Delaware | 94-3327828 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
111 W. Pine Street, Lodi, California | 95240 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
None | Not Applicable | Not Applicable |
Large accelerated filer ☐ | Accelerated filer ☒ |
Non-accelerated filer ☐ | |
Smaller reporting company ☐ | |
Emerging growth company ☐ |
PART I. - FINANCIAL INFORMATION | Page | ||
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44 | |||
PART II. - OTHER INFORMATION | |||
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59 | |||
59 | |||
59 | |||
59 | |||
59 | |||
Item 1. | Financial Statements |
(Dollars in thousands, except share and per share amounts) | March 31, 2022 | December 31, 2021 | ||||||
ASSETS | ||||||||
Cash and due from banks | $ | 68,774 | $ | 52,499 | ||||
Interest bearing deposits with banks | 772,312 | 662,961 | ||||||
Total cash and cash equivalents | 841,086 | 715,460 | ||||||
Securities available for sale, at fair value | 251,375 | 270,454 | ||||||
Securities held to maturity, at amortized cost | 876,257 | 737,052 | ||||||
Total investment securities | 1,127,632 | 1,007,506 | ||||||
Non-marketable securities | 15,549 | 15,549 | ||||||
Loans and leases held for investment | 3,237,619 | 3,237,177 | ||||||
Allowance for credit losses | (61,032 | ) | (61,007 | ) | ||||
Loans held for investment, net | 3,176,587 | 3,176,170 | ||||||
Bank-owned life insurance | 71,953 | 71,411 | ||||||
Premises and equipment, net | 47,423 | 47,730 | ||||||
Deferred income tax assets | 30,361 | 25,542 | ||||||
Accrued interest receivable | 14,473 | 18,098 | ||||||
Goodwill | 11,183 | 11,183 | ||||||
Other intangibles | 3,254 | 3,402 | ||||||
Other real estate owned | 873 | 873 | ||||||
Other assets | 83,802 | 84,796 | ||||||
TOTAL ASSETS | $ | 5,424,176 | $ | 5,177,720 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Deposits: | ||||||||
Noninterest bearing | $ | 1,764,857 | $ | 1,750,330 | ||||
Interest bearing: | ||||||||
Demand | 1,124,470 | 1,097,337 | ||||||
Savings and money market | 1,557,332 | 1,400,000 | ||||||
Certificate of deposits | 390,780 | 392,485 | ||||||
Total interest bearing | 3,072,582 | 2,889,822 | ||||||
Total deposits | 4,837,439 | 4,640,152 | ||||||
Subordinated debentures | 10,310 | 10,310 | ||||||
Interest payable and other liabilities | 111,714 | 64,122 | ||||||
TOTAL LIABILITIES | 4,959,463 | 4,714,584 | ||||||
SHAREHOLDERS’ EQUITY | ||||||||
Preferred shares, 0 par value, 1,000,000 shares authorized and, NaN issued or outstanding | 0 | 0 | ||||||
Common shares, $0.01 par value, 7,500,000 authorized 785,146 and 789,646 outstanding at March 31, 2022 and December 31, 2021, respectively | 8 | 8 | ||||||
Additional paid in capital | 73,264 | 77,516 | ||||||
Retained earnings | 404,389 | 387,331 | ||||||
Accumulated other comprehensive (loss), net of taxes | (12,948 | ) | (1,719 | ) | ||||
TOTAL SHAREHOLDERS’ EQUITY | 464,713 | 463,136 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 5,424,176 | $ | 5,177,720 |
Assets | June 30, 2021 (Unaudited) | December 31, 2020 | June 30, 2020 (Unaudited) | |||||||||
Cash and Cash Equivalents: | ||||||||||||
Cash and Due from Banks | $ | 80,646 | $ | 66,327 | $ | 67,560 | ||||||
Interest Bearing Deposits with Banks | 754,064 | 317,510 | 303,879 | |||||||||
Total Cash and Cash Equivalents | 834,710 | 383,837 | 371,439 | |||||||||
Investment Securities: | ||||||||||||
Available-for-Sale, at Fair Value | 351,661 | 807,732 | 569,407 | |||||||||
Held-to-Maturity, fair value $490,185, $70,049 and $70,194, respectively | 496,470 | 68,933 | 69,036 | |||||||||
Total Investment Securities | 848,131 | 876,665 | 638,443 | |||||||||
Loans & Leases: | 3,033,196 | 3,099,592 | 3,064,512 | |||||||||
Less: Allowance for Credit Losses | 60,229 | 58,862 | 55,058 | |||||||||
Loans & Leases, Net | 2,972,967 | 3,040,730 | 3,009,454 | |||||||||
Premises and Equipment, Net | 49,181 | 50,147 | 47,715 | |||||||||
Bank Owned Life Insurance, Net | 70,303 | 69,235 | 68,177 | |||||||||
Interest Receivable and Other Assets | 149,276 | 129,839 | 120,730 | |||||||||
Total Assets | $ | 4,924,568 | $ | 4,550,453 | $ | 4,255,958 | ||||||
Liabilities | ||||||||||||
Deposits: | ||||||||||||
Demand | $ | 1,646,768 | $ | 1,475,425 | $ | 1,283,182 | ||||||
Interest Bearing Transaction | 1,000,168 | 902,487 | 808,991 | |||||||||
Savings and Money Market | 1,363,589 | 1,260,487 | 1,158,138 | |||||||||
Time | 401,539 | 421,868 | 531,722 | |||||||||
Total Deposits | 4,412,064 | 4,060,267 | 3,782,033 | |||||||||
Subordinated Debentures | 10,310 | 10,310 | 10,310 | |||||||||
Interest Payable and Other Liabilities | 63,835 | 56,211 | 59,887 | |||||||||
Total Liabilities | 4,486,209 | 4,126,788 | 3,852,230 | |||||||||
Shareholders’ Equity | ||||||||||||
Preferred Stock: NaN Par Value, 1,000,000 Shares Authorized, NaN Issued or Outstanding | 0 | 0 | 0 | |||||||||
Common Stock: Par Value $0.01, 7,500,000 Shares Authorized, 789,646, 789,646 and 793,556, | ||||||||||||
Shares Issued and Outstanding at June 30, 2021, December 31, 2020 and June 30, 2020, Respectively | 8 | 8 | 8 | |||||||||
Additional Paid-In Capital | 77,516 | 77,516 | 80,350 | |||||||||
Retained Earnings | 360,021 | 333,070 | 308,714 | |||||||||
Accumulated Other Comprehensive Income, Net of Taxes | 814 | 13,071 | 14,656 | |||||||||
Total Shareholders’ Equity | 438,359 | 423,665 | 403,728 | |||||||||
Total Liabilities and Shareholders’ Equity | $ | 4,924,568 | $ | 4,550,453 | $ | 4,255,958 |
Three Months Ended March 31, | ||||||||
(Dollars in thousands, except share and per share amounts) | 2022 | 2021 | ||||||
Interest income | ||||||||
Interest and fees on loans and leases | $ | 37,433 | $ | 37,087 | ||||
Interest and dividends on investments | 5,295 | 4,417 | ||||||
Interest on deposits with others | 366 | 103 | ||||||
Total interest income | 43,094 | 41,607 | ||||||
Interest expense | ||||||||
Deposits | 803 | 1,237 | ||||||
Subordinated debentures | 82 | 79 | ||||||
Total interest expense | 885 | 1,316 | ||||||
Net interest income | 42,209 | 40,291 | ||||||
Provision for credit losses | 0 | 1,250 | ||||||
Net interest income after provision for credit losses | 42,209 | 39,041 | ||||||
Noninterest income | ||||||||
Card processing | 1,737 | 1,579 | ||||||
Service charges on deposit accounts | 850 | 638 | ||||||
Increase in cash surrender value of BOLI | 542 | 526 | ||||||
Gain on sale of investment securities | 0 | 1,840 | ||||||
Net gain/(loss) on deferred compensation benefits | 412 | 3,540 | ||||||
Other | 771 | 1,412 | ||||||
Total noninterest income | 4,312 | 9,535 | ||||||
Noninterest expense | ||||||||
Salaries and employee benefits | 16,784 | 16,740 | ||||||
Net gain/(loss) on deferred compensation benefits | 412 | 3,540 | ||||||
Occupancy | 1,154 | 1,231 | ||||||
Data processing | 1,215 | 1,224 | ||||||
FDIC insurance | 349 | 287 | ||||||
Marketing | 316 | 188 | ||||||
Legal | 279 | 111 | ||||||
Other | 3,279 | 3,042 | ||||||
Total noninterest expense | 23,788 | 26,363 | ||||||
INCOME BEFORE INCOME TAXES | 22,733 | 22,213 | ||||||
Income tax expense | 5,675 | 5,500 | ||||||
NET INCOME | $ | 17,058 | $ | 16,713 | ||||
Earnings per common share: | ||||||||
Basic | $ | 21.70 | $ | 21.17 | ||||
Diluted | $ | 21.70 | $ | 21.17 | ||||
Weighted average number of common shares | ||||||||
Basic | 786,096 | 789,646 | ||||||
Diluted | 786,096 | 789,646 |
(in thousands except per share data) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Interest Income | ||||||||||||||||
Interest and Fees on Loans & Leases | $ | 36,664 | $ | 34,311 | $ | 73,751 | $ | 68,471 | ||||||||
Interest on Deposits with Banks | 164 | 65 | 267 | 1,012 | ||||||||||||
Interest on Investment Securities: | ||||||||||||||||
Taxable | 3,694 | 3,175 | 7,498 | 6,327 | ||||||||||||
Exempt from Federal Tax | 416 | 416 | 839 | 846 | ||||||||||||
Total Interest Income | 40,938 | 37,967 | 82,355 | 76,656 | ||||||||||||
Interest Expense | ||||||||||||||||
Deposits | 1,034 | 2,458 | 2,271 | 5,602 | ||||||||||||
Subordinated Debentures | 79 | 94 | 158 | 213 | ||||||||||||
Total Interest Expense | 1,113 | 2,552 | 2,429 | 5,815 | ||||||||||||
Net Interest Income | 39,825 | 35,415 | 79,926 | 70,841 | ||||||||||||
Provision for Credit Losses | 0 | 300 | 1,250 | 300 | ||||||||||||
Net Interest Income After Provision for Credit Losses | 39,825 | 35,115 | 78,676 | 70,541 | ||||||||||||
Non-Interest Income | ||||||||||||||||
Service Charges on Deposit Accounts | 679 | 374 | 1,317 | 1,294 | ||||||||||||
Net Gain on Sale of Investment Securities | 714 | 0 | 2,554 | 13 | ||||||||||||
Increase in Cash Surrender Value of Bank Owned Life Insurance | 541 | 520 | 1,067 | 1,029 | ||||||||||||
Debit Card and ATM Fees | 1,806 | 1,302 | 3,385 | 2,579 | ||||||||||||
Net Gain (Loss) on Deferred Compensation Investments | 11,746 | 523 | 15,286 | (139 | ) | |||||||||||
Other | 939 | 795 | 2,541 | 1,665 | ||||||||||||
Total Non-Interest Income | 16,425 | 3,514 | 26,150 | 6,441 | ||||||||||||
Non-Interest Expense | ||||||||||||||||
Salaries and Employee Benefits | 16,182 | 13,783 | 32,922 | 28,663 | ||||||||||||
Net Gain (Loss) on Deferred Compensation Investments | 11,746 | 523 | 15,286 | (139 | ) | |||||||||||
Occupancy | 1,178 | 1,137 | 2,409 | 2,243 | ||||||||||||
Equipment | 1,213 | 1,286 | 2,437 | 2,454 | ||||||||||||
Marketing | 418 | 25 | 606 | 270 | ||||||||||||
Legal | 289 | 47 | 400 | 77 | ||||||||||||
FDIC Insurance | 298 | 7 | 585 | 7 | ||||||||||||
Other | 3,533 | 2,979 | 6,575 | 6,002 | ||||||||||||
Total Non-Interest Expense | 34,857 | 19,787 | 61,220 | 39,577 | ||||||||||||
Income Before Provision for Income Taxes | 21,393 | 18,842 | 43,606 | 37,405 | ||||||||||||
Provision for Income Taxes | 5,240 | 4,533 | 10,740 | 8,974 | ||||||||||||
Net Income | $ | 16,153 | $ | 14,309 | $ | 32,866 | $ | 28,431 | ||||||||
Basic and Diluted Earnings Per Common Share | $ | 20.45 | $ | 18.03 | $ | 41.62 | $ | 35.83 |
(in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net Income | $ | 16,153 | $ | 14,309 | $ | 32,866 | $ | 28,431 | ||||||||
Other Comprehensive Income | ||||||||||||||||
Increase in Net Unrealized (Loss) Gain on Available-for-Sale Securities | 3,957 | 1,338 | (14,609 | ) | 16,128 | |||||||||||
Deferred Tax Benefit Related to Unrealized (Loss) Gains | (1,170 | ) | (396 | ) | 4,319 | (4,768 | ) | |||||||||
Reclassification Adjustment for Realized Gains on Available-for-Sale Securities Included in Net Income | (714 | ) | 0 | (2,554 | ) | (13 | ) | |||||||||
Deferred Tax Related to Reclassification Adjustment | 211 | 0 | 755 | 4 | ||||||||||||
Amortization of Unrealized Loss on Securitites Transferred from Available-for-Sale to Held to Maturity | (180 | ) | 0 | (238 | ) | 0 | ||||||||||
Deferred Tax Benefit Related to loss on Securtities Transferred | 54 | 0 | 70 | 0 | ||||||||||||
Total Other Comprehensive Income | 2,158 | 942 | (12,257 | ) | 11,351 | |||||||||||
Comprehensive Income | $ | 18,311 | $ | 15,251 | $ | 20,609 | $ | 39,782 |
For the three and six months ended June 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 June 30, 2021 | ||||||||||||||||||||||||
Balance, March 31, 2021 | 789,646 | $ | 8 | $ | 77,516 | $ | 349,790 | $ | (1,344 | ) | $ | 425,970 | ||||||||||||
Net Income | 0 | 16,153 | 0 | 16,153 | ||||||||||||||||||||
Cash Dividends Declared on Common Stock ($7.50 per share) | 0 | 0 | (5,922 | ) | 0 | (5,922 | ) | |||||||||||||||||
Other Compreshensive Income | 0 | 0 | 0 | 2,158 | 2,158 | |||||||||||||||||||
Balance, June 30, 2021 | 789,646 | $ | 8 | $ | 77,516 | $ | 360,021 | $ | 814 | $ | 438,359 | |||||||||||||
Three Months Ended June 30, 2020 | ||||||||||||||||||||||||
Balance, March 31, 2020 | 793,556 | $ | 8 | $ | 80,350 | $ | 300,158 | $ | 13,714 | $ | 394,230 | |||||||||||||
Net Income | 0 | 14,309 | 0 | 14,309 | ||||||||||||||||||||
Cash Dividends Declared on Common Stock ($7.25 per share) | 0 | 0 | (5,753 | ) | 0 | (5,753 | ) | |||||||||||||||||
Other Compreshensive Income | 0 | 0 | 0 | 942 | 942 | |||||||||||||||||||
Balance, June 30, 2020 | 793,556 | $ | 8 | $ | 80,350 | $ | 308,714 | $ | 14,656 | $ | 403,728 |
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||
Balance, December 31, 2020 | 789,646 | $ | 8 | $ | 77,516 | $ | 333,070 | $ | 13,071 | $ | 423,665 | |||||||||||||
Net Income | - | 0 | 32,866 | 0 | 32,866 | |||||||||||||||||||
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 Compreshensive Loss | 0 | 0 | 0 | (12,257 | ) | (12,257 | ) | |||||||||||||||||
Balance, June 30, 2021 | 789,646 | $ | 8 | $ | 77,516 | $ | 360,021 | $ | 814 | $ | 438,359 | |||||||||||||
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||
Balance, December 31, 2019 | 793,033 | $ | 8 | $ | 79,947 | $ | 286,036 | $ | 3,305 | $ | 369,296 | |||||||||||||
Net Income | - | 0 | 28,431 | 0 | 28,431 | |||||||||||||||||||
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 | ||||||||||||||||||
Other Compreshensive Income | 0 | 0 | 0 | 11,351 | 11,351 | |||||||||||||||||||
Balance, June 30, 2020 | 793,556 | $ | 8 | $ | 80,350 | $ | 308,714 | $ | 14,656 | $ | 403,728 |
Three Months Ended March 31, | ||||||||
(Dollars in thousands) | 2022 | 2021 | ||||||
Net income | $ | 17,058 | $ | 16,713 | ||||
Other comprehensive income | ||||||||
Unrealized holding (losses)/gains on securities available for sale | (15,865 | ) | (18,566 | ) | ||||
Reclassification adjustment for (gains)/losses on available for sale securities | 0 | (1,840 | ) | |||||
Amortization of unrealized loss on securities transferred to held to maturity | (77 | ) | (58 | ) | ||||
Net unrealized holding (losses)/gains on securities available for sale | (15,942 | ) | (20,464 | ) | ||||
Income tax benefit/(expense) | 4,713 | 6,049 | ||||||
Other comprehensive (loss)/income, net of tax | (11,229 | ) | (14,415 | ) | ||||
Total comprehensive income | $ | 5,829 | $ | 2,298 |
Six Months Ended | ||||||||
(in thousands) | June 30, 2021 | June 30, 2020 | ||||||
Operating Activities: | ||||||||
Net Income | $ | 32,866 | $ | 28,431 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||
Provision for Credit Losses | 1,250 | 300 | ||||||
Depreciation and Amortization | 1,318 | 1,414 | ||||||
Net Amortization of Investment Security Premiums & Discounts | 797 | 397 | ||||||
Amortization of Core Deposit Intangible | 306 | 313 | ||||||
Accretion of Discount on Acquired Loans | (37 | ) | (117 | ) | ||||
Net Gain on Sale of Investment Securities | (2,554 | ) | (13 | ) | ||||
Net Gain on Sale of Property & Equipment | (36 | ) | (62 | ) | ||||
Net Change in Operating Assets & Liabilities: | ||||||||
Net (Increase) Decrease in Interest Receivable and Other Assets | (20,752 | ) | 1,953 | |||||
Net Increase (Decrease) in Interest Payable and Other Liabilities | 14,280 | (3,217 | ) | |||||
Net Cash Provided by Operating Activities | 27,438 | 29,399 | ||||||
Investing Activities: | ||||||||
Purchase of Investment Securities Available-for-Sale | (257,225 | ) | (150,342 | ) | ||||
Proceeds from Sold, Matured or Called Securities Available-for-Sale | 381,117 | 106,840 | ||||||
Purchase of Investment Securities Held-to-Maturity | (124,070 | ) | (15,068 | ) | ||||
Proceeds from Matured or Called Securities Held-to-Maturity | 13,140 | 6,243 | ||||||
Net Loans & Leases Paid, Originated or Acquired | 66,550 | (391,622 | ) | |||||
Additions to Premises and Equipment, Net | (377 | ) | (3,877 | ) | ||||
Purchase of Other Investments | (1,656 | ) | (3,230 | ) | ||||
Proceeds from Sale of Property & Equipment | 74 | 77 | ||||||
Net Cash Provided by (Used in) Investing Activities | 77,553 | (450,979 | ) | |||||
Financing Activities: | ||||||||
Net Increase in Deposits | 351,797 | 504,014 | ||||||
Cash Dividends | (5,922 | ) | (5,753 | ) | ||||
Cash Dividends Returned | 7 | 0 | ||||||
Net Cash Provided by Financing Activities | 345,882 | 498,261 | ||||||
Net Change in Cash and Cash Equivalents | 450,873 | 76,681 | ||||||
Cash and Cash Equivalents at Beginning of Period | 383,837 | 294,758 | ||||||
Cash and Cash Equivalents at End of Period | $ | 834,710 | $ | 371,439 | ||||
Supplementary Data | ||||||||
Cash Payments Made for Income Taxes | $ | 19,181 | $ | 17 | ||||
Issuance of Common Stock to the Bank’s Non-Qualified Retirement Plans | $ | 0 | $ | 403 | ||||
Interest Paid | $ | 3,220 | $ | 6,427 | ||||
Supplementary Noncash Disclosure | ||||||||
Investment Securities Available-for-Sale Transferred to Held-to-Maturity | $ | 316,925 | $ | 0 | ||||
Security Purchase Settled in Subsequent Period | $ | 0 | $ | (2,507 | ) |
(Dollars in thousands, except share amounts) | Common Shares | Amount | Additional Paid In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) | Total | ||||||||||||||||||
Balance as of December 31, 2020 | 789,646 | $ | 8 | $ | 77,516 | $ | 333,070 | $ | 13,071 | $ | 423,665 | |||||||||||||
Net income | - | 0 | 0 | 16,713 | 0 | 16,713 | ||||||||||||||||||
Other comprehensive (loss), net of tax | - | 0 | 0 | 0 | (14,415 | ) | (14,415 | ) | ||||||||||||||||
Cash dividends returned | - | 0 | 0 | 7 | 0 | 7 | ||||||||||||||||||
Balance as of March 31, 2021 | 789,646 | $ | 8 | $ | 77,516 | $ | 349,790 | $ | (1,344 | ) | $ | 425,970 | ||||||||||||
Balance as of December 31, 2021 | 789,646 | $ | 8 | $ | 77,516 | $ | 387,331 | $ | (1,719 | ) | $ | 463,136 | ||||||||||||
Net income | - | 0 | 0 | 17,058 | 0 | 17,058 | ||||||||||||||||||
Other comprehensive (loss), net of tax | - | 0 | 0 | 0 | (11,229 | ) | (11,229 | ) | ||||||||||||||||
Repurchase of common stock | (4,500 | ) | 0 | (4,252 | ) | 0 | 0 | (4,252 | ) | |||||||||||||||
Balance as of March 31, 2022 | 785,146 | $ | 8 | $ | 73,264 | $ | 404,389 | $ | (12,948 | ) | $ | 464,713 |
Three Months Ended March 31, | ||||||||
(Dollars in thousands) | 2022 | 2021 | ||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 17,058 | $ | 16,713 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Provision for credit losses | 0 | 1,250 | ||||||
Depreciation and amortization | 656 | 660 | ||||||
Net amortization of securities premiums and discounts | 176 | 407 | ||||||
Increase in cash surrender value of BOLI | (542 | ) | (527 | ) | ||||
(Increase)/decrease in deferred income taxes, net | (113 | ) | 4,714 | |||||
Gains on sale of securities available for sale | 0 | (1,840 | ) | |||||
Net changes in: | ||||||||
Other assets | 4,709 | 6,258 | ||||||
Other liabilities | 6,966 | 1,386 | ||||||
Net cash provided by operating activities | 28,910 | 29,021 | ||||||
Cash flows from investing activities: | ||||||||
Net change in loans held for investment | (374 | ) | (11,340 | ) | ||||
Purchase of available for sale securities | (10,067 | ) | (199,440 | ) | ||||
Purchase of held to maturity securities | (118,162 | ) | (3,211 | ) | ||||
Maturities/sales of available for sale securities | 13,097 | 110,388 | ||||||
Maturities of held to maturity securities | 19,516 | 3,930 | ||||||
Purchase of premises and equipment | (363 | ) | (100 | ) | ||||
Purchase of other investments | 0 | (632 | ) | |||||
Proceeds from sale of assets | 34 | 0 | ||||||
Net cash used in investing activities | (96,319 | ) | (100,405 | ) | ||||
Cash flows from financing activities: | ||||||||
Net increase in deposits | 197,287 | 180,947 | ||||||
Net cash used in share repurchase program | (4,252 | ) | 0 | |||||
Cash dividends returned | 0 | 7 | ||||||
Net provided by financing activities | 193,035 | 180,954 | ||||||
Net change in cash and cash equivalents | 125,626 | 109,570 | ||||||
Cash and cash equivalents, beginning of period | 715,460 | 383,837 | ||||||
Cash and cash equivalents, end of period | $ | 841,086 | $ | 493,407 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid for interest | $ | 951 | $ | 1,943 | ||||
Supplemental disclosures of non-cash transactions: | ||||||||
Investment securities available for sale transferred to held to maturity | $ | 0 | $ | 316,925 | ||||
Security purchases settled in subsequent period | $ | (40,626 | ) | $ | 0 | |||
Unrealized losses on securities available for sale | $ | (15,865 | ) | $ | (20,406 | ) |
January-2022 | ||||||||||||
Reported | Reported | Impact of | ||||||||||
under | Pre- | ASC 326 | ||||||||||
(Dollars in thousands) | ASC 326 | Adoption | Adoption | |||||||||
Allowance for credit losses: | ||||||||||||
Real estate: | ||||||||||||
Commercial | $ | (17,379 | ) | $ | (28,536 | ) | $ | 11,157 | ||||
Agricultural | (14,580 | ) | (9,613 | ) | (4,967 | ) | ||||||
Residential and home equity | (5,879 | ) | (2,847 | ) | (3,032 | ) | ||||||
Construction | (3,311 | ) | (1,456 | ) | (1,855 | ) | ||||||
Total real estate | (41,149 | ) | (42,452 | ) | 1,303 | |||||||
Commercial & industrial | (11,417 | ) | (11,489 | ) | 72 | |||||||
Agricultural | (6,363 | ) | (5,465 | ) | (898 | ) | ||||||
Commercial leases | (1,567 | ) | (938 | ) | (629 | ) | ||||||
Consumer and other | (511 | ) | (663 | ) | 152 | |||||||
Total allowance for credit losses | $ | (61,007 | ) | $ | (61,007 | ) | $ | 0 |
(in thousands) | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | |||||||||||||||||||||
Core Deposit Intangible Amortization | $ | 306 | $ | 593 | $ | 573 | $ | 549 | $ | 522 | $ | 1,165 | $ | 3,708 |
Amortized | Gross Unrealized | Fair | ||||||||||||||
June 30, 2021 | Cost | Gains | Losses | Value | ||||||||||||
US Treasury Notes | $ | 9,905 | $ | 282 | $ | 0 | $ | 10,187 | ||||||||
US Government Agency SBA | 7,323 | 73 | 49 | 7,347 | ||||||||||||
Mortgage-Backed Securities (1)(2) | 286,529 | 4,894 | 3,806 | 287,617 | ||||||||||||
Other | 46,510 | 0 | 0 | 46,510 | ||||||||||||
Total | $ | 350,267 | $ | 5,249 | $ | 3,855 | $ | 351,661 |
Available-for-Sale Securities | Gross Unrealized | |||||||||||||||
(Dollars in thousands) | Amortized Cost | Gains | Losses | Fair Value | ||||||||||||
As of March 31, 2022 | ||||||||||||||||
U.S. Treasury notes | $ | 9,955 | $ | 41 | $ | 0 | $ | 9,996 | ||||||||
U.S. Government-sponsored securities | 5,771 | 54 | 36 | 5,789 | ||||||||||||
Mortgage-backed securities (1) | 241,585 | 370 | 18,054 | 223,901 | ||||||||||||
Collateralized mortgage obligations (1) | 1,549 | 0 | 5 | 1,544 | ||||||||||||
Corporate securities | 10,051 | 0 | 216 | 9,835 | ||||||||||||
Other | 310 | 0 | 0 | 310 | ||||||||||||
Total available-for-sale securities | $ | 269,221 | $ | 465 | $ | 18,311 | $ | 251,375 |
Available-for-Sale Securities | Gross Unrealized | |||||||||||||||
(Dollars in thousands) | Amortized Cost | Gains | Losses | Fair Value | ||||||||||||
As of December 31, 2021 | ||||||||||||||||
U.S. Treasury notes | $ | 9,938 | $ | 151 | $ | 0 | $ | 10,089 | ||||||||
U.S. Government-sponsored securities | 6,351 | 62 | 39 | 6,374 | ||||||||||||
Mortgage-backed securities (1) | 253,300 | 3,200 | 5,380 | 251,120 | ||||||||||||
Collateralized mortgage obligations (1) | 2,412 | 24 | 0 | 2,436 | ||||||||||||
Other | 435 | 0 | 0 | 435 | ||||||||||||
Total available-for-sale securities | $ | 272,436 | $ | 3,437 | $ | 5,419 | $ | 270,454 |
Amortized | Gross Unrealized | Fair | ||||||||||||||
December 31, 2020 | Cost | Gains | Losses | Value | ||||||||||||
US Treasury Notes | $ | 14,859 | $ | 429 | $ | 0 | $ | 15,288 | ||||||||
US 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 | Gross Unrealized | Fair | ||||||||||||||
June 30, 2020 | Cost | Gains | Losses | Value | ||||||||||||
US Treasury Notes | $ | 64,802 | $ | 583 | $ | 1 | $ | 65,384 | ||||||||
US Government Agency SBA | 9,397 | 1 | 110 | 9,288 | ||||||||||||
Mortgage-Backed Securities (1) | 448,904 | 20,326 | 5 | 469,225 | ||||||||||||
Corporate Securities | 10,190 | 25 | 12 | 10,203 | ||||||||||||
Other | 15,307 | 0 | 0 | 15,307 | ||||||||||||
Total | $ | 548,600 | $ | 20,935 | $ | 128 | $ | 569,407 |
Amortized | Gross Unrealized | Fair | ||||||||||||||
June 30, 2021 | Cost | Gains | Losses | Value | ||||||||||||
Obligations of States and Political Subdivisions | $ | 68,471 | $ | 895 | $ | 0 | $ | 69,366 | ||||||||
Mortgage Backed Securities (1)(2) | 427,999 | 7 | 7,187 | 420,819 | ||||||||||||
Total | $ | 496,470 | $ | 902 | $ | 7,187 | $ | 490,185 |
Held-to-Maturity Securities | Gross Unrealized | |||||||||||||||
(Dollars in thousands) | Amortized Cost | Gains | Losses | Fair Value | ||||||||||||
As of March 31, 2022 | ||||||||||||||||
Municipal securities | $ | 63,581 | $ | 162 | $ | 65 | $ | 63,678 | ||||||||
Mortgage-backed securities (1) | 695,249 | 0 | 60,650 | 634,599 | ||||||||||||
Collateralized mortgage obligations (1) | 117,427 | 0 | 4,795 | 112,632 | ||||||||||||
Total held-to-maturity securities | $ | 876,257 | $ | 162 | $ | 65,510 | $ | 810,909 |
Amortized | Gross Unrealized | Fair | ||||||||||||||
December 31, 2020 | Cost | Gains | Losses | Value | ||||||||||||
Obligations of States and Political Subdivisions | $ | 68,933 | $ | 1,116 | $ | 0 | $ | 70,049 | ||||||||
Total | $ | 68,933 | $ | 1,116 | $ | 0 | $ | 70,049 |
Amortized | Gross Unrealized | Fair | ||||||||||||||
June 30, 2020 | Cost | Gains | Losses | Value | ||||||||||||
Obligations of States and Political Subdivisions | $ | 69,036 | $ | 1,158 | $ | 0 | $ | 70,194 | ||||||||
Total | $ | 69,036 | $ | 1,158 | $ | 0 | $ | 70,194 |
Held-to-Maturity Securities | Gross Unrealized | |||||||||||||||
(Dollars in thousands) | Amortized Cost | Gains | Losses | Fair Value | ||||||||||||
As of December 31, 2021 | ||||||||||||||||
Municipal securities | $ | 66,496 | $ | 701 | $ | 0 | $ | 67,197 | ||||||||
Mortgage-backed securities (1) | 596,775 | 45 | 11,764 | 585,056 | ||||||||||||
Collateralized mortgage obligations (1) | 73,781 | 36 | 229 | 73,588 | ||||||||||||
Total held-to-maturity securities | $ | 737,052 | $ | 782 | $ | 11,993 | $ | 725,841 |
Available-for-Sale | Held-to-Maturity | |||||||||||||||
June 30, 2021 | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Within one year | $ | 51,494 | $ | 51,587 | $ | 7,808 | $ | 7,808 | ||||||||
After one year through five years | 5,153 | 5,341 | 5,804 | 5,840 | ||||||||||||
After five years through ten years | 601 | 604 | 21,182 | 21,937 | ||||||||||||
After ten years | 6,490 | 6,512 | 33,677 | 33,781 | ||||||||||||
63,738 | 64,044 | 68,471 | 69,366 | |||||||||||||
Investment securities not due at a single maturity date: | ||||||||||||||||
Mortgage-backed securities | 286,529 | 287,617 | 427,999 | 420,819 | ||||||||||||
Total | $ | 350,267 | $ | 351,661 | $ | 496,470 | $ | 490,185 |
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
June 30, 2021 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||
U.S. Government Agency SBA | $ | 172 | $ | 1 | $ | 2,328 | $ | 48 | $ | 2,500 | $ | 49 | ||||||||||||
Mortgage-Backed Securities | 143,643 | 3,804 | 124 | 2 | 143,767 | 3,806 | ||||||||||||||||||
Total | $ | 143,815 | $ | 3,805 | $ | 2,452 | $ | 50 | $ | 146,267 | $ | 3,855 | ||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||
Mortgage Backed Securities | 419,976 | 7,187 | 0 | 0 | $ | 419,976 | $ | 7,187 | ||||||||||||||||
Total | $ | 419,976 | $ | 7,187 | $ | 0 | $ | 0 | $ | 419,976 | $ | 7,187 |
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 | ||||||||||||||||||||||
June 30, 2020 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||
U.S. Treasury Notes | $ | 49,996 | $ | 1 | $ | 0 | $ | 0 | $ | 49,996 | $ | 1 | ||||||||||||
U.S. Government Agency SBA | 4,396 | 14 | 4,293 | 96 | 8,689 | 110 | ||||||||||||||||||
Mortgage-Backed Securities | 0 | 0 | 215 | 5 | 215 | 5 | ||||||||||||||||||
Corporate Securities | 2,547 | 12 | 0 | 0 | 2,547 | 12 | ||||||||||||||||||
Total | $ | 56,939 | $ | 27 | $ | 4,508 | $ | 101 | $ | 61,447 | $ | 128 |
Available-for-Sale Securities | As of March 31, 2022 | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
As of March 31, 2022 | ||||||||||||||||||||||||
U.S. Government-sponsored securities | $ | 15 | $ | 0 | $ | 1,992 | $ | 36 | $ | 2,007 | $ | 36 | ||||||||||||
Mortgage-backed securities(1) | 81,711 | 3,753 | 114,391 | 14,301 | 196,102 | 18,054 | ||||||||||||||||||
Collateralized Mortgage Obligations(1) | 1,544 | 5 | 0 | 0 | 1,544 | 5 | ||||||||||||||||||
Corporate securities | 9,835 | 216 | 0 | 0 | 9,835 | 216 | ||||||||||||||||||
Total available-for-sale securities | $ | 93,105 | $ | 3,974 | $ | 116,383 | $ | 14,337 | $ | 209,488 | $ | 18,311 |
Available-for-Sale Securities | As of December 31, 2021 | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||||||
U.S. Government-sponsored securities | $ | 183 | $ | 0 | $ | 2,007 | $ | 39 | $ | 2,190 | $ | 39 | ||||||||||||
Mortgage-backed securities(1) | 61,469 | 1,192 | 104,489 | 4,188 | 165,958 | 5,380 | ||||||||||||||||||
Total available-for-sale securities | $ | 61,652 | $ | 1,192 | $ | 106,496 | $ | 4,227 | $ | 168,148 | $ | 5,419 |
Held-to-Maturity Securities | As of March 31, 2022 | |||||||||||||||||||||||
(Dollars in thousands) | Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
As of March 31, 2022 | ||||||||||||||||||||||||
Municipal securities | $ | 1,034 | $ | 65 | $ | 0 | $ | 0 | $ | 1,034 | $ | 65 | ||||||||||||
Mortgage-backed securities(1) | 398,924 | 31,318 | 234,460 | 29,332 | 633,384 | 60,650 | ||||||||||||||||||
Collateralized mortgage obligations(1) | 73,221 | 4,795 | 0 | 0 | 73,221 | 4,795 | ||||||||||||||||||
Total held-to-maturity securities | $ | 473,179 | $ | 36,178 | $ | 234,460 | $ | 29,332 | $ | 707,639 | $ | 65,510 |
Held-to-Maturity Securities | As of December 31, 2021 | |||||||||||||||||||||||
(Dollars in thousands) | Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||||||
Mortgage-backed securities(1) | $ | 570,119 | $ | 11,764 | $ | 0 | $ | 0 | $ | 570,119 | $ | 11,764 | ||||||||||||
Collateralized mortgage obligations(1) | 58,977 | 229 | 0 | 0 | 58,977 | 229 | ||||||||||||||||||
Total held-to-maturity securities | $ | 629,096 | $ | 11,993 | $ | 0 | $ | 0 | $ | 629,096 | $ | 11,993 |
Available-for-Sale | Held-to-Maturity | |||||||||||||||
(Dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Securities maturing in: | ||||||||||||||||
One year or less | $ | 10,268 | $ | 10,310 | $ | 908 | $ | 908 | ||||||||
After one year through five years | 5,160 | 5,073 | 7,118 | 7,113 | ||||||||||||
After five years through ten years | 5,455 | 5,326 | 16,690 | 16,846 | ||||||||||||
After ten years | 5,204 | 5,221 | 38,865 | 38,811 | ||||||||||||
$ | 26,087 | $ | 25,930 | $ | 63,581 | $ | 63,678 | |||||||||
Securities not due at a single maturity date: | ||||||||||||||||
Mortgage-backed securities | 241,585 | 223,901 | 695,249 | 634,599 | ||||||||||||
Collateralized Mortgage Obligations | 1,549 | 1,544 | 117,427 | 112,632 | ||||||||||||
Total | $ | 269,221 | $ | 251,375 | $ | 876,257 | $ | 810,909 |
Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||
Fair Value | Amortized Cost | |||||||||||||||||||||||
(Dollars in thousands) | AAA/AA/A | BBB/BB/B | Not Rated | AAA/AA/A | BBB/BB/B | Not Rated | ||||||||||||||||||
March 31, 2022 | ||||||||||||||||||||||||
Breakdown by Category: | ||||||||||||||||||||||||
U.S. Treasury notes(1) | $ | 0 | $ | 0 | $ | 9,996 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
U.S. Government-sponsored securities | 0 | 0 | 5,789 | 0 | 0 | 0 | ||||||||||||||||||
Mortgage-backed securities(1) | 0 | 0 | 223,901 | 0 | 0 | 695,249 | ||||||||||||||||||
Collateralized mortgage obligations(1) | 0 | 0 | 1,544 | 0 | 0 | 117,427 | ||||||||||||||||||
Obligations of States and Political Subdivisions | 0 | 0 | 0 | 19,715 | 134 | 43,732 | ||||||||||||||||||
Corporate securities | 9,835 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Other | 0 | 0 | 310 | 0 | 0 | 0 | ||||||||||||||||||
Total Investment Grade | $ | 9,835 | $ | 0 | $ | 241,540 | $ | 19,715 | $ | 134 | $ | 856,408 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Proceeds | $ | 236,082 | $ | 745 | $ | 299,870 | $ | 3,000 | ||||||||
Gains | 3,730 | 0 | 5,570 | 13 | ||||||||||||
Losses | 3,016 | 0 | 3,016 | 0 |
(Dollars in thousands) | Gross Proceeds | Gross Gains | Gross Losses | |||||||||
Three months ended March 31, 2022 | $ | 2,190 | $ | 0 | $ | 0 | ||||||
Three months ended March 31, 2021 | $ | 63,788 | $ | 1,840 | $ | 0 |
(in thousands) | June 30, 2021 | December 31, 2020 | June 30, 2020 | |||||||||
Commercial Real Estate | $ | 1,033,747 | $ | 971,326 | $ | 873,922 | ||||||
Agricultural Real Estate | 630,515 | 643,014 | 635,077 | |||||||||
Real Estate Construction | 170,933 | 185,741 | 166,548 | |||||||||
Residential 1st Mortgages | 304,859 | 299,379 | 272,209 | |||||||||
Home Equity Lines and Loans | 32,026 | 34,239 | 37,966 | |||||||||
Agricultural | 236,436 | 264,372 | 261,986 | |||||||||
Commercial | 361,432 | 374,816 | 369,817 | |||||||||
Consumer & Other (1) | 177,042 | 235,529 | 361,035 | |||||||||
Leases | 99,502 | 103,117 | 103,229 | |||||||||
Total Gross Loans & Leases | 3,046,492 | 3,111,533 | 3,081,789 | |||||||||
Less: Unearned Income | 13,296 | 11,941 | 17,277 | |||||||||
Subtotal | 3,033,196 | 3,099,592 | 3,064,512 | |||||||||
Less: Allowance for Credit Losses | 60,229 | 58,862 | 55,058 | |||||||||
Net Loans & Leases | $ | 2,972,967 | $ | 3,040,730 | $ | 3,009,454 |
(Dollars in thousands) | March 31, 2022 | December 31, 2021 | ||||||
Loans and leases held-for-investment, net | ||||||||
Real estate: | ||||||||
Commercial | $ | 1,172,804 | $ | 1,167,516 | ||||
Agricultural | 695,565 | 672,830 | ||||||
Residential and home equity | 359,214 | 350,581 | ||||||
Construction | 204,794 | 177,163 | ||||||
Total real estate | 2,432,377 | 2,368,090 | ||||||
Commercial & industrial | 437,199 | 427,799 | ||||||
Agricultural(1) | 251,469 | 276,684 | ||||||
Commercial leases | 92,445 | 96,971 | ||||||
Consumer and other(2) | 33,255 | 78,367 | ||||||
Total gross loans and leases | 3,246,745 | 3,247,911 | ||||||
Unearned income | (9,126 | ) | (10,734 | ) | ||||
Total net loans and leases | 3,237,619 | 3,237,177 | ||||||
Allowance for credit losses | (61,032 | ) | (61,007 | ) | ||||
Total loans and leases held-for-investment, net | $ | 3,176,587 | $ | 3,176,170 |
(1) | The reduction in Agricultural loans is the result of the seasonal cycle, with the first quarter being outside the growing period. |
(2) | Includes |
June 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- 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 | 0 | 0 | 0 | (16 | ) | 0 | 0 | (16 | ) | |||||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 0 | 59 | 11 | 5 | 45 | 13 | 0 | 0 | 133 | |||||||||||||||||||||||||||||||||
Provision | 1,211 | 474 | (238 | ) | (62 | ) | (136 | ) | (267 | ) | (86 | ) | (49 | ) | (92 | ) | 495 | 1,250 | ||||||||||||||||||||||||||
Ending Balance- June 30, 2021 | $ | 28,890 | $ | 9,107 | $ | 1,405 | $ | 957 | $ | 1,899 | $ | 4,552 | $ | 9,920 | $ | 281 | $ | 1,639 | $ | 1,579 | $ | 60,229 | ||||||||||||||||||||||
Second Quarter Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- March 31, 2021 | $ | 29,066 | $ | 9,048 | $ | 1,647 | $ | 967 | $ | 1,914 | $ | 4,247 | $ | 9,976 | $ | 296 | $ | 1,674 | $ | 1,340 | $ | 60,175 | ||||||||||||||||||||||
Charge-Offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (8 | ) | 0 | 0 | (8 | ) | |||||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 0 | 31 | 7 | 2 | 16 | 6 | 0 | 0 | 62 | |||||||||||||||||||||||||||||||||
Provision | (176 | ) | 59 | (242 | ) | (41 | ) | (22 | ) | 303 | (72 | ) | (13 | ) | (35 | ) | 239 | 0 | ||||||||||||||||||||||||||
Ending Balance- June 30, 2021 | $ | 28,890 | $ | 9,107 | $ | 1,405 | $ | 957 | $ | 1,899 | $ | 4,552 | $ | 9,920 | $ | 281 | $ | 1,639 | $ | 1,579 | $ | 60,229 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 0 | 0 | 0 | 97 | 7 | 0 | 11 | 44 | 0 | 0 | 159 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 28,890 | 9,107 | 1,405 | 860 | 1,892 | 4,552 | 9,909 | 237 | 1,639 | 1,579 | 60,070 | |||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 1,020,077 | $ | 630,515 | $ | 170,933 | $ | 304,859 | $ | 32,026 | $ | 236,436 | $ | 361,432 | $ | 177,042 | $ | 99,876 | $ | 0 | $ | 3,033,196 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 93 | 0 | 0 | 1,929 | 140 | 6,177 | 224 | 182 | 0 | 0 | 8,745 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | $ | 1,019,984 | $ | 630,515 | $ | 170,933 | $ | 302,930 | $ | 31,886 | $ | 230,259 | $ | 361,208 | $ | 176,860 | $ | 99,876 | $ | 0 | $ | 3,024,451 |
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 |
June 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: | ||||||||||||||||||||||||||||||||||||||||||||
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 | (426 | ) | (29 | ) | 0 | 0 | (462 | ) | |||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 0 | 46 | 34 | 30 | 80 | 18 | 0 | 0 | 208 | |||||||||||||||||||||||||||||||||
Provision | 10,370 | (6,107 | ) | (497 | ) | 870 | (463 | ) | (3,316 | ) | (1,077 | ) | (86 | ) | (362 | ) | 968 | 300 | ||||||||||||||||||||||||||
Ending 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 | ||||||||||||||||||||||
Second Quarter Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- March 31, 2020 | $ | 11,122 | $ | 14,469 | $ | 1,927 | $ | 1,037 | $ | 2,783 | $ | 6,959 | $ | 12,214 | $ | 382 | $ | 3,188 | $ | 743 | $ | 54,824 | ||||||||||||||||||||||
Charge-Offs | 0 | 0 | 0 | 0 | (7 | ) | 0 | (182 | ) | (8 | ) | 0 | 0 | (197 | ) | |||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 0 | 26 | 13 | 3 | 79 | 10 | 0 | 0 | 131 | |||||||||||||||||||||||||||||||||
Provision | 10,301 | (5,448 | ) | (475 | ) | 708 | (550 | ) | (2,172 | ) | (2,068 | ) | (25 | ) | (388 | ) | 417 | 300 | ||||||||||||||||||||||||||
Ending 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 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 6 | 0 | 0 | 121 | 8 | 79 | 0 | 25 | 0 | 0 | 239 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 21,417 | 9,021 | 1,452 | 1,650 | 2,231 | 4,711 | 10,043 | 334 | 2,800 | 1,160 | 54,819 | |||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 855,762 | $ | 635,077 | $ | 166,548 | $ | 272,209 | $ | 37,966 | $ | 261,986 | $ | 369,817 | $ | 361,035 | $ | 104,112 | $ | 0 | $ | 3,064,512 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 1,663 | 5,629 | 0 | 2,411 | 168 | 473 | 10 | 195 | 0 | 0 | 10,549 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | $ | 854,099 | $ | 629,448 | $ | 166,548 | $ | 269,798 | $ | 37,798 | $ | 261,513 | $ | 369,807 | $ | 360,840 | $ | 104,112 | $ | 0 | $ | 3,053,963 |
June 30, 2021 | Pass(1) | Special Mention | Substandard | Total Loans & Leases | ||||||||||||
Loans & Leases: | ||||||||||||||||
Commercial Real Estate | $ | 1,004,715 | $ | 5,990 | $ | 9,372 | $ | 1,020,077 | ||||||||
Agricultural Real Estate | 621,165 | 2,811 | 6,539 | 630,515 | ||||||||||||
Real Estate Construction | 170,933 | 0 | 0 | 170,933 | ||||||||||||
Residential 1st Mortgages | 304,089 | 0 | 770 | 304,859 | ||||||||||||
Home Equity Lines & Loans | 31,848 | 0 | 178 | 32,026 | ||||||||||||
Agricultural | 235,716 | 64 | 656 | 236,436 | ||||||||||||
Commercial | 352,598 | 8,143 | 691 | 361,432 | ||||||||||||
Consumer & Other | 176,745 | 0 | 297 | 177,042 | ||||||||||||
Leases | 99,876 | 0 | 0 | 99,876 | ||||||||||||
Total | $ | 2,997,685 | $ | 17,008 | $ | 18,503 | $ | 3,033,196 |
December 31, 2020 | Pass(1) | Special Mention | Substandard | Total Loans & Leases | ||||||||||||
Loans & Leases: | ||||||||||||||||
Commercial Real Estate | $ | 946,621 | $ | 7,849 | $ | 4,510 | $ | 958,980 | ||||||||
Agricultural Real Estate | 631,043 | 400 | 11,571 | 643,014 | ||||||||||||
Real Estate Construction | 185,741 | 0 | 0 | 185,741 | ||||||||||||
Residential 1st Mortgages | 298,689 | 0 | 690 | 299,379 | ||||||||||||
Home Equity Lines and Loans | 34,058 | 0 | 181 | 34,239 | ||||||||||||
Agricultural | 263,781 | 96 | 495 | 264,372 | ||||||||||||
Commercial | 373,038 | 1,060 | 718 | 374,816 | ||||||||||||
Consumer & Other | 235,063 | 0 | 466 | 235,529 | ||||||||||||
Leases | 103,522 | 0 | 0 | 103,522 | ||||||||||||
Total | $ | 3,071,556 | $ | 9,405 | $ | 18,631 | $ | 3,099,592 |
June 30, 2020 | Pass(1) | Special Mention | Substandard | Total Loans & Leases | ||||||||||||
Loans & Leases: | ||||||||||||||||
Commercial Real Estate | $ | 843,952 | $ | 7,300 | $ | 4,510 | $ | 855,762 | ||||||||
Agricultural Real Estate | 620,754 | 1,530 | 12,793 | 635,077 | ||||||||||||
Real Estate Construction | 166,548 | 0 | 0 | 166,548 | ||||||||||||
Residential 1st Mortgages | 271,507 | 0 | 702 | 272,209 | ||||||||||||
Home Equity Lines & Loans | 37,780 | 0 | 186 | 37,966 | ||||||||||||
Agricultural | 261,085 | 0 | 901 | 261,986 | ||||||||||||
Commercial | 366,204 | 2,309 | 1,304 | 369,817 | ||||||||||||
Consumer & Other | 360,352 | 0 | 683 | 361,035 | ||||||||||||
Leases | 104,112 | 0 | 0 | 104,112 | ||||||||||||
Total | $ | 3,032,294 | $ | 11,139 | $ | 21,079 | $ | 3,064,512 |
June 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 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1,020,077 | $ | 1,020,077 | ||||||||||||||
Agricultural Real Estate | 0 | 0 | 0 | 19 | 19 | 630,496 | 630,515 | |||||||||||||||||||||
Real Estate Construction | 0 | 0 | 0 | 0 | 0 | 170,933 | 170,933 | |||||||||||||||||||||
Residential 1st Mortgages | 0 | 0 | 0 | 0 | 0 | 304,859 | 304,859 | |||||||||||||||||||||
Home Equity Lines & Loans | 0 | 0 | 0 | 0 | 0 | 32,026 | 32,026 | |||||||||||||||||||||
Agricultural | 0 | 0 | 0 | 529 | 529 | 235,907 | 236,436 | |||||||||||||||||||||
Commercial | 0 | 0 | 0 | 0 | 0 | 361,432 | 361,432 | |||||||||||||||||||||
Consumer & Other | 38 | 0 | 0 | 0 | 38 | 177,004 | 177,042 | |||||||||||||||||||||
Leases | 0 | 0 | 0 | 0 | 0 | 99,876 | 99,876 | |||||||||||||||||||||
Total | $ | 38 | $ | 0 | $ | 0 | $ | 548 | $ | 586 | $ | 3,032,610 | $ | 3,033,196 |
March 31, 2022 | ||||||||||||||||||||||||
(Dollars in thousands) | Current | 30-89 Days Past Due | 90+ Days Past Due | Non- accrual | Total Past Due | Total | ||||||||||||||||||
Loans and leases held-for-investment, net | ||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
Commercial | $ | 1,162,528 | $ | 1,251 | $ | 0 | $ | 437 | $ | 1,688 | $ | 1,164,216 | ||||||||||||
Agricultural | 695,565 | 0 | 0 | 0 | 0 | 695,565 | ||||||||||||||||||
Residential and home equity | 358,849 | 365 | 0 | 0 | 365 | 359,214 | ||||||||||||||||||
Construction | 204,794 | 0 | 0 | 0 | 0 | 204,794 | ||||||||||||||||||
Total real estate | 2,421,736 | 1,616 | 0 | 437 | 2,053 | 2,423,789 | ||||||||||||||||||
Commercial & Industrial | 437,199 | 0 | 0 | 0 | 0 | 437,199 | ||||||||||||||||||
Agricultural | 250,669 | 800 | 0 | 0 | 800 | 251,469 | ||||||||||||||||||
Commercial leases | 91,907 | 0 | 0 | 0 | 0 | 91,907 | ||||||||||||||||||
Consumer and other | 33,208 | 47 | 0 | 0 | 47 | 33,255 | ||||||||||||||||||
Total loans and leases, net | $ | 3,234,719 | $ | 2,463 | $ | 0 | $ | 437 | $ | 2,900 | $ | 3,237,619 |
December 31, 2021 | ||||||||||||||||||||||||
(Dollars in thousands) | Current | 30-89 Days Past Due | 90+ Days Past Due | Non- ccrual | Total Past Due | Total | ||||||||||||||||||
Loans and leases held-for-investment, net | ||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
Commercial | $ | 1,156,879 | $ | 459 | $ | 0 | $ | 0 | $ | 459 | $ | 1,157,338 | ||||||||||||
Agricultural | 672,812 | 0 | 0 | 18 | 18 | 672,830 | ||||||||||||||||||
Residential and home equity | 350,492 | 89 | 0 | 0 | 89 | 350,581 | ||||||||||||||||||
Construction | 177,163 | 0 | 0 | 0 | 0 | 177,163 | ||||||||||||||||||
Total real estate | 2,357,346 | 548 | 0 | 18 | 566 | 2,357,912 | ||||||||||||||||||
Commercial & Industrial | 427,799 | 0 | 0 | 0 | 0 | 427,799 | ||||||||||||||||||
Agricultural | 276,186 | 0 | 0 | 498 | 498 | 276,684 | ||||||||||||||||||
Commercial leases | 96,415 | 0 | 0 | 0 | 0 | 96,415 | ||||||||||||||||||
Consumer and other | 78,363 | 4 | 0 | 0 | 4 | 78,367 | ||||||||||||||||||
Total loans and leases, net | $ | 3,236,109 | $ | 552 | $ | 0 | $ | 516 | $ | 1,068 | $ | 3,237,177 |
December 31, 2020 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Still Accruing | Nonaccrual | Total Past Due | Current | Total Loans & Leases | |||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||
Commercial Real Estate | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 958,980 | $ | 958,980 | ||||||||||||||
Agricultural Real Estate | 0 | 0 | 0 | 495 | 495 | 642,519 | 643,014 | |||||||||||||||||||||
Real Estate Construction | 0 | 0 | 0 | 0 | 0 | 185,741 | 185,741 | |||||||||||||||||||||
Residential 1st Mortgages | 0 | 0 | 0 | 0 | 0 | 299,379 | 299,379 | |||||||||||||||||||||
Home Equity Lines and Loans | 0 | 0 | 0 | 0 | 0 | 34,239 | 34,239 | |||||||||||||||||||||
Agricultural | 0 | 0 | 0 | 0 | 0 | 264,372 | 264,372 | |||||||||||||||||||||
Commercial | 0 | 0 | 0 | 0 | 0 | 374,816 | 374,816 | |||||||||||||||||||||
Consumer & Other | 11 | 0 | 0 | 0 | 11 | 235,518 | 235,529 | |||||||||||||||||||||
Leases | 0 | 0 | 0 | 0 | 0 | 103,522 | 103,522 | |||||||||||||||||||||
Total | $ | 11 | $ | 0 | $ | 0 | $ | 495 | $ | 506 | $ | 3,099,086 | $ | 3,099,592 |
June 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 | $ | 258 | $ | 0 | $ | 0 | $ | 258 | $ | 855,504 | $ | 855,762 | ||||||||||||||
Agricultural Real Estate | 0 | 0 | 0 | 0 | 0 | 635,077 | 635,077 | |||||||||||||||||||||
Real Estate Construction | 0 | 0 | 0 | 0 | 0 | 166,548 | 166,548 | |||||||||||||||||||||
Residential 1st Mortgages | 0 | 0 | 0 | 0 | 0 | 272,209 | 272,209 | |||||||||||||||||||||
Home Equity Lines & Loans | 0 | 0 | 0 | 0 | 0 | 37,966 | 37,966 | |||||||||||||||||||||
Agricultural | 0 | 0 | 0 | 473 | 473 | 261,513 | 261,986 | |||||||||||||||||||||
Commercial | 0 | 0 | 0 | 0 | 0 | 369,817 | 369,817 | |||||||||||||||||||||
Consumer & Other | 97 | 0 | 0 | 0 | 97 | 360,938 | 361,035 | |||||||||||||||||||||
Leases | 0 | 0 | 0 | 0 | 0 | 104,112 | 104,112 | |||||||||||||||||||||
Total | $ | 97 | $ | 258 | $ | 0 | $ | 473 | $ | 828 | $ | 3,063,684 | $ | 3,064,512 |
(Dollars in thousands) | March 31, 2022 | December 31, 2021 | ||||||
Non-accrual loans and leases: | ||||||||
Non-accrual loans and leases, not TDRs | ||||||||
Real estate: | ||||||||
Commercial | $ | 437 | $ | 0 | ||||
Agricultural | 0 | 18 | ||||||
Residential and home equity | 0 | 0 | ||||||
Construction | 0 | 0 | ||||||
Total real estate | 437 | 18 | ||||||
Commercial & Industrial | 0 | 0 | ||||||
Agricultural | 0 | 0 | ||||||
Commercial leases | 0 | 0 | ||||||
Consumer and other | 0 | 0 | ||||||
Subtotal | 437 | 18 | ||||||
Non-accrual loans and leases, are TDRs | ||||||||
Real estate: | ||||||||
Commercial | $ | 0 | $ | 0 | ||||
Agricultural | 0 | 0 | ||||||
Residential and home equity | 0 | 0 | ||||||
Construction | 0 | 0 | ||||||
Total real estate | 0 | 0 | ||||||
Commercial & Industrial | 0 | 0 | ||||||
Agricultural | 0 | 498 | ||||||
Commercial leases | 0 | 0 | ||||||
Consumer and other | 0 | 0 | ||||||
Subtotal | 0 | 498 | ||||||
Total non-accrual loans and leases | $ | 437 | $ | 516 |
Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||
June 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 | $ | 80 | $ | 80 | $ | - | $ | 40 | $ | 5 | $ | 41 | $ | 5 | ||||||||||||||
Agricultural Real Estate | 5,629 | 5,629 | - | 5,629 | 236 | 5,629 | 385 | |||||||||||||||||||||
Agricultural | 492 | 534 | - | 493 | 34 | 370 | 34 | |||||||||||||||||||||
Commercial | 9 | 9 | - | 5 | 0 | 2 | 0 | |||||||||||||||||||||
$ | 6,210 | $ | 6,252 | $ | - | $ | 6,167 | $ | 275 | $ | 6,042 | $ | 424 | |||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Commercial Real Estate | $ | 0 | $ | 0 | $ | 0 | $ | 42 | $ | 0 | $ | 42 | $ | 3 | ||||||||||||||
Residential 1st Mortgages | 1,666 | 1,891 | 83 | 1,665 | 36 | 1,665 | 56 | |||||||||||||||||||||
Home Equity Lines & Loans | 61 | 73 | 3 | 63 | 2 | 63 | 3 | |||||||||||||||||||||
Agricultural | 0 | 0 | 0 | 123 | 0 | 123 | 0 | |||||||||||||||||||||
Commercial | 215 | 215 | 11 | 226 | 8 | 226 | 12 | |||||||||||||||||||||
Consumer & Other | 183 | 183 | 44 | 186 | 6 | 186 | 10 | |||||||||||||||||||||
$ | 2,125 | $ | 2,362 | $ | 141 | $ | 2,305 | $ | 52 | $ | 2,305 | $ | 84 | |||||||||||||||
Total | $ | 8,335 | $ | 8,614 | $ | 141 | $ | 8,472 | $ | 327 | $ | 8,347 | $ | 508 |
December 31, 2020 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||
Commercial Real Estate | $ | 84 | $ | 84 | $ | - | $ | 764 | $ | 35 | ||||||||||
Agricultural Real Estate | 5,629 | 5,629 | - | 5,629 | 352 | |||||||||||||||
Agricultural | 3 | 3 | - | 2 | 0 | |||||||||||||||
Commercial | 0 | 0 | - | 377 | 16 | |||||||||||||||
$ | 5,716 | $ | 5,716 | $ | - | $ | 6,772 | $ | 403 | |||||||||||
With an allowance recorded: | ||||||||||||||||||||
Commercial Real Estate | $ | 0 | $ | 0 | $ | 0 | $ | 21 | $ | 1 | ||||||||||
Agricultural Real Estate | 0 | 0 | 0 | 137 | 0 | |||||||||||||||
Residential 1st Mortgages | 1,671 | 1,895 | 84 | 1,652 | 76 | |||||||||||||||
Home Equity Lines and Loans | 64 | 75 | 3 | 66 | 4 | |||||||||||||||
Agricultural | 492 | 534 | 92 | 410 | 59 | |||||||||||||||
Commercial | 234 | 234 | 13 | 123 | 18 | |||||||||||||||
Consumer & Other | 190 | 191 | 56 | 194 | 13 | |||||||||||||||
$ | 2,651 | $ | 2,929 | $ | 248 | $ | 2,603 | $ | 171 | |||||||||||
Total | $ | 8,367 | $ | 8,645 | $ | 248 | $ | 9,375 | $ | 574 |
Three Months Ended June 30, 2020 | Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||
June 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: | ||||||||||||||||||||||||||||
Commercial Real Estate | $ | 0 | $ | 0 | $ | - | $ | 1,444 | $ | 2 | $ | 1,466 | $ | 31 | ||||||||||||||
Agricultural Real Estate | 5,629 | 5,629 | - | 5,629 | 87 | 5,636 | 176 | |||||||||||||||||||||
Commercial | 0 | 0 | - | 754 | 1 | 754 | 16 | |||||||||||||||||||||
$ | 5,629 | $ | 5,629 | $ | - | $ | 7,827 | $ | 90 | $ | 7,856 | $ | 223 | |||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Commercial Real Estate | $ | 84 | $ | 84 | $ | 6 | $ | 42 | $ | 1 | $ | 727 | $ | 1 | ||||||||||||||
Agricultural Real Estate | 0 | 0 | 0 | 275 | 0 | 275 | 0 | |||||||||||||||||||||
Residential 1st Mortgages | 1,702 | 1,921 | 85 | 1,626 | 21 | 1,591 | 40 | |||||||||||||||||||||
Home Equity Lines & Loans | 67 | 77 | 3 | 67 | 1 | 68 | 2 | |||||||||||||||||||||
Agricultural | 473 | 487 | 79 | 329 | 43 | 257 | 45 | |||||||||||||||||||||
Commercial | 10 | 10 | 0 | 11 | 2 | 390 | 2 | |||||||||||||||||||||
Consumer & Other | 195 | 196 | 25 | 196 | 3 | 197 | 7 | |||||||||||||||||||||
$ | 2,531 | $ | 2,775 | $ | 198 | $ | 2,546 | $ | 71 | $ | 3,505 | $ | 97 | |||||||||||||||
Total | $ | 8,160 | $ | 8,404 | $ | 198 | $ | 10,373 | $ | 161 | $ | 11,361 | $ | 320 |
(Dollars in thousands) | March 31, 2022 | December 31, 2021 | ||||||
Troubled debt restructured loans and leases: | ||||||||
Accruing TDR loans and leases | ||||||||
Real estate: | ||||||||
Commercial | $ | 0 | $ | 41 | ||||
Agricultural | 0 | 0 | ||||||
Residential and home equity | 1,347 | 1,522 | ||||||
Construction | 0 | 0 | ||||||
Total real estate | 1,347 | 1,563 | ||||||
Commercial & Industrial | 255 | 260 | ||||||
Agricultural | 0 | 0 | ||||||
Commercial leases | 0 | 0 | ||||||
Consumer and other | 1 | 1 | ||||||
Subtotal | 1,603 | 1,824 | ||||||
Non-accruing TDR loans and leases | ||||||||
Real estate: | ||||||||
Commercial | 0 | 0 | ||||||
Agricultural | 0 | 0 | ||||||
Residential and home equity | 0 | 0 | ||||||
Construction | 0 | 0 | ||||||
Total real estate | 0 | 0 | ||||||
Commercial & Industrial | 0 | 0 | ||||||
Agricultural | 0 | 498 | ||||||
Commercial leases | 0 | 0 | ||||||
Consumer and other | 0 | 0 | ||||||
Subtotal | 0 | 498 | ||||||
Total TDR loans and leases | $ | 1,603 | $ | 2,322 |
March 31, 2022 | ||||||||||||||||||||||||
(Dollars in thousands) | # of Accruing TDR | $ of Accruing TDR | # of Non- Accruing TDR | $ of Non- Accruing TDR | # of Total TDR | $ of Total TDR | ||||||||||||||||||
Loan and lease TDRs | ||||||||||||||||||||||||
2022 | 0 | $ | 0 | 0 | $ | 0 | 0 | $ | 0 | |||||||||||||||
2021 | 1 | 48 | 0 | 0 | 1 | 48 | ||||||||||||||||||
2020 | 5 | 468 | 0 | 0 | 5 | 468 | ||||||||||||||||||
2019 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Thereafter | 9 | 1,087 | 0 | 0 | 9 | 1,087 | ||||||||||||||||||
Total | 15 | $ | 1,603 | 0 | $ | 0 | 15 | $ | 1,603 |
March 31, 2022 | ||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special Mention | Sub- standard | Doubtful | Total Loans & Leases | Total Allowance for Credit Losses | ||||||||||||||||||
Loans and leases held-for-investment, net | ||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
Commercial | $ | 1,153,584 | $ | 6,878 | $ | 3,754 | $ | 0 | $ | 1,164,216 | $ | 17,920 | ||||||||||||
Agricultural | 683,415 | 5,996 | 6,154 | 0 | 695,565 | 14,591 | ||||||||||||||||||
Residential and home equity | 358,847 | 0 | 367 | 0 | 359,214 | 6,759 | ||||||||||||||||||
Construction | 204,794 | 0 | 0 | 0 | 204,794 | 3,777 | ||||||||||||||||||
Total real estate | 2,400,640 | 12,874 | 10,275 | 0 | 2,423,789 | 43,047 | ||||||||||||||||||
Commercial & Industrial | 427,109 | 9,437 | 653 | 0 | 437,199 | 10,361 | ||||||||||||||||||
Agricultural | 249,972 | 1,477 | 20 | 0 | 251,469 | 5,737 | ||||||||||||||||||
Commercial leases | 91,772 | 135 | 0 | 0 | 91,907 | 1,466 | ||||||||||||||||||
Consumer and other | 33,081 | 0 | 174 | 0 | 33,255 | 421 | ||||||||||||||||||
Total loans and leases, net | $ | 3,202,574 | $ | 23,923 | $ | 11,122 | $ | 0 | $ | 3,237,619 | $ | 61,032 |
December 31, 2021 | ||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special Mention | Sub- standard | Doubtful | Total Loans & Leases | Total Allowance for Credit Losses | ||||||||||||||||||
Loans and leases held-for-investment, net | ||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
Commercial | $ | 1,142,175 | $ | 6,903 | $ | 8,260 | $ | 0 | $ | 1,157,338 | $ | 28,536 | ||||||||||||
Agricultural | 663,157 | 3,292 | 6,381 | 0 | 672,830 | 9,613 | ||||||||||||||||||
Residential and home equity | 350,148 | 0 | 433 | 0 | 350,581 | 2,847 | ||||||||||||||||||
Construction | 177,163 | 0 | 0 | 0 | 177,163 | 1,456 | ||||||||||||||||||
Total real estate | 2,332,643 | 10,195 | 15,074 | 0 | 2,357,912 | 42,452 | ||||||||||||||||||
Commercial & Industrial | 417,806 | 9,321 | 672 | 0 | 427,799 | 11,489 | ||||||||||||||||||
Agricultural | 275,206 | 958 | 520 | 0 | 276,684 | 5,465 | ||||||||||||||||||
Commercial leases | 96,415 | 0 | 0 | 0 | 96,415 | 938 | ||||||||||||||||||
Consumer and other | 78,181 | 0 | 186 | 0 | 78,367 | 663 | ||||||||||||||||||
Total loans and leases, net | $ | 3,200,251 | $ | 20,474 | $ | 16,452 | $ | 0 | $ | 3,237,177 | $ | 61,007 |
March 31, 2022 | ||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Amortized Cost | Total | ||||||||||||||||||||||||
Net loans and leases held-for-investment | ||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Pass | $ | 25,293 | $ | 247,149 | $ | 164,009 | $ | 82,890 | $ | 95,039 | $ | 254,266 | $ | 284,938 | $ | 1,153,584 | ||||||||||||||||
Special mention | 0 | 0 | 0 | 0 | 3,888 | 840 | 2,150 | 6,878 | ||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 3,104 | 650 | 3,754 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total commercial | $ | 25,293 | $ | 247,149 | $ | 164,009 | $ | 82,890 | $ | 98,927 | $ | 258,210 | $ | 287,738 | $ | 1,164,216 | ||||||||||||||||
Agricultural real estate | ||||||||||||||||||||||||||||||||
Pass | $ | 12,121 | $ | 43,482 | $ | 58,501 | $ | 15,393 | $ | 56,374 | $ | 159,386 | $ | 338,158 | $ | 683,415 | ||||||||||||||||
Special mention | 0 | 0 | 2,382 | 2,636 | 143 | 0 | 835 | 5,996 | ||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 118 | 6,036 | 0 | 6,154 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total agricultural real estate | $ | 12,121 | $ | 43,482 | $ | 60,883 | $ | 18,029 | $ | 56,635 | $ | 165,422 | $ | 338,993 | $ | 695,565 | ||||||||||||||||
Residential and home equity | ||||||||||||||||||||||||||||||||
Pass | $ | 21,332 | $ | 101,603 | $ | 93,842 | $ | 16,431 | $ | 7,719 | $ | 88,166 | $ | 29,754 | $ | 358,847 | ||||||||||||||||
Special mention | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 220 | 147 | 367 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total residential and home equity | $ | 21,332 | $ | 101,603 | $ | 93,842 | $ | 16,431 | $ | 7,719 | $ | 88,386 | $ | 29,901 | $ | 359,214 | ||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Pass | $ | 0 | $ | 0 | $ | 0 | $ | 2,275 | $ | 0 | $ | 122 | $ | 202,397 | $ | 204,794 | ||||||||||||||||
Special mention | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total construction | $ | 0 | $ | 0 | $ | 0 | $ | 2,275 | $ | 0 | $ | 122 | $ | 202,397 | $ | 204,794 | ||||||||||||||||
Total real estate | $ | 58,746 | $ | 392,234 | $ | 318,734 | $ | 119,625 | $ | 163,281 | $ | 512,140 | $ | 859,029 | $ | 2,423,789 | ||||||||||||||||
Commercial & industrial | ||||||||||||||||||||||||||||||||
Pass | $ | 4,368 | $ | 45,633 | $ | 16,791 | $ | 15,010 | $ | 11,515 | $ | 9,983 | $ | 323,809 | $ | 427,109 | ||||||||||||||||
Special mention | 0 | 82 | 0 | 0 | 0 | 4 | 9,351 | 9,437 | ||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 38 | 31 | 584 | 653 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total commercial & industrial | $ | 4,368 | $ | 45,715 | $ | 16,791 | $ | 15,010 | $ | 11,553 | $ | 10,018 | $ | 333,744 | $ | 437,199 | ||||||||||||||||
Agriculture | ||||||||||||||||||||||||||||||||
Pass | $ | 1,236 | $ | 4,736 | $ | 1,353 | $ | 1,624 | $ | 834 | $ | 2,358 | $ | 237,831 | $ | 249,972 | ||||||||||||||||
Special mention | 0 | 0 | 0 | 0 | 0 | 98 | 1,379 | 1,477 | ||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 15 | 5 | 0 | 0 | 20 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total Agriculture | $ | 1,236 | $ | 4,736 | $ | 1,353 | $ | 1,639 | $ | 839 | $ | 2,456 | $ | 239,210 | $ | 251,469 | ||||||||||||||||
Commercial leases | ||||||||||||||||||||||||||||||||
Pass | $ | 3,635 | $ | 14,816 | $ | 14,904 | $ | 9,041 | $ | 22,133 | $ | 27,243 | $ | 0 | $ | 91,772 | ||||||||||||||||
Special mention | 0 | 0 | 0 | 135 | 0 | 0 | 0 | 135 | ||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total commercial leases | $ | 3,635 | $ | 14,816 | $ | 14,904 | $ | 9,176 | $ | 22,133 | $ | 27,243 | $ | 0 | $ | 91,907 | ||||||||||||||||
Consumer and other | ||||||||||||||||||||||||||||||||
Pass | $ | 612 | $ | 26,679 | $ | 967 | $ | 425 | $ | 656 | $ | 2,870 | $ | 872 | $ | 33,081 | ||||||||||||||||
Special mention | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 47 | 127 | 174 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total consumer and other | $ | 612 | $ | 26,679 | $ | 967 | $ | 425 | $ | 656 | $ | 2,917 | $ | 999 | $ | 33,255 | ||||||||||||||||
Total net loans and leases | $ | 68,597 | $ | 484,180 | $ | 352,749 | $ | 145,875 | $ | 198,462 | $ | 554,774 | $ | 1,432,982 | $ | 3,237,619 |
December 31, 2020 | ||||||||||||
Troubled Debt Restructurings | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||
Residential 1st Mortgages | 2 | $ | 156 | $ | 156 | |||||||
Agricultural | 3 | 495 | 495 | |||||||||
Commercial | 1 | 224 | 224 | |||||||||
Total | 6 | $ | 875 | $ | 875 |
March 31, 2022 | ||||||||||||
(Dollars in thousands) | Real Estate | Vehicles | Total | |||||||||
Collateral dependent loans and leases | ||||||||||||
Real estate: | ||||||||||||
Commercial | $ | 1 | $ | 0 | $ | 1 | ||||||
Agricultural | 5,560 | 0 | 5,560 | |||||||||
Residential and home equity | 235 | 0 | 235 | |||||||||
Construction | 0 | 0 | 0 | |||||||||
Total real estate | 5,796 | 0 | 5,796 | |||||||||
Commercial & Industrial | 0 | 0 | 0 | |||||||||
Agricultural | 0 | 0 | 0 | |||||||||
Commercial leases | 0 | 0 | 0 | |||||||||
Consumer and other | 0 | 169 | 169 | |||||||||
Total gross loans and leases | $ | 5,796 | $ | 169 | $ | 5,965 |
December 31, 2021 | ||||||||||||
(Dollars in thousands) | Real Estate | Vehicles | Total | |||||||||
Collateral dependent loans and leases | ||||||||||||
Real estate: | ||||||||||||
Commercial | $ | 5 | $ | 0 | $ | 5 | ||||||
Agricultural | 5,587 | 0 | 5,587 | |||||||||
Residential and home equity | 330 | 0 | 330 | |||||||||
Construction | 0 | 0 | 0 | |||||||||
Total real estate | 5,922 | 0 | 5,922 | |||||||||
Commercial & Industrial | 0 | 0 | 0 | |||||||||
Agricultural | 0 | 0 | 0 | |||||||||
Commercial leases | 0 | 0 | 0 | |||||||||
Consumer and other | 0 | 173 | 173 | |||||||||
Total gross loans and leases | $ | 5,922 | $ | 173 | $ | 6,095 |
For the Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial & Agricultural R/E | Construction | Residential & Home Equity | Commercial & Agricultural | Commercial Leases | Consumer & Other | Total | |||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||
Balance at beginning of period, prior to adoption of ASC 326 | $ | 38,149 | $ | 1,456 | $ | 2,847 | $ | 16,954 | $ | 938 | $ | 663 | $ | 61,007 | ||||||||||||||
Impact of adopting ASC 326 | (6,190 | ) | 1,855 | 3,032 | 826 | 629 | (152 | ) | 0 | |||||||||||||||||||
Provision / (recapture) for credit losses | 552 | 466 | 866 | (1,700 | ) | (101 | ) | (83 | ) | 0 | ||||||||||||||||||
Charge-offs | 0 | 0 | 0 | 0 | 0 | (9 | ) | (9 | ) | |||||||||||||||||||
Recoveries | 0 | 0 | 14 | 18 | 0 | 2 | 34 | |||||||||||||||||||||
Net (charge-offs) / recoveries | 0 | 0 | 14 | 18 | 0 | (7 | ) | 25 | ||||||||||||||||||||
Balance at end of period | $ | 32,511 | $ | 3,777 | $ | 6,759 | $ | 16,098 | $ | 1,466 | $ | 421 | $ | 61,032 |
For the Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial & Agricultural R/E | Construction | Residential & Home Equity | Commercial & Agricultural | Commercial Leases | Consumer & Other | Total | |||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||
Balance at beginning of period | $ | 36,312 | $ | 1,643 | $ | 2,984 | $ | 14,775 | $ | 1,731 | $ | 1,417 | $ | 58,862 | ||||||||||||||
Provision / (recapture) for credit losses | 1,802 | 4 | (135 | ) | (584 | ) | (57 | ) | 220 | 1,250 | ||||||||||||||||||
Charge-offs | 0 | 0 | 0 | 0 | 0 | (8 | ) | (8 | ) | |||||||||||||||||||
Recoveries | 0 | 0 | 32 | 32 | 0 | 7 | 71 | |||||||||||||||||||||
Net (charge-offs) / recoveries | 0 | 0 | 32 | 32 | 0 | (1 | ) | 63 | ||||||||||||||||||||
Balance at end of period | $ | 38,114 | $ | 1,647 | $ | 2,881 | $ | 14,223 | $ | 1,674 | $ | 1,636 | $ | 60,175 |
(Dollars in thousands) | March 31, 2022 | December 31, 2021 | ||||||
Certificate of deposits: | ||||||||
Certificates of deposits less than or equal to $250,000 | 221,904 | 223,620 | ||||||
Certificates of deposits greater than $250,000 | 168,876 | 168,865 | ||||||
Total certificates of deposits | 390,780 | 392,485 |
(Dollars in thousands) | Amount | |||
2022 | $ | 291,366 | ||
2023 | 89,678 | |||
2024 | 5,633 | |||
2025 | 1,818 | |||
2026 and beyond | 2,285 | |||
Total time deposits | $ | 390,780 |
March 31, 2022 | ||||||||||||||||||||||||
Actual | Minimum Capital Requirement | Well Capitalized Requirment | ||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
Farmers & Merchants Bancorp | ||||||||||||||||||||||||
CET1 capital to risk-weighted assets | $ | 463,607 | 11.63 | % | $ | 179,354 | 4.50 | % | N/A | N/A | ||||||||||||||
Tier 1 capital to risk-weighted assets | 473,607 | 11.88 | % | 239,139 | 6.00 | % | N/A | N/A | ||||||||||||||||
Risk-based capital to risk-weighted assets | 523,580 | 13.14 | % | 318,851 | 8.00 | % | N/A | N/A | ||||||||||||||||
Tier 1 leverage capital ratio | 473,607 | 8.45 | % | 224,315 | 4.00 | % | N/A | N/A | ||||||||||||||||
Farmers & Merchants Bank | ||||||||||||||||||||||||
CET1 capital to risk-weighted assets | $ | 472,965 | 11.87 | % | $ | 179,339 | 4.50 | % | $ | 259,046 | 6.50 | % | ||||||||||||
Tier 1 capital to risk-weighted assets | 472,965 | 11.87 | % | 239,119 | 6.00 | % | 318,826 | 8.00 | % | |||||||||||||||
Risk-based capital to risk-weighted assets | 522,934 | 13.12 | % | 318,826 | 8.00 | % | 398,532 | 10.00 | % | |||||||||||||||
Tier 1 leverage capital ratio | 472,965 | 8.94 | % | 211,642 | 4.00 | % | 264,552 | 5.00 | % |
December 31, 2021 | ||||||||||||||||||||||||
Actual | Minimum Capital Requirement | Well Capitalized Requirment | ||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
Farmers & Merchants Bancorp | ||||||||||||||||||||||||
CET1 capital to risk-weighted assets | $ | 450,687 | 11.68 | % | $ | 173,674 | 4.50 | % | N/A | N/A | ||||||||||||||
Tier 1 capital to risk-weighted assets | 460,687 | 11.94 | % | 231,566 | 6.00 | % | N/A | N/A | ||||||||||||||||
Risk-based capital to risk-weighted assets | 509,091 | 13.19 | % | 308,755 | 8.00 | % | N/A | N/A | ||||||||||||||||
Tier 1 leverage capital ratio | 460,687 | 8.92 | % | 206,606 | 4.00 | % | N/A | N/A | ||||||||||||||||
Farmers & Merchants Bank | ||||||||||||||||||||||||
CET1 capital to risk-weighted assets | $ | 459,813 | 11.91 | % | $ | 173,664 | 4.50 | % | $ | 250,847 | 6.50 | % | ||||||||||||
Tier 1 capital to risk-weighted assets | 459,813 | 11.91 | % | 231,551 | 6.00 | % | 308,735 | 8.00 | % | |||||||||||||||
Risk-based capital to risk-weighted assets | 508,215 | 13.17 | % | 308,735 | 8.00 | % | 385,919 | 10.00 | % | |||||||||||||||
Tier 1 leverage capital ratio | 459,813 | 8.91 | % | 206,426 | 4.00 | % | 258,033 | 5.00 | % |
Three Months Ended June 30, 2020 | Six Months Ended June 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 | ||||||||||||||||||
Residential 1st Mortgages | 2 | $ | 156 | $ | 156 | 2 | $ | 156 | $ | 156 | ||||||||||||||
Agricultural | 3 | 495 | 495 | 3 | 495 | 495 | ||||||||||||||||||
Total | 5 | $ | 651 | $ | 651 | 5 | $ | 651 | $ | 651 |
Three Months Ended March 31, | ||||||||
(Dollars in thousands, except share and per share amounts) | 2022 | 2021 | ||||||
Numerator | ||||||||
Net income | $ | 17,058 | $ | 16,713 | ||||
Denominator | ||||||||
Weighted average number of common shares outstanding | 786,096 | 789,646 | ||||||
Weighted average number of dilutive shares outstanding | 786,096 | 789,646 | ||||||
Basic earnings per common share | $ | 21.70 | $ | 21.17 | ||||
Diluted earning per common share | $ | 21.70 | $ | 21.17 |
Fair Value Measurements At June 30, 2021, Using | ||||||||||||||||
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) | ||||||||||||
Available-for-Sale Securities: | ||||||||||||||||
U.S. Treasury Notes | $ | 10,187 | $ | 10,187 | $ | 0 | $ | 0 | ||||||||
U.S. Government Agency SBA | 7,347 | 0 | 7,348 | 0 | ||||||||||||
Mortgage-Backed Securities | 287,617 | 0 | 287,617 | 0 | ||||||||||||
Other | 46,510 | 46,200 | 310 | 0 | ||||||||||||
Total Assets Measured at Fair Value On a Recurring Basis | $ | 351,661 | $ | 56,387 | $ | 295,275 | $ | 0 |
March 31, 2022 | Fair Value | |||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | Total Fair Value | |||||||||||||||
Financial Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 841,086 | $ | 841,086 | $ | 0 | $ | 0 | $ | 841,086 | ||||||||||
Investment securities available-for-sale | 251,375 | 9,996 | 241,379 | 0 | 251,375 | |||||||||||||||
Investment securities held-to-maturity | 876,257 | 0 | 771,971 | 43,732 | 815,703 | |||||||||||||||
Non-marketable securities | 15,549 | 0 | 0 | 15,549 | 15,549 | |||||||||||||||
Loans and leases, net | 3,176,587 | 0 | 0 | 3,184,796 | 3,184,796 | |||||||||||||||
Bank-owned life insurance | 71,953 | 71,953 | 0 | 0 | 71,953 | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Total deposits | 4,837,439 | $ | 4,446,659 | $ | 0 | $ | 387,625 | $ | 4,834,284 | |||||||||||
Subordinated debentures | 10,310 | 0 | 9,766 | 0 | 9,766 |
Fair Value Measurements At December 31, 2020, Using | ||||||||||||||||
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) | ||||||||||||
Available-for-Sale Securities: | ||||||||||||||||
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 | 492 | 182 | 310 | 0 | ||||||||||||
Total Assets Measured at Fair Value On a Recurring Basis | $ | 807,732 | $ | 15,470 | $ | 792,262 | $ | 0 |
December 31, 2021 | Fair Value | |||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | Total Fair Value | |||||||||||||||
Financial Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 715,460 | $ | 715,460 | $ | 0 | $ | 0 | $ | 715,460 | ||||||||||
Investment securities available-for-sale | 270,454 | 10,214 | 260,240 | 0 | 270,454 | |||||||||||||||
Investment securities held-to-maturity | 737,052 | 0 | 681,588 | 44,446 | 726,034 | |||||||||||||||
Non-marketable securities | 15,549 | - | 0 | 15,549 | 15,549 | |||||||||||||||
Loans and leases, net | 3,176,170 | 0 | 0 | 3,179,857 | 3,179,857 | |||||||||||||||
Bank-owned life insurance | 71,411 | 71,411 | 0 | 0 | 71,411 | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Total deposits | $ | 4,640,152 | $ | 4,247,666 | $ | 0 | $ | 391,732 | $ | 4,639,398 | ||||||||||
Subordinated debentures | 10,310 | 0 | 6,890 | 0 | 6,890 |
Fair Value Measurements At June 30, 2020, Using | ||||||||||||||||
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) | ||||||||||||
Available-for-Sale Securities: | ||||||||||||||||
U.S. Treasury Notes | $ | 65,384 | $ | 65,384 | $ | 0 | $ | 0 | ||||||||
U.S. Government Agency SBA | 9,288 | 0 | 9,288 | 0 | ||||||||||||
Mortgage-Backed Securities | 469,225 | 0 | 469,225 | 0 | ||||||||||||
Corporate Securities | 10,203 | 0 | 10,203 | 0 | ||||||||||||
Other | 15,307 | 14,997 | 310 | 0 | ||||||||||||
Total Assets Measured at Fair Value On a Recurring Basis | $ | 569,407 | $ | 80,381 | $ | 489,026 | $ | 0 |
Fair Value Measurements At June 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) | ||||||||||||
Impaired Loans: | ||||||||||||||||
Residential 1st Mortgage | $ | 1,576 | $ | 0 | $ | 0 | $ | 1,576 | ||||||||
Home Equity Lines and Loans | 58 | 0 | 0 | 58 | ||||||||||||
Commercial | 204 | 0 | 0 | 204 | ||||||||||||
Consumer | 139 | 0 | 0 | 139 | ||||||||||||
Total Impaired Loans | 1,977 | 0 | 0 | 1,977 | ||||||||||||
Other Real Estate: | ||||||||||||||||
Real Estate Construction | 873 | 0 | 0 | 873 | ||||||||||||
Total Other Real Estate | 873 | 0 | 0 | 873 | ||||||||||||
Total Assets Measured at Fair Value On a Non-Recurring Basis | $ | 2,850 | $ | 0 | $ | 0 | $ | 2,850 |
March 31, 2022 | Fair Value Measurements | |||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | Total Fair Value | |||||||||||||||
Fair valued on a recurring basis: | ||||||||||||||||||||
Investment securities available-for-sale | ||||||||||||||||||||
U.S. Treasury notes | $ | 9,996 | $ | 9,996 | $ | 0 | $ | 0 | $ | 9,996 | ||||||||||
U.S. Government-sponsored securities | 5,789 | 0 | 5,789 | 0 | 5,789 | |||||||||||||||
Mortgage-backed securities | 223,901 | 0 | 223,901 | 0 | 223,901 | |||||||||||||||
Collateralized mortgage obligations | 1,544 | 0 | 1,544 | 0 | 1,544 | |||||||||||||||
Corporate securities | 9,835 | 0 | 9,835 | 0 | 9,835 | |||||||||||||||
Other | 310 | 0 | 310 | 0 | 310 | |||||||||||||||
Fair valued on a non-recurring basis: | ||||||||||||||||||||
Other real estate | 873 | 0 | 0 | 873 | 873 |
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) | ||||||||||||
Impaired Loans: | ||||||||||||||||
Residential 1st Mortgage | $ | 1,584 | $ | 0 | $ | 0 | $ | 1,584 | ||||||||
Home Equity Lines and Loans | 61 | 0 | 0 | 61 | ||||||||||||
Agricultural | 400 | 0 | 0 | 400 | ||||||||||||
Commercial | 213 | 0 | 0 | 213 | ||||||||||||
Consumer | 138 | 0 | 0 | 138 | ||||||||||||
Total Impaired Loans | 2,396 | 0 | 0 | 2,396 | ||||||||||||
Other Real Estate: | ||||||||||||||||
Real Estate Construction | 873 | 0 | 0 | 873 | ||||||||||||
Total Other Real Estate | 873 | 0 | 0 | 873 | ||||||||||||
Total Assets Measured at Fair Value On a Non-Recurring Basis | $ | 3,269 | $ | 0 | $ | 0 | $ | 3,269 |
December 31, 2021 | Fair Value Measurements | |||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | Total Fair Value | |||||||||||||||
Fair valued on a recurring basis: | ||||||||||||||||||||
Investment securities available-for-sale | ||||||||||||||||||||
U.S. Treasury notes | $ | 10,089 | $ | 10,089 | $ | 0 | $ | 0 | $ | 10,089 | ||||||||||
U.S. Government-sponsored securities | 6,374 | 0 | 6,374 | 0 | 6,374 | |||||||||||||||
Mortgage-backed securities | 251,120 | 0 | 251,120 | 0 | 251,120 | |||||||||||||||
Collateralized mortgage obligations | 2,436 | 0 | 2,436 | 0 | 2,436 | |||||||||||||||
Other | 435 | 125 | 310 | 0 | 435 | |||||||||||||||
Fair valued on a non-recurring basis: | ||||||||||||||||||||
Individually evaluated loans | $ | 2,562 | $ | 0 | $ | 0 | $ | 2,562 | $ | 2,562 | ||||||||||
Other real estate | 873 | 0 | 0 | 873 | 873 |
Fair Value Measurements At June 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) | ||||||||||||
Impaired Loans: | ||||||||||||||||
Residential 1st Mortgage | $ | 1,613 | $ | 0 | $ | 0 | $ | 1,613 | ||||||||
Home Equity Lines and Loans | 63 | 0 | 0 | 63 | ||||||||||||
Agricultural | 259 | 0 | 0 | 259 | ||||||||||||
Consumer | 135 | 0 | 0 | 135 | ||||||||||||
Total Impaired Loans | 2,070 | 0 | 0 | 2,070 | ||||||||||||
Other Real Estate: | ||||||||||||||||
Real Estate Construction | 873 | 0 | 0 | 873 | ||||||||||||
Total Other Real Estate | 873 | 0 | 0 | 873 | ||||||||||||
Total Assets Measured at Fair Value On a Non-Recurring Basis | $ | 2,943 | $ | 0 | $ | 0 | $ | 2,943 |
(Dollars in thousands) | March 31, 2022 | December 31, 2021 | ||||||
Commitments to extend credit, including unsecured commitments of $20,907 and $21,036 as of March 31, 2022 and December 31, 2021, respectively | $ | 987,423 | $ | 937,009 | ||||
Stand-by letters of credit, including unsecured commitments of $8,361 and $9,091 as of March 31, 2022 and December 31, 2021, respectively | 16,250 | 17,880 | ||||||
Performance guarantees under interest rate swap contracts entered into with our clients and third-parties | 191 | 1,433 |
June 30, 2021 | ||||||||||
(in thousands) | Fair Value | Valuation Technique | Unobservable Inputs | Range, Weighted Avg. | ||||||
Impaired Loans: | ||||||||||
Residential 1st Mortgage | $ | 1,576 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | �� | 0.69% - 4.06%, 2.57% | ||||
Home Equity Lines and Loans | $ | 58 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 1.1% - 1.3%, 1.23% | |||||
Commercial | $ | 204 | Income Approach | Capitalization Rate | 10%, 10% | |||||
Consumer | $ | 139 | 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, 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 and 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% |
June 30, 2020 | ||||||||||
(in thousands) | Fair Value | Valuation Technique | Unobservable Inputs | Range, Weighted Avg. | ||||||
Impaired Loans: | ||||||||||
Residential 1st Mortgage | $ | 1,613 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 0.8% - 4.2%, 2.6% | |||||
Home Equity Lines and Loans | $ | 63 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 0.22% - 1.42%, 1.3% | |||||
Agricultural | $ | 259 | Income Approach | Capitalization Rate | 10%, 10% | |||||
Consumer | $ | 135 | Income Approach | Capitalization Rate | 10%, 10% | |||||
Other Real Estate: | ||||||||||
Real Estate Construction | $ | 873 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 10%, 10% |
Fair Value of Financial Instruments Using | ||||||||||||||||||||
June 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 | $ | 834,710 | $ | 834,710 | $ | 0 | $ | 0 | $ | 834,710 | ||||||||||
Investment Securities Available-for-Sale | 351,661 | 56,387 | 295,274 | 0 | 351,661 | |||||||||||||||
Investment Securities Held-to-Maturity | 496,470 | 0 | 445,236 | 44,949 | 490,185 | |||||||||||||||
Loans & Leases, Net | 2,972,967 | 0 | 0 | 2,984,866 | 2,984,866 | |||||||||||||||
Accrued Interest Receivable | 16,367 | 0 | 16,367 | 0 | 16,367 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | 4,412,064 | 4,010,525 | 0 | 402,009 | 4,412,534 | |||||||||||||||
Subordinated Debentures | 10,310 | 0 | 6,831 | 0 | 6,831 | |||||||||||||||
Accrued Interest Payable | 592 | 0 | 592 | 0 | 592 |
Fair Value of Financial Instruments Using | ||||||||||||||||||||
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 | $ | 383,837 | $ | 383,837 | $ | 0 | $ | 0 | $ | 383,837 | ||||||||||
Investment Securities Available-for-Sale | 807,732 | 15,470 | 792,262 | 0 | 807,732 | |||||||||||||||
Investment Securities Held-to-Maturity | 68,933 | 0 | 26,262 | 43,787 | 70,049 | |||||||||||||||
Loans & Leases, Net | 3,040,730 | 0 | 0 | 3,045,911 | 3,045,911 | |||||||||||||||
Accrued Interest Receivable | 20,333 | 0 | 20,333 | 0 | 20,333 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | 4,060,267 | 3,638,400 | 0 | 422,840 | 4,061,240 | |||||||||||||||
Subordinated Debentures | 10,310 | 0 | 6,888 | 0 | 6,888 | |||||||||||||||
Accrued Interest Payable | 1,383 | 0 | 1,383 | 0 | 1,383 |
Fair Value of Financial Instruments Using | ||||||||||||||||||||
June 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 | $ | 371,439 | $ | 371,439 | $ | 0 | $ | 0 | $ | 371,439 | ||||||||||
Investment Securities Available-for-Sale | 569,407 | 80,691 | 488,716 | 0 | 569,407 | |||||||||||||||
Investment Securities Held-to-Maturity | 69,036 | 0 | 28,893 | 41,301 | 70,194 | |||||||||||||||
Loans & Leases, Net | 3,009,454 | 0 | 0 | 3,001,079 | 3,001,079 | |||||||||||||||
Accrued Interest Receivable | 18,083 | 0 | 18,083 | 0 | 18,083 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | 3,782,033 | 3,250,311 | 0 | 533,650 | 3,783,961 | |||||||||||||||
Subordinated Debentures | 10,310 | 0 | 6,936 | 0 | 6,936 | |||||||||||||||
Accrued Interest Payable | 2,183 | 0 | 2,183 | 0 | 2,183 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(net income in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Net Income | $ | 16,153 | $ | 14,309 | $ | 32,866 | $ | 28,431 | ||||||||
Weighted Average Number of Common Shares Outstanding | 789,646 | 793,556 | 789,646 | 793,530 | ||||||||||||
Basic and Diluted Earnings Per Common Share | $ | 20.45 | $ | 18.03 | $ | 41.62 | $ | 35.83 |
(in thousands except for percent and period data) | Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | Six Months Ended June 30, 2020 | |||||||||
Cash Paid for Amounts Included in the Measurement of Lease Liabilities | ||||||||||||
Operating Cash Flow from Operating Leases | $ | 363 | $ | 795 | $ | 395 | ||||||
Weighted-Average Remaining Lease Term - Operating Leases, in Years | 7.13 | 7.33 | 7.48 | |||||||||
Weighted-Average Discount Rate - Operating Leases | 2.8% | 2.9% | 3.2% |
(in thousands) | June 30, 2021 | |||
2021 | $ | 323 | ||
2022 | 644 | |||
2023 | 653 | |||
2024 | 667 | |||
2025 | 677 | |||
2026 and thereafter | 1,564 | |||
Total Lease Payments | 4,528 | |||
Less: Interest | (398 | ) | ||
Present Value of Lease Liabilities | $ | 4,130 |
■ | the pendency, duration, and impact of the COVID-19 pandemic; |
■ | changes in general economic conditions, either nationally, in California, or in our local markets; |
■ | inflation, changes in interest rates, securities market volatility and monetary fluctuations; |
■ | increases in competitive pressures among financial institutions and businesses offering similar products and services; |
■ | higher defaults in our loan portfolio than we expect; |
■ | changes in management’s estimate of the adequacy of the allowance for credit losses; |
■ | risks associated with our growth and expansion strategy and related costs; |
■ | increased lending risks associated with our high concentration of real estate loans; |
■ | legislative or regulatory changes or changes in accounting principles, policies or guidelines; |
■ | technological changes; and |
■ | regulatory or judicial proceedings. |
■ | Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses. |
■ | Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments. |
■ | Changes in the nature and volume of the portfolio and in the terms of loans. |
■ | Changes in the experience, ability, and depth of lending management and other relevant staff. |
■ | Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans. |
■ | Changes in the quality of the institution’s loan review system. |
■ | Changes in the value of underlying collateral for collateral-dependent loans. |
■ | The existence and effect of any concentrations of credit, and changes in the level of such concentrations. |
■ | The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institution’s existing portfolio. |
Three Months Ended March 31, | ||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest Income / Expense | Average Yield / Rate | Average Balance | Interest Income / Expense | Average Yield / Rate | ||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Interest earnings deposits in other banks and federal funds sold | $ | 760,080 | $ | 366 | 0.20 | % | $ | 410,276 | $ | 103 | 0.10 | % | ||||||||||||
Securities:(1) | ||||||||||||||||||||||||
Taxable securities | 1,022,457 | 4,588 | 1.82 | % | 834,831 | 3,804 | 1.85 | % | ||||||||||||||||
Non-taxable securities(2) | 49,997 | 402 | 3.22 | % | 55,078 | 423 | 3.07 | % | ||||||||||||||||
Total securities | 1,072,454 | 4,990 | 1.89 | % | 889,909 | 4,227 | 1.93 | % | ||||||||||||||||
Loans:(3) | ||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
Commercial | 1,151,611 | 13,276 | 4.68 | % | 965,249 | 10,977 | 4.61 | % | ||||||||||||||||
Agricultural | 680,230 | 7,793 | 4.65 | % | 638,292 | 7,136 | 4.53 | % | ||||||||||||||||
Residential and home equity | 353,371 | 3,301 | 3.79 | % | 335,573 | 4,571 | 5.52 | % | ||||||||||||||||
Construction | 191,684 | 2,072 | 4.38 | % | 193,366 | 2,097 | 4.40 | % | ||||||||||||||||
Total real estate | 2,376,896 | 26,442 | 4.51 | % | 2,132,480 | 24,781 | 4.71 | % | ||||||||||||||||
Commercial & industrial | 424,598 | 4,799 | 4.58 | % | 365,881 | 4,111 | 4.56 | % | ||||||||||||||||
Agricultural | 248,414 | 2,755 | 4.50 | % | 226,200 | 2,564 | 4.60 | % | ||||||||||||||||
Commercial leases | 94,855 | 1,416 | 6.05 | % | 102,566 | 1,344 | 5.31 | % | ||||||||||||||||
Consumer and other | 52,078 | 2,021 | 15.74 | % | 232,845 | 4,287 | 7.47 | % | ||||||||||||||||
Total loans and leases | 3,196,841 | 37,433 | 4.75 | % | 3,059,972 | 37,087 | 4.92 | % | ||||||||||||||||
Non-marketable securities | 15,549 | 305 | 7.96 | % | 12,693 | 190 | 6.07 | % | ||||||||||||||||
Total interest earning assets | 5,044,924 | 43,094 | 3.46 | % | 4,372,850 | 41,607 | 3.86 | % | ||||||||||||||||
Allowance for credit losses | (61,022 | ) | (59,431 | ) | ||||||||||||||||||||
Non-interest earning assets | 314,932 | 306,261 | ||||||||||||||||||||||
Total average assets | $ | 5,298,834 | $ | 4,619,680 | ||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||
Demand | $ | 1,115,578 | 259 | 0.09 | % | $ | 943,635 | 294 | 0.13 | % | ||||||||||||||
Savings and money market accounts | 1,517,234 | 342 | 0.09 | % | 1,291,214 | 418 | 0.13 | % | ||||||||||||||||
Certificates of deposit greater than $250,000 | 167,515 | 97 | 0.23 | % | 171,501 | 256 | 0.61 | % | ||||||||||||||||
Certificates of deposit less than $250,000 | 223,842 | 105 | 0.19 | % | 247,416 | 269 | 0.44 | % | ||||||||||||||||
Total interest bearing deposits | 3,024,169 | 803 | 0.11 | % | 2,653,766 | 1,237 | 0.19 | % | ||||||||||||||||
Short-term borrowings | 3 | - | 0.00 | % | 4 | - | 0.00 | % | ||||||||||||||||
Subordinated debentures | 10,310 | 82 | 3.23 | % | 10,310 | 79 | 3.11 | % | ||||||||||||||||
Total interest bearing liabilities | 3,034,482 | 885 | 0.12 | % | 2,664,080 | 1,316 | 0.20 | % | ||||||||||||||||
Non-interest bearing deposits | 1,722,597 | 1,469,741 | ||||||||||||||||||||||
Total funding | 4,757,079 | 885 | 0.08 | % | 4,133,821 | 1,316 | 0.13 | % | ||||||||||||||||
Other non-interest bearing liabilities | 76,061 | 56,268 | ||||||||||||||||||||||
Shareholders’ equity | 465,694 | 429,591 | ||||||||||||||||||||||
Total average liabilities and shareholders’ equity | $ | 5,298,834 | $ | 4,619,680 | ||||||||||||||||||||
Net interest income | $ | 42,209 | $ | 40,291 | ||||||||||||||||||||
Interest rate spread | 3.35 | % | 3.66 | % | ||||||||||||||||||||
Net interest margin(4) | 3.39 | % | 3.74 | % |
(1) | Excludes average unrealized (losses) gains of ($7.0) million and $12.9 million for the three months ended March 31, 2022, and 2021, respectively, which are included in non-interest earning assets. |
(2) | The average yield does not include the federal tax benefits at an assumed effective yield of 25% related to income earned on tax-exempt municipal securities totaling $106,000 and $111,000 for the three months ended March 31, 2022, and 2021, respectively. |
(3) | Loan interest income includes loan fees of $3.9 million and $5.2 million for the three months ended March 31, 2022 and 2021, respectively. |
(4) | Net interest margin is computed by dividing net interest income by average interest earning assets. |
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||
Assets | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||
Interest Bearing Deposits with Banks | $ | 590,936 | $ | 164 | 0.11 | % | $ | 254,764 | $ | 65 | 0.10 | % | ||||||||||||
Investment Securities: | ||||||||||||||||||||||||
U.S. Treasury Notes | 11,487 | 68 | 2.37 | % | 15,887 | 86 | 2.17 | % | ||||||||||||||||
U.S. Government Agency SBA | 7,728 | 13 | 0.67 | % | 9,734 | 19 | 0.78 | % | ||||||||||||||||
Municipals - Taxable | 15,817 | 151 | 3.82 | % | 14,583 | 117 | 3.21 | % | ||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable (1) | 53,813 | 525 | 3.90 | % | 48,836 | 524 | 4.29 | % | ||||||||||||||||
Mortgage-Backed Securities | 758,116 | 3,152 | 1.66 | % | 469,290 | 2,947 | 2.51 | % | ||||||||||||||||
Other | 45,973 | 310 | 2.70 | % | 4,802 | 6 | 0.50 | % | ||||||||||||||||
Total Investment Securities | 892,934 | 4,219 | 1.89 | % | 563,132 | 3,699 | 2.63 | % | ||||||||||||||||
Loans & Leases (2) | ||||||||||||||||||||||||
Real Estate | 2,123,513 | 25,268 | 4.77 | % | 1,880,773 | 23,189 | 4.96 | % | ||||||||||||||||
Home Equity Lines & Loans | 32,333 | 361 | 4.48 | % | 39,851 | 464 | 4.68 | % | ||||||||||||||||
Agricultural | 227,206 | 2,557 | 4.51 | % | 264,455 | 3,384 | 5.15 | % | ||||||||||||||||
Commercial | 357,098 | 4,345 | 4.88 | % | 380,175 | 4,560 | 4.82 | % | ||||||||||||||||
Consumer | 9,314 | 690 | 29.71 | % | 13,377 | 208 | 6.25 | % | ||||||||||||||||
Other (3) | 214,563 | 2,015 | 3.77 | % | 278,574 | 1,102 | 1.59 | % | ||||||||||||||||
Leases | 101,848 | 1,428 | 5.62 | % | 106,184 | 1,404 | 5.32 | % | ||||||||||||||||
Total Loans & Leases | 3,065,875 | 36,664 | 4.80 | % | 2,963,389 | 34,311 | 4.66 | % | ||||||||||||||||
Total Earning Assets | 4,549,745 | $ | 41,047 | 3.62 | % | 3,781,285 | $ | 38,075 | 4.05 | % | ||||||||||||||
Unrealized Gain on Securities Available-for-Sale | 331 | 20,476 | ||||||||||||||||||||||
Allowance for Credit Losses | (60,204 | ) | (54,760 | ) | ||||||||||||||||||||
Cash and Due From Banks | 69,063 | 63,214 | ||||||||||||||||||||||
All Other Assets | 261,530 | 235,104 | ||||||||||||||||||||||
Total Assets | $ | 4,820,465 | $ | 4,045,319 | ||||||||||||||||||||
Liabilities & Shareholders' Equity | ||||||||||||||||||||||||
Interest Bearing Deposits | ||||||||||||||||||||||||
Interest Bearing DDA | $ | 993,084 | 282 | 0.11 | % | $ | 754,964 | 411 | 0.22 | % | ||||||||||||||
Savings and Money Market | 1,332,799 | 372 | 0.11 | % | 1,082,450 | 725 | 0.27 | % | ||||||||||||||||
Time Deposits | 408,242 | 380 | 0.37 | % | 519,725 | 1,322 | 1.02 | % | ||||||||||||||||
Total Interest Bearing Deposits | 2,734,125 | 1,034 | 0.15 | % | 2,357,139 | 2,458 | 0.42 | % | ||||||||||||||||
Subordinated Debentures | 10,310 | 79 | 3.07 | % | 10,310 | 94 | 3.67 | % | ||||||||||||||||
Total Interest Bearing Liabilities | 2,744,435 | $ | 1,113 | 0.16 | % | 2,367,449 | $ | 2,552 | 0.43 | % | ||||||||||||||
Interest Rate Spread (4) | 3.46 | % | 3.62 | % | ||||||||||||||||||||
Demand Deposits (Non-Interest Bearing) | 1,573,743 | 1,216,353 | ||||||||||||||||||||||
All Other Liabilities | 69,049 | 62,601 | ||||||||||||||||||||||
Total Liabilities | 4,387,227 | 3,646,403 | ||||||||||||||||||||||
Shareholders' Equity | 433,238 | 398,916 | ||||||||||||||||||||||
Total Liabilities & Shareholders' Equity | $ | 4,820,465 | $ | 4,045,319 | ||||||||||||||||||||
Net Interest Income and Margin on Total Earning Assets (5) | 39,934 | 3.52 | % | 35,523 | 3.78 | % | ||||||||||||||||||
Tax Equivalent Adjustment | (109 | ) | (108 | ) | ||||||||||||||||||||
Net Interest Income | $ | 39,825 | 3.51 | % | $ | 35,415 | 3.77 | % |
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||
Assets | Balance | Interest | Annualized Yield/Rate | Balance | Interest | Annualized Yield/Rate | ||||||||||||||||||
Interest Bearing Deposits With Banks | $ | 501,105 | $ | 267 | 0.11 | % | $ | 271,896 | $ | 1,012 | 0.75 | % | ||||||||||||
Investment Securities: | ||||||||||||||||||||||||
U.S. Treasury Notes | 13,168 | 153 | 2.34 | % | 16,093 | 178 | 2.25 | % | ||||||||||||||||
U.S. Government Agency SBA | 7,914 | 27 | 0.68 | % | 10,120 | 70 | 1.38 | % | ||||||||||||||||
Municipals - Taxable | 15,953 | 304 | 3.81 | % | 8,798 | 203 | 4.56 | % | ||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable (1) | 54,442 | 1,059 | 3.89 | % | 52,618 | 1,065 | 4.05 | % | ||||||||||||||||
Mortgage Backed Securities | 753,769 | 6,459 | 1.71 | % | 453,016 | 5,865 | 2.59 | % | ||||||||||||||||
Other | 45,697 | 555 | 2.43 | % | 3,301 | 11 | 0.67 | % | ||||||||||||||||
Total Investment Securities | 890,943 | 8,557 | 1.92 | % | 543,946 | 7,392 | 2.72 | % | ||||||||||||||||
Loans & Leases (2) | ||||||||||||||||||||||||
Real Estate | 2,111,656 | 49,687 | 4.74 | % | 1,851,366 | 46,838 | 5.09 | % | ||||||||||||||||
Home Equity Line & Loans | 32,572 | 723 | 4.48 | % | 39,843 | 1,024 | 5.17 | % | ||||||||||||||||
Agricultural | 226,706 | 5,121 | 4.56 | % | 264,943 | 6,815 | 5.17 | % | ||||||||||||||||
Commercial | 361,465 | 8,456 | 4.72 | % | 386,052 | 9,433 | 4.91 | % | ||||||||||||||||
Consumer | 9,829 | 885 | 18.16 | % | 13,817 | 429 | 6.24 | % | ||||||||||||||||
Other (3) | 218,507 | 6,107 | 5.64 | % | 139,672 | 1,106 | 1.59 | % | ||||||||||||||||
Leases | 102,205 | 2,772 | 5.47 | % | 105,681 | 2,826 | 5.38 | % | ||||||||||||||||
Total Loans & Leases | 3,062,940 | 73,751 | 4.86 | % | 2,801,374 | 68,471 | 4.92 | % | ||||||||||||||||
Total Earning Assets | 4,454,988 | $ | 82,575 | 3.74 | % | 3,617,216 | $ | 76,875 | 4.27 | % | ||||||||||||||
Unrealized (Loss) Gain on Securities Available-for-Sale | 7,077 | 13,635 | ||||||||||||||||||||||
Allowance for Credit Losses | (59,820 | ) | (54,891 | ) | ||||||||||||||||||||
Cash and Due From Banks | 66,655 | 61,565 | ||||||||||||||||||||||
All Other Assets | 250,789 | 236,288 | ||||||||||||||||||||||
Total Assets | $ | 4,719,689 | $ | 3,873,813 | ||||||||||||||||||||
Liabilities & Shareholders' Equity | ||||||||||||||||||||||||
Interest Bearing Deposits | ||||||||||||||||||||||||
Interest Bearing DDA | $ | 968,496 | $ | 576 | 0.12 | % | $ | 729,515 | $ | 959 | 0.26 | % | ||||||||||||
Savings and Money Market | 1,312,122 | 790 | 0.12 | % | 1,048,924 | 1,686 | 0.32 | % | ||||||||||||||||
Time Deposits | 413,550 | 905 | 0.44 | % | 521,136 | 2,957 | 1.14 | % | ||||||||||||||||
Total Interest Bearing Deposits | 2,694,168 | 2,271 | 0.17 | % | 2,299,575 | 5,602 | 0.49 | % | ||||||||||||||||
Federal Home Loan Bank Advances | 2 | - | 0.00 | % | 2 | - | 0.00 | % | ||||||||||||||||
Subordinated Debentures | 10,310 | 158 | 3.09 | % | 10,310 | 213 | 4.15 | % | ||||||||||||||||
Total Interest Bearing Liabilities | 2,704,480 | $ | 2,429 | 0.18 | % | 2,309,887 | $ | 5,815 | 0.51 | % | ||||||||||||||
Interest Rate Spread (4) | 3.56 | % | 3.77 | % | ||||||||||||||||||||
Demand Deposits (Non-Interest Bearing) | 1,522,029 | 1,113,825 | ||||||||||||||||||||||
All Other Liabilities | 61,662 | 61,050 | ||||||||||||||||||||||
Total Liabilities | 4,288,171 | 3,484,762 | ||||||||||||||||||||||
Shareholders' Equity | 431,518 | 389,051 | ||||||||||||||||||||||
Total Liabilities & Shareholders' Equity | $ | 4,719,689 | $ | 3,873,813 | ||||||||||||||||||||
Net Interest Income and Margin on Total Earning Assets (5) | 80,146 | 3.63 | % | 71,060 | 3.99 | % | ||||||||||||||||||
Tax Equivalent Adjustment | (220 | ) | (219 | ) | ||||||||||||||||||||
Net Interest Income | $ | 79,926 | 3.62 | % | $ | 70,841 | 3.98 | % |
(in thousands) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2021 compared to June 30, 2020 | June 30, 2021 compared to June 30, 2020 | |||||||||||||||||||||||
Interest Earning Assets | Volume | Rate | Net Chg. | Volume | Rate | Net Chg. | ||||||||||||||||||
Interest Bearing Deposits With Banks | $ | 93 | $ | 5 | $ | 98 | $ | 495 | $ | (1,240 | ) | $ | (745 | ) | ||||||||||
Investment Securities | ||||||||||||||||||||||||
U.S. Treasuries | (25 | ) | 7 | (18 | ) | (33 | ) | 7 | (26 | ) | ||||||||||||||
US Government Agency SBA | (3 | ) | (3 | ) | (6 | ) | (13 | ) | (30 | ) | (43 | ) | ||||||||||||
Municipals - Taxable | 11 | 23 | 34 | 153 | (52 | ) | 101 | |||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable | 50 | (49 | ) | 1 | 37 | (43 | ) | (6 | ) | |||||||||||||||
Mortgage-Backed Securities | 1,418 | (1,212 | ) | 206 | 3,021 | (2,427 | ) | 594 | ||||||||||||||||
Other | 202 | 103 | 305 | 451 | 93 | 544 | ||||||||||||||||||
Total Investment Securities | 1,653 | (1,131 | ) | 522 | 3,616 | (2,452 | ) | 1,164 | ||||||||||||||||
Loans & Leases | ||||||||||||||||||||||||
Real Estate | 2,966 | (887 | ) | 2,079 | 6,215 | (3,366 | ) | 2,849 | ||||||||||||||||
Home Equity Line & Loans | (84 | ) | (19 | ) | (103 | ) | (173 | ) | (128 | ) | (301 | ) | ||||||||||||
Agricultural | (442 | ) | (385 | ) | (827 | ) | (927 | ) | (767 | ) | (1,694 | ) | ||||||||||||
Commercial | (270 | ) | 55 | (215 | ) | (600 | ) | (377 | ) | (977 | ) | |||||||||||||
Consumer | (81 | ) | 564 | 483 | (157 | ) | 612 | 455 | ||||||||||||||||
Other (1) | (305 | ) | 1,217 | 912 | 910 | 4,091 | 5,001 | |||||||||||||||||
Leases | (57 | ) | 81 | 24 | (100 | ) | 46 | (54 | ) | |||||||||||||||
Total Loans & Leases | 1,727 | 626 | 2,353 | 5,168 | 111 | 5,279 | ||||||||||||||||||
Total Earning Assets | 3,473 | (500 | ) | 2,973 | 9,279 | (3,581 | ) | 5,698 | ||||||||||||||||
Interest Bearing Liabilities | ||||||||||||||||||||||||
Interest Bearing Deposits | ||||||||||||||||||||||||
Transaction | 106 | (235 | ) | (129 | ) | 251 | (634 | ) | (383 | ) | ||||||||||||||
Savings and Money Market | 142 | (495 | ) | (353 | ) | 350 | (1,247 | ) | (897 | ) | ||||||||||||||
Time Deposits | (238 | ) | (704 | ) | (942 | ) | (517 | ) | (1,535 | ) | (2,052 | ) | ||||||||||||
Total Interest Bearing Deposits | 10 | (1,434 | ) | (1,424 | ) | 84 | (3,416 | ) | (3,332 | ) | ||||||||||||||
Subordinated Debentures | - | (15 | ) | (15 | ) | - | (55 | ) | (55 | ) | ||||||||||||||
Total Interest Bearing Liabilities | 10 | (1,449 | ) | (1,439 | ) | 84 | (3,471 | ) | (3,387 | ) | ||||||||||||||
Total Change on a Tax Equivalent Basis | $ | 3,463 | $ | 949 | $ | 4,412 | $ | 9,195 | $ | (110 | ) | $ | 9,085 |
Three Months Ended March 31, 2022 compared with 2021 | ||||||||||||
Increase (Decrease) Due to: | ||||||||||||
(Dollars in thousands) | Volume | Rate | Net | |||||||||
Interest income: | ||||||||||||
Interest earnings deposits in other banks and federal funds sold | $ | 127 | $ | 136 | $ | 263 | ||||||
Securities: | ||||||||||||
Taxable securities | 1,174 | (390 | ) | 784 | ||||||||
Non-taxable securities | (119 | ) | 98 | (21 | ) | |||||||
Total securities | 1,055 | (292 | ) | 763 | ||||||||
Loans: | ||||||||||||
Real estate: | ||||||||||||
Commercial | 2,146 | 153 | 2,299 | |||||||||
Agricultural | 477 | 180 | 657 | |||||||||
Residential and home equity | 1,499 | (2,769 | ) | (1,270 | ) | |||||||
Construction | (18 | ) | (7 | ) | (25 | ) | ||||||
Total real estate | 4,105 | (2,444 | ) | 1,661 | ||||||||
Commercial & industrial | 664 | 24 | 688 | |||||||||
Agricultural | 525 | (334 | ) | 191 | ||||||||
Commercial leases | (507 | ) | 579 | 72 | ||||||||
Consumer and other | (16,806 | ) | 14,540 | (2,266 | ) | |||||||
Total loans | (12,020 | ) | 12,366 | 346 | ||||||||
Non-marketable securities | 48 | 67 | 115 | |||||||||
Total interest income | (10,790 | ) | 12,277 | 1,487 | ||||||||
Interest expense: | ||||||||||||
Interest-bearing deposits: | ||||||||||||
Demand | 239 | (274 | ) | (35 | ) | |||||||
Savings and money market accounts | 349 | (425 | ) | (76 | ) | |||||||
Certificates of deposit greater than $250,000 | (6 | ) | (153 | ) | (159 | ) | ||||||
Certificates of deposit less than $250,000 | (24 | ) | (140 | ) | (164 | ) | ||||||
Total interest bearing deposits | 558 | (992 | ) | (434 | ) | |||||||
Subordinated debentures | - | 3 | 3 | |||||||||
Total interest expense | 558 | (989 | ) | (431 | ) | |||||||
Net interest income | $ | (11,348 | ) | $ | 13,266 | $ | 1,918 |
Three Months Ended March 31, | ||||||||||||||||
(Dollars in thousands) | 2022 | 2021 | $ Better / (Worse) | % Better / (Worse) | ||||||||||||
Selected Income Statement Information: | ||||||||||||||||
Interest income | $ | 43,094 | $ | 41,607 | $ | 1,487 | 3.57 | % | ||||||||
Interest expense | 885 | 1,316 | 431 | 32.75 | % | |||||||||||
Net interest income | 42,209 | 40,291 | 1,918 | 4.76 | % | |||||||||||
Provision for credit losses | - | 1,250 | 1,250 | 100.00 | % | |||||||||||
Net interest income after provision for credit losses | 42,209 | 39,041 | 3,168 | 8.11 | % | |||||||||||
Non-interest income | 4,312 | 9,535 | (5,223 | ) | -54.78 | % | ||||||||||
Non-interest expense | 23,788 | 26,363 | 2,575 | 9.77 | % | |||||||||||
Income before income tax expense | 22,733 | 22,213 | 520 | 2.34 | % | |||||||||||
Income tax expense | 5,675 | 5,500 | (175 | ) | -3.18 | % | ||||||||||
Net income | $ | 17,058 | $ | 16,713 | $ | 345 | 2.06 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Balance at Beginning of Period | $ | 60,175 | $ | 54,824 | $ | 58,862 | $ | 55,012 | ||||||||
Charge-Offs | (8 | ) | (197 | ) | (16 | ) | (462 | ) | ||||||||
Recoveries | 62 | 131 | 133 | 208 | ||||||||||||
Provision | - | 300 | 1,250 | 300 | ||||||||||||
Balance at End of Period | $ | 60,229 | $ | 55,058 | $ | 60,229 | $ | 55,058 |
June 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- Decmber 31, 2020 | $ | 27,679 | $ | 8,633 | $ | 1,643 | $ | 960 | $ | 2,024 | $ | 4,814 | $ | 9,961 | $ | 333 | $ | 1,731 | $ | 1,084 | $ | 58,862 | ||||||||||||||||||||||
Charge-Offs | - | - | - | - | - | - | - | (16 | ) | - | - | (16 | ) | |||||||||||||||||||||||||||||||
Recoveries | - | - | - | 59 | 11 | 5 | 45 | 13 | - | - | 133 | |||||||||||||||||||||||||||||||||
Provision | 1,211 | 474 | (238 | ) | (62 | ) | (136 | ) | (267 | ) | (86 | ) | (49 | ) | (92 | ) | 495 | 1,250 | ||||||||||||||||||||||||||
Ending Balance- June 30, 2021 | $ | 28,890 | $ | 9,107 | $ | 1,405 | $ | 957 | $ | 1,899 | $ | 4,552 | $ | 9,920 | $ | 281 | $ | 1,639 | $ | 1,579 | $ | 60,229 | ||||||||||||||||||||||
Second Quarter Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- March 31, 2020 | $ | 29,066 | $ | 9,048 | $ | 1,647 | $ | 967 | $ | 1,914 | $ | 4,247 | $ | 9,976 | $ | 296 | $ | 1,674 | $ | 1,340 | $ | 60,175 | ||||||||||||||||||||||
Charge-Offs | - | - | - | - | - | - | - | (8 | ) | - | - | (8 | ) | |||||||||||||||||||||||||||||||
Recoveries | - | - | - | 31 | 7 | 2 | 16 | 6 | - | - | 62 | |||||||||||||||||||||||||||||||||
Provision | (176 | ) | 59 | (242 | ) | (41 | ) | (22 | ) | 303 | (72 | ) | (13 | ) | (35 | ) | 239 | - | ||||||||||||||||||||||||||
Ending Balance- June 30, 2021 | $ | 28,890 | $ | 9,107 | $ | 1,405 | $ | 957 | $ | 1,899 | $ | 4,552 | $ | 9,920 | $ | 281 | $ | 1,639 | $ | 1,579 | $ | 60,229 |
(Dollars in thousands) | March 31, 2022 | December 31, 2021 | ||||||
Available-for-Sale Securities | ||||||||
U.S. Treasury notes | $ | 9,996 | $ | 10,089 | ||||
U.S. Government-sponsored securities | 5,789 | 6,374 | ||||||
Mortgage-backed securities(1) | 223,901 | 251,120 | ||||||
Collateralized mortgage obligations(1) | 1,544 | 2,436 | ||||||
Corporate securities | 9,835 | - | ||||||
Other | 310 | 435 | ||||||
Total available-for-sale securities | $ | 251,375 | $ | 270,454 |
(Dollars in thousands) | March 31, 2022 | December 31, 2021 | ||||||
Held-to-Maturity Securities | ||||||||
Mortgage-backed securities(1) | $ | 695,249 | $ | 596,775 | ||||
Collateralized mortgage obligations(1) | 117,427 | 73,781 | ||||||
Municipal securities | 63,581 | 66,496 | ||||||
Total held-to-maturity securities | $ | 876,257 | $ | 737,052 |
Investment Securities | As of March 31, 2022 | |||||||||||||||||||||||||||||||||||||||
Within One Year | After One but Within Five Years | After Five but Within Ten Years | After Ten Years | Total | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||||||||||||||||||
U.S. Treasury notes | $ | 9,996 | 2.36 | % | $ | - | 0.00 | % | $ | - | 0.00 | % | $ | - | 0.00 | % | $ | 9,996 | 2.36 | % | ||||||||||||||||||||
U.S. Government-sponsored securities | 3 | 2.57 | % | 142 | 2.36 | % | 423 | 1.42 | % | 5,221 | 1.27 | % | 5,789 | 1.30 | % | |||||||||||||||||||||||||
Mortgage-backed securities(1) | 1 | 1.39 | % | 26,319 | 2.31 | % | 37,271 | 2.40 | % | 160,310 | 1.67 | % | 223,901 | 1.83 | % | |||||||||||||||||||||||||
Collateralized Mortgage Obligations(1) | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 1,544 | 2.26 | % | 1,544 | 2.30 | % | |||||||||||||||||||||||||
Corporate securities | - | 0.00 | % | 4,932 | 0.68 | % | 4,903 | 0.81 | % | - | 0.00 | % | 9,835 | 0.00 | % | |||||||||||||||||||||||||
Other | 310 | 0.01 | % | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 310 | 3.31 | % | |||||||||||||||||||||||||
Total securities available-for-sale | $ | 10,310 | 2.29 | % | $ | 31,393 | 2.05 | % | $ | 42,597 | 2.21 | % | $ | 167,075 | 1.66 | % | $ | 251,375 | 1.77 | % |
Within One Year | After One but Within Five Years | After Five but Within Ten Years | After Ten Years | Total | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||||||||||||||||||
Securities held-to-maturity | ||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities(1) | $ | - | 0.00 | % | $ | - | 0.00 | % | $ | 15,820 | 0.72 | % | $ | 679,429 | 1.80 | % | $ | 695,249 | 1.70 | % | ||||||||||||||||||||
Collateralized Mortgage Obligations(1) | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 117,427 | 1.17 | % | 117,427 | 1.71 | % | |||||||||||||||||||||||||
Municipal securities | 908 | 1.41 | % | 7,118 | 2.20 | % | 16,690 | 3.34 | % | 38,865 | 1.22 | % | 63,581 | 3.90 | % | |||||||||||||||||||||||||
Total securities held-to-maturity | $ | 908 | 1.41 | % | $ | 7,118 | 2.20 | % | $ | 32,510 | 2.06 | % | $ | 835,721 | 1.68 | % | $ | 876,257 | 1.86 | % |
Investment Securities | As of December 31, 2021 | |||||||||||||||||||||||||||||||||||||||
Within One Year | After One but Within Five Years | After Five but Within Ten Years | After Ten Years | Total | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||||||||||||||||
U.S. Treasury notes | $ | 5,028 | 2.33 | % | $ | 5,061 | 2.38 | % | $ | - | 0.00 | % | $ | - | 0.00 | % | $ | 10,089 | 2.36 | % | ||||||||||||||||||||
U.S. Government-sponsored securities | 2 | 1.80 | % | 148 | 2.29 | % | 512 | 1.55 | % | 5,712 | 1.26 | % | 6,374 | 1.30 | % | |||||||||||||||||||||||||
Mortgage-backed securities(1) | 13 | 1.50 | % | 21,155 | 2.36 | % | 50,554 | 2.36 | % | 179,398 | 1.61 | % | 251,120 | 1.83 | % | |||||||||||||||||||||||||
Collateralized Mortgage Obligations(1) | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 2,436 | 2.30 | % | 2,436 | 2.30 | % | |||||||||||||||||||||||||
Corporate securities | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | |||||||||||||||||||||||||
Other | 435 | 3.31 | % | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 435 | 3.31 | % | |||||||||||||||||||||||||
Total securities available for sale | $ | 5,478 | 2.41 | % | $ | 26,364 | 2.36 | % | $ | 51,066 | 2.35 | % | $ | 187,546 | 1.61 | % | $ | 270,454 | 1.84 | % |
Within One Year | After One but Within Five Years | After Five but Within Ten Years | After Ten Years | Total | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||||||||||||||||||
Securities held to maturity | ||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities(1) | - | 0.00 | % | - | 0.00 | % | 10,641 | 0.41 | % | 586,134 | 1.72 | % | 596,775 | 1.70 | % | |||||||||||||||||||||||||
Collateralized Mortgage Obligations(1) | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 73,781 | 1.71 | % | 73,781 | 1.71 | % | |||||||||||||||||||||||||
Municipal securities | 308 | 1.10 | % | 8,487 | 2.19 | % | 18,433 | 3.42 | % | 39,268 | 4.52 | % | 66,496 | 3.90 | % | |||||||||||||||||||||||||
Total securities held to maturity | $ | 308 | 1.10 | % | $ | 8,487 | 2.19 | % | $ | 29,074 | 2.32 | % | $ | 699,183 | 1.88 | % | $ | 737,052 | 1.90 | % |
June 30, 2021 | December 31, 2020 | June 30, 2020 | ||||||||||||||||||||||
(in thousands) | $ | % | $ | % | $ | % | ||||||||||||||||||
Commercial Real Estate | $ | 1,033,747 | 33.9 | % | $ | 971,326 | 31.2 | % | $ | 873,922 | 28.4 | % | ||||||||||||
Agricultural Real Estate | 630,515 | 20.7 | % | 643,014 | 20.7 | % | 635,077 | 20.6 | % | |||||||||||||||
Real Estate Construction | 170,933 | 5.6 | % | 185,741 | 6.0 | % | 166,548 | 5.4 | % | |||||||||||||||
Residential 1st Mortgages | 304,859 | 10.0 | % | 299,379 | 9.6 | % | 272,209 | 8.8 | % | |||||||||||||||
Home Equity Lines and Loans | 32,026 | 1.1 | % | 34,239 | 1.1 | % | 37,966 | 1.2 | % | |||||||||||||||
Agricultural | 236,436 | 7.8 | % | 264,372 | 8.5 | % | 261,986 | 8.5 | % | |||||||||||||||
Commercial | 361,432 | 11.9 | % | 374,816 | 12.0 | % | 369,817 | 12.0 | % | |||||||||||||||
Consumer & Other (1) | 177,042 | 5.8 | % | 235,529 | 7.6 | % | 361,035 | 11.7 | % | |||||||||||||||
Leases | 99,502 | 3.2 | % | 103,117 | 3.3 | % | 103,229 | 3.4 | % | |||||||||||||||
Total Gross Loans & Leases | 3,046,492 | 100.0 | % | 3,111,533 | 100.0 | % | 3,081,789 | 100.0 | % | |||||||||||||||
Less: Unearned Income | 13,296 | 11,941 | 17,277 | |||||||||||||||||||||
Subtotal | 3,033,196 | 3,099,592 | 3,064,512 | |||||||||||||||||||||
Less: Allowance for Credit Losses | 60,229 | 58,862 | 55,058 | |||||||||||||||||||||
Net Loans & Leases | $ | 2,972,967 | $ | 3,040,730 | $ | 3,009,454 |
March 31, 2022 | December 31, 2021 | |||||||||||||||
(Dollars in thousands) | Dollars | Percent of Total | Dollars | Percent of Total | ||||||||||||
Gross Loans and Leases | ||||||||||||||||
Real estate: | ||||||||||||||||
Commercial | $ | 1,172,804 | 36.12 | % | $ | 1,167,516 | 35.95 | % | ||||||||
Agricultural | 695,565 | 21.42 | % | 672,830 | 20.72 | % | ||||||||||
Residential and home equity | 359,214 | 11.06 | % | 350,581 | 10.79 | % | ||||||||||
Construction | 204,794 | 6.31 | % | 177,163 | 5.45 | % | ||||||||||
Total real estate | 2,432,377 | 74.91 | % | 2,368,090 | 72.91 | % | ||||||||||
Commercial | 437,199 | 13.47 | % | 427,799 | 13.17 | % | ||||||||||
Agricultural | 251,469 | 7.75 | % | 276,684 | 8.52 | % | ||||||||||
Commercial leases | 92,445 | 2.85 | % | 96,971 | 2.99 | % | ||||||||||
Consumer and other(1) | 33,255 | 1.02 | % | 78,367 | 2.41 | % | ||||||||||
Total gross loans and leases | 3,246,745 | 100.00 | % | 3,247,911 | 100.00 | % |
Loan Contractual Maturity | ||||||||||||||||||||
(Dollars in thousands) | One Year or Less | After One But Within Five Years | After Five Years But Within Fifteen Years | After Fifteen Years | Total | |||||||||||||||
Gross loan and leases: | ||||||||||||||||||||
Real estate: | ||||||||||||||||||||
Commercial | $ | 89,814 | $ | 249,435 | $ | 798,092 | $ | 35,463 | $ | 1,172,804 | ||||||||||
Agricultural | 41,641 | 153,198 | 429,832 | 70,894 | 695,565 | |||||||||||||||
Residential and home equity | 197 | 3,371 | 117,347 | 238,299 | 359,214 | |||||||||||||||
Construction | 140,600 | 63,397 | 797 | - | 204,794 | |||||||||||||||
Total real estate | 272,252 | 469,401 | 1,346,068 | 344,656 | 2,432,377 | |||||||||||||||
Commercial & Industrial | 153,153 | 238,138 | 39,932 | 5,976 | 437,199 | |||||||||||||||
Agricultural | 153,586 | 85,412 | 12,471 | - | 251,469 | |||||||||||||||
Commercial leases | 6,743 | 33,387 | 52,315 | - | 92,445 | |||||||||||||||
Consumer and other(1) | 1,233 | 29,970 | 2,052 | - | 33,255 | |||||||||||||||
Total gross loans and leases | $ | 586,967 | $ | 856,308 | $ | 1,452,838 | $ | 350,632 | $ | 3,246,745 | ||||||||||
Rate Structure for Loans | ||||||||||||||||||||
Fixed Rate | $ | 112,960 | $ | 370,873 | $ | 1,130,743 | $ | 234,582 | $ | 1,849,158 | ||||||||||
Adjustable Rate | 474,007 | 485,435 | 322,095 | 116,050 | 1,397,587 | |||||||||||||||
Total gross loans and leases | $ | 586,967 | $ | 856,308 | $ | 1,452,838 | $ | 350,632 | $ | 3,246,745 |
(in thousands) | June 30, 2021 | December 31, 2020 | June 30, 2020 | |||||||||
Non-Performing Loans & Leases | $ | 548 | $ | 495 | $ | 473 | ||||||
Other Real Estate | 873 | 873 | 873 | |||||||||
Total Non-Performing Assets | $ | 1,421 | $ | 1,368 | $ | 1,346 | ||||||
Non-Performing Loans & Leases as a % of Total Loans & Leases | 0.0 | % | 0.0 | % | 0 | % | ||||||
Restructured Loans & Leases (Performing) | $ | 7,836 | $ | 7,868 | $ | 7,683 |
(Dollars in thousands) | March 31, 2022 | December 31, 2021 | ||||||
Non-performing assets: | ||||||||
Non-accrual loans and leases, not TDRs | ||||||||
Real estate: | ||||||||
Commercial | $ | 437 | $ | - | ||||
Agricultural | - | 18 | ||||||
Residential and home equity | - | - | ||||||
Construction | - | - | ||||||
Total real estate | 437 | 18 | ||||||
Commercial & Industrial | - | - | ||||||
Agricultural | - | - | ||||||
Commercial leases | - | - | ||||||
Consumer and other | - | - | ||||||
Subtotal | 437 | 18 | ||||||
Non-accrual loans and leases, are TDRs | ||||||||
Real estate: | ||||||||
Commercial | - | - | ||||||
Agricultural | - | 498 | ||||||
Residential and home equity | - | - | ||||||
Construction | - | - | ||||||
Total real estate | - | 498 | ||||||
Commercial & Industrial | - | - | ||||||
Agricultural | - | - | ||||||
Commercial leases | - | - | ||||||
Consumer and other | - | - | ||||||
Subtotal | - | 498 | ||||||
Total non-performing loans and leases | $ | 437 | $ | 516 | ||||
Other real estate owned (“OREO”) | $ | 873 | $ | 873 | ||||
Total non-performing assets | $ | 1,310 | $ | 1,389 | ||||
Performing TDRs | $ | 1,603 | $ | 1,824 | ||||
Selected ratios: | ||||||||
Non-performing loans to total loans | 0.01 | % | 0.02 | % | ||||
Non-performing assets to total assets | 0.02 | % | 0.03 | % |
Three Months Ended March 31, | ||||||||
(Dollars in thousands) | 2022 | 2021 | ||||||
Allowance for credit losses: | ||||||||
Balance at beginning of year | $ | 61,007 | $ | 58,862 | ||||
Provision / (recapture) for credit losses | - | 1,250 | ||||||
Charge-offs: | ||||||||
Real estate: | ||||||||
Commercial | - | - | ||||||
Agricultural | - | - | ||||||
Residential and home equity | - | - | ||||||
Construction | - | - | ||||||
Total real estate | - | - | ||||||
Commercial & Industrial | - | - | ||||||
Agricultural | - | - | ||||||
Commercial leases | - | - | ||||||
Consumer and other | (9 | ) | (8 | ) | ||||
Total charge-offs | (9 | ) | (8 | ) | ||||
Recoveries: | ||||||||
Real estate: | ||||||||
Commercial | - | - | ||||||
Agricultural | - | - | ||||||
Residential and home equity | 14 | 32 | ||||||
Construction | - | - | ||||||
Total real estate | 14 | 32 | ||||||
Commercial & Industrial | 16 | 29 | ||||||
Agricultural | 2 | 3 | ||||||
Commercial leases | - | - | ||||||
Consumer and other | 2 | 7 | ||||||
Total recoveries | 34 | 71 | ||||||
Net recoveries / charge-offs | 25 | 63 | ||||||
Balance at end of year | $ | 61,032 | $ | 60,175 | ||||
Selected financial information: | ||||||||
Net loans held for investment | $ | 3,237,619 | $ | 3,111,011 | ||||
Average loans | 3,196,841 | 3,059,972 | ||||||
Non-performing loans | 437 | 493 | ||||||
Allowance for credit losses to non-performing loans | 13966.13 | % | 12205.88 | % | ||||
Net (recoveries)/charge-offs to average loans | 0.00 | % | 0.00 | % | ||||
Provision for credit losses to average loans | 0.00 | % | 0.04 | % | ||||
Allowance for credit losses to loans held for investment | 1.89 | % | 1.93 | % |
March 31, 2022 | December 31, 2021 | |||||||||||||||
(Dollars in thousands) | Dollars | Percent of Total | Dollars | Percent of Total | ||||||||||||
Allowance for credit losses: | ||||||||||||||||
Real estate: | ||||||||||||||||
Commercial | $ | 17,920 | 36.12 | % | $ | 28,536 | 35.95 | % | ||||||||
Agricultural | 14,591 | 21.42 | % | 9,613 | 20.72 | % | ||||||||||
Residential and home equity | 6,759 | 11.06 | % | 2,847 | 10.79 | % | ||||||||||
Construction | 3,777 | 6.31 | % | 1,456 | 5.45 | % | ||||||||||
Total real estate | 43,047 | 74.91 | % | 42,452 | 72.91 | % | ||||||||||
Commercial & Industrial | 10,361 | 13.47 | % | 11,489 | 13.17 | % | ||||||||||
Agricultural | 5,737 | 7.75 | % | 5,465 | 8.52 | % | ||||||||||
Commercial leases | 1,466 | 2.85 | % | 938 | 2.99 | % | ||||||||||
Consumer and other | 421 | 1.02 | % | 663 | 2.41 | % | ||||||||||
Total allowance for credit losses | $ | 61,032 | 100.00 | % | $ | 61,007 | 100.00 | % |
Three Months Ended March 31, | ||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest Expense | Average Rate | Average Balance | Interest Expense | Average Rate | ||||||||||||||||||
Total deposits: | ||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||
Demand | $ | 1,115,578 | 259 | 0.09 | % | $ | 943,635 | 294 | 0.13 | % | ||||||||||||||
Savings and Money Market | 1,517,234 | 342 | 0.09 | % | 1,291,214 | 418 | 0.13 | % | ||||||||||||||||
Certificates of deposit greater than $250,000 | 167,515 | 97 | 0.23 | % | 171,501 | 256 | 0.61 | % | ||||||||||||||||
Certificates of deposit less than $250,000 | 223,842 | 105 | 0.19 | % | 247,416 | 269 | 0.44 | % | ||||||||||||||||
Total interest bearing deposits | 3,024,169 | 803 | 0.11 | % | 2,653,766 | 1,237 | 0.19 | % | ||||||||||||||||
Non-interest bearing deposits | 1,722,597 | 1,469,741 | ||||||||||||||||||||||
Total deposits | $ | 4,746,766 | $ | 803 | 0.07 | % | $ | 4,123,507 | $ | 1,237 | 0.12 | % |
March 31, | December 31, | |||||||
(Dollars in thousands) | 2022 | 2021 | ||||||
Deposits greater than $250,000 | $ | 2,860,003 | $ | 2,708,576 | ||||
Certificates of deposit greater $250,000, by maturity: | ||||||||
Less than 3 months | 48,962 | 59,591 | ||||||
3 months to 6 months | 48,130 | 37,182 | ||||||
6 months to 12 months | 61,890 | 59,945 | ||||||
More than 12 months | 9,881 | 12,147 | ||||||
Total Time Deposits greater than $250,000 | $ | 168,863 | $ | 168,865 | ||||
Total deposits greater than $250,000 | $ | 3,028,866 | $ | 2,877,441 |
(Dollars in thousands) | Basel III Regulatory Well Capitalized Requirement | March 31, 2022 | December 31, 2021 | |||||||||
Farmers & Merchants Bancorp | ||||||||||||
CET1 capital to risk-weighted assets | N/A | 11.63 | % | 11.68 | % | |||||||
Tier 1 capital to risk-weighted assets | N/A | 11.88 | % | 11.94 | % | |||||||
Risk-based capital to risk-weighted assets | N/A | 13.14 | % | 13.19 | % | |||||||
Tier 1 leverage capital ratio | N/A | 8.45 | % | 8.92 | % | |||||||
Farmers & Merchants Bank | ||||||||||||
CET1 capital to risk-weighted assets | 6.50 | % | 11.87 | % | 11.91 | % | ||||||
Tier 1 capital to risk-weighted assets | 8.00 | % | 11.87 | % | 11.91 | % | ||||||
Risk-based capital to risk-weighted assets | 10.00 | % | 13.12 | % | 13.17 | % | ||||||
Tier 1 leverage capital ratio | 5.00 | % | 8.94 | % | 8.91 | % |
(in thousands) | Actual | Current Regulatory Capital Requirements | Well Capitalized Under Prompt Corrective Action | |||||||||||||||||||||
The Company: | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
As of June 30, 2021 | ||||||||||||||||||||||||
Total Capital Ratio | $ | 478,470 | 13.25 | % | $ | 288,894 | 8.0 | % | N/A | N/A | ||||||||||||||
Common Equity Tier 1 Capital Ratio | $ | 423,140 | 11.72 | % | $ | 162,503 | 4.5 | % | N/A | N/A | ||||||||||||||
Tier 1 Capital Ratio | $ | 433,140 | 11.99 | % | $ | 216,671 | 6.0 | % | N/A | N/A | ||||||||||||||
Tier 1 Leverage Ratio | $ | 433,140 | 9.00 | % | $ | 192,473 | 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 June 30, 2021 | ||||||||||||||||||||||||
Total Capital Ratio | $ | 478,161 | 13.24 | % | $ | 288,869 | 8.0 | % | $ | 361,087 | 10.0 | % | ||||||||||||
Common Equity Tier 1 Capital Ratio | $ | 432,835 | 11.99 | % | $ | 162,489 | 4.5 | % | $ | 234,706 | 6.5 | % | ||||||||||||
Tier 1 Capital Ratio | $ | 432,835 | 11.99 | % | $ | 216,652 | 6.0 | % | $ | 288,869 | 8.0 | % | ||||||||||||
Tier 1 Leverage Ratio | $ | 432,835 | 9.01 | % | $ | 192,159 | 4.0 | % | $ | 240,199 | 5.0 | % |
(in thousands) | June 30, 2021 | December 31, 2020 | June 30, 2020 | |||||||||
Commitments to Extend Credit | $ | 1,108,013 | $ | 1,040,844 | $ | 964,852 | ||||||
Letters of Credit | 19,695 | 18,846 | 20,285 | |||||||||
Performance Guarantees Under Interest Rate Swap Contracts Entered Into Between Our Borrowing Customers and Third Parties | 2,005 | 2,786 | 3,897 |
Amount of Commitment Expiration per Period | ||||||||||||||||||||
(Dollars in thousands) | Total Committed Amount | Less than One Year | One to Three Years | Three to Five Years | After Five Years | |||||||||||||||
Off-balance sheet commitments | ||||||||||||||||||||
Commitments to extend credit | $ | 987,423 | $ | 387,129 | $ | 436,860 | $ | 19,049 | $ | 144,385 | ||||||||||
Standby letters of credit | 16,250 | 6,964 | 6,040 | 2,970 | 276 | |||||||||||||||
Performance guarantees | 191 | 71 | 25 | 2 | 93 | |||||||||||||||
Total off-balance sheet commitments | $ | 1,003,864 | $ | 394,164 | $ | 442,925 | $ | 22,021 | $ | 144,754 |
March 31, 2022 | ||||||||||||||||||||
(Dollars in thousands) | Total Credit Line Limit | Current Credit Line Available | Outstanding Amount | Remaining Credit Line Available | Value of Collateral Pledged | |||||||||||||||
Additional liquidity sources: | ||||||||||||||||||||
Federal Home Loan Bank | $ | 815,060 | $ | 815,060 | $ | - | $ | 815,060 | $ | 1,154,080 | ||||||||||
Federal Reserve BIC | $ | 664,437 | $ | 664,437 | $ | - | $ | 664,437 | $ | 860,206 | ||||||||||
FHLB Fed Funds | $ | 18,000 | $ | 18,000 | $ | - | $ | 18,000 | $ | - | ||||||||||
US Bank Fed Funds | $ | 35,000 | $ | 35,000 | $ | - | $ | 35,000 | $ | - | ||||||||||
MUFG Union Bank Fed Funds | $ | 15,000 | $ | 15,000 | $ | - | $ | 15,000 | $ | - | ||||||||||
PCBB Fed Funds | $ | 50,000 | $ | 50,000 | $ | - | $ | 50,000 | $ | - | ||||||||||
Total additional liquidity sources | $ | 1,597,497 | $ | 1,597,497 | $ | - | $ | 1,597,497 | $ | 2,014,286 |
The following documents are filed as a part of this Quarterly Report on Form 10-Q: |
(1) | Financial Statements and |
(2) | Financial Statement schedules required to be filed by Item 1 of this Quarterly Report on Form 10-Q. |
(3) | The following exhibits are required by Item 601 of Regulation S-K and are included as part of this Quarterly Report on Form 10-Q: |
Exhibit Number | 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.* | ||
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* | ||
101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). | |
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
FARMERS & MERCHANTS BANCORP | ||
Date: | /s/ Kent A. Steinwert | |
Kent A. Steinwert | ||
Director, Chairman, President | ||
(Principal Executive Officer) |
Date: May 10, 2022 | ||
/s/ Stephen W. Haley | ||
Stephen W. Haley | ||
Executive Vice President and | ||
Chief Financial Officer | ||
(Principal Financial |