Delaware | 94-3327828 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
111 W. Pine Street, Lodi, California | 95240 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer ☐ | Accelerated filer ☒ | Non-accelerated filer ☐ |
Smaller reporting company ☐ | Emerging growth company ☐ |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock | FMCB | OTCQX |
PART I. - FINANCIAL INFORMATION | Page | ||
3 | |||
4 | |||
5 | |||
6 | |||
7 | |||
8 | |||
36 | |||
57 | |||
60 | |||
PART II. - OTHER INFORMATION | |||
61 | |||
61 | |||
61 | |||
61 | |||
61 | |||
61 | |||
Assets | September 30, 2020 (Unaudited) | December 31, 2019 | September 30, 2019 (Unaudited) | September 30, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||
Cash and Cash Equivalents: | ||||||||||||||||||||||||
Cash and Due from Banks | $ | 58,810 | $ | 71,564 | $ | 73,129 | $ | 66,503 | $ | 66,327 | $ | 58,810 | ||||||||||||
Interest Bearing Deposits with Banks | 299,558 | 223,194 | 150,947 | 804,260 | 317,510 | 299,558 | ||||||||||||||||||
Total Cash and Cash Equivalents | 358,368 | 294,758 | 224,076 | 870,763 | 383,837 | 358,368 | ||||||||||||||||||
Investment Securities: | ||||||||||||||||||||||||
Available-for-Sale | 568,536 | 507,386 | 492,930 | 333,151 | 807,732 | 568,536 | ||||||||||||||||||
Held-to-Maturity | 69,913 | 60,229 | 60,354 | |||||||||||||||||||||
Held-to-Maturity, fair value $540,308, $70,049 and $71,055, respectively | 550,618 | 68,933 | 69,913 | |||||||||||||||||||||
Total Investment Securities | 638,449 | 567,615 | 553,284 | 883,769 | 876,665 | 638,449 | ||||||||||||||||||
Loans & Leases: | 3,111,931 | 2,673,027 | 2,617,122 | 3,139,801 | 3,099,592 | 3,111,931 | ||||||||||||||||||
Less: Allowance for Credit Losses | 56,798 | 55,012 | 54,954 | 60,303 | 58,862 | 56,798 | ||||||||||||||||||
Loans & Leases, Net | 3,055,133 | 2,618,015 | 2,562,168 | 3,079,498 | 3,040,730 | 3,055,133 | ||||||||||||||||||
Premises and Equipment, Net | 49,214 | 45,271 | 31,528 | 48,580 | 50,147 | 49,214 | ||||||||||||||||||
Bank Owned Life Insurance, Net | 68,705 | 67,148 | 66,626 | 70,852 | 69,235 | 68,705 | ||||||||||||||||||
Interest Receivable and Other Assets | 131,745 | 129,023 | 131,519 | 149,296 | 129,839 | 131,745 | ||||||||||||||||||
Total Assets | $ | 4,301,614 | $ | 3,721,830 | $ | 3,569,201 | $ | 5,102,758 | $ | 4,550,453 | $ | 4,301,614 | ||||||||||||
Liabilities | ||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||
Demand | $ | 1,340,797 | $ | 1,067,187 | $ | 994,860 | $ | 1,694,431 | $ | 1,475,425 | $ | 1,340,797 | ||||||||||||
Interest Bearing Transaction | 812,166 | 697,952 | 669,926 | 1,077,569 | 902,487 | 812,166 | ||||||||||||||||||
Savings and Money Market | 1,201,566 | 994,958 | 948,358 | 1,402,560 | 1,260,487 | 1,201,566 | ||||||||||||||||||
Time | 460,248 | 517,922 | 526,269 | 393,834 | 421,868 | 460,248 | ||||||||||||||||||
Total Deposits | 3,814,777 | 3,278,019 | 3,139,413 | 4,568,394 | 4,060,267 | 3,814,777 | ||||||||||||||||||
Subordinated Debentures | 10,310 | 10,310 | 10,310 | 10,310 | 10,310 | 10,310 | ||||||||||||||||||
Interest Payable and Other Liabilities | 59,626 | 64,205 | 63,751 | 69,863 | 56,211 | 59,626 | ||||||||||||||||||
Total Liabilities | 3,884,713 | 3,352,534 | 3,213,474 | 4,648,567 | 4,126,788 | 3,884,713 | ||||||||||||||||||
Shareholders' Equity | ||||||||||||||||||||||||
Shareholders’ Equity | ||||||||||||||||||||||||
Preferred Stock: NaN Par Value, 1,000,000 Shares Authorized, NaN Issued or Outstanding | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Common Stock: Par Value $0.01, 7,500,000 Shares Authorized, 793,556, 793,033 and 787,307, Shares Issued and Outstanding at September 30, 2020, December 31, 2019 and September 30, 2019, Respectively | 8 | 8 | 8 | |||||||||||||||||||||
Common Stock: Par Value $0.01, 7,500,000 Shares Authorized, 789,646, 789,646, and 793,556 Shares Issued and Outstanding at September 30, 2021, December 31, 2020 and September 30, 2020, Respectively | 8 | 8 | 8 | |||||||||||||||||||||
Additional Paid-In Capital | 80,350 | 79,947 | 75,538 | 77,516 | 77,516 | 80,350 | ||||||||||||||||||
Retained Earnings | 323,524 | 286,036 | 277,063 | 377,523 | 333,070 | 323,524 | ||||||||||||||||||
Accumulated Other Comprehensive Income, Net of Taxes | 13,019 | 3,305 | 3,118 | |||||||||||||||||||||
Total Shareholders' Equity | 416,901 | 369,296 | 355,727 | |||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 4,301,614 | $ | 3,721,830 | $ | 3,569,201 | ||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income, Net of Taxes | (856 | ) | 13,071 | 13,019 | ||||||||||||||||||||
Total Shareholders’ Equity | 454,191 | 423,665 | 416,901 | |||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 5,102,758 | $ | 4,550,453 | $ | 4,301,614 |
(in thousands except per share data) | Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Interest Income | ||||||||||||||||||||||||||||||||
Interest and Fees on Loans & Leases | $ | 36,409 | $ | 34,835 | $ | 104,880 | $ | 102,728 | $ | 36,088 | $ | 36,409 | $ | 109,839 | $ | 104,880 | ||||||||||||||||
Interest on Deposits with Banks | 81 | 1,396 | 1,093 | 3,682 | 328 | 81 | 595 | 1,093 | ||||||||||||||||||||||||
Interest on Investment Securities: | ||||||||||||||||||||||||||||||||
Taxable | 2,889 | 2,332 | 9,216 | 7,003 | 3,283 | 2,889 | 10,781 | 9,216 | ||||||||||||||||||||||||
Exempt from Federal Tax | 414 | 247 | 1,260 | 1,196 | 399 | 414 | 1,238 | 1,260 | ||||||||||||||||||||||||
Total Interest Income | 39,793 | 38,810 | 116,449 | 114,609 | 40,098 | 39,793 | 122,453 | 116,449 | ||||||||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||||||||||
Deposits | 2,011 | 3,392 | 7,613 | 9,325 | 929 | 2,011 | 3,200 | 7,613 | ||||||||||||||||||||||||
Subordinated Debentures | 83 | 138 | 296 | 424 | 78 | 83 | 236 | 296 | ||||||||||||||||||||||||
Total Interest Expense | 2,094 | 3,530 | 7,909 | 9,749 | 1,007 | 2,094 | 3,436 | 7,909 | ||||||||||||||||||||||||
Net Interest Income | 37,699 | 35,280 | 108,540 | 104,860 | 39,091 | 37,699 | 119,017 | 108,540 | ||||||||||||||||||||||||
Provision for Credit Losses | 1,700 | 0 | 2,000 | 200 | 0 | 1,700 | 1,250 | 2,000 | ||||||||||||||||||||||||
Net Interest Income After Provision for Loan Losses | 35,999 | 35,280 | 106,540 | 104,660 | 39,091 | 35,999 | 117,767 | 106,540 | ||||||||||||||||||||||||
Non-Interest Income | ||||||||||||||||||||||||||||||||
Service Charges on Deposit Accounts | 654 | 958 | 1,948 | 2,735 | 808 | 654 | 2,125 | 1,948 | ||||||||||||||||||||||||
Net Gain on Sale of Investment Securities | 0 | 1 | 13 | 1 | 0 | 0 | 2,554 | 13 | ||||||||||||||||||||||||
Increase in Cash Surrender Value of Bank Owned Life Insurance | 528 | 512 | 1,557 | 1,509 | 549 | 528 | 1,616 | 1,557 | ||||||||||||||||||||||||
Debit Card and ATM Fees | 1,465 | 1,306 | 4,044 | 3,774 | 1,788 | 1,465 | 5,173 | 4,044 | ||||||||||||||||||||||||
Net Gain on Deferred Compensation Investments | 1,022 | 207 | 883 | 2,070 | 615 | 1,022 | 1,828 | 883 | ||||||||||||||||||||||||
Other | 870 | 990 | 2,535 | 2,749 | 1,100 | 870 | 3,641 | 2,535 | ||||||||||||||||||||||||
Total Non-Interest Income | 4,539 | 3,974 | 10,980 | 12,838 | 4,860 | 4,539 | 16,937 | 10,980 | ||||||||||||||||||||||||
Non-Interest Expense | ||||||||||||||||||||||||||||||||
Salaries and Employee Benefits | 13,606 | 14,321 | 42,269 | 41,184 | 14,453 | 13,606 | 47,375 | 42,269 | ||||||||||||||||||||||||
Net Gain on Deferred Compensation Investments | 1,022 | 207 | 883 | 2,070 | 615 | 1,022 | 1,828 | 883 | ||||||||||||||||||||||||
Occupancy | 1,186 | 1,107 | 3,429 | 3,161 | 1,145 | 1,186 | 3,554 | 3,429 | ||||||||||||||||||||||||
Equipment | 1,272 | 1,188 | 3,726 | 3,541 | 1,251 | 1,272 | 3,688 | 3,726 | ||||||||||||||||||||||||
Marketing | 245 | 235 | 515 | 848 | 63 | 245 | 669 | 515 | ||||||||||||||||||||||||
Legal | 23 | 600 | 100 | 2,320 | 85 | 23 | 485 | 100 | ||||||||||||||||||||||||
FDIC Insurance | 249 | 153 | 256 | 624 | 317 | 249 | 902 | 256 | ||||||||||||||||||||||||
Other | 3,180 | 3,045 | 9,182 | 8,118 | 2,656 | 3,180 | 9,231 | 9,182 | ||||||||||||||||||||||||
Total Non-Interest Expense | 20,783 | 20,856 | 60,360 | 61,866 | 20,585 | 20,783 | 67,732 | 60,360 | ||||||||||||||||||||||||
Income Before Provision for Income Taxes | 19,755 | 18,398 | 57,160 | 55,632 | 23,366 | 19,755 | 66,972 | 57,160 | ||||||||||||||||||||||||
Provision for Income Taxes | 4,945 | 4,660 | 13,919 | 14,240 | 5,864 | 4,945 | 16,604 | 13,919 | ||||||||||||||||||||||||
Net Income | $ | 14,810 | $ | 13,738 | $ | 43,241 | $ | 41,392 | $ | 17,502 | $ | 14,810 | $ | 50,368 | $ | 43,241 | ||||||||||||||||
Basic and Diluted Earnings Per Common Share | $ | 18.66 | $ | 17.45 | $ | 54.49 | $ | 52.64 | $ | 22.16 | $ | 18.66 | $ | 63.79 | $ | 54.49 |
(in thousands) | Three Months Ended September 30, | Nine Months Ended September 30 | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Net Income | $ | 14,810 | $ | 13,738 | $ | 43,241 | $ | 41,392 | $ | 17,502 | $ | 14,810 | $ | 50,368 | $ | 43,241 | ||||||||||||||||
Other Comprehensive Income | ||||||||||||||||||||||||||||||||
Increase in Net Unrealized (Loss) Gain on Available-for-Sale Securities | (2,325 | ) | 684 | 13,803 | 8,671 | (2,237 | ) | (2,325 | ) | (16,846 | ) | 13,803 | ||||||||||||||||||||
Deferred Tax Provision (Benefit) Related to Unrealized Gains (Loss) | 688 | (203 | ) | (4,080 | ) | (2,564 | ) | |||||||||||||||||||||||||
Deferred Tax Provision Benefit (Expense) Related to Unrealized (Loss) Gains | 662 | 688 | 4,981 | (4,080 | ) | |||||||||||||||||||||||||||
Reclassification Adjustment for Realized Gains on Available-for-Sale Securities Included in Net Income | 0 | (1 | ) | (13 | ) | (1 | ) | 0 | 0 | (2,554 | ) | (13 | ) | |||||||||||||||||||
Deferred Tax Related to Reclassification Adjustment | 0 | 0 | 4 | 0 | 0 | 0 | 755 | 4 | ||||||||||||||||||||||||
Amortization of Unrealized Loss on Securities Transferred to Held to Maturity | (135 | ) | 0 | (373 | ) | 0 | ||||||||||||||||||||||||||
Deferred Tax Benefit Related to Loss on Securities Transferred | 40 | 0 | 110 | 0 | ||||||||||||||||||||||||||||
Total Other Comprehensive (Loss) Income | (1,637 | ) | 480 | 9,714 | 6,106 | (1,670 | ) | (1,637 | ) | (13,927 | ) | 9,714 | ||||||||||||||||||||
Comprehensive Income | $ | 13,173 | $ | 14,218 | $ | 52,955 | $ | 47,498 | $ | 15,832 | $ | 13,173 | $ | 36,441 | $ | 52,955 |
For the three and nine months ended September 30, 2020 and 2019 | ||||||||||||||||||||||||
(in thousands except share data) | Common Shares Outstanding | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income, net | Total Shareholders' Equity | ||||||||||||||||||
Three Months Ended September 30, 2020 | ||||||||||||||||||||||||
Balance, July 1, 2020 | 793,556 | $ | 8 | $ | 80,350 | $ | 308,714 | $ | 14,656 | $ | 403,728 | |||||||||||||
Net Income | 0 | 14,810 | 0 | 14,810 | ||||||||||||||||||||
Net Unrealized Loss on Securities Available-for-Sale, net of tax | 0 | 0 | 0 | (1,637 | ) | (1,637 | ) | |||||||||||||||||
Balance, September 30, 2020 | 793,556 | $ | 8 | $ | 80,350 | $ | 323,524 | $ | 13,019 | $ | 416,901 | |||||||||||||
Three Months Ended September 30, 2019 | ||||||||||||||||||||||||
Balance, July 1, 2019 | 787,307 | $ | 8 | $ | 75,538 | $ | 263,325 | $ | 2,638 | $ | 341,509 | |||||||||||||
Net Income | 0 | 13,738 | 0 | 13,738 | ||||||||||||||||||||
Net Unrealized Gain on Securities Available-for-Sale, net of tax | 0 | 0 | 0 | 480 | 480 | |||||||||||||||||||
Balance, September 30, 2019 | 787,307 | $ | 8 | $ | 75,538 | $ | 277,063 | $ | 3,118 | $ | 355,727 |
For the three and nine months ended September 30, 2021 and 2020 | ||||||||||||||||||||||||
(in thousands except share data) | Common Shares Outstanding | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income, net | Total Shareholders’ Equity | ||||||||||||||||||
Three Months Ended September 30, 2021 | ||||||||||||||||||||||||
Balance, June 30, 2021 | 789,646 | $ | 8 | $ | 77,516 | $ | 360,021 | $ | 814 | $ | 438,359 | |||||||||||||
Net Income | 0 | 17,502 | 0 | 17,502 | ||||||||||||||||||||
Other Comprehensive Loss | 0 | 0 | 0 | (1,670 | ) | (1,670 | ) | |||||||||||||||||
Balance, September 30, 2021 | 789,646 | $ | 8 | $ | 77,516 | $ | 377,523 | $ | (856 | ) | $ | 454,191 | ||||||||||||
Three Months Ended September 30, 2020 | ||||||||||||||||||||||||
Balance, June 30, 2020 | 793,556 | $ | 8 | $ | 80,350 | $ | 308,714 | $ | 14,656 | $ | 403,728 | |||||||||||||
Net Income | 0 | 14,810 | 0 | 14,810 | ||||||||||||||||||||
Other Comprehensive Loss | 0 | 0 | 0 | (1,637 | ) | (1,637 | ) | |||||||||||||||||
Balance, September 30, 2020 | 793,556 | $ | 8 | $ | 80,350 | $ | 323,524 | $ | 13,019 | $ | 416,901 |
Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | 789,646 | $ | 8 | $ | 77,516 | $ | 333,070 | $ | 13,071 | $ | 423,665 | |||||||||||||||||||||||||||||||||||||
Net Income | - | 0 | 50,368 | 0 | 50,368 | |||||||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared on Common Stock ($7.50 per share) | 0 | 0 | (5,922 | ) | 0 | (5,922 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash Dividends Returned | 0 | 0 | 7 | 0 | 7 | |||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | 0 | 0 | 0 | (13,927 | ) | (13,927 | ) | |||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | 789,646 | $ | 8 | $ | 77,516 | $ | 377,523 | $ | (856 | ) | $ | 454,191 | ||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2020 | 793,033 | $ | 8 | $ | 79,947 | $ | 286,036 | $ | 3,305 | $ | 369,296 | |||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 793,033 | $ | 8 | $ | 79,947 | $ | 286,036 | $ | 3,305 | $ | 369,296 | |||||||||||||||||||||||||||||||||||||
Net Income | 0 | 43,241 | 0 | 43,241 | - | 0 | 43,241 | 0 | 43,241 | |||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared on Common Stock ($7.25 per share) | 0 | 0 | (5,753 | ) | 0 | (5,753 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared on Common Stock ($7.25 per share) | 0 | 0 | (5,753 | ) | 0 | (5,753 | ) | |||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock | 523 | 0 | 403 | 0 | 0 | 403 | 523 | 0 | 403 | 0 | 0 | 403 | ||||||||||||||||||||||||||||||||||||
Net Unrealized Gain on Securities Available-for-Sale, net of tax | 0 | 0 | 0 | 9,714 | 9,714 | |||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | 793,556 | $ | 8 | $ | 80,350 | $ | 323,524 | $ | 13,019 | $ | 416,901 | |||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2019 | 783,721 | $ | 8 | $ | 72,974 | $ | 241,221 | $ | (2,988 | ) | $ | 311,215 | ||||||||||||||||||||||||||||||||||||
Net Income | 0 | 41,392 | 0 | 41,392 | ||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared on Common Stock ($7.05 per share) | 0 | 0 | (5,550 | ) | 0 | (5,550 | ) | |||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock | 3,586 | 0 | 2,564 | 0 | 0 | 2,564 | ||||||||||||||||||||||||||||||||||||||||||
Net Unrealized Gain on Securities Available-for-Sale, net of tax | 0 | 0 | 0 | 6,106 | 6,106 | |||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | 787,307 | $ | 8 | $ | 75,538 | $ | 277,063 | $ | 3,118 | $ | 355,727 | |||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | 0 | 0 | 0 | 9,714 | 9,714 | |||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | 793,556 | $ | 8 | $ | 80,350 | $ | 323,524 | $ | 13,019 | $ | 416,901 |
Nine Months | Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
(in thousands) | 2020 | 2019 | 2021 | 2020 | ||||||||||||
Operating Activities: | ||||||||||||||||
Net Income | $ | 43,241 | $ | 41,392 | $ | 50,368 | $ | 43,241 | ||||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||||||||||
Provision for Credit Losses | 2,000 | 200 | 1,250 | 2,000 | ||||||||||||
Depreciation and Amortization | 2,117 | 2,071 | 1,971 | 2,117 | ||||||||||||
Net Amortization of Investment Security Premiums & Discounts | 741 | 365 | 1,133 | 741 | ||||||||||||
Amortization of Core Deposit Intangible | 470 | 479 | 458 | 470 | ||||||||||||
Accretion of Discount on Acquired Loans | (134 | ) | (22 | ) | (62 | ) | (134 | ) | ||||||||
Net (Gain) Loss on Sale of Investment Securities | (13 | ) | (1 | ) | ||||||||||||
Net Loss (Gain) on Sale of Property & Equipment | (38 | ) | 83 | |||||||||||||
Net (Gain) on Sale of Investment Securities | (2,554 | ) | (13 | ) | ||||||||||||
Net (Gain) on Sale of Property & Equipment | (31 | ) | (38 | ) | ||||||||||||
Net Change in Operating Assets & Liabilities: | ||||||||||||||||
Net (Increase) Decrease in Interest Receivable and Other Assets | (6,269 | ) | 814 | |||||||||||||
Net (Decrease) Increase in Interest Payable and Other Liabilities | (1,773 | ) | 8,789 | |||||||||||||
Net (Increase) in Interest Receivable and Other Assets | (11,211 | ) | (6,269 | ) | ||||||||||||
Net Increase (Decrease) in Interest Payable and Other Liabilities | 10,738 | (1,773 | ) | |||||||||||||
Net Cash Provided by Operating Activities | 40,342 | 54,170 | 52,060 | 40,342 | ||||||||||||
Investing Activities: | ||||||||||||||||
Purchase of Investment Securities Available-for-Sale | (273,408 | ) | (502,221 | ) | (257,228 | ) | (273,408 | ) | ||||||||
Proceeds from Sold, Matured or Called Securities Available-for-Sale | 225,332 | 511,590 | 397,454 | 225,332 | ||||||||||||
Purchase of Investment Securities Held-to-Maturity | (19,056 | ) | (14,271 | ) | (194,332 | ) | (19,056 | ) | ||||||||
Proceeds from Matured or Called Securities Held-to-Maturity | 9,341 | 8,658 | 29,042 | 9,341 | ||||||||||||
Net Loans & Leases Paid, Originated or Acquired | (439,258 | ) | (46,513 | ) | (39,956 | ) | (438,984 | ) | ||||||||
Principal Collected on Loans & Leases Previously Charged Off | 274 | 142 | ||||||||||||||
Additions to Premises and Equipment, Net | (6,108 | ) | (1,100 | ) | (1,001 | ) | (6,108 | ) | ||||||||
Purchase of Other Investments | (4,935 | ) | (3,015 | ) | (4,516 | ) | (4,935 | ) | ||||||||
Redemption of Other Investment | 2,556 | 0 | ||||||||||||||
Proceeds from Sale of Property & Equipment | 81 | 41 | 635 | 81 | ||||||||||||
Net Cash Used in Investing Activities | (507,737 | ) | (46,689 | ) | (67,346 | ) | (507,737 | ) | ||||||||
Financing Activities: | ||||||||||||||||
Net Increase in Deposits | 536,758 | 76,581 | 508,127 | 536,758 | ||||||||||||
Cash Dividends | (5,753 | ) | (5,550 | ) | (5,922 | ) | (5,753 | ) | ||||||||
Cash Dividends Return | 7 | 0 | ||||||||||||||
Net Cash Provided by Financing Activities | 531,005 | 71,031 | 502,212 | 531,005 | ||||||||||||
Net Change in Cash and Cash Equivalents | 63,610 | 78,512 | 486,926 | 63,610 | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | 294,758 | 145,564 | 383,837 | 294,758 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | 358,368 | $ | 224,076 | $ | 870,763 | $ | 358,368 | ||||||||
Supplementary Data | ||||||||||||||||
Cash Payments Made for Income Taxes | $ | 7,443 | $ | 4,782 | $ | 22,530 | $ | 7,443 | ||||||||
Issuance of Common Stock to the Bank's Non-Qualified Retirement Plans | $ | 403 | $ | 2,564 | ||||||||||||
Issuance of Common Stock to the Bank’s Non-Qualified Retirement Plans | $ | 0 | $ | 403 | ||||||||||||
Interest Paid | $ | 9,085 | $ | 8,584 | $ | 4,369 | $ | 9,085 | ||||||||
Supplementary Noncash Disclosure | ||||||||||||||||
Investment Securities Available-for-Sale Transferred to Held-to-Maturity | $ | 316,925 | $ | 0 | ||||||||||||
Lease Liabilities Arising from Obtaining Right-of-Use Assets | $ | 302 | $ | 0 |
(in thousands) | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | ||||||||||||||||||||||||||||||||||||||||||
Core Deposit Intangible Amortization | $ | 156 | $ | 611 | $ | 593 | $ | 573 | $ | 549 | $ | 1,688 | $ | 4,170 | $ | 153 | $ | 593 | $ | 573 | $ | 549 | $ | 522 | $ | 1,165 | $ | 3,555 |
Amortized | Gross Unrealized | Fair | ||||||||||||||
September 30, 2020 | Cost | Gains | Losses | Value | ||||||||||||
US Treasury Notes | $ | 94,830 | $ | 512 | $ | 0 | $ | 95,342 | ||||||||
US Government Agency SBA | 8,530 | 1 | 102 | 8,429 | ||||||||||||
Mortgage Backed Securities (1) | 421,263 | 18,050 | 39 | 439,274 | ||||||||||||
Corporate Securities | 25,002 | 159 | 98 | 25,063 | ||||||||||||
Other | 428 | 0 | 0 | 428 | ||||||||||||
Total | $ | 550,053 | $ | 18,722 | $ | 239 | $ | 568,536 |
Amortized | Gross Unrealized | Fair/Book | ||||||||||||||
December 31, 2019 | Cost | Gains | Losses | Value | ||||||||||||
US Treasury Notes | $ | 54,745 | $ | 250 | $ | 0 | $ | 54,995 | ||||||||
US Government Agency SBA | 10,902 | 9 | 113 | 10,798 | ||||||||||||
Mortgage Backed Securities (1) | 436,531 | 4,646 | 99 | 441,078 | ||||||||||||
Other | 515 | 0 | 0 | 515 | ||||||||||||
Total | $ | 502,693 | $ | 4,905 | $ | 212 | $ | 507,386 |
Amortized | Gross Unrealized | Fair | ||||||||||||||
September 30, 2019 | Cost | Gains | Losses | Value | ||||||||||||
US Treasury Notes | $ | 129,724 | $ | 270 | $ | 5 | $ | 129,989 | ||||||||
US Government Agency SBA | 11,844 | 15 | 115 | 11,744 | ||||||||||||
Mortgage Backed Securities (1) | 343,295 | 4,425 | 163 | 347,557 | ||||||||||||
Other | 3,640 | 0 | 0 | 3,640 | ||||||||||||
Total | $ | 488,503 | $ | 4,710 | $ | 283 | $ | 492,930 |
Amortized Cost | Gross Unrealized | Fair Value | ||||||||||||||
September 30, 2021 | Gains | Losses | ||||||||||||||
U.S. Treasury Notes | $ | 9,922 | $ | 228 | $ | 0 | $ | 10,150 | ||||||||
U.S. Government Agency SBA | 6,892 | 70 | 43 | 6,919 | ||||||||||||
Mortgage-Backed Securities (1)(2) | 270,667 | 4,243 | 5,341 | 269,569 | ||||||||||||
Other | 46,513 | 0 | 0 | 46,513 | ||||||||||||
Total | $ | 333,994 | $ | 4,541 | $ | 5,384 | $ | 333,151 |
Amortized Cost | Gross Unrealized | Fair Value | ||||||||||||||
December 31, 2020 | Gains | Losses | ||||||||||||||
U.S. Treasury Notes | $ | 14,859 | $ | 429 | $ | 0 | $ | 15,288 | ||||||||
U.S. Government Agency SBA | 8,252 | 1 | 93 | 8,160 | ||||||||||||
Mortgage-Backed Securities (1) | 720,562 | 17,359 | 48 | 737,873 | ||||||||||||
Corporate Securities | 45,010 | 927 | 18 | 45,919 | ||||||||||||
Other | 492 | 0 | 0 | 492 | ||||||||||||
Total | $ | 789,175 | $ | 18,716 | $ | 159 | $ | 807,732 |
Amortized Cost | Gross Unrealized | Fair Value | ||||||||||||||
September 30, 2020 | Gains | Losses | ||||||||||||||
U.S. Treasury Notes | $ | 94,830 | $ | 512 | $ | 0 | $ | 95,342 | ||||||||
U.S. Government Agency SBA | 8,530 | 1 | 102 | 8,429 | ||||||||||||
Mortgage-Backed Securities (1) | 421,263 | 18,050 | 39 | 439,274 | ||||||||||||
Corporate Securities | 25,002 | 159 | 98 | 25,063 | ||||||||||||
Other | 428 | 0 | 0 | 428 | ||||||||||||
Total | $ | 550,053 | $ | 18,722 | $ | 239 | $ | 568,536 |
(1) | All Mortgage-Backed securities consist of securities collateralized by residential real estate and were issued by an agency or government-sponsored entity of the U.S. government. |
(2) | During Q12021, the Company transferred $316.9 million of AFS securities to HTM. |
Book | Gross Unrealized | Fair | Amortized Cost | Gross Unrealized | Fair Value | |||||||||||||||||||||||||||
September 30, 2020 | Value | Gains | Losses | Value | ||||||||||||||||||||||||||||
September 30, 2021 | Amortized Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||||||
Obligations of States and Political Subdivisions | $ | 69,913 | $ | 1,142 | $ | 0 | $ | 71,055 | $ | 768 | $ | 0 | ||||||||||||||||||||
Mortgage Backed Securities (1)(2) | 487,682 | 48 | 11,126 | 476,604 | ||||||||||||||||||||||||||||
Total | $ | 69,913 | $ | 1,142 | $ | 0 | $ | 71,055 | $ | 550,618 | $ | 816 | $ | 11,126 | $ | 540,308 |
Book | Gross Unrealized | Fair | Amortized Cost | Gross Unrealized | Fair Value | |||||||||||||||||||||||||||
December 31, 2019 | Value | Gains | Losses | Value | ||||||||||||||||||||||||||||
December 31, 2020 | Amortized Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||||||
Obligations of States and Political Subdivisions | $ | 60,229 | $ | 880 | $ | 12 | $ | 61,097 | $ | 1,116 | $ | 0 | ||||||||||||||||||||
Total | $ | 60,229 | $ | 880 | $ | 12 | $ | 61,097 | $ | 68,933 | $ | 1,116 | $ | 0 | $ | 70,049 |
Book | Gross Unrealized | Fair | Amortized Value | Gross Unrealized | Fair Value | |||||||||||||||||||||||||||
September 30, 2019 | Value | Gains | Losses | Value | ||||||||||||||||||||||||||||
September 30, 2020 | Amortized Value | Gains | Losses | Fair Value | ||||||||||||||||||||||||||||
Obligations of States and Political Subdivisions | $ | 60,354 | $ | 946 | $ | 7 | $ | 61,293 | $ | 1,142 | $ | 0 | ||||||||||||||||||||
Total | $ | 60,354 | $ | 946 | $ | 7 | $ | 61,293 | $ | 69,913 | $ | 1,142 | $ | 0 | $ | 71,055 |
(1) | All Mortgage-Backed securities were issued by an agency or government-sponsored entity of the U.S. government. |
(2) | During Q12021, the Company transferred $316.9 million of AFS securities to HTM. |
Available-for-Sale | Held-to-Maturity | Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||||||||
September 30, 2020 | Amortized Cost | Fair Value | Book Value | Fair Value | ||||||||||||||||||||||||||||
September 30, 2021 | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||||||
Within one year | $ | 85,403 | $ | 85,463 | $ | 7,898 | $ | 7,898 | $ | 51,503 | $ | 51,569 | $ | 308 | $ | 308 | ||||||||||||||||
After one year through five years | 25,426 | 25,963 | 4,816 | 4,863 | 5,100 | 5,262 | 6,969 | 7,012 | ||||||||||||||||||||||||
After five years through ten years | 10,198 | 10,169 | 24,567 | 25,560 | 563 | 566 | 19,543 | 20,254 | ||||||||||||||||||||||||
After ten years | 7,763 | 7,667 | 32,632 | 32,734 | 6,161 | 6,185 | 36,116 | 36,130 | ||||||||||||||||||||||||
128,790 | 129,262 | 69,913 | 71,055 | 63,327 | 63,582 | 62,936 | 63,704 | |||||||||||||||||||||||||
Investment securities not due at a single maturity date: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 421,263 | 439,274 | 0 | 0 | ||||||||||||||||||||||||||||
Mortgage-Backed securities | 270,667 | 269,569 | 487,682 | 476,604 | ||||||||||||||||||||||||||||
Total | $ | 550,053 | $ | 568,536 | $ | 69,913 | $ | 71,055 | $ | 333,994 | $ | 333,151 | $ | 550,618 | $ | 540,308 |
Less Than 12 Months | 12 Months or More | Total | Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||||||||||||||||||
US Government Agency SBA | $ | 2,312 | $ | 4 | $ | 5,810 | $ | 98 | $ | 8,122 | $ | 102 | ||||||||||||||||||||||||||||||||||||
U.S. Government Agency SBA | $ | 188 | $ | 1 | $ | 2,141 | $ | 42 | $ | 2,329 | $ | 43 | ||||||||||||||||||||||||||||||||||||
Mortgage-Backed Securities | 171,869 | 5,339 | 116 | 2 | 171,985 | 5,341 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 172,057 | $ | 5,340 | $ | 2,257 | $ | 44 | $ | 174,314 | $ | 5,384 | ||||||||||||||||||||||||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Backed Securities | 20,741 | 35 | 194 | 4 | 20,935 | 39 | 468,360 | 11,126 | 0 | 0 | $ | 468,360 | $ | 11,126 | ||||||||||||||||||||||||||||||||||
Corporate Securities | 10,363 | 98 | 0 | 0 | 10,363 | 98 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 33,416 | $ | 137 | $ | 6,004 | $ | 102 | $ | 39,420 | $ | 239 | $ | 468,360 | $ | 11,126 | $ | 0 | $ | 0 | $ | 468,360 | $ | 11,126 |
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
December 31, 2020 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||
U.S. Government Agency SBA | $ | 1,741 | $ | 3 | $ | 6,126 | $ | 90 | $ | 7,867 | $ | 93 | ||||||||||||
Mortgage-Backed Securities | 20,142 | 45 | 177 | 3 | 20,319 | 48 | ||||||||||||||||||
Corporate Securities | 4,041 | 18 | 0 | 0 | 4,041 | 18 | ||||||||||||||||||
Total | $ | 25,924 | $ | 66 | $ | 6,303 | $ | 93 | $ | 32,227 | $ | 159 |
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
September 30, 2020 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||
U.S. Government Agency SBA | $ | 2,312 | $ | 4 | $ | 5,810 | $ | 98 | $ | 8,122 | $ | 102 | ||||||||||||
Mortgage-Backed Securities | 20,741 | 35 | 194 | 4 | 20,935 | 39 | ||||||||||||||||||
Corporate Securities | 10,363 | 98 | 0 | 0 | 10,363 | 98 | ||||||||||||||||||
Total | $ | 33,416 | $ | 137 | $ | 6,004 | $ | 102 | $ | 39,420 | $ | 239 |
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
December 31, 2019 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||
US Government Agency SBA | $ | 2,693 | $ | 6 | $ | 5,198 | $ | 107 | $ | 7,891 | $ | 113 | ||||||||||||
Mortgage Backed Securities | 131,005 | 88 | 713 | 11 | 131,718 | 99 | ||||||||||||||||||
Total | $ | 133,698 | $ | 94 | $ | 5,911 | $ | 118 | $ | 139,609 | $ | 212 | ||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||
Obligations of States and Political Subdivisions | $ | 355 | $ | 12 | $ | 0 | $ | 0 | $ | 355 | $ | 12 | ||||||||||||
Total | $ | 355 | $ | 12 | $ | 0 | $ | 0 | $ | 355 | $ | 12 |
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
September 30, 2019 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||
US Treasury Notes | $ | 114,995 | $ | 5 | $ | 0 | $ | 0 | $ | 114,995 | $ | 5 | ||||||||||||
US Government Agency SBA | 2,046 | 3 | 5,779 | 112 | 7,825 | 115 | ||||||||||||||||||
Mortgage Backed Securities | 107,628 | 146 | 876 | 17 | 108,504 | 163 | ||||||||||||||||||
Total | $ | 224,669 | $ | 154 | $ | 6,655 | $ | 129 | $ | 231,324 | $ | 283 | ||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||
Obligations of States and Political Subdivisions | $ | 212 | $ | 7 | $ | 0 | $ | 0 | $ | 212 | $ | 7 | ||||||||||||
Total | $ | 212 | $ | 7 | $ | 0 | $ | 0 | $ | 212 | $ | 7 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Proceeds | $ | 50,620 | $ | 2,780 | $ | 53,620 | $ | 4,090 | $ | 1,450 | $ | 50,620 | $ | 301,320 | $ | 53,620 | ||||||||||||||||
Gains | 0 | 1 | 13 | 1 | 0 | 0 | 5,570 | 13 | ||||||||||||||||||||||||
Losses | 0 | 0 | 0 | 0 | 0 | 0 | 3,016 | 0 |
(in thousands) | September 30, 2020 | December 31, 2019 | September 30, 2019 | September 30, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||
Commercial Real Estate | $ | 887,999 | $ | 846,486 | $ | 824,283 | $ | 1,126,230 | $ | 971,326 | $ | 887,999 | ||||||||||
Agricultural Real Estate | 639,172 | 625,767 | 617,310 | 656,337 | 643,014 | 639,172 | ||||||||||||||||
Real Estate Construction | 186,623 | 115,644 | 98,662 | 178,451 | 185,741 | 186,623 | ||||||||||||||||
Residential 1st Mortgages | 293,489 | 255,253 | 255,394 | 309,728 | 299,379 | 293,489 | ||||||||||||||||
Home Equity Lines and Loans | 35,875 | 39,270 | 39,490 | |||||||||||||||||||
Home Equity Lines & Loans | 31,664 | 34,239 | 35,875 | |||||||||||||||||||
Agricultural | 252,031 | 292,904 | 289,182 | 235,085 | 264,372 | 252,031 | ||||||||||||||||
Commercial | 367,052 | 384,795 | 381,774 | 394,326 | 374,816 | 367,052 | ||||||||||||||||
Consumer & Other (1) | 359,697 | 15,422 | 16,871 | 129,665 | 235,529 | 359,697 | ||||||||||||||||
Leases | 105,511 | 104,470 | 100,784 | 90,022 | 103,117 | 105,511 | ||||||||||||||||
Total Gross Loans & Leases | 3,127,449 | 2,680,011 | 2,623,750 | 3,151,508 | 3,111,533 | 3,127,449 | ||||||||||||||||
Less: Unearned Income | 15,518 | 6,984 | 6,628 | 11,707 | 11,941 | 15,518 | ||||||||||||||||
Subtotal | 3,111,931 | 2,673,027 | 2,617,122 | 3,139,801 | 3,099,592 | 3,111,931 | ||||||||||||||||
Less: Allowance for Credit Losses | 56,798 | 55,012 | 54,954 | 60,303 | 58,862 | 56,798 | ||||||||||||||||
Net Loans & Leases | $ | 3,055,133 | $ | 2,618,015 | $ | 2,562,168 | $ | 3,079,498 | $ | 3,040,730 | $ | 3,055,133 |
(1) | Includes CARES Act Small Business Administration Paycheck Protection Program loans of $121,182, $224,309 and $347,180 as of September 30, 2021, December 31, 2020 and September 30, 2020, respectively. |
September 30, 2020 | Commercial Real Estate | Agricultural Real Estate | Real Estate Construction | Residential 1st Mortgages | Home Equity Lines & Loans | Agricultural | Commercial | Consumer & Other | Leases | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | Commercial Real Estate | Agricultural Real Estate | Real Estate Construction | Residential 1st Mortgages | Home Equity Lines & Loans | Agricultural | Commercial | Consumer & Other | Leases | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year-To-Date Allowance for Credit Losses: | Year-To-Date Allowance for Credit Losses: | Year-To-Date Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- January 1, 2020 | $ | 11,053 | $ | 15,128 | $ | 1,949 | $ | 855 | $ | 2,675 | $ | 8,076 | $ | 11,466 | $ | 456 | $ | 3,162 | 192 | $ | 55,012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- December 31, 2020 | $ | 27,679 | $ | 8,633 | $ | 1,643 | $ | 960 | $ | 2,024 | $ | 4,814 | $ | 9,961 | $ | 333 | $ | 1,731 | $ | 1,084 | $ | 58,862 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-Offs | 0 | 0 | 0 | 0 | (7 | ) | 0 | (426 | ) | (54 | ) | 0 | 0 | (487 | ) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (33 | ) | 0 | 0 | (33 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 0 | 49 | 65 | 54 | 80 | 25 | 0 | 0 | 273 | 0 | 0 | 0 | 74 | 17 | 29 | 83 | 21 | 0 | 0 | 224 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | 13,236 | (6,336 | ) | (381 | ) | 45 | (617 | ) | (3,458 | ) | (1,127 | ) | (63 | ) | (248 | ) | 949 | 2,000 | 1,200 | 794 | (210 | ) | (70 | ) | (129 | ) | (238 | ) | 738 | (23 | ) | (872 | ) | 60 | 1,250 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- September 30, 2020 | $ | 24,289 | $ | 8,792 | 1,568 | $ | 949 | $ | 2,116 | $ | 4,672 | $ | 9,993 | $ | 364 | $ | 2,914 | $ | 1,141 | $ | 56,798 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- September 30, 2021 | $ | 28,879 | $ | 9,427 | $ | 1,433 | $ | 964 | $ | 1,912 | $ | 4,605 | $ | 10,782 | $ | 298 | $ | 859 | $ | 1,144 | $ | 60,303 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter Allowance for Credit Losses: | Third Quarter Allowance for Credit Losses: | Third Quarter Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- July 1, 2020 | $ | 21,423 | $ | 9,021 | $ | 1,452 | $ | 1,771 | $ | 2,239 | $ | 4,790 | $ | 10,043 | $ | 359 | $ | 2,800 | $ | 1,160 | $ | 55,058 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- June 30, 2021 | $ | 28,890 | $ | 9,107 | $ | 1,405 | $ | 957 | $ | 1,899 | $ | 4,552 | $ | 9,920 | $ | 281 | $ | 1,639 | $ | 1,579 | $ | 60,229 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-Offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (25 | ) | 0 | 0 | (25 | ) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (17 | ) | 0 | 0 | (17 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 0 | 3 | 31 | 24 | 0 | 7 | 0 | 0 | 65 | 0 | 0 | 0 | 15 | 6 | 24 | 38 | 8 | 0 | 0 | 91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | 2,866 | (229 | ) | 116 | (825 | ) | (154 | ) | (142 | ) | (50 | ) | 23 | 114 | (19 | ) | 1,700 | (11 | ) | 320 | 28 | (8 | ) | 7 | 29 | 824 | 26 | (780 | ) | (435 | ) | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- September 30, 2020 | $ | 24,289 | $ | 8,792 | $ | 1,568 | $ | 949 | $ | 2,116 | $ | 4,672 | $ | 9,993 | $ | 364 | $ | 2,914 | $ | 1,141 | $ | 56,798 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- September 30, 2021 | $ | 28,879 | $ | 9,427 | $ | 1,433 | $ | 964 | $ | 1,912 | $ | 4,605 | $ | 10,782 | $ | 298 | $ | 859 | $ | 1,144 | $ | 60,303 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 0 | 0 | 0 | 118 | 8 | 92 | 13 | 56 | 0 | 0 | 287 | 0 | 0 | 0 | 88 | 6 | 0 | 6 | 40 | 0 | 0 | 140 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 24,289 | 8,792 | 1,568 | 831 | 2,108 | 4,580 | 9,980 | 308 | 2,914 | 1,141 | 56,511 | 28,879 | 9,427 | 1,433 | 876 | 1,906 | 4,605 | 10,776 | 258 | 859 | 1,144 | 60,163 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 871,623 | $ | 639,172 | $ | 186,623 | $ | 293,489 | $ | 35,875 | $ | 252,031 | $ | 367,052 | $ | 359,697 | $ | 106,369 | 0 | $ | 3,111,931 | $ | 1,114,149 | $ | 656,337 | $ | 178,451 | $ | 309,728 | $ | 31,664 | $ | 235,085 | $ | 394,326 | $ | 129,665 | $ | 90,396 | $ | 0 | $ | 3,139,801 | |||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 108 | 5,629 | 0 | 2,390 | 164 | 498 | 235 | 194 | 0 | 0 | 9,218 | 74 | 0 | 0 | 1,764 | 112 | 6,129 | 218 | 178 | 0 | 0 | 8,475 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | $ | 871,515 | $ | 633,543 | $ | 186,623 | $ | 291,099 | $ | 35,711 | $ | 251,533 | $ | 366,817 | $ | 359,503 | $ | 106,369 | $ | 0 | $ | 3,102,713 | $ | 1,114,075 | $ | 656,337 | $ | 178,451 | $ | 307,964 | $ | 31,552 | $ | 228,956 | $ | 394,108 | $ | 129,487 | $ | 90,396 | $ | 0 | $ | 3,131,326 |
December 31, 2019 | Commercial Real Estate | Agricultural Real Estate | Real Estate Construction | Residential 1st Mortgages | Home Equity Lines & Loans | Agricultural | Commercial | Consumer & Other | Leases | Unallocated | Total | |||||||||||||||||||||||||||||||||
Year-To-Date Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- January 1, 2019 | $ | 11,609 | $ | 14,092 | $ | 1,249 | $ | 880 | $ | 2,761 | $ | 8,242 | $ | 11,656 | $ | 494 | $ | 4,022 | $ | 261 | $ | 55,266 | ||||||||||||||||||||||
Charge-Offs | 0 | 0 | 0 | 0 | 0 | 0 | (592 | ) | (83 | ) | 0 | 0 | (675 | ) | ||||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 0 | 13 | 28 | 38 | 90 | 52 | 0 | 0 | 221 | |||||||||||||||||||||||||||||||||
Provision | (556 | ) | 1,036 | 700 | (38 | ) | (114 | ) | (204 | ) | 312 | (7 | ) | (860 | ) | (69 | ) | 200 | ||||||||||||||||||||||||||
Ending Balance- December 31, 2019 | $ | 11,053 | $ | 15,128 | $ | 1,949 | $ | 855 | $ | 2,675 | $ | 8,076 | $ | 11,466 | $ | 456 | $ | 3,162 | $ | 192 | $ | 55,012 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 234 | 0 | 0 | 118 | 12 | 99 | 137 | 61 | 0 | 0 | 661 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 10,819 | 15,128 | 1,949 | 737 | 2,663 | 7,977 | 11,329 | 395 | 3,162 | 192 | 54,351 | |||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 838,570 | $ | 625,767 | 115,644 | $ | 255,253 | $ | 39,270 | $ | 292,904 | $ | 384,795 | $ | 15,422 | $ | 105,402 | $ | 0 | $ | 2,673,027 | |||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 4,524 | 5,654 | 0 | 2,368 | 229 | 188 | 1,528 | 200 | 0 | 0 | 14,691 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | $ | 834,046 | $ | 620,113 | $ | 115,644 | $ | 252,885 | $ | 39,041 | $ | 292,716 | $ | 383,267 | 15,222 | $ | 105,402 | $ | 0 | $ | 2,658,336 |
December 31, 2020 | Commercial Real Estate | Agricultural Real Estate | Real Estate Construction | Residential 1st Mortgages | Home Equity Lines & Loans | Agricultural | Commercial | Consumer & Other | Leases | Unallocated | Total | |||||||||||||||||||||||||||||||||
Year-To-Date Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- December 31, 2019 | $ | 11,053 | $ | 15,128 | $ | 1,949 | $ | 855 | $ | 2,675 | $ | 8,076 | $ | 11,466 | $ | 456 | $ | 3,162 | $ | 192 | $ | 55,012 | ||||||||||||||||||||||
Charge-Offs | 0 | 0 | 0 | 0 | (7 | ) | 0 | (1,101 | ) | (66 | ) | 0 | 0 | (1,174 | ) | |||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 0 | 52 | 78 | 81 | 280 | 33 | 0 | 0 | 524 | |||||||||||||||||||||||||||||||||
Provision | 16,626 | (6,495 | ) | (306 | ) | 53 | (722 | ) | (3,343 | ) | (684 | ) | (90 | ) | (1,431 | ) | 892 | 4,500 | ||||||||||||||||||||||||||
Ending Balance- December 31, 2020 | $ | 27,679 | $ | 8,633 | $ | 1,643 | $ | 960 | $ | 2,024 | $ | 4,814 | $ | 9,961 | $ | 333 | $ | 1,731 | $ | 1,084 | $ | 58,862 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 0 | 0 | 0 | 117 | 8 | 92 | 20 | 52 | 0 | 0 | 289 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 27,679 | 8,633 | 1,643 | 843 | 2,016 | 4,722 | 9,941 | 281 | 1,731 | 1,084 | 58,573 | |||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 958,980 | $ | 643,014 | $ | 185,741 | $ | 299,379 | $ | 34,239 | $ | 264,372 | $ | 374,816 | $ | 235,529 | $ | 103,522 | $ | 0 | $ | 3,099,592 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 104 | 5,629 | 0 | 2,365 | 158 | 495 | 233 | 254 | 0 | 0 | 9,238 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | $ | 958,876 | $ | 637,385 | $ | 185,741 | $ | 297,014 | $ | 34,081 | $ | 263,877 | $ | 374,583 | $ | 235,275 | $ | 103,522 | $ | 0 | $ | 3,090,354 |
September 30, 2019 | Commercial Real Estate | Agricultural Real Estate | Real Estate Construction | Residential 1st Mortgages | Home Equity Lines & Loans | Agricultural | Commercial | Consumer & Other | Leases | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | Commercial Real Estate | Agricultural Real Estate | Real Estate Construction | Residential 1st Mortgages | Home Equity Lines & Loans | Agricultural | Commercial | Consumer & Other | Leases | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year-To-Date Allowance for Credit Losses: | Year-To-Date Allowance for Credit Losses: | Year-To-Date Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- January 1, 2019 | $ | 11,609 | $ | 14,092 | $ | 1,249 | $ | 880 | $ | 2,761 | $ | 8,242 | $ | 11,656 | $ | 494 | $ | 4,022 | $ | 261 | $ | 55,266 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- December 31, 2019 | $ | 11,053 | $ | 15,128 | $ | 1,949 | $ | 855 | $ | 2,675 | $ | 8,076 | $ | 11,466 | $ | 456 | $ | 3,162 | $ | 192 | $ | 55,012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-Offs | 0 | 0 | 0 | 0 | 0 | 0 | (592 | ) | (62 | ) | 0 | 0 | (654 | ) | 0 | 0 | 0 | 0 | (7 | ) | 0 | (426 | ) | (54 | ) | 0 | 0 | (487 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 0 | 8 | 20 | 34 | 40 | 40 | 0 | 0 | 142 | 0 | 0 | 0 | 49 | 65 | 54 | 80 | 25 | 0 | 0 | 273 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | (847 | ) | 731 | 480 | (33 | ) | (79 | ) | (431 | ) | 601 | 3 | (969 | ) | 744 | 200 | 13,236 | (6,336 | ) | (381 | ) | 45 | (617 | ) | (3,458 | ) | (1,127 | ) | (63 | ) | (248 | ) | 949 | 2,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- September 30, 2019 | $ | 10,762 | $ | 14,823 | $ | 1,729 | $ | 855 | $ | 2,702 | $ | 7,845 | $ | 11,705 | $ | 475 | $ | 3,053 | $ | 1,005 | $ | 54,954 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- September 30, 2020 | $ | 24,289 | $ | 8,792 | $ | 1,568 | $ | 949 | $ | 2,116 | $ | 4,672 | $ | 9,993 | $ | 364 | $ | 2,914 | $ | 1,141 | $ | 56,798 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter Allowance for Credit Losses: | Third Quarter Allowance for Credit Losses: | Third Quarter Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- July 1, 2019 | $ | 10,680 | $ | 14,572 | $ | 1,697 | $ | 864 | $ | 2,743 | $ | 7,481 | $ | 12,267 | $ | 464 | $ | 3,100 | $ | 1,257 | $ | 55,125 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- June 30, 2020 | $ | 21,423 | $ | 9,021 | $ | 1,452 | $ | 1,771 | $ | 2,239 | $ | 4,790 | $ | 10,043 | $ | 359 | $ | 2,800 | $ | 1,160 | $ | 55,058 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-Offs | 0 | 0 | 0 | 0 | 0 | 0 | (213 | ) | (22 | ) | 0 | 0 | (235 | ) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (25 | ) | 0 | 0 | (25 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 0 | 2 | 9 | 23 | 17 | 13 | 0 | 0 | 64 | 0 | 0 | 0 | 3 | 31 | 24 | 0 | 7 | 0 | 0 | 65 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | 82 | 251 | 32 | (11 | ) | (50 | ) | 341 | (366 | ) | 20 | (47 | ) | (252 | ) | 0 | 2,866 | (229 | ) | 116 | (825 | ) | (154 | ) | (142 | ) | (50 | ) | 23 | 114 | (19 | ) | 1,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- September 30, 2019 | $ | 10,762 | $ | 14,823 | $ | 1,729 | $ | 855 | $ | 2,702 | $ | 7,845 | $ | 11,705 | $ | 475 | $ | 3,053 | $ | 1,005 | $ | 54,954 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- September 30, 2020 | $ | 24,289 | $ | 8,792 | $ | 1,568 | $ | 949 | $ | 2,116 | $ | 4,672 | $ | 9,993 | $ | 364 | $ | 2,914 | $ | 1,141 | $ | 56,798 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 253 | 0 | 0 | 121 | 12 | 95 | 147 | 5 | 0 | 0 | 633 | 0 | 0 | 0 | 118 | 8 | 92 | 13 | 56 | 0 | 0 | 287 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 10,509 | 14,823 | 1,729 | 734 | 2,690 | 7,750 | 11,558 | 470 | 3,053 | 1,005 | 54,321 | 24,289 | 8,792 | 1,568 | 831 | 2,108 | 4,580 | 9,980 | 308 | 2,914 | 1,141 | 56,511 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 816,668 | $ | 617,310 | $ | 98,662 | $ | 255,394 | $ | 39,490 | $ | 289,182 | $ | 381,774 | $ | 16,871 | $ | 101,771 | $ | 0 | $ | 2,617,122 | $ | 871,623 | $ | 639,172 | $ | 186,623 | $ | 293,489 | $ | 35,875 | $ | 252,031 | $ | 367,052 | $ | 359,697 | $ | 106,369 | $ | 0 | $ | 3,111,931 | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 4,563 | 5,678 | 0 | 2,422 | 237 | 192 | 1,538 | 5 | 0 | 0 | 14,635 | 108 | 5,629 | 0 | 2,390 | 164 | 498 | 235 | 194 | 0 | 0 | 9,218 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | $ | 812,105 | $ | 611,632 | $ | 98,662 | $ | 252,972 | $ | 39,253 | $ | 288,990 | $ | 380,236 | $ | 16,866 | $ | 101,771 | $ | 0 | $ | 2,602,487 | $ | 871,515 | $ | 633,543 | $ | 186,623 | $ | 291,099 | $ | 35,711 | $ | 251,533 | $ | 366,817 | $ | 359,503 | $ | 106,369 | $ | 0 | $ | 3,102,713 |
September 30, 2020 | Pass | Special Mention | Substandard | Total Loans & Leases | ||||||||||||
Loans & Leases: | ||||||||||||||||
Commercial Real Estate | $ | 861,874 | $ | 5,239 | $ | 4,510 | $ | 871,623 | ||||||||
Agricultural Real Estate | 624,859 | 1,525 | 12,788 | 639,172 | ||||||||||||
Real Estate Construction | 186,623 | 0 | 0 | 186,623 | ||||||||||||
Residential 1st Mortgages | 292,792 | 0 | 697 | 293,489 | ||||||||||||
Home Equity Lines & Loans | 35,691 | 0 | 184 | 35,875 | ||||||||||||
Agricultural | 251,108 | 0 | 923 | 252,031 | ||||||||||||
Commercial | 364,465 | 1,316 | 1,271 | 367,052 | ||||||||||||
Consumer & Other | 359,194 | 0 | 503 | 359,697 | ||||||||||||
Leases | 106,369 | 0 | 0 | 106,369 | ||||||||||||
Total | $ | 3,082,975 | $ | 8,080 | $ | 20,876 | $ | 3,111,931 |
September 30, 2021 | Pass(1) | Special Mention | Substandard | Total Loans & Leases | ||||||||||||
Loans & Leases: | ||||||||||||||||
Commercial Real Estate | $ | 1,098,929 | $ | 7,371 | $ | 7,849 | $ | 1,114,149 | ||||||||
Agricultural Real Estate | 646,486 | 3,312 | 6,539 | 656,337 | ||||||||||||
Real Estate Construction | 178,451 | 0 | 0 | 178,451 | ||||||||||||
Residential 1st Mortgages | 308,960 | 0 | 768 | 309,728 | ||||||||||||
Home Equity Lines & Loans | 31,490 | 0 | 174 | 31,664 | ||||||||||||
Agricultural | 233,493 | 1,018 | 574 | 235,085 | ||||||||||||
Commercial | 384,660 | 8,970 | 696 | 394,326 | ||||||||||||
Consumer & Other | 129,450 | 0 | 215 | 129,665 | ||||||||||||
Leases | 90,396 | 0 | 0 | 90,396 | ||||||||||||
Total | $ | 3,102,315 | $ | 20,671 | $ | 16,815 | $ | 3,139,801 |
(1) | Includes "Watch" loans of $954.4 million. |
December 31, 2019 | Pass | Special Mention | Substandard | Total Loans & Leases | ||||||||||||||||||||||||||||
December 31, 2020 | Pass(1) | Special Mention | Substandard | Total Loans & Leases | ||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 831,941 | $ | 6,629 | $ | 0 | $ | 838,570 | $ | 946,621 | $ | 7,849 | $ | 4,510 | $ | 958,980 | ||||||||||||||||
Agricultural Real Estate | 611,792 | 1,136 | 12,839 | 625,767 | 631,043 | 400 | 11,571 | 643,014 | ||||||||||||||||||||||||
Real Estate Construction | 115,644 | 0 | 0 | 115,644 | 185,741 | 0 | 0 | 185,741 | ||||||||||||||||||||||||
Residential 1st Mortgages | 254,459 | 0 | 794 | 255,253 | 298,689 | 0 | 690 | 299,379 | ||||||||||||||||||||||||
Home Equity Lines and Loans | 39,092 | 0 | 178 | 39,270 | ||||||||||||||||||||||||||||
Home Equity Lines & Loans | 34,058 | 0 | 181 | 34,239 | ||||||||||||||||||||||||||||
Agricultural | 289,276 | 2,617 | 1,011 | 292,904 | 263,781 | 96 | 495 | 264,372 | ||||||||||||||||||||||||
Commercial | 380,650 | 3,239 | 906 | 384,795 | 373,038 | 1,060 | 718 | 374,816 | ||||||||||||||||||||||||
Consumer & Other | 14,934 | 0 | 488 | 15,422 | 235,063 | 0 | 466 | 235,529 | ||||||||||||||||||||||||
Leases | 105,402 | 0 | 0 | 105,402 | 103,522 | 0 | 0 | 103,522 | ||||||||||||||||||||||||
Total | $ | 2,643,190 | $ | 13,621 | $ | 16,216 | $ | 2,673,027 | $ | 3,071,556 | $ | 9,405 | $ | 18,631 | $ | 3,099,592 |
September 30, 2019 | Pass | Special Mention | Substandard | Total Loans & Leases | ||||||||||||
Loans & Leases: | ||||||||||||||||
Commercial Real Estate | $ | 814,560 | $ | 2,108 | $ | 0 | $ | 816,668 | ||||||||
Agricultural Real Estate | 602,781 | 2,491 | 12,038 | 617,310 | ||||||||||||
Real Estate Construction | 98,662 | 0 | 0 | 98,662 | ||||||||||||
Residential 1st Mortgages | 254,594 | 0 | 800 | 255,394 | ||||||||||||
Home Equity Lines & Loans | 39,374 | 0 | 116 | 39,490 | ||||||||||||
Agricultural | 284,211 | 4,168 | 803 | 289,182 | ||||||||||||
Commercial | 377,779 | 2,839 | 1,156 | 381,774 | ||||||||||||
Consumer & Other | 16,436 | 0 | 435 | 16,871 | ||||||||||||
Leases | 101,771 | 0 | 0 | 101,771 | ||||||||||||
Total | $ | 2,590,168 | $ | 11,606 | $ | 15,348 | $ | 2,617,122 |
(1) | Includes "Watch" loans of $958.2 million. |
September 30, 2020 | Pass(1) | Special Mention | Substandard | Total Loans & Leases | ||||||||||||
Loans & Leases: | ||||||||||||||||
Commercial Real Estate | $ | 861,874 | $ | 5,239 | $ | 4,510 | $ | 871,623 | ||||||||
Agricultural Real Estate | 624,859 | 1,525 | 12,788 | 639,172 | ||||||||||||
Real Estate Construction | 186,623 | 0 | 0 | 186,623 | ||||||||||||
Residential 1st Mortgages | 292,792 | 0 | 697 | 293,489 | ||||||||||||
Home Equity Lines & Loans | 35,691 | 0 | 184 | 35,875 | ||||||||||||
Agricultural | 251,108 | 0 | 923 | 252,031 | ||||||||||||
Commercial | 364,465 | 1,316 | 1,271 | 367,052 | ||||||||||||
Consumer & Other | 359,194 | 0 | 503 | 359,697 | ||||||||||||
Leases | 106,369 | 0 | 0 | 106,369 | ||||||||||||
Total | $ | 3,082,975 | $ | 8,080 | $ | 20,876 | $ | 3,111,931 |
(1) | Includes "Watch" loans of $947.4 million. |
September 30, 2021 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Still Accruing | Nonaccrual | Total Past Due | Current | Total Loans & Leases | |||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||
Commercial Real Estate | $ | 453 | $ | 0 | $ | 0 | $ | 0 | $ | 453 | $ | 1,113,696 | $ | 1,114,149 | ||||||||||||||
Agricultural Real Estate | 0 | 0 | 0 | 19 | 19 | 656,318 | 656,337 | |||||||||||||||||||||
Real Estate Construction | 0 | 0 | 0 | 0 | 0 | 178,451 | 178,451 | |||||||||||||||||||||
Residential 1st Mortgages | 102 | 0 | 0 | 0 | 102 | 309,626 | 309,728 | |||||||||||||||||||||
Home Equity Lines & Loans | 0 | 0 | 0 | 0 | 0 | 31,664 | 31,664 | |||||||||||||||||||||
Agricultural | 0 | 0 | 0 | 497 | 497 | 234,588 | 235,085 | |||||||||||||||||||||
Commercial | 50 | 0 | 0 | 0 | 50 | 394,276 | 394,326 | |||||||||||||||||||||
Consumer & Other | 5 | 0 | 0 | 0 | 5 | 129,660 | 129,665 | |||||||||||||||||||||
Leases | 0 | 0 | 0 | 0 | 0 | 90,396 | 90,396 | |||||||||||||||||||||
Total | $ | 610 | $ | 0 | $ | 0 | $ | 516 | $ | 1,126 | $ | 3,138,675 | $ | 3,139,801 |
December 31, 2020 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Still Accruing | Nonaccrual | Total Past Due | Current | Total Loans & Leases | |||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||
Commercial Real Estate | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 958,980 | $ | 958,980 | ||||||||||||||
Agricultural Real Estate | 0 | 0 | 0 | 495 | 495 | 642,519 | 643,014 | |||||||||||||||||||||
Real Estate Construction | 0 | 0 | 0 | 0 | 0 | 185,741 | 185,741 | |||||||||||||||||||||
Residential 1st Mortgages | 0 | 0 | 0 | 0 | 0 | 299,379 | 299,379 | |||||||||||||||||||||
Home Equity Lines & Loans | 0 | 0 | 0 | 0 | 0 | 34,239 | 34,239 | |||||||||||||||||||||
Agricultural | 0 | 0 | 0 | 0 | 0 | 264,372 | 264,372 | |||||||||||||||||||||
Commercial | 0 | 0 | 0 | 0 | 0 | 374,816 | 374,816 | |||||||||||||||||||||
Consumer & Other | 11 | 0 | 0 | 0 | 11 | 235,518 | 235,529 | |||||||||||||||||||||
Leases | 0 | 0 | 0 | 0 | 0 | 103,522 | 103,522 | |||||||||||||||||||||
Total | $ | 11 | $ | 0 | $ | 0 | $ | 495 | $ | 506 | $ | 3,099,086 | $ | 3,099,592 |
September 30, 2020 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Still Accruing | Nonaccrual | Total Past Due | Current | Total Loans & Leases | |||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||
Commercial Real Estate | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 871,623 | $ | 871,623 | ||||||||||||||
Agricultural Real Estate | 0 | 0 | 0 | 498 | 498 | 638,674 | 639,172 | |||||||||||||||||||||
Real Estate Construction | 85 | 0 | 0 | 0 | 85 | 186,538 | 186,623 | |||||||||||||||||||||
Residential 1st Mortgages | 0 | 0 | 0 | 0 | 0 | 293,489 | 293,489 | |||||||||||||||||||||
Home Equity Lines & Loans | 0 | 0 | 0 | 0 | 0 | 35,875 | 35,875 | |||||||||||||||||||||
Agricultural | 0 | 0 | 0 | 0 | 0 | 252,031 | 252,031 | |||||||||||||||||||||
Commercial | 547 | 0 | 0 | 0 | 547 | 366,505 | 367,052 | |||||||||||||||||||||
Consumer & Other | 67 | 0 | 0 | 0 | 67 | 359,630 | 359,697 | |||||||||||||||||||||
Leases | 0 | 0 | 0 | 0 | 0 | 106,369 | 106,369 | |||||||||||||||||||||
Total | $ | 699 | $ | 0 | $ | 0 | $ | 498 | $ | 1,197 | $ | 3,110,734 | $ | 3,111,931 |
December 31, 2019 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Still Accruing | Nonaccrual | Total Past Due | Current | Total Loans & Leases | |||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||
Commercial Real Estate | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 838,570 | $ | 838,570 | ||||||||||||||
Agricultural Real Estate | 0 | 0 | 0 | 0 | 0 | 625,767 | 625,767 | |||||||||||||||||||||
Real Estate Construction | 240 | 0 | 0 | 0 | 240 | 115,404 | 115,644 | |||||||||||||||||||||
Residential 1st Mortgages | 0 | 0 | 0 | 0 | 0 | 255,253 | 255,253 | |||||||||||||||||||||
Home Equity Lines and Loans | 0 | 0 | 0 | 0 | 0 | 39,270 | 39,270 | |||||||||||||||||||||
Agricultural | 0 | 0 | 0 | 0 | 0 | 292,904 | 292,904 | |||||||||||||||||||||
Commercial | 77 | 0 | 0 | 0 | 77 | 384,718 | 384,795 | |||||||||||||||||||||
Consumer & Other | 35 | 0 | 0 | 0 | 35 | 15,387 | 15,422 | |||||||||||||||||||||
Leases | 0 | 0 | 0 | 0 | 0 | 105,402 | 105,402 | |||||||||||||||||||||
Total | $ | 352 | $ | 0 | $ | 0 | $ | 0 | $ | 352 | $ | 2,672,675 | $ | 2,673,027 |
September 30, 2019 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Still Accruing | Nonaccrual | Total Past Due | Current | Total Loans & Leases | |||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||
Commercial Real Estate | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 816,668 | $ | 816,668 | ||||||||||||||
Agricultural Real Estate | 0 | 0 | 0 | 0 | 0 | 617,310 | 617,310 | |||||||||||||||||||||
Real Estate Construction | 0 | 0 | 0 | 0 | 0 | 98,662 | 98,662 | |||||||||||||||||||||
Residential 1st Mortgages | 0 | 0 | 0 | 0 | 0 | 255,394 | 255,394 | |||||||||||||||||||||
Home Equity Lines & Loans | 0 | 84 | 0 | 0 | 84 | 39,406 | 39,490 | |||||||||||||||||||||
Agricultural | 250 | 0 | 0 | 0 | 250 | 288,932 | 289,182 | |||||||||||||||||||||
Commercial | 258 | 0 | 0 | 0 | 258 | 381,516 | 381,774 | |||||||||||||||||||||
Consumer & Other | 9 | 60 | 0 | 0 | 69 | 16,802 | 16,871 | |||||||||||||||||||||
Leases | 0 | 0 | 0 | 0 | 0 | 101,771 | 101,771 | |||||||||||||||||||||
Total | $ | 517 | $ | 144 | $ | 0 | $ | 0 | $ | 661 | $ | 2,616,461 | $ | 2,617,122 |
Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 84 | $ | 84 | $ | - | $ | 42 | $ | 2 | $ | 991 | $ | 33 | $ | 65 | $ | 65 | $ | - | $ | 73 | $ | 1 | $ | 52 | $ | 2 | ||||||||||||||||||||||||||||
Agricultural Real Estate | 5,629 | 5,629 | - | 5,629 | 88 | 5,633 | 264 | 5,613 | 5,613 | - | 5,621 | 88 | 5,626 | 324 | ||||||||||||||||||||||||||||||||||||||||||
Agricultural | 5 | 6 | - | 3 | 0 | 1 | 0 | 516 | 559 | - | 504 | 12 | 415 | 46 | ||||||||||||||||||||||||||||||||||||||||||
Commercial | 0 | 0 | - | 0 | 0 | 503 | 16 | 8 | 8 | - | 9 | 0 | 5 | 0 | ||||||||||||||||||||||||||||||||||||||||||
$ | 5,718 | $ | 5,719 | $ | - | $ | 5,674 | $ | 90 | $ | 7,128 | $ | 313 | $ | 6,202 | $ | 6,245 | $ | - | $ | 6,207 | $ | 101 | $ | 6,098 | $ | 372 | |||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 0 | $ | 0 | $ | 0 | $ | 42 | $ | 0 | $ | 498 | $ | 1 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 28 | $ | 3 | ||||||||||||||||||||||||||||
Agricultural Real Estate | 0 | 0 | 0 | 0 | 0 | 183 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential 1st Mortgages | 1,686 | 1,909 | 84 | 1,694 | 18 | 1,625 | 58 | 1,503 | 1,719 | 75 | 1,585 | 16 | 1,638 | 52 | ||||||||||||||||||||||||||||||||||||||||||
Home Equity Lines & Loans | 65 | 76 | 3 | 66 | 1 | 67 | 3 | 60 | 71 | 3 | 61 | 1 | 62 | 3 | ||||||||||||||||||||||||||||||||||||||||||
Agricultural | 492 | 534 | 92 | 483 | 7 | 333 | 52 | 0 | 0 | 0 | 0 | 0 | 82 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Commercial | 235 | 235 | 13 | 123 | 13 | 301 | 15 | 210 | 210 | 6 | 213 | 4 | 222 | 12 | ||||||||||||||||||||||||||||||||||||||||||
Consumer & Other | 194 | 195 | 56 | 195 | 3 | 196 | 10 | 178 | 179 | 40 | 181 | 3 | 185 | 10 | ||||||||||||||||||||||||||||||||||||||||||
$ | 2,672 | $ | 2,949 | $ | 248 | $ | 2,603 | $ | 42 | $ | 3,203 | $ | 139 | $ | 1,951 | $ | 2,179 | $ | 124 | $ | 2,040 | $ | 24 | $ | 2,217 | $ | 80 | |||||||||||||||||||||||||||||
Total | $ | 8,390 | $ | 8,668 | $ | 248 | $ | 8,277 | $ | 132 | $ | 10,331 | $ | 452 | $ | 8,153 | $ | 8,424 | $ | 124 | $ | 8,247 | $ | 125 | $ | 8,315 | $ | 452 |
December 31, 2020 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||
Commercial Real Estate | $ | 84 | $ | 84 | $ | - | $ | 764 | $ | 35 | ||||||||||
Agricultural Real Estate | 5,629 | 5,629 | - | 5,629 | 352 | |||||||||||||||
Agricultural | 3 | 3 | - | 2 | 0 | |||||||||||||||
Commercial | 0 | 0 | - | 377 | 16 | |||||||||||||||
$ | 5,716 | $ | 5,716 | $ | - | $ | 6,772 | $ | 403 | |||||||||||
With an allowance recorded: | ||||||||||||||||||||
Commercial Real Estate | $ | 0 | $ | 0 | $ | 0 | $ | 21 | $ | 1 | ||||||||||
Agricultural Real Estate | 0 | 0 | 0 | 137 | 0 | |||||||||||||||
Residential 1st Mortgages | 1,671 | 1,895 | 84 | 1,652 | 76 | |||||||||||||||
Home Equity Lines & Loans | 64 | 75 | 3 | 66 | 4 | |||||||||||||||
Agricultural | 492 | 534 | 92 | 410 | 59 | |||||||||||||||
Commercial | 234 | 234 | 13 | 123 | 18 | |||||||||||||||
Consumer & Other | 190 | 191 | 56 | 194 | 13 | |||||||||||||||
$ | 2,651 | $ | 2,929 | $ | 248 | $ | 2,603 | $ | 171 | |||||||||||
Total | $ | 8,367 | $ | 8,645 | $ | 248 | $ | 9,375 | $ | 574 |
December 31, 2019 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||
Commercial Real Estate | $ | 86 | $ | 86 | $ | - | $ | 90 | $ | 8 | ||||||||||
Agricultural Real Estate | 5,654 | 5,654 | - | 6,069 | 379 | |||||||||||||||
Commercial | 0 | 0 | - | 8 | 1 | |||||||||||||||
$ | 5,740 | $ | 5,740 | $ | - | $ | 6,167 | $ | 388 | |||||||||||
With an allowance recorded: | ||||||||||||||||||||
Commercial Real Estate | $ | 2,822 | $ | 2,822 | $ | 234 | $ | 2,853 | $ | 94 | ||||||||||
Residential 1st Mortgages | 1,562 | 1,770 | 74 | 1,601 | 73 | |||||||||||||||
Home Equity Lines and Loans | 68 | 79 | 7 | 71 | 4 | |||||||||||||||
Agricultural | 188 | 188 | 99 | 195 | 6 | |||||||||||||||
Commercial | 1,528 | 1,528 | 137 | 1,554 | 53 | |||||||||||||||
Consumer & Other | 200 | 200 | 61 | 54 | 0 | |||||||||||||||
$ | 6,368 | $ | 6,587 | $ | 612 | $ | 6,328 | $ | 230 | |||||||||||
Total | $ | 12,108 | $ | 12,327 | $ | 612 | $ | 12,495 | $ | 618 |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2019 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | With no related allowance recorded: | With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 89 | $ | 89 | $ | - | $ | 90 | $ | 2 | $ | 92 | $ | 6 | $ | 84 | $ | 84 | $ | - | $ | 42 | $ | 2 | $ | 991 | $ | 33 | ||||||||||||||||||||||||||||
Agricultural Real Estate | 5,678 | 5,678 | - | 5,691 | 89 | 6,467 | 290 | 5,629 | 5,629 | - | 5,629 | 88 | 5,633 | 264 | ||||||||||||||||||||||||||||||||||||||||||
Agricultural | 5 | 6 | - | 3 | 0 | 1 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 0 | 0 | - | 16 | 0 | 11 | 1 | 0 | 0 | - | 0 | 0 | 503 | 16 | ||||||||||||||||||||||||||||||||||||||||||
$ | 5,767 | $ | 5,767 | $ | - | $ | 5,797 | $ | 91 | $ | 6,570 | $ | 297 | $ | 5,718 | $ | 5,719 | $ | - | $ | 5,674 | $ | 90 | $ | 7,128 | $ | 313 | |||||||||||||||||||||||||||||
With an allowance recorded: | With an allowance recorded: | With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 2,840 | $ | 2,840 | $ | 253 | $ | 2,853 | $ | 24 | $ | 2,873 | $ | 71 | $ | 0 | $ | 0 | $ | 0 | $ | 42 | $ | 0 | $ | 498 | $ | 1 | ||||||||||||||||||||||||||||
Agricultural Real Estate | 0 | 0 | 0 | 0 | 0 | 183 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential 1st Mortgages | 1,601 | 1,810 | 80 | 1,608 | 18 | 1,620 | 56 | 1,686 | 1,909 | 84 | 1,694 | 18 | 1,625 | 58 | ||||||||||||||||||||||||||||||||||||||||||
Home Equity Lines & Loans | 70 | 80 | 4 | 71 | 1 | 72 | 3 | 65 | 76 | 3 | 66 | 1 | 67 | 3 | ||||||||||||||||||||||||||||||||||||||||||
Agricultural | 192 | 192 | 95 | 195 | 2 | 165 | 4 | 492 | 534 | 92 | 483 | 7 | 333 | 52 | ||||||||||||||||||||||||||||||||||||||||||
Commercial | 1,538 | 1,538 | 147 | 1,545 | 13 | 1,580 | 40 | 235 | 235 | 13 | 123 | 13 | 301 | 15 | ||||||||||||||||||||||||||||||||||||||||||
Consumer & Other | 5 | 6 | 5 | 6 | 0 | 6 | 0 | 194 | 195 | 56 | 195 | 3 | 196 | 10 | ||||||||||||||||||||||||||||||||||||||||||
$ | 6,246 | $ | 6,466 | $ | 584 | $ | 6,278 | $ | 58 | $ | 6,316 | $ | 174 | $ | 2,672 | $ | 2,949 | $ | 248 | $ | 2,603 | $ | 42 | $ | 3,203 | $ | 139 | |||||||||||||||||||||||||||||
Total | $ | 12,013 | $ | 12,233 | $ | 584 | $ | 12,075 | $ | 149 | $ | 12,886 | $ | 471 | $ | 8,390 | $ | 8,668 | $ | 248 | $ | 8,277 | $ | 132 | $ | 10,331 | $ | 452 |
Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||
Troubled Debt Restructurings | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||
Commercial Real Estate | 1 | $ | 225 | $ | 225 | 1 | $ | 225 | $ | 225 | ||||||||||||||
Residential 1st Mortgages | 0 | 0 | 0 | 2 | 168 | 161 | ||||||||||||||||||
Agricultural | 0 | 0 | 0 | 3 | 473 | 473 | ||||||||||||||||||
Total | 1 | $ | 225 | $ | 225 | 6 | $ | 866 | $ | 859 |
Year ended December 31, 2019 | December 31, 2020 | |||||||||||||||||||||||
Troubled Debt Restructurings | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||
Residential 1st Mortgages | 2 | $ | 156 | $ | 156 | |||||||||||||||||||
Agricultural | 1 | $ | 201 | $ | 201 | 3 | 495 | 495 | ||||||||||||||||
Consumer & Other | 1 | 195 | 195 | |||||||||||||||||||||
Commercial | 1 | 224 | 224 | |||||||||||||||||||||
Total | 2 | $ | 396 | $ | 396 | 6 | $ | 875 | $ | 875 |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||||||||||||||||
Residential 1st Mortgages | 0 | $ | 0 | $ | 0 | 2 | $ | 156 | $ | 156 | ||||||||||||||||||||||||||||||||||||||
Agricultural | 0 | $ | 0 | $ | 0 | 1 | $ | 201 | $ | 201 | 0 | 0 | 0 | 3 | 495 | 495 | ||||||||||||||||||||||||||||||||
Commercial | 1 | 224 | 224 | 1 | 224 | 224 | ||||||||||||||||||||||||||||||||||||||||||
Total | 0 | $ | 0 | $ | 0 | 1 | $ | 201 | $ | 201 | 1 | $ | 224 | $ | 224 | 6 | $ | 875 | $ | 875 |
Fair Value Measurements At September 30, 2020, Using | Fair Value Measurements At September 30, 2021, Using | |||||||||||||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Other Observable Inputs | Significant Unobservable Inputs | Fair Value | Quoted Prices in Active Markets for Identical Assets | Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||
(in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||||||||||
US Treasury Notes | $ | 95,342 | $ | 95,342 | $ | 0 | $ | 0 | ||||||||||||||||||||||||
US Government Agency SBA | 8,429 | 0 | 8,429 | 0 | ||||||||||||||||||||||||||||
Mortgage Backed Securities | 439,274 | 0 | 439,274 | 0 | ||||||||||||||||||||||||||||
Corporate Securities | 25,063 | 0 | 25,063 | 0 | ||||||||||||||||||||||||||||
U.S. Treasury Notes | $ | 10,150 | $ | 10,150 | $ | 0 | $ | 0 | ||||||||||||||||||||||||
U.S. Government Agency SBA | 6,919 | 0 | 6,919 | 0 | ||||||||||||||||||||||||||||
Mortgage-Backed Securities | 269,569 | 0 | 269,569 | 0 | ||||||||||||||||||||||||||||
Other | 428 | 118 | 310 | 0 | 46,513 | 46,203 | 310 | 0 | ||||||||||||||||||||||||
Total Assets Measured at Fair Value On a Recurring Basis | $ | 568,536 | $ | 95,460 | $ | 473,076 | $ | 0 | $ | 333,151 | $ | 56,353 | $ | 276,798 | $ | 0 |
Fair Value Measurements At December 31, 2019, Using | Fair Value Measurements At December 31, 2020, Using | |||||||||||||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Other Observable Inputs | Significant Unobservable Inputs | Fair Value | Quoted Prices in Active Markets for Identical Assets | Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||
(in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||||||||||
US Treasury Notes | $ | 54,995 | $ | 54,995 | $ | 0 | $ | 0 | ||||||||||||||||||||||||
US Government Agency SBA | 10,798 | 0 | 10,798 | 0 | ||||||||||||||||||||||||||||
Mortgage Backed Securities | 441,078 | 0 | 441,078 | 0 | ||||||||||||||||||||||||||||
U.S. Treasury Notes | $ | 15,288 | $ | 15,288 | $ | 0 | $ | 0 | ||||||||||||||||||||||||
U.S. Government Agency SBA | 8,160 | 0 | 8,160 | 0 | ||||||||||||||||||||||||||||
Mortgage-Backed Securities | 737,873 | 0 | 737,873 | 0 | ||||||||||||||||||||||||||||
Corporate Securities | 45,919 | 0 | 45,919 | 0 | ||||||||||||||||||||||||||||
Other | 515 | 205 | 310 | 0 | 492 | 182 | 310 | 0 | ||||||||||||||||||||||||
Total Assets Measured at Fair Value On a Recurring Basis | $ | 507,386 | $ | 55,200 | $ | 452,186 | $ | 0 | $ | 807,732 | $ | 15,470 | $ | 792,262 | $ | 0 |
Fair Value Measurements At September 30, 2019, Using | Fair Value Measurements At September 30, 2020, Using | |||||||||||||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Other Observable Inputs | Significant Unobservable Inputs | Fair Value | Quoted Prices in Active Markets for Identical Assets | Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||
(in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||||||||||
US Treasury Notes | $ | 129,989 | $ | 129,989 | $ | 0 | $ | 0 | ||||||||||||||||||||||||
US Government Agency SBA | 11,744 | 0 | 11,744 | 0 | ||||||||||||||||||||||||||||
Mortgage Backed Securities | 347,557 | 0 | 347,557 | 0 | ||||||||||||||||||||||||||||
U.S. Treasury Notes | $ | 95,342 | $ | 95,342 | $ | 0 | $ | 0 | ||||||||||||||||||||||||
U.S. Government Agency SBA | 8,429 | 0 | 8,429 | 0 | ||||||||||||||||||||||||||||
Mortgage-Backed Securities | 439,274 | 0 | 439,274 | 0 | ||||||||||||||||||||||||||||
Corporate Securities | 25,063 | 0 | 25,063 | 0 | ||||||||||||||||||||||||||||
Other | 3,640 | 204 | 310 | 3,126 | 428 | 118 | 310 | 0 | ||||||||||||||||||||||||
Total Assets Measured at Fair Value On a Recurring Basis | $ | 492,930 | $ | 130,193 | $ | 359,611 | $ | 3,126 | $ | 568,536 | $ | 95,460 | $ | 473,076 | $ | 0 |
Fair Value Measurements At September 30, 2020, Using | Fair Value Measurements At September 30, 2021, Using | |||||||||||||||||||||||||||||||
(in thousands) | Fair Value Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Impaired Loans: | ||||||||||||||||||||||||||||||||
Residential 1st Mortgage | $ | 1,599 | $ | 0 | $ | 0 | $ | 1,599 | $ | 1,423 | $ | 0 | $ | 0 | $ | 1,423 | ||||||||||||||||
Home Equity Lines and Loans | 62 | 0 | 0 | 62 | ||||||||||||||||||||||||||||
Agricultural | 400 | 0 | 0 | 400 | ||||||||||||||||||||||||||||
Home Equity Lines & Loans | 57 | 0 | 0 | 57 | ||||||||||||||||||||||||||||
Commercial | 222 | 0 | 0 | 222 | 204 | 0 | 0 | 204 | ||||||||||||||||||||||||
Consumer | 138 | 0 | 0 | 138 | 138 | 0 | 0 | 138 | ||||||||||||||||||||||||
Total Impaired Loans | $ | 2,421 | $ | 0 | $ | 0 | $ | 2,421 | 1,822 | 0 | 0 | 1,822 | ||||||||||||||||||||
Other Real Estate: | ||||||||||||||||||||||||||||||||
Real Estate Construction | 873 | 0 | 0 | 873 | 873 | 0 | 0 | 873 | ||||||||||||||||||||||||
Total Other Real Estate | 873 | 0 | 0 | 873 | 873 | 0 | 0 | 873 | ||||||||||||||||||||||||
Total Assets Measured at Fair Value On a Non-Recurring Basis | $ | 3,294 | $ | 0 | $ | 0 | $ | 3,294 | $ | 2,695 | $ | 0 | $ | 0 | $ | 2,695 |
Fair Value Measurements At December 31, 2019, Using | Fair Value Measurements At December 31, 2020, Using | |||||||||||||||||||||||||||||||
(in thousands) | Fair Value Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Impaired Loans: | ||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 2,588 | $ | 0 | $ | 0 | $ | 2,588 | ||||||||||||||||||||||||
Residential 1st Mortgage | 1,403 | 0 | 0 | 1,403 | $ | 1,584 | $ | 0 | $ | 0 | $ | 1,584 | ||||||||||||||||||||
Home Equity Lines and Loans | 142 | 0 | 0 | 142 | ||||||||||||||||||||||||||||
Home Equity Lines & Loans | 61 | 0 | 0 | 61 | ||||||||||||||||||||||||||||
Agricultural | 88 | 0 | 0 | 88 | 400 | 0 | 0 | 400 | ||||||||||||||||||||||||
Commercial | 1,391 | 0 | 0 | 1,391 | 213 | 0 | 0 | 213 | ||||||||||||||||||||||||
Consumer | 139 | 0 | 0 | 139 | 138 | 0 | 0 | 138 | ||||||||||||||||||||||||
Total Impaired Loans | $ | 5,751 | $ | 0 | $ | 0 | $ | 5,751 | 2,396 | 0 | 0 | 2,396 | ||||||||||||||||||||
Other Real Estate: | ||||||||||||||||||||||||||||||||
Real Estate Construction | 873 | 0 | 0 | 873 | 873 | 0 | 0 | 873 | ||||||||||||||||||||||||
Total Other Real Estate | 873 | 0 | 0 | 873 | 873 | 0 | 0 | 873 | ||||||||||||||||||||||||
Total Assets Measured at Fair Value On a Non-Recurring Basis | $ | 6,624 | $ | 0 | $ | 0 | $ | 6,624 | $ | 3,269 | $ | 0 | $ | 0 | $ | 3,269 |
Fair Value Measurements At September 30, 2019, Using | Fair Value Measurements At September 30, 2020, Using | |||||||||||||||||||||||||||||||
(in thousands) | Fair Value Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Impaired Loans: | ||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 2,587 | $ | 0 | $ | 0 | $ | 2,587 | ||||||||||||||||||||||||
Residential 1st Mortgage | 1,518 | 0 | 0 | 1,518 | $ | 1,599 | $ | 0 | $ | 0 | $ | 1,599 | ||||||||||||||||||||
Home Equity Lines and Loans | 66 | 0 | 0 | 66 | ||||||||||||||||||||||||||||
Home Equity Lines & Loans | 62 | 0 | 0 | 62 | ||||||||||||||||||||||||||||
Agricultural | 97 | 0 | 0 | 97 | 400 | 0 | 0 | 400 | ||||||||||||||||||||||||
Commercial | 1,390 | 0 | 0 | 1,390 | 222 | 0 | 0 | 222 | ||||||||||||||||||||||||
Consumer | 138 | 0 | 0 | 138 | ||||||||||||||||||||||||||||
Total Impaired Loans | $ | 5,658 | $ | 0 | $ | 0 | $ | 5,658 | $ | 2,421 | $ | 0 | $ | 0 | $ | 2,421 | ||||||||||||||||
Other Real Estate: | ||||||||||||||||||||||||||||||||
Real Estate Construction | 873 | 0 | 0 | 873 | 873 | 0 | 0 | 873 | ||||||||||||||||||||||||
Total Other Real Estate | 873 | 0 | 0 | 873 | 873 | 0 | 0 | 873 | ||||||||||||||||||||||||
Total Assets Measured at Fair Value On a Non-Recurring Basis | $ | 6,531 | $ | 0 | $ | 0 | $ | 6,531 | $ | 3,294 | $ | 0 | $ | 0 | $ | 3,294 |
September 30, 2020 (in thousands) | Fair Value | Valuation Technique | Unobservable Inputs | Range, Weighted Avg. | ||||||||||||||||
September 30, 2021 | ||||||||||||||||||||
(in thousands) | Fair Value | Valuation Technique | Unobservable Inputs | Range, Weighted Avg. | ||||||||||||||||
Impaired Loans: | ||||||||||||||||||||
Residential 1st Mortgage | $ | 1,599 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 0.73% - 4.16%, 2.58 | % | $ | 1,423 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 0.68% - 4.02%, 2.54 | % | ||||||||
Home Equity Lines and Loans | $ | 62 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 1.1% - 1.4%, 1.28 | % | ||||||||||||||
Agricultural | $ | 400 | Income Approach | Capitalization Rate | 10%, 10 | % | ||||||||||||||
Home Equity Lines & Loans | $ | 57 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 1.1% - 1.3%, 1.20 | % | ||||||||||||||
Commercial | $ | 222 | Income Approach | Capitalization Rate | 10%, 10 | % | $ | 204 | Income Approach | Capitalization Rate | 10%, 10 | % | ||||||||
Consumer | $ | 138 | Income Approach | Adjustment for Difference Between Comparable Sales | 10%, 10 | % | $ | 138 | Income Approach | Capitalization Rate | 10%, 10 | % | ||||||||
Other Real Estate: | ||||||||||||||||||||
Real Estate Construction | $ | 873 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 10%, 10 | % | $ | 873 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 10%, 10 | % |
December 31, 2020 | ||||||||||
(in thousands) | Fair Value | Valuation Technique | Unobservable Inputs | Range, Weighted Avg. | ||||||
Impaired Loans: | ||||||||||
Residential 1st Mortgage | $ | 1,584 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 0.72% - 4.13%, 2.57 | % | ||||
Home Equity Lines & Loans | $ | 61 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 1.1% - 1.4%, 1.25 | % | ||||
Agricultural | $ | 400 | Income Approach | Capitalization Rate | 10%, 10 | % | ||||
Commercial | $ | 213 | Income Approach | Capitalization Rate | 10%, 10 | % | ||||
Consumer | $ | 138 | Income Approach | Adjustment for Difference Between Comparable Sales | 10%, 10 | % | ||||
Other Real Estate: | ||||||||||
Real Estate Construction | $ | 873 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 10%, 10 | % |
September 30, 2020 | ||||||||||
(in thousands) | Fair Value | Valuation Technique | Unobservable Inputs | Range, Weighted Avg. | ||||||
Impaired Loans: | ||||||||||
Residential 1st Mortgage | $ | 1,599 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 0.73% - 4.16%, 2.58 | % | ||||
Home Equity Lines & Loans | $ | 62 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 1.1% - 1.4%, 1.28 | % | ||||
Agricultural | $ | 400 | Income Approach | Capitalization Rate | 10%, 10 | % | ||||
Commercial | $ | 222 | Income Approach | Capitalization Rate | 10%, 10 | % | ||||
Consumer | $ | 138 | Income Approach | Adjustment for Difference Between Comparable Sales | 10%, 10 | % | ||||
Other Real Estate: | ||||||||||
Real Estate Construction | $ | 873 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 10%, 10 | % |
December 31, 2019 (in thousands) | Fair Value | Valuation Technique | Unobservable Inputs | Range, Weighted Avg. | ||||||
Impaired Loans: | ||||||||||
Commercial Real Estate | $ | 2,588 | Income Approach | Capitalization Rate | 3.3%, 3.3 | % | ||||
Residential 1st Mortgages | $ | 1,403 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 0.8% - 6.4%, 3 | % | ||||
Home Equity Lines and Loans | $ | 142 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 1% - 2%, 1.3 | % | ||||
Agricultural | $ | 88 | Income Approach | Capitalization Rate | 4.3%, 4.3 | % | ||||
Commercial | $ | 1,391 | Income Approach | Capitalization Rate | 3.3%, 3.3 | % | ||||
Consumer | $ | 139 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 40.6%, 40.6 | % | ||||
Other Real Estate: | ||||||||||
Real Estate Construction | $ | 873 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 10%, 10 | % |
September 30, 2019 (in thousands) | Fair Value | Valuation Technique | Unobservable Inputs | Range, Weighted Avg. | ||||||
Impaired Loans: | ||||||||||
Commercial Real Estate | $ | 2,587 | Income Approach | Capitalization Rate | 3.25%, 3.25 | % | ||||
Residential 1st Mortgage | $ | 1,518 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 1.00% - 4.50%, 2.81 | % | ||||
Home Equity Lines and Loans | $ | 66 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 1.00% - 2.00%, 1.38 | % | ||||
Agricultural | $ | 97 | Income Approach | Capitalization Rate | 3.25%, 3.25 | % | ||||
Commercial | $ | 1,390 | Income Approach | Capitalization Rate | 3.25%, 3.25 | % | ||||
Other Real Estate: | ||||||||||
Real Estate Construction | $ | 873 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 10%, 10 | % |
Fair Value of Financial Instruments Using | Fair Value of Financial Instruments Using | |||||||||||||||||||||||||||||||||||||||
September 30, 2020 (in thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Estimated Fair Value | |||||||||||||||||||||||||||||||||||
September 30, 2021 (in thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Estimated Fair Value | |||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 358,368 | $ | 358,368 | $ | 0 | $ | 0 | $ | 358,368 | $ | 870,763 | $ | 870,763 | $ | 0 | $ | 0 | $ | 870,763 | ||||||||||||||||||||
Investment Securities Available-for-Sale | 568,536 | 95,460 | 473,076 | 0 | 568,536 | 333,151 | 56,353 | 276,798 | 0 | 333,151 | ||||||||||||||||||||||||||||||
Investment Securities Held-to-Maturity | 69,913 | 0 | 28,244 | 42,811 | 71,055 | 550,618 | 0 | 499,432 | 40,876 | 540,308 | ||||||||||||||||||||||||||||||
Loans & Leases, Net | 3,055,133 | 0 | 0 | 3,065,624 | 3,065,624 | 3,079,498 | 0 | 0 | 3,090,187 | 3,090,187 | ||||||||||||||||||||||||||||||
Accrued Interest Receivable | 22,596 | 0 | 22,596 | 0 | 22,596 | 18,762 | 0 | 18,762 | 0 | 18,762 | ||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Deposits | 3,814,777 | 3,354,528 | 461,754 | 0 | 3,816,282 | 4,568,394 | 4,174,561 | 0 | 394,158 | 4,568,719 | ||||||||||||||||||||||||||||||
Subordinated Debentures | 10,310 | 0 | 6,518 | 0 | 6,518 | 10,310 | 0 | 6,830 | 0 | 6,830 | ||||||||||||||||||||||||||||||
Accrued Interest Payable | 1,618 | 0 | 1,618 | 0 | 1,618 | 451 | 0 | 451 | 0 | 451 |
Fair Value of Financial Instruments Using | Fair Value of Financial Instruments Using | |||||||||||||||||||||||||||||||||||||||
December 31, 2019 (in thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Estimated Fair Value | |||||||||||||||||||||||||||||||||||
December 31, 2020 (in thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Estimated Fair Value | |||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 294,758 | $ | 294,758 | $ | 0 | $ | 0 | $ | 294,758 | $ | 383,837 | $ | 383,837 | $ | 0 | $ | 0 | $ | 383,837 | ||||||||||||||||||||
Investment Securities Available-for-Sale | 507,386 | 55,200 | 452,186 | 0 | 507,386 | 807,732 | 15,470 | 792,262 | 0 | 807,732 | ||||||||||||||||||||||||||||||
Investment Securities Held-to-Maturity | 60,229 | 0 | 31,253 | 29,844 | 61,097 | 68,933 | 0 | 26,262 | 43,787 | 70,049 | ||||||||||||||||||||||||||||||
Loans & Leases, Net | 2,618,015 | 0 | 0 | 2,584,805 | 2,584,805 | 3,040,730 | 0 | 0 | 3,045,911 | 3,045,911 | ||||||||||||||||||||||||||||||
Accrued Interest Receivable | 16,733 | 0 | 16,733 | 0 | 16,733 | 20,333 | 0 | 20,333 | 0 | 20,333 | ||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Deposits | 3,278,019 | 2,760,097 | 517,172 | 0 | 3,277,269 | 4,060,267 | 3,638,400 | 0 | 422,840 | 4,061,240 | ||||||||||||||||||||||||||||||
Subordinated Debentures | 10,310 | 0 | 7,325 | 0 | 7,325 | 10,310 | 0 | 6,888 | 0 | 6,888 | ||||||||||||||||||||||||||||||
Accrued Interest Payable | 2,795 | 0 | 2,795 | 0 | 2,795 | 1,383 | 0 | 1,383 | 0 | 1,383 |
Fair Value of Financial Instruments Using | ||||||||||||||||||||
September 30, 2020 (in thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Estimated Fair Value | |||||||||||||||
Assets: | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 358,368 | $ | 358,368 | $ | 0 | $ | 0 | $ | 358,368 | ||||||||||
Investment Securities Available-for-Sale | 568,536 | 95,460 | 473,076 | 0 | 568,536 | |||||||||||||||
Investment Securities Held-to-Maturity | 69,913 | 0 | 28,244 | 42,811 | 71,055 | |||||||||||||||
Loans & Leases, Net | 3,055,133 | 0 | 0 | 3,065,624 | 3,065,624 | |||||||||||||||
Accrued Interest Receivable | 22,596 | 0 | 22,596 | 0 | 22,596 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | 3,814,777 | 3,354,528 | 0 | 461,754 | 3,816,282 | |||||||||||||||
Subordinated Debentures | 10,310 | 0 | 6,518 | 0 | 6,518 | |||||||||||||||
Accrued Interest Payable | 1,618 | 0 | 1,618 | 0 | 1,618 |
Fair Value of Financial Instruments Using | ||||||||||||||||||||
September 30, 2019 (in thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Estimated Fair Value | |||||||||||||||
Assets: | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 224,076 | $ | 224,076 | $ | 0 | $ | 0 | $ | 224,076 | ||||||||||
Investment Securities Available-for-Sale | 492,930 | 130,193 | 359,611 | 3,126 | 492,930 | |||||||||||||||
Investment Securities Held-to-Maturity | 60,354 | 0 | 32,183 | 27,333 | 59,516 | |||||||||||||||
Loans & Leases, Net | 2,562,168 | 0 | 0 | 2,537,599 | 2,537,599 | |||||||||||||||
Accrued Interest Receivable | 18,229 | 0 | 18,229 | 0 | 18,229 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | 3,139,413 | 2,613,146 | 525,106 | 0 | 3,138,252 | |||||||||||||||
Subordinated Debentures | 10,310 | 0 | 7,475 | 0 | 7,475 | |||||||||||||||
Accrued Interest Payable | 2,521 | 0 | 2,521 | 0 | 2,521 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
(net income in thousands) | 2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Net Income | $ | 14,810 | $ | 13,738 | $ | 43,241 | $ | 41,392 | $ | 17,502 | $ | 14,810 | $ | 50,368 | $ | 43,241 | ||||||||||||||||
Weighted Average Number of Common Shares Outstanding | 793,556 | 787,307 | 793,539 | 786,361 | 789,646 | 793,556 | 789,646 | 793,539 | ||||||||||||||||||||||||
Basic and Diluted Earnings Per Common Share Amount | $ | 18.66 | $ | 17.45 | $ | 54.49 | $ | 52.64 | ||||||||||||||||||||||||
Basic and Diluted Earnings Per Common Share | $ | 22.16 | $ | 18.66 | $ | 63.79 | $ | 54.49 |
(in thousands except for percent and period data) | Nine Months Ended September 30, 2020 | Year Ended December 31, 2019 | Nine Months Ended September 30, 2019 | Nine Months Ended September 30, 2021 | Year Ended December 31, 2020 | Nine Months Ended September 30, 2020 | ||||||||||||||||||
Cash Paid for Amounts Included in the Measurement of Lease Liabilities | ||||||||||||||||||||||||
Operating Cash Flow from Operating Leases | $ | 594 | $ | 783 | $ | 588 | $ | 536 | $ | 795 | $ | 594 | ||||||||||||
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities | $ | 0 | $ | 5,645 | $ | 5,645 | $ | 302 | $ | 0 | $ | 0 | ||||||||||||
Weighted-Average Remaining Lease Term - Operating Leases, in Years | 7.29 | 7.88 | 8.09 | 6.76 | 7.33 | 7.29 | ||||||||||||||||||
Weighted-Average Discount Rate - Operating Leases | 3.2 | % | 3.2 | % | 3.2 | % | 2.6 | % | 2.9 | % | 3.2 | % |
(in thousands) | September 30, 2020 | September 30, 2021 | ||||||
2020 | $ | 200 | ||||||
2021 | 719 | $ | 174 | |||||
2022 | 686 | 702 | ||||||
2023 | 697 | 714 | ||||||
2024 | 707 | 730 | ||||||
2025 and thereafter | 2,105 | |||||||
2025 | 741 | |||||||
2026 and thereafter | 1,602 | |||||||
Total Lease Payments | 5,114 | 4,663 | ||||||
Less: Interest | (565 | ) | (377 | ) | ||||
Present Value of Lease Liabilities | $ | 4,549 | $ | 4,286 |
Item 2. | Management’s Discussion |
• | Liquidity consisting of |
• | Strong Asset Quality as reflected by only |
• | Risk Based Capital Ratio of |
• | Allowance for Credit Losses of |
• | ROAA of |
Three Months Ended Sept 30, 2020 | Three Months Ended Sept 30, 2019 | Three Months Ended Sept 30, 2021 | Three Months Ended Sept 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Assets | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||||||||||||||||||||
Interest Bearing Deposits with Banks | $ | 314,049 | $ | 81 | 0.10 | % | $ | 255,335 | $ | 1,396 | 2.17 | % | $ | 856,159 | $ | 328 | 0.15 | % | $ | 314,049 | $ | 81 | 0.10 | % | ||||||||||||||||||||||||
Investment Securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | 27,423 | 89 | 1.29 | % | 21,445 | 114 | 2.13 | % | ||||||||||||||||||||||||||||||||||||||||
U.S. Govt SBA | 9,167 | 24 | 1.05 | % | 12,665 | 71 | 2.24 | % | ||||||||||||||||||||||||||||||||||||||||
Government Agency & Government-Sponsored Entities | - | - | - | 2,418 | 18 | 2.98 | % | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury Notes | 9,911 | 59 | 2.36 | % | 27,423 | 89 | 1.29 | % | ||||||||||||||||||||||||||||||||||||||||
U.S. Government Agency SBA | 7,151 | 14 | 0.78 | % | 9,167 | 24 | 1.05 | % | ||||||||||||||||||||||||||||||||||||||||
Municipals - Taxable | 19,966 | 156 | 3.13 | % | 6,545 | 86 | 5.26 | % | 15,088 | 141 | 3.74 | % | 19,966 | 156 | 3.13 | % | ||||||||||||||||||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable (1) | 49,452 | 521 | 4.22 | % | 52,985 | 484 | 3.65 | % | 49,616 | 503 | 4.06 | % | 49,452 | 525 | 4.24 | % | ||||||||||||||||||||||||||||||||
Mortgage Backed Securities | 430,145 | 2,567 | 2.39 | % | 282,305 | 1,832 | 2.60 | % | ||||||||||||||||||||||||||||||||||||||||
Mortgage-Backed Securities | 708,322 | 2,937 | 1.66 | % | 430,145 | 2,567 | 2.39 | % | ||||||||||||||||||||||||||||||||||||||||
Other | 25,477 | 53 | 0.83 | % | 4,726 | 38 | 3.22 | % | 46,511 | 132 | 1.14 | % | 25,477 | 53 | 0.83 | % | ||||||||||||||||||||||||||||||||
Total Investment Securities | 561,630 | 3,410 | 2.43 | % | 383,089 | 2,643 | 2.76 | % | 836,599 | 3,786 | 1.81 | % | 561,630 | 3,414 | 2.43 | % | ||||||||||||||||||||||||||||||||
Loans & Leases: (2) | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | 1,952,892 | 24,193 | 4.93 | % | 1,790,970 | 23,339 | 5.17 | % | 2,169,270 | 25,354 | 4.64 | % | 1,952,892 | 24,193 | 4.93 | % | ||||||||||||||||||||||||||||||||
Home Equity Lines & Loans | 37,815 | 423 | 4.45 | % | 39,820 | 605 | 6.03 | % | 32,112 | 360 | 4.45 | % | 37,815 | 423 | 4.45 | % | ||||||||||||||||||||||||||||||||
Agricultural | 263,706 | 3,365 | 5.08 | % | 288,085 | 4,089 | 5.63 | % | 236,071 | 2,637 | 4.43 | % | 263,706 | 3,365 | 5.08 | % | ||||||||||||||||||||||||||||||||
Commercial | 362,880 | 4,377 | 4.80 | % | 378,210 | 5,131 | 5.38 | % | 374,162 | 4,111 | 4.36 | % | 362,880 | 4,377 | 4.80 | % | ||||||||||||||||||||||||||||||||
Consumer | 12,261 | 190 | 6.16 | % | 16,284 | 266 | 6.48 | % | 8,521 | 125 | 5.82 | % | 12,261 | 190 | 6.16 | % | ||||||||||||||||||||||||||||||||
Other | 348,093 | 2,415 | 2.76 | % | 1,079 | 7 | 2.57 | % | ||||||||||||||||||||||||||||||||||||||||
Other (3) | 146,661 | 2,138 | 5.78 | % | 348,093 | 2,415 | 2.76 | % | ||||||||||||||||||||||||||||||||||||||||
Leases | 106,272 | 1,446 | 5.41 | % | 103,247 | 1,399 | 5.38 | % | 96,690 | 1,363 | 5.59 | % | 106,272 | 1,446 | 5.41 | % | ||||||||||||||||||||||||||||||||
Total Loans & Leases | 3,083,919 | 36,409 | 4.70 | % | 2,617,695 | 34,836 | 5.28 | % | 3,063,487 | 36,088 | 4.67 | % | 3,083,919 | 36,409 | 4.70 | % | ||||||||||||||||||||||||||||||||
Total Earning Assets | 3,959,598 | $ | 39,900 | 4.01 | % | 3,256,119 | $ | 38,875 | 4.74 | % | 4,756,245 | $ | 40,202 | 3.35 | % | 3,959,598 | $ | 39,904 | 4.01 | % | ||||||||||||||||||||||||||||
Unrealized Gain (Loss) on Securities Available-for-Sale | 20,960 | 3,992 | ||||||||||||||||||||||||||||||||||||||||||||||
Unrealized Gain on Securities Available-for-Sale | 1,995 | 20,960 | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | (55,782 | ) | (55,045 | ) | (60,268 | ) | (55,782 | ) | ||||||||||||||||||||||||||||||||||||||||
Cash and Due From Banks | 61,633 | 57,094 | 72,887 | 61,633 | ||||||||||||||||||||||||||||||||||||||||||||
All Other Assets | 244,056 | 226,769 | 264,724 | 244,056 | ||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 4,230,465 | $ | 3,488,929 | $ | 5,035,583 | $ | 4,230,465 | ||||||||||||||||||||||||||||||||||||||||
Liabilities & Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities & Shareholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest Bearing Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest Bearing DDA | $ | 824,587 | $ | 383 | 0.18 | % | $ | 667,687 | $ | 666 | 0.40 | % | $ | 1,068,707 | $ | 293 | 0.11 | % | $ | 824,587 | $ | 383 | 0.18 | % | ||||||||||||||||||||||||
Savings and Money Market | 1,176,238 | 594 | 0.20 | % | 930,490 | 886 | 0.38 | % | 1,385,430 | 346 | 0.10 | % | 1,176,238 | 594 | 0.20 | % | ||||||||||||||||||||||||||||||||
Time Deposits | 468,072 | 1,034 | 0.88 | % | 524,076 | 1,840 | 1.39 | % | 399,246 | 290 | 0.29 | % | 468,072 | 1,034 | 0.88 | % | ||||||||||||||||||||||||||||||||
Total Interest Bearing Deposits | 2,468,897 | 2,011 | 0.32 | % | 2,122,253 | 3,392 | 0.63 | % | 2,853,383 | 929 | 0.13 | % | 2,468,897 | 2,011 | 0.32 | % | ||||||||||||||||||||||||||||||||
Subordinated Debentures | 10,310 | 83 | 3.20 | % | 10,310 | 138 | 5.31 | % | 10,310 | 78 | 3.00 | % | 10,310 | 83 | 3.20 | % | ||||||||||||||||||||||||||||||||
Total Interest Bearing Liabilities | 2,479,207 | $ | 2,094 | 0.34 | % | 2,132,563 | $ | 3,530 | 0.66 | % | 2,863,693 | $ | 1,007 | 0.14 | % | 2,479,207 | $ | 2,094 | 0.34 | % | ||||||||||||||||||||||||||||
Interest Rate Spread (3) | 3.67 | % | 4.08 | % | ||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Spread (4) | 3.21 | % | 3.67 | % | ||||||||||||||||||||||||||||||||||||||||||||
Demand Deposits (Non-Interest Bearing) | 1,279,142 | 947,854 | 1,655,738 | 1,279,142 | ||||||||||||||||||||||||||||||||||||||||||||
All Other Liabilities | 60,812 | 59,765 | 68,564 | 60,812 | ||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | 3,819,161 | 3,140,182 | 4,587,995 | 3,819,161 | ||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | 411,304 | 348,747 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities & Shareholders' Equity | $ | 4,230,465 | $ | 3,488,929 | ||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income and Margin on Total Earning Assets (4) | 37,806 | 3.80 | % | 35,345 | 4.31 | % | ||||||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity | 447,588 | 411,304 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities & Shareholders’ Equity | $ | 5,035,583 | $ | 4,230,465 | ||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income and Margin on Total Earning Assets (5) | 39,195 | 3.27 | % | 37,810 | 3.80 | % | ||||||||||||||||||||||||||||||||||||||||||
Tax Equivalent Adjustment | (108 | ) | (65 | ) | (104 | ) | (111 | ) | ||||||||||||||||||||||||||||||||||||||||
Net Interest Income | $ | 37,699 | 3.79 | % | $ | 35,280 | 4.30 | % | $ | 39,091 | 3.26 | % | $ | 37,699 | 3.79 | % |
Nine Months Ended Sept. 30, 2020 | Nine Months Ended Sept. 30, 2019 | Nine Months Ended Sept. 30, 2021 | Nine Months Ended Sept. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Assets | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||||||||||||||||||||
Interest Bearing Deposits with Banks | $ | 286,049 | $ | 1,093 | 0.51 | % | $ | 212,388 | $ | 3,682 | 2.32 | % | $ | 620,757 | $ | 595 | 0.13 | % | $ | 286,049 | $ | 1,093 | 0.51 | % | ||||||||||||||||||||||||
Investment Securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | 19,897 | 267 | 1.79 | % | 30,382 | 440 | 1.93 | % | ||||||||||||||||||||||||||||||||||||||||
U.S. Govt SBA | 9,799 | 94 | 1.28 | % | 13,995 | 267 | 2.54 | % | ||||||||||||||||||||||||||||||||||||||||
Government Agency & Government-Sponsored Entities | - | - | - | 2,818 | 62 | 2.93 | % | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury Notes | 12,071 | 212 | 2.35 | % | 19,897 | 267 | 1.79 | % | ||||||||||||||||||||||||||||||||||||||||
U.S. Government Agency SBA | 7,590 | 41 | 0.72 | % | 9,799 | 94 | 1.28 | % | ||||||||||||||||||||||||||||||||||||||||
Municipals - Taxable | 11,362 | 359 | 4.21 | % | 6,545 | 258 | 5.26 | % | 15,662 | 445 | 3.79 | % | 11,362 | 359 | 4.21 | % | ||||||||||||||||||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable (1) | 52,741 | 1,587 | 4.01 | % | 51,474 | 1,509 | 3.91 | % | 52,816 | 1,562 | 3.94 | % | 52,741 | 1,587 | 4.01 | % | ||||||||||||||||||||||||||||||||
Mortgage Backed Securities | 445,336 | 8,432 | 2.52 | % | 295,524 | 5,828 | 2.63 | % | ||||||||||||||||||||||||||||||||||||||||
Mortgage-Backed Securities | 738,454 | 9,396 | 1.70 | % | 445,336 | 8,432 | 2.52 | % | ||||||||||||||||||||||||||||||||||||||||
Other | 10,747 | 64 | 0.79 | % | 4,958 | 148 | 3.98 | % | 45,970 | 687 | 1.99 | % | 10,747 | 64 | 0.79 | % | ||||||||||||||||||||||||||||||||
Total Investment Securities | 549,882 | 10,803 | 2.62 | % | 405,696 | 8,512 | 2.80 | % | 872,563 | 12,343 | 1.89 | % | 549,882 | 10,803 | 2.62 | % | ||||||||||||||||||||||||||||||||
Loans & Leases: (2) | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | 1,885,455 | 71,031 | 5.03 | % | 1,777,258 | 69,588 | 5.23 | % | 2,131,071 | 75,041 | 4.71 | % | 1,885,455 | 71,031 | 5.03 | % | ||||||||||||||||||||||||||||||||
Home Equity Lines & Loans | 39,162 | 1,447 | 4.94 | % | 39,810 | 1,806 | 6.07 | % | 32,417 | 1,083 | 4.47 | % | 39,162 | 1,447 | 4.94 | % | ||||||||||||||||||||||||||||||||
Agricultural | 264,528 | 10,180 | 5.14 | % | 272,498 | 11,565 | 5.67 | % | 229,862 | 7,758 | 4.51 | % | 264,528 | 10,180 | 5.14 | % | ||||||||||||||||||||||||||||||||
Commercial | 378,272 | 13,810 | 4.88 | % | 365,316 | 14,679 | 5.37 | % | 365,744 | 12,567 | 4.59 | % | 378,272 | 13,810 | 4.88 | % | ||||||||||||||||||||||||||||||||
Consumer | 13,294 | 619 | 6.22 | % | 17,106 | 775 | 6.06 | % | 9,388 | 1,010 | 14.38 | % | 13,294 | 619 | 6.22 | % | ||||||||||||||||||||||||||||||||
Other | 209,653 | 3,521 | 2.24 | % | 1,079 | 18 | 2.23 | % | ||||||||||||||||||||||||||||||||||||||||
Other (3) | 194,295 | 8,245 | 5.67 | % | 209,653 | 3,521 | 2.24 | % | ||||||||||||||||||||||||||||||||||||||||
Leases | 105,880 | 4,272 | 5.39 | % | 105,672 | 4,297 | 5.44 | % | 100,347 | 4,135 | 5.51 | % | 105,880 | 4,272 | 5.39 | % | ||||||||||||||||||||||||||||||||
Total Loans & Leases | 2,896,244 | 104,880 | 4.84 | % | 2,578,739 | 102,728 | �� | 5.33 | % | 3,063,124 | 109,839 | 4.79 | % | 2,896,244 | 104,880 | �� | 4.84 | % | ||||||||||||||||||||||||||||||
Total Earning Assets | 3,732,175 | $ | 116,776 | 4.18 | % | 3,196,823 | $ | 114,922 | 4.81 | % | 4,556,444 | $ | 122,777 | 3.60 | % | 3,732,175 | $ | 116,776 | 4.18 | % | ||||||||||||||||||||||||||||
Unrealized Gain (Loss) on Securities Available-for-Sale | 16,096 | (126 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Unrealized Gain on Securities Available-for-Sale | 5,431 | 16,096 | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | (55,190 | ) | (55,113 | ) | (59,971 | ) | (55,190 | ) | ||||||||||||||||||||||||||||||||||||||||
Cash and Due From Banks | 61,588 | 55,897 | 68,755 | 61,588 | ||||||||||||||||||||||||||||||||||||||||||||
All Other Assets | 238,898 | 222,670 | 255,847 | 238,898 | ||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 3,993,567 | $ | 3,420,151 | $ | 4,826,506 | $ | 3,993,567 | ||||||||||||||||||||||||||||||||||||||||
Liabilities & Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities & Shareholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest Bearing Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest Bearing DDA | $ | 761,437 | $ | 1,342 | 0.24 | % | $ | 661,462 | $ | 1,792 | 0.36 | % | $ | 1,002,267 | $ | 869 | 0.12 | % | $ | 761,437 | $ | 1,342 | 0.24 | % | ||||||||||||||||||||||||
Savings and Money Market | 1,091,672 | 2,280 | 0.28 | % | 913,942 | 2,413 | 0.35 | % | 1,336,826 | 1,136 | 0.11 | % | 1,091,672 | 2,280 | 0.28 | % | ||||||||||||||||||||||||||||||||
Time Deposits | 503,319 | 3,991 | 1.06 | % | 518,646 | 5,120 | 1.32 | % | 408,730 | 1,195 | 0.39 | % | 503,319 | 3,991 | 1.06 | % | ||||||||||||||||||||||||||||||||
Total Interest Bearing Deposits | 2,356,428 | 7,613 | 0.43 | % | 2,094,050 | 9,325 | 0.60 | % | 2,747,823 | 3,200 | 0.16 | % | 2,356,428 | 7,613 | 0.43 | % | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank Advances | 1 | - | 0.00 | % | 1 | - | 0.00 | % | - | - | 0.00 | % | 1 | - | 0.00 | % | ||||||||||||||||||||||||||||||||
Subordinated Debentures | 10,310 | 296 | 3.83 | % | 10,310 | 424 | 5.50 | % | 10,310 | 236 | 3.06 | % | 10,310 | 296 | 3.83 | % | ||||||||||||||||||||||||||||||||
Total Interest Bearing Liabilities | 2,366,739 | $ | 7,909 | 0.45 | % | 2,104,361 | $ | 9,749 | 0.62 | % | 2,758,133 | $ | 3,436 | 0.17 | % | 2,366,739 | $ | 7,909 | 0.45 | % | ||||||||||||||||||||||||||||
Interest Rate Spread (3) | 3.73 | % | 4.19 | % | ||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Spread(4) | 3.44 | % | 3.73 | % | ||||||||||||||||||||||||||||||||||||||||||||
Demand Deposits (Non-Interest Bearing) | 1,169,333 | 928,246 | 1,567,089 | 1,169,333 | ||||||||||||||||||||||||||||||||||||||||||||
All Other Liabilities | 61,024 | 53,380 | 64,439 | 61,024 | ||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | 3,597,096 | 3,085,987 | 4,389,661 | 3,597,096 | ||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | 396,471 | 334,164 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities & Shareholders' Equity | $ | 3,993,567 | $ | 3,420,151 | ||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income and Margin on Total Earning Assets (4) | 108,867 | 3.90 | % | 105,173 | 4.40 | % | ||||||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity | 436,845 | 396,471 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities & Shareholders’ Equity | $ | 4,826,506 | $ | 3,993,567 | ||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income and Margin on Total Earning Assets (5) | 119,341 | 3.50 | % | 108,867 | 3.90 | % | ||||||||||||||||||||||||||||||||||||||||||
Tax Equivalent Adjustment | (327 | ) | (313 | ) | (324 | ) | (327 | ) | ||||||||||||||||||||||||||||||||||||||||
Net Interest Income | $ | 108,540 | 3.88 | % | $ | 104,860 | 4.39 | % | $ | 119,017 | 3.49 | % | $ | 108,540 | 3.88 | % |
Three Months Ended Sept. 30, 2020 compared to Sept. 30, 2019 | Nine Months Ended Sept. 30, 2020 compared to Sept. 30, 2019 | |||||||||||||||||||||||
Interest Earning Assets | Volume | Rate | Net Chg. | Volume | Rate | Net Chg. | ||||||||||||||||||
Interest Bearing Deposits with Banks | $ | 257 | $ | (1,572 | ) | $ | (1,315 | ) | $ | 976 | $ | (3,565 | ) | $ | (2,590 | ) | ||||||||
Investment Securities: | ||||||||||||||||||||||||
U.S. Treasuries | 27 | (52 | ) | (25 | ) | (143 | ) | (30 | ) | (172 | ) | |||||||||||||
U.S. Govt SBA | (17 | ) | (31 | ) | (47 | ) | (65 | ) | (108 | ) | (173 | ) | ||||||||||||
Government Agency & Government-Sponsored Entities | (9 | ) | (9 | ) | (18 | ) | (31 | ) | (31 | ) | (62 | ) | ||||||||||||
Municipals - Taxable | 117 | (47 | ) | 70 | 160 | (59 | ) | 101 | ||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable | (34 | ) | 72 | 38 | 37 | 41 | 78 | |||||||||||||||||
Mortgage Backed Securities | 892 | (157 | ) | 735 | 2,845 | (242 | ) | 2,604 | ||||||||||||||||
Other | 61 | (46 | ) | 15 | 91 | (174 | ) | (84 | ) | |||||||||||||||
Total Investment Securities | 1,038 | (270 | ) | 768 | 2,894 | (603 | ) | 2,292 | ||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||
Real Estate | 1,989 | (1,135 | ) | 854 | 4,185 | (2,742 | ) | 1,443 | ||||||||||||||||
Home Equity Lines & Loans | (29 | ) | (153 | ) | (182 | ) | (28 | ) | (330 | ) | (359 | ) | ||||||||||||
Agricultural | (334 | ) | (390 | ) | (724 | ) | (328 | ) | (1,057 | ) | (1,385 | ) | ||||||||||||
Commercial | (205 | ) | (549 | ) | (754 | ) | 513 | (1,382 | ) | (869 | ) | |||||||||||||
Consumer | (63 | ) | (13 | ) | (76 | ) | (177 | ) | 21 | (156 | ) | |||||||||||||
Other | 2,408 | 1 | 2,408 | 3,503 | 0 | 3,503 | ||||||||||||||||||
Leases | 38 | 9 | 47 | 9 | (34 | ) | (25 | ) | ||||||||||||||||
Total Loans & Leases | 3,804 | (2,231 | ) | 1,573 | 7,677 | (5,525 | ) | 2,152 | ||||||||||||||||
Total Earning Assets | 5,098 | (4,073 | ) | 1,026 | 11,547 | (9,693 | ) | 1,854 | ||||||||||||||||
Interest Bearing Liabilities | ||||||||||||||||||||||||
Interest Bearing Deposits: | ||||||||||||||||||||||||
Interest Bearing DDA | 129 | (412 | ) | (283 | ) | 244 | (694 | ) | (450 | ) | ||||||||||||||
Savings and Money Market | 191 | (483 | ) | (292 | ) | 425 | (557 | ) | (133 | ) | ||||||||||||||
Time | (181 | ) | (625 | ) | (806 | ) | (147 | ) | (982 | ) | (1,129 | ) | ||||||||||||
Total Interest Bearing Deposits | 139 | (1,520 | ) | (1,381 | ) | 521 | (2,233 | ) | (1,712 | ) | ||||||||||||||
Subordinated Debentures | - | (55 | ) | (55 | ) | - | (128 | ) | (128 | ) | ||||||||||||||
Total Interest Bearing Liabilities | 139 | (1,575 | ) | (1,436 | ) | 521 | (2,361 | ) | (1,840 | ) | ||||||||||||||
Total Change on a Tax Equivalent Basis | $ | 4,959 | $ | (2,497 | ) | $ | 2,462 | $ | 11,025 | $ | (7,332 | ) | $ | 3,693 |
Three Months Ended Sept. 30, 2021 compared to Sept. 30, 2020 | Nine Months Ended Sept. 30, 2021 compared to Sept. 30, 2020 | |||||||||||||||||||||||
Interest Earning Assets | Volume | Rate | Net Chg. | Volume | Rate | Net Chg. | ||||||||||||||||||
Interest Bearing Deposits with Banks | $ | 193 | $ | 54 | $ | 247 | $ | 696 | $ | (1,194 | ) | $ | (498 | ) | ||||||||||
Investment Securities: | ||||||||||||||||||||||||
U.S. Treasuries | (78 | ) | 47 | (30 | ) | (123 | ) | 68 | (55 | ) | ||||||||||||||
U.S. Government Agency SBA | (14 | ) | 4 | (10 | ) | (31 | ) | (22 | ) | (53 | ) | |||||||||||||
Municipals - Taxable | (42 | ) | 28 | (15 | ) | 117 | (31 | ) | 86 | |||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable | 2 | (23 | ) | (21 | ) | 2 | (27 | ) | (25 | ) | ||||||||||||||
Mortgage-Backed Securities | 700 | (330 | ) | 370 | 1,922 | (958 | ) | 964 | ||||||||||||||||
Other | 55 | 24 | 79 | 427 | 197 | 623 | ||||||||||||||||||
Total Investment Securities | 623 | (250 | ) | 373 | 2,313 | (773 | ) | 1,540 | ||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||
Real Estate | 2,490 | (1,329 | ) | 1,161 | 7,936 | (3,926 | ) | 4,010 | ||||||||||||||||
Home Equity Lines & Loans | (62 | ) | (0 | ) | (63 | ) | (198 | ) | (167 | ) | (364 | ) | ||||||||||||
Agricultural | (576 | ) | (152 | ) | (728 | ) | 1,035 | (3,457 | ) | (2,422 | ) | |||||||||||||
Commercial | 136 | (403 | ) | (266 | ) | (481 | ) | (762 | ) | (1,243 | ) | |||||||||||||
Consumer | (54 | ) | (12 | ) | (65 | ) | (226 | ) | 617 | 391 | ||||||||||||||
Other(1) | (1,915 | ) | 1,638 | (277 | ) | (277 | ) | 5,002 | 4,724 | |||||||||||||||
Leases | (131 | ) | 48 | (83 | ) | (230 | ) | 92 | (137 | ) | ||||||||||||||
Total Loans & Leases | (113 | ) | (209 | ) | (321 | ) | 7,559 | (2,601 | ) | 4,958 | ||||||||||||||
Total Earning Assets | 703 | (405 | ) | 299 | 10,569 | (4,568 | ) | 6,001 | ||||||||||||||||
Interest Bearing Liabilities | ||||||||||||||||||||||||
Interest Bearing Deposits: | ||||||||||||||||||||||||
Interest Bearing DDA | 231 | (321 | ) | (90 | ) | 782 | (1,255 | ) | (473 | ) | ||||||||||||||
Savings and Money Market | 134 | (382 | ) | (248 | ) | 698 | (1,842 | ) | (1,144 | ) | ||||||||||||||
Time | (179 | ) | (565 | ) | (744 | ) | (954 | ) | (1,842 | ) | (2,796 | ) | ||||||||||||
Total Interest Bearing Deposits | 186 | (1,268 | ) | (1,082 | ) | 526 | (4,939 | ) | (4,413 | ) | ||||||||||||||
Subordinated Debentures | - | (5 | ) | (5 | ) | - | (60 | ) | (60 | ) | ||||||||||||||
Total Interest Bearing Liabilities | 186 | (1,273 | ) | (1,087 | ) | 526 | (4,999 | ) | (4,473 | ) | ||||||||||||||
Total Change on a Tax Equivalent Basis | $ | 517 | $ | 868 | $ | 1,386 | $ | 10,043 | $ | 431 | $ | 10,474 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Balance at Beginning of Period | $ | 55,058 | $ | 55,125 | $ | 55,012 | $ | 55,266 | $ | 60,229 | $ | 55,058 | $ | 58,862 | $ | 55,012 | ||||||||||||||||
Charge-Offs | (25 | ) | (235 | ) | (487 | ) | (654 | ) | (17 | ) | (25 | ) | (33 | ) | (487 | ) | ||||||||||||||||
Recoveries | 65 | 64 | 273 | 142 | 91 | 65 | 224 | 273 | ||||||||||||||||||||||||
Provision | 1,700 | - | 2,000 | 200 | - | 1,700 | 1,250 | 2,000 | ||||||||||||||||||||||||
Balance at End of Period | $ | 56,798 | $ | 54,954 | $ | 56,798 | $ | 54,954 | $ | 60,303 | $ | 56,798 | $ | 60,303 | $ | 56,798 |
September 30, 2020 | Commercial Real Estate | Agricultural Real Estate | Real Estate Construction | Residential 1st Mortgages | Home Equity Lines & Loans | Agricultural | Commercial | Consumer & Other | Leases | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | Commercial Real Estate | Agricultural Real Estate | Real Estate Construction | Residential 1st Mortgages | Home Equity Lines & Loans | Agricultural | Commercial | Consumer & Other | Leases | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year-To-Date Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- January 1, 2020 | $ | 11,053 | $ | 15,128 | $ | 1,949 | $ | 855 | $ | 2,675 | $ | 8,076 | $ | 11,466 | $ | 456 | $ | 3,162 | $ | 192 | $ | 55,012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- December 31, 2020 | $ | 27,679 | $ | 8,633 | $ | 1,643 | $ | 960 | $ | 2,024 | $ | 4,814 | $ | 9,961 | $ | 333 | $ | 1,731 | $ | 1,084 | $ | 58,862 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-Offs | - | - | - | - | (7 | ) | - | (426 | ) | (54 | ) | - | - | (487 | ) | - | - | - | - | - | - | - | (33 | ) | - | - | (33 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | - | - | - | 49 | 65 | 54 | 80 | 25 | - | - | 273 | - | - | - | 74 | 17 | 29 | 83 | 21 | - | - | 224 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | 13,236 | (6,336 | ) | (381 | ) | 45 | (617 | ) | (3,458 | ) | (1,127 | ) | (63 | ) | (248 | ) | 949 | 2,000 | 1,200 | 794 | (210 | ) | (70 | ) | (129 | ) | (238 | ) | 738 | (23 | ) | (872 | ) | 60 | 1,250 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- September 30, 2020 | $ | 24,289 | $ | 8,792 | $ | 1,568 | $ | 949 | $ | 2,116 | $ | 4,672 | $ | 9,993 | $ | 364 | $ | 2,914 | $ | 1,141 | $ | 56,798 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- September 30, 2021 | $ | 28,879 | $ | 9,427 | $ | 1,433 | $ | 964 | $ | 1,912 | $ | 4,605 | $ | 10,782 | $ | 298 | $ | 859 | $ | 1,144 | $ | 60,303 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- July 1, 2020 | $ | 21,423 | $ | 9,021 | $ | 1,452 | $ | 1,771 | $ | 2,239 | $ | 4,790 | $ | 10,043 | $ | 359 | $ | 2,800 | $ | 1,160 | $ | 55,058 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- June 30, 2021 | $ | 28,890 | $ | 9,107 | $ | 1,405 | $ | 957 | $ | 1,899 | $ | 4,552 | $ | 9,920 | $ | 281 | $ | 1,639 | $ | 1,579 | $ | 60,229 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-Offs | - | - | - | - | - | - | - | (25 | ) | - | - | (25 | ) | - | - | - | - | - | - | - | (17 | ) | - | - | (17 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | - | - | - | 3 | 31 | 24 | - | 7 | - | - | 65 | - | - | - | 15 | 6 | 24 | 38 | 8 | - | - | 91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | 2,866 | (229 | ) | 116 | (825 | ) | (154 | ) | (142 | ) | (50 | ) | 23 | 114 | (19 | ) | 1,700 | (11 | ) | 320 | 28 | (8 | ) | 7 | 29 | 824 | 26 | (780 | ) | (435 | ) | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- September 30, 2020 | $ | 24,289 | $ | 8,792 | $ | 1,568 | $ | 949 | $ | 2,116 | $ | 4,672 | $ | 9,993 | $ | 364 | $ | 2,914 | $ | 1,141 | $ | 56,798 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- September 30, 2021 | $ | 28,879 | $ | 9,427 | $ | 1,433 | $ | 964 | $ | 1,912 | $ | 4,605 | $ | 10,782 | $ | 298 | $ | 859 | $ | 1,144 | $ | 60,303 |
Loan & Lease Portfolio | September 30, 2020 | December 31, 2019 | September 30, 2019 | |||||||||||||||||||||
(in thousands) | $ | % | $ | % | $ | % | ||||||||||||||||||
Commercial Real Estate | $ | 887,999 | 28.4 | % | $ | 846,486 | 31.6 | % | $ | 824,283 | 31.5 | % | ||||||||||||
Agricultural Real Estate | 639,172 | 20.4 | % | 625,767 | 23.3 | % | 617,310 | 23.5 | % | |||||||||||||||
Real Estate Construction | 186,623 | 6.0 | % | 115,644 | 4.3 | % | 98,662 | 3.8 | % | |||||||||||||||
Residential 1st Mortgages | 293,489 | 9.4 | % | 255,253 | 9.5 | % | 255,394 | 9.7 | % | |||||||||||||||
Home Equity Lines and Loans | 35,875 | 1.1 | % | 39,270 | 1.5 | % | 39,490 | 1.5 | % | |||||||||||||||
Agricultural | 252,031 | 8.1 | % | 292,904 | 10.9 | % | 289,182 | 11.0 | % | |||||||||||||||
Commercial | 367,052 | 11.7 | % | 384,795 | 14.4 | % | 381,774 | 14.6 | % | |||||||||||||||
Consumer & Other (1) | 359,697 | 11.5 | % | 15,422 | 0.6 | % | 16,871 | 0.6 | % | |||||||||||||||
Leases | 105,511 | 3.4 | % | 104,470 | 3.9 | % | 100,784 | 3.8 | % | |||||||||||||||
Total Gross Loans & Leases | 3,127,449 | 100.0 | % | 2,680,011 | 100.0 | % | 2,623,750 | 100.0 | % | |||||||||||||||
Less: Unearned Income | 15,518 | 6,984 | 6,628 | |||||||||||||||||||||
Subtotal | 3,111,931 | 2,673,027 | 2,617,122 | |||||||||||||||||||||
Less: Allowance for Credit Losses | 56,798 | 55,012 | 54,954 | |||||||||||||||||||||
Net Loans & Leases | $ | 3,055,133 | $ | 2,618,015 | $ | 2,562,168 |
(in thousands) | September 30, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||||||||||
Commercial Real Estate | $ | 1,126,230 | 35.7 | % | $ | 971,326 | 31.2 | % | $ | 887,999 | 28.4 | % | ||||||||||||
Agricultural Real Estate | 656,337 | 20.8 | % | 643,014 | 20.7 | % | 639,172 | 20.4 | % | |||||||||||||||
Real Estate Construction | 178,451 | 5.7 | % | 185,741 | 6.0 | % | 186,623 | 6.0 | % | |||||||||||||||
Residential 1st Mortgages | 309,728 | 9.8 | % | 299,379 | 9.6 | % | 293,489 | 9.4 | % | |||||||||||||||
Home Equity Lines & Loans | 31,664 | 1.0 | % | 34,239 | 1.1 | % | 35,875 | 1.1 | % | |||||||||||||||
Agricultural | 235,085 | 7.5 | % | 264,372 | 8.5 | % | 252,031 | 8.1 | % | |||||||||||||||
Commercial | 394,326 | 12.5 | % | 374,816 | 12.0 | % | 367,052 | 11.7 | % | |||||||||||||||
Consumer & Other (1) | 129,665 | 4.1 | % | 235,529 | 7.6 | % | 359,697 | 11.5 | % | |||||||||||||||
Leases | 90,022 | 2.9 | % | 103,117 | 3.3 | % | 105,511 | 3.4 | % | |||||||||||||||
Total Gross Loans & Leases | 3,151,508 | 100.0 | % | 3,111,533 | 100.0 | % | 3,127,449 | 100.0 | % | |||||||||||||||
Less: Unearned Income | 11,707 | 11,941 | 15,518 | |||||||||||||||||||||
Subtotal | 3,139,801 | 3,099,592 | 3,111,931 | |||||||||||||||||||||
Less: Allowance for Credit Losses | 60,303 | 58,862 | 56,798 | |||||||||||||||||||||
Net Loans & Leases | $ | 3,079,498 | $ | 3,040,730 | $ | 3,055,133 |
(in thousands) | September 30, 2020 | Dec. 31, 2019 | September 30, 2019 | September 30, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||
Non-Performing Loans & Leases | $ | 498 | $ | - | $ | - | $ | 516 | $ | 495 | $ | 498 | ||||||||||||
Other Real Estate | 873 | 873 | 873 | 873 | 873 | 873 | ||||||||||||||||||
Total Non-Performing Assets | $ | 1,371 | $ | 873 | $ | 873 | $ | 1,389 | $ | 1,368 | $ | 1,371 | ||||||||||||
Non-Performing Loans & Leases | ||||||||||||||||||||||||
as a % of Total Loans & Leases | 0.2 | % | 0 | % | 0 | % | 0.02 | % | 0.02 | % | 0.02 | % | ||||||||||||
Restructured Loans & Leases (Performing) | $ | 7,890 | $ | 12,105 | $ | 12,010 | $ | 7,631 | $ | 7,868 | $ | 7,890 |
(in thousands) | Actual | Current Regulatory Capital Requirements | Well Capitalized Under Prompt Corrective Action | Actual | Current Regulatory Capital Requirements | Well Capitalized Under Prompt Corrective Action | ||||||||||||||||||||||||||||||||||||||||||
The Company: | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||
As of September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Capital Ratio | $ | 441,352 | 13.12 | % | $ | 269,091 | 8.0 | % | N/A | N/A | $ | 497,797 | 13.28 | % | $ | 299,941 | 8.0 | % | N/A | N/A | ||||||||||||||||||||||||||||
Common Equity Tier 1 Capital Ratio | $ | 389,121 | 11.57 | % | $ | 151,364 | 4.5 | % | N/A | N/A | $ | 440,761 | 11.76 | % | $ | 168,717 | 4.5 | % | N/A | N/A | ||||||||||||||||||||||||||||
Tier 1 Capital Ratio | $ | 399,121 | 11.87 | % | $ | 201,819 | 6.0 | % | N/A | N/A | $ | 450,761 | 12.02 | % | $ | 224,956 | 6.0 | % | N/A | N/A | ||||||||||||||||||||||||||||
Tier 1 Leverage Ratio | $ | 399,121 | 9.50 | % | $ | 168,097 | 4.0 | % | N/A | N/A | $ | 450,761 | 8.97 | % | $ | 200,908 | 4.0 | % | N/A | N/A | ||||||||||||||||||||||||||||
(in thousands) | Actual | Current Regulatory Capital Requirements | Well Capitalized Under Prompt Corrective Action | |||||||||||||||||||||
The Bank: | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
As of September 30, 2021 | ||||||||||||||||||||||||
Total Capital Ratio | $ | 497,783 | 13.28 | % | $ | 299,906 | 8.0 | % | $ | 374,883 | 10.0 | % | ||||||||||||
Common Equity Tier 1 Capital Ratio | $ | 450,753 | 12.02 | % | $ | 168,697 | 4.5 | % | $ | 243,674 | 6.5 | % | ||||||||||||
Tier 1 Capital Ratio | $ | 450,753 | 12.02 | % | $ | 224,930 | 6.0 | % | $ | 299,906 | 8.0 | % | ||||||||||||
Tier 1 Leverage Ratio | $ | 450,753 | 8.98 | % | $ | 200,850 | 4.0 | % | $ | 251,063 | 5.0 | % |
(in thousands) | Actual | Current Regulatory Capital Requirements | Well Capitalized Under Prompt Corrective Action | |||||||||||||||||||||
The Bank: | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
As of September 30, 2020 | ||||||||||||||||||||||||
Total Capital Ratio | $ | 440,879 | 13.11 | % | $ | 269,037 | 8.0 | % | $ | 336,297 | 10.0 | % | ||||||||||||
Common Equity Tier 1 Capital Ratio | $ | 398,656 | 11.85 | % | $ | 151,334 | 4.5 | % | $ | 218,593 | 6.5 | % | ||||||||||||
Tier 1 Capital Ratio | $ | 398,656 | 11.85 | % | $ | 201,778 | 6.0 | % | $ | 269,037 | 8.0 | % | ||||||||||||
Tier 1 Leverage Ratio | $ | 398,656 | 9.49 | % | $ | 168,034 | 4.0 | % | $ | 210,043 | 5.0 | % |
(in thousands) | September 30, 2020 | December 31, 2019 | September 30, 2019 | September 30, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||
Commitments to Extend Credit | $ | 969,258 | $ | 919,982 | $ | 838,049 | $ | 1,058,760 | $ | 1,040,844 | $ | 969,258 | ||||||||||||
Letters of Credit | 19,816 | 20,346 | 19,960 | 19,391 | 18,846 | 19,816 | ||||||||||||||||||
Performance Guarantees Under Interest Rate Swap Contracts Entered Into Between Our Borrowing Customers and Third Parties | 3,797 | 1,513 | 2,003 | 1,808 | 2,786 | 3,797 |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Item 6. | Exhibits |
Exhibit No. | Description | |
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
Certifications of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
101.INS | Inline XBRL Instance Document | |
101.SCH | Inline XBRL Taxonomy Extension Schema | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | |
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |
FARMERS & MERCHANTS BANCORP | ||
Date: November | /s/ Kent A. Steinwert | |
Kent A. Steinwert | ||
Chairman, President | ||
& Chief Executive Officer | ||
(Principal Executive Officer) | ||
Date: November | /s/ Stephen W. Haley | |
Stephen W. Haley | ||
Executive Vice President and | ||
Chief Financial Officer | ||
(Principal Financial & Accounting Officer) |