Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001042729 | |
Entity Registrant Name | MERCANTILE BANK CORPORATION | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-26719 | |
Entity Incorporation, State or Country Code | MI | |
Entity Tax Identification Number | 38-3360865 | |
Entity Address, Address Line One | 310 Leonard Street, NW | |
Entity Address, City or Town | Grand Rapids | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 49504 | |
City Area Code | 616 | |
Local Phone Number | 406-3000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | MBWM | |
Security Exchange Name | NASDAQ | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 15,843,442 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 71,480,000 | $ 59,405,000 |
Interest-earning deposits | 698,724,000 | 915,755,000 |
Total cash and cash equivalents | 770,204,000 | 975,160,000 |
Securities available for sale | 605,661,000 | 592,743,000 |
Federal Home Loan Bank stock | 17,721,000 | 18,002,000 |
Mortgage loans held for sale | 14,746,000 | 16,117,000 |
Loans | 3,555,790,000 | 3,453,459,000 |
Allowance for credit losses | (35,153,000) | (35,363,000) |
Loans, net | 3,520,637,000 | 3,418,096,000 |
Premises and equipment, net | 56,078,000 | 57,298,000 |
Bank owned life insurance | 75,508,000 | 75,242,000 |
Goodwill | 49,473,000 | 49,473,000 |
Core deposit intangible, net | 1,112,000 | 1,351,000 |
Other assets | 64,759,000 | 54,267,000 |
Total assets | 5,175,899,000 | 5,257,749,000 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Noninterest-bearing | 1,686,203,000 | 1,677,952,000 |
Interest-bearing | 2,290,048,000 | 2,405,241,000 |
Total deposits | 3,976,251,000 | 4,083,193,000 |
Securities sold under agreements to repurchase | 204,271,000 | 197,463,000 |
Federal Home Loan Bank advances | 382,263,000 | 374,000,000 |
Subordinated debentures | 48,415,000 | 48,244,000 |
Subordinated notes | 88,428,000 | 73,646,000 |
Accrued interest and other liabilities | 39,800,000 | 24,644,000 |
Total liabilities | 4,739,428,000 | 4,801,190,000 |
Commitments and contingent liabilities (Note 8) | ||
Shareholders' equity | ||
Preferred stock, no par value; 1,000,000 shares authorized; none issued | 0 | 0 |
Common stock, no par value; 40,000,000 shares authorized; 15,843,347 shares outstanding at March 31, 2022 and 15,839,944 shares outstanding at December 31, 2021 | 286,831,000 | 285,752,000 |
Retained earnings | 181,532,000 | 174,536,000 |
Accumulated other comprehensive income (loss) | (31,892,000) | (3,729,000) |
Total shareholders’ equity | 436,471,000 | 456,559,000 |
Total liabilities and shareholders’ equity | $ 5,175,899,000 | $ 5,257,749,000 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares outstanding (in shares) | 15,843,347 | 15,839,944 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest income | ||
Loans, including fees | $ 33,251,000 | $ 32,985,000 |
Securities, taxable | 1,665,000 | 1,035,000 |
Securities, tax-exempt | 600,000 | 597,000 |
Other interest-earning assets | 366,000 | 168,000 |
Total interest income | 35,882,000 | 34,785,000 |
Interest expense | ||
Deposits | 1,825,000 | 2,717,000 |
Short-term borrowings | 50,000 | 36,000 |
Federal Home Loan Bank advances | 1,864,000 | 2,027,000 |
Subordinated debentures and other borrowings | 1,258,000 | 472,000 |
Total interest expense | 4,997,000 | 5,252,000 |
Net interest income | 30,885,000 | 29,533,000 |
Provision for credit losses | 100,000 | 300,000 |
Net interest income after provision for credit losses | 30,785,000 | 29,233,000 |
Noninterest income: | ||
Mortgage banking income | 3,281,000 | 8,800,000 |
Interest rate swap fees | 1,351,000 | 653,000 |
Payroll processing | 638,000 | 557,000 |
Earnings on bank owned life insurance | 287,000 | 277,000 |
Other income | 423,000 | 343,000 |
Total noninterest income | 9,277,000 | 13,463,000 |
Noninterest expense | ||
Salaries and benefits | 15,510,000 | 15,086,000 |
Occupancy | 2,104,000 | 2,014,000 |
Furniture and equipment depreciation, rent and maintenance | 934,000 | 889,000 |
Data processing costs | 2,973,000 | 2,617,000 |
Other expense | 4,221,000 | 4,511,000 |
Total noninterest expenses | 25,742,000 | 25,117,000 |
Income before federal income tax expense | 14,320,000 | 17,579,000 |
Federal income tax expense | 2,828,000 | 3,340,000 |
Net income | $ 11,492,000 | $ 14,239,000 |
Basic earnings per share (in dollars per share) | $ 0.73 | $ 0.87 |
Diluted earnings per share (in dollars per share) | 0.73 | 0.87 |
Cash dividends per share (in dollars per share) | $ 0.31 | $ 0.29 |
Average basic shares outstanding (in shares) | 15,840,801 | 16,283,044 |
Average diluted shares outstanding (in shares) | 15,841,037 | 16,283,490 |
Service Charges on Deposit and Sweep Accounts [Member] | ||
Noninterest income: | ||
Noninterest revenue | $ 1,416,000 | $ 1,155,000 |
Credit and Debit Card [Member] | ||
Noninterest income: | ||
Noninterest revenue | $ 1,881,000 | $ 1,678,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 11,492,000 | $ 14,239,000 |
Other comprehensive income (loss): | ||
Unrealized holding gains (losses) on securities available for sale | (35,650,000) | (9,168,000) |
Tax effect of unrealized holding gains (losses) on securities available for sale | 7,487,000 | 1,925,000 |
Other comprehensive income (loss), net of tax effect | (28,163,000) | (7,243,000) |
Comprehensive income (loss) | $ (16,671,000) | $ 6,996,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Preferred Stock [Member] | Common Stock Including Additional Paid in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances at Dec. 31, 2020 | $ 0 | $ 302,029,000 | $ 134,039,000 | $ 5,486,000 | $ 441,554,000 | ||
Employee stock purchase plan | 11,000 | 11,000 | |||||
Dividend reinvestment plan | 213,000 | 213,000 | |||||
Stock-based compensation expense | 643,000 | 643,000 | |||||
Cash dividends | (4,636,000) | (4,636,000) | |||||
Net income | 14,239,000 | 14,239,000 | |||||
Change in net unrealized holding gain/(loss) on securities available for sale, net of tax effect | (7,243,000) | (7,243,000) | |||||
Share repurchase program | (3,538,000) | (3,538,000) | |||||
Balances at Mar. 31, 2021 | 0 | 299,358,000 | 143,642,000 | (1,757,000) | 441,243,000 | ||
Balances (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2021 | $ 316,000 | $ 316,000 | |||||
Balances at Dec. 31, 2021 | 0 | 285,752,000 | 174,536,000 | (3,729,000) | 456,559,000 | ||
Employee stock purchase plan | 10,000 | 10,000 | |||||
Dividend reinvestment plan | 222,000 | 222,000 | |||||
Stock option exercises | 36,000 | 36,000 | |||||
Stock-based compensation expense | 811,000 | 811,000 | |||||
Cash dividends | (4,812,000) | (4,812,000) | |||||
Net income | 11,492,000 | 11,492,000 | |||||
Change in net unrealized holding gain/(loss) on securities available for sale, net of tax effect | (28,163,000) | (28,163,000) | |||||
Balances at Mar. 31, 2022 | $ 0 | $ 286,831,000 | $ 181,532,000 | $ (31,892,000) | $ 436,471,000 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Employee stock purchase plan (in shares) | 281 | 331 |
Dividend reinvestment plan (in shares) | 5,835 | 6,647 |
Stock option exercises (in shares) | 1,355 | |
Cash dividends per common share (in dollars per share) | $ 0.31 | $ 0.29 |
Share repurchase program (in shares) | 118,261 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities | ||
Net income | $ 11,492,000 | $ 14,239,000 |
Adjustments to reconcile net income to net cash from operating activities | ||
Depreciation and amortization | 3,458,000 | 3,457,000 |
Accretion of acquired loans | 0 | (34,000) |
Provision for credit losses | 100,000 | 300,000 |
Stock-based compensation expense | 811,000 | 643,000 |
Proceeds from sales of mortgage loans held for sale | 79,622,000 | 189,018,000 |
Origination of mortgage loans held for sale | (75,046,000) | (197,245,000) |
Net gain from sales of mortgage loans held for sale | (3,205,000) | (9,182,000) |
Net gain from sales and valuation write-downs of foreclosed assets | (13,000) | (81,000) |
Net loss from sales and valuation write-downs of former bank premises | 0 | 250,000 |
Net (gain) loss from sales and write-downs of fixed assets | (1,000) | 312,000 |
Earnings on bank owned life insurance | (287,000) | (277,000) |
Net change in: | ||
Accrued interest receivable | (1,344,000) | (971,000) |
Other assets | (2,855,000) | (1,367,000) |
Accrued interest and other liabilities | 15,156,000 | (483,000) |
Net cash from (for) operating activities | 27,888,000 | (1,421,000) |
Cash flows from investing activities | ||
Loan originations and payments, net | (102,241,000) | (180,147,000) |
Purchases of securities available for sale | (51,705,000) | (87,307,000) |
Proceeds from maturities, calls and repayments of securities available for sale | 2,854,000 | 30,974,000 |
Proceeds from sales of foreclosed assets | 13,000 | 158,000 |
Proceeds from Federal Home Loan Bank stock redemption | 281,000 | 0 |
Net purchases of premises and equipment and lease activity | (332,000) | (1,603,000) |
Net cash for investing activities | (151,130,000) | (237,925,000) |
Cash flows from financing activities | ||
Net decrease in time deposits | (35,861,000) | (51,961,000) |
Net (decrease) increase in all other deposits | (71,081,000) | 302,650,000 |
Net increase in securities sold under agreements to repurchase | 6,808,000 | 22,945,000 |
Proceeds from Federal Home Loan Bank advances | 28,263,000 | 0 |
Payoffs of Federal Home Loan Bank advances | (20,000,000) | 0 |
Employee stock purchase plan | 10,000 | 11,000 |
Net proceeds from stock option exercises | 36,000 | 0 |
Dividend reinvestment plan | 222,000 | 213,000 |
Proceeds from subordinated notes issuance | 14,701,000 | 0 |
Repurchases of common stock | 0 | (3,538,000) |
Payment of cash dividends to common shareholders | (4,812,000) | (4,636,000) |
Net cash from (for) financing activities | (81,714,000) | 265,684,000 |
Net change in cash and cash equivalents | (204,956,000) | 26,338,000 |
Cash and cash equivalents at beginning of period | 975,160,000 | 626,006,000 |
Cash and cash equivalents at end of period | 770,204,000 | 652,344,000 |
Supplemental disclosures of cash flows information | ||
Interest | 4,240,000 | 5,509,000 |
Noncash financing and investing activities: | ||
Transfers from loans to assets held for sale | 0 | 9,709,000 |
Transfers from bank premises to assets held for sale | 0 | 3,450,000 |
Transfers from deposits to liabilities held for sale | $ 0 | $ 17,280,000 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation three March 31, 2022 10 303 not not March 31, 2022 not 10 December 31, 2021. We have five separate business trusts that were formed to issue trust preferred securities. Subordinated debentures were issued to the trusts in return for the proceeds raised from the issuance of the trust preferred securities. The trusts are not Coronavirus Pandemic 2019 19” 2 19 The Coronavirus Pandemic is a highly unusual, unprecedented and evolving public health and economic crisis and may may may The following section summarizes the primary measures that directly impact us and our customers. ● Paycheck Protection Program The Paycheck Protection Program (“PPP”) reflects a substantial expansion of the Small Business Administration’s 100% 7 $350 500 100% 100% 1.00%, August 8, 2020. March 31, 2022, six first 2022. The Consolidated Appropriations Act, 2021 $284 May 31, 2021. March 31, 2022, first 2022. ● Individual Economic Impact Payments The Internal Revenue Service has made three $1,200 April 2020, $600 January 2021 $1,400 March 2021. ● Troubled Debt Restructuring Relief From March 1, 2020 60 December 31, 2020 may 19 2021 January 1, 2022. December 31, 2021. ● Current Expected Credit Loss ( “ CECL ” ) Methodology Delay Financial institutions were not December 31, 2020. 2021 January 1, 2022. January 1, 2022. Earnings Per Share Approximately 335,000 unvested restricted shares were included in determining both basic and diluted earnings per share for the three March 31, 2022. three March 31, 2022. three March 31, 2021. three March 31, 2021. not three March 31, 2021. Securities March 31, 2022 December 31, 2021, Interest income includes amortization of purchase premiums and accretion of discounts. Premiums and discounts on securities are amortized or accreted on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. For available for sale debt securities in an unrealized loss position, we first not not not Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when we believe the uncollectibility of an available for sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. At March 31, 2022, no March 31, 2022 not Loans Interest income on commercial loans and mortgage loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Consumer and credit card loans are typically charged-off no All interest accrued but not Loans Held for Sale March 31, 2022 December 31, 2021, Mortgage loans held for sale are generally sold with servicing rights retained. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold, which is reduced by the cost allocated to the servicing right. We generally lock in the sale price to the purchaser of the mortgage loan at the same time we make an interest rate commitment to the borrower. These mortgage banking activities are not March 31, 2022 December 31, 2021, Allowance for Credit Losses ( “ Allowance ” ) June 2016, No. 2016 13, Measurement of Credit Losses on Financial Instruments 2018 19 not December 15, 2019. Financial institutions were not December 31, 2020. 2021, December 2020, January 1, 2022. no January 1, 2022, December 31, 2021. We adopted CECL effective January 1, 2022 January 1, 2022 Accrued interest receivable for loans is included in other assets on our Consolidated Balance Sheet. We elected not 90 The allowance is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged-off against the allowance when we believe the uncollectibility of a loan balance is confirmed. The allowance is measured on a collective pool basis when similar risk characteristics exist. Loans with similar risk characteristics are grouped into homogenous segments, or pools, for analysis. Commercial loans are divided among five one two not. Our loan portfolio segments as of March 31, 2022 o Commercial Loans ■ Commercial and Industrial ■ Owner Occupied Commercial Real Estate ■ Non-Owner Occupied Commercial Real Estate ■ Multi-Family and Residential Rental ■ Vacant Land, Land Development and Residential Construction o Retail Loans ■ 1 4 ■ Other Consumer Loans The “remaining life methodology” is utilized for substantially all loan pools. This non-discounted cash flow approach projects an estimated future amortized cost basis based on current loan balance and repayment terms. Our historical loss rate is then applied to future loan balances at the instrument level based on remaining contractual life adjusted for amortization, prepayment and default to develop a baseline lifetime loss. The baseline lifetime loss is adjusted for changes in macroeconomic conditions over the reasonable and supportable forecast and reversion periods via a series of macroeconomic forecast inputs, such as gross domestic product, unemployment rates, interest rates, credit spreads, stock market volatility and property price indices, to quantify the impact of current and forecasted economic conditions on expected loan performance. We use migration to determine historical loss rates for commercial loans given the comprehensive loan grading process employed by the bank for over two January 1, 2011 Reasonable and supportable economic forecasts have to be incorporated in determining expected credit losses. The forecast period represents the time frame from the current period end through the point in time that we can reasonably forecast and support entity and environmental factors that are expected to impact the performance of our loan portfolio. Ideally, the economic forecast period would encompass the contractual terms of all loans; however, the ability to produce a forecast that is considered reasonable and supportable becomes more difficult or may not March 31, 2022, one six We are not third During each reporting period, we also consider the need to adjust historical loss information to reflect the extent to which we expect current conditions and reasonable and supportable economic forecasts to differ from the conditions that existed for the period over which the historical loss information was determined. These qualitative adjustments may Traditional qualitative factors include: o Changes in lending policies and procedures o Changes in the nature and volume of the loan portfolio and in the terms of loans o Changes in the experience, ability and depth of lending management and other relevant staff o Changes in the volume and severity of past due loans, nonaccrual loans and adversely classified loans o Changes in the quality of the loan review program o Changes in the value of underlying collateral dependent loans o Existence and effect of any concentrations of credit and any changes in such o Effect of other factors such as competition and legal and regulatory requirements on the level of estimated credit losses The estimation of future credit losses should reflect consideration of all significant factors that affect the collectibility of the loan portfolio at each evaluation date. While our methodology considers both the historical loss rates as well as the traditional qualitative factors, there may As of March 31, 2022, two o The Coronavirus Pandemic Factor was established effective June 30, 2020 o The Historical Loss Information Factor was established effective January 1, 2022 Expected credit losses are estimated over the contractual terms of the loans, adjusted for expected prepayments when appropriate. The contractual term generally excludes potential extensions, renewals and modifications. We are also required to consider expected credit losses associated with loan commitments over the contractual period in which we are exposed to credit risk on the underlying commitments unless the obligation is unconditionally cancellable by us. Any allowance for off-balance sheet credit exposures is reported as an other liability on our Consolidated Balance Sheet and is increased or decreased via the provision for credit losses account on our Consolidated Statement of Income. The calculation includes consideration of the likelihood that funding will occur and forecasted credit losses on commitments expected to be funded over their estimated lives. The allowance is calculated using the same aggregate reserve rates calculated for the funded portion of loans at the portfolio level applied to the amount of commitments expected to be funded. Mortgage Banking Activities Servicing fee income is recorded for fees earned for servicing mortgage loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. Amortization of mortgage loan servicing rights is netted against mortgage loan servicing income and recorded in mortgage banking activities in the income statement. Troubled Debt Restructurings not may In accordance with current accounting guidance, loans modified as troubled debt restructurings are, by definition, considered to be impaired loans. Impairment for these loans is measured on a loan-by-loan basis similar to other impaired loans as described below under “Allowance for Loan Losses.” Certain loans modified as troubled debt restructurings may two The federal banking agencies issued an “ Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus March 22, 2020, April 7, 2020. may six not 4013 December 31, 2019 March 1, 2020 60 March 13, 2020 ( December 31, 2020, not 2020, January 1, 2022. Derivatives not Changes in the fair value of derivatives that are designated, for accounting purposes, as a hedge of the variability of cash flows to be received on various assets and liabilities and are effective are reported in other comprehensive income. They are later reclassified into earnings in the same periods during which the hedged transaction affects earnings and are included in the line item in which the hedged cash flows are recorded. If hedge accounting does not If designated as a hedge, we formally document the relationship between derivatives as hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet. If designated as a hedge, we also formally assess, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in cash flows of the hedged items. Ineffective hedge gains and losses are recognized immediately in current earnings as noninterest income or expense. We discontinue hedge accounting when we determine the derivative is no no no March 31, 2022 December 31, 2021. Goodwill and Core Deposit Intangible may not may not not The core deposit intangible that arose from the Firstbank Corporation acquisition was initially measured at fair value and is being amortized into noninterest expense over a ten Revenue from Contracts with Customers 606, Revenue from Contracts with Customers 606” 606, not Our primary sources of revenue are derived from interest and dividends earned on loans, securities and other financial instruments that are not 606. not We generally satisfy our performance obligations on contracts with customers as services are rendered, and the transaction prices are typically fixed and charged either on a periodic basis (generally monthly) or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying Topic 606 The following table depicts our sources of noninterest income that are scoped within Topic 606: Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Service charges on deposit and sweep accounts $ 1,416,000 $ 1,155,000 Credit and debit card fees 1,881,000 1,678,000 Payroll processing 638,000 557,000 Customer service fees 242,000 223,000 Service Charges on Deposit and Sweep Accounts: Credit and Debit Card Fees: Payroll Processing Fees: Customer Service Fees: Newly Issued Not No. 2022 02 Financial Instruments Credit Losses (Topic 326 310 40, December 15, 2022. not |
Note 2 - Securities
Note 2 - Securities | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 2. SECURITIES The amortized cost and estimated fair value of available for sale securities and the related pre-tax gross unrealized gains and losses recognized in accumulated other comprehensive income are as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2022 U.S. Government agency debt obligations $ 442,500,000 $ 74,000 $ (31,996,000 ) $ 410,578,000 Mortgage-backed securities 40,215,000 123,000 (2,592,000 ) 37,746,000 Municipal general obligation bonds 138,916,000 540,000 (4,785,000 ) 134,671,000 Municipal revenue bonds 23,900,000 39,000 (1,773,000 ) 22,166,000 Other investments 500,000 0 0 500,000 $ 646,031,000 $ 776,000 $ (41,146,000 ) $ 605,661,000 December 31, 2021 U.S. Government agency debt obligations $ 398,874,000 $ 266,000 $ (8,769,000 ) $ 390,371,000 Mortgage-backed securities 41,906,000 549,000 (652,000 ) 41,803,000 Municipal general obligation bonds 133,894,000 4,092,000 (392,000 ) 137,594,000 Municipal revenue bonds 22,289,000 331,000 (145,000 ) 22,475,000 Other investments 500,000 0 0 500,000 $ 597,463,000 $ 5,238,000 $ (9,958,000 ) $ 592,743,000 Securities with unrealized losses at March 31, 2022 December 31, 2021, Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss March 31, 2022 U.S. Government agency debt obligations $ 190,990,000 $ 11,971,000 $ 215,783,000 $ 20,025,000 $ 406,773,000 $ 31,996,000 Mortgage-backed securities 26,110,000 1,783,000 6,594,000 809,000 32,704,000 2,592,000 Municipal general obligation bonds 63,139,000 3,399,000 12,600,000 1,386,000 75,739,000 4,785,000 Municipal revenue bonds 13,671,000 999,000 5,842,000 774,000 19,513,000 1,773,000 $ 293,910,000 $ 18,152,000 $ 240,819,000 $ 22,994,000 $ 534,729,000 $ 41,146,000 Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss December 31, 2021 U.S. Government agency debt obligations $ 274,287,000 $ 5,274,000 $ 110,053,000 $ 3,495,000 $ 384,340,000 $ 8,769,000 Mortgage-backed securities 23,184,000 652,000 24,000 0 23,208,000 652,000 Municipal general obligation bonds 40,748,000 392,000 0 0 40,748,000 392,000 Municipal revenue bonds 12,843,000 137,000 414,000 8,000 13,257,000 145,000 $ 351,062,000 $ 6,455,000 $ 110,491,000 $ 3,503,000 $ 461,553,000 $ 9,958,000 We evaluate securities in an unrealized loss position at least quarterly. Consideration is given to the length of time and the extent to which the intent and ability we have to retain our investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. For those debt securities whose fair value is less than their amortized cost basis, we also consider our intent to sell the security, whether it is more likely than not not may At March 31, 2022, December 31, 2021, not not not The amortized cost and fair value of debt securities at March 31, 2022, may may not Weighted Average Amortized Fair Yield (%) Cost Value Due in 2022 1.98 $ 10,171,000 $ 10,171,000 Due in 2023 through 2027 1.11 263,429,000 251,105,000 Due in 2028 through 2032 1.74 295,377,000 273,366,000 Due in 2033 and beyond 2.13 36,339,000 32,773,000 Mortgage-backed securities 1.95 40,215,000 37,746,000 Other investments 3.75 500,000 500,000 Total available for sale securities 1.52 $ 646,031,000 $ 605,661,000 Securities issued by the State of Michigan and all its political subdivisions had combined amortized costs of $161 million and $155 million at March 31, 2022 December 31, 2021, March 31, 2022 December 31, 2021, not 10% The carrying value of U.S. Government agency debt obligations and mortgage-backed securities that are pledged to secure repurchase agreements was $204 million and $197 million at March 31, 2022 December 31, 2021, may |
Note 3 - Loans and Allowance fo
Note 3 - Loans and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES Loans originated for investment are stated at their principal amount outstanding adjusted for partial charge-offs, the allowance, and net deferred loan fees and costs. Interest income on loans is accrued over the term of the loans primarily using the simple interest method based on the principal balance outstanding. Interest is not Our total loans at March 31, 2022 December 31, 2021, March 31, 2022 December 31, 2021, 2021 first 2022, Percent March 31, 2022 December 31, 2021 Increase Balance % Balance % (Decrease) Commercial: Commercial and industrial (1) $ 1,153,814,000 32.4 % $ 1,137,419,000 32.9 % 1.4 % Vacant land, land development, and residential construction 52,693,000 1.5 43,239,000 1.3 21.9 Real estate – owner occupied 582,732,000 16.4 565,758,000 16.4 3.0 Real estate – non-owner occupied 1,007,361,000 28.3 1,027,415,000 29.7 (2.0 ) Real estate – multi-family and residential rental 207,962,000 5.9 176,593,000 5.1 17.8 Total commercial 3,004,562,000 84.5 2,950,424,000 85.4 1.8 Retail: 1-4 family mortgages 522,556,000 14.7 442,547,000 12.8 18.1 Other consumer loans (2) 28,672,000 0.8 60,488,000 1.8 (52.6 ) Total retail 551,228,000 15.5 503,035,000 14.6 9.6 Total loans $ 3,555,790,000 100.0 % $ 3,453,459,000 100.0 % 3.0 % ( 1 For March 31, 2022, December 31, 2021, ( 2 In conjunction with the adoption of the CECL methodology effective January 1, 2022, 1 4 March 31, 2022 December 31, 2021, Nonperforming loans as of March 31, 2022 December 31, 2021 March 31, December 31, 2022 2021 Loans past due 90 days or more still accruing interest $ 0 $ 155,000 Nonaccrual loans 1,612,000 2,313,000 Total nonperforming loans $ 1,612,000 $ 2,468,000 The recorded principal balance of nonperforming loans was as follows: March 31, December 31, 2022 2021 Commercial: Commercial and industrial $ 0 $ 663,000 Vacant land, land development, and residential construction 0 0 Real estate – owner occupied 0 0 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 0 663,000 Retail: 1-4 family mortgages 1,610,000 1,686,000 Other consumer loans 2,000 119,000 Total retail 1,612,000 1,805,000 Total nonperforming loans $ 1,612,000 $ 2,468,000 An age analysis of past due loans is as follows as of March 31, 2022: 30 – 59 Days Past Due 60 – 89 Days Past Due Greater Than 89 Days Past Due Total Past Due Current Total Loans Recorded Balance > 89 Days and Accruing Commercial: Commercial and industrial $ 0 $ 0 $ 0 $ 0 $ 1,153,814,000 $ 1,153,814,000 $ 0 Vacant land, land development, and residential construction 0 0 0 0 52,693,000 52,693,000 0 Real estate – owner occupied 1,195,000 0 0 1,195,000 581,537,000 582,732,000 0 Real estate – non-owner occupied 0 0 0 0 1,007,361,000 1,007,361,000 0 Real estate – multi-family and residential rental 0 0 0 0 207,962,000 207,962,000 0 Total commercial 1,195,000 0 0 1,195,000 3,003,367,000 3,004,562,000 0 Retail: 1-4 family mortgages 567,000 89,000 154,000 810,000 521,746,000 522,556,000 0 Other consumer loans 17,000 0 0 17,000 28,655,000 28,672,000 0 Total retail 584,000 89,000 154,000 827,000 550,401,000 551,228,000 0 Total past due loans $ 1,779,000 $ 89,000 $ 154,000 $ 2,022,000 $ 3,553,768,000 $ 3,555,790,000 $ 0 An age analysis of past due loans is as follows as of December 31, 2021: 30 – 59 Days Past Due 60 – 89 Days Past Due Greater Than 89 Days Past Due Total Past Due Current Total Loans Recorded Balance > 89 Days and Accruing Commercial: Commercial and industrial $ 14,000 $ 0 $ 193,000 $ 207,000 $ 1,137,212,000 $ 1,137,419,000 $ 155,000 Vacant land, land development, and residential construction 13,000 0 0 13,000 43,226,000 43,239,000 0 Real estate – owner occupied 0 0 0 0 565,758,000 565,758,000 0 Real estate – non-owner occupied 0 0 0 0 1,027,415,000 1,027,415,000 0 Real estate – multi-family and residential rental 0 0 0 0 176,593,000 176,593,000 0 Total commercial 27,000 0 193,000 220,000 2,950,204,000 2,950,424,000 155,000 Retail: Home equity and other 132,000 2,000 20,000 154,000 60,334,000 60,488,000 0 1-4 family mortgages 1,265,000 241,000 82,000 1,588,000 440,959,000 442,547,000 0 Total retail 1,397,000 243,000 102,000 1,742,000 501,293,000 503,035,000 0 Total past due loans $ 1,424,000 $ 243,000 $ 295,000 $ 1,962,000 $ 3,451,497,000 $ 3,453,459,000 $ 155,000 Nonaccrual loans as of March 31, 2022 Recorded Principal Related Balance Allowance With no allowance recorded: Commercial: Commercial and industrial $ 0 $ 0 Vacant land, land development and residential construction 0 0 Real estate – owner occupied 0 0 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 0 0 Retail: 1-4 family mortgages 1,585,000 0 Other consumer loans 2,000 0 Total retail 1,587,000 0 Total with no allowance recorded $ 1,587,000 $ 0 With an allowance recorded: Commercial: Commercial and industrial $ 0 $ 0 Vacant land, land development and residential construction 0 0 Real estate – owner occupied 0 0 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 0 0 Retail: 1-4 family mortgages 25,000 25,000 Other consumer loans 0 0 Total retail 25,000 25,000 Total with an allowance recorded $ 25,000 $ 25,000 Total nonaccrual loans: Commercial $ 0 $ 0 Retail 1,612,000 25,000 Total nonaccrual loans $ 1,612,000 $ 25,000 No first 2022. first 2022. Collateral dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. Identified problem loans, which exhibit characteristics (financial or otherwise) that could cause the loans to become nonperforming or require restructuring in the future, are included on an internal watch list. Senior management and the Board of Directors review this list regularly. Market value estimates of collateral on nonaccrual loans, as well as on foreclosed and repossessed assets, are reviewed periodically. We also have a process in place to monitor whether value estimates at each quarter-end are reflective of current market conditions. Our credit policies establish criteria for obtaining appraisals and determining internal value estimates. We may may no We had no commercial loans on nonaccrual as of March 31, 2022, no March 31, 2022. Impaired loans as of December 31, 2021, three March 31, 2021, First Quarter Unpaid Average Contractual Recorded Recorded Principal Principal Related Principal Balance Balance Allowance Balance With no related allowance recorded: Commercial: Commercial and industrial $ 2,893,000 $ 2,818,000 $ 4,913,000 Vacant land, land development and residential construction 0 0 0 Real estate – owner occupied 9,674,000 9,674,000 14,074,000 Real estate – non-owner occupied 0 0 326,000 Real estate – multi-family and residential rental 91,000 91,000 0 Total commercial 12,658,000 12,583,000 19,313,000 Retail: Home equity and other 1,173,000 1,107,000 963,000 1-4 family mortgages 3,166,000 2,205,000 2,550,000 Total retail 4,339,000 3,132,000 3,513,000 Total with no related allowance recorded $ 16,997,000 $ 15,715,000 $ 22,826,000 First Quarter Unpaid Average Contractual Recorded Recorded Principal Principal Related Principal Balance Balance Allowance Balance With an allowance recorded: Commercial: Commercial and industrial $ 2,192,000 $ 2,192,000 $ 266,000 $ 345,000 Vacant land, land development and residential construction 0 0 0 0 Real estate – owner occupied 761,000 761,000 84,000 632,000 Real estate – non-owner occupied 146,000 146,000 4,000 160,000 Real estate – multi-family and residential rental 0 0 0 0 Total commercial 3,099,000 3,099,000 354,000 1,137,000 Retail: Home equity and other 160,000 140,000 123,000 267,000 1-4 family mortgages 412,000 412,000 69,000 665,000 Total retail 572,000 552,000 192,000 932,000 Total with an allowance recorded $ 3,671,000 $ 3,651,000 $ 546,000 $ 2,069,000 Total impaired loans: Commercial $ 15,757,000 $ 15,682,000 $ 354,000 $ 20,450,000 Retail 4,911,000 3,684,000 192,000 4,445,000 Total impaired loans $ 20,668,000 $ 19,366,000 $ 546,000 $ 24,895,000 Impaired loans for which no first 2021. first 2021. first 2021. Credit Quality Indicators. ten Credit quality indicators were as follows as of March 31, 2022: Commercial credit exposure – credit risk profiled by internal credit risk grades: Commercial and Industrial Commercial Vacant Land, Land Development, and Residential Construction Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Commercial Real Estate - Multi-Family and Residential Rental Internal credit risk grade groupings: Grades 1 – 4 (1) $ 719,267,000 $ 34,546,000 $ 358,249,000 $ 497,951,000 $ 132,781,000 Grades 5 – 7 415,709,000 18,031,000 222,095,000 496,757,000 75,034,000 Grades 8 – 9 18,838,000 116,000 2,388,000 12,653,000 147,000 Total commercial $ 1,153,814,000 $ 52,693,000 $ 582,732,000 $ 1,007,361,000 $ 207,962,000 Retail credit exposure – credit risk profiled by collateral type: Retail Retail 1-4 Family Other Consumer Mortgages Loans Performing $ 520,946,000 $ 28,670,000 Nonperforming 1,610,000 2,000 Total retail $ 522,556,000 $ 28,672,000 ( 1 Included in Commercial and Industrial Loans Grades 1 4 Credit quality indicators were as follows as of December 31, 2021: Commercial credit exposure – credit risk profiled by internal credit risk grades: Commercial and Industrial Commercial Vacant Land, Land Development, and Residential Construction Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Commercial Real Estate - Multi-Family and Residential Rental Internal credit risk grade groupings: Grades 1 – 4 (1) $ 729,224,000 $ 28,390,000 $ 346,082,000 $ 503,482,000 $ 119,473,000 Grades 5 – 7 398,378,000 14,730,000 208,060,000 511,280,000 56,968,000 Grades 8 – 9 9,817,000 119,000 11,616,000 12,653,000 152,000 Total commercial $ 1,137,419,000 $ 43,239,000 $ 565,758,000 $ 1,027,415,000 $ 176,593,000 Retail credit exposure – credit risk profiled by collateral type: Retail Retail Home Equity 1-4 Family and Other Mortgages Performing $ 60,369,000 $ 440,861,000 Nonperforming 119,000 1,686,000 Total retail $ 60,488,000 $ 442,547,000 ( 1 Included in Commercial and Industrial Loans Grades 1 4 All commercial loans are graded using the following criteria: Grade 1. “Exceptional” Loans with this rating contain very little, if any, risk. Grade 2. “Outstanding” Loans with this rating have excellent and stable sources of repayment and conform to bank policy and regulatory requirements. Grade 3. “Very Good” Loans with this rating have strong sources of repayment and conform to bank policy and regulatory requirements. These are loans for which repayment risks are acceptable. Grade 4. “Good” Loans with this rating have solid sources of repayment and conform to bank policy and regulatory requirements. These are loans for which repayment risks are modest. Grade 5. “Acceptable” Loans with this rating exhibit acceptable sources of repayment and conform with most bank policies and all regulatory requirements. These are for loans for which repayment risks are satisfactory. Grade 6. “Monitor” Loans with this rating are considered to have emerging weaknesses which may Grade 7. “Special Mention” Loans with this rating have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may Grade 8. “Substandard” Loans with this rate are inadequately protected by current sound net worth, paying capacity of the obligor, or of the pledged collateral, if any. A Substandard loan normally has one not Grade 9. “Doubtful” Loans with this rating exhibit all the weaknesses inherent in the Substandard classification and where collection or liquidation in full is highly questionable and improbable. Grade 10. “Loss” Loans with this rating are considered uncollectible, and of such little value that continuance as an active asset is not The primary risk elements with respect to commercial loans are the financial condition of the borrower, the sufficiency of collateral, and timeliness of scheduled payments. We have a policy of requesting and reviewing periodic financial statements from commercial loan customers and employ a disciplined and formalized review of the existence of collateral and its value. The primary risk element with respect to each residential real estate loan and consumer loan is the timeliness of scheduled payments. We have a reporting system that monitors past due loans and have adopted policies to pursue creditors’ rights in order to preserve our collateral position. The following table reflects loan balances as of March 31, 2022 2022 2021 2020 2019 2018 Prior Term Total Revolving Loans Grand Total Commercial: Commercial and Industrial: Grades 1 – 4 $ 23,869 $ 215,466 $ 59,456 $ 14,728 $ 4,966 $ 11,888 $ 330,373 $ 388,894 $ 719,267 Grades 5 – 7 27,468 148,260 73,905 10,949 2,874 850 264,306 151,403 415,709 Grades 8 – 9 3,673 4,716 87 0 60 56 8,592 10,246 18,838 Total $ 55,010 $ 368,442 $ 133,448 $ 25,677 $ 7,900 $ 12,794 $ 603,271 $ 550,543 $ 1,153,814 Vacant Land, Land Development and Residential Construction: Grades 1 – 4 $ 7,651 $ 21,988 $ 4,099 $ 0 $ 0 $ 453 $ 34,191 $ 355 $ 34,546 Grades 5 – 7 4,017 12,444 438 116 0 842 17,857 174 18,031 Grades 8 – 9 0 0 0 0 17 99 116 0 116 Total $ 11,668 $ 34,432 $ 4,537 $ 116 $ 17 $ 1,394 $ 52,164 $ 529 $ 52,693 Real Estate – Owner Occupied: Grades 1 – 4 $ 51,926 $ 186,183 $ 64,960 $ 22,202 $ 18,739 $ 14,239 $ 358,249 $ 0 $ 358,249 Grades 5 – 7 50,222 87,685 46,255 12,241 16,595 9,097 222,095 0 222,095 Grades 8 – 9 0 0 48 2,171 169 0 2,388 0 2,388 Total $ 102,148 $ 273,868 $ 111,263 $ 36,614 $ 35,503 $ 23,336 $ 582,732 $ 0 $ 582,732 Real Estate – Non-Owner Occupied: Grades 1 – 4 $ 40,445 $ 199,956 $ 146,664 $ 71,923 $ 21,200 $ 17,763 $ 497,951 $ 0 $ 497,951 Grades 5 – 7 35,131 193,821 162,866 39,685 15,924 49,330 496,757 0 496,757 Grades 8 – 9 0 12,653 0 0 0 0 12,653 0 12,653 Total $ 75,576 $ 406,430 $ 309,530 $ 111,608 $ 37,124 $ 67,093 $ 1,007,361 $ 0 $ 1,007,361 Real Estate – Multi-Family and Residential Rental: Grades 1 – 4 $ 20,158 $ 59,645 $ 38,770 $ 5,905 $ 3,165 $ 5,138 $ 132,781 $ 0 $ 132,781 Grades 5 – 7 17,570 32,757 15,146 3,992 3,714 1,855 75,034 0 75,034 Grades 8 – 9 0 89 0 0 0 58 147 0 147 Total $ 37,728 $ 92,491 $ 53,916 $ 9,897 $ 6,879 $ 7,051 $ 207,962 $ 0 $ 207,962 Total Commercial $ 282,130 $ 1,175,663 $ 612,694 $ 183,912 $ 87,423 $ 111,668 $ 2,453,490 $ 551,072 $ 3,004,562 Retail: 1-4 Family Mortgages $ 67,861 $ 235,895 $ 101,123 $ 16,365 $ 17,173 $ 52,618 $ 491,035 $ 31,521 $ 522,556 Other Consumer Loans 1,261 4,369 1,915 1,892 807 935 11,179 17,493 28,672 Total Retail $ 69,122 $ 240,264 $ 103,038 $ 18,257 $ 17,980 $ 53,553 $ 502,214 $ 49,014 $ 551,228 Grand Total $ 351,252 $ 1,415,927 $ 715,732 $ 202,169 $ 105,403 $ 165,221 $ 2,955,704 $ 600,086 $ 3,555,790 Activity in the allowance for credit losses during the three March 31, 2022 Commercial and industrial Commercial vacant land, land development and residential construction Commercial real estate owner occupied Commercial real estate non-owner occupied Commercial real estate multi-family and residential rental 1-4 family mortgages Other consumer loans Unallocated Total Allowance for credit losses: Beginning balance $ 10,782 $ 420 $ 6,045 $ 13,301 $ 1,695 $ 2,449 $ 626 $ 45 $ 35,363 Adoption of ASU 2016-13 (1,571 ) (43 ) (560 ) (2,534 ) (621 ) 5,395 (411 ) (55 ) (400 ) Provision for credit losses (742 ) 106 286 (445 ) 194 593 (33 ) 141 100 Charge-offs (170 ) (29 ) 0 0 0 (2 ) (4 ) 0 (205 ) Recoveries 114 1 32 0 8 127 13 0 295 Ending balance $ 8,413 $ 455 $ 5,803 $ 10,322 $ 1,276 $ 8,562 $ 191 $ 131 $ 35,153 Activity in the allowance for loan losses for loans during the three March 31, 2021 December 31, 2021 Commercial and industrial Commercial vacant land, land development and residential construction Commercial real estate owner occupied Commercial real estate non-owner occupied Commercial real estate multi-family and residential rental Home equity and other 1 4 family mortgages Unallocated Total Allowance for loan losses: Beginning balance $ 9,424 $ 679 $ 8,246 $ 13,611 $ 1,819 $ 889 $ 3,240 $ 59 $ 37,967 Provision for loan losses 583 40 (181 ) 140 6 (82 ) (337 ) 131 300 Charge-offs 0 (15 ) 0 0 0 (4 ) (33 ) 0 (52 ) Recoveries 104 16 239 0 0 38 83 0 480 Ending balance $ 10,111 $ 720 $ 8,304 $ 13,751 $ 1,825 $ 841 $ 2,953 $ 190 $ 38,695 Ending balance: individually evaluated for impairment $ 62 $ 0 $ 47 $ 7 $ 0 $ 230 $ 141 $ 0 $ 487 Ending balance: collectively evaluated for impairment $ 10,049 $ 720 $ 8,257 $ 13,744 $ 1,825 $ 611 $ 2,812 $ 190 $ 38,208 Total loans (*): Ending balance $ 1,097,309 $ 43,239 $ 565,758 $ 1,027,415 $ 176,593 $ 60,488 $ 442,547 $ 3,413,349 Ending balance: individually evaluated for impairment $ 5,010 $ 0 $ 10,435 $ 146 $ 91 $ 1,247 $ 2,437 $ 19,366 Ending balance: collectively evaluated for impairment $ 1,092,299 $ 43,239 $ 555,323 $ 1,027,269 $ 176,502 $ 59,241 $ 440,110 $ 3,393,983 (*) Excludes $40.1 Loans modified as troubled debt restructurings during the three March 31, 2022 Pre- Post- Modification Modification Recorded Recorded Number of Principal Principal Contracts Balance Balance Commercial: Commercial and industrial 0 $ 0 $ 0 Vacant land, land development and residential construction 0 0 0 Real estate – owner occupied 0 0 0 Real estate – non-owner occupied 0 0 0 Real estate – multi-family and residential rental 0 0 0 Total commercial 0 0 0 Retail: 1-4 family mortgages 2 128,000 128,000 Other consumer loans 0 0 0 Total retail 2 128,000 128,000 Total loans 2 $ 128,000 $ 128,000 Loans modified as troubled debt restructurings during the three March 31, 2021 Pre- Post- Modification Modification Recorded Recorded Number of Principal Principal Contracts Balance Balance Commercial: Commercial and industrial 1 $ 23,000 $ 22,000 Vacant land, land development and residential construction 0 0 0 Real estate – owner occupied 0 0 0 Real estate – non-owner occupied 0 0 0 Real estate – multi-family and residential rental 0 0 0 Total commercial 1 23,000 22,000 Retail: Home equity and other 1 71,000 71,000 1-4 family mortgages 1 36,000 36,000 Total retail 2 107,000 107,000 Total loans 3 $ 130,000 $ 129,000 The following loans, modified as troubled debt restructurings within the previous twelve 30 three March 31, 2022 ( Recorded Number of Principal Contracts Balance Commercial: Commercial and industrial 0 $ 0 Vacant land, land development and residential construction 0 0 Real estate – owner occupied 0 0 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 0 0 Retail: 1-4 family mortgages 0 0 Other consumer loans 0 0 Total retail 0 0 Total 0 $ 0 The following loans, modified as troubled debt restructurings within the previous twelve 30 three March 31, 2021 ( Recorded Number of Principal Contracts Balance Commercial: Commercial and industrial 2 $ 593,000 Vacant land, land development and residential construction 0 0 Real estate – owner occupied 0 0 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 2 593,000 Retail: Home equity and other 0 0 1-4 family mortgages 1 6,000 Total retail 1 6,000 Total 3 $ 599,000 Activity for loans categorized as troubled debt restructurings during the three March 31, 2022 Commercial and Industrial Commercial Vacant Land, Land Development, and Residential Construction Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Commercial Real Estate - Multi-Family and Residential Rental Commercial Loan Portfolio: Beginning Balance $ 4,973,000 $ 0 $ 10,435,000 $ 146,000 $ 91,000 Charge-Offs 0 0 0 0 0 Payments (212,000 ) 0 (9,677,000 ) (3,000 ) (1,000 ) Transfers to ORE 0 0 0 0 0 Net Additions/Deletions (1,932,000 ) 0 (669,000 ) 0 0 Ending Balance $ 2,829,000 $ 0 $ 89,000 $ 143,000 $ 90,000 Retail Retail 1-4 Family Other Consumer Mortgages Loans Retail Loan Portfolio: Beginning Balance $ 627,000 $ 1,202,000 Charge-Offs 0 0 Payments (78,000 ) (2,000 ) Transfers to ORE 0 0 Net Additions/Deletions (1) 1,797,000 (1,187,000 ) Ending Balance $ 2,346,000 $ 13,000 ( 1 Includes $1.2 million in the transfer of home equity lines of credit from other consumer loans to 1 4 January 1, 2022. Activity for loans categorized as troubled debt restructurings during the three March 31, 2021 Commercial and Industrial Commercial Vacant Land, Land Development, and Residential Construction Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Commercial Real Estate - Multi-Family and Residential Rental Commercial Loan Portfolio: Beginning Balance $ 6,414,000 $ 0 $ 14,797,000 $ 480,000 $ 0 Charge-Offs 0 0 0 0 0 Payments (2,676,000 ) 0 (910,000 ) (9,000 ) 0 Transfers to ORE 0 0 0 0 0 Net Additions/Deletions 22,000 0 0 0 0 Ending Balance $ 3,760,000 $ 0 $ 13,887,000 $ 471,000 $ 0 Retail Retail Home Equity 1-4 Family and Other Mortgages Retail Loan Portfolio: Beginning Balance $ 1,146,000 $ 806,000 Charge-Offs 0 0 Payments (118,000 ) (22,000 ) Transfers to ORE 0 0 Net Additions/Deletions 71,000 36,000 Ending Balance $ 1,099,000 $ 820,000 |
Note 4 - Premises and Equipment
Note 4 - Premises and Equipment, Net | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. PREMISES AND EQUIPMENT, NET Premises and equipment are comprised of the following: March 31, December 31, 2022 2021 Land and improvements $ 15,111,000 $ 15,111,000 Buildings 56,202,000 56,168,000 Furniture and equipment 23,244,000 22,974,000 94,557,000 94,253,000 Less: accumulated depreciation 38,479,000 36,955,000 Premises and equipment, net $ 56,078,000 $ 57,298,000 Depreciation expense totaled $1.6 million and $1.4 million during the first 2022 2021, We enter into facility leases in the normal course of business. As of March 31, 2022 December 31, 2021, ten June, 2022 December, 2026, March 31, 2022 December 31, 2021, three five not not Leases are classified as either operating or finance leases at the lease commitment date, with all of our current leases determined to be operating leases. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Right-of-use assets represent our right to use an underlying asset for the lease term, while lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date at the estimated present value of lease payments over the lease term. We use our incremental borrowing rate, on a collateralized basis, at lease commencement to calculate the present value of lease payments. The weighted average discount rate for leases was 4.70% as of March 31, 2022 December 31, 2021. The right-of-use assets, included in premises and equipment, net on our Consolidated Balance Sheets, and the lease liabilities, included in other liabilities on our Consolidated Balance Sheets, each totaled $2.6 million as of March 31, 2022, December 31, 2021. not twelve first 2022 2021. Future lease payments at March 31, 2022 one one three three five five December 31, 2021 one one three three five five |
Note 5 - Deposits
Note 5 - Deposits | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | 5. DEPOSITS Our total deposits at March 31, 2022 December 31, 2021. March 31, 2022 December 31, 2021, 2021 first 2022, Percent March 31, 2022 December 31, 2021 Increase Balance % Balance % (Decrease) Noninterest-bearing checking $ 1,686,203,000 42.4 % $ 1,677,952,000 41.1 % 0.5 % Interest-bearing checking 544,221,000 13.7 538,838,000 13.2 1.0 Money market 943,246,000 23.7 1,040,176,000 25.5 (9.3 ) Savings 406,545,000 10.2 394,330,000 9.7 3.1 Time, under $100,000 127,755,000 3.2 132,776,000 3.2 (3.8 ) Time, $100,000 and over 252,088,000 6.4 275,208,000 6.7 (8.4 ) Total local deposits 3,960,058,000 99.6 4,059,280,000 99.4 (2.4 ) Out-of-area time, $100,000 and over 16,193,000 0.4 23,913,000 0.6 (32.3 ) Total deposits $ 3,976,251,000 100.0 % $ 4,083,193,000 100.0 % (2.6 %) Time deposits of more than $250,000 March 31, 2022 December 31, 2021, |
Note 6 - Securities Sold Under
Note 6 - Securities Sold Under Agreements to Repurchase | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | 6. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Securities sold under agreements to repurchase (“repurchase agreements”) are offered principally to certain large deposit customers. Information relating to our repurchase agreements follows: Three Months Ended Twelve Months Ended March 31, 2022 December 31, 2021 Outstanding balance at end of period $ 204,271,000 $ 197,463,000 Average interest rate at end of period 0.10 % 0.11 % Average daily balance during the period $ 198,949,000 $ 158,855,000 Average interest rate during the period 0.10 % 0.11 % Maximum daily balance during the period $ 224,345,000 $ 209,093,000 Repurchase agreements generally have original maturities of less than one |
Note 7 - Federal Home Loan Bank
Note 7 - Federal Home Loan Bank of Indianapolis Advances | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | 7. FEDERAL HOME LOAN BANK OF INDIANAPOLIS ADVANCES Federal Home Loan Bank of Indianapolis (“FHLBI”) bullet advances totaled $354 million at March 31, 2022, April 2022 June 2027, December 31, 2021, January 2022 June 2027, Maturities of FHLBI bullet advances as of March 31, 2022 2022 $ 74,000,000 2023 80,000,000 2024 80,000,000 2025 50,000,000 2026 30,000,000 Thereafter 40,000,000 FHLBI amortizing advances totaled $28.3 million as of March 31, 2022, no December 31, 2021. Schedule principal payments of FHLBI amortizing advances as of March 31, 2022 2022 $ 0 2023 353,000 2024 826,000 2025 862,000 2026 899,000 Thereafter 25,323,000 Each advance is payable at its maturity date and is subject to a prepayment fee if paid prior to the maturity date. The advances are collateralized by residential mortgage loans, first first March 31, 2022 |
Note 8 - Commitments and Off-ba
Note 8 - Commitments and Off-balance Sheet Risk | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments Contingencies and Guarantees [Text Block] | 8. COMMITMENTS AND OFF-BALANCE SHEET RISK Our bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Loan commitments to extend credit are agreements to lend to a customer as long as there is no third may not These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized, if any, in the balance sheet. Our bank’s maximum exposure to loan loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual notional amount of those instruments. Our bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Collateral, such as accounts receivable, securities, inventory, and property and equipment, is generally obtained based on our credit assessment of the borrower. We are required to consider expected credit losses associated with loan commitments over the contractual period in which we are exposed to credit risk on the underlying commitments unless the obligation is unconditionally cancellable by us. Any allowance for off-balance sheet credit exposures is reported as an other liability on our Consolidated Balance Sheet and is increased or decreased via the provision for credit losses account on our Consolidated Statement of Income. The calculation includes consideration of the likelihood that funding will occur and forecasted credit losses on commitments expected to be funded over their estimated lives. The allowance is calculated using the same aggregate reserve rates calculated for the funded portion of loans at the portfolio level applied to the amount of commitments expected to be funded. We have determined that our commercial-related lending commitments are unconditionally cancellable. Additionally, the vast majority of unfunded commercial loan commitments consist of revolving lines of credit wherein the aggregate amounts outstanding and available remain relatively stable, and any seasonality of line usage is nominal. Line of credit draws, irrespective of the maximum credit or individual note amount, are governed by borrowing or advance formulas, while draws off of commercial and residential construction loans are governed by the receipt and satisfactory review of contractor and subcontractor sworn statements, lien waivers and title insurance company endorsements. Letters of credit are rarely drawn. For retail lines of credit, including home equity lines of credit, overdraft protection lines of credit and personal unsecured lines of credit, and credit cards, average outstanding balances as a percent of total available credit have remained relatively steady over the past several years. We determined allowance requirements for these credit types by calculating the difference between the average percent outstanding of funded commitments over the past several years to actual percent outstanding as of March 31, 2022 March 31, 2022 A summary of the contractual amounts of our financial instruments with off-balance sheet risk at March 31, 2022 December 31, 2021 March 31, December 31, 2022 2021 Commercial unused lines of credit $ 1,115,888,000 $ 1,098,951,000 Unused lines of credit secured by 1–4 family residential properties 65,112,000 64,313,000 Credit card unused lines of credit 95,813,000 92,146,000 Other consumer unused lines of credit 72,544,000 64,876,000 Commitments to make loans 158,102,000 212,476,000 Standby letters of credit 32,954,000 33,109,000 $ 1,540,413,000 $ 1,565,871,000 |
Note 9 - Derivatives and Hedgin
Note 9 - Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 9. DERIVATIVES AND HEDGING ACTIVITIES We are exposed to certain risks arising from both business operations and economic conditions. We principally manage the exposure to a wide variety of operational risks through core business activities. Economic risks, including interest rate, liquidity and credit risk, are primarily administered via the amount, sources and duration of assets and liabilities. Derivative financial instruments may Derivatives not not not The fair values of derivative instruments as of March 31, 2022 Notional Amount Balance Sheet Location Fair Value Derivative Assets Interest rate swaps $ 338,231,000 Other Assets $ 10,053,000 Derivative Liabilities Interest rate swaps 338,231,000 Other Liabilities 10,246,000 The effect of interest rate swaps that are not first 2022. The fair value of interest rate swaps in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk related to these agreements, was $10.2 million as of March 31, 2022. March 31, 2022. Interest rate swaps entered into with commercial loan customers had notional amounts aggregating $338 million as of March 31, 2022. The fair values of derivative instruments as of December 31, 2021 Notional Amount Balance Sheet Location Fair Value Derivative Assets Interest rate swaps $ 279,419,000 Other Assets $ 4,609,000 Derivative Liabilities Interest rate swaps 279,419,000 Other Liabilities 4,857,000 The effect of interest rate swaps that are not December 31, 2021. The fair value of interest rate swaps in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk related to these agreements, was $4.9 million as of December 31, 2021. December 31, 2021. Interest rate swaps entered into with commercial loan customers had notional amounts aggregating $279 million as of December 31, 2021. |
Note 10 - Fair Values of Financ
Note 10 - Fair Values of Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10. FAIR VALUES OF FINANCIAL INSTRUMENTS The carrying amounts, estimated fair values and level within the fair value hierarchy of financial instruments were as follows as of March 31, 2022 December 31, 2021 ( Level in March 31, 2022 December 31, 2021 Fair Value Carrying Fair Carrying Fair Hierarchy Values Values Values Values Financial assets: Cash Level 1 $ 18,898 $ 18,898 $ 17,872 $ 17,872 Cash equivalents Level 1 751,306 751,306 957,288 957,288 Securities available for sale (1) 605,661 605,661 592,743 592,743 FHLBI stock (2) 17,721 17,721 18,002 18,002 Loans, net Level 3 3,520,637 3,542,217 3,418,096 3,498,345 Mortgage loans held for sale Level 2 14,746 15,208 16,117 16,707 Mortgage servicing rights Level 2 12,484 16,533 12,248 15,445 Accrued interest receivable Level 2 10,655 10,655 9,311 9,311 Interest rate swaps Level 2 10,053 10,053 4,609 4,609 Financial liabilities: Deposits Level 2 3,976,251 3,795,104 4,083,193 4,028,249 Repurchase agreements Level 2 204,271 204,271 197,463 197,463 FHLBI advances Level 2 382,263 372,887 374,000 384,927 Subordinated debentures Level 2 48,415 49,990 48,244 48,284 Subordinated notes Level 2 88,428 88,429 73,646 73,646 Accrued interest payable Level 2 2,150 2,150 1,393 1,393 Interest rate swaps Level 2 10,246 10,246 4,857 4,857 ( 1 See Note 11 ( 2 It is not Carrying amount is the estimated fair value for cash and cash equivalents, FHLBI stock, accrued interest receivable and payable, noninterest-bearing checking accounts and securities sold under agreements to repurchase. Security fair values are based on market prices or dealer quotes, and if no 2016 01, |
Note 11 - Fair Values
Note 11 - Fair Values | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | 11. FAIR VALUES Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability, or in the absence of a principal market, the most advantageous market for the asset or liability. The price of the principal (or most advantageous) market used to measure the fair value of the asset or liability is not not We are required to use valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may Level 1: Level 2: 1 not Level 3: The following is a description of our valuation methodologies used to measure and disclose the fair values of our financial assets and liabilities that are recorded at fair value on a recurring or nonrecurring basis: Securities available for sale. not 2 3 March 31, 2022 December 31, 2021. 1 Derivatives Mortgage loans held for sale March 31, 2022 December 31, 2021, Loans not Foreclosed Assets. Assets and Liabilities Measured at Fair Value on a Recurring Basis The balances of assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Available for sale securities U.S. Government agency debt obligations $ 410,578,000 $ 0 $ 410,578,000 $ 0 Mortgage-backed securities 37,746,000 0 37,746,000 0 Municipal general obligation bonds 134,671,000 0 133,994,000 677,000 Municipal revenue bonds 22,166,000 0 22,166,000 0 Other investments 500,000 0 500,000 0 Interest rate swaps 10,053,000 0 10,053,000 0 Total $ 615,714,000 $ 0 $ 615,037,000 $ 677,000 There were no 1, 2 3 first three 2022. The balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Available for sale securities U.S. Government agency debt obligations $ 390,371,000 $ 0 $ 390,371,000 $ 0 Mortgage-backed securities 41,803,000 0 41,803,000 0 Municipal general obligation bonds 137,594,000 0 136,917,000 677,000 Municipal revenue bonds 22,475,000 0 22,475,000 0 Other investments 500,000 0 500,000 0 Interest rate swaps 4,609,000 0 4,609,000 0 Total $ 597,352,000 $ 0 $ 596,675,000 $ 677,000 There were no 1, 2 3 2021. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The balances of assets and liabilities measured at fair value on a nonrecurring basis as of March 31, 2022 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Loans $ 1,338,000 $ 0 $ 0 $ 1,338,000 Foreclosed assets 0 0 0 0 Total $ 1,338,000 $ 0 $ 0 $ 1,338,000 The balances of assets and liabilities measured at fair value on a nonrecurring basis as of December 31, 2021 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Impaired loans $ 3,807,000 $ 0 $ 0 $ 3,807,000 Foreclosed assets 0 0 0 0 Total $ 3,807,000 $ 0 $ 0 $ 3,807,000 The carrying values are based on the estimated value of the property or other assets. Fair value estimates of collateral on impaired loans and foreclosed assets are reviewed periodically. Our credit policies establish criteria for obtaining appraisals and determining internal value estimates. We may may |
Note 12 - Regulatory Matters
Note 12 - Regulatory Matters | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 12. REGULATORY MATTERS We are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weightings, and other factors, and the regulators can lower classifications in certain cases. Failure to meet various capital requirements can initiate regulatory action that could have a direct material effect on our financial statements. The prompt corrective action regulations provide five not not no may may March 31, 2022 December 31, 2021, no March 31, 2022 Our actual capital levels (dollars in thousands) and the minimum levels required to be categorized as adequately and well capitalized were: Minimum Required to be Well Minimum Required Capitalized Under for Capital Prompt Corrective Actual Adequacy Purposes Action Regulations Amount Ratio Amount Ratio Amount Ratio March 31, 2022 Total capital (to risk weighted assets) Consolidated $ 587,976 14.1 % $ 333,754 8.0 % $ NA NA Bank 574,013 13.8 333,587 8.0 416,984 10.0 % Tier 1 capital (to risk weighted assets) Consolidated 464,396 11.1 250,315 6.0 NA NA Bank 538,860 12.9 250,191 6.0 333,587 8.0 Common equity tier 1 (to risk weighted assets) Consolidated 418,055 10.0 187,737 4.5 NA NA Bank 538,860 12.9 187,643 4.5 271,040 6.5 Tier 1 capital (to average assets) Consolidated 464,396 9.0 205,492 4.0 NA NA Bank 538,860 10.5 205,409 4.0 256,761 5.0 December 31, 2021 Total capital (to risk weighted assets) Consolidated $ 565,143 14.0 % $ 324,101 8.0 % $ NA NA Bank 551,760 13.6 323,928 8.0 404,910 10.0 % Tier 1 capital (to risk weighted assets) Consolidated 456,133 11.3 243,076 6.0 NA NA Bank 516,397 12.8 242,946 6.0 323,928 8.0 Common equity tier 1 (to risk weighted assets) Consolidated 409,963 10.1 182,307 4.5 NA NA Bank 516,397 12.8 182,210 4.5 263,192 6.5 Tier 1 capital (to average assets) Consolidated 456,133 9.2 198,574 4.0 NA NA Bank 516,397 10.4 198,510 4.0 248,137 5.0 Our consolidated capital levels as of March 31, 2022 December 31, 2021 may 1 not 1 not May 19, 2010, December 31, 2009 March 31, 2022 December 31, 2021, 1 Under the final BASEL III capital rules that became effective on January 1, 2015, 1 not three 2016. 1 1 January 1, 2019. March 31, 2022, Our and our bank’s ability to pay cash and stock dividends is subject to limitations under various laws and regulations and to prudent and sound banking practices. On January 13, 2022, March 16, 2022 March 4, 2022. April 14, 2022, $0.31 June 15, 2022 June 3, 2022. As of March 31, 2022, May 2021. first three 2022. may |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation three March 31, 2022 10 303 not not March 31, 2022 not 10 December 31, 2021. We have five separate business trusts that were formed to issue trust preferred securities. Subordinated debentures were issued to the trusts in return for the proceeds raised from the issuance of the trust preferred securities. The trusts are not |
Effect of Covid-19 Pandemic, Policy [Policy Text Block] | Coronavirus Pandemic 2019 19” 2 19 The Coronavirus Pandemic is a highly unusual, unprecedented and evolving public health and economic crisis and may may may The following section summarizes the primary measures that directly impact us and our customers. ● Paycheck Protection Program The Paycheck Protection Program (“PPP”) reflects a substantial expansion of the Small Business Administration’s 100% 7 $350 500 100% 100% 1.00%, August 8, 2020. March 31, 2022, six first 2022. The Consolidated Appropriations Act, 2021 $284 May 31, 2021. March 31, 2022, first 2022. ● Individual Economic Impact Payments The Internal Revenue Service has made three $1,200 April 2020, $600 January 2021 $1,400 March 2021. ● Troubled Debt Restructuring Relief From March 1, 2020 60 December 31, 2020 may 19 2021 January 1, 2022. December 31, 2021. ● Current Expected Credit Loss ( “ CECL ” ) Methodology Delay Financial institutions were not December 31, 2020. 2021 January 1, 2022. January 1, 2022. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Approximately 335,000 unvested restricted shares were included in determining both basic and diluted earnings per share for the three March 31, 2022. three March 31, 2022. three March 31, 2021. three March 31, 2021. not three March 31, 2021. |
Marketable Securities, Policy [Policy Text Block] | Securities March 31, 2022 December 31, 2021, Interest income includes amortization of purchase premiums and accretion of discounts. Premiums and discounts on securities are amortized or accreted on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. For available for sale debt securities in an unrealized loss position, we first not not not Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when we believe the uncollectibility of an available for sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. At March 31, 2022, no March 31, 2022 not |
Financing Receivable, Held-for-investment [Policy Text Block] | Loans Interest income on commercial loans and mortgage loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Consumer and credit card loans are typically charged-off no All interest accrued but not |
Financing Receivable, Held-for-sale [Policy Text Block] | Loans Held for Sale March 31, 2022 December 31, 2021, Mortgage loans held for sale are generally sold with servicing rights retained. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold, which is reduced by the cost allocated to the servicing right. We generally lock in the sale price to the purchaser of the mortgage loan at the same time we make an interest rate commitment to the borrower. These mortgage banking activities are not March 31, 2022 December 31, 2021, |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Credit Losses ( “ Allowance ” ) June 2016, No. 2016 13, Measurement of Credit Losses on Financial Instruments 2018 19 not December 15, 2019. Financial institutions were not December 31, 2020. 2021, December 2020, January 1, 2022. no January 1, 2022, December 31, 2021. We adopted CECL effective January 1, 2022 January 1, 2022 Accrued interest receivable for loans is included in other assets on our Consolidated Balance Sheet. We elected not 90 The allowance is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged-off against the allowance when we believe the uncollectibility of a loan balance is confirmed. The allowance is measured on a collective pool basis when similar risk characteristics exist. Loans with similar risk characteristics are grouped into homogenous segments, or pools, for analysis. Commercial loans are divided among five one two not. Our loan portfolio segments as of March 31, 2022 o Commercial Loans ■ Commercial and Industrial ■ Owner Occupied Commercial Real Estate ■ Non-Owner Occupied Commercial Real Estate ■ Multi-Family and Residential Rental ■ Vacant Land, Land Development and Residential Construction o Retail Loans ■ 1 4 ■ Other Consumer Loans The “remaining life methodology” is utilized for substantially all loan pools. This non-discounted cash flow approach projects an estimated future amortized cost basis based on current loan balance and repayment terms. Our historical loss rate is then applied to future loan balances at the instrument level based on remaining contractual life adjusted for amortization, prepayment and default to develop a baseline lifetime loss. The baseline lifetime loss is adjusted for changes in macroeconomic conditions over the reasonable and supportable forecast and reversion periods via a series of macroeconomic forecast inputs, such as gross domestic product, unemployment rates, interest rates, credit spreads, stock market volatility and property price indices, to quantify the impact of current and forecasted economic conditions on expected loan performance. We use migration to determine historical loss rates for commercial loans given the comprehensive loan grading process employed by the bank for over two January 1, 2011 Reasonable and supportable economic forecasts have to be incorporated in determining expected credit losses. The forecast period represents the time frame from the current period end through the point in time that we can reasonably forecast and support entity and environmental factors that are expected to impact the performance of our loan portfolio. Ideally, the economic forecast period would encompass the contractual terms of all loans; however, the ability to produce a forecast that is considered reasonable and supportable becomes more difficult or may not March 31, 2022, one six We are not third During each reporting period, we also consider the need to adjust historical loss information to reflect the extent to which we expect current conditions and reasonable and supportable economic forecasts to differ from the conditions that existed for the period over which the historical loss information was determined. These qualitative adjustments may Traditional qualitative factors include: o Changes in lending policies and procedures o Changes in the nature and volume of the loan portfolio and in the terms of loans o Changes in the experience, ability and depth of lending management and other relevant staff o Changes in the volume and severity of past due loans, nonaccrual loans and adversely classified loans o Changes in the quality of the loan review program o Changes in the value of underlying collateral dependent loans o Existence and effect of any concentrations of credit and any changes in such o Effect of other factors such as competition and legal and regulatory requirements on the level of estimated credit losses The estimation of future credit losses should reflect consideration of all significant factors that affect the collectibility of the loan portfolio at each evaluation date. While our methodology considers both the historical loss rates as well as the traditional qualitative factors, there may As of March 31, 2022, two o The Coronavirus Pandemic Factor was established effective June 30, 2020 o The Historical Loss Information Factor was established effective January 1, 2022 Expected credit losses are estimated over the contractual terms of the loans, adjusted for expected prepayments when appropriate. The contractual term generally excludes potential extensions, renewals and modifications. We are also required to consider expected credit losses associated with loan commitments over the contractual period in which we are exposed to credit risk on the underlying commitments unless the obligation is unconditionally cancellable by us. Any allowance for off-balance sheet credit exposures is reported as an other liability on our Consolidated Balance Sheet and is increased or decreased via the provision for credit losses account on our Consolidated Statement of Income. The calculation includes consideration of the likelihood that funding will occur and forecasted credit losses on commitments expected to be funded over their estimated lives. The allowance is calculated using the same aggregate reserve rates calculated for the funded portion of loans at the portfolio level applied to the amount of commitments expected to be funded. |
Mortgage Banking Activity [Policy Text Block] | Mortgage Banking Activities Servicing fee income is recorded for fees earned for servicing mortgage loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. Amortization of mortgage loan servicing rights is netted against mortgage loan servicing income and recorded in mortgage banking activities in the income statement. |
Troubled Debt Restructuring [Policy Text Block] | Troubled Debt Restructurings not may In accordance with current accounting guidance, loans modified as troubled debt restructurings are, by definition, considered to be impaired loans. Impairment for these loans is measured on a loan-by-loan basis similar to other impaired loans as described below under “Allowance for Loan Losses.” Certain loans modified as troubled debt restructurings may two The federal banking agencies issued an “ Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus March 22, 2020, April 7, 2020. may six not 4013 December 31, 2019 March 1, 2020 60 March 13, 2020 ( December 31, 2020, not 2020, January 1, 2022. |
Derivatives, Policy [Policy Text Block] | Derivatives not Changes in the fair value of derivatives that are designated, for accounting purposes, as a hedge of the variability of cash flows to be received on various assets and liabilities and are effective are reported in other comprehensive income. They are later reclassified into earnings in the same periods during which the hedged transaction affects earnings and are included in the line item in which the hedged cash flows are recorded. If hedge accounting does not If designated as a hedge, we formally document the relationship between derivatives as hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet. If designated as a hedge, we also formally assess, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in cash flows of the hedged items. Ineffective hedge gains and losses are recognized immediately in current earnings as noninterest income or expense. We discontinue hedge accounting when we determine the derivative is no no no March 31, 2022 December 31, 2021. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Core Deposit Intangible may not may not not The core deposit intangible that arose from the Firstbank Corporation acquisition was initially measured at fair value and is being amortized into noninterest expense over a ten |
Revenue from Contract with Customer [Policy Text Block] | Revenue from Contracts with Customers 606, Revenue from Contracts with Customers 606” 606, not Our primary sources of revenue are derived from interest and dividends earned on loans, securities and other financial instruments that are not 606. not We generally satisfy our performance obligations on contracts with customers as services are rendered, and the transaction prices are typically fixed and charged either on a periodic basis (generally monthly) or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying Topic 606 The following table depicts our sources of noninterest income that are scoped within Topic 606: Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Service charges on deposit and sweep accounts $ 1,416,000 $ 1,155,000 Credit and debit card fees 1,881,000 1,678,000 Payroll processing 638,000 557,000 Customer service fees 242,000 223,000 Service Charges on Deposit and Sweep Accounts: Credit and Debit Card Fees: Payroll Processing Fees: Customer Service Fees: |
New Accounting Pronouncements, Policy [Policy Text Block] | Newly Issued Not No. 2022 02 Financial Instruments Credit Losses (Topic 326 310 40, December 15, 2022. not |
Note 1 - Significant Accounti_2
Note 1 - Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Service charges on deposit and sweep accounts $ 1,416,000 $ 1,155,000 Credit and debit card fees 1,881,000 1,678,000 Payroll processing 638,000 557,000 Customer service fees 242,000 223,000 |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2022 U.S. Government agency debt obligations $ 442,500,000 $ 74,000 $ (31,996,000 ) $ 410,578,000 Mortgage-backed securities 40,215,000 123,000 (2,592,000 ) 37,746,000 Municipal general obligation bonds 138,916,000 540,000 (4,785,000 ) 134,671,000 Municipal revenue bonds 23,900,000 39,000 (1,773,000 ) 22,166,000 Other investments 500,000 0 0 500,000 $ 646,031,000 $ 776,000 $ (41,146,000 ) $ 605,661,000 December 31, 2021 U.S. Government agency debt obligations $ 398,874,000 $ 266,000 $ (8,769,000 ) $ 390,371,000 Mortgage-backed securities 41,906,000 549,000 (652,000 ) 41,803,000 Municipal general obligation bonds 133,894,000 4,092,000 (392,000 ) 137,594,000 Municipal revenue bonds 22,289,000 331,000 (145,000 ) 22,475,000 Other investments 500,000 0 0 500,000 $ 597,463,000 $ 5,238,000 $ (9,958,000 ) $ 592,743,000 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss March 31, 2022 U.S. Government agency debt obligations $ 190,990,000 $ 11,971,000 $ 215,783,000 $ 20,025,000 $ 406,773,000 $ 31,996,000 Mortgage-backed securities 26,110,000 1,783,000 6,594,000 809,000 32,704,000 2,592,000 Municipal general obligation bonds 63,139,000 3,399,000 12,600,000 1,386,000 75,739,000 4,785,000 Municipal revenue bonds 13,671,000 999,000 5,842,000 774,000 19,513,000 1,773,000 $ 293,910,000 $ 18,152,000 $ 240,819,000 $ 22,994,000 $ 534,729,000 $ 41,146,000 Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss December 31, 2021 U.S. Government agency debt obligations $ 274,287,000 $ 5,274,000 $ 110,053,000 $ 3,495,000 $ 384,340,000 $ 8,769,000 Mortgage-backed securities 23,184,000 652,000 24,000 0 23,208,000 652,000 Municipal general obligation bonds 40,748,000 392,000 0 0 40,748,000 392,000 Municipal revenue bonds 12,843,000 137,000 414,000 8,000 13,257,000 145,000 $ 351,062,000 $ 6,455,000 $ 110,491,000 $ 3,503,000 $ 461,553,000 $ 9,958,000 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Weighted Average Amortized Fair Yield (%) Cost Value Due in 2022 1.98 $ 10,171,000 $ 10,171,000 Due in 2023 through 2027 1.11 263,429,000 251,105,000 Due in 2028 through 2032 1.74 295,377,000 273,366,000 Due in 2033 and beyond 2.13 36,339,000 32,773,000 Mortgage-backed securities 1.95 40,215,000 37,746,000 Other investments 3.75 500,000 500,000 Total available for sale securities 1.52 $ 646,031,000 $ 605,661,000 |
Note 3 - Loans and Allowance _2
Note 3 - Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Percent March 31, 2022 December 31, 2021 Increase Balance % Balance % (Decrease) Commercial: Commercial and industrial (1) $ 1,153,814,000 32.4 % $ 1,137,419,000 32.9 % 1.4 % Vacant land, land development, and residential construction 52,693,000 1.5 43,239,000 1.3 21.9 Real estate – owner occupied 582,732,000 16.4 565,758,000 16.4 3.0 Real estate – non-owner occupied 1,007,361,000 28.3 1,027,415,000 29.7 (2.0 ) Real estate – multi-family and residential rental 207,962,000 5.9 176,593,000 5.1 17.8 Total commercial 3,004,562,000 84.5 2,950,424,000 85.4 1.8 Retail: 1-4 family mortgages 522,556,000 14.7 442,547,000 12.8 18.1 Other consumer loans (2) 28,672,000 0.8 60,488,000 1.8 (52.6 ) Total retail 551,228,000 15.5 503,035,000 14.6 9.6 Total loans $ 3,555,790,000 100.0 % $ 3,453,459,000 100.0 % 3.0 % |
Financing Receivable, Nonperforming [Table Text Block] | March 31, December 31, 2022 2021 Loans past due 90 days or more still accruing interest $ 0 $ 155,000 Nonaccrual loans 1,612,000 2,313,000 Total nonperforming loans $ 1,612,000 $ 2,468,000 March 31, December 31, 2022 2021 Commercial: Commercial and industrial $ 0 $ 663,000 Vacant land, land development, and residential construction 0 0 Real estate – owner occupied 0 0 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 0 663,000 Retail: 1-4 family mortgages 1,610,000 1,686,000 Other consumer loans 2,000 119,000 Total retail 1,612,000 1,805,000 Total nonperforming loans $ 1,612,000 $ 2,468,000 |
Financing Receivable, Past Due [Table Text Block] | 30 – 59 Days Past Due 60 – 89 Days Past Due Greater Than 89 Days Past Due Total Past Due Current Total Loans Recorded Balance > 89 Days and Accruing Commercial: Commercial and industrial $ 0 $ 0 $ 0 $ 0 $ 1,153,814,000 $ 1,153,814,000 $ 0 Vacant land, land development, and residential construction 0 0 0 0 52,693,000 52,693,000 0 Real estate – owner occupied 1,195,000 0 0 1,195,000 581,537,000 582,732,000 0 Real estate – non-owner occupied 0 0 0 0 1,007,361,000 1,007,361,000 0 Real estate – multi-family and residential rental 0 0 0 0 207,962,000 207,962,000 0 Total commercial 1,195,000 0 0 1,195,000 3,003,367,000 3,004,562,000 0 Retail: 1-4 family mortgages 567,000 89,000 154,000 810,000 521,746,000 522,556,000 0 Other consumer loans 17,000 0 0 17,000 28,655,000 28,672,000 0 Total retail 584,000 89,000 154,000 827,000 550,401,000 551,228,000 0 Total past due loans $ 1,779,000 $ 89,000 $ 154,000 $ 2,022,000 $ 3,553,768,000 $ 3,555,790,000 $ 0 30 – 59 Days Past Due 60 – 89 Days Past Due Greater Than 89 Days Past Due Total Past Due Current Total Loans Recorded Balance > 89 Days and Accruing Commercial: Commercial and industrial $ 14,000 $ 0 $ 193,000 $ 207,000 $ 1,137,212,000 $ 1,137,419,000 $ 155,000 Vacant land, land development, and residential construction 13,000 0 0 13,000 43,226,000 43,239,000 0 Real estate – owner occupied 0 0 0 0 565,758,000 565,758,000 0 Real estate – non-owner occupied 0 0 0 0 1,027,415,000 1,027,415,000 0 Real estate – multi-family and residential rental 0 0 0 0 176,593,000 176,593,000 0 Total commercial 27,000 0 193,000 220,000 2,950,204,000 2,950,424,000 155,000 Retail: Home equity and other 132,000 2,000 20,000 154,000 60,334,000 60,488,000 0 1-4 family mortgages 1,265,000 241,000 82,000 1,588,000 440,959,000 442,547,000 0 Total retail 1,397,000 243,000 102,000 1,742,000 501,293,000 503,035,000 0 Total past due loans $ 1,424,000 $ 243,000 $ 295,000 $ 1,962,000 $ 3,451,497,000 $ 3,453,459,000 $ 155,000 |
Financing Receivable, Nonaccrual [Table Text Block] | Recorded Principal Related Balance Allowance With no allowance recorded: Commercial: Commercial and industrial $ 0 $ 0 Vacant land, land development and residential construction 0 0 Real estate – owner occupied 0 0 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 0 0 Retail: 1-4 family mortgages 1,585,000 0 Other consumer loans 2,000 0 Total retail 1,587,000 0 Total with no allowance recorded $ 1,587,000 $ 0 With an allowance recorded: Commercial: Commercial and industrial $ 0 $ 0 Vacant land, land development and residential construction 0 0 Real estate – owner occupied 0 0 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 0 0 Retail: 1-4 family mortgages 25,000 25,000 Other consumer loans 0 0 Total retail 25,000 25,000 Total with an allowance recorded $ 25,000 $ 25,000 Total nonaccrual loans: Commercial $ 0 $ 0 Retail 1,612,000 25,000 Total nonaccrual loans $ 1,612,000 $ 25,000 |
Impaired Financing Receivables [Table Text Block] | First Quarter Unpaid Average Contractual Recorded Recorded Principal Principal Related Principal Balance Balance Allowance Balance With no related allowance recorded: Commercial: Commercial and industrial $ 2,893,000 $ 2,818,000 $ 4,913,000 Vacant land, land development and residential construction 0 0 0 Real estate – owner occupied 9,674,000 9,674,000 14,074,000 Real estate – non-owner occupied 0 0 326,000 Real estate – multi-family and residential rental 91,000 91,000 0 Total commercial 12,658,000 12,583,000 19,313,000 Retail: Home equity and other 1,173,000 1,107,000 963,000 1-4 family mortgages 3,166,000 2,205,000 2,550,000 Total retail 4,339,000 3,132,000 3,513,000 Total with no related allowance recorded $ 16,997,000 $ 15,715,000 $ 22,826,000 First Quarter Unpaid Average Contractual Recorded Recorded Principal Principal Related Principal Balance Balance Allowance Balance With an allowance recorded: Commercial: Commercial and industrial $ 2,192,000 $ 2,192,000 $ 266,000 $ 345,000 Vacant land, land development and residential construction 0 0 0 0 Real estate – owner occupied 761,000 761,000 84,000 632,000 Real estate – non-owner occupied 146,000 146,000 4,000 160,000 Real estate – multi-family and residential rental 0 0 0 0 Total commercial 3,099,000 3,099,000 354,000 1,137,000 Retail: Home equity and other 160,000 140,000 123,000 267,000 1-4 family mortgages 412,000 412,000 69,000 665,000 Total retail 572,000 552,000 192,000 932,000 Total with an allowance recorded $ 3,671,000 $ 3,651,000 $ 546,000 $ 2,069,000 Total impaired loans: Commercial $ 15,757,000 $ 15,682,000 $ 354,000 $ 20,450,000 Retail 4,911,000 3,684,000 192,000 4,445,000 Total impaired loans $ 20,668,000 $ 19,366,000 $ 546,000 $ 24,895,000 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Commercial and Industrial Commercial Vacant Land, Land Development, and Residential Construction Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Commercial Real Estate - Multi-Family and Residential Rental Internal credit risk grade groupings: Grades 1 – 4 (1) $ 719,267,000 $ 34,546,000 $ 358,249,000 $ 497,951,000 $ 132,781,000 Grades 5 – 7 415,709,000 18,031,000 222,095,000 496,757,000 75,034,000 Grades 8 – 9 18,838,000 116,000 2,388,000 12,653,000 147,000 Total commercial $ 1,153,814,000 $ 52,693,000 $ 582,732,000 $ 1,007,361,000 $ 207,962,000 Commercial and Industrial Commercial Vacant Land, Land Development, and Residential Construction Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Commercial Real Estate - Multi-Family and Residential Rental Internal credit risk grade groupings: Grades 1 – 4 (1) $ 729,224,000 $ 28,390,000 $ 346,082,000 $ 503,482,000 $ 119,473,000 Grades 5 – 7 398,378,000 14,730,000 208,060,000 511,280,000 56,968,000 Grades 8 – 9 9,817,000 119,000 11,616,000 12,653,000 152,000 Total commercial $ 1,137,419,000 $ 43,239,000 $ 565,758,000 $ 1,027,415,000 $ 176,593,000 |
Financing Receivable by Origination Year [Table Text Block] | 2022 2021 2020 2019 2018 Prior Term Total Revolving Loans Grand Total Commercial: Commercial and Industrial: Grades 1 – 4 $ 23,869 $ 215,466 $ 59,456 $ 14,728 $ 4,966 $ 11,888 $ 330,373 $ 388,894 $ 719,267 Grades 5 – 7 27,468 148,260 73,905 10,949 2,874 850 264,306 151,403 415,709 Grades 8 – 9 3,673 4,716 87 0 60 56 8,592 10,246 18,838 Total $ 55,010 $ 368,442 $ 133,448 $ 25,677 $ 7,900 $ 12,794 $ 603,271 $ 550,543 $ 1,153,814 Vacant Land, Land Development and Residential Construction: Grades 1 – 4 $ 7,651 $ 21,988 $ 4,099 $ 0 $ 0 $ 453 $ 34,191 $ 355 $ 34,546 Grades 5 – 7 4,017 12,444 438 116 0 842 17,857 174 18,031 Grades 8 – 9 0 0 0 0 17 99 116 0 116 Total $ 11,668 $ 34,432 $ 4,537 $ 116 $ 17 $ 1,394 $ 52,164 $ 529 $ 52,693 Real Estate – Owner Occupied: Grades 1 – 4 $ 51,926 $ 186,183 $ 64,960 $ 22,202 $ 18,739 $ 14,239 $ 358,249 $ 0 $ 358,249 Grades 5 – 7 50,222 87,685 46,255 12,241 16,595 9,097 222,095 0 222,095 Grades 8 – 9 0 0 48 2,171 169 0 2,388 0 2,388 Total $ 102,148 $ 273,868 $ 111,263 $ 36,614 $ 35,503 $ 23,336 $ 582,732 $ 0 $ 582,732 Real Estate – Non-Owner Occupied: Grades 1 – 4 $ 40,445 $ 199,956 $ 146,664 $ 71,923 $ 21,200 $ 17,763 $ 497,951 $ 0 $ 497,951 Grades 5 – 7 35,131 193,821 162,866 39,685 15,924 49,330 496,757 0 496,757 Grades 8 – 9 0 12,653 0 0 0 0 12,653 0 12,653 Total $ 75,576 $ 406,430 $ 309,530 $ 111,608 $ 37,124 $ 67,093 $ 1,007,361 $ 0 $ 1,007,361 Real Estate – Multi-Family and Residential Rental: Grades 1 – 4 $ 20,158 $ 59,645 $ 38,770 $ 5,905 $ 3,165 $ 5,138 $ 132,781 $ 0 $ 132,781 Grades 5 – 7 17,570 32,757 15,146 3,992 3,714 1,855 75,034 0 75,034 Grades 8 – 9 0 89 0 0 0 58 147 0 147 Total $ 37,728 $ 92,491 $ 53,916 $ 9,897 $ 6,879 $ 7,051 $ 207,962 $ 0 $ 207,962 Total Commercial $ 282,130 $ 1,175,663 $ 612,694 $ 183,912 $ 87,423 $ 111,668 $ 2,453,490 $ 551,072 $ 3,004,562 Retail: 1-4 Family Mortgages $ 67,861 $ 235,895 $ 101,123 $ 16,365 $ 17,173 $ 52,618 $ 491,035 $ 31,521 $ 522,556 Other Consumer Loans 1,261 4,369 1,915 1,892 807 935 11,179 17,493 28,672 Total Retail $ 69,122 $ 240,264 $ 103,038 $ 18,257 $ 17,980 $ 53,553 $ 502,214 $ 49,014 $ 551,228 Grand Total $ 351,252 $ 1,415,927 $ 715,732 $ 202,169 $ 105,403 $ 165,221 $ 2,955,704 $ 600,086 $ 3,555,790 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Commercial and industrial Commercial vacant land, land development and residential construction Commercial real estate owner occupied Commercial real estate non-owner occupied Commercial real estate multi-family and residential rental 1-4 family mortgages Other consumer loans Unallocated Total Allowance for credit losses: Beginning balance $ 10,782 $ 420 $ 6,045 $ 13,301 $ 1,695 $ 2,449 $ 626 $ 45 $ 35,363 Adoption of ASU 2016-13 (1,571 ) (43 ) (560 ) (2,534 ) (621 ) 5,395 (411 ) (55 ) (400 ) Provision for credit losses (742 ) 106 286 (445 ) 194 593 (33 ) 141 100 Charge-offs (170 ) (29 ) 0 0 0 (2 ) (4 ) 0 (205 ) Recoveries 114 1 32 0 8 127 13 0 295 Ending balance $ 8,413 $ 455 $ 5,803 $ 10,322 $ 1,276 $ 8,562 $ 191 $ 131 $ 35,153 Commercial and industrial Commercial vacant land, land development and residential construction Commercial real estate owner occupied Commercial real estate non-owner occupied Commercial real estate multi-family and residential rental Home equity and other 1 4 family mortgages Unallocated Total Allowance for loan losses: Beginning balance $ 9,424 $ 679 $ 8,246 $ 13,611 $ 1,819 $ 889 $ 3,240 $ 59 $ 37,967 Provision for loan losses 583 40 (181 ) 140 6 (82 ) (337 ) 131 300 Charge-offs 0 (15 ) 0 0 0 (4 ) (33 ) 0 (52 ) Recoveries 104 16 239 0 0 38 83 0 480 Ending balance $ 10,111 $ 720 $ 8,304 $ 13,751 $ 1,825 $ 841 $ 2,953 $ 190 $ 38,695 Ending balance: individually evaluated for impairment $ 62 $ 0 $ 47 $ 7 $ 0 $ 230 $ 141 $ 0 $ 487 Ending balance: collectively evaluated for impairment $ 10,049 $ 720 $ 8,257 $ 13,744 $ 1,825 $ 611 $ 2,812 $ 190 $ 38,208 Total loans (*): Ending balance $ 1,097,309 $ 43,239 $ 565,758 $ 1,027,415 $ 176,593 $ 60,488 $ 442,547 $ 3,413,349 Ending balance: individually evaluated for impairment $ 5,010 $ 0 $ 10,435 $ 146 $ 91 $ 1,247 $ 2,437 $ 19,366 Ending balance: collectively evaluated for impairment $ 1,092,299 $ 43,239 $ 555,323 $ 1,027,269 $ 176,502 $ 59,241 $ 440,110 $ 3,393,983 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | Pre- Post- Modification Modification Recorded Recorded Number of Principal Principal Contracts Balance Balance Commercial: Commercial and industrial 0 $ 0 $ 0 Vacant land, land development and residential construction 0 0 0 Real estate – owner occupied 0 0 0 Real estate – non-owner occupied 0 0 0 Real estate – multi-family and residential rental 0 0 0 Total commercial 0 0 0 Retail: 1-4 family mortgages 2 128,000 128,000 Other consumer loans 0 0 0 Total retail 2 128,000 128,000 Total loans 2 $ 128,000 $ 128,000 Pre- Post- Modification Modification Recorded Recorded Number of Principal Principal Contracts Balance Balance Commercial: Commercial and industrial 1 $ 23,000 $ 22,000 Vacant land, land development and residential construction 0 0 0 Real estate – owner occupied 0 0 0 Real estate – non-owner occupied 0 0 0 Real estate – multi-family and residential rental 0 0 0 Total commercial 1 23,000 22,000 Retail: Home equity and other 1 71,000 71,000 1-4 family mortgages 1 36,000 36,000 Total retail 2 107,000 107,000 Total loans 3 $ 130,000 $ 129,000 |
Troubled Debt Restructurings on Financing Receivables with in Previous Twelve Months that Became Over Thirty Days Past Due [Table Text Block] | Recorded Number of Principal Contracts Balance Commercial: Commercial and industrial 0 $ 0 Vacant land, land development and residential construction 0 0 Real estate – owner occupied 0 0 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 0 0 Retail: 1-4 family mortgages 0 0 Other consumer loans 0 0 Total retail 0 0 Total 0 $ 0 Recorded Number of Principal Contracts Balance Commercial: Commercial and industrial 2 $ 593,000 Vacant land, land development and residential construction 0 0 Real estate – owner occupied 0 0 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 2 593,000 Retail: Home equity and other 0 0 1-4 family mortgages 1 6,000 Total retail 1 6,000 Total 3 $ 599,000 |
Trouble Debt Restructuring Activity [Table Text Block] | Commercial and Industrial Commercial Vacant Land, Land Development, and Residential Construction Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Commercial Real Estate - Multi-Family and Residential Rental Commercial Loan Portfolio: Beginning Balance $ 4,973,000 $ 0 $ 10,435,000 $ 146,000 $ 91,000 Charge-Offs 0 0 0 0 0 Payments (212,000 ) 0 (9,677,000 ) (3,000 ) (1,000 ) Transfers to ORE 0 0 0 0 0 Net Additions/Deletions (1,932,000 ) 0 (669,000 ) 0 0 Ending Balance $ 2,829,000 $ 0 $ 89,000 $ 143,000 $ 90,000 Retail Retail 1-4 Family Other Consumer Mortgages Loans Retail Loan Portfolio: Beginning Balance $ 627,000 $ 1,202,000 Charge-Offs 0 0 Payments (78,000 ) (2,000 ) Transfers to ORE 0 0 Net Additions/Deletions (1) 1,797,000 (1,187,000 ) Ending Balance $ 2,346,000 $ 13,000 Commercial and Industrial Commercial Vacant Land, Land Development, and Residential Construction Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-Owner Occupied Commercial Real Estate - Multi-Family and Residential Rental Commercial Loan Portfolio: Beginning Balance $ 6,414,000 $ 0 $ 14,797,000 $ 480,000 $ 0 Charge-Offs 0 0 0 0 0 Payments (2,676,000 ) 0 (910,000 ) (9,000 ) 0 Transfers to ORE 0 0 0 0 0 Net Additions/Deletions 22,000 0 0 0 0 Ending Balance $ 3,760,000 $ 0 $ 13,887,000 $ 471,000 $ 0 Retail Retail Home Equity 1-4 Family and Other Mortgages Retail Loan Portfolio: Beginning Balance $ 1,146,000 $ 806,000 Charge-Offs 0 0 Payments (118,000 ) (22,000 ) Transfers to ORE 0 0 Net Additions/Deletions 71,000 36,000 Ending Balance $ 1,099,000 $ 820,000 |
Retail Portfolio Segment [Member] | |
Notes Tables | |
Financing Receivable Credit Quality Indicators [Table Text Block] | Retail Retail 1-4 Family Other Consumer Mortgages Loans Performing $ 520,946,000 $ 28,670,000 Nonperforming 1,610,000 2,000 Total retail $ 522,556,000 $ 28,672,000 Retail Retail Home Equity 1-4 Family and Other Mortgages Performing $ 60,369,000 $ 440,861,000 Nonperforming 119,000 1,686,000 Total retail $ 60,488,000 $ 442,547,000 |
Note 4 - Premises and Equipme_2
Note 4 - Premises and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2022 2021 Land and improvements $ 15,111,000 $ 15,111,000 Buildings 56,202,000 56,168,000 Furniture and equipment 23,244,000 22,974,000 94,557,000 94,253,000 Less: accumulated depreciation 38,479,000 36,955,000 Premises and equipment, net $ 56,078,000 $ 57,298,000 |
Note 5 - Deposits (Tables)
Note 5 - Deposits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Summary of Deposits and Percentage Change in Deposits [Table Text Block] | Percent March 31, 2022 December 31, 2021 Increase Balance % Balance % (Decrease) Noninterest-bearing checking $ 1,686,203,000 42.4 % $ 1,677,952,000 41.1 % 0.5 % Interest-bearing checking 544,221,000 13.7 538,838,000 13.2 1.0 Money market 943,246,000 23.7 1,040,176,000 25.5 (9.3 ) Savings 406,545,000 10.2 394,330,000 9.7 3.1 Time, under $100,000 127,755,000 3.2 132,776,000 3.2 (3.8 ) Time, $100,000 and over 252,088,000 6.4 275,208,000 6.7 (8.4 ) Total local deposits 3,960,058,000 99.6 4,059,280,000 99.4 (2.4 ) Out-of-area time, $100,000 and over 16,193,000 0.4 23,913,000 0.6 (32.3 ) Total deposits $ 3,976,251,000 100.0 % $ 4,083,193,000 100.0 % (2.6 %) |
Note 6 - Securities Sold Unde_2
Note 6 - Securities Sold Under Agreements to Repurchase (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Repurchase Agreements [Table Text Block] | Three Months Ended Twelve Months Ended March 31, 2022 December 31, 2021 Outstanding balance at end of period $ 204,271,000 $ 197,463,000 Average interest rate at end of period 0.10 % 0.11 % Average daily balance during the period $ 198,949,000 $ 158,855,000 Average interest rate during the period 0.10 % 0.11 % Maximum daily balance during the period $ 224,345,000 $ 209,093,000 |
Note 7 - Federal Home Loan Ba_2
Note 7 - Federal Home Loan Bank of Indianapolis Advances (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Maturities of Currently Outstanding FHLB Advances [Table Text Block] | 2022 $ 74,000,000 2023 80,000,000 2024 80,000,000 2025 50,000,000 2026 30,000,000 Thereafter 40,000,000 2022 $ 0 2023 353,000 2024 826,000 2025 862,000 2026 899,000 Thereafter 25,323,000 |
Note 8 - Commitments and Off-_2
Note 8 - Commitments and Off-balance Sheet Risk (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Summary of Contractual Amounts of Financial Instruments With Off Balance Sheet Risk [Table Text Block] | March 31, December 31, 2022 2021 Commercial unused lines of credit $ 1,115,888,000 $ 1,098,951,000 Unused lines of credit secured by 1–4 family residential properties 65,112,000 64,313,000 Credit card unused lines of credit 95,813,000 92,146,000 Other consumer unused lines of credit 72,544,000 64,876,000 Commitments to make loans 158,102,000 212,476,000 Standby letters of credit 32,954,000 33,109,000 $ 1,540,413,000 $ 1,565,871,000 |
Note 9 - Derivatives and Hedg_2
Note 9 - Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Notional Amount Balance Sheet Location Fair Value Derivative Assets Interest rate swaps $ 338,231,000 Other Assets $ 10,053,000 Derivative Liabilities Interest rate swaps 338,231,000 Other Liabilities 10,246,000 Notional Amount Balance Sheet Location Fair Value Derivative Assets Interest rate swaps $ 279,419,000 Other Assets $ 4,609,000 Derivative Liabilities Interest rate swaps 279,419,000 Other Liabilities 4,857,000 |
Note 10 - Fair Values of Fina_2
Note 10 - Fair Values of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Level in March 31, 2022 December 31, 2021 Fair Value Carrying Fair Carrying Fair Hierarchy Values Values Values Values Financial assets: Cash Level 1 $ 18,898 $ 18,898 $ 17,872 $ 17,872 Cash equivalents Level 1 751,306 751,306 957,288 957,288 Securities available for sale (1) 605,661 605,661 592,743 592,743 FHLBI stock (2) 17,721 17,721 18,002 18,002 Loans, net Level 3 3,520,637 3,542,217 3,418,096 3,498,345 Mortgage loans held for sale Level 2 14,746 15,208 16,117 16,707 Mortgage servicing rights Level 2 12,484 16,533 12,248 15,445 Accrued interest receivable Level 2 10,655 10,655 9,311 9,311 Interest rate swaps Level 2 10,053 10,053 4,609 4,609 Financial liabilities: Deposits Level 2 3,976,251 3,795,104 4,083,193 4,028,249 Repurchase agreements Level 2 204,271 204,271 197,463 197,463 FHLBI advances Level 2 382,263 372,887 374,000 384,927 Subordinated debentures Level 2 48,415 49,990 48,244 48,284 Subordinated notes Level 2 88,428 88,429 73,646 73,646 Accrued interest payable Level 2 2,150 2,150 1,393 1,393 Interest rate swaps Level 2 10,246 10,246 4,857 4,857 |
Note 11 - Fair Values (Tables)
Note 11 - Fair Values (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Available for sale securities U.S. Government agency debt obligations $ 410,578,000 $ 0 $ 410,578,000 $ 0 Mortgage-backed securities 37,746,000 0 37,746,000 0 Municipal general obligation bonds 134,671,000 0 133,994,000 677,000 Municipal revenue bonds 22,166,000 0 22,166,000 0 Other investments 500,000 0 500,000 0 Interest rate swaps 10,053,000 0 10,053,000 0 Total $ 615,714,000 $ 0 $ 615,037,000 $ 677,000 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Available for sale securities U.S. Government agency debt obligations $ 390,371,000 $ 0 $ 390,371,000 $ 0 Mortgage-backed securities 41,803,000 0 41,803,000 0 Municipal general obligation bonds 137,594,000 0 136,917,000 677,000 Municipal revenue bonds 22,475,000 0 22,475,000 0 Other investments 500,000 0 500,000 0 Interest rate swaps 4,609,000 0 4,609,000 0 Total $ 597,352,000 $ 0 $ 596,675,000 $ 677,000 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Loans $ 1,338,000 $ 0 $ 0 $ 1,338,000 Foreclosed assets 0 0 0 0 Total $ 1,338,000 $ 0 $ 0 $ 1,338,000 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Impaired loans $ 3,807,000 $ 0 $ 0 $ 3,807,000 Foreclosed assets 0 0 0 0 Total $ 3,807,000 $ 0 $ 0 $ 3,807,000 |
Note 12 - Regulatory Matters (T
Note 12 - Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Minimum Required to be Well Minimum Required Capitalized Under for Capital Prompt Corrective Actual Adequacy Purposes Action Regulations Amount Ratio Amount Ratio Amount Ratio March 31, 2022 Total capital (to risk weighted assets) Consolidated $ 587,976 14.1 % $ 333,754 8.0 % $ NA NA Bank 574,013 13.8 333,587 8.0 416,984 10.0 % Tier 1 capital (to risk weighted assets) Consolidated 464,396 11.1 250,315 6.0 NA NA Bank 538,860 12.9 250,191 6.0 333,587 8.0 Common equity tier 1 (to risk weighted assets) Consolidated 418,055 10.0 187,737 4.5 NA NA Bank 538,860 12.9 187,643 4.5 271,040 6.5 Tier 1 capital (to average assets) Consolidated 464,396 9.0 205,492 4.0 NA NA Bank 538,860 10.5 205,409 4.0 256,761 5.0 December 31, 2021 Total capital (to risk weighted assets) Consolidated $ 565,143 14.0 % $ 324,101 8.0 % $ NA NA Bank 551,760 13.6 323,928 8.0 404,910 10.0 % Tier 1 capital (to risk weighted assets) Consolidated 456,133 11.3 243,076 6.0 NA NA Bank 516,397 12.8 242,946 6.0 323,928 8.0 Common equity tier 1 (to risk weighted assets) Consolidated 409,963 10.1 182,307 4.5 NA NA Bank 516,397 12.8 182,210 4.5 263,192 6.5 Tier 1 capital (to average assets) Consolidated 456,133 9.2 198,574 4.0 NA NA Bank 516,397 10.4 198,510 4.0 248,137 5.0 |
Note 1 - Significant Accounti_3
Note 1 - Significant Accounting Policies (Details Textual) | 3 Months Ended | ||||||
Mar. 31, 2022USD ($)shares | Mar. 31, 2021USD ($)shares | Jan. 01, 2022USD ($) | Dec. 31, 2021USD ($) | May 31, 2021USD ($) | Dec. 31, 2020USD ($) | Aug. 08, 2020USD ($) | |
Number of Unconsolidated Business Trusts Formed to Issue Trust Preferred Securities | 5 | ||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 3,555,790,000 | $ 3,453,459,000 | |||||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Ending Balance | 0 | ||||||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Total | $ 3,000,000 | ||||||
Interest Income on Commercial and Mortgage Loans Discontinued Period (Day) | 90 days | ||||||
Maximum Delinquency Period for Consumer and Credit Card Loans to be Charged Off (Day) | 120 days | ||||||
Mortgages Held-for-sale, Fair Value Disclosure | $ 15,200,000 | 16,700,000 | |||||
Servicing Asset, Total | 1,360,000,000 | 1,340,000,000 | |||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 35,153,000 | $ 38,695,000 | 35,363,000 | $ 37,967,000 | |||
Retained Earnings (Accumulated Deficit), Total | $ 181,532,000 | 174,536,000 | |||||
Core Deposits [Member] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ (400,000) | $ (400,000) | |||||
Retained Earnings (Accumulated Deficit), Total | 300,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Other Assets [Member] | |||||||
Deferred Income Tax Assets, Net | $ 100,000 | ||||||
Restricted Stock [Member] | |||||||
Incremental Common Shares Attributable to Participating Nonvested Shares with Non-forfeitable Dividend Rights (in shares) | shares | 335,000 | 262,000 | |||||
Share-Based Payment Arrangement, Option [Member] | |||||||
Incremental Common Shares Attributable to Participating Nonvested Shares with Non-forfeitable Dividend Rights (in shares) | shares | 8,000 | 3,000 | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 7,000 | ||||||
SBA, CARES Act, Paycheck Protection Program [Member] | |||||||
Number of Loans Originated Under the Paycheck Protection Program | 2,200 | ||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 553,000,000 | ||||||
Financing Receivable, Not Yet Forgiven, Number of Loans | 6 | ||||||
Financing Receivable, Not Yet Forgiven | $ 900,000 | ||||||
Amortization of Deferred Loan Origination Fees, Net | $ 100,000 | ||||||
SBA, CARES Act, Paycheck Protection Program, Round Two [Member] | |||||||
Number of Loans Originated Under the Paycheck Protection Program | 1,200 | ||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 208,000,000 | ||||||
Financing Receivable, Not Yet Forgiven, Number of Loans | 38 | ||||||
Financing Receivable, Not Yet Forgiven | $ 11,300,000 | ||||||
Amortization of Deferred Loan Origination Fees, Net | $ 800,000 |
Note 1 - Significant Accounti_4
Note 1 - Significant Accounting Policies - Noninterest Income (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Service Charges on Deposit and Sweep Accounts [Member] | ||
Noninterest revenue | $ 1,416,000 | $ 1,155,000 |
Credit and Debit Card [Member] | ||
Noninterest revenue | 1,881,000 | 1,678,000 |
Payroll Processing [Member] | ||
Noninterest revenue | 638,000 | 557,000 |
Customer Service [Member] | ||
Noninterest revenue | $ 242,000 | $ 223,000 |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 527 | 333 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total | $ 534,729,000 | $ 461,553,000 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss, Total | 41,146,000 | 9,958,000 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | 0 | 0 |
Debt Securities, Available-for-Sale, Amortized Cost, Total | 646,031,000 | 597,463,000 |
Debt Securities, Available-for-Sale, Total | 605,661,000 | 592,743,000 |
State of Michigan and All Its Political Subdivisions [Member] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Total | 161,000,000 | 155,000,000 |
Debt Securities, Available-for-Sale, Total | 155,000,000 | 158,000,000 |
All Other States and Their Political Subdivisions [Member] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Total | 1,600,000 | 1,700,000 |
Debt Securities, Available-for-Sale, Total | 1,600,000 | 1,700,000 |
US Government Agency Debt Obligations and Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Restricted | $ 204,000,000 | $ 197,000,000 |
Note 2 - Securities - Available
Note 2 - Securities - Available-for-sale Securities (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Securities available for sale, amortized cost | $ 646,031,000 | $ 597,463,000 |
Securities available for sale, gross unrealized gains | 776,000 | 5,238,000 |
Securities available for sale, gross unrealized losses | (41,146,000) | (9,958,000) |
Securities available for sale, fair value | 605,661,000 | 592,743,000 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale, amortized cost | 442,500,000 | 398,874,000 |
Securities available for sale, gross unrealized gains | 74,000 | 266,000 |
Securities available for sale, gross unrealized losses | (31,996,000) | (8,769,000) |
Securities available for sale, fair value | 410,578,000 | 390,371,000 |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities available for sale, amortized cost | 40,215,000 | 41,906,000 |
Securities available for sale, gross unrealized gains | 123,000 | 549,000 |
Securities available for sale, gross unrealized losses | (2,592,000) | (652,000) |
Securities available for sale, fair value | 37,746,000 | 41,803,000 |
Municipal General Obligation Bonds [Member] | ||
Securities available for sale, amortized cost | 138,916,000 | 133,894,000 |
Securities available for sale, gross unrealized gains | 540,000 | 4,092,000 |
Securities available for sale, gross unrealized losses | (4,785,000) | (392,000) |
Securities available for sale, fair value | 134,671,000 | 137,594,000 |
Municipal Revenue Bonds [Member] | ||
Securities available for sale, amortized cost | 23,900,000 | 22,289,000 |
Securities available for sale, gross unrealized gains | 39,000 | 331,000 |
Securities available for sale, gross unrealized losses | (1,773,000) | (145,000) |
Securities available for sale, fair value | 22,166,000 | 22,475,000 |
Other Debt and Equity Securities [Member] | ||
Securities available for sale, amortized cost | 500,000 | 500,000 |
Securities available for sale, gross unrealized gains | 0 | 0 |
Securities available for sale, gross unrealized losses | 0 | 0 |
Securities available for sale, fair value | $ 500,000 | $ 500,000 |
Note 2 - Securities - Securitie
Note 2 - Securities - Securities in a Continuous Loss Position (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Securities available for sale, continuous unrealized loss position, less than 12 months | $ 293,910,000 | $ 351,062,000 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 18,152,000 | 6,455,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 240,819,000 | 110,491,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 22,994,000 | 3,503,000 |
Securities available for sale, continuous unrealized loss position | 534,729,000 | 461,553,000 |
Securities available for sale, continuous unrealized loss position, unrealized loss | 41,146,000 | 9,958,000 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale, continuous unrealized loss position, less than 12 months | 190,990,000 | 274,287,000 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 11,971,000 | 5,274,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 215,783,000 | 110,053,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 20,025,000 | 3,495,000 |
Securities available for sale, continuous unrealized loss position | 406,773,000 | 384,340,000 |
Securities available for sale, continuous unrealized loss position, unrealized loss | 31,996,000 | 8,769,000 |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities available for sale, continuous unrealized loss position, less than 12 months | 26,110,000 | 23,184,000 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 1,783,000 | 652,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 6,594,000 | 24,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 809,000 | 0 |
Securities available for sale, continuous unrealized loss position | 32,704,000 | 23,208,000 |
Securities available for sale, continuous unrealized loss position, unrealized loss | 2,592,000 | 652,000 |
Municipal General Obligation Bonds [Member] | ||
Securities available for sale, continuous unrealized loss position, less than 12 months | 63,139,000 | 40,748,000 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 3,399,000 | 392,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 12,600,000 | 0 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 1,386,000 | 0 |
Securities available for sale, continuous unrealized loss position | 75,739,000 | 40,748,000 |
Securities available for sale, continuous unrealized loss position, unrealized loss | 4,785,000 | 392,000 |
Municipal Revenue Bonds [Member] | ||
Securities available for sale, continuous unrealized loss position, less than 12 months | 13,671,000 | 12,843,000 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 999,000 | 137,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 5,842,000 | 414,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 774,000 | 8,000 |
Securities available for sale, continuous unrealized loss position | 19,513,000 | 13,257,000 |
Securities available for sale, continuous unrealized loss position, unrealized loss | $ 1,773,000 | $ 145,000 |
Note 2 - Securities - Debt Secu
Note 2 - Securities - Debt Securities by Maturity (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Due in 2022, Weighted Average Yield | 1.98% | |
Due in 2022, Amortized Cost | $ 10,171,000 | |
Due in 2022, Fair Value | $ 10,171,000 | |
Due in 2023 through 2027, Weighted Average Yield | 1.11% | |
Due in 2023 through 2027, Amortized Cost | $ 263,429,000 | |
Due in 2023 through 2027, Fair Value | $ 251,105,000 | |
Due in 2028 through 2032, Weighted Average Yield | 1.74% | |
Due in 2028 through 2032, Amortized Cost | $ 295,377,000 | |
Due in 2028 through 2032, Fair Value | $ 273,366,000 | |
Due in 2033 and beyond, Weighted Average Yield | 2.13% | |
Due in 2033 and beyond, Amortized Cost | $ 36,339,000 | |
Due in 2033 and beyond, Fair Value | $ 32,773,000 | |
Total available for sale securities, weighted average yield | 1.52% | |
Total available for sale securities, Amortized Cost | $ 646,031,000 | $ 597,463,000 |
Securities available for sale | $ 605,661,000 | 592,743,000 |
Collateralized Mortgage-Backed Securities [Member] | ||
No single maturity, weighted average yield | 1.95% | |
No single maturity, amortized cost | $ 40,215,000 | |
No single maturity, fair value | 37,746,000 | |
Total available for sale securities, Amortized Cost | 40,215,000 | 41,906,000 |
Securities available for sale | $ 37,746,000 | 41,803,000 |
Other Debt and Equity Securities [Member] | ||
No single maturity, weighted average yield | 3.75% | |
No single maturity, amortized cost | $ 500,000 | |
No single maturity, fair value | 500,000 | |
Total available for sale securities, Amortized Cost | 500,000 | 500,000 |
Securities available for sale | $ 500,000 | $ 500,000 |
Note 3 - Loans and Allowance _3
Note 3 - Loans and Allowance for Credit Losses (Details Textual) - USD ($) | 3 Months Ended | ||||||
Mar. 31, 2022 | Mar. 31, 2021 | Jan. 01, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Aug. 08, 2020 | ||
Financing Receivable, before Allowance for Credit Loss, Total | $ 3,555,790,000 | $ 3,453,459,000 | |||||
Increase (Decrease) in Finance Receivables | $ 102,000,000 | ||||||
Loans and Leases Receivable, Percentage Period Increase (Decrease) | 3.00% | ||||||
Financing Receivable, Nonaccrual, Interest Income | $ 0 | $ 0 | |||||
Financing Receivable, Nonaccrual | 1,612,000 | ||||||
Financing Receivable, Accruing Trouble Debt Restructurings, Interest Income | 400,000 | ||||||
Maximum [Member] | |||||||
Interest Lost on Nonaccrual Loans | 100,000 | 100,000 | |||||
SBA, CARES Act, Paycheck Protection Program [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 553,000,000 | ||||||
Financing Receivable With No Allowance [Member] | |||||||
Financing Receivable, Nonaccrual | 1,500,000 | ||||||
Commercial Portfolio Segment [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss, Total | 3,004,562,000 | 2,950,424,000 | |||||
Financing Receivable, Nonaccrual | 0 | ||||||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss, Total | [1] | 1,153,814,000 | 1,137,419,000 | ||||
Financing Receivable, Troubled Debt Restructuring | 2,829,000 | 3,760,000 | 4,973,000 | $ 6,414,000 | |||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Grades 1-4 [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss, Total | [2] | 719,267,000 | 729,224,000 | ||||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | SBA, CARES Act, Paycheck Protection Program [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss, Total | 12,200,000 | 40,100,000 | |||||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | SBA, CARES Act, Paycheck Protection Program [Member] | Grades 1-4 [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss, Total | 12,200,000 | 40,100,000 | |||||
Retail Portfolio Segment [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss, Total | 551,228,000 | 503,035,000 | |||||
Financing Receivable, Nonaccrual | 1,612,000 | ||||||
Retail Portfolio Segment [Member] | Home Equity Loan [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss, Total | 31,900,000 | 29,500,000 | |||||
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss, Total | [3] | 28,672,000 | 60,488,000 | ||||
Financing Receivable, Troubled Debt Restructuring | 13,000 | 1,099,000 | 1,202,000 | 1,146,000 | |||
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||||
Financing Receivable, Troubled Debt Restructuring | $ (1,200,000) | ||||||
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss, Total | 522,556,000 | 442,547,000 | |||||
Financing Receivable, Troubled Debt Restructuring | $ 2,346,000 | $ 820,000 | $ 627,000 | $ 806,000 | |||
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||||
Financing Receivable, Troubled Debt Restructuring | $ 1,200,000 | ||||||
[1] | For March 31, 2022, and December 31, 2021, includes $12.2 million and $40.1 million in loans originated under the Paycheck Protection Program, respectively. | ||||||
[2] | Included in Commercial and Industrial Loans Grades 1 – 4 are $12.2 million of loans originated under the Paycheck Protection Program. | ||||||
[3] | In conjunction with the adoption of the CECL methodology effective January 1, 2022, home equity lines of credit were reclassified to 1-4 family mortgage loans from other consumer loans. Home equity lines of credit totaled $31.9 million and $29.5 million as of March 31, 2022 and December 31, 2021, respectively. |
Note 3 - Loans and Allowance _4
Note 3 - Loans and Allowance for Credit Losses - Components of Loan Portfolio (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | ||
Loans | $ 3,555,790,000 | $ 3,453,459,000 | |
Percent of portfolio | 100.00% | 100.00% | |
Period increase (decrease) | 3.00% | ||
Commercial Portfolio Segment [Member] | |||
Loans | $ 3,004,562,000 | $ 2,950,424,000 | |
Percent of portfolio | 84.50% | 85.40% | |
Period increase (decrease) | 1.80% | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Loans | [1] | $ 1,153,814,000 | $ 1,137,419,000 |
Percent of portfolio | [1] | 32.40% | 32.90% |
Period increase (decrease) | [1] | 1.40% | |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Loans | $ 52,693,000 | $ 43,239,000 | |
Percent of portfolio | 1.50% | 1.30% | |
Period increase (decrease) | 21.90% | ||
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Loans | $ 582,732,000 | $ 565,758,000 | |
Percent of portfolio | 16.40% | 16.40% | |
Period increase (decrease) | 3.00% | ||
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Loans | $ 1,007,361,000 | $ 1,027,415,000 | |
Percent of portfolio | 28.30% | 29.70% | |
Period increase (decrease) | (2.00%) | ||
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Loans | $ 207,962,000 | $ 176,593,000 | |
Percent of portfolio | 5.90% | 5.10% | |
Period increase (decrease) | 17.80% | ||
Retail Portfolio Segment [Member] | |||
Loans | $ 551,228,000 | $ 503,035,000 | |
Percent of portfolio | 15.50% | 14.60% | |
Period increase (decrease) | 9.60% | ||
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Loans | $ 522,556,000 | $ 442,547,000 | |
Percent of portfolio | 14.70% | 12.80% | |
Period increase (decrease) | 18.10% | ||
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Loans | [2] | $ 28,672,000 | $ 60,488,000 |
Percent of portfolio | [2] | 0.80% | 1.80% |
Period increase (decrease) | [2] | (52.60%) | |
[1] | For March 31, 2022, and December 31, 2021, includes $12.2 million and $40.1 million in loans originated under the Paycheck Protection Program, respectively. | ||
[2] | In conjunction with the adoption of the CECL methodology effective January 1, 2022, home equity lines of credit were reclassified to 1-4 family mortgage loans from other consumer loans. Home equity lines of credit totaled $31.9 million and $29.5 million as of March 31, 2022 and December 31, 2021, respectively. |
Note 3 - Loans and Allowance _5
Note 3 - Loans and Allowance for Credit Losses - Nonperforming Loans (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Loans past due 90 days or more still accruing interest | $ 0 | $ 155,000 |
Nonaccrual loans | 1,612,000 | |
Commercial Portfolio Segment [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 155,000 |
Nonaccrual loans | 0 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 155,000 |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Retail Portfolio Segment [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Nonaccrual loans | 1,612,000 | |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Nonperforming Financial Instruments [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 155,000 |
Nonaccrual loans | 1,612,000 | 2,313,000 |
Total nonperforming loans | 1,612,000 | 2,468,000 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | ||
Total nonperforming loans | 0 | 663,000 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Total nonperforming loans | 0 | 663,000 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||
Total nonperforming loans | 0 | 0 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||
Total nonperforming loans | 0 | 0 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||
Total nonperforming loans | 0 | 0 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||
Total nonperforming loans | 0 | 0 |
Nonperforming Financial Instruments [Member] | Retail Portfolio Segment [Member] | ||
Total nonperforming loans | 1,612,000 | 1,805,000 |
Nonperforming Financial Instruments [Member] | Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||
Total nonperforming loans | 1,610,000 | 1,686,000 |
Nonperforming Financial Instruments [Member] | Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Total nonperforming loans | $ 2,000 | $ 119,000 |
Note 3 - Loans and Allowance _6
Note 3 - Loans and Allowance for Credit Losses - Age Analysis of Past Due Loans (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, before Allowance for Credit Loss, Total | $ 3,555,790,000 | $ 3,453,459,000 | |
Loans past due 90 days or more still accruing interest | 0 | 155,000 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 3,004,562,000 | 2,950,424,000 | |
Loans past due 90 days or more still accruing interest | 0 | 155,000 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | [1] | 1,153,814,000 | 1,137,419,000 |
Loans past due 90 days or more still accruing interest | 0 | 155,000 | |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 52,693,000 | 43,239,000 | |
Loans past due 90 days or more still accruing interest | 0 | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 582,732,000 | 565,758,000 | |
Loans past due 90 days or more still accruing interest | 0 | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,007,361,000 | 1,027,415,000 | |
Loans past due 90 days or more still accruing interest | 0 | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 207,962,000 | 176,593,000 | |
Loans past due 90 days or more still accruing interest | 0 | 0 | |
Retail Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 551,228,000 | 503,035,000 | |
Loans past due 90 days or more still accruing interest | 0 | 0 | |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 522,556,000 | 442,547,000 | |
Loans past due 90 days or more still accruing interest | 0 | 0 | |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | [2] | 28,672,000 | 60,488,000 |
Loans past due 90 days or more still accruing interest | 0 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,779,000 | 1,424,000 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,195,000 | 27,000 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 14,000 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 13,000 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,195,000 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Retail Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 584,000 | 1,397,000 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 567,000 | 1,265,000 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 17,000 | 132,000 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 89,000 | 243,000 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Retail Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 89,000 | 243,000 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 89,000 | 241,000 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 2,000 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 154,000 | 295,000 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 193,000 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 193,000 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Retail Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 154,000 | 102,000 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 154,000 | 82,000 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 20,000 | |
Financial Asset, Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 2,022,000 | 1,962,000 | |
Financial Asset, Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,195,000 | 220,000 | |
Financial Asset, Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 207,000 | |
Financial Asset, Past Due [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 13,000 | |
Financial Asset, Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,195,000 | 0 | |
Financial Asset, Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Financial Asset, Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Financial Asset, Past Due [Member] | Retail Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 827,000 | 1,742,000 | |
Financial Asset, Past Due [Member] | Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 810,000 | 1,588,000 | |
Financial Asset, Past Due [Member] | Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 17,000 | 154,000 | |
Financial Asset, Not Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 3,553,768,000 | 3,451,497,000 | |
Financial Asset, Not Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 3,003,367,000 | 2,950,204,000 | |
Financial Asset, Not Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,153,814,000 | 1,137,212,000 | |
Financial Asset, Not Past Due [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 52,693,000 | 43,226,000 | |
Financial Asset, Not Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 581,537,000 | 565,758,000 | |
Financial Asset, Not Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,007,361,000 | 1,027,415,000 | |
Financial Asset, Not Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 207,962,000 | 176,593,000 | |
Financial Asset, Not Past Due [Member] | Retail Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 550,401,000 | 501,293,000 | |
Financial Asset, Not Past Due [Member] | Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 521,746,000 | 440,959,000 | |
Financial Asset, Not Past Due [Member] | Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | $ 28,655,000 | $ 60,334,000 | |
[1] | For March 31, 2022, and December 31, 2021, includes $12.2 million and $40.1 million in loans originated under the Paycheck Protection Program, respectively. | ||
[2] | In conjunction with the adoption of the CECL methodology effective January 1, 2022, home equity lines of credit were reclassified to 1-4 family mortgage loans from other consumer loans. Home equity lines of credit totaled $31.9 million and $29.5 million as of March 31, 2022 and December 31, 2021, respectively. |
Note 3 - Loans and Allowance _7
Note 3 - Loans and Allowance for Credit Losses - Nonaccrual Loans (Details) | Mar. 31, 2022USD ($) |
Recorded Principal Balance, With no Allowance Recorded | $ 1,587,000 |
Recorded Principal Balance, With Allowance Recorded | 25,000 |
Financing Receivable, Nonaccrual, Allowance | 25,000 |
Nonaccrual loans | 1,612,000 |
Commercial Portfolio Segment [Member] | |
Recorded Principal Balance, With no Allowance Recorded | 0 |
Recorded Principal Balance, With Allowance Recorded | 0 |
Financing Receivable, Nonaccrual, Allowance | 0 |
Nonaccrual loans | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |
Recorded Principal Balance, With no Allowance Recorded | 0 |
Recorded Principal Balance, With Allowance Recorded | 0 |
Financing Receivable, Nonaccrual, Allowance | 0 |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |
Recorded Principal Balance, With no Allowance Recorded | 0 |
Recorded Principal Balance, With Allowance Recorded | 0 |
Financing Receivable, Nonaccrual, Allowance | 0 |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |
Recorded Principal Balance, With no Allowance Recorded | 0 |
Recorded Principal Balance, With Allowance Recorded | 0 |
Financing Receivable, Nonaccrual, Allowance | 0 |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |
Recorded Principal Balance, With no Allowance Recorded | 0 |
Recorded Principal Balance, With Allowance Recorded | 0 |
Financing Receivable, Nonaccrual, Allowance | 0 |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |
Recorded Principal Balance, With no Allowance Recorded | 0 |
Recorded Principal Balance, With Allowance Recorded | 0 |
Financing Receivable, Nonaccrual, Allowance | 0 |
Retail Portfolio Segment [Member] | |
Recorded Principal Balance, With no Allowance Recorded | 1,587,000 |
Recorded Principal Balance, With Allowance Recorded | 25,000 |
Financing Receivable, Nonaccrual, Allowance | 25,000 |
Nonaccrual loans | 1,612,000 |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |
Recorded Principal Balance, With no Allowance Recorded | 1,585,000 |
Recorded Principal Balance, With Allowance Recorded | 25,000 |
Financing Receivable, Nonaccrual, Allowance | 25,000 |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |
Recorded Principal Balance, With no Allowance Recorded | 2,000 |
Recorded Principal Balance, With Allowance Recorded | 0 |
Financing Receivable, Nonaccrual, Allowance | $ 0 |
Note 3 - Loans and Allowance _8
Note 3 - Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2021 | |
With no related allowance recorded, unpaid principal balance | $ 16,997,000 | |
With no related allowance recorded, principal balance | 15,715,000 | |
With no related allowance recorded, average recorded principal balance | $ 22,826,000 | |
With related allowance recorded, unpaid principal balance | 3,671,000 | |
With related allowance recorded, principal balance | 3,651,000 | |
Related allowance | 546,000 | |
With related allowance recorded, average recorded principal balance | 2,069,000 | |
Total unpaid principal balance | 20,668,000 | |
Total principal balance | 19,366,000 | |
Total average recorded principal balance | 24,895,000 | |
Commercial Portfolio Segment [Member] | ||
With no related allowance recorded, unpaid principal balance | 12,658,000 | |
With no related allowance recorded, principal balance | 12,583,000 | |
With no related allowance recorded, average recorded principal balance | 19,313,000 | |
With related allowance recorded, unpaid principal balance | 3,099,000 | |
With related allowance recorded, principal balance | 3,099,000 | |
Related allowance | 354,000 | |
With related allowance recorded, average recorded principal balance | 1,137,000 | |
Total unpaid principal balance | 15,757,000 | |
Total principal balance | 15,682,000 | |
Total average recorded principal balance | 20,450,000 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
With no related allowance recorded, unpaid principal balance | 2,893,000 | |
With no related allowance recorded, principal balance | 2,818,000 | |
With no related allowance recorded, average recorded principal balance | 4,913,000 | |
With related allowance recorded, unpaid principal balance | 2,192,000 | |
With related allowance recorded, principal balance | 2,192,000 | |
Related allowance | 266,000 | |
With related allowance recorded, average recorded principal balance | 345,000 | |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||
With no related allowance recorded, unpaid principal balance | 0 | |
With no related allowance recorded, principal balance | 0 | |
With no related allowance recorded, average recorded principal balance | 0 | |
With related allowance recorded, unpaid principal balance | 0 | |
With related allowance recorded, principal balance | 0 | |
Related allowance | 0 | |
With related allowance recorded, average recorded principal balance | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||
With no related allowance recorded, unpaid principal balance | 9,674,000 | |
With no related allowance recorded, principal balance | 9,674,000 | |
With no related allowance recorded, average recorded principal balance | 14,074,000 | |
With related allowance recorded, unpaid principal balance | 761,000 | |
With related allowance recorded, principal balance | 761,000 | |
Related allowance | 84,000 | |
With related allowance recorded, average recorded principal balance | 632,000 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||
With no related allowance recorded, unpaid principal balance | 0 | |
With no related allowance recorded, principal balance | 0 | |
With no related allowance recorded, average recorded principal balance | 326,000 | |
With related allowance recorded, unpaid principal balance | 146,000 | |
With related allowance recorded, principal balance | 146,000 | |
Related allowance | 4,000 | |
With related allowance recorded, average recorded principal balance | 160,000 | |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||
With no related allowance recorded, unpaid principal balance | 91,000 | |
With no related allowance recorded, principal balance | 91,000 | |
With no related allowance recorded, average recorded principal balance | 0 | |
With related allowance recorded, unpaid principal balance | 0 | |
With related allowance recorded, principal balance | 0 | |
Related allowance | 0 | |
With related allowance recorded, average recorded principal balance | 0 | |
Retail Portfolio Segment [Member] | ||
With no related allowance recorded, unpaid principal balance | 4,339,000 | |
With no related allowance recorded, principal balance | 3,132,000 | |
With no related allowance recorded, average recorded principal balance | 3,513,000 | |
With related allowance recorded, unpaid principal balance | 572,000 | |
With related allowance recorded, principal balance | 552,000 | |
Related allowance | 192,000 | |
With related allowance recorded, average recorded principal balance | 932,000 | |
Total unpaid principal balance | 4,911,000 | |
Total principal balance | 3,684,000 | |
Total average recorded principal balance | 4,445,000 | |
Retail Portfolio Segment [Member] | Home Equity and Other [Member] | ||
With no related allowance recorded, unpaid principal balance | 1,173,000 | |
With no related allowance recorded, principal balance | 1,107,000 | |
With no related allowance recorded, average recorded principal balance | 963,000 | |
With related allowance recorded, unpaid principal balance | 160,000 | |
With related allowance recorded, principal balance | 140,000 | |
Related allowance | 123,000 | |
With related allowance recorded, average recorded principal balance | 267,000 | |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||
With no related allowance recorded, unpaid principal balance | 3,166,000 | |
With no related allowance recorded, principal balance | 2,205,000 | |
With no related allowance recorded, average recorded principal balance | 2,550,000 | |
With related allowance recorded, unpaid principal balance | 412,000 | |
With related allowance recorded, principal balance | 412,000 | |
Related allowance | $ 69,000 | |
With related allowance recorded, average recorded principal balance | $ 665,000 |
Note 3 - Loans and Allowance _9
Note 3 - Loans and Allowance for Credit Losses - Loans by Credit Quality Indicators (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | |
Loans | $ 3,555,790,000 | $ 3,453,459,000 | |
Commercial Portfolio Segment [Member] | |||
Loans | 3,004,562,000 | 2,950,424,000 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Loans | [1] | 1,153,814,000 | 1,137,419,000 |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Loans | 52,693,000 | 43,239,000 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Loans | 582,732,000 | 565,758,000 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Loans | 1,007,361,000 | 1,027,415,000 | |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Loans | 207,962,000 | 176,593,000 | |
Grades 1-4 [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Loans | [2] | 719,267,000 | 729,224,000 |
Grades 1-4 [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Loans | 34,546,000 | 28,390,000 | |
Grades 1-4 [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Loans | 358,249,000 | 346,082,000 | |
Grades 1-4 [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Loans | 497,951,000 | 503,482,000 | |
Grades 1-4 [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Loans | 132,781,000 | 119,473,000 | |
Grades 5-7 [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Loans | 415,709,000 | 398,378,000 | |
Grades 5-7 [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Loans | 18,031,000 | 14,730,000 | |
Grades 5-7 [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Loans | 222,095,000 | 208,060,000 | |
Grades 5-7 [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Loans | 496,757,000 | 511,280,000 | |
Grades 5-7 [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Loans | 75,034,000 | 56,968,000 | |
Grades 8-9 [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Loans | 18,838,000 | 9,817,000 | |
Grades 8-9 [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Loans | 116,000 | 119,000 | |
Grades 8-9 [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Loans | 2,388,000 | 11,616,000 | |
Grades 8-9 [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Loans | 12,653,000 | 12,653,000 | |
Grades 8-9 [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Loans | $ 147,000 | $ 152,000 | |
[1] | For March 31, 2022, and December 31, 2021, includes $12.2 million and $40.1 million in loans originated under the Paycheck Protection Program, respectively. | ||
[2] | Included in Commercial and Industrial Loans Grades 1 – 4 are $12.2 million of loans originated under the Paycheck Protection Program. |
Note 3 - Loans and Allowance_10
Note 3 - Loans and Allowance for Credit Losses - Retail Credit Exposure (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | |
Loans | $ 3,555,790,000 | $ 3,453,459,000 | |
Retail Portfolio Segment [Member] | |||
Loans | 551,228,000 | 503,035,000 | |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Loans | 522,556,000 | 442,547,000 | |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Loans | [1] | 28,672,000 | 60,488,000 |
Retail Portfolio Segment [Member] | Performing Financial Instruments [Member] | One to Four Family Mortgages [Member] | |||
Loans | 520,946,000 | 440,861,000 | |
Retail Portfolio Segment [Member] | Performing Financial Instruments [Member] | Other Consumer Loans [Member] | |||
Loans | 28,670,000 | 60,369,000 | |
Retail Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | One to Four Family Mortgages [Member] | |||
Loans | 1,610,000 | 1,686,000 | |
Retail Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Other Consumer Loans [Member] | |||
Loans | $ 2,000 | $ 119,000 | |
[1] | In conjunction with the adoption of the CECL methodology effective January 1, 2022, home equity lines of credit were reclassified to 1-4 family mortgage loans from other consumer loans. Home equity lines of credit totaled $31.9 million and $29.5 million as of March 31, 2022 and December 31, 2021, respectively. |
Note 3 - Loans and Allowance_11
Note 3 - Loans and Allowance for Credit Losses - Loan Vintage (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 351,252,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,415,927,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 715,732,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 202,169,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 105,403,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 165,221,000 | ||
Financing Receivable, Term Loan | 2,955,704,000 | ||
Financing Receivable, Revolving | 600,086,000 | ||
Loans | 3,555,790,000 | $ 3,453,459,000 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 282,130,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,175,663,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 612,694,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 183,912,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 87,423,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 111,668,000 | ||
Financing Receivable, Term Loan | 2,453,490,000 | ||
Financing Receivable, Revolving | 551,072,000 | ||
Loans | 3,004,562,000 | 2,950,424,000 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 55,010,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 368,442,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 133,448,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 25,677,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 7,900,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 12,794,000 | ||
Financing Receivable, Term Loan | 603,271,000 | ||
Financing Receivable, Revolving | 550,543,000 | ||
Loans | [1] | 1,153,814,000 | 1,137,419,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Grades 1-4 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 23,869,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 215,466,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 59,456,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 14,728,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 4,966,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 11,888,000 | ||
Financing Receivable, Term Loan | 330,373,000 | ||
Financing Receivable, Revolving | 388,894,000 | ||
Loans | [2] | 719,267,000 | 729,224,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Grades 5-7 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 27,468,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 148,260,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 73,905,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 10,949,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,874,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 850,000 | ||
Financing Receivable, Term Loan | 264,306,000 | ||
Financing Receivable, Revolving | 151,403,000 | ||
Loans | 415,709,000 | 398,378,000 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Grades 8-9 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 3,673,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,716,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 87,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 60,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 56,000 | ||
Financing Receivable, Term Loan | 8,592,000 | ||
Financing Receivable, Revolving | 10,246,000 | ||
Loans | 18,838,000 | 9,817,000 | |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 11,668,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 34,432,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,537,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 116,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 17,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,394,000 | ||
Financing Receivable, Term Loan | 52,164,000 | ||
Financing Receivable, Revolving | 529,000 | ||
Loans | 52,693,000 | 43,239,000 | |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | Grades 1-4 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 7,651,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 21,988,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,099,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 453,000 | ||
Financing Receivable, Term Loan | 34,191,000 | ||
Financing Receivable, Revolving | 355,000 | ||
Loans | 34,546,000 | 28,390,000 | |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | Grades 5-7 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 4,017,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 12,444,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 438,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 116,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 842,000 | ||
Financing Receivable, Term Loan | 17,857,000 | ||
Financing Receivable, Revolving | 174,000 | ||
Loans | 18,031,000 | 14,730,000 | |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | Grades 8-9 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 17,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 99,000 | ||
Financing Receivable, Term Loan | 116,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 116,000 | 119,000 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 102,148,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 273,868,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 111,263,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 36,614,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 35,503,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 23,336,000 | ||
Financing Receivable, Term Loan | 582,732,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 582,732,000 | 565,758,000 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | Grades 1-4 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 51,926,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 186,183,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 64,960,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 22,202,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 18,739,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 14,239,000 | ||
Financing Receivable, Term Loan | 358,249,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 358,249,000 | 346,082,000 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | Grades 5-7 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 50,222,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 87,685,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 46,255,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 12,241,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 16,595,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 9,097,000 | ||
Financing Receivable, Term Loan | 222,095,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 222,095,000 | 208,060,000 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | Grades 8-9 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 48,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,171,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 169,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | ||
Financing Receivable, Term Loan | 2,388,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 2,388,000 | 11,616,000 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 75,576,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 406,430,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 309,530,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 111,608,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 37,124,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 67,093,000 | ||
Financing Receivable, Term Loan | 1,007,361,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 1,007,361,000 | 1,027,415,000 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | Grades 1-4 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 40,445,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 199,956,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 146,664,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 71,923,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 21,200,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 17,763,000 | ||
Financing Receivable, Term Loan | 497,951,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 497,951,000 | 503,482,000 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | Grades 5-7 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 35,131,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 193,821,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 162,866,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 39,685,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 15,924,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 49,330,000 | ||
Financing Receivable, Term Loan | 496,757,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 496,757,000 | 511,280,000 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | Grades 8-9 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 12,653,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | ||
Financing Receivable, Term Loan | 12,653,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 12,653,000 | 12,653,000 | |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 37,728,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 92,491,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 53,916,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 9,897,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6,879,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 7,051,000 | ||
Financing Receivable, Term Loan | 207,962,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 207,962,000 | 176,593,000 | |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | Grades 1-4 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 20,158,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 59,645,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 38,770,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 5,905,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 3,165,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 5,138,000 | ||
Financing Receivable, Term Loan | 132,781,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 132,781,000 | 119,473,000 | |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | Grades 5-7 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 17,570,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 32,757,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 15,146,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 3,992,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 3,714,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,855,000 | ||
Financing Receivable, Term Loan | 75,034,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 75,034,000 | 56,968,000 | |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | Grades 8-9 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 89,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 58,000 | ||
Financing Receivable, Term Loan | 147,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 147,000 | 152,000 | |
Retail Portfolio Segment [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 69,122,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 240,264,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 103,038,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 18,257,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 17,980,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 53,553,000 | ||
Financing Receivable, Term Loan | 502,214,000 | ||
Financing Receivable, Revolving | 49,014,000 | ||
Loans | 551,228,000 | 503,035,000 | |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 67,861,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 235,895,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 101,123,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 16,365,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 17,173,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 52,618,000 | ||
Financing Receivable, Term Loan | 491,035,000 | ||
Financing Receivable, Revolving | 31,521,000 | ||
Loans | 522,556,000 | 442,547,000 | |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,261,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,369,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,915,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,892,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 807,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 935,000 | ||
Financing Receivable, Term Loan | 11,179,000 | ||
Financing Receivable, Revolving | 17,493,000 | ||
Loans | [3] | $ 28,672,000 | $ 60,488,000 |
[1] | For March 31, 2022, and December 31, 2021, includes $12.2 million and $40.1 million in loans originated under the Paycheck Protection Program, respectively. | ||
[2] | Included in Commercial and Industrial Loans Grades 1 – 4 are $12.2 million of loans originated under the Paycheck Protection Program. | ||
[3] | In conjunction with the adoption of the CECL methodology effective January 1, 2022, home equity lines of credit were reclassified to 1-4 family mortgage loans from other consumer loans. Home equity lines of credit totaled $31.9 million and $29.5 million as of March 31, 2022 and December 31, 2021, respectively. |
Note 3 - Loans and Allowance_12
Note 3 - Loans and Allowance for Credit Losses - Activity in Allowance for Loan Losses and the Recorded Investments in Loans (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | ||
Beginning balance | $ 35,363,000 | $ 37,967,000 | ||
Provision for credit losses | 100,000 | 300,000 | ||
Charge-offs | (205,000) | (52,000) | ||
Recoveries | 295,000 | 480,000 | ||
Ending balance | 35,153,000 | 38,695,000 | ||
Ending balance: individually evaluated for impairment | 487,000 | |||
Ending balance: collectively evaluated for impairment | 38,208,000 | |||
Ending balance | [1] | $ 3,413,349,000 | ||
Ending balance: individually evaluated for impairment | [1] | 19,366,000 | ||
Ending balance: collectively evaluated for impairment | [1] | 3,393,983,000 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning balance | (400,000) | |||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
Beginning balance | 10,782,000 | 9,424,000 | ||
Provision for credit losses | (742,000) | 583,000 | ||
Charge-offs | (170,000) | 0 | ||
Recoveries | 114,000 | 104,000 | ||
Ending balance | 8,413,000 | 10,111,000 | ||
Ending balance: individually evaluated for impairment | 62,000 | |||
Ending balance: collectively evaluated for impairment | 10,049,000 | |||
Ending balance | [1] | 1,097,309,000 | ||
Ending balance: individually evaluated for impairment | [1] | 5,010,000 | ||
Ending balance: collectively evaluated for impairment | [1] | 1,092,299,000 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning balance | (1,571,000) | |||
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||||
Beginning balance | 420,000 | 679,000 | ||
Provision for credit losses | 106,000 | 40,000 | ||
Charge-offs | (29,000) | (15,000) | ||
Recoveries | 1,000 | 16,000 | ||
Ending balance | 455,000 | 720,000 | ||
Ending balance: individually evaluated for impairment | 0 | |||
Ending balance: collectively evaluated for impairment | 720,000 | |||
Ending balance | 43,239,000 | |||
Ending balance: individually evaluated for impairment | 0 | |||
Ending balance: collectively evaluated for impairment | 43,239,000 | |||
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning balance | (43,000) | |||
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||||
Beginning balance | 6,045,000 | 8,246,000 | ||
Provision for credit losses | 286,000 | (181,000) | ||
Charge-offs | 0 | 0 | ||
Recoveries | 32,000 | 239,000 | ||
Ending balance | 5,803,000 | 8,304,000 | ||
Ending balance: individually evaluated for impairment | 47,000 | |||
Ending balance: collectively evaluated for impairment | 8,257,000 | |||
Ending balance | 565,758,000 | |||
Ending balance: individually evaluated for impairment | 10,435,000 | |||
Ending balance: collectively evaluated for impairment | 555,323,000 | |||
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning balance | (560,000) | |||
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||||
Beginning balance | 13,301,000 | 13,611,000 | ||
Provision for credit losses | (445,000) | 140,000 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Ending balance | 10,322,000 | 13,751,000 | ||
Ending balance: individually evaluated for impairment | 7,000 | |||
Ending balance: collectively evaluated for impairment | 13,744,000 | |||
Ending balance | 1,027,415,000 | |||
Ending balance: individually evaluated for impairment | 146,000 | |||
Ending balance: collectively evaluated for impairment | 1,027,269,000 | |||
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning balance | (2,534,000) | |||
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||||
Beginning balance | 1,695,000 | 1,819,000 | ||
Provision for credit losses | 194,000 | 6,000 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 8,000 | 0 | ||
Ending balance | 1,276,000 | 1,825,000 | ||
Ending balance: individually evaluated for impairment | 0 | |||
Ending balance: collectively evaluated for impairment | 1,825,000 | |||
Ending balance | 176,593,000 | |||
Ending balance: individually evaluated for impairment | 91,000 | |||
Ending balance: collectively evaluated for impairment | 176,502,000 | |||
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning balance | (621,000) | |||
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||||
Beginning balance | 2,449,000 | 3,240,000 | ||
Provision for credit losses | 593,000 | (337,000) | ||
Charge-offs | (2,000) | (33,000) | ||
Recoveries | 127,000 | 83,000 | ||
Ending balance | 8,562,000 | 2,953,000 | ||
Ending balance: individually evaluated for impairment | 141,000 | |||
Ending balance: collectively evaluated for impairment | 2,812,000 | |||
Ending balance | 442,547,000 | |||
Ending balance: individually evaluated for impairment | 2,437,000 | |||
Ending balance: collectively evaluated for impairment | 440,110,000 | |||
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning balance | 5,395,000 | |||
Retail Portfolio Segment [Member] | Home Equity and Other [Member] | ||||
Beginning balance | 626,000 | 889,000 | ||
Provision for credit losses | (33,000) | (82,000) | ||
Charge-offs | (4,000) | (4,000) | ||
Recoveries | 13,000 | 38,000 | ||
Ending balance | 191,000 | 841,000 | ||
Ending balance: individually evaluated for impairment | 230,000 | |||
Ending balance: collectively evaluated for impairment | 611,000 | |||
Ending balance | 60,488,000 | |||
Ending balance: individually evaluated for impairment | 1,247,000 | |||
Ending balance: collectively evaluated for impairment | $ 59,241,000 | |||
Retail Portfolio Segment [Member] | Home Equity and Other [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning balance | (411,000) | |||
Unallocated Financing Receivables [Member] | ||||
Beginning balance | 45,000 | 59,000 | ||
Provision for credit losses | 141,000 | 131,000 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Ending balance | 131,000 | 190,000 | ||
Ending balance: individually evaluated for impairment | 0 | |||
Ending balance: collectively evaluated for impairment | $ 190,000 | |||
Unallocated Financing Receivables [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning balance | $ (55,000) | |||
[1] | Excludes $40.1 million in loans originated under the Paycheck Protection Program. |
Note 3 - Loans and Allowance_13
Note 3 - Loans and Allowance for Credit Losses - Loans Modified as Troubled Debt Restructurings (Details) | 3 Months Ended | |
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | |
Number of Contracts | 2 | 3 |
Pre- Modification Recorded Principal Balance | $ 128,000 | $ 130,000 |
Post- Modification Recorded Principal Balance | $ 128,000 | $ 129,000 |
Commercial Portfolio Segment [Member] | ||
Number of Contracts | 0 | 1 |
Pre- Modification Recorded Principal Balance | $ 0 | $ 23,000 |
Post- Modification Recorded Principal Balance | $ 0 | $ 22,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Number of Contracts | 0 | 1 |
Pre- Modification Recorded Principal Balance | $ 0 | $ 23,000 |
Post- Modification Recorded Principal Balance | $ 0 | $ 22,000 |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||
Number of Contracts | 0 | 0 |
Pre- Modification Recorded Principal Balance | $ 0 | $ 0 |
Post- Modification Recorded Principal Balance | $ 0 | $ 0 |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||
Number of Contracts | 0 | 0 |
Pre- Modification Recorded Principal Balance | $ 0 | $ 0 |
Post- Modification Recorded Principal Balance | $ 0 | $ 0 |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||
Number of Contracts | 0 | 0 |
Pre- Modification Recorded Principal Balance | $ 0 | $ 0 |
Post- Modification Recorded Principal Balance | $ 0 | $ 0 |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||
Number of Contracts | 0 | 0 |
Pre- Modification Recorded Principal Balance | $ 0 | $ 0 |
Post- Modification Recorded Principal Balance | $ 0 | $ 0 |
Retail Portfolio Segment [Member] | ||
Number of Contracts | 2 | 2 |
Pre- Modification Recorded Principal Balance | $ 128,000 | $ 107,000 |
Post- Modification Recorded Principal Balance | $ 128,000 | $ 107,000 |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||
Number of Contracts | 2 | 1 |
Pre- Modification Recorded Principal Balance | $ 128,000 | $ 36,000 |
Post- Modification Recorded Principal Balance | $ 128,000 | $ 36,000 |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Number of Contracts | 0 | 1 |
Pre- Modification Recorded Principal Balance | $ 0 | $ 71,000 |
Post- Modification Recorded Principal Balance | $ 0 | $ 71,000 |
Note 3 - Loans and Allowance_14
Note 3 - Loans and Allowance for Credit Losses - Loans Modified As Troubled Debt Restructurings Within the Previous Twelve Months That Became Over 30 Days Past Due (Details) | 3 Months Ended | |
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | |
Number of Contracts | 0 | 3 |
Recorded Principal Balance | $ 0 | $ 599,000 |
Commercial Portfolio Segment [Member] | ||
Number of Contracts | 0 | 2 |
Recorded Principal Balance | $ 0 | $ 593,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Number of Contracts | 0 | 2 |
Recorded Principal Balance | $ 0 | $ 593,000 |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||
Number of Contracts | 0 | 0 |
Recorded Principal Balance | $ 0 | $ 0 |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||
Number of Contracts | 0 | 0 |
Recorded Principal Balance | $ 0 | $ 0 |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||
Number of Contracts | 0 | 0 |
Recorded Principal Balance | $ 0 | $ 0 |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||
Number of Contracts | 0 | 0 |
Recorded Principal Balance | $ 0 | $ 0 |
Retail Portfolio Segment [Member] | ||
Number of Contracts | 0 | 1 |
Recorded Principal Balance | $ 0 | $ 6,000 |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||
Number of Contracts | 0 | 1 |
Recorded Principal Balance | $ 0 | $ 6,000 |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Number of Contracts | 0 | 0 |
Recorded Principal Balance | $ 0 | $ 0 |
Note 3 - Loans and Allowance_15
Note 3 - Loans and Allowance for Credit Losses - Activity for Troubled Debt Restructurings (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Beginning Balance | $ 4,973,000 | $ 6,414,000 | |
Charge-Offs | 0 | 0 | |
Payments | (212,000) | (2,676,000) | |
Transfers to ORE | 0 | 0 | |
Net Additions/Deletions | (1,932,000) | 22,000 | |
Ending Balance | 2,829,000 | 3,760,000 | |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Beginning Balance | 0 | 0 | |
Charge-Offs | 0 | 0 | |
Payments | 0 | 0 | |
Transfers to ORE | 0 | 0 | |
Net Additions/Deletions | 0 | 0 | |
Ending Balance | 0 | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Beginning Balance | 10,435,000 | 14,797,000 | |
Charge-Offs | 0 | 0 | |
Payments | (9,677,000) | (910,000) | |
Transfers to ORE | 0 | 0 | |
Net Additions/Deletions | (669,000) | 0 | |
Ending Balance | 89,000 | 13,887,000 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Beginning Balance | 146,000 | 480,000 | |
Charge-Offs | 0 | 0 | |
Payments | (3,000) | (9,000) | |
Transfers to ORE | 0 | 0 | |
Net Additions/Deletions | 0 | 0 | |
Ending Balance | 143,000 | 471,000 | |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Beginning Balance | 91,000 | 0 | |
Charge-Offs | 0 | 0 | |
Payments | (1,000) | 0 | |
Transfers to ORE | 0 | 0 | |
Net Additions/Deletions | 0 | 0 | |
Ending Balance | 90,000 | 0 | |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Beginning Balance | 627,000 | 806,000 | |
Charge-Offs | 0 | 0 | |
Payments | (78,000) | (22,000) | |
Transfers to ORE | 0 | 0 | |
Net Additions/Deletions | 1,797,000 | [1] | 36,000 |
Ending Balance | 2,346,000 | 820,000 | |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Beginning Balance | 1,202,000 | 1,146,000 | |
Charge-Offs | 0 | 0 | |
Payments | (2,000) | (118,000) | |
Transfers to ORE | 0 | 0 | |
Net Additions/Deletions | (1,187,000) | [1] | 71,000 |
Ending Balance | $ 13,000 | $ 1,099,000 | |
[1] | Includes $1.2 million in the transfer of home equity lines of credit from other consumer loans to 1-4 family mortgages in association with the adoption of the CECL methodology effective January 1, 2022. |
Note 4 - Premises and Equipme_3
Note 4 - Premises and Equipment, Net (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Depreciation, Total | $ 1.6 | $ 1.4 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 years 7 months 6 days | 2 years 9 months 18 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.70% | 4.70% | |
Operating Lease, Expense | $ 0.2 | $ 0.2 | |
Lessee, Operating Lease, Liability, to be Paid, Total | 3.4 | $ 3.6 | |
Lessee, Operating Lease, Liability, to be Paid, Year One | 0.8 | 0.8 | |
Lessee, Operating Lease, Liability, to be Paid, Year Two and Year Three | 1.2 | 1.4 | |
Lessee, Operating Lease, Liability, to be Paid, Year Four and Year Five | 0.3 | 0.3 | |
Lessee, Operating Lease, Liability, to be Paid, after Year Five | 1.1 | 1.1 | |
Premises and Equipment, Net [Member] | |||
Operating Lease, Right-of-Use Asset | 2.6 | 2.9 | |
Other Liabilities [Member] | |||
Operating Lease, Liability, Total | $ 2.6 | $ 2.9 | |
Minimum [Member] | |||
Lessee, Operating Lease, Renewal Term (Year) | 3 years | ||
Maximum [Member] | |||
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Note 4 - Premises and Equipme_4
Note 4 - Premises and Equipment, Net - Summary of Premises and Equipment (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Property, plant and equipment, gross | $ 94,557,000 | $ 94,253,000 |
Less: accumulated depreciation | 38,479,000 | 36,955,000 |
Premises and equipment, net | 56,078,000 | 57,298,000 |
Land and Land Improvements [Member] | ||
Property, plant and equipment, gross | 15,111,000 | 15,111,000 |
Building [Member] | ||
Property, plant and equipment, gross | 56,202,000 | 56,168,000 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 23,244,000 | $ 22,974,000 |
Note 5 - Deposits (Details Text
Note 5 - Deposits (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Deposits, Total | $ 3,976,251,000 | $ 4,083,193,000 |
Increase (Decrease) in Deposits, Total | $ (107,000,000) | |
Aggregate Increase (Decrease) in Percentage of Deposits | (2.60%) | |
Time Deposits, at or Above FDIC Insurance Limit | $ 181,000,000 | $ 207,000,000 |
Note 5 - Deposits - Summary of
Note 5 - Deposits - Summary of Deposits (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Noninterest-bearing checking | $ 1,686,203,000 | $ 1,677,952,000 |
Noninterest-bearing checking, percentage | 42.40% | 41.10% |
Noninterest-bearing checking, percent increase (decrease) | 0.50% | |
Interest-bearing checking | $ 544,221,000 | $ 538,838,000 |
Interest-bearing checking, percentage | 13.70% | 13.20% |
Interest-bearing checking, percent increase (decrease) | 1.00% | |
Money market | $ 943,246,000 | $ 1,040,176,000 |
Money market, percentage | 23.70% | 25.50% |
Money market, percent increase (decrease) | (9.30%) | |
Savings | $ 406,545,000 | $ 394,330,000 |
Savings, percentage | 10.20% | 9.70% |
Savings, percent increase (decrease) | 3.10% | |
Local Time, under $100,000 | $ 127,755,000 | $ 132,776,000 |
Local Time, under $100,000, percentage | 3.20% | 3.20% |
Local Time, under $100,000, percent increase (decrease) | (3.80%) | |
Local Time, $100,000 and over | $ 252,088,000 | $ 275,208,000 |
Local Time, $100,000 and over, percentage | 6.40% | 6.70% |
Local Time, $100,000 and over, percent increase (decrease) | (8.40%) | |
Total local deposits | $ 3,960,058,000 | $ 4,059,280,000 |
Total local deposits, percentage | 99.60% | 99.40% |
Total local deposits, percent increase (decrease) | (2.40%) | |
Out-of-area time, $100,000 and over | $ 16,193,000 | $ 23,913,000 |
Out-of-area time, $100,000 and over, percentage | 0.40% | 0.60% |
Out-of-area time, $100,000 and over, percent increase (decrease) | (32.30%) | |
Total deposits | $ 3,976,251,000 | $ 4,083,193,000 |
Total deposits, percentage | 100.00% | 100.00% |
Total deposits, percent increase (decrease) | (2.60%) |
Note 6 - Securities Sold Unde_3
Note 6 - Securities Sold Under Agreements to Repurchase (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements (Year) | 1 year |
Note 6 - Securities Sold Unde_4
Note 6 - Securities Sold Under Agreements to Repurchase - Securities Sold Under Agreement to Repurchase (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Securities sold under agreements to repurchase | $ 204,271,000 | $ 197,463,000 |
Average daily balance during the period | 198,949,000 | 158,855,000 |
Maximum daily balance during the period | $ 224,345,000 | $ 209,093,000 |
Securities Sold under Agreements to Repurchase [Member] | ||
Average interest rate at end of period | 0.10% | 0.11% |
Average interest rate during the period | 0.10% | 0.11% |
Note 7 - Federal Home Loan Ba_3
Note 7 - Federal Home Loan Bank of Indianapolis Advances (Details Textual) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Long-Term Federal Home Loan Bank Advances, Total | $ 382,263,000 | $ 374,000,000 |
Line of Credit Facility, Maximum Borrowing Capacity | 932,000,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | 544,000,000 | |
Federal Home Loan Bank of Indianapolis [Member] | Bullet Advances [member] | ||
Long-Term Federal Home Loan Bank Advances, Total | $ 354,000,000 | $ 374,000,000 |
Federal Home Loan Bank of Indianapolis [Member] | Bullet Advances [member] | Minimum [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 0.55% | 0.55% |
Federal Home Loan Bank of Indianapolis [Member] | Bullet Advances [member] | Maximum [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 3.18% | 3.18% |
Federal Home Loan Bank of Indianapolis [Member] | Bullet Advances [member] | Weighted Average [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 1.98% | 2.00% |
Federal Home Loan Bank of Indianapolis [Member] | Amortizing Advances [Member] | Weighted Average [Member] | ||
Long-Term Federal Home Loan Bank Advances, Total | $ 28,300,000 | $ 0 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 2.52% |
Note 7 - Federal Home Loan Ba_4
Note 7 - Federal Home Loan Bank of Indianapolis Advances - Maturities of Currently Outstanding FHLB Advances (Details) - Federal Home Loan Bank of Indianapolis [Member] | Mar. 31, 2022USD ($) |
Bullet Advances [member] | |
2022 | $ 74,000,000 |
2023 | 80,000,000 |
2024 | 80,000,000 |
2025 | 50,000,000 |
2026 | 30,000,000 |
Thereafter | 40,000,000 |
Amortizing Advances [Member] | |
2022 | 0 |
2023 | 353,000 |
2024 | 826,000 |
2025 | 862,000 |
2026 | 899,000 |
Thereafter | $ 25,323,000 |
Note 8 - Commitments and Off-_3
Note 8 - Commitments and Off-balance Sheet Risk (Details Textual) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 35,153,000 | $ 35,363,000 | $ 38,695,000 | $ 37,967,000 |
Retail Lines of Credit and Credit Card Receivables [Member] | Maximum [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 100,000 |
Note 8 - Commitments and Off-_4
Note 8 - Commitments and Off-balance Sheet Risk - Exposure to Credit Losses (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Contractual amounts of financial instruments with off-balance sheet risk | $ 1,540,413,000 | $ 1,565,871,000 |
Standby Letters of Credit [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | 32,954,000 | 33,109,000 |
Unused lines of Credit [Member] | Commercial Portfolio Segment [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | 1,115,888,000 | 1,098,951,000 |
Unused lines of Credit [Member] | One to Four Family Mortgages [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | 65,112,000 | 64,313,000 |
Unused lines of Credit [Member] | Consumer Credit Card [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | 95,813,000 | 92,146,000 |
Unused lines of Credit [Member] | Consumer Other Financing Receivable 1 [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | 72,544,000 | 64,876,000 |
Loan Origination Commitments [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | $ 158,102,000 | $ 212,476,000 |
Note 9 - Derivatives and Hedg_3
Note 9 - Derivatives and Hedging Activities (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Noninterest Income, Total | $ 9,277,000 | $ 13,463,000 | |
Noninterest Expense, Total | 25,742,000 | $ 25,117,000 | |
Interest Rate Swap [Member] | |||
Noninterest Income, Total | 100,000 | ||
Derivative Liability, Subject to Master Netting Arrangement, before Offset of Collateral, Total | 10,200,000 | $ 4,900,000 | |
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Not Offset | 10,300,000 | 3,600,000 | |
Derivative, Notional Amount | $ 338,231,000 | 279,419,000 | |
Noninterest Expense, Total | $ 200,000 |
Note 9 - Derivatives and Hedg_4
Note 9 - Derivatives and Hedging Activities - Fair Value of Derivative Instruments (Details) - Interest Rate Swap [Member] - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Notional Amount | $ 338,231,000 | $ 279,419,000 |
Other Assets [Member] | ||
Derivative Assets Interest rate swaps | 10,053,000 | 4,609,000 |
Other Liabilities [Member] | ||
Derivative Liabilities Interest rate swaps | $ 10,246,000 | $ 4,857,000 |
Note 10 - Fair Values of Fina_3
Note 10 - Fair Values of Financial Instruments - Fair Value Hierarchy of Financial Instruments (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | |
Securities available for sale | $ 605,661,000 | $ 592,743,000 | |
Mortgages Held-for-sale, Fair Value Disclosure | 15,200,000 | 16,700,000 | |
Reported Value Measurement [Member] | |||
Securities available for sale | [1] | 605,661,000 | 592,743,000 |
FHLBI stock | [2] | 17,721,000 | 18,002,000 |
Mortgages Held-for-sale, Fair Value Disclosure | 14,746,000 | 16,117,000 | |
Estimate of Fair Value Measurement [Member] | |||
Securities available for sale | [1] | 605,661,000 | 592,743,000 |
FHLBI stock | [2] | 17,721,000 | 18,002,000 |
Mortgages Held-for-sale, Fair Value Disclosure | 15,208,000 | 16,707,000 | |
Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | |||
Cash | 18,898,000 | 17,872,000 | |
Cash equivalents | 751,306,000 | 957,288,000 | |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | |||
Cash | 18,898,000 | 17,872,000 | |
Cash equivalents | 751,306,000 | 957,288,000 | |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | |||
Loans, net | 3,520,637,000 | 3,418,096,000 | |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | |||
Loans, net | 3,542,217,000 | 3,498,345,000 | |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | |||
Mortgage servicing rights | 12,484,000 | 12,248,000 | |
Accrued interest receivable | 10,655,000 | 9,311,000 | |
Deposits | 3,976,251,000 | 4,083,193,000 | |
Repurchase agreements | 204,271,000 | 197,463,000 | |
FHLBI advances | 382,263,000 | 374,000,000 | |
Accrued interest payable | 2,150,000 | 1,393,000 | |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Subordinated Debentures [Member] | |||
Subordinated debt | 48,415,000 | 48,244,000 | |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Subordinated Notes [Member] | |||
Subordinated debt | 88,428,000 | 73,646,000 | |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Interest Rate Swap [Member] | |||
Interest rate swaps | 10,053,000 | 4,609,000 | |
Interest rate swaps | 10,246,000 | 4,857,000 | |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | |||
Mortgage servicing rights | 16,533,000 | 15,445,000 | |
Accrued interest receivable | 10,655,000 | 9,311,000 | |
Deposits | 3,795,104,000 | 4,028,249,000 | |
Repurchase agreements | 204,271,000 | 197,463,000 | |
FHLBI advances | 372,887,000 | 384,927,000 | |
Accrued interest payable | 2,150,000 | 1,393,000 | |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Subordinated Debentures [Member] | |||
Subordinated debt | 49,990,000 | 48,284,000 | |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Subordinated Notes [Member] | |||
Subordinated debt | 88,429,000 | 73,646,000 | |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member] | |||
Interest rate swaps | 10,053,000 | 4,609,000 | |
Interest rate swaps | $ 10,246,000 | $ 4,857,000 | |
[1] | See Note 11 for a description of the fair value hierarchy as well as a disclosure of levels for classes of financial assets and liabilities. | ||
[2] | It is not practical to determine the fair value of FHLBI stock due to transferability restrictions; therefore, fair value is estimated at carrying amount. |
Note 11 - Fair Values (Details
Note 11 - Fair Values (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-Sale, Total | $ 605,661,000 | $ 592,743,000 |
Mortgages Held-for-sale, Fair Value Disclosure | $ 15,200,000 | 16,700,000 |
Real Estate Dependent Loans and Foreclosed Assets Estimated Selling Costs [Member] | ||
Fair Value Inputs, Discount Factor | 10.00% | |
Real Estate Dependent Loans and Foreclosed Assets [Member] | Commercial Real Estate [Member] | Minimum [Member] | ||
Fair Value Inputs, Discount Factor | 15.00% | |
Real Estate Dependent Loans and Foreclosed Assets [Member] | Commercial Real Estate [Member] | Maximum [Member] | ||
Fair Value Inputs, Discount Factor | 25.00% | |
Real Estate Dependent Loans and Foreclosed Assets [Member] | Residential Real Estate [Member] | Minimum [Member] | ||
Fair Value Inputs, Discount Factor | 25.00% | |
Real Estate Dependent Loans and Foreclosed Assets [Member] | Residential Real Estate [Member] | Maximum [Member] | ||
Fair Value Inputs, Discount Factor | 50.00% | |
Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale, Total | $ 0 | 0 |
Available-for-Sale Securities [Member] | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | $ 0 | $ 0 |
Note 11 - Fair Values - Assets
Note 11 - Fair Values - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-Sale, Total | $ 605,661,000 | $ 592,743,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 410,578,000 | 390,371,000 |
Collateralized Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 37,746,000 | 41,803,000 |
Municipal General Obligation Bonds [Member] | ||
Debt Securities, Available-for-Sale, Total | 134,671,000 | 137,594,000 |
Municipal Revenue Bonds [Member] | ||
Debt Securities, Available-for-Sale, Total | 22,166,000 | 22,475,000 |
Other Debt and Equity Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 500,000 | 500,000 |
Fair Value, Recurring [Member] | ||
Total | 615,714,000 | 597,352,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total | 615,037,000 | 596,675,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total | 677,000 | 677,000 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 410,578,000 | 390,371,000 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale, Total | 410,578,000 | 390,371,000 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 37,746,000 | 41,803,000 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale, Total | 37,746,000 | 41,803,000 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Municipal General Obligation Bonds [Member] | ||
Debt Securities, Available-for-Sale, Total | 134,671,000 | 137,594,000 |
Fair Value, Recurring [Member] | Municipal General Obligation Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Municipal General Obligation Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale, Total | 133,994,000 | 136,917,000 |
Fair Value, Recurring [Member] | Municipal General Obligation Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale, Total | 677,000 | 677,000 |
Fair Value, Recurring [Member] | Municipal Revenue Bonds [Member] | ||
Debt Securities, Available-for-Sale, Total | 22,166,000 | 22,475,000 |
Fair Value, Recurring [Member] | Municipal Revenue Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Municipal Revenue Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale, Total | 22,166,000 | 22,475,000 |
Fair Value, Recurring [Member] | Municipal Revenue Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Other Debt and Equity Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 500,000 | 500,000 |
Fair Value, Recurring [Member] | Other Debt and Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Other Debt and Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale, Total | 500,000 | 500,000 |
Fair Value, Recurring [Member] | Other Debt and Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Interest rate swaps | 10,053,000 | 4,609,000 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Interest rate swaps | 0 | 0 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Interest rate swaps | 10,053,000 | 4,609,000 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Interest rate swaps | $ 0 | $ 0 |
Note 11 - Fair Values - Asset_2
Note 11 - Fair Values - Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Loans | $ 1,338,000 | $ 3,807,000 |
Foreclosed assets | 0 | 0 |
Total | 1,338,000 | 3,807,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Loans | 0 | 0 |
Foreclosed assets | 0 | 0 |
Total | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Loans | 0 | 0 |
Foreclosed assets | 0 | 0 |
Total | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Loans | 1,338,000 | 3,807,000 |
Foreclosed assets | 0 | 0 |
Total | $ 1,338,000 | $ 3,807,000 |
Note 12 - Regulatory Matters (D
Note 12 - Regulatory Matters (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | Jun. 15, 2022 | Apr. 14, 2022 | Mar. 16, 2022 | Jan. 13, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | May 31, 2021 | Dec. 31, 2009 |
Preferred Securities of Subsidiary Trust | $ 46.3 | $ 46.2 | |||||||
Maximum Restricted Core Element Allowed in Tier One Capital Percent | 25.00% | ||||||||
Maximum Level of Consolidated Aggregate Assets Allowing for Inclusion of Trust Preferred Securities in Tier One Capital | $ 15,000 | ||||||||
Trust Preferred Securities Included in Tier One Capital | $ 46.3 | $ 46.2 | |||||||
Capital Conservation Buffer | 2.50% | ||||||||
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy to Risk Weighted Assets | 0.070 | ||||||||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.085 | ||||||||
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.105 | ||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.31 | ||||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.31 | $ 0.31 | $ 0.29 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 6.8 | ||||||||
Stock Repurchase Program, Authorized Amount | $ 20 | ||||||||
Stock Repurchased During Period, Shares (in shares) | 0 | ||||||||
Subsequent Event [Member] | |||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.31 | ||||||||
Forecast [Member] | |||||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.31 |
Note 12 - Regulatory Matters -
Note 12 - Regulatory Matters - Actual Capital Levels and Minimum Levels (Details) $ in Thousands | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Total capital minimum required for capital adequacy, ratio | 0.105 | |
Tier 1 capital minimum required for capital adequacy, ratio | 0.085 | |
Common equity tier 1 capital minimum required for capital adequacy, ratio | 0.070 | |
Consolidated Entities [Member] | ||
Total capital, amount | $ 587,976 | $ 565,143 |
Total capital, ratio | 0.141 | 0.140 |
Total capital minimum required for capital adequacy, amount | $ 333,754 | $ 324,101 |
Total capital minimum required for capital adequacy, ratio | 0.080 | 0.080 |
Tier 1 capital, amount | $ 464,396 | $ 456,133 |
Tier 1 capital, ratio | 0.111 | 0.113 |
Tier 1 capital minimum required for capital adequacy, amount | $ 250,315 | $ 243,076 |
Tier 1 capital minimum required for capital adequacy, ratio | 0.060 | 0.060 |
Common equity tier 1, amount | $ 418,055 | $ 409,963 |
Common equity tier 1, ratio | 0.100 | 0.101 |
Common equity tier 1 minimum required for capital adequacy, amount | $ 187,737 | $ 182,307 |
Common equity tier 1 capital minimum required for capital adequacy, ratio | 0.045 | 0.045 |
Tier 1 capital to average assets, amount | $ 464,396 | $ 456,133 |
Tier 1 capital to average assets, ratio | 0.090 | 0.092 |
Tier 1 capital to average assets, minimum required for capital adequacy, amount | $ 205,492 | $ 198,574 |
Tier 1 capital to average assets minimum required for capital adequacy, ratio | 0.040 | 0.040 |
Bank [Member] | ||
Total capital, amount | $ 574,013 | $ 551,760 |
Total capital, ratio | 0.138 | 0.136 |
Total capital minimum required for capital adequacy, amount | $ 333,587 | $ 323,928 |
Total capital minimum required for capital adequacy, ratio | 0.080 | 0.080 |
Total capital to be well capitalized, amount | $ 416,984 | $ 404,910 |
Total capital to be well capitalized, ratio | 0.100 | 0.100 |
Tier 1 capital, amount | $ 538,860 | $ 516,397 |
Tier 1 capital, ratio | 0.129 | 0.128 |
Tier 1 capital minimum required for capital adequacy, amount | $ 250,191 | $ 242,946 |
Tier 1 capital minimum required for capital adequacy, ratio | 0.060 | 0.060 |
Tier 1 capital to be well capitalized, amount | $ 333,587 | $ 323,928 |
Tier 1 capital to be well capitalized, ratio | 0.080 | 0.080 |
Common equity tier 1, amount | $ 538,860 | $ 516,397 |
Common equity tier 1, ratio | 0.129 | 0.128 |
Common equity tier 1 minimum required for capital adequacy, amount | $ 187,643 | $ 182,210 |
Common equity tier 1 capital minimum required for capital adequacy, ratio | 0.045 | 0.045 |
Common equity tier 1 capital to be well capitalized, amount | $ 271,040 | $ 263,192 |
Common equity tier 1 capital to be well capitalized, ratio | 0.065 | 0.065 |
Tier 1 capital to average assets, amount | $ 538,860 | $ 516,397 |
Tier 1 capital to average assets, ratio | 0.105 | 0.104 |
Tier 1 capital to average assets, minimum required for capital adequacy, amount | $ 205,409 | $ 198,510 |
Tier 1 capital to average assets minimum required for capital adequacy, ratio | 0.040 | 0.040 |
Tier 1 capital to average assets to be well capitalized, amount | $ 256,761 | $ 248,137 |
Tier 1 capital to average assets to be well capitalized, ratio | 0.050 | 0.050 |