Chemung Financial Corp 8-K, filed Oct 22, 2021

Chemung Financial Corp (CHMG)

8-K 2021-10-22 For: 2021-10-21

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Added on April 08, 2026

About this 8-K

Chemung Financial Corp filed this 8-K on October 22, 2021, reporting on events of October 21, 2021.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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New York	001-35741	16-1237038
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $.01 per share	CHMG	Nasdaq Stock Market LLC

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Exhibit No.
99.1		Press Release of Chemung Financial Corporation dated October 21, 2021.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

	CHEMUNG FINANCIAL CORPORATION


Date: October 22, 2021	By:	/s/ Karl F. Krebs
		Karl F. Krebs
		Chief Financial Officer and Treasurer

COVID-19 Loan Modifications Outstanding As Of
	June 30, 2020		Sept. 30, 2020		Dec. 31, 2020		March 31, 2021		June 30, 2021		Sept. 30, 2021
($ in millions)	# Clients	Total Loan Balance	# Clients	Total Loan Balance	# Clients	Total Loan Balance	# Clients	Total Loan Balance	# Clients	Total Loan Balance	# Clients	Total Loan Balance
Commercial	172	$167.7	31	$43.3	13	$19.8	22	$25.2	19	$20.3	5	$2.9
Retail and Residential	457	$18.0	43	$2.5	18	$1.0	16	$1.1	5	$0.2	6	$0.1

Chemung Financial Corporation Consolidated Balance Sheets (Unaudited)
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,
(in thousands)	2021			2021			2021			2020			2020
ASSETS
Cash and due from financial institutions	$	28,859		$	27,439		$	30,602		$	29,467		$	35,327
Interest-earning deposits in other financial institutions		32,838			29,358			126,397			79,071			114,575
Total cash and cash equivalents		61,697			56,797			156,999			108,538			149,902

Equity investments		2,933			2,856			2,718			2,542			2,291

Securities available for sale		761,531			687,594			626,195			554,611			396,300
Securities held to maturity		3,183			2,981			2,453			2,469			3,047
FHLB and FRB stocks, at cost		3,562			3,562			3,164			3,150			3,150
Total investment securities		768,276			694,137			631,812			560,230			402,497

Commercial		1,060,230			1,105,520			1,128,241			1,085,554			1,095,170
Mortgage		253,991			246,667			245,231			239,401			227,372
Consumer		202,447			205,812			207,477			211,508			215,951
Loans, net of deferred loan fees		1,516,668			1,557,999			1,580,949			1,536,463			1,538,493
Allowance for loan losses		(20,940	)		(20,676	)		(20,909	)		(20,924	)		(24,590	)
Loans, net		1,495,728			1,537,323			1,560,040			1,515,539			1,513,903

Loans held for sale		224			—			295			170			2,059
Premises and equipment, net		18,370			19,094			19,541			20,119			20,891
Operating lease right-of-use assets		7,084			7,274			7,335			7,145			7,474
Goodwill		21,824			21,824			21,824			21,824			21,824
Other intangible assets, net		26			68			157			258			371
Accrued interest receivable and other assets		41,494			41,339			41,774			43,086			43,802
Total assets	$	2,417,656		$	2,380,712		$	2,442,495		$	2,279,451		$	2,165,014

LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Non-interest-bearing demand deposits	$	725,181		$	674,205		$	693,785		$	620,423		$	619,412
Interest-bearing demand deposits		282,036			276,250			285,934			282,172			270,949
Money market accounts		661,049			669,953			661,132			603,583			579,574
Savings deposits		275,137			276,496			270,778			245,865			248,751
Time deposits		230,419			241,283			298,752			285,731			205,503
Total deposits		2,173,822			2,138,187			2,210,381			2,037,774			1,924,189

Advances and other debt		3,659			3,724			3,788			3,849			4,155
Operating lease liabilities		7,227			7,409			7,462			7,264			7,584
Accrued interest payable and other liabilities		26,809			27,415			26,080			30,865			32,081
Total liabilities		2,211,517			2,176,735			2,247,711			2,079,752			1,968,009

Shareholders' equity
Common stock		53			53			53			53			53
Additional-paid-in capital		47,203			47,081			47,025			46,764			46,892
Retained earnings		183,873			178,673			173,325			168,006			163,987
Treasury stock, at cost		(17,924	)		(17,972	)		(17,867	)		(17,525	)		(15,569	)
Accumulated other comprehensive income (loss)		(7,066	)		(3,858	)		(7,752	)		2,401			1,642
Total shareholders' equity		206,139			203,977			194,784			199,699			197,005
Total liabilities and shareholders' equity	$	2,417,656		$	2,380,712		$	2,442,495		$	2,279,451		$	2,165,014

Period-end shares outstanding		4,685			4,681			4,682			4,695			4,746

Chemung Financial Corporation
Consolidated Statements of Income (Unaudited)
	Three Months Ended								Nine Months Ended
	September 30,						Percent		September 30,						Percent
(in thousands, except per share data)	2021			2020			Change		2021			2020			Change
Interest and dividend income: Loans, including fees	$	14,655		$	14,876		(1.5	)	$	43,964		$	43,770		0.4
Taxable securities		2,678			1,474		81.7			6,431			4,358		47.6
Tax exempt securities		265			263		0.8			792			799		(0.9	)
Interest-earning deposits		35			101		(65.3	)		131			643		(79.6	)
Total interest and dividend income		17,633			16,714		5.5			51,318			49,570		3.5

Interest expense:
Deposits		768			809		(5.1	)		2,521			2,922		(13.7	)
Borrowed funds		33			36		(8.3	)		100			126		(20.6	)
Total interest expense		801			845		(5.2	)		2,621			3,048		(14.0	)

Net interest income		16,832			15,869		6.1			48,697			46,522		4.7
Provision for loan losses		356			679		(47.6	)		(53	)		3,989		(101.3	)
Net interest income after provision for loan losses		16,476			15,190		8.5			48,750			42,533		14.6

Non-interest income:
Wealth management group fee income		2,765			2,416		14.4			8,246			6,968		18.3
Service charges on deposit accounts		856			740		15.7			2,305			2,294		0.5
Interchange revenue from debit card transactions		1,237			1,082		14.3			3,622			2,989		21.2
Change in fair value of equity investments		15			57		(73.7	)		203			(33	)	N/M
Net gains on sales of loans held for sale		242			553		(56.2	)		884			916		(3.5	)
Net gains (losses) on sales of other real estate owned		—			6		N/M			(18	)		(71	)	(74.6	)
Income from bank owned life insurance		12			14		(14.3	)		39			147		(73.5	)
Other		843			471		79.0			2,802			1,940		44.4
Total non-interest income		5,970			5,339		11.8			18,083			15,150		19.4

Non-interest expense:
Salaries and wages		6,259			6,088		2.8			18,058			17,678		2.1
Pension and other employee benefits		1,511			1,245		21.4			4,450			4,095		8.7
Other components of net periodic pension and postretirement benefits		(391	)		(254	)	53.9			(1,173	)		(762	)	53.9
Net occupancy		1,432			1,454		(1.5	)		4,446			4,406		0.9
Furniture and equipment		409			538		(24.0	)		1,185			1,573		(24.7	)
Data processing		2,210			1,777		24.4			6,261			5,630		11.2
Professional services		542			453		19.6			1,531			1,313		16.6
Amortization of intangible assets		42			120		(65.0	)		232			371		(37.5	)
Marketing and advertising		162			140		15.7			572			546		4.8
Other real estate owned expense		7			53		(86.8	)		24			87		(72.4	)
FDIC insurance		356			247		44.1			1,075			726		48.1
Loan expense		196			301		(34.9	)		720			798		(9.8	)
Other		1,365			1,200		13.8			3,923			3,878		1.2
Total non-interest expense		14,100			13,362		5.5			41,304			40,339		2.4

Income before income tax expense		8,346			7,167		16.5			25,529			17,344		47.2
Income tax expense		1,700			1,456		16.8			5,558			3,315		67.7
Net income	$	6,646		$	5,711		16.4		$	19,971		$	14,029		42.4

Basic and diluted earnings per share	$	1.42		$	1.19				$	4.26		$	2.90
Cash dividends declared per share		0.31			0.26					0.88			0.78
Average basic and diluted shares outstanding		4,684			4,773					4,687			4,836

N/M - Not Meaningful

Chemung Financial Corporation	As of or for the Three Months Ended												As of or for the Nine Months Ended
Consolidated Financial Highlights (Unaudited) (in thousands, except per share data)	Sept. 30, 2021		June 30, 2021			March 31, 2021			Dec. 31, 2020		Sept. 30, 2020		Sept. 30, 2021			Sept. 30, 2020
RESULTS OF OPERATIONS Interest income	$	17,633	$	16,945		$	16,740		$	17,337	$	16,714	$	51,318		$	49,570
Interest expense		801		866			954			940		845		2,621			3,048
Net interest income		16,832		16,079			15,786			16,397		15,869		48,697			46,522
Provision (credit) for loan losses		356		(150	)		(259	)		250		679		(53	)		3,989
Net interest income after provision for loan losses		16,476		16,229			16,045			16,147		15,190		48,750			42,533
Non-interest income		5,970		6,492			5,621			5,975		5,339		18,083			15,150
Non-interest expense		14,100		13,851			13,353			15,597		13,362		41,304			40,339
Income before income tax expense		8,346		8,870			8,313			6,525		7,167		25,529			17,344
Income tax expense		1,700		2,075			1,783			1,292		1,456		5,558			3,315
Net income	$	6,646	$	6,795		$	6,530		$	5,233	$	5,711	$	19,971		$	14,029

Basic and diluted earnings per share	$	1.42		$	1.45		$	1.39		$	1.11		$	1.19		$	4.26		$	2.90
Average basic and diluted shares outstanding		4,684			4,683			4,691			4,702			4,773			4,687			4,836
PERFORMANCE RATIOS
Return on average assets		1.09	%		1.11	%		1.12	%		0.93	%		1.08	%		1.11	%		0.95	%
Return on average equity		12.68	%		13.58	%		13.24	%		10.51	%		11.56	%		13.16	%		9.74	%
Return on average tangible equity (a)		14.16	%		15.25	%		14.88	%		11.84	%		13.03	%		14.75	%		11.03	%
Efficiency ratio (unadjusted) (f)		61.84	%		61.37	%		62.38	%		69.72	%		63.00	%		61.85	%		65.41	%
Efficiency ratio (adjusted) (a) (b)		61.40	%		60.72	%		61.64	%		68.94	%		62.19	%		61.25	%		64.54	%
Non-interest expense to average assets		2.30	%		2.27	%		2.30	%		2.76	%		2.54	%		2.29	%		2.72	%
Loans to deposits		69.77	%		72.87	%		71.52	%		75.40	%		79.96	%		69.77	%		79.96	%
YIELDS / RATES - Fully Taxable Equivalent
Yield on loans		3.84	%		3.72	%		3.81	%		3.96	%		3.91	%		3.79	%		4.10	%
Yield on investments		1.49	%		1.21	%		1.28	%		1.37	%		1.61	%		1.33	%		1.78	%
Yield on interest-earning assets		3.02	%		2.90	%		3.03	%		3.23	%		3.37	%		2.98	%		3.54	%
Cost of interest-bearing deposits		0.21	%		0.22	%		0.25	%		0.26	%		0.26	%		0.23	%		0.33	%
Cost of borrowings		3.56	%		3.64	%		3.51	%		3.52	%		3.54	%		3.57	%		1.44	%
Cost of interest-bearing liabilities		0.22	%		0.23	%		0.26	%		0.27	%		0.27	%		0.24	%		0.34	%
Interest rate spread		2.80	%		2.67	%		2.77	%		2.96	%		3.10	%		2.74	%		3.20	%
Net interest margin, fully taxable equivalent		2.88	%		2.76	%		2.86	%		3.06	%		3.20	%		2.83	%		3.33	%
CAPITAL
Total equity to total assets at end of period		8.53	%		8.57	%		7.97	%		8.76	%		9.10	%		8.53	%		9.10	%
Tangible equity to tangible assets at end of period (a)		7.69	%		7.72	%		7.14	%		7.87	%		8.16	%		7.69	%		8.16	%
Book value per share	$	44.00		$	43.57		$	41.60		$	42.53		$	41.51		$	44.00		$	41.51
Tangible book value per share (a)		39.34			38.90			36.91			37.83			36.83			39.34			36.83
Period-end market value per share		45.30			44.31			41.82			33.95			28.87			45.30			28.87
Dividends declared per share		0.31			0.31			0.26			0.26			0.26			0.88			0.78
AVERAGE BALANCES Loans and loans held for sale (c)	$	1,519,264		$	1,585,902		$	1,557,368		$	1,540,618		$	1,515,762		$	1,554,039		$	1,427,716
Interest earning assets		2,327,817			2,352,908			2,251,334			2,144,891			1,986,043			2,310,968			1,877,966
Total assets		2,427,107			2,447,587			2,357,646			2,249,949			2,094,114			2,411,007			1,978,570
Deposits		2,181,517			2,210,413			2,117,963			2,009,211			1,853,557			2,170,198			1,739,744
Total equity		208,023			200,627			200,035			198,036			196,569			202,923			192,299
Tangible equity (a)		186,155			178,681			177,992			175,894			174,302			180,971			169,909
ASSET QUALITY Net charge-offs (recoveries)	$	92		$	83		$	(244	)	$	3,915		$	219		$	(69	)	$	2,877
Non-performing loans (d)		8,373			8,583			9,327			9,952			15,726			8,373			15,726
Non-performing assets (e)		8,544			8,707			9,418			10,189			16,311			8,544			16,311
Allowance for loan losses		20,940			20,676			20,909			20,924			24,590			20,940			24,590
Annualized net charge-offs (recoveries) to average loans		0.02	%		0.02	%		(0.06	%)		1.01	%		0.06	%		(0.01	%)		0.27	%
Non-performing loans to total loans		0.56	%		0.55	%		0.59	%		0.65	%		1.02	%		0.56	%		1.02	%
Non-performing assets to total assets		0.35	%		0.37	%		0.39	%		0.45	%		0.75	%		0.35	%		0.75	%
Allowance for loan losses to total loans		1.38	%		1.33	%		1.32	%		1.36	%		1.60	%		1.38	%		1.60	%
Allowance for loan losses to total loans, net of PPP		1.45	%		1.46	%		1.50	%		1.51	%		1.82	%		1.45	%		1.82	%
Allowance for loan losses to non-performing loans		250.08	%		240.89	%		224.19	%		210.25	%		156.36	%		250.08	%		156.36	%

		Three Months Ended September 30, 2021							Three Months Ended September 30, 2020									Three Months Ended September 30, 2021 vs. 2020
	Average Balance			Interest			Yield / Rate		Average Balance			Interest			Yield / Rate		Total Change				Due to Volume			Due to Rate
(in thousands) Interest earning assets:
Commercial loans	$	1,065,476		$	10,656		3.97	%	$	1,075,029		$	10,575		3.91	%		$	81		$	(87	)	$	168
Mortgage loans		249,651			2,086		3.32	%		220,345			2,067		3.73	%			19			260			(241	)
Consumer loans		204,137			1,944		3.78	%		220,388			2,256		4.07	%			(312	)		(159	)		(153	)
Taxable securities		681,160			2,678		1.56	%		301,315			1,476		1.95	%			1,202			1,549			(347	)
Tax-exempt securities		41,654			327		3.11	%		41,372			325		3.13	%			2			3			(1	)
Interest-earning deposits		85,739			36		0.17	%		127,594			100		0.31	%			(64	)		(27	)		(37	)
Total interest earning assets		2,327,817			17,727		3.02	%		1,986,043			16,799		3.37	%			928			1,539			(611	)
Non-interest earnings assets: Cash and due from banks		27,421								25,534
Other assets		92,719								106,907
Allowance for loan losses		(20,850	)							(24,370	)
Total assets	$	2,427,107							$	2,094,114
Interest-bearing liabilities: Interest-bearing checking	$	272,236		$	52		0.08	%	$	253,278		$	55		0.09	%		$	(3	)	$	4		$	(7	)
Savings and money market		943,996			205		0.09	%		791,004			231		0.12	%			(26	)		41			(67	)
Time deposits		236,062			511		0.86	%		188,889			524		1.10	%			(13	)		115			(128	)
Long-term advances and other debt		3,681			33		3.56	%		3,930			35		3.54	%			(2	)		(2	)		—
Total int.-bearing liabilities		1,455,975			801		0.22	%		1,237,101			845		0.27	%			(44	)		158			(202	)
Non-interest-bearing liabilities:
Demand deposits		729,223								620,386
Other liabilities		33,886								40,058
Total liabilities		2,219,084								1,897,545
Shareholders' equity		208,023								196,569
Total liabilities and shareholders' equity	$	2,427,107							$	2,094,114
Fully taxable equivalent net interest income					16,926								15,954					$	972		$	1,381		$	(409	)
Net interest rate spread (1)							2.80	%							3.10	%
Net interest margin, fully taxable equivalent (2) Taxable equivalent adjustment					(94	)	2.88	%					(85	)	3.20	%
Net interest income				$	16,832							$	15,869

	Nine Months Ended September 30, 2021											Nine Months Ended September 30, 2020											Nine Months Ended September 30, 2021 vs. 2020
(in thousands)	Average Balance			Interest					Yield / Rate			Average Balance			Interest					Yield / Rate			Total Change			Due to Volume			Due to Rate
Interest earning assets:
Commercial loans	$	1,100,503		$	31,741				3.86	%		$	996,136		$	30,926				4.15	%		$	815		$	3,081		$	(2,266	)
Mortgage loans		246,179			6,342				3.44	%			203,692			5,762				3.78	%			580			1,129			(549	)
Consumer loans		207,357			5,970				3.85	%			227,888			7,150				4.19	%			(1,180	)		(621	)		(559	)
Taxable securities		616,862			6,435				1.39	%			270,348			4,361				2.15	%			2,074			4,035			(1,961	)
Tax-exempt securities		41,401			976				3.15	%			41,753			983				3.14	%			(7	)		(10	)		3
Interest-earning deposits		98,666			131				0.18	%			138,149			643				0.62	%			(512	)		(147	)		(365	)
Total interest earning assets		2,310,968			51,595				2.98	%			1,877,966			49,825				3.54	%			1,770			7,467			(5,697	)
Non-interest earnings assets:
Cash and due from banks		26,789											25,111
Other assets		94,323											100,276
Allowance for loan losses		(21,073	)										(24,783	)
Total assets	$	2,411,007										$	1,978,570
Interest-bearing liabilities:
Interest-bearing checking	$	282,970				$	174		0.08		%	$	231,085				$	262		0.15		%	$	(88	)	$	50		$	(138	)
Savings and money market		928,137					714		0.10		%		774,706					1,000		0.17		%		(286	)		171			(457	)
Time deposits		267,475					1,633		0.82		%		173,556					1,660		1.28		%		(27	)		701			(728	)
Long-term advances and other debt		3,745					100		3.57		%		11,661					126		1.44		%		(26	)		(125	)		99
Total int.-bearing liabilities		1,482,327					2,621		0.24		%		1,191,008					3,048		0.34		%		(427	)		797			(1,224	)
Non-interest-bearing liabilities:
Demand deposits		691,616											560,397
Other liabilities		34,141											34,866
Total liabilities		2,208,084											1,786,271
Shareholders' equity		202,923											192,299
Total liabilities and shareholders' equity	$	2,411,007										$	1,978,570
Fully taxable equivalent net interest income							48,974											46,777					$	2,197		$	6,670		$	(4,473	)
Net interest rate spread (1)									2.74		%									3.20		%
Net interest margin, fully taxable equivalent (2)									2.83		%									3.33		%
Taxable equivalent adjustment							(277	)										(255	)
Net interest income						$	48,697										$	46,522

(in thousands, except ratio data)	Sept. 30, 2021			June 30, 2021			March 31, 2021			Dec. 31, 2020			Sept. 30, 2020			Sept. 30, 2021			Sept. 30, 2020
NET INTEREST MARGIN - FULLY TAXABLE EQUIVALENT
Net interest income (GAAP)	$	16,832		$	16,079		$	15,786		$	16,397		$	15,869		$	48,697		$	46,522
Fully taxable equivalent adjustment		94			92			91			89			85			277			255
Fully taxable equivalent net interest income (non-GAAP)	$	16,926		$	16,171		$	15,877		$	16,486		$	15,954		$	48,974		$	46,777
Average interest-earning assets (GAAP)	$	2,327,817		$	2,352,908		$	2,251,334		$	2,144,891		$	1,986,043		$	2,310,968		$	1,877,966
Net interest margin - fully taxable equivalent (non-GAAP)		2.88	%		2.76	%		2.86	%		3.06	%		3.20	%		2.83	%		3.33	%

(in thousands, except ratio data)	Sept. 30, 2021			June 30, 2021			March 31, 2021			Dec. 31, 2020			Sept. 30, 2020			Sept. 30, 2021			Sept. 30, 2020
EFFICIENCY RATIO Net interest income (GAAP)	$	16,832		$	16,079		$	15,786		$	16,397		$	15,869		$	48,697		$	46,522
Fully taxable equivalent adjustment		94			92			91			89			85			277			255
Fully taxable equivalent net interest income (non-GAAP)	$	16,926		$	16,171		$	15,877		$	16,486		$	15,954		$	48,974		$	46,777
Non-interest income (GAAP)	$	5,970		$	6,492		$	5,621		$	5,975		$	5,339		$	18,083		$	15,150
Less: net (gains) losses on security transactions		—			—			—			—			—			—			—
Adjusted non-interest income (non-GAAP)	$	5,970		$	6,492		$	5,621		$	5,975		$	5,339		$	18,083		$	15,150
Non-interest expense (GAAP)	$	14,100		$	13,851		$	13,353		$	15,597		$	13,362		$	41,304		$	40,339
Less: amortization of intangible assets		(42	)		(89	)		(101	)		(113	)		(120	)		(232	)		(371	)
Adjusted non-interest expense (non-GAAP)	$	14,058		$	13,762		$	13,252		$	15,484		$	13,242		$	41,072		$	39,968
Efficiency ratio (unadjusted)		61.84	%		61.37	%		62.38	%		69.72	%		63.00	%		61.85	%		65.41	%
Efficiency ratio (adjusted)		61.40	%		60.72	%		61.64	%		68.94	%		62.19	%		61.25	%		64.54	%
Tangible Equity and Tangible Assets (Period-End)

	As of or for the Three Months Ended															As of or for the Nine Months Ended
(in thousands, except per share and ratio data)	Sept. 30, 2021			June 30, 2021			March 31, 2021			Dec. 31, 2020			Sept. 30, 2020			Sept. 30, 2021			Sept. 30, 2020
TANGIBLE EQUITY AND TANGIBLE ASSETS
(PERIOD END) Total shareholders' equity (GAAP)	$	206,139		$	203,977		$	194,784		$	199,699		$	197,005		$	206,139		$	197,005
Less: intangible assets		(21,850	)		(21,892	)		(21,981	)		(22,082	)		(22,195	)		(21,850	)		(22,195	)
Tangible equity (non-GAAP)	$	184,289		$	182,085		$	172,803		$	177,617		$	174,810		$	184,289		$	174,810
Total assets (GAAP)	$	2,417,656		$	2,380,712		$	2,442,495		$	2,279,451		$	2,165,014		$	2,417,656		$	2,165,014
Less: intangible assets		(21,850	)		(21,892	)		(21,981	)		(22,082	)		(22,195	)		(21,850	)		(22,195	)
Tangible assets (non-GAAP)	$	2,395,806		$	2,358,820		$	2,420,514		$	2,257,369		$	2,142,819		$	2,395,806		$	2,142,819
Total equity to total assets at end of period (GAAP)		8.53	%		8.57	%		7.97	%		8.76	%		9.10	%		8.53	%		9.10	%
Book value per share (GAAP)	$	44.00		$	43.57		$	41.60		$	42.53		$	41.51		$	44.00		$	41.51
Tangible equity to tangible assets at end of period (non-GAAP)		7.69	%		7.72	%		7.14	%		7.87	%		8.16	%		7.69	%		8.16	%
Tangible book value per share (non-GAAP)	$	39.34		$	38.90		$	36.91		$	37.83		$	36.83		$	39.34		$	36.83

	As of or for the Three Months Ended																As of or for the Nine Months Ended
(in thousands, except ratio data)	Sept. 30, 2021			June 30, 2021			March 31, 2021			Dec. 31, 2020			Sept. 30, 2020				Sept. 30, 2021			Sept. 30, 2020
TANGIBLE EQUITY (AVERAGE) Total average shareholders' equity (GAAP)	$	208,023		$	200,627		$	200,035		$	198,036		$	196,569			$	202,923		$	192,299
Less: average intangible assets		(21,868	)		(21,946	)		(22,043	)		(22,142	)		(22,267	)			(21,952	)		(22,390	)
Average tangible equity (non-GAAP)	$	186,155		$	178,681		$	177,992		$	175,894		$	174,302			$	180,971		$	169,909
Return on average equity (GAAP)		12.68	%		13.58	%		13.24	%		10.51	%		11.56	%	13.16			%		9.74	%
Return on average tangible equity (non-GAAP)		14.16	%		15.25	%		14.88	%		11.84	%		13.03	%	14.75			%		11.03	%