Delaware | 94-3327828 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
111 W. Pine Street, Lodi, California | 95240 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock | FMCB | OTCQX |
Large accelerated filer ☐ | Accelerated filer ☒ |
Non-accelerated filer ☐ | Smaller reporting company ☐ |
Emerging growth company ☐ |
Page | |||
Introduction | 3 | ||
Item 1. | 3 | ||
Item 1A. | 17 | ||
Item 1B. | 28 | ||
Item 2. | 28 | ||
Item 3. | 28 | ||
Item 4. | 28 | ||
PART II | |||
Item 5. | 28 | ||
Item 6. | |||
Item 7. | |||
Item 7A. | 62 | ||
Item 8. | 65 | ||
Item 9. | |||
Item 9A. | 110 | ||
Item 9B. | 110 | ||
PART III | |||
Item 10. | 111 | ||
Item 11. | 112 | ||
Item 12. | 112 | ||
Item 13. | 112 | ||
Item 14. | 112 | ||
PART IV | |||
Item 15. | 113 | ||
Item 16. | 114 | ||
115 |
�� | 8.0% total capital to risk-weighted assets, plus the capital conservation buffer, effectively resulting in a minimum total capital ratio of at least 10.5%. |
Capital Category | Total Risk-Based Capital Ratio | Tier 1 Risk-Based Capital Ratio | Common Equity Tier 1 (CET1) Capital Ratio | Leverage Ratio | Tangible Equity to Assets | Supplemental Leverage Ratio | ||||||||||||||||||
Well Capitalized | 10% or greater | 8% or greater | 6.5% or greater | 5% or greater | n/a | n/a | ||||||||||||||||||
Adequately Capitalized | 8% or greater | 6% or greater | 4.5% or greater | 4% or greater | n/a | 3% or greater | ||||||||||||||||||
Undercapitalized | Less than 8% | Less than 6% | Less than 4.5% | Less than 4% | n/a | Less than 3% | ||||||||||||||||||
Significantly Undercapitalized | Less than 6% | Less than 4% | Less than 3% | Less than 3% | n/a | n/a | ||||||||||||||||||
Critically Undercapitalized | n/a | n/a | n/a | n/a | Less than 2% | n/a |
the increased sophistication and activities of organized crime groups, hackers, terrorist organizations, hostile foreign governments, disgruntled employees or vendors, activists and other external parties, including those involved in corporate espionage;
the vulnerability of systems to third-parties seeking to gain access to such systems either directly or using equipment or security passwords belonging to employees, customers, third-party service providers or other users of our systems; and
our frequent transmission of sensitive information to, and storage of such information by, third-parties, including our vendors and regulators, and possible weaknesses that go undetected in our data systems notwithstanding the testing we conduct of those systems.
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
Calendar Quarter | High | Low | Close | Cash Dividends Declared (Per Share) | ||||||||||||||
2018 | Fourth quarter | $ | 725 | $ | 665 | $ | 700 | $ | 7.00 | |||||||||
Third quarter | 735 | 650 | 719 | - | ||||||||||||||
Second quarter | 727 | 650 | 712 | 6.90 | ||||||||||||||
First quarter | 679 | 641 | 645 | - |
Calendar Quarter | High | Low | Close | Cash Dividends Declared (Per Share) | ||||||||||||||
2017 | Fourth quarter | $ | 689 | $ | 635 | $ | 676 | $ | 6.80 | |||||||||
Third quarter | 645 | 605 | 639 | - | ||||||||||||||
Second quarter | 630 | 595 | 620 | 6.75 | ||||||||||||||
First quarter | 640 | 595 | 605 | - |
Calendar Quarter | High | Low | Close | Cash Dividends Declared (Per Share) | |||||||||||||
2019 | Fourth quarter | $ | 804 | $ | 755 | $ | 768 | $ | 7.50 | ||||||||
Third quarter | 850 | 757 | 780 | - | |||||||||||||
Second quarter | 950 | 700 | 795 | 7.05 | |||||||||||||
First quarter | 788 | 695 | 725 | - |
Calendar Quarter | High | Low | Close | Cash Dividends Declared (Per Share) | |||||||||||||
2018 | Fourth quarter | $ | 725 | $ | 665 | $ | 700 | $ | 7.00 | ||||||||
Third quarter | 735 | 650 | 719 | - | |||||||||||||
Second quarter | 727 | 650 | 712 | 6.90 | |||||||||||||
First quarter | 679 | 641 | 645 | - |
(in thousands except per share data) | ||||||||||||||||||||
Summary of Income: | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
Total Interest Income | $ | 133,453 | $ | 114,612 | $ | 99,266 | $ | 90,075 | $ | 81,521 | ||||||||||
Total Interest Expense | 7,950 | 6,289 | 4,196 | 3,325 | 2,813 | |||||||||||||||
Net Interest Income | 125,503 | 108,323 | 95,070 | 86,750 | 78,708 | |||||||||||||||
Provision for Credit Losses | 5,533 | 2,850 | 6,335 | 750 | 1,175 | |||||||||||||||
Net Interest Income After Provision for Credit Losses | 119,970 | 105,473 | 88,735 | 86,000 | 77,533 | |||||||||||||||
Total Non-Interest Income | 15,219 | 16,762 | 15,257 | 14,575 | 14,329 | |||||||||||||||
Total Non-Interest Expense | 75,459 | 67,754 | 58,172 | 56,259 | 51,366 | |||||||||||||||
Income Before Income Taxes | 59,730 | 54,481 | 45,820 | 44,316 | 40,496 | |||||||||||||||
Provision for Income Taxes | 14,203 | 26,111 | 16,097 | 16,924 | 15,094 | |||||||||||||||
Net Income | $ | 45,527 | $ | 28,370 | $ | 29,723 | $ | 27,392 | $ | 25,402 | ||||||||||
Balance Sheet Data: | ||||||||||||||||||||
Total Assets | $ | 3,434,243 | $ | 3,075,452 | $ | 2,922,121 | $ | 2,615,345 | $ | 2,360,551 | ||||||||||
Loans & Leases | 2,571,241 | 2,215,295 | 2,177,601 | 1,996,359 | 1,712,244 | |||||||||||||||
Allowance for Credit Losses | 55,266 | 50,342 | 47,919 | 41,523 | 35,401 | |||||||||||||||
Investment Securities | 548,962 | 536,056 | 506,372 | 430,533 | 430,405 | |||||||||||||||
Goodwill | 11,183 | - | - | - | - | |||||||||||||||
Core Deposit Intangible | 5,278 | 836 | 946 | - | - | |||||||||||||||
Deposits | 3,062,832 | 2,723,228 | 2,581,711 | 2,277,532 | 2,064,073 | |||||||||||||||
Shareholders’ Equity | 311,215 | 299,660 | 279,981 | 251,835 | 233,178 | |||||||||||||||
Selected Ratios: | ||||||||||||||||||||
Return on Average Assets | 1.45 | % | 0.94 | % | 1.12 | % | 1.12 | % | 1.17 | % | ||||||||||
Return on Average Equity | 14.80 | % | 9.66 | % | 11.17 | % | 11.21 | % | 11.43 | % | ||||||||||
Return on Average Tangible Equity | 14.91 | % | 9.69 | % | 11.17 | % | 11.21 | % | 11.43 | % | ||||||||||
Dividend Payout Ratio | 24.49 | % | 38.71 | % | 35.25 | % | 37.08 | % | 39.05 | % | ||||||||||
Average Loans & Leases to Average Deposits | 84.36 | % | 82.18 | % | 88.63 | % | 84.44 | % | 79.99 | % | ||||||||||
Average Equity to Average Assets | 9.66 | % | 9.77 | % | 10.05 | % | 10.02 | % | 10.28 | % | ||||||||||
Period-end Shareholders’ Equity to Total Assets | 9.06 | % | 9.74 | % | 9.58 | % | 9.63 | % | 9.88 | % | ||||||||||
Basic and Diluted Per Share Data: | ||||||||||||||||||||
Earnings (1) | $ | 56.82 | $ | 35.03 | $ | 37.44 | $ | 34.82 | $ | 32.64 | ||||||||||
Cash Dividends Per Share | $ | 13.90 | $ | 13.55 | $ | 13.10 | $ | 12.90 | $ | 12.70 | ||||||||||
Book Value Per Share at Year End (2) | $ | 397.10 | $ | 368.90 | $ | 346.80 | $ | 318.46 | $ | 297.39 | ||||||||||
Tangible Book Value Per Share at Year End (2) | $ | 376.10 | $ | 367.87 | $ | 345.63 | $ | 318.46 | $ | 297.39 |
Summary of Income: | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Total Interest Income | $ | 153,708 | $ | 133,453 | $ | 114,612 | $ | 99,266 | $ | 90,075 | ||||||||||
Total Interest Expense | 13,194 | 7,950 | 6,289 | 4,196 | 3,325 | |||||||||||||||
Net Interest Income | 140,514 | 125,503 | 108,323 | 95,070 | 86,750 | |||||||||||||||
Provision for Credit Losses | 200 | 5,533 | 2,850 | 6,335 | 750 | |||||||||||||||
Net Interest Income After Provision for Credit Losses | 140,314 | 119,970 | 105,473 | 88,735 | 86,000 | |||||||||||||||
Total Non-Interest Income | 17,241 | 15,219 | 16,762 | 15,257 | 14,575 | |||||||||||||||
Total Non-Interest Expense | 82,242 | 75,459 | 67,754 | 58,172 | 56,259 | |||||||||||||||
Income Before Income Taxes | 75,313 | 59,730 | 54,481 | 45,820 | 44,316 | |||||||||||||||
Provision for Income Taxes | 19,277 | 14,203 | 26,111 | 16,097 | 16,924 | |||||||||||||||
Net Income | $ | 56,036 | $ | 45,527 | $ | 28,370 | $ | 29,723 | $ | 27,392 | ||||||||||
Balance Sheet Data: | ||||||||||||||||||||
Total Assets | $ | 3,721,830 | $ | 3,434,243 | $ | 3,075,452 | $ | 2,922,121 | $ | 2,615,345 | ||||||||||
Loans & Leases | 2,673,027 | 2,571,241 | 2,215,295 | 2,177,601 | 1,996,359 | |||||||||||||||
Allowance for Credit Losses | 55,012 | 55,266 | 50,342 | 47,919 | 41,523 | |||||||||||||||
Investment Securities | 570,727 | 548,962 | 536,056 | 506,372 | 430,533 | |||||||||||||||
Goodwill | 11,183 | 11,183 | - | - | - | |||||||||||||||
Core Deposit Intangible | 4,640 | 5,278 | 836 | 946 | - | |||||||||||||||
Deposits | 3,278,019 | 3,062,832 | 2,723,228 | 2,581,711 | 2,277,532 | |||||||||||||||
Shareholders’ Equity | 369,296 | 311,215 | 299,660 | 279,981 | 251,835 | |||||||||||||||
Selected Ratios: | ||||||||||||||||||||
Return on Average Assets | 1.61 | % | 1.45 | % | 0.94 | % | 1.12 | % | 1.12 | % | ||||||||||
Return on Average Equity | 16.77 | % | 14.80 | % | 9.66 | % | 11.17 | % | 11.21 | % | ||||||||||
Dividend Payout Ratio | 20.02 | % | 24.49 | % | 38.71 | % | 35.25 | % | 37.08 | % | ||||||||||
Average Loans & Leases to Average Deposits | 84.38 | % | 84.36 | % | 82.18 | % | 88.63 | % | 84.44 | % | ||||||||||
Average Equity to Average Assets | 9.61 | % | 9.66 | % | 9.77 | % | 10.05 | % | 10.02 | % | ||||||||||
Period-end Shareholders’ Equity to Total Assets | 9.92 | % | 9.06 | % | 9.74 | % | 9.58 | % | 9.63 | % | ||||||||||
Basic and Diluted Per Share Data: | ||||||||||||||||||||
Earnings (1) | $ | 71.18 | $ | 56.82 | $ | 35.03 | $ | 37.44 | $ | 34.82 | ||||||||||
Cash Dividends Per Share | $ | 14.20 | $ | 13.90 | $ | 13.55 | $ | 13.10 | $ | 12.90 | ||||||||||
Book Value Per Share at Year End (2) | $ | 465.68 | $ | 397.10 | $ | 368.90 | $ | 346.80 | $ | 318.46 |
(1) | Based on the weighted average number of shares outstanding of 787,227, 801,229, 809,834, 793,970, |
(2) | Based on the year-end number of shares outstanding of 793,033, 783,721, 812,304, 807,329, |
Financial Performance Indicator | 2018 | 2017 | 2016 | 2015 | 2014 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||
Pre Tax Income | $ | 59,730 | $ | 54,481 | $ | 45,820 | $ | 44,316 | $ | 40,496 | $ | 75,313 | $ | 59,730 | $ | 54,481 | $ | 45,820 | $ | 44,316 | ||||||||||||||||||||
Income Tax Expense | 14,203 | 26,111 | 16,097 | 16,924 | 15,094 | 19,277 | 14,203 | 26,111 | 16,097 | 16,924 | ||||||||||||||||||||||||||||||
Effect of Income Tax Rate Change | ||||||||||||||||||||||||||||||||||||||||
DTA Re-measurement | - | (6,300 | ) | - | - | - | - | - | (6,300 | ) | - | - | ||||||||||||||||||||||||||||
Adjusted Income Tax Expense | 14,203 | 19,811 | 16,097 | 16,924 | 15,094 | 19,277 | 14,203 | 19,811 | 16,097 | 16,924 | ||||||||||||||||||||||||||||||
Non-GAAP Adjusted Net Income | 45,527 | 34,670 | 29,723 | 27,392 | 25,402 | 56,036 | 45,527 | 34,670 | 29,723 | 27,392 | ||||||||||||||||||||||||||||||
Effect of Income Tax Rate Change | ||||||||||||||||||||||||||||||||||||||||
DTA Re-measurement | - | (6,300 | ) | - | - | - | - | - | (6,300 | ) | - | - | ||||||||||||||||||||||||||||
Net Income (See Note 1) | $ | 45,527 | $ | 28,370 | $ | 29,723 | $ | 27,392 | $ | 25,402 | $ | 56,036 | $ | 45,527 | $ | 28,370 | $ | 29,723 | $ | 27,392 | ||||||||||||||||||||
Total Assets | 3,434,243 | 3,075,452 | 2,922,121 | 2,615,345 | 2,360,551 | 3,721,830 | 3,434,243 | 3,075,452 | 2,922,121 | 2,615,345 | ||||||||||||||||||||||||||||||
Total Loans & Leases | 2,571,241 | 2,215,295 | 2,177,601 | 1,996,359 | 1,712,244 | 2,673,027 | 2,571,241 | 2,215,295 | 2,177,601 | 1,996,359 | ||||||||||||||||||||||||||||||
Total Deposits | 3,062,832 | 2,723,228 | 2,581,711 | 2,277,532 | 2,064,073 | 3,278,019 | 3,062,832 | 2,723,228 | 2,581,711 | 2,277,532 | ||||||||||||||||||||||||||||||
Total Shareholders’ Equity | 311,215 | 299,660 | 279,981 | 251,835 | 233,178 | 369,296 | 311,215 | 299,660 | 279,981 | 251,835 | ||||||||||||||||||||||||||||||
Total Risk-Based Capital Ratio | 11.40 | % | 13.07 | % | 12.80 | % | 12.23 | % | 12.93 | % | 12.40 | % | 11.40 | % | 13.07 | % | 12.80 | % | 12.23 | % | ||||||||||||||||||||
Non-Performing Loans as a % of Total Loans | 0.00 | % | 0.00 | % | 0.14 | % | 0.11 | % | 0.13 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.14 | % | 0.11 | % | ||||||||||||||||||||
Substandard Loans as a % of Total Loans | 0.57 | % | 0.40 | % | 0.29 | % | 0.31 | % | 0.21 | % | 0.61 | % | 0.57 | % | 0.40 | % | 0.29 | % | 0.31 | % | ||||||||||||||||||||
Net Charge-Offs (Recoveries) to Average Loans | 0.03 | % | 0.02 | % | 0.00 | % | (0.30 | %) | 0.00 | % | 0.20 | % | 0.03 | % | 0.02 | % | 0.00 | % | (0.30 | %) | ||||||||||||||||||||
Loan Loss Allowance as a % of Total Loans | 2.14 | % | 2.27 | % | 2.19 | % | 2.07 | % | 2.06 | % | 2.05 | % | 2.14 | % | 2.27 | % | 2.19 | % | 2.07 | % | ||||||||||||||||||||
Return on Average Assets | 1.45 | % | 0.94 | % | 1.12 | % | 1.12 | % | 1.17 | % | 1.61 | % | 1.45 | % | 0.94 | % | 1.12 | % | 1.12 | % | ||||||||||||||||||||
Adjusted Return on Average Assets | 1.45 | % | 1.15 | % | 1.12 | % | 1.12 | % | 1.17 | % | 1.61 | % | 1.45 | % | 1.15 | % | 1.12 | % | 1.12 | % | ||||||||||||||||||||
Return on Average Equity | 14.80 | % | 9.66 | % | 11.17 | % | 11.21 | % | 11.43 | % | 16.77 | % | 14.80 | % | 9.66 | % | 11.17 | % | 11.21 | % | ||||||||||||||||||||
Adjusted Return on Average Equity | 14.80 | % | 11.79 | % | 11.17 | % | 11.21 | % | 11.43 | % | 16.77 | % | 14.80 | % | 11.79 | % | 11.17 | % | 11.21 | % | ||||||||||||||||||||
Earnings Per Share | 56.82 | 35.03 | 37.44 | 34.82 | 32.64 | 71.18 | 56.82 | 35.03 | 37.44 | 34.82 | ||||||||||||||||||||||||||||||
Adjusted Earnings Per Share | 56.82 | 42.81 | 37.44 | 34.82 | 32.64 | 71.18 | 56.82 | 42.81 | 37.44 | 34.82 | ||||||||||||||||||||||||||||||
Cash Dividends Per Share | 13.90 | 13.55 | 13.10 | 12.90 | 12.70 | 14.20 | 13.90 | 13.55 | 13.10 | 12.90 | ||||||||||||||||||||||||||||||
Cash Dividends Declared | 11,151 | 10,982 | 10,478 | 10,157 | 9,919 | 11,221 | 11,151 | 10,982 | 10,478 | 10,157 |
- | Between December 2015 and December 2018, the FRB |
- | Loans & Leases increased |
- | Aggressive competitor pricing for loans, leases and deposits continues to require the Company to respond in order to retain key customers. |
Year Ended December 31, 2018 | Year Ended December 31, 2019 | |||||||||||||||||||||||
Assets | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||
Interest Bearing Deposits with Banks | $ | 147,700 | $ | 2,755 | 1.87 | % | $ | 232,623 | $ | 4,909 | 2.11 | % | ||||||||||||
Investment Securities: | ||||||||||||||||||||||||
U.S. Treasuries | 64,630 | 939 | 1.45 | % | 27,096 | 537 | 1.98 | % | ||||||||||||||||
U.S. Govt SBA | 22,537 | 445 | 1.97 | % | 13,372 | 329 | 2.46 | % | ||||||||||||||||
Government Agency & Government-Sponsored Entities | 3,057 | 88 | 2.88 | % | 2,108 | 62 | 2.94 | % | ||||||||||||||||
Municipals - Taxable | 665 | 5 | 0.75 | % | 6,545 | 344 | 5.26 | % | ||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable | 53,143 | 2,024 | 3.81 | % | 51,872 | 2,079 | 4.01 | % | ||||||||||||||||
Mortgage Backed Securities | 314,937 | 7,682 | 2.44 | % | 321,240 | 8,466 | 2.64 | % | ||||||||||||||||
Other | 3,707 | 98 | 2.64 | % | 4,850 | 173 | 3.57 | % | ||||||||||||||||
Total Investment Securities | 462,676 | 11,281 | 2.44 | % | 427,083 | 11,990 | 2.81 | % | ||||||||||||||||
Loans & Leases | ||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||
Real Estate | 1,642,005 | 83,131 | 5.06 | % | 1,736,406 | 93,227 | 5.37 | % | ||||||||||||||||
Home Equity Lines and Loans | 37,086 | 2,041 | 5.50 | % | 90,423 | 2,316 | 2.56 | % | ||||||||||||||||
Agricultural | 273,178 | 14,067 | 5.15 | % | 275,472 | 15,423 | 5.60 | % | ||||||||||||||||
Commercial | 291,209 | 15,158 | 5.21 | % | 364,676 | 19,335 | 5.30 | % | ||||||||||||||||
Consumer | 9,014 | 503 | 5.58 | % | 16,634 | 1,194 | 7.18 | % | ||||||||||||||||
Other | 1,356 | 31 | 2.29 | % | 1,051 | 24 | 2.28 | % | ||||||||||||||||
Leases | 95,968 | 4,906 | 5.11 | % | 104,896 | 5,718 | 5.45 | % | ||||||||||||||||
Total Loans & Leases | 2,349,816 | 119,837 | 5.10 | % | 2,589,558 | 137,237 | 5.30 | % | ||||||||||||||||
Total Earning Assets | 2,960,192 | $ | 133,873 | 4.52 | % | 3,249,264 | $ | 154,136 | 4.74 | % | ||||||||||||||
Unrealized Gain on Securities Available-for-Sale | (8,151 | ) | 938 | |||||||||||||||||||||
Allowance for Credit Losses | (52,012 | ) | (55,165 | ) | ||||||||||||||||||||
Cash and Due From Banks | 49,292 | 56,855 | ||||||||||||||||||||||
All Other Assets | 199,526 | 225,565 | ||||||||||||||||||||||
Total Assets | $ | 3,148,847 | $ | 3,477,457 | ||||||||||||||||||||
Liabilities & Shareholders’ Equity | ||||||||||||||||||||||||
Interest Bearing Deposits | ||||||||||||||||||||||||
Interest Bearing Deposits: | ||||||||||||||||||||||||
Interest Bearing DDA | $ | 618,674 | $ | 1,683 | 0.27 | % | $ | 668,818 | $ | 2,360 | 0.35 | % | ||||||||||||
Savings and Money Market | 844,729 | 1,798 | 0.21 | % | 930,390 | 3,340 | 0.36 | % | ||||||||||||||||
Time Deposits | 476,756 | 3,944 | 0.83 | % | 519,848 | 6,940 | 1.34 | % | ||||||||||||||||
Total Interest Bearing Deposits | 1,940,159 | 7,425 | 0.38 | % | 2,119,056 | 12,640 | 0.60 | % | ||||||||||||||||
Federal Home Loan Bank Advances | 36 | 1 | 2.78 | % | 1 | - | 0.00 | % | ||||||||||||||||
Subordinated Debt | 10,310 | 524 | 5.08 | % | 10,310 | 554 | 5.37 | % | ||||||||||||||||
Total Interest Bearing Liabilities | 1,950,505 | $ | 7,950 | 0.41 | % | 2,129,367 | $ | 13,194 | 0.62 | % | ||||||||||||||
Interest Rate Spread | 4.11 | % | 4.12 | % | ||||||||||||||||||||
Demand Deposits | 845,165 | 949,695 | ||||||||||||||||||||||
All Other Liabilities | 45,516 | 64,274 | ||||||||||||||||||||||
Total Liabilities | 2,841,186 | 3,143,336 | ||||||||||||||||||||||
Shareholders’ Equity | 307,661 | 334,121 | ||||||||||||||||||||||
Total Liabilities & Shareholders’ Equity | $ | 3,148,847 | $ | 3,477,457 | ||||||||||||||||||||
Impact of Non-Interest Bearing Deposits and Other Liabilities | 0.14 | % | 0.21 | % | ||||||||||||||||||||
Net Interest Income and Margin on Total Earning Assets | 125,923 | 4.25 | % | 140,942 | 4.34 | % | ||||||||||||||||||
Tax Equivalent Adjustment | (420 | ) | (428 | ) | ||||||||||||||||||||
Net Interest Income | $ | 125,503 | 4.24 | % | $ | 140,514 | 4.32 | % |
Year Ended December 31, 2018 | ||||||||||||
Assets | Balance | Interest | Rate | |||||||||
Interest Bearing Deposits with Banks | $ | 147,700 | $ | 2,755 | 1.87 | % | ||||||
Investment Securities: | ||||||||||||
U.S. Treasuries | 64,630 | 939 | 1.45 | % | ||||||||
U.S. Govt SBA | 22,537 | 445 | 1.97 | % | ||||||||
Government Agency & Government-Sponsored Entities | 3,057 | 88 | 2.88 | % | ||||||||
Municipals - Taxable | 665 | 5 | 0.75 | % | ||||||||
Obligations of States and Political Subdivisions - Non-Taxable | 53,143 | 2,024 | 3.81 | % | ||||||||
Mortgage Backed Securities | 314,937 | 7,682 | 2.44 | % | ||||||||
Other | 3,707 | 98 | 2.64 | % | ||||||||
Total Investment Securities | 462,676 | 11,281 | 2.44 | % | ||||||||
Loans & Leases | ||||||||||||
Real Estate | 1,642,005 | 83,131 | 5.06 | % | ||||||||
Home Equity Lines and Loans | 37,086 | 2,041 | 5.50 | % | ||||||||
Agricultural | 273,178 | 14,067 | 5.15 | % | ||||||||
Commercial | 291,209 | 15,158 | 5.21 | % | ||||||||
Consumer | 9,014 | 503 | 5.58 | % | ||||||||
Other | 1,356 | 31 | 2.29 | % | ||||||||
Leases | 95,968 | 4,906 | 5.11 | % | ||||||||
Total Loans & Leases | 2,349,816 | 119,837 | 5.10 | % | ||||||||
Total Earning Assets | 2,960,192 | $ | 133,873 | 4.52 | % | |||||||
Unrealized Loss on Securities Available-for-Sale | (8,151 | ) | ||||||||||
Allowance for Credit Losses | (52,012 | ) | ||||||||||
Cash and Due From Banks | 49,292 | |||||||||||
All Other Assets | 199,526 | |||||||||||
Total Assets | $ | 3,148,847 | ||||||||||
Liabilities & Shareholders’ Equity | ||||||||||||
Interest Bearing Deposits | ||||||||||||
Interest Bearing DDA | $ | 618,674 | $ | 1,683 | 0.27 | % | ||||||
Savings and Money Market | 844,729 | 1,798 | 0.21 | % | ||||||||
Time Deposits | 476,756 | 3,944 | 0.83 | % | ||||||||
Total Interest Bearing Deposits | 1,940,159 | 7,425 | 0.38 | % | ||||||||
Federal Home Loan Bank Advances | 36 | 1 | 2.78 | % | ||||||||
Subordinated Debt | 10,310 | 524 | 5.08 | % | ||||||||
Total Interest Bearing Liabilities | 1,950,505 | $ | 7,950 | 0.41 | % | |||||||
Interest Rate Spread | 4.11 | % | ||||||||||
Demand Deposits | 845,165 | |||||||||||
All Other Liabilities | 45,516 | |||||||||||
Total Liabilities | 2,841,186 | |||||||||||
Shareholders’ Equity | 307,661 | |||||||||||
Total Liabilities & Shareholders’ Equity | $ | 3,148,847 | ||||||||||
Impact of Non-Interest Bearing Deposits and Other Liabilities | 0.14 | % | ||||||||||
Net Interest Income and Margin on Total Earning Assets | 125,923 | 4.25 | % | |||||||||
Tax Equivalent Adjustment | (420 | ) | ||||||||||
Net Interest Income | $ | 125,503 | 4.24 | % |
Year Ended December 31, 2017 | Year Ended December 31, 2017 | |||||||||||||||||||||||
Assets | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||
Interest Bearing Deposits with Banks | $ | 176,283 | $ | 2,060 | 1.17 | % | $ | 176,283 | $ | 2,060 | 1.17 | % | ||||||||||||
Investment Securities: | ||||||||||||||||||||||||
U.S. Treasuries | 81,833 | 891 | 1.09 | % | 81,833 | 891 | 1.09 | % | ||||||||||||||||
U.S. Govt SBA | 33,255 | 522 | 1.57 | % | 33,255 | 522 | 1.57 | % | ||||||||||||||||
Government Agency & Government-Sponsored Entities | 3,104 | 88 | 2.84 | % | 3,104 | 88 | 2.84 | % | ||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable | 56,484 | 2,676 | 4.74 | % | 56,484 | 2,676 | 4.74 | % | ||||||||||||||||
Mortgage Backed Securities | 287,114 | 6,595 | 2.30 | % | 287,114 | 6,595 | 2.30 | % | ||||||||||||||||
Other | 1,170 | 27 | 2.31 | % | 1,170 | 27 | 2.31 | % | ||||||||||||||||
Total Investment Securities | 462,960 | 10,799 | 2.33 | % | 462,960 | 10,799 | 2.33 | % | ||||||||||||||||
Loans & Leases | ||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||
Real Estate | 1,556,122 | 73,710 | 4.74 | % | 1,556,122 | 73,710 | 4.74 | % | ||||||||||||||||
Home Equity Lines and Loans | 32,606 | 1,658 | 5.08 | % | 32,606 | 1,658 | 5.08 | % | ||||||||||||||||
Agricultural | 263,711 | 12,059 | 4.57 | % | 263,711 | 12,059 | 4.57 | % | ||||||||||||||||
Commercial | 238,650 | 11,117 | 4.66 | % | 238,650 | 11,117 | 4.66 | % | ||||||||||||||||
Consumer | 5,557 | 289 | 5.20 | % | 5,557 | 289 | 5.20 | % | ||||||||||||||||
Other | 1,653 | 37 | 2.24 | % | 1,653 | 37 | 2.24 | % | ||||||||||||||||
Leases | 80,389 | 3,812 | 4.74 | % | 80,389 | 3,812 | 4.74 | % | ||||||||||||||||
Total Loans & Leases | 2,178,688 | 102,682 | 4.71 | % | 2,178,688 | 102,682 | 4.71 | % | ||||||||||||||||
Total Earning Assets | 2,817,931 | $ | 115,541 | 4.10 | % | 2,817,931 | $ | 115,541 | 4.10 | % | ||||||||||||||
Unrealized Gain on Securities Available-for-Sale | 674 | 674 | ||||||||||||||||||||||
Allowance for Credit Losses | (49,439 | ) | (49,439 | ) | ||||||||||||||||||||
Cash and Due From Banks | 45,063 | 45,063 | ||||||||||||||||||||||
All Other Assets | 192,978 | 192,978 | ||||||||||||||||||||||
Total Assets | $ | 3,007,207 | $ | 3,007,207 | ||||||||||||||||||||
Liabilities & Shareholders’ Equity | ||||||||||||||||||||||||
Interest Bearing Deposits | ||||||||||||||||||||||||
Interest Bearing Deposits: | ||||||||||||||||||||||||
Interest Bearing DDA | $ | 533,480 | $ | 1,053 | 0.20 | % | $ | 533,480 | $ | 1,053 | 0.20 | % | ||||||||||||
Savings and Money Market | 812,127 | 1,303 | 0.16 | % | 812,127 | 1,303 | 0.16 | % | ||||||||||||||||
Time Deposits | 565,412 | 3,509 | 0.62 | % | 565,412 | 3,509 | 0.62 | % | ||||||||||||||||
Total Interest Bearing Deposits | 1,911,019 | 5,865 | 0.31 | % | 1,911,019 | 5,865 | 0.31 | % | ||||||||||||||||
Federal Home Loan Bank Advances | 1 | - | 0.00 | % | 1 | - | 0.00 | % | ||||||||||||||||
Subordinated Debt | 10,310 | 424 | 4.11 | % | 10,310 | 424 | 4.11 | % | ||||||||||||||||
Total Interest Bearing Liabilities | 1,921,330 | $ | 6,289 | 0.33 | % | 1,921,330 | $ | 6,289 | 0.33 | % | ||||||||||||||
Interest Rate Spread | 3.77 | % | 3.77 | % | ||||||||||||||||||||
Demand Deposits | 740,088 | 740,088 | ||||||||||||||||||||||
All Other Liabilities | 51,979 | 51,979 | ||||||||||||||||||||||
Total Liabilities | 2,713,397 | 2,713,397 | ||||||||||||||||||||||
Shareholders’ Equity | 293,810 | 293,810 | ||||||||||||||||||||||
Total Liabilities & Shareholders’ Equity | $ | 3,007,207 | $ | 3,007,207 | ||||||||||||||||||||
Impact of Non-Interest Bearing Deposits and Other Liabilities | 0.10 | % | 0.10 | % | ||||||||||||||||||||
Net Interest Income and Margin on Total Earning Assets | 109,252 | 3.88 | % | 109,252 | 3.88 | % | ||||||||||||||||||
Tax Equivalent Adjustment | (929 | ) | (929 | ) | ||||||||||||||||||||
Net Interest Income | $ | 108,323 | 3.84 | % | $ | 108,323 | 3.84 | % |
Year Ended December 31, 2016 | ||||||||||||
Assets | Balance | Interest | Rate | |||||||||
Interest Bearing Deposits with Banks | $ | 53,659 | $ | 287 | 0.53 | % | ||||||
Investment Securities: | ||||||||||||
U.S. Treasuries | 60,191 | 572 | 0.95 | % | ||||||||
U.S. Govt SBA | 2,323 | 55 | 2.37 | % | ||||||||
Government Agency & Government-Sponsored Entities | 25,624 | 197 | 0.77 | % | ||||||||
Obligations of States and Political Subdivisions - Non-Taxable | 60,332 | 2,920 | 4.84 | % | ||||||||
Mortgage Backed Securities | 215,528 | 4,663 | 2.16 | % | ||||||||
Other | 781 | 18 | 2.30 | % | ||||||||
Total Investment Securities | 364,779 | 8,425 | 2.31 | % | ||||||||
Loans & Leases | ||||||||||||
Real Estate | 1,460,300 | 66,969 | 4.59 | % | ||||||||
Home Equity Lines and Loans | 31,939 | 1,562 | 4.89 | % | ||||||||
Agricultural | 266,053 | 10,908 | 4.10 | % | ||||||||
Commercial | 216,593 | 8,886 | 4.10 | % | ||||||||
Consumer | 4,987 | 307 | 6.16 | % | ||||||||
Other | 1,943 | 44 | 2.26 | % | ||||||||
Leases | 68,353 | 2,894 | 4.23 | % | ||||||||
Total Loans & Leases | 2,050,168 | 91,570 | 4.47 | % | ||||||||
Total Earning Assets | 2,468,606 | $ | 100,282 | 4.06 | % | |||||||
Unrealized Gain on Securities Available-for-Sale | 4,895 | |||||||||||
Allowance for Credit Losses | (43,684 | ) | ||||||||||
Cash and Due From Banks | 44,385 | |||||||||||
All Other Assets | 173,313 | |||||||||||
Total Assets | $ | 2,647,515 | ||||||||||
Liabilities & Shareholders’ Equity | ||||||||||||
Interest Bearing Deposits | ||||||||||||
Interest Bearing DDA | $ | 423,305 | $ | 526 | 0.12 | % | ||||||
Savings and Money Market | 725,127 | 1,087 | 0.15 | % | ||||||||
Time Deposits | 513,105 | 2,194 | 0.43 | % | ||||||||
Total Interest Bearing Deposits | 1,661,537 | 3,807 | 0.23 | % | ||||||||
Federal Home Loan Bank Advances | 3,924 | 18 | 0.46 | % | ||||||||
Subordinated Debt | 10,310 | 371 | 3.60 | % | ||||||||
Total Interest Bearing Liabilities | 1,675,771 | $ | 4,196 | 0.25 | % | |||||||
Interest Rate Spread | 3.81 | % | ||||||||||
Demand Deposits | 651,709 | |||||||||||
All Other Liabilities | 53,950 | |||||||||||
Total Liabilities | 2,381,430 | |||||||||||
Shareholders’ Equity | 266,085 | |||||||||||
Total Liabilities & Shareholders’ Equity | $ | 2,647,515 | ||||||||||
Impact of Non-Interest Bearing Deposits and Other Liabilities | 0.08 | % | ||||||||||
Net Interest Income and Margin on Total Earning Assets | 96,086 | 3.89 | % | |||||||||
Tax Equivalent Adjustment | (1,016 | ) | ||||||||||
Net Interest Income | $ | 95,070 | 3.85 | % |
2018 versus 2017 Amount of Increase | ||||||||||||||||||||||||
(Decrease) Due to Change in: | 2019 versus 2018 Amount of Increase (Decrease) Due to Change in: | |||||||||||||||||||||||
Interest Earning Assets | Volume | Rate | Net Chg. | Volume | Rate | Net Chg. | ||||||||||||||||||
Interest Bearing Deposits with Banks | $ | (377 | ) | $ | 1,072 | $ | 695 | $ | 1,753 | $ | 401 | $ | 2,154 | |||||||||||
Investment Securities: | ||||||||||||||||||||||||
U.S. Treasuries | (211 | ) | 260 | 49 | (1,078 | ) | 676 | (402 | ) | |||||||||||||||
U.S. Govt SBA | (192 | ) | 115 | (77 | ) | (294 | ) | 178 | (116 | ) | ||||||||||||||
Government Agency & Government-Sponsored Entities | (1 | ) | 1 | - | (28 | ) | 2 | (26 | ) | |||||||||||||||
Municipals - Taxable | 5 | - | 5 | 306 | 33 | 339 | ||||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable | (151 | ) | (501 | ) | (652 | ) | (66 | ) | 121 | 55 | ||||||||||||||
Mortgage Backed Securities | 663 | 423 | 1,086 | 156 | 628 | 784 | ||||||||||||||||||
Other | 66 | 5 | 71 | 35 | 41 | 76 | ||||||||||||||||||
Total Investment Securities | 179 | 303 | 482 | (969 | ) | 1,679 | 710 | |||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||
Real Estate | 4,193 | 5,228 | 9,421 | 4,920 | 5,176 | 10,096 | ||||||||||||||||||
Home Equity Lines and Loans | 240 | 143 | 383 | 438 | (163 | ) | 275 | |||||||||||||||||
Agricultural | 445 | 1,563 | 2,008 | 119 | 1,237 | 1,356 | ||||||||||||||||||
Commercial | 2,636 | 1,405 | 4,041 | 3,890 | 287 | 4,177 | ||||||||||||||||||
Consumer | 192 | 22 | 214 | 516 | 175 | 691 | ||||||||||||||||||
Other | (7 | ) | 1 | (6 | ) | (7 | ) | - | (7 | ) | ||||||||||||||
Leases | 780 | 314 | 1,094 | 474 | 337 | 811 | ||||||||||||||||||
Total Loans & Leases | 8,479 | 8,676 | 17,155 | 10,350 | 7,049 | 17,399 | ||||||||||||||||||
Total Earning Assets | 8,281 | 10,051 | 18,332 | 11,134 | 9,129 | 20,263 | ||||||||||||||||||
Interest Bearing Liabilities | ||||||||||||||||||||||||
Interest Bearing Deposits: | ||||||||||||||||||||||||
Interest Bearing DDA | 187 | 443 | 630 | 145 | 532 | 677 | ||||||||||||||||||
Savings and Money Market | 54 | 442 | 496 | 198 | 1,344 | 1,542 | ||||||||||||||||||
Time Deposits | (609 | ) | 1,044 | 435 | 384 | 2,612 | 2,996 | |||||||||||||||||
Total Interest Bearing Deposits | (368 | ) | 1,929 | 1,561 | 727 | 4,488 | 5,215 | |||||||||||||||||
Other Borrowed Funds | (1 | ) | - | (1 | ) | |||||||||||||||||||
Subordinated Debt | - | 100 | 100 | - | 30 | 30 | ||||||||||||||||||
Total Interest Bearing Liabilities | (368 | ) | 2,029 | 1,661 | 726 | 4,518 | 5,244 | |||||||||||||||||
Total Change | $ | 8,649 | $ | 8,022 | $ | 16,671 | $ | 10,408 | $ | 4,611 | $ | 15,019 |
2017 versus 2016 Amount of Increase | ||||||||||||||||||||||||
(Decrease) Due to Change in: | 2018 versus 2017 Amount of Increase (Decrease) Due to Change in: | |||||||||||||||||||||||
Interest Earning Assets | Volume | Rate | Net Chg. | Volume | Rate | Net Chg. | ||||||||||||||||||
Interest Bearing Deposits with Banks | $ | 1,168 | $ | 605 | $ | 1,773 | $ | (377 | ) | $ | 1,072 | $ | 695 | |||||||||||
Investment Securities: | ||||||||||||||||||||||||
U.S. Treasuries | 227 | 92 | 319 | (211 | ) | 260 | 49 | |||||||||||||||||
U.S. Govt SBA | 492 | (25 | ) | 467 | (192 | ) | 115 | (77 | ) | |||||||||||||||
Government Agency & Government-Sponsored Entities | (287 | ) | 178 | (109 | ) | (1 | ) | 1 | - | |||||||||||||||
Municipals - Taxable | 5 | - | 5 | |||||||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable | (237 | ) | (7 | ) | (244 | ) | (151 | ) | (501 | ) | (652 | ) | ||||||||||||
Mortgage Backed Securities | 1,629 | 303 | 1,932 | 663 | 423 | 1,086 | ||||||||||||||||||
Other | 8 | 1 | 9 | 66 | 5 | 71 | ||||||||||||||||||
Total Investment Securities | 1,832 | 542 | 2,374 | 179 | 303 | 482 | ||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||
Real Estate | 4,491 | 2,250 | 6,741 | 4,193 | 5,228 | 9,421 | ||||||||||||||||||
Home Equity | 33 | 63 | 96 | |||||||||||||||||||||
Home Equity Lines and Loans | 240 | 143 | 383 | |||||||||||||||||||||
Agricultural | (97 | ) | 1,248 | 1,151 | 445 | 1,563 | 2,008 | |||||||||||||||||
Commercial | 957 | 1,274 | 2,231 | 2,636 | 1,405 | 4,041 | ||||||||||||||||||
Consumer | 33 | (51 | ) | (18 | ) | 192 | 22 | 214 | ||||||||||||||||
Other | (6 | ) | (1 | ) | (7 | ) | (7 | ) | 1 | (6 | ) | |||||||||||||
Leases | 546 | 372 | 918 | 780 | 314 | 1,094 | ||||||||||||||||||
Total Loans | 5,957 | 5,155 | 11,112 | |||||||||||||||||||||
Total Loans & Leases | 8,479 | 8,676 | 17,155 | |||||||||||||||||||||
Total Earning Assets | 8,957 | 6,302 | $ | 15,259 | 8,281 | 10,051 | 18,332 | |||||||||||||||||
Interest Bearing Liabilities | ||||||||||||||||||||||||
Interest Bearing Deposits: | ||||||||||||||||||||||||
Transaction | 161 | 366 | 527 | |||||||||||||||||||||
Savings | 137 | 79 | 216 | |||||||||||||||||||||
Interest Bearing DDA | 187 | 443 | 630 | |||||||||||||||||||||
Savings and Money Market | 54 | 442 | 496 | |||||||||||||||||||||
Time Deposits | 243 | 1,072 | 1,315 | (609 | ) | 1,044 | 435 | |||||||||||||||||
Total Interest Bearing Deposits | 541 | 1,517 | 2,058 | (368 | ) | 1,929 | 1,561 | |||||||||||||||||
Other Borrowed Funds | (9 | ) | (9 | ) | (18 | ) | ||||||||||||||||||
Subordinated Debt | - | 53 | 53 | - | 100 | 100 | ||||||||||||||||||
Total Interest Bearing Liabilities | 532 | 1,561 | 2,093 | (368 | ) | 2,029 | 1,661 | |||||||||||||||||
Total Change | $ | 8,425 | $ | 4,741 | $ | 13,166 | $ | 8,649 | $ | 8,022 | $ | 16,671 |
2018 | 2017 | 2016 | 2015 | 2014 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
Allowance for Credit Losses Beginning of Year | $ | 50,342 | $ | 47,919 | $ | 41,523 | $ | 35,401 | $ | 34,274 | $ | 55,266 | $ | 50,342 | $ | 47,919 | $ | 41,523 | $ | 35,401 | ||||||||||||||||||||
Provision Charged to Expense | 5,533 | 2,850 | 6,335 | 750 | 1,175 | 200 | 5,533 | 2,850 | 6,335 | 750 | ||||||||||||||||||||||||||||||
Charge-Offs: | ||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | - | 109 | - | - | - | 592 | - | 109 | - | - | ||||||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Real Estate Construction | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Residential 1st Mortgages | 31 | 53 | 21 | - | 73 | - | 31 | 53 | 21 | - | ||||||||||||||||||||||||||||||
Home Equity Lines and Loans | 8 | 3 | 46 | - | 70 | - | 8 | 3 | 46 | - | ||||||||||||||||||||||||||||||
Agricultural | - | 374 | - | - | - | - | - | 374 | - | - | ||||||||||||||||||||||||||||||
Commercial | 613 | - | - | 12 | 1 | - | 613 | - | - | 12 | ||||||||||||||||||||||||||||||
Consumer & Other | 115 | 146 | 105 | 84 | 132 | 83 | 115 | 146 | 105 | 84 | ||||||||||||||||||||||||||||||
Total Charge-Offs | 767 | 685 | 172 | 96 | 276 | 675 | 767 | 685 | 172 | 96 | ||||||||||||||||||||||||||||||
Recoveries: | ||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 2 | 109 | 2 | 2,939 | 11 | 90 | 2 | 109 | 2 | 2,939 | ||||||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | - | - | 38 | - | - | - | - | ||||||||||||||||||||||||||||||
Real Estate Construction | - | - | - | 2,225 | - | - | - | - | - | 2,225 | ||||||||||||||||||||||||||||||
Residential 1st Mortgages | 15 | 40 | 26 | 8 | - | 13 | 15 | 40 | 26 | 8 | ||||||||||||||||||||||||||||||
Home Equity Lines and Loans | 6 | 8 | 103 | 87 | 58 | 28 | 6 | 8 | 103 | 87 | ||||||||||||||||||||||||||||||
Agricultural | 61 | 17 | - | 4 | 8 | - | 61 | 17 | - | 4 | ||||||||||||||||||||||||||||||
Commercial | 20 | 8 | 47 | 136 | 86 | - | 20 | 8 | 47 | 136 | ||||||||||||||||||||||||||||||
Consumer & Other | 54 | 76 | 55 | 69 | 65 | 52 | 54 | 76 | 55 | 69 | ||||||||||||||||||||||||||||||
Total Recoveries | 158 | 258 | 233 | 5,468 | 228 | 221 | 158 | 258 | 233 | 5,468 | ||||||||||||||||||||||||||||||
Net (Charge-Offs) Recoveries | (609 | ) | (427 | ) | 61 | 5,372 | (48 | ) | (454 | ) | (609 | ) | (427 | ) | 61 | 5,372 | ||||||||||||||||||||||||
Total Allowance for Credit Losses, End of Year | $ | 55,266 | $ | 50,342 | $ | 47,919 | $ | 41,523 | $ | 35,401 | $ | 55,012 | $ | 55,266 | $ | 50,342 | $ | 47,919 | $ | 41,523 | ||||||||||||||||||||
Ratios: | ||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses to: | ||||||||||||||||||||||||||||||||||||||||
Total Loans & Leases at Year End | 2.14 | % | 2.27 | % | 2.19 | % | 2.07 | % | 2.06 | % | 2.05 | % | 2.14 | % | 2.27 | % | 2.19 | % | 2.07 | % | ||||||||||||||||||||
Average Loans & Leases | 2.35 | % | 2.31 | % | 2.34 | % | 2.30 | % | 2.36 | % | 2.12 | % | 2.35 | % | 2.31 | % | 2.34 | % | 2.30 | % | ||||||||||||||||||||
Consolidated Net (Charge-Offs) Recoveries to: | ||||||||||||||||||||||||||||||||||||||||
Total Loans & Leases at Year End | (0.02 | %) | (0.02 | %) | 0.00 | % | 0.27 | % | (0.00 | %) | (0.02 | %) | (0.02 | %) | (0.02 | %) | 0.00 | % | 0.27 | % | ||||||||||||||||||||
Average Loans & Leases | (0.03 | %) | (0.02 | %) | 0.00 | % | 0.30 | % | (0.00 | %) | (0.02 | %) | (0.03 | %) | (0.02 | %) | 0.00 | % | 0.30 | % |
December 31, 2019 | Commercial Real Estate | Agricultural Real Estate | Real Estate Construction | Residential 1st Mortgages | Home Equity Lines & Loans | Agricultural | Commercial | Consumer & Other | Leases | Unallocated | Total | |||||||||||||||||||||||||||||||||
Year-To-Date Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- January 1, 2019 | $ | 11,609 | $ | 14,092 | $ | 1,249 | $ | 880 | $ | 2,761 | $ | 8,242 | $ | 11,656 | $ | 494 | $ | 4,022 | $ | 261 | $ | 55,266 | ||||||||||||||||||||||
Charge-Offs | - | - | - | - | - | - | (592 | ) | (83 | ) | - | - | (675 | ) | ||||||||||||||||||||||||||||||
Recoveries | - | 38 | - | 13 | 28 | - | 90 | 52 | - | - | 221 | |||||||||||||||||||||||||||||||||
Provision | (556 | ) | 998 | 700 | (38 | ) | (114 | ) | (166 | ) | 312 | (7 | ) | (860 | ) | (69 | ) | 200 | ||||||||||||||||||||||||||
Ending Balance- December 31, 2019 | $ | 11,053 | $ | 15,128 | $ | 1,949 | $ | 855 | $ | 2,675 | $ | 8,076 | $ | 11,466 | $ | 456 | $ | 3,162 | $ | 192 | $ | 55,012 |
December 31, 2018 | Commercial Real Estate | Agricultural Real Estate | Real Estate Constrction | Residential 1st Mortgages | Home Equity Lines & Loans | Agricultural | Commercial | Consumer & Other | Leases | Unallocated | Total | |||||||||||||||||||||||||||||||||
Year-To-Date Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- January 1, 2018 | $ | 10,922 | $ | 12,085 | $ | 1,846 | $ | 815 | $ | 2,324 | $ | 8,159 | $ | 9,197 | $ | 209 | $ | 3,363 | $ | 1,422 | $ | 50,342 | ||||||||||||||||||||||
Charge-Offs | - | - | - | (31 | ) | (8 | ) | - | (613 | ) | (115 | ) | - | - | (767 | ) | ||||||||||||||||||||||||||||
Recoveries | 2 | - | - | 15 | 6 | 61 | 20 | 54 | - | - | 158 | |||||||||||||||||||||||||||||||||
Provision | 685 | 2,007 | (597 | ) | 81 | 439 | 22 | 3,052 | 346 | 659 | (1,161 | ) | 5,533 | |||||||||||||||||||||||||||||||
Ending Balance- December 31, 2018 | $ | 11,609 | $ | 14,092 | $ | 1,249 | $ | 880 | $ | 2,761 | $ | 8,242 | $ | 11,656 | $ | 494 | $ | 4,022 | $ | 261 | $ | 55,266 |
Allowance Allocation at December 31, | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2019 Amount | Percent of Loans in Each Category to Total Loans | 2018 Amount | Percent of Loans in Each Category to Total Loans | 2017 Amount | Percent of Loans in Each Category to Total Loans | 2016 Amount | Percent of Loans in Each Category to Total Loans | 2015 Amount | Percent of Loans in Each Category to Total Loans | ||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 11,053 | 31.6 | % | $ | 11,609 | 32.4 | % | $ | 10,922 | 31.1 | % | $ | 11,110 | 30.9 | % | $ | 10,063 | 30.4 | % | ||||||||||||||||||||
Agricultural Real Estate | 15,128 | 23.3 | % | 14,092 | 22.7 | % | 12,085 | 22.5 | % | 9,450 | 21.4 | % | 6,881 | 21.2 | % | |||||||||||||||||||||||||
Real Estate Construction | 1,949 | 4.3 | % | 1,249 | 3.8 | % | 1,846 | 4.5 | % | 3,223 | 8.1 | % | 2,485 | 7.6 | % | |||||||||||||||||||||||||
Residential 1st Mortgages | 855 | 9.5 | % | 880 | 10.1 | % | 815 | 11.7 | % | 865 | 11.1 | % | 789 | 10.3 | % | |||||||||||||||||||||||||
Home Equity Lines and Loans | 2,675 | 1.5 | % | 2,761 | 1.6 | % | 2,324 | 1.6 | % | 2,140 | 1.4 | % | 2,146 | 1.7 | % | |||||||||||||||||||||||||
Agricultural | 8,076 | 10.9 | % | 8,242 | 11.3 | % | 8,159 | 12.3 | % | 7,381 | 13.5 | % | 6,308 | 14.7 | % | |||||||||||||||||||||||||
Commercial | 11,466 | 14.4 | % | 11,656 | 13.3 | % | 9,197 | 12.0 | % | 8,515 | 10.0 | % | 7,836 | 10.5 | % | |||||||||||||||||||||||||
Consumer & Other | 456 | 0.6 | % | 494 | 0.8 | % | 209 | 0.3 | % | 200 | 0.3 | % | 175 | 0.3 | % | |||||||||||||||||||||||||
Leases | 3,162 | 3.9 | % | 4,022 | 4.0 | % | 3,363 | 4.0 | % | 3,586 | 3.3 | % | 3,294 | 3.3 | % | |||||||||||||||||||||||||
Unallocated | 192 | 261 | 1,422 | 1,449 | 1,546 | |||||||||||||||||||||||||||||||||||
Total | $ | 55,012 | 100.0 | % | $ | 55,266 | 100.0 | % | $ | 50,342 | 100.0 | % | $ | 47,919 | 100.0 | % | $ | 41,523 | 100.0 | % |
Allowance Allocation at December 31, | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2018 Amount | Percent of Loans in Each Category to Total Loans | 2017 Amount | Percent of Loans in Each Category to Total Loans | 2016 Amount | Percent of Loans in Each Category to Total Loans | 2015 Amount | Percent of Loans in Each Category to Total Loans | 2014 Amount | Percent of Loans in Each Category to Total Loans | ||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 11,609 | 32.4 | % | $ | 10,922 | 31.1 | % | $ | 11,110 | 30.9 | % | $ | 10,063 | 30.4 | % | $ | 7,842 | 28.9 | % | ||||||||||||||||||||
Agricultural Real Estate | 14,092 | 22.7 | % | 12,085 | 22.5 | % | 9,450 | 21.4 | % | 6,881 | 21.2 | % | 4,185 | 20.8 | % | |||||||||||||||||||||||||
Real Estate Construction | 1,249 | 3.8 | % | 1,846 | 4.5 | % | 3,223 | 8.1 | % | 2,485 | 7.6 | % | 1,669 | 5.6 | % | |||||||||||||||||||||||||
Residential 1st Mortgages | 880 | 10.1 | % | 815 | 11.7 | % | 865 | 11.1 | % | 789 | 10.3 | % | 1,022 | 10.0 | % | |||||||||||||||||||||||||
Home Equity Lines and Loans | 2,761 | 1.6 | % | 2,324 | 1.6 | % | 2,140 | 1.4 | % | 2,146 | 1.7 | % | 2,426 | 1.9 | % | |||||||||||||||||||||||||
Agricultural | 8,242 | 11.3 | % | 8,159 | 12.3 | % | 7,381 | 13.5 | % | 6,308 | 14.7 | % | 6,104 | 16.4 | % | |||||||||||||||||||||||||
Commercial | 11,656 | 13.3 | % | 9,197 | 12.0 | % | 8,515 | 10.0 | % | 7,836 | 10.5 | % | 8,195 | 13.5 | % | |||||||||||||||||||||||||
Consumer & Other | 494 | 0.8 | % | 209 | 0.3 | % | 200 | 0.3 | % | 175 | 0.3 | % | 218 | 0.3 | % | |||||||||||||||||||||||||
Leases | 4,022 | 4.0 | % | 3,363 | 4.0 | % | 3,586 | 3.3 | % | 3,294 | 3.3 | % | 2,211 | 2.6 | % | |||||||||||||||||||||||||
Unallocated | 261 | 1,422 | 1,449 | 1,546 | 1,529 | |||||||||||||||||||||||||||||||||||
Total | $ | 55,266 | 100.0 | % | $ | 50,342 | 100.0 | % | $ | 47,919 | 100.0 | % | $ | 41,523 | 100.0 | % | $ | 35,401 | 100.0 | % |
Available for Sale | Held to Maturity | Available for Sale | Held to Maturity | Available for Sale | Held to Maturity | |||||||||||||||||||
December 31: (in thousands) | 2018 | 2017 | 2016 | |||||||||||||||||||||
U.S. Treasury Notes | $ | 164,514 | $ | - | $ | 144,164 | $ | - | $ | 134,428 | $ | - | ||||||||||||
U.S. Government SBA | 15,447 | - | 29,380 | - | 36,314 | - | ||||||||||||||||||
Government Agency & Government Sponsored Entities | 3,039 | - | 3,128 | - | 3,241 | - | ||||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable | - | 53,566 | - | 54,460 | - | 58,109 | ||||||||||||||||||
Mortgage Backed Securities | 307,045 | - | 301,914 | - | 273,270 | - | ||||||||||||||||||
Other | 5,351 | - | 3,010 | - | 1,010 | - | ||||||||||||||||||
Total Book Value | $ | 495,396 | $ | 53,566 | $ | 481,596 | $ | 54,460 | $ | 448,263 | $ | 58,109 | ||||||||||||
Fair Value | $ | 495,396 | $ | 53,738 | $ | 481,596 | $ | 58,408 | $ | 448,263 | $ | 62,388 |
Available for Sale | Held to Maturity | Available for Sale | Held to Maturity | Available for Sale | Held to Maturity | |||||||||||||||||||
December 31: (in thousands) | 2019 | 2018 | 2017 | |||||||||||||||||||||
U.S. Treasury Notes | $ | 54,995 | $ | - | $ | 164,514 | $ | - | $ | 144,164 | $ | - | ||||||||||||
U.S. Government SBA | 10,798 | - | 15,447 | - | 29,380 | - | ||||||||||||||||||
Government Agency & Government Sponsored Entities | - | - | 3,039 | - | 3,128 | - | ||||||||||||||||||
Obligations of States and Political Subdivisions | - | 60,229 | - | 53,566 | - | 54,460 | ||||||||||||||||||
Mortgage Backed Securities | 441,078 | - | 307,045 | - | 301,914 | - | ||||||||||||||||||
Other | 515 | - | 5,351 | - | 3,010 | - | ||||||||||||||||||
Total Book Value | $ | 507,386 | $ | 60,229 | $ | 495,396 | $ | 53,566 | $ | 481,596 | $ | 54,460 | ||||||||||||
Fair Value | $ | 507,386 | $ | 61,097 | $ | 495,396 | $ | 53,738 | $ | 481,596 | $ | 58,408 |
December 31, 2018 (in thousands) | Fair Value | Average Yield | ||||||||||||||
December 31, 2019 (in thousands) | Fair Value | Average Yield | ||||||||||||||
U.S. Treasury | ||||||||||||||||
One year or less | $ | 149,934 | 2.08 | % | $ | 39,996 | 1.46 | % | ||||||||
After one year through five years | 14,580 | 2.32 | % | 14,999 | 2.32 | % | ||||||||||
Total U.S. Treasury Securities | 164,514 | 2.10 | % | 54,995 | 1.70 | % | ||||||||||
U.S. Government SBA | ||||||||||||||||
After one year through five years | 879 | 3.17 | % | 393 | 3.19 | % | ||||||||||
After five years through ten years | 1,472 | 3.53 | % | 955 | 3.14 | % | ||||||||||
After ten years | 13,096 | 3.17 | % | 9,450 | 2.93 | % | ||||||||||
Total U.S. Government Securities | 15,447 | 3.21 | % | 10,798 | 2.96 | % | ||||||||||
Government Agency & Government Sponsored Entities | ||||||||||||||||
After one year through five years | 3,039 | 2.91 | % | |||||||||||||
Total Government Agency & Government Sponsored Entities | 3,039 | 2.91 | % | |||||||||||||
Other | ||||||||||||||||
One year or less | 5,351 | 2.22 | % | 515 | 2.55 | % | ||||||||||
Total Other Securities | 5,351 | 2.22 | % | 515 | 2.55 | % | ||||||||||
Mortgage Backed Securities | 307,045 | 2.68 | % | 441,078 | 2.69 | % | ||||||||||
Total Investment Securities Available-for-Sale | $ | 495,396 | 2.50 | % | $ | 507,386 | 2.59 | % |
December 31, 2018 (in thousands) | Book Value | Average Yield | ||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable | ||||||||||||||||
December 31, 2019 (in thousands) | Book Value | Average Yield | ||||||||||||||
Obligations of States and Political Subdivisions | ||||||||||||||||
One year or less | $ | 2,340 | 4.32 | % | $ | 2,446 | 4.76 | % | ||||||||
After one year through five years | 2,161 | 2.07 | % | 5,902 | 5.39 | % | ||||||||||
After five years through ten years | 21,167 | 3.58 | % | 23,980 | 3.48 | % | ||||||||||
After ten years | 27,898 | 4.50 | % | 27,901 | 4.67 | % | ||||||||||
Total Obligations of States and Political Subdivisions - Non-Taxable | 53,566 | 4.03 | % | |||||||||||||
Total Obligations of States and Political Subdivisions | 60,229 | 4.27 | % | |||||||||||||
Total Investment Securities Held-to-Maturity | $ | 53,566 | 4.03 | % | $ | 60,229 | 4.27 | % |
2018 | 2017 | 2016 | 2015 | 2014 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 834,476 | 32.4 | % | $ | 691,639 | 31.1 | % | $ | 674,445 | 30.9 | % | $ | 609,602 | 30.4 | % | $ | 495,316 | 28.9 | % | $ | 846,486 | 31.6 | % | $ | 834,476 | 32.4 | % | $ | 691,639 | 31.1 | % | $ | 674,445 | 30.9 | % | $ | 609,602 | 30.4 | % | ||||||||||||||||||||||||||||||||||||||||
Agricultural Real Estate | 584,625 | 22.7 | % | 499,231 | 22.5 | % | 467,685 | 21.4 | % | 424,034 | 21.2 | % | 357,207 | 20.8 | % | 625,767 | 23.3 | % | 584,625 | 22.7 | % | 499,231 | 22.5 | % | 467,685 | 21.4 | % | 424,034 | 21.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction | 98,568 | 3.8 | % | 100,206 | 4.5 | % | 176,462 | 8.1 | % | 151,974 | 7.6 | % | 96,519 | 5.6 | % | 115,644 | 4.3 | % | 98,568 | 3.8 | % | 100,206 | 4.5 | % | 176,462 | 8.1 | % | 151,974 | 7.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential 1st Mortgages | 259,736 | 10.1 | % | 260,751 | 11.7 | % | 242,247 | 11.1 | % | 206,405 | 10.3 | % | 171,880 | 10.0 | % | 255,253 | 9.5 | % | 259,736 | 10.1 | % | 260,751 | 11.7 | % | 242,247 | 11.1 | % | 206,405 | 10.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Home Equity Lines and Loans | 40,789 | 1.6 | % | 34,525 | 1.6 | % | 31,625 | 1.4 | % | 33,056 | 1.7 | % | 33,017 | 1.9 | % | 39,270 | 1.5 | % | 40,789 | 1.6 | % | 34,525 | 1.6 | % | 31,625 | 1.4 | % | 33,056 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural | 290,463 | 11.3 | % | 273,582 | 12.3 | % | 295,325 | 13.5 | % | 293,966 | 14.7 | % | 281,963 | 16.4 | % | 292,904 | 10.9 | % | 290,463 | 11.3 | % | 273,582 | 12.3 | % | 295,325 | 13.5 | % | 293,966 | 14.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 343,834 | 13.3 | % | 265,703 | 12.0 | % | 217,577 | 10.0 | % | 210,804 | 10.5 | % | 230,819 | 13.5 | % | 384,795 | 14.4 | % | 343,834 | 13.3 | % | 265,703 | 12.0 | % | 217,577 | 10.0 | % | 210,804 | 10.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer & Other | 19,412 | 0.8 | % | 6,656 | 0.3 | % | 6,913 | 0.3 | % | 6,592 | 0.3 | % | 4,719 | 0.3 | % | 15,422 | 0.6 | % | 19,412 | 0.8 | % | 6,656 | 0.3 | % | 6,913 | 0.3 | % | 6,592 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | 106,217 | 4.0 | % | 88,957 | 4.0 | % | 70,986 | 3.3 | % | 65,054 | 3.3 | % | 44,217 | 2.6 | % | 104,470 | 3.9 | % | 106,217 | 4.0 | % | 88,957 | 4.0 | % | 70,986 | 3.3 | % | 65,054 | 3.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Gross Loans & Leases | 2,578,120 | 100.0 | % | 2,221,250 | 100.0 | % | 2,183,265 | 100.0 | % | 2,001,487 | 100.0 | % | 1,715,657 | 100.0 | % | 2,680,011 | 100.0 | % | 2,578,120 | 100.0 | % | 2,221,250 | 100.0 | % | 2,183,265 | 100.0 | % | 2,001,487 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Unearned Income | 6,879 | 5,955 | 5,664 | 5,128 | 3,413 | 6,984 | 6,879 | 5,955 | 5,664 | 5,128 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 2,571,241 | 2,215,295 | 2,177,601 | 1,996,359 | 1,712,244 | 2,673,027 | 2,571,241 | 2,215,295 | 2,177,601 | 1,996,359 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Allowance for Credit Losses | 55,266 | 50,342 | 47,919 | 41,523 | 35,401 | 55,012 | 55,266 | 50,342 | 47,919 | 41,523 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans & Leases, Net | $ | 2,515,975 | $ | 2,164,953 | $ | 2,129,682 | $ | 1,954,836 | $ | 1,676,843 | $ | 2,618,015 | $ | 2,515,975 | $ | 2,164,953 | $ | 2,129,682 | $ | 1,954,836 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
There were no concentrations of loans exceeding 10% of total loans which were not otherwise disclosed as a category of loans in the above table. |
(in thousands) | One Year or Less | Over One Year to Five Years | Over Five Years | Total | ||||||||||||
Commercial Real Estate | $ | 33,099 | $ | 228,391 | $ | 565,059 | $ | 826,549 | ||||||||
Agricultural Real Estate | 20,654 | 111,989 | 451,982 | 584,625 | ||||||||||||
Real Estate Construction | 62,978 | 30,915 | 4,675 | 98,568 | ||||||||||||
Residential 1st Mortgages | 85 | 8,799 | 250,852 | 259,736 | ||||||||||||
Home Equity Lines and Loans | 5 | 601 | 40,183 | 40,789 | ||||||||||||
Agricultural | 176,913 | 94,435 | 19,115 | 290,463 | ||||||||||||
Commercial | 110,641 | 170,447 | 62,746 | 343,834 | ||||||||||||
Consumer & Other | 665 | 7,160 | 11,587 | 19,412 | ||||||||||||
Leases | 218 | 43,054 | 63,993 | 107,265 | ||||||||||||
Total | $ | 405,258 | $ | 695,791 | $ | 1,470,192 | $ | 2,571,241 | ||||||||
Rate Sensitivity: | ||||||||||||||||
Fixed Rate | $ | 53,123 | $ | 354,924 | $ | 779,440 | $ | 1,187,487 | ||||||||
Variable Rate | 352,134 | 340,868 | 690,752 | 1,383,754 | ||||||||||||
Total | $ | 405,257 | $ | 695,792 | $ | 1,470,192 | $ | 2,571,241 | ||||||||
Percent | 15.76 | % | 27.06 | % | 57.18 | % | 100.00 | % |
(in thousands) | One Year or Less | Over One Year to Five Years | Over Five Years | Total | ||||||||||||
Commercial Real Estate | $ | 32,190 | $ | 253,749 | $ | 552,631 | $ | 838,570 | ||||||||
Agricultural Real Estate | 19,409 | 138,126 | 468,232 | 625,767 | ||||||||||||
Real Estate Construction | 80,236 | 30,585 | 4,823 | 115,644 | ||||||||||||
Residential 1st Mortgages | 303 | 6,843 | 248,107 | 255,253 | ||||||||||||
Home Equity Lines and Loans | 15 | 524 | 38,731 | 39,270 | ||||||||||||
Agricultural | 198,105 | 81,712 | 13,087 | 292,904 | ||||||||||||
Commercial | 179,223 | 151,414 | 54,158 | 384,795 | ||||||||||||
Consumer & Other | 643 | 7,370 | 7,409 | 15,422 | ||||||||||||
Leases | 450 | 58,647 | 46,305 | 105,402 | ||||||||||||
Total | $ | 510,574 | $ | 728,970 | $ | 1,433,483 | $ | 2,673,027 | ||||||||
Rate Sensitivity: | ||||||||||||||||
Fixed Rate | $ | 61,562 | $ | 391,130 | $ | 820,540 | $ | 1,273,232 | ||||||||
Variable Rate | 449,012 | 337,840 | 612,943 | 1,399,795 | ||||||||||||
Total | $ | 510,574 | $ | 728,970 | $ | 1,433,483 | $ | 2,673,027 | ||||||||
Percent | 19.10 | % | 27.27 | % | 53.63 | % | 100.00 | % |
December 31, | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2018 | 2017 | December 31, 2016 | 2015 | 2014 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||
Non-Accrual Loans & Leases | ||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | - | $ | - | $ | - | $ | 19 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 19 | ||||||||||||||||||||
Agricultural Real Estate | - | - | 1,304 | - | - | - | - | - | 1,304 | - | ||||||||||||||||||||||||||||||
Real Estate Construction | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Residential 1st Mortgages | - | - | 95 | 65 | 77 | - | - | - | 95 | 65 | ||||||||||||||||||||||||||||||
Home Equity Lines and Loans | - | - | - | 538 | 576 | - | - | - | - | 538 | ||||||||||||||||||||||||||||||
Agricultural | - | - | 243 | - | 18 | - | - | - | 243 | - | ||||||||||||||||||||||||||||||
Commercial | - | - | 1,426 | 1,524 | 1,586 | - | - | - | 1,426 | 1,524 | ||||||||||||||||||||||||||||||
Consumer & Other | - | - | 6 | 10 | 13 | - | - | - | 6 | 10 | ||||||||||||||||||||||||||||||
Total Non-Accrual Loans & Leases | - | - | 3,074 | 2,156 | 2,270 | - | - | - | 3,074 | 2,156 | ||||||||||||||||||||||||||||||
Accruing Loans & Leases Past Due 90 Days or More | ||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Real Estate Construction | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Residential 1st Mortgages | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Home Equity Lines and Loans | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Agricultural | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Commercial | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Consumer & Other | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Total Accruing Loans & Leases Past Due 90 Days or More | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Total Non-Performing Loans & Leases | $ | - | $ | - | $ | 3,074 | $ | 2,156 | $ | 2,270 | $ | - | $ | - | $ | - | $ | 3,074 | $ | 2,156 | ||||||||||||||||||||
Other Real Estate Owned | $ | 873 | $ | 873 | $ | 3,745 | $ | 2,441 | $ | 3,299 | $ | 873 | $ | 873 | $ | 873 | $ | 3,745 | $ | 2,441 | ||||||||||||||||||||
Total Non-Performing Assets | $ | 873 | $ | 873 | $ | 6,819 | $ | 4,597 | $ | 5,569 | $ | 873 | $ | 873 | $ | 873 | $ | 6,819 | $ | 4,597 | ||||||||||||||||||||
Restructured Loans & Leases (Performing) | $ | 13,577 | $ | 6,301 | $ | 4,462 | $ | 4,953 | $ | 4,955 | $ | 12,105 | $ | 13,577 | $ | 6,301 | $ | 4,462 | $ | 4,953 | ||||||||||||||||||||
Non-Performing Loans & Leases as a Percent of Total Loans & Leases | 0.00 | % | 0.00 | % | 0.14 | % | 0.11 | % | 0.13 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.14 | % | 0.11 | % |
(in thousands) | ||||
Time Deposits of $250,000 or More | ||||
Three Months or Less | $ | 123,582 | ||
Over Three Months Through Six Months | 47,723 | |||
Over Six Months Through Twelve Months | 66,022 | |||
Over Twelve Months | 20,065 | |||
Total Time Deposits of $250,000 or More | $ | 257,392 |
(in thousands) | ||||
Time Deposits of $250,000 or More | ||||
Three Months or Less | $ | 104,058 | ||
Over Three Months Through Six Months | 56,927 | |||
Over Six Months Through Twelve Months | 31,184 | |||
Over Twelve Months | 26,853 | |||
Total Time Deposits of $250,000 or More | $ | 219,022 |
(in thousands) | December 31, 2018 | December 31, 2017 | December 31, 2019 | December 31, 2018 | ||||||||||||
Commitments to Extend Credit | $ | 828,539 | $ | 735,678 | $ | 919,982 | $ | 828,539 | ||||||||
Letters of Credit | 19,108 | 20,061 | 20,346 | 19,108 | ||||||||||||
Performance Guarantees Under Interest Rate Swap Contracts Entered Into Between Our Borrowing Customers and Third Parties | - | 759 | 1,513 | - |
(in thousands) | Total | 1 Year or Less | 2-3 Years | 4-5 Years | More Than 5 Years | |||||||||||||||
Long-Term Subordinated Debentures | 10,310 | - | - | - | 10,310 | |||||||||||||||
Deferred Compensation (1) | 66,672 | 1,235 | 1,234 | 617 | 63,586 | |||||||||||||||
Total | $ | 76,982 | $ | 1,235 | $ | 1,234 | $ | 617 | $ | 73,896 |
(in thousands) | Total | 1 Year or Less | 2-3 Years | 4-5 Years | More Than 5 Years | |||||||||||||||
Operating Lease Obligations | $ | 2,977 | $ | 782 | $ | 1,299 | $ | 403 | $ | 493 | ||||||||||
Long-Term Subordinated Debentures | 10,310 | - | - | - | 10,310 | |||||||||||||||
Deferred Compensation (1) | 54,194 | 1,531 | 1,115 | 1,000 | 50,548 | |||||||||||||||
Total | $ | 67,481 | $ | 2,313 | $ | 2,414 | $ | 1,403 | $ | 61,351 |
general economic and business conditions affecting the key service areas of the Company; |
credit quality trends (including trends in collateral values, delinquencies and non-performing loans & leases); |
loan & lease volumes, growth rates and concentrations; |
loan & lease portfolio seasoning; |
specific industry and crop conditions; |
● | recent loss experience; and |
● | duration of the current business cycle. |
Page | ||
Report of Management on Internal Control Over Financial Reporting | 66 | |
Report of Independent Registered Public Accounting Firm | 67 | |
Consolidated Financial Statements | ||
Consolidated Balance Sheets – December 31, | 69 | |
Consolidated Statements of Income – Years ended December 31, 2019, 2018 | 70 | |
Consolidated Statements of Comprehensive Income – Years Ended December 31, 2019, 2018 | 71 | |
Consolidated Statements of Changes in Shareholders’ Equity – Years ended December 31, 2019, 2018 | 72 | |
Consolidated Statements of Cash Flows - Years Ended December 31, 2019, 2018 | 73 | |
Notes to Consolidated Financial Statements | 74 |
Kent A. Steinwert | Stephen W. Haley |
Chairman, President & Chief Executive Officer | Executive Vice President & Chief Financial Officer |
Farmers & Merchants Bancorp |
Consolidated Balance Sheets |
December 31, | ||||||||
Assets | 2018 | 2017 | ||||||
Cash and Cash Equivalents: | ||||||||
Cash and Due from Banks | $ | 61,058 | $ | 65,956 | ||||
Interest Bearing Deposits with Banks | 84,506 | 121,193 | ||||||
Total Cash and Cash Equivalents | 145,564 | 187,149 | ||||||
Investment Securities: | ||||||||
Available-for-Sale | 495,396 | 481,596 | ||||||
Held-to-Maturity | 53,566 | 54,460 | ||||||
Total Investment Securities | 548,962 | 536,056 | ||||||
Loans & Leases: | 2,571,241 | 2,215,295 | ||||||
Less: Allowance for Credit Losses | 55,266 | 50,342 | ||||||
Loans& Leases, Net | 2,515,975 | 2,164,953 | ||||||
Premises and Equipment, Net | 32,623 | 28,679 | ||||||
Bank Owned Life Insurance, Net | 65,117 | 59,583 | ||||||
Interest Receivable and Other Assets | 126,002 | 99,032 | ||||||
Total Assets | $ | 3,434,243 | $ | 3,075,452 |
December 31, | ||||||||||||||||
Assets | 2019 | 2018 | ||||||||||||||
Cash and Cash Equivalents: | ||||||||||||||||
Cash and Due from Banks | $ | 71,564 | $ | 61,058 | ||||||||||||
Interest Bearing Deposits with Banks | 223,194 | 84,506 | ||||||||||||||
Total Cash and Cash Equivalents | 294,758 | 145,564 | ||||||||||||||
Investment Securities: | ||||||||||||||||
Available-for-Sale | 507,386 | 495,396 | ||||||||||||||
Held-to-Maturity | 60,229 | 53,566 | ||||||||||||||
Total Investment Securities | 567,615 | 548,962 | ||||||||||||||
Loans & Leases: | 2,673,027 | 2,571,241 | ||||||||||||||
Less: Allowance for Credit Losses | 55,012 | 55,266 | ||||||||||||||
Loans& Leases, Net | 2,618,015 | 2,515,975 | ||||||||||||||
Premises and Equipment, Net | 45,271 | 32,623 | ||||||||||||||
Bank Owned Life Insurance, Net | 67,148 | 65,117 | ||||||||||||||
Interest Receivable and Other Assets | 129,023 | 126,002 | ||||||||||||||
Total Assets | $ | 3,721,830 | $ | 3,434,243 | ||||||||||||
Liabilities | ||||||||||||||||
Deposits: | ||||||||||||||||
Demand | $ | 974,756 | $ | 832,652 | $ | 1,067,187 | $ | 974,756 | ||||||||
Interest-Bearing Transaction | 694,384 | 601,476 | 697,952 | 694,384 | ||||||||||||
Savings and Money Market | 903,665 | 813,703 | 994,958 | 903,665 | ||||||||||||
Time | 490,027 | 475,397 | 517,922 | 490,027 | ||||||||||||
Total Deposits | 3,062,832 | 2,723,228 | 3,278,019 | 3,062,832 | ||||||||||||
Subordinated Debentures | 10,310 | 10,310 | 10,310 | 10,310 | ||||||||||||
Interest Payable and Other Liabilities | 49,886 | 42,254 | 64,205 | 49,886 | ||||||||||||
Total Liabilities | 3,123,028 | 2,775,792 | 3,352,534 | 3,123,028 | ||||||||||||
Commitments & Contingencies (See Note 19) | ||||||||||||||||
Commitments & Contingencies (See Note 18) | ||||||||||||||||
Shareholders’ Equity | ||||||||||||||||
Preferred Stock: No Par Value, 1,000,000 Shares Authorized, None Issued or Outstanding | - | - | - | - | ||||||||||||
Common Stock: Par Value $0.01, 7,500,000 Shares Authorized, 783,721 and 812,304 | ||||||||||||||||
Shares Issued and Outstanding at December 31, 2018 and 2017, respectively. | 8 | 8 | ||||||||||||||
Common Stock: Par Value $0.01, 7,500,000 Shares Authorized, 793,033 and 783,721 | ||||||||||||||||
Shares Issued and Outstanding at December 31, 2019 and 2018, respectively. | 8 | 8 | ||||||||||||||
Additional Paid-In Capital | 72,974 | 93,624 | 79,947 | 72,974 | ||||||||||||
Retained Earnings | 241,221 | 206,845 | 286,036 | 241,221 | ||||||||||||
Accumulated Other Comprehensive Loss | (2,988 | ) | (817 | ) | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | 3,305 | (2,988 | ) | |||||||||||||
Total Shareholders’ Equity | 311,215 | 299,660 | 369,296 | 311,215 | ||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 3,434,243 | $ | 3,075,452 | $ | 3,721,830 | $ | 3,434,243 |
Farmers & Merchants Bancorp |
Consolidated Statements of Income |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||||||||||
Interest Income | ||||||||||||||||||||||||
Interest and Fees on Loans & Leases | $ | 119,837 | $ | 102,682 | $ | 91,570 | $ | 137,237 | $ | 119,837 | $ | 102,682 | ||||||||||||
Interest on Deposits with Banks | 2,755 | 2,060 | 287 | 4,909 | 2,755 | 2,060 | ||||||||||||||||||
Interest on Investment Securities: | ||||||||||||||||||||||||
Taxable | 9,257 | 8,123 | 5,505 | 9,911 | 9,257 | 8,123 | ||||||||||||||||||
Exempt from Federal Tax | 1,604 | 1,747 | 1,904 | 1,651 | 1,604 | 1,747 | ||||||||||||||||||
Total Interest Income | 133,453 | 114,612 | 99,266 | 153,708 | 133,453 | 114,612 | ||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||
Deposits | 7,425 | 5,865 | 3,807 | 12,640 | 7,425 | 5,865 | ||||||||||||||||||
Borrowed Funds | 1 | - | 18 | - | �� | 1 | - | |||||||||||||||||
Subordinated Debentures | 524 | 424 | 371 | 554 | 524 | 424 | ||||||||||||||||||
Total Interest Expense | 7,950 | 6,289 | 4,196 | 13,194 | 7,950 | 6,289 | ||||||||||||||||||
Net Interest Income | 125,503 | 108,323 | 95,070 | 140,514 | 125,503 | 108,323 | ||||||||||||||||||
Provision for Credit Losses | 5,533 | 2,850 | 6,335 | 200 | 5,533 | 2,850 | ||||||||||||||||||
Net Interest Income After Provision for Credit Losses | 119,970 | 105,473 | 88,735 | 140,314 | 119,970 | 105,473 | ||||||||||||||||||
Non-Interest Income | ||||||||||||||||||||||||
Service Charges on Deposit Accounts | 3,479 | 3,453 | 3,376 | 3,673 | 3,479 | 3,453 | ||||||||||||||||||
Net (Loss) Gain on Investment Securities | (1,260 | ) | 131 | (284 | ) | |||||||||||||||||||
Net Gain (Loss) on Investment Securities | 1 | (1,260 | ) | 131 | ||||||||||||||||||||
Increase in Cash Surrender Value of Life Insurance | 1,900 | 1,822 | 1,864 | 2,031 | 1,900 | 1,822 | ||||||||||||||||||
Debit Card and ATM Fees | 4,365 | 3,873 | 3,398 | 5,120 | 4,365 | 3,873 | ||||||||||||||||||
Net Gain on Deferred Compensation Investments | 1,088 | 2,563 | 1,999 | 2,625 | 1,088 | 2,563 | ||||||||||||||||||
Bargain Purchase Gain | - | - | 1,832 | |||||||||||||||||||||
Other | 5,647 | 4,920 | 3,072 | 3,791 | 5,647 | 4,920 | ||||||||||||||||||
Total Non-Interest Income | 15,219 | 16,762 | 15,257 | 17,241 | 15,219 | 16,762 | ||||||||||||||||||
Non-Interest Expense | ||||||||||||||||||||||||
Salaries and Employee Benefits | 50,054 | 45,746 | 41,981 | 55,250 | 50,054 | 45,746 | ||||||||||||||||||
Net Gain on Deferred Compensation Investments | 1,088 | 2,563 | 1,999 | 2,625 | 1,088 | 2,563 | ||||||||||||||||||
Occupancy | 3,905 | 3,543 | 2,985 | 4,295 | 3,905 | 3,543 | ||||||||||||||||||
Equipment | 4,303 | 3,994 | 3,493 | 4,921 | 4,303 | 3,994 | ||||||||||||||||||
Marketing | 1,232 | 1,027 | 1,191 | 1,254 | 1,232 | 1,027 | ||||||||||||||||||
Legal | 968 | 424 | 966 | 2,347 | 968 | 424 | ||||||||||||||||||
FDIC Insurance | 912 | 932 | 897 | 624 | 912 | 932 | ||||||||||||||||||
Gain on Sale of ORE | - | (414 | ) | (5,941 | ) | - | - | (414 | ) | |||||||||||||||
Acquisition Expenses | 2,933 | - | 910 | - | 2,933 | - | ||||||||||||||||||
Other | 10,064 | 9,939 | 9,691 | 10,926 | 10,064 | 9,939 | ||||||||||||||||||
Total Non-Interest Expense | 75,459 | 67,754 | 58,172 | 82,242 | 75,459 | 67,754 | ||||||||||||||||||
Income Before Income Taxes | 59,730 | 54,481 | 45,820 | 75,313 | 59,730 | 54,481 | ||||||||||||||||||
Provision for Income Taxes | 14,203 | 26,111 | 16,097 | 19,277 | 14,203 | 26,111 | ||||||||||||||||||
Net Income | $ | 45,527 | $ | 28,370 | $ | 29,723 | $ | 56,036 | $ | 45,527 | $ | 28,370 | ||||||||||||
Basic and Diluted Earnings Per Common Share | $ | 56.82 | $ | 35.03 | $ | 37.44 | $ | 71.18 | $ | 56.82 | $ | 35.03 |
FARMERS & MERCHANTS BANCORP |
Consolidated Statements of Comprehensive Income |
Year Ended December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
Net Income | $ | 45,527 | $ | 28,370 | $ | 29,723 | ||||||
Other Comprehensive Loss | ||||||||||||
Net Unrealized Loss on Available-for-Sale Securities | (4,343 | ) | (1,011 | ) | (1,330 | ) | ||||||
Deferred Tax Benefit Related to Unrealized Losses | 1,284 | 281 | 559 | |||||||||
Reclassification Adjustment for Realized Loss (Gain) on Available-for-Sale Securities Included in Net Income | 1,261 | (131 | ) | 284 | ||||||||
Tax (Benefit) Expense Related to Reclassification Adjustment | (373 | ) | 55 | (119 | ) | |||||||
Change in Net Unrealized Loss on Available-for-Sale Securities, Net of Tax | (2,171 | ) | (806 | ) | (606 | ) | ||||||
Total Other Comprehensive Loss | (2,171 | ) | (806 | ) | (606 | ) | ||||||
Comprehensive Income | $ | 43,356 | $ | 27,564 | $ | 29,117 |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Net Income | $ | 56,036 | $ | 45,527 | $ | 28,370 | ||||||
Other Comprehensive Loss | ||||||||||||
Net Unrealized Gain (Loss) on Available-for-Sale Securities | 8,936 | (4,343 | ) | (1,011 | ) | |||||||
Deferred Tax Benefit Related to Unrealized (Gain) Losses | (2,642 | ) | 1,284 | 281 | ||||||||
Reclassification Adjustment for Realized (Gain) Loss on Available-for-Sale Securities Included in Net Income | (1 | ) | 1,260 | (131 | ) | |||||||
Tax (Benefit) Expense Related to Reclassification Adjustment | - | (372 | ) | 55 | ||||||||
Change in Net Unrealized Gain (Loss) on Available-for-Sale Securities, Net of Tax | 6,293 | (2,171 | ) | (806 | ) | |||||||
Total Other Comprehensive Income (Loss) | 6,293 | (2,171 | ) | (806 | ) | |||||||
Comprehensive Income | $ | 62,329 | $ | 43,356 | $ | 27,564 |
Farmers & Merchants Bancorp |
Consolidated Statements of Changes in Shareholders’ Equity |
Common Shares Outstanding | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Total Shareholders’ Equity | Common Shares Outstanding | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||
Balance, January 1, 2016 | 790,787 | $ | 8 | $ | 81,164 | $ | 170,068 | $ | 595 | $ | 251,835 | |||||||||||||||||||||||||||||||||||||
Net Income | 29,723 | 29,723 | ||||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared on Common Stock ($13.10 per share) | (10,478 | ) | (10,478 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock | 16,542 | 9,507 | 9,507 | |||||||||||||||||||||||||||||||||||||||||||||
Change in Net Unrealized Gain on Securities Available-for-Sale | (606 | ) | (606 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2016 | 807,329 | $ | 8 | $ | 90,671 | $ | 189,313 | $ | (11 | ) | $ | 279,981 | ||||||||||||||||||||||||||||||||||||
Balance, January 1, 2017 | 807,329 | $ | 8 | $ | 90,671 | $ | 189,313 | $ | (11 | ) | $ | 279,981 | ||||||||||||||||||||||||||||||||||||
Net Income | 28,370 | 28,370 | 28,370 | 28,370 | ||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared on Common Stock ($13.55 per share) | (10,982 | ) | (10,982 | ) | (10,982 | ) | (10,982 | ) | ||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock | 4,975 | 2,953 | 2,953 | 4,975 | 2,953 | 2,953 | ||||||||||||||||||||||||||||||||||||||||||
Tax Adjustment of Available-for-Sale Securities Reclassed from AOCI | 144 | (144 | ) | - | 144 | (144 | ) | - | ||||||||||||||||||||||||||||||||||||||||
Change in Net Unrealized Gain on Securities Available-for-Sale | (662 | ) | (662 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Change in Net Unrealized Loss on Securities Available-for-Sale | (662 | ) | (662 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2017 | 812,304 | $ | 8 | $ | 93,624 | $ | 206,845 | $ | (817 | ) | $ | 299,660 | 812,304 | $ | 8 | $ | 93,624 | $ | 206,845 | $ | (817 | ) | $ | 299,660 | ||||||||||||||||||||||||
Net Income | 45,527 | 45,527 | 45,527 | 45,527 | ||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared on Common Stock ($13.90 per share) | (11,151 | ) | (11,151 | ) | (11,151 | ) | (11,151 | ) | ||||||||||||||||||||||||||||||||||||||||
Repurchase of Common Stock | (44,503 | ) | (31,152 | ) | (31,152 | ) | (44,503 | ) | (31,152 | ) | (31,152 | ) | ||||||||||||||||||||||||||||||||||||
Issuance of Common Stock | 15,920 | 10,502 | 10,502 | 15,920 | 10,502 | 10,502 | ||||||||||||||||||||||||||||||||||||||||||
Change in Net Unrealized (Loss) on Securities Available-for-Sale | (2,171 | ) | (2,171 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Change in Net Unrealized Loss on Securities Available-for-Sale | (2,171 | ) | (2,171 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | 783,721 | $ | 8 | $ | 72,974 | $ | 241,221 | $ | (2,988 | ) | $ | 311,215 | 783,721 | 8 | 72,974 | 241,221 | (2,988 | ) | 311,215 | |||||||||||||||||||||||||||||
Net Income | 56,036 | 56,036 | ||||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared on Common Stock ($14.20 per share) | (11,221 | ) | (11,221 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock | 9,312 | 6,973 | 6,973 | |||||||||||||||||||||||||||||||||||||||||||||
Change in Net Unrealized Gain on Securities Available-for-Sale | 6,293 | 6,293 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 793,033 | $ | 8 | $ | 79,947 | $ | 286,036 | $ | 3,305 | $ | 369,296 |
Farmers & Merchants Bancorp |
Consolidated Statements of Cash Flows |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||||||||||
Operating Activities | ||||||||||||||||||||||||
Net Income | $ | 45,527 | $ | 28,370 | $ | 29,723 | $ | 56,036 | $ | 45,527 | $ | 28,370 | ||||||||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||||||||||||||||||
Provision for Credit Losses | 5,533 | 2,850 | 6,335 | 200 | 5,533 | 2,850 | ||||||||||||||||||
Depreciation and Amortization | 2,421 | 2,186 | 1,896 | 2,756 | 2,421 | 2,186 | ||||||||||||||||||
Provision for Deferred Income Taxes | 5,462 | 12,605 | (2,299 | ) | ||||||||||||||||||||
(Benefit) Provision for Deferred Income Taxes | (3,254 | ) | 5,462 | 12,605 | ||||||||||||||||||||
Net Amortization of Investment Security Premium & Discounts | 861 | 1,430 | 1,481 | 510 | 861 | 1,430 | ||||||||||||||||||
Amortization of Core Deposit Intangible | 228 | 110 | 13 | 639 | 228 | 110 | ||||||||||||||||||
Accretion of Discount on Acquired Loans | (153 | ) | (202 | ) | (43 | ) | (47 | ) | (153 | ) | (202 | ) | ||||||||||||
Net Loss (Gain) on Investment Securities | 1,260 | (131 | ) | 284 | ||||||||||||||||||||
Net (Gain) Loss on Sale of Property & Equipment | (273 | ) | (1,189 | ) | 71 | |||||||||||||||||||
Net (Gain) Loss on Investment Securities | (1 | ) | 1,260 | (131 | ) | |||||||||||||||||||
Net Loss (Gain) on Sale of Property & Equipment | 87 | (273 | ) | (1,189 | ) | |||||||||||||||||||
Net Gain on sale of ORE | - | (414 | ) | (5,941 | ) | - | - | (414 | ) | |||||||||||||||
Bargain Purchase Gain | - | - | (1,832 | ) | ||||||||||||||||||||
Earnings from Equity Investment | (66 | ) | - | - | - | (66 | ) | - | ||||||||||||||||
Dividends from Equity Investment | 63 | - | - | - | 63 | - | ||||||||||||||||||
Gain on Remeasurement of Previously Held Equity Investment | (997 | ) | - | - | - | (997 | ) | - | ||||||||||||||||
Net Change in Operating Assets & Liabilities: | ||||||||||||||||||||||||
Net Decrease (Increase) in Interest Receivable and Other Assets | (2,098 | ) | (275 | ) | 1,056 | 18,949 | (2,098 | ) | (275 | ) | ||||||||||||||
Net Increase (Decrease) in Interest Payable and Other Liabilities | 6 | (5,396 | ) | 4,068 | 4,983 | 6 | (5,396 | ) | ||||||||||||||||
Net Cash Provided by Operating Activities | 57,774 | 39,944 | 34,812 | 80,858 | 57,774 | 39,944 | ||||||||||||||||||
Investing Activities | ||||||||||||||||||||||||
Purchase of Investment Securities Available-for-Sale | (465,414 | ) | (325,573 | ) | (497,797 | ) | (652,280 | ) | (465,414 | ) | (325,573 | ) | ||||||||||||
Proceeds from Sold, Matured, or Called Securities Available-for-Sale | 550,727 | 289,857 | 426,142 | 644,244 | 550,727 | 289,857 | ||||||||||||||||||
Purchase of Investment Securities Held-to-Maturity | (9,813 | ) | (1,205 | ) | (2,264 | ) | (16,376 | ) | (9,813 | ) | (1,205 | ) | ||||||||||||
Proceeds from Matured, or Called Securities Held-to-Maturity | 10,647 | 4,794 | 5,499 | 10,871 | 10,647 | 4,794 | ||||||||||||||||||
Net Loans & Leases Paid, Originated or Acquired | (276,066 | ) | (38,178 | ) | (148,960 | ) | (102,413 | ) | (276,066 | ) | (38,178 | ) | ||||||||||||
Principal Collected on Loans & Leases Previously Charged Off | 158 | 259 | 232 | 220 | 158 | 259 | ||||||||||||||||||
Cash (Paid) Received from Acquisition, Net | (5,987 | ) | - | 31,751 | ||||||||||||||||||||
Cash Paid for Acquisition, Net | - | (5,987 | ) | - | ||||||||||||||||||||
Additions to Premises and Equipment | (4,577 | ) | (4,254 | ) | (1,504 | ) | (15,537 | ) | (4,577 | ) | (4,254 | ) | ||||||||||||
Purchase of Other Investment | (5,750 | ) | (14,380 | ) | (6,825 | ) | (4,400 | ) | (5,750 | ) | (14,380 | ) | ||||||||||||
Proceeds from Sale of Property & Equipment | 986 | 3,304 | - | 41 | 986 | 3,304 | ||||||||||||||||||
Proceeds from Sale of ORE | - | 3,186 | 8,282 | - | - | 3,186 | ||||||||||||||||||
Net Cash Used in Investing Activities | (205,089 | ) | (82,190 | ) | (185,444 | ) | (135,630 | ) | (205,089 | ) | (82,190 | ) | ||||||||||||
Financing Activities | ||||||||||||||||||||||||
Net Increase in Deposits | 148,033 | 141,517 | 200,524 | 215,187 | 148,033 | 141,517 | ||||||||||||||||||
Stock Repurchases | (31,152 | ) | - | - | - | (31,152 | ) | - | ||||||||||||||||
Cash Dividends | (11,151 | ) | (10,982 | ) | (10,478 | ) | (11,221 | ) | (11,151 | ) | (10,982 | ) | ||||||||||||
Net Cash Provided by Financing Activities | 105,730 | 130,535 | 190,046 | 203,966 | 105,730 | 130,535 | ||||||||||||||||||
Increase (Decrease) in Cash and Cash Equivalents | (41,585 | ) | 88,289 | 39,414 | ||||||||||||||||||||
Net Change in Cash and Cash Equivalents | 149,194 | (41,585 | ) | 88,289 | ||||||||||||||||||||
Cash and Cash Equivalents at Beginning of Year | 187,149 | 98,860 | 59,446 | 145,564 | 187,149 | 98,860 | ||||||||||||||||||
Cash and Cash Equivalents at End of Year | $ | 145,564 | $ | 187,149 | $ | 98,860 | $ | 294,758 | $ | 145,564 | $ | 187,149 | ||||||||||||
Supplementary Data | ||||||||||||||||||||||||
Loans Transferred to Foreclosed Assets (ORE) | $ | - | $ | - | $ | 538 | ||||||||||||||||||
Cash Payments Made for Income Taxes | $ | 7,971 | $ | 13,942 | $ | 12,891 | $ | 7,342 | $ | 7,971 | $ | 13,942 | ||||||||||||
Issuance of Common Stock to the Bank’s Non-Qualified Retirement Plans | $ | 10,502 | $ | 2,953 | $ | 2,586 | $ | 6,973 | $ | 10,502 | $ | 2,953 | ||||||||||||
Interest Paid | $ | 7,731 | $ | 6,005 | $ | 3,856 | $ | 11,755 | $ | 7,731 | $ | 6,005 | ||||||||||||
Supplementary Noncash Disclosure | ||||||||||||||||||||||||
Lease Liabilities Arising from Obtaining Right-of-Use Assets | $ | 5,645 | - | - | ||||||||||||||||||||
Acquisitions: | ||||||||||||||||||||||||
Fair Value of Assets Acquired | $ | 234,456 | $ | - | $ | 114,871 | $ | - | $ | 234,456 | $ | - | ||||||||||||
Fair Value of Liabilities Acquired | $ | 192,809 | $ | - | $ | 103,861 | $ | - | $ | 192,809 | $ | - | ||||||||||||
Issuance of Common Stock to Acquired Bank’s Shareholders | $ | - | $ | - | $ | 6,921 |
(in thousands) | 2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | ||||||||||||||||||||||||||||||||||||||||||
Core Deposit Intangible Amortization | $ | 639 | $ | 626 | $ | 611 | $ | 593 | $ | 573 | $ | 2,236 | $ | 5,278 | $ | 626 | $ | 611 | $ | 593 | $ | 573 | $ | 549 | $ | 1,688 | $ | 4,640 |
Bank of Rio Vista | ||||||||
(in thousands) | Book Value | Fair Value | ||||||
Assets Acquired: | ||||||||
Cash and Cash Equivalents | $ | 22,655 | $ | 22,655 | ||||
Investments | 104,118 | 104,118 | ||||||
Loans | 78,437 | 80,494 | ||||||
Core Deposit Intangible | - | 4,670 | ||||||
Goodwill | - | 11,183 | ||||||
Deferred Tax | 2,813 | 298 | ||||||
Other Assets | 9,470 | 11,038 | ||||||
Total Assets Acquired | $ | 217,493 | $ | 234,456 | ||||
Liabilities Assumed | ||||||||
Deposits: | ||||||||
Demand | 54,450 | 54,450 | ||||||
Interest-Bearing Transaction | 48,469 | 48,469 | ||||||
Savings and Money Market | 62,839 | 62,839 | ||||||
Time | 25,813 | 25,813 | ||||||
Total Deposits | $ | 191,571 | $ | 191,571 | ||||
Other Liabilities | 1,238 | 1,238 | ||||||
Total liabilities assumed | $ | 192,809 | $ | 192,809 | ||||
Cash Paid | 28,642 | |||||||
Value of Previously Held Equity Interest | 13,005 | |||||||
Total Merger Consideration | $ | 41,647 |
(in thousands) | Acquisition Date October 10, 2018 | |||
Book Value of Net Assets Acquired | $ | 24,684 | ||
Fair Value Adjustments: | ||||
Loans | 440 | |||
Reversal of Allowance for Loan Loss | 1,616 | |||
Core Deposit Intangible Asset | 4,670 | |||
Other Assets & Liabilities, net | 1,568 | |||
Total Purchase Accounting Adjustments | $ | 8,294 | ||
Deferred Tax Asset (tax effect of purchase | ||||
accounting adjustments at 29.56%) | (2,452 | ) | ||
DTA Adjustment | (62 | ) | ||
Fair Value of Net Assets Acquired | $ | 30,464 | ||
Merger Consideration | 41,647 | |||
Fair Value of Net Assets Acquired | (30,464 | ) | ||
Goodwill | $ | 11,183 |
(in thousands) | 2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | |||||||||||||||||||||
Core Deposit Intangible Amortization | $ | 533 | $ | 524 | $ | 512 | $ | 499 | $ | 481 | $ | 2,001 | $ | 4,550 |
(in thousands) | Year Ended December 31, 2018 | |||
Data Processing | $ | 1,978 | ||
Professional Services | 950 | |||
Other | 5 | |||
Total | $ | 2,933 |
Amortized | Gross Unrealized | Fair/Book | ||||||||||||||
December 31, 2019 | Cost | Gains | Losses | Value | ||||||||||||
US Treasury Notes | $ | 54,745 | $ | 250 | $ | - | $ | 54,995 | ||||||||
US Govt SBA | 10,902 | 9 | 113 | 10,798 | ||||||||||||
Mortgage Backed Securities (1) | 436,531 | 4,646 | 99 | 441,078 | ||||||||||||
Other | 515 | - | - | 515 | ||||||||||||
Total | $ | 502,693 | $ | 4,905 | $ | 212 | $ | 507,386 |
Amortized | Gross Unrealized | Fair/Book | ||||||||||||||
December 31, 2018 | Cost | Gains | Losses | Value | ||||||||||||
Government Agency & Government-Sponsored Entities | $ | 3,033 | $ | 6 | $ | - | $ | 3,039 | ||||||||
US Treasury Notes | 164,672 | - | 158 | 164,514 | ||||||||||||
US Govt SBA | 15,601 | 6 | 160 | 15,447 | ||||||||||||
Mortgage Backed Securities (1) | 310,982 | 1,196 | 5,133 | 307,045 | ||||||||||||
Other | 5,351 | - | - | 5,351 | ||||||||||||
Total | $ | 499,639 | $ | 1,208 | $ | 5,451 | $ | 495,396 |
Amortized | Gross Unrealized | Fair/Book | ||||||||||||||
December 31, 2017 | Cost | Gains | Losses | Value | ||||||||||||
Government Agency & Government-Sponsored Entities | $ | 3,080 | $ | 48 | $ | - | $ | 3,128 | ||||||||
US Treasury Notes | 144,606 | - | 442 | 144,164 | ||||||||||||
US Govt SBA | 29,559 | 29 | 208 | 29,380 | ||||||||||||
Mortgage Backed Securities (1) | 302,502 | 939 | 1,527 | 301,914 | ||||||||||||
Other | 3,010 | - | - | 3,010 | ||||||||||||
Total | $ | 482,757 | $ | 1,016 | $ | 2,177 | $ | 481,596 |
Book | Gross Unrealized | Fair | Book | Gross Unrealized | Fair | |||||||||||||||||||||||||||
December 31, 2018 | Value | Gains | Losses | Value | ||||||||||||||||||||||||||||
December 31, 2019 | Value | Gains | Losses | Value | ||||||||||||||||||||||||||||
Obligations of States and Political Subdivisions | $ | 53,566 | $ | 211 | $ | 39 | $ | 53,738 | $ | 60,229 | $ | 880 | $ | 12 | $ | 61,097 | ||||||||||||||||
Total | $ | 53,566 | $ | 211 | $ | 39 | $ | 53,738 | $ | 60,229 | $ | 880 | $ | 12 | $ | 61,097 |
Book | Gross Unrealized | Fair | Book | Gross Unrealized | Fair | |||||||||||||||||||||||||||
December 31, 2017 | Value | Gains | Losses | Value | ||||||||||||||||||||||||||||
December 31, 2018 | Value | Gains | Losses | Value | ||||||||||||||||||||||||||||
Obligations of States and Political Subdivisions | $ | 54,460 | $ | 776 | $ | - | $ | 55,236 | $ | 53,566 | $ | 211 | $ | 39 | $ | 53,738 | ||||||||||||||||
Total | $ | 54,460 | $ | 776 | $ | - | $ | 55,236 | $ | 53,566 | $ | 211 | $ | 39 | $ | 53,738 |
Available-for-Sale | Held-to-Maturity | Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||||||||
December 31, 2018 | Amortized Cost | Fair/Book Value | Book Value | Fair Value | ||||||||||||||||||||||||||||
December 31, 2019 | Amortized Cost | Fair/Book Value | Book Value | Fair Value | ||||||||||||||||||||||||||||
Within One Year | $ | 156,840 | $ | 156,751 | $ | 2,340 | $ | 2,342 | $ | 40,509 | $ | 40,510 | $ | 2,446 | $ | 2,446 | ||||||||||||||||
After One Year Through Five Years | 17,097 | 17,032 | 2,161 | 2,162 | 15,146 | 15,393 | 5,902 | 5,905 | ||||||||||||||||||||||||
After Five Years Through Ten Years | 1,474 | 1,472 | 21,167 | 21,292 | 955 | 955 | 23,980 | 24,689 | ||||||||||||||||||||||||
After Ten Years | 13,247 | 13,096 | 27,898 | 27,942 | 9,552 | 9,450 | 27,901 | 28,057 | ||||||||||||||||||||||||
188,658 | 188,351 | 53,566 | 53,738 | 66,162 | 66,308 | 60,229 | 61,097 | |||||||||||||||||||||||||
Investment Securities Not Due at a Single Maturity Date: | ||||||||||||||||||||||||||||||||
Mortgage Backed Securities | 310,981 | 307,045 | - | - | ||||||||||||||||||||||||||||
Total | $ | 499,639 | $ | 495,396 | $ | 53,566 | $ | 53,738 |
Investment Securities Not Due at a Single Maturity Date: | ||||||||||||||||
Mortgage Backed Securities | 436,531 | 441,078 | - | - | ||||||||||||
Total | $ | 502,693 | $ | 507,386 | $ | 60,229 | $ | 61,097 |
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
December 31, 2018 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||
US Treasury Notes | $ | 124,985 | $ | 7 | $ | 39,529 | $ | 151 | $ | 164,514 | $ | 158 | ||||||||||||
US Govt SBA | 3,250 | 28 | 8,618 | 132 | 11,868 | 160 | ||||||||||||||||||
Mortgage Backed Securities | 52,289 | 528 | 207,271 | 4,605 | 259,560 | 5,133 | ||||||||||||||||||
Total | $ | 180,524 | $ | 563 | $ | 255,418 | $ | 4,888 | $ | 435,942 | $ | 5,451 | ||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||
Obligations of States and Political Subdivisions | $ | 6,052 | $ | 23 | $ | 849 | $ | 16 | $ | 6,901 | $ | 39 | ||||||||||||
Total | $ | 6,052 | $ | 23 | $ | 849 | $ | 16 | $ | 6,901 | $ | 39 |
Less Than 12 Months | 12 Months or More | Total | Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||||||||||||||||||
US Treasury Notes | $ | 94,281 | $ | 144 | $ | 49,883 | $ | 298 | $ | 144,164 | $ | 442 | ||||||||||||||||||||||||||||||||||||
US Govt SBA | 8,379 | 51 | 12,900 | 157 | 21,279 | 208 | $ | 2,693 | $ | 6 | $ | 5,198 | $ | 107 | $ | 7,891 | $ | 113 | ||||||||||||||||||||||||||||||
Mortgage Backed Securities | 126,863 | 932 | 43,208 | 595 | 170,071 | 1,527 | 131,005 | 88 | 713 | 11 | 131,718 | 99 | ||||||||||||||||||||||||||||||||||||
Total | $ | 229,523 | $ | 1,127 | $ | 105,991 | $ | 1,050 | $ | 335,514 | $ | 2,177 | $ | 133,698 | $ | 94 | $ | 5,911 | $ | 118 | $ | 139,609 | $ | 212 | ||||||||||||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of States and Political Subdivisions | $ | 355 | $ | 12 | $ | - | $ | - | $ | 355 | $ | 12 | ||||||||||||||||||||||||||||||||||||
Total | $ | 355 | $ | 12 | $ | - | $ | - | $ | 355 | $ | 12 |
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
December 31, 2018 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||
US Treasury Notes | $ | 124,985 | $ | 7 | $ | 39,529 | $ | 151 | $ | 164,514 | $ | 158 | ||||||||||||
US Govt SBA | 3,250 | 28 | 8,618 | 132 | 11,868 | 160 | ||||||||||||||||||
Mortgage Backed Securities | 52,289 | 528 | 207,271 | 4,605 | 259,560 | 5,133 | ||||||||||||||||||
Total | $ | 180,524 | $ | 563 | $ | 255,418 | $ | 4,888 | $ | 435,942 | $ | 5,451 | ||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||
Obligations of States and Political Subdivisions | $ | 6,052 | $ | 23 | $ | 849 | $ | 16 | $ | 6,901 | $ | 39 | ||||||||||||
Total | $ | 6,052 | $ | 23 | $ | 849 | $ | 16 | $ | 6,901 | $ | 39 |
(in thousands) | Gross Proceeds | Gross Gains | Gross Losses | Gross Proceeds | Gross Gains | Gross Losses | ||||||||||||||||||
2019 | $ | 5,300 | $ | 1 | $ | - | ||||||||||||||||||
2018 | $ | 99,323 | $ | 78 | $ | 1,338 | $ | 99,323 | $ | 78 | $ | 1,338 | ||||||||||||
2017 | $ | 7,831 | $ | 143 | $ | 12 | $ | 7,831 | $ | 143 | $ | 12 | ||||||||||||
2016 | $ | 105,941 | $ | 250 | $ | 534 |
(in thousands) | 2018 | 2017 | ||||||
Commercial Real Estate | $ | 834,476 | $ | 691,639 | ||||
Agricultural Real Estate | 584,625 | 499,231 | ||||||
Real Estate Construction | 98,568 | 100,206 | ||||||
Residential 1st Mortgages | 259,736 | 260,751 | ||||||
Home Equity Lines and Loans | 40,789 | 34,525 | ||||||
Agricultural | 290,463 | 273,582 | ||||||
Commercial | 343,834 | 265,703 | ||||||
Consumer & Other | 19,412 | 6,656 | ||||||
Leases | 106,217 | 88,957 | ||||||
Total Gross Loans & Leases | 2,578,120 | 2,221,250 | ||||||
Less: Unearned Income | 6,879 | 5,955 | ||||||
Subtotal | 2,571,241 | 2,215,295 | ||||||
Less: Allowance for Credit Losses | 55,266 | 50,342 | ||||||
Loans & Leases, Net | $ | 2,515,975 | $ | 2,164,953 |
(in thousands) | 2019 | 2018 | ||||||
Commercial Real Estate | $ | 846,486 | $ | 834,476 | ||||
Agricultural Real Estate | 625,767 | 584,625 | ||||||
Real Estate Construction | 115,644 | 98,568 | ||||||
Residential 1st Mortgages | 255,253 | 259,736 | ||||||
Home Equity Lines and Loans | 39,270 | 40,789 | ||||||
Agricultural | 292,904 | 290,463 | ||||||
Commercial | 384,795 | 343,834 | ||||||
Consumer & Other | 15,422 | 19,412 | ||||||
Leases | 104,470 | 106,217 | ||||||
Total Gross Loans & Leases | 2,680,011 | 2,578,120 | ||||||
Less: Unearned Income | 6,984 | 6,879 | ||||||
Subtotal | 2,673,027 | 2,571,241 | ||||||
Less: Allowance for Credit Losses | 55,012 | 55,266 | ||||||
Loans & Leases, Net | $ | 2,618,015 | $ | 2,515,975 |
December 31, 2018 | Commercial Real Estate | Agricultural Real Estate | Real Estate Construction | Residential 1st Mortgages | Home Equity Lines & Loans | Agricultural | Commercial | Consumer & Other | Leases | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Agricultural Real Estate | Real Estate Construction | Residential 1st Mortgages | Home Equity Lines & Loans | Agricultural | Commercial | Consumer & Other | Leases | Unallocated | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year-To-Date Allowance for Credit Losses: | Year-To-Date Allowance for Credit Losses: | Year-To-Date Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- January 1, 2018 | $ | 10,922 | $ | 12,085 | $ | 1,846 | $ | 815 | $ | 2,324 | $ | 8,159 | $ | 9,197 | $ | 209 | $ | 3,363 | $ | 1,422 | $ | 50,342 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- January 1, 2019 | $ | 11,609 | $ | 14,092 | $ | 1,249 | $ | 880 | $ | 2,761 | $ | 8,242 | $ | 11,656 | $ | 494 | $ | 4,022 | $ | 261 | $ | 55,266 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-Offs | - | - | - | (31 | ) | (8 | ) | - | (613 | ) | (115 | ) | - | - | (767 | ) | - | - | - | - | - | - | (592 | ) | (83 | ) | - | - | (675 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 2 | - | - | 15 | 6 | 61 | 20 | 54 | - | - | 158 | - | 38 | - | 13 | 28 | - | 90 | 52 | - | - | 221 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | 685 | 2,007 | (597 | ) | 81 | 439 | 22 | 3,052 | 346 | 659 | (1,161 | ) | 5,533 | (556 | ) | 998 | 700 | (38 | ) | (114 | ) | (166 | ) | 312 | (7 | ) | (860 | ) | (69 | ) | 200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- December 31, 2018 | $ | 11,609 | $ | 14,092 | $ | 1,249 | $ | 880 | $ | 2,761 | $ | 8,242 | $ | 11,656 | $ | 494 | $ | 4,022 | $ | 261 | $ | 55,266 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- December 31, 2019 | $ | 11,053 | $ | 15,128 | $ | 1,949 | $ | 855 | $ | 2,675 | $ | 8,076 | $ | 11,466 | $ | 456 | $ | 3,162 | $ | 192 | $ | 55,012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 234 | - | - | 125 | 15 | - | 185 | 6 | - | - | 565 | 234 | - | - | 118 | 12 | 99 | 137 | 61 | - | - | 661 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 11,375 | 14,092 | 1,249 | 755 | 2,746 | 8,242 | 11,471 | 488 | 4,022 | 261 | 54,701 | 10,819 | 15,128 | 1,949 | 737 | 2,663 | 7,977 | 11,329 | 395 | 3,162 | 192 | 54,351 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 826,549 | $ | 584,625 | $ | 98,568 | $ | 259,736 | $ | 40,789 | $ | 290,463 | $ | 343,834 | $ | 19,412 | $ | 107,265 | $ | - | $ | 2,571,241 | $ | 838,570 | $ | 625,767 | $ | 115,644 | $ | 255,253 | $ | 39,270 | $ | 292,904 | $ | 384,795 | $ | 15,422 | $ | 105,402 | $ | - | $ | 2,673,027 | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 4,676 | 7,238 | - | 2,491 | 297 | - | 1,639 | 6 | - | - | 16,347 | 4,524 | 5,654 | - | 2,368 | 229 | 188 | 1,528 | 200 | - | - | 14,691 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 821,873 | 577,387 | 98,568 | 257,245 | 40,492 | 290,463 | 342,195 | 19,406 | 107,265 | - | 2,554,894 | 834,046 | 620,113 | 115,644 | 252,885 | 39,041 | 292,716 | 383,267 | 15,222 | 105,402 | - | 2,658,336 |
December 31, 2018 | Commercial Real Estate | Agricultural Real Estate | Real Estate Construction | Residential 1st Mortgages | Home Equity Lines & Loans | Agricultural | Commercial | Consumer & Other | Leases | Unallocated | Total | |||||||||||||||||||||||||||||||||
Year-To-Date Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- January 1, 2018 | $ | 10,922 | $ | 12,085 | $ | 1,846 | $ | 815 | $ | 2,324 | $ | 8,159 | $ | 9,197 | $ | 209 | $ | 3,363 | $ | 1,422 | $ | 50,342 | ||||||||||||||||||||||
Charge-Offs | - | - | - | (31 | ) | (8 | ) | - | (613 | ) | (115 | ) | - | - | (767 | ) | ||||||||||||||||||||||||||||
Recoveries | 2 | - | - | 15 | 6 | 61 | 20 | 54 | - | - | 158 | |||||||||||||||||||||||||||||||||
Provision | 685 | 2,007 | (597 | ) | 81 | 439 | 22 | 3,052 | 346 | 659 | (1,161 | ) | 5,533 | |||||||||||||||||||||||||||||||
Ending Balance- December 31, 2018 | $ | 11,609 | $ | 14,092 | $ | 1,249 | $ | 880 | $ | 2,761 | $ | 8,242 | $ | 11,656 | $ | 494 | $ | 4,022 | $ | 261 | $ | 55,266 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 234 | - | - | 125 | 15 | - | 185 | 6 | - | - | 565 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 11,375 | 14,092 | 1,249 | 755 | 2,746 | 8,242 | 11,471 | 488 | 4,022 | 261 | 54,701 | |||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 826,549 | $ | 584,625 | $ | 98,568 | $ | 259,736 | $ | 40,789 | $ | 290,463 | $ | 343,834 | $ | 19,412 | $ | 107,265 | $ | - | $ | 2,571,241 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 4,676 | 7,238 | - | 2,491 | 297 | - | 1,639 | 6 | - | - | 16,347 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 821,873 | 577,387 | 98,568 | 257,245 | 40,492 | 290,463 | 342,195 | 19,406 | 107,265 | - | 2,554,894 |
December 31, 2017 | Commercial Real Estate | Agricultural Real Estate | Real Estate Construction | Residential 1st Mortgages | Home Equity Lines & Loans | Agricultural | Commercial | Consumer & Other | Leases | Unallocated | Total | |||||||||||||||||||||||||||||||||
Year-To-Date Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- January 1, 2017 | $ | 11,110 | $ | 9,450 | $ | 3,223 | $ | 865 | $ | 2,140 | $ | 7,381 | $ | 8,515 | $ | 200 | $ | 3,586 | $ | 1,449 | $ | 47,919 | ||||||||||||||||||||||
Charge-Offs | (109 | ) | - | - | (53 | ) | (3 | ) | (374 | ) | - | (146 | ) | - | - | (685 | ) | |||||||||||||||||||||||||||
Recoveries | 109 | - | - | 40 | 8 | 17 | 8 | 76 | - | - | 258 | |||||||||||||||||||||||||||||||||
Provision | (188 | ) | 2,635 | (1,377 | ) | (37 | ) | 179 | 1,135 | 674 | 79 | (223 | ) | (27 | ) | 2,850 | ||||||||||||||||||||||||||||
Ending Balance- December 31, 2017 | $ | 10,922 | $ | 12,085 | $ | 1,846 | $ | 815 | $ | 2,324 | $ | 8,159 | $ | 9,197 | $ | 209 | $ | 3,363 | $ | 1,422 | $ | 50,342 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 366 | - | - | 73 | 17 | - | 220 | 8 | - | - | 684 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 10,556 | 12,085 | 1,846 | 742 | 2,307 | 8,159 | 8,977 | 201 | 3,363 | 1,422 | 49,658 | |||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 684,961 | $ | 499,231 | $ | 100,206 | $ | 260,751 | $ | 34,525 | $ | 273,582 | $ | 265,703 | $ | 6,656 | $ | 89,680 | $ | - | $ | 2,215,295 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 4,822 | - | - | 2,373 | 340 | - | 1,734 | 10 | - | - | 9,279 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 680,139 | 499,231 | 100,206 | 258,378 | 34,185 | 273,582 | 263,969 | 6,646 | 89,680 | - | 2,206,016 |
December 31, 2018 | Pass | Special Mention | Substandard | Total Loans | ||||||||||||||||||||||||||||
December 31, 2019 | Pass | Special Mention | Substandard | Total Loans | ||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 823,983 | $ | 2,566 | $ | - | $ | 826,549 | $ | 831,941 | $ | 6,629 | $ | - | $ | 838,570 | ||||||||||||||||
Agricultural Real Estate | 566,612 | 4,703 | 13,310 | 584,625 | 611,792 | 1,136 | 12,839 | 625,767 | ||||||||||||||||||||||||
Real Estate Construction | 98,568 | - | - | 98,568 | 115,644 | - | - | 115,644 | ||||||||||||||||||||||||
Residential 1st Mortgages | 259,208 | - | 528 | 259,736 | 254,459 | - | 794 | 255,253 | ||||||||||||||||||||||||
Home Equity Lines and Loans | 40,744 | - | 45 | 40,789 | 39,092 | - | 178 | 39,270 | ||||||||||||||||||||||||
Agricultural | 284,561 | 5,433 | 469 | 290,463 | 289,276 | 2,617 | 1,011 | 292,904 | ||||||||||||||||||||||||
Commercial | 343,085 | 163 | 586 | 343,834 | 380,650 | 3,239 | 906 | 384,795 | ||||||||||||||||||||||||
Consumer & Other | 19,229 | - | 183 | 19,412 | 14,934 | - | 488 | 15,422 | ||||||||||||||||||||||||
Leases | 107,265 | - | - | 107,265 | 105,402 | - | - | 105,402 | ||||||||||||||||||||||||
Total | $ | 2,543,255 | $ | 12,865 | $ | 15,121 | $ | 2,571,241 | $ | 2,643,190 | $ | 13,621 | $ | 16,216 | $ | 2,673,027 |
December 31, 2017 | Pass | Special Mention | Substandard | Total Loans | ||||||||||||||||||||||||||||
December 31, 2018 | Pass | Special Mention | Substandard | Total Loans | ||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 677,636 | $ | 6,843 | $ | 482 | $ | 684,961 | $ | 823,983 | $ | 2,566 | $ | - | $ | 826,549 | ||||||||||||||||
Agricultural Real Estate | 488,672 | 6,529 | 4,030 | 499,231 | 566,612 | 4,703 | 13,310 | 584,625 | ||||||||||||||||||||||||
Real Estate Construction | 90,728 | 9,478 | - | 100,206 | 98,568 | - | - | 98,568 | ||||||||||||||||||||||||
Residential 1st Mortgages | 259,795 | 41 | 915 | 260,751 | 259,208 | - | 528 | 259,736 | ||||||||||||||||||||||||
Home Equity Lines and Loans | 34,476 | - | 49 | 34,525 | 40,744 | - | 45 | 40,789 | ||||||||||||||||||||||||
Agricultural | 264,425 | 6,439 | 2,718 | 273,582 | 284,561 | 5,433 | 469 | 290,463 | ||||||||||||||||||||||||
Commercial | 260,565 | 4,610 | 528 | 265,703 | 343,085 | 163 | 586 | 343,834 | ||||||||||||||||||||||||
Consumer & Other | 6,498 | - | 158 | 6,656 | 19,229 | - | 183 | 19,412 | ||||||||||||||||||||||||
Leases | 87,497 | 2,183 | - | 89,680 | 107,265 | - | - | 107,265 | ||||||||||||||||||||||||
Total | $ | 2,170,292 | $ | 36,123 | $ | 8,880 | $ | 2,215,295 | $ | 2,543,255 | $ | 12,865 | $ | 15,121 | $ | 2,571,241 |
December 31, 2019 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Still Accruing | Nonaccrual | Total Past Due | Current | Total Loans & Leases | |||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||
Commercial Real Estate | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 838,570 | $ | 838,570 | ||||||||||||||
Agricultural Real Estate | - | - | - | - | - | 625,767 | 625,767 | |||||||||||||||||||||
Real Estate Construction | 240 | - | - | - | 240 | 115,404 | 115,644 | |||||||||||||||||||||
Residential 1st Mortgages | - | - | - | - | - | 255,253 | 255,253 | |||||||||||||||||||||
Home Equity Lines and Loans | - | - | - | - | - | 39,270 | 39,270 | |||||||||||||||||||||
Agricultural | - | - | - | - | - | 292,904 | 292,904 | |||||||||||||||||||||
Commercial | 77 | - | - | - | 77 | 384,718 | 384,795 | |||||||||||||||||||||
Consumer & Other | 35 | - | - | - | 35 | 15,387 | 15,422 | |||||||||||||||||||||
Leases | - | - | - | - | - | 105,402 | 105,402 | |||||||||||||||||||||
Total | $ | 352 | $ | - | $ | - | $ | - | $ | 352 | $ | 2,672,675 | $ | 2,673,027 |
December 31, 2018 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Still Accruing | Nonaccrual | Total Past Due | Current | Total Loans & Leases | |||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||
Commercial Real Estate | $ | - | $ | 731 | $ | - | $ | - | $ | 731 | $ | 825,818 | $ | 826,549 | ||||||||||||||
Agricultural Real Estate | - | - | - | - | - | 584,625 | 584,625 | |||||||||||||||||||||
Real Estate Construction | 327 | - | - | - | 327 | 98,241 | 98,568 | |||||||||||||||||||||
Residential 1st Mortgages | 367 | - | - | - | 367 | 259,369 | 259,736 | |||||||||||||||||||||
Home Equity Lines and Loans | - | - | - | - | - | 40,789 | 40,789 | |||||||||||||||||||||
Agricultural | - | - | - | - | - | 290,463 | 290,463 | |||||||||||||||||||||
Commercial | - | - | - | - | - | 343,834 | 343,834 | |||||||||||||||||||||
Consumer & Other | 13 | - | - | - | 13 | 19,399 | 19,412 | |||||||||||||||||||||
Leases | - | - | - | - | - | 107,265 | 107,265 | |||||||||||||||||||||
Total | $ | 707 | $ | 731 | $ | - | $ | - | $ | 1,438 | $ | 2,569,803 | $ | 2,571,241 |
December 31, 2017 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Still Accruing | Nonaccrual | Total Past Due | Current | Total Loans & Leases | |||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||
Commercial Real Estate | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 684,961 | $ | 684,961 | ||||||||||||||
Agricultural Real Estate | - | - | - | - | - | 499,231 | 499,231 | |||||||||||||||||||||
Real Estate Construction | - | - | - | - | - | 100,206 | 100,206 | |||||||||||||||||||||
Residential 1st Mortgages | 448 | - | - | - | 448 | 260,303 | 260,751 | |||||||||||||||||||||
Home Equity Lines and Loans | 10 | - | - | - | 10 | 34,515 | 34,525 | |||||||||||||||||||||
Agricultural | - | - | - | - | - | 273,582 | 273,582 | |||||||||||||||||||||
Commercial | 180 | - | - | - | 180 | 265,523 | 265,703 | |||||||||||||||||||||
Consumer & Other | 7 | - | - | - | 7 | 6,649 | 6,656 | |||||||||||||||||||||
Leases | - | - | - | - | - | 89,680 | 89,680 | |||||||||||||||||||||
Total | $ | 645 | $ | - | $ | - | $ | - | $ | 645 | $ | 2,214,650 | $ | 2,215,295 |
December 31, 2018 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||
December 31, 2019 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 95 | $ | 96 | $ | - | $ | 99 | $ | 8 | $ | 86 | $ | 86 | $ | - | $ | 90 | $ | 8 | ||||||||||||||||||||
Agricultural Real Estate | 7,239 | 7,238 | - | 3,620 | 119 | 5,654 | 5,654 | - | 6,069 | 379 | ||||||||||||||||||||||||||||||
Residential 1st Mortgages | - | - | - | 226 | 8 | |||||||||||||||||||||||||||||||||||
Commercial | - | - | - | 8 | 1 | |||||||||||||||||||||||||||||||||||
$ | 7,334 | $ | 7,334 | $ | - | $ | 3,945 | $ | 135 | $ | 5,740 | $ | 5,740 | $ | - | $ | 6,167 | $ | 388 | |||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 2,902 | $ | 2,892 | $ | 234 | $ | 2,929 | $ | 96 | $ | 2,822 | $ | 2,822 | $ | 234 | $ | 2,853 | $ | 94 | ||||||||||||||||||||
Residential 1st Mortgages | 1,640 | 1,838 | 82 | 1,371 | 48 | 1,562 | 1,770 | 74 | 1,601 | 73 | ||||||||||||||||||||||||||||||
Home Equity Lines and Loans | 74 | 84 | 4 | 76 | 4 | 68 | 79 | 7 | 71 | 4 | ||||||||||||||||||||||||||||||
Agricultural | 188 | 188 | 99 | 195 | 6 | |||||||||||||||||||||||||||||||||||
Commercial | 1,644 | 1,639 | 185 | 1,834 | 58 | 1,528 | 1,528 | 137 | 1,554 | 53 | ||||||||||||||||||||||||||||||
Consumer & Other | 6 | 7 | 6 | 7 | - | 200 | 200 | 61 | 54 | - | ||||||||||||||||||||||||||||||
$ | 6,266 | $ | 6,460 | $ | 511 | $ | 6,217 | $ | 206 | $ | 6,368 | $ | 6,587 | $ | 612 | $ | 6,328 | $ | 230 | |||||||||||||||||||||
Total | $ | 13,600 | $ | 13,794 | $ | 511 | $ | 10,162 | $ | 341 | $ | 12,108 | $ | 12,327 | $ | 612 | $ | 12,495 | $ | 618 |
December 31, 2017 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||
Commercial Real Estate | $ | 104 | $ | 104 | $ | - | $ | 107 | $ | 11 | ||||||||||
Agricultural Real Estate | - | - | - | 488 | - | |||||||||||||||
Residential 1st Mortgages | 911 | 1,012 | - | 532 | 11 | |||||||||||||||
Home Equity Lines and Loans | - | - | - | 16 | - | |||||||||||||||
Agricultural | - | - | - | 30 | - | |||||||||||||||
$ | 1,015 | $ | 1,116 | $ | - | $ | 1,173 | $ | 22 | |||||||||||
With an allowance recorded: | ||||||||||||||||||||
Commercial Real Estate | $ | 2,973 | $ | 2,961 | $ | 366 | $ | 2,999 | $ | 104 | ||||||||||
Residential 1st Mortgages | 508 | 571 | 25 | 469 | 16 | |||||||||||||||
Home Equity Lines and Loans | 73 | 89 | 4 | 74 | 3 | |||||||||||||||
Agricultural | - | - | - | 409 | 21 | |||||||||||||||
Commercial | 1,741 | 1,734 | 220 | 1,693 | 59 | |||||||||||||||
Consumer & Other | 8 | 9 | 8 | 11 | - | |||||||||||||||
$ | 5,303 | $ | 5,364 | $ | 623 | $ | 5,655 | $ | 203 | |||||||||||
Total | $ | 6,318 | $ | 6,480 | $ | 623 | $ | 6,828 | $ | 225 |
December 31, 2018 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||
Commercial Real Estate | $ | 95 | $ | 96 | $ | - | $ | 99 | $ | 8 | ||||||||||
Agricultural Real Estate | 7,239 | 7,238 | - | 3,620 | 119 | |||||||||||||||
Residential 1st Mortgages | - | - | - | 226 | 8 | |||||||||||||||
$ | 7,334 | $ | 7,334 | $ | - | $ | 3,945 | $ | 135 | |||||||||||
With an allowance recorded: | ||||||||||||||||||||
Commercial Real Estate | $ | 2,902 | $ | 2,892 | $ | 234 | $ | 2,929 | $ | 96 | ||||||||||
Residential 1st Mortgages | 1,640 | 1,838 | 82 | 1,371 | 48 | |||||||||||||||
Home Equity Lines and Loans | 74 | 84 | 4 | 76 | 4 | |||||||||||||||
Commercial | 1,644 | 1,639 | 185 | 1,834 | 58 | |||||||||||||||
Consumer & Other | 6 | 7 | 6 | 7 | - | |||||||||||||||
$ | 6,266 | $ | 6,460 | $ | 511 | $ | 6,217 | $ | 206 | |||||||||||
Total | $ | 13,600 | $ | 13,794 | $ | 511 | $ | 10,162 | $ | 341 |
December 31, 2019 | ||||||||||||
Troubled Debt Restructurings | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||
Agricultural | 1 | $ | 201 | $ | 201 | |||||||
Consumer & Other | 1 | 195 | 195 | |||||||||
Total | 2 | $ | 396 | $ | 396 |
December 31, 2018 | December 31, 2018 | |||||||||||||||||||||||
Troubled Debt Restructurings | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||
Agricultural Real Estate | 1 | $ | 7,239 | $ | 7,239 | 1 | $ | 7,239 | $ | 7,239 | ||||||||||||||
Residential 1st Mortgages | 2 | 286 | 255 | 2 | 286 | 255 | ||||||||||||||||||
Total | 3 | $ | 7,525 | $ | 7,494 | 3 | $ | 7,525 | $ | 7,494 |
December 31, 2017 | ||||||||||||
Troubled Debt Restructurings | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||
Residential 1st Mortgages | 2 | $ | 673 | $ | 630 | |||||||
Home Equity Lines and Loans | 1 | 32 | 32 | |||||||||
Commercial | 2 | 138 | 138 | |||||||||
Consumer & Other | 1 | 9 | 8 | |||||||||
Total | 6 | $ | 852 | $ | 808 |
(in thousands) | 2018 | 2017 | 2019 | 2018 | ||||||||||||
Land and Buildings | $ | 39,329 | $ | 36,018 | $ | 53,997 | $ | 39,329 | ||||||||
Furniture, Fixtures and Equipment | 21,136 | 20,399 | 21,058 | 21,136 | ||||||||||||
Leasehold Improvement | 3,606 | 3,117 | 3,745 | 3,606 | ||||||||||||
Subtotal | 64,071 | 59,534 | 78,800 | 64,071 | ||||||||||||
Less: Accumulated Depreciation and Amortization | 31,448 | 30,855 | 33,529 | 31,448 | ||||||||||||
Total | $ | 32,623 | $ | 28,679 | $ | 45,271 | $ | 32,623 |
(in thousands) | 2018 | 2017 | 2019 | 2018 | ||||||||||||
Balance | $ | 219,022 | $ | 212,574 | $ | 257,392 | $ | 219,022 |
(in thousands) | Scheduled Maturities | Scheduled Maturities | ||||||
2019 | $ | 400,868 | ||||||
2020 | 74,908 | $ | 462,263 | |||||
2021 | 7,779 | 46,150 | ||||||
2022 | 4,768 | 6,839 | ||||||
2023 | 1,704 | 1,676 | ||||||
2024 | 994 | |||||||
Total | $ | 490,027 | $ | 517,922 |
(in thousands) | 2018 | 2017 | 2016 | 2019 | 2018 | 2017 | ||||||||||||||||||
Current | ||||||||||||||||||||||||
Federal | $ | 2,517 | $ | 9,460 | $ | 13,101 | $ | 14,798 | $ | 2,517 | $ | 9,460 | ||||||||||||
State | 6,224 | 4,046 | 4,832 | 7,733 | 6,224 | 4,046 | ||||||||||||||||||
Total Current | 8,741 | 13,506 | 17,933 | 22,531 | 8,741 | 13,506 | ||||||||||||||||||
Deferred | ||||||||||||||||||||||||
Federal | 5,622 | 11,154 | (1,607 | ) | (3,500 | ) | 5,622 | 11,154 | ||||||||||||||||
State | (160 | ) | 1,451 | (229 | ) | 246 | (160 | ) | 1,451 | |||||||||||||||
Total Deferred | 5,462 | 12,605 | (1,836 | ) | (3,254 | ) | 5,462 | 12,605 | ||||||||||||||||
Total Provision for Taxes | $ | 14,203 | $ | 26,111 | $ | 16,097 | $ | 19,277 | $ | 14,203 | $ | 26,111 |
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Amount | Rate | Amount | Rate | Amount | Rate | Amount | Rate | Amount | Rate | Amount | Rate | ||||||||||||||||||||||||||||||||||||
Tax Provision at Federal Statutory Rate | $ | 12,543 | 21.0 | % | $ | 19,068 | 35.0 | % | $ | 16,037 | 35.0 | % | $ | 15,816 | 21.0 | % | $ | 12,543 | 21.0 | % | $ | 19,068 | 35.0 | % | ||||||||||||||||||||||||
Interest on Obligations of States and Political | ||||||||||||||||||||||||||||||||||||||||||||||||
Subdivisions exempt from Federal Taxation | (338 | ) | (0.6 | %) | (617 | ) | (1.1 | %) | (675 | ) | (1.5 | %) | (358 | ) | (0.5 | %) | (338 | ) | (0.6 | %) | (617 | ) | (1.1 | %) | ||||||||||||||||||||||||
State and Local Income Taxes, Net of Federal Income | ||||||||||||||||||||||||||||||||||||||||||||||||
Tax Benefit | 4,791 | 7.9 | % | 3,573 | 6.5 | % | 2,992 | 6.5 | % | 6,304 | 8.4 | % | 4,791 | 7.9 | % | 3,573 | 6.5 | % | ||||||||||||||||||||||||||||||
Bank Owned Life Insurance | (434 | ) | (0.7 | %) | (696 | ) | (1.3 | %) | (731 | ) | (1.6 | %) | (460 | ) | (0.6 | %) | (434 | ) | (0.7 | %) | (696 | ) | (1.3 | %) | ||||||||||||||||||||||||
Low-Income Housing Tax Credit | (1,624 | ) | (2.7 | %) | (1,546 | ) | (2.8 | %) | (1,201 | ) | (2.6 | %) | (2,078 | ) | (2.8 | %) | (1,624 | ) | (2.7 | %) | (1,546 | ) | (2.8 | %) | ||||||||||||||||||||||||
Out of Period Adjustment | (802 | ) | (1.3 | %) | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | (802 | ) | (1.3 | %) | - | 0.0 | % | ||||||||||||||||||||||||||||
Bargain Purchase Gain | - | 0.0 | % | - | 0.0 | % | (641 | ) | (1.4 | %) | ||||||||||||||||||||||||||||||||||||||
Deferred Tax Asset Remeasurement | - | 0.0 | % | 6,256 | 11.5 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | 6,256 | 11.5 | % | ||||||||||||||||||||||||||||||
Other, Net | 67 | 0.1 | % | 73 | 0.1 | % | 316 | 0.7 | % | 53 | 0.1 | % | 67 | 0.1 | % | 73 | 0.1 | % | ||||||||||||||||||||||||||||||
Total Provision for Taxes | $ | 14,203 | 23.8 | % | $ | 26,111 | 47.9 | % | $ | 16,097 | 35.1 | % | $ | 19,277 | 25.6 | % | $ | 14,203 | 23.8 | % | $ | 26,111 | 47.9 | % |
(in thousands) | 2018 | 2017 | 2019 | 2018 | ||||||||||||
Deferred Tax Assets | ||||||||||||||||
Allowance for Credit Losses | $ | 15,877 | $ | 14,962 | $ | 15,925 | $ | 15,877 | ||||||||
Accrued Liabilities | 7,444 | 7,421 | 8,452 | 7,444 | ||||||||||||
Deferred Compensation | 11,207 | 8,996 | 14,200 | 11,207 | ||||||||||||
State Franchise Tax | 1,307 | 850 | 1,624 | 1,307 | ||||||||||||
Tax Credit Carry Forward | 1,266 | - | ||||||||||||||
Lease Liability | 1,487 | - | ||||||||||||||
Acquired Net Operating Loss | 715 | 756 | 673 | 715 | ||||||||||||
Fair Value Adjustment on Loans Acquired | 300 | 242 | 286 | 300 | ||||||||||||
Fair Value Adjustment on ORE Acquired | 108 | 108 | 108 | 108 | ||||||||||||
Unrealized Loss on Securities Available-for-Sale | 1,800 | 373 | - | 1,800 | ||||||||||||
Low-Income Housing Investment | 412 | 470 | 286 | 412 | ||||||||||||
Other | 7 | 17 | 2 | 7 | ||||||||||||
Total Deferred Tax Assets | $ | 39,177 | $ | 34,195 | $ | 44,309 | $ | 39,177 | ||||||||
Deferred Tax Liabilities | ||||||||||||||||
Premises and Equipment | (2,226 | ) | (1,361 | ) | (1,974 | ) | (2,226 | ) | ||||||||
Securities Accretion | (229 | ) | (164 | ) | (370 | ) | (229 | ) | ||||||||
Unrealized Gain on Securities Available-for-Sale | (935 | ) | - | |||||||||||||
Leasing Activities | (17,215 | ) | (12,389 | ) | (19,226 | ) | (17,215 | ) | ||||||||
Core Deposit Intangible Asset | (1,560 | ) | (247 | ) | (1,372 | ) | (1,560 | ) | ||||||||
ROU Lease Asset | (1,471 | ) | - | |||||||||||||
Prepaid | (116 | ) | (964 | ) | (66 | ) | (116 | ) | ||||||||
Other | (1,000 | ) | (944 | ) | (898 | ) | (1,000 | ) | ||||||||
Total Deferred Tax Liabilities | (22,346 | ) | (16,069 | ) | (26,312 | ) | (22,346 | ) | ||||||||
Net Deferred Tax Assets | $ | 16,831 | $ | 18,126 | $ | 17,997 | $ | 16,831 |
(in thousands) | Actual | Current Regulatory Capital Requirements | Well Capitalized Under Prompt Corrective Action | Actual | Current Regulatory Capital Requirements | Well Capitalized Under Prompt Corrective Action | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||||
Total Bank Capital to Risk Weighted Assets | $ | 346,763 | 11.39 | % | $ | 243,455 | 8.0 | % | $ | 304,319 | 10.0 | % | $ | 399,230 | 12.33 | % | $ | 259,012 | 8.00 | % | $ | 323,765 | 10.00 | % | ||||||||||||||||||||||||
Total Consolidated Capital to Risk Weighted Assets | $ | 346,845 | 11.40 | % | $ | 243,459 | 8.0 | % | N/A | N/A | $ | 400,258 | 12.36 | % | $ | 259,028 | 8.00 | % | N/A | N/A | ||||||||||||||||||||||||||||
Total Bank Common Equity Tier 1 Capital Ratio | $ | 308,507 | 10.14 | % | $ | 136,944 | 4.5 | % | $ | 197,807 | 6.5 | % | $ | 358,576 | 11.08 | % | $ | 145,694 | 4.50 | % | $ | 210,447 | 6.50 | % | ||||||||||||||||||||||||
Total Consolidated Common Equity Tier 1 Capital Ratio | $ | 298,588 | 9.81 | % | $ | 136,945 | 4.5 | % | N/A | N/A | $ | 349,601 | 10.80 | % | $ | 145,703 | 4.50 | % | N/A | N/A | ||||||||||||||||||||||||||||
Tier 1 Bank Capital to Risk Weighted Assets | $ | 308,507 | 10.14 | % | $ | 182,591 | 6.0 | % | $ | 243,455 | 8.0 | % | $ | 358,576 | 11.08 | % | $ | 194,259 | 6.00 | % | $ | 259,012 | 8.00 | % | ||||||||||||||||||||||||
Tier 1 Consolidated Capital to Risk Weighted Assets | $ | 308,588 | 10.14 | % | $ | 182,594 | 6.0 | % | N/A | N/A | $ | 359,601 | 11.11 | % | $ | 194,271 | 6.00 | % | N/A | N/A | ||||||||||||||||||||||||||||
Tier 1 Bank Capital to Average Assets | $ | 308,507 | 9.15 | % | $ | 134,822 | 3.0 | % | $ | 168,527 | 5.0 | % | $ | 358,576 | 9.89 | % | $ | 145,079 | 3.00 | % | $ | 181,349 | 5.00 | % | ||||||||||||||||||||||||
Tier 1 Consolidated Capital to Average Assets | $ | 308,588 | 9.08 | % | $ | 135,949 | 3.0 | % | N/A | N/A | $ | 359,601 | 9.90 | % | $ | 145,255 | 3.00 | % | N/A | N/A |
(in thousands) | Actual | Current Regulatory Capital Requirements | Well Capitalized Under Prompt Corrective Action | |||||||||||||||||||||
December 31, 2017 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
Total Bank Capital to Risk Weighted Assets | $ | 330,041 | 12.66 | % | $ | 208,552 | 8.0 | % | $ | 260,691 | 10.0 | % | ||||||||||||
Total Consolidated Capital to Risk Weighted Assets | $ | 342,210 | 13.07 | % | $ | 209,532 | 8.0 | % | N/A | N/A | ||||||||||||||
Total Bank Common Equity Tier 1 Capital Ratio | $ | 297,232 | 11.40 | % | $ | 117,311 | 4.5 | % | $ | 169,449 | 6.5 | % | ||||||||||||
Total Consolidated Common Equity Tier 1 Capital Ratio | $ | 299,401 | 11.43 | % | $ | 117,862 | 4.5 | % | N/A | N/A | ||||||||||||||
Tier 1 Bank Capital to Risk Weighted Assets | $ | 297,232 | 11.40 | % | $ | 156,414 | 6.0 | % | $ | 208,552 | 8.0 | % | ||||||||||||
Tier 1 Consolidated Capital to Risk Weighted Assets | $ | 309,250 | 11.81 | % | $ | 157,150 | 6.0 | % | N/A | N/A | ||||||||||||||
Tier 1 Bank Capital to Average Assets | $ | 297,232 | 9.65 | % | $ | 123,178 | 4.0 | % | $ | 153,972 | 5.0 | % | ||||||||||||
Tier 1 Consolidated Capital to Average Assets | $ | 309,250 | 9.99 | % | $ | 123,790 | 4.0 | % | N/A | N/A |
(in thousands) | Actual | Current Regulatory Capital Requirements | Well Capitalized Under Prompt Corrective Action | |||||||||||||||||||||
December 31, 2018 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
Total Bank Capital to Risk Weighted Assets | $ | 346,763 | 11.39 | % | $ | 243,455 | 8.00 | % | $ | 304,319 | 10.00 | % | ||||||||||||
Total Consolidated Capital to Risk Weighted Assets | $ | 346,845 | 11.40 | % | $ | 243,459 | 8.00 | % | N/A | N/A | ||||||||||||||
Total Bank Common Equity Tier 1 Capital Ratio | $ | 308,507 | 10.14 | % | $ | 136,944 | 4.50 | % | $ | 197,807 | 6.50 | % | ||||||||||||
Total Consolidated Common Equity Tier 1 Capital Ratio | $ | 298,588 | 9.81 | % | $ | 136,945 | 4.50 | % | N/A | N/A | ||||||||||||||
Tier 1 Bank Capital to Risk Weighted Assets | $ | 308,507 | 10.14 | % | $ | 182,591 | 6.00 | % | $ | 243,455 | 8.00 | % | ||||||||||||
Tier 1 Consolidated Capital to Risk Weighted Assets | $ | 308,588 | 10.14 | % | $ | 182,594 | 6.00 | % | N/A | N/A | ||||||||||||||
Tier 1 Bank Capital to Average Assets | $ | 308,507 | 9.15 | % | $ | 134,822 | 3.00 | % | $ | 168,527 | 5.00 | % | ||||||||||||
Tier 1 Consolidated Capital to Average Assets | $ | 308,588 | 9.08 | % | $ | 135,949 | 3.00 | % | N/A | N/A |
(net income in thousands) | 2018 | 2017 | 2016 | 2019 | 2018 | 2017 | ||||||||||||||||||
Net Income | $ | 45,527 | $ | 28,370 | $ | 29,723 | $ | 56,036 | $ | 45,527 | $ | 28,370 | ||||||||||||
Weighted Average Number of Common Shares Outstanding | 801,229 | 809,834 | 793,970 | 787,227 | 801,229 | 809,834 | ||||||||||||||||||
Basic Earnings Per Common Share | $ | 56.82 | $ | 35.03 | $ | 37.44 | $ | 71.18 | $ | 56.82 | $ | 35.03 |
Fair Value Measurements At December 31, 2018, Using | Fair Value Measurements At December 31, 2019, Using | |||||||||||||||||||||||||||||||
(in thousands) | Fair Value Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||||||||||
Government Agency & Government-Sponsored Entities | $ | 3,039 | $ | - | $ | 3,039 | $ | - | ||||||||||||||||||||||||
US Treasury Notes | 164,514 | 164,514 | - | - | $ | 54,995 | $ | 54,995 | $ | - | $ | - | ||||||||||||||||||||
US Govt SBA | 15,447 | - | 15,447 | - | 10,798 | - | 10,798 | - | ||||||||||||||||||||||||
Mortgage Backed Securities | 307,045 | - | 307,045 | - | 441,078 | - | 441,078 | - | ||||||||||||||||||||||||
Other | 5,351 | 202 | 310 | 4,839 | 515 | 205 | 310 | - | ||||||||||||||||||||||||
Total Assets Measured at Fair Value On a Recurring Basis | $ | 495,396 | $ | 164,716 | $ | 325,841 | $ | 4,839 | $ | 507,386 | $ | 55,200 | $ | 452,186 | $ | - |
Fair Value Measurements At December 31, 2017, Using | Fair Value Measurements At December 31, 2018, Using | |||||||||||||||||||||||||||||||
(in thousands) | Fair Value Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||||||||||
Government Agency & Government-Sponsored Entities | $ | 3,128 | $ | - | $ | 3,128 | $ | - | $ | 3,039 | $ | - | $ | 3,039 | $ | - | ||||||||||||||||
US Treasury Notes | 144,164 | 144,164 | - | - | 164,514 | 164,514 | - | - | ||||||||||||||||||||||||
US Govt SBA | 29,380 | - | 29,380 | - | 15,447 | - | 15,447 | - | ||||||||||||||||||||||||
Mortgage Backed Securities | 301,914 | - | 301,914 | - | 307,045 | - | 307,045 | - | ||||||||||||||||||||||||
Other | 3,010 | 200 | 310 | 2,500 | 5,351 | 202 | 310 | 4,839 | ||||||||||||||||||||||||
Total Assets Measured at Fair Value On a Recurring Basis | $ | 481,596 | $ | 144,364 | $ | 334,732 | $ | 2,500 | $ | 495,396 | $ | 164,716 | $ | 325,841 | $ | 4,839 |
Fair Value Measurements At December 31, 2018, Using | Fair Value Measurements At December 31, 2019, Using | |||||||||||||||||||||||||||||||
(in thousands) | Fair Value Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Impaired Loans: | ||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 2,658 | $ | - | $ | - | $ | 2,658 | $ | 2,588 | $ | - | $ | - | $ | 2,588 | ||||||||||||||||
Residential 1st Mortgage | 1,550 | - | - | 1,550 | 1,403 | - | - | 1,403 | ||||||||||||||||||||||||
Home Equity Lines and Loans | 70 | - | - | 70 | 142 | - | - | 142 | ||||||||||||||||||||||||
Agricultural | 88 | - | - | 88 | ||||||||||||||||||||||||||||
Commercial | 1,454 | - | - | 1,454 | 1,391 | - | - | 1,391 | ||||||||||||||||||||||||
Consumer | 139 | - | - | 139 | ||||||||||||||||||||||||||||
Total Impaired Loans | 5,732 | - | - | 5,732 | 5,751 | - | - | 5,751 | ||||||||||||||||||||||||
Other Real Estate: | ||||||||||||||||||||||||||||||||
Real Estate Construction | 873 | - | - | 873 | 873 | - | - | 873 | ||||||||||||||||||||||||
Total Other Real Estate | 873 | - | - | 873 | 873 | - | - | 873 | ||||||||||||||||||||||||
Total Assets Measured at Fair Value On a Non-Recurring Basis | $ | 6,605 | $ | - | $ | - | $ | 6,605 | $ | 6,624 | $ | - | $ | - | $ | 6,624 |
Fair Value Measurements At December 31, 2017, Using | Fair Value Measurements At December 31, 2018, Using | |||||||||||||||||||||||||||||||
(in thousands) | Fair Value Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Impaired Loans: | ||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 2,595 | $ | - | $ | - | $ | 2,595 | $ | 2,658 | $ | - | $ | - | $ | 2,658 | ||||||||||||||||
Residential 1st Mortgage | 997 | - | - | 997 | 1,550 | - | - | 1,550 | ||||||||||||||||||||||||
Home Equity Lines and Loans | 75 | - | - | 75 | 70 | - | - | 70 | ||||||||||||||||||||||||
Commercial | 1,514 | - | - | 1,514 | 1,454 | - | - | 1,454 | ||||||||||||||||||||||||
Total Impaired Loans | 5,181 | - | - | 5,181 | 5,732 | - | - | 5,732 | ||||||||||||||||||||||||
Other Real Estate: | ||||||||||||||||||||||||||||||||
Real Estate Construction | 873 | - | - | 873 | 873 | - | - | 873 | ||||||||||||||||||||||||
Total Other Real Estate | 873 | - | - | 873 | 873 | - | - | 873 | ||||||||||||||||||||||||
Total Assets Measured at Fair Value On a Non-Recurring Basis | $ | 6,054 | $ | - | $ | - | $ | 6,054 | $ | 6,605 | $ | - | $ | - | $ | 6,605 |
December 31, 2019 (in thousands) | Fair Value | Valuation Technique | Unobservable Inputs | Range, Weighted Avg. | ||||
Impaired Loans: | ||||||||
Commercial Real Estate | $ | 2,588 | Income Approach | Capitalization Rate | 3.3 | % | ||
Residential 1st Mortgages | $ | 1,403 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 0.8% - 6.4%, 3 | % | ||
Home Equity Lines and Loans | $ | 142 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 1% - 2%, 1.3 | % | ||
Agricultural | $ | 88 | Income Approach | Capitalization Rate | 4.3 | % | ||
Commercial | $ | 1,391 | Income Approach | Capitalization Rate | 3.3 | % | ||
Consumer | $ | 139 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 40.6 | % | ||
Other Real Estate: | ||||||||
Real Estate Construction | $ | 873 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 10 | % |
(in thousands) | Fair Value | Valuation Technique | Unobservable Inputs | Range, Weighted Avg. | ||||||||||||||
December 31, 2018 (in thousands) | Fair Value | Valuation Technique | Unobservable Inputs | Range, Weighted Avg. | ||||||||||||||
Impaired Loans: | ||||||||||||||||||
Commercial Real Estate | $ | 2,658 | Income Approach | Capitalization Rate | 3.25%, 3.25 | % | $ | 2,658 | Income Approach | Capitalization Rate | 3.25 | % | ||||||
Residential 1st Mortgages | $ | 1,550 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 1% -4%, 3 | % | $ | 1,550 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 1% - 4%, 3 | % | ||||||
Home Equity Lines and Loans | $ | 70 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 1% - 2%, 2 | % | $ | 70 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 1% - 2%, 2 | % | ||||||
Commercial | $ | 1,454 | Income Approach | Capitalization Rate | 2.95% - 8.70%, 3.40 | % | $ | 1,454 | Income Approach | Capitalization Rate | 2.95% - 8.70%, 3.40 | % | ||||||
Other Real Estate: | ||||||||||||||||||
Real Estate Construction | $ | 873 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 10%, 10 | % | $ | 873 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 10 | % |
Fair Value of Financial Instruments Using | ||||||||||||||||||||
December 31, 2018 (in thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Estimated Fair Value | |||||||||||||||
Assets: | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 145,564 | $ | 145,564 | $ | - | $ | - | $ | 145,564 | ||||||||||
Investment Securities Available-for-Sale | 495,396 | 164,716 | 325,841 | 4,839 | 495,396 | |||||||||||||||
Investment Securities Held-to-Maturity | 53,566 | - | 35,083 | 18,655 | 53,738 | |||||||||||||||
FHLB Stock | 12,636 | N/A | N/A | N/A | N/A | |||||||||||||||
Loans & Leases, Net of Deferred Fees & Allowance | 2,515,975 | - | - | 2,485,182 | 2,485,182 | |||||||||||||||
Accrued Interest Receivable | 14,098 | - | 14,098 | - | 14,098 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | 3,062,832 | 2,572,805 | 485,766 | - | 3,058,571 | |||||||||||||||
Subordinated Debentures | 10,310 | - | 7,745 | - | 7,745 | |||||||||||||||
Accrued Interest Payable | 1,365 | - | 1,365 | - | 1,365 |
Fair Value of Financial Instruments Using | Fair Value of Financial Instruments Using | |||||||||||||||||||||||||||||||||||||||
December 31, 2017 (in thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Estimated Fair Value | |||||||||||||||||||||||||||||||||||
December 31, 2019 (in thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Estimated Fair Value | |||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 187,149 | $ | 187,149 | $ | - | $ | - | $ | 187,149 | $ | 294,758 | $ | 294,758 | $ | - | $ | - | $ | 294,758 | ||||||||||||||||||||
Investment Securities Available-for-Sale | 481,596 | 144,364 | 334,732 | 2,500 | 481,596 | 507,386 | 55,200 | 452,186 | - | 507,386 | ||||||||||||||||||||||||||||||
Investment Securities Held-to-Maturity | 54,460 | - | 38,492 | 16,744 | 55,236 | 60,229 | - | 31,253 | 29,844 | 61,097 | ||||||||||||||||||||||||||||||
FHLB Stock | 10,342 | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
Loans & Leases, Net of Deferred Fees & Allowance | 2,164,953 | - | - | 2,137,987 | 2,137,987 | 2,618,015 | - | - | 2,584,805 | 2,584,805 | ||||||||||||||||||||||||||||||
Accrued Interest Receivable | 10,999 | - | 10,999 | - | 10,999 | 16,733 | - | 16,733 | - | 16,733 | ||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Deposits | 2,723,228 | 2,247,831 | 472,671 | - | 2,720,502 | 3,278,019 | 2,760,097 | 517,172 | - | 3,277,269 | ||||||||||||||||||||||||||||||
Subordinated Debentures | 10,310 | - | 7,428 | - | 7,428 | 10,310 | - | 7,325 | - | 7,325 | ||||||||||||||||||||||||||||||
Accrued Interest Payable | 1,137 | - | 1,137 | - | 1,137 | 2,795 | - | 2,795 | - | 2,795 |
Fair Value of Financial Instruments Using | ||||||||||||||||||||
December 31, 2018 (in thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Estimated Fair Value | |||||||||||||||
Assets: | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 145,564 | $ | 145,564 | $ | - | $ | - | $ | 145,564 | ||||||||||
Investment Securities Available-for-Sale | 495,396 | 164,716 | 325,841 | 4,839 | 495,396 | |||||||||||||||
Investment Securities Held-to-Maturity | 53,566 | - | 35,083 | 18,655 | 53,738 | |||||||||||||||
Loans & Leases, Net of Deferred Fees & Allowance | 2,515,975 | - | - | 2,485,182 | 2,485,182 | |||||||||||||||
Accrued Interest Receivable | 14,098 | - | 14,098 | - | 14,098 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | 3,062,832 | 2,572,805 | 485,766 | - | 3,058,571 | |||||||||||||||
Subordinated Debentures | 10,310 | - | 7,745 | - | 7,745 | |||||||||||||||
Accrued Interest Payable | 1,365 | - | 1,365 | - | 1,365 |
(in thousands) | December 31, 2018 | December 31, 2017 | December 31, 2019 | December 31, 2018 | ||||||||||||
Commitments to Extend Credit | $ | 828,539 | $ | 735,678 | $ | 919,982 | $ | 828,539 | ||||||||
Letters of Credit | 19,108 | 20,061 | 20,346 | 19,108 | ||||||||||||
Performance Guarantees Under Interest Rate Swap Contracts Entered Into Between Our Borrowing Customers and Third Parties | - | 759 | 1,513 | - |
(in thousands except for percent and period data) | Year Ended December 31, 2019 | |||
Cash Paid for Amounts Included in the Measurement of Lease Liabilities | ||||
Operating Cash Flow from Operating Leases | $ | 783 | ||
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities | $ | 5,645 | ||
Weighted-Average Remaining Lease Term - Operating Leases, in Years | 7.88 | |||
Weighted-Average Discount Rate - Operating Leases | 3.2 | % |
(in thousands) | December 31, 2019 | |||
2020 | 795 | |||
2021 | 719 | |||
2022 | 686 | |||
2023 | 697 | |||
2024 | 707 | |||
2025 and thereafter | 2,105 | |||
Total Lease Payments | 5,709 | |||
Less: Interest | (679 | ) | ||
Present Value of Lease Liabilities | $ | 5,030 |
(in thousands) | 2018 | 2017 | 2019 | 2018 | ||||||||||||
Cash | $ | 335 | $ | 332 | $ | 1,341 | $ | 335 | ||||||||
Investment in Farmers & Merchants Bank of Central California | 321,134 | 297,643 | 378,271 | 321,134 | ||||||||||||
Investment Securities | 409 | 409 | 411 | 409 | ||||||||||||
Other Assets | (57 | ) | 12,006 | 102 | (57 | ) | ||||||||||
Total Assets | $ | 321,821 | $ | 310,390 | $ | 380,125 | $ | 321,821 | ||||||||
Subordinated Debentures | $ | 10,310 | $ | 10,310 | $ | 10,310 | $ | 10,310 | ||||||||
Liabilities | 296 | 420 | 519 | 296 | ||||||||||||
Shareholders’ Equity | 311,215 | 299,660 | 369,296 | 311,215 | ||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 321,821 | $ | 310,390 | $ | 380,125 | $ | 321,821 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
(in thousands) | 2018 | 2017 | 2016 | 2019 | 2018 | 2017 | ||||||||||||||||||
Equity in Undistributed Earnings in Farmers & Merchants Bank of Central California | $ | (26,488 | ) | $ | 5,575 | $ | 17,043 | |||||||||||||||||
Equity (Loss) in Undistributed Earnings in Farmers & Merchants Bank of Central California | $ | 44,571 | $ | (26,488 | ) | $ | 5,575 | |||||||||||||||||
Dividends from Subsidiary | 73,010 | 23,575 | 14,275 | 13,166 | 73,010 | 23,575 | ||||||||||||||||||
Interest Income | 16 | 13 | 11 | 17 | 16 | 13 | ||||||||||||||||||
Other Expenses, Net | (1,527 | ) | (1,552 | ) | (2,485 | ) | (2,416 | ) | (1,527 | ) | (1,552 | ) | ||||||||||||
Tax Benefit | 516 | 759 | 879 | 698 | 516 | 759 | ||||||||||||||||||
Net Income | $ | 45,527 | $ | 28,370 | $ | 29,723 | $ | 56,036 | $ | 45,527 | $ | 28,370 |
Year Ended December 31, | ||||||||||||
(in thousands) | 2018 | 2017 | 2016 | |||||||||
Cash Flows from Operating Activities: | ||||||||||||
Net Income | $ | 45,527 | $ | 28,370 | $ | 29,723 | ||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||||||
Equity in Undistributed Net Earnings from Subsidiary | 26,488 | (5,575 | ) | (17,043 | ) | |||||||
Net (Increase) Decrease in Other Assets | (125 | ) | (11,822 | ) | (124 | ) | ||||||
Net Increase (Decrease) in Liabilities | (942 | ) | 112 | 49 | ||||||||
Net Cash Provided by Operating Activities | 70,948 | 11,085 | 12,605 | |||||||||
Investing Activities: | ||||||||||||
Securities Sold or Matured | - | 1 | - | |||||||||
Payments for Business Acquisition | (28,642 | ) | - | (2,207 | ) | |||||||
Payments for Investments in Subsidiaries | (10,503 | ) | (2,953 | ) | (2,586 | ) | ||||||
Net Cash Used by Investing Activities | (39,145 | ) | (2,952 | ) | (4,793 | ) | ||||||
Financing Activities: | ||||||||||||
Stock Repurchased | (31,152 | ) | - | - | ||||||||
Issuance of Common Stock | 10,503 | 2,953 | 2,586 | |||||||||
Cash Dividends | (11,151 | ) | (10,982 | ) | (10,478 | ) | ||||||
Net Cash Used by Financing Activities | (31,800 | ) | (8,029 | ) | (7,892 | ) | ||||||
Increase (Decrease) in Cash and Cash Equivalents | 3 | 104 | (80 | ) | ||||||||
Cash and Cash Equivalents at Beginning of Year | 332 | 228 | 308 | |||||||||
Cash and Cash Equivalents at End of Year | $ | 335 | $ | 332 | $ | 228 |
Year Ended December 31, | ||||||||||||
(in thousands) | 2019 | 2018 | 2017 | |||||||||
Cash Flows from Operating Activities: | ||||||||||||
Net Income | $ | 56,036 | $ | 45,527 | $ | 28,370 | ||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||||||
(Equity) Loss in Undistributed Net Earnings from Subsidiary | (44,571 | ) | 26,488 | (5,575 | ) | |||||||
Net (Increase) in Other Assets | (160 | ) | (125 | ) | (11,822 | ) | ||||||
Net Increase (Decrease) in Liabilities | 222 | (942 | ) | 112 | ||||||||
Net Cash Provided by Operating Activities | 11,527 | 70,948 | 11,085 | |||||||||
Investing Activities: | ||||||||||||
Securities Sold or Matured | - | - | 1 | |||||||||
Payments for Business Acquisition | - | (28,642 | ) | - | ||||||||
Payments for Investments in Subsidiaries | (6,273 | ) | (10,503 | ) | (2,953 | ) | ||||||
Net Cash Used by Investing Activities | (6,273 | ) | (39,145 | ) | (2,952 | ) | ||||||
Financing Activities: | ||||||||||||
Stock Repurchased | - | (31,152 | ) | - | ||||||||
Issuance of Common Stock | 6,973 | 10,503 | 2,953 | |||||||||
Cash Dividends | (11,221 | ) | (11,151 | ) | (10,982 | ) | ||||||
Net Cash Used by Financing Activities | (4,248 | ) | (31,800 | ) | (8,029 | ) | ||||||
Increase in Cash and Cash Equivalents | 1,006 | 3 | 104 | |||||||||
Cash and Cash Equivalents at Beginning of Year | 335 | 332 | 228 | |||||||||
Cash and Cash Equivalents at End of Year | $ | 1,341 | $ | 335 | $ | 332 |
2019 (in thousands except per share data) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
Total Interest Income | $ | 37,173 | $ | 38,626 | $ | 38,810 | $ | 39,099 | $ | 153,708 | ||||||||||
Total Interest Expense | 2,966 | 3,253 | 3,530 | 3,445 | 13,194 | |||||||||||||||
Net Interest Income | 34,207 | 35,373 | 35,280 | 35,654 | 140,514 | |||||||||||||||
Provision for Credit Losses | - | 200 | - | - | 200 | |||||||||||||||
Net Interest Income After | ||||||||||||||||||||
Provision for Credit Losses | 34,207 | 35,173 | 35,280 | 35,654 | 140,314 | |||||||||||||||
Total Non-Interest Income | 4,464 | 4,400 | 3,974 | 4,403 | 17,241 | |||||||||||||||
Total Non-Interest Expense | 20,445 | 20,565 | 20,856 | 20,376 | 82,242 | |||||||||||||||
Income Before Income Taxes | 18,226 | 19,008 | 18,398 | 19,681 | 75,313 | |||||||||||||||
Provision for Income Taxes | 4,677 | 4,903 | 4,660 | 5,037 | 19,277 | |||||||||||||||
Net Income | $ | 13,549 | $ | 14,105 | $ | 13,738 | $ | 14,644 | $ | 56,036 | ||||||||||
Basic Earnings Per Common Share | $ | 17.27 | $ | 17.92 | $ | 17.45 | $ | 18.54 | $ | 71.18 |
2018 (in thousands except per share data) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
Total Interest Income | $ | 30,428 | $ | 32,161 | $ | 34,065 | $ | 36,799 | $ | 133,453 | ||||||||||
Total Interest Expense | 1,522 | 1,660 | 2,157 | 2,611 | 7,950 | |||||||||||||||
Net Interest Income | 28,906 | 30,501 | 31,908 | 34,188 | 125,503 | |||||||||||||||
Provision for Credit Losses | 333 | 500 | 2,500 | 2,200 | 5,533 | |||||||||||||||
Net Interest Income After | ||||||||||||||||||||
Provision for Credit Losses | 28,573 | 30,001 | 29,408 | 31,988 | 119,970 | |||||||||||||||
Total Non-Interest Income | 4,665 | 2,283 | 4,208 | 4,063 | 15,219 | |||||||||||||||
Total Non-Interest Expense | 19,936 | 18,145 | 18,621 | 18,757 | 75,459 | |||||||||||||||
Income Before Income Taxes | 13,302 | 14,139 | 14,995 | 17,294 | 59,730 | |||||||||||||||
Provision for Income Taxes | 3,361 | 3,589 | 2,995 | 4,258 | 14,203 | |||||||||||||||
Net Income | $ | 9,941 | $ | 10,550 | $ | 12,000 | $ | 13,036 | $ | 45,527 | ||||||||||
Basic Earnings Per Common Share | $ | 12.24 | $ | 12.90 | $ | 15.12 | $ | 16.56 | $ | 56.82 |
2017 (in thousands except per share data) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
Total Interest Income | $ | 27,242 | $ | 28,069 | $ | 29,609 | $ | 29,692 | $ | 114,612 | ||||||||||
Total Interest Expense | 1,376 | 1,538 | 1,759 | 1,616 | 6,289 | |||||||||||||||
Net Interest Income | 25,866 | 26,531 | 27,850 | 28,076 | 108,323 | |||||||||||||||
Provision for Credit Losses | 600 | 650 | 1,600 | - | 2,850 | |||||||||||||||
Net Interest Income After | ||||||||||||||||||||
Provision for Credit Losses | 25,266 | 25,881 | 26,250 | 28,076 | 105,473 | |||||||||||||||
Total Non-Interest Income | 5,406 | 3,539 | 3,638 | 4,179 | 16,762 | |||||||||||||||
Total Non-Interest Expense | 18,422 | 16,525 | 16,307 | 16,500 | 67,754 | |||||||||||||||
Income Before Income Taxes | 12,250 | 12,895 | 13,581 | 15,755 | 54,481 | |||||||||||||||
Provision for Income Taxes | 4,429 | 4,708 | 5,000 | 11,974 | 26,111 | |||||||||||||||
Net Income | $ | 7,821 | $ | 8,187 | $ | 8,581 | $ | 3,781 | $ | 28,370 | ||||||||||
Basic Earnings Per Common Share | $ | 9.68 | $ | 10.12 | $ | 10.59 | $ | 4.64 | $ | 35.03 |
Name and Position(s) | Age | Principal Occupation during the Past Five Years |
Kent A. Steinwert Chairman, President & Chief Executive Officer of the Company and Bank | Chairman, President & Chief Executive Officer of the Company and Bank. | |
Deborah E. Skinner Executive Vice President & Chief Administrative Officer of the Bank | Executive Vice President & Chief Administrative Officer of the Bank. | |
Stephen W. Haley Executive Vice President & Chief Financial Officer & Secretary of the Company and Bank | Executive Vice President & Chief Financial Officer of the Company and Bank. | |
Kenneth W. Smith Executive Vice President & Senior Credit Officer of the Company and Bank | Executive Vice President & Senior Credit Officer of the Company and Bank. | |
David M. Zitterow Executive Vice President, Wholesale Banking Division of the Bank | Executive Vice President, Wholesale Banking Division Senior Vice President – Northern California Regional Executive – Umpqua Bank, April 2014 – May 2017. | |
Jay J. Colombini Executive Vice President, Wholesale Banking Division of the Bank | Executive Vice President, Wholesale Banking Division | |
Ryan J. Misasi Executive Vice President, Retail Banking Division of the Bank | Executive Vice President, Retail Banking Division of the |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
(a) (1) | Financial Statements. Incorporated herein by reference, are listed in Item 8 hereof. |
(2) | Financial Statement Schedules. Not applicable. |
(3) | Exhibits. |
10.11 | Employment Agreement effective May 1, 2017, between Farmers & Merchants Bank of Central California and David M. Zitterow, filed on the Registrant’s Current Report on Form 8-K dated June 30, 2017, is incorporated herein by reference. |
10.15 | Executive Retirement Plan – Performance Componentas amended on November 5, 2010, filed on Registrant’s Form 10-Q for the period ended September 30, 2010, is incorporated herein by reference. |
10.16 | Executive Retirement Plan – Retention Component as amended on November 5, 2010, filed on Registrant’s Form 10-Q for the period ended September 30, 2010, is incorporated herein by reference. |
10.17 | Executive Retirement Plan – Salary Component, amended and restated on November 29, 2014, filed on Registrant’s Form 10-K for the year ended December 31, 2014, is incorporated herein by reference. |
10.19 | Executive Retirement Plan – Equity Component, amended and restated on November 29, 2014, filed on Registrant’s Form 10-K for the year ended December 31, 2014, is incorporated herein by reference. |
10.20 | Senior Management Retention Plan, amended and restated on November 29, 2014, filed on Registrant’s Form 10-K for the year ended December 31, 2014, is incorporated herein by reference. |
14 | Code of Conduct of Farmers & Merchants Bancorp, filed on Registrant’s Form 10-K for the year ended December 31, 2003, is incorporated herein by reference. |
21 | Subsidiaries of the Registrant, filed on Registrant’s Form 10-K for the year ended December 31, 2003, is incorporated herein by reference. |
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* | |
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* | |
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* |
101.INS | XBRL Instance Document |
101.SCH | XBRL Schema Document |
101.CAL | XBRL Calculation Linkbase Document |
101.LAB | XBRL Label Linkbase Document |
101.PRE | XBRL Presentation Linkbase Document |
101.DEF | XBRL Definition Linkbase Document |
Farmers & Merchants Bancorp | ||||
(Registrant) | ||||
By | /s/ Stephen W. Haley | |||
Dated: March 13, 2020 | Stephen W. Haley | |||
Executive Vice President & | ||||
Chief Financial Officer |
/s/ Kent A. Steinwert | ||||
Chairman, President & Chief Executive Officer | ||||
Kent A. Steinwert | (Principal Executive Officer) |
/s/ Stephen W. Haley | ||||
Executive Vice President & Chief Financial Officer | ||||
Stephen W. Haley | (Principal Financial and Accounting Officer) |
/s/ Gary Long | /s/ Calvin Suess | |||
Gary Long, Director | Calvin Suess, Director |
/s/ Kevin Sanguinetti | /s/ Edward Corum, Jr. | ||||
Kevin Sanguinetti, Director | Edward Corum, Jr., Director |
/s/ Stephenson K. Green | /s/ Terrence A. Young | ||||
Stephenson K. Green, Director | Terrence A. Young, Director |