Quarterly Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 |
Michigan | 38-2830092 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
401 N. Main St | Mt. Pleasant | MI | 48858 | |||||||||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
None | N/A | N/A |
Large accelerated filer | Accelerated filer | |||||||||||||||||||
Non-accelerated filer | Smaller reporting company | |||||||||||||||||||
Emerging growth company | ||||||||||||||||||||
Item 1. | ||||||||||||||
Item | ||||||||||||||
Item 3. | ||||||||||||||
Item 4. | ||||||||||||||
Item 1. | ||||||||||||||
Item 1A. | ||||||||||||||
Item 2. | ||||||||||||||
Item 3. | ||||||||||||||
Item 4. | ||||||||||||||
Item 5. | ||||||||||||||
Item 6. | ||||||||||||||
ACL: Allowance for | FTE: Fully taxable equivalent | |||||||
AFS: Available-for-sale | GAAP: U.S. generally accepted accounting principles | |||||||
ALLL: Allowance for loan and lease losses | ||||||||
AOCI: Accumulated other comprehensive income | ||||||||
ISDA: International Swaps and Derivatives Association | ||||||||
ASC: FASB Accounting Standards Codification | LIBOR: London Interbank Offered Rate | |||||||
ASU: FASB Accounting Standards Update | ||||||||
ATM: Automated | ||||||||
BHC Act: Bank Holding Company Act of 1956 | ||||||||
CARES Act: Coronavirus Aid, Relief, and Economic Security Act | NSF: Non-sufficient funds | |||||||
CECL: Current | ||||||||
CFPB: Consumer Financial Protection Bureau | ||||||||
CIK: Central Index Key | ||||||||
COVID-19: Coronavirus disease 2019 | OTTI: Other-than-temporary impairment | |||||||
CRA: Community Reinvestment Act | ||||||||
DIF: Deposit Insurance Fund | ||||||||
DIFS: Department of Insurance and Financial Services | ||||||||
Directors Plan: Isabella Bank Corporation and Related Companies Deferred Compensation Plan for Directors | ||||||||
Dividend Reinvestment Plan: Isabella Bank Corporation Stockholder Dividend Reinvestment Plan and Employee Stock Purchase Plan | ||||||||
Exchange Act: Securities Exchange Act of 1934 | ||||||||
FASB: Financial Accounting Standards Board | ||||||||
SEC: U.S. Securities and Exchange Commission | ||||||||
FDIC: Federal Deposit Insurance Corporation | SOX: Sarbanes-Oxley Act of 2002 | |||||||
FFIEC: Federal Financial Institutions Examinations Council | ||||||||
Tax Act: Tax Cuts and Jobs Act, enacted December 22, 2017 | ||||||||
FRB: Federal Reserve Bank | TDR: Troubled debt restructuring | |||||||
FHLB: Federal Home Loan Bank | ||||||||
Freddie Mac: Federal Home Loan Mortgage Corporation | ||||||||
Yield Curve: U.S. Treasury Yield Curve |
September 30 2019 | December 31 2018 | September 30 2020 | December 31 2019 | |||||||||||||||
ASSETS | ASSETS | |||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | |||||||||||||||||
Cash and demand deposits due from banks | $ | 26,122 | $ | 23,534 | Cash and demand deposits due from banks | $ | 29,685 | $ | 20,311 | |||||||||
Interest bearing balances due from banks | 8,209 | 49,937 | Interest bearing balances due from banks | 136,054 | 40,261 | |||||||||||||
Fed funds sold | Fed funds sold | 10 | 0 | |||||||||||||||
Total cash and cash equivalents | 34,331 | 73,471 | Total cash and cash equivalents | 165,749 | 60,572 | |||||||||||||
AFS securities, at fair value | 445,529 | 494,834 | AFS securities, at fair value | 363,054 | 429,839 | |||||||||||||
Mortgage loans AFS | 1,912 | 358 | Mortgage loans AFS | 4,661 | 904 | |||||||||||||
Loans | Loans | |||||||||||||||||
Commercial | 708,735 | 659,529 | Commercial | 821,102 | 700,941 | |||||||||||||
Agricultural | 118,460 | 127,161 | Agricultural | 102,263 | 116,920 | |||||||||||||
Residential real estate | 292,311 | 275,343 | Residential real estate | 304,559 | 298,569 | |||||||||||||
Consumer | 72,298 | 66,674 | Consumer | 75,384 | 70,140 | |||||||||||||
Gross loans | 1,191,804 | 1,128,707 | Gross loans | 1,303,308 | 1,186,570 | |||||||||||||
Less allowance for loan and lease losses | 8,169 | 8,375 | Less allowance for loan and lease losses | 9,506 | 7,939 | |||||||||||||
Net loans | 1,183,635 | 1,120,332 | Net loans | 1,293,802 | 1,178,631 | |||||||||||||
Premises and equipment | 26,350 | 27,815 | Premises and equipment | 25,749 | 26,242 | |||||||||||||
Corporate owned life insurance policies | 28,261 | 27,733 | Corporate owned life insurance policies | 28,169 | 28,455 | |||||||||||||
Accrued interest receivable | 7,360 | 6,928 | Accrued interest receivable | 8,458 | 6,501 | |||||||||||||
Equity securities without readily determinable fair values | 25,130 | 24,948 | Equity securities without readily determinable fair values | 21,690 | 21,629 | |||||||||||||
Goodwill and other intangible assets | 48,396 | 48,451 | Goodwill and other intangible assets | 48,341 | 48,379 | |||||||||||||
Other assets | 12,780 | 17,632 | Other assets | 12,024 | 13,046 | |||||||||||||
TOTAL ASSETS | $ | 1,813,684 | $ | 1,842,502 | TOTAL ASSETS | $ | 1,971,697 | $ | 1,814,198 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
Deposits | Deposits | |||||||||||||||||
Noninterest bearing | $ | 242,179 | $ | 236,534 | Noninterest bearing | $ | 353,082 | $ | 249,152 | |||||||||
NOW accounts | 230,579 | 235,287 | ||||||||||||||||
Interest bearing demand deposits | Interest bearing demand deposits | 287,809 | 229,865 | |||||||||||||||
Certificates of deposit under $250 and other savings | 749,736 | 744,944 | Certificates of deposit under $250 and other savings | 754,409 | 739,023 | |||||||||||||
Certificates of deposit over $250 | 86,279 | 75,928 | Certificates of deposit over $250 | 99,795 | 95,811 | |||||||||||||
Total deposits | 1,308,773 | 1,292,693 | Total deposits | 1,495,095 | 1,313,851 | |||||||||||||
Borrowed funds | 277,386 | 340,299 | Borrowed funds | 238,349 | 275,999 | |||||||||||||
Accrued interest payable and other liabilities | 15,149 | 13,991 | Accrued interest payable and other liabilities | 15,708 | 14,166 | |||||||||||||
Total liabilities | 1,601,308 | 1,646,983 | Total liabilities | 1,749,152 | 1,604,016 | |||||||||||||
Shareholders’ equity | Shareholders’ equity | |||||||||||||||||
Common stock — no par value 15,000,000 shares authorized; issued and outstanding 7,938,234 shares (including 44,189 shares held in the Rabbi Trust) in 2019 and 7,870,969 shares (including 16,673 shares held in the Rabbi Trust) in 2018 | 141,318 | 140,416 | ||||||||||||||||
Common stock — no par value 15,000,000 shares authorized; issued and outstanding 8,007,901 shares (including 41,307 shares held in the Rabbi Trust) in 2020 and 7,910,804 shares (including 27,069 shares held in the Rabbi Trust) in 2019 | Common stock — no par value 15,000,000 shares authorized; issued and outstanding 8,007,901 shares (including 41,307 shares held in the Rabbi Trust) in 2020 and 7,910,804 shares (including 27,069 shares held in the Rabbi Trust) in 2019 | 142,745 | 141,069 | |||||||||||||||
Shares to be issued for deferred compensation obligations | 5,578 | 5,431 | Shares to be issued for deferred compensation obligations | 4,104 | 5,043 | |||||||||||||
Retained earnings | 63,334 | 57,357 | Retained earnings | 67,321 | 62,099 | |||||||||||||
Accumulated other comprehensive income (loss) | 2,146 | (7,685 | ) | Accumulated other comprehensive income (loss) | 8,375 | 1,971 | ||||||||||||
Total shareholders’ equity | 212,376 | 195,519 | Total shareholders’ equity | 222,545 | 210,182 | |||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,813,684 | $ | 1,842,502 | TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,971,697 | $ | 1,814,198 |
Three Months Ended September 30 | Nine Months Ended September 30 | Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Interest income | Interest income | |||||||||||||||||||||||||||||||||||||
Loans, including fees | $ | 14,020 | $ | 12,833 | $ | 40,498 | $ | 36,205 | Loans, including fees | $ | 13,554 | $ | 14,020 | $ | 40,105 | $ | 40,498 | |||||||||||||||||||||
AFS securities | AFS securities | |||||||||||||||||||||||||||||||||||||
Taxable | 1,691 | 2,031 | 5,522 | 6,263 | Taxable | 1,071 | 1,691 | 3,912 | 5,522 | |||||||||||||||||||||||||||||
Nontaxable | 1,151 | 1,301 | 3,611 | 4,014 | Nontaxable | 911 | 1,151 | 2,950 | 3,611 | |||||||||||||||||||||||||||||
Federal funds sold and other | 299 | 254 | 826 | 771 | Federal funds sold and other | 164 | 299 | 803 | 826 | |||||||||||||||||||||||||||||
Total interest income | 17,161 | 16,419 | 50,457 | 47,253 | Total interest income | 15,700 | 17,161 | 47,770 | 50,457 | |||||||||||||||||||||||||||||
Interest expense | Interest expense | |||||||||||||||||||||||||||||||||||||
Deposits | 2,980 | 2,436 | 8,563 | 6,712 | Deposits | 1,996 | 2,980 | 7,034 | 8,563 | |||||||||||||||||||||||||||||
Borrowings | 1,570 | 1,795 | 4,806 | 4,661 | Borrowings | 1,207 | 1,570 | 3,933 | 4,806 | |||||||||||||||||||||||||||||
Total interest expense | 4,550 | 4,231 | 13,369 | 11,373 | Total interest expense | 3,203 | 4,550 | 10,967 | 13,369 | |||||||||||||||||||||||||||||
Net interest income | 12,611 | 12,188 | 37,088 | 35,880 | Net interest income | 12,497 | 12,611 | 36,803 | 37,088 | |||||||||||||||||||||||||||||
Provision for loan losses | 193 | (76 | ) | 48 | 636 | Provision for loan losses | 516 | 193 | 1,409 | 48 | ||||||||||||||||||||||||||||
Net interest income after provision for loan losses | 12,418 | 12,264 | 37,040 | 35,244 | Net interest income after provision for loan losses | 11,981 | 12,418 | 35,394 | 37,040 | |||||||||||||||||||||||||||||
Noninterest income | Noninterest income | |||||||||||||||||||||||||||||||||||||
Service charges and fees | 1,705 | 1,557 | 4,706 | 4,533 | Service charges and fees | 1,950 | 1,705 | 4,689 | 4,706 | |||||||||||||||||||||||||||||
Investment and Trust advisory fees | 689 | 748 | 2,146 | 2,144 | ||||||||||||||||||||||||||||||||||
Wealth management fees | Wealth management fees | 649 | 689 | 1,877 | 2,146 | |||||||||||||||||||||||||||||||||
Net gain on sale of mortgage loans | Net gain on sale of mortgage loans | 1,036 | 199 | 1,653 | 408 | |||||||||||||||||||||||||||||||||
Gains from redemption of corporate owned life insurance policies | Gains from redemption of corporate owned life insurance policies | 0 | 0 | 873 | 0 | |||||||||||||||||||||||||||||||||
Earnings on corporate owned life insurance policies | 190 | 185 | 564 | 551 | Earnings on corporate owned life insurance policies | 187 | 190 | 558 | 564 | |||||||||||||||||||||||||||||
Net gain on sale of mortgage loans | 199 | 171 | 408 | 339 | ||||||||||||||||||||||||||||||||||
Net gains on foreclosed assets | 202 | 23 | 213 | 34 | ||||||||||||||||||||||||||||||||||
Net gains on sale of AFS securities | 6 | — | 6 | — | ||||||||||||||||||||||||||||||||||
Other | 283 | 194 | 721 | 515 | Other | 238 | 491 | 654 | 940 | |||||||||||||||||||||||||||||
Total noninterest income | 3,274 | 2,878 | 8,764 | 8,116 | Total noninterest income | 4,060 | 3,274 | 10,304 | 8,764 | |||||||||||||||||||||||||||||
Noninterest expenses | Noninterest expenses | |||||||||||||||||||||||||||||||||||||
Compensation and benefits | 5,971 | 5,845 | 17,650 | 17,018 | Compensation and benefits | 6,101 | 5,971 | 17,763 | 17,650 | |||||||||||||||||||||||||||||
Furniture and equipment | 1,427 | 1,473 | 4,330 | 4,459 | Furniture and equipment | 1,426 | 1,427 | 4,318 | 4,330 | |||||||||||||||||||||||||||||
Occupancy | 830 | 870 | 2,594 | 2,501 | Occupancy | 889 | 830 | 2,668 | 2,594 | |||||||||||||||||||||||||||||
Other | 2,392 | 2,899 | 7,584 | 8,004 | Other | 2,534 | 2,392 | 7,846 | 7,584 | |||||||||||||||||||||||||||||
Total noninterest expenses | 10,620 | 11,087 | 32,158 | 31,982 | Total noninterest expenses | 10,950 | 10,620 | 32,595 | 32,158 | |||||||||||||||||||||||||||||
Income before federal income tax expense | 5,072 | 4,055 | 13,646 | 11,378 | Income before federal income tax expense | 5,091 | 5,072 | 13,103 | 13,646 | |||||||||||||||||||||||||||||
Federal income tax expense | 630 | 359 | 1,520 | 887 | Federal income tax expense | 734 | 630 | 1,495 | 1,520 | |||||||||||||||||||||||||||||
NET INCOME | $ | 4,442 | $ | 3,696 | $ | 12,126 | $ | 10,491 | NET INCOME | $ | 4,357 | $ | 4,442 | $ | 11,608 | $ | 12,126 | |||||||||||||||||||||
Earnings per common share | Earnings per common share | |||||||||||||||||||||||||||||||||||||
Basic | $ | 0.56 | $ | 0.47 | $ | 1.53 | $ | 1.33 | Basic | $ | 0.55 | $ | 0.56 | $ | 1.46 | $ | 1.53 | |||||||||||||||||||||
Diluted | $ | 0.55 | $ | 0.46 | $ | 1.50 | $ | 1.30 | Diluted | $ | 0.54 | $ | 0.55 | $ | 1.43 | $ | 1.50 | |||||||||||||||||||||
Cash dividends per common share | $ | 0.26 | $ | 0.26 | $ | 0.78 | $ | 0.78 | Cash dividends per common share | $ | 0.27 | $ | 0.26 | $ | 0.81 | $ | 0.78 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income | $ | 4,442 | $ | 3,696 | $ | 12,126 | $ | 10,491 | |||||||
Unrealized gains (losses) on AFS securities arising during the period | 1,724 | (2,513 | ) | 12,554 | (12,548 | ) | |||||||||
Reclassification adjustment for net (gains) losses included in net income | (6 | ) | — | (6 | ) | — | |||||||||
Tax effect (1) | (310 | ) | 522 | (2,523 | ) | 2,648 | |||||||||
Unrealized gains (losses) on AFS securities, net of tax | 1,408 | (1,991 | ) | 10,025 | (9,900 | ) | |||||||||
Unrealized gains (losses) on derivative instruments arising during the period | (37 | ) | 7 | (245 | ) | 160 | |||||||||
Tax effect (1) | 8 | (2 | ) | 51 | (34 | ) | |||||||||
Unrealized gains (losses) on derivative instruments, net of tax | (29 | ) | 5 | (194 | ) | 126 | |||||||||
Other comprehensive income (loss), net of tax | 1,379 | (1,986 | ) | 9,831 | (9,774 | ) | |||||||||
Comprehensive income (loss) | $ | 5,821 | $ | 1,710 | $ | 21,957 | $ | 717 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income | $ | 4,357 | $ | 4,442 | $ | 11,608 | $ | 12,126 | |||||||||||||||
Unrealized gains (losses) on AFS securities arising during the period | (66) | 1,724 | 8,304 | 12,554 | |||||||||||||||||||
Reclassification adjustment for net (gains) losses included in net income | 0 | (6) | (71) | (6) | |||||||||||||||||||
Tax effect (1) | 58 | (310) | (1,714) | (2,523) | |||||||||||||||||||
Unrealized gains (losses) on AFS securities, net of tax | (8) | 1,408 | 6,519 | 10,025 | |||||||||||||||||||
Unrealized gains (losses) on derivative instruments arising during the period | 20 | (37) | (145) | (245) | |||||||||||||||||||
Tax effect (1) | (4) | 8 | 30 | 51 | |||||||||||||||||||
Unrealized gains (losses) on derivative instruments, net of tax | 16 | (29) | (115) | (194) | |||||||||||||||||||
Other comprehensive income (loss), net of tax | 8 | 1,379 | 6,404 | 9,831 | |||||||||||||||||||
Comprehensive income (loss) | $ | 4,365 | $ | 5,821 | $ | 18,012 | $ | 21,957 |
Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Common Shares Outstanding | Amount | Common Shares to be Issued for Deferred Compensation Obligations | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Totals | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common Shares Outstanding | Amount | Common Shares to be Issued for Deferred Compensation Obligations | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Totals | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2018 | 7,857,293 | $ | 140,277 | $ | 5,502 | $ | 51,728 | $ | (2,602 | ) | $ | 194,905 | |||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | — | — | — | 10,491 | (9,774 | ) | 717 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption of ASU 2016-01 | — | — | — | (223 | ) | 223 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 189,074 | 5,093 | — | — | — | 5,093 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock transferred from the Rabbi Trust to satisfy deferred compensation obligations | — | 612 | (612 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based payment awards under equity compensation plan | — | — | 449 | — | — | 449 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock purchased for deferred compensation obligations | — | (290 | ) | — | — | — | (290 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased pursuant to publicly announced repurchase plan | (215,427 | ) | (6,212 | ) | — | — | — | (6,212 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid ($0.78 per common share) | — | — | — | (6,126 | ) | — | (6,126 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2018 | 7,830,940 | $ | 139,480 | $ | 5,339 | $ | 55,870 | $ | (12,153 | ) | $ | 188,536 | |||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2019 | 7,870,969 | $ | 140,416 | $ | 5,431 | $ | 57,357 | $ | (7,685 | ) | $ | 195,519 | Balance, January 1, 2019 | 7,870,969 | $ | 140,416 | $ | 5,431 | $ | 57,357 | $ | (7,685) | $ | 195,519 | |||||||||||||||||||||||||||||||||
Comprehensive income (loss) | — | — | — | 12,126 | 9,831 | 21,957 | Comprehensive income (loss) | — | — | — | 12,126 | 9,831 | 21,957 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 159,521 | 3,672 | — | — | — | 3,672 | Issuance of common stock | 159,521 | 3,672 | — | — | — | 3,672 | ||||||||||||||||||||||||||||||||||||||||||||
Common stock transferred from the Rabbi Trust to satisfy deferred compensation obligations | — | 268 | (268 | ) | — | — | — | Common stock transferred from the Rabbi Trust to satisfy deferred compensation obligations | — | 268 | (268) | — | — | 0 | |||||||||||||||||||||||||||||||||||||||||||
Share-based payment awards under equity compensation plan | — | — | 415 | — | — | 415 | Share-based payment awards under equity compensation plan | — | — | 415 | — | — | 415 | ||||||||||||||||||||||||||||||||||||||||||||
Common stock purchased for deferred compensation obligations | — | (898 | ) | — | — | — | (898 | ) | Common stock purchased for deferred compensation obligations | — | (898) | — | — | — | (898) | ||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased pursuant to publicly announced repurchase plan | (92,256 | ) | (2,140 | ) | — | — | — | (2,140 | ) | Common stock repurchased pursuant to publicly announced repurchase plan | (92,256) | (2,140) | — | — | — | (2,140) | |||||||||||||||||||||||||||||||||||||||||
Cash dividends paid ($0.78 per common share) | — | — | — | (6,149 | ) | — | (6,149 | ) | Cash dividends paid ($0.78 per common share) | — | — | — | (6,149) | — | (6,149) | ||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | 7,938,234 | $ | 141,318 | $ | 5,578 | $ | 63,334 | $ | 2,146 | $ | 212,376 | Balance, September 30, 2019 | 7,938,234 | $ | 141,318 | $ | 5,578 | $ | 63,334 | $ | 2,146 | $ | 212,376 | ||||||||||||||||||||||||||||||||||
Balance, January 1, 2020 | Balance, January 1, 2020 | 7,910,804 | $ | 141,069 | $ | 5,043 | $ | 62,099 | $ | 1,971 | $ | 210,182 | |||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | — | — | — | 11,608 | 6,404 | 18,012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | 184,144 | 3,274 | — | — | — | 3,274 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock transferred from the Rabbi Trust to satisfy deferred compensation obligations | Common stock transferred from the Rabbi Trust to satisfy deferred compensation obligations | — | 1,273 | (1,273) | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based payment awards under equity compensation plan | Share-based payment awards under equity compensation plan | — | — | 334 | — | — | 334 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock purchased for deferred compensation obligations | Common stock purchased for deferred compensation obligations | — | (1,252) | — | — | — | (1,252) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased pursuant to publicly announced repurchase plan | Common stock repurchased pursuant to publicly announced repurchase plan | (87,047) | (1,619) | — | — | — | (1,619) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid ($0.81 per common share) | Cash dividends paid ($0.81 per common share) | — | — | — | (6,386) | — | (6,386) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | Balance, September 30, 2020 | 8,007,901 | $ | 142,745 | $ | 4,104 | $ | 67,321 | $ | 8,375 | $ | 222,545 |
Nine Months Ended September 30 | |||||||||||
2020 | 2019 | ||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | 11,608 | $ | 12,126 | |||||||
Reconciliation of net income to net cash provided by operating activities: | |||||||||||
Undistributed earnings of equity securities without readily determinable fair values | (61) | (182) | |||||||||
Provision for loan losses | 1,409 | 48 | |||||||||
Depreciation | 1,958 | 2,211 | |||||||||
Amortization of OMSR | 386 | 201 | |||||||||
Amortization of acquisition intangibles | 38 | 55 | |||||||||
Net amortization of AFS securities | 1,539 | 1,344 | |||||||||
Net gains on sale of AFS securities | (71) | (6) | |||||||||
Net gain on sale of mortgage loans | (1,653) | (408) | |||||||||
OMSR impairment loss | 316 | 81 | |||||||||
Net gains on foreclosed assets | (43) | (213) | |||||||||
Increase in cash value of corporate owned life insurance policies, net of expenses | (521) | (528) | |||||||||
Gains from redemption of corporate owned life insurance policies | (873) | 0 | |||||||||
Share-based payment awards under equity compensation plan | 334 | 415 | |||||||||
Origination of loans held-for-sale | (82,464) | (26,514) | |||||||||
Proceeds from loan sales | 80,360 | 25,368 | |||||||||
Net changes in operating assets and liabilities which provided (used) cash: | |||||||||||
Accrued interest receivable | (1,957) | (432) | |||||||||
Other assets | 261 | 1,966 | |||||||||
Accrued interest payable and other liabilities | 370 | 1,551 | |||||||||
Net cash provided by (used in) operating activities | 10,936 | 17,083 | |||||||||
INVESTING ACTIVITIES | |||||||||||
Activity in AFS securities | |||||||||||
Sales | 26,855 | 33,840 | |||||||||
Maturities, calls, and principal payments | 72,013 | 61,170 | |||||||||
Purchases | (25,318) | (34,495) | |||||||||
Net loan principal (originations) collections | (116,878) | (63,900) | |||||||||
Proceeds from sales of foreclosed assets | 146 | 649 | |||||||||
Purchases of premises and equipment | (1,465) | (746) | |||||||||
Purchases of corporate owned life insurance policies | (625) | 0 | |||||||||
Proceeds from redemption of corporate owned life insurance policies | 2,305 | 0 | |||||||||
Funding of low income housing tax credit investments | (403) | (393) | |||||||||
Net cash provided by (used in) investing activities | (43,370) | (3,875) |
Nine Months Ended September 30 | |||||||
2019 | 2018 | ||||||
OPERATING ACTIVITIES | |||||||
Net income | $ | 12,126 | $ | 10,491 | |||
Reconciliation of net income to net cash provided by operating activities: | |||||||
Undistributed earnings of equity securities without readily determinable fair values | (182 | ) | (143 | ) | |||
Provision for loan losses | 48 | 636 | |||||
Depreciation | 2,211 | 2,198 | |||||
Amortization of OMSR | 201 | 165 | |||||
Amortization of acquisition intangibles | 55 | 74 | |||||
Net amortization of AFS securities | 1,344 | 1,432 | |||||
Net (gains) losses on sale of AFS securities | (6 | ) | — | ||||
Net unrealized (gains) losses on equity securities, at fair value | — | 41 | |||||
Net (gains) losses on sale of equity securities, at fair value | — | (1 | ) | ||||
Net gain on sale of mortgage loans | (408 | ) | (339 | ) | |||
Net gains on foreclosed assets | (213 | ) | (34 | ) | |||
Increase in cash value of corporate owned life insurance policies, net of expenses | (528 | ) | (521 | ) | |||
Share-based payment awards under equity compensation plan | 415 | 449 | |||||
Origination of loans held-for-sale | (26,514 | ) | (20,072 | ) | |||
Proceeds from loan sales | 25,368 | 19,160 | |||||
Net changes in operating assets and liabilities which provided (used) cash: | |||||||
Accrued interest receivable | (432 | ) | (606 | ) | |||
Other assets | 2,047 | 348 | |||||
Accrued interest payable and other liabilities | 1,551 | 972 | |||||
Net cash provided by (used in) operating activities | 17,083 | 14,250 | |||||
INVESTING ACTIVITIES | |||||||
Activity in AFS securities | |||||||
Sales | 33,840 | — | |||||
Maturities, calls, and principal payments | 61,170 | 64,629 | |||||
Purchases | (34,495 | ) | (31,018 | ) | |||
Sale of equity securities, at fair value | — | 3,537 | |||||
Net loan principal (originations) collections | (63,900 | ) | (48,862 | ) | |||
Proceeds from sales of foreclosed assets | 649 | 201 | |||||
Purchases of premises and equipment | (746 | ) | (1,934 | ) | |||
Purchases of FHLB Stock | — | (1,494 | ) | ||||
Funding of low income housing tax credit investments | (393 | ) | (516 | ) | |||
Net cash provided by (used in) investing activities | (3,875 | ) | (15,457 | ) |
Nine Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||||||
FINANCING ACTIVITIES | FINANCING ACTIVITIES | |||||||||||||||||
Net increase (decrease) in deposits | $ | 16,080 | $ | 11,548 | Net increase (decrease) in deposits | 181,244 | 16,080 | |||||||||||
Net increase (decrease) in borrowed funds | (62,913 | ) | 14,898 | Net increase (decrease) in borrowed funds | (37,650) | (62,913) | ||||||||||||
Cash dividends paid on common stock | (6,149 | ) | (6,126 | ) | Cash dividends paid on common stock | (6,386) | (6,149) | |||||||||||
Proceeds from issuance of common stock | 3,672 | 5,093 | Proceeds from issuance of common stock | 3,274 | 3,672 | |||||||||||||
Common stock repurchased | (2,140 | ) | (6,212 | ) | Common stock repurchased | (1,619) | (2,140) | |||||||||||
Common stock purchased for deferred compensation obligations | (898 | ) | (290 | ) | Common stock purchased for deferred compensation obligations | (1,252) | (898) | |||||||||||
Net cash provided by (used in) financing activities | (52,348 | ) | 18,911 | Net cash provided by (used in) financing activities | 137,611 | (52,348) | ||||||||||||
Increase (decrease) in cash and cash equivalents | (39,140 | ) | 17,704 | Increase (decrease) in cash and cash equivalents | 105,177 | (39,140) | ||||||||||||
Cash and cash equivalents at beginning of period | 73,471 | 30,848 | Cash and cash equivalents at beginning of period | 60,572 | 73,471 | |||||||||||||
Cash and cash equivalents at end of period | $ | 34,331 | $ | 48,552 | Cash and cash equivalents at end of period | $ | 165,749 | $ | 34,331 | |||||||||
SUPPLEMENTAL CASH FLOWS INFORMATION: | SUPPLEMENTAL CASH FLOWS INFORMATION: | |||||||||||||||||
Interest paid | $ | 13,325 | $ | 11,249 | Interest paid | $ | 11,164 | $ | 13,325 | |||||||||
Income taxes paid | Income taxes paid | $ | 556 | $ | 0 | |||||||||||||
SUPPLEMENTAL NONCASH INFORMATION: | SUPPLEMENTAL NONCASH INFORMATION: | |||||||||||||||||
Transfers of loans to foreclosed assets | $ | 722 | $ | 215 | Transfers of loans to foreclosed assets | $ | 298 | $ | 722 |
September 30, 2019 | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
States and political subdivisions | $ | 170,897 | $ | 4,679 | $ | 1 | $ | 175,575 | |||||||
Auction rate money market preferred | 3,200 | — | 111 | 3,089 | |||||||||||
Mortgage-backed securities | 149,843 | 975 | 698 | 150,120 | |||||||||||
Collateralized mortgage obligations | 115,452 | 1,501 | 208 | 116,745 | |||||||||||
Total | $ | 439,392 | $ | 7,155 | $ | 1,018 | $ | 445,529 |
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
December 31, 2018 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||
Government sponsored enterprises | $ | 172 | $ | — | $ | 2 | $ | 170 | ||||||||||||||||||||||||||||||
States and political subdivisions | 188,992 | 2,125 | 251 | 190,866 | States and political subdivisions | $ | 142,547 | $ | 5,854 | $ | 0 | $ | 148,401 | |||||||||||||||||||||||||
Auction rate money market preferred | 3,200 | — | 646 | 2,554 | Auction rate money market preferred | 3,200 | 0 | 6 | 3,194 | |||||||||||||||||||||||||||||
Mortgage-backed securities | 189,688 | 76 | 5,280 | 184,484 | Mortgage-backed securities | 100,984 | 3,181 | 0 | 104,165 | |||||||||||||||||||||||||||||
Collateralized mortgage obligations | 119,193 | 71 | 2,504 | 116,760 | Collateralized mortgage obligations | 102,231 | 5,063 | 0 | 107,294 | |||||||||||||||||||||||||||||
Total | $ | 501,245 | $ | 2,272 | $ | 8,683 | $ | 494,834 | Total | $ | 348,962 | $ | 14,098 | $ | 6 | $ | 363,054 |
December 31, 2019 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
States and political subdivisions | $ | 165,005 | $ | 4,747 | $ | 0 | $ | 169,752 | |||||||||||||||
Auction rate money market preferred | 3,200 | 0 | 81 | 3,119 | |||||||||||||||||||
Mortgage-backed securities | 139,831 | 933 | 560 | 140,204 | |||||||||||||||||||
Collateralized mortgage obligations | 115,944 | 1,007 | 187 | 116,764 | |||||||||||||||||||
Total | $ | 423,980 | $ | 6,687 | $ | 828 | $ | 429,839 |
Maturing | Securities with Variable Monthly Payments or Noncontractual Maturities | Maturing | Securities with Variable Monthly Payments or Noncontractual Maturities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due in One Year or Less | After One Year But Within Five Years | After Five Years But Within Ten Years | After Ten Years | Total | Due in One Year or Less | After One Year But Within Five Years | After Five Years But Within Ten Years | After Ten Years | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
States and political subdivisions | $ | 29,273 | $ | 70,436 | $ | 44,018 | $ | 27,170 | $ | — | $ | 170,897 | States and political subdivisions | $ | 22,709 | $ | 66,180 | $ | 27,441 | $ | 26,217 | $ | 0 | $ | 142,547 | |||||||||||||||||||||||||||||||||
Auction rate money market preferred | — | — | — | — | 3,200 | 3,200 | Auction rate money market preferred | 0 | 0 | 0 | 0 | 3,200 | 3,200 | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | — | — | — | — | 149,843 | 149,843 | Mortgage-backed securities | 0 | 0 | 0 | 0 | 100,984 | 100,984 | |||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | — | — | — | — | 115,452 | 115,452 | Collateralized mortgage obligations | 0 | 0 | 0 | 0 | 102,231 | 102,231 | |||||||||||||||||||||||||||||||||||||||||||||
Total amortized cost | $ | 29,273 | $ | 70,436 | $ | 44,018 | $ | 27,170 | $ | 268,495 | $ | 439,392 | Total amortized cost | $ | 22,709 | $ | 66,180 | $ | 27,441 | $ | 26,217 | $ | 206,415 | $ | 348,962 | |||||||||||||||||||||||||||||||||
Fair value | $ | 29,378 | $ | 71,963 | $ | 45,538 | $ | 28,696 | $ | 269,954 | $ | 445,529 | Fair value | $ | 22,891 | $ | 68,188 | $ | 29,293 | $ | 28,029 | $ | 214,653 | $ | 363,054 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Proceeds from sales of AFS securities | $ | 0 | $ | 33,840 | $ | 26,855 | $ | 33,840 | |||||||||||||||
Realized gains (losses) | $ | 0 | $ | 6 | $ | 71 | $ | 6 | |||||||||||||||
Applicable income tax expense (benefit) | $ | 0 | $ | 1 | $ | 15 | $ | 1 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Proceeds from sales of AFS securities | $ | 33,840 | $ | — | $ | 33,840 | $ | — | |||||||
Gross realized gains (losses) | $ | 6 | $ | — | $ | 6 | $ | — | |||||||
Applicable income tax expense (benefit) | $ | 1 | $ | — | $ | 1 | $ | — |
September 30, 2019 | |||||||||||||||||||
Less Than Twelve Months | Twelve Months or More | ||||||||||||||||||
Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Total Unrealized Losses | |||||||||||||||
States and political subdivisions | $ | 1 | $ | 797 | $ | — | $ | — | $ | 1 | |||||||||
Auction rate money market preferred | — | — | 111 | 3,089 | 111 | ||||||||||||||
Mortgage-backed securities | 4 | 5,943 | 694 | 66,703 | 698 | ||||||||||||||
Collateralized mortgage obligations | 47 | 11,312 | 161 | 17,043 | 208 | ||||||||||||||
Total | $ | 52 | $ | 18,052 | $ | 966 | $ | 86,835 | $ | 1,018 | |||||||||
Number of securities in an unrealized loss position: | 10 | 23 | 33 |
December 31, 2018 | |||||||||||||||||||
Less Than Twelve Months | Twelve Months or More | ||||||||||||||||||
Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Total Unrealized Losses | |||||||||||||||
Government sponsored enterprises | $ | — | $ | — | $ | 2 | $ | 170 | $ | 2 | |||||||||
States and political subdivisions | 83 | 14,732 | 168 | 15,090 | 251 | ||||||||||||||
Auction rate money market preferred | — | — | 646 | 2,554 | 646 | ||||||||||||||
Mortgage-backed securities | 896 | 43,485 | 4,384 | 124,253 | 5,280 | ||||||||||||||
Collateralized mortgage obligations | 199 | 21,886 | 2,305 | 87,929 | 2,504 | ||||||||||||||
Total | $ | 1,178 | $ | 80,103 | $ | 7,505 | $ | 229,996 | $ | 8,683 | |||||||||
Number of securities in an unrealized loss position: | 66 | 102 | 168 |
September 30, 2020 | |||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or More | ||||||||||||||||||||||||||||
Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Total Unrealized Losses | |||||||||||||||||||||||||
Auction rate money market preferred | $ | 0 | $ | 0 | $ | 6 | $ | 3,194 | $ | 6 | |||||||||||||||||||
Number of securities in an unrealized loss position: | 0 | 2 | 2 |
December 31, 2019 | |||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or More | ||||||||||||||||||||||||||||
Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Total Unrealized Losses | |||||||||||||||||||||||||
Auction rate money market preferred | $ | 0 | $ | 0 | $ | 81 | $ | 3,119 | $ | 81 | |||||||||||||||||||
Mortgage-backed securities | 3 | 3,974 | 557 | 49,701 | 560 | ||||||||||||||||||||||||
Collateralized mortgage obligations | 43 | 20,262 | 144 | 13,309 | 187 | ||||||||||||||||||||||||
Total | $ | 46 | $ | 24,236 | $ | 782 | $ | 66,129 | $ | 828 | |||||||||||||||||||
Number of securities in an unrealized loss position: | 9 | 19 | 28 |
Allowance for Loan Losses | |||||||||||||||||||||||
Three Months Ended September 30, 2019 | |||||||||||||||||||||||
Commercial | Agricultural | Residential Real Estate | Consumer | Unallocated | Total | ||||||||||||||||||
July 1, 2019 | $ | 2,080 | $ | 612 | $ | 1,882 | $ | 927 | $ | 2,536 | $ | 8,037 | |||||||||||
Charge-offs | (21 | ) | (1 | ) | — | (121 | ) | — | (143 | ) | |||||||||||||
Recoveries | 25 | 1 | 25 | 31 | — | 82 | |||||||||||||||||
Provision for loan losses | (24 | ) | (57 | ) | (38 | ) | 183 | 129 | 193 | ||||||||||||||
September 30, 2019 | $ | 2,060 | $ | 555 | $ | 1,869 | $ | 1,020 | $ | 2,665 | $ | 8,169 |
Allowance for Loan Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2019 | Commercial | Agricultural | Residential Real Estate | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Agricultural | Residential Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2019 | $ | 2,563 | $ | 775 | $ | 1,992 | $ | 857 | $ | 2,188 | $ | 8,375 | ||||||||||||||||||||||||||||||||||||||||||||||
July 1, 2020 | July 1, 2020 | $ | 2,121 | $ | 356 | $ | 1,193 | $ | 825 | $ | 4,382 | $ | 8,877 | |||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (134 | ) | (60 | ) | (96 | ) | (324 | ) | — | (614 | ) | Charge-offs | (2) | 0 | (13) | (31) | 0 | (46) | ||||||||||||||||||||||||||||||||||||||||
Recoveries | 98 | 2 | 143 | 117 | — | 360 | Recoveries | 81 | 2 | 36 | 40 | 0 | 159 | |||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | (467 | ) | (162 | ) | (170 | ) | 370 | 477 | 48 | Provision for loan losses | (255) | (16) | 90 | 21 | 676 | 516 | ||||||||||||||||||||||||||||||||||||||||||
September 30, 2019 | $ | 2,060 | $ | 555 | $ | 1,869 | $ | 1,020 | $ | 2,665 | $ | 8,169 | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2020 | $ | 1,945 | $ | 342 | $ | 1,306 | $ | 855 | $ | 5,058 | $ | 9,506 |
Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||
Commercial | Agricultural | Residential Real Estate | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||
January 1, 2020 | $ | 1,914 | $ | 634 | $ | 2,047 | $ | 922 | $ | 2,422 | $ | 7,939 | |||||||||||||||||||||||
Charge-offs | (7) | (22) | (28) | (213) | 0 | (270) | |||||||||||||||||||||||||||||
Recoveries | 133 | 37 | 102 | 156 | 0 | 428 | |||||||||||||||||||||||||||||
Provision for loan losses | (95) | (307) | (815) | (10) | 2,636 | 1,409 | |||||||||||||||||||||||||||||
September 30, 2020 | $ | 1,945 | $ | 342 | $ | 1,306 | $ | 855 | $ | 5,058 | $ | 9,506 |
Allowance for Loan Losses and Recorded Investment in Loans | |||||||||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||
Commercial | Agricultural | Residential Real Estate | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||
ALLL | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 59 | $ | 67 | $ | 743 | $ | 0 | $ | 0 | $ | 869 | |||||||||||||||||||||||
Collectively evaluated for impairment | 1,886 | 275 | 563 | 855 | 5,058 | 8,637 | |||||||||||||||||||||||||||||
Total | $ | 1,945 | $ | 342 | $ | 1,306 | $ | 855 | $ | 5,058 | $ | 9,506 | |||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 11,351 | $ | 12,903 | $ | 4,385 | $ | 0 | $ | 28,639 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 809,751 | 89,360 | 300,174 | 75,384 | 1,274,669 | ||||||||||||||||||||||||||||||
Total | $ | 821,102 | $ | 102,263 | $ | 304,559 | $ | 75,384 | $ | 1,303,308 |
Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||
Commercial | Agricultural | Residential Real Estate | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||
July 1, 2019 | $ | 2,080 | $ | 612 | $ | 1,882 | $ | 927 | $ | 2,536 | $ | 8,037 | |||||||||||||||||||||||
Charge-offs | (21) | (1) | 0 | (121) | 0 | (143) | |||||||||||||||||||||||||||||
Recoveries | 25 | 1 | 25 | 31 | 0 | 82 | |||||||||||||||||||||||||||||
Provision for loan losses | (24) | (57) | (38) | 183 | 129 | 193 | |||||||||||||||||||||||||||||
September 30, 2019 | $ | 2,060 | $ | 555 | $ | 1,869 | $ | 1,020 | $ | 2,665 | $ | 8,169 |
Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||
Commercial | Agricultural | Residential Real Estate | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||
January 1, 2019 | $ | 2,563 | $ | 775 | $ | 1,992 | $ | 857 | $ | 2,188 | $ | 8,375 | |||||||||||||||||||||||
Charge-offs | (134) | (60) | (96) | (324) | 0 | (614) | |||||||||||||||||||||||||||||
Recoveries | 98 | 2 | 143 | 117 | 0 | 360 | |||||||||||||||||||||||||||||
Provision for loan losses | (467) | (162) | (170) | 370 | 477 | 48 | |||||||||||||||||||||||||||||
September 30, 2019 | $ | 2,060 | $ | 555 | $ | 1,869 | $ | 1,020 | $ | 2,665 | $ | 8,169 |
Allowance for Loan Losses and Recorded Investment in Loans | |||||||||||||||||||||||
September 30, 2019 | |||||||||||||||||||||||
Commercial | Agricultural | Residential Real Estate | Consumer | Unallocated | Total | ||||||||||||||||||
ALLL | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 34 | $ | 132 | $ | 1,167 | $ | — | $ | — | $ | 1,333 | |||||||||||
Collectively evaluated for impairment | 2,026 | 423 | 702 | 1,020 | 2,665 | 6,836 | |||||||||||||||||
Total | $ | 2,060 | $ | 555 | $ | 1,869 | $ | 1,020 | $ | 2,665 | $ | 8,169 | |||||||||||
Loans | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 8,626 | $ | 13,766 | $ | 5,953 | $ | — | $ | 28,345 | |||||||||||||
Collectively evaluated for impairment | 700,109 | 104,694 | 286,358 | 72,298 | 1,163,459 | ||||||||||||||||||
Total | $ | 708,735 | $ | 118,460 | $ | 292,311 | $ | 72,298 | $ | 1,191,804 |
Allowance for Loan Losses | |||||||||||||||||||||||
Three Months Ended September 30, 2018 | |||||||||||||||||||||||
Commercial | Agricultural | Residential Real Estate | Consumer | Unallocated | Total | ||||||||||||||||||
July 1, 2018 | $ | 2,197 | $ | 982 | $ | 2,167 | $ | 882 | $ | 1,972 | $ | 8,200 | |||||||||||
Charge-offs | — | (7 | ) | (61 | ) | (111 | ) | — | (179 | ) | |||||||||||||
Recoveries | 79 | 1 | 37 | 38 | — | 155 | |||||||||||||||||
Provision for loan losses | (255 | ) | (194 | ) | 239 | 93 | 41 | (76 | ) | ||||||||||||||
September 30, 2018 | $ | 2,021 | $ | 782 | $ | 2,382 | $ | 902 | $ | 2,013 | $ | 8,100 |
Allowance for Loan Losses | |||||||||||||||||||||||
Nine Months Ended September 30, 2018 | |||||||||||||||||||||||
Commercial | Agricultural | Residential Real Estate | Consumer | Unallocated | Total | ||||||||||||||||||
January 1, 2018 | $ | 1,706 | $ | 611 | $ | 2,563 | $ | 900 | $ | 1,920 | $ | 7,700 | |||||||||||
Charge-offs | (450 | ) | (51 | ) | (100 | ) | (247 | ) | — | (848 | ) | ||||||||||||
Recoveries | 282 | 2 | 162 | 166 | — | 612 | |||||||||||||||||
Provision for loan losses | 483 | 220 | (243 | ) | 83 | 93 | 636 | ||||||||||||||||
September 30, 2018 | $ | 2,021 | $ | 782 | $ | 2,382 | $ | 902 | $ | 2,013 | $ | 8,100 |
Allowance for Loan Losses and Recorded Investment in Loans | |||||||||||||||||||||||
December 31, 2018 | |||||||||||||||||||||||
Commercial | Agricultural | Residential Real Estate | Consumer | Unallocated | Total | ||||||||||||||||||
ALLL | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 443 | $ | 132 | $ | 1,363 | $ | — | $ | — | $ | 1,938 | |||||||||||
Collectively evaluated for impairment | 2,120 | 643 | 629 | 857 | 2,188 | 6,437 | |||||||||||||||||
Total | $ | 2,563 | $ | 775 | $ | 1,992 | $ | 857 | $ | 2,188 | $ | 8,375 | |||||||||||
Loans | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 9,899 | $ | 14,298 | $ | 6,893 | $ | 9 | $ | 31,099 | |||||||||||||
Collectively evaluated for impairment | 649,630 | 112,863 | 268,450 | 66,665 | 1,097,608 | ||||||||||||||||||
Total | $ | 659,529 | $ | 127,161 | $ | 275,343 | $ | 66,674 | $ | 1,128,707 |
Allowance for Loan Losses and Recorded Investment in Loans | |||||||||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||
Commercial | Agricultural | Residential Real Estate | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||
ALLL | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 15 | $ | 26 | $ | 1,073 | $ | 0 | $ | 0 | $ | 1,114 | |||||||||||||||||||||||
Collectively evaluated for impairment | 1,899 | 608 | 974 | 922 | 2,422 | 6,825 | |||||||||||||||||||||||||||||
Total | $ | 1,914 | $ | 634 | $ | 2,047 | $ | 922 | $ | 2,422 | $ | 7,939 | |||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 7,865 | $ | 14,840 | $ | 5,486 | $ | 0 | $ | 28,191 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 693,076 | 102,080 | 293,083 | 70,140 | 1,158,379 | ||||||||||||||||||||||||||||||
Total | $ | 700,941 | $ | 116,920 | $ | 298,569 | $ | 70,140 | $ | 1,186,570 |
September 30, 2019 | |||||||||||||||||||||||||||||||
Commercial | Agricultural | ||||||||||||||||||||||||||||||
Real Estate | Other | Advances to Mortgage Brokers | Total | Real Estate | Other | Total | Total | ||||||||||||||||||||||||
Rating | |||||||||||||||||||||||||||||||
1 - Excellent | $ | — | $ | 10 | $ | — | $ | 10 | $ | — | $ | — | $ | — | $ | 10 | |||||||||||||||
2 - High quality | 3,342 | 11,829 | — | 15,171 | 2,020 | 405 | 2,425 | 17,596 | |||||||||||||||||||||||
3 - High satisfactory | 122,861 | 47,475 | 46,702 | 217,038 | 17,199 | 5,127 | 22,326 | 239,364 | |||||||||||||||||||||||
4 - Low satisfactory | 358,474 | 89,422 | — | 447,896 | 45,622 | 20,746 | 66,368 | 514,264 | |||||||||||||||||||||||
5 - Special mention | 16,623 | 6,127 | — | 22,750 | 8,313 | 4,317 | 12,630 | 35,380 | |||||||||||||||||||||||
6 - Substandard | 3,761 | 477 | — | 4,238 | 6,342 | 3,849 | 10,191 | 14,429 | |||||||||||||||||||||||
7 - Vulnerable | 390 | 1,242 | — | 1,632 | 2,744 | 1,776 | 4,520 | 6,152 | |||||||||||||||||||||||
8 - Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
9 - Loss | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total | $ | 505,451 | $ | 156,582 | $ | 46,702 | $ | 708,735 | $ | 82,240 | $ | 36,220 | $ | 118,460 | $ | 827,195 |
December 31, 2018 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Agricultural | Commercial | Agricultural | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Other | Advances to Mortgage Brokers | Total | Real Estate | Other | Total | Total | Real Estate | Other | Advances to Mortgage Brokers | Total | Real Estate | Other | Total | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rating | Rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 - Excellent | $ | 21 | $ | 31 | $ | — | $ | 52 | $ | 51 | $ | 28 | $ | 79 | $ | 131 | 1 - Excellent | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||||||||||||||||||
2 - High quality | 4,564 | 13,473 | — | 18,037 | 2,729 | 613 | 3,342 | 21,379 | 2 - High quality | 2,909 | 16,847 | 0 | 19,756 | 608 | 13 | 621 | 20,377 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 - High satisfactory | 127,573 | 43,199 | 11,793 | 182,565 | 18,325 | 7,039 | 25,364 | 207,929 | 3 - High satisfactory | 89,929 | 62,014 | 75,016 | 226,959 | 16,382 | 4,880 | 21,262 | 248,221 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 - Low satisfactory | 344,920 | 84,634 | — | 429,554 | 46,636 | 19,344 | 65,980 | 495,534 | 4 - Low satisfactory | 381,347 | 152,647 | 0 | 533,994 | 32,794 | 18,146 | 50,940 | 584,934 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 - Special mention | 12,847 | 5,287 | — | 18,134 | 10,520 | 5,624 | 16,144 | 34,278 | 5 - Special mention | 18,127 | 6,717 | 0 | 24,844 | 13,140 | 3,547 | 16,687 | 41,531 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 - Substandard | 7,428 | 2,002 | — | 9,430 | 6,343 | 4,960 | 11,303 | 20,733 | 6 - Substandard | 7,047 | 7,138 | 0 | 14,185 | 5,914 | 3,301 | 9,215 | 23,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 - Vulnerable | 334 | 1,423 | — | 1,757 | 2,716 | 2,233 | 4,949 | 6,706 | 7 - Vulnerable | 27 | 1,337 | 0 | 1,364 | 2,911 | 437 | 3,348 | 4,712 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8 - Doubtful | — | — | — | — | — | — | — | — | 8 - Doubtful | 0 | 0 | 0 | 0 | 190 | 0 | 190 | 190 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9 - Loss | — | — | — | — | — | — | — | — | 9 - Loss | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 497,687 | $ | 150,049 | $ | 11,793 | $ | 659,529 | $ | 87,320 | $ | 39,841 | $ | 127,161 | $ | 786,690 | Total | $ | 499,386 | $ | 246,700 | $ | 75,016 | $ | 821,102 | $ | 71,939 | $ | 30,324 | $ | 102,263 | $ | 923,365 |
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Agricultural | ||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Other | Advances to Mortgage Brokers | Total | Real Estate | Other | Total | Total | ||||||||||||||||||||||||||||||||||||||||
Rating | |||||||||||||||||||||||||||||||||||||||||||||||
1 - Excellent | $ | 0 | $ | 390 | $ | 0 | $ | 390 | $ | 0 | $ | 0 | $ | 0 | $ | 390 | |||||||||||||||||||||||||||||||
2 - High quality | 2,582 | 8,844 | 0 | 11,426 | 1,452 | 99 | 1,551 | 12,977 | |||||||||||||||||||||||||||||||||||||||
3 - High satisfactory | 109,737 | 42,858 | 35,523 | 188,118 | 16,765 | 6,769 | 23,534 | 211,652 | |||||||||||||||||||||||||||||||||||||||
4 - Low satisfactory | 377,198 | 94,847 | 0 | 472,045 | 42,798 | 20,861 | 63,659 | 535,704 | |||||||||||||||||||||||||||||||||||||||
5 - Special mention | 15,372 | 3,470 | 0 | 18,842 | 7,165 | 3,754 | 10,919 | 29,761 | |||||||||||||||||||||||||||||||||||||||
6 - Substandard | 4,874 | 3,625 | 0 | 8,499 | 9,136 | 3,836 | 12,972 | 21,471 | |||||||||||||||||||||||||||||||||||||||
7 - Vulnerable | 390 | 1,231 | 0 | 1,621 | 2,711 | 1,574 | 4,285 | 5,906 | |||||||||||||||||||||||||||||||||||||||
8 - Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
9 - Loss | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 510,153 | $ | 155,265 | $ | 35,523 | $ | 700,941 | $ | 80,027 | $ | 36,893 | $ | 116,920 | $ | 817,861 |
September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Accruing Interest and Past Due: | Total Past Due and Nonaccrual | ||||||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days or More | Nonaccrual | Current | Total | ||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 151 | $ | 0 | $ | 0 | $ | 27 | $ | 178 | $ | 499,208 | $ | 499,386 | |||||||||||||||||||||||||||
Commercial other | 567 | 0 | 0 | 1,337 | 1,904 | 244,796 | 246,700 | ||||||||||||||||||||||||||||||||||
Advances to mortgage brokers | 0 | 0 | 0 | 0 | 0 | 75,016 | 75,016 | ||||||||||||||||||||||||||||||||||
Total commercial | 718 | 0 | 0 | 1,364 | 2,082 | 819,020 | 821,102 | ||||||||||||||||||||||||||||||||||
Agricultural | |||||||||||||||||||||||||||||||||||||||||
Agricultural real estate | 270 | 95 | 0 | 3,101 | 3,466 | 68,473 | 71,939 | ||||||||||||||||||||||||||||||||||
Agricultural other | 0 | 0 | 0 | 437 | 437 | 29,887 | 30,324 | ||||||||||||||||||||||||||||||||||
Total agricultural | 270 | 95 | 0 | 3,538 | 3,903 | 98,360 | 102,263 | ||||||||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||||||||
Senior liens | 891 | 208 | 0 | 44 | 1,143 | 267,160 | 268,303 | ||||||||||||||||||||||||||||||||||
Junior liens | 17 | 0 | 0 | 0 | 17 | 4,249 | 4,266 | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 0 | 0 | 0 | 0 | 0 | 31,990 | 31,990 | ||||||||||||||||||||||||||||||||||
Total residential real estate | 908 | 208 | 0 | 44 | 1,160 | 303,399 | 304,559 | ||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Secured | 68 | 0 | 0 | 0 | 68 | 71,762 | 71,830 | ||||||||||||||||||||||||||||||||||
Unsecured | 4 | 0 | 0 | 0 | 4 | 3,550 | 3,554 | ||||||||||||||||||||||||||||||||||
Total consumer | 72 | 0 | 0 | 0 | 72 | 75,312 | 75,384 | ||||||||||||||||||||||||||||||||||
Total | $ | 1,968 | $ | 303 | $ | 0 | $ | 4,946 | $ | 7,217 | $ | 1,296,091 | $ | 1,303,308 |
September 30, 2019 | |||||||||||||||||||||||||||
Accruing Interest and Past Due: | Total Past Due and Nonaccrual | ||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days or More | Nonaccrual | Current | Total | ||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||
Commercial real estate | $ | 791 | $ | 282 | $ | — | $ | 390 | $ | 1,463 | $ | 503,988 | $ | 505,451 | |||||||||||||
Commercial other | 451 | 19 | — | 1,242 | 1,712 | 154,870 | 156,582 | ||||||||||||||||||||
Advances to mortgage brokers | — | — | — | — | — | 46,702 | 46,702 | ||||||||||||||||||||
Total commercial | 1,242 | 301 | — | 1,632 | 3,175 | 705,560 | 708,735 | ||||||||||||||||||||
Agricultural | |||||||||||||||||||||||||||
Agricultural real estate | 280 | — | — | 2,744 | 3,024 | 79,216 | 82,240 | ||||||||||||||||||||
Agricultural other | — | — | — | 1,776 | 1,776 | 34,444 | 36,220 | ||||||||||||||||||||
Total agricultural | 280 | — | — | 4,520 | 4,800 | 113,660 | 118,460 | ||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||
Senior liens | 301 | 593 | 40 | 736 | 1,670 | 248,995 | 250,665 | ||||||||||||||||||||
Junior liens | — | 6 | — | — | 6 | 6,106 | 6,112 | ||||||||||||||||||||
Home equity lines of credit | 249 | — | — | 74 | 323 | 35,211 | 35,534 | ||||||||||||||||||||
Total residential real estate | 550 | 599 | 40 | 810 | 1,999 | 290,312 | 292,311 | ||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||
Secured | 136 | 17 | — | — | 153 | 68,258 | 68,411 | ||||||||||||||||||||
Unsecured | 4 | 5 | — | — | 9 | 3,878 | 3,887 | ||||||||||||||||||||
Total consumer | 140 | 22 | — | — | 162 | 72,136 | 72,298 | ||||||||||||||||||||
Total | $ | 2,212 | $ | 922 | $ | 40 | $ | 6,962 | $ | 10,136 | $ | 1,181,668 | $ | 1,191,804 |
December 31, 2018 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accruing Interest and Past Due: | Total Past Due and Nonaccrual | �� | Accruing Interest and Past Due: | Total Past Due and Nonaccrual | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days or More | Nonaccrual | Current | Total | 30-59 Days | 60-89 Days | 90 Days or More | Nonaccrual | Current | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 60 | $ | — | $ | — | $ | 334 | $ | 394 | $ | 497,293 | $ | 497,687 | Commercial real estate | $ | 139 | $ | 30 | $ | 0 | $ | 390 | $ | 559 | $ | 509,594 | $ | 510,153 | |||||||||||||||||||||||||||||||||||||||
Commercial other | 277 | 628 | — | 1,423 | 2,328 | 147,721 | 150,049 | Commercial other | 531 | 156 | 0 | 1,231 | 1,918 | 153,347 | 155,265 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances to mortgage brokers | — | — | — | — | — | 11,793 | 11,793 | Advances to mortgage brokers | 0 | 0 | 0 | 0 | 0 | 35,523 | 35,523 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | 337 | 628 | — | 1,757 | 2,722 | 656,807 | 659,529 | Total commercial | 670 | 186 | 0 | 1,621 | 2,477 | 698,464 | 700,941 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural | Agricultural | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural real estate | 428 | — | — | 2,716 | 3,144 | 84,176 | 87,320 | Agricultural real estate | 0 | 0 | 0 | 2,711 | 2,711 | 77,316 | 80,027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural other | — | — | — | 2,233 | 2,233 | 37,608 | 39,841 | Agricultural other | 0 | 0 | 0 | 1,574 | 1,574 | 35,319 | 36,893 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total agricultural | 428 | — | — | 4,949 | 5,377 | 121,784 | 127,161 | Total agricultural | 0 | 0 | 0 | 4,285 | 4,285 | 112,635 | 116,920 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior liens | 2,254 | 203 | 113 | 554 | 3,124 | 233,438 | 236,562 | Senior liens | 3,463 | 258 | 0 | 557 | 4,278 | 253,894 | 258,172 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior liens | 2 | 6 | — | — | 8 | 6,001 | 6,009 | Junior liens | 65 | 0 | 0 | 0 | 65 | 5,766 | 5,831 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 76 | — | — | — | 76 | 32,696 | 32,772 | Home equity lines of credit | 157 | 0 | 0 | 72 | 229 | 34,337 | 34,566 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential real estate | 2,332 | 209 | 113 | 554 | 3,208 | 272,135 | 275,343 | Total residential real estate | 3,685 | 258 | 0 | 629 | 4,572 | 293,997 | 298,569 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured | 95 | — | — | — | 95 | 62,721 | 62,816 | Secured | 68 | 0 | 0 | 0 | 68 | 66,547 | 66,615 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured | 10 | — | — | — | 10 | 3,848 | 3,858 | Unsecured | 3 | 0 | 0 | 0 | 3 | 3,522 | 3,525 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 105 | — | — | — | 105 | 66,569 | 66,674 | Total consumer | 71 | 0 | 0 | 0 | 71 | 70,069 | 70,140 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,202 | $ | 837 | $ | 113 | $ | 7,260 | $ | 11,412 | $ | 1,117,295 | $ | 1,128,707 | Total | $ | 4,426 | $ | 444 | $ | 0 | $ | 6,535 | $ | 11,405 | $ | 1,175,165 | $ | 1,186,570 |
1.There has been a charge-off of its principal balance (in whole or in part); 2.The loan has been classified as a TDR; or 3.The loan is in nonaccrual status. |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
Recorded Balance | Unpaid Principal Balance | Valuation Allowance | Recorded Balance | Unpaid Principal Balance | Valuation Allowance | ||||||||||||||||||||||||||||||
Impaired loans with a valuation allowance | |||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 2,082 | $ | 2,325 | $ | 57 | $ | 517 | $ | 635 | $ | 15 | |||||||||||||||||||||||
Commercial other | 883 | 883 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Agricultural real estate | 2,195 | 2,244 | 65 | 1,509 | 1,509 | 12 | |||||||||||||||||||||||||||||
Agricultural other | 1,355 | 1,355 | 2 | 1,355 | 1,355 | 14 | |||||||||||||||||||||||||||||
Residential real estate senior liens | 4,385 | 4,726 | 743 | 5,401 | 5,830 | 1,073 | |||||||||||||||||||||||||||||
Total impaired loans with a valuation allowance | 10,900 | 11,533 | 869 | 8,782 | 9,329 | 1,114 | |||||||||||||||||||||||||||||
Impaired loans without a valuation allowance | |||||||||||||||||||||||||||||||||||
Commercial real estate | 2,640 | 2,714 | 4,961 | 5,224 | |||||||||||||||||||||||||||||||
Commercial other | 5,746 | 5,746 | 2,387 | 2,387 | |||||||||||||||||||||||||||||||
Agricultural real estate | 7,406 | 7,406 | 8,372 | 8,422 | |||||||||||||||||||||||||||||||
Agricultural other | 1,947 | 1,947 | 3,604 | 3,604 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 0 | 0 | 85 | 385 | |||||||||||||||||||||||||||||||
Total impaired loans without a valuation allowance | 17,739 | 17,813 | 19,409 | 20,022 | |||||||||||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||||||||||||
Commercial | 11,351 | 11,668 | 59 | 7,865 | 8,246 | 15 | |||||||||||||||||||||||||||||
Agricultural | 12,903 | 12,952 | 67 | 14,840 | 14,890 | 26 | |||||||||||||||||||||||||||||
Residential real estate | 4,385 | 4,726 | 743 | 5,486 | 6,215 | 1,073 | |||||||||||||||||||||||||||||
Total impaired loans | $ | 28,639 | $ | 29,346 | $ | 869 | $ | 28,191 | $ | 29,351 | $ | 1,114 |
September 30, 2019 | December 31, 2018 | ||||||||||||||||||||||
Recorded Balance | Unpaid Principal Balance | Valuation Allowance | Recorded Balance | Unpaid Principal Balance | Valuation Allowance | ||||||||||||||||||
Impaired loans with a valuation allowance | |||||||||||||||||||||||
Commercial real estate | $ | 947 | $ | 1,190 | $ | 29 | $ | 3,969 | $ | 4,211 | $ | 437 | |||||||||||
Commercial other | 11 | 11 | 5 | 12 | 12 | 6 | |||||||||||||||||
Agricultural real estate | 1,512 | 1,512 | 101 | 392 | 392 | 112 | |||||||||||||||||
Agricultural other | 1,347 | 1,347 | 31 | 44 | 44 | 20 | |||||||||||||||||
Residential real estate senior liens | 5,845 | 6,315 | 1,165 | 6,834 | 7,289 | 1,361 | |||||||||||||||||
Residential real estate junior liens | 12 | 12 | 2 | 12 | 12 | 2 | |||||||||||||||||
Total impaired loans with a valuation allowance | 9,674 | 10,387 | 1,333 | 11,263 | 11,960 | 1,938 | |||||||||||||||||
Impaired loans without a valuation allowance | |||||||||||||||||||||||
Commercial real estate | 5,139 | 5,278 | 2,794 | 2,947 | |||||||||||||||||||
Commercial other | 2,529 | 2,529 | 3,124 | 3,231 | |||||||||||||||||||
Agricultural real estate | 7,005 | 7,005 | 7,618 | 7,618 | |||||||||||||||||||
Agricultural other | 3,902 | 3,902 | 6,244 | 6,287 | |||||||||||||||||||
Home equity lines of credit | 96 | 396 | 47 | 347 | |||||||||||||||||||
Consumer secured | — | — | 9 | 9 | |||||||||||||||||||
Total impaired loans without a valuation allowance | 18,671 | 19,110 | 19,836 | 20,439 | |||||||||||||||||||
Impaired loans | |||||||||||||||||||||||
Commercial | 8,626 | 9,008 | 34 | 9,899 | 10,401 | 443 | |||||||||||||||||
Agricultural | 13,766 | 13,766 | 132 | 14,298 | 14,341 | 132 | |||||||||||||||||
Residential real estate | 5,953 | 6,723 | 1,167 | 6,893 | 7,648 | 1,363 | |||||||||||||||||
Consumer | — | — | — | 9 | 9 | — | |||||||||||||||||
Total impaired loans | $ | 28,345 | $ | 29,497 | $ | 1,333 | $ | 31,099 | $ | 32,399 | $ | 1,938 |
Three Months Ended September 30 | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Average Recorded Balance | Interest Income Recognized | Average Recorded Balance | Interest Income Recognized | ||||||||||||||||||||
Impaired loans with a valuation allowance | |||||||||||||||||||||||
Commercial real estate | $ | 1,564 | $ | 37 | $ | 1,546 | $ | 2 | |||||||||||||||
Commercial other | 442 | 13 | 11 | 0 | |||||||||||||||||||
Agricultural real estate | 2,198 | 27 | 1,513 | 10 | |||||||||||||||||||
Agricultural other | 1,355 | 18 | 1,292 | 11 | |||||||||||||||||||
Residential real estate senior liens | 4,600 | 48 | 6,096 | 14 | |||||||||||||||||||
Residential real estate junior liens | 0 | 0 | 12 | 0 | |||||||||||||||||||
Total impaired loans with a valuation allowance | 10,159 | 143 | 10,470 | 37 | |||||||||||||||||||
Impaired loans without a valuation allowance | |||||||||||||||||||||||
Commercial real estate | 3,285 | 43 | 4,664 | 12 | |||||||||||||||||||
Commercial other | 4,503 | 59 | 2,607 | 7 | |||||||||||||||||||
Agricultural real estate | 7,548 | 68 | 6,995 | 45 | |||||||||||||||||||
Agricultural other | 1,947 | 21 | 3,820 | 45 | |||||||||||||||||||
Home equity lines of credit | 56 | 0 | 63 | 0 | |||||||||||||||||||
Consumer secured | 0 | 0 | 4 | 0 | |||||||||||||||||||
Total impaired loans without a valuation allowance | 17,339 | 191 | 18,153 | 109 | |||||||||||||||||||
Impaired loans | |||||||||||||||||||||||
Commercial | 9,794 | 152 | 8,828 | 21 | |||||||||||||||||||
Agricultural | 13,048 | 134 | 13,620 | 111 | |||||||||||||||||||
Residential real estate | 4,656 | 48 | 6,171 | 14 | |||||||||||||||||||
Consumer | 0 | 0 | 4 | 0 | |||||||||||||||||||
Total impaired loans | $ | 27,498 | $ | 334 | $ | 28,623 | $ | 146 |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||
Average Recorded Balance | Interest Income Recognized | Average Recorded Balance | Interest Income Recognized | Average Recorded Balance | Interest Income Recognized | Average Recorded Balance | Interest Income Recognized | |||||||||||||||||||||||||||||||
Impaired loans with a valuation allowance | Impaired loans with a valuation allowance | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 1,546 | $ | 2 | $ | 4,195 | $ | 14 | Commercial real estate | $ | 1,157 | $ | 83 | $ | 2,484 | $ | 58 | |||||||||||||||||||||
Commercial other | 11 | — | 778 | 16 | Commercial other | 454 | 19 | 11 | 0 | |||||||||||||||||||||||||||||
Agricultural real estate | 1,513 | 10 | 673 | 40 | Agricultural real estate | 2,100 | 77 | 951 | 73 | |||||||||||||||||||||||||||||
Agricultural other | 1,292 | 11 | 324 | 45 | Agricultural other | 1,355 | 60 | 659 | 20 | |||||||||||||||||||||||||||||
Residential real estate senior liens | 6,096 | 14 | 7,512 | 17 | Residential real estate senior liens | 4,998 | 152 | 6,406 | 101 | |||||||||||||||||||||||||||||
Residential real estate junior liens | 12 | — | 18 | — | Residential real estate junior liens | 0 | 0 | 12 | 0 | |||||||||||||||||||||||||||||
Total impaired loans with a valuation allowance | 10,470 | 37 | 13,500 | 132 | Total impaired loans with a valuation allowance | 10,064 | 391 | 10,523 | 252 | |||||||||||||||||||||||||||||
Impaired loans without a valuation allowance | Impaired loans without a valuation allowance | |||||||||||||||||||||||||||||||||||||
Commercial real estate | 4,664 | 12 | 3,076 | 8 | Commercial real estate | 3,964 | 162 | 3,979 | 86 | |||||||||||||||||||||||||||||
Commercial other | 2,607 | 7 | 1,396 | 2 | Commercial other | 3,240 | 106 | 2,776 | 41 | |||||||||||||||||||||||||||||
Agricultural real estate | 6,995 | 45 | 7,193 | 137 | Agricultural real estate | 7,590 | 214 | 7,308 | 110 | |||||||||||||||||||||||||||||
Agricultural other | 3,820 | 45 | 5,786 | 68 | Agricultural other | 2,529 | 84 | 4,913 | 201 | |||||||||||||||||||||||||||||
Home equity lines of credit | 63 | — | 59 | — | Home equity lines of credit | 81 | 5 | 47 | 6 | |||||||||||||||||||||||||||||
Consumer secured | 4 | — | 11 | — | Consumer secured | 1 | 0 | 7 | 0 | |||||||||||||||||||||||||||||
Total impaired loans without a valuation allowance | 18,153 | 109 | 17,521 | 215 | Total impaired loans without a valuation allowance | 17,405 | 571 | 19,030 | 444 | |||||||||||||||||||||||||||||
Impaired loans | Impaired loans | |||||||||||||||||||||||||||||||||||||
Commercial | 8,828 | 21 | 9,445 | 40 | Commercial | 8,815 | 370 | 9,250 | 185 | |||||||||||||||||||||||||||||
Agricultural | 13,620 | 111 | 13,976 | 290 | Agricultural | 13,574 | 435 | 13,831 | 404 | |||||||||||||||||||||||||||||
Residential real estate | 6,171 | 14 | 7,589 | 17 | Residential real estate | 5,079 | 157 | 6,465 | 107 | |||||||||||||||||||||||||||||
Consumer | 4 | — | 11 | — | Consumer | 1 | 0 | 7 | 0 | |||||||||||||||||||||||||||||
Total impaired loans | $ | 28,623 | $ | 146 | $ | 31,021 | $ | 347 | Total impaired loans | $ | 27,469 | $ | 962 | $ | 29,553 | $ | 696 |
Nine Months Ended September 30 | |||||||||||||||
2019 | 2018 | ||||||||||||||
Average Recorded Balance | Interest Income Recognized | Average Recorded Balance | Interest Income Recognized | ||||||||||||
Impaired loans with a valuation allowance | |||||||||||||||
Commercial real estate | $ | 2,484 | $ | 58 | $ | 4,739 | $ | 118 | |||||||
Commercial other | 11 | — | 1,263 | 55 | |||||||||||
Agricultural real estate | 951 | 73 | 584 | 46 | |||||||||||
Agricultural other | 659 | 20 | 108 | 45 | |||||||||||
Residential real estate senior liens | 6,406 | 101 | 7,694 | 107 | |||||||||||
Residential real estate junior liens | 12 | — | 29 | — | |||||||||||
Total impaired loans with a valuation allowance | 10,523 | 252 | 14,417 | 371 | |||||||||||
Impaired loans without a valuation allowance | |||||||||||||||
Commercial real estate | 3,979 | 86 | 2,763 | 55 | |||||||||||
Commercial other | 2,776 | 41 | 1,297 | 21 | |||||||||||
Agricultural real estate | 7,308 | 110 | 7,600 | 414 | |||||||||||
Agricultural other | 4,913 | 201 | 4,105 | 219 | |||||||||||
Home equity lines of credit | 47 | 6 | 68 | 5 | |||||||||||
Consumer secured | 7 | — | 13 | — | |||||||||||
Total impaired loans without a valuation allowance | 19,030 | 444 | 15,846 | 714 | |||||||||||
Impaired loans | |||||||||||||||
Commercial | 9,250 | 185 | 10,062 | 249 | |||||||||||
Agricultural | 13,831 | 404 | 12,397 | 724 | |||||||||||
Residential real estate | 6,465 | 107 | 7,791 | 112 | |||||||||||
Consumer | 7 | — | 13 | — | |||||||||||
Total impaired loans | $ | 29,553 | $ | 696 | $ | 30,263 | $ | 1,085 |
Three Months Ended September 30 | |||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||
Number of Loans | Pre-Modification Recorded Investment | Post-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | Post-Modification Recorded Investment | ||||||||||||||||
Agricultural other | 1 | $ | 25 | $ | 25 | 7 | $ | 1,327 | $ | 1,327 | |||||||||||
Residential real estate | — | — | — | 1 | 99 | 99 | |||||||||||||||
Total | 1 | $ | 25 | $ | 25 | 8 | $ | 1,426 | $ | 1,426 |
Nine Months Ended September 30 | Three Months Ended September 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification Recorded Investment | Post-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | Post-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | Post-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | Post-Modification Recorded Investment | |||||||||||||||||||||||||||||||||||||||||||||
Commercial other | 2 | $ | 184 | $ | 184 | 4 | $ | 1,360 | $ | 1,360 | Commercial other | 4 | $ | 3,740 | $ | 3,740 | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||||||||
Agricultural other | 4 | 1,859 | 1,859 | 22 | 5,718 | 5,694 | Agricultural other | 0 | 0 | 0 | 1 | 25 | 25 | |||||||||||||||||||||||||||||||||||||||||||
Residential real estate | — | — | — | 8 | 593 | 593 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 6 | $ | 2,043 | $ | 2,043 | 34 | $ | 7,671 | $ | 7,647 | Total | 4 | $ | 3,740 | $ | 3,740 | 1 | $ | 25 | $ | 25 |
Nine Months Ended September 30 | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification Recorded Investment | Post-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | Post-Modification Recorded Investment | ||||||||||||||||||||||||||||||
Commercial other | 6 | $ | 4,702 | $ | 4,702 | 2 | $ | 184 | $ | 184 | |||||||||||||||||||||||||
Agricultural other | 4 | 2,361 | 2,361 | 4 | 1,859 | 1,859 | |||||||||||||||||||||||||||||
Residential real estate | 2 | 94 | 94 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Total | 12 | $ | 7,157 | $ | 7,157 | 6 | $ | 2,043 | $ | 2,043 |
Three Months Ended September 30 | |||||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||||
Below Market Interest Rate | Below Market Interest Rate and Extension of Amortization Period | Below Market Interest Rate | Below Market Interest Rate and Extension of Amortization Period | ||||||||||||||||||||||||
Number of Loans | Pre-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | ||||||||||||||||||||
Agricultural other | 1 | $ | 25 | — | $ | — | 5 | $ | 476 | 2 | $ | 851 | |||||||||||||||
Residential real estate | — | — | — | — | 1 | 99 | — | — | |||||||||||||||||||
Total | 1 | $ | 25 | — | $ | — | 6 | $ | 575 | 2 | $ | 851 |
Nine Months Ended September 30 | Three Months Ended September 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Below Market Interest Rate | Below Market Interest Rate and Extension of Amortization Period | Below Market Interest Rate | Below Market Interest Rate and Extension of Amortization Period | Below Market Interest Rate | Below Market Interest Rate and Extension of Amortization Period | Below Market Interest Rate | Below Market Interest Rate and Extension of Amortization Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial other | — | $ | — | 2 | $ | 184 | 1 | $ | 174 | 3 | $ | 1,186 | Commercial other | 1 | $ | 68 | 3 | $ | 3,672 | 0 | $ | 0 | 0 | $ | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural other | 1 | 25 | 3 | 1,834 | 12 | 2,345 | 10 | 3,373 | Agricultural other | 0 | 0 | 0 | 0 | 1 | 25 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | — | — | — | — | 2 | 155 | 6 | 438 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 1 | $ | 25 | 5 | $ | 2,018 | 15 | $ | 2,674 | 19 | $ | 4,997 | Total | 1 | $ | 68 | 3 | $ | 3,672 | 1 | $ | 25 | 0 | $ | 0 |
Nine Months Ended September 30 | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Below Market Interest Rate | Below Market Interest Rate and Extension of Amortization Period | Below Market Interest Rate | Below Market Interest Rate and Extension of Amortization Period | ||||||||||||||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | ||||||||||||||||||||||||||||||||||||||||
Commercial other | 2 | $ | 987 | 4 | $ | 3,715 | 0 | $ | 0 | 2 | $ | 184 | |||||||||||||||||||||||||||||||||||
Agricultural other | 0 | 0 | 4 | 2,361 | 1 | 25 | 3 | 1,834 | |||||||||||||||||||||||||||||||||||||||
Residential real estate | 0 | 0 | 2 | 94 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Total | 2 | $ | 987 | 10 | $ | 6,170 | 1 | $ | 25 | 5 | $ | 2,018 |
September 30 2020 | December 31 2019 | ||||||||||
TDRs | $ | 25,954 | $ | 24,737 |
September 30 2019 | December 31 2018 | ||||||
TDRs | $ | 24,699 | $ | 26,951 |
September 30 2019 | December 31 2018 | ||||||
FHLB Stock | $ | 15,050 | $ | 15,050 | |||
Corporate Settlement Solutions, LLC | 7,747 | 7,565 | |||||
FRB Stock | 1,999 | 1,999 | |||||
Other | 334 | 334 | |||||
Total | $ | 25,130 | $ | 24,948 |
September 30, 2019 | December 31, 2018 | September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||
Amount | Rate | Amount | Rate | Amount | Rate | Amount | Rate | |||||||||||||||||||||||||||||
FHLB advances | $ | 245,000 | 2.34 | % | $ | 300,000 | 2.20 | % | FHLB advances | $ | 205,000 | 2.24 | % | $ | 245,000 | 2.32 | % | |||||||||||||||||||
Securities sold under agreements to repurchase without stated maturity dates | 32,386 | 0.11 | % | 40,299 | 0.11 | % | Securities sold under agreements to repurchase without stated maturity dates | 33,349 | 0.09 | % | 30,999 | 0.09 | % | |||||||||||||||||||||||
Total | $ | 277,386 | 2.08 | % | $ | 340,299 | 1.95 | % | Total | $ | 238,349 | 1.94 | % | $ | 275,999 | 2.07 | % |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||
September 30, 2019 | December 31, 2018 | Amount | Rate | Amount | Rate | |||||||||||||||||||||||||||||||
Amount | Rate | Amount | Rate | |||||||||||||||||||||||||||||||||
Fixed rate due 2019 | $ | — | — | % | $ | 100,000 | 1.94 | % | ||||||||||||||||||||||||||||
Fixed rate due 2020 | 55,000 | 2.18 | % | 55,000 | 2.18 | % | Fixed rate due 2020 | $ | 15,000 | 1.75 | % | $ | 55,000 | 2.18 | % | |||||||||||||||||||||
Fixed rate due 2021 | 50,000 | 1.91 | % | 50,000 | 1.91 | % | Fixed rate due 2021 | 50,000 | 1.91 | % | 50,000 | 1.91 | % | |||||||||||||||||||||||
Variable rate due 2021 (1) | 10,000 | 2.47 | % | 10,000 | 2.93 | % | Variable rate due 2021 (1) | 10,000 | 0.58 | % | 10,000 | 2.20 | % | |||||||||||||||||||||||
Fixed rate due 2022 | 20,000 | 1.97 | % | 20,000 | 1.97 | % | Fixed rate due 2022 | 20,000 | 1.97 | % | 20,000 | 1.97 | % | |||||||||||||||||||||||
Fixed rate due 2023 | 45,000 | 2.97 | % | 35,000 | 3.17 | % | Fixed rate due 2023 | 45,000 | 2.97 | % | 45,000 | 2.97 | % | |||||||||||||||||||||||
Fixed rate due 2024 | 55,000 | 2.68 | % | 20,000 | 2.96 | % | Fixed rate due 2024 | 55,000 | 2.68 | % | 55,000 | 2.68 | % | |||||||||||||||||||||||
Fixed rate due 2026 | 10,000 | 1.17 | % | 10,000 | 1.17 | % | Fixed rate due 2026 | 10,000 | 1.17 | % | 10,000 | 1.17 | % | |||||||||||||||||||||||
Total | $ | 245,000 | 2.34 | % | $ | 300,000 | 2.20 | % | Total | $ | 205,000 | 2.24 | % | $ | 245,000 | 2.32 | % |
(1)Hedged advance (see “Derivative Instruments” section below) |
Three Months Ended September 30 | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Maximum Month End Balance | Average Balance | Weighted Average Interest Rate During the Period | Maximum Month End Balance | Average Balance | Weighted Average Interest Rate During the Period | ||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase without stated maturity dates | $ | 33,349 | $ | 30,578 | 0.10 | % | $ | 32,386 | $ | 32,520 | 0.09 | % | |||||||||||||||||||||||
Federal funds purchased | $ | 0 | $ | 5 | 0.49 | % | $ | 0 | $ | 317 | 2.61 | % |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Month End Balance | Average Balance | Weighted Average Interest Rate During the Period | Maximum Month End Balance | Average Balance | Weighted Average Interest Rate During the Period | Maximum Month End Balance | Average Balance | Weighted Average Interest Rate During the Period | Maximum Month End Balance | Average Balance | Weighted Average Interest Rate During the Period | |||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase without stated maturity dates | $ | 32,386 | $ | 32,520 | 0.09 | % | $ | 40,346 | $ | 34,886 | 0.09 | % | Securities sold under agreements to repurchase without stated maturity dates | $ | 33,349 | $ | 30,845 | 0.10 | % | $ | 37,441 | $ | 31,350 | 0.10 | % | |||||||||||||||||||||||||||||||
Federal funds purchased | — | 317 | 2.61 | % | — | 1,375 | 1.90 | % | Federal funds purchased | $ | 0 | $ | 2 | 0.49 | % | $ | 7,070 | $ | 919 | 2.64 | % |
Nine Months Ended September 30 | |||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||
Maximum Month End Balance | Average Balance | Weighted Average Interest Rate During the Period | Maximum Month End Balance | Average Balance | Weighted Average Interest Rate During the Period | ||||||||||||||||
Securities sold under agreements to repurchase without stated maturity dates | $ | 37,441 | $ | 31,350 | 0.10 | % | $ | 40,346 | $ | 34,608 | 0.14 | % | |||||||||
Federal funds purchased | 7,070 | 919 | 2.64 | % | 16,200 | 5,000 | 2.52 | % |
September 30 2019 | December 31 2018 | September 30 2020 | December 31 2019 | |||||||||||||||
Pledged to secure borrowed funds | $ | 370,053 | $ | 431,430 | Pledged to secure borrowed funds | $ | 340,685 | $ | 368,310 | |||||||||
Pledged to secure repurchase agreements | 32,405 | 40,316 | Pledged to secure repurchase agreements | 33,375 | 31,020 | |||||||||||||
Pledged for public deposits and for other purposes necessary or required by law | 62,899 | 58,107 | Pledged for public deposits and for other purposes necessary or required by law | 40,493 | 59,537 | |||||||||||||
Total | $ | 465,357 | $ | 529,853 | Total | $ | 414,553 | $ | 458,867 |
September 30 2019 | December 31 2018 | September 30 2020 | December 31 2019 | |||||||||||||||
States and political subdivisions | $ | 32,405 | $ | 23,268 | States and political subdivisions | $ | 17,026 | $ | 31,020 | |||||||||
Mortgage-backed securities | — | 10,736 | Mortgage-backed securities | 9,081 | 0 | |||||||||||||
Collateralized mortgage obligations | — | 6,312 | Collateralized mortgage obligations | 7,268 | 0 | |||||||||||||
Total | $ | 32,405 | $ | 40,316 | Total | $ | 33,375 | $ | 31,020 |
September 30, 2019 | ||||||||||||||||
Pay Rate | Receive Rate | Remaining Life (Years) | Notional Amount | Balance Sheet Location | Fair Value | |||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||
Interest rate swaps | 1.56 | % | 3-Month LIBOR | 1.6 | $ | 10,000 | Other Assets | $ | 78 |
December 31, 2018 | September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pay Rate | Receive Rate | Remaining Life (Years) | Notional Amount | Balance Sheet Location | Fair Value | Pay Rate | Receive Rate | Remaining Life (Years) | Notional Amount | Balance Sheet Location | Fair Value | ||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flow Hedges: | Cash Flow Hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | 1.56 | % | 3-Month LIBOR | 2.3 | $ | 10,000 | Other Assets | $ | 323 | Interest rate swaps | 1.56 | % | 3-Month LIBOR | 0.6 | $ | 10,000 | Other liabilities | $ | (78) |
December 31, 2019 | |||||||||||||||||||||||||||||||||||
Pay Rate | Receive Rate | Remaining Life (Years) | Notional Amount | Balance Sheet Location | Fair Value | ||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||||||||||||||||
Interest rate swaps | 1.56 | % | 3-Month LIBOR | 1.3 | $ | 10,000 | Other assets | $ | 67 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Debit card income | $ | 672 | $ | 600 | $ | 1,912 | $ | 1,809 | |||||||
Trust service fees | 566 | 562 | 1,677 | 1,628 | |||||||||||
Investment advisory fees | 123 | 186 | 469 | 516 | |||||||||||
Service charges and fees related to deposit accounts | 78 | 83 | 236 | 250 | |||||||||||
Total | $ | 1,439 | $ | 1,431 | $ | 4,294 | $ | 4,203 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Average number of common shares outstanding for basic calculation | 7,966,811 | 7,925,332 | 7,945,762 | 7,904,568 | |||||||||||||||||||
Average potential effect of common shares in the Directors Plan (1) | 144,472 | 181,536 | 151,040 | 186,720 | |||||||||||||||||||
Average number of common shares outstanding used to calculate diluted earnings per common share | 8,111,283 | 8,106,868 | 8,096,802 | 8,091,288 | |||||||||||||||||||
Net income | $ | 4,357 | $ | 4,442 | $ | 11,608 | $ | 12,126 | |||||||||||||||
Earnings per common share | |||||||||||||||||||||||
Basic | $ | 0.55 | $ | 0.56 | $ | 1.46 | $ | 1.53 | |||||||||||||||
Diluted | $ | 0.54 | $ | 0.55 | $ | 1.43 | $ | 1.50 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Audit, consulting, and legal fees | $ | 417 | $ | 500 | $ | 1,348 | $ | 1,406 | |||||||||||||||
ATM and debit card fees | 373 | 308 | 1,024 | 854 | |||||||||||||||||||
Marketing costs | 209 | 248 | 677 | 561 | |||||||||||||||||||
Loan underwriting fees | 199 | 185 | 577 | 669 | |||||||||||||||||||
Donations and community relations | 131 | 330 | 566 | 660 | |||||||||||||||||||
Memberships and subscriptions | 188 | 176 | 546 | 519 | |||||||||||||||||||
Director fees | 168 | 195 | 527 | 592 | |||||||||||||||||||
FDIC insurance premiums | 159 | (282) | 459 | 50 | |||||||||||||||||||
Postage and freight | 118 | 112 | 370 | 362 | |||||||||||||||||||
All other | 572 | 620 | 1,752 | 1,911 | |||||||||||||||||||
Total other noninterest expenses | $ | 2,534 | $ | 2,392 | $ | 7,846 | $ | 7,584 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Audit, consulting, and legal fees | $ | 508 | $ | 566 | $ | 1,424 | $ | 1,745 | |||||||
ATM and debit card fees | 308 | 246 | 854 | 712 | |||||||||||
Loan underwriting fees | 185 | 339 | 669 | 653 | |||||||||||
Donations and community relations | 330 | 141 | 660 | 502 | |||||||||||
Director fees | 195 | 212 | 592 | 643 | |||||||||||
Marketing costs | 248 | 285 | 561 | 544 | |||||||||||
Memberships and subscriptions | 176 | 153 | 519 | 422 | |||||||||||
Education and travel | 72 | 130 | 285 | 346 | |||||||||||
FDIC insurance premiums | (282 | ) | 185 | 50 | 505 | ||||||||||
All other | 652 | 642 | 1,970 | 1,932 | |||||||||||
Total other | $ | 2,392 | $ | 2,899 | $ | 7,584 | $ | 8,004 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Income taxes at statutory rate | $ | 1,069 | $ | 1,065 | $ | 2,752 | $ | 2,866 | |||||||||||||||
Effect of nontaxable income | |||||||||||||||||||||||
Interest income on tax exempt municipal securities | (176) | (224) | (570) | (704) | |||||||||||||||||||
Earnings on corporate owned life insurance policies | (40) | (39) | (301) | (118) | |||||||||||||||||||
Other | (4) | (4) | (12) | (12) | |||||||||||||||||||
Total effect of nontaxable income | (220) | (267) | (883) | (834) | |||||||||||||||||||
Effect of nondeductible expenses | 7 | 14 | 14 | 27 | |||||||||||||||||||
Effect of tax credits | (122) | (182) | (388) | (539) | |||||||||||||||||||
Federal income tax expense | $ | 734 | $ | 630 | $ | 1,495 | $ | 1,520 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Income taxes at statutory rate | $ | 1,065 | $ | 851 | $ | 2,866 | $ | 2,389 | |||||||
Effect of nontaxable income | |||||||||||||||
Interest income on tax exempt municipal securities | (224 | ) | (259 | ) | (704 | ) | (797 | ) | |||||||
Earnings on corporate owned life insurance policies | (39 | ) | (35 | ) | (118 | ) | (109 | ) | |||||||
Effect of tax credits | (182 | ) | (200 | ) | (539 | ) | (601 | ) | |||||||
Other | (4 | ) | (6 | ) | (12 | ) | (25 | ) | |||||||
Total effect of nontaxable income | (449 | ) | (500 | ) | (1,373 | ) | (1,532 | ) | |||||||
Effect of nondeductible expenses | 14 | 8 | 27 | 30 | |||||||||||
Federal income tax expense | $ | 630 | $ | 359 | $ | 1,520 | $ | 887 |
Three Months Ended September 30 | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Unrealized Gains (Losses) on AFS Securities | Unrealized Gains (Losses) on Derivative Instruments | Defined Benefit Pension Plan | Total | Unrealized Gains (Losses) on AFS Securities | Unrealized Gains (Losses) on Derivative Instruments | Defined Benefit Pension Plan | Total | ||||||||||||||||||||||||||||||||||||||||
Balance, July 1 | $ | 11,139 | $ | (77) | $ | (2,695) | $ | 8,367 | $ | 3,417 | $ | 91 | $ | (2,741) | $ | 767 | |||||||||||||||||||||||||||||||
OCI before reclassifications | (66) | 20 | 0 | (46) | 1,724 | (37) | 0 | 1,687 | |||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 | (6) | 0 | 0 | (6) | |||||||||||||||||||||||||||||||||||||||
Subtotal | (66) | 20 | 0 | (46) | 1,718 | (37) | 0 | 1,681 | |||||||||||||||||||||||||||||||||||||||
Tax effect | 58 | (4) | 54 | (310) | 8 | 0 | (302) | ||||||||||||||||||||||||||||||||||||||||
OCI, net of tax | (8) | 16 | 0 | 8 | 1,408 | (29) | 0 | 1,379 | |||||||||||||||||||||||||||||||||||||||
Balance, September 30 | $ | 11,131 | $ | (61) | $ | (2,695) | $ | 8,375 | $ | 4,825 | $ | 62 | $ | (2,741) | $ | 2,146 |
Nine Months Ended September 30 | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Unrealized Gains (Losses) on AFS Securities | Unrealized Gains (Losses) on Derivative Instruments | Defined Benefit Pension Plan | Total | Unrealized Gains (Losses) on AFS Securities | Unrealized Gains (Losses) on Derivative Instruments | Defined Benefit Pension Plan | Total | ||||||||||||||||||||||||||||||||||||||||
Balance, January 1 | $ | 4,612 | $ | 54 | $ | (2,695) | $ | 1,971 | $ | (5,200) | $ | 256 | $ | (2,741) | $ | (7,685) | |||||||||||||||||||||||||||||||
OCI before reclassifications | 8,304 | (145) | 0 | 8,159 | 12,554 | (245) | 0 | 12,309 | |||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | (71) | 0 | 0 | (71) | (6) | 0 | 0 | (6) | |||||||||||||||||||||||||||||||||||||||
Subtotal | 8,233 | (145) | 0 | 8,088 | 12,548 | (245) | 0 | 12,303 | |||||||||||||||||||||||||||||||||||||||
Tax effect | (1,714) | 30 | 0 | (1,684) | (2,523) | 51 | 0 | (2,472) | |||||||||||||||||||||||||||||||||||||||
OCI, net of tax | 6,519 | (115) | 0 | 6,404 | 10,025 | (194) | 0 | 9,831 | |||||||||||||||||||||||||||||||||||||||
Balance, September 30 | $ | 11,131 | $ | (61) | $ | (2,695) | $ | 8,375 | $ | 4,825 | $ | 62 | $ | (2,741) | $ | 2,146 |
Three Months Ended September 30 | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Auction Rate Money Market Preferred Stocks | All Other AFS Securities | Total | Auction Rate Money Market Preferred Stocks | All Other AFS Securities | Total | ||||||||||||||||||||||||||||||
Unrealized gains (losses) arising during the period | $ | 215 | $ | (281) | $ | (66) | $ | 240 | $ | 1,484 | $ | 1,724 | |||||||||||||||||||||||
Reclassification adjustment for net (gains) losses included in net income | 0 | 0 | 0 | 0 | (6) | (6) | |||||||||||||||||||||||||||||
Net unrealized gains (losses) | 215 | (281) | (66) | 240 | 1,478 | 1,718 | |||||||||||||||||||||||||||||
Tax effect | 0 | 58 | 58 | 0 | (310) | (310) | |||||||||||||||||||||||||||||
Unrealized gains (losses), net of tax | $ | 215 | $ | (223) | $ | (8) | $ | 240 | $ | 1,168 | $ | 1,408 |
Nine Months Ended September 30 | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Auction Rate Money Market Preferred Stocks | All Other AFS Securities | Total | Auction Rate Money Market Preferred Stocks | All Other AFS Securities | Total | ||||||||||||||||||||||||||||||
Unrealized gains (losses) arising during the period | $ | 75 | $ | 8,229 | $ | 8,304 | $ | 535 | $ | 12,019 | $ | 12,554 | |||||||||||||||||||||||
Reclassification adjustment for net (gains) losses included in net income | 0 | (71) | (71) | 0 | (6) | (6) | |||||||||||||||||||||||||||||
Net unrealized gains (losses) | 75 | 8,158 | 8,233 | 535 | 12,013 | 12,548 | |||||||||||||||||||||||||||||
Tax effect | 0 | (1,714) | (1,714) | 0 | (2,523) | (2,523) | |||||||||||||||||||||||||||||
Unrealized gains (losses), net of tax | $ | 75 | $ | 6,444 | $ | 6,519 | $ | 535 | $ | 9,490 | $ | 10,025 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Average number of common shares outstanding for basic calculation | 7,925,332 | 7,851,448 | 7,904,568 | 7,876,941 | |||||||||||
Average potential effect of common shares in the Directors Plan (1) | 181,536 | 200,597 | 186,720 | 199,488 | |||||||||||
Average number of common shares outstanding used to calculate diluted earnings per common share | 8,106,868 | 8,052,045 | 8,091,288 | 8,076,429 | |||||||||||
Net income | $ | 4,442 | $ | 3,696 | $ | 12,126 | $ | 10,491 | |||||||
Earnings per common share | |||||||||||||||
Basic | $ | 0.56 | $ | 0.47 | $ | 1.53 | $ | 1.33 | |||||||
Diluted | $ | 0.55 | $ | 0.46 | $ | 1.50 | $ | 1.30 |
Level 2: | Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the | ||||
Level 3: | Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. |
September 30, 2020 | ||||||||||||||||||||
Valuation Technique | Fair Value | Unobservable Input | Actual Range | Weighted Average | ||||||||||||||||
Discount applied to collateral: | ||||||||||||||||||||
Real Estate | 20% - 40% | 25% | ||||||||||||||||||
Equipment | 20% - 40% | 32% | ||||||||||||||||||
Discounted value | $19,333 | Cash crop inventory | 40% | 40% | ||||||||||||||||
Livestock | 30% | 30% | ||||||||||||||||||
Other inventory | 50% | 50% | ||||||||||||||||||
Accounts receivable | 25% - 50% | 26% |
December 31, 2019 | ||||||||||||||||||||
Valuation Technique | Fair Value | Unobservable Input | Actual Range | Weighted Average | ||||||||||||||||
Discount applied to collateral: | ||||||||||||||||||||
Real Estate | 20% - 30% | 22% | ||||||||||||||||||
Equipment | 20% - 40% | 32% | ||||||||||||||||||
Discounted value | $19,135 | Cash crop inventory | 40% | 40% | ||||||||||||||||
Livestock | 30% | 30% | ||||||||||||||||||
Other inventory | 50% | 50% | ||||||||||||||||||
Accounts receivable | 25% - 50% | 28% |
September 30, 2020 | |||||||||||||||||||||||||||||
Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 165,749 | $ | 165,749 | $ | 165,749 | $ | 0 | $ | 0 | |||||||||||||||||||
Mortgage loans AFS | 4,661 | 4,701 | 0 | 4,701 | 0 | ||||||||||||||||||||||||
Gross loans | 1,303,308 | 1,303,380 | 0 | 0 | 1,303,380 | ||||||||||||||||||||||||
Less allowance for loan and lease losses | 9,506 | 9,506 | 0 | 0 | 9,506 | ||||||||||||||||||||||||
Net loans | 1,293,802 | 1,293,874 | 0 | 0 | 1,293,874 | ||||||||||||||||||||||||
Accrued interest receivable | 8,458 | 8,458 | 8,458 | 0 | 0 | ||||||||||||||||||||||||
Equity securities without readily determinable fair values (1) | 21,690 | N/A | 0 | 0 | 0 | ||||||||||||||||||||||||
OMSR | 2,185 | 2,221 | 0 | 2,221 | 0 | ||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||
Deposits without stated maturities | 1,115,374 | 1,115,374 | 1,115,374 | 0 | 0 | ||||||||||||||||||||||||
Deposits with stated maturities | 379,721 | 387,369 | 0 | 387,369 | 0 | ||||||||||||||||||||||||
Borrowed funds | 238,349 | 247,211 | 0 | 247,211 | 0 | ||||||||||||||||||||||||
Accrued interest payable | 663 | 663 | 663 | 0 | 0 |
December 31, 2019 | |||||||||||||||||||||||||||||
Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 60,572 | $ | 60,572 | $ | 60,572 | $ | 0 | $ | 0 | |||||||||||||||||||
Mortgage loans AFS | 904 | 925 | 0 | 925 | 0 | ||||||||||||||||||||||||
Gross loans | 1,186,570 | 1,170,370 | 0 | 0 | 1,170,370 | ||||||||||||||||||||||||
Less allowance for loan and lease losses | 7,939 | 7,939 | 0 | 0 | 7,939 | ||||||||||||||||||||||||
Net loans | 1,178,631 | 1,162,431 | 0 | 0 | 1,162,431 | ||||||||||||||||||||||||
Accrued interest receivable | 6,501 | 6,501 | 6,501 | 0 | 0 | ||||||||||||||||||||||||
Equity securities without readily determinable fair values (1) | 21,629 | N/A | 0 | 0 | 0 | ||||||||||||||||||||||||
OMSR | 2,264 | 2,264 | 0 | 2,264 | 0 | ||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||
Deposits without stated maturities | 906,232 | 906,232 | 906,232 | 0 | 0 | ||||||||||||||||||||||||
Deposits with stated maturities | 407,619 | 409,600 | 0 | 409,600 | 0 | ||||||||||||||||||||||||
Borrowed funds | 275,999 | 278,761 | 0 | 278,761 | 0 | ||||||||||||||||||||||||
Accrued interest payable | 860 | 860 | 860 | 0 | 0 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||
Recurring items | |||||||||||||||||||||||||||||||||||||||||||||||
AFS securities | |||||||||||||||||||||||||||||||||||||||||||||||
States and political subdivisions | $ | 148,401 | $ | 0 | $ | 148,401 | $ | 0 | $ | 169,752 | $ | 0 | $ | 169,752 | $ | 0 | |||||||||||||||||||||||||||||||
Auction rate money market preferred | 3,194 | 0 | 3,194 | 0 | 3,119 | 0 | 3,119 | 0 | |||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 104,165 | 0 | 104,165 | 0 | 140,204 | 0 | 140,204 | 0 | |||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 107,294 | 0 | 107,294 | 0 | 116,764 | 0 | 116,764 | 0 | |||||||||||||||||||||||||||||||||||||||
Total AFS securities | 363,054 | 0 | 363,054 | 0 | 429,839 | 0 | 429,839 | 0 | |||||||||||||||||||||||||||||||||||||||
Derivative instruments | 78 | 0 | 78 | 0 | 67 | 0 | 67 | 0 | |||||||||||||||||||||||||||||||||||||||
Nonrecurring items | |||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans (net of the ALLL) | 19,333 | 0 | 0 | 19,333 | 19,135 | 0 | 0 | 19,135 | |||||||||||||||||||||||||||||||||||||||
OMSR | 2,185 | 0 | 2,185 | 0 | 2,264 | 0 | 2,264 | 0 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 384,650 | $ | 0 | $ | 365,317 | $ | 19,333 | $ | 451,305 | $ | 0 | $ | 432,170 | $ | 19,135 | |||||||||||||||||||||||||||||||
Percent of assets and liabilities measured at fair value | 0 | % | 94.97 | % | 5.03 | % | 0 | % | 95.76 | % | 4.24 | % |
Three Months Ended September 30 | |||||||||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||||||||
Unrealized Gains (Losses) on AFS Securities | Unrealized Gains (Losses) on Derivative Instruments | Defined Benefit Pension Plan | Total | Unrealized Gains (Losses) on AFS Securities | Unrealized Gains (Losses) on Derivative Instruments | Defined Benefit Pension Plan | Total | ||||||||||||||||||||||||
Balance, July 1 | $ | 3,417 | $ | 91 | $ | (2,741 | ) | $ | 767 | $ | (7,295 | ) | $ | 351 | $ | (3,223 | ) | $ | (10,167 | ) | |||||||||||
OCI before reclassifications | 1,724 | (37 | ) | — | 1,687 | (2,513 | ) | 7 | — | (2,506 | ) | ||||||||||||||||||||
Amounts reclassified from AOCI | (6 | ) | — | — | (6 | ) | — | — | — | — | |||||||||||||||||||||
Subtotal | 1,718 | (37 | ) | — | 1,681 | (2,513 | ) | 7 | — | (2,506 | ) | ||||||||||||||||||||
Tax effect | (310 | ) | 8 | — | (302 | ) | 522 | (2 | ) | — | 520 | ||||||||||||||||||||
OCI, net of tax | 1,408 | (29 | ) | — | 1,379 | (1,991 | ) | 5 | — | (1,986 | ) | ||||||||||||||||||||
Balance, September 30 | $ | 4,825 | $ | 62 | $ | (2,741 | ) | $ | 2,146 | $ | (9,286 | ) | $ | 356 | $ | (3,223 | ) | $ | (12,153 | ) |
Nine Months Ended September 30 | |||||||||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||||||||
Unrealized Gains (Losses) on AFS Securities | Unrealized Gains (Losses) on Derivative Instruments | Defined Benefit Pension Plan | Total | Unrealized Gains (Losses) on AFS Securities | Unrealized Gains (Losses) on Derivative Instruments | Defined Benefit Pension Plan | Total | ||||||||||||||||||||||||
Balance, January 1 | $ | (5,200 | ) | $ | 256 | $ | (2,741 | ) | $ | (7,685 | ) | $ | 391 | $ | 230 | $ | (3,223 | ) | $ | (2,602 | ) | ||||||||||
OCI before reclassifications | 12,554 | (245 | ) | — | 12,309 | (12,548 | ) | 160 | — | (12,388 | ) | ||||||||||||||||||||
Amounts reclassified from AOCI | (6 | ) | — | — | (6 | ) | — | — | — | — | |||||||||||||||||||||
Subtotal | 12,548 | (245 | ) | — | 12,303 | (12,548 | ) | 160 | — | (12,388 | ) | ||||||||||||||||||||
Tax effect | (2,523 | ) | 51 | — | (2,472 | ) | 2,648 | (34 | ) | — | 2,614 | ||||||||||||||||||||
OCI, net of tax | 10,025 | (194 | ) | — | 9,831 | (9,900 | ) | 126 | — | (9,774 | ) | ||||||||||||||||||||
Adoption of ASU 2016-01 | — | — | — | — | 223 | — | — | 223 | |||||||||||||||||||||||
Balance, September 30 | $ | 4,825 | $ | 62 | $ | (2,741 | ) | $ | 2,146 | $ | (9,286 | ) | $ | 356 | $ | (3,223 | ) | $ | (12,153 | ) |
Three Months Ended September 30 | |||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||
Auction Rate Money Market Preferred Stocks | All Other AFS Securities | Total | Auction Rate Money Market Preferred and Preferred Stocks | All Other AFS Securities | Total | ||||||||||||||||||
Unrealized gains (losses) arising during the period | $ | 240 | $ | 1,484 | $ | 1,724 | $ | (27 | ) | $ | (2,486 | ) | $ | (2,513 | ) | ||||||||
Reclassification adjustment for net (gains) losses included in net income | — | (6 | ) | (6 | ) | — | — | — | |||||||||||||||
Net unrealized gains (losses) | 240 | 1,478 | 1,718 | (27 | ) | (2,486 | ) | (2,513 | ) | ||||||||||||||
Tax effect | — | (310 | ) | (310 | ) | — | 522 | 522 | |||||||||||||||
Unrealized gains (losses), net of tax | $ | 240 | $ | 1,168 | $ | 1,408 | $ | (27 | ) | $ | (1,964 | ) | $ | (1,991 | ) |
Nine Months Ended September 30 | |||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||
Auction Rate Money Market Preferred Stocks | All Other AFS Securities | Total | Auction Rate Money Market Preferred and Preferred Stocks | All Other AFS Securities | Total | ||||||||||||||||||
Unrealized gains (losses) arising during the period | $ | 535 | $ | 12,019 | $ | 12,554 | $ | 59 | $ | (12,607 | ) | $ | (12,548 | ) | |||||||||
Reclassification adjustment for net (gains) losses included in net income | — | (6 | ) | (6 | ) | — | — | — | |||||||||||||||
Net unrealized gains (losses) | 535 | 12,013 | 12,548 | 59 | (12,607 | ) | (12,548 | ) | |||||||||||||||
Tax effect | — | (2,523 | ) | (2,523 | ) | — | 2,648 | 2,648 | |||||||||||||||
Unrealized gains (losses), net of tax | $ | 535 | $ | 9,490 | $ | 10,025 | $ | 59 | $ | (9,959 | ) | $ | (9,900 | ) |
September 30, 2019 | ||||
Valuation Technique | Fair Value | Unobservable Input | Actual Range | |
Discount applied to collateral: | ||||
Real Estate | 20% - 30% | |||
Equipment | 20% - 50% | |||
Cash crop inventory | 30% - 40% | |||
Discounted value | $18,940 | Livestock | 30% | |
Other inventory | 50% | |||
Accounts receivable | 25% - 50% | |||
Liquor license | 75% | |||
Furniture, fixtures & equipment | 45% |
December 31, 2018 | ||||
Valuation Technique | Fair Value | Unobservable Input | Actual Range | |
Discount applied to collateral: | ||||
Real Estate | 20% - 30% | |||
Equipment | 20% - 40% | |||
Cash crop inventory | 30% - 40% | |||
Discounted value | $20,045 | Livestock | 30% | |
Other inventory | 45% - 50% | |||
Accounts receivable | 50% | |||
Liquor license | 75% | |||
Furniture, fixtures & equipment | 35% - 45% |
September 30, 2019 | |||||||||||||||||||
Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | 34,331 | $ | 34,331 | $ | 34,331 | $ | — | $ | — | |||||||||
Mortgage loans AFS | 1,912 | 1,928 | — | 1,928 | — | ||||||||||||||
Gross loans | 1,191,804 | 1,175,721 | — | — | 1,175,721 | ||||||||||||||
Less allowance for loan and lease losses | 8,169 | 8,169 | — | — | 8,169 | ||||||||||||||
Net loans | 1,183,635 | 1,167,552 | — | — | 1,167,552 | ||||||||||||||
Accrued interest receivable | 7,360 | 7,360 | 7,360 | — | — | ||||||||||||||
Equity securities without readily determinable fair values (1) | 25,130 | N/A | — | — | — | ||||||||||||||
OMSR | 2,375 | 2,375 | — | 2,375 | — | ||||||||||||||
LIABILITIES | |||||||||||||||||||
Deposits without stated maturities | 882,688 | 882,688 | 882,688 | — | — | ||||||||||||||
Deposits with stated maturities | 426,085 | 427,536 | — | 427,536 | — | ||||||||||||||
Borrowed funds | 277,386 | 280,203 | — | 280,203 | — | ||||||||||||||
Accrued interest payable | 870 | 870 | 870 | — | — |
December 31, 2018 | |||||||||||||||||||
Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | 73,471 | $ | 73,471 | $ | 73,471 | $ | — | $ | — | |||||||||
Mortgage loans AFS | 358 | 365 | — | 365 | — | ||||||||||||||
Gross loans | 1,128,707 | 1,099,645 | — | — | 1,099,645 | ||||||||||||||
Less allowance for loan and lease losses | 8,375 | 8,375 | — | — | 8,375 | ||||||||||||||
Net loans | 1,120,332 | 1,091,270 | — | — | 1,091,270 | ||||||||||||||
Accrued interest receivable | 6,928 | 6,928 | 6,928 | — | — | ||||||||||||||
Equity securities without readily determinable fair values (1) | 24,948 | N/A | — | — | — | ||||||||||||||
OMSR | 2,434 | 2,602 | — | 2,602 | — | ||||||||||||||
LIABILITIES | |||||||||||||||||||
Deposits without stated maturities | 859,073 | 859,073 | 859,073 | — | — | ||||||||||||||
Deposits with stated maturities | 433,620 | 425,993 | — | 425,993 | — | ||||||||||||||
Borrowed funds | 340,299 | 333,829 | — | 333,829 | — | ||||||||||||||
Accrued interest payable | 826 | 826 | 826 | — | — |
September 30, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Recurring items | |||||||||||||||||||||||||||||||
AFS securities | |||||||||||||||||||||||||||||||
Government-sponsored enterprises | $ | — | $ | — | $ | — | $ | — | $ | 170 | $ | — | $ | 170 | $ | — | |||||||||||||||
States and political subdivisions | 175,575 | — | 175,575 | — | 190,866 | — | 190,866 | — | |||||||||||||||||||||||
Auction rate money market preferred | 3,089 | — | 3,089 | — | 2,554 | — | 2,554 | — | |||||||||||||||||||||||
Mortgage-backed securities | 150,120 | — | 150,120 | — | 184,484 | — | 184,484 | — | |||||||||||||||||||||||
Collateralized mortgage obligations | 116,745 | — | 116,745 | — | 116,760 | — | 116,760 | — | |||||||||||||||||||||||
Total AFS securities | 445,529 | — | 445,529 | — | 494,834 | — | 494,834 | — | |||||||||||||||||||||||
Derivative instruments | 78 | — | 78 | — | 323 | — | 323 | — | |||||||||||||||||||||||
Nonrecurring items | |||||||||||||||||||||||||||||||
Impaired loans (net of the ALLL) | 18,940 | — | — | 18,940 | 20,045 | — | — | 20,045 | |||||||||||||||||||||||
Total | $ | 464,547 | $ | — | $ | 445,607 | $ | 18,940 | $ | 515,202 | $ | — | $ | 495,157 | $ | 20,045 | |||||||||||||||
Percent of assets and liabilities measured at fair value | — | % | 95.92 | % | 4.08 | % | — | % | 96.11 | % | 3.89 | % |
September 30 2020 | December 31 2019 | ||||||||||
ASSETS | |||||||||||
Cash on deposit at the Bank | $ | 627 | $ | 1,360 | |||||||
Investments in subsidiaries | 170,268 | 157,415 | |||||||||
Premises and equipment | 1,505 | 1,539 | |||||||||
Other assets | 50,184 | 49,887 | |||||||||
TOTAL ASSETS | $ | 222,584 | $ | 210,201 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Other liabilities | $ | 39 | $ | 19 | |||||||
Shareholders' equity | 222,545 | 210,182 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 222,584 | $ | 210,201 |
September 30 2019 | December 31 2018 | ||||||
ASSETS | |||||||
Cash on deposit at the Bank | $ | 2,447 | $ | 2,499 | |||
Investments in subsidiaries | 156,850 | 143,942 | |||||
Premises and equipment | 1,551 | 1,912 | |||||
Other assets | 52,119 | 51,674 | |||||
TOTAL ASSETS | $ | 212,967 | $ | 200,027 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Other liabilities | $ | 591 | $ | 4,508 | |||
Shareholders' equity | 212,376 | 195,519 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 212,967 | $ | 200,027 |
Three Months Ended September 30 | Nine Months Ended September 30 | Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Income | Income | |||||||||||||||||||||||||||||||||||||
Dividends from subsidiaries | $ | 2,400 | $ | 4,900 | $ | 5,500 | $ | 10,900 | Dividends from subsidiaries | $ | 2,600 | $ | 2,400 | $ | 6,200 | $ | 5,500 | |||||||||||||||||||||
Interest income | 1 | 1 | 5 | 1 | Interest income | 0 | 1 | 1 | 5 | |||||||||||||||||||||||||||||
Other income | 181 | 812 | 394 | 2,342 | ||||||||||||||||||||||||||||||||||
Other income (loss) | Other income (loss) | 181 | 181 | 308 | 394 | |||||||||||||||||||||||||||||||||
Total income | 2,582 | 5,713 | 5,899 | 13,243 | Total income | 2,781 | 2,582 | 6,509 | 5,899 | |||||||||||||||||||||||||||||
Expenses | Expenses | |||||||||||||||||||||||||||||||||||||
Compensation and benefits | — | 1,068 | — | 3,227 | ||||||||||||||||||||||||||||||||||
Occupancy and equipment | 15 | 129 | 44 | 378 | Occupancy and equipment | 15 | 15 | 45 | 44 | |||||||||||||||||||||||||||||
Audit, consulting, and legal fees | 110 | 154 | 355 | 586 | Audit, consulting, and legal fees | 119 | 110 | 426 | 355 | |||||||||||||||||||||||||||||
Director fees | 90 | 106 | 277 | 313 | Director fees | 86 | 90 | 269 | 277 | |||||||||||||||||||||||||||||
Other | 254 | 142 | 872 | 450 | Other | 282 | 254 | 885 | 872 | |||||||||||||||||||||||||||||
Total expenses | 469 | 1,599 | 1,548 | 4,954 | Total expenses | 502 | 469 | 1,625 | 1,548 | |||||||||||||||||||||||||||||
Income before income tax benefit and equity in undistributed earnings of subsidiaries | 2,113 | 4,114 | 4,351 | 8,289 | Income before income tax benefit and equity in undistributed earnings of subsidiaries | 2,279 | 2,113 | 4,884 | 4,351 | |||||||||||||||||||||||||||||
Federal income tax benefit | 60 | 165 | 239 | 545 | Federal income tax benefit | 67 | 60 | 276 | 239 | |||||||||||||||||||||||||||||
Income before equity in undistributed earnings of subsidiaries | 2,173 | 4,279 | 4,590 | 8,834 | Income before equity in undistributed earnings of subsidiaries | 2,346 | 2,173 | 5,160 | 4,590 | |||||||||||||||||||||||||||||
Undistributed earnings of subsidiaries | 2,269 | (583 | ) | 7,536 | 1,657 | Undistributed earnings of subsidiaries | 2,011 | 2,269 | 6,448 | 7,536 | ||||||||||||||||||||||||||||
Net income | $ | 4,442 | $ | 3,696 | $ | 12,126 | $ | 10,491 | Net income | $ | 4,357 | $ | 4,442 | $ | 11,608 | $ | 12,126 |
Nine Months Ended September 30 | |||||||||||
2020 | 2019 | ||||||||||
Operating activities | |||||||||||
Net income | $ | 11,608 | $ | 12,126 | |||||||
Adjustments to reconcile net income to cash provided by operations | |||||||||||
Undistributed earnings of subsidiaries | (6,448) | (7,536) | |||||||||
Undistributed earnings of equity securities without readily determinable fair values | (61) | (182) | |||||||||
Share-based payment awards under equity compensation plan | 334 | 415 | |||||||||
Depreciation | 34 | 34 | |||||||||
Changes in operating assets and liabilities which provided (used) cash | |||||||||||
Other assets | (236) | (35) | |||||||||
Other liabilities | 19 | 641 | |||||||||
Net cash provided by (used in) operating activities | 5,250 | 5,463 | |||||||||
Investing activities - none | |||||||||||
Financing activities | |||||||||||
Cash dividends paid on common stock | (6,386) | (6,149) | |||||||||
Proceeds from the issuance of common stock | 3,274 | 3,672 | |||||||||
Common stock repurchased | (1,619) | (2,140) | |||||||||
Common stock purchased for deferred compensation obligations | (1,252) | (898) | |||||||||
Net cash provided by (used in) financing activities | (5,983) | (5,515) | |||||||||
Increase (decrease) in cash and cash equivalents | (733) | (52) | |||||||||
Cash and cash equivalents at beginning of period | 1,360 | 2,499 | |||||||||
Cash and cash equivalents at end of period | $ | 627 | $ | 2,447 |
Nine Months Ended September 30 | |||||||
2019 | 2018 | ||||||
Operating activities | |||||||
Net income | $ | 12,126 | $ | 10,491 | |||
Adjustments to reconcile net income to cash provided by operations | |||||||
Undistributed earnings of subsidiaries | (7,536 | ) | (1,657 | ) | |||
Undistributed earnings of equity securities without readily determinable fair values | (182 | ) | (143 | ) | |||
Share-based payment awards under equity compensation plan | 415 | 449 | |||||
Depreciation | 34 | 98 | |||||
Changes in operating assets and liabilities which provided (used) cash | |||||||
Other assets | (35 | ) | 1,080 | ||||
Other liabilities | 641 | (597 | ) | ||||
Net cash provided by (used in) operating activities | 5,463 | 9,721 | |||||
Investing activities | |||||||
Sales (purchases) of premises and equipment | — | (79 | ) | ||||
Net cash provided by (used in) investing activities | — | (79 | ) | ||||
Financing activities | |||||||
Cash dividends paid on common stock | (6,149 | ) | (6,126 | ) | |||
Proceeds from the issuance of common stock | 3,672 | 5,093 | |||||
Common stock repurchased | (2,140 | ) | (6,212 | ) | |||
Common stock purchased for deferred compensation obligations | (898 | ) | (290 | ) | |||
Net cash provided by (used in) financing activities | (5,515 | ) | (7,535 | ) | |||
Increase (decrease) in cash and cash equivalents | (52 | ) | 2,107 | ||||
Cash and cash equivalents at beginning of period | 2,499 | 185 | |||||
Cash and cash equivalents at end of period | $ | 2,447 | $ | 2,292 |
September 30 2019 | June 30 2019 | March 31 2019 | December 31 2018 | September 30 2018 | September 30 2020 | June 30 2020 | March 31 2020 | December 31 2019 | September 30 2019 | |||||||||||||||||||||||||||||||||||||||
INCOME STATEMENT DATA | INCOME STATEMENT DATA | |||||||||||||||||||||||||||||||||||||||||||||||
Interest income | $ | 17,161 | $ | 16,815 | $ | 16,481 | $ | 16,611 | $ | 16,419 | Interest income | $ | 15,700 | $ | 15,869 | $ | 16,201 | $ | 16,849 | $ | 17,161 | |||||||||||||||||||||||||||
Interest expense | 4,550 | 4,527 | 4,292 | 4,258 | 4,231 | Interest expense | 3,203 | 3,565 | 4,199 | 4,492 | 4,550 | |||||||||||||||||||||||||||||||||||||
Net interest income | 12,611 | 12,288 | 12,189 | 12,353 | 12,188 | Net interest income | 12,497 | 12,304 | 12,002 | 12,357 | 12,611 | |||||||||||||||||||||||||||||||||||||
Provision for loan losses | 193 | (179 | ) | 34 | 342 | (76 | ) | Provision for loan losses | 516 | 105 | 788 | (18) | 193 | |||||||||||||||||||||||||||||||||||
Noninterest income | 3,274 | 3,011 | 2,479 | 2,860 | 2,878 | Noninterest income | 4,060 | 3,246 | 2,998 | (725) | 3,274 | |||||||||||||||||||||||||||||||||||||
Noninterest expenses | 10,620 | 10,749 | 10,789 | 10,865 | 11,087 | Noninterest expenses | 10,950 | 10,700 | 10,945 | 10,892 | 10,620 | |||||||||||||||||||||||||||||||||||||
Federal income tax expense | 630 | 541 | 349 | 476 | 359 | |||||||||||||||||||||||||||||||||||||||||||
Federal income tax expense (benefit) | Federal income tax expense (benefit) | 734 | 558 | 203 | (140) | 630 | ||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 4,442 | $ | 4,188 | $ | 3,496 | $ | 3,530 | $ | 3,696 | Net income | $ | 4,357 | $ | 4,187 | $ | 3,064 | $ | 898 | $ | 4,442 | |||||||||||||||||||||||||||
PER SHARE | PER SHARE | |||||||||||||||||||||||||||||||||||||||||||||||
Basic earnings | $ | 0.56 | $ | 0.53 | $ | 0.44 | $ | 0.45 | $ | 0.47 | Basic earnings | $ | 0.55 | $ | 0.53 | $ | 0.39 | $ | 0.12 | $ | 0.56 | |||||||||||||||||||||||||||
Diluted earnings | $ | 0.55 | $ | 0.52 | $ | 0.43 | $ | 0.44 | $ | 0.46 | Diluted earnings | $ | 0.54 | $ | 0.52 | $ | 0.38 | $ | 0.11 | $ | 0.55 | |||||||||||||||||||||||||||
Dividends | $ | 0.26 | $ | 0.26 | $ | 0.26 | $ | 0.26 | $ | 0.26 | Dividends | $ | 0.27 | $ | 0.27 | $ | 0.27 | $ | 0.27 | $ | 0.26 | |||||||||||||||||||||||||||
Tangible book value (1) | $ | 20.65 | $ | 20.17 | $ | 19.47 | $ | 18.68 | $ | 17.89 | ||||||||||||||||||||||||||||||||||||||
Tangible book value | Tangible book value | $ | 21.75 | $ | 21.52 | $ | 21.10 | $ | 20.45 | $ | 20.66 | |||||||||||||||||||||||||||||||||||||
Quoted market value | Quoted market value | |||||||||||||||||||||||||||||||||||||||||||||||
High | $ | 23.45 | $ | 23.75 | $ | 24.50 | $ | 27.00 | $ | 27.65 | High | $ | 19.00 | $ | 19.50 | $ | 24.50 | $ | 24.80 | $ | 23.45 | |||||||||||||||||||||||||||
Low | $ | 22.01 | $ | 22.25 | $ | 22.25 | $ | 22.50 | $ | 26.05 | Low | $ | 15.75 | $ | 15.60 | $ | 16.00 | $ | 22.25 | $ | 22.01 | |||||||||||||||||||||||||||
Close (2) | $ | 22.30 | $ | 23.25 | $ | 23.75 | $ | 22.56 | $ | 26.75 | ||||||||||||||||||||||||||||||||||||||
Common shares outstanding (2) | 7,938,234 | 7,918,494 | 7,906,078 | 7,870,969 | 7,830,940 | |||||||||||||||||||||||||||||||||||||||||||
Close (1) | Close (1) | $ | 16.74 | $ | 18.25 | $ | 18.00 | $ | 24.31 | $ | 22.30 | |||||||||||||||||||||||||||||||||||||
Common shares outstanding (1) | Common shares outstanding (1) | 8,007,901 | 7,977,019 | 7,921,291 | 7,910,804 | 7,938,234 | ||||||||||||||||||||||||||||||||||||||||||
PERFORMANCE RATIOS | PERFORMANCE RATIOS | |||||||||||||||||||||||||||||||||||||||||||||||
Return on average total assets | 0.98 | % | 0.93 | % | 0.77 | % | 0.77 | % | 0.80 | % | Return on average total assets | 0.90 | % | 0.89 | % | 0.68 | % | 0.20 | % | 0.98 | % | |||||||||||||||||||||||||||
Return on average shareholders' equity | 8.37 | % | 8.13 | % | 7.00 | % | 7.35 | % | 7.67 | % | Return on average shareholders' equity | 7.78 | % | 7.63 | % | 5.68 | % | 1.66 | % | 8.37 | % | |||||||||||||||||||||||||||
Return on average tangible shareholders' equity | 11.08 | % | 10.61 | % | 8.97 | % | 9.20 | % | 9.75 | % | Return on average tangible shareholders' equity | 9.93 | % | 9.81 | % | 7.35 | % | 2.18 | % | 10.87 | % | |||||||||||||||||||||||||||
Net interest margin yield (FTE) | 3.13 | % | 3.06 | % | 3.02 | % | 3.02 | % | 2.97 | % | Net interest margin yield (FTE) | 2.89 | % | 2.92 | % | 2.98 | % | 3.06 | % | 3.13 | % | |||||||||||||||||||||||||||
BALANCE SHEET DATA (2) | ||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE SHEET DATA (1) | BALANCE SHEET DATA (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Gross loans | $ | 1,191,804 | $ | 1,176,622 | $ | 1,144,832 | $ | 1,128,707 | $ | 1,139,930 | Gross loans | $ | 1,303,308 | $ | 1,284,385 | $ | 1,175,936 | $ | 1,186,570 | $ | 1,191,804 | |||||||||||||||||||||||||||
AFS securities | $ | 445,529 | $ | 470,449 | $ | 494,842 | $ | 494,834 | $ | 501,139 | AFS securities | $ | 363,054 | $ | 380,414 | $ | 407,189 | $ | 429,839 | $ | 445,529 | |||||||||||||||||||||||||||
Total assets | $ | 1,813,684 | $ | 1,824,592 | $ | 1,806,371 | $ | 1,842,502 | $ | 1,833,663 | Total assets | $ | 1,971,697 | $ | 1,913,227 | $ | 1,815,904 | $ | 1,814,198 | $ | 1,813,684 | |||||||||||||||||||||||||||
Deposits | $ | 1,308,773 | $ | 1,281,418 | $ | 1,277,963 | $ | 1,292,693 | $ | 1,276,806 | Deposits | $ | 1,495,095 | $ | 1,440,678 | $ | 1,322,083 | $ | 1,313,851 | $ | 1,308,773 | |||||||||||||||||||||||||||
Borrowed funds | $ | 277,386 | $ | 320,462 | $ | 311,684 | $ | 340,299 | $ | 359,776 | Borrowed funds | $ | 238,349 | $ | 236,268 | $ | 263,171 | $ | 275,999 | $ | 277,386 | |||||||||||||||||||||||||||
Shareholders' equity | $ | 212,376 | $ | 208,114 | $ | 202,413 | $ | 195,519 | $ | 188,536 | Shareholders' equity | $ | 222,545 | $ | 219,991 | $ | 215,498 | $ | 210,182 | $ | 212,376 | |||||||||||||||||||||||||||
Gross loans to deposits | 91.06 | % | 91.82 | % | 89.58 | % | 87.31 | % | 89.28 | % | Gross loans to deposits | 87.17 | % | 89.15 | % | 88.95 | % | 90.31 | % | 91.06 | % | |||||||||||||||||||||||||||
ASSETS UNDER MANAGEMENT (2) | ||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS UNDER MANAGEMENT (1) | ASSETS UNDER MANAGEMENT (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Loans sold with servicing retained | $ | 258,873 | $ | 257,062 | $ | 259,127 | $ | 259,481 | $ | 257,400 | Loans sold with servicing retained | $ | 289,524 | $ | 263,332 | $ | 257,285 | $ | 259,375 | $ | 258,873 | |||||||||||||||||||||||||||
Assets managed by our Investment and Trust Services Department | $ | 475,574 | $ | 487,180 | $ | 475,560 | $ | 447,487 | $ | 504,371 | ||||||||||||||||||||||||||||||||||||||
Assets managed by Isabella Wealth | Assets managed by Isabella Wealth | $ | 403,730 | $ | 395,214 | $ | 359,968 | $ | 436,181 | $ | 475,574 | |||||||||||||||||||||||||||||||||||||
Total assets under management | $ | 2,548,131 | $ | 2,568,834 | $ | 2,541,058 | $ | 2,549,470 | $ | 2,595,434 | Total assets under management | $ | 2,664,951 | $ | 2,571,773 | $ | 2,433,157 | $ | 2,509,754 | $ | 2,548,131 | |||||||||||||||||||||||||||
ASSET QUALITY (2) | ||||||||||||||||||||||||||||||||||||||||||||||||
ASSET QUALITY (1) | ASSET QUALITY (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming loans to gross loans | 0.59 | % | 0.70 | % | 0.64 | % | 0.65 | % | 0.65 | % | Nonperforming loans to gross loans | 0.38 | % | 0.42 | % | 0.59 | % | 0.55 | % | 0.59 | % | |||||||||||||||||||||||||||
Nonperforming assets to total assets | 0.41 | % | 0.48 | % | 0.43 | % | 0.42 | % | 0.42 | % | Nonperforming assets to total assets | 0.30 | % | 0.33 | % | 0.43 | % | 0.40 | % | 0.42 | % | |||||||||||||||||||||||||||
ALLL to gross loans | 0.69 | % | 0.68 | % | 0.73 | % | 0.74 | % | 0.71 | % | ALLL to gross loans | 0.73 | % | 0.69 | % | 0.74 | % | 0.67 | % | 0.69 | % | |||||||||||||||||||||||||||
CAPITAL RATIOS (2) | ||||||||||||||||||||||||||||||||||||||||||||||||
CAPITAL RATIOS (1) | CAPITAL RATIOS (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity to assets | 11.71 | % | 11.41 | % | 11.20 | % | 10.64 | % | 10.28 | % | Shareholders' equity to assets | 11.29 | % | 11.50 | % | 11.87 | % | 11.59 | % | 11.71 | % | |||||||||||||||||||||||||||
Tier 1 leverage | 9.16 | % | 9.03 | % | 8.91 | % | 8.72 | % | 8.49 | % | Tier 1 leverage | 8.76 | % | 8.86 | % | 9.09 | % | 9.01 | % | 9.16 | % | |||||||||||||||||||||||||||
Common equity tier 1 capital | 12.58 | % | 12.43 | % | 12.45 | % | 12.58 | % | 12.18 | % | Common equity tier 1 capital | 12.90 | % | 12.90 | % | 12.72 | % | 12.56 | % | 12.58 | % | |||||||||||||||||||||||||||
Tier 1 risk-based capital | 12.58 | % | 12.43 | % | 12.45 | % | 12.58 | % | 12.18 | % | Tier 1 risk-based capital | 12.90 | % | 12.90 | % | 12.72 | % | 12.56 | % | 12.58 | % | |||||||||||||||||||||||||||
Total risk-based capital | 13.21 | % | 13.06 | % | 13.12 | % | 13.26 | % | 12.83 | % | Total risk-based capital | 13.64 | % | 13.60 | % | 13.41 | % | 13.18 | % | 13.21 | % |
September 30 2019 | September 30 2018 | September 30 2017 | September 30 2016 | September 30 2015 | |||||||||||||||
INCOME STATEMENT DATA | |||||||||||||||||||
Interest income | $ | 50,457 | $ | 47,253 | $ | 43,335 | $ | 39,906 | $ | 38,479 | |||||||||
Interest expense | 13,369 | 11,373 | 9,059 | 8,039 | 7,586 | ||||||||||||||
Net interest income | 37,088 | 35,880 | 34,276 | 31,867 | 30,893 | ||||||||||||||
Provision for loan losses | 48 | 636 | 85 | 185 | (1,999 | ) | |||||||||||||
Noninterest income | 8,764 | 8,116 | 8,102 | 7,921 | 7,858 | ||||||||||||||
Noninterest expenses | 32,158 | 31,982 | 29,597 | 27,731 | 26,166 | ||||||||||||||
Federal income tax expense (1) | 1,520 | 887 | 2,180 | 1,855 | 2,750 | ||||||||||||||
Net income | $ | 12,126 | $ | 10,491 | $ | 10,516 | $ | 10,017 | $ | 11,834 | |||||||||
PER SHARE | |||||||||||||||||||
Basic earnings | $ | 1.53 | $ | 1.33 | $ | 1.34 | $ | 1.28 | $ | 1.52 | |||||||||
Diluted earnings | $ | 1.50 | $ | 1.30 | $ | 1.31 | $ | 1.25 | $ | 1.49 | |||||||||
Dividends | $ | 0.78 | $ | 0.78 | $ | 0.76 | $ | 0.73 | $ | 0.70 | |||||||||
Tangible book value (2) | $ | 20.65 | $ | 17.89 | $ | 18.83 | $ | 18.70 | $ | 17.27 | |||||||||
Quoted market value | |||||||||||||||||||
High | $ | 24.50 | $ | 28.25 | $ | 29.10 | $ | 29.90 | $ | 23.85 | |||||||||
Low | $ | 22.01 | $ | 26.05 | $ | 27.60 | $ | 27.25 | $ | 22.00 | |||||||||
Close (3) | $ | 22.30 | $ | 26.75 | $ | 29.00 | $ | 27.70 | $ | 23.69 | |||||||||
Common shares outstanding (3) | 7,938,234 | 7,830,940 | 7,856,664 | 7,833,481 | 7,765,333 | ||||||||||||||
PERFORMANCE RATIOS | |||||||||||||||||||
Return on average total assets | 0.89 | % | 0.77 | % | 0.79 | % | 0.80 | % | 1.00 | % | |||||||||
Return on average shareholders' equity | 7.85 | % | 7.22 | % | 7.18 | % | 6.90 | % | 8.80 | % | |||||||||
Return on average tangible shareholders' equity | 10.08 | % | 9.22 | % | 9.67 | % | 9.68 | % | 12.06 | % | |||||||||
Net interest margin yield (FTE) (1) | 3.07 | % | 2.97 | % | 3.03 | % | 3.00 | % | 3.12 | % | |||||||||
BALANCE SHEET DATA (3) | |||||||||||||||||||
Gross loans | $ | 1,191,804 | $ | 1,139,930 | $ | 1,077,544 | $ | 989,366 | $ | 836,671 | |||||||||
AFS securities | $ | 445,529 | $ | 501,139 | $ | 549,274 | $ | 560,641 | $ | 625,420 | |||||||||
Total assets | $ | 1,813,684 | $ | 1,833,663 | $ | 1,791,967 | $ | 1,706,498 | $ | 1,619,250 | |||||||||
Deposits | $ | 1,308,773 | $ | 1,276,806 | $ | 1,216,062 | $ | 1,175,833 | $ | 1,128,003 | |||||||||
Borrowed funds | $ | 277,386 | $ | 359,776 | $ | 367,027 | $ | 325,409 | $ | 267,610 | |||||||||
Shareholders' equity | $ | 212,376 | $ | 188,536 | $ | 196,463 | $ | 195,184 | $ | 182,998 | |||||||||
Gross loans to deposits | 91.06 | % | 89.28 | % | 88.61 | % | 84.14 | % | 74.17 | % | |||||||||
ASSETS UNDER MANAGEMENT (3) | |||||||||||||||||||
Loans sold with servicing retained | $ | 258,873 | $ | 257,400 | $ | 268,817 | $ | 275,037 | $ | 289,268 | |||||||||
Assets managed by our Investment and Trust Services Department | $ | 475,574 | $ | 504,371 | $ | 467,601 | $ | 424,573 | $ | 392,124 | |||||||||
Total assets under management | $ | 2,548,131 | $ | 2,595,434 | $ | 2,528,385 | $ | 2,406,108 | $ | 2,300,642 | |||||||||
ASSET QUALITY (3) | |||||||||||||||||||
Nonperforming loans to gross loans | 0.59 | % | 0.65 | % | 0.21 | % | 0.16 | % | 0.10 | % | |||||||||
Nonperforming assets to total assets | 0.41 | % | 0.42 | % | 0.14 | % | 0.11 | % | 0.09 | % | |||||||||
ALLL to gross loans | 0.69 | % | 0.71 | % | 0.71 | % | 0.79 | % | 0.98 | % | |||||||||
CAPITAL RATIOS (3) | |||||||||||||||||||
Shareholders' equity to assets | 11.71 | % | 10.28 | % | 10.96 | % | 11.44 | % | 11.30 | % | |||||||||
Tier 1 leverage | 9.16 | % | 8.49 | % | 8.50 | % | 8.59 | % | 8.54 | % | |||||||||
Common equity tier 1 capital | 12.58 | % | 12.18 | % | 12.20 | % | 12.41 | % | 13.57 | % | |||||||||
Tier 1 risk-based capital | 12.58 | % | 12.18 | % | 12.20 | % | 12.41 | % | 13.57 | % | |||||||||
Total risk-based capital | 13.21 | % | 12.83 | % | 12.84 | % | 13.10 | % | 14.20 | % |
September 30 2020 | September 30 2019 | September 30 2018 | |||||||||||||||
INCOME STATEMENT DATA | |||||||||||||||||
Interest income | $ | 47,770 | $ | 50,457 | $ | 47,253 | |||||||||||
Interest expense | 10,967 | 13,369 | 11,373 | ||||||||||||||
Net interest income | 36,803 | 37,088 | 35,880 | ||||||||||||||
Provision for loan losses | 1,409 | 48 | 636 | ||||||||||||||
Noninterest income | 10,304 | 8,764 | 8,116 | ||||||||||||||
Noninterest expenses | 32,595 | 32,158 | 31,982 | ||||||||||||||
Federal income tax expense (benefit) | 1,495 | 1,520 | 887 | ||||||||||||||
Net income | $ | 11,608 | $ | 12,126 | $ | 10,491 | |||||||||||
PER SHARE | |||||||||||||||||
Basic earnings | $ | 1.46 | $ | 1.53 | $ | 1.33 | |||||||||||
Diluted earnings | $ | 1.43 | $ | 1.50 | $ | 1.30 | |||||||||||
Dividends | $ | 0.81 | $ | 0.78 | $ | 0.78 | |||||||||||
Tangible book value | $ | 21.75 | $ | 20.66 | $ | 17.89 | |||||||||||
Quoted market value | |||||||||||||||||
High | $ | 24.50 | $ | 24.50 | $ | 28.25 | |||||||||||
Low | $ | 15.60 | $ | 22.01 | $ | 26.05 | |||||||||||
Close (1) | $ | 16.74 | $ | 22.30 | $ | 26.75 | |||||||||||
Common shares outstanding (1) | 8,007,901 | 7,938,234 | 7,830,940 | ||||||||||||||
PERFORMANCE RATIOS | |||||||||||||||||
Return on average total assets | 0.82 | % | 0.89 | % | 0.77 | % | |||||||||||
Return on average shareholders' equity | 7.04 | % | 7.85 | % | 7.22 | % | |||||||||||
Return on average tangible shareholders' equity | 9.05 | % | 10.29 | % | 9.69 | % | |||||||||||
Net interest margin yield (FTE) | 2.93 | % | 3.07 | % | 2.97 | % | |||||||||||
BALANCE SHEET DATA (1) | |||||||||||||||||
Gross loans | $ | 1,303,308 | $ | 1,191,804 | $ | 1,139,930 | |||||||||||
AFS securities | $ | 363,054 | $ | 445,529 | $ | 501,139 | |||||||||||
Total assets | $ | 1,971,697 | $ | 1,813,684 | $ | 1,833,663 | |||||||||||
Deposits | $ | 1,495,095 | $ | 1,308,773 | $ | 1,276,806 | |||||||||||
Borrowed funds | $ | 238,349 | $ | 277,386 | $ | 359,776 | |||||||||||
Shareholders' equity | $ | 222,545 | $ | 212,376 | $ | 188,536 | |||||||||||
Gross loans to deposits | 87.17 | % | 91.06 | % | 89.28 | % | |||||||||||
ASSETS UNDER MANAGEMENT (1) | |||||||||||||||||
Loans sold with servicing retained | $ | 289,524 | $ | 258,873 | $ | 257,400 | |||||||||||
Assets managed by Isabella Wealth | $ | 403,730 | $ | 475,574 | $ | 504,371 | |||||||||||
Total assets under management | $ | 2,664,951 | $ | 2,548,131 | $ | 2,595,434 | |||||||||||
ASSET QUALITY (1) | |||||||||||||||||
Nonperforming loans to gross loans | 0.38 | % | 0.59 | % | 0.65 | % | |||||||||||
Nonperforming assets to total assets | 0.30 | % | 0.42 | % | 0.42 | % | |||||||||||
ALLL to gross loans | 0.73 | % | 0.69 | % | 0.71 | % | |||||||||||
CAPITAL RATIOS (1) | |||||||||||||||||
Shareholders' equity to assets | 11.29 | % | 11.71 | % | 10.28 | % | |||||||||||
Tier 1 leverage | 8.76 | % | 9.16 | % | 8.49 | % | |||||||||||
Common equity tier 1 capital | 12.90 | % | 12.58 | % | 12.18 | % | |||||||||||
Tier 1 risk-based capital | 12.90 | % | 12.58 | % | 12.18 | % | |||||||||||
Total risk-based capital | 13.64 | % | 13.21 | % | 12.83 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Tax Equivalent Interest | Average Yield / Rate | Average Balance | Tax Equivalent Interest | Average Yield / Rate | Average Balance | Tax Equivalent Interest | Average Yield / Rate | |||||||||||||||||||||||||||||||||||||||||||||
INTEREST EARNING ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | $ | 1,275,297 | $ | 13,554 | 4.25 | % | $ | 1,241,856 | $ | 13,297 | 4.28 | % | $ | 1,177,257 | $ | 14,020 | 4.76 | % | |||||||||||||||||||||||||||||||||||
Taxable investment securities | 223,119 | 1,071 | 1.92 | % | 237,769 | 1,352 | 2.27 | % | 288,374 | 1,691 | 2.35 | % | |||||||||||||||||||||||||||||||||||||||||
Nontaxable investment securities | 135,168 | 1,238 | 3.66 | % | 141,229 | 1,333 | 3.78 | % | 164,159 | 1,557 | 3.79 | % | |||||||||||||||||||||||||||||||||||||||||
Fed funds sold | — | — | — | % | 12 | — | 0.04 | % | 218 | 2 | 2.83 | % | |||||||||||||||||||||||||||||||||||||||||
Other | 140,042 | 164 | 0.47 | % | 111,702 | 234 | 0.84 | % | 32,694 | 297 | 3.63 | % | |||||||||||||||||||||||||||||||||||||||||
Total earning assets | 1,773,626 | 16,027 | 3.61 | % | 1,732,568 | 16,216 | 3.74 | % | 1,662,702 | 17,567 | 4.23 | % | |||||||||||||||||||||||||||||||||||||||||
NONEARNING ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (8,996) | (8,769) | (8,072) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and demand deposits due from banks | 29,311 | 20,389 | 21,078 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment | 25,627 | 25,854 | 26,749 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued income and other assets | 122,279 | 120,444 | 111,927 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,941,847 | $ | 1,890,486 | $ | 1,814,384 | |||||||||||||||||||||||||||||||||||||||||||||||
INTEREST BEARING LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing demand deposits | $ | 277,695 | $ | 94 | 0.14 | % | $ | 249,735 | $ | 86 | 0.14 | % | $ | 234,164 | $ | 76 | 0.13 | % | |||||||||||||||||||||||||||||||||||
Savings deposits | 462,867 | 173 | 0.15 | % | 447,416 | 257 | 0.23 | % | 381,458 | 644 | 0.68 | % | |||||||||||||||||||||||||||||||||||||||||
Time deposits | 375,916 | 1,729 | 1.84 | % | 387,636 | 1,904 | 1.96 | % | 429,407 | 2,260 | 2.11 | % | |||||||||||||||||||||||||||||||||||||||||
Borrowed funds | 235,583 | 1,207 | 2.05 | % | 253,838 | 1,318 | 2.08 | % | 300,120 | 1,570 | 2.09 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 1,352,061 | 3,203 | 0.95 | % | 1,338,625 | 3,565 | 1.07 | % | 1,345,149 | 4,550 | 1.35 | % | |||||||||||||||||||||||||||||||||||||||||
NONINTEREST BEARING LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | 349,212 | 317,035 | 242,092 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 16,441 | 15,355 | 14,753 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 224,133 | 219,471 | 212,390 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,941,847 | $ | 1,890,486 | $ | 1,814,384 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (FTE) | $ | 12,824 | $ | 12,651 | $ | 13,017 | |||||||||||||||||||||||||||||||||||||||||||||||
Net yield on interest earning assets (FTE) | 2.89 | % | 2.92 | % | 3.13 | % |
Three Months Ended | ||||||||||||||||||||||||||||||||
September 30, 2019 | June 30, 2019 | September 30, 2018 | ||||||||||||||||||||||||||||||
Average Balance | Tax Equivalent Interest | Average Yield / Rate | Average Balance | Tax Equivalent Interest | Average Yield / Rate | Average Balance | Tax Equivalent Interest | Average Yield / Rate | ||||||||||||||||||||||||
INTEREST EARNING ASSETS | ||||||||||||||||||||||||||||||||
Loans | $ | 1,177,257 | $ | 14,020 | 4.76 | % | $ | 1,155,284 | $ | 13,587 | 4.70 | % | $ | 1,151,881 | $ | 12,833 | 4.46 | % | ||||||||||||||
Taxable investment securities | 288,374 | 1,691 | 2.35 | % | 309,650 | 1,873 | 2.42 | % | 334,785 | 2,031 | 2.43 | % | ||||||||||||||||||||
Nontaxable investment securities | 164,159 | 1,557 | 3.79 | % | 172,400 | 1,623 | 3.77 | % | 188,885 | 1,755 | 3.72 | % | ||||||||||||||||||||
Fed funds sold | 218 | 2 | 2.83 | % | — | — | — | % | — | — | — | % | ||||||||||||||||||||
Other | 32,694 | 297 | 3.63 | % | 25,123 | 148 | 2.36 | % | 29,387 | 254 | 3.46 | % | ||||||||||||||||||||
Total earning assets | 1,662,702 | 17,567 | 4.23 | % | 1,662,457 | 17,231 | 4.15 | % | 1,704,938 | 16,873 | 3.96 | % | ||||||||||||||||||||
NONEARNING ASSETS | ||||||||||||||||||||||||||||||||
Allowance for loan losses | (8,072 | ) | (8,349 | ) | (8,213 | ) | ||||||||||||||||||||||||||
Cash and demand deposits due from banks | 21,078 | 19,089 | 20,291 | |||||||||||||||||||||||||||||
Premises and equipment | 26,749 | 27,326 | 28,310 | |||||||||||||||||||||||||||||
Accrued income and other assets | 111,927 | 107,046 | 94,518 | |||||||||||||||||||||||||||||
Total assets | $ | 1,814,384 | $ | 1,807,569 | $ | 1,839,844 | ||||||||||||||||||||||||||
INTEREST BEARING LIABILITIES | ||||||||||||||||||||||||||||||||
Interest bearing demand deposits | $ | 234,164 | $ | 76 | 0.13 | % | $ | 230,238 | $ | 83 | 0.14 | % | $ | 233,485 | $ | 69 | 0.12 | % | ||||||||||||||
Savings deposits | 381,458 | 644 | 0.68 | % | 374,750 | 586 | 0.63 | % | 362,505 | 450 | 0.50 | % | ||||||||||||||||||||
Time deposits | 429,407 | 2,260 | 2.11 | % | 430,098 | 2,196 | 2.04 | % | 454,456 | 1,917 | 1.69 | % | ||||||||||||||||||||
Borrowed funds | 300,120 | 1,570 | 2.09 | % | 321,958 | 1,662 | 2.06 | % | 363,544 | 1,795 | 1.98 | % | ||||||||||||||||||||
Total interest bearing liabilities | 1,345,149 | 4,550 | 1.35 | % | 1,357,044 | 4,527 | 1.33 | % | 1,413,990 | 4,231 | 1.20 | % | ||||||||||||||||||||
NONINTEREST BEARING LIABILITIES | ||||||||||||||||||||||||||||||||
Demand deposits | 242,092 | 230,203 | 226,238 | |||||||||||||||||||||||||||||
Other | 14,753 | 14,288 | 6,937 | |||||||||||||||||||||||||||||
Shareholders’ equity | 212,390 | 206,034 | 192,679 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,814,384 | $ | 1,807,569 | $ | 1,839,844 | ||||||||||||||||||||||||||
Net interest income (FTE) | $ | 13,017 | $ | 12,704 | $ | 12,642 | ||||||||||||||||||||||||||
Net yield on interest earning assets (FTE) | 3.13 | % | 3.06 | % | 2.97 | % |
Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2019 | September 30, 2018 | September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Tax Equivalent Interest | Average Yield / Rate | Average Balance | Tax Equivalent Interest | Average Yield / Rate | Average Balance | Tax Equivalent Interest | Average Yield / Rate | Average Balance | Tax Equivalent Interest | Average Yield / Rate | |||||||||||||||||||||||||||||||||||||||||||||
INTEREST EARNING ASSETS | INTEREST EARNING ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | $ | 1,154,715 | $ | 40,498 | 4.68 | % | $ | 1,114,683 | $ | 36,205 | 4.33 | % | Loans | $ | 1,228,579 | $ | 40,105 | 4.35 | % | $ | 1,154,715 | $ | 40,498 | 4.68 | % | |||||||||||||||||||||||||||||||
Taxable investment securities | 305,880 | 5,522 | 2.41 | % | 346,956 | 6,318 | 2.43 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Taxable investment securities (1) | Taxable investment securities (1) | 237,509 | 3,912 | 2.20 | % | 305,880 | 5,522 | 2.41 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Nontaxable investment securities | 172,091 | 4,867 | 3.77 | % | 194,361 | 5,456 | 3.74 | % | Nontaxable investment securities | 142,893 | 3,989 | 3.72 | % | 172,091 | 4,867 | 3.77 | % | |||||||||||||||||||||||||||||||||||||||
Fed funds sold | 82 | 2 | 2.51 | % | — | — | — | % | Fed funds sold | 4 | — | 0.07 | % | 82 | 2 | 2.51 | % | |||||||||||||||||||||||||||||||||||||||
Other | 32,846 | 824 | 3.34 | % | 22,010 | 716 | 4.34 | % | Other | 114,108 | 803 | 0.94 | % | 32,846 | 824 | 3.34 | % | |||||||||||||||||||||||||||||||||||||||
Total earning assets | 1,665,614 | 51,713 | 4.14 | % | 1,678,010 | 48,695 | 3.87 | % | Total earning assets | 1,723,093 | 48,809 | 3.78 | % | 1,665,614 | 51,713 | 4.14 | % | |||||||||||||||||||||||||||||||||||||||
NONEARNING ASSETS | NONEARNING ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (8,274 | ) | (8,078 | ) | Allowance for loan losses | (8,580) | (8,274) | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash and demand deposits due from banks | 19,793 | 19,481 | Cash and demand deposits due from banks | 23,772 | 19,793 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment | 27,257 | 28,454 | Premises and equipment | 25,911 | 27,257 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued income and other assets | 106,304 | 95,717 | Accrued income and other assets | 117,852 | 106,304 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,810,694 | $ | 1,813,584 | Total assets | $ | 1,882,048 | $ | 1,810,694 | |||||||||||||||||||||||||||||||||||||||||||||||
INTEREST BEARING LIABILITIES | INTEREST BEARING LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing demand deposits | $ | 233,484 | $ | 227 | 0.13 | % | $ | 230,376 | $ | 201 | 0.12 | % | Interest bearing demand deposits | $ | 254,283 | $ | 263 | 0.14 | % | $ | 233,484 | $ | 227 | 0.13 | % | |||||||||||||||||||||||||||||||
Savings deposits | 379,116 | 1,845 | 0.65 | % | 360,295 | 1,169 | 0.43 | % | Savings deposits | 445,702 | 1,064 | 0.32 | % | 379,116 | 1,845 | 0.65 | % | |||||||||||||||||||||||||||||||||||||||
Time deposits | 431,959 | 6,491 | 2.00 | % | 461,114 | 5,342 | 1.54 | % | Time deposits | 389,375 | 5,707 | 1.95 | % | 431,959 | 6,491 | 2.00 | % | |||||||||||||||||||||||||||||||||||||||
Borrowed funds | 314,430 | 4,806 | 2.04 | % | 339,461 | 4,661 | 1.83 | % | Borrowed funds | 253,292 | 3,933 | 2.07 | % | 314,430 | 4,806 | 2.04 | % | |||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 1,358,989 | 13,369 | 1.31 | % | 1,391,246 | 11,373 | 1.09 | % | Total interest bearing liabilities | 1,342,652 | 10,967 | 1.09 | % | 1,358,989 | 13,369 | 1.31 | % | |||||||||||||||||||||||||||||||||||||||
NONINTEREST BEARING LIABILITIES | NONINTEREST BEARING LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | 232,996 | 221,423 | Demand deposits | 304,322 | 232,996 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 12,665 | 7,272 | Other | 15,314 | 12,665 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 206,044 | 193,643 | Shareholders’ equity | 219,760 | 206,044 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,810,694 | $ | 1,813,584 | Total liabilities and shareholders’ equity | $ | 1,882,048 | $ | 1,810,694 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (FTE) | $ | 38,344 | $ | 37,322 | Net interest income (FTE) | $ | 37,842 | $ | 38,344 | |||||||||||||||||||||||||||||||||||||||||||||||
Net yield on interest earning assets (FTE) | 3.07 | % | 2.97 | % | Net yield on interest earning assets (FTE) | 2.93 | % | 3.07 | % |
Three Months Ended September 30, 2019 Compared to June 30, 2019 Increase (Decrease) Due to | Three Months Ended September 30, 2019 Compared to September 30, 2018 Increase (Decrease) Due to | Nine Months Ended September 30, 2019 Compared to September 30, 2018 Increase (Decrease) Due to | Three Months Ended September 30, 2020 Compared to June 30, 2020 Increase (Decrease) Due to | Three Months Ended September 30, 2020 Compared to September 30, 2019 Increase (Decrease) Due to | Nine Months Ended September 30, 2020 Compared to September 30, 2019 Increase (Decrease) Due to | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume | Rate | Net | Volume | Rate | Net | Volume | Rate | Net | Volume | Rate | Net | Volume | Rate | Net | Volume | Rate | Net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in interest income | Changes in interest income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | $ | 260 | $ | 173 | $ | 433 | $ | 287 | $ | 900 | $ | 1,187 | $ | 1,332 | $ | 2,961 | $ | 4,293 | Loans | $ | 356 | $ | (99) | $ | 257 | $ | 1,112 | $ | (1,578) | $ | (466) | $ | 2,504 | $ | (2,897) | $ | (393) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable investment securities | (126 | ) | (56 | ) | (182 | ) | (274 | ) | (66 | ) | (340 | ) | (742 | ) | (54 | ) | (796 | ) | Taxable investment securities | (80) | (201) | (281) | (344) | (276) | (620) | (1,157) | (453) | (1,610) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nontaxable investment securities | (78 | ) | 12 | (66 | ) | (234 | ) | 36 | (198 | ) | (630 | ) | 41 | (589 | ) | Nontaxable investment securities | (56) | (39) | (95) | (267) | (52) | (319) | (816) | (62) | (878) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fed Funds Sold | 2 | — | 2 | 2 | — | 2 | 2 | — | 2 | Fed Funds Sold | — | — | — | (1) | (1) | (2) | (1) | (1) | (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 53 | 96 | 149 | 30 | 13 | 43 | 297 | (189 | ) | 108 | Other | 50 | (120) | (70) | 304 | (437) | (133) | 902 | (923) | (21) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total changes in interest income | 111 | 225 | 336 | (189 | ) | 883 | 694 | 259 | 2,759 | 3,018 | Total changes in interest income | 270 | (459) | (189) | 804 | (2,344) | (1,540) | 1,432 | (4,336) | (2,904) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in interest expense | Changes in interest expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing demand deposits | 1 | (8 | ) | (7 | ) | — | 7 | 7 | 3 | 23 | 26 | Interest bearing demand deposits | 9 | (1) | 8 | 15 | 3 | 18 | 21 | 15 | 36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | 11 | 47 | 58 | 25 | 169 | 194 | 64 | 612 | 676 | Savings deposits | 9 | (93) | (84) | 114 | (585) | (471) | 282 | (1,063) | (781) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | (4 | ) | 68 | 64 | (110 | ) | 453 | 343 | (355 | ) | 1,504 | 1,149 | Time deposits | (56) | (119) | (175) | (264) | (267) | (531) | (627) | (157) | (784) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowed funds | (114 | ) | 22 | (92 | ) | (327 | ) | 102 | (225 | ) | (359 | ) | 504 | 145 | Borrowed funds | (94) | (17) | (111) | (331) | (32) | (363) | (948) | 75 | (873) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total changes in interest expense | (106 | ) | 129 | 23 | (412 | ) | 731 | 319 | (647 | ) | 2,643 | 1,996 | Total changes in interest expense | (132) | (230) | (362) | (466) | (881) | (1,347) | (1,272) | (1,130) | (2,402) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change in interest margin (FTE) | $ | 217 | $ | 96 | $ | 313 | $ | 223 | $ | 152 | $ | 375 | $ | 906 | $ | 116 | $ | 1,022 | Net change in interest margin (FTE) | $ | 402 | $ | (229) | $ | 173 | $ | 1,270 | $ | (1,463) | $ | (193) | $ | 2,704 | $ | (3,206) | $ | (502) |
Average Yield / Rate for the Three-Month Periods Ended: | |||||||||||||||||||||||||||||
September 30 2020 | June 30 2020 | March 31 2020 | December 31 2019 | September 30 2019 | |||||||||||||||||||||||||
Total earning assets | 3.61 | % | 3.74 | % | 3.99 | % | 4.13 | % | 4.23 | % | |||||||||||||||||||
Total interest bearing liabilities | 0.95 | % | 1.07 | % | 1.26 | % | 1.34 | % | 1.35 | % | |||||||||||||||||||
Net yield on interest earning assets (FTE) | 2.89 | % | 2.92 | % | 2.98 | % | 3.06 | % | 3.13 | % |
Quarter to Date Net Interest Income (FTE) | |||||||||||||||||||||||||||||
September 30 2020 | June 30 2020 | March 31 2020 | December 31 2019 | September 30 2019 | |||||||||||||||||||||||||
Total interest income (FTE) | $ | 16,027 | $ | 16,216 | $ | 16,566 | $ | 17,245 | $ | 17,567 | |||||||||||||||||||
Total interest expense | 3,203 | 3,565 | 4,199 | 4,492 | 4,550 | ||||||||||||||||||||||||
Net interest income (FTE) | $ | 12,824 | $ | 12,651 | $ | 12,367 | $ | 12,753 | $ | 13,017 |
Three Months Ended September 30 | Nine Months Ended September 30 | Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
ALLL at beginning of period | $ | 8,037 | $ | 8,200 | $ | 8,375 | $ | 7,700 | ALLL at beginning of period | $ | 8,877 | $ | 8,037 | $ | 7,939 | $ | 8,375 | |||||||||||||||||||||
Charge-offs | Charge-offs | |||||||||||||||||||||||||||||||||||||
Commercial | 21 | — | 134 | 450 | Commercial | 2 | 21 | 7 | 134 | |||||||||||||||||||||||||||||
Agricultural | 1 | 7 | 60 | 51 | Agricultural | — | 1 | 22 | 60 | |||||||||||||||||||||||||||||
Residential real estate | — | 61 | 96 | 100 | Residential real estate | 13 | — | 28 | 96 | |||||||||||||||||||||||||||||
Consumer | 121 | 111 | 324 | 247 | Consumer | 31 | 121 | 213 | 324 | |||||||||||||||||||||||||||||
Total charge-offs | 143 | 179 | 614 | 848 | Total charge-offs | 46 | 143 | 270 | 614 | |||||||||||||||||||||||||||||
Recoveries | Recoveries | |||||||||||||||||||||||||||||||||||||
Commercial | 25 | 79 | 98 | 282 | Commercial | 81 | 25 | 133 | 98 | |||||||||||||||||||||||||||||
Agricultural | 1 | 1 | 2 | 2 | Agricultural | 2 | 1 | 37 | 2 | |||||||||||||||||||||||||||||
Residential real estate | 25 | 37 | 143 | 162 | Residential real estate | 36 | 25 | 102 | 143 | |||||||||||||||||||||||||||||
Consumer | 31 | 38 | 117 | 166 | Consumer | 40 | 31 | 156 | 117 | |||||||||||||||||||||||||||||
Total recoveries | 82 | 155 | 360 | 612 | Total recoveries | 159 | 82 | 428 | 360 | |||||||||||||||||||||||||||||
Net loan charge-offs (recoveries) | 61 | 24 | 254 | 236 | Net loan charge-offs (recoveries) | (113) | 61 | (158) | 254 | |||||||||||||||||||||||||||||
Provision for loan losses | 193 | (76 | ) | 48 | 636 | Provision for loan losses | 516 | 193 | 1,409 | 48 | ||||||||||||||||||||||||||||
ALLL at end of period | $ | 8,169 | $ | 8,100 | $ | 8,169 | $ | 8,100 | ALLL at end of period | $ | 9,506 | $ | 8,169 | $ | 9,506 | $ | 8,169 | |||||||||||||||||||||
Net loan charge-offs (recoveries) to average loans outstanding | 0.01 | % | — | % | 0.02 | % | 0.02 | % | Net loan charge-offs (recoveries) to average loans outstanding | (0.01) | % | 0.01 | % | (0.01) | % | 0.02 | % |
September 30 2019 | June 30 2019 | March 31 2019 | December 31 2018 | September 30 2018 | September 30 2020 | June 30 2020 | March 31 2020 | December 31 2019 | September 30 2019 | |||||||||||||||||||||||||||||||||||||||
Total charge-offs | $ | 143 | $ | 333 | $ | 138 | $ | 253 | $ | 179 | Total charge-offs | $ | 46 | $ | 66 | $ | 158 | $ | 334 | $ | 143 | |||||||||||||||||||||||||||
Total recoveries | 82 | 151 | 127 | 186 | 155 | Total recoveries | 159 | 141 | 128 | 122 | 82 | |||||||||||||||||||||||||||||||||||||
Net loan charge-offs (recoveries) | 61 | 182 | 11 | 67 | 24 | Net loan charge-offs (recoveries) | (113) | (75) | 30 | 212 | 61 | |||||||||||||||||||||||||||||||||||||
Net loan charge-offs (recoveries) to average loans outstanding | 0.01 | % | 0.02 | % | — | % | 0.01 | % | — | % | Net loan charge-offs (recoveries) to average loans outstanding | (0.01) | % | (0.01) | % | — | % | 0.02 | % | 0.01 | % | |||||||||||||||||||||||||||
Provision for loan losses | $ | 193 | $ | (179 | ) | $ | 34 | $ | 342 | $ | (76 | ) | Provision for loan losses | $ | 516 | $ | 105 | $ | 788 | $ | (18) | $ | 193 | |||||||||||||||||||||||||
Provision for loan losses to average loans outstanding | 0.02 | % | (0.02 | )% | — | % | 0.03 | % | (0.01 | )% | Provision for loan losses to average loans outstanding | 0.04 | % | 0.01 | % | 0.07 | % | — | % | 0.02 | % | |||||||||||||||||||||||||||
ALLL | $ | 8,169 | $ | 8,037 | $ | 8,398 | $ | 8,375 | $ | 8,100 | ALLL | $ | 9,506 | $ | 8,877 | $ | 8,697 | $ | 7,939 | $ | 8,169 | |||||||||||||||||||||||||||
ALLL as a % of loans at end of period | 0.69 | % | 0.68 | % | 0.73 | % | 0.74 | % | 0.71 | % | ALLL as a % of loans at end of period | 0.73 | % | 0.69 | % | 0.74 | % | 0.67 | % | 0.69 | % |
September 30 2019 | June 30 2019 | March 31 2019 | December 31 2018 | September 30 2018 | September 30 2020 | June 30 2020 | March 31 2020 | December 31 2019 | September 30 2019 | |||||||||||||||||||||||||||||||||||||||
ALLL | ALLL | |||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,333 | $ | 1,479 | $ | 1,509 | $ | 1,938 | $ | 2,074 | Individually evaluated for impairment | $ | 869 | $ | 950 | $ | 1,309 | $ | 1,114 | $ | 1,333 | |||||||||||||||||||||||||||
Collectively evaluated for impairment | 6,836 | 6,558 | 6,889 | 6,437 | 6,026 | Collectively evaluated for impairment | 8,637 | 7,927 | 7,388 | 6,825 | 6,836 | |||||||||||||||||||||||||||||||||||||
Total | $ | 8,169 | $ | 8,037 | $ | 8,398 | $ | 8,375 | $ | 8,100 | Total | $ | 9,506 | $ | 8,877 | $ | 8,697 | $ | 7,939 | $ | 8,169 | |||||||||||||||||||||||||||
ALLL to gross loans | ALLL to gross loans | |||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 0.11 | % | 0.13 | % | 0.13 | % | 0.17 | % | 0.18 | % | Individually evaluated for impairment | 0.07 | % | 0.07 | % | 0.11 | % | 0.09 | % | 0.11 | % | |||||||||||||||||||||||||||
Collectively evaluated for impairment | 0.58 | % | 0.55 | % | 0.60 | % | 0.57 | % | 0.53 | % | Collectively evaluated for impairment | 0.66 | % | 0.62 | % | 0.63 | % | 0.58 | % | 0.58 | % | |||||||||||||||||||||||||||
Total | 0.69 | % | 0.68 | % | 0.73 | % | 0.74 | % | 0.71 | % | Total | 0.73 | % | 0.69 | % | 0.74 | % | 0.67 | % | 0.69 | % |
Total Past Due and Nonaccrual Loans | Total Past Due and Nonaccrual Loans | |||||||||||||||||||||||||||||||||||||||||||||||
September 30 2019 | June 30 2019 | March 31 2019 | December 31 2018 | September 30 2018 | September 30 2020 | June 30 2020 | March 31 2020 | December 31 2019 | September 30 2019 | |||||||||||||||||||||||||||||||||||||||
Commercial | $ | 3,175 | $ | 2,243 | $ | 5,299 | $ | 2,722 | $ | 3,084 | Commercial | $ | 2,082 | $ | 1,986 | $ | 6,180 | $ | 2,477 | $ | 3,175 | |||||||||||||||||||||||||||
Agricultural | 4,800 | 6,672 | 6,854 | 5,377 | 5,663 | Agricultural | 3,903 | 4,455 | 4,870 | 4,285 | 4,800 | |||||||||||||||||||||||||||||||||||||
Residential real estate | 1,999 | 1,690 | 6,063 | 3,208 | 3,137 | Residential real estate | 1,160 | 384 | 3,426 | 4,572 | 1,999 | |||||||||||||||||||||||||||||||||||||
Consumer | 162 | 94 | 152 | 105 | 68 | Consumer | 72 | 45 | 366 | 71 | 162 | |||||||||||||||||||||||||||||||||||||
Total | $ | 10,136 | $ | 10,699 | $ | 18,368 | $ | 11,412 | $ | 11,952 | Total | $ | 7,217 | $ | 6,870 | $ | 14,842 | $ | 11,405 | $ | 10,136 | |||||||||||||||||||||||||||
Total past due and nonaccrual loans to gross loans | 0.85 | % | 0.91 | % | 1.60 | % | 1.01 | % | 1.05 | % | Total past due and nonaccrual loans to gross loans | 0.55 | % | 0.53 | % | 1.26 | % | 0.96 | % | 0.85 | % |
Three Months Ended September 30, 2019 | ||||||||||||||||||||
Accruing Interest | Nonaccrual | Total | ||||||||||||||||||
Number of Loans | Balance | Number of Loans | Balance | Number of Loans | Balance | |||||||||||||||
July 1, 2019 | 122 | $ | 20,310 | 22 | $ | 5,655 | 144 | $ | 25,965 | |||||||||||
New modifications | 1 | 25 | — | — | 1 | 25 | ||||||||||||||
Principal advances (payments) | — | (260 | ) | — | (120 | ) | — | (380 | ) | |||||||||||
Loans paid off | (4 | ) | (294 | ) | (2 | ) | (617 | ) | (6 | ) | (911 | ) | ||||||||
Partial charge-offs | — | — | — | — | — | — | ||||||||||||||
Transfers to accrual status | 8 | 1,142 | (8 | ) | (1,142 | ) | — | — | ||||||||||||
Transfers to nonaccrual status | (1 | ) | (30 | ) | 1 | 30 | — | — | ||||||||||||
September 30, 2019 | 126 | $ | 20,893 | 13 | $ | 3,806 | 139 | $ | 24,699 |
Nine Months Ended September 30, 2019 | ||||||||||||||||||||
Accruing Interest | Nonaccrual | Total | ||||||||||||||||||
Number of Loans | Balance | Number of Loans | Balance | Number of Loans | Balance | |||||||||||||||
January 1, 2019 | 133 | $ | 23,400 | 28 | $ | 3,551 | 161 | $ | 26,951 | |||||||||||
New modifications | 6 | 2,043 | — | — | 6 | 2,043 | ||||||||||||||
Principal advances (payments) | — | (980 | ) | — | (380 | ) | — | (1,360 | ) | |||||||||||
Loans paid off | (16 | ) | (1,487 | ) | (11 | ) | (1,335 | ) | (27 | ) | (2,822 | ) | ||||||||
Partial charge-offs | — | — | — | (65 | ) | — | (65 | ) | ||||||||||||
Transfers to OREO | — | — | (1 | ) | (48 | ) | (1 | ) | (48 | ) | ||||||||||
Transfers to accrual status | 9 | 1,219 | (9 | ) | (1,219 | ) | — | — | ||||||||||||
Transfers to nonaccrual status | (6 | ) | (3,302 | ) | 6 | 3,302 | — | — | ||||||||||||
September 30, 2019 | 126 | $ | 20,893 | 13 | $ | 3,806 | 139 | $ | 24,699 |
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||
Accruing Interest | Nonaccrual | Total | |||||||||||||||||||||||||||||||||
Number of Loans | Balance | Number of Loans | Balance | Number of Loans | Balance | ||||||||||||||||||||||||||||||
July 1, 2020 | 111 | $ | 20,589 | 5 | $ | 2,596 | 116 | $ | 23,185 | ||||||||||||||||||||||||||
New modifications | 3 | 3,630 | 1 | 110 | 4 | 3,740 | |||||||||||||||||||||||||||||
Principal advances (payments) | — | (206) | — | (9) | — | (215) | |||||||||||||||||||||||||||||
Loans paid off | (7) | (756) | — | — | (7) | (756) | |||||||||||||||||||||||||||||
September 30, 2020 | 107 | $ | 23,257 | 6 | $ | 2,697 | 113 | $ | 25,954 |
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||
Accruing Interest | Nonaccrual | Total | |||||||||||||||||||||||||||||||||
Number of Loans | Balance | Number of Loans | Balance | Number of Loans | Balance | ||||||||||||||||||||||||||||||
January 1, 2020 | 122 | $ | 21,194 | 9 | $ | 3,543 | 131 | $ | 24,737 | ||||||||||||||||||||||||||
New modifications | 10 | 6,554 | 2 | 603 | 12 | 7,157 | |||||||||||||||||||||||||||||
Principal advances (payments) | — | (1,280) | — | (139) | — | (1,419) | |||||||||||||||||||||||||||||
Loans paid off | (26) | (3,315) | (2) | (850) | (28) | (4,165) | |||||||||||||||||||||||||||||
Transfers to OREO | — | — | (2) | (356) | (2) | (356) | |||||||||||||||||||||||||||||
Transfers to accrual status | 1 | 104 | (1) | (104) | — | — | |||||||||||||||||||||||||||||
September 30, 2020 | 107 | $ | 23,257 | 6 | $ | 2,697 | 113 | $ | 25,954 |
Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||
Accruing Interest | Nonaccrual | Total | |||||||||||||||||||||||||||||||||
Number of Loans | Balance | Number of Loans | Balance | Number of Loans | Balance | ||||||||||||||||||||||||||||||
July 1, 2019 | 122 | $ | 20,310 | 22 | $ | 5,655 | 144 | $ | 25,965 | ||||||||||||||||||||||||||
New modifications | 1 | 25 | — | — | 1 | 25 | |||||||||||||||||||||||||||||
Principal advances (payments) | — | (260) | — | (120) | — | (380) | |||||||||||||||||||||||||||||
Loans paid off | (4) | (294) | (2) | (617) | (6) | (911) | |||||||||||||||||||||||||||||
Transfers to accrual status | 8 | 1,142 | (8) | (1,142) | — | — | |||||||||||||||||||||||||||||
Transfers to nonaccrual status | (1) | (30) | 1 | 30 | — | — | |||||||||||||||||||||||||||||
September 30, 2019 | 126 | $ | 20,893 | 13 | $ | 3,806 | 139 | $ | 24,699 |
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||
Accruing Interest | Nonaccrual | Total | |||||||||||||||||||||||||||||||||
Number of Loans | Balance | Number of Loans | Balance | Number of Loans | Balance | ||||||||||||||||||||||||||||||
January 1, 2019 | 133 | $ | 23,400 | 28 | $ | 3,551 | 161 | $ | 26,951 | ||||||||||||||||||||||||||
New modifications | 6 | 2,043 | — | — | 6 | 2,043 | |||||||||||||||||||||||||||||
Principal advances (payments) | — | (980) | — | (380) | — | (1,360) | |||||||||||||||||||||||||||||
Loans paid off | (16) | (1,487) | (11) | (1,335) | (27) | (2,822) | |||||||||||||||||||||||||||||
Partial charge-offs | — | — | — | (65) | — | (65) | |||||||||||||||||||||||||||||
Transfers to OREO | — | — | (1) | (48) | (1) | (48) | |||||||||||||||||||||||||||||
Transfers to accrual status | 9 | 1,219 | (9) | (1,219) | — | — | |||||||||||||||||||||||||||||
Transfers to nonaccrual status | (6) | (3,302) | 6 | 3,302 | — | — | |||||||||||||||||||||||||||||
September 30, 2019 | 126 | $ | 20,893 | 13 | $ | 3,806 | 139 | $ | 24,699 |
Three Months Ended September 30, 2018 | ||||||||||||||||||||
Accruing Interest | Nonaccrual | Total | ||||||||||||||||||
Number of Loans | Balance | Number of Loans | Balance | Number of Loans | Balance | |||||||||||||||
July 1, 2018 | 142 | $ | 23,730 | 21 | $ | 4,071 | 163 | $ | 27,801 | |||||||||||
New modifications | 3 | 950 | 5 | 476 | 8 | 1,426 | ||||||||||||||
Principal advances (payments) | — | (557 | ) | — | (46 | ) | — | (603 | ) | |||||||||||
Loans paid off | (6 | ) | (244 | ) | (2 | ) | (363 | ) | (8 | ) | (607 | ) | ||||||||
Partial charge-offs | — | — | — | (7 | ) | — | (7 | ) | ||||||||||||
Transfers to nonaccrual status | (2 | ) | (111 | ) | 2 | 111 | — | — | ||||||||||||
September 30, 2018 | 137 | $ | 23,768 | 26 | $ | 4,242 | 163 | $ | 28,010 |
Nine Months Ended September 30, 2018 | ||||||||||||||||||||
Accruing Interest | Nonaccrual | Total | ||||||||||||||||||
Number of Loans | Balance | Number of Loans | Balance | Number of Loans | Balance | |||||||||||||||
January 1, 2018 | 147 | $ | 23,284 | 13 | $ | 2,913 | 160 | $ | 26,197 | |||||||||||
New modifications | 25 | 6,514 | 9 | 1,133 | 34 | 7,647 | ||||||||||||||
Principal advances (payments) | — | (878 | ) | — | (621 | ) | — | (1,499 | ) | |||||||||||
Loans paid off | (28 | ) | (3,942 | ) | (3 | ) | (386 | ) | (31 | ) | (4,328 | ) | ||||||||
Partial charge-offs | — | — | — | (7 | ) | — | (7 | ) | ||||||||||||
Transfers to nonaccrual status | (7 | ) | (1,210 | ) | 7 | 1,210 | — | — | ||||||||||||
September 30, 2018 | 137 | $ | 23,768 | 26 | $ | 4,242 | 163 | $ | 28,010 |
September 30, 2019 | December 31, 2018 | September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accruing Interest | Nonaccrual | Total | Accruing Interest | Nonaccrual | Total | Total Change | Accruing Interest | Nonaccrual | Total | Accruing Interest | Nonaccrual | Total | Total Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | 20,634 | $ | 508 | $ | 21,142 | $ | 21,794 | $ | 2,673 | $ | 24,467 | $ | (3,325 | ) | Current | $ | 23,150 | $ | 591 | $ | 23,741 | $ | 20,847 | $ | 507 | $ | 21,354 | $ | 2,387 | ||||||||||||||||||||||||||||||||||||||
Past due 30-59 days | 259 | 3,298 | 3,557 | 899 | — | 899 | 2,658 | Past due 30-59 days | 66 | — | 66 | 346 | — | 346 | (280) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Past due 60-89 days | — | — | — | 707 | — | 707 | (707 | ) | Past due 60-89 days | 41 | 2,106 | 2,147 | 1 | — | 1 | 2,146 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Past due 90 days or more | — | — | — | — | 878 | 878 | (878 | ) | Past due 90 days or more | — | — | — | — | 3,036 | 3,036 | (3,036) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 20,893 | $ | 3,806 | $ | 24,699 | $ | 23,400 | $ | 3,551 | $ | 26,951 | $ | (2,252 | ) | Total | $ | 23,257 | $ | 2,697 | $ | 25,954 | $ | 21,194 | $ | 3,543 | $ | 24,737 | $ | 1,217 |
September 30, 2019 | December 31, 2018 | September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded Balance | Unpaid Principal Balance | Valuation Allowance | Recorded Balance | Unpaid Principal Balance | Valuation Allowance | Recorded Balance | Unpaid Principal Balance | Valuation Allowance | Recorded Balance | Unpaid Principal Balance | Valuation Allowance | |||||||||||||||||||||||||||||||||||||||||||||||
TDRs | TDRs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 5,929 | $ | 6,249 | $ | 29 | $ | 6,507 | $ | 6,840 | $ | 437 | Commercial real estate | $ | 4,579 | $ | 4,833 | $ | 57 | $ | 5,325 | $ | 5,643 | $ | 15 | |||||||||||||||||||||||||||||||||
Commercial other | 1,299 | 1,299 | — | 1,713 | 1,713 | — | Commercial other | 5,398 | 5,398 | 2 | 1,156 | 1,156 | — | |||||||||||||||||||||||||||||||||||||||||||||
Agricultural real estate | 8,001 | 8,001 | 101 | 7,452 | 7,452 | 112 | Agricultural real estate | 8,894 | 8,893 | 60 | 9,182 | 9,181 | 12 | |||||||||||||||||||||||||||||||||||||||||||||
Agricultural other | 4,554 | 4,554 | 11 | 5,288 | 5,331 | — | Agricultural other | 3,033 | 3,033 | 2 | 4,421 | 4,421 | 14 | |||||||||||||||||||||||||||||||||||||||||||||
Residential real estate senior liens | 4,883 | 5,164 | 971 | 5,923 | 6,205 | 1,181 | Residential real estate senior liens | 4,050 | 4,244 | 687 | 4,641 | 4,923 | 922 | |||||||||||||||||||||||||||||||||||||||||||||
Residential real estate junior liens | 12 | 12 | 2 | 12 | 12 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 21 | 321 | — | 47 | 347 | — | Home equity lines of credit | — | — | — | 12 | 312 | — | |||||||||||||||||||||||||||||||||||||||||||||
Consumer secured | — | — | — | 9 | 9 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total TDRs | 24,699 | 25,600 | 1,114 | 26,951 | 27,909 | 1,732 | Total TDRs | 25,954 | 26,401 | 808 | 24,737 | 25,636 | 963 | |||||||||||||||||||||||||||||||||||||||||||||
Other impaired loans | Other impaired loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 157 | 219 | — | 256 | 318 | — | Commercial real estate | 143 | 206 | — | 153 | 216 | — | |||||||||||||||||||||||||||||||||||||||||||||
Commercial other | 1,241 | 1,241 | 5 | 1,423 | 1,530 | 6 | Commercial other | 1,231 | 1,231 | — | 1,231 | 1,231 | — | |||||||||||||||||||||||||||||||||||||||||||||
Agricultural real estate | 516 | 516 | — | 557 | 558 | — | Agricultural real estate | 707 | 757 | 5 | 699 | 750 | — | |||||||||||||||||||||||||||||||||||||||||||||
Agricultural other | 695 | 695 | 20 | 1,001 | 1,000 | 20 | Agricultural other | 269 | 269 | — | 538 | 538 | — | |||||||||||||||||||||||||||||||||||||||||||||
Residential real estate senior liens | 962 | 1,151 | 194 | 911 | 1,084 | 180 | Residential real estate senior liens | 335 | 482 | 56 | 760 | 907 | 151 | |||||||||||||||||||||||||||||||||||||||||||||
Residential real estate junior liens | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 75 | 75 | — | — | — | — | Home equity lines of credit | — | — | — | 73 | 73 | — | |||||||||||||||||||||||||||||||||||||||||||||
Total other impaired loans | 3,646 | 3,897 | 219 | 4,148 | 4,490 | 206 | Total other impaired loans | 2,685 | 2,945 | 61 | 3,454 | 3,715 | 151 | |||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 28,345 | $ | 29,497 | $ | 1,333 | $ | 31,099 | $ | 32,399 | $ | 1,938 | Total impaired loans | $ | 28,639 | $ | 29,346 | $ | 869 | $ | 28,191 | $ | 29,351 | $ | 1,114 |
September 30 2019 | June 30 2019 | March 31 2019 | December 31 2018 | September 30 2018 | September 30 2020 | June 30 2020 | March 31 2020 | December 31 2019 | September 30 2019 | |||||||||||||||||||||||||||||||||||||||
Nonaccrual status loans | $ | 6,962 | $ | 8,107 | $ | 7,260 | $ | 7,260 | $ | 7,136 | Nonaccrual status loans | $ | 4,946 | $ | 5,319 | $ | 6,913 | $ | 6,535 | $ | 6,962 | |||||||||||||||||||||||||||
Accruing loans past due 90 days or more | 40 | 110 | 30 | 113 | 274 | Accruing loans past due 90 days or more | — | 53 | 40 | — | 40 | |||||||||||||||||||||||||||||||||||||
Total nonperforming loans | 7,002 | 8,217 | 7,290 | 7,373 | 7,410 | Total nonperforming loans | 4,946 | 5,372 | 6,953 | 6,535 | 7,002 | |||||||||||||||||||||||||||||||||||||
Foreclosed assets | 468 | 513 | 401 | 355 | 305 | Foreclosed assets | 651 | 776 | 564 | 456 | 468 | |||||||||||||||||||||||||||||||||||||
Debt securities | Debt securities | 230 | 230 | 230 | 230 | 230 | ||||||||||||||||||||||||||||||||||||||||||
Total nonperforming assets | $ | 7,470 | $ | 8,730 | $ | 7,691 | $ | 7,728 | $ | 7,715 | Total nonperforming assets | $ | 5,827 | $ | 6,378 | $ | 7,747 | $ | 7,221 | $ | 7,700 | |||||||||||||||||||||||||||
Nonperforming loans as a % of total loans | 0.59 | % | 0.70 | % | 0.64 | % | 0.65 | % | 0.65 | % | Nonperforming loans as a % of total loans | 0.38 | % | 0.42 | % | 0.59 | % | 0.55 | % | 0.59 | % | |||||||||||||||||||||||||||
Nonperforming assets as a % of total assets | 0.41 | % | 0.48 | % | 0.43 | % | 0.42 | % | 0.42 | % | Nonperforming assets as a % of total assets | 0.30 | % | 0.33 | % | 0.43 | % | 0.40 | % | 0.42 | % |
September 30 2019 | June 30 2019 | March 31 2019 | December 31 2018 | September 30 2018 | September 30 2020 | June 30 2020 | March 31 2020 | December 31 2019 | September 30 2019 | |||||||||||||||||||||||||||||||||||||||
Commercial | $ | 1,632 | $ | 1,692 | $ | 1,931 | $ | 1,757 | $ | 1,140 | Commercial | $ | 1,364 | $ | 1,367 | $ | 1,643 | $ | 1,621 | $ | 1,632 | |||||||||||||||||||||||||||
Agricultural | 4,520 | 5,532 | 4,757 | 4,949 | 5,298 | Agricultural | 3,538 | 3,656 | 4,606 | 4,285 | 4,520 | |||||||||||||||||||||||||||||||||||||
Residential real estate | 810 | 883 | 572 | 554 | 698 | Residential real estate | 44 | 296 | 661 | 629 | 810 | |||||||||||||||||||||||||||||||||||||
Consumer | Consumer | — | — | 3 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 6,962 | $ | 8,107 | $ | 7,260 | $ | 7,260 | $ | 7,136 | Total | $ | 4,946 | $ | 5,319 | $ | 6,913 | $ | 6,535 | $ | 6,962 |
September 30 2019 | June 30 2019 | March 31 2019 | December 31 2018 | September 30 2018 | September 30 2020 | June 30 2020 | March 31 2020 | December 31 2019 | September 30 2019 | |||||||||||||||||||||||||||||||||||||||
Commercial | $ | 390 | $ | 450 | $ | 515 | $ | 160 | $ | 723 | Commercial | $ | 134 | $ | 28 | $ | 304 | $ | 390 | $ | 390 | |||||||||||||||||||||||||||
Agricultural | 3,309 | 5,096 | 3,199 | 3,391 | 3,237 | Agricultural | 2,563 | 2,568 | 3,441 | 3,048 | 3,309 | |||||||||||||||||||||||||||||||||||||
Residential real estate | 107 | 109 | 111 | — | 282 | Residential real estate | — | — | 104 | 105 | 107 | |||||||||||||||||||||||||||||||||||||
Total | $ | 3,806 | $ | 5,655 | $ | 3,825 | $ | 3,551 | $ | 4,242 | Total | $ | 2,697 | $ | 2,596 | $ | 3,849 | $ | 3,543 | $ | 3,806 |
Three Months Ended September 30 | ||||||||||||||
Change | ||||||||||||||
2019 | 2018 | $ | % | |||||||||||
Service charges and fees | $ | 1,705 | $ | 1,557 | $ | 148 | 9.51 | % | ||||||
Investment and Trust advisory fees | 689 | 748 | (59 | ) | (7.89 | )% | ||||||||
Earnings on corporate owned life insurance policies | 190 | 185 | 5 | 2.70 | % | |||||||||
Net gain on sale of mortgage loans | 199 | 171 | 28 | 16.37 | % | |||||||||
Net gains on foreclosed assets | 202 | 23 | 179 | 778.26 | % | |||||||||
Net gains on sale of AFS securities | 6 | — | 6 | N/M | ||||||||||
Other | ||||||||||||||
Corporate Settlement Solutions joint venture | 181 | 120 | 61 | 50.83 | % | |||||||||
All other | 102 | 74 | 28 | 37.84 | % | |||||||||
Total other | 283 | 194 | 89 | 45.88 | % | |||||||||
Total noninterest income | $ | 3,274 | $ | 2,878 | $ | 396 | 13.76 | % |
Nine Months Ended September 30 | ||||||||||||||
Change | ||||||||||||||
2019 | 2018 | $ | % | |||||||||||
Service charges and fees | $ | 4,706 | $ | 4,533 | $ | 173 | 3.82 | % | ||||||
Investment and Trust advisory fees | 2,146 | 2,144 | 2 | 0.09 | % | |||||||||
Earnings on corporate owned life insurance policies | 564 | 551 | 13 | 2.36 | % | |||||||||
Net gain on sale of mortgage loans | 408 | 339 | 69 | 20.35 | % | |||||||||
Net gains on foreclosed assets | 213 | 34 | 179 | 526.47 | % | |||||||||
Net gains on sale of AFS securities | 6 | — | 6 | N/M | ||||||||||
Other | ||||||||||||||
Corporate Settlement Solutions joint venture | 394 | 274 | 120 | 43.80 | % | |||||||||
All other | 327 | 241 | 86 | 35.68 | % | |||||||||
Total other | 721 | 515 | 206 | 40.00 | % | |||||||||
Total noninterest income | $ | 8,764 | $ | 8,116 | $ | 648 | 7.98 | % |
Three Months Ended September 30 | |||||||||||||||||||||||
Change | |||||||||||||||||||||||
2020 | 2019 | $ | % | ||||||||||||||||||||
Service charges and fees | |||||||||||||||||||||||
ATM and debit card fees | $ | 1,003 | $ | 867 | $ | 136 | 15.69 | % | |||||||||||||||
Service charges and fees on deposit accounts | 436 | 621 | (185) | (29.79) | % | ||||||||||||||||||
Freddie Mac servicing fee | 162 | 160 | 2 | 1.25 | % | ||||||||||||||||||
Net OMSR income (loss) | 271 | (22) | 293 | N/M | |||||||||||||||||||
Other fees for customer services | 78 | 79 | (1) | (1.27) | % | ||||||||||||||||||
Total service charges and fees | 1,950 | 1,705 | 245 | 14.37 | % | ||||||||||||||||||
Wealth management fees | 649 | 689 | (40) | (5.81) | % | ||||||||||||||||||
Net gain on sale of mortgage loans | 1,036 | 199 | 837 | 420.60 | % | ||||||||||||||||||
Earnings on corporate owned life insurance policies | 187 | 190 | (3) | (1.58) | % | ||||||||||||||||||
All other | 238 | 491 | (253) | (51.53) | % | ||||||||||||||||||
Total noninterest income | $ | 4,060 | $ | 3,274 | $ | 786 | 24.01 | % |
Nine Months Ended September 30 | |||||||||||||||||||||||
Change | |||||||||||||||||||||||
2020 | 2019 | $ | % | ||||||||||||||||||||
Service charges and fees | |||||||||||||||||||||||
ATM and debit card fees | $ | 2,680 | $ | 2,332 | $ | 348 | 14.92 | % | |||||||||||||||
Service charges and fees on deposit accounts | 1,373 | 1,717 | (344) | (20.03) | % | ||||||||||||||||||
Freddie Mac servicing fee | 476 | 471 | 5 | 1.06 | % | ||||||||||||||||||
Net OMSR income (loss) | (79) | (60) | (19) | (31.67) | % | ||||||||||||||||||
Other fees for customer services | 239 | 246 | (7) | (2.85) | % | ||||||||||||||||||
Total service charges and fees | 4,689 | 4,706 | (17) | (0.36) | % | ||||||||||||||||||
Wealth management fees | 1,877 | 2,146 | (269) | (12.53) | % | ||||||||||||||||||
Net gain on sale of mortgage loans | 1,653 | 408 | 1,245 | 305.15 | % | ||||||||||||||||||
Gains from redemption of corporate owned life insurance policies | 873 | — | 873 | N/M | |||||||||||||||||||
Earnings on corporate owned life insurance policies | 558 | 564 | (6) | (1.06) | % | ||||||||||||||||||
All other | 654 | 940 | (286) | (30.43) | % | ||||||||||||||||||
Total noninterest income | $ | 10,304 | $ | 8,764 | $ | 1,540 | 17.57 | % |
Three Months Ended September 30 | ||||||||||||||
Change | ||||||||||||||
2019 | 2018 | $ | % | |||||||||||
Compensation and benefits | $ | 5,971 | $ | 5,845 | $ | 126 | 2.16 | % | ||||||
Furniture and equipment | 1,427 | 1,473 | (46 | ) | (3.12 | )% | ||||||||
Occupancy | 830 | 870 | (40 | ) | (4.60 | )% | ||||||||
Other | ||||||||||||||
Audit, consulting, and legal fees | 508 | 566 | (58 | ) | (10.25 | )% | ||||||||
ATM and debit card fees | 308 | 246 | 62 | 25.20 | % | |||||||||
Loan underwriting fees | 185 | 339 | (154 | ) | (45.43 | )% | ||||||||
Donations and community relations | 330 | 141 | 189 | 134.04 | % | |||||||||
Director fees | 195 | 212 | (17 | ) | (8.02 | )% | ||||||||
Marketing costs | 248 | 285 | (37 | ) | (12.98 | )% | ||||||||
Memberships and subscriptions | 176 | 153 | 23 | 15.03 | % | |||||||||
Education and travel | 72 | 130 | (58 | ) | (44.62 | )% | ||||||||
FDIC insurance premiums | (282 | ) | 185 | (467 | ) | (252.43 | )% | |||||||
All other | 652 | 642 | 10 | 1.56 | % | |||||||||
Total other | 2,392 | 2,899 | (507 | ) | (17.49 | )% | ||||||||
Total noninterest expenses | $ | 10,620 | $ | 11,087 | $ | (467 | ) | (4.21 | )% |
Nine Months Ended September 30 | Three Months Ended September 30 | ||||||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||||
2019 | 2018 | $ | % | 2020 | 2019 | $ | % | ||||||||||||||||||||||||||||||
Compensation and benefits | $ | 17,650 | $ | 17,018 | $ | 632 | 3.71 | % | Compensation and benefits | $ | 6,101 | $ | 5,971 | $ | 130 | 2.18 | % | ||||||||||||||||||||
Furniture and equipment | 4,330 | 4,459 | (129 | ) | (2.89 | )% | Furniture and equipment | 1,426 | 1,427 | (1) | (0.07) | % | |||||||||||||||||||||||||
Occupancy | 2,594 | 2,501 | 93 | 3.72 | % | Occupancy | 889 | 830 | 59 | 7.11 | % | ||||||||||||||||||||||||||
Other | Other | ||||||||||||||||||||||||||||||||||||
Audit, consulting, and legal fees | 1,424 | 1,745 | (321 | ) | (18.40 | )% | Audit, consulting, and legal fees | 417 | 500 | (83) | (16.60) | % | |||||||||||||||||||||||||
ATM and debit card fees | 854 | 712 | 142 | 19.94 | % | ATM and debit card fees | 373 | 308 | 65 | 21.10 | % | ||||||||||||||||||||||||||
Marketing costs | Marketing costs | 209 | 248 | (39) | (15.73) | % | |||||||||||||||||||||||||||||||
Loan underwriting fees | 669 | 653 | 16 | 2.45 | % | Loan underwriting fees | 199 | 185 | 14 | 7.57 | % | ||||||||||||||||||||||||||
Donations and community relations | 660 | 502 | 158 | 31.47 | % | Donations and community relations | 131 | 330 | (199) | (60.30) | % | ||||||||||||||||||||||||||
Memberships and subscriptions | Memberships and subscriptions | 188 | 176 | 12 | 6.82 | % | |||||||||||||||||||||||||||||||
Director fees | 592 | 643 | (51 | ) | (7.93 | )% | Director fees | 168 | 195 | (27) | (13.85) | % | |||||||||||||||||||||||||
Marketing costs | 561 | 544 | 17 | 3.13 | % | ||||||||||||||||||||||||||||||||
Memberships and subscriptions | 519 | 422 | 97 | 22.99 | % | ||||||||||||||||||||||||||||||||
Education and travel | 285 | 346 | (61 | ) | (17.63 | )% | |||||||||||||||||||||||||||||||
FDIC insurance premiums | 50 | 505 | (455 | ) | (90.10 | )% | FDIC insurance premiums | 159 | (282) | 441 | N/M | ||||||||||||||||||||||||||
Postage and freight | Postage and freight | 118 | 112 | 6 | 5.36 | % | |||||||||||||||||||||||||||||||
All other | 1,970 | 1,932 | 38 | 1.97 | % | All other | 572 | 620 | (48) | (7.74) | % | ||||||||||||||||||||||||||
Total other | 7,584 | 8,004 | (420 | ) | (5.25 | )% | |||||||||||||||||||||||||||||||
Total other noninterest expenses | Total other noninterest expenses | 2,534 | 2,392 | 142 | 5.94 | % | |||||||||||||||||||||||||||||||
Total noninterest expenses | $ | 32,158 | $ | 31,982 | $ | 176 | 0.55 | % | Total noninterest expenses | $ | 10,950 | $ | 10,620 | $ | 330 | 3.11 | % |
Nine Months Ended September 30 | |||||||||||||||||||||||
Change | |||||||||||||||||||||||
2020 | 2019 | $ | % | ||||||||||||||||||||
Compensation and benefits | $ | 17,763 | $ | 17,650 | $ | 113 | 0.64 | % | |||||||||||||||
Furniture and equipment | 4,318 | 4,330 | (12) | (0.28) | % | ||||||||||||||||||
Occupancy | 2,668 | 2,594 | 74 | 2.85 | % | ||||||||||||||||||
Other | |||||||||||||||||||||||
Audit, consulting, and legal fees | 1,348 | 1,406 | (58) | (4.13) | % | ||||||||||||||||||
ATM and debit card fees | 1,024 | 854 | 170 | 19.91 | % | ||||||||||||||||||
Marketing costs | 677 | 561 | 116 | 20.68 | % | ||||||||||||||||||
Loan underwriting fees | 577 | 669 | (92) | (13.75) | % | ||||||||||||||||||
Donations and community relations | 566 | 660 | (94) | (14.24) | % | ||||||||||||||||||
Memberships and subscriptions | 546 | 519 | 27 | 5.20 | % | ||||||||||||||||||
Director fees | 527 | 592 | (65) | (10.98) | % | ||||||||||||||||||
FDIC insurance premiums | 459 | 50 | 409 | N/M | |||||||||||||||||||
Postage and freight | 370 | 362 | 8 | 2.21 | % | ||||||||||||||||||
All other | 1,752 | 1,911 | (159) | (8.32) | % | ||||||||||||||||||
Total other noninterest expenses | 7,846 | 7,584 | 262 | 3.45 | % | ||||||||||||||||||
Total noninterest expenses | $ | 32,595 | $ | 32,158 | $ | 437 | 1.36 | % |
September 30 2019 | December 31 2018 | $ Change | % Change (unannualized) | September 30 2020 | December 31 2019 | $ Change | % Change (unannualized) | ||||||||||||||||||||||||||||||
ASSETS | ASSETS | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 34,331 | $ | 73,471 | $ | (39,140 | ) | (53.27 | )% | Cash and cash equivalents | $ | 165,749 | $ | 60,572 | $ | 105,177 | 173.64 | % | |||||||||||||||||||
AFS securities | AFS securities | ||||||||||||||||||||||||||||||||||||
Amortized cost of AFS securities | 439,392 | 501,245 | (61,853 | ) | (12.34 | )% | Amortized cost of AFS securities | 348,962 | 423,980 | (75,018) | (17.69) | % | |||||||||||||||||||||||||
Unrealized gains (losses) on AFS securities | 6,137 | (6,411 | ) | 12,548 | N/M | Unrealized gains (losses) on AFS securities | 14,092 | 5,859 | 8,233 | 140.52 | % | ||||||||||||||||||||||||||
AFS securities | 445,529 | 494,834 | (49,305 | ) | (9.96 | )% | AFS securities | 363,054 | 429,839 | (66,785) | (15.54) | % | |||||||||||||||||||||||||
Mortgage loans AFS | 1,912 | 358 | 1,554 | N/M | Mortgage loans AFS | 4,661 | 904 | 3,757 | N/M | ||||||||||||||||||||||||||||
Loans | Loans | ||||||||||||||||||||||||||||||||||||
Gross loans | 1,191,804 | 1,128,707 | 63,097 | 5.59 | % | Gross loans | 1,303,308 | 1,186,570 | 116,738 | 9.84 | % | ||||||||||||||||||||||||||
Less allowance for loan and lease losses | 8,169 | 8,375 | (206 | ) | (2.46 | )% | Less allowance for loan and lease losses | 9,506 | 7,939 | 1,567 | 19.74 | % | |||||||||||||||||||||||||
Net loans | 1,183,635 | 1,120,332 | 63,303 | 5.65 | % | Net loans | 1,293,802 | 1,178,631 | 115,171 | 9.77 | % | ||||||||||||||||||||||||||
Premises and equipment | 26,350 | 27,815 | (1,465 | ) | (5.27 | )% | Premises and equipment | 25,749 | 26,242 | (493) | (1.88) | % | |||||||||||||||||||||||||
Corporate owned life insurance policies | 28,261 | 27,733 | 528 | 1.90 | % | Corporate owned life insurance policies | 28,169 | 28,455 | (286) | (1.01) | % | ||||||||||||||||||||||||||
Accrued interest receivable | 7,360 | 6,928 | 432 | 6.24 | % | Accrued interest receivable | 8,458 | 6,501 | 1,957 | 30.10 | % | ||||||||||||||||||||||||||
Equity securities without readily determinable fair values | 25,130 | 24,948 | 182 | 0.73 | % | Equity securities without readily determinable fair values | 21,690 | 21,629 | 61 | 0.28 | % | ||||||||||||||||||||||||||
Goodwill and other intangible assets | 48,396 | 48,451 | (55 | ) | (0.11 | )% | Goodwill and other intangible assets | 48,341 | 48,379 | (38) | (0.08) | % | |||||||||||||||||||||||||
Other assets | 12,780 | 17,632 | (4,852 | ) | (27.52 | )% | Other assets | 12,024 | 13,046 | (1,022) | (7.83) | % | |||||||||||||||||||||||||
TOTAL ASSETS | $ | 1,813,684 | $ | 1,842,502 | $ | (28,818 | ) | (1.56 | )% | TOTAL ASSETS | $ | 1,971,697 | $ | 1,814,198 | $ | 157,499 | 8.68 | % | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||
Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||
Deposits | $ | 1,308,773 | $ | 1,292,693 | $ | 16,080 | 1.24 | % | Deposits | $ | 1,495,095 | $ | 1,313,851 | $ | 181,244 | 13.79 | % | ||||||||||||||||||||
Borrowed funds | 277,386 | 340,299 | (62,913 | ) | (18.49 | )% | Borrowed funds | 238,349 | 275,999 | (37,650) | (13.64) | % | |||||||||||||||||||||||||
Accrued interest payable and other liabilities | 15,149 | 13,991 | 1,158 | 8.28 | % | Accrued interest payable and other liabilities | 15,708 | 14,166 | 1,542 | 10.89 | % | ||||||||||||||||||||||||||
Total liabilities | 1,601,308 | 1,646,983 | (45,675 | ) | (2.77 | )% | Total liabilities | 1,749,152 | 1,604,016 | 145,136 | 9.05 | % | |||||||||||||||||||||||||
Shareholders’ equity | 212,376 | 195,519 | 16,857 | 8.62 | % | Shareholders’ equity | 222,545 | 210,182 | 12,363 | 5.88 | % | ||||||||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,813,684 | $ | 1,842,502 | $ | (28,818 | ) | (1.56 | )% | TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,971,697 | $ | 1,814,198 | $ | 157,499 | 8.68 | % |
September 30 2020 | December 31 2019 | $ Change | % Change (unannualized) | ||||||||||||||||||||
Commercial | $ | 821,102 | $ | 700,941 | $ | 120,161 | 17.14 | % | |||||||||||||||
Agricultural | 102,263 | 116,920 | (14,657) | (12.54) | % | ||||||||||||||||||
Residential real estate | 304,559 | 298,569 | 5,990 | 2.01 | % | ||||||||||||||||||
Consumer | 75,384 | 70,140 | 5,244 | 7.48 | % | ||||||||||||||||||
Total | $ | 1,303,308 | $ | 1,186,570 | $ | 116,738 | 9.84 | % |
September 30 2019 | December 31 2018 | $ Change | % Change (unannualized) | |||||||||||
Commercial | $ | 708,735 | $ | 659,529 | $ | 49,206 | 7.46 | % | ||||||
Agricultural | 118,460 | 127,161 | (8,701 | ) | (6.84 | )% | ||||||||
Residential real estate | 292,311 | 275,343 | 16,968 | 6.16 | % | |||||||||
Consumer | 72,298 | 66,674 | 5,624 | 8.44 | % | |||||||||
Total | $ | 1,191,804 | $ | 1,128,707 | $ | 63,097 | 5.59 | % |
September 30 2019 | June 30 2019 | March 31 2019 | December 31 2018 | September 30 2018 | September 30 2020 | June 30 2020 | March 31 2020 | December 31 2019 | September 30 2019 | |||||||||||||||||||||||||||||||||||||||
Commercial | $ | 708,735 | $ | 701,954 | $ | 677,554 | $ | 659,529 | $ | 668,915 | Commercial | $ | 821,102 | $ | 799,632 | $ | 695,278 | $ | 700,941 | $ | 708,735 | |||||||||||||||||||||||||||
Agricultural | 118,460 | 120,363 | 123,393 | 127,161 | 129,232 | Agricultural | 102,263 | 103,162 | 108,856 | 116,920 | 118,460 | |||||||||||||||||||||||||||||||||||||
Residential real estate | 292,311 | 283,285 | 276,776 | 275,343 | 276,904 | Residential real estate | 304,559 | 307,926 | 302,016 | 298,569 | 292,311 | |||||||||||||||||||||||||||||||||||||
Consumer | 72,298 | 71,020 | 67,109 | 66,674 | 64,879 | Consumer | 75,384 | 73,665 | 69,786 | 70,140 | 72,298 | |||||||||||||||||||||||||||||||||||||
Total | $ | 1,191,804 | $ | 1,176,622 | $ | 1,144,832 | $ | 1,128,707 | $ | 1,139,930 | Total | $ | 1,303,308 | $ | 1,284,385 | $ | 1,175,936 | $ | 1,186,570 | $ | 1,191,804 |
September 30 2019 | December 31 2018 | $ Change | % Change (unannualized) | September 30 2020 | December 31 2019 | $ Change | % Change (unannualized) | ||||||||||||||||||||||||||||||
Noninterest bearing demand deposits | $ | 242,179 | $ | 236,534 | $ | 5,645 | 2.39 | % | Noninterest bearing demand deposits | $ | 353,082 | $ | 249,152 | $ | 103,930 | 41.71 | % | ||||||||||||||||||||
Interest bearing demand deposits | 230,579 | 235,287 | (4,708 | ) | (2.00 | )% | Interest bearing demand deposits | 287,809 | 229,865 | 57,944 | 25.21 | % | |||||||||||||||||||||||||
Savings deposits | 409,930 | 387,252 | 22,678 | 5.86 | % | Savings deposits | 474,483 | 427,215 | 47,268 | 11.06 | % | ||||||||||||||||||||||||||
Certificates of deposit | 357,984 | 358,127 | (143 | ) | (0.04 | )% | Certificates of deposit | 354,210 | 365,049 | (10,839) | (2.97) | % | |||||||||||||||||||||||||
Brokered certificates of deposit | 52,744 | 62,148 | (9,404 | ) | (15.13 | )% | Brokered certificates of deposit | 14,029 | 27,458 | (13,429) | (48.91) | % | |||||||||||||||||||||||||
Internet certificates of deposit | 15,357 | 13,345 | 2,012 | 15.08 | % | Internet certificates of deposit | 11,482 | 15,112 | (3,630) | (24.02) | % | ||||||||||||||||||||||||||
Total | $ | 1,308,773 | $ | 1,292,693 | $ | 16,080 | 1.24 | % | Total | $ | 1,495,095 | $ | 1,313,851 | $ | 181,244 | 13.79 | % |
September 30 2019 | June 30 2019 | March 31 2019 | December 31 2018 | September 30 2018 | September 30 2020 | June 30 2020 | March 31 2020 | December 31 2019 | September 30 2019 | |||||||||||||||||||||||||||||||||||||||
Noninterest bearing demand deposits | $ | 242,179 | $ | 244,240 | $ | 229,865 | $ | 236,534 | $ | 229,269 | Noninterest bearing demand deposits | $ | 353,082 | $ | 340,321 | $ | 249,424 | $ | 249,152 | $ | 242,179 | |||||||||||||||||||||||||||
Interest bearing demand deposits | 230,579 | 228,704 | 236,997 | 235,287 | 235,529 | Interest bearing demand deposits | 287,809 | 263,567 | 237,392 | 229,865 | 230,579 | |||||||||||||||||||||||||||||||||||||
Savings deposits | 409,930 | 378,988 | 385,617 | 387,252 | 359,720 | Savings deposits | 474,483 | 458,167 | 435,207 | 427,215 | 409,930 | |||||||||||||||||||||||||||||||||||||
Certificates of deposit | 357,984 | 359,945 | 361,716 | 358,127 | 353,974 | Certificates of deposit | 354,210 | 352,118 | 358,534 | 365,049 | 357,984 | |||||||||||||||||||||||||||||||||||||
Brokered certificates of deposit | 52,744 | 57,773 | 50,273 | 62,148 | 84,720 | Brokered certificates of deposit | 14,029 | 14,029 | 27,458 | 27,458 | 52,744 | |||||||||||||||||||||||||||||||||||||
Internet certificates of deposit | 15,357 | 11,768 | 13,495 | 13,345 | 13,594 | Internet certificates of deposit | 11,482 | 12,476 | 14,068 | 15,112 | 15,357 | |||||||||||||||||||||||||||||||||||||
Total | $ | 1,308,773 | $ | 1,281,418 | $ | 1,277,963 | $ | 1,292,693 | $ | 1,276,806 | Total | $ | 1,495,095 | $ | 1,440,678 | $ | 1,322,083 | $ | 1,313,851 | $ | 1,308,773 |
September 30 2020 | June 30 2020 | March 31 2020 | December 31 2019 | September 30 2019 | ||||||||||||||||||||||||||||||||||||||||||||
September 30 2019 | June 30 2019 | March 31 2019 | December 31 2018 | September 30 2018 | ||||||||||||||||||||||||||||||||||||||||||||
Government sponsored enterprises | $ | — | $ | 160 | $ | 165 | $ | 170 | $ | 180 | ||||||||||||||||||||||||||||||||||||||
States and political subdivisions | 175,575 | 176,742 | 191,266 | 190,866 | 193,957 | States and political subdivisions | $ | 148,401 | $ | 146,785 | $ | 163,116 | $ | 169,752 | $ | 175,575 | ||||||||||||||||||||||||||||||||
Auction rate money market preferred | 3,089 | 2,849 | 2,819 | 2,554 | 3,108 | Auction rate money market preferred | 3,194 | 2,979 | 2,726 | 3,119 | 3,089 | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 150,120 | 173,340 | 181,138 | 184,484 | 188,136 | Mortgage-backed securities | 104,165 | 119,029 | 126,554 | 140,204 | 150,120 | |||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 116,745 | 117,358 | 119,454 | 116,760 | 115,758 | Collateralized mortgage obligations | 107,294 | 111,621 | 114,793 | 116,764 | 116,745 | |||||||||||||||||||||||||||||||||||||
Total | $ | 445,529 | $ | 470,449 | $ | 494,842 | $ | 494,834 | $ | 501,139 | Total | $ | 363,054 | $ | 380,414 | $ | 407,189 | $ | 429,839 | $ | 445,529 |
September 30 2019 | June 30 2019 | March 31 2019 | December 31 2018 | September 30 2018 | September 30 2020 | June 30 2020 | March 31 2020 | December 31 2019 | September 30 2019 | |||||||||||||||||||||||||||||||||||||||
FHLB advances | $ | 245,000 | $ | 295,000 | $ | 280,000 | $ | 300,000 | $ | 320,000 | FHLB advances | $ | 205,000 | $ | 205,000 | $ | 235,000 | $ | 245,000 | $ | 245,000 | |||||||||||||||||||||||||||
Securities sold under agreements to repurchase without stated maturity dates | 32,386 | 25,462 | 29,824 | 40,299 | 39,776 | Securities sold under agreements to repurchase without stated maturity dates | 33,349 | 31,268 | 28,171 | 30,999 | 32,386 | |||||||||||||||||||||||||||||||||||||
Federal funds purchased | — | — | 1,860 | — | — | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 277,386 | $ | 320,462 | $ | 311,684 | $ | 340,299 | $ | 359,776 | Total | $ | 238,349 | $ | 236,268 | $ | 263,171 | $ | 275,999 | $ | 277,386 |
September 30 2019 | December 31 2018 | ||||||
Unfunded commitments under lines of credit | $ | 192,385 | $ | 199,652 | |||
Commitments to grant loans | 23,026 | 13,225 | |||||
Commercial and standby letters of credit | 4,498 | 1,723 | |||||
Total | $ | 219,909 | $ | 214,600 |
September 30, 2019 | December 31, 2018 | September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
Actual | Minimum Required - BASEL III | Required to be Considered Well Capitalized | Actual | Minimum Required - BASEL III | Required to be Considered Well Capitalized | Actual | Minimum Required - BASEL III | Required to be Considered Well Capitalized | Actual | Minimum Required - BASEL III | Required to be Considered Well Capitalized | |||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital | 12.58 | % | 7.00 | % | 6.50 | % | 12.58 | % | 6.375 | % | 6.50 | % | Common equity tier 1 capital | 12.90 | % | 7.00 | % | 6.50 | % | 12.56 | % | 7.000 | % | 6.50 | % | |||||||||||||||||||||||||||
Tier 1 capital | 12.58 | % | 8.50 | % | 8.00 | % | 12.58 | % | 7.875 | % | 8.00 | % | Tier 1 capital | 12.90 | % | 8.50 | % | 8.00 | % | 12.56 | % | 8.500 | % | 8.00 | % | |||||||||||||||||||||||||||
Total capital | 13.21 | % | 10.50 | % | 10.00 | % | 13.26 | % | 9.875 | % | 10.00 | % | Total capital | 13.64 | % | 10.50 | % | 10.00 | % | 13.18 | % | 10.500 | % | 10.00 | % | |||||||||||||||||||||||||||
Tier 1 leverage | 9.16 | % | 4.00 | % | 5.00 | % | 8.72 | % | 4.00 | % | 5.00 | % | Tier 1 leverage | 8.76 | % | 4.00 | % | 5.00 | % | 9.01 | % | 4.00 | % | 5.00 | % |
September 30 2020 | |||||
Total cash and cash equivalents | $ | 165,749 | |||
Available lines of credit | |||||
Fed funds lines with correspondent banks | 93,000 | ||||
FHLB borrowings | 42,174 | ||||
FRB Discount Window | 10,645 | ||||
Other lines of credit | 5,000 | ||||
Total available lines of credit | 150,819 | ||||
Unencumbered lendable value of FRB collateral, estimated1 | 178,000 | ||||
Total cash and liquidity | $ | 494,568 |
2020 | 2019 | $ Variance | |||||||||||||||
Net cash provided by (used in) operating activities | $ | 10,936 | $ | 17,083 | $ | (6,147) | |||||||||||
Net cash provided by (used in) investing activities | (43,370) | (3,875) | (39,495) | ||||||||||||||
Net cash provided by (used in) financing activities | 137,611 | (52,348) | 189,959 | ||||||||||||||
Increase (decrease) in cash and cash equivalents | 105,177 | (39,140) | 144,317 | ||||||||||||||
Cash and cash equivalents January 1 | 60,572 | 73,471 | (12,899) | ||||||||||||||
Cash and cash equivalents September 30 | $ | 165,749 | $ | 34,331 | $ | 131,418 |
2019 | 2018 | $ Variance | |||||||||
Net cash provided by (used in) operating activities | $ | 17,083 | $ | 14,250 | $ | 2,833 | |||||
Net cash provided by (used in) investing activities | (3,875 | ) | (15,457 | ) | 11,582 | ||||||
Net cash provided by (used in) financing activities | (52,348 | ) | 18,911 | (71,259 | ) | ||||||
Increase (decrease) in cash and cash equivalents | (39,140 | ) | 17,704 | (56,844 | ) | ||||||
Cash and cash equivalents January 1 | 73,471 | 30,848 | 42,623 | ||||||||
Cash and cash equivalents September 30 | $ | 34,331 | $ | 48,552 | $ | (14,221 | ) |
September 30, 2019 | |||||||||||||||||
12 Months | |||||||||||||||||
Immediate basis point change assumption (short-term) | -200 | -100 | +100 | +200 | +300 | +400 | |||||||||||
Percent change in net interest income vs. constant rates | (2.80 | )% | (2.44 | )% | 3.34 | % | 6.72 | % | 10.90 | % | 14.79 | % | |||||
24 Months | |||||||||||||||||
Immediate basis point change assumption (short-term) | -200 | -100 | +100 | +200 | +300 | +400 | |||||||||||
Percent change in net interest income vs. constant rates | (2.76 | )% | (3.06 | )% | 4.50 | % | 8.98 | % | 13.97 | % | 18.31 | % |
December 31, 2018 | |||||||||||||||||
12 Months | |||||||||||||||||
Immediate basis point change assumption (short-term) | -200 | -100 | +100 | +200 | +300 | +400 | |||||||||||
Percent change in net interest income vs. constant rates | (4.90 | )% | (2.85 | )% | 1.06 | % | 2.67 | % | 5.15 | % | 6.22 | % | |||||
24 Months | |||||||||||||||||
Immediate basis point change assumption (short-term) | -200 | -100 | +100 | +200 | +300 | +400 | |||||||||||
Percent change in net interest income vs. constant rates | (6.76 | )% | (4.04 | )% | 1.83 | % | 3.82 | % | 6.53 | % | 6.54 | % |
September 30, 2019 | |||||||||||||||||||||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||
Rate sensitive assets | |||||||||||||||||||||||||||||||
Other interest bearing assets | $ | 8,209 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8,209 | $ | 8,208 | |||||||||||||||
Average interest rates | 1.92 | % | — | % | — | % | — | % | — | % | — | % | 1.92 | % | |||||||||||||||||
AFS securities | $ | 95,014 | $ | 72,254 | $ | 67,433 | $ | 56,051 | $ | 37,808 | $ | 116,969 | $ | 445,529 | $ | 445,529 | |||||||||||||||
Average interest rates | 2.46 | % | 2.49 | % | 2.39 | % | 2.47 | % | 2.55 | % | 2.47 | % | 2.47 | % | |||||||||||||||||
Fixed interest rate loans (1) | $ | 193,214 | $ | 148,665 | $ | 119,322 | $ | 124,411 | $ | 72,901 | $ | 161,010 | $ | 819,523 | $ | 802,738 | |||||||||||||||
Average interest rates | 4.21 | % | 4.45 | % | 4.42 | % | 4.53 | % | 4.43 | % | 4.21 | % | 4.35 | % | |||||||||||||||||
Variable interest rate loans (1) | $ | 67,164 | $ | 45,547 | $ | 51,877 | $ | 22,117 | $ | 22,927 | $ | 162,649 | $ | 372,281 | $ | 366,512 | |||||||||||||||
Average interest rates | 5.79 | % | 5.34 | % | 5.47 | % | 5.06 | % | 5.09 | % | 4.64 | % | 5.10 | % | |||||||||||||||||
Rate sensitive liabilities | |||||||||||||||||||||||||||||||
Fixed rate borrowed funds | $ | 72,386 | $ | 35,000 | $ | 50,000 | $ | 45,000 | $ | 55,000 | $ | 10,000 | $ | 267,386 | $ | 270,139 | |||||||||||||||
Average interest rates | 1.34 | % | 1.78 | % | 1.97 | % | 2.97 | % | 2.68 | % | 1.17 | % | 2.06 | % | |||||||||||||||||
Variable rate borrowed funds | $ | — | $ | 10,000 | $ | — | $ | — | $ | — | $ | — | $ | 10,000 | $ | 10,064 | |||||||||||||||
Average interest rates | — | % | 2.82 | % | — | % | — | % | — | % | — | % | 2.82 | % | |||||||||||||||||
Savings and NOW accounts | $ | 57,586 | $ | 52,311 | $ | 46,863 | $ | 42,016 | $ | 37,706 | $ | 404,027 | $ | 640,509 | $ | 640,509 | |||||||||||||||
Average interest rates | 0.57 | % | 0.56 | % | 0.56 | % | 0.55 | % | 0.55 | % | 0.49 | % | 0.52 | % | |||||||||||||||||
Fixed interest rate certificates of deposit | $ | 197,849 | $ | 94,512 | $ | 71,565 | $ | 32,180 | $ | 21,589 | $ | 3,579 | $ | 421,274 | $ | 422,752 | |||||||||||||||
Average interest rates | 1.96 | % | 2.25 | % | 2.27 | % | 2.27 | % | 2.36 | % | 1.88 | % | 2.13 | % | |||||||||||||||||
Variable interest rate certificates of deposit | $ | 3,104 | $ | 1,707 | $ | — | $ | — | $ | — | $ | — | $ | 4,811 | $ | 4,784 | |||||||||||||||
Average interest rates | 1.32 | % | 1.31 | % | — | % | — | % | — | % | — | % | 1.31 | % |
December 31, 2018 | |||||||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||
Rate sensitive assets | |||||||||||||||||||||||||||||||
Other interest bearing assets | $ | 49,837 | $ | 100 | $ | — | $ | — | $ | — | $ | — | $ | 49,937 | $ | 49,937 | |||||||||||||||
Average interest rates | 1.85 | % | 1.72 | % | — | % | — | % | — | % | — | % | 1.85 | % | |||||||||||||||||
AFS securities | $ | 84,691 | $ | 77,165 | $ | 70,081 | $ | 70,033 | $ | 59,541 | $ | 133,323 | $ | 494,834 | $ | 494,834 | |||||||||||||||
Average interest rates | 2.49 | % | 2.62 | % | 2.60 | % | 2.43 | % | 2.52 | % | 2.75 | % | 2.59 | % | |||||||||||||||||
Fixed interest rate loans (1) | $ | 152,336 | $ | 118,585 | $ | 142,107 | $ | 113,587 | $ | 119,069 | $ | 188,082 | $ | 833,766 | $ | 792,394 | |||||||||||||||
Average interest rates | 4.44 | % | 4.37 | % | 4.34 | % | 4.46 | % | 4.49 | % | 4.23 | % | 4.38 | % | |||||||||||||||||
Variable interest rate loans (1) | $ | 70,336 | $ | 30,855 | $ | 42,968 | $ | 22,766 | $ | 18,685 | $ | 109,331 | $ | 294,941 | $ | 287,196 | |||||||||||||||
Average interest rates | 6.14 | % | 5.75 | % | 5.76 | % | 5.22 | % | 5.01 | % | 4.16 | % | 5.16 | % | |||||||||||||||||
Rate sensitive liabilities | |||||||||||||||||||||||||||||||
Fixed rate borrowed funds | $ | 140,299 | $ | 55,000 | $ | 50,000 | $ | 20,000 | $ | 35,000 | $ | 30,000 | $ | 330,299 | $ | 323,903 | |||||||||||||||
Average interest rates | 1.41 | % | 2.18 | % | 1.91 | % | 1.97 | % | 3.17 | % | 2.36 | % | 1.92 | % | |||||||||||||||||
Variable rate borrowed funds | $ | — | $ | — | $ | 10,000 | $ | — | $ | — | $ | — | $ | 10,000 | $ | 9,926 | |||||||||||||||
Average interest rates | — | % | — | % | 2.62 | % | — | % | — | % | — | % | 2.62 | % | |||||||||||||||||
Savings and NOW accounts | $ | 55,248 | $ | 49,944 | $ | 44,783 | $ | 40,191 | $ | 36,105 | $ | 396,268 | $ | 622,539 | $ | 622,539 | |||||||||||||||
Average interest rates | 0.52 | % | 0.51 | % | 0.50 | % | 0.50 | % | 0.49 | % | 0.44 | % | 0.46 | % | |||||||||||||||||
Fixed interest rate certificates of deposit | $ | 227,451 | $ | 54,051 | $ | 65,036 | $ | 41,502 | $ | 31,714 | $ | 6,968 | $ | 426,722 | $ | 419,116 | |||||||||||||||
Average interest rates | 1.63 | % | 1.90 | % | 2.09 | % | 1.99 | % | 2.23 | % | 2.14 | % | 1.82 | % | |||||||||||||||||
Variable interest rate certificates of deposit | $ | 4,898 | $ | 2,000 | $ | — | $ | — | $ | — | $ | — | $ | 6,898 | $ | 6,877 | |||||||||||||||
Average interest rates | 2.32 | % | 2.61 | % | — | % | — | % | — | % | — | % | 2.40 | % |
Common Shares Repurchased | Total Number of Common Shares Purchased as Part of Publicly Announced Plan or Program | Maximum Number of Common Shares That May Yet Be Purchased Under the Plans or Programs | |||||||||||||||||||||
Number | Average Price Per Common Share | ||||||||||||||||||||||
Balance, June 30 | 186,905 | ||||||||||||||||||||||
July 1 - 31 | 634 | $ | 17.35 | 634 | 186,271 | ||||||||||||||||||
August 1 - 31 | 5,583 | 16.66 | 5,583 | 180,688 | |||||||||||||||||||
September 1 -30 | 19,829 | 16.14 | 19,829 | 160,859 | |||||||||||||||||||
Balance, September 30 | 26,046 | $ | 16.28 | 26,046 | 160,859 |
Common Shares Repurchased | Total Number of Common Shares Purchased as Part of Publicly Announced Plan or Program | Maximum Number of Common Shares That May Yet Be Purchased Under the Plans or Programs | ||||||||||
Number | Average Price Per Common Share | |||||||||||
Balance, June 30 | 110,582 | |||||||||||
July 1 - 31 | 10,220 | $ | 23.09 | 10,220 | 100,362 | |||||||
August 1 - 31 | 2,285 | 22.32 | 2,285 | 98,077 | ||||||||
September 1 - 30 | 22,679 | 22.62 | 22,679 | 75,398 | ||||||||
Balance, September 30 | 35,184 | $ | 22.74 | 35,184 | 75,398 |
Exhibit Number | Exhibits | |||||||
101.1* | 101.INS (XBRL Instance Document) | |||||||
101.SCH (XBRL Taxonomy Extension Schema Document) | ||||||||
101.CAL (XBRL Calculation Linkbase Document) | ||||||||
101.LAB (XBRL Taxonomy Label Linkbase Document) | ||||||||
101.DEF (XBRL Taxonomy Linkbase Document) | ||||||||
101.PRE (XBRL Taxonomy Presentation Linkbase Document) |
Isabella Bank Corporation | ||||||||||||||
Date: | October 28, 2020 | /s/ Jae A. Evans | ||||||||||||
Jae A. Evans | ||||||||||||||
President, Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) | ||||||||||||||
Date: | October 28, 2020 | |||||||||||||
/s/ Neil M. McDonnell | ||||||||||||||
Neil M. McDonnell | ||||||||||||||
Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |