Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
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 | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 16,024,557 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 64,551,000 | $ 61,894,000 |
Interest-earning deposits | 201,436,000 | 34,878,000 |
Total cash and cash equivalents | 265,987,000 | 96,772,000 |
Securities available for sale | 592,305,000 | 602,936,000 |
Federal Home Loan Bank stock | 21,513,000 | 17,721,000 |
Mortgage loans held for sale | 10,171,000 | 3,565,000 |
Loans | 4,104,376,000 | 3,916,619,000 |
Allowance for credit losses | (48,008,000) | (42,246,000) |
Loans, net | 4,056,368,000 | 3,874,373,000 |
Premises and equipment, net | 52,231,000 | 51,476,000 |
Bank owned life insurance | 81,907,000 | 80,727,000 |
Goodwill | 49,473,000 | 49,473,000 |
Core deposit intangible, net | 212,000 | 583,000 |
Other assets | 120,845,000 | 94,993,000 |
Total assets | 5,251,012,000 | 4,872,619,000 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Noninterest-bearing | 1,309,672,000 | 1,604,750,000 |
Interest-bearing | 2,591,063,000 | 2,108,061,000 |
Total deposits | 3,900,735,000 | 3,712,811,000 |
Securities sold under agreements to repurchase | 164,082,000 | 194,340,000 |
Federal Home Loan Bank advances | 457,910,000 | 308,263,000 |
Subordinated debentures | 49,473,000 | 48,958,000 |
Subordinated notes | 88,885,000 | 88,628,000 |
Accrued interest and other liabilities | 106,716,000 | 78,211,000 |
Total liabilities | 4,767,801,000 | 4,431,211,000 |
Commitments and contingent liabilities (Note 8) | ||
Shareholders' equity | ||
Preferred stock, no par value; 1,000,000 shares authorized; none issued | 0 | 0 |
Common stock, no par value; 40,000,000 shares authorized; 16,023,350 shares issued and outstanding at September 30, 2023 and 15,994,884 shares issued and outstanding at December 31, 2022 | 293,961,000 | 290,436,000 |
Retained earnings | 262,838,000 | 216,313,000 |
Accumulated other comprehensive gain (loss) | (73,588,000) | (65,341,000) |
Total shareholders’ equity | 483,211,000 | 441,408,000 |
Total liabilities and shareholders’ equity | $ 5,251,012,000 | $ 4,872,619,000 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
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 issued (in shares) | 16,023,350 | 15,994,884 |
Common stock, shares outstanding (in shares) | 16,023,350 | 15,994,884 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest income | ||||
Loans, including fees | $ 65,073,000 | $ 43,807,000 | $ 184,232,000 | $ 113,061,000 |
Securities, taxable | 2,109,000 | 2,005,000 | 5,971,000 | 5,568,000 |
Securities, tax-exempt | 1,164,000 | 697,000 | 3,421,000 | 1,928,000 |
Interest-earning deposits | 2,807,000 | 1,620,000 | 3,932,000 | 3,004,000 |
Total interest income | 71,153,000 | 48,129,000 | 197,556,000 | 123,561,000 |
Interest expense | ||||
Deposits | 16,143,000 | 2,299,000 | 36,429,000 | 5,997,000 |
Short-term borrowings | 693,000 | 53,000 | 2,066,000 | 153,000 |
Federal Home Loan Bank advances | 3,270,000 | 1,755,000 | 8,115,000 | 5,530,000 |
Subordinated debt and other borrowings | 2,086,000 | 1,646,000 | 6,049,000 | 4,294,000 |
Total interest expense | 22,192,000 | 5,753,000 | 52,659,000 | 15,974,000 |
Net interest income | 48,961,000 | 42,376,000 | 144,897,000 | 107,587,000 |
Provision for credit losses | 3,300,000 | 2,900,000 | 5,900,000 | 3,500,000 |
Net interest income after provision for credit losses | 45,661,000 | 39,476,000 | 138,997,000 | 104,087,000 |
Noninterest income: | ||||
Mortgage banking income | 2,779,000 | 1,764,000 | 5,829,000 | 6,991,000 |
Interest rate swap fees | 937,000 | 566,000 | 2,722,000 | 2,347,000 |
Payroll services income | 591,000 | 533,000 | 1,908,000 | 1,635,000 |
Earnings on bank owned life insurance | 422,000 | 238,000 | 1,224,000 | 1,310,000 |
Gain on sale of other real estate owned | 391,000 | 27,000 | 391,000 | 47,000 |
Other income | 524,000 | 487,000 | 1,640,000 | 1,399,000 |
Total noninterest income | 9,246,000 | 7,280,000 | 23,842,000 | 24,319,000 |
Noninterest expense | ||||
Salaries and benefits | 17,258,000 | 16,656,000 | 50,401,000 | 47,842,000 |
Occupancy | 2,241,000 | 2,001,000 | 6,629,000 | 6,168,000 |
Furniture and equipment depreciation, rent and maintenance | 894,000 | 953,000 | 2,594,000 | 2,822,000 |
Data processing costs | 3,038,000 | 3,139,000 | 9,081,000 | 9,203,000 |
Charitable foundation contribution | 404,000 | 4,000 | 416,000 | 509,000 |
Other expense | 5,085,000 | 4,030,000 | 16,228,000 | 12,943,000 |
Total noninterest expense | 28,920,000 | 26,783,000 | 85,349,000 | 79,487,000 |
Income before federal income tax expense | 25,987,000 | 19,973,000 | 77,490,000 | 48,919,000 |
Federal income tax expense | 5,132,000 | 3,943,000 | 15,303,000 | 9,659,000 |
Net income | $ 20,855,000 | $ 16,030,000 | $ 62,187,000 | $ 39,260,000 |
Basic earnings per share (in dollars per share) | $ 1.3 | $ 1.01 | $ 3.89 | $ 2.48 |
Diluted earnings per share (in dollars per share) | $ 1.3 | $ 1.01 | $ 3.89 | $ 2.48 |
Average basic shares outstanding (in shares) | 16,018,419 | 15,861,551 | 16,006,058 | 15,850,422 |
Average diluted shares outstanding (in shares) | 16,018,419 | 15,861,551 | 16,006,058 | 15,850,439 |
Service Charges on Deposit and Sweep Accounts [Member] | ||||
Noninterest income: | ||||
Noninterest revenue | $ 1,370,000 | $ 1,579,000 | $ 3,411,000 | $ 4,489,000 |
Credit and Debit Card [Member] | ||||
Noninterest income: | ||||
Noninterest revenue | $ 2,232,000 | $ 2,086,000 | $ 6,717,000 | $ 6,101,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 20,855,000 | $ 16,030,000 | $ 62,187,000 | $ 39,260,000 |
Other comprehensive income (loss): | ||||
Unrealized holding gains (losses) on securities available for sale | (15,281,000) | (31,387,000) | (10,440,000) | (87,006,000) |
Tax effect of unrealized holding gains (losses) on securities available for sale | 3,210,000 | 6,592,000 | 2,193,000 | 18,272,000 |
Other comprehensive income (loss), net of tax | (12,071,000) | (24,795,000) | (8,247,000) | (68,734,000) |
Comprehensive income (loss) | $ 8,784,000 | $ (8,765,000) | $ 53,940,000 | $ (29,474,000) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Preferred Stock [Member] | Common Stock Including Additional Paid in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (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 | 33,000 | 33,000 | |||||
Dividend reinvestment plan | 653,000 | 653,000 | |||||
Stock-based compensation expense | 2,398,000 | 2,398,000 | |||||
Cash dividends | (14,607,000) | (14,607,000) | |||||
Net income | 39,260,000 | 39,260,000 | |||||
Change in net unrealized holding gain (loss) on securities available for sale, net of tax effect | (68,734,000) | (68,734,000) | |||||
Stock grants to directors for retainer fees | 347,000 | 347,000 | |||||
Stock option exercises | 36,000 | 36,000 | |||||
Balances at Sep. 30, 2022 | 0 | 289,219,000 | 199,505,000 | (72,463,000) | 416,261,000 | ||
Balances at Jun. 30, 2022 | 0 | 288,199,000 | 188,452,000 | (47,668,000) | 428,983,000 | ||
Employee stock purchase plan | 12,000 | 12,000 | |||||
Dividend reinvestment plan | 218,000 | 218,000 | |||||
Stock-based compensation expense | 790,000 | 790,000 | |||||
Cash dividends | (4,977,000) | (4,977,000) | |||||
Net income | 16,030,000 | 16,030,000 | |||||
Change in net unrealized holding gain (loss) on securities available for sale, net of tax effect | (24,795,000) | (24,795,000) | |||||
Balances at Sep. 30, 2022 | 0 | 289,219,000 | 199,505,000 | (72,463,000) | 416,261,000 | ||
Balances at Dec. 31, 2022 | 0 | 290,436,000 | 216,313,000 | (65,341,000) | 441,408,000 | ||
Employee stock purchase plan | 33,000 | 33,000 | |||||
Dividend reinvestment plan | 670,000 | 670,000 | |||||
Stock-based compensation expense | 2,505,000 | 2,505,000 | |||||
Cash dividends | (15,662,000) | (15,662,000) | |||||
Net income | 62,187,000 | 62,187,000 | |||||
Change in net unrealized holding gain (loss) on securities available for sale, net of tax effect | (8,247,000) | (8,247,000) | |||||
Stock grants to directors for retainer fees | 317,000 | 317,000 | |||||
Balances at Sep. 30, 2023 | 0 | 293,961,000 | 262,838,000 | (73,588,000) | 483,211,000 | ||
Balances at Jun. 30, 2023 | 0 | 292,906,000 | 247,313,000 | (61,517,000) | 478,702,000 | ||
Employee stock purchase plan | 11,000 | 11,000 | |||||
Dividend reinvestment plan | 220,000 | 220,000 | |||||
Stock-based compensation expense | 824,000 | 824,000 | |||||
Cash dividends | (5,330,000) | (5,330,000) | |||||
Net income | 20,855,000 | 20,855,000 | |||||
Change in net unrealized holding gain (loss) on securities available for sale, net of tax effect | (12,071,000) | (12,071,000) | |||||
Balances at Sep. 30, 2023 | $ 0 | $ 293,961,000 | $ 262,838,000 | $ (73,588,000) | $ 483,211,000 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Employee stock purchase plan (in shares) | 345 | 412 | 1,115 | 1,029 |
Dividend reinvestment plan (in shares) | 6,746 | 6,733 | 21,447 | 19,403 |
Cash dividends per common share (in dollars per share) | $ 0.34 | $ 0.32 | $ 1 | $ 0.94 |
Stock grants to directors for retainer fees (in shares) | 10,455 | 10,837 | ||
Stock option exercises (in shares) | 1,355 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities | ||
Net income | $ 62,187,000 | $ 39,260,000 |
Adjustments to reconcile net income to net cash from operating activities | ||
Depreciation and amortization | 8,857,000 | 9,855,000 |
Provision for credit losses | 5,900,000 | 3,500,000 |
Stock-based compensation expense | 2,505,000 | 2,398,000 |
Stock grants to directors for retainer fee | 317,000 | 347,000 |
Proceeds from sales of mortgage loans held for sale | 143,323,000 | 195,374,000 |
Origination of mortgage loans held for sale | (144,886,000) | (186,881,000) |
Net gain from sales of mortgage loans held for sale | (5,043,000) | (6,787,000) |
Net gain from sales and valuation write-downs of foreclosed assets | (391,000) | (47,000) |
Net loss from sales and valuation write-downs of former bank premises | 2,000 | 275,000 |
Net loss (gain) from sales and write-downs of fixed assets | 369,000 | (18,000) |
Earnings on bank owned life insurance | (1,224,000) | (1,310,000) |
Net gain on instruments designated at fair value and related derivatives | (21,000) | (149,000) |
Net change in: | ||
Accrued interest receivable | (4,131,000) | (4,677,000) |
Other assets | (13,015,000) | (407,000) |
Accrued interest payable and other liabilities | 19,163,000 | 32,060,000 |
Net cash from operating activities | 73,912,000 | 82,793,000 |
Cash flows from investing activities | ||
Loan originations and payments, net | (188,007,000) | (426,842,000) |
Purchases of securities available for sale | (13,017,000) | (91,200,000) |
Proceeds from maturities, calls and repayments of securities available for sale | 12,856,000 | 13,262,000 |
Proceeds from sales of foreclosed assets | 452,000 | 47,000 |
Proceeds from sales of former bank premises | 598,000 | 2,994,000 |
Purchases of Federal Home Loan Bank stock | (3,792,000) | 0 |
Proceeds from Federal Home Loan Bank stock redemption | 0 | 281,000 |
Proceeds from bank owned life insurance death benefits claim | 0 | 628,000 |
Net purchases of premises and equipment and lease activity | (6,141,000) | (2,166,000) |
Net cash for investing activities | (197,051,000) | (502,996,000) |
Cash flows from financing activities | ||
Net (decrease) increase in time deposits | 282,296,000 | (53,239,000) |
Net decrease in all other deposits | (94,372,000) | (183,869,000) |
Net (decrease) increase in securities sold under agreements to repurchase | (30,258,000) | 1,142,000 |
Maturities of Federal Home Loan Bank advances | (50,353,000) | (64,000,000) |
Proceeds from Federal Home Loan Bank advances | 200,000,000 | 28,263,000 |
Net proceeds from subordinated notes issuance | 0 | 14,645,000 |
Proceeds from stock option exercises, net of cashless exercises | 0 | 36,000 |
Employee stock purchase plan | 33,000 | 33,000 |
Dividend reinvestment plan | 670,000 | 653,000 |
Payment of cash dividends to common shareholders | (15,662,000) | (14,607,000) |
Net cash (for) from financing activities | 292,354,000 | (270,943,000) |
Net change in cash and cash equivalents | 169,215,000 | (691,146,000) |
Cash and cash equivalents at beginning of period | 96,772,000 | 975,160,000 |
Cash and cash equivalents at end of period | 265,987,000 | 284,014,000 |
Supplemental disclosures of cash flows information | ||
Interest | 48,664,000 | 15,372,000 |
Federal income tax | 18,590,000 | 6,000,000 |
Noncash financing and investing activities: | ||
Transfers from premises and equipment to other assets | 0 | 2,847,000 |
Transfers from bank premises to other real estate owned | 600,000 | 0 |
Transfers from loans to foreclosed assets | $ 112,000 | $ 0 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation nine September 30, 2023 10 303 not not September 30, 2023 not 10 December 31, 2022 We have five not Earnings Per Share Approximately 345,000 unvested restricted shares were included in determining both basic and diluted earnings per share for the three nine September 30, 2023 not three nine September 30, 2023 Approximately 319,000 unvested restricted shares were included in determining both basic and diluted earnings per share for the three nine September 30, 2022 three nine September 30, 2022 not three nine September 30, 2022 Debt Securities first not not not Changes in the allowance are recorded as provisions for (or reversals 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 September 30, 2023 December 31, 2022 Interest income includes amortization of purchase premiums and accretion of discounts. Premiums on debt securities are amortized to the initial call date, if applicable, or to the maturity date, on the level-yield method. Discounts on debt securities are accreted to the maturity date on the level-yield method. Premiums and discounts on mortgage-backed securities are amortized or accreted based on anticipated prepayments on the level-yield method. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Federal Home Loan Bank of Indianapolis (“FHLBI”) stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Loans September 30, 2023 December 31, 2022 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 Accrued interest is included in other assets in the Consolidated Balance Sheets. All interest accrued but not Loans Held for Sale September 30, 2023 December 31, 2022 Mortgage loans held for sale are generally sold with servicing rights retained. Gains and losses on sales of mortgage loans are based on the difference between the selling price, which includes a gain or loss on the interest rate commitment coverage position, and the carrying value of the related loan sold, which is reduced by the cost allocated to the servicing right. Market rate risk on interest rate commitments with borrowers prior to loan closing is mitigated through forward commitments referred to as to-be-announced mortgage-backed securities. These mortgage banking activities are not Allowance for Credit Losses ( “ Allowance ” ) January 1, 2022, No. 2016 13, Financial Instruments Credit Losses (Topic 32 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 uncollectability of a loan is confirmed. We estimate the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for changes in current loan-specific risk characteristics such as changes in underwriting standards, portfolio mix, delinquency level or other relevant factors. We recorded a provision expense of $5.9 million during the first nine 2023 three first nine 2023. first nine 2023. 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 September 30, 2023 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, repayment terms, and estimated prepayments. Our historical loss rate is then applied to the monthly estimated future loan balances at the instrument level. 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 September 30, 2023 December 31, 2022 one six We are not third September 30, 2023 December 31, 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 collectability 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. Accrued interest receivable for loans is included in other assets on our Consolidated Balance Sheet. We elected not 90 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. Mortgage Banking Activities September 30, 2023 December 31, 2022 Servicing fee income is recorded for fees earned for servicing mortgage loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. Amortization of mortgage loan servicing rights is netted against mortgage loan servicing income and recorded in mortgage banking activities in the income statement. Troubled Debt Restructurings not may In accordance with current accounting guidance, loans modified as troubled debt restructurings are, by definition, considered to be impaired loans. Impairment for these loans is measured on a loan-by-loan basis. Certain loans modified as troubled debt restructurings may two The accounting guidance for troubled debt restructurings by creditors in Subtopic 310 40, No. 2022 02 326 January 1, 2023. 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 September 30, 2023 December 31, 2022 Goodwill and Core Deposit Intangible may not 2022 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 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 that are scoped within Topic 606: Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Service charges on deposit and sweep accounts $ 1,370,000 $ 1,579,000 $ 3,411,000 $ 4,489,000 Credit and debit card fees 2,232,000 2,086,000 6,717,000 6,101,000 Payroll processing 591,000 533,000 1,908,000 1,635,000 Customer service fees 205,000 210,000 612,000 654,000 Service Charges on Deposit and Sweep Accounts: Credit and Debit Card Fees: Payroll Processing Fees: Customer Service Fees: Standards Recently Adopted No. 2022 02 Financial Instruments Credit Losses (Topic 326 310 40, December 15, 2022. not |
Note 2 - Securities
Note 2 - Securities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 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 are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value September 30, 2023 U.S. Government agency debt obligations $ 452,330,000 $ 0 $ (68,251,000 ) $ 384,079,000 Mortgage-backed securities 35,699,000 2,000 (7,685,000 ) 28,016,000 Municipal general obligation bonds 166,922,000 33,000 (13,530,000 ) 153,425,000 Municipal revenue bonds 30,004,000 14,000 (3,733,000 ) 26,285,000 Other investments 500,000 0 0 500,000 $ 685,455,000 $ 49,000 $ (93,199,000 ) $ 592,305,000 December 31, 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 Securities with unrealized losses at September 30, 2023 December 31, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss September 30, 2023 U.S. Government agency debt obligations $ 2,679,000 $ 1,124,000 $ 381,400,000 $ 67,127,000 $ 384,079,000 $ 68,251,000 Mortgage-backed securities 26,231,000 7,558,000 1,604,000 127,000 27,835,000 7,685,000 Municipal general obligation bonds 33,136,000 2,992,000 115,872,000 10,538,000 149,008,000 13,530,000 Municipal revenue bonds 6,710,000 1,043,000 18,066,000 2,690,000 24,776,000 3,733,000 $ 68,756,000 $ 12,717,000 $ 516,942,000 $ 80,482,000 $ 585,698,000 $ 93,199,000 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss December 31, 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 $ 193,930,000 $ 17,438,000 $ 379,216,000 $ 65,843,000 $ 573,146,000 $ 83,281,000 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 September 30, 2023 December 31, 2022 September 30, 2023 first not not The amortized cost and fair value of debt securities at September 30, 2023 may may not Weighted Average Amortized Fair Yield Cost Value Due in 2023 0.35 % $ 10,635,000 $ 10,560,000 Due in 2024 through 2028 1.32 319,456,000 289,600,000 Due in 2029 through 2033 2.02 278,377,000 227,860,000 Due in 2034 and beyond 3.68 40,788,000 35,769,000 Mortgage-backed securities 2.18 35,699,000 28,016,000 Other investments 8.42 500,000 500,000 Total available for sale securities 1.78 % $ 685,455,000 $ 592,305,000 No securities were sold during the first nine 2023 2022 Securities issued by the State of Michigan and all its political subdivisions had a combined amortized cost of $197 million and $193 million at September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 not 10% The carrying value of U.S. Government agency debt obligation securities that are pledged to secure repurchase agreements was $164 million and $194 million at September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 |
Note 3 - Loans and Allowance fo
Note 3 - Loans and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES Our total loans at September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 2022 third 2023 Percent September 30, 2023 December 31, 2022 Increase Balance % Balance % (Decrease) Commercial: Commercial and industrial $ 1,166,187,000 28.4 % $ 1,185,083,000 30.3 % (1.6 )% Vacant land, land development, and residential construction 72,921,000 1.7 61,873,000 1.6 17.9 Real estate – owner occupied 671,083,000 16.4 639,192,000 16.3 5.0 Real estate – non-owner occupied * 1,000,411,000 24.4 979,214,000 25.0 2.2 Real estate – multi-family and residential rental * 308,229,000 7.5 266,468,000 6.8 15.7 Total commercial 3,218,831,000 78.4 3,131,830,000 80.0 2.8 Retail: 1-4 family mortgages 854,175,000 20.8 755,036,000 19.3 13.1 Other consumer loans 31,370,000 0.8 29,753,000 0.7 5.4 Total retail 885,545,000 21.6 784,789,000 20.0 12.8 Total loans $ 4,104,376,000 100.0 % $ 3,916,619,000 100.0 % 4.8 % (*) We have made certain reclassifications of how multi-family construction loans are disaggregated by loan segment. The table above reflects an increase of $54.5 million in Real Estate – Multi-Family and Residential Rental loans and a corresponding decrease in Real Estate – Non-Owner Occupied loans as of December 31, 2022 Nonperforming loans as of September 30, 2023 December 31, 2022 September 30, December 31, 2023 2022 Loans past due 90 days or more still accruing interest $ 0 $ 0 Nonaccrual loans 5,889,000 7,728,000 Total nonperforming loans $ 5,889,000 $ 7,728,000 The recorded principal balance of nonperforming loans was as follows: September 30, December 31, 2023 2022 Commercial: Commercial and industrial $ 3,288,000 $ 6,024,000 Vacant land, land development, and residential construction 0 0 Real estate – owner occupied 738,000 248,000 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 4,026,000 6,272,000 Retail: 1-4 family mortgages 1,863,000 1,456,000 Other consumer loans 0 0 Total retail 1,863,000 1,456,000 Total nonperforming loans $ 5,889,000 $ 7,728,000 An age analysis of past due loans is as follows as of September 30, 2023 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 $ 4,000 $ 0 $ 249,000 $ 253,000 $ 1,165,934,000 $ 1,166,187,000 $ 0 Vacant land, land development, and residential construction 0 0 0 0 72,921,000 72,921,000 0 Real estate – owner occupied 0 0 70,000 70,000 671,013,000 671,083,000 0 Real estate – non- owner occupied 0 0 0 0 1,000,411,000 1,000,411,000 0 Real estate – multi-family and residential rental 0 0 0 0 308,229,000 308,229,000 0 Total commercial 4,000 0 319,000 323,000 3,218,508,000 3,218,831,000 0 Retail: 1-4 family mortgages 680,000 499,000 132,000 1,311,000 852,864,000 854,175,000 0 Other consumer loans 1,000 0 0 1,000 31,369,000 31,370,000 0 Total retail 681,000 499,000 132,000 1,312,000 884,233,000 885,545,000 0 Total past due loans $ 685,000 $ 499,000 $ 451,000 $ 1,635,000 $ 4,102,741,000 $ 4,104,376,000 $ 0 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 0 979,214,000 979,214,000 0 Real estate – multi-family and residential rental 0 0 0 0 266,468,000 266,468,000 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 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 September 30, 2023 December 31, 2022 Nonaccrual loans as of September 30, 2023 Amortized Related Cost 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 738,000 0 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 987,000 0 Retail: 1-4 family mortgages 1,366,000 0 Other consumer loans 0 0 Total retail 1,366,000 0 Total with no allowance recorded $ 2,353,000 $ 0 With an allowance recorded: Commercial: Commercial and industrial $ 3,039,000 $ 1,233,000 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 3,039,000 1,233,000 Retail: 1-4 family mortgages 497,000 192,000 Other consumer loans 0 0 Total retail 497,000 192,000 Total with an allowance recorded $ 3,536,000 $ 1,425,000 Total nonaccrual loans: Commercial $ 4,026,000 $ 1,233,000 Retail 1,863,000 192,000 Total nonaccrual loans $ 5,889,000 $ 1,425,000 No interest income was recognized on nonaccrual loans during the first nine 2023 Nonaccrual loans as of December 31, 2022 Amortized Related Cost 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 No interest income was recognized on nonaccrual loans during 2022 Credit Quality Indicators. ten Grade 1. “Exceptional” Loans with this rating contain very little, if any, risk. Grade 2. “Outstanding” Loans with this rating have excellent and stable sources of repayment and conform to bank policy and regulatory requirements. Grade 3. “Very Good” Loans with this rating have strong sources of repayment and conform to bank policy and regulatory requirements. These are loans for which repayment risks are acceptable. Grade 4. “Good” Loans with this rating have solid sources of repayment and conform to bank policy and regulatory requirements. These are loans for which repayment risks are modest. Grade 5. “Acceptable” Loans with this rating exhibit acceptable sources of repayment and conform with most bank policies and all regulatory requirements. These are for loans for which repayment risks are satisfactory. Grade 6. “Monitor” Loans with this rating are considered to have emerging weaknesses which may Grade 7. “Special Mention” Loans with this rating have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may Grade 8. “Substandard” Loans with this rate are inadequately protected by current sound net worth, paying capacity of the obligor, or of the pledged collateral, if any. A Substandard loan normally has one not Grade 9. “Doubtful” Loans with this rating exhibit all the weaknesses inherent in the Substandard classification and where collection or liquidation in full is highly questionable and improbable. Grade 10. “Loss” Loans with this rating are considered uncollectable, and of such little value that continuance as an active asset is not The primary risk element with respect to each residential real estate loan and consumer loan is the timeliness of scheduled payments. We have a reporting system that monitors past due loans and have adopted policies to pursue creditors’ rights in order to preserve our collateral position. Retail loans that reach 90 The following table reflects amortized cost basis of loans and year-to-date loan charge-offs as of September 30, 2023 Revolving Grand 2023 2022 2021 2020 2019 Prior Term Total Loans Total Commercial: Commercial and Industrial: Grades 1 – 4 $ 94,356 $ 94,042 $ 100,652 $ 25,063 $ 7,012 $ 9,411 $ 330,536 $ 384,697 $ 715,233 Grades 5 – 7 112,012 67,379 32,543 19,118 7,629 154 238,835 180,387 419,222 Grades 8 – 9 3,674 2,439 296 0 0 0 6,409 25,323 31,732 Total $ 210,042 $ 163,860 $ 133,491 $ 44,181 $ 14,641 $ 9,565 $ 575,780 $ 590,407 $ 1,166,187 Current year-to-date gross write offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 218 $ 218 Vacant Land, Land Development and Residential Construction: Grades 1 – 4 $ 17,966 $ 15,813 $ 1,751 $ 2,832 $ 0 $ 287 $ 38,649 $ 0 $ 38,649 Grades 5 – 7 13,749 17,194 2,359 319 43 514 34,178 0 34,178 Grades 8 – 9 10 0 0 0 0 84 94 0 94 Total $ 31,725 $ 33,007 $ 4,110 $ 3,151 $ 43 $ 885 $ 72,921 $ 0 $ 72,921 Current year-to-date gross write offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Real Estate – Owner Occupied: Grades 1 – 4 $ 165,698 $ 117,923 $ 82,222 $ 49,528 $ 17,511 $ 16,968 $ 449,850 $ 456 $ 450,306 Grades 5 – 7 62,259 62,487 36,949 29,235 9,614 10,064 210,608 6,332 216,940 Grades 8 – 9 0 3,727 0 40 0 70 3,837 0 3,837 Total $ 227,957 $ 184,137 $ 119,171 $ 78,803 $ 27,125 $ 27,102 $ 664,295 $ 6,788 $ 671,083 Current year-to-date gross write offs $ 0 $ 14 $ 0 $ 0 $ 0 $ 40 $ 54 $ 0 $ 54 Real Estate – Non-Owner Occupied: Grades 1 – 4 $ 92,790 $ 88,742 $ 113,072 $ 101,821 $ 28,307 $ 17,189 $ 441,921 $ 0 $ 441,921 Grades 5 – 7 162,540 126,362 128,389 96,612 6,553 26,013 546,469 0 546,469 Grades 8 – 9 0 6,507 5,514 0 0 0 12,021 0 12,021 Total $ 255,330 $ 221,611 $ 246,975 $ 198,433 $ 34,860 $ 43,202 $ 1,000,411 $ 0 $ 1,000,411 Current year-to-date gross write offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Real Estate – Multi-Family and Residential Rental: Grades 1 – 4 $ 20,509 $ 42,674 $ 61,279 $ 35,615 $ 4,974 $ 5,780 $ 170,831 $ 0 $ 170,831 Grades 5 – 7 52,733 53,171 4,985 9,727 2,783 1,735 125,134 0 125,134 Grades 8 – 9 11,250 0 0 1,014 0 0 12,264 0 12,264 Total $ 84,492 $ 95,845 $ 66,264 $ 46,356 $ 7,757 $ 7,515 $ 308,229 $ 0 $ 308,229 Current year-to-date gross write offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Total Commercial $ 809,546 $ 698,460 $ 570,011 $ 370,924 $ 84,426 $ 88,269 $ 2,621,636 $ 597,195 $ 3,218,831 Total Commercial current YTD gross write offs $ 0 $ 14 $ 0 $ 0 $ 0 $ 40 $ 54 $ 218 $ 272 Revolving Grand 2023 2022 2021 2020 2019 Prior Term Total Loans Total Retail: 1-4 Family Mortgages: Performing $ 104,955 $ 334,373 $ 235,394 $ 83,701 $ 10,833 $ 46,666 $ 815,922 $ 36,390 $ 852,312 Nonperforming 142 313 333 0 11 1,064 1,863 0 1,863 Total $ 105,097 $ 334,686 $ 235,727 $ 83,701 $ 10,844 $ 47,730 $ 817,785 $ 36,390 $ 854,175 Current year-to-date gross write offs $ 0 $ 136 $ 0 $ 0 $ 0 $ 239 $ 375 $ 138 $ 513 Other Consumer Loans: Performing $ 4,449 $ 2,954 $ 1,667 $ 542 $ 658 $ 336 $ 10,606 $ 20,764 $ 31,370 Nonperforming 0 0 0 0 0 0 0 0 0 Total $ 4,449 $ 2,954 $ 1,667 $ 542 $ 658 $ 336 $ 10,606 $ 20,764 $ 31,370 Current year-to-date gross write offs $ 2 $ 3 $ 0 $ 0 $ 0 $ 3 $ 8 $ 17 $ 25 Total Retail $ 109,546 $ 337,640 $ 237,394 $ 84,243 $ 11,502 $ 48,066 $ 828,391 $ 57,154 $ 885,545 Total Retail Current YTD gross write offs $ 2 $ 139 $ 0 $ 0 $ 0 $ 242 $ 383 $ 155 $ 538 Grand Total $ 919,092 $ 1,036,100 $ 807,405 $ 455,167 $ 95,928 $ 136,335 $ 3,450,027 $ 654,349 $ 4,104,376 Grand Total Current YTD gross write offs $ 2 $ 153 $ 0 $ 0 $ 0 $ 282 $ 437 $ 373 $ 810 There were no revolving loans converted to term loans during the first nine 2023 The following table reflects amortized cost basis of loans as of December 31, 2022 Revolving Grand 2022 2021 2020 2019 2018 Prior Term Total Loans 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 $ 121,281 $ 152,035 $ 89,125 $ 44,196 $ 10,079 $ 12,018 $ 428,734 $ 0 $ 428,734 Grades 5 – 7 176,217 142,645 133,163 35,200 13,456 37,399 538,080 0 538,080 Grades 8 – 9 6,712 5,688 0 0 0 0 12,400 0 12,400 Total $ 304,210 $ 300,368 $ 222,288 $ 79,396 $ 23,535 $ 49,417 $ 979,214 $ 0 $ 979,214 Real Estate – Multi-Family and Residential Rental: Grades 1 – 4 $ 39,342 $ 49,178 $ 36,348 $ 5,306 $ 3,082 $ 4,003 $ 137,259 $ 0 $ 137,259 Grades 5 – 7 56,018 47,474 19,666 3,162 2,557 283 129,160 0 129,160 Grades 8 – 9 0 0 0 0 0 49 49 0 49 Total $ 95,360 $ 96,652 $ 56,014 $ 8,468 $ 5,639 $ 4,335 $ 266,468 $ 0 $ 266,468 Total Commercial $ 1,025,368 $ 770,437 $ 445,326 $ 135,893 $ 64,986 $ 72,100 $ 2,514,110 $ 617,720 $ 3,131,830 Revolving Grand 2022 2021 2020 2019 2018 Prior Term Total Loans 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 $ 1,016,339 $ 538,302 $ 149,061 $ 79,881 $ 115,181 $ 3,242,234 $ 674,385 $ 3,916,619 There were no revolving loans converted to term loans during 2022 Activity in the allowance for credit losses during the three nine September 30, 2023 Commercial Commercial vacant land, real estate – Commercial land development Commercial Commercial multi-family Other and and residential real estate – real estate – and 1-4 family consumer industrial reconstruction owner occupied non-owner occupied residential rental mortgages loans Unallocated Total Allowance for credit losses: Balance at 6-30-23 $ 6,472 $ 304 $ 5,838 $ 8,689 $ 3,700 $ 19,498 $ 199 $ 21 $ 44,721 Provision for credit losses 2,500 31 627 564 (1,071 ) 726 (56 ) (21 ) 3,300 Charge-offs 0 0 (40 ) 0 0 (201 ) (2 ) 0 (243 ) Recoveries 26 22 9 0 6 161 6 0 230 Ending balance $ 8,998 $ 357 $ 6,434 $ 9,253 $ 2,635 $ 20,184 $ 147 $ 0 $ 48,008 Balance at 12-31-22 $ 10,203 $ 490 $ 5,914 $ 9,242 $ 2,191 $ 14,027 $ 160 $ 19 $ 42,246 Provision for credit losses (1,123 ) (167 ) 495 11 426 6,317 (40 ) (19 ) 5,900 Charge-offs (218 ) 0 (54 ) 0 0 (513 ) (25 ) 0 (810 ) Recoveries 136 34 79 0 18 353 52 0 672 Ending balance $ 8,998 $ 357 $ 6,434 $ 9,253 $ 2,635 $ 20,184 $ 147 $ 0 $ 48,008 Activity in the allowance for credit losses during the three nine September 30, 2022 Commercial Commercial vacant land, real estate – Commercial land development Commercial Commercial multi-family Other and and residential real estate – real estate – and 1-4 family consumer industrial construction owner occupied non-owner occupied residential rental mortgages loans Unallocated Total Allowance for credit losses: Balance at 6-30-22 $ 8,608 $ 446 $ 5,578 $ 9,249 $ 1,639 $ 10,267 $ 165 $ 22 $ 35,974 Provision for credit losses 1,110 21 372 (206 ) 77 1,530 (13 ) 9 2,900 Charge-offs 0 0 0 0 0 0 0 0 0 Recoveries 22 1 22 0 23 154 24 0 246 Ending balance $ 9,740 $ 468 $ 5,972 $ 9,043 $ 1,739 $ 11,951 $ 176 $ 31 $ 39,120 Balance at 12-31-21 $ 10,782 $ 420 $ 6,045 $ 12,990 $ 2,006 $ 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 518 117 407 (1,413 ) 317 3,587 (74 ) 41 3,500 Charge-offs (170 ) (29 ) 0 0 0 (2 ) (18 ) 0 (219 ) Recoveries 181 3 80 0 37 522 53 0 876 Ending balance $ 9,740 $ 468 $ 5,972 $ 9,043 $ 1,739 $ 11,951 $ 176 $ 31 $ 39,120 The following table presents the period-end amortized cost basis of modifications to borrowers experiencing financial difficulty by type of modification made during the three September 30, 2023: Interest Rate Principal Reduction Term Extension Forgiveness Commercial: Commercial and industrial $ 0 $ 0 $ 0 Vacant land, land development and residential construction 0 0 0 Real estate – owner occupied 0 0 0 Real estate – non-owner occupied 0 0 0 Real estate – multi-family and residential rental 0 0 0 Total commercial $ 0 $ 0 $ 0 Retail: 1-4 family mortgages 0 0 0 Other consumer loans 0 0 0 Total retail $ 0 $ 0 $ 0 Total loans $ 0 $ 0 $ 0 The following table presents the period-end amortized cost basis of modifications to borrowers experiencing financial difficulty by type of modification made during the nine September 30, 2023: Interest Rate Principal Reduction Term Extension Forgiveness Commercial: Commercial and industrial $ 0 $ 8,184,000 $ 0 Vacant land, land development and residential construction 0 0 0 Real estate – owner occupied 0 0 0 Real estate – non-owner occupied 0 0 0 Real estate – multi-family and residential rental 0 0 0 Total commercial $ 0 $ 8,184,000 $ 0 Retail: 1-4 family mortgages 0 0 0 Other consumer loans 0 0 0 Total retail $ 0 $ 0 $ 0 Total loans $ 0 $ 8,184,000 $ 0 Loans listed under Term Extension were generally granted a series of short-term maturity extensions as part of workout process and associated forbearance agreements. The following table presents the period-end amortized cost basis of loans that have been modified in the past twelve 30 – 89 Days 90 + Days Current Past Due Past Due Total Commercial: Commercial and industrial $ 8,184,000 $ 0 $ 0 $ 8,184,000 Vacant land, land development and residential construction 0 0 0 0 Real estate – owner occupied 0 0 0 0 Real estate – non-owner occupied 0 0 0 0 Real estate – multi-family and residential rental 0 0 0 0 Total commercial $ 8,184,000 $ 0 $ 0 $ 8,184,000 Retail: 1-4 family mortgages 0 0 0 0 Other consumer loans 0 0 0 0 Total retail $ 0 $ 0 $ 0 $ 0 Total loans $ 8,184,000 $ 0 $ 0 $ 8,184,000 Loans modified as troubled debt restructurings during the three September 30, 2022 Pre- Post- Modification Modification Recorded Recorded Number of Principal Principal Contracts Balance Balance Commercial: Commercial and industrial 1 $ 19,000 $ 19,000 Vacant land, land development and residential construction 0 0 0 Real estate – owner occupied 0 0 0 Real estate – non-owner occupied 0 0 0 Real estate – multi-family and residential rental 0 0 0 Total commercial 1 19,000 19,000 Retail: 1-4 family mortgages 2 289,000 289,000 Other consumer loans 0 0 0 Total retail 2 289,000 289,000 Total loans 3 $ 308,000 $ 308,000 Loans modified as troubled debt restructurings during the nine September 30, 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: 1-4 family mortgages 5 501,000 500,000 Other consumer loans 0 0 0 Total retail 5 501,000 500,000 Total loans 8 $ 7,094,000 $ 7,093,000 We had no twelve 30 three nine September 30, 2022. Activity for loans categorized as troubled debt restructurings during the three September 30, 2022 Commercial Vacant Land, Commercial Land Real Estate - Development, Commercial Commercial Multi-Family Commercial and Real Estate - Real Estate - and and Residential Owner Non-Owner Residential Industrial Construction Occupied Occupied Rental Commercial Loan Portfolio: Beginning Balance $ 9,938,000 $ 0 $ 87,000 $ 139,000 $ 88,000 Charge-Offs 0 0 0 0 0 Payments (net) (891,000 ) 0 (3,000 ) (4,000 ) (88,000 ) Transfers to ORE 0 0 0 0 0 Net Additions/Deletions 19,000 0 0 0 0 Ending Balance $ 9,066,000 $ 0 $ 84,000 $ 135,000 $ 0 Retail Retail 1-4 Family Other Consumer Mortgages Loans Retail Loan Portfolio: Beginning Balance $ 2,339,000 $ 3,000 Charge-Offs 0 0 Payments (net) (84,000 ) (1,000 ) Transfers to ORE 0 0 Net Additions/Deletions 289,000 0 Ending Balance $ 2,544,000 $ 2,000 Activity for loans categorized as troubled debt restructurings during the nine September 30, 2022 Commercial Vacant Land, Commercial Land Real Estate - Development, Commercial Commercial Multi-Family Commercial and Real Estate - Real Estate - and and Residential Owner Non-Owner 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 0 0 0 Payments (net) (378,000 ) 0 (9,682,000 ) (11,000 ) (91,000 ) Transfers to ORE 0 0 0 0 0 Net Additions/Deletions 4,566,000 0 (669,000 ) 0 0 Ending Balance $ 9,066,000 $ 0 $ 84,000 $ 135,000 $ 0 Retail Retail 1-4 Family Other Consumer Mortgages Loans Retail Loan Portfolio: Beginning Balance $ 627,000 $ 1,202,000 Charge-Offs 0 0 Payments (net) (253,000 ) (13,000 ) Transfers to ORE 0 0 Net Additions/Deletions (1) 2,170,000 (1,187,000 ) Ending Balance $ 2,544,000 $ 2,000 ( 1 Includes $1.2 million in the transfer of home equity lines of credit from other consumer loans to 1 4 January 1, 2022. |
Note 4 - Premises and Equipment
Note 4 - Premises and Equipment, Net | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. PREMISES AND EQUIPMENT, NET Premises and equipment are comprised of the following: September 30, December 31, 2023 2022 Land and improvements $ 13,072,000 $ 13,532,000 Buildings 57,076,000 53,865,000 Furniture and equipment 24,658,000 22,941,000 94,806,000 90,338,000 Less: accumulated depreciation 42,575,000 38,862,000 Premises and equipment, net $ 52,231,000 $ 51,476,000 Depreciation expense totaled $1.5 million during the third 2023 2022 first nine 2023 first nine 2022 We enter into facility leases in the normal course of business. As of September 30, 2023 eleven February, 2024 December, 2029, September 30, 2023 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 5.9% as of September 30, 2023 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 $4.0 million and $ 3.5 September 30, 2023 December 31, 2022 not twelve third 2023 2022 first nine 2023 2022 Future lease payments were as follows as of September 30, 2023 2023 $ 354,000 2024 1,210,000 2025 721,000 2026 612,000 2027 553,000 Thereafter 1,696,000 Total undiscounted lease payments 5,146,000 Less effect of discounting (1,147,000 ) Present value of future lease payments (lease liability) $ 3,999,000 |
Note 5 - Deposits
Note 5 - Deposits | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | 5. DEPOSITS Our total deposits at September 30, 2023 December 31, 2022. September 30, 2023 December 31, 2022 2022 third 2023, Percent September 30, 2023 December 31, 2022 Increase Balance % Balance % (Decrease) Noninterest-bearing checking $ 1,309,672,000 33.6 % $ 1,604,750,000 43.2 % (18.4 )% Interest-bearing checking 670,843,000 17.2 575,028,000 15.5 16.7 Money market 976,348,000 25.0 776,723,000 20.9 25.7 Savings 286,868,000 7.4 381,602,000 10.3 (24.8 ) Time, under $100,000 155,511,000 4.0 113,099,000 3.0 37.5 Time, $100,000 and over 390,213,000 10.0 261,609,000 7.1 49.2 Total local deposits 3,789,455,000 97.2 3,712,811,000 100.0 2.1 Out-of-area time, $100,000 and over 111,280,000 2.8 0 0.0 N/A Total deposits $ 3,900,735,000 100.0 % $ 3,712,811,000 100.0 % 5.1 % |
Note 6 - Securities Sold Under
Note 6 - Securities Sold Under Agreements to Repurchase | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | 6. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Securities sold under agreements to repurchase (“repurchase agreements”) are offered principally to certain large deposit customers. Information relating to our repurchase agreements follows: Nine Months Ended Twelve Months Ended September 30, 2023 December 31, 2022 Outstanding balance at end of period $ 164,082,000 $ 194,340,000 Average interest rate at end of period 0.74 % 0.75 % Average daily balance during the period $ 211,680,000 $ 200,499,000 Average interest rate during the period 1.22 % 0.15 % Maximum daily balance during the period $ 269,324,000 $ 235,577,000 Repurchase agreements have maturities of one |
Note 7 - Federal Home Loan Bank
Note 7 - Federal Home Loan Bank of Indianapolis Advances | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | 7. FEDERAL HOME LOAN BANK OF INDIANAPOLIS ADVANCES FHLBI bullet advances totaled $430 million at September 30, 2023 October 2023 June 2028 December 31, 2022 January 2023 June 2027 Maturities of FHLBI bullet advances as of September 30, 2023 2023 $ 30,000,000 2024 90,000,000 2025 80,000,000 2026 80,000,000 2027 90,000,000 Thereafter 60,000,000 FHLBI amortizing advances totaled $27.9 million as of September 30, 2023 2042 December 31, 2022 2042 Scheduled principal payments on FHLBI amortizing advances as of September 30, 2023 2023 $ 0 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 September 30, 2023 |
Note 8 - Commitments and Off-ba
Note 8 - Commitments and Off-balance Sheet Risk | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Commitments Contingencies and Guarantees [Text Block] | 8. 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 at the end of the period and applying the respective expected loss allocation factors to the difference as this difference represents the average of unfunded commitments we expect to eventually be drawn upon. The calculated allowance aggregated $0.7 million and $0.1 million as of September 30, 2023 December 31, 2022 not one At September 30, 2023 December 31, 2022 A summary of the contractual amounts of our financial instruments with off-balance sheet risk at September 30, 2023 December 31, 2022 September 30, December 31, 2023 2022 Commercial unused lines of credit $ 1,603,414,000 $ 1,283,703,000 Unused lines of credit secured by 1–4 family residential properties 74,130,000 71,972,000 Credit card unused lines of credit 135,886,000 123,687,000 Other consumer unused lines of credit 58,486,000 75,747,000 Commitments to make loans 287,510,000 329,646,000 Standby letters of credit 19,367,000 23,539,000 $ 2,178,793,000 $ 1,908,294,000 |
Note 9 - Derivatives and Hedgin
Note 9 - Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 9. DERIVATIVES AND HEDGING ACTIVITIES We are exposed to certain risks arising from both business operations and economic conditions. We principally manage the exposure to a wide variety of operational risks through core business activities. Economic risks, including interest rate, liquidity and credit risk, are primarily administered via the amount, sources and duration of assets and liabilities. Derivative financial instruments may Derivatives not not As the interest rate swaps associated with this program do not The fair values of derivative instruments as of September 30, 2023 Balance Sheet Notional Amount Location Fair Value Derivative Assets Interest rate swaps $ 591,790,000 Other Assets $ 35,060,000 Derivative Liabilities Interest rate swaps 591,790,000 Other Liabilities 35,242,000 The effect of interest rate swaps that are not first nine 2023 September 30, 2023 not September 30, 2023 September 30, 2023 not $250,000. September 30, 2023 The fair values of derivative instruments as of December 31, 2022 Balance Sheet Notional Amount 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 |
Note 10 - Fair Values of Financ
Note 10 - Fair Values of Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10. FAIR VALUES OF FINANCIAL INSTRUMENTS The carrying amounts, estimated fair values and level within the fair value hierarchy of financial instruments were as follows as of September 30, 2023 December 31, 2022 Level in September 30, 2023 December 31, 2022 Fair Value Carrying Fair Carrying Fair Hierarchy Values Values Values Values Financial assets: Cash and cash equivalents Level 1 $ 265,987 $ 265,987 $ 96,772 $ 96,772 Securities available for sale (1) 592,305 592,305 602,936 602,936 FHLBI stock (2) 21,513 21,513 17,721 17,721 Loans, net Level 3 4,056,368 3,953,468 3,874,373 3,800,042 Mortgage loans held for sale Level 2 10,171 10,246 3,565 3,643 Mortgage servicing rights Level 3 11,391 19,451 11,837 17,727 Accrued interest receivable Level 2 19,607 19,607 15,476 15,476 Interest rate swaps Level 2 35,060 35,060 25,697 25,697 Financial liabilities: Deposits Level 2 3,900,735 3,558,860 3,712,811 3,379,403 Repurchase agreements Level 2 164,082 164,082 194,340 194,340 FHLBI advances Level 2 457,910 434,992 308,263 292,044 Subordinated debentures Level 2 49,473 56,009 48,958 49,531 Subordinated notes Level 2 88,885 77,528 88,628 75,024 Accrued interest payable Level 2 7,218 7,218 3,223 3,223 Interest rate swaps Level 2 35,242 35,242 25,900 25,900 ( 1 See Note 11 ( 2 It is not Carrying amount is the estimated fair value for cash and cash equivalents, FHLBI stock, accrued interest receivable and payable, noninterest-bearing checking accounts and securities sold under agreements to repurchase. Security fair values are based on market prices or dealer quotes, and if no 2016 01, December 31, 2022 September 30, 2023 |
Note 11 - Fair Values
Note 11 - Fair Values | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | 11. FAIR VALUES Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability, or in the absence of a principal market, the most advantageous market for the asset or liability. The price of the principal (or most advantageous) market used to measure the fair value of the asset or liability is not not We are required to use valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may Level 1: Level 2: 1 not Level 3: The following is a description of our valuation methodologies used to measure and disclose the fair values of our financial assets and liabilities that are recorded at fair value on a recurring or nonrecurring basis: Securities available for sale. not 2 3 September 30, 2023 December 31, 2022 1 Derivatives Mortgage loans held for sale September 30, 2023 December 31, 2022 Loans not Foreclosed Assets. Assets and Liabilities Measured at Fair Value on a Recurring Basis The balances of assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 Quoted Prices in Active Markets Significant for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Available for sale securities U.S. Government agency debt obligations $ 384,079,000 $ 0 $ 384,079,000 $ 0 Mortgage-backed securities 28,016,000 0 28,016,000 0 Municipal general obligation bonds 153,425,000 0 152,885,000 540,000 Municipal revenue bonds 26,285,000 0 26,285,000 0 Other investments 500,000 0 500,000 0 Interest rate swaps 35,060,000 0 35,060,000 0 Total assets $ 627,365,000 $ 0 $ 626,825,000 $ 540,000 Interest rate swaps 35,242,000 0 35,242,000 0 Total liabilities $ 35,242,000 $ 0 $ 35,242,000 $ 0 There were no 3 first nine 2023 3 first nine 2023 The balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 Quoted Prices in Active Markets Significant for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Available for sale securities U.S. Government agency debt obligations $ 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 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 September 30, 2023 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 $ 3,346,000 $ 0 $ 0 $ 3,346,000 Foreclosed assets 51,000 0 0 51,000 Total $ 3,397,000 $ 0 $ 0 $ 3,397,000 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 carrying values are based on the estimated value of the property or other assets. Fair value estimates of collateral on nonperforming loans and foreclosed assets are reviewed periodically. Our credit policies establish criteria for obtaining appraisals and determining internal value estimates. We may may |
Note 12 - Regulatory Matters
Note 12 - Regulatory Matters | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 12. REGULATORY MATTERS We are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weightings, and other factors, and the regulators can lower classifications in certain cases. Failure to meet various capital requirements can initiate regulatory action that could have a direct material effect on the financial statements. The prompt corrective action regulations provide five not not no may may September 30, 2023 December 31, 2022 no September 30, 2023 Our actual capital levels (dollars in thousands) and the minimum levels required to be categorized as adequately and well capitalized were: Minimum Required to be Well Minimum Required Capitalized Under for Capital Prompt Corrective Actual Adequacy Purposes Action Regulations Amount Ratio Amount Ratio Amount Ratio September 30, 2023 Total capital (to risk weighted assets) Consolidated $ 692,252 14.1 % $ 392,930 8.0 % NA NA Bank 675,953 13.8 392,745 8.0 490,931 10.0 % Tier 1 capital (to risk weighted assets) Consolidated 554,634 11.3 294,697 6.0 NA NA Bank 627,220 12.8 294,559 6.0 392,745 8.0 Common equity tier 1 (to risk weighted assets) Consolidated 507,235 10.3 221,023 4.5 NA NA Bank 627,220 12.8 220,919 4.5 319,105 6.5 Tier 1 capital (to average assets) Consolidated 554,634 10.6 208,523 4.0 NA NA Bank 627,220 12.0 208,432 4.0 260,540 5.0 December 31, 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 tier 1 (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 Our consolidated capital levels as of September 30, 2023 December 31, 2022 may 1 not 1 not May 19, 2010, December 31, 2009 September 30, 2023 December 31, 2022 1 Under the final BASEL III capital rules that became effective on January 1, 2015, 1 not three 2016. 1 1 January 1, 2019. September 30, 2023 Our and our bank’s ability to pay cash and stock dividends is subject to limitations under various laws and regulations and to prudent and sound banking practices. On January 12, 2023, March 15, 2023 March 3, 2023. April 13, 2023, $0.33 June 14, 2023, June 2, 2023. July 13, 2023, September 13, 2023, September 1, 2023. As of September 30, 2023 May 2021. first nine 2023 may |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. SUBSEQUENT EVENTS On October 12, 2023 December 13, 2023 , December 1, 2023 |
Item 5. Other Information
Item 5. Other Information | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Material Terms of Trading Arrangement [Text Block] | 5. Not applicable |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation nine September 30, 2023 10 303 not not September 30, 2023 not 10 December 31, 2022 We have five not |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Approximately 345,000 unvested restricted shares were included in determining both basic and diluted earnings per share for the three nine September 30, 2023 not three nine September 30, 2023 Approximately 319,000 unvested restricted shares were included in determining both basic and diluted earnings per share for the three nine September 30, 2022 three nine September 30, 2022 not three nine September 30, 2022 |
Marketable Securities, Policy [Policy Text Block] | Debt Securities first not not not Changes in the allowance are recorded as provisions for (or reversals 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 September 30, 2023 December 31, 2022 Interest income includes amortization of purchase premiums and accretion of discounts. Premiums on debt securities are amortized to the initial call date, if applicable, or to the maturity date, on the level-yield method. Discounts on debt securities are accreted to the maturity date on the level-yield method. Premiums and discounts on mortgage-backed securities are amortized or accreted based on anticipated prepayments on the level-yield method. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Federal Home Loan Bank of Indianapolis (“FHLBI”) stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. |
Financing Receivable, Held-for-Investment [Policy Text Block] | Loans September 30, 2023 December 31, 2022 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 Accrued interest is included in other assets in the Consolidated Balance Sheets. All interest accrued but not |
Financing Receivable, Held-for-Sale [Policy Text Block] | Loans Held for Sale September 30, 2023 December 31, 2022 Mortgage loans held for sale are generally sold with servicing rights retained. Gains and losses on sales of mortgage loans are based on the difference between the selling price, which includes a gain or loss on the interest rate commitment coverage position, and the carrying value of the related loan sold, which is reduced by the cost allocated to the servicing right. Market rate risk on interest rate commitments with borrowers prior to loan closing is mitigated through forward commitments referred to as to-be-announced mortgage-backed securities. These mortgage banking activities are not |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Credit Losses ( “ Allowance ” ) January 1, 2022, No. 2016 13, Financial Instruments Credit Losses (Topic 32 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 uncollectability of a loan is confirmed. We estimate the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for changes in current loan-specific risk characteristics such as changes in underwriting standards, portfolio mix, delinquency level or other relevant factors. We recorded a provision expense of $5.9 million during the first nine 2023 three first nine 2023. first nine 2023. 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 September 30, 2023 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, repayment terms, and estimated prepayments. Our historical loss rate is then applied to the monthly estimated future loan balances at the instrument level. 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 September 30, 2023 December 31, 2022 one six We are not third September 30, 2023 December 31, 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 collectability 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. Accrued interest receivable for loans is included in other assets on our Consolidated Balance Sheet. We elected not 90 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. |
Mortgage Banking Activity [Policy Text Block] | Mortgage Banking Activities September 30, 2023 December 31, 2022 Servicing fee income is recorded for fees earned for servicing mortgage loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. Amortization of mortgage loan servicing rights is netted against mortgage loan servicing income and recorded in mortgage banking activities in the income statement. |
Troubled Debt Restructuring [Policy Text Block] | Troubled Debt Restructurings not may In accordance with current accounting guidance, loans modified as troubled debt restructurings are, by definition, considered to be impaired loans. Impairment for these loans is measured on a loan-by-loan basis. Certain loans modified as troubled debt restructurings may two The accounting guidance for troubled debt restructurings by creditors in Subtopic 310 40, No. 2022 02 326 January 1, 2023. |
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 September 30, 2023 December 31, 2022 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Core Deposit Intangible may not 2022 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 |
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 that are scoped within Topic 606: Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Service charges on deposit and sweep accounts $ 1,370,000 $ 1,579,000 $ 3,411,000 $ 4,489,000 Credit and debit card fees 2,232,000 2,086,000 6,717,000 6,101,000 Payroll processing 591,000 533,000 1,908,000 1,635,000 Customer service fees 205,000 210,000 612,000 654,000 Service Charges on Deposit and Sweep Accounts: Credit and Debit Card Fees: Payroll Processing Fees: Customer Service Fees: |
New Accounting Pronouncements, Policy [Policy Text Block] | Standards Recently Adopted 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) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Service charges on deposit and sweep accounts $ 1,370,000 $ 1,579,000 $ 3,411,000 $ 4,489,000 Credit and debit card fees 2,232,000 2,086,000 6,717,000 6,101,000 Payroll processing 591,000 533,000 1,908,000 1,635,000 Customer service fees 205,000 210,000 612,000 654,000 |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value September 30, 2023 U.S. Government agency debt obligations $ 452,330,000 $ 0 $ (68,251,000 ) $ 384,079,000 Mortgage-backed securities 35,699,000 2,000 (7,685,000 ) 28,016,000 Municipal general obligation bonds 166,922,000 33,000 (13,530,000 ) 153,425,000 Municipal revenue bonds 30,004,000 14,000 (3,733,000 ) 26,285,000 Other investments 500,000 0 0 500,000 $ 685,455,000 $ 49,000 $ (93,199,000 ) $ 592,305,000 December 31, 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 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss September 30, 2023 U.S. Government agency debt obligations $ 2,679,000 $ 1,124,000 $ 381,400,000 $ 67,127,000 $ 384,079,000 $ 68,251,000 Mortgage-backed securities 26,231,000 7,558,000 1,604,000 127,000 27,835,000 7,685,000 Municipal general obligation bonds 33,136,000 2,992,000 115,872,000 10,538,000 149,008,000 13,530,000 Municipal revenue bonds 6,710,000 1,043,000 18,066,000 2,690,000 24,776,000 3,733,000 $ 68,756,000 $ 12,717,000 $ 516,942,000 $ 80,482,000 $ 585,698,000 $ 93,199,000 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss December 31, 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 $ 193,930,000 $ 17,438,000 $ 379,216,000 $ 65,843,000 $ 573,146,000 $ 83,281,000 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Weighted Average Amortized Fair Yield Cost Value Due in 2023 0.35 % $ 10,635,000 $ 10,560,000 Due in 2024 through 2028 1.32 319,456,000 289,600,000 Due in 2029 through 2033 2.02 278,377,000 227,860,000 Due in 2034 and beyond 3.68 40,788,000 35,769,000 Mortgage-backed securities 2.18 35,699,000 28,016,000 Other investments 8.42 500,000 500,000 Total available for sale securities 1.78 % $ 685,455,000 $ 592,305,000 |
Note 3 - Loans and Allowance _2
Note 3 - Loans and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Percent September 30, 2023 December 31, 2022 Increase Balance % Balance % (Decrease) Commercial: Commercial and industrial $ 1,166,187,000 28.4 % $ 1,185,083,000 30.3 % (1.6 )% Vacant land, land development, and residential construction 72,921,000 1.7 61,873,000 1.6 17.9 Real estate – owner occupied 671,083,000 16.4 639,192,000 16.3 5.0 Real estate – non-owner occupied * 1,000,411,000 24.4 979,214,000 25.0 2.2 Real estate – multi-family and residential rental * 308,229,000 7.5 266,468,000 6.8 15.7 Total commercial 3,218,831,000 78.4 3,131,830,000 80.0 2.8 Retail: 1-4 family mortgages 854,175,000 20.8 755,036,000 19.3 13.1 Other consumer loans 31,370,000 0.8 29,753,000 0.7 5.4 Total retail 885,545,000 21.6 784,789,000 20.0 12.8 Total loans $ 4,104,376,000 100.0 % $ 3,916,619,000 100.0 % 4.8 % |
Financing Receivable, Nonperforming [Table Text Block] | September 30, December 31, 2023 2022 Loans past due 90 days or more still accruing interest $ 0 $ 0 Nonaccrual loans 5,889,000 7,728,000 Total nonperforming loans $ 5,889,000 $ 7,728,000 September 30, December 31, 2023 2022 Commercial: Commercial and industrial $ 3,288,000 $ 6,024,000 Vacant land, land development, and residential construction 0 0 Real estate – owner occupied 738,000 248,000 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 4,026,000 6,272,000 Retail: 1-4 family mortgages 1,863,000 1,456,000 Other consumer loans 0 0 Total retail 1,863,000 1,456,000 Total nonperforming loans $ 5,889,000 $ 7,728,000 |
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 $ 4,000 $ 0 $ 249,000 $ 253,000 $ 1,165,934,000 $ 1,166,187,000 $ 0 Vacant land, land development, and residential construction 0 0 0 0 72,921,000 72,921,000 0 Real estate – owner occupied 0 0 70,000 70,000 671,013,000 671,083,000 0 Real estate – non- owner occupied 0 0 0 0 1,000,411,000 1,000,411,000 0 Real estate – multi-family and residential rental 0 0 0 0 308,229,000 308,229,000 0 Total commercial 4,000 0 319,000 323,000 3,218,508,000 3,218,831,000 0 Retail: 1-4 family mortgages 680,000 499,000 132,000 1,311,000 852,864,000 854,175,000 0 Other consumer loans 1,000 0 0 1,000 31,369,000 31,370,000 0 Total retail 681,000 499,000 132,000 1,312,000 884,233,000 885,545,000 0 Total past due loans $ 685,000 $ 499,000 $ 451,000 $ 1,635,000 $ 4,102,741,000 $ 4,104,376,000 $ 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 $ 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 0 979,214,000 979,214,000 0 Real estate – multi-family and residential rental 0 0 0 0 266,468,000 266,468,000 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 |
Financing Receivable, Nonaccrual [Table Text Block] | Amortized Related Cost 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 738,000 0 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 987,000 0 Retail: 1-4 family mortgages 1,366,000 0 Other consumer loans 0 0 Total retail 1,366,000 0 Total with no allowance recorded $ 2,353,000 $ 0 With an allowance recorded: Commercial: Commercial and industrial $ 3,039,000 $ 1,233,000 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 3,039,000 1,233,000 Retail: 1-4 family mortgages 497,000 192,000 Other consumer loans 0 0 Total retail 497,000 192,000 Total with an allowance recorded $ 3,536,000 $ 1,425,000 Total nonaccrual loans: Commercial $ 4,026,000 $ 1,233,000 Retail 1,863,000 192,000 Total nonaccrual loans $ 5,889,000 $ 1,425,000 Amortized Related Cost 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 |
Financing Receivable by Origination Year [Table Text Block] | Revolving Grand 2023 2022 2021 2020 2019 Prior Term Total Loans Total Commercial: Commercial and Industrial: Grades 1 – 4 $ 94,356 $ 94,042 $ 100,652 $ 25,063 $ 7,012 $ 9,411 $ 330,536 $ 384,697 $ 715,233 Grades 5 – 7 112,012 67,379 32,543 19,118 7,629 154 238,835 180,387 419,222 Grades 8 – 9 3,674 2,439 296 0 0 0 6,409 25,323 31,732 Total $ 210,042 $ 163,860 $ 133,491 $ 44,181 $ 14,641 $ 9,565 $ 575,780 $ 590,407 $ 1,166,187 Current year-to-date gross write offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 218 $ 218 Vacant Land, Land Development and Residential Construction: Grades 1 – 4 $ 17,966 $ 15,813 $ 1,751 $ 2,832 $ 0 $ 287 $ 38,649 $ 0 $ 38,649 Grades 5 – 7 13,749 17,194 2,359 319 43 514 34,178 0 34,178 Grades 8 – 9 10 0 0 0 0 84 94 0 94 Total $ 31,725 $ 33,007 $ 4,110 $ 3,151 $ 43 $ 885 $ 72,921 $ 0 $ 72,921 Current year-to-date gross write offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Real Estate – Owner Occupied: Grades 1 – 4 $ 165,698 $ 117,923 $ 82,222 $ 49,528 $ 17,511 $ 16,968 $ 449,850 $ 456 $ 450,306 Grades 5 – 7 62,259 62,487 36,949 29,235 9,614 10,064 210,608 6,332 216,940 Grades 8 – 9 0 3,727 0 40 0 70 3,837 0 3,837 Total $ 227,957 $ 184,137 $ 119,171 $ 78,803 $ 27,125 $ 27,102 $ 664,295 $ 6,788 $ 671,083 Current year-to-date gross write offs $ 0 $ 14 $ 0 $ 0 $ 0 $ 40 $ 54 $ 0 $ 54 Real Estate – Non-Owner Occupied: Grades 1 – 4 $ 92,790 $ 88,742 $ 113,072 $ 101,821 $ 28,307 $ 17,189 $ 441,921 $ 0 $ 441,921 Grades 5 – 7 162,540 126,362 128,389 96,612 6,553 26,013 546,469 0 546,469 Grades 8 – 9 0 6,507 5,514 0 0 0 12,021 0 12,021 Total $ 255,330 $ 221,611 $ 246,975 $ 198,433 $ 34,860 $ 43,202 $ 1,000,411 $ 0 $ 1,000,411 Current year-to-date gross write offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Real Estate – Multi-Family and Residential Rental: Grades 1 – 4 $ 20,509 $ 42,674 $ 61,279 $ 35,615 $ 4,974 $ 5,780 $ 170,831 $ 0 $ 170,831 Grades 5 – 7 52,733 53,171 4,985 9,727 2,783 1,735 125,134 0 125,134 Grades 8 – 9 11,250 0 0 1,014 0 0 12,264 0 12,264 Total $ 84,492 $ 95,845 $ 66,264 $ 46,356 $ 7,757 $ 7,515 $ 308,229 $ 0 $ 308,229 Current year-to-date gross write offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Total Commercial $ 809,546 $ 698,460 $ 570,011 $ 370,924 $ 84,426 $ 88,269 $ 2,621,636 $ 597,195 $ 3,218,831 Total Commercial current YTD gross write offs $ 0 $ 14 $ 0 $ 0 $ 0 $ 40 $ 54 $ 218 $ 272 Revolving Grand 2023 2022 2021 2020 2019 Prior Term Total Loans Total Retail: 1-4 Family Mortgages: Performing $ 104,955 $ 334,373 $ 235,394 $ 83,701 $ 10,833 $ 46,666 $ 815,922 $ 36,390 $ 852,312 Nonperforming 142 313 333 0 11 1,064 1,863 0 1,863 Total $ 105,097 $ 334,686 $ 235,727 $ 83,701 $ 10,844 $ 47,730 $ 817,785 $ 36,390 $ 854,175 Current year-to-date gross write offs $ 0 $ 136 $ 0 $ 0 $ 0 $ 239 $ 375 $ 138 $ 513 Other Consumer Loans: Performing $ 4,449 $ 2,954 $ 1,667 $ 542 $ 658 $ 336 $ 10,606 $ 20,764 $ 31,370 Nonperforming 0 0 0 0 0 0 0 0 0 Total $ 4,449 $ 2,954 $ 1,667 $ 542 $ 658 $ 336 $ 10,606 $ 20,764 $ 31,370 Current year-to-date gross write offs $ 2 $ 3 $ 0 $ 0 $ 0 $ 3 $ 8 $ 17 $ 25 Total Retail $ 109,546 $ 337,640 $ 237,394 $ 84,243 $ 11,502 $ 48,066 $ 828,391 $ 57,154 $ 885,545 Total Retail Current YTD gross write offs $ 2 $ 139 $ 0 $ 0 $ 0 $ 242 $ 383 $ 155 $ 538 Grand Total $ 919,092 $ 1,036,100 $ 807,405 $ 455,167 $ 95,928 $ 136,335 $ 3,450,027 $ 654,349 $ 4,104,376 Grand Total Current YTD gross write offs $ 2 $ 153 $ 0 $ 0 $ 0 $ 282 $ 437 $ 373 $ 810 Revolving Grand 2022 2021 2020 2019 2018 Prior Term Total Loans 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 $ 121,281 $ 152,035 $ 89,125 $ 44,196 $ 10,079 $ 12,018 $ 428,734 $ 0 $ 428,734 Grades 5 – 7 176,217 142,645 133,163 35,200 13,456 37,399 538,080 0 538,080 Grades 8 – 9 6,712 5,688 0 0 0 0 12,400 0 12,400 Total $ 304,210 $ 300,368 $ 222,288 $ 79,396 $ 23,535 $ 49,417 $ 979,214 $ 0 $ 979,214 Real Estate – Multi-Family and Residential Rental: Grades 1 – 4 $ 39,342 $ 49,178 $ 36,348 $ 5,306 $ 3,082 $ 4,003 $ 137,259 $ 0 $ 137,259 Grades 5 – 7 56,018 47,474 19,666 3,162 2,557 283 129,160 0 129,160 Grades 8 – 9 0 0 0 0 0 49 49 0 49 Total $ 95,360 $ 96,652 $ 56,014 $ 8,468 $ 5,639 $ 4,335 $ 266,468 $ 0 $ 266,468 Total Commercial $ 1,025,368 $ 770,437 $ 445,326 $ 135,893 $ 64,986 $ 72,100 $ 2,514,110 $ 617,720 $ 3,131,830 Revolving Grand 2022 2021 2020 2019 2018 Prior Term Total Loans 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 $ 1,016,339 $ 538,302 $ 149,061 $ 79,881 $ 115,181 $ 3,242,234 $ 674,385 $ 3,916,619 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Commercial Commercial vacant land, real estate – Commercial land development Commercial Commercial multi-family Other and and residential real estate – real estate – and 1-4 family consumer industrial reconstruction owner occupied non-owner occupied residential rental mortgages loans Unallocated Total Allowance for credit losses: Balance at 6-30-23 $ 6,472 $ 304 $ 5,838 $ 8,689 $ 3,700 $ 19,498 $ 199 $ 21 $ 44,721 Provision for credit losses 2,500 31 627 564 (1,071 ) 726 (56 ) (21 ) 3,300 Charge-offs 0 0 (40 ) 0 0 (201 ) (2 ) 0 (243 ) Recoveries 26 22 9 0 6 161 6 0 230 Ending balance $ 8,998 $ 357 $ 6,434 $ 9,253 $ 2,635 $ 20,184 $ 147 $ 0 $ 48,008 Balance at 12-31-22 $ 10,203 $ 490 $ 5,914 $ 9,242 $ 2,191 $ 14,027 $ 160 $ 19 $ 42,246 Provision for credit losses (1,123 ) (167 ) 495 11 426 6,317 (40 ) (19 ) 5,900 Charge-offs (218 ) 0 (54 ) 0 0 (513 ) (25 ) 0 (810 ) Recoveries 136 34 79 0 18 353 52 0 672 Ending balance $ 8,998 $ 357 $ 6,434 $ 9,253 $ 2,635 $ 20,184 $ 147 $ 0 $ 48,008 Commercial Commercial vacant land, real estate – Commercial land development Commercial Commercial multi-family Other and and residential real estate – real estate – and 1-4 family consumer industrial construction owner occupied non-owner occupied residential rental mortgages loans Unallocated Total Allowance for credit losses: Balance at 6-30-22 $ 8,608 $ 446 $ 5,578 $ 9,249 $ 1,639 $ 10,267 $ 165 $ 22 $ 35,974 Provision for credit losses 1,110 21 372 (206 ) 77 1,530 (13 ) 9 2,900 Charge-offs 0 0 0 0 0 0 0 0 0 Recoveries 22 1 22 0 23 154 24 0 246 Ending balance $ 9,740 $ 468 $ 5,972 $ 9,043 $ 1,739 $ 11,951 $ 176 $ 31 $ 39,120 Balance at 12-31-21 $ 10,782 $ 420 $ 6,045 $ 12,990 $ 2,006 $ 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 518 117 407 (1,413 ) 317 3,587 (74 ) 41 3,500 Charge-offs (170 ) (29 ) 0 0 0 (2 ) (18 ) 0 (219 ) Recoveries 181 3 80 0 37 522 53 0 876 Ending balance $ 9,740 $ 468 $ 5,972 $ 9,043 $ 1,739 $ 11,951 $ 176 $ 31 $ 39,120 |
Financing Receivable, Modified, Financial Effect [Table Text Block] | Interest Rate Principal Reduction Term Extension Forgiveness Commercial: Commercial and industrial $ 0 $ 0 $ 0 Vacant land, land development and residential construction 0 0 0 Real estate – owner occupied 0 0 0 Real estate – non-owner occupied 0 0 0 Real estate – multi-family and residential rental 0 0 0 Total commercial $ 0 $ 0 $ 0 Retail: 1-4 family mortgages 0 0 0 Other consumer loans 0 0 0 Total retail $ 0 $ 0 $ 0 Total loans $ 0 $ 0 $ 0 Interest Rate Principal Reduction Term Extension Forgiveness Commercial: Commercial and industrial $ 0 $ 8,184,000 $ 0 Vacant land, land development and residential construction 0 0 0 Real estate – owner occupied 0 0 0 Real estate – non-owner occupied 0 0 0 Real estate – multi-family and residential rental 0 0 0 Total commercial $ 0 $ 8,184,000 $ 0 Retail: 1-4 family mortgages 0 0 0 Other consumer loans 0 0 0 Total retail $ 0 $ 0 $ 0 Total loans $ 0 $ 8,184,000 $ 0 |
Financing Receivable, Modified, Amortized Cost [Table Text Block] | 30 – 89 Days 90 + Days Current Past Due Past Due Total Commercial: Commercial and industrial $ 8,184,000 $ 0 $ 0 $ 8,184,000 Vacant land, land development and residential construction 0 0 0 0 Real estate – owner occupied 0 0 0 0 Real estate – non-owner occupied 0 0 0 0 Real estate – multi-family and residential rental 0 0 0 0 Total commercial $ 8,184,000 $ 0 $ 0 $ 8,184,000 Retail: 1-4 family mortgages 0 0 0 0 Other consumer loans 0 0 0 0 Total retail $ 0 $ 0 $ 0 $ 0 Total loans $ 8,184,000 $ 0 $ 0 $ 8,184,000 |
Financing Receivable, Modified [Table Text Block] | Pre- Post- Modification Modification Recorded Recorded Number of Principal Principal Contracts Balance Balance Commercial: Commercial and industrial 1 $ 19,000 $ 19,000 Vacant land, land development and residential construction 0 0 0 Real estate – owner occupied 0 0 0 Real estate – non-owner occupied 0 0 0 Real estate – multi-family and residential rental 0 0 0 Total commercial 1 19,000 19,000 Retail: 1-4 family mortgages 2 289,000 289,000 Other consumer loans 0 0 0 Total retail 2 289,000 289,000 Total loans 3 $ 308,000 $ 308,000 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: 1-4 family mortgages 5 501,000 500,000 Other consumer loans 0 0 0 Total retail 5 501,000 500,000 Total loans 8 $ 7,094,000 $ 7,093,000 |
Trouble Debt Restructuring Activity [Table Text Block] | Commercial Vacant Land, Commercial Land Real Estate - Development, Commercial Commercial Multi-Family Commercial and Real Estate - Real Estate - and and Residential Owner Non-Owner Residential Industrial Construction Occupied Occupied Rental Commercial Loan Portfolio: Beginning Balance $ 9,938,000 $ 0 $ 87,000 $ 139,000 $ 88,000 Charge-Offs 0 0 0 0 0 Payments (net) (891,000 ) 0 (3,000 ) (4,000 ) (88,000 ) Transfers to ORE 0 0 0 0 0 Net Additions/Deletions 19,000 0 0 0 0 Ending Balance $ 9,066,000 $ 0 $ 84,000 $ 135,000 $ 0 Retail Retail 1-4 Family Other Consumer Mortgages Loans Retail Loan Portfolio: Beginning Balance $ 2,339,000 $ 3,000 Charge-Offs 0 0 Payments (net) (84,000 ) (1,000 ) Transfers to ORE 0 0 Net Additions/Deletions 289,000 0 Ending Balance $ 2,544,000 $ 2,000 Commercial Vacant Land, Commercial Land Real Estate - Development, Commercial Commercial Multi-Family Commercial and Real Estate - Real Estate - and and Residential Owner Non-Owner 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 0 0 0 Payments (net) (378,000 ) 0 (9,682,000 ) (11,000 ) (91,000 ) Transfers to ORE 0 0 0 0 0 Net Additions/Deletions 4,566,000 0 (669,000 ) 0 0 Ending Balance $ 9,066,000 $ 0 $ 84,000 $ 135,000 $ 0 Retail Retail 1-4 Family Other Consumer Mortgages Loans Retail Loan Portfolio: Beginning Balance $ 627,000 $ 1,202,000 Charge-Offs 0 0 Payments (net) (253,000 ) (13,000 ) Transfers to ORE 0 0 Net Additions/Deletions (1) 2,170,000 (1,187,000 ) Ending Balance $ 2,544,000 $ 2,000 |
Note 4 - Premises and Equipme_2
Note 4 - Premises and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, December 31, 2023 2022 Land and improvements $ 13,072,000 $ 13,532,000 Buildings 57,076,000 53,865,000 Furniture and equipment 24,658,000 22,941,000 94,806,000 90,338,000 Less: accumulated depreciation 42,575,000 38,862,000 Premises and equipment, net $ 52,231,000 $ 51,476,000 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | 2023 $ 354,000 2024 1,210,000 2025 721,000 2026 612,000 2027 553,000 Thereafter 1,696,000 Total undiscounted lease payments 5,146,000 Less effect of discounting (1,147,000 ) Present value of future lease payments (lease liability) $ 3,999,000 |
Note 5 - Deposits (Tables)
Note 5 - Deposits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Summary of Deposits and Percentage Change in Deposits [Table Text Block] | Percent September 30, 2023 December 31, 2022 Increase Balance % Balance % (Decrease) Noninterest-bearing checking $ 1,309,672,000 33.6 % $ 1,604,750,000 43.2 % (18.4 )% Interest-bearing checking 670,843,000 17.2 575,028,000 15.5 16.7 Money market 976,348,000 25.0 776,723,000 20.9 25.7 Savings 286,868,000 7.4 381,602,000 10.3 (24.8 ) Time, under $100,000 155,511,000 4.0 113,099,000 3.0 37.5 Time, $100,000 and over 390,213,000 10.0 261,609,000 7.1 49.2 Total local deposits 3,789,455,000 97.2 3,712,811,000 100.0 2.1 Out-of-area time, $100,000 and over 111,280,000 2.8 0 0.0 N/A Total deposits $ 3,900,735,000 100.0 % $ 3,712,811,000 100.0 % 5.1 % |
Note 6 - Securities Sold Unde_2
Note 6 - Securities Sold Under Agreements to Repurchase (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Repurchase Agreements [Table Text Block] | Nine Months Ended Twelve Months Ended September 30, 2023 December 31, 2022 Outstanding balance at end of period $ 164,082,000 $ 194,340,000 Average interest rate at end of period 0.74 % 0.75 % Average daily balance during the period $ 211,680,000 $ 200,499,000 Average interest rate during the period 1.22 % 0.15 % Maximum daily balance during the period $ 269,324,000 $ 235,577,000 |
Note 7 - Federal Home Loan Ba_2
Note 7 - Federal Home Loan Bank of Indianapolis Advances (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Amortizing Advances [Member] | |
Notes Tables | |
Maturities of Currently Outstanding FHLB Advances [Table Text Block] | 2023 $ 0 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 $ 30,000,000 2024 90,000,000 2025 80,000,000 2026 80,000,000 2027 90,000,000 Thereafter 60,000,000 |
Note 8 - Commitments and Off-_2
Note 8 - Commitments and Off-balance Sheet Risk (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Summary of Contractual Amounts of Financial Instruments With Off Balance Sheet Risk [Table Text Block] | September 30, December 31, 2023 2022 Commercial unused lines of credit $ 1,603,414,000 $ 1,283,703,000 Unused lines of credit secured by 1–4 family residential properties 74,130,000 71,972,000 Credit card unused lines of credit 135,886,000 123,687,000 Other consumer unused lines of credit 58,486,000 75,747,000 Commitments to make loans 287,510,000 329,646,000 Standby letters of credit 19,367,000 23,539,000 $ 2,178,793,000 $ 1,908,294,000 |
Note 9 - Derivatives and Hedg_2
Note 9 - Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Balance Sheet Notional Amount Location Fair Value Derivative Assets Interest rate swaps $ 591,790,000 Other Assets $ 35,060,000 Derivative Liabilities Interest rate swaps 591,790,000 Other Liabilities 35,242,000 Balance Sheet Notional Amount 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 |
Note 10 - Fair Values of Fina_2
Note 10 - Fair Values of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Level in September 30, 2023 December 31, 2022 Fair Value Carrying Fair Carrying Fair Hierarchy Values Values Values Values Financial assets: Cash and cash equivalents Level 1 $ 265,987 $ 265,987 $ 96,772 $ 96,772 Securities available for sale (1) 592,305 592,305 602,936 602,936 FHLBI stock (2) 21,513 21,513 17,721 17,721 Loans, net Level 3 4,056,368 3,953,468 3,874,373 3,800,042 Mortgage loans held for sale Level 2 10,171 10,246 3,565 3,643 Mortgage servicing rights Level 3 11,391 19,451 11,837 17,727 Accrued interest receivable Level 2 19,607 19,607 15,476 15,476 Interest rate swaps Level 2 35,060 35,060 25,697 25,697 Financial liabilities: Deposits Level 2 3,900,735 3,558,860 3,712,811 3,379,403 Repurchase agreements Level 2 164,082 164,082 194,340 194,340 FHLBI advances Level 2 457,910 434,992 308,263 292,044 Subordinated debentures Level 2 49,473 56,009 48,958 49,531 Subordinated notes Level 2 88,885 77,528 88,628 75,024 Accrued interest payable Level 2 7,218 7,218 3,223 3,223 Interest rate swaps Level 2 35,242 35,242 25,900 25,900 |
Note 11 - Fair Values (Tables)
Note 11 - Fair Values (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Quoted Prices in Active Markets Significant for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Available for sale securities U.S. Government agency debt obligations $ 384,079,000 $ 0 $ 384,079,000 $ 0 Mortgage-backed securities 28,016,000 0 28,016,000 0 Municipal general obligation bonds 153,425,000 0 152,885,000 540,000 Municipal revenue bonds 26,285,000 0 26,285,000 0 Other investments 500,000 0 500,000 0 Interest rate swaps 35,060,000 0 35,060,000 0 Total assets $ 627,365,000 $ 0 $ 626,825,000 $ 540,000 Interest rate swaps 35,242,000 0 35,242,000 0 Total liabilities $ 35,242,000 $ 0 $ 35,242,000 $ 0 Quoted Prices in Active Markets Significant for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Available for sale securities U.S. Government agency debt obligations $ 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 |
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 $ 3,346,000 $ 0 $ 0 $ 3,346,000 Foreclosed assets 51,000 0 0 51,000 Total $ 3,397,000 $ 0 $ 0 $ 3,397,000 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 |
Note 12 - Regulatory Matters (T
Note 12 - Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Minimum Required to be Well Minimum Required Capitalized Under for Capital Prompt Corrective Actual Adequacy Purposes Action Regulations Amount Ratio Amount Ratio Amount Ratio September 30, 2023 Total capital (to risk weighted assets) Consolidated $ 692,252 14.1 % $ 392,930 8.0 % NA NA Bank 675,953 13.8 392,745 8.0 490,931 10.0 % Tier 1 capital (to risk weighted assets) Consolidated 554,634 11.3 294,697 6.0 NA NA Bank 627,220 12.8 294,559 6.0 392,745 8.0 Common equity tier 1 (to risk weighted assets) Consolidated 507,235 10.3 221,023 4.5 NA NA Bank 627,220 12.8 220,919 4.5 319,105 6.5 Tier 1 capital (to average assets) Consolidated 554,634 10.6 208,523 4.0 NA NA Bank 627,220 12.0 208,432 4.0 260,540 5.0 December 31, 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 tier 1 (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 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 USD ($) shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2023 USD ($) shares | Sep. 30, 2022 USD ($) shares | Dec. 31, 2022 USD ($) | |
Number of Unconsolidated Business Trusts Formed to Issue Trust Preferred Securities | 5 | 5 | |||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Ending Balance | $ 0 | $ 0 | $ 0 | ||
Financing Receivable, Unamortized Loan Cost (Fee) | $ 2,400 | 2,400 | 1,000 | ||
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 | ||||
Loan, Mortgage, Held-for-Sale, Fair Value Disclosure | $ 10,200 | 10,200 | 3,600 | ||
Financing Receivable, Credit Loss, Expense (Reversal) | 3,300 | $ 2,900 | 5,900 | $ 3,500 | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (900) | ||||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (100) | ||||
Continuing Involvement with Transferred Financial Assets, Principal Amount Outstanding | $ 1,390,000 | $ 1,390,000 | 1,380,000 | ||
Goodwill, Impairment Loss | $ 0 | ||||
Core Deposits [Member] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | ||||
Restricted Stock [Member] | |||||
Incremental Common Shares Attributable to Participating Nonvested Shares with Non-forfeitable Dividend Rights (in shares) | shares | 345,000 | 319,000 | 345,000 | 319,000 | |
Share-Based Payment Arrangement, Option [Member] | |||||
Incremental Common Shares Attributable to Participating Nonvested Shares with Non-forfeitable Dividend Rights (in shares) | shares | 1,000 | 1,000 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 5,000 | 5,000 | 5,000 | 5,000 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies - Noninterest Income (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Service Charges on Deposit and Sweep Accounts [Member] | ||||
Noninterest revenue | $ 1,370,000 | $ 1,579,000 | $ 3,411,000 | $ 4,489,000 |
Credit and Debit Card [Member] | ||||
Noninterest revenue | 2,232,000 | 2,086,000 | 6,717,000 | 6,101,000 |
Payroll Processing [Member] | ||||
Noninterest revenue | 591,000 | 533,000 | 1,908,000 | 1,635,000 |
Customer Service [Member] | ||||
Noninterest revenue | $ 205,000 | $ 210,000 | $ 612,000 | $ 654,000 |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 809 | 732 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | $ 585,698,000 | $ 573,146,000 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 93,199,000 | 83,281,000 |
Proceeds from Sale of Debt Securities, Available-for-Sale | 0 | 0 |
Debt Securities, Available-for-Sale, Amortized Cost | 685,455,000 | 685,646,000 |
Debt Securities, Available-for-Sale | 592,305,000 | 602,936,000 |
Bonds Issued or Guaranteed by Agencies of the U.S. Federal Government [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 75,900,000 | |
Bonds Issued by State-based Municipalities [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 17,300,000 | |
State of Michigan and All Its Political Subdivisions [Member] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 197,000,000 | 193,000,000 |
Debt Securities, Available-for-Sale | 180,000,000 | 182,000,000 |
All Other States and Their Political Subdivisions [Member] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 0 | 0 |
US Government Agency Debt Obligations and Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Restricted | 164,000,000 | 194,000,000 |
Deposit Liabilities, Collateral Issued, Financial Instruments | $ 96,500,000 | $ 0 |
Note 2 - Securities - Available
Note 2 - Securities - Available-for-sale Securities (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Securities available for sale, amortized cost | $ 685,455,000 | $ 685,646,000 |
Securities available for sale, gross unrealized gains | 49,000 | 571,000 |
Securities available for sale, gross unrealized losses | (93,199,000) | (83,281,000) |
Securities available for sale, fair value | 592,305,000 | 602,936,000 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale, amortized cost | 452,330,000 | 453,836,000 |
Securities available for sale, gross unrealized gains | 0 | 0 |
Securities available for sale, gross unrealized losses | (68,251,000) | (65,092,000) |
Securities available for sale, fair value | 384,079,000 | 388,744,000 |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities available for sale, amortized cost | 35,699,000 | 38,002,000 |
Securities available for sale, gross unrealized gains | 2,000 | 19,000 |
Securities available for sale, gross unrealized losses | (7,685,000) | (6,068,000) |
Securities available for sale, fair value | 28,016,000 | 31,953,000 |
Municipal General Obligation Bonds [Member] | ||
Securities available for sale, amortized cost | 166,922,000 | 163,041,000 |
Securities available for sale, gross unrealized gains | 33,000 | 450,000 |
Securities available for sale, gross unrealized losses | (13,530,000) | (9,058,000) |
Securities available for sale, fair value | 153,425,000 | 154,433,000 |
Municipal Revenue Bonds [Member] | ||
Securities available for sale, amortized cost | 30,004,000 | 30,267,000 |
Securities available for sale, gross unrealized gains | 14,000 | 102,000 |
Securities available for sale, gross unrealized losses | (3,733,000) | (3,063,000) |
Securities available for sale, fair value | 26,285,000 | 27,306,000 |
Other Debt and Equity Securities [Member] | ||
Securities available for sale, amortized cost | 500,000 | 500,000 |
Securities available for sale, gross unrealized gains | 0 | 0 |
Securities available for sale, gross unrealized losses | 0 | 0 |
Securities available for sale, fair value | $ 500,000 | $ 500,000 |
Note 2 - Securities - Securitie
Note 2 - Securities - Securities in a Continuous Loss Position (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Securities available for sale, continuous unrealized loss position, less than 12 months | $ 68,756,000 | $ 193,930,000 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 12,717,000 | 17,438,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 516,942,000 | 379,216,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 80,482,000 | 65,843,000 |
Securities available for sale, continuous unrealized loss position | 585,698,000 | 573,146,000 |
Securities available for sale, continuous unrealized loss position, unrealized loss | 93,199,000 | 83,281,000 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale, continuous unrealized loss position, less than 12 months | 2,679,000 | 53,019,000 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 1,124,000 | 5,713,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 381,400,000 | 335,725,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 67,127,000 | 59,379,000 |
Securities available for sale, continuous unrealized loss position | 384,079,000 | 388,744,000 |
Securities available for sale, continuous unrealized loss position, unrealized loss | 68,251,000 | 65,092,000 |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities available for sale, continuous unrealized loss position, less than 12 months | 26,231,000 | 31,127,000 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 7,558,000 | 6,068,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 1,604,000 | 12,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 127,000 | 0 |
Securities available for sale, continuous unrealized loss position | 27,835,000 | 31,139,000 |
Securities available for sale, continuous unrealized loss position, unrealized loss | 7,685,000 | 6,068,000 |
Municipal General Obligation Bonds [Member] | ||
Securities available for sale, continuous unrealized loss position, less than 12 months | 33,136,000 | 97,252,000 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 2,992,000 | 4,516,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 115,872,000 | 32,870,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 10,538,000 | 4,542,000 |
Securities available for sale, continuous unrealized loss position | 149,008,000 | 130,122,000 |
Securities available for sale, continuous unrealized loss position, unrealized loss | 13,530,000 | 9,058,000 |
Municipal Revenue Bonds [Member] | ||
Securities available for sale, continuous unrealized loss position, less than 12 months | 6,710,000 | 12,532,000 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 1,043,000 | 1,141,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 18,066,000 | 10,609,000 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 2,690,000 | 1,922,000 |
Securities available for sale, continuous unrealized loss position | 24,776,000 | 23,141,000 |
Securities available for sale, continuous unrealized loss position, unrealized loss | $ 3,733,000 | $ 3,063,000 |
Note 2 - Securities - Debt Secu
Note 2 - Securities - Debt Securities by Maturity (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Due in 2023, Weighted Average Yield | 0.35% | |
Due in 2023, Amortized Cost | $ 10,635,000 | |
Due in 2023, Fair Value | $ 10,560,000 | |
Due in 2024 through 2028, Weighted Average Yield | 1.32% | |
Due in 2024 through 2028, Amortized Cost | $ 319,456,000 | |
Due in 2024 through 2028, Fair Value | $ 289,600,000 | |
Due in 2029 through 2033, Weighted Average Yield | 2.02% | |
Due in 2029 through 2033, Amortized Cost | $ 278,377,000 | |
Due in 2029 through 2033, Fair Value | $ 227,860,000 | |
Due in 2034 and beyond, Weighted Average Yield | 3.68% | |
Due in 2034 and beyond, Amortized Cost | $ 40,788,000 | |
Due in 2034 and beyond, Fair Value | $ 35,769,000 | |
Total available for sale securities, weighted average yield | 1.78% | |
Total available for sale securities, Amortized Cost | $ 685,455,000 | $ 685,646,000 |
Securities available for sale | $ 592,305,000 | 602,936,000 |
Collateralized Mortgage-Backed Securities [Member] | ||
No single maturity, weighted average yield | 2.18% | |
No single maturity, amortized cost | $ 35,699,000 | |
No single maturity, fair value | 28,016,000 | |
Total available for sale securities, Amortized Cost | 35,699,000 | 38,002,000 |
Securities available for sale | $ 28,016,000 | 31,953,000 |
Other Debt and Equity Securities [Member] | ||
No single maturity, weighted average yield | 8.42% | |
No single maturity, amortized cost | $ 500,000 | |
No single maturity, fair value | 500,000 | |
Total available for sale securities, Amortized Cost | 500,000 | 500,000 |
Securities available for sale | $ 500,000 | $ 500,000 |
Note 3 - Loans and Allowance _3
Note 3 - Loans and Allowance for Credit Losses (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jan. 01, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Financing Receivable, before Allowance for Credit Loss | $ 4,104,376,000 | $ 3,916,619,000 | |||||
Increase (Decrease) in Finance Receivables | $ 188,000,000 | ||||||
Loans and Leases Receivable, Percentage Period Increase (Decrease) | 4.80% | ||||||
Financing Receivable, Nonaccrual, Interest Income | $ 0 | 0 | |||||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | |||||
Financing Receivable, Troubled Debt Restructuring | 8,184,000 | ||||||
Collateral Dependent Loans [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss | 5,900,000 | 7,700,000 | |||||
Commercial Real Estate Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | Reclassification Between Loan Segments [Member] | |||||||
Increase (Decrease) in Finance Receivables | 54,500,000 | ||||||
Commercial Real Estate Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | Reclassification Between Loan Segments [Member] | |||||||
Increase (Decrease) in Finance Receivables | (54,500,000) | ||||||
Retail Portfolio Segment [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss | 885,545,000 | 784,789,000 | |||||
Financing Receivable, Troubled Debt Restructuring | 0 | ||||||
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss | 31,370,000 | 29,753,000 | |||||
Financing Receivable, Troubled Debt Restructuring | $ 2,000 | 0 | $ 2,000 | $ 3,000 | $ 1,202,000 | ||
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 | 854,175,000 | $ 755,036,000 | |||||
Financing Receivable, Troubled Debt Restructuring | $ 2,544,000 | $ 0 | $ 2,544,000 | $ 2,339,000 | $ 627,000 | ||
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 |
Note 3 - Loans and Allowance _4
Note 3 - Loans and Allowance for Credit Losses - Components of Loan Portfolio (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2023 | Dec. 31, 2022 | ||
Loans | $ 4,104,376,000 | $ 3,916,619,000 | |
Percent of portfolio | 100% | 100% | |
Period increase (decrease) | 4.80% | ||
Commercial Portfolio Segment [Member] | |||
Loans | $ 3,218,831,000 | $ 3,131,830,000 | |
Percent of portfolio | 78.40% | 80% | |
Period increase (decrease) | 2.80% | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Loans | $ 1,166,187,000 | $ 1,185,083,000 | |
Percent of portfolio | 28.40% | 30.30% | |
Period increase (decrease) | (1.60%) | ||
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Loans | $ 72,921,000 | $ 61,873,000 | |
Percent of portfolio | 1.70% | 1.60% | |
Period increase (decrease) | 17.90% | ||
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Loans | $ 671,083,000 | $ 639,192,000 | |
Percent of portfolio | 16.40% | 16.30% | |
Period increase (decrease) | 5% | ||
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Loans | [1] | $ 1,000,411,000 | $ 979,214,000 |
Percent of portfolio | 24.40% | 25% | |
Period increase (decrease) | 2.20% | ||
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Loans | [1] | $ 308,229,000 | $ 266,468,000 |
Percent of portfolio | 7.50% | 6.80% | |
Period increase (decrease) | 15.70% | ||
Retail Portfolio Segment [Member] | |||
Loans | $ 885,545,000 | $ 784,789,000 | |
Percent of portfolio | 21.60% | 20% | |
Period increase (decrease) | 12.80% | ||
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Loans | $ 854,175,000 | $ 755,036,000 | |
Percent of portfolio | 20.80% | 19.30% | |
Period increase (decrease) | 13.10% | ||
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Loans | $ 31,370,000 | $ 29,753,000 | |
Percent of portfolio | 0.80% | 0.70% | |
Period increase (decrease) | 5.40% | ||
[1]We have made certain reclassifications of how multi-family construction loans are disaggregated by loan segment. The table above reflects an increase of $54.5 million in Real Estate – Multi-Family and Residential Rental loans and a corresponding decrease in Real Estate – Non-Owner Occupied loans as of December 31, 2022. All the tables that follow have been adjusted to reflect the reclassifications as of the applicable dates. |
Note 3 - Loans and Allowance _5
Note 3 - Loans and Allowance for Credit Losses - Nonperforming Loans (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Loans past due 90 days or more still accruing interest | $ 0 | $ 0 |
Nonaccrual loans | 5,889,000 | 7,728,000 |
Commercial Portfolio Segment [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Nonaccrual loans | 4,026,000 | 6,272,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
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] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Retail Portfolio Segment [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Nonaccrual loans | 1,863,000 | 1,456,000 |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Nonperforming Financial Instruments [Member] | ||
Loans past due 90 days or more still accruing interest | 0 | 0 |
Nonaccrual loans | 5,889,000 | 7,728,000 |
Total nonperforming loans | 5,889,000 | 7,728,000 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | ||
Total nonperforming loans | 4,026,000 | 6,272,000 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Total nonperforming loans | 3,288,000 | 6,024,000 |
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 | 738,000 | 248,000 |
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 | 1,863,000 | 1,456,000 |
Nonperforming Financial Instruments [Member] | Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||
Total nonperforming loans | 1,863,000 | 1,456,000 |
Nonperforming Financial Instruments [Member] | Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Total nonperforming loans | $ 0 | $ 0 |
Note 3 - Loans and Allowance _6
Note 3 - Loans and Allowance for Credit Losses - Age Analysis of Past Due Loans (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | |
Financing Receivable, before Allowance for Credit Loss | $ 4,104,376,000 | $ 3,916,619,000 | |
Loans past due 90 days or more still accruing interest | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 3,218,831,000 | 3,131,830,000 | |
Loans past due 90 days or more still accruing interest | 0 | 0 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 1,166,187,000 | 1,185,083,000 | |
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] | |||
Financing Receivable, before Allowance for Credit Loss | 72,921,000 | 61,873,000 | |
Loans past due 90 days or more still accruing interest | 0 | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 671,083,000 | 639,192,000 | |
Loans past due 90 days or more still accruing interest | 0 | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | [1] | 1,000,411,000 | 979,214,000 |
Loans past due 90 days or more still accruing interest | 0 | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | [1] | 308,229,000 | 266,468,000 |
Loans past due 90 days or more still accruing interest | 0 | 0 | |
Retail Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 885,545,000 | 784,789,000 | |
Loans past due 90 days or more still accruing interest | 0 | 0 | |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 854,175,000 | 755,036,000 | |
Loans past due 90 days or more still accruing interest | 0 | 0 | |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 31,370,000 | 29,753,000 | |
Loans past due 90 days or more still accruing interest | 0 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 685,000 | 1,349,000 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 4,000 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 4,000 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Retail Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 681,000 | 1,349,000 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 680,000 | 1,334,000 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 1,000 | 15,000 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 499,000 | 6,042,000 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 5,953,000 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 5,705,000 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 248,000 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Retail Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 499,000 | 89,000 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 499,000 | 88,000 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 1,000 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 451,000 | 365,000 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 319,000 | 249,000 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 249,000 | 249,000 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 70,000 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Retail Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 132,000 | 116,000 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 132,000 | 116,000 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 1,635,000 | 7,756,000 | |
Financial Asset, Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 323,000 | 6,202,000 | |
Financial Asset, Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 253,000 | 5,954,000 | |
Financial Asset, Past Due [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 70,000 | 248,000 | |
Financial Asset, Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Past Due [Member] | Retail Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 1,312,000 | 1,554,000 | |
Financial Asset, Past Due [Member] | Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 1,311,000 | 1,538,000 | |
Financial Asset, Past Due [Member] | Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 1,000 | 16,000 | |
Financial Asset, Not Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 4,102,741,000 | 3,908,863,000 | |
Financial Asset, Not Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 3,218,508,000 | 3,125,628,000 | |
Financial Asset, Not Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 1,165,934,000 | 1,179,129,000 | |
Financial Asset, Not Past Due [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 72,921,000 | 61,873,000 | |
Financial Asset, Not Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 671,013,000 | 638,944,000 | |
Financial Asset, Not Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 1,000,411,000 | 979,214,000 | |
Financial Asset, Not Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 308,229,000 | 266,468,000 | |
Financial Asset, Not Past Due [Member] | Retail Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 884,233,000 | 783,235,000 | |
Financial Asset, Not Past Due [Member] | Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 852,864,000 | 753,498,000 | |
Financial Asset, Not Past Due [Member] | Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss | $ 31,369,000 | $ 29,737,000 | |
[1]We have made certain reclassifications of how multi-family construction loans are disaggregated by loan segment. The table above reflects an increase of $54.5 million in Real Estate – Multi-Family and Residential Rental loans and a corresponding decrease in Real Estate – Non-Owner Occupied loans as of December 31, 2022. All the tables that follow have been adjusted to reflect the reclassifications as of the applicable dates. |
Note 3 - Loans and Allowance _7
Note 3 - Loans and Allowance for Loan Losses - Nonaccrual Loans (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
With no related allowance recorded, principal balance | $ 2,353,000 | $ 1,313,000 |
With related allowance recorded, principal balance | 3,536,000 | 6,415,000 |
Related allowance | 1,425,000 | 2,283,000 |
Nonaccrual loans | 5,889,000 | 7,728,000 |
Commercial Portfolio Segment [Member] | ||
With no related allowance recorded, principal balance | 987,000 | 249,000 |
With related allowance recorded, principal balance | 3,039,000 | 6,023,000 |
Related allowance | 1,233,000 | 2,083,000 |
Nonaccrual loans | 4,026,000 | 6,272,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
With no related allowance recorded, principal balance | 249,000 | 249,000 |
With related allowance recorded, principal balance | 3,039,000 | 5,775,000 |
Related allowance | 1,233,000 | 2,051,000 |
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 | 738,000 | 0 |
With related allowance recorded, principal balance | 0 | 248,000 |
Related allowance | 0 | 32,000 |
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 | 0 |
Related allowance | 0 | 0 |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||
With no related allowance recorded, principal balance | 0 | 0 |
With related allowance recorded, principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Retail Portfolio Segment [Member] | ||
With no related allowance recorded, principal balance | 1,366,000 | 1,064,000 |
With related allowance recorded, principal balance | 497,000 | 392,000 |
Related allowance | 192,000 | 200,000 |
Nonaccrual loans | 1,863,000 | 1,456,000 |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||
With no related allowance recorded, principal balance | 1,366,000 | 1,064,000 |
With related allowance recorded, principal balance | 497,000 | 392,000 |
Related allowance | 192,000 | 200,000 |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
With no related allowance recorded, principal balance | 0 | 0 |
With related allowance recorded, principal balance | 0 | 0 |
Related allowance | $ 0 | $ 0 |
Note 3 - Loans and Allowance _8
Note 3 - Loans and Allowance for Credit Losses - Loan Vintage (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2023 | Dec. 31, 2022 | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 919,092,000 | $ 1,343,470,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,036,100,000 | 1,016,339,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 807,405,000 | 538,302,000 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 455,167,000 | 149,061,000 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 95,928,000 | 79,881,000 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 136,335,000 | 115,181,000 | |
Financing Receivable, Term Loan | 3,450,027,000 | 3,242,234,000 | |
Financing Receivable, Revolving | 654,349,000 | 674,385,000 | |
Loans | 4,104,376,000 | 3,916,619,000 | |
Current year-to-date gross write offs | 2,000 | ||
One year before year-to-date gross write offs | 153,000 | ||
Two years before Current year-to-date gross write offs | 0 | ||
three years before current year-to-date gross write offs | 0 | ||
four years before, Current year-to-date gross write offs | 0 | ||
Prior, current year-to-date gross write offs | 282,000 | ||
Term loan, year-to-date gross write offs | 437,000 | ||
Revolving, year-to-date gross write offs | 373,000 | ||
total year-to-date gross write offs | 810,000 | ||
Retail Portfolio Segment [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 109,546,000 | 318,102,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 337,640,000 | 245,902,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 237,394,000 | 92,976,000 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 84,243,000 | 13,168,000 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 11,502,000 | 14,895,000 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 48,066,000 | 43,081,000 | |
Financing Receivable, Term Loan | 828,391,000 | 728,124,000 | |
Financing Receivable, Revolving | 57,154,000 | 56,665,000 | |
Loans | 885,545,000 | 784,789,000 | |
Current year-to-date gross write offs | 2,000 | ||
One year before year-to-date gross write offs | 139,000 | ||
Two years before Current year-to-date gross write offs | 0 | ||
three years before current year-to-date gross write offs | 0 | ||
four years before, Current year-to-date gross write offs | 0 | ||
Prior, current year-to-date gross write offs | 242,000 | ||
Term loan, year-to-date gross write offs | 383,000 | ||
Revolving, year-to-date gross write offs | 155,000 | ||
total year-to-date gross write offs | 538,000 | ||
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 105,097,000 | 313,753,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 334,686,000 | 243,032,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 235,727,000 | 91,936,000 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 83,701,000 | 12,094,000 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 10,844,000 | 14,500,000 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 47,730,000 | 42,651,000 | |
Financing Receivable, Term Loan | 817,785,000 | 717,966,000 | |
Financing Receivable, Revolving | 36,390,000 | 37,070,000 | |
Loans | 854,175,000 | 755,036,000 | |
Current year-to-date gross write offs | 0 | ||
One year before year-to-date gross write offs | 136,000 | ||
Two years before Current year-to-date gross write offs | 0 | ||
three years before current year-to-date gross write offs | 0 | ||
four years before, Current year-to-date gross write offs | 0 | ||
Prior, current year-to-date gross write offs | 239,000 | ||
Term loan, year-to-date gross write offs | 375,000 | ||
Revolving, year-to-date gross write offs | 138,000 | ||
total year-to-date gross write offs | 513,000 | ||
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 104,955,000 | 313,611,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 334,373,000 | 242,950,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 235,394,000 | 91,936,000 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 83,701,000 | 12,094,000 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 10,833,000 | 14,297,000 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 46,666,000 | 41,622,000 | |
Financing Receivable, Term Loan | 815,922,000 | 716,510,000 | |
Financing Receivable, Revolving | 36,390,000 | 37,070,000 | |
Loans | 852,312,000 | 753,580,000 | |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 142,000 | 142,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 313,000 | 82,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 333,000 | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 11,000 | 203,000 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,064,000 | 1,029,000 | |
Financing Receivable, Term Loan | 1,863,000 | 1,456,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | 1,863,000 | 1,456,000 | |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 4,449,000 | 4,349,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,954,000 | 2,870,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,667,000 | 1,040,000 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 542,000 | 1,074,000 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 658,000 | 395,000 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 336,000 | 430,000 | |
Financing Receivable, Term Loan | 10,606,000 | 10,158,000 | |
Financing Receivable, Revolving | 20,764,000 | 19,595,000 | |
Loans | 31,370,000 | 29,753,000 | |
Current year-to-date gross write offs | 2,000 | ||
One year before year-to-date gross write offs | 3,000 | ||
Two years before Current year-to-date gross write offs | 0 | ||
three years before current year-to-date gross write offs | 0 | ||
four years before, Current year-to-date gross write offs | 0 | ||
Prior, current year-to-date gross write offs | 3,000 | ||
Term loan, year-to-date gross write offs | 8,000 | ||
Revolving, year-to-date gross write offs | 17,000 | ||
total year-to-date gross write offs | 25,000 | ||
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 4,449,000 | 4,349,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,954,000 | 2,870,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,667,000 | 1,040,000 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 542,000 | 1,074,000 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 658,000 | 395,000 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 336,000 | 430,000 | |
Financing Receivable, Term Loan | 10,606,000 | 10,158,000 | |
Financing Receivable, Revolving | 20,764,000 | 19,595,000 | |
Loans | 31,370,000 | 29,753,000 | |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Term Loan | 0 | 0 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 809,546,000 | 1,025,368,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 698,460,000 | 770,437,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 570,011,000 | 445,326,000 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 370,924,000 | 135,893,000 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 84,426,000 | 64,986,000 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 88,269,000 | 72,100,000 | |
Financing Receivable, Term Loan | 2,621,636,000 | 2,514,110,000 | |
Financing Receivable, Revolving | 597,195,000 | 617,720,000 | |
Loans | 3,218,831,000 | 3,131,830,000 | |
Current year-to-date gross write offs | 0 | ||
One year before year-to-date gross write offs | 14,000 | ||
Two years before Current year-to-date gross write offs | 0 | ||
three years before current year-to-date gross write offs | 0 | ||
four years before, Current year-to-date gross write offs | 0 | ||
Prior, current year-to-date gross write offs | 40,000 | ||
Term loan, year-to-date gross write offs | 54,000 | ||
Revolving, year-to-date gross write offs | 218,000 | ||
total year-to-date gross write offs | 272,000 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 210,042,000 | 271,061,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 163,860,000 | 188,760,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 133,491,000 | 75,658,000 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 44,181,000 | 18,064,000 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 14,641,000 | 3,847,000 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 9,565,000 | 9,973,000 | |
Financing Receivable, Term Loan | 575,780,000 | 567,363,000 | |
Financing Receivable, Revolving | 590,407,000 | 617,720,000 | |
Loans | 1,166,187,000 | 1,185,083,000 | |
Current year-to-date gross write offs | 0 | ||
One year before year-to-date gross write offs | 0 | ||
Two years before Current year-to-date gross write offs | 0 | ||
three years before current year-to-date gross write offs | 0 | ||
four years before, Current year-to-date gross write offs | 0 | ||
Prior, current year-to-date gross write offs | 0 | ||
Term loan, year-to-date gross write offs | 0 | ||
Revolving, year-to-date gross write offs | 218,000 | ||
total year-to-date gross write offs | 218,000 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Grades 1-4 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 94,356,000 | 115,494,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 94,042,000 | 141,481,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 100,652,000 | 43,961,000 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 25,063,000 | 9,194,000 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 7,012,000 | 3,230,000 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 9,411,000 | 9,851,000 | |
Financing Receivable, Term Loan | 330,536,000 | 323,211,000 | |
Financing Receivable, Revolving | 384,697,000 | 396,372,000 | |
Loans | 715,233,000 | 719,583,000 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Grades 5-7 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 112,012,000 | 151,783,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 67,379,000 | 47,030,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 32,543,000 | 31,697,000 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 19,118,000 | 8,870,000 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 7,629,000 | 569,000 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 154,000 | 93,000 | |
Financing Receivable, Term Loan | 238,835,000 | 240,042,000 | |
Financing Receivable, Revolving | 180,387,000 | 210,363,000 | |
Loans | 419,222,000 | 450,405,000 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Grades 8-9 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 3,674,000 | 3,784,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,439,000 | 249,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 296,000 | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 48,000 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 29,000 | |
Financing Receivable, Term Loan | 6,409,000 | 4,110,000 | |
Financing Receivable, Revolving | 25,323,000 | 10,985,000 | |
Loans | 31,732,000 | 15,095,000 | |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 31,725,000 | 42,026,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 33,007,000 | 14,956,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,110,000 | 3,779,000 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 3,151,000 | 50,000 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 43,000 | 14,000 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 885,000 | 1,048,000 | |
Financing Receivable, Term Loan | 72,921,000 | 61,873,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | 72,921,000 | 61,873,000 | |
Current year-to-date gross write offs | 0 | ||
One year before year-to-date gross write offs | 0 | ||
Two years before Current year-to-date gross write offs | 0 | ||
three years before current year-to-date gross write offs | 0 | ||
four years before, Current year-to-date gross write offs | 0 | ||
Prior, current year-to-date gross write offs | 0 | ||
Term loan, year-to-date gross write offs | 0 | ||
Revolving, year-to-date gross write offs | 0 | ||
total year-to-date gross write offs | 0 | ||
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 | 17,966,000 | 31,756,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 15,813,000 | 6,196,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,751,000 | 3,428,000 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,832,000 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 287,000 | 331,000 | |
Financing Receivable, Term Loan | 38,649,000 | 41,711,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | 38,649,000 | 41,711,000 | |
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 | 13,749,000 | 10,270,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 17,194,000 | 8,760,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,359,000 | 351,000 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 319,000 | 50,000 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 43,000 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 514,000 | 626,000 | |
Financing Receivable, Term Loan | 34,178,000 | 20,057,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | 34,178,000 | 20,057,000 | |
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 | 10,000 | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 14,000 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 84,000 | 91,000 | |
Financing Receivable, Term Loan | 94,000 | 105,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | 94,000 | 105,000 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 227,957,000 | 312,711,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 184,137,000 | 169,701,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 119,171,000 | 87,587,000 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 78,803,000 | 29,915,000 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 27,125,000 | 31,951,000 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 27,102,000 | 7,327,000 | |
Financing Receivable, Term Loan | 664,295,000 | 639,192,000 | |
Financing Receivable, Revolving | 6,788,000 | 0 | |
Loans | 671,083,000 | 639,192,000 | |
Current year-to-date gross write offs | 0 | ||
One year before year-to-date gross write offs | 14,000 | ||
Two years before Current year-to-date gross write offs | 0 | ||
three years before current year-to-date gross write offs | 0 | ||
four years before, Current year-to-date gross write offs | 0 | ||
Prior, current year-to-date gross write offs | 40,000 | ||
Term loan, year-to-date gross write offs | 54,000 | ||
Revolving, year-to-date gross write offs | 0 | ||
total year-to-date gross write offs | 54,000 | ||
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | Grades 1-4 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 165,698,000 | 194,072,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 117,923,000 | 113,528,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 82,222,000 | 53,630,000 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 49,528,000 | 19,670,000 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 17,511,000 | 19,279,000 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 16,968,000 | 6,162,000 | |
Financing Receivable, Term Loan | 449,850,000 | 406,341,000 | |
Financing Receivable, Revolving | 456,000 | 0 | |
Loans | 450,306,000 | 406,341,000 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | Grades 5-7 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 62,259,000 | 115,720,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 62,487,000 | 56,173,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 36,949,000 | 33,913,000 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 29,235,000 | 10,245,000 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 9,614,000 | 12,550,000 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 10,064,000 | 1,165,000 | |
Financing Receivable, Term Loan | 210,608,000 | 229,766,000 | |
Financing Receivable, Revolving | 6,332,000 | 0 | |
Loans | 216,940,000 | 229,766,000 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | Grades 8-9 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 2,919,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,727,000 | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 44,000 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 40,000 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 122,000 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 70,000 | 0 | |
Financing Receivable, Term Loan | 3,837,000 | 3,085,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | 3,837,000 | 3,085,000 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 255,330,000 | 304,210,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 221,611,000 | 300,368,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 246,975,000 | 222,288,000 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 198,433,000 | 79,396,000 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 34,860,000 | 23,535,000 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 43,202,000 | 49,417,000 | |
Financing Receivable, Term Loan | 1,000,411,000 | 979,214,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | [1] | 1,000,411,000 | 979,214,000 |
Current year-to-date gross write offs | 0 | ||
One year before year-to-date gross write offs | 0 | ||
Two years before Current year-to-date gross write offs | 0 | ||
three years before current year-to-date gross write offs | 0 | ||
four years before, Current year-to-date gross write offs | 0 | ||
Prior, current year-to-date gross write offs | 0 | ||
Term loan, year-to-date gross write offs | 0 | ||
Revolving, year-to-date gross write offs | 0 | ||
total year-to-date gross write offs | 0 | ||
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | Grades 1-4 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 92,790,000 | 121,281,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 88,742,000 | 152,035,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 113,072,000 | 89,125,000 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 101,821,000 | 44,196,000 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 28,307,000 | 10,079,000 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 17,189,000 | 12,018,000 | |
Financing Receivable, Term Loan | 441,921,000 | 428,734,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | 441,921,000 | 428,734,000 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | Grades 5-7 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 162,540,000 | 176,217,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 126,362,000 | 142,645,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 128,389,000 | 133,163,000 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 96,612,000 | 35,200,000 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6,553,000 | 13,456,000 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 26,013,000 | 37,399,000 | |
Financing Receivable, Term Loan | 546,469,000 | 538,080,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | 546,469,000 | 538,080,000 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | Grades 8-9 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 6,712,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 6,507,000 | 5,688,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 5,514,000 | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Term Loan | 12,021,000 | 12,400,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | 12,021,000 | 12,400,000 | |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 84,492,000 | 95,360,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 95,845,000 | 96,652,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 66,264,000 | 56,014,000 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 46,356,000 | 8,468,000 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 7,757,000 | 5,639,000 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 7,515,000 | 4,335,000 | |
Financing Receivable, Term Loan | 308,229,000 | 266,468,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | [1] | 308,229,000 | 266,468,000 |
Current year-to-date gross write offs | 0 | ||
One year before year-to-date gross write offs | 0 | ||
Two years before Current year-to-date gross write offs | 0 | ||
three years before current year-to-date gross write offs | 0 | ||
four years before, Current year-to-date gross write offs | 0 | ||
Prior, current year-to-date gross write offs | 0 | ||
Term loan, year-to-date gross write offs | 0 | ||
Revolving, year-to-date gross write offs | 0 | ||
total year-to-date gross write offs | 0 | ||
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | Grades 1-4 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 20,509,000 | 39,342,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 42,674,000 | 49,178,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 61,279,000 | 36,348,000 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 35,615,000 | 5,306,000 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 4,974,000 | 3,082,000 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 5,780,000 | 4,003,000 | |
Financing Receivable, Term Loan | 170,831,000 | 137,259,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | 170,831,000 | 137,259,000 | |
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 | 52,733,000 | 56,018,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 53,171,000 | 47,474,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,985,000 | 19,666,000 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 9,727,000 | 3,162,000 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,783,000 | 2,557,000 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,735,000 | 283,000 | |
Financing Receivable, Term Loan | 125,134,000 | 129,160,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | 125,134,000 | 129,160,000 | |
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 | 11,250,000 | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,014,000 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 49,000 | |
Financing Receivable, Term Loan | 12,264,000 | 49,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | $ 12,264,000 | $ 49,000 | |
[1]We have made certain reclassifications of how multi-family construction loans are disaggregated by loan segment. The table above reflects an increase of $54.5 million in Real Estate – Multi-Family and Residential Rental loans and a corresponding decrease in Real Estate – Non-Owner Occupied loans as of December 31, 2022. All the tables that follow have been adjusted to reflect the reclassifications as of the applicable dates. |
Note 3 - Loans and Allowance _9
Note 3 - Loans and Allowance for Credit Losses - Activity in Allowance for Loan Losses and the Recorded Investments in Loans (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Balance | $ 44,721,000 | $ 35,974,000 | $ 42,246,000 | $ 35,363,000 |
Financing Receivable, Credit Loss, Expense (Reversal) | 3,300,000 | 2,900,000 | 5,900,000 | 3,500,000 |
Charge-offs | (243,000) | 0 | (810,000) | (219,000) |
Recoveries | 230,000 | 246,000 | 672,000 | 876,000 |
Balance | 48,008,000 | 39,120,000 | 48,008,000 | 39,120,000 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Balance | (400,000) | |||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
Balance | 6,472,000 | 8,608,000 | 10,203,000 | 10,782,000 |
Financing Receivable, Credit Loss, Expense (Reversal) | 2,500,000 | 1,110,000 | (1,123,000) | 518,000 |
Charge-offs | 0 | 0 | (218,000) | (170,000) |
Recoveries | 26,000 | 22,000 | 136,000 | 181,000 |
Balance | 8,998,000 | 9,740,000 | 8,998,000 | 9,740,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Balance | (1,571,000) | |||
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||||
Balance | 304,000 | 446,000 | 490,000 | 420,000 |
Financing Receivable, Credit Loss, Expense (Reversal) | 31,000 | 21,000 | (167,000) | 117,000 |
Charge-offs | 0 | 0 | 0 | (29,000) |
Recoveries | 22,000 | 1,000 | 34,000 | 3,000 |
Balance | 357,000 | 468,000 | 357,000 | 468,000 |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Balance | (43,000) | |||
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||||
Balance | 5,838,000 | 5,578,000 | 5,914,000 | 6,045,000 |
Financing Receivable, Credit Loss, Expense (Reversal) | 627,000 | 372,000 | 495,000 | 407,000 |
Charge-offs | (40,000) | 0 | (54,000) | 0 |
Recoveries | 9,000 | 22,000 | 79,000 | 80,000 |
Balance | 6,434,000 | 5,972,000 | 6,434,000 | 5,972,000 |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Balance | (560,000) | |||
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||||
Balance | 8,689,000 | 9,249,000 | 9,242,000 | 12,990,000 |
Financing Receivable, Credit Loss, Expense (Reversal) | 564,000 | (206,000) | 11,000 | (1,413,000) |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance | 9,253,000 | 9,043,000 | 9,253,000 | 9,043,000 |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Balance | (2,534,000) | |||
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||||
Balance | 3,700,000 | 1,639,000 | 2,191,000 | 2,006,000 |
Financing Receivable, Credit Loss, Expense (Reversal) | (1,071,000) | 77,000 | 426,000 | 317,000 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 6,000 | 23,000 | 18,000 | 37,000 |
Balance | 2,635,000 | 1,739,000 | 2,635,000 | 1,739,000 |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Balance | (621,000) | |||
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||||
Balance | 19,498,000 | 10,267,000 | 14,027,000 | 2,449,000 |
Financing Receivable, Credit Loss, Expense (Reversal) | 726,000 | 1,530,000 | 6,317,000 | 3,587,000 |
Charge-offs | (201,000) | 0 | (513,000) | (2,000) |
Recoveries | 161,000 | 154,000 | 353,000 | 522,000 |
Balance | 20,184,000 | 11,951,000 | 20,184,000 | 11,951,000 |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Balance | 5,395,000 | |||
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | ||||
Balance | 199,000 | 165,000 | 160,000 | 626,000 |
Financing Receivable, Credit Loss, Expense (Reversal) | (56,000) | (13,000) | (40,000) | (74,000) |
Charge-offs | (2,000) | 0 | (25,000) | (18,000) |
Recoveries | 6,000 | 24,000 | 52,000 | 53,000 |
Balance | 147,000 | 176,000 | 147,000 | 176,000 |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Balance | (411,000) | |||
Unallocated Financing Receivables [Member] | ||||
Balance | 21,000 | 22,000 | 19,000 | 45,000 |
Financing Receivable, Credit Loss, Expense (Reversal) | (21,000) | 9,000 | (19,000) | 41,000 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance | $ 0 | $ 31,000 | $ 0 | 31,000 |
Unallocated Financing Receivables [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Balance | $ (55,000) |
Note 3 - Loans and Allowance_10
Note 3 - Loans and Allowance for Credit Losses - Financial Effect by Type of Modification (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Modified in period | $ 308,000 | $ 7,093,000 | ||
Commercial Portfolio Segment [Member] | ||||
Modified in period | 19,000 | 6,593,000 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
Modified in period | 19,000 | 6,593,000 | ||
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||||
Modified in period | 0 | 0 | ||
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||||
Modified in period | 0 | 0 | ||
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||||
Modified in period | 0 | 0 | ||
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||||
Modified in period | 0 | 0 | ||
Retail Portfolio Segment [Member] | ||||
Modified in period | 289,000 | 500,000 | ||
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | ||||
Modified in period | $ 0 | $ 0 | ||
Contractual Interest Rate Reduction [Member] | ||||
Modified in period | $ 0 | $ 0 | ||
Contractual Interest Rate Reduction [Member] | Commercial Portfolio Segment [Member] | ||||
Modified in period | 0 | 0 | ||
Contractual Interest Rate Reduction [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
Modified in period | 0 | 0 | ||
Contractual Interest Rate Reduction [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||||
Modified in period | 0 | 0 | ||
Contractual Interest Rate Reduction [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||||
Modified in period | 0 | 0 | ||
Contractual Interest Rate Reduction [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||||
Modified in period | 0 | 0 | ||
Contractual Interest Rate Reduction [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||||
Modified in period | 0 | 0 | ||
Contractual Interest Rate Reduction [Member] | Retail Portfolio Segment [Member] | ||||
Modified in period | 0 | 0 | ||
Contractual Interest Rate Reduction [Member] | Retail Portfolio Segment [Member] | Loans Categorized as 1-4 Family Mortgages [Member] | ||||
Modified in period | 0 | 0 | ||
Contractual Interest Rate Reduction [Member] | Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | ||||
Modified in period | 0 | 0 | ||
Extended Maturity [Member] | ||||
Modified in period | 0 | 8,184,000 | ||
Extended Maturity [Member] | Commercial Portfolio Segment [Member] | ||||
Modified in period | 0 | 8,184,000 | ||
Extended Maturity [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
Modified in period | 0 | 8,184,000 | ||
Extended Maturity [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||||
Modified in period | 0 | 0 | ||
Extended Maturity [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||||
Modified in period | 0 | 0 | ||
Extended Maturity [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||||
Modified in period | 0 | 0 | ||
Extended Maturity [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||||
Modified in period | 0 | 0 | ||
Extended Maturity [Member] | Retail Portfolio Segment [Member] | ||||
Modified in period | 0 | 0 | ||
Extended Maturity [Member] | Retail Portfolio Segment [Member] | Loans Categorized as 1-4 Family Mortgages [Member] | ||||
Modified in period | 0 | 0 | ||
Extended Maturity [Member] | Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | ||||
Modified in period | 0 | 0 | ||
Principal Forgiveness [Member] | ||||
Modified in period | 0 | 0 | ||
Principal Forgiveness [Member] | Commercial Portfolio Segment [Member] | ||||
Modified in period | 0 | 0 | ||
Principal Forgiveness [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
Modified in period | 0 | 0 | ||
Principal Forgiveness [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||||
Modified in period | 0 | 0 | ||
Principal Forgiveness [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||||
Modified in period | 0 | 0 | ||
Principal Forgiveness [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||||
Modified in period | 0 | 0 | ||
Principal Forgiveness [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||||
Modified in period | 0 | 0 | ||
Principal Forgiveness [Member] | Retail Portfolio Segment [Member] | ||||
Modified in period | 0 | 0 | ||
Principal Forgiveness [Member] | Retail Portfolio Segment [Member] | Loans Categorized as 1-4 Family Mortgages [Member] | ||||
Modified in period | 0 | 0 | ||
Principal Forgiveness [Member] | Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | ||||
Modified in period | $ 0 | $ 0 |
Note 3 - Loans and Allowance_11
Note 3 - Loans and Allowance for Credit Losses - Amortized Cost of Modified Loans (Details) - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Modified | $ 8,184,000 | |||
Financial Asset, Not Past Due [Member] | ||||
Modified | 8,184,000 | |||
Financial Asset, 30 to 89 Days Past Due [Member] | ||||
Modified | 0 | |||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Modified | 0 | |||
Commercial Portfolio Segment [Member] | ||||
Modified | 8,184,000 | |||
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||||
Modified | 8,184,000 | |||
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||||
Modified | 0 | |||
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Modified | 0 | |||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
Modified | 8,184,000 | $ 9,066,000 | $ 9,938,000 | $ 4,973,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Not Past Due [Member] | ||||
Modified | 8,184,000 | |||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||||
Modified | 0 | |||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Modified | 0 | |||
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||||
Modified | 0 | 0 | 0 | 0 |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | Financial Asset, Not Past Due [Member] | ||||
Modified | 0 | |||
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||||
Modified | 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] | ||||
Modified | 0 | |||
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||||
Modified | 0 | 84,000 | 87,000 | 10,435,000 |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | Financial Asset, Not Past Due [Member] | ||||
Modified | 0 | |||
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||||
Modified | 0 | |||
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Modified | 0 | |||
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||||
Modified | 0 | 135,000 | 139,000 | 146,000 |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | Financial Asset, Not Past Due [Member] | ||||
Modified | 0 | |||
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||||
Modified | 0 | |||
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Modified | 0 | |||
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||||
Modified | 0 | 0 | 88,000 | 91,000 |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | Financial Asset, Not Past Due [Member] | ||||
Modified | 0 | |||
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||||
Modified | 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] | ||||
Modified | 0 | |||
Retail Portfolio Segment [Member] | ||||
Modified | 0 | |||
Retail Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||||
Modified | 0 | |||
Retail Portfolio Segment [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||||
Modified | 0 | |||
Retail Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Modified | 0 | |||
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||||
Modified | 0 | 2,544,000 | 2,339,000 | 627,000 |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | Financial Asset, Not Past Due [Member] | ||||
Modified | 0 | |||
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||||
Modified | 0 | |||
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Modified | 0 | |||
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | ||||
Modified | 0 | $ 2,000 | $ 3,000 | $ 1,202,000 |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | Financial Asset, Not Past Due [Member] | ||||
Modified | 0 | |||
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||||
Modified | 0 | |||
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Modified | $ 0 |
Note 3 - Loans and Allowance_12
Note 3 - Loans and Allowance for Credit Losses - Loans Modified as Troubled Debt Restructurings (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | |
Number of Contracts | 3 | 8 |
Pre- Modification Recorded Principal Balance | $ 308,000 | $ 7,094,000 |
Post- Modification Recorded Principal Balance | $ 308,000 | $ 7,093,000 |
Commercial Portfolio Segment [Member] | ||
Number of Contracts | 1 | 3 |
Pre- Modification Recorded Principal Balance | $ 19,000 | $ 6,593,000 |
Post- Modification Recorded Principal Balance | $ 19,000 | $ 6,593,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Number of Contracts | 1 | 3 |
Pre- Modification Recorded Principal Balance | $ 19,000 | $ 6,593,000 |
Post- Modification Recorded Principal Balance | $ 19,000 | $ 6,593,000 |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||
Number of Contracts | 0 | 0 |
Pre- Modification Recorded Principal Balance | $ 0 | $ 0 |
Post- Modification Recorded Principal Balance | $ 0 | $ 0 |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||
Number of Contracts | 0 | 0 |
Pre- Modification Recorded Principal Balance | $ 0 | $ 0 |
Post- Modification Recorded Principal Balance | $ 0 | $ 0 |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||
Number of Contracts | 0 | 0 |
Pre- Modification Recorded Principal Balance | $ 0 | $ 0 |
Post- Modification Recorded Principal Balance | $ 0 | $ 0 |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||
Number of Contracts | 0 | 0 |
Pre- Modification Recorded Principal Balance | $ 0 | $ 0 |
Post- Modification Recorded Principal Balance | $ 0 | $ 0 |
Retail Portfolio Segment [Member] | ||
Number of Contracts | 2 | 5 |
Pre- Modification Recorded Principal Balance | $ 289,000 | $ 501,000 |
Post- Modification Recorded Principal Balance | $ 289,000 | $ 500,000 |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||
Number of Contracts | 2 | 5 |
Pre- Modification Recorded Principal Balance | $ 289,000 | $ 501,000 |
Post- Modification Recorded Principal Balance | $ 289,000 | $ 500,000 |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Number of Contracts | 0 | 0 |
Pre- Modification Recorded Principal Balance | $ 0 | $ 0 |
Post- Modification Recorded Principal Balance | $ 0 | $ 0 |
Note 3 - Loans and Allowance_13
Note 3 - Loans and Allowance for Loan Losses - Activity for Troubled Debt Restructurings (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | ||
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Beginning Balance | $ 2,339,000 | $ 627,000 | |
Charge-Offs | 0 | 0 | |
Payments (net) | (84,000) | (253,000) | |
Transfers to ORE | 0 | 0 | |
Net Additions/Deletions | [1] | 289,000 | 2,170,000 |
Ending Balance | 2,544,000 | 2,544,000 | |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Beginning Balance | 3,000 | 1,202,000 | |
Charge-Offs | 0 | 0 | |
Payments (net) | (1,000) | (13,000) | |
Transfers to ORE | 0 | 0 | |
Net Additions/Deletions | [1] | 0 | (1,187,000) |
Ending Balance | 2,000 | 2,000 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Beginning Balance | 9,938,000 | 4,973,000 | |
Charge-Offs | 0 | (95,000) | |
Payments (net) | (891,000) | (378,000) | |
Transfers to ORE | 0 | 0 | |
Net Additions/Deletions | 19,000 | 4,566,000 | |
Ending Balance | 9,066,000 | 9,066,000 | |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Beginning Balance | 0 | 0 | |
Charge-Offs | 0 | 0 | |
Payments (net) | 0 | 0 | |
Transfers to ORE | 0 | 0 | |
Net Additions/Deletions | 0 | 0 | |
Ending Balance | 0 | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Beginning Balance | 87,000 | 10,435,000 | |
Charge-Offs | 0 | 0 | |
Payments (net) | (3,000) | (9,682,000) | |
Transfers to ORE | 0 | 0 | |
Net Additions/Deletions | 0 | (669,000) | |
Ending Balance | 84,000 | 84,000 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Beginning Balance | 139,000 | 146,000 | |
Charge-Offs | 0 | 0 | |
Payments (net) | (4,000) | (11,000) | |
Transfers to ORE | 0 | 0 | |
Net Additions/Deletions | 0 | 0 | |
Ending Balance | 135,000 | 135,000 | |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Beginning Balance | 88,000 | 91,000 | |
Charge-Offs | 0 | 0 | |
Payments (net) | (88,000) | (91,000) | |
Transfers to ORE | 0 | 0 | |
Net Additions/Deletions | 0 | 0 | |
Ending Balance | $ 0 | $ 0 | |
[1]Includes $1.2 million in the transfer of home equity lines of credit from other consumer loans to 1-4 family mortgages in association with the adoption of the CECL methodology effective January 1, 2022. |
Note 4 - Premises and Equipme_3
Note 4 - Premises and Equipment, Net (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Depreciation | $ 1,500,000 | $ 1,500,000 | $ 4,400,000 | $ 4,500,000 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 years 2 months 12 days | 2 years 2 months 12 days | |||
Operating Lease, Weighted Average Discount Rate, Percent | 5.90% | 5.90% | |||
Operating Lease, Expense | $ 400,000 | $ 200,000 | $ 1,300,000 | $ 600,000 | |
Premises and Equipment, Net [Member] | |||||
Operating Lease, Right-of-Use Asset | 4,000,000 | 4,000,000 | $ 3,500,000 | ||
Other Liabilities [Member] | |||||
Operating Lease, Liability | $ 3,999,000 | $ 3,999,000 | $ 3,500,000 | ||
Minimum [Member] | |||||
Lessee, Operating Lease, Renewal Term (Year) | 3 years | 3 years | |||
Maximum [Member] | |||||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | 5 years |
Note 4 - Premises and Equipme_4
Note 4 - Premises and Equipment, Net - Summary of Premises and Equipment (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Property, plant and equipment, gross | $ 94,806,000 | $ 90,338,000 |
Less: accumulated depreciation | 42,575,000 | 38,862,000 |
Premises and equipment, net | 52,231,000 | 51,476,000 |
Land and Land Improvements [Member] | ||
Property, plant and equipment, gross | 13,072,000 | 13,532,000 |
Building [Member] | ||
Property, plant and equipment, gross | 57,076,000 | 53,865,000 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 24,658,000 | $ 22,941,000 |
Note 4 - Premises and Equipme_5
Note 4 - Premises and Equipment, Net - Future Lease Payments (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
2023 | $ 354,000 | |
2024 | 1,210,000 | |
2025 | 721,000 | |
2026 | 612,000 | |
2027 | 553,000 | |
Thereafter | 1,696,000 | |
Total undiscounted lease payments | 5,146,000 | |
Less effect of discounting | (1,147,000) | |
Other Liabilities [Member] | ||
Present value of future lease payments (lease liability) | $ 3,999,000 | $ 3,500,000 |
Note 5 - Deposits (Details Text
Note 5 - Deposits (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Deposits | $ 3,900,735,000 | $ 3,712,811,000 |
Increase (Decrease) in Deposits | $ 188,000,000 | |
Aggregate Increase (Decrease) in Percentage of Deposits | 5.10% |
Note 5 - Deposits - Summary of
Note 5 - Deposits - Summary of Deposits (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Noninterest-bearing | $ 1,309,672,000 | $ 1,604,750,000 |
Noninterest-bearing demand, percentage | 33.60% | 43.20% |
Noninterest-bearing demand, percent increase (decrease) | (18.40%) | |
Interest-bearing checking | $ 670,843,000 | $ 575,028,000 |
Interest-bearing checking, percentage | 17.20% | 15.50% |
Interest-bearing checking, percent increase (decrease) | 16.70% | |
Money market | $ 976,348,000 | $ 776,723,000 |
Money market, percentage | 25% | 20.90% |
Money market, percent increase (decrease) | 25.70% | |
Savings | $ 286,868,000 | $ 381,602,000 |
Savings, percentage | 7.40% | 10.30% |
Savings, percent increase (decrease) | (24.80%) | |
Local Time, under $100,000 | $ 155,511,000 | $ 113,099,000 |
Local Time, under $100,000, percentage | 4% | 3% |
Local Time, under $100,000, percent increase (decrease) | 37.50% | |
Local Time, $100,000 and over | $ 390,213,000 | $ 261,609,000 |
Local Time, $100,000 and over, percentage | 10% | 7.10% |
Local Time, $100,000 and over, percent increase (decrease) | 49.20% | |
Total local deposits | $ 3,789,455,000 | $ 3,712,811,000 |
Total local deposits, percentage | 97.20% | 100% |
Total local deposits | 2.10% | |
Out-of-area time, $100,000 and over | $ 111,280,000 | $ 0 |
Out-of-area time, $100,000 and over, percentage | 2.80% | 0% |
Total deposits | $ 3,900,735,000 | $ 3,712,811,000 |
Total deposits, percentage | 100% | 100% |
Total deposits, percent increase (decrease) | 5.10% |
Note 6 - Securities Sold Unde_3
Note 6 - Securities Sold Under Agreements to Repurchase (Details Textual) | 3 Months Ended |
Sep. 30, 2023 | |
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements (Day) | 1 day |
Note 6 - Securities Sold Unde_4
Note 6 - Securities Sold Under Agreements to Repurchase - Securities Sold Under Agreement to Repurchase (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Securities sold under agreements to repurchase | $ 164,082,000 | $ 194,340,000 |
Average daily balance during the period | 211,680,000 | 200,499,000 |
Maximum daily balance during the period | $ 269,324,000 | $ 235,577,000 |
Securities Sold under Agreements to Repurchase [Member] | ||
Average interest rate at end of period | 0.74% | 0.75% |
Average interest rate during the period | 1.22% | 0.15% |
Note 7 - Federal Home Loan Ba_3
Note 7 - Federal Home Loan Bank of Indianapolis Advances (Details Textual) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Long-Term Federal Home Loan Bank Advances | $ 457,910,000 | $ 308,263,000 |
Line of Credit Facility, Maximum Borrowing Capacity | 888,000,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | 424,000,000 | |
Federal Home Loan Bank of Indianapolis [Member] | Bullet Advances [member] | ||
Long-Term Federal Home Loan Bank Advances | $ 430,000,000 | $ 280,000,000 |
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 | 5.05% | 3.13% |
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 | 2.80% | 1.84% |
Federal Home Loan Bank of Indianapolis [Member] | Amortizing Advances [Member] | ||
Long-Term Federal Home Loan Bank Advances | $ 27,900,000 | $ 28,300,000 |
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% | 2.52% |
Note 7 - Federal Home Loan Ba_4
Note 7 - Federal Home Loan Bank of Indianapolis Advances - Maturities of Currently Outstanding FHLB Advances (Details) - Bullet Advances [member] - Federal Home Loan Bank of Indianapolis [Member] | Sep. 30, 2023 USD ($) |
2023 | $ 30,000,000 |
2024 | 90,000,000 |
2025 | 80,000,000 |
2026 | 80,000,000 |
2027 | 90,000,000 |
Thereafter | $ 60,000,000 |
Note 7 - Federal Home Loan Ba_5
Note 7 - 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] | Sep. 30, 2023 USD ($) |
2023 | $ 0 |
2024 | 826,000 |
2025 | 862,000 |
2026 | 899,000 |
2027 | 938,000 |
Thereafter | $ 24,385,000 |
Note 8 - Commitments and Off-_3
Note 8 - Commitments and Off-balance Sheet Risk (Details Textual) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Loss | $ 48,008,000 | $ 44,721,000 | $ 42,246,000 | $ 39,120,000 | $ 35,974,000 | $ 35,363,000 |
Retail and Commercial Lines of Credit and Credit Card Receivables Reserve on Commitments [Member] | Maximum [Member] | ||||||
Financing Receivable, Allowance for Credit Loss | $ 700,000 | $ 100,000 |
Note 8 - Commitments and Off-_4
Note 8 - Commitments and Off-balance Sheet Risk - Exposure to Credit Losses (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Contractual amounts of financial instruments with off-balance sheet risk | $ 2,178,793,000 | $ 1,908,294,000 |
Standby Letters of Credit [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | 19,367,000 | 23,539,000 |
Unused lines of Credit [Member] | Commercial Portfolio Segment [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | 1,603,414,000 | 1,283,703,000 |
Unused lines of Credit [Member] | One to Four Family Mortgages [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | 74,130,000 | 71,972,000 |
Unused lines of Credit [Member] | Credit Card Lines of Credit [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | 135,886,000 | 123,687,000 |
Unused lines of Credit [Member] | Consumer Other Financing Receivable 1 [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | 58,486,000 | 75,747,000 |
Loan Origination Commitments [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | $ 287,510,000 | $ 329,646,000 |
Note 9 - Derivatives and Hedg_3
Note 9 - Derivatives and Hedging Activities (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Noninterest Income | $ 9,246,000 | $ 7,280,000 | $ 23,842,000 | $ 24,319,000 | |
Interest Rate Swap [Member] | |||||
Noninterest Income | 100,000 | $ 100,000 | |||
Derivative Liability, Subject to Master Netting Arrangement, before Offset of Collateral | 35,200,000 | 35,200,000 | 25,900,000 | ||
Derivative Liability, Subject to Master Netting Arrangement, Asset Offset | 34,700,000 | 34,700,000 | 25,300,000 | ||
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Offset | 36,100,000 | 36,100,000 | 25,200,000 | ||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 1,400,000 | 1,400,000 | 100,000 | ||
Derivative Liability, Subject to Master Netting Arrangement, after Offset | 300,000 | 300,000 | 400,000 | ||
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Not Offset | 300,000 | 300,000 | 400,000 | ||
Derivative Liability, Subject to Master Netting Arrangement, after Offset and Deduction | 100,000 | 100,000 | 0 | ||
Derivative, Notional Amount | $ 592,000,000 | $ 592,000,000 | $ 402,000,000 |
Note 9 - Derivatives and Hedg_4
Note 9 - Derivatives and Hedging Activities - Fair Value of Derivative Instruments (Details) - Interest Rate Swap [Member] - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Notional Amount | $ 592,000,000 | $ 402,000,000 |
Other Assets [Member] | ||
Notional Amount | 591,790,000 | 401,572,000 |
Derivative Assets Interest rate swaps | 35,060,000 | 25,697,000 |
Other Liabilities [Member] | ||
Notional Amount | 591,790,000 | 401,572,000 |
Derivative Liabilities Interest rate swaps | $ 35,242,000 | $ 25,900,000 |
Note 10 - Fair Values of Fina_3
Note 10 - Fair Values of Financial Instruments - Fair Value Hierarchy of Financial Instruments (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | |
Securities available for sale | $ 592,305,000 | $ 602,936,000 | |
Loan, Mortgage, Held-for-Sale, Fair Value Disclosure | 10,200,000 | 3,600,000 | |
Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | 0 | 0 | |
Reported Value Measurement [Member] | |||
Securities available for sale | [1] | 592,305,000 | 602,936,000 |
FHLBI stock | [2] | 21,513,000 | 17,721,000 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and cash equivalents | 265,987,000 | 96,772,000 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Loans, net | 4,056,368,000 | 3,874,373,000 | |
Mortgage servicing rights | 11,391,000 | 11,837,000 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Loan, Mortgage, Held-for-Sale, Fair Value Disclosure | 10,171,000 | 3,565,000 | |
Accrued interest receivable | 19,607,000 | 15,476,000 | |
Deposits | 3,900,735,000 | 3,712,811,000 | |
Repurchase agreements | 164,082,000 | 194,340,000 | |
FHLBI advances | 457,910,000 | 308,263,000 | |
Accrued interest payable | 7,218,000 | 3,223,000 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Subordinated Debentures [Member] | |||
Subordinated debt | 49,473,000 | 48,958,000 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Subordinated Notes [Member] | |||
Subordinated debt | 88,885,000 | 88,628,000 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||
Interest rate swaps | 35,060,000 | 25,697,000 | |
Interest rate swaps | 35,242,000 | 25,900,000 | |
Estimate of Fair Value Measurement [Member] | |||
Securities available for sale | [1] | 592,305,000 | 602,936,000 |
FHLBI stock | [2] | 21,513,000 | 17,721,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and cash equivalents | 265,987,000 | 96,772,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Loans, net | 3,953,468,000 | 3,800,042,000 | |
Mortgage servicing rights | 19,451,000 | 17,727,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Loan, Mortgage, Held-for-Sale, Fair Value Disclosure | 10,246,000 | 3,643,000 | |
Accrued interest receivable | 19,607,000 | 15,476,000 | |
Deposits | 3,558,860,000 | 3,379,403,000 | |
Repurchase agreements | 164,082,000 | 194,340,000 | |
FHLBI advances | 434,992,000 | 292,044,000 | |
Accrued interest payable | 7,218,000 | 3,223,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Subordinated Debentures [Member] | |||
Subordinated debt | 56,009,000 | 49,531,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Subordinated Notes [Member] | |||
Subordinated debt | 77,528,000 | 75,024,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||
Interest rate swaps | 35,060,000 | 25,697,000 | |
Interest rate swaps | $ 35,242,000 | $ 25,900,000 | |
[1]See Note 11 for a description of the fair value hierarchy as well as a disclosure of levels for classes of financial assets and liabilities.[2]It is not practical to determine the fair value of FHLBI stock due to transferability restrictions; therefore, fair value is estimated at carrying amount. |
Note 11 - Fair Values (Details
Note 11 - Fair Values (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Debt Securities, Available-for-Sale | $ 592,305,000 | $ 592,305,000 | $ 602,936,000 |
Loan, Mortgage, Held-for-Sale, Fair Value Disclosure | $ 10,200,000 | 10,200,000 | 3,600,000 |
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% | ||
Municipal General Obligation Bonds [Member] | |||
Debt Securities, Available-for-Sale | $ 153,425,000 | 153,425,000 | 154,433,000 |
Fair Value, Inputs, Level 1 [Member] | |||
Debt Securities, Available-for-Sale | 0 | 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 | $ 0 |
Note 11 - Fair Values - Assets
Note 11 - Fair Values - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale | $ 592,305,000 | $ 602,936,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-Sale | 384,079,000 | 388,744,000 |
Collateralized Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale | 28,016,000 | 31,953,000 |
Municipal General Obligation Bonds [Member] | ||
Debt Securities, Available-for-Sale | 153,425,000 | 154,433,000 |
Municipal Revenue Bonds [Member] | ||
Debt Securities, Available-for-Sale | 26,285,000 | 27,306,000 |
Other Debt and Equity Securities [Member] | ||
Debt Securities, Available-for-Sale | 500,000 | 500,000 |
Fair Value, Recurring [Member] | ||
Total assets | 627,365,000 | 628,633,000 |
Total liabilities | 35,242,000 | 25,900,000 |
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 | 626,825,000 | 628,055,000 |
Total liabilities | 35,242,000 | 25,900,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total assets | 540,000 | 578,000 |
Total liabilities | 0 | 0 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-Sale | 384,079,000 | 388,744,000 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale | 384,079,000 | 388,744,000 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale | 28,016,000 | 31,953,000 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale | 28,016,000 | 31,953,000 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Fair Value, Recurring [Member] | Municipal General Obligation Bonds [Member] | ||
Debt Securities, Available-for-Sale | 153,425,000 | 154,433,000 |
Fair Value, Recurring [Member] | Municipal General Obligation Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Fair Value, Recurring [Member] | Municipal General Obligation Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale | 152,885,000 | 153,855,000 |
Fair Value, Recurring [Member] | Municipal General Obligation Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale | 540,000 | 578,000 |
Fair Value, Recurring [Member] | Municipal Revenue Bonds [Member] | ||
Debt Securities, Available-for-Sale | 26,285,000 | 27,306,000 |
Fair Value, Recurring [Member] | Municipal Revenue Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Fair Value, Recurring [Member] | Municipal Revenue Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale | 26,285,000 | 27,306,000 |
Fair Value, Recurring [Member] | Municipal Revenue Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Fair Value, Recurring [Member] | Other Debt and Equity Securities [Member] | ||
Debt Securities, Available-for-Sale | 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 | 0 | 0 |
Fair Value, Recurring [Member] | Other Debt and Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-Sale | 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 | 0 | 0 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Interest rate swaps | 35,060,000 | 25,697,000 |
Interest rate swaps | 35,242,000 | 25,900,000 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Interest rate swaps | 0 | 0 |
Interest rate swaps | 0 | 0 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Interest rate swaps | 35,060,000 | 25,697,000 |
Interest rate swaps | 35,242,000 | 25,900,000 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Interest rate swaps | 0 | 0 |
Interest rate swaps | $ 0 | $ 0 |
Note 11 - Fair Values - Asset_2
Note 11 - Fair Values - Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Collateral dependent loans | $ 3,346,000 | $ 5,290,000 |
Foreclosed assets | 51,000 | 0 |
Total | 3,397,000 | 5,290,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Collateral dependent loans | 0 | 0 |
Foreclosed assets | 0 | 0 |
Total | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Collateral dependent loans | 0 | 0 |
Foreclosed assets | 0 | 0 |
Total | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Collateral dependent loans | 3,346,000 | 5,290,000 |
Foreclosed assets | 51,000 | 0 |
Total | $ 3,397,000 | $ 5,290,000 |
Note 12 - Regulatory Matters (D
Note 12 - Regulatory Matters (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 6 Months Ended | 9 Months Ended | ||||||
Jul. 13, 2023 | Apr. 13, 2023 | Jan. 12, 2023 | Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | May 31, 2021 | Dec. 31, 2009 | |
Preferred Securities of Subsidiary Trust | $ 47.4 | $ 47.4 | $ 46.9 | |||||
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 | $ 47.4 | $ 47.4 | $ 46.9 | |||||
Capital Conservation Buffer | 2.50% | 2.50% | ||||||
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy to Risk Weighted Assets | 0.07 | 0.07 | ||||||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.085 | 0.085 | ||||||
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.105 | 0.105 | ||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.34 | $ 0.33 | $ 0.33 | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 6.8 | $ 6.8 | ||||||
Stock Repurchase Program, Authorized Amount | $ 20 | |||||||
Stock Repurchased During Period, Shares (in shares) | 0 |
Note 12 - Regulatory Matters -
Note 12 - Regulatory Matters - Actual Capital Levels and Minimum Levels (Details) $ in Thousands | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
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 | 0.07 | |
Consolidated Entities [Member] | ||
Total capital, amount | $ 692,252 | $ 634,729 |
Total capital, ratio | 0.141 | 0.14 |
Total capital minimum required for capital adequacy, amount | $ 392,930 | $ 362,675 |
Total capital minimum required for capital adequacy, ratio | 0.08 | 0.08 |
Tier 1 capital, amount | $ 554,634 | $ 503,855 |
Tier 1 capital, ratio | 0.113 | 0.111 |
Tier 1 capital minimum required for capital adequacy, amount | $ 294,697 | $ 272,007 |
Tier 1 capital minimum required for capital adequacy, ratio | 0.06 | 0.06 |
Common equity tier 1, amount | $ 507,235 | $ 456,970 |
Common equity tier 1, ratio | 0.103 | 0.101 |
Common equity tier 1 minimum required for capital adequacy, amount | $ 221,023 | $ 204,005 |
Common equity tier 1 capital minimum required for capital adequacy, ratio | 0.045 | 0.045 |
Tier 1 capital to average assets, amount | $ 554,634 | $ 503,855 |
Tier 1 capital to average assets, ratio | 0.106 | 0.101 |
Tier 1 capital to average assets, minimum required for capital adequacy, amount | $ 208,523 | $ 199,647 |
Tier 1 capital to average assets minimum required for capital adequacy, ratio | 0.04 | 0.04 |
Bank [Member] | ||
Total capital, amount | $ 675,953 | $ 618,709 |
Total capital, ratio | 0.138 | 0.137 |
Total capital minimum required for capital adequacy, amount | $ 392,745 | $ 362,490 |
Total capital minimum required for capital adequacy, ratio | 0.08 | 0.08 |
Total capital to be well capitalized, amount | $ 490,931 | $ 453,112 |
Total capital to be well capitalized, ratio | 0.10 | 0.10 |
Tier 1 capital, amount | $ 627,220 | $ 576,463 |
Tier 1 capital, ratio | 0.128 | 0.127 |
Tier 1 capital minimum required for capital adequacy, amount | $ 294,559 | $ 271,868 |
Tier 1 capital minimum required for capital adequacy, ratio | 0.06 | 0.06 |
Tier 1 capital to be well capitalized, amount | $ 392,745 | $ 362,490 |
Tier 1 capital to be well capitalized, ratio | 0.08 | 0.08 |
Common equity tier 1, amount | $ 627,220 | $ 576,463 |
Common equity tier 1, ratio | 0.128 | 0.127 |
Common equity tier 1 minimum required for capital adequacy, amount | $ 220,919 | $ 203,901 |
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 | $ 319,105 | $ 294,523 |
Common equity tier 1 capital to be well capitalized, ratio | 0.065 | 0.065 |
Tier 1 capital to average assets, amount | $ 627,220 | $ 576,463 |
Tier 1 capital to average assets, ratio | 0.12 | 0.116 |
Tier 1 capital to average assets, minimum required for capital adequacy, amount | $ 208,432 | $ 199,563 |
Tier 1 capital to average assets minimum required for capital adequacy, ratio | 0.04 | 0.04 |
Tier 1 capital to average assets to be well capitalized, amount | $ 260,540 | $ 249,453 |
Tier 1 capital to average assets to be well capitalized, ratio | 0.05 | 0.05 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) - $ / shares | 3 Months Ended | 9 Months Ended | |||||||
Dec. 13, 2023 | Oct. 12, 2023 | Jul. 13, 2023 | Apr. 13, 2023 | Jan. 12, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.34 | $ 0.33 | $ 0.33 | ||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.34 | $ 0.32 | $ 1 | $ 0.94 | |||||
Forecast [Member] | |||||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.34 | ||||||||
Subsequent Event [Member] | |||||||||
Dividends Payable, Date Declared | Oct. 12, 2023 | ||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.34 | ||||||||
Dividends Payable, Date to be Paid | Dec. 13, 2023 | ||||||||
Dividends Payable, Date of Record | Dec. 01, 2023 |
Item 5. Other Information (Deta
Item 5. Other Information (Details Textual) | 9 Months Ended |
Sep. 30, 2023 | |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |