Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 28, 2023 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 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 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | MBWM | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 487,000,000 | ||
Entity Common Stock, Shares Outstanding | 15,995,107 | ||
Auditor Name | BDO USA, LLP | ||
Auditor Firm ID | 243 | ||
Auditor Location | Grand Rapids, Michigan |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 61,894,000 | $ 59,405,000 |
Interest-earning deposits | 34,878,000 | 915,755,000 |
Total cash and cash equivalents | 96,772,000 | 975,160,000 |
Securities available for sale | 602,936,000 | 592,743,000 |
Federal Home Loan Bank stock | 17,721,000 | 18,002,000 |
Mortgage loans held for sale | 3,565,000 | 16,117,000 |
Loans | 3,916,619,000 | 3,453,459,000 |
Allowance for credit losses | (42,246,000) | (35,363,000) |
Loans, net | 3,874,373,000 | 3,418,096,000 |
Premises and equipment, net | 51,476,000 | 57,298,000 |
Bank owned life insurance | 80,727,000 | 75,242,000 |
Goodwill | 49,473,000 | 49,473,000 |
Core deposit intangible, net | 583,000 | 1,351,000 |
Other assets | 94,993,000 | 54,267,000 |
Total assets | 4,872,619,000 | 5,257,749,000 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Noninterest-bearing | 1,604,750,000 | 1,677,952,000 |
Interest-bearing | 2,108,061,000 | 2,405,241,000 |
Total deposits | 3,712,811,000 | 4,083,193,000 |
Securities sold under agreements to repurchase | 194,340,000 | 197,463,000 |
Federal Home Loan Bank advances | 308,263,000 | 374,000,000 |
Subordinated debentures | 48,958,000 | 48,244,000 |
Subordinated notes | 88,628,000 | 73,646,000 |
Accrued interest and other liabilities | 78,211,000 | 24,644,000 |
Total liabilities | 4,431,211,000 | 4,801,190,000 |
Commitments and contingent liabilities (Note 13) | ||
Shareholders' equity | ||
Preferred stock, no par value; 1,000,000 shares authorized; 0 shares outstanding at December 31, 2022 and December 31, 2021 | 0 | 0 |
Common stock, no par value; 40,000,000 shares authorized; 15,994,884 shares outstanding at December 31, 2022 and 15,839,944 shares outstanding at December 31, 2021 | 290,436,000 | 285,752,000 |
Retained earnings | 216,313,000 | 174,536,000 |
Accumulated other comprehensive gain/(loss) | (65,341,000) | (3,729,000) |
Total shareholders’ equity | 441,408,000 | 456,559,000 |
Total liabilities and shareholders’ equity | $ 4,872,619,000 | $ 5,257,749,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | Dec. 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) | 15,994,884 | 15,839,944 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income | |||
Loans, including fees | $ 166,848,000 | $ 135,048,000 | $ 137,399,000 |
Securities, taxable | 7,603,000 | 5,127,000 | 7,740,000 |
Securities, tax-exempt | 2,734,000 | 2,386,000 | 2,298,000 |
Other interest-earning assets | 4,654,000 | 933,000 | 876,000 |
Total interest income | 181,839,000 | 143,494,000 | 148,313,000 |
Interest expense | |||
Deposits | 10,037,000 | 9,114,000 | 14,984,000 |
Short-term borrowings | 294,000 | 170,000 | 173,000 |
Federal Home Loan Bank advances | 7,125,000 | 8,177,000 | 8,571,000 |
Subordinated debentures and other borrowings | 6,139,000 | 1,971,000 | 2,339,000 |
Total interest expense | 23,595,000 | 19,432,000 | 26,067,000 |
Net interest income | 158,244,000 | 124,062,000 | 122,246,000 |
Provision (benefit) for credit losses | 6,550,000 | (4,300,000) | 14,050,000 |
Net interest income after provision for credit losses | 151,694,000 | 128,362,000 | 108,196,000 |
Noninterest income: | |||
Mortgage banking activities | 8,664,000 | 29,959,000 | 29,346,000 |
Interest rate swap program fees | 3,488,000 | 6,862,000 | 932,000 |
Payroll processing | 2,178,000 | 1,815,000 | 1,745,000 |
Earnings on bank owned life insurance | 1,678,000 | 1,164,000 | 1,214,000 |
Gain on sale of branch | 0 | 1,058,000 | 0 |
Other income | 1,901,000 | 2,768,000 | 1,384,000 |
Total noninterest income | 32,077,000 | 56,220,000 | 45,172,000 |
Noninterest expense | |||
Salaries and benefits | 65,124,000 | 66,447,000 | 59,799,000 |
Occupancy | 8,362,000 | 8,088,000 | 7,950,000 |
Furniture and equipment rent, depreciation and maintenance | 3,614,000 | 3,654,000 | 3,350,000 |
Data processing | 12,359,000 | 11,104,000 | 10,440,000 |
Advertising | 1,445,000 | 1,175,000 | 1,292,000 |
FDIC insurance costs | 1,239,000 | 1,820,000 | 1,138,000 |
Charitable foundation contributions | 1,514,000 | 4,020,000 | 0 |
Other expense | 14,324,000 | 14,558,000 | 14,551,000 |
Total noninterest expenses | 107,981,000 | 110,866,000 | 98,520,000 |
Income before federal income tax expense | 75,790,000 | 73,716,000 | 54,848,000 |
Federal income tax expense | 14,727,000 | 14,695,000 | 10,710,000 |
Net income | $ 61,063,000 | $ 59,021,000 | $ 44,138,000 |
Earnings per common share: | |||
Basic (in dollars per share) | $ 3.85 | $ 3.69 | $ 2.71 |
Diluted (in dollars per share) | $ 3.85 | $ 3.69 | $ 2.71 |
Service Charges on Deposit and Sweep Accounts [Member] | |||
Noninterest income: | |||
Noninterest revenue | $ 5,952,000 | $ 5,078,000 | $ 4,578,000 |
Credit and Debit Card [Member] | |||
Noninterest income: | |||
Noninterest revenue | $ 8,216,000 | $ 7,516,000 | $ 5,973,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 61,063,000 | $ 59,021,000 | $ 44,138,000 |
Other comprehensive income (loss): | |||
Unrealized holding gains (losses) on securities available for sale | (77,990,000) | (11,664,000) | 2,268,000 |
Total other comprehensive income (loss) | (77,990,000) | (11,664,000) | 2,268,000 |
Tax effect of unrealized holding gains (losses) on securities available for sale | 16,378,000 | 2,449,000 | (477,000) |
Total tax effect of other comprehensive income (loss) | 16,378,000 | 2,449,000 | (477,000) |
Other comprehensive income (loss), net of tax effect | (61,612,000) | (9,215,000) | 1,791,000 |
Comprehensive income (loss) | $ (549,000) | $ 49,806,000 | $ 45,929,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - 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, 2019 | $ 0 | $ 305,035,000 | $ 107,831,000 | $ 3,695,000 | $ 416,561,000 | ||
Employee stock purchase plan | 49,000 | 49,000 | |||||
Dividend reinvestment plan | 814,000 | 814,000 | |||||
Stock option exercises | 3,000 | 3,000 | |||||
Stock grants to directors for retainer fees | 394,000 | 394,000 | |||||
Stock-based compensation expense | 2,325,000 | 2,325,000 | |||||
Share repurchase program | (6,591,000) | (6,591,000) | |||||
Cash dividends | (17,930,000) | (17,930,000) | |||||
Net income | 44,138,000 | 44,138,000 | |||||
Change in net unrealized gain/(loss) on securities available for sale, net of tax effect | 1,791,000 | 1,791,000 | |||||
Balances at Dec. 31, 2020 | 0 | 302,029,000 | 134,039,000 | 5,486,000 | 441,554,000 | ||
Employee stock purchase plan | 48,000 | 48,000 | |||||
Dividend reinvestment plan | 877,000 | 877,000 | |||||
Stock option exercises | 50,000 | 50,000 | |||||
Stock grants to directors for retainer fees | 344,000 | 344,000 | |||||
Stock-based compensation expense | 3,784,000 | 3,784,000 | |||||
Share repurchase program | (21,380,000) | (21,380,000) | |||||
Cash dividends | (18,524,000) | (18,524,000) | |||||
Net income | 59,021,000 | 59,021,000 | |||||
Change in net unrealized gain/(loss) on securities available for sale, net of tax effect | (9,215,000) | (9,215,000) | |||||
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 | 45,000 | 45,000 | |||||
Dividend reinvestment plan | 867,000 | 867,000 | |||||
Stock option exercises | 36,000 | 36,000 | |||||
Stock grants to directors for retainer fees | 359,000 | 359,000 | |||||
Stock-based compensation expense | 3,377,000 | 3,377,000 | |||||
Cash dividends | (19,602,000) | (19,602,000) | |||||
Net income | 61,063,000 | 61,063,000 | |||||
Change in net unrealized gain/(loss) on securities available for sale, net of tax effect | (61,612,000) | (61,612,000) | |||||
Balances at Dec. 31, 2022 | $ 0 | $ 290,436,000 | $ 216,313,000 | $ (65,341,000) | $ 441,408,000 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employee stock purchase plan (in shares) | 1,388 | 1,481 | 2,264 |
Dividend reinvestment plan (in shares) | 25,941 | 27,562 | 35,479 |
Stock option exercises (in shares) | 1,355 | 2,000 | 753 |
Stock grants to directors for retainer fees (in shares) | 11,166 | 10,489 | 17,716 |
Share repurchase program (in shares) | 683,191 | 236,393 | |
Cash dividends per common share (in dollars per share) | $ 1.26 | $ 1.18 | $ 1.12 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Net income | $ 61,063,000 | $ 59,021,000 | $ 44,138,000 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation and amortization | 12,945,000 | 13,678,000 | 9,425,000 |
Accretion of acquired loans | 0 | (135,000) | (449,000) |
Provision (benefit) for credit losses | 6,550,000 | (4,300,000) | 14,050,000 |
Deferred income tax expense (benefit) | (1,353,000) | 2,020,000 | (4,141,000) |
Stock-based compensation expense | 3,377,000 | 3,784,000 | 2,325,000 |
Stock grants to directors for retainer fee | 359,000 | 344,000 | 394,000 |
Proceeds from sales of mortgage loans held for sale | 237,779,000 | 686,418,000 | 677,634,000 |
Origination of mortgage loans held for sale | (217,030,000) | (649,245,000) | (665,992,000) |
Net gain on sales of mortgage loans held for sale | (8,197,000) | (30,402,000) | (29,541,000) |
Net gain from sales and valuation write-downs of foreclosed assets | (69,000) | (78,000) | (325,000) |
Net (gain) loss from sale and write-downs on former bank premises | 275,000 | (140,000) | (27,000) |
Net (gain) loss from sales and disposals of premises and equipment | (36,000) | 246,000 | 1,514,000 |
Earnings on bank owned life insurance | (1,678,000) | (1,164,000) | (1,214,000) |
Gain on sale of branch | 0 | (1,058,000) | 0 |
Net (gain) loss on instruments designated at fair value and related derivatives | (45,000) | 224,000 | 24,000 |
Net change in: | |||
Accrued interest receivable | (6,165,000) | 1,528,000 | (917,000) |
Other assets | (437,000) | (12,655,000) | (9,907,000) |
Accrued interest and other liabilities | 32,524,000 | (3,513,000) | 886,000 |
Net cash from operating activities | 119,862,000 | 64,573,000 | 37,877,000 |
Cash flows from investing activities | |||
Purchases of securities available for sale | (107,011,000) | (298,708,000) | (369,682,000) |
Proceeds from maturities, calls and repayments of securities available for sale | 17,984,000 | 80,432,000 | 321,164,000 |
Loan originations and payments, net | (462,427,000) | (267,899,000) | (341,461,000) |
Proceeds from Federal Home Loan Bank stock redemption | 281,000 | 0 | 0 |
Purchases of bank owned life insurance | (4,500,000) | (2,000,000) | (700,000) |
Proceeds from bank owned life insurance death benefits claim | 628,000 | 0 | 0 |
Net cash transferred in branch sale | 0 | (2,679,000) | 0 |
Purchases of premises and equipment and lease activity | (3,017,000) | (5,602,000) | (8,989,000) |
Proceeds from sales of former bank premises | 2,994,000 | 753,000 | 162,000 |
Proceeds from sales of foreclosed assets | 69,000 | 196,000 | 700,000 |
Net cash for investing activities | (554,999,000) | (495,507,000) | (398,806,000) |
Cash flows from financing activities | |||
Net decrease in time deposits | (57,189,000) | (120,512,000) | (99,294,000) |
Net (decrease) increase in all other deposits | (313,193,000) | 806,796,000 | 820,463,000 |
Net (decrease) increase in securities sold under agreements to repurchase | (3,123,000) | 79,098,000 | 15,690,000 |
Proceeds from Federal Home Loan Bank advances | 28,263,000 | 0 | 60,000,000 |
Maturities of Federal Home Loan Bank advances | (94,000,000) | (20,000,000) | (20,000,000) |
Net proceeds from subordinated notes issuance | 14,645,000 | 73,635,000 | 0 |
Proceeds from stock option exercises, net of cashless exercises | 36,000 | 50,000 | 3,000 |
Employee stock purchase plan | 45,000 | 48,000 | 49,000 |
Dividend reinvestment plan | 867,000 | 877,000 | 814,000 |
Repurchases of common stock | 0 | (21,380,000) | (6,591,000) |
Payment of cash dividends to common shareholders | (19,602,000) | (18,524,000) | (17,930,000) |
Net cash (for) from financing activities | (443,251,000) | 780,088,000 | 753,204,000 |
Net change in cash and cash equivalents | (878,388,000) | 349,154,000 | 392,275,000 |
Cash and cash equivalents at beginning of period | 975,160,000 | 626,006,000 | 233,731,000 |
Cash and cash equivalents at end of period | 96,772,000 | 975,160,000 | 626,006,000 |
Supplemental disclosures of cash flows information | |||
Interest | 21,765,000 | 20,352,000 | 27,703,000 |
Federal income taxes | 11,200,000 | 17,550,000 | 10,950,000 |
Noncash financing and investing activities: | |||
Transfers from loans to foreclosed assets | 0 | 30,000 | 146,000 |
Transfers from bank premises to other real estate owned | 0 | 0 | 613,000 |
Transfers from premises and equipment to other assets | $ 2,847,000 | $ 0 | $ 0 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 Principles of Consolidation Mercantile has five separate business trusts: Mercantile Bank Capital Trust I, Firstbank Capital Trust I, Firstbank Capital Trust II, Firstbank Capital Trust III and Firstbank Capital Trust IV (“our trusts”). Our trusts were formed to issue trust preferred securities. We issued subordinated debentures to our trusts in return for the proceeds raised from the issuance of the trust preferred securities. Our trusts are not Nature of Operations July 15, 1997 December 15, 1997. June 1, 2014. Our bank is a community-based financial institution. Our bank’s primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are commercial loans, residential mortgage loans, and instalment loans. Substantially all loans are secured by specific items of collateral including business assets, real estate or consumer assets. Commercial loans are expected to be repaid from cash flow from operations of businesses. Real estate loans are secured by commercial or residential real estate. We have no one Our insurance company acquired an existing shelf insurance agency effective April 15, 2002. not no We have evaluated subsequent events for potential recognition and/or disclosure through the date these financial statements were issued. Use of Estimates Coronavirus Pandemic: 2019 19” 2 19 may 19 The Coronavirus Pandemic has had a significant impact on our financial condition and operating results since its onset in March, 2020. March, 2022. 2022 2021. The following section summarizes the primary Covid- 19 ● Paycheck Protection Program The Paycheck Protection Program (“PPP”) reflected a substantial expansion of the Small Business Administration’s 100% 7 $350 500 100% 100% 1.00%, August 8, 2020. December 31, 2022, 2022. The Consolidated Appropriations Act, 2021 $284 May 31, 2021. December 31, 2022, 2022. ● Individual Economic Impact Payments The Internal Revenue Service 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 Methodology Delay Financial institutions were not December 31, 2020. 2021 January 1, 2022. January 1, 2022. We continue to monitor the situation, including cases of sickness within our workforce, and will take action to adjust office attendance policies as circumstances warrant in order to protect the health and safety of employees, contractors, and others who visit our offices. However, if the Coronavirus Pandemic worsens and shutdown orders are issued in the future, our ability to operate could be adversely impacted, depending on the language of such orders. The extent to which the Coronavirus Pandemic continues to impact us will depend on future developments, which are highly uncertain and cannot be predicted. Cash and Cash Equivalents and Cash Flow Reporting 90 Debt Securities first not not not Changes in the allowance under CECL are recorded as provisions for (or reversal of) credit loss expense. Losses are charged against the allowance when the collectability of an available for sale debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. At December 31, 2022, no 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. It is not Loans December 31, 2022 2021. 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 Commercial Loan Participations no no December 31, 2022 2021, Loans Held for Sale Year-end mortgage loans held for sale, included in total loans in the Consolidated Balance Sheets, were as follows: 2022 2021 Mortgage loans held for sale $ 3,565,000 $ 16,117,000 Less: Allowance to adjust to lower of cost or market 0 0 Mortgage loans held for sale, net $ 3,565,000 $ 16,117,000 Mortgage Loan Derivatives not December 31, 2022 2021, 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 Consolidated Statements of Income. Troubled Debt Restructurings not may 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. Allowance for Credit Losses ( “ Allowance ” ) June 2016, No. 2016 13, Measurement of Credit Losses on Financial Instruments 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 December 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 Subsequent to the end of the forecast period, we revert to historical loan data based on an ongoing evaluation of each economic forecast in relation to then current economic conditions as well as any developing loan loss activity and resulting historical data. As of December 31, 2022, one six We are not third December 31, 2022 January 1, 2022 During each reporting period, we also consider the need to adjust the historical loss rates as determined by our migration calculations 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 migration-based 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 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 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 other noninterest expense 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. Transfers of Financial Assets 1 2 3 not Premises and Equipment 5 33 3 7 may not Foreclosed Assets: December 31, 2022 2021. Bank Owned Life Insurance: not Goodwill and Core Deposit Intangible may not 2022 no The core deposit intangible that arose from the merger with Firstbank was initially measured at fair value and is being amortized into noninterest expense over a ten Repurchase Agreements Financial Instruments and Loan Commitments Stock-Based Compensation Revenue from Contracts with Customers 606, 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 presented in the Consolidated Statements of Income for the years ended December 31, 2022, 2021 2020 606: 2022 2021 2020 Service charges on deposit and sweep accounts $ 5,952,000 $ 5,078,000 $ 4,578,000 Credit and debit card fees 8,216,000 7,516,000 5,973,000 Payroll processing 2,178,000 1,815,000 1,745,000 Customer service fees 852,000 857,000 757,000 Service Charges on Deposit and Sweep Accounts: Credit and Debit Card Fees: Payroll Processing Fees: Customer Service Fees: Advertising Costs Income Taxes Fair Values of Financial Instruments not not Earnings Per Share Comprehensive Income 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 no December 31, 2022 2021. Contingencies: not Newly Issued Not No. 2022 02 Financial Instruments Credit Losses (Topic 326 310 40, December 15, 2022. not |
Note 2 - Securities
Note 2 - Securities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 2 SECURITIES The amortized cost and fair value of available for sale securities and the related pre-tax gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows at year-end 2022 2021: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value 2022 U.S. Government agency debt obligations $ 453,836,000 $ 0 $ (65,092,000 ) $ 388,744,000 Mortgage-backed securities 38,002,000 19,000 (6,068,000 ) 31,953,000 Municipal general obligation bonds 163,041,000 450,000 (9,058,000 ) 154,433,000 Municipal revenue bonds 30,267,000 102,000 (3,063,000 ) 27,306,000 Other investments 500,000 0 0 500,000 $ 685,646,000 $ 571,000 $ (83,281,000 ) $ 602,936,000 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 year-end 2022 2021, Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Loss Value Loss Value Loss 2022 U.S. Government agency debt obligations $ 53,019,000 $ 5,713,000 $ 335,725,000 $ 59,379,000 $ 388,744,000 $ 65,092,000 Mortgage-backed securities 31,127,000 6,068,000 12,000 0 31,139,000 6,068,000 Municipal general obligation bonds 97,252,000 4,516,000 32,870,000 4,542,000 130,122,000 9,058,000 Municipal revenue bonds 12,532,000 1,141,000 10,609,000 1,922,000 23,141,000 3,063,000 Other investments 0 0 0 0 0 0 $ 193,930,000 $ 17,438,000 $ 379,216,000 $ 65,843,000 $ 573,146,000 $ 83,281,000 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 Other investments 0 0 0 0 0 0 $ 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 financial condition of the issuer, and 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 December 31, 2022, December 31, 2021, December 31, 2022, no not not not The amortized cost and fair values of debt securities at December 31, 2022, may may not Weighted Amortized Fair Average Yield Cost Value Due in one year or less 0.76% $ 21,278,000 $ 20,732,000 Due from one to five years 1.22 249,262,000 227,357,000 Due from five to ten years 1.88 318,700,000 271,652,000 Due after ten years 3.03 57,904,000 50,742,000 Mortgage-backed securities 2.10 38,002,000 31,953,000 Other investments 4.94 500,000 500,000 1.72% $ 685,646,000 $ 602,936,000 No securities were sold during the last three Securities issued by the State of Michigan and all its political subdivisions had a combined amortized cost of $193 million and $155 million at December 31, 2022 December 31, 2021, December 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 $194 million and $197 million at December 31, 2022 2021, may |
Note 3 - Loans and Allowance fo
Note 3 - Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 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 Year-end loans disaggregated by class of loan within the loan portfolio segments were as follows: December 31, 2022 December 31, 2021 Percent Increase Balance % Balance % (Decrease) Commercial: Commercial and industrial (1) $ 1,185,083,000 30.3 % $ 1,137,419,000 32.9 % 4.2 % Vacant land, land development, and residential construction 61,873,000 1.6 43,239,000 1.3 43.1 Real estate – owner occupied 639,192,000 16.3 565,758,000 16.4 13.0 Real estate – non-owner occupied 1,033,734,000 26.4 1,027,415,000 29.7 0.6 Real estate – multi-family and residential rental 211,948,000 5.4 176,593,000 5.1 20.0 Total commercial 3,131,830,000 80.0 2,950,424,000 85.4 6.1 Retail: 1-4 family mortgages 755,036,000 19.3 442,547,000 12.8 70.6 Other consumer loans (2) 29,753,000 0.7 60,488,000 1.8 (50.8 ) Total retail 784,789,000 20.0 503,035,000 14.6 56.0 Total loans $ 3,916,619,000 100.0 % $ 3,453,459,000 100.0 % 13.4 % ( 1 For December 31, 2022, December 31, 2021, ( 2 In conjunction with the adoption of the CECL methodology effective January 1, 2022, 1 4 December 31, 2022, 2021, Concentrations within the loan portfolio were as follows at year-end: 2022 2021 Percentage Percentage of of Loan Loan Balance Portfolio Balance Portfolio Commercial real estate loans to lessors of non-residential buildings $ 738,891,000 18.9 % $ 737,589,000 21.4 % Year-end nonperforming loans were as follows: 2022 2021 Loans past due 90 days or more still accruing interest $ 0 $ 155,000 Nonaccrual loans 7,728,000 2,313,000 Total nonperforming loans $ 7,728,000 $ 2,468,000 The recorded principal balance of nonperforming loans was as follows: December 31, 2022 December 31, 2021 Commercial: Commercial and industrial $ 6,024,000 $ 663,000 Vacant land, land development, and residential construction 0 0 Real estate – owner occupied 248,000 0 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 6,272,000 663,000 Retail: 1-4 family mortgages 1,456,000 1,686,000 Other consumer loans 0 119,000 Total retail 1,456,000 1,805,000 Total nonperforming loans $ 7,728,000 $ 2,468,000 An age analysis of past due loans is as follows as of December 31, 2022: Recorded Greater Balance > 30 59 60 89 Than 89 89 Days Days Days Total Total Days and Past Due Past Due Past Due Past Due Current Loans Accruing Commercial: Commercial and industrial $ 0 $ 5,705,000 $ 249,000 $ 5,954,000 $ 1,179,129,000 $ 1,185,083,000 $ 0 Vacant land, land development, and residential construction 0 0 0 0 61,873,000 61,873,000 0 Real estate – owner occupied 0 248,000 0 248,000 638,944,000 639,192,000 0 Real estate – non-owner occupied 0 0 0 0 1,033,734,000 1,033,734,000 0 Real estate – multi-family and residential rental 0 0 0 0 211,948,000 211,948,000 0 Total commercial 0 5,953,000 249,000 6,202,000 3,125,628,000 3,131,830,000 0 Retail: 1-4 family mortgages 1,334,000 88,000 116,000 1,538,000 753,498,000 755,036,000 0 Other consumer loans 15,000 1,000 0 16,000 29,737,000 29,753,000 0 Total retail 1,349,000 89,000 116,000 1,554,000 783,235,000 784,789,000 0 Total past due loans $ 1,349,000 $ 6,042,000 $ 365,000 $ 7,756,000 $ 3,908,863,000 $ 3,916,619,000 $ 0 An age analysis of past due loans is as follows as of December 31, 2021: Recorded Greater Balance > 30 59 60 89 Than 89 89 Days Days Days Total Total Days and Past Due Past Due Past Due Past Due Current Loans 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 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. Fair value estimates of collateral on distressed lending relationships, 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 December 31, 2022. Nonaccrual loans as of December 31, 2022 Recorded Principal Related Balance Allowance With no allowance recorded: Commercial: Commercial and industrial $ 249,000 $ 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 249,000 0 Retail: 1-4 family mortgages 1,064,000 0 Other consumer loans 0 0 Total retail 1,064,000 0 Total with no allowance recorded $ 1,313,000 $ 0 With an allowance recorded: Commercial: Commercial and industrial $ 5,775,000 $ 2,051,000 Vacant land, land development and residential construction 0 0 Real estate – owner occupied 248,000 32,000 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 6,023,000 2,083,000 Retail: 1-4 family mortgages 392,000 200,000 Other consumer loans 0 0 Total retail 392,000 200,000 Total with an allowance recorded $ 6,415,000 $ 2,283,000 Total nonaccrual loans: Commercial $ 6,272,000 $ 2,083,000 Retail 1,456,000 200,000 Total nonaccrual loans $ 7,728,000 $ 2,283,000 Impaired loans with no December 31, 2021: Unpaid Contractual Principal Balance Recorded Principal Balance Related Allowance Year-To-Date Average Recorded Principal Balance With no related allowance recorded: Commercial: Commercial and industrial $ 2,893,000 $ 2,818,000 $ 3,632,000 Vacant land, land development and residential construction 0 0 0 Real estate – owner occupied 9,674,000 9,674,000 12,634,000 Real estate – non-owner occupied 0 0 131,000 Real estate – multi-family and residential rental 91,000 91,000 37,000 Total commercial 12,658,000 12,583,000 16,434,000 Retail: Home equity and other 1,173,000 1,107,000 1,096,000 1-4 family mortgages 3,166,000 2,025,000 2,327,000 Total retail 4,339,000 3,132,000 3,423,000 Total with no related allowance recorded $ 16,997,000 $ 15,715,000 $ 19,857,000 Impaired loans with an allowance recorded and total impaired loans were as follows as of December 31, 2021: Unpaid Contractual Principal Balance Recorded Principal Balance Related Allowance Year-To-Date Average Recorded Principal Balance With an allowance recorded: Commercial: Commercial and industrial $ 2,192,000 $ 2,192,000 $ 266,000 $ 1,732,000 Vacant land, land development and residential construction 0 0 0 0 Real estate – owner occupied 761,000 761,000 84,000 803,000 Real estate – non-owner occupied 146,000 146,000 4,000 154,000 Real estate – multi-family and residential rental 0 0 0 0 Total commercial 3,099,000 3,099,000 354,000 2,689,000 Retail: Home equity and other 160,000 140,000 123,000 214,000 1-4 family mortgages 412,000 412,000 69,000 537,000 Total retail 572,000 552,000 192,000 751,000 Total with an allowance recorded $ 3,671,000 $ 3,651,000 $ 546,000 $ 3,440,000 Total impaired loans: Commercial $ 15,757,000 $ 15,682,000 $ 354,000 $ 19,123,000 Retail 4,911,000 3,684,000 192,000 4,174,000 Total impaired loans $ 20,668,000 $ 19,366,000 $ 546,000 $ 23,297,000 Impaired commercial loans for which no no 2021. 2021, 2021. Credit Quality Indicators. ten Loans by credit quality indicators were as follows as of December 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) $ 719,583,000 $ 41,711,000 $ 406,341,000 $ 447,606,000 $ 118,385,000 Grades 5 – 7 450,405,000 20,057,000 229,766,000 573,728,000 93,514,000 Grades 8 – 9 15,095,000 105,000 3,085,000 12,400,000 49,000 Total commercial $ 1,185,083,000 $ 61,873,000 $ 639,192,000 $ 1,033,734,000 $ 211,948,000 Retail credit exposure – credit risk profiled by collateral type: Retail 1-4 Family Mortgages Retail Other Consumer Loans Performing $ 753,580,000 $ 29,753,000 Nonperforming 1,456,000 0 Total retail $ 755,036,000 $ 29,753,000 ( 1 Included in Commercial and Industrial Loans Grades 1 4 Loans by 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 Home Equity and Other Retail 1-4 Family 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 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 rating 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 uncollectable, 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; loans 90 The following table reflects loan balances as of December 31, 2022 2022 2021 2020 2019 2018 Prior Term Total Revolving Loans Grand Total Commercial: Commercial and Industrial: Grades 1 – 4 $ 115,494 $ 141,481 $ 43,961 $ 9,194 $ 3,230 $ 9,851 $ 323,211 $ 396,372 $ 719,583 Grades 5 – 7 151,783 47,030 31,697 8,870 569 93 240,042 210,363 450,405 Grades 8 – 9 3,784 249 0 0 48 29 4,110 10,985 15,095 Total $ 271,061 $ 188,760 $ 75,658 $ 18,064 $ 3,847 $ 9,973 $ 567,363 $ 617,720 $ 1,185,083 Vacant Land, Land Development and Residential Construction: Grades 1 – 4 $ 31,756 $ 6,196 $ 3,428 $ 0 $ 0 $ 331 $ 41,711 $ 0 $ 41,711 Grades 5 – 7 10,270 8,760 351 50 0 626 20,057 0 20,057 Grades 8 – 9 0 0 0 0 14 91 105 0 105 Total $ 42,026 $ 14,956 $ 3,779 $ 50 $ 14 $ 1,048 $ 61,873 $ 0 $ 61,873 Real Estate – Owner Occupied: Grades 1 – 4 $ 194,072 $ 113,528 $ 53,630 $ 19,670 $ 19,279 $ 6,162 $ 406,341 $ 0 $ 406,341 Grades 5 – 7 115,720 56,173 33,913 10,245 12,550 1,165 229,766 0 229,766 Grades 8 – 9 2,919 0 44 0 122 0 3,085 0 3,085 Total $ 312,711 $ 169,701 $ 87,587 $ 29,915 $ 31,951 $ 7,327 $ 639,192 $ 0 $ 639,192 Real Estate – Non-Owner Occupied: Grades 1 – 4 $ 129,153 $ 163,035 $ 89,125 $ 44,196 $ 10,079 $ 12,018 $ 447,606 $ 0 $ 447,606 Grades 5 – 7 183,388 164,334 139,951 35,200 13,456 37,399 573,728 0 573,728 Grades 8 – 9 6,712 5,688 0 0 0 0 12,400 0 12,400 Total $ 319,253 $ 333,057 $ 229,076 $ 79,396 $ 23,535 $ 49,417 $ 1,033,734 $ 0 $ 1,033,734 Real Estate – Multi-Family and Residential Rental: Grades 1 – 4 $ 31,470 $ 38,176 $ 36,348 $ 5,306 $ 3,082 $ 4,003 $ 118,385 $ 0 $ 118,385 Grades 5 – 7 48,847 25,786 12,879 3,162 2,557 283 93,514 0 93,514 Grades 8 – 9 0 0 0 0 0 49 49 0 49 Total $ 80,317 $ 63,962 $ 49,227 $ 8,468 $ 5,639 $ 4,335 $ 211,948 $ 0 $ 211,948 Total Commercial $ 1,025,368 $ 770,436 $ 445,327 $ 135,893 $ 64,986 $ 72,100 $ 2,514,110 $ 617,720 $ 3,131,830 2022 2021 2020 2019 2018 Prior Term Total Revolving Loans Grand Total Retail: 1-4 Family Mortgages: Performing $ 313,611 $ 242,950 $ 91,936 $ 12,094 $ 14,297 $ 41,622 $ 716,510 $ 37,070 $ 753,580 Nonperforming 142 82 0 0 203 1,029 1,456 0 1,456 Total $ 313,753 $ 243,032 $ 91,936 $ 12,094 $ 14,500 $ 42,651 $ 717,966 $ 37,070 $ 755,036 Other Consumer Loans: Performing $ 4,349 $ 2,870 $ 1,040 $ 1,074 $ 395 $ 430 $ 10,158 $ 19,595 $ 29,753 Nonperforming 0 0 0 0 0 0 0 0 0 Total $ 4,349 $ 2,870 $ 1,040 $ 1,074 $ 395 $ 430 $ 10,158 $ 19,595 $ 29,753 Total Retail $ 318,102 $ 245,902 $ 92,976 $ 13,168 $ 14,895 $ 43,081 $ 728,124 $ 56,665 $ 784,789 Grand Total $ 1,343,470 $ 1,016,338 $ 538,303 $ 149,061 $ 79,881 $ 115,181 $ 3,242,234 $ 674,385 $ 3,916,619 The allowance for credit losses for the year-ended December 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 946 138 378 (603 ) 152 5,621 (111 ) 29 6,550 Charge-offs (171 ) (29 ) (38 ) 0 0 (33 ) (21 ) 0 (292 ) Recoveries 217 4 89 0 43 595 77 0 1,025 Ending balance $ 10,203 $ 490 $ 5,914 $ 10,164 $ 1,269 $ 14,027 $ 160 $ 19 $ 42,246 The allowance for loan losses and recorded investments in loans for the year-ended 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 2,030 (618 ) (3,308 ) (310 ) (150 ) (301 ) (1,629 ) (14 ) (4,300 ) Charge-offs (882 ) (15 ) (12 ) 0 0 (43 ) (92 ) 0 (1,044 ) Recoveries 210 374 1,119 0 26 81 930 0 2,740 Ending balance $ 10,782 $ 420 $ 6,045 $ 13,301 $ 1,695 $ 626 $ 2,449 $ 45 $ 35,363 Ending balance: individually evaluated for impairment $ 266 $ 0 $ 84 $ 0 $ 4 $ 123 $ 69 $ 0 $ 546 Ending balance: collectively evaluated for impairment $ 10,516 $ 420 $ 5,961 $ 13,301 $ 1,691 $ 503 $ 2,380 $ 45 $ 34,817 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 The allowance for loan losses and recorded investments in loans for the year-ended December 31, 2020 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 $ 6,659 $ 466 $ 6,291 $ 6,761 $ 893 $ 861 1,888 $ 70 $ 23,889 Provision for loan losses 2,921 289 1,881 6,837 907 58 1,168 (11 ) 14,050 Charge-offs (247 ) (113 ) (235 ) 0 (18 ) (96 ) (129 ) 0 (838 ) Recoveries 91 37 309 13 37 66 313 0 866 Ending balance $ 9,424 $ 679 $ 8,246 $ 13,611 $ 1,819 $ 889 $ 3,240 $ 59 $ 37,967 Ending balance: individually evaluated for impairment $ 53 $ 0 $ 77 $ 8 $ 0 $ 241 $ 172 $ 0 $ 551 Ending balance: collectively evaluated for impairment $ 9,371 $ 679 $ 8,169 $ 13,603 $ 1,819 $ 648 $ 3,068 $ 59 $ 37,416 Total loans (*): Ending balance $ 780,164 $ 55,055 $ 529,953 $ 917,436 $ 146,095 $ 61,620 $ 337,888 $ 2,828,211 Ending balance: individually evaluated for impairment $ 6,585 $ 0 $ 15,327 $ 503 $ 0 $ 1,270 $ 3,273 $ 26,958 Ending balance: collectively evaluated for impairment $ 773,579 $ 55,055 $ 514,626 $ 916,933 $ 146,095 $ 60,350 $ 334,615 $ 2,801,253 (*) Excludes $365 million in loans originated under the Paycheck Protection Program. Loans modified as troubled debt restructurings generally reflect payment extensions and below market interest rates. Loans modified as troubled debt restructurings during the year-ended December 31, 2022 Pre- Post- Modification Modification Recorded Recorded Number of Principal Principal Contracts Balance Balance Commercial: Commercial and industrial 3 $ 6,593,000 $ 6,593,000 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 3 6,593,000 6,593,000 Retail: Home equity and other 0 0 0 1-4 family mortgages 7 758,000 757,000 Total retail 7 758,000 757,000 Total 10 $ 7,351,000 $ 7,350,000 Loans modified as troubled debt restructurings during the year-ended December 31, 2021 Pre- Post- Modification Modification Recorded Recorded Number of Principal Principal Contracts Balance Balance Commercial: Commercial and industrial 10 $ 3,017,000 $ 3,016,000 Vacant land, land development and residential construction 0 0 0 Real estate – owner occupied 1 692,000 692,000 Real estate – non-owner occupied 0 0 0 Real estate – multi-family and residential rental 1 93,000 93,000 Total commercial 12 3,802,000 3,801,000 Retail: Home equity and other 4 485,000 482,000 1-4 family mortgages 2 46,000 46,000 Total retail 6 531,000 528,000 Total 18 $ 4,333,000 $ 4,329,000 The following loans, modified as troubled debt restructurings within the previous twelve 30 December 31, 2022 ( Number of Contracts Recorded Principal Balance Commercial: Commercial and industrial 2 $ 5,665,000 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 5,665,000 Retail: Home equity and other 0 0 1-4 family mortgages 0 0 Total retail 0 0 Total 2 $ 5,665,000 The following loans, modified as troubled debt restructurings within the previous twelve 30 December 31, 2021 ( Number of Contracts Recorded Principal 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: Home equity and other 0 0 1-4 family mortgages 0 0 Total retail 0 0 Total 0 $ 0 Activity for loans categorized as troubled debt restructurings during the year-ended December 31, 2022 Commercial and Commercial Vacant Land, Land Development, and Residential Commercial Real Estate - Owner Commercial Real Estate - Non-Owner Commercial Real Estate - Multi-Family and Residential Industrial Construction Occupied Occupied Rental Commercial Loan Portfolio: Beginning Balance $ 4,973,000 $ 0 $ 10,435,000 $ 146,000 $ 91,000 Charge-Offs (95,000 ) 0 (39,000 ) 0 0 Payments (772,000 ) 0 (9,683,000 ) (16,000 ) (91,000 ) Transfers to ORE 0 0 0 0 0 Net Additions/Deletions 4,566,000 0 (669,000 ) 0 0 Ending Balance $ 8,672,000 $ 0 $ 44,000 $ 130,000 $ 0 Retail Home Equity and Other Retail 1-4 Family Mortgages Retail Loan Portfolio: Beginning Balance $ 1,202,000 $ 627,000 Charge-Offs 0 0 Payments (14,000 ) (317,000 ) Transfers to ORE 0 0 Net Additions/Deletions (1) (1,187,000 ) 2,426,000 Ending Balance $ 1,000 $ 2,736,000 ( 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 year-ended December 31, 2021 Commercial and Commercial Vacant Land, Land Development, and Residential Commercial Real Estate - Owner Commercial Real Estate - Non-Owner Commercial Real Estate - Multi-Family and Residential Industrial Construction Occupied Occupied Rental Commercial Loan Portfolio: Beginning Balance $ 6,414,000 $ 0 $ 14,797,000 $ 480,000 $ 0 Charge-Offs (17,000 ) 0 0 0 0 Payments (4,278,000 ) 0 (5,048,000 ) (334,000 ) (1,000 ) Transfers to ORE 0 0 0 0 0 Net Additions/Deletions 2,854,000 0 686,000 0 92,000 Ending Balance $ 4,973,000 $ 0 $ 10,435,000 $ 146,000 $ 91,000 Retail Home Equity and Other Retail 1-4 Family Mortgages Retail Loan Portfolio: Beginning Balance $ 1,146,000 $ 806,000 Charge-Offs 0 0 Payments (426,000 ) (224,000 ) Transfers to ORE 0 0 Net Additions/Deletions 482,000 45,000 Ending Balance $ 1,202,000 $ 627,000 Activity for loans categorized as troubled debt restructurings during the year-ended December 31, 2020 Commercial and Commercial Vacant Land, Land Development, and Residential Commercial Real Estate - Owner Commercial Real Estate - Non-Owner Commercial Real Estate - Multi-Family and Residential Industrial Construction Occupied Occupied Rental Commercial Loan Portfolio: Beginning Balance $ 8,587,000 $ 85,000 $ 1,145,000 $ 178,000 $ 7,000 Charge-Offs 0 0 0 0 0 Payments (11,260,000 ) (85,000 ) (3,765,000 ) (585,000 ) (7,000 ) Transfers to ORE 0 0 0 0 0 Net Additions/Deletions 9,087,000 0 17,417,000 887,000 0 Ending Balance $ 6,414,000 $ 0 $ 14,797,000 $ 480,000 $ 0 Retail Home Equity and Other Retail 1-4 Family Mortgages Retail Loan Portfolio: Beginning Balance $ 1,415,000 $ 724,000 Charge-Offs 0 0 Payments (881,000 ) (68,000 ) Transfers to ORE 0 0 Net Additions/Deletions 612,000 150,000 Ending Balance $ 1,146,000 $ 806,000 |
Note 4 - Premises and Equipment
Note 4 - Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 Year-end premises and equipment were as follows: 2022 2021 Land and improvements $ 13,532,000 $ 15,111,000 Buildings 53,865,000 56,168,000 Furniture and equipment 22,941,000 22,974,000 90,338,000 94,253,000 Less: accumulated depreciation 38,862,000 36,955,000 Total premises and equipment $ 51,476,000 $ 57,298,000 Depreciation expense totaled $6.0 million in 2022, 2021, 2020. We enter into facility leases in the normal course of business. As of December 31, 2022, eleven June, 2023 December, 2029, December 31, 2022. three five not not Leases are classified as either operating or finance leases at the lease commencement 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 5.47% as of December 31, 2022. 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, totaled $3.5 million as of December 31, 2022, December 31, 2021, not twelve 2022, 2021 2020, Future lease payments were as follows as of December 31, 2022: 2023 $ 1,091,000 2024 883,000 2025 443,000 2026 339,000 2027 288,000 Thereafter 1,589,000 Total undiscounted lease payments 4,633,000 Less effect of discounting (1,118,000 ) Present value of future lease payments (lease liability) 3,515,000 |
Note 5 - Mortgage Loan Servicin
Note 5 - Mortgage Loan Servicing | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Mortgage Loan Servicing [Text Block] | NOTE 5 MORTGAGE LOAN SERVICING Mortgage loans serviced for others are not 2022 2021 Mortgage loan portfolios serviced for: Federal Home Loan Mortgage Corporation $ 1,345,312,000 $ 1,320,550,000 Federal Home Loan Bank 30,831,000 23,505,000 Total mortgage loans serviced for others $ 1,376,143,000 $ 1,344,055,000 Custodial escrow balances, which are reported as deposits on the Consolidated Balance Sheets, maintained in connection with serviced loans were $11.6 million and $12.1 million as of December 31, 2022 December 31, 2021, Activity for capitalized mortgage loan servicing rights, which are reported as other assets on the Consolidated Balance Sheets, during 2022 2021 2022 2021 Balance at beginning of year $ 12,248,000 $ 8,189,000 Additions 2,773,000 7,711,000 Amortized to expense (3,184,000 ) (3,652,000 ) Balance at end of year $ 11,837,000 $ 12,248,000 Mortgage servicing rights result from our mortgage loan origination activities. Late and ancillary fees, included as part of mortgage banking income and reported as noninterest income in the Consolidated Statements of Income, aggregated less than $0.1 million during 2022 2021. Accounting for mortgage servicing rights is based on the class of mortgage servicing rights. We have identified four 10 15 20 30 Interest rate risk, prepayment risk and default risk are inherent in mortgage servicing rights valuation. Interest rate changes largely drive prepayment rates. Refinance activity generally increases as interest rates decline. A significant decrease in interest rates beyond expectation could cause a decline in the value of mortgage servicing rights. On the contrary, borrowers are less likely to refinance or prepay their mortgage loans if interest rates increase, which would extend the duration of the underlying mortgage loans and the associated mortgage servicing rights would likely rise. Because of these risks, discount rates and prepayment speeds are used to estimate the fair value of mortgage servicing rights. We determined that no valuation allowance was necessary as of December 31, 2022 December 31, 2021. December 31, 2022 December 31, 2021, 2022, 2021, The weighted average amortization period was 8.9 years and 8.5 years as of December 31, 2022 December 31, 2021, December 31, 2022 2023 $ 2,366,000 2024 2,066,000 2025 1,772,000 2026 1,492,000 2027 1,236,000 Thereafter 2,905,000 |
Note 6 - Core Deposit Intangibl
Note 6 - Core Deposit Intangible Asset, Net | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 6 CORE DEPOSIT INTANGIBLE ASSET, NET The gross carrying amount of core deposit intangible assets, included in other assets on our Consolidated Balance Sheets, totaled $ 17.5 December 31, 2022 December 31, 2021. December 31, 2022, December 31, 2021, The scheduled amortization expense on core deposit intangible assets in future periods is: 2023 $ 450,000 2024 133,000 |
Note 7 - Deposits
Note 7 - Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 7 DEPOSITS Deposits at year-end are summarized as follows: December 31, 2022 December 31, 2021 Percent Increase Balance % Balance % (Decrease) Noninterest-bearing checking $ 1,604,750,000 43.2 % $ 1,677,952,000 41.1 % (4.4 %) Interest-bearing checking 575,028,000 15.5 538,838,000 13.2 6.7 Money market 776,723,000 20.9 1,040,176,000 25.5 (25.3 ) Savings 381,602,000 10.3 394,330,000 9.7 (3.2 ) Time, under $100,000 113,099,000 3.0 132,776,000 3.2 (14.8 ) Time, $100,000 and over 261,609,000 7.1 275,208,000 6.7 (4.9 ) Total local deposits 3,712,811,000 100.0 4,059,280,000 99.4 (8.5 ) Out-of-area time, $100,000 and over 0 0.0 23,913,000 0.6 (100.0 ) Total deposits $ 3,712,811,000 100.0 % $ 4,083,193,000 100.0 % (9.1 %) Out-of-area time deposits consist of deposits obtained from depositors outside of our primary market areas exclusively through deposit brokers. The following table depicts the maturity distribution for time deposits at year-end: 2022 2021 In one year or less $ 188,887,000 $ 260,501,000 In one to two years 68,434,000 78,024,000 In two to three years 22,053,000 34,595,000 In three to four years 30,761,000 7,863,000 In four to five years 64,573,000 50,914,000 Total certificates of deposit $ 374,708,000 $ 431,897,000 The following table depicts the maturity distribution for time deposits with balances of $100,000 2022 2021 Up to three months $ 40,538,000 $ 68,887,000 Three months to six months 25,141,000 53,077,000 Six months to twelve months 54,394,000 56,612,000 Over twelve months 141,536,000 120,545,000 Total certificates of deposit $ 261,609,000 $ 299,121,000 Total time deposits of more than $250,000 2022 2021, Deposit overdrafts, which are reported as loans on the Consolidated Balance Sheets, totaled $0.9 million and $0.1 million as of December 31, 2022 December 31, 2021, |
Note 8 - Securities Sold Under
Note 8 - Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | NOTE 8 SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Information regarding securities sold under agreements to repurchase at year-end is summarized below: 2022 2021 Outstanding balance at year-end $ 194,340,000 $ 197,463,000 Weighted average interest rate at year-end 0.75 % 0.11 % Average daily balance during the year $ 200,499,000 $ 158,855,000 Weighted average interest rate during the year 0.15 % 0.11 % Maximum daily balance during the year $ 235,577,000 $ 209,093,000 Securities sold under agreements to repurchase (“repurchase agreements”) generally have original maturities of less than one |
Note 9 - Federal Home Loan Bank
Note 9 - Federal Home Loan Bank of Indianapolis Advances | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | NOTE 9 Federal Home Loan Bank of Indianapolis (“FHLBI”) bullet advances totaled $280 million at December 31, 2022, January 2023 June 2027, December 31, 2021, January 2022 June 2027, Maturities of FHLBI bullet advances as of December 31, 2022 2023 $ 80,000,000 2024 80,000,000 2025 50,000,000 2026 30,000,000 2027 40,000,000 FHLBI amortizing advances totaled $28.3 million as of December 31, 2022, 2042. no December 31, 2021. Scheduled principal payments on FHLBI amortizing advances as of December 31, 2022 2023 $ 353,000 2024 826,000 2025 862,000 2026 899,000 2027 938,000 Thereafter 24,385,000 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 December 31, 2022 |
Note 10 - Federal Income Taxes
Note 10 - Federal Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10 The consolidated income tax expense is as follows: 2022 2021 2020 Current expense $ 16,080,000 $ 12,675,000 $ 14,945,000 Deferred expense (1,353,000 ) 2,020,000 (4,141,000 ) Change in valuation allowance 0 0 (94,000 ) Tax expense $ 14,727,000 $ 14,695,000 $ 10,710,000 A reconciliation of the differences between the federal income tax expense recorded and the amount computed by applying the federal statutory rate to income before income taxes is as follows: 2022 2021 2020 Tax at statutory rate $ 15,915,000 $ 15,481,000 $ 11,518,000 Increase (decrease) from Tax-exempt interest (695,000 ) (658,000 ) (681,000 ) Bank owned life insurance (334,000 ) (233,000 ) (238,000 ) Change in valuation allowance 0 0 (94,000 ) Other (159,000 ) 105,000 205,000 Tax expense $ 14,727,000 $ 14,695,000 $ 10,710,000 The statutory tax rate was 21% for 2022, 2021 2020. Significant components of deferred tax assets and liabilities, included in other assets on our Consolidated Balance Sheets, as of December 31, 2022 2021 2022 2021 Deferred income tax assets Allowance for credit losses $ 8,872,000 $ 7,426,000 Deferred compensation 232,000 259,000 Stock compensation 1,018,000 941,000 Nonaccrual loan interest income 136,000 159,000 Unrealized loss on securities 17,369,000 991,000 Lease liability 810,000 749,000 Deferred loan fees and costs 0 520,000 Other 494,000 595,000 Deferred tax asset 28,931,000 11,640,000 Deferred income tax liabilities Depreciation 697,000 1,168,000 Prepaid expenses 504,000 416,000 Core deposit intangible 120,000 276,000 Mortgage loan servicing rights 2,486,000 2,572,000 Deferred loan fees and costs 211,000 0 Right of use lease asset 810,000 749,000 Business combination adjustments 1,877,000 2,013,000 Other 326,000 193,000 Deferred tax liability 7,031,000 7,387,000 Total net deferred tax asset $ 21,900,000 $ 4,253,000 A valuation allowance related to deferred tax assets is required when it is considered more likely than not not no 2022 2021. 2022 2021 not 2023. 2022 2021. no 2019. |
Note 11 - Stock-based Compensat
Note 11 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 11 STOCK-BASED COMPENSATION Stock-based compensation plans are used to provide directors and employees with an increased incentive to contribute to our long-term performance and growth, to align the interests of directors and employees with the interests of our shareholders through the opportunity for increased stock ownership and to attract and retain directors and employees. During 2015, 2006. 2016 2016. 2016 2019, 2016. 2020 2022, 2020. 2016 2019 2016, 2020 2022 2020. The Stock Incentive Plan of 2006 January 18, 2016, 2016 May, 2016. 2016 2020 May, 2020. Under the Stock Incentive Plan of 2006, 2016 2020, may not not No 2016 2022 three 2018 2022, 2014, two seven 2022, A summary of restricted stock activity from grants issued during the past three 2022 2021 2020 Shares Weighted Average Fair Value Shares Weighted Average Fair Value Shares Weighted Average Fair Value Nonvested at beginning of year 353,691 $ 30.71 262,336 $ 29.42 262,260 $ 34.91 Granted 121,631 32.18 163,000 33.68 121,518 24.65 Vested (94,010 ) 34.86 (59,772 ) 31.82 (85,445 ) 37.08 Forfeited (6,541 ) 27.98 (11,873 ) 29.54 (35,997 ) 33.71 Nonvested at end of year 374,771 $ 30.49 353,691 $ 30.71 262,336 $ 29.42 Of the restricted stock shares granted in 2022, 2021 2020, 2022, 2021, 2020 2019, 2021, 2020, 2019 2018, 2020, 2019 2018, three A summary of stock option activity during the past three 2022 2021 2020 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding at beginning of year 7,700 $ 34.89 9,700 $ 32.83 10,700 $ 30.25 Granted 0 NA 0 NA 0 NA Exercised (2,700 ) 32.42 (2,000 ) 24.91 (1,000 ) 5.19 Forfeited or expired 0 NA 0 NA 0 NA Outstanding at end of year 5,000 $ 36.22 7,700 $ 34.89 9,700 $ 32.83 Options exercisable at year-end 5,000 $ 36.22 7,700 $ 34.89 9,700 $ 32.83 The fair value of each stock option award is estimated on the date of grant using a closed option valuation (Black-Scholes) model that uses the assumptions noted in the table below. Expected volatilities are based on historical volatilities on our common stock. Historical data is used to estimate stock option expense and post-vesting termination behavior. The expected term of stock options granted is based on historical data and represents the period of time that stock options granted are expected to be outstanding, which takes into account that the stock options are not three Options at year-end 2022 Outstanding Exercisable Weighted Average Weighted Weighted Range of Remaining Average Average Exercise Contractual Exercise Exercise Prices Number Life (Years) Price Number Price $36.00 - $37.00 5,000 0.9 $ 36.22 5,000 $ 36.22 Outstanding at year end 5,000 0.9 $ 36.22 5,000 $ 36.22 Information related to options outstanding at year-end 2022, 2021 2020 2022 2021 2020 Minimum exercise price $ 36.22 $ 27.66 $ 22.15 Maximum exercise price 36.22 36.22 36.22 Average remaining option term (years) 0.9 1.7 2.4 Information related to stock option grants and exercises during 2022, 2021 2020 2022 2021 2020 Aggregate intrinsic value of stock options exercised $ 16,000 $ 13,000 $ 17,000 Cash received from stock option exercises 36,000 50,000 3,000 Tax benefit realized from stock option exercises 0 0 0 Weighted average per share fair value of stock options granted NA NA NA No December 31, 2022 On May 23, 2019, June 1, 2019 May 31, 2020. twelve June 1, 2020, June 1, 2020 May 31, 2021. twelve August 27, 2020, September 1, 2020 May 31, 2021. nine May 27, 2021, June 1, 2021 May 31, 2022. twelve May 26, 2022, June 1, 2022 May 31, 2023. twelve June 9, 2022, June 1, 2022 May 31, 2023. twelve November 25, 2022, November 1, 2022 May 31, 2023. seven Stock-based compensation, reported as noninterest expense in the Consolidated Statements of Income, totaled $3.4 million, $3.8 million and $2.3 million in 2022, 2021 2020, |
Note 12 - Related Parties
Note 12 - Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 12 RELATED PARTIES Certain directors and executive officers of our bank, including their immediate families and companies in which they are principal owners, were loan customers of our bank. At year-end 2022 2021, 2022 2021, 2022 2021 Beginning balance $ 87,672,000 $ 108,042,000 New loans 10,619,000 2,542,000 Repayments (5,631,000 ) (22,912,000 ) Ending balance $ 92,660,000 $ 87,672,000 Related party deposits and repurchase agreements totaled $21.5 million and $18.4 million at year-end 2022 2021, |
Note 13 - Commitments and Off-b
Note 13 - Commitments and Off-balance-sheet Risk | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments Contingencies and Guarantees [Text Block] | NOTE 13 COMMITMENTS AND OFF-BALANCE-SHEET RISK We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of our 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 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. We use the same credit policies in making commitments and conditional obligations as we do for on-balance sheet instruments. Collateral, such as accounts receivable, securities, inventory, and property and equipment, is generally obtained based on management’s 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 other noninterest expense 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. For commercial lines of credit, retail lines of credit and credit card average outstanding balances, we determined allowance requirements by calculating the difference between the average percent outstanding of the funded commitments over the past several years to actual percent outstanding as of December 31, 2022 December 31, 2022. not one At year-end 2022 2021, Our maximum exposure to credit losses for loan commitments and standby letters of credit outstanding at year-end was as follows: 2022 2021 Commercial unused lines of credit $ 1,283,703,000 $ 1,098,951,000 Unused lines of credit secured by 1 – 4 family residential properties 71,972,000 64,313,000 Credit card unused lines of credit 123,687,000 92,146,000 Other consumer unused lines of credit 75,747,000 64,876,000 Commitments to make loans 329,646,000 212,476,000 Standby letters of credit 23,539,000 33,109,000 Total commitments $ 1,908,294,000 $ 1,565,871,000 Commitments to make commercial loans generally reflect our binding obligations to existing and prospective customers to extend credit, including line of credit facilities secured by accounts receivable and inventory, and term debt secured by either real estate or equipment. In most instances, commercial line of credit facilities have a term ranging from 12 to 24 months with a floating rate tied to the Wall Street Journal Prime Rate, 30 30 30 30 fourth 2020, not $2.5 $2.5 five 30 30 three seven January 1, 2022, 30 30 30 June 30, 2023 December 31, 2022, 30 The following standby letters of credit are considered financial guarantees under current accounting guidance. These instruments are carried at fair value as an other liability on our Consolidated Balance Sheets. Standby letters of credit are generally cross collateralized with the borrowers’ other loans with us, and are included in our borrower collateral analyses. 2022 2021 Contract Carrying Contract Carrying Amount Value Amount Value Standby letters of credit $ 23,539,000 $ 108,000 $ 33,109,000 $ 212,000 |
Note 14 - Benefit Plans
Note 14 - Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | NOTE 14 BENEFIT PLANS We have a 401 401 April 1, 2018. 2022, 2021 2020 401 We have a deferred compensation plan in which all persons serving on the Board of Directors may may December 31, 2022 2021, 2022 2021, 2020. The Mercantile Bank Corporation Employee Stock Purchase Plan of 2014 may may 2022 2021, December 31, 2022, |
Note 15 - Derivatives and Hedgi
Note 15 - Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 15 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 As the interest rate swaps associated with this program do not MERCANTILE BANK CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2022 NOTE 15 DERIVATIVES AND HEDGING ACTIVITIES The fair values of derivative instruments as of December 31, 2022, Notional Amount Balance Sheet Location Fair Value Derivative Assets Interest rate swaps $ 401,572,000 Other Assets $ 25,697,000 Derivative Liabilities Interest rate swaps 401,572,000 Other Liabilities 25,900,000 The effect of interest rate swaps that are not December 31, 2022 December 31, 2022. not December 31, 2022, not December 31, 2022, not $250,000. December 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 MERCANTILE BANK CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2022 NOTE 15 DERIVATIVES AND HEDGING ACTIVITIES The effect of interest rate swaps that are not December 31, 2021 December 31, 2021. December 31, 2021, not December 31, 2021, not December 31, 2021. MERCANTILE BANK CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2022 |
Note 16 - Fair Values of Financ
Note 16 - Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 16 FAIR VALUES OF FINANCIAL INSTRUMENTS Carrying amount, estimated fair value and level within the fair value hierarchy of financial instruments were as follows at year-end (dollars in thousands): Level in 2022 2021 Fair Value Carrying Fair Carrying Fair Hierarchy Amount Value Amount Value Financial assets Cash and cash equivalents Level 1 $ 96,772 $ 96,772 $ 975,160 $ 975,160 Securities available for sale (1) 602,936 602,936 592,743 592,743 Federal Home Loan Bank stock (2) 17,721 17,721 18,002 18,002 Loans, net Level 3 3,874,373 3,800,042 3,418,096 3,498,345 Mortgage loans held for sale Level 2 3,565 3,643 16,117 16,707 Mortgage servicing rights Level 3 11,837 17,727 12,248 15,445 Accrued interest receivable Level 2 15,476 15,476 9,311 9,311 Interest rate swaps Level 2 25,697 25,697 4,609 4,609 Financial liabilities Deposits Level 2 3,712,811 3,379,403 4,083,193 4,028,249 Securities sold under agreements to repurchase Level 2 194,340 194,340 197,463 197,463 Federal Home Loan Bank advances Level 2 308,263 292,044 374,000 384,927 Subordinated debentures Level 2 48,958 49,531 48,244 48,284 Subordinated notes Level 2 88,628 75,024 73,646 73,646 Accrued interest payable Level 2 3,223 3,223 1,393 1,393 Interest rate swaps Level 2 25,900 25,900 4,857 4,857 ( 1 See Note 17 ( 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, MERCANTILE BANK CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2022 |
Note 17 - Fair Value Measuremen
Note 17 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | NOTE 17 FAIR VALUE MEASUREMENTS 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 on a recurring or nonrecurring basis: Securities available for sale. not 2 3 December 31, 2022 2021. 1 Derivatives. Mortgage loans held for sale. December 31, 2022 2021, Loans. not Foreclosed assets. Assets and Liabilities Measured at Fair Value on a Recurring Basi The balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available for sale securities U.S. Government agency debt obligations $ 388,744,000 $ 0 $ 388,744,000 $ 0 Mortgage-backed securities 31,953,000 0 31,953,000 0 Municipal general obligation bonds 154,433,000 0 153,855,000 578,000 Municipal revenue bonds 27,306,000 0 27,306,000 0 Other investments 500,000 0 500,000 0 Interest rate swaps 25,697,000 0 25,697,000 0 Total assets $ 628,633,000 $ 0 $ 628,055,000 $ 578,000 Interest rate swaps 25,900,000 0 25,900,000 0 Total liabilities $ 25,900,000 $ 0 $ 25,900,000 $ 0 There were no 3 2022. 3 2022 The balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (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 assets $ 597,352,000 $ 0 $ 596,675,000 $ 677,000 Interest rate swaps 4,857,000 0 4,857,000 0 Total liabilities $ 4,857,000 $ 0 $ 4,857,000 $ 0 There were no 3 2021. 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 December 31, 2022 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Collateral dependent loans $ 5,290,000 $ 0 $ 0 $ 5,290,000 Foreclosed assets 0 0 0 0 Total $ 5,290,000 $ 0 $ 0 $ 5,290,000 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 18 - Earnings Per Share
Note 18 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 18 EARNINGS PER SHARE Basic earnings per share is based on the weighted average number of common shares and participating securities outstanding during the period. Diluted earnings per share include the dilutive effect of additional potential common shares issuable under our stock-based compensation plans and are determined using the treasury stock method. Our unvested restricted shares, which contain non-forfeitable rights to dividends whether paid or accrued (i.e., participating securities), are included in the number of shares outstanding for both basic and diluted earnings per share calculations. In the event of a net loss, our unvested restricted shares are excluded from the calculation of both basic and diluted earnings per share. Stock options for approximately 5,000, 7,000 and 9,000 shares of common stock were antidilutive and were not 2022, 2021 2020, The factors used in the earnings per share computation follow: 2022 2021 2020 Basic Net income attributable to common shares $ 61,063,000 $ 59,021,000 $ 44,138,000 Weighted average common shares outstanding 15,859,889 15,986,857 16,268,689 Basic earnings per common share $ 3.85 $ 3.69 $ 2.71 Diluted Net income attributable to common shares $ 61,063,000 $ 59,021,000 $ 44,138,000 Weighted average common shares outstanding for basic earnings per common share 15,859,889 15,986,857 16,268,689 Add: Dilutive effects of share-based awards 12 446 630 Average shares and dilutive potential common shares 15,859,901 15,987,303 16,269,319 Diluted earnings per common share $ 3.85 $ 3.69 $ 2.71 |
Note 19 - Variable Interest Ent
Note 19 - Variable Interest Entities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | NOTE 19 VARIABLE INTEREST ENTITIES Variable interest entities are entities that either have a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest (i.e., ability to make significant decisions, through voting rights, right to receive the expected residual returns of the entity, and obligations to absorb the expected losses of the entity). Variable interest entities can be structured as corporations, trusts, partnerships, or other legal entities. We have relationships with certain variable interest entities related to the issuance of trust preferred securities. We have five business trusts that are wholly-owned subsidiaries of Mercantile, four of which were assumed by Mercantile in conjunction with the Firstbank merger. A fair value discount of $15.0 million was recorded at the time of the merger, which is being amortized at $0.7 million annually over the following 21.5 years. Each of the trusts was solely formed to issue preferred securities that were sold in private sales. Through a small common stock investment, we own 100% of the voting equity shares of each trust. The proceeds from the preferred securities and common stock sales were used by the trusts to purchase Floating Rate Notes issued by Mercantile. The rates of interest, interest payment dates, call features and maturity dates of each Floating Rate Note are identical to its respective Preferred Securities. The net proceeds from the issuance of the Floating Rate Notes were used for a variety of purposes, including contributions to our bank as capital to provide support for asset growth and the funding of stock repurchase programs and certain acquisitions. The assets, liabilities, operations and cash flows of each trust are solely related to the issuance, administration and repayment of the preferred securities held by third not not not not not The only significant assets of our trusts are the Floating Rate Notes, and the only significant liabilities of our trusts are the Preferred Securities. The Floating Rate Notes are categorized on our Consolidated Balance Sheets as subordinated debentures and the interest expense is recorded on our Consolidated Statements of Income under interest expense on other borrowings. On January 26, 2016, The following table depicts our five December 31, 2022: Preferred Securities Trust Name Outstanding Interest Rate Maturity Date Mercantile Bank Capital Trust I $ 21,000,000 3 Month Libor + 218 bps September 16, 2034 Firstbank Capital Trust I $ 10,000,000 3 Month Libor + 199 bps October 18, 2034 Firstbank Capital Trust II $ 10,000,000 3 Month Libor + 127 bps April 7, 2036 Firstbank Capital Trust III $ 7,500,000 3 Month Libor + 135 bps July 30, 2037 Firstbank Capital Trust IV $ 7,500,000 3 Month Libor + 135 bps July 30, 2037 The following table summarizes quantitative information about our involvement in unconsolidated variable interest entities as of December 31, 2022 December 31, 2021: Aggregate Assets Aggregate Liabilities Risk of Loss Trust preferred securities $ 58,100,000 $ 56,000,000 $ 2,100,000 |
Note 20 - Subordinated Notes
Note 20 - Subordinated Notes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | NOTE 20 SUBORDINATED NOTES On December 15, 2021, January 30, 2032, January 30, 2027 not January 29, 2027. January 30, 2027 January 30, 2032, December 15, 2021, On January 14, 2022, $75.0 December 15, 2021. January 14, 2022, |
Note 21 - Regulatory Matters
Note 21 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 21 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 the financial statements. The prompt corrective action regulations provide five not not no may may 2022 2021, no December 31, 2022 Our actual capital levels (dollars in thousands) and minimum required levels at year-end 2022 2021 Actual Minimum Required for Capital Adequacy Purposes Minimum Required to be Well Capitalized Under Prompt Corrective Action Regulations Amount Ratio Amount Ratio Amount Ratio 2022 Total capital (to risk weighted assets) Consolidated $ 634,729 14.0 % $ 362,675 8.0 % $ NA NA Bank 618,709 13.7 362,490 8.0 453,112 10.0 % Tier 1 capital (to risk weighted assets) Consolidated 503,855 11.1 272,007 6.0 NA NA Bank 576,463 12.7 271,868 6.0 362,490 8.0 Common equity (to risk weighted assets) Consolidated 456,970 10.1 204,005 4.5 NA NA Bank 576,463 12.7 203,901 4.5 294,523 6.5 Tier 1 capital (to average assets) Consolidated 503,855 10.1 199,647 4.0 NA NA Bank 576,463 11.6 199,563 4.0 249,453 5.0 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 (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 Under the final BASEL III capital rules that became effective on January 1, 2015, 1 not three 2016. 1 1 January 1, 2019. December 31, 2022, Federal and state banking laws and regulations place certain restrictions on the amount of dividends our bank can transfer to Mercantile and on the capital levels that must be maintained. At year-end 2022, January 13, 2022, March 16, 2022 March 4, 2022. April 14, 2022, $0.31 June 15, 2022 June 3, 2022. July 14, 2022, September 14, 2022 September 2, 2022. October 13, 2022, December 14, 2022 December 2, 2022. As of December 31, 2022, May 2021. 2022. may Our consolidated capital levels as of December 31, 2022 2021 may 1 not 1 not May 19, 2010, December 31, 2009 December 31, 2022 2021, 1 |
Note 22 - Mercantile Bank Corpo
Note 22 - Mercantile Bank Corporation (Parent Company Only) Condensed Financial Statements | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 22 MERCANTILE BANK CORPORATION (PARENT COMPANY ONLY) CONDENSED FINANCIAL STATEMENTS CONDENSED BALANCE SHEETS 2022 2021 ASSETS Cash and cash equivalents $ 18,633,000 $ 14,570,000 Investment in bank subsidiary 543,599,000 545,691,000 Other assets 19,786,000 19,576,000 Total assets $ 582,018,000 $ 579,837,000 LIABILITIES AND SHAREHOLDERS EQUITY Liabilities $ 3,024,000 $ 1,388,000 Subordinated debentures 48,958,000 48,244,000 Subordinated notes 88,628,000 73,646,000 Shareholders’ equity 441,408,000 456,559,000 Total liabilities and shareholders’ equity $ 582,018,000 $ 579,837,000 CONDENSED STATEMENTS OF INCOME 2022 2021 2020 Income Interest and dividends from subsidiaries $ 26,056,000 $ 39,058,000 $ 32,588,000 Total income 26,056,000 39,058,000 32,588,000 Expenses Interest expense 6,104,000 1,934,000 2,268,000 Other operating expenses 5,645,000 5,831,000 4,441,000 Total expenses 11,749,000 7,765,000 6,709,000 Income before income tax benefit and equity in undistributed net income of subsidiary 14,307,000 31,293,000 25,879,000 Federal income tax benefit (2,535,000 ) (1,653,000 ) (1,173,000 ) Equity in undistributed net income of subsidiary 44,221,000 26,075,000 17,086,000 Net income $ 61,063,000 $ 59,021,000 $ 44,138,000 Comprehensive income (loss) $ (549,000 ) $ 49,806,000 $ 45,929,000 CONDENSED STATEMENTS OF CASH FLOWS 2022 2021 2020 Cash flows from operating activities Net income $ 61,063,000 $ 59,021,000 $ 44,138,000 Adjustments to reconcile net income to net cash from operating activities: Equity in undistributed net income of subsidiary (44,221,000 ) (26,075,000 ) (17,086,000 ) Stock-based compensation expense 3,377,000 3,784,000 2,325,000 Stock grants to directors for retainer fees 359,000 344,000 394,000 Change in other assets 858,000 49,000 (227,000 ) Change in other liabilities 1,636,000 (5,000 ) 812,000 Net cash from operating activities 23,072,000 37,118,000 30,356,000 Cash flows from investing activities Net capital investment into subsidiaries (15,000,000 ) (70,000,000 ) 0 Net cash for investing activities (15,000,000 ) (70,000,000 ) 0 Cash flows from financing activities Stock option exercises, net of cashless exercises 36,000 50,000 3,000 Employee stock purchase plan 45,000 48,000 49,000 Dividend reinvestment plan 867,000 877,000 814,000 Net proceeds from subordinated notes issuance 14,645,000 73,635,000 0 Repurchase of common shares 0 (21,380,000 ) (6,591,000 ) Cash dividends on common stock (19,602,000 ) (18,524,000 ) (17,930,000 ) Net cash (for) from financing activities (4,009,000 ) 34,706,000 (23,655,000 ) Net change in cash and cash equivalents 4,063,000 1,824,000 6,701,000 Cash and cash equivalents at beginning of period 14,570,000 12,746,000 6,045,000 Cash and cash equivalents at end of period $ 18,633,000 $ 14,570,000 $ 12,746,000 |
Note 23 - Subsequent Events
Note 23 - Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 23 SUBSEQUENT EVENTS On January 12, 2023, March 15, 2023 March 3, 2023. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation Mercantile has five separate business trusts: Mercantile Bank Capital Trust I, Firstbank Capital Trust I, Firstbank Capital Trust II, Firstbank Capital Trust III and Firstbank Capital Trust IV (“our trusts”). Our trusts were formed to issue trust preferred securities. We issued subordinated debentures to our trusts in return for the proceeds raised from the issuance of the trust preferred securities. Our trusts are not |
Nature of Operation [Policy Text Block] | Nature of Operations July 15, 1997 December 15, 1997. June 1, 2014. Our bank is a community-based financial institution. Our bank’s primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are commercial loans, residential mortgage loans, and instalment loans. Substantially all loans are secured by specific items of collateral including business assets, real estate or consumer assets. Commercial loans are expected to be repaid from cash flow from operations of businesses. Real estate loans are secured by commercial or residential real estate. We have no one Our insurance company acquired an existing shelf insurance agency effective April 15, 2002. not no We have evaluated subsequent events for potential recognition and/or disclosure through the date these financial statements were issued. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Effect of Covid-19 Pandemic, Policy [Policy Text Block] | Coronavirus Pandemic: 2019 19” 2 19 may 19 The Coronavirus Pandemic has had a significant impact on our financial condition and operating results since its onset in March, 2020. March, 2022. 2022 2021. The following section summarizes the primary Covid- 19 ● Paycheck Protection Program The Paycheck Protection Program (“PPP”) reflected a substantial expansion of the Small Business Administration’s 100% 7 $350 500 100% 100% 1.00%, August 8, 2020. December 31, 2022, 2022. The Consolidated Appropriations Act, 2021 $284 May 31, 2021. December 31, 2022, 2022. ● Individual Economic Impact Payments The Internal Revenue Service 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 Methodology Delay Financial institutions were not December 31, 2020. 2021 January 1, 2022. January 1, 2022. We continue to monitor the situation, including cases of sickness within our workforce, and will take action to adjust office attendance policies as circumstances warrant in order to protect the health and safety of employees, contractors, and others who visit our offices. However, if the Coronavirus Pandemic worsens and shutdown orders are issued in the future, our ability to operate could be adversely impacted, depending on the language of such orders. The extent to which the Coronavirus Pandemic continues to impact us will depend on future developments, which are highly uncertain and cannot be predicted. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents and Cash Flow Reporting 90 |
Marketable Securities, Policy [Policy Text Block] | Debt Securities first not not not Changes in the allowance under CECL are recorded as provisions for (or reversal of) credit loss expense. Losses are charged against the allowance when the collectability of an available for sale debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. At December 31, 2022, no 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. It is not |
Financing Receivable, Held-for-investment [Policy Text Block] | Loans December 31, 2022 2021. 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 |
Commercial Loan Participations [Policy Text Block] | Commercial Loan Participations no no December 31, 2022 2021, |
Financing Receivable, Held-for-sale [Policy Text Block] | Loans Held for Sale Year-end mortgage loans held for sale, included in total loans in the Consolidated Balance Sheets, were as follows: 2022 2021 Mortgage loans held for sale $ 3,565,000 $ 16,117,000 Less: Allowance to adjust to lower of cost or market 0 0 Mortgage loans held for sale, net $ 3,565,000 $ 16,117,000 |
Mortgage Loan Derivatives, Policy [Policy Text Block] | Mortgage Loan Derivatives not December 31, 2022 2021, |
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 Consolidated Statements of Income. |
Troubled Debt Restructuring [Policy Text Block] | Troubled Debt Restructurings not may 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. |
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 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 December 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 Subsequent to the end of the forecast period, we revert to historical loan data based on an ongoing evaluation of each economic forecast in relation to then current economic conditions as well as any developing loan loss activity and resulting historical data. As of December 31, 2022, one six We are not third December 31, 2022 January 1, 2022 During each reporting period, we also consider the need to adjust the historical loss rates as determined by our migration calculations 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 migration-based 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 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 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 other noninterest expense 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. |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets 1 2 3 not |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment 5 33 3 7 may not |
Financing Receivable, Held-for-investment, Foreclosed Asset [Policy Text Block] | Foreclosed Assets: December 31, 2022 2021. |
Bank Owned Life Insurance, Policy [Policy Text Block] | Bank Owned Life Insurance: not |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Core Deposit Intangible may not 2022 no The core deposit intangible that arose from the merger with Firstbank was initially measured at fair value and is being amortized into noninterest expense over a ten |
Repurchase and Resale Agreements Policy [Policy Text Block] | Repurchase Agreements |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Financial Instruments and Loan Commitments |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation |
Revenue from Contract with Customer [Policy Text Block] | Revenue from Contracts with Customers 606, 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 presented in the Consolidated Statements of Income for the years ended December 31, 2022, 2021 2020 606: 2022 2021 2020 Service charges on deposit and sweep accounts $ 5,952,000 $ 5,078,000 $ 4,578,000 Credit and debit card fees 8,216,000 7,516,000 5,973,000 Payroll processing 2,178,000 1,815,000 1,745,000 Customer service fees 852,000 857,000 757,000 Service Charges on Deposit and Sweep Accounts: Credit and Debit Card Fees: Payroll Processing Fees: Customer Service Fees: |
Advertising Cost [Policy Text Block] | Advertising Costs |
Income Tax, Policy [Policy Text Block] | Income Taxes |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Values of Financial Instruments not not |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income |
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 no December 31, 2022 2021. |
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies: not |
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 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Mortgage Loans Held for Sale [Table Text Block] | 2022 2021 Mortgage loans held for sale $ 3,565,000 $ 16,117,000 Less: Allowance to adjust to lower of cost or market 0 0 Mortgage loans held for sale, net $ 3,565,000 $ 16,117,000 |
Revenue from External Customers by Products and Services [Table Text Block] | 2022 2021 2020 Service charges on deposit and sweep accounts $ 5,952,000 $ 5,078,000 $ 4,578,000 Credit and debit card fees 8,216,000 7,516,000 5,973,000 Payroll processing 2,178,000 1,815,000 1,745,000 Customer service fees 852,000 857,000 757,000 |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value 2022 U.S. Government agency debt obligations $ 453,836,000 $ 0 $ (65,092,000 ) $ 388,744,000 Mortgage-backed securities 38,002,000 19,000 (6,068,000 ) 31,953,000 Municipal general obligation bonds 163,041,000 450,000 (9,058,000 ) 154,433,000 Municipal revenue bonds 30,267,000 102,000 (3,063,000 ) 27,306,000 Other investments 500,000 0 0 500,000 $ 685,646,000 $ 571,000 $ (83,281,000 ) $ 602,936,000 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 Description of Securities Value Loss Value Loss Value Loss 2022 U.S. Government agency debt obligations $ 53,019,000 $ 5,713,000 $ 335,725,000 $ 59,379,000 $ 388,744,000 $ 65,092,000 Mortgage-backed securities 31,127,000 6,068,000 12,000 0 31,139,000 6,068,000 Municipal general obligation bonds 97,252,000 4,516,000 32,870,000 4,542,000 130,122,000 9,058,000 Municipal revenue bonds 12,532,000 1,141,000 10,609,000 1,922,000 23,141,000 3,063,000 Other investments 0 0 0 0 0 0 $ 193,930,000 $ 17,438,000 $ 379,216,000 $ 65,843,000 $ 573,146,000 $ 83,281,000 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 Other investments 0 0 0 0 0 0 $ 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 Amortized Fair Average Yield Cost Value Due in one year or less 0.76% $ 21,278,000 $ 20,732,000 Due from one to five years 1.22 249,262,000 227,357,000 Due from five to ten years 1.88 318,700,000 271,652,000 Due after ten years 3.03 57,904,000 50,742,000 Mortgage-backed securities 2.10 38,002,000 31,953,000 Other investments 4.94 500,000 500,000 1.72% $ 685,646,000 $ 602,936,000 |
Note 3 - Loans and Allowance _2
Note 3 - Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2022 December 31, 2021 Percent Increase Balance % Balance % (Decrease) Commercial: Commercial and industrial (1) $ 1,185,083,000 30.3 % $ 1,137,419,000 32.9 % 4.2 % Vacant land, land development, and residential construction 61,873,000 1.6 43,239,000 1.3 43.1 Real estate – owner occupied 639,192,000 16.3 565,758,000 16.4 13.0 Real estate – non-owner occupied 1,033,734,000 26.4 1,027,415,000 29.7 0.6 Real estate – multi-family and residential rental 211,948,000 5.4 176,593,000 5.1 20.0 Total commercial 3,131,830,000 80.0 2,950,424,000 85.4 6.1 Retail: 1-4 family mortgages 755,036,000 19.3 442,547,000 12.8 70.6 Other consumer loans (2) 29,753,000 0.7 60,488,000 1.8 (50.8 ) Total retail 784,789,000 20.0 503,035,000 14.6 56.0 Total loans $ 3,916,619,000 100.0 % $ 3,453,459,000 100.0 % 13.4 % |
Concentrations Within Loan Portfolio [Table Text Block] | 2022 2021 Percentage Percentage of of Loan Loan Balance Portfolio Balance Portfolio Commercial real estate loans to lessors of non-residential buildings $ 738,891,000 18.9 % $ 737,589,000 21.4 % |
Financing Receivable, Nonperforming [Table Text Block] | 2022 2021 Loans past due 90 days or more still accruing interest $ 0 $ 155,000 Nonaccrual loans 7,728,000 2,313,000 Total nonperforming loans $ 7,728,000 $ 2,468,000 December 31, 2022 December 31, 2021 Commercial: Commercial and industrial $ 6,024,000 $ 663,000 Vacant land, land development, and residential construction 0 0 Real estate – owner occupied 248,000 0 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 6,272,000 663,000 Retail: 1-4 family mortgages 1,456,000 1,686,000 Other consumer loans 0 119,000 Total retail 1,456,000 1,805,000 Total nonperforming loans $ 7,728,000 $ 2,468,000 |
Financing Receivable, Past Due [Table Text Block] | Recorded Greater Balance > 30 59 60 89 Than 89 89 Days Days Days Total Total Days and Past Due Past Due Past Due Past Due Current Loans Accruing Commercial: Commercial and industrial $ 0 $ 5,705,000 $ 249,000 $ 5,954,000 $ 1,179,129,000 $ 1,185,083,000 $ 0 Vacant land, land development, and residential construction 0 0 0 0 61,873,000 61,873,000 0 Real estate – owner occupied 0 248,000 0 248,000 638,944,000 639,192,000 0 Real estate – non-owner occupied 0 0 0 0 1,033,734,000 1,033,734,000 0 Real estate – multi-family and residential rental 0 0 0 0 211,948,000 211,948,000 0 Total commercial 0 5,953,000 249,000 6,202,000 3,125,628,000 3,131,830,000 0 Retail: 1-4 family mortgages 1,334,000 88,000 116,000 1,538,000 753,498,000 755,036,000 0 Other consumer loans 15,000 1,000 0 16,000 29,737,000 29,753,000 0 Total retail 1,349,000 89,000 116,000 1,554,000 783,235,000 784,789,000 0 Total past due loans $ 1,349,000 $ 6,042,000 $ 365,000 $ 7,756,000 $ 3,908,863,000 $ 3,916,619,000 $ 0 Recorded Greater Balance > 30 59 60 89 Than 89 89 Days Days Days Total Total Days and Past Due Past Due Past Due Past Due Current Loans 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 $ 249,000 $ 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 249,000 0 Retail: 1-4 family mortgages 1,064,000 0 Other consumer loans 0 0 Total retail 1,064,000 0 Total with no allowance recorded $ 1,313,000 $ 0 With an allowance recorded: Commercial: Commercial and industrial $ 5,775,000 $ 2,051,000 Vacant land, land development and residential construction 0 0 Real estate – owner occupied 248,000 32,000 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 6,023,000 2,083,000 Retail: 1-4 family mortgages 392,000 200,000 Other consumer loans 0 0 Total retail 392,000 200,000 Total with an allowance recorded $ 6,415,000 $ 2,283,000 Total nonaccrual loans: Commercial $ 6,272,000 $ 2,083,000 Retail 1,456,000 200,000 Total nonaccrual loans $ 7,728,000 $ 2,283,000 |
Impaired Financing Receivables [Table Text Block] | Unpaid Contractual Principal Balance Recorded Principal Balance Related Allowance Year-To-Date Average Recorded Principal Balance With no related allowance recorded: Commercial: Commercial and industrial $ 2,893,000 $ 2,818,000 $ 3,632,000 Vacant land, land development and residential construction 0 0 0 Real estate – owner occupied 9,674,000 9,674,000 12,634,000 Real estate – non-owner occupied 0 0 131,000 Real estate – multi-family and residential rental 91,000 91,000 37,000 Total commercial 12,658,000 12,583,000 16,434,000 Retail: Home equity and other 1,173,000 1,107,000 1,096,000 1-4 family mortgages 3,166,000 2,025,000 2,327,000 Total retail 4,339,000 3,132,000 3,423,000 Total with no related allowance recorded $ 16,997,000 $ 15,715,000 $ 19,857,000 Unpaid Contractual Principal Balance Recorded Principal Balance Related Allowance Year-To-Date Average Recorded Principal Balance With an allowance recorded: Commercial: Commercial and industrial $ 2,192,000 $ 2,192,000 $ 266,000 $ 1,732,000 Vacant land, land development and residential construction 0 0 0 0 Real estate – owner occupied 761,000 761,000 84,000 803,000 Real estate – non-owner occupied 146,000 146,000 4,000 154,000 Real estate – multi-family and residential rental 0 0 0 0 Total commercial 3,099,000 3,099,000 354,000 2,689,000 Retail: Home equity and other 160,000 140,000 123,000 214,000 1-4 family mortgages 412,000 412,000 69,000 537,000 Total retail 572,000 552,000 192,000 751,000 Total with an allowance recorded $ 3,671,000 $ 3,651,000 $ 546,000 $ 3,440,000 Total impaired loans: Commercial $ 15,757,000 $ 15,682,000 $ 354,000 $ 19,123,000 Retail 4,911,000 3,684,000 192,000 4,174,000 Total impaired loans $ 20,668,000 $ 19,366,000 $ 546,000 $ 23,297,000 |
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) $ 719,583,000 $ 41,711,000 $ 406,341,000 $ 447,606,000 $ 118,385,000 Grades 5 – 7 450,405,000 20,057,000 229,766,000 573,728,000 93,514,000 Grades 8 – 9 15,095,000 105,000 3,085,000 12,400,000 49,000 Total commercial $ 1,185,083,000 $ 61,873,000 $ 639,192,000 $ 1,033,734,000 $ 211,948,000 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 $ 115,494 $ 141,481 $ 43,961 $ 9,194 $ 3,230 $ 9,851 $ 323,211 $ 396,372 $ 719,583 Grades 5 – 7 151,783 47,030 31,697 8,870 569 93 240,042 210,363 450,405 Grades 8 – 9 3,784 249 0 0 48 29 4,110 10,985 15,095 Total $ 271,061 $ 188,760 $ 75,658 $ 18,064 $ 3,847 $ 9,973 $ 567,363 $ 617,720 $ 1,185,083 Vacant Land, Land Development and Residential Construction: Grades 1 – 4 $ 31,756 $ 6,196 $ 3,428 $ 0 $ 0 $ 331 $ 41,711 $ 0 $ 41,711 Grades 5 – 7 10,270 8,760 351 50 0 626 20,057 0 20,057 Grades 8 – 9 0 0 0 0 14 91 105 0 105 Total $ 42,026 $ 14,956 $ 3,779 $ 50 $ 14 $ 1,048 $ 61,873 $ 0 $ 61,873 Real Estate – Owner Occupied: Grades 1 – 4 $ 194,072 $ 113,528 $ 53,630 $ 19,670 $ 19,279 $ 6,162 $ 406,341 $ 0 $ 406,341 Grades 5 – 7 115,720 56,173 33,913 10,245 12,550 1,165 229,766 0 229,766 Grades 8 – 9 2,919 0 44 0 122 0 3,085 0 3,085 Total $ 312,711 $ 169,701 $ 87,587 $ 29,915 $ 31,951 $ 7,327 $ 639,192 $ 0 $ 639,192 Real Estate – Non-Owner Occupied: Grades 1 – 4 $ 129,153 $ 163,035 $ 89,125 $ 44,196 $ 10,079 $ 12,018 $ 447,606 $ 0 $ 447,606 Grades 5 – 7 183,388 164,334 139,951 35,200 13,456 37,399 573,728 0 573,728 Grades 8 – 9 6,712 5,688 0 0 0 0 12,400 0 12,400 Total $ 319,253 $ 333,057 $ 229,076 $ 79,396 $ 23,535 $ 49,417 $ 1,033,734 $ 0 $ 1,033,734 Real Estate – Multi-Family and Residential Rental: Grades 1 – 4 $ 31,470 $ 38,176 $ 36,348 $ 5,306 $ 3,082 $ 4,003 $ 118,385 $ 0 $ 118,385 Grades 5 – 7 48,847 25,786 12,879 3,162 2,557 283 93,514 0 93,514 Grades 8 – 9 0 0 0 0 0 49 49 0 49 Total $ 80,317 $ 63,962 $ 49,227 $ 8,468 $ 5,639 $ 4,335 $ 211,948 $ 0 $ 211,948 Total Commercial $ 1,025,368 $ 770,436 $ 445,327 $ 135,893 $ 64,986 $ 72,100 $ 2,514,110 $ 617,720 $ 3,131,830 2022 2021 2020 2019 2018 Prior Term Total Revolving Loans Grand Total Retail: 1-4 Family Mortgages: Performing $ 313,611 $ 242,950 $ 91,936 $ 12,094 $ 14,297 $ 41,622 $ 716,510 $ 37,070 $ 753,580 Nonperforming 142 82 0 0 203 1,029 1,456 0 1,456 Total $ 313,753 $ 243,032 $ 91,936 $ 12,094 $ 14,500 $ 42,651 $ 717,966 $ 37,070 $ 755,036 Other Consumer Loans: Performing $ 4,349 $ 2,870 $ 1,040 $ 1,074 $ 395 $ 430 $ 10,158 $ 19,595 $ 29,753 Nonperforming 0 0 0 0 0 0 0 0 0 Total $ 4,349 $ 2,870 $ 1,040 $ 1,074 $ 395 $ 430 $ 10,158 $ 19,595 $ 29,753 Total Retail $ 318,102 $ 245,902 $ 92,976 $ 13,168 $ 14,895 $ 43,081 $ 728,124 $ 56,665 $ 784,789 Grand Total $ 1,343,470 $ 1,016,338 $ 538,303 $ 149,061 $ 79,881 $ 115,181 $ 3,242,234 $ 674,385 $ 3,916,619 |
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 946 138 378 (603 ) 152 5,621 (111 ) 29 6,550 Charge-offs (171 ) (29 ) (38 ) 0 0 (33 ) (21 ) 0 (292 ) Recoveries 217 4 89 0 43 595 77 0 1,025 Ending balance $ 10,203 $ 490 $ 5,914 $ 10,164 $ 1,269 $ 14,027 $ 160 $ 19 $ 42,246 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 2,030 (618 ) (3,308 ) (310 ) (150 ) (301 ) (1,629 ) (14 ) (4,300 ) Charge-offs (882 ) (15 ) (12 ) 0 0 (43 ) (92 ) 0 (1,044 ) Recoveries 210 374 1,119 0 26 81 930 0 2,740 Ending balance $ 10,782 $ 420 $ 6,045 $ 13,301 $ 1,695 $ 626 $ 2,449 $ 45 $ 35,363 Ending balance: individually evaluated for impairment $ 266 $ 0 $ 84 $ 0 $ 4 $ 123 $ 69 $ 0 $ 546 Ending balance: collectively evaluated for impairment $ 10,516 $ 420 $ 5,961 $ 13,301 $ 1,691 $ 503 $ 2,380 $ 45 $ 34,817 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 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 $ 6,659 $ 466 $ 6,291 $ 6,761 $ 893 $ 861 1,888 $ 70 $ 23,889 Provision for loan losses 2,921 289 1,881 6,837 907 58 1,168 (11 ) 14,050 Charge-offs (247 ) (113 ) (235 ) 0 (18 ) (96 ) (129 ) 0 (838 ) Recoveries 91 37 309 13 37 66 313 0 866 Ending balance $ 9,424 $ 679 $ 8,246 $ 13,611 $ 1,819 $ 889 $ 3,240 $ 59 $ 37,967 Ending balance: individually evaluated for impairment $ 53 $ 0 $ 77 $ 8 $ 0 $ 241 $ 172 $ 0 $ 551 Ending balance: collectively evaluated for impairment $ 9,371 $ 679 $ 8,169 $ 13,603 $ 1,819 $ 648 $ 3,068 $ 59 $ 37,416 Total loans (*): Ending balance $ 780,164 $ 55,055 $ 529,953 $ 917,436 $ 146,095 $ 61,620 $ 337,888 $ 2,828,211 Ending balance: individually evaluated for impairment $ 6,585 $ 0 $ 15,327 $ 503 $ 0 $ 1,270 $ 3,273 $ 26,958 Ending balance: collectively evaluated for impairment $ 773,579 $ 55,055 $ 514,626 $ 916,933 $ 146,095 $ 60,350 $ 334,615 $ 2,801,253 |
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 3 $ 6,593,000 $ 6,593,000 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 3 6,593,000 6,593,000 Retail: Home equity and other 0 0 0 1-4 family mortgages 7 758,000 757,000 Total retail 7 758,000 757,000 Total 10 $ 7,351,000 $ 7,350,000 Pre- Post- Modification Modification Recorded Recorded Number of Principal Principal Contracts Balance Balance Commercial: Commercial and industrial 10 $ 3,017,000 $ 3,016,000 Vacant land, land development and residential construction 0 0 0 Real estate – owner occupied 1 692,000 692,000 Real estate – non-owner occupied 0 0 0 Real estate – multi-family and residential rental 1 93,000 93,000 Total commercial 12 3,802,000 3,801,000 Retail: Home equity and other 4 485,000 482,000 1-4 family mortgages 2 46,000 46,000 Total retail 6 531,000 528,000 Total 18 $ 4,333,000 $ 4,329,000 |
Troubled Debt Restructurings on Financing Receivables with in Previous Twelve Months that Became Over Thirty Days Past Due [Table Text Block] | Number of Contracts Recorded Principal Balance Commercial: Commercial and industrial 2 $ 5,665,000 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 5,665,000 Retail: Home equity and other 0 0 1-4 family mortgages 0 0 Total retail 0 0 Total 2 $ 5,665,000 Number of Contracts Recorded Principal 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: Home equity and other 0 0 1-4 family mortgages 0 0 Total retail 0 0 Total 0 $ 0 |
Trouble Debt Restructuring Activity [Table Text Block] | Commercial and Commercial Vacant Land, Land Development, and Residential Commercial Real Estate - Owner Commercial Real Estate - Non-Owner Commercial Real Estate - Multi-Family and Residential Industrial Construction Occupied Occupied Rental Commercial Loan Portfolio: Beginning Balance $ 4,973,000 $ 0 $ 10,435,000 $ 146,000 $ 91,000 Charge-Offs (95,000 ) 0 (39,000 ) 0 0 Payments (772,000 ) 0 (9,683,000 ) (16,000 ) (91,000 ) Transfers to ORE 0 0 0 0 0 Net Additions/Deletions 4,566,000 0 (669,000 ) 0 0 Ending Balance $ 8,672,000 $ 0 $ 44,000 $ 130,000 $ 0 Retail Home Equity and Other Retail 1-4 Family Mortgages Retail Loan Portfolio: Beginning Balance $ 1,202,000 $ 627,000 Charge-Offs 0 0 Payments (14,000 ) (317,000 ) Transfers to ORE 0 0 Net Additions/Deletions (1) (1,187,000 ) 2,426,000 Ending Balance $ 1,000 $ 2,736,000 Commercial and Commercial Vacant Land, Land Development, and Residential Commercial Real Estate - Owner Commercial Real Estate - Non-Owner Commercial Real Estate - Multi-Family and Residential Industrial Construction Occupied Occupied Rental Commercial Loan Portfolio: Beginning Balance $ 6,414,000 $ 0 $ 14,797,000 $ 480,000 $ 0 Charge-Offs (17,000 ) 0 0 0 0 Payments (4,278,000 ) 0 (5,048,000 ) (334,000 ) (1,000 ) Transfers to ORE 0 0 0 0 0 Net Additions/Deletions 2,854,000 0 686,000 0 92,000 Ending Balance $ 4,973,000 $ 0 $ 10,435,000 $ 146,000 $ 91,000 Retail Home Equity and Other Retail 1-4 Family Mortgages Retail Loan Portfolio: Beginning Balance $ 1,146,000 $ 806,000 Charge-Offs 0 0 Payments (426,000 ) (224,000 ) Transfers to ORE 0 0 Net Additions/Deletions 482,000 45,000 Ending Balance $ 1,202,000 $ 627,000 Commercial and Commercial Vacant Land, Land Development, and Residential Commercial Real Estate - Owner Commercial Real Estate - Non-Owner Commercial Real Estate - Multi-Family and Residential Industrial Construction Occupied Occupied Rental Commercial Loan Portfolio: Beginning Balance $ 8,587,000 $ 85,000 $ 1,145,000 $ 178,000 $ 7,000 Charge-Offs 0 0 0 0 0 Payments (11,260,000 ) (85,000 ) (3,765,000 ) (585,000 ) (7,000 ) Transfers to ORE 0 0 0 0 0 Net Additions/Deletions 9,087,000 0 17,417,000 887,000 0 Ending Balance $ 6,414,000 $ 0 $ 14,797,000 $ 480,000 $ 0 Retail Home Equity and Other Retail 1-4 Family Mortgages Retail Loan Portfolio: Beginning Balance $ 1,415,000 $ 724,000 Charge-Offs 0 0 Payments (881,000 ) (68,000 ) Transfers to ORE 0 0 Net Additions/Deletions 612,000 150,000 Ending Balance $ 1,146,000 $ 806,000 |
Retail Portfolio Segment [Member] | |
Notes Tables | |
Financing Receivable Credit Quality Indicators [Table Text Block] | Retail 1-4 Family Mortgages Retail Other Consumer Loans Performing $ 753,580,000 $ 29,753,000 Nonperforming 1,456,000 0 Total retail $ 755,036,000 $ 29,753,000 Retail Home Equity and Other Retail 1-4 Family 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) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2022 2021 Land and improvements $ 13,532,000 $ 15,111,000 Buildings 53,865,000 56,168,000 Furniture and equipment 22,941,000 22,974,000 90,338,000 94,253,000 Less: accumulated depreciation 38,862,000 36,955,000 Total premises and equipment $ 51,476,000 $ 57,298,000 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2023 $ 1,091,000 2024 883,000 2025 443,000 2026 339,000 2027 288,000 Thereafter 1,589,000 Total undiscounted lease payments 4,633,000 Less effect of discounting (1,118,000 ) Present value of future lease payments (lease liability) 3,515,000 |
Note 5 - Mortgage Loan Servic_2
Note 5 - Mortgage Loan Servicing (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Mortgage Loans Serviced for Others [Table Text Block] | 2022 2021 Mortgage loan portfolios serviced for: Federal Home Loan Mortgage Corporation $ 1,345,312,000 $ 1,320,550,000 Federal Home Loan Bank 30,831,000 23,505,000 Total mortgage loans serviced for others $ 1,376,143,000 $ 1,344,055,000 |
Servicing Asset at Amortized Cost [Table Text Block] | 2022 2021 Balance at beginning of year $ 12,248,000 $ 8,189,000 Additions 2,773,000 7,711,000 Amortized to expense (3,184,000 ) (3,652,000 ) Balance at end of year $ 11,837,000 $ 12,248,000 |
Schedule of Mortgage Servicing Rights Future Amortization Expense [Table Text Block] | 2023 $ 2,366,000 2024 2,066,000 2025 1,772,000 2026 1,492,000 2027 1,236,000 Thereafter 2,905,000 |
Note 6 - Core Deposit Intangi_2
Note 6 - Core Deposit Intangible Asset, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2023 $ 450,000 2024 133,000 |
Note 7 - Deposits (Tables)
Note 7 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Summary of Deposits and Percentage Change in Deposits [Table Text Block] | December 31, 2022 December 31, 2021 Percent Increase Balance % Balance % (Decrease) Noninterest-bearing checking $ 1,604,750,000 43.2 % $ 1,677,952,000 41.1 % (4.4 %) Interest-bearing checking 575,028,000 15.5 538,838,000 13.2 6.7 Money market 776,723,000 20.9 1,040,176,000 25.5 (25.3 ) Savings 381,602,000 10.3 394,330,000 9.7 (3.2 ) Time, under $100,000 113,099,000 3.0 132,776,000 3.2 (14.8 ) Time, $100,000 and over 261,609,000 7.1 275,208,000 6.7 (4.9 ) Total local deposits 3,712,811,000 100.0 4,059,280,000 99.4 (8.5 ) Out-of-area time, $100,000 and over 0 0.0 23,913,000 0.6 (100.0 ) Total deposits $ 3,712,811,000 100.0 % $ 4,083,193,000 100.0 % (9.1 %) |
Contractual Maturities of Certificates of Deposits [Table Text Block] | 2022 2021 In one year or less $ 188,887,000 $ 260,501,000 In one to two years 68,434,000 78,024,000 In two to three years 22,053,000 34,595,000 In three to four years 30,761,000 7,863,000 In four to five years 64,573,000 50,914,000 Total certificates of deposit $ 374,708,000 $ 431,897,000 |
Contractual Maturities of Certificates of Deposits of More than Specified Amount [Table Text Block] | 2022 2021 Up to three months $ 40,538,000 $ 68,887,000 Three months to six months 25,141,000 53,077,000 Six months to twelve months 54,394,000 56,612,000 Over twelve months 141,536,000 120,545,000 Total certificates of deposit $ 261,609,000 $ 299,121,000 |
Note 8 - Securities Sold Unde_2
Note 8 - Securities Sold Under Agreements to Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Repurchase Agreements [Table Text Block] | 2022 2021 Outstanding balance at year-end $ 194,340,000 $ 197,463,000 Weighted average interest rate at year-end 0.75 % 0.11 % Average daily balance during the year $ 200,499,000 $ 158,855,000 Weighted average interest rate during the year 0.15 % 0.11 % Maximum daily balance during the year $ 235,577,000 $ 209,093,000 |
Note 9 - Federal Home Loan Ba_2
Note 9 - Federal Home Loan Bank of Indianapolis Advances (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Amortizing Advances [Member] | |
Notes Tables | |
Maturities of Currently Outstanding FHLB Advances [Table Text Block] | 2023 $ 353,000 2024 826,000 2025 862,000 2026 899,000 2027 938,000 Thereafter 24,385,000 |
Bullet Advances [member] | |
Notes Tables | |
Maturities of Currently Outstanding FHLB Advances [Table Text Block] | 2023 $ 80,000,000 2024 80,000,000 2025 50,000,000 2026 30,000,000 2027 40,000,000 |
Note 10 - Federal Income Taxes
Note 10 - Federal Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2022 2021 2020 Current expense $ 16,080,000 $ 12,675,000 $ 14,945,000 Deferred expense (1,353,000 ) 2,020,000 (4,141,000 ) Change in valuation allowance 0 0 (94,000 ) Tax expense $ 14,727,000 $ 14,695,000 $ 10,710,000 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2022 2021 2020 Tax at statutory rate $ 15,915,000 $ 15,481,000 $ 11,518,000 Increase (decrease) from Tax-exempt interest (695,000 ) (658,000 ) (681,000 ) Bank owned life insurance (334,000 ) (233,000 ) (238,000 ) Change in valuation allowance 0 0 (94,000 ) Other (159,000 ) 105,000 205,000 Tax expense $ 14,727,000 $ 14,695,000 $ 10,710,000 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2022 2021 Deferred income tax assets Allowance for credit losses $ 8,872,000 $ 7,426,000 Deferred compensation 232,000 259,000 Stock compensation 1,018,000 941,000 Nonaccrual loan interest income 136,000 159,000 Unrealized loss on securities 17,369,000 991,000 Lease liability 810,000 749,000 Deferred loan fees and costs 0 520,000 Other 494,000 595,000 Deferred tax asset 28,931,000 11,640,000 Deferred income tax liabilities Depreciation 697,000 1,168,000 Prepaid expenses 504,000 416,000 Core deposit intangible 120,000 276,000 Mortgage loan servicing rights 2,486,000 2,572,000 Deferred loan fees and costs 211,000 0 Right of use lease asset 810,000 749,000 Business combination adjustments 1,877,000 2,013,000 Other 326,000 193,000 Deferred tax liability 7,031,000 7,387,000 Total net deferred tax asset $ 21,900,000 $ 4,253,000 |
Note 11 - Stock-based Compens_2
Note 11 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | 2022 2021 2020 Shares Weighted Average Fair Value Shares Weighted Average Fair Value Shares Weighted Average Fair Value Nonvested at beginning of year 353,691 $ 30.71 262,336 $ 29.42 262,260 $ 34.91 Granted 121,631 32.18 163,000 33.68 121,518 24.65 Vested (94,010 ) 34.86 (59,772 ) 31.82 (85,445 ) 37.08 Forfeited (6,541 ) 27.98 (11,873 ) 29.54 (35,997 ) 33.71 Nonvested at end of year 374,771 $ 30.49 353,691 $ 30.71 262,336 $ 29.42 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | 2022 2021 2020 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding at beginning of year 7,700 $ 34.89 9,700 $ 32.83 10,700 $ 30.25 Granted 0 NA 0 NA 0 NA Exercised (2,700 ) 32.42 (2,000 ) 24.91 (1,000 ) 5.19 Forfeited or expired 0 NA 0 NA 0 NA Outstanding at end of year 5,000 $ 36.22 7,700 $ 34.89 9,700 $ 32.83 Options exercisable at year-end 5,000 $ 36.22 7,700 $ 34.89 9,700 $ 32.83 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Outstanding Exercisable Weighted Average Weighted Weighted Range of Remaining Average Average Exercise Contractual Exercise Exercise Prices Number Life (Years) Price Number Price $36.00 - $37.00 5,000 0.9 $ 36.22 5,000 $ 36.22 Outstanding at year end 5,000 0.9 $ 36.22 5,000 $ 36.22 |
Schedule of Share-based Compensation Shares Authorized Under Stock Option Plans Information Related to Option Outstanding [Table Text Block] | 2022 2021 2020 Minimum exercise price $ 36.22 $ 27.66 $ 22.15 Maximum exercise price 36.22 36.22 36.22 Average remaining option term (years) 0.9 1.7 2.4 |
Schedule of Share Based Compensation Arrangement by Share Based Payment Award Options Information Related to Stock Option Grants and Exercised [Table Text Block] | 2022 2021 2020 Aggregate intrinsic value of stock options exercised $ 16,000 $ 13,000 $ 17,000 Cash received from stock option exercises 36,000 50,000 3,000 Tax benefit realized from stock option exercises 0 0 0 Weighted average per share fair value of stock options granted NA NA NA |
Note 12 - Related Parties (Tabl
Note 12 - Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | 2022 2021 Beginning balance $ 87,672,000 $ 108,042,000 New loans 10,619,000 2,542,000 Repayments (5,631,000 ) (22,912,000 ) Ending balance $ 92,660,000 $ 87,672,000 |
Note 13 - Commitments and Off_2
Note 13 - Commitments and Off-balance-sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Summary of Contractual Amounts of Financial Instruments With Off Balance Sheet Risk [Table Text Block] | 2022 2021 Commercial unused lines of credit $ 1,283,703,000 $ 1,098,951,000 Unused lines of credit secured by 1 – 4 family residential properties 71,972,000 64,313,000 Credit card unused lines of credit 123,687,000 92,146,000 Other consumer unused lines of credit 75,747,000 64,876,000 Commitments to make loans 329,646,000 212,476,000 Standby letters of credit 23,539,000 33,109,000 Total commitments $ 1,908,294,000 $ 1,565,871,000 |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | 2022 2021 Contract Carrying Contract Carrying Amount Value Amount Value Standby letters of credit $ 23,539,000 $ 108,000 $ 33,109,000 $ 212,000 |
Note 15 - Derivatives and Hed_2
Note 15 - Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Notional Amount Balance Sheet Location Fair Value Derivative Assets Interest rate swaps $ 401,572,000 Other Assets $ 25,697,000 Derivative Liabilities Interest rate swaps 401,572,000 Other Liabilities 25,900,000 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 16 - Fair Values of Fina_2
Note 16 - Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Level in 2022 2021 Fair Value Carrying Fair Carrying Fair Hierarchy Amount Value Amount Value Financial assets Cash and cash equivalents Level 1 $ 96,772 $ 96,772 $ 975,160 $ 975,160 Securities available for sale (1) 602,936 602,936 592,743 592,743 Federal Home Loan Bank stock (2) 17,721 17,721 18,002 18,002 Loans, net Level 3 3,874,373 3,800,042 3,418,096 3,498,345 Mortgage loans held for sale Level 2 3,565 3,643 16,117 16,707 Mortgage servicing rights Level 3 11,837 17,727 12,248 15,445 Accrued interest receivable Level 2 15,476 15,476 9,311 9,311 Interest rate swaps Level 2 25,697 25,697 4,609 4,609 Financial liabilities Deposits Level 2 3,712,811 3,379,403 4,083,193 4,028,249 Securities sold under agreements to repurchase Level 2 194,340 194,340 197,463 197,463 Federal Home Loan Bank advances Level 2 308,263 292,044 374,000 384,927 Subordinated debentures Level 2 48,958 49,531 48,244 48,284 Subordinated notes Level 2 88,628 75,024 73,646 73,646 Accrued interest payable Level 2 3,223 3,223 1,393 1,393 Interest rate swaps Level 2 25,900 25,900 4,857 4,857 |
Note 17 - Fair Value Measurem_2
Note 17 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available for sale securities U.S. Government agency debt obligations $ 388,744,000 $ 0 $ 388,744,000 $ 0 Mortgage-backed securities 31,953,000 0 31,953,000 0 Municipal general obligation bonds 154,433,000 0 153,855,000 578,000 Municipal revenue bonds 27,306,000 0 27,306,000 0 Other investments 500,000 0 500,000 0 Interest rate swaps 25,697,000 0 25,697,000 0 Total assets $ 628,633,000 $ 0 $ 628,055,000 $ 578,000 Interest rate swaps 25,900,000 0 25,900,000 0 Total liabilities $ 25,900,000 $ 0 $ 25,900,000 $ 0 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (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 assets $ 597,352,000 $ 0 $ 596,675,000 $ 677,000 Interest rate swaps 4,857,000 0 4,857,000 0 Total liabilities $ 4,857,000 $ 0 $ 4,857,000 $ 0 |
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) Collateral dependent loans $ 5,290,000 $ 0 $ 0 $ 5,290,000 Foreclosed assets 0 0 0 0 Total $ 5,290,000 $ 0 $ 0 $ 5,290,000 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 18 - Earnings Per Share (T
Note 18 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2022 2021 2020 Basic Net income attributable to common shares $ 61,063,000 $ 59,021,000 $ 44,138,000 Weighted average common shares outstanding 15,859,889 15,986,857 16,268,689 Basic earnings per common share $ 3.85 $ 3.69 $ 2.71 Diluted Net income attributable to common shares $ 61,063,000 $ 59,021,000 $ 44,138,000 Weighted average common shares outstanding for basic earnings per common share 15,859,889 15,986,857 16,268,689 Add: Dilutive effects of share-based awards 12 446 630 Average shares and dilutive potential common shares 15,859,901 15,987,303 16,269,319 Diluted earnings per common share $ 3.85 $ 3.69 $ 2.71 |
Note 19 - Variable Interest E_2
Note 19 - Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Subordinated Borrowing [Table Text Block] | Preferred Securities Trust Name Outstanding Interest Rate Maturity Date Mercantile Bank Capital Trust I $ 21,000,000 3 Month Libor + 218 bps September 16, 2034 Firstbank Capital Trust I $ 10,000,000 3 Month Libor + 199 bps October 18, 2034 Firstbank Capital Trust II $ 10,000,000 3 Month Libor + 127 bps April 7, 2036 Firstbank Capital Trust III $ 7,500,000 3 Month Libor + 135 bps July 30, 2037 Firstbank Capital Trust IV $ 7,500,000 3 Month Libor + 135 bps July 30, 2037 |
Schedule of Variable Interest Entities [Table Text Block] | Aggregate Assets Aggregate Liabilities Risk of Loss Trust preferred securities $ 58,100,000 $ 56,000,000 $ 2,100,000 |
Note 21 - Regulatory Matters (T
Note 21 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual Minimum Required for Capital Adequacy Purposes Minimum Required to be Well Capitalized Under Prompt Corrective Action Regulations Amount Ratio Amount Ratio Amount Ratio 2022 Total capital (to risk weighted assets) Consolidated $ 634,729 14.0 % $ 362,675 8.0 % $ NA NA Bank 618,709 13.7 362,490 8.0 453,112 10.0 % Tier 1 capital (to risk weighted assets) Consolidated 503,855 11.1 272,007 6.0 NA NA Bank 576,463 12.7 271,868 6.0 362,490 8.0 Common equity (to risk weighted assets) Consolidated 456,970 10.1 204,005 4.5 NA NA Bank 576,463 12.7 203,901 4.5 294,523 6.5 Tier 1 capital (to average assets) Consolidated 503,855 10.1 199,647 4.0 NA NA Bank 576,463 11.6 199,563 4.0 249,453 5.0 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 (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 22 - Mercantile Bank Cor_2
Note 22 - Mercantile Bank Corporation (Parent Company Only) Condensed Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | 2022 2021 ASSETS Cash and cash equivalents $ 18,633,000 $ 14,570,000 Investment in bank subsidiary 543,599,000 545,691,000 Other assets 19,786,000 19,576,000 Total assets $ 582,018,000 $ 579,837,000 LIABILITIES AND SHAREHOLDERS EQUITY Liabilities $ 3,024,000 $ 1,388,000 Subordinated debentures 48,958,000 48,244,000 Subordinated notes 88,628,000 73,646,000 Shareholders’ equity 441,408,000 456,559,000 Total liabilities and shareholders’ equity $ 582,018,000 $ 579,837,000 |
Condensed Income Statement [Table Text Block] | 2022 2021 2020 Income Interest and dividends from subsidiaries $ 26,056,000 $ 39,058,000 $ 32,588,000 Total income 26,056,000 39,058,000 32,588,000 Expenses Interest expense 6,104,000 1,934,000 2,268,000 Other operating expenses 5,645,000 5,831,000 4,441,000 Total expenses 11,749,000 7,765,000 6,709,000 Income before income tax benefit and equity in undistributed net income of subsidiary 14,307,000 31,293,000 25,879,000 Federal income tax benefit (2,535,000 ) (1,653,000 ) (1,173,000 ) Equity in undistributed net income of subsidiary 44,221,000 26,075,000 17,086,000 Net income $ 61,063,000 $ 59,021,000 $ 44,138,000 Comprehensive income (loss) $ (549,000 ) $ 49,806,000 $ 45,929,000 |
Condensed Cash Flow Statement [Table Text Block] | 2022 2021 2020 Cash flows from operating activities Net income $ 61,063,000 $ 59,021,000 $ 44,138,000 Adjustments to reconcile net income to net cash from operating activities: Equity in undistributed net income of subsidiary (44,221,000 ) (26,075,000 ) (17,086,000 ) Stock-based compensation expense 3,377,000 3,784,000 2,325,000 Stock grants to directors for retainer fees 359,000 344,000 394,000 Change in other assets 858,000 49,000 (227,000 ) Change in other liabilities 1,636,000 (5,000 ) 812,000 Net cash from operating activities 23,072,000 37,118,000 30,356,000 Cash flows from investing activities Net capital investment into subsidiaries (15,000,000 ) (70,000,000 ) 0 Net cash for investing activities (15,000,000 ) (70,000,000 ) 0 Cash flows from financing activities Stock option exercises, net of cashless exercises 36,000 50,000 3,000 Employee stock purchase plan 45,000 48,000 49,000 Dividend reinvestment plan 867,000 877,000 814,000 Net proceeds from subordinated notes issuance 14,645,000 73,635,000 0 Repurchase of common shares 0 (21,380,000 ) (6,591,000 ) Cash dividends on common stock (19,602,000 ) (18,524,000 ) (17,930,000 ) Net cash (for) from financing activities (4,009,000 ) 34,706,000 (23,655,000 ) Net change in cash and cash equivalents 4,063,000 1,824,000 6,701,000 Cash and cash equivalents at beginning of period 14,570,000 12,746,000 6,045,000 Cash and cash equivalents at end of period $ 18,633,000 $ 14,570,000 $ 12,746,000 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |||||||
Dec. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | Dec. 31, 2021 USD ($) | May 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Aug. 08, 2020 USD ($) | Dec. 31, 2019 USD ($) | Jun. 01, 2014 USD ($) | |
Number of Unconsolidated Business Trusts Formed to Issue Trust Preferred Securities | 5 | |||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 3,916,619,000 | $ 3,453,459,000 | ||||||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Ending Balance | 0 | |||||||
Financing Receivable, Unamortized Loan Cost (Fee) | $ (1,000,000) | 2,500,000 | ||||||
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 | |||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 42,246,000 | 35,363,000 | $ 37,967,000 | $ 23,889,000 | ||||
Retained Earnings (Accumulated Deficit), Total | 216,313,000 | 174,536,000 | ||||||
Financing Receivable, Allowance for Credit Loss, Allowance Reduction | (900,000) | |||||||
Repossessed Assets, Total | $ 0 | 0 | ||||||
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) | |||||||
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 | |||||||
Not Designated as Hedging Instrument [Member] | Mortgage Loan Derivative [Member] | ||||||||
Derivative Asset, Total | 100,000 | 300,000 | ||||||
Commercial Loan [Member] | ||||||||
Loan Participation, Amount | $ 33,500,000 | $ 24,200,000 | ||||||
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 | $ 554,000,000 | |||||||
Financing Receivable, Not Yet Forgiven, Number of Loans | 5 | |||||||
Financing Receivable, Not Yet Forgiven | $ 500,000 | |||||||
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 | $ 209,000,000 | |||||||
Financing Receivable, Not Yet Forgiven, Number of Loans | 6 | |||||||
Financing Receivable, Not Yet Forgiven | $ 400,000 | |||||||
Amortization of Deferred Loan Origination Fees, Net | $ 1,000,000 | |||||||
Firstbank Corporation [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | $ 1,500,000,000 | |||||||
Business Combination Branches Acquired | 46 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Year-end Mortgage Loans Held for Sale (Details) - Mortgage Loans [Member] - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Mortgage loans held for sale | $ 3,565,000 | $ 16,117,000 |
Less: Allowance to adjust to lower of cost or market | 0 | 0 |
Mortgage loans held for sale, net | $ 3,565,000 | $ 16,117,000 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Noninterest Income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Service Charges on Deposit and Sweep Accounts [Member] | |||
Noninterest revenue | $ 5,952,000 | $ 5,078,000 | $ 4,578,000 |
Credit and Debit Card [Member] | |||
Noninterest revenue | 8,216,000 | 7,516,000 | 5,973,000 |
Payroll Processing [Member] | |||
Noninterest revenue | 2,178,000 | 1,815,000 | 1,745,000 |
Customer Service [Member] | |||
Noninterest revenue | $ 852,000 | $ 857,000 | $ 757,000 |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 732 | 333 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total | $ 573,146,000 | $ 461,553,000 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss, Total | 83,281,000 | 9,958,000 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | 0 | 0 | |
Proceeds from Sale of Debt Securities, Available-for-Sale | 0 | 0 | $ 0 |
Debt Securities, Available-for-Sale, Amortized Cost, Total | 685,646,000 | 597,463,000 | |
Debt Securities, Available-for-Sale, Total | 602,936,000 | 592,743,000 | |
Bonds Issued or Guaranteed by Agencies of the U.S. Federal Government [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss, Total | 71,200,000 | ||
Bonds Issued by State-based Municipalities [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss, Total | 12,100,000 | ||
State of Michigan and All Its Political Subdivisions [Member] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Total | 193,000,000 | 155,000,000 | |
Debt Securities, Available-for-Sale, Total | 182,000,000 | 158,000,000 | |
All Other States and Their Political Subdivisions [Member] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Total | 0 | 1,700,000 | |
Debt Securities, Available-for-Sale, Total | 1,700,000 | ||
US Government Agency Debt Obligations and Mortgage Backed Securities [Member] | |||
Debt Securities, Available-for-Sale, Restricted | $ 194,000,000 | $ 197,000,000 |
Note 2 - Securities - Available
Note 2 - Securities - Available-for-sale Securities (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Amortized cost | $ 685,646,000 | $ 597,463,000 |
Securities available for sale, gross unrealized gains | 571,000 | 5,238,000 |
Securities available for sale, gross unrealized losses | (83,281,000) | (9,958,000) |
Fair value | 602,936,000 | 592,743,000 |
US Government Agencies Debt Securities [Member] | ||
Amortized cost | 453,836,000 | 398,874,000 |
Securities available for sale, gross unrealized gains | 0 | 266,000 |
Securities available for sale, gross unrealized losses | (65,092,000) | (8,769,000) |
Fair value | 388,744,000 | 390,371,000 |
Collateralized Mortgage-Backed Securities [Member] | ||
Amortized cost | 38,002,000 | 41,906,000 |
Securities available for sale, gross unrealized gains | 19,000 | 549,000 |
Securities available for sale, gross unrealized losses | (6,068,000) | (652,000) |
Fair value | 31,953,000 | 41,803,000 |
Municipal General Obligation Bonds [Member] | ||
Amortized cost | 163,041,000 | 133,894,000 |
Securities available for sale, gross unrealized gains | 450,000 | 4,092,000 |
Securities available for sale, gross unrealized losses | (9,058,000) | (392,000) |
Fair value | 154,433,000 | 137,594,000 |
Municipal Revenue Bonds [Member] | ||
Amortized cost | 30,267,000 | 22,289,000 |
Securities available for sale, gross unrealized gains | 102,000 | 331,000 |
Securities available for sale, gross unrealized losses | (3,063,000) | (145,000) |
Fair value | 27,306,000 | 22,475,000 |
Other Debt and Equity Securities [Member] | ||
Amortized cost | 500,000 | 500,000 |
Securities available for sale, gross unrealized gains | 0 | 0 |
Securities available for sale, gross unrealized losses | 0 | 0 |
Fair value | $ 500,000 | $ 500,000 |
Note 2 - Securities - Securitie
Note 2 - Securities - Securities in a Continuous Loss Position (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Securities available for sale, continuous unrealized loss position, less than 12 months | $ 193,930,000 | $ 351,062,000 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 17,438,000 | 6,455,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 379,216,000 | 110,491,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 65,843,000 | 3,503,000 |
Securities available for sale, continuous unrealized loss position | 573,146,000 | 461,553,000 |
Securities available for sale, continuous unrealized loss position, unrealized loss | 83,281,000 | 9,958,000 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale, continuous unrealized loss position, less than 12 months | 53,019,000 | 274,287,000 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 5,713,000 | 5,274,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 335,725,000 | 110,053,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 59,379,000 | 3,495,000 |
Securities available for sale, continuous unrealized loss position | 388,744,000 | 384,340,000 |
Securities available for sale, continuous unrealized loss position, unrealized loss | 65,092,000 | 8,769,000 |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities available for sale, continuous unrealized loss position, less than 12 months | 31,127,000 | 23,184,000 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 6,068,000 | 652,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 12,000 | 24,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 0 | 0 |
Securities available for sale, continuous unrealized loss position | 31,139,000 | 23,208,000 |
Securities available for sale, continuous unrealized loss position, unrealized loss | 6,068,000 | 652,000 |
Municipal General Obligation Bonds [Member] | ||
Securities available for sale, continuous unrealized loss position, less than 12 months | 97,252,000 | 40,748,000 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 4,516,000 | 392,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 32,870,000 | 0 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 4,542,000 | 0 |
Securities available for sale, continuous unrealized loss position | 130,122,000 | 40,748,000 |
Securities available for sale, continuous unrealized loss position, unrealized loss | 9,058,000 | 392,000 |
Municipal Revenue Bonds [Member] | ||
Securities available for sale, continuous unrealized loss position, less than 12 months | 12,532,000 | 12,843,000 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 1,141,000 | 137,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 10,609,000 | 414,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 1,922,000 | 8,000 |
Securities available for sale, continuous unrealized loss position | 23,141,000 | 13,257,000 |
Securities available for sale, continuous unrealized loss position, unrealized loss | 3,063,000 | 145,000 |
Other Debt and Equity Securities [Member] | ||
Securities available for sale, continuous unrealized loss position, less than 12 months | 0 | 0 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 0 | 0 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 0 | 0 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 0 | 0 |
Securities available for sale, continuous unrealized loss position | 0 | 0 |
Securities available for sale, continuous unrealized loss position, unrealized loss | $ 0 | $ 0 |
Note 2 - Securities - Debt Secu
Note 2 - Securities - Debt Securities by Maturity (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Due in one year or less, weighted average yield | 0.76% | |
Due in one year or less, amortized cost | $ 21,278,000 | |
Due in one year or less, fair value | $ 20,732,000 | |
Due from one to five years, weighted average yield | 1.22% | |
Due from one to five years, amortized cost | $ 249,262,000 | |
Due from one to five years, fair value | $ 227,357,000 | |
Due from five to ten years, weighted average yield | 1.88% | |
Due from five to ten years, amortized cost | $ 318,700,000 | |
Due from five to ten years, fair value | $ 271,652,000 | |
Due after ten years, weighted average yield | 3.03% | |
Due after ten years, amortized cost | $ 57,904,000 | |
Due after ten years, fair value | $ 50,742,000 | |
Weighted average yield | 1.72% | |
Amortized cost | $ 685,646,000 | $ 597,463,000 |
Fair value | $ 602,936,000 | 592,743,000 |
Collateralized Mortgage-Backed Securities [Member] | ||
No single maturity, weighted average yield | 2.10% | |
No single maturity, amortized cost | $ 38,002,000 | |
No single maturity, fair value | 31,953,000 | |
Amortized cost | 38,002,000 | 41,906,000 |
Fair value | $ 31,953,000 | 41,803,000 |
Other Debt and Equity Securities [Member] | ||
No single maturity, weighted average yield | 4.94% | |
No single maturity, amortized cost | $ 500,000 | |
No single maturity, fair value | 500,000 | |
Amortized cost | 500,000 | 500,000 |
Fair value | $ 500,000 | $ 500,000 |
Note 3 - Loans and Allowance _3
Note 3 - Loans and Allowance for Credit Losses (Details Textual) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2020 | Aug. 08, 2020 | Dec. 31, 2019 | ||
Financing Receivable, before Allowance for Credit Loss, Total | $ 3,453,459,000 | $ 3,916,619,000 | |||||
Financing Receivable, Accruing Trouble Debt Restructurings, Interest Income | 1,500,000 | ||||||
Interest Lost on Nonaccrual Loans | 100,000 | ||||||
Maximum [Member] | |||||||
Interest Lost on Nonaccrual Loans | 100,000 | ||||||
Collateral Dependent Loans [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss, Total | 7,700,000 | ||||||
SBA, CARES Act, Paycheck Protection Program [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 554,000,000 | ||||||
Commercial Portfolio Segment [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss, Total | 2,950,424,000 | 3,131,830,000 | |||||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss, Total | [1] | 1,137,419,000 | 1,185,083,000 | ||||
Financing Receivable, Troubled Debt Restructuring | 4,973,000 | 8,672,000 | $ 6,414,000 | $ 8,587,000 | |||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Grades 1-4 [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss, Total | [2] | 729,224,000 | 719,583,000 | ||||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | SBA, CARES Act, Paycheck Protection Program [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss, Total | 40,100,000 | 900,000 | 365,000,000 | ||||
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 | 40,100,000 | 900,000 | |||||
Retail Portfolio Segment [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss, Total | 503,035,000 | 784,789,000 | |||||
Retail Portfolio Segment [Member] | Home Equity Loan [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss, Total | 29,500,000 | 37,400,000 | |||||
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss, Total | [3] | 60,488,000 | 29,753,000 | ||||
Financing Receivable, Troubled Debt Restructuring | 1,202,000 | 1,000 | |||||
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 | 442,547,000 | 755,036,000 | |||||
Financing Receivable, Troubled Debt Restructuring | $ 627,000 | $ 2,736,000 | $ 806,000 | $ 724,000 | |||
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 December 31, 2022, and December 31, 2021, includes $0.9 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 $40.1 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 $37.4 million and $29.5 million as of December 31, 2022, and 2021, respectively. |
Note 3 - Loans and Allowance _4
Note 3 - Loans and Allowance for Credit Losses - Components of Loan Portfolio (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Loans | $ 3,916,619,000 | $ 3,453,459,000 | |
Percent of portfolio | 100% | 100% | |
Period increase (decrease) | 13.40% | ||
Commercial Portfolio Segment [Member] | |||
Loans | $ 3,131,830,000 | $ 2,950,424,000 | |
Percent of portfolio | 80% | 85.40% | |
Period increase (decrease) | 6.10% | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Loans | [1] | $ 1,185,083,000 | $ 1,137,419,000 |
Percent of portfolio | [1] | 30.30% | 32.90% |
Period increase (decrease) | [1] | 4.20% | |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Loans | $ 61,873,000 | $ 43,239,000 | |
Percent of portfolio | 1.60% | 1.30% | |
Period increase (decrease) | 43.10% | ||
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Loans | $ 639,192,000 | $ 565,758,000 | |
Percent of portfolio | 16.30% | 16.40% | |
Period increase (decrease) | 13% | ||
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Loans | $ 1,033,734,000 | $ 1,027,415,000 | |
Percent of portfolio | 26.40% | 29.70% | |
Period increase (decrease) | 0.60% | ||
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Loans | $ 211,948,000 | $ 176,593,000 | |
Percent of portfolio | 5.40% | 5.10% | |
Period increase (decrease) | 20% | ||
Retail Portfolio Segment [Member] | |||
Loans | $ 784,789,000 | $ 503,035,000 | |
Percent of portfolio | 20% | 14.60% | |
Period increase (decrease) | 56% | ||
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Loans | $ 755,036,000 | $ 442,547,000 | |
Percent of portfolio | 19.30% | 12.80% | |
Period increase (decrease) | 70.60% | ||
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Loans | [2] | $ 29,753,000 | $ 60,488,000 |
Percent of portfolio | [2] | 0.70% | 1.80% |
Period increase (decrease) | [2] | (50.80%) | |
[1]For December 31, 2022, and December 31, 2021, includes $0.9 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 $37.4 million and $29.5 million as of December 31, 2022, and 2021, respectively. |
Note 3 - Loans and Allowance _5
Note 3 - Loans and Allowance for Loan Losses - Concentrations Within the Loan Portfolio (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, before Allowance for Credit Loss, Total | $ 3,916,619,000 | $ 3,453,459,000 |
Percent of portfolio | 100% | 100% |
Commercial Real Estate Loans to Lessors of Non Residential Buildings [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Total | $ 738,891,000 | $ 737,589,000 |
Percent of portfolio | 18.90% | 21.40% |
Note 3 - Loans and Allowance _6
Note 3 - Loans and Allowance for Credit Losses - Nonperforming Loans (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Loans past due 90 days or more still accruing interest | $ 0 | $ 155,000 |
Commercial Portfolio Segment [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 155,000 |
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 |
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 | 7,728,000 | 2,313,000 |
Total nonperforming loans | 7,728,000 | 2,468,000 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | ||
Total nonperforming loans | 6,272,000 | 663,000 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Total nonperforming loans | 6,024,000 | 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 | 248,000 | 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 | 1,456,000 | 1,805,000 |
Nonperforming Financial Instruments [Member] | Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||
Total nonperforming loans | 1,456,000 | 1,686,000 |
Nonperforming Financial Instruments [Member] | Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Total nonperforming loans | $ 0 | $ 119,000 |
Note 3 - Loans and Allowance _7
Note 3 - Loans and Allowance for Credit Losses - Age Analysis of Past Due Loans (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, before Allowance for Credit Loss, Total | $ 3,916,619,000 | $ 3,453,459,000 | |
Loans past due 90 days or more still accruing interest | 0 | 155,000 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,349,000 | 1,424,000 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 6,042,000 | 243,000 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 365,000 | 295,000 | |
Financial Asset, Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 7,756,000 | 1,962,000 | |
Financial Asset, Not Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 3,908,863,000 | 3,451,497,000 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 3,131,830,000 | 2,950,424,000 | |
Loans past due 90 days or more still accruing interest | 0 | 155,000 | |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 27,000 | |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 5,953,000 | 0 | |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 249,000 | 193,000 | |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 6,202,000 | 220,000 | |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 3,125,628,000 | 2,950,204,000 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | [1] | 1,185,083,000 | 1,137,419,000 |
Loans past due 90 days or more still accruing interest | 0 | 155,000 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 14,000 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 5,705,000 | 0 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 249,000 | 193,000 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 5,954,000 | 207,000 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,179,129,000 | 1,137,212,000 | |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 61,873,000 | 43,239,000 | |
Loans past due 90 days or more still accruing interest | 0 | 0 | |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 13,000 | |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 13,000 | |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 61,873,000 | 43,226,000 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 639,192,000 | 565,758,000 | |
Loans past due 90 days or more still accruing interest | 0 | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 248,000 | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 248,000 | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 638,944,000 | 565,758,000 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,033,734,000 | 1,027,415,000 | |
Loans past due 90 days or more still accruing interest | 0 | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,033,734,000 | 1,027,415,000 | |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 211,948,000 | 176,593,000 | |
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] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 211,948,000 | 176,593,000 | |
Retail Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 784,789,000 | 503,035,000 | |
Loans past due 90 days or more still accruing interest | 0 | 0 | |
Retail Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,349,000 | 1,397,000 | |
Retail Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 89,000 | 243,000 | |
Retail Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 116,000 | 102,000 | |
Retail Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,554,000 | 1,742,000 | |
Retail Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 783,235,000 | 501,293,000 | |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 755,036,000 | 442,547,000 | |
Loans past due 90 days or more still accruing interest | 0 | 0 | |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,334,000 | 1,265,000 | |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 88,000 | 241,000 | |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 116,000 | 82,000 | |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,538,000 | 1,588,000 | |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 753,498,000 | 440,959,000 | |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | [2] | 29,753,000 | 60,488,000 |
Loans past due 90 days or more still accruing interest | 0 | 0 | |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 15,000 | 132,000 | |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,000 | 2,000 | |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 20,000 | |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 16,000 | 154,000 | |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | $ 29,737,000 | $ 60,334,000 | |
[1]For December 31, 2022, and December 31, 2021, includes $0.9 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 $37.4 million and $29.5 million as of December 31, 2022, and 2021, respectively. |
Note 3 - Loans and Allowance _8
Note 3 - Loans and Allowance for Loan Losses - Nonaccrual Loans (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
With no related allowance recorded, principal balance | $ 1,313,000 | $ 15,715,000 |
With related allowance recorded, principal balance | 6,415,000 | 3,651,000 |
Related allowance | 2,283,000 | 546,000 |
Total principal balance | 7,728,000 | 19,366,000 |
Commercial Portfolio Segment [Member] | ||
With no related allowance recorded, principal balance | 249,000 | 12,583,000 |
With related allowance recorded, principal balance | 6,023,000 | 3,099,000 |
Related allowance | 2,083,000 | 354,000 |
Total principal balance | 6,272,000 | 15,682,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
With no related allowance recorded, principal balance | 249,000 | 2,818,000 |
With related allowance recorded, principal balance | 5,775,000 | 2,192,000 |
Related allowance | 2,051,000 | 266,000 |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||
With no related allowance recorded, principal balance | 0 | 0 |
With related allowance recorded, principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||
With no related allowance recorded, principal balance | 0 | 9,674,000 |
With related allowance recorded, principal balance | 248,000 | 761,000 |
Related allowance | 32,000 | 84,000 |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||
With no related allowance recorded, principal balance | 0 | 0 |
With related allowance recorded, principal balance | 0 | 146,000 |
Related allowance | 0 | 4,000 |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||
With no related allowance recorded, principal balance | 0 | 91,000 |
With related allowance recorded, principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Retail Portfolio Segment [Member] | ||
With no related allowance recorded, principal balance | 1,064,000 | 3,132,000 |
With related allowance recorded, principal balance | 392,000 | 552,000 |
Related allowance | 200,000 | 192,000 |
Total principal balance | 1,456,000 | 3,684,000 |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||
With no related allowance recorded, principal balance | 1,064,000 | 2,025,000 |
With related allowance recorded, principal balance | 392,000 | 412,000 |
Related allowance | 200,000 | $ 69,000 |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
With no related allowance recorded, principal balance | 0 | |
With related allowance recorded, principal balance | 0 | |
Related allowance | $ 0 |
Note 3 - Loans and Allowance _9
Note 3 - Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2022 | |
With no related allowance recorded, unpaid principal balance | $ 16,997,000 | |
With no related allowance recorded, principal balance | 15,715,000 | $ 1,313,000 |
With no related allowance recorded, average recorded principal balance | 19,857,000 | |
With related allowance recorded, unpaid principal balance | 3,671,000 | |
With related allowance recorded, principal balance | 3,651,000 | 6,415,000 |
Related allowance | 546,000 | 2,283,000 |
With related allowance recorded, average recorded principal balance | 3,440,000 | |
Total unpaid principal balance | 20,668,000 | |
Total principal balance | 19,366,000 | 7,728,000 |
Total average recorded principal balance | 23,297,000 | |
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 | 249,000 |
With no related allowance recorded, average recorded principal balance | 16,434,000 | |
With related allowance recorded, unpaid principal balance | 3,099,000 | |
With related allowance recorded, principal balance | 3,099,000 | 6,023,000 |
Related allowance | 354,000 | 2,083,000 |
With related allowance recorded, average recorded principal balance | 2,689,000 | |
Total unpaid principal balance | 15,757,000 | |
Total principal balance | 15,682,000 | 6,272,000 |
Total average recorded principal balance | 19,123,000 | |
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 | 249,000 |
With no related allowance recorded, average recorded principal balance | 3,632,000 | |
With related allowance recorded, unpaid principal balance | 2,192,000 | |
With related allowance recorded, principal balance | 2,192,000 | 5,775,000 |
Related allowance | 266,000 | 2,051,000 |
With related allowance recorded, average recorded principal balance | 1,732,000 | |
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 | 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 | 0 |
Related allowance | 0 | 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 | 0 |
With no related allowance recorded, average recorded principal balance | 12,634,000 | |
With related allowance recorded, unpaid principal balance | 761,000 | |
With related allowance recorded, principal balance | 761,000 | 248,000 |
Related allowance | 84,000 | 32,000 |
With related allowance recorded, average recorded principal balance | 803,000 | |
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 | 0 |
With no related allowance recorded, average recorded principal balance | 131,000 | |
With related allowance recorded, unpaid principal balance | 146,000 | |
With related allowance recorded, principal balance | 146,000 | 0 |
Related allowance | 4,000 | 0 |
With related allowance recorded, average recorded principal balance | 154,000 | |
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 | 0 |
With no related allowance recorded, average recorded principal balance | 37,000 | |
With related allowance recorded, unpaid principal balance | 0 | |
With related allowance recorded, principal balance | 0 | 0 |
Related allowance | 0 | 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 | 1,064,000 |
With no related allowance recorded, average recorded principal balance | 3,423,000 | |
With related allowance recorded, unpaid principal balance | 572,000 | |
With related allowance recorded, principal balance | 552,000 | 392,000 |
Related allowance | 192,000 | 200,000 |
With related allowance recorded, average recorded principal balance | 751,000 | |
Total unpaid principal balance | 4,911,000 | |
Total principal balance | 3,684,000 | 1,456,000 |
Total average recorded principal balance | 4,174,000 | |
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 | 1,096,000 | |
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 | 214,000 | |
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 | 2,025,000 | 1,064,000 |
With no related allowance recorded, average recorded principal balance | 2,327,000 | |
With related allowance recorded, unpaid principal balance | 412,000 | |
With related allowance recorded, principal balance | 412,000 | 392,000 |
Related allowance | 69,000 | $ 200,000 |
With related allowance recorded, average recorded principal balance | $ 537,000 |
Note 3 - Loans and Allowance_10
Note 3 - Loans and Allowance for Credit Losses - Loans by Credit Quality Indicators (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Loans | $ 3,916,619,000 | $ 3,453,459,000 | |
Commercial Portfolio Segment [Member] | |||
Loans | 3,131,830,000 | 2,950,424,000 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Loans | [1] | 1,185,083,000 | 1,137,419,000 |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Loans | 61,873,000 | 43,239,000 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Loans | 639,192,000 | 565,758,000 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Loans | 1,033,734,000 | 1,027,415,000 | |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Loans | 211,948,000 | 176,593,000 | |
Grades 1-4 [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Loans | [2] | 719,583,000 | 729,224,000 |
Grades 1-4 [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Loans | 41,711,000 | 28,390,000 | |
Grades 1-4 [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Loans | 406,341,000 | 346,082,000 | |
Grades 1-4 [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Loans | 447,606,000 | 503,482,000 | |
Grades 1-4 [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Loans | 118,385,000 | 119,473,000 | |
Grades 5-7 [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Loans | 450,405,000 | 398,378,000 | |
Grades 5-7 [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Loans | 20,057,000 | 14,730,000 | |
Grades 5-7 [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Loans | 229,766,000 | 208,060,000 | |
Grades 5-7 [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Loans | 573,728,000 | 511,280,000 | |
Grades 5-7 [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Loans | 93,514,000 | 56,968,000 | |
Grades 8-9 [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Loans | 15,095,000 | 9,817,000 | |
Grades 8-9 [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Loans | 105,000 | 119,000 | |
Grades 8-9 [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Loans | 3,085,000 | 11,616,000 | |
Grades 8-9 [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Loans | 12,400,000 | 12,653,000 | |
Grades 8-9 [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Loans | $ 49,000 | $ 152,000 | |
[1]For December 31, 2022, and December 31, 2021, includes $0.9 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 $40.1 million of loans originated under the Paycheck Protection Program. |
Note 3 - Loans and Allowance_11
Note 3 - Loans and Allowance for Credit Losses - Retail Credit Exposure (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Loans | $ 3,916,619,000 | $ 3,453,459,000 | |
Retail Portfolio Segment [Member] | |||
Loans | 784,789,000 | 503,035,000 | |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Loans | 755,036,000 | 442,547,000 | |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Loans | [1] | 29,753,000 | 60,488,000 |
Retail Portfolio Segment [Member] | Performing Financial Instruments [Member] | One to Four Family Mortgages [Member] | |||
Loans | 753,580,000 | 440,861,000 | |
Retail Portfolio Segment [Member] | Performing Financial Instruments [Member] | Other Consumer Loans [Member] | |||
Loans | 29,753,000 | 60,369,000 | |
Retail Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | One to Four Family Mortgages [Member] | |||
Loans | 1,456,000 | 1,686,000 | |
Retail Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Other Consumer Loans [Member] | |||
Loans | $ 0 | $ 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 $37.4 million and $29.5 million as of December 31, 2022, and 2021, respectively. |
Note 3 - Loans and Allowance_12
Note 3 - Loans and Allowance for Credit Losses - Loan Vintage (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 1,343,470,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,016,338,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 538,303,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 149,061,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 79,881,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 115,181,000 | ||
Financing Receivable, Term Loan | 3,242,234,000 | ||
Financing Receivable, Revolving | 674,385,000 | ||
Loans | 3,916,619,000 | $ 3,453,459,000 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,025,368,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 770,436,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 445,327,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 135,893,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 64,986,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 72,100,000 | ||
Financing Receivable, Term Loan | 2,514,110,000 | ||
Financing Receivable, Revolving | 617,720,000 | ||
Loans | 3,131,830,000 | 2,950,424,000 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 271,061,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 188,760,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 75,658,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 18,064,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 3,847,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 9,973,000 | ||
Financing Receivable, Term Loan | 567,363,000 | ||
Financing Receivable, Revolving | 617,720,000 | ||
Loans | [1] | 1,185,083,000 | 1,137,419,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Grades 1-4 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 115,494,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 141,481,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 43,961,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 9,194,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 3,230,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 9,851,000 | ||
Financing Receivable, Term Loan | 323,211,000 | ||
Financing Receivable, Revolving | 396,372,000 | ||
Loans | [2] | 719,583,000 | 729,224,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Grades 5-7 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 151,783,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 47,030,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 31,697,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 8,870,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 569,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 93,000 | ||
Financing Receivable, Term Loan | 240,042,000 | ||
Financing Receivable, Revolving | 210,363,000 | ||
Loans | 450,405,000 | 398,378,000 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Grades 8-9 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 3,784,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 249,000 | ||
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 | 48,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 29,000 | ||
Financing Receivable, Term Loan | 4,110,000 | ||
Financing Receivable, Revolving | 10,985,000 | ||
Loans | 15,095,000 | 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 | 42,026,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 14,956,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3,779,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 50,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 14,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,048,000 | ||
Financing Receivable, Term Loan | 61,873,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 61,873,000 | 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 | 31,756,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 6,196,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3,428,000 | ||
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 | 331,000 | ||
Financing Receivable, Term Loan | 41,711,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 41,711,000 | 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 | 10,270,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 8,760,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 351,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 50,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 626,000 | ||
Financing Receivable, Term Loan | 20,057,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 20,057,000 | 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 | 14,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 91,000 | ||
Financing Receivable, Term Loan | 105,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 105,000 | 119,000 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 312,711,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 169,701,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 87,587,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 29,915,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 31,951,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 7,327,000 | ||
Financing Receivable, Term Loan | 639,192,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 639,192,000 | 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 | 194,072,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 113,528,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 53,630,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 19,670,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 19,279,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 6,162,000 | ||
Financing Receivable, Term Loan | 406,341,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 406,341,000 | 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 | 115,720,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 56,173,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 33,913,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 10,245,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 12,550,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,165,000 | ||
Financing Receivable, Term Loan | 229,766,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 229,766,000 | 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 | 2,919,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 44,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 122,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | ||
Financing Receivable, Term Loan | 3,085,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 3,085,000 | 11,616,000 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 319,253,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 333,057,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 229,076,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 79,396,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 23,535,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 49,417,000 | ||
Financing Receivable, Term Loan | 1,033,734,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 1,033,734,000 | 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 | 129,153,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 163,035,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 89,125,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 44,196,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 10,079,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 12,018,000 | ||
Financing Receivable, Term Loan | 447,606,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 447,606,000 | 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 | 183,388,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 164,334,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 139,951,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 35,200,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 13,456,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 37,399,000 | ||
Financing Receivable, Term Loan | 573,728,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 573,728,000 | 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 | 6,712,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 5,688,000 | ||
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 | 12,400,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 12,400,000 | 12,653,000 | |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 80,317,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 63,962,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 49,227,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 8,468,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 5,639,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 4,335,000 | ||
Financing Receivable, Term Loan | 211,948,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 211,948,000 | 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 | 31,470,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 38,176,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 36,348,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 5,306,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 3,082,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 4,003,000 | ||
Financing Receivable, Term Loan | 118,385,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 118,385,000 | 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 | 48,847,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 25,786,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 12,879,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 3,162,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,557,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 283,000 | ||
Financing Receivable, Term Loan | 93,514,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 93,514,000 | 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 | 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 | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 49,000 | ||
Financing Receivable, Term Loan | 49,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 49,000 | 152,000 | |
Retail Portfolio Segment [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 318,102,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 245,902,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 92,976,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 13,168,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 14,895,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 43,081,000 | ||
Financing Receivable, Term Loan | 728,124,000 | ||
Financing Receivable, Revolving | 56,665,000 | ||
Loans | 784,789,000 | 503,035,000 | |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 313,753,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 243,032,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 91,936,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 12,094,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 14,500,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 42,651,000 | ||
Financing Receivable, Term Loan | 717,966,000 | ||
Financing Receivable, Revolving | 37,070,000 | ||
Loans | 755,036,000 | 442,547,000 | |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 313,611,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 242,950,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 91,936,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 12,094,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 14,297,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 41,622,000 | ||
Financing Receivable, Term Loan | 716,510,000 | ||
Financing Receivable, Revolving | 37,070,000 | ||
Loans | 753,580,000 | 440,861,000 | |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 142,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 82,000 | ||
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 | 203,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,029,000 | ||
Financing Receivable, Term Loan | 1,456,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans | 1,456,000 | 1,686,000 | |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 4,349,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,870,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,040,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,074,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 395,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 430,000 | ||
Financing Receivable, Term Loan | 10,158,000 | ||
Financing Receivable, Revolving | 19,595,000 | ||
Loans | [3] | 29,753,000 | 60,488,000 |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 4,349,000 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,870,000 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,040,000 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,074,000 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 395,000 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 430,000 | ||
Financing Receivable, Term Loan | 10,158,000 | ||
Financing Receivable, Revolving | 19,595,000 | ||
Loans | 29,753,000 | 60,369,000 | |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | Nonperforming Financial Instruments [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 | 0 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | ||
Financing Receivable, Term Loan | 0 | ||
Financing Receivable, Revolving | 0 | ||
Loans | $ 0 | $ 119,000 | |
[1]For December 31, 2022, and December 31, 2021, includes $0.9 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 $40.1 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 $37.4 million and $29.5 million as of December 31, 2022, and 2021, respectively. |
Note 3 - Loans and Allowance_13
Note 3 - Loans and Allowance for Credit Losses - Activity in Allowance for Loan Losses and the Recorded Investments in Loans (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Balance | $ 35,363,000 | $ 37,967,000 | $ 23,889,000 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 42,246,000 | 35,363,000 | 37,967,000 | ||
Provision for credit losses | 6,550,000 | (4,300,000) | 14,050,000 | ||
Charge-offs | (292,000) | (1,044,000) | (838,000) | ||
Recoveries | 1,025,000 | 2,740,000 | 866,000 | ||
Balance | 42,246,000 | 35,363,000 | 37,967,000 | ||
Ending balance: individually evaluated for impairment | 546,000 | 551,000 | |||
Ending balance: collectively evaluated for impairment | 34,817,000 | 37,416,000 | |||
Ending balance | 3,413,349,000 | [1] | 2,828,211,000 | [2] | |
Ending balance: individually evaluated for impairment | 19,366,000 | [1] | 26,958,000 | [2] | |
Ending balance: collectively evaluated for impairment | 3,393,983,000 | [1] | 2,801,253,000 | [2] | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | (400,000) | ||||
Balance | (400,000) | ||||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||||
Balance | 10,782,000 | 9,424,000 | 6,659,000 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 10,203,000 | 10,782,000 | 9,424,000 | ||
Provision for credit losses | 946,000 | 2,030,000 | 2,921,000 | ||
Charge-offs | (171,000) | (882,000) | (247,000) | ||
Recoveries | 217,000 | 210,000 | 91,000 | ||
Balance | 10,203,000 | 10,782,000 | 9,424,000 | ||
Ending balance: individually evaluated for impairment | 266,000 | 53,000 | |||
Ending balance: collectively evaluated for impairment | 10,516,000 | 9,371,000 | |||
Ending balance | 1,097,309,000 | [1] | 780,164,000 | [2] | |
Ending balance: individually evaluated for impairment | 5,010,000 | [1] | 6,585,000 | [2] | |
Ending balance: collectively evaluated for impairment | 1,092,299,000 | [1] | 773,579,000 | [2] | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | (1,571,000) | ||||
Balance | (1,571,000) | ||||
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||||
Balance | 420,000 | 679,000 | 466,000 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 490,000 | 420,000 | 679,000 | ||
Provision for credit losses | 138,000 | (618,000) | 289,000 | ||
Charge-offs | (29,000) | (15,000) | (113,000) | ||
Recoveries | 4,000 | 374,000 | 37,000 | ||
Balance | 490,000 | 420,000 | 679,000 | ||
Ending balance: individually evaluated for impairment | 0 | 0 | |||
Ending balance: collectively evaluated for impairment | 420,000 | 679,000 | |||
Ending balance | 43,239,000 | [1] | 55,055,000 | [2] | |
Ending balance: individually evaluated for impairment | 0 | [1] | 0 | [2] | |
Ending balance: collectively evaluated for impairment | 43,239,000 | [1] | 55,055,000 | [2] | |
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] | |||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | (43,000) | ||||
Balance | (43,000) | ||||
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||||
Balance | 6,045,000 | 8,246,000 | 6,291,000 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 5,914,000 | 6,045,000 | 8,246,000 | ||
Provision for credit losses | 378,000 | (3,308,000) | 1,881,000 | ||
Charge-offs | (38,000) | (12,000) | (235,000) | ||
Recoveries | 89,000 | 1,119,000 | 309,000 | ||
Balance | 5,914,000 | 6,045,000 | 8,246,000 | ||
Ending balance: individually evaluated for impairment | 84,000 | 77,000 | |||
Ending balance: collectively evaluated for impairment | 5,961,000 | 8,169,000 | |||
Ending balance | 565,758,000 | [1] | 529,953,000 | [2] | |
Ending balance: individually evaluated for impairment | 10,435,000 | [1] | 15,327,000 | [2] | |
Ending balance: collectively evaluated for impairment | 555,323,000 | [1] | 514,626,000 | [2] | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | (560,000) | ||||
Balance | (560,000) | ||||
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||||
Balance | 13,301,000 | 13,611,000 | 6,761,000 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 10,164,000 | 13,301,000 | 13,611,000 | ||
Provision for credit losses | (603,000) | (310,000) | 6,837,000 | ||
Charge-offs | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 13,000 | ||
Balance | 10,164,000 | 13,301,000 | 13,611,000 | ||
Ending balance: individually evaluated for impairment | 0 | 8,000 | |||
Ending balance: collectively evaluated for impairment | 13,301,000 | 13,603,000 | |||
Ending balance | 1,027,415,000 | [1] | 917,436,000 | [2] | |
Ending balance: individually evaluated for impairment | 146,000 | [1] | 503,000 | [2] | |
Ending balance: collectively evaluated for impairment | 1,027,269,000 | [1] | 916,933,000 | [2] | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | (2,534,000) | ||||
Balance | (2,534,000) | ||||
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||||
Balance | 1,695,000 | 1,819,000 | 893,000 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 1,269,000 | 1,695,000 | 1,819,000 | ||
Provision for credit losses | 152,000 | (150,000) | 907,000 | ||
Charge-offs | 0 | 0 | (18,000) | ||
Recoveries | 43,000 | 26,000 | 37,000 | ||
Balance | 1,269,000 | 1,695,000 | 1,819,000 | ||
Ending balance: individually evaluated for impairment | 4,000 | 0 | |||
Ending balance: collectively evaluated for impairment | 1,691,000 | 1,819,000 | |||
Ending balance | 176,593,000 | [1] | 146,095,000 | [2] | |
Ending balance: individually evaluated for impairment | 91,000 | [1] | 0 | [2] | |
Ending balance: collectively evaluated for impairment | 176,502,000 | [1] | 146,095,000 | [2] | |
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] | |||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | (621,000) | ||||
Balance | (621,000) | ||||
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||||
Balance | 2,449,000 | 3,240,000 | 1,888,000 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 14,027,000 | 2,449,000 | 3,240,000 | ||
Provision for credit losses | 5,621,000 | (1,629,000) | 1,168,000 | ||
Charge-offs | (33,000) | (92,000) | (129,000) | ||
Recoveries | 595,000 | 930,000 | 313,000 | ||
Balance | 14,027,000 | 2,449,000 | 3,240,000 | ||
Ending balance: individually evaluated for impairment | 69,000 | 172,000 | |||
Ending balance: collectively evaluated for impairment | 2,380,000 | 3,068,000 | |||
Ending balance | 442,547,000 | [1] | 337,888,000 | [2] | |
Ending balance: individually evaluated for impairment | 2,437,000 | [1] | 3,273,000 | [2] | |
Ending balance: collectively evaluated for impairment | 440,110,000 | [1] | 334,615,000 | [2] | |
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, Allowance for Credit Loss, Ending Balance | 5,395,000 | ||||
Balance | 5,395,000 | ||||
Retail Portfolio Segment [Member] | Home Equity and Other [Member] | |||||
Balance | 626,000 | 889,000 | 861,000 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 160,000 | 626,000 | 889,000 | ||
Provision for credit losses | (111,000) | (301,000) | 58,000 | ||
Charge-offs | (21,000) | (43,000) | (96,000) | ||
Recoveries | 77,000 | 81,000 | 66,000 | ||
Balance | 160,000 | 626,000 | 889,000 | ||
Ending balance: individually evaluated for impairment | 123,000 | 241,000 | |||
Ending balance: collectively evaluated for impairment | 503,000 | 648,000 | |||
Ending balance | 60,488,000 | [1] | 61,620,000 | [2] | |
Ending balance: individually evaluated for impairment | 1,247,000 | [1] | 1,270,000 | [2] | |
Ending balance: collectively evaluated for impairment | 59,241,000 | [1] | 60,350,000 | [2] | |
Retail Portfolio Segment [Member] | Home Equity and Other [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | (411,000) | ||||
Balance | (411,000) | ||||
Unallocated Financing Receivables [Member] | |||||
Balance | 45,000 | 59,000 | 70,000 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 19,000 | 45,000 | 59,000 | ||
Provision for credit losses | 29,000 | (14,000) | (11,000) | ||
Charge-offs | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Balance | 19,000 | 45,000 | 59,000 | ||
Ending balance: individually evaluated for impairment | 0 | 0 | |||
Ending balance: collectively evaluated for impairment | $ 45,000 | $ 59,000 | |||
Unallocated Financing Receivables [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | (55,000) | ||||
Balance | $ (55,000) | ||||
[1]Excludes $40.1 million in loans originated under the Paycheck Protection Program.[2]Excludes $365 million in loans originated under the Paycheck Protection Program. |
Note 3 - Loans and Allowance_14
Note 3 - Loans and Allowance for Credit Losses - Loans Modified as Troubled Debt Restructurings (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Number of Contracts | 10 | 18 |
Pre- Modification Recorded Principal Balance | $ 7,351,000 | $ 4,333,000 |
Post- Modification Recorded Principal Balance | $ 7,350,000 | $ 4,329,000 |
Commercial Portfolio Segment [Member] | ||
Number of Contracts | 3 | 12 |
Pre- Modification Recorded Principal Balance | $ 6,593,000 | $ 3,802,000 |
Post- Modification Recorded Principal Balance | $ 6,593,000 | $ 3,801,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Number of Contracts | 3 | 10 |
Pre- Modification Recorded Principal Balance | $ 6,593,000 | $ 3,017,000 |
Post- Modification Recorded Principal Balance | $ 6,593,000 | $ 3,016,000 |
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 | 1 |
Pre- Modification Recorded Principal Balance | $ 0 | $ 692,000 |
Post- Modification Recorded Principal Balance | $ 0 | $ 692,000 |
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 | 1 |
Pre- Modification Recorded Principal Balance | $ 0 | $ 93,000 |
Post- Modification Recorded Principal Balance | $ 0 | $ 93,000 |
Retail Portfolio Segment [Member] | ||
Number of Contracts | 7 | 6 |
Pre- Modification Recorded Principal Balance | $ 758,000 | $ 531,000 |
Post- Modification Recorded Principal Balance | $ 757,000 | $ 528,000 |
Retail Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Number of Contracts | 0 | 4 |
Pre- Modification Recorded Principal Balance | $ 0 | $ 485,000 |
Post- Modification Recorded Principal Balance | $ 0 | $ 482,000 |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||
Number of Contracts | 7 | 2 |
Pre- Modification Recorded Principal Balance | $ 758,000 | $ 46,000 |
Post- Modification Recorded Principal Balance | $ 757,000 | $ 46,000 |
Note 3 - Loans and Allowance_15
Note 3 - Loans and Allowance for Loan Losses - Loans Modified As Troubled Debt Restructurings Within the Previous Twelve Months That Became Over 30 Days Past Due (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Number of Contracts | 2 | 0 |
Recorded Principal Balance | $ 5,665,000 | $ 0 |
Commercial Portfolio Segment [Member] | ||
Number of Contracts | 2 | 0 |
Recorded Principal Balance | $ 5,665,000 | $ 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Number of Contracts | 2 | 0 |
Recorded Principal Balance | $ 5,665,000 | $ 0 |
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 | 0 |
Recorded Principal Balance | $ 0 | $ 0 |
Retail Portfolio Segment [Member] | Home Equity and Other [Member] | ||
Number of Contracts | 0 | 0 |
Recorded Principal Balance | $ 0 | $ 0 |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||
Number of Contracts | 0 | 0 |
Recorded Principal Balance | $ 0 | $ 0 |
Note 3 - Loans and Allowance_16
Note 3 - Loans and Allowance for Loan Losses - Activity for Troubled Debt Restructurings (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||||
Beginning Balance | $ 4,973,000 | $ 6,414,000 | $ 8,587,000 | ||
Charge-Offs | (95,000) | (17,000) | 0 | ||
Payments | (772,000) | (4,278,000) | (11,260,000) | ||
Transfers to ORE | 0 | 0 | 0 | ||
Net Additions/Deletions | 4,566,000 | 2,854,000 | 9,087,000 | ||
Ending Balance | 8,672,000 | 4,973,000 | 6,414,000 | ||
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||||
Beginning Balance | 0 | 0 | 85,000 | ||
Charge-Offs | 0 | 0 | 0 | ||
Payments | 0 | 0 | (85,000) | ||
Transfers to ORE | 0 | 0 | 0 | ||
Net Additions/Deletions | 0 | 0 | 0 | ||
Ending Balance | 0 | 0 | 0 | ||
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||||
Beginning Balance | 10,435,000 | 14,797,000 | 1,145,000 | ||
Charge-Offs | (39,000) | 0 | 0 | ||
Payments | (9,683,000) | (5,048,000) | (3,765,000) | ||
Transfers to ORE | 0 | 0 | 0 | ||
Net Additions/Deletions | (669,000) | 686,000 | 17,417,000 | ||
Ending Balance | 44,000 | 10,435,000 | 14,797,000 | ||
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||||
Beginning Balance | 146,000 | 480,000 | 178,000 | ||
Charge-Offs | 0 | 0 | 0 | ||
Payments | (16,000) | (334,000) | (585,000) | ||
Transfers to ORE | 0 | 0 | 0 | ||
Net Additions/Deletions | 0 | 0 | 887,000 | ||
Ending Balance | 130,000 | 146,000 | 480,000 | ||
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||||
Beginning Balance | 91,000 | 0 | 7,000 | ||
Charge-Offs | 0 | 0 | 0 | ||
Payments | (91,000) | (1,000) | (7,000) | ||
Transfers to ORE | 0 | 0 | 0 | ||
Net Additions/Deletions | 0 | 92,000 | 0 | ||
Ending Balance | 0 | 91,000 | 0 | ||
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||||
Beginning Balance | 1,202,000 | ||||
Charge-Offs | 0 | ||||
Payments | (14,000) | ||||
Transfers to ORE | 0 | ||||
Net Additions/Deletions | [1] | (1,187,000) | |||
Ending Balance | 1,000 | 1,202,000 | |||
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||||
Beginning Balance | 627,000 | 806,000 | 724,000 | ||
Charge-Offs | 0 | 0 | 0 | ||
Payments | (317,000) | (224,000) | (68,000) | ||
Transfers to ORE | 0 | 0 | 0 | ||
Net Additions/Deletions | 2,426,000 | [1] | 45,000 | 150,000 | |
Ending Balance | 2,736,000 | 627,000 | 806,000 | ||
Retail Portfolio Segment [Member] | Home Equity and Other [Member] | |||||
Beginning Balance | $ 1,202,000 | 1,146,000 | 1,415,000 | ||
Charge-Offs | 0 | 0 | |||
Payments | (426,000) | (881,000) | |||
Transfers to ORE | 0 | 0 | |||
Net Additions/Deletions | 482,000 | 612,000 | |||
Ending Balance | $ 1,202,000 | $ 1,146,000 | |||
[1]Includes $1.2 million in the transfer of home equity lines of credit from other consumer loans to 1-4 family mortgages in association with the adoption of the CECL methodology effective January 1, 2022. |
Note 4 - Premises and Equipme_3
Note 4 - Premises and Equipment, Net (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Total | $ 6,000,000 | $ 5,800,000 | $ 5,200,000 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 years 6 months | ||
Operating Lease, Weighted Average Discount Rate, Percent | 5.47% | ||
Operating Lease, Expense | $ 1,300,000 | 1,200,000 | $ 1,400,000 |
Premises and Equipment, Net [Member] | |||
Operating Lease, Right-of-Use Asset | 3,500,000 | 2,900,000 | |
Other Liabilities [Member] | |||
Operating Lease, Liability, Total | $ 3,515,000 | $ 2,800,000 | |
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 ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Property, plant and equipment, gross | $ 90,338,000 | $ 94,253,000 |
Less: accumulated depreciation | 38,862,000 | 36,955,000 |
Total premises and equipment | 51,476,000 | 57,298,000 |
Land and Land Improvements [Member] | ||
Property, plant and equipment, gross | 13,532,000 | 15,111,000 |
Building [Member] | ||
Property, plant and equipment, gross | 53,865,000 | 56,168,000 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 22,941,000 | $ 22,974,000 |
Note 4 - Premises and Equipme_5
Note 4 - Premises and Equipment, Net - Future Lease Payments (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 1,091,000 | |
2024 | 883,000 | |
2025 | 443,000 | |
2026 | 339,000 | |
2027 | 288,000 | |
Thereafter | 1,589,000 | |
Total undiscounted lease payments | 4,633,000 | |
Less effect of discounting | (1,118,000) | |
Other Liabilities [Member] | ||
Present value of future lease payments (lease liability) | $ 3,515,000 | $ 2,800,000 |
Note 5 - Mortgage Loan Servic_3
Note 5 - Mortgage Loan Servicing (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Continuing Involvement with Transferred Financial Assets Custodial Escrow Balance | $ 11,600 | $ 12,100 |
Valuation Allowance for Impairment of Recognized Servicing Assets, Balance, Ending Balance | 0 | 0 |
Servicing Asset at Fair Value, Amount, Ending Balance | $ 17,700 | $ 15,400 |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 11.25% | 8% |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Prepayment Speed | 6.60% | 7.40% |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Expected Credit Losses | 0.28% | 0.25% |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Weighted Average Life (Year) | 8 years 10 months 24 days | 8 years 6 months |
Maximum [Member] | ||
Late and Ancillary Fee Income Generated by Servicing Financial Assets, Amount | $ 100 | $ 100 |
Note 5 - Mortgage Loan Servic_4
Note 5 - Mortgage Loan Servicing - Mortgage Loans Serviced for Others (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Mortgage loans serviced for others | $ 1,376,143,000 | $ 1,344,055,000 |
Federal Home Loan Mortgage Corporation [Member] | ||
Mortgage loans serviced for others | 1,345,312,000 | 1,320,550,000 |
Federa lHome Loan Bank [Member] | ||
Mortgage loans serviced for others | $ 30,831,000 | $ 23,505,000 |
Note 5 - Mortgage Loan Servic_5
Note 5 - Mortgage Loan Servicing - Activity for Capitalized Mortgage Loan Servicing Rights (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Balance at beginning of year | $ 12,248,000 | $ 8,189,000 |
Additions | 2,773,000 | 7,711,000 |
Amortized to expense | (3,184,000) | (3,652,000) |
Balance at end of year | $ 11,837,000 | $ 12,248,000 |
Note 5 - Mortgage Loan Servic_6
Note 5 - Mortgage Loan Servicing - Estimated Amortization (Details) | Dec. 31, 2022 USD ($) |
2023 | $ 2,366,000 |
2024 | 2,066,000 |
2025 | 1,772,000 |
2026 | 1,492,000 |
2027 | 1,236,000 |
Thereafter | $ 2,905,000 |
Note 6 - Core Deposit Intangi_3
Note 6 - Core Deposit Intangible Asset, Net (Details Textual) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Core Deposits, Gross | $ 17,500,000 | $ 17,500,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | 16,900,000 | 16,100,000 |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 583,000 | $ 1,351,000 |
Note 6 - Core Deposit Intangi_4
Note 6 - Core Deposit Intangible Asset, Net - Estimated Amortization Expense on Core Deposit Intangible Assets (Details) | Dec. 31, 2022 USD ($) |
2023 | $ 450,000 |
2024 | $ 133,000 |
Note 7 - Deposits (Details Text
Note 7 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Time Deposits, at or Above FDIC Insurance Limit | $ 187 | $ 207 |
Loans [Member] | ||
Deposit Overdrafts | $ 0.9 | $ 0.1 |
Note 7 - Deposits - Summary of
Note 7 - Deposits - Summary of Deposits (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Noninterest-bearing | $ 1,604,750,000 | $ 1,677,952,000 |
Noninterest-bearing demand, percentage | 43.20% | 41.10% |
Noninterest-bearing demand, percent increase (decrease) | (4.40%) | |
Interest-bearing checking | $ 575,028,000 | $ 538,838,000 |
Interest-bearing checking, percentage | 15.50% | 13.20% |
Interest-bearing checking, percent increase (decrease) | 6.70% | |
Money market | $ 776,723,000 | $ 1,040,176,000 |
Money market, percentage | 20.90% | 25.50% |
Money market, percent increase (decrease) | (25.30%) | |
Savings | $ 381,602,000 | $ 394,330,000 |
Savings, percentage | 10.30% | 9.70% |
Savings, percent increase (decrease) | (3.20%) | |
Local Time, under $100,000 | $ 113,099,000 | $ 132,776,000 |
Local Time, under $100,000, percentage | 3% | 3.20% |
Local Time, under $100,000, percent increase (decrease) | (14.80%) | |
Local Time, $100,000 and over | $ 261,609,000 | $ 275,208,000 |
Local Time, $100,000 and over, percentage | 7.10% | 6.70% |
Local Time, $100,000 and over, percent increase (decrease) | (4.90%) | |
Total local deposits | $ 3,712,811,000 | $ 4,059,280,000 |
Total local deposits, percentage | 100% | 99.40% |
Total local deposits, percent increase (decrease) | (8.50%) | |
Out-of-area time, $100,000 and over | $ 0 | $ 23,913,000 |
Out-of-area time, $100,000 and over, percentage | 0% | 0.60% |
Out-of-area time, $100,000 and over, percent increase (decrease) | (100.00%) | |
Total deposits | $ 3,712,811,000 | $ 4,083,193,000 |
Total deposits, percentage | 100% | 100% |
Total deposits, percent increase (decrease) | (9.10%) |
Note 7 - Deposits - Maturity Di
Note 7 - Deposits - Maturity Distribution for Certificate of Deposits (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
In one year or less | $ 188,887,000 | $ 260,501,000 |
In one to two years | 68,434,000 | 78,024,000 |
In two to three years | 22,053,000 | 34,595,000 |
In three to four years | 30,761,000 | 7,863,000 |
In four to five years | 64,573,000 | 50,914,000 |
Total certificates of deposit | $ 374,708,000 | $ 431,897,000 |
Note 7 - Deposits - Certificate
Note 7 - Deposits - Certificates of Deposit with Balances of $100,000 or More (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Up to three months | $ 40,538,000 | $ 68,887,000 |
Three months to six months | 25,141,000 | 53,077,000 |
Six months to twelve months | 54,394,000 | 56,612,000 |
Over twelve months | 141,536,000 | 120,545,000 |
Total certificates of deposit | $ 261,609,000 | $ 299,121,000 |
Note 8 - Securities Sold Unde_3
Note 8 - Securities Sold Under Agreements to Repurchase (Details Textual) | 12 Months Ended |
Dec. 31, 2022 | |
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements (Year) | 1 year |
Note 8 - Securities Sold Unde_4
Note 8 - Securities Sold Under Agreements to Repurchase - Securities Sold Under Agreement to Repurchase (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Securities sold under agreements to repurchase | $ 194,340,000 | $ 197,463,000 |
Average daily balance during the year | 200,499,000 | 158,855,000 |
Maximum daily balance during the year | $ 235,577,000 | $ 209,093,000 |
Securities Sold under Agreements to Repurchase [Member] | ||
Weighted average interest rate at year-end | 0.75% | 0.11% |
Weighted average interest rate during the year | 0.15% | 0.11% |
Note 9 - Federal Home Loan Ba_3
Note 9 - Federal Home Loan Bank of Indianapolis Advances (Details Textual) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Long-Term Federal Home Loan Bank Advances, Total | $ 308,263,000 | $ 374,000,000 |
Line of Credit Facility, Maximum Borrowing Capacity | 1,030,000,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | 713,000,000 | |
Federal Home Loan Bank of Indianapolis [Member] | Bullet Advances [member] | ||
Long-Term Federal Home Loan Bank Advances, Total | $ 280,000,000 | $ 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 | 3.13% | 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 | 1.84% | 2% |
Federal Home Loan Bank of Indianapolis [Member] | Amortizing Advances [Member] | ||
Long-Term Federal Home Loan Bank Advances, Total | $ 28,300,000 | $ 0 |
Federal Home Loan Bank of Indianapolis [Member] | Amortizing Advances [Member] | Weighted Average [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 2.52% |
Note 9 - Federal Home Loan Ba_4
Note 9 - Federal Home Loan Bank of Indianapolis Advances - Maturities of Currently Outstanding FHLBI Bullet Advances (Details) - Bullet Advances [member] - Federal Home Loan Bank of Indianapolis [Member] | Dec. 31, 2022 USD ($) |
2023 | $ 80,000,000 |
2024 | 80,000,000 |
2025 | 50,000,000 |
2026 | 30,000,000 |
2027 | $ 40,000,000 |
Note 9 - Federal Home Loan Ba_5
Note 9 - Federal Home Loan Bank of Indianapolis Advances - Maturities of Currently Outstanding FHLBI Amortizing Advances (Details) - Federal Home Loan Bank of Indianapolis [Member] - Amortizing Advances [Member] | Dec. 31, 2022 USD ($) |
2023 | $ 353,000 |
2024 | 826,000 |
2025 | 862,000 |
2026 | 899,000 |
2027 | 938,000 |
Thereafter | $ 24,385,000 |
Note 10 - Federal Income Taxe_2
Note 10 - Federal Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | $ 0 |
Note 10 - Federal Income Taxe_3
Note 10 - Federal Income Taxes - Consolidated Income Tax Expense (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current expense | $ 16,080,000 | $ 12,675,000 | $ 14,945,000 |
Deferred expense | (1,353,000) | 2,020,000 | (4,141,000) |
Change in valuation allowance | 0 | 0 | (94,000) |
Tax expense | $ 14,727,000 | $ 14,695,000 | $ 10,710,000 |
Note 10 - Federal Income Taxe_4
Note 10 - Federal Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Tax at statutory rate | $ 15,915,000 | $ 15,481,000 | $ 11,518,000 |
Tax-exempt interest | (695,000) | (658,000) | (681,000) |
Bank owned life insurance | (334,000) | (233,000) | (238,000) |
Change in valuation allowance | 0 | 0 | (94,000) |
Other | (159,000) | 105,000 | 205,000 |
Tax expense | $ 14,727,000 | $ 14,695,000 | $ 10,710,000 |
Note 10 - Federal Income Taxe_5
Note 10 - Federal Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Allowance for credit losses | $ 8,872,000 | $ 7,426,000 |
Deferred compensation | 232,000 | 259,000 |
Stock compensation | 1,018,000 | 941,000 |
Nonaccrual loan interest income | 136,000 | 159,000 |
Unrealized loss on securities | 17,369,000 | 991,000 |
Lease liability | 810,000 | 749,000 |
Deferred loan fees and costs | 0 | 520,000 |
Other | 494,000 | 595,000 |
Deferred tax asset | 28,931,000 | 11,640,000 |
Depreciation | 697,000 | 1,168,000 |
Prepaid expenses | 504,000 | 416,000 |
Core deposit intangible | 120,000 | 276,000 |
Mortgage loan servicing rights | 2,486,000 | 2,572,000 |
Deferred loan fees and costs | 211,000 | 0 |
Right of use lease asset | 810,000 | 749,000 |
Business combination adjustments | 1,877,000 | 2,013,000 |
Other | 326,000 | 193,000 |
Deferred tax liability | 7,031,000 | 7,387,000 |
Total net deferred tax asset | $ 21,900,000 | $ 4,253,000 |
Note 11 - Stock-based Compens_3
Note 11 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | 24 Months Ended | 36 Months Ended | ||||||||||||
Nov. 25, 2022 | Jun. 09, 2022 | May 26, 2022 | May 27, 2021 | Jun. 01, 2020 | May 23, 2019 | May 31, 2021 | May 31, 2023 | Dec. 31, 2022 | May 31, 2022 | Dec. 31, 2021 | May 31, 2021 | Dec. 31, 2020 | May 31, 2020 | Aug. 27, 2022 | Dec. 31, 2016 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 66,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | 0 | |||||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 11,166 | 10,489 | 17,716 | |||||||||||||
Noninterest Expense [Member] | ||||||||||||||||
Share-based Payment Arrangement, Expense | $ 3.4 | $ 3.8 | $ 2.3 | |||||||||||||
Director [Member] | ||||||||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 10,300 | 10,500 | 16,000 | 12,000 | ||||||||||||
Share-based Payment Arrangement, Expense | $ 0.3 | $ 0.3 | $ 0.4 | |||||||||||||
Director [Member] | Forecast [Member] | ||||||||||||||||
Share-based Payment Arrangement, Expense | $ 0.3 | |||||||||||||||
Corporate and Bank Board Members [Member] | ||||||||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 1,700 | |||||||||||||||
Bank Board Members [Member] | ||||||||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 300 | 600 | ||||||||||||||
Share-based Payment Arrangement, Expense | $ 0.1 | |||||||||||||||
Bank Board Members [Member] | Forecast [Member] | ||||||||||||||||
Share-based Payment Arrangement, Expense | $ 0.1 | |||||||||||||||
Restricted Stock [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 110% | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 7 years | |||||||||||||||
Performance Shares [Member] | Executive Officer [Member] | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 26,112 | 22,703 | 31,295 | |||||||||||||
Performance Shares [Member] | Executive Officer [Member] | The 2021 Award [Member] | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 11,350 | |||||||||||||||
Performance Shares [Member] | Executive Officer [Member] | The 2020 Awards [Member] | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 2,778 | 11,454 | ||||||||||||||
Performance Shares [Member] | Executive Officer [Member] | The 2019 Awards [Member] | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 690 | 23,053 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 13,709 | |||||||||||||||
Performance Shares [Member] | Executive Officer [Member] | The 2018 Awards [Member] | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 22,836 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 14,681 |
Note 11 - Stock-based Compens_4
Note 11 - Stock-based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] - Mercantile Plans [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Nonvested at beginning of year (in shares) | 353,691 | 262,336 | 262,260 |
Nonvested at beginning of year (in dollars per share) | $ 30.71 | $ 29.42 | $ 34.91 |
Granted (in shares) | 121,631 | 163,000 | 121,518 |
Granted (in dollars per share) | $ 32.18 | $ 33.68 | $ 24.65 |
Vested (in shares) | (94,010) | (59,772) | (85,445) |
Vested (in dollars per share) | $ 34.86 | $ 31.82 | $ 37.08 |
Forfeited (in shares) | (6,541) | (11,873) | (35,997) |
Forfeited (in dollars per share) | $ 27.98 | $ 29.54 | $ 33.71 |
Nonvested at end of year (in shares) | 374,771 | 353,691 | 262,336 |
Nonvested at end of year (in dollars per share) | $ 30.49 | $ 30.71 | $ 29.42 |
Note 11 - Stock-based Compens_5
Note 11 - Stock-based Compensation - Summary of Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | 0 |
Exercised (in shares) | (1,355) | (2,000) | (753) |
Mercantile Plans [Member] | |||
Outstanding at beginning of year (in shares) | 7,700 | 9,700 | 10,700 |
Outstanding at beginning of year, weighted average exercise price (in dollars per share) | $ 34.89 | $ 32.83 | $ 30.25 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | 0 |
Exercised (in shares) | (2,700) | (2,000) | (1,000) |
Exercised, weighted average exercise price (in dollars per share) | $ 32.42 | $ 24.91 | $ 5.19 |
Forfeited or expired (in shares) | 0 | 0 | 0 |
Outstanding at end of year (in shares) | 5,000 | 7,700 | 9,700 |
Outstanding at end of year, weighted average exercise price (in dollars per share) | $ 36.22 | $ 34.89 | $ 32.83 |
Options exercisable at year-end (in shares) | 5,000 | 7,700 | 9,700 |
Options exercisable at year-end, weighted average exercise price (in dollars per share) | $ 36.22 | $ 34.89 | $ 32.83 |
Note 11 - Stock-based Compens_6
Note 11 - Stock-based Compensation - Summary of Options Outstanding (Details) - Mercantile Plans [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Minimum exercise price (in dollars per share) | $ 36.22 | $ 27.66 | $ 22.15 |
Maximum exercise price (in dollars per share) | $ 36.22 | $ 36.22 | $ 36.22 |
Outstanding Number (in shares) | 5,000 | ||
Average remaining option term (Year) | 10 months 24 days | 1 year 8 months 12 days | 2 years 4 months 24 days |
Outstanding Weighted Average Exercise Price (in dollars per share) | $ 36.22 | ||
Exercisable Number (in shares) | 5,000 | ||
Exercisable Weighted Average Exercise Price (in dollars per share) | $ 36.22 | ||
Exercise Price Range 2 [Member] | |||
Minimum exercise price (in dollars per share) | $ 36 | ||
Maximum exercise price (in dollars per share) | $ 37 | ||
Outstanding Number (in shares) | 5,000 | ||
Average remaining option term (Year) | 10 months 24 days | ||
Outstanding Weighted Average Exercise Price (in dollars per share) | $ 36.22 | ||
Exercisable Number (in shares) | 5,000 | ||
Exercisable Weighted Average Exercise Price (in dollars per share) | $ 36.22 |
Note 11 - Stock-based Compens_7
Note 11 - Stock-based Compensation - Summary of Information Related to Options Outstanding (Details) - Mercantile Plans [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Minimum exercise price (in dollars per share) | $ 36.22 | $ 27.66 | $ 22.15 |
Maximum exercise price (in dollars per share) | $ 36.22 | $ 36.22 | $ 36.22 |
Average remaining option term (Year) | 10 months 24 days | 1 year 8 months 12 days | 2 years 4 months 24 days |
Note 11 - Stock-based Compens_8
Note 11 - Stock-based Compensation - Summary of Stock Option Grants and Exercises (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Proceeds from stock option exercises, net of cashless exercises | $ 36,000 | $ 50,000 | $ 3,000 |
Mercantile Plans [Member] | |||
Aggregate intrinsic value of stock options exercised | 16,000 | 13,000 | 17,000 |
Proceeds from stock option exercises, net of cashless exercises | 36,000 | 50,000 | 3,000 |
Tax benefit realized from stock option exercises | $ 0 | $ 0 | $ 0 |
Note 12 - Related Parties (Deta
Note 12 - Related Parties (Details Textual) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Deposits and Repurchase Agreements | $ 21,500,000 | $ 18,400,000 | |
Directors and Executive Officers [Member] | |||
Loan Commitments to Related Parties | 116,000,000 | 104,000,000 | |
Loans and Leases Receivable, Related Parties, Ending Balance | $ 92,660,000 | $ 87,672,000 | $ 108,042,000 |
Note 12 - Related Parties - Loa
Note 12 - Related Parties - Loans Outstanding to Directors and Executive Officers (Details) - Directors and Executive Officers [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Beginning balance | $ 87,672,000 | $ 108,042,000 |
New loans | 10,619,000 | 2,542,000 |
Repayments | (5,631,000) | (22,912,000) |
Ending balance | $ 92,660,000 | $ 87,672,000 |
Note 13 - Commitments and Off_3
Note 13 - Commitments and Off-balance-sheet Risk (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 42,246,000 | $ 35,363,000 | $ 37,967,000 | $ 23,889,000 |
Term Debt, Secured by Real Estate Balloon Payment, Period (Year) | 5 years | |||
Financing Receivable, before Allowance for Credit Loss, Total | $ 3,916,619,000 | $ 3,453,459,000 | ||
London Interbank Offered Rate (LIBOR) [Member] | ||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 368,000,000 | |||
Maximum [Member] | ||||
Amortization Period for Term Debt, Secured by Real Estate (Year) | 25 years | |||
Term Debt Secured, by Non-real Estate Collateral Maturity Period (Year) | 7 years | |||
Minimum [Member] | ||||
Amortization Period for Term Debt, Secured by Real Estate (Year) | 10 years | |||
Term Debt Secured, by Non-real Estate Collateral Maturity Period (Year) | 3 years | |||
Retail and Commercial Lines of Credit and Credit Card Receivables [Member] | Maximum [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 100,000 | |||
Commercial Line of Credit Facilities [Member] | Maximum [Member] | ||||
Line of Credit Facility, Expiration Period (Month) | 24 months | |||
Commercial Line of Credit Facilities [Member] | Minimum [Member] | ||||
Line of Credit Facility, Expiration Period (Month) | 12 months |
Note 13 - Commitments and Off_4
Note 13 - Commitments and Off-balance Sheet Risk - Exposure to Credit Losses (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Contractual amounts of financial instruments with off-balance sheet risk | $ 1,908,294,000 | $ 1,565,871,000 |
Standby Letters of Credit [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | 23,539,000 | 33,109,000 |
Unused lines of Credit [Member] | Commercial Portfolio Segment [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | 1,283,703,000 | 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 | 71,972,000 | 64,313,000 |
Unused lines of Credit [Member] | Consumer Credit Card [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | 123,687,000 | 92,146,000 |
Unused lines of Credit [Member] | Consumer Other Financing Receivable 1 [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | 75,747,000 | 64,876,000 |
Loan Origination Commitments [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | $ 329,646,000 | $ 212,476,000 |
Note 13 - Commitments and Off_5
Note 13 - Commitments and Off-balance-sheet Risk - Instruments Carried at Fair Values (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Contractual amounts of financial instruments with off-balance sheet risk | $ 1,908,294,000 | $ 1,565,871,000 |
Standby Letters of Credit [Member] | ||
Standby letters of credit, contract amount | 23,539,000 | 33,109,000 |
Contractual amounts of financial instruments with off-balance sheet risk | $ 108,000 | $ 212,000 |
Note 14 - Benefit Plans (Detail
Note 14 - Benefit Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | 57 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5% | |||
Defined Contribution Plan, Cost | $ 2.2 | $ 2.1 | $ 1.9 | |
Interest Expense, Deferred Compensation Plan | $ 0.1 | $ 0.1 | $ 0.1 | |
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 1,388 | 1,481 | 2,264 | |
Common Stock Including Additional Paid in Capital [Member] | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 1,388 | 1,481 | ||
Stock Purchase Plan [Member] | ||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 250,000 | 250,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 235,900 | 235,900 | ||
Other Liabilities [Member] | ||||
Deferred Compensation Liability, Current and Noncurrent, Total | $ 1.1 | $ 1.2 | $ 1.1 |
Note 15 - Derivatives and Hed_3
Note 15 - Derivatives and Hedging Activities (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Noninterest Income, Total | $ 32,077,000 | $ 56,220,000 | $ 45,172,000 |
Noninterest Expense, Total | 107,981,000 | 110,866,000 | $ 98,520,000 |
Interest Rate Swap [Member] | |||
Noninterest Income, Total | 100,000 | ||
Derivative Liability, Subject to Master Netting Arrangement, before Offset of Collateral, Total | 25,900,000 | 4,900,000 | |
Derivative Liability, Subject to Master Netting Arrangement, Asset Offset | 25,300,000 | 800,000 | |
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Offset | 25,200,000 | 700,000 | |
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 100,000 | 100,000 | |
Derivative Liability, Subject to Master Netting Arrangement, after Offset, Total | 400,000 | 4,100,000 | |
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Not Offset | 400,000 | 4,300,000 | |
Derivative Liability, Subject to Master Netting Arrangement, after Offset and Deduction, Total | 0 | 200,000 | |
Derivative, Notional Amount | $ 401,572,000 | 279,419,000 | |
Noninterest Expense, Total | $ 200,000 |
Note 15 - Derivatives and Hed_4
Note 15 - Derivatives and Hedging Activities - Fair Value of Derivative Instruments (Details) - Interest Rate Swap [Member] - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Notional Amount | $ 401,572,000 | $ 279,419,000 |
Other Assets [Member] | ||
Derivative Assets Interest rate swaps | 25,697,000 | 4,609,000 |
Other Liabilities [Member] | ||
Derivative Liabilities Interest rate swaps | $ 25,900,000 | $ 4,857,000 |
Note 16 - Fair Values of Fina_3
Note 16 - Fair Values of Financial Instruments - Fair Value Hierarchy of Financial Instruments (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Securities available for sale | $ 602,936,000 | $ 592,743,000 | |
Mortgages Held-for-sale, Fair Value Disclosure | 3,600,000 | 16,700,000 | |
Servicing Asset at Fair Value, Amount, Ending Balance | 17,700,000 | 15,400,000 | |
Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | 0 | 0 | |
Reported Value Measurement [Member] | |||
Securities available for sale | [1] | 602,936,000 | 592,743,000 |
Federal Home Loan Bank stock | [2] | 17,721,000 | 18,002,000 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and cash equivalents | 96,772,000 | 975,160,000 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Loans, net | 3,874,373,000 | 3,418,096,000 | |
Servicing Asset at Fair Value, Amount, Ending Balance | 11,837,000 | 12,248,000 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Mortgages Held-for-sale, Fair Value Disclosure | 3,565,000 | 16,117,000 | |
Accrued interest receivable | 15,476,000 | 9,311,000 | |
Deposits | 3,712,811,000 | 4,083,193,000 | |
Securities sold under agreements to repurchase | 194,340,000 | 197,463,000 | |
Federal Home Loan Bank advances | 308,263,000 | 374,000,000 | |
Accrued interest payable | 3,223,000 | 1,393,000 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Subordinated Debentures [Member] | |||
Subordinated debt | 48,958,000 | 48,244,000 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Subordinated Notes [Member] | |||
Subordinated debt | 88,628,000 | 73,646,000 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||
Derivative Asset, Total | 25,697,000 | 4,609,000 | |
Interest rate swaps | 25,900,000 | 4,857,000 | |
Estimate of Fair Value Measurement [Member] | |||
Securities available for sale | [1] | 602,936,000 | 592,743,000 |
Federal Home Loan Bank stock | [2] | 17,721,000 | 18,002,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and cash equivalents | 96,772,000 | 975,160,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Loans, net | 3,800,042,000 | 3,498,345,000 | |
Servicing Asset at Fair Value, Amount, Ending Balance | 17,727,000 | 15,445,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Mortgages Held-for-sale, Fair Value Disclosure | 3,643,000 | 16,707,000 | |
Accrued interest receivable | 15,476,000 | 9,311,000 | |
Deposits | 3,379,403,000 | 4,028,249,000 | |
Securities sold under agreements to repurchase | 194,340,000 | 197,463,000 | |
Federal Home Loan Bank advances | 292,044,000 | 384,927,000 | |
Accrued interest payable | 3,223,000 | 1,393,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Subordinated Debentures [Member] | |||
Subordinated debt | 49,531,000 | 48,284,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Subordinated Notes [Member] | |||
Subordinated debt | 75,024,000 | 73,646,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||
Derivative Asset, Total | 25,697,000 | 4,609,000 | |
Interest rate swaps | $ 25,900,000 | $ 4,857,000 | |
[1]See Note 17 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 17 - Fair Value Measurem_3
Note 17 - Fair Value Measurements (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-Sale, Total | $ 602,936,000 | $ 592,743,000 |
Mortgages Held-for-sale, Fair Value Disclosure | $ 3,600,000 | 16,700,000 |
Real Estate Dependent Loans and Foreclosed Assets Estimated Selling Costs [Member] | ||
Fair Value Inputs, Discount Factor | 10% | |
Maximum [Member] | Real Estate Dependent Loans and Foreclosed Assets [Member] | Commercial Real Estate [Member] | ||
Fair Value Inputs, Discount Factor | 35% | |
Maximum [Member] | Real Estate Dependent Loans and Foreclosed Assets [Member] | Residential Real Estate [Member] | ||
Fair Value Inputs, Discount Factor | 50% | |
Minimum [Member] | Real Estate Dependent Loans and Foreclosed Assets [Member] | Commercial Real Estate [Member] | ||
Fair Value Inputs, Discount Factor | 25% | |
Minimum [Member] | Real Estate Dependent Loans and Foreclosed Assets [Member] | Residential Real Estate [Member] | ||
Fair Value Inputs, Discount Factor | 25% | |
Weighted Average [Member] | Real Estate Dependent Loans and Foreclosed Assets [Member] | Commercial Real Estate [Member] | ||
Fair Value Inputs, Discount Factor | 25.20% | |
Weighted Average [Member] | Real Estate Dependent Loans and Foreclosed Assets [Member] | Residential Real Estate [Member] | ||
Fair Value Inputs, Discount Factor | 32.90% | |
Municipal General Obligation Bonds [Member] | ||
Debt Securities, Available-for-Sale, Total | $ 154,433,000 | 137,594,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Municipal General Obligation Bonds [Member] | Maximum [Member] | ||
Debt Securities, Available-for-Sale, Decrease Due to Scheduled Maturities | 100,000 | 100,000 |
Available-for-Sale Securities [Member] | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | $ 0 | $ 0 |
Note 17 - Fair Value Measurem_4
Note 17 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-Sale, Total | $ 602,936,000 | $ 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 | 388,744,000 | 390,371,000 |
Collateralized Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 31,953,000 | 41,803,000 |
Municipal General Obligation Bonds [Member] | ||
Debt Securities, Available-for-Sale, Total | 154,433,000 | 137,594,000 |
Municipal Revenue Bonds [Member] | ||
Debt Securities, Available-for-Sale, Total | 27,306,000 | 22,475,000 |
Other Debt and Equity Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 500,000 | 500,000 |
Fair Value, Recurring [Member] | ||
Total assets | 628,633,000 | 597,352,000 |
Total liabilities | 25,900,000 | 4,857,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total assets | 628,055,000 | 596,675,000 |
Total liabilities | 25,900,000 | 4,857,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total assets | 578,000 | 677,000 |
Total liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Derivative Asset, Total | 25,697,000 | 4,609,000 |
Interest rate swaps | 25,900,000 | 4,857,000 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative Asset, Total | 0 | 0 |
Interest rate swaps | 0 | 0 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative Asset, Total | 25,697,000 | 4,609,000 |
Interest rate swaps | 25,900,000 | 4,857,000 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative Asset, Total | 0 | 0 |
Interest rate swaps | 0 | 0 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 388,744,000 | 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 | 388,744,000 | 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 | 31,953,000 | 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 | 31,953,000 | 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 | 154,433,000 | 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 | 153,855,000 | 136,917,000 |
Fair Value, Recurring [Member] | Municipal General Obligation Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale, Total | 578,000 | 677,000 |
Fair Value, Recurring [Member] | Municipal Revenue Bonds [Member] | ||
Debt Securities, Available-for-Sale, Total | 27,306,000 | 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 | 27,306,000 | 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 |
Note 17 - Fair Value Measurem_5
Note 17 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Collateral dependent loans | $ 5,290,000 | |
Foreclosed assets | 0 | $ 0 |
Total | 5,290,000 | 3,807,000 |
Impaired loans | 3,807,000 | |
Fair Value, Inputs, Level 1 [Member] | ||
Collateral dependent loans | 0 | |
Foreclosed assets | 0 | 0 |
Total | 0 | 0 |
Impaired loans | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Collateral dependent loans | 0 | |
Foreclosed assets | 0 | 0 |
Total | 0 | 0 |
Impaired loans | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Collateral dependent loans | 5,290,000 | |
Foreclosed assets | 0 | 0 |
Total | $ 5,290,000 | 3,807,000 |
Impaired loans | $ 3,807,000 |
Note 18 - Earnings Per Share (D
Note 18 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 5,000 | 7,000 | 9,000 |
Note 18 - Earnings Per Share -
Note 18 - Earnings Per Share - Computation of Earnings Per Share (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income attributable to common shares | $ 61,063,000 | $ 59,021,000 | $ 44,138,000 |
Weighted average common shares outstanding (in shares) | 15,859,889 | 15,986,857 | 16,268,689 |
Basic earnings per common share (in dollars per share) | $ 3.85 | $ 3.69 | $ 2.71 |
Net income | $ 61,063,000 | $ 59,021,000 | $ 44,138,000 |
Weighted average common shares outstanding for basic earnings per common share (in shares) | 15,859,889 | 15,986,857 | 16,268,689 |
Add: Dilutive effects of share-based awards (in shares) | 12 | 446 | 630 |
Average shares and dilutive potential common shares (in shares) | 15,859,901 | 15,987,303 | 16,269,319 |
Diluted earnings per common share (in dollars per share) | $ 3.85 | $ 3.69 | $ 2.71 |
Note 19 - Variable Interest E_3
Note 19 - Variable Interest Entities (Details Textual) | 12 Months Ended | |||
Jan. 26, 2016 USD ($) | Jun. 01, 2014 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Number of Business Trusts | 5 | |||
Business Combination Debt Assumed Number of Trusts | 4 | |||
Fair Value Discount of Subordinated Debentures Related to Assumed Business Trusts at Time af Merger | $ 15,000,000 | |||
Amortization of Fair Value Discount Related to Subordinated Debentures of Assumed Business Trusts | $ 700,000 | |||
Amortization Period of Fair Value Discount Related to Subordinated Debentures of Assumed Business Trusts (Year) | 21 years 6 months | |||
Preferred Securities of Subsidiary Trust | $ 46,900,000 | $ 46,200,000 | ||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Total | 48,958,000 | $ 48,244,000 | ||
Mercantile Bank Capital Trust I [Member] | ||||
Preferred Securities of Subsidiary Trust | $ 32,000,000 | $ 21,000,000 | ||
Payments for Repurchase of Trust Preferred Securities | 11,000,000 | |||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Total | 21,000,000 | |||
Fund [Member] | Mercantile Bank Capital Trust I [Member] | ||||
Preferred Securities of Subsidiary Trust | $ 11,000,000 | |||
Five Business Trusts [Member] | ||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 100% |
Note 19 - Variable Interest E_4
Note 19 - Variable Interest Entities - Business Trusts (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Jan. 26, 2016 | |
Preferred securities outstanding | $ 46,900,000 | $ 46,200,000 | |
Mercantile Bank Capital Trust I [Member] | |||
Preferred securities outstanding | $ 21,000,000 | $ 32,000,000 | |
Mercantile Bank Capital Trust I [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest rate margin | 2.18% | ||
Firstbank Capital Trust I [Member] | |||
Preferred securities outstanding | $ 10,000,000 | ||
Firstbank Capital Trust I [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest rate margin | 1.99% | ||
Firstbank Capital Trust II [Member] | |||
Preferred securities outstanding | $ 10,000,000 | ||
Firstbank Capital Trust II [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest rate margin | 1.27% | ||
Firstbank Capital Trust III [Member] | |||
Preferred securities outstanding | $ 7,500,000 | ||
Firstbank Capital Trust III [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest rate margin | 1.35% | ||
Firstbank Capital Trust IV [Member] | |||
Preferred securities outstanding | $ 7,500,000 | ||
Firstbank Capital Trust IV [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest rate margin | 1.35% |
Note 19 - Variable Interest E_5
Note 19 - Variable Interest Entities - Unconsolidated Variable Interest Entities (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Aggregate Assets | $ 4,872,619,000 | $ 5,257,749,000 |
Aggregate Liabilities | 4,431,211,000 | $ 4,801,190,000 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Aggregate Assets | 58,100,000 | |
Aggregate Liabilities | 56,000,000 | |
Risk of Loss | $ 2,100,000 |
Note 20 - Subordinated Notes (D
Note 20 - Subordinated Notes (Details Textual) - Subordinated Notes [Member] - USD ($) $ in Millions | Jan. 14, 2022 | Dec. 15, 2021 |
Subordinated Debt, Principal Amount | $ 15 | $ 75 |
Subordinated Borrowing, Interest Rate | 3.25% | |
Subordinated Borrowing, Redemption Price, Percentage of Principal Amount | 100% | |
Increase to Equity Capital From Issuance of Subordinated Long-term Debt | $ 15 | $ 70 |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.12% |
Note 21 - Regulatory Matters (D
Note 21 - Regulatory Matters (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||||||||||||
Dec. 14, 2022 | Oct. 13, 2022 | Sep. 14, 2022 | Jul. 14, 2022 | Jun. 15, 2022 | Apr. 14, 2022 | Mar. 16, 2022 | Jan. 13, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | May 31, 2021 | Dec. 31, 2009 | |
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 | ||||||||||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 140 | ||||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.32 | $ 0.32 | $ 0.31 | $ 0.31 | |||||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.32 | $ 0.32 | $ 0.31 | $ 0.31 | $ 1.26 | $ 1.18 | $ 1.12 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 6.8 | ||||||||||||
Stock Repurchase Program, Authorized Amount | $ 20 | ||||||||||||
Stock Repurchased During Period, Shares (in shares) | 0 | ||||||||||||
Preferred Securities of Subsidiary Trust | $ 46.9 | $ 46.2 | |||||||||||
Maximum Restricted Core Element Allowed in Tier One Capital Percent | 25% | ||||||||||||
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 | $ 46.9 | $ 46.2 |
Note 21 - Regulatory Matters -
Note 21 - Regulatory Matters - Actual Capital Levels and Minimum Levels (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
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 | $ 634,729 | $ 565,143 |
Total capital, ratio | 0.140 | 0.140 |
Total capital minimum required for capital adequacy, amount | $ 362,675 | $ 324,101 |
Total capital minimum required for capital adequacy, ratio | 0.080 | 0.080 |
Tier 1 capital, amount | $ 503,855 | $ 456,133 |
Tier 1 capital, ratio | 0.111 | 0.113 |
Tier 1 capital minimum required for capital adequacy, amount | $ 272,007 | $ 243,076 |
Tier 1 capital minimum required for capital adequacy, ratio | 0.060 | 0.060 |
Common equity tier 1, amount | $ 456,970 | $ 409,963 |
Common equity tier 1, ratio | 0.101 | 0.101 |
Common equity tier 1 minimum required for capital adequacy, amount | $ 204,005 | $ 182,307 |
Common equity tier 1 capital minimum required for capital adequacy, ratio | 0.045 | 0.045 |
Tier 1 capital to average assets, amount | $ 503,855 | $ 456,133 |
Tier 1 capital to average assets, ratio | 0.101 | 0.092 |
Tier 1 capital to average assets, minimum required for capital adequacy, amount | $ 199,647 | $ 198,574 |
Tier 1 capital to average assets minimum required for capital adequacy, ratio | 0.040 | 0.040 |
Bank [Member] | ||
Total capital, amount | $ 618,709 | $ 551,760 |
Total capital, ratio | 0.137 | 0.136 |
Total capital minimum required for capital adequacy, amount | $ 362,490 | $ 323,928 |
Total capital minimum required for capital adequacy, ratio | 0.080 | 0.080 |
Total capital to be well capitalized, amount | $ 453,112 | $ 404,910 |
Total capital to be well capitalized, ratio | 0.100 | 0.100 |
Tier 1 capital, amount | $ 576,463 | $ 516,397 |
Tier 1 capital, ratio | 0.127 | 0.128 |
Tier 1 capital minimum required for capital adequacy, amount | $ 271,868 | $ 242,946 |
Tier 1 capital minimum required for capital adequacy, ratio | 0.060 | 0.060 |
Tier 1 capital to be well capitalized, amount | $ 362,490 | $ 323,928 |
Tier 1 capital to be well capitalized, ratio | 0.080 | 0.080 |
Common equity tier 1, amount | $ 576,463 | $ 516,397 |
Common equity tier 1, ratio | 0.127 | 0.128 |
Common equity tier 1 minimum required for capital adequacy, amount | $ 203,901 | $ 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 | $ 294,523 | $ 263,192 |
Common equity tier 1 capital to be well capitalized, ratio | 0.065 | 0.065 |
Tier 1 capital to average assets, amount | $ 576,463 | $ 516,397 |
Tier 1 capital to average assets, ratio | 0.116 | 0.104 |
Tier 1 capital to average assets, minimum required for capital adequacy, amount | $ 199,563 | $ 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 | $ 249,453 | $ 248,137 |
Tier 1 capital to average assets to be well capitalized, ratio | 0.050 | 0.050 |
Note 22 - Mercantile Bank Cor_3
Note 22 - Mercantile Bank Corporation (Parent Company Only) Condensed Financial Statements - Condensed Balance Sheets (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||||
Other assets | $ 94,993,000 | $ 54,267,000 | ||
Total assets | 4,872,619,000 | 5,257,749,000 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Liabilities | 4,431,211,000 | 4,801,190,000 | ||
Subordinated debentures | 48,958,000 | 48,244,000 | ||
Subordinated notes | 88,628,000 | 73,646,000 | ||
Shareholders’ equity | 441,408,000 | 456,559,000 | $ 441,554,000 | $ 416,561,000 |
Total liabilities and shareholders’ equity | 4,872,619,000 | 5,257,749,000 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 18,633,000 | 14,570,000 | ||
Investment in bank subsidiary | 543,599,000 | 545,691,000 | ||
Other assets | 19,786,000 | 19,576,000 | ||
Total assets | 582,018,000 | 579,837,000 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Liabilities | 3,024,000 | 1,388,000 | ||
Subordinated debentures | 48,958,000 | 48,244,000 | ||
Subordinated notes | 88,628,000 | 73,646,000 | ||
Shareholders’ equity | 441,408,000 | 456,559,000 | ||
Total liabilities and shareholders’ equity | $ 582,018,000 | $ 579,837,000 |
Note 22 - Mercantile Bank Cor_4
Note 22 - Mercantile Bank Corporation (Parent Company Only) Condensed Financial Statements - Condensed Statements of Income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income | |||
Interest and dividends from subsidiaries | $ 181,839,000 | $ 143,494,000 | $ 148,313,000 |
Expenses | |||
Interest expense | 23,595,000 | 19,432,000 | 26,067,000 |
Federal income tax benefit | 14,727,000 | 14,695,000 | 10,710,000 |
Net income | 61,063,000 | 59,021,000 | 44,138,000 |
Comprehensive income (loss) | (549,000) | 49,806,000 | 45,929,000 |
Parent Company [Member] | |||
Income | |||
Interest and dividends from subsidiaries | 26,056,000 | 39,058,000 | 32,588,000 |
Total income | 26,056,000 | 39,058,000 | 32,588,000 |
Expenses | |||
Interest expense | 6,104,000 | 1,934,000 | 2,268,000 |
Other operating expenses | 5,645,000 | 5,831,000 | 4,441,000 |
Total expenses | 11,749,000 | 7,765,000 | 6,709,000 |
Income before income tax benefit and equity in undistributed net income of subsidiary | 14,307,000 | 31,293,000 | 25,879,000 |
Federal income tax benefit | (2,535,000) | (1,653,000) | (1,173,000) |
Equity in undistributed net income of subsidiary | 44,221,000 | 26,075,000 | 17,086,000 |
Net income | 61,063,000 | 59,021,000 | 44,138,000 |
Comprehensive income (loss) | $ (549,000) | $ 49,806,000 | $ 45,929,000 |
Note 22 - Mercantile Bank Cor_5
Note 22 - Mercantile Bank Corporation (Parent Company Only) Condensed Financial Statements - Condensed Statement of Cash Flows (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Net income | $ 61,063,000 | $ 59,021,000 | $ 44,138,000 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Stock-based compensation expense | 3,377,000 | 3,784,000 | 2,325,000 |
Stock grants to directors for retainer fee | 359,000 | 344,000 | 394,000 |
Other assets | (437,000) | (12,655,000) | (9,907,000) |
Accrued interest and other liabilities | 32,524,000 | (3,513,000) | 886,000 |
Cash flows from investing activities | |||
Net cash for investing activities | (554,999,000) | (495,507,000) | (398,806,000) |
Cash flows from financing activities | |||
Proceeds from stock option exercises, net of cashless exercises | 36,000 | 50,000 | 3,000 |
Employee stock purchase plan | 45,000 | 48,000 | 49,000 |
Dividend reinvestment plan | 867,000 | 877,000 | 814,000 |
Net proceeds from subordinated notes issuance | 14,645,000 | 73,635,000 | 0 |
Repurchases of common stock | 0 | (21,380,000) | (6,591,000) |
Payment of cash dividends to common shareholders | (19,602,000) | (18,524,000) | (17,930,000) |
Net cash (for) from financing activities | (443,251,000) | 780,088,000 | 753,204,000 |
Net change in cash and cash equivalents | (878,388,000) | 349,154,000 | 392,275,000 |
Parent Company [Member] | |||
Cash flows from operating activities | |||
Net income | 61,063,000 | 59,021,000 | 44,138,000 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Equity in undistributed net income of subsidiary | (44,221,000) | (26,075,000) | (17,086,000) |
Stock-based compensation expense | 3,377,000 | 3,784,000 | 2,325,000 |
Stock grants to directors for retainer fee | 359,000 | 344,000 | 394,000 |
Other assets | 858,000 | 49,000 | (227,000) |
Accrued interest and other liabilities | 1,636,000 | (5,000) | 812,000 |
Net cash from operating activities | 23,072,000 | 37,118,000 | 30,356,000 |
Cash flows from investing activities | |||
Net capital investment into subsidiaries | (15,000,000) | (70,000,000) | 0 |
Net cash for investing activities | (15,000,000) | (70,000,000) | 0 |
Cash flows from financing activities | |||
Proceeds from stock option exercises, net of cashless exercises | 36,000 | 50,000 | 3,000 |
Employee stock purchase plan | 45,000 | 48,000 | 49,000 |
Dividend reinvestment plan | 867,000 | 877,000 | 814,000 |
Net proceeds from subordinated notes issuance | 14,645,000 | 73,635,000 | 0 |
Repurchases of common stock | 0 | (21,380,000) | (6,591,000) |
Payment of cash dividends to common shareholders | (19,602,000) | (18,524,000) | (17,930,000) |
Net cash (for) from financing activities | (4,009,000) | 34,706,000 | (23,655,000) |
Net change in cash and cash equivalents | 4,063,000 | 1,824,000 | 6,701,000 |
Cash and cash equivalents at beginning of period | 14,570,000 | 12,746,000 | 6,045,000 |
Cash and cash equivalents at end of period | $ 18,633,000 | $ 14,570,000 | $ 12,746,000 |
Note 23 - Subsequent Events (De
Note 23 - Subsequent Events (Details Textual) - $ / shares | 12 Months Ended | ||||||||||||
Mar. 15, 2023 | Jan. 12, 2023 | Dec. 14, 2022 | Oct. 13, 2022 | Sep. 14, 2022 | Jul. 14, 2022 | Jun. 15, 2022 | Apr. 14, 2022 | Mar. 16, 2022 | Jan. 13, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.32 | $ 0.32 | $ 0.31 | $ 0.31 | |||||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.32 | $ 0.32 | $ 0.31 | $ 0.31 | $ 1.26 | $ 1.18 | $ 1.12 | ||||||
Forecast [Member] | |||||||||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.33 | ||||||||||||
Subsequent Event [Member] | |||||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.33 |