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 | |||
PART I | |||
3 | |||
Item 1. | |||
Item 1A. | |||
Item 1B. | |||
Item 2. | |||
Item 3. | |||
32 | |||
Item 4. | 32 | ||
PART II | |||
Item 5. | |||
Item 6. | |||
Item 7. | |||
Item 7A. | |||
Item 8. | |||
Item 9. | |||
Item 9A. | |||
Item 9B. | |||
PART III | |||
Item 10. | |||
Item 11. | |||
Item 12. | |||
Item 13. | |||
Item 14. | |||
PART IV | |||
Item 15. | 117 | ||
Item 16. | |||
ꟷ | $7.3 million have paid-off or paid-down; |
ꟷ | $137.6 million have resumed full principal and interest payments; |
ꟷ | $129.0 million are making interest only payments; and |
ꟷ | $3.7 million remain in full payment deferral. |
• | Liquidity consisting of $318 million of Fed Funds Sold and $877 million of Investment Securities; |
• | Strong Asset Quality as reflected by only $495,000 of non-performing loans, and a negligible delinquency ratio of .016% of total loans; |
• | Risk Based Capital Ratio of 12.59%; |
• | Allowance for Credit Losses of $58.9 million or 1.89% of total loans and leases (2.04% exclusive of government fully guaranteed loans issued under the SBA’s PPP); and |
• | ROAA of 1.39% and ROAE of 14.76% in the fourth quarter of 2020. |
Capital Category | Total 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) | |||||||||||||
2020 | Fourth quarter | $ | 770 | $ | 701 | $ | 760 | $ | 7.50 | ||||||||
Third quarter | 770 | 695 | 725 | - | |||||||||||||
Second quarter | 800 | 626 | 706 | 7.25 | |||||||||||||
First quarter | 800 | 650 | 685 | - |
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) | |||||||||||||
2019 | Fourth quarter | $ | 804 | $ | 755 | $ | 768 | $ | 7.15 | ||||||||
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 | - |
Selected Financial Data |
Summary of Income: | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||
Total Interest Income | $ | 158,652 | $ | 153,708 | $ | 133,453 | $ | 114,612 | $ | 99,266 | ||||||||||
Total Interest Expense | 9,491 | 13,194 | 7,950 | 6,289 | 4,196 | |||||||||||||||
Net Interest Income | 149,161 | 140,514 | 125,503 | 108,323 | 95,070 | |||||||||||||||
Provision for Credit Losses | 4,500 | 200 | 5,533 | 2,850 | 6,335 | |||||||||||||||
Net Interest Income After Provision for Credit Losses | 144,661 | 140,314 | 119,970 | 105,473 | 88,735 | |||||||||||||||
Total Non-Interest Income | 15,696 | 17,241 | 15,219 | 16,762 | 15,257 | |||||||||||||||
Total Non-Interest Expense | 82,406 | 82,242 | 75,459 | 67,754 | 58,172 | |||||||||||||||
Income Before Income Taxes | 77,951 | 75,313 | 59,730 | 54,481 | 45,820 | |||||||||||||||
Provision for Income Taxes | 19,217 | 19,277 | 14,203 | 26,111 | 16,097 | |||||||||||||||
Net Income | $ | 58,734 | $ | 56,036 | $ | 45,527 | $ | 28,370 | $ | 29,723 | ||||||||||
Balance Sheet Data: | ||||||||||||||||||||
Total Assets | $ | 4,550,453 | $ | 3,721,830 | $ | 3,434,243 | $ | 3,075,452 | $ | 2,922,121 | ||||||||||
Loans & Leases | 3,099,592 | 2,673,027 | 2,571,241 | 2,215,295 | 2,177,601 | |||||||||||||||
Allowance for Credit Losses | 58,862 | 55,012 | 55,266 | 50,342 | 47,919 | |||||||||||||||
Investment Securities | 876,665 | 567,615 | 548,962 | 536,056 | 506,372 | |||||||||||||||
Goodwill | 11,183 | 11,183 | 11,183 | - | - | |||||||||||||||
Core Deposit Intangible | 4,013 | 4,640 | 5,278 | 836 | 946 | |||||||||||||||
Deposits | 4,060,267 | 3,278,019 | 3,062,832 | 2,723,228 | 2,581,711 | |||||||||||||||
Shareholders' Equity | 423,665 | 369,296 | 311,215 | 299,660 | 279,981 | |||||||||||||||
Selected Ratios: | ||||||||||||||||||||
Return on Average Assets | 1.43 | % | 1.61 | % | 1.45 | % | 0.94 | % | 1.12 | % | ||||||||||
Return on Average Equity | 14.60 | % | 16.77 | % | 14.80 | % | 9.66 | % | 11.17 | % | ||||||||||
Dividend Payout Ratio | 19.92 | % | 20.02 | % | 24.49 | % | 38.71 | % | 35.25 | % | ||||||||||
Average Loans & Leases to Average Deposits | 80.77 | % | 84.38 | % | 84.36 | % | 82.18 | % | 88.63 | % | ||||||||||
Average Equity to Average Assets | 9.78 | % | 9.61 | % | 9.66 | % | 9.77 | % | 10.05 | % | ||||||||||
Period-end Shareholders' Equity to Total Assets | 9.31 | % | 9.92 | % | 9.06 | % | 9.74 | % | 9.58 | % | ||||||||||
Basic and Diluted Per Share Data: | ||||||||||||||||||||
Earnings (1) | $ | 74.03 | $ | 71.18 | $ | 56.82 | $ | 35.03 | $ | 37.44 | ||||||||||
Cash Dividends Per Share | $ | 14.75 | $ | 14.20 | $ | 13.90 | $ | 13.55 | $ | 13.10 | ||||||||||
Book Value Per Share at Year End (2) | $ | 536.53 | $ | 465.68 | $ | 397.10 | $ | 368.90 | $ | 346.80 |
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 793,337, 787,227, 801,229, 809,834, |
(2) | Based on the year-end number of shares outstanding of 789,646, 793,033, 783,721, 812,304, |
Item 7. |
Financial Performance Indicator | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Pre Tax Income | $ | 75,313 | $ | 59,730 | $ | 54,481 | $ | 45,820 | $ | 44,316 | ||||||||||
Income Tax Expense | 19,277 | 14,203 | 26,111 | 16,097 | 16,924 | |||||||||||||||
Effect of Income Tax Rate Change | ||||||||||||||||||||
DTA Re-measurement | - | - | (6,300 | ) | - | - | ||||||||||||||
Adjusted Income Tax Expense | 19,277 | 14,203 | 19,811 | 16,097 | 16,924 | |||||||||||||||
Non-GAAP Adjusted Net Income | 56,036 | 45,527 | 34,670 | 29,723 | 27,392 | |||||||||||||||
Effect of Income Tax Rate Change | ||||||||||||||||||||
DTA Re-measurement | - | - | (6,300 | ) | - | - | ||||||||||||||
Net Income (See Note 1) | $ | 56,036 | $ | 45,527 | $ | 28,370 | $ | 29,723 | $ | 27,392 | ||||||||||
Total Assets | 3,721,830 | 3,434,243 | 3,075,452 | 2,922,121 | 2,615,345 | |||||||||||||||
Total Loans & Leases | 2,673,027 | 2,571,241 | 2,215,295 | 2,177,601 | 1,996,359 | |||||||||||||||
Total Deposits | 3,278,019 | 3,062,832 | 2,723,228 | 2,581,711 | 2,277,532 | |||||||||||||||
Total Shareholders’ Equity | 369,296 | 311,215 | 299,660 | 279,981 | 251,835 | |||||||||||||||
Total Risk-Based Capital Ratio | 12.40 | % | 11.40 | % | 13.07 | % | 12.80 | % | 12.23 | % | ||||||||||
Non-Performing Loans as a % of Total Loans | 0.00 | % | 0.00 | % | 0.00 | % | 0.14 | % | 0.11 | % | ||||||||||
Substandard Loans as a % of Total Loans | 0.61 | % | 0.57 | % | 0.40 | % | 0.29 | % | 0.31 | % | ||||||||||
Net Charge-Offs (Recoveries) to Average Loans | 0.20 | % | 0.03 | % | 0.02 | % | 0.00 | % | (0.30 | %) | ||||||||||
Loan Loss Allowance as a % of Total Loans | 2.05 | % | 2.14 | % | 2.27 | % | 2.19 | % | 2.07 | % | ||||||||||
Return on Average Assets | 1.61 | % | 1.45 | % | 0.94 | % | 1.12 | % | 1.12 | % | ||||||||||
Adjusted Return on Average Assets | 1.61 | % | 1.45 | % | 1.15 | % | 1.12 | % | 1.12 | % | ||||||||||
Return on Average Equity | 16.77 | % | 14.80 | % | 9.66 | % | 11.17 | % | 11.21 | % | ||||||||||
Adjusted Return on Average Equity | 16.77 | % | 14.80 | % | 11.79 | % | 11.17 | % | 11.21 | % | ||||||||||
Earnings Per Share | 71.18 | 56.82 | 35.03 | 37.44 | 34.82 | |||||||||||||||
Adjusted Earnings Per Share | 71.18 | 56.82 | 42.81 | 37.44 | 34.82 | |||||||||||||||
Cash Dividends Per Share | 14.20 | 13.90 | 13.55 | 13.10 | 12.90 | |||||||||||||||
Cash Dividends Declared | 11,221 | 11,151 | 10,982 | 10,478 | 10,157 |
Financial Performance Indicator | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||
Pre Tax Income | $ | 77,951 | $ | 75,313 | $ | 59,730 | $ | 54,481 | $ | 45,820 | ||||||||||
Income Tax Expense | 19,217 | 19,277 | 14,203 | 26,111 | 16,097 | |||||||||||||||
Effect of Income Tax Rate Change | ||||||||||||||||||||
DTA Re-measurement | - | - | - | (6,300 | ) | - | ||||||||||||||
Adjusted Income Tax Expense | 19,217 | 19,277 | 14,203 | 19,811 | 16,097 | |||||||||||||||
Non-GAAP Adjusted Net Income | 58,734 | 56,036 | 45,527 | 34,670 | 29,723 | |||||||||||||||
Effect of Income Tax Rate Change | ||||||||||||||||||||
DTA Re-measurement | - | - | - | (6,300 | ) | - | ||||||||||||||
Net Income (See Note 1) | $ | 58,734 | $ | 56,036 | $ | 45,527 | $ | 28,370 | $ | 29,723 | ||||||||||
Total Assets | 4,550,453 | 3,721,830 | 3,434,243 | 3,075,452 | 2,922,121 | |||||||||||||||
Total Loans & Leases | 3,099,592 | 2,673,027 | 2,571,241 | 2,215,295 | 2,177,601 | |||||||||||||||
Total Deposits | 4,060,267 | 3,278,019 | 3,062,832 | 2,723,228 | 2,581,711 | |||||||||||||||
Total Shareholders’ Equity | 423,665 | 369,296 | 311,215 | 299,660 | 279,981 | |||||||||||||||
Total Risk-Based Capital Ratio | 12.60 | % | 12.40 | % | 11.40 | % | 13.07 | % | 12.80 | % | ||||||||||
Non-Performing Loans as a % of Total Loans | 0.02 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.14 | % | ||||||||||
Substandard Loans as a % of Total Loans | 0.60 | % | 0.61 | % | 0.57 | % | 0.40 | % | 0.29 | % | ||||||||||
Net Charge-Offs (Recoveries) to Average Loans | 0.02 | % | 0.02 | % | 0.03 | % | 0.02 | % | 0.00 | % | ||||||||||
Loan Loss Allowance as a % of Total Loans | 1.89 | % | 2.05 | % | 2.14 | % | 2.27 | % | 2.19 | % | ||||||||||
Return on Average Assets | 1.43 | % | 1.61 | % | 1.45 | % | 0.94 | % | 1.12 | % | ||||||||||
Adjusted Return on Average Assets | 1.43 | % | 1.61 | % | 1.45 | % | 1.15 | % | 1.12 | % | ||||||||||
Return on Average Equity | 14.60 | % | 16.77 | % | 14.80 | % | 9.66 | % | 11.17 | % | ||||||||||
Adjusted Return on Average Equity | 14.60 | % | 16.77 | % | 14.80 | % | 11.79 | % | 11.17 | % | ||||||||||
Earnings Per Share | 74.03 | 71.18 | 56.82 | 35.03 | 37.44 | |||||||||||||||
Adjusted Earnings Per Share | 74.03 | 71.18 | 56.82 | 42.81 | 37.44 | |||||||||||||||
Cash Dividends Per Share | 14.75 | 14.20 | 13.90 | 13.55 | 13.10 | |||||||||||||||
Cash Dividends Declared | 11,700 | 11,221 | 11,151 | 10,982 | 10,478 |
Year Ended December 31, 2020 | ||||||||||||
Assets | Balance | Interest | Rate | |||||||||
Interest Bearing Deposits with Banks | $ | 326,247 | $ | 1,207 | 0.37 | % | ||||||
Investment Securities: | ||||||||||||
U.S. Treasuries | 21,249 | 356 | 1.68 | % | ||||||||
U.S. Govt SBA | 9,450 | 116 | 1.23 | % | ||||||||
Government Agency & Government-Sponsored Entities | - | - | - | |||||||||
Municipals - Taxable | 12,582 | 513 | 4.08 | % | ||||||||
Obligations of States and Political Subdivisions - Non-Taxable (1) | 52,736 | 2,109 | 4.00 | % | ||||||||
Mortgage Backed Securities | 468,306 | 11,193 | 2.39 | % | ||||||||
Other | 19,323 | 213 | 1.10 | % | ||||||||
Total Investment Securities | 583,646 | 14,500 | 2.48 | % | ||||||||
Loans & Leases: (2) | ||||||||||||
Real Estate | 1,921,485 | 95,194 | 4.95 | % | ||||||||
Home Equity Lines and Loans | 37,952 | 1,828 | 4.82 | % | ||||||||
Agricultural | 259,132 | 13,049 | 5.04 | % | ||||||||
Commercial | 372,344 | 17,941 | 4.82 | % | ||||||||
Consumer (3) | 12,748 | 784 | 6.15 | % | ||||||||
Other | 228,530 | 8,837 | 3.87 | % | ||||||||
Leases | 106,293 | 5,750 | 5.41 | % | ||||||||
Total Loans & Leases | 2,938,484 | 143,383 | 4.88 | % | ||||||||
Total Earning Assets | 3,848,377 | $ | 159,090 | 4.13 | % | |||||||
Unrealized Gain on Securities Available-for-Sale | 16,289 | |||||||||||
Allowance for Credit Losses | (55,804 | ) | ||||||||||
Cash and Due From Banks | 62,089 | |||||||||||
All Other Assets | 241,586 | |||||||||||
Total Assets | $ | 4,112,537 | ||||||||||
Liabilities & Shareholders' Equity | ||||||||||||
Interest Bearing Deposits: | ||||||||||||
Interest Bearing DDA | $ | 787,306 | $ | 1,618 | 0.21 | % | ||||||
Savings and Money Market | 1,128,623 | 2,724 | 0.24 | % | ||||||||
Time Deposits | 489,246 | 4,771 | 0.98 | % | ||||||||
Total Interest Bearing Deposits | 2,405,175 | 9,113 | 0.38 | % | ||||||||
Federal Home Loan Bank Advances | 1 | - | 0.00 | % | ||||||||
Subordinated Debt | 10,310 | 378 | 3.67 | % | ||||||||
Total Interest Bearing Liabilities | 2,415,486 | $ | 9,491 | 0.39 | % | |||||||
Interest Rate Spread (4) | 3.74 | % | ||||||||||
Demand Deposits (Non-Interest Bearing) | 1,232,874 | |||||||||||
All Other Liabilities | 61,848 | |||||||||||
Total Liabilities | 3,710,208 | |||||||||||
Shareholders' Equity | 402,329 | |||||||||||
Total Liabilities & Shareholders' Equity | $ | 4,112,537 | ||||||||||
Impact of Non-Interest Bearing Deposits and Other Liabilities | 0.15 | % | ||||||||||
Net Interest Income and Margin on Total Earning Assets (5) | 149,599 | 3.89 | % | |||||||||
Tax Equivalent Adjustment | (438 | ) | ||||||||||
Net Interest Income | $ | 149,161 | 3.88 | % |
Year Ended December 31, 2019 | Year Ended December 31, 2019 | |||||||||||||||||||||||
Assets | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||
Interest Bearing Deposits with Banks | $ | 232,623 | $ | 4,909 | 2.11 | % | $ | 232,623 | $ | 4,909 | 2.11 | % | ||||||||||||
Investment Securities: | ||||||||||||||||||||||||
U.S. Treasuries | 27,096 | 537 | 1.98 | % | 27,096 | 537 | 1.98 | % | ||||||||||||||||
U.S. Govt SBA | 13,372 | 329 | 2.46 | % | 13,372 | 329 | 2.46 | % | ||||||||||||||||
Government Agency & Government-Sponsored Entities | 2,108 | 62 | 2.94 | % | 2,108 | 62 | 2.94 | % | ||||||||||||||||
Municipals - Taxable | 6,545 | 344 | 5.26 | % | 6,545 | 344 | 5.26 | % | ||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable | 51,872 | 2,079 | 4.01 | % | 51,872 | 2,079 | 4.01 | % | ||||||||||||||||
Mortgage Backed Securities | 321,240 | 8,466 | 2.64 | % | 321,240 | 8,466 | 2.64 | % | ||||||||||||||||
Other | 4,850 | 173 | 3.57 | % | 4,850 | 173 | 3.57 | % | ||||||||||||||||
Total Investment Securities | 427,083 | 11,990 | 2.81 | % | 427,083 | 11,990 | 2.81 | % | ||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||
Real Estate | 1,736,406 | 93,227 | 5.37 | % | 1,736,406 | 93,227 | 5.37 | % | ||||||||||||||||
Home Equity Lines and Loans | 90,423 | 2,316 | 2.56 | % | 90,423 | 2,316 | 2.56 | % | ||||||||||||||||
Agricultural | 275,472 | 15,423 | 5.60 | % | 275,472 | 15,423 | 5.60 | % | ||||||||||||||||
Commercial | 364,676 | 19,335 | 5.30 | % | 364,676 | 19,335 | 5.30 | % | ||||||||||||||||
Consumer | 16,634 | 1,194 | 7.18 | % | 16,634 | 1,194 | 7.18 | % | ||||||||||||||||
Other | 1,051 | 24 | 2.28 | % | 1,051 | 24 | 2.28 | % | ||||||||||||||||
Leases | 104,896 | 5,718 | 5.45 | % | 104,896 | 5,718 | 5.45 | % | ||||||||||||||||
Total Loans & Leases | 2,589,558 | 137,237 | 5.30 | % | 2,589,558 | 137,237 | 5.30 | % | ||||||||||||||||
Total Earning Assets | 3,249,264 | $ | 154,136 | 4.74 | % | 3,249,264 | $ | 154,136 | 4.74 | % | ||||||||||||||
Unrealized Gain on Securities Available-for-Sale | 938 | 938 | ||||||||||||||||||||||
Allowance for Credit Losses | (55,165 | ) | (55,165 | ) | ||||||||||||||||||||
Cash and Due From Banks | 56,855 | 56,855 | ||||||||||||||||||||||
All Other Assets | 225,565 | 225,565 | ||||||||||||||||||||||
Total Assets | $ | 3,477,457 | $ | 3,477,457 | ||||||||||||||||||||
Liabilities & Shareholders’ Equity | ||||||||||||||||||||||||
Liabilities & Shareholders' Equity | ||||||||||||||||||||||||
Interest Bearing Deposits: | ||||||||||||||||||||||||
Interest Bearing DDA | $ | 668,818 | $ | 2,360 | 0.35 | % | $ | 668,818 | $ | 2,360 | 0.35 | % | ||||||||||||
Savings and Money Market | 930,390 | 3,340 | 0.36 | % | 930,390 | 3,340 | 0.36 | % | ||||||||||||||||
Time Deposits | 519,848 | 6,940 | 1.34 | % | 519,848 | 6,940 | 1.34 | % | ||||||||||||||||
Total Interest Bearing Deposits | 2,119,056 | 12,640 | 0.60 | % | 2,119,056 | 12,640 | 0.60 | % | ||||||||||||||||
Federal Home Loan Bank Advances | 1 | - | 0.00 | % | 1 | - | 0.00 | % | ||||||||||||||||
Subordinated Debt | 10,310 | 554 | 5.37 | % | 10,310 | 554 | 5.37 | % | ||||||||||||||||
Total Interest Bearing Liabilities | 2,129,367 | $ | 13,194 | 0.62 | % | 2,129,367 | $ | 13,194 | 0.62 | % | ||||||||||||||
Interest Rate Spread | 4.12 | % | 4.12 | % | ||||||||||||||||||||
Demand Deposits | 949,695 | 949,695 | ||||||||||||||||||||||
All Other Liabilities | 64,274 | 64,274 | ||||||||||||||||||||||
Total Liabilities | 3,143,336 | 3,143,336 | ||||||||||||||||||||||
Shareholders’ Equity | 334,121 | |||||||||||||||||||||||
Total Liabilities & Shareholders’ Equity | $ | 3,477,457 | ||||||||||||||||||||||
Shareholders' Equity | 334,121 | |||||||||||||||||||||||
Total Liabilities & Shareholders' Equity | $ | 3,477,457 | ||||||||||||||||||||||
Impact of Non-Interest Bearing Deposits and Other Liabilities | 0.21 | % | 0.21 | % | ||||||||||||||||||||
Net Interest Income and Margin on Total Earning Assets | 140,942 | 4.34 | % | 140,942 | 4.34 | % | ||||||||||||||||||
Tax Equivalent Adjustment | (428 | ) | (428 | ) | ||||||||||||||||||||
Net Interest Income | $ | 140,514 | 4.32 | % | $ | 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, 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 | ||||||||||||
Assets | Balance | Interest | Rate | |||||||||
Interest Bearing Deposits with Banks | $ | 176,283 | $ | 2,060 | 1.17 | % | ||||||
Investment Securities: | ||||||||||||
U.S. Treasuries | 81,833 | 891 | 1.09 | % | ||||||||
U.S. Govt SBA | 33,255 | 522 | 1.57 | % | ||||||||
Government Agency & Government-Sponsored Entities | 3,104 | 88 | 2.84 | % | ||||||||
Obligations of States and Political Subdivisions - Non-Taxable | 56,484 | 2,676 | 4.74 | % | ||||||||
Mortgage Backed Securities | 287,114 | 6,595 | 2.30 | % | ||||||||
Other | 1,170 | 27 | 2.31 | % | ||||||||
Total Investment Securities | 462,960 | 10,799 | 2.33 | % | ||||||||
Loans & Leases: | ||||||||||||
Real Estate | 1,556,122 | 73,710 | 4.74 | % | ||||||||
Home Equity Lines and Loans | 32,606 | 1,658 | 5.08 | % | ||||||||
Agricultural | 263,711 | 12,059 | 4.57 | % | ||||||||
Commercial | 238,650 | 11,117 | 4.66 | % | ||||||||
Consumer | 5,557 | 289 | 5.20 | % | ||||||||
Other | 1,653 | 37 | 2.24 | % | ||||||||
Leases | 80,389 | 3,812 | 4.74 | % | ||||||||
Total Loans & Leases | 2,178,688 | 102,682 | 4.71 | % | ||||||||
Total Earning Assets | 2,817,931 | $ | 115,541 | 4.10 | % | |||||||
Unrealized Gain on Securities Available-for-Sale | 674 | |||||||||||
Allowance for Credit Losses | (49,439 | ) | ||||||||||
Cash and Due From Banks | 45,063 | |||||||||||
All Other Assets | 192,978 | |||||||||||
Total Assets | $ | 3,007,207 | ||||||||||
Liabilities & Shareholders’ Equity | ||||||||||||
Interest Bearing Deposits: | ||||||||||||
Interest Bearing DDA | $ | 533,480 | $ | 1,053 | 0.20 | % | ||||||
Savings and Money Market | 812,127 | 1,303 | 0.16 | % | ||||||||
Time Deposits | 565,412 | 3,509 | 0.62 | % | ||||||||
Total Interest Bearing Deposits | 1,911,019 | 5,865 | 0.31 | % | ||||||||
Federal Home Loan Bank Advances | 1 | - | 0.00 | % | ||||||||
Subordinated Debt | 10,310 | 424 | 4.11 | % | ||||||||
Total Interest Bearing Liabilities | 1,921,330 | $ | 6,289 | 0.33 | % | |||||||
Interest Rate Spread | 3.77 | % | ||||||||||
Demand Deposits | 740,088 | |||||||||||
All Other Liabilities | 51,979 | |||||||||||
Total Liabilities | 2,713,397 | |||||||||||
Shareholders’ Equity | 293,810 | |||||||||||
Total Liabilities & Shareholders’ Equity | $ | 3,007,207 | ||||||||||
Impact of Non-Interest Bearing Deposits and Other Liabilities | 0.10 | % | ||||||||||
Net Interest Income and Margin on Total Earning Assets | 109,252 | 3.88 | % | |||||||||
Tax Equivalent Adjustment | (929 | ) | ||||||||||
Net Interest Income | $ | 108,323 | 3.84 | % |
2020 versus 2019 Amount of Increase (Decrease) Due to Change in: | ||||||||||||
Interest Earning Assets | Volume | Rate | Net Chg. | |||||||||
Interest Bearing Deposits with Banks | $ | 3,529 | $ | (7,230 | ) | $ | (3,702 | ) | ||||
Investment Securities: | ||||||||||||
U.S. Treasuries | (105 | ) | (76 | ) | (181 | ) | ||||||
U.S. Govt SBA | (78 | ) | (135 | ) | (213 | ) | ||||||
Government Agency & Government-Sponsored Entities | (31 | ) | (31 | ) | (62 | ) | ||||||
Municipals - Taxable | 223 | (54 | ) | 169 | ||||||||
Obligations of States and Political Subdivisions - Non-Taxable | 35 | (5 | ) | 29 | ||||||||
Mortgage Backed Securities | 3,423 | (696 | ) | 2,727 | ||||||||
Other | 52 | (13 | ) | 40 | ||||||||
Total Investment Securities | 3,519 | (1,010 | ) | 2,509 | ||||||||
Loans: | ||||||||||||
Real Estate | 7,147 | (5,180 | ) | 1,967 | ||||||||
Home Equity | 943 | (1,431 | ) | (488 | ) | |||||||
Agricultural | (881 | ) | (1,493 | ) | (2,374 | ) | ||||||
Commercial | 418 | (1,811 | ) | (1,394 | ) | |||||||
Consumer (1) | (254 | ) | (156 | ) | (410 | ) | ||||||
Other | 8,785 | 29 | 8,813 | |||||||||
Leases | 72 | (41 | ) | 32 | ||||||||
Total Loans | 16,229 | (10,083 | ) | 6,146 | ||||||||
Total Earning Assets | 23,277 | (18,324 | ) | 4,953 | ||||||||
Interest Bearing Liabilities | ||||||||||||
Interest Bearing Deposits: | ||||||||||||
Transaction | 547 | (1,290 | ) | (742 | ) | |||||||
Savings | 1,147 | (1,762 | ) | (616 | ) | |||||||
Time Deposits | (390 | ) | (1,779 | ) | (2,169 | ) | ||||||
Total Interest Bearing Deposits | 1,304 | (4,831 | ) | (3,527 | ) | |||||||
Other Borrowed Funds | - | - | - | |||||||||
Subordinated Debt | - | (176 | ) | (176 | ) | |||||||
Total Interest Bearing Liabilities | 1,304 | (5,007 | ) | (3,703 | ) | |||||||
Total Change | $ | 21,973 | $ | (13,317 | ) | $ | 8,656 |
2019 versus 2018 Amount of Increase (Decrease) Due to Change in: | ||||||||||||
Interest Earning Assets | Volume | Rate | Net Chg. | |||||||||
Interest Bearing Deposits with Banks | $ | 1,753 | $ | 401 | $ | 2,154 | ||||||
Investment Securities: | ||||||||||||
U.S. Treasuries | (1,078 | ) | 676 | (402 | ) | |||||||
U.S. Govt SBA | (294 | ) | 178 | (116 | ) | |||||||
Government Agency & Government-Sponsored Entities | (28 | ) | 2 | (26 | ) | |||||||
Municipals - Taxable | 306 | 33 | 339 | |||||||||
Obligations of States and Political Subdivisions - Non-Taxable | (66 | ) | 121 | 55 | ||||||||
Mortgage Backed Securities | 156 | 628 | 784 | |||||||||
Other | 35 | 41 | 76 | |||||||||
Total Investment Securities | (969 | ) | 1,679 | 710 | ||||||||
Loans & Leases: | ||||||||||||
Real Estate | 4,920 | 5,176 | 10,096 | |||||||||
Home Equity Lines and Loans | 438 | (163 | ) | 275 | ||||||||
Agricultural | 119 | 1,237 | 1,356 | |||||||||
Commercial | 3,890 | 287 | 4,177 | |||||||||
Consumer | 516 | 175 | 691 | |||||||||
Other | (7 | ) | - | (7 | ) | |||||||
Leases | 474 | 337 | 811 | |||||||||
Total Loans & Leases | 10,350 | 7,049 | 17,399 | |||||||||
Total Earning Assets | 11,134 | 9,129 | 20,263 | |||||||||
Interest Bearing Liabilities | ||||||||||||
Interest Bearing Deposits: | ||||||||||||
Interest Bearing DDA | 145 | 532 | 677 | |||||||||
Savings and Money Market | 198 | 1,344 | 1,542 | |||||||||
Time Deposits | 384 | 2,612 | 2,996 | |||||||||
Total Interest Bearing Deposits | 727 | 4,488 | 5,215 | |||||||||
Other Borrowed Funds | (1 | ) | - | (1 | ) | |||||||
Subordinated Debt | - | 30 | 30 | |||||||||
Total Interest Bearing Liabilities | 726 | 4,518 | 5,244 | |||||||||
Total Change | $ | 10,408 | $ | 4,611 | $ | 15,019 |
2019 versus 2018 Amount of Increase (Decrease) Due to Change in: | ||||||||||||
Interest Earning Assets | Volume | Rate | Net Chg. | |||||||||
Interest Bearing Deposits with Banks | $ | 1,753 | $ | 401 | $ | 2,154 | ||||||
Investment Securities: | ||||||||||||
U.S. Treasuries | (1,078 | ) | 676 | (402 | ) | |||||||
U.S. Govt SBA | (294 | ) | 178 | (116 | ) | |||||||
Government Agency & Government-Sponsored Entities | (28 | ) | 2 | (26 | ) | |||||||
Municipals - Taxable | 306 | 33 | 339 | |||||||||
Obligations of States and Political Subdivisions - Non-Taxable | (66 | ) | 121 | 55 | ||||||||
Mortgage Backed Securities | 156 | 628 | 784 | |||||||||
Other | 35 | 41 | 76 | |||||||||
Total Investment Securities | (969 | ) | 1,679 | 710 | ||||||||
Loans & Leases: | ||||||||||||
Real Estate | 4,920 | 5,176 | 10,096 | |||||||||
Home Equity Lines and Loans | 438 | (163 | ) | 275 | ||||||||
Agricultural | 119 | 1,237 | 1,356 | |||||||||
Commercial | 3,890 | 287 | 4,177 | |||||||||
Consumer | 516 | 175 | 691 | |||||||||
Other | (7 | ) | - | (7 | ) | |||||||
Leases | 474 | 337 | 811 | |||||||||
Total Loans & Leases | 10,350 | 7,049 | 17,399 | |||||||||
Total Earning Assets | 11,134 | 9,129 | 20,263 | |||||||||
Interest Bearing Liabilities | ||||||||||||
Interest Bearing Deposits: | ||||||||||||
Interest Bearing DDA | 145 | 532 | 677 | |||||||||
Savings and Money Market | 198 | 1,344 | 1,542 | |||||||||
Time Deposits | 384 | 2,612 | 2,996 | |||||||||
Total Interest Bearing Deposits | 727 | 4,488 | 5,215 | |||||||||
Other Borrowed Funds | (1 | ) | - | (1 | ) | |||||||
Subordinated Debt | - | 30 | 30 | |||||||||
Total Interest Bearing Liabilities | 726 | 4,518 | 5,244 | |||||||||
Total Change | $ | 10,408 | $ | 4,611 | $ | 15,019 |
2018 versus 2017 Amount of Increase (Decrease) Due to Change in: | ||||||||||||
Interest Earning Assets | Volume | Rate | Net Chg. | |||||||||
Interest Bearing Deposits with Banks | $ | (377 | ) | $ | 1,072 | $ | 695 | |||||
Investment Securities: | ||||||||||||
U.S. Treasuries | (211 | ) | 260 | 49 | ||||||||
U.S. Govt SBA | (192 | ) | 115 | (77 | ) | |||||||
Government Agency & Government-Sponsored Entities | (1 | ) | 1 | - | ||||||||
Municipals - Taxable | 5 | - | 5 | |||||||||
Obligations of States and Political Subdivisions - Non-Taxable | (151 | ) | (501 | ) | (652 | ) | ||||||
Mortgage Backed Securities | 663 | 423 | 1,086 | |||||||||
Other | 66 | 5 | 71 | |||||||||
Total Investment Securities | 179 | 303 | 482 | |||||||||
Loans & Leases: | ||||||||||||
Real Estate | 4,193 | 5,228 | 9,421 | |||||||||
Home Equity Lines and Loans | 240 | 143 | 383 | |||||||||
Agricultural | 445 | 1,563 | 2,008 | |||||||||
Commercial | 2,636 | 1,405 | 4,041 | |||||||||
Consumer | 192 | 22 | 214 | |||||||||
Other | (7 | ) | 1 | (6 | ) | |||||||
Leases | 780 | 314 | 1,094 | |||||||||
Total Loans & Leases | 8,479 | 8,676 | 17,155 | |||||||||
Total Earning Assets | 8,281 | 10,051 | 18,332 | |||||||||
Interest Bearing Liabilities | ||||||||||||
Interest Bearing Deposits: | ||||||||||||
Interest Bearing DDA | 187 | 443 | 630 | |||||||||
Savings and Money Market | 54 | 442 | 496 | |||||||||
Time Deposits | (609 | ) | 1,044 | 435 | ||||||||
Total Interest Bearing Deposits | (368 | ) | 1,929 | 1,561 | ||||||||
Subordinated Debt | - | 100 | 100 | |||||||||
Total Interest Bearing Liabilities | (368 | ) | 2,029 | 1,661 | ||||||||
Total Change | $ | 8,649 | $ | 8,022 | $ | 16,671 |
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Allowance for Credit Losses Beginning of Year | $ | 55,266 | $ | 50,342 | $ | 47,919 | $ | 41,523 | $ | 35,401 | ||||||||||
Provision Charged to Expense | 200 | 5,533 | 2,850 | 6,335 | 750 | |||||||||||||||
Charge-Offs: | ||||||||||||||||||||
Commercial Real Estate | 592 | - | 109 | - | - | |||||||||||||||
Agricultural Real Estate | - | - | - | - | - | |||||||||||||||
Real Estate Construction | - | - | - | - | - | |||||||||||||||
Residential 1st Mortgages | - | 31 | 53 | 21 | - | |||||||||||||||
Home Equity Lines and Loans | - | 8 | 3 | 46 | - | |||||||||||||||
Agricultural | - | - | 374 | - | - | |||||||||||||||
Commercial | - | 613 | - | - | 12 | |||||||||||||||
Consumer & Other | 83 | 115 | 146 | 105 | 84 | |||||||||||||||
Total Charge-Offs | 675 | 767 | 685 | 172 | 96 | |||||||||||||||
Recoveries: | ||||||||||||||||||||
Commercial Real Estate | 90 | 2 | 109 | 2 | 2,939 | |||||||||||||||
Agricultural Real Estate | 38 | - | - | - | - | |||||||||||||||
Real Estate Construction | - | - | - | - | 2,225 | |||||||||||||||
Residential 1st Mortgages | 13 | 15 | 40 | 26 | 8 | |||||||||||||||
Home Equity Lines and Loans | 28 | 6 | 8 | 103 | 87 | |||||||||||||||
Agricultural | - | 61 | 17 | - | 4 | |||||||||||||||
Commercial | - | 20 | 8 | 47 | 136 | |||||||||||||||
Consumer & Other | 52 | 54 | 76 | 55 | 69 | |||||||||||||||
Total Recoveries | 221 | 158 | 258 | 233 | 5,468 | |||||||||||||||
Net (Charge-Offs) Recoveries | (454 | ) | (609 | ) | (427 | ) | 61 | 5,372 | ||||||||||||
Total Allowance for Credit Losses, End of Year | $ | 55,012 | $ | 55,266 | $ | 50,342 | $ | 47,919 | $ | 41,523 | ||||||||||
Ratios: | ||||||||||||||||||||
Allowance for Credit Losses to: | ||||||||||||||||||||
Total Loans & Leases at Year End | 2.05 | % | 2.14 | % | 2.27 | % | 2.19 | % | 2.07 | % | ||||||||||
Average Loans & Leases | 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 | %) | (0.02 | %) | 0.00 | % | 0.27 | % | ||||||||||
Average Loans & Leases | (0.02 | %) | (0.03 | %) | (0.02 | %) | 0.00 | % | 0.30 | % |
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Allowance for Credit Losses Beginning of Year | $ | 55,012 | $ | 55,266 | $ | 50,342 | $ | 47,919 | $ | 41,523 | ||||||||||
Provision Charged to Expense | 4,500 | 200 | 5,533 | 2,850 | 6,335 | |||||||||||||||
Charge-Offs: | ||||||||||||||||||||
Commercial Real Estate | - | - | - | 109 | - | |||||||||||||||
Agricultural Real Estate | - | - | - | - | - | |||||||||||||||
Real Estate Construction | - | - | - | - | - | |||||||||||||||
Residential 1st Mortgages | - | - | 31 | 53 | 21 | |||||||||||||||
Home Equity Lines and Loans | 7 | - | 8 | 3 | 46 | |||||||||||||||
Agricultural | - | - | - | 374 | - | |||||||||||||||
Commercial | 1,101 | 592 | 613 | - | - | |||||||||||||||
Consumer & Other | 66 | 83 | 115 | 146 | 105 | |||||||||||||||
Total Charge-Offs | 1,174 | 675 | 767 | 685 | 172 | |||||||||||||||
Recoveries: | ||||||||||||||||||||
Commercial Real Estate | - | - | 2 | 109 | 2 | |||||||||||||||
Agricultural Real Estate | 81 | 38 | - | - | - | |||||||||||||||
Real Estate Construction | - | - | - | - | - | |||||||||||||||
Residential 1st Mortgages | 52 | 13 | 15 | 40 | 26 | |||||||||||||||
Home Equity Lines and Loans | 78 | 28 | 6 | 8 | 103 | |||||||||||||||
Agricultural | - | - | 61 | 17 | - | |||||||||||||||
Commercial | 280 | 90 | 20 | 8 | 47 | |||||||||||||||
Consumer & Other | 33 | 52 | 54 | 76 | 55 | |||||||||||||||
Total Recoveries | 524 | 221 | 158 | 258 | 233 | |||||||||||||||
Net (Charge-Offs) Recoveries | (650 | ) | (454 | ) | (609 | ) | (427 | ) | 61 | |||||||||||
Total Allowance for Credit Losses, End of Year | $ | 58,862 | $ | 55,012 | $ | 55,266 | $ | 50,342 | $ | 47,919 | ||||||||||
Ratios: | ||||||||||||||||||||
Allowance for Credit Losses to: | ||||||||||||||||||||
Total Loans & Leases at Year End | 1.89 | % | 2.05 | % | 2.14 | % | 2.27 | % | 2.19 | % | ||||||||||
Average Loans & Leases | 2.00 | % | 2.12 | % | 2.35 | % | 2.31 | % | 2.34 | % | ||||||||||
Consolidated Net (Charge-Offs) Recoveries to: | ||||||||||||||||||||
Total Loans & Leases at Year End | (0.02 | %) | (0.02 | %) | (0.02 | %) | (0.02 | %) | 0.00 | % | ||||||||||
Average Loans & Leases | (0.02 | %) | (0.02 | %) | (0.03 | %) | (0.02 | %) | 0.00 | % |
December 31, 2020 | 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, 2020 | $ | 11,053 | $ | 15,128 | $ | 1,949 | $ | 855 | $ | 2,675 | $ | 8,076 | $ | 11,466 | $ | 456 | $ | 3,162 | $ | 192 | $ | 55,012 | ||||||||||||||||||||||
Charge-Offs | - | - | - | - | (7 | ) | - | (1,101 | ) | (66 | ) | - | - | (1,174 | ) | |||||||||||||||||||||||||||||
Recoveries | - | 81 | - | 52 | 78 | - | 280 | 33 | - | - | 524 | |||||||||||||||||||||||||||||||||
Provision | 16,626 | (6,576 | ) | (306 | ) | 53 | (722 | ) | (3,262 | ) | (684 | ) | (90 | ) | (1,431 | ) | 892 | 4,500 | ||||||||||||||||||||||||||
Ending Balance- December 31, 2019 | $ | 27,679 | $ | 8,633 | $ | 1,643 | $ | 960 | $ | 2,024 | $ | 4,814 | $ | 9,961 | $ | 333 | $ | 1,731 | $ | 1,084 | $ | 58,862 |
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 |
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) | 2020 Amount | Percent of Loans in Each Category to Total Loans | 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 | ||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 27,679 | 31.2 | % | $ | 11,053 | 31.6 | % | $ | 11,609 | 32.4 | % | $ | 10,922 | 31.1 | % | $ | 11,110 | 30.4 | % | ||||||||||||||||||||
Agricultural Real Estate | 8,633 | 20.7 | % | 15,128 | 23.3 | % | 14,092 | 22.7 | % | 12,085 | 22.5 | % | 9,450 | 21.2 | % | |||||||||||||||||||||||||
Real Estate Construction | 1,643 | 6.0 | % | 1,949 | 4.3 | % | 1,249 | 3.8 | % | 1,846 | 4.5 | % | 3,223 | 7.6 | % | |||||||||||||||||||||||||
Residential 1st Mortgages | 960 | 9.6 | % | 855 | 9.5 | % | 880 | 10.1 | % | 815 | 11.7 | % | 865 | 10.3 | % | |||||||||||||||||||||||||
Home Equity Lines and Loans | 2,024 | 1.1 | % | 2,675 | 1.5 | % | 2,761 | 1.6 | % | 2,324 | 1.6 | % | 2,140 | 1.7 | % | |||||||||||||||||||||||||
Agricultural | 4,814 | 8.5 | % | 8,076 | 10.9 | % | 8,242 | 11.3 | % | 8,159 | 12.3 | % | 7,381 | 14.7 | % | |||||||||||||||||||||||||
Commercial | 9,961 | 12.0 | % | 11,466 | 14.4 | % | 11,656 | 13.3 | % | 9,197 | 12.0 | % | 8,515 | 10.5 | % | |||||||||||||||||||||||||
Consumer & Other | 333 | 7.6 | % | 456 | 0.6 | % | 494 | 0.8 | % | 209 | 0.3 | % | 200 | 0.3 | % | |||||||||||||||||||||||||
Leases | 1,731 | 3.3 | % | 3,162 | 3.9 | % | 4,022 | 4.0 | % | 3,363 | 4.0 | % | 3,586 | 3.3 | % | |||||||||||||||||||||||||
Unallocated | 1,084 | - | 192 | - | 261 | - | 1,422 | - | 1,449 | - | ||||||||||||||||||||||||||||||
Total | $ | 58,862 | 100.0 | % | $ | 55,012 | 100.0 | % | $ | 55,266 | 100.0 | % | $ | 50,342 | 100.0 | % | $ | 47,919 | 100.0 | % |
Available for Sale | Held to Maturity | Available for Sale | Held to Maturity | Available for Sale | Held to Maturity | 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 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury Notes | $ | 54,995 | $ | - | $ | 164,514 | $ | - | $ | 144,164 | $ | - | $ | 15,288 | $ | - | $ | 54,995 | $ | - | $ | 164,514 | $ | - | ||||||||||||||||||||||||
U.S. Government SBA | 10,798 | - | 15,447 | - | 29,380 | - | 8,160 | - | 10,798 | - | 15,447 | - | ||||||||||||||||||||||||||||||||||||
Government Agency & Government Sponsored Entities | - | - | 3,039 | - | 3,128 | - | - | - | - | - | 3,039 | - | ||||||||||||||||||||||||||||||||||||
Obligations of States and Political Subdivisions | - | 60,229 | - | 53,566 | - | 54,460 | - | 68,933 | - | 60,229 | - | 53,566 | ||||||||||||||||||||||||||||||||||||
Mortgage Backed Securities | 441,078 | - | 307,045 | - | 301,914 | - | 737,873 | - | 441,078 | - | 307,045 | - | ||||||||||||||||||||||||||||||||||||
Corporate Securities | 45,919 | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Other | 515 | - | 5,351 | - | 3,010 | - | 492 | - | 515 | - | 5,351 | - | ||||||||||||||||||||||||||||||||||||
Total Book Value | $ | 507,386 | $ | 60,229 | $ | 495,396 | $ | 53,566 | $ | 481,596 | $ | 54,460 | $ | 807,732 | $ | 68,933 | $ | 507,386 | $ | 60,229 | $ | 495,396 | $ | 53,566 | ||||||||||||||||||||||||
Fair Value | $ | 507,386 | $ | 61,097 | $ | 495,396 | $ | 53,738 | $ | 481,596 | $ | 58,408 | $ | 807,732 | $ | 70,049 | $ | 507,386 | $ | 61,097 | $ | 495,396 | $ | 53,738 |
December 31, 2020 (in thousands) | Fair Value | Average Yield | ||||||
U.S. Treasury | ||||||||
One year or less | $ | 5,020 | 2.19 | % | ||||
After one year through five years | 10,268 | 2.36 | % | |||||
Total U.S. Treasury Securities | 15,288 | 2.30 | % | |||||
U.S. Government Agency SBA | ||||||||
After one year through five years | 333 | 2.12 | % | |||||
After five years through ten years | 488 | 1.34 | % | |||||
After ten years | 7,339 | 1.28 | % | |||||
Total U.S. Government Agency SBA Securities | 8,160 | 1.31 | % | |||||
Corporate Securities | ||||||||
After one year through five years | 15,495 | 1.51 | % | |||||
After five years through ten years | 30,424 | 2.12 | % | |||||
Total Corporate Securities | 45,919 | 1.92 | % | |||||
Other | ||||||||
One year or less | 492 | 2.24 | % | |||||
Total Other Securities | 492 | 2.24 | % | |||||
Mortgage Backed Securities | 737,873 | 1.91 | % | |||||
Total Investment Securities Available-for-Sale | $ | 807,732 | 1.91 | % |
December 31, 2019 (in thousands) | Fair Value | Average Yield | ||||||
U.S. Treasury | ||||||||
One year or less | $ | 39,996 | 1.46 | % | ||||
After one year through five years | 14,999 | 2.32 | % | |||||
Total U.S. Treasury Securities | 54,995 | 1.70 | % | |||||
U.S. Government SBA | ||||||||
After one year through five years | 393 | 3.19 | % | |||||
After five years through ten years | 955 | 3.14 | % | |||||
After ten years | 9,450 | 2.93 | % | |||||
Total U.S. Government Securities | 10,798 | 2.96 | % | |||||
Other | ||||||||
One year or less | 515 | 2.55 | % | |||||
Total Other Securities | 515 | 2.55 | % | |||||
Mortgage Backed Securities | 441,078 | 2.69 | % | |||||
Total Investment Securities Available-for-Sale | $ | 507,386 | 2.59 | % |
December 31, 2020 (in thousands) | Book Value | Average Yield | ||||||
Obligations of States and Political Subdivisions | ||||||||
One year or less | $ | 8,309 | 3.99 | % | ||||
After one year through five years | 5,137 | 3.55 | % | |||||
After five years through ten years | 23,493 | 3.49 | % | |||||
After ten years | 31,994 | 4.74 | % | |||||
Total Obligations of States and Political Subdivisions | 68,933 | 4.13 | % | |||||
Total Investment Securities Held-to-Maturity | $ | 68,933 | 4.13 | % |
December 31, 2019 (in thousands) | Book Value | Average Yield | ||||||
Obligations of States and Political Subdivisions | ||||||||
One year or less | $ | 2,446 | 4.76 | % | ||||
After one year through five years | 5,902 | 5.39 | % | |||||
After five years through ten years | 23,980 | 3.48 | % | |||||
After ten years | 27,901 | 4.67 | % | |||||
Total Obligations of States and Political Subdivisions | 60,229 | 4.27 | % | |||||
Total Investment Securities Held-to-Maturity | $ | 60,229 | 4.27 | % |
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||
(in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 971,326 | 31.2 | % | $ | 846,486 | 31.6 | % | $ | 834,476 | 32.4 | % | $ | 691,639 | 31.1 | % | $ | 674,445 | 30.9 | % | ||||||||||||||||||||
Agricultural Real Estate | 643,014 | 20.7 | % | 625,767 | 23.3 | % | 584,625 | 22.7 | % | 499,231 | 22.5 | % | 467,685 | 21.4 | % | |||||||||||||||||||||||||
Real Estate Construction | 185,741 | 6.0 | % | 115,644 | 4.3 | % | 98,568 | 3.8 | % | 100,206 | 4.5 | % | 176,462 | 8.1 | % | |||||||||||||||||||||||||
Residential 1st Mortgages | 299,379 | 9.6 | % | 255,253 | 9.5 | % | 259,736 | 10.1 | % | 260,751 | 11.7 | % | 242,247 | 11.1 | % | |||||||||||||||||||||||||
Home Equity Lines and Loans | 34,239 | 1.1 | % | 39,270 | 1.5 | % | 40,789 | 1.6 | % | 34,525 | 1.6 | % | 31,625 | 1.4 | % | |||||||||||||||||||||||||
Agricultural | 264,372 | 8.5 | % | 292,904 | 10.9 | % | 290,463 | 11.3 | % | 273,582 | 12.3 | % | 295,325 | 13.5 | % | |||||||||||||||||||||||||
Commercial | 374,816 | 12.0 | % | 384,795 | 14.4 | % | 343,834 | 13.3 | % | 265,703 | 12.0 | % | 217,577 | 10.0 | % | |||||||||||||||||||||||||
Consumer & Other (1) | 235,529 | 7.6 | % | 15,422 | 0.6 | % | 19,412 | 0.8 | % | 6,656 | 0.3 | % | 6,913 | 0.3 | % | |||||||||||||||||||||||||
Leases | 103,117 | 3.3 | % | 104,470 | 3.9 | % | 106,217 | 4.0 | % | 88,957 | 4.0 | % | 70,986 | 3.3 | % | |||||||||||||||||||||||||
Total Gross Loans & Leases | 3,111,533 | 100.0 | % | 2,680,011 | 100.0 | % | 2,578,120 | 100.0 | % | 2,221,250 | 100.0 | % | 2,183,265 | 100.0 | % | |||||||||||||||||||||||||
Less: Unearned Income | 11,941 | 6,984 | 6,879 | 5,955 | 5,664 | |||||||||||||||||||||||||||||||||||
Subtotal | 3,099,592 | 2,673,027 | 2,571,241 | 2,215,295 | 2,177,601 | |||||||||||||||||||||||||||||||||||
Less: Allowance for Credit Losses | 58,862 | 55,012 | 55,266 | 50,342 | 47,919 | |||||||||||||||||||||||||||||||||||
Net Loans & Leases | $ | 3,040,730 | $ | 2,618,015 | $ | 2,515,975 | $ | 2,164,953 | $ | 2,129,682 |
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||||||||
(in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 846,486 | 31.6 | % | $ | 834,476 | 32.4 | % | $ | 691,639 | 31.1 | % | $ | 674,445 | 30.9 | % | $ | 609,602 | 30.4 | % | ||||||||||||||||||||
Agricultural Real Estate | 625,767 | 23.3 | % | 584,625 | 22.7 | % | 499,231 | 22.5 | % | 467,685 | 21.4 | % | 424,034 | 21.2 | % | |||||||||||||||||||||||||
Real Estate Construction | 115,644 | 4.3 | % | 98,568 | 3.8 | % | 100,206 | 4.5 | % | 176,462 | 8.1 | % | 151,974 | 7.6 | % | |||||||||||||||||||||||||
Residential 1st Mortgages | 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 | 39,270 | 1.5 | % | 40,789 | 1.6 | % | 34,525 | 1.6 | % | 31,625 | 1.4 | % | 33,056 | 1.7 | % | |||||||||||||||||||||||||
Agricultural | 292,904 | 10.9 | % | 290,463 | 11.3 | % | 273,582 | 12.3 | % | 295,325 | 13.5 | % | 293,966 | 14.7 | % | |||||||||||||||||||||||||
Commercial | 384,795 | 14.4 | % | 343,834 | 13.3 | % | 265,703 | 12.0 | % | 217,577 | 10.0 | % | 210,804 | 10.5 | % | |||||||||||||||||||||||||
Consumer & Other | 15,422 | 0.6 | % | 19,412 | 0.8 | % | 6,656 | 0.3 | % | 6,913 | 0.3 | % | 6,592 | 0.3 | % | |||||||||||||||||||||||||
Leases | 104,470 | 3.9 | % | 106,217 | 4.0 | % | 88,957 | 4.0 | % | 70,986 | 3.3 | % | 65,054 | 3.3 | % | |||||||||||||||||||||||||
Total Gross Loans & Leases | 2,680,011 | 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 | 6,984 | 6,879 | 5,955 | 5,664 | 5,128 | |||||||||||||||||||||||||||||||||||
Subtotal | 2,673,027 | 2,571,241 | 2,215,295 | 2,177,601 | 1,996,359 | |||||||||||||||||||||||||||||||||||
Less: Allowance for Credit Losses | 55,012 | 55,266 | 50,342 | 47,919 | 41,523 | |||||||||||||||||||||||||||||||||||
Loans & Leases, Net | $ | 2,618,015 | $ | 2,515,975 | $ | 2,164,953 | $ | 2,129,682 | $ | 1,954,836 |
(1) | Includes PPP loans. 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 | $ | 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 | % |
(in thousands) | One Year or Less | Over One Year to Five Years | Over Five Years | Total | ||||||||||||
Commercial Real Estate | $ | 42,313 | $ | 275,256 | $ | 641,411 | $ | 958,980 | ||||||||
Agricultural Real Estate | 22,811 | 150,752 | 469,451 | 643,014 | ||||||||||||
Real Estate Construction | 94,364 | 87,484 | 3,893 | 185,741 | ||||||||||||
Residential 1st Mortgages | 1,180 | 4,229 | 293,970 | 299,379 | ||||||||||||
Home Equity Lines and Loans | 13 | 353 | 33,873 | 34,239 | ||||||||||||
Agricultural | 155,485 | 97,736 | 11,151 | 264,372 | ||||||||||||
Commercial | 120,994 | 199,704 | 54,118 | 374,816 | ||||||||||||
Consumer & Other | 699 | 230,443 | 4,387 | 235,529 | ||||||||||||
Leases | 8,517 | 50,720 | 44,285 | 103,522 | ||||||||||||
Total | $ | 446,376 | $ | 1,096,677 | $ | 1,556,539 | $ | 3,099,592 | ||||||||
Rate Sensitivity: | ||||||||||||||||
Fixed Rate | $ | 66,042 | $ | 593,253 | $ | 1,027,705 | $ | 1,687,000 | ||||||||
Variable Rate | 380,334 | 503,424 | 528,834 | 1,412,592 | ||||||||||||
Total | $ | 446,376 | $ | 1,096,677 | $ | 1,556,539 | $ | 3,099,592 | ||||||||
Percent | 14.40 | % | 35.38 | % | 50.22 | % | 100.00 | % |
December 31, | ||||||||||||||||||||
(in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Non-Accrual Loans & Leases | ||||||||||||||||||||
Commercial Real Estate | $ | - | $ | - | $ | - | $ | - | $ | 19 | ||||||||||
Agricultural Real Estate | - | - | - | 1,304 | - | |||||||||||||||
Real Estate Construction | - | - | - | - | - | |||||||||||||||
Residential 1st Mortgages | - | - | - | 95 | 65 | |||||||||||||||
Home Equity Lines and Loans | - | - | - | - | 538 | |||||||||||||||
Agricultural | - | - | - | 243 | - | |||||||||||||||
Commercial | - | - | - | 1,426 | 1,524 | |||||||||||||||
Consumer & Other | - | - | - | 6 | 10 | |||||||||||||||
Total Non-Accrual Loans & Leases | - | - | - | 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 | ||||||||||
Other Real Estate Owned | $ | 873 | $ | 873 | $ | 873 | $ | 3,745 | $ | 2,441 | ||||||||||
Total Non-Performing Assets | $ | 873 | $ | 873 | $ | 873 | $ | 6,819 | $ | 4,597 | ||||||||||
Restructured Loans & Leases (Performing) | $ | 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 | % | 0.00 | % | 0.14 | % | 0.11 | % |
December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||
Non-Accrual Loans & Leases | ||||||||||||||||||||
Commercial Real Estate | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Agricultural Real Estate | 495 | - | - | - | 1,304 | |||||||||||||||
Real Estate Construction | - | - | - | - | - | |||||||||||||||
Residential 1st Mortgages | - | - | - | - | 95 | |||||||||||||||
Home Equity Lines and Loans | - | - | - | - | - | |||||||||||||||
Agricultural | - | - | - | - | 243 | |||||||||||||||
Commercial | - | - | - | - | 1,426 | |||||||||||||||
Consumer & Other | - | - | - | - | 6 | |||||||||||||||
Total Non-Accrual Loans & Leases | 495 | - | - | - | 3,074 | |||||||||||||||
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 | $ | 495 | $ | - | $ | - | $ | - | $ | 3,074 | ||||||||||
Other Real Estate Owned | $ | 873 | $ | 873 | $ | 873 | $ | 873 | $ | 3,745 | ||||||||||
Total Non-Performing Assets | $ | 1,368 | $ | 873 | $ | 873 | $ | 873 | $ | 6,819 | ||||||||||
Restructured Loans & Leases (Performing) | $ | 7,868 | $ | 12,105 | $ | 13,577 | $ | 6,301 | $ | 4,462 | ||||||||||
Non-Performing Loans & Leases as a Percent of Total Loans & Leases | 0.02 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.14 | % |
(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 | $ | 63,183 | ||
Over Three Months Through Six Months | 50,761 | |||
Over Six Months Through Twelve Months | 51,854 | |||
Over Twelve Months | 20,146 | |||
Total Time Deposits of $250,000 or More | $ | 185,944 |
(in thousands) | December 31, 2019 | December 31, 2018 | December 31, 2020 | December 31, 2019 | ||||||||||||
Commitments to Extend Credit | $ | 919,982 | $ | 828,539 | $ | 1,040,844 | $ | 919,982 | ||||||||
Letters of Credit | 20,346 | 19,108 | 18,846 | 20,346 | ||||||||||||
Performance Guarantees Under Interest Rate Swap Contracts Entered Into Between Our Borrowing Customers and Third Parties | 1,513 | - | 2,786 | 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 | |||||||||||||||
Long-Term Subordinated Debentures | 10,310 | - | - | - | 10,310 | |||||||||||||||
Deferred Compensation (1) | 68,077 | 1,315 | 2,118 | 1,058 | 63,586 | |||||||||||||||
Total | $ | 78,387 | $ | 1,315 | $ | 2,118 | $ | 1,058 | $ | 73,896 |
Item 8. | Financial Statements and Supplementary Data |
Page | ||
Report of Independent Registered Public Accounting Firm | ||
Consolidated Financial Statements | ||
Consolidated Balance Sheets – December 31, | ||
Consolidated Statements of Income – Years ended December 31, 2020, 2019 | ||
Consolidated Statements of Comprehensive Income – Years Ended December 31, 2020, 2019 | ||
Consolidated Statements of Changes in | ||
Consolidated Statements of Cash Flows - Years Ended December 31, 2020, 2019 | | |
Notes to the Consolidated Financial Statements | |
Farmers & Merchants Bancorp |
Consolidated Balance Sheets |
December 31, | December 31, | |||||||||||||||
Assets | 2019 | 2018 | 2020 | 2019 | ||||||||||||
Cash and Cash Equivalents: | ||||||||||||||||
Cash and Due from Banks | $ | 71,564 | $ | 61,058 | $ | 66,327 | $ | 71,564 | ||||||||
Interest Bearing Deposits with Banks | 223,194 | 84,506 | 317,510 | 223,194 | ||||||||||||
Total Cash and Cash Equivalents | 294,758 | 145,564 | 383,837 | 294,758 | ||||||||||||
Investment Securities: | ||||||||||||||||
Available-for-Sale | 507,386 | 495,396 | ||||||||||||||
Held-to-Maturity | 60,229 | 53,566 | ||||||||||||||
Available-for-Sale, amortized cost $789,175, and $502,693, respectively | 807,732 | 507,386 | ||||||||||||||
Held-to-Maturity, fair value $70,049 and $61,097, respectively | 68,933 | 60,229 | ||||||||||||||
Total Investment Securities | 567,615 | 548,962 | 876,665 | 567,615 | ||||||||||||
Loans & Leases: | 2,673,027 | 2,571,241 | 3,099,592 | 2,673,027 | ||||||||||||
Less: Allowance for Credit Losses | 55,012 | 55,266 | 58,862 | 55,012 | ||||||||||||
Loans& Leases, Net | 2,618,015 | 2,515,975 | 3,040,730 | 2,618,015 | ||||||||||||
Premises and Equipment, Net | 45,271 | 32,623 | 50,147 | 45,271 | ||||||||||||
Bank Owned Life Insurance, Net | 67,148 | 65,117 | 69,235 | 67,148 | ||||||||||||
Interest Receivable and Other Assets | 129,023 | 126,002 | 129,839 | 129,023 | ||||||||||||
Total Assets | $ | 3,721,830 | $ | 3,434,243 | $ | 4,550,453 | $ | 3,721,830 | ||||||||
Liabilities | ||||||||||||||||
Deposits: | ||||||||||||||||
Demand | $ | 1,067,187 | $ | 974,756 | $ | 1,475,425 | $ | 1,067,187 | ||||||||
Interest-Bearing Transaction | 697,952 | 694,384 | 902,487 | 697,952 | ||||||||||||
Savings and Money Market | 994,958 | 903,665 | 1,260,487 | 994,958 | ||||||||||||
Time | 517,922 | 490,027 | 421,868 | 517,922 | ||||||||||||
Total Deposits | 3,278,019 | 3,062,832 | 4,060,267 | 3,278,019 | ||||||||||||
Subordinated Debentures | 10,310 | 10,310 | 10,310 | 10,310 | ||||||||||||
Interest Payable and Other Liabilities | 64,205 | 49,886 | 56,211 | 64,205 | ||||||||||||
Total Liabilities | 3,352,534 | 3,123,028 | 4,126,788 | 3,352,534 | ||||||||||||
Commitments & Contingencies (See Note 18) | ||||||||||||||||
Commitments & Contingencies (See Note 19) | 0 | 0 | ||||||||||||||
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, 793,033 and 783,721 | ||||||||||||||||
Shares Issued and Outstanding at December 31, 2019 and 2018, respectively. | 8 | 8 | ||||||||||||||
Preferred Stock: NaN Par Value, 1,000,000 Shares Authorized, NaN Issued or Outstanding | 0 | 0 | ||||||||||||||
Common Stock: Par Value $0.01, 7,500,000 Shares Authorized, 789,646 and 793,033 | ||||||||||||||||
Shares Issued and Outstanding at December 31, 2020 and 2019, respectively. | 8 | 8 | ||||||||||||||
Additional Paid-In Capital | 79,947 | 72,974 | 77,516 | 79,947 | ||||||||||||
Retained Earnings | 286,036 | 241,221 | 333,070 | 286,036 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | 3,305 | (2,988 | ) | |||||||||||||
Accumulated Other Comprehensive Income, Net of Taxes | 13,071 | 3,305 | ||||||||||||||
Total Shareholders’ Equity | 369,296 | 311,215 | 423,665 | 369,296 | ||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 3,721,830 | $ | 3,434,243 | $ | 4,550,453 | $ | 3,721,830 |
Farmers & Merchants Bancorp |
Consolidated Statements of Income |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||
Interest Income | ||||||||||||||||||||||||
Interest and Fees on Loans & Leases | $ | 137,237 | $ | 119,837 | $ | 102,682 | $ | 143,383 | $ | 137,237 | $ | 119,837 | ||||||||||||
Interest on Deposits with Banks | 4,909 | 2,755 | 2,060 | 1,207 | 4,909 | 2,755 | ||||||||||||||||||
Interest on Investment Securities: | ||||||||||||||||||||||||
Taxable | 9,911 | 9,257 | 8,123 | 12,391 | 9,911 | 9,257 | ||||||||||||||||||
Exempt from Federal Tax | 1,651 | 1,604 | 1,747 | 1,671 | 1,651 | 1,604 | ||||||||||||||||||
Total Interest Income | 153,708 | 133,453 | 114,612 | 158,652 | 153,708 | 133,453 | ||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||
Deposits | 12,640 | 7,425 | 5,865 | 9,113 | 12,640 | 7,425 | ||||||||||||||||||
Borrowed Funds | - | �� | 1 | - | 0 | 0 | 1 | |||||||||||||||||
Subordinated Debentures | 554 | 524 | 424 | 378 | 554 | 524 | ||||||||||||||||||
Total Interest Expense | 13,194 | 7,950 | 6,289 | 9,491 | 13,194 | 7,950 | ||||||||||||||||||
Net Interest Income | 140,514 | 125,503 | 108,323 | 149,161 | 140,514 | 125,503 | ||||||||||||||||||
Provision for Credit Losses | 200 | 5,533 | 2,850 | 4,500 | 200 | 5,533 | ||||||||||||||||||
Net Interest Income After Provision for Credit Losses | 140,314 | 119,970 | 105,473 | 144,661 | 140,314 | 119,970 | ||||||||||||||||||
Non-Interest Income | ||||||||||||||||||||||||
Service Charges on Deposit Accounts | 3,673 | 3,479 | 3,453 | 2,637 | 3,673 | 3,479 | ||||||||||||||||||
Net Gain (Loss) on Investment Securities | 1 | (1,260 | ) | 131 | ||||||||||||||||||||
Increase in Cash Surrender Value of Life Insurance | 2,031 | 1,900 | 1,822 | |||||||||||||||||||||
Net Gain (Loss) on Sales Investment Securities | 40 | 1 | (1,260 | ) | ||||||||||||||||||||
Increase in Cash Surrender Value of Bank Owned Life Insurance | 2,088 | 2,031 | 1,900 | |||||||||||||||||||||
Debit Card and ATM Fees | 5,120 | 4,365 | 3,873 | 5,536 | 5,120 | 4,365 | ||||||||||||||||||
Net Gain on Deferred Compensation Investments | 2,625 | 1,088 | 2,563 | 1,777 | 2,625 | 1,088 | ||||||||||||||||||
Other | 3,791 | 5,647 | 4,920 | 3,618 | 3,791 | 5,647 | ||||||||||||||||||
Total Non-Interest Income | 17,241 | 15,219 | 16,762 | 15,696 | 17,241 | 15,219 | ||||||||||||||||||
Non-Interest Expense | ||||||||||||||||||||||||
Salaries and Employee Benefits | 55,250 | 50,054 | 45,746 | 56,950 | 55,250 | 50,054 | ||||||||||||||||||
Net Gain on Deferred Compensation Investments | 2,625 | 1,088 | 2,563 | |||||||||||||||||||||
Net Gain on Deferred Compensation Plan Investments | 1,777 | 2,625 | 1,088 | |||||||||||||||||||||
Occupancy | 4,295 | 3,905 | 3,543 | 4,640 | 4,295 | 3,905 | ||||||||||||||||||
Equipment | 4,921 | 4,303 | 3,994 | 4,994 | 4,921 | 4,303 | ||||||||||||||||||
Marketing | 1,254 | 1,232 | 1,027 | 922 | 1,254 | 1,232 | ||||||||||||||||||
Legal | 2,347 | 968 | 424 | 128 | 2,347 | 968 | ||||||||||||||||||
FDIC Insurance | 624 | 912 | 932 | 517 | 624 | 912 | ||||||||||||||||||
Gain on Sale of ORE | - | - | (414 | ) | ||||||||||||||||||||
Acquisition Expenses | - | 2,933 | - | 0 | 0 | 2,933 | ||||||||||||||||||
Other | 10,926 | 10,064 | 9,939 | 12,478 | 10,926 | 10,064 | ||||||||||||||||||
Total Non-Interest Expense | 82,242 | 75,459 | 67,754 | 82,406 | 82,242 | 75,459 | ||||||||||||||||||
Income Before Income Taxes | 75,313 | 59,730 | 54,481 | |||||||||||||||||||||
Income Before Provision for Income Taxes | 77,951 | 75,313 | 59,730 | |||||||||||||||||||||
Provision for Income Taxes | 19,277 | 14,203 | 26,111 | 19,217 | 19,277 | 14,203 | ||||||||||||||||||
Net Income | $ | 56,036 | $ | 45,527 | $ | 28,370 | $ | 58,734 | $ | 56,036 | $ | 45,527 | ||||||||||||
Basic and Diluted Earnings Per Common Share | $ | 71.18 | $ | 56.82 | $ | 35.03 | $ | 74.03 | $ | 71.18 | $ | 56.82 |
FARMERS & MERCHANTS BANCORP |
Consolidated Statements of Comprehensive Income |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||
Net Income | $ | 56,036 | $ | 45,527 | $ | 28,370 | $ | 58,734 | $ | 56,036 | $ | 45,527 | ||||||||||||
Other Comprehensive Loss | ||||||||||||||||||||||||
Net Unrealized Gain (Loss) on Available-for-Sale Securities | 8,936 | (4,343 | ) | (1,011 | ) | 13,905 | 8,936 | (4,343 | ) | |||||||||||||||
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 | ) | |||||||||||||||||||
Deferred Tax (Benefit) Expense Related to Unrealized (Gain) Losses | (4,099 | ) | (2,642 | ) | 1,284 | |||||||||||||||||||
Reclassification Adjustment for Realized (Gain) Loss on Sales of Available-for-Sale Securities Included in Net Income | (40 | ) | (1 | ) | 1,260 | |||||||||||||||||||
Deferred Tax Related to Reclassification Adjustment | 0 | 0 | (372 | ) | ||||||||||||||||||||
Total Other Comprehensive Income (Loss) | 6,293 | (2,171 | ) | (806 | ) | 9,766 | 6,293 | (2,171 | ) | |||||||||||||||
Comprehensive Income | $ | 62,329 | $ | 43,356 | $ | 27,564 | $ | 68,500 | $ | 62,329 | $ | 43,356 |
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, 2017 | 807,329 | $ | 8 | $ | 90,671 | $ | 189,313 | $ | (11 | ) | $ | 279,981 | ||||||||||||||||||||||||||||||||||||
Net Income | 28,370 | 28,370 | ||||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared on Common Stock ($13.55 per share) | (10,982 | ) | (10,982 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock | 4,975 | 2,953 | 2,953 | |||||||||||||||||||||||||||||||||||||||||||||
Tax Adjustment of Available-for-Sale Securities Reclassed from AOCI | 144 | (144 | ) | - | ||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
Balance, January 1, 2018 | 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 | ) | (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 | 56,036 | 56,036 | ||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared on Common Stock ($14.20 per share) | (11,221 | ) | (11,221 | ) | (11,221 | ) | (11,221 | ) | ||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock | 9,312 | 6,973 | 6,973 | 9,312 | 6,973 | 6,973 | ||||||||||||||||||||||||||||||||||||||||||
Change in Net Unrealized Gain on Securities Available-for-Sale | 6,293 | 6,293 | 6,293 | 6,293 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 793,033 | $ | 8 | $ | 79,947 | $ | 286,036 | $ | 3,305 | $ | 369,296 | 793,033 | $ | 8 | $ | 79,947 | $ | 286,036 | $ | 3,305 | $ | 369,296 | ||||||||||||||||||||||||||
Net Income | 58,734 | 58,734 | ||||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared on Common Stock ($14.75 per share) | (11,700 | ) | (11,700 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Repurchase of Common Stock | (3,910 | ) | (2,834 | ) | (2,834 | ) | ||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock | 523 | 403 | 403 | |||||||||||||||||||||||||||||||||||||||||||||
Change in Net Unrealized Gain on Securities Available-for-Sale | 9,766 | 9,766 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | 789,646 | $ | 8 | $ | 77,516 | $ | 333,070 | $ | 13,071 | $ | 423,665 |
Farmers & Merchants Bancorp |
Consolidated Statements of Cash Flows |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||
Operating Activities | ||||||||||||||||||||||||
Net Income | $ | 56,036 | $ | 45,527 | $ | 28,370 | $ | 58,734 | $ | 56,036 | $ | 45,527 | ||||||||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||||||||||||||||||
Provision for Credit Losses | 200 | 5,533 | 2,850 | 4,500 | 200 | 5,533 | ||||||||||||||||||
Depreciation and Amortization | 2,756 | 2,421 | 2,186 | 2,769 | 2,756 | 2,421 | ||||||||||||||||||
(Benefit) Provision for Deferred Income Taxes | (3,254 | ) | 5,462 | 12,605 | (1,962 | ) | (3,254 | ) | 5,462 | |||||||||||||||
Net Amortization of Investment Security Premium & Discounts | 510 | 861 | 1,430 | |||||||||||||||||||||
Net Amortization of Investment Security Premiums & Discounts | 1,159 | 510 | 861 | |||||||||||||||||||||
Amortization of Core Deposit Intangible | 639 | 228 | 110 | 626 | 639 | 228 | ||||||||||||||||||
Accretion of Discount on Acquired Loans | (47 | ) | (153 | ) | (202 | ) | (166 | ) | (47 | ) | (153 | ) | ||||||||||||
Net (Gain) Loss on Investment Securities | (1 | ) | 1,260 | (131 | ) | |||||||||||||||||||
Net (Gain) Loss on Sale of Investment Securities | (40 | ) | (1 | ) | 1,260 | |||||||||||||||||||
Net Loss (Gain) on Sale of Property & Equipment | 87 | (273 | ) | (1,189 | ) | (32 | ) | 87 | (273 | ) | ||||||||||||||
Net Gain on sale of ORE | - | - | (414 | ) | ||||||||||||||||||||
Earnings from Equity Investment | - | (66 | ) | - | 0 | 0 | (66 | ) | ||||||||||||||||
Dividends from Equity Investment | - | 63 | - | 0 | 0 | 63 | ||||||||||||||||||
Gain on Remeasurement of Previously Held Equity Investment | - | (997 | ) | - | 0 | 0 | (997 | ) | ||||||||||||||||
Net Change in Operating Assets & Liabilities: | ||||||||||||||||||||||||
Net Decrease (Increase) in Interest Receivable and Other Assets | 18,949 | (2,098 | ) | (275 | ) | |||||||||||||||||||
Net Increase (Decrease) in Interest Payable and Other Liabilities | 4,983 | 6 | (5,396 | ) | ||||||||||||||||||||
Net (Increase) Decrease in Interest Receivable and Other Assets | (3,333 | ) | 18,949 | (2,098 | ) | |||||||||||||||||||
Net (Decrease) Increase in Interest Payable and Other Liabilities | (4,136 | ) | 4,983 | 6 | ||||||||||||||||||||
Net Cash Provided by Operating Activities | 80,858 | 57,774 | 39,944 | 58,119 | 80,858 | 57,774 | ||||||||||||||||||
Investing Activities | ||||||||||||||||||||||||
Investing Activities: | ||||||||||||||||||||||||
Purchase of Investment Securities Available-for-Sale | (652,280 | ) | (465,414 | ) | (325,573 | ) | (670,550 | ) | (652,280 | ) | (465,414 | ) | ||||||||||||
Proceeds from Sold, Matured, or Called Securities Available-for-Sale | 644,244 | 550,727 | 289,857 | 383,257 | 644,244 | 550,727 | ||||||||||||||||||
Purchase of Investment Securities Held-to-Maturity | (16,376 | ) | (9,813 | ) | (1,205 | ) | (22,020 | ) | (16,376 | ) | (9,813 | ) | ||||||||||||
Proceeds from Matured, or Called Securities Held-to-Maturity | 10,871 | 10,647 | 4,794 | 13,299 | 10,871 | 10,647 | ||||||||||||||||||
Net Loans & Leases Paid, Originated or Acquired | (102,413 | ) | (276,066 | ) | (38,178 | ) | (427,573 | ) | (102,413 | ) | (276,066 | ) | ||||||||||||
Principal Collected on Loans & Leases Previously Charged Off | 220 | 158 | 259 | 524 | 220 | 158 | ||||||||||||||||||
Cash Paid for Acquisition, Net | - | (5,987 | ) | - | 0 | 0 | (5,987 | ) | ||||||||||||||||
Additions to Premises and Equipment | (15,537 | ) | (4,577 | ) | (4,254 | ) | ||||||||||||||||||
Purchase of Other Investment | (4,400 | ) | (5,750 | ) | (14,380 | ) | ||||||||||||||||||
Additions to Premises and Equipment, Net | (7,709 | ) | (15,537 | ) | (4,577 | ) | ||||||||||||||||||
Purchase of Other Investments | (6,063 | ) | (4,400 | ) | (5,750 | ) | ||||||||||||||||||
Proceeds from Sale of Property & Equipment | 41 | 986 | 3,304 | 81 | 41 | 986 | ||||||||||||||||||
Proceeds from Sale of ORE | - | - | 3,186 | |||||||||||||||||||||
Net Cash Used in Investing Activities | (135,630 | ) | (205,089 | ) | (82,190 | ) | (736,754 | ) | (135,630 | ) | (205,089 | ) | ||||||||||||
Financing Activities | ||||||||||||||||||||||||
Financing Activities: | ||||||||||||||||||||||||
Net Increase in Deposits | 215,187 | 148,033 | 141,517 | 782,248 | 215,187 | 148,033 | ||||||||||||||||||
Stock Repurchases | - | (31,152 | ) | - | (2,834 | ) | 0 | (31,152 | ) | |||||||||||||||
Cash Dividends | (11,221 | ) | (11,151 | ) | (10,982 | ) | (11,700 | ) | (11,221 | ) | (11,151 | ) | ||||||||||||
Net Cash Provided by Financing Activities | 203,966 | 105,730 | 130,535 | 767,714 | 203,966 | 105,730 | ||||||||||||||||||
Net Change in Cash and Cash Equivalents | 149,194 | (41,585 | ) | 88,289 | 89,079 | 149,194 | (41,585 | ) | ||||||||||||||||
Cash and Cash Equivalents at Beginning of Year | 145,564 | 187,149 | 98,860 | 294,758 | 145,564 | 187,149 | ||||||||||||||||||
Cash and Cash Equivalents at End of Year | $ | 294,758 | $ | 145,564 | $ | 187,149 | $ | 383,837 | $ | 294,758 | $ | 145,564 | ||||||||||||
Supplementary Data | ||||||||||||||||||||||||
Cash Payments Made for Income Taxes | $ | 7,342 | $ | 7,971 | $ | 13,942 | $ | 9,581 | $ | 7,342 | $ | 7,971 | ||||||||||||
Issuance of Common Stock to the Bank’s Non-Qualified Retirement Plans | $ | 6,973 | $ | 10,502 | $ | 2,953 | $ | 403 | $ | 6,973 | $ | 10,502 | ||||||||||||
Interest Paid | $ | 11,755 | $ | 7,731 | $ | 6,005 | $ | 10,903 | $ | 11,755 | $ | 7,731 | ||||||||||||
Supplementary Noncash Disclosure | ||||||||||||||||||||||||
Lease Liabilities Arising from Obtaining Right-of-Use Assets | $ | 5,645 | - | - | $ | 0 | $ | 5,645 | $ | 0 | ||||||||||||||
Acquisitions: | ||||||||||||||||||||||||
Fair Value of Assets Acquired | $ | - | $ | 234,456 | $ | - | $ | 0 | $ | 0 | $ | 234,456 | ||||||||||||
Fair Value of Liabilities Acquired | $ | - | $ | 192,809 | $ | - | $ | 0 | $ | 0 | $ | 192,809 |
(in thousands) | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | |||||||||||||||||||||
Core Deposit Intangible Amortization | $ | 611 | $ | 593 | $ | 573 | $ | 549 | $ | 522 | $ | 1,165 | $ | 4,013 |
(in thousands) | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | |||||||||||||||||||||
Core Deposit Intangible Amortization | $ | 626 | $ | 611 | $ | 593 | $ | 573 | $ | 549 | $ | 1,688 | $ | 4,640 |
Amortized | Gross Unrealized | Fair/Book | Amortized | Gross Unrealized | Fair/Book | |||||||||||||||||||||||||||
December 31, 2019 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||
December 31, 2020 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||
US Treasury Notes | $ | 54,745 | $ | 250 | $ | - | $ | 54,995 | $ | 14,859 | $ | 429 | $ | 0 | $ | 15,288 | ||||||||||||||||
US Govt SBA | 10,902 | 9 | 113 | 10,798 | ||||||||||||||||||||||||||||
US Government Agency SBA | 8,252 | 1 | 93 | 8,160 | ||||||||||||||||||||||||||||
Mortgage Backed Securities (1) | 436,531 | 4,646 | 99 | 441,078 | 720,562 | 17,359 | 48 | 737,873 | ||||||||||||||||||||||||
Corporate Securities | 45,010 | 927 | 18 | 45,919 | ||||||||||||||||||||||||||||
Other | 515 | - | - | 515 | 492 | 0 | 0 | 492 | ||||||||||||||||||||||||
Total | $ | 502,693 | $ | 4,905 | $ | 212 | $ | 507,386 | $ | 789,175 | $ | 18,716 | $ | 159 | $ | 807,732 |
Amortized | Gross Unrealized | Fair/Book | Amortized | Gross Unrealized | Fair/Book | |||||||||||||||||||||||||||
December 31, 2018 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||
Government Agency & Government-Sponsored Entities | $ | 3,033 | $ | 6 | $ | - | $ | 3,039 | ||||||||||||||||||||||||
December 31, 2019 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||
US Treasury Notes | 164,672 | - | 158 | 164,514 | $ | 54,745 | $ | 250 | $ | 0 | $ | 54,995 | ||||||||||||||||||||
US Govt SBA | 15,601 | 6 | 160 | 15,447 | ||||||||||||||||||||||||||||
US Government Agency SBA | 10,902 | 9 | 113 | 10,798 | ||||||||||||||||||||||||||||
Mortgage Backed Securities (1) | 310,982 | 1,196 | 5,133 | 307,045 | 436,531 | 4,646 | 99 | 441,078 | ||||||||||||||||||||||||
Other | 5,351 | - | - | 5,351 | 515 | 0 | 0 | 515 | ||||||||||||||||||||||||
Total | $ | 499,639 | $ | 1,208 | $ | 5,451 | $ | 495,396 | $ | 502,693 | $ | 4,905 | $ | 212 | $ | 507,386 |
Book | Gross Unrealized | Fair | Amortized | Gross Unrealized | Fair | |||||||||||||||||||||||||||
December 31, 2019 | Value | Gains | Losses | Value | ||||||||||||||||||||||||||||
December 31, 2020 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||
Obligations of States and Political Subdivisions | $ | 60,229 | $ | 880 | $ | 12 | $ | 61,097 | $ | 68,933 | $ | 1,116 | $ | 0 | $ | 70,049 | ||||||||||||||||
Total | $ | 60,229 | $ | 880 | $ | 12 | $ | 61,097 | $ | 68,933 | $ | 1,116 | $ | 0 | $ | 70,049 |
Book | Gross Unrealized | Fair | Amortized | Gross Unrealized | Fair | |||||||||||||||||||||||||||
December 31, 2018 | Value | Gains | Losses | Value | ||||||||||||||||||||||||||||
December 31, 2019 | Cost | 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 |
Available-for-Sale | Held-to-Maturity | Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||||||||
December 31, 2019 | Amortized Cost | Fair/Book Value | Book Value | Fair Value | ||||||||||||||||||||||||||||
December 31, 2020 | Amortized Cost | Fair/Book Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||||||
Within One Year | $ | 40,509 | $ | 40,510 | $ | 2,446 | $ | 2,446 | $ | 5,479 | $ | 5,512 | $ | 8,309 | $ | 8,309 | ||||||||||||||||
After One Year Through Five Years | 15,146 | 15,393 | 5,902 | 5,905 | 25,427 | 26,096 | 5,137 | 5,179 | ||||||||||||||||||||||||
After Five Years Through Ten Years | 955 | 955 | 23,980 | 24,689 | 30,281 | 30,912 | 23,493 | 24,451 | ||||||||||||||||||||||||
After Ten Years | 9,552 | 9,450 | 27,901 | 28,057 | 7,426 | 7,339 | 31,994 | 32,110 | ||||||||||||||||||||||||
66,162 | 66,308 | 60,229 | 61,097 | 68,613 | 69,859 | 68,933 | 70,049 | |||||||||||||||||||||||||
Investment Securities Not Due at a Single Maturity Date: | ||||||||||||||||||||||||||||||||
Mortgage Backed Securities | 720,562 | 737,873 | 0 | 0 | ||||||||||||||||||||||||||||
Total | $ | 789,175 | $ | 807,732 | $ | 68,933 | $ | 70,049 |
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 | Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||||||||||||||||||
US Govt SBA | $ | 2,693 | $ | 6 | $ | 5,198 | $ | 107 | $ | 7,891 | $ | 113 | ||||||||||||||||||||||||||||||||||||
US Government Agency SBA | $ | 1,741 | $ | 3 | $ | 6,126 | $ | 90 | $ | 7,867 | $ | 93 | ||||||||||||||||||||||||||||||||||||
Mortgage Backed Securities | 131,005 | 88 | 713 | 11 | 131,718 | 99 | 20,142 | 45 | 177 | 3 | 20,319 | 48 | ||||||||||||||||||||||||||||||||||||
Corporate Securities | 4,041 | 18 | 0 | 0 | 4,041 | 18 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 133,698 | $ | 94 | $ | 5,911 | $ | 118 | $ | 139,609 | $ | 212 | $ | 25,924 | $ | 66 | $ | 6,303 | $ | 93 | $ | 32,227 | $ | 159 | ||||||||||||||||||||||||
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 |
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
December 31, 2019 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||
US Government Agency SBA | $ | 2,693 | $ | 6 | $ | 5,198 | $ | 107 | $ | 7,891 | $ | 113 | ||||||||||||
Mortgage Backed Securities | 131,005 | 88 | 713 | 11 | 131,718 | 99 | ||||||||||||||||||
Total | $ | 133,698 | $ | 94 | $ | 5,911 | $ | 118 | $ | 139,609 | $ | 212 | ||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||
Obligations of States and Political Subdivisions | $ | 355 | $ | 12 | $ | 0 | $ | 0 | $ | 355 | $ | 12 | ||||||||||||
Total | $ | 355 | $ | 12 | $ | 0 | $ | 0 | $ | 355 | $ | 12 |
(in thousands) | Gross Proceeds | Gross Gains | Gross Losses | Gross Proceeds | Gross Gains | Gross Losses | ||||||||||||||||||
2020 | $ | 5,080 | $ | 40 | $ | 0 | ||||||||||||||||||
2019 | $ | 5,300 | $ | 1 | $ | - | $ | 5,300 | $ | 1 | $ | 0 | ||||||||||||
2018 | $ | 99,323 | $ | 78 | $ | 1,338 | $ | 99,323 | $ | 78 | $ | 1,338 | ||||||||||||
2017 | $ | 7,831 | $ | 143 | $ | 12 |
(in thousands) | 2019 | 2018 | 2020 | 2019 | ||||||||||||
Commercial Real Estate | $ | 846,486 | $ | 834,476 | $ | 971,326 | $ | 846,486 | ||||||||
Agricultural Real Estate | 625,767 | 584,625 | 643,014 | 625,767 | ||||||||||||
Real Estate Construction | 115,644 | 98,568 | 185,741 | 115,644 | ||||||||||||
Residential 1st Mortgages | 255,253 | 259,736 | 299,379 | 255,253 | ||||||||||||
Home Equity Lines and Loans | 39,270 | 40,789 | 34,239 | 39,270 | ||||||||||||
Agricultural | 292,904 | 290,463 | 264,372 | 292,904 | ||||||||||||
Commercial | 384,795 | 343,834 | 374,816 | 384,795 | ||||||||||||
Consumer & Other | 15,422 | 19,412 | 235,529 | 15,422 | ||||||||||||
Leases | 104,470 | 106,217 | 103,117 | 104,470 | ||||||||||||
Total Gross Loans & Leases | 2,680,011 | 2,578,120 | 3,111,533 | 2,680,011 | ||||||||||||
Less: Unearned Income | 6,984 | 6,879 | 11,941 | 6,984 | ||||||||||||
Subtotal | 2,673,027 | 2,571,241 | 3,099,592 | 2,673,027 | ||||||||||||
Less: Allowance for Credit Losses | 55,012 | 55,266 | 58,862 | 55,012 | ||||||||||||
Loans & Leases, Net | $ | 2,618,015 | $ | 2,515,975 | $ | 3,040,730 | $ | 2,618,015 |
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 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 234 | - | - | 118 | 12 | 99 | 137 | 61 | - | - | 661 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 10,819 | 15,128 | 1,949 | 737 | 2,663 | 7,977 | 11,329 | 395 | 3,162 | 192 | 54,351 | |||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 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 | 4,524 | 5,654 | - | 2,368 | 229 | 188 | 1,528 | 200 | - | - | 14,691 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 834,046 | 620,113 | 115,644 | 252,885 | 39,041 | 292,716 | 383,267 | 15,222 | 105,402 | - | 2,658,336 |
December 31, 2020 | 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, 2020 | $ | 11,053 | $ | 15,128 | $ | 1,949 | $ | 855 | $ | 2,675 | $ | 8,076 | $ | 11,466 | $ | 456 | $ | 3,162 | $ | 192 | $ | 55,012 | ||||||||||||||||||||||
Charge-Offs | 0 | 0 | 0 | 0 | (7 | ) | 0 | (1,101 | ) | (66 | ) | 0 | 0 | (1,174 | ) | |||||||||||||||||||||||||||||
Recoveries | 0 | 81 | 0 | 52 | 78 | 0 | 280 | 33 | 0 | 0 | 524 | |||||||||||||||||||||||||||||||||
Provision | 16,626 | (6,576 | ) | (306 | ) | 53 | (722 | ) | (3,262 | ) | (684 | ) | (90 | ) | (1,431 | ) | 892 | 4,500 | ||||||||||||||||||||||||||
Ending Balance- December 31, 2020 | $ | 27,679 | $ | 8,633 | $ | 1,643 | $ | 960 | $ | 2,024 | $ | 4,814 | $ | 9,961 | $ | 333 | $ | 1,731 | $ | 1,084 | $ | 58,862 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 0 | 0 | 0 | 117 | 8 | 92 | 20 | 52 | 0 | 0 | 289 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 27,679 | 8,633 | 1,643 | 843 | 2,016 | 4,722 | 9,941 | 281 | 1,731 | 1,084 | 58,573 | |||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 958,980 | $ | 643,014 | $ | 185,741 | $ | 299,379 | $ | 34,239 | $ | 264,372 | $ | 374,816 | $ | 235,529 | $ | 103,522 | $ | 0 | $ | 3,099,592 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 104 | 5,629 | 0 | 2,365 | 158 | 495 | 233 | 254 | 0 | 0 | 9,238 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 958,876 | 637,385 | 185,741 | 297,014 | 34,081 | 263,877 | 374,583 | 235,275 | 103,522 | 0 | 3,090,354 |
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 | 0 | 0 | 0 | 0 | 0 | 0 | (592 | ) | (83 | ) | 0 | 0 | (675 | ) | ||||||||||||||||||||||||||||||
Recoveries | 0 | 38 | 0 | 13 | 28 | 0 | 90 | 52 | 0 | 0 | 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 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 234 | 0 | 0 | 118 | 12 | 99 | 137 | 61 | 0 | 0 | 661 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 10,819 | 15,128 | 1,949 | 737 | 2,663 | 7,977 | 11,329 | 395 | 3,162 | 192 | 54,351 | |||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 838,570 | $ | 625,767 | $ | 115,644 | $ | 255,253 | $ | 39,270 | $ | 292,904 | $ | 384,795 | $ | 15,422 | $ | 105,402 | $ | 0 | $ | 2,673,027 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 4,524 | 5,654 | 0 | 2,368 | 229 | 188 | 1,528 | 200 | 0 | 0 | 14,691 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 834,046 | 620,113 | 115,644 | 252,885 | 39,041 | 292,716 | 383,267 | 15,222 | 105,402 | 0 | 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, 2020 | Pass(1) | Special Mention | Substandard | Total Loans | ||||||||||||
Loans & Leases: | ||||||||||||||||
Commercial Real Estate | $ | 946,621 | $ | 7,849 | $ | 4,510 | $ | 958,980 | ||||||||
Agricultural Real Estate | 631,043 | 400 | 11,571 | 643,014 | ||||||||||||
Real Estate Construction | 185,741 | 0 | 0 | 185,741 | ||||||||||||
Residential 1st Mortgages | 298,689 | 0 | 690 | 299,379 | ||||||||||||
Home Equity Lines and Loans | 34,058 | 0 | 181 | 34,239 | ||||||||||||
Agricultural | 263,781 | 96 | 495 | 264,372 | ||||||||||||
Commercial | 373,038 | 1,060 | 718 | 374,816 | ||||||||||||
Consumer & Other | 235,063 | 0 | 466 | 235,529 | ||||||||||||
Leases | 103,522 | 0 | 0 | 103,522 | ||||||||||||
Total | $ | 3,071,556 | $ | 9,405 | $ | 18,631 | $ | 3,099,592 |
December 31, 2019 | Pass | Special Mention | Substandard | Total Loans | ||||||||||||
Loans & Leases: | ||||||||||||||||
Commercial Real Estate | $ | 831,941 | $ | 6,629 | $ | - | $ | 838,570 | ||||||||
Agricultural Real Estate | 611,792 | 1,136 | 12,839 | 625,767 | ||||||||||||
Real Estate Construction | 115,644 | - | - | 115,644 | ||||||||||||
Residential 1st Mortgages | 254,459 | - | 794 | 255,253 | ||||||||||||
Home Equity Lines and Loans | 39,092 | - | 178 | 39,270 | ||||||||||||
Agricultural | 289,276 | 2,617 | 1,011 | 292,904 | ||||||||||||
Commercial | 380,650 | 3,239 | 906 | 384,795 | ||||||||||||
Consumer & Other | 14,934 | - | 488 | 15,422 | ||||||||||||
Leases | 105,402 | - | - | 105,402 | ||||||||||||
Total | $ | 2,643,190 | $ | 13,621 | $ | 16,216 | $ | 2,673,027 |
(1) | Includes “Watch” loans of $958.2 million. |
December 31, 2019 | Pass(1) | Special Mention | Substandard | Total Loans | ||||||||||||
Loans & Leases: | ||||||||||||||||
Commercial Real Estate | $ | 831,941 | $ | 6,629 | $ | 0 | $ | 838,570 | ||||||||
Agricultural Real Estate | 611,792 | 1,136 | 12,839 | 625,767 | ||||||||||||
Real Estate Construction | 115,644 | 0 | 0 | 115,644 | ||||||||||||
Residential 1st Mortgages | 254,459 | 0 | 794 | 255,253 | ||||||||||||
Home Equity Lines and Loans | 39,092 | 0 | 178 | 39,270 | ||||||||||||
Agricultural | 289,276 | 2,617 | 1,011 | 292,904 | ||||||||||||
Commercial | 380,650 | 3,239 | 906 | 384,795 | ||||||||||||
Consumer & Other | 14,934 | 0 | 488 | 15,422 | ||||||||||||
Leases | 105,402 | 0 | 0 | 105,402 | ||||||||||||
Total | $ | 2,643,190 | $ | 13,621 | $ | 16,216 | $ | 2,673,027 |
(1) | Includes “Watch” loans of $744.7 million. |
December 31, 2018 | Pass | Special Mention | Substandard | Total Loans | ||||||||||||
Loans & Leases: | ||||||||||||||||
Commercial Real Estate | $ | 823,983 | $ | 2,566 | $ | - | $ | 826,549 | ||||||||
Agricultural Real Estate | 566,612 | 4,703 | 13,310 | 584,625 | ||||||||||||
Real Estate Construction | 98,568 | - | - | 98,568 | ||||||||||||
Residential 1st Mortgages | 259,208 | - | 528 | 259,736 | ||||||||||||
Home Equity Lines and Loans | 40,744 | - | 45 | 40,789 | ||||||||||||
Agricultural | 284,561 | 5,433 | 469 | 290,463 | ||||||||||||
Commercial | 343,085 | 163 | 586 | 343,834 | ||||||||||||
Consumer & Other | 19,229 | - | 183 | 19,412 | ||||||||||||
Leases | 107,265 | - | - | 107,265 | ||||||||||||
Total | $ | 2,543,255 | $ | 12,865 | $ | 15,121 | $ | 2,571,241 |
December 31, 2020 | 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 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 958,980 | $ | 958,980 | ||||||||||||||
Agricultural Real Estate | 0 | 0 | 0 | 495 | 495 | 642,519 | 643,014 | |||||||||||||||||||||
Real Estate Construction | 0 | 0 | 0 | 0 | 0 | 185,741 | 185,741 | |||||||||||||||||||||
Residential 1st Mortgages | 0 | 0 | 0 | 0 | 0 | 299,379 | 299,379 | |||||||||||||||||||||
Home Equity Lines and Loans | 0 | 0 | 0 | 0 | 0 | 34,239 | 34,239 | |||||||||||||||||||||
Agricultural | 0 | 0 | 0 | 0 | 0 | 264,372 | 264,372 | |||||||||||||||||||||
Commercial | 0 | 0 | 0 | 0 | 0 | 374,816 | 374,816 | |||||||||||||||||||||
Consumer & Other | 11 | 0 | 0 | 0 | 11 | 235,518 | 235,529 | |||||||||||||||||||||
Leases | 0 | 0 | 0 | 0 | 0 | 103,522 | 103,522 | |||||||||||||||||||||
Total | $ | 11 | $ | 0 | $ | 0 | $ | 495 | $ | 506 | $ | 3,099,086 | $ | 3,099,592 |
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, 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 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 838,570 | $ | 838,570 | ||||||||||||||
Agricultural Real Estate | 0 | 0 | 0 | 0 | 0 | 625,767 | 625,767 | |||||||||||||||||||||
Real Estate Construction | 240 | 0 | 0 | 0 | 240 | 115,404 | 115,644 | |||||||||||||||||||||
Residential 1st Mortgages | 0 | 0 | 0 | 0 | 0 | 255,253 | 255,253 | |||||||||||||||||||||
Home Equity Lines and Loans | 0 | 0 | 0 | 0 | 0 | 39,270 | 39,270 | |||||||||||||||||||||
Agricultural | 0 | 0 | 0 | 0 | 0 | 292,904 | 292,904 | |||||||||||||||||||||
Commercial | 77 | 0 | 0 | 0 | 77 | 384,718 | 384,795 | |||||||||||||||||||||
Consumer & Other | 35 | 0 | 0 | 0 | 35 | 15,387 | 15,422 | |||||||||||||||||||||
Leases | 0 | 0 | 0 | 0 | 0 | 105,402 | 105,402 | |||||||||||||||||||||
Total | $ | 352 | $ | 0 | $ | 0 | $ | 0 | $ | 352 | $ | 2,672,675 | $ | 2,673,027 |
December 31, 2020 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||
Commercial Real Estate | $ | 84 | $ | 84 | $ | - | $ | 764 | $ | 35 | ||||||||||
Agricultural Real Estate | 5,629 | 5,629 | - | 5,629 | 352 | |||||||||||||||
Agricultural | 3 | 3 | - | 2 | 0 | |||||||||||||||
Commercial | 0 | 0 | - | 377 | 16 | |||||||||||||||
$ | 5,716 | $ | 5,716 | $ | - | $ | 6,772 | $ | 403 | |||||||||||
With an allowance recorded: | ||||||||||||||||||||
Commercial Real Estate | $ | 0 | $ | 0 | $ | 0 | $ | 21 | $ | 1 | ||||||||||
Agricultural Real Estate | 0 | 0 | 0 | 137 | 0 | |||||||||||||||
Residential 1st Mortgages | 1,671 | 1,895 | 84 | 1,652 | 76 | |||||||||||||||
Home Equity Lines and Loans | 64 | 75 | 3 | 66 | 4 | |||||||||||||||
Agricultural | 492 | 534 | 92 | 410 | 59 | |||||||||||||||
Commercial | 234 | 234 | 13 | 123 | 18 | |||||||||||||||
Consumer & Other | 190 | 191 | 56 | 194 | 13 | |||||||||||||||
$ | 2,651 | $ | 2,929 | $ | 248 | $ | 2,603 | $ | 171 | |||||||||||
Total | $ | 8,367 | $ | 8,645 | $ | 248 | $ | 9,375 | $ | 574 |
December 31, 2019 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||
Commercial Real Estate | $ | 86 | $ | 86 | $ | - | $ | 90 | $ | 8 | ||||||||||
Agricultural Real Estate | 5,654 | 5,654 | - | 6,069 | 379 | |||||||||||||||
Commercial | - | - | - | 8 | 1 | |||||||||||||||
$ | 5,740 | $ | 5,740 | $ | - | $ | 6,167 | $ | 388 | |||||||||||
With an allowance recorded: | ||||||||||||||||||||
Commercial Real Estate | $ | 2,822 | $ | 2,822 | $ | 234 | $ | 2,853 | $ | 94 | ||||||||||
Residential 1st Mortgages | 1,562 | 1,770 | 74 | 1,601 | 73 | |||||||||||||||
Home Equity Lines and Loans | 68 | 79 | 7 | 71 | 4 | |||||||||||||||
Agricultural | 188 | 188 | 99 | 195 | 6 | |||||||||||||||
Commercial | 1,528 | 1,528 | 137 | 1,554 | 53 | |||||||||||||||
Consumer & Other | 200 | 200 | 61 | 54 | - | |||||||||||||||
$ | 6,368 | $ | 6,587 | $ | 612 | $ | 6,328 | $ | 230 | |||||||||||
Total | $ | 12,108 | $ | 12,327 | $ | 612 | $ | 12,495 | $ | 618 |
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 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||
Commercial Real Estate | $ | 86 | $ | 86 | $ | - | $ | 90 | $ | 8 | ||||||||||
Agricultural Real Estate | 5,654 | 5,654 | - | 6,069 | 379 | |||||||||||||||
Commercial | 0 | 0 | - | 8 | 1 | |||||||||||||||
$ | 5,740 | $ | 5,740 | $ | - | $ | 6,167 | $ | 388 | |||||||||||
With an allowance recorded: | ||||||||||||||||||||
Commercial Real Estate | $ | 2,822 | $ | 2,822 | $ | 234 | $ | 2,853 | $ | 94 | ||||||||||
Residential 1st Mortgages | 1,562 | 1,770 | 74 | 1,601 | 73 | |||||||||||||||
Home Equity Lines and Loans | 68 | 79 | 7 | 71 | 4 | |||||||||||||||
Agricultural | 188 | 188 | 99 | 195 | 6 | |||||||||||||||
Commercial | 1,528 | 1,528 | 137 | 1,554 | 53 | |||||||||||||||
Consumer & Other | 200 | 200 | 61 | 54 | 0 | |||||||||||||||
$ | 6,368 | $ | 6,587 | $ | 612 | $ | 6,328 | $ | 230 | |||||||||||
Total | $ | 12,108 | $ | 12,327 | $ | 612 | $ | 12,495 | $ | 618 |
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, 2020 | |||||||||||||||||||||||
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 | |||||||||||||||||||
Residential 1st Mortgages | 2 | 286 | 255 | 2 | $ | 156 | $ | 156 | ||||||||||||||||
Agricultural | 3 | 495 | 495 | |||||||||||||||||||||
Commercial | 1 | 224 | 224 | |||||||||||||||||||||
Total | 3 | $ | 7,525 | $ | 7,494 | 6 | $ | 875 | $ | 875 |
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 |
(in thousands) | 2020 | 2019 | ||||||
Land and Buildings | $ | 60,246 | $ | 53,997 | ||||
Furniture, Fixtures and Equipment | 21,750 | 21,058 | ||||||
Leasehold Improvement | 3,753 | 3,745 | ||||||
Subtotal | 85,749 | 78,800 | ||||||
Less: Accumulated Depreciation and Amortization | 35,602 | 33,529 | ||||||
Total | $ | 50,147 | $ | 45,271 |
(in thousands) | 2019 | 2018 | ||||||
Land and Buildings | $ | 53,997 | $ | 39,329 | ||||
Furniture, Fixtures and Equipment | 21,058 | 21,136 | ||||||
Leasehold Improvement | 3,745 | 3,606 | ||||||
Subtotal | 78,800 | 64,071 | ||||||
Less: Accumulated Depreciation and Amortization | 33,529 | 31,448 | ||||||
Total | $ | 45,271 | $ | 32,623 |
(in thousands) | 2020 | 2019 | ||||||
Balance | $ | 185,944 | $ | 257,392 |
(in thousands) | 2019 | 2018 | ||||||
Balance | $ | 257,392 | $ | 219,022 |
(in thousands) | Scheduled Maturities | |||
2021 | $ | 373,332 | ||
2022 | 38,620 | |||
2023 | 7,571 | |||
2024 | 715 | |||
2025 | 1,630 | |||
Total | $ | 421,868 |
(in thousands) | Scheduled Maturities | |||
2020 | $ | 462,263 | ||
2021 | 46,150 | |||
2022 | 6,839 | |||
2023 | 1,676 | |||
2024 | 994 | |||
Total | $ | 517,922 |
(in thousands) | 2020 | 2019 | 2018 | |||||||||
Current | ||||||||||||
Federal | $ | 12,174 | $ | 14,798 | $ | 2,517 | ||||||
State | 9,005 | 7,733 | 6,224 | |||||||||
Total Current | 21,179 | 22,531 | 8,741 | |||||||||
Deferred | ||||||||||||
Federal | (1,115 | ) | (3,500 | ) | 5,622 | |||||||
State | (847 | ) | 246 | (160 | ) | |||||||
Total Deferred | (1,962 | ) | (3,254 | ) | 5,462 | |||||||
Total Provision for Taxes | $ | 19,217 | $ | 19,277 | $ | 14,203 |
(in thousands) | 2019 | 2018 | 2017 | |||||||||
Current | ||||||||||||
Federal | $ | 14,798 | $ | 2,517 | $ | 9,460 | ||||||
State | 7,733 | 6,224 | 4,046 | |||||||||
Total Current | 22,531 | 8,741 | 13,506 | |||||||||
Deferred | ||||||||||||
Federal | (3,500 | ) | 5,622 | 11,154 | ||||||||
State | 246 | (160 | ) | 1,451 | ||||||||
Total Deferred | (3,254 | ) | 5,462 | 12,605 | ||||||||
Total Provision for Taxes | $ | 19,277 | $ | 14,203 | $ | 26,111 |
2020 | 2019 | 2018 | ||||||||||||||||||||||
(in thousands) | Amount | Rate | Amount | Rate | Amount | Rate | ||||||||||||||||||
Tax Provision at Federal Statutory Rate | $ | 16,370 | 21.0 | % | $ | 15,816 | 21.0 | % | $ | 12,543 | 21.0 | % | ||||||||||||
Interest on Obligations of States and Political Subdivisions exempt from Federal Taxation | (350 | ) | (0.4 | %) | (358 | ) | (0.5 | %) | (338 | ) | (0.5 | %) | ||||||||||||
State and Local Income Taxes, Net of Federal Income Tax Benefit | 6,445 | 8.3 | % | 6,304 | 8.4 | % | 4,791 | 7.9 | % | |||||||||||||||
Bank Owned Life Insurance | (444 | ) | (0.6 | %) | (460 | ) | (0.6 | %) | (434 | ) | (0.7 | %) | ||||||||||||
Low-Income Housing Tax Credit | (2,655 | ) | (3.4 | %) | (2,078 | ) | (2.8 | %) | (1,624 | ) | (2.7 | %) | ||||||||||||
Out of Period Adjustment | 0 | 0.0 | % | 0 | 0.0 | % | (802 | ) | (1.3 | %) | ||||||||||||||
Other, Net | (149 | ) | (0.2 | %) | 53 | 0.1 | % | 67 | 0.1 | % | ||||||||||||||
Total Provision for Taxes | $ | 19,217 | 24.7 | % | $ | 19,277 | 25.6 | % | $ | 14,203 | 23.8 | % |
2019 | 2018 | 2017 | ||||||||||||||||||||||
(in thousands) | Amount | Rate | Amount | Rate | Amount | Rate | ||||||||||||||||||
Tax Provision at Federal Statutory Rate | $ | 15,816 | 21.0 | % | $ | 12,543 | 21.0 | % | $ | 19,068 | 35.0 | % | ||||||||||||
Interest on Obligations of States and Political | ||||||||||||||||||||||||
Subdivisions exempt from Federal Taxation | (358 | ) | (0.5 | %) | (338 | ) | (0.6 | %) | (617 | ) | (1.1 | %) | ||||||||||||
State and Local Income Taxes, Net of Federal Income | ||||||||||||||||||||||||
Tax Benefit | 6,304 | 8.4 | % | 4,791 | 7.9 | % | 3,573 | 6.5 | % | |||||||||||||||
Bank Owned Life Insurance | (460 | ) | (0.6 | %) | (434 | ) | (0.7 | %) | (696 | ) | (1.3 | %) | ||||||||||||
Low-Income Housing Tax Credit | (2,078 | ) | (2.8 | %) | (1,624 | ) | (2.7 | %) | (1,546 | ) | (2.8 | %) | ||||||||||||
Out of Period Adjustment | - | 0.0 | % | (802 | ) | (1.3 | %) | - | 0.0 | % | ||||||||||||||
Deferred Tax Asset Remeasurement | - | 0.0 | % | - | 0.0 | % | 6,256 | 11.5 | % | |||||||||||||||
Other, Net | 53 | 0.1 | % | 67 | 0.1 | % | 73 | 0.1 | % | |||||||||||||||
Total Provision for Taxes | $ | 19,277 | 25.6 | % | $ | 14,203 | 23.8 | % | $ | 26,111 | 47.9 | % |
(in thousands) | 2020 | 2019 | ||||||
Deferred Tax Assets | ||||||||
Allowance for Credit Losses | $ | 17,248 | $ | 15,925 | ||||
Accrued Liabilities | 8,526 | 8,452 | ||||||
Deferred Compensation | 13,707 | 14,200 | ||||||
State Franchise Tax | 1,891 | 1,624 | ||||||
Tax Credit Carry Forward | 0 | 1,266 | ||||||
Lease Liability | 1,454 | 1,487 | ||||||
Acquired Net Operating Loss | 643 | 673 | ||||||
Fair Value Adjustment on Loans Acquired | 237 | 286 | ||||||
Fair Value Adjustment on ORE Acquired | 108 | 108 | ||||||
PPP Loan Service Fee Income | 1,367 | 0 | ||||||
Low-Income Housing Investment | 384 | 286 | ||||||
Other | 7 | 2 | ||||||
Total Deferred Tax Assets | $ | 45,572 | $ | 44,309 | ||||
Deferred Tax Liabilities | ||||||||
Premises and Equipment | (1,684 | ) | (1,974 | ) | ||||
Securities Accretion | (588 | ) | (370 | ) | ||||
Unrealized Gain on Securities Available-for-Sale | (5,156 | ) | (935 | ) | ||||
Leasing Activities | (17,183 | ) | (19,226 | ) | ||||
Core Deposit Intangible Asset | (1,186 | ) | (1,372 | ) | ||||
ROU Lease Asset | (1,428 | ) | (1,471 | ) | ||||
Prepaid | (45 | ) | (66 | ) | ||||
Other | (1,209 | ) | (898 | ) | ||||
Total Deferred Tax Liabilities | (28,479 | ) | (26,312 | ) | ||||
Net Deferred Tax Assets | $ | 17,093 | $ | 17,997 |
(in thousands) | 2019 | 2018 | ||||||
Deferred Tax Assets | ||||||||
Allowance for Credit Losses | $ | 15,925 | $ | 15,877 | ||||
Accrued Liabilities | 8,452 | 7,444 | ||||||
Deferred Compensation | 14,200 | 11,207 | ||||||
State Franchise Tax | 1,624 | 1,307 | ||||||
Tax Credit Carry Forward | 1,266 | - | ||||||
Lease Liability | 1,487 | - | ||||||
Acquired Net Operating Loss | 673 | 715 | ||||||
Fair Value Adjustment on Loans Acquired | 286 | 300 | ||||||
Fair Value Adjustment on ORE Acquired | 108 | 108 | ||||||
Unrealized Loss on Securities Available-for-Sale | - | 1,800 | ||||||
Low-Income Housing Investment | 286 | 412 | ||||||
Other | 2 | 7 | ||||||
Total Deferred Tax Assets | $ | 44,309 | $ | 39,177 | ||||
Deferred Tax Liabilities | ||||||||
Premises and Equipment | (1,974 | ) | (2,226 | ) | ||||
Securities Accretion | (370 | ) | (229 | ) | ||||
Unrealized Gain on Securities Available-for-Sale | (935 | ) | - | |||||
Leasing Activities | (19,226 | ) | (17,215 | ) | ||||
Core Deposit Intangible Asset | (1,372 | ) | (1,560 | ) | ||||
ROU Lease Asset | (1,471 | ) | - | |||||
Prepaid | (66 | ) | (116 | ) | ||||
Other | (898 | ) | (1,000 | ) | ||||
Total Deferred Tax Liabilities | (26,312 | ) | (22,346 | ) | ||||
Net Deferred Tax Assets | $ | 17,997 | $ | 16,831 |
(in thousands) | Actual | Current Regulatory Capital Requirements | Well Capitalized Under Prompt Corrective Action | |||||||||||||||||||||
December 31, 2019 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
Total Bank Capital to Risk Weighted Assets | $ | 399,230 | 12.33 | % | $ | 259,012 | 8.00 | % | $ | 323,765 | 10.00 | % | ||||||||||||
Total Consolidated Capital to Risk Weighted Assets | $ | 400,258 | 12.36 | % | $ | 259,028 | 8.00 | % | N/A | N/A | ||||||||||||||
Total Bank Common Equity Tier 1 Capital Ratio | $ | 358,576 | 11.08 | % | $ | 145,694 | 4.50 | % | $ | 210,447 | 6.50 | % | ||||||||||||
Total Consolidated Common Equity Tier 1 Capital Ratio | $ | 349,601 | 10.80 | % | $ | 145,703 | 4.50 | % | N/A | N/A | ||||||||||||||
Tier 1 Bank Capital to Risk Weighted Assets | $ | 358,576 | 11.08 | % | $ | 194,259 | 6.00 | % | $ | 259,012 | 8.00 | % | ||||||||||||
Tier 1 Consolidated Capital to Risk Weighted Assets | $ | 359,601 | 11.11 | % | $ | 194,271 | 6.00 | % | N/A | N/A | ||||||||||||||
Tier 1 Bank Capital to Average Assets | $ | 358,576 | 9.89 | % | $ | 145,079 | 3.00 | % | $ | 181,349 | 5.00 | % | ||||||||||||
Tier 1 Consolidated Capital to Average Assets | $ | 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, 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 |
(in thousands) | Actual | Minimum Regulatory Capital Requirements | Well Capitalized Under Prompt Corrective Action | |||||||||||||||||||||
December 31, 2020 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
Total Bank Capital to Risk Weighted Assets | $ | 446,251 | 12.46 | % | $ | 286,462 | 8.00 | % | $ | 358,077 | 10.00 | % | ||||||||||||
Total Consolidated Capital to Risk Weighted Assets | $ | 450,890 | 12.59 | % | $ | 286,539 | 8.00 | % | N/A | N/A | ||||||||||||||
Total Bank Common Equity Tier 1 Capital Ratio | $ | 401,313 | 11.21 | % | $ | 161,135 | 4.50 | % | $ | 232,750 | 6.50 | % | ||||||||||||
Total Consolidated Common Equity Tier 1 Capital Ratio | $ | 395,941 | 11.05 | % | $ | 161,178 | 4.50 | % | N/A | N/A | ||||||||||||||
Tier 1 Bank Capital to Risk Weighted Assets | $ | 401,313 | 11.21 | % | $ | 214,846 | 6.00 | % | $ | 286,462 | 8.00 | % | ||||||||||||
Tier 1 Consolidated Capital to Risk Weighted Assets | $ | 405,941 | 11.33 | % | $ | 214,904 | 6.00 | % | N/A | N/A | ||||||||||||||
Tier 1 Bank Capital to Average Assets | $ | 401,313 | 9.04 | % | $ | 177,605 | 4.00 | % | $ | 222,006 | 5.00 | % | ||||||||||||
Tier 1 Consolidated Capital to Average Assets | $ | 405,941 | 9.13 | % | $ | 177,820 | 4.00 | % | N/A | N/A |
(in thousands) | Actual | Minimum Regulatory Capital Requirements | Well Capitalized Under Prompt Corrective Action | |||||||||||||||||||||
December 31, 2019 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
Total Bank Capital to Risk Weighted Assets | $ | 399,230 | 12.33 | % | $ | 259,012 | 8.00 | % | $ | 323,765 | 10.00 | % | ||||||||||||
Total Consolidated Capital to Risk Weighted Assets | $ | 400,258 | 12.36 | % | $ | 259,028 | 8.00 | % | N/A | N/A | ||||||||||||||
Total Bank Common Equity Tier 1 Capital Ratio | $ | 358,576 | 11.08 | % | $ | 145,694 | 4.50 | % | $ | 210,447 | 6.50 | % | ||||||||||||
Total Consolidated Common Equity Tier 1 Capital Ratio | $ | 349,601 | 10.80 | % | $ | 145,703 | 4.50 | % | N/A | N/A | ||||||||||||||
Tier 1 Bank Capital to Risk Weighted Assets | $ | 358,576 | 11.08 | % | $ | 194,259 | 6.00 | % | $ | 259,012 | 8.00 | % | ||||||||||||
Tier 1 Consolidated Capital to Risk Weighted Assets | $ | 359,601 | 11.11 | % | $ | 194,271 | 6.00 | % | N/A | N/A | ||||||||||||||
Tier 1 Bank Capital to Average Assets | $ | 358,576 | 9.89 | % | $ | 145,079 | 3.00 | % | $ | 181,349 | 5.00 | % | ||||||||||||
Tier 1 Consolidated Capital to Average Assets | $ | 359,601 | 9.90 | % | $ | 145,255 | 3.00 | % | N/A | N/A |
(net income in thousands) | 2020 | 2019 | 2018 | |||||||||
Net Income | $ | 58,734 | $ | 56,036 | $ | 45,527 | ||||||
Weighted Average Number of Common Shares Outstanding | 793,337 | 787,227 | 801,229 | |||||||||
Basic and Diluted Earnings Per Common Share | $ | 74.03 | $ | 71.18 | $ | 56.82 |
(net income in thousands) | 2019 | 2018 | 2017 | |||||||||
Net Income | $ | 56,036 | $ | 45,527 | $ | 28,370 | ||||||
Weighted Average Number of Common Shares Outstanding | 787,227 | 801,229 | 809,834 | |||||||||
Basic Earnings Per Common Share | $ | 71.18 | $ | 56.82 | $ | 35.03 |
Fair Value Measurements At December 31, 2019, Using | Fair Value Measurements At December 31, 2020, 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: | ||||||||||||||||||||||||||||||||
US Treasury Notes | $ | 54,995 | $ | 54,995 | $ | - | $ | - | $ | 15,288 | $ | 15,288 | $ | 0 | $ | 0 | ||||||||||||||||
US Govt SBA | 10,798 | - | 10,798 | - | ||||||||||||||||||||||||||||
US Government Agency SBA | 8,160 | 0 | 8,160 | 0 | ||||||||||||||||||||||||||||
Mortgage Backed Securities | 441,078 | - | 441,078 | - | 737,873 | 0 | 737,873 | 0 | ||||||||||||||||||||||||
Corporate Securities | 45,919 | 0 | 45,919 | 0 | ||||||||||||||||||||||||||||
Other | 515 | 205 | 310 | - | 492 | 182 | 310 | 0 | ||||||||||||||||||||||||
Total Assets Measured at Fair Value On a Recurring Basis | $ | 507,386 | $ | 55,200 | $ | 452,186 | $ | - | $ | 807,732 | $ | 15,470 | $ | 792,262 | $ | 0 |
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) | ||||||||||||
Available-for-Sale Securities: | ||||||||||||||||
Government Agency & Government-Sponsored Entities | $ | 3,039 | $ | - | $ | 3,039 | $ | - | ||||||||
US Treasury Notes | 164,514 | 164,514 | - | - | ||||||||||||
US Govt SBA | 15,447 | - | 15,447 | - | ||||||||||||
Mortgage Backed Securities | 307,045 | - | 307,045 | - | ||||||||||||
Other | 5,351 | 202 | 310 | 4,839 | ||||||||||||
Total Assets Measured at Fair Value On a Recurring Basis | $ | 495,396 | $ | 164,716 | $ | 325,841 | $ | 4,839 |
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) | ||||||||||||
Available-for-Sale Securities: | ||||||||||||||||
US Treasury Notes | $ | 54,995 | $ | 54,995 | $ | 0 | $ | 0 | ||||||||
US Government Agency SBA | 10,798 | 0 | 10,798 | 0 | ||||||||||||
Mortgage Backed Securities | 441,078 | 0 | 441,078 | 0 | ||||||||||||
Other | 515 | 205 | 310 | 0 | ||||||||||||
Total Assets Measured at Fair Value On a Recurring Basis | $ | 507,386 | $ | 55,200 | $ | 452,186 | $ | 0 |
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) | ||||||||||||
Impaired Loans: | ||||||||||||||||
Commercial Real Estate | $ | 2,588 | $ | - | $ | - | $ | 2,588 | ||||||||
Residential 1st Mortgage | 1,403 | - | - | 1,403 | ||||||||||||
Home Equity Lines and Loans | 142 | - | - | 142 | ||||||||||||
Agricultural | 88 | - | - | 88 | ||||||||||||
Commercial | 1,391 | - | - | 1,391 | ||||||||||||
Consumer | 139 | - | - | 139 | ||||||||||||
Total Impaired Loans | 5,751 | - | - | 5,751 | ||||||||||||
Other Real Estate: | ||||||||||||||||
Real Estate Construction | 873 | - | - | 873 | ||||||||||||
Total Other Real Estate | 873 | - | - | 873 | ||||||||||||
Total Assets Measured at Fair Value On a Non-Recurring Basis | $ | 6,624 | $ | - | $ | - | $ | 6,624 |
Fair Value Measurements At December 31, 2018, Using | Fair Value Measurements At December 31, 2020, 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 | ||||||||||||||||||||||||
Residential 1st Mortgage | 1,550 | - | - | 1,550 | $ | 1,584 | $ | 0 | $ | 0 | $ | 1,584 | ||||||||||||||||||||
Home Equity Lines and Loans | 70 | - | - | 70 | 61 | 0 | 0 | 61 | ||||||||||||||||||||||||
Agricultural | 400 | 0 | 0 | 400 | ||||||||||||||||||||||||||||
Commercial | 1,454 | - | - | 1,454 | 213 | 0 | 0 | 213 | ||||||||||||||||||||||||
Consumer | 138 | 0 | 0 | 138 | ||||||||||||||||||||||||||||
Total Impaired Loans | 5,732 | - | - | 5,732 | 2,396 | 0 | 0 | 2,396 | ||||||||||||||||||||||||
Other Real Estate: | ||||||||||||||||||||||||||||||||
Real Estate Construction | 873 | - | - | 873 | 873 | 0 | 0 | 873 | ||||||||||||||||||||||||
Total Other Real Estate | 873 | - | - | 873 | 873 | 0 | 0 | 873 | ||||||||||||||||||||||||
Total Assets Measured at Fair Value On a Non-Recurring Basis | $ | 6,605 | $ | - | $ | - | $ | 6,605 | $ | 3,269 | $ | 0 | $ | 0 | $ | 3,269 |
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) | ||||||||||||
Impaired Loans: | ||||||||||||||||
Commercial Real Estate | $ | 2,588 | $ | 0 | $ | 0 | $ | 2,588 | ||||||||
Residential 1st Mortgage | 1,403 | 0 | 0 | 1,403 | ||||||||||||
Home Equity Lines and Loans | 142 | 0 | 0 | 142 | ||||||||||||
Agricultural | 88 | 0 | 0 | 88 | ||||||||||||
Commercial | 1,391 | 0 | 0 | 1,391 | ||||||||||||
Consumer | 139 | 0 | 0 | 139 | ||||||||||||
Total Impaired Loans | 5,751 | 0 | 0 | 5,751 | ||||||||||||
Other Real Estate: | ||||||||||||||||
Real Estate Construction | 873 | 0 | 0 | 873 | ||||||||||||
Total Other Real Estate | 873 | 0 | 0 | 873 | ||||||||||||
Total Assets Measured at Fair Value On a Non-Recurring Basis | $ | 6,624 | $ | 0 | $ | 0 | $ | 6,624 |
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 | % |
December 31, 2018 (in thousands) | Fair Value | Valuation Technique | Unobservable Inputs | Range, Weighted Avg. | ||||||||||||||
December 31, 2020 (in thousands) | Fair Value | Valuation Technique | Unobservable Inputs | Range, Weighted Avg. | ||||||||||||||
Impaired Loans: | ||||||||||||||||||
Commercial Real Estate | $ | 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 | % | ||||||||||||
Residential 1st Mortgage | $ | 1,584 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 0.72% - 4.13%, 2.57 | % | ||||||||||||
Home Equity Lines and Loans | $ | 70 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 1% - 2%, 2 | % | $ | 61 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 1.1% - 1.4%, 1.25 | % | ||||||
Agricultural | $ | 400 | Income Approach | Capitalization Rate | 10%, 10 | % | ||||||||||||
Commercial | $ | 1,454 | Income Approach | Capitalization Rate | 2.95% - 8.70%, 3.40 | % | $ | 213 | Income Approach | Capitalization Rate | 10%, 10 | % | ||||||
Consumer | $ | 138 | Income Approach | Adjustment for Difference Between Comparable Sales | 10%, 10 | % | ||||||||||||
Other Real Estate: | ||||||||||||||||||
Real Estate Construction | $ | 873 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 10 | % | $ | 873 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 10%, 10 | % |
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 | % |
Fair Value of Financial Instruments Using | Fair Value of Financial Instruments Using | |||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
December 31, 2020 (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 | $ | 294,758 | $ | 294,758 | $ | - | $ | - | $ | 294,758 | $ | 383,837 | $ | 383,837 | $ | 0 | $ | 0 | $ | 383,837 | ||||||||||||||||||||
Investment Securities Available-for-Sale | 507,386 | 55,200 | 452,186 | - | 507,386 | 807,732 | 15,470 | 792,262 | 0 | 807,732 | ||||||||||||||||||||||||||||||
Investment Securities Held-to-Maturity | 60,229 | - | 31,253 | 29,844 | 61,097 | 68,933 | 0 | 26,262 | 43,787 | 70,049 | ||||||||||||||||||||||||||||||
Loans & Leases, Net of Deferred Fees & Allowance | 2,618,015 | - | - | 2,584,805 | 2,584,805 | |||||||||||||||||||||||||||||||||||
Loans & Leases, Net | 3,040,730 | 0 | 0 | 3,045,911 | 3,045,911 | |||||||||||||||||||||||||||||||||||
Accrued Interest Receivable | 16,733 | - | 16,733 | - | 16,733 | 20,333 | 0 | 20,333 | 0 | 20,333 | ||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Deposits | 3,278,019 | 2,760,097 | 517,172 | - | 3,277,269 | 4,060,267 | 3,638,400 | 0 | 422,840 | 4,061,240 | ||||||||||||||||||||||||||||||
Subordinated Debentures | 10,310 | - | 7,325 | - | 7,325 | 10,310 | 0 | 6,888 | 0 | 6,888 | ||||||||||||||||||||||||||||||
Accrued Interest Payable | 2,795 | - | 2,795 | - | 2,795 | 1,383 | 0 | 1,383 | 0 | 1,383 |
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 |
Fair Value of Financial Instruments Using | ||||||||||||||||||||
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 | $ | 294,758 | $ | 294,758 | $ | 0 | $ | 0 | $ | 294,758 | ||||||||||
Investment Securities Available-for-Sale | 507,386 | 55,200 | 452,186 | 0 | 507,386 | |||||||||||||||
Investment Securities Held-to-Maturity | 60,229 | 0 | 31,253 | 29,844 | 61,097 | |||||||||||||||
Loans & Leases, Net | 2,618,015 | 0 | 0 | 2,584,805 | 2,584,805 | |||||||||||||||
Accrued Interest Receivable | 16,733 | 0 | 16,733 | 0 | 16,733 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | 3,278,019 | 2,760,097 | 0 | 517,172 | 3,277,269 | |||||||||||||||
Subordinated Debentures | 10,310 | 0 | 7,325 | 0 | 7,325 | |||||||||||||||
Accrued Interest Payable | 2,795 | 0 | 2,795 | 0 | 2,795 |
(in thousands) | December 31, 2020 | December 31, 2019 | ||||||
Commitments to Extend Credit | $ | 1,040,844 | $ | 919,982 | ||||
Letters of Credit | 18,846 | 20,346 | ||||||
Performance Guarantees Under Interest Rate Swap Contracts Entered Into Between Our Borrowing Customers and Third Parties | 2,786 | 1,513 |
(in thousands) | December 31, 2019 | December 31, 2018 | ||||||
Commitments to Extend Credit | $ | 919,982 | $ | 828,539 | ||||
Letters of Credit | 20,346 | 19,108 | ||||||
Performance Guarantees Under Interest Rate Swap Contracts Entered Into Between Our Borrowing Customers and Third Parties | 1,513 | - |
(in thousands except for percent and period data) | Year Ended December 31, 2019 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||
Cash Paid for Amounts Included in the Measurement of Lease Liabilities | ||||||||||||
Operating Cash Flow from Operating Leases | $ | 783 | ||||||||||
Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating Cash Flow from Operating Leases | $ | 795 | $ | 783 | ||||||||
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities | $ | 5,645 | $ | 0 | $ | 5,645 | ||||||
Weighted-Average Remaining Lease Term - Operating Leases, in Years | 7.88 | 7.33 | 7.88 | |||||||||
Weighted-Average Discount Rate - Operating Leases | 3.2 | % | 2.9 | % | 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) | December 31, 2020 | |||
2021 | 727 | |||
2022 | 695 | |||
2023 | 705 | |||
2024 | 721 | |||
2025 | 731 | |||
2026 and thereafter | 1,907 | |||
Total Lease Payments | 5,486 | |||
Less: Interest | (568 | ) | ||
Present Value of Lease Liabilities | $ | 4,918 |
(in thousands) | 2019 | 2018 | 2020 | 2019 | ||||||||||||
Cash | $ | 1,341 | $ | 335 | $ | 4,551 | $ | 1,341 | ||||||||
Investment in Farmers & Merchants Bank of Central California | 378,271 | 321,134 | 429,037 | 378,271 | ||||||||||||
Investment Securities | 411 | 409 | 434 | 411 | ||||||||||||
Other Assets | 102 | (57 | ) | 832 | 102 | |||||||||||
Total Assets | $ | 380,125 | $ | 321,821 | $ | 434,854 | $ | 380,125 | ||||||||
Subordinated Debentures | $ | 10,310 | $ | 10,310 | $ | 10,310 | $ | 10,310 | ||||||||
Liabilities | 519 | 296 | 879 | 519 | ||||||||||||
Shareholders’ Equity | 369,296 | 311,215 | 423,665 | 369,296 | ||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 380,125 | $ | 321,821 | $ | 434,854 | $ | 380,125 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
(in thousands) | 2019 | 2018 | 2017 | 2020 | 2019 | 2018 | ||||||||||||||||||
Equity (Loss) in Undistributed Earnings in Farmers & Merchants Bank of Central California | $ | 44,571 | $ | (26,488 | ) | $ | 5,575 | $ | 40,597 | $ | 44,571 | $ | (26,488 | ) | ||||||||||
Dividends from Subsidiary | 13,166 | 73,010 | 23,575 | 19,874 | 13,166 | 73,010 | ||||||||||||||||||
Interest Income | 17 | 16 | 13 | 11 | 17 | 16 | ||||||||||||||||||
Other Expenses, Net | (2,416 | ) | (1,527 | ) | (1,552 | ) | (2,477 | ) | (2,416 | ) | (1,527 | ) | ||||||||||||
Tax Benefit | 698 | 516 | 759 | 729 | 698 | 516 | ||||||||||||||||||
Net Income | $ | 56,036 | $ | 45,527 | $ | 28,370 | $ | 58,734 | $ | 56,036 | $ | 45,527 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
(in thousands) | 2019 | 2018 | 2017 | 2020 | 2019 | 2018 | ||||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||||||
Net Income | $ | 56,036 | $ | 45,527 | $ | 28,370 | $ | 58,734 | $ | 56,036 | $ | 45,527 | ||||||||||||
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 | ) | (40,597 | ) | (44,571 | ) | 26,488 | ||||||||||||||
Net (Increase) in Other Assets | (160 | ) | (125 | ) | (11,822 | ) | (753 | ) | (160 | ) | (125 | ) | ||||||||||||
Net Increase (Decrease) in Liabilities | 222 | (942 | ) | 112 | 360 | 222 | (942 | ) | ||||||||||||||||
Net Cash Provided by Operating Activities | 11,527 | 70,948 | 11,085 | 17,744 | 11,527 | 70,948 | ||||||||||||||||||
Investing Activities: | ||||||||||||||||||||||||
Securities Sold or Matured | - | - | 1 | |||||||||||||||||||||
Payments for Business Acquisition | - | (28,642 | ) | - | 0 | 0 | (28,642 | ) | ||||||||||||||||
Payments for Investments in Subsidiaries | (6,273 | ) | (10,503 | ) | (2,953 | ) | ||||||||||||||||||
Payments for Investments in Non-Qualified Retirement Plan | (403 | ) | (6,273 | ) | (10,503 | ) | ||||||||||||||||||
Net Cash Used by Investing Activities | (6,273 | ) | (39,145 | ) | (2,952 | ) | (403 | ) | (6,273 | ) | (39,145 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||||||
Stock Repurchased | - | (31,152 | ) | - | (2,834 | ) | 0 | (31,152 | ) | |||||||||||||||
Issuance of Common Stock | 6,973 | 10,503 | 2,953 | 403 | 6,973 | 10,503 | ||||||||||||||||||
Cash Dividends | (11,221 | ) | (11,151 | ) | (10,982 | ) | (11,700 | ) | (11,221 | ) | (11,151 | ) | ||||||||||||
Net Cash Used by Financing Activities | (4,248 | ) | (31,800 | ) | (8,029 | ) | (14,131 | ) | (4,248 | ) | (31,800 | ) | ||||||||||||
Increase in Cash and Cash Equivalents | 1,006 | 3 | 104 | 3,210 | 1,006 | 3 | ||||||||||||||||||
Cash and Cash Equivalents at Beginning of Year | 335 | 332 | 228 | 1,341 | 335 | 332 | ||||||||||||||||||
Cash and Cash Equivalents at End of Year | $ | 1,341 | $ | 335 | $ | 332 | $ | 4,551 | $ | 1,341 | $ | 335 |
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 |
2020 (in thousands except per share data) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
Total Interest Income | $ | 38,689 | $ | 37,967 | $ | 39,793 | $ | 42,203 | $ | 158,652 | ||||||||||
Total Interest Expense | 3,263 | 2,552 | 2,094 | 1,582 | 9,491 | |||||||||||||||
Net Interest Income | 35,426 | 35,415 | 37,699 | 40,621 | 149,161 | |||||||||||||||
Provision for Credit Losses | 0 | 300 | 1,700 | 2,500 | 4,500 | |||||||||||||||
Net Interest Income After | ||||||||||||||||||||
Provision for Credit Losses | 35,426 | 35,115 | 35,999 | 38,121 | 144,661 | |||||||||||||||
Total Non-Interest Income | 2,927 | 3,514 | 4,539 | 4,716 | 15,696 | |||||||||||||||
Total Non-Interest Expense | 19,790 | 19,787 | 20,783 | 22,046 | 82,406 | |||||||||||||||
Income Before Income Taxes | 18,563 | 18,842 | 19,755 | 20,791 | 77,951 | |||||||||||||||
Provision for Income Taxes | 4,441 | 4,533 | 4,945 | 5,298 | 19,217 | |||||||||||||||
Net Income | $ | 14,122 | $ | 14,309 | $ | 14,810 | $ | 15,493 | $ | 58,734 | ||||||||||
Basic and Diluted Earnings Per Common Share | $ | 17.80 | $ | 18.03 | $ | 18.66 | $ | 19.54 | $ | 74.03 |
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 | 0 | 200 | 0 | 0 | 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 and Diluted Earnings Per Common Share | $ | 17.27 | $ | 17.92 | $ | 17.45 | $ | 18.54 | $ | 71.18 |
/s/ Kent A. Steinwert | /s/ Stephen W. Haley |
Kent A. Steinwert | Stephen W. Haley |
Chairman, President & Chief Executive Officer | Executive Vice President & Chief Financial Officer |
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 of the Bank since May 2017. 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 of the Bank. | |
Ryan J. Misasi Executive Vice President, Retail Banking Division of the Bank | Executive Vice President, Retail Banking Division of the Bank. |
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. |
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 | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). |
101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
Farmers & Merchants Bancorp | ||||
(Registrant) | ||||
By | /s/ Stephen W. Haley | |||
Dated: March 15, 2021 | 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 |