — — 17,925 
Wealth management revenue— 7,104 — 7,104 
Other noninterest income26,343 — 98 26,441 
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Total noninterest income26,343 7,104 98 33,545 
Salaries and employee benefits21,817 2,565 — 24,382 
Depreciation expense1,235 8 — 1,243 
Amortization of intangible assets678 273 — 951 
Other noninterest expense21,297 2,669 (778)23,188 
Total noninterest expense45,027 5,515 (778)49,764 
Income (loss) before income taxes (benefit)24,642 1,573 (1,249)24,966 
Income taxes (benefit)5,614 1,136 (2,215)4,535 
Net income (loss)$19,028 $437 $966 $20,431 
Total assets$7,680,957 $33,763 $(10,531)$7,704,189 
Nine Months Ended September 30, 2024
Interest income$321,643 $— $15 $321,658 
Interest expense137,259 36 6,587 143,882 
Net interest income (expense)184,384 (36)(6,572)177,776 
Provision for credit losses46,149 — — 46,149 
Wealth management revenue— 21,037 — 21,037 
Other noninterest income82,691 — (358)82,333 
Total noninterest income82,691 21,037 (358)103,370 
Salaries and employee benefits62,022 9,334 — 71,356 
Depreciation expense3,687 34 — 3,721 
Amortization of intangible assets2,220 836 — 3,056 
Other noninterest expense(1)
67,034 6,065 (2,076)71,023 
Total noninterest expense134,963 16,269 (2,076)149,156 
Income (loss) before income taxes (benefit)85,963 4,732 (4,854)85,841 
Income taxes (benefit)18,238 2,444 (3,654)17,028 
Net income (loss)$67,725 $2,288 $(1,200)$68,813 
Total assets$7,680,957 $33,763 $(10,531)$7,704,189 
(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.
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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 nine months ended September 30, 2025 and 2024.
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Noninterest income - in-scope of Topic 606
Wealth management revenue:
Trust management/administration fees$6,975 $6,159 $19,854 $18,280 
Investment advisory and brokerage fees597 494 1,602 1,417 
Other445 451 1,290 1,340 
Service charges on deposit accounts:
Nonsufficient fund fees2,235 2,058 6,206 5,716 
Other1,364 1,353 4,049 3,932 
Interchange revenues3,444 3,506 10,059 10,427 
Other income:
Merchant services revenue376 357 1,073 1,058 
Other473 2 1,589 614 
Noninterest income - out-of-scope of Topic 6064,107 19,165 15,591 60,586 
Total noninterest income$20,016 $33,545 $61,313 $103,370 
    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.
NOTE 17 – SUBSEQUENT EVENTS
On November 3, 2025, the Company’s board of directors authorized a new share repurchase program, pursuant to which the Company is authorized to repurchase up to $25.0 million of its common stock. The new stock repurchase program will become effective on November 3, 2025 and expires on November 2, 2026. The Company’s most recent stock repurchase program expired on December 31, 2024.

Stock repurchases under the Company’s authorized program may be made from time to time on the open market, in privately negotiated transactions, or in any other manner that complies with applicable securities laws, at the discretion of the Company. The timing of purchases and the number of shares repurchased under the program is dependent upon a variety of factors including price, trading volume, corporate and regulatory requirements, and market conditions. The repurchase program may be suspended or discontinued at any time without prior notice.
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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 September 30, 2025, as compared to December 31, 2024, and unaudited consolidated operating results for the three and nine months ended September 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.
For additional information regarding critical accounting estimates, see the section titled “Critical Accounting Estimates” included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes in the Company’s application of critical accounting estimates since December 31, 2024.

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
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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 September 30, 2025, the Company is operating only one such program.
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 September 30, 2025 and December 31, 2024, loans outstanding in this program were $56.5 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.
Cessation of equipment finance originations. As a continuation of steps taken to address the Company's credit quality issues, including the sales of non-core loan portfolios and tightened underwriting standards in our specialty finance portfolio, we ceased originations in the equipment finance portfolio effective September 30, 2025. As a result of this decision, the Company recognized $1.0 million of severance expense in the third quarter of 2025.
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Results of Operations
Overview. The following table sets forth condensed income statement information of the Company for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands, except per share data)2025202420252024
Income Statement Data:
Interest income$98,493 $108,994 $295,772 $321,658 
Interest expense37,376 49,884 117,670 143,882 
Net interest income61,117 59,110 178,102 177,776 
Provision for credit losses20,005 17,925 48,224 46,149 
Noninterest income20,016 33,545 61,313 103,370 
Noninterest expense49,814 49,764 302,811 149,156 
Income (loss) before income taxes11,314 24,966 (111,620)85,841 
Income tax expense3,757 4,535 9,773 17,028 
Net income (loss)7,557 20,431 (121,393)68,813 
Preferred dividends2,229 2,229 6,685 6,685 
Net income (loss) available to common shareholders$5,328 $18,202 $(128,078)$62,128 
Per Share Data:
Basic earnings (loss) per common share$0.24 $0.83 $(5.88)$2.82 
Diluted earnings (loss) per common share$0.24 $0.83 $(5.88)$2.81 
Performance Metrics:
Return on average assets0.43 %1.05 %(2.26)%1.18 %
Return on average shareholders' equity5.20 %10.22 %(26.14)%11.64 %
During the three months ended September 30, 2025, we generated net income of $7.6 million, or diluted earnings per common share of $0.24 compared to net income of $20.4 million, or diluted earnings per common share of $0.83, in the three months ended September 30, 2024. Earnings for the third quarter of 2025 compared to the third quarter of 2024 decreased primarily due to a $2.1 million increase in provision for credit losses, a $13.5 million decrease in noninterest income, and a $0.1 million increase in noninterest expense. These results were partially offset by a $2.0 million increase in net interest income, and a $0.8 million decrease in income tax expense.
During the nine months ended September 30, 2025, we generated a net loss of $121.4 million, or diluted loss per common share of $5.88, compared to net income of $68.8 million, or diluted earnings per common share of $2.81, in the nine months ended September 30, 2024. Earnings for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, included a $0.3 million increase in net interest income, a $2.1 million increase in provision for credit losses, a $42.1 million decrease in noninterest income, a $153.7 million increase in noninterest expense, primarily as a result of $154.0 million of goodwill impairment recognized in the first quarter of 2025, and a $7.3 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 September 2025 meeting, the FOMC cut its benchmark interest rate by 0.25 percentage points, marking the first reduction in 2025. Following the rate cut, the borrowing rate was in a range between 4.00%-4.25%. The post-meeting statement stated "Job gains have slowed, and the unemployment rate has edged up but remains low. Inflation has moved up and remains somewhat elevated. The Committee is attentive to the risks to both sides of its dual mandate and judges that downside risks to
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employment have risen.” In addition, the Federal Reserve cut its benchmark interest rate by an additional 0.25 percentage points at its October 2025 meeting.
The benchmark federal funds rate began 2024 at a target range between 5.25%-5.50%. 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 September 30, 2025, net interest income, on a tax-equivalent basis, totaled $61.3 million compared to $59.3 million for the three months ended September 30, 2024. The tax-equivalent net interest margin increased to 3.79% for the third quarter of 2025 compared to 3.34% in the third quarter of 2024.
During the nine months ended September 30, 2025, net interest income, on a tax-equivalent basis, increased to $178.8 million with a tax-equivalent net interest margin of 3.61% compared to net interest income, on a tax-equivalent basis, of $178.4 million with a tax-equivalent net interest margin of 3.35% for the nine months ended September 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 nine months ended September 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 September 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$78,567 $849 4.29 %$75,255 $1,031 5.45 %
Investment securities:
Taxable investment securities1,280,236 15,418 4.78 1,111,147 13,259 4.75 
Investment securities exempt from federal income tax (1)
58,761 561 3.79 51,604 493 3.80 
Total securities1,338,997 15,979 4.73 1,162,751 13,752 4.71 
Loans:
Loans (2)
4,907,695 80,583 6.51 5,737,805 93,020 6.45 
Loans exempt from federal income tax (1)
39,980 429 4.26 45,603 484 4.22 
Total loans4,947,675 81,012 6.50 5,783,408 93,504 6.43 
Loans held for sale9,268 147 6.29 7,505 124 6.57 
Nonmarketable equity securities38,559 715 7.36 41,137 788 7.62 
Total interest-earning assets6,413,066 98,702 6.11 7,070,056 109,199 6.14 
Noninterest-earning assets498,875 653,279 
Total assets$6,911,941 $7,723,335 
Interest-bearing liabilities:
Deposits:
Checking and money market deposits$3,246,845 $22,264 2.72 %$3,554,785 $31,061 3.48 %
Savings deposits497,231 317 0.25 523,112 429 0.33 
Time deposits813,042 6,712 3.28 849,664 8,034 3.76 
Brokered time deposits87,337 926 4.21 205,079 2,446 4.74 
Total interest-bearing deposits4,644,455 30,219 2.58 5,132,640 41,970 3.25 
Short-term borrowings54,839 499 3.61 53,577 602 4.47 
FHLB advances and other borrowings386,772 4,044 4.15 428,739 4,743 4.40 
Subordinated debt77,210 1,393 7.16 89,120 1,228 5.48 
Trust preferred debentures51,602 1,221 9.39 50,990 1,341 10.46 
Total interest-bearing liabilities5,214,878 37,376 2.84 5,755,066 49,884 3.45 
Noninterest-bearing liabilities:
Noninterest-bearing deposits1,020,196 1,075,712 
Other noninterest-bearing liabilities100,436 97,235 
Total noninterest-bearing liabilities1,120,632 1,172,947 
Shareholders’ equity576,431 795,322 
Total liabilities and shareholders’ equity$6,911,941 $7,723,335 
Net interest income / net interest margin (3)
$61,326 3.79 %$59,315 3.34 %
(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 $0.2 million for both the three months ended September 30, 2025 and 2024.
(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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Nine Months Ended September 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$71,558 $2,283 4.27 %$69,960 $2,857 5.45 %
Investment securities:
Taxable investment securities1,281,441 47,011 4.90 1,029,008 35,921 4.66 
Investment securities exempt from federal income tax (1)
58,013 1,649 3.80 54,589 1,344 3.29 
Total securities1,339,454 48,660 4.86 1,083,597 37,265 4.59 
Loans:
Loans (2)
4,994,619 236,765 6.34 5,856,676 277,961 6.34 
Loans exempt from federal income tax (1)
47,746 1,605 4.49 46,540 1,463 4.20 
Total loans5,042,365 238,370 6.32 5,903,216 279,424 6.32 
Loans held for sale125,699 5,087 5.41 5,281 263 6.65 
Nonmarketable equity securities37,669 2,056 7.30 40,429 2,438 8.06 
Total interest-earning assets6,616,745 296,456 5.99 7,102,483 322,247 6.06 
Noninterest-earning assets559,587 663,967 
Total assets$7,176,332 $7,766,450 
Interest-bearing liabilities:
Deposits:
Checking and money market deposits$3,365,833 $70,942 2.82 %$3,572,032 $89,910 3.36 %
Savings deposits510,199 973 0.25 541,420 1,377 0.34 
Time deposits818,658 20,245 3.31 849,529 23,096 3.63 
Brokered time deposits158,998 4,964 4.17 179,998 6,277 4.66 
Total interest-bearing deposits4,853,688 97,124 2.68 5,142,979 120,660 3.13 
Short-term borrowings62,838 1,772 3.77 49,750 1,746 4.69 
FHLB advances and other borrowings350,271 10,973 4.19 414,259 13,615 4.39 
Subordinated debt77,571 4,174 7.19 91,921 3,773 5.48 
Trust preferred debentures51,442 3,627 9.43 50,873 4,088 10.73 
Total interest-bearing liabilities5,395,810 117,670 2.92 5,749,782 143,882 3.34 
Noninterest-bearing liabilities:
Noninterest-bearing deposits1,048,753 1,119,764 
Other noninterest-bearing liabilities110,871 107,192 
Total noninterest-bearing liabilities1,159,624 1,226,956 
Shareholders’ equity620,898 789,712 
Total liabilities and shareholders’ equity$7,176,332 $7,766,450 
Net interest income / net interest margin (3)
$178,786 3.61 %$178,365 3.35 %
(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 $0.7 million and $0.6 million for the nine months ended September 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 September 30, 2025 compared with Three Months Ended September 30, 2024Nine Months Ended September 30, 2025 compared with Nine Months Ended September 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$42 $(224)$(182)$57 $(631)$(574)
Investment securities:
Taxable investment securities2,019 140 2,159 8,985 2,105 11,090 
Investment securities exempt from federal income tax68 68 89 216 305 
Total securities2,087 140 2,227 9,074 2,321 11,395 
Loans:
Loans(13,412)975 (12,437)(40,691)(505)(41,196)
Loans exempt from federal income tax(59)4 (55)39 103 142 
Total loans(13,471)979 (12,492)(40,652)(402)(41,054)
Loans held for sale29 (6)23 5,427 (603)4,824 
Nonmarketable equity securities(48)(25)(73)(160)(222)(382)
Total earning assets(11,361)864 (10,497)(26,254)463 (25,791)
Interest-bearing liabilities:
Checking and money market deposits(2,362)(6,435)(8,797)(4,807)(14,161)(18,968)
Savings deposits(18)(94)(112)(70)(334)(404)
Time deposits(314)(1,008)(1,322)(812)(2,039)(2,851)
Brokered time deposits(1,325)(195)(1,520)(696)(617)(1,313)
Total interest-bearing deposits(4,019)(7,732)(11,751)(6,385)(17,151)(23,536)
Short-term borrowings14 (117)(103)413 (387)26 
FHLB advances and other borrowings(446)(253)(699)(2,059)(583)(2,642)
Subordinated debt(186)351 165 (680)1,081 401 
Trust preferred debentures17 (137)(120)41 (502)(461)
Total interest-bearing liabilities(4,620)(7,888)(12,508)(8,670)(17,542)(26,212)
Net interest income$(6,741)$8,752 $2,011 $(17,584)$18,005 $421 
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Interest Income. Interest income, on a tax-equivalent basis, decreased $10.5 million to $98.7 million in the three months ended September 30, 2025 as compared to the same quarter in 2024, primarily due to a decline in earning assets. The yield on earning assets decreased three basis points to 6.11% from 6.14%.
Average earning assets decreased to $6.41 billion in the third quarter of 2025 from $7.07 billion in the same quarter in 2024. A decrease in average loans of $835.7 million was partially offset by an increase in investment securities of $176.2 million.
Average loans decreased $835.7 million in the third quarter of 2025 compared to the same quarter of 2024. Average consumer loans decreased $588.0 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 third quarter of 2024, the average balances of the LendingPoint and GreenSky portfolios were $92.0 million and $504.6 million, respectively. Average equipment finance loan and lease balances decreased $192.7 million to $675.5 million as the Company continued to reduce its concentration of this product within the overall loan portfolio.
For the nine months ended September 30, 2025, interest income, on a tax-equivalent basis, decreased $25.8 million to $296.5 million as compared to the same period in 2024, primarily due to a decline in earning assets. The yield on earning assets decreased seven basis points to 5.99% from 6.06%.
Average earning assets decreased to $6.62 billion in the first nine months of 2025 from $7.10 billion in the same period in 2024. Average loans decreased $860.9 million. This decrease was partially offset by increases in investment securities and loans held for sale of $255.9 million and $120.4 million, respectively.
Average loans decreased $860.9 million in the first three quarters of 2025 compared to the same period of 2024. Average consumer loans decreased $678.9 million due to the sale of our non-core consumer loan portfolios. Average equipment finance loan and lease balances decreased $189.6 million to $730.3 million.
Average loans held for sale for the first three quarters 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 $12.5 million to $37.4 million for the three months ended September 30, 2025 from the comparable period in 2024. The cost of interest-bearing liabilities decreased to 2.84% for the third quarter of 2025, compared to 3.45% for the third 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 $11.8 million to $30.2 million for the three months ended September 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 $488.2 million, or 9.5%, to $4.64 billion for the three months ended September 30, 2025 compared to the same period one year earlier. Servicing deposits decreased $286.7 million to $498.9 million due to the loss of a customer in July 2025. In addition, brokered time deposits decreased $117.7 million.
For the nine month period ended September 30, 2025, interest expense decreased $26.2 million to $117.7 million compared to the nine months ended September 30, 2024. The cost of interest-bearing liabilities decreased to 2.92% for the first nine months of 2025 compared to 3.34% for the same period of 2024. Interest expense on deposits decreased to $97.1 million from $120.7 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 $2.6 million for the nine months ended September 30, 2025, from the comparable period in 2024. Average balances decreased $64.0 million for the nine months ended September 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 on loans totaled $20.5 million for the three months ended September 30, 2025, compared to $17.9 million for the three months ended September 30, 2024. In addition, the Company recognized $0.5 million recapture of credit losses related to unfunded commitments in the third quarter of 2025. For the nine months ended September 30, 2025, the provision for credit losses was $48.2 million compared to $46.1 million for the nine months ended September 30, 2024.
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The provision for credit losses on loans recognized during the three and nine months ended September 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 nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Increase
(decrease)		Nine Months Ended September 30,Increase
(decrease)
(dollars in thousands)2025202420252024
Noninterest income:
Wealth management revenue$8,018 $7,104 $914 $22,747 $21,037 $1,710 
Service charges on deposit accounts3,598 3,411 187 10,254 9,648 606 
Interchange revenue3,445 3,506 (61)10,059 10,427 (368)
Residential mortgage banking revenue735 697 38 2,167 1,781 386 
Income on company-owned life insurance2,102 1,982 120 6,504 5,708 796 
Loss on sales of investment securities, net14 (44)58 14 (196)210 
Credit enhancement income(242)14,206 (14,448)3,028 45,188 (42,160)
Other income2,346 2,683 (337)6,540 9,777 (3,237)
Total noninterest income$20,016 $33,545 $(13,529)$61,313 $103,370 $(42,057)
Wealth management revenue. Wealth management revenue increased $0.9 million and $1.7 million for the three and nine months ended September 30, 2025 respectively, as compared to the same periods in 2024. Assets under administration increased to $4.36 billion at September 30, 2025 from $4.27 billion at September 30, 2024.
Income on company-owned life insurance. Income on company-owned life insurance increased $0.8 million for the nine months ended September 30, 2025, as compared to the same period in 2024 due in part 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 $14.4 million and $42.2 million for the three and nine months ended September 30, 2025 compared to the same periods of 2024 as a result of loan payoffs and a cessation in loans originated through the LendingPoint and GreenSky programs. The Company is currently operating only one such program due to the sale of the LendingPoint portfolio and GreenSky portfolio, in the fourth quarter of 2024 and the second quarter of 2025, respectively.
Other noninterest income. Other income decreased $3.2 million for the nine months ended September 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 nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Increase
(decrease)		Nine Months Ended September 30,Increase
(decrease)
(dollars in thousands)2025202420252024
Noninterest expense:
Salaries and employee benefits$26,393 $24,382 $2,011 $78,494 $71,356 $7,138 
Occupancy and equipment4,206 4,393 (187)12,870 12,499 371 
Data processing7,186 6,955 231 21,140 20,882 258 
FDIC insurance1,512 1,402 110 4,397 3,895 502 
Professional services2,017 1,744 273 7,550 6,242 1,308 
Marketing1,460 967 493 3,536 2,445 1,091 
Communications298 359 (61)961 1,037 (76)
Loan expense1,721 1,935 (214)5,046 4,416 630 
Loan servicing fees1,274 3,031 (1,757)3,410 10,077 (6,667)
Impairment on goodwill— — — 153,977 — 153,977 
Amortization of intangible assets743 951 (208)2,481 3,056 (575)
Other expense3,004 3,645 (641)8,949 13,251 (4,302)
Total noninterest expense$49,814 $49,764 $50 $302,811 $149,156 $153,655 
    Salaries and employee benefits. For the three months ended September 30, 2025, salaries and employee benefits expense increased $2.0 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 $2.9 million of the $7.1 million increase in salaries and employee benefits expense for the nine months ended September 30, 2025, compared to the same period of 2024. The Company employed 869 employees at September 30, 2025 compared to 907 employees at September 30, 2024.
Professional services expense. The $0.3 million and $1.3 million increases in professional services expense for the three and nine months ended September 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.
Marketing expense. The $0.4 million and $1.0 million increases in marketing expense for the three and nine months ended September 30, 2025, respectively, as compared to the same periods in 2024, were primarily the result of increased brand marketing and program expenses related to the acquisition of deposit accounts.
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 $4.3 million in the nine months ended September 30, 2025, as compared to the same period of 2024, as the 2024 period included expenses of $4.1 million related to OREO impairment, OREO property taxes, and various legal actions.    
Income Tax Expense. The Company's effective tax rates were 33.2% and 18.2% for the three nine months ended September 30, 2025 and 2024, respectively. The Company recognized a $1.3 million return to provision adjustment in the third quarter of 2025. The effective tax rates were 23.1% and 19.8% for the nine months ended September 30, 2025 and 2024, respectively. The effective tax rate calculation for the nine months ended September 30, 2025, also excludes the goodwill impairment charge of $154.0 million, as this item is not deductible for tax purposes.
Financial Condition
Assets. Total assets were $6.91 billion at September 30, 2025, as compared to $7.51 billion at December 31, 2024.
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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 September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
(dollars in thousands)BalancePercentBalancePercent
Multi-Family$427,066 16.4 %$547,016 18.9 %
Skilled Nursing229,292 8.8 400,902 13.8 
Retail448,621 17.3 460,283 15.9 
Industrial/Warehouse252,895 9.7 235,674 8.2 
Hotel/Motel274,196 10.6 228,764 7.9 
Office134,813 5.2 146,295 5.1 
All other829,851 32.0 872,572 30.2 
Total commercial real estate and construction and land development loans$2,596,734 100.0 %$2,891,506 100.0 %
Loans secured by office space totaled $134.8 million and $146.3 million at September 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 provided 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 September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
(dollars in thousands)Book Value%Book Value%
Loans:
Commercial1,476,533 30.3 1,359,820 26.3 
Commercial real estate2,336,661 48.0 2,591,664 50.1 
Construction and land development260,073 5.3 299,842 5.8 
Residential real estate353,475 7.3 380,557 7.4 
Consumer129,862 2.7 144,301 2.8 
Lease financing310,983 6.4 $391,390 7.6 
Total loans, gross4,867,587 100.0 %5,167,574 100.0 %
Allowance for credit losses on loans(100,886)(111,204)
Total loans, net$4,766,701 $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, and the Company ceased originating new equipment fiance leases effective September 30, 2025..
•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 September 30, 2025 and December 31, 2024:
September 30, 2025
(dollars in thousands)Community bankSpecialty financeEquipment financeNon-core and otherTotal
Commercial$686,945 $210,116 $326,860 $252,612 $1,476,533 
Commercial real estate1,968,519 368,142 — — 2,336,661 
Construction and land development196,164 63,909 — — 260,073 
Residential real estate346,911 — — 6,564 353,475 
Consumer70,313 — — 59,549 129,862 
Lease financing— — 310,983 — 310,983 
Total$3,268,852 $642,167 $637,843 $318,725 $4,867,587 
December 31, 2024
(dollars in thousands)Community bankSpecialty financeEquipment financeNon-core and otherTotal
Commercial$587,785 $269,620 $416,969 $85,446 $1,359,820 
Commercial real estate1,950,498 641,166 — — 2,591,664 
Construction and land development184,185 115,657 — — 299,842 
Residential real estate374,062 — — 6,495 380,557 
Consumer81,380 — — 62,921 144,301 
Lease financing— — 391,390 — 391,390 
Total$3,177,910 $1,026,443 $808,359 $154,862 $5,167,574 
Total loans decreased $300.0 million, or 5.8%, to $4.87 billion at September 30, 2025, as compared to December 31, 2024. Community bank portfolio increased $90.9 million, or 2.9%, during the first nine months of 2025. This growth partially offset the strategic declines in the Specialty finance and Equipment finance portfolios of $384.3 million and $170.5 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 September 30, 2025:
September 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$53,927 $472,775 $465,341 $93,734 $257,693 $90,787 $— $42,276 $1,476,533 
Commercial real estate350,053 160,132 1,002,403 305,455 239,332 257,801 5,396 16,089 2,336,661 
Construction and land development34,287 96,316 13,041 54,140 1,581 59,433 — 1,275 260,073 
Total commercial loans438,267 729,223 1,480,785 453,329 498,606 408,021 5,396 59,640 4,073,267 
Residential real estate4,541 2,640 7,591 18,659 18,799 36,706 176,869 87,670 353,475 
Consumer4,789 783 92,648 — 29,150 2,492 — — 129,862 
Lease financing20,891 — 240,851 — 49,241 — — — 310,983 
Total loans$468,488 $732,646 $1,821,875 $471,988 $595,796 $447,219 $182,265 $147,310 $4,867,587 
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 $100.9 million, or 2.07% of total loans, at September 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:
September 30, 2025December 31, 2024
(dollars in thousands)Allowance
Percent (1)
Allowance
Percent (1)
Commercial$39,039 2.64 %$42,776 3.15 %
Commercial real estate26,813 1.15 36,837 1.42 
Construction and land development2,570 0.99 3,550 1.18 
Total commercial loans68,422 1.68 83,163 1.96 
Residential real estate6,393 1.81 8,002 2.10 
Consumer5,026 3.87 5,400 3.74 
Lease financing21,045 6.77 14,639 3.74 
Total allowance for credit losses on loans$100,886 2.07 %$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 September 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 1.6% to 2.2% over the next four quarters; (ii) the 10-year treasury rate averaging 4.3% over the next four quarters; and (iii) Illinois unemployment rate averaging 5.0% through the third 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 September 30, 2025, was approximately 59 basis points of total loans, decreasing slightly from 62 basis points at December 31, 2024.
The allowance allocated to commercial loans totaled $39.0 million, or 2.64% of total commercial loans, at September 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 $6.5 million. Qualitative factor adjustments and specific allocations for commercial loans that were evaluated for expected credit losses on an individual basis increased $0.5 million and $0.4 million, respectively.
The allowance allocated to commercial real estate loans totaled $26.8 million, or 1.15% of total commercial real estate loans, at September 30, 2025, decreasing $10.0 million, from $36.8 million, or 1.42% of total commercial real estate loans, at December 31, 2024. Outstanding loan balances decreased $255.0 million, or 9.8%, during the first nine months of 2025. Specific allocations for loans that were individually evaluated decreased $10.4 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 $2.6 million, or 0.99% of total construction and land development loans, at September 30, 2025, decreasing $1.0 million, from $3.6 million, or 1.18% of total constructions loans, at December 31, 2024. Modeled expected credit losses decreased $0.1 million and qualitative factor adjustments related to construction loans decreased $0.9 million. There were no specific allocations for construction loans that were evaluated for expected credit losses on an individual basis at September 30, 2025 or December 31, 2024.
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The allowance allocated to residential real estate loans totaled $6.4 million, or 1.81% of total residential real estate loans, at September 30, 2025, decreasing $1.6 million, from $8.0 million, or 2.10% of total residential real estate loans, at December 31, 2024. Modeled expected credit losses and qualitative factor adjustments decreased $1.1 million and $0.6 million, respectively. There were no specific allocations for residential real estate loans that were evaluated for expected credit losses on an individual basis at September 30, 2025, or December 31, 2024.
The allowance allocated to consumer loans totaled $5.0 million, or 3.87% of total consumer loans, at September 30, 2025, compared to $5.4 million, or 3.74%, at December 31, 2024. Qualitative factor adjustments increased $1.7 million and specific allocation reserves decreased $2.0 million.
The allowance allocated to the lease portfolio totaled $21.0 million, or 6.77% of total commercial leases, at September 30, 2025, increasing $6.4 million, from $14.6 million, or 3.74% of total commercial leases at December 31, 2024. Modeled expected credit losses increased $6.1 million as recent charge-off activity led to an increase in loss given default factors in the model. Qualitative factor adjustments increased $0.5 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 nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Balance, beginning of period$92,690 $155,442 $111,204 $159,319 
Charge-offs:
Commercial4,301 2,492 23,762 11,191 
Commercial real estate3,798 32 26,974 728 
Construction and land development2,901 — 2,901 — 
Residential real estate54 159 126 194 
Consumer897 17,316 2,234 39,411 
Lease financing4,088 2,979 11,422 6,728 
Total charge-offs16,039 22,978 67,419 58,252 
Recoveries:
Commercial1,320 484 2,829 753 
Commercial real estate494 1 1,133 2,241 
Construction and land development1,122 2 2,152 3 
Residential real estate54 62 162 130 
Consumer103 44 508 194 
Lease financing637 83 1,593 328 
Total recoveries3,730 676 8,377 3,649 
Net charge-offs12,309 22,302 59,042 54,603 
Provision for credit losses on loans20,505 17,926 48,724 46,350 
Balance, end of period$100,886 $151,066 $100,886 $151,066 
Gross loans, end of period$4,867,587 $5,728,237 $4,867,587 $5,728,237 
Average total loans$4,947,675 $5,783,408 $5,042,365 $5,903,216 
Net charge-offs to average loans0.99 %1.53 %1.57 %1.24 %
Allowance for credit losses to total loans2.07 %2.65 %2.07 %2.65 %
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 September 30, 2025 and 2024:
Three months ended September 30, 2025
(dollars in thousands)Community bankSpecialty financeEquipment financeNon-core and otherTotal charge-offs
Commercial$40 $— $2,604 $1,657 $4,301 
Commercial real estate2,001 1,797 — — 3,798 
Construction and land development37 2,864 — — 2,901 
Residential real estate54 — — — 54 
Consumer278 — — 619 897 
Lease financing— — 4,088 — 4,088 
Total$2,410 $4,661 $6,692 $2,276 $16,039 
Three months ended September 30, 2024
(dollars in thousands)Community bankSpecialty financeEquipment financeNon-core and otherTotal charge-offs
Commercial$42 $9 $2,441 $— $2,492 
Commercial real estate32 — — — 32 
Construction and land development— — — — — 
Residential real estate159 — — — 159 
Consumer226 — — 17,090 17,316 
Lease financing— — 2,979 — 2,979 
Total$459 $9 $5,420 $17,090 $22,978 
Charge-offs in the third quarter of 2025 were $16.0 million compared to $23.0 million in the third quarter of 2024. The Community bank commercial real estate charge-offs in the third quarter of 2025 were related to two separate relationships, and charge-offs within the Specialty finance sector were primarily related to three relationships. Our Equipment finance business saw charge-offs increase $1.3 million in the third quarter of 2025 compared to the same period one year prior, due primarily to continued weakness within the trucking sector.








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The following tables present charge-offs by business sector for the nine months ended September 30, 2025 and 2024:
Nine months ended September 30, 2025
(dollars in thousands)Community bankSpecialty financeEquipment financeNon-core and otherTotal charge-offs
Commercial$123 $152 $6,065 $17,422 $23,762 
Commercial real estate11,366 15,608 — — 26,974 
Construction and land development37 2,864 — — 2,901 
Residential real estate126 — — — 126 
Consumer638 — — 1,596 2,234 
Lease financing— — 11,422 — 11,422 
Total$12,290 $18,624 $17,487 $19,018 $67,419 
Nine months ended September 30, 2024
(dollars in thousands)Community bankSpecialty financeEquipment financeNon-core and otherTotal charge-offs
Commercial$1,441 $30 $6,398 $3,322 $11,191 
Commercial real estate728 — — — 728 
Construction and land development— — — — — 
Residential real estate194 — — — 194 
Consumer662 — — 38,749 39,411 
Lease financing— — 6,728 — 6,728 
Total$3,025 $30 $13,126 $42,071 $58,252 

Charge-offs in the nine months ended September 30, 2025 were $67.4 million compared to $58.3 million in the same period one year prior. Community bank commercial real estate charge-offs were related to six separate relationships, with one being partially specifically reserved for in a prior period. Charge-offs within the Specialty finance sector were primarily related to five relationships, two of which were specifically reserved for in 2024. Our Equipment finance business saw charge-offs increase $4.4 million in the nine months ended September 30, 2025 compared to the same period last year. The non-core sector saw charge-offs decrease $23.1 million in the nine months ended September 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 nine months ended September 30, 2025:
(dollars in thousands)Nine months ended
September 30, 2025
Balance, beginning of period$150,907 
New nonperforming loans34,034 
Return to performing status(3,120)
Payments received(32,460)
Transfer to OREO and other repossessed assets(12)
Transfer to loans held for sale(29,400)
Charge-offs(51,246)
Balance, end of period$68,703 
Nonperforming loans were $68.7 million, or 1.41% of total loans, at September 30, 2025, compared to $150.9 million, or 2.92% of total loans at December 31, 2024. The Company continues to prioritize improving its credit quality by tightening 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)September 30, 2025December 31, 2024
Nonperforming loans:
Commercial$18,779 $23,960 
Commercial real estate33,347 106,919 
Construction and land development5,534 8,438 
Residential real estate3,619 3,438 
Consumer60 20 
Lease financing7,364 8,132 
Total nonperforming loans68,703 150,907 
Other real estate owned and other repossessed assets1,666 6,502 
Nonperforming assets$70,369 $157,409 
Nonperforming loans to total loans1.41 %2.92 %
Nonperforming assets to total assets1.02 %2.10 %
Allowance for credit losses to nonperforming loans146.84 %73.69 %
There was no interest income recognized on nonaccrual loans during the three and nine months ended September 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 $2.5 million and $9.3 million for the three and nine months ended September 30, 2025, respectively, and $2.7 million and $6.3 million for the three and nine months ended September 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 September 30, 2025 and December 31, 2024.
September 30, 2025December 31, 2024
(dollars in thousands)BalancePercentBalancePercent
Investment securities available for sale:                
U.S. government sponsored entities and U.S. agency securities$15,123 1.2 %$20,141 1.7 %
Mortgage-backed securities - agency1,048,803 76.0 847,056 70.1 
Mortgage-backed securities - non-agency93,860 6.8 101,012 8.4 
Asset-backed student loans43,258 3.1 49,973 4.1 
State and municipal securities73,290 5.3 69,061 5.7 
Collateralized loan obligations47,845 3.5 40,450 3.4 
Corporate securities56,728 4.1 79,881 6.6 
Total investment securities, available for sale, at fair value$1,378,907 100.0 %$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 September 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 years8,979 0.7 1.11 
Maturing in five to ten years4,979 0.4 5.06 
Maturing after ten years1,165 0.1 5.88 
Total U.S. government sponsored entities and U.S. agency securities$15,123 1.2 %2.78 %
Mortgage-backed securities - agency:
Maturing within one year$— — %— %
Maturing in one to five years33,281 2.4 1.96 
Maturing in five to ten years13,426 1.0 3.81 
Maturing after ten years1,002,096 72.6 4.51 
Total mortgage-backed securities - agency$1,048,803 76.0 %4.42 %
Mortgage-backed securities - non-agency:
Maturing within one year$— — %— %
Maturing in one to five years5,059 0.4 7.67 
Maturing in five to ten years7,634 0.6 4.99 
Maturing after ten years81,167 5.8 4.85 
Total mortgage-backed securities - non-agency$93,860 6.8 %5.02 %
Asset-backed student loans:
Maturing within one year$3,617 0.3 %5.14 %
Maturing in one to five years— — — 
Maturing in five to ten years1,044 0.1 5.24 
Maturing after ten years38,597 2.7 5.15 
Total asset-backed student loans$43,258 3.1 %5.15 %
State and municipal securities (1):
Maturing within one year$700 0.1 %1.59 %
Maturing in one to five years9,506 0.7 2.52 
Maturing in five to ten years25,217 1.7 2.34 
Maturing after ten years37,867 2.8 4.88 
Total state and municipal securities$73,290 5.3 %3.67 %
Collateralized loan obligations:
Maturing within one year$— — %— %
Maturing in one to five years— — — 
Maturing in five to ten years13,823 1.0 5.99 
Maturing after ten years34,022 2.5 4.59 
Total collateralized loan obligations$47,845 3.5 %4.99 %
Corporate securities:
Maturing within one year$— — %— %
Maturing in one to five years17,465 1.3 6.26 
Maturing in five to ten years39,263 2.8 3.47 
Maturing after ten years— — — 
Total corporate securities$56,728 4.1 %4.33 %
Total investment securities, available for sale$1,378,907 100.0 %4.44 %
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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 September 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$16,131 $15,123 $— $15,123 $— $— $— $— 
Mortgage-backed securities - agency1,123,132 1,048,803 — 1,048,803 — — — — 
Mortgage-backed securities - non-agency94,974 93,860 88,801 — — — — 5,059 
Asset-backed student loans43,341 43,258 1,888 34,544 6,826 — — — 
State and municipal securities77,574 73,290 9,720 60,425 335 — — 2,810 
Collateralized loan obligations47,809 47,845 37,895 9,950 — — — — 
Corporate securities59,795 56,728 — — 14,540 39,763 — 2,425 
Total investment securities, available for sale$1,462,756 $1,378,907 $138,304 $1,168,845 $21,701 $39,763 $— $10,294 
Loans Held for Sale. Loans held for sale totaled $7.5 million at September 30, 2025, comprised entirely of residential real estate loans. 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 the second quarter of 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 September 30, 2025, the Company had only one such agreement in place.
The fair value of these derivative instruments was $5.7 million and $16.8 million as of September 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 September 30, 2025, liabilities totaled $6.33 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 $592.4 million to $5.60 billion at September 30, 2025, as compared to December 31, 2024. Decreases in interest-bearing checking account and time deposit account balance of $381.8 million and $217.9 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 $59.8 million at September 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)September 30, 2025December 31, 2024
BalancePercentBalancePercent
Noninterest-bearing demand$1,015,930 18.1 %$1,055,564 17.0 %
Interest-bearing:
Checking1,996,501 35.6 2,378,256 38.4 
Money market1,240,885 22.2 1,173,630 18.9 
Savings486,953 8.7 507,305 8.2 
Time864,556 15.4 1,082,488 17.5 
Total deposits$5,604,825 100.0 %$6,197,243 100.0 %
The following table sets forth the maturity of uninsured time deposits as of September 30, 2025:
(dollars in thousands)Amount
Three months or less$42,042 
Three to six months9,927 
Six to 12 months 18,285 
After 12 months9,134 
Total$79,388 

Subordinated Debt. Subordinated debt totaled $27.0 million and $77.7 million as of September 30, 2025 and December 31, 2024, respectively. On September 30, 2025, the Company redeemed the outstanding Fixed-to-Floating Rate Subordinated Notes due September 30, 2029, having an aggregate principal amount of $50.8 million. The interest rate on the subordinated notes was 7.91%, equating to approximately $4.0 million of annual interest expense.
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 $126.8 million to $584.0 million at September 30, 2025, as compared to December 31, 2024. The change in shareholders’ equity was the result of the net loss of $121.4 million, dividends to common shareholders of $20.6 million, dividends to preferred shareholders of $6.7 million, and decrease in accumulated other comprehensive losses of $19.0 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 $17.7 million and $15.0 million at September 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 September 30, 2025 and December 31, 2024:
(dollars in thousands)September 30, 2025December 31, 2024
Cash and cash equivalents$166,147 $114,766 
Unpledged securities791,263 672,399 
FHLB committed liquidity1,048,227 1,290,246 
FRB discount window availability388,336 538,835 
Total Estimated Liquidity$2,393,973 $2,616,246 
Conditional Funding Based on Market Conditions
Additional credit facility$274,000 $360,000 
Brokered CDs (additional capacity)500,000 350,000 
ICS One Way Buy (additional capacity)500,000 — 
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 September 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 September 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 September 30, 2025:
RatioActual
Minimum
Regulatory
Requirements (1)
Well
Capitalized
Total risk-based capital ratio
Midland States Bancorp, Inc.14.29 %10.50 %N/A
Midland States Bank13.34 10.50 10.00 %
Tier 1 risk-based capital ratio
Midland States Bancorp, Inc.12.54 8.50 N/A
Midland States Bank12.08 8.50 8.00 
Common equity tier 1 risk-based capital ratio
Midland States Bancorp, Inc.9.37 7.00 N/A
Midland States Bank12.08 7.00 6.50 
Tier 1 leverage ratio
Midland States Bancorp, Inc.9.93 4.00 N/A
Midland States Bank9.57 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.
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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
September 30, 2025:            
Dollar change$124 $(745)$1,204 $1,789 
Percent change0.1 %(0.3)%0.5 %0.8 %
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 September 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 September 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 2025, the Bank has been holding to its non-maturity beta assumptions and lowering rates along with the industry overall. Coupled with market expectations, 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 nine months ended September 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 third 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 programsApproximate dollar value of shares that may yet be purchased under the plans or programs
July 1 - 31, 2025102 $18.73 — $— 
August 1 - 31, 20253,480 17.25 — — 
September 1 - 30, 2025— — — — 
Total3,582 $17.29 — $— 
(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 September 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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ITEM 6 – EXHIBITS
Exhibit No.Description
31.1
Chief Executive Officer’s Certification required by Rule 13(a)-14(a) – filed herewith.
31.2
Chief Financial Officer’s Certification required by Rule 13(a)-14(a) – filed herewith.
32.1
Chief Executive Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – filed herewith.
32.2
Chief Financial Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – filed herewith.
101
Financial information from the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 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 September 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: November 6, 2025
By:/s/Jeffrey G. Ludwig
Jeffrey G. Ludwig
President and Chief Executive Officer
(Principal Executive Officer)
Date: November 6, 2025
By:/s/Eric T. Lemke
Eric T. Lemke
Chief Financial Officer
(Principal Financial Officer)

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Source: View Original Filing on SEC EDGAR

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Midland States

NASDAQ:MSBI

MSBI Rankings

#3538 Ranked by Market Cap
#631 Ranked by Dividends

MSBI Latest News

Jan 2, 2026
Midland States Bancorp, Inc. to Announce Fourth Quarter 2025 Financial Results on Thursday, January 22
Dec 1, 2025
Midland States Bancorp Announces Sale of Substantially All of Its Equipment Finance Portfolio to North Mill Equipment Finance
Nov 6, 2025
Midland States Bancorp, Inc. Announces Planned Retirement of Jeffrey S. Mefford
Nov 3, 2025
Midland States Bancorp, Inc. Announces Authorization of New $25 Million Stock Repurchase Program
Nov 3, 2025
Midland States Bancorp, Inc. Announces Common Stock and Preferred Stock Dividends

MSBI Latest SEC Filings

Nov 10, 2025
[Form 4] Midland States Bancorp, Inc. Insider Trading Activity
Nov 10, 2025
[Form 4] Midland States Bancorp, Inc. Insider Trading Activity
Nov 10, 2025
[Form 4] Midland States Bancorp, Inc. Insider Trading Activity
Nov 10, 2025
[Form 4] Midland States Bancorp, Inc. Insider Trading Activity
Nov 10, 2025
[Form 4] Midland States Bancorp, Inc. Insider Trading Activity

MSBI Stock Data

461.42M
20.22M
5.49%
66.69%
1.75%
Banks - Regional
State Commercial Banks
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EFFINGHAM