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美國

證券交易委員會

華盛頓特區20549

表格10-Q

☒根據1934年證券交易法第13或15(d)節的季度報告

截至季度結束 2024年9月30日

☐根據1934年證券交易法第13或15(d)節的轉型報告書

從______________到______________的過渡期內

委員會文件號碼 001-35272

美國中部各州銀行股份有限公司。

(根據其章程規定的註冊人準確名稱)

伊利諾伊州

37-1233196

（註冊或管理機構在其他管轄區的狀態）

（納稅人識別號碼）

1201 Network Centre Drive

62401

Effingham, 伊利諾伊州

(郵政編碼)

，（主要行政辦公地址）

(217) 342-7321

(註冊人電話號碼，包括區號)

在法案第12(b)條的規定下注冊的證券：

每個課程的標題			交易品種			註冊的每個交易所的名稱
普通股，面值0.01美元			MSBI			這個 納斯達 股票市場有限責任公司
存托股份，每股代表每股7.75％固定利率重置非累積永久優先股的40分之一權益，A系列			MSBIP			這個 納斯達 股票市場有限責任公司

請勾選以下項目，表明註冊人：（1）在過去的12個月內（或註冊人需要提交此類報告的較短時期內），已提交《1934年證券交易所法案》第13或15(d)條款所需的所有報告；及（2）在過去的90天內一直受到提交這些報告的要求。 ☒ Yes ☐ 否

請勾選符合條件的選項以表明在過去的12個月內（或更短的期間）是否已按照規定向所有互動數據提交電子化文件（根據S-t條例405規則）. ☒ Yes ☐ 否

請在交易所法規則120.2規定的「大型加速申報人」、「加速申報人」、「小型報告公司」和「新興成長公司」的定義中選中相應選項。

大型加速報告人

☐

加速文件提交人

☒

非加速報告人

☐

小型報表公司

☐

新興成長公司

☐

如果是新興成長型公司，請用複選標記表明註冊人是否選擇不使用延長的過渡期來遵守根據《交易法》第13（a）條規定的任何新的或修訂的財務會計準則。 ☐

用複選標記表明註冊人是否爲空殼公司（定義見該法第12b-2條）。 ☐是的 ☒沒有

截至2024年10月25日，註冊人擁有 21,401,485 每股面值爲0.01美元的普通股。

---

目錄

美聯銀行 聯合銀行股份有限公司

目錄

第一部分。基本報表
項目1。			基本報表:
			資產負債表 2024年9月30日 （未經審計） 和 2023年12月31日			3
			綜合損益表（未經審計）美國國防部截至2024年9月30日的三個月和九個月 和框架。有關詳細信息，請參閱UBS集團報酬報告2023			4
			綜合收益表（未經審計）美國國防部2024年9月30日結束的三個季度 和 2023			5
			合併股東權益表（未經審計）美國國防部2024年9月30日結束的三個季度 和 2023			6
			現金流量表(合併)（未經審計）美國國防部2024年9月30日結束的九個月 和框架。有關詳細信息，請參閱UBS集團報酬報告2023			7
			合併財務報表註釋（未經審計）			8
事項二			分銷計劃			41
第3項。			市場風險的定量和定性披露			60
事項4。			控制和程序			61
第二部分。其他信息
項目1。			法律訴訟			61
項目1A。			風險因素			61
事項二			未註冊的股票股權銷售和籌款用途			62
項目5。			其他信息			62
項目6。			展示資料			63
簽名						64

1

---

目錄

縮寫詞和首字母縮寫詞詞彙表

根據本報告所述，「公司」、「我們」、「我們的」、「我們的」等術語指的是由Midland States Bancorp，Inc.及其全資子公司組成的合併實體。Midland States Bancorp僅指母公司控股公司，Midland States 銀行（「銀行」）指我們的全資銀行子公司。

以下列出的首字母縮略詞和縮寫詞在本報告中都有使用，包括合併基本報表附註部分。閱讀本報告時可以在這一頁作爲參考。

2019激勵計劃			2019 年修訂和重訂的midland states bancorp, inc. 長期激勵計劃
ACL			貸款撥備
會計準則更新			會計準則更新
BaaS			銀行服務業務
巴塞爾Ⅲ規則			Dodd-Frank法案要求的巴塞爾三資本監管改革
BHCA			1956年修訂的銀行控股公司法
社區銀行槓桿比率			社區銀行槓桿比率
CFPB			消費者金融保護局
CISA			網絡安全和基礎設施安全局
新型冠狀病毒（COVID-19）疫情和任何其他相關的不利公共衛生事件會對我們的國際業務和銷售活動產生影響。			冠狀病毒疾病
CRA			社區再投資法
CRA 提議			加強和現代化社區再投資法規的聯合提案
房地產			商業房地產業
CRE指南			商業房地產貸款集中度，良好風險管理實踐指南
DFPR			Illinois Department of Financial and Professional Regulation
DIF			存款保險基金
證件號碼			違約風險敞口
使擁有公司註冊證券類別10%以上股權的官員、董事或實際股東代表簽署人遞交表格3、4和5（包括修正版及有關聯合遞交協議）,符合證券交易法案第16(a)條及其下屬規則規定的要求；			1934年證券交易法
FASB			財務會計準則委員會
聯邦存款保險公司			聯邦存款保險公司
聯儲局			聯儲局系統理事會
FHA			聯邦住房管理局
FHLB			聯邦住房貸款銀行
金融科技			金融科技
聯邦公開市場委員會			聯儲局公開市場委員會
聯邦儲備委員會			聯儲局銀行
通用會計準則			美國通用會計準則
Greensky			GreenSky，有限責任公司
伊利諾伊州社區再投資法案			伊利諾伊州社區再投資法案
LendingPoint			LendingPoint, LLC
LGD			違約損失率
倫敦銀行同業拆借利率			倫敦同業拆放利率
midland trust			midland states首選證券信託
納斯達克資本市場			納斯達克全球精選市場
NII風險			淨利息收入風險
OREO			其他房地產業擁有
PCAOB			公共公司會計監督委員會
「PCD」是指斑岩銅 - 鉬系統。			購買信用衰退。
PD。			違約概率
Q因子			定性因素
監管放鬆法案			經濟增長、監管放鬆和消費者保護法案
SBA			美國小型企業管理局
SEC			美國證券交易委員會
SOFR			擔保隔夜融資利率
國庫			美國財政部
TDR			有問題的債務重組

2

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目錄

第一部分 - 財務信息

項目1-基本報表

美國中部各州銀行股份有限公司。

基本報表

（以千美元計，每股數據除外）

			9月30日, 2024						12月31日, 2023
			(未經審計)
資產
現金和存放在銀行的款項			$	121,220					$	134,212
聯邦資金出售			653						849
現金及現金等價物			121,873						135,061
可供出售的投資證券，按公允價值計量			1,212,090						915,895
權益證券（公允價值）			4,705						4,501
貸款			5,748,819						6,131,079
貸款撥備			(85,804)						(68,502)
貸款總額淨額			5,663,015						6,062,577
待售貸款			8,001						3,811
資產和設備淨值			84,672						82,814
其他房地產業擁有			8,646						9,112
非流動股票投資			41,170						43,421
應計利息應收款			27,099						24,934
貸款服務權，按成本或公允價值較低者計量			18,400						20,253
商譽			161,904						161,904
其他無形資產，淨額			13,052						16,108
公司擁有的壽險			209,193						203,485
其他			177,663						182,992
資產總額			$	7,751,483					$	7,866,868
負債和股東權益
負債：
存款：
人形機器人-軸承非利息支票帳戶			$	1,050,617					$	1,145,395
計息存款-存款利息			5,206,219						5,164,134
存款總額			6,256,836						6,309,529
短期借款			13,849						34,865
聯邦住房貸款銀行貸款及其他借款			425,000						476,000
從屬債務			82,744						93,546
信託優先債券			51,058						50,616
應計利息應付及其他負債			103,737						110,459
負債合計			6,933,224						7,075,015
股東權益：
優先股，$0.00012.00每股面值; 4,000,000 115,000 A系列股份，$1,000 每股清算優先權，分別於2024年9月30日和2023年12月31日發行和流通			110,548						110,548
普通股，每股面值爲 $0.0001；0.01每股面值; 40,000,000 21,393,905 和 21,551,402 而9月30日和2023年12月31日分別發行和流通的股份			214						216
資本剩餘			433,615						435,463
保留盈餘			334,522						322,379
歸屬於母公司股東權益的累積其他綜合收益（扣除所得稅後）			(60,640)						(76,753)
股東權益合計			818,259						791,853
負債和股東權益總計			$	7,751,483					$	7,866,868

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,
			2024						2023						2024						2023
Interest income:
Loans including fees:
Taxable			$	88,860					$	93,488					$	266,107					$	272,297
Tax exempt			382						497						1,156						1,349
Loans held for sale			124						104						263						179
Investment securities:
Taxable			13,259						7,475						35,921						19,744
Tax exempt			390						275						1,062						1,074
Nonmarketable equity securities			788						710						2,438						2,104
Federal funds sold and cash investments			1,031						1,036						2,857						2,868
Total interest income			104,834						103,585						309,804						299,615
Interest expense:
Deposits			41,970						37,769						120,660						97,791
Short-term borrowings			602						14						1,746						53
Federal Home Loan Bank advances and other borrowings			4,743						4,557						13,615						15,959
Subordinated debt			1,228						1,280						3,773						3,985
Trust preferred debentures			1,341						1,369						4,088						3,887
Total interest expense			49,884						44,989						143,882						121,675
Net interest income			54,950						58,596						165,922						177,940
Provision for credit losses on loans			5,000						5,168						36,000						14,182
Recapture of credit losses on unfunded commitments			—						—						(200)						—
Total provision for credit losses			5,000						5,168						35,800						14,182
Net interest income after provision for credit losses			49,950						53,428						130,122						163,758
Noninterest income:
Wealth management revenue			7,104						6,288						21,037						18,968
Service charges on deposit accounts			3,411						3,149						9,648						8,744
Interchange revenue			3,506						3,609						10,427						10,717
Residential mortgage banking revenue			697						507						1,781						1,452
Income on company-owned life insurance			1,982						918						5,708						2,685
Loss on sales of investment securities, net			(44)						(4,961)						(196)						(6,478)
Other income			2,683						2,035						9,777						9,989
Total noninterest income			19,339						11,545						58,182						46,077
Noninterest expense:
Salaries and employee benefits			24,382						22,307						71,356						69,407
Occupancy and equipment			4,393						3,730						12,499						12,052
Data processing			6,955						6,468						20,882						19,323
FDIC insurance			1,402						1,107						3,895						3,632
Professional services			1,744						1,554						6,242						4,977
Marketing			967						950						2,445						2,323
Communications			359						507						1,037						1,514
Loan expense			1,935						866						4,416						3,104
Amortization of intangible assets			951						1,129						3,056						3,628
Other expense			3,645						3,420						13,251						9,454
Total noninterest expense			46,733						42,038						139,079						129,414
Income before income taxes			22,556						22,935						49,225						80,421
Income taxes			4,080						11,533						10,114						25,672
Net income			18,476						11,402						39,111						54,749
Preferred dividends			2,229						2,229						6,685						6,685
Net income available to common shareholders			$	16,247					$	9,173					$	32,426					$	48,064
Per common share data:
Basic earnings per common share			$	0.74					$	0.41					$	1.47					$	2.14
Diluted earnings per common share			$	0.74					$	0.41					$	1.47					$	2.14
Weighted average common shares outstanding			21,675,818						21,970,372						21,726,143						22,214,862
Weighted average diluted common shares outstanding			21,678,242						21,977,196						21,732,093						22,223,986

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,
			2024						2023						2024						2023
Net income			$	18,476					$	11,402					$	39,111					$	54,749
Other comprehensive income (loss):
Investment securities available for sale:
Unrealized gains (losses) that occurred during the period			30,962						(27,305)						20,969						(29,961)
Reclassification adjustment for realized net losses on sales of investment securities included in net income			44						4,961						196						6,478
Reclassification adjustment for gains on fair value hedges included in net income			(138)						—						(138)						—
Income tax effect			(8,902)						6,032						(6,245)						6,340
Change in investment securities available for sale, net of tax			21,966						(16,312)						14,782						(17,143)
Cash flow hedges:
Net unrealized derivative losses on cash flow hedges			(1,316)						(1,614)						(1,978)						(4,131)
Reclassification adjustment for net losses realized in net income			1,349						1,409						3,869						3,801
Income tax effect			(58)						55						(560)						89
Change in cash flow hedges, net of tax			(25)						(150)						1,331						(241)
Other comprehensive income (loss), net of tax			21,941						(16,462)						16,113						(17,384)
Total comprehensive income (loss)			$	40,417					$	(5,060)					$	55,224					$	37,365

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 stock						Common stock						Capital surplus						Retained earnings						Accumulated other comprehensive (loss) income						Total shareholders' equity
Balances, June 30, 2024			$	110,548					$	214					$	432,569					$	325,022					$	(82,581)					$	785,772
Net income			—						—						—						18,476						—						18,476
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					$	334,522					$	(60,640)					$	818,259
Balances, December 31, 2023			$	110,548					$	216					$	435,463					$	322,379					$	(76,753)					$	791,853
Net income			—						—						—						39,111						—						39,111
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					$	334,522					$	(60,640)					$	818,259
Balances, June 30, 2023			$	110,548					$	218					$	442,886					$	307,888					$	(84,719)					$	776,821
Net income			—						—						—						11,402						—						11,402
Other comprehensive loss			—						—						—						—						(16,462)						(16,462)
Common dividends declared ($0.30 per share)			—						—						—						(6,600)						—						(6,600)
Preferred dividends declared ( $19.375 per share)			—						—						—						(2,229)						—						(2,229)
Common stock repurchased			—						(3)						(6,055)						—						—						(6,058)
Share-based compensation expense			—						—						604						—						—						604
Issuance of common stock under employee benefit plans			—						1						131						—						—						132
Balances, September 30, 2023			$	110,548					$	216					$	437,566					$	310,461					$	(101,181)					$	757,610
Balances, December 31, 2022			$	110,548					$	222					$	449,196					$	282,405					$	(83,797)					$	758,574
Net income			—						—						—						54,749						—						54,749
Other comprehensive loss			—						—						—						—						(17,384)						(17,384)
Common dividends declared ($0.90 per share)			—						—						—						(20,008)						—						(20,008)
Preferred dividends declared ( $58.125 per share)			—						—						—						(6,685)						—						(6,685)
Common stock repurchased			—						(7)						(15,018)						—						—						(15,025)
Share-based compensation expense			—						—						1,796						—						—						1,796
Issuance of common stock under employee benefit plans			—						1						1,592						—						—						1,593
Balances, September 30, 2023			$	110,548					$	216					$	437,566					$	310,461					$	(101,181)					$	757,610

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,
			2024						2023
Cash flows from operating activities:
Net income			$	39,111					$	54,749
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses			35,800						14,182
Depreciation on premises and equipment			3,721						3,567
Amortization of intangible assets			3,056						3,628
Amortization of operating lease right-of-use asset			1,219						1,241
Amortization of loan servicing rights			1,925						861
Share-based compensation expense			2,139						1,796
Increase in cash surrender value of life insurance			(5,708)						(2,685)
Investment securities accretion, net			(3,741)						(1,424)
Loss on sales of investment securities, net			196						6,478
Gain on repurchase of subordinated debt			(244)						(676)
Gain on sales of other real estate owned			(22)						(819)
Impairment on other real estate owned			1,278						—
Origination of loans held for sale			(55,951)						(45,690)
Proceeds from sales of loans and leases held for sale			67,614						65,291
Gain on sale of loans held for sale			(1,716)						(1,712)
Net change in operating assets and liabilities:
Accrued interest receivable			(2,165)						(3,970)
Other assets			5,203						(58,408)
Accrued expenses and other liabilities			(13,501)						30,874
Net cash provided by operating activities			78,214						67,283
Cash flows from investing activities:
Purchases of investment securities available for sale			(471,040)						(305,021)
Proceeds from sales of investment securities available for sale			58,874						165,871
Maturities and payments on investment securities available for sale			140,682						43,838
Purchases of equity securities			(214)						(244)
Proceeds from sales of equity securities			—						5,148
Net decrease (increase) in loans			348,351						(6,195)
Purchases of premises and equipment			(4,185)						(7,064)
Proceeds from sale of premises and equipment			—						104
Purchases of nonmarketable equity securities			(169,806)						(157,382)
Proceeds from redemptions of nonmarketable equity securities			172,057						158,372
Proceeds from sales of other real estate owned			301						7,346
Purchases of company-owned life insurance, net			—						(48,622)
Net cash provided by (used in) investing activities			75,020						(143,849)
Cash flows from financing activities:
Net (decrease) increase in deposits			(52,693)						40,350
Net decrease in short-term borrowings			(21,016)						(24,313)
Net decrease in short-term FHLB borrowings			(46,000)						(27,000)
Proceeds from long-term FHLB borrowings			255,000						130,000
Payments made on long-term FHLB borrowings			(260,000)						(25,000)
Payments made on subordinated debt			(10,756)						(5,845)
Cash dividends paid on preferred stock			(6,685)						(6,685)
Cash dividends paid on common stock			(20,283)						(20,008)
Common stock repurchased			(5,504)						(15,025)
Proceeds from issuance of common stock under employee benefit plans			1,515						1,593
Net cash (used in) provided by financing activities			(166,422)						48,067
Net decrease in cash and cash equivalents			(13,188)						(28,499)
Cash and cash equivalents:
Beginning of period			135,061						160,631
End of period			$	121,873					$	132,132
Supplemental disclosures of cash flow information:
Cash payments for:
Interest paid on deposits and borrowed funds			$	144,205					$	114,011
Income tax paid (net of refunds)			21,870						17,762
Supplemental disclosures of noncash investing and financing activities:
Transfer of loans to other real estate owned			982						278
Right of use assets obtained in exchange for lease obligations			2,707						2,459
Transfer of loan servicing rights held for sale to loan servicing rights, at lower of cost or market			—						20,745

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			9
Note 3: Loans			12
Note 4: Premises, Equipment and Leases			26
Note 5: Derivative Instruments			27
Note 6: Deposits			29
Note 7: FHLB Advances and Other Borrowings			30
Note 8: Subordinated Debt			30
Note 9: Earnings Per Common Share			30
Note 10: Fair Value of Financial Instruments			31
Note 11: Commitments, Contingencies and Credit Risk			36
Note 12: Segment Information			36
Note 13: Revenue from Contracts with Customers			39

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

Midland States Bancorp, Inc. is a diversified financial holding company headquartered in Effingham, Illinois. Our wholly owned banking subsidiary, Midland States Bank, has branches across Illinois and in Missouri, and provides a full range of commercial and consumer banking products and services, business equipment financing, merchant credit card services, trust and investment management services, and insurance and financial planning services.

Our principal business activity has been lending to and accepting deposits from individuals, businesses, municipalities and other entities. We have derived income principally from interest charged on loans and, to a lesser extent, from interest and dividends earned on investment securities. We have also derived income from noninterest sources, such as: fees received in connection with various lending and deposit services; wealth management services; mortgage loan originations, sales and servicing; and, from time to time, gains on sales of assets. Our principal expenses include interest expense on deposits and borrowings, operating expenses, such as salaries and employee benefits, occupancy and equipment expenses, data processing costs, professional fees and other noninterest expenses, provisions for credit losses and income tax expense.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with GAAP and guidance provided by the SEC for interim financial information. Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for completed financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from these estimates.

The consolidated financial statements of the Company should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 23, 2024. Certain reclassifications of 2023 amounts have been made to conform to the 2024 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 recognition or disclosure. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or any other period.

Accounting Guidance Adopted in 2024

FASB ASU No. 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method – In March 2023, the FASB issued ASU

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No. 2023-02, which allows for reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the type of program the tax credits are related to. The ASU is effective for fiscal years beginning after December 15, 2023. The Company adopted this guidance on January 1, 2024 on a prospective basis. The adoption of this accounting pronouncement did not have a material impact on the consolidated financial statements.

Accounting Guidance Not Yet Adopted

FASB ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures - In December 2023, the FASB issued ASU No. 2023-07, which requires public entities to disclose significant segment expenses, an amount and description for other segment items, the title and position of the entity's chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measures of profit or loss to assess segment performance, and, on an interim basis, certain segment related disclosures that previously were required only on an annual basis. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company will update the related disclosures upon adoption.

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, with early adoption permitted. The Company will update the related disclosures upon adoption.

NOTE 2 – INVESTMENT SECURITIES

Investment Securities Available for Sale

Investment securities available for sale at September 30, 2024 and December 31, 2023 were as follows:

			September 30, 2024
(dollars in thousands)			Amortized cost						Gross unrealized gains						Gross unrealized losses						Basis Adjustments(2)						Fair value
Investment securities available for sale
U.S. government sponsored entities and U.S. agency securities			$	44,046					$	150					$	(1,372)					—						$	42,824
Mortgage-backed securities - agency			897,052						5,103						(67,253)						(138)						834,764
Mortgage-backed securities - non-agency			87,241						1,447						(2,762)						—						85,926
State and municipal securities			74,816						592						(4,937)						—						70,471
Corporate securities			94,424						306						(6,768)						—						87,962
Other securities(1)			90,181						98						(136)						—						90,143
Total available for sale securities			$	1,287,760					$	7,696					$	(83,228)					$	(138)					$	1,212,090

(1)The fair value of other securities includes student loan asset backed securities of $54.0 million and structured financial products of $36.1 million.

(2)Basis adjustments represent the amount of fair value hedging adjustments included in the carrying amount of fixed-rate investment securities designated in fair value hedging arrangements. See Note 5 - Derivative Instruments for additional information regarding these derivative financial instruments.

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			December 31, 2023
(dollars in thousands)			Amortized cost						Gross unrealized gains						Gross unrealized losses												Fair value
Investment securities available for sale
U.S. Treasury securities			$	1,097					$	—					$	—											$	1,097
U.S. government sponsored entities and U.S. agency securities			74,161						176						(1,765)												72,572
Mortgage-backed securities - agency			650,119						2,325						(77,944)												574,500
Mortgage-backed securities - non-agency			87,019						414						(3,904)												83,529
State and municipal securities			62,952						258						(5,750)												57,460
Corporate securities			109,598						41						(10,467)												99,172
Other securities(1)			27,646						3						(84)												27,565
Total available for sale securities			$	1,012,592					$	3,217					$	(99,914)											$	915,895

(1)The fair value of other securities includes structured financial products of $27.6 million.

The following is a summary of the amortized cost and fair value of the investment securities available for sale, by maturity, at September 30, 2024. Expected maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the securities may be prepaid without penalties. The maturities of all other investment securities available for sale are based on final contractual maturity.

(dollars in thousands)			Amortized cost						Fair value
Investment securities available for sale
Within one year			$	1,032					$	1,031
After one year through five years			67,779						64,894
After five years through ten years			123,284						114,690
After ten years			111,372						110,785
Mortgage-backed securities			984,293						920,690
Total available for sale securities			$	1,287,760					$	1,212,090

    

Proceeds and gross realized gains and losses on sales of investment securities available for sale for the three and nine months ended September 30, 2024 and 2023 are summarized as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2024						2023						2024						2023
Investment securities available for sale
Proceeds from sales			$	13,049					$	65,911					$	58,874					$	165,871
Gross realized gains on sales			113						—						420						338
Gross realized losses on sales			(157)						(4,961)						(616)						(6,816)

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Unrealized losses and fair values for investment securities available for sale as of September 30, 2024 and December 31, 2023, 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, 2024
			Less than 12 Months												12 Months or more												Total
(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			$	12,266					$	43					$	8,670					$	1,329					$	20,936					$	1,372
Mortgage-backed securities - agency			136,270						690						406,381						66,563						542,651						67,253
Mortgage-backed securities - non-agency			6,580						66						18,888						2,696						25,468						2,762
State and municipal securities			1,802						26						45,341						4,911						47,143						4,937
Corporate securities			22,100						1,689						55,045						5,079						77,145						6,768
Other securities			46,223						136						—						—						46,223						136
Total available for sale securities			$	225,241					$	2,650					$	534,325					$	80,578					$	759,566					$	83,228

			December 31, 2023
			Less than 12 Months												12 Months or more												Total
(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			$	42,826					$	87					$	8,323					$	1,678					$	51,149					$	1,765
Mortgage-backed securities - agency			130,106						7,386						348,476						70,558						478,582						77,944
Mortgage-backed securities - non-agency			8,852						353						19,418						3,551						28,270						3,904
State and municipal securities			51,497						5,750						—						—						51,497						5,750
Corporate securities			4,688						53						84,662						10,414						89,350						10,467
Other securities			14,763						84						—						—						14,763						84
Total available for sale securities			$	252,732					$	13,713					$	460,879					$	86,201					$	713,611					$	99,914

    At September 30, 2024, 240 investment securities available for sale had unrealized losses with aggregate depreciation of 9.88% 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.

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NOTE 3 – LOANS

The following table presents total loans outstanding by portfolio class, as of September 30, 2024 and December 31, 2023:

(dollars in thousands)			September 30, 2024						December 31, 2023
Commercial:
Commercial			$	797,318					$	825,938
Commercial other			559,354						656,592
Commercial real estate:
Commercial real estate non-owner occupied			1,630,930						1,622,668
Commercial real estate owner occupied			455,101						436,857
Multi-family			355,988						279,904
Farmland			68,453						67,416
Construction and land development			422,253						452,593
Total commercial loans			4,289,397						4,341,968
Residential real estate:
Residential first lien			315,634						317,388
Other residential			63,023						63,195
Consumer:
Consumer			90,626						107,743
Consumer other			572,608						827,435
Lease financing			417,531						473,350
Total loans			$	5,748,819					$	6,131,079

Total loans include net deferred loan costs of $2.3 million and $3.8 million at September 30, 2024 and December 31, 2023, respectively, and unearned discounts of $59.0 million and $66.4 million within the lease financing portfolio at September 30, 2024 and December 31, 2023, respectively.

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.

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Consumer—Loans to consumers primarily for the purpose of home improvements or acquiring automobiles, recreational vehicles and boats. Consumer loans consist of relatively small amounts that are spread across many individual borrowers.

Lease financing—Our leasing business provides financing leases to varying types of businesses, nationwide, for purchases of business equipment. The financing is secured by a first priority interest in the financed assets and generally requires monthly payments.

Commercial, commercial real estate, and construction and land development loans are collectively referred to as the Company’s commercial loan portfolio, while residential real estate, consumer loans and lease financing receivables are collectively referred to as the Company’s other loan portfolio.

We have extended loans to certain of our directors, executive officers, principal shareholders and their affiliates. These loans were made in the ordinary course of business upon substantially the same terms as comparable transactions with non-insiders, including collateralization and interest rates prevailing at the time. The new loans, other additions, repayments and other reductions for the three and nine months ended September 30, 2024 and 2023, are summarized as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2024						2023						2024						2023
Beginning balance			$	20,894					$	21,569					$	20,990					$	19,776
New loans and other additions			1,000						—						1,500						2,368
Repayments and other reductions			(264)						(287)						(860)						(862)
Ending balance			$	21,630					$	21,282					$	21,630					$	21,282

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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, 2024 and 2023:

						Commercial Loan Portfolio																		Other Loan Portfolio
(dollars in thousands)						Commercial						Commercial real estate						Construction and land development						Residential real estate						Consumer						Lease financing						Total
Changes in allowance for credit losses on loans for the three months ended September 30, 2024:
Balance, beginning of period						$	24,247					$	22,197					$	12,966					$	5,193					$	14,292					$	13,288					$	92,183
Provision for credit losses on loans						1,866						364						(907)						255						90						3,332						5,000
Charge-offs						(2,491)						(32)						—						(159)						(6,395)						(2,979)						(12,056)
Recoveries						484						2						2						62						44						83						677
Balance, end of period						$	24,106					$	22,531					$	12,061					$	5,351					$	8,031					$	13,724					$	85,804
Changes in allowance for credit losses on loans for the nine months ended September 30, 2024:
Balance, beginning of period						$	21,847					$	20,229					$	4,163					$	5,553					$	3,770					$	12,940					$	68,502
Provision for credit losses on loans						9,375						788						7,895						(138)						10,896						7,184						36,000
Charge-offs						(7,869)						(728)						—						(194)						(6,829)						(6,728)						(22,348)
Recoveries						753						2,242						3						130						194						328						3,650
Balance, end of period						$	24,106					$	22,531					$	12,061					$	5,351					$	8,031					$	13,724					$	85,804
Changes in allowance for credit losses on loans for the three months ended September 30, 2023:
Balance, beginning of period						$	15,290					$	29,425					$	3,189					$	5,551					$	3,953					$	7,542					$	64,950
Provision for credit losses on loans						7,289						(6,176)						385						209						228						3,233						5,168
Charge-offs						(3,249)						(2,316)						(44)						(95)						(250)						(1,394)						(7,348)
Recoveries						80						3,678						—						33						53						55						3,899
Balance, end of period						$	19,410					$	24,611					$	3,530					$	5,698					$	3,984					$	9,436					$	66,669
Changes in allowance for credit losses on loans for the nine months ended September 30, 2023:
Balance, beginning of period						$	14,639					$	29,290					$	2,435					$	4,301					$	3,599					$	6,787					$	61,051
Provision for credit losses on loans						9,483						(4,079)						1,441						1,479						932						4,926						14,182
Charge-offs						(5,289)						(4,606)						(378)						(180)						(773)						(2,555)						(13,781)
Recoveries						577						4,006						32						98						226						278						5,217
Balance, end of period						$	19,410					$	24,611					$	3,530					$	5,698					$	3,984					$	9,436					$	66,669

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. 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 state						Commercial loans risk rating						Consumer loans and equipment finance loans and leases days past due
1						0-5						0-14
2						6						15-29
3						7						30-59
4						8						60-89
Default						9+ and nonaccrual						90+ and nonaccrual

Expected Credit Losses

In calculating expected credit losses, the Company individually evaluates loans on nonaccrual status with a balance greater than $500,000, loans past due 90 days or more and still accruing interest, and loans that do not share similar risk

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characteristics with other loans in the pool. The following table presents the amortized cost basis of individually evaluated loans on nonaccrual status as of September 30, 2024 and December 31, 2023:

			September 30, 2024																		December 31, 2023
(dollars in thousands)			Nonaccrual with allowance						Nonaccrual with no allowance						Total nonaccrual						Nonaccrual with allowance						Nonaccrual with no allowance						Total nonaccrual
Commercial:
Commercial			$	6,558					$	235					$	6,793					$	3,560					$	—					$	3,560
Commercial other			9,406						—						9,406						4,941						—						4,941
Commercial real estate:
Commercial real estate non-owner occupied			17,533						982						18,515						1,614						14,098						15,712
Commercial real estate owner occupied			10,847						—						10,847						4,276						6,500						10,776
Multi-family			17,918						2,472						20,390						240						6,015						6,255
Farmland			1,261						—						1,261						1,148						—						1,148
Construction and land development			15,724						10,831						26,555						39						—						39
Total commercial loans			79,247						14,520						93,767						15,818						26,613						42,431
Residential real estate:
Residential first lien			3,474						499						3,973						2,583						490						3,073
Other residential			477						—						477						635						—						635
Consumer:
Consumer			83						—						83						134						—						134
Lease financing			12,200						—						12,200						9,097						36						9,133
Total loans			$	95,481					$	15,019					$	110,500					$	28,267					$	27,139					$	55,406

    There was no interest income recognized on nonaccrual loans during the three and nine months ended September 30, 2024 and 2023 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 $2.7 million and $6.3 million for the three and nine months ended September 30, 2024, respectively, and $0.8 million and $2.5 million for the three and nine months ended September 30, 2023, 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

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repayment become inadequate over time, the significance of the collateral’s value increases and the loan may become collateral dependent.

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, 2024 and December 31, 2023:

			Type of Collateral
(dollars in thousands)			Real Estate						Blanket Lien						Equipment												Total
September 30, 2024
Commercial:
Commercial			$	—					$	1,637					$	—											$	1,637
Commercial real estate:
Non-owner occupied			17,191						—						—												17,191
Owner occupied			9,275						—						—												9,275
Multi-family			20,382						—						—												20,382
Construction and land development			26,442						—						—												26,442
Lease financing			—						—						501												501
Total collateral dependent loans			$	73,290					$	1,637					$	501											$	75,428
December 31, 2023
Commercial:
Commercial			$	—					$	—					$	1,972											$	1,972
Commercial other			—						—						1,232												1,232
Commercial real estate:
Non-owner occupied			14,147						—						—												14,147
Owner occupied			9,275						—						—												9,275
Multi-family			5,143						—						—												5,143
Total collateral dependent loans			$	28,565					$	—					$	3,204											$	31,769

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The aging status of the recorded investment in loans by portfolio as of September 30, 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						Nonaccrual						Current						Total
Commercial:
Commercial			$	587					$	10,452					$	—					$	11,039					$	6,793					$	779,486					$	797,318
Commercial other			6,118						2,814						74						9,006						9,406						540,942						559,354
Commercial real estate:
Commercial real estate non-owner occupied			64						—						—						64						18,515						1,612,351						1,630,930
Commercial real estate owner occupied			514						7,635						—						8,149						10,847						436,105						455,101
Multi-family			8,140						—						—						8,140						20,390						327,458						355,988
Farmland			—						49						—						49						1,261						67,143						68,453
Construction and land development			—						188						—						188						26,555						395,510						422,253
Total commercial loans			15,423						21,138						74						36,635						93,767						4,158,995						4,289,397
Residential real estate:
Residential first lien			5						430						163						598						3,973						311,063						315,634
Other residential			111						11						—						122						477						62,424						63,023
Consumer:
Consumer			114						10						—						124						83						90,419						90,626
Consumer other			6,744						3,223						3,819						13,786						—						558,822						572,608
Lease financing			4,497						3,623						—						8,120						12,200						397,211						417,531
Total loans			$	26,894					$	28,435					$	4,056					$	59,385					$	110,500					$	5,578,934					$	5,748,819

The aging status of the recorded investment in loans by portfolio as of December 31, 2023 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						Nonaccrual						Current						Total
Commercial:
Commercial			$	9,340					$	504					$	—					$	9,844					$	3,560					$	812,534					$	825,938
Commercial other			11,156						5,990						781						17,927						4,941						633,724						656,592
Commercial real estate:
Commercial real estate non-owner occupied			384						—						—						384						15,712						1,606,572						1,622,668
Commercial real estate owner occupied			—						—						—						—						10,776						426,081						436,857
Multi-family			14,506						8,140						—						22,646						6,255						251,003						279,904
Farmland			—						120						—						120						1,148						66,148						67,416
Construction and land development			211						10,593						—						10,804						39						441,750						452,593
Total commercial loans			35,597						25,347						781						61,725						42,431						4,237,812						4,341,968
Residential real estate:
Residential first lien			69						299						161						529						3,073						313,786						317,388
Other residential			100						50						—						150						635						62,410						63,195
Consumer:
Consumer			62						20						—						82						134						107,527						107,743
Consumer other			7,225						4,561						3						11,789						—						815,646						827,435
Lease financing			7,622						1,826						—						9,448						9,133						454,769						473,350
Total loans			$	50,675					$	32,103					$	945					$	83,723					$	55,406					$	5,991,950					$	6,131,079

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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.

The following table represents, by loan portfolio segment, a summary of the loan restructuring for the three and nine months ended September 30, 2024 and 2023:

						Three Months Ended September 30,																		Nine Months Ended September 30,
						2024									2023									2024									2023
(dollars in thousands)						Balance			Count						Balance			Count						Balance			Count						Balance			Count
Commercial:
Commercial						$	77		2						$	40		1						$	77		2						$	40		1
Commercial other						370			5						—			—						2,277			17						354			4
Commercial real estate:
Commercial real estate non-owner occupied						3,552			1						—			—						9,941			2						—			—
Commercial real estate owner occupied						6,131			3						—			—						6,131			3						—			—
Construction and land development						1,334			1						—			—						1,334			1						—			—
Total commercial loans						11,464			12						40			1						19,760			25						394			5
Residential real estate:
Residential first lien						—			—						34			1						65			1						34			1
Other residential						—			—						—			—						82			2						—			—
Consumer:
Consumer						11			1						—			—						37			2						—			—
Lease financing						348			2						423			1						2,480			11						763			2
Total loan restructurings						$	11,823		15						$	497		3						$	22,424		41						$	1,191		8
						Balance			Count						Balance			Count						Balance			Count						Balance			Count
Interest Rate Reduction						$	77		1						$	—		—						$	556		3						$	—		—
Term Extension						4,886			2						497			3						8,555			23						1,191			8
Forgiveness of Principal or Interest						893			3						—			—						893			3						—			—
Other(1)						5,967			9						—			—						12,420			12						—			—
Total loan restructurings						$	11,823		15						$	497		3						$	22,424		41						$	1,191		8

(1)Other types of loan restructurings could include, but are not limited to, changes to the loan amortization period, additional escrow requirements or reserve requirements.

The Company has not committed to lend any additional amounts to the borrowers that have been granted a loan modification.

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Credit Quality Monitoring

The Company maintains loan policies and credit underwriting standards as part of the process of managing credit risk. These standards include making loans generally within the Company’s four geographic regions. In addition, our specialty finance division does nationwide bridge lending for FHA and HUD developments and originates loans for multifamily, assisted and senior living and multi-use properties. Our equipment leasing business provides financing to business customers across the country.

The Company has a loan approval process involving underwriting and individual and group loan approval authorities to consider credit quality and loss exposure at loan origination. The loans in the Company’s commercial loan portfolio are risk rated at origination based on the grading system set forth below. All loan authority is based on the aggregate credit to a borrower and its related entities.

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.

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 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.

Special mention and substandard loans increased at September 30, 2024, compared to December 31, 2023, primarily within the Company’s Specialty Finance Group and Equipment Financing loan portfolios. The Specialty Finance Group provides bridge loan financing for commercial real estate projects. These projects seek short term financing in anticipation of obtaining FHA financing. The loans are typically outside of the Company’s core market. Equipment financing portfolio includes loans and leases originated to customers throughout the United States.

Commercial loans classified as special mention increased $64.8 million to $85.5 million and substandard loans increased $34.7 million to $261.3 million, at September 30, 2024 compared to December 31, 2023. Credit deterioration in the specialty finance group and equipment financing portfolios generated these increases. As a result, the Company changed its underwriting criteria and construction review processes to reduce potential risks and losses, stopped originating loans within certain industries, and is evaluating options to determine how best to resolve these specific credits.

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Other loans classified as nonperforming loans increased $7.6 million to $20.7 million at September 30, 2024 compared to December 31, 2023, primarily within the Company’s Equipment Financing and BaaS loan portfolios. The BaaS portfolio is primarily third-party originated consumer loans. Loans originated by LendingPoint are unsecured consumer instruments originated throughout the United States. As a result of their system conversion in the third quarter of 2023, our portfolio has experienced credit deterioration and servicing-related deficiencies. Nonperforming consumer loans and nonperforming leases increased $3.8 million and $3.1 million, respectively. As a result, the Company changed its underwriting criteria, stopped originating leases within certain industries, and ceased originating consumer loans through LendingPoint in the fourth quarter of 2023.

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The following tables present the recorded investment of the commercial loan portfolio by risk category as of September 30, 2024 and December 31, 2023:

									September 30, 2024
									Term Loans Amortized Cost Basis by Origination Year
(dollars in thousands)									2024						2023						2022						2021						2020						Prior						Revolving loans						Total
Commercial			Commercial			Acceptable credit quality			$	77,788					$	102,827					$	68,784					$	58,890					$	29,121					$	46,247					$	326,750					$	710,407
						Special mention			—						54,759						—						—						—						148						145						55,052
						Substandard			1,277						2,876						12,841						420						212						1,252						6,188						25,066
						Substandard – nonaccrual			—						839						363						567						105						4,235						684						6,793
						Doubtful			—						—						—						—						—						—						—						—
						Not graded			—						—						—						—						—						—						—						—
						Subtotal			79,065						161,301						81,988						59,877						29,438						51,882						333,767						797,318
			Commercial other			Acceptable credit quality			78,262						99,165						143,956						68,968						33,004						32,784						92,168						548,307
						Special mention			2						183						753						336						76						47						—						1,397
						Substandard			—						33						—						—						—						—						211						244
						Substandard – nonaccrual			—						3,885						3,438						1,111						292						581						99						9,406
						Doubtful			—						—						—						—						—						—						—						—
						Not graded			—						—						—						—						—						—						—						—
						Subtotal			78,264						103,266						148,147						70,415						33,372						33,412						92,478						559,354
Commercial real estate			Non-owner occupied			Acceptable credit quality			329,690						191,611						477,879						278,629						85,010						158,435						9,203						1,530,457
						Special mention			—						4,283						—						7,068						442						180						—						11,973
						Substandard			23,230						9,827						11,545						—						4,639						20,744						—						69,985
						Substandard – nonaccrual			—						—						—						86						—						18,429						—						18,515
						Doubtful			—						—						—						—						—						—						—						—
						Not graded			—						—						—						—						—						—						—						—
						Subtotal			352,920						205,721						489,424						285,783						90,091						197,788						9,203						1,630,930
			Owner occupied			Acceptable credit quality			46,377						37,889						96,564						103,164						46,154						86,789						655						417,592
						Special mention			—						—						—						125						—						494						—						619
						Substandard			99						5,509						8,028						—						—						12,407						—						26,043
						Substandard – nonaccrual			97						90						8,619						264						2						1,471						304						10,847
						Doubtful			—						—						—						—						—						—						—						—
						Not graded			—						—						—						—						—						—						—						—
						Subtotal			46,573						43,488						113,211						103,553						46,156						101,161						959						455,101
			Multi-family			Acceptable credit quality			32,888						31,773						152,131						25,248						27,591						19,648						947						290,226
						Special mention			—						—						—						5,290						—						—						—						5,290
						Substandard			40,036						—						—						—						—						46						—						40,082
						Substandard – nonaccrual			—						1,573						—						899						—						17,918						—						20,390
						Doubtful			—						—						—						—						—						—						—						—
						Not graded			—						—						—						—						—						—						—						—
						Subtotal			72,924						33,346						152,131						31,437						27,591						37,612						947						355,988
			Farmland			Acceptable credit quality			3,191						9,660						4,619						15,888						11,191						20,560						1,954						67,063
						Special mention			—						—						—						—						—						—						—						—
						Substandard			—						—						—						14						—						115						—						129
						Substandard – nonaccrual			—						—						—						114						—						1,099						48						1,261
						Doubtful			—						—						—						—						—						—						—						—
						Not graded			—						—						—						—						—						—						—						—
						Subtotal			3,191						9,660						4,619						16,016						11,191						21,774						2,002						68,453
Construction and land development						Acceptable credit quality			30,851						55,643						204,196						57,897						—						1,505						25,198						375,290
						Special mention			—						—						9,851						1,334						—						—						—						11,185
						Substandard			—						—						—						6,000						—						—						—						6,000
						Substandard – nonaccrual			—						—						10,831						15,684						—						40						—						26,555
						Doubtful			—						—						—						—						—						—						—						—
						Not graded			1,634						1,181						385						—						—						23												3,223
						Subtotal			32,485						56,824						225,263						80,915						—						1,568						25,198						422,253
Total						Acceptable credit quality			599,047						528,568						1,148,129						608,684						232,071						365,968						456,875						3,939,342
						Special mention			2						59,225						10,604						14,153						518						869						145						85,516
						Substandard			64,642						18,245						32,414						6,434						4,851						34,564						6,399						167,549
						Substandard – nonaccrual			97						6,387						23,251						18,725						399						43,773						1,135						93,767
						Doubtful			—						—						—						—						—						—						—						—
						Not graded			1,634						1,181						385						—						—						23						—						3,223
Total commercial loans									$	665,422					$	613,606					$	1,214,783					$	647,996					$	237,839					$	445,197					$	464,554					$	4,289,397

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									December 31, 2023
									Term Loans Amortized Cost Basis by Origination Year
(dollars in thousands)									2023						2022						2021						2020						2019						Prior						Revolving loans						Total
Commercial			Commercial			Acceptable credit quality			$	157,498					$	96,295					$	71,366					$	36,680					$	14,688					$	42,827					$	369,297					$	788,651
						Special mention			3,015						450						4						—						181						43						983						4,676
						Substandard			4,485						13,651						420						342						253						4,961						4,940						29,052
						Substandard – nonaccrual			1,238						—						1,321						25						79						360						536						3,559
						Doubtful			—						—						—						—						—						—						—						—
						Not graded			—						—						—						—						—						—						—						—
						Subtotal			166,236						110,396						73,111						37,047						15,201						48,191						375,756						825,938
			Commercial other			Acceptable credit quality			139,057						195,726						100,946						59,392						32,848						28,946						90,928						647,843
						Special mention			—						532						399						114						107						4						1,682						2,838
						Substandard			37						220						—						—						—						—						639						896
						Substandard – nonaccrual			1,819						1,918						449						184						361						94						116						4,941
						Doubtful			—						—						—						—						—						—						—						—
						Not graded			74						—						—						—						—						—						—						74
						Subtotal			140,987						198,396						101,794						59,690						33,316						29,044						93,365						656,592
Commercial real estate			Non-owner occupied			Acceptable credit quality			237,215						653,057						309,013						110,743						82,563						124,430						6,328						1,523,349
						Special mention			4,480						—						181						457						—						274						—						5,392
						Substandard			35,811						1,658						—						—						17,835						22,911						—						78,215
						Substandard – nonaccrual			5,573						—						154						999						7,597						1,389						—						15,712
						Doubtful			—						—						—						—						—						—						—						—
						Not graded			—						—						—						—						—						—						—						—
						Subtotal			283,079						654,715						309,348						112,199						107,995						149,004						6,328						1,622,668
			Owner occupied			Acceptable credit quality			32,972						100,893						113,264						48,415						23,671						77,854						1,803						398,872
						Special mention			5,750						—						129						—						149						177						8						6,213
						Substandard			—						7,716						265						—						705						12,310						—						20,996
						Substandard – nonaccrual			126						9,431						28						171						27						689						304						10,776
						Doubtful			—						—						—						—						—						—						—						—
						Not graded			—						—						—						—						—						—						—						—
						Subtotal			38,848						118,040						113,686						48,586						24,552						91,030						2,115						436,857
			Multi-family			Acceptable credit quality			4,483						170,519						25,835						28,137						10,185						11,538						254						250,951
						Special mention			—						—						—						—						—						—						—						—
						Substandard			8,140						—						—						—						—						14,558						—						22,698
						Substandard – nonaccrual			1,700						—						899						—						104						3,552						—						6,255
						Doubtful			—						—						—						—						—						—						—						—
						Not graded			—						—						—						—						—						—						—						—
						Subtotal			14,323						170,519						26,734						28,137						10,289						29,648						254						279,904
			Farmland			Acceptable credit quality			10,104						4,735						13,405						12,255						3,723						18,636						1,439						64,297
						Special mention			—						—						1,451						—						—						96						—						1,547
						Substandard			—						—						133						—						22						269						—						424
						Substandard – nonaccrual			—						—						—						—						—						1,100						48						1,148
						Doubtful			—						—						—						—						—						—						—						—
						Not graded			—						—						—						—						—						—						—						—
						Subtotal			10,104						4,735						14,989						12,255						3,745						20,101						1,487						67,416
Construction and land development						Acceptable credit quality			65,538						233,660						88,047						—						677						916						29,385						418,223
						Special mention			—						—						—						—						—						40						—						40
						Substandard			—						—						16,594						—						—						—						15,349						31,943
						Substandard – nonaccrual			—						—						—						—						—						39						—						39
						Doubtful			—						—						—						—						—						—						—						—
						Not graded			1,535						432						356						—						—						25						—						2,348
						Subtotal			67,073						234,092						104,997						—						677						1,020						44,734						452,593
Total						Acceptable credit quality			646,867						1,454,885						721,876						295,622						168,355						305,147						499,434						4,092,186
						Special mention			13,245						982						2,164						571						437						634						2,673						20,706
						Substandard			48,473						23,245						17,412						342						18,815						55,009						20,928						184,224
						Substandard – nonaccrual			10,456						11,349						2,851						1,379						8,168						7,223						1,004						42,430
						Doubtful			—						—						—						—						—						—						—						—
						Not graded			1,609						432						356						—						—						25						—						2,422
Total commercial loans									$	720,650					$	1,490,893					$	744,659					$	297,914					$	195,775					$	368,038					$	524,039					$	4,341,968

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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, 2024:

						Term Loans by Origination Year
(dollars in thousands)						2024						2023						2022						2021						2020						Prior						Revolving Loans						Total
For the three months ended September 30, 2024
Commercial			Commercial			$	—					$	—					$	—					$	—					$	22					$	1					$	—					$	23
			Commercial Other			—						320						1,608						301						43						196						—						2,468
Commercial Real Estate			Owner occupied			—						—						—						—						—						32						—						32
Total gross commercial charge-offs						$	—					$	320					$	1,608					$	301					$	65					$	229					$	—					$	2,523
For the nine months ended September 30, 2024
Commercial			Commercial			$	—					$	475					$	—					$	750					$	32					$	15					$	103					$	1,375
			Commercial Other			—						1,765						3,619						722						66						322						—						6,494
Commercial Real Estate			Non-owner occupied			—						—						—						—						138						558						—						696
			Owner occupied			—						—						—						—						—						32						—						32
Total gross commercial charge-offs						$	—					$	2,240					$	3,619					$	1,472					$	236					$	927					$	103					$	8,597

The Company evaluates the credit quality of its other loan portfolios, which includes residential real estate, consumer and lease financing loans, 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, 2024 and December 31, 2023:

									September 30, 2024
									Term Loans Amortized Cost Basis by Origination Year
(dollars in thousands)									2024						2023						2022						2021						2020						Prior						Revolving Loans						Total
Residential real estate			Residential first lien			Performing			$	22,558					$	41,905					$	70,045					$	36,026					$	27,966					$	112,953					$	45					$	311,498
						Nonperforming			—						251						360						519						—						3,006						—						4,136
						Subtotal			22,558						42,156						70,405						36,545						27,966						115,959						45						315,634
			Other residential			Performing			1,846						2,316						940						284						332						2,048						54,780						62,546
						Nonperforming			—						—						—						—						—						160						317						477
						Subtotal			1,846						2,316						940						284						332						2,208						55,097						63,023
Consumer			Consumer			Performing			9,871						23,224						17,945						25,281						4,105						8,676						1,441						90,543
						Nonperforming			—						22						40						3						—						14						4						83
						Subtotal			9,871						23,246						17,985						25,284						4,105						8,690						1,445						90,626
			Consumer other			Performing			365						137,075						270,883						101,436						40,086						18,944						—						568,789
						Nonperforming			—						2,616						1,201						—						—						2						—						3,819
						Subtotal			365						139,691						272,084						101,436						40,086						18,946						—						572,608
Leases financing						Performing			77,382						105,613						119,595						50,869						30,591						21,281						—						405,331
						Nonperforming			—						3,689						5,034						2,732						477						268						—						12,200
						Subtotal			77,382						109,302						124,629						53,601						31,068						21,549						—						417,531
Total						Performing			112,022						310,133						479,408						213,896						103,080						163,902						56,266						1,438,707
						Nonperforming			—						6,578						6,635						3,254						477						3,450						321						20,715
Total other loans									$	112,022					$	316,711					$	486,043					$	217,150					$	103,557					$	167,352					$	56,587					$	1,459,422

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									December 31, 2023
									Term Loans Amortized Cost Basis by Origination Year
(dollars in thousands)									2023						2022						2021						2020						2019						Prior						Revolving loans						Total
Residential real estate			Residential first lien			Performing			$	42,550					$	74,613					$	37,009					$	29,628					$	19,647					$	110,703					$	4					$	314,154
						Nonperforming			179						50						335						—						139						2,531						—						3,234
						Subtotal			42,729						74,663						37,344						29,628						19,786						113,234						4						317,388
			Other residential			Performing			3,245						1,113						377						409						836						2,009						54,571						62,560
						Nonperforming			—						9						—						—						—						178						448						635
						Subtotal			3,245						1,122						377						409						836						2,187						55,019						63,195
Consumer			Consumer			Performing			30,748						24,190						31,946						6,116						2,313						10,794						1,502						107,609
						Nonperforming			11						55						6						6						—						56						—						134
						Subtotal			30,759						24,245						31,952						6,122						2,313						10,850						1,502						107,743
			Consumer other			Performing			190,018						392,184						149,791						63,461						23,991						7,987						—						827,432
						Nonperforming			—						—						—						—						—						3						—						3
						Subtotal			190,018						392,184						149,791						63,461						23,991						7,990						—						827,435
Leases financing						Performing			143,334						157,059						74,359						50,174						30,428						8,863						—						464,217
						Nonperforming			1,485						5,043						1,482						317						612						194						—						9,133
						Subtotal			144,819						162,102						75,841						50,491						31,040						9,057						—						473,350
Total
						Performing			409,895						649,159						293,482						149,788						77,215						140,356						56,077						1,775,972
						Nonperforming			1,675						5,157						1,823						323						751						2,962						448						13,139
Total other loans									$	411,570					$	654,316					$	295,305					$	150,111					$	77,966					$	143,318					$	56,525					$	1,789,111

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, 2024:

						Term Loans by Origination Year
(dollars in thousands)						2024						2023						2022						2021						2020						Prior						Revolving Loans						Total
For the three months ended September 30, 2024
Residential real estate			Residential first lien			$	—					$	18					$	—					$	—					$	—					$	—					$	—					$	18
			Other residential			—						—						—						—						—						1						140						141
Consumer			Consumer			1						—						6,167						—						—						—						7						6,175
			Consumer other			1						—						—						—						—						219						—						220
Lease financing						—						583						1,560						464						245						127						—						2,979
Total gross other charge-offs						$	2					$	601					$	7,727					$	464					$	245					$	347					$	147					$	9,533
For the nine months ended September 30, 2024
Residential real estate			Residential first lien			$	—					$	18					$	11					$	—					$	—					$	—					$	—					$	29
			Other residential			—						—						16						—						—						1						148						165
Consumer			Consumer			1						—						6,189						5						17						27						7						6,246
			Consumer other			2						—						—						—						—						581						—						583
Lease financing						—						1,652						3,830						802						297						147						—						6,728
Total gross other charge-offs						$	3					$	1,670					$	10,046					$	807					$	314					$	756					$	155					$	13,751

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NOTE 4 – PREMISES, EQUIPMENT AND LEASES

A summary of premises, equipment and leases at September 30, 2024 and December 31, 2023 is as follows:

			September 30,						December 31,
(dollars in thousands)			2024						2023
Land			$	15,968					$	15,968
Buildings and improvements			80,959						78,104
Furniture and equipment			36,284						35,797
Lease right-of-use assets			9,160						7,673
Total			142,371						137,542
Accumulated depreciation			(57,699)						(54,728)
Premises and equipment, net			$	84,672					$	82,814

    Depreciation expense for the three and nine months ended September 30, 2024 was $1.2 million and $3.7 million, respectively, and $1.1 million and $3.6 million for the three and nine months ended September 30, 2023, respectively.

The Company has entered into operating leases, primarily for banking offices and operating facilities, which have remaining lease terms of 3 months to 14 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 $9.2 million and $7.7 million as of September 30, 2024 and December 31, 2023, respectively, included in premises and equipment on our consolidated balance sheets. The operating lease liabilities of the Company were $10.5 million and $9.3 million as of September 30, 2024 and December 31, 2023, respectively, and are included in accrued interest payable and other liabilities on our consolidated balance sheets.

Information related to operating leases for the three and nine months ended September 30, 2024 and 2023 was as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2024						2023						2024						2023
Operating lease cost			$	504					$	472					$	1,461					$	1,449
Operating cash flows from leases			600						529						1,748						1,709
Right-of-use assets obtained in exchange for lease obligations			1,168						1,112						2,707						2,459
Weighted average remaining lease term			7.0 years						7.8 years						7.0 years						7.8 years
Weighted average discount rate			3.65		%				3.39		%				3.65		%				3.39		%

The projected minimum rental payments under the terms of the leases as of September 30, 2024 were as follows:

(dollars in thousands)			Amount
Year ending December 31:
2024 remaining			$	472
2025			1,912
2026			1,815
2027			1,673
2028			1,619
Thereafter			4,501
Total future minimum lease payments			11,992
Less imputed interest			(1,469)
Total operating lease liabilities			$	10,523

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NOTE 5 – 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.

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 a derivative, 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.

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			September 30, 2024																		December 31, 2023
			Fair Value																		Fair Value
(dollars in thousands)			Assets						Liabilities						Notional amount						Assets						Liabilities						Notional amount
Derivatives designated as accounting hedges
Interest rate contracts
Fixed-rate mortgage-backed securities			$	—					$	1,915					$	246,512					$	—					$	1,324					$	150,000
Pools of commercial and commercial real estate loans			—						3,551						200,000						—						6,654						200,000
FHLB advances, brokered CDs and other borrowings			—						1,086						75,000						—						465						50,000
Total derivatives designated as accounting hedges			$	—					$	6,552					$	521,512					$	—					$	8,443					$	400,000
Derivatives not designated as accounting hedges
Interest rate contracts
Swaps			$	180					$	180					$	13,059					$	310					$	310					$	13,832
Interest rate lock commitments			133						—						7,177						62						—						2,405
Forward commitments to sell mortgage-backed securities			—						93						12,750						—						83						5,000
Total derivatives not designated as accounting hedges			$	313					$	273					$	32,986					$	372					$	393					$	21,237

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 items												Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items
(dollars in thousands)			September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023
Investment securities available for sale			$	260,843					$	—					$	138					$	—

Statement of Income Presentation

The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in the consolidated statements of income.

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2024						2023						2024						2023
Gain (loss) recognized in earnings
Interest rate contracts			$	(70)					$	(23)					$	60					$	116

The following table summarizes the effect of derivative instruments in fair value hedging relationships on the consolidated statements of income.

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			Location of gain (loss) recognized in income on derivative						Hedged item												Derivative designated as hedging instrument
(dollars in thousands)									2024						2023						2024						2023
Three Months Ended September 30,
Gain (loss) on fair value hedging relationships
Interest rate contracts
Fixed-rate mortgage-backed securities			Interest income on investment securities						$	(138)					$	—					$	138					$	—
Nine Months Ended September 30,
Gain (loss) on fair value hedging relationships
Interest rate contracts
Fixed-rate mortgage-backed securities			Interest income on investment securities						$	(138)					$	—					$	138					$	—

The following table summarizes the effect of derivative instruments in cash flow hedging relationships on the consolidated statements of income.

			Location of gain (loss) recognized in income on derivative												Gain (loss) reclassified from AOCI into income
(dollars in thousands)																					2024						2023
Three Months Ended September 30,
Gain (loss) on cash flow hedging relationships
Interest rate contracts
Pools of commercial and commercial real estate loans			Interest income on loans																		$	(1,547)					$	(1,526)
FHLB advances, brokered CDs and other borrowings			Interest expense																		198						117
Total gain (loss) on cash flow hedging relationships																					$	(1,349)					$	(1,409)
Nine Months Ended September 30,
Gain (loss) on cash flow hedging relationships
Interest rate contracts
Pools of commercial and commercial real estate loans			Interest income on loans																		$	(4,642)					$	(4,024)
FHLB advances, brokered CDs and other borrowings			Interest expense																		773						223
Total gain (loss) on cash flow hedging relationships																					$	(3,869)					$	(3,801)

During the next 12 months, we estimate $2.7 million of losses will be reclassified into pretax earnings from derivatives designated as cash flow hedges.

NOTE 6 – DEPOSITS

The following table summarizes the classification of deposits as of September 30, 2024 and December 31, 2023:

(dollars in thousands)			September 30, 2024						December 31, 2023
Noninterest-bearing demand			$	1,050,617					$	1,145,395
Interest-bearing:
Checking			2,389,970						2,511,840
Money market			1,187,139						1,135,629
Savings			510,260						559,267
Time			1,118,850						957,398
Total deposits			$	6,256,836					$	6,309,529

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NOTE 7 – FHLB ADVANCES AND OTHER BORROWINGS

The following table summarizes our FHLB advances and other borrowings as of September 30, 2024 and December 31, 2023:

(dollars in thousands)			September 30, 2024						December 31, 2023
FHLB advances – fixed rate, fixed term at rates averaging 4.80% and 4.94% at September 30, 2024 and December 31, 2023 - maturing through April 2029			$	150,000					$	150,000
FHLB advances – putable fixed rate at rates averaging 3.36% and 3.07% at September 30, 2024 and December 31, 2023, respectively – maturing through July 2034 with call provisions through January 2025			155,000						160,000
FHLB advances – Short term fixed rate at rates of 4.92% and 5.45% at September 30, 2024 and December 31, 2023 – matured October 2024			120,000						166,000
Total FHLB advances and other borrowings			$	425,000					$	476,000

    The Company’s advances from the FHLB are collateralized by a blanket collateral agreement of qualifying mortgage and home equity line of credit loans and certain commercial real estate loans totaling approximately $3.20 billion and $2.98 billion at September 30, 2024 and December 31, 2023, respectively.

NOTE 8 – SUBORDINATED DEBT

The following table summarizes the Company’s subordinated debt at September 30, 2024 and December 31, 2023:

			Subordinated debt
			Fixed to Float
(dollars in thousands)			Issued September 2019						Issued September 2019												Total
At September 30, 2024
Outstanding amount			$	55,750					$	27,250											$	83,000
Carrying amount			55,750						26,994												82,744
Current rate			8.20		%				5.50		%
At December 31, 2023
Outstanding amount			$	66,750					$	27,250											$	94,000
Carrying amount			66,573						26,973												93,546
Current rate			5.00		%				5.50		%
Maturity date			9/30/2029						9/30/2034
Optional redemption date			9/30/2024						9/30/2029
Fixed to variable conversion date			9/30/2024						9/30/2029
Variable rate			3-month SOFR plus 3.61%						3-month SOFR plus 4.05%
Interest payment terms			Semiannually through 9/30/2024; Quarterly for all subsequent periods						Semiannually 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.

NOTE 9 – 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

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below are the calculations for basic and diluted earnings per common share for the three and nine months ended September 30, 2024 and 2023:

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands, except per share data)			2024						2023						2024						2023
Net income			$	18,476					$	11,402					$	39,111					$	54,749
Preferred dividends declared			(2,229)						(2,229)						(6,685)						(6,685)
Net income available to common shareholders			16,247						9,173						32,426						48,064
Common shareholder dividends			(6,632)						(6,524)						(19,959)						(19,772)
Unvested restricted stock award dividends			(115)						(76)						(324)						(236)
Undistributed earnings to unvested restricted stock awards			(147)						(105)						(187)						(405)
Undistributed earnings to common shareholders			$	9,353					$	2,468					$	11,956					$	27,651
Basic
Distributed earnings to common shareholders			$	6,632					$	6,524					$	19,959					$	19,772
Undistributed earnings to common shareholders			9,353						2,468						11,956						27,651
Total common shareholders earnings, basic			$	15,985					$	8,992					$	31,915					$	47,423
Diluted
Distributed earnings to common shareholders			$	6,632					$	6,524					$	19,959					$	19,772
Undistributed earnings to common shareholders			9,353						2,468						11,956						27,651
Total common shareholders earnings			15,985						8,992						31,915						47,423
Total common shareholders earnings, diluted			$	15,985					$	8,992					$	31,915					$	47,423
Weighted average common shares outstanding, basic			21,675,818						21,970,372						21,726,143						22,214,862
Dilutive effect of options			2,424						6,824						5,950						9,124
Weighted average common shares outstanding, diluted			21,678,242						21,977,196						21,732,093						22,223,986
Basic earnings per common share			$	0.74					$	0.41					$	1.47					$	2.14
Diluted earnings per common share			0.74						0.41						1.47						2.14
Antidilutive stock options(1)			279,163						305,051						231,120						305,051

(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 10 – 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.

•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

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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).

Loans held for sale. The fair value of loans held for sale is determined using quoted prices for a similar asset, adjusted for specific attributes of that loan (Level 2).

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. All of our 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.

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).

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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, 2024 and December 31, 2023, are summarized below:

			September 30, 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			$	42,824					$	—					$	42,824					$	—
Mortgage-backed securities - agency			834,764						—						834,764						—
Mortgage-backed securities - non-agency			85,926						—						85,926						—
State and municipal securities			70,471						—						70,471						—
Corporate securities			87,962						—						87,962						—
Other securities			90,143						—						90,143						—
Equity securities			4,705						4,705						—						—
Loans held for sale			8,001						—						8,001						—
Derivative assets			313						—						313						—
Total			$	1,225,109					$	4,705					$	1,220,404					$	—
Liabilities
Derivative liabilities			$	6,825					$	—					$	6,825					$	—
Total			$	6,825					$	—					$	6,825					$	—
Assets measured at fair value on a non-recurring basis:
Nonperforming loans			$	68,213					$	—					$	57,128					$	11,085
Other real estate owned			8,646						—						8,646						—

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			December 31, 2023
(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. Treasury securities			$	1,097					$	1,097					$	—					$	—
U.S. government sponsored entities and U.S. agency securities			72,572						—						72,572						—
Mortgage-backed securities - agency			574,500						—						574,500						—
Mortgage-backed securities - non-agency			83,529						—						83,529						—
State and municipal securities			57,460						—						57,460						—
Corporate securities			99,172						—						99,172						—
Equity securities			4,501						4,501						—						—
Loans held for sale			3,811						—						3,811						—
Derivative assets			372						—						372						—
Total			$	924,579					$	5,598					$	918,981					$	—
Liabilities
Derivative liabilities			$	8,836					$	—					$	8,836					$	—
Total			$	8,836					$	—					$	8,836					$	—
Assets measured at fair value on a non-recurring basis:
Nonperforming loans			$	4,633					$	—					$	3,964					$	669
Other real estate owned			9,112						—						9,112						—

    The following table presents losses recognized on assets measured on a nonrecurring basis for the three and nine months ended September 30, 2024 and 2023:

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2024						2023						2024						2023
Nonperforming loans			$	355					$	10,085					14,225						14,761
Other real estate owned			548						—						1,278						—
Total losses on assets measured on a nonrecurring basis			$	903					$	10,085					$	15,503					$	14,761

    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, 2024 and December 31, 2023:

(dollars in thousands)

Fair value

Valuation technique

Unobservable input / assumptions

Range (weighted average)(1)

September 30, 2024

Nonperforming loans

$

11,085

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

0.00% - 51.00% (44.69%)

December 31, 2023

Nonperforming loans

$

669

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

24.38% - 100.00% (27.46%)

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

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.

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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, 2024 and December 31, 2023:

			September 30, 2024																		December 31, 2023
(dollars in thousands)			Aggregate fair value						Difference						Contractual principal						Aggregate fair value						Difference						Contractual principal
Residential loans held for sale			$	8,001					$	393					$	7,608					$	3,811					$	203					$	3,608

The following table presents the amount of gains 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, 2024 and 2023:

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2024						2023						2024						2023
Residential loans held for sale			$	133					$	(37)					150						112

    The carrying values and estimated fair value of certain financial instruments not carried at fair value at September 30, 2024 and December 31, 2023 were as follows:

			September 30, 2024
(dollars in thousands)			Carrying amount						Fair value						Quoted 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			$	121,220					$	121,220					$	121,220					$	—					$	—
Federal funds sold			653						653						653						—						—
Loans			5,748,819						5,581,468						—						—						5,581,468
Accrued interest receivable			27,099						27,099						—						27,099						—
Liabilities
Deposits			$	6,256,836					$	6,243,589					$	—					$	6,243,589					$	—
Short-term borrowings			13,849						13,849						—						13,849						—
FHLB and other borrowings			425,000						426,209						—						426,209						—
Subordinated debt			82,744						78,208						—						78,208						—
Trust preferred debentures			51,058						53,336						—						53,336						—

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			December 31, 2023
(dollars in thousands)			Carrying amount						Fair value						Quoted 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			$	134,212					$	134,212					$	134,212					$	—					$	—
Federal funds sold			849						849						849						—						—
Loans			6,131,079						6,129,244						—						—						6,129,244
Accrued interest receivable			24,934						24,934						—						24,934						—
Liabilities
Deposits			$	6,309,529					$	6,294,979					$	—					$	6,294,979					$	—
Short-term borrowings			34,865						34,865						25,000						9,865						—
FHLB and other borrowings			476,000						475,240						—						475,240						—
Subordinated debt			93,546						90,253						—						90,253						—
Trust preferred debentures			50,616						51,626						—						51,626						—

The methods utilized to measure fair value of financial instruments at September 30, 2024 and December 31, 2023 represent an approximation of exit price; however, an actual exit price may differ.

NOTE 11 – 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. During the second quarter of 2024, the Company recorded an accrual related to various legal actions. 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 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 Bank 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, 2024 and December 31, 2023 were as follows:

(dollars in thousands)			September 30, 2024						December 31, 2023
Commitments to extend credit			$	856,757					$	855,489
Financial guarantees – standby letters of credit			25,826						22,745

NOTE 12 – SEGMENT INFORMATION

The Company's reportable segments are comprised of strategic business units primarily based upon industry categories and, to a lesser extent, the core competencies relating to product origination, distribution methods, operations and servicing. Segment determination also considers organizational structure and is consistent with the presentation of financial information to the chief operating decision maker to evaluate segment performance, develop strategy and allocate resources. The Company's chief operating decision maker is the Chief Executive Officer of the Company. Management has determined that the Company has three reportable segments consisting of Banking, Wealth Management and Corporate.

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

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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. The Corporate segment also included our captive insurance business unit for the nine months ended September 30, 2023. This business was dissolved as of December 31, 2023.

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 2023 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, 2024 and 2023 were as follows:

(dollars in thousands)			Banking						Wealth Management												Corporate						Total
Three Months Ended September 30, 2024
Net interest income (expense)			$	57,091					$	(16)											$	(2,125)					$	54,950
Provision for credit losses			5,000						—												—						5,000
Noninterest income			12,137						7,104												98						19,339
Noninterest expense			41,996						5,515												(778)						46,733
Income (loss) before income taxes (benefit)			22,232						1,573												(1,249)						22,556
Income taxes (benefit)			5,159						1,136												(2,215)						4,080
Net income (loss)			$	17,073					$	437											$	966					$	18,476
Total assets			$	7,728,251					$	33,763											$	(10,531)					$	7,751,483
Nine Months Ended September 30, 2024
Net interest income (expense)			$	172,530					$	(36)											$	(6,572)					$	165,922
Provision for credit losses			35,800						—												—						35,800
Noninterest income			37,503						21,037												(358)						58,182
Noninterest expense			124,886						16,269												(2,076)						139,079
Income (loss) before income taxes (benefit)			49,347						4,732												(4,854)						49,225
Income taxes (benefit)			11,324						2,444												(3,654)						10,114
Net income (loss)			$	38,023					$	2,288											$	(1,200)					$	39,111
Total assets			$	7,728,251					$	33,763											$	(10,531)					$	7,751,483
Three Months Ended September 30, 2023
Net interest income (expense)			$	60,817					$	(3)											$	(2,218)					$	58,596
Provision for credit losses			5,168						—												—						5,168
Noninterest income			5,367						6,288												(110)						11,545
Noninterest expense			37,272						5,023												(257)						42,038
Income (loss) before income taxes (benefit)			23,744						1,262												(2,071)						22,935
Income taxes (benefit)			11,475						913												(855)						11,533
Net income (loss)			$	12,269					$	349											$	(1,216)					$	11,402
Total assets			$	7,957,507					$	30,860											$	(19,082)					$	7,969,285
Nine Months Ended September 30, 2023
Net interest income (expense)			$	184,460					$	(3)											$	(6,517)					$	177,940
Provision for credit losses			14,182						—												—						14,182
Noninterest income			26,862						18,968												247						46,077
Noninterest expense			115,669						14,539												(794)						129,414
Income (loss) before income taxes (benefit)			81,471						4,426												(5,476)						80,421
Income taxes (benefit)			26,007						1,797												(2,132)						25,672
Net income (loss)			$	55,464					$	2,629											$	(3,344)					$	54,749
Total assets			$	7,957,507					$	30,860											$	(19,082)					$	7,969,285

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NOTE 13 – 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, 2024 and 2023.

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2024						2023						2024						2023
Noninterest income - in-scope of Topic 606
Wealth management revenue:
Trust management/administration fees			$	6,159					$	5,470					$	18,280					$	16,462
Investment advisory and brokerage fees			494						420						1,417						1,281
Other			451						398						1,340						1,225
Service charges on deposit accounts:
Nonsufficient fund fees			2,058						1,950						5,716						5,389
Other			1,353						1,199						3,932						3,355
Interchange revenues			3,506						3,609						10,427						10,717
Other income:
Merchant services revenue			357						409						1,058						1,165
Other			2						(66)						614						1,618
Noninterest income - out-of-scope of Topic 606			4,959						(1,844)						15,398						4,865
Total noninterest income			$	19,339					$	11,545					$	58,182					$	46,077

    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 and gain on sales of investment securities, net, are also not in scope of Topic 606. Topic 606 is applicable to noninterest income streams such as wealth management revenue, service charges on deposit accounts, interchange revenue, gain on sales of other real estate owned, and certain other noninterest income streams. The noninterest income streams considered in-scope by Topic 606 are discussed below.

Wealth Management Revenue

Wealth management revenue is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Company also earns investment advisory fees through its SEC registered investment advisory subsidiary. The Company’s performance obligation in both of these instances is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and contractually determined fee schedules. Payment is generally received a few days after month end through a direct charge to each customer’s account. The Company does not earn performance-based incentives. Optional services such as real estate sales and tax return preparation services are also available to existing trust and asset management customers. The Company’s performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e., as incurred). Payment is received shortly after services are rendered. Fees generated from transactions executed by the Company’s third party broker dealer are remitted to the Company on a monthly basis for that month’s transactional activity.

Service Charges on Deposit Accounts

Service charges on deposit accounts consist of fees received under depository agreements with customers to provide access to deposited funds, serve as custodian of deposited funds, and when applicable, pay interest on deposits. These service charges primarily include non-sufficient fund fees and other account related service charges. Non-sufficient fund fees are earned when a depositor presents an item for payment in excess of available funds, and the Company, at its discretion, provides the necessary funds to complete the transaction. The Company generates other account related service charge revenue by providing depositors proper safeguard and remittance of funds as well as by delivering optional services for depositors, such as check imaging or treasury management, that are performed upon the depositor’s request. The Company’s performance obligation for the proper safeguard and remittance of funds, monthly account analysis and any other monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Payment for service charges on deposit accounts is typically received immediately or in the following month through a direct charge to a customer’s account.

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Interchange Revenue

Interchange revenue includes debit / credit card income and ATM user fees. Card income is primarily comprised of interchange fees earned for standing ready to authorize and providing settlement on card transactions processed through the MasterCard interchange network. The levels and structure of interchange rates are set by MasterCard and can vary based on cardholder purchase volumes. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with completion of the Company’s performance obligation, the transaction processing services provided to the cardholder. Payment is typically received immediately or in the following month. ATM fees are primarily generated when a Company cardholder withdraws funds from a non-Company ATM or a non-Company cardholder withdraws funds from a Company ATM. The Company satisfies its performance obligation for each transaction at the point in time when the ATM withdrawal is processed.

Other Noninterest Income

The other noninterest income revenue streams within the scope of Topic 606 consist of merchant services revenue, safe deposit box rentals, wire transfer fees, paper statement fees, check printing commissions, gain on sales of other real estate owned and other noninterest related fees. Revenue from the Company’s merchant services business consists principally of transaction and account management fees charged to merchants for the electronic processing of transactions. These fees are net of interchange fees paid to the credit card issuing bank, card company assessments, and revenue sharing amounts. Account management fees are considered earned at the time the merchant’s transactions are processed or other services are performed. Fees related to the other components of other noninterest income within the scope of Topic 606 are largely transactional based, and therefore, the Company’s performance obligation is satisfied and related revenue recognized, at the point in time the customer uses the selected service to execute a transaction.

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ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is management's discussion and analysis of certain significant factors which have affected the financial condition and results of operations of the Company as reflected in the unaudited consolidated balance sheet as of September 30, 2024, as compared to December 31, 2023, and unaudited consolidated operating results for the three and nine months ended September 30, 2024 and 2023. These comments 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, 2023, filed with the SEC on February 23, 2024.

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

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 most 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, 2023. There have been no significant changes in critical accounting policies or the assumptions and judgments utilized in applying these policies since December 31, 2023.

Significant Developments and Transactions

Each item listed below affects the comparability of our results of operations for the three and nine months ended September 30, 2024 and 2023, and our financial condition as of September 30, 2024 and December 31, 2023, and may affect the comparability of financial information we report in future fiscal periods.

Balance sheet repositioning. The Company took advantage of certain market conditions during 2023 and the first nine months of 2024 to reposition out of lower yielding securities into other structures, which were expected to result in improved overall margin, liquidity and capital allocations. These transactions resulted in losses of $0.2 million in the nine months ended September 30, 2024 compared to losses of $5.0 million and $6.5 million in the three and nine months ended September 30, 2023, respectively.

In addition, in the third quarter of 2023, the Company surrendered certain low-yielding life insurance policies and purchased additional policies resulting in improved income. The Company recognized a $4.5 million income tax charge related to the surrender of the policies.

Redemption of Subordinated Notes. In the second and third quarters of 2024, the Company redeemed a total of $11.0 million of outstanding subordinated notes. The weighted average redemption price was 97.7% of the aggregate principal amount of the subordinated notes, plus accrued and unpaid interest. The Company recorded gains totaling $0.2 million on these redemptions.

In addition, in the second quarter of 2023, the Company redeemed $6.6 million of outstanding subordinated notes. The weighted average redemption price was 89.2% of the aggregate principal amount of the subordinated notes, plus accrued and unpaid interest. The Company recorded gains totaling $0.7 million on these redemptions.

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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, 2024 and 2023:

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands, except per share data)			2024						2023						2024						2023
Income Statement Data:
Interest income			$	104,834					$	103,585					$	309,804					$	299,615
Interest expense			49,884						44,989						143,882						121,675
Net interest income			54,950						58,596						165,922						177,940
Provision for credit losses			5,000						5,168						35,800						14,182
Noninterest income			19,339						11,545						58,182						46,077
Noninterest expense			46,733						42,038						139,079						129,414
Income before income taxes			22,556						22,935						49,225						80,421
Income taxes			4,080						11,533						10,114						25,672
Net income			18,476						11,402						39,111						54,749
Preferred dividends			2,229						2,229						6,685						6,685
Net income available to common shareholders			$	16,247					$	9,173					$	32,426					$	48,064
Per Share Data:
Basic earnings per common share			$	0.74					$	0.41					$	1.47					$	2.14
Diluted earnings per common share			$	0.74					$	0.41					$	1.47					$	2.14
Performance Metrics:
Return on average assets			0.95		%				0.57		%				0.67		%				0.93		%
Return on average shareholders' equity			9.24		%				5.86		%				6.62		%				9.48		%

During the three months ended September 30, 2024, we generated net income of $18.5 million, or diluted earnings per common share of $0.74, compared to net income of $11.4 million, or diluted earnings per common share of $0.41, in the three months ended September 30, 2023. Earnings for the third quarter of 2024 compared to the third quarter of 2023 increased primarily due to a $7.8 million increase in noninterest income, a $7.5 million decrease in income tax expense and a $0.2 million decrease in provision for credit losses. These results were partially offset by a $3.6 million decrease in net interest income, and a $4.7 million increase in noninterest expense.

During the nine months ended September 30, 2024, we generated net income of $39.1 million, or diluted earnings per common share of $1.47, compared to net income of $54.7 million, or diluted earnings per common share of $2.14, in the nine months ended September 30, 2023. Earnings for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 decreased primarily due to a $21.6 million increase in provision for credit losses, a $12.0 million decrease in net interest income and a $9.7 million increase in noninterest expense. These results were partially offset by a $12.1 million increase in noninterest income, and a $15.6 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 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 2024 and 2023.

The Federal Reserve announced at its September 2024 FOMC meeting that it is cutting its benchmark interest rate by 0.50 percentage points, marking the first reduction in four years. This rate cut lowers the federal funds rate into a range of 4.75% to 5.00%, down from its prior range of 5.25% to 5.50%, which had been its highest level in 23 years. The half-point move signals that the Federal Reserve is acting aggressively to keep the U.S. economy from stalling, given that historically most rate cuts are 0.25 percentage points.

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The FOMC statement indicated that the Committee has gained greater confidence that inflation is moving sustainably toward two percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance. The committee noted that “job gains have slowed and the unemployment rate has moved up but remains low.” FOMC officials raised their expected unemployment rate this year to 4.4%, from the 4.0% projection at the last update in June, and lowered the inflation outlook to 2.3% from 2.6%.

During the three months ended September 30, 2024, net interest income, on a tax-equivalent basis, decreased to $55.2 million compared to $58.8 million for the three months ended September 30, 2023. The tax-equivalent net interest margin decreased to 3.10% for the third quarter of 2024 compared to 3.20% for the third quarter of 2023.

During the nine months ended September 30, 2024, net interest income, on a tax-equivalent basis, decreased to $166.5 million with a tax-equivalent net interest margin of 3.13% compared to net interest income, on a tax-equivalent basis, of $178.6 million and a tax-equivalent net interest margin of 3.27% for the nine months ended September 30, 2023.

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, 2024 and 2023. 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.

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			Three Months Ended September 30,
			2024																		2023
(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			$	75,255					$	1,031					5.45		%				$	78,391					$	1,036					5.24		%
Investment securities:
Taxable investment securities			1,111,147						13,259						4.75						813,582						7,475						3.65
Investment securities exempt from federal income tax (1)			51,604						493						3.80						49,416						347						2.79
Total securities			1,162,751						13,752						4.71						862,998						7,822						3.60
Loans:
Loans (2)			5,737,805						88,860						6.16						6,245,179						93,488						5.94
Loans exempt from federal income tax (1)			45,603						484						4.22						52,389						630						4.77
Total loans			5,783,408						89,344						6.15						6,297,568						94,118						5.93
Loans held for sale			7,505						124						6.57						6,078						104						6.80
Nonmarketable equity securities			41,137						788						7.62						39,347						710						7.16
Total interest-earning assets			7,070,056						105,039						5.91						7,284,382						103,790						5.65
Noninterest-earning assets			653,279																		622,969
Total assets			$	7,723,335																	$	7,907,351
Interest-bearing liabilities:
Deposits:
Checking and money market deposits			$	3,554,785					$	31,061					3.48		%				$	3,770,735					$	29,401					3.09		%
Savings deposits			523,112						429						0.33						604,475						506						0.33
Time deposits			849,664						8,034						3.76						865,263						6,441						2.95
Brokered time deposits			205,079						2,446						4.74						113,883						1,421						4.95
Total interest-bearing deposits			5,132,640						41,970						3.25						5,354,356						37,769						2.80
Short-term borrowings			53,577						602						4.47						20,127						14						0.28
FHLB advances and other borrowings			428,739						4,743						4.40						402,500						4,557						4.49
Subordinated debt			89,120						1,228						5.48						93,441						1,280						5.43
Trust preferred debentures			50,990						1,341						10.46						50,379						1,369						10.78
Total interest-bearing liabilities			5,755,066						49,884						3.45						5,920,803						44,989						3.01
Noninterest-bearing liabilities:
Noninterest-bearing deposits			1,075,712																		1,116,988
Other noninterest-bearing liabilities			97,235																		97,935
Total noninterest-bearing liabilities			1,172,947																		1,214,923
Shareholders’ equity			795,322																		771,625
Total liabilities and shareholders’ equity			$	7,723,335																	$	7,907,351
Net interest income / net interest margin (3)									$	55,155					3.10		%										$	58,801					3.20		%

(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 each of the three months ended September 30, 2024 and 2023.

(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,
			2024																		2023
(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			$	69,960					$	2,857					5.45		%				$	76,939					$	2,868					4.98		%
Investment securities:
Taxable investment securities			1,029,008						35,921						4.66						784,954						19,744						3.35
Investment securities exempt from federal income tax (1)			54,589						1,344						3.29						59,992						1,359						3.02
Total securities			1,083,597						37,265						4.59						844,946						21,103						3.33
Loans:
Loans (2)			5,856,676						266,107						6.07						6,270,427						272,297						5.81
Loans exempt from federal income tax (1)			46,540						1,463						4.20						54,151						1,708						4.22
Total loans			5,903,216						267,570						6.05						6,324,578						274,005						5.79
Loans held for sale			5,281						263						6.65						3,900						179						6.14
Nonmarketable equity securities			40,429						2,438						8.06						44,034						2,104						6.39
Total interest-earning assets			7,102,483						310,393						5.84						7,294,397						300,259						5.50
Noninterest-earning assets			663,967																		615,383
Total assets			$	7,766,450																	$	7,909,780
Interest-bearing liabilities:
Deposits:
Checking and money market deposits			$	3,572,032					$	89,910					3.36		%				$	3,743,483					$	79,858					2.85		%
Savings deposits			541,420						1,377						0.34						626,976						1,145						0.24
Time deposits			849,529						23,096						3.63						791,555						14,694						2.48
Brokered time deposits			179,998						6,277						4.66						61,838						2,094						4.53
Total interest-bearing deposits			5,142,979						120,660						3.13						5,223,852						97,791						2.50
Short-term borrowings			49,750						1,746						4.69						26,865						53						0.26
FHLB advances and other borrowings			414,259						13,615						4.39						471,084						15,959						4.53
Subordinated debt			91,921						3,773						5.48						96,820						3,985						5.49
Trust preferred debentures			50,873						4,088						10.73						50,216						3,887						10.35
Total interest-bearing liabilities			5,749,782						143,882						3.34						5,868,837						121,675						2.77
Noninterest-bearing liabilities:
Noninterest-bearing deposits			1,119,764																		1,184,410
Other noninterest-bearing liabilities			107,192																		84,650
Total noninterest-bearing liabilities			1,226,956																		1,269,060
Shareholders’ equity			789,712																		771,883
Total liabilities and shareholders’ equity			$	7,766,450																	$	7,909,780
Net interest income / net interest margin (3)									$	166,511					3.13		%										$	178,584					3.27		%

(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 $0.6 million for each of the nine months ended September 30, 2024 and 2023, 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, 2024 compared with Three Months Ended September 30, 2023																		Nine Months Ended September 30, 2024 compared with Nine Months Ended September 30, 2023
			Change due to:												Interest Variance						Change due to:												Interest Variance
(tax-equivalent basis, dollars in thousands)			Volume						Rate												Volume						Rate
Earning assets:
Federal funds sold and cash investments			$	(44)					$	39					$	(5)					$	(272)					$	261					$	(11)
Investment securities:
Taxable investment securities			3,141						2,643						5,784						7,304						8,873						16,177
Investment securities exempt from federal income tax			19						127						146						(128)						113						(15)
Total securities			3,160						2,770						5,930						7,176						8,986						16,162
Loans:
Loans			(7,845)						3,217						(4,628)						(18,267)						12,077						(6,190)
Loans exempt from federal income tax			(78)						(68)						(146)						(240)						(5)						(245)
Total loans			(7,923)						3,149						(4,774)						(18,507)						12,072						(6,435)
Loans held for sale			24						(4)						20						67						17						84
Nonmarketable equity securities			33						45						78						(194)						528						334
Total earning assets			$	(4,750)					$	5,999					$	1,249					$	(11,730)					$	21,864					$	10,134
Interest-bearing liabilities:
Checking and money market deposits			$	(1,824)					$	3,484					$	1,660					$	(3,953)					$	14,005					$	10,052
Savings deposits			(69)						(8)						(77)						(186)						418						232
Time deposits			(141)						1,734						1,593						1,333						7,069						8,402
Brokered time deposits			1,110						(85)						1,025						4,065						118						4,183
Total interest-bearing deposits			(924)						5,125						4,201						1,259						21,610						22,869
Short-term borrowings			199						389						588						424						1,269						1,693
FHLB advances and other borrowings			287						(101)						186						(1,890)						(454)						(2,344)
Subordinated debt			(56)						4						(52)						(200)						(12)						(212)
Trust preferred debentures			15						(43)						(28)						54						147						201
Total interest-bearing liabilities			$	(479)					$	5,374					$	4,895					$	(353)					$	22,560					$	22,207
Net interest income			$	(4,271)					$	625					$	(3,646)					$	(11,377)					$	(696)					$	(12,073)

Interest Income. Interest income, on a tax-equivalent basis, increased $1.2 million to $105.0 million in the three months ended September 30, 2024 as compared to the same quarter in 2023, primarily due to improved yields on earning assets. The yield on earning assets increased 26 basis points to 5.91% from 5.65% primarily due to the impact of increasing market interest rates.

Average earning assets decreased to $7.07 billion in the third quarter of 2024 from $7.28 billion in the same quarter of 2023. The decrease in average loans of $514.2 million was partially offset by a $299.8 million increase in investment securities.

Average loans decreased $514.2 million to $5.78 billion in the third quarter of 2024 compared to the same quarter of 2023, due primarily to continued reductions in our equipment financing and consumer loan portfolios. Average equipment finance loan and lease balances decreased $215.3 million to $868.2 million in the third quarter of 2024, compared to the third quarter of 2023. The Company continued to reduce its concentration of this product within the overall loan portfolio. Consumer loans decreased $358.7 million during the third quarter to $722.1 million due to loan payoffs and a cessation in loans originated through GreenSky. Our Greensky-originated average loan balances decreased $280.0 million in the third quarter of 2024 to

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$504.6 million, compared to the third quarter of 2023. In addition, as previously disclosed, during the fourth quarter of 2023, the Company ceased originating loans through LendingPoint.

For the nine months ended September 30, 2024, interest income, on a tax-equivalent basis, increased $10.1 million to $310.4 million as compared to the same period in 2023, primarily due to the increase in market rates year over year. The yield on earning assets increased 34 basis points to 5.84% from 5.50%, primarily due to the impact of increasing market interest rates.

Average earning assets decreased to $7.10 billion in the first nine months of 2024 from $7.29 billion in the same period in 2023. Average loans decreased $421.4 million, which was partially offset by an increase in investment securities of $238.7 million. The changes in average loan mix on a year-to-date basis is consistent with the quarter-to-date changes described previously.

Interest Expense. Interest expense increased $4.9 million to $49.9 million for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The cost of interest-bearing liabilities increased to 3.45% for the third quarter of 2024 compared to 3.01% for the third quarter of 2023 due to the increase in deposit costs as a result of the rate increases previously enacted by the Federal Reserve.

Interest expense on deposits increased $4.2 million to $42.0 million for the three months ended September 30, 2024 from the comparable period in 2023. The increase was primarily due to an increase in rates paid on deposits. Average balances of interest-bearing deposit accounts decreased $221.7 million, or 4.1%, to $5.13 billion for the three months ended September 30, 2024 compared to the same period one year earlier.

For the nine month period ended September 30, 2024, interest expense increased $22.2 million to $143.9 million compared to the nine months ended September 30, 2023. The cost of interest-bearing liabilities increased to 3.34% for the first nine months of 2024 compared to 2.77% for the same period of 2023. Interest expense on deposits increased to $120.7 million from $97.8 million for the comparable period in 2023, primarily due to increases in interest rates on deposits.

Interest expense on FHLB advances and other borrowings decreased $2.3 million for the nine months ended September 30, 2024, from the comparable period in 2023. Average balances decreased $56.8 million for the nine months ended September 30, 2024, from the comparable period in 2023, as loan paydowns permitted a decrease in the use of this funding source.

Provision for Credit Losses. The Company's provision for credit losses totaled $5.0 million for the three months ended September 30, 2024, compared to $5.2 million for the three months ended September 30, 2023. For the nine months ended September 30, 2024 and 2023, the Company recorded provision expense of $35.8 million and $14.2 million, respectively. The provision expense was attributable to loans, as further described below, with the exception of $0.2 million recapture attributable to unfunded commitments in the three and nine months ended September 30, 2024.

The elevated provision for credit losses for the nine months ended September 30, 2024, was primarily due to credit deterioration and servicing issues involving one of our FinTech partners, LendingPoint, subsequent to their system conversion in late 2023. The Company recognized provision expense of $14.0 million in the second quarter of 2024 related to this portfolio. In addition, the provision expense for the first quarter of 2024 included a specific reserve of $8.0 million on a multi-family construction project.

The provision for credit losses on loans recognized during the three and nine months ended September 30, 2024 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.

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Noninterest Income. Noninterest income increased $7.8 million and $12.1 million for the three and nine months ended September 30, 2024, respectively, compared to the same periods one year prior. The following table sets forth the major components of our noninterest income for the three and nine months ended September 30, 2024 and 2023:

			Three Months Ended September 30,												Increase (decrease)						Nine Months Ended September 30,												Increase (decrease)
(dollars in thousands)			2024						2023												2024						2023
Noninterest income:
Wealth management revenue			$	7,104					$	6,288					$	816					$	21,037					$	18,968					$	2,069
Service charges on deposit accounts			3,411						3,149						262						9,648						8,744						904
Interchange revenue			3,506						3,609						(103)						10,427						10,717						(290)
Residential mortgage banking revenue			697						507						190						1,781						1,452						329
Income on company-owned life insurance			1,982						918						1,064						5,708						2,685						3,023
Loss on sales of investment securities, net			(44)						(4,961)						4,917						(196)						(6,478)						6,282
Other income			2,683						2,035						648						9,777						9,989						(212)
Total noninterest income			$	19,339					$	11,545					$	7,794					$	58,182					$	46,077					$	12,105

Wealth management revenue. Wealth management revenue increased $0.8 million and $2.1 million for the three and nine months ended September 30, 2024, as compared to the same periods in 2023. Assets under administration increased to $4.27 billion at September 30, 2024 from $3.50 billion at September 30, 2023, primarily due to improved sales activity and an increase in market performance.

Income on company-owned life insurance. Income on company-owned life insurance increased $1.1 million and $3.0 million for the three and nine months ended September 30, 2024, as compared to the same periods in 2023. As previously discussed, the Company surrendered certain low-yielding life insurance policies and purchased additional policies in the third quarter of 2023, resulting in the increase in revenue.

Noninterest Expense. The following table sets forth the major components of noninterest expense for the three and nine months ended September 30, 2024 and 2023:

			Three Months Ended September 30,												Increase (decrease)						Nine Months Ended September 30,												Increase (decrease)
(dollars in thousands)			2024						2023												2024						2023
Noninterest expense:
Salaries and employee benefits			$	24,382					$	22,307					$	2,075					$	71,356					$	69,407					$	1,949
Occupancy and equipment			4,393						3,730						663						12,499						12,052						447
Data processing			6,955						6,468						487						20,882						19,323						1,559
FDIC insurance			1,402						1,107						295						3,895						3,632						263
Professional services			1,744						1,554						190						6,242						4,977						1,265
Marketing			967						950						17						2,445						2,323						122
Communications			359						507						(148)						1,037						1,514						(477)
Loan expense			1,935						866						1,069						4,416						3,104						1,312
Amortization of intangible assets			951						1,129						(178)						3,056						3,628						(572)
Other expense			3,645						3,420						225						13,251						9,454						3,797
Total noninterest expense			$	46,733					$	42,038					$	4,695					$	139,079					$	129,414					$	9,665

    Salaries and employee benefits. For the three and nine months ended September 30, 2024, salaries and employee benefits expense increased $2.1 million and $1.9 million, respectively, as compared to the same period in 2023, primarily due to annual salary increases and increased incentive expense. The Company employed 907 employees at September 30, 2024 compared to 911 employees at September 30, 2023.

Data processing fees. The $0.5 million and $1.6 million increases in data processing fees for the three and nine months ended September 30, 2024, respectively, as compared to the same periods in 2023, were primarily the result of our continuing investments in technology to better serve our growing customer base and increased transaction volumes.

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Loan expense. The $1.1 million and $1.3 million increases in loan expense for the three and nine months ended September 30, 2024, respectively, as compared to the same periods in 2023, were primarily for loan collection expenses due to the increased volume of nonperforming loans and assets.

Other expense. Other expense increased $3.8 million for the nine months ended September 30, 2024, as compared to the same period in 2023. OREO expenses, including impairment and property taxes, increased $1.8 million. In addition, the Company recognized expenses of $3.1 million related to various legal actions.    

Income Tax Expense. The Company's effective tax rates were 18.1% and 20.6% for the three and nine months ended September 30, 2024, respectively, compared to 50.3% and 31.9% for the three and nine months ended September 30, 2023, respectively. The decrease in the effective tax rate from the three and nine months ended September 30, 2023 is due primarily to tax expense of $4.5 million associated with a surrender of company-owned life insurance policies recognized in the third quarter of 2023, as previously discussed, and a $1.4 million return to provision adjustment also recognized in the third quarter of 2023.

Financial Condition

Assets. Total assets were $7.75 billion at September 30, 2024, as compared to $7.87 billion at December 31, 2023.

Loans. The loan portfolio is the largest category of our assets. The following table presents the balance and associated percentage of each major category in our loan portfolio at September 30, 2024 and December 31, 2023:

			September 30, 2024												December 31, 2023
(dollars in thousands)			Balance						Percent						Balance						Percent
Loans:
Commercial:
Equipment finance loans			$	442,552					7.7		%				$	531,143					8.7		%
Equipment finance leases			417,531						7.3						473,350						7.7
Commercial FHA lines			50,198						0.9						—						—
Other commercial loans			863,922						15.0						951,387						15.5
Total commercial loans and leases			1,774,203						30.9						1,955,880						31.9
Commercial real estate			2,510,472						43.7						2,406,845						39.3
Construction and land development			422,253						7.3						452,593						7.4
Residential real estate			378,657						6.6						380,583						6.2
Consumer			663,234						11.5						935,178						15.2
Total loans, gross			5,748,819						100.0		%				6,131,079						100.0		%
Allowance for credit losses on loans			(85,804)												(68,502)
Total loans, net			$	5,663,015											$	6,062,577

Total loans decreased $382.3 million to $5.75 billion at September 30, 2024, as compared to December 31, 2023. Increases in commercial FHA warehouse lines and commercial real estate loans of $50.2 million and $103.6 million, respectively, were offset by decreases in all other loan categories. The Company continued to shrink its equipment financing and consumer loan portfolios, and focus on commercial loan opportunities in our community bank footprint.

Equipment finance loan and lease balances decreased $144.4 million to $860.1 million at September 30, 2024 compared to December 31, 2023 as the Company continued to reduce its concentration of this product within the overall loan portfolio. Consumer loans decreased $271.9 million due to loan payoffs and a cessation in loans originated through GreenSky. Our Greensky-originated loan balances decreased $208.2 million during the first nine months of 2024 to $475.3 million at September 30, 2024. In addition, as previously disclosed, during the fourth quarter of 2023, the Company ceased originating loans through LendingPoint. As of September 30, 2024, the Company had $96.5 million in loans that were originated through and serviced by LendingPoint. Equipment financing and consumer loans comprised 15.0% and 11.5%, respectively, of the loan portfolio at September 30, 2024, compared to 16.4% and 15.2%, respectively, at December 31, 2023.

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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, 2024 and December 31, 2023:

			September 30, 2024												December 31, 2023
(dollars in thousands)			Balance						Percent						Balance						Percent
Multi-Family			$	555,984					19.0		%				$	516,295					18.1		%
Skilled Nursing			397,700						13.7						469,096						16.4
Retail			461,017						15.7						454,589						15.9
Industrial/Warehouse			216,870						7.4						217,956						7.6
Hotel/Motel			243,292						8.3						159,707						5.6
Office			147,189						5.0						153,756						5.4
All other			910,673						30.9						888,039						31.0
Total commercial real estate and construction and land development loans			$	2,932,725					100.0		%				$	2,859,438					100.0		%

Loans secured by office space totaled $147.2 million and $153.8 million at September 30, 2024 and December 31, 2023, respectively, primarily located in suburban locations in Illinois and Missouri.

Residential real estate loans. Our residential real estate loans are loans secured by residential properties that generally do not qualify for secondary market sale.

Consumer loans. Our consumer loans include direct personal loans, indirect automobile loans, lines of credit and installment loans originated through home improvement specialty retailers and contractors. Personal loans are generally secured by automobiles, boats and other types of personal property and are made on an installment basis.

Lease financing. Our equipment leasing business provides financing leases to varying types of businesses nationwide for purchases of business equipment and software. The financing is secured by a first priority interest in the financed asset and generally requires monthly payments.

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The following table shows the contractual maturities of our loan portfolio and the distribution between fixed and adjustable interest rate loans at September 30, 2024:

			September 30, 2024
			Within One Year												One Year to Five Years												Five Years to 15 Years												After 15 Years
(dollars in thousands)			Fixed Rate						Adjustable Rate						Fixed Rate						Adjustable Rate						Fixed Rate						Adjustable Rate						Fixed Rate						Adjustable Rate						Total
Commercial			$	135,890					$	421,349					$	481,705					$	77,196					$	103,527					$	92,405					$	—					$	44,600					$	1,356,672
Commercial real estate			371,569						377,978						1,014,476						247,232						283,529						192,413						5,530						17,745						2,510,472
Construction and land development			88,322						149,344						67,853						62,720						1,477						50,299						94						2,144						422,253
Total commercial loans			595,781						948,671						1,564,034						387,148						388,533						335,117						5,624						64,489						4,289,397
Residential real estate			4,554						6,026						8,497						17,790						22,881						36,855						179,791						102,263						378,657
Consumer			4,617						599						547,414						82,156						28,448						—						—						—						663,234
Lease financing			28,604						—						313,475						—						—						75,452						—						—						417,531
Total loans			$	633,556					$	955,296					$	2,433,420					$	487,094					$	439,862					$	447,424					$	185,415					$	166,752					$	5,748,819

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.

Analysis of the Allowance for Credit Losses on Loans. The allowance for credit losses on loans was $85.8 million, or 1.49% of total loans, at September 30, 2024 compared to $68.5 million, or 1.12% of total loans, at December 31, 2023. The following table allocates the allowance for credit losses on loans by loan category:

			September 30, 2024												December 31, 2023
(dollars in thousands)			Allowance						Percent (1)						Allowance						Percent (1)
Commercial			$	24,106					1.78		%				$	21,847					1.47		%
Commercial real estate			22,531						0.90						20,229						0.84
Construction and land development			12,061						2.86						4,163						0.92
Total commercial loans			58,698						1.37						46,239						1.06
Residential real estate			5,351						1.41						5,553						1.46
Consumer			8,031						1.21						3,770						0.40
Lease financing			13,724						3.29						12,940						2.73
Total allowance for credit losses on loans			$	85,804					1.49		%				$	68,502					1.12		%

(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, 2024, 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 2.5% to 3.1% over the next four quarters; (ii) the 10-year treasury rate decreasing from 4.0% in the third quarter of 2024 to 3.9% by the fourth quarter of 2025; and (iii) Illinois unemployment rate averaging 5.5% through the fourth quarter of 2025.

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

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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, 2024, was approximately 56 basis points of total loans. The additional provision expense related to the LendingPoint portfolio resulted in the increase in the qualitative factor adjustment when compared to 41 basis points at December 31, 2023.

The allowance allocated to commercial loans totaled $24.1 million, or 1.78% of total commercial loans, at September 30, 2024, compared to $21.8 million, or 1.47%, at December 31, 2023. Modeled expected credit losses increased $0.5 million and qualitative factor adjustments related to commercial loans increased $2.7 million. A certain portion of the LendingPoint portfolio is classified as commercial loans. The Company recognized provision expense of $3.2 million on this portfolio during the nine months ended September 30, 2024. Specific allocations for commercial loans that were evaluated for expected credit losses on an individual basis decreased $1.0 million from $1.8 million at December 31, 2023.

The allowance allocated to commercial real estate loans totaled $22.5 million, or 0.90% of total commercial real estate loans, at September 30, 2024, increasing $2.3 million, from $20.2 million, or 0.84% of total commercial real estate loans, at December 31, 2023. Modeled expected credit losses increased $0.7 million and qualitative factor adjustments decreased $0.1 million. Specific allocations for commercial real estate loans that were evaluated for expected credit losses on an individual basis increased from $0.7 million at December 31, 2023, to $1.5 million at September 30, 2024. The commercial real estate portfolio does not include significant exposure to urban office properties.

The allowance allocated to construction and land development loans totaled $12.1 million, or 2.86% of total construction and land development loans, at September 30, 2024, increasing $7.9 million, from $4.2 million, or 0.92% of total constructions loans, at December 31, 2023. Specific allocations for construction loans that were evaluated for expected credit losses on an individual basis totaled $8.0 million and $0.0 million at September 30, 2024 and December 31, 2023, respectively. This represents the specific reserve on one large construction and land development loan recognized in the first quarter of 2024 provision for credit losses. Modeled expected credit losses decreased $0.4 million and qualitative factor adjustments related to construction loans increased $0.3 million.

The allowance allocated to consumer loans totaled $8.0 million, or 1.21% of total consumer loans, at September 30, 2024, compared to $3.8 million, or 0.40%, at December 31, 2023. Credit deterioration and servicing related issues with the LendingPoint portfolio, as previously discussed, resulted in an increase of the allowance of $5.0 million at September 30, 2024 compared to December 31, 2023. The Company's consumer portfolios benefit from credit enhancements provided by LendingPoint and Greensky. The Company calculated its expected loss estimate based on delinquent loans, as reported by LendingPoint, net of expected credit enhancements. The Company expects to recognize charge offs over the remaining life of this portfolio, and believes that it has properly reserved for expected losses based upon the data that is currently known and available. Specific allocations for consumer loans that were evaluated for expected credit losses on an individual basis decreased $0.1 million.

The allowance allocated to the lease portfolio totaled $13.7 million, or 3.29% of total commercial leases, at September 30, 2024, increasing $0.8 million, from $12.9 million, or 2.73% of total commercial leases at December 31, 2023. Modeled expected credit losses and specific allocation reserves increased $0.8 million and $0.4 million, respectively. Qualitative factor adjustments related to commercial leases decreased $0.1 million.

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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, 2024 and 2023:

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2024						2023						2024						2023
Balance, beginning of period			$	92,183					$	64,950					$	68,502					$	61,051
Charge-offs:
Commercial			2,491						3,249						7,869						5,289
Commercial real estate			32						2,316						728						4,606
Construction and land development			—						44						—						378
Residential real estate			159						95						194						180
Consumer			6,395						250						6,829						773
Lease financing			2,979						1,394						6,728						2,555
Total charge-offs			12,056						7,348						22,348						13,781
Recoveries:
Commercial			484						80						753						577
Commercial real estate			2						3,678						2,242						4,006
Construction and land development			2						—						3						32
Residential real estate			62						33						130						98
Consumer			44						53						194						226
Lease financing			83						55						328						278
Total recoveries			677						3,899						3,650						5,217
Net charge-offs			11,379						3,449						18,698						8,564
Provision for credit losses on loans			5,000						5,168						36,000						14,182
Balance, end of period			$	85,804					$	66,669					$	85,804					$	66,669
Gross loans, end of period			$	5,748,819					$	6,280,883					$	5,748,819					$	6,280,883
Average total loans			$	5,783,408					$	6,297,568					$	5,903,216					$	6,324,578
Net charge-offs to average loans			0.78		%				0.22		%				0.42		%				0.18		%
Allowance for credit losses to total loans			1.49		%				1.06		%				1.49		%				1.06		%

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.

Net charge-offs for the three months ended September 30, 2024 totaled $11.4 million, compared to $3.4 million for the same period one year ago. The Company recorded $6.2 million of charge-offs of consumer loans originated and serviced by LendingPoint. Net charge-offs of equipment financing loans and leases for the three months ended September 30, 2024 and 2023, totaled $4.9 million and $2.2 million, respectively, primarily due to continued weakness within the trucking and transportation sector.

Net charge-offs for the nine months ended September 30, 2024 totaled $18.7 million, compared to $8.6 million for the same period one year ago. Net charge-offs of equipment financing loans and leases totaled $12.1 million for the nine months ended September 30, 2024, compared to $4.9 million for the same period one year ago. The Company recorded $6.2 million of charge-offs of consumer loans originated and serviced by LendingPoint in the nine months ended September 30, 2024. The Company recognized a $2.0 million partial recovery in the second quarter of 2024 related to a third quarter of 2023 charge off.

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Nonperforming Loans. 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 balances of nonperforming loans reflect the net investment in these assets.

(dollars in thousands)			September 30, 2024						December 31, 2023
Nonperforming loans:
Commercial			$	16,273					$	9,282
Commercial real estate			51,013						33,891
Construction and land development			26,555						39
Residential real estate			4,613						3,869
Consumer			3,902						137
Lease financing			12,200						9,133
Total nonperforming loans			114,556						56,351
Other real estate owned and other repossessed assets			12,215						11,350
Nonperforming assets			$	126,771					$	67,701
Nonperforming loans to total loans			1.99		%				0.92		%
Nonperforming assets to total assets			1.64		%				0.86		%
Allowance for credit losses to nonperforming loans			74.90		%				121.56		%

Non-performing loans increased $58.2 million to $114.6 million at September 30, 2024, compared to $56.4 million at December 31, 2023. Five loans totaling $51.0 million account for the increase. Of these, three loans totaling $40.9 million are multi-family construction or multi-family projects. Nonperforming consumer loans increased to $3.9 million as $3.8 million of loans servicing by LendingPoint were transferred to nonaccrual status.

We did not recognize interest income on nonaccrual loans during the three months ended September 30, 2024 or 2023 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 $2.7 million and $6.3 million for the three and nine months ended September 30, 2024, respectively, and $0.8 million and $2.5 million for the three and nine months ended September 30, 2023, respectively.

Collateral Dependent Financial Assets

The following table presents the change in our non-performing loans for the nine months ended September 30, 2024:

(dollars in thousands)															Nine months ended September 30, 2024
Balance, beginning of period															$	56,351
New nonperforming loans															75,364
Return to performing status															(1,253)
Payments received															(9,390)
Transfer to OREO and other repossessed assets															(1,698)
Charge-offs															(4,818)
Balance, end of period															$	114,556

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.

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The following table sets forth the book value and associated percentage of each category of investment securities at September 30, 2024 and December 31, 2023.

			September 30, 2024												December 31, 2023
(dollars in thousands)			Balance						Percent						Balance						Percent
Investment securities available for sale:
U.S. Treasury securities			$	—					—		%				$	1,097					0.1		%
U.S. government sponsored entities and U.S. agency securities			42,824						3.5						72,572						7.9
Mortgage-backed securities - agency			834,764						68.9						574,500						62.7
Mortgage-backed securities - non-agency			85,926						7.1						83,529						9.1
State and municipal securities			70,471						5.8						57,460						6.3
Corporate securities			87,962						7.3						99,172						10.9
Other securities			90,143						7.4						27,565						3.0
Total investment securities, available for sale, at fair value			$	1,212,090					100.0		%				$	915,895					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, 2024.

(dollars in thousands)			Balance						Percent						Weighted 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 years			27,189						2.2						4.44
Maturing in five to ten years			15,635						1.3						5.92
Maturing after ten years			—						—						—
Total U.S. government sponsored entities and U.S. agency securities			$	42,824					3.5		%				4.98		%
Mortgage-backed securities - agency:
Maturing within one year			$	10,767					0.9		%				6.08		%
Maturing in one to five years			343,832						28.4						4.61
Maturing in five to ten years			268,200						22.1						4.24
Maturing after ten years			211,965						17.5						3.45
Total mortgage-backed securities - agency			$	834,764					68.9		%				4.21		%
Mortgage-backed securities - non-agency:
Maturing within one year			$	5,153					0.4		%				5.43		%
Maturing in one to five years			56,993						4.7						5.02
Maturing in five to ten years			—						—						—
Maturing after ten years			23,780						2.0						4.63
Total mortgage-backed securities - non-agency			$	85,926					7.1		%				4.94		%
State and municipal securities (1):
Maturing within one year			$	1,031					0.1		%				3.17		%
Maturing in one to five years			7,188						0.6						2.57
Maturing in five to ten years			26,383						2.1						2.35
Maturing after ten years			35,869						3.0						4.60
Total state and municipal securities			$	70,471					5.8		%				3.53		%
Corporate securities:
Maturing within one year			$	—					—		%				—		%
Maturing in one to five years			40,022						3.3						6.01
Maturing in five to ten years			47,940						4.0						3.83
Maturing after ten years			—						—						—
Total corporate securities			$	87,962					7.3		%				4.82		%
Other securities:
Maturing within one year			$	293					—		%				6.22		%
Maturing in one to five years			6,217						0.5						6.14
Maturing in five to ten years			26,934						2.2						6.76
Maturing after ten years			56,699						4.7						6.44
Total other securities			$	90,143					7.4		%				6.51		%
Total investment securities, available for sale			$	1,212,090					100.0		%				4.47		%

(1)Weighted average yield for tax-exempt securities are presented on a tax-equivalent basis assuming a federal income tax rate of 21%.

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The table below presents the credit ratings for our investment securities classified as available for sale, at fair value, at September 30, 2024.

			Amortized						Fair						Average credit rating
(dollars in thousands)			cost						Value						AAA						AA+/-						A+/-						BBB+/-						<BBB-						Not Rated
Investment securities available for sale:
U.S. government sponsored entities and U.S. agency securities			$	44,046					$	42,824					$	—					$	42,824					$	—					$	—					$	—					$	—
Mortgage-backed securities - agency			897,052						834,764						—						834,764						—						—						—						—
Mortgage-backed securities - non-agency			87,241						85,926						5,380						80,546						—						—						—						—
State and municipal securities			74,816						70,471						6,804						56,924						1,205						130						—						5,408
Corporate securities			94,424						87,962						—						—						15,584						58,441						6,508						7,429
Other securities			90,181						90,143						45,569						36,772						7,802						—						—						—
Total investment securities, available for sale			$	1,287,760					$	1,212,090					$	57,753					$	1,051,830					$	24,591					$	58,571					$	6,508					$	12,837

Liabilities. At September 30, 2024, liabilities totaled $6.93 billion compared to $7.08 billion at December 31, 2023.

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 $52.7 million to $6.26 billion at September 30, 2024, as compared to December 31, 2023. Decreases in noninterest-bearing demand account, interest-bearing checking account, and savings account balances of $94.8 million, $121.9 million and $49.0 million, respectively, during this period, were partially offset by increases in money market account and time deposit account balances. Brokered time deposit account balances increased to $269.4 million at September 30, 2024 from $94.5 million at December 31, 2023, accounting for the increase in time deposit account balances. Deposit outflows were primarily related to certain larger commercial clients moving funds to the Company's wealth management business, in addition to seasonal outflows of public funds.

(dollars in thousands)			September 30, 2024												December 31, 2023
			Balance						Percent						Balance						Percent
Noninterest-bearing demand			$	1,050,617					16.8		%				$	1,145,395					18.1		%
Interest-bearing:
Checking			2,389,970						38.1						2,511,840						39.8
Money market			1,187,139						19.0						1,135,629						18.0
Savings			510,260						8.2						559,267						8.9
Time			1,118,850						17.9						957,398						15.2
Total deposits			$	6,256,836					100.0		%				$	6,309,529					100.0		%

The following table sets forth the maturity of uninsured time deposits as of September 30, 2024:

(dollars in thousands)						Amount
Three months or less						$	50,405
Three to six months						19,631
Six to 12 months						18,077
After 12 months						10,667
Total						$	98,780

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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 increased $26.4 million to $818.3 million at September 30, 2024 as compared to December 31, 2023. The change in shareholders’ equity was the result of the generation of net income of $39.1 million, offset by dividends to common shareholders of $20.3 million, dividends to preferred shareholders of $6.7 million, the repurchases of common stock of $5.5 million and decrease in accumulated other comprehensive losses of $16.1 million.

On December 5, 2023, 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 common stock through December 31, 2024. During the nine months ended September 30, 2024, the Company repurchased 228,266 shares of its common stock at a weighted average price of $23.93 under its stock repurchase program, with approximately $19.5 million of remaining repurchase authority.

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 $14.0 million and $20.9 million at September 30, 2024 and December 31, 2023, respectively, were pledged for securities sold under agreements to repurchase.

The table below presents our sources of liquidity as of September 30, 2024 and December 31, 2023:

(dollars in thousands)						September 30, 2024						December 31, 2023
Cash and cash equivalents						$	121,873					$	135,061
Unpledged securities						532,835						346,843
FHLB committed liquidity						1,086,286						935,977
FRB discount window availability						552,777						699,896
Total Estimated Liquidity						$	2,293,771					$	2,117,777
Conditional Funding Based on Market Conditions
Additional credit facility						$	433,000					$	419,000
Brokered CDs (additional capacity)						$	350,000					$	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, 2024, 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

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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. At the end of 2024 this transition will be complete.

At September 30, 2024, 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, 2024:

Ratio						Actual						Minimum Regulatory Requirements (1)						Well Capitalized
Total risk-based capital ratio
Midland States Bancorp, Inc.						13.98		%				10.50		%				N/A
Midland States Bank						13.34						10.50						10.00		%
Tier 1 risk-based capital ratio
Midland States Bancorp, Inc.						11.65						8.50						N/A
Midland States Bank						12.09						8.50						8.00
Common equity tier 1 risk-based capital ratio
Midland States Bancorp, Inc.						9.00						7.00						N/A
Midland States Bank						12.09						7.00						6.50
Tier 1 leverage ratio
Midland States Bancorp, Inc.						10.10						4.00						N/A
Midland States Bank						10.47						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

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.

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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 a data warehouse to study interest rate risk at a transactional level and use various ad-hoc reports to continuously refine 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.

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, 2024:
Dollar change			$	3,024					$	2,031					$	(3,618)					$	(7,926)
Percent change			1.4		%				0.9		%				(1.6)		%				(3.6)		%
December 31, 2023:
Dollar change			$	539					$	(293)					$	(1,424)					$	(3,162)
Percent change			0.2		%				(0.1)		%				(0.6)		%				(1.3)		%

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, implied by the forward yield curve over the next twelve months. We were within board policy limits for all scenarios at September 30, 2024.

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, 2024 projects that our earnings exhibit increasing profitability in a declining rate environment, consistent with our modeling at December 31, 2023. Throughout the course of 2023, the bank exhibited similar trends to the industry concerning its beta assumptions related to its non-maturity deposit portfolio. Coupled with a market shift to slowing rate increases or even rate cuts into 2024, the bank did start to position its investment strategy to protect against lower rates in the future. These two aspects are the primary drivers of moving to a virtually neutral position as measured in the +/- 100 basis point rate shocks.

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 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, as of the end of such period, the Company’s disclosure controls and procedures were effective as of that date to provide reasonable assurance that the information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including its President and Chief Executive Officer and its Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

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.

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 their 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 11 - 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, 2023.

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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 2024.

Period						Total number of shares purchased(1)						Average price paid per share						Total number of shares purchased as part of publicly announced plans or programs						Approximate dollar value of shares that may yet be purchased under the plans or programs (2)
July 1 - 31, 2024						23,215						$	22.55					23,113						$	19,537,960
August 1 - 31, 2024						303						21.46						—						19,537,960
September 1 - 30, 2024						—						—						—						19,537,960
Total						23,518						$	22.53					23,113						$	19,537,960

(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.

(2)As previously disclosed, the board of directors of the Company approved a stock repurchase program on December 5, 2023, pursuant to which the Company is authorized to repurchase up to $25.0 million of common stock through December 31, 2024. Stock repurchases under this programs may be made from time to time on the open market, in privately negotiated transactions, or in any 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 programs are dependent upon a variety of factors including price, trading volume, corporate and regulatory requirements and market condition. The repurchase program may be suspended or discontinued at any time without notice. As of September 30, 2024, 228,266 shares of the Company’s common stock have been repurchased under the program for an aggregate purchase price of $5.5 million.

ITEM 5 – OTHER INFORMATION

During the three months ended September 30, 2024, 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, 2024 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, 2024 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, 2024			By:			/s/			Jeffrey G. Ludwig
									Jeffrey G. Ludwig
									President and Chief Executive Officer
									(Principal Executive Officer)
Date: November 6, 2024			By:			/s/			Eric T. Lemke
									Eric T. Lemke
									Chief Financial Officer
									(Principal Financial Officer)

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